'Uuid'|'Title'|'Text'|'Site'|'SiteSection'|'Url'|'Timestamp'
'958e613f49312635d1e92b5334d2976fda9675ee'|'Speculators cut net long U.S. dollars to lowest since October: CFTC, Reuters'|'Company News  45pm EST Speculators cut net long U.S. dollars to lowest since October: CFTC, Reuters March 3 Speculators reduced bullish bets on the U.S. dollar in the latest week, pushing net longs to their lowest since early October, according to Commodity Futures Trading Commission data released on Friday and calculations by Reuters. The value of the dollar''s net long position totaled $13.01 billion in the week ended Feb. 28, from $15.02 billion the previous week. (Reporting by Gertrude Chavez-Dreyfuss, editing by G Crosse) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cftc-forex-idUSL2N1GG1H4'|'2017-03-04T03:45:00.000+02:00'
'e440822923a11b63b32d2bd7c88d780684a21752'|'CANADA STOCKS-TSX posts 1-week high as oil prices climb'|'Company News  14pm EST CANADA STOCKS-TSX posts 1-week high as oil prices climb TORONTO, March 3 Canada''s benchmark stock index rose on Friday to its highest close in one week, helped by higher oil prices and the prospect of a U.S. interest rate hike this month, while investors embraced recent strengthening of the Canadian economy. The Toronto Stock Exchange''s S&P/TSX composite index unofficially closed up 71.85 points, or 0.46 percent, at 15,608.50. Nine of the index''s 10 main industry groups ended higher. (Reporting by Fergal Smith, editing by G Crosse) Next In Company News J&J wins fourth trial in talc product liability lawsuits March 3 Johnson & Johnson said on Friday that a state court jury in Missouri had returned a verdict in its favor in the fourth trial to arise out of thousands of lawsuits alleging the company''s talc-based products can increase the risk of ovarian cancer.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-close-idUSL2N1GG1KK'|'2017-03-04T04:14:00.000+02:00'
'6e801a25a0d155df553477eaf760bb7af83eac93'|'BRIEF-AT&T Inc Says communications workers of America vote to ratify agreement covering former directv employees in four states'|'United States  38pm EST BRIEF-AT&T Inc Says communications workers of America vote to ratify agreement covering former directv employees in four states March 3 AT&T Inc: * AT&T Inc says communications workers of America vote to ratify agreement covering former directv employees in four states * AT&T-agreement covers nearly 280 employees in Delaware, Maryland, New Mexico and Oregon, and places employees into appendix to existing labor contract Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-att-inc-says-communications-worker-idUSFWN1GG0V2'|'2017-03-04T05:38:00.000+02:00'
'93fc225ffb219ebfeb73481c668fcf3ff11f0d94'|'Boeing sounds out Indian carriers on 737 MAX-10 aircraft'|'  2:12pm GMT Boeing sounds out Indian carriers on 737 MAX-10 aircraft The Boeing logo is seen at their headquarters in Chicago, in this April 24, 2013 file photo. REUTERS/Jim Young/File Photo By Rachit Vats and Ankit Ajmera Boeing Co ( BA.N ) has approached India''s SpiceJet Ltd ( SPJT.BO ) and Jet Airways Ltd ( JET.NS ) as it gauges airlines'' interest in its 737 MAX-10 aircraft, the stretched version of the yet-to-be-delivered 737 MAX narrow-body jetliner, a senior executive said. Indian carriers are rapidly expanding to meet demand in the world''s fastest-growing aviation market, with most of the growth involving flights into and out of the country''s biggest cities. "We have presented it to both the airlines what the airplane looks like, and it''s in a very preliminary stage," Dinesh Keskar, senior vice president, Asia Pacific and India sales, Boeing Commercial Airplanes, told Reuters. "If you are flying to the metros this (737 MAX-10) will be a perfect airplane, because runways are long, demand is there, frequency is already there." Airplane makers typically line up orders before deciding whether to formally undertake building a new aircraft. SpiceJet and Jet Airways have the option to substitute some of their existing orders of MAX planes with the MAX-10, Keskar said. In January, budget airline SpiceJet agreed to buy 100 new 737 MAXs aircraft with an option for 50 more, while Jet Airways had 75 orders for the 737 MAX through January 2017. SpiceJet and Jet Airways did not respond to requests for comment. Boeing is creating up to five versions of MAX, which will replace the current 737 "NG" introduced in 1997 and offer greater fuel efficiency. The company has been looking at the feasibility of the 737 MAX-10 - the biggest aircraft in the MAX family - to take on rival Airbus ( AIR.PA ), which has had strong sales of its A321neo, its largest single-aisle aircraft. The first MAX model in production, the MAX-8, is on track to reach customers by mid-year. The A321neo competes with Boeing''s MAX-9, which carries a list price of $116.6 million and seats as many as 220 passengers. The A321neo seats as many as 236 and has a list price of $127 million. Keskar said the incremental cost to operate the MAX-10 is going to be very little and airlines may face slightly higher costs on fuel, food and an extra cabin attendant. "But your potential gain in the revenue will be phenomenal," he said. (Reporting by Rachit Vats and Ankit Ajmera in Bengaluru; Editing by Sriraj Kalluvila)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-boeing-airplane-india-idUKKBN16A1LS'|'2017-03-03T21:12:00.000+02:00'
'fb45ba84578b21c64a2394cae5f86b26a9fbc9d2'|'UK government ''minded'' to refer Fox''s Sky deal to regulator'|'Business News - Fri Mar 3, 2017 - 1:02pm GMT UK government ''minded'' to refer Fox''s Sky deal to regulator By Paul Sandle - LONDON LONDON The British government said on Friday it was inclined to investigate Rupert Murdoch''s planned takeover of Sky to see whether it was in the public interest, the first step of what is likely to be a politically charged process. Murdoch''s Twenty-First Century Fox ( FOXA.O ), which owns 39 percent of Sky ( SKYB.L ), notified the European Commission of its agreed 11.7 billion pounds ($14.3 billion) offer to buy the rest of the European pay-TV group. The deal, announced in December, came five years after a political and criminal scandal at Murdoch''s British newspaper business derailed an earlier bid. On Friday, Media Secretary Karen Bradley said she was minded to intervene on two grounds: first, to see if any one company would control too much of Britain''s media, and second, whether the new owners would have a genuine commitment to broadcasting standards. "This is not an announcement of my final decision in relation to intervention, but an indication of what I am presently inclined to do," she said. Analysts and lawyers had expected the bid to be referred to media regulator Ofcom. Shares in Sky were flat after the news. The Murdoch family has long wanted to control Sky, a pay-TV group with operations in Germany and Italy as well as Britain, to unite a media empire across two continents. Some opposition lawmakers have already voiced their concern, saying Murdoch, the owner of The Times and The Sun newspapers, would wield too much power if he had full control of a pay-TV group present in more than 12 million British and Irish homes. Murdoch''s son James, who is CEO of Fox and chairman of Sky, has said he expects the deal to pass regulatory muster. He said on Thursday the media environment had radically changed in the last five years, giving consumers more choice than ever before in the TV market. The notification to Brussels gives Britain''s Department of Media 10 working days to decide whether the bid should be examined by Ofcom. Bradley said she had invited representations from the companies involved, and would aim to come to a final decision on whether to intervene in the next 10 days. (Reporting by Paul Sandle and Kylie MacLellan; editing by David Clarke and Elaine Hardcastle) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-sky-m-a-twenty-first-fox-idUKKBN16A1C3'|'2017-03-03T20:00:00.000+02:00'
'64c10c48e6ffad9757aa929d1d689899df71819b'|'Samsung Elec creates office for product quality improvement'|'Business News - Thu Mar 2, 2017 - 1:40am GMT Samsung Elec creates office for product quality improvement The logo of Samsung Electronics is seen at its office in Seoul, South Korea February 28, 2017. REUTERS/Kim Hong-Ji SEOUL Tech giant Samsung Electronics Co Ltd ( 005930.KS ) said on Thursday it had created an office for global product quality improvements, as the firm tries to recover from the costly failures of its Galaxy Note 7 smartphone. Kim Jong-ho, the president at shipbuilding affiliate Samsung Heavy Industries Co Ltd ( 010140.KS ), would move to Samsung Electronics to head the team overseeing efforts to improve product quality and manufacturing processes, the company said. "President Kim Jong-ho, a top manufacturing expert, will lead product quality and manufacturing improvement efforts for all of Samsung Electronics'' set businesses," Samsung said in a statement. The decision is the latest step in the South Korean firm''s strategy to rebuild consumer trust after it was forced to end sales of the near-$900 Note 7 phones in October due to fires caused by battery defects. Its Galaxy S8 smartphones are expected to launch in April and Samsung is under immense pressure to ensure its new flagship device runs smoothly and safely. Rival Apple Inc ( AAPL.O ) passed Samsung as the world''s top smartphone maker in the fourth quarter, while the Note 7''s collapse is estimated to have wiped out about 6.1 trillion won (4.35 billion pounds) in operating profit for Samsung. The firm has already pledged multiple improvements to ensure product safety, including more rigorous battery tests and more stringent standards from the initial planning stages. Kim, who will report directly to Samsung Electronics Chief Executive Kwon Oh-hyun, was a mobile business executive at Samsung Electronics focused on manufacturing processes before his stint at Samsung Heavy. (Reporting by Se Young Lee; Editing by Stephen Coates) Next In Business News Fed tees up March rate hike as key policymaker shifts tone BOSTON/SAN FRANCISCO The Federal Reserve is setting the stage for a U.S. interest-rate increase later this month, with the central bank''s leading voice on international economics saying the global economy seems to have turned a corner, clearing the way for a hike "soon."'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-samsung-elec-products-idUKKBN16906R'|'2017-03-02T08:40:00.000+02:00'
'76ae4caa933311879d0afea7d412e97c5f5a69c0'|'Toshiba Machine to buy back 22 percent of shares held by Toshiba for 17.2 billion yen'|'TOKYO Toshiba Machine Co said on Thursday it would buy back 22.37 percent worth of its own shares held by Toshiba Corp for up to 17.2 billion yen ($150.8 million).Toshiba Machine will conduct the buybacks before the Tokyo stock market opens on Friday, at Thursday''s closing price of 506 yen per share, the company said.Toshiba has been scrambling to fill the balance sheet hole left by a $6.3 billion hit to its U.S. nuclear operations.(Reporting by Makiko Yamazaki; Editing by Christian Schmollinger)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-toshiba-accounting-idINKBN1690T9'|'2017-03-02T04:59:00.000+02:00'
'd9726f99b21b26c1d8fb5a81615f4c616438e3c0'|'UPDATE 1-AB InBev raises merger savings target to $2.8 bln'|'(Adds more on results, Brazil)By Philip BlenkinsopLEUVEN, Belgium, March 2 Anheuser-Busch InBev , the world''s largest brewer, on Thursday raised its forecast for savings and benefits from its SABMiller takeover to $2.8 billion from $2.45 billion after reporting weaker than expected earnings due to a beer sales slump in Brazil.The company, now more than double the size of nearest rival Heineken, said the new target included $1.05 billion that SABMiller had announced before the $100 billion merger.The brewer of Budweiser, Stella Artois and Corona, which makes more than a quarter of the world''s beer, said it had already captured $829 million of savings. The balance of about $2 billion would come in the next three to four years.The company highlighted difficulties it is facing in its second largest market Brazil, which is struggling to emerge from a two-year recession, with both lower sales and increased costs due to the weaker real.Last month, Heineken agreed to buy the loss-making breweries in Brazil of Japanese company Kirin Holdings Co Ltd.Core profit (EBITDA) fell 3.6 percent on a like-for-like basis and excluding currency impact in the fourth quarter to $5.25 billion, well below the $5.58 billion expected in a Reuters poll of eight analysts.Excluding Brazil, AB InBev said its core profit in the fourth quarter would have risen 6.4 percent. For the year as a whole, its beer sales would have fallen by 0.1 percent, rather than the 1.4 percent decline reported.AB InBev beer sales also declined in North America and Europe in the final quarter, but profits grew due to more expensive brands being sold, while Chinese earnings slipped. (Reporting by Philip Blenkinsop; editing by Robert-Jan Bartunek and Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/abinbev-results-idINL5N1GF0UK'|'2017-03-02T04:19:00.000+02:00'
'8c0fec86138874957de7ade353b0b679f1c4e56f'|'PRESS DIGEST- New York Times business news - March 2'|'March 2 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.- Yahoo''s top lawyer Ronald S. Bell resigned Wednesday, and its chief executive, Marissa Mayer, lost her 2016 bonus after a board investigation of the 2014 theft of information on more than 500 million user accounts. nyti.ms/2mgOUKo- The Federal Communications Commission on Wednesday halted new government rules related to data security from taking effect this week, in a potential prelude to a broader repeal of privacy protections for users of high-speed internet. nyti.ms/2mNOR5a- Snap Inc priced its IPO at $17 a share. Investors, attracted by Snapchat''s hold on its millennial users, who check the app on average more than 18 times a day, flocked to the initial public offering, pushing its parent company to a valuation of nearly $24 billion. The stock sale sets Snap up as the most valuable American technology company to go public since Facebook nearly five years ago. nyti.ms/2lv1EZ2- Ray Dalio, the billionaire founder of Bridgewater Associates, the world''s biggest hedge fund, is stepping down from its day-to-day operation as he continues to struggle to find a successor to run the firm, known for its unusual culture of "radical transparency." nyti.ms/2mgZ6Cs- President Trump''s address to Congress on Tuesday night buoyed House Republican leaders who were hopeful that his leadership would unite fractious lawmakers around a plan to replace the Affordable Care Act. But fundamental disagreements still divide Republicans on one of the central promises of their 2016 campaigns: repealing the health law. nyti.ms/2mNEPRM(Compiled by Vishal Sridhar in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-nyt-idINL3N1GF2IG'|'2017-03-02T04:14:00.000+02:00'
'eab5b3621e02ef84a6979e3bdd4cf647a53881f4'|'BRIEF-Amazon launches solar energy initiative on fulfillment center rooftops'|' 58am EST BRIEF-Amazon launches solar energy initiative on fulfillment center rooftops March 2 Amazon.Com Inc * Amazon launches solar energy initiative on fulfillment center rooftops * Amazon.com Inc - initial 15 solar installations planned for completion by end of 2017 will generate up to 41 MW * Amazon.com Inc - Amazon to install solar systems on 50 fulfillment facility rooftops worldwide by 2020 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-amazon-launches-solar-energy-initi-idUSFWN1GF0KZ'|'2017-03-02T20:58:00.000+02:00'
'8f4625f5017ec9db18ee60038613d7240c53c27c'|'Deutsche Boerse blames Britain for failed LSE tie-up: chairman in paper'|'BERLIN Deutsche Boerse ( DB1Gn.DE ) Chairman Joachim Faber has put the blame for a failed tie-up with the London Stock Exchange ( LSE.L ) on Britain and its vote to leave the European Union.The London Stock Exchange last week effectively scuppered a planned merger with Deutsche Boerse to create Europe''s biggest exchange, by rejecting an EU demand to sell a trading platform in Italy.Faber, who chairs Deutsche Boerse''s supervisory board, told a German newspaper the Brexit vote had created strong headwinds for the 29 billion euro ($30.8 billion) deal."We didn''t know for months what the British wanted. And in the end, the dual headquarters that we wanted was an absolute no-go," he told Frankfurter Allgemeine Sonntagszeitung.Sources had previously told Reuters that the question over the location of the headquarters worried LSE executives.Faber also told the paper that Deutsche Boerse CEO Carsten Kengeter had his backing."He is and remains the right person to head the company, the right CEO, in order to drive the growth of Deutsche Boerse," Faber said. "That''s why we got him on board and we will work on it together."(Reporting by Victoria Bryan; Editing by Clelia Oziel)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-deutsche-boerse-m-a-lse-idINKBN16B0HJ'|'2017-03-04T13:47:00.000+02:00'
'4ea64195980177fa0ba82822a1b7761f64d1e1cc'|'MH370 families launch campaign to fund search for the missing jet'|'KUALA LUMPUR Families of passengers on board missing Malaysia Airlines flight MH370 on Saturday launched a campaign to privately fund a search for the aircraft.Flight MH370, carrying 239 people, went missing on its way from Kuala Lumpur to Beijing, nearly three years ago, on March 8, 2014.Australia, Malaysia, and China jointly called off a two-year underwater search for the aircraft in January.Grace Nathan, a Malaysian lawyer whose mother, Anne Daisy, was on the plane, said the families hope to raise $15 million to fund an initial search north of the previous search area."We won''t start fundraising until we''re sure that the governments are not going to resume the search and until the current data has been fully reviewed and analysed," she said at the campaign launch and MH370 memorial event held at a mall in Kuala Lumpur.The three governments have said they will resume the search if any credible evidence on the whereabouts of the plane emerges.International experts last year assisted Voice 370, a support group for MH370 next-of-kin, in mounting their own search along the East African coast where debris had been discovered."They pinpointed to us accurately where the debris would have made landfall. They''ve been very helpful both on a personal level and to the investigation," Grace said.The memorial event, the first held since the search was suspended, featured musical and dance performances, while family members and friends of those aboard made impassioned pleas for the search to continue.Jiang Hui, whose mother was on the plane, recounted his experience discovering a piece of potential MH370 debris in Madagascar last year."I thought it was very miraculous and fortunate when I found the piece of debris that day, but I thought it was useless because this sort of searching activity should have been done by the government," said Jiang, who travelled from China to attend the memorial."It should not be us, the family members, who should have been subjected to this pain, to go and face this cruel reality."Malaysian Transport Minister Liow Tiong Lai, who attended the event, said authorities had analysed 27 pieces of potential MH370 debris along the East African coastline, including two new pieces found in South Africa two weeks ago.The government has also signed several agreements with countries along the East African coastline to coordinate searches for debris, Liow said.(Reporting by Rozanna Latiff; Editing by Richard Pullin)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/malaysia-airlines-idINKBN16B07Z'|'2017-03-04T06:41:00.000+02:00'
'ccd4928822f7eea48de582c1cc770f5e26ace40f'|'China''s New Hope breaks into soybean crushing with Cargill'|'  7:41am EST China''s New Hope breaks into soybean crushing with Cargill BEIJING, March 4 Chinese agribusiness group New Hope plans to build its first soybean crushing plant in China''s Hebei province in a joint venture with Cargill , its chairman Liu Yonghao said on Saturday. New Hope and provincial state companies will own 51 percent of the project, which will have a daily capacity of 50,000 tonnes, while U.S. commodity merchant Cargill will hold the remaining 49 percent, he said at a briefing. China is the world''s top soybean buyer. Liu has built New Hope from a small chicken farm into the country''s top animal feed producer, with businesses extending to banking and property and annual sales topping 90 billion yuan ($13.83 billion). (Reporting by Hallie Gu; Writing by Josephine Mason; Editing by Alexander Smith)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/china-newhope-cargill-idUSB9N1DC01H'|'2017-03-04T19:41:00.000+02:00'
'a126415a5aab62492d1f9054b33029b218d620cf'|'PSA Group, GM announce Monday morning press conference'|'Deals - Sat Mar 4, 2017 - 4:11am EST PSA Group, GM announce Monday morning press conference left right The logos of French car maker Peugeot and German car maker Opel are seen at a dealership in Villepinte, near Paris, France, February 20, 2017. REUTERS/Christian Hartmann/Files 1/2 left right The logo of German car maker Opel is seen at a dealership in Marseille, France, February 22, 2017. REUTERS/Jean-Paul Pelissier 2/2 PARIS General Motors and France''s PSA Group will hold a press conference on Monday morning, they said on Saturday, with the subject expected to be the acquisition of the U.S. carmaker''s loss-making Opel unit. On Friday, sources said PSA Group, which makes Peugeot and Citroen cars, had struck a deal with GM to buy Opel division. The press conference will be on Monday at 0815 GMT, PSA and GM said, without specifying the subject. (Reporting by Laurence Frost; Editing by Victoria Bryan) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-opel-m-a-psa-idUSKBN16B07N'|'2017-03-04T16:11:00.000+02:00'
'27c54f3328ab6e0573fd8ac4f9ef43ee4cf065cb'|'Kangaroo care – why keeping baby close is better for everyone - Global Development Professionals Network'|'C armela Torres was 18 when she became pregnant for the first time. It was 1987 and she and her now-husband, Pablo Hernández had just moved to Colombia’s capital, Bogotá, in search of a better life. One December afternoon, suddenly out of nowhere, her body began to convulse with sharp contractions. It was more than two months before her due date. She rushed to the Instituto Materno Infantil (Mother and Child Hospital) in the east of the city. Not long after arriving she gave birth naturally to a baby boy weighing just 1,650 grams (3lb 10oz).Before she had a chance to hold him, her baby was whisked off to a neo-natal intensive care unit. Torres was simply told to get dressed and go home. “I didn’t even get to touch him,” she says. “They said I could come back and see him but the visiting times were very restricted – just a couple of hours a day. When I did visit I was allowed to look but not touch.”On the third day she was at home preparing for her next visit when the phone rang. “It was the hospital,” she says. “They called to say my baby was dead. They didn’t tell me the cause of death or give me any diagnosis. Just that he was dead. I hadn’t even named him yet.”A decade passed before Torres was ready to become pregnant again. A couple of months before her due date those familiar, severe contractions ripped through her body, stopping her in her tracks.“I was petrified,” she says. “I didn’t want another premature baby. I was taken to the exact same ward where I had my baby which died. I was extremely stressed.”At one o’clock the next morning Torres gave birth to another boy. She named him immediately, calling him Julian. He weighed almost the same as her firstborn and just like then, he was whisked straight into intensive care.Facebook Twitter Pinterest Kangaroo care unit at the San Ignacio University Hospital, Bogotá. Photograph: Juliana Gómez/Mosaic Science“I spent a very frightening night panicking that I was about to lose another baby,” she says. “But the next morning a doctor came to see me. She told me about a thing called Kangaroo Mother Care – how I could act as a human incubator and carry my own baby and take it home with me.”That day Torres was taught how to hold her baby under her clothing, upright between her breasts with his airways clear. She was taught how even the finest layer of fabric between her and her baby wasn’t allowed – it had to be continuous and direct skin-to-skin contact. She was taught how to breastfeed, how to sleep on her back propped up by cushions, and strictly never to bathe him as this would waste his precious energy. Remarkably, the very next afternoon, with her tiny baby strapped to her chest under a blanket, Torres walked out of hospital.“Julian was very small and fragile but I was much happier taking him home with me than leaving him there, where my other baby had died,” she says. “Feeding him wasn’t easy, but I had a lot of help. I carried him for a month, 24 hours a day, sharing shifts with my husband, until he hit his target weight of 2,500g. Once he’d reached that we didn’t have to do it any more and finally he got his first bath.”Kangaroo Mother Care (KMC) is the brainchild of Colombian paediatrician Edgar Rey, who introduced it to the Instituto Materno Infantil in 1978. It was an idea born out of desperation. The institute served the city’s poorest people. At the time this was the biggest neonatal unit in Colombia, responsible for delivering 30,000 babies a year. Overcrowding was so bad that three babies would have to share an incubator at a time, and the rate of cross-infection was high. Death rates were spiralling and so too was the level of abandonment as young, impoverished mothers, who never even got to touch their babies, found it easier just to take off.Rey happened upon a paper on the physiology of the kangaroo. It mentioned how at birth kangaroos are bald and roughly the size of a peanut – very immature, just like a human pre-term baby. Once in its mother’s pouch the kangaroo receives thermal regulation from the direct skin-to-skin contact afforded by its lack of hair. It then latches onto its mother’s nipple, where it remains until it has grown to roughly a quarter of its mother’s weight, when finally it is ready to emerge into the world.This struck a chord with Rey. He went back to the institute and decided to test it out. He trained mothers of premature babies to carry them just as kangaroos do. The results were remarkable. Death rates and infection levels dropped immediately. Overcrowding was reduced because hospital stays were much shorter, incubators were freed up, and the number of abandoned babies fell.It’s 8am and already the shiny new KMC unit at the San Ignacio University Hospital in central Bogotá is packed to the rafters. Rows of women, and a surprisingly high number of men, too, squeeze together – a sea of colourful knitted hats and chunky coats, protection against the city’s unpredictable cycle of hail, rain and heat. They sit on narrow pews with the tiniest little heads peeping skyward on their chests. It’s warm, there is a buzz, and it is a million miles away from the sterile atmosphere of a typical neonatal intensive care unit.Facebook Twitter Pinterest A baby receiving kangaroo care at the San Ignacio University Hospital, Bogotá. Photograph: Juliana Gómez/Mosaic ScienceMany seem to have settled in for the day – one woman has her knitting out and another has her extended family in tow. Five paediatricians stand in a row behind a bench examining baby after baby.“Traditional units are closed and have very restrictive visiting hours,” says Nathalie Charpak, the French paediatrician who heads the unit. “An important element of KMC is that the unit is open and parents have access so they can sit with their infants, connect with each other and gain confidence seeing others with very small babies doing the same thing.”In 1989 Charpak did a study on a sample of babies from two of the very poorest hospitals in the city and proved that KMC was safe. In 1994, with funding from a Swiss NGO, a larger randomised trial proved conclusively that not only were babies dying less, but breastfeeding rates were up, hospital stays were shorter and infection was down. Charpak is also director of an NGO that researches and promotes KMC, the Fundación Canguro – the Kangaroo Foundation.“It is clear KMC is about much more than just saving the baby’s life,” says Charpak. “I have fought all my life to show that KMC has nothing to do with comfort or massage or anything fluffy like that. It is difficult to do and each baby is carefully followed up every six weeks for the first year, but the benefits are extraordinary.”One of the very first countries to investigate what was going on in Bogotá was Venezuela. In 1994 a small team came to witness KMC for themselves. Others came too: Brazil in 1995, Ethiopia in 1996, followed shortly by Madagascar, India, Cameroon and many more.Many of the resulting KMC programmes are very successful. In Malawi, which has the highest rate of premature births in the world (181 babies out of 1,000), there is now a KMC centre in every district. Over the 10 years to 2015, the number of babies dying before their first birthday fell from 72 out of 1,000 to 43. “I have seen a significant drop in mortality,” says Indira, a midwife at Zomba Central Hospital in southern Malawi. “It has also helped reduce congestion in the ward as babies are cared for at home. And it has helped reduce costs, because electricity is being saved as the mother is a perfect heat source for the baby.”Facebook Twitter Pinterest Baby receiving kangaroo care at the San Ignacio University Hospital, Bogotá. Photograph: Juliana Gómez/Mosaic ScienceThe World Health Organisation has estimated that KMC has the potential to save as many as 450,000 lives a year.Resistance, however, has come from where you might least expect it. For some health professionals, nurses and even paediatricians, Charpak says, it can be difficult to accept that care by mothers is better than anything they can offer themselves, especially if they have fought hard to bring shiny rows of incubators to their hospitals. There is also the prevailing idea that things are done better in westernised countries.Charpak and colleague Julieta Villegas now struggle to convince the world that it isn’t just an option for poor women. “It’s not something just to be done in poor countries,” says Charpak. “There is a cost to it. It’s a proper neonatal care with advantages that are clinically proven.”Undeniably, though, it is cheaper. The estimated cost of neonatal care for premature babies in the US is up to $5,000 (£4,000) a day. In low-income countries, a KMC programme can cost as little as $4.60 a day.Last November Charpak unveiled the most ambitious study yet into KMC aiming to track down the 716 families who took part in the original 1994 study. The original kangaroo babies were subjected to a series of rigorous checks including MRIs, neuroimaging, blood tests, psychosocial tests and physical evaluations. Each was measured for self-esteem, depression, hyperactivity, aggressiveness and more. So were the grown-up babies from the original control group, who had received traditional care. The full results were published in Pediatrics journal at the end of last year.“The findings are groundbreaking,” says Villegas. “We found the kangaroo babies were less hyperactive, less antisocial, and they even earned higher wages. This is especially significant because these were babies who were the most fragile to begin with and who came from a lower socioeconomic background ... This is why we say with kangaroo care, we fight inequality. We don’t just save lives, we change lives.”This article first appeared on Mosaic Science and is republished here under a Creative Commons licence.Global development professionals network Maternal health Premature birth features '|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/global-development-professionals-network/2017/mar/03/kangaroo-care-the-radical-skin-to-skin-approach-to-saving-premature-babies'|'2017-03-03T17:46:00.000+02:00'
'7a7587cde3d6c7b56bce0fbd8d79238ed299adfb'|'U.S. Gulf corn hits post-harvest highs as PNW port gridlock persists'|'Commodities - Fri Mar 3, 2017 - 2:53pm EST U.S. Gulf corn hits post-harvest highs as PNW port gridlock persists By Karl Plume - CHICAGO CHICAGO A backlog of grain ships waiting to load at U.S. Pacific Northwest (PNW) ports is threatening to persist into April, prompting key Asian customers to switch purchases to more distant Gulf Coast terminals and sending prices there higher, traders and industry analysts said. Corn export prices at Gulf elevators climbed to post-harvest peaks this week as PNW shippers stopped offering March shipments due to congestion at the ports including Seattle and Portland that are collectively the country''s No. 2 grain port. Companies including Archer Daniels Midland Co, Bunge Ltd and Cargill Inc [CARG.UL] operate terminals there. More than 60 ships are waiting to load at PNW terminals, two to three times normal, after months of rainy weather slowed loadings and heavy snowfall at times choked rail-delivered supplies to ports, traders said. Another 20 ships are scheduled to arrive later this month, putting additional strain on facilities collectively capable of loading 40 to 50 ships a month and sending buyers looking elsewhere for grain. "We''ve been seeing Asian business that we normally don''t see at the Gulf and it''s all because of the problems in the PNW," said a Gulf corn exporter who asked not to be named because he was not authorized to speak with media. At least five corn vessels slated to load in the PNW, the shortest U.S. route to Asia, have already been switched to load at the Gulf where shipping times can be two weeks longer, exporters said. Spot corn export prices at the Gulf climbed above $176 per tonne on a free-on-board basis on Thursday, the highest since mid-September. March corn was unavailable from the PNW. BNSF Railway Co, whose tracks link Midwest farms to PNW ports, has added crews and equipment to ease congestion, but the number of delayed trains remains high. BNSF reported 146 grain trains held short of their destinations last week, down from 167 in mid-February but above the 48 in the same week last year. "It seems like there might finally be a speck of light at the end of the tunnel; it''s just that it''s a really long tunnel," said a PNW corn exporter. The disruption caught importers by surprise following a record U.S. harvest and ahead of record crops in South America, which have also struggled to reach ports in northern Brazil. Asian buyers have scrambled for fill-in supplies from China while Japan has tapped its emergency grain stockpile. (Reporting by Karl Plume in Chicago; Editing by Cynthia Osterman) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-grains-ports-idUSKBN16A2DT'|'2017-03-04T02:26:00.000+02:00'
'9ebcc7bc8070ed3cdc251feed0388c73bbd8e22e'|'BRIEF-Atco reports 2016 earnings'|'  7:58am EST BRIEF-Atco reports 2016 earnings March 3 Atco Ltd * Atco reports 2016 earnings * Atco Ltd - in 2017 to 2019 period, Atco plans to invest an additional $5 billion in regulated utility and commercially secured capital growth projects * Atco Ltd - qtrly adjusted earnings $94 million versus $92 million * Atco Ltd - expect an improvement to 2017 adjusted earnings for co, mainly due to increase in allowed roe from 8.3 per cent to 8.5 per cent Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-atco-reports-2016-earnings-idUSASB0B3NB'|'2017-03-03T19:58:00.000+02:00'
'074cbde1a08579d713310c6544f6148e03969d8d'|'CANADA STOCKS-Futures down on speculation of March Fed rate hike'|'Company  43am EST CANADA STOCKS-Futures down on speculation of March Fed rate hike March 3 Stock futures pointed to a lower opening for Canada''s main stock index on Friday, with the U.S. dollar holding on to this week''s gains on growing speculation that the U.S. Federal reserve would raise interest rate this month. Traders raised their stakes ahead of a speech from Federal Reserve Chair Janet Yellen later on Friday that the Fed would raise short-term borrowing costs at its upcoming March meeting. March futures on the S&P TSX index were down 0.16 percent at 7:15 a.m. ET. The Toronto Stock Exchange''s S&P/TSX composite index closed down 0.40 percent at 15,536.65 on Thursday, as gold miners and other resource stocks lost ground along with lower commodity prices, while a major oil producer surged on strong earnings. Dow Jones Industrial Average e-mini futures were down 0.04 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were down 0.14 percent and Nasdaq 100 e-mini futures were down 0.18 percent. (Morning News Call newsletter here ; The Day Ahead newsletter here ) TOP STORIES Canada''s economy grew at a faster pace than anticipated in the final quarter of 2016, lifted by consumer spending and a drop in imports, but the strong performance is not expected to prod the central bank to change its cautious stance on interest rates. Jim Mackey, BlackBerry Ltd''s , head of corporate development and strategy, left the technology company in mid-February, he said on Thursday, leaving a leadership gap as it transitions to software from smartphone hardware. ANALYST RESEARCH HIGHLIGHTS Canadian Western Bank : CIBC raises target price to C$32 from C$31 Cascades : National Bank Financial raises target price to C$13.5 from C$12.5 NewCastle Gold : National Bank Financial starts with outperform; C$1.7 target price COMMODITIES AT 7:15 a.m. ET Gold futures : $1231.5; -0.03 percent US crude : $52.71; +0.19 percent Brent crude : $55.24; +0.31 percent LME 3-month copper : $5920; -0.22 percent U.S. ECONOMIC DATA DUE ON FRIDAY 09:45 Markit Composite Final PMI for Feb: Prior 54.3 09:45 Markit Services PMI Final for Feb: Prior 53.9 10:00 ISM N-Manufacturing PMI for Feb: Expected 56.5; Prior 56.5 10:00 ISM N-Manufacturing Business Activity for Feb: Expected 60.0; Prior 60.3 10:00 ISM N-Manufacturing Employment Index for Feb: Prior 54.7 10:00 ISM N-Manufacturing New Orders Index for Feb: Prior 58.6 10:00 ISM N-Manufacturing Price Paid Index for Feb: Prior 59.0 10:30 ECRI Weekly Index: Prior 144.6 10:30 ECRI weekly annualized: Prior 10.5 pct FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report Reuters global stocks poll for Canada Canadian markets directory ($1 = C$1.34) (Reporting by Nayyar Rasheed in Bengaluru; Editing by Maju Samuel) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL3N1GG3I9'|'2017-03-03T19:43:00.000+02:00'
'883d27752c51466f4cd6760e6a2c3c1845ae300f'|'Oil, biofuels groups urge U.S. EPA deny refiner requests to tweak RFS program'|' 56pm EST Oil, biofuels groups urge U.S. EPA deny refiner requests to tweak RFS program NEW YORK, March 2 A coalition of trade groups representing oil, biofuels and other interests pressed the U.S. government on Thursday to deny requests to tweak the country''s biofuels program, the latest in a series of political maneuvers that have roiled markets. Some 15 trade groups including the American Petroleum Institute (API), Biotechnology Innovation Organization and the Association of American Railroads wrote a letter urging the U.S. Environmental Protection Agency''s (EPA) new chief Scott Pruitt to deny requests to tweak the program. Those requests came from groups including Valero Energy Corp and Delta Air Lines Inc''s Monroe Energy LLC. Some industry groups have been concerned that the Trump administration may be reviewing potential changes in the program to shift the onus of blending biofuels into gasoline away from refiners further down the supply chain to gasoline marketers. The change could require companies such as retailers who sell gasoline to shoulder that load, which would provide relief to refiners including Valero and CVR Energy Inc. The change is opposed by biofuels companies and integrated oil companies, which say it will complicate the program. The letter came from a broad coalition of groups that have otherwise been at odds over the country''s Renewable Fuel Standard (RFS), the controversial program that requires fuel companies use increasingly volumes of renewable fuels each year. "The one issue that brings us all together is our belief that the Environmental Protection Agency (EPA) should deny petitions to change the point of obligation for RFS compliance," the groups said in the letter. Speculation has mounted that the new administration under Republican President Donald Trump would consider the change, after Trump named billionaire and RFS critic Carl Icahn as a special advisor on regulations. Icahn has been advocating for this change. He owns a majority stake in CVR Energy, which has to comply with the program as it''s currently designed. The EPA''s public comment period on the so-called "point of obligation" closed last week. A regulatory change from the agency on the issue could take years and cause delays in announcing annual volume requirements, say critics of the change. Proponents say it would reduce costs for merchant refiners, which do not have capacity to blend biofuels and have to buy paper compliance credits from companies that have. (Reporting by Chris Prentice; Editing by David Gregorio)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-biofuels-idUSL2N1GF1N2'|'2017-03-03T03:56:00.000+02:00'
'5beb30b97def7d2711d5e680dfcdb778f2542ac3'|'Orbis discloses 2.8 pct stake in Arconic, plans to back Elliott'|'Deals  23pm EST Orbis discloses 2.8 percent stake in Arconic, plans to back Elliott Investment manager Orbis Investment Management Ltd on Friday disclosed a stake of about 2.8 percent in U.S. specialty metals maker Arconic Inc ( ARNC.N ), and said it intends to support hedge fund Elliott Management Corp in its proxy battle against the company. Bermuda-based investment manager Orbis said it intends to vote in favor of Elliott'' slate of independent nominees to join Arconic''s board. Arconic has been under pressure from activist investor Elliott, which last week stepped up pressure for Chief Executive Klaus Kleinfeld''s ouster after raising its stake in the company to about 13 percent. In January, Elliott had nominated five directors to Arconic''s board. Orbis said on Friday it does not believe that Arconic can reflect its true value under the leadership of Kleinfeld. (Reporting by Ankit Ajmera in Bengaluru) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-arconic-elliott-orbis-idUSKBN16A23I'|'2017-03-04T00:18:00.000+02:00'
'9a807d49d9d9b253370ee96a27565bd7430385a1'|'Exclusive: Neiman Marcus hires debt restructuring adviser - sources'|'Deals - Fri Mar 3, 2017 - 11:04am EST Exclusive: Neiman Marcus hires debt restructuring adviser - sources File Photo: A customer walks by the Neiman Marcus Last Call store in Golden, Colorado January 23, 2014. REUTERS/Rick Wilking U.S. high-end department store chain Neiman Marcus has hired investment bank Lazard Ltd ( LAZ.N ) to explore ways to bolster its balance sheet as it seeks relief from a $4.9 billion debt pile, people familiar with the matter said on Friday. The sources asked not to be identified because the matter is confidential. Neiman Marcus did not immediately respond to a request for comment, while Lazard declined to comment. (Reporting by Lauren Hirsch in New York; Editing by Bernadette Baum) Next In Deals Exclusive: Hudson''s Bay''s bid for Macy''s stumbles - sources Canada''s Hudson''s Bay Co , owner of the Lord & Taylor and Saks Fifth Avenue retail chains, has yet to line up equity financing for a bid for Macy''s Inc , over a month after approaching its U.S. peer, people familiar with the matter said.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-neimanmarcus-debt-restructuring-idUSKBN16A1VC'|'2017-03-03T23:04:00.000+02:00'
'b52f3677a312b7f380f990122766386e3473de0e'|'UPDATE 1-Mantle Ridge nears deal to install Harrison as CSX CEO -sources'|'Company News - Fri Mar 3, 2017 - 9:15pm EST UPDATE 1-Mantle Ridge nears deal to install Harrison as CSX CEO -sources (Adds source based info on new purpose of special meeting) By Michael Flaherty March 3 CSX Corp is nearing a deal with one of its largest investors, activist hedge fund Mantle Ridge LP, to sign up veteran railroad executive Hunter Harrison as the U.S. railroad company''s CEO, people familiar with the matter said on Friday. Talks between CSX''s board and Mantle Ridge have been advancing, the people said, getting closer to a deal that could be announced as early as next week. Final details, however, are still being worked out, and the talks may end unsuccessfully, the people added. The sources asked not to be identified because the negotiations are confidential. CSX, Mantle Ridge and Harrison all declined to comment. CSX and Mantle Ridge have been locked in a battle over Harrison''s contract as well as the investor''s intent on shaking up the company''s board. Mantle Ridge owns 4.9 percent of the company, according to a letter the firm published last month. CSX announced last month that CEO Michael Ward was stepping down, effective on May 31. CSX''s stock has surged more than 30 percent since January, when news first appeared that Harrison was planning to leave his CEO slot at Canadian Pacific to seek the top job at CSX. Harrison,72, would become CEO under a four-year contract, Bloomberg News reported earlier on Friday - which would mark a victory for Mantle Ridge, whose founder Paul Hilal had argued that the company''s preference of a two-year deal was not long enough. CSX has called for a special meeting for shareholders to vote on Harrison''s proposed compensation package and for the board seats that Mantle Ridge is seeking. CSX plans to still hold a special meeting but only for shareholders to vote on who will ultimately pay for the roughly $90 million that Harrison walked away from when he left Canadian Pacific early, one of the people familiar with the matter told Reuters. (Reporting by Michael Flaherty in New York, editing by G Crosse and Diane Craft) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/csx-shareholders-ceo-idUSL2N1GH01S'|'2017-03-04T09:15:00.000+02:00'
'67e14962d4785b3d37f5eaa5f331f7976b6a4863'|'PSA strikes deal to buy Opel from GM, wins board approval: sources'|'By Laurence Frost , Gilles Guillaume and Pamela Barbaglia - PARIS/LONDON PARIS/LONDON France''s PSA Group ( PEUP.PA ) struck a deal with General Motors ( GM.N ) to buy the U.S. carmaker''s loss-making Opel division, two sources with knowledge of the matter said.The board of PSA, maker of Peugeot and Citroen cars, approved the deal on Friday with an announcement planned for Monday, one of the sources said.Spokespeople for PSA and Opel declined to comment.The two carmakers, which already share some production in an existing European alliance, confirmed last month they were negotiating an outright acquisition of Opel and its British Vauxhall brand by Paris-based PSA, sparking widespread concern over possible job cuts.Earlier on Friday, Opel managers had adjourned a town hall meeting with workers until Monday morning, saying they could not yet discuss details of the planned acquisition.PSA boss Carlos Tavares said last week a full acquisition of Opel offered an "opportunity to create a European car champion" and quickly exceed 5 million annual vehicle sales. The French carmaker also expects savings of up to 2 billion euros ($2.1 billion) from the tie-up, sources have said.(Additional reporting by Edward Taylor in Frankfurt; editing by Andrew Callus/Ruth Pitchford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-opel-m-a-idINKBN16A240'|'2017-03-03T15:22:00.000+02:00'
'63887e4582975b561d3d4ca2189c15a6a52beb2a'|'UPDATE 1-Mexico-based homebuilder Homex settles U.S. accounting probe'|'(Adds shares suspended, background)WASHINGTON, March 3 Mexico-based homebuilder Desarrolladora Homex SAB de CV has agreed to settle charges it reported fake sales to boost revenues in what U.S. authorities said on Friday was a $3.3 billion accounting fraud.The U.S. Securities and Exchange Commission said in a statement that it used satellite imagery to show that Homex, one of Mexico''s largest homebuilders at the time, "had not even broken ground on many of the homes for which it reported revenues" over a three-year period.Homex agreed to the settlement, which must still win court approval, without admitting or denying the charges, the SEC said.Representatives for the company could not be immediately reached for comment.Shares of Homex have been suspended until March 17, the SEC said separately, citing "a lack of adequate and accurate information" in the company''s annual reports. On Thursday, its shares closed down at less than 1 peso per share.The settlement follows the SEC probe announced last year against Homex, which filed for bankruptcy in 2014.The homebuilder had been saddled with mounting debts and struggled with a shift in government policy over subsidies. In 2015, the company emerged from bankruptcy and top officers were placed on leave."Homex has since undertaken significant remedial efforts and cooperated with the SEC’s investigation," the agency said on Friday, adding that its settlement reflected the cooperation of the new company leadership. ($1 = 19.575 pesos) (Reporting by Susan Heavey in Washington and Alexander Alper in Mexico City; Editing by Jeffrey Benkoe and Dan Grebler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/sec-homex-idINL2N1GG0PE'|'2017-03-03T12:51:00.000+02:00'
'7deadaf2f7e38b6dcdec206df69b4d61470c5012'|'BRIEF-Materion Corporation announces planned leadership succession'|' 50am EST BRIEF-Materion Corporation announces planned leadership succession March 3 Materion Corp * Materion Corporation announces planned leadership succession * Materion Corp - Jugal K. Vijayvargiya has joined Materion and succeeded Hipple as president and chief executive officer * Materion Corp - completed planned succession of with appointment of Richard J. Hipple, chairman, president and chief executive officer * Materion Corp - Vijayvargiya has also been appointed as a Materion director      '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-materion-corporation-announces-pla-idUSFWN1GG0P0'|'2017-03-03T20:50:00.000+02:00'
'95779824fdf445c8b8ee7bf3df4e0ea4926ca00b'|'INVESTMENT FOCUS-What if the euro imploded? Six trade ideas'|' 50am EST What if the euro imploded? Six trade ideas The famous euro sign landmark is pictured outside the former headquarters of the European Central Bank (ECB) in Frankfurt, Germany, July 17, 2015. REUTERS/Kai Pfaffenbach LONDON Frexit, Grexit or jitters about Quitaly - existential threats to the euro are remote but investors are still looking for clever ways to protect themselves against the risk of a euro dropout. Pricing in arcane reaches of bond markets and elsewhere shows investors are not taking chances. Headlines have focused on France, where far-right candidate Marine Le Pen has promised to take France out of the euro zone in the event she surprises and wins the presidential election. Kokou Agbo Bloua, global head of flow strategy and solutions at Societe Generale in London said there had been a "huge increase" from clients in ways to protect against political risk ahead of the French elections. There are also renewed worries that the Greek crisis is about to rise up again and that Italy could see anti-euro politicians come to the fore in the next few years. But traditional havens against such risk -- German bonds or the Swiss franc -- are already expensive, forcing investors to consider more inventive hedging alternatives. Here are a few: 1. Buy bonds linked to French inflation A senior bonds trader at one of the world''s biggest investment banks said he was advising clients to buy bonds linked to domestic inflation in countries seen at risk of leaving the euro zone. If a country like France abandoned the euro, its new currency would probably devalue, he said, asking not to be named. That would boost consumer prices and, with that, returns on bonds linked to inflation. 2. Check your CACs and your CDS. As most French government bonds are governed by national law, redenomination should not trigger a default. However, many investors remain fixated on the details of bond contracts. Strategists at ABN AMRO said bonds with collective action clauses (CACs), which require a super-majority of investors to approve any changes to the debt, are in demand. CACs were inserted into all euro zone government bonds from 2013. Such bonds have been outperforming others since last autumn, senior rates strategist Kim Liu said. Similar price performances have appeared in the credit default swaps (CDS) market, where investors buy insurance against a country defaulting on its debt. CDS contracts drawn up since 2014 are seen as more likely to pay out in the event of redenomination than older ones. 3. Calendar spreads around French elections One favored strategy is playing calendar spreads in the options market. This involves selling shorter-dated puts expiring in March or April, and buying longer-dated puts expiring in May and June. A put option gives the option-holder the right, but not the obligation, to sell the underlying asset at a specified time in the future. The calendar-spread strategy effectively offers the investor protection around the election. "Clients are doing this on French government bonds, the euro, and in credit," , Societe Generale''s Agbo Bloua said. 4. Buy euro and Swiss franc volatility According to think tank World Economics, the euro is 6 percent overvalued for France, so a "Frexit" would probably trigger an initial depreciation. A favored hedge among currency traders is to buy euro/dollar implied volatility via options protecting them against big price swings around the vote. Three-month implied volatility rose to match its highest levels since the aftermath of the Brexit vote in late February EUR3MO=, as demand increased. Three-month implied volatility on the euro against the Swiss franc also jumped to its highest levels since Brexit last month EURCHF3MO=, betraying some nervousness that the Swiss National Bank might not be able to prevent the franc from appreciating. 5. Buy Danish crowns Currency traders are also seeking shelter in less traditional places, with Denmark -- among a handful of countries with a triple-A credit rating, and with a large surplus in its balance of payments -- seen as providing a safe alternative. Denmark''s central bank was forced last month to defend its currency peg against the euro with the biggest intervention since Brexit, as investors the crown to an eight-month high EURDKK=D3.[L5N1GF5XN] 6. Buy long-dated puts on bank shares Since the euro zone debt crisis, shares of the region''s banks have become the instruments of choice for equity investors to express a macro view on the broader market. Banks in Europe, which account for a much greater proportion of lending activity than their U.S. peers, are closely linked to the economic cycle. Shares are large and liquid enough to trade in and out of easily. In both of last year''s major political events in Europe -- the Brexit vote and the Italian referendum -- bank stocks were the most heavily traded and most volatile. With global equity markets rallying to new highs and measures of volatility near record lows, options are cheaply priced. For investors looking to hedge against break-up risks, writing long-dated puts on euro zone banking shares could provide protection. (Reporting by John Geddie, Jamie McGeever, Jemima Kelly and Vikram Subhedar; Additional reporting by Abhinav Ramnarayan and Patrick Graham; Editing by Nigel Stephenson and) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-eurozone-breakup-hedging-idUSKBN16A1UK'|'2017-03-03T22:44:00.000+02:00'
'166cb234b13747c2b5951fc8efaa5c1a39d1d917'|'Oil falls for third day as U.S. inventories hit record high'|'Global Energy  46am GMT Oil falls for third day as U.S. inventories hit record high JX Nippon Oil & Energy Corp''s refinery is pictured in Yokohama, Japan February 7,   SINGAPORE Crude oil fell for a third consecutive session on Thursday as a record build-up in U.S. stockpiles weighed on the market, with producers boosting shale oil production. Crude stockpiles in the United States, the world''s top oil consumer, rose by 1.5 million barrels last week, less than forecast, but touching a record at 520.2 million barrels after eight straight weekly builds. <EIA/S> U.S. West Texas Intermediate (WTI) futures CLc1 slipped 12 cents, or 0.2 percent, to $53.71 a barrel by 0025 GMT. Benchmark Brent crude futures LCOc1 were yet to start trading after falling in the last session. Still, oil remained locked within a tight trading range as strict OPEC compliance with output cuts offset rising U.S. oil reserves. "Crude oil prices... (are) unable to break out of the increasingly tight range they have been trading in for the past month," ANZ said in a note. "EIA data showed a pickup in the inventory build in the U.S. Stocks rose by a lower-than-expected." The Organisation of the Petroleum Exporting Countries (OPEC) reduced its oil output for a second month in February, a Reuters survey found, showing the exporter group has boosted already strong compliance to around 94 percent. Heftier cuts by Saudi Arabia and Angola helped offset weaker compliance by other members that agreed to limit their output. Compliance by Russia still remains weak. Russian oil production fell in February to around 11.10 million barrels per day (bpd), from over 11.2 million in October, two sources familiar with the data told Reuters on Wednesday. It had pledged to cut its oil output by 300,000 barrels per day in the first half of 2017 (Reporting by Naveen Thukral; Editing by Richard Pullin) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN16902Z'|'2017-03-02T07:46:00.000+02:00'
'615a2e1275d0584e105b8b657108614fe5f6b398'|'Enbridge restricting light oil feeder lines after Line 2a leak'|'Company  25am EST Enbridge restricting light oil feeder lines after Line 2a leak CALGARY, Alberta, March 3 Enbridge Inc is restricting volumes on feeder lines of light crude oil by 10 percent as a result of the shutdown on its Line 2a pipeline, according to a shipper notice seen by Reuters. The notice said the volume restrictions on Edmonton Light crude started on March 1 and will remain in place until March 7. Line 2a between Edmonton and Hardisty, Alberta, was shut down on Feb. 17 after a leak caused by unrelated construction activity. (Reporting by Catherine Ngai and Nia Williams; Editing by Chizu Nomiyama) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/enbridge-inc-pipeline-restrictions-idUSL2N1GG0SH'|'2017-03-03T23:25:00.000+02:00'
'4ba51a0888dbaebb98779aae5de476dd91993c4f'|'Wall St Weekahead-Investors bet Trump-fueled tech rally far from over'|'Company   Wall St Weekahead-Investors bet Trump-fueled tech rally far from over By Noel Randewich - SAN FRANCISCO, March 3 SAN FRANCISCO, March 3 Technology companies have been a driving force behind the U.S. stock market''s recent record rally, and despite mounting evidence of stretched valuations the sector remains a top pick for investors expecting a wave of capital expenditures by U.S. corporations. Corporate tax cuts and reduced regulations planned by President Donald Trump will give companies reason to spend more on cloud computing, factory automation and smart connectivity that will directly benefit Silicon Valley, many on Wall Street believe. "The tax cuts are going to promote business investment across all industries, and the business investment is largely going to be in technology," said Doug Cote, chief market strategist at Voya Investment Management in New York. Strong performances from big names including Apple Inc and Facebook Inc have helped make technology the strongest S&P 500 sector so far this year, surging 10 percent compared to the broader index''s 6 percent rise. In the past month, investors have poured $325 million into to the U.S.-listed Technology Select Sector SPDR Fund, according to ETF.com, which tracks fund flows. "We may be due for a little bit of a pullback, but we''re still buyers on weakness because we like the longer-term outlook over the next two to three years," said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management. The proliferation of smart, connected devices in homes, factories and stores is leading to the collection unprecedented amounts of data and creating demand for more computing power to analyze it. Spending on cloud computing will grow by 21.5 percent a year through 2020, almost seven times as fast as overall IT spending, according to a recent estimate by market research firm IDC. PRICIEST OF THE PRICEY Improved employment and consumer confidence have also been behind investors'' optimism about tech, helping offset concerns about lofty valuations. After an eight-year U.S. stock market rally, nearly all sectors are trading at earnings multiples above their long-term average, but none more so than technology, according to Thomson Reuters Datastream. The tech sector''s strong performance has left it trading at 17.9 times expected earnings, compared to its 10-year average of 14.5 times expected earnings. The S&P tech sector''s price-to-earnings multiple has been above its own long-term average for about a year, and during that time the sector has surged about 28 percent. Tech bulls believe earnings momentum is growing for the sector. S&P 500 tech earnings expanded 12.3 percent in the fourth quarter, more than any other sector, according to Thomson Reuters data. Analysts on average expect 13.6 percent growth for the March quarter. Recent upbeat quarterly reports and commentary from Broadcom Ltd, Skyworks Solutions Inc and Applied Materials Inc suggest semiconductors are poised for strong growth, said Wedbush trader Joel Kulina. Micron Technology Inc jumped 3.5 percent on Friday after raising its 2017 forecast the day before, helped by healthy demand for its memory chips. "I can''t remember a time when we''ve seen this much excitement," Kulina said. "Semiconductors aren''t as cyclical as they used to be, where quarters were driven by PC demand. Now it''s automotive, it''s data center, industrial automation." (Reporting by Noel Randewich; Editing by Richard Chang) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-weekahead-idUSL2N1GE2EI'|'2017-03-04T04:34:00.000+02:00'
'44e42e9dbb698decf5fe650722021db528f55c8f'|'U.S. municipal debt sales jump to $10.4 bln next week'|'March 3 Sales of U.S. municipal bonds and notes will jump to $10.39 billion next week, bolstered by large deals from California, Maryland, and New York City, according to preliminary Thomson Reuters data.Leading the deals next week is $2.4 billion from California of general obligation various purpose and refunding bonds. The deal is managed by Citigroup Global Markets.Last year California surpassed France to become the world''s sixth-largest economy, after years of robust state revenues and economic growth. In the fiscal year beginning last July, revenues have wavered somewhat, coming in just slightly below projected estimates.The state of Maryland plans to issue next week almost $1.2 billion of general obligation bonds, state and local facilities loans.The New York City Transitional Finance Authority plans to issue $800 million of future tax secured tax-exempt subordinate bonds, led by JPMorgan.U.S. municipal bond funds reported $346.2 million of outflows this week, breaking a seven-week streak of net inflows. Municipals finished weaker on Thursday, following the direction of Treasuries. Uncertainty surrounding the Fed''s next action created some volatility in rates this week, reported Janney Fixed Income Strategies.Next week''s calendar will be made up of approximately $2.7 billion from the competitive calendar and of roughly $7.7 billion from the negotiated calendar, according to preliminary data. (Reporting by Robin Respaut; Editing by Phil Berlowitz)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-municipals-deals-idINL2N1GF20V'|'2017-03-03T15:08:00.000+02:00'
'67dfd6bb7846e3c4f95bd7ec54ce080410b6d4aa'|'Ex-JPMorgan employee pleads guilty to $5 million fraud'|'Business  26am GMT Ex-JPMorgan employee pleads guilty to $5 million fraud By Brendan Pierson A former JPMorgan Chase & Co ( JPM.N ) employee who has been ordered to attend counselling for gambling has pleaded guilty to criminal charges that he stole more than $5 million from his employer to pay personal debts, New York prosecutors said. Lawrence Obracanik, 42, pleaded guilty to wire fraud affecting a financial institution on Thursday before U.S. District Judge Ronnie Abrams in Manhattan, according to an announcement from U.S. Attorney Preet Bharara. The charge carries a maximum sentence of 30 years in prison and a $1 million fine, according to Bharara''s office. Obracanik is scheduled to be sentenced by Abrams on July 7. A lawyer for Obracanik did not immediately respond to a request for comment on Thursday evening. Obracanik, a resident of Fort Worth, Texas, turned himself in to authorities in New York in December. Following a court appearance on the day of his arrest, he was released on a $100,000 bond. He was instructed as part of his bail conditions to seek employment and attend counselling for gambling, according to court records. The criminal complaint against Obracanik did not identify JPMorgan by name. But a profile for him on LinkedIn said that he had worked for the New York-based bank in Texas. A spokesman for JPMorgan declined to comment at the time of Obracanik''s arrest. Representatives of the bank could not immediately be reached on Thursday. Prosecutors say that, between July 2014 and February 2016, Obracanik was responsible for wire transfers of more than $5 million from an account at the bank where he worked to an account at another bank belonging to an unnamed individual. The complaint said that during an interview with two Federal Bureau of Investigation agents in August, Obracanik admitted wiring the money to that person''s account and said that he had done so to pay personal debts. The case is U.S. v. Obracanik, U.S. District Court, Southern District of New York, No. 16-mj-7732. (Reporting By Brendan Pierson in New York; additional reporting by Nate Raymond in New York; Editing by Bernard Orr) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-jpmorgan-court-idUKKBN16A01S'|'2017-03-03T07:26:00.000+02:00'
'ef2014e9f7392086e027894f3a4d4c73b7056af7'|'Australian housing market crash could lead to broader downturn, OECD warns - Business'|'A crash in Australia’s “unprecedented” housing market could lead to a broader economic downturn, according to a report from the OECD .In their first major review of the Australian economy since 2014, the OECD warned the housing market was showing “hints of a slowdown”, in what it identified as an “extreme vulnerability” for the economy. ''Bank of Mum and Dad'' can''t fix housing affordability, says Reserve Bank chief Read more “A large drop off in house prices could cut household consumption and increase mortgage defaults ... The market may not ease gently but develop into a rout on prices and demand with significant macroeconomic implications,” they said.“A continued rise of the market, fuelled by both investor and owner-occupier demand, may end in a significant downward correction that spreads to the rest of the economy.”Australia’s house prices have increased by 250% in real terms since the mid 1990s, with the median house price in Sydney hitting almost $1m at the end of January.The OECD attributed this boom to domestic buyers rather than foreign investment, and recommended government policy should pressure banks to limit mortgage lending for investment properties, and avoid risky loans – echoing 2014 measures already put in place by the Australian Prudential Regulation Authority.Household debt also rose to record levels, with the debt to disposable income ratio rising to 186.9% at the end of September last year. However, the report noted household debt was “concentrated in high income households”, and was balanced by rising asset values and low interest rates. Australia''s record household debt a threat to economy, says Reserve Bank chief Read more A global plunge in iron and coal prices was also identified as another major vulnerability, and the OECD noted the economy still faced “challenges” in the gender pay gap and in greenhouse gas emissions. They recommended an emissions trading scheme could be adopted if carbon reduction targets “beyond those brought about by the Direct Action Plan ” were needed. “The price of carbon emissions in Australia is low, with large shares of emissions in industry, electricity, agriculture and fisheries are not priced at all. This weakens the incentives to cut carbon in a cost-effective manner,” said the report. Australian economy OECD Housing affordability  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/mar/03/australian-housing-market-crash-could-lead-to-broader-downturn-oecd-warns'|'2017-03-03T04:46:00.000+02:00'
'0e0dd57110c0349846b23d52d6a9437ca5dc07e0'|'Banks paid $321 billion in fines since financial crisis - BCG'|'Business News - Thu Mar 2, 2017 - 10:01pm GMT Banks paid $321 billion in fines since financial crisis - BCG Banks across the world have paid about $321 billion in fines since the 2007-2008 financial crisis as regulators stepped up scrutiny, according to a note by the Boston Consulting Group. Almost ten years since the financial crisis, the banking industry has not completely recovered, BCG said in an industry report. North American banks accounted for nearly 63 percent of the total fines, or about $204 billion, during 2009-2016, the consultancy firm said. While U.S. regulators have been more effective in imposing penalties and recovering fines from the banks, their counterparts in Europe and Asia are likely to step up pace, according to the BCG report. The number of individual regulatory changes that banks must track on a global scale has more than tripled since 2011, to an average of 200 revisions per day, the report said. Even though U.S. President Donald Trump has ordered reviews for possible regulatory changes and legislations modifying the Dodd-Frank Act, the consulting group said regulatory impacts would continue to cost banks a lot going forward. Trump and other critics of the Dodd-Frank law say its regulations have hindered lending. In February, Trump ordered reviews of major banking rules that were put in place after the 2008 financial crisis, in favour of looser banking regulation. (Reporting by Vishaka George in Bengaluru; Editing by Shounak Dasgupta) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-banks-fines-idUKKBN1692XY'|'2017-03-03T05:01:00.000+02:00'
'e2a95e5e8c92051384dfe7650d7cbefd0f0cf3ef'|'Asia Dry Bulk-Capesize rates to stay rangebound on abundant tonnage'|'Company News - Fri Mar 3, 2017 - 2:13am EST Asia Dry Bulk-Capesize rates to stay rangebound on abundant tonnage * Capesize rates from Western Australia to China at 8-wk high * Shipowners parking ships off South Africa to stop rates falling * Panamax rates climb to the highest in more than two years By Keith Wallis SINGAPORE, March 3 Freight rates for large capesize dry cargo vessels on key Asian routes could remain rangebound next week as abundant tonnage puts a ceiling on freight rates even as some owners resist attempts by charterers to push rates lower, brokers said. "I expect the market to take a breather. Rates have been on a yo-yo this week," said a Singapore-based capesize broker on Friday. Charter rates fell at the beginning of the week, but rebounded after charterers, including Cargill and Fortescue Metals Group, fixed ships from Brazil and Australia to China, he said. There were around 25 capesize fixtures in the week to March 2, compared with more than 30 in the previous week, chartering data on the Reuters Eikon terminal showed. "The capesize market continues to be volatile," Norwegian shipbroker Fearnley said in a note on Wednesday. "The Brazil to China market has been quiet, but it is not unexpected as it is the seasonal rainy season and shippers do use this time for maintenance," Fearnley said in the note. Some shipowners are also resisting charterers'' attempts to push rates from Brazil to China lower by anchoring vessels off South Africa, the Singapore broker said. Charterers with coal cargoes from the east coast of Australia were offering a $2 per tonne premium over iron ore cargoes from western Australia. But the capesize market remained overtonnaged with an abundance of ships available for loading in March, the Singapore broker added. That would cap any gains in rates. Charter rates from Western Australia to China held around eight-week highs, at $5.99 per tonne on Thursday, compared with $6.01 per tonne a week earlier. Freight rates for the route from Brazil to China rose to $11.42 per tonne on Wednesday, the highest since Feb. 2, against $11.05 per tonne. Charter rates for smaller panamax vessels for a north Pacific round-trip voyage climbed to the highest since November 2014 on Thursday on strong cargo volumes and bullish sentiment among shipowners. Rates rose to $9,170 per day, the highest since Nov. 24, 2014, from $7,704 the same day last week. Rates in the Far East for supramax vessels rose by around $2,000 per day on the week, climbing to $10,500 per day for a voyage from Indonesia to China, Fearnley said. The Baltic Exchange''s main sea freight index climbed to 904 on Thursday from 856 last week and could rise towards a technical resistance at 1,029 in a week. (Reporting by Keith Wallis; Editing by Subhranshu Sahu) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/asia-freight-idUSL3N1GD3GD'|'2017-03-03T14:13:00.000+02:00'
'dea4b5301a1bed9078b6d4b366fd69c3c6ad0008'|'UK medical software start-up Cydar brings former Roche head on board'|'Money News - Thu Mar 2, 2017 - 8:33am IST UK medical software start-up Cydar brings former Roche head on board FULL COVERAGE: INDIA ELECTIONS 2017 Swiss pharmaceutical company Roche outgoing chairman Franz Humer speaks to shareholders during the annual general meeting in Basel March 4, 2014. REUTERS/Ruben Sprich/Files British medical software start-up Cydar Ltd announced the appointment of several new directors on Thursday, including Franz Humer, the newly retired chairman of Swiss drugmaker Roche, to help develop the business. Cydar, which has developed cloud-based software to serve up 3D images of a specific patient''s blood vessels in X-ray guided endovascular surgery, said Humer would bring in a "wealth of commercialisation" and key insights into helping develop further applications for the software. Humer, who has joint Swiss and Austrian citizenship, was the driving force behind Roche''s takeover in 2009 of U.S. biotech company Genentech, which has produced some of the Swiss firm''s top-selling cancer medicines. Humer, who also has a famously close relationship with Roche''s founding and controlling Hoffmann-Oeri family, had previously worked at a former unit of GlaxoSmithKline and at a unit of Merck & Co. Cydar has also appointed Mervyn Davies, a non-executive director at drinks group Diageo Plc, where Humer was chairman until this year, as non-executive chairman. James Downing, a former deputy head of European investment banking at JPMorgan has also been appointed as a non-executive director, while John Deanfield, a professor of cardiology at University College London, will head a new scientific and technology advisory board. Cydar said it received U.S. clearance for use of the software in 2016, which is currently being used at several UK hospitals, including the Royal Free and Guy''s & St Thomas in London. (Reporting by Sanjeeban Sarkar and Esha Vaish in Bengaluru; Editing by Greg Mahlich) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/cydar-management-idINKBN1690AX'|'2017-03-02T10:03:00.000+02:00'
'14ed166f57d99eccf53c0cd9bb2e6a7dd0ee9e35'|'BRIEF-Heritage-Crystal Clean Q4 adjusted earnings per share $0.20'|' 55pm EST BRIEF-Heritage-Crystal Clean Q4 adjusted earnings per share $0.20 March 1 Heritage-crystal Clean Inc: * Heritage-Crystal Clean Inc announces 2016 fourth quarter and full year financial results * Q4 revenue $106.7 million versus I/B/E/S view $108.7 million * Q4 adjusted earnings per share $0.20 excluding items * Q4 earnings per share view $0.21 -- Thomson Reuters I/B/E/S Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-heritage-crystal-clean-q4-adjusted-idUSASB0B39P'|'2017-03-02T04:55:00.000+02:00'
'6b5b9c2d86276d65430f04a21d6d39a1bf29baa9'|'Deutsche Bank board to discuss capital hike on Sunday - sources'|'  11:41am GMT Deutsche Bank board to discuss capital hike on Sunday - sources FILE PHOTO - The headquarters of Germany''s Deutsche Bank is photographed early evening in Frankfurt, Germany, January 26, 2016. REUTERS/Kai Pfaffenbach/File Photo FRANKFURT Deutsche Bank''s ( DBKGn.DE ) supervisory board will meet on Sunday to discuss plans for a potential capital increase of around 8 billion euros ($8.5 billion), two sources familiar with the matter said on Saturday. Germany''s biggest bank said on Friday it was preparing a capital increase and was examining several strategic measures, including an   a minority stake in its asset management business as well as retaining its Postbank unit and integrating it into its other German retail business. The meeting on Sunday is expected to take place around noon, the sources said. Deutsche Bank declined to comment on the meeting. The capital raising will allow Deutsche Bank to strengthen its balance sheet and free up funds for strategic investments after years of restructuring, a move welcomed by one investor on Saturday. "The announced measures are an important signal for the capital market that the bank is now focussing more on its future and its customers after years of dealing with the past," fund manager Ingo Speich at Union Investment said in an emailed statement. "That''s to be welcomed, but investors still need more details." The move comes after Deutsche Bank posted a net loss of 1.9 billion euros in the final quarter of 2016 as legal costs for past misdeeds weighed heavily on results and the bank fell further behind its Wall Street rivals, lagging their strong rebound in bond trading. "In comparison to rivals, Deutsche Bank is poorly capitalised. The legal disputes have cost lots of money and trust," Speich added. (Reporting by Kathrin Jones and Alexander Huebner; Writing by Victoria Bryan; Editing by Alexander Smith)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-deutsche-bank-capital-idUKKBN16B0AG'|'2017-03-04T18:26:00.000+02:00'
'd884924f2d75cea34c28336df5a245d61136dab5'|'Swiss growth takes a hit, adding to SNB strong franc dilemma'|'Business News - Thu Mar 2, 2017 - 7:10am EST Swiss growth takes a hit, adding to SNB strong franc dilemma Swiss one franc coins are seen in this illustration picture taken in Zurich January 19, 2015. REUTERS/Arnd Wiegmann By John Revill - ZURICH ZURICH Measly economic growth and tumbling exports data for Switzerland underlined on Thursday the failure of the Swiss National Bank to check the rise of the franc. Month-on-month GDP growth was just 0.1 percent in the final quarter of last year, with goods exports - which together with services amount to around two-thirds of the economy - shrinking 3.8 percent from the previous quarter. Much of the decline was put at the door of the strong Swiss franc, which makes Swiss goods more expensive abroad. The franc strengthened almost 2 percent against the euro in the fourth quarter and is another 0.7 percent stronger so far this year. Fears sparked by France''s elections and anxiety that Greece''s fiscal woes could threaten the future of the euro have driven increased demand for safe-haven francs. There is also a new concern - new U.S. President Donald Trump''s aversion to what he sees around the world as anti-American currency manipulation would turn to Switzerland as the Swiss National Bank attempts to weaken the currency. But not yet. The currency''s advance has come despite the SNB spending an average 2.4 billion francs per week so far in 2017 – nearly two and a half times the average from a year ago. "We are very concerned about the rise in the franc," said Hans Hess, head of the mechanical and electrical engineering lobby Swissmem, which revealed that nearly half of Swiss industrial companies are considering moving operations abroad. "It''s not only the machine industry, but tourism, retail which suffer when the franc rises. A stronger franc makes life much harder for Swiss exporters." Global watchmaker brand Swatch( UHR.S ), for example, reported a 47 percent slide in annual net profit - partly due to the franc which the company described as "expensive." So industries struggling with shriveled margins and lost sales are anxiously watching the franc''s advance toward the high of 1.0623 euros touched after Britons'' June vote to quit the EU. It was at 1.0640 euros on Thursday. SNB DILEMMA The SNB - which uses currency intervention and negative interest rates to curb the franc - faces an increasingly difficult situation, economists say. "The SNB has been juggling with three balls – negative interest rates, the size of its balance sheet and an overly strong Swiss franc, and then someone has thrown them a fourth one – the danger of being called a currency manipulator," said Thomas Flury, head of currency at UBS Wealth Management. "There is increasing doubt how long the SNB can maintain the current constellation," said Flury, who thinks the franc could rise to 1.05 or even 1.03 within weeks. Switzerland already meets two U.S. Treasury criteria for "unfair currency practices": having a material current account surplus and having engaged in "persistent one-sided intervention in the foreign exchange markets". Switzerland could have a U.S. trade surplus above $20 billion this year on current trends, Swiss private bank Mirabaud calculates. The SNB declined to comment, but its dilemma is plain to see. "To prevent the rise of the currency, the SNB would have to intervene to a far greater extent than the level they are at the moment," Kubli said. "But the SNB probably doesn''t want to intervene in an unlimited way because of concerns about the size of their balance sheet." Foreign currency interventions have amassed SNB currency reserves of nearly 700 billion francs, larger than Swiss GDP. (Additional reporting by Angelika Gruber Editing by Jeremy Gaunt.) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-swiss-snb-franc-idUSKBN1691IN'|'2017-03-02T19:08:00.000+02:00'
'0345c5b65f4a56f51e39f8df15796acfb599135a'|'LafargeHolcim expects gains from U.S. spending, Mexico border wall'|'Thu Mar 2, 2017 - 10:11am GMT LafargeHolcim expects gains from U.S. spending, Mexico border wall The company''s new logo is pictured at the headquarters of LafargeHolcim in Zurich, Switzerland, July 15, 2015. REUTERS/Arnd Wiegmann By John Revill - ZURICH ZURICH LafargeHolcim ( LHN.S ) will gain from massive infrastructure spending in the United States, including the planned border wall with Mexico, the world''s largest cement maker said on Thursday as it posted better-than-expected results. Chief Executive Eric Olsen said the United States was on track to become the Swiss company''s most important market, with improving construction boosted by the $1 trillion infrastructure program announced by President Donald Trump. "We are very well positioned to serve the infrastructure needs of the U.S.," Olsen told Reuters following the results. "It is a market where we see some of the highest growth potential in the next couple of years." He said the United States was well below peak demand for cement, which he expected to recover, "and that is before taking into account a commitment to a trillion-dollar investment in infrastructure projects". The company had 6 million tonnes of spare capacity to take advantage of the upturn, Olsen said, including a new plant in upstate New York which is due to open in the next few weeks. As well as working on bridges and airports, the company would also be interested in working on Trump''s plans to build a border wall with Mexico, Olsen said. "We will participate in all critical infrastructure projects in the U.S.," Olsen said. "The wall project ... is an infrastructure project where we would participate." LafargeHolcim''s bullish outlook came as it posted better-than-expected core earnings during its fourth quarter, helping it hit one of its main targets. Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) of 1.61 billion Swiss francs ($1.59 billion) beat the average analyst estimate of 1.52 billion francs in a Reuters poll. The performance meant it met its target of increasing full-year operating EBITDA by at least a high single-digit rate. In new targets for 2017, the company said it was targeting double-digit growth in the measure, supported by recoveries in key markets like the United States, Nigeria and India. The higher targets sent the company''s stock higher, with the shares gaining 4.7 percent in early trading. Separately LafargeHolcim said an internal investigation had revealed a plant in Syria provided funding to armed groups in the war-torn country. The former Lafarge cement plant had engaged in dealings with certain armed groups and with sanctioned parties during 2013 until it was ultimately evacuated in September 2014. "It appears from the investigation that the local company provided funds to third parties to work out arrangements with a number of these armed groups, including sanctioned parties, in order to maintain operations and ensure safe passage of employees and supplies to and from the plant," it said. The investigation could not establish with certainty who the ultimate recipients of the funds were, it said, adding: "In hindsight, the measures required to continue operations at the plant were unacceptable." (Editing by Michael Shields and Alexander Smith) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-lafargeholcim-results-idUKKBN1690KA'|'2017-03-02T16:53:00.000+02:00'
'9e75e6233e2bc8a2ab7a54810a1230677f327b30'|'BoE''s new deputy governor must tackle conflicts of interest - lawmakers'|'Business News - Thu Mar 2, 2017 - 12:22am GMT BoE''s new deputy governor must tackle conflicts of interest - lawmakers A bus passes the Bank of England in the City of London, Britain, February 14, 2017. REUTERS/Hannah McKay LONDON The Bank of England''s new deputy governor, Charlotte Hogg, needs to take steps to avoid possible conflicts of interest in her role as one of Britain''s top financial regulators, senior British lawmakers said on Thursday. Hogg told a parliament committee on Tuesday that her brother helped set strategy at Barclays ( BARC.L ), but that she had not decided for certain if she would remove herself from decisions which affected his employer. She also said she saw no potential for conflict of interest over her mother''s role as a non-executive director of the Financial Conduct Authority, Britain''s main regulator to combat irregularities in markets. The Bank of England has wide-ranging powers over British banks, and Hogg will be its deputy governor for markets and banking, sitting on committees that set interest rates as well as decide bank capital rules and other key regulatory issues. In a report on Hogg, published on Thursday, the committee said she had sufficient professional competence and personal independence to be deputy governor, but needed to do more to avoid any real or apparent risk of impropriety. "Steps will need to be taken to ensure she puts in place arrangements to address conflicts of interest or the appearance of such conflicts," the report said without giving details. The Treasury Committee lacks the power to block BoE appointments. Members of the committee also reiterated concerns about a lack of diversity of thought among BoE policymakers - a factor they blame for the central bank''s patchy forecasting record and poor preparation for the 2007/08 financial crisis. Hogg was previously the BoE''s chief operating officer, and comes from a background in retail banking, in contrast to most members of the BoE''s Monetary Policy Committee who have advanced qualifications in economics. During Tuesday''s hearing, she was more comfortable with lawmakers'' questions on financial regulation than those relating to economic theory. "We recognise that the value Ms Hogg will bring to the MPC is from her operational experience in the financial services sector, rather than a field more directly applicable to the conduct of monetary policy," the committee said. (Reporting by David Milliken Editing by Jeremy Gaunt) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-boe-hogg-idUKKBN16900Z'|'2017-03-02T07:22:00.000+02:00'
'0491d9a987deb1666eb1b6d7122d76d0c1a91329'|'Gocompare.com posts 30 percent rise in 2016 adjusted operating profit'|'Business News - Thu Mar 2, 2017 - 8:18am GMT Gocompare.com posts 30 percent rise in 2016 adjusted operating profit LONDON Price comparison website Gocompare.Com Group Plc reported a 30 percent jump in full-year operating profit, adjusting for the costs of listing and share-based payment charges. The company, which demerged from British insurer esure Group Plc in November, said adjusted operating profit for the year ended Dec. 31 rose to 30 million pounds from 23.1 million pounds a year earlier. Analysts say a controversial decision this week to cut the discount rate for personal injury claims will push up lump sum payments and may bring more traffic to websites like Gocompare, which allows customers to compare insurance rates and prices of financial, travel and business products, utilities and household services. Gocompare.com said it would not pay a final dividend for 2016. (Reporting by Noor Zainab Hussain and Maiya Keidan; editing by Carolyn Cohn) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-gocompare-com-results-idUKKBN1690SI'|'2017-03-02T15:18:00.000+02:00'
'7c9dfa92c0b05ba601a8e2b3dd0750969c3e33f0'|'LPC: Coal companies return to U.S. leveraged loan market'|'By Jonathan Schwarzberg - NEW YORK, March 3 NEW YORK, March 3 Rising coal prices and a more favorable outlook for the industry under President Donald Trump’s administration are allowing U.S. coal companies to sign new leveraged loans after being shut out of the market since mid-2015, despite a declining long-term outlook for the industry.Massive investor demand for floating rate assets helped St Louis, Missouri-based coal mining and processing company Arch Coal to increase the size of a refinancing loan to US$300m from US$250m on February 23, less than six months after emerging from bankruptcy.“This is probably the strongest leveraged loan market since before the credit crisis,” a banker said.Coal has fallen out of favor as a fuel source in the United States in the last few years due to environmental concerns and the sector was hit by multiple bankruptcies amid the commodities and energy slump of 2015 and 2016.“The coal world has gone through some challenging times,” a syndicator said. “However, met coal prices have been in a rally for a number of months now, which is helping to portray that industry in a more positive light,”Metallurgical coal prices climbed more than 50% from March to October in 2016 and have held on to these gains as the U.S. gets ready to increase coal production. Coal carload traffic was up 19.2% in February compared to a year earlier, according to the Association of American Railroads.President Trump has been promising to help strengthen the coal industry since the campaign trail, and a White House official told Reuters Wednesday the president plans to remove a federal coal leasing moratorium as soon as next week.“The regulatory scrutiny of coal has eased since the new administration has taken over, and that has relaxed some of the negative bias as well,” the syndicator said.Although coal companies are anticipating regulatory relief and are getting a better reception in the capital markets, production is continuing to decline and the rise in the price of thermal and coking or ‘met’ coal is failing to increase enough to benefit shareholders or stimulate new investment.MORE DEALSCoal companies, which until recently were viewed as difficult credits, are taking advantage of seemingly insatiable investor appetite and an issuer-friendly market to complete deals, helped by investors’ preference for floating rate debt as U.S. interest rates start to rise.Arch Coal’s new US$300m term loan will refinance existing debt. The company emerged from bankruptcy in October 2016 after eliminating about US$4.8bn in debt. In addition to increasing the loan, Arch Coal was also able to cut the pricing to 400bp over Libor from initial guidance of 450bp.Coal plant owner Homer City Generation was not able to achieve similar pricing for a loan after it filed for bankruptcy on January 11. The company launched a US$150m term loan to collateralize its obligation and fund its debt service reserve account, which priced in line with guidance at 825bp over Libor on February 8.Blackhawk Mining had to increase pricing on a US$66m term loan that refinanced existing debt to 950bp over Libor from guidance in the 800bp-850bp range in early February, but completed the deal.Other coal companies were encouraged by these syndications and headed to the market, including U.S. coal supplier Contura Energy and Alabama coal miner Warrior Met Coal, which both set deadlines of March 9.Contura is arranging a US$400m term loan to refinance debt with proposed pricing of 500bp over Libor and Warrior Met, which is made up of assets from bankrupt Walter Energy, is also lining up a US$350m term loan with guidance of 550bp-575bp to back a dividend payment.Coal companies have not tapped the market since mid-2015. The metals and mining sector ended 2016 with a default rate of 23.6%, according to Fitch Ratings, led by the coal sector. However, a recovery in secondary loan prices and strong investor demand has created the current wave of coal loans.Investors’ hunt for paper and yield as billions of dollars of cash flows into the U.S. leveraged loan market has led them to reconsider deals that would previously have been off limits, despite the coal industry’s negative long-term outlook.“The leveraged loan market has been overrun by such massive inflows of capital that you could probably get a loan to buy a fleet of zeppelins at this point in time,” said Jim Tisch, president and CEO of Loews Corp during his February earnings call.(Additional reporting by Lynn Adler.) (Reporting by Jonathan Schwarzberg; Editing By Tessa Walsh)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/coal-loans-idINL2N1GG0XX'|'2017-03-03T14:29:00.000+02:00'
'a39afdb853fe647013938f3048e82fe3e84d0026'|'With power demand weak, Brazil mulls an auction to cancel projects'|' 37pm GMT With power demand weak, Brazil mulls an auction to cancel projects An electrical post is seen on a road in Montero Lobato, east of Sao Paulo August 7, 2015. REUTERS/Nacho Doce By Luciano Costa - SAO PAULO SAO PAULO With electricity demand in Brazil slashed by the harshest recession in a century, the government is evaluating an innovative kind of power auction - to allow companies to bid for the right to cancel licenses to build plants. Firms had rushed to bid for licenses to supply the power needed to fuel growth as a commodities-fueled boom drove annual economic growth above 7 percent in 2010 and cheap credit sparked a consumer spending spree. But a collapse in commodities prices tipped Brazil into a recession that has shrunk economic output by more than 7 percent since 2015, crippling demand for electricity and leaving an excess of generating capacity. The "reverse auction," which Energy Minister Fernando Coelho Filho says could start within months, would provide an escape for financially distressed firms holding licenses for power projects, particularly in the solar and wind sectors, that they are unable to build. Without a formal cancellation, which includes heavy fines for companies that failed their contractual responsibilities, the government cannot pass on these projects to other firms. The auction, which the Energy Ministry is in the process of finalising, would allow companies to bid to return their licenses by making "exit payments" that would be lower than the potential fines, according to a draft proposal. It would also allow companies to avoid lengthy possible litigation with the government and other parties, experts said. With the prospect of a return to economic growth this year in Latin America''s largest economy, the government hopes the reverse auction will allow some fresh investment to return to the sector. "The idea is good. It''s better than to keep fighting," said Tiago Figueiró, a lawyer at Veirano Advogados, which specializes in the Brazilian power sector. "This would be a quicker solution," he said. ESCAPE Several power firms are negotiating with Brazil''s electricity regulator Aneel for a way out of the situation, trying to escape penalties for not delivering projects. Aneel estimates that around 1.3 gigawatts of wind and solar power projects have a very low possibility of entering operation, representing around 12 percent of Brazil''s generating capacity for the sector. Projects suffering from problems include those run by Brazil''s Renova Energia ( RNEW11.SA ), Spain''s Fotowatio and Solatio, and Portugal''s Tecneira. Cancellation fines could go up to 15 percent of the project value and companies would be prohibited from taking part in future licensing rounds, putting a brake on the development of the sector just as the economy starts growing. Brazil''s power consumption fell 2.1 percent in 2015 and 0.9 percent in 2016, the first two annual declines since the 2008-2009 financial crisis. With demand weak, many firms holding licenses to build new projects saw their plans run into trouble due to expensive credit as the central bank hiked rates to a decade-high of 14.25 percent to tackle stubbornly high inflation. Meanwhile, a slide in the real currency raised the cost of imported equipment, just when the recession caused the collapse of some local suppliers. GROWTH The government hopes the auction would clear the way for new licensing rounds later. It was forced to cancel an auction for new solar and wind generation in December due to lack of demand. Despite the cancellation and existing oversupply, experts say foreign and domestic investors in the sector are showing signs of renewed appetite this year as Brazil prepares to return to growth. "We are seeing a lot of interest from investors to enter the sector or expand there," said Fabiano Luz de Brito, electricity specialist at legal firm Mattos Filho. "The reverse auction would allow us to fine tune the market." The largest foreign investors in Brazil''s electricity market - France''s Engie ( ENGIE.PA ), China Three Gorges Corp and AES Corp ( AES.N ) - have all publicly stated their interest recently in investing in new renewable energy projects. Some experts have expressed concern the reverse auction may be akin to an amnesty for investors who have not performed, which could provide an incentive for companies in the future to fail to meet commitments. The director general of Aneel, Romeu Rufino, said last month it should be stressed the auction was not a "general and full pardon" for investors. Wind power accounts for roughly 7 percent of Brazil''s total installed generating capacity of 151 gigawatts. With some of the world''s largest rivers, Brazil generates some 60 percent of its electricity from cheap and abundant hydroelectric power. (Writing by Marcelo Teixeira and Daniel Flynn; Editing by Chris Reese)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-brazil-power-auction-analysis-idUKKBN16A24U'|'2017-03-04T00:37:00.000+02:00'
'ca04bd0af3c998f9affd39f921482dde224ba02b'|'Euro zone January retail sales unexpectedly drop for third straight month'|' 22am GMT Euro zone January retail sales unexpectedly drop for third straight month Shoppers walk with shopping bags as they take care of their last-minute Christmas holiday gift purchases outside department stores in Paris, France, December 23, 2016. REUTERS/Charles Platiau BRUSSELS Euro zone monthly retail sales fell in January for the third consecutive month, against market expectations of a rise, estimates released by Eurostat on Friday showed, in a sign of lower consumer appetite for spending as prices go up. Retail sales in the 19 countries sharing the euro fell by 0.1 percent in January from December, the European Union''s statistics office Eurostat said. The figure compared with market expectations of a 0.4 percent increase on the month. Year-on-year, the volume of retail sales grew 1.2 percent in January, lower than the 1.6 percent rise forecast by economists polled by Reuters. The monthly drop is the third in a row and is compounded by a downwardly revised 0.5 percent fall recorded in December, despite Christmas shopping. In its previous estimate, Eurostat had recorded a 0.3 percent fall in December. The figures, which are subject to revision, may indicate a reduced appetite for shopping in the euro zone, possibly caused by higher consumer prices, which could dent the bloc''s economic recovery. Eurostat flash estimates released on Thursday said annual consumer inflation reached a four-year high in February, accelerating to 2.0 percent after a 1.8 percent rise the previous month, mostly driven by higher energy prices The fall in the retail sales monthly reading was mostly due to a 0.2 percent drop in purchases of non-food products, a wide category that includes clothing, electrical goods, pharmaceutical products and e-commerce. Sales of food, drinks and tobacco were also down 0.1 percent. Car fuel sales went up by 0.8 percent in the month, the only component of the reading that recorded a rise. (Reporting by Francesco Guarascio; editing by Philip Blenkinsop) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-economy-retail-idUKKBN16A10V'|'2017-03-03T17:22:00.000+02:00'
'950e13abd5ff8019a8fbe349d2a74159e43d4a40'|'Goldman Sachs to move risk managers into independent unit -sources'|'By Olivia Oran - March 3 March 3 Goldman Sachs Group Inc plans to move its risk management team into an independent unit, people familiar with the matter said, a move that is largely symbolic but signals its growing importance.Headed by Chief Risk Officer Craig Broderick, the group will be carved out from the finance division, where risk managers have long sat alongside accountants, technologists and those responsible for managing Goldman''s idle cash.The Wall Street bank is in the process of creating the separate unit, and changes will take effect over the next few months.Sources spoke on the condition of anonymity because they were not authorized to publicly discuss internal matters. Goldman spokeswoman Tiffany Galvin declined to comment.Goldman Sachs prides itself on the independence and power of its risk management staff. The bank''s risk managers are known for questioning business decisions. That has been true since before the 2008 financial crisis at Goldman, but it has not been uniformly true for other big banks.Goldman''s new structure will not change much about the way risk managers operate, but will offer the operation new prominence, sources said.Broderick, who joined Goldman in 1985, will maintain his responsibilities. The firm-wide risk committee, which is co-chaired by Broderick and Goldman''s finance chief, will also stay the same.Phil Venables, the bank''s chief information risk officer, will move into the division to a new role that includes handling operational risk. He previously sat within the technology division.Like other big banks, Goldman is increasingly under threat from hackers and technology glitches, and Venables'' move into the risk division reflects the importance of protecting against such attacks, sources said. (Reporting by Olivia Oran in New York; Editing by Lauren Tara LaCapra and Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/goldman-sachs-risk-idINL2N1GG1D7'|'2017-03-03T20:12:00.000+02:00'
'4fced3cc136c3468ddb7ea7356559bb07433b0c1'|'James Murdoch praises British TV, seeking Sky deal approval'|'By Paul Sandle - LONDON LONDON James Murdoch, the chief executive of Twenty-First Century Fox ( FOXA.O ), lauded the quality of Britain''s television industry on Thursday as the company makes a fresh attempt to gain control of European TV business Sky ( SKYB.L ).Fox, which is controlled by the Murdoch family, launched a 11.7 billion pound ($14.4 billion) bid to take full control of Sky in December, seeking to fulfil an ambition that was thwarted in 2011 by a phone-hacking scandal at their British newspapers.Murdoch, who was previously CEO and is currently chairman of Sky, said the sector had changed radically since his company''s previous attempt to buy Sky in 2011.The deal, which has been recommended by Sky''s board, is set to be referred to European regulators imminently.Some opposition UK lawmakers are opposed to Fox taking full control of Sky by buying the 61 percent it does not already own.They want the bid rejected on competition grounds, saying it would concentrate too much media power in the family''s companies."We are in an era of ultimate plurality, where choices, sources, and access are multiplied, even from where we were only five years ago," Murdoch said at the Deloitte-Enders Analysis Media and Telecoms conference.In the past, Murdoch has been highly critical of how Britain''s TV market was regulated, saying in a 2009 speech that the reach and ambition of the publicly-funded BBC was "chilling".But on Thursday he said Britain''s creative economy "stood tall on the world stage", and its television and film content had a global resonance, with storytelling that was "smart, often a touch off-centre, but always on point"."It is this country''s balanced creative economy, with strong public service output, a vibrant commercial sector, and a diverse and independent tradition of impartial news that adds up to an environment for innovation and growth that we believe out-punches many larger markets," he said."And Sky, of course, is an important part of this rapidly evolving sector."Asked about his conversion to backing public sector broadcasting, he said there was now "real clarity" about the role and remit of public sector broadcasters, which did "a lot of great work". The industry as a whole had become "super competitive", he said, warning of new entrants armed with capital and a "predisposition for disruption".Sky was an important player in the industry, he said, and committed to spending at least 700 million pounds a year on original British production."Because the U.K. creative economy has such potential we believe it is the best place to be proposing a nearly 12 billion pound investment – which will be a significant driver of the U.K. creative industry''s long-term success in a global market," he said.($1 = 0.8147 pounds)(Editing by Ruth Pitchford)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/twenty-first-fox-ceo-idINKBN1692Z4'|'2017-03-02T19:25:00.000+02:00'
'194d52be41198c6a4d9e8b096558320fea11b3f9'|'Luxottica sells former Milan headquarters for 100 million euros'|'  4:10pm GMT Luxottica sells former Milan headquarters for 100 million euros The Luxottica''s headquaters is seen in downtown Milan, February 1, 2016. REUTERS/Stefano Rellandini/File Photo MILAN Italian eyewear group Luxottica ( LUX.MI ) has sold its former Milanese headquarters to the local unit of U.S. property firm Hines for around 100 million euros (85.6 million pounds), a source familiar with the matter said. The 12,000 square metre building, located near the central Duomo square, housed Luxottica until the summer of 2014, when the group moved into new offices owned by Beni Stabili, a property firm in which Luxottica''s founder Leonardo Del Vecchio has an indirect stake. Hines said in a statement BNP Paribas had organised funding for the deal which brought to 800 million euros the investments it has carried out in the past 15 months to buy historic buildings in Milan and Florence. Luxottica declined to comment. (Reporting by Valentina Za, editing by David Evans)   Snap''s shares set for trading pop after $3.4 billion IPO NEW YORK Snap Inc''s in-demand shares were set to rally on their first day of trading in New York on Thursday, after the owner of the popular Snapchat messaging app raised $3.4 billion (2.8 billion pounds) in its initial public offering (IPO), above its price expectations.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-luxottica-headquarters-sale-idUKKBN1692AI'|'2017-03-02T23:10:00.000+02:00'
'5a8a8a8b491a8684dba5937e98dd5f5d087a9709'|'Rockwell Medical shareholders launch proxy fight, nominate two directors'|'NEW YORK Two Rockwell Medical Inc. ( RMTI.O ) shareholders have launched a proxy fight against the company, nominating themselves to serve as directors on the board.David Richmond, Chairman of wealth management firm Richmond Brothers Inc., and investor Mark Ravich - who together own 11.9 percent of the company - have nominated themselves as directors on the board of Rockwell Medical, which makes a kidney dialysis product called Triferic.The investors believe the company has failed to monetize its drug candidates, according to a statement seen by Reuters.(Reporting by Michael Flaherty)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-rockwell-medical-proxyfight-idINKBN1691U7'|'2017-03-02T10:48:00.000+02:00'
'a98eea8fc0bc6b1dc5981a3d700d7aee74ca8bb1'|'Deutsche Boerse CEO says work on LSE merger still ongoing'|'Fri Mar 3, 2017 - 9:53pm GMT Deutsche Boerse CEO says work on LSE merger still ongoing FILE PHOTO: Carsten Kengeter, CEO of Deutsche Boerse, attends the initial public offering of Scale at the Frankfurt stock exchange in Frankfurt, Germany, March 1, 2017. REUTERS/Ralph Orlowski/File Photo LONDON Deutsche Boerse ( DB1Gn.DE ) Chief Executive Carsten Kengeter said it is continuing preparations for a merger with the London Stock Exchange ( LSE.L ), despite the LSE''s refusal to sell its Italian MTS trading platform. That decision plunged the 26 billion euro ($27.6 billion) deal into uncertainty, and Kengeter said on Wednesday the German group could continue on its own. Speaking at the London School of Economics on Friday, he said work on the merger had not stopped. "A process such as this has a very strong legal cooperation framework. If you don''t do those (certain) steps at a certain time then you are damaging the integrity of the process. So everyone is continuing to do their work, that''s absolutely clear," he said. He said the date on which the merger would be confirmed or rejected by the European Commission was not yet set. "I think the date is still 3rd April. It could be earlier but it doesn''t have to be." EU competition officials had raised concerns over MTS. (Reporting by Helen Reid; editing by John Stonestreet) Up Next Wall Street steady after Yellen signals rate hike this month The S&P 500 and Nasdaq closed out their sixth straight week of gains with a flat session after Janet Yellen signaled the Federal Reserve is set to raise interest rates this month if employment and other economic data hold up.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-deutsche-boerse-m-a-lse-idUKKBN16A2KZ'|'2017-03-04T04:49:00.000+02:00'
'1c5a1002390b8011cb1ad925bc7596f5e378a6b5'|'India''s Paytm E-Commerce raises $200 million from Alibaba, SAIF Partners'|'Business News - Fri Mar 3, 2017 - 10:38am GMT India''s Paytm E-Commerce raises $200 million from Alibaba, SAIF Partners Advertisements of Paytm, a digital wallet company, are seen placed at stalls of roadside vegetable vendors in Mumbai, India, November 19, 2016. REUTERS/Shailesh Andrade MUMBAI India''s Paytm E-Commerce Pvt Ltd has raised $200 million from China''s Alibaba Group Holding ( BABA.N ) and venture capital fund SAIF Partners to expand its online retail business in a market dominated by homegrown Flipkart and U.S. tech giant Amazon ( AMZN.O ). Alibaba.com Singapore E-Commerce Pvt Ltd picked up a 36.31 percent stake in Paytm E-Commerce for investing $177 million, according to a regulatory filing by the Indian company that runs an online marketplace. Alibaba and its associates are also the largest shareholders in One97 Communications, which has a stake in Paytm E-Commerce. SAIF Partners'' $23 million investment will give it a 4.66 percent stake in Paytm E-Commerce, the filing showed. Alibaba Group is looking to invest outside China as growth slows at home. In its biggest overseas deal, Alibaba in April agreed to buy a controlling stake in Southeast Asian online retailer Lazada Group for about $1 billion. Paytm Payments Bank Ltd, another company of the group, houses its electronic payment wallets and planned payments bank business. Paytm has said its e-wallet service has more than 200 million clients in India. (Reporting by Sankalp Phartiyal; Editing by Richard Borsuk) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-paytm-alibaba-investment-idUKKBN16A12Q'|'2017-03-03T17:38:00.000+02:00'
'9ec86e423b5b3e2f5b9828c29b75530731122f2f'|'Australia''s Graphitecorp thinking big after expansion into battery industry'|'MELBOURNE Graphitecorp is hoping its expansion into the lucrative lithium battery industry will be a new chapter for the Australian-listed firm, transforming itself from a raw mineral supplier to an anode manufacturer, its managing director told Reuters.After a successful A$15.5 million ($11.72 million) capital raising, the company announced on Thursday that it had completed its acquisition of Tennessee-based battery materials firm Coulometrics, and purchase of a majority stake in Canadian startup Novonix."We''ve spent a lot of time studying the whole graphite market and it became clear to us the biggest opportunity was the value added in turning to anodes for batteries," Managing Director Philip St Baker said on Friday.With its purchase of Tennessee-based Coulometrics, the company plans to build by year-end an anode production facility with a capacity of 1,000-tonnes a year, he said.Anodes, made of 95 percent graphite, are key parts of lithium batteries, which are increasingly being used to power vehicles, consumer electronics and as storage for renewable energy."What we are doing with these transactions is moving from source to manufacturing of the finished product, which will be a combination of natural and synthetic graphite," he said.The group plans to first focus on smaller volume U.S. customers."We do not expect to sign any larger sales contracts until we have demonstrated that we can commercially produce with zero defects over a period of time," he said.St Baker said that one of the main attractions in the deal is that Graphitecorp already has its own deposits of graphite, which are mainly found in China.The group expects to complete a feasibility study at its high-grade graphite deposit in North West Queensland by the end of June, which could potentially supply all of the Tennessee facility''s anode needs.Graphitecorp also bought a two-thirds stake in Novonix, a battery technology testing firm that counts Panasonic among its clients. China''s battery maker Contemporary Amperex Technology Co Ltd (CATL) also holds a stake.Graphitecorp hopes to use the new relationship with CATL to grow its business.CATL tripled its production capacity for lithium-ion car batteries last year and plans to grow its battery capacity sixfold by 2020 to 50 gigawatt hours, which could put it ahead of Tesla Motor Inc''s Gigafactory in Nevada.CATL in January bought a 22 percent stake in Finnish auto supplier Valmet Automotive to expand in the European electric car market.(Reporting by Melanie Burton; Editing by Randy Fabi)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-australia-graphite-batteries-idUSKBN16A0RT'|'2017-03-03T11:44:00.000+02:00'
'1fa2c9c104bb4cbde565d3657519a00bdfac66b8'|'BRIEF-Ashford Prime prices public offering of convertible preferred stock'|'Company  25pm EST BRIEF-Ashford Prime prices public offering of convertible preferred stock March 2 Ashford Hospitality Prime Inc * Priced underwritten public offering of 5.50% series B cumulative convertible preferred stock at $20.19 per share * Ashford prime prices public offering of convertible preferred stock Source text for Eikon:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-ashford-prime-prices-public-offeri-idUSL5N1GG03S'|'2017-03-03T08:25:00.000+02:00'
'1d31277d8cda4378aeb2efb236646e5349487e97'|'NBCUniversal invested $500 million in Snap Inc during IPO: CNBC'|'Business News - Fri Mar 3, 2017 - 8:44am EST NBCUniversal invested $500 million in Snap Inc during IPO: CNBC Specialist Trader Glen Carell (R) gives a price for Snap Inc. during the company''s IPO on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 2, 2017. REUTERS/Brendan McDermid NBCUniversal, a unit of Comcast Corp ( CMCSA.O ), invested $500 million in Snap Inc ( SNAP.N ) during its IPO as part of a strategic investment and partnership, CNBC reported on Friday, citing sources familiar with the matter. Snap and NBCUniversal did not immediately respond to requests for comment. (Reporting by Narottam Medhora in Bengaluru; Editing by Maju Samuel) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-snap-inc-ipo-nbcuniversal-idUSKBN16A1K6'|'2017-03-03T20:44:00.000+02:00'
'31735cf30a8c29748e93f7748861ce92861aa822'|'RPT-Freight and fridge sales: Indian economists seek GDP clues amid data doubts'|'Company News - Wed Mar 1, 2017 - 7:30pm EST RPT-Freight and fridge sales: Indian economists seek GDP clues amid data doubts (Repeats Wednesday''s story with no changes to text) * GDP data wrong-foots economists * Figures out of line with other indicators * Strong GDP growth raises questions about quality of data * Modi cites GDP data to attack critics of demonetisation By Rajesh Kumar Singh NEW DELHI, March 1 Surprised again by India''s strong official growth statistics, economists are relying increasingly on high-frequency indicators like bank credit and rail freight to gauge the real health of Asia''s third-largest economy. For India''s cash-reliant economy, Prime Minister Narendra Modi''s decision in November to outlaw old 500 and 1,000 rupee banknotes came as a big shock. The decision sucked 86 percent of cash out of circulation, and everyone from street hawkers to big consumer goods firms suffered a slump in sales. With data on commercial vehicle output, rail freight, service tax receipts and home appliance sales showing slowing growth or contraction, economic expansion in the quarter to December was forecast by economists at 6.4 percent. In fact, it came in at 7 percent, slower than the previous quarter but enough for India to retain the title of the world''s fastest growing major economy. "Forecasting India''s GDP has become like predicting the English weather," said one senior economist with an international ratings agency. "You never know when it will rain, when it will shine." The shock was bigger for economists at Mumbai-based brokerage Ambit Capital, who predicted the economy may even contract in the quarter after the cash crunch hobbled businesses. Ambit''s Ritika Mankar Mukherjee defended her team''s view, which she said was based on an extensive survey of small- and medium-sized enterprises. She also cited a slowdown in bank credit growth to a multi-year low of 5 percent. "India is a heavily bank credit-dependent economy," she said. "How come you have an acceleration in manufacturing activity when credit growth is slowing down?" Ambit is one of several brokerages to devise their own measures of economic activity, applying methods honed in China, where GDP figures are suspected to have been "smoothed" for years by the authorities. "The message from the GDP numbers doesn''t tally with what we see on the ground," said Sonal Varma, an economist with Nomura in Singapore. "It does become important to supplement your analysis with additional information." POLITICS OF DATA The official figures were music to the ears of Modi''s ruling Bharatiya Janata Party, as it fights a tough election in the battleground state of Uttar Pradesh. Modi had taken flak for his shock monetary therapy from opposition parties as well as Nobel laureates Amartya Sen and Paul Krugman. Buoyed by the growth figures, he hit back at Sen, who teaches economics at Harvard University. "Hard work is more important than Harvard," he told a campaign rally in Uttar Pradesh on Wednesday. The regional election in a state that is home to one in six Indians is a key mid-term test of Modi''s popularity. A strong showing would boost his chances of winning a second term in 2019. Sandeep Shastri, a political scientist, says the GDP figures will have little bearing on the election. "It is not a substantive issue for voters," he said. Official GDP data has been questioned since a change in methodology in 2015 transformed India into the world''s fastest-growing major economy. New Delhi defended the overhaul, citing an improved database of hundreds of thousands of firms. Data reporting has long been a challenge in an economy where the informal sector accounts for 40 percent of output and employs nine in 10 workers. The federal statistics office carries out periodic surveys of the grey economy, but it mostly extrapolates data from old surveys. And since India does not have reliable national retail sales data, statisticians use production figures to estimate consumer spending. Still, some economists are perplexed by figures showing growth in consumer spending hitting a four-year high, even as sales of beverages, home appliances and vehicles fell. Earnings of consumer goods giants such as Hindustan Unilever and drug makers like GlaxoSmithKline Consumer Healthcare also took a hit. Some data also appear to be contradictory. For example, services dependent on government spending grew at a faster pace in the quarter, but overall government spending fell. "This does not add up," said Varma, the Nomura economist. (Additional reporting by Zeba Siddiqui in Mumbai; Editing by Douglas Busvine) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/india-economy-gdp-idUSL3N1GE4Y9'|'2017-03-02T07:30:00.000+02:00'
'9f5e87cb3faffaefc831b979f34538e7347ee5da'|'BRIEF-American National Insurance files for non timely 10-K'|' 54pm EST BRIEF-American National Insurance files for non timely 10-K March 1 American National Insurance Co: * American National Insurance Co - files for non timely 10-K * American National Insurance- expects to make revisions to correct immaterial errors in financial statements for FY ended Dec. 31, 2015 and 2014 * American National Insurance- anticipates that it will file its form 10-K within the fifteen-day grace period provided by exchange act rule 12b-25 * American National Insurance Co - company does not expect to modify previously disclosed net income or stockholders’ equity Source text: ( bit.ly/2lXLU2X )  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-american-national-insurance-files-idUSFWN1GE151'|'2017-03-02T04:54:00.000+02:00'
'982d4aaa99152fdfeec0a3ac56d84070e7647208'|'Hartford prevails in lawsuit alleging it charged excessive fund fees'|'By Jonathan Stempel Feb 28 A federal judge in New Jersey has dismissed a long-running lawsuit accusing Hartford Financial Services Group Inc''s investment management unit of overcharging investors in six mutual funds, following a rare trial.U.S. District Judge Renee Bumb in Camden said investors failed to show that Hartford and its subadvisers did not do enough work to justify the fees charged, thereby violating federal laws governing mutual funds."Plaintiffs have not carried the burden of showing that the nature of the services indicates the fees were so disproportionate that they could not have been negotiated at arm''s-length," Bumb wrote in her 70-page decision.Daniel Sweetser, a lawyer for investors who first brought the case in 2011, said in a phone interview: "We''re obviously disappointed, and will be filing an appeal."Hartford spokesman Tom Hambrick said the company is pleased with the decision, which followed a non-jury trial.The lawsuit has been closely watched in the fund industry.It is one of a handful accusing fund companies of delegating fund management to subadvisers, and charging excessive additional fees for providing minimal additional services.Investors in Hartford''s Balanced, Capital Appreciation, Floating Rate, Growth Opportunities, Healthcare and Inflation Plus funds said the company''s fees were too high, including on funds with large asset bases.In one example, they said Growth Opportunities, which typically had around $2 billion of assets between 2010 and 2013, charged a management fee two-and-a-half times larger than Vanguard''s similar Morgan Growth Fund, court papers show.Such fees caused Hartford funds to underperform more peers than they otherwise would have, the plaintiffs alleged.Hartford countered that its fee structures were acceptable, citing data from Lipper, a fund research unit of Thomson Reuters Corp. Bumb said Lipper''s data were reliable.The decision came six months after another New Jersey judge ruled against investors who accused Paris-based AXA SA of charging excessive fees on variable annuity products.Both cases involved alleged violations of Section 36(b) of the Investment Company Act of 1940, which imposes a fiduciary duty on fund advisers of registered investment companies with regard to fees charged to investors."It''s an important law that protects the nest eggs and college accounts and retirement accounts," Sweetser said. "People need protection from outrageous and excessive fees, and we will continue to fight a fight that needs to be fought."The case is Kasilag v Hartford Investment Financial Services LLC, U.S. District Court, District of New Jersey, No. 11-01083. (Reporting by Jonathan Stempel in New York; Editing by Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/hartford-lawsuit-idINL2N1GD1XL'|'2017-02-28T21:26:00.000+02:00'
'c47ad0dbb94986414b41edbdd5e32c76135b0038'|'EMERGING MARKETS-Dollar, politics, push Turkish lira 1 percent lower'|'Company  40am EST EMERGING MARKETS-Dollar, politics, push Turkish lira 1 percent lower By Claire Milhench - LONDON, March 2 LONDON, March 2 The Turkish lira fell more than 1 percent on Thursday, underperforming emerging market peers on back of dollar strength, Syria-related security worries and fears of more discord between the government and media. Wall Street gains overnight briefly lifted MSCI''s emerging markets index towards one-week highs. The lira hit its weakest since Feb. 15 after the dollar firmed to seven-week highs. Investors eyed a U.S. Federal Reserve rate rise in March after Governor Lael Brainard, who is usually perceived as dovish, said it could be "appropriate soon" to remove "additional accommodation". . "Given the sizeable current account deficit, Turkey is vulnerable to a stronger dollar and tighter monetary policy in the U.S. - they have sizeable dollar debt and that is unnerving investors," said Jakob Christensen, head of emerging markets research at Danske Bank. But politics also weighed, as the Turkish army and allied Syrian rebels attacked villages held by U.S.-allied militias in northern Syria on Wednesday, an escalation of Turkey''s military campaign there. Domestic risks are also on the rise as an April 16 referendum approaches. President Tayyip Erdogan strongly criticised national daily Hurriyet this week, sending its shares and those of its parent company tumbling. Hurriyet and Dogus shares rebounded on Thursday by as much as 4.5 percent after the paper said it had appointed a new editor-in-chief. "Consensus is Erdogan wins (the referendum) and ... markets stabilise thereafter as the regime looks to get back to business as usual," said BlueBay strategist Tim Ash, who suggested however that investors could "take money off the table in the run up to the vote." Turkish five-year credit default swaps were trading at 244 basis points, according to Markit data, hovering near a two-week high hit on Wednesday. Other emerging currencies also slipped, with the South African rand down 0.8 percent, the Russian rouble down 0.4 percent, and the Mexican peso down 0.6 percent. The Kazakhstan tenge weakened 0.5 percent, also pressured by oil prices dipping back towards $56 a barrel. But Ukraine''s hryvnia bucked the trend, firming 0.5 percent against the dollar ahead of a central bank rate setting meeting today. Equities were weighed down by Hong Kong though most other bourses rose, including Turkey, which hit two-year highs. Indonesian stocks rose 1.1 percent to 3-1/2 month highs and Korean stocks closed up 0.5 percent at one-week highs after robust factory and trade data. "The very strong (global manufaturing) numbers we got yesterday underscored the global synchronised recovery we are seeing right now," said Christensen. "EM exporting countries are benefiting from that, companies will see higher earnings." Overseas investors increased their buying of emerging markets debt and equities to an estimated $17.1 billion in February, data from the Institute for International Finance showed, buoyed by positive political and economic news. Average yield spreads on emerging market sovereign bonds over U.S. Treasuries have narrowed 36 basis points (bps) this year to 304 bps, the lowest since November 2014. For GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5 For CENTRAL EUROPE market report, see For TURKISH market report, see For RUSSIAN market report, see) Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chg on year Morgan Stanley Emrg Mkt Indx 938.61 +0.14 +0.01 +8.85 Czech Rep 973.34 +1.39 +0.14 +5.61 Poland 2254.42 +0.46 +0.02 +15.73 Hungary 33259.90 -83.15 -0.25 +3.93 Romania 8010.73 -26.72 -0.33 +13.07 Greece 654.42 -1.75 -0.27 +1.67 Russia 1107.12 -2.27 -0.20 -3.92 South Africa 44769.38 +92.47 +0.21 +1.98 Turkey 89643.85 +323.61 +0.36 +14.72 China 3230.57 -16.36 -0.50 +4.09 India 28834.87 -149.62 -0.52 +8.29 Currencies Latest Prev Local Local close currency currency'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-idUSL5N1GF1Y6'|'2017-03-02T17:40:00.000+02:00'
'b32da256d43eb1c95f239da9580c17e5cc5a83ad'|'Nikkei hits 14-month high on rising expectations for US rate hike'|'* Financial stocks outperform on rising US Treasury yields* Foreign investors'' risk appetite strengthens - analystBy Ayai TomisawaTOKYO, March 2 Japan''s Nikkei share average hit a 14-month high on Thursday after Wall Street soared and the dollar gained on rising expectations the U.S. Federal Reserve will hike interest rates in March.The Nikkei gained 1.1 percent to 19,605.85 points in mid-morning trade, after climbing as high as 19,668.01 in early trade, the highest level since December 2015.The Dow on Wednesday blasted through the 21,000 mark for the first time, supported by a chorus of central bank officials signalling rates may increase as soon as mid-March.Federal Reserve Governor Lael Brainard said late on Wednesday it will be "appropriate soon" for the Fed to raise rates."The perceived expectations for a rate hike in March became even stronger when the market heard Brainard saying ''soon''," said Norihiro Fujito, a senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities.Adding to hopes of stronger economic growth, the Institute for Supply Management said its manufacturing index in the U.S. rose in February to its highest since 2014."When the U.S. economy is strong, foreign investors'' risk stance on investment in overseas shares strengthens," Fujito said.Thirty-two of the Topix''s 33 subsectors rose, with financial stocks and exporters outperforming.Insurers and banks soared after U.S. Treasury yields rose. Dai-ichi Life Holdings Inc jumped 4.8 percent, Sompo Holdings Inc surged 2.0 percent, and Mitsubishi UFJ Financial Group Inc gained 3.1 percent.Honda Motor Co Ltd added 1.3 percent, Nissan Motor Co Ltd gained 1.2 percent, and Advantest Corp climbed 1.5 percent after the dollar rose 0.3 percent, hitting a fresh two-week high of 114.16 yen.The broader Topix added 1.1 percent to 1,569.36 points, and the JPX-Nikkei Index 400 advanced 1.1 percent to 14,069.73 points.(Editing by Randy Fabi)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-stocks-midday-idINL3N1GF1M6'|'2017-03-01T23:58:00.000+02:00'
'007fe41d160f52debecaff4ec7078a533cb9655f'|'Adecco CEO - less permanent hiring in Britain as firms wait and see'|' 52am GMT Adecco CEO - less permanent hiring in Britain as firms wait and see Alain Dehaze, Chief Executive Officer of Swiss Adecco Group gestures during an interview with Reuters in Glattbrugg, Switzerland August 30, 2016. REUTERS/Arnd Wiegmann ZURICH British firms, especially financial groups, are filling fewer permanent positions as they wait to see what happens once the country triggers its exit from the European Union, staffing group Adecco''s ( ADEN.S ) CEO said on Thursday. "We see companies waiting to make decisions on new hiring, as they expect (Brexit) Article 50 to be triggered in the coming months. They want to have more clarity about the future," Alain Dehaze told Reuters after releasing fourth-quarter results. A 15 percent fall in Britain''s permanent placement business in the fourth quarter -- accelerating from a 5 percent drop in the third quarter -- was especially related to a decrease in financial services in London, he said, as well as some savings made in government auditing. Dehaze also said it was premature to note any jump in U.S. infrastructure hiring under U.S. President Donald Trump. "We''re all waiting to get more clarity about what kind of investment will be done and when," he said. (Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/adecco-results-britain-idUKKBN1690XM'|'2017-03-02T15:52:00.000+02:00'
'494a00e3319aa389d3a8230a4d3f02a988d57416'|'Automaker Geely calls on China to relax mapping rules to speed self-drive development'|'Technology  50am GMT Automaker Geely calls on China to relax mapping rules to speed self-drive development left right FILE PHOTO - The Geely Automobile Holdings logo is pictured at the Auto China 2016 auto show in Beijing, China April 25, 2016. REUTERS/Kim Kyung-Hoon/File Photo 1/2 left right The sing is seen on a vehicle displayed at Geely Auto''s booth during the Auto China 2016 auto show in Beijing, China, April 29, 2016. REUTERS/Damir Sagolj 2/2 By Jake Spring - BEIJING BEIJING Chinese automaker Geely [GEELY.UL] called on the government on Thursday to loosen strict controls on mapping, saying current rules in place for national security reasons risk inhibiting the development of self-driving vehicles. Automakers are racing to develop autonomous, self-driving robot cars which many believe will revolutionize the future of transportation, with governments across the world hoping to promote the development of the technology on their home turf. Li Shufu, chairman of Geely''s listed unit and controlling group, told reporters in Beijing on Thursday he has submitted a policy proposal to "prudently" liberalize mapping rules while respecting national security for consideration during the session of the China People''s Political Consultative Conference (CPPCC), which advises parliament. The CPPCC session runs from Friday through March 13. The parliamentary session opens on Sunday until March 15. "The development of driverless cars in China needs the support of precision digital maps," Li told reporters. "I hope the country can profoundly open up mapping." Self-driving cars collect data via sensors whilst in motion to draw new maps and improve existing ones. The data is integrated with the navigation technology so the car can choose the safest and most accurate route. Li said current rules requiring companies to obtain a license to conduct such mapping surveys make it difficult to develop autonomous driving cars. Many Chinese automakers seeking to develop self-driving cars have sought to partner technology firms that already have licenses. Search engine firm Baidu Inc has teamed up with Chery Automobile Co Ltd [CHERY.UL], BYD Co Ltd, BAIC Motor Corp Ltd and, previously, BMW AG. E-commerce firm Alibaba Group Holding Ltd and SAIC Motor Corp Ltd said they are jointly working on autonomous technology. Volvo, purchased by Geely in 2010, was in the first wave of automakers testing autonomous cars on Chinese roads but has not announced any partnership with a local tech firm. Globally, a consensus has yet to emerge for how to best regulate the nascent technology, with concerns including who will be legally responsible in a crash. Industry insiders said China''s unified, top-down plan to commercialize highly or fully self-driving cars from 2021 to 2025 could be an advantage over a patchwork of laws in the United States. The new U.S. government, meanwhile, is reviewing national guidance on autonomous driving issued under the previous administration after automakers raised concerns that it could delay testing. Still, Li believes the United States will likely commercialize driverless robot cars first. "If we want to guess, (driverless cars) will first be widely used in the U.S.," he said. "Then Chinese people will say, ''the U.S. is using them? We should use them too''." (Reporting by Jake Spring; Editing by Christopher Cushing) Next In Technology News Exclusive: SEC advisory committee to question Snap''s transparency for investors BOSTON An investor committee that advises the U.S. Securities and Exchange Commission will next week review if Snap Inc''s decision to deny shareholders voting rights might also reduce the social media company''s public disclosures on executive pay and other governance matters, the head of that committee told Reuters on Wednesday.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-parliament-geely-idUKKBN169165'|'2017-03-02T17:49:00.000+02:00'
'6d04bfc65fea10b720c47fa07396739200180520'|'Taiwan sits out forex intervention to duck Trump blast'|'Business News - Thu Mar 2, 2017 - 4:03am GMT Taiwan sits out forex intervention to duck Trump blast A man is seen reflected next of the Taiwan''s Central Bank logo in Taipei, Taiwan March 24, 2016. REUTERS/Tyrone Siu/File Photo By Faith Hung - TAIPEI TAIPEI Taiwan’s central bank, fearful of being labeled a currency manipulator by U.S. President Donald Trump, has pulled back on intervention to weaken the Taiwan dollar, making it Asia''s second best-performing currency in 2017. The currency has risen 5 percent so far this year, giving the island''s stock market a boost, but knocking its fourth-quarter balance of payments to a five-year low and hammering its insurers, which are heavily invested overseas. A central bank official told Reuters the currency movement was directly related to the bank not intervening so much in the foreign exchange markets. "The central bank wants to signal to the United States that it does not manipulate Taiwan''s currency," the official said. The bank''s governor, Perng Fai-nan, declined to comment when asked on Thursday if the currency''s strength was linked to the bank''s nervousness that Trump might label it a manipulator. Trump has criticized especially China, Japan and Europe for policies he claims artificially weaken their currencies and make their exports more competitive. His administration has said it will analyze the currency practices of major trading partners, and the U.S. Treasury is required to publish a report on these practices in mid-April. After any declaration that a country manipulates its currency, the Treasury will try to negotiate a resolution, but the process could result in punitive tariffs on that country''s goods. Taiwan already meets two of the three U.S. criteria to be labeled a manipulator, including intervention to weaken the currency. An upcoming new iPhone model, for which Taiwan makes many of the components, is expected to boost its trade surplus with the United States to levels that could provoke a reaction. TOXIC "The effects of Trump''s pronouncements that some central banks are manipulating their currencies have been quite toxic," said a vice-president at Mega Financial Holding’s banking arm, which is Taiwan''s biggest state-run bank operating in overseas markets. The effects have been particularly toxic for Taiwan''s insurers, which have been hit with a T$14 billion ($455 million) loss on the foreign exchange risk reserves they hold to contain currency volatility. Their currency reserves declined by a third in January to their lowest in at least a year and are set to plunge further. "The insurers must manage their forex risk ... We’re closely monitoring the impact,” said Thomas Chang, deputy director general of the insurance regulator. (For a graphic on Taiwan insurers'' currency reserves click tmsnrt.rs/2mbkZTs ) For now, the insurers say they are hedging the risks and riding out the immediate storm. “Insurance firms tend to invest in the long term, for 15-20 years. Short term volatility is unavoidable. Our team has adjusted accordingly,” said Lin Chao-ting, an executive vice president of privately owned Cathay Life Insurance, which has more than US$161 billion in assets. Fubon Life Insurance was also sanguine, and expects the forex losses to wind down after March. “A large percentage of life insurers’ overseas assets have been hedged. So industrywide, only 3-10 percent of asset positions will be impacted by volatility in the forex market,” the company said. Cathay and Fubon are the insurance arms of Cathay Financial Holding and Fubon Financial Holding, respectively. UNPREDICTABLE Investors say the concerns in Taipei are in part because they are unable to read Trump, an unorthodox new president with no prior political experience. "Taiwan’s central bank is in a very difficult position,” said a president of a foreign fund management house in Taipei. "People used to be able to predict what would happen if a country were named on the U.S. currency manipulation list. With Trump in office, it''s a totally different story. You can''t predict what the outcome could be," he said. "That''s the scary part.” The central bank in South Korea has also cut back on interventions that could weaken its currency. China on the other hand has spent a trillion dollars since mid-2014 to stop capital outflows that have been dragging the yuan lower, but Trump''s campaign rhetoric focused on its previous interventions to weaken the currency. Meanwhile, the upward pressure on Taiwan''s currency and the central bank''s hands-off approach have attracted billions of dollars of foreign capital to the country''s stocks. After a week of volatility following Trump''s election on Nov. 8, the country''s main index has risen more than 8 percent. And Julianne Chu, a fund manager for Uni-President Securities Investment Trust, thinks it will keep rising. "Foreign investors will continue to buy Taiwan stocks, which have been their favorite market in Asia since Trump took office,” she said. “The focus of their buying will be iPhone 8 component makers," she said. (Reporting by Faith Hung; Additional reporting by Loh Liang-sa; Editing by Vidya Ranganathan and Will Waterman) Next In Business News U.S. stock investors say don''t worry, be happy NEW YORK The latest leg of the relentless rally in U.S. stocks since Donald Trump was elected president has all the hallmarks of being driven more by sentiment than sense, but that doesn''t mean the ride is over, although it could well be a bumpier one from here.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-taiwan-markets-trump-idUKKBN1690CD'|'2017-03-02T10:55:00.000+02:00'
'2a3efc4f64e9fc0f28fd1d1d4e044c80d01428fe'|'Orbis discloses 2.8 percent stake in Arconic, plans to back Elliott'|'Investment manager Orbis Investment Management Ltd on Friday disclosed a stake of about 2.8 percent in U.S. specialty metals maker Arconic Inc ( ARNC.N ), and said it intends to support hedge fund Elliott Management Corp in its proxy battle against the company.Bermuda-based investment manager Orbis said it intends to vote in favor of Elliott'' slate of independent nominees to join Arconic''s board.Arconic has been under pressure from activist investor Elliott, which last week stepped up pressure for Chief Executive Klaus Kleinfeld''s ouster after raising its stake in the company to about 13 percent.In January, Elliott had nominated five directors to Arconic''s board.Orbis said on Friday it does not believe that Arconic can reflect its true value under the leadership of Kleinfeld.(Reporting by Ankit Ajmera in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-arconic-elliott-orbis-idINKBN16A23I'|'2017-03-03T14:23:00.000+02:00'
'a22e5307810df4768afac96603f40630e827778a'|'CANADA STOCKS-TSX edges higher, helped by oil company surge'|'(Adds specific stocks, updates prices)* TSX up 12.41 points, or 0.08 percent, to 15,612.09* Eight of the TSX''s 10 main groups move higher* Decliners outnumber advancers by 1.25-to-1TORONTO, March 2 Canada''s benchmark stock index eked out a small gain in morning trade on Thursday as shares of a major oil producer surged on a strong earnings report, helping offset weakness among gold miners.Canadian Natural Resources Ltd, the country''s largest independent petroleum producer, jumped 4.1 percent to C$40.05 after reporting a quarterly profit that blew past analysts'' expectations.The materials group, however, which includes precious and base metals miners and fertilizer companies, lost 1.4 percent as gold and copper prices were pressured by a stronger U.S. dollar on growing expectations the U.S. central bank will raise interest rates this month.Barrick Gold, the world''s largest gold producer, fell 3.3 percent to C$24.41, and gold royalty company Franco-Nevada Corp declined 2.1 percent to C$85.09.At 10:53 a.m. ET (1553 GMT), the Toronto Stock Exchange''s S&P/TSX composite index was up 12.41 points, or 0.08 percent, to 15,612.09.Eight of the index''s 10 main groups were in positive territory, but decliners were outnumbering advancers by a 1.25-to-1 ratio.Toronto-Dominion Bank, Canada''s second-largest lender, fell 1 percent to C$68.82 even as a strong performance in both the United States and Canada helped it close off bank earnings season with quarterly earnings modestly ahead of market expectations."As the last reporting bank, the surprise element of a strong quarter is missing," said RBC Capital Markets analyst Darko Mihelic.In the past week, some major Canadian banks have reported quarterly earnings that handily beat forecasts, including Bank of Montreal which on Tuesday posted a profit that smashed market expectations.The financials group gained 0.4 percent overall.The energy group gained 0.5 percent, even as oil prices fell after U.S. crude stocks hit an all-time high and official data showed Russia did not cut oil production in February.First Capital Realty Inc declined 3.6 percent to C$20.29 after a shareholder said it would sell 9 million of the retail property developer''s shares.The Canadian economy grew at a faster pace than expected in the final quarter of last year, lifted by consumer spending and a rebound in activity in the housing market, while imports tumbled, data from Statistics Canada showed. (Reporting by Alastair Sharp, additional reporting by Matt Scuffham; Editing by W Simon)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/canada-stocks-idINL2N1GF0W6'|'2017-03-02T13:13:00.000+02:00'
'25710ffdac3f9c7b5e66addb5f8fe221c63c9693'|'German union opposition to Praxair-Linde merger resurfaces'|'By Jens Hack - MUNICH, Germany MUNICH, Germany German worker opposition to Linde''s ( LING.DE ) planned merger with Praxair ( PX.N ) has resurfaced after trade union IG Metall learned of a message from Praxair''s chief executive promising to run the company in the style of more profitable Praxair.The German and U.S. industrial-gases groups are working to finalize terms of a merger that would create a $30 billion market leader and target $1 billion in synergies.Praxair has provided new assurances to Linde over jobs and corporate governance in Germany after a previous attempt to agree a merger foundered over those issues.But members of the works council have now demanded that labor representatives on Linde''s supervisory board should oppose the deal, and an IG Metall spokesman said the agreement on jobs did not resolve all issues."The agreement doesn''t mean it''s all sunshine from now on," he said. "We are still critical."Labor representatives could block the deal if they were to win the support of any other board members.Praxair CEO Steve Angel assured his employees in a video message in January that the U.S. company, which is almost twice as profitable as Linde, would be in charge."We are going to take the operational lead in this entity, and that is very important, from my standpoint, to make sure that the business can be run the way it needs to be run so we can realize all of the potential of this merger," he said.A transcript of the video has since been filed with the U.S. Securities and Exchange Commission.(Writing by Georgina Prodhan; Editing by Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-linde-m-a-praxair-idINKBN16922A'|'2017-03-02T11:55:00.000+02:00'
'347da25840fc0b15f68d902efbbd767cbaff2eb0'|'Abercrombie''s Hollister posts first comp sales rise in a year'|'Business News - Thu Mar 2, 2017 - 1:25pm GMT Abercrombie''s Hollister posts first comp sales rise in a year A person carries a bag from the Abercrombie & Fitch store on Fifth Avenue in Manhattan, New York City, U.S., February 27, 2017. REUTERS/Andrew Kelly U.S. teen apparel retailer Abercrombie & Fitch Co ( ANF.N ) said on Thursday quarterly comparable sales of Hollister, its largest brand, increased for the first time in a year. The company''s shares rose 3.2 percent to $12.06 in premarket trading. Abercrombie reported a surprise 1 percent rise in comparable sales at Hollister, compared with the 0.7 percent decline expected by analysts polled by research firm Consensus Metrix. The company said it closed 54 stores, mainly in the United States, in 2016 and that it would shutter 60 stores this year. Net income attributable to the company fell to (39.8 million pounds), or 71 cents per share, in the fourth quarter ended Jan. 28, from $57.7 million, or 85 cents per share. The retailer said net sales fell about 7 percent to $1.04 billion. Analysts on average had expected $1.05 billion, according to Thomson Reuters I/B/E/S. The company also forecast comparable sales to improve in the year ending January 2018, with Hollister expected to maintain or improve sales and the Abercrombie brand expected to improve. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Sai Sachin Ravikumar) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-abercrombie-results-idUKKBN1691RH'|'2017-03-02T20:25:00.000+02:00'
'15d1d53d23446930519b3cf897e9c869650cadc9'|'Uber says to seek permit to restart self-driving pilot in California'|'Technology  43am GMT Uber says to seek permit to restart self-driving pilot in California left right A fleet of Uber''s Ford Fusion self driving cars are shown during a demonstration of self-driving automotive technology in Pittsburgh, U.S., September 13, 2016. REUTERS/Aaron Josefczyk/File Photo 1/4 left right A roof mounted camera and radar system is shown on Uber''s Ford Fusion self driving car during a demonstration of self-driving automotive technology in Pittsburgh, Pennsylvania, U.S. September 13, 2016. REUTERS/Aaron Josefczyk 2/4 left right A side camera is shown on Uber''s Ford Fusion self driving car during a demonstration of self-driving automotive technology in Pittsburgh, Pennsylvania, U.S. September 13, 2016. REUTERS/Aaron Josefczyk 3/4 left right FILE PHOTO Uber CEO Travis Kalanick speaks to students during an interaction at the Indian Institute of Technology (IIT) campus in Mumbai, India, January 19, 2016. REUTERS/Danish Siddiqui/File Photo 4/4 By Heather Somerville - SAN FRANCISCO SAN FRANCISCO Uber Technologies Inc said on Thursday it plans to comply with California regulations and seek permits to put its self-driving cars back on the state''s roads, an about-face following the company''s legal spat with state officials in December. Two of Uber''s autonomous cars are already wheeling around San Francisco, but they are being driven manually while the company is "taking steps to complete our application to apply for a DMV testing permit," an Uber spokeswoman said. The California''s Department of Motor Vehicles confirmed it has held discussions with Uber to assist the company in applying for the self-driving testing permit. Uber has not formally submitted the application, DMV spokeswoman Jessica Gonzalez said. Acquiring the proper permit would allow Uber to restart its self-driving pilot in San Francisco, which was shuttered after just a week late last year. The state DMV requires that any company testing autonomous vehicles on public roads receive a permit. At least 23 other companies exploring self-driving cars, including Alphabet''s GOOG.O. Google, Tesla Motors ( TSLA.O ) and Ford Motor Co ( F.N ), have obtained California DMV permits. But Uber defied those rules in December, attempting to launch a self-driving pilot program in San Francisco without a permit. Uber argued that its cars were not capable of driving "without ... active physical control or monitoring," as California law defines autonomous vehicles, so did not require a permit. Uber''s cars require monitoring by a person in the driver''s seat. An engineer also sits in the passenger seat. The pilot was short-lived. The DMV revoked the registration of 16 Uber self-driving cars for lacking the proper permits a week after Uber put them on the road. The California Attorney General also warned Uber it would take legal action. Immediately after the DMV revoked Uber''s car registrations, Uber put its self-driving fleet on trucks and brought them to Arizona, where companies are not required to obtain any special permits for self-driving cars. Those cars have not been moved to San Francisco, Uber said Thursday. The San Jose Mercury News reported Uber''s plan to apply for a state permit earlier Thursday. (Reporting by Heather Somerville in San Francisco; Editing by Cynthia Osterman) Next In Technology News Investors see Snap''s IPO as ''too big to fail'' NEW YORK/SAN FRANCISCO Institutional investors anxious not to be left out of this year''s marquee initial public offering helped Snap Inc pull off the biggest U.S.-listed technology share sale this week since Chinese e-commerce juggernaut Alibaba Group Holding Inc smashed records in 2014. Snap HQ spoils community, Venice Beach protesters say LOS ANGELES As shares of California-based Snap Inc began trading on the New York Stock Exchange on Thursday, two dozen residents of the company''s adopted home of Venice Beach protested outside its offices, accusing the growing tech company of spoiling their seaside community. SAN FRANCISCO Amazon.com Inc has launched a new program to help students build capabilities into its voice-controlled assistant Alexa, the company told Reuters, the latest move by a technology firm to nurture ideas and talent in artificial intelligence research. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-uber-selfdriving-idUKKBN16A012'|'2017-03-03T07:20:00.000+02:00'
'668c854a1897225aa9859751784744ef8d81e92a'|'China hints at trade war strategy in South Korea standoff'|'  China hints at trade war strategy in South Korea standoff left right FILE PHOTO - The logo of Lotte duty free shop is seen at its main shop in Seoul, South Korea, December 13, 2016. REUTERS/Kim Hong-Ji/File Photo 1/2 left right A barbed-wire fence is set up around a golf course owned by Lotte, where the U.S. Terminal High Altitude Area Defense (THAAD) system will be deployed, in Seongju, South Korea, March 1, 2017. Kim Joon-beom/Yonhap via REUTERS 2/2 By Adam Jourdan - SHANGHAI SHANGHAI South Korean firms are being squeezed in China, in suspected retaliation for Seoul''s deployment of a U.S. missile defense system, highlighting the tools China can deploy to hit back at the corporate interests of trade partners it disagrees with. The chill facing Korea Inc, from cosmetics and supermarket chains to autos and tourism, points to a potential risk for American companies, amid a more confrontational stance taken by new U.S. President Donald Trump In China, state media and grassroots political groups have led angry calls to boycott popular Korean products. Photos on social media and local news websites showed crowds vandalizing a Hyundai Motor Co ( 005380.KS ) car, and some Chinese tourism firms moved to cancel Korean tours. Beijing is furious over a joint plan by South Korea and the United States to set up the Terminal High Altitude Area Defence (THAAD) missile system in South Korea. Seoul and Washington say it will defend against nuclear-armed North Korean missiles. But Beijing says its far-reaching radar is targeted at China. The furor echoes protests in 2012 against Japanese firms during a row with Tokyo over disputed islands in the East China Sea. The dispute flared on Monday when Lotte approved a land-swap deal that moved the THAAD system closer to deployment. On Thursday, Lotte Duty Free, an affiliate of Korean conglomerate Lotte Group, said it had been the target of a suspected Chinese cyber attack. "What''s happening to Korean companies now is a pretty good playbook for what might happen to U.S. firms over the next year," said Andrew Gilholm, director of analysis for China and North Asia at risk consultancy Control Risks. "Rather than the big dramatic trade war, everything goes to hell scenario under Trump, it''s probably more likely to be manifested as regulatory harassment of companies - one of the lower intensity tools for China." Korean stocks plunged on Friday, hitting cosmetics giant Amorepacific Corp ( 090430.KS ), carmaker Hyundai, and airlines Jeju Air Co Ltd ( 089590.KS ), Korean Air Lines Co Ltd ( 003490.KS ) and Asiana Airlines Inc ( 020560.KS ). POLITICAL PRESSURE Some companies hinted at feeling political pressure to loosen or cut ties with South Korea. Korean media reported China had ordered tour operators in Beijing to stop selling trips to the country. Three major Chinese tour operators Reuters spoke to, including China Youth Travel Service ( 600138.SS ), said they were still offering Korean tours. A customer service worker at Tuniu Corp ( TOUR.O ), however, said the firm had stopped providing tours to Korea, citing the THAAD controversy. Tuniu did not respond to requests for comment. Lotte also said searches for its products had been disrupted on major e-commerce platform JD.com Inc ( JD.O ), though it did not directly say this was due to diplomatic tensions. JD.com declined to comment. The CEO of Chinese retailer Jumei.com posted on his official microblog that his firm would no longer sell Lotte products. The firm did not respond to Reuters requests for comment. "Some retailers have removed Lotte sales channels over the last week as a result of political pressure," said a senior China-based retail industry executive, asking not to be named because of the sensitivity of the issues. The Communist Party Youth League at central and local levels also fanned the flames online, calling for consumers not to buy products including cars, cosmetics and electronics. "We say ''no'' to Lotte!" the national-level Communist Youth League wrote in a post on its official microblog page. ''IT''S BEING COORDINATED'' The consumer backlash followed. The number of posts mentioning Lotte''s Chinese name spiked to nearly 300,000 on Thursday from a normal level of a few thousand. Photos posted on Chinese social media showed a large group of people surrounding a smashed up Hyundai car covered with black graffiti, prompting alarm over a repeat of issues that have hit faced Japanese carmakers. Other posts circulated online called for a blanket ban on all Korean tours. China''s tourism administration posted a statement about South Korean "travel tips" on Friday, reminding Chinese holiday-makers "to soberly understand the risks of traveling abroad and carefully choose their travel destinations." The administration did not comment on any travel ban. The normally hawkish state-run tabloid Global Times even struck a note of caution on Friday, warning vandalism of Korean products "won''t win the support of mainstream public opinion". However, Gilholm added the wide spectrum of measures taken against South Korea was unusually aggressive and authorities - though staying officially on the sidelines - played a role. "For it to happen nationwide in such a short space of time it''s clearly been coordinated. You don''t see that being announced or admitted, but it''s being coordinated," he said. The Global Times warned last November the United States could face such a coordinated campaign. If Donald Trump triggered a trade war with China, Beijing would then target firms from Boeing ( BA.N ) to Apple APPL.O in a "tit-for-tat" approach. "If Trump wrecks Sino-U.S. trade, a number of U.S. industries will be impaired," it said in an editorial. (Additional reporting by Cate Cadell and Xu Muyu in BEIJING, SHANGHAI newsroom. Editing by Bill Tarrant.)   Trump confidence bounce may finally allow Fed to leave zero rates far behind CHICAGO A surge in business and consumer confidence during President Donald Trump''s first weeks in office has helped push the Federal Reserve toward its first sustained series of interest rate hikes in more than a decade, despite a dearth of firm policies from the administration.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-southkorea-china-dispute-idUKKBN16A0T1'|'2017-03-03T16:26:00.000+02:00'
'5e71d6a98fd2454717a4fdc0cca35faabc827e09'|'BRIEF-AT&T, CWA reach tentative agreement in Southwest wireline contract negotiations'|'Company News - Thu Mar 2, 2017 - 9:35pm EST BRIEF-AT&T, CWA reach tentative agreement in Southwest wireline contract negotiations March 2 At&T Inc * AT&T, CWA reach tentative agreement in Southwest wireline contract negotiations * Two sides agreed to start negotiations early * Four-Year agreement will be submitted to union''s membership for a vote in coming days * Agreement includes two weeks of paid parental leave to help mothers or fathers bond with a newborn or newly adopted child * AT&T - Agreement includes general wage rise in each year of contract - 3 percent first year, 2.5 percent second year, 3 percent third year, 2.25 percent fourth year Source text for Eikon:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-att-cwa-reach-tentative-agreement-idUSFWN1GG008'|'2017-03-03T09:35:00.000+02:00'
'd8e23a3c96ac0bb0b4dddb0e96a20dfd4f1f310b'|'Britain''s small companies hoard cash as Brexit looms'|'Business News - Fri Mar 3, 2017 - 12:18am GMT Britain''s small companies hoard cash as Brexit looms By Andrew MacAskill and Lawrence White - LONDON LONDON Britain''s smaller companies are hoarding cash and cutting investment, bankers say, a sign of business confidence starting to wobble as the government sets off down the uncertain path of leaving the European Union. Companies with revenue of less than 1 million pounds ($1.23 million) expect to invest an average of 21,690 pounds in their businesses in the next six months – a fall of 74 percent compared with July, Lloyds Banking Group ( LLOY.L ) said on Friday following the latest results of its six-monthly survey. This is the biggest drop since the bank added the question about investment plans in 2015 to its long-running Business in Britain survey of small businesses. "Businesses need to be careful that in cutting back on investment to boost resilience they don''t put the brakes on too hard," said Jo Harris, a managing director at Lloyds, one of Britain''s largest business lenders. Sitting on cash could help companies weather any economic slowdown, but bankers say that reduced spending also threatens to dampen growth prospects for the economy. The head of commercial lending at another major bank said the last time that he saw smaller companies hoarding money to a similar extent was during the 2008 global financial crisis. The banker said companies were paying off overdrafts and other loans amid concerns that the economy may suffer after Prime Minister Theresa May seeks to begin the formal process of negotiating a divorce settlement with the EU later this month. "Customers are nervous ... they are worried that as the news of Brexit negotiations begins to filter through then sentiment will dip," the banker said. Lloyds said economic uncertainty was identified as the main threat over the next six months, followed by weaker UK demand and political uncertainty. Britain''s businesses and banks have largely defied expectations that the economy would suffer an immediate blow from the referendum result in June last year, but in recent weeks there have been signs of mounting concerns as the real Brexit process gets underway. Aldermore Group ( ALD.L ), a specialist lender to small and medium-sized businesses, said a survey of 1000 such companies conducted in the last financial quarter showed cashflow was their biggest concern. About a fifth of companies said they missed an opportunity to expand their business because of a lack of available finance, Chief Executive Phillip Monks told Reuters. (Editing by Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-cash-idUKKBN16A016'|'2017-03-03T07:18:00.000+02:00'
'ff11b8983281d95cf0db191b34e1f67dddcec2a2'|'Exclusive - SEC advisory committee to question Snap''s transparency for investors'|'Technology News - Wed Mar 1, 2017 - 10:36pm GMT Exclusive: SEC advisory committee to question Snap''s transparency for investors FILE PHOTO: A billboard displays the logo of Snapchat above Times Square in New York March 12, 2015. REUTERS/Lucas Jackson/File Photo By Ross Kerber - BOSTON BOSTON An investor committee that advises the U.S. Securities and Exchange Commission will next week review if Snap Inc''s decision to deny shareholders voting rights might also reduce the social media company''s public disclosures on executive pay and other governance matters, the head of that committee told Reuters on Wednesday. Snap ( SNAP.N ), the parent of the popular messaging app Snapchat, priced its eagerly awaited initial public offering at $17 per share on Wednesday, above the expected range, giving the company a value of close to $24 billion, the richest in a U.S. tech IPO since Facebook Inc ( FB.O ) in 2012. The IPO shares will give investors no voting rights, an unprecedented feature that has raised concerns among corporate governance leaders that other high-valuation companies may follow suit and leave investors with little say over company operations. Snap insiders and early investors hold shares with voting rights, giving them control of the company. For Snap, "The question becomes, since there are no common shareholders'' proxy votes to do, what does that do to the level of disclosures it will have to do for annual meetings and annual reports," Kurt Schacht said in a telephone interview. Schacht is chairman of the SEC''s Investor Advisory Committee, which makes recommendations to the regulator and was set up by the 2010 Dodd-Frank financial reforms. The SEC does not have to follow its suggestions. Schacht is managing director of the CFA Institute, which accredits investment professionals. The committee has a meeting scheduled for March 9 that will include a discussion on "unequal voting rights of common shares," according to a published agenda for the session. RACE TO BOTTOM? Schacht said a concern was that Snap''s non-voting shares could inspire other unicorns - the unofficial name for privately held technology companies with valuations of over $1 billion - to follow suit. "We feel it''s worth asking the question of, is this a one-off novelty pump-and-dump IPO, or is this a new trend with these unicorns?" he said. If so, he said that would "a troubling race to the bottom." A Snap representative declined to comment. In a Feb. 27 securities filing, Venice, California-based Snap said it will invite its new non-voting shareholders to its annual meetings and to submit questions. It also said it will provide them "the same proxy statements, information statements, annual reports, and other information" it delivers to those who hold its other classes of stock, including Chief Executive Evan Spiegel. But the company may disclose some information to investors up to four days after a material event has occurred, the filing states. In the filing, Snap also calls itself an "emerging growth company" under U.S. law, leaving it free to exempt itself from some reporting requirements. The scheduled review is only the latest test of transparency for Snap, which has gained a reputation for secrecy befitting its disappearing-message app, even as it has rebranded itself as a "camera" company making video recording glasses and tools. Snap''s IPO also is seen as a test for big mutual fund firms, traditionally some of the largest buyers of tech IPOs. The companies lately have made shareholder rights a rallying cry and some governance specialists have called for funds to avoid the IPO because of the unusual voting situation. Schacht said Snap declined an invitation to appear at the March 9 meeting. He said the discussion will also explore the company''s viewpoint on governance and the argument its voting structure could be cheaper than for a company with traditional voting rights. "We''ll try to explore both sides. Is this is a slap in the face of corporate governance, or is this the market efficiency of the future?," he said. (Reporting by Ross Kerber in Boston; Additional reporting by Lauren Hirsch in New York; Editing by Bill Rigby) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-snap-ipo-investors-idUKKBN1685R0'|'2017-03-02T05:20:00.000+02:00'
'cb1ebf27efd3bb11a7615a62784431e573685c64'|'PRESS DIGEST - Wall Street Journal - March 2'|' 52am EST PRESS DIGEST - Wall Street Journal - March 2 March 2 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy. - Snap Inc. priced its initial public offering above expectations at $17 a share, giving the parent of popular disappearing-message app Snapchat a market value of nearly $24 billion. It was also above the $14 to $16 a share Snap had targeted, indicating strong demand for an IPO that has captivated investors and analysts since the company on.wsj.com/2mbUYDd - Bridgewater Associates LP''s billionaire founder Ray Dalio will step down as co-chief executive in the latest shake-up atop the world''s biggest hedge fund. The new setup unveiled Wednesday marks the fifth CEO at Bridgewater since the start of 2016. Bridgewater''s next co-CEO will be David McCormick, a Treasury Department official under President George W. Bush who recently interviewed for positions in the Trump administration. on.wsj.com/2mbKnZ8 - An internal White House review of strategy on North Korea includes the possibility of military force or regime change to blunt the country''s nuclear-weapons threat. While President Donald Trump has taken steps to reassure allies that he won''t abandon agreements that have underpinned decades of U.S. policy on Asia, his pledge that Pyongyang would be stopped from ever testing an intercontinental ballistic missile has some leaders bracing for a shift in American policy. on.wsj.com/2mbP9pA - U.S. investigators have examined contacts Attorney General Jeff Sessions had with Russian officials during the time he was advising Donald Trump''s presidential campaign. The outcome of the inquiry, and whether it is ongoing, wasn''t clear. The contacts were being examined as part of a wide-ranging U.S. counterintelligence investigation into possible communications between members of Trump''s campaign team and Russian operatives. on.wsj.com/2mbGWBu (Compiled by Sangameswaran S in Bengaluru)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-wsj-idUSL3N1GF2I3'|'2017-03-02T13:52:00.000+02:00'
'2a61148fb84bf0dd9eec15196276d1184904a398'|'China to defer implementation of property tax despite surging prices'|'  5:14am GMT China to defer implementation of property tax despite surging prices New properties are seen in Hangzhou, Zhejiang province, China, May 12, 2015. REUTERS/Stringer BEIJING China has no plans to implement a nationwide property tax this year, the spokeswoman for China''s parliament said on Saturday, despite mounting expectations that such measures would soon be introduced to restrain surging property prices. For years, China has mulled an annual property tax, which could deter speculation in real estate, though little progress has been made due to resistance from stakeholders, such as local governments who rely heavily on land sales for revenue. "The implications of these laws are broad and involve multi-faceted interests, so there is much discussion surrounding this issue," parliament spokeswoman Fu Ying told reporters in Beijing. "To my understanding, there are no arrangements to bring property tax draft laws before the standing committee for deliberation this year." Prices of new homes in China surged 12.4 percent last year, the fastest rate since 2011, leading more than 20 cities to introduce property curbs to cool the market since October. Only Shanghai and Chongqing have implemented a limited property tax as a pilot program since 2011. (Reporting by Philip Wen; Editing by Richard Pullin)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-parliament-tax-idUKKBN16B05E'|'2017-03-04T12:13:00.000+02:00'
'8c44ed939f40313a73ac4b40de27a4e10f0a46cd'|'Murdoch''s Fox seeks EU okay for $14.4 billion Sky takeover bid'|'BRUSSELS Rupert Murdoch''s Twenty-First Century Fox has asked EU antitrust regulators to approve its $14.4 billion takeover bid for European pay-TV company Sky, a filing on the European Commission showed on Friday.The EU competition enforcer will decide by April 7 whether to clear the deal, demand concessions or kick off a five-month long investigation.Fox chief executive James Murdoch has said no "meaningful concessions" would be required. The acquisition of the remaining 61 percent of Sky would help Fox better compete with rivals such as Netflix.(Reporting by Foo Yun Chee; editing by Julia Fioretti)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sky-plc-m-a-twenty-first-fox-eu-idINKBN16A1A1'|'2017-03-03T09:11:00.000+02:00'
'5f9efb2240afb98ced327dc7579e800a1ec1e6a3'|'BRIEF-Spok Holdings posts Q4 earnings of $0.15/share'|' 56pm EST BRIEF-Spok Holdings posts Q4 earnings of $0.15/share March 1 Spok Holdings Inc: * Spok reports fourth quarter and full year 2016 operating results; software bookings increase from prior quarter * Q4 earnings per share $0.15 * Q4 revenue $44.2 million versus $47.3 million * Total paging ARPU (average revenue per unit) was $7.59 in Q4 of 2016, compared to $7.79 in year-earlier quarter * Expects total revenue to range from $161 million to $177 million in 2017 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-spok-holdings-posts-q4-earnings-of-idUSASB0B396'|'2017-03-02T04:56:00.000+02:00'
'b9f65a79c3a99baf6a8a975d539aba13fca39c10'|'Nestle, Coca-Cola to end tea joint venture - Nestle'|'ZURICH, March 3 Nestle and The Coca-Cola Company have agreed to dissolve their tea joint venture Beverage Partners Worldwide (BPW) as of the start of 2018, Nestle announced on Friday.Created in 2001, BPW offers ready-to drink tea, in particular Nestea, in Canada and Europe. "The ready-to-drink tea market has evolved, and Nestle believes the time is right to develop Nestea independently," it said in a statement.Nestle is granting Coca-Cola a license to manufacture and distribute Nestea in Canada, Spain, Portugal, Andorra, Romania, Hungary and Bulgaria. The Nestle Waters division, which manages the Nestea brand in several countries including the United States, will also manage Nestea in all European countries not concerned by the licensing agreements, it added. (Reporting by Michael Shields; Editing by John Revill)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/nestle-coca-cola-idINZ8N1GF002'|'2017-03-03T09:18:00.000+02:00'
'0930a7973da0bca4b8eb00ed41e6278a08becb78'|'Top Avianca shareholder Efromovich says deal with United ''will happen'''|'Deals - Thu Mar 2, 2017 - 5:05pm EST Top Avianca shareholder Efromovich says deal with United ''will happen'' An airplane of Colombian airline Avianca takes off from El Dorado Airport in Bogota, Colombia, February 1, 2017. REUTERS/Inaldo Perez Avianca Holdings SA top shareholder, German Efromovich, said on Thursday that a deal between Avianca and United Continental Holdings Inc. "will happen," despite a lawsuit filed by Avianca''s No.2 shareholder this week. A suit brought in New York by Kingsland Holdings alleges that the deal for Avianca with United is "an egregiously one-sided proposed transaction that Efromovich secretly negotiated with United for his own benefit at the expense of Avianca and all of its other shareholders." Efromovich said during a news conference in New York on Friday that the deal with United was just "an extension of an already existing relationship" and was the best possible deal for Avianca''s shareholders. He also insisted that reports of higher bids for Avianca from Delta and other airlines "are not accurate and are not correct." (Reporting by Dion Rabouin; Editing by Chizu Nomiyama) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-colombia-avianca-holding-idUSKBN1692YA'|'2017-03-03T04:51:00.000+02:00'
'e36956f6d82946889c6bb78deaec1cf1605b3b80'|'Two Carrefour-linked property firms to merge'|'PARIS Real estate firm Carmila, controlled by French retailer Carrefour ( CARR.PA ), aims to achieve a stock market listing through a merger with Cardety ( CARD.PA ), another property firm linked to Carrefour, both companies said.Carrefour, the world''s second-largest retailer, had previously said it hoped to launch an initial public offering for Carmila this year.The plan outlined by the companies late on Thursday involves Carmila being absorbed by already listed Cardety.The new entity, owned 42.4 percent by Carrefour, will be Quote: d on Euronext Paris and be called Carmila."As part of its development plan, the new merged entity would proceed, subject to market conditions, with a capital increase of approximately 500 to 600 million euros ($525 million-$630 million), which would imply a placement of new shares on the market in the course of 2017," the companies'' joint statement said.Carmila and Cardety are both retail property companies specializing in the management of shopping centers and retail parks anchored to Carrefour stores.Under the terms of the proposed merger, the exchange ratio would be three Carmila shares for one Cardety share, subject to shareholder approval.The new merged entity would own a portfolio with an appraised value of 5.3 billion euros as of Dec. 31, 2016, including 205 shopping centers.(Reporting by Julien Ponthus and Adrian Croft; Editing by Chris Reese)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-carrefour-carmila-idINKBN169351'|'2017-03-02T20:56:00.000+02:00'
'2b690afa2372b534d80468c38d62e3912a51bdf8'|'Taiwan sits out forex intervention to duck Trump blast'|'By Faith Hung - TAIPEI TAIPEI Taiwan’s central bank, fearful of being labeled a currency manipulator by U.S. President Donald Trump, has pulled back on intervention to weaken the Taiwan dollar, making it Asia''s second best-performing currency in 2017.The currency has risen 5 percent so far this year, giving the island''s stock market a boost, but knocking its fourth-quarter balance of payments to a five-year low and hammering its insurers, which are heavily invested overseas.A central bank official told Reuters the currency movement was directly related to the bank not intervening so much in the foreign exchange markets."The central bank wants to signal to the United States that it does not manipulate Taiwan''s currency," the official said.The bank''s governor, Perng Fai-nan, declined to comment when asked on Thursday if the currency''s strength was linked to the bank''s nervousness that Trump might label it a manipulator.Trump has criticized especially China, Japan and Europe for policies he claims artificially weaken their currencies and make their exports more competitive.His administration has said it will analyze the currency practices of major trading partners, and the U.S. Treasury is required to publish a report on these practices in mid-April.After any declaration that a country manipulates its currency, the Treasury will try to negotiate a resolution, but the process could result in punitive tariffs on that country''s goods.Taiwan already meets two of the three U.S. criteria to be labeled a manipulator, including intervention to weaken the currency. An upcoming new iPhone model, for which Taiwan makes many of the components, is expected to boost its trade surplus with the United States to levels that could provoke a reaction.TOXIC"The effects of Trump''s pronouncements that some central banks are manipulating their currencies have been quite toxic," said a vice-president at Mega Financial Holding’s banking arm, which is Taiwan''s biggest state-run bank operating in overseas markets.The effects have been particularly toxic for Taiwan''s insurers, which have been hit with a T$14 billion ($455 million) loss on the foreign exchange risk reserves they hold to contain currency volatility.Their currency reserves declined by a third in January to their lowest in at least a year and are set to plunge further. "The insurers must manage their forex risk ... We’re closely monitoring the impact,” said Thomas Chang, deputy director general of the insurance regulator. (For a graphic on Taiwan insurers'' currency reserves click tmsnrt.rs/2mbkZTs )For now, the insurers say they are hedging the risks and riding out the immediate storm.“Insurance firms tend to invest in the long term, for 15-20 years. Short term volatility is unavoidable. Our team has adjusted accordingly,” said Lin Chao-ting, an executive vice president of privately owned Cathay Life Insurance, which has more than US$161 billion in assets.Fubon Life Insurance was also sanguine, and expects the forex losses to wind down after March.“A large percentage of life insurers’ overseas assets have been hedged. So industrywide, only 3-10 percent of asset positions will be impacted by volatility in the forex market,” the company said.Cathay and Fubon are the insurance arms of Cathay Financial Holding and Fubon Financial Holding, respectively.UNPREDICTABLEInvestors say the concerns in Taipei are in part because they are unable to read Trump, an unorthodox new president with no prior political experience."Taiwan’s central bank is in a very difficult position,” said a president of a foreign fund management house in Taipei."People used to be able to predict what would happen if a country were named on the U.S. currency manipulation list. With Trump in office, it''s a totally different story. You can''t predict what the outcome could be," he said. "That''s the scary part.”The central bank in South Korea has also cut back on interventions that could weaken its currency.China on the other hand has spent a trillion dollars since mid-2014 to stop capital outflows that have been dragging the yuan lower, but Trump''s campaign rhetoric focused on its previous interventions to weaken the currency.Meanwhile, the upward pressure on Taiwan''s currency and the central bank''s hands-off approach have attracted billions of dollars of foreign capital to the country''s stocks.After a week of volatility following Trump''s election on Nov. 8, the country''s main index has risen more than 8 percent. And Julianne Chu, a fund manager for Uni-President Securities Investment Trust, thinks it will keep rising."Foreign investors will continue to buy Taiwan stocks, which have been their favorite market in Asia since Trump took office,” she said.“The focus of their buying will be iPhone 8 component makers," she said.(Reporting by Faith Hung; Additional reporting by Loh Liang-sa; Editing by Vidya Ranganathan and Will Waterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-taiwan-markets-trump-idINKBN1690CD'|'2017-03-02T01:03:00.000+02:00'
'1399f9809cc26ccfea6ed79c71a068a50f69bf37'|'Exclusive: Liquidator Gordon Brothers wins auction for Wet Seal - sources'|'Liquidator Gordon Brothers Group won the auction on Thursday for the intellectual property of the Wet Seal LLC with a bid of $3 million, besting the $1.5 million initial offer from Canadian retailer YM Inc, people familiar with the matter said.Founded as a "bikini shack" in Newport Beach, California, in 1962, Wet Seal filed for bankruptcy last month with a plan to close its approximately 142 stores located primarily in U.S. malls. Hilco Streambank was hired to sell the teen retailer''s intellectual property and brand. [nL4N1FN3DB]Other U.S. specialty apparel chains, including the Limited, American Apparel and Aeropostale, have also filed for bankruptcy in recent months, as the retail sector undergoes a major upheaval due to changing tastes and the advent of internet shopping.A U.S. bankruptcy court judge must still approve the sale, the four sources said, asking not to be identified ahead of a public announcement. Gordon Brothers and Versa Capital Management, the private equity owner of Wet Seal, declined to comment. YM did not immediately respond to a request for comment.Wet Seal filed for bankruptcy for the first time in 2015 as it fell victim to the fast fashion-craze attracting the attention of its young, female customer base. Versa bought Wet Seal out of that bankruptcy, but failed to find financing for the business to continue as a going concern.Wet Seal filed its second Chapter 11 in February with liabilities between $50 million and $100 million.Gordon Brothers, primarily known as a liquidation firm, also revives dormant brands it often acquires out of bankruptcy through its brand investing arm.The firm was part of a joint venture that bought electronics brand the Sharper Image out of bankruptcy, which it later sold to brand licensor Iconix Brand Group Inc ( ICON.O ) for $65.6 million.Gordon Brothers'' other brands have included home goods line Linens ''N Things and furniture label Bombay & Co. Gordon Brothers also currently owns camera brand Polaroid.Gordon Brothers had already been working on store closing sales for Wet Seal with the help of liquidator Hilco Merchant Resources LLC, according to bankruptcy court documents.YM, which owns Canadian chains Stitches, Sirens and Suzy Shier, made a stalking horse offer for Wet Seal earlier this week.An affiliate of YM bought the parent company of women''s chains Mandee and Annie Sez out of bankruptcy about four years ago.(Reporting by Jessica DiNapoli in Las Vegas; Editing by Leslie Adler and Lisa Shumaker)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-westseal-bankruptcy-gordonbrothers-idUSKBN1692RQ'|'2017-03-03T00:57:00.000+02:00'
'8dbe1cccfd4cd5e289d65cb61aa070d170f89c1b'|'Mexico economy minister to meet with Ford, GM in Detroit'|'Fri Mar 3, 2017 - 1:04am GMT Mexico economy minister to meet with Ford, GM in Detroit FILE PHOTO: Ford cars are seen on sale at a dealership of Genser company in Moscow, Russia, February 14, 2017. REUTERS/Maxim Shemetov/File Photo MEXICO CITY Mexico''s economy minister will travel to Detroit on Friday to meet with executives from automakers Ford Motor Co ( F.N ) and General Motors Co ( GM.N ), keeping a frenetic pace of meetings to deter President Donald Trump from punishing Mexican exports. Economy Minister Ildefonso Guajardo will also meet with auto parts makers that have operations in Detroit and Mexico, the ministry said. He will discuss the state of U.S.-Mexico trade and the future of the North American Free Trade Agreement (NAFTA). Trump has vowed to exit NAFTA, the 1994 trade accord that also includes Canada, if he cannot get better terms for the United States. He has also drawn up plans to build a wall on the U.S. southern border and tax Mexican-made goods heading north to pay for it. Wary of Trump''s unpredictability, Mexico is not counting on talks with the White House to save it from a possible trade war. Instead, it hopes to build support among companies and U.S. states that most rely on business south of the border to pressure the president not to resort to drastic measures. On Tuesday, Foreign Minister Luis Videgaray said Mexico would only stay in NAFTA if it suited the nation and he rejected the imposition of any tariffs or quotas. The countries have yet to start formal negotiations. "Thanks to NAFTA, Mexico and Michigan have built a dynamic trade relationship," the ministry said, noting that Mexico was Michigan''s second biggest trade partner with more than $12 billion in exports to Mexico last year. The United States sent its top diplomat Rex Tillerson and Department of Homeland Security Secretary John Kelly to Mexico City last week to tend to ties badly bruised by Trump''s threats about NAFTA, the border wall and Mexican immigrants. Their efforts were set back when Trump described deportations as "a military operation," forcing Kelly to make a public clarification. One person familiar with the events said news of Trump''s comments came just as Kelly and Tillerson were meeting with their counterparts, underscoring what Mexican officials see as the dangers of negotiating with the U.S. administration. To calm the waters, the U.S. officials decided to add the clarification to Kelly''s press statement after the meetings, the source said. (Reporting by Veronica Gomez and Alexandra Alper; Writing by Michael O''Boyle; Editing by Frank Jack Daniel and Cynthia Osterman) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-mexico-autos-idUKKBN1692RU'|'2017-03-03T07:56:00.000+02:00'
'2ef1e4010d40d95230001031d09a2a327a461908'|'Murdoch''s Fox seeks EU okay for $14.4 billion Sky takeover bid'|'BRUSSELS Rupert Murdoch''s Twenty-First Century Fox has asked EU antitrust regulators to approve its $14.4 billion takeover bid for European pay-TV company Sky, a filing on the European Commission showed on Friday.The EU competition enforcer will decide by April 7 whether to clear the deal, demand concessions or kick off a five-month long investigation.Fox chief executive James Murdoch has said no "meaningful concessions" would be required. The acquisition of the remaining 61 percent of Sky would help Fox better compete with rivals such as Netflix.(Reporting by Foo Yun Chee; editing by Julia Fioretti)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-sky-plc-m-a-twenty-first-fox-eu-idUSKBN16A1A1'|'2017-03-03T14:49:00.000+02:00'
'ab761a02fd6c1e573106423551fc8c21f67937ac'|'Boeing targeting 1,500 voluntary job cuts - WSJ'|' 24pm EST Boeing targeting 1,500 voluntary job cuts - WSJ March 2 Boeing Co is planning 1,500 voluntary job cuts as part of a layoff program to reduce costs at its commercial airplane unit, the Wall Street Journal reported on Thursday, citing the company''s main unions. Employees were notified this week that the International Association of Machinists and Aerospace Workers union said it didn''t know if this met Boeing''s target or could still be followed by compulsory layoffs, the WSJ reported. ( on.wsj.com/2litMDQ ) "Employment reductions will come through a combination of attrition, leaving open positions unfilled, voluntary layoff program and in some cases, involuntary layoffs," a Boeing spokesman said, adding that the commercial airplane unit is cutting costs and aligning employment levels to business and market requirements. Boeing''s commercial plane unit said in December that it would cut jobs in 2017. The unit slashed its workforce by 8 percent in 2016 as it struggled to sell planes in the face of a strong dollar. As of Feb. 23, the unit had 74,634 employees. (Reporting by Arunima Banerjee in Bengaluru; Editing by Martina D''Couto)   Moody''s whistleblower loses lawsuit, cannot share in $864 mln settlement NEW YORK, March 2 A federal judge on Thursday dismissed a whistleblower lawsuit by a former Moody''s Investors Service managing director and said he deserves none of the $863.8 million that Moody''s agreed to pay to settle claims it inflated mortgage ratings prior to the 2008 financial crisis.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/boeing-layoffs-idUSL3N1GF4SC'|'2017-03-03T01:24:00.000+02:00'
'531671495817fdd90442cfb16ffb4d65da324af5'|'GLOBAL MARKETS-Dollar firm, shares ease in Asia as Fed hike looms'|'Big Story 12  38pm EST Dollar firm, shares ease in Asia as Fed hike looms A man walks past an electronic board showing stock prices outside a brokerage in Tokyo, Japan, January 4, 2017. REUTERS/Kim Kyung-Hoon By Wayne Cole - SYDNEY SYDNEY The dollar held broad gains on Friday as the risk of an imminent U.S. interest rate hike slugged sovereign bonds and commodities, even managing to sour Wall Street''s party as the reality of rising borrowing costs began to sink in. Asian stock markets were mostly lower, with MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS off 0.4 percent and Australia down 1 percent. Japan''s Nikkei .N225 eased just a fraction, with a weaker yen helping limit the losses. A chorus line of Fed officials singing of the need for higher rates has seen the implied probability of a move this month shoot to 74 percent, from just 30 percent at the start of the week. FEDWATCH Fed Chair Janet Yellen and Vice Chair Stanley Fischer are both due to speak later on Friday and are expected to stick to the same tune. "The U.S. dollar has been snapped up across the board as a March Fed hike is heavily priced in," said Sean Callow, a senior currency strategist at Westpac. "All it took was about a hundred comments from Fed officials, but markets have finally decided that "fairly soon" means less than two weeks and that perhaps 3 hikes this year means 3 hikes this year." That was enough to make even Wall Street pause, and the Dow .DJI fell 0.53 percent, while the S&P 500 .SPX lost 0.59 percent and the Nasdaq .IXIC 0.73 percent. Caterpillar ( CAT.N ) was among the biggest casualties, shedding 4.2 percent on news that federal law enforcement officials searched its Illinois facilities. The prospect of a Fed hike on March 15 saw yields on two-year Treasury notes US2YT=RR shatter their recent range to reach ground last trod in mid-2009. With the European Central Bank still acting to suppress short-term euro rates, the spread between U.S. and German two-year yields yawned out to 214 basis points, the widest since early 2000 and up from a low of 183 in January. That shoved the euro down to $1.0505 EUR= and set up a test of major support at the February low of $1.0492. The dollar likewise climbed to 114.37 yen JPY= and nearer to the recent peak of 114.95. Against a basket of six major currencies, the dollar .DXY was firm at 102.130 after touching its highest since Jan. 11. That strength was not good news for commodities priced in dollars with everything from gold to copper taking a hit. Gold was down at $1,232.61 an ounce XAU= after suffering its biggest one-day decline since December. Oil prices took an extra blow after Russian crude production remained unchanged in February, showing weak compliance with a global deal to curb supply to tighten the oversupplied market. Early Friday, U.S. crude CLc1 was up 6 cents at $52.67, having shed more than 2 percent on Thursday, while Brent LCOc1 was yet to trade at $55.08 per barrel. (Editing by Jacqueline Wong) Security boosted for accountants in Oscar gaffe who froze backstage LOS ANGELES Security has been stepped up for the two accountants responsible for botching the Oscar best picture announcement, their company said on Thursday, as the ceremony''s stage manager said the pair had to be pushed onstage to set things right after the gaffe. Governors met on Obamacare replacement plan with Pence WASHINGTON Ten state governors seeking to avoid millions of dollars in federal healthcare cuts under Republican plans to replace Obamacare pressed their case in a meeting with Vice President Mike Pence on Sunday, according to two people briefed on the talks. BRUSSELS The European Parliament called on the EU executive on Thursday to force Americans to apply for visas before visiting Europe this summer, stepping up pressure to resolve a long-running transatlantic dispute on the issue. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-global-markets-idUSKBN16A023'|'2017-03-03T07:32:00.000+02:00'
'7d22d5ca46ebd77bb5f94c59f83c1fb8d644db30'|'Deals of the day-Mergers and acquisitions'|'(Adds Siemens, Electrolux and Continental; updates Halyk Bank)March 2 The following bids, mergers, acquisitions and disposals were reported by 1400 GMT on Thursday:** Kazakhstan''s two biggest lenders have provisionally agreed a deal for Halyk Bank, to take over its bigger rival Kazkommertsbank (KKB), they said.** German engineering company Siemens and Spain''s Gamesa are set to win unconditional EU antitrust approval to create the world''s biggest wind turbine maker, two people familiar with the matter said.** Swedish home appliance maker Electrolux said on Thursday it was buying U.S. firm Grindmaster-Cecilware, a maker of coffee machines and beverage dispensers, for $108 million in cash.** German auto parts and tyre maker Continental has no plans at present for any larger takeover deal but said it could shoulder an acquisition worth over 2 billion euros ($2.11 billion).** Aurubis AG, Europe''s biggest copper smelter, plans a new corporate strategy involving expansion into production of other non-ferrous metals alongside its traditional copper business, new CEO Juergen Schachler said.** Spain''s carmaking plants were "well-placed" in the takeover talks between PSA Group and General Motors'' European arm, Economy Minister Luis de Guindos said after speaking to a senior executive at PSA.** Park Square Capital and SMBC are setting up a new euro 3 billion direct lending fund which will be a joint venture between the two firms, banking sources said.** German consumer products group Henkel has made a binding offer to buy Darex Packaging Technologies from GCP Applied Technologies for $1.05 billion.** BPER Banca said it had agreed to buy small lender Nuova Carife for 1 euro, helping Italy solve one of its banking headaches by selling the last one of four small lenders it rescued from bankruptcy in November 2015. (Compiled by Sruthi Shankar in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL3N1GF3IR'|'2017-03-02T11:15:00.000+02:00'
'c22bd3f178b812e782a4733550dbe64091281408'|'BRIEF-TORC Oil & Gas says production of 19,621 boepd in Q4 of 2016'|' 09am EST BRIEF-TORC Oil & Gas says production of 19,621 boepd in Q4 of 2016 March 2 TORC Oil & Gas Ltd * TORC Oil & Gas Ltd - Production of 19,621 boepd in Q4 of 2016, an 8% increase from 18,108 boepd in Q4 of 2015 * TORC Oil & Gas Ltd - Proved reserves increased to 64.4 mmboe from 59.9 mmboe at year-end 2016, representing growth of 8% * TORC Oil & Gas Ltd sees 2017 capital program $130 million * TORC Oil & Gas Ltd sees 2017 high netback production to average: 19,900 boepd and exit with 20,600 boepd      '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-torc-oil-gas-says-production-of-idUSFWN1GF0AS'|'2017-03-02T18:09:00.000+02:00'
'bc15d85f51dbd87419bea11eb5ba982b7ae9894c'|'VW''s Audi recalls 681,000 cars in China over coolant-pump risks'|' 00pm GMT VW''s Audi recalls 681,000 cars in China over coolant-pump risks The logo of German car manufacturer Audi is seen at a building of a car dealer in Duebendorf, Switzerland November 22, 2016. REUTERS/Arnd Wiegmann BERLIN Volkswagen''s ( VOWG_p.DE ) luxury division Audi ( NSUG.DE ) is recalling 681,000 cars in China to fix coolant pumps that could overheat, a spokesman said. The measure is part of a global recall affecting around 1.1 million units of the A4, A5, Q5, A6 and A8 hybrid models whose engine control units will require software updates to resolve the problem, he said. Audi already recalled 390,000 vehicles affected by coolant-pump malfunction in North America in late January, the spokesman said, about a third of the 1.1 million cars affected. (Reporting by Andreas Cremer; Editing by Christoph Steitz)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-audi-recall-idUKKBN16A1V0'|'2017-03-03T23:00:00.000+02:00'
'5f437e38ec5756be3ab9dc930c7d55f93c7c5ebf'|'Private equity firms offer to buy Shawbrook bank in $1 billion deal'|'LONDON British bank Shawbrook Group Plc ( SHAW.L ) said on Friday it has received an offer from private equity firms Pollen Street Capital and BC Partners to buy the lender in a deal worth 825 million pounds ($1.01 billion).Under the terms of the offer, Shawbrook shareholders would receive 330 pence per ordinary share in cash and retain any final dividend for last year, the bank said in a statement.The shares jumped 18 percent to 316.5 pence on Friday.The offer is about a 22 percent premium to Thursday''s share price.Britain''s so-called ''challenger'' banks have been increasingly seen as ripe for takeovers in recent months, bankers who advise on mergers and acquisitions have said, as a prolonged period of low interest rates has squeezed earnings and the pound''s fall has made them cheaper for foreign buyers.Co-Operative Bank, rescued from the brink of collapse by a group of hedge funds in 2013, put itself up for sale last month after struggling to meet regulatory capital requirements.Pollen Street Capital currently holds 38.9 percent of shares in the British lender, which was founded in 2011 and which was listed in April 2015 at 290 pence a share.(Reporting By Andrew MacAskill and Lawrence White, editing by Anjuli Davies)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-shawbrook-buyout-idINKBN16A218'|'2017-03-03T13:56:00.000+02:00'
'12f36acd50b4f45f275c5493e3f7768670c6805e'|'Euro zone private sector business growth near six-year high'|' 29am GMT Euro zone private sector business growth near six-year high A man works at the assembly line in the truck production plant of truck and bus-maker MAN AG in Munich, Germany July 30, 2015. REUTERS/Michaela Rehle By Rahul Karunakar Euro zone private sector business activity rose at its quickest pace in nearly six years in February, accelerating across all major economies with job creation reaching its fastest in almost a decade, surveys showed on Friday. The data, which came alongside news on Thursday that euro zone inflation had just surpassed the European Central Bank''s target, could pose a challenge to policymakers in how to explain leaving monetary policy unchanged even as the economy picks up sharply. IHS Markit''s final composite Purchasing Managers'' Index - seen as a good overall growth indicator - rose sharply to 56.0 in February from 54.4 in the previous month. It has not been higher since April 2011 and was unchanged from a flash estimate. While separate official data showed German retail sales unexpectedly dropped in January, the PMIs showed that February private sector services activity in Europe''s four largest economies Germany, France, Italy and Spain all improved. "The PMIs tell you that the economy is on a reasonably solid footing, obviously the economy is not roaring away to the extent that some of the other Anglo-Saxon economies have done over the course of recent years, but it is a pretty good place to be," said Peter Dixon, economist at Commerzbank. The reports suggest that rising concerns about potential upsets in coming euro zone elections, particularly the prospect of far-right leader Marine Le Pen posing a serious challenge for the presidency in France, are being shrugged off by the economy. "We don''t quite know what will happen in France following the election in April-May and that is probably the single biggest risk that the continent faces," Dixon added. If sustained, economic growth could hit 0.6 percent in the first quarter, according to Markit. That would be much faster than the 0.4 percent economists predicted in a Reuters poll just last month. That forecast was based on hopes that there would be no major upsets in several national elections this year. [ECILT/EU] "The final PMI numbers paint a bright picture of a euro zone economy starting to fire on all cylinders. Growth accelerated in all of the four largest member states in February to suggest an increasingly sustainable and robust-looking upturn," said Chris Williamson, chief business economist at IHS Markit. The reports suggest optimism is on the rise, euro zone companies are raising prices for their services, and crucially, they are beginning to hire again. The composite PMI employment index rose to 53.8 from 53.4, its highest since October 2007. Business expectations indexes for the services sector and for all industries improved at the fastest rate in nearly six years. Manufacturers, too, enjoyed their best month in nearly six years in February, boosted by a weaker euro, which helped drive strong demand for exports, a similar survey showed on Wednesday. The euro is expected to ease a bit further, according to a Reuters poll of currency strategists.[EUR/POLL] The renewed strength in the PMIs will be welcomed by the European Central Bank, which is expected to remain on the sidelines through upcoming national elections in three major economies in the currency bloc.[ECB/INT] With the Federal Reserve set to raise interest rates further this year and pressure mounting on the ECB to consider scaling back its aggressively-stimulative monetary policy, the central bank will have a challenge with its messaging in the coming months. "The acceleration in growth, employment and prices signalled by the surveys suggests that analysts will begin to pull forward their expectations of when the ECB could begin tapering its stimulus," added Williamson. "However, it seems likely that central bank rhetoric will remain dovish in coming months, focusing on the headwinds that the economy faces in 2017, and specifically the need for policy to remain accommodative in the face of political uncertainty." (Editing by Ross Finley and Toby Davis)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-economy-pmi-idUKKBN16A184'|'2017-03-03T18:29:00.000+02:00'
'4f4570db889e133bb44c5167da6e8100289d68bb'|'Euro zone inflation reaches 2 percent in February, as expected'|'BRUSSELS Euro zone annual inflation rose in February by 2.0 percent, in line with market expectations, on a surge in energy prices as the bloc''s unemployment rate remained stable, estimates from the European Statistics office showed on Thursday.Inflation in the 19 countries sharing the euro accelerated to 2.0 percent year-on-year in February, Eurostat estimated, up from 1.8 percent in January, meeting the European Central Bank''s medium-term target of below, but close to 2 percent.But core inflation, which excludes volatile prices of energy and unprocessed food and at which the ECB looks in its policy decisions, was stable at 0.9 percent year-on-year in February, suggesting no immediate change to the central bank''s bond buying programme.Consumer prices went up mostly because of a surge in energy prices that rose 9.2 percent in February, accelerating from 8.1 percent the previous month.Prices for food, alcohol and tobacco went up by 2.5 percent in February, Eurostat estimated. In the services sector, the largest in the euro zone economy, prices rose 1.3 percent in February, accelerating from 1.2 percent in January.Eurostat''s flash estimate for the month does not include a monthly calculation.The increase in consumer prices mirrored a rise in industry prices.In a separate release, Eurostat said on Thursday producer prices rose 0.7 percent in January on the month and 3.5 percent year-on-year, more than market expectations of a 0.6 percent monthly rise and a 3.2 percent increase on the year.As for consumer prices, the rise in producer prices was driven mostly by energy prices that increased 1.8 percent month-on-month, and 9.7 percent on a yearly basis.Unemployment in the euro zone remained stable in January at a rate of 9.6 percent, Eurostat said on Thursday in a separate release.(Reporting by Francesco Guarascio; editing by Robert-Jan Bartunek)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/eurozone-economy-inflation-idINKBN16913R'|'2017-03-02T07:06:00.000+02:00'
'c6e70ebc5c4d12c8504a7494928febec575d8246'|'UPDATE 1-Mexico economy minister to meet with Ford, GM in Detroit'|' 47pm EST   (Adds economy ministry comments, background) MEXICO   Economy Minister Ildefonso Guajardo will also meet with auto parts makers that have operations in Detroit and Mexico, the ministry said in a statement. He will discuss the state of U.S.-Mexico trade and the future of the North American Free Trade Agreement (NAFTA), the ministry said. Trump has vowed to exit NAFTA, the 1994 accord that also includes Canada, if he cannot get better terms for the United States. On Tuesday, Foreign Minister Luis Videgaray said Mexico would only stay in NAFTA if it suited the nation and he rejected the imposition of any tariffs or quotas. The countries have yet to start formal negotiations. "Thanks to NAFTA, Mexico and Michigan have built a dynamic trade relationship," the ministry said, noting that Mexico was Michigan''s second biggest trade partner with more than $12 billion in exports to Mexico last year. (Reporting by Veronica Gomez; Editing by Jeffrey Benkoe)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-mexico-autos-idUSL2N1GF1HT'|'2017-03-03T02:47:00.000+02:00'
'54b9a43ede4e1fcf4213cfe8c8d9d87e888548e2'|'BRIEF-Edwards Lifesciences says UK patent court issues decision on transcatheter heart valves'|'  7:05am EST BRIEF-Edwards Lifesciences says UK patent court issues decision on transcatheter heart valves March 3 Edwards Lifesciences Corp * UK patent court issues initial decision * Edwards Lifesciences Corp says company is not changing its financial guidance * Edwards Lifesciences Corp - Edwards will promptly request an appeal on specific aspects of decision * Edwards Lifesciences-patents court in uk determined one of boston scientific''s patents related to seals for transcatheter heart valves valve is invalid * Edwards Lifesciences Corp - court''s decision does not affect commercial availability of sapien 3 valve * Edwards Lifesciences - boston scientific initiated litigation involves multiple patents in multiple venues, to yield court actions over extended period * Edwards Lifesciences Corp - patents court in uk has determined a second patent of Boston Scientific is valid and infringed Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-edwards-lifesciences-says-uk-paten-idUSFWN1GG0FG'|'2017-03-03T19:05:00.000+02:00'
'b8dfb21b308ac9fb7e5a711b54ef47d8e749910e'|'Moody''s lowers outlook on U.S. telecom industry amid price war'|' 23pm EST Moody''s lowers outlook on U.S. telecom industry amid price war By David Shepardson - WASHINGTON, March 2 WASHINGTON, March 2 Moody''s credit rating agency lowered its outlook for the U.S. telecommunications industry to negative from stable on Thursday amid growing price competition for wireless services. Moody''s vice president and senior credit officer Mark Stodden forecast in a report that U.S. aggregate wireless industry cash flows would fall by 2 percent in 2017. Analysts have said that the industry''s push to compete on unlimited data plans could hurt profit margins, putting more pressure on carriers to control costs. In a shift in the price wars among the four biggest U.S. wireless carriers, Verizon Communications Inc last month said it would once again offer an unlimited pricing plan. Verizon, the biggest U.S. wireless carrier, would be making the offer for the first time in more than five years. AT&T Inc , T-Mobile US and Sprint Corp all responded by sweetening their existing unlimited data plans. The Moody''s Corp report said T-Mobile''s strategy has "pushed its bigger peers to an unhealthy level of competition" and said the expansion of unlimited data plans would reduce the industry''s long-term revenue growth potential. At the same time, the new data plans will prompt more data usage and require more capital spending by carriers, Moody''s said, predicting a 7 percent growth in capital investment to fund network traffic volumes this year. The report predicts flat aggregate industry cash flow in 2018 after strong cash flows in 2015 and 2016. The shift is "in response to competitive pressures, with Verizon and AT&T now responding more deliberately, particularly to T-Mobile’s relentless marketing and expanding market share." Stodden also said cable firms could pose an additional threat. Cable operators Comcast Corp and Charter Communications Inc have said they will launch wireless services on Verizon’s airwaves in 2017 and 2018, respectively. A tie-up of Sprint and T-Mobile "would reduce price pressure and provide a path back to aggregate industry cash growth," the report said. Moody''s puts the odds of Trump administration regulators approving a tie-up at around one in three. Reuters reported on Feb. 17 that SoftBank Group Corp is prepared to cede control of Sprint Corp to Deutsche Telekom AG''s T-Mobile to clinch a merger of the two U.S. carriers, citing people familiar with the matter. SoftBank has not yet approached Deutsche Telekom to discuss any deal because U.S. regulators imposed strict anti-collusion rules during an airwaves auction. After the auction ends in April, the parties are expected to begin negotiations. In 2014, SoftBank abandoned talks to acquire T-Mobile for Sprint amid opposition from U.S. regulators. (Reporting by David Shepardson in Washington and Anjali Athavaley in New York; editing by Grant McCool)   Moody''s whistleblower loses lawsuit, cannot share in $864 mln settlement NEW YORK, March 2 A federal judge on Thursday dismissed a whistleblower lawsuit by a former Moody''s Investors Service managing director and said he deserves none of the $863.8 million that Moody''s agreed to pay to settle claims it inflated mortgage ratings prior to the 2008 financial crisis.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-telecoms-moodys-idUSL2N1GF1A1'|'2017-03-03T01:23:00.000+02:00'
'222dcd11cd0cf074992ec64ff52ad93fe0bab75f'|'China February service sector growth slows to four-month low as competition gets fierce - Caixin PMI'|'  2:03am GMT China February service sector growth slows to four-month low: Caixin PMI A basket vendor walks past red lanterns serving as decorations to celebrate the new year outside a shopping mall in Kunming, Yunnan province January 6, 2015. REUTERS/Stringer BEIJING, Activity in China''s services sector expanded at the slowest pace in four months in February, with new business still growing at a solid rate but increasing competition making it harder for companies to raise prices, a private survey showed. The findings echoed a similar softening in growth in China''s official services activity survey released on Wednesday, and contrasted with an unexpected pick-up in growth in its manufacturing sector as export orders rebounded. The February services PMI dipped to 52.6 in February on a seasonally adjusted basis, from 53.1 in January, the Markit/Caixin services purchasing managers'' index (PMI) showed. While it remained well above the 50-mark that separates expansion in activity from contraction on a monthly basis, it was the slowest rate of expansion since October. Any signs of flat-lining in services sector growth, which is more dependent on domestic demand, could indicate a slowdown in momentum for the economy overall. Some analysts say domestic demand growth already may have plateaued. That could put policymakers in a dilemma on how to meet ambitious growth targets while also containing financial risks created by years of debt-fueled stimulus. The central bank has gradually moved to a tightening bias in recent months, as a string of data showed the world''s second-largest economy was on steadier footing. The Chinese government will hold annual parliamentary meetings starting this weekend, where leaders will announce an economic growth target and other policy priorities, including potentially a slightly lower target for economic and money supply growth and an emphasis on managing debt risks. Though inflation in January rose to multi-year highs, the Caixin survey found that prices Chinese firms were able to charge their customers were little changed. Survey respondents said increased competition had restricted their pricing power, even as their input prices continued to rise, albeit at a slower pace. "Inflationary pressures seemed to have started to ease as price increases in both manufacturing and services continued to weaken," said Zhengsheng Zhong, Director of Macroeconomic Analysis at CEBM Group, in a note with the data. Service companies continued to add job at a solid pace, and remained optimistic about growth in the next 12 months. Caixin''s composite PMI covering both the manufacturing and services sectors rose to 52.6 in February from the previous month''s 52.2 as growth in the manufacturing sector accelerated. "The Chinese economy is expected to maintain the growth momentum in the first quarter of this year. But signs of weakening may emerge from the second quarter," said Zhong. (Reporting by Elias Glenn; Editing by Kim Coghill)   Trump confidence bounce may finally allow Fed to leave zero rates far behind CHICAGO A surge in business and consumer confidence during   first weeks in office has helped push the Federal Reserve toward its first sustained series of interest rate hikes in more than a decade, despite a dearth of firm policies from the administration.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-china-economy-pmi-factory-caixin-idUKKBN16A081'|'2017-03-03T08:50:00.000+02:00'
'0c3e48fb957b8b46289dde6a156d1d628262ce1f'|'Should I use a quick-property-sale company to speed up my move? - Money'|'Q I am relocating this year and it could be as early as April or May, so I will need to move at quite short notice. I have no plans to return to the area, so I am thinking about the best way to sell my house quickly. Do you have any advice for me please?I am worried about being able to sell at short notice. I don’t want to be in a position where I’m left unable to move because of things going wrong with the house sale. Would I be best off approaching a company who buys houses quickly? How do I find a reputable one?I’ve read that there are some companies that agree to buy your house, and then drop the price they are willing to pay at the very last minute, so I want to avoid those and any other dodgy companies. There are probably lots of other things I should be thinking about, too. Are there any alternative options you would advise I consider? TM A I wouldn’t rush to use a quick-sale company. Partly because I was distinctly unimpressed by the advert I saw for one last night and partly – and more importantly – because, according to the government’s impartial Money Advice Service , you would typically be looking at getting around 25% less than the market value of your home. This could be a real problem if that gives you less than you need to pay off what remains outstanding on your mortgage.The Money Advice Service also suggests you are right to be worried that a quick-sale company could reduce their offer at the very last minute. Even if they don’t have you teetering on the brink before reducing their initial offer, having looked at some of these companies’ websites, it appears that their process is not that different from the process for a conventional sale, so you could still have things going wrong despite the promise of a quick sale. On one of the sites that is admirably transparent about how it all works, for example, it says that first you will get an “in principle” offer, which may or may not go down following two valuation reports to produce their formal offer. However, this formal offer may have to be reduced again if the subsequent legal report and/or structural survey (which you are free to see) comes up with something such as a dodgy roof or structural problems – it could even withdraw completely from the purchase. This sounds to me remarkably like a buyer putting in an initial offer, then reducing it because they can’t get the mortgage they need and then bringing down their offer yet further because their survey has freaked them out.Before approaching a quick-sale company, it would make sense for you to ask three local estate agents for a valuation of your home, but also ask them what price would get you a quick sale. You will need this information even if you go down the quick-sale-company route, as it will help you decide if any offer is fair. The other thing to do is work out how quickly you really need to sell your current home. Could you afford to rent for a few months in your new location while your home remained unsold and you still had to be paying the mortgage on it? If the sums look tight, would your mortgage lender let you switch to a cheaper, interest-only mortgage once you have moved out and the house is on the market? If it turns out that you don’t need to rush a sale, you are likely to get a much better price for your home.Money Ask the experts: homebuying Mortgages features  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/mar/02/should-i-use-a-quick-property-sale-company-to-speed-up-my-move'|'2017-03-02T14:00:00.000+02:00'
'c032bc1dd53e948e29690a8cee038d30428fd75e'|'PepsiCo to close British plant, threatening nearly 400 jobs'|'Business News - Wed Mar 1, 2017 - 9:05am EST PepsiCo to close British plant, threatening nearly 400 jobs General view of Limited Edition Jamie Vardy Walkers crisps outside the King Power Stadium in Leicester, before the Leicester City v Chelsea match December 14, 2015. Action Images via Reuters/Carl Recine/Livepic/File Photo LONDON Food and drink firm PepsiCo plans to shut a Walkers crisp factory in northern England, the company said on Wednesday, putting almost 400 jobs at risk. PepsiCo, whose UK products include Walkers crisps, Pepsi Max soft drinks and Quaker porridge, said the plant closure at Peterlee, in County Durham in northern England, would affect 380 jobs. The company said the decision was nothing to do with Britain''s vote to leave the European Union last year, and that crisps currently produced at the site would be manufactured at other sites in Britain. "The changes we are proposing present significant productivity and efficiency savings crucial for ensuring the long-term sustainable growth of our business in the UK," Tracey Foster, Peterlee Manufacturing Director at PepsiCo UK said in a statement. She added that "no decisions will be made without first consulting employees and their representatives." The company employs almost 5,000 workers across 11 sites in Britain, including a factory in Leicester that producers Walkers crisps -- known in the United States as potato chips -- which is the largest crisp factory in the world. (Reporting by Alistair Smout, editing by Estelle Shirbon) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-pepsico-britain-jobs-idUSKBN1684LI'|'2017-03-01T21:05:00.000+02:00'
'4d6fe13d4f891bcc48134100f409edbbdc05fc5e'|'Exclusive: Merus Labs hires Rothschild to explore options - sources'|'Canadian specialty drugmaker Merus Labs International Inc ( MSL.TO ) has hired investment bank Rothschild & Co to explore strategic alternatives, including a potential sale of the company, people familiar with the matter said on Tuesday.The move makes Merus the latest specialty pharmaceutical company to explore its options after taking on a lot of debt to finance acquisitions and struggling to reign in costs, amid increasing pressure on drug prices and political uncertainty.Merus Labs has not yet started a process to sell itself, and there is no certainty that any transaction will occur, the people said, asking not to be identified because the deliberations are confidential.Merus Labs did not immediately respond to requests for comment. Rothschild declined to comment.Merus shares jumped as much as 12 percent in Toronto on the news, and were up 9 percent at C$1.20 in afternoon trading, giving the company a market capitalization of around C$130 million ($100 million).Toronto-based Merus Labs owns a suite of 12 products spanning therapeutic areas such as cardiology, urology, women''s health and infectious diseases.The company has grown rapidly in recent years through multiple acquisitions, buying drugs from large pharmaceutical companies like Sanofi SA ( SASY.PA ) and Novartis AG ( NOVN.S ). As a result, Merus had long-term debt as of the end of December of $131 million.Many of Merus'' deals have been focused on building out its presence in Europe, which has become the bulk of its sales.Merus has seen its stock decline by more than 60 percent since its highs in 2015, dropping in tandem with the broader specialty pharmaceutical industry, which has struggled in recent years amid concerns about U.S. companies'' ability to sustain regular drug price hikes.U.S. President Donald Trump has stated he will crack down on sharp price hikes in the drug industry, saying that some drugmakers are "getting away with murder" and suggesting that he wants to make the bidding process on drugs more competitive.However, Merus may be partially insulated from U.S. pricing drug pressures because so much of its sales come from Europe and Canada.The company''s stock took additional hits in 2016, after missing on earnings forecasts in multiple quarters.(Reporting by Carl O''Donnell in New York and Pamela Barbaglia in London; Additional reporting by John Tilak in Toronto; Editing by Chizu Nomiyama, Bernard Orr)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-merus-labs-m-a-idUSKBN1671ZN'|'2017-02-28T20:30:00.000+02:00'
'4f332eae62fad869a4d4d86a93d6bf8e5039940b'|'EU mergers and takeovers (March 1)'|'BRUSSELS, March 1 The following are mergers under review by the European Commission and a brief guide to the EU merger process:APPROVALS AND WITHDRAWALS-- Denmark''s Dong Energy, Australian investment bank Macquarie Group Ltd and Taiwanese chemicals company Swancor Ind Co Ltd to jointly acquire a Taiwanese offshore wind farm Formosa 1 Wind Power Co Ltd (approved Feb. 28)-- Investment group KKCG and Taiwanese technology company Hon Hai Precision Industry Co, which is also known as Foxconn, to set up a private equity fund (approved Feb. 22)NEW LISTINGS-- U.S. computer and printer maker Hewlett Packard to acquire South Korean group Samsung Electronics'' printer business (notified Feb. 28/deadline April 4)-- Japan''s Mitsubishi Chemical Group and Thai state-owned oil and gas company PTT Public Company Group to set up a joint venture (notified Feb. 28/deadline April 4/simplified)EXTENSIONS AND OTHER CHANGESNoneFIRST-STAGE REVIEWS BY DEADLINEMARCH 2-- Swiss-based chemicals group Ineos to acquire French chemical company Arkema''s Oxo-alcohols business (notified Jan. 26/deadline March 2)-- Japanese brewer Asahi Group Holdings Ltd to acquire Anheuser-Busch InBev''s beer businesses in central and eastern Europe (notified Jan. 26/deadline March 2)MARCH 8-- Canada Pension Plan Investment Board (CPPIB) to acquire minority stake and joint control along with Apax Partners over software development services provider GlobalLogic Holdings Ltd (notified Feb. 1/deadline March 8/simplified)-- UK tech company Micro Focus to acquire Hewlett-Packard Enterprise''s software business (notified Feb. 1/deadline March 8)MARCH 9-- U.S. aircraft component maker Rockwell Collins to acquire U.S. aircraft interior maker B/E Aerospace (notified Feb. 2/deadline March 9/simplified)MARCH 10-- Slovenian energy group Petrol to take majority stake in natural gas wholesaler Geoplin (notified Feb. 3/deadline March 10)MARCH 13-- Canada''s Public Sector Pension Investment Board (PSPIB) and Teachers Insurance and Annuity Association of America (TIAA) to acquire joint control of U.S. data centre operator Vantage Data Centers Holding Company (notified Feb. 6/deadline March 13/simplified)-- Finnish fibre materials company Ahlstrom to merge with Finnish specialty paper maker Munksjo (notified Feb. 6/deadline March 13)-- Private equity firms KKR and KSL Capital Partners IV to acquire joint control of U.S. hospitality operator Apple Leisure Group (notified Feb. 6/deadline March 13/simplified)-- French banking mutual group Credit Mutuel Arkea and private equity firm Bridgepoint to acquire joint control of French consultancy Groupe Primonial (notified Feb. 6/deadline March 13/simplified)-- Japan''s Mitsui Group to acquire a stake in UK train operator Group Anglia Rail Holdings from Dutch state-owned public transport firm Abellio (notified Feb. 2/deadline March 13/simplified)-- German engineering company Siemens to merge assets with Spain''s Gamesa to form the world''s largest wind turbine maker (notified Feb. 6/deadline March 13)MARCH 14-- U.S. asset manager The Blackstone Group to acquire German property developer Officefirst Immobilien AG (notified Feb. 7/deadline March 14/simplified)-- Private equity firm HIG Capital to acquire IT security products maker Infinigate Holding AG (notified Feb. 7/deadline March 14/simplified)MARCH 16-- Australian investment bank Macquarie Group and the UK''s National Grid to acquire joint control of National Grid''s gas distribution business (notified Feb. 9/deadline March 16)MARCH 17-- U.S. wireless carrier AT&T to acquire U.S. broadcaster and TV studio Time Warner (notified Feb. 10/deadline March 17/simplified)MARCH 20-- Private equity firms Advent International Corp and Bain Capital to jointly acquire German payment group Concardis (notified Feb. 13/deadline March 20/simplified)-- General Electric Co to acquire rotor blade maker LM Wind Power Holding'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eu-mergers-idINL5N1GE4FK'|'2017-03-01T10:52:00.000+02:00'
'89b75ae06df8b450400455fc497e173fefe2ad34'|'Lufthansa, Air France-KLM ask EU to develop strong law against Gulf carriers'|'Business News - Tue Feb 28, 2017 - 9:00pm GMT Lufthansa, Air France-KLM ask EU to develop strong law against Gulf carriers A Lufthansa aircraft moves on the tarmac of Riga International Airport in Riga, Latvia, December 21, 2016. REUTERS/Ints Kalnins By Julia Fioretti - BRUSSELS BRUSSELS The French and German flag carriers have urged the European Commission to counter what they say are unfair practices by Gulf airlines, seeking to influence the drafting of a new EU law. The CEOs of Lufthansa ( LHAG.DE ) and Air France-KLM ( AIRF.PA ) wrote to EU Transport Commissioner Violeta Bulc this week asking the Commission to define what practices amount to anti-competitive behaviour and providing for the limitation of traffic rights as a sanction. "The incredibly fast parallel expansion of the Gulf carriers in Europe for more than ten years has severely damaged European network carriers," the CEOs wrote in the letter. "Not acting would be short-sighted: short-term advantages for European consumers in the form of lower fares would only last until such time as European network airlines have been largely driven out of the market." European legacy carriers have been hit by the rapid growth of the main Gulf carriers - Emirates, Qatar Airways and Etihad - and shifting traffic flows to Asia. They have repeatedly accused the Gulf airlines of receiving illegal state subsidies - which the companies deny - and have asked the EU to do more to tackle the challenge. Lufthansa has started cooperating with Abu Dhabi-based Etihad. But the charge of unfair competition has not gone away, with Lufthansa CEO Carsten Spohr repeating earlier this month that he rejected subsidies as he signed a catering deal and maintenance project with Etihad. The letter said Lufthansa, Air France, KLM, Brussels Airlines, Swiss and Austrian Airlines have together had to terminate services to over 30 destinations in the Middle East, Asia and India in recent years. The Commission is working on a law enabling it to impose duties on non-EU airlines or suspend their flying rights if it finds they have harmed European airlines through unfair subsidies or discriminatory practices, a draft seen by Reuters showed. Lufthansa and Air France-KLM also asked the Commission to ensure that a reduction in state subsidies and increased financial transparency be the outcome of talks with Qatar on an air services agreement. "As the European Commission is offering a new EU-wide air services agreement to the State of Qatar, it needs to be with the explicit understanding that unfair competitive practices and subsidies need to be scaled down," the executives wrote. The Commission was given a mandate by member states to negotiate air services agreements with Qatar and the United Arab Emirates last year. So far, discussions have only started with Qatar. Such agreements set out where and how often foreign airlines can fly into the EU. (Reporting by Julia Fioretti Editing by Ruth Pitchford) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-aviation-lufthansa-airfrance-klm-idUKKBN1672JO'|'2017-03-01T04:00:00.000+02:00'
'd1d7f6baf5bdcb9ab80fe30d37904af0553869d8'|'Audi CEO steps down from Piech family foundation'|'  Audi CEO steps down from Piech family foundation Rupert Stadler, CEO of VW''s Audi luxury car division, delivers a speech during the opening of a new plant in San Jose Chiapa, in Puebla state, Mexico, September 30, 2016. REUTERS/Imelda Medina VIENNA/FRANKFURT Audi Chief Executive Rupert Stadler has stepped down from leadership roles at the Piech family foundation, Austrian company filings showed. Stadler was a close confidant of former Volkswagen ( VOWG_p.DE ) Chairman Ferdinand Piech, having worked as Piech''s chief of staff before rising to the post of Audi CEO. Company filings showed that Stadler no longer works for the Ferdinand Karl Beta Privatstiftung, and has also stepped down from the Ferdinand Karl Alpha Privatstiftung. Stadler''s exit from the foundation was requested on Feb. 3, 2017, the filings showed. (Reporting by Francois Murphy and Ilona Wissenbach; Writing by Edward Taylor; Editing by Maria Sheahan)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-volkswagen-emissions-audi-ceo-idUKKBN16A0VT'|'2017-03-03T16:31:00.000+02:00'
'7e75636ab06cd5c6bd1148690f0c9ea2d501897a'|'MOVES-Credit Agricole, Aon Hewitt, KPMG, LEBC Group, Macquarie Investment'|'March 2 The following financial services industry appointments were announced on Thursday. To inform us of other job changes, email moves@thomsonreuters.com.CREDIT AGRICOLE SAIvan Hrazdira has been appointed managing director, global sponsor of US dollar debt capital markets, at Credit Agricole''s corporate and investment bank.AON HEWITTThe unit of Aon Plc said Tim Gardener joined its investment consulting team as a partner.KPMGThe accounting and consulting firm named Bill Michael as its new chair-elect in the UK.LEBC GROUPThe UK-based financial consultancy said it appointed Kay Ingram to a new post of director of public policy.MACQUARIE INVESTMENT MANAGEMENTThe asset management arm of Macquarie Group Ltd appointed Gyula Toth as senior investment manager in its global multi-asset team.N+1 SINGERThe British corporate advisory and broker firm appointed Michael Taylor as managing director of corporate broking.PEEL HUNTThe UK-based brokerage firm said it appointed Rory James-Duff as director of equity capital markets, effective immediately.LEGAL & GENERALThe insurer has hired Paul Miller, currently head of Europe, Middle East and Africa insurance in the investment banking division at Goldman Sachs, as group strategy and merger and acquisitions director.(Compiled by Sruthi Shankar in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/financial-moves-idINL3N1GF47V'|'2017-03-02T10:49:00.000+02:00'
'aaf68919e19c39c024c29e4be9183fc11d984fe2'|'EU mergers and takeovers (March 2)'|'BRUSSELS, March 2 The following are mergers under review by the European Commission and a brief guide to the EU merger process:APPROVALS AND WITHDRAWALS-- Canada''s Public Sector Pension Investment Board (PSPIB) and Teachers Insurance and Annuity Association of America (TIAA) to acquire joint control of U.S. data centre operator Vantage Data Centers Holding Company (approved March 1)-- Japanese brewer Asahi Group Holdings Ltd to acquire Anheuser-Busch InBev''s beer businesses in central and eastern Europe (approved March 1)-- Private equity firms KKR and KSL Capital Partners IV to acquire joint control of U.S. hospitality operator Apple Leisure Group (approved March 1)-- Japan''s Mitsui Group to acquire a stake in UK train operator Group Anglia Rail Holdings from Dutch state-owned public transport firm Abellio (approved March 1)NEW LISTINGSNoneEXTENSIONS AND OTHER CHANGESNoneFIRST-STAGE REVIEWS BY DEADLINEMARCH 2-- Swiss-based chemicals group Ineos to acquire French chemical company Arkema''s Oxo-alcohols business (notified Jan. 26/deadline March 2)MARCH 8-- Canada Pension Plan Investment Board (CPPIB) to acquire minority stake and joint control along with Apax Partners over software development services provider GlobalLogic Holdings Ltd (notified Feb. 1/deadline March 8/simplified)-- UK tech company Micro Focus to acquire Hewlett-Packard Enterprise''s software business (notified Feb. 1/deadline March 8)MARCH 9-- U.S. aircraft component maker Rockwell Collins to acquire U.S. aircraft interior maker B/E Aerospace (notified Feb. 2/deadline March 9/simplified)MARCH 10-- Slovenian energy group Petrol to take majority stake in natural gas wholesaler Geoplin (notified Feb. 3/deadline March 10)MARCH 13-- Finnish fibre materials company Ahlstrom to merge with Finnish specialty paper maker Munksjo (notified Feb. 6/deadline March 13)-- French banking mutual group Credit Mutuel Arkea and private equity firm Bridgepoint to acquire joint control of French consultancy Groupe Primonial (notified Feb. 6/deadline March 13/simplified)-- German engineering company Siemens to merge assets with Spain''s Gamesa to form the world''s largest wind turbine maker (notified Feb. 6/deadline March 13)MARCH 14-- U.S. asset manager The Blackstone Group to acquire German property developer Officefirst Immobilien AG (notified Feb. 7/deadline March 14/simplified)-- Private equity firm HIG Capital to acquire IT security products maker Infinigate Holding AG (notified Feb. 7/deadline March 14/simplified)MARCH 16-- Australian investment bank Macquarie Group and the UK''s National Grid to acquire joint control of National Grid''s gas distribution business (notified Feb. 9/deadline March 16)MARCH 17-- U.S. wireless carrier AT&T to acquire U.S. broadcaster and TV studio Time Warner (notified Feb. 10/deadline March 17/simplified)MARCH 20-- Private equity firms Advent International Corp and Bain Capital to jointly acquire German payment group Concardis (notified Feb. 13/deadline March 20/simplified)-- General Electric Co to acquire rotor blade maker LM Wind Power Holding'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eu-mergers-idINL5N1GF63V'|'2017-03-02T12:40:00.000+02:00'
'11a622fb50457b40690ef3761ec4bf1408a80f9f'|'Reuters Poll: Trump administration''s dollar policy not clear - FX strategists'|'Foreign Exchange Analysis - Thu Mar 2, 2017 - 10:47am EST Reuters poll: Trump administration''s dollar policy not clear - FX strategists U.S. President Donald Trump looks up while hosting a House and Senate leadership lunch at the White House in Washington, U.S. March 1, 2017. REUTERS/Kevin Lamarque By Rahul Karunakar The Trump administration''s dollar policy is not clear, and further near-term strength will depend mainly on the speed of Federal Reserve interest-rate hikes, according to a majority of foreign exchange strategists polled by Reuters. Since 2017 began, uncertainty over U.S. President Donald Trump''s economic policies has whipsawed the dollar, but continued promises of fiscal stimulus, without details, have sent stock markets to set record highs at breakneck speed. There has also been widespread confusion over whether the White House prefers a strong dollar, which analysts say is where its proposed policies logically lead. "We think the market is getting rather tired of the U.S. administration''s flamboyant rhetoric and needs considerable clarity," said Vasileios Gkionakis, global head of FX strategy at UniCredit. While on the campaign trail Trump voiced his preference for a weaker exchange rate, new U.S. Treasury Secretary Steven Mnuchin said a stronger dollar reflected confidence in the government''s policies, even though they would probably have a limited impact this year. "The Trump administration prefers a weak dollar, but its proposed policies - namely, fiscal expansion, limits on imports, and border taxes - will tend to make the dollar stronger," said William Adams, senior international economist at PNC Financial Services in Pittsburgh. That has left more than 80 percent of the poll''s more than 60 strategists saying the dollar policy is not clear. UniCredit''s Gkionakis said Trump and Mnuchin had indicated they wanted their tax proposals to pass by August. "At some point, President Trump will need to put his money where his mouth is," Gkionakis said. "Without clarity on the size, shape and timing of his ''phenomenal'' plans, the market will become impatient, and the USD will see major headwinds." After starting the year with its worst performance in three decades, the dollar has retraced some of those losses. It hovered near a seven-week high on Thursday on increasing bets that the Fed is seriously considering raising interest rates this month. UPSIDE OR DOWNSIDE RISKS? That was reflected in the consensus in the latest Reuters poll taken over the past week, which showed moderate further gains for the dollar against most major currencies. Asked about the risks to dollar predictions over the coming year, analysts were nearly split. Twenty-nine of 56 who answered said risks skewed more to the upside, and 27 said they tilted to the downside. Before the January dollar sell-off, a strong majority of strategists were convinced the risks were more to the upside. Fed officials over the past few days have suggested rates need to go up sooner rather than later to avoid falling behind the curve on inflation in the face of proposed aggressive economic fiscal stimulus from Trump''s administration. That resulted in a huge swing in market expectations for a March rate hike, from around 30 percent at the start of the week to roughly 70 percent on Thursday. Several Fed policymakers have also warned that with the economy at a late stage of the recovery cycle, any expansive fiscal policy could result in a faster-than-expected pace of rate increases. But almost three-fourths of the 59 strategists who answered an extra question said the near-term risks to their dollar predictions were skewed more to the downside if the promised fiscal stimulus is delayed to next year. Currency speculators have increased outright bullish bets for the U.S. dollar for the first time in seven weeks, at the expense of the euro, according to the latest data. While economic data suggests the euro zone economy is performing well, the currency has come under pressure in recent weeks. Concerns that anti-European Union candidate Marine Le Pen could win the French presidential election in May and deliver a fatal blow to the euro project have pushed the single currency lower, as has a growing interest-rate gap between the region and the United States. The latest Reuters poll consensus is for the euro to drift lower against the dollar to $1.04 in six months. Respondents then expect it to weaken to $1.03 in a year, a fall of almost 2 percent from $1.05 on Thursday. Data on Thursday showed euro zone inflation rose to 2.0 percent in February, as expected, on higher energy prices, meeting the European Central Bank''s target. But with core inflation still stuck well below the central bank''s target and significant risk of political upsets in upcoming elections in key euro zone countries, strategists expect the ECB to remain on the sidelines. (Analysis by Sujith Pai; Polling by Vartika Sahu; Editing by Ross Finley and Lisa Von Ahn) Next In Foreign Exchange Analysis Sterling set for slow burn through initial EU divorce proceedings: Reuters poll LONDON The battered British pound is set for a slow burn lower along with diminished growth prospects once the UK government triggers official proceedings for divorce from the European Union as it is expected to do later this month, a Reuters poll found.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/uk-forex-poll-dollar-idUSKBN16927I'|'2017-03-02T22:40:00.000+02:00'
'c218afb1e247b88e8ab4e7fc0289cd613c493b14'|'Philippine court denies regulator chance to review $1.5 billion telco deal'|'MANILA A Philippines appeals court has affirmed its order preventing the competition regulator from reviewing a $1.5 billion telecoms deal, a move that could strengthen the telecoms duopoly and further stymie foreign interest in the sector.The country''s two largest telecom firms, PLDT Inc and Globe Telecom Inc, last year acquired from San Miguel Corp a 700 megahertz spectrum network, prized for its wider reach and compatibility with fourth-generation (4G) telecommunications services.The Court of Appeals in August agreed to a request by PLDT, which runs cellphone operator Smart, to stop the Philippine Competition Commission (PCC) from reviewing the sale. The PCC said the deal did not follow correct procedures.The PCC filed a petition, but the court said it lacked merit, according to its Feb. 17 decision, news of which came out on Friday.The move against the PCC casts doubts on whether tough-talking President Rodrigo Duterte will deliver on his pledge to liberalize telecoms, which he has identified as among several sectors controlled by oligarchs with firms offering substandard services to consumers at high prices.Mid last year Duterte singled out the telecoms duopoly for failing to improve their services and gave them a year to shape up, or he would open the sector up.But that is complex, as telecoms is subject to a constitutional clause that limits foreigners to only 40 percent ownership of domestic telecoms company, a disincentive for foreign firms to invest in a fast-growing market of 100 million people.Critics say the $1.5 billion spectrum purchase by Globe and PLDT was more about keeping out competition than improving bandwidth. The two companies vehemently reject that and say they welcome competition and are making every effort to boost services.The Philippines is considered by experts to have some of the world''s worst telecoms services and businesses and consumers complain about intermittent data, dropped calls and poor cellular coverage, even in cities.To get around the problems, many Filipinos carry two phones, one for Globe and another Smart. Though there are two other operators, budget outfits TM and TNT are owned by Globe and Smart respectively, and use their parents'' networks.PCC said it could not comment on the decision due to a gag order the court had enforced.(Editing by Martin Petty and Stephen Coates)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-pldt-globe-telecom-antitrust-idUSKBN16A0FE'|'2017-03-03T08:29:00.000+02:00'
'6306b305a9aa91648a32745bb73ba010186b448c'|'UPDATE 2-Arconic names former UTC exec to board amid proxy fight with Elliott'|'(Adds Elliott statement)By Ankit Ajmera and Michael FlahertyMarch 2 U.S. specialty metals maker Arconic Inc said on Thursday it appointed former United Technologies Corp executive David Hess as an independent director on its board amid a proxy battle with hedge fund Elliott Management Corp.Arconic said Hess, formerly chief customer officer of aerospace at UTC, would replace advertising agency WPP''s chief executive, Martin Sorrell, who will not stand for board re-election.Arconic has been under pressure from activist hedge fund Elliott Management Corp, which last week stepped up pressure for Chief Executive Klaus Kleinfeld''s ouster after raising its stake in the company to about 13 percent."The Board has proffered nothing more than a handful of inadequate and long-overdue corporate-governance half-measures, taken only grudgingly and under the pressure of an ongoing proxy contest," an Elliott spokesman said in an emailed statement.The statement repeated the hedge fund''s call for new board directors "with a mandate for change." Elliott has made clear in previous letters and releases that it wants the removal of Kleinfeld as the company''s CEO.The creation of New York-based Arconic as a publicly traded company started in September 2015, when Kleinfeld, then the CEO of Alcoa, said the company would separate its lucrative parts businesses from the volatile raw aluminum business.The spinoff came at a time when aluminum prices were near historic lows, which forced Alcoa to reduce its refining and smelting capacity and sharpen its focus on the fast-growing aerospace and automotive products businesses now part of Arconic.Arconic began trading on the New York Stock Exchange last November with Kleinfeld as its CEO. It has a market worth of more than $10 billion.Arconic''s 12-member group of independent directors put its weight behind Kleinfeld on Thursday, saying in a separate statement that it took Elliott''s concerns "very seriously", but that it remains unanimously convinced in Kleinfeld''s ability to run the company.Arconic said on Thursday it would ask shareholders to approve a proposal to declassify its board structure. Declassification is viewed as a shareholder-friendly move that ensures that the entire board is held accountable by investors every year.A classified, or staggered board, has different classes of directors coming up for re-election at different times.If the declassification proposal does not win the required shareholder vote, Arconic''s board would take steps to ensure all directors are subject to annual elections by no later than its 2018 shareholder meeting, the company said. (Reporting by Ankit Ajmera and Michael Flaherty; Editing by Sai Sachin Ravikumar and Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/arconic-board-idINL3N1GF4PL'|'2017-03-02T19:23:00.000+02:00'
'2d934186e021be851e8c559a3933b57c123f2567'|'European shares drop on weaker updates, WPP and Berendsen slump'|' 50am EST European shares drop on weaker updates, WPP and Berendsen slump LONDON, March 3 European shares slipped in early trading on Friday following some poor company updates, with WPP falling after painting a cautious picture about its outlook and Berendsen plunging following disappointing results. The pan-European STOXX 600 was down 0.4 percent by 0822 GMT. However, the benchmark index is up more than 1 percent so far this week and headed for a positive weekly close. Germany''s DAX was down 0.5 percent, also pressured by data showing retail sales fell unexpectedly in January. WPP shares were down 5.8 percent after the world''s largest advertising group said it had seen a relatively slow start to 2017 and would plan conservatively for the year ahead after hitting its 2016 target for net sales growth. Workwear and hygiene company Berendsen slumped 16 percent, the biggest decliner in the STOXX 600 index, after its financial results and outlook statement. The company said the first half will continue to be impacted by legacy operations in the United Kingdom. On the positive side, Gemalto shares rose 6.8 percent, top gainers in the STOXX 600 index, after the digital security company said its profits from operations rose 7 percent in 2016. (Reporting by Atul Prakash; Editing by Hugh Lawson)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL5N1GG196'|'2017-03-03T15:50:00.000+02:00'
'd2c0005b65612f6a643736f231aef0d5e1b2e87e'|'Japan''s SMFG, Resona agree to combine three regional lenders'|'By Thomas Wilson and Taiga Uranaka - TOKYO TOKYO Japan''s Sumitomo Mitsui Financial Group Inc (SMFG) and Resona Holdings Inc said on Friday they have agreed to combine their regional banks in the face of tough market conditions that are widely expected to worsen.The pair plan to set up a holding company for their three regional banks, they said in a statement. The holding company will be a consolidated subsidiary of Resona, they said.The total assets of the three banks - SMFG''s Kansai Urban Banking Corp and Minato Bank Ltd, and Resona''s Kinki Osaka Bank - was 11.4 trillion yen ($99.88 billion) at end-March last year.For SMFG, Japan''s third-largest lender by assets, having low-profit regional banks has become costly as it has to take their standing into account when meeting stricter global bank capital requirements.SMFG said separately it would sell 37.2 million of its own shares in a secondary offering.There are just over 100 regional banks in Japan. They have suffered from ultra-low interest rates for years, and face the prospect of a rapidly aging population weighing heavily on local economies.In an unusually frank call for bolder steps to deal with the crowded regional banking sector, the governor of the central bank recently said mergers and consolidation may be among options for financial institutions to boost profit while interest rates are so low.Japan''s biggest lenders are disposing of regional banks to shift resources to more profitable businesses such as overseas loans.In 2015, Mitsubishi UFJ Financial Group Inc agreed to sell Osaka-based Taisho Bank to Tomony Holdings Inc, a banking group based in the western island of Shikoku.(Reporting by Thomas Wilson and Taiga Uranaka; Editing by Stephen Coates and Christopher Cushing)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-japan-banks-m-a-idINKBN16A0NE'|'2017-03-03T04:48:00.000+02:00'
'a92f7c7dc380ed2de7812a323e87b4f33c475497'|'BRIEF-Peekaboo Beans announces U.S. expansion and $6 mln financing'|' 18am EST BRIEF-Peekaboo Beans announces U.S. expansion and $6 mln financing March 3 Peekaboo Beans Inc * Peekaboo Beans announces U.S. expansion and $6m financing * Peekaboo Beans Inc - Company will issue up to 6.7 million units of company at a price of $0.75 per unit * Peekaboo Beans Inc - Intends to use proceeds from offering and non-brokered offering for U.S. expansion and expanding operations in Eastern Canada * Peekaboo Beans - Plans to expand independent sales network into United States; anticipated that Peekaboo Beans will initially launch in fall 2017   Further  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-peekaboo-beans-announces-us-expans-idUSASB0B3O7'|'2017-03-03T21:18:00.000+02:00'
'bac56ee304b533b7bc571d26cdb71f0c0dcf8182'|'Answers Corp files for bankruptcy to cut $471 mln in debt'|'Company News  55pm EST Answers Corp files for bankruptcy to cut $471 mln in debt March 3 Answers Corp, which owns the Answers.com and Multiply websites, filed for Chapter 11 bankruptcy on Friday with a plan to swap ownership of the company to creditors who are owed about $540 million, according to court documents. Answers was acquired by Apax Partners, a European private equity firm, for about $900 million in 2014. The company''s namesake website offers user-generated answers on a range of topics, such as "how can you cook a cucumber?" and "does mercury in a thermometer go bad?" The company rebranded itself last year as Multiply, a "fan engagement platform" that connects celebrities and their followers. St Louis-based Answers also owns ForeSee, which provides customer surveys, and Webcollage, a platform for website publishing. Under the company''s plan, Answers will lower its debt by $471 million, according to documents filed in Manhattan''s U.S. Bankruptcy Court. The plan has already been approved by 98 percent of Answers creditors. (Reporting by Tom Hals in Wilmington, Delaware; Editing by Bill Rigby) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/answers-bankruptcy-idUSL2N1GG1HL'|'2017-03-04T03:55:00.000+02:00'
'9715a9d7f1e6d9fcfec50198a78c61f432359f2c'|'Mantle Ridge nears deal to install Harrison as CSX CEO -sources'|'March 3 CSX Corp is nearing a deal with one of its largest investors, activist hedge fund Mantle Ridge LP, to sign up veteran railroad executive Hunter Harrison as the U.S. railroad company''s CEO, people familiar with the matter said on Friday.Talks between CSX''s board and Mantle Ridge have been advancing, the people said, getting closer to a deal that could be announced as early as next week. Final details, however, are still being worked out, and the talks may end unsuccessfully, the people added.The sources asked not to be identified because the negotiations are confidential. CSX, Mantle Ridge and Harrison all declined to comment.CSX and Mantle Ridge have been locked in a battle over Harrison''s contract as well as the investor''s intent on shaking up the company''s board.Mantle Ridge owns 4.9 percent of the company, according to a letter the firm published last month.CSX announced last month that CEO Michael Ward was stepping down, effective on May 31. CSX''s stock has surged more than 30 percent since January, when news first appeared that Harrison was planning to leave his CEO slot at Canadian Pacific to seek the top job at CSX.Harrison would become CEO under a four-year contract, Bloomberg News reported earlier on Friday - which would mark a victory for Mantle Ridge, whose founder Paul Hilal had argued that the company''s preference of a two-year deal was not long enough.Reuters first reported in late January that a portfolio manager at Neuberger Berman LLC, which owned 1.2 percent of CSX shares as of Sept. 30 and is the company''s tenth-largest shareholder, had thrown her support behind a plan to put Harrison into CSX''s CEO chair with the help of Mantle Ridge.CSX has called for a special meeting for shareholders to vote on Harrison''s proposed compensation package and for the board seats that Mantle Ridge is seeking. Bloomberg said on Friday that the company still planned to hold the vote even if Harrison is installed next week. (Reporting by Michael Flaherty in New York, editing by G Crosse)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/csx-shareholders-ceo-idINL3N1GG4UM'|'2017-03-03T19:40:00.000+02:00'
'9ea7faba9dad5442b34aecbf3f6bdf3188758ba3'|'Global market-cap hits an all-time high'|'LONDON The total value of global stock markets surpassed its previous May 2015 peak to hit a new record, according to Thomson Reuters data, as investors continued to pump money into equities on hopes of a pick-up in growth, inflation and corporate profits.World stock markets have added more than $4 trillion in value since Trump''s election with about half of that coming from U.S.-listed stocks alone. The total value of global stocks stood at $56.7 trillion as of Wednesday''s close.Chart: reut.rs/2mcp7T1Stocks in sectors most geared to the economic cycle, such as mining companies and industrials, have been the biggest drivers of the rally since last summer on hopes of a global infrastructure push. Bank stocks also soared as bond yields rose.While the rally has taken market valuations above long-term averages, some analysts say there is scope for more gains as investors on the sidelines come back to stocks."We think the market still has the potential to move higher as investors capitulate into equities; note that the ''Great Rotation'' out of fixed income into equities has yet to happen," said analysts at Bank of America-Merrill Lynch.(Reporting by Vikram Subhedar and Thyagaraju Adinarayan; Editing by Catherine Evans)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/global-stocks-mcaps-idINKBN1691GW'|'2017-03-02T08:56:00.000+02:00'
'bb7bab0bd57374014a20f8ddb30a407d59fc40d2'|'MOVES-Legal & General hires M&A director Goldman Sachs'|'LONDON, March 2 Insurer Legal & General has hired Paul Miller, currently head of Europe, Middle East and Africa insurance in the investment banking division at Goldman Sachs, as group strategy and merger and acquisitions director.Miller will report directly to Nigel Wilson, L&G chief executive, the company said in a statement on Thursday. He will start in the newly-created position in June, it added.Legal & General is one of Britain''s biggest insurers and its fund management arm has 850 billion pounds ($1.05 trillion) in assets under management.L&G''s M&A strategy is focusing on "bolt-on" acquisitions, an L&G spokesman said.L&G has said it is interested in acquiring books of annuities which are closed to new customers. It bought a 3 billion pound annuity book from Dutch insurer Aegon last year.Analysts also expect more consolidation in the asset management business after UK asset manager Henderson bought U.S. rival Janus last year in an all-share $6 billion deal. ($1 = 0.8133 pounds) (Reporting by Carolyn Cohn; editing by Simon Jessop)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/legal-general-moves-idINL5N1GF25X'|'2017-03-02T06:10:00.000+02:00'
'7b92acea9acfeddf899b041e0cf55747d0c7e4fe'|'BRIEF-Aeroplan announces newly expanded agreement with Avis Budget Group'|' 05am EST BRIEF-Aeroplan announces newly expanded agreement with Avis Budget Group March 2 Aeroplan : * Newly expanded agreement with Avis Budget Group * Members can now earn, redeem Aeroplan Miles on all car rentals in Canada, U.S., internationally with Avis Car Rental and Budget Car Rental * Members will be able to earn and redeem miles with Payless Car Rental in coming months Source text for Eikon:   EMERGING MARKETS-LatAm stocks, currencies drop on bets of U.S. rate hike By Bruno Federowski SAO PAULO, March 2 Latin American stocks and currencies fell on Thursday on growing expectations of a March U.S. interest rate increase that could reduce the allure of high-yielding assets. Several Federal Reserve officials have stressed in recent days that a rate hike could come as soon as this month. Late on Wednesday, Fed Governor Lael Brainard said an improving global economy and a solid U.S. recovery mean a raise will be "appropriate soon."'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-aeroplan-announces-newly-expanded-idUSFWN1GF0RI'|'2017-03-02T23:05:00.000+02:00'
'2be819af26d305dab6c018c76385cafa7c48aa73'|'Donald Trump has made rookie mistakes – he must change his approach - Business'|'T he first few weeks of Donald Trump’s presidency have contained what felt like a year’s worth of activity and rancour. The US media is “all Trump, all the time” – and they’ve had plenty of fuel. Amid Trump’s initial moves to “shake up” Washington, DC, including a five-year lobbying ban and approvals of pipelines that Barack Obama had blocked, he has made some serious – and avoidable – mistakes.Trump is far from the first president to arrive in the White House planning to shake things up. Jimmy Carter tried, but immediately ran afoul of his own party’s leadership in Congress – and subsequently struggled to get anything accomplished. For example, Congress turned his proposed tax cut for dividends into one for capital gains.Carter’s successor, Ronald Reagan, was far more successful in pushing through tax-cutting reforms, as well as advancing the military buildup that helped win the Cold War. But he was unable to rein in spending.Will Trump build a wall protecting US banks from global rules? - Howard Davies Read more Bill Clinton attempted to remake America’s healthcare system. He failed, leading to a stunning loss for Democrats in the 1994 midterm congressional elections. People complain about disorder in the Trump administration, but Clinton’s White House was so disorganised that he had to bring in Leon Panetta as chief of staff and David Gergen as a communications counsellor to right the ship.Now, it is Trump’s turn to attempt a shakeup, and he is approaching it differently than his predecessors. But Trump can’t change the rules of the game singlehandedly; he must work within the constraints of the US government’s many mediating institutions and strong system of checks and balances.Many of Trump’s policy priorities – including tax reform, some deregulation, a military buildup, infrastructure spending and the repeal and replacement of the Affordable Care Act – will require legislation. That means assembling winning congressional coalitions. Many who support, say, tax cuts and deregulation will oppose his spending increases and demand entitlement reform.Trump will also have to deal with courts, which already ruled against his early executive order to bar entry to the US by anyone from seven Muslim-majority countries. But his rebuke of the courts and judges who struck down his travel ban paled in comparison to Obama’s attack on the supreme court during his 2010 state of the union address. And neither amounted to a “threat to democracy” when compared to President Franklin D Roosevelt’s proposal to pack the supreme court with additional justices who would uphold his economic programme.Time will tell if Trump and his team develop the skill and patience to work effectively within the system they ran against, accepting compromises to achieve success. (The last major tax reform took two years.) Carter did not, and failed; Reagan often did, and succeeded. Clinton eventually found success, too, by cooperating with congressional Republicans to reform welfare and balance the budget.On foreign affairs, however, the US president has substantial authority. Trump has discomfited some US allies, including by raising doubts about America’s commitment to Nato. His cabinet officials have recently sought to reassure those allies, while insisting that they address defence-spending shortfalls. In any case, Trump’s initial meetings with the leaders of the United Kingdom, Japan, Canada, and Israel were positive.On trade, Trump’s statements have also been somewhat disconcerting. Beyond withdrawing from the Trans-Pacific Partnership, he has suggested renegotiating the North American Free Trade Agreement and threatened to impose high tariffs on Chinese imports. But Congress may push Trump toward a more moderate approach. Recall that Obama also campaigned against Nafta.To be sure, Trump is right that better adjustment mechanisms for America’s left-behind blue-collar workers are long overdue. But trade, on balance, has done much more good than harm, and the overwhelming majority of manufacturing-job losses in the developed world have resulted from technological advances like automation.Fortunately, Trump has a strong team in place to help navigate complex foreign-policy issues. He has made some excellent cabinet choices, including three I know well: secretary of defense James Mattis, secretary of state Rex Tillerson and secretary of transportation Elaine Chao. These are intelligent people with great integrity, strong interpersonal skills and excellent management ability; they will tell Trump what he needs to hear. Trump’s supreme court nominee, Neil Gorsuch, has been widely praised.Trump’s blunders, so far, strike me as rookie mistakes. He rushed the order on his travel ban, failing to vet it with the relevant departments. His first national security adviser, Michael Flynn, had to resign, after it emerged that he had misled Vice-President Mike Pence about discussing US sanctions with the Russian ambassador before Trump’s inauguration. Trump has tussled with the intelligence community over (illegally) leaked information.Trump delivers hyperbolic and even false statements more frequently than his predecessors. Such statements can sow uncertainty and division. His initial policy proposals and decisions may reflect his actual goals, but can also be presented in a particular way as a negotiating tactic or a media strategy. In any case, clearer communication would benefit Trump and the public alike.Some Democrats are now so enraged that they are demanding “total resistance”. Here in California, some are hysterically calling for the entire state to become an immigration sanctuary; there is even talk of secession. Senate Democrats, for their part, worked hard to delay approval of Trump’s cabinet nominations, undermining further the administration’s functioning. Hundreds of top positions still await nominees.Trump, like all presidents, wants to win. He knows that he must deliver results that improve people’s lives. Fortunately for him, the expectation that he will deliver relief from Obama’s regulatory stranglehold and high taxes on capital has, for now, buoyed stock markets, and the Democrats seem to be self-destructing.If Trump is to take full advantage of these trends to advance his reform agenda, he will need to give his cabinet a greater role in policy and improve coordination with and among White House staff. And he will need to turn his attention from courting controversy to advancing his policies. Otherwise, even his supporters will begin experiencing Trump fatigue.• Michael J Boskin is professor of economics at Stanford University and senior fellow at the Hoover Institution. © Project Syndicate US economy Project Syndicate economists Donald Trump Economics US politics comment  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/mar/02/donald-trump-mistakes-president'|'2017-03-02T15:59:00.000+02:00'
'ffe6e3df0500184c7ec37f8eebdefa3556d1a284'|'Spotify says it reaches 50 mln paid subscribers'|'Music  26pm EST Spotify says it reaches 50 million paid subscribers Headphones are seen in front of a logo of online music streaming service Spotify in this February 18, 2014 illustration picture. REUTERS/Christian Hartmann/File Photo Spotify said on Thursday it has reached 50 million paid subscribers, growing 25 percent in less than six months and extending the Swedish music streaming service''s lead over its closest rival, Apple Music. Spotify, which has not yet shown a profit as it spends to grow internationally, is considering a potential U.S. stock market listing, according to a February TechCrunch report. The Stockholm based company announced a major expansion in New York in February. [nL1N1G02EL] Spotify, one of Europe''s most highly valued venture-backed startups, will move its New York office to the World Trade Center from the Midtown area of Manhattan, adding more than 1,000 new jobs. Launched in 2008, Spotify had 40 million paid subscribers in September. Apple, which launched its music service less than two years ago, had about 20 million subscribers in December. In 2016, Americans used on demand streaming platforms, such as Spotify, to listen to 431 billion songs, Nielsen said in its U.S. year-end report. [nL1N1EV0YU] (Reporting by Ismail Shakil in Bengaluru; Editing by Sandra Maler) Next In Music News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-spotify-subscribers-idUSKBN16A067'|'2017-03-03T08:20:00.000+02:00'
'1d657b0089a3768358e6d7981acfae9fc1ea22d3'|'China February service sector growth slows to four-month low as competition gets fierce - Caixin PMI'|' 50am GMT China February service sector growth slows to four-month low as competition gets fierce - Caixin PMI A basket vendor walks past red lanterns serving as decorations to celebrate the new year outside a shopping mall in Kunming, Yunnan province January 6, 2015. REUTERS/Stringer BEIJING, March 3 Activity in China''s services sector expanded at the slowest pace in four months in February, with new business still growing at a solid rate but increasing competition making it harder for companies to raise prices, a private survey showed. The findings echoed a similar softening in growth in China''s official services activity survey released on Wednesday, and contrasted with an unexpected pick-up in growth in its manufacturing sector as export orders rebounded. The February services PMI dipped to 52.6 in February on a seasonally adjusted basis, from 53.1 in January, the Markit/Caixin services purchasing managers'' index (PMI) showed. While it remained well above the 50-mark that separates expansion in activity from contraction on a monthly basis, it was the slowest rate of expansion since October. Any signs of flat-lining in services sector growth, which is more dependent on domestic demand, could indicate a slowdown in momentum for the economy overall. Some analysts say domestic demand growth already may have plateaued. That could put policymakers in a dilemma on how to meet ambitious growth targets while also containing financial risks created by years of debt-fuelled stimulus. The central bank has gradually moved to a tightening bias in recent months, as a string of data showed the world''s second-largest economy was on steadier footing. The Chinese government will hold annual parliamentary meetings starting this weekend, where leaders will announce an economic growth target and other policy priorities, including potentially a slightly lower target for economic and money supply growth and an emphasis on managing debt risks. Though inflation in January rose to multi-year highs, the Caixin survey found that prices Chinese firms were able to charge their customers were little changed. Survey respondents said increased competition had restricted their pricing power, even as their input prices continued to rise, albeit at a slower pace. "Inflationary pressures seemed to have started to ease as price increases in both manufacturing and services continued to weaken," said Zhengsheng Zhong, Director of Macroeconomic Analysis at CEBM Group, in a note with the data. Service companies continued to add job at a solid pace, and remained optimistic about growth in the next 12 months. Caixin''s composite PMI covering both the manufacturing and services sectors rose to 52.6 in February from the previous month''s 52.2 as growth in the manufacturing sector accelerated. "The Chinese economy is expected to maintain the growth momentum in the first quarter of this year. But signs of weakening may emerge from the second quarter," said Zhong. (Reporting by Elias Glenn; Editing by Kim Coghill)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-economy-pmi-factory-caixin-idUKKBN16A07V'|'2017-03-03T08:50:00.000+02:00'
'181a5a344afd0f80b385dca3c6ebfed7bf7f3680'|'James Murdoch praises British TV, seeking Sky deal approval'|' 21pm EST James Murdoch praises British TV, seeking Sky deal approval By Paul Sandle - LONDON, March 2 LONDON, March 2 James Murdoch, the chief executive of Twenty-First Century Fox, lauded the quality of Britain''s television industry on Thursday as the company makes a fresh attempt to gain control of European TV business Sky. Fox, which is controlled by the Murdoch family, launched a 11.7 billion pound ($14.4 billion) bid to take full control of Sky in December, seeking to fulfil an ambition that was thwarted in 2011 by a phone-hacking scandal at their British newspapers. Murdoch, who was previously CEO and is currently chairman of Sky, said the sector had changed radically since his company''s previous attempt to buy Sky in 2011. The deal, which has been recommended by Sky''s board, is set to be referred to European regulators imminently. Some opposition UK lawmakers are opposed to Fox taking full control of Sky by buying the 61 percent it does not already own. They want the bid rejected on competition grounds, saying it would concentrate too much media power in the family''s companies. "We are in an era of ultimate plurality, where choices, sources, and access are multiplied, even from where we were only five years ago," Murdoch said at the Deloitte-Enders Analysis Media and Telecoms conference. In the past, Murdoch has been highly critical of how Britain''s TV market was regulated, saying in a 2009 speech that the reach and ambition of the publicly-funded BBC was "chilling". But on Thursday he said Britain''s creative economy "stood tall on the world stage", and its television and film content had a global resonance, with storytelling that was "smart, often a touch off-centre, but always on point". "It is this country''s balanced creative economy, with strong public service output, a vibrant commercial sector, and a diverse and independent tradition of impartial news that adds up to an environment for innovation and growth that we believe out-punches many larger markets," he said. "And Sky, of course, is an important part of this rapidly evolving sector." Asked about his conversion to backing public sector broadcasting, he said there was now "real clarity" about the role and remit of public sector broadcasters, which did "a lot of great work". The industry as a whole had become "super competitive", he said, warning of new entrants armed with capital and a "predisposition for disruption". Sky was an important player in the industry, he said, and committed to spending at least 700 million pounds a year on original British production. "Because the U.K. creative economy has such potential we believe it is the best place to be proposing a nearly 12 billion pound investment – which will be a significant driver of the U.K. creative industry''s long-term success in a global market," he said. ($1 = 0.8147 pounds) (Editing by Ruth Pitchford)   Moody''s whistleblower loses lawsuit, cannot share in $864 mln settlement NEW YORK, March 2 A federal judge on Thursday dismissed a whistleblower lawsuit by a former Moody''s Investors Service managing director and said he deserves none of the $863.8 million that Moody''s agreed to pay to settle claims it inflated mortgage ratings prior to the 2008 financial crisis.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/twenty-first-fox-ceo-idUSL5N1GF5Q9'|'2017-03-03T01:21:00.000+02:00'
'eb8e47d5be87c8902aa2dd3551c3e0973324c17d'|'EU mergers and takeovers (March 2)'|'Company News  40am EST EU mergers and takeovers (March 2) BRUSSELS, March 2 The following are mergers under review by the European Commission and a brief guide to the EU merger process: APPROVALS AND WITHDRAWALS -- Canada''s Public Sector Pension Investment Board (PSPIB) and Teachers Insurance and Annuity Association of America (TIAA) to acquire joint control of U.S. data centre operator Vantage Data Centers Holding Company (approved March 1) -- Japanese brewer Asahi Group Holdings Ltd to acquire Anheuser-Busch InBev''s beer businesses in central and eastern Europe (approved March 1) -- Private equity firms KKR and KSL Capital Partners IV to acquire joint control of U.S. hospitality operator Apple Leisure Group (approved March 1) -- Japan''s Mitsui Group to acquire a stake in UK train operator Group Anglia Rail Holdings from Dutch state-owned public transport firm Abellio (approved March 1) NEW LISTINGS FIRST-STAGE REVIEWS BY DEADLINE MARCH 2 -- Swiss-based chemicals group Ineos to acquire French chemical company Arkema''s Oxo-alcohols business (notified Jan. 26/deadline March 2) MARCH 8 -- Canada Pension Plan Investment Board (CPPIB) to acquire minority stake and joint control along with Apax Partners over software development services provider GlobalLogic Holdings Ltd (notified Feb. 1/deadline March 8/simplified) -- UK tech company Micro Focus to acquire Hewlett-Packard Enterprise''s software business (notified Feb. 1/deadline March 8) MARCH 9 -- U.S. aircraft component maker Rockwell Collins to acquire U.S. aircraft interior maker B/E Aerospace (notified Feb. 2/deadline March 9/simplified) MARCH 10 -- Slovenian energy group Petrol to take majority stake in natural gas wholesaler Geoplin (notified Feb. 3/deadline March 10) MARCH 13 -- Finnish fibre materials company Ahlstrom to merge with Finnish specialty paper maker Munksjo (notified Feb. 6/deadline March 13) -- French banking mutual group Credit Mutuel Arkea and private equity firm Bridgepoint to acquire joint control of French consultancy Groupe Primonial (notified Feb. 6/deadline March 13/simplified) -- German engineering company Siemens to merge assets with Spain''s Gamesa to form the world''s largest wind turbine maker (notified Feb. 6/deadline March 13) MARCH 14 -- U.S. asset manager The Blackstone Group to acquire German property developer Officefirst Immobilien AG (notified Feb. 7/deadline March 14/simplified) -- Private equity firm HIG Capital to acquire IT security products maker Infinigate Holding AG (notified Feb. 7/deadline March 14/simplified) MARCH 16 -- Australian investment bank Macquarie Group and the UK''s National Grid to acquire joint control of National Grid''s gas distribution business (notified Feb. 9/deadline March 16) MARCH 17 -- U.S. wireless carrier AT&T to acquire U.S. broadcaster and TV studio Time Warner (notified Feb. 10/deadline March 17/simplified) MARCH 20 -- Private equity firms Advent International Corp and Bain Capital to jointly acquire German payment group Concardis (notified Feb. 13/deadline March 20/simplified) -- General Electric Co to acquire rotor blade maker LM Wind Power Holding Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/eu-mergers-idUSL5N1GF63V'|'2017-03-02T22:40:00.000+02:00'
'6a6de29279f73c96683cbb0f9b81b3310d0eb569'|'Britain''s financial firms warned not to circumvent EU rules'|'  1:02pm GMT Britain''s financial firms warned not to circumvent EU rules A view of the London skyline shows the City of London financial district, seen from St Paul''s Cathedral in London, Britain February 25, 2017. REUTERS/Neil Hall By Huw Jones - LONDON LONDON Exploiting loopholes in European Union rules could bar Britain from accessing the bloc''s securities markets after Brexit, a senior member of the European Parliament said on Thursday. New EU rules to increase transparency in securities markets come into force in January 2018, just over a year before Britain is set to leave the bloc. Kay Swinburne, a center right British MEP, told an audience of financial industry officials not to exploit loopholes in these new rules after Brexit otherwise Britain''s ability to access the EU market under so-called "equivalence" terms would be jeopardized. Financial services firms in countries outside the EU can currently sell products to European investors as long as their home rules are deemed as strict as those in the bloc. Swinburne said the process for Brussels to decide if a country''s rules are "equivalent" should be straightforward, but politics was also going to play its part. She said the EU took four years to deem one U.S. derivatives market rule equivalent, and British firms would have to abide by the spirit and not just the letter of the EU rules. "If the UK is seen not to be doing the right thing, there will be a backlash," Swinburne told a FIX Trading conference. Currently financial firms in Britain have an EU "passport" to serve investors across the bloc, but this will end after Brexit, leaving equivalence or a bespoke trade deal among the options for continuing trade. Rodrigo Buenaventura, head of markets at the EU''s European Securities and Markets Authority, said equivalence decisions can take time. The Swiss had to wait years even though they copied the bloc''s derivatives rules "from A to Z" into their law, he said. Britain is Europe''s biggest financial center and would represent a large volume of trade under equivalence. "When deciding whether to grant equivalence, consideration should be given to proportionality, to the links between those jurisdictions, how important is the cross border trade, and how important are the risks and possibility of circumvention," he told the conference. EU Brexit negotiator Michel Barnier has warned that Brussels will apply "special vigilance" over equivalence approvals. Swinburne said EU regulators needed to clarify an element of the new securities rules, known as MifID II, that covers "systematic internalisers" or SIs, which refers to banks matching sell and buy orders for shares inhouse. The EU regulators are being asked to confirm that linking SIs - which effectively creates a wider, less regulated off exchange market - should not be not allowed under MiFID II, Swinburne said. Buenaventura said it was up to the EU''s executive European Commission to take a position on SIs. (Reporting by Huw Jones. Editing by Jane Merriman and David Evans)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eu-markets-regulations-idUKKBN16915D'|'2017-03-02T20:01:00.000+02:00'
'8fdf05c4c102a7a9da4f45cde64e1d029d91ac45'|'Stung by widespread criticism, BT vows to up its game'|'Business  52am GMT Stung by widespread criticism, BT vows to up its game The logo for the British Telecom group is seen outside of offices in the City of London, Britain, January 16 , 2017. REUTERS/Toby Melville LONDON BT ( BT.L ), Britain''s biggest telecoms group, vowed to improve its customer service for both the millions of residential consumers and the other telecoms companies that rely on its network after being stung by widespread criticism. Chief Executive Gavin Patterson said the company had been taken aback by the criticism it received in a regulatory review of the industry which focused on BT''s Openreach unit that runs the national broadband network. "Around the DCR (Digital Communications Review), I think it is fair to say we underestimated the degree of criticism in our service and in our levels of investment, this has eroded trust in our brand," he said at the Deloitte and Enders Analysis Media & Telecoms conference on Thursday. "We have listened to that criticism and we hope to agree a settlement that protects the millions of UK households, businesses and service providers that rely on our infrastructure." He said Openreach was "completely open to a more engaged industrial debate about the future of our network with all Openreach customers". "When it comes to our (consumer and business) customers, let me be absolutely clear, our service must get better." (Reporting by Paul Sandle; editing by Kate Holton) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bt-group-ceo-customers-idUKKBN16919R'|'2017-03-02T17:52:00.000+02:00'
'1ca9d25915c53ad6076b682b5a0cfa496eae285b'|'UPDATE 1-Puerto Rico fiscal turnaround plan will save $3.8 bln/yr: governor'|'(Adds details, Quote: s from governor''s speech, background on economic situation)By Nick BrownFeb 28 Puerto Rico Governor Ricardo Rossello on Tuesday said his fiscal turnaround plan for the U.S. territory will create $3.8 billion a year in savings, but healthcare spending cuts will fall short of those recommended by the board overseeing the U.S. territory''s finances.The turnaround plan, a requirement of the federal Puerto Rico rescue law known as PROMESA, will serve as a 10-year blueprint for the island''s ascent out of fiscal crisis. Rossello is scheduled to present it to the board later on Tuesday, and it will likely be made public on Wednesday.The plan will serve as a baseline for debt restructuring talks between Puerto Rico and creditors holding nearly $70 billion in bonds. They are expected to be asked to take steep cuts to repayment as Puerto Rico battles a 45 percent poverty rate, near-insolvent public pensions and rampant emigration.In a speech to Puerto Rico''s legislature on Tuesday, Rossello said the plan would save $1.6 billion in government spending - but without laying off public workers - by eliminating some tax incentives and cutting subsidies to municipalities. It would also create $1.5 billion in additional revenues, he said."We will have to make big changes," the governor said. "Puerto Rico can’t wait any longer."Other cuts to pension benefits and University of Puerto Rico funding, as well as a $550 million reduction in healthcare spending, would bring the total estimated savings under the plan to $3.8 billion.The board, however, had recommended that annual healthcare cuts total $1 billion - a figure the governor has resisted. Such a drastic cut "would destroy our health industry and limit access to services for hundreds of thousands of Puerto Ricans," he said in Tuesday''s speech.The local Medicare system is already on the brink of collapse, due in part to the island''s territory status, which entitles it to proportionately less reimbursement of Medicare expenses than U.S. states.Rossello has promised to lobby Congress to increase that funding, but the board has warned that his fiscal plan should not assume any help from Washington that has yet to be granted.The $3.8 billion in total savings also falls short of the $4.5 billion figure the board had recommended, which would have balanced the budget and left roughly $800 million available for annual debt-servicing costs.Rossello did not specify how much money would be available for debt service under his plan. He said he could find another $800 million, but only by lowering the board''s 17 percent economic contraction projection.The federally appointed board is under no obligation to rubber-stamp Rossello''s plan. If it does not meet its criteria, the board can construct its own plan.The board expects to approve a turnaround plan for the island by March 15. (Reporting by Nick Brown and a contributor in San Juan, writing by Nick Brown; editing by G Crosse)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/puertorico-debt-fiscalplan-idINL2N1GD21T'|'2017-02-28T22:04:00.000+02:00'
'e1268eb40e3ce3f5a1c9a64a57b4bb6d24e51798'|'JGBs slip as BOJ trims purchases of shorter maturities'|'TOKYO, March 1 Japanese government bonds fell on Wednesday, with the yield curve steepening as superlong maturities sold off a day after the Bank of Japan tweaked its planned JGB buying operations.The benchmark 10-year JGB yield rose 1 basis point (bp) to 0.060 percent, while 10-year JGB futures ended down 0.11 point at 150.47.The BOJ trimmed its purchases of shorter maturities in its JGB buying operations on Wednesday, a day after announcing changes aimed at making its operations more transparent.The central bank offered to buy 400 billion yen of JGBs maturing in three to five years, compared with 420 billion yen previously. It offered to buy 320 billion yen of JGBs maturing in one to three years, compared with 400 billion previously."They reduced the purchase amount at the short end of the curve, which was pretty much expected," said Tadashi Matsukawa, head of fixed income investment in Tokyo at PineBridge Investments."The market reaction seems to be that some believe the BOJ will be curtailing the 25-year and over purchases," he said. "Personally, I think it''s a little bit premature for them to do that."The 20-year yield rose 2.5 bps to 0.650 percent, while the 30-year JGB yield added 4 bps to 0.840 percent.On Tuesday, the central bank announced the dates of its bond-buying operation for March, a move aimed at smoothing market operations by curbing excessive market volatility. The plan indicated the BOJ is likely to maintain the pace of purchases in most maturities while trimming slightly its buying of short-term bonds.The central bank should not rule out the possibility of raising its bond yield targets before its price goal of 2 percent is achieved, BOJ board member Takehiro Sato said on Wednesday. (Reporting by Tokyo markets team; Editing by Gopakumar Warrier)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-bonds-idINL3N1GE2UC'|'2017-03-01T03:50:00.000+02:00'
'8e3653acc50099133a8be7d7e9fa2838b05bf5fb'|'Share sale at Deutsche Bank no longer a taboo - source'|' 23pm GMT Share sale at Deutsche Bank no longer a taboo - source The head quarters of Germany''s Deutsche Bank are photographed early evening in Frankfurt, Germany, January 31, 2017. REUTERS/Kai Pfaffenbach FRANKFURT Deutsche Bank DBGKn.DE will soon inform investors and shareholders about adjustments to its future strategy, a person familiar with the matter told Reuters, adding a capital increase was among possible tools the lender could use. "Should there be a capital increase, it will likely be rather large in volume," the person said on Friday. A final decision about the strategy adjustments as well as a possible share sale are expected at the end of March, following a meeting of the bank''s supervisory board on March 16 and 17, the person said. Deutsche Bank declined to comment. Shares in Deutsche Bank fell earlier after Bloomberg reported that the lender was studying its strategic options, including a capital increase and the partial sale of its asset management business. Deutsche Bank investors have said in the past that they would prefer a partial sale of the asset management unit over a rights issue. (Reporting by Kathrin Jones and Anika Ross; Writing by Christoph Steitz; Editing by Georgina Prodhan and Maria Sheahan)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-deutsche-bank-newissue-idUKKBN16A1XU'|'2017-03-03T23:23:00.000+02:00'
'92b40f60825137f6913518011f16e0bc232b8626'|'Philippine court denies regulator chance to review $1.5 billion telco deal'|'By Neil Jerome Morales - MANILA MANILA A Philippines appeals court has affirmed its order preventing the competition regulator from reviewing a $1.5 billion telecoms deal, a move that could strengthen the telecoms duopoly and further stymie foreign interest in the sector.The country''s two largest telecom firms, PLDT Inc and Globe Telecom Inc, last year acquired from San Miguel Corp a 700 megahertz spectrum network, prized for its wider reach and compatibility with fourth-generation (4G) telecommunications services.The Court of Appeals in August agreed to a request by PLDT, which runs cellphone operator Smart, to stop the Philippine Competition Commission (PCC) from reviewing the sale. The PCC said the deal did not follow correct procedures.The PCC filed a petition, but the court said it lacked merit, according to its Feb. 17 decision, news of which came out on Friday.The move against the PCC casts doubts on whether tough-talking President Rodrigo Duterte will deliver on his pledge to liberalize telecoms, which he has identified as among several sectors controlled by oligarchs with firms offering substandard services to consumers at high prices.Mid last year Duterte singled out the telecoms duopoly for failing to improve their services and gave them a year to shape up, or he would open the sector up.But that is complex, as telecoms is subject to a constitutional clause that limits foreigners to only 40 percent ownership of domestic telecoms company, a disincentive for foreign firms to invest in a fast-growing market of 100 million people.Critics say the $1.5 billion spectrum purchase by Globe and PLDT was more about keeping out competition than improving bandwidth. The two companies vehemently reject that and say they welcome competition and are making every effort to boost services.The Philippines is considered by experts to have some of the world''s worst telecoms services and businesses and consumers complain about intermittent data, dropped calls and poor cellular coverage, even in cities.To get around the problems, many Filipinos carry two phones, one for Globe and another Smart. Though there are two other operators, budget outfits TM and TNT are owned by Globe and Smart respectively, and use their parents'' networks.PCC said it could not comment on the decision due to a gag order the court had enforced.(Editing by Martin Petty and Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-pldt-globe-telecom-antitrust-idINKBN16A0FE'|'2017-03-03T02:29:00.000+02:00'
'85f3d248d0e4406b18bc5de5e03172b0d6c82651'|'Murdoch''s Fox seeks EU okay for $14.4 billion Sky takeover bid'|'Business News - Fri Mar 3, 2017 - 12:15pm GMT Murdoch''s Fox seeks EU okay for $14.4 billion Sky takeover bid File Photo: Rupert Murdoch, Executive Chairman News Corp and Chairman and CEO 21st Century Fox speaks at the WSJD Live conference in Laguna Beach, California October 29, 2014. REUTERS/Lucy Nicholson BRUSSELS Rupert Murdoch''s Twenty-First Century Fox ( FOXA.O ) has asked EU antitrust regulators to approve its $14.4 billion (11.7 billion pound) takeover bid for European pay-TV company Sky ( SKYB.L ), a filing on the European Commission showed on Friday. The EU competition enforcer will decide by April 7 whether to clear the deal, demand concessions or kick off a five-month long investigation. Fox chief executive James Murdoch has said no "meaningful concessions" would be required. The acquisition of the remaining 61 percent of Sky would help Fox better compete with rivals such as Netflix ( NFLX.O ). (Reporting by Foo Yun Chee; editing by Julia Fioretti) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-sky-plc-m-a-twenty-first-fox-eu-idUKKBN16A1CG'|'2017-03-03T19:15:00.000+02:00'
'75bc27306fe48d69061c55f6ccb78a86e6b3517e'|'Trump administration would ignore WTO rulings it sees as anti-U.S.: FT'|' 57pm EST Trump administration would ignore WTO rulings it sees as anti-U.S.: FT U.S. President Donald Trump pumps his fist as he addresses Congress. REUTERS/Carlos Barria WASHINGTON U.S. President Donald Trump''s administration is preparing to ignore any rulings by the World Trade Organization that it sees as an affront to U.S. sovereignty, the Financial Times reported on Tuesday, citing a report prepared by officials. The draft document, due to be sent to the U.S. Congress on Wednesday, marks the first time the new administration has laid out its trade plans in writing, the Times said. "Ever since the United States won its independence, it has been a basic principle of our country that American citizens are subject only to laws and regulations made by the U.S. government -- not rulings made by foreign governments or international bodies," the report said, according to the Times. "Accordingly, the Trump administration will aggressively defend American sovereignty over matters of trade policy," the report said, according to the Times. The Wall Street Journal, which also said it reviewed the document, said the policy represents a dramatic departure from the Obama administration, which emphasized international economic rules and the authority of the WTO, a body that regulates trade and resolves disputes among its members. By contrast, the Trump administration will more assertively defend U.S. sovereignty over trade policy, ramp up enforcement of U.S. trade laws, and use "all possible sources of leverage to encourage other countries to open up their markets," the document said, according to the Journal. The White House did not immediately respond to a Reuters request for comment. Congress requires the president to submit the administration''s trade policy annually by March 1. In the face of Republican concerns, a congressional aide said language in the draft challenging the WTO could still be toned down in a final, public version, the Journal reported. Washington is facing several important WTO decisions, particularly involving China. Potentially the most important is a WTO complaint filed in December by Beijing against the EU and the United States for blocking China''s request to be treated as a "market economy" under the institution''s rules. A final ruling could still be years away. But were the U.S. to ignore a finding in China''s favor it could have major consequences for the WTO as a venue for resolving trade disputes before they fester into destructive trade wars, the Times said. (Reporting by Eric Beech; Editing by Sandra Maler)  '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-trump-wto-idUSKBN16832U'|'2017-03-01T09:57:00.000+02:00'
'c972bf802393d7b42860dc192108ba367091f0b6'|'FCC blocks stricter broadband privacy rules from taking effect'|'NEW YORK The U.S. Federal Communications Commission on Wednesday blocked some Obama administration rules approved last year that would have subjected broadband providers to stricter scrutiny than websites, a victory for internet providers such as AT&T Inc, Comcast Corp and Verizon Communications Inc .The FCC blocked rules aimed at protecting personal consumer data that had been scheduled to take effect on Thursday. The FCC said in a statement the move would "provide time for the FCC to work with the (Federal Trade Commission) to create a comprehensive and consistent framework for protecting Americans’ online privacy."(Reporting by David Shepardson; Editing by Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usa-fcc-privacy-idINKBN1685K9'|'2017-03-01T17:35:00.000+02:00'
'0e70f7b760f524b1925b443e3af04ef4a147e419'|'Can Impossible Foods and its plant burgers take on the meat industry? - Guardian Sustainable Business'|'I sat down to have my first Impossible Burger, the plant-based meat substitute that has received a lot of press and nice reviews from high profile chefs and their customers . My burger, topped with caramelized onion, dill pickles, lettuce and a special sauce, was cooked medium rare. It looked like a conventional burger, complete with the pinkish ‘meat’ in the middle. It was hard to tell the difference when I bit into the burger and washed it down with a milkshake.I was at Bareburger near New York University yesterday to hear executives from Impossible Foods announcing their first restaurant chain. It’s a big deal for the Silicon Valley company, which only launched its first product, the Impossible Burger, last year and focused its initial publicity blitz around teaming up with trendy restaurants in New York City, San Francisco and Los Angeles.I didn’t try the burger only for its novelty. I wanted to know how the Silicon Valley company will grow and reach its social mission: convincing meat lovers that they can ditch carbon-intensive meat without giving up their favorite comfort foods. Certainly, no companies that make imitation meat so far have succeeded.There’s no shortage of research and media coverage warning the public of the environmental danger of producing and eating meat, from the amount of water and energy needed to the rise of antibiotic-resistant bacteria . But don’t think all the scary statistics will make vegetarians out of the masses. Thanks to cheaper production costs, beef consumption is forecast to grow 11.7% and pork 10.3% from 2016 to 2025 nationwide, according to the US Department of Agriculture.Impossible Foods has raised $182m since its 2011 inception. Its investors include Khosla Ventures, Google Ventures and Bill Gates. Some of the $108m it raised in 2015 is going into a new factory in Oakland, California, that the company plans to open later this month.Facebook Twitter Pinterest Impossible Foods launched its first product, the Impossible Burger, last year and focused its initial publicity blitz around teaming up with trendy restaurants in New York City, San Francisco and Los Angeles. Photograph: Evan Sung/Impossible Foods Running this factory well will be crucial for the company’s success, including making its burgers more affordable. Ramping up production smoothly and troubleshooting glitches quickly have bedeviled startups in all sorts of businesses. Up until now, Impossible Foods has been churning out its meat substitute in small batches at its headquarters and at Rutgers University in New Jersey.The limited production makes it difficult for Impossible Foods to grow, and company officials repeatedly said the problem they face is supply, not demand. New York-based Bareburger, with 43 locations, plans to serve a $13.95 Impossible Burger at one restaurant for now.My lunch mates at the table at Bareburger included the Impossible Foods chief operating officer and chief financial officer, David Lee. I asked Lee about the company’s current production volume, or what it will be able to produce at the new factory, which should start cranking out burgers this summer. He wouldn’t say.Impossible Foods has chatted with giant burger chains such as McDonald’s, but the company wouldn’t be able to supply a customer base of that size unless it can produce products in high volumes consistently. A company such as McDonald’s also would prefer not to rely on just one supplier. Impossible Foods has ample competitors, including Beyond Meat, which started selling its plant-based Beyond Burger at a Whole Foods in Colorado last year.Impossible Foods is sourcing most of its ingredients from within the US, though Lee declined to disclose which ones are imports. Its burger’s chief components are potato and wheat proteins, coconut oil, Japanese yam, sugar, xanthan gum, amino acids and a soy-based protein called leghemoglobin.We sent a vegetarian to see if meatless burgers can convert carnivores Read more That last protein is the key to making the burger taste – and bleed – like real meat. Creating a source of the protein was a big technical challenge for Impossible Foods. The company, headed by a former biochemistry professor from Stanford University, Patrick Brown, inserted the protein’s DNA into a standard yeast. The company grows and then ferments the yeast to extract the protein.The company is developing its technology to be able to create other types of imitation meat, including pork, chicken and fish, Lee said. It’s certainly interested in expanding globally – Lee pointed to the huge pork market in China, which holds a strategic pork stockpile so that it can control the meat’s pricing and avoid public outrage.It’s encouraging to see companies like Impossible Foods making progress and creating more conversations about the environmental impact of our meat-loving habit. The company is reaching a tipping point but will need more than one burger chain to take on the meat industry.Guardian sustainable business Values-led business Food science Food Vegetarian food and drink Meat Food & drink blogposts   Share   Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/sustainable-business/blog/2017/mar/02/impossible-foods-plant-burger-vegetarian-meat'|'2017-03-03T01:33:00.000+02:00'
'78cf764555f92264108effa4c3c27395f913e869'|'BRIEF-Kinsale Capital reports Q4 earnings per share $0.32'|' 57pm EST BRIEF-Kinsale Capital reports Q4 earnings per share $0.32 March 1 Kinsale Capital Group Inc: * Kinsale Capital Group Inc reports 2016 fourth quarter and year-end results * Q4 earnings per share $0.32 * Q4 earnings per share view $0.27 -- Thomson Reuters I/B/E/S * Kinsale Capital Group Inc qtrly net written premiums $50.2 million versus $29.3 million Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-kinsale-capital-reports-q4-earning-idUSASB0B39S'|'2017-03-02T04:57:00.000+02:00'
'abfdc6c95f4337107bf09fbea4c269b2a7cdff31'|'UPDATE 1-UK government ''minded'' to refer Fox''s Sky deal to regulator'|' 57am EST UPDATE 1-UK government ''minded'' to refer Fox''s Sky deal to regulator (Adds Minister quote, details) By Paul Sandle LONDON, March 3 The British government said on Friday it was inclined to investigate Rupert Murdoch''s planned takeover of Sky to see whether it was in the public interest, the first step of what is likely to be a politically charged process. Murdoch''s Twenty-First Century Fox, which owns 39 percent of Sky, notified the European Commission of its agreed 11.7 billion pounds ($14.3 billion) offer to buy the rest of the European pay-TV group. The deal, announced in December, came five years after a political and criminal scandal at Murdoch''s British newspaper business derailed an earlier bid. On Friday, Media Secretary Karen Bradley said she was minded to intervene on two grounds: first, to see if any one company would control too much of Britain''s media, and second, whether the new owners would have a genuine commitment to broadcasting standards. "This is not an announcement of my final decision in relation to intervention, but an indication of what I am presently inclined to do," she said. Analysts and lawyers had expected the bid to be referred to media regulator Ofcom. Shares in Sky were flat after the news. The Murdoch family has long wanted to control Sky, a pay-TV group with operations in Germany and Italy as well as Britain, to unite a media empire across two continents. Some opposition lawmakers have already voiced their concern, saying Murdoch, the owner of The Times and The Sun newspapers, would wield too much power if he had full control of a pay-TV group present in more than 12 million British and Irish homes. Murdoch''s son James, who is CEO of Fox and chairman of Sky, has said he expects the deal to pass regulatory muster. He said on Thursday the media environment had radically changed in the last five years, giving consumers more choice than ever before in the TV market. The notification to Brussels gives Britain''s Department of Media 10 working days to decide whether the bid should be examined by Ofcom. Bradley said she had invited representations from the companies involved, and would aim to come to a final decision on whether to intervene in the next 10 days. ($1 = 0.8171 pounds) (Reporting by Paul Sandle and Kylie MacLellan; editing by David Clarke and Elaine Hardcastle)   BRIEF-Bioscrip Q4 loss per share $0.06 * Bioscrip reports fourth quarter and full-year 2016 financial results'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/sky-ma-twenty-first-fox-idUSL5N1GG2WH'|'2017-03-03T19:57:00.000+02:00'
'f9682c6114aa543f163b311336f4f6cbdc35675b'|'Credit Suisse hires IR manager for possible Swiss unit IPO'|'ZURICH Credit Suisse ( CSGN.S ) has hired an investor relations manager for its Swiss entity, a bank spokesman said on Friday, as it moves ahead with plans to spin off a minority stake in its domestic bank.The spokesman did not name the person hired this year. The move comes amid uncertainty over whether the partial initial public offering (IPO) of Credit Suisse (Schweiz) AG will go ahead as planned.Credit Suisse announced plans in October 2015 to raise up to 4 billion Swiss francs ($3.95 billion) by floating 20-30 percent of its Swiss legal entity, considered one of the group''s crown jewels for its profitability.It has pencilled in the IPO for the second half of this year, market conditions permitting and subject to board approval.Since the start of this year, some analysts and investors have speculated that the bank could reconsider selling a stake, although group Chief Executive Tidjane Thiam said last month the bank is still preparing for the IPO.However, Thiam also left the door open to alternative options to strengthen the group''s balance sheet "if there are ways to reach a more attractive risk/reward outcome for our shareholders".(Reporting by Joshua Franklin; Editing by Susan Fenton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-credit-suisse-gp-ipo-moves-idINKBN16A0ZA'|'2017-03-03T07:08:00.000+02:00'
'6bda2f66808fcdea3383aba24981e1fc254e7ed6'|'NAFTA needs to be modernized - Mexican economy minister'|' 40pm EST NAFTA needs to be modernized - Mexican economy minister DETROIT, March 3 Mexico is prepared to negotiate changes to the North American Free Trade Agreement to modernize the 23-year-old open trade pact grouping the United States, Canada and Mexico, Economy Minister Ildefonso Guajardo said on Friday. Guajardo said Mexico is prepared to discuss with the Trump administration and Canada revisions to NAFTA, such as including labor and environmental standards. Mexico "is willing to modernize NAFTA," he said. However, Guajardo said Mexico will not accept tariffs. U.S. President Donald Trump has called for new border taxes on Mexican-made goods. "It makes no sense to introduce an agreement with border restrictions or tariffs," he said. (Reporting by Joe White; Editing by James Dalgleish)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-mexico-autos-idUSL2N1GG0Y0'|'2017-03-04T01:40:00.000+02:00'
'4add5e4b4f444def15459b7a97dc3f933b363e1d'|'Exclusive: Neiman Marcus hires debt restructuring adviser - sources'|'By Lauren Hirsch and Jessica DiNapoli U.S. high-end department store chain Neiman Marcus has hired investment bank Lazard Ltd ( LAZ.N ) to explore ways to bolster its balance sheet as it seeks relief from $4.9 billion in debt, people familiar with the matter said on Friday.Neiman Marcus Group LLC [NMRCUS.UL] is in no immediate risk of bankruptcy, the sources said. However, the move makes it the highest-profile U.S. retailer to turn to a debt restructuring adviser so far this year, as consumers increasingly embrace the internet for shopping.The sources asked not to be identified because the matter is confidential. Neiman Marcus did not immediately respond to a request for comment, while Lazard declined to comment. One of Neiman Marcus'' current owners, Canada Pension Plan Investment Board (CPPIB), declined to comment.Neiman Marcus operates 42 Neiman Marcus Stores across the United States and two Bergdorf Goodman stores in Manhattan. The company also operates 27 Last Call clearance centers, according to its website.In addition to grappling with headwinds affecting other U.S. retailers, a plunge in energy prices has further hit Neiman Marcus, because many of its affluent shoppers in Texas have curbed their spending.The stronger U.S. dollar has also been negative for Neiman Marcus, curbing spending at its Bergdorf Goodman department stores that are popular with New York tourists.Much of Neiman Marcus'' debt load stems from its $6 billion leveraged buyout in 2013, when its current owners, Ares Management LP ( ARES.N ) and CPPIB, acquired it from other private equity firms.Following the news of Lazard''s hiring by Neiman Marcus, some Neiman Marcus unsecured bonds due in 2021 traded at 54 cents on the dollar, down about 7 percent from Thursday, according to Thomson Reuters data.The company''s approximately $3 billion term loan dipped as low as about 77 cents on the dollar, down from 81 cents earlier on Friday before the news broke, according to Thomson Reuters'' LPC. The loan settled at approximately 80 cents on the dollar, LPC reported.Earlier this year, the department store withdrew its initial public offering (IPO), two years after it had announced its plans to U.S. regulators. At the time, the department store did not explain why it withdrew its IPO registration.Despite its challenges, Neiman Marcus has been renovating existing stores and still plans on opening new stores, including a flagship location at New York City''s Hudson Yards development.(Reporting by Lauren Hirsch in New York and Jessica DiNapoli in Las Vegas; Editing by Matthew Lewis and Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-neimanmarcus-debt-restructuring-idINKBN16A1VC'|'2017-03-03T17:27:00.000+02:00'
'9ed8f03680c195de0e6234401673ed841dc3c6fc'|'ECB''s Lautenschlaeger sees no Frexit after Brexit, or stocks crash'|'  9:58pm GMT ECB''s Lautenschlaeger sees no Frexit after Brexit, or stocks crash European Central Bank (ECB) executive board member Sabine Lautenschlaeger delivers her keynote speech during the annual regulatory conference of Austrian markets watchdog FMA in Vienna September 30, 2014. REUTERS/Heinz-Peter Bader LONDON European Central Bank Executive Board member Sabine Lautenschlaeger said on Thursday she did not expect France to follow Britain and leave the European Union and that she doubted there would be a stock market crash in the near future. French election hopeful Marine Le Pen has floated the idea of the country leaving the EU as part of her campaign, but Lautenschlaeger said: "I can not imagine France will move out of the EU." "The difficulties have been experienced by a country we are sitting in", she said at an event in London. "It is not a role model." Speaking to reporters after the event organised by the London School of Economics'' German Society she added: "You always have contingency planning for everything, but to be very clear I have no contingency plan for France exiting (the EU)because I don''t believe France will exit." She also said she did not expect a sharp tumble in European shares in the near future, although she did acknowledge "uncertainties", such as the upcoming elections in France and Germany. (Reporting by Marc Jones; editing by Huw Jones)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ecb-lautenschlaeger-france-idUKKBN1692XS'|'2017-03-03T04:58:00.000+02:00'
'3c4e730a14dea5b1490608245801aaecddbf5d6d'|'German car sales slip in February as diesel share slumps - KBA'|'Business  42pm GMT German car sales slip in February as diesel share slumps - KBA (KBA corrects statement to say 3.8 percentage points, not 10.5 percent, paragraph 2) BERLIN German passenger-car registrations fell 2.6 percent in February, the country''s motor vehicle authority KBA said. Diesel models'' share of new car registrations in Europe''s biggest auto market plunged 3.8 percentage points last month to 43.4 percent, the KBA said. (Reporting by Andreas Cremer; Editing by Maria Sheahan) Next In Business News Uber loses UK court battle which could cost it London drivers LONDON Taxi app Uber [UBER.UL] lost a court battle on Friday to stop a London regulator from forcing private hire drivers to prove their reading and writing skills in English, the latest setback for the firm in London which could now lose some workers.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-autos-idUKKBN1691JD'|'2017-03-03T19:42:00.000+02:00'
'eca5a3d794f67524c0c38a5518406c11148fc16f'|'BRIEF-Xinyuan Real Estate Co Ltd announces new independent director'|' 47am EST BRIEF-Xinyuan Real Estate Co Ltd announces new independent director March 3 Xinyuan Real Estate Co Ltd * Xinyuan Real Estate Co Ltd announces new independent director * Says appointed Mr. Yifan "Frank" Li, as independent director and a member of audit committee, effective immediately      '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-xinyuan-real-estate-co-ltd-announc-idUSASB0B3NY'|'2017-03-03T20:47:00.000+02:00'
'70f5d8744bcd5e079a3e574e5b42df1a95015daf'|'Medical products group ConvaTec profit up 8 percent on higher margins'|' 12am GMT Medical products group ConvaTec profit up 8 percent on higher margins British medical devices firm ConvaTec ( CTEC.L ) on Thursday reported a 8 percent increase in operating profit for the year ended Dec. 31, 2016 helped by an increase in gross margins that was ahead of target. ConvaTec, which specialises in medical products for chronic health conditions, reported a 2016 adjusted operating profit of $472 million (£384 million), a jump from last year''s profit of $437 million. But it booked a post-tax loss of $203 million compared to $93 million year ago, on the back of reorganisation costs and charges related to its stock market listing in October last year in which it raised nearly 1.5 billion pounds. ConvaTec''s shares were more than 4 percent higher by 0805 GMT. (Reporting By Justin George Varghese. Editing by Jane Merriman)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-convatec-group-results-idUKKBN1690U9'|'2017-03-02T15:12:00.000+02:00'
'792d31781ccaf1a4153147b968f93f920e3cc6de'|'Irish manufacturing growth slows despite stronger UK demand - PMI'|'Business News - Wed Mar 1, 2017 - 6:21am GMT Irish manufacturing growth slows despite stronger UK demand - PMI DUBLIN Growth in Irish manufacturing slowed in February despite exports getting a boost from improved demand in neighbouring Britain, as sharply rising input costs dented profit margins, a survey showed on Wednesday. The Investec Manufacturing Purchasing Managers'' index fell to 53.8 from 55.5 a month earlier, still well above the 50 mark separating growth from contraction. Ireland, the EU''s fastest growing economy, is widely seen as the member most at risk from Britain''s decision to leave the European Union. But for the second month in a row some panellists reported more new business from clients in the United Kingdom. That helped push the sub-index measuring new export orders to 57.6 last month from 56.1 in January, the joint-fastest pace of expansion since July 2015. However a second consecutive month of rapid acceleration in input cost inflation - mainly due to raw material prices - put costs at their highest level since May 2011, the survey showed. A marked depletion in stocks of finished goods - which some firms said was the result of a deliberate policy of limiting inventories - also showed that manufacturers remained cautious despite the increased demand from clients. "Given the continued uncertainty in the external environment, we are unsurprised to see Irish manufacturers retaining an air of caution," Investec Ireland chief economist Philip O''Sullivan said. "All told, while this report shows that manufacturers are currently under pressure from a number of sources, it is also clear that most firms expect to be able to overcome this and record further growth over the coming year." - Detailed PMI data are only available under licence from Markit and customers need to apply to Markit for a licence. To subscribe to the full data, click on the link below: www.markit.com/Contact-Us For further information, please phone Markit on +44 20 7260 2454 or email economics@markit.com (Reporting by Padraic Halpin; Editing by Hugh Lawson; (padraic.halpin@thomsonreuters.com; +353 1 500 1529; Reuters; Messaging: padraic.halpin.thomsonreuters.com@reuters.net)) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ireland-economy-pmi-idUKKBN1683CX'|'2017-03-01T13:21:00.000+02:00'
'42bf94de1e83b50ef182555f3eaf1e126b802593'|'BRIEF-Alcami invests in Bruker''s D8 Discover HTS System for high-throughput X-Ray diffraction screening in pharmaceutical formulation development'|' 12am EST BRIEF-Alcami invests in Bruker''s D8 Discover HTS System for high-throughput X-Ray diffraction screening in pharmaceutical formulation development March 3 Bruker Corp * Alcami invests in Bruker''s D8 Discover HTS System for high-throughput X-Ray diffraction screening in pharmaceutical formulation development   Further  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-alcami-invests-in-brukers-d8-disco-idUSFWN1GG0MQ'|'2017-03-03T21:12:00.000+02:00'
'b37e25eeb9965a04fa2e66fd11506fa544629698'|'Nestle, Coca-Cola to end tea joint venture - Nestle'|'Business  26am EST Nestle, Coca-Cola to end tea joint venture: Nestle The Nestle logo is pictured on the company headquarters entrance building in Vevey, Switzerland February 18, 2016. REUTERS/Pierre Albouy ZURICH Nestle ( NESN.S ) and The Coca-Cola Company ( KO.N ) have agreed to dissolve their tea joint venture Beverage Partners Worldwide (BPW) as of the start of 2018, Nestle announced on Friday. Created in 2001, BPW offers ready-to drink tea, in particular Nestea, in Canada and Europe. "The ready-to-drink tea market has evolved, and Nestle believes the time is right to develop Nestea independently," it said in a statement. Nestle is granting Coca-Cola a license to manufacture and distribute Nestea in Canada, Spain, Portugal, Andorra, Romania, Hungary and Bulgaria. The Nestle Waters division, which manages the Nestea brand in several countries including the United States, will also manage Nestea in all European countries not concerned by the licensing agreements, it added. (Reporting by Michael Shields; Editing by John Revill) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-nestle-coca-cola-idUSKBN16A1D8'|'2017-03-03T19:18:00.000+02:00'
'ed5b82926c0e353b63c2926d9678b45553b90e57'|'UPDATE 1-Deutsche Telekom writes down BT stake; German profit up'|' 43am EST UPDATE 1-Deutsche Telekom writes down BT stake; German profit up * Shares in BT were hit by Brexit vote * Deutsche Telekom reports rise in German core profit * Proposes 9 pct hike in dividend for 2016 to 0.60 eur/shr (Adds details on BT stake, fourth quarter, dividend, outlook) BONN, Germany, March 2 Deutsche Telekom wrote down the value of its 12 percent stake in Britain''s BT by 2.2 billion euros ($2.3 billion), pushing it to a fourth-quarter net loss of 2.12 billion euros from a profit of 946 million euros a year earlier. Shares in the UK''s biggest telecoms provider fell by about a fifth over the course of 2016, hurt by Britain''s vote to leave the European Union. The BT stake is now valued at 5.1 billion euros in Deutsche Telekom''s books. Deutsche Telekom reported a 2 percent increase in fourth-quarter adjusted core profit (EBITDA) to 5.26 billion euros on Thursday, driven by its T-Mobile US unit but also lifted by a 3 percent increase in German adjusted EBITDA. The profit in Germany of 2.14 billion euros was better than the average estimate of 2.12 billion euros in a Reuters poll and represented the first rise in several years, lifted by broadband and stabilising mobile service prices. Europe''s biggest telecoms group by revenue proposed a 9 percent increase in its 2016 dividend to 0.60 euros per share, below the Reuters poll average but equal to the median estimate. Free cash flow also rose by 9 percent over the year. Deutsche Telekom said 2017 sales should grow by an unspecified amount but consistent with its 1-2 expected average for 2014-16, and adjusted EBITDA should rise by just under 4 percent, with a 12 percent increase in free cash flow. ($1 = 0.9497 euros) (Reporting by Georgina Prodhan; Editing by Maria Sheahan)   GLOBAL MARKETS-Asian shares advance, dollar supported by March rate hike bets TOKYO, March 2 Asian shares rose on Thursday as investors were encouraged by President Donald Trump''s less combative tone in his first speech to Congress, which sent Wall Street stocks sharply higher, while growing bets on a U.S. rate hike this month buoyed the dollar.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/deutsche-telekom-results-idUSL5N1GF0V3'|'2017-03-02T13:43:00.000+02:00'
'7fe1dd14db678076b1a3b5df7c8ccc58f4b2c0ed'|'Henkel offers $1.05 billion to buy Darex Packaging from GCP'|'FRANKFURT German consumer products group Henkel said it had submitted a binding offer to buy the global Darex Packaging Technologies business from GCP Applied Technologies for $1.05 billion on a cash and debt free basis.In connection with this binding offer, GCP will begin consultations with workers'' representatives, Henkel said in a statement on Thursday."Upon completion of that process, it is intended to enter into a definitive purchase and sale agreement in respect of the proposed sale," it said.(Reporting by Maria Sheahan; Editing by Shadia Nasralla)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-darex-m-a-henkel-kgaa-idINKBN1690IJ'|'2017-03-02T03:08:00.000+02:00'
'6d1134ae87931180044604c676d58ec0ff63555c'|'BRIEF-Huttig Building Products reports qtrly loss per share $0.01'|' 56pm EST BRIEF-Huttig Building Products reports qtrly loss per share $0.01 March 1 Huttig Building Products Inc: * Huttig Building Products Inc Announces fourth quarter and full year 2016 results * Qtrly net sales $164.4 million versus $155.4 million * Qtrly loss per share $0.01 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-huttig-building-products-reports-q-idUSASB0B39Q'|'2017-03-02T04:56:00.000+02:00'
'4460745fde581305e4903e03c2350e51fdadcbfc'|'Newsmaker: DBS CEO says wealth management to account for a fifth of bank'|'SINGAPORE DBS Group Holdings Ltd expects to expand its wealth management operations as Asia''s wealth grows, accounting for as much as 20 percent of the bank''s total income over the next few years, Piyush Gupta, the chief executive of Southeast Asia''s largest bank by assets, said."Our (wealth management) business has doubled in the last 5 or 6 years and is close to 15 percent of DBS''s top line income. Our ambition in the next few years is to get it to 20 pct of the bank," said Gupta, ahead of a Reuters Newsmaker in Singapore on Thursday.Under Gupta, 57, who took over the reins in 2009, DBS has more than doubled its profits, broken into the ranks of top five private banks in Asia Pacific and turned around its underperforming Hong Kong unit.(Reporting by Marius Zaharia and Anshuman Daga; Editing by Clara Ferreira Marques)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/dbs-ceo-idINKBN16909S'|'2017-03-01T23:39:00.000+02:00'
'eee09a1bfd9e97400651de49cb5b76496772861d'|'Suspected militia kidnaps 5 workers at Banro mine in east Congo'|'World News - Thu Mar 2, 2017 - 5:00am EST Suspected militia kidnaps five workers at Banro mine in east Congo KINSHASA Suspected militiamen have kidnapped five workers, including one French national, a Tanzanian and three Congolese, at Banro Corp''s Namoya gold mine in eastern Democratic Republic of Congo, the company said on Thursday. The attack took place during the night of Tuesday into Wednesday and an investigation is underway, Crispin Mutwedu, a senior Banro official, told Reuters, adding that a local militia has been threatening the mine recently. (Reporting By Aaron Ross; Editing by Gareth Jones) Next In World News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-banro-congo-violence-idUSKBN16912O'|'2017-03-02T16:54:00.000+02:00'
'370408bd384be893fc88c90e7fbd84cd00f630e7'|'BRIEF-Founders Advantage entered into amended credit facility with Alberta treasury branches'|' 22pm EST BRIEF-Founders Advantage entered into amended credit facility with Alberta treasury branches March 1 Founders Advantage Capital Corp * Completes acquisition of a majority interest in impact radio accessories; announces increase to atb credit facility * Entered into amended credit facility with Alberta treasury branches to increase revolving credit facility to $28.0 million * Entered into amended credit facility with Alberta treasury branches to cancel non-revolving $5.0 million credit facility  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-founders-advantage-entered-into-am-idUSASB0B3BK'|'2017-03-02T07:22:00.000+02:00'
'd2733e1c9a4fe6159d8152b28630647aaa59548a'|'U.S. stock investors say don''t worry, be happy'|' 13pm GMT U.S.   Traders works on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 1, 2017. REUTERS/Brendan McDermid By Rodrigo Campos - NEW YORK   The U.S. stock market, which has been hitting new highs almost every day, is more expensive than it has been since 2004. Trump''s address on Tuesday to Congress sparked another buying frenzy, as the reset in the president''s often bombastic tone to an uncombative stance ignited investor optimism - even though his speech was light on details of waited-for initiatives. Growing expectations of faster interest rate rises at the Federal Reserve helped fuel the rally, with bank shares leading Wednesday''s gains. The stocks rally since November has been driven by an expectation that Trump''s push for deregulation tied to increased infrastructure spending and corporate tax cuts will jolt economic growth - and company earnings. However, investors caution that the tough job is now to come: pushing promised policy changes through Congress, which has proven less than easy even on issues Republicans agree on such as repealing Obamacare. "If Trump delivers on some milestones that are relatively meaningful - corporate tax reform, deregulation ... then I think the markets continue to rally, but if none of that happens people start to take risk off the table," said Northern Trust chief investment officer Bob Browne, who is overweight U.S. equities. Equities are surely richly priced. Since the 12 percent advance on the S&P 500 since the Nov. 8 election, investors are now paying $18 for every $1 in expected earnings over the next 12 months - the highest forward price-to-earnings valuation in 13 years according to Thomson Reuters Datastream. Still, large investors such as Warren Buffett are optimistic. Buffett told CNBC earlier this week that the U.S. stock market was cheap with interest rates at current levels, although he conceded that U.S. shares could conceivably "go down 20 percent tomorrow." But Buffett said he was "baffled" about who would buy a 30-year bond at current yields. Rich valuations are not a sell signal in themselves, since in the later stages of a bull market - which can last years - "corporate earnings are cyclically elevated and the multiple that the market assigns to those earnings is often elevated as well," according to a note from analysts at Bank of America/Merrill Lynch on Wednesday. The BAML analysts raised their year-end target for the S&P to 2,450, or about 2 percent above the current level, noting that they expect the benchmark to slide below 2,230 at one point before 2018. Even so, the high expectations on policy execution and the elevated valuation leave stock investors exposed. "Expectations today are quite optimistic relative to the likelihood of delays, friction and more negative offsets than the market is currently pricing in," wrote the BAML analysts. The lack of detail on Trump''s speech Tuesday regarding tax reform concerned some investors. Scott Clemons, chief investment strategist at Brown Brothers Harriman in New York, said tax reform got "really, really short airtime" and it appeared to be a "secondary priority." But Clemons said any market pullback on that front would be short-lived because of the expected strength in corporate earnings. Earnings for the S&P are expected to rise more than 10 percent over the full year, according to Thomson Reuters I/B/E/S data. But that number has been trending lower. For the current quarter, analysts see earnings rising 10.6 percent, down from an 18 percent estimate in April and a 13.8 percent gain seen in January. FED HEADWINDS With Trump''s speech light on details, the market focused on the growing expectations that the Federal Reserve will hike interest rates sooner and maybe more times this year than previously thought. Investors now see a 65 percent chance that the Fed will move to raise rates later this month, up from 35 percent Tuesday. But higher rates, which buoyed investor optimism because a March rate hike would signal policymakers'' growing confidence in the economy, would be a double-edged sword for equity investors. The dollar has risen on the view of higher interest rates, with the 100-day average of the dollar index .DXY at its highest since 2003. Every 5 to 6 percent increase in the dollar results in negative earnings revisions of about 3 percent on the S&P 500, as sales in other currencies are converted to fewer dollars. Higher rates at the Fed also mean companies spend more on credit. After a period of nearly a decade in which the Fed did not raise rates, increases can creep up in a company''s expenses and generate unwanted risk for investors. Plus there''s the added risk of uncertainty over how the Fed will shape its policy in the coming year, as six of the eight permanent-voting positions at the Fed could all have new occupants due to term endings and currently open spots. "I''m more worried a year from now when we have no idea what the Fed board will look like," said David Kotok, chief investment officer of Cumberland Advisors. "It means you have a complete unknown about who is going to make the Fed policy and what it will be." (Additional reporting by Richard Leong and Megan Davies; Editing by Leslie Adler) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-stocks-analysis-idUKKBN1685TT'|'2017-03-02T06:12:00.000+02:00'
'05dce95cedcd1c67bf18646605d4ffcb79da1cff'|'European shares steady, strong results boost Melrose and Subsea'|'Company  32am EST European shares steady, strong results boost Melrose and Subsea LONDON, March 2 European shares steadied early on Thursday, pausing after a strong rally in the previous session, with strong earnings updates driving shares in Melrose Industries and Subsea 7. The pan-European STOXX 600 index was flat in percentage terms by 0826 GMT. Basic resources stocks were again the top gainers, up 1 percent, after a more than 2.9 percent rise on Wednesday. British mid-cap engineering turnaround specialist Melrose Industries was the top gainer and hit a record high after its full-year revenue more than tripled, helped by its acquisition of U.S. ventilation maker Nortek Industries. Subsea 7, the Norwegian oil services company, was also among the top gainers, up 9.8 percent, after it posted a fourth-quarter earnings beat and said it would pay a special dividend. Successful drug trials helped shares of Swiss pharmaceuticals company Roche to gain 5.7 percent. Its Perjeta and Herceptin drugs reduced the recurrence of aggressive breast cancer, its key Aphinity study found. However, British housebuilder Travis Perkins was a top European faller after it posted a decline in profit due to weak performance in its plumbing and heating business. Italian eyewear maker Luxottica, in focus due to its mega-merger with French lens maker Essilor, was down 1.4 percent after it posted a slight drop in profit for 2016 after market close on Wednesday. British mid-caps Centamin and Berkeley Group were down 4 and 3.9 percent respectively after going ex-dividend. RSA and Barclays bank also went ex-dividend on Thursday. (Reporting by Helen Reid) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL5N1GF1RU'|'2017-03-02T15:32:00.000+02:00'
'c2c65d60ca8ac8b7a017a9693cefaa2d20dea0a9'|'No margin for error as Adidas CEO bets on U.S. game plan'|'Global Energy News - Wed Mar 1, 2017 - 3:19pm GMT No margin for error as Adidas CEO bets on U.S. game plan left right Kasper Rorsted, outgoing Chief Executive Officer of German consumer goods group Henkel and upcoming CEO of sports articles maker Adidas reads from a teleprompter at the Henkel annual shareholders meeting in Duesseldorf, Germany April 11, 2016. REUTERS/Wolfgang Rattay 1/2 left right A logo of Adidas company is seen on a building in Minsk, Belarus September 29, 2016. REUTERS/Vasily Fedosenko 2/2 By Emma Thomasson - BERLIN BERLIN Adidas ( ADSGn.DE ) is expected to redouble its U.S. efforts when Kaspar Rorsted spells out his strategy next week, potentially allowing the new CEO to set an ambitious profit margin target. Much hinges on whether the German sportswear firm can keep up the momentum in the U.S. market, where its Superstar sneaker was the top selling shoe in 2016, ahead of nine Nike ( NKE.N ) styles, according to data from market intelligence firm NPD. Top U.S. sportswear retailers suggest that Adidas is doing a good job of lining up a pipeline of new styles, with Edward Stack, chief executive of Dicks Sporting Goods, saying that Adidas will get more space in his stores in 2017. Dick Johnson, chief executive of Foot Locker ( FL.N ), said last week that Adidas was leading growth of lifestyle running shoes, with its NMD, Boost, AlphaBounce, Tubular Shadow and Yeezy sneakers designed by singer Kanye West all selling well. Helped by a big increase in marketing spending and the popularity of retro styles like Superstar, Adidas more than doubled its share of the U.S. athletic footwear market to 10 percent in January, according to NPD, with Nike steady at 45 percent and Under Armour ( UAA.N ) falling. "The momentum is still there in the U.S. There is more room to grow," said Scilla Huang Sun, a fund manager at GAM, who has built up her position in Adidas and cut her stake in Nike. German rival Puma has also been enjoying a revival in the U.S. market, helped by a shift towards retro styles and away from basketball shoes which has hurt Under Armour and dampened Nike''s success. Although Adidas shares have almost tripled in two years as it has taken market share, that has yet to feed through into a significant improvement in its operating margin, which analysts expect to rise to 7.5 percent in 2016 from 6.3 percent in 2015, still half that of Nike, because it lags so much in the U.S. "Scale and superior profitability go hand in hand," said Graham Renwick, an analyst at Exane BNP Paribas, who rates Adidas "outperform", predicting that Adidas can boost its margin by more than doubling its U.S. market share to 15 percent. OPPORTUNITY TO SURPRISE Rorsted, the former chief of consumer goods group Henkel ( HNKG_p.DE ) who took over at Adidas in October, is expected to present highlights of his strategy review along with results on March 8, with more depth coming at an investor day on March 14. He has already taken steps to overhaul the group''s struggling Reebok fitness brand and has said that the U.S. market and digitalisation will be top priorities as he seeks to build on a five-year plan launched in 2015 by his long-serving predecessor Herbert Hainer. Investors hope Rorsted will give a formal medium-term target for the operating margin and detail concrete steps to help Adidas reach it. Hainer abandoned a long-standing goal to reach 11 percent in 2015 after Adidas sagged in the U.S. market and was hit by a slowdown in Russia and its golf business. Analysts expect Adidas to lift the EBIT margin to 9.4 percent by 2019, according to Thomson Reuters Smart Estimates. "The new CEO is likely to strike an ambitious tone on margin," UBS analysts wrote in a note last week as they upgraded Adidas to "buy". "We see opportunity for Adidas to surprise on sales growth, gross margin and operating leverage." Others are less bullish, noting that the shares are trading at 28 times forward earnings, a big premium to Nike at 22 times. DZ Bank analyst Herbert Sturm, cut the stock to "sell" from "hold" in January, saying positive news expected at the investor day was already factored in. Of the 35 analysts covering Adidas, 10 have a "buy" rating on the stock, 19 rate it "hold" and 6 have a "sell" or "strong sell" rating, according to Thomson Reuters data. (Editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-adidas-results-idUKKBN1684SZ'|'2017-03-01T22:19:00.000+02:00'
'e0b1cf639299ef2cb0f39e26a97815edeb4cda4a'|'UK watchdog proposes IPO research shake-up to level playing field'|'LONDON, March 1 Investors in planned stock market flotations will get independent research about the company sooner under proposals made by Britain''s Financial Conduct Authority on Wednesday.Under existing rules, the prospectus, which gives in-depth information about the company that plans to list, is only made available late in the initial public offering process.Analysts at banks who are not involved in the IPO also have little access to the information they need to produce research to rival that from banks "connected" to the float."This is of particular concern given the conflicts of interest that arise during the production of connected research, including analysts coming under pressure to produce favourable research on an offering if their bank is to secure a place on the book-running syndicate," the FCA said in a statement.Under the proposed rules, the prospectus would be published before the "connected" research.Providers of independent research would also have access to the company''s management before connected research is published."The proposals we have outlined in today''s consultation paper are designed to improve the range, and timeliness of higher quality information that is available to investors during the process," Christopher Woolard, the FCA''s executive director of strategy and competition, said in a statement.(Reporting by Huw Jones; Editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-ipo-regulations-idINL5N1GE25V'|'2017-03-01T05:42:00.000+02:00'
'343fc4982c243ca9185f069c74d29cdff474463e'|'Snap to price long-awaited IPO on Wednesday amid signs of brisk demand'|'By Lauren Hirsch Snap Inc, owner of popular messaging app Snapchat, will price its initial public offering after the U.S. stock market closes on Wednesday in the most eagerly awaited technology IPO since Chinese e-commerce giant Alibaba went public in 2014.The pricing will be the first test of investor appetite for a social-media app beloved by teenagers and 20-somethings but which has yet to turn a profit. The company''s losses widened last year, and it is experiencing decelerating user growth in the face of intense competition from larger rivals such as Facebook.Despite the challenges in converting "cool" into cash, Snap is targeting a valuation of between $19.5 billion and $22.3 billion from listing on the New York Stock Exchange on Thursday, the richest valuation in a U.S. tech IPO since Facebook in 2012.Snap is looking to price 200 million shares on Wednesday night at a range of $14 to $16 dollars a share.The sale, which aims to raise around $3 billion, has the advantage of favorable timing. The market for technology IPOs hit the brakes in 2016, the slowest year for such launches since 2008, and investors are keen for fresh opportunities.A successful launch could encourage debuts by other unicorns, the moniker given to tech start-ups with private valuations of $1 billion or more.Early indications for selling shareholders and the company have been positive. The IPO book is said to be over-subscribed with orders coming in at the high end of the range or higher. At least one new investor indicated it was willing to buy a large chunk of the IPO and not sell it for a year, a rare commitment to make.The company cut its price range last month from an original target of between $19.5 billion and $22.3 billion after investor concern over its unproven business model. It had been valued at up to $20 billion in nine separate private funding rounds over the past five years.HAVE FAITH IN SPIEGELAlthough Los Angeles-based Snap is going public at a much earlier stage in its development than social media giants Twitter Inc or Facebook Inc, the five-year-old company is valuing itself at roughly 49 times revenues at the top of its suggested range, nearly double the 27 times revenue Facebook fetched when it went public in 2012.To justify its suggested valuation and fend off concerns about slowing user growth, Snap has highlighted how much time its users spend on the app and the revenue potential of the emerging trend for young people to communicate with video rather than text.The company has been vague on its specific plans to lead and monetize image-driven conversations, but it has suggested investors have faith in the vision of its co-founder Evan Spiegel, whom it introduced in its investor roadshow as a "once in a generation founder."The 26-year-old will walk away with a roughly 17 percent stake valued at as much as $3.8 billion.Spiegel and co-founder Bobby Murphy will each be selling 16 million shares in the IPO that could earn them $256 million apiece. Spiegel will also receive a bonus equivalent to 3 percent of its market capitalization or up to $669 million.Dozens of other Snap investors could become overnight millionaires.Spiegel and Murphy will maintain tight control over Snap''s stock through a unique three-share class structure. The structure will give Spiegel and Murphy the right of 10 votes for every share. Existing investors will have one vote for each of their shares, while new investors will have no voting rights.(Editing by Carmel Crimmins and Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/snap-ipo-idINKBN1683EN'|'2017-03-01T03:33:00.000+02:00'
'ee3e094202a4a595dc4a449cc59e53dde110c194'|'RPT-U.S. spy agency risks talent exodus amid morale slump and Trump fears'|'Company News  12am EST RPT-U.S. spy agency risks talent exodus amid morale slump and Trump fears (Repeats story to widen distribution) By Dustin Volz and Warren Strobel WASHINGTON Feb 28 The National Security Agency risks a brain-drain of hackers and cyber spies due to a tumultuous reorganization and worries about the acrimonious relationship between the intelligence community and President Donald Trump, according to current and former NSA officials and cybersecurity industry sources. Half-a-dozen cybersecurity executives told Reuters they had witnessed a marked increase in the number of U.S. intelligence officers and government contractors seeking employment in the private sector since Trump took office on Jan. 20. One of the executives, who would speak only on condition of anonymity, said he was stunned by the caliber of the would-be recruits. They are coming from a variety of government intelligence and law enforcement agencies, multiple executives said, and their interest stems in part from concerns about the direction of U.S intelligence agencies under Trump. Retaining and recruiting talented technical personnel has become a top national security priority in recent years as Russia, China, Iran and other nation states and criminal groups have sharpened their cyber offensive abilities. NSA and other intelligence agencies have long struggled to deter some of their best employees from leaving for higher-paying jobs in Silicon Valley and elsewhere. The problem is especially acute at NSA, current and former officials said, due to a reorganization known as NSA21 that began last year and aims to merge the agency''s electronic eavesdropping and domestic cyber-security operations. The two-year overhaul includes expanding parts of NSA that deal with business management and human resources and putting them on par with research and engineering. The aim is to "ensure that we''re using all of our resources to maximum effect to accomplish our mission,” NSA Director Mike Rogers said. The changes include new management structures that have left some career employees uncertain about their missions and prospects. Former employees say the reorganization has failed to address widespread concerns that the agency is falling behind in exploiting private-sector technological breakthroughs. A former top NSA official said he had been told by three current officials that budget problems meant there was too little money for promotions. That is especially important for younger employees, who sometimes need two jobs to make ends meet in the expensive Washington D.C. area, the official said. "Morale is as low as I’ve ever seen it," said another former senior NSA official, who maintains close contact with current employees. Asked about the risk of losing talent from NSA and other agencies, White House spokesman Michael Anton said Trump had sought to reassure the intelligence community by visiting the CIA headquarters on his first full day in office. Anton also pointed to the military spending increase in Trump''s budget proposal released on Monday. It will likely take more than a visit to the CIA to patch up relations with the intelligence community, the current and former officials said. Trump has attacked findings from intelligence agencies that Russia hacked emails belonging to Democratic Party operatives during the 2016 presidential campaign to help him win, though he did eventually accept the findings. In January, Trump accused intelligence agencies of leaking false information and said it was reminiscent of tactics used in Nazi Germany. HOW MANY? The breadth of any exodus from the NSA and other intelligence agencies is difficult to quantify. The NSA has "seen a steady rise" in the attrition rate among its roughly 36,000 employees since 2009, and it now sits at a "little less than six percent," according to an NSA spokesman. NSA director Michael Rogers said last year that the attrition rate was 3.3 percent in 2015, suggesting a sharp jump in departures since then. Several senior NSA officials who have left or plan to leave, including deputy director Richard Ledgett and the head of cyber defense, Curtis Dukes, have said their departures were unrelated to Trump or the reorganization. Some turnover is normal with any new administration, government and industry officials noted, and a stronger economy has also improved pay and prospects in the private sector. "During this time the economy has been recovering from the recession, unemployment rates have been falling and the demand for highly skilled technical talent has been increasing," an NSA spokesman said, when asked to comment on the reports of employee departures. In a statement, Kathy Hutson, NSA''s chief of human resources, said the agency continues "to attract amazing talent necessary to conduct the security mission the nation needs." CONTROVERSIAL BOSS Some NSA veterans attribute the morale issues and staff departures to the leadership style of Rogers, who took over the spy agency in 2014 with the task of dousing an international furor caused by leaks from former contractor Edward Snowden. Concern about Rogers reached an apex last October, when former Defense Secretary Ash Carter and former Director of National Intelligence James Clapper recommended to then-President Barack Obama that Rogers be removed. The NSA did not respond to a request for comment on the recommendation last fall that Rogers be replaced. Rogers is now expected to retain his job at NSA for at least another year, according to former officials. Rogers acknowledged concerns about potential morale problems last month, telling a congressional committee that Trump''s broadsides against the intelligence community could create "a situation where our workforce decides to walk." Trump''s criticism of the intelligence community has exacerbated the stress caused by the reorganization at the NSA, said Susan Hennessey, a former NSA lawyer now with Brookings Institution. The "tone coming from the White House makes an already difficult situation worse, by eroding the sense of common purpose and service," she said. A wave of departures of career personnel, Hennessey added, "would represent an incalculable loss to national security." (Reporting by Dustin Volz and Warren Strobel; Additional reporting by John Walcott and Jonathan Landay; Editing by Jonathan Weber and Ross Colvin) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-cyber-nsa-idUSL2N1GE112'|'2017-03-01T22:12:00.000+02:00'
'f858afe8ddcdee054b12ea7ecef4001c5acddbc6'|'Samsung and Greenpeace: what you need to know about e-waste - Guardian Sustainable Business - The Guardian'|'At the smartphone world’s annual shindig in Barcelona, there are some things the tech giants have been trying to get people talking about – the relaunch of the Nokia 3310, BlackBerry’s new fingerprint scanner, Samsung’s virtual reality headset.But there’s another, less glamorous story that they haven’t been so keen to promote. And that concerns the fate of their gadgets when consumers have finished with them.On Sunday, Greenpeace interrupted a Samsung press conference to protest the company’s failure to produce a recycling plan for the defective Galaxy Note 7, recalled last year due to fire risk. The campaign group claims Samsung has 4.3m handsets to get rid of. Trading in trash: Nairobi''s e-waste entrepreneurs – in pictures Read more A Samsung spokesperson has since said the company is working “to ensure a responsible disposal plan” for its defunct phones, and prioritising safety and environment. But if the piled up Galaxy Note 7s go the same way as the rest of our old smartphones, computers and tablets, where might they end up?Sending e-waste offshore Since the start of 2017, we have thrown out more than 6.4m tonnes of electronic goods, according to The World Counts , a website keeping a live tally of global e-waste. If past patterns are any judge, not much of this will get properly recycled: less than a sixth of the e-waste discarded around the world in 2014 was dealt with in this way, says the UN.Even in developed countries with advanced infrastructure, electronics recycling rates are low. The US recycled just 29% (pdf) of the 3.4m tonnes of e-waste it produced in 2012, according to the Environmental Protection Agency, while the rest was sent to landfill or incinerated. “Our recycling rates for electronics are abysmal,” says Jim Puckett, executive director and founder of the Basel Action Network (BAN), an NGO. He estimates that 5% of metals used in electronics are recycled, at most. When products are handed over for recycling, a portion end up in informal recycling hotspots in developing countries, such as Accra in Ghana or parts of southern China, where they are broken down in an uncontrolled environment, Puckett explains. UN figures suggest up to 90% of the world’s e-waste is illegally dumped .“We sweep everything to developing countries where they have the least infrastructure and efficient recycling,” says Puckett.In a recent experiment, BAN placed GPS trackers on 205 old printers and monitors to see what happened to them. Of the devices handed over for recycling, 40% were sent offshore , mostly to Asia. BAN’s team followed 37 of them to Hong Kong, where it found workers breaking down electronics by hand in informal junkyards.Facebook Twitter Pinterest An e-waste recycler in Guangdong China heats plastic to determine the material according to smell. Photograph: Kai Loeffelbein/laif This kind of unregulated processing of e-waste carries severe consequences for environment and human health , including air pollution when circuit boards are heated to access the metals, soil pollution as chemicals seep into the earth, and water pollution as toxic materials get into groundwater and other supplies.Lost value Coca-Cola U-turn could help UK catch up on can and bottle recycling Read more Recycling failures also lead to a waste of precious materials, like gold, copper and platinum. This not only means that fresh supplies are mined unnecessarily, but also that money is wasted through missed recycling opportunities. Potential revenues from e-waste recycling in the European market in 2014 were as high as 2bn euros, estimates Sheffield University’s centre for energy, environment and sustainability.Companies including Microsoft and Dell have sought to address their e-waste footprint by partnering with third-party organisations like Goodwill, which sells or recycles donated electronics. Last year Apple unveiled a recycling robot called Liam, who it says can take apart an iPhone in 11 seconds.More recent ideas have included a mobile phone offset scheme, launched on Tuesday by recycling company Sims Recycling Solutions and Dutch social enterprise Closing the Loop. They promise to remove one phone from an e-waste dump for every phone used by the scheme’s customers, including ING Bank.Puckett believes more systemic change is needed, however. When it comes to tackling the sheer quantity of discarded electronics, he says progress will only come via market-based incentives for longer-lasting electronics. A system where electronics are leased out rather than bought and sold, for example, would incentivise companies to make products last as long as possible, he says.Guardian sustainable business Circular economy Smartphones Mobile phones Pollution analysis Share on Facebook Share on Twitter Share via Email Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/sustainable-business/2017/mar/01/samsung-greenpeace-what-you-need-to-know-e-waste-smartphones-recycling'|'2017-03-01T13:00:00.000+02:00'
'32fd0fb9678a116a16e449bd2239f860e7563c4e'|'UK union says Ford confirms plan to axe 1,100 jobs in Wales'|'Company  57am EST RPT-UK union says Ford confirms plan to axe 1,100 jobs in Wales (Repeats with no change to text) LONDON, March 1 British trade union GMB said on Wednesday that company bosses from Ford had confirmed plans to cut 1,100 jobs at its engine plant in Wales. GMB said the losses, which had been flagged by another union earlier on Wednesday, had been confirmed during meetings at the plant in Bridgend. The company''s plan was to cut 1,100 jobs over a five-year period, leaving a workforce of just 600 at the plant. "The nightmare for our members at Bridgend has unfortunately come true," said Jeff Beck from the GMB. (Reporting by Michael Holden, editing by Estelle Shirbon) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ford-britain-gmb-idUSL5N1GE6E3'|'2017-03-01T22:51:00.000+02:00'
'c9c19402a8c622f69ed157d2124843a6307c914f'|'Covestro CFO says any sale to industry player not off the table'|'FRANKFURT Bayer''s ( BAYGn.DE ) sale of an 11 percent stake in chemicals subsidiary Covestro ( 1COV.DE ) on the open market would not prevent the parent company from considering any takeover offers from industry players, Covestro''s finance chief told Reuters.Though Covestro would strongly prefer to remain independent, Bayer still has the option to consider takeover offers from any Covestro peer in chemicals and plastics, Chief Financial Officer Frank Lutz told Reuters on Wednesday."If a significant premium were to be offered, my understanding is that Bayer would have to take a look at it, if only to meet its fiduciary duties towards its own shareholders," he said.German drugmaker Bayer sold 1.46 billion euros ($1.54 billion) worth of shares in Covestro on the open market late on Tuesday, cutting its stake to 53.3 percent as it seeks to finance the $66 billion takeover of seeds maker Monsanto ( MON.N ).Prior to the block transaction, Bayer said last week various ways to divest its stake in Covestro were on the cards, when asked about the possibility of a sale to an industry peer.Lutz said he welcomed Bayer''s move as it would invigorate trading activity in Covestro and put the maker of transparent plastics for blu-ray disks on the radar of larger institutional investors.He said that the higher number of shares held in free float would likely qualify the stock for Germany''s blue-chip index DAX .GDAXI , but added there was still some uncertainty about the other criterion, average daily trading volumes."We will see over the next few weeks whether there is enough trading activity."(Reporting by Ludwig Burger)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-bayer-covestro-sale-idUSKBN16849G'|'2017-03-01T14:58:00.000+02:00'
'aee061fd07498f353cecfd91c1c48eb09889f08c'|'UPDATE 1-For Freeport, ''no return to business as usual'' at Grasberg mine -document'|' 10am EST UPDATE 1-For Freeport, ''no return to business as usual'' at Grasberg mine -document * 2017 daily ore output estimate cut by a third -memo * $1 bln/yr underground expansion investments shelved -memo * ''Painful but necessary'' for company survival -memo (Adds quotes from document, context) By Fergus Jensen JAKARTA, March 1 Miner Freeport-McMoRan sees "no returning to business as usual" at its giant Grasberg copper mine in Indonesia, disrupted since Jakarta halted exports in mid-January, according to an internal company document dated Feb. 28 reviewed by Reuters. Citing disruption, Freeport''s Indonesian unit said in a memo to all staff it has shelved plans to invest $1 billion a year in long-term underground expansion at the world''s second-biggest copper mine. Grasberg copper ore output will be cut to 95,000 tonnes a day in 2017 from 140,000 tonnes previously estimated. Freeport, the world''s biggest publicly listed copper producer, warned last week it could take the Indonesian government to arbitration and seek damages over the contractual dispute that has halted operations at Grasberg. The company''s Chief Executive Officer Richard Adkerson said in Florida on Monday that regulations Indonesia issued on Jan. 12 requiring Freeport to forfeit its long-term mining rights before resuming exports, were "in effect a form of expropriation". Asked about the memo, a Freeport Indonesia spokesman said Grasberg''s "operation and production is reduced to adjust to Smelting Gresik capacity". A strike at Freeport''s sole domestic offtaker of copper concentrate, PT Smelting in Gresik, East Java, is expected to last at least until March and has limited Freeport''s output options. In the memo, Freeport said that over the past month it has "revised its operating plans, announced drastic reductions to manpower levels and started evaluating our organisation for further cost efficiencies". The changes represented "a fundamental shift" in how Freeport operates, it said. "There must be greater emphasis on operating our business in a safe, productive and cost-efficient manner. The outcome of our negotiations with the government will not change this. There is no returning to ''business as usual,''"it said. "These are all painful but necessary measures the company needs to survive while working with the Government of Indonesia to achieve a mutually acceptable solution to resume exporting copper concentrate." Production of copper concentrate has yet to resume at Grasberg as a result of the export stoppage, a company source with direct knowledge of the matter told Reuters. Indonesia''s director general of coal and minerals, Bambang Gatot, declined to comment on the changes in output. The government often met Freeport "but there has been no conclusion yet", Gatot said. Freeport estimated in January that Grasberg would account for 1.3 billion pounds (589,670.081 tonnes) of its global copper sales of 4.1 billion pounds in 2017, assuming exports resumed in February. Freeport''s inability to export copper concentrate since mid-January, coupled with a strike at BHP Billiton''s Escondida mine in Chile - the world''s biggest copper mine - pushed copper prices to 20-month highs of $6,204 a tonne on the London Metal Exchange in February. (Additional reporting by Wilda Asmarini; Editing by Christian Schmollinger and Kenneth Maxwell)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/indonesia-freeport-idUSL3N1GE2NN'|'2017-03-01T16:10:00.000+02:00'
'6583560617d25b38ab6f17174c47d80d1653e6ff'|'SEC to adopt rules requiring hyperlinks for corporate exhibits'|'Money - Wed Mar 1, 2017 - 10:01am EST SEC to adopt rules requiring hyperlinks for corporate exhibits The U.S. Securities and Exchange Commission logo adorns an office door at the SEC headquarters in Washington, June 24, 2011. REUTERS/Jonathan Ernst By Sarah N. Lynch - WASHINGTON WASHINGTON Public companies will be required to make it easier for investors to locate exhibits attached to their corporate financial filings by including hyperlinks, under a new rule slated for adoption on Wednesday by the U.S. Securities and Exchange Commission. The new rule is widely viewed as a common sense measure that is long overdue, and it is not expected to spark any controversy among the SEC''s two commissioners, Acting Republican Chairman Mike Piwowar and Democrat Kara Stein. Under current rules, companies are required to provide a list of exhibits, such as their bylaws and underwriting agreements and where they can be located. But without hyperlinks, it can be hard for investors to quickly and easily locate the documents. The final hyperlink rule, which is slated to take effect in September, is among a raft of other proposals unveiled Wednesday, with most geared toward modernizing how public companies disclose information to investors. One such proposal, for instance, updates 30-year-old guidance to the banking sector on certain disclosures. A second proposal, meanwhile, would require companies to use inline XBRL, an open source software designed to make it easier to view, navigate and search financial data. Companies already use XBRL, a software that labels financial statements with computer-readable tags that can be read like barcodes. By requiring inline XBRL, companies will then embed that structured data into the financial statements. In addition to the various disclosure proposals, the SEC also proposed a measure that would require brokers who underwrite municipal bonds to ask municipalities for additional disclosures related to bank loans and other financial obligations. (Reporting by Sarah N. Lynch; Editing by Chizu Nomiyama) Next In Money'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-sec-disclosure-idUSKBN1684RF'|'2017-03-01T22:01:00.000+02:00'
'52e082ef029af1f0e26d80e7cbda0b30d09f389c'|'Investors see Snap''s IPO as ''too big to fail'''|'Technology   8:19pm GMT Investors see Snap''s IPO as ''too big to fail'' left right A woman stands in front of the logo of Snap Inc. on the floor of the New York Stock Exchange (NYSE) while waiting for Snap Inc. to post their IPO, in New York City, NY, U.S. March 2, 2017. REUTERS/Lucas Jackson 1/2 left right A banner for Snap Inc. hangs on the facade of the New York Stock Exchange (NYSE) on the morning of the company''s IPO in New York, U.S., March 2, 2017. REUTERS/Brendan McDermid 2/2 By Lauren Hirsch , Heather Somerville and Liana B. Baker - NEW YORK/SAN FRANCISCO NEW YORK/SAN FRANCISCO Institutional investors anxious not to be left out of this year''s marquee initial public offering helped Snap Inc ( SNAP.N ) pull off the biggest U.S.-listed technology share sale this week since Chinese e-commerce juggernaut Alibaba Group Holding Inc ( BABA.N ) smashed records in 2014. Keen to boost returns and with a dearth of new stocks to buy, the IPO of a buzzy social media group was a "must-have" for money managers despite concerns about the company''s strategy, slowing user growth and lack of voting rights for new investors, sources familiar with the offer said. "Taking a piece of the company is almost a foregone conclusion," said Evan Pondel, president of investor relations firm PondelWilkinson Inc. Investors'' ardor for Snap shares - which rose almost 50 percent in its market debut on Thursday, giving it a market value of nearly $30 billion - bodes well for future tech IPOs. Although blockbuster names such as Uber Technologies Inc [UBER.UL] and Airbnb Inc are not expected to go public this year, there is a lineup of smaller technology companies preparing to list in the coming months that could benefit from residual investor enthusiasm, technology investors said. To ensure a successful market launch, Snap''s bankers deployed a common tactic on big tech IPOs: they limited supply. Snap offered only 15 percent of the company to investors, including retail investors and short-term hedge funds, sources familiar with the IPO strategy told Reuters, speaking on condition of anonymity as the process is private. "All this concern about the number of users slowing down - a tech IPO of this sort has nothing to do with the business, nothing," said Philippe Collard, founding partner at Yabusame Partners, which advises technology startups. "It has everything to do with a financial transaction where you create artificial demand.” Hedge funds are famous for buying into an IPO only to sell shortly after, but institutional investors are not above quickly "flipping" a stock if they see an opportunity. However, a quarter of the new offer was subject to a one-year lockup, an unusual stipulation, limiting the amount of churn. PENT-UP DEMAND Large actively managed mutual funds are among the most sought-after IPO investors because of their size and their tendency to hold stocks for longer. They develop strong ties to IPO underwriters by virtue of being prolific IPO investors and providing the banks'' brokerage business with trading fees. These funds are also under pressure to boost performance as investors redirect tens of billions of dollars each month into index-tracking funds, which cost less and over time have performed better. Fidelity Investments, BlackRock, T. Rowe Price and Wellington Management began piling into pre-IPO tech companies in 2014, and both Fidelity and T. Rowe Price invested in Snap during a private funding round last year, positioning them to benefit from Thursday''s pop. Fidelity and T. Rowe Price declined to comment on whether they had bought into the IPO this week. There was significant pent-up demand for a new internet stock. Snap, the parent group of popular disappearing-messaging app Snapchat, went public after a long dry patch in the technology IPO market, with 2016 the slowest year for such launches since 2008. In addition to the absence of new shares, acquisitions and buy-backs have zapped investors in public technology companies of places to park their cash. Technology mergers and acquisitions and buybacks outpaced technology IPOs last year by a ratio of 38 to 1, according to Thomson Reuters data. BEHIND CLOSED DOORS In its IPO roadshow in New York, San Francisco, London and elsewhere, Snap Chief Executive Evan Spiegel brushed aside concerns of slowing user growth and stressed Snap''s potential to change "the way people live and communicate," according to sources who attended. Even though many funds felt compelled to invest in Snap, they still had questions for the company. But they asked the toughest ones - about the company''s corporate governance and slowing user growth - behind closed doors, in small meetings between management and the underwriters'' preferred clients, sources close to the situation said, asking not to be named because the process is confidential. Such a dynamic is typical of such a high-profile IPO, when a full order book is all but guaranteed. Those investors invited only to the roadshow lunches and keen for a decent allocation are more interested in impressing the IPO bankers – who take notes on who attends – with how closely they have read up on the company, and do not want to jeopardize their chances by rattling the company management, said investor relations experts, bankers and lawyers. "It''s like going to do the college visit. When it''s time to decide who to admit, you look to see who put in the effort," said Lise Buyer, a principal with the IPO advisory firm Class V Group. On the roadshow, Snap largely deferred questions about its user growth in public sessions. In New York, not a single question was asked about the company''s first-of-its kind share structure that offers IPO investors no voting rights. "It’s an exercise in diplomacy," Pondel said. "You can''t be too chest-pounding, because that’s not someone they may want to have a piece of the company." (Reporting by Lauren Hirsch in New York and Heather Somerville and Liana B. Baker in San Francisco; Additional reporting by Ross Kerber in Boston; Editing by Carmel Crimmins and Bill Rigby) Next In Technology News Exclusive: China''s ZTE expected to plead guilty over Iran sales - source NEW YORK Chinese telecom equipment maker ZTE Corp is nearing an agreement to plead guilty to U.S. criminal charges and pay hundreds of millions of dollars in penalties over allegations it violated U.S. laws that restrict sale of U.S. technology to Iran, a person familiar with the matter said.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-snap-ipo-funds-idUKKBN1692RC'|'2017-03-03T03:10:00.000+02:00'
'e6e81edd59817fd09318f64e9f643a37eb381353'|'CANADA STOCKS-TSX falls as commodity price declines hit mining stocks'|'Company  12pm EST CANADA STOCKS-TSX falls as commodity price declines hit mining stocks TORONTO, March 2 Canada''s main stock index ended lower on Thursday, weighed down by sharp falls for major gold miners and other materials stocks on lower commodity prices as bets on a near-term U.S. interest rate hike boosted the U.S. dollar. The Toronto Stock Exchange''s S&P/TSX composite index unofficially closed down 63.03 points, or 0.40 percent, at 15,536.65. (Reporting by Alastair Sharp; Editing by Phil Berlowitz) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-close-idUSL2N1GF1VP'|'2017-03-03T04:12:00.000+02:00'
'a0ea6afd91c1e699c8a03c2af120999ccbff29be'|'OMV agrees to sell Turkish unit Petrol Ofisi to Vitol for $1.45 billion'|'FRANKFURT Austrian oil and gas group OMV ( OMVV.VI ) said it had agreed to sell its Turkish fuel supply and distribution unit OMV Petrol Ofisi to Vitol Investment Partnership for 1.37 billion euros ($1.45 billion).Based on the purchase price, it will record an impairment of 186 million euros in its fourth-quarter financial accounts, in addition to the 148 million euros recorded as of end-December when it reclassified OMV Petrol Ofisi as asset held for sale, OMV said late on Friday.(Reporting by Maria Sheahan; Editing by Shadia Nasralla)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-omv-m-a-turkey-idINKBN16A2KI'|'2017-03-03T18:50:00.000+02:00'
'c9b1d14744a7e207df672cacc1c317e6bc60c977'|'China''s New Hope breaks into soybean crushing Cargill'|'BEIJING, March 4 Chinese agribusiness group New Hope plans to build its first soybean crushing plant in China''s Hebei province in a joint venture with Cargill , its chairman Liu Yonghao said on Saturday.New Hope and provincial state companies will own 51 percent of the project, which will have a daily capacity of 50,000 tonnes, while U.S. commodity merchant Cargill will hold the remaining 49 percent, he said at a briefing.China is the world''s top soybean buyer.Liu has built New Hope from a small chicken farm into the country''s top animal feed producer, with businesses extending to banking and property and annual sales topping 90 billion yuan ($13.83 billion). (Reporting by Hallie Gu; Writing by Josephine Mason; '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/china-newhope-cargill-idINB9N1DC01H'|'2017-03-04T09:41:00.000+02:00'
'7ccc6eff82017b1dd3d0cc573ee43758504025a4'|'Covestro CFO says any sale to industry player not off the table'|'FRANKFURT Bayer''s ( BAYGn.DE ) sale of an 11 percent stake in chemicals subsidiary Covestro ( 1COV.DE ) on the open market would not prevent the parent company from considering any takeover offers from industry players, Covestro''s finance chief told Reuters.Though Covestro would strongly prefer to remain independent, Bayer still has the option to consider takeover offers from any Covestro peer in chemicals and plastics, Chief Financial Officer Frank Lutz told Reuters on Wednesday."If a significant premium were to be offered, my understanding is that Bayer would have to take a look at it, if only to meet its fiduciary duties towards its own shareholders," he said.German drugmaker Bayer sold 1.46 billion euros ($1.54 billion) worth of shares in Covestro on the open market late on Tuesday, cutting its stake to 53.3 percent as it seeks to finance the $66 billion takeover of seeds maker Monsanto ( MON.N ).Prior to the block transaction, Bayer said last week various ways to divest its stake in Covestro were on the cards, when asked about the possibility of a sale to an industry peer.Lutz said he welcomed Bayer''s move as it would invigorate trading activity in Covestro and put the maker of transparent plastics for blu-ray disks on the radar of larger institutional investors.He said that the higher number of shares held in free float would likely qualify the stock for Germany''s blue-chip index DAX .GDAXI , but added there was still some uncertainty about the other criterion, average daily trading volumes."We will see over the next few weeks whether there is enough trading activity."(Reporting by Ludwig Burger)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-bayer-covestro-sale-idINKBN16849G'|'2017-03-01T08:58:00.000+02:00'
'7dd28dabd12cebf38f44cc0bfd2d329354b2f94c'|'NATO countries are spending more on defense but can''t claim credit'|'What''s the point of NATO?   his tough talk has made America''s allies splurge on defense. Speaking to Congress on Tuesday, Trump said NATO members must meet their financial obligations to the alliance. "And now, based on our very strong and frank discussions, they are beginning to do just that," he said. It''s true that NATO countries are increasing their defense spending, but it has little to do with Trump. In fact, the changes have been in the works for years. The big commitment was made in 2014, when all members that were spending less than 2% of GDP on defense promised to move toward the official target. "All allies made a pledge ... to stop the cuts in defense spending, and to gradually increase spending towards the goal of 2% of GDP within a decade," a NATO official said Wednesday. Related: The U.S. already spends more on defense than any other country It''s working: The alliance increased overall defense spending for the first time in two decades in 2015. Last year, 22 of 28 NATO members increased their defense budgets. When the U.S. is removed from the equation, the group increased its spending by 3.8% in real terms in 2016. Still, the alliance has a long way to go. Only five of NATO''s 28 members -- the U.S., Greece, Poland, Estonia and the U.K. -- meet the 2% of GDP spending target. The rest lag behind. Germany spent 1.19% of its GDP on defense last year, France forked out 1.78%. Canada, Slovenia, Belgium, Spain and Luxembourg all spend less than 1%. Trump vs. Trump: Who to believe on the global economy? Fear of Russian aggression is driving some of the recent spending splurge. Latvia, which shares a border with Russia, increased its defense budget by 42% in 2016. Its neighbor Lithuania boosted its outlays by 34%. Both, however, are still below the 2% threshold. -- James Masters and Nadine Schmidt contributed reporting. CNNMoney (London)  49 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_economy.rss'|'http://money.cnn.com/2017/03/01/news/nato-spending-donald-trump/index.html'|'2017-03-01T15:05:00.000+02:00'
'fe3544d67f23a74e40c9a3b454685362b558e3bf'|'Exclusive: Hudson''s Bay''s bid for Macy''s stumbles - sources'|'Deals - Fri Mar 3, 2017 - 9:20am EST Exclusive: Hudson''s Bay''s bid for Macy''s stumbles - sources left right A customer exits the Macy''s flagship department store in midtown Manhattan in New York City, November 11, 2015. REUTERS/Brendan McDermid 1/2 left right A man exits a Hudson''s Bay department store in Toronto, Ontario, Canada June 6, 2016. REUTERS/Chris Helgren/File Photo 2/2 By Lauren Hirsch and Carl O''Donnell Canada''s Hudson''s Bay Co ( HBC.TO ), owner of the Lord & Taylor and Saks Fifth Avenue retail chains, has yet to line up equity financing for a bid for Macy''s Inc ( M.N ), over a month after approaching its U.S. peer, people familiar with the matter said. Hudson''s Bay''s challenges in putting together a firm offer are a blow to the ambitions of its majority owner and executive chairman Richard Baker, who built a retail empire relying on real estate financing as much as his knowledge of the retail sector. To mount a credible offer for Macy''s, which has a market capitalization of more than $10 billion, Baker has been seeking to raise equity and debt financing for Hudson''s Bay, which has a market value of C$2.2 billion ($1.64 billion), the sources said this week. However, Hudson''s Bay''s existing equity partners, including mall operator Simon Property Group Inc ( SPG.N ), have been reluctant to back Hudson''s Bay''s bid for Macy''s, which would require them to invest more money in mall real estate, even as consumers continue to abandon them in favor of internet shopping. (Reporting by Lauren Hirsch and Carl O''Donnell in New York; Additional reporting by Greg Roumeliotis in New York and John Tilak in Toronto; Editing by Jeffrey Benkoe) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-macy-s-m-a-hudson-s-bay-idUSKBN16A1ME'|'2017-03-03T21:20:00.000+02:00'
'53f60665bbf405ec128d74ab95e4b354ce09f052'|'BMW''s UK workers to be balloted for strike action over pension changes'|' 17pm GMT BMW''s UK workers to be balloted for strike action over pension changes A view shows the logo on a BMW 5 series car at a dealership in Minsk, Belarus, March 2, 2017. REUTERS/Vasily Fedosenko LONDON British workers at BMW''s ( BMWG.DE ) Mini and Rolls-Royce car plants are to be balloted for strike action over plans by the German automaker to close the firm''s final salary pension schemes, Britain''s biggest trade union said on Friday. BMW wants to close two final salary schemes and move all staff to less generous pension provision which new starters have been part of since 2014. Workers backed strike action in a consultative ballot which took place late last year with a new vote for industrial action to begin shortly whilst talks continue with the firm. "BMW bosses would do well to heed the growing sense of betrayal over their broken pension promises, which have already seen 96 per cent of workers saying they would take industrial action in a consultative ballot," Unite General Secretary Len McCluskey said in a statement. Roughly 4,500 Unite members workers who are part of the BMW occupational pension scheme at five British sites, including the firm''s car plants, are due to be balloted from Mar. 10, with the vote due to close on Mar. 31. (Reporting by Costas Pitas; editing by Michael Holden)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-autos-bmw-idUKKBN16A1X9'|'2017-03-03T23:17:00.000+02:00'
'9be23f685aa7aa14da7f6604e1a8851a2ba67cd0'|'LPC: Coal companies return to U.S. leveraged loan market'|' 29pm EST LPC: Coal companies return to U.S. leveraged loan market By Jonathan Schwarzberg - NEW YORK, March 3 NEW YORK, March 3 Rising coal prices and a more favorable outlook for the industry under President Donald Trump’s administration are allowing U.S. coal companies to sign new leveraged loans after being shut out of the market since mid-2015, despite a declining long-term outlook for the industry. Massive investor demand for floating rate assets helped St Louis, Missouri-based coal mining and processing company Arch Coal to increase the size of a refinancing loan to US$300m from US$250m on February 23, less than six months after emerging from bankruptcy. “This is probably the strongest leveraged loan market since before the credit crisis,” a banker said. Coal has fallen out of favor as a fuel source in the United States in the last few years due to environmental concerns and the sector was hit by multiple bankruptcies amid the commodities and energy slump of 2015 and 2016. “The coal world has gone through some challenging times,” a syndicator said. “However, met coal prices have been in a rally for a number of months now, which is helping to portray that industry in a more positive light,” Metallurgical coal prices climbed more than 50% from March to October in 2016 and have held on to these gains as the U.S. gets ready to increase coal production. Coal carload traffic was up 19.2% in February compared to a year earlier, according to the Association of American Railroads. President Trump has been promising to help strengthen the coal industry since the campaign trail, and a White House official told Reuters Wednesday the president plans to remove a federal coal leasing moratorium as soon as next week. “The regulatory scrutiny of coal has eased since the new administration has taken over, and that has relaxed some of the negative bias as well,” the syndicator said. Although coal companies are anticipating regulatory relief and are getting a better reception in the capital markets, production is continuing to decline and the rise in the price of thermal and coking or ‘met’ coal is failing to increase enough to benefit shareholders or stimulate new investment. MORE DEALS Coal companies, which until recently were viewed as difficult credits, are taking advantage of seemingly insatiable investor appetite and an issuer-friendly market to complete deals, helped by investors’ preference for floating rate debt as U.S. interest rates start to rise. Arch Coal’s new US$300m term loan will refinance existing debt. The company emerged from bankruptcy in October 2016 after eliminating about US$4.8bn in debt. In addition to increasing the loan, Arch Coal was also able to cut the pricing to 400bp over Libor from initial guidance of 450bp. Coal plant owner Homer City Generation was not able to achieve similar pricing for a loan after it filed for bankruptcy on January 11. The company launched a US$150m term loan to collateralize its obligation and fund its debt service reserve account, which priced in line with guidance at 825bp over Libor on February 8. Blackhawk Mining had to increase pricing on a US$66m term loan that refinanced existing debt to 950bp over Libor from guidance in the 800bp-850bp range in early February, but completed the deal. Other coal companies were encouraged by these syndications and headed to the market, including U.S. coal supplier Contura Energy and Alabama coal miner Warrior Met Coal, which both set deadlines of March 9. Contura is arranging a US$400m term loan to refinance debt with proposed pricing of 500bp over Libor and Warrior Met, which is made up of assets from bankrupt Walter Energy, is also lining up a US$350m term loan with guidance of 550bp-575bp to back a dividend payment. Coal companies have not tapped the market since mid-2015. The metals and mining sector ended 2016 with a default rate of 23.6%, according to Fitch Ratings, led by the coal sector. However, a recovery in secondary loan prices and strong investor demand has created the current wave of coal loans. Investors’ hunt for paper and yield as billions of dollars of cash flows into the U.S. leveraged loan market has led them to reconsider deals that would previously have been off limits, despite the coal industry’s negative long-term outlook. “The leveraged loan market has been overrun by such massive inflows of capital that you could probably get a loan to buy a fleet of zeppelins at this point in time,” said Jim Tisch, president and CEO of Loews Corp during his February earnings call.   Lynn Adler.) (Reporting by Jonathan Schwarzberg; Editing By Tessa Walsh)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/coal-loans-idUSL2N1GG0XX'|'2017-03-04T00:29:00.000+02:00'
'd00bf25289fefbba83031f4409558100e1dd8201'|'PSA reaches deal to buy Opel from GM, wins board approval: source'|' 33pm GMT PSA reaches deal to buy Opel from GM, wins board approval: source Logos of German car maker Opel are seen on banners at a dealership in Nice, France, February 23, 2017. REUTERS/Eric Gaillard PARIS French carmaker PSA Group ( PEUP.PA ) reached an agreement with General Motors ( GM.N ) to buy the U.S. carmaker''s loss-making Opel division and won the support of its own board for the deal on Friday, a source familiar with the matter told Reuters. The Paris-based maker of Peugeot and Citroen cars plans to announce the acquisition early on Monday, the source said. A company spokesman declined to comment. (Reporting by Laurence Frost and Gilles Guillaume; editing by Andrew Callus)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-opel-m-a-idUKKBN16A24G'|'2017-03-04T00:33:00.000+02:00'
'cf82d4950f5b0969912220dee788c5a75e54e324'|'Emergency central bank funding to Greek banks drops by 900 million euros in January'|' 39pm GMT Emergency central bank funding to Greek banks drops by 900 million euros in January A man walks past the headquarters of the Central Bank of Greece in Athens, Greece, November 8, 2016. REUTERS/Alkis Konstantinidis ATHENS Emergency central bank funding to Greek lenders fell by 900 million euros (770.7 million pounds), or 2 percent, in January compared to the previous month, Bank of Greece data showed on Wednesday. Banks have relied on emergency liquidity assistance (ELA) drawn from the Greek central bank since February 2015 after being cut off from the ECB''s funding window due to stalled bailout talks between the government and its official lenders. Their dependence on the ELA emergency lifeline has declined since June last year when the European Central Bank reinstated banks'' access to its cheap funding operations. Emergency funding, which is more costly than borrowing from the European Central Bank, dropped to 42.8 billion euros ($45.08 billion) at the end of January from 43.7 billion euros at the end of December, the data showed. ($1 = 0.9494 euros)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-greece-banks-funding-idUKKBN1684V2'|'2017-03-01T22:39:00.000+02:00'
'a27619a3cf520a723a3a4a72fc57b93ccc155085'|'Factbox - How India is trying to tackle its bad loans problem'|'MUMBAI Reserve Bank of India Deputy Governor Viral Acharya has proposed setting up "bad bank"-type institutions to deal with the $133 billion in stressed assets accumulated by Indian banks after years of reckless lending.The proposal is similar to one by the government''s Chief Economic Adviser Arvind Subramanian, who has called for a bad bank.The proposals follow actions already taken by the RBI and government, as India tries to get banks to start lending again, thus reviving clogged private investments.Below are details about the proposals by Acharya and Subramanian, and a summary of actions taken by the RBI so far.RBI DEPUTY GOVERNOR ACHARYA''S PROPOSAL- Seeks private and state-run "bad banks" to buy and restructure stressed assets.- Proposals on how to restructure assets would be presented to creditors and defaulters.- Restructuring proposals could include write-offs and haircuts.- Government would have the power to force through plans even if creditors, defaulters disagree.- "Private Asset Management Co" model would be set up for metals, telecom, textiles and construction.- State-run "National Asset Management Co" (NAMC) would deal with economically unviable long-term assets such as power and infrastructure.- NAMC would try to revive these projects, including by bringing in private players, or decide on write-offs.INDIAN GOVERNMENT ADVISER SUBRAMANIAN''S PROPOSAL- Would set up a bad bank institution called "Public Sector Asset Rehabilitation Agency".- Would have explicit mandate to maximise recoveries within a defined time period.- Would purchase specific loans from banks and then restructure them, i.e. by converting debt to equity.- Would work with the government to raise funds to pay for the purchased loans, including sales of government debt stock.EXISTING RBI PROPOSALS- Focusses first on getting banks to recognise true extent of problems under ongoing Asset Quality Review (AQR).- Seeks to provide flexibility for banks to restructure debt through several initiatives including:1. Making it easier to sell off stressed assets for banks and financial institutions;2. Creation of a Joint Lenders Forum (JLF) to ease decision-making by creditors;3. Implementation of the Scheme for Sustainable Structuring of Stressed Assets (S4A) to make debt recast easier;4. Strategic debt restructuring (SDR) to help banks convert part of the defaulted loan into equity;5. Allowing banks to extend repayments of loans in long-term infrastructure projects to 25 years from 15 years, with ability to refinance every five years under "5/25 scheme".(Reporting by Rafael Nam, Suvashree Dey Choudhury and Devidutta Tripathy; Editing by Mike Collett-White)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/india-cenbank-deputy-factbox-idINKBN1682UG'|'2017-02-28T21:44:00.000+02:00'
'e8b439e7333f190cc540beefac8b335961b8973f'|'Mediaset owner could take Telecom Italia stake to end Vivendi row: paper'|'MILAN The Berlusconi family''s investment firm could take a stake in Telecom Italia ( TLIT.MI ) as part of a plan to settle a dispute with French media company Vivendi ( VIV.PA ), Il Messaggero newspaper said on Wednesday, citing advisors.Berlusconi''s Fininvest, the biggest shareholder in Italian broadcaster Mediaset ( MS.MI ), has been at loggerheads with Vivendi since July when the French company pulled out of an agreement to buy Mediaset''s pay-TV business Premium.Vivendi, whose chairman and biggest shareholder is Vincent Bollore, has since built up a 28.8 percent stake in Mediaset, a move that has angered Fininvest, riled the Italian government and unleashed lawsuits.Vivendi, which owns French TV channel Canal Plus and Universal Music, is also the biggest investor in Telecom Italia with a 24.9 percent stake and the government is worried that Bollore could end up with too much influence in corporate Italy.Il Messaggero said the proposal to bury the hatchet would involve Vivendi cutting its Mediaset stake to 9.9 percent and selling 9.9 percent of Telecom Italia to Fininvest.In addition, Vivendi would get two seats on Mediaset''s board and Fininvest two on Telecom Italia''s, the paper reported, adding that the overall proposal appealed to former prime minister Silvio Berlusconi.Vivendi and Mediaset declined to comment.Vivendi''s stakebuilding has raised questions about Bollore''s intentions and whether these include a future combination of Mediaset with Telecom Italia, which has made distribution of content via broadband a growth priority.Italy''s antitrust regulations prevent companies from having an excessive exposure to both telecommunications and media and Vivendi''s move into Mediaset is already the subject of a regulatory inquiry.Any cross shareholding between Mediaset and Telecom Italia would also be likely to prompt alarm bells in government circles and analysts said the plan outlined in Il Messaggero would be difficult to implement.Two sources close to the matter said the idea of Fininvest buying Telecom Italia shares has never been on the table. Mediaset CEO Pier Silvio Berlusconi also said in January it was not interested in a stake in Telecom Italia as part of a broader Vivendi deal.One of the sources said that any decision on the dispute between the two groups had been suspended anyway pending an inquiry by Italian communications regulator AGCOM into Vivendi''s stakebuilding at Mediaset."In any case, if Vivendi has to make a choice between Mediaset and Telecom Italia, it will choose to keep Telecom Italia shares," the person close to the matter said.One analyst also said it would be hard for Vivendi to place 18 percent of Mediaset at market prices and doubted the French company would be willing to sell at a loss.There was little share reaction to the newspaper report with Vivendi down 0.2 percent by 1218 GMT, Mediaset down 0.5 percent and Telecom Italia up 1.2 percent.(Reporting by Agnieszka Flak and Giulia Segreti in Milan, Gwenaelle Barzic in Paris, Mathieu Rosemain and Sophie Sassard in Barcelona; editing by Louise Heavens and David Clarke)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-mediaset-vivendi-idINKBN1684JU'|'2017-03-01T10:45:00.000+02:00'
'7a3ba7ec8b18bf2c9c85f5eef361b3e382ad0d16'|'Japan final February manufacturing PMI shows activity expands most in 35 months'|'Business News - Wed Mar 1, 2017 - 12:42am GMT Japan final February manufacturing PMI shows activity expands most in 35 months Steam is emitted from factories at sunset in Keihin industrial zone in Kawasaki, Japan February 13, 2017. REUTERS/Issei Kato TOKYO Japanese manufacturing activity expanded in February at the fastest pace in almost three years, a private survey showed on Wednesday, a sign that domestic and overseas demand is improving. The Markit/Nikkei Final Japan Manufacturing Purchasing Managers Index (PMI) was a seasonally adjusted 53.3 in February, just below the flash reading of 53.5 and above a final 52.7 in January. The index remained above the 50 threshold for the sixth consecutive month and marked the fastest expansion since March 2014. A reading above 50 indicates expansion in the sector while a reading below 50 indicates contraction. The index for new orders, which measures both domestic and external demand, was 54.2, less than a preliminary 54.7 but still higher than a final 54.0 in January. The final reading showed new orders grew at the fastest since December 2015. The final index for new export orders was 54.3, higher than a preliminary 54.2 and 53.1 in the previous month to indicate the fastest growth since December 2013. The latest PMI survey suggests that exports and domestic demand have started strongly this year, though uncertainty lingers amid rising protectionism in the United States. Indeed, January exports growth slowed and data on Tuesday showed factory output unexpectedly fell for the first time in six months. That underscored the persistent slack in the overall economy and anaemic inflation, underscoring the challenge for policy makers in the year ahead. Japan''s core consumer prices marked the 10th straight month of annual declines in December despite more than three years of aggressive money printing by the Bank of Japan. Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-economy-pmi-idUKKBN1682TU'|'2017-03-01T07:42:00.000+02:00'
'e20bcdef22393f128304ca2b81b4d3d7775fb738'|'EMERGING MARKETS-Mexico peso firms to the strongest since U.S. vote'|' 00am EST EMERGING   Agreement (NAFTA). Speaking on CNBC, U.S. Secretary of Commerce Wilbur Ross said those NAFTA fears pummeled the peso, which reached an all-time low on Jan. 11, and that a sensible trade deal would boost it. Trump has also said he would slap a hefty tax on imports to the United States from Mexico to pay for a border wall. Other Latin American currencies seesawed as traders avoided making big bets ahead of a speech by U.S. Federal Reserve Chair Janet Yellen later in the day. Expectations of a U.S. rate increase in March, which could reduce the allure of high-yielding assets, have weighed on demand for emerging market currencies this week. Key Latin American stock indexes and currencies at 1535 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 929.17 -0.77 8.59 MSCI LatAm 2579.68 -0.11 10.33 Brazil Bovespa 65897.25 0.06 9.41 Mexico IPC 47127.49 -0.34 3.25 Chile IPSA 4419.90 0 6.47 Chile IGPA 22122.11 0.02 6.69 Argentina MerVal 19043.56 0.4 12.56 Colombia IGBC 9878.89 0.08 -2.46 Venezuela IBC 37409.75 1.63 17.99 Currencies daily % YTD % change change Latest Brazil real 3.1439 0.20 3.35 Mexico peso 19.6380 1.82 5.63 Chile peso 657.3 -0.43 2.04 Colombia peso 2981.25 -0.32 0.68 Peru sol 3.29 -0.24 3.77 Argentina peso (interbank) 15.4700 -0.39 2.62 Argentina peso (parallel) 16 0.12 5.13 (Reporting by Bruno Federowski; Editing by Andrea Ricci)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL2N1GG0QL'|'2017-03-03T23:00:00.000+02:00'
'77260f248a68f5122038e95fa73a335fa24797a6'|'NBCUniversal invested $500 million in Snap Inc during IPO: CNBC'|'NBCUniversal, a unit of Comcast Corp ( CMCSA.O ), invested $500 million in Snap Inc ( SNAP.N ) during its IPO as part of a strategic investment and partnership, CNBC reported on Friday, citing sources familiar with the matter.Snap and NBCUniversal did not immediately respond to requests for comment.(Reporting by Narottam Medhora in Bengaluru; Editing by Maju Samuel)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-snap-inc-ipo-nbcuniversal-idINKBN16A1K6'|'2017-03-03T10:44:00.000+02:00'
'7e99c5a31ad0186f91b6e193606e9ad1f7b85706'|'Charisma isn''t elusive, train yourself to become magnetic - Guardian Small Business Network'|'What do entrepreneurs Oprah Winfrey, Richard Branson and Elon Musk have in common? Apart from their huge net worth, they are all highly charismatic. But what exactly is charisma? The charismatic can infect others with their own enthusiasm. They convince us, not only of their own self-belief, but make us feel more confident in ourselves too. As an entrepreneur, charisma is a winning formula for your personal brand. If you exude self-belief, angel investors, prospective clients and the press will see your potential and be more inclined to invest in your story. How to build your business reputation – advice from the experts Read more Perhaps because it is hard to describe, there is a popular misconception that charisma is an innate quality. In fact, a lead researcher in charisma, Richard Wiseman, estimated that it is 50% innate and 50% learned . This would mean that just about anyone can bolster their charisma to help achieve their professional – and personal – goals.Charisma is a set of behaviours that each of us can integrate into our personality. We may already embody some of its qualities, such as presence, warmth or gravitas. Tweaks to body language, the way you speak or how you listen, if practiced regularly, can soon become habitual and greatly improve your perceived charisma.But the first step is building self-awareness. Here are a few classic rapport-breaking behaviours to watch out for:Breaking eye contact to soon – may denote untrustworthiness, nervousness or disinterest. Nodding too much – repeated nodding dilutes the impact of the message and generally implies nervousness or inauthenticity. If you agree with what is being said, nod once and then remain still. Crossing your arms – can appear defensive. Fidgeting – may imply nervousness or impatience. Failing to smile – this can make people feel uncomfortable and question your enthusiasm. Go for a genuine smile (especially when first meeting someone). Stepping back when you’re asking for a decision – implies fear or uncertainty. Checking your phone or watch – suggests impatience or disinterest. Simply by enhancing your awareness of your behavioural quirks, you can start to become more purposeful and credible in how you project yourself.Making new connections As entrepreneurs often have to network, pitch ideas and proposals as part of their work, they are invariably meeting new people all the time. Often this involves attempting to forge effective relationships in a minimal amount of time. The way in which you imagine situations beforehand can have a bearing upon your charisma levels on the day. If you have convinced yourself that a meeting will be uncomfortable this will be unconsciously reflected in your body language, meaning that others are less likely to be drawn to youInstead, approach networking events or meetings with the primary aim of learning more about others and putting them at ease, this should have a profound, positive effect on the overall outcome of such encounters. At first glance, this approach might seem counter-intuitive. However, by actively listening to the other person, not only do you undermine the immediate pressure on yourself to perform but you also create a deeper bond. Charismatic people often purposely touch a person on the shoulder or arm while they are making specific points. This helps them to control the conversation and make the other person feel at ease. This of course must be done with caution. Some people will not want to be touched, so use your discretion and adjust your approach accordingly. Eight dos and don''ts for launching a successful business Read more As cliched as it might sound, handshakes, initial eye contact and an open body stance represent immediate ways of showing authority, warmth and overall trustworthiness. You can galvanise these initial impressions in a number of ways above and beyond the content of a pitch or discussion. This includes demonstrating:Authenticity – take a genuine interest in people, ask questions, listen to their needs and concerns. Remember their names and details about conversations.Clarity – practice good annunciation, use pauses, metaphors, stories and anecdotes to create a visual component (in other words, make yourself easy to follow and understand).Conviction – speak passionately and believe in what you say.Humour – enjoy yourself during conversations, smile and where appropriate, be lighthearted.All of these suggestions can be put into practice very quickly. However, it is important to progress slowly and relative to your individual circumstances, allowing you to rehearse and refine your charisma in small increments. This will mean that the process not only becomes far less daunting but also naturally becomes a fully integrated part of your everyday behaviour.Richard Reid is a psychotherapist and coach and the founder of Pinnacle Therapy Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox. Guardian Small Business Network Adventures in Business Entrepreneurs Work & careers blogposts   Share   Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/small-business-network/2017/mar/03/charisma-train-yourself-magnetic-entrepreneurs-win-customers'|'2017-03-03T14:15:00.000+02:00'
'806f13d0b7752673dd2ab86b9befe78f6757ddf0'|'Thyssenkrupp eyes Plan B for European steel - report'|' 19am GMT Thyssenkrupp eyes Plan B for European steel - report The logo of German steel-to-elevators group ThyssenKrupp AG is pictured during the company''s annual news conference in Essen, Germany, November 24, 2016. REUTERS/Wolfgang Rattay/File Photo FRANKFURT Germany''s Thyssenkrupp ( TKAG.DE ) has looked at the option of splitting its European steel business into a separate company that could be floated if a merger with Tata Steel ( TISC.NS ) assets fails, German weekly WirtschftsWoche reported on Friday. The report, which did not cite sources, said a merger was still the preferred option but that investor pressure could force Chief Executive Heinrich Hiesinger to consider another route. "There is no new status," a spokesman for Thyssenkrupp told Reuters. Thyssenkrupp and Tata have been talking for over a year about merging their European steel units to cut costs and overcapacity, but the plan is complicated by Tata''s huge pension deficit in Britain. Hiesinger said at the German industrial group''s annual shareholders'' meeting on Jan. 27 that he would not be pressured to rush a deal with Tata, but there was no "Plan B" for the steel business. He also told German daily Handelsblatt on Feb. 23 that the company was prepared to move forward on its own if necessary but would prefer consolidation. He also said that Thyssenkrupp would remain part-owner of the steel business in any merger scenario. ($1 = 0.8155 pounds) (Reporting by Maria Sheahan; Editing by Alexander Smith)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-tata-thyssenkrupp-idUKKBN16A0KY'|'2017-03-03T14:19:00.000+02:00'
'4fc3364f0da7da7d8bf291788d00416c88924941'|'PRESS DIGEST- Financial Times - March 3'|' 35pm EST PRESS DIGEST- Financial Times - March 3 March 3 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headlines MPs attack May industrial strategy for lack of detail on.ft.com/2lzw9gI Sports Direct buys lingerie brand Agent Provocateur on.ft.com/2lzBR2f Watchdog finds ''deficiencies'' in one-third of UK audits reviewed on.ft.com/2lzDvk4 Overview Britain''s new industrial strategy, unveiled earlier this year to prepare the economy for Brexit, is facing more criticism, with MPs pointing to a lack of detail co-ordinated action and proper planning. British billionaire Mike Ashley and the owner of Sports Direct International Plc bought an interest in luxury lingerie brand Agent Provocateur after the maker of cuffs and corsets slipped into administration. About one third of audits of London-listed companies sampled by Britain''s accounting regulator lack rigour and need improvements, the watchdog said in a report published on Thursday. (Compiled by Ismail Shakil in Bengaluru!)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-ft-idUSL2N1GG02M'|'2017-03-03T08:35:00.000+02:00'
'7167a4bb2c4c428b6a1814ea3246236fe3e6b793'|'Markets edge lower ahead of service sector figures - business live - Business'|'UK service sector growth expected to slip Photograph: Jack Taylor/Getty Images   View more sharing options   Close Nick Fletcher Friday 3 March 2017 07.34 GMT Last modified on Friday 3 March 2017 07.36 GMT Key events Show 7.34am GMT 07:34 Agenda: Service sector in focus Live feed Show 7.34am GMT 07:34 Agenda: Service sector in focus Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. It’s a bit like Groundhog Day. On Tuesday there was a whole host of manufacturing data from around the globe - mostly showing a positive trend - and now we get the same thing but for the service sector.Things have kicked off with a slightly disappointing figure from China. The Caixin services PMI index slipped from 53.1 in January to 52.6 last month, down from 18 month highs.Elsewhere, after some weakness in February’s UK manufacturing figure and a pick up in the construction sector, the services index is expected to show a dip, from 54.5 in January to 54.2 as rising prices put a brake on consumer demand. As for Europe, Michael Hewson at CMC Markets sums up expectations: In Europe... the latest Spain, Italy, France and Germany services numbers [are all] expected to show significant improvements on their January numbers, with increases to 55.1, 53.1, 56.7 and 54.4 respectively.In the US, there is expected to be a strong performance from the service sector, which is likely to add fuel to the growing belief that the Federal Reserve could raise interest rates as soon as this month’s meeting. Hewson again:The US remains the key driver of markets right now and the sudden hawkish stance of a number of previously dovish Fed officials has caught investors somewhat off guard in the past week or so, and pushing the prospect that we’ll see another interest rate rise into a realistic prospect. In fact such has been the turnaround in expectations, that a rate move looks more or less a done deal.Today’s US ISM services numbers for February are expected to underscore this increased optimism with an expectation that we’ll see a robust 56.5, however the acid test will be later today when a week of Fed speakers concludes with four more FOMC voting members speaking about the US economy .That expectation has been pushing the dollar higher again, and as a consequence putting pressure on the pound. As it happens, sterling is currently flat against the dollar at $1.2265 but has edged 0.15% lower against the euro to €1.1653.Meawhile after Thursday’s fall on Wall Street following its record breaking run and overnight dips in Asia, European markets are expected to open lower:IGSquawk (@IGSquawk) Our European opening calls: $FTSE 7364 down 18$DAX 12012 down 48$CAC 4949 down 15 $IBEX 9677 down 39 $MIB 19365 down 76March 3, 2017 On the corporate front there are results out from advertising giant WPP and the London Stock Exchange.Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close Business Business live Stock markets Eurozone US economy Federal Reserve     Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/live/2017/mar/03/markets-edge-lower-ahead-of-service-sector-figures-business-live'|'2017-03-03T14:34:00.000+02:00'
'bf739125baa06dc427af0900816917ca9acae3ad'|'Generic drugmaker Mylan''s profit benefits from Meda buy'|'Generic drugmaker Mylan NV ( MYL.O ) reported better-than-expected quarterly profit and revenue on Wednesday, helped by strong demand for drugs it acquired through its purchase of Sweden''s Meda last year.Mylan''s shares jumped 5.6 percent to $44.20 in premarket trading.Mylan, which is the focus of investigations related to its controversial EpiPen emergency allergy shot, continues to face generic drug pricing pressure. It announced cost-cutting measures and layoffs in December.Price erosion for generic drugs persists in the mid-single percentage digits as expected, and will continue in 2017, Mylan President Rajiv Malik said on Wednesday.Mylan said it expected adjusted profit in 2017 of $5.15-$5.55 per share and revenue of $12.25 billion-$13.75 billion.Analysts on average were expecting a profit of $5.33 per share and revenue of $12.65 billion for the year, according to Thomson Reuters I/B/E/S.The company''s net profit rose to $417.5 million, or 78 cents per share, in the fourth quarter ended Dec. 31, from $194.6 million, or 38 cents per share, a year earlier.Excluding items, Mylan earned $1.57 per share, well ahead of analysts'' average expectation of $1.42.Total revenue rose 31.2 percent to $3.27 billion, beating the average estimate of $3.17 billion.(Reporting by Natalie Grover in Bengaluru; Editing by Savio D''Souza and Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-mylan-nl-results-idINKBN1684EW'|'2017-03-01T10:25:00.000+02:00'
'68f70ef5c8c2c0fde45bebe2b9097b8cfcce9845'|'PepsiCo to close British plant, threatening nearly 400 jobs'|' 10pm GMT PepsiCo to close British plant, threatening nearly 400 jobs General view of Limited Edition Jamie Vardy Walkers crisps outside the King Power Stadium before the Leicester City v Chelsea match on 14/12/15Action Images via Reuters / Carl Recine/Livepic LONDON Food and drink firm PepsiCo plans to shut a Walkers crisp factory in northern England, the company said on Wednesday, putting almost 400 jobs at risk. PepsiCo, whose UK products include Walkers crisps, Pepsi Max soft drinks and Quaker porridge, said the plant closure at Peterlee, in County Durham in northern England, would affect 380 jobs. The company said the decision was nothing to do with Britain''s vote to leave the European Union last year, and that crisps currently produced at the site would be manufactured at other sites in Britain. "The changes we are proposing present significant productivity and efficiency savings crucial for ensuring the long-term sustainable growth of our business in the UK," Tracey Foster, Peterlee Manufacturing Director at PepsiCo UK said in a statement. She added that "no decisions will be made without first consulting employees and their representatives." The company employs almost 5,000 workers across 11 sites in Britain, including a factory in Leicester that producers Walkers crisps -- known in the United States as potato chips -- which is the largest crisp factory in the world. (Reporting by Alistair Smout, editing by Estelle Shirbon)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-pepsico-britain-jobs-idUKKBN1684M4'|'2017-03-01T21:10:00.000+02:00'
'155303fe4443105a6aa936f468865a29c4a67240'|'China''s CC Land buys London skyscraper for 1.15 billion pounds'|'Business News - Wed Mar 1, 2017 - 12:51pm GMT China''s CC Land buys London skyscraper for 1.15 billion pounds A British Union Jack flag and an European Union flag fly from a building, with the ''Gherkin'' and Leadenhall Building skyscrapers seen in the City of London financial district in London, Britain, January 30, 2016. REUTERS/Toby Melville CC Land Holdings Ltd ( 1224.HK ), a firm run by Chinese property magnate Cheung Chung-kiu, has agreed to pay 1.15 billion pounds to buy London''s "Cheesegrater" skyscraper, owners British Land ( BLND.L ) and Oxford Properties said on Wednesday. The sale of the Leadenhall Building, known as the Cheesegrater because of its wedge shape, will be slightly dilutive to British Land''s earnings per share but accretive to its net asset value per share, the property company said. British Land and Oxford Properties each own 50 percent of the building. Oxford Properties invests in real estate for one of Canada''s largest pension plans. (Reporting by Esha Vaish in Bengaluru; editing by Jason Neely and David Evans) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-british-land-cheesegrater-cc-land-idUKKBN16847G'|'2017-03-01T19:51:00.000+02:00'
'5138df0389e787098f75c898333393d233694a04'|'UPDATE 1-McDonald''s turns to technology, value to win back lost customers'|'(Adds details, shares)By Lisa BaertleinCHICAGO, March 1 McDonald''s Corp later this year will give U.S. customers the opportunity to order and pay via their cell phones as it fights to win back customers lost to other fast-food rivals.McDonald''s will make so-called "mobile order and pay" available at all of its roughly 14,000 U.S. restaurants, Chris Kempczinski, president of McDonald''s USA, said at the company''s meeting with investors and analysts in Chicago on Wednesday.McDonald''s is shifting its multi-year turnaround effort to convenience and value to woo back lapsed diners.The company''s U.S. restaurants, which contribute about 40 percent of McDonald''s overall operating income, have suffered four straight years of traffic declines, resulting in 500 million fewer transactions since 2012.McDonald''s said it would use a part of the savings from refranchising restaurants outside the United States to modernize about 650 U.S. outlets, under what it calls the "Experience of the Future" plan.The plan, which aims to make visits to McDonald''s restaurants more enjoyable, includes introducing table service and allowing customers to order through kiosks.Together with already modernized restaurants, McDonald''s aims to end 2017 with 2,500 "Experience of the Future" restaurants in the United States.The company said it was experimenting with new ways to deliver its burgers and sandwiches, including partnering with third-party services throughout the world and introducing curbside pickup of orders in all its U.S. restaurants.It plans to use a third of its $1.7 billion capital budget for 2017 to open new restaurants.The company said it expects to grow annual sales by 3-5 percent and earnings per share by high-single percentage digits starting 2019.McDonald''s also said it expected to return $22 billion-$24 billion of cash to shareholders over a three-year period ending 2019.The company''s shares were up 1.4 percent in afternoon trading on Wednesday. They hit a nine-month high of $129.99 earlier. (Reporting by Lisa Baertlein in Chicago and Sruthi Ramakrishnan in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mcdonalds-meeting-idINL2N1GE1HA'|'2017-03-01T15:23:00.000+02:00'
'480c32341da01ee038ef7794b2d831d7ee002d0d'|'Weight Watchers soars thanks to Oprah but Nutrisystem thriving too'|'Oprah''s weight is down, Weight Watchers shares are up It looks like a lot of people made a New Year''s resolution to go on a diet. Weight Watchers shares soared more than 25% Wednesday after the Oprah Winfrey-backed company reported strong earnings for the fourth quarter and a 10% jump in subscribers late Tuesday. Nutrisystem also reported solid results on Tuesday morning, sending its stock up nearly 20%. Shares of Nutrisystem ( NTRI ) have now gained nearly 35% already this year while Weight Watchers ( WTW ) has surged more than 55%. That''s great news for Winfrey, who is an investor in Weight Watchers as well as a board member and celebrity spokeswoman. Shares of Weight Watchers are still down about 35% from the peak price above $28 that they hit shortly after Winfrey first announced her investment in the company back in October 2015. The stock is currently trading at around $18, but it was as low as $9.50 in the past 12 months. You could say that the share price has fluctuated as much as the weight of a person on a yo-yo diet. It took some time for Winfrey''s endorsement to lead to a jump in subscribers. CEO Jim Chambers also stepped down last September , adding to some concerns about the company''s financial health. But Winfrey has helped validate the company''s weight loss service. She said in December that she''s shed more than 40 pounds and has continued to appear in TV commercials for the company. Related: Oprah''s loss is Weight Watcher''s gain Weight Watchers has also assured investors that it is looking for a new CEO to replace Chambers. Board member Christopher Sobecki, a managing partner at private equity firm Invus, said during a conference call with analysts Tuesday that the CEO search is "on track" and that "there is high interest in the position." The recent success of Weight Watchers does not appear to be hurting rival Nutrisystem at all. Nutrisystem, which also owns the South Beach Diet, said on Tuesday that was continuing to add more customers. CEO Dawn Zier didn''t even mention Weight Watchers during her company''s conference call with analysts. And it also looks like neither company is having a problem attracting more paying members even though there are many free diet and health and fitness apps available on smartphones for people looking to shed a few pounds. Of course, it remains to be seen if investors'' love for both companies fade as the year goes on and many well-intentioned dieters go back to eating too many sweets and let their gym memberships lapse. But for now, Wall Street is bullish on calorie counting. And Oprah Winfrey is counting more cash too. CNNMoney (New York)   11:22 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_companies.rss'|'http://money.cnn.com/2017/03/01/investing/weight-watchers-oprah-nutrisystem/index.html'|'2017-03-01T18:22:00.000+02:00'
'1be1402ce21405766600d69ef4fa9eb17e9a8b81'|'Fed''s Brainard, citing improved global economy, says rates can rise ''soon'''|'Business News -  06pm GMT Fed''s Brainard, citing improved global economy, says rates can rise ''soon'' Federal Reserve Governor Lael Brainard delivers remarks on ''''Coming of Age in the Great Recession'''' at the Federal Reserve''s ninth biennial Community Development Research Conference focusing on economic mobility in Washington, DC, U.S. on April 2, 2015. REUTERS/Yuri Gripas/File Photo By Howard Schneider - BOSTON BOSTON An improving global economy and a solid U.S. recovery mean it will be "appropriate soon" for the Federal Reserve to raise U.S. interest rates Fed Governor Lael Brainard said on Wednesday, adding an important voice to the chorus of officials signalling rates may rise as soon as mid-March. Brainard was a key voice throughout 2015 and 2016 in warning that trouble in Europe and slower-than-expected growth in China could hurt the United States, an argument that helped slow the Fed''s expected pace of tightening. Now, she said in an address at Harvard University, the clouds seem to be lifting. "We are closing in on full employment, inflation is moving gradually toward our target, foreign growth is on more solid footing, and risks to the outlook are as close to balanced as they have been in some time," Brainard said. "Assuming continued progress, it will likely be appropriate soon to remove additional accommodation, continuing on a gradual path." "After being an important constraint in the past few years, the external environment currently appears more benign than it has been for some time," Brainard said, directly addressing the set of risks that led her to become one of the stronger advocates for delaying any rate increase until the global environment improved. Recent moves by China have helped, she said, while the European Central Bank''s patient and persistent bond buying, among other policy moves, appears to be paying off. Coupled with the comments of other Fed officials in recent days, and looking ahead to remarks by Fed chair Janet Yellen on Friday, Brainard''s comments will likely help cement sentiment that a rate increase when the Fed meets in two weeks is now the assumed outcome. The likelihood of continued rate increases is now such that Brainard also included an extended discussion of how she thinks the Fed should manage its $4.5 trillion balance sheet, an issue the Fed has formally pushed to near the end of its rate increase cycle. Brainard said she felt the Fed''s security holdings should be left as they are for now, given a "subordinate" role to raising rates. Coupled with the outlook of even a few months ago, when fallout from the Brexit vote by the United Kingdom raised the risk of a fractured European Union, the global economic news has been relatively encouraging. "Several challenges...have so far been navigated without significant damage to growth, financial stability, or inflation expectations," Brainard said. The news in the U.S. has also been positive. "We will continue to edge closer to our goals in the months ahead. Consumption growth has been encouraging, supported by continued job gains, rising wealth, and greater confidence," Brainard said. "Given the progress we have seen and the positive momentum in the incoming data, continued gradual removal of accommodation is likely to be appropriate." (Reporting by Howard Schneider; Editing by Diane Craft) Next In Business News U.S.    '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-fed-brainard-idUKKBN1685TF'|'2017-03-02T06:06:00.000+02:00'
'ac8ab1b9c5dcfb2b807b24ad00c3e319428f9bb8'|'Adecco sees pre-Brexit slowdown in hiring in London'|' 24pm GMT Adecco sees pre-Brexit slowdown in hiring in London The logo of Swiss Adecco Group is seen at its headquarters in Glattbrugg, Switzerland October 11, 2016. REUTERS/Arnd Wiegmann By Brenna Hughes Neghaiwi - ZURICH ZURICH Swiss staffing group Adecco ( ADEN.S ) has seen a major slowdown in permanent hiring by British firms as financial groups wait to see what will happen once the country triggers it exit from the European Union, Chief Executive Alain Dehaze said on Thursday. Revenue from placing workers in permanent jobs in Britain fell 15 percent in the last three months of 2016, accelerating from a 5 percent decline in the previous quarter. The fall was most pronounced in London''s financial industry, Dehaze said. "We see companies waiting to make decisions on new hiring in Britain as they expect Article 50 to be triggered in the coming months," Dehaze told Reuters after the company announced fourth-quarter results. The British government hopes to start divorce talks with the EU before the end of March. Adecco revenues rose to 5.87 billion euros (5.04 billion pounds) in the last three months of 2016, a forecast-beating 6 percent increase as hiring strengthened across mainland Europe. But the Zurich-based company said revenue growth slowed in January and February, months in which firms are typically more cautious on hiring. The performance of staffing providers such as Adecco is watched as an indicator for the health of the broader economy, with companies taking on temporary workers at the beginning of an upswing before switching to permanent workers. Adecco warned it would keep a tight lid on costs amid global economic uncertainty, with open questions ranging from Brexit to French elections and the direction of the U.S. economy. "We''re all waiting for more clarity," Dehaze said of investments under U.S. President Donald Trump. Shares were down 3.2 percent by 1210 GMT as analysts and traders expressed concerns over a squeeze on margins, as well as the group''s subdued outlook. "While the fourth quarter showed solid growth, the trend has not accelerated further with January and February up 4 -5 percent," Vontobel analyst Michael Foeth wrote in a note. Rival temp company Randstad ( RAND.AS ) last month reported an improving hiring situation at the end of 2016 and a brighter outlook for 2017, while U.S. staffing company Manpower ( MAN.N ) said revenue increased by 3 percent during its fourth quarter. Adecco proposed an unchanged dividend of 2.40 Swiss francs ($2.38) per share, as well as a share buyback worth up to 300 million euros.($1 = 0.9500 euros) ($1 = 1.0104 Swiss francs) (Additional reporting by John Revill; Editing by Michael Shields/Keith Weir)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-adecco-results-idUKKBN1691KA'|'2017-03-02T19:24:00.000+02:00'
'e9f80f2d6c0fd79da93c5057d8a7f940b3c3e559'|'Four more sign up as clearing members of LME''s precious contracts'|'Company   4:00am EST Four more sign up as clearing members of LME''s precious contracts By Jan Harvey - LONDON, March 2 LONDON, March 2 Four more financial firms, including Bank of China, have agreed to participate as clearing members in the London Metal Exchange''s new suite of precious metals contracts when they launch on June 5, the LME said on Thursday. Bank of China International, Commerzbank , Marex Financial and Macquarie Bank have all agreed to take part in the LMEprecious suite of gold products, including spot, futures and options contracts, that the LME announced in August. The LME is already partnering LMEprecious with the World Gold Council, proprietary trader OSTC, and five banks - ICBC Standard Bank, Morgan Stanley, Natixis , Goldman Sachs and Societe Generale. The exchange has a 50:50 revenue sharing agreement with EOS Precious Metals formed by these partners. The new clearing members are not a part of EOS. All eight banks, plus Marex, will act as clearing members when the contracts launch in June. "The presence of strong, large Chinese financial institutions is hugely important as part of the LMEPrecious business case," the LME''s interim Chief Executive Matthew Chamberlain said. "We''ve always said this is about strengthening London as the global precious metals centre, it''s about working sympathetically with the over-the-counter market, and we''re really pleased to see those names." The LME said it is in advanced talks with other potential clearing members ahead of the launch. Each clearing member will have to provide a minimum of $1 million to the LMEprecious default fund. "The fact that people are willing to meet that additional default fund contribution further (validates) the potential of LMEPrecious," Chamberlain said. The exchange also outlined fees which will be reviewed annually along with other contracts, but for LMEprecious the first review will not be until December 2018. For contracts ranging from spot to monthly delivery on the LMESelect platform, the LME will charge a transaction fee of between 40 and 50 U.S. cents to members trading and clearing in-house business, depending on the term of the contract. Clients of members will be charged a maximum of 90 U.S. cents. There is a 25 percent discount on fees for business conducted over the telephone, the LME said, adding there were reductions for tom/next -- buying tomorrow and selling the day after. LMEPrecious joins a raft of new products in the gold market, with InterContinental Exchange (ICE), which runs the LBMA Gold Price benchmark, and CPM Group also launching new contracts this year. (Additional reporting by Pratima Desai; Editing by ) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/gold-lmeprecious-members-idUSL5N1GD6XJ'|'2017-03-02T16:00:00.000+02:00'
'7aaf603f4e4150d783495e4ae086fc515f125d8e'|'Deals of the day-Mergers and acquisitions'|' 00am EST Deals of the day-Mergers and acquisitions March 2 The following bids, mergers, acquisitions and disposals were reported by 1100 GMT on Thursday: ** Kazakhstan''s biggest lenders by assets, Kazkommertsbank (KKB) and Halyk Bank, have signed a non-binding memorandum of understanding on a potential acquisition of a controlling interest in KKB by Halyk, KKB said. ** Aurubis AG, Europe''s biggest copper smelter, plans a new corporate strategy involving expansion into production of other non-ferrous metals alongside its traditional copper business, new CEO Juergen Schachler said. ** Spain''s carmaking plants were "well-placed" in the takeover talks between PSA Group and General Motors'' European arm, Economy Minister Luis de Guindos said after speaking to a senior executive at PSA. ** Park Square Capital and SMBC are setting up a new euro 3 billion direct lending fund which will be a joint venture between the two firms, banking sources said. ** German consumer products group Henkel has made a binding offer to buy Darex Packaging Technologies from GCP Applied Technologies for $1.05 billion. ** BPER Banca said it had agreed to buy small lender Nuova Carife for 1 euro, helping Italy solve one of its banking headaches by selling the last one of four small lenders it rescued from bankruptcy in November 2015. (Compiled by Sruthi Shankar in Bengaluru)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/deals-day-idUSL3N1GF3IR'|'2017-03-02T18:00:00.000+02:00'
'0570b4bfb8451f60efde35161b50ff5e56bb0707'|'Fewer workers, higher wages - Japan Inc feels demographic pinch'|'  7:34am GMT Fewer workers, higher wages - Japan Inc feels demographic pinch left right A deliverer of Yamato Transport Co is seen under the company''s logo at a business district in Tokyo, Japan, February 9, 2017. REUTERS/Toru Hanai 1/4 left right A deliverer of Yamato Transport Co is seen at a business district in Tokyo, Japan, February 9, 2017. REUTERS/Toru Hanai 2/4 left right The logo of Yamato Transport Co is pictured at a business district in Tokyo, Japan, February 9, 2017. REUTERS/Toru Hanai 3/4 left right A deliverer of Yamato Transport Co is seen at a business district in Tokyo, Japan, February 9, 2017. REUTERS/Toru Hanai 4/4 By Malcolm Foster and Yoshiyuki Osada - TOKYO TOKYO Ask the president of Japan''s largest daycare chain what his biggest headache is, and Kazuhiro Ogita doesn''t hesitate: workers and wage costs. Not enough of one, too much of the other. Unable to hire enough employees to staff its nurseries at a time of strong demand, JP-Holdings Inc ( 2749.T ) is paying more overtime and bringing in part-time workers to fill shifts. That''s eating into its bottom line - a trend seen across Japan''s labour intensive industries, from delivery companies to restaurants and even the 400,000-employee strong postal system. Average pay for temporary workers in Japan''s three biggest cities in December rose 2.1 percent from a year earlier to 1,006 yen ($8.83) per hour - a fifth monthly record. Pay for forklift drivers jumped 13.8 percent and hotel clerks rose 4 percent. According to Reuters'' analysis of the financial results at 193 major companies, labour costs as a portion of overall sales are at their highest level in at least five years. This is happening even as rank-and-file workers see their base pay flatline, despite Prime Minister Shinzo Abe urging firms to lift wages to boost consumer spending - raising the prospect of an economy where costs rise but growth stagnates. For some companies, the labour crunch is forcing them to adapt and become more productive. Manufacturers are using more automation and robots, and construction companies and convenience stores are hiring more foreign workers, from a restricted pool. These aren''t options for all companies. JP-Holdings needs qualified teachers who have passed rigorous exams in Japanese. The resulting impact on costs has prompted the company to slash its operating profit forecast for the year through March by a third, to 1.05 billion yen ($9.3 million) versus 1.8 billion yen a year earlier. "We can’t rely on robots to care for children," Ogita said. "We have more space - we just don''t have the teachers to fill them. It''s a lost business opportunity for us." Delivery service Yamato Holdings Co ( 9064.T ), known in Japan for its black cat logo, is also scrambling, even while offering higher wages. Thanks to the internet shopping boom, Yamato''s parcel volume and sales climbed in the last nine months of the financial year - yet higher labour costs cut operating profit for the period by 6.5 percent. "We simply can''t get adequate staffing," said Yasuo Katayama, general secretary of the company''s 60,000-member union. "The company has said it will do something, but it hasn''t been enough. We need the management to reconsider the parcel volume." SHRINKING POOL Hardest hit are small and medium-sized businesses, which have less cash to invest. Two-thirds of companies with 100-300 employees said they are facing labour shortages, up from 59 percent a year ago, according to a survey by the Japan Chamber of Commerce and Industry. But even businesses like Japan Post ( 6178.T ), the privatized postal system, are struggling. "You ask the head of any company these days what their No. 1 problem is, and it''s labour shortage and higher (wage) costs," said CEO Masatsugu Nagato. "We have 400,000 employees, so this is a huge problem for us." Operating profit at Japan Post’s postal and logistics businesses fell by more than half to 2.1 billion yen for the nine months through December, as labour costs and pension changes took a bite. And there is little to encourage optimism. Japan''s working-age population, which shrank to 75.9 million in 2015 from a peak of 87.2 million in 1995, is expected to drop to 44 million by 2060. Foreign workers are making up some of the shortfall - last year numbers topped 1 million for the first time. But the government is reluctant to ease restrictions too much amid social and political resistance, and Abe has encouraged companies to first hire more women and older workers. Language and qualification barriers also create obstacles. Ogita, head of the daycare chain, knows only one foreigner who has obtained the necessary childcare qualifications. One positive impact from the shortage, however, could be to narrow the pay gap between salaried and non-salaried workers - something Abe''s government has been pushing for with an "equal time for equal pay" campaign. Higher wages could also bring back more workers to the workforce, but what it means for recovery and spending is far from certain. "In the long run, the labour shortages could cause cost-push inflation or stagflation, in which the cost of doing business keeps on rising, while the economy stagnates," said Masaki Kuwahara, senior economist at Nomura Securities. ($1 = 113.4400 yen) (Reporting by Malcolm Foster, Yoshiyuki Osada, Taiga Uranaka, Reiko Shimizu, Izumi Nakagawa and Tetsushi Kajimoto in TOKYO and Gaurav Dogra in BANGALORE; Editing by Clara Ferreira Marques and Lincoln Feast) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-labour-idUKKBN1690HW'|'2017-03-02T13:26:00.000+02:00'
'6533138b0a023795b9b0be110ed6a0bcd20323fa'|'UBS economists see Fed hiking U.S. rates in March'|' 34pm EST UBS economists see Fed hiking U.S. rates in March NEW YORK, March 2 UBS economists said on Thursday they expect the Federal Reserve to increase interest rates at its upcoming policy meeting in mid-March as recent data signaled rising domestic inflation and global growth. They cautioned a March rate hike is "hardly assured" as the readings on wages, consumer spending and industrial output have not matched the surge in business and consumer confidence following Donald Trump''s surprise presidential victory last November. (Reporting by Richard Leong; Editing by Phil Berlowitz)   Moody''s whistleblower loses lawsuit, cannot share in $864 mln settlement NEW YORK, March 2 A federal judge on Thursday dismissed a whistleblower lawsuit by a former Moody''s Investors Service managing director and said he deserves none of the $863.8 million that Moody''s agreed to pay to settle claims it inflated mortgage ratings prior to the 2008 financial crisis.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-fed-ubs-group-idUSL2N1GF1E7'|'2017-03-03T01:34:00.000+02:00'
'206d1ebbe6e431ffae6aad13faf13add40ec0d85'|'Kion CEO says does not expect Weichai to hike stake further'|'HEUSENSTAMM, Germany German forklift truck maker Kion ( KGX.DE ) does not expect its Chinese shareholder Weichai Power ( 000338.SZ ) to increase its stake beyond its current level of around 43.3 percent, its chief executive told Reuters."I cannot see any strategic advantage to an increase," Gordon Riske said on Thursday after Kion published its 2016 financial results.Weichai can already consolidate Kion''s profits and has three of the 16 seats on the German company''s supervisory board."We have a standstill agreement until summer 2018 according to which Weichai cannot increase its stake to more than 49 percent," Riske said. "After that we''ll have to see."(Reporting by Elke Ahlswede; Writing by Maria Sheahan; Editing by Victoria Bryan)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-kion-results-weichai-power-idUSKBN1691C4'|'2017-03-02T14:15:00.000+02:00'
'16b4fad189bc4fdb1166ddb3441de32cb7411177'|'Vintage Western phone brands resurrected by Chinese players'|'Company News  27am EST Vintage Western phone brands resurrected by Chinese players * Chinese firms counting on retro Western brands * Nokia 3310 and BlackBerry return at Barcelona fair * Flip-top Motorola Razr could be next revival By Harro Ten Wolde and Eric Auchard BARCELONA, March 2 Once famous mobile phones such as Nokia''s classic 3310 from the turn of the century have been given a new lease of life as Chinese manufacturers revive Western brands to get an edge in an increasingly cut-throat handset market. Apple and Samsung lead the smartphone pack worldwide but impressive growth in the Chinese market has left room for a host of home-grown manufacturers to come to the fore, with China''s Huawei now third in the world. Within China, Oppo surged to become market leader last year and it is expanding rapidly in Asia to stand fourth in the world rankings, even if its brand is little known in developed and increasingly stagnant Western markets. A closely related Chinese brand, Vivo, has muscled its way into fifth place globally. What this means, though, is that former Chinese market leaders, such as Lenovo and TCL Communications , are losing ground, and some are counting on retro Western brands to revive their fortunes at home and abroad. Emerging from a sea of indistinguishable smartphones, the showstopper at this year''s main European technology trade fair was a revival of the Nokia 3310, its brightly coloured cases and month-long battery life tugging at the heartstrings of erstwhile fans in search of a digital detox. The new phone was launched by Finnish firm HMD Global, led by former Nokia executives and backed financially by Chinese electronics giant Foxconn, which makes devices for Apple and Sony, among others. Priced at 49 euros, the 3310 is meant to appeal to old fans in the West as well as finding a new generation of younger users in emerging markets looking for a good-looking reliable phone. The BlackBerry made a splash at the Barcelona trade fair too thanks to China''s TCL Communication , which unveiled a BlackBerry-licensed handset with the physical keyboard many professionals clung onto even as Apple''s iPhone revolutionised the smartphone market. BlackBerry Ltd supplies the phone''s security software. TCL, which is part of a group that makes appliances ranging from TVs to washing machines, has kept France''s Alcatel brand alive for a decade. TCL-Alcatel is now the world''s 10th biggest smartphone maker, according to research firm Strategy Analytics. INTERNATIONAL EXPANSION Lenovo, the world''s third largest mobile phone supplier in 2014 when it acquired U.S. cellphone pioneer Motorola, has subsequently sunk to ninth globally but is counting on Motorola as its premium smartphone brand to battle back. The Chinese firm is even open to following in Nokia''s footsteps and reviving the retro, flip-top Motorola Razr, which was the second best selling phone in the world in 2004 and 2005. Lenovo Chief Executive Yang Yuanqing told CNBC this week that launching a revamped Razr could be a way of bringing customers back to the Motorola brand as it tries to drive into developed markets such as the United States. The Philips handset brand also lives on in India and China after the Dutch firm licenced its brand to Sang Fei, a subsidiary of TPV Technology, which also makes Philips television sets. For now, though, the top Chinese phone makers such as Huawei , Oppo and Vivo, look set on developing their own brands in a domestic market that is still growing even as demand in developed economies plateaus. China accounted for more than a third of the world''s mobile phones shipped last year and domestic firms still had 90 percent of sales, according to a government report. But as the market becomes overrun with me-too smartphones and margins evaporate, rivals may spot more opportunities to leapfrog rivals by capitalising on familiar Western brands, said Strategy Analytics analyst Neil Mawston. "As the Chinese market peaks and organic growth becomes harder, these brands may consider takeovers as the fastest way to speed up their expansion," he said, refering to moves overseas. "At some point, either Huawei, Vivo or Oppo may come to the point where buying an existing international brand is their best way to expand," Mawston said. Analyst say possible targets could include famous phone brands fallen on hard times including Japan''s Sony or Taiwan''s HTC. "It could well be that we see more brands of yesteryear picked up by Chinese brands," said phone industry analyst Ben Wood of CCS Insight. (Additional reporting by Georgina Prodhan; editing by David Clarke) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/telecoms-mobileworld-vintage-idUSL5N1GE61V'|'2017-03-02T21:27:00.000+02:00'
'c34a00ded72a3a09fdbfe309559cd26266cf2af2'|'Deutsche Telekom writes down BT stake by 2.2 bln euros'|'Company  15am EST Deutsche Telekom writes down BT stake by 2.2 bln euros BONN, Germany, March 2 Deutsche Telekom wrote down the value of its stake in Britain''s BT by 2.2 billion euros ($2.3 billion), pushing it to a fourth-quarter net loss of 2.12 billion euros from a profit of 946 million euros a year earlier. The German telecoms provider reported a 2 percent increase in fourth-quarter adjusted core profit (EBITDA) to 5.26 billion euros on Thursday, driven by its T-Mobile US unit but also lifted by a 3 percent increase in German adjusted EBITDA. ($1 = 0.9497 euros) (Reporting by Georgina Prodhan; Editing by Maria Sheahan) Next In Company News Nikkei hits 14-month high as yen weakens and Wall Street soars TOKYO, March 2 Japan''s Nikkei share average hit a 14-month peak on Thursday as the yen weakened against the dollar on heightened expectations for the Federal Reserve to raise interest rates this month and after Wall Street soared to record highs.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/deutsche-telekom-results-idUSF9N1G201G'|'2017-03-02T13:15:00.000+02:00'
'4f0f2c802a82c4458e8df47817b95a69adf00d58'|'JCDecaux says having a good first quarter in Britain-CEO'|'By Gwénaëlle Barzic - PARIS, March 2 PARIS, March 2 French outdoor advertising company JCDecaux is no longer planning to reduce investments in Britain, which it had considered following the country''s vote to leave the European Union, after "a good first quarter", its co-CEO told Reuters."For now, we decided not to reduce (investments) because sales are better than expected," chief executive Jean-Francois Decaux told Reuters."We thought Brexit would impact sales, but we had a very good last quarter in England and we are having a good first quarter". (Reporting by Gwenaelle Barzic; Writing by Maya Nikolaeva; Editing by Adrian Croft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/jcdecaux-britain-idINP6N1A601J'|'2017-03-02T14:41:00.000+02:00'
'9c7cb0d1bdbd4901be1e8bb87aafe49826367955'|'Linn Energy successfully completes financial restructuring'|'Feb 28 Linn Energy Llc* Linn Energy successfully completes financial restructuring* Linn Energy - through restructuring, Linn has reduced debt by more than $5 billion to total debt of $1.012 billion* Linn Energy - board has engaged Jefferies as lead advisor and has initiated a process to explore and evaluate potential strategic alternatives '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-linn-energy-successfully-completes-idINASB0B2XT'|'2017-02-28T19:57:00.000+02:00'
'bf53bfd1513aa5bc17cd344661e768daaecf13a2'|'BRIEF-Nanostring Technologies Q4 loss per share $0.55'|' 21pm EST BRIEF-Nanostring Technologies Q4 loss per share $0.55 March 2 Nanostring Technologies Inc * Sees 2017 gross margin on product and service revenues in range of 57% to 58% * Fy2017 earnings per share view $-2.06, revenue view $107.4 million -- Thomson Reuters I/B/E/S * Q4 loss per share $0.55 * Q4 revenue rose 13 percent to $25.2 million * Sees fy 2017 loss per share $2.51 to $2.69 * Sees fy 2017 revenue $100 million to $105 million  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-nanostring-technologies-q4-loss-pe-idUSASB0B37J'|'2017-03-02T04:21:00.000+02:00'
'6c28d32281cfdebb56321164b7a373a4f14dcc12'|'BRIEF-Aduro Biotech reports Q4 loss per share $0.44'|' 36pm EST BRIEF-Aduro Biotech reports Q4 loss per share $0.44 March 1 Aduro Biotech Inc: * Aduro Biotech announces fourth quarter and full year 2016 financial results * Q4 revenue $3.9 million versus I/B/E/S view $3.8 million * Q4 loss per share $0.44 * Q4 earnings per share view $-0.40 -- Thomson Reuters I/B/E/S Source text for Eikon:    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-aduro-biotech-reports-q4-loss-per-idUSASB0B38E'|'2017-03-02T04:36:00.000+02:00'
'7493045c7e5500fb11679a58c9ce54bc1f2e9fa2'|'Euro zone 2017 inflation likely to be far higher than projected - Bundesbank''s Weidmann'|'Business News - Wed Mar 1, 2017 - 1:38pm GMT Euro zone 2017 inflation likely to be far higher than projected: Bundesbank''s Weidmann German Bundesbank President Jens Weidmann speaks during the G20 Germany 2017 Conference in Wiesbaden, Germany, January 25, 2017. REUTERS/Ralph Orlowski FRANKFURT Euro zone inflation is likely to be sharply higher in 2017 than projected but will still dip towards the end of the year, Bundesbank president Jens Weidmann said on Wednesday, arguing that accommodative monetary policy remains appropriate. With inflation surging on higher oil prices, and criticism of the European Central Bank (ECB) mounting in Germany ahead of September''s elections, pressure has increased on the ECB to at least start a discussion about when and how it would scale back its extraordinary stimulus measures. But the ECB has so far pushed back, arguing that growth is fragile, upcoming elections cloud the outlook, and the rise in inflation is temporary, still requiring years to rise sustainably towards its target of just under 2 percent. "Assuming that oil prices do not rise any further ... inflation this year is likely to be well in excess of the figure projected to date; for Germany, an upward revision of around one-half percentage point is expected, and this might also be the case for the euro area as a whole," he said in Ljubljana. Preliminary data from several German states showed inflation in the euro zone''s economy probably surpassed the ECB''s target of a rate just under 2 percent for the first time in more than four years in February. The ECB sees inflation in the euro zone at 1.3 percent this year, a projection bound to rise when the bank publishes new forecasts next Thursday as oil prices LCOc1 are 17 percent above the assumptions that went into that number. Weidmann, an ECB critic who has voted against many of the bank''s easing measures, also acknowledged that underlying inflation is still weak, so the question is not whether loose monetary policy is needed but when the outlook would firm enough to justify a change in communication and eventually the policy stance. Euro zone inflation is expected to have hit 2 percent last month and may still rise further in the first half before easing back toward the end of the year. Weidmann stopped short of calling for any particular measures but argued that keeping borrowing costs low for too long risked getting budgets addicted to cheap cash, making eventual tightening even harder. "Monetary policy has to avoid the markets'' perception that the central bank is only willing to counter downward pressure on financial markets with an accommodative policy stance but refrains from tightening the reins in times of higher price stability risks due to the fear of triggering market turbulences," he said. (Reporting by Balazs Koranyi; Editing by Francesco Canepa and Louise Ireland) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-ecb-policy-weidmann-idUKKBN1684HV'|'2017-03-01T20:38:00.000+02:00'
'0ab0b7e4834b882471eec1caa5bcecc65ec69ded'|'Exclusive: Sinclair approaches Tribune Media about possible deal - sources'|'By Jessica Toonkel and Liana B. Baker Sinclair Broadcast Group Inc has approached rival U.S. broadcaster Tribune Media Co to discuss a potential combination, people familiar with the matter said on Wednesday, a deal that would hinge on existing regulations being relaxed.A deal between Sinclair and Tribune Media, which have market capitalizations of $3.6 billion and $3 billion respectively, would combine two of the largest U.S. local TV station owners and face regulatory curbs on how many households they can reach.However, the broadcast industry hopes President Donald Trump will lift caps on ownership concentration, allowing it to compete for audiences and advertisers against Facebook Inc and Alphabet Inc''s Google.The discussions between the companies are preliminary and there is no certainty they will lead to any deal, the people said.Sinclair could also look at buying parts of Tribune such as the dozen CW broadcast stations it owns, or its media holdings such as the WGN America cable network and its stake in the Food Network, the people added.The sources asked not to be identified because the matter is confidential. Tribune Media declined to comment, while Sinclair did not respond to a request for comment.An acquisition of Tribune would come as the Chicago-based company faces higher programming costs and a challenging advertising environment.Tribune''s chief executive, Peter Liguori, has said he is stepping down this month, and the company has yet to name a permanent replacement. In February, Starboard Value LP, an activist hedge fund known for calling on companies to change their strategy, disclosed a 6.6 percent stake in the company.Sinclair branched out into cable networks last year when it bought the Tennis Channel for $350 million.If the companies decide to combine, they would collectively reach more people than the U.S. Federal Communications Commission (FCC) currently allows for. Unless grandfathered in, no broadcast group is allowed to reach more than 39 percent of U.S. households.However, Congress has increased the cap before, and many in the industry expect Trump to relax the rules on the ownership of broadcast stations. Sinclair and Tribune could also seek a waiver to go above the cap as part of a deal, the sources said.Tribune is already above the FCC cap, reaching 44 percent of U.S. households, while Sinclair is at 38 percent, according to Jefferies LLC analyst John Janedis.Tribune Media said last year that it was working with financial advisers, Moelis & Co and Guggenheim Securities, on a strategic review. It subsequently sold its media data unit Gracenote to Nielsen Holdings Plc for $560 million.Tribune is due to report earnings later on Wednesday.(Reporting By Jessica Toonkel in New York and Liana B. Baker in San Francisco; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-tribunemedia-m-a-sinclairbroadcast-idINKBN16843R'|'2017-03-01T08:07:00.000+02:00'
'0546bf54a35279933a1cadcf74dc1335a14ccd92'|'BRIEF-Shake Shack Q4 same store sales rose 1.6 percent'|' 33pm EST BRIEF-Shake Shack Q4 same store sales rose 1.6 percent March 1 Shake Shack Inc: * Shake Shack announces fourth quarter and fiscal year ended 2016 financial results * Q4 earnings per share $0.15 * Q4 revenue $73.3 million versus I/B/E/S view $70.7 million * Q4 same store sales rose 1.6 percent * Q4 earnings per share view $0.09 -- Thomson Reuters I/B/E/S * Says raising fy total revenue guidance to between $349 million and $353 million (versus. $348 million and $352 million). * Sees FY same-shack sales growth between 2% and 3% * FY2017 revenue view $354.5 million -- Thomson Reuters I/B/E/S * Says increasing previous development plan guidance to between 22 and 23 for fy 2017 (versus. Between 21 and 22) new domestic company-operated shacks Source text for Eikon:    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-shake-shack-q4-same-store-sales-ro-idUSASB0B386'|'2017-03-02T04:33:00.000+02:00'
'baa14e91473a9277d4841f1a40afd6f7e2360ce4'|'Fed officials jolt market with talk of pending rate hike'|'By Ann Saphir and Jonathan Spicer - SANTA CRUZ, Calif./NEW YORK SANTA CRUZ, Calif./NEW YORK A handful of Federal Reserve policymakers on Tuesday jolted markets into higher expectations for a March U.S. interest rate increase, with comments that suggested rate-setters are worried about waiting too long in the face of pending economic stimulus from Washington.New York Fed President William Dudley, among the most influential U.S. central bankers, said on CNN that the case for tightening monetary policy "has become a lot more compelling" since the election of President Donald Trump and a Republican-controlled Congress.John Williams, president of the San Francisco Fed, said that with the economy at full employment, inflation headed higher, and upside risks from potential tax cuts waiting in the wings, "I personally don’t see any need to delay" raising rates."In my view, a rate increase is very much on the table for serious consideration at our March meeting."In remarks to a joint session of Congress, Trump offered little detail about planned tax cuts or new infrastructure spending beyond the broad strokes he offered during the election campaign -- leaving policymakers with little to add to their analysis.Williams, unlike Dudley, is not a voter this year on policy, but his views are seen as influential among his colleagues.The comments sparked a flurry of selling in the bond market, with the two-year Treasury yield jumping to its highest level since December.Interest rate futures implied traders saw a nearly a 57 percent chance the Fed would raise rates at its March 14-15 meeting, up from roughly 31 percent late on Monday, and around 20 percent a week ago, according to Reuters data.Market expectations are likely to be shaped further this week when Fed Gov. Lael Brainard speaks on Wednesday in Boston and when Fed Chair Janet Yellen updates her views on the economy in a Chicago address on Friday. The Fed''s next meeting is in two weeks.The comments on Tuesday before Trump''s speech included remarks from Philadelphia Fed President Patrick Harker calling for three rate hikes this year.A counterpoint came Tuesday evening from St. Louis Federal Reserve President James Bullard, who feels only a single rate hike is needed this year and argued there is no need to anticipate the possible impact of tax and spending plans that are still not fleshed out and may take months to pass Congress."The idea of being preemptive would be overkill," in an economy with weak growth and no serious sign yet of a run-up in inflation, Bullard said.It is possible, he said, that a well constructed tax plan could spur investment and productivity, and add to growth without the inflationary impact some Fed members fear.A string of better-than-expected economic data including evidence that inflation, that has remained below a Fed target since 2008, was rising to a 2-percent target has raised expectations both inside and outside the Fed for rate hikes this year. The central bank has hiked rates only once in each of the last two years.Dudley, a close ally of Fed Chair Janet Yellen and a permanent voter on policy, said we have seen a "very large" rise in household and business confidence and "very buoyant" financial markets since the November election, "and we have the expectation that fiscal policy will probably move in a more stimulative direction."Williams said that raising rates in March, rather than waiting until June, gives the Fed room to raise rates this year more than the three times that most Fed policymakers currently feel would be appropriate.Thomas Simons, senior money market economist at Jefferies, said in a note that for the normally dovish Dudley, "this is as hawkish and specific as you''re going to get.""All of this looks like a coordinated effort by Fed policymakers to raise expectations for a rate hike at the March meeting," Simons added.(Reporting by Jonathan Spicer and Ann Saphir; Additional reporting by Richard Leong in New York; Editing by Diane Craft and Kim Coghill)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/usa-fed-idINKBN1682W2'|'2017-03-01T00:57:00.000+02:00'
'99c8875b1dded321f60fa9d58697645f0fc16562'|'Japan will tell United States to respect WTO rules: PM Abe adviser'|'Business News - Wed Mar 1, 2017 - 12:24am EST Japan will tell United States to respect WTO rules: PM Abe adviser Yasutoshi Nishimura speaks during the Reuters Japan Investment Summit in Tokyo May 19, 2014. REUTERS/Toru Hanai By Stanley White and Izumi Nakagawa - TOKYO TOKYO Japan will tell the United States in their economic talks that any border tax the U.S. government imposes on imports should not break World Trade Organization rules, an adviser to Prime Minister Shinzo Abe said on Wednesday. Yasutoshi Nishimura also said Japan would not rule out a bilateral trade agreement with the United States, but talks may not start soon because Washington is putting a higher priority on renegotiating the North America Free Trade Agreement. "We don''t want any border tax to violate WTO rules by becoming a tax system intended to promote exports," Nishimura told Reuters in an interview. "Our position is WTO rules and multilateralism are important and we want to lobby for that." Abe and U.S. President Donald Trump agreed last month to establish a new framework for economic dialogue to discuss trade and infrastructure investment. The two countries have not set a schedule for their talks. Trump has spoken positively about a 20 percent border adjustment tax being pushed by Republicans in Congress as a way to boost exports, but it is still uncertain if he will fully endorse the proposal. Trump, who has lashed out at U.S. companies for moving operations and jobs to countries such as Mexico, had previously sent mixed signals on the border adjustment tax. Some Japanese policymakers grew concerned about U.S. protectionism and a return to 1980s trade friction after Trump criticized Japanese auto imports shortly after taking office in January. Trump has since softened his rhetoric on Japan following a summit meeting with Abe where the two leaders agreed to hold the economic dialogue. Japan''s hopes to avoid trade friction by reminding Trump that the trade relationship has changed a lot since the 1980s, Nishimura. Japanese automakers now produce a lot of cars in the United States, which dovetails with Trumps repeated pledges to create more jobs, Nishimura said. Japan is interested in using the new dialogue with the United States to talk about infrastructure investment, boosting other types of direct investment and U.S. shale gas imports, Nishimura said. Some economists and policymakers are worried that the United States could use the dialogue framework to criticize Japan''s currency policy and its aggressive monetary easing Nishimura expressed confidence that Japan could avoid such criticism, saying Japan needs easy monetary policy because it is still in deflation and that foreign exchange levels are determined by markets. (Reporting by Stanley White and Izumi Nakagawa; Editing by Chris Gallagher and Michael Perry) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-japan-economy-trade-idUSKBN16837X'|'2017-03-01T12:24:00.000+02:00'
'9c93d61d724b4473edfbf2ba01a4463f12f44031'|'Fashion house BCBG Max Azria files for bankruptcy'|'March 1 Fashion house BCBG Max Azria Group LLC filed for bankruptcy protection on Wednesday, the latest casualty in the struggling U.S. retail sector, as shoppers abandon malls in favor of internet shopping.The company, known for party dresses worn by celebrities including Selena Gomez and Drew Barrymore, listed assets in the range of $100 million to $500 million and liabilities in the range of $500 million to $1 billion, a filing under Chapter 11 with the U.S. Bankruptcy Court for the Southern District of New York showed. bit.ly/2lo7iMIBCBG Max Group''s Canadian affiliate also separately filed for voluntary reorganization proceedings under Canada''s Bankruptcy and Insolvency Act, the company said in a statement.The fashion house has received a commitment of up to $45 million in debtor-in-possession (DIP) financing, which will be used for working capital and to ensure normal operations during the Chapter 11 process, the company said in a statement.The company is taking steps to close its freestanding stores in Canada and consolidate its operations in Europe and Japan, in addition to the 120 retail stores closed as part of the restructuring efforts.Reuters had reported last week that BCBG Max Azria Group was preparing to file for bankruptcy."The steps we are taking now, to address the shift in customer shopping patterns and the growth of online shopping, will allow us to focus on our partner relationships, digital, ecommerce, selected retail locations, and wholesale and licensing arrangements," Marty Staff, acting interim chief executive of the company said in the statement.The reorganization process is expected to be completed within six months and the stores will remain open during the process, the company said.AlixPartners LLP and Jefferies LLC advised the company on its restructuring.Competing specialty retailers, including The Limited and American Apparel, have also filed for bankruptcy in recent months.BCBG, an acronym for the French phrase "bon chic, bon genre", a Parisian slang meaning "good style, good attitude", was founded by Tunisian fashion designer Max Azria in 1989. It grew through its retail shops and distribution in department stores including Saks Fifth Avenue and Bloomingdale''s. (Reporting by Vishal Sridhar in Bengaluru; Editing by Amrutha Gayathri)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/bcbgmaxazria-bankruptcy-idINL3N1GE2SK'|'2017-03-01T04:21:00.000+02:00'
'3cf0d7c16391a2fbf861bb7c47d1f51d2130c443'|'Facebook''s Oculus trims price of virtual reality set by $200'|'Business News - Wed Mar 1, 2017 - 7:39pm GMT Facebook''s Oculus trims price of virtual reality set by $200 An attendee tries the Oculus VR Inc. Rift Development Kit 2 (DK2) headset at the 2014 Electronic Entertainment Expo, known as E3, in Los Angeles, California, U.S. on June 11, 2014. REUTERS/Kevork Djansezian/File Photo SAN FRANCISCO Facebook Inc''s virtual reality unit Oculus has cut $200 from the all-in price of its flagship hardware set, in a bid to expand the system''s base of video game players, the company said on Wednesday. The virtual reality headset Rift and the motion controllers Touch will together retail for $598, Jason Rubin, Oculus'' vice president of content, said in a statement. Facebook paid $2 billion for Oculus in 2014, believing it to be the next major computing platform. Chief Executive Mark Zuckerberg has said that Oculus would spend $500 million to fund virtual reality content development. Making Oculus and its competitors affordable, though, has been a challenge. Gaming systems that do not have virtual reality still sell for much less. Oculus believes the lower entry price will attract consumers to virtual reality for personal computers at a faster pace, Rubin said. "This price drop was as inevitable as it is beneficial. This is how the technology business works," he said. A larger user base would lead to easier player matching, better communities and the ability to invest more in gaming titles, he said, calling those results "a virtuous cycle." Rift used to retail for $599, while Touch sold for $199. (Reporting by David Ingram; Additional reporting by Laharee Chatterjee; Editing by Shounak Dasgupta and Jonathan Oatis) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-facebook-oculus-price-cut-idUKKBN1685GL'|'2017-03-02T02:39:00.000+02:00'
'a1d62c8b91c78492827e0ad68a8af97bfd907669'|'Flush with cash, global miners promise prudence, dividends'|' 13pm GMT Flush with cash, global miners promise prudence, dividends A sign adorns the building where mining company BHP Billiton has their office in Perth, Western Australia, November 19, 2015. REUTERS/David Gray/File Photo By Nicole Mordant - HOLLYWOOD, Fla. HOLLYWOOD, Fla. For the first time in four years, the world''s biggest miners are awash in cash, riding a wave of cost cuts and a recovery in raw material prices from coal to zinc last year. But instead of using their newfound bounty to unveil lavish growth plans, as they did in 2012 just as metals prices started plummeting, the cash is going to more sober uses this time: paying dividends and slashing debt. Spending on growth projects ranks third in priority, delegates and companies said at a mining industry conference in Florida this week. That raised the prospect of limited mine production increases that could support commodity prices especially for copper and zinc. "Companies who said they are going to spend more on capital (projects) or do not have a clear dividend policy, they''ve all been penalized (in the stock market)," said Charl Malan, senior analyst at New York-based fund management firm Van Eck Associates. The world''s four biggest diversified miners, including BHP Billiton Plc ( BLT.L ) and Rio Tinto Plc ( RIO.L ), last year raked in more than $20 billion (16.26 billion pounds) in free cash flow before dividends and share buybacks, said Clarksons Platou analyst Jeremy Sussman. That left them with about $30 billion in cash and cash equivalents. They were helped by deep cost cuts and a rally in metals such as steelmaking coal that tripled while zinc surged 60 percent. Those miners were able to reduce gross debt - racked up during the last big cycle of mergers and acquisitions and new mine projects - by more than $20 billion in 2016, Sussman said. Memories of ill-timed acquisitions and a mine build spending spree just as metal prices peaked in 2011, are still fresh in the minds of miners and their shareholders. ''DIVIDEND FRONT AND CENTRE'' Teck Resources Ltd ( TECKb.TO ) shares slumped 10 percent on Feb. 15 even as the company reported better-than-expected earnings. Shareholders were disappointed by a lack of clarity on its dividend policy. Chief Executive Officer Donald Lindsay tried to clear things up this week at the Florida conference, saying that while debt reduction is the top priority, targets will be met soon, likely by the end of June. "Thereafter the dividend is going to be front and centre for the board," he said in a presentation at the conference. In recent earnings reports, BHP and Rio both rewarded shareholders with bigger-than-expected dividend payouts while Glencore Plc ( GLEN.L ) said it was in a good position to pay a special dividend. For Chilean copper miner, Antofagasta Plc ( ANTO.L ), excess cash will first go to sustain existing operations, then to dividends and lastly to growth, CEO Iván Arriagada told Reuters on the sidelines of the conference. The miner is focussed on expanding two of its existing operations rather than big, new projects, he added. Still, some commodity prices, notably for uranium and fertiliser, remain stubbornly low, forcing some big producers to cut production and dividends. "Today we''re not investing even one dime in any kind of new production," Cameco Corp ( CCO.TO ) CEO Tim Gitzel said at the conference. Uranium spot prices touched 13-year lows late last year, and further production cuts even at low-cost mines are possible, he said. "That''s the toboggan ride we''ve been on," Gitzel said.   Rod Nickel in Winnipeg; Editing by Denny Thomas and Jeffrey Benkoe)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-mining-bmo-outlook-idUKKBN16853D'|'2017-03-02T00:13:00.000+02:00'
'191b98dc64c3f022744ed7a0c7e6bdfe1a886091'|'Snap advertisers worry about measurement even as they ''lean in'''|'  5:54pm GMT Snap advertisers worry about measurement even as they ''lean in'' A billboard displays the logo of Snapchat above Times Square in New York March 12, 2015. REUTERS/Lucas Jackson/File Photo By Angela Moon and Tim Baysinger - NEW YORK NEW YORK As Snap Inc looks to gobble up a larger share of the $82 billion (66.61 billion pounds) digital U.S. ad market, the owner of the ephemeral messaging app popular with millennials could find itself facing more demands from advertisers for reliable metrics. Snap, like many in the industry, does not have its ad metrics audited by a third party, a step that could help woo media buyers and advertisers and in turn boost revenue for the Snapchat owner, which is aiming to raise more than $3 billion in its initial public offering on Thursday. "I think the biggest challenge with using them (Snap) is measurement," said Stacey Stewart, executive vice president at advertising agency Universal McCann. "Shifting any significant amount of funds or dollars into Snapchat, until we can start to prove out the measurement, is always going to be a challenge." Snap declined to comment when asked if it had plans for an external audit. At the high end of its expected IPO price range, Snap will have a market value of more than $22 billion even though it lost more than $514 million last year on $404 million in revenue. Snap''s business model depends on drastically increasing ad dollars per user. That number sits at $2.15 for North America, where more than half of its users are based, according to Snap''s S-1 filing. Facebook''s average revenue per user in the U.S. and Canada is $19.81, according to the company''s most recent earnings report. Snap''s popular mobile video ads start at $10,000 per month, while ads on the Discover feature, reserved for big publishers and brands, start at $50,000 per day. Snap also lets brands buy a 24-hour sponsored lens or geofilters that can cost more than $700,000 for holidays and special events, according to digital marketing firm Wallaroo Media. Snap Ads will account for 68 percent of Snapchat’s expected $804 million U.S. ad revenue in 2017, eMarketer estimates. While major advertisers have been eager to experiment with Snap, the measurement issues loom large in persuading advertisers to make big, long-term commitments. The digital ad industry has struggled for years with how to measure whether an ad has actually been seen, and what counts as a "view" when many users linger on a video for only a few seconds. Facebook Inc last year admitted to several errors in the way that it counts its advertising audience. In February, the company agreed to an independent audit by the Media Ratings Council, a step long advocated by groups including the Association of National Advertisers. Alphabet''s Google, the market leader in online video advertising, also agreed last month to have more of its metrics audited by the MRC, including those for YouTube for the first time. NEW METRICS Snap has been introducing its own metrics that highlight engagement, arguing that its users, mostly in the 18-34-year-old demographic coveted by advertisers, spend an average of 25 to 30 minutes on the app and visit it more than 18 times a day. Snap Chief Strategy Officer Imran Khan told potential investors in New York last week that they should focus less on user growth, a typical way of reading the potential of a social network, and more on how active users are on its app. In November, the company began using a newly launched metric by digital analytics firm Moat, called Moat Video Score, which assigns video ads a number between zero and 100 that rates the ad’s performance based on how long it is viewed, how long the sound was on and how much space on the screen the ad occupied. Snap stated in its S-1 filing that "there weren''t any standard metrics" in the industry. "We see Snapchat as an opportunity, we think that most of our major advertisers are certainly leaning in somewhat to Snapchat," said Rob Norman, chief digital officer of ad agency GroupM, the world''s largest media-buying firm. But he added that Snap had to show numbers to prove the effectiveness of its advertising. Google and Facebook control about 60 percent of the U.S. digital ad market and their growth has accelerated in recent years, according to data by eMarketer and Interactive Advertising Bureau. Advertisers, at a minimum, welcome that Snap will inject more competition into the market. “You need that competition to put the onus back on the person selling you a bill of goods,” said Ian Schafer, founder and chairman of digital ad agency Deep Focus. In January, an ex-Snap employee filed a lawsuit accusing the company of sharing inflated metrics with some investors ahead of its IPO. Snap dismissed the allegations as "false from top to bottom" and asked Los Angeles County Superior Court to put the case on hold until a private arbitration proceeding is completed. A hearing on the motion is scheduled for April 17. (Reporting by Angela Moon and Tim Baysinger; Editing by Jonathan Weber and Meredith Mazzilli)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-snap-ipo-advertising-idUKKBN16857C'|'2017-03-02T00:54:00.000+02:00'
'3130e0cf3e39a2c1035eaba5f71f49f09a603c29'|'UK Stocks-Factors to watch on March 1'|' 53am EST UK Stocks-Factors to watch on March 1 March 1 Britain''s FTSE 100 index is seen opening up 23.1 points on Wednesday, according to financial bookmakers. * The UK blue chip index closed 0.1 percent higher at 7263.44 on Tuesday, as gains by GKN Plc and Pearson Plc outweighed losses from basic resources stocks. * UNILEVER: Unilever is proposing changes to how it pays executives and directors in order to make them think more like owners of the business, less than two weeks after seeing off a $143 billion takeover pursuit by U.S. rival Kraft Heinz. * VODAFONE: Sky Network Television will not yet cancel its agreement to buy Vodafone''s New Zealand unit after the country''s competition regulator rejected the proposal, the firms said. * 21ST CENTURY FOX/SKY: Rupert Murdoch''s Twenty-First Century Fox Inc could formally notify the European Commission of its 11.7 billion pound ($14.47 billion) takeover offer for Sky as soon as Thursday, after which the UK culture secretary will decide whether to launch a probe into the extent of Murdoch''s control of UK media, the Guardian reported on Tuesday. ( bit.ly/2m55zjf ) * FORD: U.S. carmaker Ford Motor Co plans to cut 1,160 jobs at its at its engine plant in Bridgend by 2021, ITV News reported on Tuesday. ( bit.ly/2lRIMqG ) * UK PRICES: Prices in British shops showed the smallest annual decline in over three years last month, adding to signs of growing inflation pressures after last year''s post-referendum fall in the pound, data showed on Wednesday. * UK INDUSTRY: Prime Minister Theresa May''s flagship industrial strategy lacks "clear actions and milestones", the head of the Confederation of British Industry will say on Wednesday, challenging ministers to set out what exactly they plan to do, the Financial Times reported on Tuesday. ( on.ft.com/2mIXKgz ) * SCOTLAND: The "sheer intransigence" of the British government over Brexit could lead to a second Scottish independence referendum, the head of the devolved Scottish government said on Tuesday. * GLOBAL MARKETS: U.S. stock futures pared gains on Wednesday on disappointment that President Donald Trump did not offer further details on his plans for infrastructure spending and tax reforms, but the dollar firmed   rate hike this month. * OIL: Crude oil prices rose on Wednesday as the dollar trimmed gains and a speech by U.S. President Donald Trump offered little on plans by his administration to boost U.S. oil production. * FEDERAL RESERVE: A handful of Federal Reserve policymakers on Tuesday jolted markets into higher expectations for a March U.S. interest rate increase, with comments that suggested rate-setters are worried about waiting too long in the face of pending economic stimulus from Washington. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: BBA Aviation PLC Full Year 2016 BBA Aviation PLC Earnings Release Carillion PLC Full Year 2016 Carillion PLC Earnings Release EVRAZ plc Full Year 2016 EVRAZ plc Earnings Release Inchcape PLC Full Year 2016 Inchcape PLC Earnings Release Elementis PLC Full Year 2016 Elementis PLC Earnings Release Man Group PLC Full Year 2016 Man Group PLC Earnings Release ITV PLC Full Year 2016 ITV PLC Earnings Release Inmarsat PLC Preliminary 2016 Inmarsat PLC Earnings Release International Full Year 2016 International Personal Personal Finance Finance PLC Earnings Release PLC TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com ($1 = 0.8085 pounds) (Reporting by Abhijith Ganapavaram in Bengaluru)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1GE2R3'|'2017-03-01T13:53:00.000+02:00'
'9262b2747089ba87aa84d784368f7781b218c8b2'|'CANADA STOCKS-Oil prices drag TSX futures lower'|'Company  34am EST CANADA STOCKS-Oil prices drag TSX futures lower March 2 Canada''s main stock index was set for a lower start on Thursday, a day after scoring its biggest points gain in 10 months, as oil prices slipped following a surge in U.S. crude inventories. March futures on the S&P TSX index were down 0.11 percent at 7:15 a.m. ET. Canadian quarterly GDP data is due at 8:30 a.m. ET The Toronto Stock Exchange''s S&P/TSX composite index rallied on Wednesday as its financial services group cheered prospects for a March interest rate hike by the Federal Reserve. Dow Jones Industrial Average e-mini futures were down 0.04 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were down 0.08 percent and Nasdaq 100 e-mini futures were down 0.01 percent. (Morning News Call newsletter here ; The Day Ahead newsletter here ) TOP STORIES Toronto-Dominion Bank reported quarterly earnings ahead of market expectations, helped by a strong performance in both the United States and Canada. Canadian Natural Resources Ltd reported a quarterly profit that blew past analysts'' expectations, driven by higher realized prices from North America and low costs. ANALYST RESEARCH HIGHLIGHTS GDI Integrated Facility Services: CIBC raises target price to C$19 from C$17 National Bank of Canada: Desjardins raises price target to C$59 from C$56; rating "hold" Shopify Inc: National Bank starts coverage with rating "outperform", C$80 target price COMMODITIES AT 7:15 a.m. ET Gold futures: $1245.4; -0.28 percent US crude: $53.37; -0.85 percent Brent crude: $55.88; -0.85 percent LME 3-month copper: $6000; -0.27 percent U.S. ECONOMIC DATA DUE ON THURSDAY 08:30 Initial jobless claims: Expected 243,000; Prior 244,000 08:30 Jobless claims 4-week average: Prior 241,000 08:30 Continued jobless claims: Expected 2.065 mln; Prior 2.060 mln 09:45 ISM-New York Index for Feb: Prior 731.3 09:45 ISM New York Business Conditions for Feb: Prior 57.7 FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report Reuters global stocks poll for Canada Canadian markets directory ($1= C$1.34) (Reporting by Shradha Singh in Bengaluru; Editing by Savio D''Souza) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL3N1GF3OW'|'2017-03-02T19:34:00.000+02:00'
'd57404ff0ac3cc5ad4d12c2bc366f40d42646292'|'Boeing to sue Denmark over lack of access to jet deal documents'|' 14pm GMT Boeing to sue Denmark over lack of access to jet deal documents FILE PHOTO - Boeing''s logo is seen during Japan Aerospace 2016 air show in Tokyo, Japan, October 12, 2016. REUTERS/Kim Kyung-Hoon/File Photo COPENHAGEN Boeing will take Denmark to court over a lack of access to documents used in a decision to select Lockheed Martin''s ( LMT.N ) F-35 over Boeing''s F/A 18 Super Hornet in a fighter jet contract awarded last year. "Boeing has filed a lawsuit against the Ministry of Defence because the ministry has not responded to the request for access to the documents which are the foundation for the evaluation in the competition for the fighter jets," Boeing said in statement. In September, Boeing said it had submitted a request to the ministry that would require it to provide all materials related to the procurement evaluation and decision announced in June. The ministry was not immediately able to comment. In September, previous defence minister Peter Christensen confirmed that Boeing would get access to the requested information. (Reporting by Stine Jacobsen; editing by Jason Neely)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-boeing-denmark-lawsuit-idUKKBN1691J3'|'2017-03-02T19:14:00.000+02:00'
'ccf21b0b34c9ea5417ec97fefe04d03b18d0773b'|'BRIEF-E*Trade Financial updates 2017 operating margin target to 36 pct'|' 56am EST BRIEF-E*Trade Financial updates 2017 operating margin target to 36 pct March 2 E*Trade Financial Corp * E*Trade Financial Corp - company updated its 2017 operating margin target to 36 percent * E*Trade Financial Corp - estimates that changes to trading comissions would have reduced 2016 commission revenue by approximately $100 million Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-etrade-financial-updates-2017-oper-idUSFWN1GF0PL'|'2017-03-02T20:56:00.000+02:00'
'ae4b3c94eb032c6159a14188c0cfe158dd849c99'|'Deutsche Boerse prepared for future as independent company: CEO'|'FRANKFURT Deutsche Boerse''s ( DB1Gn.DE ) chief executive said it was regrettable that the London Stock Exchange ( LSE.L ) had decided not to sell its trading platform in Italy, all but ending a planned merger, but said the German group could continue on its own."We feel very well prepared as a company for the future," Carsten Kengeter said on Wednesday.LSE publicly ruled out on Sunday a demand from European antitrust regulators that it sell trading platform MTS, derailing the 29 billion euro ($30.6 billion) deal with Deutsche Boerse."It is pointless to me to speculate on what the reasons behind our merger partner''s decision were," Kengeter said.(Reporting by Andreas Kroener; Writing by Maria Sheahan; Editing by Edward Taylor)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-deutsche-boerse-m-a-lse-idINKBN1683PA'|'2017-03-01T05:48:00.000+02:00'
'55127fbbbf181cab7dbff78b8c661d0016fb595b'|'FCA reveals federal and state officials have probes on diesel'|'Business News   5:16pm EST FCA reveals federal and state officials have probes on diesel left right FILE PHOTO: A new Fiat Chrysler Automobiles sign is pictured after being unveiled at Chrysler Group World Headquarters in Auburn Hills, Michigan May 6, 2014. REUTERS/Rebecca Cook 1/2 left right A screen displays the ticker information for Fiat Chrysler Automobiles NV at the post where it''s traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 12, 2016. REUTERS/Brendan McDermid 2/2 DETROIT Fiat Chrysler Automobiles NV ( FCHA.MI ) ( FCAU.N ) is being investigated by the U.S. Securities and Exchange Commission, the U.S. Justice Department and several state attorneys general for alleged excess diesel emissions by some of its vehicles, the automaker revealed in a filing with the SEC on Tuesday. (Reporting by Bernie Woodall and David Shepardson) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-fiat-chrysler-diesel-idUSKBN1672NU'|'2017-03-01T05:16:00.000+02:00'
'45603c39690ef47e480227b474ef1755a3c47154'|'PRESS DIGEST - Wall Street Journal - March 1'|' 49am EST PRESS DIGEST - Wall Street Journal   in the Wall Street Journal.   President Donald Trump on Tuesday turned from the ominous language that characterized his major campaign speeches as he delivered an impassioned plea for Congress to capitalize on a political uprising and unite behind major overhauls of health care and tax laws. He referred to the surge of nationalism that lifted him into the White House as a "renewal of the American spirit," on.wsj.com/2lnGM67 - Google''s YouTube on Tuesday unveiled a web-TV service that will offer a package of over 40 broadcast and cable channels for $35 a month, making the tech giant the latest entrant in a race to win over millions of consumers who are shifting away from traditional TV. on.wsj.com/2lnN5Xa - An outage at Amazon.com Inc.''s cloud-computing service disrupted internet traffic across the U.S. on Tuesday, showing the increasing power cloud companies have over large portions of the web. The outage, which began around 1 p.m. EST, stemmed from a failure at Amazon''s S3 cloud-storage service at its North Virginia data centers. on.wsj.com/2lnD3FE - Target Corp.''s chief vowed to invest billions of dollars to lower prices and remodel hundreds of stores, an admission that the retailer''s focus on trendy merchandise wasn''t enough to attract shoppers. Chief Executive Brian Cornell defended his strategy of focusing on physical stores amid an industrywide shift to online sales. Target reported sales and profit declines for the holiday quarter, and gave an even gloomier outlook. The company said its 2017 profit would fall as much as 25 percent below what Wall Street had forecast. on.wsj.com/2lnNsBn - President Donald Trump on Wednesday will sign a revised executive order banning certain travelers from entering the U.S., but unlike the original version, it is likely to apply only to future visa applicants from targeted countries. on.wsj.com/2lnQwNF (Compiled by Sangameswaran S  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-wsj-idUSL3N1GE2L0'|'2017-03-01T12:49:00.000+02:00'
'bf5f2478c96cb87cb9fd55c898cb536baab1db73'|'Emirates rejects Lufthansa, Air France-KLM claims in letter to EU'|'Money News - Thu Mar 2, 2017 - 8:13pm IST Emirates rejects Lufthansa, Air France-KLM claims in letter to EU FULL COVERAGE: INDIA ELECTIONS 2017 An Emirates plane is seen next to fire truck at Lisbon''s airport, Portugal June 24, 2016. REUTERS/Rafael Marchante/Files BRUSSELS Emirates has rejected claims by Lufthansa and Air France-KLM in a letter to the EU that competition from Gulf airlines had forced them to terminate services to Asia. The letter from the CEOs of the French and German carriers this week asked the European Union executive to act over what they say are unfair practices by the Gulf airlines that have caused them to scrap flights to destinations in the Middle East, Asia and India. "It is baffling why two of the largest legacy airlines in Europe are alleging that Gulf carriers have caused them to contract their Asian services when the opposite is true," an Emirates spokeswoman said. "OAG (Official Airline Guide) data shows that between 2007 to 2017, the 6 European carriers combined actually grew capacity from Europe to Asia in terms of seats (17 percent), and flight frequencies (6 percent)," she added. The letter to EU Transport Commissioner Violeta Bulc said Lufthansa, Air France, KLM, Brussels Airlines, Swiss and Austrian Airlines have together had to halt services to over 30 destinations in the Middle East, Asia and India in recent years. The European Commission is preparing a law enabling the EU to impose duties on non-EU airlines or suspend their flying rights if it finds they have harmed European airlines through unfair subsidies or discriminatory practices. European legacy carriers have been hit by the rapid growth of the main Gulf airlines - Emirates, Etihad and Qatar Airways - and shifting traffic flows to Asia. They have long accused the Gulf airlines of receiving illegal state subsidies - which the companies deny - and have asked the EU to do more to tackle the challenge. "We have repeatedly disproved all allegations of subsidies, and demonstrated that we operate on a fully commercial basis," the Emirates spokeswoman said. (Reporting by Julia Fioretti; Editing by Keith Weir) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/emirates-letter-lufthansa-airfrance-klm-idINKBN16920F'|'2017-03-02T21:43:00.000+02:00'
'364cc4dd196a5c2734ed302c57a80b69d333a3b2'|'Morning News Call - India, March 2'|'Company News  24pm EST Morning News Call - India, March 2 To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 9:30 am: Railway Minister Suresh Prabhu to launch freight sector initiatives via video conference in New Delhi. 10:00 am: Trade Minister Nirmala Sitharaman and Chief Economic Adviser Arvind Subramanian at conference on Economics of Competition Law in New Delhi. LIVECHAT-CMC MARKETS OUTLOOK CMC Markets'' chief market analyst Michael Hewson joins us at 3.30 pm for a look at what''s likely to drive direction in the coming month. To join the conversation, click on the link: here INDIA TOP NEWS • Freight and fridge sales: Indian economists seek GDP clues amid data doubts Surprised again by India''s strong official growth statistics, economists are relying increasingly on high-frequency indicators like bank credit and rail freight to gauge the real health of Asia''s third-largest economy. • TCS says founders to participate in share buyback Tata Consultancy Services, which plans to buy back shares worth up to 160 billion rupees, said on Wednesday the founder group of the company intended to participate in the proposed buyback. • Singapore''s GIC in talks to take stake in Indian property firm owned by DLF Singapore sovereign wealth fund GIC is in talks to buy a 40 percent stake in a property rental company owned by India''s biggest listed real estate developer DLF Ltd, DLF said on Wednesday. • India factory activity expands at a slightly faster pace in February Indian factory activity expanded for a second straight month in February, while an increase in raw material costs pushed firms to raise prices at the fastest rate in nearly three and a half years, a business survey showed on Wednesday. • Avenue Supermarts sets price range for up to $280 mln IPO Avenue Supermarts Ltd will sell shares in its initial public offering of up to 18.7 billion Indian rupees in a price range of 295-299 rupees a share, it said in a public notice on Wednesday. • India considers reinstating 25 pct wheat import tax -sources India could impose a 25 percent import tax on wheat by the middle of March, two government sources said on Wednesday, reinstating the tariff after a gap of nearly three months in response to recent large purchases from overseas. • San Francisco university lays off IT workers, jobs head to India The University of California, San Francisco on Tuesday laid off 49 information technology (IT) employees and outsourced their work to a company based in India, ending a year-long process that has brought the public university under fire. GLOBAL TOP NEWS • Trump administration has found only $20 mln in existing funds for wall -document President Donald Trump’s promise to use existing funds to begin immediate construction of a wall on the U.S.-Mexico border has hit a financial roadblock, according to a document seen by Reuters. • Fed tees up March rate hike as key policymaker shifts tone The Federal Reserve is setting the stage for a U.S. interest-rate increase later this month, with the central bank''s leading voice on international economics saying the global economy seems to have turned a corner, clearing the way for a hike "soon." • China Feb factory growth beats expectations as global demand improves China''s factory activity expanded faster than expected in February as domestic and export demand picked up, adding to signs that the global economy is regaining momentum even as fears grow of a surge in trade protectionism. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • The SGX Nifty Futures were trading at 9,009.50, trading up 0.4 pct from its previous close. • Indian rupee is poised to open higher against the dollar, helped by expectations that local shares will track gains in other Asian markets after Wall Street indices soared to fresh record highs. • Indian government bonds are poised to open lower tracking a rise in U.S. Treasury yields, as investors fret over growing possibility of an interest rate increase by the Federal Reserve this month. The yield on the benchmark 6.97 pct bond maturing in 2026 is likely to trade in a 6.91 pct-6.96 pct band today. The paper had settled at 100.69 rupees, yielding 6.93 pct, yesterday. GLOBAL MARKETS • The Dow on Wednesday blasted through the 21,000 mark for the first time after U.S. President Donald Trump''s measured tone in his first speech to Congress lifted optimism and investors viewed a looming interest rate hike as a glass half full. • Asian shares rose as investors were encouraged by President Donald Trump''s less combative tone in his first speech to Congress, which sent Wall Street stocks sharply higher, while growing bets on a U.S. rate hike this month buoyed the dollar. • The dollar stood tall near a seven-week high on growing signs the Federal Reserve is seriously considering raising interest rates this month, boosting the U.S. currency''s yield allure. • U.S. Treasury yields rose broadly on Wednesday, with the 2-year''s hitting a more than seven-year high, on increased expectations that the Federal Reserve will raise U.S. overnight interest rates at its March meeting. • Crude oil fell for a third consecutive session as a record build-up in U.S. stockpiles weighed on the market, with producers boosting shale oil production. • Gold prices slipped after the dollar firmed on hawkish comments from U.S. Federal Reserve officials that stoked expectations of a U.S. interest rate hike in March. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 66.68/66.71 March 1 -$29.62 mln $46.24 mln 10-yr bond yield 7.24 pct Month-to-date $1.56 bln - Year-to-date $1.56 bln $1.36 bln For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 66.83 Indian rupees) (Erum Khaled in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/india-morningcall-idUSL3N1GF1L3'|'2017-03-02T10:24:00.000+02:00'
'b15e1da0bc7a1c62141a9dc8ab375ddd0085084a'|'LSE still trying to get Deutsche Boerse tie-up approved'|'Deals - Fri Mar 3, 2017 - 7:40am GMT LSE still trying to get Deutsche Boerse tie-up approved A woman walks past the London Stock Exchange building in the City of London, Britain, January 16 , 2017. REUTERS/Toby Melville/File Photo LONDON The London Stock Exchange Group said on Friday it was continuing to work hard to win approval for its planned merger with Deutsche Boerse, a 29 billion euro ($31 billion) deal now widely seen as doomed. The LSE said on Sunday it would not meet a new condition laid down by the European Union''s competition officials for approving the merger with Deutsche Boerse, effectively pulling the plug on the deal. "The Group continues to work hard on its proposed merger with Deutsche Boerse," the London exchange said in a statement accompanying its 2016 results on Friday. The EU is due to rule on the merger by April 3. Meanwhile, the LSE said group income for last year rose 17 percent to 1.66 billion pounds, with revenue up 14 percent to 1.5 billion pounds. Revenue was forecast at 1.56 billion pounds, according to Thomson Reuters I/B/E/S, with total income forecast at 1.611 billion pounds. LSE Chief Executive Xavier Rolet said each business area delivered growth and that the group remained well positioned across all areas. The exchange has refused to sell its fixed income trading platform MTS to satisfy EU competition officials. Pan-European exchange Euronext, which would likely have been a potential buyer of MTS, announced on Friday a $10 million strategic investment in fixed income trading technology provider Algomi, with plans to open a trading system in North America. (Reporting by Huw Jones and Carolyn Cohn; Editing by Alexander Smith) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-lse-results-m-a-idUKKBN16A0MY'|'2017-03-03T14:37:00.000+02:00'
'c07c44bea49890b4ca6e9fea8f57fff4f38a7a93'|'COFCO Agri plans staffing boost to Swiss operation - sources'|' 37pm EST COFCO Agri plans staffing boost to Swiss operation - sources By Dominique Patton and Jonathan Saul - BEIJING/LONDON, March 3 BEIJING/LONDON, March 3 COFCO Agri, the Swiss-based international grain arm of China''s state run COFCO group, is bringing over up to 20 staff, including traders, to boost operations in Europe in a further shake-up of the business, sources familiar with the matter said. COFCO has embarked on an expansion into international grain trading, having invested over $3 billion to buy Noble Group''s agribusiness and also Dutch grain trader Nidera, giving it assets in some of the world''s top grain and vegetable oil producing regions. Sources said COFCO Agri is planning to bring between 10 to 20 specialists – some of them senior traders – from other parts of the world, but primarily China, to work mainly in their Swiss office, pending work visas being approved. The sources said these included Fan Zhenyu, head of corn trading at COFCO, as well as Sara Pan, who is currently deputy general manager of COFCO''s wheat division. It was unclear whether another senior corn trader, Philip Xu, would join Nidera’s office in Rotterdam. COFCO did not respond to requests for comment, a COFCO Agri spokesman said the company had no comment. Fan separately declined to comment, while Xu and Pan could not be reached for comment. Sources said the idea was part of the integration of COFCO’s global business enabling many of their China-based team to get more exposure to the international business. In January, an internal memo and sources said COFCO Agri had appointed senior new management, which followed the announcement earlier that month that its chief executive, Matt Jansen, had resigned. Since first investing in Nidera in 2014, COFCO has had several setbacks. COFCO group said this week it had completed the takeover of Nidera and Dierk Overheu will step down from his position as CEO of Nidera as the deal closes. COFCO International CEO Johnny Chi will lead the merged companies. In recent weeks, Nidera hired former veteran traders who had worked in the past for Toepfer to take senior roles. Toepfer was integrated into agribusiness group Archer Daniels Midland Co in 2014. Global commodities traders have had a difficult year, with bumper crops in major growing nations such as the United States, pressuring prices of corn and soybeans and intensifying competition among merchants – all of whom are looking for a way to boost profitability.   Gus Trompiz in Paris; Editing by Veronica Brown and Susan Thomas)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cofco-workers-swiss-idUSL5N1GG3CJ'|'2017-03-04T00:37:00.000+02:00'
'5a0b7056387bd01e2ec30a6378c865d7d97b0df5'|'Thyssenkrupp eyes Plan B for European steel - report'|'  12:53pm IST Thyssenkrupp eyes Plan B for European steel - report FULL COVERAGE: INDIA ELECTIONS 2017 FILE PHOTO - The logo of German steel-to-elevators group ThyssenKrupp AG is pictured during the company''s annual news conference in Essen, Germany, November 24, 2016. REUTERS/Wolfgang Rattay/File Photo FRANKFURT Germany''s Thyssenkrupp ( TKAG.DE ) has looked at the option of splitting its European steel business into a separate company that could be floated if a merger with Tata Steel ( TISC.NS ) assets fails, German weekly WirtschftsWoche reported on Friday. The report, which did not cite sources, said a merger was still the preferred option but that investor pressure could force Chief Executive Heinrich Hiesinger to consider another route. "There is no new status," a spokesman for Thyssenkrupp told Reuters. Thyssenkrupp and Tata have been talking for over a year about merging their European steel units to cut costs and overcapacity, but the plan is complicated by Tata''s huge pension deficit in Britain. Hiesinger said at the German industrial group''s annual shareholders'' meeting on Jan. 27 that he would not be pressured to rush a deal with Tata, but there was no "Plan B" for the steel business. He also told German daily Handelsblatt on Feb. 23 that the company was prepared to move forward on its own if necessary but would prefer consolidation. He also said that Thyssenkrupp would remain part-owner of the steel business in any merger scenario. ($1 = 0.8155 pounds) (Reporting by Maria Sheahan; Editing by Alexander Smith) Next In Money News Dollar     Oil ticks up on weaker dollar, stalled Russian output cuts SINGAPORE Oil markets rose on Friday as the dollar edged away from a multi-week high, but prices are being held in check by unchanged Russian output for February, a sign of its weak compliance on a global deal to cut supplies. BEIJING Activity in China''s services sector expanded at the slowest pace in four months in February, with new business still growing at a solid rate but increasing competition making it harder for companies to raise prices, a private survey showed. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/tata-thyssenkrupp-idINKBN16A0LU'|'2017-03-03T14:23:00.000+02:00'
'fd0a2b543d2c1126b9e3bf24c6972fbc3f0859bb'|'Carillion says has strong order book despite challenging markets'|'  8:05am GMT Carillion says has strong order book despite challenging markets British building support services company Carillion''s ( CLLN.L ) healthy order book and pipeline of expected contract opportunities provides a strong platform for this year, the company said after reporting a drop in profit last year. The company, which maintains British railways, roads and military bases, posted pretax profit down 5 percent at 146.7 million pounds for the year to Dec. 31, citing delays in UK government spending since June''s Brexit vote and slower business in the Middle East as the region grapples with low oil prices. However, Carillion said that underlying pretax profit rose 1 percent to 178 million pounds, in line with expectations, and that it had a pipeline of secured and probable orders of 16 billion pounds at Dec. 31. The pipeline of contract opportunities stood at about 41.6 billion pounds, it added. "We will accelerate the rebalancing of our business into markets and sectors where we can win high-quality contracts ... while actively managing the positions we have in challenging markets," Chairman Philip Green said in a statement. (Reporting by Esha Vaish in Bengaluru; Editing by David Goodman)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-carillion-results-idUKKBN1683LM'|'2017-03-01T15:05:00.000+02:00'
'fca8b46841081e5b91255d0dc2f29274b3f0c42d'|'India''s TCS says founders to participate in share buyback'|'MUMBAI India''s Tata Consultancy Services Ltd (TCS) ( TCS.NS ), which plans to buy back shares worth up to 160 billion rupees ($2.39 billion), said on Wednesday the founder group of the company intended to participate in the proposed buyback.TCS, the country''s top software services exporter, is part of the salt-to-software Tata conglomerate, whose holding company is Tata Sons Ltd.Tata Sons owned 73.26 percent of TCS as of the end of December, according to stock exchange data.TCS last month approved the buyback of up to 56.1 million shares at 2,850 rupees apiece.(Reporting by Devidutta Tripathy; Editing by Mark Potter)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-tcs-buyback-founders-idUSKBN1684N8'|'2017-03-01T17:17:00.000+02:00'
'692925292c78eecb1e864915b9246863b9a6a488'|'Taiwan''s Foxconn says is sincere in its interest in Toshiba chip business'|'HONG KONG Taiwan''s Foxconn, the world''s largest contract electronics maker, is sincere in its interest in Toshiba Corp''s chip business, company founder Terry Gou said on Wednesday.Gou was speaking as Foxconn, formally known as Hon Hai Precision Industry Co Ltd, broke ground for a 61 billion yuan ($8.87 billion) flat-screen display factory in Guangzhou province, southern China.Toshiba is considering selling the majority - or all - of its marquee flash-memory chip business, as it seeks to fill a multi-billion-dollar hole in its nuclear business.(Reporting by Sijia Jiang; Editing by Christopher Cushing)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-foxconn-china-idINKBN1683NJ'|'2017-03-01T05:30:00.000+02:00'
'49b390fc7daa2ade5e5c534ac693b1bc3f88a1b5'|'INSIGHT-U.S. military marches forward on green energy, despite Trump'|'Top   1:05am EST U.S. military marches forward on green energy, despite Trump FILE PHOTO: U.S. Marine Corps Corporal Robert G. Sutton (L) and Corporal Moses E. Perez, field wireman with Combat Logistics Regiment 15 install new solar panels on Combat Outpost Shukvani, Helmand province, Afghanistan, November 19, 2012. U.S. Marine Corps/Lance Cpl.... REUTERS By Timothy Gardner - WASHINGTON WASHINGTON President Donald Trump and his top advisors have often scoffed at government support of green energy. His chief strategist called it “madness.” But the largest U.S. government agency - the Department of Defense - plans to forge ahead under the new administration with a decade-long effort to convert its fuel-hungry operations to renewable power, senior military officials told Reuters. The reasons have nothing to do with the white-hot debate over climate change. In combat zones, green energy saves lives by, for instance, reducing the need for easily attacked convoys to deliver diesel fuel to generators at U.S. bases. Mobile solar-power units allow soldiers to prowl silently through enemy territory. At sea, gas-electric hybrid battleships save fuel and allow for fewer stops – making them less vulnerable to attacks like the bombing of the USS Cole in 2000, when al-Qaeda militants killed 17 U.S. soldiers during a refueling stop in Yemen. The military’s zeal for renewable power has already had broad impacts on energy contractors, generating hundreds of millions in contracts for solar companies and helping to reduce fuel consumption by the world''s largest single petroleum buyer. The armed forces nearly doubled renewable power generation between 2011 and 2015, to 10,534 billion British thermal units, or enough to power about 286,000 average U.S. homes, according to a Department of Defense report. The number of military renewable energy projects nearly tripled to 1,390 between 2011 and 2015, department data showed, with a number of utilities and solar companies benefiting. Many of those projects are at U.S. bases, where renewable energy allows the military to maintain its own independent source of power in case of a natural disaster or an attack - or cyber attack - that disables the public grid. The White House did not respond to Reuters requests for comment on the military’s use of green energy. Although Trump has blasted solar subsidies, vowed to boost fossil fuel development and questioned the science behind climate change, military leaders remain confident that the president won’t halt their march toward renewable power. "We expect that it''s going to continue during the Trump administration," said Lt. Col. Wayne Kinsel, head of the infrastructure unit of the Air Force Asset Management Division for Logistics, Engineering and Force Protection. "It''s really not political." Other senior officials in the Navy, Air Force and Army also told Reuters that they expected their renewable energy programs to continue. Lt. Col. J.B. Brindle, a Defense Department spokesman, said the agency "spends very little appropriated funding" on renewable energy projects, but declined to give any figures or to answer additional questions about such efforts. Trump''s Secretary of Defense, Jim Mattis, has long supported efforts to reduce troop dependence on petroleum. He saw first-hand the vulnerability of diesel convoys to attacks by militants while serving as Commander of the Marine Corps Combat Development Command in Afghanistan and Iraq in the early 2000s. As far back as 2003, he urged Navy researchers to find innovative ways to unleash the military from the "tether of fuel." LAUNCHED BY A REPUBLICAN The military''s push into alternative energy started under Republican President George W. Bush in 2007, when he signed a law requiring the Pentagon to get 25 percent of the electricity for its buildings from renewable energy by 2025. The effort accelerated under President Barack Obama, who required the Army, Air Force and Navy to each deploy 1 gigawatt of renewable power and directed the Army to open a lab developing energy technologies for combat vehicles. In an apparent nod to Obama''s efforts to curb global warming, the Pentagon also reported to Congress in 2015 that the droughts and floods caused by climate change pose a security threat – contributing to foreign political and economic instability that could require substantial troop deployments. Former Defense Secretary Ash Carter said in his parting memo in January that the Navy has already met its goal, producing 1 gigawatt of electricity - while the other forces are on track to meet their targets. The programs have their opponents. The conservative Heritage Foundation, for example, has railed against the military''s support of renewable power and biofuels. "The administration right now needs to focus specifically on combat power," said Rachel Zissimos, a Heritage researcher. "Investing money on optional initiatives right now I think is problematic." HIGH STAKES FOR MILITARY SUPPLIERS Solar companies such as SunPower Corp ( SPWR.O ) and utilities including Sempra Energy ( SRE.N ) and Southern ( SO.N ) have won utility-scale renewable energy contracts worth hundreds of millions of dollars in recent years, according to the companies and Department of Defense documents reviewed by Reuters. Southern ( SO.N ), for example, has 11 solar projects totaling 310 megawatts on bases in states including Georgia and Alabama. In December, Sempra ( SRE.N ) completed the 150-megawatt Mesquite Solar 3 in Arizona to provide about a third of the power needed at 14 Navy and Marine bases in California for 25 years. SunPower has already landed a major deal under the Trump administration - a $96 million contract finalized on Feb. 3 to provide power to Vandenberg Air Force base in California until 2043, according to a Pentagon database. Sempra and Southern said they were committed to serving their customers but declined to comment on whether they were discussing new contracts with the military. SunPower did not comment. Last year, the Navy began outfitting Arleigh Burke destroyers with gas-electric hybrid engines developed by L3 ( LLL.N ), which won a $119 million contract in 2013. Tesla ( TSLA.O ), which produces electric cars and batteries, is another company that analysts say could benefit from military contracts. A Tesla spokesman said the company is "supportive” of the military''s interest in clean energy but declined comment on whether it was pursuing Defense Department contracts. The U.S. military''s use of oil, meanwhile, fell by more than 20 percent between 2007 and 2015. The bulk of the decline likely stems from declining combat operations rather than rising efficiency and use of renewable energy. But traditional military fuel suppliers - such as Exxon Mobil ( XOM.N ), BP ( BP.L ), and Shell ( RDSa.L ) - nonetheless have a lot at stake if the military accelerates its move away from fossil fuels. The military’s average annual oil bill was about $14.28 billion between 2007 and 2015. BP is constantly reviewing its marketing strategies to ensure growth, a spokesman said. "As fuel slates change, we will adapt, and continue to provide our customers with the products they demand," he said in response to questions about the potential impact of the military’s increased use of renewable fuels. SOLAR-POWERED SOLDIERS Hauling fuel to the battlefield has been a hazard for militaries since at least World War I and continues to take a grim toll. One in nearly 40 fuel convoys in Iraq in 2007 resulted in a death or serious injury, according to a study commissioned by the Defense Department. In Afghanistan the same year, one in 24 fuel convoys suffered casualties. Marines in Afghanistan began carrying solar panels in 2009 to forward bases in battles with Taliban fighters. They used them to power batteries for communications, GPS and night-vision goggles. The panels not only reduced the need for convoys, they allowed marines to shut off generators, hushing operations and making them harder for enemies to detect. Arotech ARTX subsidiary UEC has sold $25 million worth of the solar arrays and expects a bigger business in systems working with batteries and solar to slash dependence on generators, said business manager Nancy Straight. Col. Brian Magnuson, the head of the Marines'' expeditionary energy office, established in 2009, said his office aims to replace diesel-powered generators on the battlefield with solar power, and to reduce energy use with efficiency measures such as insulated tents and the deployment of advanced batteries. "These technologies are a way to become more effective in combat," Magnuson said. "This is about war-fighting capability.” (Reporting by Timothy Gardner; Editing by Richard Valdmanis and Brian Thevenot) Next In Top News NSA risks talent exodus amid morale slump, Trump fears WASHINGTON The National Security Agency risks a brain-drain of hackers and cyber spies due to a tumultuous reorganization and worries about the acrimonious relationship between the intelligence community and President Donald Trump, according to current and former NSA officials and cybersecurity industry sources. Trump intelligence nominee supports probes on Russian interference WASHINGTON President Donald Trump''s nominee to be the director of national intelligence pledged on Tuesday to support thorough investigation of any Russian efforts to influence the 2016 presidential election, seeking to reassure lawmakers worried that partisan politics might interfere with a probe. In formulating a new executive order limiting travel to the United States, President Donald Trump has promised to make the directive harder to fight successfully in court than the one he issued in January. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-military-green-energy-insight-idUSKBN1683BL'|'2017-03-01T13:00:00.000+02:00'
'0cfa01d7cf27537ee29fa58f050dc4beadfb512a'|'Dollar, Treasury yields jump on Fed jolt as Trump speech looms'|' 05pm EST Dollar, Treasury yields jump on Fed jolt as Trump speech looms FILE PHOTO - A man stands in front of electronic boards showing stock prices and exchange rate between Japanese Yen and U.S dollar outside a brokerage in Tokyo, Japan, January 20, 2017. REUTERS/Kim Kyung-Hoon By Nichola Saminather - SINGAPORE SINGAPORE The dollar and Treasury yields jumped on Wednesday after Federal Reserve officials jolted traders by suggesting an interest rate rise may be imminent even as markets remained on tenterhooks ahead of a looming speech by U.S. President Donald Trump. Stock markets in Asia were also pulled lower on concerns Trump''s address to a joint session of Congress may lack the details investors are seeking, though those worries were partially offset by official data showing Chinese manufacturing sector expanded faster than expected in February. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS were down about 0.2 percent, while Chinese stocks .CSI300 .SSEC were little changed. Japan''s Nikkei .N225 soared 1.2 percent, buoyed by a weaker yen and data showing manufacturing activity expanded in February at the fastest pace in almost three years. Australian shares were off 0.2 percent, paring losses as gross domestic product data confirmed the economy returned to growth in the fourth quarter. U.S. 2-year Treasury yields US2YT=RR jumped to 1.3039, their highest level since Dec. 15, after New York Fed President William Dudley, among the most influential U.S. central bankers, said overnight on CNN that the case for tightening monetary policy "has become a lot more compelling" since Trump''s election. John Williams, president of the San Francisco Fed, added to the hawkish message, saying he saw no need to delay a rate hike with the economy at full employment, inflation headed higher, and upside risks from potential tax cuts waiting in the wings. Williams doesn''t have a vote this year but remains influential among his colleagues. U.S. 10-year Treasury yields US10YT=RR also climbed to 2.4239 on Wednesday. "Yesterday’s speeches from Fed (policymakers) reinforced market suspicions that a rate hike at the Fed’s March meeting is a live option," Ric Spooner, chief market analyst at CMC Markets, in Sydney, wrote in a note. Traders now see a better than 62 percent chance of a rate increase in March from the current level of 0.5 to 0.75 percent, a surge from 31 percent earlier, according to CME Group''s FedWatch tool. The sharp shift came despite disappointing U.S. fourth-quarter gross domestic product growth, as downward revisions to business and government investment offset robust consumer spending. With a March rate hike now appearing more likely despite the slowdown, markets are focusing on Trump''s address to a joint session of Congress on Tuesday evening in the United States, watching for details on his fiscal stimulus, tax cuts and deregulation plans. Trump''s speech is slated to begin at 0200 GMT. "The key still remains Donald Trump’s planned policies... The market has so far remained patient with little actual details of these policies revealed," James Woods, global investment analyst at Rivkin in Sydney, wrote in a note. "In the near-term the biggest threat to new all-time highs for equity markets is failure to provide further details on these policies." Nervousness about what details, if any, will be forthcoming have weighed on U.S. markets, with Wall Street posting losses on Tuesday. The Dow Jones Industrial Average .DJI snapped a 12-day winning streak to close down 0.1 percent, while the S&P 500 .SPX ended down 0.26 percent and the Nasdaq .IXIC dropped 0.6 percent. The dollar index .DXY, which tracks the greenback against a basket of trade-weighted peers, jumped 0.4 percent to 101.55 on Wednesday. The dollar also advanced 0.5 percent on the yen to 113.325 yen JPY=D4 . The Australian dollar AUD=D4 briefly reversed earlier losses but fell back down to trade fractionally lower at $0.7653 after data showed gross domestic product beat expectations to grow 2.4 percent from a year earlier. In Asia, markets are still awaiting data on manufacturing activity for February in Indonesia and India. Data releases later in the session include German unemployment for February, and U.S. personal consumption expenditure, inflation and manufacturing activity. In commodities, oil prices were mixed as markets tussled between concerns about rising U.S. crude inventories and optimism over supply cuts by the Organization of Petroleum Exporting Countries. U.S. crude CLc1 inched down to $54.00 a barrel. Global benchmark Brent LCOc1, however, jumped 1.6 percent to $56.58. The stronger dollar weighed on gold XAU=, which slid 0.5 percent to 1,242.60 an ounce, extending Tuesday''s 0.3 percent decline. (Reporting by Nichola Saminather; Editing by Shri Navaratnam)  '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-global-markets-idUSKBN1682W0'|'2017-03-01T09:05:00.000+02:00'
'14509c7cfc58f70d77c1e0f0b6b686c918e7b5ba'|'UK Stocks-Factors to watch on March 3'|'Company   1:37am EST UK Stocks-Factors to watch on March 3 March 3 Britain''s FTSE 100 index is seen opening about 21 points down, or 0.3 percent, on Friday, according to financial bookmakers. * GLENCORE: Tens of millions of dollars in royalties and signing bonuses that Glencore told an independent transparency board it had paid to Congo''s state mining company actually went to a business controlled by Israeli billionaire Dan Gertler, advocacy group Global Witness said in a report on Friday. * SKY/TWENTY-FIRST CENTURY FOX: James Murdoch, the chief executive of Twenty-First Century Fox, lauded the quality of Britain''s television industry on Thursday as the company makes a fresh attempt to gain control of European TV business Sky. * 3i: Luxury lingerie retailer Agent Provocateur, backed by buyout fund 3i , was sold to Four Holdings, on Thursday, after going into administration, its administrator AlixPartners said. Four Holdings is quarter owned by Mike Ashley''s Sports Direct, Financial Times reported separately. on.ft.com/2lzBR2f * GSK: GlaxoSmithKline''s top investors are increasing pressure on the drugmaker''s board to reduce a proposed multi-million-pound pay deal for new Chief Executive Emma Walmsley, Sky News reported on Thursday, citing sources. bit.ly/2mfRUpI * UK ECONOMY: Growth in Britain''s private sector picked up speed in the three months to February, according to a survey published on Friday by an employers group, contrasting with some recent signs of a slowdown in other gauges of the economy. * UK BANKS: Banks based in Britain seeking to do business in the European Union after Brexit should apply early for a licence to set up actual operations and not "empty shells", European Central Bank supervisor Sabine Lautenschlaeger said on Thursday. * UK SMALL BUSINESSES: Britain''s smaller companies are hoarding cash and cutting investment, bankers say, a sign of business confidence starting to wobble as the government sets off down the uncertain path of leaving the European Union. * UK INDUSTRIES: Britain''s new industrial strategy, unveiled earlier this year to prepare the economy for Brexit, is lacking in long-term thinking and risks making the same mistakes as prior, failed plans, a group of lawmakers said. * The UK blue chip index ended flat after hitting a record high on Thursday, with a slump in Capita, which missed its profit target and announced the departure of its chief executive, weighing. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: WPP PLC Full Year 2016 Earnings Release London Stock Exchange Preliminary 2016 Earnings Group PLC Release Non-Standard Finance PLC Full Year 2016 Earnings Release Berendsen PLC Full Year 2016 Earnings Release TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Esha Vaish in Bengaluru; Editing by Sherry Jacob-Phillips) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1GG23O'|'2017-03-03T13:37:00.000+02:00'
'8e23c3a49afe0d5fd22c733c8320202af0778dc1'|'Japan''s core inflation rises for 1st time in over a year'|' 05am GMT Japan''s core inflation rises for 1st time in over a year A woman chooses clothes at a shop in Tokyo, Japan, January 23, 2017. Picture taken on January 23, 2017. REUTERS/Kim Kyung-Hoon By Leika Kihara - TOKYO TOKYO Japan''s core consumer prices rose for the first time in over a year in January due to a pickup in energy costs and private consumption, offering some hope for the central bank''s efforts in accelerating inflation to its 2 percent target. But household spending slumped in January even as the job market tightened further, underscoring the fragile nature of Japan''s economic recovery. The core consumer price index (CPI), which includes oil products but excludes volatile fresh food prices, rose 0.1 percent in January from a year ago, government data showed on Friday, posting the first increase since December 2015. It compared with a median market forecast for a flat growth and followed a 0.2 percent drop in December. A separate index that excludes the effect of energy and fresh food prices, but includes processed food costs, was up 0.2 percent in January from a year earlier, the government said. Low inflation in Japan, a phenomenon seen for much of the past two decades, remains the biggest hurdle to fostering a durable economic recovery - a goal that has eluded policy makers since the late 1990s. The ministry began releasing from Friday a new index on consumer prices that excludes the effect of volatile fresh food and energy costs, which it says is useful in tracking consumer price trends that strips away one-off factors. Separate data showed household spending fell 1.2 percent in January from a year earlier, worse than a median market forecast for a 0.4 percent drop and marking the 11th straight month of declines. The jobless rate fell to 3.0 percent in January, matching a median forecast. Japan''s economy expanded in July-September and analysts expect growth to pick up in coming quarters, thanks to a recent rise in exports and factory output driven by improvements in emerging economies. Policymakers hope that prospects of a sustained recovery will prompt companies to boost wages and household spending, seen as a soft spot in the world''s third-largest economy. Many analysts expect core consumer prices to head toward 1 percent later this year, though that will still keep inflation distant from the BOJ''s ambitious 2 percent target. (Reporting by Leika Kihara; Editing by Shri Navaratnam)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-economy-cpi-idUKKBN16A00I'|'2017-03-03T07:05:00.000+02:00'
'fee5acc455e114f793b84a4c8653017db091a6a5'|'BRIEF-Seacor Holdings announces delay in release of Q4 and FY 2016 results'|' 19pm EST BRIEF-Seacor Holdings announces delay in release of Q4 and FY 2016 results March 1 Seacor Holdings Inc * Announces delay in the release of results for its fourth quarter and year ended december 31, 2016 * Has not yet completed its assessment of effectiveness of its internal controls over financial reporting as of December 31, 2016 * Incomplete assessment is due to certain control deficiencies identified related to impairment determinations, approval of manual journal entries  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-seacor-holdings-announces-delay-in-idUSFWN1GE1BE'|'2017-03-02T07:19:00.000+02:00'
'803e59f3a4168993696d6890d77f8ae443136811'|'Credit Suisse to transfer Swiss asset management business to new entity'|'Business News - Thu Mar 2, 2017 - 7:02am GMT Credit Suisse to transfer Swiss asset management business to new entity The logo of Swiss bank Credit Suisse is seen on an office building in Zurich, Switzerland, December 23, 2016. REUTERS/Arnd Wiegmann ZURICH Credit Swiss ( CSGN.S ) will transfer its Swiss asset management business to a new entity due to begin operations under its own license at the end of March, the bank said on Thursday. "This step will support the delivery of the bank’s strategic objectives," Credit Suisse said. "It will allow the Switzerland-based Asset Management businesses to exploit their full growth potential both in Switzerland and globally." (Reporting by John Miller; Editing by Michael Shields) Next In Business News Fed tees up March rate hike as key policymaker shifts tone BOSTON/SAN FRANCISCO The Federal Reserve is setting the stage for a U.S. interest-rate increase later this month, with the central bank''s leading voice on international economics saying the global economy seems to have turned a corner, clearing the way for a hike "soon." DBS CEO says wealth management to account for a fifth of bank''s revenue SINGAPORE DBS Group Holdings Ltd expects to expand its wealth management operations as Asia''s wealth grows, accounting for as much as 20 percent of the bank''s total income over the next few years, Piyush Gupta, the CEO of Southeast Asia''s largest bank by assets, said. BEIJING China''s commerce ministry hopes the European Union will completely halt anti-dumping and anti-subsidy measures on Chinese solar panels, the ministry said in a statement on its website on Thursday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-credit-suisse-gp-asset-management-idUKKBN1690NT'|'2017-03-02T14:02:00.000+02:00'
'cc7054ee3a0217bfe5edea5bf7a33cbe7ab68045'|'BRIEF-Exfo acquires Ontology Systems'|'Company News  09am EST BRIEF-Exfo acquires Ontology Systems * Exfo acquires Ontology Systems * Acquired privately held Ontology Systems for a total consideration of US$7.6 million, net of cash * Acquisition is expected to be neutral to Exfo''s adjusted EBITDA in fiscal 2017 and accretive thereafter. Source text for Eikon: Nikkei hits 14-month high as yen weakens and Wall Street soars TOKYO, March 2 Japan''s Nikkei share average hit a 14-month peak on Thursday as the yen weakened against the dollar on heightened expectations for the Federal Reserve to raise interest rates this month and after Wall Street soared to record highs.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-exfo-acquires-ontology-systems-idUSASB0B3CL'|'2017-03-02T13:09:00.000+02:00'
'6a17c977406ea162ca4c7cd9aece6bd871c58415'|'Japan''s Toshiba prepares Landis+Gyr sale to raise cash - sources'|'FRANKFURT/BERLIN/ZURICH Japanese group Toshiba Corp is preparing a potential $2 billion divestment of smart meter group Landis+Gyr, hoping to rake in capital after a major writedown on its U.S. nuclear unit last month, three people familiar with the matter said.The group has hired UBS to explore a potential sale or initial public offering of the business, which could take place as early as after the summer break, they added.A spokeswomen for Toshiba in Europe declined to comment. UBS also declined to comment.Landis+Gyr, in which Toshiba owns a 60 percent stake, employs more than 5,700 staff and is active in over 30 countries. It said last week that sales would grow by nearly 5 percent to $1.64 billion in the fiscal year 2016, adding it was "unaffected by Toshiba''s challenges".Toshiba bought Landis+Gyr in 2011 for $2.3 billion jointly with state-backed Innovation Network Corporation of Japan (INCJ), which holds the remaining 40 percent in the company.($1 = 0.9506 euros)(Reporting by Christoph Steitz, Arno Schuetze and Oliver Hirt)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/landis-gyr-m-a-idINKBN1692IC'|'2017-03-02T14:43:00.000+02:00'
'b27c219de30b7c77994d7fdffbeae21aae48b15d'|'Hersheys to reduce global workforce by 15 percent'|'Business News   4:56pm EST Hersheys to reduce global workforce by 15 percent FILE PHOTO - A woman shops inside the Hershey Store in New York June 17, 2008. REUTERS/Shannon Stapleton/File Photo Hershey Co ( HSY.N ), maker of Hershey''s Kisses and Reese''s Peanut Butter Cups, said will make certain changes to its operations, resulting in a 15 percent reduction of its global workforce. As of December 31, 2016, the company had about 16,300 full-time and 1,680 part-time employees worldwide. (Reporting by Vishaka George in Bengaluru; Editing by Shounak Dasgupta) Next In Business News FCA reveals federal and state officials have probes on diesel DETROIT Fiat Chrysler Automobiles NV is being investigated by the U.S. Securities and Exchange Commission, the U.S. Justice Department and several state attorneys general for alleged excess diesel emissions by some of its vehicles, the automaker revealed in a filing with the SEC on Tuesday. WASHINGTON General Motors Chief Executive Mary Barra said on Tuesday the Detroit automaker is exploring opportunities with French automaker PSA Group , but declined to discuss a potential sale of its money-losing European Opel unit. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-hershey-redundancies-idUSKBN1672N3'|'2017-03-01T04:56:00.000+02:00'
'3c5b295b1947e6aee9f63816ed8fa3abaadbd7b6'|'Premier Foods names non-executive director from shareholder Oasis'|' 40am GMT Premier Foods names non-executive director from shareholder Oasis Premier Foods Plc ( PFD.L ), the maker of Mr Kipling cakes, appointed a managing director of Hong Kong-based shareholder Oasis Management Co Ltd as non-executive director on Wednesday. Daniel Wosner, head of Europe for Oasis, will join Premier''s remuneration committee. Oasis will also raise its stake in Premier to 10 percent by June 2018, Premier Foods said. The fund, founded in 2002 by Seth Fischer, raised its stake to 4.64 percent in October from 3.05 percent reported in July. (Reporting by Rahul B in Bengaluru; editing by Jason Neely)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-premier-foods-management-idUKKBN1683OY'|'2017-03-01T15:40:00.000+02:00'
'767cde3160c5723967d08bfd96afb83155f97e81'|'Peru''s Kuczynski says corruption scandal slowing investment'|'Business  25pm EST Peru''s Kuczynski says corruption scandal slowing investment Peru''s President Pedro Pablo Kuczynski visits the home for elderly ''''Hermanitas de Los Desamparados'''' to celebrate Christmas in Lima, Peru, December 19, 2016. REUTERS/Mariana Bazo LIMA Peruvian President Pedro Pablo Kuczynski said on Friday that corruption allegations were slowing private investment, although he still expected the country''s economy to expand 3 percent to 5 percent this year due to public investment and higher metal prices. Kuczynski''s approval rating fell five percentage points to 38 percent in February as a graft scandal involving Brazilian builder Odebrecht SA [ODBES.UL] ensnares his one-time boss, former President Alejandro Toledo. "I believe there is a lot of pessimism," Kuczynski said on RPP radio. "The corruption case revolves around contractors. Odebrecht is already being investigated, but there are others, and that makes the projects stop." Kuczynski, who previously was in Toledo''s cabinet, has denied knowing about a $20 million bribe prosecutors say the former president took from Odebrecht. Toledo denies wrongdoing. Peru''s government has asked the United States to deport him. The Finance Ministry slashed Peru''s growth outlook to 3.8 percent from 4.8 in January as what it called the "Odebrecht effect" stalled projects. Kuczynski, however, remained optimistic about growth. "(Gross domestic product) is not going to fall this year," he said. "The growth rate will be between 3 and 5 percent, and to do this, public investment will have to be reactivated." Brazil''s worst recession ever is blamed in part on the nation''s "Car Wash" corruption probe, which centered on Odebrecht and other contractors. (Reporting by Ursula Scollo; Writing by Caroline Stauffer; Editing by Lisa Von Ahn) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-peru-corruption-idUSKBN16A23M'|'2017-03-04T00:22:00.000+02:00'
'd53f59ef2d079eac1e38e5b27bce4462232027ec'|'BRIEF-Fujitsu to invest slightly over 2 bln yen in creative AI project'|'Company  31pm EST REFILE-BRIEF-Fujitsu to invest slightly over 2 bln yen in creative AI project - Nikkei (Corrects to add ''Nikkei'' in headline) March 3 (Reuters) - * Fujitsu Ltd will invest slightly over 2 billion yen in creative artificial intelligence project over five years - Nikkei Source text: s.nikkei.com/2mmUDOI Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1GG0OR'|'2017-03-04T01:21:00.000+02:00'
'bafbad8b6f6379fd0a0d2bc8f8e3c6d83ff2098a'|'Tata-DoCoMo truce may leave Japanese firm with $790 million to invest in India - source'|'Business News - Fri Mar 3, 2017 - 8:33am GMT Tata-DoCoMo truce may leave Japanese firm with $790 million to invest in India - source People attend a product unveiling event of the Japanese mobile communications company NTT Docomo in Tokyo, Japan, May 11, 2016. REUTERS/Thomas Peter By Aditi Shah - NEW DELHI NEW DELHI India''s Tata Sons will split a dispute settlement payment of $1.18 billion owed to NTT DoCoMo ( 9437.T ) over the Japanese firm''s exit from a telecoms joint venture, leaving it with about two-thirds of the amount to invest in India, a source said. Both companies are likely to approach India''s central bank within 15 days with a plan that will offer to split the payment into two parts, the source, who has direct knowledge of the matter, said. While Tata Sons will pay the fair value of DoCoMo''s 26 percent stake outside India, or roughly $390 million according to Reuters calculations, DoCoMo would need to invest the balance of $790 million in India, either for expansion or other joint ventures, the source added. It was not immediately clear how DoCoMo would use the money if the plan were formalised. "DoCoMo at least gets control of the money and can use it for investment in India," said the source, who requested anonymity, as the decision is not final. Another possible alternative could be that DoCoMo receives the entire payment in India and retains it for future investment instead of repatriating it, a second source close to Tata Sons said. Any deal is subject to the Reserve Bank of India''s approval. Tata Sons declined to comment. DoCoMo did not immediately reply to an email seeking comment. Tata Teleservices, a unit of salt-to-software conglomerate Tata Sons, and DoCoMo formed a telecoms partnership in 2009. In the event of an exit, that deal guaranteed DoCoMo the higher of either half its original investment, or its fair value. When DoCoMo decided to get out in 2014, Tata Sons was unable to find a buyer for the Japanese firm''s stake and offered to buy the stake itself, for half DoCoMo''s investment of $2.2 billion. India''s central bank blocked Tata Sons'' offer, saying a rule change the previous year prevented foreign investors from selling stakes in Indian firms at a pre-determined price. DoCoMo took the case to a London court and won the arbitration. Tata Sons was asked to pay a penalty of $1.18 billion, which it has deposited with the Delhi High Court in the Indian capital, where the case is being heard. On Tuesday, Tata Sons and DoCoMo agreed to settle out of court, after a new chairman took charge at the Indian conglomerate. DoCoMo has also agreed to end all legal proceedings against Tata Sons in Britain and the United States for a period of time. (Reporting by Aditi Shah; Editing by Clarence Fernandez) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-tata-sons-ntt-docomo-settlement-idUKKBN16A0QM'|'2017-03-03T15:33:00.000+02:00'
'4df32617376054bcd9f7c4e4b25c5addd23408ea'|'China house price growth to slow to 2 percent in 2017 on tighter credit, government curbs'|' 46am GMT China house price growth to slow to 2 percent in 2017 on tighter credit, government curbs Residential buildings are seen in Beijing, China, January 10, 2017. REUTERS/Jason Lee/File Photo By Yawen Chen and Nicholas Heath - BEIJING BEIJING China''s house price growth will slow significantly on continuing government curbs and tighter credit conditions this year, dampening land sales that hit record highs in 2016, but views diverge on whether prices will correct sharply, a Reuters poll showed. Home prices across the nation are expected to rise a median 5 percent in the first half of the year and 2 percent for the full year, the poll estimated. Analysts expect a lag between official tightening steps and the deceleration in price growth. Prices of new homes in China surged 12.4 percent last year, the fastest rate since 2011, prompting more than 20 cities to introduce property curbs to cool the market since October. The red-hot land market, widely regarded as one of the main reasons for a sharp rise in house prices last year, is also seen coming off the boil this year as developers'' financing channels, such as property bond issuance, have also been tightened. Most analysts expect Beijing''s cautious policy tone and tighter credit conditions to continue to weigh on the property market this year, as Chinese leaders have pledged to stem the growth of asset bubbles and prevent financial risks in 2017. "From our sales figure in January and February, the upward momentum in the market is not contained yet. If it persists, the government will be pressured to tighten credit," said property consultancy Centaline''s research arm. The central bank has raised interbank lending rates in recent weeks, as part of efforts to implement a "neutral and stable" monetary policy to control the amount of money in the market. Despite a more bearish view of the property market, only three of 11 analysts polled predicted that prices would fall this year. Inventories remain low in the biggest cities and cash-rich developers who made lucrative profits last year have little incentive to lower prices on new units, analysts said. But half of those polled said some second-tier cities could be at risk of a sharp price correction. These cities include Zhengzhou, Wuxi, Hefei, Suzhou and Hangzhou, which posted double-digit price growth in 2016 except for Wuxi, which is not included in the 70 cities monitored by the National Bureau of Statistics. China''s housing market has become increasingly polarised, with prices skyrocketing in the biggest cities - Beijing, Shanghai and Shenzhen - while smaller cities are grappling with large housing gluts. The central government has had to rely more on local governments to implement city-based housing policies to address the imbalances. Data from the Housing Ministry shows residential property inventory dropped 11 percent in 2016, but still totalled 403 million square metres by year-end. A cooling property market would also drag property investment growth to a median 3 percent in 2017, according to the poll. China depended heavily on the property market and record government lending to drive growth last year, as real estate investment rose 6.9 percent in 2016, official data showed. Chinese banks extended a record 12.65 trillion yuan ($1.84 trillion) of loans in 2016, half of which were mortgage loans. Poll respondents still see Chinese home prices as expensive. On a scale of 1 to 10, where 1 is extremely cheap and 10 is extremely over-valued, the median reply was 7, lower than the 8 in the last poll, though some analysts have pointed out smaller cities are much more affordable than the biggest cities. (Additional Reporting by Jenny Su; Editing by Jacqueline Wong)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-property-poll-china-idUKKBN1683JQ'|'2017-03-01T14:46:00.000+02:00'
'b16330cea08a2952175db11a437f8eb9165582ae'|'Japan''s corporate capex rebounds in fourth quarter, but outlook far from assured'|' 19am GMT Japan''s corporate capex rebounds in fourth quarter, but outlook far from assured A businessman walks in Tokyo''s business district, Japan January 20, 2016. REUTERS/Toru Hanai/File Photo By Minami Funakoshi - TOKYO TOKYO Japanese business expenditure rose in the final three months of last year from the previous quarter, data showed on Wednesday, in a tentative sign of a pick-up in capital spending. The higher spending should offer a modicum of relief to policy makers looking for a signs of a sustainable economic recovery. The data comes against a backdrop of a recent run of soft indicators, including exports and factory output, underscoring the heightened uncertainty about the economic outlook. Japanese companies raised spending on plant and equipment in October-December by 3.8 percent from the same period a year earlier, Ministry of Finance data showed on Wednesday. That followed a 1.3 percent year-on-year decline in capital spending in the previous quarter. The data will be used to calculate revised gross domestic product figures due on March 8. A preliminary estimate showed the world''s third-largest economy grew an annualised 1.0 percent in October-December as a weaker yen supported exports, while tepid private consumption and the risks of rising U.S. protectionism cast doubts over a sustainable recovery. Many economists originally forecast that capital expenditure would gradually increase this year, but growing concerns that U.S. President-elect Donald Trump may adopt protectionist trade policies could cause companies to scale back investment. Tuesday''s data on industrial output offered little cheer, with production unexpectedly falling in January for the first time in six months, pressured by a slowdown in shipments of cars to the U.S. Japanese policymakers hope capital spending will help drive growth in the world''s third-largest economy as it struggles to vanquish years of deflation and stagnation. (Reporting by Minami Funakoshi; Editing by Chang-Ran Kim & Shri Navaratnam)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-economy-capex-idUKKBN1682SS'|'2017-03-01T07:19:00.000+02:00'
'9ded2ca26cb194d4f597338936fd5dcf88e106d2'|'Federal Reserve says no objections to Morgan Stanley capital plan'|' 30pm EST Federal Reserve says no objections to Morgan Stanley capital plan WASHINGTON, March 2 The Federal Reserve on Thursday said that it will not object to a fresh capital plan Morgan Stanley submitted to the central bank. In June, the Fed faulted the investment bank for not having a satisfactory capital plan and asked for a new proposal. "The Federal Reserve Board on Thursday announced that it will not object to a resubmitted capital plan from Morgan Stanley, as a result of progress made by the firm in addressing deficiencies," the central bank said in a statement. (Reporting By Patrick Rucker; Editing by Chizu Nomiyama)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/morgan-stanley-fed-idUSL2N1GF1WA'|'2017-03-03T04:30:00.000+02:00'
'02a92ffa499044fef19c9326d95f46a11e738f75'|'UPDATE 1-India''s GAIL signs 1st time-swap deal for U.S. LNG with Gunvor'|' 43am EST UPDATE 1-India''s GAIL signs 1st time-swap deal for U.S. LNG with Gunvor * Time-swap agreement is GAIL''s first * GAIL seeking to cut costs after drop in Asian prices * Deal equates to 5 pct of India''s 2015/16 LNG imports * Shares rise as much as 2.5 pct (Adds share price, analyst comment) By Nidhi Verma NEW DELHI, March 3 State-run gas company GAIL (India) Ltd has signed a time-swap deal with Swiss trader Gunvor to sell some of its U.S. liquefied natural gas (LNG), sources said, as the Indian firm tries to ease the burden of its costly foreign LNG supplies. It is the first time-swap agreement by GAIL, which is trying to juggle its LNG portfolio to cut costs for price-sensitive Indian customers after a sharp fall in Asian spot prices made its U.S. gas unattractive. The deal equates to around 5 percent of India''s 2015/16 LNG imports and will support a government push to promote use of the cleaner fuel in fertiliser and the power sector, even as India''s local gas production is falling. Gail''s share price rose as much as 2.5 percent after the news on Friday in a falling Mumbai market. "Their (GAIL''s) exposure to U.S. is quite big. It is one of the major overhangs for GAIL. Signing a deal with Gunvor is positive as every $1 hit in U.S. LNG can potentially hit its revenue by $300 million," said Avishek Datta, an analyst at brokerage Prabhudas Lilladher. Under the agreement, Gunvor will supply 15 cargoes or about 0.8 million tonnes of LNG to GAIL on India''s west coast between April and December this year in oil-linked prices on a delivered basis in India, two sources with knowledge of the deal said. In return GAIL will sell 10 cargoes or about 0.6 million tonnes next year from Sabine Pass on the U.S. Gulf coast in 2018 at a premium to its pricing formula on a free-on-board (FOB) basis, they said. The deal, priced at about a 12 percent slope to Brent, means GAIL could get gas from Gunvor at $6.50-$7.00 per million British thermal units (mBtu), the sources said, competitive with Asian spot prices and much cheaper than the cost of shipping its own U.S. gas to India. "We are seeing spot deals (in India) for April deliveries getting finalised at slightly more than $6.50 (mBtu) so GAIL''s deal with Gunvor is at a very competitive rate," said an Asian LNG trader. GAIL is saddled with long-term contracts to take expensive U.S. gas after embarking on a buying spree between 2011 and 2013 when the fuel was scarce and prices kept rising. LNG booked by GAIL under a long term deal with Cheniere Energy, which owns the Sabine Pass Liquefaction terminal, will cost 115 percent of Henry Hub prices plus a fixed cost of $3 per mBtu. At current prices, this equates to a cost of about $8.50 per mBtu on a delivered basis to India. GAIL was not immediately available for comment. Gunvor declined to comment. The Indian firm has a deal to buy 3.5 million tonnes per annum (mtpa) of LNG for 20 years from Cheniere Energy and has also booked capacity for another 2.3 mtpa at Dominion Energy''s Cove Point liquefaction plant. It has so far sold about 0.5 million tonnes of its LNG from the U.S. projects to Royal Dutch Shell, but has not been able to attract Indian customers despite repeated attempts. "GAIL is in talks with more players to sell LNG from its U.S. portfolio," said one of the sources. New Delhi wants to lift the share of cleaner-burning gas in its energy mix to 15 percent in the next three years from about 6.5 percent at present. GAIL is also in talks with Russia''s Gazprom to delay and renegotiate a 20-year gas purchase deal undercut by low spot prices. (Reporting by Nidhi Verma; Additional reporting by Oleg Vukmanovic in MILAN; Editing by Richard Pullin)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/india-gail-gunvor-idUSL3N1GG2RA'|'2017-03-03T15:43:00.000+02:00'
'20ebc086da0d5182e4a8840cc406741b9329992d'|'U.S. consumer spending slows; inflation pushes higher'|'Business News - Wed Mar 1, 2017 - 2:17pm GMT U.S. consumer spending slows; inflation pushes higher A shoppers carries bags with purchases through Quincy Market in downtown in Boston, Massachusetts, U.S. January 11, 2017. REUTERS/Brian Snyder By Lucia Mutikani - WASHINGTON WASHINGTON U.S. consumer spending rose less than expected in January as the largest monthly increase in inflation in four years eroded households'' purchasing power, pointing to moderate economic growth in the first quarter. The surge in inflation raises the possibility of an interest rate increase from the Federal Reserve this month. While still below the U.S. central bank''s 2 percent target, inflation is now in the upper end of the range that Fed officials in December felt would be reached this year. The Commerce Department said on Wednesday that consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased 0.2 percent after rising 0.5 percent in December. Economists polled by Reuters had forecast consumer spending gaining 0.3 percent in January. Consumer spending is likely to remain supported amid promises by the Trump administration of sweeping tax cuts and increased infrastructure spending. In a speech to Congress on Tuesday night, President Donald Trump said his economic team was working on a "historic tax reform that will reduce the tax rate on our companies" and promised a "massive" tax relief for the middle class. Trump offered no further details. Consumer confidence has surged following Trump''s election victory, hitting a 15-1/2-year high in February. In January the personal consumption expenditures (PCE) price index increased 0.4 percent - the largest gain since February 2013 - after rising 0.2 percent in December. In the 12 months through January, the PCE price index jumped 1.9 percent. That was the biggest year-on-year gain since October 2012 and followed a 1.6 percent increase in December. Excluding food and energy, the so-called core PCE price index rose 0.3 percent in January. That was the biggest increase since January 2012 and followed a 0.1 percent gain in December. The core PCE price index increased 1.7 percent year-on-year after a similar gain in December. The core PCE is the Fed''s preferred inflation measure. Prices for U.S. Treasuries fell, with the yield on the interest-rate sensitive 2-year note US2YT=RR rising to its highest level since August 2009. Fed funds futures were pricing in a 65 percent chance of an interest rate hike at the Fed''s March 14-15 policy meeting. The U.S. central bank has forecast three rate increases this year. The Fed hiked its overnight interest rate last December by 25 basis points to a range of 0.50 percent to 0.75 percent. The dollar rose against a basket of currencies, while U.S. stock index futures pared gains slightly. REAL SPENDING FALLS Rising price pressures, however, suggest that consumer spending will probably not provide a big boost to gross domestic product in the first quarter. When adjusted for inflation, consumer spending fell 0.3 percent in January, the first drop since August and the biggest in three years. Real consumer spending increased 0.3 percent in December. Consumer spending increased at a 3.0 percent annualized rate in the fourth quarter, helping to blunt some of the impact on the economy from a wider trade deficit. The economy grew at a 1.9 percent rate in the fourth quarter. Consumer spending in January was held back by a 0.3 percent drop in purchases of long-lasting manufactured goods such as automobiles. Spending on services was unchanged. Personal income rose 0.4 percent in January after gaining 0.3 percent in December. Wages and salaries rose 0.4 percent. Income at the disposal of households after accounting for inflation and taxes, fell 0.2 percent, the first decline since October 2013. Savings increased to $795.7 billion in January from $779.5 billion in December (Reporting by Lucia Mutikani; Editing by Andrea Ricci) Next In Business News U.S. Commerce secretary says Trump did not endorse border tax plan WASHINGTON New U.S. Commerce Secretary Wilbur Ross said President Donald Trump did not endorse a proposed border tax system on Tuesday in his first speech to Congress on Tuesday, despite a vow to level the tax playing field for U.S. companies that export.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-economy-idUKKBN1684I8'|'2017-03-01T21:16:00.000+02:00'
'd2c7ce8f0ade808396dab3805ce872ffc1c6eca4'|'Israel Aerospace puts IPO, foreign acquisitions in its sights'|'BEN GURION AIRPORT, Israel State-owned Israel Aerospace Industries (IAI) believes the need for a public share offer is becoming urgent as the country''s largest defense contractor wants to make acquisitions abroad to enable it to better compete in foreign markets.The 64-year-old company, which helped pioneer the development of military drones and also produces satellites, missiles and radar systems, is already planning to acquire companies and set up subsidiaries in countries like India and the United States, where protectionist policies demand that defense spending increasingly benefits local industry.Chief Financial Officer Eyal Younian said that to help finance acquisitions the government should move ahead soon with plans to sell a 20 percent stake in IAI on the Tel Aviv Stock Exchange.He said IAI currently needs to issue bonds or borrow money from banks and pay interest of 3-4 percent. An IPO would raise new capital, reducing the need to borrow."We cannot support the line of credit that we need for our businesses. The regulations in the banks in Israel and around the world limit us and we cannot support our backlog (of orders)," Younian told Reuters.In addition, many private contractors in Israel and overseas receive government subsidies but being state-owned IAI is ineligible and the rules should be changed, Younian said, pointing out that local rival Elbit Systems ( ESLT.TA ) pays corporate tax at a rate of 6 percent while IAI pays 24 percent.A senior government source with knowledge of the matter estimated IAI''s equity value at $3-$4 billion but said an IPO could not take place until a new chairman is appointed. The timing of that remains unclear, but the source said the earliest there could be an IPO was in 2018.IAI has annual sales of about $3.7 billion and its backlog of orders exceeds $9 billion.While the share offer will be in Tel Aviv, the next step could be a dual listing for the shares in the United States, Younian said.IAI must already submit financial reports to the bourse, where its bonds trade </ILARSP3=TA>, as well as report to the government''s Companies Authority.Accounting for up to half of Israel''s defense exports, IAI had mostly grown internally over the last decade, but that is set to change."Now we will have to face the fact that countries are protecting their industries, like in India, like in Brazil, like in the USA," Younian said, adding that acquisitions would allow it to strengthen its foothold.He noted that in many countries only local companies can bid as a prime contractor. As a result IAI, which exports 80 percent of its production, is limited to being a subcontractor.FOREIGN DEALSIAI already has a U.S. subsidiary but it does not contribute significantly to the company''s production."I think our subsidiaries in the States and around the world should contribute much more in the coming decade. This is the strategic directive from the board of directors that we as management need to execute," he said.Younian said IAI, which employs 15,000 people, will carry out two "important and material" deals in the next few years related to its target markets of the United States and India, but he declined to elaborate.With Asia a focus for IAI, the company in February formed a joint venture in India with Kalyani Strategic Systems to build air defense systems and lightweight munitions.Indian media last week reported that India''s government had given the go-ahead for a $2.5 billion deal in which IAI and India would jointly develop a medium-range surface-to-air missile system.Eli Alfassi, IAI''s executive vice president for marketing, said IAI was awaiting official confirmation from India but declined to say how much the deal was worth.IAI is also waiting for Israel''s government to decide on whether to progress with a long-term satellite program after its Amos-6 communications satellite was destroyed when a SpaceX launcher exploded in Florida in September."We are hoping to build Amos-8," said Ofer Doron, head of IAI''s space division. "It''s under discussion right now."Talks also involve Spacecom ( SCC.TA ), the operator of the Amos satellites. Amos-8 would cost hundreds of millions of dollars and be ready for launch in about four years.(Editing by Greg Mahlich)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-israel-aerospace-strategy-idUSKBN1684KU'|'2017-03-01T16:52:00.000+02:00'
'e1744abcda2b521d58a0dc16e59a23a6f40d74ee'|'Euro zone factory activity touches six-year high on weaker euro - PMI'|'By Rahul Karunakar The upturn in euro zone factory activity accelerated in February to the fastest rate in nearly six years, according to a business survey on Wednesday that also showed a weaker euro boosted demand for exports. IHS Markit''s final manufacturing Purchasing Managers'' Index for the euro zone rose to 55.4 in February, the highest since April 2011, from January''s 55.2. It was revised down slightly from a flash estimate of 55.5 but remained far above the 50 mark denoting growth in activity. An index measuring output, which feeds into the composite PMI, due on Friday, jumped to 57.3, which was also the highest in nearly six years. The flash composite PMI suggested economic growth of 0.6 percent in the first quarter. "Euro area manufacturers are reporting the strongest production and order book growth for almost six years, in what''s looking like an increasingly robust upturn," said Chris Williamson, chief business economist at IHS Markit. "This year has seen firms more optimistic about the future than at any time since the region''s debt crisis. Companies are reporting stronger demand in both home and export markets, with the weakened euro providing an accompanying tailwind to help drive sales." Renewed optimism about the region''s economic outlook in recent weeks has been buoyed by a weak euro, which makes the currency bloc''s exports relatively cheap on world markets. The latest PMI survey''s new export orders sub-index rose to the highest since April 2011 at 55.5, up from January''s 55.2. The euro is predicted to weaken a further 3 percent against the dollar over the coming year, according to a recent Reuters poll of foreign exchange analysts. Brisker exports and the fastest growth in prices charged in nearly six years will be welcome news for the European Central Bank, which is widely expected to remain on the sidelines through upcoming elections in key countries in the region. Possible upsets in those elections, along with a rise in protectionism worldwide, pose the biggest risks to the euro zone economy, according to a recent Reuters poll of economists. Indeed, it is still far from clear whether this latest upswing in euro zone activity will last. But purchasing managers do not seem worried yet. "Given the current buoyant demand environment, manufacturers are eschewing political uncertainty and quietly getting on with growing their businesses," added IHS''s Williamson. "On the price front, not only are higher commodity prices and the weak euro pushing up firms'' costs, but there''s also growing evidence of a sellers'' market developing for many goods as demand exceeds supply, which suggests core inflationary pressures may be starting to rise." (Editing by Hugh Lawson) U.S. Commerce secretary says Trump did not endorse border tax plan WASHINGTON New U.S. Commerce Secretary Wilbur Ross said President Donald Trump did not endorse a proposed border tax system on Tuesday in his first speech to Congress on Tuesday, despite a vow to level the tax playing field for U.S. companies that export.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-eurozone-economy-pmi-idINKBN1683R1'|'2017-03-01T16:06:00.000+02:00'
'c4535a72306f119ac28fb2280aa24358b0a216bb'|'BRIEF-Merus Labs responds to Reuters News article'|' 49pm EST BRIEF-Merus Labs responds to Reuters News article Feb 28 Merus Labs International Inc * Merus Labs responds to Reuters News article * Currently using Rothschild to provide investment banking and financial advisory services * Merus Labs International - Aware of a news story from Reuters suggesting that it has hired Rothschild & Co. to explore strategic alternatives * Merus Labs-Rothschild supporting Co in evaluation of broad range of options related to capital structure, product acquisitions, corporate deals * Merus Labs International - Does not intend to comment further except as required by applicable securities laws or policies of Toronto Stock Exchange Source text for Eikon: Uber CEO says he must ''grow up'' after argument with driver SAN FRANCISCO, Feb 28 Uber Technologies Inc Chief Executive Travis Kalanick on Tuesday said it was time for him to "grow up" and get help after a video was published showing him getting into an argument with a driver for the ride service who complained about pay rates. Feb 28 General Motors Co on Tuesday said it plans to sell its majority ownership stake in General Motors East Africa to its Japanese partner Isuzu Motors Ltd, as the U.S. carmaker continues to streamline by exiting non-core operations. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-merus-labs-responds-to-reuters-new-idUSFWN1GD1AI'|'2017-03-01T10:49:00.000+02:00'
'b208aa99f16681824626dc7e133d2e1c02b4f3a1'|'Deals of the day-Mergers and acquisitions'|'(Adds Innogy, OneWeb, COFCO Group, Pertamina and Global Logistic Properties)Feb 28 The following bids, mergers, acquisitions and disposals were reported by 1400 GMT on Tuesday:** Saudi oil giant Aramco will buy an equity stake in Malaysian firm Petronas'' major refining and petrochemical project, the companies said, pumping in $7 billion in its biggest downstream investment outside the kingdom.** Innogy has signed a deal with Israeli company OurCrowd that will give the German utility access to the crowdfunding firm''s pipeline of start-ups in return for providing access to its customer base, Innogy CEO Peter Terium said.** OneWeb Ltd, a U.S. satellite venture backed by Japan''s SoftBank Group Corp, and debt-laden satellite operator Intelsat SA agreed to merge in a share-for-share deal.** Chinese trading house COFCO Group said it had completed the takeover of Dutch grain trader Nidera.** Indonesia''s state oil company Pertamina expects to find a partner to take a majority stake in a proposed refinery to cost more than $10 billion in Bontang, East Kalimantan, by April, senior company officials said.** Private equity firms Warburg Pincus, Blackstone Group LP and Hopu Investment were among the bidders short-listed to present a potential offer for Singapore-listed Global Logistic Properties, people familiar with the process said.** The Russian subsidiary of Intesa Sanpaolo is considering the purchase of a Russian bank, its chairman, Antonio Fallico, said.** Swedish buyout firm EQT has launched the sale of Danish packaging group Faerch Plast in a potential 700 million euro ($741 million) deal, hoping to benefit from high sector valuations, three people close to the matter said.** India''s Tata Sons has agreed to pay NTT DoCoMo $1.18 billion to buy out the Japanese firm''s stake in a telecoms joint venture, paving the way for the settlement of a long-standing dispute days after a new chairman took charge at the Indian conglomerate.** Tanker firm Frontline said it had made a higher and final offer for rival DHT Holdings, which was rejected.** British Land and joint venture partner Oxford Properties are in advanced talks to sell the "Cheesegrater" skyscraper in London, the company said.** Swiss insurance group Baloise Holding has joined forces with digital financial services venture capital and advisory firm Anthemis Group to invest in insurance and risk management technology startups, the latest sign of large, traditional insurers seeking to become more tech-savvy.** Dubai-based engineering firm Dar Group said it had taken a 13.4 percent stake in WorleyParsons Ltd, months after a failed takeover approach, sending shares in the Australian engineering company up 30 percent.** Drugmaker Perrigo Co Plc said on Monday it agreed to sell the royalty stream from its multiple sclerosis drug Tysabri to privately held Royalty Pharma for up to $2.85 billion.(Compiled by Sruthi Shankar in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL3N1GD3SC'|'2017-02-28T11:02:00.000+02:00'
'241e47a7eeb57758164113a916bbc096dc75436d'|'Uber CEO says he must ''grow up'' after argument with driver'|'  3:08am GMT Uber CEO says he must ''grow up'' after argument with driver Uber CEO Travis Kalanick speaks to students during an interaction at the Indian Institute of Technology (IIT) campus in Mumbai, India, January 19, 2016. REUTERS/Danish Siddiqui/File Photo SAN FRANCISCO Uber Technologies Inc [UBER.UL] Chief Executive Travis Kalanick on Tuesday said it was time for him to "grow up" and get help after a video was published showing him getting into an argument with a driver for the ride service who complained about pay rates. Bloomberg on Tuesday published a video of Kalanick, a co-founder of the company, arguing with a driver who tells him that rates have been cut and he has lost money. The 40-year-old Kalanick responds angrily that some people don''t take responsibility for their own actions. The video is the latest in a series of challenges and embarrassments for the ride service. Last week, Alphabet Inc''s ( GOOGL.O ) self-driving vehicle unit Waymo sued Uber for allegedly stealing designs related to autonomous vehicles, a claim that Uber has denied. Uber also is investigating allegations of sexual harassment in its own organisation. Earlier this month, a female former engineer at Uber said in a widely read blog post that managers and human resources officers at the company had not punished her manager after she reported his unwanted sexual advances, and even threatened her with a poor performance review. In the video published by Bloomberg on Tuesday, the driver in a dash cam tells Kalanick, a passenger, that "people are not trusting you anymore," and complains that rates for drivers have fallen. Kalanick responds, "Some people don''t like to take responsibility for their own shit. They blame everything in their life on somebody else. Good luck!" In his statement released later on Tuesday, Kalanick said he was ashamed for treating the driver disrespectfully, and he apologised to the driver and others. "It’s clear this video is a reflection of me - and the criticism we’ve received is a stark reminder that I must fundamentally change as a leader and grow up. This is the first time I’ve been willing to admit that I need leadership help and I intend to get it," he wrote. (Reporting by Peter Henderson; Editing by Leslie Adler)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-uber-ceo-apology-idUKKBN16833B'|'2017-03-01T10:08:00.000+02:00'
'f4b0b12c7ee4267850c19ae5295bdaf97f6ea9b2'|'Fed officials jolt market with talk of pending rate hike'|'Economy News - Wed Mar 1, 2017 - 12:21am GMT Fed officials jolt market with talk of pending rate hike Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 28, 2017. REUTERS/Brendan McDermid By Ann Saphir and Jonathan Spicer - SANTA CRUZ, Calif./NEW YORK SANTA CRUZ, Calif./NEW YORK A handful of Federal Reserve policymakers on Tuesday jolted markets into higher expectations for a March U.S. interest rate increase, with comments that suggested rate-setters are worried about waiting too long in the face of pending economic stimulus from Washington. New York Fed President William Dudley, among the most influential U.S. central bankers, said on CNN that the case for tightening monetary policy "has become a lot more compelling" since the election of President Donald Trump and a Republican-controlled Congress. John Williams, President of the San Francisco Fed, meanwhile, said that with the economy at full employment, inflation headed higher, and upside risks from potential tax cuts waiting in the wings, "I personally don’t see any need to delay" on raising rates. "In my view, a rate increase is very much on the table for serious consideration at our March meeting." Williams, unlike Dudley, is not a voter this year on policy, but his views are seen as influential among his colleagues. The comments sparked a flurry of selling in the bond market, with the two-year Treasury yield jumping to its highest level since December. Interest rate futures implied traders saw a nearly a 57 percent chance the Fed would raise rates at its March 14-15 meeting, up from roughly 31 percent late on Monday, and around 20 percent a week ago, according to Reuters data. The comments, including remarks from Philadelphia Fed President Patrick Harker calling for three rate hikes this year, came hours before Trump was to give a speech to Congress that could shed more light on plans for infrastructure spending and cuts to taxes and regulations, after giving little detail in his first month in office. A string of better-than-expected economic data including evidence that inflation, that has remained below a Fed target since 2008, was rising to a 2-percent target has raised expectations both inside and outside the Fed for rate hikes this year. The central bank has hiked rates only once in each of the last two years. Dudley, a close ally of Fed Chair Janet Yellen and a permanent voter on policy, said we have seen a "very large" rise in household and business confidence and "very buoyant" financial markets since the November election, "and we have the expectation that fiscal policy will probably move in a more stimulative direction." Williams said that raising rates in March, rather than waiting until June, gives the Fed room to raise rates this year more than the three times that most Fed policymakers currently feel would be appropriate. Thomas Simons, senior money market economist at Jefferies, said in a note that for the normally dovish Dudley, "this is as hawkish and specific as you''re going to get." "All of this looks like a coordinated effort by Fed policymakers to raise expectations for a rate hike at the March meeting," Simons added. (Reporting by Jonathan Spicer and Ann Saphir; Additional reporting by Richard Leong in New York; Editing by Diane Craft) Next In Economy News Stocks down with dollar, bond yields ahead of Trump speech NEW YORK Stocks in major markets dipped along with the U.S. dollar and U.S. Treasury yields on the last day of February as investors waited for signals on stimulus spending and tax cuts in President Donald Trump''s Tuesday night Congressional address.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-fed-idUKKBN1682SN'|'2017-03-01T06:50:00.000+02:00'
'f6c896ca3f86280f61f502f15f848be84b547a2e'|'Asian factories pick up steam in shadow of Trump protectionist threat'|'Business News - Tue Feb 28, 2017 - 11:28pm EST Asian factories pick up steam in shadow of Trump protectionist threat An employee works on an assembly line producing automobiles at a factory in Qingdao, Shandong Province, China, March 1, 2016. REUTERS/Stringer/File Photo By Saikat Chatterjee - HONG KONG HONG KONG Asian factories extended a global manufacturing revival as activity picked up steam in February, though the outlook for many of the region''s export-reliant economies remained uncertain in the wake of U.S. President Donald Trump''s protectionist stance. Manufacturing surveys for Asia, including for its two biggest economies China and Japan, were broadly positive for exports in a welcome sign for many of the companies tapped into the global supply chain. "Encouragingly, the data indicated that the current upturn in demand remains broad-based across both domestic and international markets, while a further steep increase in purchasing activity raises the prospect of continued production growth in coming months," said Annabel Fiddes, economist at IHS Markit, referring to Taiwan''s strong PMI reading. Trump, however, remained the great unknown risk factor for Asia and the rest of the world. In a key speech to Congress, the U.S. president outlined his plan for his first year in office that included healthcare and tax reforms, but he did not announce anything new on trade. Trump''s protectionist stance has rattled global markets, with policymakers and investors remaining on edge until they see more clarity, and specific details, on U.S. economic policies. Authorities in China, whom Trump last week labeled the "champions of currency manipulation", can take comfort from a private survey showing factory activity expanded for an eighth consecutive month thanks to a pick up in export orders. Zhou Hao, an economist at Commerzbank expects "bubble deflating" will remain a key theme at the upcoming National Congress, underscoring challenges for policymakers in China as an explosive rise in debt in recent years has stoked speculative asset bubbles. That explains why Beijing plans to slightly lower its target for broad money supply growth to 12 percent, as authorities adopts a modest tightening bias in a bid to cool strong credit growth. It raised interest rates on a key funding tool in January. FED FACTOR The encouraging factory activity in Asia should also be squared off against rising interest rates in the United States, where any tempering in activity could prove detrimental to some of the region''s globe-trotting manufacturers. A handful of Federal Reserve policymakers on Tuesday jolted markets into higher expectations for a March U.S. interest rate increase, with comments that suggested rate-setters were worried about waiting too long in the face of pending economic stimulus from Washington. China exports, which have lagged its regional counterparts in recent months, showed signs of a pickup with the Caixin PMI sub-index for new export orders rising to 53.8, the highest rate of growth since September 2014. That bounce in new orders was echoed in South Korea where exports grew at their fastest pace in five years supported by a pickup in global demand and from China. The trade ministry said exports to China, South Korea''s biggest customer, rose for a fourth straight month while semiconductor exports posted their best monthly performance on record, riding on a months-long rally in electronics. "February data shows that there is a clear export resurgence, as exports in terms of both price and volume seem to be increasing," said Lee Sang-jae, an economist for Eugene Investment & Securities in Seoul. In Japan, the picture was mixed, even as a pick up in manufacturing activity at its fastest pace in three years was accompanied by strong export orders. Question marks remain about domestic demand, and shipments to the U.S., which have failed to show strong growth in the past year. Indeed, January exports growth slowed and data on Tuesday showed factory output unexpectedly fell for the first time in six months in Japan while headline PMI figures out of China showed signs of slowing. In Australia, investors had a lot to cheer as data showed the economy rebounded sharply last quarter thanks to a boom in commodity exports, extending the resource rich nation''s 25-year streak of uninterrupted expansion. An uptick in momentum in China, Australia''s major export market, is another reason for the Reserve Bank of Australia to hold off on more rate cuts this year. "Looking ahead, with domestic monetary policy set to remain loose and global growth likely to pick up a bit this year, we expect a gradual recovery in Asian manufacturing ahead," said Krystal Tan, Asia economist at Capital Economics. (Additional reporting by Christine Kim and Cynthia Kim in SEOUL; Editing by Randy Fabi & Shri Navaratnam) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-global-economy-idUSKBN16836Q'|'2017-03-01T11:28:00.000+02:00'
'688753152a80364d06228e9b9a9cc0a614af678d'|'Inflation-averse Germans see fastest price rises in 4-1/2 years'|'Money   8:44pm IST Inflation-averse Germans see fastest price rises in 4-1/2 years FULL COVERAGE: By Michael Nienaber - BERLIN BERLIN German inflation, a politically- and emotionally-charged issue for consumers heading for the polls later this year, soared to its highest level in four-and-a-half years in February, bounding past the European Central Bank''s euro zone target. Manufacturing was also reported as growing at the strongest rate since 2011, in a further sign that Europe''s biggest economy is firing on all cylinders. The inflation data will nonetheless fuel calls from politicians for an end to the ECB''s loose monetary policy, particularly with the federal election set for September. Inflation is a red flag for many Germans whose families suffered from depreciation of money and mass unemployment in the 1920s. Coupled with the ECB''s zero interest rates, inflation is also undermining already meagre returns from savings accounts. Consumer prices, harmonised to compare with other European countries, rose by 2.2 percent on the year after an increase of 1.9 percent in January, the Federal Statistics Office said. That was the highest annual inflation rate since August 2012 and came in slightly stronger than a Reuters consensus forecast of 2.1 percent The ECB targets a rate of below but close to 2 percent for the 19-member euro zone as a whole. Rising energy prices and higher food costs were the main drivers behind the overall increase in Germany, a breakdown of the non-harmonized data showed. "That''s not just a flash in the pan. Inflation will remain this high in the coming months," Postbank chief economist Marco Bargel said, adding that core inflation would also pick up due to Germany''s continued upswing and its robust labour market. German unemployment fell more than expected in February and the jobless rate remained unchanged at its lowest level since reunification in 1990, separate data from the Federal Labour Office showed on Wednesday. STRENGTH The strong economy enables companies to pass on higher costs - such as increased import prices - to customers, pushing up overall inflation. This trend was also reflected in Markit''s survey among purchasing managers, also released on Wednesday. It showed that output prices charged by manufacturers rose in February at the fastest pace since 2011. The goods-producing sector expanded at its strongest rate in nearly six years in February, it showed, suggesting factories will push up overall growth at the start of 2017. "The ECB will come under pressure to roll back its ultra-loose monetary policy, also because the economy has improved on a sustainable basis," Postbank''s Bargel said. The inflation rate for the entire euro zone is expected to rise to 2.0 percent in February from 1.8 percent in January, economists polled by Reuters said. Those figures are due on Thursday. The ECB has slashed interest rates and adopted a bond-buying programme worth 2.3 trillion euros to pump money into the region''s economy. It has rejected German calls to scale back its stimulus, arguing that core inflation is still too weak. "Calls from Germany on the ECB to change its monetary policy are mistaken and premature," the head of Germany''s DIW economic research institute Marcel Fratzscher said. A sustained rebound in German inflation would give Bundesbank President and ECB rate-setter Jens Weidmann more grounds to argue for a reduction in the ECB''s bond-buying programme, a scheme that he has often criticised. The German central bank has warned that homes in large German cities are 15 to 30 percent overpriced, stoking fears about the side-effects of the ECB''s stimulus. The German economy grew by 1.9 percent last year, driven by strong private consumption, increased state spending and higher construction investment, and it is expected to carry its growth momentum through into 2017. Markit economist Trevor Balchin said he expected Germany''s quarterly growth rate to accelerate to at least 0.6 percent in the first three months of 2017 from 0.4 percent in the final three months of 2016. (Additional reporting by Joseph Nasr and Rene Wagner; Editing by Jeremy Gaunt) Next In Money News Fed   India factory activity expands at a slightly faster pace in February BENGALURU Indian factory activity expanded for a second straight month in February, while an increase in raw material costs pushed firms to raise prices at the fastest rate in nearly three and a half years, a business survey showed on Wednesday. India considers reinstating 25 percent wheat import tax - sources NEW DELHI India could impose a 25 percent import tax on wheat by the middle of March, two government sources said on Wednesday, reinstating the tariff after a gap of nearly three months in response to recent large purchases from overseas.  '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/germany-economy-inflation-idINKBN1684T3'|'2017-03-01T22:14:00.000+02:00'
'2e46899173008d78a1f992eb2a2463fbd5222e9e'|'UPDATE 1-Most automakers notch solid February gains in Canada; Toyota slips'|'Company  40pm EST UPDATE 1-Most automakers notch solid February gains in Canada; Toyota slips (Adds Toyota, GM numbers) TORONTO, March 1 Automakers broadly notched decent growth in Canadian sales in February, sales numbers released by the companies on Wednesday showed, although Toyota Motor Corp sales slipped. Truck sales were a particular source of strength for Ford Motor Co, while fleet sales boosted numbers for Fiat Chrysler Automobiles, the automakers said in separate statements. General Motors Co said it delivered 16,528 vehicles across its Chevrolet, Buick, GMC and Cadillac brands in the month, a 5 percent increase from a year earlier. Ford said it sold 18,985 vehicles in Canada in the month, its best February performance since 2000 and a 3.2 percent increase from the 18,403 it sold in the same month a year ago. That included 16,800 truck sales, with its F-Series notching its best-ever February sales, the company said in a statement. Chrysler said it sold 19,115 vehicles in the month, a 2 percent increase from a year ago, with higher fleet sales helping offset a slip in retail activity. Toyota said its total vehicle sales slipped 6.2 percent to 13,405, although sales of its higher-end Lexus and mainstay Corolla both jumped significantly. After several years of record vehicle sales in Canada and Mexico, purchases are expected to edge lower in 2017, according to Scotiabank analyst Carlos Gomes. U.S. auto sales fell slightly in February but remained strong as pickup trucks and SUVs continued a robust showing, based on the first three automakers to report monthly numbers on Wednesday. (Reporting by Alastair Sharp; Editing by Frances Kerry and Jonathan Oatis) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-autos-idUSL2N1GE1U9'|'2017-03-02T03:40:00.000+02:00'
'630d3571f9020d2849c35784be20f29aea75f770'|'MOVES-Legal & General names new mastertrust chairman'|' 26pm EST MOVES-Legal & General names new mastertrust chairman March 1 European asset manager Legal & General Investment Management named Dermot Courtier as chairman of its mastertrust and the independent governance committee (IGC). Courtier will retain his position as head of group pensions at Kingfisher Plc. (Reporting by Laharee Chatterjee in Bengaluru)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/legal-general-moves-dermot-courtier-idUSL3N1GE5OJ'|'2017-03-02T03:26:00.000+02:00'
'8d95e708a8598e0be09c77d0342b814f0628e34c'|'UPDATE 1-Transcom shares drop after Altor says it won''t raise bid'|'(Adds detail, background)March 1 Swedish private equity firm Altor said on Wednesday it would not hike its offer for call-center firm Transcom, sending Transcom shares, which had been trading above the bid level, lower.* Altor says will not raise offer for Transcom* Private equity firm Altor announced a recommended 2.29 billion crown cash bid of 87.50 SEK/share in December* Altor said last week it was extending the acceptance period in its bid for Transcom Worldwide to March 10 after failing to reach the 90 percent threshold needed to complete the offer in the initial period.* Both Maven Securities and Sand Grove Capital have disclosed Transcom holdings of more than 5 pct each since the bid was made.* Transcom shares drop 4.6 pct to 88 SEK at 1225 GMT Source text for Eikon: (Reporting by Johannes Hellstrom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/transcom-bid-altor-idINL5N1GE4DN'|'2017-03-01T09:30:00.000+02:00'
'612b7a5d5e0b50851915389c09167eb117c88857'|'Exclusive: Japan''s Toshiba prepares Landis+Gyr sale to raise cash - sources'|'FRANKFURT/BERLIN/ZURICH Japanese group Toshiba Corp ( 6502.T ) is preparing a potential $2 billion divestment of smart meter group Landis+Gyr, hoping to rake in capital after a major writedown on its U.S. nuclear unit last month, three people familiar with the matter said.The group has hired UBS ( UBSG.S ) to explore a potential sale or initial public offering of the business, which could take place as early as after the summer break, they added.A spokeswomen for Toshiba in Europe declined to comment. UBS also declined to comment.Landis+Gyr, in which Toshiba owns a 60 percent stake, employs more than 5,700 staff and is active in over 30 countries. It said last week that sales would grow by nearly 5 percent to $1.64 billion in the fiscal year 2016, adding it was "unaffected by Toshiba''s challenges".Toshiba bought Landis+Gyr in 2011 for $2.3 billion jointly with state-backed Innovation Network Corporation of Japan (INCJ), which holds the remaining 40 percent in the company.(Reporting by Christoph Steitz, Arno Schuetze and Oliver Hirt)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-landis-gyr-m-a-idUSKBN1692EO'|'2017-03-02T19:59:00.000+02:00'
'9eb97d269049323e81f0f5dc92fec5d8dbdf930a'|'REFILE-LPC-GVC makes debut in leveraged finance market'|'(Fixes typo in headline)By Claire RuckinLONDON, March 2 Online gambling firm GVC Holdings has raised a €320m leveraged loan, it announced on Thursday, marking the listed-company’s first foray into the syndicated debt markets to get cheaper, longer term financing.The financing will repay a €250m short term unsecured loan facility from Nomura that was put in place in October 2016 to repay in part a €400m loan provided by Cerberus Business Finance, the announcement said.Cerberus’ loan was originally agreed in September 2015 to back GVC’s February 2016 acquisition of Bwin.party Digital Entertainment.Nomura took a lucrative lead role on the €320m syndicated loan as mandated lead arranger and sole physical bookrunner, while Bank of Ireland, Deutsche Bank and Mediobanca were MLAs and bookrunners.The loan was syndicated to a targeted group of investors and was significantly oversubscribed.It was a welcome relief to cash-rich institutional investors desperate to put new money to work, having spent a majority of time this year agreeing to repricings and refinancings of existing deals amid a lack of event-driven activity, banking sources said.The €320m financing comprised a €250m six-year term loan, paying 325bp over Euribor with a 0% floor, and a €70m five-year revolver paying 275bp over Euribor with a 0% floor, the announcement said.The term loan, which has an expected rating of mid-to-low Double B, allocated on Europe’s secondary loan market on Tuesday at par, the sources said.The term loan will benefit from an accordion facility that will enable GVC to raise extra debt, as long as net leverage remains below 2.25 times Ebitda."The long-term refinancing provides greater visibility and security in terms of our debt facilities," GVC CEO Kenneth Alexander said."Furthermore, access to a broader debt investor base is important given the ongoing consolidation in the gaming industry, particularly given the Group''s proven track record of successful M&A."Cerberus'' loan paid 11.5% over Euribor, with a 1% floor, while Nomura’s unsecured short term loan paid an initial margin of 200bp over Euribor with a 0% floor, according to Thomson Reuters LPC data.The cost of the new facility is cheaper than Nomura’s short term loan, the company said.Headquartered in the Isle of Man, GVC is a constituent of the FTSE 250 index and has licences in more than 16 countries.It has a number of brands including sports labels bwin, Sportingbet and gamebookers and gaming labels partypoker, partycasino, Foxy Bingo, Gioco Digitale and CasinoClub.(Editing by Christopher Mangham)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/gvc-loans-idINL5N1GF4E3'|'2017-03-02T09:32:00.000+02:00'
'aa9e8f7ef5fc95fd867d133e3190b219ba40a3cf'|'Deutsche Telekom writes down BT stake by 2.2 bln euros'|'BONN, Germany, March 2 Deutsche Telekom wrote down the value of its stake in Britain''s BT by 2.2 billion euros ($2.3 billion), pushing it to a fourth-quarter net loss of 2.12 billion euros from a profit of 946 million euros a year earlier.The German telecoms provider reported a 2 percent increase in fourth-quarter adjusted core profit (EBITDA) to 5.26 billion euros on Thursday, driven by its T-Mobile US unit but also lifted by a 3 percent increase in German adjusted EBITDA.($1 = 0.9497 euros) (Reporting by Georgina Prodhan; Editing by Maria Sheahan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deutsche-telekom-results-idINF9N1G201G'|'2017-03-02T03:15:00.000+02:00'
'e6050f4518298b262940fb2c26b51c2c86bd7140'|'Ex-JPMorgan employee pleads guilty to $5 million fraud'|'By Brendan Pierson - March 2 March 2 A former JPMorgan Chase & Co employee who has been ordered to attend counseling for gambling has pleaded guilty to criminal charges that he stole more than $5 million from his employer to pay personal debts, New York prosecutors said.Lawrence Obracanik, 42, pleaded guilty to wire fraud affecting a financial institution on Thursday before U.S. District Judge Ronnie Abrams in Manhattan, according to an announcement from U.S. Attorney Preet Bharara.The charge carries a maximum sentence of 30 years in prison and a $1 million fine, according to Bharara''s office. Obracanik is scheduled to be sentenced by Abrams on July 7.A lawyer for Obracanik did not immediately respond to a request for comment on Thursday evening.Obracanik, a resident of Fort Worth, Texas, turned himself in to authorities in New York in December.Following a court appearance on the day of his arrest, he was released on a $100,000 bond. He was instructed as part of his bail conditions to seek employment and attend counseling for gambling, according to court records.The criminal complaint against Obracanik did not identify JPMorgan by name. But a profile for him on LinkedIn said that he had worked for the New York-based bank in Texas.A spokesman for JPMorgan declined to comment at the time of Obracanik''s arrest. Representatives of the bank could not immediately be reached on Thursday.Prosecutors say that, between July 2014 and February 2016, Obracanik was responsible for wire transfers of more than $5 million from an account at the bank where he worked to an account at another bank belonging to an unnamed individual.The complaint said that during an interview with two Federal Bureau of Investigation agents in August, Obracanik admitted wiring the money to that person''s account and said that he had done so to pay personal debts.The case is U.S. v. Obracanik, U.S. District Court, Southern District of New York, No. 16-mj-7732. (Reporting By Brendan Pierson in New York; additional reporting by Nate Raymond in New York; Editing by Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/jpmorgan-court-idINL2N1GF281'|'2017-03-02T20:43:00.000+02:00'
'7fce54cf56d104a9b8a25f82f8a018f468875127'|'Mexican company: We''ll provide cement for border wall - Mar. 2, 2017'|'U.S. cabinet secretaries attempt diplomacy in Mexico Irony alert: One of Mexico''s biggest corporations says it''s willing to provide the cement for President Trump''s proposed border wall. Cemex, one of the world''s largest providers of building materials, said Wednesday that it would provide building materials for a border wall -- if a client asks for it. "If one of our clients requests a quote for materials, we have the responsibility to do so," the company said in a statement. "But this does not imply that Cemex will participate in the project." If Cemex does get involved, that could test Trump''s promise to "buy American, hire American." That''s because Cemex has a huge presence in the U.S., with offices in Houston and New York. Its cement is being used to build the largest building in San Francisco, the Salesforce Tower, and an 83-story skyscraper in Miami. The U.S. is the company''s biggest market, accounting for 28% of its sales. About 20% of its revenues come from Mexico and 22% from northern Europe. Cemex say it has roughly 10,000 employees in both Mexico and the United States. It has 43,000 employees worldwide. Related: Mexicans in U.S. rush money home before potential Trump tax The Trump administration has provided few details about the wall. But the president did say last week that construction of the wall is "going to start soon" and it''s "way ahead of schedule." Trump is adamant that Mexico will pay for the wall, but the Mexican government has repeatedly said it will not pay for the wall under any circumstance. During his campaign, Trump threatened to restrict or tax cash sent that''s sent home to Mexico by Mexican workers in the U.S. But he hasn''t commented on that since taking office. It''s not clear how much the wall will cost. Reuters reported in February, citing an internal Department of Homeland Security report, that the wall would cost about $21 billion, far higher than Trump''s recent estimate of $12 billion. CNNMoney (New York) First published March 2, 2017: 10:58 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_economy.rss'|'http://money.cnn.com/2017/03/02/news/economy/mexico-cemex-border-wall/index.html'|'2017-03-02T17:58:00.000+02:00'
'925eb1c283ce458429b5573fe38bd4e2610dd391'|'Snap''s sought-after shares set for market debut after $3.4 billion IPO'|'Business News - Thu Mar 2, 2017 - 1:05am EST Snap''s sought-after shares set for market debut after $3.4 billion IPO left right Snap Inc. logos are seen on the floor of the New York Stock Exchange (NYSE) on the eve of the company''s IPO in New York, U.S., March 1, 2017. REUTERS/Brendan McDermid 1/7 left right Snap Inc. logos are seen on the floor of the New York Stock Exchange (NYSE) on the eve of the company''s IPO in New York, U.S., March 1, 2017. REUTERS/Brendan McDermid 2/7 left right A Banner for Snap Inc. hangs on the facade of the the New York Stock Exchange (NYSE) on the eve of the company''s IPO in New York, U.S., March 1, 2017. REUTERS/Brendan McDermid 3/7 left right Employees sit around a table atop a Snap Inc. office in Venice, a beach community of Los Angeles, California, U.S., March 1, 2017. REUTERS/Mike Blake 4/7 left right An employee prepares the floor of the New York Stock Exchange (NYSE) on the eve of Snap Inc.''s IPO in New York, U.S., March 1, 2017. REUTERS/Brendan McDermid 5/7 left right A Snap Inc. office is pictured with security out front in Venice, a beach community of Los Angeles, California, U.S., March 1, 2017. REUTERS/Mike Blake 6/7 left right A Snapchat sign hangs on the facade of the New York Stock Exchange (NYSE) in New York City, U.S. on January 23, 2017. REUTERS/Brendan McDermid/File Photo 7/7 By Lauren Hirsch - NEW YORK NEW YORK Snap Inc''s in-demand shares are set to start trading in New York on Thursday after the owner of the popular Snapchat messaging app raised $3.4 billion in its initial public offering (IPO) on Wednesday, above its price expectations. Snap''s IPO was oversubscribed by more than ten-times, indicating a hunger for the shares that might produce a pop on the first day of trading. The New York Stock Exchange carried out a trial run last week to make sure the third-biggest ever technology IPO goes smoothly. Facebook Inc''s eagerly awaited market debut in 2012 was marred by a technical glitch at rival exchange Nasdaq. After pricing its IPO at $17 a share, the owner of the popular disappearing-message app has a market value of roughly $24 billion, more than double the size of rival Twitter Inc and the richest valuation in a U.S. tech IPO since Facebook five years ago. The share sale was the first test of investor appetite for a social-media app that is beloved by teenagers and people under 30 for applying bunny faces and vomiting rainbows onto selfies, but has yet to convert "cool" into cash. Despite a nearly seven-fold increase in revenue, the Los Angeles-based company''s net loss widened 38 percent last year. It faces intense competition from larger rivals such as Facebook''s Instagram as it grapples with decelerating user growth. Snap priced 200 million shares on Wednesday at $17 each, above its expected range of $14 to $16 dollars a share. The sale was well timed, as investors look for fresh opportunities after 2016 marked the slowest year for IPOs since 2008. The launch could encourage debuts by other so-called unicorns, tech startups with private valuations of $1 billion or more. Investors bought the shares despite them having no voting power, an unprecedented feature for an IPO at odds with rising concerns about corporate governance over the past few years from fund managers looking to gain influence over executives. Although Snap is going public at a much earlier stage in its development than Twitter or Facebook, the five-year-old company is valuing itself at nearly 60 times revenue, more than double the 27 times revenue mark Facebook fetched in its IPO. To justify its relatively high valuation and fend off concerns about slowing user growth, Snap has emphasized how important Snapchat is to its users, how long they spend on the app and the revenue potential of the emerging trend for young people to communicate with video rather than text. Snap is set to begin trading on Thursday on the New York Stock Exchange under the symbol SNAP. (Reporting by Lauren Hirsch in New York; Editing by Bill Rigby) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-snap-ipo-idUSKBN1690I7'|'2017-03-02T13:05:00.000+02:00'
'df2ba194bee6ca86f8e05de1f76fcfff1fd4c3f2'|'South Korea''s Lotte Duty Free says China cyber attacks crashed website'|'By Joyce Lee and Heekyong Yang - SEOUL SEOUL A cyber attack from China has crashed the website of Lotte Duty Free, a company official said on Thursday, at a time when South Korean firms are reporting difficulties in China following the deployment of a U.S. missile defense system on their home soil.Distributed denial-of-service (DDoS) attacks - when servers are bombarded with requests - crashed the website around 12:00 p.m. (0300 GMT), the official with direct knowledge of the matter told Reuters, requesting anonymity as the matter was sensitive."The website is down due to DDoS attacks from China," the official said.The Chinese website for the entire Lotte Group, www.lotte.cn, is also down. It has been offline since Wednesday due to a virus, spokesman Kim Min-suk told Reuters on Thursday."The (two) websites have been down and we are working to get them back online," Kim said, declining to comment on the nature or origin of the virus or the origin of the DDoS.The crashes comes after affiliate Lotte International Co Ltd on Monday approved a land swap to allow the U.S. Terminal High Altitude Area Defence (THAAD) system on what was once its property in response to the North Korean missile threat.Neighboring China objected to the deployment of the system, which has a radar capable of penetrating Chinese territory, saying it will destabilize regional security while doing little to contain heightened security risk on the Korean peninsula.Russia also opposed the deployment, scheduled for completion this year.South Korean companies have reported increasing difficulties in China since deployment was confirmed in November, with Chinese state media calling for a boycott of South Korean goods. South Korean artists have also said performances had been canceled without clear explanation.A spokesman at Lotte Mart told Reuters that the retailer''s website was accessible on e-commerce platform JD.com ( lottemart.jd.com ), but that the site did not appear in search results. Lotte Mart has asked JD.com to address the issue, the spokesman said.Also this month, Lotte Group said Chinese authorities halted construction at a multi-billion dollar real estate project after a fire inspection.Shares in Lotte Group''s flagship retailer, Lotte Shopping Co Ltd, which has about 120 stores in China, fell as much as 7.8 percent on Thursday. Lotte Confectionery Co Ltd shares fell 2.8 percent, while the benchmark share price index rose 0.5 percent.The South Korean government expressed concern on Thursday about the plight of South Korean firms in China since the deployment was announced. It said it would continue to engage Beijing in dialogue to ensure activities of South Korean companies in China are not hindered."To be sure, the challenges we face are serious," Foreign Ministry Spokesman Cho June-hyuck told a news briefing on Thursday.Chinese foreign ministry spokesman Geng Shuang said at a regular news briefing the same day that China opposes all forms of hacking and is willing to work with other nations to oppose it."As for the guesswork of Lotte, I won''t make a comment. But I think there is no clear answer as to the reason (for the attack). This is just their guess," Geng said.(Reporting by Joyce Lee and Heekyong Yang; Additional reporting by Hyunjoo Jin, and Ben Blanchard in Beijing; Editing by Jack Kim and Christopher Cushing)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-lotte-china-idINKBN1690HR'|'2017-03-02T05:33:00.000+02:00'
'e5c6b4d5b6e399fa2688524edef40e10e86631d5'|'UPDATE 1-Zalando to keep investing heavily, buys basketball retailer'|'Wed Mar 1, 2017 - 2:58am EST Zalando to keep investing heavily, buys basketball retailer A Zalando label lies on an item of clothing in a showroom of the fashion retailer Zalando in Berlin October 14, 2014. REUTERS/Hannibal Hanschke/File Photo BERLIN Zalando, Europe''s biggest pure online fashion retailer, said it would invest heavily in 2017 and create more than 2,000 jobs, as it announced its first move into physical stores with the acquisition of basketball retailer Kickz. Zalando said on Wednesday it expected to invest 200 million euros ($211 million) in 2017, up from 182 million in 2016, primarily in infrastructure, increased automation and software, with new warehouses planned in France, Sweden and Poland. Zalando forecast sales to grow 20 to 25 percent in 2017 and a margin on adjusted earnings before interest and tax (EBIT) of 5 to 6 percent, in line with its medium-term guidance. Founded in Berlin in 2008, Zalando has grown rapidly to become one of the biggest employers in the German capital. It plans to add another 2,000 jobs in 2017 to a staff of 12,000 after it already added 1,000 positions to its tech team in 2016. Zalando shares fell 3.9 percent in pre-market trade. Zalando said it had agreed earlier this week to buy the retail business of Munich-based Kickz, which runs 15 stores in Germany as well as websites that delivers worldwide, for an undisclosed sum. Amazon, which is expanding rapidly in fashion and is seen as the biggest threat to Zalando, has also been experimenting with physical retail, albeit so far mostly in food and books. Zalando, which already reported preliminary fourth-quarter results in January, said sales in the period rose 26 percent to 1.09 billion euros, while adjusted EBIT came in at 96 million, the latter ahead of average analyst forecasts. Zalando said sales rose 17.5 percent in its core Germany, Austria and Switzerland region to account for half the total, with the region recording an EBIT margin of 15.1 percent. In the rest of Europe, where Zalando launched later, sales grew at 32.7 percent, although the EBIT margin was lower at 3.3 percent as it invests there in marketing and infrastructure. (Reporting by Emma Thomasson; Editing by Georgina Prodhan and Maria Sheahan) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-zalando-results-idUSKBN1683JF'|'2017-03-01T14:52:00.000+02:00'
'df4f759b2e2b66ec58bbcbaabd5d19a5ec0b66b5'|'CRH earnings up as Trump infrastructure boost seen in medium term'|'Wed Mar 1, 2017 - 3:51am EST CRH earnings up as Trump infrastructure boost seen in medium term By Padraic Halpin - DUBLIN DUBLIN Strong earnings growth and cash generation last year drove shares in building materials group CRH ( CRH.I ) ( CRH.L ) higher on Wednesday as it awaited a further, medium-term boost to infrastructure under U.S. President Donald Trump. Ireland''s CRH is the United States'' biggest producer of asphalt for highway construction and third biggest supplier of readymixed concrete and construction aggregates. North America accounted for 60 percent of its full-year earnings last year. In his first Congressional address on Tuesday, Trump repeated a campaign promise of a $1 trillion infrastructure program but gave few specifics other than to say it would be financed through both public and private channels. "There''s really a long tail on these, so whatever may evolve with regard to future infrastructure spending, that''s going to evolve more in the medium term than the short term," CRH Chief Executive Albert Manifold told Reuters in a telephone interview. "We are the largest buildings materials business in North America so we''re well positioned to benefit in any uplift." CRH''s shares, which jumped to a nine-year high the day after the U.S. election last November, were up 2.9 percent at 2,800 pence by 0825 GMT after it beat its net debt and earnings forecasts for 2016. The world''s third-biggest building group''s core earnings, or earnings before interest, tax, depreciation and amortization (EBITDA), rose 10 percent year-on-year on a pro-forma basis to 3.13 billion euros ($3.30 billion). It had forecast that full year earnings would be "in excess of" 3 billion euros. That helped push its net debt to 1.7 times EBITDA, well below a goal to reduce it to less than 2-times by year-end. Davy Stockbrokers said such strong cash generation best placed it among the sector to pursue further acquisitions. CRH, transformed by a 6.5 billion euro acquisition of assets from rivals Lafarge and Holcim ( LHN.S ) in 2014, has already doubled last year''s spend by dishing out 500 million euros on eight transactions since January, all in North America where it sees continued momentum in construction. ($1 = 0.9494 euros)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-crh-results-idUSKBN1683PH'|'2017-03-01T15:45:00.000+02:00'
'08561a36ec7c156ff4bab37395d346b7634edb11'|'Freeport says no return to ''business as usual'' for Indonesia''s Grasberg mine'|'Company   12:52am EST Freeport says no return to ''business as usual'' for Indonesia''s Grasberg mine JAKARTA, March 1 Freeport-McMoRan Inc said there will be "no returning to business as usual" for its giant Grasberg copper mine in Indonesia, where operations have been disrupted as a result of an export stoppage imposed since mid-January, according to a company document dated Feb. 28 reviewed by Reuters. Under a revised plan for 2017, Grasberg''s daily copper ore output will be scaled back to 95,000 tonnes from a previous estimate of 140,000 tonnes, the document said. (Reporting by Fergus Jensen; Editing by Christian Schmollinger) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/indonesia-freeport-idUSJ9N1FN000'|'2017-03-01T12:52:00.000+02:00'
'27d8751cb8ff9954560fc7367767f3fbf5cda176'|'Mitie agrees sale of healthcare business for two pounds'|' 43am GMT Mitie agrees sale of healthcare business for two pounds Britain''s Mitie ( MTO.L ) has agreed to sell its loss-making home healthcare business to specialist healthcare investor Apposite Capital for 2 pounds and will take a larger charge in full-year results to writedown the value of the business, it said on Wednesday. The company, which in November announced its decision to withdraw from the low-margin home healthcare services market, said its total writedown on the business including operating losses would be 36.8 million pounds in the current year, on top of the 115.3 million pounds noted in the first half. Mitie, a provider of pest control to property cleaning, security and healthcare services, has experienced a difficult past year and issued three profit warnings in four months on Brexit-related uncertainty and announced an overhaul of its management structure. ($1 = 0.8094 pounds) (Reporting by Esha Vaish in Bengaluru; Editing by David Goodman)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-mitie-group-disposal-idUKKBN1683K2'|'2017-03-01T14:43:00.000+02:00'
'd58ff7221366c554c948a539586f65fcb0a4b680'|'CEE MARKETS-FX, stocks jump, PMIs signal robust growth'|'* Hungary PMI at record high, Czech at almost 6-year high * Stock indices rebound after profit-taking slump * Currencies firm vs euro, which weakens versus dollar By Sandor Peto BUDAPEST, March 1 Central European currencies and stocks surged and government bonds eased on Wednesday after Czech, Hungarian and Polish manufacturing indices showed robust economic growth. Hungary''s Purchasing Managers'' Index jumped to a record-high of 59.5 in February from 57 in January, far above the 50 line that separates economic growth from contraction. The Czech figure, at 57.6, was the highest in almost six years, while the Polish index slowed somewhat to 54.2, but still indicated growth. Central Europe''s main stock indices rose, led by a 2 percent jump in Budapest''s main index. The rebound came after a week of profit-taking, which had knocked regional indices down following a rally that lasted several weeks, tracking a rise in global equities markets due to expectations for economic stimulus in the United States. While U.S. President Donald Trump did not provide new details on those plans in a speech on Tuesday, the dollar still firmed against the euro. "Central European currencies, which have been trading on low turnover, did not track the euro''s weakening against the dollar," one Budapest-based dealer said. The forint firmed 0.2 percent to 307.78 against the euro by 0921 GMT, approaching 4-month highs. The leu also firmed 0.2 percent and the zloty crossed the 4.3 psychological line, gaining 0.3 percent. "The forint (debt instruments) still provide higher interest rates than elsewhere (in Europe)," the dealer said. Hungarian and Polish government bond yields rose by about 4 basis points, tracking a rise in U.S. Treasuries yields after New York Fed President William Dudley said the case for tightening monetary policy "has become a lot more compelling". Polish 10-year papers traded at a yield of 3.84 percent and Hungary''s corresponding bonds at 3.45 percent, compared with 2.42 percent in the U.S. and 1.68 percent in Spain. A rise in inflation in Central Europe and the prospect of economic pick-up have not worried the region''s central banks so far and they are unlikely to start to lift interest rates this year. Hungary''s central bank reiterated its dovish policy bias on Tuesday. Dealers said the surge in the PMI did not change expectations about monetary policy in Hungary. The dollar''s firming contributed to the rebound in regional stock indices, improving the revenue prospects of some listed firms. "The stronger dollar benefits (oil group) MOL or (drug maker) Richter," Erste analysts said in a note released in Budapest. The Czech crown remained steady after the PMI figures in its euro exchange rates implied in forward deals. CEE SNAPS AT 1021 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 27.02 27.02 +0.0 -0.05 00 40 1% % Hungary 307.7 308.2 +0.1 0.34% forint 800 450 5% Polish 4.299 4.311 +0.2 2.44% zloty 0 0 8% Romanian 4.518 4.526 +0.1 0.37% leu 5 4 7% Croatian 7.428 7.435 +0.1 1.70% kuna 5 8 0% Serbian 123.6 123.7 +0.0 -0.25 dinar 600 400 6% % Note: daily calculate previ close 1800 change d from ous at CET STOCK S Lates Previ Daily Chang t ous e close chang in e 2017 Prague 960.7 953.9 +0.7 +4.2 5 2 2% 5% Budapest 32697 32061 +1.9 +2.1 .28 .33 8% 7% Warsaw 2228. 2191. +1.6 +14. 28 25 9% 39% Bucharest 8016. 7969. +0.5 +13. 21 94 8% 14% Ljubljana 788.1 791.4 -0.42 +9.8 4 4 % 3% Zagreb 2212. 2221. -0.38 +10. 49 02 % 91% Belgrade <.BELEX15 717.2 718.7 -0.22 -0.02 > 1 7 % % Sofia 605.1 611.1 -0.97 +3.2 8 2 % 0% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.49 0.004 +039 -1bps > 6 bps 5-year <CZ5YT=RR 0.134 0.043 +067 +1bp > bps s 10-year <CZ10YT=R 0.634 0.016 +039 -2bps R> bps Poland 2-year <PL2YT=RR 2.229 0.003 +311 -1bps > bps 5-year <PL5YT=RR 3.167 0.053 +371 +2bp > bps s 10-year <PL10YT=R 3.848 0.042 +361 +1bp R> bps s FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep < 0.26 0.29 0.33 0 PRIBOR=> Hungary < 0.31 0.5 0.61 0.23 BUBOR=> Poland < 1.775 1.795 1.875 1.73 WIBOR=> Note: FRA are for Quote: s ask prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL5N1GE305'|'2017-03-01T07:27:00.000+02:00'
'5f36c090f33f9b7aad4650ba433616308c8bbb1b'|'ITV''s production arm boosts earnings in tough ad market'|' 52am GMT ITV''s production arm boosts earnings in tough ad market A company sign is displayed outside an ITV studio in London, Britain, July 27, 2016. REUTERS/Neil Hall/File Photo LONDON ITV ( ITV.L ), Britain''s biggest free-to-air commercial broadcaster, said it would pay a special dividend after growth in its studio production arm more than offset a drop in advertising revenue to result in a rise in earnings. The broadcaster of "Coronation Street" and crime drama "Broadchurch", which has been building its production business and growing online revenue to reduce its reliance on broadcast adverting, said 53 percent of its revenues in 2016 came from sources outside traditional TV spot advertising. "The continued growth in revenue and adjusted profit, despite a 3 percent decline in spot advertising revenues resulting from wider political and economic uncertainty, is clear evidence that our strategy is working and remains the right one for ITV," said Chief Executive Adam Crozier. The ad market remained tough at the start of 2017, with net advertising revenue across its channels forecast to be 6 percent lower for the first four months, reflecting the current economic uncertainty in Britain, the company said. ITV reported adjusted earnings per share of 17 pence, beating market forecasts, on total external revenue up 3 percent to 3.06 billion pounds, including currency benefits. It said it would pay a special dividend of 20 pence a share, worth just over 200 million pounds, on top of a final dividend of 4.8 pence, bring the total dividend for the year to 7.2 pence, up 20 percent. Analysts at Citi said the special dividend had not been widely expected and that the cash return signalled confidence in the future. (Reporting by Paul Sandle; editing by Kate Holton)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-itv-results-idUKKBN1683KV'|'2017-03-01T14:52:00.000+02:00'
'a33181051e585bdc015df4413469a984f47bf93a'|'Aberdeen exploring options for tie-up with Standard Life - Sky'|'Deals  37am EST Aberdeen exploring options for tie-up with Standard Life: Sky LONDON Scottish fund manager Aberdeen Asset Management ( ADN.L ) is exploring possible options for a tie-up with insurer Standard Life ( SL.L ), Sky News reported on Saturday, in a deal which could total 11 billion pounds ($13.52 billion). The deal could involve a full merger or a tie-up between Aberdeen and Standard Life Investments, the insurer''s asset management arm, according to unnamed sources cited by Sky. Standard Life declined to comment, while Aberdeen could not be immediately reached for comment. A competitive environment and the need to cost-cuts is fuelling merger activity in the fund management sector, with London-based asset manager Henderson Group ( HGGH.L ) agreeing to buy U.S. rival Janus Capital Group Inc ( JNS.N ) last year in an all-share $6 billion deal. Both Aberdeen and Standard Life Investments'' flagship GARS multi-asset funds saw outflows last quarter, and Standard Life Chief Executive Keith Skeoch said the firm was "continually scanning the horizon to see what''s available" when it came to M&A. Standard Life has a market cap of 7.5 billion pounds, with Aberdeen roughly half the size. (Reporting by Alistair Smout;   Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-aberdeen-asset-m-a-standard-life-idUSKBN16B0EU'|'2017-03-04T21:32:00.000+02:00'
'55f7f76cf3877c61a982606ce4f8c2bb89a13ad3'|'Germany, U.S. have mutual interest in reducing trade barriers: German EconMin'|'Business News - Thu Mar 2, 2017 - 9:46am EST Germany, U.S. have mutual interest in reducing trade barriers: German EconMin left right New appointed Economy Minister Brigitte Zypries attends the weekly cabinet meeting at the Chancellery in Berlin, Germany, February 1, 2017. REUTERS/Fabrizio Bensch 1/2 left right New Commerce Secretary Wilbur Ross addresses employees upon his arrival at the Commerce Department in Washington, U.S., March 1, 2017. REUTERS/Yuri Gripas 2/2 BERLIN German Economy Minister Brigitte Zypries has written to U.S. Secretary of Commerce Wilbur Ross stressing that it would be in both countries'' interests to minimize the barriers to trade between them. U.S. President Donald Trump has championed protectionism with his "America First" campaign but German Chancellor Angela Merkel has said Germany will work to promote free trade during its presidency of the G20 this year. In a letter dated Feb. 28, Zypries wrote that Germany, the European Union and the United States should step up cooperation in light of major changes in the global economy''s structure. "We have a shared interest in reducing trade barriers to transatlantic trade and agreeing in a suitable form on the standards that can be disseminated throughout the world economy," she wrote. The German government, industry groups and unions have said protectionism is the wrong answer to the challenges facing the world, and that Germany must fight to safeguard free trade, which guarantees wealth and prosperity for all. Zypries also stressed the importance of the transatlantic relationship, saying it was a "central, steadfast component of German policy", and pointed to the close economic relationship between Germany and the United States. She said around 670,000 jobs in the United States were a result of investment from Germany. Direct investment from Germany, Europe''s largest economy, was worth around $256 billion in 2015, she said. A source in the Economy Ministry confirmed a report in German newspaper Handelsblatt saying that Zypries had met with representatives of Germany''s business organizations on Wednesday to talk about the possible impact of future U.S. policy. Germany''s BDI industry association, the DIHK Chambers of Industry and Commerce, the BGA trade association, German auto industry association VDA, German chemicals trade group VCI and the American Chamber of Commerce took part in the meeting, the source said. "All participants agree that we need to campaign for free trade," the source said. Zypries has said she will travel to the United States but has not yet named the date. The source said the ministry was currently planning for her to go in May. (Reporting by Matthias Sobolewski and Klaus Lauer; Writing by Michelle Martin; Editing by Catherine Evans) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-trump-germany-idUSKBN16920X'|'2017-03-02T21:46:00.000+02:00'
'2a2634b563c931a2520e910921fcbd67c6dd44e8'|'Rio Tinto postpones decision on former CEO''s bonus over Guinea scandal'|'Business News - Thu Mar 2, 2017 - 11:48am GMT Rio Tinto postpones decision on former CEO''s bonus over Guinea scandal FILE PHOTO - Former Rio Tinto CEO Sam Walsh poses during a photo call to announce Rio Tinto''s 2015 interim results in London, Britain August 6, 2015. REUTERS/Neil Hall LONDON The world''s second biggest miner Rio Tinto ( RIO.AX ) ( RIO.L ) has deferred for at least two years a decision on former chief executive Sam Walsh''s performance-related pay, after a scandal over $10.5 million in payments to a consultant in Guinea. The scandal erupted in November after Rio Tinto become aware of emails from 2011 that referred to the payments in connection with the vast Simandou iron ore project. Investigations are ongoing. Walsh, who took retirement in 2016, was named in the emails sent by senior executive Alan Davies. Davies was sacked in November and is taking legal action. In its annual report published on Thursday, Rio Tinto said its board decided it would be inappropriate to decide on Walsh''s "outstanding remuneration" for now. It said it had therefore reached agreement with Walsh to defer payment of long and short term incentive plans for "a minimum of two years". The base salary of Chief Executive Officer Jean-Sebastien Jacques, who took over from July 2016, was held at around 1 million pounds plus a performance-related bonus of 1.5 million pounds, half of which was paid immediately and the other half deferred for three years. The report also said Jacques would not receive the expatriate benefits provided to his predecessor. Walsh''s base salary was nearly 2 million Australian dollars ($1.5 million) when he retired. As shareholders press for a more moderate approach to executive pay, another miner Anglo American ( AAL.L ) has said its annual report to be published later this month will put forward a cap on long-term incentive plans, which shareholders will vote on in April. Last year, shareholders said Anglo American CEO Mark Cutifani''s remuneration was too generous after a share price collapse linked to the commodity downturn. All the big miners have since recovered. ($1 = 0.8151 pounds) (Reporting by Barbara Lewis; additional reporting by Simon Jessop; Editing by Elaine Hardcastle) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-riotinto-pay-idUKKBN1691FW'|'2017-03-02T18:48:00.000+02:00'
'42c96e13fa371edb563c8a2214cdb2a5e897aa27'|'Yahoo says about 32 mln accounts accessed using "forged cookies"'|'Technology   6:27pm EST Yahoo says about 32 million accounts accessed using ''forged cookies'' A photo illustration shows a Yahoo logo on a smartphone in front of a displayed cyber code and keyboard on December 15, 2016. REUTERS/Dado Ruvic/File Illustration - RTX2VKYK Yahoo Inc, which disclosed two massive data breaches last year, said on Wednesday that about 32 million user accounts were accessed by intruders in the last two years using forged cookies. The company said some of the latest intrusions can be connected to the "same state-sponsored actor believed to be responsible for the 2014 breach", in which at least 500 million accounts were affected. "Based on the investigation, we believe an unauthorized third party accessed the company''s proprietary code to learn how to forge certain cookies," Yahoo said in its latest annual filing. These cookies have been invalidated so they cannot be used to access user accounts, the company said. Forged cookies allow an intruder to access a user''s account without a password. Yahoo also said in December that data from more than 1 billion user accounts was compromised in August 2013, making it the largest breach in history. The company said on Wednesday that it would not award Chief Executive Marissa Mayer a cash bonus for 2016, following the independent committee''s findings related to the 2014 security incident. Mayer has also offered to forgo any 2017 annual equity award as the breaches occurred during her tenure, Yahoo said. Last month, Verizon Communications Inc, which is in the process of buying Yahoo''s core assets, lowered its original offer by $350 million to $4.48 billion. (Reporting by Rishika Sadam in Bengaluru; Editing by Anil D''Silva) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-yahoo-databreach-idUSKBN1685UY'|'2017-03-02T06:25:00.000+02:00'
'82a68730ad52c1922478bf881e31fdd8fbed5962'|'Asian shares advance, dollar supported by March rate hike bets'|'By Hideyuki Sano - TOKYO TOKYO Asian shares rose on Thursday as investors were encouraged by President Donald Trump''s less combative tone in his first speech to Congress, which sent Wall Street stocks sharply higher, while growing bets on a U.S. rate hike this month buoyed the dollar.MSCI''s broadest index of Asia-Pacific shares outside Japan rose 0.7 percent, led by rebounds in Australian and Hong Kong shares.Japan''s Nikkei rose 1.3 percent to a 14-month high.MSCI''s broadest gauge of the world''s stocks covering 46 countries rose nearly 1 percent on Wednesday to a record high, posting its biggest daily gain in almost three months.On Wall Street, the Dow Jones Industrial Average blasted through the 21,000-point mark for the first time. Both the Dow and the S&P 500 rallied around 1.4 percent.Trump pledged to deliver "massive" tax relief to the middle class and corporate tax cuts, to spend heavily on infrastructure and to ease regulations -- steps that have helped to push U.S. stocks higher since his election victory in November.While Trump gave few new details on his tax or spending plans, investors were encouraged by what they saw as a less confrontational tone as he tries to push his growth agenda through a Congress reluctant to widen the government''s budget deficit.More to the point, his stimulus plan comes as the global economy is picking up momentum.The J.P. Morgan Global manufacturing PMI hit its highest levels in nearly six years in February."Trumpflation may be a misnomer. The uptick in manufacturing predates the election. It continued in February," ING said in a note, pointing to generally strong factory activity readings around the world last month."It’s better to be lucky than good. We think President Trump may be lucky in holding office when the overhang of debt and fear from the Global Financial Crisis lifts."A rate hike by the Federal Reserve later this month also would signal policymakers'' growing confidence in U.S. and global economic expansion."The U.S. economy is strong enough to allow the Fed to raise rates. And then we are going to have one trillion dollars in public spending," said a trader at a European bank."Under such conditions, we are likely to see a gradual rise in U.S. stocks, with volatility remaining low, until the Fed overkills the economy," he said.The S&P financial index soared 2.84 percent after a few key Federal Reserve officials including New York Fed President William Dudley and San Francisco Fed President John Williams, hinted at an interest rate hike this month.Usually-dovish Fed Governor Lael Brainard also joined the chorus, saying an improving global economy and a solid U.S. recovery mean it will be "appropriate soon" for the Fed to raise rates.Government data indeed showed on Wednesday the largest monthly increase in inflation in four years eroded households'' purchasing power, supporting the case for a rate hike.U.S. Treasuries yield jumped, with the two-year yield rising to as high as 1.308 percent, its highest since August 2009. It last stood at 1.296 percent.The 10-year yield rose to 2.462 percent, still below its two-year peak of 2.641 percent marked in December.Fed Funds rate futures are now pricing in about an 80 percent chance that the Fed will bump up interest rates by 0.25 percentage point at its policy meeting on March 14-15, compared to around 30 percent at the start of this week.More Fed policy-setters, including Chair Janet Yellen and Vice Chair Stanley Fischer, will speak on Friday, likely providing further signals on the Fed''s policy path.In Europe, the premium investors demand for holding French bonds over German bonds shrank to the smallest in a month after scandal-hit French presidential candidate Francois Fillon vowed to stay in the election fight.That is perceived to contribute to limiting the chance of a victory by far-right National Front leader Marine Le Pen, who could pull the country out of the euro zone and the European Union.In the currency market, the dollar benefited from rising expectations of a Fed rate hike.The dollar''s index against a basket of six major rivals rose to its highest level in seven weeks.The U.S. currency rose 0.2 percent to 114.02 yen, while the euro dipped 0.2 percent to $1.0529.The British pound sank to a six-week low of $1.2261 as disappointing UK economic data added to political nerves that have begun to weigh on the currency again after last year''s Brexit vote.Oil prices loitered within a familiar range, as record high U.S. crude supplies tempered support from evidence that OPEC producers are complying with an agreement to cut production.Brent futures were unchanged at $56.36 per barrel while U.S. crude futures ticked down 0.1 percent to $53.76 a barrel.(Editing by Kim Coghill)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/global-markets-idINKBN16909H'|'2017-03-01T23:37:00.000+02:00'
'333b41bdf9ed120a3fb874f27876b780bc41f824'|'UK firms report stronger growth, inflation test awaits - CBI'|' 09am GMT UK firms report stronger growth, inflation test awaits - CBI Cranes are seen on a construction site in London''s financial district of Canary Wharf, Britain December 1, 2016. REUTERS/Kevin Coombs LONDON Growth in Britain''s private sector picked up speed in the three months to February, according to a survey published on Friday by an employers group, contrasting with some recent signs of a slowdown in other gauges of the economy. The Confederation of British Industry said its monthly measure of growth rose to +15 from +10 in the November-January period, suggesting there was still little impact on business so far from last year''s Brexit vote. Companies expected similar growth over the next three months, the CBI said. "The economy is growing solidly, with consumer-facing sectors leading the way for now," CBI chief economist Rain Newton-Smith said. "However, with inflation set to rise even further, this will dampen households'' spending power, and growth is likely to slow as the year progresses." The CBI surveyed 778 companies in the manufacturing, distribution and service sectors about output, sales and business volumes to compile its Growth Indicator. Britain''s economy defied predictions of a quick and sharp hit after voters decided to leave the European Union at a referendum in June. However, there have been some signs recently that consumers are spending less as rising inflation, pushed up by the post-Brexit vote fall in the value of the pound, eats into their spending power. Surveys have also shown that growth in the services and manufacturing came off recent highs at the start of the year. Another gauge of Britain''s economy, the Markit/CIPS services PMI for February, is due at 0930 GMT. (Reporting by William Schomberg, editing by Andy Bruce)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-idUKKBN16A00U'|'2017-03-03T07:09:00.000+02:00'
'7751c8021ca2733fc3ff889eeae152ae9b08e68c'|'Taiwan sits out forex intervention to duck Trump blast'|'Company News  39pm EST Taiwan sits out forex intervention to duck Trump blast * Trump rhetoric deters cenbank from forex intervention -source * Forex losses for Taiwan insurers set to climb further * Taiwan dollar up 5 pct so far this year By Faith Hung TAIPEI, March 2 Taiwan’s central bank, fearful of being labelled a currency manipulator by U.S. President Donald Trump, has pulled back on intervention to weaken the Taiwan dollar, making it Asia''s second best-performing currency in 2017. The currency has risen 5 percent so far this year, giving the island''s stock market a boost, but knocking its fourth-quarter balance of payments to a five-year low and hammering its insurers, which are heavily invested overseas. A central bank official told Reuters the currency movement was directly related to the bank not intervening so much in the foreign exchange markets. "The central bank wants to signal to the United States that it does not manipulate Taiwan''s currency," the official said. The bank''s governor, Perng Fai-nan, declined to comment when asked on Thursday if the currency''s strength was linked to the bank''s nervousness that Trump might label it a manipulator. [ nL3N1GF188] Trump has criticised especially China, Japan and Europe for policies he claims artificially weaken their currencies and make their exports more competitive. His administration has said it will analyse the currency practices of major trading partners, and the U.S. Treasury is required to publish a report on these practices in mid-April. After any declaration that a country manipulates its currency, the Treasury will try to negotiate a resolution, but the process could result in punitive tariffs on that country''s goods. Taiwan already meets two of the three U.S. criteria to be labelled a manipulator, including intervention to weaken the currency. An upcoming new iPhone model, for which Taiwan makes many of the components, is expected to boost its trade surplus with the United States to levels that could provoke a reaction. TOXIC "The effects of Trump''s pronouncements that some central banks are manipulating their currencies have been quite toxic," said a vice-president at Mega Financial Holding’s banking arm, which is Taiwan''s biggest state-run bank operating in overseas markets. The effects have been particularly toxic for Taiwan''s insurers, which have been hit with a T$14 billion ($455 million) loss on the foreign exchange risk reserves they hold to contain currency volatility. Their currency reserves declined by a third in January to their lowest in at least a year and are set to plunge further. "The insurers must manage their forex risk ... We’re closely monitoring the impact,” said Thomas Chang, deputy director general of the insurance regulator. For now, the insurers say they are hedging the risks and riding out the immediate storm. “Insurance firms tend to invest in the long term, for 15-20 years. Short term volatility is unavoidable. Our team has adjusted accordingly,” said Lin Chao-ting, an executive vice president of privately owned Cathay Life Insurance, which has more than US$161 billion in assets. Fubon Life Insurance was also sanguine, and expects the forex losses to wind down after March. “A large percentage of life insurers’ overseas assets have been hedged. So industrywide, only 3-10 percent of asset positions will be impacted by volatility in the forex market,” the company said. Cathay and Fubon are the insurance arms of Cathay Financial Holding and Fubon Financial Holding, respectively. UNPREDICTABLE Investors say the concerns in Taipei are in part because they are unable to read Trump, an unorthodox new president with no prior political experience. "Taiwan’s central bank is in a very difficult position,” said a president of a foreign fund management house in Taipei. "People used to be able to predict what would happen if a country were named on the U.S. currency manipulation list. With Trump in office, it''s a totally different story. You can''t predict what the outcome could be," he said. "That''s the scary part.” The central bank in South Korea has also cut back on interventions that could weaken its currency. China on the other hand has spent a trillion dollars since mid-2014 to stop capital outflows that have been dragging the yuan lower, but Trump''s campaign rhetoric focused on its previous interventions to weaken the currency. Meanwhile, the upward pressure on Taiwan''s currency and the central bank''s hands-off approach have attracted billions of dollars of foreign capital to the country''s stocks. After a week of volatility following Trump''s election on Nov. 8, the country''s main index has risen more than 8 percent. And Julianne Chu, a fund manager for Uni-President Securities Investment Trust, thinks it will keep rising. "Foreign investors will continue to buy Taiwan stocks, which have been their favourite market in Asia since Trump took office,” she said. “The focus of their buying will be iPhone 8 component makers," she said. ($1 = 30.7810 Taiwan dollars) (Reporting by Faith Hung; Additional reporting by Loh Liang-sa; Editing by Vidya Ranganathan and Will Waterman) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/taiwan-markets-trump-idUSL4N1G84GA'|'2017-03-02T10:39:00.000+02:00'
'6bb012e18aea8feeb95d968043aab782a5178a56'|'Investors still chasing inflation trade with $9.8 bln equity inflows-BAML'|' 37am EST Investors still chasing inflation trade with $9.8 billion equity inflows: BAML A trader works   March 1,   Claire Milhench - LONDON LONDON Investors continued to chase the inflation trade in the week that U.S. President Donald Trump reiterated his pledges on tax cuts and spending, and Fed officials hinted at a March rate hike, Bank of America Merrill Lynch (BAML) said on Friday. Equity funds enjoyed a ninth straight week of inflows, attracting $9.8 billion in the week to Wednesday, having pulled in some $70.6 billion year-to-date, the bank said. Investors are betting that Trump''s plans to provide "massive tax relief" and a $1 trillion infrastructure spending package, as outlined in a speech to the U.S. Congress on Tuesday, will spur growth and inflation. The Dow Jones Industrial Average .DJI breached the 21,000 mark for the first time in the wake of Trump''s speech as bank stocks surged on the prospect of a March rate rise. Hawkish rhetoric from Fed officials following strong U.S. data pushed the probability of a 0.25 percent rate hike to over 70 percent. BAML analysts noted that this combination of Fed rhetoric and Trump''s speech had triggered the largest daily inflow to the SPY Exchange Traded Fund (ETF), which tracks the S&P 500 .SPX , since December 2014. It attracted $8.2 billion on March 1. In total, U.S. equities attracted $6.7 billion over the week, with materials, energy and infrastructure continuing to do well. Utility funds also enjoyed the largest inflows in 35 weeks, attracting $400 million, possibly boosted by the infrastructure theme, BAML said. Japanese equities remained investors'' preferred play on a strong U.S. dollar, attracting $700 million. Japanese exporters generally do well when U.S. consumer spending picks up. However, flows to European equities reversed, with some $1.7 billion of redemptions, the largest in 13 weeks. European equities gained 2.6 percent in February .FTEU3 amid signs of economic recovery, but investors have turned cautious as French presidential elections approach. Emerging equities, meanwhile, suffered their first outflows in eight weeks, losing $600 million. Emerging debt funds on the other hand remained in favor, attracting $900 million. Overall, bond funds attracted $9 billion, with investors showing a preference for corporate credit. Investment grade bond funds attracted $6.5 billion and high yield bond funds pulled in $1.4 billion. Government and treasury bond funds lost $1.4 billion, their largest outflows in 10 weeks.  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-markets-flows-baml-idUSKBN16A1E4'|'2017-03-03T19:29:00.000+02:00'
'5994ac4e104bee35617e52e4e9e1386ed7fbbc7b'|'Political squeeze changes landscape for Britain''s outsourcing sector'|'Business News - Fri Mar 3, 2017 - 5:13pm GMT Political squeeze changes landscape for Britain''s outsourcing sector By Elisabeth O''Leary and Kate Holton - LONDON LONDON The unexpected departure of the boss of Capita ( CPI.L ) highlights the challenges facing Britain''s biggest outsourcing companies as the government tightens the screw on businesses that provide vital public services. Capita Chief Executive Andy Parker announced his resignation on Thursday after the business support services group reported a bigger than expected drop in 2016 profit, capping a 12-month period in which its share price has plunged by 50 percent. Parker''s decision to step down later this year comes after rival Mitie ( MTO.L ) issued three profit warnings in four months and appointed a new CEO and CFO, having lost a quarter of its market value over the last year. Profitability has come under increasing scrutiny in recent years as rising employment costs and cuts to local council spending have placed operating margins under intense pressure, leaving the likes of Capita, Serco ( SRP.L ) and G4S ( GFS.L ) with little room to make mistakes or absorb any drop in demand. Serco CEO Rupert Soames, stung by the company''s loss of a fifth of its market value in a single day last month after it delivered an uninspiring outlook for the next two years, says that outsourcers now have to be more cautious about the work they take on. "(Some years ago) the ambition of companies collided with a government that is getting ... very, very, very tough on the terms and conditions," he said. "The result has been, for quite a few companies, including mine, a very ugly car crash." "I think the pendulum is swinging back and companies are now becoming more cautious about what they bid for." The tightening of government purse strings has already proved costly for Capita, which earns nearly all its revenue in the UK, with roughly half coming from the public sector. DRIVING A HARD BARGAIN Its exposure was highlighted by a contract to create a single system to provide training for multiple government departments and agencies. The 250 million pound ($306 million) contract was awarded in 2012 but was not renewed in 2015, instead being split into four components. Barclays estimates that the 60 million pounds in revenue from the contract in 2015 dropped to 40 million pounds last year and will virtually disappear this year. IT and telecoms giant BT ( BT.L ) has also been hit, saying in January that it expects underlying fourth-quarter core earnings at its Business and Public Sector division to fall by a double-digit percentage year on year. A source at the company said the government was driving a hard bargain, drawing up standard contracts that no longer provided the bigger margins that could be earned from long-term bespoke contracts. "Where you have a business where those types of contracts come to an end, that can be quite a challenging transition to make, and that''s what we are working through," the source said. Asked if BT would now avoid low-margin work, the source replied: "Correct." Britain began outsourcing public services in the late 1980s under Margaret Thatcher''s government and enjoyed a boom period during Tony Blair''s time as Prime Minister at the turn of the century, with companies winning long-term contracts worth hundreds of million of pounds. Private companies now handle everything from parking permits to immigration control and maintenance of nuclear warheads. But as the sector has matured and technology developed, clients have moved to shorter, standard contracts offering lower margins. Complexity has also been reduced with the advance of automation and the standardisation of many IT services, while constraints on government budgets and Britain''s vote to leave the European Union have added to the pressure. DIFFICULT RELATIONSHIP John Keppel of ISG, which tracks the global outsourcing market, said that shorter-term contracts effectively force companies to submit more competitive pricing bids because the increased frequency of tenders require that they take into account the latest advances in technology. "There''s far more pace in the change in technology, so no one is willing to jump into a relationship that lasts longer than the immediate horizon. So now it takes six months to agree the terms to something that is going to be over in 18." A spokeswoman for the Cabinet Office, which helps to coordinate government departments, said it was committed to ensuring support for small businesses and growth and innovation through its public procurement. Keppel said there are enough smaller firms to pick up the work, but the big players are having to rethink their approach after the government sought not only to cut costs but also to keep greater control of services after the outsourcing sector was the subject of a string of scandals in 2012 and 2013. G4S, which operates in more than 100 countries and employs more than 600,000 people, has been heavily criticised for mishandling sensitive work, including its failure to provide enough security guards for the 2012 London Olympics. Together with Serco, G4S was also investigated by the Serious Fraud Office after it charged the government for putting monitoring tags on criminals who were either dead or in prison. G4S says it has "materially strengthened controls over the approval of major contracts" since then and has increased sales outside of Britain. Serco boss Soames said that others could do the same, with the United States and Australia proving attractive. "We''re not deliberately going to try to tilt our revenues away from any jurisdiction," he said. "But what we do believe is in being present in several jurisdiction so that when the political winds change, we always have a safe harbour." (Additional reporting by Paul Sandle; Editing by David Goodman) Next In Business News Uber loses court battle which could cost it London drivers LONDON Taxi app Uber [UBER.UL] lost a court battle on Friday to stop a London regulator from imposing strict new English reading and writing standards on private hire drivers, the latest setback for the firm which could mean the loss of thousands of workers.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-outsourcing-idUKKBN16A22I'|'2017-03-04T00:13:00.000+02:00'
'5923ff7fcbf3fbca6f20b9972b1a2759ae3819b4'|'Mexico to launch two annual oil auctions beginning in 2018'|'Company News - Thu Mar 2, 2017 - 5:49pm EST Mexico to launch two annual oil auctions beginning in 2018 MEXICO CITY, March 2 Mexico''s oil regulator will organize two annual oil auctions beginning in 2018, officials said Thursday, in a bid to further boost the number of private and foreign producers operating in the country. Part of an ongoing overhaul of Mexico''s energy sector, the post-2018 auctions will follow three previously announced ones set for later this year, covering two shallow water tenders and a separate onshore tender. Last month, a senior energy official told Reuters a fourth auction will include deep water fields. The deep water auction is set for December and will now also feature so-called unconventional onshore shale fields, Aldo Flores, deputy energy minister for hydrocarbons, told reporters on Thursday as the ministry announced its five-year development plan for the sector. The inclusion of shale fields in the auction, most likely near Mexico''s northern border with the United States, will mark a first for Mexico, where development of its own shale basins badly lags booming U.S. fields next door. Officials did not specify the locations of future fields up for grabs in the new five-year plan or the type of contract it plans to offer. The twice yearly oil auctions beginning in 2018 will feature one during the first half of the year including shallow water and onshore conventional fields, and another in the second half including deep water and shale fields, said Flores, who also sits on the board of state-owned oil company Pemex. A four-year-old landmark energy overhaul ended the decades-long exploration and production monopoly enjoyed by Pemex while also allowing private and foreign oil companies to operate fields on their own for the first time. The National Hydrocarbons Commission, the sector regulator known locally as the CNH, oversaw four inaugural oil auctions last year in which nearly 40 contracts were bid out and won by nearly 50 companies. (Reporting by Ana Isabel Martinez; Writing by David Alire Garcia; Editing by David Gregorio) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mexico-energy-idUSL2N1GF24D'|'2017-03-03T05:49:00.000+02:00'
'0e23a8a64a9b1981ccbfbf008fbcb0efa54d8d6e'|'BRIEF-Ligand Pharmaceuticals says retrophin announced update on regulatory pathway for late-stage product candidate sparsentan'|' 14am EST BRIEF-Ligand Pharmaceuticals says retrophin announced update on regulatory pathway for late-stage product candidate sparsentan March 3 Ligand Pharmaceuticals Inc * Ligand Pharmaceuticals says on March 1 retrophin announced update on regulatory pathway for late-stage product candidate sparsentan - sec filing * Ligand Pharmaceuticals Inc says update includes plans to initiate a phase 3 clinical trial in second half of 2017 - SEC filing   ( bit.ly/2mTqDXs ) Further  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-ligand-pharmaceuticals-says-retrop-idUSFWN1GG0PO'|'2017-03-03T21:14:00.000+02:00'
'00b8fdeec2d2152379d4db7cd7e7119ec45f48ee'|'Wells Fargo says no 2016 cash bonuses for eight senior executives'|'Wells Fargo & Co said eight senior executives, including Chief Executive Tim Sloan and Chief Financial Officer John Shrewsberry, will not receive cash bonuses for 2016, as the bank looks to increase accountability following a sales scandal.The three-year equity awards made in 2014 will also be reduced by up to 50 percent for the executives, the lender said on Wednesday.Wells Fargo said the board had taken these actions based on the accountability of all those in senior management and not on any findings of improper behavior in its ongoing independent investigation of the sales scandal.Since the scandal and paying a $185 million fine, the third-largest U.S. bank by deposits has been trying to show it is holding the management accountable.The scandal led to the departure of former Chairman and Chief Executive Officer John Stumpf last October, who along with another executive forfeited tens of millions of dollars in compensation.The Wall Street Journal said last month that Wells Fargo''s board was likely to eliminate 2016 bonuses for the bank''s top executives, citing people familiar with the matter.(Reporting by Sweta Singh in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-wellsfargo-compensation-idUSKBN1684OT'|'2017-03-01T17:29:00.000+02:00'
'10374cfed63b6396c16a96451751520601ab8d24'|'RPT-Snap to price long-awaited IPO on Wednesday amid signs of brisk demand'|'(Repeats with no changes)By Lauren HirschMarch 1 Snap Inc, owner of popular messaging app Snapchat, will price its initial public offering after the U.S. stock market closes on Wednesday in the most eagerly awaited technology IPO since Chinese e-commerce giant Alibaba went public in 2014.The pricing will be the first test of investor appetite for a social-media app beloved by teenagers and 20-somethings but which has yet to turn a profit. The company''s losses widened last year, and it is experiencing decelerating user growth in the face of intense competition from larger rivals such as Facebook.Despite the challenges in converting "cool" into cash, Snap is targeting a valuation of between $19.5 billion and $22.3 billion from listing on the New York Stock Exchange on Thursday, the richest valuation in a U.S. tech IPO since Facebook in 2012.Snap is looking to price 200 million shares on Wednesday night at a range of $14 to $16 dollars a share.The sale, which aims to raise around $3 billion, has the advantage of favorable timing. The market for technology IPOs hit the brakes in 2016, the slowest year for such launches since 2008, and investors are keen for fresh opportunities.A successful launch could encourage debuts by other unicorns, the moniker given to tech start-ups with private valuations of $1 billion or more.Early indications for selling shareholders and the company have been positive. The IPO book is said to be over-subscribed with orders coming in at the high end of the range or higher. At least one new investor indicated it was willing to buy a large chunk of the IPO and not sell it for a year, a rare commitment to make.The company cut its price range last month from an original target of between $19.5 billion and $22.3 billion after investor concern over its unproven business model. It had been valued at up to $20 billion in nine separate private funding rounds over the past five years.HAVE FAITH IN SPIEGELAlthough Los Angeles-based Snap is going public at a much earlier stage in its development than social media giants Twitter Inc or Facebook Inc, the five-year-old company is valuing itself at roughly 49 times revenues at the top of its suggested range, nearly double the 27 times revenue Facebook fetched when it went public in 2012.To justify its suggested valuation and fend off concerns about slowing user growth, Snap has highlighted how much time its users spend on the app and the revenue potential of the emerging trend for young people to communicate with video rather than text.The company has been vague on its specific plans to lead and monetize image-driven conversations, but it has suggested investors have faith in the vision of its co-founder Evan Spiegel, whom it introduced in its investor roadshow as a "once in a generation founder."The 26-year-old will walk away with a roughly 17 percent stake valued at as much as $3.8 billion.Spiegel and co-founder Bobby Murphy will each be selling 16 million shares in the IPO that could earn them $256 million apiece. Spiegel will also receive a bonus equivalent to 3 percent of its market capitalization or up to $669 million.Dozens of other Snap investors could become overnight millionaires.Spiegel and Murphy will maintain tight control over Snap''s stock through a unique three-share class structure. The structure will give Spiegel and Murphy the right of 10 votes for every share. Existing investors will have one vote for each of their shares, while new investors will have no voting rights. (Editing by Carmel Crimmins and Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/snap-ipo-idINL2N1GD21V'|'2017-03-01T09:00:00.000+02:00'
'76661942429e0787630f9209c5f1e230786688ea'|'Czech firms plot successions as post-communist founders retire'|'Company   10:06am EST Czech firms plot successions as post-communist founders retire * First wave of post-communist entrepreneurs near retirement * Company succession management a growing business * Securing firms'' future often matters as much as price * Some owners prefer to invest wealth in their own firms By Jan Lopatka OLBRAMOVICE, Czech Republic, March 1 Vladimir Jehlicka and his business partners spent 25 years building up their Czech machinery firm before deciding to call it a day. However, they faced a problem that is growing as the first generation of post-communist entrepreneurs nears retirement. Their children weren''t interested in running the shop but equally Jehlicka and his three partners didn''t want to sell their life''s work simply to the highest bidder: securing a future for the firm was as important as the sale price. In the end they found a suitable buyer for STS Olbramovice, which employs 90 people making cattle feeders and other farm machinery. The sale went through in January, part of a business that is long-established in western Europe but new and rapidly expanding in former communist countries such as the Czech Republic: managing ownership succession at family firms. "We decided to sell after a long hesitation," 63-year-old Jehlicka said. "Our children''s focus is very varied, there was no interest to take over running the firm." "Our main criterion for picking a future owner was a pledge to maintain production and jobs," he told Reuters. Four decades of communism largely eliminated legal private enterprise in the country and its neighbours such as Hungary, Slovakia and Poland. But after 1989, managers or employees often clubbed together to buy frequently decrepit state enterprises, while other entrepreneurs started businesses from scratch. A quarter century later, many of these owners now need to hand over what have become valuable firms. Some find successors in the family; most look for other options including management buy-ins or a sale, creating an opportunity for investors. Sales of family firms are in vogue. Consultants KPMG said they accounted for 30-40 percent of the Czech transactions it took part in over the last two years in the 20 million-60 million euro range. The country''s small bourse and cheap acquisition financing mean direct sales are preferred to stock market floats. The trend is likely to accelerate in Slovakia as well. "This is a transition from the first founder generation to the second. In several firms it is already happening, in most it will happen in the upcoming period," said Mario Fondati, a Bratislava-based partner at Amrop consultancy. A GOOD MATCH Jehlicka''s firm, based in the village of Olbramovice about 50 km (30 miles) south of Prague, has annual sales of 5 million euros ($5.3 million) and EBITDA operating profits nearing half a million euros. In SkyLimit Industry it believes it has found a buyer that is a good match. SkyLimit is a new Czech investment fund that targets machinery-making firms facing generational change, with up to 500 million crowns ($20 million) in annual sales. It took on another fund, RSJ Investments SICAV, as a junior partner in buying STS Olbramovice. SkyLimit says it wants to keep its holdings for the long term, acting more like a strategic investor, and help company managements in making major decisions. STS was its first transaction - it says only that the price was in the single millions of euros - and plans about two to three purchases a year to build a group of manufacturing firms. The fund''s board member Michal Bakajsa told Reuters that smaller industrial companies in the sector can be found at lower multiples of their operating earnings than bigger firms. It aims to assure sellers of their businesses'' future and make sure there are managers who will stay on under the new ownership. "Many companies reject classic financial investors, they fear what would happen with them. Many are in smaller towns, the people know each other, the owners employ people for many years, they are often friends," Bakajsa said. "We look at companies that have in some way an independently functioning management, where the company does not stand and fall with the owner." Petr Kriz, head of mergers and acquisitions at consultancy EY in Prague, said there were 310 M&A transactions in the Czech market last year, up from 185 in 2015. A few dozen were related to succession, with the market in general lifted by a surplus of liquid capital. A survey by the Czech Association of Small and Medium-Sized Enterprises among 400 family-type companies last year showed 60 percent would consider a sale if an attractive offer comes. A fund run by Genesis Capital bought 75 percent last year in Quinta-Analytica, a firm supplying analysis and clinical studies for drug makers. Genesis bought the stake from three out of five owners who wanted to exit after 20 years in the business. "(Generation shift) is an important and large share of deal origination for us," said Genesis Capital''s managing partner Jan Tauber. "What we can offer is creating structures allowing owners to depart gradually." Last year Genesis sold AZ Klima, an air conditioning and cooling systems supplier, along with the firm''s founder Jiri Cizek who still held a 30 percent stake. AZ Klima''s purchase by Czech energy firm CEZ completed a five-year ownership transition: from Cizek and his partner, who together built up the firm in the early 1990s, through the financial investor Genesis to the strategic buyer CEZ. MONEY PRINTING CONTEST Some entrepreneurs are reluctant to invest their wealth outside the companies they founded at a time when the loose monetary policies of the U.S. Federal Reserve, European Central Bank and Czech National Bank make good returns hard to achieve. Zbynek Frolik, 63, founded Linet in 1990 and now employs 900 people making hospital beds for customers in over 100 countries. He has handed over daily business to an executive director and is considering what to do next, but is not selling his 33 percent stake for now. One reason is that the best way he knows to manage his money is to invest it back into his own business. In his experience, putting it elsewhere doesn''t work. "You''d have to be solving the problem of what to do with money at a time when the Czech National Bank, the ECB and the Fed are all printing money like it was a contest, and everyone is looking where to invest," he said. Still others are looking at a philanthropic exit, such as Dalibor Dedek, 59, who founded the Jablotron group in 1990. He sold a 40 percent stake in the firm, which employs 600 making house alarms and other electronics, to its executive manager Miroslav Jarolim last year. Dedek plans to hand the rest to a charitable body and not his children. "I want my share to be put into some foundation or an institution that will not die with me," he told Reuters. "I did not build the firm for the family. I do not want to punish my children by forcing them to deal with money problems." ($1 = 25.5340 Czech crowns) ($1 = 0.9491 euros) (Additional reporting by Tatiana Jancarikova; editing by David Stamp) Next In Company News GM, Ford beat February sales expectations; industry sales seen down DETROIT, March 1 February U.S. auto sales, an early-month indicator of consumer spending, fell slightly but remained strong as pickup trucks and SUVs continued a robust showing based on the first three automakers that reported on Wednesday.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/czech-generation-change-idUSL8N1G74B8'|'2017-03-01T22:06:00.000+02:00'
'e3ef7ad822e91fe5537b32f75d94f0d455dbe67d'|'GLOBAL MARKETS-Dollar, Treasury yields jump on Fed jolt as Trump speech looms'|'Company News - Tue Feb 28, 2017 - 8:38pm EST GLOBAL MARKETS-Dollar, Treasury yields jump on Fed jolt as Trump speech looms * Asia ex-Japan stocks down 0.3 pct; Nikkei up on weaker yen * 2-yr Treasury yields at 2017 high on March hike expectation * China, Japan Feb manufacturing activity beat expectations * Oil mixed as fears of higher U.S. supply tussle with OPEC cuts By Nichola Saminather SINGAPORE, March 1 The dollar and Treasury yields jumped on Wednesday after Federal Reserve officials jolted traders by suggesting an interest rate rise may be imminent even as markets remained on tenterhooks ahead of a looming speech by U.S. President Donald Trump. Stock markets in Asia were also pulled lower on concerns Trump''s address to a joint session of Congress may lack the details investors are seeking, though those worries were partially offset by official data showing Chinese manufacturing sector expanded faster than expected in February. MSCI''s broadest index of Asia-Pacific shares outside Japan were down about 0.2 percent, while Chinese stocks were little changed. Japan''s Nikkei soared 1.2 percent, buoyed by a weaker yen and data showing manufacturing activity expanded in February at the fastest pace in almost three years. Australian shares were off 0.2 percent, paring losses as gross domestic product data confirmed the economy returned to growth in the fourth quarter. U.S. 2-year Treasury yields jumped to 1.3039, their highest level since Dec. 15, after New York Fed President William Dudley, among the most influential U.S. central bankers, said overnight on CNN that the case for tightening monetary policy "has become a lot more compelling" since Trump''s election. John Williams, president of the San Francisco Fed, added to the hawkish message, saying he saw no need to delay a rate hike with the economy at full employment, inflation headed higher, and upside risks from potential tax cuts waiting in the wings. Williams doesn''t have a vote this year but remains influential among his colleagues. U.S. 10-year Treasury yields also climbed to 2.4239 on Wednesday. "Yesterday’s speeches from Fed (policymakers) reinforced market suspicions that a rate hike at the Fed’s March meeting is a live option," Ric Spooner, chief market analyst at CMC Markets, in Sydney, wrote in a note. Traders now see a better than 62 percent chance of a rate increase in March from the current level of 0.5 to 0.75 percent, a surge from 31 percent earlier, according to CME Group''s FedWatch tool. The sharp shift came despite disappointing U.S. fourth-quarter gross domestic product growth, as downward revisions to business and government investment offset robust consumer spending. With a March rate hike now appearing more likely despite the slowdown, markets are focusing on Trump''s address to a joint session of Congress on Tuesday evening in the United States, watching for details on his fiscal stimulus, tax cuts and deregulation plans. Trump''s speech is slated to begin at 0200 GMT. "The key still remains Donald Trump’s planned policies... The market has so far remained patient with little actual details of these policies revealed," James Woods, global investment analyst at Rivkin in Sydney, wrote in a note. "In the near-term the biggest threat to new all-time highs for equity markets is failure to provide further details on these policies." Nervousness about what details, if any, will be forthcoming have weighed on U.S. markets, with Wall Street posting losses on Tuesday. The Dow Jones Industrial Average snapped a 12-day winning streak to close down 0.1 percent, while the S&P 500 ended down 0.26 percent and the Nasdaq dropped 0.6 percent. The dollar index, which tracks the greenback against a basket of trade-weighted peers, jumped 0.4 percent to 101.55 on Wednesday. The dollar also advanced 0.5 percent on the yen to 113.325 yen. The Australian dollar briefly reversed earlier losses but fell back down to trade fractionally lower at $0.7653 after data showed gross domestic product beat expectations to grow 2.4 percent from a year earlier. In Asia, markets are still awaiting data on manufacturing activity for February in Indonesia and India. Data releases later in the session include German unemployment for February, and U.S. personal consumption expenditure, inflation and manufacturing activity. In commodities, oil prices were mixed as markets tussled between concerns about rising U.S. crude inventories and optimism over supply cuts by the Organization of Petroleum Exporting Countries. U.S. crude inched down to $54.00 a barrel. Global benchmark Brent, however, jumped 1.6 percent to $56.58. The stronger dollar weighed on gold, which slid 0.5 percent to 1,242.60 an ounce, extending Tuesday''s 0.3 percent decline. (Reporting by Nichola Saminather; Editing by Shri Navaratnam) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-markets-idUSL3N1GE03A'|'2017-03-01T08:38:00.000+02:00'
'8be104989897a9874cdf2240d396c0165c1df0ac'|'Britain''s Mitie agrees sale of healthcare business for 2 pounds'|'March 1 Britain''s Mitie has agreed to sell its loss-making home healthcare business to specialist healthcare investor Apposite Capital for 2 pounds and will take a larger charge in full-year results to writedown the value of the business, it said on Wednesday.The company, which in November announced its decision to withdraw from the low-margin home healthcare services market, said its total writedown on the business including operating losses would be 36.8 million pounds ($45.5 million) in the current year, on top of the 115.3 million pounds noted in the first half.Mitie, a provider of pest control to property cleaning, security and healthcare services, has experienced a difficult past year and issued three profit warnings in four months on Brexit-related uncertainty and announced an overhaul of its management structure. ($1 = 0.8094 pounds) (Reporting by Esha Vaish in Bengaluru; Editing by David Goodman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mitie-group-disposal-idINL3N1GE30J'|'2017-03-01T04:38:00.000+02:00'
'febfa76bb8fc516753a52873b43ff62a53f4cbc8'|'Freight and fridge sales: Indian economists seek GDP clues amid data doubts'|'Business  27am EST Freight and fridge sales: Indian economists seek GDP clues amid data doubts left right A worker pours molten iron from a ladle to make lamp posts inside an iron casting factory in Ahmedabad, India March 1, 2017. REUTERS/Amit Dave 1/2 left right A worker makes parts for lamp posts inside an iron casting factory in Ahmedabad, India March 1, 2017. REUTERS/Amit Dave 2/2 By Rajesh Kumar Singh - NEW DELHI NEW DELHI Surprised again by India''s strong official growth statistics, economists are relying increasingly on high-frequency indicators like bank credit and rail freight to gauge the real health of Asia''s third-largest economy. For India''s cash-reliant economy, Prime Minister Narendra Modi''s decision in November to outlaw old 500 and 1,000 rupee banknotes came as a big shock. The decision sucked 86 percent of cash out of circulation, and everyone from street hawkers to big consumer goods firms suffered a slump in sales. With data on commercial vehicle output, rail freight, service tax receipts and home appliance sales showing slowing growth or contraction, economic expansion in the quarter to December was forecast by economists at 6.4 percent. In fact, it came in at 7 percent, slower than the previous quarter but enough for India to retain the title of the world''s fastest growing major economy. "Forecasting India''s GDP has become like predicting the English weather," said one senior economist with an international ratings agency. "You never know when it will rain, when it will shine." The shock was bigger for economists at Mumbai-based brokerage Ambit Capital, who predicted the economy may even contract in the quarter after the cash crunch hobbled businesses. Ambit''s Ritika Mankar Mukherjee defended her team''s view, which she said was based on an extensive survey of small- and medium-sized enterprises. She also cited a slowdown in bank credit growth to a multi-year low of 5 percent. "India is a heavily bank credit-dependent economy," she said. "How come you have an acceleration in manufacturing activity when credit growth is slowing down?" Ambit is one of several brokerages to devise their own measures of economic activity, applying methods honed in China, where GDP figures are suspected to have been "smoothed" for years by the authorities. "The message from the GDP numbers doesn''t tally with what we see on the ground," said Sonal Varma, an economist with Nomura in Singapore. "It does become important to supplement your analysis with additional information." POLITICS OF DATA The official figures were music to the ears of Modi''s ruling Bharatiya Janata Party, as it fights a tough election in the battleground state of Uttar Pradesh. Modi had taken flak for his shock monetary therapy from opposition parties as well as Nobel laureates Amartya Sen and Paul Krugman. Buoyed by the growth figures, he hit back at Sen, who teaches economics at Harvard University. "Hard work is more important than Harvard," he told a campaign rally in Uttar Pradesh on Wednesday. The regional election in a state that is home to one in six Indians is a key mid-term test of Modi''s popularity. A strong showing would boost his chances of winning a second term in 2019. Sandeep Shastri, a political scientist, says the GDP figures will have little bearing on the election. "It is not a substantive issue for voters," he said. Official GDP data has been questioned since a change in methodology in 2015 transformed India into the world''s fastest-growing major economy. New Delhi defended the overhaul, citing an improved database of hundreds of thousands of firms. Data reporting has long been a challenge in an economy where the informal sector accounts for 40 percent of output and employs nine in 10 workers. The federal statistics office carries out periodic surveys of the gray economy, but it mostly extrapolates data from old surveys. And since India does not have reliable national retail sales data, statisticians use production figures to estimate consumer spending. Still, some economists are perplexed by figures showing growth in consumer spending hitting a four-year high, even as sales of beverages, home appliances and vehicles fell. Earnings of consumer goods giants such as Hindustan Unilever ( HLL.NS ) and drug makers like GlaxoSmithKline Consumer Healthcare ( GLSM.NS ) also took a hit. Some data also appear to be contradictory. For example, services dependent on government spending grew at a faster pace in the quarter, but overall government spending fell. "This does not add up," said Varma, the Nomura economist. (Additional reporting by Zeba Siddiqui in Mumbai; Editing by Douglas Busvine) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-india-economy-gdp-idUSKBN1684OJ'|'2017-03-01T21:24:00.000+02:00'
'21b6cafc68a8e970ff5194afd7160d2ba32bd5d3'|'Specialty chemical maker Elementis'' FY profit falls 22 percent'|'Wed Mar 1, 2017 - 4:33am EST Specialty chemical maker Elementis'' FY profit falls 22 percent By Arathy S Nair Specialty chemical maker Elementis Plc reported a more than 22 percent fall in full-year profit on Wednesday as currency impact weighed on its chromium business while low oil prices hurt its energy unit. However, Elementis expects a modest recovery in the energy business this year as crude prices stabilize and as oil companies put more rigs back to work, Chief Executive Paul Waterman said. The company, which makes additives used in oilfields, industrial coatings and cosmetics, said 2016 sales in the energy unit fell 16 percent on constant currencies, due to weak oil prices, although the second half saw some recovery in volumes. Crude prices have largely held above $50 per barrel since the world''s top oil exporters, both OPEC and non-OPEC, agreed to cut supplies in late November. "It feels like there is a bit of growth in 2017 (in the energy business)," Waterman told Reuters. The company, which is buying U.S.-based SummitReheis for an enterprise value of $360 million to expand its personal care chemicals business, said it expected the deal to close by mid-2017. Elementis said its adjusted profit before tax fell to $89.7 million in the year ended Dec. 31, from $115.2 million, a year earlier. The company''s stock was down 3.5 percent at 288.80 pence in morning trading. (Reporting by Arathy S Nair in Bengaluru; Editing by Amrutha Gayathri) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-elementis-results-idUSKBN1683UI'|'2017-03-01T16:31:00.000+02:00'
'31c756714affaf991438986b643925c8f6e9b01d'|'FCA proposes IPO research shake-up to level playing field'|' 44am GMT FCA proposes IPO research shake-up to level playing field The logo of the new Financial Conduct Authority (FCA) is seen at the agency''s headquarters in the Canary Wharf business district of London April 1, 2013. REUTERS/Chris Helgren LONDON Investors in planned stock market flotations will get independent research about the company sooner under proposals made by Britain''s Financial Conduct Authority on Wednesday. Under existing rules, the prospectus, which gives in-depth information about the company that plans to list, is only made available late in the initial public offering process. Analysts at banks who are not involved in the IPO also have little access to the information they need to produce research to rival that from banks "connected" to the float. "This is of particular concern given the conflicts of interest that arise during the production of connected research, including analysts coming under pressure to produce favourable research on an offering if their bank is to secure a place on the book-running syndicate," the FCA said in a statement. Under the proposed rules, the prospectus would be published before the "connected" research. Providers of independent research would also have access to the company''s management before connected research is published. "The proposals we have outlined in today''s consultation paper are designed to improve the range, and timeliness of higher quality information that is available to investors during the process," Christopher Woolard, the FCA''s executive director of strategy and competition, said in a statement. (Reporting by Huw Jones; Editing by Alexander Smith)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-ipo-regulations-idUKKBN1683P4'|'2017-03-01T15:44:00.000+02:00'
'5d010aa48a20067b0816cf1d503dc01be90ca605'|'US STOCKS-Futures flat as investors pause after record day on Wall St'|'Business  38am EST Futures flat as investors pause after record day on Wall Street Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 1, 2017. REUTERS/Brendan McDermid By Yashaswini Swamynathan U.S. stock index futures were little changed on Thursday as investors took a breather after sending Wall Street to its best day since the November presidential elections on renewed optimism about the economy. Wall Street''s main indexes rallied on Wednesday and the Dow Jones Industrial Average sailed past the 21,000 mark, boosted by President Donald Trump''s more measured tone in a speech to Congress and as bank stocks surged on increased possibility of an interest rate hike this month. An unusually large number of Federal Reserve officials have spoken this week, stoking the markets to price in higher chances of a rate hike when the central bank''s policy-setting body meets on March 14-15. Fed Chair Janet Yellen is set to speak on Friday. The dollar index .DXY was up on Thursday after gaining the most in nearly eight weeks, a day after the generally dovish Fed Board Governor Lael Brainard said rates could be raised "soon". The odds for a move this month jumped to 74 percent, according to Thomson Reuters data. Before the influential New York Fed president William Dudley spoke on Tuesday, the chances were roughly 30 percent. Oil could dampen spirits on Thursday, with prices down 0.8 percent following a report that showed U.S. crude oil stocks hit an all-time high. [O/R] Investors will also watch a report on jobless claims which likely edged down by 1,000 to 243,000 last week, pointing to continued strength in the labor market. The data is due at 8:30 a.m. ET (1330 GMT). The trading debut of Snap Inc, the owner of popular messaging app Snapchat, will also grab attention. Snap on Wednesday raised $3.4 billion in an initial public offering, giving the company a $24 billion valuation. Among stocks, JD.com ( JD.O ) rose 6 percent to $32.53 in premarket trading after the Chinese e-commerce company reported a 47 percent jump in fourth-quarter revenue. Monster Beverage ( MNST.O ) jumped 12.2 percent to $47.13 following a quarterly revenue that beat analysts'' average estimate. Kite Pharma ( KITE.O ) slipped 4.5 percent to $76 on Citigroup''s downgrade to "neutral" and the company''s planned offering. Futures snapshot at 6:55 a.m. ET: Dow e-minis 1YMc1 were up 5 points, or 0.02 percent, with 22,237 contracts changing hands. S&P 500 e-minis ESc1 were down 2.5 points, or 0.1 percent, with 122,836 contracts traded. Nasdaq 100 e-minis NQc1 were down 0.75 points, or 0.01 percent, on volume of 17,726 contracts. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Sriraj Kalluvila) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-stocks-idUSKBN1691LO'|'2017-03-02T19:33:00.000+02:00'
'4dc7ecd91d200b622ce656f09eaef4112dca7764'|'Irish tax revenues ahead of target in February'|'Business News - Thu Mar 2, 2017 - 4:42pm GMT Irish tax revenues ahead of target in February Irish Minister for Finance Michael Noonan arrives for the funeral service of Munster rugby coach Anthony Foley at St. Flannan''s Church in Killaloe, Ireland October 21, 2016. REUTERS/Clodagh Kilcoyne DUBLIN Ireland collected 0.6 percent more tax than expected in the first two months of the year, helping to lift its exchequer surplus to almost double the level of a year ago, the finance ministry said on Thursday. Ireland''s economy has been the best performing in the European Union for the past three years, swelling the tax take in the process even as the government gradually unwinds some of the tax increases introduced during the financial crisis. The finance ministry has forecast that tax revenues will grow by 5.2 percent for 2017 and that Ireland''s budget deficit will fall to 0.4 percent of gross domestic product as it moves towards its first balanced budget in a decade. Ireland collected 4.1 percent more tax in the first two months of the year than it did in the same period last year, driven by higher than expected value-added tax receipts, the ministry said. The exchequer recorded a 587 million-euro surplus to the end of February, representing a 277 million-euro improvement on the year, which the finance ministry said was primarily due to the increased tax take. (Reporting by Conor Humphries Editing by Jeremy Gaunt) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ireland-economy-budget-idUKKBN1692D9'|'2017-03-02T23:42:00.000+02:00'
'aac963ee9abeb84438f9e357105350c5b040fbbb'|'Snapchat said to be valued at nearly $24 billion - Mar. 1, 2017'|'Pondering Snap''s IPO over laser tag and paintball Even concerns about Snapchat''s slowing user growth aren''t stopping investors from clamoring for its stock. Snap, the parent company of Snapchat, priced its initial public offering at $17 a share on Wednesday, according to multiple reports . It had previously proposed a range of $14 to $16 a share. At that price, Snap would have a market value of nearly $24 billion, making it the largest U.S. tech IPO since Facebook ( FB , Tech30 ) . Reps for Snap did not immediately respond to a request for comment. "The demand for the Snap IPO has been very, very strong," says Jeff Zell, an analyst with IPO Boutique, a research firm. "Even the original naysayers and detractors from the deal have pretty much softened their negativity." Snap is scheduled to begin trading on the New York Stock Exchange on Thursday. Related: Snapchat''s $4 billion man The young company saw user growth slow to a halt in the final months of last year, according to its original IPO filing last month. The slowdown coincided with Facebook''s Instagram launching a Snapchat copycat feature. Snap''s sales are growing at a fast pace, rising to more than $400 million in 2016 from just $58.7 million in 2015. Most analysts expect Snap to report around $1 billion in sales this year. But Snap continues to struggle to make money -- and it signaled a profit may not be coming soon. The company suffered losses of $515 million in 2016, up from a loss of $373 million the year before. Some of the IPO demand can be chalked up to Snapchat being a well-known consumer brand -- and one of the only billion-dollar tech startups going public. "It''s going to be bringing a different type of investor to the table," Zell says. "Everyone has heard of it." The company will take in more than $3 billion from the public offering. Those funds will give Snap greater ability to compete for talent and acquisitions against larger Internet companies like Facebook. "We may also use a portion of the net proceeds to acquire complementary businesses, products, services, or technologies," Snap said in its filing. "However, we are not contemplating any material acquisitions at this time." Related: Snapchat''s IPO has a Twitter problem The Snapchat app launched in 2011 and set itself apart from other messaging services with a focus on disappearing messages. It initially developed a reputation as a service for sending salacious pictures, but has since moved far beyond that. Snapchat''s success has forced larger tech services like Facebook, Twitter ( TWTR , Tech30 ) and Instagram to clone its features, with mixed success. Facebook famously tried to acquire the company for $3 billion in 2013. The sum sounded outlandish at the time -- now, not so much. CNNMoney (New York) First published March 1, 2017: 5:00 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_technology.rss'|'http://money.cnn.com/2017/03/01/technology/snap-ipo-final-pricing/index.html'|'2017-03-02T00:00:00.000+02:00'
'4dd0f689b92a2b0fb5630880ef46bb5f30f91fdc'|'Fed and ECB go their separate ways'|'Business   1:18pm GMT Fed and ECB go their separate ways left right FILE PHOTO:President of the European Central Bank Mario Draghi and U.S. Federal Reserve chair Janet Yellen speak before the G20 finance ministers and central bankers family portrait during the IMF/World Bank 2014 Spring Meeting in Washington April 11, 2014. REUTERS/Joshua Roberts/File Photo 1/4 left right FILE PHOTO:U.S. Federal Reserve Chair Janet Yellen (R) speaks with European Central Bank President Marlo Draghi at the Jackson Hole Economic Policy Symposium in Jackson Hole, Wyoming August 22, 2014. REUTERS/David Stubbs/File Photo 2/4 left right The United States Federal Reserve Board building is shown in Washington October 28, 2014. REUTERS/Gary Cameron 3/4 left right FILE PHOTO:European Central Bank (ECB) President Mario Draghi testifies before the European Parliament''s Economic and Monetary Affairs Committee in Brussels, Belgium February 6, 2017. REUTERS/Yves Herman/File Photo 4/4 By Balazs Koranyi - FRANKFURT FRANKFURT Two of the world''s biggest central banks are likely to find themselves with a bigger policy gap by the end of the coming fortnight The European Central Bank on Thursday will resist calls to start tightening policy against surging inflation but robust U.S. jobs data on Friday could seal the case for another Federal Reserve hike the week after. So, let''s say minus 0.4 percent rates in Europe and more than 0.75 percent in Washington. With just weeks to go before contentious French and Dutch elections, the ECB will be keen not to rock the boat, so it is likely to give just a token nod to robust growth figures, steering clear of any policy hint that may give emerging populist movements ammunition. A Reuters poll showed unanimity for no change. [ECB/INT] But the balancing act may be more difficult than it looks. With growth on its best run since before the financial crisis and inflation peeking just above the ECB''s target, calls are mounting, particularly in Germany, for the bank to scale back its 2.3 trillion euro ($2.42 trillion) bond buying scheme and raise its negative interest rates. Doves hold a comfortable majority among the policymakers, however, so any shift will come at the margins. In practice that could mean increased inflation forecasts, letting an ultra-cheap lending scheme to banks expire as scheduled, and dropping a reference to the risk that growth may disappoint. Still, ECB President Mario Draghi will probably avoid any discussion about winding down asset buys, even pushing back on calls by some rate setters to tweak the ECB''s guidance, giving up its reference to further rate cuts, a possibility markets have already priced out. "If the French presidential election also passes without turbulence, and growth and inflation data remain solid, the ECB might turn more hawkish in its meeting on June 8," Reinhard Cluse, economist at investment bank UBS, said. "This would then leave the meeting on July 20 for preparing the markets for the tapering (off asset-buying) on September 7." For now though, Draghi will stick to his line that the inflation surge is temporary, growth is fragile and political risks clouds the outlook, requiring stimulus, a Reuters poll of analysts showed. Having tightened policy in 2011 just months before the euro zone debt crisis started spiraling out of control, the ECB will be desperate not to move too early, even if it risks being called out by some for moving too late. U.S. JOBS The Fed, meanwhile, must deal with what Draghi dubbed a high-class problem: solid growth, full employment and returning inflation. Non-farm payrolls, due on Friday, are expected to show an increase of 186,000 jobs, probably enough to push the Fed to move. Unemployment benefits already fell to near a 44-year low late last month, indicating further tightening of the labor market. Indeed, markets FEDWATCH have now almost fully priced in a hike in March, the third since rates bottomed out at the height of the crisis, and two more increases could still come before the end of the year. Robust jobs growth threatens to overheat the labor market, just as inflation is heading higher, with the Fed''s preferred measure now in the upper end of the range central bank officials in December estimated would be reached this year. Manufacturing growth is also firming, offsetting relatively weak consumer demand, good enough for even the most dovish Fed officials to argue for a hike sooner rather than later. Soothing global growth fears, meanwhile, China is expected to report another set of strong figures for both exports and imports, indicating that even if overall growth is slowing and debt is rising fast, the slowdown remains under control, mitigating the risk for emerging market economies. Indeed, China''s factory activity expanded faster than expected in February, firming arguments for the central bank to raise short-term interest rates by a another 10 basis points as soon as March. Data due on Wednesday are expected to show Chinese exports up by 10 percent in February while imports could have risen by 20 percent, a boon for countries like Australia, which supply China with raw materials. Indeed, the Reserve Bank of Australia may signal on Tuesday that policy easing is done, given the economy''s convincing rebound last quarter, rising commodity exports and a robust increase in household debt levels. (Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-economy-idUKKBN16A1GE'|'2017-03-03T20:06:00.000+02:00'
'5bb240ced25a40b16405fcc0a4a23ad47e78563c'|'Investors pour $7 bln into U.S.-based stock funds during week -Lipper'|'Money  23pm EST Investors pour $7 billion into U.S.-based stock funds during week: Lipper NEW YORK Investors poured $7.3 billion into U.S.-based stock funds during the week that ended March 1, Lipper data showed on Thursday, marking their 5th straight week of inflows. U.S.-based taxable bond funds attracted $2.8 billion during the week, the data showed. (Reporting by Trevor Hunnicutt)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-investment-mutualfunds-lipper-idUSKBN1692ZA'|'2017-03-03T05:22:00.000+02:00'
'724041b5d0f00e3811540f84ecd6518527e17a46'|'Four more sign up as clearing members of LME''s precious contracts'|' 10am GMT Four more sign up as clearing members of LME''s precious contracts A Commerzbank logo is pictured before the bank''s annual news conference in Frankfurt, Germany, February 9, 2017. REUTERS/Ralph Orlowski By Jan Harvey - LONDON LONDON Four more financial firms, including Bank of China, have agreed to participate as clearing members in the London Metal Exchange''s new suite of precious metals contracts when they launch on June 5, the LME said on Thursday. Bank of China International ( 601988.SS ), Commerzbank ( CBKG.DE ), Marex Financial and Macquarie Bank have all agreed to take part in the LMEprecious suite of gold products, including spot, futures and options contracts, that the LME announced in August. The LME ( 0388.HK ) is already partnering LMEprecious with the World Gold Council, proprietary trader OSTC, and five banks - ICBC Standard Bank ( 601398.SS ), Morgan Stanley ( MS.N ), Natixis ( CNAT.PA ), Goldman Sachs ( GS.N ) and Societe Generale ( SOGN.PA ). The exchange has a 50:50 revenue sharing agreement with EOS Precious Metals formed by these partners. The new clearing members are not a part of EOS. All eight banks, plus Marex, will act as clearing members when the contracts launch in June. "The presence of strong, large Chinese financial institutions is hugely important as part of the LMEPrecious business case," the LME''s interim Chief Executive Matthew Chamberlain said. "We''ve always said this is about strengthening London as the global precious metals centre, it''s about working sympathetically with the over-the-counter market, and we''re really pleased to see those names." The LME said it is in advanced talks with other potential clearing members ahead of the launch. Each clearing member will have to provide a minimum of $1 million to the LMEprecious default fund. "The fact that people are willing to meet that additional default fund contribution further (validates) the potential of LMEPrecious," Chamberlain said. The exchange also outlined fees which will be reviewed annually along with other contracts, but for LMEprecious the first review will not be until December 2018. For contracts ranging from spot to monthly delivery on the LMESelect platform, the LME will charge a transaction fee of between 40 and 50 U.S. cents to members trading and clearing in-house business, depending on the term of the contract. Clients of members will be charged a maximum of 90 U.S. cents. There is a 25 percent discount on fees for business conducted over the telephone, the LME said, adding there were reductions for tom/next -- buying tomorrow and selling the day after. LMEPrecious joins a raft of new products in the gold market, with InterContinental Exchange (ICE), which runs the LBMA Gold Price benchmark, and CPM Group also launching new contracts this year. (Additional reporting by Pratima Desai; Editing by )   South Korea''s Lotte Duty Free says China cyber attacks crashed website SEOUL A cyber attack from China has crashed the website of Lotte Duty Free, a company official said on Thursday, at a time when South Korean firms are reporting difficulties in China following the deployment of a U.S. missile defence system on their home soil.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-gold-lmeprecious-members-idUKKBN1690YH'|'2017-03-02T16:10:00.000+02:00'
'2cf8afcc4bb75099708cafa9509fa62103e5065d'|'Philip Green-backed MySale sees earnings rise'|'Business  56am GMT Philip Green-backed MySale sees earnings rise British billionaire and CEO of the Arcadia Group Philip Green smiles as he attends the opening ceremony of a Topshop flagship store in Hong Kong June 6, 2013. REUTERS/Bobby Yip/File Photo LONDON A day after paying out $449 million to plug a pension hole in a failed retailer, billionaire Philip Green was given a little financial relief as MySale ( MYSL.L ), the online "flash" sales group he backs, reported a jump in first-half core earnings. The Topshop owner''s family owns a 22 percent stake in the Australia-based MySale, while Mike Ashley''s Sports Direct ( SPD.L ) holds 4.8 percent, according to Reuters data. The company, which holds flash sales of fashion, cosmetics and homewares at discounted prices, said on Wednesday it made underlying earnings before interest, tax, depreciation and amortisation (EBITDA) of A$3.0 million pounds in the six months to Dec. 31, up from A$1.8 million pounds in the same period of 2015. Online revenue increased 19 percent to A$127.1 million as the firm''s active customer base also increased 19 percent to 870,000. "The growth of our underlying EBITDA for four consecutive half year periods endorses our strategic plan and we remain confident in the full year''s prospects," said Chief Executive Carl Jackson. MySale listed on London''s junior Alternative Investment Market (AIM) in June 2014 at 226 pence but issued a profit warning the same year. Over the last year the stock has risen 173 percent. It was unmoved on Wednesday at 120.1 pence, valuing the business at 183 million pounds ($226.39 million). On Tuesday Green said he hoped his settlement with Britain''s pensions regulator would "close this sorry chapter" for pensioners of collapsed department store chain BHS. ($1 = 0.8083 pounds) (Reporting by James Davey; editing by Kate Holton) Next In Business News UK house prices accelerate, 2017 still seen sluggish - Nationwide LONDON British house price rose more quickly than expected in February, recovering from the weakest month for more than a year in January but concerns about Brexit are likely to weigh on the market in 2017, mortgage lender Nationwide said on Wednesday.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-mysale-group-results-philip-green-idUKKBN1683PV'|'2017-03-01T15:56:00.000+02:00'
'6cc12da30d07a35342c1e96d2162b4b2a1062e84'|'US STOCKS-S&P 500 futures ahead; Trump promises tax relief, infrastructure boost'|'* Trump covers host of campaign issues* Priceline gains following results* Indexes down: Dow 0.2 pct, S&P 0.3 pct, Nasdaq 0.7 pct (Updates close with details of Trump''s address to Congress, futures up slightly)By Caroline ValetkevitchFeb 28 U.S. stock futures were ahead late on Tuesday, indicating a higher open on Wednesday, after President Donald Trump''s first address to Congress, which gave few specifics but confirmed his commitment to lowering tax and boosting infrastructure.S&P 500 e-mini futures rose 0.3 percent ahead of the speech and held most of those gains, last up 0.26 percent.In his speech, Trump said he wanted to boost the U.S. economy with tax relief, an overhaul of the Affordable Care Act and a $1 trillion infrastructure effort, though he also said he was open to a broad overhaul of the U.S. immigration system.Strategists said the comments offered little in the way of new details for investors, but said some may be relieved that it did not bring any negative surprises and at least underscored his pro-growth stance."From an investor''s perspective there was no new information, no surprises good or bad," said Steve Massocca, senior vice president at Wedbush Securities in San Francisco. "But he burnished his image, so there''s a positive there. He''s a pro-business president, so that''s a good thing."The gains marked a reversal from the day''s regular session, where stocks ended down and the Dow snapped a 12-day streak of record closes.Stocks have risen sharply in the wake of the Nov. 8 election, bolstered by Trump''s promises of tax reform, infrastructure spending and reduced regulations. The S&P is up about 10.5 percent since the Nov. 8 election.Earlier, the Dow Jones Industrial Average fell 25.2 points, or 0.12 percent, to end at 20,812.24, while the S&P 500 lost 6.11 points, or 0.26 percent, to end at 2,363.64 and the Nasdaq Composite dropped 36.46 points, or 0.62 percent, to 5,825.44.A disappointing outlook from Target dragged down retailers during the session.Target slumped 12.2 percent in its biggest one-day percentage drop since 2008 after the retailer''s full-year profit forecast missed estimates and the company said it would take a $1 billion hit to its operating profit.The S&P retail index was down 0.8 percent and the discretionary index was down 0.7 percent, the biggest drag on the S&P 500.Also weighing on sentiment was data that showed U.S. economic growth slowed in the fourth quarter.All three major indexes posted gains for the month of February, however, with the S&P 500 up 3.7 percent, the Dow up 4.8 percent and the Nasdaq up 3.8 percent.Among other stocks, Charles Schwab fell 3.2 percent after the company said it would cut its ETF trade and online equity fees, following similar cuts by Fidelity Investments. TD Ameritrade dropped 10.4 percent.Priceline rose 5.6 percent following quarterly revenue that blew past estimates.Declining issues outnumbered advancing ones on the NYSE by a 1.79-to-1 ratio; on Nasdaq, a 3.47-to-1 ratio favored decliners.The S&P 500 posted 51 new 52-week highs and 4 new lows; the Nasdaq Composite recorded 106 new highs and 52 new lows.About 7.9 billion shares changed hands on U.S. exchanges, compared with the 6.9 billion daily average for the past 20 trading days, according to Thomson Reuters data (Additional reporting by Noel Randewich in San Francisco, Editing by Chizu Nomiyama and Jacqueline Wong)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/usa-stocks-idINL2N1GD1ZU'|'2017-03-01T02:05:00.000+02:00'
'efb34428a8fe4d5de1c432c38365a521af703f6e'|'Exxon''s Russian unit stops gas supplies from Sakhalin-1 due to accident'|'Company News - Wed Mar 1, 2017 - 4:41am EST Exxon''s Russian unit stops gas supplies from Sakhalin-1 due to accident MOSCOW, March 1 Exxon Neftegaz, the operator of Russian Sakhalin-1 project, has stopped gas supplies to a domestic Russian gas pipeline due to an accident, energy ministry said on Wednesday. Exxon''s office in Moscow was not immediately available for comment. An energy ministry official on duty told Reuters maintenance work had been under way. (Reporting by Natalia Chumakova and Olesya Astakhova; writing by Vladimir Soldatkin; editing by Polina Devitt) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/russia-exxon-gas-accident-idUSR4N1G7018'|'2017-03-01T16:41:00.000+02:00'
'7c5032cd47775eb51dfc91446e7e652192cbc310'|'San Francisco university lays off IT workers, jobs head to India'|'Company News - Tue Feb 28, 2017 - 8:38pm EST San Francisco university lays off IT workers, jobs head to India By Rory Carroll - SAN FRANCISCO SAN FRANCISCO Feb 28 The University of California, San Francisco on Tuesday laid off 49 information technology (IT) employees and outsourced their work to a company based in India, ending a year-long process that has brought the public university under fire. The university announced the plan last July as a way to save $30 million over five years. The University of California system, which includes health care and research-focused UCSF, has been struggling to raise revenue and cut expenses. Globalization and outsourcing have become hot-button political issues in the United States, as more employers cut costs by farming out work to low-cost workers in far-flung parts of the world. President Donald Trump campaigned on promises to restore lost U.S. jobs and to penalize companies that move factories overseas. This was the University of California''s first outsourcing, said a spokeswoman who added that the layoffs were necessary due to rising costs of technology. In addition to the 49 staff layoffs, another 48 positions that were vacant or filled by contractors were eliminated. California Senator Dianne Feinstein last year said the university had a responsibility to keep jobs in the United States and pledged to seek reforms to stop domestic jobs being outsourced. Kurt Ho, 58, a laid off systems administrator, carried a box of his personal items with an American flag draped over it, and said the university''s decision will hurt service for a medical staff that relies on a smoothly running and secure computer network. "It''s a downgrading of services and a slap in the face for the customers," said Ho, who has worked in IT in the Bay Area for 25 years. He said he plans to look for a job but worries that outsourcing of IT services is a growing trend. Last year UCSF entered into a $50 million contract over five years with India-based HCL Technologies Ltd to do the work. (Reporting by Rory Carroll, editing by Peter Henderson and David Gregorio) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-outsourcing-university-of-california-idUSL2N1GD21U'|'2017-03-01T08:38:00.000+02:00'
'65400694fbde06cd535c0642925c6f9ef5e1a583'|'SEC freezes assets in SoftBank-Fortress insider trading probe'|'WASHINGTON The Security and Exchanges Commission said on Wednesday it froze assets of traders using brokerage accounts in London and Singapore to obtain more than $3.6 million in possibly illegal profits before the announcement that SoftBank Group Corp agreed to acquire Fortress Investment Group."The SEC''s emergency action to freeze the proceeds of the traders'' highly suspicious transactions within days of the public announcement ensures that the profits cannot be removed from the accounts while the agency''s investigation of the trading continues," the SEC said in a statement.(Reporting by Jonathan Stempel; Writing by Doina Chiacu; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-softbank-group-sec-idINKBN1684LP'|'2017-03-01T11:07:00.000+02:00'
'10059338286ade0349a53032a33b4c2581944803'|'''You have to keep fighting'' – Confessions of a Small Business - Guardian Small Business Network'|'Photograph: Anna Gordon Subscribe via iTunes Download MP3 Podcast feed URL Supported by About this content   View more sharing options   Close Presented by Coco Khan and produced by Rowan Slaney Wednesday 1 March 2017 12.00 GMT Subscribe and review on iTunes , Soundcloud & Mixcloud and join the discussion on Facebook and Twitter . Arpana Gandhi, co-founder of Disarmco, appeared on the panel at the Guardian Small Business Network’s Confessions of a Small Business Event on 6 February.Former business consultant Gandhi met her business partner and co-founder John Reid in 2008, after he had been asked by the Ministry of Defence to provide a solution for the safe disposal of unfused bombs. The duo spent a lot of time and money researching and developing numerous iterations of Disarmco’s products, which had to comply with changing rules around transportation. Gandhi also ploughed a considerable amount of her own money into the business after failing to gain the interest of investors. Frustrated, she turned to crowdfunding two years ago and raised £120,000 to back the venture.A big contract with the UN was a turning point for the company, which now works with a broad range of clients. But it’s been a real fight to get a foot in the door. “I’ve done things the right way and I’ve done things the wrong way,” Gandhi says. “Each experience is a learning curve. But if you have a passion for something, don’t give up. Know that at some point, somewhere, somebody will help you.” Guardian Small Business Network Adventures in Business Entrepreneurs'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/small-business-network/audio/2017/mar/01/keep-fighting-confessions-small-business-landmine-disposal-investment'|'2017-03-01T19:00:00.000+02:00'
'19b990850f5a7dd4cfbe2e96d5110ec8b4767a62'|'U.S. consumer spending slows; inflation pushes higher'|'Business News - Wed Mar 1, 2017 - 1:37pm GMT U.S. consumer spending slows; inflation pushes higher A woman shops at The Grove mall in Los Angeles November 26, 2013. This year, Black Friday starts earlier than ever, with some retailers opening early on Thanksgiving evening. About 140 million people were expected to shop over the four-day weekend, according to the National... REUTERS/Lucy Nicholson (UNITED STATES - Tags: BUSINESS) WASHINGTON U.S. consumer spending rose less than expected in January as the largest monthly increase in inflation in four years eroded households'' purchasing power, pointing to moderate economic growth in the first quarter. The Commerce Department said on Wednesday that consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased 0.2 percent after an unrevised 0.5 percent rise in December. Economists polled by Reuters had forecast consumer spending gaining 0.3 percent in January. Consumer spending is likely to remain supported amid promises by the Trump administration of sweeping tax cuts and increased infrastructure spending. In a speech to Congress on Tuesday night, President Donald Trump said his economic team was working on a "historic tax reform that will reduce the tax rate on our companies" and promised a "massive" tax relief for the middle class. Trump offered no further details. Consumer confidence has surged following Trump''s election victory, hitting a 15-1/2-year high in February. In January the personal consumption expenditures (PCE) price index increased 0.4 percent - the largest gain since February 2013 - after rising 0.2 percent in December. In the 12 months through January, the PCE price index jumped 1.9 percent. That was the biggest year-on-year gain since October 2012 and followed a 1.6 percent increase in December. Excluding food and energy, the so-called core PCE price index rose 0.3 percent in January. That was the biggest increase since January 2012 and followed a 0.1 percent gain in December. The core PCE price index increased 1.7 percent year-on-year after a similar gain in December. The core PCE is the Federal Reserve''s preferred inflation measure and is running below its 2 percent target. Inflation is now in the upper end of the range that Fed officials in December felt would be reached this year. Rising price pressures, however, suggest that consumer spending will probably not provide a big boost to gross domestic product in the first quarter. When adjusted for inflation, consumer spending fell 0.3 percent in January, the first drop since August, after rising 0.3 percent in December. Consumer spending increased at a 3.0 percent annualized rate in the fourth quarter, helping to blunt some of the impact on the economy from a wider trade deficit. The economy grew at a 1.9 percent rate in the fourth quarter. Consumer spending in January was held back by a 0.3 percent drop in purchases of long-lasting manufactured goods such as automobiles. Spending on services was unchanged. Personal income rose 0.4 percent in January after gaining 0.3 percent in December. Income at the disposal of households after accounting for inflation and taxes, fell 0.2 percent. (Reporting by Lucia Mutikani; Editing by Andrea Ricci) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-economy-idUKKBN1684IM'|'2017-03-01T20:37:00.000+02:00'
'ea86a32ca8be225d907633d2cbd4e84ea09ef33d'|'U.S. suspends Obama airline transparency review'|'Company News  11pm EST U.S. suspends Obama airline transparency review WASHINGTON, March 3 The Trump administration said Friday it is suspending action on an Obama administration decision in October to probe a long-time practice by some airlines of preventing various travel websites from showing their fares. The U.S. Transportation Department said in a notice Friday it is suspending a public comment period on the review of the practice to "allow the president’s appointees the opportunity to review and consider this action." An airline trade group said last year that requiring airlines to disclose fares on all travel websites would only benefit sellers, not travelers. (Reporting by David Shepardson) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-airlines-idUSL2N1GG0W9'|'2017-03-04T00:11:00.000+02:00'
'6affef6d34db845a96f6b8b80eb74ebe77584b2e'|'Bombardier to supply 70 trams to Zurich'|'March 3 Canadian plane and train maker Bombardier Inc said on Friday it had signed a deal to deliver 70 trams to Zurich''s public transport authority at a base price of about 300 million Swiss francs ($297.06 million).The contract includes an option for Zurich to buy 70 more of Bombardier''s Flexity-branded trams, the company said.The first vehicles will be delivered at the end of 2019.Bombardier has so far sold about 1,600 Flexity trams worldwide, the company said. ($1 = 1.0099 Swiss francs) (Reporting by John Benny in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/bombardier-contract-idINL3N1GG3WM'|'2017-03-03T11:43:00.000+02:00'
'c9efb9710a37097daa95361ae7dd3b34a1af3935'|'Chinese investors committed to AC Milan deal despite delay'|'MILAN The Chinese investors due to buy Italian storied soccer club AC Milan said on Friday that they remained committed to the deal and that the delays in the closing were out of their control.The accord, signed in August with Italian former Prime Minister Silvio Berlusconi, was supposed to be sealed on March 3 but sources told Reuters on Tuesday that the Chinese investors were seeking a further delay.The consortium, grouped under investment vehicle Sino-Europe Sports Investment Management Changxing (SES), said in a statement it was disappointed for the delays and that the reasons for a new postponing were "outside its control".SES added that it remained committed to continue working with Berlusconi''s investment vehicle Fininvest, which has owned AC Milan for three decades, and that it already had a detailed plan of investment for the prized soccer club.Talks between SES and Berlusconi could last some more days and a new closing is expected around the end of March, two sources told Reuters earlier on Friday.The agreement values the club at 740 million euros ($788 million) including 220 million euros of debt and was originally supposed to close at the end of last year.(Reporting by Giulia Segreti and Elvira Pollina; editing by Francesca Landini)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-acmilan-m-a-closing-idINKBN16A222'|'2017-03-03T14:09:00.000+02:00'
'b2700470dd2ef4e0e703f930add12a03440c3e2f'|'Medical software start-up Cydar brings former Roche head on board'|'Business   3:02am GMT Medical software start-up Cydar brings former Roche head on board Former Roche chairman Franz Humer wipes his eyes during the annual general meeting in Basel March 4, 2014. REUTERS/Ruben Sprich British medical software start-up Cydar Ltd announced the appointment of several new directors on Thursday, including Franz Humer, the newly retired chairman of Swiss drugmaker Roche ( ROG.S ), to help develop the business. Cydar, which has developed cloud-based software to serve up 3D images of a specific patient''s blood vessels in X-ray guided endovascular surgery, said Humer would bring in a "wealth of commercialisation" and key insights into helping develop further applications for the software. Humer, who has joint Swiss and Austrian citizenship, was the driving force behind Roche''s takeover in 2009 of U.S. biotech company Genentech, which has produced some of the Swiss firm''s top-selling cancer medicines. Humer, who also has a famously close relationship with Roche''s founding and controlling Hoffmann-Oeri family, had previously worked at a former unit of GlaxoSmithKline ( GSK.L ) and at a unit of Merck & Co ( MRK.N ). Cydar has also appointed Mervyn Davies, a non-executive director at drinks group Diageo Plc ( DGE.L ), where Humer was chairman until this year, as non-executive chairman. James Downing, a former deputy head of European investment banking at JPMorgan has also been appointed as a non-executive director, while John Deanfield, a professor of cardiology at University College London, will head a new scientific and technology advisory board. Cydar said it received U.S. clearance for use of the software in 2016, which is currently being used at several UK hospitals, including the Royal Free and Guy''s & St Thomas in London. (Reporting by Sanjeeban Sarkar and Esha Vaish in Bengaluru; Editing by Greg Mahlich) Next In Business News Fed tees up March rate hike as key policymaker shifts tone BOSTON/SAN FRANCISCO The Federal Reserve is setting the stage for a U.S. interest-rate increase later this month, with the central bank''s leading voice on international economics saying the global economy seems to have turned a corner, clearing the way for a hike "soon."'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-cydar-management-idUKKBN1690AV'|'2017-03-02T10:02:00.000+02:00'
'77913ec8d0c22a33d783f8da5310b7cd043eb8c6'|'BRIEF-Peyto Exploration & Development Q4 FFO per share C$0.88'|' 54pm EST BRIEF-Peyto Exploration & Development Q4 FFO per share C$0.88 March 1 Peyto Exploration & Development Corp : * Q4 FFO per share C$0.88 * Q4 2016 production was up 5pct from Q4 2015 to 611 mmcfe/d with exit production of 105,000 boe/d * Q4 2016 FFO $0.88 per share Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-peyto-exploration-development-q4-f-idUSASB0B39R'|'2017-03-02T04:54:00.000+02:00'
'd118f7a58e4c5229b4c4256a7c93d89ced9a4ebc'|'Britain''s financial firms warned not to circumvent EU rules'|' 33am GMT Britain''s financial firms warned not to circumvent EU rules A view of the London skyline shows the City of London financial district, seen from St Paul''s Cathedral in London, Britain February 25, 2017. REUTERS/Neil Hall LONDON Exploiting loopholes in European Union rules could bar Britain from accessing the bloc''s securities markets after Brexit, a senior member of the European Parliament said on Thursday. New EU rules to increase transparency in securities markets come into force in January 2018, just over a year before Britain is set to leave the bloc. Kay Swinburne, a centre right British MEP, told an audience of financial industry officials not to exploit loopholes in these new rules after Brexit otherwise Britain''s ability to access the EU market under so-called "equivalence" terms would be jeopardised. Financial services firms in countries outside the EU can currently sell products to European investors as long as their home rules are deemed as strict as those in the bloc. Swinburne said the process for Brussels to decide if a country''s rules are "equivalent" should be straightforward, but politics was also going to play its part. She said the EU took four years to deem one U.S. derivatives market rule equivalent, and British firms would have to abide by the spirit and not just the letter of the EU rules. "If the UK is seen not to be doing the right thing, there will be a backlash," Swinburne told a FIX Trading conference. She said EU regulators needed to clarify an element of the new securities rules, known as MifID II, that covers "systematic internalisers" or SIs, which refers to banks matching sell and buy orders for shares inhouse. The EU regulators are being asked to confirm that linking SIs - which effectively creates a wider, less regulated off exchange market - should not be not allowed under MiFID II, Swinburne said. (Reporting by Huw Jones. Editing by Jane Merriman)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-markets-regulations-idUKKBN16917H'|'2017-03-02T17:33:00.000+02:00'
'f674042c5604e2aa5d85c39bc578f0444a0611ed'|'BRIEF-Medibeacon completes successful clinical study of transdermal glomerular filtration rate monitor on impaired kidney function subjects'|' 57am EST BRIEF-Medibeacon completes successful clinical study of transdermal glomerular filtration rate monitor on impaired kidney function subjects March 2 Hc2 Holdings Inc * Medibeacon completes successful clinical study of transdermal glomerular filtration rate monitor on impaired kidney function subjects * Medibeacon says anticipate beginning multicenter clinical study including sites in United States and Europe during Q4 2017 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-medibeacon-completes-successful-cl-idUSFWN1GF0PX'|'2017-03-02T20:57:00.000+02:00'
'e6d786a3a76716324a9d8d3222402bf1c1d15150'|'Rio Tinto says Australian aluminium smelter cutting output 14 percent'|' 23am GMT Rio Tinto says Australian aluminium smelter cutting output 14 percent A Rio Tinto logo is displayed on the front of a wall panel during a news conference in Sydney November 29, 2012. REUTERS/Tim Wimborne/File Photo LONDON Rio Tinto ( RIO.AX ) ( RIO.L ) on Friday announced a 14 percent cut in aluminium production at Gladstone''s Boyne Smelters in Australia following a failure to agree a competitively priced power contract. It said there would be "a significant number of jobs lost". "Boyne Smelters has been working hard to secure a competitive energy deal. Both parties have been negotiating in good faith but ultimately could not reach agreement," Rio Tinto said in an emailed statement. (Reporting by Barbara Lewis; editing by Jason Neely)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-rio-tinto-australia-idUKKBN16A17Q'|'2017-03-03T18:23:00.000+02:00'
'5f89371150640a2d87946db08243e75224df901c'|'Odebrecht bonds slump as scandal spillover fans investor skepticism'|'Business  27pm EST Odebrecht bonds slump as scandal spillover fans investor skepticism FILE PHOTO - A sign of the Odebrecht SA construction conglomerate is pictured in Lima, Peru, June 28, 2016. REUTERS/Janine Costa/File Picture By Guillermo Parra-Bernal and Bruno Federowski - SAO PAULO SAO PAULO Bonds of Odebrecht SA [ODBES.UL] on Friday hit their lowest level in more than six months as investors feared the spillover of the Brazilian engineering conglomerate''s involvement in a bribery scandal could hamper planned asset sales and the procurement of new contracts across Latin America. Investors have grown concerned about Odebrecht since Feb. 22, when Reuters reported that the company wants to settle graft-related fines with several Latin American countries before June to prevent a flurry of upcoming elections across the region from putting the brakes on a recovery plan. The price of Odebrecht Finance Ltd''s 7.5 percent dollar-denominated perpetual bond KY054172443= shed 5 cents on the dollar to 37.5 cents, the biggest intraday decline in 11 months. At that price, yields hit 19 percent, according to prices compiled by Thomson Reuters. Bonds guaranteed by Odebrecht''s construction unit, Odebrecht Construção & Engenharia OEC SA, have also suffered in the past week, along with those from the group''s oil drilling unit. Odebrecht''s 4.375 percent bond due in April 2025 BR092217396= fell more than 5 cents on Friday, extending their losses to about 8 cents in the past week. In a client note, strategists at Cantor Fitzgerald LP said such concerns, coupled with investor disappointment following a meeting with OEC executives this week in Miami, could be behind the recent bond price declines. "Further, among the many things that investors are telling us - and which we wholeheartedly agree - is that at this point, the company needs more than just new lines of credits and a couple of major projects to be added to its backlog," the note said. A spokesman for Odebrecht did not have an immediate comment on the Miami meeting. At this point, the fate of pending asset sales and refinancing efforts seems increasingly dependent on how quickly governments decide on penalties for Odebrecht, which admitted to paying bribes to win projects in recent years. People familiar with Odebrecht''s strategy told Reuters last week that the company could sell some 6.5 billion reais ($2.1 billion) in project stakes and operating licenses in the region and Angola by year-end. So far, it has sold about 5 billion reais in assets out of a total goal of 12 billion reais. Odebrecht is the largest of the Brazilian engineering companies accused of colluding to overcharge Petróleo Brasileiro SA and other state firms for contracts, then using part of that to channel donations and bribes into Brazil''s former ruling Workers Party and domestic and international allies. The bribes also reached other Latin American countries where Odebrecht sought to expand, as part of a strategy to reduce exposure to home turf Brazil. Prosecutors from 10 Latin American countries last month formed a task force to share evidence on how the scheme operated. Settling plea deals in those countries rapidly is key to help Odebrecht mitigate reputational and political risks for the asset plan as elections loom across the region. Of the 10 countries investigating Odebrecht, eight will hold at least one congressional, regional or presidential ballot in the 18 months through December 2018. The scandal has sparked an upheaval in countries like Peru, where authorities are seeking the arrest of a former president, or in Colombia, where the company is being accused of financing the campaign of President Juan Manuel Santos. In addition to Brazil, Argentina, Chile, Ecuador, Mexico, the Dominican Republic, Venezuela and Panama, are investigating the Odebrecht scheme, as are prosecutors from Portugal. (Additional reporting by Tatiana Bautzer in São Paulo; Editing by Jonathan Oatis) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-odebrecht-bonds-idUSKBN16A27T'|'2017-03-04T01:12:00.000+02:00'
'f66cfab05cd9f6f1d40047c2e01d15a3c65d2abd'|'Repricing surge boosts demand for U.S. second-lien loans'|'Business News - Fri Mar 3, 2017 - 12:27pm EST Repricing surge boosts demand for U.S. second-lien loans The Goodyear Tire and Rubber Co. company logo is seen in Westminster, Colorado August 27, 2013. REUTERS/Rick Wilking/File Photo By Leela Parker Deo - NEW YORK NEW YORK The repricing wave that has swept through the US leveraged loan market is gathering momentum in the riskier second-lien market as tumbling institutional term loan yields open the door to issuers seeking to cut borrowing costs further down the capital structure. Second-lien loans, which have second claim over assets in a bankruptcy situation, are usually considered riskier and more expensive than their first-lien counterparts. But the relentless downward pressure on first-lien pricing has already pushed second-lien yields to a two-year low. The average yield on second-lien term loans has fallen to 9.92%, the lowest level since 2Q15, according to Thomson Reuters LPC data. Luxury fitness center Equinox Holding is taking advantage of market conditions and finalized a US$1bn credit facility on Thursday that refinances existing first- and second-lien debt. Equinox successfully cut the spread on a US$200m second-lien term loan to 700bp over Libor, 50bp tighter than launch guidance, as well as cutting the pricing on an US$800m first-lien term loan to 325bp over Libor, which saved 25bp on initial guidance. Tire maker Goodyear also repriced its US$400m second-lien term loan via JP Morgan at 200bp over Libor with a 0% floor after being guided in the 200bp-225bp range. The deal includes a step-down to 175bp over Libor when total net leverage drops to 1.25 times. The crush of institutional capital flowing into the loan market in search of higher returns is boosting appetite for second-lien paper which is junior to first-lien term loans and still offers investors some additional income in a market where yields have otherwise collapsed. Junk-rated companies have been lining up in record numbers to slash interest costs on senior debt since the second half of 2016, taking advantage of the massive supply demand imbalance in the U.S. leveraged loan market. The average yield on first-lien institutional term loans has dropped precipitously, hitting 4.52% so far in the first quarter, the lowest level since 2004. Second-lien issuance has been solid this year, with US$4.15bn of new money and refinancing completed year-to-date. This is more than double the US$1.54bn booked in the first quarter of 2016, but roughly half that of the US$8.59bn recorded in the fourth quarter of 2016 when demand accelerated. MID MARKET The abundance of capital and competitive hunt for yield in U.S. middle market lending as well as a lack of volatility is increasing the appeal of second-lien for mid-sized U.S. issuers, and curbing the ability of alternative debt capital providers to win mandates for unitranche loans, lenders said. A recent Thomson Reuters LPC survey of middle market lenders found that 42% of respondents said sponsors favor a first-lien and second-lien structure today, while 27% said the unitranche is the preferred structure. This is a significant shift from a year ago when half of the respondents said sponsors favored unitranche. “It makes sense to put in a tranche of second-lien debt into a buyout,” said one middle market investor of the current market. “The higher cost debt can be taken out if the company performs well.” Unitranche loans provide borrowers with both senior and subordinated debt in the form of one credit instrument at a blended cost of capital. The structure is more expensive - yielding on average approximately 8%-9% - but provides more certainty, which sponsors prefer in more volatile markets when capital flows less freely. “Second-lien offers the flexibility to take out the higher cost debt later. With unitranche loans you have to refinance the whole facility,” a middle market investor said. Although second-lien lending is currently resurgent, volume is expected to continue to ebb and flow in line with market volatility and investors'' appetite for risk, which is currently high with relatively low returns on offer elsewhere. “The second-lien market will continue to go up and down,” the investor said. “It’s the hardest to sell when markets turn volatile.” (Reporting by Leela Parker Deo; Editing By Tessa Walsh) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-loans-secondlien-idUSKBN16A23Q'|'2017-03-04T00:27:00.000+02:00'
'6bb766075fded41d22fcd0c03ea80dc3c7d6b6be'|'Deals of the day-Mergers and acquisitions'|'March 1 The following bids, mergers, acquisitions and disposals were reported by 1100 GMT on Wednesday:** Hong Kong-based private equity firm PAG has agreed to buy the 42.1 percent stake of the three co-founders of Yingde Gases for $616 million, the latest twist in a months-long battle for control one of China''s largest industrial gases company.** The Berlusconi family''s investment holding Fininvest could take a stake in Telecom Italia as part of a proposal to settle a dispute with French media group Vivendi , Il Messaggero said on Wednesday, citing advisors.** Britain''s Mitie has struck a deal to sell its home healthcare business to specialist investor Apposite Capital for a nominal 2 pounds and is taking another writedown on the value of the loss-making business.** The water business of General Electric would be a good strategic fit for French waste and water group Suez , its chief executive said.** Zalando, Europe''s biggest pure online fashion retailer, said it would invest heavily in 2017 and create more than 2,000 jobs, as it announced its first move into physical stores with the acquisition of basketball retailer Kickz.** Sinclair Broadcast Group Inc has approached rival U.S. broadcaster Tribune Media Co to discuss a potential combination, people familiar with the matter said, a deal that would hinge on existing regulations being relaxed.** Mexico''s telecommunications regulator has discussed forcing billionaire Carlos Slim to legally separate part of fixed-line unit Telmex from the rest of his America Movil company, people familiar with the matter said, a move that would intensify antitrust rules against the company.** Iberiabank Corp said it would buy Sabadell United Bank NA from Spain''s Banco de Sabadell SA in a stock-and-cash deal valued at $1.03 billion, to expand in the southern Florida market.(Compiled by Sruthi Shankar in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL3N1GE3Z9'|'2017-03-01T08:00:00.000+02:00'
'cc37ef89067f155a3a2d30a6e483e1949b7494c7'|'Potential SoftBank-WeWork deal highlights flexible office trend'|'Technology  46pm GMT Potential SoftBank-WeWork deal highlights flexible office trend left right A guest attends the opening ceremony of WeWork Hong Kong flagship location   23, 2017. REUTERS/Bobby Yip/File Photo 1/2 left right A man walks past the logo of SoftBank Group Corp at the company''s headquarters in Tokyo, June 30, 2016. REUTERS/Toru Hanai 2/2 By Herbert Lash - NEW YORK NEW YORK Burgeoning interest and investment in flexible workspaces is pushing a small corner of the commercial real estate market into the corporate mainstream, and drawing one top executive from Asia to help expand his company''s U.S. operations. Media reports say Japan''s SoftBank Group Corp, with expertise in information technology and telecommunications, is close to investing more than $3 billion in the U.S. office-sharing upstart WeWork. This would mark a major vote of confidence in the business and the sector overall. Servcorp, an Australia-based rival to WeWork, believes the market is ripe for expansion and is sending its chief operating officer to New York with a goal of doubling U.S. operations, 22 locations, in about five years. "WeWork has really brought into the spotlight the fact that the flexible workspace is a fantastic solution, particularly for start-ups," said Marcus Moufarrige, COO and the founder''s son of Sydney-based Servcorp, a leader in serviced office space and meeting rooms in Asia, the Middle East and Australia. Moufarrige said in a telephone interview he would relocate to the United states by the end of the month. Servcorp has 155 locations in 54 cities across the globe, while WeWork has 154 locations in 36 cities. Their styles differ, with WeWork geared to millennials and Servcorp serving the professional business class. CNBC on Monday cited a source who said SoftBank was close to a $3 billion investment in seven-year-old WeWork. On Jan. 30, the Wall Street Journal cited sources saying the Japanese firm was "weighing an investment of well over $1 billion. "A deal with SoftBank would likely help WeWork jump through the hoops involved in entering the Japanese market. However, the company''s financial restraints as reported last year may pose hurdles, along with lack of a unique technological edge that the Japanese company typically seeks. WANTED: AMENITIES The ease of working at home or while on the road through smart phones and internet access has put pressure on companies and landlords to increase workplace amenities, but has not diminished the role of the office, experts say. Investors have taken notice. Knotel, a two-year-old start-up, last week raised $25 million in venture capital and in September 2016 Industrious, considered the second-largest U.S. coworking operator with 18 sites, raised $37 million in funding, according to Crunchbase. Commercial real estate brokers say shared office space accounts for at least 2 percent of the New York office market, the largest in the United States, but others put it higher. Amol Sarva, chief executive and co-founder of Knotel, said real estate usually involves risky lease commitments, a reason he took a page from the hotel industry to sign management agreements with landlords to avoid that liability. Sarva said it was suicidal to enter the real estate business with a business - coworking - that is deeply cyclical. His agreements are partnerships that share revenue, he said. Moufarrige said Servcorp has an edge with its global footprint and a telecommunications network that connects all its sites on a seamless platform. He called the United States the company''s biggest opportunity. WeWork''s rapid expansion, and its reliance on start-ups as customers, has raised the question of what happens when the economy softens. WeWork reports it has increased the number of larger companies that rent space from it. Servcorp appeals to established companies, and Knotel aspires to that clientele as well. Along with a more flexible workspace businesses are going to demand better and more robust technology, Moufarrige said. (Reporting By Herbert Lash; Editing By Daniel Bases and David Gregorio) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-property-sharing-idUKKBN1685O0'|'2017-03-02T04:35:00.000+02:00'
'df2121c874d53993bfcc58720c13a7b508e9d895'|'Noranda management restarts output at Quebec zinc plant'|'TORONTO, March 1 Noranda Income Fund said on Wednesday that management had restarted production at its zinc processing plant in Salaberry-de-Valleyfield, Quebec and was ramping up output as a strike that started Feb. 12 continues.The company said it looked forward to resuming negotiations with the plant''s 371 unionized workers, represented by the United Steelworkers of America. They walked off the job after the two sides could not agree on proposed changes to the pension plan in a new collective bargaining agreement. (Reporting by Susan Taylor)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/noranda-income-strike-idUSL2N1GE13G'|'2017-03-01T18:39:00.000+02:00'
'88508f8aebbb67b2fe4262199f8d1e1912affdec'|'Eagle Bulk Shipping announces agreement to acquire up to 9 ultramax vessels'|'Feb 28 Eagle Bulk Shipping Inc* Eagle Bulk Shipping announces agreement to acquire 9 ultramax vessels* Eagle Bulk Shipping - to purchase a minimum of 6 and up to 9 crown-63 ultramax dry bulk sister vessels for an aggregate price of $153 million* Eagle Bulk Shipping - deliveries are anticipated to commence in April of this year* Eagle Bulk Shipping -agreement includes acquisition of 6 vessels, with additional 3 vessels contingent upon final approval from greenship''s unit holders* Eagle Bulk Shipping - assuming successful delivery of all 9 vessels as per deal, Eagle Bulk fleet will consist of 50 owned vessels* Eagle Bulk Shipping - vessels, which range in age from 2 - 5 years, will be acquired from greenship bulk trust '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-eagle-bulk-shipping-announces-agre-idINASB0B2XP'|'2017-02-28T19:33:00.000+02:00'
'df32a687c957bec35bf4bd6a6f8bddc2947ece8f'|'Deutsche Boerse CEO says work on LSE merger still ongoing'|'LONDON Deutsche Boerse ( DB1Gn.DE ) Chief Executive Carsten Kengeter said it is continuing preparations for a merger with the London Stock Exchange ( LSE.L ), despite the LSE''s refusal to sell its Italian MTS trading platform.That decision plunged the 26 billion euro ($27.6 billion) deal into uncertainty, and Kengeter said on Wednesday the German group could continue on its own.Speaking at the London School of Economics on Friday, he said work on the merger had not stopped."A process such as this has a very strong legal cooperation framework. If you don''t do those (certain) steps at a certain time then you are damaging the integrity of the process. So everyone is continuing to do their work, that''s absolutely clear," he said. He said the date on which the merger would be confirmed or rejected by the European Commission was not yet set. "I think the date is still 3rd April. It could be earlier but it doesn''t have to be."EU competition officials had raised concerns over MTS.(Reporting by Helen Reid; editing by John Stonestreet)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-deutsche-boerse-m-a-lse-idINKBN16A2KZ'|'2017-03-03T18:53:00.000+02:00'
'528c65310b367439d96d2140f9af8860a9c15383'|'BlackBerry''s M&A head Mackey says left company in February'|' 20pm EST BlackBerry''s M&A head Mackey says left company in February TORONTO, March 2 Jim Mackey, the head of corporate development and strategy at BlackBerry Ltd , left the company in mid-February, he told Reuters on Thursday. "It is true I left BlackBerry as of Feb. 13," Mackey, who held the title of executive vice president, executive operations, said in a message. Mackey, who joined the Canadian company in late-2013, worked directly with BlackBerry Chief Executive Officer John Chen, navigating the purchase and integration of a string of acquisitions and the signing of major partnership agreements. BlackBerry did not offer an immediate comment. (Reporting by Alastair Sharp; Editing by Denny Thomas and Jeffrey Benkoe)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/blackberry-mackey-idUSL2N1GF1IL'|'2017-03-03T02:20:00.000+02:00'
'a5cc9d288797b9f5dca5ff6c26527d6d786f33eb'|'Catholic diocese in Minnesota files for bankruptcy over sex abuse'|'By Jim Christie - March 3 March 3 A Catholic diocese in Minnesota filed for bankruptcy on Friday, joining more than a dozen other U.S. Catholic districts and religious orders driven to seek protection from creditors by the church''s clergy sex abuse scandal.The Roman Catholic Diocese of New Ulm, which is southwest of Minneapolis, said in a statement it will use Chapter 11 bankruptcy to reorganize its finances and produce a plan to pay creditors.The rural diocese is defending 101 lawsuits involving alleged sex abuse by clergy mostly from the 1950s through the 1970s. Minnesota had lifted the civil statute of limitations for a period of three years ending May 25, 2016, allowing claims from prior decades to be brought."It is unknown how long this will take, but we seek to complete the reorganization process as promptly and efficiently as possible," the diocese said.Bishop John LeVoir in a statement said reorganization would allow the diocese "to fulfill its obligation, as much as possible, to victims and survivors of clergy sexual abuse of minors, while continuing to carry out its ministry."Bankruptcy provides a way for debtors and creditors to resolve claims. The broader work within the Catholic Church of rooting out sex abuse is being overseen by the Pontifical Commission for the Protection of Minors, set up by Pope Francis in 2014.The diocese is the third in Minnesota to file for bankruptcy in recent years over claims of clergy sex abuse.Reports of sex abuse by priests and coverups by the Catholic hierarchy exploded in U.S. media in 2002 and have pushed prominent dioceses like Milwaukee''s into bankruptcy and have led to about $3 billion in settlements.The Diocese of New Ulm in court papers proposed the appointment of U.S. Bankruptcy Judge Gregg Zive of Nevada to serve as a mediator. The diocese said it has already been in negotiations with lawyers for individuals who have brought sex abuse claims."The diocese intends to continue these negotiations and believes that a structured mediation setting would best facilitate a resolution for all of the interested parties in these cases," the diocese said in its court papers.Zive oversaw mediation of similar claims in the Chapter 11 bankruptcy of the Roman Catholic Diocese of Stockton, California. The Stockton diocese received court approval for its bankruptcy reorganization in January.(Reporting by Jim Christie in San Francisco; Editing by Matthew Lewis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/minnesota-church-sexcrimes-idINL2N1GG0YS'|'2017-03-03T16:06:00.000+02:00'
'e00046319044ffd9219c60d37279b40eebb28b91'|'Deals of the day-Mergers and acquisitions'|'Company  31am EST Deals of the day-Mergers and acquisitions March 3 The following bids, mergers, acquisitions and disposals were reported by 1100 GMT on Friday: ** India''s Tata Sons will split a dispute settlement payment of $1.18 billion owed to NTT DoCoMo over the Japanese firm''s exit from a telecoms joint venture, leaving it with about two-thirds of the amount to invest in India, a source said. ** Graphitecorp is hoping its expansion into the lucrative lithium battery industry will be a new chapter for the Australian-listed firm, transforming itself from a raw mineral supplier to an anode manufacturer, its managing director told Reuters. ** Japan''s Sumitomo Mitsui Financial Group Inc and Resona Holdings Inc said they have agreed to combine their regional banks in the face of tough market conditions that are widely expected to worsen. ** Germany''s Thyssenkrupp has looked at the option of splitting its European steel business into a separate company that could be floated if a merger with Tata Steel assets fails, German weekly WirtschftsWoche reported. ** Japan''s Toshiba Corp is preparing a potential $2 billion divestment of smart meter group Landis+Gyr, hoping to rake in capital after a major writedown on its U.S. nuclear unit last month, three people familiar with the matter said. ** Real estate firm Carmila, controlled by French retailer Carrefour, aims to achieve a stock market listing through a merger with Cardety, another property firm linked to Carrefour, both companies said. ** Avianca Holdings SA top shareholder, German Efromovich, said on Thursday that a deal between Avianca and United Continental Holdings Inc "will happen," despite a lawsuit aimed at blocking the deal filed by the airline''s No. 2 shareholder this week. (Compiled by Sruthi Shankar in Bengaluru) Next In Company News U.S. extends scrutiny of U.S. miner takeover by S.Africa''s Sibanye JOHANNESBURG, March 3 The Committee on Foreign Investment in the United States will extend its scrutiny of a $2.2 billion takeover by South Africa''s Sibanye Gold of the only U.S. miner of platinum and palladium, Stillwater Mining , Sibanye said on Friday.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/deals-day-idUSL3N1GG3CF'|'2017-03-03T17:31:00.000+02:00'
'3dde5c2fb0d75f529b09ec7ab8dd503587badf81'|'UPDATE 1-Speculators cut net long U.S. dollars to five-month low -CFTC, Reuters'|'Company  23pm EST UPDATE 1-Speculators cut net long U.S. dollars to five-month low -CFTC, Reuters (Adds comments, details, byline, table) By Gertrude Chavez-Dreyfuss March 3 Speculators reduced bullish bets on the U.S. dollar in the latest week, pushing net longs to their lowest since early October, according to Commodity Futures Trading Commission data released on Friday and calculations by Reuters. The value of the dollar''s net long position totaled $13.01 billion in the week ended Feb. 28, from $15.02 billion the previous week. Analysts said this week''s decline in net long dollar positioning could be temporary in the wake of stronger signals by the Federal Reserve that it may raise rates this month. On Friday, Fed Chair Janet Yellen gave her strongest signal yet that the U.S. central bank could nudge rates higher when it meets this month. "At our meeting later this month, the committee will evaluate whether employment and inflation are continuing to evolve in line with our expectations, in which case a further adjustment of the federal funds rate would likely be appropriate," Yellen said at a business luncheon in Chicago. Several of Yellen''s colleagues at the Fed have also been signaling a move in March the past several weeks. "The (dollar) bulls are finally listening to the cohesiveness of Fed officials who have been saying all along (doves and hawks) that conditions are prime for tightening," said Kathy Lien, managing director of FX strategy at BK Asset Management in New York. The dollar fell on Friday in the wake of Yellen''s remarks, but that is more due to profit-taking since traders before the Fed chair''s remarks wagered that she would strike a hawkish tone. According to Fed fund futures date, the odds of a rate hike this month sits at 90 percent, compared with 40 percent the week before. The Reuters calculation for the aggregate U.S. dollar position is derived from net positions of International Monetary Market speculators in the yen, euro, British pound, Swiss franc and Canadian and Australian dollars. Japanese Yen (Contracts of 12,500,000 yen) $5.545 billion Feb. 28, 2017 Prior week week Long 29,012 29,954 Short 79,029 80,116 Net -50,017 -50,162 EURO (Contracts of 125,000 euros) $6.763 billion Feb. 28, 2017 Prior week week Long 143,584 130,981 Short 194,748 189,232 Net -51,164 -58,251 POUND STERLING (Contracts of 62,500 pounds sterling) $5.468 billion Feb. 28, 2017 Prior week week Long 43,329 38,253 Short 114,000 104,605 Net -70,671 -66,352 SWISS FRANC (Contracts of 125,000 Swiss francs) $1.469 billion Feb. 28, 2017 Prior week week Long 3,569 6,945 Short 15,383 15,881 Net -11,814 -8,936 CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars) $-2.263 billion Feb. 28, 2017 Prior week week Long 63,125 58,780 Short 33,035 34,196 Net 30,090 24,584 AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars) $-3.975 billion Feb. 28, 2017 Prior week week Long 95,696 88,768 Short 43,781 55,246 Net 51,915 33,522 MEXICAN PESO (Contracts of 500,000 pesos) $1.139 billion Feb. 28, 2017 Prior week week Long 39,057 35,125 Short 84,840 91,606 Net -45,783 -56,481 NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars) $-0.211 billion Feb. 28, 2017 Prior week week Long 37,198 35,252 Short 34,261 32,094 Net 2,937 3,158 (Reporting by Gertrude Chavez-Dreyfuss, editing by G Crosse and Lisa Shumaker) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cftc-forex-idUSL2N1GG1I6'|'2017-03-04T04:23:00.000+02:00'
'0fb0ee058dfc836a24ca16db595a6a7245220f8d'|'Capita and Dixons Carphone demoted from FTSE 100'|' 05am GMT Capita and Dixons Carphone demoted from FTSE 100 A worker shelters from the rain as he passes the London Stock Exchange in the City of London at lunchtime October 1, 2008. REUTERS/Toby Melville/File Photo By Helen Reid - LONDON LONDON Outsourcing company Capita ( CPI.L ) and phone retailer Dixons Carphone ( DC.L ) will leave Britain''s blue-chip FTSE 100 share index .FTSE following index provider FTSE Russell''s quarterly review. Mid-cap investment trust Scottish Mortgage ( SMT.L ) and pest control company Rentokil Initial ( RTO.L ) would be promoted to the index of Britain''s biggest companies, FTSE Russell said in a statement late on Wednesday. The changes to constituents will be applied after market close on March 17 and come into force the following trading day, March 20. Following steep declines in their share prices, Capita and Dixons Carphone are currently the smallest, by market value, on the index. They will join the FTSE mid-cap .FTMC index. Capita first entered the FTSE 100 in 2000, but was in the mid-cap index from 2003 to 2004. For the British blue-chip index, companies which fall to 111th or lower in a ranking by market values on the review date could be deleted to be replaced by the largest non-constituents. The increasing popularity of exchange-traded funds (ETFs) has lent greater importance to the constitution of major benchmark indexes and led to index rebalancing days becoming among the busiest across major markets as ETFs tweak holdings to match the index they track. (Reporting by Helen Reid, Editing by Atul Prakash)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-stocks-reshufle-idUKKBN1690SK'|'2017-03-02T15:05:00.000+02:00'
'c85195cf6a7a20007585dda44dd5d66f5971d9a6'|'Hangzhou latest Chinese city to expand property curbs'|'  1:54pm GMT Hangzhou latest Chinese city to expand property curbs New properties are seen in Hangzhou, Zhejiang province, China, May 12, 2015. REUTERS/Stringer BEIJING Hangzhou, in China''s prosperous Zhejiang province near Shanghai, said on Thursday it would stop non-residents buying a second home there, as large cities step up their fight against property speculators. From March 3, residents of Hangzhou will not be allowed to buy a third home, a notice from the Hangzhou housing authority said. Non-residents who had not paid personal income tax in the city would not be allowed to buy a home. The Hangzhou restrictions have been extended to more remote districts of the city that were not previously subject to curbs. On Wednesday, satellite cities near some of the country''s sprawling metropolises imposed restrictions on property purchases, as Chinese home prices continued to rise at near record rates. Prices of new homes in China surged 12.4 percent last year, the fastest rate since 2011, prompting more than 20 cities to introduce property curbs since October to cool the market. (Reporting by Elias Glenn and Yawen Chen; Editing by Mike Collett-White)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-economy-property-idUKKBN1691V3'|'2017-03-02T20:54:00.000+02:00'
'3975c5ee2559bf1b24eec6ed4613e03f50230dbb'|'Audi CEO steps down from Piech family foundation'|'Fri Mar 3, 2017 - 9:42am GMT Audi CEO steps down from Piech family foundation Rupert Stadler, CEO of VW''s Audi luxury car division, delivers a speech during the opening of a new plant in San Jose Chiapa, in Puebla state, Mexico, September 30, 2016. REUTERS/Imelda Medina VIENNA/FRANKFURT Audi Chief Executive Rupert Stadler has stepped down from leadership roles at the Piech family foundation, Austrian company filings showed. Stadler was a close confidant of former Volkswagen Chairman Ferdinand Piech, having worked as Piech''s chief of staff before rising to the post of Audi CEO. Company filings showed that Stadler no longer works for the Ferdinand Karl Beta Privatstiftung, and has also stepped down from the Ferdinand Karl Alpha Privatstiftung. Stadler''s exit from the foundation was requested on Feb. 3, 2017, the filings showed. (Reporting by Francois Murphy and Ilona Wissenbach; Writing by Edward Taylor; Editing by Maria Sheahan) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-volkswagen-emissions-audi-ceo-idUKKBN16A0X3'|'2017-03-03T16:31:00.000+02:00'
'3108591a5b1f39c4190d9603bd22e3e007c598f7'|'UK banks need to build operation in EU post Brexit - ECB'|'FRANKFURT Banks based in Britain seeking to do business in the European Union after Brexit will need to obtain local banking licences and establish actual operations on the continent, European Central Bank supervisor Sabine Lautenschlaeger said on Thursday."I do not see the ECB issuing banking licences to empty shell companies," Lautenschlaeger, who sits on the ECB''s executive board, said in London."Our objective is to make the banking system safe and sound. I therefore expect banks which are seeking a licence in the euro area to meet our standards. There will be no race to the bottom in banking supervision," she said.Weighing in on the contentious issue of keeping euro derivatives clearing in the Britain, Lautenschlaeger said ECB consent would depend on whether the new framework would offer an unchanged level of involvement for the bank and whether the framework is strong enough to ensure financial stability in the euro zone.(Reporting by Balazs Koranyi; Editing by Robin Pomeroy)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/britain-eu-banks-idINKBN1692PB'|'2017-03-02T17:03:00.000+02:00'
'f106f94e829ecd1824cb183b25432c72f292b4d0'|'Nikkei hits 14-month high as yen weakens and Wall Street soars'|'Company News  11am EST Nikkei hits 14-month high as yen weakens and Wall Street soars TOKYO, March 2 Japan''s Nikkei share average hit a 14-month peak on Thursday as the yen weakened against the dollar on heightened expectations for the Federal Reserve to raise interest rates this month and after Wall Street soared to record highs. The Nikkei closed 0.9 percent higher at 19,564.80 after brushing 19,668.01, its highest since December 2015. Of Tokyo''s 33 subsectors, 28 gained, with financial stocks lifted by a rise in U.S. Treasury yields and exporters supported by the yen''s depreciation. The broader Topix gained 0.75 percent to 1,564.69 and the JPX-Nikkei Index 400 rose 0.76 percent to 14,023.74. (Reporting by the Tokyo markets team; Editing by Jacqueline Wong) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-close-idUSL3N1GF2CU'|'2017-03-02T13:11:00.000+02:00'
'9486f5aa4ab890bf0ba28d30c2ec6279bf64e2a3'|'UPDATE 1-Henkel offers $1.05 bln to buy Darex Packaging from GCP'|'Company News - Thu Mar 2, 2017 - 1:32am EST UPDATE 1-Henkel offers $1.05 bln to buy Darex Packaging from GCP * Henkel submits binding offer for Darex * Darex makes sealants, coatings for metal packaging * GCP to begin consultation with labour bosses (Adds details) FRANKFURT, March 2 German consumer products group Henkel said it had submitted a binding offer to buy the global Darex Packaging Technologies business from GCP Applied Technologies for $1.05 billion on a cash and debt free basis. The bolt-on acquisition would add a business to Henkel''s adhesives division that makes sealants and coatings used by manufacturers of beverage, food and aerosol cans, generating annual sales of around $300 million. Known for laundry detergent Persil, beauty line Schwarzkopf and adhesives brand Loctite, Henkel has said acquisitions would remain a key part of its strategy after it spent $3.6 billion to buy North American laundry detergent maker Sun Products, known for its Snuggle brand. U.S.-based GCP said a sale of Darex would allow it to focus on its construction and building materials businesses. It will now begin consultations with workers'' representatives and then enter into a definitive agreement with Henkel. Goldman Sachs is advising GCP on the deal. Wachtell, Lipton, Rosen & Katz is the legal adviser and EY its transaction advisor, GCP said. (Reporting by Maria Sheahan; Editing by Shadia Nasralla and Amrutha Gayathri) Next In Company News Deutsche Telekom writes down BT stake by 2.2 bln euros BONN, Germany, March 2 Deutsche Telekom wrote down the value of its stake in Britain''s BT by 2.2 billion euros ($2.3 billion), pushing it to a fourth-quarter net loss of 2.12 billion euros from a profit of 946 million euros a year earlier.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/darex-ma-henkel-kgaa-idUSL5N1GF0T3'|'2017-03-02T13:32:00.000+02:00'
'a21cbb361639011fab8458c3de0f760a5a154beb'|'Brazilian court grants PDG Realty bankruptcy protection'|'SAO PAULO, March 2 A São Paulo court granted Brazilian homebuilder PDG Realty SA bankruptcy protection on Thursday, the company said in a securities filing.PDG sought protection from creditors last week to enable it to restructure its debt, Brazil''s second publicly listed builder to do so in less than six months.PDG''s gross debt was 5.4 billion reais ($1.75 billion) at the end of September, according to a quarterly earnings report. The company had 235 million reais of cash on hand at the time.Weak demand, growing sales cancellations, stalled construction projects and lawsuits from clients and contractors dogged PDG''s efforts to deal with its debt burden. (Reporting by Anthony Boadle; Editing by Lisa Shumaker)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/pdg-realty-sa-bankruptcy-idUSL2N1GG006'|'2017-03-03T03:06:00.000+02:00'
'1bfd5f9b02bbe5b73f7903cbee51e791526e838a'|'Irish services sector slips back from post-Brexit high - PMI'|'  6:22am GMT Irish services sector slips back from post-Brexit high - PMI DUBLIN Growth in Ireland''s services sector slipped slightly in February but remained close to January''s post-Brexit high and confidence about the future continued to grow, a survey showed on Friday. Ireland is widely considered the European Union economy most at risk from its key trading partner''s decision to quit the bloc, and growth slowed in both the services and manufacturing sectors after the surprise referendum result. The Investec Services Purchasing Managers'' Index slipped to 60.6 in February from the seven-month high of 61.0 in January, as growth in prices charged slowed, but new export business improved. "While the rate of growth in activity across much of Ireland''s private sector has eased slightly from January, it remains well above the series average," Investec Ireland chief economist Philip O''Sullivan said. "Firms remain very optimistic on the outlook for the sector," he said. The services sector has not fallen below the 50 mark that separates growth from contraction since June 2012, when Ireland was halfway through a three-year international bailout. The economy has since recovered to be the best performing in the EU. The new export business sub-index climbed to 58.4 from 56.1, the highest rate since July. The survey showed growth increasing slightly in employment levels but slowing in prices charged and in the amount of outstanding business. A survey on Wednesday showed growth in Irish manufacturing slowed in February despite exports getting a boost from improved demand in Britain as sharply rising input costs dented profit margins. Detailed PMI data are only available under licence from Markit and customers need to apply to Markit for a licence. To subscribe to the full data, click on the link below: www.markit.com/Contact-Us For further information, please phone Markit on +44 20 7260 2454 or email economics@markit.com (Reporting by Conor Humphries; Editing by Toby Chopra; (conor.humphries@thomsonreuters.com; +35315001518; Reuters; Messaging: conor.humphries.thomsonreuters.com@reuters.net))  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ireland-economy-pmi-idUKKBN16A0GT'|'2017-03-03T13:22:00.000+02:00'
'fbf0b250ac28fc3c9e789707a94534ab43b74413'|'Audi CEO steps down from Piech family foundation'|'VIENNA/FRANKFURT Audi Chief Executive Rupert Stadler has stepped down from leadership roles at the Piech family foundation, Austrian company filings showed.Stadler was a close confidant of former Volkswagen Chairman Ferdinand Piech, having worked as Piech''s chief of staff before rising to the post of Audi CEO.Company filings showed that Stadler no longer works for the Ferdinand Karl Beta Privatstiftung, and has also stepped down from the Ferdinand Karl Alpha Privatstiftung.Stadler''s exit from the foundation was requested on Feb. 3, 2017, the filings showed.(Reporting by Francois Murphy and Ilona Wissenbach; Writing by Edward Taylor; Editing by Maria Sheahan)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-volkswagen-emissions-audi-ceo-idUSKBN16A0X3'|'2017-03-03T12:42:00.000+02:00'
'507133a82b57e8b6641105cd7cb14516110a422e'|'Fears of Chinese backlash over missile defence hit South Korean stocks'|'  8:04am GMT Fears of Chinese backlash over missile defense hit South Korean stocks A currency dealer works at a dealing room of a bank in Seoul, South Korea, August 25, 2015. REUTERS/Kim Hong-Ji By Hyunjoo Jin and Joyce Lee - SEOUL SEOUL South Korean companies on Friday bore the brunt of Chinese anger over the deployment of a U.S. missile defense system outside Seoul, as shares tumbled after media reports of Beijing tour operators being ordered to stop selling trips to the country. Cosmetics makers, retailers, automakers and airlines were among the biggest losers as South Korea''s main benchmark index fell 1.1 percent in afternoon trade, weighed down by fears that China may choke off a key source of tourist dollars. Cosmetics firm Amorepacific ended down 12.7 percent at its lowest price in more than two years, while duty free retailer Hotel Shilla tumbled 13 percent. South Korea is the world''s biggest duty free market. Hyundai Motor finished down 4.4 percent after photos of a vandalized Hyundai car circulated on Chinese social media. South Korea''s foreign ministry said in a statement it was checking the media reports on a Chinese ban to sell travel programs. "If such reports are true, it would be an unfair action ... and very regrettable," the ministry said. An official at South Korea''s culture ministry said it heard from some Korean tour operators that they were told by Chinese peers about the sales ban. Attempts to book Korean tours on several of the biggest operators in China produced mixed results. Two companies, Ctrip and Qunar, were prepared to accept a booking but Tuniu declined citing the THAAD issue. Tuniu''s spokesperson did not immediately respond to comment. China''s Foreign Ministry spokesman Geng Shuang said he had not heard about the situation. While Chinese state media have called for people to shun South Korean goods, an editorial in influential state-run tabloid Global Times struck a note of caution on Friday, saying whoever vandalized the Hyundai car "won''t win the support of mainstream public opinion". "If it is proved to be related to (the missile issue), such illegal behavior is a smear on the public boycott campaign," it said. Even so, South Korean political parties condemned the Chinese backlash. "It''s despicable and arrogant. China is a G20 nation that should be leading the development of world order," Liberty Korea Party leader Chung Woo-taik said. COLLATERAL DAMAGE Seoul and Washington say the Terminal High Altitude Area Defense (THAAD) system is designed to thwart attack from nuclear-armed North Korea, but Beijing says its far-reaching radar is targeted at China. South Korean companies have reported difficulties in China since Seoul and Washington in July agreed to deploy the system in response to North Korean missile threats. South Korean artists have also said performances have been canceled. But the escalating tension and Chinese media calls for retaliation have rattled investors, fearful of a repeat of previous Chinese backlashes against Japan in 2012 over territorial disputes and interpretations of history. Along with South Korean tour operators, the auto sector may be particularly vulnerable as China had targeted Japanese car makers in earlier disputes, analysts said. "I''m concerned that China is harassing Korean car makers, even at the risk of hurting its own companies," said Ko Tae-bong, an auto analyst at Hi Investment & Securities in Seoul. Hyundai Motor is in a joint venture with a Chinese company to produce cars in China. A Hyundai spokesman declined to comment. A spokesman for flag carrier Korean Air said it was worried about China''s reported plan to reduce tourists to South Korea, adding it is monitoring the situation. Its shares ended down 4.8 percent. The number of Chinese tourists to South Korea has nearly quadrupled to 8 million over the past five years, accounting for nearly half of foreign visitor numbers, government data shows. Chinese are by far the biggest spenders, propping up South Korea''s duty free market which generates about $8 billion in annual sales. "The reaction of the Chinese government against Korea''s THAAD deployment appears harsher than expected," Citi said in a report. South Korean firm Lotte Duty Free, which relies heavily on Chinese tourists at its up-market stores, on Thursday said a cyber attack originating from China crashed its website. One of its affiliates on Monday approved a land swap to allow the missile system to be deployed. Most of the company''s websites were running normally on Friday, but its Chinese portal was loading more slowly than usual. (Reporting by Hyunjoo Jin and Joyce Lee; Additional reporting by Jack Kim, Ju-min Park and Se Young Lee in SEOUL and Adam Jourdan in SHANGHAI, Ben Blanchard, Muyu Xu in BEIJING; Editing by Stephen Coates and Christopher Cushing)   Trump confidence bounce may finally allow Fed to leave zero rates far behind CHICAGO A surge in business and consumer confidence during President Donald Trump''s first weeks in office has helped push the Federal Reserve toward its first sustained series of interest rate hikes in more than a decade, despite a dearth of firm policies from the administration.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-southkorea-china-tourism-idUKKBN16A0O4'|'2017-03-03T15:00:00.000+02:00'
'284e509de9b70ebbdd9cdada2adf719d3184794c'|'After 15 years, lawsuit against UBS over Enron collapse is dismissed'|'U.S. - Wed Mar 1, 2017 - 11:59am EST After 15 years, lawsuit against UBS over Enron collapse is dismissed The logo of Swiss bank UBS is seen at a branch office in Zurich, Switzerland January 27, 2017. REUTERS/Arnd Wiegmann By Jonathan Stempel A federal judge in Houston has thrown out a lawsuit accusing UBS Group AG of hiding fraud by its client Enron Corp from retail customers, a decision that may end a 15-year legal battle stemming from the energy company''s December 2001 bankruptcy. In a 228-page decision on Tuesday, U.S. District Judge Melinda Harmon said UBS PaineWebber brokerage customers failed to show that the Swiss bank intended to defraud them into buying Enron securities. The customers accused UBS of trying to generate more fees by taking part in five transactions with Enron, such as loans and note offerings, that had no legitimate business purpose, and which were designed to create a facade that Enron was healthy. But the judge said "it was Enron (and its accountants and lawyers) ... that was responsible for using these transactions to ''cook its books,'' creating its allegedly fraudulent financial statements," and ultimately defraud the investing public. The plaintiffs failed to specify "exactly what nonpublic, material information the UBS entities knew about Enron, who discovered it, when, how, and under what circumstances and why it was fraudulent," Harmon wrote. Lawyers for the plaintiffs did not immediately respond on Wednesday to requests for comment. UBS did not immediately respond to similar requests. The plaintiffs chose to sue independently of other Enron investors who pursued similar claims in nationwide litigation. Harmon dismissed claims against UBS by another group of Enron investors last Aug. 2. A $7.2 billion securities class-action settlement in 2006 with several banks and other defendants over Enron''s collapse remains the largest on record. Once ranked seventh on the Fortune 500 list of large U.S. companies, Enron went bankrupt on Dec. 2, 2001. Its demise led to reforms including the federal Sarbanes-Oxley Act of 2002, and was the basis for the Oscar-nominated 2005 documentary "Enron: The Smartest Guys in the Room." Several executives went to prison, including former Enron Chief Executive Jeffrey Skilling for fraud and other offenses. He is eligible for release in February 2019, federal prison records show, after having his sentence shortened to 14 years from 24 years in 2013. Kenneth Lay, Skilling''s predecessor and successor as chief executive, was also convicted of fraud, but died in 2006 before he could be sentenced. The case is Lampkin et al v UBS PaineWebber Inc et al, U.S. District Court, Southern District of Texas, No. 02-00851. (Reporting by Jonathan Stempel in New York; Editing by Phil Berlowitz) Next In U.S. Trump gives nod to Republican tax-credit proposal on Obamacare WASHINGTON U.S. President Donald Trump backed the use of tax credits to help people purchase health insurance in a speech to Congress on Tuesday, the first time he signaled support for a key component of House Republican proposals to replace Obamacare.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-ubs-group-enron-idUSKBN16851X'|'2017-03-01T23:59:00.000+02:00'
'7901f3f5d0091410c4e30e1cbe059343be7985d3'|'Britain''s "City minister" sidelined from role in Brexit'|'World News - Wed Mar 1, 2017 - 12:07pm EST Britain''s ''City minister'' side lined from role in Brexit By Andrew MacAskill , Anjuli Davies and William Schomberg - LONDON LONDON Britain has side lined the minister responsible for financial services from addressing the impact on the sector of leaving the EU, a shakeup that a senior bank executive called a "vote of no confidence" in the industry''s main government contact. Lucy Neville-Rolfe, commercial secretary at the Treasury, has had Brexit''s impact on financial services added to her official portfolio, the Treasury said on Wednesday, confirming a change that had been made without fanfare several weeks ago. The responsibility of answering questions in parliament about Brexit''s impact on financial services has previously fallen to Simon Kirby, the Treasury''s economic secretary. Kirby''s post is known informally as "City minister", as the government''s liaison to the finance industry based in the City of London, the capital''s banking district. "Clearly, it''s a sign of a vote of no confidence in Kirby," said one senior bank executive, one of several industry figures who discussed the change in roles on condition of anonymity to avoid taking sides publicly in a political personnel matter. "Kirby is not responsible for Brexit even though it''s the biggest issue facing the City." Neville-Rolfe and Kirby both report to Treasury Secretary Philip Hammond. Kirby is listed ahead of Neville-Rolfe in the ranking of junior ministers on the Treasury''s website. The Treasury said Kirby would still have the same role as his predecessors as City minister, overseeing the government''s overall relationship with the financial sector. Having a second minister look at Brexit reflected "the importance we place on this area", it said in an email to Reuters in response to a request for comment on the change. Of the seven people who have held the post of City minister since it was created in 2008, Kirby, 52, is the first without either a background in financial services or a PhD in economics. Britain''s position as Europe''s financial center is emerging as one of the main issues of contention in talks over the terms of its exit from the EU. Some European politicians see an opportunity to challenge British dominance of finance after decades of viewing its free-wheeling "Anglo-Saxon" model of capitalism with suspicion. The industry figures who spoke to Reuters said bankers in London had been complaining quietly for months that Kirby, who founded a radio station and a chain of nightclubs in the seaside town of Brighton before going into local politics, seemed to lack expertise in their field. Several said their concerns grew after a meeting Kirby held with senior finance executives in November, at which he appeared unable to answer questions about government policy. They said they were happier with Neville-Rolfe, 64, a former senior civil servant, executive at Britain''s biggest supermarket chain Tesco and non-executive director of a number of large businesses. (Editing by Peter Graff) Iraqi army controls main roads out of Mosul, trapping Islamic State MOSUL, Iraq U.S.-backed Iraqi army units on Wednesday took control of the last major road out of western Mosul that had been in Islamic State''s hands, trapping the militants in a shrinking area within the city, a general and residents said. U.S. commander downplays chance of big Iraq, Syria troop hike WASHINGTON The top U.S. commander in Iraq on Wednesday downplayed the chances that the United States would deploy a large number of additional coalition forces to battle the Islamic State, even as President Donald Trump weighs options to speed the campaign. KABUL Afghan Taliban militants said they attacked police, military and intelligence targets in Kabul on Wednesday, as security officials confirmed attacks in two areas of the city that killed at least 15 people and wounded dozens. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-britain-eu-city-idUSKBN16852R'|'2017-03-01T23:57:00.000+02:00'
'fc54d37e60a71f8a6ef8ec74facce7907c6682a4'|'Japan''s Aso says wants to discuss rules for free trade with U.S.'|' 46am GMT Japan''s Aso says wants to discuss rules for free trade with U.S. Japanese Prime Minister Shinzo Abe (R) and Finance Minister Taro Aso attend a parliament session at the lower house of parliament in Tokyo, Japan, September 26, 2016. REUTERS/Kim Kyung-Hoon By Stanley White - TOKYO TOKYO Japanese Finance Minister Taro Aso said on Friday he wants to use the U.S.-Japan economic dialogue as a platform to discuss rules for free trade and investment. Aso said the dialogue would discuss economic policy, infrastructure and energy, but it is difficult to offer more details because U.S. President Donald Trump''s administration is yet to fill some vacant positions. "I want to discuss rules for free and fair trade and investment and hope that these rules can be spread throughout the world," Aso said. Japanese Prime Minister Shinzo Abe and Trump agreed last month to establish a new framework for economic dialogue to discuss trade and infrastructure investment to be chaired by Aso and U.S. Vice President Mike Pence. Japanese media have reported that Pence will visit Tokyo next month, but the White House has yet to make an official announcement. Shortly after taking office in January, Trump shocked Japanese policymakers by saying the Bank of Japan''s monetary easing amounts to currency manipulation and complaining about the low number of U.S. auto exports to Japan. Trump has since softened his tone on Japan, but there are concerns that the United States could adopt protectionist policies in the future to fulfil his pledge to make U.S. companies more competitive. The economic dialogue between the two countries is seen as a test of whether the United States and Japan can maintain good economic ties under the new U.S. administration (Reporting by Stanley White; Editing by Chris Gallagher)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-economy-aso-idUKKBN16A07R'|'2017-03-03T08:46:00.000+02:00'
'9fe2b43d8f7c1569172b24e9b49d146543fb7183'|'BRIEF-Insignia Systems Q4 loss per share $0.06'|'  8:02am EST BRIEF-Insignia Systems Q4 loss per share $0.06 March 3 Insignia Systems Inc * Q4 loss per share $0.06 * Insignia Systems Inc - total net sales decreased 22.8% to $5.7 million in Q4 2016 * Insignia Systems Inc - expecting a net loss in Q1 driven by reduced revenues * Insignia Systems Inc - current pops bookings for Q1 2017 are $4.4 million, compared to $5.6 million for Q1 2016 * Insignia Systems Inc - total bookings for pops programs set to run in final three quarters of 2017 is $8.6 million versus $8.4 million * Insignia Systems Inc - "company decided to discontinue sales of like machine, effective March 31st, 2017" * Insignia Systems Inc - in 2017, reducing overall costs and implementing a $1 million cost reduction plan * Insignia Systems Inc - Q1''17 revenue projecting to be below q1''16 - SEC filing * Insignia Systems Inc - expects new sales opportunities in back half of 2017 * Insignia Systems Inc - projecting a loss for 2017 due to investments necessary to restart revenue growth Source text for Eikon: ( bit.ly/2lBSfis )  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-insignia-systems-q4-loss-per-share-idUSFWN1GG0DG'|'2017-03-03T20:02:00.000+02:00'
'65342c82ee9e0470c378592bbdb7a7127285ec6b'|'Job losses, low wages add to Venezuela economic hardship'|'Company News  37am EST Job losses, low wages add to Venezuela economic hardship By Eyanir Chinea - CARACAS, March 2 CARACAS, March 2 On a recent morning, Venezuelan mother Rossana Suarez took her three children to work with her because school was canceled. In an unfortunate twist, they would witness her being dismissed as a receptionist for a medical equipment company and joining the growing ranks of Venezuelans without formal employment. "They did not give a reason. I swallowed hard and told my children not to cry," Suarez, 36, said under the midday sun outside an office of the Labor Ministry in Caracas where she and dozens of others waited from before dawn to lodge complaints. "My oldest daughter asked me, ''Mom, how are we going to eat? You''re the only one who works at home.''" Multiple companies - local and foreign - are closing doors or cutting payrolls across Venezuela, which despite its oil wealth is suffering deep recession, triple-digit inflation and chronic shortages. According to Consecomercio, a major retail industry group, Venezuela in the past 18 months lost close to 1 million private sector jobs. "Who is creating jobs? Nobody," said Consecomercio Vice President Alfonso Riera. "That unemployed population unfortunately is migrating to the street, informal work or worse." Government critics say nationalizations of businesses and more than a decade of price and currency controls have crippled private enterprise, but President Nicolas Maduro says Venezuela is a victim of an "economic war" led by business leaders with U.S. help. Venezuela has not reported official unemployment figures since April 2016, when the rate was at 7.3 percent. A survey by three universities showed unemployment at the end of 2016 remained at that level. But the study also found 38 percent of those surveyed were working informal jobs ranging from buying and reselling goods to freelance work without benefits. Only 28 percent said they were public employees and 27 percent had a job in the private sector. Late socialist leader Hugo Chavez reformed labor regulations to reduce hours, extend maternity leave and make dismissals almost impossible. Maduro, his successor and a former union activist, has continued that. Union sources said major companies such as food and beermaker Polar, carmaker Ford and bottler Cola-Cola Femsa all are reducing their workforce by negotiating redundancies and offering employees buyouts. "People are taking the packages," said Jhonny Magdaleno, who leads a Polar union. He said workers were being offered the equivalent of $2,500 at the black market exchange rate. "Production has fallen too much," he said. "The workers who are left are making 4,000 bolivars weekly ($1 at the black market rate). That doesn''t even enable them to buy a pack of flour." (Writing by Brian Ellsworth; Editing by Diego Ore and Bill Trott) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/venezuela-economy-idUSL2N1GE1NS'|'2017-03-02T22:37:00.000+02:00'
'b9bb97a0baf0890c7df2c42a4585ef5601e25a47'|'Companies back transgender rights in Supreme Court fight'|'Technology News - Thu Mar 2, 2017 - 10:04am EST Companies back transgender rights in Supreme Court fight File Photo: An Apple employee waves a rainbow flag before marching in the San Francisco Gay Pride Festival in California June 29, 2014. REUTERS/Noah Berger By Lawrence Hurley - WASHINGTON WASHINGTON A coalition of 53 companies on Thursday backed transgender rights at the U.S. Supreme Court, signing on to a brief supporting a Virginia student who is fighting to use the school bathroom that corresponds with his gender identity. Among the companies participating are Apple Inc, Microsoft Corp and IBM Corp. The court has scheduled oral arguments for March 28 on whether the Gloucester County School Board in Virginia violated a federal anti-discrimination law when it blocked Gavin Grimm, a female-born transgender high school student who identifies as male, from using the boys'' bathroom. A ruling is due by the end of June. The companies'' brief says they are "concerned about the stigmatizing and degrading effects" of the policy adopted by the school board. "Gender identity discrimination is a form of sex discrimination," the brief says. Among other companies that signed on to the brief are Yahoo Inc, Intel Corp, Amazon.com Inc and Twitter Inc. Thursday is the deadline for briefs supporting Grimm to be filed. It is uncertain whether the court will issue a major ruling in the case because the Trump administration on Feb. 22 rescinded Obama administration guidance to public schools to let transgender students use bathrooms corresponding to their gender identity. The court, which currently is one justice short, could take a cautious approach and send the case back to the Richmond, Virginia-based 4th U.S. Circuit Court of Appeals to reconsider its April 2016 ruling in favor of Grimm in light of the Trump administration''s action. The underlying question is whether a federal law that bars sex discrimination in education, known as Title IX, covers transgender students. (Reporting by Lawrence Hurley; Editing by Bill Trott) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-court-transgender-idUSKBN16922P'|'2017-03-02T22:04:00.000+02:00'
'69249aabadeb97beb6d2d2ab58d2ad96f900804b'|'Amazon blames human error for cloud-service disruption'|'Technology  15pm EST Amazon blames human error for cloud-service disruption FILE PHOTO: Amazon.com''s logo is seen at Amazon Japan''s office building in Tokyo, Japan, August 8, 2016. REUTERS/Kim Kyung-Hoon Amazon.com Inc ( AMZN.O ) blamed human error for the disruption in its cloud services that resulted in widespread glitches for its clients from news sites to government services on Tuesday. An incorrect command led to the removal of a larger set of servers than intended, the company said in a blog post on Thursday. ( amzn.to/2melOup ) The disruption in the company''s Simple Storage Service, or Amazon S3, lasted for more than 3-1/2 hours and impacted sending and receiving clients'' data. The company said it will make changes to improve the recovery time of its key S3 subsystems. (Reporting by Rishika Sadam in Bengaluru; Editing by Anil D''Silva) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-amazon-com-aws-outages-idUSKBN1692N2'|'2017-03-03T02:10:00.000+02:00'
'5cdcc2a23e79723f4cfa3061a05144f849742f41'|'Dealership Inchcape helped by Brexit-induced sterling drop as profits rise'|' 55am GMT Dealership Inchcape helped by Brexit-induced sterling drop as profits rise LONDON International dealership firm Inchcape ( INCH.L ) posted a 12 percent increase in underlying pre-tax profit on Wednesday and said it was continuing to benefit from the fall in the pound, as most of its sales came from abroad. Inchcape, which trades in over two dozen countries, said it made a full year pre-exceptional profit before tax of 349.4 million pounds, helped by the roughly 15 percent fall in the pound since the Brexit vote. "A supporting element for our results was the benefit from sterling''s weakness in the year, with over three quarters of profits denominated in other currencies," the firm said in a statement. (Reporting by Costas Pitas, editing by James Davey)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-inchcape-results-idUKKBN1683L2'|'2017-03-01T14:55:00.000+02:00'
'db189917cb1395e3179b6e605d1223e1fdd710cb'|'BRIEF-Omega Protein Q4 adjusted earnings per share $0.30'|' 21pm EST BRIEF-Omega Protein Q4 adjusted earnings per share $0.30 March 1 Omega Protein Corp: * Omega Protein announces fourth quarter and full year 2016 financial results * Q4 adjusted earnings per share $0.30 * Q4 earnings per share $0.19 * Q4 revenue $84.6 million versus I/B/E/S view $82.5 million * Q4 earnings per share view $0.37 -- Thomson Reuters I/B/E/S  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-omega-protein-q4-adjusted-earnings-idUSASB0B38P'|'2017-03-02T04:21:00.000+02:00'
'f10738b7a1ce4a97e209df7a2be104c8e9901662'|'BRIEF-Conifer Q4 loss per share $1.11'|' 20pm EST BRIEF-Conifer Q4 loss per share $1.11 March 2 Conifer Holdings Inc * Conifer Holdings reports 2016 fourth quarter and year end financial results * Q4 loss per share $1.11 * Qtrly net earned premiums increased 26.9% to $24.5 million * Book value per share of $8.88 at december 31, 2016, compared to $10.11 at december 31, 2015  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-conifer-q4-loss-per-share-idUSASB0B37M'|'2017-03-02T04:20:00.000+02:00'
'003e6432a4a7c19553dfc61d786d6213b62e70ef'|'Uber''s self-driving unit quietly bought firm with tech at heart of Alphabet lawsuit'|'  4:08am GMT Uber''s self-driving unit quietly bought firm with tech at heart of Alphabet lawsuit A man arrives at the Uber offices in Queens, New York, U.S., February 2, 2017. REUTERS/Brendan McDermid By Alexandria Sage - SAN FRANCISCO SAN FRANCISCO A company now owned by Uber last year quietly bought a small firm specializing in sensor technology used in autonomous vehicles, giving the ride services company a patent in the technology and possibly a defence against a trade secrets theft lawsuit filed against it by rival Alphabet Inc. The chief executive of little-known Tyto Lidar LLC said in a May 2016 post on LinkedIn that the company had been sold, at the same time as he and three other executives joined Otto, according to their profiles on the online business network. Official U.S. patent data shows Otto acquired Tyto technology at the same time. Otto, a self-driving truck startup founded by former Alphabet employees, was bought by Uber in August. The unpublicised acquisition may become a factor in the high-stakes legal fight between Uber and Alphabet, the parent of Google, as the two Silicon Valley companies aggressively develop self-driving technology, widely seen as the future of private road transport in the United States. Equally, it may end up being a footnote in the complex litigation, which could take years to unfold. Alphabet''s autonomous car unit Waymo sued Uber and Otto last week, alleging that former employee Anthony Levandowski, who left Waymo to set up Otto, downloaded and stole more than 14,000 confidential files, including details on light detection and ranging sensor technology, known as Lidar, a crucial element in most self-driving car systems. It claimed that without those Waymo designs, Uber could not have developed its technology as fast as it says. An Uber spokesperson declined to comment on Tyto, citing the pending litigation, but called Waymo''s lawsuit "a baseless attempt to slow down a competitor." Waymo declined to comment on Tyto. ''STRIKING RESEMBLANCE'' In its lawsuit, Waymo said that by mid-2016, Uber was "more than five years behind in the race to develop vehicle automation technology suitable for the mass market," yet it built a Lidar system comparable to Waymo''s "in only nine months". However, the acquisition of Tyto means that at least two executives with long experience in Lidar – one as early as 2009, according to his LinkedIn profile - transferred to Otto and then Uber. Both had previously worked at Velodyne, another Silicon Valley Lidar pioneer, according to LinkedIn. Tyto also came to Otto with a patent for a Lidar scanner that was filed in 2013 and has since been reassigned to Uber, according to the U.S. Patent & Trademark Office website. Eric Goldman, an intellectual property (IP) law professor at Silicon Valley''s Santa Clara University School of Law, said the Tyto acquisition and its patent "could help rebut" Waymo''s suggestion that Uber scaled up too quickly to have its own Lidar technology. Trade secret plaintiffs commonly make circumstantial cases, such as Waymo implying that Uber could not have developed its own technology as fast as it purported to do, Goldman said. "That prong of their arguments could be rebutted," Goldman said. He cautioned, however, that Tyto''s expertise and patent "may be irrelevant" if Waymo can prove its central allegation: that Levandowski downloaded confidential trade secrets before leaving the company to form Otto - and that Uber exploited this stolen information to design a Lidar circuit board with a "striking resemblance" to Waymo''s. In an interview with Forbes in October that was published on Tuesday, Levandowski said Uber did not steal trade secrets from Google. "We did not steal any Google IP," he told the magazine. Waymo says its patented Lidar technology is among its most valuable assets because it had successfully managed to reduce the price of the sensor by 90 percent. All Lidar makers are seeking to reduce cost and size. Promotional material for Tyto from a 2015 trade conference said Tyto''s technology "enables lower cost, lighter weight and smaller size Lidar sensors." (Reporting by Alexandria Sage; editing by Peter Henderson and Bill Rigby)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-autonomous-lawsuit-idUKKBN16835T'|'2017-03-01T10:57:00.000+02:00'
'2caa2058720261a15bde1973f68039f683fc59d1'|'India factory activity expands at a slightly faster pace in February'|' 08am GMT India factory activity expands at a slightly faster pace in February Employees work inside the Mahindra & Mahindra manufacturing plant in Chakan, India, September 30, 2016. REUTERS/Danish Siddiqui BENGALURU Indian   a second straight month in February, while an increase in raw material costs pushed firms to raise prices at the fastest rate in nearly three and a half years, a business survey showed on Wednesday. The Nikkei Manufacturing Purchasing Managers'' Index INPMI=ECI, compiled by IHS Markit, rose to 50.7 in February from 50.4 in January. That beat a Reuters poll median of 50.3 and was the highest level since November. Readings above 50.0 signal an expansion in activity. "Indian manufacturers benefited from recovering demand and raised production volumes. However, with growth rates well below-par, the sector still has many areas to develop before it can fire on all cylinders," said Pollyanna De Lima, an economist at survey compiler IHS Markit. "Businesses don''t yet seem convinced as to the sustainability of the rebound." Prime Minister Narendra Modi''s government unexpectedly scrapped high-value notes in circulation in November, a move that left farmers, traders and companies who rely on cash transactions in a quandary. Government data published on Tuesday that showed India''s economy grew 7.0 percent in October-December from a year earlier. That was higher than every forecast in a Reuters poll of 30 economists. The PMIs suggest weaker private sector activity. Still, they denoted higher demand - both domestic and foreign, prompting firms to increase production. A steep rise in commodity prices pushed companies to raise prices charged to consumers at the fastest pace since October 2013. The output prices sub-index in the latest survey rose to 53.4 from January''s 50.7. Inflation pressure supports the Reserve Bank of India''s surprise move last month to keep rates unchanged, and shift its policy stance to neutral from accommodative. (Reporting by Purnita Deb; Editing by Richard Borsuk; Contact info: purnita.deb@thomsonreuters.com; +91-80-6749-6735; Reuters Messaging: purnita.deb.thomsonreuters.com@reuters.net)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-india-economy-pmi-idUKKBN16838H'|'2017-03-01T12:08:00.000+02:00'
'38da57cec889e9d90cfa7684d17e2241d3b252b5'|'Merlin confident about the year ahead after hitting 2016 profit goal'|'  7:28am GMT Merlin confident about the year ahead after hitting 2016 profit goal The London Eye is seen at dawn in central London October 21, 2013. REUTERS/Toby Melville LONDON Britain''s Merlin Entertainments ( MERL.L ), operator of tourist attractions such as Madame Tussauds waxworks and Legoland, on Tuesday reported a 3.4 percent rise in 2016 pre-tax profit and said it remained confident it could deliver a good year ahead. The world''s second-biggest visitor attractions group behind Walt Disney ( DIS.N ) said it made a pretax profit of 277 million pounds ($340 million), compared with analysts'' average forecast of 273 million pounds and 250 million pounds made in 2015. "As we move into 2017, with ongoing volatility in a number of our markets and continued cost pressures, we will increase our focus on cost efficiency and productivity," Chief Executive Nick Varney said. "We continue to be excited about the long term growth opportunities for Merlin. Whilst we are planning prudently, we remain confident of a good performance in the year ahead." ($1 = 0.8150 pounds)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-merlin-ent-results-idUKKBN1690P6'|'2017-03-02T14:28:00.000+02:00'
'46465b065bfe63c59c1166aea9e61240a57f5b9a'|'UK construction picks up pace in February, but new orders slow - PMI'|'Property News - Thu Mar 2, 2017 - 11:15am GMT UK construction picks up pace in February, but new orders slow - PMI Cranes are seen on a construction site in London''s financial district of Canary Wharf, Britain December 1, 2016. REUTERS/Kevin Coombs LONDON Growth across Britain''s construction industry picked up slightly in February, driven by the civil engineering sector, though a slowdown in new orders added to recent mixed signals for the economic outlook, a survey showed on Thursday. The Markit/CIPS Construction Purchasing Managers'' Index (PMI) edged up to 52.5 from 52.2 in January, above forecasts in a Reuters poll that had pointed to an unchanged reading. Growth in housebuilding cooled to a six-month low and commercial construction activity contracted for the first time in four months, but this was outweighed by an improvement across civil engineering firms. New orders increased at the slowest pace since October and construction companies found scant respite from spiralling price pressures, which increased last month at a pace just shy of January''s 8-1/2-year record. "Survey respondents mainly cited an underlying slowdown in sales growth, with the latest rise in new work the weakest for four months," said Tim Moore, senior economist at survey compiler IHS Markit. "In some cases, construction companies reported that sharply rising input prices had a disruptive impact on contract negotiations." Optimism among construction companies declined a little after hitting a 13-month peak in January. Construction accounts for around 6 percent of British economic output, a fraction of the size of the dominant services industry. Markit is due to publish its PMI for services on Friday. The Bank of England is watching closely for signs of a slowdown in Britain''s economy this year, caused by rising inflation and weaker spending power among consumers. However, it has forecast growth of 2.0 percent, stronger than expected by economists polled by Reuters. (Corrects month in headline to February, not January) (Reporting by Andy Bruce, editing by John Stonestreet) Next In Property News UK house prices accelerate, 2017 still seen sluggish - Nationwide LONDON British house price rose more quickly than expected in February, recovering from the weakest month for more than a year in January but concerns about Brexit are likely to weigh on the market in 2017, mortgage lender Nationwide said on Wednesday.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-pmi-idUKKBN16911K'|'2017-03-02T18:15:00.000+02:00'
'2c4c3070a4a92b039cca2aaa1857fd4be6fefe17'|'BRIEF-Sonic Corp appoints Clifford Hudson to reassume position of president'|' 36pm EST BRIEF-Sonic Corp appoints Clifford Hudson to reassume position of president March 3 Sonic Corp: * Sonic Corp - appointed Clifford Hudson to reassume position of president, in addition to role as chairman of board and ceo, effective March 9, 2017. * Sonic Corp - Hudson''s appointment followed Todd Smith''s resignation Source text:( bit.ly/2mVWAyj )  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-sonic-corp-appoints-clifford-hudso-idUSFWN1GG0TF'|'2017-03-04T05:36:00.000+02:00'
'9a487d40c230d9c41a1f9d97de4b5f39eacb7851'|'Continental CEO eyes new business from Opel-Peugeot deal'|'Business News -  17am GMT Continental CEO eyes new business from Opel-Peugeot deal Elmar Degenhart, CEO of German tyre company Continental, poses for the media before the annual news conference in Hanover, Germany March 2, 2017. REUTERS/Fabian Bimmer BERLIN Continental ( CONG.DE ) expects a possible tie-up between PSA Peugeot Citroen ( PEUP.PA ) and General Motors'' ( GM.N ) Opel division would boost its business, its chief executive said. "Opportunities emerge because platforms will be standardized and higher and more interesting volumes will arise" for suppliers, CEO Elmar Degenhart said during a conference call after the automotive supplier published results on Thursday. Separately, Continental said it planned to raise prices for summer and winter tyres to help offset 500 million euros ($526.55 million) of expected headwinds from rising raw material prices this year. Degenhart also said the company wanted to keep growing through acquisitions and had many ideas on M&A, but declined further comment. ($1 = 0.9496 euros) (Reporting by Andreas Cremer and Jan Schwartz; Editing by Maria Sheahan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-continental-results-opel-idUKKBN16915H'|'2017-03-02T17:17:00.000+02:00'
'6f97876083d605ae1930e56c21ca7a9a9c234e99'|'BRIEF-Henkel submits binding offer to acquire Darex Packaging Technologies for $1.05 bln'|' 58am EST BRIEF-Henkel submits binding offer to acquire Darex Packaging Technologies for $1.05 bln March 2 Henkel Corp * Henkel submits binding offer to acquire Darex Packaging Technologies for $1.05 billion US dollars * Henkel - GCP will begin a consultation process with relevant works councils and labor unions * Henkel-Entered exclusive negotiations with GCP applied technologies to buy Its Darex Packaging Technologies business for $1.05 billion on cash, debt free basis  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-henkel-submits-binding-offer-to-ac-idUSASB0B3G2'|'2017-03-02T20:58:00.000+02:00'
'75341a6ecb019f6019e1af75eabf33d67e7466b0'|'MOVES-Tim Gardener joins Aon Hewitt''s investment consulting team as partner'|'Company  32am EST MOVES-Tim Gardener joins Aon Hewitt''s investment consulting team as partner March 2 Aon Hewitt, a unit of Aon Plc, said on Thursday Tim Gardener joined its investment consulting team as a partner. Gardener joined Aon Hewitt after seven years with AXA Investment Managers, where he was the global head of the institutional client group. He previously worked at consultancy firm Mercer for 24 years, leaving the firm as a worldwide partner and global chief investment officer. (Reporting by Sruthi Shankar in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/aon-plc-moves-tim-gardener-idUSL3N1GF3Y2'|'2017-03-02T19:32:00.000+02:00'
'f694e33eb073d3255fb7c88ce8ee70a6038934b0'|'Kion CEO says does not expect Weichai to hike stake further'|'HEUSENSTAMM, Germany German forklift truck maker Kion ( KGX.DE ) does not expect its Chinese shareholder Weichai Power ( 000338.SZ ) to increase its stake beyond its current level of around 43.3 percent, its chief executive told Reuters."I cannot see any strategic advantage to an increase," Gordon Riske said on Thursday after Kion published its 2016 financial results.Weichai can already consolidate Kion''s profits and has three of the 16 seats on the German company''s supervisory board."We have a standstill agreement until summer 2018 according to which Weichai cannot increase its stake to more than 49 percent," Riske said. "After that we''ll have to see."(Reporting by Elke Ahlswede; Writing by Maria Sheahan; Editing by Victoria Bryan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-kion-results-weichai-power-idINKBN1691C4'|'2017-03-02T08:15:00.000+02:00'
'dfd4f89e961242b4505145312b7754805fb51cf3'|'LSE-Deutsche Boerse HQ would be in London - LSE CEO'|'Economy News - Fri Mar 3, 2017 - 9:13am GMT LSE-Deutsche Boerse HQ would be in London: LSE CEO London Stock Exchange CEO Xavier Rolet reacts during a conference on financial regulation, in London, Britain November 11, 2015. REUTERS/Suzanne Plunkett LONDON If the merger of the London Stock Exchange and Deutsche Boerse goes ahead, it would have its head office in London as planned, LSE Chief Executive Xavier Rolet said on Friday. Regulators in Germany are pressing for the head office to be moved to Frankfurt as they don''t want it to be based outside the European Union given Britain''s decision to leave the bloc. "This is built as a merger, not to see shifts in power," Rolet told a media conference call. "This is not a nationalism fueled project." On Sunday the LSE has said it would not accept a key condition set by EU competition officials for approving the 29 billion euro merger, effectively pulling the plug on the deal. Rolet is set to leave the LSE if the deal goes ahead, but on Friday said that if the merger collapses, then "it looks like my retirement has been postponed". (Reporting by Huw Jones; Editing by Alexander Smith) Next In Economy News Trump confidence bounce may finally allow Fed to leave zero rates far behind CHICAGO A surge in business and consumer confidence during President Donald Trump''s first weeks in office has helped push the Federal Reserve toward its first sustained series of interest rate hikes in more than a decade, despite a dearth of firm policies from the administration.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-lse-deutsche-boerse-hq-idUKKBN16A0TZ'|'2017-03-03T16:09:00.000+02:00'
'6ae9b4a56bc4f2bb2bdccb43a04e720d36a18eb5'|'Aldermore''s full-year profit jumps 34 percent'|' 37am GMT Aldermore''s full-year profit jumps 34 percent Aldermore Group Plc ( ALD.L ) reported a 34 percent jump in full-year profit as the British bank issued more mortgages and loans to homeowners as well as small and medium enterprises. The bank, founded in 2009 by former Barclays executive Phillip Monks with backing from AnaCap, said underlying pretax profit rose to 133 million pounds for the year ended Dec. 31, from 99 million pounds a year earlier. Loan originations - the process by which a borrower applies for a new loan - grew 24 percent to 3.2 billion pounds from the previous year, resulting in a total loan growth of 22 percent at 7.5 billion pounds, Aldermore said. "We were able to deliver such a strong performance despite the uncertainty presented by the UK''s referendum on EU membership," Aldermore Chief Executive Phillip Monks said in a statement. "While the full political and economic implications of this decision are as yet unknown, the UK economy has remained resilient to date, and we continue to closely monitor our operating environment for any change," he added.   Esha Vaish and Noor Zainab Hussain in Bengaluru; Editing by Gopakumar Warrier)   DBS CEO says wealth management to account for a fifth of bank''s revenue SINGAPORE DBS Group Holdings Ltd expects to expand its wealth management operations as Asia''s wealth grows, accounting for as much as 20 percent of the bank''s total income over the next few years, Piyush Gupta, the CEO of Southeast Asia''s largest bank by assets, said.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-aldermore-group-results-idUKKBN1690RK'|'2017-03-02T14:37:00.000+02:00'
'c179c8e3ed3296b1656c9c7df2be1d218f168b22'|'PSA Group, GM announce Monday morning press conference'|'PARIS General Motors and France''s PSA Group will hold a press conference on Monday morning, they said on Saturday, with the subject expected to be the acquisition of the U.S. carmaker''s loss-making Opel unit.On Friday, sources said PSA Group, which makes Peugeot and Citroen cars, had struck a deal with GM to buy Opel division.The press conference will be on Monday at 0815 GMT, PSA and GM said, without specifying the subject.(Reporting by Laurence Frost; Editing by Victoria Bryan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-opel-m-a-psa-idINKBN16B07N'|'2017-03-04T06:11:00.000+02:00'
'45046a5022c9e6eccd62b18e9b8a48ed9af34a72'|'Aberdeen exploring options for tie-up with Standard Life: Sky'|'LONDON Scottish fund manager Aberdeen Asset Management ( ADN.L ) is exploring possible options for a tie-up with insurer Standard Life ( SL.L ), Sky News reported on Saturday, in a deal which could total 11 billion pounds ($13.52 billion).The deal could involve a full merger or a tie-up between Aberdeen and Standard Life Investments, the insurer''s asset management arm, according to unnamed sources cited by Sky.Standard Life declined to comment, while Aberdeen could not be immediately reached for comment.A competitive environment and the need to cost-cuts is fuelling merger activity in the fund management sector, with London-based asset manager Henderson Group ( HGGH.L ) agreeing to buy U.S. rival Janus Capital Group Inc ( JNS.N ) last year in an all-share $6 billion deal.Both Aberdeen and Standard Life Investments'' flagship GARS multi-asset funds saw outflows last quarter, and Standard Life Chief Executive Keith Skeoch said the firm was "continually scanning the horizon to see what''s available" when it came to M&A.Standard Life has a market cap of 7.5 billion pounds, with Aberdeen roughly half the size.(Reporting by Alistair Smout; Editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-aberdeen-asset-m-a-standard-life-idINKBN16B0EU'|'2017-03-04T11:37:00.000+02:00'
'9a525be72b42e43c8111875310bc353448fb8cc9'|'Japan''s Nikkei share average rises to 14-1/2-month high'|'Company News - Wed Mar 1, 2017 - 7:10pm EST Japan''s Nikkei share average rises to 14-1/2-month high TOKYO, March 2 Japan''s Nikkei share average rose to a level not seen in more than 14 months after Wall Street soared and the dollar gained on rising expectations that the U.S. Federal Reserve will raise U.S. interest rates at its March meeting. The Nikkei rose as much as 1.2 pct to 19,629.95 soon after the market opened, the highest level since December 2015. The broader Topix added 1.3 percent to 1,672.86 and the JPX-Nikkei Index 400 advanced 1.3 percent to 14,101.82. (Reporting by Ayai Tomisawa; Editing by Chang-Ran Kim) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-morning-idUSL3N1GE1L0'|'2017-03-02T07:10:00.000+02:00'
'defad9f99372d47192f568728767a8b5df909e05'|'Gold slips as dollar firms on bets for March rate hike'|'  7:06am IST Gold slips as dollar firms on bets for March rate hike FULL COVERAGE: INDIA ELECTIONS 2017 Gold bars are seen at the Austrian Gold and Silver Separating Plant ''Oegussa'' in Vienna, Austria, March 18, 2016. REUTERS/Leonhard Foeger/File Photo - Gold prices slipped on Thursday after the dollar firmed on hawkish comments from U.S. Federal Reserve officials that stoked expectations of a U.S. interest rate hike in March. FUNDAMENTALS * Spot gold XAU= had dropped 0.2 percent to $1,247 per ounce by 0049 GMT. It hit its highest since Nov. 11 at $1,263.80 on Feb. 27. * U.S. gold futures GCcv1 fell 0.2 percent to $1,247.60. * The dollar index .DXY was firm at 101.820 * U.S. consumer spending cooled in January as demand for automobiles and utilities fell, but inflation recorded its biggest monthly increase in four years, raising the probability of an interest rate hike from the Fed this month. * The Fed is   rate   "soon". *   Fed governors   *   * Britain''s factories have started 2017 strongly but consumers are turning more cautious about borrowing to spend, according to data which suggested the economy will slow after defying the Brexit shock in 2016. * Asian factories extended a global manufacturing revival as activity picked up steam in February, though the outlook for many of the region''s export-reliant economies remained uncertain in the wake of U.S. President Donald Trump''s protectionist stance. * China''s move to open its derivatives market to foreign bond investors could help counter outflows but lingering concerns about capital controls are keeping offshore investors cautious. * Holdings of SPDR Gold Trust ( GLD ), the world''s largest gold-backed exchange-traded fund, rose 0.28 percent to 843.54 tonnes on Wednesday from 841.17 tonnes on Tuesday. [GOL/ETF] * India''s February gold imports surged to 50 tonnes, up more than 82 percent from a year ago, on pent-up jeweller demand and as retail consumers ramped up purchases for weddings, provisional data from consultancy GFMS showed on Wednesday. DATA AHEAD (GMT) 0700 Germany Import prices Jan 1000 Euro zone Inflation Feb 1000 Euro zone Producer prices Jan 1000 Euro zone Unemployment rate Jan 1330 U.S. Weekly jobless claims 1445 U.S. ISM-New York index Feb (Reporting by Nallur Sethuraman in Bengaluru; Editing by Joseph Radford) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-precious-idINKBN16906V'|'2017-03-02T08:36:00.000+02:00'
'37448de1bfa2834b5500fc611aee86d0414516d8'|'Caterpillar is sued by a shareholder after federal raid'|'March 3 Caterpillar Inc was sued on Friday for allegedly deceiving shareholders about its business, one day after federal law enforcers raided three of its buildings in connection with a probe into the heavy machinery manufacturer''s offshore tax practices.In a complaint filed in Chicago federal court, Jacob Newman accused Caterpillar of defrauding him and other shareholders in regulatory filings by touting its commitment to good ethics, while concealing how it "unlawfully used foreign subsidiaries" to avoid paying billions of dollars of U.S. taxes.Caterpillar did not immediately respond to requests for comment after business hours.Shares of Caterpillar fell 4.3 percent on Thursday, wiping out more than $2.4 billion of the Peoria, Illinois-based company''s market value.The company said it believed the raid by officials from agencies including the Internal Revenue Service''s criminal investigation division, the Department of Commerce and the Federal Deposit Insurance Corp was connected with an IRS probe related to a Swiss parts unit, Caterpillar SARL.Caterpillar has been fighting an IRS demand that it pay $2 billion in taxes and penalties for shifting profit to the Swiss unit to lessen its U.S. tax bill.Newman is seeking unspecified damages in his proposed class-action lawsuit on behalf of Caterpillar investors from Feb. 19, 2013 through March 1.The lawsuit also names Caterpillar Chief Executive Jim Umpleby, Chairman Douglas Oberhelman and Chief Financial Officer Bradley Halverson as defendants. Oberhelman preceded Umpleby as chief executive.Companies often face U.S. lawsuits accusing them of securities fraud shortly after unexpected negative news causes a decline in their stock prices. It is unclear how many lawsuits Caterpillar might face.The case is Newman v. Caterpillar Inc et al, U.S. District Court, Northern District of Illinois, No. 17-01713. (Reporting by Jonathan Stempel in New York; Editing by Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/caterpillar-lawsuit-idINL2N1GG1T9'|'2017-03-03T20:51:00.000+02:00'
'a48c8f623c0feeafb42b7f62e8954471c9eb42df'|'Thousands of soy trucks stranded on swamped Amazon highway in Brazil'|'Commodities  24pm EST Thousands of soy trucks stranded on swamped Amazon highway in Brazil By Gustavo Bonato - SAO PAULO SAO PAULO About 3,000 trucks carrying soy beans are backed up on a major road to port through the Amazon region that has become impassible due to swamps caused by heavy rainfall, highway police said on Wednesday. Trucks have become bogged down on an unpaved section of the BR-163 highway in southern Pará state, running up loses of $400,000 a day for grain traders moving soy from Mato Grosso to northern ports, the main lobby for Brazil''s soy business said. Some vehicles have been pulled through with the help of heavy earthmoving equipment, but the bulk of the trucks cannot advance, according to the highway police in Santarém in Pará. "Things are still critical. Work on the road has improved the situation somewhat, but the rain really complicates the work," highway police officer Bruno Bittencourt told Reuters. Weather permitting, the national highway department DNIT expects to free the traffic flow of loaded trucks heading north on BR-163 by Friday with the help of Army engineers. Southbound traffic heading for Mato Grosso has been moving forward since Tuesday on the swamped 37 km (23 mile) section, the DNIT said in a statement. Thomson Reuters'' Agriculture Weather Dashboard, however, forecast continued heavy rainfall in the area for the next two weeks. The BR-163 highway, which the government says will be fully paved in Para state by next year, is a vital route for shipping out Mato Grosso soy through port terminals on the Tapajós River in Itaituba, in the Miritituba district. Major grain companies Cargill, Bunge and Hidrovias do Brasil have terminals that load barges on the river for transshipment in ports down river near Belém. But no soy has arrived in Miritituba since Feb. 18, according to Daniel Furlan Amaral, manager of Abiove, the lobby for companies that export and process soy in Brazil. The trading companies declined to comment on the holdup. (Reporting by Gustavo Bonato; Writing by Anthony Boadle; Editing by Alistair Bell) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-brazil-soybeans-road-idUSKBN1685AN'|'2017-03-02T01:18:00.000+02:00'
'3f77438904f62c89a329340eebf9fbc2b94b78c5'|'European shares end flat, Melrose and Subsea impress'|'Company News - Thu Mar 2, 2017 - 12:32pm EST European shares end flat, Melrose and Subsea impress * STOXX 600 flat at close * Rights issue helps Cobham, results boost Melrose, Subsea * Engie leads utilities * Disappointments from Capita, Travis Perkins weigh (Adds quotes and detail, updates prices at close) By Kit Rees and Helen Reid LONDON, March 2 European shares paused for breath on Thursday after a strong rally in the previous session, though there were sharp gains from Britain''s Melrose and Norway''s Subsea after well-received results. The pan-European STOXX 600 index ended flat, weighed down by falls among basic resources and banking stocks. What has been a generally impressive European earnings season is moving into its latter stages. "With 75 percent of companies having reported, STOXX 600 Q4 earnings per share are up 12.1 percent year on year, the strongest number since Q4 2013," Deutsche Bank analysts said. Results supported British mid-cap engineering turnaround specialist Melrose Industries, which hit a record high, up 10.5 percent, after its full-year revenue more than tripled, helped by its acquisition of U.S. ventilation maker Nortek Industries. Subsea 7, the Norwegian oil services company, was up 5.5 percent after it posted a fourth-quarter earnings beat and said it would pay a special dividend. The firm had been a short-selling target, with 8.8 percent of it shares outstanding on loan according to IHS Markit, though this number diminished 10 percent in the past month. Engie, the French gas and power company, led the top-gaining utilities sector, up 8.2 percent and marking its best day since late 2008 after it posted 2016 earnings in line with analysts'' expectations. British engineering firm Cobham, however, was the top gainer, jumping more than 13 percent after saying it would raise 500 million pounds ($614 million) in a rights issue to put the company on a stronger footing after a "deeply disappointing" 2016. "The context for the rights issue is essentially the weak 2H16 operating cash conversion, something that appears to have been due to a sharp increase in working capital," Sandy Morris, equity analyst at Jefferies, said. "In terms of trading, 2H16 may not have shown the hoped for improvement on 1H16, but our sense is that in 2H16 much of the Group still performed satisfactorily." British outsourcing firm Capita sank to the bottom of the STOXX, down 9.1 percent after posting disappointing results and announcing its CEO''s departure. British housebuilder Travis Perkins was another top faller after it posted a decline in profit due to weak performance in its plumbing and heating business. (Reporting by Kit Rees and Helen Reid; editing by John Stonestreet) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL5N1GF6GR'|'2017-03-03T00:32:00.000+02:00'
'11886156580bbb559f69302aae7c0642ed6188e1'|'IMF reaches deal with Ukraine paving way for next loan disbursal'|'Business News - Sat Mar 4, 2017 - 6:59pm GMT IMF reaches deal with Ukraine paving way for next loan disbursal The International Monetary Fund logo is seen inside its headquarters at the end of the IMF/World Bank annual meetings in Washington, U.S., October 9, 2016. REUTERS/Yuri Gripas KIEV The International Monetary Fund said on Saturday it had reached an agreement with Ukraine on an updated memorandum under a $17.5 billion programme, paving the way for its board to consider the disbursement of the fourth loan tranche later in March. "The IMF staff has reached agreement with the Ukrainian authorities on an updated memorandum of economic and financial policies," Ron van Rooden, the IMF''s Ukraine mission chief, said in a statement. Disbursements under the programme have been delayed repeatedly over the past two years due to stop-start progress on reforms. The latest tranche of $1 billion was contingent on Ukraine passing an IMF-backed 2017 budget and implementing banking system reforms. (Reporting by Natalia Zinets; Writing by Alessandra Prentice; Editing by Hugh Lawson) Next In Business News Peugeot poised to buy GM''s Opel, creating European car giant PARIS/LONDON France''s PSA Group is set to announce a deal to buy Opel from General Motors on Monday after striking an agreement with the U.S. carmaker and winning the blessing of its board for the acquisition. The maker of Peugeot, Citroen and DS cars said on Saturday it would hold an early Monday press conference with GM, at which the transaction is expected to be presented after Reuters reported that a deal had been struck between the two automakers.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ukraine-crisis-imf-idUKKBN16B0NP'|'2017-03-05T01:59:00.000+02:00'
'e7385c28732df113850cd858635a72e9ee7cbe48'|'Deutsche Bank board to meet Sunday to discuss capital hike: sources'|'Business News - Sat Mar 4, 2017 - 6:14am EST Deutsche Bank board to meet Sunday to discuss capital hike: sources The head quarters of Germany''s Deutsche Bank are photographed early evening in Frankfurt, Germany, January 31, 2017. REUTERS/Kai Pfaffenbach FRANKFURT Deutsche Bank''s ( DBKGn.DE ) supervisory board will meet on Sunday to discuss plans for a potential capital increase of around 8 billion euros ($8.5 billion), two sources familiar with the matter said on Saturday. Germany''s biggest bank said on Friday it was also examining several strategic measures including an initial public offering of a minority stake in its asset management business as well as retaining its Postbank unit and integrating it into its other German retail business. The meeting on Sunday is expected to take place around noon, the sources said. (Reporting by Kathrin Jones and Alexander Huebner; Writing by Victoria Bryan; Editing by Alexander Smith) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-deutsche-bank-capital-idUSKBN16B0AC'|'2017-03-04T18:14:00.000+02:00'
'68c8fb50845ff0ced22e0dcffecc49733c54be5b'|'Music service Spotify tweets it now has 50 million paid subscribers'|'  1:47pm GMT Music service Spotify tweets it now has 50 million paid subscribers Headphones are seen in front of a logo of online music streaming service Spotify in this February 18, 2014 illustration picture. REUTERS/Christian Hartmann/File Photo Spotify has reported via Twitter that it now has 50 million paid subscribers, a rise of 25 percent in less than six months, and extending the music streaming service''s lead over its closest rival, Apple Music. Launched in 2008, Spotify had 40 million paid subscribers in September and the company tweeted the 50 million figure on Thursday, the same day messaging app company Snap Inc SNAP.O pulled off its massive share sale that bodes well for other technology companies considering a flotation. Apple ( AAPL.O ), which launched its music service less than two years ago, had about 20 million subscribers in December and its entry looks to have done little to slow the rapid growth of its older Swedish-based rival. Spotify, which has yet to show a profit as it spends to grow internationally, is now looking at a possible stock market listing in the United States, online news portal TechCrunch said last month. A company spokeswoman declined to comment on Friday on when it might seek a listing. But a partner at a leading investor in Spotify, venture capital firm Northzone, said late last year the company could start to become profitable as early as 2017 after years of focusing squarely on "growth, growth, growth". Spotify is the most highly valued venture backed start-up in Europe and according to media reports is considering a listing on Nasdaq and potentially a dual listing on the Nasdaq exchange in Stockholm, where the company is headquartered. It was last valued at $8.53 billion, according to venture capital market research firm CB Insights. That valuation alone would make a flotation Europe''s biggest technology start-up listing since the market launch of German e-commerce investor Rocket Internet ( RKET.DE ) in 2014. While still loss-making, Spotify has posted rapid subscriber growth since it was created a decade ago by Swedish founders Daniel Ek and Martin Lorentzon. Following its announcement on Thursday that it had reached 50 million paid subscribers, Ek made a point of retweeting a comment from Wall Street media analyst Rick Greenfield which pointed to how Spotify was adding subscribers at an increasingly rapid rate. The Stockholm-based company also announced a major expansion in New York last month. One of Europe''s most highly valued venture-backed start-ups, Spotify will move its New York office to the World Trade Center from the Midtown area of Manhattan, adding more than 1,000 new jobs. In 2016 Americans used on-demand streaming platforms, such as Spotify, to listen to 431 billion music tracks, Nielsen said in its U.S. year-end report. (Reporting by Ismail Shakil in Bengaluru and Eric Auchard in Barcelona; writing by Niklas Pollard; Editing by Sandra Maler, Greg Mahlich)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-spotify-subscribers-idUKKBN16A06J'|'2017-03-03T20:47:00.000+02:00'
'27913c1ba6b6271ee607f2fa77c269cf5c31d3f5'|'Fed and ECB go their separate ways'|'Business   8:01am EST Fed and ECB go their separate ways The United States Federal Reserve Board building is shown in Washington October 28, 2014. REUTERS/Gary Cameron By Balazs Koranyi - FRANKFURT FRANKFURT Two of the world''s biggest central banks are likely to find themselves with a bigger policy gap by the end of the coming fortnight The European Central Bank on Thursday will resist calls to start tightening policy against surging inflation but robust U.S. jobs data on Friday could seal the case for another Federal Reserve hike the week after. So, let''s say minus 0.4 percent rates in Europe and more than 0.75 percent in Washington. With just weeks to go before contentious French and Dutch elections, the ECB will be keen not to rock the boat, so it is likely to give just a token nod to robust growth figures, steering clear of any policy hint that may give emerging populist movements ammunition. A Reuters poll showed unanimity for no change. [ECB/INT] But the balancing act may be more difficult than it looks. With growth on its best run since before the financial crisis and inflation peeking just above the ECB''s target, calls are mounting, particularly in Germany, for the bank to scale back its 2.3 trillion euro ($2.42 trillion) bond buying scheme and raise its negative interest rates. Doves hold a comfortable majority among the policymakers, however, so any shift will come at the margins. In practice that could mean increased inflation forecasts, letting an ultra-cheap lending scheme to banks expire as scheduled, and dropping a reference to the risk that growth may disappoint. Still, ECB President Mario Draghi will probably avoid any discussion about winding down asset buys, even pushing back on calls by some rate setters to tweak the ECB''s guidance, giving up its reference to further rate cuts, a possibility markets have already priced out. "If the French presidential election also passes without turbulence, and growth and inflation data remain solid, the ECB might turn more hawkish in its meeting on June 8," Reinhard Cluse, economist at investment bank UBS, said. "This would then leave the meeting on July 20 for preparing the markets for the tapering (off asset-buying) on September 7." For now though, Draghi will stick to his line that the inflation surge is temporary, growth is fragile and political risks clouds the outlook, requiring stimulus, a Reuters poll of analysts showed. Having tightened policy in 2011 just months before the euro zone debt crisis started spiraling out of control, the ECB will be desperate not to move too early, even if it risks being called out by some for moving too late. U.S. JOBS The Fed, meanwhile, must deal with what Draghi dubbed a high-class problem: solid growth, full employment and returning inflation. Non-farm payrolls, due on Friday, are expected to show an increase of 186,000 jobs, probably enough to push the Fed to move. Unemployment benefits already fell to near a 44-year low late last month, indicating further tightening of the labor market. Indeed, markets FEDWATCH have now almost fully priced in a hike in March, the third since rates bottomed out at the height of the crisis, and two more increases could still come before the end of the year. Robust jobs growth threatens to overheat the labor market, just as inflation is heading higher, with the Fed''s preferred measure now in the upper end of the range central bank officials in December estimated would be reached this year. Manufacturing growth is also firming, offsetting relatively weak consumer demand, good enough for even the most dovish Fed officials to argue for a hike sooner rather than later. Soothing global growth fears, meanwhile, China is expected to report another set of strong figures for both exports and imports, indicating that even if overall growth is slowing and debt is rising fast, the slowdown remains under control, mitigating the risk for emerging market economies. Indeed, China''s factory activity expanded faster than expected in February, firming arguments for the central bank to raise short-term interest rates by a another 10 basis points as soon as March. Data due on Wednesday are expected to show Chinese exports up by 10 percent in February while imports could have risen by 20 percent, a boon for countries like Australia, which supply China with raw materials. Indeed, the Reserve Bank of Australia may signal on Tuesday that policy easing is done, given the economy''s convincing rebound last quarter, rising commodity exports and a robust increase in household debt levels. (Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-global-economy-idUSKBN16A1GE'|'2017-03-03T20:01:00.000+02:00'
'0ecaa1ef0f7be92acb5e2f968a439b32889c0c14'|'METALS-London copper edges up as demand view brightens'|'Company News - Wed Mar 1, 2017 - 9:10pm EST METALS-London copper edges up as demand view brightens MELBOURNE, March 2 London copper defied a strong dollar on Thursday to climb towards its highest in more than a week, bouyed by improving manufacturing reports out of Asia and the United States that have lifted the demand outlook. FUNDAMENTALS * Three-month copper on the London Metal Exchange edged up by 0.2 percent to $6,026.50 a tonne by 0047 GMT, adding to 0.7 percent gains from the previous session when prices hit $6,090 a tonne, the highest since Feb. 21. * Shanghai Futures Exchange copper was up 0.8 percent at 48,710 yuan ($7,078) a tonne. * U.S. consumer spending cooled in January as demand for automobiles and utilities fell, but inflation recorded its biggest monthly increase in four years, raising the probability of an interest rate hike from the Federal Reserve this month. * Fed Governor Lael Brainard, the central bank''s leading voice on international economics, said the global economy seems to have turned a corner, clearing the way for a hike "soon." * A three-week-long strike at Chile''s Escondida, the world''s biggest copper mine, turned ugly on Wednesday when a group of striking workers blocked a highway, provoking confrontations with the police. * Noranda Income Fund said on Wednesday it was deferring its 2017 zinc production and sales forecasts due to an ongoing strike by workers at its Quebec processing plant, the second-largest in North America. * China has ordered steel and aluminium producers in 28 cities to slash output during winter, outlined plans to curb coal use in the capital and required coal transport by rail in the north, as Beijing intensifies its war on smog, a policy document shows. * For the top stories in metals and other news, click or MARKETS NEWS * Asian shares rose on Thursday as investors were encouraged by President Donald Trump''s measured tone in his first speech to Congress, which sent Wall Street stocks sharply higher, while growing bets on a U.S. rate hike this month buoyed the dollar. DATA AHEAD (GMT) 0700 Germany Import prices Jan 1000 Euro zone Inflation Feb 1000 Euro zone Producer prices Jan 1000 Euro zone Unemployment rate Jan 1330 U.S. Weekly jobless claims 1445 U.S. ISM-New York index Feb PRICES'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL3N1GF1G7'|'2017-03-02T09:10:00.000+02:00'
'208ac40d563d14da7df19f86cd7109110ecd2bbf'|'BRIEF-Ares management L.P announces pricing of secondary offering of common units'|' 59am EST BRIEF-Ares management L.P announces pricing of secondary offering of common units March 2 Ares Management LP: * Ares management lp says secondary public offering of 7.50 million common units priced at $20.00/unit * Ares Management L.P. Announces pricing of secondary offering of common units Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-ares-management-lp-announces-prici-idUSL5N1GF5AF'|'2017-03-02T20:59:00.000+02:00'
'12f1f50610fe0e4b67fac4d8444d763cce19cbae'|'Stop-start cars push battery metal lead into investors'' focus'|'Technology News - Thu Mar 2, 2017 - 5:56pm GMT Stop-start cars push battery metal lead into investors'' focus FILE PHOTO: Traffic backs-up going south into Mexico in the border town of San Ysidro, California. September 3, 2015. REUTERS/Mike Blake By Pratima Desai - LONDON LONDON Investors are starting to focus on lead due to the large amounts of the metal in batteries used in increasingly popular stop-start cars produced by automakers aiming to comply with stringent new emissions legislation. In stop-start autos the engine automatically cuts off when a car comes to a stop and restarts as the foot comes off the brake, reducing idling time and noxious fumes. But multiple stops and starts mean more wear and tear, so the batteries used in these cars need to be heavier and stronger. "In a smaller stop-start car battery such as Golf or Ford Focus roughly 16 kg lead are used, which is about 28 percent more than in a normal car," Christian Riedel, director of communications EMEA at Johnson Controls said. "Stop-start battery technology is now integrated into 35 million cars worldwide," Riedel said. That is nearly 40 percent of global car sales estimated at 89 million last year by analysts at Morgan Stanley. It far surpasses sales of the 1.1 million electric vehicles and plug-in hybrid vehicles last year, which consultants at CRU Group say could reach 4.4 million in 2021 and more than 6 million by 2025. "The electric vehicle market is growing, but as a percentage of the total it is small," said a Europe-based fund manager with exposure to physical lead through the London Metal Exchange. "Stop-start is a stop-gap until the charging infrastructure for electric cars is in place, which is a future away, and until they are more affordable for most people." Germany''s BMW made nearly 2.367 million cars in 2016, of which more than 99 percent -- 2.359 million -- were stop-start. ''NOT ROCKET SCIENCE'' Johnson Controls expects to make 50 million stop-start batteries by 2020 from 17 million last year when it sold 152 million batteries overall. It competes with smaller rivals Tokyo-listed GS Yuasa and privately-owned U.S.-based Exide Technologies. "The engineering and technology are already there. Stop-start is a cheap, effective, low tech way for automakers to reduce emissions from their range of cars to meet legislative requirements," said Farid Ahmed, lead analyst at consultants Wood Mackenzie. "It''s not rocket science. Give it till 2020 and you will probably find all new cars in Europe and Japan are stop-start, with the U.S. and China catching up fast." Estimates of new registrations of stop-start cars in Europe and Japan currently range between two-thirds and three-quarters, while in the United States and China the proportion is roughly one-tenth. Around 85 percent of global lead demand is used to make batteries, mostly for autos, demand for which is growing in countries such as Brazil, Argentina, Russia and China. China, struggling with noxious emissions and worried pollution could stir social unrest, launched a clear air campaign in 2014. It is aiming to provide clean air in its largest cities for 80 percent of each year by 2020. Affluence also means China will graduate from e-bikes to regular cars, but the cost of electric vehicles is out of reach for most, another investor source said. "Most of the new demand for lead will come from automotive," the source said. Those set to benefit include the world''s largest producer, privately-owned ECOBAT Technologies, which supplies 840,000 tonnes of lead and lead alloys a year from operations in Europe, the United States and South Africa. Other large producers are Korea Zinc, which plans to produce 425,000 tonnes of lead this year, and Glencore, which expects to produce around 300,000 tonnes. Ahmed expects lead demand to grow an average 3.1 percent a year between now and 2020 and expects a deficit of 86,000 tonnes this year in a market estimated at roughly 12.5 million tonnes. Expectations of shortages in coming years helped benchmark London Metal Exchange lead hit five-year highs at $2,576.50 a tonne in November, a gain of more than 60 percent since January 2016. Stocks of lead in LME approved warehouses overall have been fairly steady since May 2016 at around 190,000 tonnes. But a sign of stronger demand is in canceled warrants - metal that has been bought and due to leave the network - at roughly 36 percent of the total. "Traders may be taking positions because they see tightness ahead," Neil Hawkes, lead analyst at consultants CRU. (Reporting by Pratima Desai; editing by Susan Thomas) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-lead-batteries-stopstart-analysis-idUKKBN1692HN'|'2017-03-03T00:39:00.000+02:00'
'48deddccc2056afe97ad1fb6c900d74451c5e0e7'|'Deutsche Boerse CEO says work on LSE merger still ongoing'|'Deals - Fri Mar 3, 2017 - 4:53pm EST Deutsche Boerse CEO says work on LSE merger still ongoing FILE PHOTO: Carsten Kengeter, CEO of Deutsche Boerse, attends the initial public offering of Scale at the Frankfurt stock exchange in Frankfurt, Germany, March 1, 2017. REUTERS/Ralph Orlowski/File Photo LONDON Deutsche Boerse ( DB1Gn.DE ) Chief Executive Carsten Kengeter said it is continuing preparations for a merger with the London Stock Exchange ( LSE.L ), despite the LSE''s refusal to sell its Italian MTS trading platform. That decision plunged the 26 billion euro ($27.6 billion) deal into uncertainty, and Kengeter said on Wednesday the German group could continue on its own. Speaking at the London School of Economics on Friday, he said work on the merger had not stopped. "A process such as this has a very strong legal cooperation framework. If you don''t do those (certain) steps at a certain time then you are damaging the integrity of the process. So everyone is continuing to do their work, that''s absolutely clear," he said. He said the date on which the merger would be confirmed or rejected by the European Commission was not yet set. "I think the date is still 3rd April. It could be earlier but it doesn''t have to be." EU competition officials had raised concerns over MTS. (Reporting by Helen Reid; editing by John Stonestreet) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-deutsche-boerse-m-a-lse-idUSKBN16A2KZ'|'2017-03-04T04:53:00.000+02:00'
'f4bfbc16247a894d2bbf75fe288d3548b36d752c'|'Aberdeen and Standard Life enter into merger discussions'|'LONDON Scottish fund manager Aberdeen Asset Management ( ADN.L ) and insurer Standard Life ( SL.L ) are exploring a possible merger, the two companies said in a statement.Aberdeen shareholders would own 33.3 percent of the combined group under the terms of the potential merger, with Standard Life shareholders owning the other 66.7 percent, the companies said."Further to the recent press speculation the boards of Standard Life and Aberdeen confirm that they are in discussions in relation to a possible all-share merger," they said."The potential merger represents an excellent opportunity to leverage Standard Life and Aberdeen''s combined strengths to create a world class investment company."(Reporting by Alistair Smout; Editing by Hugh Lawson)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-aberdeen-asset-standard-life-idINKBN16B0MY'|'2017-03-04T15:42:00.000+02:00'
'b05fbde8430d82e69da0befdd6eb4f76e05e975c'|'Taiwan''s Foxconn ''confident'' it can buy into Toshiba chip business'|'Money News - Wed Mar 1, 2017 - 2:45pm IST Taiwan''s Foxconn ''confident'' it can buy into Toshiba chip business FULL COVERAGE: left right A man walks past a logo of a Foxconn factory in Wuhan, Hubei province, August 31, 2012. REUTERS/Stringer/Files 1/2 left right Terry Gou, chairman of Hon Hai Precision Industry, better known as Foxconn, attends the Cancer Moonshot news conference in Taipei, Taiwan September 26, 2016. REUTERS/Tyrone Siu/Files 2/2 HONG KONG Taiwan''s Foxconn, the world''s largest contract electronics maker, is "very confident" it can buy into the chip business of Japan''s Toshiba Corp, company founder Terry Gou said on Wednesday. Gou was speaking as Foxconn, formally known as Hon Hai Precision Industry Co Ltd, broke ground for a 61 billion yuan ($8.87 billion) flat-screen display factory in Guangzhou province, southern China. He declined to say whether Foxconn had submitted a bid for Toshiba''s chip business, nor how much of the business it was interested in. "I cannot say we are for sure getting it, but we are very confident. We are also very sincere," Gou said. "Money should not be the only thing (for Toshiba) to consider... We can help its technology to be sold in products all over the world. That is Foxconn''s advantage." He said as Foxconn was not a chip maker, there would be no anti-monopoly issues. Industry watchers have said Foxconn, which last year bought control of Japan''s Sharp Corp, may find it easier than other bidders to buy a stake as it is not a major memory chip maker and so could avoid any lengthy anti-trust review. Toshiba is considering selling the majority - or all - of its marquee flash-memory chip business, as it seeks to fill a multi-billion-dollar hole in its nuclear business. Toshiba is the second-biggest NAND chip producer after South Korea''s Samsung Electronics Co Ltd. ($1 = 6.8785 Chinese yuan renminbi) (Reporting by Sijia Jiang; Editing by Christopher Cushing) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/foxconn-china-idINKBN1683S5'|'2017-03-01T16:15:00.000+02:00'
'f3312cb1a1ff3e9bd91670a746e28abf30c61163'|'Fashion house BCBG Max Azria files for bankruptcy'|' 21am EST Fashion house BCBG Max Azria files for bankruptcy March 1 Fashion house BCBG Max Azria Group LLC filed for bankruptcy protection on Wednesday, the latest casualty in the struggling U.S. retail sector, as shoppers abandon malls in favor of internet shopping. The company, known for party dresses worn by celebrities including Selena Gomez and Drew Barrymore, listed assets in the range of $100 million to $500 million and liabilities in the range of $500 million to $1 billion, a filing under Chapter 11 with the U.S. Bankruptcy Court for the Southern District of New York showed. bit.ly/2lo7iMI BCBG Max Group''s Canadian affiliate also separately filed for voluntary reorganization proceedings under Canada''s Bankruptcy and Insolvency Act, the company said in a statement. The fashion house has received a commitment of up to $45 million in debtor-in-possession (DIP) financing, which will be used for working capital and to ensure normal operations during the Chapter 11 process, the company said in a statement. The company is taking steps to close its freestanding stores in Canada and consolidate its operations in Europe and Japan, in addition to the 120 retail stores closed as part of the restructuring efforts. Reuters had reported last week that BCBG Max Azria Group was preparing to file for bankruptcy. "The steps we are taking now, to address the shift in customer shopping patterns and the growth of online shopping, will allow us to focus on our partner relationships, digital, ecommerce, selected retail locations, and wholesale and licensing arrangements," Marty Staff, acting interim chief executive of the company said in the statement. The reorganization process is expected to be completed within six months and the stores will remain open during the process, the company said. AlixPartners LLP and Jefferies LLC advised the company on its restructuring. Competing specialty retailers, including The Limited and American Apparel, have also filed for bankruptcy in recent months. BCBG, an acronym for the French phrase "bon chic, bon genre", a Parisian slang meaning "good style, good attitude", was founded by Tunisian fashion designer Max Azria in 1989. It grew through its retail shops and distribution in department stores including Saks Fifth Avenue and Bloomingdale''s. (Reporting by Vishal Sridhar in Bengaluru; Editing by Amrutha Gayathri)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/bcbgmaxazria-bankruptcy-idUSL3N1GE2SK'|'2017-03-01T14:21:00.000+02:00'
'68aa8aeb6645bc8ddc99c4586ad9535ead08d3f3'|'Puerto Rico governor says fiscal turnaround plan will save $3.8 bln/year'|'Feb 28 Puerto Rico Governor Ricardo Rossello on Tuesday said his fiscal turnaround plan for the U.S. territory will create $3.8 billion a year in savings, including cutting $550 million a year in spending on public healthcare.Rossello discussed the plan during a speech to the island''s legislature. He was scheduled later on Tuesday to present the turnaround plan to a financial oversight board, which was appointed by U.S. lawmakers last year under the Puerto Rico rescue law known as PROMESA. (Reporting by Nick Brown, editing by G Crosse)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/puertorico-debt-fiscalplan-idINL2N1GD20X'|'2017-02-28T20:35:00.000+02:00'
'374ee0e98889438151d17f6fb91db275919832fe'|'U.S. firms say job market tight, generally upbeat on economy - Fed'|' 07pm GMT U.S. firms say job market tight, generally upbeat on economy - Fed A job applicant talks to a recruiter at a job fair at the Denver Workforce Center in Denver, Colorado, U.S. February 15, 2017. REUTERS/Rick Wilking By Lindsay and Dunsmuir - WASHINGTON WASHINGTON The U.S. economy expanded at a modest-to-moderate pace from early January through mid-February, the Federal Reserve said on Wednesday, although firms were less optimistic amid some uncertainty about the Trump administration''s fiscal policies. "Businesses were generally optimistic about the near-term outlook but to a somewhat lesser degree than in the prior report," the U.S. central bank said in its Beige Book survey on the economy, which was collated from anecdotal evidence provided by business contacts across the country. The Fed raised interest rates for the second time in two years at its policy meeting last December, but is expected to accelerate the pace of monetary tightening this year on the back of a low unemployment rate - currently 4.8 percent - and rising inflation. The Beige Book said the job market remained tight with some districts reporting widening labour shortages. A number also said a lack of skilled workers was driving up wages. On Tuesday, two influential Fed officials indicated a rate increase could come as soon the next policy meeting in two weeks. The Fed is awaiting details on President Donald Trump''s economic plans, including a possible border tax on imports into the United States, in order to assess how his policies would affect the outlook. Business contacts in the Fed''s Boston and Dallas districts expressed increased uncertainty about the expected policy changes out of Washington. One firm in Boston said a border adjustment tax "would have a big effect on where they located future production facilities and they would be reluctant to commit to new investment without some resolution," according to the report. In Dallas, a few manufacturing contacts said customers were adopting a "wait-and-see" approach amid the uncertainty. By contrast, firms in St. Louis said they remained optimistic with confidence improving slightly since mid-November. The Beige Book was compiled by the New York Fed with information collected on or before Feb. 17.  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-economy-beigebook-idUKKBN1685DZ'|'2017-03-02T02:07:00.000+02:00'
'0151f1bae8c21f16382e4b870eddd37beab86d71'|'UPDATE 1-Ahold Delhaize Q4 boosted by U.S. performance'|'(Writes through with shares, company comment)By Alan CharlishMarch 1 Supermarket operator Ahold Delhaize reported fourth quarter earnings at the top end of estimates as its American business delivered a strong performance with volume growth offsetting price deflation.The U.S. market, where the company runs supermarket chains Stop & Shop, Giant, Hannaford and Food Lion, accounted for over 60 percent of Ahold Delhaize''s net sales in 2016.However, supermarkets there have been faced with the worst food deflationary environment in over 20 years, Morgan Stanley analysts said.Chief Executive Dick Boer told jounalists during a call he expects a return to inflation in the second half of the year.The company reported fourth quarter pro forma underlying operating income of 608 million euros, down 3.9 percent from the same period a year ago due to the impact of a 53rd week in 2015. Analysts polled for Reuters had seen underlying operating income at 605 million euros."The results surprised positively overall...they are ahead in regions that matter, those being the U.S. and the Netherlands," said KBC analyst Alan Vandenberghe.Formed by the merger last year of Dutch Ahold and Belgian Delhaize, the company proposed a dividend of 0.57 euro, up 9.6 percent compared to the Ahold dividend for the previous year.Ahold Delhaize shares rose 3.3 percent by 0855 GMT.The company confirmed its target for 2017 of 220 million net synergies from the Ahold-Delhaize merger, including 22 million euros realized in 2016. It sees free cash flow of 1.6 billion euros for 2017.On the subject of synergies, Chief Financial Officer Jeff Carr told journalists that the company had made good progress on national brand negotions in Europe and the U.S."We''ve also made good progress in the U.S., specifically in the U.S., in terms of own brands and discussions with suppliers on own brands," he added.(Reporting by Alan Charlish; Editing by Thyagaraju Adinarayan/Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/ahold-delhaize-results-idINL5N1GE1BN'|'2017-03-01T05:58:00.000+02:00'
'd0ebdfd15d88ee8d9b1278461047d3db52e93718'|'Deutsche Boerse prepared for future as independent company - CEO'|'Business  55am GMT Deutsche Boerse prepared for future as independent company - CEO left right Carsten Kengeter, CEO of Deutsche Boerse attends the initial public offering of Scale at the Frankfurt stock exchange in Frankfurt, Germany March 1, 2017. REUTERS/Ralph Orlowski 1/2 left right Carsten Kengeter, CEO of Deutsche Boerse attends the initial public offering of Scale at the Frankfurt stock exchange in Frankfurt, Germany March 1, 2017. REUTERS/Ralph Orlowski 2/2 FRANKFURT Deutsche Boerse''s chief executive said it was regrettable that the London Stock Exchange had decided not to sell its trading platform in Italy, all but ending a planned merger, but said the German group could continue on its own. "We feel very well prepared as a company for the future," Carsten Kengeter said on Wednesday. LSE publicly ruled out on Sunday a demand from European antitrust regulators that it sell trading platform MTS, derailing the 29 billion euro (24.7 billion pounds) deal with Deutsche Boerse. "It is pointless to me to speculate on what the reasons behind our merger partner''s decision were," Kengeter said. (Reporting by Andreas Kroener; Writing by Maria Sheahan; Editing by Edward Taylor) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-deutsche-boerse-m-a-lse-idUKKBN1683P8'|'2017-03-01T15:55:00.000+02:00'
'dbe2dfe174e7078110083b61fbde784be82d3d38'|'GM plans to sell stake in East African unit to Isuzu'|'By Joseph White General Motors Co ( GM.N ) plans to sell its majority ownership stake in General Motors East Africa to its Japanese partner Isuzu Motors Ltd ( 7202.T ), GM said on Tuesday, confirming an earlier report by Nikkei Asian Review.GM owns 57.7 percent of the East African unit, which produces trucks under the Isuzu brand and sells imported Chevrolet-brand vehicles. More than 90 percent of the vehicles sold are Isuzu brand models. The Kenyan vehicle market is tiny, with total sales of about 30,000 vehicles a year.Divesting the stake in the Kenyan unit is "a natural next step for this business," and is consistent with the automaker''s broader goal of refocusing capital on more profitable markets, a GM spokesman said.Under Chief Executive Mary Barra, the Detroit automaker is steadily overhauling and pruning operations outside the United States and China, shrinking sales volume while pushing to improve return on invested capital and profitability.GM is in talks to sell its European operations to French automaker Peugeot SA, and has shuttered or scaled back operations in Russia, Australia, Indonesia and Thailand."We will continue to be ruthless in our decisions to not pursue lines of business or markets or opportunities that we don''t think can make a compelling return for us down the road, so more to come," GM President Dan Ammann told investors at a conference in January.(Reporting by Joe White; Editing by James Dalgleish)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-autos-gm-africa-idINKBN1672MT'|'2017-02-28T18:50:00.000+02:00'
'45a415b4b50cb50dd70be8beb3b40dca2bf75c5c'|'UK lawmakers say May''s industrial plan falls short, risks mistakes'|'Money  01am IST UK lawmakers say May''s industrial plan falls short, risks mistakes FULL COVERAGE: INDIA ELECTIONS 2017 Britain''s Prime Minister Theresa May leaves Downing Street in London, Britain March 1, 2017. REUTERS/Neil Hall - LONDON Britain''s new industrial strategy, unveiled earlier this year to prepare the economy for Brexit, is lacking in long-term thinking and risks making the same mistakes as prior, failed plans, a group of lawmakers said. Prime Minister Theresa May announced a "Modern Industrial Strategy" in January with the aim of boosting Britain''s weak productivity growth and spurring investment in technology and research and development. A group of lawmakers from different political parties said in a report published on Friday that the plan lacked a co-ordinated approach across government departments and there was insufficient collaboration with the private sector in areas such as housing. The Business, Energy and Industrial Strategy Committee in the lower house of Britain''s parliament also called on the government to drop its sector-by-sector approach, which risked "a return to the discredited credo of ''picking winners''". Instead, Britain should focus on broader policies in areas such as helping industries shift away from carbon-intensive power, and address problems in health and social care and transport infrastructure, it said. The announcement of the plan in January represented a shift by May''s government away from the laissez-faire ideology championed by former prime minister Margaret Thatcher and successive British leaders. May has said Britain plans to leave not only the European Union but also its single market for goods and workers, raising the prospect of trade barriers for exporters and a shortage of skilled staff. The EEF, a trade body representing British manufacturers, said the report was right to emphasise a long-term, comprehensive approach and urged the government to be more ambitious. "It''s helpful to have this critique now at the start of the process and (the government department) mustn''t waste this opportunity to get it right," the EEF''s chief economist Lee Hopley said. The EEF also said its members were very concerned about a new levy the government will impose next month to fund apprenticeships, with many upset about the cost and the lack of long-term guarantees on funding. (Reporting by William Schomberg; Editing by Catherine Evans) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-economy-industry-idINKBN16A01W'|'2017-03-03T07:31:00.000+02:00'
'b52752724b7abb93032ffd8b63046de7c1b402e9'|'Credit Agricole could relocate about 10 percent of London staff to France in case of hard Brexit'|'Business News - Fri Mar 3, 2017 - 11:35am GMT Credit Agricole could relocate about 10 percent of London staff to France in case of hard Brexit A logo is pictured on a Credit Agricole bank branch in Paris, France, February 15, 2017. REUTERS/Charles Platiau PARIS Credit Agricole ( CAGR.PA ), France''s third-biggest listed bank, could relocate about one hundred employees from its London hub to France out of 1,000 based there, in case of a "hard" Brexit from the European Union, its chief executive said. "If Brexit takes place...and it''s a hard Brexit, we will not be able to operate some of activities from London," Philippe Brassac told French business weekly Le Revenu, in an interview shared by the bank on youtube.com. "In this case, we will probably repatriate about one hundred employees to France". (Reporting by Maya Nikolaeva, Editing by Dominique Vidalon) Next In Business News Taxi app Uber loses UK court battle which could cost it London drivers LONDON Taxi app Uber [UBER.UL] lost a court battle on Friday to stop a London regulator from forcing private hire drivers to prove their reading and writing skills in English, the latest setback for the firm in London which could now lose some workers.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-credit-agricole-jobs-idUKKBN16A18Q'|'2017-03-03T18:35:00.000+02:00'
'0b347890dd31355cd7071d43611259c19f1f0296'|'Deals of the day-Mergers and acquisitions'|'Company   10:01am EST Deals of the day-Mergers and acquisitions (Adds IAI, Net1 UEPS Technologies, CC Land Holdings, KHW, BP, Bayer and Maersk Oil) March 1 The following bids, mergers, acquisitions and disposals were reported by 1500 GMT on Wednesday: ** State-owned Israel Aerospace Industries (IAI) believes the need for a public share offer is becoming urgent as the country''s largest defence contractor wants to make acquisitions abroad to enable it to better compete in foreign markets. ** Net1 UEPS Technologies will pay 2 billion rand ($150 million) for a 15 percent stake in South Africa''s Cell, the firm said. ** CC Land Holdings Ltd, a firm run by Chinese property magnate Cheung Chung-kiu, has agreed to pay 1.15 billion pounds ($1.4 billion) to buy London''s "Cheesegrater" skyscraper, owners British Land and Oxford Properties said. ** Trade unions at Poland''s state-owned coal producer KHW agreed to a merger with bigger rival PGG in a move that makes a deal more likely to happen before an end March deadline, a deputy energy minister said. ** BP agreed to buy Clean Energy Fuels Corp''s biomethane business for $155 million, expanding its huge gas supply portfolio in the United States and showing its shift to less carbon-intensive projects. ** Drugmaker Bayer has sold 1.46 billion euros ($1.5 billion) of shares in its chemicals subsidiary Covestro , cutting its stake to 53.3 percent as it raises cash for its takeover of seeds maker Monsanto. ** The Danish government denied a media report that it had reached a deal with Maersk Oil, the oil arm of A.P. Moller-Maersk, on oil and gas operations in the North Sea. ** Hong Kong-based private equity firm PAG has agreed to buy the 42.1 percent stake of the three co-founders of Yingde Gases for $616 million, the latest twist in a months-long battle for control one of China''s largest industrial gases company. ** The Berlusconi family''s investment holding Fininvest could take a stake in Telecom Italia as part of a proposal to settle a dispute with French media group Vivendi , Il Messaggero said, citing advisors. ** Britain''s Mitie has struck a deal to sell its home healthcare business to specialist investor Apposite Capital for a nominal 2 pounds and is taking another writedown on the value of the loss-making business. ** The water business of General Electric would be a good strategic fit for French waste and water group Suez , its chief executive said. ** Zalando, Europe''s biggest pure online fashion retailer, said it would invest heavily in 2017 and create more than 2,000 jobs, as it announced its first move into physical stores with the acquisition of basketball retailer Kickz. ** Sinclair Broadcast Group Inc has approached rival U.S. broadcaster Tribune Media Co to discuss a potential combination, people familiar with the matter said, a deal that would hinge on existing regulations being relaxed. ** Mexico''s telecommunications regulator has discussed forcing billionaire Carlos Slim to legally separate part of fixed-line unit Telmex from the rest of his America Movil company, people familiar with the matter said, a move that would intensify antitrust rules against the company. ** Iberiabank Corp said it would buy Sabadell United Bank NA from Spain''s Banco de Sabadell SA in a stock-and-cash deal valued at $1.03 billion, to expand in the southern Florida market. (Compiled by Sruthi Shankar in Bengaluru) Next In Company News Czech firms plot successions as post-communist founders retire OLBRAMOVICE, Czech Republic, March 1 Vladimir Jehlicka and his business partners spent 25 years building up their Czech machinery firm before deciding to call it a day. However, they faced a problem that is growing as the first generation of post-communist entrepreneurs nears retirement.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/deals-day-idUSL3N1GE3Z9'|'2017-03-01T22:01:00.000+02:00'
'4daff54946a08c55570afd87798d57c6dc2dcf96'|'BRIEF-Ares Management announces launch of secondary offering of common units'|' 33pm EST BRIEF-Ares Management announces launch of secondary offering of common units March 1 Ares Management Lp: * Ares Management, L.P. Announces launch of secondary offering of common units * Says a strategic investor of Ares is offering for sale to public approximately 7.5 million common units Source text for Eikon:    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-ares-management-announces-launch-o-idUSASB0B37Y'|'2017-03-02T04:33:00.000+02:00'
'57185b17b9cb2223720ea66ffe87c2cbd6e6a7ed'|'BRIEF-Fairfax Financial and Allied World provide update on merger transaction'|' 39pm EST BRIEF-Fairfax Financial and Allied World provide update on merger transaction March 3 Fairfax Financial Holdings Ltd: * Fairfax Financial and Allied World provide update on merger transaction * Fairfax Financial Holdings-Co, Allied World assurance agreed to extend to March 10, 2017 deadline by which co has option to increase cash consideration * Fairfax Financial-agreed to extend to March 10, 2017 deadline by which co could reduce "fixed value stock consideration" under deal terms Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-fairfax-financial-and-allied-world-idUSASB0B3R3'|'2017-03-04T05:39:00.000+02:00'
'df4917f807920fdd4598abff831f6cce026ad95d'|'KKR teams up with Michael Dell in offer for Germany''s GfK'|'Business News - Sat Mar 4, 2017 - 12:46pm GMT KKR teams up with Michael Dell in offer for Germany''s GfK FRANKFURT American IT entrepreneur Michael Dell has agreed a deal to take a stake in the investment vehicle that private equity firm KKR is using to invest in German research firm GfK SE. Dell built up a stake of just over 10 percent in GfK via his MSD Capital fund, potentially throwing into doubt KKR''s plans to take over the German company together with GfK Verein. KKR said in a statement late on Friday it has agreed to acquire around 3.7 million shares, equivalent to a 10.07 percent stake in GfK from three shareholders. The three shareholders are funds managed by Michael Dell. KKR will pay around 50 million euros (43.17 million pounds) for a portion of the shares, while around 6.89 percent of the shares will be exchanged for a stake in the investment vehicle through which KKR is investing in GFK, according to the statement. The deal means KKR and GfK Verein have together passed the 75 percent threshold they needed for the 43.50 euro per share offer for GfK to succeed. The takeover values the German company at about 1.69 billion euros. (Reporting by Alexander Huebner; Writing by Victoria Bryan; Editing by Alexander Smith) Next In Business News Yellen points to March rate hike as Fed signals end of easy money CHICAGO The U.S. Federal Reserve''s long-stalled ''liftoff'' of interest rates may finally get airborne this year as policymakers from Chair Janet Yellen on Friday to regional leaders across the United States signaled that the era of easy money is drawing to a close.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-gfk-m-a-dell-idUKKBN16B0C4'|'2017-03-04T19:46:00.000+02:00'
'a49173c9553b58ba8d9551f029bb44a2f1f54528'|'BBVA to invest $1.5 bln in Mexico over next four to five years'|' 48pm EST BBVA to invest $1.5 bln in Mexico over next four to five years MEXICO CITY, March 2 Spanish lender BBVA will invest $1.5 billion in Mexico over the next four to five years, its chairman, Francisco Gonzalez, said on Thursday at an event in Mexico City. (Reporting by Anthony Esposito; Editing by Paul Simao)     MEXICO   * Oil falls for third day; copper and gold down (Updates to late afternoon New York trading) MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/bbva-mexico-idUSE1N1FF021'|'2017-03-03T02:48:00.000+02:00'
'7815ac3e4ed11e0d6a766bb23dba6e5d4dcf5894'|'Tesla''s SolarCity cut 20 pct of staff in 2016'|'Technology  16pm EST Tesla''s SolarCity cut 20 percent of staff in 2016 A Solar City logo is seen on the side of a company vehicle in San Diego, California, U.S., November 2, 2016. REUTERS/Mike Blake SolarCity, which was acquired by Tesla Inc ( TSLA.O ) at the end of last year, slashed nearly 20 percent of its staff in 2016 as it sought to preserve cash amid slowing growth in the rooftop solar industry. In a regulatory filing on Wednesday, SolarCity said it had 12,243 employees at the end of 2016, down 19.8 percent from the 15,273 it reported a year earlier. The cuts affected workers in operations, installations, manufacturing, sales and marketing, according to the filings. The number of people in general and administrative jobs has also fallen since June of last year, the company said. SolarCity had announced job cuts before being acquired by Tesla but did not say how many employees would be laid off. Earlier in the year, it eliminated 550 jobs in Nevada after the state scrapped a key solar incentive. SolarCity officials were not immediately available for comment. The contraction in its workforce marked a sharp reversal from the company''s explosive growth in previous years. In 2015, the number of SolarCity employees swelled by 68.7 percent. SolarCity, founded by the first cousins of Tesla founder Elon Musk, rose rapidly to become the nation''s top rooftop solar installer thanks to innovative no-money-down financing schemes and a vast sales operation. The company at one time had bold ambitions of having 1 million customers by 2018, but began scaling back its plans at the end of 2015 as costs for funding that growth mounted and demand began to slow. By the middle of 2016, SolarCity had agreed to be acquired by Tesla, which said last month it was cutting spending on solar advertising in part by preparing to sell rooftop systems in Tesla''s network of retail stores. The company is also shifting to more cash sales of systems instead of leases in order to generate cash and deliver the cost savings it promised investors would come from the acquisition. Also in the annual filing, SolarCity said sales and marketing expenses fell 3 percent in 2016, in part due to staff cuts and efforts to boost sales efficiency. (Reporting by Nichola Groom; Editing by James Dalgleish) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-tesla-solar-jobs-idUSKBN1685TZ'|'2017-03-02T06:11:00.000+02:00'
'd5213d0f84eb3548d610b6edc70f938c7470bbb0'|'Juno ends development of high-profile leukemia drug after deaths'|'Company  09pm EST Juno ends development of high-profile leukemia drug after deaths March 1 Juno Therapeutics Inc on Wednesday said it decided to shut down development of an experimental leukemia treatment from a highly promising new class of immunotherapy following an investigation into toxicity that led to a handful of patient deaths. The drug, JCAR015, uses a technology known as CAR-T being pursued by other companies as well. CAR-T therapy removes a key component of the immune system called T cells from a patient''s blood and re-engineers them to more efficiently attack cancer before returning them to the patient. JCAR015 was being tested in adults with relapsed acute lymphoblastic leukemia (ALL), a rare and deadly blood cancer. The company''s Phase II program was twice halted last year by the U.S. Food and Drug Administration and remained on hold due to severe neurotoxicity that led to five patient deaths from cerebral edema. "Juno, in collaboration with partner Celgene, has made a strategic decision to cease development of JCAR015 at this time," Juno said in a statement, adding that it would redirect resources to development of another product for relapsed or refractory ALL. Juno said its internal investigation identified multiple factors that increased the risk of severe toxic reactions, including "factors related to the product." The biotechnology company announced the decision in conjunction with release of its fourth quarter financial results. Other companies developing CAR-T therapies against blood cancers include Kite Pharma Inc and Swiss drugmaker Novartis. Kite this week released highly promising early data for its CAR-T drug against non-Hodgkin lymphoma. Juno shares fell about 2 percent to $24.64 in extended trading. (Reporting by Bill Berkrot; Editing by Sandra Maler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/juno-leukemia-idUSL2N1GE294'|'2017-03-02T05:09:00.000+02:00'
'7917c30bde667b5b60c14d3d95d5d9341f13619c'|'Uber loses court case to stop strict new rules in London'|'Business News - Fri Mar 3, 2017 - 11:17am GMT Uber loses court case to stop strict new rules in London left right A photo illustration shows the Uber app logo displayed on a mobile telephone, as it is held up for a posed photograph in central London, Britain October 28, 2016. REUTERS/Toby Melville/Illustration 1/2 left right A man arrives at the Uber offices in Queens, New York, U.S., February 2, 2017. REUTERS/Brendan McDermid 2/2 LONDON Taxi app Uber [UBER.UL] lost a court battle on Friday to stop plans for strict new rules on the need for its drivers and those of other private hire services to prove their reading and writing skills in English to operate in London. San Francisco-based Uber, which allows users to book journeys at the touch of a button on their smartphone, has faced bans and protests around the world as regulators play catch-up with technology disrupting traditional operators. Uber launched legal action in August after public body Transport for London (TfL) said that drivers should have to prove their ability to communicate in English, including to a standard of reading and writing which Uber said was too high. "TfL are entitled to require private hire drivers to demonstrate English language compliance," said Judge John Mitting as he rejected Uber''s claim. (Reporting by Costas Pitas; editing by Michael Holden) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-uber-britain-idUKKBN16A16R'|'2017-03-03T18:17:00.000+02:00'
'734398e9df42b93788faf89a2eb4f0c61e9ea9e9'|'Investors see Snap''s IPO as ''too big to fail'''|'By Lauren Hirsch , Heather Somerville and Liana B. Baker - NEW YORK/SAN FRANCISCO NEW YORK/SAN FRANCISCO Institutional investors anxious not to be left out of this year''s marquee initial public offering helped Snap Inc pull off the biggest U.S.-listed technology share sale this week since Chinese e-commerce juggernaut Alibaba Group Holding Inc smashed records in 2014.Keen to boost returns and with a dearth of new stocks to buy, the IPO of a buzzy social media group was a "must-have" for money managers despite concerns about the company''s strategy, slowing user growth and lack of voting rights for new investors, sources familiar with the offer said."Taking a piece of the company is almost a foregone conclusion," said Evan Pondel, president of investor relations firm PondelWilkinson Inc.Investors'' ardor for Snap shares - which rose almost 50 percent in its market debut on Thursday, giving it a market value of nearly $30 billion - bodes well for future tech IPOs.Although blockbuster names such as Uber Technologies Inc [UBER.UL] and Airbnb Inc are not expected to go public this year, there is a lineup of smaller technology companies preparing to list in the coming months that could benefit from residual investor enthusiasm, technology investors said.To ensure a successful market launch, Snap''s bankers deployed a common tactic on big tech IPOs: they limited supply. Snap offered only 15 percent of the company to investors, including retail investors and short-term hedge funds, sources familiar with the IPO strategy told Reuters, speaking on condition of anonymity as the process is private."All this concern about the number of users slowing down - a tech IPO of this sort has nothing to do with the business, nothing," said Philippe Collard, founding partner at Yabusame Partners, which advises technology startups. "It has everything to do with a financial transaction where you create artificial demand.”Hedge funds are famous for buying into an IPO only to sell shortly after, but institutional investors are not above quickly "flipping" a stock if they see an opportunity.However, a quarter of the new offer was subject to a one-year lockup, an unusual stipulation, limiting the amount of churn.PENT-UP DEMANDLarge actively managed mutual funds are among the most sought-after IPO investors because of their size and their tendency to hold stocks for longer. They develop strong ties to IPO underwriters by virtue of being prolific IPO investors and providing the banks'' brokerage business with trading fees.These funds are also under pressure to boost performance as investors redirect tens of billions of dollars each month into index-tracking funds, which cost less and over time have performed better.Fidelity Investments, BlackRock, T. Rowe Price and Wellington Management began piling into pre-IPO tech companies in 2014, and both Fidelity and T. Rowe Price invested in Snap during a private funding round last year, positioning them to benefit from Thursday''s pop.Fidelity and T. Rowe Price declined to comment on whether they had bought into the IPO this week.There was significant pent-up demand for a new internet stock. Snap, the parent group of popular disappearing-messaging app Snapchat, went public after a long dry patch in the technology IPO market, with 2016 the slowest year for such launches since 2008.In addition to the absence of new shares, acquisitions and buy-backs have zapped investors in public technology companies of places to park their cash. Technology mergers and acquisitions and buybacks outpaced technology IPOs last year by a ratio of 38 to 1, according to Thomson Reuters data.BEHIND CLOSED DOORSIn its IPO roadshow in New York, San Francisco, London and elsewhere, Snap Chief Executive Evan Spiegel brushed aside concerns of slowing user growth and stressed Snap''s potential to change "the way people live and communicate," according to sources who attended.Even though many funds felt compelled to invest in Snap, they still had questions for the company. But they asked the toughest ones - about the company''s corporate governance and slowing user growth - behind closed doors, in small meetings between management and the underwriters'' preferred clients, sources close to the situation said, asking not to be named because the process is confidential.Such a dynamic is typical of such a high-profile IPO, when a full order book is all but guaranteed.Those investors invited only to the roadshow lunches and keen for a decent allocation are more interested in impressing the IPO bankers – who take notes on who attends – with how closely they have read up on the company, and do not want to jeopardize their chances by rattling the company management, said investor relations experts, bankers and lawyers."It''s like going to do the college visit. When it''s time to decide who to admit, you look to see who put in the effort," said Lise Buyer, a principal with the IPO advisory firm Class V Group.On the roadshow, Snap largely deferred questions about its user growth in public sessions. In New York, not a single question was asked about the company''s first-of-its kind share structure that offers IPO investors no voting rights."It’s an exercise in diplomacy," Pondel said. "You can''t be too chest-pounding, because that’s not someone they may want to have a piece of the company."(Reporting by Lauren Hirsch in New York and Heather Somerville and Liana B. Baker in San Francisco; Additional reporting by Ross Kerber in Boston; Editing by Carmel Crimmins and Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-snap-ipo-funds-idINKBN1692RC'|'2017-03-02T17:16:00.000+02:00'
'655031d9dd07728ec2ec2a9679a2bd4238cc152c'|'Luxottica sells former Milan headquarters for 100 mln euros'|'Big Story 10 - Thu Mar 2, 2017 - 11:05am EST Luxottica sells former Milan headquarters for 100 million euros FILE PHOTO: Sunglasses from Ray Ban, a Luxottica owned brand, are on display at an optician shop in Hanau, Germany, March 18, 2016. REUTERS/Kai Pfaffenbach/File Photo MILAN Italian eyewear group Luxottica has sold its former Milanese headquarters to the local unit of U.S. property firm Hines for around 100 million euros ($105 million), a source familiar with the matter said. The 12,000 square meter building, located near the central Duomo square, housed Luxottica until the summer of 2014, when the group moved into new offices owned by Beni Stabili, a property firm in which Luxottica''s founder Leonardo Del Vecchio has an indirect stake. Hines said in a statement BNP Paribas had organized funding for the deal which brought to 800 million euros the investments it has carried out in the past 15 months to buy historic buildings in Milan and Florence. Luxottica declined to comment. (Reporting by Valentina Za, editing by David Evans) Next In Big Story 10'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-luxottica-headquarters-sale-idUSKBN16929T'|'2017-03-02T23:02:00.000+02:00'
'bb6fa61c295f15e6667bafe3c84799884fefb395'|'Russia''s standards agency says Mazda recalls 12,301 cars'|'  1:50pm GMT Russia''s standards agency says Mazda recalls 12,301 cars The logo of Mazda is pictured at its dealership in Tokyo, Japan, February 16, 2017. REUTERS/Toru Hanai MOSCOW Russia''s state standards agency Rosstandart said on Thursday that Mazda had told it that it was recalling 12,301 cars due to a possible fault in the front airbag. The recall affects Mazda 6 models of the GG and the GY series sold between March 14, 2005 and May 19, 2008, the regulator said in a statement. (Reporting by Anton; Kolodyazhnyy; writing by Maria Tsvetkova; editing by Denis Pinchuk)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-mazda-russia-recall-idUKKBN1691UB'|'2017-03-02T20:50:00.000+02:00'
'738635a2ffb282045d482b09b5e3bd287e38d72e'|'Will Trump build a wall protecting US banks from global rules? - Howard Davies - Business'|'A s President Trump struggles to staff his administration with sympathisers who will help transpose tweets into policy, the exodus of Obama appointees from the federal government and other agencies continues. For the financial world, one of the most significant departures was that of Daniel Tarullo, the Federal Reserve governor who has led its work on financial regulation for the last seven years.It would be a stretch to say that Tarullo has been universally popular in the banking community. He led the charge in arguing for much higher capital ratios, in the US and elsewhere. He was a tough negotiator, with a well-tuned instinct for spotting special pleading by financial firms. But crocodile tears will be shed in Europe to mark his resignation. European banks, and even their regulators, were concerned by his enthusiastic advocacy of even tougher standards in Basel 3.5 (or Basel 4, as bankers like to call it), which would, if implemented in the form favoured by the US, require further substantial capital increases for Europe’s banks in particular. In his absence, these proposals’ fate is uncertain.But Tarullo has also been an enthusiastic promoter of international regulatory cooperation, with the frequent flyer miles to prove it. For some years, he has chaired the Financial Stability Board’s little-known but important Standing Committee on Supervisory and Regulatory Cooperation. His commitment to working with colleagues in international bodies such as the FSB and the Basel Committee on Banking Supervision, to reach global regulatory agreements enabling banks to compete on a level playing field, has never been in doubt.Donald Trump, the master of unreality, must be resisted at every turn - Joseph Stiglitz Read more Already, some of those who criticised him most vocally in the past are anxious about his departure. Who will succeed him? The 2010 Dodd-Frank Act created a vice-chair position on the Federal Reserve Board – which has never been filled – to lead the Fed’s work on regulation. Will that appointee, whom Trump now needs to select, be as committed as Tarullo to an international approach? Or will his principal task be to build a regulatory wall, protecting US banks from global rules?We do not yet know the answers to these questions, but Fed watchers were alarmed by a 31 January letter to Fed chair Janet Yellen from Representative Patrick McHenry, the vice-chairman of the House committee on financial services. McHenry did not pull his punches. “Despite the clear message delivered by President Donald Trump in prioritising America’s interest in international negotiations,” McHenry wrote, “it appears that the Federal Reserve continues negotiating international regulatory standards for financial institutions among global bureaucrats in foreign lands without transparency, accountability, or the authority to do so. This is unacceptable.”In her reply of 10 February, Yellen firmly rebutted McHenry’s arguments. She pointed out that the Fed does indeed have the authority it needs, that the Basel agreements are not binding, and that, in any event, “strong regulatory standards enhance the stability of the US financial system” and promote the competitiveness of financial firms.But that will not be the end of the story. The battle lines are now drawn, and McHenry’s letter shows the arguments that will be deployed in Congress by some Republicans close to the president. There has always been a strand of thinking in Washington that dislikes foreign entanglements, in this and other areas. While Yellen’s arguments are correct, the Fed’s entitlement to participate in international negotiations does not oblige it to do so, and a new appointee might argue that it should not.Such a reversal would generate tensions within the Fed, and where it would leave the FSB, or indeed the Basel Committee, is unclear. In the early days of the Bank for International Settlements (where the Basel Committee’s secretariat is located) in the 1930s, the US government declined to take a board seat, and the US was represented by JP Morgan. It is a little hard to see that arrangement working well today.These questions are of more than passing interest in Europe. European capital adequacy directives typically transpose Basel accords into EU law. If the Basel process stalls, transatlantic deals, which are the crucial underpinning of western capital markets, will be far harder to reach.There is a further complication arising from Brexit. Absent any special deal between the EU27 and the UK, British and EU regulators will come together in Basel, not in the European Banking Authority. If Basel becomes a talking shop, without the ability to set firm standards, another key link in the chain will be broken, and it will be harder for the UK to argue that if London’s banks meet international standards, they should be granted equal treatment in the EU.As central bankers bid farewell to the devil they know, financial regulation has entered a period of high uncertainty – and high anxiety for policymakers as they await an announcement from Mar-a-Lago. No likely Federal Reserve Board candidates have been spotted at poolside, or being interviewed on the golf course, but a decision cannot be far off. Nothing can be taken for granted. The financial world is holding its collective breath.• Sir Howard Davies, the first chairman of the UK’s Financial Services Authority (1997-2003), is chairman of the Royal Bank of Scotland. He was director of the London School of Economics (2003-11) and served as deputy governor of the Bank of England and director-general of the Confederation of British Industry. © Project Syndicate'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/mar/01/trump-us-banks-federal-reserve-banking-regulation'|'2017-03-01T02:00:00.000+02:00'
'c06d53b359851d147dd362b98df406df9e4a9d58'|'UPDATE 1-Orascom gives Brazil''s Oi another month to amend plan, sources say'|'(Adds Oi declines comment, share performance, background)By Ana ManoSAO PAULO, March 1 Orascom TMT Holdings SAE is giving Brazilian telephone carrier Oi SA another month to amend a reorganization plan that would help accelerate its exit from bankruptcy protection, three people involved in the matter said on Wednesday.Orascom released suggestions in December for the plan that included a proposal to exchange bond debt for Oi''s equity. The suggestions expired on Feb. 28. Orascom and a creditor group that jointly made the proposals to Oi could unveil the extension later in the day, two of the people said.Media representatives for Orascom and the bondholder group did not have an immediate comment. Oi''s press office declined to comment.Under terms of the December proposal, Orascom and the bondholders, who are represented by Moelis & Co, vowed to pump as much as $1.25 billion into Oi, take immediate control of the carrier and reorganize the company. Other creditor groups have lashed out at the proposal, saying it only seeks to favor one, smaller class of Oi bondholders.Extending the deadline should buy time for the bond firms and billionaire Naguib Sawiris, who controls Orascom, to discuss the fate of the carrier with shareholders, trumping rival offers for Oi.The Oi reorganization process, which began in June, has been marked by a series of disputes between creditors and shareholders over the fate of Brazil''s No. 4 wireless carrier. The government has threatened to intervene should Oi stakeholders fail to reach an agreement.Preferred shares, Oi''s most widely traded class of stock, gained 1.5 percent to 3.49 reais in early afternoon trading in São Paulo. The stock is up 62 percent this year.The Orascom-bondholder group has committed to underwriting the entire capital injection if no other investors step forward. In exchange, the new money providers would be entitled to a 7.5 percent backstop fee.As part of the Orascom-backed plan, Oi was asked to agree to a debt-for-equity swap involving 24.82 billion reais ($7.9 billion) worth of bond debt, which would be exchanged for a 95 percent stake in the debt-laden carrier.Orascom would also gain two of nine seats on Oi''s board should the offer be accepted, Karim Nasr, the executive who is leading the talks at Orascom, told Reuters in late December.($1 = 3.1168 reais) (Reporting by Ana Mano; Editing by Jeffrey Benkoe and Grant McCool)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/oi-sa-restructuring-otmt-idINL2N1GE17M'|'2017-03-01T14:11:00.000+02:00'
'7bc3a67f38334382cba7e88d9eef2cbb0d115cee'|'Exclusive: Canada''s Hydro One in talks to buy Toronto Hydro: sources'|'TORONTO Canada''s Hydro One Ltd is in talks to buy municipal electricity distributor Toronto Hydro Corp for about C$3 billion ($2.2 billion) as the city of Toronto explores options to finance various infrastructure projects, people with knowledge of the matter told Reuters.The two companies have been in discussions about the deal for the past few months but the talks have not entered final stages, one of the people said. They cautioned the talks could fall apart. The combined company could generate potential synergies of about C$1 billion, the people added.The city of Toronto, which owns 100 percent of Toronto Hydro, is also exploring other ways to monetize its assets, including by publicly listing Toronto Hydro, as well as by selling its Green P parking business or other real estate assets, one of the people added.Spokesmen for Hydro One and Toronto Hydro declined to comment. The people declined to be identified as the talks are confidential.(Reporting John Tilak in Toronto; Editing by Denny Thomas and Chris Reese)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-toronto-hydro-m-a-hydro-one-idINKBN16B0F6'|'2017-03-04T12:02:00.000+02:00'
'b50a3dc31daefa074867841242717e08a2a0883f'|'Fewer workers, higher wages - Japan Inc feels demographic pinch'|'Economy   6:30am GMT Fewer workers, higher wages: Japan Inc feels demographic pinch left right A deliverer of Yamato Transport Co is seen under the company''s logo at a business district in Tokyo, Japan, February 9, 2017. REUTERS/Toru Hanai 1/4 left right A deliverer of Yamato Transport Co is seen at a business district in Tokyo, Japan, February 9, 2017. REUTERS/Toru Hanai 2/4 left right A deliverer of Yamato Transport Co is seen at a business district in Tokyo, Japan, February 9, 2017. REUTERS/Toru Hanai 3/4 left right The logo of Yamato Transport Co is pictured at a business district in Tokyo, Japan, February 9, 2017. REUTERS/Toru Hanai 4/4 By Malcolm Foster and Yoshiyuki Osada - TOKYO TOKYO Ask the president of Japan''s largest daycare chain what his biggest headache is, and Kazuhiro Ogita doesn''t hesitate: workers and wage costs. Not enough of one, too much of the other. Unable to hire enough employees to staff its nurseries at a time of strong demand, JP-Holdings Inc is paying more overtime and bringing in part-time workers to fill shifts. That''s eating into its bottom line - a trend seen across Japan''s labor intensive industries, from delivery companies to restaurants and even the 400,000-employee strong postal system. Average pay for temporary workers in Japan''s three biggest cities in December rose 2.1 percent from a year earlier to 1,006 yen ($8.83) per hour - a fifth monthly record. Pay for forklift drivers jumped 13.8 percent and hotel clerks rose 4 percent. According to Reuters'' analysis of the financial results at 193 major companies, labor costs as a portion of overall sales are at their highest level in at least five years. This is happening even as rank-and-file workers see their base pay flatline, despite Prime Minister Shinzo Abe urging firms to lift wages to boost consumer spending - raising the prospect of an economy where costs rise but growth stagnates. For some companies, the labor crunch is forcing them to adapt and become more productive. Manufacturers are using more automation and robots, and construction companies and convenience stores are hiring more foreign workers, from a restricted pool. These aren''t options for all companies. JP-Holdings needs qualified teachers who have passed rigorous exams in Japanese. The resulting impact on costs has prompted the company to slash its operating profit forecast for the year through March by a third, to 1.05 billion yen ($9.3 million) versus 1.8 billion yen a year earlier. "We can’t rely on robots to care for children," Ogita said. "We have more space - we just don''t have the teachers to fill them. It''s a lost business opportunity for us." Delivery service Yamato Holdings Co, known in Japan for its black cat logo, is also scrambling, even while offering higher wages. Thanks to the internet shopping boom, Yamato''s parcel volume and sales climbed in the last nine months of the financial year - yet higher labor costs cut operating profit for the period by 6.5 percent. "We simply can''t get adequate staffing," said Yasuo Katayama, general secretary of the company''s 60,000-member union. "The company has said it will do something, but it hasn''t been enough. We need the management to reconsider the parcel volume." SHRINKING POOL Hardest hit are small and medium-sized businesses, which have less cash to invest. Two-thirds of companies with 100-300 employees said they are facing labor shortages, up from 59 percent a year ago, according to a survey by the Japan Chamber of Commerce and Industry. But even businesses like Japan Post, the privatized postal system, are struggling. "You ask the head of any company these days what their No. 1 problem is, and it''s labor shortage and higher (wage) costs," said CEO Masatsugu Nagato. "We have 400,000 employees, so this is a huge problem for us." Operating profit at Japan Post’s postal and logistics businesses fell by more than half to 2.1 billion yen for the nine months through December, as labor costs and pension changes took a bite. And there is little to encourage optimism. Japan''s working-age population, which shrank to 75.9 million in 2015 from a peak of 87.2 million in 1995, is expected to drop to 44 million by 2060. Foreign workers are making up some of the shortfall - last year numbers topped 1 million for the first time. But the government is reluctant to ease restrictions too much amid social and political resistance, and Abe has encouraged companies to first hire more women and older workers. Language and qualification barriers also create obstacles. Ogita, head of the daycare chain, knows only one foreigner who has obtained the necessary childcare qualifications. One positive impact from the shortage, however, could be to narrow the pay gap between salaried and non-salaried workers - something Abe''s government has been pushing for with an "equal time for equal pay" campaign. Higher wages could also bring back more workers to the workforce, but what it means for recovery and spending is far from certain. "In the long run, the labor shortages could cause cost-push inflation or stagflation, in which the cost of doing business keeps on rising, while the economy stagnates," said Masaki Kuwahara, senior economist at Nomura Securities. (Reporting by Malcolm Foster, Yoshiyuki Osada, Taiga Uranaka, Reiko Shimizu, Izumi Nakagawa and Tetsushi Kajimoto in TOKYO and Gaurav Dogra in BANGALORE; Editing by Clara Ferreira Marques and Lincoln Feast) Next In Economy News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-japan-economy-labour-idUKKBN1690HX'|'2017-03-02T13:26:00.000+02:00'
'4a06139b4592c5ad90a694bfac5e8023f35362eb'|'Emirates rejects Lufthansa, Air France-KLM claims in letter to EU'|'Business News - Thu Mar 2, 2017 - 2:41pm GMT Emirates rejects Lufthansa, Air France-KLM claims in letter to EU FILE PHOTO: Emirates Airlines aircrafts are seen at Dubai International Airport, United Arab Emirates May 10, 2016. REUTERS/Ashraf Mohammad/File photo BRUSSELS Emirates has rejected claims by Lufthansa ( LHAG.DE ) and Air France-KLM ( AIRF.PA ) in a letter to the EU that competition from Gulf airlines had forced them to terminate services to Asia. The letter from the CEOs of the French and German carriers this week asked the European Union executive to act over what they say are unfair practices by the Gulf airlines that have caused them to scrap flights to destinations in the Middle East, Asia and India. "It is baffling why two of the largest legacy airlines in Europe are alleging that Gulf carriers have caused them to contract their Asian services when the opposite is true," an Emirates spokeswoman said. "OAG (Official Airline Guide) data shows that between 2007 to 2017, the 6 European carriers combined actually grew capacity from Europe to Asia in terms of seats (17 percent), and flight frequencies (6 percent)," she added. The letter to EU Transport Commissioner Violeta Bulc said Lufthansa, Air France, KLM, Brussels Airlines, Swiss and Austrian Airlines have together had to halt services to over 30 destinations in the Middle East, Asia and India in recent years. The European Commission is preparing a law enabling the EU to impose duties on non-EU airlines or suspend their flying rights if it finds they have harmed European airlines through unfair subsidies or discriminatory practices. European legacy carriers have been hit by the rapid growth of the main Gulf airlines - Emirates, Etihad and Qatar Airways - and shifting traffic flows to Asia. They have long accused the Gulf airlines of receiving illegal state subsidies - which the companies deny - and have asked the EU to do more to tackle the challenge. "We have repeatedly disproved all allegations of subsidies, and demonstrated that we operate on a fully commercial basis," the Emirates spokeswoman said. (Reporting by Julia Fioretti; Editing by Keith Weir) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-emirates-letter-lufthansa-airfrance-k-idUKKBN169207'|'2017-03-02T21:41:00.000+02:00'
'd5ab54670a52b3182b3c740f043ebec409445242'|'Companies back transgender rights in Supreme Court fight'|'Technology News - Thu Mar 2, 2017 - 3:10pm GMT Companies back transgender rights in Supreme Court fight File Photo: An Apple employee waves a rainbow flag before marching in the San Francisco Gay Pride Festival in California June 29, 2014. REUTERS/Noah Berger By Lawrence Hurley - WASHINGTON WASHINGTON A coalition of 53 companies on Thursday backed transgender rights at the U.S. Supreme Court, signing on to a brief supporting a Virginia student who is fighting to use the school bathroom that corresponds with his gender identity. Among the companies participating are Apple Inc( AAPL.O ), Microsoft Corp ( MSFT.O ) and IBM Corp ( IBM.N ). The court has scheduled oral arguments for March 28 on whether the Gloucester County School Board in Virginia violated a federal anti-discrimination law when it blocked Gavin Grimm, a female-born transgender high school student who identifies as male, from using the boys'' bathroom. A ruling is due by the end of June. The companies'' brief says they are "concerned about the stigmatizing and degrading effects" of the policy adopted by the school board. "Gender identity discrimination is a form of sex discrimination," the brief says. Among other companies that signed on to the brief are Yahoo Inc( YHOO.O ), Intel Corp( INTC.O ), Amazon.com Inc( AMZN.O ) and Twitter Inc( TWTR.N ). Thursday is the deadline for briefs supporting Grimm to be filed. It is uncertain whether the court will issue a major ruling in the case because the Trump administration on Feb. 22 rescinded Obama administration guidance to public schools to let transgender students use bathrooms corresponding to their gender identity. The court, which currently is one justice short, could take a cautious approach and send the case back to the Richmond, Virginia-based 4th U.S. Circuit Court of Appeals to reconsider its April 2016 ruling in favor of Grimm in light of the Trump administration''s action. The underlying question is whether a federal law that bars sex discrimination in education, known as Title IX, covers transgender students. (Reporting by Lawrence Hurley; Editing by Bill Trott) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-court-transgender-idUKKBN16922P'|'2017-03-02T22:08:00.000+02:00'
'e6d9e4b47f58159c0be1dcee32bae122266746a1'|'Deutsche Boerse''s EEX says takes over U.S. peer Nodal'|'Deals - Fri Mar 3, 2017 - 7:11pm GMT Deutsche Boerse''s EEX says takes over U.S. peer Nodal FRANKFURT Germany''s energy exchange, part of Deutsche Boerse AG ( DB1Gn.DE ), has agreed to buy all the shares in U.S. peer Nodal to pursue its global growth strategy, Deutsche Boerse said on Friday. The European Energy Exchange said (EEX) the overall purchase price was in the low "three digit million dollar range" and the transaction would be completed in the second quarter, pending necessary regulatory approvals. "Our ultimate ambition for EEX Group is to become a truly global commodity exchange," said Peter Reitz, Chief Executive Officer of EEX. "The acquisition of Nodal Exchange is a major milestone." Nodal, a futures exchange based in Virginia that launched in 2009, offers 1,000 power and gas contracts for 100 locations and a gas contract for the Henry Hub delivery point, the U.S. gas benchmark location. Nodal does the bulk of its business in electricity futures, nearly doubling volumes in 2016 after switching to its own clearing house in October 2015 from LCH Clearnet, Chief Executive Paul Cusenza said in a phone interview. By joining forces, the two exchanges will increase their presence in U.S. gas, which is important for power generation and therefore interlinked, as well as giving their respective trading members access to global energy products, he said. "They (EEX) are not a competitor, they operate mainly in Europe while we have both the exchange and clearing house in the U.S.. Collectively, we have more global capability," he said. Cusenza said Nodal, which represented 27 percent of U.S. power market open interest, a liquidity measure, raised its volume turnover 79 percent year-on-year in January and February. It plans to introduce options trading in the second quarter. Current key shareholders of Nodal include affiliates of Macquarie Energy, DC Energy and NextEra Energy. Nodal''s U.S. competitors are ICE ( ICE.N ), CME ( CME.O ), and Nasdaq ( NDAQ.O ). The move across the Atlantic is not the first overseas venture for EEX, which last April became the full owner of its Singaporean Cleartrade Exchange (CLTX) subsidiary. The deal added dry bulk freight, iron ore and bunker fuel contracts to its range of European products which apart from power and gas include carbon emissions certificates and coal. (Reporting by Vera Eckert; editing by Andreas Cremer and David Clarke) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-nodal-m-a-eex-idUKKBN16A2AW'|'2017-03-04T02:06:00.000+02:00'
'3647c91b2668978cf1842cb96a8d6cb907a41911'|'EMERGING MARKETS-LatAm stocks, currencies drop on bets of U.S. rate hike'|' 06am EST EMERGING MARKETS-LatAm stocks, currencies drop on bets of U.S. rate hike By Bruno Federowski SAO PAULO, March 2 Latin American stocks and currencies fell on Thursday on growing expectations of a March U.S. interest rate increase that could reduce the allure of high-yielding assets. Several Federal Reserve officials have stressed in recent days that a rate hike could come as soon as this month. Late on Wednesday, Fed Governor Lael Brainard said an improving global economy and a solid U.S. recovery mean a raise will be "appropriate soon." The Brazilian real slipped 1.1 percent but remained close to the strongest levels in nearly two years. The Mexican and Colombian pesos also weakened. Brazil''s benchmark Bovespa stock index fell 1.5 percent, with shares of drinks company Ambev SA the biggest decliners. The São Paulo-based subsidiary of Anheuser-Busch InBev NV reported weak quarterly sales and rising costs in its main market of Brazil. Yields paid on Brazilian interest rate futures were nearly flat as traders remained split on a potential acceleration of interest rate cuts following the release of last week''s central bank policy minutes. Key Latin American stock indexes and currencies at 1550 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 935.20 -0.35 8.84 MSCI LatAm 2581.56 -1.31 11.76 Brazil Bovespa 65991.87 -1.49 9.57 Mexico IPC 47078.12 -0.79 3.14 Chile IPSA 4414.85 0.34 6.35 Chile IGPA 22097.38 0.41 6.57 Argentina MerVal 19215.74 -0.73 13.58 Colombia IGBC 9858.55 -0.32 -2.66 Venezuela IBC 36222.51 -0.02 14.25 Currencies daily % YTD % change change Latest Brazil real 3.1252 -1.05 3.97 Mexico peso 19.9240 -0.62 4.12 Chile peso 655.9 -0.82 2.26 Colombia peso 2964.4 -1.23 1.25 Peru sol 3.27 -0.34 4.40 Argentina peso (interbank) 15.3600 0.42 3.35 Argentina peso (parallel) 15.95 1.82 5.45 (Editing by Bernadette Baum)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL2N1GF0ZI'|'2017-03-02T23:06:00.000+02:00'
'a56cc1cb87a695c7323cda4393f85fe09c3efdb7'|'BRIEF-Bombardier wins contract to provide 70 Flexity trams to Zurich'|' 13am EST BRIEF-Bombardier wins contract to provide 70 Flexity trams to Zurich March 3 Bombardier Inc: * Bombardier wins contract to provide 70 Flexity trams to Zurich * Bombardier says base price for vehicles ordered is valued at approximately 300 million Swiss Francs * Bombardier - base price for vehicles ordered is valued at approximately 300 million Swiss Francs (281 million euro, $296 million us) * Bombardier - first vehicles will be delivered at end of 2019 * Bombardier - signed contract for delivery of 70 seven-part bombardier flexity low floor trams with an option for another 70 vehicles on march 2, 2017   Further  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-bombardier-wins-contract-to-provid-idUSFWN1GG0PC'|'2017-03-03T21:13:00.000+02:00'
'd0f4799e8426e087a3d9e7f4770cd3839846a342'|'Suez says GE water treatment business would be a good buy'|'PARIS General Electric''s ( GE.N ) industrial water treatment business which is up for sale would be a good strategic fit for Suez ( SEVI.PA ), the French group''s chief executive said on Wednesday.Suez last week confirmed that it might put in a bid for GE Water, which French media have estimated as being worth anywhere between 2 and 3 billion euros ($2.1-3.2 billion)."We are interested in GE Water because its activities are in line with our strategy of boosting industrial water activities, boosting international growth and boosting digital and smart activities," Jean-Louis Chaussade said after Suez reported a drop in underlying profits last year.He declined to say how Suez would finance a possible acquisition but added that the company would not stray from its target of keeping its net financial debt at around three times core earnings.The company''s shares were down 3 percent at 13.74 euros by 1016 GMT after it posted a 3.6 percent fall in core earnings, due to margin pressures in its core European water and waste treatment businesses and left the dividend payout unchanged for a second year running.Core earnings at the Water Europe division were down 3.2 percent as a lack of inflation in Europe kept a lid on prices, with French sales volumes down 2 percent, due in part to the termination of its Lille water contract.Core earnings in Suez''s European waste business fell 2.4 percent as prices for recycled ferrous metals and plastics fell and electricity prices hit multi-year lows last year.Core earnings before interest, tax, depreciation and amortization (EBITDA) were down 3.6 percent to 2.65 billion euros on revenue up 1.2 percent at 15.3 billion euros. Net income was up 3.1 percent at 420 million euros.Chaussade said Suez plans 150 million euros worth of cost cuts this year, less than the 180 million saved in 2016, but more than its average annual savings of 120-125 million euros."During difficult times we increase our cost-cutting efforts," Chaussade said.The company proposed an unchanged dividend of 65 cents, after leaving the dividend on 2015 earnings also unchanged. For 2017, it expects to pay at least 65 cents per share. It also expects "slight organic growth in revenue and EBIT" this year and free cash flow of around 1 billion euros.Asked about a possible alliance with bigger peer Veolia ( VIE.PA ), Chaussade said he did not believe in big merger operations in which Suez would need to sell as many assets as it would want to merge.(Reporting by Geert De Clercq; Editing by Greg Mahlich)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-suez-results-idUSKBN168417'|'2017-03-01T13:35:00.000+02:00'
'f224067ae22b8cac22be52235ba0040ef6a412fc'|'Homes with balconies – in pictures - Money'|'Homes with balconies – in pictures   View more sharing options Share   Close Wherefore art those properties perfect for acting out Romeo and Juliet? Why, in Chester, Hove and Morpeth … Anna Tims Friday 3 March 2017 23.45 GMT Chester, Cheshire The development of an old lead works is built around one of three surviving shot towers, once used for making lead shot. This three-bedroom, glass-walled duplex has a balcony overlooking the canal. However, you have to wait till spring next year before you can move in. Guide price: £400,000. Savills , 01244 323232 Facebook Twitter Pinterest Morpeth, Northumberland The two balconies off the master suite, living room and kitchen overlook the River Wansbeck, on which you have fishing rights. There’s magazine-style glamour in the large, wood-floored interior. The master suite is on the ground floor away from the other three bedrooms. Guide price: £520,000. Sanderson Young , 0191 213 0033 Facebook Twitter Pinterest Hove, East Sussex From the balcony you can gaze across the English Channel, while this Regency flat boasts high ceilings, bay window and ornate plasterwork. There’s only one bedroom and the original fireplace has been lost. Price: £375,000. Hamptons , 01273 803 191 Facebook Twitter Pinterest Homes Snooping around Property Fishing holidays'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/gallery/2017/mar/03/homes-with-balconies-in-pictures'|'2017-03-04T06:45:00.000+02:00'
'7e02f7c49dfe1dcf2155abf8ec5bb89f526f73bb'|'UPDATE 1-Mantle Ridge nears deal to install Harrison as CSX CEO -sources'|'(Adds source based info on new purpose of special meeting)By Michael FlahertyMarch 3 CSX Corp is nearing a deal with one of its largest investors, activist hedge fund Mantle Ridge LP, to sign up veteran railroad executive Hunter Harrison as the U.S. railroad company''s CEO, people familiar with the matter said on Friday.Talks between CSX''s board and Mantle Ridge have been advancing, the people said, getting closer to a deal that could be announced as early as next week. Final details, however, are still being worked out, and the talks may end unsuccessfully, the people added.The sources asked not to be identified because the negotiations are confidential. CSX, Mantle Ridge and Harrison all declined to comment.CSX and Mantle Ridge have been locked in a battle over Harrison''s contract as well as the investor''s intent on shaking up the company''s board.Mantle Ridge owns 4.9 percent of the company, according to a letter the firm published last month.CSX announced last month that CEO Michael Ward was stepping down, effective on May 31. CSX''s stock has surged more than 30 percent since January, when news first appeared that Harrison was planning to leave his CEO slot at Canadian Pacific to seek the top job at CSX.Harrison,72, would become CEO under a four-year contract, Bloomberg News reported earlier on Friday - which would mark a victory for Mantle Ridge, whose founder Paul Hilal had argued that the company''s preference of a two-year deal was not long enough.CSX has called for a special meeting for shareholders to vote on Harrison''s proposed compensation package and for the board seats that Mantle Ridge is seeking.CSX plans to still hold a special meeting but only for shareholders to vote on who will ultimately pay for the roughly $90 million that Harrison walked away from when he left Canadian Pacific early, one of the people familiar with the matter told Reuters.(Reporting by Michael Flaherty in New York, editing by G Crosse and Diane Craft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/csx-shareholders-ceo-idINL2N1GH01S'|'2017-03-03T23:15:00.000+02:00'
'538df67d6b08ecb0f69299089addbfbeda306f48'|'Lockheed says in talks with Spain, Belgium, others on buying F-35s'|'Business News - Fri Mar 3, 2017 - 4:59am GMT Lockheed says in talks with Spain, Belgium, others on buying F-35s left right Two Lockheed Martin Corp F-35 stealth fighter jets fly to the Avalon Airshow in Victoria, Australia, March 3, 2017. Australian Defence Force/Handout via REUTERS 1/8 left right A Lockheed Martin Corp F-35 stealth fighter jet flies during a display at the Avalon Airshow in Victoria, Australia, March 3, 2017. AAP/Tracey Nearmy/via REUTERS 2/8 left right A Lockheed Martin Corp F-35 stealth fighter jet flies during a display at the Avalon Airshow in Victoria, Australia, March 3, 2017. AAP/Tracey Nearmy/via REUTERS 3/8 left right Visitors inspect a Lockheed Martin Corp F-35 stealth fighter jet on display at the Avalon Airshow in Victoria, Australia, March 3, 2017. AAP/Tracey Nearmy/via REUTERS 4/8 left right Australian Prime Minister Malcolm Turnbull speaks as Minister for Defence, Senator Marise Payne and Minister for Defence Industry, Christopher Pyne, stands next to him in front of a Lockheed Martin Corp F-35 stealth fighter jet on display at the Avalon Airshow in Victoria, Australia, March 3, 2017. AAP/Tracey Nearmy/via REUTERS 5/8 left right Two Lockheed Martin Corp F-35 stealth fighter jets flies during a display at the Avalon Airshow in Victoria, Australia, March 3, 2017. Australian Defence Force/Handout via REUTERS 6/8 left right A Lockheed Martin Corp F-35 stealth fighter jet lands at the Avalon Airshow in Victoria, Australia, March 3, 2017. Australian Defence Force/Handout via REUTERS 7/8 left right A Lockheed Martin Corp F-35 stealth fighter jet taxis past spectators after arriving at the Avalon Airshow in Victoria, Australia, March 3, 2017. Australian Defence Force/Handout via REUTERS 8/8 By Jamie Freed - AVALON, Australia AVALON, Australia Lockheed Martin Corp ( LMT.N ) said on Friday it was talking to the governments of Spain, Switzerland and Belgium about selling its F-35 fighter jets to the European nations. Bringing new customers could help significantly reduce the cost of the military aircraft after several blowouts and production delays. The United States and 10 allies are clients of the F-35 currently. "We are talking to several other countries - Switzerland, Belgium, Spain," Jeff Babione, Lockheed Martin''s F-35 programme leader, told reporters at the Avalon Airshow in Australia. "There are quite a few other European nations that are looking at perhaps having the F-35 as an opportunity," Babione said. "We are starting to see other customers think about the F-35 being added to their fleet." Another person familiar with the discussions, who was not authorised to speak on the record, said that Finland was also in talks. Babione said that countries already signed up to the F-35 program along with the United States - Australia, Denmark, Italy, the Netherlands, Norway, Turkey, the United Kingdom, Japan, South Korea and Israel - need to start ordering in blocks beyond yearly commitments to help meet a reduced target cost of $80 million by 2020. "It is actually a very reasonable target but it is going to take cooperation in changing the way we buy the aircraft," he said. U.S. President Donald Trump has criticised the cost of the project. While the price per jet has steadily declined since the first jets were delivered to the U.S. military in 2011 as production has increased, it remains at $94.6 million. Lockheed is pressing purchasers to agree to a three-year block buy that would help reduce costs by bulk sourcing parts. "The longer we do it the more we are able to aggregate," Babione said. "Maybe in the future you are talking about a multi-year and you could do a five year multi-year and increase the savings." Babione also urged Canada to speed up a decision about whether it would buy the F-35s or Boeing Co''s ( BA.N ) Super Hornets instead. The Pentagon''s head of the F-35 programme said earlier this week at Avalon that the overall reliability of the jets is being pulled down by initial versions of the aircraft which do not perform as well as more recently delivered jets. "Unfortunately today the aircraft reliability and maintainability of the airplane is what I would call flat," Lieutenant General Chris Bogdan of the U.S. Department of Defense said. (Additional reporting by Mike Stone in WASHINGTON; Writing by Jane Wardell; Editing by Muralikumar Anantharaman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-airshow-australia-lockheed-idUKKBN16A0DY'|'2017-03-03T11:55:00.000+02:00'
'838067f454c746dbe8e0424c94c0c8c5786144c2'|'BRIEF-Korea Aerospace Industries selects Triumph for kf-x airframe'|' 56pm EST BRIEF-Korea Aerospace Industries selects Triumph for kf-x airframe March 1 Triumph Group Inc * Triumph awarded contract with korea Aerospace Industries for kf-x airframe mounted accessory drive * Selected by Korea Aerospace Industries, ltd to provide airframe mounted accessory drives (amad) on new kf-x fighter aircraft Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-korea-aerospace-industries-selects-idUSASB0B39Y'|'2017-03-02T04:56:00.000+02:00'
'38e6f39007433093aa28c548d3fbf5acd6daf39c'|'PRESS DIGEST- British Business - March 2'|'Company News - Wed Mar 1, 2017 - 7:43pm EST PRESS DIGEST- British Business - March 2 March 2 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Times - Mitie Group Plc is paying private equity firm Enara nearly 10 million pounds ($12.28 million) to take a disastrous home-care venture off its hands. bit.ly/2mavjuH - The parent company of the popular messaging app Snap Inc is to be valued at almost $ 20 billion after setting a price for its initial public offering at $17 a share. bit.ly/2maHw2n The Guardian - Nearly 1,400 UK jobs are at risk as pharmacy chain Boots, Walkers crisps and bakery Greggs all cut costs. bit.ly/2maqfqc - Len McCluskey, the head of the UK''s biggest trade union, has urged Theresa May to guarantee car makers tariff-free access to the single market after Brexit, as Ford Motor Co unveiled plans to cut 1,160 jobs over five years at its engine factory in Bridgend, Wales. bit.ly/2maEpHU The Telegraph - Jaguar Land Rover has committed to building its new Range Rover at its Solihull factory in the West Midlands. bit.ly/2mayt1C Sky News - Vivid, the British toy company which has licences to make Thunderbirds and Moshi Monsters products, is engaged in an urgent hunt for new owners following a slump in profits. bit.ly/2maxBdn The Independent - Theresa May will be forced to order MPs to throw out an immediate guarantee that 3 million EU nationals can stay in Britain, after a humiliating defeat in the House of Lords. ind.pn/2maxsGI - PepsiCo Inc is considering shutting its Walkers snacks factory in Peterlee, County Durham, potentially putting 380 jobs at risk and dealing a heavy blow to the region. ind.pn/2maBrmM ($1 = 0.8146 pounds) (Compiled by gaurika Juneja in Bengaluru; Editing by Jonathan Oatis) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-business-idUSL3N1GF075'|'2017-03-02T07:43:00.000+02:00'
'16a7f12ad8802d61bc4144511db117cefa1b83a4'|'Freight and fridge sales: Indian economists seek GDP clues amid data doubts'|'By Rajesh Kumar Singh - NEW DELHI NEW DELHI Surprised again by India''s strong official growth statistics, economists are relying increasingly on high-frequency indicators like bank credit and rail freight to gauge the real health of Asia''s third-largest economy.For India''s cash-reliant economy, Prime Minister Narendra Modi''s decision in November to outlaw old 500 and 1,000 rupee banknotes came as a big shock.The decision sucked 86 percent of cash out of circulation, and everyone from street hawkers to big consumer goods firms suffered a slump in sales.With data on commercial vehicle output, rail freight, service tax receipts and home appliance sales showing slowing growth or contraction, economic expansion in the quarter to December was forecast by economists at 6.4 percent.In fact, it came in at 7 percent, slower than the previous quarter but enough for India to retain the title of the world''s fastest growing major economy."Forecasting India''s GDP has become like predicting the English weather," said one senior economist with an international ratings agency. "You never know when it will rain, when it will shine."The shock was bigger for economists at Mumbai-based brokerage Ambit Capital, who predicted the economy may even contract in the quarter after the cash crunch hobbled businesses.Ambit''s Ritika Mankar Mukherjee defended her team''s view, which she said was based on an extensive survey of small- and medium-sized enterprises. She also cited a slowdown in bank credit growth to a multi-year low of 5 percent."India is a heavily bank credit-dependent economy," she said. "How come you have an acceleration in manufacturing activity when credit growth is slowing down?"Ambit is one of several brokerages to devise their own measures of economic activity, applying methods honed in China, where GDP figures are suspected to have been "smoothed" for years by the authorities."The message from the GDP numbers doesn''t tally with what we see on the ground," said Sonal Varma, an economist with Nomura in Singapore. "It does become important to supplement your analysis with additional information."POLITICS OF DATAThe official figures were music to the ears of Modi''s ruling Bharatiya Janata Party, as it fights a tough election in the battleground state of Uttar Pradesh.Modi had taken flak for his shock monetary therapy from opposition parties as well as Nobel laureates Amartya Sen and Paul Krugman. Buoyed by the growth figures, he hit back at Sen, who teaches economics at Harvard University."Hard work is more important than Harvard," he told a campaign rally in Uttar Pradesh on Wednesday.The regional election in a state that is home to one in six Indians is a key mid-term test of Modi''s popularity. A strong showing would boost his chances of winning a second term in 2019.Sandeep Shastri, a political scientist, says the GDP figures will have little bearing on the election."It is not a substantive issue for voters," he said.Official GDP data has been questioned since a change in methodology in 2015 transformed India into the world''s fastest-growing major economy. New Delhi defended the overhaul, citing an improved database of hundreds of thousands of firms.Data reporting has long been a challenge in an economy where the informal sector accounts for 40 percent of output and employs nine in 10 workers.The federal statistics office carries out periodic surveys of the grey economy, but it mostly extrapolates data from old surveys.And since India does not have reliable national retail sales data, statisticians use production figures to estimate consumer spending.Still, some economists are perplexed by figures showing growth in consumer spending hitting a four-year high, even as sales of beverages, home appliances and vehicles fell.Earnings of consumer goods giants such as Hindustan Unilever and drug makers like GlaxoSmithKline Consumer Healthcare also took a hit.Some data also appear to be contradictory. For example, services dependent on government spending grew at a faster pace in the quarter, but overall government spending fell."This does not add up," said Varma, the Nomura economist.(Additional reporting by Zeba Siddiqui in Mumbai; Editing by Douglas Busvine)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/india-economy-gdp-idINKBN1684OP'|'2017-03-01T11:34:00.000+02:00'
'c065e5ad17c95eecc5069f80a64c4219d57ce4e5'|'EMERGING MARKETS-Mexico peso firms as Trump adopts restrained tone'|'SAO PAULO, March 1 xx The Mexican peso strengthened on Wednesday after U.S. President Donald Trump took a conciliatory stance in a key speech, backing away from his harsh campaign rhetoric. The peso has weakened sharply since Trump''s unexpected Nov. 8 election victory as he vowed to curtail trade and financial flows with Mexico. In a prime-time televised address to the country on Tuesday, Trump offered a more restrained tone than during his election campaign, telling Congress he was open to immigration reform. The peso firmed 1 percent, outperforming other mostly flat Latin American currencies. Demand for emerging market currencies was muted after a handful of U.S. Federal Reserve policymakers signaled the possibility of a March interest rate increase. Higher U.S. rates could drain investments away from high-yielding assets. Still, Brazil''s benchmark Bovespa stock index rose 0.7 percent, supported by rising shares of state-controlled oil company Petróleo Brasileiro SA. Petrobras, as the company is known, announced late on Friday that it would cut prices for diesel and gasoline at domestic refineries. In a client note, analysts at Credit Suisse Securities led by André Natal said the spread between local gasoline prices and import prices remains at attractive levels, at roughly 13 percent. Brazilian markets did not open on Monday and Tuesday due to a local holiday. Key Latin American stock indexes and currencies at 1700 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 937.93 0.17 8.59 MSCI LatAm 2627.30 1.05 11.08 Brazil Bovespa 67154.20 0.74 11.50 Mexico IPC 47438.71 1.24 3.93 Chile IPSA 4382.14 0.51 5.56 Chile IGPA 21918.07 0.49 5.71 Argentina MerVal 19358.68 1.26 14.43 Colombia IGBC 9909.00 0.2 -2.16 Venezuela IBC 36228.78 1.45 14.27 Currencies daily % YTD % change change Latest Brazil real 3.1039 0.25 4.68 Mexico peso 19.9050 1.00 4.22 Chile peso 650.5 -0.05 3.11 Colombia peso 2933.16 -0.32 2.33 Peru sol 3.255 0.18 4.88 Argentina peso (interbank) 15.4500 0.19 2.75 Argentina peso (parallel) 16.2 0.49 3.83 (Reporting by Bruno Federowski; Editing by Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/emerging-markets-latam-idINL2N1GE1EJ'|'2017-03-01T14:09:00.000+02:00'
'c3d9fa3524196d0dd3a22990e1d8447b6c8afdd0'|'No margin for error as Adidas CEO bets on U.S. game plan'|' 15am EST No margin for error as Adidas CEO bets on U.S. game plan left right FILE PHOTO: Shareholders of Adidas Group silhouetted in front of the company logo in Fuerth near Nuremberg, Germany, May 8, 2008. REUTERS/Michaela Rehle/File Photo 1/3 left right Kasper Rorsted, designated chief executive officer of the world''s second largest sports apparel firm Adidas gestures at the annual general shareholder''s meeting of German consumer goods group Henkel in Duesseldorf, Germany, April 11, 2016. REUTERS/Wolfgang Rattay/File Photo 2/3 left right FILE PHOTO: A shop assistant works at the Adidas flagship store in Berlin, Germany, January 20, 2016. REUTERS/Hannibal Hanschke/File Photo 3/3 By Emma Thomasson - BERLIN BERLIN Adidas is expected to redouble its U.S. efforts when Kaspar Rorsted spells out his strategy next week, potentially allowing the new CEO to set an ambitious profit margin target. Much hinges on whether the German sportswear firm can keep up the momentum in the U.S. market, where its Superstar sneaker was the top selling shoe in 2016, ahead of nine Nike styles, according to data from market intelligence firm NPD. Top U.S. sportswear retailers suggest that Adidas is doing a good job of lining up a pipeline of new styles, with Edward Stack, chief executive of Dicks Sporting Goods, saying that Adidas will get more space in his stores in 2017. Dick Johnson, chief executive of Foot Locker, said last week that Adidas was leading growth of lifestyle running shoes, with its NMD, Boost, AlphaBounce, Tubular Shadow and Yeezy sneakers designed by singer Kanye West all selling well. Helped by a big increase in marketing spending and the popularity of retro styles like Superstar, Adidas more than doubled its share of the U.S. athletic footwear market to 10 percent in January, according to NPD, with Nike steady at 45 percent and Under Armour falling. "The momentum is still there in the U.S. There is more room to grow," said Scilla Huang Sun, a fund manager at GAM, who has built up her position in Adidas and cut her stake in Nike. German rival Puma has also been enjoying a revival in the U.S. market, helped by a shift towards retro styles and away from basketball shoes which has hurt Under Armour and dampened Nike''s success. Although Adidas shares have almost tripled in two years as it has taken market share, that has yet to feed through into a significant improvement in its operating margin, which analysts expect to rise to 7.5 percent in 2016 from 6.3 percent in 2015, still half that of Nike, because it lags so much in the U.S. "Scale and superior profitability go hand in hand," said Graham Renwick, an analyst at Exane BNP Paribas, who rates Adidas "outperform", predicting that Adidas can boost its margin by more than doubling its U.S. market share to 15 percent. OPPORTUNITY TO SURPRISE Rorsted, the former chief of consumer goods group Henkel ( HNKG_p.DE ) who took over at Adidas in October, is expected to present highlights of his strategy review along with results on March 8, with more depth coming at an investor day on March 14. He has already taken steps to overhaul the group''s struggling Reebok fitness brand and has said that the U.S. market and digitalization will be top priorities as he seeks to build on a five-year plan launched in 2015 by his long-serving predecessor Herbert Hainer. Investors hope Rorsted will give a formal medium-term target for the operating margin and detail concrete steps to help Adidas reach it. Hainer abandoned a long-standing goal to reach 11 percent in 2015 after Adidas sagged in the U.S. market and was hit by a slowdown in Russia and its golf business. Analysts expect Adidas to lift the EBIT margin to 9.4 percent by 2019, according to Thomson Reuters Smart Estimates. "The new CEO is likely to strike an ambitious tone on margin," UBS analysts wrote in a note last week as they upgraded Adidas to "buy". "We see opportunity for Adidas to surprise on sales growth, gross margin and operating leverage." Others are less bullish, noting that the shares are trading at 28 times forward earnings, a big premium to Nike at 22 times. DZ Bank analyst Herbert Sturm, cut the stock to "sell" from "hold" in January, saying positive news expected at the investor day was already factored in. Of the 35 analysts covering Adidas, 10 have a "buy" rating on the stock, 19 rate it "hold" and 6 have a "sell" or "strong sell" rating, according to Thomson Reuters data. (Editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-adidas-results-idUSKBN1684SK'|'2017-03-01T22:15:00.000+02:00'
'8893742ce6f4fe242fb46db6285629949896b098'|'Road rage: Travis Kalanick’s uber-apology'|'“I MUST fundamentally change as a leader and grow up.” It is rare for the boss of a big technology firm to be so contrite. It is even more of a surprise to have Travis Kalanick (pictured), the chief executive of Uber, a popular ride-hailing company, go that far: he is one of the most pugnacious entrepreneurs in Silicon Valley. “This is the first time I’ve been willing to admit that I need leadership help and I intend to get it,” he added.Mr Kalanick had little option but to grovel. On February 28th Bloomberg, a media group, released a video showing a heated discussion between him and an Uber driver, Fawzi Kamel, about the fact that the firm has lowered the rates its drivers receive. Mr Kamel told Mr Kalanick that he had lost $97,000 and gone bankrupt because of him, at which point Mr Kalanick lost his cool: “Some people don’t like to take responsibility for their own shit.”The video capped a terrible month for Mr Kalanick. First, more than 200,000 subscribers deleted their Uber app after the firm was accused of breaking a strike by taxi drivers protesting Donald Trump’s executive order against refugees. Then a former employee published a blog post in which she accused Uber of refusing to discipline her manager after he had propositioned her for sex. Uber’s head of engineering resigned earlier this week after reports that he had received a sexual-harassment complaint at his previous employer (he denies the allegations).To Mr Kalanick’s credit, his reactions have been deft. He resigned from the president’s business advisory council. He created a committee to look into Uber’s culture. He also met with more than 100 female employees and promised: “I want to get at the people who are making this place a bad place.” This week’s mea culpa, which also included an apology to Mr Kamel, were part of an e-mail to all Uber staff sent quickly after the release of the video.But it will take more to burnish the firm’s brand. “Uber has been here many times before, responding to public exposure of bad behaviour by holding an all-hands meeting, apologising and vowing to change, only to quickly return to aggressive business as usual,” wrote Mitch and Freada Kapor, two early investors in the startup, in an open letter this week.The bad publicity comes at a time when Uber needs to deal with two bigger issues. First, regulators are making life harder for the firm. For example, the European Court of Justice, the European Union’s highest court, will soon decide whether Uber is just a digital service or a transport firm. If it is adjudged the latter, it would have to comply with a dense rulebook.Second, Uber, which is now operating in more than 500 cities worldwide, has to find a way to make money. It reportedly lost about $3bn in 2016 on revenue of $5.5bn—a whopping cash-burn rate, even though it has raised over $11bn in capital and debt. Such numbers make it unlikely that Uber will soon follow in the footsteps of Snap, another tech startup which was expected to complete its IPO this week as The Economist went to press. At a time when Uber could use a little goodwill, Mr Kalanick’s antics do not help.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business-and-finance/21717810-many-woes-ubers-boss-travis-kalanicks-uber-apology?fsrc=rss'|'2017-03-01T07:00:00.000+02:00'
'822351366ef37699f8f84b230a70aab28e9d3e2a'|'ECB sidelined this year; to tweak guidance or taper QE in shift - Reuters poll'|'Business News - Thu Mar 2, 2017 - 2:46pm GMT ECB sidelined this year; to tweak guidance or taper QE in shift - Reuters poll European Central Bank (ECB) headquarters in Frankfurt, Germany, July 29, 2016. REUTERS/Ralph Orlowski By Shrutee Sarkar The European Central Bank will stay in the background through upcoming elections in key European countries and is only likely to signal a shift away from its ultra-easy monetary policy towards the end of this year or early next, a Reuters poll found. The latest poll of ECB watchers comes on the heels of increased optimism that the euro zone economy, while still not performing strongly, is doing better than previously thought. Private surveys point to robust business activity in the region - buoyed by a weaker euro. Price pressures, too, are on the rise. Data on Thursday showed euro zone prices rose in February by 2 percent, in line with a Reuters poll, on higher energy prices. But it is not clear whether the latest upswing in euro zone economic activity will last. Core inflation is still stuck in low gear and with the ECB already buying billions of euros worth of bonds each month and its key interest rates at zero or negative, there is little more the central bank could do to provide more stimulus. The ECB is expected to keep its policy on hold when it meets on March 9 and the consensus from the latest Reuters poll of more than 60 economists shows key interest rates are expected to be on hold until at least the second half of next year. "Despite rising inflation, the moderate economic recovery is not likely to trigger any hectic reaction at the ECB and, given the high degree of political uncertainty, there is little to suggest any necessity to abandon its quantitative easing programme in the near future," noted Jens Kramer and Christian Lips of Nord LB, the most accurate forecasters in Reuters polls on euro zone economic data last year. "We still see rate hikes as a long way off, unlike the markets which have recently priced in a first rate hike in 2018. The hawks appear to be weaker and more restrained than the doves at the moment," they added. ELECTION WATCH Potential upsets in elections in the Netherlands, France and Germany could also damage or derail the recovery. Financial markets are particularly watching the turbulent French election campaign, with far-right candidate Marine Le Pen seeking to exit the euro zone if she wins. Still, the ECB''s next move is likely to be a signal to shift away from its easy policy. When asked what measure the central bank would choose to indicate a start of policy tightening, 40 of the 45 economists who responded picked either a tweak to forward guidance or a cutback on monthly asset purchases. The responses were split equally between the two options. Four respondents chose a deposit rate hike, while only one said an end to long-term cheap loans was an option. A majority of the 20 respondents who picked a tweak to forward guidance expect it to happen by the end of this year. Of those 20 economists who said the central bank will taper its monthly asset purchases to signal monetary policy tightening, most expect that to be happen only early next year. Only a handful of economists expect the ECB to move any earlier. "The debate on when and how to exit QE and the negative interest rate regime, even only in initial form, will have to wait a little longer," noted Anna Maria Grimaldi, economist at Intesa Sanpaolo. "However, if data prove to be equally strong in the spring, and if Marine Le Pen does not win the ballot stage of the presidential elections in France in May, a discussion on the timing and operational details of an exit from QE and from the negative interest rate regime could begin in June." Asked when the ECB will start to taper the amount of its monthly asset purchases with an intention to shutter the programme, almost three-quarters of the 44 respondents said early next year. The ECB is forecast to take six months to a year to reduce its monthly asset purchases to zero. The U.S. Federal Reserve took about a year to wind down its own quantitative easing programme. (Polling and analysis by Kailash Bathija and Purnita Deb; Editing by Ross Finley/Jeremy Gaunt) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ecb-policy-poll-idUKKBN169213'|'2017-03-02T21:46:00.000+02:00'
'b949d37cb067169bcfdefd3a065cabbc67b95113'|'Continental CEO eyes new business Opel-Peugeot deal'|'BERLIN Continental ( CONG.DE ) expects a possible tie-up between PSA Peugeot Citroen ( PEUP.PA ) and General Motors'' ( GM.N ) Opel division would boost its business, its chief executive said."Opportunities emerge because platforms will be standardized and higher and more interesting volumes will arise" for suppliers, CEO Elmar Degenhart said during a conference call after the automotive supplier published results on Thursday.Separately, Continental said it planned to raise prices for summer and winter tires to help offset 500 million euros ($526.55 million) of expected headwinds from rising raw material prices this year.Degenhart also said the company wanted to keep growing through acquisitions and had many ideas on M&A, but declined further comment.(Reporting by Andreas Cremer and Jan Schwartz; Editing by Maria Sheahan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-continental-results-opel-idINKBN169129'|'2017-03-02T06:51:00.000+02:00'
'4abf4b51a62b9b2fd606484ffbe5a09103ac377d'|'BRIEF-Highland Copper announces extension of White Pine acquisition closing'|' 59am EST BRIEF-Highland Copper announces extension of White Pine acquisition closing March 2 Highland Copper Company Inc. * Highland Copper announces extension of White Pine acquisition closing * Highland Copper Company says unit of first quantum minerals, co agreed to extend period to complete acquisition of white pine project to June 30, 2017 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-highland-copper-announces-extensio-idUSASB0B3G9'|'2017-03-02T20:59:00.000+02:00'
'018390720b7d8e658d702077191b79db40727b9e'|'U.S. FCC blocks stricter broadband privacy rules from taking effect'|' 24pm EST U.S. FCC blocks stricter broadband privacy rules from taking effect NEW YORK, March 1 The U.S. Federal Communications Commission on Wednesday blocked some Obama administration rules approved last year that would have subjected broadband providers to stricter scrutiny than websites, a victory for internet providers such as AT&T Inc , Comcast Corp and Verizon Communications Inc . The FCC blocked rules aimed at protecting personal consumer data that had been scheduled to take effect on Thursday. The FCC said in a statement the move would "provide time for the FCC to work with the (Federal Trade Commission) to create a comprehensive and consistent framework for protecting Americans’ online privacy." (Reporting by David Shepardson; Editing by Leslie Adler)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-fcc-privacy-idUSL2N1GE1XM'|'2017-03-02T03:24:00.000+02:00'
'1fde1a1ada93a5037c4cd452460e84edeb2aec09'|'Banks, builders boost European shares as Trump-trade back on'|'Business News - Wed Mar 1, 2017 - 6:15pm GMT Banks, builders boost European shares as Trump-trade back on Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, February 28, 2017. REUTERS/Staff/Remote By Danilo Masoni - MILAN MILAN European shares climbed to 15-month highs on Wednesday, with banks and construction stocks leading the rally on renewed optimism over a huge economic stimulus in the United States. U.S. President Donald Trump pledged $1 trillion of infrastructure spending in a speech to Congress on Tuesday, while policymakers stoked speculation of a rate hike in the world''s largest economy this month. Banks .SX7P, which benefit from higher interest rates and have been among the biggest beneficiaries of the global stock market rally that followed Trump''s election last year, rose 3 percent, making them the biggest sectoral gainer in Europe. The pan-European STOXX 600 index rose 1.5 percent to its highest since December 2015, scoring its biggest one-day gain since the U.S. presidential vote in November, while Britain''s FTSE .FTSE ended at its highest level on record. "Animal spirits have taken over ... today''s boost is all down to the president''s speech to Congress last night," said Neil Wilson, senior market analyst at ETX Capital in London. Also driving European markets were PMI surveys showing euro zone factory activity rose to the fastest rate in nearly six years, as well as developments in the French presidential campaign. France''s CAC .FCHI hit a 15 month high on Wednesday, while Germany''s DAX surged to a 22-month high, both gaining around 2 percent. In spite of widespread euphoria, some fund managers expressed doubts about how long the rally would continue. "We are bullish on equities in 2017, but we think that equities have run ahead of themselves in the short-term," fund managers at Finnish private bank Evli said in a weekly note, cutting their equities exposure to neutral. They said, however, they would buy on any weakness. Irish building materials firm CRH ( CRH.I ) gained 4.5 percent after the U.S.''s biggest producer of asphalt for highway construction, and third biggest supplier of ready-mixed concrete and construction aggregates posted strong earnings growth. The firm was well positioned to benefit from increased infrastructure spending in the United States in the medium term, CEO Albert Manifold said. Shares in CRH jumped 8.1 percent on the day of Trump''s election. Gains in CRH helped Europe''s construction index .SXOP rise 2.1 percent to its highest since August 2007. Defence stocks remained in demand following Trump''s call this week for a "historic" increase in military spending, something a U.S. budget official quantified as a $54 billion boost. Europe''s defence sector index .SXPARO climbed to a 19-month high on Wednesday, with Rheinmetall ( RHMG.DE ) among the top gainers, up 5.1 percent, after the German military technology group reported better than expected results. Europe''s mining index .SXPP was up 2.9 percent as copper prices rose after manufacturing data from top consumer China showed potential for strong demand, reinforcing worries about shortages due to supply disruptions. Top STOXX loser was Covestro ( 1COV.DE ). The stock fell 6.7 percent after pharmaceuticals giant Bayer ( BAYGn.DE ) sold a 1.5 billion euros stake in its plastics subsidiary to help raise cash for its takeover of seeds maker Monsanto ( MON.N ). (Reporting by Danilo Masoni; Additional reporting by Helen Reid; Editing by Mark Potter) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN16714L'|'2017-03-02T01:15:00.000+02:00'
'f2143d17bbdb907216751b43e821523b00aeb7a8'|'London to remain a magnet for global super-rich despite Brexit – Knight Frank'|'The global super-rich will continue to flock to London despite the UK’s decision to leave the European Union, according to a report by property consultants Knight Frank.The number of UK-based ultra high net worth individuals (UHNWIs) – those with more than $30m (£24.2m) in assets – is expected to increase by 30% to 12,310 over the next decade. Liam Bailey, Knight Frank’s head of research, said London would remain “the city of choice” for the super-rich from the Asia and the Middle East despite concerns over Brexit. “In a European context, London is without doubt the dominant city for the wealthy,” Bailey said. “London is just more accessible for more wealthy people, it is more convenient, more connected and more open than other cities. London attracts talent from around the world, and it will continue to do so.”Bailey said Britain’s exit from the European Union may have some impact on London’s global appeal, butthe UK’s membership of the EU was less important for the world’s richest people than the general population. While the population of UNHWIs in the UK, which has increased by 28% over the past decade, is expected to keep rising, the number of super-rich people on the continent is expected to remain flat or decrease. “Here growth will be constrained by growing religious tensions, a combination of rising taxes and higher state pension obligations and public healthcare costs, and the loss of high-skilled jobs to Asia,” said Andrew Amoils, head of research at market research firm New World Wealth. “We also expect to see some outward migration of HNWIs [ high net worth individuals , with more than $1m in liquid assets] from these countries.” More than 10,000 HNWIs left France last year, 6,000 deserted Italy, 3,000 left Greece and 2,000 pulled out of Spain. However, the report points out that it is difficult to state which city or country the super-rich call home as so many own several properties across continents. “The world’s wealthy are a footloose group, and the place they call home is only a starting point when trying to unravel the locations that most resonate with them,” Bailey said. Facebook Twitter Pinterest The One Hyde Park development in Knightsbridge, London, is among the most expensive real estate in Europe. Photograph: Matt LLoyd/REX The global population of UHNWIs increased by 6,340 last year to 193,490, following a slight decrease in 2015. Another 60 people were added to the global tally of billionaires last year, taking the total number of dollar billionaires to 2,024 – up 45% over the past decade.“One key influence on income in 2016 has been the performance of stock markets in dollar terms,” Amoils said. “In many countries this was much stronger in 2016 than in 2015. There may be widespread uncertainty, but there are also strong fundamentals in many economies, with signs of real progress being made around regulation and policy which will help economic growth to flourish in some places.” The top concern of the super-rich, according to a survey of 900 private bankers and wealth advisers, was “wealth preservation”, listed by 66% of wealth managers’ clients. Other pressing concerns were capital growth, inheritance and privacy. Just 3% listed “being seen as a responsible global citizen” as a pressing concern. When asked to pick the least important factor when considering how to invest their clients wealth, the top two were “philanthropic outcomes” and “being seen as a responsible citizens”. Facebook Twitter Pinterest A gold Ferrari parked on the Sloane Street in Knightsbridge in London, England. Photograph: Dan Kitwood/Getty Images The super-rich’s best investment last year was fine wines, which increased in value by 24%, overtaking an index of classic cars which grew by 9%. Andrew Shirley, editor of the wealth report, said: “Personal enjoyment was considered the number one reason why UHNWIs collect and buy luxury assets. Often that pleasure is clearly connected to one of our senses – the taste of a great bottle of Bordeaux, the visual beauty of a Van Gogh, the sound of a gurgling V8 or rasping V12 engine – but sometimes it’s more to do with our bank balance or our ego.World''s super rich keep buying up luxury goods in face of wealth decline Read more “Some of these objects of desire also turn out to be shrewd investments so it’s no surprise then that ‘capital appreciation’ is now the second-most-important motivating factor when making a purchase – although many people still find it hard to understand the rationale for buying wine when you have no intention of drinking it.”Knight Frank said global political uncertainty had caused a spike in private jet travel, with the number of private jets increasing from 14,500 to 21,000 over the past decade. The report said that in some regions “the risk of kidnapping is a serious concern for the wealthy elite”, causing 40% to opt to travel by private jet in Latin America and 38% in Russia.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/mar/01/london-to-remain-a-magnate-for-global-super-rich-despite-brexit-knight-frank'|'2017-03-01T02:00:00.000+02:00'
'e99efc06c4b1bf178dd6df52d0fc1824097d2fa2'|'Canada wireless startup must stop use of Rogers network -CRTC'|'Company   3:59pm EST Canada wireless startup must stop use of Rogers network -CRTC OTTAWA, March 1 Canada''s telecom regulator ruled on Wednesday that wireless startup Sugar Mobile cannot continue to use Rogers Communications Inc''s network to keep customers connected, a decision critics said was a blow to consumers who face high prices. Ice Wireless, which operates a mobile network in Canada''s northern territories and northern Quebec, brought the issue before the Canadian Radio-television and Telecommunications Commission (CRTC) in February last year, saying that Rogers planned to end a reciprocal agreement that allows customers to use its network when they are roaming. Sugar Mobile, an affiliate of Ice Wireless, is a mobile virtual network operator that offers wireless service across Canada using wi-fi or cellular data accessed through a SIM card registered to Ice Wireless. Because of Ice Wireless'' agreement with Rogers, Sugar''s 5,500 users were able to also access Rogers'' network. The company launched a C$19 ($14.23) a month program to serve customers who do not live in the north, allowing them to choose a phone number with an area code from anywhere in Canada. Ice Wireless had argued that Sugar users were accessing the Rogers'' network on an incidental basis as its service is provided primarily through wi-fi. But the CRTC ruled that the company had improperly allowed Sugar users to "obtain permanent rather than incidental" access to Rogers'' cell network. Advocacy group OpenMedia said on Wednesday the CRTC''s decision effectively paralyzes Sugar and called for a review of rules around smaller companies roaming on established providers'' networks. Samer Bishay, Chief Executive of Ice Wireless and Sugar Mobile, said he was disappointed and would review the decision in detail before deciding the company''s next steps. The CRTC gave Sugar 50 days to stop using Rogers'' network. For now, customers will be able to use Sugars'' service uninterrupted, Bishay said. David Watt, senior vice-president of regulatory affairs at Rogers, said the company was pleased with the decision. "This was about violating a roaming agreement, plain and simple," Watt said. Critics say that the cost of phone services are kept high due to the fact that Canada''s telecom landscape is dominated by just three large companies - Rogers, BCE Inc and Telus Corp. "This decision is very bad news for long-suffering wireless customers," OpenMedia''s Katy Anderson said in a statement. ($1 = C$1.3348) (Reporting by Leah Schnurr; editing by Diane Craft) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-telecoms-idUSL2N1GE1VM'|'2017-03-02T03:59:00.000+02:00'
'ace50367d04129bca86441b3c1e1947c73164b7e'|'More Wells Fargo customers may be affected by sales scandal - filing'|'Business News - Wed Mar 1, 2017 - 8:18pm GMT More Wells Fargo customers may be affected by sales scandal - filing A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith By Dan Freed More Wells Fargo & Co ( WFC.N ) customers may have been affected by a scandal over phony accounts than previously believed, the third-largest U.S. lender said in a regulatory filing on Wednesday. Wells Fargo had previously estimated that up to 2.1 million customers may have had checking and credit-card accounts opened in their names without authorization over a period of several years. As part of an expanded review of affected customers, Wells said in its annual 10-K filing that there could be "an increase in the identified number of potentially impacted customers." Wells initially disclosed the number of affected customers as part of a $185 million settlement in September, leading to multiple government probes, lawsuits and an internal review, and hurting Wells Fargo''s reputation. Thousands of employees were fired over customer abuses, which stemmed from aggressive sales targets implemented by managers. Wells''s then-CEO John Stumpf abruptly left the bank because of the scandal. The bank has been working to repair the damage, in part by determining whether customers were charged improper fees or had their credit scores hurt by the phony accounts. At this stage, Wells said in the filing Wednesday it does not expect that any additional remediation efforts will have a "significant financial impact." However, the bank said its broader review could lead to more legal or regulatory proceedings, reputational damage and other negative consequences. (Reporting by Dan Freed in New York; Editing by Lauren Tara LaCapra and Frances Kerry) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-wells-fargo-accounts-idUKKBN1685J7'|'2017-03-02T03:18:00.000+02:00'
'c3714ef85be16d9667d61c6417286457d88f10bc'|'Peugeot poised to buy GM''s Opel, creating European car giant'|'Deals - Sat Mar 4, 2017 - 11:44am GMT Peugeot poised to buy GM''s Opel, creating European car giant FILE PHOTO: A combination picture shows the logos of Opel and Peugeot car manufacturers at dealerships of the brands in Strasbourg, France, February 14, 2017. REUTERS/Vincent Kessler/File Photo By Laurence Frost , Gilles Guillaume and Pamela Barbaglia - PARIS/LONDON PARIS/LONDON France''s PSA Group ( PEUP.PA ) is set to announce a deal to buy Opel from General Motors ( GM.N ) on Monday after striking an agreement with the U.S. carmaker and winning the blessing of its board for the acquisition. The maker of Peugeot, Citroen and DS cars said on Saturday it would hold an early Monday press conference with GM, at which the transaction is expected to be presented after Reuters reported that a deal had been struck between the two automakers. By acquiring Opel, the French group will leapfrog rival Renault ( RENA.PA ) to become Europe''s second-ranked carmaker after Volkswagen ( VOWG_p.DE ) by market share. Between them, PSA and GM Europe recorded 71.6 billion euros ($76 billion) in revenue and 4.3 million vehicle deliveries last year. The tie-up was approved on Friday by the PSA supervisory board, on which the French government, Peugeot family and China''s Dongfeng ( 0489.HK ) are represented as shareholders, one source with knowledge of the matter said. Spokespeople for PSA and Opel declined further comment. The two carmakers, which already share some production in an existing European alliance, confirmed last month they were negotiating an outright acquisition of Opel and its British Vauxhall brand by Paris-based PSA, sparking widespread concern over possible job cuts. In their jointly issued invitation to a Paris press conference at 0815 GMT on Monday, PSA and GM gave no indication of its subject. Separate briefings for the German press and Opel unions are expected to be held the same day. Sources close to the talks had reported progress on Thursday after the carmakers narrowed differences on a near-$10 billion Opel pension deficit and other issues. GM''s European arm recently posted a 16th consecutive year of losses. The negotiations had encountered problems over GM demands that a PSA-owned Opel be barred from competing against its own Chevrolet lineup in markets including China, they said. But the "non-compete" issues were finally resolved as GM agreed to inject "substantially more" into the pensions than the $1 billion to $2 billion it had initially offered, another person said. The sources declined to give further details. Detroit-based GM, which came close to selling Opel to Magna ( MG.TO ) in 2009, has faced investor pressure to offload its struggling European arm and focus on raising profitability rather than chase the global sales crown currently held by VW. After fending off 2015 merger overtures by Fiat Chrysler with support from her board, GM Chief Executive Mary Barra agreed to target a 20 percent minimum return on invested capital and pay out more cash to shareholders. For PSA, the Opel deal caps a stellar two-year recovery under cost-cutting CEO Carlos Tavares, who said on Feb. 23 he would apply the same methods to Opel if the deal went through. PSA averted bankruptcy by selling 14 percent stakes to France and Dongfeng in 2014, to match a diluted Peugeot family holding. The acquisition offered an "opportunity to create a European car champion" and quickly exceed 5 million annual vehicle sales, Tavares told analysts as he presented full-year earnings. PSA also expects savings of up to 2 billion euros ($2.1 billion) from the tie-up, sources have said. Tavares also told his board that PSA would redevelop the Opel lineup with its own technologies to achieve rapid savings, according to people with knowledge of the matter. (Additional reporting by Edward Taylor in Frankfurt; Editing by Alexander Smith) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-opel-m-a-psa-idUKKBN16B0AU'|'2017-03-04T18:40:00.000+02:00'
'b7f7d825e41e27b849df22527c1c18e4e5f21075'|'Australia''s Graphitecorp thinking big after expansion into battery industry'|'MELBOURNE Graphitecorp is hoping its expansion into the lucrative lithium battery industry will be a new chapter for the Australian-listed firm, transforming itself from a raw mineral supplier to an anode manufacturer, its managing director told Reuters.After a successful A$15.5 million ($11.72 million) capital raising, the company announced on Thursday that it had completed its acquisition of Tennessee-based battery materials firm Coulometrics, and purchase of a majority stake in Canadian startup Novonix."We''ve spent a lot of time studying the whole graphite market and it became clear to us the biggest opportunity was the value added in turning to anodes for batteries," Managing Director Philip St Baker said on Friday.With its purchase of Tennessee-based Coulometrics, the company plans to build by year-end an anode production facility with a capacity of 1,000-tonnes a year, he said.Anodes, made of 95 percent graphite, are key parts of lithium batteries, which are increasingly being used to power vehicles, consumer electronics and as storage for renewable energy."What we are doing with these transactions is moving from source to manufacturing of the finished product, which will be a combination of natural and synthetic graphite," he said.The group plans to first focus on smaller volume U.S. customers."We do not expect to sign any larger sales contracts until we have demonstrated that we can commercially produce with zero defects over a period of time," he said.St Baker said that one of the main attractions in the deal is that Graphitecorp already has its own deposits of graphite, which are mainly found in China.The group expects to complete a feasibility study at its high-grade graphite deposit in North West Queensland by the end of June, which could potentially supply all of the Tennessee facility''s anode needs.Graphitecorp also bought a two-thirds stake in Novonix, a battery technology testing firm that counts Panasonic among its clients. China''s battery maker Contemporary Amperex Technology Co Ltd (CATL) also holds a stake.Graphitecorp hopes to use the new relationship with CATL to grow its business.CATL tripled its production capacity for lithium-ion car batteries last year and plans to grow its battery capacity sixfold by 2020 to 50 gigawatt hours, which could put it ahead of Tesla Motor Inc''s Gigafactory in Nevada.CATL in January bought a 22 percent stake in Finnish auto supplier Valmet Automotive to expand in the European electric car market.(Reporting by Melanie Burton; Editing by Randy Fabi)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-australia-graphite-batteries-idINKBN16A0RT'|'2017-03-03T05:44:00.000+02:00'
'50ba24b8250aaf28c83a8b7bb74b2c467dcd0d58'|'U.S. proposes awarding five air carriers new Mexico City slots'|'Company  12pm EST U.S. proposes awarding five air carriers new Mexico City slots WASHINGTON March 2 The U.S. Transportation Department on Thursday proposed awarding 24 slot-pairs at Mexico City’s Benito Juarez International Airport to Alaska Airlines, JetBlue Airways Corp, Southwest Airlines Co, Volaris, and Grupo Viva Aerobus SAB de CV. The tentative allocation of 24 slot-pairs at Mexico City will result in new or additional low-fare service to 15 U.S. cities, including Chicago O’Hare, Denver, Houston Hobby, Los Angeles, New York-JFK, San Diego, San Francisco and Washington Dulles. The department also proposed awarding four slot-pairs at New York-JFK to Interjet, Volaris, and VivaAerobus that will provide new service to Mexico City. The slot-pairs were required to be divested by Grupo AeroMexico SAB de CV and Delta Air Lines Inc in December as a condition of antitrust immunity for the airlines'' joint venture covering air transportation between the United States and Mexico. (Reporting by David Shepardson; Editing by Chizu Nomiyama) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-mexico-airlines-idUSL2N1GF1T1'|'2017-03-03T04:12:00.000+02:00'
'7aa17d370abd26ce015861de8eaab2f8d1b6b39b'|'Exclusive: EU markets watchdog looks to stop unfair Brexit sweeteners'|' 42pm GMT Exclusive: EU markets watchdog looks to stop unfair Brexit sweeteners A Union flag flies next to the flag of the European Union in London, Britain March 2, 2017. REUTERS/Stefan Wermuth By Huw Jones - LONDON LONDON The European Union''s market watchdog is investigating ways to stop national regulators competing unfairly with each other as they try to attract firms from Britain after Brexit in a beauty parade of financial centers. The European Securities and Markets Authority (ESMA) told Reuters it is studying the risk of "regulatory arbitrage" - where some EU states might offer financial firms lighter supervision than other member states in return for the jobs and high tax revenue they would bring. While the issue concerns business coming from any non-EU country, ESMA''s move is an early sign of how some regulators believe there may be a particular need for precautionary measures for when Britain leaves the bloc. Regulators in a number of EU countries have made clear they will not tolerate "brass plate" arrangements, where business is officially routed through an office in a member state but senior executives and IT systems remain in London, Europe''s dominant financial center. However, the risk is that some EU states might be tempted to break ranks and allow such front operations after Brexit. The issue is particularly likely to affect asset management; Britain is the second largest center for this after the United States, managing 5.7 trillion pounds ($7 trillion) on behalf of clients, many of them in continental Europe. Financial firms in the UK, worried they will lose access to the bloc''s capital market, are deciding whether to move some operations and staff to new bases on the continent or in Ireland. Frankfurt, Paris, Luxembourg and Dublin are vying to attract banks, market infrastructure firms, insurers or asset managers. A spokesman for Paris-based ESMA said its inquiries concerned issues that a national regulator in the EU may face when financial firms from another country show an interest or make an application for a license. "It is not focused on efficiency issues of different financial centers, but rather looking at issues around outsourcing and delegation which could lead to regulatory arbitrage," an ESMA spokesman said. Outsourcing and delegation refers to when key functions of operations in an EU state are being carried out in a country outside the bloc, such as in fund management. Worries could center around, for example, a firm being granted a license to operate a subsidiary in an EU country but being allowed to run much of unit''s operations from its office in Britain. EU rules require safeguards to ensure continuity of service and clear lines of management responsibilities. Financial watchdogs have told banks they will have to have a certain amount of capital, senior staff on the ground and approved risk models to get a license to operate across the EU. The European Central Bank has considerable powers to clamp down, as it must first grant the license for, say, a London-based bank that wants to move operations to Frankfurt. This is not necessarily the case in other areas like markets, which lack such powerful pan-European regulators. A financial industry official in London said that it made sense to have some sort of common approach among regulators across the EU for the authorization of new firms. "But ESMA is hamstrung as they can only provide a non-legally binding recommendation, which the national regulators can freely ignore," the official said. Discussions of Brexit-related moves are already well underway. Hiscox ( HSX.L ), an insurance underwriter in London, said on Monday it was in talks with regulators in Luxembourg and Malta about setting up a new insurance base in one of the countries. Lloyd''s of London, the insurance market that Hiscox trades on, has also looked at several locations for a new EU unit. Andreas Dombret, a Bundesbank board member, said last week that regulators must not try to undercut each other by offering firms "discounts" or incentives to relocate operations and staff to their financial center. "There are market participants talking about this, I don''t have any direct evidence," Dombret said. ($1 = 0.8149 pounds)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-eu-regulations-idUKKBN1691S1'|'2017-03-02T20:33:00.000+02:00'
'62aa283eee56cb8d5d26aee58d268295c4f649b8'|'ChargePoint says raising $100 mln in funding for Europe expansion'|'Company News - Thu Mar 2, 2017 - 5:00am EST ChargePoint says raising $100 mln in funding for Europe expansion SAN FRANCISCO, March 2 U.S. electric vehicle charging station maker ChargePoint Inc said on Thursday it is raising $100 million in a funding round led by German automaker Daimler that will allow it to expand into Europe. ChargePoint, which operates the world''s largest network of electric vehicle charging systems with over 33,000 charging ports in the United States, Canada and Mexico, said it had secured the initial $82 million in funding, and that investors had committed to the remainder in what would be a second close soon. The new funding brings ChargePoint''s funding total to date to $173 million, ChargePoint Chief Executive Pasquale Romano told Reuters. Prior investors BMW i Ventures, Linse Capital, Rho Capital Partners and Braemar Energy Ventures also participated in the round. Mercedes-Benz executive Axel Harries will also join ChargePoint''s board of directors, ChargePoint said. Harries heads Daimler''s CASE unit responsible for connected and autonomous strategies, ride services and electric cars. Europe is a key market for electric vehicles and European automakers are ramping up their development of green cars. Daimler CEO Dieter Zetsche expects electric vehicles to make up 15 percent to 25 percent of Mercedes sales by 2025. European automakers, anxious to see more charging infrastructure established to complement the current network of nearly 72,000 public charging stations, often fund infrastructure projects themselves. Daimler, Volkswagen, BMW and Ford Motor Co''s European division in November created a joint venture to develop 400 charging stations across Europe beginning this year. Romano said the new funding would allow ChargePoint to offer charging systems at home as well as in workplace, retail centers and highway fast-chargers in Europe. The European auto charging market is extremely fragmented, with no central operator working across segments and countries, he added. ChargePoint last year worked with VW and BMW to install 95 fast chargers on the U.S. East and West Coasts. "They (carmakers) are committed to making sure EV charging infrastructure propagates in a key way in the markets they care about," Romano said. In January, ChargePoint introduced a new scalable platform to deliver even faster charging of up to 400 kilowatts per port for the luxury vehicles expected to hit the market in the coming years. (Reporting by Alexandria Sage; editing by Peter Henderson, G Crosse) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/chargepoint-investment-idUSL5N1GE8FL'|'2017-03-02T17:00:00.000+02:00'
'3d106d598424ed76aa50ea252042315e5eb9d9f9'|'Uber rival Lyft looking to raise $500 million fresh funds - source'|'Technology News - Thu Mar 2, 2017 - 2:50am GMT Uber rival Lyft looking to raise $500 million fresh funds: source A driver displays Uber and Lyft ride sharing signs in his car windscreen in Santa Monica, California, U.S., May 23, 2016. REUTERS/Lucy Nicholson/Files Uber competitor Lyft is pitching investors on a new funding round and hopes to net at least $500 million, according to a source familiar with the matter. The $500 million fundraising would value the ride-hailing service between $6 billion and $7 billion, the source said. A Lyft spokeswoman declined to comment. Lyft''s fundraising efforts have been ongoing for months, and the company retained Qatalyst Partners in part to assist them in raising a fresh round of cash, according to other sources with knowledge of the matter. Larger ride-hailing competitors, Uber and Didi, have raised so much money that Lyft''s options of finding new investors who can write big checks are quite limited. Uber is valued at about $70 billion and Didi''s valuation is about $35 billion after its merger with Uber''s China operations in August. (Reporting by Heather Somerville in San Francisco and Sangameswaran S in Bengaluru; Editing by Amrutha Gayathri) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-lyft-fundraising-idUKKBN1690AN'|'2017-03-02T09:50:00.000+02:00'
'0e8507ef75861eb41032bef97d8750b76f132176'|'KPMG names Bill Michael UK chairman'|'Business News - Thu Mar 2, 2017 - 12:01pm GMT KPMG names Bill Michael UK chairman The KPMG logo is seen at their offices at Canary Wharf financial district in London,Britain, March 3, 2016. REUTERS/Reinhard Krause Accounting and consulting firm KPMG [KPMG.UL] named Bill Michael its new chair-elect in the UK. Michael will succeed Simon Collins, whose term ends in September this year. Michael, a 30-year KPMG veteran, is currently the firm''s global head of banking and capital markets. (Reporting by Sruthi Shankar in Bengaluru; Editing by Sai Sachin Ravikumar) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-receivingfirm-moves-individualname-idUKKBN1691HP'|'2017-03-02T19:01:00.000+02:00'
'f00e60e67f695e2c27c1288ff70f275ef9b0cc6c'|'Henkel offers $1.05 bln to buy Darex Packaging from GCP'|'Deals  08am EST Henkel offers $1.05 billion to buy Darex Packaging from GCP A logo of consumer goods group Henkel is pictured before its annual news conference in Duesseldorf March 8, 2012. REUTERS/Ina Fassbender/File Photo FRANKFURT German consumer products group Henkel said it had submitted a binding offer to buy the global Darex Packaging Technologies business from GCP Applied Technologies for $1.05 billion on a cash and debt free basis. In connection with this binding offer, GCP will begin consultations with workers'' representatives, Henkel said in a statement on Thursday. "Upon completion of that process, it is intended to enter into a definitive purchase and sale agreement in respect of the proposed sale," it said. (Reporting by Maria Sheahan; Editing by Shadia Nasralla) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-darex-m-a-henkel-kgaa-idUSKBN1690IJ'|'2017-03-02T13:06:00.000+02:00'
'09e381686acd4f9196bf29bb5f2632f94c1a36b0'|'Volkswagen Audi recalls 681,000 cars in China over coolant-pump risks'|'Money News - Fri Mar 3, 2017 - 9:35pm IST Volkswagen Audi recalls 681,000 cars in China over coolant-pump risks FILE PHOTO - A Volkswagen logo is pictured at the newly opened Volkswagen factory in Wrzesnia, Poland, September 9, 2016. REUTERS/Kacper Pempel/File Photo BERLIN Volkswagen''s luxury division Audi is recalling 681,000 cars in China to fix coolant pumps that could overheat, a spokesman said. The measure is part of a global recall affecting around 1.1 million units of the A4, A5, Q5, A6 and A8 hybrid models whose engine control units will require software updates to resolve the problem, he said. Audi already recalled 390,000 vehicles affected by coolant-pump malfunction in North America in late January, the spokesman said, about a third of the 1.1 million cars affected. (Reporting by Andreas Cremer; Editing by Christoph Steitz) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/audi-recall-idINKBN16A1VG'|'2017-03-03T23:05:00.000+02:00'
'f246ea749d9af8827b2762b7e7e54c3b16c0c262'|'Deals of the day-Mergers and acquisitions'|'(Adds Nestle, NBC, Sky, Sibanye Gold, Bidco Africa and Paytm)March 3 The following bids, mergers, acquisitions and disposals were reported by 1430 GMT on Friday:** Nestle and Coca-Cola Co have agreed to end their Nestea iced tea joint venture after 16 years and pursue separate strategies in the fast-changing bottled drinks market.** NBCUniversal, a unit of Comcast Corp, invested $500 million in Snap Inc as part of its IPO as part of a strategic investment and partnership, NBCUniversal Chief Executive Steve Burke said.** The British government said it was inclined to investigate Rupert Murdoch''s planned takeover of Sky to see whether it was in the public interest, the first step of what is likely to be a politically charged process.** The Committee on Foreign Investment in the United States will extend its scrutiny of a $2.2 billion takeover by South Africa''s Sibanye Gold of the only U.S. miner of platinum and palladium, Stillwater Mining, Sibanye said.** Bidco Africa, a maker of soap and edible oils, is investing $200 million in a new plant and acquisitions over the next five years and it aims to raise its annual revenue in Kenya to $1 billion, its chief executive said.** India''s Paytm E-Commerce Pvt Ltd has raised $200 million from China''s Alibaba Group Holding and venture capital fund SAIF Partners to expand its online retail business in a market dominated by homegrown Flipkart and U.S. tech giant Amazon.** India''s Tata Sons will split a dispute settlement payment of $1.18 billion owed to NTT DoCoMo over the Japanese firm''s exit from a telecoms joint venture, leaving it with about two-thirds of the amount to invest in India, a source said.** Graphitecorp is hoping its expansion into the lucrative lithium battery industry will be a new chapter for the Australian-listed firm, transforming itself from a raw mineral supplier to an anode manufacturer, its managing director told Reuters.** Japan''s Sumitomo Mitsui Financial Group Inc and Resona Holdings Inc said they have agreed to combine their regional banks in the face of tough market conditions that are widely expected to worsen.** Germany''s Thyssenkrupp has looked at the option of splitting its European steel business into a separate company that could be floated if a merger with Tata Steel assets fails, German weekly WirtschftsWoche reported.** Japan''s Toshiba Corp is preparing a potential $2 billion divestment of smart meter group Landis+Gyr, hoping to rake in capital after a major writedown on its U.S. nuclear unit last month, three people familiar with the matter said.** Real estate firm Carmila, controlled by French retailer Carrefour, aims to achieve a stock market listing through a merger with Cardety, another property firm linked to Carrefour, both companies said.** Avianca Holdings SA top shareholder, German Efromovich, said on Thursday that a deal between Avianca and United Continental Holdings Inc "will happen," despite a lawsuit aimed at blocking the deal filed by the airline''s No. 2 shareholder this week. (Compiled by Sruthi Shankar in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL3N1GG3CF'|'2017-03-03T11:30:00.000+02:00'
'fc4bdc99ae82f09c9c310ee9566a7b4bffff812e'|'Exclusive: Hudson''s Bay''s bid for Macy''s stumbles - sources'|'By Lauren Hirsch and Carl O''Donnell Canada''s Hudson''s Bay Co ( HBC.TO ), owner of the Lord & Taylor and Saks Fifth Avenue retail chains, has yet to line up equity financing for a bid for Macy''s Inc ( M.N ), over a month after approaching its U.S. peer, people familiar with the matter said.Hudson''s Bay''s challenges in putting together a firm offer are a blow to the ambitions of its majority owner and executive chairman Richard Baker, who built a retail empire relying on real estate financing as much as his knowledge of the retail sector.Macy''s is skeptical that Hudson''s Bay can raise the necessary financing for its bid, and it is not currently engaged in any negotiations about a possible deal, the sources added.To mount a credible offer for Macy''s, which has a market capitalization of more than $10 billion, Baker has been seeking to raise equity and debt financing for Hudson''s Bay, which has a market value of C$2.2 billion ($1.64 billion), the sources said this week.However, Hudson''s Bay''s existing equity partners, including mall operator Simon Property Group Inc ( SPG.N ), have been reluctant to back Hudson''s Bay''s bid for Macy''s, which would require them to invest more money in mall real estate, even as consumers continue to abandon them in favor of internet shopping.While Hudson''s Bay has told potential partners it has the backing of at least one wealthy family willing to help finance its bid for Macy''s, it has not yet found a major institutional investor to serve as an equity partner, the sources said.Although Hudson''s Bay is still trying to put together a bid, it may decide to pursue another acquisition target, or put a takeover effort on hold, the sources cautioned.The sources asked not to be identified because the deliberations are confidential. Macy''s, Hudson''s Bay and Simon Property Group all declined to comment.RELUCTANT TO PART WITH TROPHY ASSETSHudson''s Bay has been successful over the years in attracting major property investors, such as RioCan Real Estate Investment Trust ( REI_u.TO ), in joint ventures that have allowed it to place more debt on its retail assets and seek to juice returns from rent and the value of the real estate.However, the setback with Macy''s illustrates the limits of financial engineering. Retailers with a reliance on malls across the United States, including Macy''s, Sears Holdings Corp ( SHLD.O ) and J.C. Penney Co Inc ( JCP.N ), have suffered as shopper traffic in several malls has declined.As a result the underlying real estate of these mall-based department stores are less financially attractive to the investors that Hudson''s Bay has traditionally relied on to help extract cash from its properties or raise financing for acquisitions.Macy''s has been reluctant to tap into the real estate of some of its trophy assets, such as its Herald Square department store in New York, the location for the Christmas movie "Miracle on 34th Street."This is because it views the rent from sale leasebacks in which it sells its real estate only to lease it back as another form of debt.Under pressure from activist hedge fund Starboard Value LP, Macy''s has made some small moves to monetize its real estate, estimated to be worth $21 billion.They include a joint venture with real estate investment firm Brookfield Asset Management Inc ( BAMa.TO ) for roughly 50 Macy''s locations.(Reporting by Lauren Hirsch and Carl O''Donnell in New York; Additional reporting by Greg Roumeliotis in New York and John Tilak in Toronto; Editing by Jeffrey Benkoe)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-macy-s-m-a-hudson-s-bay-idINKBN16A1ME'|'2017-03-03T11:46:00.000+02:00'
'9b7e2073c6a244422636be0c7f614a6325e4e973'|'U.S. extends scrutiny of U.S. miner takeover by South Africa''s Sibanye'|'JOHANNESBURG The Committee on Foreign Investment in the United States will extend its scrutiny of a $2.2 billion takeover by South Africa''s Sibanye Gold ( SGLJ.J ) of the only U.S. miner of platinum and palladium, Stillwater Mining ( SWC.N ), Sibanye said on Friday.The committee, which examines deals for potential U.S. national security concerns, extended the deadline for its review from February 28 to no later than April 14, 2017.(Reporting by Tiisetso Motsoeneng; editing by Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-stillwater-minng-m-a-sibanye-gold-idINKBN16A11N'|'2017-03-03T07:29:00.000+02:00'
'eacdb54bc74a0469a1e11dcd83ce86de06cf7a17'|'Odebrecht bonds slump as scandal spillover fans investor skepticism'|'By Guillermo Parra-Bernal and Bruno Federowski - SAO PAULO SAO PAULO Bonds of Odebrecht SA [ODBES.UL] on Friday hit their lowest level in more than six months as investors feared the spillover of the Brazilian engineering conglomerate''s involvement in a bribery scandal could hamper planned asset sales and the procurement of new contracts across Latin America.Investors have grown concerned about Odebrecht since Feb. 22, when Reuters reported that the company wants to settle graft-related fines with several Latin American countries before June to prevent a flurry of upcoming elections across the region from putting the brakes on a recovery plan.The price of Odebrecht Finance Ltd''s 7.5 percent dollar-denominated perpetual bond KY054172443= shed 5 cents on the dollar to 37.5 cents, the biggest intraday decline in 11 months. At that price, yields hit 19 percent, according to prices compiled by Thomson Reuters.Bonds guaranteed by Odebrecht''s construction unit, Odebrecht Construção & Engenharia OEC SA, have also suffered in the past week, along with those from the group''s oil drilling unit. Odebrecht''s 4.375 percent bond due in April 2025 BR092217396= fell more than 5 cents on Friday, extending their losses to about 8 cents in the past week.In a client note, strategists at Cantor Fitzgerald LP said such concerns, coupled with investor disappointment following a meeting with OEC executives this week in Miami, could be behind the recent bond price declines."Further, among the many things that investors are telling us - and which we wholeheartedly agree - is that at this point, the company needs more than just new lines of credits and a couple of major projects to be added to its backlog," the note said.A spokesman for Odebrecht did not have an immediate comment on the Miami meeting.At this point, the fate of pending asset sales and refinancing efforts seems increasingly dependent on how quickly governments decide on penalties for Odebrecht, which admitted to paying bribes to win projects in recent years.People familiar with Odebrecht''s strategy told Reuters last week that the company could sell some 6.5 billion reais ($2.1 billion) in project stakes and operating licenses in the region and Angola by year-end. So far, it has sold about 5 billion reais in assets out of a total goal of 12 billion reais.Odebrecht is the largest of the Brazilian engineering companies accused of colluding to overcharge Petróleo Brasileiro SA and other state firms for contracts, then using part of that to channel donations and bribes into Brazil''s former ruling Workers Party and domestic and international allies.The bribes also reached other Latin American countries where Odebrecht sought to expand, as part of a strategy to reduce exposure to home turf Brazil. Prosecutors from 10 Latin American countries last month formed a task force to share evidence on how the scheme operated.Settling plea deals in those countries rapidly is key to help Odebrecht mitigate reputational and political risks for the asset plan as elections loom across the region. Of the 10 countries investigating Odebrecht, eight will hold at least one congressional, regional or presidential ballot in the 18 months through December 2018.The scandal has sparked an upheaval in countries like Peru, where authorities are seeking the arrest of a former president, or in Colombia, where the company is being accused of financing the campaign of President Juan Manuel Santos.In addition to Brazil, Argentina, Chile, Ecuador, Mexico, the Dominican Republic, Venezuela and Panama, are investigating the Odebrecht scheme, as are prosecutors from Portugal.(Additional reporting by Tatiana Bautzer in São Paulo; Editing by Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-odebrecht-bonds-idINKBN16A27T'|'2017-03-03T15:27:00.000+02:00'
'9677d6ed0d08cd92052147a94068dc236e62bd11'|'BRIEF-Resolute Energy to acquire 4,600 net acres in Reeves County'|' 15am EST BRIEF-Resolute Energy to acquire 4,600 net acres in Reeves County March 3 Resolute Energy Corp: * Resolute Energy Corporation announces $160 million Delaware Basin acquisition * Resolute Energy Corp - acquiring 4,600 net acres in Reeves County * Resolute Energy Corp - increases reeves county holdings by 28% to approximately 21,000 net acres * Resolute Energy- in interim, however, Resolute has entered into a commitment letter for a $100 million bridge financing facility with BMO Capital Markets * Resolute Energy - evaluating optimal financing for transaction, anticipates that ultimate financing may have components of long-term debt and equity * Resolute Energy Corp says expect that transaction will add materially to production beginning in second half of 2017 * Resolute Energy - in interim, Resolute has entered into a commitment letter for a $100 million bridge financing facility with BMO capital markets * Resolute Energy Corp - transaction will have an effective date of May 1, 2017 * Resolute Energy- borrowing availability under credit facility, bridge facility would allow closing of deal without immediate long-term debt or equity issuance   Further  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-resolute-energy-to-acquire-4600-ne-idUSFWN1GG0PB'|'2017-03-03T21:15:00.000+02:00'
'715ebb2d48b8a8597f48d5ea3a38db5b075d91f8'|'Greek privatisation agency says disused airport project to go ahead'|'Business News - Sat Mar 4, 2017 - 4:50pm GMT Greek privatisation agency says disused airport project to go ahead Disused aircrafts are seen on the tarmac of the old Athens'' airport at Hellenikon suburb, southwest of Athens June 20, 2011. The Greek government plans to develop the site of the capital''s old airport, which officials said could raise 5-7 billion euros (7-9 billion). REUTERS/Yiorgos Karahalis ATHENS A 7.9 billion euro (6.82 billion pounds) plan to turn a derelict former Athens airport into one of Europe''s biggest coastal resorts, included in Greece''s latest international bailout, will go ahead despite recent delays, a senior privatisation agency official said on Saturday. Under the deal signed in 2014 and revised last year, investors lead by Lamda Development ( LMDr.AT ) will pay 900 million euros for a 99-year lease to turn the Hellenikon site, a wasteland of decaying terminals and rusting airplanes, into a seaside town of hotels and residences. That project is expected to cost 7 billion euros. Lamda, which will be backed by China''s Fosun ( 0656.HK ) and Arab funds, had hoped excavations at the site would begin in the first half of the year. But the investment has been delayed due to licensing hurdles. "A project where (privatisation agency) HRADF has been involved since 2012 has faced problems and delays. But we believe that we are at the final stage so that it can be set in motion," the agency''s executive director Lila Tsitsogiannopoulou told an economic forum in Delphi. She said that all parties involved have been working together to sort out the remaining issues. Privatisations have been a key plank of Greek international bailouts since 2010, but have reaped only 4 billion euros ($4.3 billion) so far versus an original target of 50 billion euros due to political resistance and red tape. "We are not dreamers but there is a glimmer of optimism at HRADF because we meet interested investors everyday and we see our projects moving ahead," she said. (Reporting by Angeliki Koutantou; Editing by Hugh Lawson) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-greece-privatisations-idUKKBN16B0HN'|'2017-03-04T23:50:00.000+02:00'
'e814cac81642b5a80cd33472af1790659703a185'|'Trump administration would ignore WTO rulings it sees as anti-U.S. - FT'|'  3:02am GMT Trump administration would ignore WTO rulings it sees as anti-U.S. - FT President Donald Trump arrives to deliver his first address to a joint session of Congress. REUTERS/Jim Lo Scalzo WASHINGTON U.S. President Donald Trump''s administration is preparing to ignore any rulings by the World Trade Organization that it sees as an affront to U.S. sovereignty, the Financial Times reported on Tuesday, citing a report prepared by officials. The draft document, due to be sent to the U.S. Congress on Wednesday, marks the first time the new administration has laid out its trade plans in writing, the Times said. "Ever since the United States won its independence, it has been a basic principle of our country that American citizens are subject only to laws and regulations made by the U.S. government -- not rulings made by foreign governments or international bodies," the report said, according to the Times. "Accordingly, the Trump administration will aggressively defend American sovereignty over matters of trade policy," the report said, according to the Times. The Wall Street Journal, which also said it reviewed the document, said the policy represents a dramatic departure from the Obama administration, which emphasized international economic rules and the authority of the WTO, a body that regulates trade and resolves disputes among its members. By contrast, the Trump administration will more assertively defend U.S. sovereignty over trade policy, ramp up enforcement of U.S. trade laws, and use "all possible sources of leverage to encourage other countries to open up their markets," the document said, according to the Journal. The White House did not immediately respond to a Reuters request for comment. Congress requires the president to submit the administration''s trade policy annually by March 1. In the face of Republican concerns, a congressional aide said language in the draft challenging the WTO could still be toned down in a final, public version, the Journal reported. Washington is facing several important WTO decisions, particularly involving China. Potentially the most important is a WTO complaint filed in December by Beijing against the EU and the United States for blocking China''s request to be treated as a "market economy" under the institution''s rules. A final ruling could still be years away. But were the U.S. to ignore a finding in China''s favour it could have major consequences for the WTO as a venue for resolving trade disputes before they fester into destructive trade wars, the Times said. (Reporting by Eric Beech; Editing by Sandra Maler)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-trump-wto-idUKKBN16832W'|'2017-03-01T10:02:00.000+02:00'
'6ce70742c554d5885bfacaba7b24eb3eec4415cb'|'CRH earnings up as Trump infrastructure boost seen in medium term'|'* Shares up almost 3 percent as FY earnings top 3.1 bln eur* "Significant firepower" for deals as net debt tumbles-CEO* Sees Trump infrastructure boost emerging in medium termBy Padraic HalpinDUBLIN, March 1 Strong earnings growth and cash generation last year drove shares in building materials group CRH higher on Wednesday as it awaited a further, medium-term boost to infrastructure under U.S. President Donald Trump.Ireland''s CRH is the United States'' biggest producer of asphalt for highway construction and third biggest supplier of readymixed concrete and construction aggregates. North America accounted for 60 percent of its full-year earnings last year.In his first Congressional address on Tuesday, Trump repeated a campaign promise of a $1 trillion infrastructure programme but gave few specifics other than to say it would be financed through both public and private channels."There''s really a long tail on these, so whatever may evolve with regard to future infrastructure spending, that''s going to evolve more in the medium term than the short term," CRH Chief Executive Albert Manifold told Reuters in a telephone interview."We are the largest buildings materials business in North America so we''re well positioned to benefit in any uplift."CRH''s shares, which jumped to a nine-year high the day after the U.S. election last November, were up 2.9 percent at 2,800 pence by 0825 GMT after it beat its net debt and earnings forecasts for 2016.The world''s third-biggest building group''s core earnings, or earnings before interest, tax, depreciation and amortisation (EBITDA), rose 10 percent year-on-year on a pro-forma basis to 3.13 billion euros ($3.30 billion). It had forecast that full year earnings would be "in excess of" 3 billion euros.That helped push its net debt to 1.7 times EBITDA, well below a goal to reduce it to less than 2-times by year-end. Davy Stockbrokers said such strong cash generation best placed it among the sector to pursue further acquisitions.CRH, transformed by a 6.5 billion euro acquisition of assets from rivals Lafarge and Holcim in 2014, has already doubled last year''s spend by dishing out 500 million euros on eight transactions since January, all in North America where it sees continued momentum in construction. ($1 = 0.9494 euros) (Editing by Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/crh-results-idINL5N1GD7ZF'|'2017-03-01T05:45:00.000+02:00'
'5ae6161d3384b95314e68295766f7a2a026c04e0'|'China doesn''t need to raise interest rates for now: Central Bank vice governor'|'BEIJING China''s Central Bank does not need to raise interest rates or cut reserve requirement ratios (RRR) for the time being, Yi Gang, a vice central bank governor, was reported as saying on Saturday.Yi spoke to reporters ahead of the annual meeting of the Chinese People''s Political Consultative Conference (CPPCC), which advises parliament.Yi said the bank still needs to assess market conditions before deciding on whether it will increase rates, according to financial magazine Yicai.China''s foreign exchange reserves remain ample despite a drop below $3 trillion, Pan Gongsheng, a central bank vice governor, said separately, according to the official Securities Times.Pan also said that China''s capital flows have become more balanced.Yesterday Yi said China''s interest rates would be decided by market forces and the rates were generally stable.The central bank raised interest rates on its repos and the standing lending facility (SLF) on Feb. 3(Reporting by Cate Cadell; Editing by Richard Pullin)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-china-parliament-cenbank-idUSKBN16B047'|'2017-03-04T06:44:00.000+02:00'
'38fd4e66dfc15bc3cf90c5c3f259e01ecc7ace61'|'Trump says Schwarzenegger not leaving ''Apprentice'' show voluntarily'|'NEW YORK, March 4 U.S. President Donald Trump disputed Arnold Schwarzenegger''s announcement about quitting as host of the reality show "The Celebrity Apprentice," saying on Saturday that Schwarzenegger was leaving involuntarily after drawing few viewers.Schwarzenegger had announced on Friday that he would not return for a second season of the NBC show. He blamed Trump, an executive producer and former host of the show, for low ratings, describing the president''s involvement as "baggage."Trump sees it differently."Arnold Schwarzenegger isn''t voluntarily leaving the Apprentice, he was fired by his bad (pathetic) ratings, not by me," Trump wrote in a message on his personal Twitter account. "Sad end to great show."The squabble then continued on Twitter."You should think about hiring a new joke writer and a fact checker," a message on Schwarzenegger''s Twitter account read, responding to Trump.NBC, a unit of Comcast Corp on Friday, did not comment on Schwarzenegger''s decision not to return for another season, or on the show''s future.Schwarzenegger, a movie star and former California governor, took over as host of "Celebrity Apprentice" last year. His first season premiered in January, and was watched by around 4 million to 5 million viewers.Trump faced criticism over potential conflicts of interests after winning the presidency last November when he said he would retain an executive producer credit on the show.On at least one occasion, he has used part of a public appearance as president to scornfully discuss Schwarzenegger''s ratings.Trump was a celebrity businessman long before he became president, and hosted "The Apprentice" and "The Celebrity Apprentice" for 14 seasons, overseeing contestants competing in business challenges before deciding which ones to fire. (Reporting by Jonathan Allen; Editing by Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/television-celebrityapprentice-idINL2N1GH0CE'|'2017-03-04T12:47:00.000+02:00'
'02a27963c0afad23cf87602fea3dfd3aafc072bf'|'Top Avianca shareholder Efromovich says deal with United ''will happen'''|'Avianca Holdings SA top shareholder, German Efromovich, said on Thursday that a deal between Avianca and United Continental Holdings Inc. "will happen," despite a lawsuit filed by Avianca''s No.2 shareholder this week.A suit brought in New York by Kingsland Holdings alleges that the deal for Avianca with United is "an egregiously one-sided proposed transaction that Efromovich secretly negotiated with United for his own benefit at the expense of Avianca and all of its other shareholders."Efromovich said during a news conference in New York on Friday that the deal with United was just "an extension of an already existing relationship" and was the best possible deal for Avianca''s shareholders. He also insisted that reports of higher bids for Avianca from Delta and other airlines "are not accurate and are not correct."(Reporting by Dion Rabouin; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-colombia-avianca-holding-idINKBN1692YA'|'2017-03-02T19:05:00.000+02:00'
'aad8ef174b4a454056420344b05adeb645a3a592'|'Trump''s choice for SEC chair clears ethics hurdle - source'|'WASHINGTON President Donald Trump''s pick to chair the Securities and Exchange Commission, Jay Clayton, passed a key hurdle toward his confirmation after a government ethics watchdog gave him a clearance, a person familiar with the matter said on Friday.The U.S. Office of Government Ethics had examined Clayton''s financial disclosure forms for possible conflict of interest.After a clearance is issued, the paperwork is then typically reviewed by the White House and sent to the Senate. That sets the wheels in motion for the Senate Banking Committee to schedule a hearing.Clayton, a Wall Street lawyer whose specialties include mergers and acquisitions, must be confirmed by the full Senate.Many Republicans in recent years have criticized the SEC for focusing too much on enforcement, especially under former Chair Mary Jo White, and not enough on its other missions, including writing rules that promote capital formation.Clayton has laid out a capital formation agenda to Trump surrogates who interviewed him, a source familiar with the process said. He has also expressed interest in tackling some regulations involving accounting and compliance procedures that financial industry players say get in the way of deals and initial public offerings.The normally five-member SEC panel is currently down to just two commissioners, acting Chair Michael Piwowar, a Republican, and Kara Stein, a Democrat. If the two cannot agree on whether to advance a rule, then the measure fails.(Reporting by Sarah N. Lynch; Writing by Eric Beech; Editing by Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-trump-sec-idINKBN16B03S'|'2017-03-04T00:44:00.000+02:00'
'80abc8302c5ed4584e11e8eb118eaa95478c77af'|'J&J wins trial in talc product liability lawsuits'|'Money News - Sat Mar 4, 2017 - 3:48am IST J&J wins trial in talc product liability lawsuits By Nate Raymond Johnson & Johnson ( JNJ.N ) said on Friday that a state court jury in Missouri had returned a verdict in its favour in the latest trial to arise out of thousands of lawsuits alleging the company''s talc-based products can increase the risk of ovarian cancer. The jury sided with Johnson & Johnson and talc supplier Imerys Talc in a lawsuit by Tennessee resident Nora Daniels, who alleged that she used J&J Baby Powder for 36 years and was diagnosed with ovarian cancer in 2013. The verdict came after three straight prior jury verdicts in St. Louis against J&J awarding plaintiffs a combined $195 million. More than 2,500 lawsuits are pending in state court in St. Louis. "The jury''s decision is consistent with the science, research, clinical evidence and decades of studies by medical experts around the world that continue to support the safety of cosmetic talc," Johnson & Johnson said in a statement. Imerys in a statement thanked the jury "for following the science that establishes the safety of talc." Ted Meadows, a lawyer for Daniels, in a statement said he was disappointed by the verdict. "We continue to maintain that the association between genital talc usage and ovarian cancer remains an issue of public health and demands that consumers be warned of the specific risks," he said in a statement. Plaintiffs have accused J&J of failing for years to warn that talc was linked to an increased risk for ovarian cancer. J&J has said it acted properly in developing and marketing the products. In February 2016, a Missouri state jury ordered J&J to pay $72 million to the family of a woman who died from ovarian cancer after years of using talc powder for feminine hygiene. In May, another jury in Missouri returned $55 million to a woman who said the company''s talc-powder products caused her to develop ovarian cancer. J&J was subsequently hit with a third verdict in October for $67.5 million. (Reporting by Nate Raymond in Boston; Editing by Jonathan Oatis) Next In Money News Yellen points to March rate hike as Fed signals end of easy money CHICAGO The U.S. Federal Reserve''s long-stalled ''liftoff'' of interest rates may finally get airborne this year as policymakers from Chair Janet Yellen on Friday to regional leaders across the United States signalled that the era of easy money is drawing to a close.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/johnson-johnson-cancer-lawsuit-idINKBN16A2M0'|'2017-03-04T05:18:00.000+02:00'
'd296f317a79c6c28e258988c3d83ac25d211439b'|'BRIEF-Jason Industries reports Q4 loss per share $2.69'|' 57am EST BRIEF-Jason Industries reports Q4 loss per share $2.69 March 2 Jason Industries Inc * Jason Industries reports fourth quarter and full-year 2016 results * Q4 adjusted loss per share $0.14 * Q4 loss per share $2.69 * Q4 sales fell 8.6 percent to $158.8 million * Sees fy 2017 sales $650 million to $670 million * Jason Industries Inc says adjusted ebitda is expected in range of $64 to $67 million in 2017 * Jason Industries Inc qtrly results include pre-tax goodwill impairment charges of $63.3 million * Jason Industries Inc - volumes in seating and components businesses were down significantly on lower motorcycle and rail car demand in quarter * Jason Industries Inc - expect lower sales with on-going declines in some of co''s end markets in 2017 * Jason Industries - for 2017 "we are winning new business and right-sizing our cost structure and footprint to maintain our EBITDA and improve our margins" * Jason Industries Inc says excluding impact of foreign currency and non-core exit, organic sales decreased 5.8 percent in quarter * Jason Industries Inc - for 2017, adjusted EBITDA is expected in range of $64 to $67 million * Fy2017 revenue view $682.1 million -- Thomson Reuters I/B/E/S Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-jason-industries-reports-q4-loss-p-idUSASB0B3FV'|'2017-03-02T20:57:00.000+02:00'
'dc12b6ab6f0f391f675e9fcd4a8507b257291248'|'Japan''s GPIF posts largest quarterly gain thanks to stock rally'|'Company   1:30am EST Japan''s GPIF posts largest quarterly gain thanks to stock rally TOKYO, March 3 Japan''s Government Pension Investment Fund, the world''s largest pension fund, posted its the best quarterly gain on record thanks to a rally in the country''s stock market. GPIF on Friday reported a return of 7.98 percent in its fiscal third quarter, which ended in December. Its paper gain totalled 10.5 trillion yen ($92 billion). The fund managed 144.8 trillion yen worth of assets as of December. Japan''s benchmark Nikkei share index rallied 16 percent in the quarter on expectations of stronger global economic growth and as the yen weakened in the face of a surging U.S. dollar following the election of President Donald Trump. It edged up another 2 percent in January-March this year. GPIF in 2014 made a historic policy shift, increasing its investments in riskier assets such as stocks for higher returns, while it reduced its reliance on low-yielding domestic bonds. Of all the pension reserve, which also included 2.5 trillion yen pooled at Japan''s health ministry, 23.76 percent was allocated to Japanese stocks. GPIF directly invests only in a portion of bonds, while it asks other financial institutions to manage most of the bonds and all the stocks. ($1 = 114.0900 yen) (Reporting by Junko Fujita; Editing by Kim Coghill) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-gpif-results-idUSL3N1GF38Q'|'2017-03-03T13:30:00.000+02:00'
'478b894463997b7c04ec024058f74e3c8e6f2cc9'|'Deutsche Boerse CEO says work on LSE merger still ongoing'|'  1:14am GMT Deutsche Boerse CEO says work on LSE merger still ongoing Carsten Kengeter, CEO of Deutsche Boerse attends the initial public offering of Scale at the Frankfurt stock exchange in Frankfurt, Germany March 1, 2017. REUTERS/Ralph Orlowski LONDON Deutsche Boerse ( DB1Gn.DE ) Chief Executive Carsten Kengeter said it is continuing preparations for a merger with the London Stock Exchange ( LSE.L ), despite the LSE''s refusal to sell its Italian MTS trading platform. That decision plunged the 26 billion euro ($27.6 billion) deal into uncertainty, and Kengeter said on Wednesday the German group could continue on its own. Speaking at the London School of Economics on Friday, he said work on the merger had not stopped. "A process such as this has a very strong legal cooperation framework. If you don''t do those (certain) steps at a certain time then you are damaging the integrity of the process. So everyone is continuing to do their work, that''s absolutely clear," he said. He said the date on which the merger would be confirmed or rejected by the European Commission was not yet set. "I think the date is still 3rd April. It could be earlier but it doesn''t have to be." EU competition officials had raised concerns over MTS. ($1 = 0.9425 euros) (Reporting by Helen Reid; editing by John Stonestreet)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-deutsche-boerse-m-a-lse-idUKKBN16A2KT'|'2017-03-04T08:14:00.000+02:00'
'b514d412af53f049b7d34dd93be2f83b589ba3b0'|'New Taxes Could Trigger a Japanese Craft Beer Renaissance'|'In Japan, a nation of epicures, the local beers aren’t always palate pleasers. Connoisseurs blame the taxman. The Finance Ministry imposes higher taxes on drinks with greater malt content. So the biggest breweries, including Asahi Group Holdings Ltd. and Kirin Holdings Co., sell knockoffs, called happoshu (meaning bubbly spirits), or third beer, that may use peas, corn, or soybeans to reduce the amount of flavorful malt. “A lot of time, energy, and money has been wasted coming up with some really bad drinks—and it’s because of the tax system,” says Tatsuo Aoki, owner of the Tokyo bar Popeye.Craft brewers, which account for about 2 percent of beer sales in Japan, say the tax incentives have given bigger companies an advantage and allowed the substitutes to dominate the market, because they cost a lot less. Meanwhile, some expensive-to-make special brews with exotic ingredients must be advertised as the cheap stuff because their recipes don’t meet official definitions of beer—which regulations define, in part, as having at least 67 percent malt content. “I view the entire beer-tax regime in Japan as a colossal bad joke,” says Bryan Baird, a co-founder of Baird Brewing Co., one of 265 craft brewers in Japan.Cans of Yo-Ho Brewing’s Tokyo Black beer.Photographer: Noriko Hayashi/Bloomberg The Finance Ministry, in an effort to boost the competitiveness of Japanese beers in the international market, will change the tax rates for beer and the substitutes starting in 2020, continuing through 2026. In 2018 it will expand the list of ingredients allowed inside the can. Leveling the taxes and removing the happoshu stigma could mean fast growth for the nation’s craft brewers.Changing the code to encourage more craft brewing could also help revitalize regional economies, according to the ministry’s tax bureau, something Prime Minister Shinzo Abe promotes as a key part of his development program. Domestic shipments of all beer have declined for 12 straight years, according to the Brewers Association of Japan. Revenue is projected to continue falling through 2021, according to Tokyo-based market researcher Fuji Keizai Co.The current tax regime is a relic of the 19th century, when beer was a luxury imbibed primarily by foreigners. It was seen as a way to raise money without putting a tax burden on Japanese consumers. Japan’s five big brewers—Asahi, Kirin, Suntory Holdings Ltd., Sapporo Holdings, and Orion Breweries—have long argued the taxes are too high and make beer too expensive for average drinkers. The tax on a can of beer equals 77 yen (68¢), which is 9 times greater than that in the U.S. and 19 times greater than Germany’s, according to a 2016 report by a lobby group representing the brewers. If the malt content is lowered enough, the tax could fall to 28 yen. “Too much attention has been given to winning market share through price wars, and we have left behind what is most important—the customer,” says Yoshinori Isozaki, Kirin’s chief executive officer.Beer startups are also hindered by a regulation that prohibits malt beverages containing fruit extracts, spices, and other ingredients from being sold as real beer. As such, some craft beers have been lumped in with the cheaper, low-malt brews, lessening their appeal.Jars of hops, pale malt, caramel malt, coriander, and orange peel on display.Photographer: Noriko Hayashi/Bloomberg Executives at Japan’s largest craft beer maker, Yo-Ho Brewing Co., are toasting the government’s changes. Yo-Ho, which is one-third owned by Kirin, makes a wheat beer with coriander and orange peel, accordingly labeled happoshu.“Customers have been under the mistaken impression that just because the label says ‘happoshu,’ it doesn’t taste good,” says Yo-Ho CEO Naoyuki Ide. “We definitely see things going in a positive direction for craft beer.”—With Maiko TakahashiThe bottom line: Japan’s new tax laws may bring about a beer boom that could boost the production of craft brews.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'http://www.bloomberg.com/news/articles/2017-03-02/new-taxes-could-trigger-a-japanese-craft-beer-renaissance'|'2017-03-02T08:00:00.000+02:00'
'066a29beab4e856870214cd83c89f60909f870e8'|'UK banks need to build operation in EU post Brexit - ECB'|'Business   7:57pm GMT UK banks need to build operation in EU post Brexit - ECB European Central Bank (ECB) executive board member Sabine Lautenschlaeger delivers her keynote speech during the annual regulatory conference of Austrian markets watchdog FMA in Vienna September 30, 2014. REUTERS/Heinz-Peter Bader FRANKFURT Banks based in Britain seeking to do business in the European Union after Brexit will need to obtain local banking licences and establish actual operations on the continent, European Central Bank supervisor Sabine Lautenschlaeger said on Thursday. "I do not see the ECB issuing banking licences to empty shell companies," Lautenschlaeger, who sits on the ECB''s executive board, said in London. "Our objective is to make the banking system safe and sound. I therefore expect banks which are seeking a licence in the euro area to meet our standards. There will be no race to the bottom in banking supervision," she said. Weighing in on the contentious issue of keeping euro derivatives clearing in the Britain, Lautenschlaeger said ECB consent would depend on whether the new framework would offer an unchanged level of involvement for the bank and whether the framework is strong enough to ensure financial stability in the euro zone. (Reporting by Balazs Koranyi; Editing by Robin Pomeroy) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-banks-idUKKBN1692PS'|'2017-03-03T02:57:00.000+02:00'
'9a2a2beb9b9894bc38badb17f94fdff961caa110'|'China February service sector growth slows to 4-month low as competition gets fierce - Caixin PMI'|'Economic News - Fri Mar 3, 2017 - 8:24am IST China February service sector growth slows to 4-month low as competition gets fierce - Caixin PMI FULL COVERAGE: INDIA ELECTIONS 2017 People walk pass vendors at a market in Yanji, Jilin Province, China, November 20, 2016. REUTERS/Sue-lin Wong/Files BEIJING Activity in China''s services sector expanded at the slowest pace in four months in February, with new business still growing at a solid rate but increasing competition making it harder for companies to raise prices, a private survey showed. The findings echoed a similar softening in growth in China''s official services activity survey released on Wednesday, and contrasted with an unexpected pick-up in growth in its manufacturing sector as export orders rebounded. [nL3N1GD3LR] The February services PMI dipped to 52.6 in February on a seasonally adjusted basis, from 53.1 in January, the Markit/Caixin services purchasing managers'' index (PMI) showed. While it remained well above the 50-mark that separates expansion in activity from contraction on a monthly basis, it was the slowest rate of expansion since October. Any signs of flat-lining in services sector growth, which is more dependent on domestic demand, could indicate a slowdown in momentum for the economy overall. Some analysts say domestic demand growth already may have plateaued. That could put policymakers in a dilemma on how to meet ambitious growth targets while also containing financial risks created by years of debt-fuelled stimulus. The central bank has gradually moved to a tightening bias in recent months, as a string of data showed the world''s second-largest economy was on steadier footing. The Chinese government will hold annual parliamentary meetings starting this weekend, where leaders will announce an economic growth target and other policy priorities, including potentially a slightly lower target for economic and money supply growth and an emphasis on managing debt risks.[nL4N1G830E] Though inflation in January rose to multi-year highs, the Caixin survey found that prices Chinese firms were able to charge their customers were little changed. Survey respondents said increased competition had restricted their pricing power, even as their input prices continued to rise, albeit at a slower pace. "Inflationary pressures seemed to have started to ease as price increases in both manufacturing and services continued to weaken," said Zhengsheng Zhong, Director of Macroeconomic Analysis at CEBM Group, in a note with the data. Service companies continued to add job at a solid pace, and remained optimistic about growth in the next 12 months. Caixin''s composite PMI covering both the manufacturing and services sectors rose to 52.6 in February from the previous month''s 52.2 as growth in the manufacturing sector accelerated. "The Chinese economy is expected to maintain the growth momentum in the first quarter of this year. But signs of weakening may emerge from the second quarter," said Zhong. (Reporting by Elias Glenn; Editing by Kim Coghill) (Elias.Glenn@thomsonreuters.com; +86 138 1600 5903; Reuters Messaging: elias.glenn@thomsonreuters.com) Next In Economic News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-economy-pmi-factory-caixin-idINKBN16A0AQ'|'2017-03-03T09:54:00.000+02:00'
'a87fd516f0b794fef5d9f4d6a4c655389e115d83'|'UPDATE 1-Japan''s GPIF posts record $92 bln quarterly gain thanks to stock rally'|'* GPIF posts record quarterly gain* Stock rally boosts returns* GPIF''s domestic bond underweights target for 1st time (Adds Quote: s, details on investments)By Junko FujitaTOKYO, March 3 Japan''s Government Pension Investment Fund, the world''s largest pension fund, posted a record quarterly gain of $92 billion thanks to a rally in the country''s stock market.GPIF on Friday reported a return of 7.98 percent in its fiscal third quarter, which ended in December.Its paper gain totalled 10.5 trillion yen. The fund managed 144.8 trillion yen worth of assets as of December."We had a big gain in the quarter but there are many complex issues in the world economy so we will be carefully manage the assets going forward," said GPIF spokesman Shinichiro Mori at a media briefing on Friday.Japan''s benchmark Nikkei share index rallied 16 percent in the quarter on expectations of stronger global economic growth and as the yen weakened in the face of a surging U.S. dollar following the election of President Donald Trump.It edged up another 2 percent in January-March this year.In 2014 GPIF made an historic policy shift, increasing its investments in riskier assets such as stocks for higher returns, while it reduced its reliance on low-yielding domestic bonds.Of all the pension reserve, which also included 2.5 trillion yen pooled at Japan''s health ministry, 23.76 percent was allocated to Japanese stocks.GPIF''s domestic bond holdings accounted for 33.26 percent of its assets, underweighting its allocation target set in 2014 for the first time as yields rose.GPIF allocated 13.37 percent of its assets to foreign bonds and 23.16 percent to foreign stocks. The remaining 6.3 percent was mainly cash GPIF holds.Its Japanese stock holdings returned 15.18 percent, while the domestic bond holdings had a negative return of 1.07 percent.GPIF directly invests only in a portion of bonds, while it asks other financial institutions to manage most of the bonds and all the stocks.GPIF also is trying to boost its investments in alternative assets, such as infrastructure and private equity. But such investments accounted for only 0.07 percent of its total assets in the quarter, versus a target of 5 percent.At the end of 2015 financial year, GPIF had invested 81.4 billion yen in infrastructure, while it injected 1.9 billion yen in private equity assets, said Mori.GPIF does not have any investments in U.S. infrastructure, he added.($1 = 114.0900 yen) (Reporting by Junko Fujita; Editing by Kim Coghill)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-gpif-results-idINL3N1GG2FH'|'2017-03-03T04:55:00.000+02:00'
'5407f11a64342e1eb1b5f2333637b52ddaeefe6c'|'Taken for a ride: Taxi drivers overcharge when passengers are on expenses'|'MORAL hazard is a problem that crops up frequently in economics. People behave differently if they do not face the full costs or risks of their actions: deposit insurance makes customers less careful about choosing their banks, for example.Moral hazard can also be second-hand. Take medicine. A patient with private insurance may be happy to sit through extra tests, and a doctor may be happy to order them. Doctors might be more reluctant to order tests if they know that the patient would bear the full cost.A newly published paper* sets out to test this secondary problem by examining a common-enough situation—taking a taxi ride in a strange city. The authors, a trio of academics at the University of Innsbruck, sent researchers on 400 taxi rides, covering 11 different routes, in Athens, Greece. In all cases, the researchers indicated they were not familiar with the city. But in half the cases, the researchers indicated that their employers would be reimbursing them for the journey. The researchers in the latter group were 17% more likely to be overcharged for their trip and paid a fare that was, on average, 7% higher.The most common form of overcharging was not, as might be expected, taking a longer route. People on expenses may be less concerned about the cost of a ride but they still care how long it takes. Instead, passengers were subject to bogus surcharges (a fee for airport pickup, for example) or charged the night-time fare in the daytime.There was also a difference between the way that taxi drivers treated different sexes. Women were overcharged more frequently than men. But they were overcharged whether or not the driver knew they were travelling on expenses (the difference between the extent of overcharging was not statistically significant). Drivers may be tempted to overcharge, the authors believe, because members of the higher-fare sex are less likely to complain. * “ Second-Degree Moral Hazard in a Real-World Credence Goods Market” by Loukas Balafoutas, Rudolf Kerschbamer and Matthias Sutter, The Economic Journal, February 2017'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business-and-finance/21717755-if-service-provider-knows-someone-else-paying-your-bills-he-more-likely-rip-you?fsrc=rss'|'2017-02-28T07:00:00.000+02:00'
'5094ce344b7256b61c32aa01e6a6ede68dc1e985'|'UK union fears for jobs at Ford''s Welsh engine plant'|'LONDON, March 1 Britain''s biggest trade union fears that more than 1,000 jobs could be lost at Ford''s engine plant in Wales despite reassurances from the U.S. carmaker that similar levels of employment will be needed in the coming years.Ford, Britain''s biggest engine builder, said last year it was scaling back investment due to lower than anticipated demand for one of its petrol engines, prompting the Unite union to call on the firm to provide a plan for how it would maintain output."It is our belief that... there is no future business plan for the plant, that our concerns are going to be realised, that two thirds of the plant, that''s at least 1,160 jobs will be at risk," Andy Richards, Unite''s Welsh Secretary told the BBC.A spokesman at Ford told Reuters that the firm, which made around one third of Britain''s total output of 2.4 million engines at Bridgend in 2015, was not planning significant cuts."The anticipated production volume of engines from Bridgend remains healthy in the upcoming years, with associated labour requirements expected to be similar to today’s level," he said.A meeting is due to take place on Wednesday between Ford and the unions, Richards told the BBC. (Reporting by Costas Pitas in London; additional reporting by Andreas Cremer in Berlin; editing by Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/ford-britain-idINL5N1GE2T0'|'2017-03-01T07:06:00.000+02:00'
'2f0948e51ff58d69c3be3e6853bafcac74b704a6'|'UPDATE 1-Macau signals rebound as gambling revenues hit 2-year high in Feb'|'Company News - Wed Mar 1, 2017 - 12:29am EST UPDATE 1-Macau signals rebound as gambling revenues hit 2-year high in Feb * Macau revenues showing sustained uptick, up 18 pct in Feb * Overnight visitors increasing, VIP demand rising * Shift towards mass market still key focus (Adds milestone, Galaxy, other details) HONG KONG, March 1 Gambling revenue in the Chinese territory of Macau hit a two-year high in February, recovering steadily from a prolonged anti-corruption drive and slowing economic growth that dragged on the world''s biggest casino hub over the past three years. Analysts have already called a bottom to Macau''s gaming industry slump with revenues rising over the past seven months. New casino resorts have helped drive business by attracting mass gamblers as well as VIP spenders - who have stayed away since Chinese President Xi Jinping rolled out his campaign in 2014 against shows of wealth by public officials. In February, Macau raked in a revenue of 23 billion patacas ($2.9 billion), up almost 18 percent from 19.5 billion patacas a year ago and the highest since January 2015, government data showed on Wednesday. Results were also buoyed by a higher number of visitors over the national new year holiday at the start of the month. Overnight Chinese visitation has grown since the start of 2017, following the opening of multi-billion dollar casino resorts in the third quarter of 2016 by Sands China Ltd and Wynn Macau Ltd. Casino operator Galaxy Entertainment said that for the first time in a decade, overnight visitors to Macau this year had exceeded same-day visitor arrivals thanks to new hotel capacity. It reported a better-than-expected 51 percent rise in 2016 net profit on Tuesday and forecast double-digit gaming growth for this year. Macau''s large junket operators have reported improving revenues since the second half of 2016. These firms, which act on behalf of casino operators like MGM China to bring in high-rollers, had been slammed by the corruption crackdown but broad consolidation has helped strengthen their positions. However, casino executives are betting more on the durability the mass market segment due to the steady growth of leisure visitors and the government''s aim to shift away from casinos towards more family friendly activities. Macau - a former Portuguese colony and now a special administrative region belonging to China - is the only place in the country where citizens are legally allowed to gamble. The casino hub is set to see more new resorts - owned by the 13 Holdings and MGM - come online this year, followed by SJM Holdings'' casino in 2018. These come at a time when Macau is facing mounting competition from emerging Asian casino hubs, including Japan that legalised casinos in December. ($1 = 7.9810 patacas) (Reporting by Farah Master; Editing by Himani Sarkar) Next In Company News U.S. Commerce secretary says Trump did not endorse border tax plan WASHINGTON, Feb 28 New U.S. Commerce Secretary Wilbur Ross said President Donald Trump did not endorse a proposed border tax system on Tuesday in his first speech to Congress on Tuesday, despite a vow to level the tax playing field for U.S. companies that export.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/macau-gambling-revenues-idUSL3N1GE2ET'|'2017-03-01T12:29:00.000+02:00'
'cc0e339f8cbc64a83df7b1be11469f24317cb6bd'|'Stevia-sweetened drinks maker Zevia open to stake sale, not buyout'|'By Sruthi Ramakrishnan - March 1 March 1 Diet-soda maker Zevia is open to selling a stake but will not consider an outright sale of the company, despite getting numerous buyout offers from beverage companies and private equity firms, its chief executive said.Zevia''s stevia-sweetened colas and fruit-flavored drinks with zero calories are enjoying a surge in sales as consumers cut down on sugary sodas and turn to healthier options."We are in a world where growth in conventional consumer packaged goods has slowed dramatically and everyone is looking for the next growth engine," Chief Executive Paddy Spence told Reuters. "That fuels a lot of (buyout) enquiries."The company could also pursue a public offering of its shares, he said.Soda makers PepsiCo and Coca-Cola Co are cutting sugar in their drinks while investing in low-calorie and non-soda beverages to tackle falling soda sales and the threat of taxes on sugar-sweetened drinks.The two companies have snapped up several non-soda drink makers over the last few years and are on the prowl for more.Coke launched its own stevia-sweetened drink, Coca-Cola Life, in 2014, with Pepsi following with Pepsi True the same year.Zevia holds 90 percent of the natural zero-calorie soda market in the United States, according to data from a joint study by research firms SPINS and IRI last year.Other companies that also make stevia-based drinks include Bai Brands LLC, which was snapped up by Dr Pepper Snapple Group Inc for $1.7 billion last year.Zevia''s revenue surpassed $100 million in 2015 and is "rapidly approaching" $200 million, Spence said.Spence, a Harvard Business School graduate, bought Zevia along with Northwood Ventures in 2010 from founders Derek and Jessica Newman and Ian Eisenberg for an undisclosed amount.Zevia''s drinks are available at retailers such as Target Corp, Safeway, Whole Foods and on Amazon.com Inc . The Los Angeles-based company is looking to expand its distribution by selling at hospitals and convenience stores.The company is also in talks to sell its drinks at restaurants looking to add healthier menu options."Many of them have made huge thrusts on the food side and yet with beverages, they have not so much. That''s a fantastic target for us and I think you are going to see Zevia in national restaurant chains in the next couple of years," Spence said. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Sayantani Ghosh and Anil D''Silva)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/zevia-stake-idINL3N1GE40U'|'2017-03-01T15:42:00.000+02:00'
'f0454555962adedc9e59da454505149cbbe00dcd'|'U.S. bank stocks surge on optimism of March rate hike'|'  6:01pm GMT U.S. bank stocks surge on optimism of March rate hike A trader works by the post where JPMorgan Chase & Co is traded on the floor of New York Stock Exchange (NYSE) February 24, 2016. REUTERS/Brendan McDermid By Sweta Singh Shares of large U.S. banks touched new highs on Wednesday, buoyed by comments from several Fed policymakers that stoked expectations for a March interest rate hike. President Donald Trump''s measured and inclusive tone in his first speech to a joint session of Congress since taking office added to the optimism in the market. JPMorgan Chase & Co ( JPM.N ) Goldman Sachs Group Inc ( GS.N ) and Wells Fargo & Co ( WFC.N ) touched record highs, while Bank of America Corp ( BAC.N ) and Morgan Stanley ( MS.N ) rose to their highest levels in more than eight years. Gains in financial stocks pushed the S&P financial index .SPSY to its highest level since December 2007. Bank stocks have been on a tear since the Nov. 8 U.S. presidential elections on hopes that the lenders will benefit from lighter regulation, rising interest rates and lower taxes under Trump administration. New York Fed President William Dudley, among the most influential U.S. central bankers, said on Tuesday that the case for tightening monetary policy "has become a lot more compelling" since the election of Trump as president and a Republican-controlled Congress. Traders have now priced in a nearly 70 percent chance of a rate hike when the Fed''s policy-setting body meets on March 14-15, according to Thomson Reuters data. "Chances are that rate hikes are coming through faster and the President''s speech yesterday showed that tax reform, which will hugely benefit the banks, is a key policy item for the administration," Keefe, Bruyette & Woods analyst Brian Kleinhanzl said. "Faster interest rate hikes would come as a relief to banks that have been reeling under pressure to grow their revenue over the last several years." Overall, revenue at the top six U.S. banks fell 0.9 percent in 2016, compared with a 0.5 percent fall in 2015. The Fed hinted at three rate hikes in 2016 but held back till December, when it raised the interest rate by 25 basis points. At that time, it also signalled a faster pace of rate hikes in 2017. JPMorgan also struck a positive note at its investor day on Tuesday. Chief Executive Jamie Dimon, a lifelong Democrat, said he remained confident about the U.S. economy, adding that the outlook will be even better if the federal government overhauls corporate taxes, thins out redundant regulation and boosts spending on public infrastructure. "The future is bright," he said. (Reporting by Sweta Singh and Sruthi Shankar in Bengaluru; Editing by Anil D''Silva)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-bank-stocks-idUKKBN168583'|'2017-03-02T01:01:00.000+02:00'
'22907dc28cb8adf5fbbc52d28be9c14a93106e19'|'Noranda defers 2017 zinc forecasts due to Quebec plant strike'|'TORONTO, March 1 Noranda Income Fund said on Wednesday it was deferring its 2017 zinc production and sales forecasts due to a strike by workers at its Quebec processing plant, the second-largest in North America.It is uncertain how long the strike, which began Feb. 12, will continue at the zinc processing facility in Salaberry-de-Valleyfield, said Noranda, as it announced fourth-quarter results.The plant''s 371 unionized workers, represented by the United Steelworkers of America, walked off the job after the two sides could not agree on proposed changes to the pension plan in a new collective bargaining agreement.Operations at the plant, which is the biggest in eastern North America and managed by a subsidiary of Glencore Canada Corporation, have resumed "partial production," with management operating the facility, Noranda said. "Management is in the process of evaluating its production capacity under this scenario," it said in a statement.The company said it expects 2017 financial results to be adversely impacted by the shift to market terms, with spot treatment charges near historic lows. Noranda will pay market prices starting May 3, replacing the previous fixed rate.Zinc prices have nearly doubled since January 2016 due to a shortage tied to mine closures and shutdowns. The price of zinc was nearly 1.6 percent higher on Wednesday at $2,870 a tonne.In the fourth quarter, Noranda said its zinc metal production increased to 72,291 tonnes, from 71,971 tonnes in same period last year. Sales declined to 69,196 tonnes from 79,552 tonnes.Noranda posted a C$29.8 million ($22.39 million) loss before income taxes in the three months to Dec. 31, compared to earnings before income taxes of C$900,000 in the year-prior quarter. The drop reflects lower net revenue, which fell to C$83 million from C$91.2 million, and a C$52 million impairment charge, the company said.Efforts to boost efficiency and reduce operating costs led to 2016 production of 277,022 tonnes of zinc metal, a 2 percent cut to operating costs and debt repayment of C$22.5 million, Noranda said. ($1 = 1.3311 Canadian dollars) (Reporting by Susan Taylor; Editing by Paul Simao)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/noranda-income-results-idUSL2N1GE0Y8'|'2017-03-01T18:37:00.000+02:00'
'76a7f2fdaf186a1ed61a496b3491510146368450'|'BRIEF-Hope Bancorp files for non-timely 10-k - SEC filing'|' 35pm EST BRIEF-Hope Bancorp files for non-timely 10-k - SEC filing March 3 Hope Bancorp Inc * Hope Bancorp Inc files for non-timely 10-k - Sec Filing * Hope Bancorp Inc says company has identified material weaknesses in its internal control over financial reporting - sec filing Source text for Eikon: [ID: bit.ly/2mLnHwq ]  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-hope-bancorp-files-for-non-timely-idUSFWN1GF123'|'2017-03-03T05:35:00.000+02:00'
'fcbae1764b0d897f3fb32cc44960dbbbaa1e239a'|'German discounter Aldi to start online sales in China'|'Business  33am GMT German discounter Aldi to start online sales in China A company logo is pictured outside a branch of an Aldi supermarket in Manchester, Britain, March 17, 2016. REUTERS/Phil Noble/File Photo BERLIN German discount supermarket chain Aldi is planning to start online sales in China this month, hoping to appeal to Chinese consumers interested in German brands with a selection of wine, snack and breakfast products. The company will sell its own brand products via online platform Tmall Global, operated by Alibaba, and will use its Australian suppliers to serve the Chinese market, it said in a statement on Thursday. An initial "soft launch" on March 20, which typically sees a product offered to a limited audience, will be followed by a full launch event in Shanghai on April 25, Aldi said. Alibaba Europe manager Terry von Bibra said the Chinese middle-class was becoming more and more interested in "Made in Germany" products. The German discount chains are increasingly expanding abroad, with rival Lidl saying last month it would open its first stores in the United States this summer. The Chinese foray is being run by Aldi South, which also owns Aldi US and runs the chain in Britain. It entered the Australian market more than 15 years ago. (Reporting by Victoria Bryan; Editing by Keith Weir) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-aldi-china-idUKKBN1691E3'|'2017-03-02T18:33:00.000+02:00'
'9e9311d00b36eebe02c0c9aa988d829859ee520a'|'Potential SoftBank-WeWork deal highlights flexible office trend'|'By Herbert Lash - NEW YORK NEW YORK Burgeoning interest and investment in flexible workspaces is pushing a small corner of the commercial real estate market into the corporate mainstream, and drawing one top executive from Asia to help expand his company''s U.S. operations.Media reports say Japan''s SoftBank Group Corp, with expertise in information technology and telecommunications, is close to investing more than $3 billion in the U.S. office-sharing upstart WeWork. This would mark a major vote of confidence in the business and the sector overall.Servcorp, an Australia-based rival to WeWork, believes the market is ripe for expansion and is sending its chief operating officer to New York with a goal of doubling U.S. operations, 22 locations, in about five years. "WeWork has really brought into the spotlight the fact that the flexible workspace is a fantastic solution, particularly for start-ups," said Marcus Moufarrige, COO and the founder''s son of Sydney-based Servcorp, a leader in serviced office space and meeting rooms in Asia, the Middle East and Australia.Moufarrige said in a telephone interview he would relocate to the United states by the end of the month.Servcorp has 155 locations in 54 cities across the globe, while WeWork has 154 locations in 36 cities. Their styles differ, with WeWork geared to millennials and Servcorp serving the professional business class.CNBC on Monday cited a source who said SoftBank was close to a $3 billion investment in seven-year-old WeWork. On Jan. 30, the Wall Street Journal cited sources saying the Japanese firm was "weighing an investment of well over $1 billion. "A deal with SoftBank would likely help WeWork jump through the hoops involved in entering the Japanese market. However, the company''s financial restraints as reported last year may pose hurdles, along with lack of a unique technological edge that the Japanese company typically seeks.WANTED: AMENITIESThe ease of working at home or while on the road through smart phones and internet access has put pressure on companies and landlords to increase workplace amenities, but has not diminished the role of the office, experts say.Investors have taken notice. Knotel, a two-year-old start-up, last week raised $25 million in venture capital and in September 2016 Industrious, considered the second-largest U.S. coworking operator with 18 sites, raised $37 million in funding, according to Crunchbase.Commercial real estate brokers say shared office space accounts for at least 2 percent of the New York office market, the largest in the United States, but others put it higher. Amol Sarva, chief executive and co-founder of Knotel, said real estate usually involves risky lease commitments, a reason he took a page from the hotel industry to sign management agreements with landlords to avoid that liability. Sarva said it was suicidal to enter the real estate business with a business - coworking - that is deeply cyclical. His agreements are partnerships that share revenue, he said.Moufarrige said Servcorp has an edge with its global footprint and a telecommunications network that connects all its sites on a seamless platform. He called the United States the company''s biggest opportunity. WeWork''s rapid expansion, and its reliance on start-ups as customers, has raised the question of what happens when the economy softens. WeWork reports it has increased the number of larger companies that rent space from it. Servcorp appeals to established companies, and Knotel aspires to that clientele as well. Along with a more flexible workspace businesses are going to demand better and more robust technology, Moufarrige said.(Reporting By Herbert Lash; Editing By Daniel Bases and David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usa-property-sharing-idINKBN1685O0'|'2017-03-01T18:46:00.000+02:00'
'656f3d4a67c46844b6929c55b8c91e4afbb4acd5'|'Road rage: Travis Kalanick’s uber-apology'|'“I MUST fundamentally change as a leader and grow up.” It is rare for the boss of a big technology firm to be so contrite. It is even more of a surprise to have Travis Kalanick (pictured), the chief executive of Uber, a popular ride-hailing company, go that far: he is one of the most pugnacious entrepreneurs in Silicon Valley. “This is the first time I’ve been willing to admit that I need leadership help and I intend to get it,” he added.Mr Kalanick had little option but to grovel. On February 28th Bloomberg, a media group, released a video showing a heated discussion between him and an Uber driver, Fawzi Kamel, about the fact that the firm has lowered the rates its drivers receive. Mr Kamel told Mr Kalanick that he had lost $97,000 and gone bankrupt because of him, at which point Mr Kalanick lost his cool: “Some people don’t like to take responsibility for their own shit.”The video capped a terrible month for Mr Kalanick. First, more than 200,000 subscribers deleted their Uber app after the firm was accused of breaking a strike by taxi drivers protesting against Donald Trump’s executive order against refugees. Then a former employee published a blog post in which she accused Uber of refusing to discipline her manager after he had propositioned her for sex. Uber’s head of engineering resigned earlier this week after reports that he had received a sexual-harassment complaint at his previous employer (he denies the allegations).To Mr Kalanick’s credit, his reactions have been deft. He resigned from Mr Trump’s business advisory council. He created a committee to look into Uber’s culture. He also met with more than 100 female employees and promised: “I want to get at the people who are making this place a bad place.” This week’s mea culpa , which also included an apology to Mr Kamel, was part of an e-mail to all Uber staff sent quickly after the release of the video.But it will take more to burnish the firm’s brand. “Uber has been here many times before, responding to public exposure of bad behavior by holding an all-hands meeting, apologising and vowing to change, only to quickly return to aggressive business as usual,” wrote Mitch and Freada Kapor, two early investors in the startup, in an open letter on February 23rd.The bad publicity comes at a time when Uber needs to deal with two bigger issues. First, regulators are making life harder for the firm. For example, the European Court of Justice, the European Union’s highest court, will soon decide whether Uber is just a digital service or a transport firm. If it is judged the latter, it would have to comply with a dense rulebook.Second, Uber, which is now operating in more than 500 cities worldwide, has to find a way to make money. It reportedly lost about $3bn in 2016 on revenue of $5.5bn—a whopping cash-burn rate, even though it has raised over $11bn in capital and debt. Such numbers make it unlikely that Uber will soon follow in the footsteps of Snap, another high-profile tech startup which priced its IPO this week at a valuation of $19.7bn. At a time when Uber could use a little goodwill, Mr Kalanick’s antics do not help. "Road rage"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business-and-finance/21717810-many-woes-ubers-boss-travis-kalanicks-uber-apology?fsrc=rss%7Cbus'|'2017-03-04T08:00:00.000+02:00'
'ca0542a2df00ce3228576be87818ffc8e4ed1199'|'Pemex, BHP Billiton deep water tie-up eyes first well by end of 2017'|'Company News - Fri Mar 3, 2017 - 6:50pm EST Pemex, BHP Billiton deep water tie-up eyes first well by end of 2017 By David Alire Garcia - MEXICO CITY, March 3 MEXICO CITY, March 3 The first-ever joint venture in Mexico''s deep waters could begin drilling its first oil well by the end of this year, a top official with national oil company Pemex said on Friday. In December, Pemex teamed up with Australian mining and oil giant BHP Billiton Ltd to develop its Trion block in the Gulf of Mexico, a partnership that was sealed on Friday in a signing ceremony presided over by Mexican President Enrique Pena Nieto. Javier Hinojosa, Pemex''s chief of exploration and production, said in an interview that the two partners could begin developing the project relatively soon. The drilling of a so-called delimiting well "could happen by the end of this year," while a second, exploratory well would "certainly" go forward in 2018, Hinojosa said. Both wells are part of a minimum work program set out in the 35-year license contract covering Trion, which also calls for the acquisition and processing of new three-dimensional seismic data. BHP Billiton was selected to be Pemex''s partner on the Trion block at a competitive auction in early December managed by the National Hydrocarbons Commission, Mexico''s newly empowered oil regulator. The partnership is the fruit of a sweeping sector overhaul finalized in 2014 that ended Pemex''s decades-long monopoly and allows joint ventures in exploration and production of oil and gas with equity partners. The Trion project is expected to require some $11 billion in investments over the course of its life. Pemex will not have to contribute funding for the project for at least the next three years. The signing ceremony at Pena Nieto''s official residence was also attended by BHP Billiton Chief Executive Andrew Mackenzie. "Today marks the beginning of what we hope will be a long and fruitful relationship between BHP Billiton, Pemex and Mexico," said Mackenzie, who pledged to share the company''s deep water expertise and best practices. Trion is located near the U.S.-Mexico maritime border in the Perdido Fold Belt of the Gulf of Mexico, containing estimated reserves of 485 million barrels of oil and located some 8,430 feet (2,570 meters) below the surface. (Reporting by David Alire Garcia; Editing by Jonathan Oatis) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mexico-pemex-bhp-billiton-ltd-idUSL2N1GG020'|'2017-03-04T06:50:00.000+02:00'
'31f0d248979b18463a5c8e747182369b62dd64ea'|'PRESS DIGEST - Wall Street Journal - March 3'|' 02am EST PRESS DIGEST - Wall Street Journal - March 3 March 3 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy. - Caterpillar Inc''s Chief Executive Jim Umpleby apologized to the firm''s employees and pledged to continue cooperating with federal authorities after agents raided three of the company''s Illinois facilities on Thursday, including its headquarters. "I''m sorry that we had to experience this today," Umpleby said. on.wsj.com/2lApumk - The Kansas Supreme Court ruled that the state''s revamped school funding formula is still inadequate and unconstitutional, the latest development in a years-long saga over how the state divvies up its budget for public education. The court has given lawmakers until June 30 to create a new formula to provide "adequate" funding for schools, or face the cessation of all school funding. on.wsj.com/2lAr5bV - Attorney General Jeff Sessions said he will remove himself from involvement in any investigation related to the 2016 presidential race, following the disclosure that he had conversations with a Russian official while advising the Trump campaign. Lawmakers from both parties had called on Mr. Sessions to recuse himself after reports that he met with the Russian ambassador to the U.S. last year, even though he had testified in Senate confirmation hearings that he had no contact with Russian officials during the campaign. on.wsj.com/2lAuEif - New York Governor Andrew Cuomo on asked the State Police to investigate vandalism of headstones in a small Jewish cemetery in Rochester, N.Y., citing a recent "dramatic increase in acts of hate and intolerance." But the cemetery''s operators said they have no reason to believe the vandalism was rooted in anti-Semitism. on.wsj.com/2lAwP5r - Penguin Random House said it has acquired world rights to separate books by former U.S. President Barack Obama and First Lady Michelle Obama that will look at their years in the White House. The Obamas said they plan to donate a "significant portion" of their author proceeds to charity. on.wsj.com/2lAetl8 (Compiled by Sangameswaran S in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-wsj-idUSL3N1GG2GX'|'2017-03-03T14:02:00.000+02:00'
'6e17b33c371e4232f9e4c6646e936e2abc79d9c6'|'Investors bet Trump-fuelled tech rally far from over - Reuters'|'By Noel Randewich - SAN FRANCISCO SAN FRANCISCO Technology companies have been a driving force behind the U.S. stock market''s recent record rally, and despite mounting evidence of stretched valuations the sector remains a top pick for investors expecting a wave of capital expenditures by U.S. corporations.Corporate tax cuts and reduced regulations planned by President Donald Trump will give companies reason to spend more on cloud computing, factory automation and smart connectivity that will directly benefit Silicon Valley, many on Wall Street believe."The tax cuts are going to promote business investment across all industries, and the business investment is largely going to be in technology," said Doug Cote, chief market strategist at Voya Investment Management in New York.Strong performances from big names including Apple Inc ( AAPL.O ) and Facebook Inc ( FB.O ) have helped make technology the strongest S&P 500 sector so far this year, surging 10 percent compared to the broader index''s 6 percent rise.In the past month, investors have poured $325 million into to the U.S.-listed Technology Select Sector SPDR Fund ( XLK.P ), according to ETF.com, which tracks fund flows."We may be due for a little bit of a pullback, but we''re still buyers on weakness because we like the longer-term outlook over the next two to three years," said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management.The proliferation of smart, connected devices in homes, factories and stores is leading to the collection unprecedented amounts of data and creating demand for more computing power to analyse it.Spending on cloud computing will grow by 21.5 percent a year through 2020, almost seven times as fast as overall IT spending, according to a recent estimate by market research firm IDC.PRICIEST OF THE PRICEYImproved employment and consumer confidence have also been behind investors'' optimism about tech, helping offset concerns about lofty valuations.After an eight-year U.S. stock market rally, nearly all sectors are trading at earnings multiples above their long-term average, but none more so than technology, according to Thomson Reuters Datastream. The tech sector''s strong performance has left it trading at 17.9 times expected earnings, compared to its 10-year average of 14.5 times expected earnings.The S&P tech sector''s price-to-earnings multiple has been above its own long-term average for about a year, and during that time the sector has surged about 28 percent.Tech bulls believe earnings momentum is growing for the sector. S&P 500 tech earnings expanded 12.3 percent in the fourth quarter, more than any other sector, according to Thomson Reuters data. Analysts on average expect 13.6 percent growth for the March quarter.Recent upbeat quarterly reports and commentary from Broadcom Ltd ( AVGO.O ), Skyworks Solutions Inc ( SWKS.O ) and Applied Materials Inc ( AMAT.O ) suggest semiconductors are poised for strong growth, said Wedbush trader Joel Kulina.Micron Technology Inc ( MU.O ) jumped 3.5 percent on Friday after raising its 2017 forecast the day before, helped by healthy demand for its memory chips."I can''t remember a time when we''ve seen this much excitement," Kulina said. "Semiconductors aren''t as cyclical as they used to be, where quarters were driven by PC demand. Now it''s automotive, it''s data centre, industrial automation."(Reporting by Noel Randewich; Editing by Richard Chang)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/usa-stocks-weekahead-idINKBN16A2KP'|'2017-03-03T18:50:00.000+02:00'
'022cfe9f659c91f582a5855ee75582e81a90d0b2'|'Pompe drug lauded by Trump costs $300,000 a year'|'Politics - Wed Mar 1, 2017 - 6:55pm EST Pompe drug lauded by Trump costs $300,000 a year left right U.S. President Trump addresses Joint Session of Congress - Washington, U.S. - 28/02/17 - U.S. President Donald Trump pauses as he speaks in front of Vice President Mike Pence (L) and Speaker of the House Paul Ryan. REUTERS/Jim Bourg 1/2 left right U.S. President Donald Trump addresses Joint Session of Congress - Washington, U.S. - 28/02/17 - Megan Crowley listens as U.S. President Donald Trump addresses the U.S. Congress. REUTERS/Jonathan Ernst 2/2 By Deena Beasley President Donald Trump told Congress on Tuesday that more needs to be done to bring down "artificially high" prices for prescription drugs, while at the same time praising a drug that turns out to cost $300,000 per year. During the televised address, Trump acknowledged in the audience Megan Crowley, a college student who has Pompe disease - a rare muscle disorder that can be treated with an expensive enzyme replacement therapy. "But our slow and burdensome approval process at the Food and Drug Administration keeps too many advances, like the one that saved Megan''s life, from reaching those in need," the president said. "If we slash the restraints, not just at the FDA but across our Government, then we will be blessed with far more miracles like Megan." Trump has in the past excoriated drugmakers for charging "astronomical" prices, while acknowledging how "complicated" the nation''s healthcare system is. Representatives of the Trump administration could not immediately be reached for comment on Wednesday on whether the president believes the treatment price for Pompe disease is fair. Trump''s comments on Tuesday night highlight an issue central to the industry and investors - the potential for deregulation of the FDA, the agency charged with approving pharmaceutical products. "I think Trump used this example somewhat cynically as a way of trying to advance the deregulatory agenda," said Dr. Aaron Kesselheim, a researcher at Harvard Medical School. "The FDA''s standards actually promote innovation because patients don''t want just any old drug - they want drugs that work." Megan''s father, John Crowley, now chief executive at Amicus Therapeutics Inc, started a biotech company in 1998 to seek a treatment for Pompe disease. In 2006, the FDA - after a nine-month review - approved infused enzyme replacement therapy Myozyme for patients born with the condition. A similar drug, Lumizyme, was approved in 2010 for late-onset Pompe disease and is now used regardless of a patient''s age. The average annual cost of treatment is $298,000, according to Paris-based Sanofi SA, which now owns the drugs. Under the Orphan Drug Act of 1983, drugs for rare diseases - defined as those that treat fewer than 200,000 patients - are given a range of incentives including seven years of marketing exclusivity. "Pharmaceutical companies know they get a free pass for very expensive drugs for orphan diseases, whereas they don''t for mainstream diseases," said Joel Hay, professor of pharmaceutical economics and policy at the University of Southern California. The National Organization for Rare Disorders (NORD) applauded Trump''s recognition, but disagreed with the idea that the regulatory process needs an overhaul. "Our patients deserve the same quality therapies as everyone else, and to weaken the standards will only threaten our population with unsafe, ineffective therapies," NORD said in a statement on Wednesday. Pompe disease, affecting 5,000 to 10,000 people worldwide, prevents the body from making enough of an enzyme used by heart and muscle cells to convert a form of sugar called glycogen into energy. When glycogen builds up in these cells it can lead to disability and death. NORD estimates that around 30 million Americans suffer from 7,000 rare diseases. (Reporting by Deena Beasley in Los Angeles; Editing by Matthew Lewis) Next In Politics Trump gives nod to Republican tax-credit proposal on Obamacare WASHINGTON U.S. President Donald Trump backed the use of tax credits to help people purchase health insurance in a speech to Congress on Tuesday, the first time he signaled support for a key component of House Republican proposals to replace Obamacare.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-trump-drugpricing-idUSKBN1685W5'|'2017-03-02T06:43:00.000+02:00'
'1cdb9b236f9d35cb4b4730003b9fa615b1d7aeda'|'Kazakhstan''s largest banks sign M&A memo'|'ALMATY Kazakhstan''s biggest lenders by assets, Kazkommertsbank (KKB) KKGB.KZ and Halyk Bank HSBK.KZ ( HSBKq.L ) have signed a non-binding memorandum of understanding on a potential acquisition of a controlling interest in KKB by Halyk, KKB said on Thursday.Kazakhstan''s government and the central bank are also parties to the memorandum which envisages, "inter alia, the coverage of possible risks connected with the loan owed to KKB by JSC BTA Bank", KKB said in a statement.(Reporting by Olzhas Auyezov; Editing by Andrey Ostroukh)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-kazkommertsbank-halyk-bank-idINKBN16914X'|'2017-03-02T07:12:00.000+02:00'
'4baf766e47e372b8e75a828bcdf082470e86ad62'|'Deutsche Bank says prepares 8 billion euro capital increase'|'Company News  56pm EST Deutsche Bank says prepares 8 billion euro capital increase FRANKFURT, March 3 Deutsche Bank is preparing for a potential capital increase of about 8 billion euros ($8.5 billion), it said in a statement on Friday. It is also examining several strategic measures, including retaining its Postbank unit and integrating it with its other German retail business as well as an initial public offering of a minority stake in its asset management business, it said. Implementation of these steps is subject to market conditions and approval by the management and supervisory boards, the bank said, adding that no decision had been made on the matter yet. ($1 = 0.9426 euros) (Reporting by Arno Schuetze; Editing by Maria Sheahan) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/deutsche-bank-newissue-measures-idUSFWN1GG0UK'|'2017-03-04T03:56:00.000+02:00'
'7514330730908cbc2225b0545380bc628029410d'|'Uber used secret tool to deceive authorities - NY Times'|'Business News - Sat Mar 4, 2017 - 12:06am GMT Uber used secret tool to deceive authorities - NY Times Ride hailing company Uber Technologies Inc [UBER.UL] has for years used a secret tool to deceive the authorities in markets where its service faced resistance by law enforcement or was banned, the New York Times reported, citing sources. An Uber tool called Greyball used data collected from the Uber app and other methods to find and circumvent officials, the NYT reported on Friday. nyti.ms/2mmTS88 Asked about the existence of Greyball, Uber said in an email, "This program denies ride requests to fraudulent users who are violating our terms of service — whether that''s people aiming to physically harm drivers, competitors looking to disrupt our operations, or opponents who collude with officials on secret ''stings'' meant to entrap drivers." A current Uber employee familiar with the program confirmed to Reuters that Uber had used antifraud techniques to hunt for suspected undercover law enforcement and regulators. The person said Greyball had not been used in the United States in more than a year. The New York Times said Uber used the methods to evade authorities in cities including Boston, Paris and Las Vegas, and in countries like Australia, China, Italy and South Korea. Greyball, which began as early as 2014, was part of a program called "Violation of terms of service" (VTOS), aimed at finding people the ride-hailing company thought were using the app improperly, the newspaper reported. Greyball and the broader VTOS program were described by four current and former Uber employees, who also provided documents, the NYT said. (Reporting by Laharee Chatterjee in Bengaluru; Editing by Anil D''Silva) A photo illustration shows the Uber app logo displayed on a mobile telephone, as it is held up for a posed photograph in central London, Britain October 28, 2016. REUTERS/Toby Melville/Illustration/Files  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-uber-greyball-idUKKBN16B00E'|'2017-03-04T07:06:00.000+02:00'
'651b32f782b94d76db6d8192b39a6b181755b1b7'|'Japan''s Nikkei rises to 2-week high; focus shifts to U.S. rates'|' 52am EST Japan''s Nikkei rises to 2-week high; focus shifts to U.S. rates TOKYO, March 1 Japanese stocks rose on Wednesday to two-week highs as investors covered positions with the focus shifting to U.S. monetary policy after President Donald Trump''s speech to Congress offered no details or surprises on the policy front. The Nikkei share average ended 1.4 percent higher at 19,393.54, its highest close since Feb. 15, as investors covered their positions, with the lack of negative factors in Trump''s speech providing some relief. Trump pledged to overhaul the U.S. immigration system, improve jobs and wages, and promised "massive" tax relief to the middle class and tax cuts for companies. Meanwhile, the dollar gained   U.S. interest rate hike this month, and traders said market attention has shifted to future U.S. monetary policy. "Japanese stocks will likely take cues from U.S. yield moves and dollar-yen levels in the next few weeks," said Chihiro Ohta, general manager of investment research at SMBC Nikko Securities. The broader Topix gained 1.2 percent to 1,553.09 and the JPX-Nikkei Index 400 rose 1.2 percent to 13,917.46. (Reporting by Ayai Tomisawa; Editing by Sunil Nair)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-close-idUSL3N1GE2QQ'|'2017-03-01T13:52:00.000+02:00'
'8dd6d7d9f7575bd9b4084964d7c2e866a8d08655'|'Aberdeen exploring options for tie-up with Standard Life - Sky'|'Business News - Sat Mar 4, 2017 - 2:39pm GMT Aberdeen exploring options for tie-up with Standard Life - Sky LONDON Scottish fund manager Aberdeen Asset Management ( ADN.L ) is exploring possible options for a tie-up with insurer Standard Life ( SL.L ), Sky News reported on Saturday, in a deal which could total 11 billion pounds. The deal could involve a full merger or a tie-up between Aberdeen and Standard Life Investments, the insurer''s asset management arm, according to unnamed sources cited by Sky. Standard Life declined to comment, while Aberdeen could not be immediately reached for comment. A competitive environment and the need to cost-cuts is fuelling merger activity in the fund management sector, with London-based asset manager Henderson Group ( HGGH.L ) agreeing to buy U.S. rival Janus Capital Group Inc ( JNS.N ) last year in an all-share $6 billion deal. Both Aberdeen and Standard Life Investments'' flagship GARS multi-asset funds saw outflows last quarter, and Standard Life Chief Executive Keith Skeoch said the firm was "continually scanning the horizon to see what''s available" when it came to M&A. Standard Life has a market cap of 7.5 billion pounds, with Aberdeen roughly half the size. (Reporting by Alistair Smout; Editing by Alexander Smith) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-aberdeen-asset-m-a-standard-life-idUKKBN16B0EY'|'2017-03-04T21:39:00.000+02:00'
'b8034fb4110692574708d25101e98713b3053ed4'|'Suez says GE water treatment business would be a good buy'|'By Geert De Clercq - PARIS PARIS General Electric''s ( GE.N ) industrial water treatment business which is up for sale would be a good strategic fit for Suez ( SEVI.PA ), the French group''s chief executive said on Wednesday.Suez last week confirmed that it might put in a bid for GE Water, which French media have estimated as being worth anywhere between 2 and 3 billion euros ($2.1-3.2 billion)."We are interested in GE Water because its activities are in line with our strategy of boosting industrial water activities, boosting international growth and boosting digital and smart activities," Jean-Louis Chaussade said after Suez reported a drop in underlying profits last year.He declined to say how Suez would finance a possible acquisition but added that the company would not stray from its target of keeping its net financial debt at around three times core earnings.The company''s shares were down 3 percent at 13.74 euros by 1016 GMT after it posted a 3.6 percent fall in core earnings, due to margin pressures in its core European water and waste treatment businesses and left the dividend payout unchanged for a second year running.Core earnings at the Water Europe division were down 3.2 percent as a lack of inflation in Europe kept a lid on prices, with French sales volumes down 2 percent, due in part to the termination of its Lille water contract.Core earnings in Suez''s European waste business fell 2.4 percent as prices for recycled ferrous metals and plastics fell and electricity prices hit multi-year lows last year.Core earnings before interest, tax, depreciation and amortization (EBITDA) were down 3.6 percent to 2.65 billion euros on revenue up 1.2 percent at 15.3 billion euros. Net income was up 3.1 percent at 420 million euros.Chaussade said Suez plans 150 million euros worth of cost cuts this year, less than the 180 million saved in 2016, but more than its average annual savings of 120-125 million euros."During difficult times we increase our cost-cutting efforts," Chaussade said.The company proposed an unchanged dividend of 65 cents, after leaving the dividend on 2015 earnings also unchanged. For 2017, it expects to pay at least 65 cents per share. It also expects "slight organic growth in revenue and EBIT" this year and free cash flow of around 1 billion euros.Asked about a possible alliance with bigger peer Veolia ( VIE.PA ), Chaussade said he did not believe in big merger operations in which Suez would need to sell as many assets as it would want to merge.(Reporting by Geert De Clercq; Editing by Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-suez-results-idINKBN168417'|'2017-03-01T07:35:00.000+02:00'
'51d4356e5072a117a964950077237b55df521652'|'Puerto Rico sees $1.2 billion a year in debt service spending'|'Puerto Rico projects having about $1.2 billion a year available for debt service, more than an earlier projection by the federally appointed board overseeing its finances, according to a fiscal turnarond plan released by the U.S. territory on Wednesday.The island sees higher baseline revenues and lower expenses than the board''s projection, though it falls short of some spending cuts recommended by the board, such as on healthcare funding. The plan cites the possibility of a debt restructuring that could include new tradeable securities or a structure that ties creditor recoveries to economic growth.(Reporting by Nick Brown; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-puertorico-debt-fiscalplan-idINKBN1684K1'|'2017-03-01T10:46:00.000+02:00'
'7fc1c96ae8b1d6b080e32b922e9f29018319ef44'|'VW Trucks open to exploring new alliance in China: Manager Magazin'|'FRANKFURT Volkswagen ( VOWG_p.DE ) is ready to consider a new trucks partnership, for example with FAW [SASACJ.UL] in addition to Sinotruck ( 3808.HK ), as a way to push its expansion in China, trucks chief Andreas Renschler told Manager Magazin."We are thinking about how we can better establish ourselves in China," Renschler told the magazine, adding that FAW is a strong player there.Asked about VW''s existing alliance with Sinotruck, in which VW''s MAN division holds a 25.1 percent stake, Renschler said: "This partnership has existed for what seems like forever, with few ups and lots of downs."(Reporting by Edward Taylor, editing by David Evans)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-volkswagen-trucks-idINKBN1684BI'|'2017-03-01T09:22:00.000+02:00'
'0df9641b3ab7a2cbf7aff90ab31c56eb3698c1be'|'A former coach house one room wide – in pictures - Money'|'A former coach house one room wide – in pictures   View more sharing options Share   Close You could drive a horse and cart into this west London property – and that’s exactly what the previous owners would have doneJill Papworth Friday 3 March 2017 07.00 GMT Measuring just 2.4m (8ft) wide, Noel Lodge in Ealing, London W5, is a three-storey former coach house. It was originally part of Lady Byron’s School, a day school for poor children that opened in 1834. The building continued as a school under various names until its closure in 1917. Facebook Twitter Pinterest The ground floor, believed to be the former horse-and-cart entrance and stabling for the buildings in their early years, opens into a hall/dining area. Facebook Twitter Pinterest The diner leads on to the kitchen and through to the back garden. Facebook Twitter Pinterest The property is rather cheekily marketed as a two-bed. In fact, there are equal-sized rooms, each with a shower room, on the first and second floors. Facebook Twitter Pinterest The property is currently arranged with a bedroom on one floor and a sitting room on the other. So if you opted for two bedrooms, you would have to do without the latter. Facebook Twitter Pinterest Plus points are high ceilings, underfloor heating on the ground floor and a pretty garden. It’s on the market at a guide price of £595,000 through Savills . Facebook Twitter Pinterest Money Surreal estate Property Homes'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/gallery/2017/mar/03/a-former-coach-house-one-room-wide-in-pictures'|'2017-03-03T14:00:00.000+02:00'
'0dafef1b94c45eedc1dd8fe3bd08f085656c21f4'|'Japan''s GPIF posts largest quarterly gain thanks to stock rally'|'TOKYO, March 3 Japan''s Government Pension Investment Fund, the world''s largest pension fund, posted its the best quarterly gain on record thanks to a rally in the country''s stock market.GPIF on Friday reported a return of 7.98 percent in its fiscal third quarter, which ended in December.Its paper gain totalled 10.5 trillion yen ($92 billion). The fund managed 144.8 trillion yen worth of assets as of December.Japan''s benchmark Nikkei share index rallied 16 percent in the quarter on expectations of stronger global economic growth and as the yen weakened in the face of a surging U.S. dollar following the election of President Donald Trump.It edged up another 2 percent in January-March this year.GPIF in 2014 made a historic policy shift, increasing its investments in riskier assets such as stocks for higher returns, while it reduced its reliance on low-yielding domestic bonds.Of all the pension reserve, which also included 2.5 trillion yen pooled at Japan''s health ministry, 23.76 percent was allocated to Japanese stocks.GPIF directly invests only in a portion of bonds, while it asks other financial institutions to manage most of the bonds and all the stocks.($1 = 114.0900 yen) (Reporting by Junko Fujita; Editing by Kim Coghill)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-gpif-results-idINL3N1GF38Q'|'2017-03-03T03:30:00.000+02:00'
'b10798a7b4763932f5b4a1d5157d1ea3a3e1aa5c'|'BRIEF-Satori Resources announces up to $1 mln private placement'|'  7:06am EST BRIEF-Satori Resources announces up to $1 mln private placement March 3 Satori Resources Inc * Satori Resources announces up to $1.0 million non-brokered private placement * Pursuant to offering, company intends to issue up to 5.88 million units at a price of $0.17 per unit * Satori Resources Inc - company intends to issue up to 5.9 million units at a price of $0.17 per unit * Satori Resources Inc - proceeds from private placement will be used to advance company''s Tartan Lake gold mine project, in Flin Flon, Manitoba, Canada Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-satori-resources-announces-up-to-idUSASB0B3MZ'|'2017-03-03T19:06:00.000+02:00'
'2e0bbd34c2863c7c632fe40ae622ece76bf01d64'|'Uber loses court battle which could cost it London drivers'|'Technology   2:45pm GMT Uber   A photo illustration shows the Uber app logo displayed on a mobile telephone, as it is held up for a posed photograph in central London, Britain October 28, 2016. REUTERS/Toby Melville/Illustration By Costas Pitas - LONDON LONDON Taxi   San Francisco-based Uber, which allows people to book journeys on their smartphone, has faced bans and protests around the world as regulators play catch-up with technology that threatens to disrupt traditional operators. The company took legal action in August after public body Transport for London (TfL) said that drivers should have to prove their ability to communicate in English, including to a standard of reading and writing which Uber said was too high. On Friday, a High Court judge rejected Uber''s claim. "TfL are entitled to require private hire drivers to demonstrate English language compliance," Judge John Mitting said. In the High Court, Uber had cited Tfl data that the language rules could mean about 33,000 private hire drivers out of a total of 110,000 operating in London would fail to renew their licenses over the next few years. TfL''s new rules are partly a response to protests from drivers of London''s famous black cabs, who are concerned that Uber''s over 30,000 drivers are undermining their business model by not meeting the same standards. "Writing an essay has nothing to do with communicating with passengers or getting them safely from A to B," Uber''s General Manager in London Tom Elvidge said in a statement. "We intend to appeal this unfair and disproportionate new rule." In the case, Uber did manage to overturn two other TfL proposals for drivers to have permanent private hire insurance and that it should operate a 24/7 call center. The decision on the language test is the latest setback for Uber in London after a British tribunal ruled in October it should treat two drivers as workers and pay them the minimum wage and holiday pay. Uber is seeking to appeal the ruling. Uber Chief Executive Travis Kalanick has made headlines this week for getting into an argument with a driver for the ride service who complained about pay rates. Some unions and regulators in Britain are trying to rein in the so-called ''gig economy'', where individuals work for multiple employers day-to-day without having a fixed contract, which advocates say offers flexible working but critics say is exploitative. British law firm Leigh Day is advising drivers at takeaway foods delivery firm Deliveroo on the possibility of taking legal action to gain workers'' rights such as the minimum wage. On Friday, London Mayor Sadiq Khan welcomed the court''s decision and said he was focused on better regulating the sector. "From my first day at City Hall I have been determined to drive up standards and improve safety for every taxi and private hire passenger traveling in London," he said. (Reporting by Costas Pitas; editing by Michael Holden and Jane Merriman) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-uber-britain-idUKKBN16A16N'|'2017-03-03T21:44:00.000+02:00'
'54b97d8cd64991eee7e35b239d156333b9f7a8a1'|'Brazil''s fast-growing fintechs form groups to discuss regulation'|'  4:48pm GMT Brazil''s fast-growing fintechs form groups to discuss regulation By Aluísio Alves - SAO PAULO SAO PAULO Financial technology firms in Brazil are grouping to discuss with local watchdogs how to regulate the fast-growing sector, in which the number of players has risen roughly six-fold over the past couple of years. Both the central bank - which oversees the banking sector and non-bank financial industries - and securities industry watchdog CVM have shown a preference for discussing regulation with industry groups rather than individual players, people familiar with the matter said. The approach mirrors that of the United Kingdom''s so-called "sand box," in which regulators have embraced simplified rules governing fintechs that are being fined-tuned as the sector grows in size and relevance. Brazil currently has no specific rules for fintechs, with the central bank trying to adjust the activity to the existing banking and financial regulatory framework. As a result, the number of lobbying groups representing the thriving sector has blossomed over the past year, with the creation of the Associação Brasileira de Crédito Digital, or ABCD, FintechBrasil and another three groups. There are about 250 fintechs in Brazil, compared with about 40 two years ago, a survey from consulting firm Fintechlab showed. The way regulators are handling the issue "seems the most appropriate to avoid making the business too rigid and paralysing innovative solutions that could be helpful for the financial system as a whole," said Rafael Pereira, president of the ABCD. Central bank policymakers have engaged in talks with lawyers and startups over the past two years to design a regulatory framework for fintechs and oversee the proper functioning of peer-to-peer lending, the payment and clearing systems, as well as personal financial advisory, sources have told Reuters. Fintechs could help spur competition and facilitate the expansion of formal banking among Brazilians, with some platforms charging interest rates between one-fourth to one-half of what banks charge. Borrowers in Latin America''s biggest country pay an average 190 percent a year for the riskiest type of unsecured loans, the highest among the world''s 20 major economies. The slow progress in designing a framework underscores fintechs'' concern not to circumvent or breach existing banking laws. The central bank and Banco Original SA worked for four years on a framework to regulate the opening of digital accounts, with Original launching the service a year ago. For its part, watchdog CVM sees no need for specific rules for fintechs at this point and is likely to issue rules this year on crowdfunding - a common practice in which a project raises money from a large number of people, typically via the internet. "Activities such as personal financial advisory... require the same certifications for traditional players and fintechs alike," said Antonio Berwanger, head of market development at the Rio de Janeiro-based watchdog. (Writing by Guillermo Parra-Bernal; Editing by Dan Grebler) Next In Business News Uber loses court battle which could cost it London drivers LONDON Taxi app Uber [UBER.UL] lost a court battle on Friday to stop a London regulator from imposing strict new English reading and writing standards on private hire drivers, the latest setback for the firm which could mean the loss of thousands of workers.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-brazil-tech-finance-idUKKBN16A201'|'2017-03-03T23:48:00.000+02:00'
'cc799dc137f179f1a837cbb33c06540527ab0ee8'|'Electrolux buys U.S. coffee machine maker Grindmaster-Cecilware for $108 million'|'Business News - Thu Mar 2, 2017 - 1:05pm GMT Electrolux buys U.S. coffee machine maker Grindmaster-Cecilware for $108 million The Electrolux logo is seen during the IFA Electronics show in Berlin, Germany September 4, 2014. REUTERS/Hannibal Hanschke/File Photo STOCKHOLM Swedish home appliance maker Electrolux ( ELUXb.ST ) said on Thursday it was buying U.S. firm Grindmaster-Cecilware, a maker of coffee machines and beverage dispensers, for $108 million in cash. Grindmaster-Cecilware, which has around 200 staff and is based in Louisville, Kentucky, had sales of more than $65 million last year. The company, majority owned by BNY Mezzanine Partners L.P., sells products under brands such as Grindmaster, Cecilware, Crathco, and American Metal Ware. Electrolux said the purchase would broaden the offering in its food service business. "This move will also reinforce our presence in North America, one of the largest global markets for professional appliances," said Alberto Zanata, head of Electrolux business area Professional Products. Electrolux is not disclosing the profitability of Grindmaster-Cecilware, a spokesman told Reuters. The Professional Products unit is Electrolux'' most profitable business area and increasingly important as the group has made reaching a long-elusive profitability goal its top priority. The unit had an operating margin of 13.9 percent in 2016 compared with 5.2 percent for the whole group. (Reporting by Johannes Hellstrom; editing by Niklas Pollard) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-electrolux-acquisition-grindmaster-ce-idUKKBN1691PH'|'2017-03-02T20:05:00.000+02:00'
'767b4c4b78014304c51e1a01c2986614b62f2c9d'|'UK watchdog finds auditors'' quality controls lacking'|'Business News - Thu Mar 2, 2017 - 3:29pm GMT UK watchdog finds auditors'' quality controls lacking A company logo is pictured outside a Tesco supermarket in Altrincham northern England, April 16, 2016. REUTERS/Phil Noble/File Photo LONDON About one third of audits of London-listed companies sampled by Britain''s accounting regulator lack rigour and need improvements, the watchdog said in a report published on Thursday. The report came after recent accounting scandals at British blue-chips BT ( BT.L ) and Tesco ( TSCO.L ), which wiped billions of pounds off share prices. The Financial Reporting Council (FRC), publishing the findings of its latest review of control processes, said all auditors had procedures and dedicated resources for ensuring audit quality and some went beyond those required by standards. "However, the number of audits that required more than just limited improvements shows the firms'' audit quality procedures were not sufficiently robust," it said. The "Big Four" global accounting giants Deloitte, PwC, KPMG and Ernst & Young, which offer services to companies ranging from auditing to consultancy, operate in Britain with Thornton, BDO and RSM Tenon among their smaller rivals. The FRC, which said it had reviewed six of the largest accounting firms and selected 26 recent audits of London-listed companies, did not name auditors and none was referred to its enforcement division. However, it urged auditors to do more to engage specialists in their audits and improve basic quality control procedures, adding that strong leadership and "the right culture" would lead to faster improvements and greater quality consistency. Its next "thematic review" of 2017/2018, part of the watchdog''s audit inspection regime, will examine the effectiveness of audit firms'' governance and culture. (Reporting by Kirstin Ridley; Editing by Susan Fenton) Next In Business News FTSE steadies after hitting new life-time high, Capita slumps LONDON Britain''s top share index steadied after hitting a record high on Thursday, with strong gains in companies such as ConvaTec offset by firms like Capita, which slumped after missing its profit target and announcing the departure of its chief executive.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-auditors-quality-idUKKBN16924W'|'2017-03-02T22:29:00.000+02:00'
'96749e4cdb4bf960c31ab88d95d58435c49b9677'|'Trial, bond hearing dates set for VW emissions scandal executive in U.S.'|'Business News -  08pm GMT Trial, bond hearing dates set for VW emissions scandal executive in U.S. By Bernie Woodall - DETROIT DETROIT A federal judge on Wednesday set for April 18 in Detroit the trial of a former Volkswagen AG ( VOWG_p.DE ) U.S.-based executive charged with crimes related to the company''s massive diesel emissions scandal, but the defence indicated it may seek a postponement. Oliver Schmidt, who was the chief of Volkswagen''s environmental and engineering centre in Michigan, faces charges that could put him in prison for up to 169 years if he is convicted. Volkswagen is set to plead guilty on March 10 in Detroit to three felony counts under a plea agreement to resolve U.S. charges it installed secret software in vehicles to enable it to beat emissions tests. The scandal became known to the public in the fall of 2015. The U.S. Justice Department has said that the company realized in 2006 that it could not meet tougher U.S. emissions rules. Schmidt was one of six former or current VW executives indicted in January but the only one in the United States at the time of the indictments. He was arrested on Jan. 7 in Florida. Schmidt would be the first VW employee or executive to go on trial in the scandal. A U.S. VW employee, James Liang, was charged in September. He pleaded guilty at the time to misleading regulators about diesel emissions and agreed to cooperate with the investigation. Schmidt''s attorney, George Donnini, asked U.S. District Judge Sean Cox if he could argue for another trail date because, he said, there was much discovery work to be done before trial, but Cox sternly disallowed the request. If the defence wants a change in the trial date, it should file a motion with the court, Cox said. Donnini would not comment after Wednesday''s brief hearing. Cox also set a bond hearing requested by the defence for March 16. Schmidt is being held without bond. Schmidt appeared at the hearing in a bright orange jail jumpsuit with "SANILAC COUNTY" printed on back. He is being held at a jail in the county north of Detroit. The former executive was shackled at the ankles and waist, which a court official said was the policy of the federal courthouse in Detroit. According to court documents, Schmidt''s lawyers have argued that he is just a small player in a large scandal and that he has cooperated with authorities. German prosecutors on Jan. 20 searched Schmidt''s house, which could indicate that he may face charges in that country as well. VW has agreed to spend up to $25 billion in the United States to address claims from owners, environmental regulators, states and dealers and to make buyback offers of its diesel-powered vehicles involved in the scandal. (Reporting by Bernie Woodall; Editing by Jonathan Oatis) Next In Business News U.S.    '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-volkswagen-emissions-idUKKBN1685TL'|'2017-03-02T06:08:00.000+02:00'
'e5b106971dff399d482fd63604972d45cbfdad28'|'BRIEF-Mentor Graphics says Siemens received clearance under EU merger regulation'|' 32pm EST BRIEF-Mentor Graphics says Siemens received clearance under EU merger regulation March 1 Mentor Graphics Corp: * Mentor Graphics-on Feb 27 co, Siemens received clearance under EU merger regulation from European Commission to complete pending acquisition by Siemens Source text: ( bit.ly/2mfnxjP )    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-mentor-graphics-says-siemens-recei-idUSFWN1GE18E'|'2017-03-02T04:32:00.000+02:00'
'bd48ab44f719efc91a1297c5398743f112a4c285'|'BRIEF-Pacific Ethanol Q4 earnings per share $0.30'|' 20pm EST BRIEF-Pacific Ethanol Q4 earnings per share $0.30 March 1 Pacific Ethanol Inc: * Pacific Ethanol reports fourth quarter and year-end 2016 results * Q4 earnings per share $0.30 * Q4 sales $441.7 million versus I/B/E/S view $421.6 million * Q4 earnings per share view $0.21 -- Thomson Reuters I/B/E/S * Pacific Ethanol Inc- expect ethanol demand to remain strong, supported by healthy exports and increasing gasoline demand in 2017  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-pacific-ethanol-q4-earnings-per-sh-idUSASB0B38L'|'2017-03-02T04:20:00.000+02:00'
'2951a11368ee8516a6a8092d2882af6e041f0bbd'|'UPDATE 1-Bid target Stada forecasts 2017 profit gain of up to 11 pct'|'* Forecasts net income of 195-205 mln euros in 2017* Three buyout firms vie for generic drugmaker (Adds background on bidding process, multiples)By Ludwig Burger and Maria SheahanFRANKFURT, March 1 German generic drugmaker Stada, which has attracted three private equity suitors, said it was targeting an increase in adjusted earnings of up to 11 percent this year, in line with consensus forecasts.Stada is opening its books to Advent, Cinven and Bain Capital after an activist shareholder pushed through personnel changes and a strategic overhaul last year.In an unscheduled statement on Wednesday, Stada said net income, adjusted for one-off items, was likely to rise to 195-205 million euros ($205-$216 million), from 184 million last year.That was in line with the average analyst estimate for 200 million euros, according to a figure on Stada''s website. Its shares edged 0.1 percent higher to 57.21 euros at 1405 GMT.Advent has offered 58 euros per share for Stada, valuing the equity at up to 3.6 billion euros, or more than 4.7 billion when including its net debt.That amounts to 10.8 times the adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) expected for this year.Larger generics companies Teva and Mylan are trading at multiples of about 8.7, while for Richter Gedeon , an eastern European rival, the multiple is almost 11. Takeover prices typically come a considerable premium to trading multiples.Stada, which also makes branded non-prescription treatments and diagnostic kits, said fourth-quarter adjusted net income rose to 44 million euros ($46 million) from 39 million a year earlier and slightly above the average estimate of 42 million euros.But reported net earnings slipped to a loss of 7.4 million euros in the three months through December, hurt by restructuring charges, compared with a year-earlier profit of 20.5 million, it said. ($1 = 0.9500 euros) (Editing by Georgina Prodhan/Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/stada-results-idINL5N1GE3GN'|'2017-03-01T11:39:00.000+02:00'
'd01ccfbfbe1f59c5eb3572cc3abc47cd17c655ee'|'UPDATE 2-Puerto Rico sees $1.2 bln a year in debt service spending'|'(Adds detail from plan)By Nick BrownMarch 1 Puerto Rico''s fiscal turnaround plan shows about $1.2 billion a year available to service debt, 50 percent more than an earlier projection by the federally appointed board overseeing the U.S. territory''s finances.The plan, which the island''s government released on Wednesday, is meant to serve as a blueprint for Puerto Rico''s ascent out of fiscal crisis and as the basis for upcoming restructuring talks with holders of some $70 billion in debt.The government is expecting higher baseline revenues and lower expenses than the board''s projection. However, it falls short of some spending cuts recommended by the board, such as on healthcare funding.The plan cites the possibility of a debt restructuring that could include new tradable securities or a structure that ties creditor recoveries to economic growth.The 10-year fiscal plan, which Governor Ricardo Rossello delivered to the board late on Tuesday night, is a requirement of federal Puerto Rico rescue legislation, known as PROMESA and passed last year.The island is trying to fend off economic catastrophe, facing a 45 percent poverty rate and nearly insolvent public pensions and healthcare systems.The plan needs approval by the board, which is under no obligation to rubber-stamp it and can develop its own plan. The board has said it wants to approve a plan by March 15.Rossello would save as much as $550 million on healthcare and about $89 million in pension spending. While this is below the board''s targets, the governor has cited the need to protect Puerto Rico''s poorest residents.The board had recommended $1 billion a year in spending cuts to healthcare and $200 million to pensions.Rossello''s plan still manages to increase the projected figure available for debt service, to $1.2 billion from the board''s figure of $800 million, by using a higher forecast for baseline revenues and a lower one for expenses.According to the plan, a debt restructuring could include creating additional tradable securities or series of cash flow notes. It could also rely on a structure that ties creditor recoveries to economic growth on the island.Citing internal data, the governor''s plan said Puerto Rico''s COFINA bonds, which are backed by sales tax revenue, trade at about 69 cents on the secondary market, while general obligation bonds, guaranteed by the island''s constitution, trade around 67 cents. (Reporting by Nick Brown; Editing by Chizu Nomiyama and Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/puertorico-debt-fiscalplan-idINL2N1GE0ZL'|'2017-03-01T12:01:00.000+02:00'
'672d2eace039330683863892336fda7383c5e866'|'May says government is talking to Ford on automotive sector'|'Business News - Wed Mar 1, 2017 - 1:00pm GMT May says government is talking to Ford on automotive sector Britain''s Prime Minister Theresa May leaves Downing Street in London, Britain March 1, 2017. REUTERS/Neil Hall LONDON Prime Minister Theresa May said on Wednesday her government would hold regular talks with Ford to find ways to ensure its engine plant in Wales remains part of the car producer''s "success" in Britain after leaving the European Union. Britain''s biggest trade union fears that more than 1,000 jobs could be lost at Ford''s Bridgend plant despite reassurances from the U.S. carmaker that similar levels of employment will be needed in the coming years. "Ministers in this government have been engaging with various companies within the automotive sector, including Ford and other companies," she told parliament. "We now account for around a third of Ford''s global engine production and Bridgend (engine plant) continues to be an important part of that. We have had dialogue with Ford, we will continue to have a regular dialogue with Ford about the ways in which government can help to make sure that this success continues." (Reporting by Elizabeth Piper and Kylie MacLellan, editing by Alistair Smout) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ford-britain-may-idUKKBN1684F5'|'2017-03-01T20:00:00.000+02:00'
'ab0cf44e18c9022db1534cbf4f8e68f7d4792123'|'Taiwan''s Foxconn says is sincere in its interest in Toshiba chip business'|'Technology  30am GMT Taiwan''s Foxconn says is sincere in its interest in Toshiba chip business The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company''s headquarters in New Taipei City, Taiwan March 29, 2016. REUTERS/Tyrone Siu/File Photo HONG KONG Taiwan''s Foxconn, the world''s largest contract electronics maker, is sincere in its interest in Toshiba Corp''s chip business, company founder Terry Gou said on Wednesday. Gou was speaking as Foxconn, formally known as Hon Hai Precision Industry Co Ltd, broke ground for a 61 billion yuan ($8.87 billion) flat-screen display factory in Guangzhou province, southern China. Toshiba is considering selling the majority - or all - of its marquee flash-memory chip business, as it seeks to fill a multi-billion-dollar hole in its nuclear business. (Reporting by Sijia Jiang; Editing by Christopher Cushing) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-foxconn-china-idUKKBN1683NJ'|'2017-03-01T15:26:00.000+02:00'
'c72889a5ec890103c84f78646514c677bf9d83db'|'FCA reveals U.S. state, federal probes on diesel emissions'|'Business News - Wed Mar 1, 2017 - 12:10am GMT FCA reveals U.S. state, federal probes on diesel emissions People talk as they stand next to a logo of Fiat Chrysler Automobiles (FCA) in Turin March 31, 2014. REUTERS/Giorgio Perottino By Bernie Woodall and David Shepardson - DETROIT DETROIT Fiat Chrysler Automobiles NV ( FCHA.MI ) ( FCAU.N ) has received subpoenas from U.S. federal and state authorities, including the Securities and Exchange Commission, related to alleged excess diesel emissions by some of its vehicles, the automaker revealed in a filing with the SEC on Tuesday. On the diesel emissions issue, FCA said it has "received various inquiries, subpoenas and requests for information from a number of governmental authorities, including the U.S. Department of Justice, the SEC and several states’ attorneys general. We are investigating these matters and we intend to cooperate with all valid governmental requests," FCA said in its annual report filed Tuesday with the SEC. Earlier this month, a person briefed on the matter said the Justice Department has been involved in the matter for more than six months after getting a referral from the Environmental Protection Agency in July. Involvement by the SEC and state attorneys general has not been previously disclosed. FCA said Jan. 12 that the Justice Department was investigating the matter. The same day, FCA Chief Executive Sergio Marchionne rejected the allegations, saying there was no wrongdoing and the company never attempted to create software to cheat emissions rules by detecting when the vehicle was in test mode. FCA in its annual report said it is not able to predict the outcome of the investigations, but disclosed that "the resolution of these matters could have a material adverse effect on our financial position, results of operations or cash flows and may adversely affect our reputation with consumers, which may negatively impact demand for our vehicles." In January, the EPA said the maximum possible fine against FCA could be $4.6 billion. FCA also is facing scrutiny of its emissions compliance from European regulators. The French government said earlier this month that its Consumer Protection Agency had asked a prosecutor to investigate FCA''s diesel vehicles. FCA in its annual report said government and regulatory scrutiny "is expected to remain high." The focus FCA top management must pay to regulatory intervention "may divert attention from other key aspects of our business plan" and may require more recalls of vehicles. Last July, FCA confirmed that the SEC and the Justice Department is investigating its U.S. vehicle sales reporting. Soon after that confirmation, FCA revised more than five years of monthly U.S. vehicle sales figures to reflect a new reporting method. (Reporting by Bernie Woodall and David Shepardson; Editing by Bernard Orr) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-fiat-chrysler-diesel-idUKKBN1682SC'|'2017-03-01T07:10:00.000+02:00'
'66f49639e4137c231c12067bbf705d0e5d915f25'|'Mitsubishi Materials faces glitch in restart of Indonesia copper smelter'|'Company News - Wed Mar 1, 2017 - 4:34am EST Mitsubishi Materials faces glitch in restart of Indonesia copper smelter TOKYO, March 1 A minor technical glitch forced Japan''s Mitsubishi Materials Corp to stop operations at Indonesia''s main copper smelter, briefly resumed on Wednesday after a strike had halted all but the refining process since Jan. 19, a spokesman said. "We expect to fix the technical problem and resume operation in a short period," the spokesman said, without giving a specific timeframe. The Gresik smelter, owned by PT Smelting, produced about 190,000 tonnes of copper cathode in the year to March 2016 and had planned to produce 260,000 tonnes this financial year through March 31, before accounting for the strike''s impact. The spokesman declined to give the latest output plan for this year. PT Smelting is 60.5 percent owned by Mitsubishi Materials, while Freeport-McMoRan Inc''s Indonesian unit holds 25 percent. (Reporting by Yuka Obayashi; Editing by Clarence Fernandez) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mitsubishi-ma-indonesia-idUSL3N1GE2LU'|'2017-03-01T16:34:00.000+02:00'
'e7a87cd5d86a2038b6464ed2d8dbcade7035dc24'|'Euro zone inflation jumps past ECB target'|'Business  45am GMT Euro zone inflation jumps past ECB target A woman checks vegetables at the Biocompany organic supermarket in Berlin, January 31, 2013. REUTERS/Fabrizio Bensch By Francesco Guarascio and Balazs Koranyi - BRUSSELS/FRANKFURT BRUSSELS/FRANKFURT Euro zone inflation surged to a four-year high last month, zooming past the European Central Bank''s target and piling pressure on rate setters to open talks about when and how extraordinary stimulus measures will be scaled back. Inflation in the 19 countries sharing the euro rose to 2.0 percent from 1.8 percent in January, Eurostat data showed on Thursday, the highest since the start of 2013 and just above the ECB''s target of a rate just below 2 percent. Producer price inflation, which feeds into overall inflation with a lag, meanwhile surged to an annual 3.5 percent rate from 1.6 percent, hinting at building pressure for underlying price growth. Still, the ECB is likely to resist any call to step off the accelerator when it meets next week, arguing that the oil price fuelled inflation surge is temporary, growth is fragile and the outlook is fraught with uncertainty given elections in France, Germany, the Netherlands and possibly Italy. Underlying inflation is also weak, holding steady at 0.9 percent last month, suggesting that once the oil price surge passes through the numbers, inflation will fall back down, staying below the ECB''s target possibly through 2019. Having missed its inflation objective for years, the ECB is keen not to move too early, worried that any market turbulence could force it to reverse course as it happened when the euro zone debt crisis spiralled out of control in 2011. Still, ECB policymakers are likely to acknowledge an improved outlook, a precursor to any discussion about rolling back its 2.3 trillion euro asset buying programme and raising deeply negative rates. Economic sentiment and manufacturing activity are at a six-year high, stock markets are surging and the euro zone economy has grown above an annual 1.5 percent rate for eight straight quarters, its best run since before the financial crisis. Keeping inflation-wary Germans patient may be the ECB''s biggest challenge as the politically sensitive and emotionally charged issue is bound to feature in the election campaign ahead of elections in September With German inflation at 2.2 percent, real rates are in negative territory, eating into the savings of thrifty households and adding to already abundant criticism of super easy monetary policies. Inflation is a red flag for many Germans whose families suffered from depreciation of money and mass unemployment in the 1920s. German households also prefer relatively simple savings products with lower but safer returns, a problem when real return turn negative. With overall savings of 5 trillion euros ($5.28 trillion) and interest rates at zero, an inflation of 2 percent means German savers are basically losing 100 billion euros per year, Bavarian Finance Minister Markus Soeder said on Wednesday. Policymakers earlier suggested that any discussion about the bank''s next step would likely start in June with a decision coming only after the summer. (Editing by Robert-Jan Bartunek and Alison Williams) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-economy-inflation-idUKKBN16918P'|'2017-03-02T17:45:00.000+02:00'
'e2cf2cf7db80a4e887399f861fc618d72d910212'|'Fed''s Powell says case for a March rate hike ''has come together'''|'  4:42pm GMT Fed''s Powell says case for a March rate hike ''has come together'' Federal Reserve Governor Jerome Powell attends the Federal Reserve Bank of Kansas City''s annual Jackson Hole Economic Policy Symposium in Jackson Hole, Wyoming August 28, 2015. REUTERS/Jonathan Crosby WASHINGTON The case at the Federal Reserve for an interest rate increase in March has gained support and will be on the table when policymakers meet later this month, Federal Reserve Governor Jerome Powell said on Thursday. Several Fed policymakers have made the case this week that the U.S. central bank is drawing closer to another rate hike and investors widely expect the move will come at the March 14-15 policy meeting. "The case for a rate increase in March has come together," Powell told U.S. broadcaster CNBC, adding that he felt three rate increases would likely be needed in 2017. Powell pointed to price data released on Wednesday as supporting the view that the Fed was close to meeting both its inflation and employment mandates. The data showed consumer prices in January posted their biggest monthly gain in four years and left the 12-month increase in prices at 1.9 percent, just below the Fed''s 2 percent target. "We''re getting very close to our goal," Powell said. (Reporting by Jason Lange; Editing by Chizu Nomiyama and Dan Grebler)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-fed-powell-idUKKBN1692BO'|'2017-03-02T23:29:00.000+02:00'
'349a8c5445444e276d829829fd4e2cc61a40fa96'|'Agent Provocateur sold to Four Holdings after going into administration'|'  4:06pm GMT Agent Provocateur sold to Four Holdings after going into administration A window display is seen at a branch of the upmarket lingerie brand, Agent Provocateur in London, Britain, February 21, 2017. REUTERS/Toby Melville Luxury lingerie retailer Agent Provocateur was sold to Four Holdings on Thursday, after going into administration, its administrator AlixPartners said. The chain, backed by buyout fund 3i ( III.L ) had been hit by a luxury spending slowdown. 3i had also blamed accounting issues and an inconsistent execution of a store expansion programme. The terms of the transaction were not disclosed. (Reporting by Dasha Afanasieva; Editing by Mark Potter)   Snap''s shares set for trading pop after $3.4 billion IPO NEW YORK Snap Inc''s in-demand shares were set to rally on their first day of trading in New York on Thursday, after the owner of the popular Snapchat messaging app raised $3.4 billion (2.8 billion pounds) in its initial public offering (IPO), above its price expectations.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-3i-group-agent-provocateur-idUKKBN16929L'|'2017-03-02T23:06:00.000+02:00'
'c5954360a419daa58cbb86d788692e70d907f126'|'U.S. crowdfunding offers new capital source, SEC finds'|'WASHINGTON U.S. equity crowdfunding platforms are providing entrepreneurs with a new way of raising capital, though the number of companies taking advantage of it and the amount of money being raised are still relatively small, a new U.S. government study has found.The findings in the study, unveiled by the U.S. Securities and Exchange Commission at a crowdfunding conference on Tuesday, found that from May 2016 through December, a total of 156 companies did 163 deals. Since the SEC''s new crowdfunding rule went into effect last spring through mid-January, a total of $10 million has been raised."The initial evidence is consistent with crowdfunding providing a new source of capital for entrepreneurial and small businesses that may not otherwise have had access to capital through alternative capital raising channels," the study concludes.The 2012 Jumpstart Our Business Startups (JOBS) Act empowered the SEC to write new rules to create a regulatory regime for crowdfunding, which lets small businesses tap new retail investors by raising up to $1 million through Internet platforms.However, Republicans in Congress, as well as many small business and venture capital entrepreneurs, have criticized the rule because it imposes strict regulations on crowdfunding that they say make it too costly and create barriers that may deter companies from using it.The rule, for instance, requires crowdfunding portals to register with the SEC, and companies that use crowdfunding to raise funds are subject to various financial reporting disclosure requirements.Securities lawyers say the JOBS Act restricts the SEC from loosening the rules without new legislation from Congress to facilitate greater use of crowdfunding.Findings in the new study could help spur lawmakers into action.In the meantime, Acting SEC Chairman Mike Piwowar indicated Tuesday he would be interested in exploring whether the regulator might be able to use its broad exemptive powers to liberalize the crowdfunding requirements until Congress can act to make more permanent changes."I have concerns as to whether the final rules are too restrictive or too burdensome," he said."The commission should consider whether any further steps should be taken to improve our crowdfunding regulations, including the use of exemptive authority," he added.(Reporting by Sarah N. Lynch; Editing by Cynthia Osterman)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-usa-sec-crowdfunding-idUSKBN1672FE'|'2017-02-28T23:13:00.000+02:00'
'bd579d13dd63c89484863edb4cc66e976318757a'|'UPDATE 1-WPP sees tougher 2017 after hitting 2016 net sales target'|'Company News  28am EST UPDATE 1-WPP sees tougher 2017 after hitting 2016 net sales target (Adds details) LONDON, March 3 WPP, the world''s largest advertising group, said it had seen a relatively slow start to 2017 and would plan conservatively for the year ahead after hitting its 2016 target for net sales growth. The group, run by the high-profile businessman Martin Sorrell, reported 2016 like-for-like net sales up 3.1 percent but said its key sales measure was up just 1.2 percent in January. "Given continued tepid economic growth and recent weaker comparative net new business trends, the budgets for 2017, on a like-for-like basis, have been set conservatively at around 2 percent for both revenue and net sales," it said. WPP added that it would target a headline operating margin improvement on net sales of 0.3 margin points, in constant currency. The world''s four biggest advertising groups - WPP, Omnicom , Publicis and IPG - tend to track wider economic growth, and WPP''s 2017 forecast of 2 percent growth is below analysts'' expectations for the company. WPP''s rivals had already reported full-year results showing some pressures in North America. For 2016 the group reported strong growth in western continental Europe and in Asia Pacific, Latin America, Africa & the Middle East and Central & Eastern Europe. (Reporting by Kate Holton, Editing by Paul Sandle) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/wpp-results-idUSL5N1GG0ZD'|'2017-03-03T14:28:00.000+02:00'
'5620742770520946867dda1094f02b5a4b67d415'|'American Express escalates high-fee card competition'|'By David Henry - NEW YORK, March 2 NEW YORK, March 2 American Express Co will begin to offer this month $200 a year in Uber rides, plus other new perks, on its Platinum charge cards as it fights to protect its high-end market from JPMorgan Chase & Co and Citigroup Inc.The new Platinum benefits will include richer credits for spending, access to more airport lounges, special dining and entertainment options and free use by family members of an American Express Gold card, according to Janey Whiteside, general manager of Global Charge Products, Benefits & Services for American Express.The changes, which will start on March 30, will also raise the annual account fee for card holders to $550 from $450.Both JPMorgan and Citigroup, which has a $450-per-year Prestige card with its own mix of spending credits and perks, are using cards to try to eat away at American Express profit margins, which have long been higher than their own. The banks have also acted because banking regulations imposed after the financial crisis generally favor investing in card businesses over capital markets.In August, JPMorgan stirred up the high-end card market when it introduced its $450-per-year Chase Sapphire Reserve card with an initial sign-up bonus worth as much as $1,500, plus $300 in annual travel credits and high credits for spending. The bank started making the cards out of metal to give them a luxurious feel.American Express will now start using metal for its Platinum cards. Since 1999 it has been using metal for its Centurion card which carries an annual fee of $2,500 on top of an initiation fee of $7,500.The new Platinum benefits include up to $200 of payments for Uber rides within the United States. The card already offers $200 in annual credits for airline fees.The increased competition has been a boon to websites such as NerdWallet.com and ThePointsGuy.com, which compare card costs and benefits from a consumer viewpoint.American Express began working on the changes in the Platinum card before JPMorgan brought out its Sapphire Reserve card, Whiteside said in an interview on Wednesday."This is a response to listening to our customers," she said. "We are always looking at ways to bring value to our card members."American Express kicked off the premium card market in 1966 when it introduced its Gold card, Whiteside said. It brought out the Platinum card in 1984. (Editing by Matthew Lewis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/american-express-fees-idINL2N1GE178'|'2017-03-02T02:01:00.000+02:00'
'5ac1a99f28c05441116dae6334152c58533d6f82'|'Roche says drug combo cuts breast cancer deaths in key trial'|'ZURICH Combining Roche''s ( ROG.S ) Perjeta and Herceptin drugs with chemotherapy reduced recurrence of aggressive breast cancer or death compared to Herceptin and chemo, the Swiss drugmaker said on Thursday.Roche hopes the important trial outcome will help shield its oncology franchise from cheaper copies."These results from the positive Aphinity study represent an important addition to the body of data for Perjeta in the treatment of people with HER2-positive early breast cancer," Sandra Horning, Roche''s chief medical officer, said.Analysts from Deutsche Bank have estimated around $2 billion in annual sales in 2018 hinged on the Aphinity trial''s outcome.Herceptin brought in $6.75 billion in sales last year for Roche but is losing patent protection, exposing it to competition from a biosimilar version that Mylan ( MYL.O ) and its partner Biocon ( BION.NS ) may introduce in Europe later this year.By showing Herceptin, Perjeta and chemo helped people who had undergone surgery live longer without their disease returning compared with the previous regimen of Herceptin and chemotherapy, the Basel-based drugmaker aims to make the case for doctors to switch to this new combination.Herceptin was initially approved in 1998, while follow-on Perjeta won the U.S. Food and Drug Administration''s blessing in 2013.The drugs are already approved in combination for those suffering from metastatic disease, but Aphinity tested Perjeta''s ability to keep cancer from returning in women who had undergone surgery.Roche has said its 2017 guidance of sales and profit rising at a low- to mid-single digit percentage rate was issued irrespective of the Aphinity outcome, but analysts including those at Jefferies contend this trial will likely be a catalyst for shares."We estimate a positive top line result could drive stock price upside of about 15-20 francs versus downside of about 25-35 francs if the study fails," Jefferies'' Jeffrey Holford wrote earlier this year.(Reporting by John Miller; Editing by Michael Shields)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/roche-trial-aphinity-idINKBN1690NN'|'2017-03-02T03:59:00.000+02:00'
'eaf11e82f2b444eaab14ef190cce43a37cac13f7'|'Japan PM Abe says no defence budget ceiling as 1 percent to GDP'|'Business News - Thu Mar 2, 2017 - 5:05am GMT Japan PM Abe says no defence budget ceiling as 1 percent to GDP Japanese Prime Minister Shinzo Abe delivers remarks on North Korea accompanied by U.S. President Donald Trump at Mar-a-Lago club in Palm Beach, Florida U.S., February 11, 2017. REUTERS/Carlos Barria TOKYO Japanese Prime Minister Shinzo Abe said on Thursday he will not cap military spending below one percent of the nation''s economy, reaffirming his commitment to go further than other postwar governments by making the armed forces more robust. In Abe''s four years as leader, his government has reinterpreted the pacifist constitution to allow Japanese troops potentially to fight overseas, eased curbs on military exports and erased the defence-budget cuts of previous administrations. "There is no such thinking to keep defence budget below 1 percent ofo GDP under the Abe''s administration," he told parliament, referring to an informal threshold seen as a curb on military spending. "I will secure defence spending to protect our nation, to protect Japanese people''s life efficiently, considering issues such as the security environment in Asia-Pacific region, of course including financial situation," Abe said. Under the budget bill for the year from April, Japan''s defence spending will rise for a fifth straight year to a record 5.1 trillion yen ($45 billion), seeking to counter North Korea''s nuclear and missile threats and China''s moves in the East China Sea. But while Abe is hawkish by Japanese standards, his proposed defence budget is smaller than the annual increase proposed by U.S. President Donald Trump, who wants to boost Pentagon spending by a "historic" $54 billion or 10 percent. China''s military spending rose 7.6 percent last year, the slowest in six years by the official reckoning, to 954 billion yuan ($139 billion), but the influential state-run Global Times tabloid called last month for a rise of at least 10 percent this year, to deal with the uncertainty brought by Trump. ($1 = 114.0200 yen) ($1 = 6.8837 Chinese yuan renminbi) (Reporting by Kaori Kaneko, Editing by William Mallard & Simon Cameron-Moore) Next In Business News Fed tees up March rate hike as key policymaker shifts tone BOSTON/SAN FRANCISCO The Federal Reserve is setting the stage for a U.S. interest-rate increase later this month, with the central bank''s leading voice on international economics saying the global economy seems to have turned a corner, clearing the way for a hike "soon." DBS CEO says wealth management to account for a fifth of bank''s revenue SINGAPORE DBS Group Holdings Ltd expects to expand its wealth management operations as Asia''s wealth grows, accounting for as much as 20 percent of the bank''s total income over the next few years, Piyush Gupta, the CEO of Southeast Asia''s largest bank by assets, said. British medical software start-up Cydar Ltd announced the appointment of several new directors on Thursday, including Franz Humer, the newly retired chairman of Swiss drugmaker Roche , to help develop the business. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-defence-budget-idUKKBN1690F7'|'2017-03-02T12:05:00.000+02:00'
'1a63e85bdc64c2e6e1bb778e238ba85b30e72148'|'CANADA STOCKS-TSX posts 200 point gain as financials rally'|' 20pm EST CANADA STOCKS-TSX posts 200 point gain as financials rally (Adds portfolio manager quote and details on Brookfield and on background and updates prices) * TSX ends up 200.44 points, or 1.3 percent, at 15,599.68 * Nine of the TSX''s 10 main groups end higher By Fergal Smith TORONTO, March 1 Canada''s benchmark stock index on Wednesday scored its biggest points gain in 10 months as its financial services group cheered prospects for a March interest rate hike by the Federal Reserve. Resource stocks, industrials and consumer names were all also broadly higher as the index broke a five-day downward move. "The TSX is taking its cues from the rally in the U.S.; a bit of optimism after Trump''s speech," said Youssef Zohny, portfolio manager at StennerZohny Investment Partners of Richardson GMP. The Dow crossed the 21,000 mark for the first time after U.S. President Donald Trump''s measured tone in his first speech to Congress, while investors viewed a looming interest rate increase as a glass half full after Fed policymakers on Tuesday jolted markets into higher expectations for a hike this month. Canadian financial stocks stand to benefit from any hikes as higher bond yields reduce the value of insurance companies'' liabilities and increase net interest margins of banks. The group gained 1.5 percent overall, with Toronto-Dominion Bank advancing 1.5 percent to C$69.50 ahead of its quarterly results on Thursday. National Bank of Canada gained 1.7 percent to C$57.66 after reporting profit that handily beat estimates. Brookfield Asset Management Inc is nearing a deal to buy a 30 percent stake in Renova Energia SA, a person directly involved in the transaction said. Shares of Brookfield rose 1.3 percent to C$48.47. By contrast to the Fed, the Bank of Canada held rates steady as it stayed focused on the "significant uncertainties" facing the domestic economy. The Toronto Stock Exchange''s S&P/TSX composite index ended up 200.44 points, or 1.3 percent, at 15,599.68, which was its biggest points gain since May and its biggest percentage advanced since July. Nine of the index''s 10 main groups were in positive territory, with only telecoms lagging. The energy group climbed nearly 1.5 percent even as a record high for U.S. crude stocks weighed on oil prices. U.S. crude oil futures settled 18 cents lower at $53.83 a barrel. Industrials rose nearly 2 percent as railroad stocks climbed, while the materials group, which includes precious and base metals miners and fertilizer companies, added 2.3 percent. First Quantum Minerals Ltd jumped 8.2 percent to C$14.95 and Teck Resources Ltd advanced 5.8 percent to C$28.08 as copper prices rose to their highest in more than a week. Copper firmed 0.7 percent to $6,016.15 a tonne as manufacturing data from top consumer China showed potential for strong demand. (Additional reporting by Alastair Sharp; Editing by Chizu Nomiyama and James Dalgleish)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL2N1GE21M'|'2017-03-02T05:20:00.000+02:00'
'52cb5d04c62ab7e91c23d86713ad835f6bb2d101'|'Oil firms as Trump offers little on plans to boost U.S. output'|'Commodities - Tue Feb 28, 2017 - 11:18pm EST Oil firms as Trump offers little on plans to boost U.S. output Chevron Corp''s refinery is shown in Richmond, California August 7, 2012. REUTERS/Robert Galbraith/File Photo By Naveen Thukral - SINGAPORE SINGAPORE Crude oil prices rose on Wednesday as the dollar trimmed gains and a speech by U.S. President Donald Trump offered little on plans by his administration to boost U.S. oil production. The market is being underpinned by OPEC''s production cuts while rising U.S. shale oil output is keeping a lid on prices. West Texas Intermediate crude futures gained 11 cents, or 0.2 percent, to $54.12 a barrel by 0415 GMT and Brent crude added 15 cents, or 0.3 percent, to $56.66. Market participants had been expecting President Trump to include details on energy policy in a speech to the U.S. Congress but his remarks lacked any specifics. "With oil you are going to see prices move higher into London session just because no news is good news. If Trump had announced de-regulations of some of the environment protections to make it easier to pump more oil, that might have put pressure on WTI," said Jeffrey Halley, senior market analyst at futures brokerage OANDA in Singapore. "Now all the attention is around to EIA''s crude inventories data tonight." U.S. stock futures and the dollar trimmed their gains on Wednesday as Trump promised immigration and tax reforms in a speech that contained few specifics or surprises. On the fundamental front, U.S. crude stockpiles have risen for seven straight weeks. Forecasts for another build last week, this time of 3.1 million barrels, have fueled worries that demand growth may not be sufficient to soak up the global crude oil glut. U.S. stockpiles rose 2.5 million barrels in the week to Feb. 24, according to a report from trade group the American Petroleum Institute. Gasoline stockpiles rose unexpectedly and distillate stockpiles fell more than expected, the API said. Crude declined slightly on the report. The official report from the U.S. Energy Information Administration is due at 1530 GMT on Wednesday. The Organization of the Petroleum Exporting Countries (OPEC) has cut its oil output for a second month in February, a Reuters survey found on Tuesday, showing the exporter group has boosted already strong compliance with its supply curbs on the back of a steep reduction by Saudi Arabia. Brent oil looks neutral in a range of $55.93 to $57.26 per barrel, and an escape could suggest a direction, said Wang Tao, a Reuters market analyst for commodities and energy technicals. U.S. oil may edge up to a resistance at $54.28 per barrel, a break above which could lead to a further gain to $54.62. (Reporting by Naveen Thukral; Editing by Joseph Radford and Christian Schmollinger) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-global-oil-idUSKBN1682V9'|'2017-03-01T11:18:00.000+02:00'
'6eee5e1841751bd1375e23bb7c627b6eca64fe34'|'Snap to price long-awaited IPO on Wednesday amid signs of brisk demand'|'Technology News - Wed Mar 1, 2017 - 6:01am GMT Snap to price long-awaited IPO on Wednesday amid signs of brisk demand A Snapchat sign hangs on the facade of the New York Stock Exchange (NYSE) in New York City, U.S., January 23, 2017. REUTERS/Brendan McDermid/File Photo By Lauren Hirsch Snap Inc, owner of popular messaging app Snapchat, will price its initial public offering after the U.S. stock market closes on Wednesday in the most eagerly awaited technology IPO since Chinese e-commerce giant Alibaba went public in 2014. The pricing will be the first test of investor appetite for a social-media app beloved by teenagers and 20-somethings but which has yet to turn a profit. The company''s losses widened last year, and it is experiencing decelerating user growth in the face of intense competition from larger rivals such as Facebook. Despite the challenges in converting "cool" into cash, Snap is targeting a valuation of between $19.5 billion and $22.3 billion from listing on the New York Stock Exchange on Thursday, the richest valuation in a U.S. tech IPO since Facebook in 2012. Snap is looking to price 200 million shares on Wednesday night at a range of $14 to $16 dollars a share. The sale, which aims to raise around $3 billion, has the advantage of favorable timing. The market for technology IPOs hit the brakes in 2016, the slowest year for such launches since 2008, and investors are keen for fresh opportunities. A successful launch could encourage debuts by other unicorns, the moniker given to tech start-ups with private valuations of $1 billion or more. Early indications for selling shareholders and the company have been positive. The IPO book is said to be over-subscribed with orders coming in at the high end of the range or higher. At least one new investor indicated it was willing to buy a large chunk of the IPO and not sell it for a year, a rare commitment to make. [L2N1GD0TL] The company cut its price range last month from an original target of between $19.5 billion and $22.3 billion after investor concern over its unproven business model. It had been valued at up to $20 billion in nine separate private funding rounds over the past five years. HAVE FAITH IN SPIEGEL Although Los Angeles-based Snap is going public at a much earlier stage in its development than social media giants Twitter Inc or Facebook Inc, the five-year-old company is valuing itself at roughly 49 times revenues at the top of its suggested range, nearly double the 27 times revenue Facebook fetched when it went public in 2012. To justify its suggested valuation and fend off concerns about slowing user growth, Snap has highlighted how much time its users spend on the app and the revenue potential of the emerging trend for young people to communicate with video rather than text. The company has been vague on its specific plans to lead and monetize image-driven conversations, but it has suggested investors have faith in the vision of its co-founder Evan Spiegel, whom it introduced in its investor roadshow as a "once in a generation founder." [L8N1G67DA] The 26-year-old will walk away with a roughly 17 percent stake valued at as much as $3.8 billion. Spiegel and co-founder Bobby Murphy will each be selling 16 million shares in the IPO that could earn them $256 million apiece. Spiegel will also receive a bonus equivalent to 3 percent of its market capitalization or up to $669 million. Dozens of other Snap investors could become overnight millionaires. Spiegel and Murphy will maintain tight control over Snap''s stock through a unique three-share class structure. The structure will give Spiegel and Murphy the right of 10 votes for every share. Existing investors will have one vote for each of their shares, while new investors will have no voting rights. (Editing by Carmel Crimmins and Cynthia Osterman) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-snap-ipo-idUKKBN1683BP'|'2017-03-01T13:05:00.000+02:00'
'df452244916794bb9ade927b88b1efe50ab09508'|'VW has spent $2.9 billion on U.S. buy backs -court document'|' 00am GMT VW has spent $2.9 billion on U.S. buy backs -court document FILE PHOTO: A Volkswagen logo is pictured at Volkswagen''s headquarters in Wolfsburg, Germany, April 22, 2016. REUTERS/Hannibal Hanschke/File Photo By David Shepardson - WASHINGTON WASHINGTON Volkswagen AG has paid $2.9 billion to repurchase nearly 138,000 U.S. diesel vehicles through Feb. 18 in the wake of its emissions scandal, a court document made public on Tuesday shows. The report by an independent claims supervisor said the German automaker is buying back and terminating leases on about 15,000 vehicles a week. VW has made offers to buy back vehicles or cancel leases to 323,179 U.S. consumers totalling $5.86 billion, it said. VW agreed last year to spend up to $10.03 billion to buy back up to 487,000 polluting 2.0-liter vehicles that have software that allowed them to evade emissions rules in testing. Earlier this month, a federal judge granted preliminary approval to a plan for Volkswagen to pay at least $1.22 billion to fix or buy back a separate group of vehicles - nearly 80,000 polluting 3.0-liter diesel vehicles. The 3.0 litre vehicles have an undeclared auxiliary emissions system that allowed the vehicles to emit up to nine times allowable limits. Volkswagen could be forced to pay up to $4.04 billion if regulators do not approve fixes for all 3.0-liter luxury Porches, Audi and VW diesel vehicles in the settlement. U.S. Judge Charles Breyer will hold a hearing on May 11 on whether to grant final approval to the proposal. In total, VW has now agreed to spend up to $25 billion in the United States to address claims from owners, environmental regulators, states and dealers and to make buy back offers. Volkswagen is set to plead guilty on March 10 in Detroit to three felony counts under a plea agreement to resolve U.S. charges it installed secret software in vehicles to allow them to emit pollution up to 40 times the legal limit. As part of a $4.3 billion settlement with U.S. regulators, VW agreed to sweeping reforms, new audits and oversight by an independent monitor for three years to resolve diesel emissions-cheating investigations. (Reporting by David Shepardson; Editing by Alan Crosby)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-emissions-idUKKBN1672S6'|'2017-03-01T07:00:00.000+02:00'
'a79d06730ad2953af68d11f9753b59b352e515aa'|'U.S. proposes awarding five air carriers new Mexico City slots'|'WASHINGTON March 2 The U.S. Transportation Department on Thursday proposed awarding 24 slot-pairs at Mexico City’s Benito Juarez International Airport to Alaska Airlines, JetBlue Airways Corp, Southwest Airlines Co, Volaris, and Grupo Viva Aerobus SAB de CV.The tentative allocation of 24 slot-pairs at Mexico City will result in new or additional low-fare service to 15 U.S. cities, including Chicago O’Hare, Denver, Houston Hobby, Los Angeles, New York-JFK, San Diego, San Francisco and Washington Dulles.The department also proposed awarding four slot-pairs at New York-JFK to Interjet, Volaris, and VivaAerobus that will provide new service to Mexico City. The slot-pairs were required to be divested by Grupo AeroMexico SAB de CV and Delta Air Lines Inc in December as a condition of antitrust immunity for the airlines'' joint venture covering air transportation between the United States and Mexico. (Reporting by David Shepardson; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-mexico-airlines-idINL2N1GF1T1'|'2017-03-02T18:12:00.000+02:00'
'f3dd7333b0ba69ec8ee035f1b9306e61e50c5918'|'Canadian retailer YM in bid for bankrupt U.S. peer Wet Seal: source'|'Toronto-based retail operator YM Inc is preparing to submit an offer for the intellectual property of The Wet Seal LLC, as the 55-year-old U.S. teen retailer grapples with its second bankruptcy in the past two years, according to a person familiar with the matter.YM, which owns Canadian chains Stitches, Sirens and Suzy Shier, plans to submit a stalking-horse bid for Wet Seal''s intellectual property, the person said on Tuesday, asking not to be identified because the deliberations are confidential. A stalking horse bid sets the minimum price for other possible offers.Bids for Wet Seal are due later on Tuesday, according to the website for Hilco Streambank, which was hired to sell Wet Seal''s intellectual property.A spokeswoman for YM did not immediately return a request for comment. Versa Capital Management, the private equity owner of Wet Seal, declined to comment.Wet Seal filed for bankruptcy in February with liabilities between $50 million and $100 million after it failed to find financing to continue as a going concern. It sought court protection without a buyer in hand, and said it planned to sell all of its assets.Other U.S. specialty retail chains, including The Limited, American Apparel and Aeropostale, have also filed for bankruptcy in recent months, as fast-fashion competitors including Zara and H&M attract their young female customer base.Wet Seal has been holding going-out-of-business sales at its approximately 142 shops, according to bankruptcy court papers.For much of the 1990s, Wet Seal enjoyed growth through the acquisition of chain Contempo Casuals and the launch of line Arden B. But it then fell victim to the rise of fast-fashion, causing it to file for its first bankruptcy in 2015. Versa subsequently acquired Wet Seal out of its first bankruptcy.YM has already been active in the United States. An affiliate of YM bought the parent company of women''s chains Mandee and Annie Sez out of bankruptcy about four years ago, an acquisition that also saved their store locations.Wet Seal shoppers on Tuesday were lamenting the closure of the teen retailer''s shops and website with postings on Twitter Inc ( TWTR.N ).Twitter user @tayfowlz tweeted "My heart is broken gbye wet seal." Wet Seal''s website featured the message "Thanks babe, it''s been real."(Reporting by Jessica DiNapoli in New York; Editing by Bernard Orr)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-bankruptcy-wetseal-bid-idUSKBN1672EW'|'2017-02-28T23:00:00.000+02:00'
'd319158bbe95a5cf56be45e47368eb3c6c3f439f'|'Ford, Fiat-Chrysler report higher February sales in Canada'|'Company   1:47pm EST Ford, Fiat-Chrysler report higher February sales in Canada TORONTO, March 1 Ford Motor Co and Fiat Chrysler Automobiles on Wednesday reported higher Canadian sales for February, with truck sales a particular strength for Ford and fleet sales boosting Chrysler''s numbers. Ford said it sold 18,985 vehicles in Canada in the month, its best February performance since 2000 and a 3.2 percent increase from the 18,403 it sold in the same month a year ago. That included 16,800 truck sales, with its F-Series notching its best ever February sales, the company said in a statement. Chrysler said it sold 19,115 vehicles in the month, a 2 percent increase from a year ago, with higher fleet sales helping offset a slip in retail activity. After several years of record vehicle sales in Canada and Mexico, purchases are expected to edge lower in 2017, according to Scotiabank analyst Carlos Gomes. U.S. auto sales fell slightly in February but remained strong as pickup trucks and SUVs continued a robust showing, based on the first three automakers to report monthly numbers on Wednesday. (Reporting by Alastair Sharp; Editing by Frances Kerry) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-autos-idUSL2N1GE1N4'|'2017-03-02T01:47:00.000+02:00'
'68affcbbb62cc486940b4f68898d8622e4b133e8'|'Snap advertisers worry about measurement even as they ''lean in'''|' 49pm EST Snap advertisers worry about measurement even as they ''lean in'' By Angela Moon and Tim Baysinger - NEW YORK, March 1 NEW YORK, March 1 As Snap Inc looks to gobble up a larger share of the $82 billion digital U.S. ad market, the owner of the ephemeral messaging app popular with millennials could find itself facing more demands from advertisers for reliable metrics. Snap, like many in the industry, does not have its ad metrics audited by a third party, a step that could help woo media buyers and advertisers and in turn boost revenue for the Snapchat owner, which is aiming to raise more than $3 billion in its initial public offering on Thursday. "I think the biggest challenge with using them (Snap) is measurement," said Stacey Stewart, executive vice president at advertising agency Universal McCann. "Shifting any significant amount of funds or dollars into Snapchat, until we can start to prove out the measurement, is always going to be a challenge." Snap declined to comment when asked if it had plans for an external audit. At the high end of its expected IPO price range, Snap will have a market value of more than $22 billion even though it lost more than $514 million last year on $404 million in revenue. Snap''s business model depends on drastically increasing ad dollars per user. That number sits at $2.15 for North America, where more than half of its users are based, according to Snap''s S-1 filing. Facebook''s average revenue per user in the U.S. and Canada is $19.81, according to the company''s most recent earnings report. Snap''s popular mobile video ads start at $10,000 per month, while ads on the Discover feature, reserved for big publishers and brands, start at $50,000 per day. Snap also lets brands buy a 24-hour sponsored lens or geofilters that can cost more than $700,000 for holidays and special events, according to digital marketing firm Wallaroo Media. Snap Ads will account for 68 percent of Snapchat’s expected $804 million U.S. ad revenue in 2017, eMarketer estimates. While major advertisers have been eager to experiment with Snap, the measurement issues loom large in persuading advertisers to make big, long-term commitments. The digital ad industry has struggled for years with how to measure whether an ad has actually been seen, and what counts as a "view" when many users linger on a video for only a few seconds. Facebook Inc last year admitted to several errors in the way that it counts its advertising audience. In February, the company agreed to an independent audit by the Media Ratings Council, a step long advocated by groups including the Association of National Advertisers. Alphabet''s Google, the market leader in online video advertising, also agreed last month to have more of its metrics audited by the MRC, including those for YouTube for the first time. NEW METRICS Snap has been introducing its own metrics that highlight engagement, arguing that its users, mostly in the 18-34-year-old demographic coveted by advertisers, spend an average of 25 to 30 minutes on the app and visit it more than 18 times a day. Snap Chief Strategy Officer Imran Khan told potential investors in New York last week that they should focus less on user growth, a typical way of reading the potential of a social network, and more on how active users are on its app. In November, the company began using a newly launched metric by digital analytics firm Moat, called Moat Video Score, which assigns video ads a number between zero and 100 that rates the ad’s performance based on how long it is viewed, how long the sound was on and how much space on the screen the ad occupied. Snap stated in its S-1 filing that "there weren''t any standard metrics" in the industry. "We see Snapchat as an opportunity, we think that most of our major advertisers are certainly leaning in somewhat to Snapchat," said Rob Norman, chief digital officer of ad agency GroupM, the world''s largest media-buying firm. But he added that Snap had to show numbers to prove the effectiveness of its advertising. Google and Facebook control about 60 percent of the U.S. digital ad market and their growth has accelerated in recent years, according to data by eMarketer and Interactive Advertising Bureau. Advertisers, at a minimum, welcome that Snap will inject more competition into the market. “You need that competition to put the onus back on the person selling you a bill of goods,” said Ian Schafer, founder and chairman of digital ad agency Deep Focus. In January, an ex-Snap employee filed a lawsuit accusing the company of sharing inflated metrics with some investors ahead of its IPO. Snap dismissed the allegations as "false from top to bottom" and asked Los Angeles County Superior Court to put the case on hold until a private arbitration proceeding is completed. A hearing on the motion is scheduled for April 17. (Reporting by Angela Moon and Tim Baysinger; Editing by Jonathan Weber and Meredith Mazzilli)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/snap-ipo-advertising-idUSL2N1GD135'|'2017-03-02T00:49:00.000+02:00'
'ba423a4765256dee8c68a55c84f8f0dd280c485f'|'U.S., HSBC urge court to block release of money laundering report'|'Economy  48pm GMT U.S., HSBC urge court to block release of money laundering report People walk past a major branch of HSBC at the financial Central district   21, 2017. REUTERS/Bobby Yip By Brendan Pierson Lawyers for the U.S. government and HSBC Holdings Plc ( HSBA.L ) on Wednesday urged a federal appeals court to block release of a court-appointed monitor''s report on how HSBC is working to improve its money laundering controls. During an oral argument before a three-judge panel of the U.S. Court of Appeals for the Second Circuit, they argued that a Brooklyn federal judge overstepped his authority when he ordered that the report be made public last year. A lawyer representing the HSBC mortgage customer who moved to unseal the report countered that it should be released in part because of "huge public interest in understanding what is happening in this case." The monitor who prepared the report was appointed as part of a 2012 deferred prosecution agreement in which HSBC admitted to violating U.S. sanctions laws and failing to stop Mexican and Colombian cartels from laundering hundreds of millions of dollars in drug proceeds through the bank. HSBC agreed to pay a $1.92 billion fine and to be monitored by former New York prosecutor Michel Cherkasky, now the executive chairman of the compliance company Exiger, for five years. Under the deal, Cherkasky''s reports on the bank''s progress have not been public. Hubert Dean Moore, an HSBC mortgage customer, moved to release one of the reports in late 2015. U.S. District Judge John Gleeson, who was overseeing the deferred prosecution agreement but has since left the bench, granted Moore''s motion last year. Jenny Ellickson, arguing for the government on Wednesday, said Gleeson had improperly interfered with prosecutors'' work. She said releasing the report would make it harder for the government to enforce the deferred prosecution agreement because sources at HSBC would be less likely to cooperate. "The importance of the monitor''s confidential sources is critical here," she said. Circuit Judge Gerard Lynch, one of the judges on the panel, expressed skepticism of that argument, saying that sources were most likely to suffer retaliation from HSBC, which received the monitor''s reports anyway. Paul Clement, representing HSBC, said it would not be fair to the bank to have the report released, when the original agreement called for reports to be confidential. David Schulz, who represents Moore pro bono, said it was prosecutors, not Gleeson, who had overreached. When Lynch pressed him to explain what gave Gleeson the power to order the report''s release, Schulz cited his "inherent supervisory powers" over the case. (Reporting By Brendan Pierson in New York; Editing by Chris Reese) Next In Economy News Stocks, dollar up on U.S. rate hike bets, Trump relief NEW YORK U.S. Treasury yields rose along with the U.S. dollar and Wall Street rallied, lifting the Dow above 21,000, as investors increased bets on an imminent interest rate hike and gave a sigh of relief after President Donald Trump''s speech to Congress.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-hsbc-moneylaundering-idUKKBN1685OI'|'2017-03-02T04:40:00.000+02:00'
'3d808b56b938500f972399ad2a267263379b6dbf'|'Adecco CEO - less permanent hiring in Britain as firms wait and see'|' 41am GMT Adecco CEO - less permanent hiring in Britain as firms wait and see Alain Dehaze, Chief Executive Officer of Swiss Adecco Group gestures during an interview with Reuters in Glattbrugg, Switzerland August 30, 2016. REUTERS/Arnd Wiegmann ZURICH British firms, especially financial groups, are filling fewer permanent positions as they wait to see what happens once the country triggers its exit from the European Union, staffing group Adecco''s ( ADEN.S ) CEO said on Thursday. "We see companies waiting to make decisions on new hiring, as they expect (Brexit) Article 50 to be triggered in the coming months. They want to have more clarity about the future," Alain Dehaze told Reuters after releasing fourth-quarter results. A 15 percent fall in Britain''s permanent placement business in the fourth quarter -- accelerating from a 5 percent drop in the third quarter -- was especially related to a decrease in financial services in London, he said, as well as some savings made in government auditing. Dehaze also said it was premature to note any jump in U.S. infrastructure hiring under U.S. President Donald Trump. "We''re all waiting to get more clarity about what kind of investment will be done and when," he said. (Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-adecco-results-britain-idUKKBN1690XM'|'2017-03-02T17:41:00.000+02:00'
'f027672fb27f430f83d58e31c958679ed8140c3f'|'Fed tees up March rate hike as key policymaker shifts tone'|'Thu Mar 2, 2017 - 12:21am GMT Fed tees up March rate hike as key policymaker shifts tone Federal Reserve Board Governor Lael Brainard speaks at the John F. Kennedy School of Government at Harvard University in Cambridge, Massachusetts, U.S., March 1, 2017. REUTERS/Brian Snyder By Howard Schneider and Ann Saphir - BOSTON/SAN FRANCISCO BOSTON/SAN FRANCISCO The Federal Reserve is setting the stage for a U.S. interest-rate increase later this month, with the central bank''s leading voice on international economics saying the global economy seems to have turned a corner, clearing the way for a hike "soon." "After being an important constraint in the past few years, the external environment currently appears more benign than it has been for some time, even though risks remain," Fed Governor Lael Brainard said Wednesday in an address at Harvard University. "Assuming continued progress, it will likely be appropriate soon to remove additional accommodation, continuing on a gradual path." The speech marks a shift from the cautious, dovish tone that Brainard has used in many of her recent speeches, and adds an important voice to the chorus of officials signaling rates may rise when the Fed next meets in mid-March. Several Fed speakers so far this week have already succeeded in boosting the market pricing of a March hike to 70 percent from 20 percent last week. Coupled with the comments of other Fed officials in recent days, and looking ahead to remarks by Fed Chair Janet Yellen on Friday, Brainard''s comments will likely help cement sentiment that the Fed will raise rates in two weeks. "I believe the economy is strong enough that we can manage it," Dallas Fed President Robert Kaplan, a voting member this year on the Fed''s policy committee, said earlier on Wednesday. "We should begin the process sooner so we can ensure that it is gradual and patient." This week has an unusually high concentration of Fed speeches, with four out of five Federal Reserve Governors - including Chair Janet Yellen - speaking ahead of the March 14-15 rate meeting. New internal Fed rules on public communications make Friday the last chance to set up market expectations before the next Fed meeting. New York Fed President William Dudley said on Tuesday that the case for a rate hike has become "a lot more compelling" and San Francisco Fed President John Williams said a rate hike would be seriously considered at the March meeting and that he sees no reason to delay. The message from Fed officials, along with data showing stronger inflation and manufacturing activity, has bolstered bets that the Fed would in two weeks make the first of the three rate rises it expects this year. The messaging appears to have aligned financial markets with the Fed. That has not happened in past years. Policymaker forecasts after the Fed''s December 2015 rate hike pointed to four more rate hikes in 2016. The Fed managed just one. What is different this year is that traders are actually falling into line with the March rate-hike view and the Fed''s current forecast for three rate hikes this year. WAITING FOR TRUMP The U.S. central bank left rates unchanged at its January meeting, and had not been expected to move again until May or June in part because so little is known about U.S. President Donald Trump''s fiscal plans. On Wednesday, Brainard referred to expected expansive fiscal policy as an "upside" risk. And indeed the view among Fed policymakers appears to be that further policy tightening is appropriate regardless of any potential fiscal boost, as inflation edges higher and the economy nears the Fed''s goal of full employment. Raising rates in March gives the Fed room to deliver more rate hikes should Trump''s policies bolster growth, or to pause should they slow the economy or if this year''s European elections unsettle markets. U.S. stocks touched new record highs on Wednesday as talk of a pending rate hike overshadowed Trump''s address to Congress on Tuesday night. The cost for banks to borrow funds surged by the most since December 2015, when the Fed lifted rates from near zero.. (Reporting by Ann Saphir in San Francisco and Howard Schneider in Boston; editing by Diane Craft) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-fed-idUKKBN16900D'|'2017-03-02T07:04:00.000+02:00'
'3b926d84d1836501a9f945d45e113a597dbffeeb'|'BRIEF-Maiden Holdings announces brief 10-K filing delay'|' 55pm EST BRIEF-Maiden Holdings announces brief 10-K filing delay March 1 Maiden Holdings Ltd: * Maiden Holdings announces brief 10-K filing delay for completion of final audit procedures; no material weaknesses in internal controls identified * Says company plans to file a form 12B-25 with securities and exchange commission Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-maiden-holdings-announces-brief-idUSFWN1GE18W'|'2017-03-02T04:55:00.000+02:00'
'560a0adc29c8c3b342a0d06cb13351ab3540cc16'|'Alcoa merges business units, names new aluminum unit head'|'Deals  30am EST Alcoa merges business units, names new aluminum unit head Aluminum producer Alcoa Corp ( AA.N ) named a new head for its aluminum business on Thursday and said it would consolidate its business units into three divisions from six, to increase efficiency and cut costs. The three units will focus on aluminum, alumina and bauxite. The aluminum smelting, cast products and rolled products businesses, along with the majority of its energy business assets, will be combined into the new aluminum unit, Alcoa said. The company said Tim Reyes, who has since 2015 been president of Alcoa cast products - a unit that produces differentiated aluminum products - will head the new aluminum business. Reyes will replace Martin Briere, who has been president of the unit since 2014. Alcoa last year split into two entities. One company kept the Alcoa name and focuses on the traditional smelting business. The other, Arconic Inc ( ARNC.N ), specializes in higher-end aluminum and titanium alloys for the automotive, aerospace and construction industries. (Reporting by Swetha Gopinath in Bengaluru; Editing by Sai Sachin Ravikumar) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-alcoa-restructuring-idUSKBN1691Z1'|'2017-03-02T21:26:00.000+02:00'
'cc43b3b07da930eeee9a9ff0c307080090241dd3'|'U.S. jobless claims fall to 44-year-low as labour market tightens'|' 41pm GMT U.S. jobless claims fall to 44-year-low as labour market tightens Legal firm Hogan Lovells representative Nina LeClair (2nd R) talks to U.S. military veteran applicants (L) at a hiring fair for veteran job seekers and military spouses at the Verizon Center in Washington April 9, 2014. REUTERS/Gary Cameron WASHINGTON - The number of Americans filing for unemployment benefits fell to near a 44-year-low last week, pointing to further tightening in the labour market even as economic growth appears to have remained moderate in the first quarter. Initial claims for state unemployment benefits dropped 19,000 to a seasonally adjusted 223,000 for the week ended Feb. 25, the lowest level since March 1973, the Labor Department said on Thursday. Data for the prior week was revised to show 2,000 fewer applications received than previously reported. It was the 104th straight week that claims remained below 300,000, a threshold associated with a healthy labour market. That is the longest stretch since 1970, when the labour market was much smaller. The labour market is at or close to full employment, with the unemployment rate at 4.8 percent. Labor market tightness, combined with rising inflation, could encourage the Federal Reserve to raise interest rates at its March 14-15 policy meeting. A survey from the U.S. central bank on Wednesday showed the labour market remained tight in early 2017, with some of the Fed''s districts reporting "widening" labour shortages. Economists polled by Reuters had forecast new claims for unemployment benefits dipping to 243,000 in the latest week. A Labor Department analyst said there were no special factors influencing last week''s claims data. Only claims for Oklahoma were estimated. The four-week moving average of claims, considered a better measure of labour market trends as it irons out week-to-week volatility, fell 6,250 to 234,250 last week, the lowest reading since April 1973. Data this week showed tepid growth in consumer spending in January, weak equipment and construction spending and a wider goods trade deficit, suggesting the economy struggled to gain momentum early in the first quarter after slowing in the final three months of 2016. Thursday''s claims report also showed the number of people still receiving benefits after an initial week of aid increased 3,000 to 2.07 million in the week ended Feb. 18. The four-week average of the so-called continuing claims edged up 750 to 2.07 million. The continuing claims data covered the survey week for February''s unemployment rate. The four-week moving average of claims fell 21,500 between the January and February survey periods, suggesting an improvement in the jobless rate. (Reporting by Lucia Mutikani; Editing by Paul Simao) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-economy-unemployment-idUKKBN1691T6'|'2017-03-02T20:41:00.000+02:00'
'd43c4531282e4e04b5275b1ab8b335cf0c9aeb5a'|'Boeing gets 1,880 union workers to take voluntary layoffs'|'  11:02pm GMT Boeing gets 1,880 union workers to take voluntary layoffs Boeing Co''s logo is seen above the front doors of its largest jetliner factory in Everett, Washington, U.S. January 13, 2017. REUTERS/Alwyn Scott By Alwyn Scott - SEATTLE SEATTLE Boeing Co ( BA.N ) has accepted 1,880 voluntary layoffs from its union machinists and engineers in the Seattle area, the unions said on Thursday, part of the jet maker''s drive to cut costs through job reductions and other measures. Boeing''s machinists union, the touch labour that builds airplanes near Seattle, said about 1,575 workers had taken voluntary layoffs by the deadline in February. Boeing''s white-collar union said Boeing accepted 305 members for voluntary layoffs in January. Last year, Boeing cut about 1,200 white-collar union jobs - 850 through voluntary layoffs and 350 through involuntary reductions, said Bill Dugovich, spokesman for the Society of Professional Engineering Employees in Aerospace. "Boeing has told us to expect about the same number of total layoffs in 2017 as 2016," he said. The job reductions had been announced last year and workers had until Feb. 1 to apply. "These are all voluntary, where people planned to retire or had other plans," said Connie Kelliher, a spokeswoman for the International Association of Machinists and Aerospace Workers District 751. COST-CUTTING DRIVE Boeing said it did not have a specific target number for its job reductions at the commercial airplane unit but was sticking with the broad plan of reducing jobs it outlined in December. "We are reducing costs and aligning employment levels to business and market requirements," spokesman Paul Bergman said. "Employment reductions will come through a combination of attrition, leaving open positions unfilled, voluntary layoff programme and in some cases, involuntary layoffs." Boeing offered the buyouts to workers last year as part of an 8 percent workforce reduction at its commercial airplane business. The unit had about 74,600 workers at the end of February. Boeing said in December it would cut an as-yet-undetermined number of jobs in 2017. No machinists have had involuntary layoffs for several years, Kelliher said. Boeing''s shares closed down 0.5 percent at $182.99 on the New York Stock Exchange. (Reporting by Alwyn Scott in Seattle; Additional reporting by Arunima Banerjee in Bengaluru; Editing by Phil Berlowitz and Peter Cooney)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-boeing-layoffs-idUKKBN16931J'|'2017-03-03T06:02:00.000+02:00'
'351bd2474014e75bd8bb31a4f2e434b72e1f5ae8'|'UPDATE 1-Ahold Delhaize Q4 boosted by U.S. performance'|' Ahold Delhaize Q4 boosted by U.S. performance (Writes through with shares, company comment) By Alan Charlish March 1 Supermarket operator Ahold Delhaize reported fourth quarter earnings at the top end of estimates as its American business delivered a strong performance with volume growth offsetting price deflation. The U.S. market, where the company runs supermarket chains Stop & Shop, Giant, Hannaford and Food Lion, accounted for over 60 percent of Ahold Delhaize''s net sales in 2016. However, supermarkets there have been faced with the worst food deflationary environment in over 20 years, Morgan Stanley analysts said. Chief Executive Dick Boer told jounalists during a call he expects a return to inflation in the second half of the year. The company reported fourth quarter pro forma underlying operating income of 608 million euros, down 3.9 percent from the same period a year ago due to the impact of a 53rd week in 2015. Analysts polled for Reuters had seen underlying operating income at 605 million euros. "The results surprised positively overall...they are ahead in regions that matter, those being the U.S. and the Netherlands," said KBC analyst Alan Vandenberghe. Formed by the merger last year of Dutch Ahold and Belgian Delhaize, the company proposed a dividend of 0.57 euro, up 9.6 percent compared to the Ahold dividend for the previous year. Ahold Delhaize shares rose 3.3 percent by 0855 GMT. The company confirmed its target for 2017 of 220 million net synergies from the Ahold-Delhaize merger, including 22 million euros realized in 2016. It sees free cash flow of 1.6 billion euros for 2017. On the subject of synergies, Chief Financial Officer Jeff Carr told journalists that the company had made good progress on national brand negotions in Europe and the U.S. "We''ve also made good progress in the U.S., specifically in the U.S., in terms of own brands and discussions with suppliers on own brands," he added. (Reporting by Alan Charlish; Editing by Thyagaraju Adinarayan/Keith Weir)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ahold-delhaize-results-idUSL5N1GE1BN'|'2017-03-01T15:58:00.000+02:00'
'0051de0828a04291ef2e991d00cfbef638416b83'|'BRIEF-Amazon Prime Video announces exclusive deal with global content leader Lionsgate'|' 14am EST BRIEF-Amazon Prime Video announces exclusive deal with global content leader Lionsgate March 3 Amazon.Com Inc * Amazon Prime Video announces exclusive deal with global content leader Lionsgate * Amazon - Co, Lionsgate announced long-term exclusive deal that will make "hundreds" of Lionsgate''s films available on Prime Video India   Further  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-amazon-prime-video-announces-exclu-idUSFWN1GG0PH'|'2017-03-03T21:14:00.000+02:00'
'5e465fa391e48647334d34ecce4860f43ef0ca90'|'Oil ticks up after three-day decline, Russian output cuts stall'|'Business News - Fri Mar 3, 2017 - 1:11am GMT Oil ticks up after three-day decline, Russian output cuts stall left right JX Nippon Oil & Energy Corp''s refinery is pictured in Yokohama, Japan February 7, 2017. REUTERS/Kim Kyung-Hoon 1/2 Men work at a oil refinery in Sodegaura, Japan February 8, 2017. REUTERS/Issei Kato 2/2 SINGAPORE U.S. crude oil rose on Friday as the market took a breather after three days of decline, but prices are being anchored by Russia''s output remaining unchanged in February, indicating weak compliance on a global deal to cut supplies. U.S. West Texas Intermediate (WTI) futures CLc1 gained 10 cents, or 0.2 percent, to $52.71 a barrel by 0039 GMT after dropping to its lowest since Feb. 9 in the last session. The benchmark Brent crude futures LCOc1 were yet to start trading after falling 2.3 percent on Thursday. Russia''s February oil output was unchanged from January at 11.11 million barrels per day (bpd), energy ministry data showed, with cuts remaining at 100,000 bpd or just a third of the levels pledged by Moscow under the agreement with the Organisation of the Petroleum Exporting Countries. There was additional pressure from rising dollar. "Crude oil fell to a three-week low as the stronger U.S. dollar combined with concerns about rising U.S. crude oil inventories to reduce investor appetite," ANZ said in a note. The dollar rose to a seven week high against a basket of currencies on Thursday, after hawkish comments by a Federal Reserve official late on Wednesday encouraged investors to expect a near-term interest rate hike. [USD/] Official data showed crude inventories in the United States, the world''s biggest oil consumer, rose for an eighth straight week to a record 520.2 million barrels last week. <EIA/S> Oil prices, however, have been unusually stable since producers agreed in November to reduce the oversupply that has weighed on prices for more than two years, with both Brent and U.S. crude locked in $5 ranges. Even as oil production rises in the United States, OPEC has boosted already strong compliance with the group''s six-month deal that began in January to around 94 percent, after it cut output for a second month in February, a Reuters survey found. <OPEC/O> Russian Energy Minister Alexander Novak said it was too early to say if the deal to reduce oil production would be extended beyond the end of June. OPEC, Russia and others are due to agree on output policy in the next three months. Demand for gasoline in the United States, which accounts for a tenth of global oil consumption, is expected to peak next year as engines become more efficient, WoodMackenzie analysts said. (Reporting by Naveen Thukral; Editing by Michael Perry) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN16A056'|'2017-03-03T08:11:00.000+02:00'
'a24754712405811776cf3d9763d67ca6f58bd43e'|'China February service sector growth slows to four-month low: Caixin PMI'|'Business   9:03pm EST China February service sector growth slows to four-month low: Caixin PMI A basket vendor walks past red lanterns serving as decorations to celebrate the new year outside a shopping mall in Kunming, Yunnan province January 6, 2015. REUTERS/Stringer BEIJING, Activity in China''s services sector expanded at the slowest pace in four months in February, with new business still growing at a solid rate but increasing competition making it harder for companies to raise prices, a private survey showed. The findings echoed a similar softening in growth in China''s official services activity survey released on Wednesday, and contrasted with an unexpected pick-up in growth in its manufacturing sector as export orders rebounded. The February services PMI dipped to 52.6 in February on a seasonally adjusted basis, from 53.1 in January, the Markit/Caixin services purchasing managers'' index (PMI) showed. While it remained well above the 50-mark that separates expansion in activity from contraction on a monthly basis, it was the slowest rate of expansion since October. Any signs of flat-lining in services sector growth, which is more dependent on domestic demand, could indicate a slowdown in momentum for the economy overall. Some analysts say domestic demand growth already may have plateaued. That could put policymakers in a dilemma on how to meet ambitious growth targets while also containing financial risks created by years of debt-fueled stimulus. The central bank has gradually moved to a tightening bias in recent months, as a string of data showed the world''s second-largest economy was on steadier footing. The Chinese government will hold annual parliamentary meetings starting this weekend, where leaders will announce an economic growth target and other policy priorities, including potentially a slightly lower target for economic and money supply growth and an emphasis on managing debt risks. Though inflation in January rose to multi-year highs, the Caixin survey found that prices Chinese firms were able to charge their customers were little changed. Survey respondents said increased competition had restricted their pricing power, even as their input prices continued to rise, albeit at a slower pace. "Inflationary pressures seemed to have started to ease as price increases in both manufacturing and services continued to weaken," said Zhengsheng Zhong, Director of Macroeconomic Analysis at CEBM Group, in a note with the data. Service companies continued to add job at a solid pace, and remained optimistic about growth in the next 12 months. Caixin''s composite PMI covering both the manufacturing and services sectors rose to 52.6 in February from the previous month''s 52.2 as growth in the manufacturing sector accelerated. "The Chinese economy is expected to maintain the growth momentum in the first quarter of this year. But signs of weakening may emerge from the second quarter," said Zhong. (Reporting by Elias Glenn; Editing by Kim Coghill) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-china-economy-pmi-factory-caixin-idUSKBN16A081'|'2017-03-03T09:03:00.000+02:00'
'c0cffd439b895e05a270d911131ca821fc749f8c'|'James Murdoch praises British TV, seeking Sky deal approval'|'By Paul Sandle - LONDON LONDON James Murdoch, the chief executive of Twenty-First Century Fox ( FOXA.O ), lauded the quality of Britain''s television industry on Thursday as the company makes a fresh attempt to gain control of European TV business Sky ( SKYB.L ).Fox, which is controlled by the Murdoch family, launched a 11.7 billion pound ($14.4 billion) bid to take full control of Sky in December, seeking to fulfill an ambition that was thwarted in 2011 by a phone-hacking scandal at their British newspapers.Murdoch, who was previously CEO and is currently chairman of Sky, said the sector had changed radically since his company''s previous attempt to buy Sky in 2011.The deal, which has been recommended by Sky''s board, is set to be referred to European regulators imminently.Some opposition UK lawmakers are opposed to Fox taking full control of Sky by buying the 61 percent it does not already own.They want the bid rejected on competition grounds, saying it would concentrate too much media power in the family''s companies."We are in an era of ultimate plurality, where choices, sources, and access are multiplied, even from where we were only five years ago," Murdoch said at the Deloitte-Enders Analysis Media and Telecoms conference.In the past, Murdoch has been highly critical of how Britain''s TV market was regulated, saying in a 2009 speech that the reach and ambition of the publicly-funded BBC was "chilling".But on Thursday he said Britain''s creative economy "stood tall on the world stage", and its television and film content had a global resonance, with storytelling that was "smart, often a touch off-centre, but always on point"."It is this country''s balanced creative economy, with strong public service output, a vibrant commercial sector, and a diverse and independent tradition of impartial news that adds up to an environment for innovation and growth that we believe out-punches many larger markets," he said."And Sky, of course, is an important part of this rapidly evolving sector."Asked about his conversion to backing public sector broadcasting, he said there was now "real clarity" about the role and remit of public sector broadcasters, which did "a lot of great work". The industry as a whole had become "super competitive", he said, warning of new entrants armed with capital and a "predisposition for disruption".Sky was an important player in the industry, he said, and committed to spending at least 700 million pounds a year on original British production."Because the U.K. creative economy has such potential we believe it is the best place to be proposing a nearly 12 billion pound investment – which will be a significant driver of the U.K. creative industry''s long-term success in a global market," he said.(Editing by Ruth Pitchford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-twenty-first-fox-ceo-idINKBN1692LG'|'2017-03-02T15:44:00.000+02:00'
'e21c5b9de6f78385e65d9d736bdd4a10f3c1aba2'|'CANADA STOCKS-Futures up ahead of BoC rate decision'|'March 1 Stock futures pointed to a higher opening for Canada''s main stock index on Wednesday ahead of the Bank of Canada''s interest rate decision.The central bank is widely expected to hold interest rates at 0.50 percent when it announces its decision at 10:00 a.m. ET.March futures on the S&P TSX index were up 0.62 percent at 7:15 a.m. ET.Current account data is due at 8:30 a.m. ETThe Toronto Stock Exchange''s S&P/TSX composite index settled down 0.42 percent on Tuesday, as Bank of Nova Scotia led losses in the heavyweight financial banking sector after reporting quarterly earnings in line with expectations.Dow Jones Industrial Average e-mini futures were up 0.43 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.51 percent and Nasdaq 100 e-mini futures were up 0.5 percent.(Morning News Call newsletter'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/canada-stocks-idINL3N1GE4EA'|'2017-03-01T09:33:00.000+02:00'
'76d2bd7d14832f0da3ed23ca29291882bd776441'|'Welsh businesses at a crippling disadvantage to English firms - Guardian Small Business Network'|'F rom the owners of golf ranges in Wrexham to fishmongers in Cardiff, my encounters with Welsh business owners have led me to the conclusion that they are an especially hardy bunch. And they have to be.Small firms are the lifeblood of the Welsh economy, representing 99% of all registered businesses, but this isn’t being reflected in Wales’s regressive taxation policies. Their plight has only worsened since the new business rate evaluations were announced. Some face the real risk of going out of business after 1 April. In England, small business rate relief – essentially a 100% rebate – will be available to small businesses with a rateable value of up to £12,000 (and tapered thereafter to £15,000) from April. In Wales , business rates have been fully devolved to the Labour-led Welsh government since April 2015, meaning they get to decide what happens this side of the border. Here, small business rate relief is only available to businesses with a rateable value of up to £6,000 with no tapered relief after that. This places Welsh businesses at a crippling disadvantage. In Scotland, the rate relief threshold is set to be even higher; businesses there with a rateable value of up to £15,000 will qualify for 100% relief.It is little wonder that Wales consistently ranks as the least productive nation in the UKThe amount of business rates a firm pays is worked out using their rateable value and a multiplier, set by the government. In England, small and large businesses have different multipliers, which reduces the amount of business tax paid by smaller firms – in 2016-17 this was 48.4p for small businesses and 49.7p for large. The small business multiplier is also expected to fall in England this year, to 46.7p. Yet the Welsh government does not set different multipliers for small and large businesses, making the playing field disproportionately uneven, and is planning to increase it this year from 48.6p to 49.9p, to protect the government from a fall in business rate revenue. Our calls in 2012 for this to be addressed have gone unheeded. With so many businesses in this effective chokehold, it is little wonder that Wales consistently ranks as the least productive nation in the UK .Overall, Wales is facing a 2.9% cut in rateable values, with shops falling by nearly 9% and offices by 7%. But with a higher multiplier, what many retailers effectively pay is unlikely to reduce in real terms. And despite a national fall overall, rateable values will increase for small retailers on many high streets across Wales. In Monmouthshire, 65% of businesses are expected to be affected. Take for example Monnow Fish Bar, whose owner will be hit with a rise of more 200% – from £9,800 to over £20,000. Other small businesses, including in my own town of Cowbridge, have indicated that meteoric rises mean they will have to close, dealing a big blow to local economies. Rates revaluation could finish off high street, warn small businesses Read more Since 2009, the Welsh Conservatives have campaigned for the 100% relief threshold to apply to businesses with a rateable value up to £12,000 to give small and medium enterprises the spare cash to grow. There was a tax break promised by the Welsh Labour government in their manifesto but this transpired to be an extension of the temporary small business rates relief scheme. This announcement was publicly censured by the Federation of Small Businesses, who said that to describe such a move as a tax cut for small businesses was “blatantly misleading” and “the worst form of spin doctoring”. I am inclined to agree.The UK government is offering £3.6bn in transitional relief for businesses in England. The proportionate amount for Wales would be around 5% – or £180m. So far, the Welsh government has only announced £10m, and it is still unclear who will qualify for this. My colleagues and I continue to campaign for greater relief and greater certainty – Monmouth’s assembly member, Nick Ramsay has launched an online petition to prevent the multiplier rise. Ministers in Wales are ignoring a simple truth: What’s good for our small and medium businesses is good for the Welsh economy. The Welsh government have the devolved powers available to them to reform business rates and put an end to a great deal of anguish. To date, their response to this critical change has been marked by lethargy and a reluctance to listen to people on the ground. Their handling of the revaluation will surely be measured by the number of To Let and For Sale signs visible on the high street in the weeks ahead.Andrew Davies is the leader of the Welsh Conservatives. Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox. Guardian Small Business Network Entrepreneurs Wales blogposts  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/small-business-network/2017/mar/01/welsh-businesses-crippling-disadvantage-lifeblood-economy'|'2017-03-01T14:30:00.000+02:00'
'cf6a121b64914b088e486a73c731a154d38da98d'|'Business, unions ramp up campaign for U.S. infrastructure spending'|'Global Energy News   8:56pm GMT Business, unions ramp up campaign for U.S. infrastructure spending A car travels across the George Washington Bridge from New Jersey towards New York City in heavy falling snow in New York, U.S. February 9, 2017. REUTERS/Mike Segar By Luciana Lopez Business groups and unions are bulking up lobbying budgets and coordinating efforts to put pressure on Congress not to let President Donald Trump’s infrastructure spending plans fall through the cracks on Capitol Hill. “The more time goes on, the more frustration will build up if it doesn’t come around quick enough,” said Sean McGarvey, president of North America''s Building Trades Unions. McGarvey and Terry O’Sullivan, the president of labourers’ union LiUNA, met with Trump in January and spoke about infrastructure. “I felt coming out of that conversation the president’s desire to move quickly on it,” McGarvey said. But, he added, a crowded agenda in Congress “might be putting a little bit of a reality check on it.” Trump promised often during his campaign last year he would seek a trillion-dollar infrastructure program to create jobs and fix crumbling airports, bridges and roads, and he said Monday he planned to raise the issue in an address to Congress Tuesday night. However, infrastructure spending is fighting for space on Congress''s agenda with immigration, taxes, overhaul of the Affordable Care Act and a Supreme Court nomination. Against that backdrop, unions and business groups are setting aside their differences on a host of issues to work together to revive momentum for substantial infrastructure spending. Infrastructure spending is one issue where Democratic union leaders, Republican business executives and the Trump administration share common ground. LiUNA and the U.S. Chamber of Commerce, which represents business interests, are collaborating through a chamber-led group called Americans for Transportation Mobility. LiUNA also is working with a lobbying group for big construction employers through a group called the Transportation Construction Coalition. The Associated General Contractors of America has increased its budget for advocacy for new infrastructure measures by 25 percent, from $800,000 last year to $1 million this year. A December radio interview blitz was planned to catch lawmakers in their home districts for the holidays. And the association is using the monthly release of jobs data to travel to places where construction employment has lagged. When O’Sullivan and McGarvey met with Trump in January, the conversation included specific projects such as the Keystone XL and the Dakota access pipelines, bridges, schools, hospitals and a wide variety of other projects, McGarvey said in a press call at the time. “We’ve had pretty regular communications since our meeting,” including top policy aide Stephen Miller and his staff, about twice a week, McGarvey told Reuters. Still, the administration has not put forward a specific plan, and congressional leaders have not committed to action this year. Senate Majority Leader Mitch McConnell, a Republican, told reporters recently that he expects "some kind of recommendation on an infrastructure bill,” though he gave no other details. “It may not be a slam dunk to get anything done,” said Matthew Miller, an equity analyst with CFRA. A Trump administration official said the White House is still weighing how infrastructure can best add economic capacity, as well as how to measure that. “Initially what we’re trying to do is make sure we’re thinking expansively and creatively,” an administration official said, including identifying how new technology such as drones and autonomous vehicles can help go beyond merely replacing aging infrastructure. “There’s enormous potential gains,” the official said, adding that the president will likely have more meetings with union and business leaders on the topic. United Auto Workers union president Dennis Williams earlier this month defended the building trades union leaders who met with the Republican president. “The building trades are after jobs,” Williams said. “I don’t think they are going to walk away from the labour movement because they had a meeting with Trump.” The pro-infrastructure groups are adapting their traditional tactics to the Trump White House. The U.S. Chamber of Commerce is redirecting more of its efforts to social media, hiring more staff to send messages through Facebook and Twitter. “Even five years ago it used to be you bought an ad in the Washington Post or the New York Times and that’s how you get your message across,” said Ed Mortimer, the executive director of transportation infrastructure at the chamber. “I did a Facebook live a couple of weeks ago. I didn’t even know what Facebook live was.” (Reporting by Luciana Lopez; Editing by James Dalgleish) Next In Global Energy News U.S. judge to rule on Dakota Access Pipeline easement in early March WASHINGTON A U.S. judge said on Tuesday he hopes to decide by about March 7 on a request by Native American tribes for the Army Corps of Engineers to withdraw an easement on religious grounds for the final link of the Dakota Access Pipeline. U.S. judge to rule on Dakota Access Pipeline easement in early March WASHINGTON, Feb 28 A U.S. judge said on Tuesday he hopes to decide by about March 7 on a request by Native American tribes for the Army Corps of Engineers to withdraw an easement on religious grounds for the final link of the Dakota Access Pipeline. LONDON Britain''s main share index edged up on Tuesday, despite being held back by mining stocks and wealth manager St James Place. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-infrastructure-lobbying-idUKKBN1672JA'|'2017-03-01T03:56:00.000+02:00'
'588053a717b9474e5a9dd59a2c0a31af60388dfe'|'Japan''s Nikkei recovers after Trump''s speech but gains limited'|'Company News - Tue Feb 28, 2017 - 11:10pm EST Japan''s Nikkei recovers after Trump''s speech but gains limited TOKYO, March 1 Japanese stocks recovered from intraday lows on Wednesday afternoon after U.S. President Donald Trump''s speech to Congress offered few details or surprises on tax and spending policies. The Nikkei share average rose 1.3 percent to 19,366.88 in early afternoon trade, up from the morning close of 19,222.56. But the index was trading narrowly. In a speech that ended before the Japanese equities market reopened for trade in the afternoon, Trump pledged to overhaul the immigration system, improve jobs and wages for Americans and promised "massive" tax relief to the middle class and tax cuts for companies. "The speech didn''t contain anything drastic or extraordinary, so the first impression to investors was that it lacked something new," said Eiji Kinouchi, chief technical analyst at Daiwa Securities. "But it was not particularly disappointing either, so investors are having a hard time finding direction so they are just recovering some of their positions that they sold before the speech." The broader Topix gained 0.8 percent to 1,548.15 and the JPX-Nikkei Index 400 rose 0.9 percent to 13,872.79. (Reporting by Ayai Tomisawa; Editing by Jacqueline Wong) Next In Company News Morning News Call - India, March 1 To access the newsletter, click on the link: http://share.thomsonreuters.com/assets/newsletters/Indiamorning/MNC_IN_03012017.pdf If you would like to receive this newsletter via email, please register at: https://forms.thomsonreuters.com/india-morning/ FACTORS TO WATCH 9:30 am: RBI Deputy Governor R. Gandhi at an event in Mumbai. 10:00 am: Controller General of Accounts Archana Nigam at an event in New Delhi. 12:15 pm: Avenue Supermarts IPO press'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-afternoon-idUSL3N1GE23U'|'2017-03-01T11:10:00.000+02:00'
'369e45659f23b01a29b1eba29a8114a02560ab79'|'YouTube unveils $35-a-month live TV service'|'Internet   10:48pm GMT YouTube unveils $35-a-month live TV service LOS ANGELES Alphabet Inc''s ( GOOGL.O ) YouTube will launch a live TV service in the next few months that offers the four major U.S. broadcast networks plus cable channels, YouTube Chief Executive Susan Wojcicki said on Tuesday. The service, called YouTube TV, will cost $35 a month for six accounts, Wojcicki told reporters at an event at YouTube''s production space in Los Angeles. More than 40 networks including Walt Disney Co''s ( DIS.N ) ESPN will be offered, as well as YouTube''s original series starring creators from the platform, executives said. YouTube''s offering will compete with Dish Network Corp''s ( DISH.O ) Sling TV, AT&T''s ( T.N ) DirecTV Now and Sony Corp''s ( 6758.T ) PlayStation Vue. All are services designed to attract viewers who dropped traditional pay TV packages or never signed up in the first place. (Reporting by Lisa Richwine in Los Angeles and Julia Love in San Francisco; Editing by Cynthia Osterman) Next In Internet News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-alphabet-youtube-idUKKBN1672K2'|'2017-03-01T04:44:00.000+02:00'
'82d967216e2ea2140e97dc15b7fc7ae892d652de'|'BRIEF-Noodles & Co Q4 adjusted loss per share $0.04'|' 19pm EST BRIEF-Noodles & Co Q4 adjusted loss per share $0.04 March 1 Noodles & Co: * Qtrly comparable restaurant sales decreased 1.3% system-wide, decreased 1.8% for company-owned restaurants * Incurred $2.2 million of pre-tax ongoing costs related to restaurants closed in q4 of 2015 during 2016 * Sees flat to slightly negative comparable restaurant sales in 2017 * Sees adjusted net income of $1.0 million to $2.0 million for 2017 * Q4 adjusted loss per share $0.04 * Q4 revenue $129.4 million versus I/B/E/S view $130.2 million * Q4 earnings per share view $-0.06 -- Thomson Reuters I/B/E/S * Sees FY 2017 revenue $465 million to $475 million * Fy2017 earnings per share view $-0.11, revenue view $490.0 million -- Thomson Reuters I/B/E/S  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-noodles-co-q4-adjusted-loss-per-sh-idUSASB0B38K'|'2017-03-02T04:19:00.000+02:00'
'03a8f305bead3040a21696d167af62c8d2634b17'|'ADM grain elevator shut down because of Illinois storm damage'|'Company   4:07pm EST ADM grain elevator shut down because of Illinois storm damage CHICAGO, March 1 Archer Daniels Midland Co shut down a grain elevator in Ottawa, Illinois, after it sustained moderate damage in a storm on Tuesday, a company spokeswoman said on Wednesday. The facility was expected to be operational by Friday, spokeswoman Jackie Anderson said in an email. A second elevator and a river terminal in Ottawa received only minor damage and were still operating, she added. The elevators have a combined storage capacity for about 1.3 million bushels of grain and soybeans, according to grain industry data. (Reporting by Michael Hirtzer; editing by Grant McCool) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/archer-daniels-grains-storm-idUSL2N1GE22M'|'2017-03-02T04:07:00.000+02:00'
'd8841abef046d079022e811d6b95818c3b1dce12'|'UPDATE 1-Evonik''s Q4 core profit down on lower feed ingredient prices'|' 49am EST UPDATE 1-Evonik''s Q4 core profit down on lower feed ingredient prices * Q4 adj EBITDA 437 mln eur vs Rtrs poll avg 432 mln * Expects increase in 2017 adj EBITDA to 2.2-2.4 bln eur * Feed ingredient price declines to level out going into ''17 (Adds details on businesses that saw price declines, background on takeover deal) ESSEN, Germany, March 2 German diversified chemicals maker Evonik on Thursday reported a 13 percent decline in adjusted core profit for the fourth quarter due to lower prices for its poultry feed ingredients and absorbent materials for diapers. Quarterly earnings before interest, taxes, depreciation and amortisation (EBITDA), adjusted for one-offs, fell to 437 million euros ($460 million), slightly ahead of the average analyst estimate of 432 million euros. In the year-earlier period, the feed ingredients business was bolstered by rivals'' production outages. Evonik said it was aiming for 2.2 to 2.4 billion euros in 2017 adjusted EBITDA, up from 2.17 billion euros in 2016. The company, which also makes clear acrylic sheet and rubber chemicals, said it expected price declines for its feed ingredients, which are sulfur-containing amino acids mainly used for poultry, "to level out going into 2017". At the beginning of the year, Evonik wrapped up the acquisition of Air Products'' specialty additives division for $3.8 billion, a maker of ingredients for insulation foams, sun lotion and coatings, to reduce dependence on the volatile animal feed business. ($1 = 0.9496 euros) (Reporting by Matthias Inverardi; Writing by Ludwig Burger)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/evonik-results-idUSL5N1GF0T6'|'2017-03-02T13:49:00.000+02:00'
'00c6891234541adc181455dd9341d4aa83e9f86d'|'BRIEF-Dawson Geophysical reports Q4 loss per share $0.33'|' 13am EST BRIEF-Dawson Geophysical reports Q4 loss per share $0.33 March 2 Dawson Geophysical Co * Dawson Geophysical reports fourth quarter and full year 2016 results * Q4 loss per share $0.33 * Q4 revenue $30.07 million versus $55.13 million * Dawson Geophysical Co - "Believe we will continue to operate four to six crews in United States and Canada through Q1 of 2017" * Dawson Geophysical Co - "Visibility beyond Q1 of 2017 remains unclear"      '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-dawson-geophysical-reports-q4-loss-idUSASB0B3DC'|'2017-03-02T18:13:00.000+02:00'
'9295705cea50b31cecc2ebbfcb553ab8d54724d8'|'MOVES-Peel Hunt names James-Duff director of equity capital markets'|'Company  46am EST MOVES-Peel Hunt names James-Duff director of equity capital markets March 2 UK-based brokerage firm Peel Hunt said it appointed Rory James-Duff as director of equity capital markets, effective immediately. James-Duff joins from Canaccord Genuity where he worked for almost seven years on UK small & mid-cap institutional equity sales. (Reporting by Sruthi Shankar in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/peel-hunt-moves-rory-james-duff-idUSL3N1GF3JK'|'2017-03-02T17:46:00.000+02:00'
'40d5891b43d863d6cb90ef0e672d7d215eb8c17d'|'CANADA STOCKS-TSX rises as Fed talk boosts banks'|' 22am EST CANADA STOCKS-TSX rises as Fed talk boosts banks (Adds details on specific stocks, updates prices) * TSX up 134.77 points, or 0.88 percent, to 15,534.01 * Nine of the TSX''s 10 main groups move higher TORONTO, Feb 23 Canada''s main stock index bounced higher on Wednesday as its heavyweight financial services group cheered signs from U.S. Federal Reserve policymakers that raised expectations for a March rate hike. Resource stocks, industrials and consumer names were all also broadly higher in morning trade, as advancers outnumbered decliners three-to-one and the index looked set to break a five-day downward move. New York Fed President William Dudley, one of the most influential U.S. central bankers, said the case for tightening monetary policy had become "a lot more compelling", while San Francisco Fed President John Williams said he saw "no need to delay" raising rates. Canadian financial stocks stand to benefit from any hikes as higher bond yields reduce the value of insurance companies'' liabilities and increase net interest margins of banks. The group gained 1.1 percent overall, with insurer Manulife Financial Corp up 2 percent to C$24.21 and Toronto-Dominion Bank advancing 0.9 percent to C$69.08. TD reports quarterly results on Thursday. National Bank of Canada gained 2.3 percent to C$57.97 after reporting profit that handily beat estimates. By contrast to the Fed, the Bank of Canada held rates steady on Wednesday as it stayed focused on the "significant uncertainties" facing the domestic economy. At 11:00 a.m. ET (1600 GMT), the Toronto Stock Exchange''s S&P/TSX composite index was up 134.77 points, or 0.88 percent, to 15,534.01. Nine of the index''s 10 main groups were in positive territory, with only telecoms lagging. The energy group climbed 0.9 percent, as oil prices rose as investors took heart from strict OPEC compliance with its pledge to cut output. Industrials rose 1.4 percent, while the materials group, which includes precious and base metals miners and fertilizer companies, added 0.7 percent. First Quantum Minerals Ltd jumped 6 percent to C$14.65 and Teck Resources Ltd advanced 5.5 percent to C$28.02 as copper prices hit a more than one-week high. Meanwhile gold miners pulled back with gold after the Fed comments and as a Tuesday night speech by U.S. President Donald Trump included little detail on his plans for tax reform and infrastructure spending. Goldcorp Inc fell 1.7 percent to C$20.69 and Kinross Gold Corp lost 2 percent to C$4.59. (Reporting by Alastair Sharp; Editing by Chizu Nomiyama)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL2N1GE0XP'|'2017-03-01T23:22:00.000+02:00'
'515fe2b4642e1558490e57d90e418c85e33a5a6d'|'UniCredit''s top investor ups stake after cash call - report'|' 56pm EST UniCredit''s top investor ups stake after cash call - report MILAN, March 1 Capital Research & Management has strengthened its position as the top shareholder in UniCredit and now owns a stake of more than 8 percent in Italy''s biggest bank, La Stampa daily said on its website. The report said the Los Angeles-based fund had bought into a 13 billion euro ($14 billion) share issue that UniCredit successfully completed this week, in a boost to new CEO Jean Pierre Mustier''s strategy to relaunch the lender. UniCredit and Capital Research both declined to comment. The U.S. investment firm held 6.7 percent of UniCredit before the cash call. It would have had to invest more than 1 billion euros to raise its stake above 8 percent, Reuters calculations show. ($1 = 0.9467 euros) (Reporting by Luca Trogni,)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/italy-banks-unicredit-capital-research-idUSI6N1FU02J'|'2017-03-02T00:56:00.000+02:00'
'513b0178eec605466265ff13adadee979b6ae6ac'|'UPDATE 1-Taiwan''s Foxconn "confident" it can buy into Toshiba chip business'|' Taiwan''s Foxconn "confident" it can buy into Toshiba chip business * Founder says money should not be only thing for Toshiba * Declines to say whether Foxconn has bid for Toshiba * Says no anti-monopoly issues involved with Foxconn (Adds comments from Foxconn founder, context) HONG KONG, March 1 Taiwan''s Foxconn, the world''s largest contract electronics maker, is "very confident" it can buy into the chip business of Japan''s Toshiba Corp, company founder Terry Gou said on Wednesday. Gou was speaking as Foxconn, formally known as Hon Hai Precision Industry Co Ltd, broke ground for a 61 billion yuan ($8.87 billion) flat-screen display factory in Guangzhou province, southern China. He declined to say whether Foxconn had submitted a bid for Toshiba''s chip business, nor how much of the business it was interested in. "I cannot say we are for sure getting it, but we are very confident. We are also very sincere," Gou said. "Money should not be the only thing (for Toshiba) to consider... We can help its technology to be sold in products all over the world. That is Foxconn''s advantage." He said as Foxconn was not a chip maker, there would be no anti-monopoly issues. Industry watchers have said Foxconn, which last year bought control of Japan''s Sharp Corp, may find it easier than other bidders to buy a stake as it is not a major memory chip maker and so could avoid any lengthy anti-trust review. Toshiba is considering selling the majority - or all - of its marquee flash-memory chip business, as it seeks to fill a multi-billion-dollar hole in its nuclear business. Toshiba is the second-biggest NAND chip producer after South Korea''s Samsung Electronics Co Ltd. ($1 = 6.8785 Chinese yuan renminbi) (Reporting by Sijia Jiang; Editing by Christopher Cushing)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/foxconn-china-idUSL3N1GE3DM'|'2017-03-01T15:58:00.000+02:00'
'3e03dd9aeaf5a051543024b3ab650b0d3d47cba7'|'PM May wants to see Brexit bill approved without changes - spokesman'|'World  24am EST PM May wants to see Brexit bill approved without changes: spokesman Britain''s Prime Minister Theresa May waits to greet Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahayan at Number 10 Downing Street in London, Britain, February 23, 2017. REUTERS/Stefan Wermuth LONDON Prime Minister Theresa May wants to see legislation giving her the right to trigger talks for Britain to leave the European Union approved by parliament''s upper house without any changes, her spokesman said on Wednesday. May''s Brexit plan is facing its first major setback, with the House of Lords set to vote later on Wednesday in favor of forcing her to guarantee the future rights of EU nationals living in Britain. "We would hope to see the bill progress unamended," May''s spokesman told reporters. The government has said it wants to guarantee conditions for EU nationals, but says it will only do so when all other member states agree to a reciprocal arrangement for Britons living abroad. "The prime minister has been clear on many occasions that it is an important area for us and it is one that she would hope to see dealt with as a priority once the negotiations get underway," he said. (Reporting by Kylie MacLellan, writing by William James, editing by Elizabeth Piper) Next In World News Iraqi army controls main roads out of Mosul, trapping Islamic State MOSUL, Iraq U.S.-backed Iraqi army units on Wednesday took control of the last major road out of western Mosul that had been in Islamic State''s hands, trapping the militants in a shrinking area within the city, a general and residents said.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-britain-eu-may-idUSKBN1684YU'|'2017-03-01T23:14:00.000+02:00'
'cc8327da86bfbfc631822bb486b94352adbd81bb'|'Gold dips on firmer dollar ahead of Trump policy speech'|'Gold slipped on Wednesday on a stronger dollar ahead of a speech by U.S. President Donald Trump that investors hope will shed more light on the details of his economic policy.FUNDAMENTALS* Spot gold XAU= had dropped 0.3 percent to $1,244.93 per ounce by 0034 GMT. The metal hit its highest since Nov. 11 at $1,263.80 on Feb. 27.* U.S. gold futures GCcv1 fell 0.7 percent to $1,245.* World financial markets will be scrutinizing Trump''s address in the House of Representatives at 0200 GMT for specifics on how he aims to make good on promises to tackle tax reform, boost infrastructure spending and simplify regulations he says are harming business. [nL2N1GD0FO]* The president had already said on Monday that he would propose a budget that would increase spending on defence while seeking savings elsewhere. [nW1N1DV02L]* The dollar index .DXY rose 0.4 percent.* A handful of Federal Reserve policymakers on Tuesday jolted markets into higher expectations for a March U.S. interest rate increase, with comments that suggested rate-setters are worried about waiting too long in the face of pending economic stimulus from Washington. [nL2N1GD1UX]* The comments sparked a flurry of selling in the bond market, with the two-year Treasury yield jumping to its highest level since December.* Interest rate futures implied traders saw nearly a 57-percent chance the Fed would raise rates at its March 14-15 meeting, up from roughly 31 percent late on Monday, and around 20 percent a week ago, according to Reuters data.* The U.S. economy expanded at a slower pace in the fourth quarter and appeared to remain on a moderate growth path as Trump took office with a promise to reinvigorate manufacturing and protect jobs. [nL2N1GC1C2]* Sales of U.S. Mint American Eagle gold coins fell to a 14-month low while silver coin sales were also sharply lower in February, the latest government data showed on Tuesday, as bullion prices rose for the second straight month. [nL2N1GD1N8]* INTL FCStone Ltd, a London-based subsidiary and precious metals division of INTL FCStone Inc ( INTL.O ), said this week that it was launching a web-based physical gold trading platform. [nL2N1GD0UY]* Russia remained the world''s third largest gold producer in 2016 behind China and Australia, data from its finance ministry showed on Tuesday. [nL5N1GD3LP]DATA AHEAD (GMT)0100 China Official manufacturing PMI Feb0100 China Official non-manufacturing PMI Feb0145 China Caixin manufacturing PMI final Feb0850 France Markit manufacturing PMI Feb0855 Germany Markit/BME manufacturing PMI Feb0900 Germany Unemployment rate Feb0900 Euro zone Markit manufacturing PMI final Feb1300 Germany Consumer prices Feb1330 U.S. Personal income Jan1500 U.S. Construction spending Jan1500 U.S. ISM manufacturing PMI Feb(Reporting by Nallur Sethuraman in Bengaluru; Editing by Joseph Radford)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/global-precious-idINKBN1682VR'|'2017-02-28T21:55:00.000+02:00'
'55900bb4c430351d21526f920b90543956261999'|'South Africa''s antitrust watchdog seeks fine for Unilever'|' 24pm GMT South Africa''s antitrust watchdog seeks fine for Unilever The company logo for Unilever is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 17, 2017. REUTERS/Brendan McDermid JOHANNESBURG South Africa''s competition watchdog recommended a fine equivalent to 10 percent of Unilever''s ( ULVR.L ) local turnover for price fixing of edible oils and margarine, it said on Wednesday. The Competition Commission said it had completed an investigation, which began in 2014 when it raided the local units of Unilever Plc ( UNc.AS ) and Sime Darby Bhd ( SIME.KL ) because it suspected price fixing. It found that between 2004 and 2013, the two companies had an agreement not to compete with each other on certain pack sizes of margarine and edible oils. Sime Darby, the world''s top palm oil planter, settled with the Commision last year, the Commission said in a statement. "Food and agro-processing is an important focus area for the Competition Commission, and we are determined to root out exploitation of consumers by cartels that are so prevalent in this sector," the Commission''s head Tembinkosi Bonakele said in a statement. Unilever''s South African unit declined to comment. Unilever does not report local turnover figures. The Commission has handed the findings of the probe along with a recommendation for a penalty to the Competition Tribunal, which holds hearings on the antitrust matters before giving the final ruling. (Reporting by Tiisetso Motsoeneng, editing by Elaine Hardcastle) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-unilvr-pricefixing-safrica-idUKKBN1684U2'|'2017-03-01T22:24:00.000+02:00'
'cd1e2dcb189d5a305eed0a2e9734e009c6134045'|'BRIEF-Park Hotels & Resorts qtrly total revenues $670 mln vs $675 mln'|' 19pm EST BRIEF-Park Hotels & Resorts qtrly total revenues $670 mln vs $675 mln March 1 Park Hotels & Resorts Inc * Park hotels & resorts inc. Reports fourth quarter and full year 2016 results * Park hotels & resorts inc qtrly pro-forma revpar was $155.20, a decrease of 0.8% * Park hotels & resorts -sees 2017 fully diluted weighted average shares is expected to be 215 million, assuming a price of $26.00 per share for e&p dividend * Park hotels & resorts inc qtrly total revenues $670 million versus $675 million  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-park-hotels-resorts-qtrly-total-re-idUSASB0B37F'|'2017-03-02T04:19:00.000+02:00'
'78b9d9e5bbf0991a39e6393b56548c0904cebfa1'|'GM, Ford beat February sales expectations; industry sales seen down'|'Business   10:17am EST GM, Ford beat February sales expectations; industry sales seen down A woman sits inside the 2017 Chevrolet Bolt EV, on display during The Economic Club event in Washington, DC, U.S. February 28, 2017. REUTERS/Yuri Gripas By Bernie Woodall and Nick Carey - DETROIT DETROIT February U.S. auto sales, an early-month indicator of consumer spending, fell slightly but remained strong as pickup trucks and SUVs continued a robust showing based on the first three automakers that reported on Wednesday. General Motors Co ( GM.N ), the top automaker in the U.S. market by sales, said the industry will show a 1 percent decline but still post a robust 17.5 million in sales on a seasonally adjusted annualized basis. That is less than the 17.7 million expected by 38 economists polled by Thomson Reuters. GM beat most analysts'' expectations with a 4.2 percent gain in new vehicle sales. Ford Motor Co ( F.N ), No. 2 in the U.S. market by sales, said sales declined by 4 percent, but still beat most analysts'' expectations. Sales for its F-Series pickup trucks rose 9 percent, SUVs were up 6 percent but car sales fell 24 percent from a year ago, the automaker said. Nissan Motor Co ( 7201.T ) also beat expectations, showing a 3.5 percent gain, led by a 54 percent surge for its Rogue small SUV. Consumer discounts, which cut into corporate profits, rose in February, third-party industry watchers said, but the average new car selling price also was higher. However, J.D. Power pointed out that the percentage of consumer discounts to the average selling price was 10.3 percent. It was the first time the measure topped 10 percent in February since the industry''s worst year in 2009, J.D. Power said. GM said retail sales for trucks and crossovers were up 18 percent and 15 percent, respectively. For its primary pickup, the Chevrolet Silverado, total and retail sales both jumped 17 percent, its best showing in February since 2007. (Reporting by Bernie Woodall and Nick Carey; Editing by Jeffrey Benkoe) Next In Business News Fed trumps Trump as dollar, U.S. Treasury yields jump LONDON The dollar jumped and short-term U.S. Treasury yields hit the highest since 2009 on Wednesday, as investors focused on growing chances of a U.S. interest rate hike this month, rather than on U.S. President Donald Trump''s first speech to Congress.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-autos-idUSKBN1684TF'|'2017-03-01T22:08:00.000+02:00'
'690b8d501060907f43edc32dc54e0664c5027622'|'BRIEF-Kindred Biosciences Q4 loss per share $0.29'|' 21pm EST BRIEF-Kindred Biosciences Q4 loss per share $0.29 March 1 Kindred Biosciences Inc * Kindred biosciences announces fourth quarter and year-end 2016 financial results * Q4 loss per share $0.29 * Q4 earnings per share view $-0.36 -- Thomson Reuters I/B/E/S   REFILE-Congress should define insider trading, influential U.S. judge says March 1 Three months after the U.S. Supreme Court upheld his decision in a major insider trading case, a federal judge called on the new Congress to pass a law that simplifies and broadens the definition of when trading on confidential information is illegal. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-kindred-biosciences-q4-loss-per-sh-idUSASB0B37K'|'2017-03-02T04:21:00.000+02:00'
'bef0cd65c8528719a7ea82bccef5c4c0cfc3533d'|'May says government is talking to Ford on automotive sector'|'Wed Mar 1, 2017 - 3:58pm GMT UK PM May says government is talking to Ford on automotive sector Britain''s Prime Minister Theresa May leaves Downing Street in London, Britain March 1, 2017. REUTERS/Neil Hall LONDON Prime Minister Theresa May said on Wednesday her government would hold regular talks with Ford ( F.N ) to find ways to ensure its engine plant in Wales remains part of the car producer''s "success" in Britain after leaving the European Union. Britain''s biggest trade union fears that more than 1,000 jobs could be lost at Ford''s Bridgend plant despite reassurances from the U.S. carmaker that similar levels of employment will be needed in the coming years. "Ministers in this government have been engaging with various companies within the automotive sector, including Ford and other companies," she told parliament. "We now account for around a third of Ford''s global engine production and Bridgend (engine plant) continues to be an important part of that. We have had dialogue with Ford, we will continue to have a regular dialogue with Ford about the ways in which government can help to make sure that this success continues." (Reporting by Elizabeth Piper and Kylie MacLellan, editing by Alistair Smout) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-ford-britain-may-idUKKBN1684F6'|'2017-03-01T20:00:00.000+02:00'
'4ea89408d3f1cc960de4777349a390f9b5953156'|'Hyperledger nears release of its first production-ready blockchain'|'Technology  34am EST Hyperledger nears release of its first production-ready blockchain By Anna Irrera - NEW YORK NEW YORK The Hyperledger project, a cross-industry open source blockchain group led by the Linux Foundation, plans to release its first production-ready distributed ledger code base by the end of the month, as projects involving the nascent technology begin to mature. The group, whose more than 120 members include IBM, JPMorgan Chase & Co, Cisco Systems Inc and the Bank of England, said in a blog post published on Friday that its technical committee had promoted its first blockchain project, Hyperledger Fabric, to an active phase. Hyperledger Fabric is a type of blockchain designed be used as a foundation to build distributed applications. The team of software developers involved in the project is finalizing the first version of Fabric that could be used by large businesses to build applications and plans to release by the end of March, according to the blog post. "Our hope is that it is code that people can put into serious production," Brian Behlendorf, Hyperledger’s executive director, told Reuters. Developers from more than 20 companies had joined Fabric''s development efforts, but the project has yet to enter a performance-testing phase, Behlendorf said. Blockchain, which first emerged as the system underpinning cryptocurrency bitcoin, is a digital distributed record of transactions that is maintained by a network of computers on the internet, without the need of a centralized authority. Big businesses, including many of the world''s largest banks, have been increasing their investment in the technology in hopes that it can help them reduce the complexity and costs of some of their most burdensome processes, such as the settlement of securities or international payments. To accelerate development of the technology, companies have been joining forces in a growing number of consortia and groups. Earlier this week JP Morgan, Microsoft Corp, Intel Corp and others formed a new blockchain group called the Ethereum Enterprise Alliance. The Hyperledger project, one of the biggest and most diverse of such groups, announced its first members in February 2016. It describes itself as an "umbrella" for communities of software developers to work together to build open source blockchain and related technologies. While blockchain projects have been maturing, the technology is still in its early days, with very few large-scale implementations having been made public. This has prompted skeptics to question whether the technology has been overhyped. They note that it might take years before large enterprises can actually reap its benefits. (Reporting by Anna Irrera; Editing by Dan Grebler) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-blockchain-hyperledger-idUSKBN16A1Z2'|'2017-03-03T23:30:00.000+02:00'
'd5adc3a26ed255f807532c2d7e4077d7020bb12a'|'Toshiba asks law firm to advise on potential Westinghouse bankruptcy cost: sources'|'TOKYO Toshiba Corp has asked a Japanese law firm to help estimate the potential financial impact if it decides its U.S. nuclear unit Westinghouse should file for Chapter 11 protection from creditors, sources with knowledge of the matter said.Toshiba is looking at a potential Chapter 11 filing as one of several options for Westinghouse as a means to limit future losses from the Pittsburgh-based company, the two sources said.The sources declined to be identified as they were not authorized to speak to the media.Last week, responding to media reports on a potential Chapter 11 filing, Toshiba said it was not aware Westinghouse was considering the step.A spokesman on Wednesday said the company had no immediate comment on whether a law firm had been approached about the matter.The TVs-to-construction conglomerate has been plunged into crisis after it emerged that cost overruns at two U.S. nuclear power plant construction projects would result in a $6.3 billion writedown - forcing it to put a majority stake in its prized chips business up for sale.Analysts and sources with knowledge of the matter have previously said that even under a Chapter 11 filing, Toshiba could still be on the hook for up to $7 billion in contingent liabilities as it has guaranteed Westinghouse''s contractual commitments - an arrangement typical for the nuclear industry.Toshiba dispatched a group of experts, including lawyers, to Westinghouse in mid-February to assess the U.S. unit''s assets, the two sources said.Preliminary estimates from that group show a Westinghouse bankruptcy filing would result in Toshiba having to take a fresh charge of at least 300 billion yen ($2.6 billion), the sources said.That figure is narrower in scope than the $7 billion Toshiba has in contingent liabilities, as it does not include damages that Westinghouse''s customers may seek from Toshiba, including damages that the owners of the two projects could claim if they were not completed.A Chapter 11 filing would still yield benefits, however, as Westinghouse would come off Toshiba''s consolidated accounts. That could offset some of the charge, the sources said.(Reporting by Taro Fuse additional reporting by Taiga Uranaka; writing by Makiko Yamazaki; editing by Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-toshiba-westinghouse-idINKBN1684B8'|'2017-03-01T09:17:00.000+02:00'
'b68aef4320cd5ecaa9f6ae5e7069839154297179'|'German automakers top U.S. magazine brand rankings'|' 28am GMT German automakers top U.S. magazine brand rankings By David Shepardson - WASHINGTON WASHINGTON German automakers dominated Consumer Reports'' annual ranking of automotive brands released on Tuesday, with Volkswagen AG''s ( VOWG_p.DE ) Audi ( NSUG.DE ) leading the pack, while U.S. brands continued to lag despite gains for many. Jake Fisher, director of auto testing at the magazine, said German automakers rose largely due to improvements in reliability. "Building one or two great vehicles is achievable, but making a whole lineup of excellent ones is much more difficult,” Fisher said. Volkswagen''s Porsche unit and rival BMW AG ( BMWG.DE ) came in second and third. General Motors Co''s ( GM.N ) Buick brand was the highest-ranked U.S. mainstream brand in 10th, down from seventh in 2016, while Ford Motor Co''s namesake brand fell from 16th to 21th. GM''s Chevrolet brand moved up to 17th from 20th and its Cadillac brand moved up to 18th from 24th. Toyota Motor Corp''s ( 7203.T ) flagship brand fell from eighth to 11th place, falling out of the top 10 for the first time in recent years, after the magazine said its Tacoma pickup had reliability issues. Tesla Inc ( TSLA.O ) was ranked eighth among auto brands after previously not having enough models to be ranked. Fiat Chrysler Automobiles'' ( FCHA.MI ) Chrysler brand jumped from 26th to 19th. GM''s Chevrolet Cruze was named best compact car, while its Impala won best large sedan. Other top picks included the Honda Ridgeline as best compact pickup, Kia Optima best midsized sedan and Audi Q7 best luxury SUV. The Fiat brand remained last again among all brands rated, and FCA''s Jeep brand remained second-lowest overall. Consumer Reports does not recommend any Fiat Chrysler vehicles, while it recommends all Porsche, Mazda and BMW vehicles. Fiat Chrysler said in a statement it welcomed feedback from Consumer Reports "as it helps guide our product improvements." The company added it is "aggressively pursuing both product and launch-quality improvements." Fisher said Fiat Chrysler models suffered from serious reliability problems. (Reporting by David Shepardson; Editing by Cynthia Osterman)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-autos-idUKKBN1682Z2'|'2017-03-01T08:28:00.000+02:00'
'5e95dc55ebd6e4914c3f005934a27ed7e2f22755'|'VW has spent $2.9 billion on U.S. buybacks - court document'|'By David Shepardson - WASHINGTON WASHINGTON Volkswagen AG has paid $2.9 billion to repurchase nearly 138,000 U.S. diesel vehicles through Feb. 18 in the wake of its emissions scandal, a court document made public on Tuesday shows.The report by an independent claims supervisor said the German automaker is buying back and terminating leases on about 15,000 vehicles a week. VW has made offers to buyback vehicles or cancel leases to 323,179 U.S. consumers totalling $5.86 billion, it said.VW agreed last year to spend up to $10.03 billion to buy back up to 487,000 polluting 2.0-liter vehicles that have software that allowed them to evade emissions rules in testing.Earlier this month, a federal judge granted preliminary approval to a plan for Volkswagen to pay at least $1.22 billion to fix or buy back a separate group of vehicles - nearly 80,000 polluting 3.0-liter diesel vehicles.The 3.0 litre vehicles have an undeclared auxiliary emissions system that allowed the vehicles to emit up to nine times allowable limits.Volkswagen could be forced to pay up to $4.04 billion if regulators do not approve fixes for all 3.0-liter luxury Porsche, Audi and VW diesel vehicles in the settlement. U.S. Judge Charles Breyer will hold a hearing on May 11 on whether to grant final approval to the proposal.In total, VW has now agreed to spend up to $25 billion in the United States to address claims from owners, environmental regulators, states and dealers and to make buyback offers.Volkswagen is set to plead guilty on March 10 in Detroit to three felony counts under a plea agreement to resolve U.S. charges it installed secret software in vehicles to allow them to emit pollution up to 40 times the legal limit.As part of a $4.3 billion settlement with U.S. regulators, VW agreed to sweeping reforms, new audits and oversight by an independent monitor for three years to resolve diesel emissions-cheating investigations.(Reporting by David Shepardson; Editing by Alan Crosby)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/volkswagen-emissions-idINKBN1682VB'|'2017-02-28T21:52:00.000+02:00'
'236bb97d0c95fdca1a7a7bb1ab6c71b0afac3adb'|'South Africa in talks with Airbus, Boeing to print 3D parts'|'Company News  24am EST South Africa in talks with Airbus, Boeing to print 3D parts * New titanium laser machine sparks interest * South African researchers want commercial production soon By Wendell Roelf JOHANNESBURG, March 2 South African researchers developing the world’s largest machine for producing aircraft parts using lasers to melt powdered titanium are in talks with Airbus and Boeing, with the first commercial application expected in 2019. Officially launched in 2011 and backed by government, the Aeroswift research project last year produced its first three demonstrator parts – a pilot’s throttle lever, a condition lever grip which is part of the throttle assembly, and a fuel tank pylon bracket, in a digital process known as 3D printing, or additive layer manufacturing. Increasingly adopted by the automotive, aerospace and military industries as a cheaper way of making complex parts, the new manufacturing process could save millions of dollars on fuel and production costs as aircraft makers replace alumimum bodies with lighter materials such as titanium alloys. "How best to commercialise the process is a discussion we are currently having with the Aeroswift partners and relevant government agencies," said Simon Ward, Airbus''s vice president for international cooperation in Toulouse. Ward said Airbus was in talks with Aeroswift and the South African government to ensure the project was commercially successful and created jobs in South Africa, where unemployment runs above 25 percent. Airbus, which already sources parts for its A400M military transport aircraft from South Africa, has been offering Aeroswift support in terms of consulting, benchmark information and advice on what type of aircraft components to focus on, Ward said. South Africa’s Council for Scientific and Industrial Research (CSIR), in partnership with local aerospace firm Aerosud Innovation Centre, say access to vast titanium reserves as well as pioneering the world’s largest titanium powder-based 3D printing machine should give them a competitive edge. South Africa ranks fourth in world titanium reserves, behind leader China, Australia and India, according to the U.S. Geological Survey. "Our machine is unique and the only one in the world,” said Hardus Greyling, Aeroswift''s contract coordinator who works at the CSIR''s laser centre. “We have developed new technologies and patents which allows us to upscale the additive process to go significantly faster and significantly larger than other systems." During proof of concept trials, the machine achieved production speeds up to 10 times faster than currently available commercial laser melting machines, he said. Its production chamber''s volume measures up to 2 metres by 600 millimeters by 600 mm – about four times larger than the biggest commercial machines currently available, which operate at dimensions of 600 mm by 500 mm by 400 mm, said Greyling. Terry Wohlers, president of U.S.-based industry consultancy Wohlers Associates, said after initial doubts his optimism for the project was rekindled when learning that the first parts demonstrated would be in test flights this year. "It looks like the people at Aerosud CSIR are on track and making very good progress toward carving out a slice of what is set to become a 3D printing market valued at tens of billions of dollars," he told Reuters. South Africa has a long established defence and aerospace industry centred on state-owned group Denel SOC and also exports various components including antennae and seat frames for use in commercial jets. ($1 = 13.0944 rand) (Editing by Greg Mahlich) Next In Company News Vintage Western phone brands resurrected by Chinese players BARCELONA, March 2 Once famous mobile phones such as Nokia''s classic 3310 from the turn of the century have been given a new lease of life as Chinese manufacturers revive Western brands to get an edge in an increasingly cut-throat handset market.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/safrica-aircraft-printing-idUSL5N1FO2LU'|'2017-03-02T21:24:00.000+02:00'
'4f7ec22654cd31d6435b411e95866581b2e880a3'|'BRIEF-City Office REIT sees FY same store cash NOI increase 4 pct - 6 pct'|' 12am EST BRIEF-City Office REIT sees FY same store cash NOI increase 4 pct - 6 pct March 2 City Office REIT Inc * City Office REIT Inc - Qtrly same store cash NOI increased 5.1%, as compared to Q4 2015 * City Office REIT Inc - Qtrly core FFO was approximately $5.6 million, or $0.23 per fully diluted share * City Office REIT reports fourth quarter and full year 2016 results * City Office REIT Inc - Qtrly AFFO was approximately $4.2 million, or $0.17 per fully diluted share * City Office REIT Inc - Sees FY properties GAAP NOI $66.5 - $67.5 million * City Office REIT Inc - Sees FY same store cash NOI increase 4.0% - 6.0% * City Office REIT Inc - Qtrly same store cash NOI increased 5.1%      '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-city-office-reit-sees-fy-same-stor-idUSASB0B3DB'|'2017-03-02T18:12:00.000+02:00'
'54e17e4e364aae758f58810152e81430a7c0ff91'|'Management shake-up at Bridgewater as Dalio drops co-CEO role'|'Money - Wed Mar 1, 2017 - 11:01am EST Management shake-up at Bridgewater as Dalio drops co-CEO role Ray Dalio, Founder, Co-Chief Executive Officer and Co-Chief Investment Officer, Bridgewater Associates attends the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, January 18, 2017. REUTERS/Ruben Sprich By Lawrence Delevingne - NEW YORK NEW YORK The world''s largest hedge fund manager, Bridgewater Associates, is once again changing its leadership structure, according to a note posted on LinkedIn Wednesday. Billionaire firm founder Ray Dalio will no longer serve as co-chief executive officer of the Westport, Connecticut-based firm, but will remain co-chief investment officer and co-chairman. The move comes as Jon Rubinstein, a former technology executive who was hired as co-CEO in May, plans to leave the firm but will remain an advisor. David McCormick, already Bridgewater''s president, will join Eileen Murray as co-CEO. (Reporting by Lawrence Delevingne; Editing by Chizu Nomiyama) Next In Money'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-hedgefunds-bridgewater-idUSKBN1684X2'|'2017-03-01T23:01:00.000+02:00'
'212102c566944efe96f22561e1025c37103433e8'|'Trump is (still) spoiling for a trade war - Mar. 1,'|'President Trump: How immigration reform will help jobs President Trump avoided the harsh trade talk that underpinned his presidential campaign in his first big speech to Congress Tuesday. But despite the softer rhetoric, he broadly kept faith with policy ideas that experts warn could lead to a trade war. Trump used the speech to paint a dire portrait of the economy: 43 million Americans live in poverty ( true ), nearly one in five people in their prime working years don''t have a job ( true ) and the recent recovery was the weakest in 65 years ( true , at least by one metric). The problem according to Trump? Trade. "I am not going to let America and its great companies and workers, be taken advantage of anymore," Trump declared. The speech was light on policy prescriptions and specific details. But it''s this "America first" rhetoric -- bolstered by the threat of new tariffs and other protectionist trade policies -- that has alarmed many CEOs, economists and investors. "He''s making it very clear that everything he promised on the economic front he intends to deliver on," said economist Ed Yardeni of Yardeni Research. Related: Gutting the EPA won''t address debt The trade deficit Trump zeroed in on the U.S. trade deficit during his address, saying that the imbalance in goods was nearly $800 billion last year (In fact, when services are included, the deficit is roughly $500 billion). The president promised to level the playing field -- a favorite campaign theme. To illustrate his point, Trump related a story involving the iconic American motorcycle maker Harley-Davidson ( HOG ) . When company executives recently visited the White House, Trump said he had asked them about their biggest business problem. They pointed to hefty taxes on motorcycles sold abroad. "They said that in one case another country taxed their motorcycles at 100%," Trump explained. "They weren''t even asking for change. But I am." The president offered no details on what exactly he has in mind -- in the past he has advocated for major tariffs on imported goods, penalties for companies that move jobs abroad and a requirement that American-made goods be used on federal government projects. He has also recently warmed to the idea of a so-called boarder-adjustment tax , which is supposed to encourage companies to make goods in the U.S. But the big takeaway is that Trump continues to signal that substantial action on trade is coming. Meanwhile, the vast majority of economists surveyed by CNNMoney see Trump''s protectionist trade agenda as the No. 1 threat to a thriving U.S. economy. "The risk of any protectionist moves by the U.S. will be to trigger retaliatory measures by other nations and end up by reducing trade and growth for all," said economist Lynn Reaser of Point Loma Nazarene University. Related: Trump''s child care plan is a gift to the rich, report says Trump holdup on China While experts warn against Trump taking actions that might trigger a trade war, the president''s supporters want him to act. In states like Michigan (which Trump won by just 10,704 votes), many of his supporters hate the North American Free Trade Agreement (NAFTA). They blame the trade deal -- not automation and technology -- for heavy manufacturing job losses in the state. "People talk about you''re going to start a trade war, but we''re in trade war now," said Bryan DeHenau, a Trump voter in Michigan who runs a small roofing business. "It''s just we''re not fighting it." Sharp differences between the desires of Trump voters and the recommendations of CEOs and economists are likely to persist. Bernard Baumohl, chief economist at The Economic Outlook Group, said that "cracks in the Trump agenda are becoming more visible." Investors, he said, should be waking up to this fact. But Yardeni isn''t as concerned. He points out that Trump originally promised to label China a currency manipulator on Day One. That didn''t happen. Instead, his point man the China currency issue, Treasury Secretary Steven Mnuchin, has taken a much more cautious stance on it. CNNMoney (New York) First published March 1, 2017: 6:27 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_economy.rss'|'http://money.cnn.com/2017/03/01/news/economy/donald-trump-speech-trade-congress/index.html'|'2017-03-01T13:27:00.000+02:00'
'619d9223229d384ee43df6fd84175920ad04169e'|'Galleon''s Rajaratnam loses bid to cut insider trading sentence'|'By Jonathan Stempel - NEW YORK, March 3 NEW YORK, March 3 A federal judge on Friday rejected Galleon Group hedge fund founder Raj Rajaratnam''s bid to void much of his insider trading conviction and shorten his 11-year prison sentence.U.S. District Judge Loretta Preska, in Manhattan, said Rajaratnam failed to show his actual innocence on five of the 14 counts on which he was convicted, or that two other counts should be vacated because the main government witness committed perjury.She also rejected Rajaratnam''s argument that his trial counsel was ineffective, and denied Rajaratnam''s bid to reduce the $53.8 million that he had agreed to forfeit to about $4.3 million.Christine Chung, a lawyer for Rajaratnam, did not immediately respond to requests for comment. U.S. Attorney Preet Bharara in Manhattan declined to comment through a spokeswoman.Rajaratnam, 59, is the highest-profile fund manager targeted in Bharara''s sweeping insider trading crackdown, which since 2009 has resulted in more than 80 convictions and guilty pleas.Prosecutors said Rajaratnam made up to $63.8 million from 2003 to 2009 through insider trading in stocks such as eBay Inc , Goldman Sachs Group Inc and Google Inc, now called Alphabet Inc.Rajaratnam was convicted in May 2011 on nine counts of securities fraud and five counts of conspiracy. He has served 5-1/4 years in prison and will be eligible for release in July 2021.In seeking a shorter sentence, Rajaratnam said he did not provide benefits to insiders for confidential information related to trades underlying five of the counts or know that insiders provided that information for the sake of any benefit.On Dec. 6, the U.S. Supreme Court ruled in a separate case that a gift of confidential information could violate securities laws even if the recipient did not give a tangible benefit in return.Quote: : "Here, because all the information was transferred between trading relatives or friends, the mere transfer of information is sufficient to constitute a benefit."Rajaratnam, moreover, "had knowledge that inside information was being conferred in exchange for such benefit," she added.The judge also rejected Rajaratnam''s claim that former McKinsey & Co partner Anil Kumar perjured himself at trial, citing alleged contradictory testimony that Kumar gave three years later at a trial against Rajaratnam''s younger brother, Rengan.Preska said the alleged conflicting testimony was not material, and that "a faulty memory resulting in inaccuracies or mistakes" does not mean perjury occurred.Rengan Rajaratnam was acquitted in July 2014 of conspiring to engage in insider trading.The cases are U.S. v. Rajaratnam, U.S. District Court, Southern District of New York, No. 09-cr-01184; and Rajaratnam v U.S. in the same court, No. 15-05325. (Reporting by Jonathan Stempel in New York; Editing by Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-crime-rajaratnam-idINL2N1GG18F'|'2017-03-03T16:42:00.000+02:00'
'06a2be9e106b1bb1119ae8365d5363d1fb013555'|'Travis Perkins profit slumps on weak plumbing and heating'|'  7:57am GMT Travis Perkins profit slumps on weak plumbing and heating Bricks are seen at the Vauxhall depot of building material supplier Travis Perkins in London, Britain, October 25, 2013. REUTERS/Neil Hall/File Photo LONDON Travis Perkins ( TPK.L ), Britain''s biggest supplier of building materials, reported a 67 percent slump in pretax profit after booking a raft of exceptional charges, the bulk of which related to its poorly performing plumbing and heating business. The group, which trades from over 20 businesses including Travis Perkins, Wickes, BSS, Toolstation and Tile Giant, said on Thursday it had booked an exceptional non-cash impairment charge of 235 million pounds against goodwill and intangible and tangible assets, principally in its plumbing heating and tile businesses, which are under review. An exceptional charge of 57 million pounds was also taken to cover the closure of underperforming branches and a restructuring of its supply chain and central operations. Those changes were announced in October when Travis Perkins also warned on profit. The charges meant the group''s pretax profit fell to 73 million pounds in the year to Dec. 31 2016 from 224 million pounds in 2015. Travis Perkins'' adjusted operating profit was 409 million pounds. That compared with analysts'' consensus forecast of 410 million pounds, according to Reuters'' data, and 413 million in 2015. Revenue increased 4.6 percent to 6.22 billion pounds. "Further work is required and over the next six months we will be exploring all routes to enhance returns," Chief Executive John Carter said of the plumbing and heating division, which contributes about 10 percent of group profit. He also cautioned that the macro-economic outlook of the UK is mixed. "The sharp decline in the value of sterling since June 2016 has created cost pressures on imported goods and materials, and the expectations for secondary housing market transactions and growth in the repair, maintenance and improvement market have weakened," he said. Shares in the group, which have fallen 14 percent over the last year, closed Wednesday at 1,565 pence, valuing the firm at 3.95 billion pounds. (Reporting by James Davey, Editing by Paul Sandle and Alistair Smout)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-travis-perkins-results-idUKKBN1690SE'|'2017-03-02T14:57:00.000+02:00'
'197c5390f9c56329eb60388c7d1709f88f9f32c1'|'UK watchdog slams asset managers over dealing commission'|'Economy  28pm GMT UK watchdog slams asset managers over dealing commission The logo of the new Financial Conduct Authority (FCA) is seen at the agency''s headquarters in the Canary Wharf business district of London April 1, 2013. REUTERS/Chris Helgren LONDON Asset managers could face enforcement action for failing to give customers value for money from "dealing commission" charges for company research and executing share orders, Britain''s Financial Conduct Authority said on Friday. In a stinging rebuke of the sector, it said most of the 17 asset managers it visited were falling short of what the watchdog has recommended as best practice for handling dealing commission, worth 3 billion pounds a year "More work needs to be done by investment management firms to ensure they spend their customers’ money with as much care and attention as if it were their own," the FCA said. Several firms could not demonstrate meaningful improvements in terms of how they spend their customers'' money through their dealing commission arrangements, the FCA said. "Where we identify breaches of our rules, we will consider further action, including referring firms for further investigation," it added. (Reporting by Carolyn Cohn, Huw Jones and Maiya Keidan) Next In Economy News Trump confidence bounce may finally allow Fed to leave zero rates far behind CHICAGO A surge in business and consumer confidence during President Donald Trump''s first weeks in office has helped push the Federal Reserve toward its first sustained series of interest rate hikes in more than a decade, despite a dearth of firm policies from the administration.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-investment-fca-idUKKBN16A1DN'|'2017-03-03T19:28:00.000+02:00'
'3c14f44b4f9abec019c9fc3d4d7d85cfc0cbef95'|'Trump trade office takes aggressive view of WTO rules - document - Reuters'|'By David Lawder - WASHINGTON WASHINGTON U.S. President Donald Trump''s administration said on Wednesday that it will take aggressive action to combat other countries'' unfair trade practices and may defy World Trade Organization rulings that it views as interfering with U.S. sovereigntyIn an annual trade policy agenda document, the U.S. Trade Representative''s office said the administration "will not tolerate" unfair trade practices that distort markets, including currency manipulation, unfair government subsidies, intellectual property theft and state-owned enterprises.The document publicly released to Congress on Wednesday signals that the administration may try to push the limits of what is acceptable under WTO rules in its quest to make good on campaign promises to slash U.S. trade deficits with China and Mexico, and bring manufacturing jobs back to the United States.The document represents a departure from the Obama administration''s strict adherence to WTO compliance in its challenges to unfair foreign trade practices."Unlike earlier presidents, Trump is signalling a willingness to impose import restrictions -- especially against a country like China -- where the justification under WTO rules for doing so may be highly questionable," said Chad Bown, a senior fellow and trade expert at the Peterson Institute for International Economics in Washington."The downside of the United States going down this path is that it is likely that other countries will follow suit immediately," Bown added.The USTR document said it was not in the United States'' interest to let some WTO rulings undermine the use of effective remedies that the Geneva-based trade body expressly allows to fight unfair trade."Accordingly, the Trump administration will act aggressively as needed to discourage this type of behaviour -- and encourage true market competition," the USTR said in the document.Laying out many of Trump''s trade plans in writing for the first time, the document said the Trump administration plans to strictly enforce U.S. trade laws, defend U.S. national sovereignty over trade policy, and use all possible leverage to open foreign markets to U.S. exports, the document said.It makes clear the Trump administration''s view that U.S. law supersedes WTO rules -- a view that could be invoked should Congress adopt a border tax adjustment plan to impose new taxes on imports that is later challenged as violating WTO tariff rules by other member countries."The Trump administration will aggressively defend American sovereignty over matters of trade policy," the report said.The nominee to be Trump''s top trade negotiator, veteran steel industry lawyer Robert Lighthizer, in 2010 advocated "aggressive interpretations of WTO provisions that might help us deal with Chinese mercantilism."Lighthizer is awaiting confirmation by the U.S. Senate. He served as a deputy USTR in the Reagan administration, helping to negotiate import quotas on Japanese goods in the 1980s, with the help of powerful trade law provisions that have largely gone unused since the WTO was launched in 1995.(Reporting by Eric Beech; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/usa-trump-trade-wto-idINKBN16900J'|'2017-03-01T21:06:00.000+02:00'
'07e75c90658216344ac09829a9a7d2c20c51b448'|'AB InBev raises merger savings after weak year end'|'BRUSSELS, March 2 Anheuser-Busch InBev, the world''s largest brewer, raised its forecast for savings from its near $100 billion takeover of SABMiller after weaker than expected earnings as beer sales suffered in Brazil.The company, now more than double the size of nearest rival Heineken, increased its cost savings and synergy target to $2.8 billion from $2.45 billion. This includes $1.05 billion that SABMiller had previously announced before the merger.The brewer of Budweiser, Stella Artois and Corona, which makes more than a quarter of the world''s beer, said it had already captured $829 million of savings. The balance of about $2 billion would come in the next three to four years. (Reporting by Philip Blenkinsop; editing by Robert-Jan Bartunek)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/abinbev-results-idINL8N1G95BG'|'2017-03-02T03:15:00.000+02:00'
'55d45589b601b74a52b50186777bb76f5f1dde36'|'German inflation hits four-and-a-half year high in February'|'Business News - Wed Mar 1, 2017 - 1:03pm GMT German inflation hits four-and-a-half year high in February Shoppers look for goods in a Karstadt hot deal department store in Frankfurt/Oder October 24, 2014. REUTERS/Fabrizio Bensch BERLIN German inflation accelerated further in February, reaching its highest level in four-and-a-half years and surpassing the European Central Bank''s price stability target of just under 2 percent, preliminary data showed on Wednesday. German consumer prices, harmonised to compare with other European countries (HICP), rose by 2.2 percent on the year after an increase of 1.9 percent in January, the Federal Statistics Office said. This was the highest annual inflation rate since August 2012 and came in slightly stronger than a Reuters consensus forecast of 2.1 percent. On a non-harmonized basis, annual inflation also picked up to 2.2 percent after 1.9 percent in January. Rising energy prices and higher food costs again were the main drivers behind the overall increase in February, a breakdown of the non-harmonized data showed. With a federal election set for September, the inflation figures are likely to fuel calls for an end to the European Central Bank''s loose monetary policy. (Reporting by Michael Nienaber; Editing by Joseph Nasr) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-economy-inflation-idUKKBN1684FI'|'2017-03-01T20:03:00.000+02:00'
'8febb114ea53415a631b6c1fa097eb3c07bc26b5'|'New Range Rover Velar model to be built in Solihull - Business'|'Jaguar Land Rover ’s latest model is to be built exclusively at its plant in Solihull as the luxury car maker pledged its “heart and soul” to the UK.The new Velar is be the fourth generation of the 47-year-old Range Rover family and will be be available to order from this summer. The model will be sold in more than 100 markets globally.Range Rovers are Britain’s largest luxury export, according to the car maker, accounting for 85% of all luxury cars built in the UK and contributing £10bn a year to the economy.Ralf Speth, chief executive of Jaguar Land Rover , said: “ The expansion of our product range and building this British-designed and engineered car in the UK is a sign of our confidence in British manufacturing.“We are leading the global premium car industry with our commitment to our home market, and our heart, soul and headquarters will always be in the UK.”The UK car industry backed the remain campaign in last year’s EU referendum and has since warned that British manufacturing is at risk of “death by a thousand cuts” if companies choose to invest in other countries following Brexit vote.Japanese car maker Nissan announced in October that it would go ahead and build the next Qashqai and X-Trail models at its Sunderland factory, but the company’s boss Carlos Ghosn said in January that the plant’s competitiveness would be reviewed once the UK’s future relationship with the EU was settled.The Velar is on display at the Design Museum in London until 6 March, and will make its global debut at the Geneva motor show next week.The starting price will be £45,000 in the UK, positioning it between the Evoque – the least expensive Range Rover – and the Range Rover Sport. It is the third model in two years to be launched at the West Midlands plant.Th decision follows a £1.5bn investment in new facilities and technologies at the Solihull factory, where about 10,000 people are employed.JLR, owned by India’s Tata, said it directly supports more than 40,000 British jobs at manufacturing plants and a further 250,000 in the supply chain. Last year the company sold 583,313 cars, 44% of which were Range Rovers.The company also has manufacturing plants in Brazil, China and India and is building a factory in Slovakia. Manufacturing sector Jaguar Land Rover Automotive industry  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/mar/01/jaguar-land-range-rover-velar-solihull-west-midlands'|'2017-03-01T22:25:00.000+02:00'
'6e81e5f1886ab77a4f28c8abc0c1b65213141c99'|'Retailers and food groups cut UK advertising as inflation bites'|'Economy - Wed Mar 1, 2017 - 4:55pm GMT Retailers and food groups cut UK advertising as inflation bites A company sign is displayed outside an ITV studio in London, Britain July 27, 2016. REUTERS/Neil Hall By Paul Sandle - LONDON LONDON British retailers, food producers and consumer goods makers are cutting back on advertising to direct their firepower instead at lowering prices in the face of rising inflation, hitting the income of media groups. ITV, Britain''s biggest free-to-air commercial broadcaster, said on Wednesday ad revenue for the first four months of 2017 would be down 6 percent after it reported its first annual fall in a key revenue stream since 2009. "If you look at the categories that''s coming from, predominantly it''s food, and FMCG (fast-moving consumer goods) and retail," ITV''s Chief Executive Adam Crozier said. "A lot of the marketing support there at the moment is going into supporting price cuts given the levels of inflation that are coming through in that market." Inflationary pressures have been building in Britain since the country voted to leave the European Union in June, causing the value of the pound to plunge against the dollar. Retailers have been reluctant to pass the increases on to consumers, but there are signs that prices are starting to edge up in stores. According to the Confederation of British Industry in February, retailers say they are raising their prices at the fastest pace in almost six years. The British Retail Consortium also said on Wednesday that food prices rose in February for the first time since April last year, up 0.4 percent on the year, compared with a fall of 0.8 percent in January. Britain''s biggest retailer Tesco said it was spending less on advertising on TV. Under the leadership of Chief Executive Dave Lewis, the supermarket group had increased its investment in prices, to draw in more customers, while reducing its investment in TV advertising, a spokesman said. He said that in the same period Tesco''s price perception amongst shoppers had improved. Trinity Mirror, the publisher of the Daily Mirror tabloid, said it too had been hit by weak demand from the retail sector, driving overall print advertising revenue lower. (Reporting by Paul Sandle and James Davey; Editing by Mark Potter) Next In Economy'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-itv-results-advertising-idUKKBN16851D'|'2017-03-01T23:44:00.000+02:00'
'2ef0a27a9e23e5110ebf2a2fbbc064d1ded33261'|'Twitter turns to algorithms to clamp down on abusive content'|' 07pm GMT Twitter turns to algorithms to clamp down on abusive content The Twitter logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2016. REUTERS/Brendan McDermid/File Photo By Dustin Volz - WASHINGTON WASHINGTON Twitter Inc ( TWTR.N ) on Wednesday launched a wider effort to use algorithms to identify accounts as potentially engaging in abusive behaviour, a departure from its practice of relying on users to report accounts that should be reviewed for possible violation of its rules. Twitter and rivals like Facebook ( FB.O ) have long relied on users'' reporting potential abuse for review, sometimes to the chagrin of groups that accused them of doing too little to thwart hateful speech or harassment. Twitter, which already uses technology to try and limit some communications, will still review user reports on potential abuse. Twitter said it will limit the functionality of accounts flagged by its technology as abusive for an unspecified amount of time, a restriction that could include allowing only followers to see that user''s tweets. Currently, accounts are deleted or suspended when marked as abusive. "We aim to only act on accounts when we’re confident, based on our algorithms, that their behaviour is abusive," Ed Ho, vice president of engineering, wrote in a blog post. "Since these tools are new we will sometimes make mistakes, but know that we are actively working to improve and iterate on them everyday." Twitter is also introducing new filtering options for notifications to allow users to limit what they see from certain types of accounts, such as those that lack a profile photo, and said it would alert users when it received abuse reports and inform them if further action against certain accounts takes places. The updates announced Wednesday are the latest in a series of changes Twitter has implemented in recent months to combat abuse. Early in February the social media company said it would make it harder for abusive users to create new accounts, launch a "safe search" function and begin collapsing tweet replies deemed abusive or low-quality so they are hidden from immediate view. Twitter, Facebook and other internet companies have faced growing complaints in recent years over how they monitor and police their content, as users and governments have stepped up pressure on Silicon Valley to prevent violent extremist propaganda, curtail harassment and bullying, and limit fake news. Those efforts have often clashed with free-speech activists who have warned about internet censorship and some political groups that claim they are being unfairly targeted. Ho on Wednesday acknowledged that protecting users continues to be a challenge for the San Francisco-based company. "We’re learning a lot as we continue our work to make Twitter safer – not just from the changes we ship but also from the mistakes we make, and of course, from feedback you share," Ho said. (Reporting by Dustin Volz; Editing by Leslie Adler)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-twitter-abuse-idUKKBN1684LY'|'2017-03-01T21:07:00.000+02:00'
'bc804e4bc849155f0d86cbd18fd3eacb302f1a1b'|'Spain ''well-placed'' in potential Peugeot-Opel deal -econ minister'|'Company News  49am EST Spain ''well-placed'' in potential Peugeot-Opel deal -econ minister MADRID, March 2 Spain''s carmaking plants were "well-placed" in the takeover talks between PSA Group and General Motors'' European arm, Economy Minister Luis de Guindos said on Thursday after speaking to a senior executive at PSA. Between them, Opel and PSA, which makes Peugeot and Citroen cars, have three factories in Spain, which employ about 13,000 people in total. De Guindos did not detail in a radio interview whether he had sought guarantees for jobs and labour agreements. Other countries affected by the merger talks, including France, Germany and the United Kingdom, had previously raised alarms over whether it could affect workers, and have held talks with the car makers in recent weeks. "For the Peugeot group, if this merger ends up happening, Spain is going to be very important ... and they are well aware of that," De Guindos told RNE radio, singling out Opel''s factory in Zaragoza and Peugeot''s in Vigo as key. "They also raise another question, that the Spanish factories ... are the most productive," de Guindos said, adding that Spain was "well-placed." He did not say who at PSA he had spoken to. Spanish workers at PSA and General Motors factories have raised concerns over the acquisition talks in recent weeks, according to union sources. Staff at PSA''s smaller Villaverde factory in Madrid, where production is running at well below capacity, are especially worried, they added. (Reporting by Sarah White; Editing by Greg Mahlich) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/opel-ma-psa-spain-idUSL5N1GF2EN'|'2017-03-02T16:49:00.000+02:00'
'63b5eb9e7dc34ae3df5bbf2f850d7757f02e2f7a'|'European shares steady, strong results boost Melrose and Subsea - Reuters'|'LONDON, March 2 European shares steadied early on Thursday, pausing after a strong rally in the previous session, with strong earnings updates driving shares in Melrose Industries and Subsea 7.The pan-European STOXX 600 index was flat in percentage terms by 0826 GMT. Basic resources stocks were again the top gainers, up 1 percent, after a more than 2.9 percent rise on Wednesday.British mid-cap engineering turnaround specialist Melrose Industries was the top gainer and hit a record high after its full-year revenue more than tripled, helped by its acquisition of U.S. ventilation maker Nortek Industries.Subsea 7, the Norwegian oil services company, was also among the top gainers, up 9.8 percent, after it posted a fourth-quarter earnings beat and said it would pay a special dividend.Successful drug trials helped shares of Swiss pharmaceuticals company Roche to gain 5.7 percent. Its Perjeta and Herceptin drugs reduced the recurrence of aggressive breast cancer, its key Aphinity study found.However, British housebuilder Travis Perkins was a top European faller after it posted a decline in profit due to weak performance in its plumbing and heating business.Italian eyewear maker Luxottica, in focus due to its mega-merger with French lens maker Essilor, was down 1.4 percent after it posted a slight drop in profit for 2016 after market close on Wednesday.British mid-caps Centamin and Berkeley Group were down 4 and 3.9 percent respectively after going ex-dividend. RSA and Barclays bank also went ex-dividend on Thursday. (Reporting by Helen Reid)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/europe-stocks-idINL5N1GF1RU'|'2017-03-02T05:32:00.000+02:00'
'2b851e870dc86b591d76a0bbb063e518e1363453'|'U.S. stock investors say don''t worry, be happy'|'Business News - Wed Mar 1, 2017 - 6:13pm EST U.S. stock investors say don''t worry, be happy Traders works on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 1, 2017. REUTERS/Brendan McDermid By Rodrigo Campos - NEW YORK NEW YORK The latest leg of the relentless rally in U.S. stocks since Donald Trump was elected president has all the hallmarks of being driven more by sentiment than sense, but that doesn''t mean the ride is over, although it could well be a bumpier one from here. The U.S. stock market, which has been hitting new highs almost every day, is more expensive than it has been since 2004. Trump''s address on Tuesday to Congress sparked another buying frenzy, as the reset in the president''s often bombastic tone to an uncombative stance ignited investor optimism - even though his speech was light on details of waited-for initiatives. Growing expectations of faster interest rate rises at the Federal Reserve helped fuel the rally, with bank shares leading Wednesday''s gains. The stocks rally since November has been driven by an expectation that Trump''s push for deregulation tied to increased infrastructure spending and corporate tax cuts will jolt economic growth - and company earnings. However, investors caution that the tough job is now to come: pushing promised policy changes through Congress, which has proven less than easy even on issues Republicans agree on such as repealing Obamacare. "If Trump delivers on some milestones that are relatively meaningful - corporate tax reform, deregulation ... then I think the markets continue to rally, but if none of that happens people start to take risk off the table," said Northern Trust chief investment officer Bob Browne, who is overweight U.S. equities. Equities are surely richly priced. Since the 12 percent advance on the S&P 500 since the Nov. 8 election, investors are now paying $18 for every $1 in expected earnings over the next 12 months - the highest forward price-to-earnings valuation in 13 years according to Thomson Reuters Datastream. Still, large investors such as Warren Buffett are optimistic. Buffett told CNBC earlier this week that the U.S. stock market was cheap with interest rates at current levels, although he conceded that U.S. shares could conceivably "go down 20 percent tomorrow." But Buffett said he was "baffled" about who would buy a 30-year bond at current yields. Rich valuations are not a sell signal in themselves, since in the later stages of a bull market - which can last years - "corporate earnings are cyclically elevated and the multiple that the market assigns to those earnings is often elevated as well," according to a note from analysts at Bank of America/Merrill Lynch on Wednesday. The BAML analysts raised their year-end target for the S&P to 2,450, or about 2 percent above the current level, noting that they expect the benchmark to slide below 2,230 at one point before 2018. Even so, the high expectations on policy execution and the elevated valuation leave stock investors exposed. "Expectations today are quite optimistic relative to the likelihood of delays, friction and more negative offsets than the market is currently pricing in," wrote the BAML analysts. The lack of detail on Trump''s speech Tuesday regarding tax reform concerned some investors. Scott Clemons, chief investment strategist at Brown Brothers Harriman in New York, said tax reform got "really, really short airtime" and it appeared to be a "secondary priority." But Clemons said any market pullback on that front would be short-lived because of the expected strength in corporate earnings. Earnings for the S&P are expected to rise more than 10 percent over the full year, according to Thomson Reuters I/B/E/S data. But that number has been trending lower. For the current quarter, analysts see earnings rising 10.6 percent, down from an 18 percent estimate in April and a 13.8 percent gain seen in January. FED HEADWINDS With Trump''s speech light on details, the market focused on the growing expectations that the Federal Reserve will hike interest rates sooner and maybe more times this year than previously thought. Investors now see a 65 percent chance that the Fed will move to raise rates later this month, up from 35 percent Tuesday. But higher rates, which buoyed investor optimism because a March rate hike would signal policymakers'' growing confidence in the economy, would be a double-edged sword for equity investors. The dollar has risen on the view of higher interest rates, with the 100-day average of the dollar index .DXY at its highest since 2003. Every 5 to 6 percent increase in the dollar results in negative earnings revisions of about 3 percent on the S&P 500, as sales in other currencies are converted to fewer dollars. Higher rates at the Fed also mean companies spend more on credit. After a period of nearly a decade in which the Fed did not raise rates, increases can creep up in a company''s expenses and generate unwanted risk for investors. Plus there''s the added risk of uncertainty over how the Fed will shape its policy in the coming year, as six of the eight permanent-voting positions at the Fed could all have new occupants due to term endings and currently open spots. "I''m more worried a year from now when we have no idea what the Fed board will look like," said David Kotok, chief investment officer of Cumberland Advisors. "It means you have a complete unknown about who is going to make the Fed policy and what it will be." (Additional reporting by Richard Leong and Megan Davies; Editing by Leslie Adler) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-stocks-analysis-idUSKBN1685TT'|'2017-03-02T06:13:00.000+02:00'
'e607715f871f34b263d99f878bab5f4ee7b81763'|'Nikkei jumps as yen decline boosts exporters, Trump''s address awaited'|'Company News - Tue Feb 28, 2017 - 8:24pm EST Nikkei jumps as yen decline boosts exporters, Trump''s address awaited By Shinichi Saoshiro - TOKYO, March 1 TOKYO, March 1 Japanese stocks rose on Wednesday as the yen weakened against the dollar, with investors awaiting U.S. President Donald Trump''s looming address to Congress for further catalysts. The Nikkei share average was up 1.1 percent at 19,335.97. Trump''s appearance before Congress at around 0200 GMT is keenly awaited as equities, particularly U.S. stocks, have risen steadily on hopes that the president would announce a raft of measures to stimulate the economy. "In focus is whether Trump touches upon measures he had pledged prior, like large tax cuts, infrastructure spending and repeal of Obamacare," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management. "The markets, however, could be disappointed if Trump does not provide specifics for his various policies." Boosting the Nikkei in early trade, the yen slipped to a near one-week low against the dollar following hawkish comments from several top Federal Reserve officials. Exporters in particular were buoyed by the weaker yen. Mazda Motor Corp added 2.6 percent, Toyota Motor Corp rose 1.3 percent, Panasonic Corp climbed 1.6 percent and Mitsubishi Electric Corp advanced 1.4 percent. Travel agency H.I.S. Co was down 3.5 percent after the company reported a 46 percent drop in its first quarter operating profit. Shiseido Co gained more than 4 percent after the cosmetics maker said Japan''s health ministry approved the effectiveness of a substance that helps minimise wrinkles. The broader Topix was up 0.8 percent at 1,547.91 and the JPX-Nikkei Index 400 rose 0.9 percent to 13,871.58. (Editing by Shri Navaratnam) Next In Company News UPDATE 1-German automakers top U.S. magazine brand rankings (Adds Fiat Chrysler reaction) By David Shepardson WASHINGTON, Feb 28 German automakers dominated Consumer Reports'' annual ranking of automotive brands released on Tuesday, with Volkswagen AG''s Audi leading the pack, while U.S. brands continued to lag despite gains for many. Jake Fisher, director of auto testing at the magazine, said German automakers rose largely due to improvements in reliability. "Building one or two great vehicles is achievable, but making a whole lin'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-midday-idUSL3N1GE1BF'|'2017-03-01T08:24:00.000+02:00'
'b1c940302229e3b13db09f8fe78cc93298f86452'|'Israel Aerospace puts IPO, foreign acquisitions in its sights'|'Money News - Wed Mar 1, 2017 - 7:25pm IST Israel Aerospace puts IPO, foreign acquisitions in its sights FULL COVERAGE: By Tova Cohen and Steven Scheer - BEN GURION AIRPORT, Israel BEN GURION AIRPORT, Israel State-owned Israel Aerospace Industries (IAI) believes the need for a public share offer is becoming urgent as the country''s largest defence contractor wants to make acquisitions abroad to enable it to better compete in foreign markets. The 64-year-old company, which helped pioneer the development of military drones and also produces satellites, missiles and radar systems, is already planning to acquire companies and set up subsidiaries in countries like India and the United States, where protectionist policies demand that defence spending increasingly benefits local industry. Chief Financial Officer Eyal Younian said that to help finance acquisitions the government should move ahead soon with plans to sell a 20 percent stake in IAI on the Tel Aviv Stock Exchange. He said IAI currently needs to issue bonds or borrow money from banks and pay interest of 3-4 percent. An IPO would raise new capital, reducing the need to borrow. "We cannot support the line of credit that we need for our businesses. The regulations in the banks in Israel and around the world limit us and we cannot support our backlog (of orders)," Younian told Reuters. In addition, many private contractors in Israel and overseas receive government subsidies but being state-owned IAI is ineligible and the rules should be changed, Younian said, pointing out that local rival Elbit Systems pays corporate tax at a rate of 6 percent while IAI pays 24 percent. A senior government source with knowledge of the matter estimated IAI''s equity value at $3-$4 billion but said an IPO could not take place until a new chairman is appointed. The timing of that remains unclear, but the source said the earliest there could be an IPO was in 2018. IAI has annual sales of about $3.7 billion and its backlog of orders exceeds $9 billion. While the share offer will be in Tel Aviv, the next step could be a dual listing for the shares in the United States, Younian said. IAI must already submit financial reports to the bourse, where its bonds trade, as well as report to the government''s Companies Authority. Accounting for up to half of Israel''s defence exports, IAI had mostly grown internally over the last decade, but that is set to change. "Now we will have to face the fact that countries are protecting their industries, like in India, like in Brazil, like in the USA," Younian said, adding that acquisitions would allow it to strengthen its foothold. He noted that in many countries only local companies can bid as a prime contractor. As a result IAI, which exports 80 percent of its production, is limited to being a subcontractor. FOREIGN DEALS IAI already has a U.S. subsidiary but it does not contribute significantly to the company''s production. "I think our subsidiaries in the States and around the world should contribute much more in the coming decade. This is the strategic directive from the board of directors that we as management need to execute," he said. Younian said IAI, which employs 15,000 people, will carry out two "important and material" deals in the next few years related to its target markets of the United States and India, but he declined to elaborate. With Asia a focus for IAI, the company in February formed a joint venture in India with Kalyani Strategic Systems to build air defence systems and lightweight munitions. Indian media last week reported that India''s government had given the go-ahead for a $2.5 billion deal in which IAI and India would jointly develop a medium-range surface-to-air missile system. Eli Alfassi, IAI''s executive vice president for marketing, said IAI was awaiting official confirmation from India but declined to say how much the deal was worth. IAI is also waiting for Israel''s government to decide on whether to progress with a long-term satellite programme after its Amos-6 communications satellite was destroyed when a SpaceX launcher exploded in Florida in September. "We are hoping to build Amos-8," said Ofer Doron, head of IAI''s space division. "It''s under discussion right now." Talks also involve Spacecom, the operator of the Amos satellites. Amos-8 would cost hundreds of millions of dollars and be ready for launch in about four years. (Editing by Greg Mahlich) India factory activity expands at a slightly faster pace in February BENGALURU Indian factory activity expanded for a second straight month in February, while an increase in raw material costs pushed firms to raise prices at the fastest rate in nearly three and a half years, a business survey showed on Wednesday.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/israel-aerospace-strategy-idINKBN1684KW'|'2017-03-01T20:55:00.000+02:00'
'a82f2f02060183b2af39d211694cf83c9f4a8ad2'|'U.S. Commerce secretary says Trump did not endorse border tax plan'|'Politics  17am EST U.S. Commerce secretary says Trump did not endorse border tax plan Wilbur Ross speaks, as U.S. Vice President Mike Pence watches, after being sworn in as Secretary of Commerce in Washington, DC, U.S. February 28, 2017. REUTERS/Joshua Roberts By David Lawder - WASHINGTON WASHINGTON New U.S. Commerce Secretary Wilbur Ross said President Donald Trump did not endorse a proposed border tax system on Tuesday in his first speech to Congress on Tuesday, despite a vow to level the tax playing field for U.S. companies that export. Ross, speaking to reporters after the speech, said that Trump was merely pointing out an export tax inequity between the United States and many other countries, not specifying how it should be remedied. Trump said he was asking for a change in the way U.S. imports are taxed, saying that other countries "make us pay very high tariffs and taxes," but the United States charges "nothing or almost nothing" on imports. Trump referred to tariffs of 100 percent by some countries on U.S.-made Harley-Davidson Inc ( HOG.N ) motorcycles, saying that the company was used to being "mistreated" in foreign markets. "They weren''t even asking for a change, but I am," Trump told the joint session of Congress. Asked if Trump''s remarks on the topic effectively endorsed a plan by House of Representatives Republicans to levy a border tax of about 20 percent on imports into the United States, Ross said, "No, he did not." "What he addressed was the issue that needs to be solved, which is there''s inequitable treatment of the U.S. Other countries have a value-added tax which they rebate on exports," Ross said. He said the World Trade Organization has turned down past U.S. requests to allow American companies to deduct income taxes paid on exports. The proposed border tax is under attack from import-heavy businesses but is supported by large exporters, such as manufacturers. "Border advisability, other programs are possible ways of solving that. But I didn''t hear him coming out clearly in favor of any one system," said Ross, who was sworn in earlier on Tuesday. Trump has not clearly endorse or opposed the border tax proposal, although he spoke favorably of it in a Reuters interview. He has also called the proposal "too complicated." Asked if WTO compliance was a crucial factor in the solution, Ross, a billionaire investor and corporate turnaround expert, said that the first negotiation over export tax would be with Congress. (Reporting by David Lawder; Editing by Jonathan Oatis) Next In Politics Trump intelligence nominee supports probes on Russian interference WASHINGTON President Donald Trump''s nominee to be the director of national intelligence pledged on Tuesday to support thorough investigation of any Russian efforts to influence the 2016 presidential election, seeking to reassure lawmakers worried that partisan politics might interfere with a probe.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-trump-trade-idUSKBN168397'|'2017-03-01T12:11:00.000+02:00'
'074ba5c44bfd855f15bc7f1c28f8f578b5cfe8d4'|'METALS-London copper edges up as demand view brightens'|'* Strike continues at Noranda zinc processing plant in Canada* Workers at Chile''s Escondida block a highway* Coming up: euro zone inflation for Feb at 1000 GMT (Adds comment, detail; updates prices)By Melanie BurtonMELBOURNE, March 2 London copper defied a strong dollar on Thursday to climb towards its highest in more than a week, buoyed by improving manufacturing reports out of Asia and the United States that brightened the outlook for demand.China''s factory activity expanded faster than expected in February as domestic and export demand picked up, while South Korea''s industrial production surged at its quickest pace in over seven years in January."Positive economic data and further supply-side issues should see metal prices well supported today," ANZ said in a report.London Metal Exchange copper had risen 0.2 percent to $6,025.50 a tonne by 0222 GMT, adding to 0.7-percent gains from the previous session when prices marked their strongest since Feb. 21 at $6,090 a tonne.Shanghai Futures Exchange copper was up 0.9 percent at 48,720 yuan ($7,077) a tonne.A three-week-long strike at Chile''s Escondida, the world''s biggest copper mine, turned ugly on Wednesday when a group of striking workers blocked a highway, provoking confrontations with the police.U.S. consumer spending cooled in January as demand for automobiles and utilities fell, but inflation recorded its biggest monthly increase in four years, raising the probability of an interest rate hike from the Federal Reserve this month.Expectations of a rate hike propelled the dollar higher and dampened some interest in metals, making them more expensive for buyers holding other currencies.Supply concerns pushed up LME zinc by 0.4 percent to $2,872 a tonne, with around 50,000 tonnes of the metal reserved to be taken out of warehouses in the past week MZNSTX-TOTAL.Elsewhere, Noranda Income Fund said it was deferring its 2017 zinc production and sales forecasts due to an ongoing strike by workers at its Quebec processing plant, the second-largest in North America.Meanwhile, China has ordered steel and aluminium producers in 28 cities to slash output during winter, outlined plans to curb coal use in the capital and required coal transport by rail in the north, as Beijing intensifies its war on smog, a policy document shows.LME aluminium prices rallied 1.3 percent on Wednesday to hit the highest in more than 20 months at $1,957 a tonne. Prices on Thursday retraced some of those gains to $1,941.50.PRICESThree month LME copperMost active ShFE copperThree month LME aluminiumMost active ShFE aluminiumThree month LME zincMost active ShFE zincThree month LME leadMost active ShFE leadThree month LME nickelMost active ShFE nickelThree month LME tinMost active ShFE tin($1 = 6.8817 Chinese yuan renminbi) (Reporting by Melanie Burton; Editing by Richard Pullin and Joseph Radford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/global-metals-idINL3N1GF1K1'|'2017-03-02T00:03:00.000+02:00'
'c56249cfb87e4a6a1ea356b3dab6d009e0716d5e'|'U.S. SEC takes aim at municipal bank loan disclosure'|'WASHINGTON, March 1 The U.S. Securities and Exchange Commission agreed on Wednesday to move forward with proposals requiring the disclosure of bank loans and other private financial deals entered into by municipal bond market issuers.Borrowing by states, cities, schools and others through bank loans and private placements have raised concerns that problems with that debt could affect the prices of the issuers'' publicly sold bonds.The amount of commercial bank loans to state and local governments has more than doubled since the financial crisis, increasing from $66.5 billion at the end of 2010 to $153 billion by the end of 2015, according to the SEC.The federal market regulator said the plan would add the undertaking of these borrowings to the list of material events that should be disclosed.In addition, any related actions - such as defaults or loan term modifications that would indicate financial difficulties on the part of the muni issuer - would be subject to disclosure.Municipal brokers, dealers and underwriters would be required to ensure that issuers disclose this information to the Municipal Securities Rulemaking Board within 10 business days of its occurrence.Currently, such disclosure by issuers is voluntary.The SEC said it will seek public comment on the proposal before taking its final action.The National Federation of Municipal Analysts in August urged the SEC and Congress to improve muni market disclosure citing bank loans.The group noted that "failure to publicly disclose bank loans to all market participants can lead to unexpected rating changes that negatively impact bond pricing." (Reporting by Sarah N. Lynch, writing by Karen Pierog; editing by Daniel Bases, G Crosse)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-municipals-sec-idINL2N1GE1M1'|'2017-03-01T16:03:00.000+02:00'
'ea454cf069a0d118f5c19fe0c10e29a71d83fc8a'|'UPDATE 1-Noranda defers 2017 zinc forecasts due to Quebec plant strike'|' 35pm EST UPDATE 1-Noranda defers 2017 zinc forecasts due to Quebec plant strike (Adds comment from union president, stock price, updates zinc price) By Susan Taylor TORONTO, March 1 Noranda Income Fund said on Wednesday it was deferring its 2017 zinc production and sales forecasts due to an ongoing strike by workers at its Quebec processing plant, the second-largest in North America. It is uncertain how long the strike, which began Feb. 12, will continue at the zinc processing facility in Salaberry-de-Valleyfield, said Noranda, as it announced fourth-quarter results. The plant''s 371 unionized workers, represented by the United Steelworkers of America, walked off the job after the two sides could not agree on proposed pension plan changes in a new collective bargaining agreement. "We''re waiting for management to call us," said USW Local 6486 President Manon Castonguay, adding that no meetings are currently scheduled. Members are "going strong," she said, adding that "they''re not going to give up what we fought for." Operations at the plant, the biggest in eastern North America and managed by a subsidiary of Glencore Canada, have resumed "partial production," with management operating the facility, Noranda said. "Management is in the process of evaluating its production capacity under this scenario," it said in a statement. The company said it expects 2017 financial results to be adversely impacted by the shift to market terms, with spot treatment charges near historic lows. Noranda will pay market prices starting May 3, replacing the previous fixed rate. Zinc prices have nearly doubled since January 2016 due to a shortage tied to mine closures and shutdowns. The price of zinc was up 1.35 percent on Wednesday at $2,861 a tonne. In the fourth quarter, Noranda said zinc metal production increased to 72,291 tonnes, from 71,971 tonnes in same period last year. Sales declined to 69,196 tonnes from 79,552 tonnes. Noranda posted a C$29.8 million ($22.39 million) loss before income taxes in the three months to Dec. 31, compared to earnings before income taxes of C$900,000 in the year-prior quarter. The decline reflects lower net revenue, which dropped to C$83 million from C$91.2 million, and a C$52 million impairment charge, the company said. Efforts to boost efficiency and reduce costs led to 2016 production of 277,022 tonnes of zinc metal and a 2 percent cut to operating costs, Noranda said. Noranda units were down 1.3 percent at C$1.52 on the Toronto Stock Exchange Wednesday afternoon. Year-to-date, the units have lost 36 percent of their value. ($1 = 1.3311 Canadian dollars) (Reporting by Susan Taylor; Editing by Paul Simao and Diane Craft)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/noranda-income-results-idUSL2N1GE1GI'|'2017-03-02T01:35:00.000+02:00'
'91d2e1e271f538f44e4b6e6edc3b4bdc404071bc'|'Fed''s Kaplan says should raise rates soon so hikes can be gradual'|' 10pm GMT Fed''s Kaplan says should raise rates soon so hikes can be gradual A police officer keeps watch in front of the U.S. Federal Reserve in Washington October 12, 2016. REUTERS/Kevin Lamarque DALLAS Dallas Federal Reserve Bank President Robert Kaplan repeated his view that the Fed should raise rates sooner rather than later so that rate hikes can be slow and gradual. "We should begin the process sooner so we can ensure that it is gradual and patient," Kaplan said at an event at Paul Quinn College in Dallas. "My fear is if you get a situation where inflation starts to heat up and you overshoot employment, we might be in a position at the Fed where we have to raise very dramatically which history has shown tends to create recessions and cause job growth to be weaker." Kaplan is a voting member this year of the Fed''s policy-setting panel. (Reporting by Lisa Maria Garza; reporting by Ann Saphir; Editing by Chizu Nomiyama)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-fed-kaplan-idUKKBN1685EM'|'2017-03-02T02:10:00.000+02:00'
'ed0b0d9e872e865362b53be65f9ca7c79473f0b2'|'UPDATE 1-UK Stocks-Factors to watch on March 1'|'(Adds company news items, futures)March 1 Britain''s FTSE 100 index is seen opening up 23.1 points on Wednesday, according to financial bookmakers, with futures up 0.1 percent ahead of the cash market open.* The UK blue chip index closed 0.1 percent higher at 7263.44 on Tuesday, as gains by GKN Plc and Pearson Plc outweighed losses from basic resources stocks.* UNILEVER: Unilever is proposing changes to how it pays executives and directors in order to make them think more like owners of the business, less than two weeks after seeing off a $143 billion takeover pursuit by U.S. rival Kraft Heinz.* VODAFONE: Sky Network Television will not yet cancel its agreement to buy Vodafone''s New Zealand unit after the country''s competition regulator rejected the proposal, the firms said.* 21ST CENTURY FOX/SKY: Rupert Murdoch''s Twenty-First Century Fox Inc could formally notify the European Commission of its 11.7 billion pound ($14.47 billion) takeover offer for Sky as soon as Thursday, after which the UK culture secretary will decide whether to launch a probe into the extent of Murdoch''s control of UK media, the Guardian reported on Tuesday. ( bit.ly/2m55zjf )* FORD: U.S. carmaker Ford Motor Co plans to cut 1,160 jobs at its at its engine plant in Bridgend by 2021, ITV News reported on Tuesday. ( bit.ly/2lRIMqG )* UK PRICES: Prices in British shops showed the smallest annual decline in over three years last month, adding to signs of growing inflation pressures after last year''s post-referendum fall in the pound, data showed on Wednesday.* UK INDUSTRY: Prime Minister Theresa May''s flagship industrial strategy lacks "clear actions and milestones", the head of the Confederation of British Industry will say on Wednesday, challenging ministers to set out what exactly they plan to do, the Financial Times reported on Tuesday. ( on.ft.com/2mIXKgz )* SCOTLAND: The "sheer intransigence" of the British government over Brexit could lead to a second Scottish independence referendum, the head of the devolved Scottish government said on Tuesday.* GLOBAL MARKETS: U.S. stock futures pared gains on Wednesday on disappointment that President Donald Trump did not offer further details on his plans for infrastructure spending and tax reforms, but the dollar firmed on growing expectations of a rate hike this month.* ITV: ITV, Britain''s biggest free-to-air commercial broadcaster, reported a 3 percent rise in adjusted earnings per share (EPS) as growth in its studios production business more than offset a drop in advertising revenue.* BRITAIN HOUSING PRICES: British house price rises unexpectedly picked up speed in February, recovering from the weakest month for more than a year in January, mortgage lender Nationwide said on Wednesday.* OIL: Crude oil prices rose on Wednesday as the dollar trimmed gains and a speech by U.S. President Donald Trump offered little on plans by his administration to boost U.S. oil production.* FEDERAL RESERVE: A handful of Federal Reserve policymakers on Tuesday jolted markets into higher expectations for a March U.S. interest rate increase, with comments that suggested rate-setters are worried about waiting too long in the face of pending economic stimulus from Washington.* For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarketsTODAY''S UK PAPERS> Financial Times> Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com ($1 = 0.8085 pounds) (Reporting by Abhijith Ganapavaram in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-stocks-factors-idINL3N1GE33U'|'2017-03-01T04:37:00.000+02:00'
'e6acfe600cec9f063da16a17cc65a70aab1c10d5'|'Nigeria files new charges against Shell, Eni, others over 2011 oilfield purchase - court documents'|'Business News - Thu Mar 2, 2017 - 8:31pm GMT Nigeria files new charges against Shell, Eni, others over 2011 oilfield purchase - court documents ABUJA Nigeria''s financial crime watchdog has filed new corruption charges against Royal Dutch Shell ( RDSa.L ), Eni ( ENI.MI ) and others regarding the $1.3 billion purchase of a long-disputed oilfield in 2011, according to court documents released on Thursday. The charges of conspiracy to commit a felony and official corruption were made after an investigation by Nigeria''s Economic and Financial Crimes Commission (EFCC) found new evidence, Jonson Ojogbane, an EFCC senior prosecutor named in the documents, told Reuters by telephone. Eni said it had not received any notification about the charges and that the company "reaffirms the correctness of its conduct" in the acquisition of the licence. Shell did not immediately respond to requests for comment. The case is the latest of several inquiries, following those by Dutch and Italian authorities, into the 2011 purchase of Nigerian oil prospecting licence OPL 245 block, which could hold up to 9.23 billion barrels of oil, according to industry figures. A Nigerian court ordered in January the seizure of the oilfield assets and transfer of operations to the federal government on the request of the EFCC. On March 13 a court will rule on a request by Shell and Italy''s Eni to lift the temporary seizure. The targets of EFCC''s new charges include Shell''s local subsidiary, Eni and its local subsidiary, directors of those companies, a Nigerian former oil minister and a former justice minister. The court filing alleges those involved conspired to commit a felony and violated corruption laws by paying $801 million to Nigerian officials for OPL 245 in 2011. The oilfield''s licence was initially awarded in 1998 by former Nigerian oil minister Dan Etete to Malabu Oil and Gas, a company in which he held shares and which is also named in the new charges. Reuters could not immediately reach Etete or Malabu for comment. The licence was then sold for $1.3 billion in 2011 to Eni and Shell. A British court document has shown that Malabu received $1.09 billion from the sale, while the rest went to the Nigerian government. Last month Eni backed CEO Claudio Descalzi after judicial sources said that prosecutors had asked for him to be tried over alleged corruption in the OPL 245 case. Descalzi has denied any wrongdoing.s (Reporting by Tife Owolabi and Paul Carsten; Editing by Mark Potter and David Goodman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-nigeria-oil-idUKKBN1692SC'|'2017-03-03T03:31:00.000+02:00'
'9570b70de400da73015e11e7b03cbc9b46ca390d'|'KKR teams up Michael Dell in offer for Germany''s GfK'|'FRANKFURT American IT entrepreneur Michael Dell has agreed a deal to take a stake in the investment vehicle that private equity firm KKR ( KKR.N ) is using to invest in German research firm GfK SE ( GFKG.DE ).Dell built up a stake of just over 10 percent in GfK via his MSD Capital fund, potentially throwing into doubt KKR''s plans to take over the German company together with GfK Verein.KKR said in a statement late on Friday it has agreed to acquire around 3.7 million shares, equivalent to a 10.07 percent stake in GfK from three shareholders. The three shareholders are funds managed by Michael Dell.KKR will pay around 50 million euros ($53.1 million) for a portion of the shares, while around 6.89 percent of the shares will be exchanged for a stake in the investment vehicle through which KKR is investing in GFK, according to the statement.The deal means KKR and GfK Verein have together passed the 75 percent threshold they needed for the 43.50 euro per share offer for GfK to succeed.The takeover values the German company at about 1.69 billion euros.(Reporting by Alexander Huebner; Writing by Victoria Bryan; '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-gfk-m-a-dell-idINKBN16B0C0'|'2017-03-04T09:43:00.000+02:00'
'aa0f72af2722a078296eaa2a053622232b6cbf04'|'BRIEF-Whitestone REIT reports Q4 earnings per share $0.01'|' 36pm EST BRIEF-Whitestone REIT reports Q4 earnings per share $0.01 March 1 Whitestone REIT: * Whitestone REIT sees 2017 ffo and ffo core to range from $1.00 to $1.05 and $1.34 to $1.39 per share, respectively * Whitestone REIT qtrly funds from operations $0.34 per share * Whitestone REIT reports strong fourth quarter results * Q4 earnings per share $0.01 * Q4 earnings per share view $0.07 -- Thomson Reuters I/B/E/S * Q4 FFO per share view $0.34 -- Thomson Reuters I/B/E/S * Fy2017 FFO per share view $1.35 -- Thomson Reuters I/B/E/S Source text for Eikon:    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-whitestone-reit-reports-q4-earning-idUSASB0B38D'|'2017-03-02T04:36:00.000+02:00'
'993ec84d9eae0ed4a28f5a13241d33f67be1bc29'|'TABLE- Top-20 selling vehicles in U.S. in February'|'March 1 The following are the 20 top-selling vehicles in the U.S. in February as reported by the automakers and ranked by total units. Top 20 selling vehicles in U.S. in February. RANK VEHICLE February 2017 February 2016 PCT CHNG 1 Ford F-Series P/U 65,956 60,697 +8.7 2 Chevy Silverado-C/K P/U 50,504 43,136 +17.1 3 Ram P/U 39,046 37,087 +5.3 4 Nissan Rogue 33,149 21,561 +53.7 5 Honda CR-V 31,898 25,250 +26.3 6 Ford Escape 27,637 23,854 +15.9 7 Toyota Camry 27,498 32,405 -15.1 8 Toyota Corolla 27,161 30,659 -11.4 9 Honda Civic 27,039 27,707 -2.4 10 Nissan Altima 26,543 28,320 -6.3 11 Toyota RAV4 26,351 25,523 +3.2 12 Honda Accord 23,455 25,785 -9.0 13 Chevrolet Equinox 22,464 19,825 +13.3 14 Ford Explorer 19,145 20,014 -4.3 15 Jeep Grand Cherokee 18,925 16,990 +11.4 16 GMC Sierra P/U 17,618 15,202 +15.9 17 Ford Fusion 16,512 25,442 -35.1 18 Nissan Sentra 16,010 20,599 -22.3 19 Hyundai Elantra 15,954 11,973 +33.2 20 Toyota Highlander 15,928 12,466 +27.8 Top 20 selling vehicles in U.S. through February. RANK VEHICLE YTD 2017 YTD 2016 PCT CHNG 1 Ford F-Series P/U 123,951 112,237 +10.4 2 Chevy Silverado-C/K P/U 86,057 80,999 +6.2 3 Ram P/U 72,815 69,651 +4.5 4 Nissan Rogue 61,909 41,323 +49.8 5 Honda CR-V 61,185 44,458 +37.6 6 Honda Civic 50,134 54,448 -7.9 7 Toyota Corolla 48,728 54,271 -10.2 8 Toyota RAV4 48,506 47,077 +3.0 9 Ford Escape 48,225 43,073 +12.0 10 Toyota Camry 47,811 59,253 -19.3 11 Nissan Altima 45,474 50,476 -9.9 12 Honda Accord 42,991 46,550 -7.6 13 Chevrolet Equinox 40,038 38,399 +4.3 14 Jeep Grand Cherokee 36,226 30,965 +17.0 15 Chevrolet Cruze 35,316 27,360 +29.1 16 Ford Explorer 34,439 34,280 +0.5 17 Ford Fusion 32,027 45,319 -29.3 18 GMC Sierra P/U 31,350 29,583 +6.0 19 Nissan Sentra 29,454 36,743 -19.8 20 Hyundai Elantra 29,139 21,858 +33.3 (Compiled by Bengaluru Newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/autosalesusa-top-idINL3N1GE5GE'|'2017-03-01T16:53:00.000+02:00'
'3cd8a485457bf0648818611624aeac8c1a439861'|'China central bank - fluctuation in interest rates to be decided by market forces'|' 17am GMT China central bank - fluctuation in interest rates to be decided by market forces People''s Bank of China Deputy Governor Yi Gang attends a conference during the 2016 IIF G20 Conference at the financial district of Pudong in Shanghai, China, February 25, 2016. REUTERS/Aly Song BEIJING China''s interest rates will be decided by market forces, and the rates are generally very stable, Yi Gang, a vice central bank governor, said on Friday. Yi said ahead of the annual meeting of the Chinese People''s Political Consultative Conference (CPPCC), which advises the parliament, when asked about whether the central bank will raise interest rate on its reverse repurchase agreements (repos). The central bank raised interest rates on its repos and the standing lending facility SLF on Feb. 3, following a rise in rates on the medium-term lending facility (MLF) in late January. (Reporting by Coco Li and Xiangming Hou, Writing by Kevin Yao; Editing by Jacqueline Wong)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-parliament-cenbank-idUKKBN16A0L2'|'2017-03-03T14:17:00.000+02:00'
'd08802cbda5c171282f6812908e9242263a5bf8a'|'Mining royalties Glencore said were for Congo went to Israeli billionaire'|' 14am GMT Mining royalties Glencore said were for Congo went to Israeli billionaire By Aaron Ross - KINSHASA KINSHASA Tens of millions of dollars in royalties and signing bonuses that Glencore ( GLEN.L ) told an independent transparency board it had paid to Congo''s state mining company actually went to a business controlled by Israeli billionaire Dan Gertler, advocacy group Global Witness said in a report on Friday. Glencore-controlled Kamoto Copper Co (KCC) told the Extractive Industries Transparency Initiative (EITI) in 2013 and 2014, in publicly-available disclosures, the payments were made to Gecamines, the state company. EITI audits payments by mining companies to governments annually, an initiative the companies sign up to voluntarily. Glencore acknowledged in a statement to Reuters that KCC paid the royalties and signing bonuses in 2013 and 2014 to Africa Horizons Investment Ltd (AHIL), a wholly owned subsidiary of Gertler''s Fleurette Group, rather than Gecamines. But Glencore said this was what Gecamines instructed it to do. Glencore said the payments to AHIL "discharged KCC''s obligation to make these payments to Gecamines." Glencore said KCC made the payments to AHIL "in accordance with the payment instruction from Gecamines and the subsequent tri-partite royalties agreement between KCC, Gecamines and AHIL". Reuters was not able to review the documents providing these instructions. The chairman of the Gecamines board and its interim director-general could not be reached for comment about the payment of royalties and signing bonuses. Fleurette confirmed that it received the payments. Glencore has said in the past that it adheres to strict anti-corruption standards. Some Campaign groups including Global Witness have accused Gertler of exploiting his friendship with Congo President Joseph Kabila to ink sweetheart deals with the state that have cost the Congolese treasury millions. Gertler and Kabila have both denied that. Gertler has long denied any improper conduct and says his investments have contributed to Congo''s economic development. AHIL has been receiving Gecamines'' 2.5 percent royalty stream since at least 2013, though this was only made public last November in a separate report by Global Witness. Fleurette has said AHIL bought the royalty right from Gecamines, although it has not disclosed for how much. Reuters could not determine how AHIL acquired the rights to the signing bonuses. Fleurette did not respond to a Reuters question about the signing bonuses but said in a statement that Gecamines stood to benefit from having sold the royalty stream, which Fleurette has said proved less lucrative for AHIL than anticipated. According to EITI reports and KCC''s 2014 financial statement, reviewed by Reuters, KCC paid more than $70 million in signing bonuses and royalties to AHIL in 2013 and 2014. Last month, Glencore bought Fleurette Group''s 31 percent stake in the Mutanda copper mine in southeastern Congo and its smaller stake in KCC for a total of $960 million. A Fleurette spokesman told Reuters after the sale that the company had retained its royalty streams in Mutanda and KCC. (Editing by Tim Cocks and Dale Hudson)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-congo-mining-glencore-idUKKBN16A00Y'|'2017-03-03T07:14:00.000+02:00'
'cc02652eda400a41f6e26e401095d683534d7f85'|'Australia new vehicle sales slip in Feb-VFACTS'|' 41pm EST Australia new vehicle sales slip in Feb-VFACTS SYDNEY, March 3 Australian new vehicle sales turned lower in February even as sales of sport utility vehicles outpaced those of passenger cars for the first time ever. The Australian Federal Chamber of Automotive Industries'' VFACTS report out on Friday showed 89,025 new vehicles were sold in February, down 7.7 percent on the same month last year. February this year had one less selling day than in 2016. Sales of SUVs dipped 3.7 percent on last year, but took 39.9 percent of the market just ahead of passenger vehicles which suffered a steep 12.2 percent decline. Sales of light commercial vehicles fell 5.6 percent, while sales in the heavy vehicle market dropped 9.7 percent. Toyota Motor Corp retained first place on the sales ladder with 18.3 percent of the market. Mazda Motor Corp had another strong month taking 11.1 percent. Hyundai Motor took third spot with 7.9 percent, ahead of Mitsubishi with 6.5 percent. The Holden unit of General Motors and Ford both held 6.4 percent. (Reporting by Wayne Cole; Editing by Shri Navaratnam)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/australia-economy-vehicleregistrations-idUSL3N1GG1AO'|'2017-03-03T08:41:00.000+02:00'
'02d71e11eacd78207fa91172ed6b717cfc1705f0'|'Ireland to select bookrunners, managers as AIB IPO inches closer'|' 08pm GMT Ireland to select bookrunners, managers as AIB IPO inches closer DUBLIN Ireland''s government will select bookrunners and co-lead managers to assist a potential share sale of state-owned Allied Irish Banks ( ALBK.I ) (AIB), it said on Friday, in a further signal that it could launch an IPO by May. Finance minister Michael Noonan said on Thursday following the bank''s full-year results that AIB''s performance supported the view that 2017 is an appropriate time to consider pushing ahead with a planned 25 percent stake sale in the bank. Last month, Noonan raised the possibility of doing so as early as May as markets improve. Ireland''s finance department said it had initiated a tender process to pick bookrunners and co-lead managers who would assist with the marketing and sale of shares in AIB at the time of an initial public offering. Bank of America Merrill Lynch ( BAC.N ), Deutsche Bank ( DBKGn.DE ) and Davy Stockbrokers were appointed as global coordinators in December. Last year, Ireland pushed back the timetable for selling its stake, citing unfavourable market conditions, but Noonan has said rising bank share prices suggest he might get the value needed while the bank''s chief financial officer said on Thursday that conditions at the moment are "pretty receptive". The 99.9 percent state-owned bank became the first domestic-owned Irish lender to restart dividends since the financial crash almost a decade ago, proposing a 250 million euro payment on as it reported strong margin and capital growth during 2016. (Reporting by Padraic Halpin; editing by Susan Thomas)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-aib-ipo-idUKKBN16A1VN'|'2017-03-03T23:08:00.000+02:00'
'6245a3fa90f683cf494d62fd887e57506db73f2c'|'BRIEF-Northern Graphite announces non-brokered private placement'|' 15am EST BRIEF-Northern Graphite announces non-brokered private placement March 3 Northern Graphite Corp * Northern Graphite announces non-brokered private placement * Northern Graphite says non-brokered private placement of up 8.33 million units at a price of $0.30 per unit for gross proceeds of up to $2.5 million * Northern Graphite says net proceeds of placement will be used to finalize operational permitting for Bissett Creek graphite project, among others   Further  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-northern-graphite-announces-non-br-idUSASB0B3O9'|'2017-03-03T21:15:00.000+02:00'
'4c2673103f6e95f2ea8823da122d61615a94007a'|'''You''ve got to live it 24/7'' – Confessions of a Small Business - Guardian Small Business Network'|'Photograph: Anna Gordon Subscribe via iTunes Download MP3 Podcast feed URL Supported by About this content Share on Facebook Share on Twitter Share via Email View more sharing options Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger Close Presented by Coco Khan and produced by Rowan SlaneyFriday 3 March 2017 12.00 GMTSubscribe and review on iTunes , Soundcloud & Mixcloud and join the discussion on Facebook and Twitter .Nick Edwards, founder of software company Papaya , appeared on the panel at the Guardian Small Business Network’s Confessions of a Small Business event on 6 February.Edwards originally started his business to assist the manufacturing industry with drug and alcohol testing, but quickly evolved the idea into a digital platform. After building the system with a developer, he arranged to meet him to buy the intellectual property rights to the technology. He didn’t show.Edwards would later find out his developer had been killed in a hit-and-run incident, leaving him with a crashing system he couldn’t support. “I was completely vulnerable, I didn’t know what to do,” he says. “I had customers but no product. I needed to start again from scratch.”In doing so, Edwards says the business evolved to the human resources platform it is today and was built in partnership with his existing manufacturing partners. But the pivot cost time and money. “You’ve got to have the make up to start a business,” he adds. “You have to live and breathe it, you’re working on it 24/7. It brings a lot of reward, and a lot of headaches.”Guardian Small Business Network Adventures in Business'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/small-business-network/audio/2017/mar/03/confessions-small-business-podcast-papaya-nick-edwards'|'2017-03-03T20:00:00.000+02:00'
'c2b29ac843b311b707a97ebcd61e36519219a656'|'AB InBev raises merger savings after weak year end'|'Business   6:25am GMT AB InBev raises merger savings after weak year end A bartender serves a beer produced by brewing company SAB Miller at a bar in Cape Town, September 16, 2015. REUTERS/Mike Hutchings/File Photo BRUSSELS Anheuser-Busch InBev ( ABI.BR ), the world''s largest brewer, raised its forecast for savings from its near $100 billion takeover of SABMiller after weaker than expected earnings as beer sales suffered in Brazil. The company, now more than double the size of nearest rival Heineken ( HEIN.AS ), increased its cost savings and synergy target to $2.8 billion from $2.45 billion. This includes $1.05 billion that SABMiller had previously announced before the merger. The brewer of Budweiser, Stella Artois and Corona, which makes more than a quarter of the world''s beer, said it had already captured $829 million of savings. The balance of about $2 billion would come in the next three to four years. (Reporting by Philip Blenkinsop; editing by Robert-Jan Bartunek) Next In Business News Fed tees up March rate hike as key policymaker shifts tone BOSTON/SAN FRANCISCO The Federal Reserve is setting the stage for a U.S. interest-rate increase later this month, with the central bank''s leading voice on international economics saying the global economy seems to have turned a corner, clearing the way for a hike "soon." DBS CEO says wealth management to account for a fifth of bank''s revenue SINGAPORE DBS Group Holdings Ltd expects to expand its wealth management operations as Asia''s wealth grows, accounting for as much as 20 percent of the bank''s total income over the next few years, Piyush Gupta, the CEO of Southeast Asia''s largest bank by assets, said. TOKYO Ask the president of Japan''s largest daycare chain what his biggest headache is, and Kazuhiro Ogita doesn''t hesitate: workers and wage costs. Not enough of one, too much of the other. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-abinbev-results-idUKKBN1690K6'|'2017-03-02T13:25:00.000+02:00'
'5e03a1429c78138afabaea6d9bcd7ee2e447230f'|'Capita misses profit target again, CEO to step down'|' 44am GMT Capita misses profit target again, CEO to step down LONDON British outsourcing group Capita ( CPI.L ) said its chief executive Andy Parker would step down after the group reported a 19 percent fall in 2016 underlying pre-tax profit, missing forecasts again. After a string of profit warnings and doubts over its strategic direction, Capita said it did not expect sustainable profit growth before 2018. Underlying profit before tax fell 19 pct to 475.3 million pounds ($585 million) in 2016, missing the company''s target for at least 515 million pounds. Capita said Parker would step down later this year. Capita, which provides IT-enabled business services to banks and investors, the national health service, retailers and utilities, has been forced to cut costs and dispose of assets to make its debt more manageable after a period of slower contract awards. "2016 was a challenging year and Capita delivered a disappointing performance," Parker said. "We expect 2017 to be a transitional year for the business, as we complete our disposals, bed down the structural changes inside the business, and re-position Capita for a return to growth in 2018." The group maintained its dividend at the 31.7 pence it paid out last year.   Elisabeth O''Leary; editing by Kate Holton)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-capita-results-idUKKBN1690R2'|'2017-03-02T14:44:00.000+02:00'
'7b8520c0feea694478c6f587fce9670801670db5'|'Deutsche Telekom writes down BT stake by 2.2 billion euros'|'Business   6:44am GMT Deutsche Telekom writes down BT stake; German profit up BONN, Germany Deutsche Telekom ( DTEGn.DE ) wrote down the value of its 12 percent stake in Britain''s BT ( BT.L ) by 2.2 billion euros ($2.3 billion), pushing it to a fourth-quarter net loss of 2.12 billion euros from a profit of 946 million euros a year earlier. Shares in the UK''s biggest telecoms provider fell by about a fifth over the course of 2016, hurt by Britain''s vote to leave the European Union. The BT stake is now valued at 5.1 billion euros in Deutsche Telekom''s books. Deutsche Telekom reported a 2 percent increase in fourth-quarter adjusted core profit (EBITDA) to 5.26 billion euros on Thursday, driven by its T-Mobile US ( TMUS.O ) unit but also lifted by a 3 percent increase in German adjusted EBITDA. The profit in Germany of 2.14 billion euros was better than the average estimate of 2.12 billion euros in a Reuters poll and represented the first rise in several years, lifted by broadband and stabilising mobile service prices. Europe''s biggest telecoms group by revenue proposed a 9 percent increase in its 2016 dividend to 0.60 euros per share, below the Reuters poll average but equal to the median estimate. Free cash flow also rose by 9 percent over the year. Deutsche Telekom said 2017 sales should grow by an unspecified amount but consistent with its 1-2 expected average for 2014-16, and adjusted EBITDA should rise by just under 4 percent, with a 12 percent increase in free cash flow. ($1 = 0.9497 euros) (Reporting by Georgina Prodhan; Editing by Maria Sheahan) Next In Business News Fed tees up March rate hike as key policymaker shifts tone BOSTON/SAN FRANCISCO The Federal Reserve is setting the stage for a U.S. interest-rate increase later this month, with the central bank''s leading voice on international economics saying the global economy seems to have turned a corner, clearing the way for a hike "soon." DBS CEO says wealth management to account for a fifth of bank''s revenue SINGAPORE DBS Group Holdings Ltd expects to expand its wealth management operations as Asia''s wealth grows, accounting for as much as 20 percent of the bank''s total income over the next few years, Piyush Gupta, the CEO of Southeast Asia''s largest bank by assets, said. BEIJING China''s commerce ministry hopes the European Union will completely halt anti-dumping and anti-subsidy measures on Chinese solar panels, the ministry said in a statement on its website on Thursday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-deutsche-telekom-results-idUKKBN1690K4'|'2017-03-02T13:31:00.000+02:00'
'3ff876313b50fe4ea0fe13b87788bea3c9610c55'|'Boeing sounds out Indian carriers on 737 MAX-10 aircraft'|'Business News - Fri Mar 3, 2017 - 9:10am EST Boeing sounds out Indian carriers on 737 MAX-10 aircraft The logo of Boeing (BA) is seen in Los Angeles, California, United States, April 22, 2016. REUTERS/Lucy Nicholson/File Photo By Rachit Vats and Ankit Ajmera Boeing Co ( BA.N ) has approached India''s SpiceJet Ltd ( SPJT.BO ) and Jet Airways Ltd ( JET.NS ) as it gauges airlines'' interest in its 737 MAX-10 aircraft, the stretched version of the yet-to-be-delivered 737 MAX narrow-body jetliner, a senior executive said. Indian carriers are rapidly expanding to meet demand in the world''s fastest-growing aviation market, with most of the growth involving flights into and out of the country''s biggest cities. "We have presented it to both the airlines what the airplane looks like, and it''s in a very preliminary stage," Dinesh Keskar, senior vice president, Asia Pacific and India sales, Boeing Commercial Airplanes, told Reuters. "If you are flying to the metros this (737 MAX-10) will be a perfect airplane, because runways are long, demand is there, frequency is already there." Airplane makers typically line up orders before deciding whether to formally undertake building a new aircraft. SpiceJet and Jet Airways have the option to substitute some of their existing orders of MAX planes with the MAX-10, Keskar said. In January, budget airline SpiceJet agreed to buy 100 new 737 MAXs aircraft with an option for 50 more, while Jet Airways had 75 orders for the 737 MAX through January 2017. SpiceJet and Jet Airways did not respond to requests for comment. Boeing is creating up to five versions of MAX, which will replace the current 737 "NG" introduced in 1997 and offer greater fuel efficiency. The company has been looking at the feasibility of the 737 MAX-10 - the biggest aircraft in the MAX family - to take on rival Airbus ( AIR.PA ), which has had strong sales of its A321neo, its largest single-aisle aircraft. The first MAX model in production, the MAX-8, is on track to reach customers by mid-year. The A321neo competes with Boeing''s MAX-9, which carries a list price of $116.6 million and seats as many as 220 passengers. The A321neo seats as many as 236 and has a list price of $127 million. Keskar said the incremental cost to operate the MAX-10 is going to be very little and airlines may face slightly higher costs on fuel, food and an extra cabin attendant. "But your potential gain in the revenue will be phenomenal," he said. (Reporting by Rachit Vats and Ankit Ajmera in Bengaluru; Editing by Sriraj Kalluvila) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-boeing-airplane-india-idUSKBN16A1LO'|'2017-03-03T21:10:00.000+02:00'
'17c2eb2862565cf52a173f2d5641eb5053ced573'|'Fed''s Yellen - March rate hike ''appropriate'' if data holds up'|'Business News - Sat Mar 4, 2017 - 12:09am IST Fed''s Yellen: March rate hike ''appropriate'' if data holds up Federal Reserve Chair Janet Yellen delivers semiannual monetary policy testimony during a House Financial Services Committee hearing on Capitol Hill in Washington, U.S., February 15, 2017. REUTERS/Yuri Gripas By Lindsay Dunsmuir and Howard Schneider - CHICAGO CHICAGO The Federal Reserve is set to raise its benchmark interest rate later this month as long as economic data on jobs and inflation holds up, Fed Chair Janet Yellen said on Friday, in comments that likely cement a rate hike at its next meeting. Several of Yellen''s U.S. central bank colleagues in recent days had also put a rise at the next rate-setting meeting on March 14-15 of the committee firmly in view. "At our meeting later this month, the committee will evaluate whether employment and inflation are continuing to evolve in line with our expectations, in which case a further adjustment of the federal funds rate would likely be appropriate," Yellen said in prepared remarks to a business luncheon in Chicago. In her comments, Yellen also said rates are likely to rise faster this year as the economy for the first time in her tenure appears clear of any imminent hurdles at home or abroad. "On the whole, the prospects for further moderate economic growth look encouraging, particularly as risks emanating from abroad appear to have receded somewhat," Yellen said. The Fed''s employment goal has largely been met, Yellen said, and inflation is perking up. Inflation data on Wednesday showed consumer prices in January posted their biggest monthly gain in four years and left the 12-month increase in prices at 1.9 percent, just below the Fed''s 2 percent target. The next monthly jobs report is scheduled for March 10. The Fed raised interest rates for only the second time in a decade at its policy meeting last December, but has forecast three rate increases this year on the back of the low unemployment rate - currently 4.8 percent - and rising inflation. Fed policymakers have also been buoyed in their economic outlook by a surge in business and consumer confidence since Republican Donald Trump was elected U.S. president. Since the Nov. 8 election, the S&P 500 has risen 11 percent. Yellen did not directly address the likely impact of the Trump administration''s economic policies in her remarks. (Reporting by Lindsay Dunsmuir and Howard Schneider; Editing by Andrea Ricci) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-usa-fed-yellen-idINKBN16A26C'|'2017-03-04T01:28:00.000+02:00'
'a15fc9d520e4a0bb95d217a6b0ad5851bd468962'|'Deutsche Telekom CEO says keen on U.S. mobile consolidation'|'Business   6:08am EST Deutsche Telekom CEO says keen on U.S. mobile consolidation left right Deutsche Telekom Chief Executive Officer Tim Hoettges delivers a keynote speech during the Mobile World Congress in Barcelona March 2, 2015. REUTERS/Albert Gea 1/2 left right People pass by a T-Mobile store in the Brooklyn borough of New York June 4, 2015. REUTERS/Brendan McDermid 2/2 BONN, Germany Deutsche Telekom is keen for its T-Mobile US subsidiary to take part in a consolidation of the U.S. mobile market and is open to being either a buyer or a seller, its chief executive said on Thursday. The German company has invested heavily in T-Mobile US to turn it into the group''s revenue and profit driver, as shown by 2016 results published earlier. "Are we rather seller or buyer? It always depends on the quality of the possibilities - I don''t prejudge," CEO Tim Hoettges told a news conference. "We do everything from the point of view of value creation." Sources told Reuters last month that Japan''s SoftBank was prepared to cede control of U.S. number-four mobile carrier Sprint to enable a Sprint-T-Mobile merger, although it had not yet approached T-Mobile. No merger talks are currently allowed between rival bidders in a U.S. airwave spectrum auction, which should end next month. (Reporting by Georgina Prodhan; Editing by Maria Sheahan) Next In Business News Exclusive: SEC advisory committee to question Snap''s transparency for investors BOSTON An investor committee that advises the U.S. Securities and Exchange Commission will next week review if Snap Inc''s decision to deny shareholders voting rights might also reduce the social media company''s public disclosures on executive pay and other governance matters, the head of that committee told Reuters on Wednesday.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-deutsche-telekom-results-consolidatio-idUSKBN1691B8'|'2017-03-02T17:57:00.000+02:00'
'6c34592efacb63f28d59817764e36ef36be254e6'|'BRIEF-Jaguar Land Rover appoints Natarajan Chandrasekaran as chairman'|' 49am EST BRIEF-Jaguar Land Rover appoints Natarajan Chandrasekaran as chairman March 3 Carmaker Jaguar Land Rover * Says natarajan chandrasekaran has been appointed director and chairman     (London newsroom)   March 3 Spotify has reported via Twitter that it now has 50 million paid subscribers, a rise of 25 percent in less than six months, and extending the music streaming service''s lead over its closest rival, Apple Music. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-jaguar-land-rover-appoints-nataraj-idUSU8N1EF00H'|'2017-03-03T20:49:00.000+02:00'
'1e648673586213ef8f0f3a9108675ecdb06fa4d2'|'UK construction picks up pace in January, but new orders slow - PMI'|'Business News - Thu Mar 2, 2017 - 9:42am GMT UK construction picks up pace in January, but new orders slow - PMI Cranes are seen on a construction site in London''s financial district of Canary Wharf, Britain December 1, 2016. REUTERS/Kevin Coombs Growth across Britain''s construction industry picked up slightly in February, driven by the civil engineering sector, though a slowdown in new orders added to recent mixed signals for the economic outlook, a survey showed on Thursday. The Markit/CIPS Construction Purchasing Managers'' Index (PMI) edged up to 52.5 from 52.2 in January, above forecasts in a Reuters poll that had pointed to an unchanged reading. Growth in housebuilding cooled to a six-month low and commercial construction activity contracted for the first time in four months, but this was outweighed by an improvement across civil engineering firms. New orders increased at the slowest pace since October and construction companies found scant respite from spiralling price pressures, which increased last month at a pace just shy of January''s 8-1/2-year record. "Survey respondents mainly cited an underlying slowdown in sales growth, with the latest rise in new work the weakest for four months," said Tim Moore, senior economist at survey compiler IHS Markit. "In some cases, construction companies reported that sharply rising input prices had a disruptive impact on contract negotiations." Optimism among construction companies declined a little after hitting a 13-month peak in January. Construction accounts for around 6 percent of British economic output, a fraction of the size of the dominant services industry. Markit is due to publish its PMI for services on Friday. The Bank of England is watching closely for signs of a slowdown in Britain''s economy this year, caused by rising inflation and weaker spending power among consumers. However, it has forecast growth of 2.0 percent, stronger than expected by economists polled by Reuters. (Reporting by Andy Bruce; editing by John Stonestreet) Next In Business News South Korea''s Lotte Duty Free says website crashed after attack from Chinese IPs SEOUL Lotte Duty Free on Thursday said a cyber attack using Chinese internet protocol (IP) addresses has crashed its website, the latest report of irregularity from a South Korean firm in China since Seoul decided to deploy a U.S. missile defence system.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-economy-pmi-idUKKBN16911K'|'2017-03-02T16:42:00.000+02:00'
'c3ca6ce382a48b1da53b4ccf3716a519463879ad'|'Yahoo says about 32 million accounts accessed using ''forged cookies'''|'Technology News - Wed Mar 1, 2017 - 11:29pm GMT Yahoo says about 32 million accounts accessed using ''forged cookies'' A photo illustration shows a Yahoo logo on a smartphone in front of a displayed cyber code and keyboard on December 15, 2016. REUTERS/Dado Ruvic/File Illustration - RTX2VKYK Yahoo Inc ( YHOO.O ), which disclosed two massive data breaches last year, said on Wednesday that about 32 million user accounts were accessed by intruders in the last two years using forged cookies. The company said some of the latest intrusions can be connected to the "same state-sponsored actor believed to be responsible for the 2014 breach", in which at least 500 million accounts were affected. "Based on the investigation, we believe an unauthorized third party accessed the company''s proprietary code to learn how to forge certain cookies," Yahoo said in its latest annual filing. These cookies have been invalidated so they cannot be used to access user accounts, the company said. Forged cookies allow an intruder to access a user''s account without a password. Yahoo also said in December that data from more than 1 billion user accounts was compromised in August 2013, making it the largest breach in history. The company said on Wednesday that it would not award Chief Executive Marissa Mayer a cash bonus for 2016, following the independent committee''s findings related to the 2014 security incident. Mayer has also offered to forgo any 2017 annual equity award as the breaches occurred during her tenure, Yahoo said. Last month, Verizon Communications Inc ( VZ.N ), which is in the process of buying Yahoo''s core assets, lowered its original offer by $350 million to $4.48 billion. (Reporting by Rishika Sadam in Bengaluru; Editing by Anil D''Silva) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-yahoo-databreach-idUKKBN1685UY'|'2017-03-02T06:29:00.000+02:00'
'e48dec332fc7679fcf74949a0381efc16416d78f'|'PRESS DIGEST- Financial Times - March 2'|'March 2 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.HeadlinesFord plans to cut more than 1,100 jobs at UK''s Bridgend plant on.ft.com/2maFK1tPoor to be hit hardest by inflation over next five years, IFS warns on.ft.com/2maMGviUK regulator proposes more transparency for IPOs on.ft.com/2maMlJ6Britain should have closer relations with Russia, say MPs on.ft.com/2ltNnvZOverviewFord Motor Co expects to axe over 1,100 jobs at its engine plant in Bridgend, Wales, in a five-year plan for the plant that makes small petrol engines for Ford, as well as more-powerful V6 and V8 engines for Jaguar Land Rover.High inflation, slow wage growth and austerity measures during the next five years are likely to increase inequality in UK, the Institute for Fiscal Studies said on Thursday.Investors in planned stock market flotations will get independent research about the company sooner under proposals made by Britain''s Financial Conduct Authority on Wednesday.British MPs from the foreign affairs committee called for a reappraisal of relations with Moscow, saying Britain should stop accusing Russia of war crimes in Syria, according to a report published by the committee on Thursday. (Compiled by Ismail Shakil in Bengaluru; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-ft-idINL3N1GF11I'|'2017-03-01T22:19:00.000+02:00'
'cc72a0f18b385fb519f09810b3f3da343e0024cd'|'WPP sees tougher 2017 after hitting 2016 net sales target'|' 30am GMT WPP sees tougher 2017 after hitting 2016 net sales target LONDON WPP ( WPP.L ), the world''s largest advertising group, said it had seen a relatively slow start to 2017 and would plan conservatively for the year ahead after hitting its 2016 target for net sales growth. The group, run by the high-profile businessman Martin Sorrell, reported 2016 like-for-like net sales up 3.1 percent but said its key sales measure was up just 1.2 percent in January. "Given continued tepid economic growth and recent weaker comparative net new business trends, the budgets for 2017, on a like-for-like basis, have been set conservatively at around 2 percent for both revenue and net sales," it said. WPP added that it would target a headline operating margin improvement on net sales of 0.3 margin points, in constant currency. The world''s four biggest advertising groups - WPP, Omnicom ( OMC.N ), Publicis ( PUBP.PA ) and IPG ( IPG.N ) - tend to track wider economic growth, and WPP''s 2017 forecast of 2 percent growth is below analysts'' expectations for the company. WPP''s rivals had already reported full-year results showing some pressures in North America. For 2016 the group reported strong growth in western continental Europe and in Asia Pacific, Latin America, Africa & the Middle East and Central & Eastern Europe. (Reporting by Kate Holton, Editing by Paul Sandle)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-wpp-results-idUKKBN16A0L4'|'2017-03-03T14:30:00.000+02:00'
'a4bc1e02f6d0729bb79c4537e940f242bcc430ea'|'BRIEF-FBL Financial Group increases quarterly cash dividend'|' 57pm EST BRIEF-FBL Financial Group increases quarterly cash dividend March 1 Fbl Financial Group Inc: * FBL Financial Group increases quarterly cash dividend and declares special cash dividend * FBL Financial Group Inc - announces a 4.8% increase in its quarterly cash dividend to $0.44 per share and a special cash dividend of $1.50 per share Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-fbl-financial-group-increases-quar-idUSFWN1GE18S'|'2017-03-02T04:57:00.000+02:00'
'5034a43e37f96c7506a61ca6be03b0a5d58af52a'|'Mercedes recalling 300,000 cars due to fire hazard - Mar. 3, 2017'|'About 308,000 Mercedes-Benz vehicles across the United States will soon be recalled because of a potential fire hazard. The problem has been linked to 35 car fires in the country, the company said Friday. Mercedes said its parent company, Daimler AG ( DMLRY ) , determined that there''s an issue with an engine part that can cause an electrical fire. The recall will include certain C- and E-Class vehicles, as well as CLA, GLA and GLC vehicles. "This situation typically occurs in the rare situation where a vehicle is stranded in a significant amount of standing water and the engine stalls and cannot be restarted on the first try," a Mercedes spokesperson told CNNMoney. The company said it''s currently unaware of any injuries or deaths resulting from the issue. Related: $4 million Lamborghini supercars recalled after fires The recall is voluntary, and Mercedes said the National Highway Traffic Safety Administration -- which helps companies carry out recalls -- has been notified. The company expects to alert U.S. customers about the problem over the next 60 days. To fix a vehicle included in the recall, customers are typically instructed to bring it into a dealer. Mercedes said the fix for this issue will take about an hour to complete. Reuters reported Friday that the recall also includes roughly another 700,000 vehicles abroad. A spokesperson for the U.S. arm of Mercedes was not able to verify those numbers for CNNMoney. Daimler AG did not immediately respond to CNNMoney''s request for comment. CNNMoney (New York) First published March 3, 2017: 4:46 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_companies.rss'|'http://money.cnn.com/2017/03/03/news/companies/mercedes-benz-recall-fires/index.html'|'2017-03-03T23:46:00.000+02:00'
'c1130feebafa7db5c4f743bc5746387ff4da403d'|'U.S. says steel rebar imports being dumped in U.S. market'|' 44pm EST U.S. says steel rebar imports being dumped in U.S. market WASHINGTON, March 1 The U.S. Commerce Department on Wednesday said imports of steel concrete reinforcing bar from Japan, Taiwan and Turkey were being dumped in the U.S. market at below fair value. As part of its decision, it assigned preliminary dumping margins of 209.46 percent for Japanese exporters, including Jonan Steel Corp and Kyoei Steel Ltd. It assigned margins ranging up to 29.47 percent for Taiwanese exporters and up to 7.07 percent for Turkish producers. The preliminary determination follows a petition for an investigation by a U.S. rebar trade coalition and its members: Commercial Metals Co, Gerdau SA''s Gerdau Ameristeel U.S. Inc, Nucor Corp and Steel Dynamics Inc . Steel concrete reinforcing bar, or rebar, is used in construction to help strengthen structures and lessen the impact from stressors such as tension and temperature. Imports of rebar in 2015 were valued at an estimated $108.69 million from Japan, $17.57 million from Taiwan and $674.40 million from Turkey, according to the department. (Reporting by Susan Heavey and Tim Ahmann; Editing by Doina Chiacu)   U.S.-based stock mutual funds take in most cash in a year -ICI By Trevor Hunnicutt NEW YORK, March 1 Fund investors'' aversion to riding the market''s highs showed signs of waning as stock mutual funds attracted the most cash in a year in the latest week, Investment Company Institute data showed on Wednesday. U.S.-based stock mutual funds took in $2.4 billion during the week ended Feb. 22, their best result in 52 weeks, the trade group''s data showed. Including exchange-traded funds, equity funds gathered $6.9 billion, a fourth stra'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-steel-rebar-idUSL2N1GD0WE'|'2017-03-02T02:44:00.000+02:00'
'41189b88e56c6921cd730deeab97bd201fb97802'|'BRIEF-Planet Fitness Q4 adjusted non-gaap earnings per share $0.20'|' 21pm EST BRIEF-Planet Fitness Q4 adjusted non-gaap earnings per share $0.20 March 1 Planet Fitness Inc: * Planet Fitness, Inc. announces fourth quarter and fiscal year 2016 results * Q4 adjusted non-gaap earnings per share $0.20 * Q4 earnings per share $0.18 * Q4 revenue $116.4 million versus I/B/E/S view $115.5 million * Q4 same store sales rose 10.6 percent * Q4 earnings per share view $0.19 -- Thomson Reuters I/B/E/S * Sees FY 2017 adjusted earnings per share $0.72 to $0.75 * Sees FY 2017 revenue $405 million to $415 million * Planet Fitness Inc sees 2017 system-wide same store sales growth in 6% to 8% range * Fy2017 earnings per share view $0.75, revenue view $411.2 million -- Thomson Reuters I/B/E/S  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-planet-fitness-q4-adjusted-non-gaa-idUSASB0B38N'|'2017-03-02T04:21:00.000+02:00'
'acf085a844262acbfd27555c7d82249f9a547dee'|'BRIEF-Churchill Downs promotes Brad Blackwell to senior vice president, general counsel'|' 20pm EST BRIEF-Churchill Downs promotes Brad Blackwell to senior vice president, general counsel March 1 Churchill Downs Inc: * Churchill Downs Incorporated promotes Brad Blackwell to senior vice president and general counsel   REFILE-Congress should define insider trading, influential U.S. judge says March 1 Three months after the U.S. Supreme Court upheld his decision in a major insider trading case, a federal judge called on the new Congress to pass a law that simplifies and broadens the definition of when trading on confidential information is illegal. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-churchill-downs-promotes-brad-blac-idUSASB0B38M'|'2017-03-02T04:20:00.000+02:00'
'09c2e7051a35b117567b0e1b218512f8b248e5b4'|'McDonald''s turns to technology, value to win back lost customers'|'Technology News - Wed Mar 1, 2017 - 12:49pm EST McDonald''s turns to technology, value to win back lost customers The sign outside a McDonalds restaurant is seen in Westminster, Colorado, U.S. January 23, 2017. REUTERS/Rick Wilking By Lisa Baertlein - CHICAGO CHICAGO McDonald''s Corp ( MCD.N ) later this year will give U.S. customers the opportunity to order and pay via their cell phones as it fights to win back customers lost to other fast-food rivals. McDonald''s will make so-called "mobile order and pay" available at all of its roughly 14,000 U.S. restaurants, Chris Kempczinski, president of McDonald''s USA, said at the company''s meeting with investors and analysts in Chicago on Wednesday. McDonald''s is shifting its multi-year turnaround effort to convenience and value to woo back lapsed diners. The company''s U.S. restaurants, which contribute about 40 percent of McDonald''s overall operating income, have suffered four straight years of traffic declines. (Reporting by Lisa Baertlein in Los Angeles) Next In Technology News Uber''s self-driving unit quietly bought firm with tech at heart of Alphabet lawsuit SAN FRANCISCO A company now owned by Uber last year quietly bought a small firm specializing in sensor technology used in autonomous vehicles, giving the ride services company a patent in the technology and possibly a defense against a trade secrets theft lawsuit filed against it by rival Alphabet Inc.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-mcdonalds-meeting-idUSKBN16856Q'|'2017-03-02T00:49:00.000+02:00'
'a82597b532e27620d23241549aa3c33ebeb62741'|'Zalando buys streetwear retailer Kickz, outlook dents shares'|'By Emma Thomasson - BERLIN BERLIN Germany''s Zalando ( ZALG.DE ) announced the acquisition of streetwear retailer Kickz on Wednesday, bolstering its plans to shift from being a pure fashion e-commerce player to becoming a provider of logistics, technology and marketing to key brands.The company''s shares, however, were dented by a relatively conservative outlook for 2017 as heavy investment in infrastructure and software keeps a lid on profitability.Founded in Berlin in 2008, Zalando has grown rapidly to become Europe''s biggest online fashion retailer, delivering 1,500 brands in 15 countries from huge out-of-town warehouses.It now wants to complement that business by offering more services to brands and retailers, including delivering items directly from their stores - a field analysts say should be more profitable than pure e-commerce.Zalando said the purchase of Munich-based Kickz, which runs 15 stores in Germany and websites that deliver worldwide, fits into that strategy, combining Kickz'' expertise in basketball and lifestyle with Zalando''s technology and logistics.Zalando, which did not disclose the sum paid for Kickz, will integrate the brand into its online shop and help it to expand to more countries while retaining the Kickz stores, situated in prime locations in major German cities."Zalando customers will get access to the newest products, which are otherwise only available at selected retailers, as well as exciting content in a basketball world curated by Kickz," said David Schneider, Zalando managing board member.SPORTSWEAR PUSHThe move fits with Zalando''s push into the booming sportswear market, including last year''s launch of the Ivy Park label co-founded by pop star Beyonce and its work on a pilot project to deliver directly from Adidas ( ADSGn.DE ) stores in Germany.Amazon ( AMZN.O ), which is expanding rapidly in fashion and is seen as the biggest threat to Zalando, has also been experimenting with physical retail, albeit mostly in food and books so far.Zalando forecast sales growth of 20-25 percent in 2017, against 23 percent in 2016. Its estimate for the margin on adjusted earnings before interest and tax (EBIT) was 5-6 percent, compared with 5.9 percent in 2016, in line with its medium-term guidance.However, that was below analyst forecasts for a 2017 EBIT margin of 6.2 percent, according to Thomson Reuters SmartEstimates, sending Zalando shares down 2.7 percent to 36.75 euros by 1028 GMT, the biggest drop among European retail stocks .SXRP.Zalando said it expected to invest 200 million euros ($211 million) in 2017, up from 182 million in 2016, primarily in infrastructure, increased automation and software, with new warehouses planned in France, Sweden and Poland.It plans to add 2,000 jobs in 2017 to its 12,000-strong workforce, having already added 1,000 positions to its tech team in 2016.British rival ASOS ( ASOS.L ) in January lifted its expectations for sales growth to 25-30 percent for its financial year to Aug. 31, saying it would accelerate infrastructure investment, while adding 1,500 jobs at its London headquarters.Zalando, which reported preliminary fourth-quarter results in January, said that sales in the period rose 26 percent to 1.09 billion euros. It said that adjusted EBIT came in at 96 million euros, ahead of average analyst forecasts.(Editing by David Goodman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-zalando-results-idINKBN1683JF'|'2017-03-01T07:39:00.000+02:00'
'c96972d700b1b89dc7e2b7e4e8c8ce056b7caecd'|'BRIEF-Toyota Kirloskar Motor Feb domestic sales up 12 pct'|'March 1 Toyota Kirloskar Motor:* Toyota Kirloskar Motor registers 12% growth in month of February 2017* Toyota Kirloskar Motor sold a total of 11,543 units in domestic market and exported 570 units of etios series in february 2017 Source text: In the month of February 2017, Toyota Kirloskar Motor registered 12% growth in its domestic sales when compared to its sale in February 2016. TKM sold a total of 11,543 units in the domestic market and exported 570 units of the Etios series in February 2017. The company had sold 10,312 units in the domestic market and exported 903 units of Etios series in February 2016.'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/brief-toyota-kirloskar-motor-feb-domesti-idINFWN1GE0J5'|'2017-03-01T08:09:00.000+02:00'
'fad0fb69f6e2a97c9d0e1a328e8b6329d806c976'|'BRIEF-Amgen inc says to present new kyprolis and xgeva data'|' 21pm EST BRIEF-Amgen inc says to present new kyprolis and xgeva data March 2 Amgen Inc * Amgen inc says to present new Kyprolis and Xgeva data * Amgen -detailed results from phase 3 head-to-head endeavor trial show kyprolis significantly improved overall survival compared to velcade   REFILE-Congress should define insider trading, influential U.S. judge says March 1 Three months after the U.S. Supreme Court upheld his decision in a major insider trading case, a federal judge called on the new Congress to pass a law that simplifies and broadens the definition of when trading on confidential information is illegal. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-amgen-inc-says-to-present-new-kypr-idUSFWN1GE14V'|'2017-03-02T04:21:00.000+02:00'
'a734c80f495c8e9506e5d6b57f7ed8601375ddd4'|'Congress should define insider trading, influential U.S. judge says'|'Company   4:05pm EST Congress should define insider trading, influential U.S. judge says By Jonathan Stempel - March 1 March 1 Three months after the U.S. Supreme Court upheld his decision in a major insider trading case, a federal judge called on the new Congress to pass a law that simplifies and broadens the definition of when trading on confidential information is illegal. U.S. District Judge Jed Rakoff in Manhattan said the United States has "fallen behind" Europe in failing to recognize that insider trading should be defined by statute, not through "judge-made" law that creates unnecessary uncertainty. "Something that is simpler and broader would be advantageous," Rakoff said on Wednesday at a securities litigation conference at the New York City Bar. "A statutory definition would be much preferable." The Supreme Court ruled on Dec. 6 that a gift of confidential information that enables friends and family to profit could violate securities laws, even if there were no tangible benefit such as cash given in return. That upheld a decision Rakoff had written in July 2015 for a federal appeals court in California, where he was temporarily sitting. Rakoff on Wednesday said that as the scope of insider trading has expanded over time, "ever more complicated theories have had to be spun" to explain why activity that went beyond "obvious cheating" should be illegal. He said prior bills in Congress to define insider trading drew "vigorous" resistance from the U.S. Securities and Exchange Commission, in part because any definition might be too narrow. Appointed to the bench by President Bill Clinton, Rakoff has been a thorn for the SEC in high-profile cases. He rejected a settlement in 2009 with Bank of America Corp for concealing losses at Merrill Lynch, before later approving a revised accord that he called "half-baked justice." Rakoff rejected a Citigroup Inc settlement in 2011 in a mortgage fraud case, though he was later overturned. In his speech, Rakoff spoke approvingly of the European Union''s approach to insider trading, with its goal of ensuring equal access to information, and allowing punishment of those who "ought" to know their trading is wrongful. "Because the EU approach focuses not on fraud but on equality of access," Rakoff said, "it has virtually none of the difficulties that plague U.S. law." Rakoff briefly mentioned the Supreme Court''s upholding of his decision in the California case, Salman v United States. "I don''t now why I''m familiar with that case," he said, drawing muffled audience laughter. (Reporting by Jonathan Stempel in New York; Editing by Leslie Adler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-crime-rakoff-idUSL2N1GE1U3'|'2017-03-02T04:05:00.000+02:00'
'a0b798ee524d2859c364e308c21585603c08360a'|'Israel Aerospace puts IPO, foreign acquisitions in its sights'|'By Tova Cohen and Steven Scheer - BEN GURION AIRPORT, Israel BEN GURION AIRPORT, Israel State-owned Israel Aerospace Industries (IAI) believes the need for a public share offer is becoming urgent as the country''s largest defense contractor wants to make acquisitions abroad to enable it to better compete in foreign markets.The 64-year-old company, which helped pioneer the development of military drones and also produces satellites, missiles and radar systems, is already planning to acquire companies and set up subsidiaries in countries like India and the United States, where protectionist policies demand that defense spending increasingly benefits local industry.Chief Financial Officer Eyal Younian said that to help finance acquisitions the government should move ahead soon with plans to sell a 20 percent stake in IAI on the Tel Aviv Stock Exchange.He said IAI currently needs to issue bonds or borrow money from banks and pay interest of 3-4 percent. An IPO would raise new capital, reducing the need to borrow."We cannot support the line of credit that we need for our businesses. The regulations in the banks in Israel and around the world limit us and we cannot support our backlog (of orders)," Younian told Reuters.In addition, many private contractors in Israel and overseas receive government subsidies but being state-owned IAI is ineligible and the rules should be changed, Younian said, pointing out that local rival Elbit Systems ( ESLT.TA ) pays corporate tax at a rate of 6 percent while IAI pays 24 percent.A senior government source with knowledge of the matter estimated IAI''s equity value at $3-$4 billion but said an IPO could not take place until a new chairman is appointed. The timing of that remains unclear, but the source said the earliest there could be an IPO was in 2018.IAI has annual sales of about $3.7 billion and its backlog of orders exceeds $9 billion.While the share offer will be in Tel Aviv, the next step could be a dual listing for the shares in the United States, Younian said.IAI must already submit financial reports to the bourse, where its bonds trade </ILARSP3=TA>, as well as report to the government''s Companies Authority.Accounting for up to half of Israel''s defense exports, IAI had mostly grown internally over the last decade, but that is set to change."Now we will have to face the fact that countries are protecting their industries, like in India, like in Brazil, like in the USA," Younian said, adding that acquisitions would allow it to strengthen its foothold.He noted that in many countries only local companies can bid as a prime contractor. As a result IAI, which exports 80 percent of its production, is limited to being a subcontractor.FOREIGN DEALSIAI already has a U.S. subsidiary but it does not contribute significantly to the company''s production."I think our subsidiaries in the States and around the world should contribute much more in the coming decade. This is the strategic directive from the board of directors that we as management need to execute," he said.Younian said IAI, which employs 15,000 people, will carry out two "important and material" deals in the next few years related to its target markets of the United States and India, but he declined to elaborate.With Asia a focus for IAI, the company in February formed a joint venture in India with Kalyani Strategic Systems to build air defense systems and lightweight munitions.Indian media last week reported that India''s government had given the go-ahead for a $2.5 billion deal in which IAI and India would jointly develop a medium-range surface-to-air missile system.Eli Alfassi, IAI''s executive vice president for marketing, said IAI was awaiting official confirmation from India but declined to say how much the deal was worth.IAI is also waiting for Israel''s government to decide on whether to progress with a long-term satellite program after its Amos-6 communications satellite was destroyed when a SpaceX launcher exploded in Florida in September."We are hoping to build Amos-8," said Ofer Doron, head of IAI''s space division. "It''s under discussion right now."Talks also involve Spacecom ( SCC.TA ), the operator of the Amos satellites. Amos-8 would cost hundreds of millions of dollars and be ready for launch in about four years.(Editing by Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-israel-aerospace-strategy-idINKBN1684KU'|'2017-03-01T15:43:00.000+02:00'
'4ca5083b1ea89a0a99048c0ba31b0fcef502b4a6'|'Snap vaults venture investor Lightspeed into the Silicon Valley elite'|'By Heather Somerville - SAN FRANCISCO SAN FRANCISCO A decade ago, Lightspeed Venture Partners was an obscure firm investing in highly technical startups that were mostly unknown outside of Silicon Valley.The firm is now poised to cash in handily on the biggest technology IPO in three years, Snap Inc ( SNAP.N ), which is set to make its public market debut on the New York Stock Exchange on Thursday at a valuation that could top $22 billion.Lightspeed stands to reap one of its best returns from an investment that started as a $485,000 bet on a college student.That investment in the owner of social media app Snapchat promises a big boost to the Lightspeed''s status in the fiercely competitive Silicon Valley venture capital community. Firms that are perceived to pick the best companies, a group that includes Benchmark, Sequoia Capital and Andreessen Horowitz, can often beat out other VCs for coveted deals and raise more funding from their limited partners."Monster IPOs in particular can be quite significant," said Beezer Clarkson, a limited partner and managing director with Sapphire Ventures. "A fund''s reputation is strengthened, which can mean enhanced deal flow and greater confidence that lightning will strike again."Lightspeed owns 87 million Snap shares, according to public filings, or 8.6 percent of the company. At the top of the expected IPO price range of $14 to $16 per share, that stake would be worth about $1.4 billion. It was the sole investor in Snap''s $485,000 seed round in 2012, an early stake that super-charged Lightspeed''s returns.A particularly big winner on Thursday will be Jeremy Liew, the Lightspeed partner who led the Snap investment."If you''re a venture investor and you can bag a dragon, that''s a spectacular outcome," said Chris Albinson, co-founder and managing director of Founders Circle Capital. "That individual gets to do the victory lap and ride that for awhile."And Lightspeed''s breakout is not limited to Snap. Cisco Systems Inc ( CSCO.O ) bought software firm AppDynamics in January for $3.7 billion, and Lightspeed''s cut of the deal is expected to return more than the entire $480 million fund the firm raised in 2006. Nutanix, a cloud computing company that went public last year at a $2.2 billion valuation, was another big winner.Lightspeed is also the largest shareholder in MuleSoft, an enterprise software company that filed for an initial public offering in mid-February. MuleSoft, AppDynamics and Nutanix are all part of Lightspeed’s 2006 fund.Lightspeed declined to comment, citing U.S. Securities and Exchange Commission rules that require investors to remain quiet during an IPO process.Graphic on Lightspeed''s deal flow: tmsnrt.rs/2lrqoBKSTRATEGY SHIFTLightspeed was launched in 1999 by four partners who were experts in enterprise software and early internet companies, making only the occasional investment into consumer technology companies.But then came the rise of social media. In 2006 Lightspeed hired Liew, who had been at AOL in operations and management roles. He did not have a highly technical background, but did have a knack for marketing and a strong personality that Lightspeed thought would raise the firm''s profile and help it break into the consumer sector.Sources close to Liew, 45, describe him as an investor who will travel halfway across the world and stay in a mediocre hotel to get a deal done. He is a fanatical researcher who once read Cosmo Girl and Teen Vogue, magazines for teenage girls, on the premise that consumer technology that enters the popular culture is first adopted by young women, who might lead him to the next hot company.He is well-known around Silicon Valley for his splashy wardrobe, which includes a selection of festive pants."He comes in and he wears his yellow pants and his crazy shirts and spews off some really smart things and people say, ''I guess this guy really knows what he is talking about,''" said Brian Lee, co-founder and chief executive of The Honest Company.Liew was the first investor in The Honest Company and backed Lee''s previous startup, ShoeDazzle.And he attended a bitcoin conference in 2013, when the cryptocurrency was still viewed "as kind of a joke," said Peter Smith, CEO of digital currency startup Blockchain, where Liew is a board member."He is exploring markets that most people think are nuts," Smith said.PayPal co-founder Max Levchin, now CEO of lending startup Affirm, met Liew when he tried to hire him around 2005, just before Liew went to Lightspeed. Years later, Liew reached out about Affirm, and "he basically followed me around for about a year before I was ready to take money," Levchin said.Liew was the first outside investor in Affirm, alongside Khosla Ventures.A shrewd dealmaker, Liew is described by many as prickly and outright abrasive in his critique of entrepreneurs.Smith said Liew once sat in on his interview with a prospective employee, after which Smith got an earful on his interviewing style."If he has bad news for you he doesn''t put it between two slices of good news," Smith said.Liew and Lightspeed will now be under pressure to show they can repeat their success. They have some irons in the fire, with The Honest Company valued at about $1.7 billion by private investors, though it will be tough to match the Snap windfall.But the firm has plenty of money to play with. Lightspeed''s fund size has more than doubled since 2006, and it closed its 11th fund at $1.2 billion fund last year.“Everyone in the Valley knows them now, and before that wasn''t the case," said Curtis Lee, co-founder and CEO of Luxe, an on-demand parking company backed by Liew. “When I used to tell people about them I used to get blank stares."(Reporting by Heather Somerville; Editing by Jonathan Weber and Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/snap-ipo-lightspeed-idINKBN1685AD'|'2017-03-01T15:25:00.000+02:00'
'40b8ce472f1e394a489c182cac6a3c2994a8c60d'|'BRIEF-Mondelez enter into revolving credit agreement'|' 34pm EST BRIEF-Mondelez enter into revolving credit agreement March 1 Mondelez International Inc: * On March 1, entered into revolving credit agreement for 364-day senior unsecured revolving credit facility in amount of $1.5 billion * Revolving credit agreement will terminate on February 28, 2018 - SEC filing Source text: ( bit.ly/2lUYLV9 )    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-mondelez-enter-into-revolving-cred-idUSFWN1GE184'|'2017-03-02T04:34:00.000+02:00'
'e5ae835db8ada267b95c620e830736fc560b8513'|'Snap slumps 12 percent, closes at lowest since IPO'|'Mon Mar 6, 2017 - 9:50pm GMT Snap slumps 12 percent, closes at lowest since IPO Traders gather at the post where Snap Inc. is traded on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 6, 2017. REUTERS/Brendan McDermid By Noel Randewich - SAN FRANCISCO SAN FRANCISCO Shares of Snap Inc ( SNAP.N ) slumped 12 percent on Monday and closed at their lowest level of the three sessions since the Snapchat owner''s soaring market debut last week. The $3.4-billion listing last Thursday was the hottest technology offering in three years, but the loss-making company''s lofty valuation and slowing user growth have raised eyebrows on Wall Street. In its market debut last Thursday, Snap surged 44 percent from its $17 IPO price to close at $24.48. After jumping another 11 percent on Friday, the stock on Monday reversed course and fell 12.25 percent to close at $23.77. "It''s not necessarily because there''s something wrong with it. It''s because it probably moved way too far, way too fast," said Ken Polcari, director of the NYSE floor division at O’Neil Securities in New York. Snap is the parent of Snapchat, an app popular with young people for its disappearing messages. Needham analyst Laura Martin rated Snap "underperform" and compared its stock to buying a lottery ticket. Of six analysts who have initiated coverage of Snap, four recommend selling, while none have "buy" ratings and two have neutral ratings, according to Thomson Reuters data. Meanwhile, a group representing large institutional investors has approached stock index providers S&P Dow Jones Indices and MSCI Inc, looking to bar Snap and any other companies that sell non-voting shares from being included in stock benchmarks. History suggests investors shut out of IPOs are better off waiting instead of rushing to buy them immediately after their debuts. Globally, shares of most of the 25 largest technology IPOs have languished in their first 12 months on the public market, with 16 of them notching a hefty decline from their debut day closing price, according to a Reuters analysis of market performance.   Caroline Valetkevitch; Editing by Nick Zieminski) Up Next Trump tweets hurt equities; U.S. dollar gains NEW YORK Global equity markets fell on Monday as U.S. President Donald Trump''s allegations that he was wiretapped by his predecessor raised worries about his ability to push ahead with tax reform plans, while the dollar rose on concerns that an anti-EU candidate may be elected France''s next president.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-markets-snap-idUKKBN16D2M0'|'2017-03-07T04:34:00.000+02:00'
'1992284e5f1e9ea0b11251b519b15e0b2be2ae8c'|'France''s Macron says wants bank capital rules set by ministers'|' 48am GMT France''s Macron says wants bank capital rules set by ministers Emmanuel Macron, head of the political movement En Marche !, or Onwards !, and candidate for the 2017 French presidential election, attends a meeting about international affairs with former U.S. Secretary of State John Kerry (not seen) in Paris, France, March 3, 2017. REUTERS/Regis Duvignau PARIS French presidential candidate Emmanuel Macron said on Monday that he wanted bank and insurance capital rules to be set by EU finance ministers rather than regulators. The former French economy minister told a conference of leaders of small businesses that regulators were too focused on reducing risk, discouraging banks and insurers from financing the wider economy. "What I want is that bank and insurers'' main solvency and capital rules are discussed at the European level of Ecofin each year and that we set the main rules with targets for financing the economy," Macron   Myriam Rivet; Writing by Leigh Thomas; Editing by Sudip Kar-Gupta) Next In Business News UK   in early trading on Monday with bank   a 8 billion euro cash call.  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-france-election-banks-idUKKBN16D13T'|'2017-03-06T17:48:00.000+02:00'
'd99651bfc9df6c739aeaa9686fef94bdea837837'|'UK''s Mitie sells loss-making healthcare for just 2 pounds'|'By Esha Vaish Britain''s Mitie ( MTO.L ) has struck a deal to sell its home healthcare business to specialist investor Apposite Capital for a nominal 2 pounds and is taking another writedown on the value of the loss-making business.The provider of pest control, property cleaning and security services has had a difficult year, issuing three profit warnings and overhauling its management.It revealed in November it would withdraw from the low-margin home healthcare services market, and said on Wednesday its total writedown on the business and losses from it would be 36.8 million pounds ($45.5 million) in the current year.This is in addition to the 115.3 million pound ($143 million) writedown it made in the first half.Mitie''s exit from the healthcare market follows a similar move by peer Mears ( MERG.L ), as the UK government has cut spending in the sector over the past four years, causing firms to struggle with low-margin contracts.Although construction and support services have weathered the initial impact of the Brexit vote better than feared, uncertainty is causing public and private clients to delay awarding new contracts, depressing the outlook for firms such as Mitie.Outsourcing firms Capita ( CPI.L ) has issued multiple warnings, while support services and construction firms Interserve ( IRV.L ) and Carillion ( CLLN.L ) have noted a slowdown in their UK businesses.Mitie said it would contribute 9.45 million pounds by making payments to Apposite in April and July to fund the healthcare business''s trading losses and the cost of the turnaround plan.Shares in Mitie were up 1.8 percent at 210 pence at 0813 GMT.(Editing by David Goodman and Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-mitie-group-disposal-idINKBN1683MP'|'2017-03-01T05:25:00.000+02:00'
'829818d73571718972704a33a8d2147f49e1d80f'|'UPDATE 1-Aberdeen, Standard Life in talks over 11 bln stg merger'|'* Firms discussing all-share merger* Standard Life investors would own two thirds of new firm* Combined firm would have assets of 660 bln pounds (Adds detail)By Alistair Smout and Simon JessopLONDON, March 4 Aberdeen Asset Management and insurer Standard Life said on Saturday they were in talks over a possible 11 billion pound ($13.5 billion) merger that would put them among the world''s largest active investment managers."Further to the recent press speculation the Boards of Standard Life and Aberdeen confirm that they are in discussions in relation to a possible all-share merger of Standard Life and Aberdeen," they said, confirming an earlier Sky News report."The potential merger represents an excellent opportunity to leverage Standard Life and Aberdeen''s combined strengths to create a world class investment company," they said.Under the terms of the proposed deal, Aberdeen shareholders would own 33.3 percent of the combined group under the terms of the potential merger, with Standard Life shareholders owning the other 66.7 percent, the companies said.Standard Life has a market cap of 7.5 billion pounds, with Aberdeen roughly half the size.Under the deal, Aberdeen shareholders would receive 0.757 of a new Standard Life ordinary share for each Aberdeen ordinary share. Other terms of the proposed deal were still being discussed, they said.The combined firm would manage assets of about 660 billion pounds.Standard Life Chairman Gerry Grimstone would become Chairman of the Board of the Combined Group, with Aberdeen Chairman Simon Troughton becoming Deputy Chairman. Keith Skeoch, chief executive of Standard Life, and Martin Gilbert, his counterpart at Aberdeen, would share the role in the new company. ($1 = 0.8134 pounds) (Editing by Hugh Lawson)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/aberdeen-asset-standard-life-idINL5N1GH0I8'|'2017-03-04T16:17:00.000+02:00'
'52feff94db128b1a2654218f3a3fe3404b4f2d25'|'JCDecaux says having a ''good'' first quarter in Britain - CEO'|'Business   6:00pm GMT JCDecaux says having a ''good'' first quarter in Britain - CEO The logo of outdoor advertising group JCDecaux is seen near an information panel with a neighbourhood map in Paris March 7, 2014. REUTERS/Jacky Naegelen By Gwénaëlle Barzic - PARIS PARIS French outdoor advertising company JCDecaux ( JCDX.PA ) is no longer planning to reduce investments in Britain, which it had considered following the country''s vote to leave the European Union, after "a good first quarter", its co-CEO told Reuters. "For now, we decided not to reduce (investments) because sales are better than expected," chief executive Jean-Francois Decaux told Reuters. "We thought Brexit would impact sales, but we had a very good last quarter in England and we are having a good first quarter". (Reporting by Gwenaelle Barzic; Writing by Maya Nikolaeva; Editing by Adrian Croft) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-jcdecaux-britain-idUKKBN1692J3'|'2017-03-03T01:00:00.000+02:00'
'cd55d4da1dee34e27cf843c327d9d9c49b1dc219'|'CORRECTED-US STOCKS-Wall St set to open near records on upbeat data'|'Company News  41am EST CORRECTED-US STOCKS-Wall St set to open near records on upbeat data (Corrects analyst''s name in paragraph 6) * Jobless claims fell to 44-year low last week - report * Dow scales 21,000 on Wednesday as banks rise * March rate hike odds increase to 74 pct * Futures up: Dow 33 pts, S&P 0.25 pts, Nasdaq 5.75 pts By Yashaswini Swamynathan March 2 U.S. stocks looked set to climb further on Thursday after a record day on Wednesday, as strong economic data added to the optimism about the U.S. economy. Wall Street''s main indexes rallied on Wednesday and the Dow Jones Industrial Average sailed past the 21,000 mark, boosted by President Donald Trump''s more measured tone in a speech to Congress and as bank stocks surged on increased possibility of an interest rate hike this month. A report from the Labor Department on Thursday showed that the number of Americans who applied for jobless claims fell to a 44-year low last week, pointing to continued strength in the labor market. The data supported a flurry of encouraging comments on the economy from Federal Reserve officials that has nudged the markets to price in higher chances of an interest rate hike in two weeks. Fed Chair Janet Yellen is set to speak on Friday. Fed Board Governor Lael Brainard, who is typically dovish on rates, said on Wednesday that a move on rates could come "soon". "Even on the Federal Reserve Board, the last of the doves is finally acknowledging that if things seem strong enough we''ve got some cover here to move," said Mike Mussio, president of FBB Capital Partners. The odds for a move this month jumped to 74 percent, according to Thomson Reuters data. Before the influential New York Fed president William Dudley spoke on Tuesday, the chances were roughly 30 percent. The dollar index was up on Thursday after gaining the most in nearly eight weeks a day earlier. Dow e-minis were up 33 points, or 0.16 percent, at 8:31 a.m. ET (1331 GMT), with 26,591 contracts changing hands. S&P 500 e-minis were up 0.25 points, or 0.01 percent, with 153,230 contracts traded. Nasdaq 100 e-minis were up 5.75 points, or 0.11 percent, on volume of 21,406 contracts. The trading debut of Snap Inc, the owner of popular messaging app Snapchat, is scheduled on the New York Stock Exchange under the ticker. Snap on Wednesday priced its initial public offering above its target range, raising $3.4 billion and giving the company a $24 billion valuation. Oil, however, could dampen spirits as prices fell more than 1 percent following a report that showed U.S. crude oil stocks hit an all-time high. Among stocks, Kroger dropped 3.8 percent to $30.85 in premarket trading after the supermarket operator reported a surprise decline in holiday-quarter same-store sales. JD.com rose 4.3 percent to $32 as the Chinese e-commerce company reported a 47 percent jump in fourth-quarter revenue. Broadcom rose 5.05 percent to $226.01 after the chipmaker reported quarterly revenue above analysts'' expectations. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Sriraj Kalluvila) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL3N1GF407'|'2017-03-02T22:41:00.000+02:00'
'1e560d8c15f08bd6e48648773edb51bc296a0e2d'|'Alcoa merges business units, names new aluminum unit head'|'Aluminum producer Alcoa Corp ( AA.N ) named a new head for its aluminum business on Thursday and said it would consolidate its business units into three divisions from six, to increase efficiency and cut costs.The three units will focus on aluminum, alumina and bauxite.The aluminum smelting, cast products and rolled products businesses, along with the majority of its energy business assets, will be combined into the new aluminum unit, Alcoa said.The company said Tim Reyes, who has since 2015 been president of Alcoa cast products - a unit that produces differentiated aluminum products - will head the new aluminum business.Martin Briere, who has been president of the aluminum unit focused on smelting since 2014, will leave the company, Alcoa said.Alcoa last year split into two entities. One company kept the Alcoa name and focuses on the traditional smelting business. The other, Arconic Inc ( ARNC.N ), specializes in higher-end aluminum and titanium alloys for the automotive, aerospace and construction industries.Alcoa expects a 4 percent growth in global aluminum demand this year, even as the market remains modestly over supplied, while bauxite and alumina markets are expected to be relatively balanced.The company''s shares were largely unchanged at $37.93 in morning trade on the New York Stock Exchange.(Reporting by Swetha Gopinath in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-alcoa-restructuring-idINKBN1691Z1'|'2017-03-02T12:43:00.000+02:00'
'890ef475a1fe1a44a54cfa2ccdf8a27c7710a1df'|'Electrolux buys U.S. coffee machine maker Grindmaster-Cecilware for $108 million'|'STOCKHOLM Swedish home appliance maker Electrolux ( ELUXb.ST ) said on Thursday it was buying U.S. firm Grindmaster-Cecilware, a maker of coffee machines and beverage dispensers, for $108 million in cash.Grindmaster-Cecilware, which has around 200 staff and is based in Louisville, Kentucky, had sales of more than $65 million last year.The company, majority owned by BNY Mezzanine Partners L.P., sells products under brands such as Grindmaster, Cecilware, Crathco, and American Metal Ware.Electrolux said the purchase would broaden the offering in its food service business."This move will also reinforce our presence in North America, one of the largest global markets for professional appliances," said Alberto Zanata, head of Electrolux business area Professional Products.Electrolux is not disclosing the profitability of Grindmaster-Cecilware, a spokesman told Reuters.The Professional Products unit is Electrolux'' most profitable business area and increasingly important as the group has made reaching a long-elusive profitability goal its top priority. The unit had an operating margin of 13.9 percent in 2016 compared with 5.2 percent for the whole group.(Reporting by Johannes Hellstrom; editing by Niklas Pollard)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-electrolux-acquisition-grindmaster-ce-idINKBN1691MM'|'2017-03-02T09:44:00.000+02:00'
'ad9b7d38b62eed8ad845d5b8b330f7878612b1f4'|'Russia''s Novak says talk of global oil output cuts extension premature'|' 36pm GMT Russia''s Novak says talk of global oil output cuts extension premature FILE PHOTO: Russian Energy Minister Alexander Novak attends the National Oil and Gas Forum in Moscow, Russia, April 20, 2016. REUTERS/Sergei Karpukhin/File Photo By Olesya Astakhova and Darya Korsunskaya - SOCHI, Russia SOCHI, Russia It is too soon to say if a global deal on oil output cuts will be extended later this year, but the current agreement envisages such a possibility, Russian Energy Minister Alexander Novak told Reuters in an interview. The Organization of the Petroleum Exporting Countries and non-OPEC producers, led by Russia, in December reached their first deal since 2001 to jointly curtail oil output, by around 1.8 million barrels per day (bpd). The deal is effective until the end of June. OPEC sources told Reuters last month that the group could extend the pact with non-members or even apply deeper cuts from July if global crude inventories fail to drop to a targeted level. OPEC''s next meeting is planned for May 25. "It is premature to talk of what we will discuss in April-May. The technical possibility of the deal extension is envisaged by the agreements," Novak said in an interview cleared for publication on Thursday. Officials in the 13-member OPEC, including Saudi Energy Minister Khalid al-Falih, have said global oil stocks need to fall near to their five-year average for the group to say markets are becoming balanced. Novak said further action would depend on the size of stocks and how output in other producers, notably in the United States, China and Norway, which did not join the pact, would affect the global balance of supply and demand. End-December stocks of crude, natural gas liquids and oil products in OPEC member countries had fallen below 3 billion barrels, but were still 286 million barrels above the five-year average, the International Energy Agency said last month. Stocks also continued to build in China and volumes of oil stored at sea increased. Novak said Moscow was unlikely to cut more than it had already pledged if other non-OPEC producers failed to comply with their own promises. "Each country is responsible for its production. In particular, oil companies in Russia voluntarily defined their output plans for 2017 and we can only bear responsibility for our own figures," he said. Azerbaijan, Bahrain, Bolivia, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Sudan and South Sudan are the other non-OPEC producers party to the deal. Novak said oil production in the United States may rise by between 400,000 bpd and 500,000 bpd this year. That is slightly above a previous forecast of a 300,000 to 400,000 bpd increase. Russia itself has pledged to cut output by 300,000 bpd in the first half of the year via a gradual strategy that would see output cut by 200,000 bpd in the first quarter. So far, Russia''s cuts have amounted to around 100,000 bpd. If the output cut deal is not extended, overall Russian oil output for 2017 might rise to 548 million to 551 million tonnes (11.01-11.07 million bpd) from 547.5 million tonnes last year, said Novak. He forecast an average Brent LCOc1 oil price for 2017 of $55-60 per barrel and said the price of Russia''s flagship Urals blend would likely be $2-$3 per barrel below that. (Writing by Vladimir Soldatkin; Editing by Katya Golubkova/Andrew Osborn/Susan Thomas)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-russia-oil-opec-interview-idUKKBN1691LC'|'2017-03-02T19:36:00.000+02:00'
'92e807bea76e9033af7a3ab5a1811919590638c6'|'''Green'' funds flush with new cash, challenges as Trump era dawns'|'Money  44pm EST ''Green'' funds flush with new cash, challenges as Trump era dawns U.S. President Donald Trump arrives aboard Air Force One at Orlando International Airport in Orlando, Florida, U.S. March 3, 2017. REUTERS/Jonathan Ernst By David Randall - NEW YORK NEW YORK Environmentally conscious investors are using their pocketbooks to protest President Donald Trump''s plans to slash environmental regulations, fueling a rally in funds that only invest in companies that meet progressive criteria for sustainability. From the start of November to the end of January, investors poured $1.8 billion into actively managed equities funds in the "socially responsible" category, according to Lipper data. In the same period, there was a net outflow of $133 billion from funds that do not have environmental or social mandates. Trump was elected president on Nov. 8. Investors worried that Trump''s policies may imperil causes they believe in are hoping an influx of flows will help keep companies alive. "If clients see the federal government withdrawing from a space they think is important, they may actually be more active in wanting to enforce their views through the dollars allocated," said Vincent Reinhart, chief economist at Standish Mellon Asset Management. The inflows are a boon for fund managers but also a challenge, requiring them to find companies whose share prices have a chance to climb despite less favorable federal policies. For instance, shares of solar energy companies took a beating after the election, sliding 11 percent by year end on concerns the future of U.S. tax credits under a Trump administration, though they have recovered somewhat since then. Still, cautious fund managers from Fidelity, New Alternatives, Calvert Investments and others are scrutinizing water technology and wind power shares, which should benefit from new federal infrastructure spending and a push by states such as California toward more renewable power generation. Managers say water technology stocks should see an uptick from Trump’s campaign promise to spend $1 trillion on repairing and improving the country’s infrastructure. Wind stocks are attractive as that energy source is proving more cost-effective in growing areas of the country like California, which plans to get half its energy from renewable sources by 2030. “If you look at where the policy is changing the fastest, it''s at the state level, and we see places like California continuing on that trend regardless of what is happening on the federal level,” said Kevin Walenta, who manages the Fidelity Select Environment and Alternative Energy portfolio. He has been adding to his positions in Spanish wind energy company Iberdrola SA and US-based water and plumbing company Comfort Systems USA Inc. BETTING ON STATE POLICIES Trump has not yet called for ending tax credits for solar and other renewable energy, though he has expressed doubt about the role of solar energy, bemoaned the loss of coal-mining jobs and blamed wind turbines for ruining picturesque landscapes. Ahead of the election, power companies had already started to pivot away from solar and invest more in wind, with companies including Southern Co, NextEra Energy Inc and Xcel Energy Inc announcing plans to expand wind-generating capabilities at a time when technology has helped lower its cost. Wind power costs average between $32 and $62 per megawatt hour before subsidies, compared with an average between $49 and $61 per megawatt hour for utility-scale solar arrays without subsidies, according to a December 2016 report from Lazard. Coal power, which Trump has pledged to revive, costs between $60 and $143 per megawatt hour, the report notes. With that cost structure, along with the potential increase in jobs from building and maintaining wind turbines, even solidly Republican states should continue to invest in renewables, said Murray Rosenblith, co-portfolio manager of the New Alternatives Fund. Rosenblith has been adding to his positions in wind companies Vestas Wind Systems and Gamesa Corporacion Tecnologica SA, both of whose shares are up 10 percent or more since the start of the year. "These are growing industries in states that are bringing back jobs," he said. "Even if Trump wants to pull tax credits back as a political gesture he''s not going to find a lot of support in the party at large." (Reporting by David Randall, Ross Kerber and Nichola Groom; Editing by Jennifer Ablan and David Gregorio) Next In Money'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-funds-trump-sustainable-idUSKBN16A29A'|'2017-03-04T01:30:00.000+02:00'
'7d46a4fce98d2d70afb38cae6cceacff724bd969'|'Ex-JPMorgan employee pleads guilty to $5 million fraud'|'Company News -  43pm EST Ex-JPMorgan employee pleads guilty to $5 million fraud By Brendan Pierson - March 2 March 2 A former JPMorgan Chase & Co employee who has been ordered to attend counseling for gambling has pleaded guilty to criminal charges that he stole more than $5 million from his employer to pay personal debts, New York prosecutors said. Lawrence Obracanik, 42, pleaded guilty to wire fraud affecting a financial institution on Thursday before U.S. District Judge Ronnie Abrams in Manhattan, according to an announcement from U.S. Attorney Preet Bharara. The charge carries a maximum sentence of 30 years in prison and a $1 million fine, according to Bharara''s office. Obracanik is scheduled to be sentenced by Abrams on July 7. A lawyer for Obracanik did not immediately respond to a request for comment on Thursday evening. Obracanik, a resident of Fort Worth, Texas, turned himself in to authorities in New York in December. Following a court appearance on the day of his arrest, he was released on a $100,000 bond. He was instructed as part of his bail conditions to seek employment and attend counseling for gambling, according to court records. The criminal complaint against Obracanik did not identify JPMorgan by name. But a profile for him on LinkedIn said that he had worked for the New York-based bank in Texas. A spokesman for JPMorgan declined to comment at the time of Obracanik''s arrest. Representatives of the bank could not immediately be reached on Thursday. Prosecutors say that, between July 2014 and February 2016, Obracanik was responsible for wire transfers of more than $5 million from an account at the bank where he worked to an account at another bank belonging to an unnamed individual. The complaint said that during an interview with two Federal Bureau of Investigation agents in August, Obracanik admitted wiring the money to that person''s account and said that he had done so to pay personal debts. The case is U.S. v. Obracanik, U.S. District Court, Southern District of New York, No. 16-mj-7732. (Reporting By Brendan Pierson in New York; additional reporting by Nate Raymond in New York; Editing by Bernard Orr) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/jpmorgan-court-idUSL2N1GF281'|'2017-03-03T06:43:00.000+02:00'
'7c04e27ab50c3e2129eefba36313cd5420799d47'|'Exclusive - Japan''s Toshiba prepares $2 billion sale of Landis+Gyr - sources'|'Business News - Fri Mar 3, 2017 - 1:03am GMT Exclusive - Japan''s Toshiba prepares $2 billion sale of Landis+Gyr - sources Workers prepare the New Year''s eve numerals above a Toshiba sign in Times Square in Manhattan, New York City, U.S., December 26, 2016. REUTERS/Andrew Kelly By Christoph Steitz , Arno Schuetze and Oliver Hirt - FRANKFURT/BERLIN/ZURICH FRANKFURT/BERLIN/ZURICH Japan''s Toshiba Corp ( 6502.T ) is preparing a potential $2 billion divestment of smart metre group Landis+Gyr, hoping to rake in capital after a major writedown on its U.S. nuclear unit last month, three people familiar with the matter said. The group has hired UBS ( UBSG.S ) to explore a potential sale or initial public offering of the Swiss-based business, which could take place as early as after the European summer, they added. Toshiba said in a statement the company "is consequently studying all options to strengthen profitability and its capital base, but no decisions have been made in respect of selling stakes or IPO of individual businesses." UBS declined to comment. Smart metre makers have seen a wave of M&A activity, with three major manufacturers up for sale in Germany alone, highlighting their significance as the energy industry goes digital and depends on live consumption data to a much greater extent. Landis+Gyr, in which Toshiba owns a 60 percent stake, employs more than 5,700 staff and is active in over 30 countries. It said last week that sales would grow by nearly 5 percent to $1.64 billion in the fiscal year ending this month, adding it was "unaffected by Toshiba''s challenges". Toshiba announced a $6.3 billion writedown on its U.S. nuclear business last month, wiping out its shareholder equity and causing it to seek divestments to create a buffer for any fresh financial problems. It is expected to approach buyout groups including CVC, Cinven, Advent, KKR ( KKR.N ), Blackstone ( BX.N ), Onex ( ONEX.TO ) and Clayton, Dubilier & Rice as potential buyers of Landis+Gyr, one of the sources said, adding that industrial conglomerates were not expected to enter the fray. Toshiba bought Landis+Gyr in 2011 for $2.3 billion jointly with state-backed Innovation Network Corporation of Japan (INCJ), which holds the remaining 40 percent in the company. The deal would value Landis+Gyr at 10-11 times its annual core earnings (EBITDA), two of the people said, in line with the 10.7 times that U.S. water technology company Xylem ( XYL.N ) paid for Sensus USA Inc last year. Toshiba will try to position Landis+Gyr as a Swiss industrial group, hoping to reach EBITDA multiples similar to those of Geberit ( GEBN.S ), Sulzer ( SUN.S ) or Belimo ( BEAN.S ), which trade at between 12-19 times. (Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-landis-gyr-m-a-exlcusive-idUKKBN16A04C'|'2017-03-03T08:03:00.000+02:00'
'ec175f4a77615a43c606559fffd2e64512796926'|'UPDATE 1-Costco''s same-store sales, profit miss estimates'|'Thu Mar 2, 2017 - 5:54pm EST Costco''s same-store sales, profit miss estimates FILE PHOTO: Shopping carts at Costco in Fairfax, Virginia, January 7, 2010. REUTERS/Larry Downing Warehouse club retailer Costco Wholesale Corp ( COST.O ) reported lower-than-expected quarterly comparable-store sales and profit as big grocers competed fiercely to attract customers with lower prices. The company''s shares fell about 4 percent to $170.80 in extended trading on Thursday. Price war in the industry has intensified, with Wal-Mart Stores Inc ( WMT.N ) reportedly running a new price-comparison test to knock out competition from grocery chains and big-box retailers. The cut-throat competition has already hit supermarket operator Kroger Co ( KR.N ), which reported its first decline in quarterly comparable sales in 13 years on Thursday. Costco''s total same-store sales rose 3 percent in the second quarter ended Feb. 12, excluding the impact of changes in gasoline prices and foreign exchange. Analysts on average were expecting 3.2 percent growth, according to research firm Consensus Metrix. Net income attributable to Costco fell to $515 million, or $1.17 per share, in the latest quarter from $546 million, or $1.24 per share, a year earlier. Excluding items, Costco earned $1.17 per share, while total revenue rose 5.7 percent to $29.77 billion. Analysts on average had estimated adjusted earnings of $1.36 per share and revenue of $29.86 billion in the quarter, according to Thomson Reuters I/B/E/S. Costco performed well in the last two quarters, despite a tough environment for retailers, as it partly benefited from paying lower fees to credit card partner Visa Inc ( V.N ). The company completed the switch to Visa from American Express Co ( AXP.N ) during the fourth quarter last year. (Reporting by Gayathree Ganesan and Sruthi Ramakrishnan in Bengaluru; Editing by Anil D''Silva) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-costco-wholesale-results-idUSKBN1692XU'|'2017-03-03T05:48:00.000+02:00'
'380874d4551713ea3f88aa6f4dff5fe3b94585ae'|'India''s Paytm E-Commerce raises $200 mln from Alibaba, SAIF Partners'|'Technology  35am EST India''s Paytm E-Commerce raises $200 million from Alibaba, SAIF Partners Advertisements of Paytm, a digital wallet company, are seen placed at stalls of roadside vegetable vendors in Mumbai, India, November 19, 2016. REUTERS/Shailesh Andrade MUMBAI India''s Paytm E-Commerce Pvt Ltd has raised $200 million from China''s Alibaba Group Holding and venture capital fund SAIF Partners to expand its online retail business in a market dominated by homegrown Flipkart and U.S. tech giant Amazon. Alibaba.com Singapore E-Commerce Pvt Ltd picked up a 36.31 percent stake in Paytm E-Commerce for investing $177 million, according to a regulatory filing by the Indian company that runs an online marketplace. Alibaba and its associates are also the largest shareholders in One97 Communications, which has a stake in Paytm E-Commerce. SAIF Partners'' $23 million investment will give it a 4.66 percent stake in Paytm E-Commerce, the filing showed. Alibaba Group is looking to invest outside China as growth slows at home. In its biggest overseas deal, Alibaba in April agreed to buy a controlling stake in Southeast Asian online retailer Lazada Group for about $1 billion. Paytm Payments Bank Ltd, another company of the group, houses its electronic payment wallets and planned payments bank business. Paytm has said its e-wallet service has more than 200 million clients in India. (Reporting by Sankalp Phartiyal; Editing by Richard Borsuk) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-paytm-alibaba-investment-idUSKBN16A12I'|'2017-03-03T17:31:00.000+02:00'
'433d6e554861f89febce11685a39c3dc9e06b7a6'|'BRIEF-Reata Pharmaceuticals reports Q4 loss per share $0.19'|'  7:07am EST BRIEF-Reata Pharmaceuticals reports Q4 loss per share $0.19 March 3 Reata Pharmaceuticals Inc * Reata Pharmaceuticals Inc. announces fourth quarter and full year 2016 financial and operating results * Q4 loss per share $0.19 * Q4 earnings per share view $-0.15 -- Thomson Reuters I/B/E/S * Qtrly total collaboration revenue $12.5 million versus $12.53 million Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-reata-pharmaceuticals-reports-q4-l-idUSASB0B3N3'|'2017-03-03T19:07:00.000+02:00'
'95d6354a4c3e7a69d52d39defd24e4a61782b328'|'Brazilian court grants PDG Realty bankruptcy protection'|'SAO PAULO, March 2 A São Paulo court granted Brazilian homebuilder PDG Realty SA bankruptcy protection on Thursday, the company said in a securities filing.PDG sought protection from creditors last week to enable it to restructure its debt, Brazil''s second publicly listed builder to do so in less than six months.PDG''s gross debt was 5.4 billion reais ($1.75 billion) at the end of September, according to a quarterly earnings report. The company had 235 million reais of cash on hand at the time.Weak demand, growing sales cancellations, stalled construction projects and lawsuits from clients and contractors dogged PDG''s efforts to deal with its debt burden. (Reporting by Anthony Boadle; Editing by Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/pdg-realty-sa-bankruptcy-idINL2N1GG006'|'2017-03-02T21:06:00.000+02:00'
'7b455f867af66a2f045831856f4408a53374428f'|'BRIEF-Slam acquires former producing copper-lead-zinc mine'|' 11am EST BRIEF-Slam acquires former producing copper-lead-zinc mine March 3 Slam Exploration Ltd * Slam acquires former producing copper-lead-zinc mine * Slam Exploration Ltd - Has acquired former producing Wedge mine property * Slam Exploration Ltd - Wedge claim covers 100 hectares of mineral land property located in Bathurst Mining Camp ("bmc") of New Brunswick, Canada * Slam Exploration Ltd - Will pay a finders fee of 100,000 shares in connection with acquisition of Wedge * Slam Exploration Ltd - Will also pay finders fee of 100,000 shares in connection with acquisition of lower 44 property   Further  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-slam-acquires-former-producing-cop-idUSASB0B3O6'|'2017-03-03T21:11:00.000+02:00'
'23eedc97caa11571e4b8298f2d3e03adba5d8277'|'Volkswagen unveils its new self-driving concept car - Mar. 6, 2017'|'Riding a self-driving Uber around San Francisco Volkswagen just debuted its new self-driving concept car -- it''s name is Sedric. The big reveal came at the Geneva Motor Show on Monday. Sedric is the first member of a new family of self-driving cars from Volkswagen Group. Sedric looks a lot like a pearlescent ski resort cable car -- minus the cable. It has no steering wheel or pedals, since there won''t be a driver. Occupants sit facing one another across an open floor. Related: Google''s Waymo sues Uber over self-driving car technology Since Sedric is an electric car it, doesn''t have an engine to take up space, so it''s roomy inside. View of the inside of the Sedric concept car. To help freshen the air, there are air purifying plants -- actual plants -- positioned just inside the rear window. Live plants will serve as air purifiers. Sedric responds to spoken voice commands from the car''s occupants, and the inside of the windshield acts as a computer display to show maps and other information. Related: Ford just invested $1 billion in self-driving cars VW envisions Sedric as part of a fleet of self-driving vehicles. To summon a car, users would press a button on a remote control. The remote, theoretically, would operate anywhere in the world. In the future, VW plans to make different versions of this car for its various global brands, which include Audi, Bentley and Skoda. But VW''s performance brands Porsche and Lamborghini would never get a car like this, said VW''s head of research Ulrich Eichhorn, since people buy those cars because they want to drive them. But if other brands do debut a version of Sedric, they would be meant for individual ownership and not part of the company''s ride-share service. Volkswagen believes that, even with self-driving cars, many customers will still prefer to buy their own. CNNMoney (New York) First published March 6, 2017: 2:41 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_companies.rss'|'http://money.cnn.com/2017/03/06/autos/volkswagen-sedric-geneva-motor-show/index.html'|'2017-03-06T21:41:00.000+02:00'
'ebb10d69bc7d7c9b57c860f5c2232801749831f8'|'Daimler says recalling 1 million Mercedes globally after 51 fires'|'Business News - Fri Mar 3, 2017 - 3:23pm GMT Daimler says recalling 1 million Mercedes globally after 51 fires The Mercedes star logo is pictured on the roof of a Mercedes dealership in Stuttgart, Germany, January 31, 2017. REUTERS/Michaela Rehle DETROIT Daimler AG ( DAIGn.DE ) says it is recalling 1 million newer-model Mercedes-Benz vehicles worldwide due to the risk of fire, after 51 fires were reported. The German company said that no injuries or deaths have been reported to them regarding the vehicles it will begin recalling in the U.S. market in July when parts are available. (Reporting by Bernie Woodall; Editing by Chizu Nomiyama) Next In Business News Uber loses court battle which could cost it London drivers LONDON Taxi app Uber [UBER.UL] lost a court battle on Friday to stop a London regulator from imposing strict new English reading and writing standards on private hire drivers, the latest setback for the firm which could mean the loss of thousands of workers.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-daimler-recall-idUKKBN16A1RH'|'2017-03-03T22:14:00.000+02:00'
'fa1923300f84a15a9bbb06c677d12ddae75b08de'|'Nestle and Coke end Nestea iced tea venture'|'Fri Mar 3, 2017 - 1:35pm GMT Nestle and Coke end Nestea iced tea venture The Nestle logo is pictured on the company headquarters entrance building in Vevey, Switzerland February 18, 2016. REUTERS/Pierre Albouy ZURICH/LONDON Nestle ( NESN.S ) and Coca-Cola Co ( KO.N ) have agreed to end their Nestea iced tea joint venture after 16 years and pursue separate strategies in the fast-changing bottled drinks market. The companies formed Beverage Partners Worldwide in 2001 to sell Nestea around the world but the brand has faced fierce competition from Lipton iced tea, which is sold by a venture between Unilever ( ULVR.L ) and PepsiCo ( PEP.N ). Consumers are also moving away from sweetened bottled drinks toward water due to concerns about health and the environment. Nestle announced a revamp of the Nestea brand last month, changing its formula and packaging. The new fruit-flavored Nestea drinks are made with sugar and stevia and have no corn syrup, artificial colors and flavors, nor GMO ingredients. "The ready-to-drink tea market has evolved, and Nestle believes the time is right to develop Nestea independently," the company said on Friday, announcing the end of the venture that had already been scaled back to just Europe and Canada in 2012. Nestle said on Friday that Coke would retain a license to make and sell Nestea in Canada, Spain, Portugal, Andorra, Romania, Hungary and Bulgaria. The Nestle Waters division, which manages the brand in several countries including the United States, will also manage Nestea in European countries not affected by the licensing agreements with Coke, it said. (Reporting by Michael Shields and Martinne Geller; editing by David Clarke) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-nestle-coca-cola-idUKKBN16A1D8'|'2017-03-03T20:31:00.000+02:00'
'56bb88cb65f5accc3b57f5a12fded150bc57bdce'|'The wonder drug: A digital revolution in health care is speeding up'|'WHEN someone goes into cardiac arrest, survival depends on how quickly the heart can be restarted. Enter Amazon’s Echo, a voice-driven computer that answers to the name of Alexa, which can recite life-saving instructions about cardiopulmonary resuscitation, a skill taught to it by the American Heart Association. Alexa is accumulating other health-care skills, too, including acting as a companion for the elderly and answering questions about children’s illnesses. In the near future she will probably help doctors with grubby hands to take notes and to request scans, as well as remind patients to take their pills.Alexa is one manifestation of a drive to disrupt an industry that has so far largely failed to deliver on the potential of digital information. Health care is over-regulated and expensive to innovate in, and has a history of failing to implement ambitious IT projects. But the momentum towards a digital future is gathering pace. Investment into digital health care has soared (see chart).One reason for that is the scale of potential cost-savings. Last year Americans spent an amount equivalent to about 18% of GDP on health care. That is an extreme, but other countries face rising cost pressures from health spending as populations age. Much of this expenditure is inefficient. Spending on administration varies sevenfold between rich countries. There are huge differences in the cost of medical procedures. In rich countries about one-fifth of spending on health care goes to waste, for example on wrong or unnecessary treatments. Eliminating a fraction of this sum is a huge opportunity.Consumers seem readier to accept digital products than just a few years ago. The field includes mobile apps, telemedicine—health care provided using electronic communications—and predictive analytics (using statistical methods to sift data on outcomes for patients). Other areas are automated diagnoses and wearable sensors to measure things like blood pressure.If there is to be a health-care revolution, it will create winners and losers. Andy Richards, an investor in digital health, argues that three groups are fighting a war for control of the “health-care value chain”.One group comprises “traditional innovators”—pharmaceutical firms, hospitals and medical-technology companies such as GE Healthcare, Siemens, Medtronic and Philips. A second category is made up of “incumbent players”, which include health insurers, pharmacy-benefit managers (which buy drugs in bulk), and as single-payer health-care systems such as Britain’s NHS. The third group are the technology “insurgents”, including Google, Apple, Amazon and a host of hungry entrepreneurs that are creating apps, predictive-diagnostics systems and new devices. These firms may well profit most handsomely from the shift to digital.The threat to the traditional innovators is that as medical records are digitised and new kinds of patient data arrive from genomic sequencing, sensors and even from social media, insurers and governments can get much better insight into which treatments work. These buyers are increasingly demanding “value-based” reimbursement—meaning that if a drug or device doesn’t function well, it will not be bought.The big question is whether drug companies will be big losers, says Marc Sluijs, an adviser on investment in digital health. More data will not only identify those drugs that do not work. Digital health care will also give rise to new services that might involve taking no drugs at all.Lunches eatenDiabetes is an obvious problem for the pharma business in this regard, says Dan Mahony, a partner at Polar Capital, an investment firm. Since evidence shows that exercise gives diabetics better control of their disease (and helps most pre-diabetics not to get sick at all), there is an opening for new services. UnitedHealthcare, a big American insurer, for example, has a prevention programme that connects pre-diabetics with special coaches at gyms.An app or a wearable device that persuades people to walk a certain distance every day would be far cheaper for insurers and governments to provide than years of visits to doctors, hospitals and drugs. Although Fitbits are frequently derided for ending up in the back of a drawer, people can be motivated to get off the sofa. Players of Pokémon Go have collectively walked nearly 9bn kilometres since the smartphone game was released last year.That is the backdrop to a new firm called Onduo, a joint venture that Google’s health-care venture, Verily Life Sciences, and Sanofi, a French drug firm, set up last year. Onduo will start by developing ways to help diabetics make better decisions about their use of drugs and their lifestyle habits. Later on, Onduo wants to help those who are at risk of diabetes not to develop it. The startup is a good hedge for Sanofi, which faces a slowdown in sales of its blockbuster insulin medication, Lantus, which lost patent protection in 2015.This kind of thinking does not come easily to drug firms. Switzerland’s Novartis is one of the few to have acknowledged that digital innovation will mean selling products based on patient outcomes. But if pharma firms do not design solutions that put the patient, rather than drug sales, at the centre of their strategy, they risk losing relevance, says Mr Sluijs.Large hospitals, some of which count as both incumbents and traditional innovators, will also be affected. The rise of telemedicine, predictive analytics and earlier diagnoses of illnesses are expected to reduce admissions, particularly of the emergency kind that are most lucrative in commercial systems. The sickest patients can be targeted by specialist services, such as Evolution Health, a firm in Texas that cares for 2m of the most-ill patients across 15 states. It claims to be able to reduce the use of emergency rooms by a fifth, and inpatient stays in hospitals by two-fifths.Rapid medical and diagnostic innovation will disrupt all businesses that rely heavily on physical facilities and staff. A mobile ultrasound scanner made by Philips, called Lumify, means that a far larger number of patients can be seen by their own doctors. As for data-based diagnostics, one potential example of its power to change business models is Guardant Health, a startup that is analysing large quantities of medical data in order to develop a way of diagnosing cancer from blood tests. If the firm can devise an early test for breast cancer, demand for mammograms and the machines that take them would fall, along with the need for expensive drugs and spells in hospital.From ER to AIThere is also good news for hospitals, however. Increasingly, machine-learning programs are able to make diagnoses from scans and from test results. An intriguing recent project has been to stream and analyse live health data and deliver alerts on an app that is carried around by doctors and nurses at the Royal Free Hospital in London. The app, which is the work of DeepMind, a British artificial-intelligence (AI) research firm owned by Google, identifies the patients at greatest risk of a sudden and fatal loss of kidney function. The Royal Free says that the app is already saving nurses’ time.Naturally enough, the health-care entrepreneurs have the boldest visions. The point of care will move rapidly into the home, they say. People will monitor their heart conditions, detect concussions, monitor the progress of diseases and check up on moles or ear infections using apps, mobile phones and sensors. Last year the FDA approved 36 connected health apps and devices. A new app, called Natural Cycles, was recently approved in Europe for use as a contraceptive. Its failure rate for typical use was equivalent to that of popular contraceptive pills. A smartphone may eventually be able to predict the onset of Alzheimer’s, Parkinson’s or even the menopause (if the information is wanted).In emerging economies, where regulations on health data are less onerous and where people often already expect to pay to see a doctor, there is faster growth and innovation. China, which is building 400 hospitals a year, saw its two largest VC investments in digital health care last year. One went into a Chinese medical-service app, Ping An Good Doctor, which raised $500m; a video-consultations app called Chunyu Yisheng raised $183m. India is another innovator. To take one example, LiveHealth, based in Pune, is an app that lets patients assemble all their health records in one place, see test results and communicate with doctors.In the short term, the greatest disruption will come from a growing array of apps in many countries around the world that give consumers direct access to qualified GPS on their mobile phones. Overall, telemedicine is expected to grow rapidly. In America, GPs will conduct 5.4m video consultations a year by 2020, says IHS Markit, a research firm. Britain’s NHS is testing a medical AI from a London-based startup called Babylon which can field patients’ questions about their health. A paid service called Push Doctor offers an online appointment almost immediately for £20 ($24). The firm maximises the efficiency of its doctors by reducing the time they spend on administrative duties. They spend 93% of their time with patients compared with only 61% in Britain’s public sector. Babylon reckons that 85% of consultations do not need to be in person.In the longer term, the biggest upheaval may come from the large technology firms. Amazon and Google are not the only giants to be stalking health care. Apple has expressed a strong interest in it, though it is taking time to decide exactly what it wants to do. For several years it has provided a way of bringing together health data on its iPhone, and tools for health researchers to build apps. As personal-health records accumulate on its platform, from sensors such as Fitbits to medical-grade devices, it will encourage more app development.An app using data from an iPhone or another smartphone might be able to warn users that a sedentary lifestyle will exacerbate a heart condition or that, based on social-media patterns, they are at risk of depression, for example. Apple and other tech firms may also be able to help patients take greater control of their existing health records. For now medical records mostly remain under the guard of those who provided the care, but this is expected to change. If patients do gain proper access to their own data, Apple is in a particularly strong position. Its platform is locked and fairly secure, and the apps that run on it are all screened by the firm.None of this will materialise quickly. Regulated health-care systems will take time to deal with concerns over accuracy, security and privacy. In Britain the Royal Free is already under scrutiny over how it shared its patients’ data. That suggests a broader worry: that technology companies are too cavalier with their users’ data. Such firms typically use long agreements on data rights that are hard for individuals to understand. The medical world places importance on informed consent, so a clash of cultures seems unavoidable.Yet enormous change looks inevitable. Investors hope for billion-dollar health-tech “unicorns”. Payers eye equally sizeable savings. Amid such talk it is worth remembering that the biggest winners from digital health care will be the patients who receive better treatment, and those who avoid becoming patients at all. "The wonder drug"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21717990-telemedicine-predictive-diagnostics-wearable-sensors-and-host-new-apps-will-transform-how?fsrc=rss%7Cbus'|'2017-03-02T23:56:00.000+02:00'
'0e9959bb4998a593b9186d3c6d3a63cdabfc94db'|'Exclusive: Real estate investment trust Carter Validus up for sale - sources'|'Carter Validus Mission Critical REIT Inc, a nontraded U.S. real estate investment trust focused on data centers and medical properties, is exploring a sale that could value it at more than $3.5 billion, according to people familiar with the matter.Unlike publicly traded REITs, nontraded REITs such as Carter Validus require investors to lock up their money. In exchange, they promise a steady stream of cash distributions and, eventually, return of capital in the form of a public listing or a sale.To cash out its investors, Carter Validus is considering two separate transactions to divest its assets: one for its portfolio of data centers and one for its medical properties, the people said this week.Carter Validus is looking for buyers for its data center assets, which could fetch more than $1 billion, the people said. It is also reviewing options, including a potential sale, for the remainder of the portfolio, the people added.The sources cautioned no deal is certain and asked not to be identified because the deliberations are confidential. Carter Validus did not immediately respond to requests for comment.Based in Tampa, Florida, Carter Validus was launched in 2010 as a vehicle for investors to gain exposure to healthcare and data center properties. Through acquisitions, the company had amassed 49 real estate investments as of the end of September.In 2015, Carter Validus hired investment bank Goldman Sachs Group Inc ( GS.N ) to review strategic alternatives, but subsequently announced, after assessing its options, that it had decided against a sale.Healthcare real estate has been caught up in the same U.S. post-election tumult that has challenged the wider industry, as lawmakers debate healthcare reforms that could greatly alter many hospitals and medical facilities.In recent years, data centers have been a source of steady dealmaking activity, as technology companies seek to scale up data operations to keep pace with U.S. businesses'' burgeoning demand for data and video.Private equity firms or companies that specialize in data centers, such as Equinix Inc ( EQIX.O ) and Digital Realty Trust Inc DLR.O, have been active buyers of assets.Carter Validus was created by a parent company of the same name that also sponsors other REITs. It created Carter Validus Mission Critical REIT II in 2014.(Reporting by Carl O''Donnell and Liana B. Baker in New York; Editing by Matthew Lewis)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-cartervalidus-m-a-idUSKBN16A1YU'|'2017-03-03T19:33:00.000+02:00'
'1729f33e3bec92f981c192679d0feaaf32fa6da6'|'Asian shares advance, dollar supported by March rate hike bets'|'Business  23am IST Asian shares advance, dollar supported by March rate hike bets FULL COVERAGE: INDIA ELECTIONS 2017 FILE PHOTO: People are seen behind an electronic board showing stock prices after the New Year opening ceremony at the Tokyo Stock Exchange (TSE), held to wish for the success of Japan''s stock market, in Tokyo, Japan, January 4, 2017. REUTERS/Kim Kyung-Hoon By Hideyuki Sano - TOKYO TOKYO Asian shares rose on Thursday as investors were encouraged by President Donald Trump''s measured tone in his first speech to Congress, which sent Wall Street stocks sharply higher, while growing bets on a U.S. rate hike this month buoyed the dollar. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.2 percent, led by rebound in Australian shares . Japan''s Nikkei .N225 rose 1.3 percent to a 14-month high. MSCI''s broadest gauge of the world''s stocks covering 46 countries .MIWD PUS rose nearly 1 percent to a record high, after posting its biggest daily gain in almost three months. On Wall Street, the Dow Jones Industrial Average .DJI blasted through the 21,000-point mark for the first time. Both the Dow and the S&P 500 .SPX rallied around 1.4 percent. Trump pledged to deliver "massive" tax relief to the middle class and corporate tax cuts, to spend heavily on infrastructure and to ease regulations -- steps that have helped to push U.S. stocks higher since his election victory in November. While Trump gave few new details on his tax or spending plans, investors were encouraged by what they saw as a less confrontational tone as he tries to push his agenda through a Congress reluctant to widen the government''s budget deficit. A rate hike by the Federal Reserve later this month also would signal policymakers'' growing confidence in U.S. and global economic expansion, as indicated by generally upbeat factory activity surveys on Wednesday. The S&P financial index .SPSY soared 2.84 percent after a few key Federal Reserve officials including New York Fed President William Dudley and San Francisco Fed President John Williams, hinted at an interest rate hike this month. Usually-dovish Fed Governor Lael Brainard also joined the chorus, saying an improving global economy and a solid U.S. recovery mean it will be "appropriate soon" for the Fed to raise rates. Government data indeed showed on Wednesday the largest monthly increase in inflation in four years eroded households'' purchasing power, supporting the case for a rate hike. "The U.S. economy is strong enough to allow the Fed to raise rates. And then we are going to have one trillion dollar public spending," said a trader at a European bank. "Under such conditions, we are likely to see a gradual rise in U.S. stocks, with volatility remaining low, until the Fed overkills the economy," he said. U.S. Treasuries yield jumped, with the two-year yield hitting a more than seven-year high of 1.308 percent US2YT=RR. Fed Funds rate futures FFH7 FFJ7 are now pricing in about an 80 percent chance that the Fed will bump up interest rates by 0.25 percentage point at its policy meeting on March 14-15, compared to around 30 percent at the start of this week. More Fed policy-setters, including Chair Janet Yellen and Vice Chair Stanley Fischer, will speak on Friday, likely providing further signals on the Fed''s policy path. In Europe, the premium investors demand for holding French bonds over German bonds shrank to the smallest in a month after scandal-hit French presidential candidate Francois Fillon vowed to stay in the election fight. That is perceived to contribute to limiting the chance of a victory by far-right National Front leader Marine Le Pen, who could pull the country out of the euro zone and the European Union. In the currency market, the dollar benefited from rising expectations of a Fed rate hike. The dollar''s index against a basket of six major rivals .DXY rose to its highest level in seven weeks. The U.S. currency rose to 114.05 yen JPY= , its highest in two weeks, while the euro dipped to $1.0539 EUR= . The British pound sank to a six-week low of $1.2270 GBP=D4 as disappointing UK economic data added to political nerves that have begun to weigh on the currency again after last year''s Brexit vote. Oil prices CLc1 loitered within a familiar range, as record high U.S. crude supplies tempered support from evidences that OPEC producers are complying with an agreement to cut production. (Editing by Kim Coghill) U.S. stock investors say don''t worry, be happy NEW YORK The latest leg of the relentless rally in U.S. stocks since Donald Trump was elected president has all the hallmarks of being driven more by sentiment than sense, but that doesn''t mean the ride is over, although it could well be a bumpier one from here.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-global-markets-idINKBN16903T'|'2017-03-02T07:50:00.000+02:00'
'1a30e8ae666883b0a76b8e622f094a78b964c0e5'|'China February factory growth beats expectations as orders pick up'|'  2:58am GMT China February factory growth beats expectations as orders pick up An employee works on an assembly line producing automobiles at a factory in Qingdao, Shandong Province, China, March 1, 2016. REUTERS/Stringer/File Photo BEIJING China''s factory activity expanded faster than expected in February as domestic and export demand picked up, adding to signs that the global economy is regaining momentum even as fears grow of a surge in trade protectionism. Growth in both output and orders accelerated last month, according to official and private factory surveys on Wednesday, giving the government more room to focus on tackling financial risks to the economy as debt continues to rise. "This is the 7th consecutive month that China’s official manufacturing PMI stayed within expansionary territory, suggesting that industrial activity remains buoyant," said Zhou Hao, emerging markets economist at Commerzbank AG in Singapore. Zhou said it was "very likely" that China''s central bank would raise short-term interest rates by a another 10 basis points in March -- which would mark the third such move in as many months -- as authorities grow more confident that the economy is on steadier footing. Facing growing risks from explosive growth in debt, China''s central bank has cautiously shifted its stance in recent months to a tightening bias after years of super-loose policy to stave off the risk of a hard landing for the world''s second-largest economy. The official Purchasing Managers'' Index (PMI) released on Wednesday rose to a three-month high of 51.6 in February, compared with the previous month''s 51.3, and above the 50-point mark that separates growth from contraction on a monthly basis. Analysts had expected a reading of 51.1 in February. China''s industrial sector has benefited from a construction boom since the middle of last year that has spurred demand and prices for building materials from cement to steel, boosting sales and profits. Output rose at a faster pace of 53.7, compared to 53.1 in January, while overall new order growth also picked up. A private survey which focuses more on small and mid-sized firms also showed factory activity picked up more than expected last month. The Caixin/Markit Manufacturing Purchasing Managers'' index (PMI) rose to 51.7, up from 51.0 in January and beating analysts'' forecasts of 50.8. New export orders grew at the fastest pace since September 2014. EXPORT OUTLOOK CLOUDY Stronger readings on export orders would build on China''s better-than-expected trade numbers in January, but worries of a rise in U.S. trade protectionism are clouding the outlook longer-term. Still, China''s domestic demand appears solid for now, and is becoming more broad-based. A separate reading on the services sector showed growth remained robust in February, though the pace of growth slowed slightly from January. The official non-manufacturing Purchasing Managers'' Index (PMI) stood at 54.2 in February, down from 54.6 in January, and well above the 50-point mark. China''s services sector has been a bright spot as the government tries to transition its economic growth model from a heavy reliance on investment and exports to being more consumer-focused. The services sector accounted for over half of China''s economy last year and for the majority of growth, as rising wages give Chinese consumers the opportunity travel and eat out more. Improving business conditions in China are giving an welcome boost to its Asian neighbours, which have seen their economic growth ebb in recent years as China slowed. South Korea said on Wednesday that its exports grew at the fastest pace in five years in February, with shipments to China surging 28.7 percent on-year, the best growth since late 2010. (Reporting by China monitoring desk and Elias Glenn; Editing by Kim Coghill)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-pmi-factory-official-idUKKBN1682YQ'|'2017-03-01T09:58:00.000+02:00'
'383b9a1dcc97b33b843c2d8e7668bd2917b0e6cb'|'COLUMN-Coking coal outlook becomes more bullish for cautious miners: Russell'|'Company News - Wed Mar 1, 2017 - 1:14am EST COLUMN-Coking coal outlook becomes more bullish for cautious miners: Russell (The opinions expressed here are those of the author, a columnist for Reuters.) * Graphic of China''s coal imports: tmsnrt.rs/2lj1BS0 By Clyde Russell LAUNCESTON, Australia, March 1 Bullish and cautious aren''t usually words found in the same sentence, but it appears that coking coal miners are upbeat about the prospects for the steel-making fuel, though not to the extent of choking off price gains with increased supply. Witness the comment from Don Lindsay, chief executive of Canada''s Teck Resources, North America''s largest producer of coking coal and the second-biggest seaborne exporter. "I''m feeling excited," Lindsay told Bloomberg Television on Monday while attending a conference in the U.S. state of Florida, noting that coking coal prices have turned around in the last 10 days, with forward prices gaining. Australian free-on-board coking coal prices rose to $158.70 a tonne in the week to Feb. 24, up 5.8 percent on the prior week, although still well below $255 a tonne at the end of last year. But after being bullish, Lindsay turned cautious. "In this business, if you add too much capacity you put the market into surplus and you hurt the whole rest of your production," Lindsay said. "If we brought out another 3 to 4 million tons and ended up causing a price reduction, you can''t make the money back." Teck has the ability to add to its output, but is waiting for the steel industry in India to take off, as well as watching policy developments in China. CHINA STILL THE KEY China remains key for the outlook for coking coal, with policy decisions likely to drive both short- and medium-term prices. China''s approach to economic growth will be crucial for steel demand, with the market watching to see if Beijing will continue measures to stimulate infrastructure spending and construction, while at the same time shutting down excess steel capacity. Policies around coking coal will also be pivotal as China tries to limit pollution and appears to take a harder line on North Korea, its nuclear-armed neighbour and a major source of high-quality coal. China imported 1.45 million tonnes of coal from North Korea in January, down 28 percent from December, as U.N. Security Council sanctions came into effect. The January imports account for almost 20 percent of the annual total China is allowed to import from North Korea. However, Beijing said on Feb. 18 that it would immediately ban all imports of coal from its volatile neighbour. Although no reasons were cited, the move came after Pyongyang tested an intermediate-range ballistic missile and the apparent assassination in Malaysia of Kim Jong-nam, the half-brother of ruler Kim Jong-un. If China does stop importing North Korean coal, it creates a potential shortfall of around 20 million tonnes of coking coal, using the 22.48 million tonnes imported in 2016 as a guide. To put that figure in perspective, BHP Billiton, the world''s biggest exporter of coking coal, produced 21 million tonnes of the fuel in the half year to December. BHP said in its half-yearly report on Feb. 21 that it is keeping its production guidance for coking coal unchanged at 44 million tonnes for the 2017 financial year. It''s quite likely that BHP could increase its output, or commit to doing so, but similar to Teck, it chose to express caution on the outlook, saying in its results presentation that the "application of China''s coal supply reform policy is a source of short-term uncertainty." It seems that for now at least, the major coking coal producers like what they see, but aren''t quite convinced enough to place a bet by boosting output. (Editing by Richard Pullin)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/column-russell-coking-coal-idUSL3N1GE2IJ'|'2017-03-01T13:14:00.000+02:00'
'144a7c70609003b90aa5febf7a190dc090bc863d'|'Corporates launch funding frenzy in busiest day of year'|'* Corporates raise debt ahead of political noise* Cheap euro funding lures more US borrowersBy Laura BenitezLONDON, March 7 (IFR) - Corporate borrowers are piling into the European bond market this week, in a bid to capitalise on the insatiable demand for paper from the region''s investors before political uncertainty sours momentum.Seven companies are seeking to raise a mixture of euro and sterling-denominated financing today, making it the busiest day by transaction volume so far this year for the European market.This follows a busy starting session on Monday, where corporates sold €2.25bn across three euro deals.Both domestic and cross-border companies have been eager to raise debt ahead of looming political risk, namely from the French presidential election, as well as potential QE tapering talk from the ECB."We''re having one of the busiest weeks, there''s a lot going on," said Frazer Ross, managing director on the global risk syndicate desk at Deutsche Bank."But at the same time there are risks on the horizon, such as the ECB meeting in Europe, while the US is factoring in a 90% (probability of a) rate hike from the Fed,""So, issuers are overall getting as much done while everything is so well bid. The market is bullet proof right now, so there''s a definite feeling of frontloading."Credit has been well bid due to high investor cash reserves, with some accounts having as much as €500m a week to use on new issues, bankers say.Higher risk credit Nokia (Ba1/BB+), for example, attracted €6.5bn of demand for a €1.25bn dual-tranche bond on Monday, while French companies received blowout demand for their transactions last week, demonstrating the solid support for the asset class despite the upcoming election risk."Investors have all this cash they need to use, particularly the French, who are the driving forces behind most of the deals right now," one banker said."But elsewhere, buyers are actually becoming more and more selective and price-sensitive. It''s becoming an overheated market and we''ve been talking about the risks here for a while now, the ECB namely, which is why we''re telling issuers to get in now."Bankers are busy speculating about whether ECB President Mario Draghi will hint at further changes to the corporate sector purchase programme on Thursday, following the central bank''s latest meeting.The programme is already set to reduce to €60bn a month from €80bn from April this year, leaving credit investors grappling with what is expected in the longer term."I think there could be some pressure on Draghi to hint to how they are thinking about QE, although he will, in my view, be cautious saying too much," the second banker said."He isn''t going to want the market to taper tantrum so close to French elections."US COMPANIES RUSH INToday''s deals include German auto company Daimler, Italy''s Italgas, UK mobility service Motability and Finnish telecommunications company Elisa.US corporate borrowers also made a significant dent in Europe''s market on Tuesday, with Molson Coors, Thermo Fisher and Priceline raising euro funds for repayment of debt as well as acquisitions.The former also raised US$1bn across a dual-tranche bond in the US dollar market on Monday.Today''s trio follow multi-billion deals from Coca-Cola and Pfizer last week, which both broke new ground with floating-rate notes sold above par.Despite Coca-Cola and Pfizer''s paltry coupons offering investors little, if any, return, demand for the transactions sky-rocketed as investors protect their portfolios ahead of the looming political risk.Reverse Yankees have made their mark on the European market this year so far, with Avery Dennison, Parker-Hannifin and McKesson selling their debut euro deals in 2017.The US investment-grade bond market is also firing on all cylinders.Monday saw US$22.65bn print across 11 deals, four from corporate issuers, the second largest day of 2017 so far, as borrowers looked to get ahead of a looming rise in rates.(Reporting By Laura Benitez,; Editing by Philip Wright and Robert Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/corporates-launch-funding-frenzy-in-busi-idINL5N1GK2D9'|'2017-03-07T09:44:00.000+02:00'
'580ec369556292f4c90eab7282697a7da4ed38c1'|'BNP Paribas expands car loans business with Opel/Vauxhall deal'|'PARIS French bank BNP Paribas'' ( BNPP.PA ) car financing business will grow by a third after the acquisition of Opel/Vauxhall''s financing arm for 900 million euros ($953.5 million) with PSA Group ( PEUP.PA ).The acquisition was announced alongside PSA Group''s agreement to buy Opel from General Motors ( GM.N ) in a deal valuing the business at 2.2 billion euros.Banque PSA Finance and BNP Paribas Personal Finance will each acquire 50 percent of the share capital of the company which had 9.6 billion euros of outstanding car loans at the end of 2016 and had operations in 11 European countries."This perfectly fits in our development plan for Europe, we have said already that we want to grow in Germany and Northern Europe," said Thierry Varene, a member of the BNP Paribas executive committee responsible for large clients.BNP Paribas, which is also advising PSA Group on the acquisition of Opel, has seen its outstanding car loans rise to 15 billion euros from 10 billion in 2013.The chief executive of BNP Paribas Personal Finance, Laurent David, told Reuters the deal with Opel/Vauxhall was negotiated in just a few weeks and that it had been in competition with other banks.BNP Paribas does not plan any other acquisitions in the sector for the time being and wants to finalize the deal in the fourth quarter, David added.It plans to find synergies with its leasing arm Arval and its Cardif insurance unit.($1 = 0.9439 euros)(Reporting by Julien Ponthus and Gille Guillaume; Writing by Maya Nikolaeva; Editing by Adrian Croft and Susan Thomas)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-bnp-paribas-psa-group-opel-idINKBN16D1R7'|'2017-03-06T12:06:00.000+02:00'
'1a3e83183631b3f4c7de065f77fefc478503a75f'|'Oil prices fall on doubts over Russian output curbs'|'Business News - Mon Mar 6, 2017 - 1:15am GMT Oil prices fall on doubts over Russian output curbs FILE PHOTO: A worker checks the valves at Al-Sheiba oil refinery in Basra, Iraq, January 26, 2016. REUTERS/Essam Al-Sudani/File Photo By Keith Wallis - SINGAPORE SINGAPORE Oil prices slipped in Asian trade on Monday, wiping out some of the gains of the previous session amid ongoing concern over Russia''s compliance with a global deal to cut oil output. Figures released last week showed Russia''s February oil output was unchanged from January at 11.11 million barrels per day (bpd), energy ministry data showed, casting doubt on Russia''s moves to rein in output as part of a pact with oil producers last year. U.S. crude futures CLc1, also known as West Texas Intermediate (WTI), fell 19 cents, or 0.3 percent, to $53.14 a barrel as of 0109 GMT after closing the previous session up 1.4 percent. Brent crude futures LCOc1 dropped 13 cents, or 0.2 percent, to $55.77 a barrel after settling 1.5 percent in the previous session. Oil prices rose on Friday as the dollar weakened modestly after a speech by U.S. Federal Reserve Chair Janet Yellen, which suggested a rate increase would come at the end of its two-day meeting on March 15. <USD/> A weaker dollar bolsters commodity prices, including oil. While a rate hike would be supportive for the U.S. dollar, analysts said a near-term hike was already largely priced in. Crude oil prices were also supported by news of increasing supply disruptions in the Middle East, ANZ said in a note on Monday. That followed new doubts over Libya''s attempts to revive its oil production after an armed faction entered two major oil ports on Friday, pushing back forces that captured and reopened the terminals in September. However, U.S. drilling figures undermined support for oil prices. Baker Hughes reported an increase in the number of drilling rigs added by U.S. drillers last week. The number rose 609, the highest since October 2015 and the seventh straight week rig numbers have risen. <RIG/U> (Reporting by Keith Wallis; Editing by Richard Pullin) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN16D03J'|'2017-03-06T08:15:00.000+02:00'
'5a1c2f779de5999fff18d858ebc019c89d8190e6'|'Italy - Factors to watch on March 6'|'Company  36am EST Italy - Factors to watch on March 6 The following factors could affect Italian markets on Monday. Reuters has not verified the newspaper reports, and cannot vouch for their accuracy. New items are marked with (*). For a complete list of diary events in Italy please click on . POLITICS A criminal investigation involving several people close to Matteo Renzi, including his father and his right-hand man, is muddying the image of the former Italian prime minister and threatening his prospects of a return to power. COMPANIES ALITALIA The head of Etihad, the controlling shareholder of Italy''s struggling airline, met with Italian manager Luigi Gubitosi on Saturday, La Stampa newspaper reported on Sunday. Italian banks that hold shares in the airline, which is seeking to slash jobs and ground planes to keep flying, are pushing for Gubitosi to take on the role of chairman during the restructuring, the newspaper said. FIAT CHRYSLER AUTOMOBILES Fiat''s head of operations in Europe, Middle East and Africa, Alfredo Altavilla, said in interview with Corriere della Sera on Sunday that Peugot''s plans to buy Opel would not affect the company''s business plan. (*) PSA Group has agreed to buy European rival Opel from General Motors in a deal valuing the business at 2.2 billion euros ($2.3 billion), the companies said on Monday, creating a new regional car giant to challenge market leader Volkswagen. BANCA CARIGE Insurance Amissima, controlled by U.S. private equity firm Apollo, said on Friday it rejected the accusations by the board of Banca Carige related to its acquisition of the bank''s insurance assets and that it has filed a request for damages for over 200 million euros. FERRARI Chief executive and chairman Sergio Marchionne is expected to stay at the helm of the company until 2021, Italian newspapers reported on Saturday, citing a pay package for him that was detailed in the company''s 2016 earnings report. Marchionne, who is also CEO of Ferrari''s parent company Fiat Chrysler Automobiles, would receive performance share units now valued at more than 28 million euros if he stays until February 2021. He received no remuneration from Ferrari in 2016, newspapers said. INTESA SANPAOLO Italy''s biggest retail bank will focus on growing its business organically, Chief Executive Carlo Messina said according to newspapers on Saturday, after the lender ditched plans at the end of February to join forces with insurer Assicurazioni Generali. (*) CATTOLICA ASSICURAZIONI Banking foundation Cariverona may be interested in Popolare di Vicenza''s 15 percent stake in Cattolica were the bank forced to sell the holding to finance the purchase of bancassurance assets from the insurer under a put option that allows Cattolica to exit their joint-venture after early May, Il Sole 24 Ore reported on Sunday. (*) BANCA IFIS, PRELIOS, CERVED INFORMATION SOLUTIONS The small bank specialising in non-performing loans, the real estate group and the information provider are three of seven investors interested in the bad loan portfolio that Veneto Banca and Popolare di Vicenza are preparing to sell, CorrierEconomia reported on Monday. Other possible bidders are Credito Fondiario, Fortress, Lone Star and Pimco. ILVA Two purchase offers for Italy''s biggest steel factor are due to be opened on Monday, company sources told Reuters on Friday. One offer is being put forward by ArcelorMittal and Italy''s Marcegaglia group, while another is expected from a consortium that includes India''s JSW Steel Ltd and Italy''s state holding company Cassa Depositi e Prestiti . STEFANEL Deadline to file request for a debt restructuring deal with creditors with a court in Treviso. SNAM Board meeting on FY results (press release on March 7). For Italian market data and news, click on codes in brackets: 20 biggest gainers (in percentage) 20 biggest losers (in percentage) FTSE IT allshare index'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/italy-factors-march-idUSL5N1GF5EP'|'2017-03-06T14:36:00.000+02:00'
'c00973dc7bfb61a1765bf3e9a3d3e213b6d68117'|'UK says will work with Peugeot to build long term success of Vauxhall'|'  9:07am GMT UK says will work with Peugeot to build long term success of Vauxhall left right A Vauxhall car is parked outside Vauxhall''s plant in Ellesmere Port, Britain, March 6, 2017. REUTERS/Phil Noble 1/2 left right Rain is seen on the badge of a Vauxhall car parked outside Vauxhall''s plant in Ellesmere Port, Britain, March 6, 2017. REUTERS/Phil Noble 2/2 LONDON Britain said it would work with Peugeot ( PEUP.PA ) to ensure the long-term success of Opel''s two British Vauxhall plants after the French firm confirmed a deal buy the businesses from General Motors ( GM.N ). "The government welcomes the assurance by PSA that they will respect the commitments made by GM to Vauxhall''s employees and pensioners," Business minister Greg Clark said in a statement. "We will continue to engage and work with PSA in the weeks and months ahead to ensure these assurances are kept and will build on the success of both sites for the long term." General Motors had committed to build the Astra Sports Tourer model until around 2021 at its north of England Ellesmere Port plant and the Vivaro van at its southern English site in Luton until 2025. (Reporting by Costas Pitas; editing by Kate Holton) Next In Business News Samsung Group repeats it did not pay bribes, seek improper favours SEOUL South Korean conglomerate Samsung Group [SAGR.UL] reiterated on Monday that it did not pay bribes or seek illicit favours in response to the special prosecutor''s announcement accusing the group''s leader of paying money to curry favour from President Park Geun-hye.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-opel-m-a-psa-britain-idUKKBN16D0UK'|'2017-03-06T16:07:00.000+02:00'
'2e3c0f982270859935e1b7b0ef0b91e9a79e0e61'|'METALS-London copper supported by dollar, supply concerns'|'Company News - Sun Mar 5, 2017 - 9:20pm EST METALS-London copper supported by dollar, supply concerns * Comex copper speculators cut long position in latest week * Coming Up: U.S. Factory orders Jan at 1500 GMT (Adds comment, detail, updates prices) By Melanie Burton MELBOURNE, March 6 London copper edged up Monday, supported by protracted disruptions at the world''s two biggest copper mines and a decline in the recent strength of the dollar. Indonesia will not back down from new rules requiring Freeport-McMoran to divest a majority stake in its local unit, its Energy and Mineral Resources Minister said late last week in a dispute over rights to the world''s second-biggest copper mine that has frozen exports. Meanwhile, Chile expects economic activity growth to be hit by around one percentage point in February because of a strike at world no.1 copper mine Escondida, as copper output slides 12 percent year-on-year. "We expect copper to move into a deficit this year, the key drivers being a dramatically slowing rate of mine supply growth ... and a stabilizing demand picture," Citi said in a report. "We do think we can see price peaks of close to $7,000 a tonne this year." London copper rose 0.5 percent to $5,944 a tonne by 0017 GMT, after closing a tad softer in the previous session. Prices have been trading around $5,800-$6,200 a tonne for most of the past month, having jumped to a 20-month top at $6,204 on Feb. 13 after disruptions worsened at Escondida. Shanghai Futures Exchange copper edged up 0.3 percent to 48,210 yuan ($6,992) a tonne. Despite falling mine supply, China exchange inventory trends suggest there is still an overhang of copper stocks. Shanghai copper stocks jumped in the latest week by 23,974 tonnes to 313,873 tonnes, the highest in nearly 11 months. The dollar declined from recent strength on profit taking, after the Federal Reserve''s long-stalled ''liftoff'' of interest rates looked to finally get airborne this year as policymakers from Chair Janet Yellen on Friday to regional leaders across the United States signalled that the era of easy money is drawing to a close. Activity in China''s services sector expanded at the slowest pace in four months in February, with new business still growing at a solid rate but increasing competition making it harder for companies to raise prices, a private survey showed. Elsewhere, the biggest conference for explorers and developers kicked off in Canada, with some industry experts predicting that recovering mineral and metal prices will further improve the fortunes of small miners. Speculators cut their bullish position in Comex copper futures and options by 7,851 lots to 70,660 lots, U.S. Commodity Futures Trading Commission data showed on Friday. PRICES'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL3N1GJ1B7'|'2017-03-06T09:20:00.000+02:00'
'a0ca307c59fa02222b7fc471663cc6b274749f3b'|'PSA agrees to buy Opel in deal valuing GM unit at 2.2 billion euros'|'Business News - Mon Mar 6, 2017 - 6:48am GMT PSA agrees to buy Opel in deal valuing GM unit at 2.2 billion euros A clock shows five to twelve at the Opel plant of Bochum in March 28, 2012. REUTERS/Ina Fassbender/File Photo PARIS PSA Group ( PEUP.PA ) has agreed to buy European rival Opel from General Motors ( GM.N ) in a deal valuing the business at 2.2 billion euros (1.87 billion pounds), the companies said on Monday, creating a new regional car giant to challenge market leader Volkswagen ( VOWG_p.DE ). The maker of Peugeot and Citroen cars pledged to achieve 1.7 billion euros in cost savings from the acquisition by 2026 and lift the Opel business and its UK Vauxhall brand to a 6 percent operating margin in the same period. (Reporting by Laurence Frost; Editing by Sudip Kar-Gupta) Next In Business News UK manufacturers enjoy post-Brexit surge in orders - survey LONDON Britain''s factories are growing at their fastest pace in more than three years, helped by the fall in the value of the pound after the Brexit vote and a recovery in core markets in Europe, a survey showed on Monday. Oil falls on lower China growth targets, doubts on Russian output curbs SINGAPORE Oil prices fell in Asian trade on Monday, wiping out some of the gains of the previous session amid worries lower growth targets in China could cut oil demand and ongoing concern over Russia''s compliance with a global deal to cut oil output. LONDON Britain plans to spend an extra half a billion pounds a year to improve skills training, the government said on Sunday, seeking to address the country’s nagging productivity problems as it prepares to leave the European Union. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-opel-m-a-psa-idUKKBN16D0JD'|'2017-03-06T13:46:00.000+02:00'
'e2703c37f79ef1ad89dbe61f55adda103acb9404'|'China has not received ChemChina application for Syngenta deal - former minister'|'Business News - Mon Mar 6, 2017 - 8:01am GMT China has not received ChemChina application for Syngenta deal - former minister left right The company logo of China National Chemical Corp, or ChemChina, is seen at its headquarters in Beijing, China February 3, 2017. REUTERS/Thomas Peter 1/2 left right A Syngenta logo is pictured in their office in Singapore, February 12, 2016. REUTERS/Edgar Su/File Photo 2/2 By Chen Aizhu - BEIJING BEIJING China''s Commerce Ministry has not received an application from ChemChina [CNNCC.UL] seeking approval for its planned $43 billion (35 billion pounds) takeover of Syngenta ( SYNN.S ), Gao Hucheng, who is retiring as commerce minister, said on Monday. The government will only start the process of considering any application from ChemChina after other regulatory steps in other countries are complete, he said on the sidelines of China''s annual parliament meeting. The government announced less than two weeks ago that Gao will retire and will be replaced by his deputy Zhong Shan. His comments come a month after Syngenta delayed the expected closure of the deal, the largest foreign acquisition by a Chinese company, to the second quarter amid scrutiny from U.S. and European regulators. The approval process has drawn intense interest from investors as two other major tie-ups in the pesticides and seeds industry are being examined by regulators across the globe: Bayer''s ( BAYGn.DE ) acquisition of Monsanto ( MON.N ) and the merger of Dow Chemical ( DOW.N ) and DuPont ( DD.N ). Syngenta Chief Executive Erik Fyrwald said last month he is confident the deal would win approval from the regulator in China, the world''s top agricultural market, without causing any delay. (Reporting by Chen Aizhu; writing by Josephine Mason; Editing by Christian Schmollinger) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-chemchina-syngenta-idUKKBN16D0PA'|'2017-03-06T15:01:00.000+02:00'
'a79e68a8b250f25657832d10868c675b32510120'|'CORRECTED-(OFFICIAL)-UPDATE 1-China''s New Hope moves into soybean crushing with Cargill'|' 08am EST China''s New Hope moves into soybean crushing with Cargill A Cargill logo is pictured on the Provimi Kliba and Protector animal nutrition factory in Lucens, Switzerland, September 22, 2016. REUTERS/Denis Balibouse BEIJING Chinese agribusiness group New Hope [NWHOP.UL] plans to build its first soybean crushing plant in China''s Hebei province in a joint venture with Cargill [CARG.UL], its chairman Liu Yonghao said on Saturday. New Hope and provincial state companies will own 51 percent of the project, which will have a daily capacity of 50,000 tonnes, while U.S. commodity merchant Cargill will hold the remaining 49 percent, he said at a briefing. The soy crushing industry in China, the world''s top soybean buyer, has expanded rapidly in recent years due to rising demand from breeders of livestock from hogs to poultry, although there is significant overcapacity in the sector. The U.S. government reckons crushing volume of around 76 million tonnes last year was far below the country''s capacity. Liu has built New Hope from a small chicken farm into the country''s top animal feed producer, with businesses extending to banking and property and annual sales topping 90 billion yuan ($13.83 billion). His plans come as New Hope also aims to expand abroad. In about ten years, international farm products will account for 40 percent of total revenue, up from 10 percent currently, the company is setting up a European headquarters in the Netherlands and will open a U.S. office, he said. The company already has overseas offices in Australia and Singapore. For its international strategy, Liu said New Hope will mainly build factories in under-developed countries while focusing on acquisitions and partnerships in developed countries. New Hope is building chicken and pig farms in Vietnam and plans to expand investment in countries with large populations like Indonesia, Liu said. For example, the company is considering sending its beef products in Australia to markets in southeast Asia, Liu told reporters at the briefing. (Reporting by Hallie Gu; Writing by Josephine Mason; Editing by Alexander Smith) Next In Commodities China''s       HOUSTON Oil inventories onshore and offshore are responding to production cuts implemented by OPEC, the secretary general of the organization, Mohammad Barkindo, said on Sunday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-china-newhope-cargill-idUSKBN16D15S'|'2017-03-06T18:00:00.000+02:00'
'70622ece29e6b55254dac0baa8586e74dd055740'|'Dutch, Danish grid operators to form offshore power hub in North Sea'|'Business News - Wed Mar 8, 2017 - 11:52am GMT Dutch, Danish grid operators to form offshore power hub in North Sea By Toby Sterling - AMSTERDAM AMSTERDAM Dutch power grid operator TenneT said on Wednesday it had found the first partner for its plan to create an offshore energy hub in the North Sea, Danish power transmission company Energinet.dk. TenneT''s plan, first announced in June, involves the construction of one or more artificial islands around Dogger Bank, roughly at the centre of the North Sea between Denmark, Germany, Britain, Norway and Belgium, with connections to each. As the capacity of North Sea offshore wind farms grows, having a central hub will make it easier to apportion the low-carbon power to European nations as needed, and ultimately help the EU meet targets for cuts in emissions, the company says. TenneT will formally sign a deal with Energinet on March 23. "Discussions with other potential partners are ongoing, which not only include other North Sea transmission system operators, but also other infrastructure companies," TenneT said in a statement. Energinet.dk CEO Peder Østermark Andreasen said the project has the potential to lead to a "further reduction in prices of grid connections and interconnections." Separately on Wednesday, TenneT said it would invest 25 billion euros in new transmission capacity over the coming decade to support a number of offshore wind and onshore renewable projects currently in the pipeline, as well as to improve interconnections between the Netherlands and Germany. The amount is an increase from the 22 billion euros in a March 2016 forecast, after the Dutch government announced plans last autumn for a major acceleration in funding for renewable energy projects, including permitting 5 gigawatts of new offshore turbine farms.. TenneT will provide infrastructure for the new farms. "If we want to exploit all this green electricity in our Northwest European region to the full, we cannot do so without new power transmission links, both onshore and offshore," CEO Mel Kroon said in a statement. "The ongoing coupling of the European energy markets will lead to more convergence of electricity prices in the various European countries, and will make electricity more affordable for end users," he said. TenneT reported 2016 underlying operating profit of 701 million euros on revenue of 3.23 billion euros ($3.41 billion), both down slightly from 2015, due to lower reimbursements for its services. (Reporting by Toby Sterling; writing by Nina Chestney; editing by David Clarke and David Evans) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-tennet-hldg-energy-hub-idUKKBN16F1CT'|'2017-03-08T18:52:00.000+02:00'
'3858097b56d7a48491975cecd9f456d4cb6d95df'|'EFG Hermes expects to seal 470 million pounds deal to buy UK solar assets by June'|'Global Energy   2:25pm GMT EFG Hermes expects to seal 470 million pounds deal to buy UK solar assets by June The building of EFG-Hermes, also known as Egyptian Financial Group Hermes Holding Co SAE, is seen at the Smart Village in the outskirts of Cairo, Egypt, October 27, 2015. REUTERS/Asmaa Waguih DUBAI EFG Hermes expects a deal for its renewable energy platform Vortex to buy a portfolio of solar power assets in Britain for 470 million pounds from Sun Edison''s Terraforma (TERP.O) to close in May or June, a senior executive said on Monday. The deal formed part of the bank''s plan to grow Vortex''s assets to 2 gigawatts in the next few years from 820 megawatts currently, Karim Moussa, chief executive of the investment bank at EFG Hermes, told Reuters. The bank said in January it had agreed to buy the portfolio from Sun Edison. It includes 24 solar parks and has a combined 365 megawatts of power and an estimated useful life of around three decades, it said at the time. The bank would look to add to the portfolio after a period of six to 12 months, said Moussa, who is also head of asset management and private equity at the Egyptian bank. "For the six to 12 months we will be looking to consolidate our assets rather than make another investment," he said. "Our last investment was 470 pounds so it’s a lot to digest for us. Malaysian utility firm Tenaga Nasional Berhad (TENA.KL) (TNB) is funding half of the 170 million-pound equity portion of the transaction. The remaining 50 percent will be underwritten by EFG Hermes which plans on eventually holding 5 percent of the equity, consistent with previous transactions undertaken by Vortex. (Reporting by Tom Arnold and Celine Aswad in Dubai, editing by Ed Osmond) Next In Global Energy News U.S. energy stocks, darlings last year, stumble in 2017 NEW YORK, March 5 The energy sector is the stock market''s dud so far in 2017 after a banner performance in 2016, and the rest of the year may also be rocky for investors due to the unclear path for crude oil prices. Cause of Mexican sewage spill fouling U.S. beaches under investigation LOS ANGELES A massive sewage spill from Mexico''s Tijuana River that polluted miles of coastland in Southern California and northern Mexico has prompted an investigation, with U.S. officials calling it deliberate and Mexican authorities saying it was an accident caused by heavy rain. PAWNEE, Okla. The Pawnee Nation filed a lawsuit on Friday in tribal court in Oklahoma against 27 oil and gas producers, seeking damages for an earthquake they said was caused from man-made activity related to hydraulic fracturing, or fracking. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/efg-hermes-uk-renewables-idUKKBN16D1N7'|'2017-03-06T21:25:00.000+02:00'
'd02551eda74a24c0ca3af9b5a9403bb5056ca113'|'Credit Suisse sees more lending to the world''s wealthy'|' 22pm GMT Credit Suisse sees more lending to the world''s wealthy The logo of Swiss bank Credit Suisse is seen at its headquarters at the Paradeplatz in Zurich, Switzerland November 3, 2016. REUTERS/Arnd Wiegmann By Joshua Franklin - ZURICH ZURICH Credit Suisse ( CSGN.S ) expects higher lending to the world''s wealthiest individuals will help its big bet on wealth management pay off. Around a third of the 30.2 billion Swiss francs (24.3 billion pounds) of net new assets taken in last year at its International Wealth Management (IWM) and Asia Pacific (APAC) divisions came via lending, according to Chief Financial Officer David Mathers, who believes this could go even higher. "As we mature our wealth management offering outside of Switzerland, we certainly think that lending has to be a core part of our offering," Mathers told Reuters in an interview. "Therefore I would expect it to grow ... This growth in our lending and in our net new assets is driving our net interest income which has increased by 26 percent, 16 percent and 8 percent in IWM, APAC and SUB (Swiss Universal Bank) respectively." Lending can prove to be a virtuous circle as wealthy clients reinvest the borrowed money with the private bank which can then count this as new money. Net new money is an important indicator of future earnings in private banking. Cross-town rival UBS ( UBSG.S ) does not give a breakdown of how it generates its net new money. Keeping losses on the loans to a minimum is crucial and Mathers said the bank was adding more staff in supervisory positions to keep an eye on quality. "As we''ve grown our lending in these divisions, we''ve made parallel investments in our risk and compliance infrastructure," Mathers said, declining to give exact figures. Under Chief Executive Tidjane Thiam, Credit Suisse has shifted the bank''s business towards wealth management and put less emphasis on investment banking. It is the world''s fourth-biggest private bank behind UBS, Bank of America Merrill Lynch ( BAC.N ) and Morgan Stanley ( MS.N ), according to a league table by Scorpio Partnership. ($1 = 1.0123 Swiss francs) (Editing by Greg Mahlich and Mark Potter)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-credit-suisse-wealth-lending-idUKKBN1691JU'|'2017-03-02T19:22:00.000+02:00'
'6bfdf03c04936d3e0c7c2018f22825aa65ec4900'|'Exclusive: Siemens, Gamesa set to gain EU approval for wind power merger - sources'|'By Foo Yun Chee - BRUSSELS BRUSSELS German engineering company Siemens ( SIEGn.DE ) and Spain''s Gamesa ( GAM.MC ) are set to win unconditional EU antitrust approval to create the world''s biggest wind turbine maker, two people familiar with the matter said on Thursday.The companies announced the deal last June, part of a recent wave of consolidation in the wind energy industry as companies seek to rein in costs and remain competitive.The merged company, with a market capitalization of around 10 billion euros ($10.5 billion), will combine Siemens'' strength in offshore windpower and Gamesa''s strong presence in fast-growing markets such as India, Mexico and Brazil.It will leapfrog current world No. 1, Denmark''s Vesta ( VWS.CO ) in market share. Other players in the sector include General Electric ( GE.N ), Germany''s Enercon and Nordex ( NDXG.DE ), and a host of Chinese companies.Under the deal, Siemens will pay 1 billion euros in cash to Gamesa''s shareholders to take a 59 pct stake.There had been market speculation that the European Commission might demand concessions but the companies were able to convince the regulator that the deal would not hurt competition, one of the sources said.The Commission is due to announce its decision by March 13.Commission spokesman Ricardo Cardoso and Gamesa declined to comment. Siemens said it does not comment on market rumors and speculation.Cost savings and benefits from the new business, which will be operational by the end of the first quarter of next year, will be worth 230 million euros of earnings before interest and taxes (EBIT) within four years, Gamesa said when the deal was announced.(Reporting by Foo Yun Chee, additional reporting by Jens Heck in Frankfurt and Jose Elías Rodríguez in Madrid; Editing by Robert-Jan Bartunek and Susan Fenton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-gamesa-m-a-siemens-eu-idINKBN1691H3'|'2017-03-02T09:57:00.000+02:00'
'26cf43ea16cfbbcf0cc972a08fab5d4834ea2d51'|'Yuan, rupee outlook sours on Fed interest rate hike bets: Reuters poll'|'By Rahul Karunakar The Chinese yuan and the Indian rupee are expected to weaken, although less than previously thought, reversing recent gains as rising chances of a U.S. interest rate hike this month boost the dollar, a Reuters poll found. Since the start of the year, most Asian currencies have risen against the dollar, as uncertainty about President Donald Trump''s economic policies hurt the greenback. But the dollar bounced back this week after a few Federal Reserve policymakers raised expectations for a March rate increase. Fed officials over the past few days suggested that rates need to go up sooner rather than later to avoid falling behind the curve on inflation in the face of proposed economic stimulus from Trump''s administration. That has dented the outlook for emerging market currencies more broadly, according to the latest poll of more than 60 foreign exchange analysts taken over the past week. The view for a weaker yuan also stands alongside Trump''s accusations that Beijing has devalued its currency to gain a trade advantage and as China struggles to stem capital outflows depleting its FX reserves. The yuan, which has risen almost one percent so far this year, is forecast to weaken to 7.03 by the end of August, and eventually to 7.12 by this time next year - a fall of more than 3 percent from Tuesday''s close of 6.88. While those expectations were less bearish compared with the findings in the previous month''s poll, if the 12-month consensus is realised, it would mark the lowest for the yuan in almost a decade - a view held for a few months now. "With the dollar remaining the key driver of currency markets, the U.S. Fed rate hike profile remains pivotal to the outlook. Looking ahead, we expect CNY to depreciate against USD, albeit only as much as DXY (the dollar index) strengthens," wrote Elliot Clarke, senior economist at Westpac. A separate Reuters poll confirmed trader sentiment toward most emerging Asian currencies worsened, with bets on the Chinese yuan turning slightly bearish, although positioning was still close to being neutral. Bucking the trend was the Indian rupee, with bullish bets increasing to the highest level since January 2015. Still, the latest poll showed the rupee, which has gained almost 2 percent this year, was forecast to weaken over 3 percent to 68.84 in a year from 66.72 it was trading on Thursday. But that consensus shows analysts are less pessimistic compared with a poll in February as the Reserve Bank of India surprised markets last month by keeping rates on hold. The central bank also unexpectedly shifted its policy stance to neutral from accommodative, citing a build-up in inflationary pressures and could cap any sharp fall in the rupee. (Polling by Shaloo Shrivastava and Khushboo Mittal; Editing by Jacqueline Wong) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/forex-poll-asia-idINKBN16912A'|'2017-03-02T16:50:00.000+02:00'
'e7232235be710a3d01b08714a8cd21b0b5e65c67'|'China hopes EU drops anti-dumping, anti-subsidy measures on its solar panels'|' 47am GMT China hopes EU drops anti-dumping, anti-subsidy measures on its solar panels A worker climbs over a solar panel at a solar factory in Longyou county, Zhejiang province, June 24, 2014. REUTERS/William Hong   Late in February, the EU won backing from Europe''s second highest court to slap hefty anti-dumping duties on Chinese solar panel imports, an issue that nearly triggered a trade war with China four years ago. (Reporting by Beijing Monitoring Desk; Editing by Clarence Fernandez)   TOKYO Ask the president of Japan''s largest daycare chain what his biggest headache is, and Kazuhiro Ogita doesn''t hesitate: workers and wage costs. Not enough of one, too much of the other.  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-eu-trade-idUKKBN1690M0'|'2017-03-02T13:47:00.000+02:00'
'55e9145d54687aaca26e0a6925c271e8118a5e87'|'UK Stocks-Factors to watch on March 2'|'Company  22am EST UK Stocks-Factors to watch on March 2 March 2 Britain''s FTSE 100 index is seen opening down 9.6 points, according to financial bookmakers. * HSBC: Lawyers for the U.S. government and HSBC Holdings Plc on Wednesday urged a federal appeals court to block release of a court-appointed monitor''s report on how HSBC is working to improve its money laundering controls. * CAPITA: Capita PLC Chief Executive Andy Parker''s departure could be announced as soon as Thursday morning when Capita reports annual results, Sky News reported on Wednesday, citing sources. bit.ly/2lsg647 * JAGUAR LAND ROVER: Jaguar Land Rover Chief Executive Ralf Speth supported Nissan Motor Co''s calls for additional funds for car-parts makers while saying there must be "fair play", for all UK automakers, Bloomberg reported on Wednesday. bloom.bg/2m9kaKI * BP: BP agreed on Wednesday to buy Clean Energy Fuels Corp''s biomethane production assets for $155 million, expanding its huge gas supply portfolio in the United States and showing its shift to less carbon-intensive projects. * EX-DIVS: Barclays and RSA will trade without entitlement to their latest dividend pay-out on Thursday, trimming 1.78 points off the FTSE 100, according to Reuters calculations. * OIL: Crude oil fell for a third consecutive session on Thursday as a record build-up in U.S. stockpiles weighed on the market, with producers boosting shale oil production. * BREXIT: Prime Minister Theresa May will seek to use her majority in parliament''s lower chamber to overturn a defeat her government suffered in the upper chamber on legislation allowing her to trigger Brexit, a government source said on Wednesday. * BREXIT: Britain believes a post-Brexit free trade deal with the European Union would ease problems that its withdrawal from the EU will create on the Irish border, London''s Northern Ireland minister said on Wednesday. * The UK blue chip index closed 1.6 percent higher at 7,382.90 points, its highest level ever on Wednesday, with commodities-related stocks tracking stronger metals, while banks gained on expectations of further hikes in U.S. interest rates. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Non-Standard Finance Full Year 2016 Non-Standard Finance PLC PLC Earnings Release Hastings Group Full Year 2016 Hastings Group Holdings PLC Holdings PLC Earnings Release Spirent Preliminary FY 2016 Spirent Communications plc Communications plc Earnings Release Schroders PLC Full Year 2016 Schroders PLC Earnings Release Cobham PLC Full Year 2016 Cobham PLC Earnings Release Travis Perkins PLC Full Year 2016 Travis Perkins PLC Earnings Release RPS Group PLC Full Year 2016 RPS Group PLC Earnings Release Hunting PLC Full Year 2016 Hunting PLC Earnings Release Arrow Global Group Full Year 2016 Arrow Global Group PLC PLC Earnings Release Merlin Entertainments Full Year 2016 Merlin PLC Entertainments PLC Earnings Release Vesuvius PLC Full Year 2016 Vesuvius PLC Earnings Release Spire Healthcare Full Year 2016 Spire Healthcare Group PLC Group PLC Earnings Release ConvaTec Group PLC Q4 2016 ConvaTec Group PLC Earnings Release Capita PLC Full Year 2016 Capita PLC Earnings Release Aldermore Full Year results GoCompare Full Year results Melrose Full Year results TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Sunil Nair) Next In Company News Nikkei hits 14-month high as yen weakens and Wall Street soars TOKYO, March 2 Japan''s Nikkei share average hit a 14-month peak on Thursday as the yen weakened against the dollar on heightened expectations for the Federal Reserve to raise interest rates this month and after Wall Street soared to record highs.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1GF2FH'|'2017-03-02T13:22:00.000+02:00'
'599f947e46657cef9f03cf990a95810c37ea9056'|'South Korea''s Lotte Duty Free says cyber attacks from China crash website'|'Business   6:43am GMT South Korea''s Lotte Duty Free says cyber attacks from China crash website Illustration photo of the Lotte website 2 March 2017. REUTERS/Thomas White SEOUL Cyber attacks from China crashed the website of South Korea''s Lotte Duty Free on Thursday, a company official said, as tensions soared between Seoul and Beijing over the deployment of a U.S. missile defence system in South Korea. The website had been down since 12:00 p.m. (0300 GMT) due to distributed denial-of-service cyber attacks on its server, the official told Reuters, requesting anonymity as the matter was sensitive. The alleged attacks come after an affiliate company in Lotte Group approved a land swap that will enable South Korea to deploy a U.S. missile defence system, despite strong Chinese objections. The swap by unlisted Lotte International Co Ltd agreed on Monday allows South Korea to deploy the U.S. Terminal High Altitude Area Defence (THAAD) system in response to the North Korean missile threat. But China objects to the deployment of the system, which has a radar capable of penetrating Chinese territory. China''s official Xinhua news agency said in a commentary late on Monday that China "did not welcome this kind of Lotte". "Chinese consumers can absolutely say no to this kind of company and their goods based on considerations of ''national security''," it said. The South Korean government expressed concern on Thursday about calls in China for retaliation against South Korean companies over the planned deployment. (Reporting by Joyce Lee; Additional reporting by Jack Kim; Editing by Stephen Coates) Next In Business News Fed tees up March rate hike as key policymaker shifts tone BOSTON/SAN FRANCISCO The Federal Reserve is setting the stage for a U.S. interest-rate increase later this month, with the central bank''s leading voice on international economics saying the global economy seems to have turned a corner, clearing the way for a hike "soon." DBS CEO says wealth management to account for a fifth of bank''s revenue SINGAPORE DBS Group Holdings Ltd expects to expand its wealth management operations as Asia''s wealth grows, accounting for as much as 20 percent of the bank''s total income over the next few years, Piyush Gupta, the CEO of Southeast Asia''s largest bank by assets, said. BEIJING China''s commerce ministry hopes the European Union will completely halt anti-dumping and anti-subsidy measures on Chinese solar panels, the ministry said in a statement on its website on Thursday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lotte-china-idUKKBN1690HT'|'2017-03-02T13:21:00.000+02:00'
'20d8e598c9eb8fefefd064a312c502f79013987a'|'DBS CEO says wealth management to account for a fifth of bank''s revenue'|'Business   3:17am GMT DBS CEO says wealth management to account for a fifth of bank''s revenue DBS CEO Piyush Gupta speaks during a Reuters Newsmaker event in Singapore March 2, 2017. REUTERS/Edgar Su By Marius Zaharia and Anshuman Daga - SINGAPORE SINGAPORE DBS Group Holdings Ltd ( DBSM.SI ) expects to expand its wealth management operations as Asia''s wealth grows, accounting for as much as 20 percent of the bank''s total income over the next few years, Piyush Gupta, the CEO of Southeast Asia''s largest bank by assets, said. "Our (wealth management) business has doubled in the last 5 or 6 years and is close to 15 percent of DBS''s top line income. Our ambition in the next few years is to get it to 20 pct of the bank," said Gupta, ahead of a Reuters Newsmaker in Singapore on Thursday. Under Gupta, 57, who took over the reins in 2009, DBS has more than doubled its profits, broken into the ranks of top five private banks in Asia Pacific and turned around its underperforming Hong Kong unit. DBS and the private banking arm of rival Oversea-Chinese Banking Corp ( OCBC.SI ) are jostling for market share in a highly competitive wealth management business in Asia, led by global players such as UBS ( UBSG.S ) and Citigroup ( C.N ). DBS has diversified its business franchise to focus more on transactional banking and wealth management but the bank still earned about 70 percent to 80 percent of its profits from Singapore in recent years, highlighting its dependency on its home market. Gupta said he does not believe acquisitions "at scale" are the way to go for DBS, but the bank will continue to consider bolt-ons to expand its presence overseas. Income from DBS'' wealth management unit jumped 19 percent to S$1.7 billion ($1.2 billion) in 2016. State investor Temasek Holdings [TEM.UL] owns a nearly 30 percent stake in DBS. ($1 = 1.4109 Singapore dollars) (Reporting by Marius Zaharia and Anshuman Daga; Editing by Clara Ferreira Marques and Muralikumar Anantharaman) Next In Business News Fed tees up March rate hike as key policymaker shifts tone BOSTON/SAN FRANCISCO The Federal Reserve is setting the stage for a U.S. interest-rate increase later this month, with the central bank''s leading voice on international economics saying the global economy seems to have turned a corner, clearing the way for a hike "soon."'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-dbs-ceo-idUKKBN1690AF'|'2017-03-02T10:17:00.000+02:00'
'd555a7b8470c1a583cb3d13faf7a1515b01d41bf'|'Opel labour bosses say approval of sale depends on plans for future'|'Company   4:02am EST Opel labour bosses say approval of sale depends on plans for future FRANKFURT, March 6 Opel''s European works council and labour union IG Metall will make their approval of a deal by General Motors to sell the carmaker to France''s PSA Group dependent on details of their plans for Opel''s future, they said in joint statement on Monday. "IG Metall Mitte, Group Works Council and Works Council Bochum... strongly demand that the parties signing the contract now step into an organised negotiation process with all involved parties in order to protect the Opel/Vauxhall brands, the company and to prevent any further damage, thus steering Opel into a successful future," the works council and IG Metall said. "A key ingredient to this can be the rapid utilization of economies of scale to increase the profitability of vehicles through the mutual utilization of platforms," they added. PSA Group earlier said it had agreed to buy Opel from General Motors in a deal valuing the business at 2.2 billion euros ($2.3 billion), creating a new regional car giant to challenge market leader Volkswagen. ($1 = 0.9412 euros) (Reporting by Maria Sheahan; Editing by Michael Nienaber) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/opel-ma-psa-idUSF9N1G201Z'|'2017-03-06T16:02:00.000+02:00'
'5db76f95fa6237380729f3b1b3a392abc9bac98d'|'Standard Life, Aberdeen reveal merger terms, eye 200 million pounds in savings'|'  7:36am GMT Standard Life, Aberdeen reveal merger terms, eye 200 million pounds in savings A worker walks inside the Standard Life House in Edinburgh, Scotland February 27, 2014. REUTERS/Russell Cheyne/File Photo By Simon Jessop - LONDON LONDON Standard Life ( SL.L ) and Aberdeen ( ADN.L ) set out the terms of their proposed 11 billion pound merger on Monday, saying they expected the deal to save the combined companies up to 200 million pounds in costs. The groups said the new company, to be headquartered in Scotland, would take a one-off 320 million pounds cash charge to cover integration costs. Aberdeen''s two-biggest investors, Mitsubishi UFJ Trust and Banking ( 8306.T ) and Lloyds Banking Group ( LLOY.L ), have both given non-binding statements of support to vote in favour of the planned takeover, which the companies say they expect to complete in the third quarter of 2017. (Reporting by Simon Jessop; Editing by Rachel Armstrong)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-standard-life-m-a-aberdeen-asset-idUKKBN16D0NF'|'2017-03-06T14:27:00.000+02:00'
'18499f1d7f699b13f46458ddf3ed9a0132ddfe49'|'Banks paid $321 billion in fines since financial crisis - BCG'|'  10:09pm GMT Banks paid $321 billion in fines since financial crisis: BCG Banks across the world have paid about $321 billion in fines since the 2007-2008 financial crisis as regulators stepped up scrutiny, according to a note by the Boston Consulting Group. Almost ten years since the financial crisis, the banking industry has not completely recovered, BCG said in an industry report. North American banks accounted for nearly 63 percent of the total fines, or about $204 billion, during 2009-2016, the consultancy firm said. While U.S. regulators have been more effective in imposing penalties and recovering fines from the banks, their counterparts in Europe and Asia are likely to step up pace, according to the BCG report. The number of individual regulatory changes that banks must track on a global scale has more than tripled since 2011, to an average of 200 revisions per day, the report said. Even though U.S. President Donald Trump has ordered reviews for possible regulatory changes and legislations modifying the Dodd-Frank Act, the consulting group said regulatory impacts would continue to cost banks a lot going forward. Trump and other critics of the Dodd-Frank law say its regulations have hindered lending. In February, Trump ordered reviews of major banking rules that were put in place after the 2008 financial crisis, in favor of looser banking regulation. (Reporting by Vishaka George in Bengaluru; Editing by Shounak Dasgupta)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-banks-fines-idUKKBN1692Y2'|'2017-03-03T05:01:00.000+02:00'
'aa9691c2f326a67f26475bb18a5620316476c036'|'LSE still trying to get Deutsche Boerse tie-up approved'|'Deals  40am EST LSE still trying to get Deutsche Boerse tie-up approved A woman walks past the London Stock Exchange building in the City of London, Britain, January 16 , 2017. REUTERS/Toby Melville/File Photo LONDON The London Stock Exchange Group said on Friday it was continuing to work hard to win approval for its planned merger with Deutsche Boerse, a 29 billion euro ($31 billion) deal now widely seen as doomed. The LSE said on Sunday it would not meet a new condition laid down by the European Union''s competition officials for approving the merger with Deutsche Boerse, effectively pulling the plug on the deal. "The Group continues to work hard on its proposed merger with Deutsche Boerse," the London exchange said in a statement accompanying its 2016 results on Friday. The EU is due to rule on the merger by April 3. Meanwhile, the LSE said group income for last year rose 17 percent to 1.66 billion pounds, with revenue up 14 percent to 1.5 billion pounds. Revenue was forecast at 1.56 billion pounds, according to Thomson Reuters I/B/E/S, with total income forecast at 1.611 billion pounds. LSE Chief Executive Xavier Rolet said each business area delivered growth and that the group remained well positioned across all areas. The exchange has refused to sell its fixed income trading platform MTS to satisfy EU competition officials. Pan-European exchange Euronext, which would likely have been a potential buyer of MTS, announced on Friday a $10 million strategic investment in fixed income trading technology provider Algomi, with plans to open a trading system in North America. (Reporting by Huw Jones and Carolyn Cohn; Editing by Alexander Smith) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-lse-results-m-a-idUSKBN16A0MY'|'2017-03-03T14:32:00.000+02:00'
'5010d1f4feff025d8122e47e1e3eae84fede6e96'|'US STOCKS-Futures dip ahead of Yellen''s speech'|' 39am EST Futures dip ahead of Yellen''s speech A trader works inside a post   February 28,   Sweta Singh U.S. stock index futures were down for the second straight day since January on Friday, ahead of Federal Reserve Chair Janet Yellen''s speech, which is expected to give further clarity on the possibility of an interest rate hike later this month. Yellen is set to speak at 1:00 p.m. ET (1800 GMT) at the Executives Club of Chicago. Her speech comes after several other Fed officials this week stoked market expectations for a March rate hike. Fed Vice Chairman Stanley Fischer, who has backed raising interest rates, is scheduled to give a keynote address on monetary policy in New York at 12:30 a.m. ET. Traders have priced in a 76 percent chance of a rate hike this month, compared with roughly 30 percent at the start of the week, according to Thomson Reuters data. U.S. stock markets closed down on Thursday as financials declined after surging a day earlier on increased expectations of a rate hike in March. Investors also await report from the Institute of Supply Management on its non-manufacturing index for February, which is expected to remain unchanged at 56.5. The data is expected at 10:00 a.m. ET (1500 GMT). The dollar index, which measures the greenback''s strength against a basket of six major currencies, was poised for its fourth straight weekly gain, though it was about 0.1 percent lower on Friday. Among stocks, shares of Snap Inc ( SNAP.N ), which closed up more than 40 percent in their much-awaited market debut on Thursday, were up 1.3 percent at $24.80 premarket. World''s largest advertising group WPP''s U.S.-listed shares were down 7.3 pct at $108.42 after it cut its 2017 net sales forecast. Firearm maker American Outdoor Brands'' ( AOBC.O ) shares were down 7.5 percent at $17.93 after weaker-than-expected full-year forecast on Thursday. Futures snapshot at 6:53 a.m. ET: Dow e-minis 1YMc1 were down 3 points, or 0.01 percent, with 26,777 contracts changing hands. S&P 500 e-minis ESc1 were down 2.75 points, or 0.12 percent, with 126,491 contracts traded. Nasdaq 100 e-minis NQc1 were down 7.25 points, or 0.14 percent, on volume of 22,299 contracts. (Reporting by Sweta Singh in Bengaluru)   Investors see Snap''s IPO as ''too big to fail'' NEW YORK/SAN FRANCISCO Institutional investors anxious not to be left out of this year''s marquee initial public offering helped Snap Inc pull off the biggest U.S.-listed technology share sale this week since Chinese e-commerce juggernaut Alibaba Group Holding Inc smashed records in 2014.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-stocks-idUSKBN16A1EI'|'2017-03-03T19:32:00.000+02:00'
'c80859fd06079617b3e416209f8d0a3b21fbbfda'|'BRIEF-Prothena announces pricing of public offering of 2,700,000 ordinary shares'|' 47am EST BRIEF-Prothena announces pricing of public offering of 2,700,000 ordinary shares March 3 Prothena Corporation Plc * Prothena announces pricing of public offering of 2,700,000 ordinary shares * Prothena Corporation Plc - has sold 2.7 million of its ordinary shares at a price to public of $57.50 per ordinary share      '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-prothena-announces-pricing-of-publ-idUSASB0B3NW'|'2017-03-03T20:47:00.000+02:00'
'cc902e0c7a41fc5bb8a3eae59debcd66ad0ed06b'|'UPDATE 2-Mexico economy minister to meet with Ford, GM in Detroit'|'(Adds details on last week''s meeting, context)MEXICO CITY, March 2 Mexico''s economy minister will travel to Detroit on Friday to meet with executives from automakers Ford Motor Co and General Motors Co, keeping a frenetic pace of meetings to deter President Donald Trump from punishing Mexican exports.Economy Minister Ildefonso Guajardo will also meet with auto parts makers that have operations in Detroit and Mexico, the ministry said. He will discuss the state of U.S.-Mexico trade and the future of the North American Free Trade Agreement (NAFTA).Trump has vowed to exit NAFTA, the 1994 trade accord that also includes Canada, if he cannot get better terms for the United States. He has also drawn up plans to build a wall on the U.S. southern border and tax Mexican-made goods heading north to pay for it.Wary of Trump''s unpredictability, Mexico is not counting on talks with the White House to save it from a possible trade war. Instead, it hopes to build support among companies and U.S. states that most rely on business south of the border to pressure the president not to resort to drastic measures.On Tuesday, Foreign Minister Luis Videgaray said Mexico would only stay in NAFTA if it suited the nation and he rejected the imposition of any tariffs or quotas. The countries have yet to start formal negotiations."Thanks to NAFTA, Mexico and Michigan have built a dynamic trade relationship," the ministry said, noting that Mexico was Michigan''s second biggest trade partner with more than $12 billion in exports to Mexico last year.The United States sent its top diplomat Rex Tillerson and Department of Homeland Security Secretary John Kelly to Mexico City last week to tend to ties badly bruised by Trump''s threats about NAFTA, the border wall and Mexican immigrants.Their efforts were set back when Trump described deportations as "a military operation," forcing Kelly to make a public clarification.One person familiar with the events said news of Trump''s comments came just as Kelly and Tillerson were meeting with their counterparts, underscoring what Mexican officials see as the dangers of negotiating with the U.S. administration.To calm the waters, the U.S. officials decided to add the clarification to Kelly''s press statement after the meetings, the source said.(Reporting by Veronica Gomez and Alexandra Alper; Writing by Michael O''Boyle; Editing by Frank Jack Daniel and Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-mexico-autos-idINL2N1GF1HT'|'2017-03-02T21:53:00.000+02:00'
'3c9bbfe05f6422a5426ed3237a47d65600b2e034'|'WPP sees tougher 2017 after hitting 2016 net sales target'|' 08am EST WPP sees tougher 2017 after hitting 2016 net sales target LONDON, March 3 WPP, the world''s largest advertising group, said it had seen a relatively slow start to 2017 and would plan conservatively for the year ahead after hitting its 2016 target for net sales growth. The group, run by the high-profile businessman Martin Sorrell, reported 2016 like-for-like net sales up 3.1 percent but said its key sales measure was up just 1.2 percent in January. "Given continued tepid economic growth and recent weaker comparative net new business trends, the budgets for 2017, on a like-for-like basis, have been set conservatively at around 2 percent for both revenue and net sales," it said. The group added that it would target a headline operating margin improvement on net sales of 0.3 margin points, in constant currency. (Reporting by Kate Holton)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/wpp-results-idUSL9N1FK00S'|'2017-03-03T14:08:00.000+02:00'
'2fb3d16c6b38ba2dd3ec5dc352a0bf505c0367e1'|'CANADA STOCKS-TSX barely higher as oil price gain helps energy stocks'|' 03am EST CANADA STOCKS-TSX barely higher as oil price gain helps energy stocks (Adds specific stocks, updates prices) * TSX up 4.49 points, or 0.03 percent, at 15,541.1 * Half of the TSX''s 10 main groups move higher TORONTO, March 3 Canada''s benchmark stock index made small gains on Friday as some heavyweight energy and financial stocks rose with higher oil prices and as investors positioned themsevles for a possible U.S. interest rate hike this month. At 10:29 a.m. EST (1529 GMT), the Toronto Stock Exchange''s S&P/TSX composite index was up 4.49 points, or 0.03 percent, at 15,541.14. Half of its 10 main groups were higher, and advancers and decliners were evenly matched. The index is on track for a 0.1 percent gain on the week. The most influential movers on the day included Canadian Natural Resources Ltd, which added 2.1 percent to C$41.34, extending Thursday''s sharp jump after posting stronger-than-expected earnings. The energy group climbed 1.1 percent overall, with Cenovus Energy Inc up 1.9 percent at C$17.13. However, pipeline operators slipped, with Enbridge Inc down 0.3 percent to C$55.07 and TransCanada Corp also off 0.3 percent, at C$60.98. Oil prices recouped some of the previous session''s losses as a weaker dollar encouraged buying, although investors remained cautious after Russian production figures showed weak compliance with a global deal to cut output. The financials group gained 0.2 percent overall, with Bank of Nova Scotia up 0.8 percent to C$79.34 and Toronto-Dominion Bank added 0.6 percent to C$69.40. Scotia''s earnings earlier this week smashed expectations, while TD also beat forecasts, and its U.S. exposure is seen as a positive. Canada''s banks are already seeing the benefits of pro-growth policies pursued by U.S. President Donald Trump''s new administration, executives said, with expectations of tax cuts, lighter regulation and fiscal stimulus boosting market confidence. U.S. Federal Reserve Chair Janet Yellen will give a speech at 1 p.m. EST (1800 GMT) that follows a string of hawkish comments, interpreted as favoring interest rate hikes, from Fed officials this week. Higher rates would also help Canadian banks increase their net interest margins. Industrials rose 0.2 percent, with Canadian National Railway Co advancing 0.7 percent to C$95.67. The materials group, which includes precious and base metals miners and fertilizer companies, lost 0.4 percent. TransAlta advanced 5.8 percent to C$7.46 after the utility reported quarterly earnings. (Reporting by Alastair Sharp Editing by W Simon)   EMERGING   Agre'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL2N1GG0QT'|'2017-03-03T23:03:00.000+02:00'
'c9f4af52dc8e0c3ff1bde1beee91d5c5c114fbb9'|'Snap HQ spoils community, Venice Beach protesters say'|'U.S. -  53pm EST Snap HQ spoils community, Venice Beach protesters say left right A woman protests outside a Snap Inc. office in Venice Beach as locals demonstrate on the street over the company moving into the beach community in Los Angeles, California, U.S. March 2, 2017 . REUTERS/ Lucy Nicholson 1/8 left right People protest outside a Snap Inc. office in Venice, a beach community of Los Angeles, California, U.S., March 2, 2017. REUTERS/Lucy Nicholson 2/8 left right Kristen Schonert skateboards past a Snap Inc. office with a protest sign in Venice, a beach community of Los Angeles, California, U.S., March 2, 2017. REUTERS/Lucy Nicholson 3/8 left right Bradford Ekhart, 53, (C) greets fellow protesters outside a Snap Inc. office in Venice, a beach community of Los Angeles, California, U.S., March 2, 2017. REUTERS/Lucy Nicholson 4/8 left right People protest outside a Snap Inc. office in Venice, a beach community of Los Angeles, California, U.S., March 2, 2017. REUTERS/Lucy Nicholson 5/8 left right People protest outside a Snap Inc. office in Venice, a beach community of Los Angeles, California, U.S., March 2, 2017. REUTERS/Lucy Nicholson 6/8 left right People protest outside a Snap Inc. office in Venice, a beach community of Los Angeles, California, U.S., March 2, 2017. REUTERS/Lucy Nicholson 7/8 left right Cut-outs depicting Snap logo are seen as people protest outside a Snap Inc. office in Venice, a beach community of Los Angeles, California, U.S., March 2, 2017. REUTERS/Lucy Nicholson 8/8 By Ben Gruber - LOS ANGELES LOS ANGELES As shares of California-based Snap Inc ( SNAP.N ) began trading on the New York Stock Exchange on Thursday, two dozen residents of the company''s adopted home of Venice Beach protested outside its offices, accusing the growing tech company of spoiling their seaside community. Their chief complaint is that the maker of the popular mobile messaging app Snapchat is turning the stylishly funky beachfront neighborhood of Los Angeles into an office park, driving up real estate prices and displacing working-class residents. "I''m here because Snapchat has been growing like a cancer here," Bradford Eckhart, 47, a 20-year resident, said as demonstrators carried signs with slogans such as "Snaprat," "StopSnap" and "Venice Beach is not for sale." "They are really affecting the heart of this community. If they stayed just in the office buildings it would be OK, but they''re not," he added. Snap, part of the so-called Silicon Beach movement that has seen high-tech firms flocking to Southern California''s coast, occupied a single seaside bungalow at its inception four years ago but has since expanded to multiple properties within Venice and adjacent Marina del Rey. The protesters accuse Snap of buying up whole blocks of real estate and illegally using many properties zoned for residential use as office space. Locals also have complained that Snap''s private security service often blocks off public streets. "I would rather see them get a campus," said Venice Beach resident Barbara Londale, 36. According to her, Snap has purchased 30 properties up against the Venice beachfront sidewalk that harbors various eateries, bars, shops and the neighborhood''s famous bohemian stretch of outdoor vendors. The company issued a statement on Thursday insisting that it has worked "closely with local schools and nonprofits to be a good neighbor." "We don''t just have our headquarters here; many of us also call Venice home," Snap spokesman Kevin Galvin said. "No one could have anticipated how quickly we''ve grown, and we have already begun focusing our future growth outside of Venice." Snap raised $3.4 billion in its initial public offering on Wednesday and its shares popped up 44 percent on the first day of trading on Thursday, giving the company a market value of more than $28 billion. (Editing by Steve Gorman and Bill Rigby) Next In U.S. Blizzard dumps snow on Hawaii, California set for record winter rain LOS ANGELES As California edged toward historic rainfall totals in one of the wettest winters in memory, its neighbor state across the Pacific Ocean, Hawaii, has been hit with sustained blizzard conditions that have dumped 8 inches of snow onto mountain peaks. Jewish cemetery vandalized in New York, third case in two weeks NEW YORK The vandalism of more than a dozen headstones at a Jewish cemetery in Rochester is being investigated by a New York hate crime task force, the third known case of a Jewish cemetery desecration in the country in the last two weeks. AUSTIN, Texas A federal judge in Texas dismissed securities fraud charges on Thursday leveled against state Attorney General Ken Paxton, saying he did not act illegally in his dealing with a technology company U.S. regulators have accused of defrauding investors. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-snap-ipo-hqprotest-idUSKBN16934S'|'2017-03-03T06:47:00.000+02:00'
'11800feee863b5642793d35aa10aac14e1f700ca'|'Standard Life, Aberdeen face tall order proving co-CEOs can work'|'Mon Mar 6, 2017 - 7:23pm GMT Standard Life, Aberdeen face tall order proving co-CEOs can work A worker walks inside the Standard Life House in Edinburgh, Scotland February 27, 2014. REUTERS/Russell Cheyne By Simon Jessop and Carolyn Cohn - LONDON LONDON Bankers in Britain have a phrase for chief executives who share control of a company: "co-head, you''re dead". The use of co-CEOs at major companies has a chequered history, with personality clashes and governance concerns meaning the model is rarely used for prolonged periods of time. Standard Life ( SL.L ) and Aberdeen Asset Management ( ADN.L ) are hoping to buck that trend, with respective CEOs Keith Skeoch and Martin Gilbert planning to share control if an 11 billion pound ($13.5 billion) tie-up goes through. But they face scepticism. Shore Capital analyst Eamonn Flanagan said he had "grave concerns", citing his negative experience of a similar structure when insurance firms Royal Insurance and Sun Alliance merged in 1996. The two bosses of the merged firm had both gone within two years, following culture clashes and poor company performance. "To us, a single CEO calling the shots and retaining overall responsibility is critical in all such (merger) transactions ... we wait to see how the chemistry between Skeoch and Gilbert develops," Flanagan said in a client note. The co-CEO model is rare in Britain, with only seven companies across the FTSE 100 and FTSE 250 using it, data from corporate governance adviser Manifest shows. "It''s rare but not unknown, and usually it''s for a specified period of time or to cover a particular issue," said Manifest CEO Sarah Wilson, citing previous power couples at retailer Sainsbury, real estate investor Hansteen and food supplier Cranswick. Globally, it''s been more common with the likes of Google, SAP, Oracle and Deutsche Bank all trying it. At Deutsche Bank, Juergen Fitschen and Anshu Jain ran the bank together between 2011 and 2015. But their tenure was a troubled one and the pair abruptly resigned following criticism from shareholders and regulatory problems. A co-CEO structure put in place at Barclays'' fund arm Barclays Global Investors in 2002 only lasted three years before one, Andrew Skirton, left as part of a restructuring. However, the partnership between Goldman Sachs International co-heads Michael Sherwood and Richard Gnodde lasted 11 years before Sherwood''s retirement last year and was generally seen as effective. FISHING FRIENDS Gilbert and Skeoch said on Monday their 30-years of friendship - the pair go fishing together - should help them find a way of working effectively. They follow in the footsteps of peers at smaller rivals Henderson Group ( HGGH.L ) and Janus Capital ( JNS.N ), which agreed to merge last year and are also planning to split the top job when their deal goes through. At the heart of both power-sharing exercises is a concern that the all-important client assets against which management fees are charged - a fund firm''s chief source of income - could walk to a rival unless continuity is maintained. But some analysts and shareholders remain to be convinced. "We note that this is not a concept that has generally worked in previous mergers; so the precise areas of responsibility between the two should certainly be the subject of questions," said Deutsche Bank analyst Oliver Steel. Gilbert and Skeoch declined to specify on Monday how their roles would be organized. Some analysts suggested it could be a short-term measure, with both Gilbert and Skeoch in their 60s and nearing retirement age. Despite both of Aberdeen''s two main shareholders - Mitsubishi UFJ Trust and Banking ( 8306.T ) and Lloyds Banking Group ( LLOY.L ) - backing the deal, smaller Standard Life investors spoken to by Reuters were unconvinced. "It''s highly dysfunctional ... for my mind, it doesn''t make for good corporate decision-making," Liontrust fund manager and Standard Life shareholder Jamie Clark said. "It must be very difficult for two figures of prominence to share the mantle." (Additional reporting by Anjuli Davies; Editing by Mark Potter) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-aberdeen-asset-m-a-standardlife-gover-idUKKBN16D2CG'|'2017-03-07T02:09:00.000+02:00'
'df081275856d6fac35c93d39fd932b7d7a4cea26'|'Funds expect Saudi Aramco to be valued around $1-1.5 trillion - survey'|'Money News - Mon Mar 6, 2017 - 4:34pm IST Funds expect Saudi Aramco to be valued around $1-1.5 trillion - survey FULL COVERAGE: By Celine Aswad and Andrew Torchia - DUBAI DUBAI Fund managers and institutional investors expect oil giant Saudi Aramco to have a market capitalisation of $1 trillion to $1.5 trillion when it sells shares to the public next year, a survey by regional investment bank EFG Hermes showed on Monday. The valuation of Aramco, the world''s biggest oil firm, has been the focus of intense speculation since the Saudi government last year announced plans to sell up to 5 percent of it and list the shares in Riyadh and at least one foreign stock exchange. Deputy Crown Prince Mohammed bin Salman, who oversees the kingdom''s economic policy, has said the sale is expected to value Aramco at $2 trillion or more, making it by the far the world''s largest initial public offer. The EFG Hermes survey, conducted at an investment conference organised by the bank in Dubai, found 39 percent of respondents predicted the market would value Aramco at between $1 trillion and $1.5 trillion. Thirty-six percent expect a valuation below $1 trillion, and 24 percent a figure above $1.5 trillion, the bank said. EFG Hermes said it polled 510 international fund managers and investors from 260 institutions at the conference, as well as 147 other companies. It did not say how many of them had replied to the question on Aramco. The company''s ultimate valuation will depend on decisions that are expected to be made by Saudi authorities in coming months, including the tax rate that Aramco will pay as a public company, and the portion of Aramco''s huge and diverse array of assets that is included in the listed entity. Saudi officials have given no concrete indication of how they will decide these questions, so any estimate of Aramco''s value remains tentative. The EFG Hermes survey suggests a higher valuation than some estimates by private analysts. Last year Foreign Reports, a Washington-based oil industry consultancy, calculated Aramco could have a market value of $250-460 billion, excluding the value of refining assets and guaranteed access to oil and gas. Aramco''s valuation is important for Saudi Arabia because it will determine how much money the government makes from the IPO and the size of foreign fund flows that are expected to enter the country to buy the shares. The huge IPO looks likely to strengthen the case for Saudi Arabia to join the emerging markets indexes of international index compilers such as MSCI, a step which could attract tens of billions of dollars of fresh foreign money to the kingdom. The EFG Hermes survey found 16 percent of respondents expected Saudi Arabia to join MSCI''s emerging markets index next year, 34 percent in 2019, 22 percent in 2020 and 27 percent at a later date. (Editing by Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/saudi-aramco-ipo-value-idINKBN16D159'|'2017-03-06T18:04:00.000+02:00'
'2bea724a833af8052c673e031e7425b84883abf5'|'UK manufacturers enjoy post-Brexit surge in orders - survey'|'Business News - Mon Mar 6, 2017 - 12:05am GMT UK manufacturers enjoy post-Brexit surge in orders - survey A worker inspects a Land Rover Discovery on the production line at their factory in Solihull, central England, February 28, 2012. REUTERS/Darren Staples/File Photo LONDON Britain''s factories are growing at their fastest pace in more than three years, helped by the fall in the value of the pound after the Brexit vote and a recovery in core markets in Europe, a survey showed on Monday. The survey, by manufacturing lobby group EEF and consultancy BDO, added to signs that British factories are enjoying a growth spurt, something that Brexit supporters said would be one of the early benefits of leaving the European Union. However, many economists say the revival is unlikely to offset fully the impact on the economy of slower consumer spending as sterling''s fall pushes up inflation. Manufacturing accounts for about 10 percent of Britain''s economy. "The post-referendum wobble that defined UK manufacturing''s performance in the second half of 2016 has been left firmly behind with manufacturers now rallying far more strongly than even they had predicted," EEF chief economist Lee Hopley said. Last month, GKN ( GKN.L ) and Meggitt ( MGGT.L ), two British engineering firms, reported better than expected results and growing business orders. The survey by EEF and BDO showed output for manufacturers sped up sharply with the balance of firms reporting growth rising to 31 percent in the first quarter, its highest since the third quarter of 2013, when Britain was starting to cast off the after-effects of the global financial crisis. The balance of firms expecting growth in the second quarter rose to 33 percent. Only a fifth of companies said they had not yet seen any pick-up in overseas markets while business confidence, investment and employment intentions all rallied. But prices are likely to rise further as manufacturers seek to eased pressure on their margins caused by the pound''s fall which makes their exports cheaper but the imports they use more expensive, the survey showed. The EEF raised its forecast for growth in the sector to 1.0 percent this year, from a previous estimate of a 0.2 percent contraction, and it also increased its estimate for British economic growth as a whole to 1.8 percent from 1.3 percent. The recovery in manufacturing has also been shown in official economic data. In the October-to-December period of last year, factory output was up 1.2 percent from the previous three months, the strongest performance since the Brexit vote. Data for January, which is due to be published on Friday, is expected to show another increase in annual terms. (Writing by William Schomberg, editing by Andy Bruce)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-idUKKBN16D005'|'2017-03-06T07:05:00.000+02:00'
'dec499445d0029107eb942c18ae6a23df3e5b85b'|'Futures slip after Trump''s wiretap accusation'|'Business News  44am EST Futures slip after Trump''s wiretap accusation A trader works on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 1, 2017. REUTERS/Brendan McDermid By Yashaswini Swamynathan U.S. stock index futures slipped on Monday as President Donald Trump''s accusation that his predecessor, Barack Obama, wiretapped him cast a shadow on the market. Some investors believe that the latest development could distract Trump from his economic agenda of introducing tax cuts and simplifying regulations. The S&P 500 and the Nasdaq have risen for six straight weeks, extending a post-election rally that started in November. Investors are focusing more on politics and have become more selective in what they buy, the Bank for International Settlements said on Monday in its latest signal that markets may be breaking free from a dependence on central bank support. The shift was evident on Friday when Wall Street barely budged after Federal Reserve Chair Janet Yellen signaled a rate hike at the central bank''s meeting on March 14-15. Rising geopolitical tensions in East Asia also weighed on risk appetite after North Korea fired four ballistic missiles. Investors are wary of inflated market valuations. The S&P is trading at about 18 times forward earnings estimates against the long-term average of 15 times, according to Thomson Reuters data. A flurry of economic data, culminating with Friday''s nonfarm payrolls report, will demonstrate the strength of the U.S. economy this week. A Commerce Department report on Monday is expected to show factory goods orders increased 1 percent in January after a 1.3 percent rise in December. The data is due at 10:00 a.m. ET (1500 GMT). Netflix ( NFLX.O ) rose nearly 2 percent to $141.90 in premarket trading after UBS raised the stock to "buy" from "neutral". Tyson Foods ( TSN.N ) was down 3.6 percent at $61.30 after a strain of bird flu was detected in a chicken breeder flock on a Tennessee farm contracted with the company. Futures snapshot at 6:57 a.m. ET: Dow e-minis 1YMc1 were down 26 points, or 0.12 percent, with 26,176 contracts changing hands. S&P 500 e-minis ESc1 were down 5.5 points, or 0.23 percent, with 151,580 contracts traded. Nasdaq 100 e-minis NQc1 were down 8.5 points, or 0.16 percent, on volume of 25,882 contracts. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Saumyadeb Chakrabarty) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-stocks-idUSKBN16D1FH'|'2017-03-06T19:44:00.000+02:00'
'd5ec13f512c2ea3d94e59df96066c3c6596a046b'|'Oil falls on lower China growth targets, doubts on Russian output curbs'|'  6:49am GMT Oil falls on lower China growth targets, doubts on Russian output curbs Workers look at a drilling rig of the Rosneft-owned Prirazlomnoye oil field outside Nefteyugansk, Russia, August 4, 2016. REUTERS/Sergei Karpukhin/File Photo By Keith Wallis - SINGAPORE SINGAPORE Oil prices fell in Asian trade on Monday, wiping out some of the gains of the previous session amid worries lower growth targets in China could cut oil demand and ongoing concern over Russia''s compliance with a global deal to cut oil output. But worries over escalating violence in the Middle East put a floor under prices. Brent crude futures dropped 29 cents, or 0.5 percent, to $55.61 a barrel as of 0638 GMT after settling 1.5 percent higher in the previous session. U.S. West Texas Intermediate (WTI) crude futures fell 30 cents, or 0.6 percent, to $53.03 a barrel after closing the previous session up 1.4 percent. "The main drag affecting markets today is the lowering of growth targets by China and tighter regulatory controls which implies less demand for oil and commodities in general," said Jeffrey Halley, senior market strategist at Oanda brokerage in Singapore. China aims to expand its economy by around 6.5 percent this year, Premier Li Keqiang said in his work report at the opening of the annual meeting of parliament on Sunday. That is lower than the 6.7 percent growth achieved last year. China also plans to cut steel and coal output this year in an effort to tackle pollution, its top economic planner said on Sunday, while China''s newly appointed banking regulator vowed on to strengthen supervision of the lending sector. Meanwhile, figures by Russia''s energy ministry released last week showed February oil output was unchanged from January at 11.11 million barrels per day (bpd), casting doubt on Russia''s moves to rein in output as part of a pact with oil producers last year. That came as oil prices rose on Friday as the dollar weakened modestly after a speech by U.S. Federal Reserve Chair Janet Yellen, which suggested a rate increase would come at the end of its two-day meeting on March 15. <USD/> A weaker dollar bolsters commodity prices, including oil. While a rate hike would be supportive for the U.S. dollar, analysts said a near-term hike was already largely priced in. Crude oil prices were also supported by news of increasing supply disruptions in the Middle East, ANZ said in a note on Monday. That followed new doubts over Libya''s attempts to revive its oil production after an armed faction entered two major oil ports on Friday, pushing back forces that captured and reopened the terminals in September. "I''m surprised prices haven''t moved higher given events in the Middle East over the weekend. China and U.S. interest rates are the bigger issues," Halley added. (Reporting by Keith Wallis; Editing by Christian Schmollinger and Amrutha Gayathri)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-oil-idUKKBN16D03L'|'2017-03-06T13:47:00.000+02:00'
'f7be0e022b67eab614a6d6ee7a8d4f2c4275930d'|'Britain''s May told GM CEO she wants to see Vauxhall jobs protected'|'LONDON Prime Minister Theresa May told the chief executive of General Motors ( GM.N ), Mary Barra, that she wanted to see jobs at two Vauxhall car plants in Britain secured for the long term during a phone call on Sunday, May''s office said in a statement.On Monday France''s PSA Group ( PEUP.PA ) agreed to buy Opel, and its British Vauxhall brand, from General Motors ( GM.N ) in a deal valuing the business at 2.2 billion euros ($2.3 billion)."The Prime Minister set out to Ms Barra the importance of the Vauxhall brand to the UK and reiterated her desire for the jobs at both plants to be secured for the long term," the statement said."Ms Barra made clear that Vauxhall would remain a British brand and that the deal would recognize and respect all agreements regarding the workforce," May''s office said.(Reporting by William James; editing by Kate Holton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-opel-m-a-psa-barra-idINKBN16D1C1'|'2017-03-06T09:07:00.000+02:00'
'5185dfe4f717697ef38ae3c9f410bd5b032cf841'|'GM shifts from bigger is better to less global, more profitable'|'By Joseph White - DETROIT DETROIT General Motors Co’s ( GM.N ) decision to sell its European operations doubles down on a bet that the company can win by being less global, but more profitable, in an auto industry increasingly driven by software.Without the German Opel and British Vauxhall brands, GM last year would have sold about 8.8 million vehicles -- well behind Germany''s Volkswagen AG ( VOWG_p.DE ) and Japan''s Toyota Motor Corp ( 7203.T ) in the race to be the world''s largest automaker by vehicle sales.Opel and Vauxhall combined sold nearly 1.2 million vehicles in 2016, and generated $18.7 billion in revenue, about 11 percent of GM''s total.However, all of GM''s activity in Europe - the investments in new model designs and cleaner engines, the efforts to make factories more efficient and the wages paid to 38,000 employees - has generated nothing but losses since 1999.Meanwhile, GM''s business in North America has boomed. GM''s home market operations were reborn as a smaller company due in part to the U.S. government led bankruptcy in 2009, with fewer brands, fewer dealers, fewer employees and far less money owed to creditors and retirees.Since 2009, cheap gasoline has powered a boom in sales of high-profit pickup trucks and sport utility vehicles, lifting GM''s North American pre-tax profit margins to just over 10 percent in 2016.To keep its North American profit machine revved up, GM will have to invest in new SUVs and trucks, as well as expensive technology to enable those trucks to meet rising federal fuel economy targets.Europe is demanding cleaner cars, too. But far less of the technology GM would buy to clean up European diesels and tiny gasoline engines would be useful in the United States, where larger gasoline engines – including eight cylinder motors used in pickup trucks – dominate the market.GM has concluded that it cannot achieve significant economies of scale in emissions technology for Europe on its own, company executives said. Peugeot Chief Executive Carlos Tavares is wagering that he now can gain an advantage against rivals such as Renault SA and Volkswagen AG with the help of the added revenue and sales volume provided by Opel.France''s PSA Group ( PEUP.PA ), the maker of Peugeot, Citroen and DS cars, announced a deal to buy GM''s Opel division on Monday.GM''s decision to walk away from Western Europe highlights two other profound shifts since 2009, when GM''s board scuttled a deal to sell Opel and Vauxhall to a group led by auto supplier Magna International ( MG.TO ) and Russia''s Sberbank.The first is China, now the world''s largest auto market with roughly 28 million vehicles sold in 2016, and more growth forecast to come.As China grows, GM will need to shift more vehicle engineering money and capital investment to feed that market - which could eventually replace much of the global sales volume sacrificed by the sale of Opel to Peugeot SA( PEUP.PA ).GM''s Buick brand, its primary brand in China, and the Wuling brand of small commercial vehicles GM builds with partner Shanghai Automotive Industry Corp, each outsold Opel and Vauxhall in 2016.The second factor is the race to transform cars into electrified, intelligent devices that are paid for by the mile instead of purchased on installment plans.Asked last month whether GM needed more radical restructuring to lift its share price, GM Chief Executive Mary Barra pointed to "the way that we are investing in the future, which I think is a huge opportunity, with transportation-as-a-service," and to "the opportunity that technology has to transform this industry" as factors that could change how the company is valued.However, investors have not changed their views yet. Gary Silberg, head of KPMG''s [KPMG.UL] Americas automotive practice, said that when it comes to the digital systems and the people required to collect, analyze and manipulate the terabytes of data required to make a car drive itself, Silicon Valley companies such as Alphabet Inc ( GOOGL.O ) and ride services leader Uber Technologies Inc [UBER.UL] have the edge."The war for talent is absolutely essential to winning in the market place," Silberg said. And those adept in artificial intelligence systems "are not going to work for the auto industry."GM demonstrated the new economics of the industry last year when it agreed to pay $500 million - and potentially more - to buy a tiny San Francisco robotic driving technology startup, Cruise Automation. Ford Motor Co ( F.N ) followed suit with a $1 billion deal to bring aboard and fund the future work of robotic vehicle startup Argo AI.GM''s Barra has told investors that GM would deliver 20 percent or better returns on invested capital, and hold capital spending roughly flat with current levels of $9 billion a year, putting extra cash into share buybacks.Those constraints on capital force tough decisions, Barra and other senior GM executives have said. The decision to abandon Opel after nearly 80 years is the most momentous yet, and the success or failure of the bet could define Barra''s legacy.(Reporting by Joe White; editing by Diane Craft and Giles Elgood)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-opel-m-a-smallergm-idINKBN16D1ET'|'2017-03-06T09:36:00.000+02:00'
'77a23ebea571192a200fbed2dec6fc3862838961'|'MOVES-HSBC UK names heads of commercial banking'|'Company News - Wed Mar 8, 2017 - 2:26pm EST MOVES-HSBC UK names heads of commercial banking March 8 HSBC Commercial Banking, part of HSBC Holdings Plc, named Amanda Murphy head of commercial banking for HSBC UK and Andrew Wild head of commercial banking, continental Europe. Murphy was most recently HSBC''s co-head of corporate banking in the UK and will be based in Birmingham. Wild will continue in his role as head of commercial banking in France and deputy chief executive of HSBC France, until further notice. (Reporting by Arunima Banerjee in Bengaluru) Next In Company News Q&A -U.S. growth dulled by diminished mobility -economist NEW YORK, March 8 Americans have surrendered a lot of hustle since the Reagan presidency, launching fewer businesses, innovating at a slower rate and sticking longer to homes in a trend that has taken the edge off U.S. economic growth, according to economist Tyler Cowen.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/hsbc-moves-amanda-murphy-idUSL3N1GL4U5'|'2017-03-09T02:26:00.000+02:00'
'e488cabc52c3d481123fdde4a37037ee9767c3d2'|'PepsiCo bidding for Brazilian dairy company Vigor: newspapers'|'SAO PAULO PepsiCo Inc ( PEP.N ) has bid to acquire Brazilian dairy company Fábrica de Produtos Alimentícios Vigor SA, according to reports published in two Brazilian newspapers on Wednesday.Valor Econômico cited unnamed industry sources in reporting that U.S.-based PepsiCo had made two bids, the second of which was about 6 billion reais ($1.9 billion). It said the current owner, J&F Investimentos Ltda, had not agreed on the value of a deal.J&F, which also owns meatpacker JBS SA ( JBSS3.SA ) and wood pulp producer Eldorado Brasil Celulose SA, has sought competing bids from other companies such as French Group Lactalis, the controlling owner of Parmalat ( PLT.MI ), according to Valor.Newspaper O Estado de S. Paulo reported Mexico''s Grupo Lala SAB ( LALAB.MX ) also had eyed the possible acquisition.PepsiCo told Reuters in an email that it did not comment on rumors or speculation. Representatives for J&F, Lactalis and Lala did not immediately respond to requests for comment.(Reporting by Ana Mano; Editing by Brad Haynes and Bill Trott)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-vigor-m-a-pepsico-idINKBN16F1N7'|'2017-03-08T11:30:00.000+02:00'
'f90ad23b7850bd4b8bd0be31dd2d557151ee8754'|'McDermott plans manufacturing unit at new Saudi shipbuilding complex'|'Commodities - Wed Mar 8, 2017 - 12:06pm EST McDermott plans manufacturing unit at new Saudi shipbuilding complex By Reem Shamseddine - MANAMA MANAMA U.S. oilfield services and equipment provider McDermott International said on Wednesday it would build a fabrication yard at a shipbuilding complex planned by national oil giant Saudi Aramco on the kingdom''s east coast. The two companies signed a memorandum of understanding for the first major manufacturing investment in the complex, which is part of Saudi Arabia''s drive to diversify its economy and create jobs in an era of cheap oil. Saudi officials have said the complex at Ras Al Khair will cost more than $5 billion to build. The kingdom wants to jump-start local manufacturing industries by making more equipment for its oil industry at home rather than importing it. McDermott plans to build and outfit offshore oil and gas platforms at the new yard. A source familiar with the deal said the companies aimed to sign a final agreement by next year, with Aramco providing land for the project by the end of 2019. The development of Ras Al Khair could eventually take business away from other maritime yards in the region, such as Dubai''s Jebel Ali. McDermott said it expected to move business gradually from Jebel Ali to Ras Al Khair by the mid-2020s. The U.S. firm did not give a monetary value for its planned investment in Ras Al Khair but said its facility there would have up to 16 million man-hours of capacity, compared to 8 million man-hours at its current Jebel Ali facilities. Last year, Saudi Aramco signed a memorandum of understanding for construction of the complex with National Shipping Co of Saudi Arabia, a state-controlled firm which ships oil for Aramco, as well as a subsidiary of London-listed Lamprell, a United Arab Emirates-based engineering firm, and South Korea''s Hyundai Heavy Industries. (Writing by Andrew Torchia; Editing by Edmund Blair) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-saudi-aramco-shipping-mcdermott-inter-idUSKBN16F279'|'2017-03-08T23:53:00.000+02:00'
'1aaa383b9d647ece6f22ce2e32742e714649090c'|'PRESS DIGEST - Wall Street Journal - March 8'|'March 8 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- Chinese telecommunications giant ZTE Corp has agreed to pay $892 million in fines and plead guilty to violating U.S. sanctions on Iran and obstructing justice, ending a five-year probe that has raised trade tensions between the U.S. and China. on.wsj.com/2mzDH7r- Facebook Inc is once again on the defensive about how it reviews content on its site after a British Broadcasting Corp investigation showed it failed to remove 82 of the 100 child exploitation images flagged by the news service. on.wsj.com/2mzSHBZ- General Motors Co''s senior executives gathered at this week''s Geneva auto show signaled commitment to the world''s third-largest auto market after GM''s sale of Adam Opel AG, saying Europe actually is not a bad place to sell cars. on.wsj.com/2mzSIWz- A group of Google adversaries announced a new formal complaint Tuesday to the European Union''s antitrust watchdog over the Alphabet Inc unit''s behavior with its Android mobile-operating service. on.wsj.com/2mzx3hh- Under pressure from President Donald Trump''s administration, Indian outsourcing firms are working behind the scenes to prevent potential immigration curbs in the U.S., their most important market. on.wsj.com/2mzAtkf- Former Twentieth Century Fox Chairman Jim Gianopulos is in talks to take charge of Viacom Inc''s Paramount Pictures, said two people familiar with the matter. on.wsj.com/2mzwWlS- Boeing Co favors a twin-aisle design for a proposed all-new commercial jet that likely wouldn’t enter service before 2024, a senior U.S. airline executive said Tuesday. on.wsj.com/2mzHz8k (Compiled by Subrat Patnaik in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-wsj-idINL3N1GL257'|'2017-03-08T02:09:00.000+02:00'
'39b128a171241e0263c06dfbfc04fad4a114b2cc'|'VW has spent $2.9 billion on U.S. buybacks: court document'|'U.S. - Tue Feb 28, 2017 - 6:53pm EST VW has spent $2.9 billion on U.S. buybacks: court document FILE PHOTO: A Volkswagen logo is pictured at Volkswagen''s headquarters in Wolfsburg, Germany, April 22, 2016. REUTERS/Hannibal Hanschke/File Photo - RTS10726 By David Shepardson - WASHINGTON WASHINGTON Volkswagen AG has paid $2.9 billion to repurchase nearly 138,000 U.S. diesel vehicles through Feb. 18 in the wake of its emissions scandal, a court document made public on Tuesday shows. The report by an independent claims supervisor said the German automaker is buying back and terminating leases on about 15,000 vehicles a week. VW has made offers to buyback vehicles or cancel leases to 323,179 U.S. consumers totaling $5.86 billion, it said. VW agreed last year to spend up to $10.03 billion to buy back up to 487,000 polluting 2.0-liter vehicles that have software that allowed them to evade emissions rules in testing. Earlier this month, a federal judge granted preliminary approval to a plan for Volkswagen to pay at least $1.22 billion to fix or buy back a separate group of vehicles - nearly 80,000 polluting 3.0-liter diesel vehicles. The 3.0 liter vehicles have an undeclared auxiliary emissions system that allowed the vehicles to emit up to nine times allowable limits. Volkswagen could be forced to pay up to $4.04 billion if regulators do not approve fixes for all 3.0-liter luxury Porsche, Audi and VW diesel vehicles in the settlement. U.S. Judge Charles Breyer will hold a hearing on May 11 on whether to grant final approval to the proposal. In total, VW has now agreed to spend up to $25 billion in the United States to address claims from owners, environmental regulators, states and dealers and to make buyback offers. Volkswagen is set to plead guilty on March 10 in Detroit to three felony counts under a plea agreement to resolve U.S. charges it installed secret software in vehicles to allow them to emit pollution up to 40 times the legal limit. As part of a $4.3 billion settlement with U.S. regulators, VW agreed to sweeping reforms, new audits and oversight by an independent monitor for three years to resolve diesel emissions-cheating investigations. (Reporting by David Shepardson; Editing by Alan Crosby) Next In U.S.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-volkswagen-emissions-idUSKBN1672RV'|'2017-03-01T06:53:00.000+02:00'
'c887f3f7bea4281b9ac8cda4f14f3dd87691058a'|'Fashion house BCBG Max Azria files for bankruptcy'|'Business News - Wed Mar 1, 2017 - 2:39am EST Fashion house BCBG Max Azria files for bankruptcy A worker sits next to the runway before the BCBG Max Azria Fall 2015 collection show during New York Fashion Week February 12, 2015. REUTERS/Eric Thayer Fashion house BCBG Max Azria Group LLC filed for bankruptcy protection on Wednesday, the latest casualty in the struggling U.S. retail sector, as shoppers abandon malls in favor of internet shopping. The company, known for party dresses worn by celebrities including Selena Gomez and Drew Barrymore, listed assets in the range of $100 million to $500 million and liabilities in the range of $500 million to $1 billion, a filing under Chapter 11 with the U.S. Bankruptcy Court for the Southern District of New York showed. bit.ly/2lo7iMI BCBG Max Group''s Canadian affiliate also separately filed for voluntary reorganization proceedings under Canada''s Bankruptcy and Insolvency Act, the company said in a statement. The fashion house has received a commitment of up to $45 million in debtor-in-possession (DIP) financing, which will be used for working capital and to ensure normal operations during the Chapter 11 process, the company said in a statement. The company is taking steps to close its freestanding stores in Canada and consolidate its operations in Europe and Japan, in addition to the 120 retail stores closed as part of the restructuring efforts. Reuters had reported last week that BCBG Max Azria Group was preparing to file for bankruptcy. "The steps we are taking now, to address the shift incustomer shopping patterns and the growth of online shopping, will allow us to focus on our partner relationships, digital, ecommerce, selected retail locations, and wholesale and licensing arrangements," Marty Staff, acting interim chief executive of the company said in the statement. The reorganization process is expected to be completed within six months and the stores will remain open duringthe process, the company said. AlixPartners LLP and Jefferies LLC advised the company on its restructuring. Competing specialty retailers, including The Limited and American Apparel, have also filed for bankruptcy in recent months. BCBG, an acronym for the French phrase "bon chic, bon genre", a Parisian slang meaning "good style, good attitude", was founded by Tunisian fashion designer Max Azria in 1989. It grew through its retail shops and distribution in department stores including Saks Fifth Avenue and Bloomingdale''s. (Reporting by Vishal Sridhar in Bengaluru; Editing by Amrutha Gayathri) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-bcbgmaxazria-bankruptcy-idUSKBN1683JW'|'2017-03-01T14:39:00.000+02:00'
'89675ba1fe9eb34dbb7f8d49647fc8a143cfdce4'|'Uber''s self-driving unit quietly bought firm with tech at heart of Alphabet lawsuit'|' 52pm EST Uber''s self-driving unit quietly bought firm with tech at heart of Alphabet lawsuit By Alexandria Sage - SAN FRANCISCO SAN FRANCISCO Feb 28 A company now owned by Uber last year quietly bought a small firm specializing in sensor technology used in autonomous vehicles, giving the ride services company a patent in the technology and possibly a defense against a trade secrets theft lawsuit filed against it by rival Alphabet Inc. The chief executive of little-known Tyto Lidar LLC said in a May 2016 post on LinkedIn that the company had been sold, at the same time as he and three other executives joined Otto, according to their profiles on the online business network. Official U.S. patent data shows Otto acquired Tyto technology at the same time. Otto, a self-driving truck startup founded by former Alphabet employees, was bought by Uber in August. The unpublicized acquisition may become a factor in the high-stakes legal fight between Uber and Alphabet, the parent of Google, as the two Silicon Valley companies aggressively develop self-driving technology, widely seen as the future of private road transport in the United States. Equally, it may end up being a footnote in the complex litigation, which could take years to unfold. Alphabet''s autonomous car unit Waymo sued Uber and Otto last week, alleging that former employee Anthony Levandowski, who left Waymo to set up Otto, downloaded and stole more than 14,000 confidential files, including details on light detection and ranging sensor technology, known as Lidar, a crucial element in most self-driving car systems. It claimed that without those Waymo designs, Uber could not have developed its technology as fast as it says. An Uber spokesperson declined to comment on Tyto, citing the pending litigation, but called Waymo''s lawsuit "a baseless attempt to slow down a competitor." Waymo declined to comment on Tyto. ''STRIKING RESEMBLANCE'' In its lawsuit, Waymo said that by mid-2016, Uber was "more than five years behind in the race to develop vehicle automation technology suitable for the mass market," yet it built a Lidar system comparable to Waymo''s "in only nine months". However, the acquisition of Tyto means that at least two executives with long experience in Lidar – one as early as 2009, according to his LinkedIn profile - transferred to Otto and then Uber. Both had previously worked at Velodyne, another Silicon Valley Lidar pioneer, according to LinkedIn. Tyto also came to Otto with a patent for a Lidar scanner that was filed in 2013 and has since been reassigned to Uber, according to the U.S. Patent & Trademark Office website. Eric Goldman, an intellectual property (IP) law professor at Silicon Valley''s Santa Clara University School of Law, said the Tyto acquisition and its patent "could help rebut" Waymo''s suggestion that Uber scaled up too quickly to have its own Lidar technology. Trade secret plaintiffs commonly make circumstantial cases, such as Waymo implying that Uber could not have developed its own technology as fast as it purported to do, Goldman said. "That prong of their arguments could be rebutted," Goldman said. He cautioned, however, that Tyto''s expertise and patent "may be irrelevant" if Waymo can prove its central allegation: that Levandowski downloaded confidential trade secrets before leaving the company to form Otto - and that Uber exploited this stolen information to design a Lidar circuit board with a "striking resemblance" to Waymo''s. In an interview with Forbes in October that was published on Tuesday, Levandowski said Uber did not steal trade secrets from Google. "We did not steal any Google IP," he told the magazine. Waymo says its patented Lidar technology is among its most valuable assets because it had successfully managed to reduce the price of the sensor by 90 percent. All Lidar makers are seeking to reduce cost and size. Promotional material for Tyto from a 2015 trade conference said Tyto''s technology "enables lower cost, lighter weight and smaller size Lidar sensors." (Reporting by Alexandria Sage; editing by Peter Henderson and Bill Rigby) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/autonomous-lawsuit-idUSL2N1GD1RO'|'2017-03-01T10:52:00.000+02:00'
'e515f8d39901fb4fcf08d0cfd60ca73016a3078b'|'Cloud storage provider Box''s revenue rises 29.4 pct'|'Company   4:12pm EST Cloud storage provider Box''s revenue rises 29.4 pct March 1 Cloud storage provider Box Inc reported a 29.4 percent rise in quarterly revenue as the company continues to benefit from its growing customers base. Revenue of the company — whose customers include General Electric Co, AstraZeneca Plc and Symantec Corp — rose to $109.9 million from about $85 million. The company''s net loss narrowed to $36.9 million, or 28 cents per share, in the fourth quarter ended Jan. 31, from a loss of $50.4 million, or 41 cents per share, a year earlier. (Reporting by Laharee Chatterjee in Bengaluru; Editing by Shounak Dasgupta) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/box-results-idUSL3N1GE60P'|'2017-03-02T04:12:00.000+02:00'
'13c0906a719d62bfcb7aa7571f8dcf82695aa711'|'BRIEF-Platform Specialty Products files for non-timely 10-K'|' 36pm EST BRIEF-Platform Specialty Products files for non-timely 10-K March 1 Platform Specialty Products Corp : * Platform Specialty Products Corp files for non-timely 10-K * Platform Specialty-due to some acquisitions, expects form 10-K to reflect significant changes for year ended December 31, 2016 versus 2015 as on gaap basis Source text: ( bit.ly/2ldXtpB )    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-platform-specialty-products-files-idUSFWN1GE14W'|'2017-03-02T04:36:00.000+02:00'
'c11b99e28956baabe3674c14b6f5674f940f6955'|'UPDATE 1-Guggenheim attracts broad fixed-income fund inflows in February'|'(Adds inflow figures for Total Return Bond, Macro Opportunities Fund)NEW YORK, March 1 Guggenheim Investments attracted net inflows of more than $1.5 billion into its fixed-income mutual funds and ETFs in February, the firm said on Wednesday.Guggenheim has had positive net flows in its fixed-income mutual funds for 38 of the last 39 months under global chief investment officer Scott Minerd.Guggenheim''s flagship Total Return Bond Fund, an intermediate-term fund that has outperformed 99 percent of its rivals over three and five years, according to Morningstar, took in $665 million in February, the firm said.The $5.2 billion fund has experienced net inflows for 38 consecutive months, Guggenheim added.Meanwhile, the Guggenheim Macro Opportunities Fund, a $4.6 billion nontraditional bond fund that has also outperformed 99 percent of its rivals over five years, took in $300 million in February, the firm said.Guggenheim Floating Rate Strategies Fund, a bank loan fund that has outperformed 97 percent of peers over five years, took in $162 million in February.Guggenheim Limited Duration Fund, a short-term bond fund, experienced its 39th consecutive month of net inflows since its December 2013 inception. It has outperformed 99 percent of funds in its Morningstar category over three years.Guggenheim said its BulletShares suite of defined maturity ETFs had $290 million in net flows in February, which helped the firm reach an all-time high with $34 billion in ETF assets under management. (Reporting by Jennifer Ablan; Editing by Sandra Maler and Frances Kerry)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/funds-guggenheim-idINL2N1GE1XX'|'2017-03-01T17:28:00.000+02:00'
'01034a97968d5d9cca5cc87ffc159fb965a568b8'|'Morning News Call - India, March 6'|'  Morning News Call - India, March 6 To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 9:00 am: Junior Aviation Minister Jayant Sinha, Finance Ministry Official Saurabh Garg, DIPP Secretary Ramesh Abhishek at IVCA’s annual conclave in New Delhi. 10:00 am: Chief Statistician T.C.A. Anant to launch national review/workshop on SSS scheme and compilation of CPI in New Delhi. LIVECHAT-FOREX WEEKAHEAD FX Buzz analyst Jeremy Boulton analyses G7 currencies at 4.30 pm. To join the conversation, click on the link: here INDIA TOP NEWS • Boeing sounds out Indian carriers on 737 MAX-10 aircraft Boeing has approached India''s SpiceJet and Jet Airways as it gauges airlines'' interest in its 737 MAX-10 aircraft, the stretched version of the yet-to-be-delivered 737 MAX narrow-body jetliner, a senior executive said. • India finalises bills to launch new sales tax in July India moved a step closer on Saturday towards launching a new national sales tax from July after a panel of federal and state finance officials finalised two key bills to be put before parliament. • Paytm E-Commerce raises $200 mln from Alibaba, SAIF Partners Paytm E-Commerce has raised $200 million from China''s Alibaba Group and venture capital fund SAIF Partners to expand its online retail business in a market dominated by homegrown Flipkart and U.S. tech giant Amazon. • Tata-DoCoMo truce may leave Japanese firm with $790 mln to invest in India - source Tata Sons will split a dispute settlement payment of $1.18 billion owed to NTT DoCoMo over the Japanese firm''s exit from a telecoms joint venture, leaving it with about two-thirds of the amount to invest in India, a source said. • China''s LeEco not planning to quit Indian market, but cuts jobs Chinese electronics maker LeEco has no plans to exit operations in India, it said on Friday, refuting a media report that the company was preparing to leave the market although it has cut almost 80 percent of its workforce. • GAIL signs 1st time-swap deal for U.S. LNG with Gunvor State-run gas company GAIL Ltd has signed a time-swap deal with Swiss trader Gunvor to sell some of its U.S. liquefied natural gas (LNG), sources said, as the Indian firm tries to ease the burden of its costly foreign LNG supplies. • Sikh, told to leave country, shot in Washington state: police A Sikh man was shot and wounded in Washington state by an attacker who approached him in his driveway and told him to leave the country, police and media reported on Saturday. GLOBAL TOP NEWS • Former U.S. intelligence chief rejects Trump wiretap accusation The former top U.S. intelligence official rejected President Donald Trump''s accusation that his predecessor, Barack Obama, wiretapped him even as the White House on Sunday urged Congress to investigate Trump''s allegation. • French conservatives in disarray as Fillon clings on France''s conservatives appeared to be at war with themselves less than 50 days from the presidential election as Francois Fillon clung on to his struggling, scandal-tainted campaign and senior party members fought to oust him as their candidate. • S.Korea''s Lotte says 4 retail stores in China closed amid political tension South Korea''s Lotte Group said four of its retail stores in China were closed after inspections by authorities, as Seoul protests at discriminating action by China after Lotte agreed to provide land for a U.S. missile defence system. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • The SGX Nifty Futures were trading at 8,933.50, trading up 0.15 pct from its previous close. • The Indian rupee is expected to open little changed to slightly higher against the dollar, as profit booking hurt the greenback despite Federal Reserve Chair Janet Yellen’s signal of a likely rate increase this month. • Indian government bonds are poised to open lower after the U.S. Federal Reserve Chair Janet Yellen suggested that a rate increase later this month was a distinct possibility. The yield on the benchmark 6.97 pct bond maturing in 2026 is likely to trade in a 6.75 pct-6.82 pct band today. The paper had settled at 101.38 rupees, the highest level since Feb. 8, yielding 6.77 pct on Mar 4. On a weekly basis, the benchmark yield fell 14 basis points. GLOBAL MARKETS • U.S. stock index futures fell on Sunday amid news of North Korea''s firing of four ballistic missiles and President Donald Trump''s accusation that his predecessor, Barack Obama, wiretapped him. • U.S. stock futures dropped and Asian shares were on the defensive as investors weighed the near-certain prospect of an interest rate hike in the United States this month against news of slower growth in China this year. • The dollar dipped in Asian trading, as investors locked in gains after the greenback''s rise last week on growing expectations of a U.S. interest rate hike this month. • U.S. Treasury yields rose on Friday, with 2-year notes touching a fresh 7-1/2-year high and other maturities hitting multiweek peaks as statements from Federal Reserve officials including Chair Janet Yellen appeared supportive of an increase to U.S. overnight interest rates. • Oil prices slipped in Asian trade, wiping out some of the gains of the previous session amid ongoing concern over Russia''s compliance with a global deal to cut oil output. • Gold prices held steady, supported by a weaker dollar, after falling to the lowest since in over two weeks in the previous session after the U.S. Federal Reserve signaled it would raise interest rates in March. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 66.71/66.74 March 3 $229.06 mln $17.81 mln 10-yr bond yield 7.21 pct Month-to-date -$10.92 mln -$43.45 mln Year-to-date $1.55 bln $1.27 bln For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 66.81 Indian rupees) (Compiled by Erum Khaled in Bengaluru)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/india-morningcall-idUSL3N1GJ1J7'|'2017-03-06T10:20:00.000+02:00'
'df3dc3cc70b7fb9fb7cf57e215de9771e9f9b953'|'Daimler has no plans to buy Aston Martin: CEO'|'FRANKFURT Daimler ( DAIGn.DE ) has no plans to raise its minority stake in loss-making luxury carmaker Aston Martin, the German company''s Chief Executive Dieter Zetsche said on Tuesday."We had all opportunities to increase our stake in Aston Martin. We do believe that for a company of that size, independence and a focused management is a recipe for success," Zetsche told reporters gathered at the Geneva motor show.Last month, Aston Martin reported its sixth consecutive annual loss, but said the DB11, a new model equipped with Mercedes electronics, caused a surge in sales at the end of 2016.The British luxury marque faces steep bills to keep its range of sportscars compliant with new emissions rules, increasing its dependency on larger corporations to act as suppliers for things like clean engines.Daimler, which owns luxury brand Mercedes-Benz, struck a deal in 2013 to receive a 5 percent stake in Aston Martin in exchange for supplying engines and electronic components.The deal helps Aston Martin, the only global luxury carmaker not attached to a larger manufacturer, spread the cost of developing new fuel-efficient vehicles.Zetsche however ruled out Mercedes taking a bigger stake in Aston. "I think just the way we are working together is the perfect way for both sides and we have no plan of changing that,” he said.(Reporting by Edward Taylor; editing by Susan Thomas)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-autoshow-geneva-astonmartindaimler-idINKBN16E22H'|'2017-03-07T12:46:00.000+02:00'
'805a6825e4565aa6339179a4ab38a15692b4670c'|'Private equity firm PAG makes $616 mln bid for Yingde co-founders'' stake'|'Deals - Wed Mar 1, 2017 - 1:23am EST Private equity firm PAG makes $616 million bid for Yingde co-founders'' stake By Elzio Barreto - HONG KONG HONG KONG Hong Kong-based private equity firm PAG has struck a deal with the three co-founders of Yingde Gases to buy their stake in the firm for $616 million, the latest twist in a months-long battle for control one of China''s largest industrial gases company. PAG signed an agreement with Zhao Xiangti, Sun Zhongguo and Trevor Strutt to buy their combined 42.1 percent stake at a price of HK$6 ($0.7729) per share, Yingde said in a filing to the Hong Kong stock exchange. The agreement would be suspended if they receive a competing offer at least 5 percent higher than PAG''s, or equivalent to HK$6.3 per share, the filing said. The move followed an announcement by Hong Kong-based activist hedge fund Oasis Management Company Ltd on Monday that it would seek a seat on Yingde''s board as the company considers strategic alternatives, including an outright sale. Sun and Strutt, previously the Chairman/CEO and COO of Yingde, respectively, were relieved from their posts during a November board meeting that named Zhao chairman of the company and have since been in a legal fight to get reinstated. In December U.S. industrial gas maker Air Products sent a "letter of interest" to Yingde''s board indicating its intention to make a cash offer to buy the company. PAG declined to comment, while Air Products didn''t immediately reply to a Reuters request for comment. "We believe that this is a positive development for shareholders because it potentially sets a higher price for a takeover – equal to or higher than HK$6.30 - whether that ultimately is by PAG, Air Products, or another bidder," Seth Fischer, chief investment officer of Oasis, said in a statement. (Reporting by Elzio Barreto; Editing by Muralikumar Anantharaman) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-yingde-gases-m-a-idUSKBN1683DT'|'2017-03-01T13:20:00.000+02:00'
'5ede98ec07cc4a9bd29c9ec4ca489666fd5451b1'|'Honda to begin U.S. production of new 10-speed transmission'|'Business News - Mon Mar 6, 2017 - 4:13pm EST Honda to begin U.S. production of new 10-speed transmission FILE PHOTO: The logo of Honda Mortor is pictured at at the 37th Bangkok International Motor Show in Bangkok, Thailand, March 22, 2016. REUTERS/Chaiwat Subprasom Honda Motor Co Ltd ( 7267.T ) said on Monday it had invested nearly $150 million in two U.S. plants for making 10-speed automatic transmission for front-wheel-drive vehicles. The investment includes $100 million for a new assembly line and production modifications at Honda Precision Parts of Georgia LLC in Tallapoosa, Georgia, the Japanese automaker said. bit.ly/2mf9ny3 The company will invest $49 million in Honda Transmission Mfg. of America Inc in Russells Point, Ohio to provide new equipment and increased production capacity, Honda said. "The new automatic transmission will go first into the 2018 Honda Odyssey," a Honda spokesman said, adding that other models to get the transmission are yet to be revealed. Ford Motor Co ( F.N ) and Detroit rival General Motors Co ( GM.N ) jointly developed a ten-speed automatic transmission that has recently been introduced on several U.S. rear-wheel-drive models, including the 2017 Ford F-150 pickup truck and the 2017 Chevrolet Camaro sports car. (Reporting by Arunima Banerjee in Bengaluru and Bernie Woodall in Detroit; Editing by Anil D''Silva) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-honda-automatic-transmission-idUSKBN16D2HJ'|'2017-03-07T04:13:00.000+02:00'
'657514bd86d0b1ed98f6425119da4689ed146707'|'Alphabet lawsuit against Uber cements end of uneasy marriage'|'Technology  05am GMT Alphabet lawsuit against Uber cements end of uneasy marriage Uber drivers'' cars are parked outside the Ministry of Transportation building during a protest in Taipei, Taiwan February 26, 2017. REUTERS/Tyrone Siu By Julia Love and Heather Somerville - SAN FRANCISCO SAN FRANCISCO When Uber Technologies Inc [UBER.UL] was raising venture capital in 2013, it was one of the hottest deals around – and no one was more eager to write a check than Bill Maris and David Krane of Google''s venture capital arm. Not everyone at Google Ventures, since renamed GV, agreed. The firm already had an investment in a competitor, Sidecar, and Uber was demanding what then looked like a sky-high valuation. Maris and Krane prevailed, and the deal is now regarded as GV’s greatest success. On paper, the firm''s initial 2013 investment of $258 million gained about 14 times its value over the next three years to more than $3.5 billion. But now Alphabet Inc, Google''s corporate parent, is suing Uber for theft of trade secrets, alleging that one of the top engineers in its self-driving car program decamped with thousands of confidential files, including designs that helped him start self-driving truck company Otto and then quickly sell it to Uber. Uber denies those claims. The lawsuit, filed by Alphabet’s self-driving car unit Waymo, has jolted the fast-growing and highly competitive industry that has sprung up around autonomous vehicles and ride services, which are seen as the future of private road transport. Yet the confrontation was a long time in the making: the complex relationship between the companies was tense from the start, according to people familiar with the situation, and soured further as they increasingly competed with each other. Now, if the Waymo suit damages Uber, GV''s investment in the ride-hailing company stands to go down as a Silicon Valley rarity: a large funding deal undermined by the firm''s own investors. “Whatever Waymo gains, Google Ventures loses,” said Stephen Diamond, associate professor of law at Santa Clara University. The lawsuit is just one in a series of recent public setbacks for Uber, including allegations of sexual harassment that prompted an internal investigation, a video of Chief Executive Travis Kalanick arguing with an Uber driver that led him to make a public apology, and Uber''s admission on Friday that it used a secret tracking tool to avoid authorities. “We have reviewed Waymo''s claims and determined them to be a baseless attempt to slow down a competitor and we look forward to vigorously defending against them in court," Uber said in a statement in response to the lawsuit. "In the meantime, we will continue our hard work to bring self-driving benefits to the world.” A spokeswoman for GV declined to comment. DEAL AT ANY COST Uber was more than just another investment for then-fledgling Google Ventures, which needed a high-profile deal to put it on the map. Maris and Krane were early Uber fans, but it took about two years for the pair to connect with Kalanick. When Uber investor Benchmark finally brokered a meeting in May 2013, the Google Ventures partners were determined to do a deal at virtually any cost, according to two sources close to the transaction. With other would-be investors waiting in adjacent conference rooms at Uber’s San Francisco offices, Maris and Krane made their pitch to invest. Kalanick pushed for a higher valuation, without a board seat; Google Ventures pushed back, asking for a board observer seat and a liquidation preference for protection if Uber was sold at a loss, one of the sources said. They finally came to terms, with a $3.5 billion valuation, and there were signs that a broader alliance could be in the offing. Separately, David Drummond, Google''s senior vice president of corporate development, had a social relationship with Kalanick, and he joined the board. A ride in a self-driving car and a meeting with Google CEO Larry Page, recounted in Brad Stone''s recent book "The Upstarts," seemed to bode well for the relationship. But conflicts emerged immediately. Kalanick, a tough negotiator, wanted a discount on the software tools behind Google Maps, the company''s ubiquitous mapping software, according to a person close to the transaction. The best Google Ventures could offer was close contact between Uber and Google’s mapping team, the person said. Kalanick also wanted Uber to be featured prominently in Google Maps, eventually giving customers a way to hail an Uber ride directly from Maps, and Google agreed, a source close to Uber said. But Uber felt Google dragged its heels on the integration and found the initial rollout disappointing, the source said. The friction only grew as Uber turned its attention to autonomous driving, an area where Google had already established an early lead. Uber announced its intentions in typically abrupt style in early 2015, poaching 40 faculty and researchers from Carnegie Mellon University to set up a self-driving lab in Pennsylvania. It bought mapping software firm deCarta and began investing heavily in its own mapping systems. Meanwhile, Google launched an on-demand delivery service, a market Uber is also chasing, and began offering a carpooling service through driving app Waze, which it acquired in 2013. The carpooling feature in particular rankled Uber, a source close to the company said. "Things escalated from frenemy to now enemy quite quickly," said Anand Sanwal, CEO and co-founder of venture capital research firm CB Insights. The tension bubbled to the surface last August, when Drummond stepped down from Uber’s board. Uber declined comment on any of its dealings with Google and did not make Kalanick available for an interview. UNDERMINED BY ITS OWN INVESTORS? Uber’s aggressive culture was the subject of many conversations at Google Ventures, a source close to the transaction said. Hoping to influence the startup, the venture firm at first encouraged a flow of talent from Google to Uber. Yet that too ultimately created problems. Anthony Levandowski, a key engineering manager at the self-driving car unit, now called Waymo, began to talk openly about leaving the company as the autonomous vehicle field blossomed, according to Alphabet''s lawsuit. In January 2016, Levandowski and some colleagues quit Alphabet to form the self-driving truck start-up Otto, which Uber acquired later that year for $680 million. Alphabet claims in its lawsuit that Levandowski had been in touch with Uber even before he left Alphabet. In the lawsuit, Alphabet alleges Levandowski downloaded 14,000 proprietary design documents and used them to create Otto''s - and later Uber''s - version of a key autonomous vehicle technology called Lidar, which uses light pulses reflected off objects to gauge their position. Uber and Levandowski deny the allegations. The high-stakes legal showdown over whether vital information was transferred between the two companies is perhaps the logical conclusion of their opaque relationship. All along, Uber remained mysterious to its Google Ventures investors. Kalanick was adamant from the start that he would share little information, and try as it might, Google Ventures could not gain better visibility over time, two sources said. If anything, Kalanick grew more tight-lipped as his business matured. “It was one of the few companies where we sat there and said, ''Hope it goes well,''" one of the sources said. (Reporting by Julia Love and Heather Somerville; Editing by Jonathan Weber and Bill Rigby) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-uber-alphabet-idUKKBN16D0PI'|'2017-03-06T15:05:00.000+02:00'
'73f58c07f4123a3fdf37cdceb0976cf77baf5343'|'EFG Hermes expects to seal 470 mln pounds deal to buy UK solar assets by June'|'DUBAI, March 6 EFG Hermes expects a deal for its renewable energy platform Vortex to buy a portfolio of solar power assets in Britain for 470 million pounds ($576.8 million) from Sun Edison''s Terraforma (TERP.O) to close in May or June, a senior executive said on Monday.The deal formed part of the bank''s plan to grow Vortex''s assets to 2 gigawatts in the next few years from 820 megawatts currently, Karim Moussa, chief executive of the investment bank at EFG Hermes, told Reuters.The bank said in January it had agreed to buy the portfolio from Sun Edison. It includes 24 solar parks and has a combined 365 megawatts of power and an estimated useful life of around three decades, it said at the time.The bank would look to add to the portfolio after a period of six to 12 months, said Moussa, who is also head of asset management and private equity at the Egyptian bank."For the six to 12 months we will be looking to consolidate our assets rather than make another investment," he said. "Our last investment was 470 pounds so it’s a lot to digest for us.Malaysian utility firm Tenaga Nasional Berhad (TENA.KL) (TNB) is funding half of the 170 million-pound equity portion of the transaction. The remaining 50 percent will be underwritten by EFG Hermes which plans on eventually holding 5 percent of the equity, consistent with previous transactions undertaken by Vortex. ($1 = 0.8148 pounds) (Reporting by Tom Arnold and Celine Aswad in Dubai, editing by Ed Osmond)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/efg-hermes-uk-renewables-idINL5N1GJ3Z8'|'2017-03-06T11:23:00.000+02:00'
'529f700e81373afb0dc230236d259214d7c901e0'|'Ex-divs to take 5.4 points off FTSE 100 on March 9'|'Company News  43am EST Ex-divs to take 5.4 points off FTSE 100 on March 9 LONDON, March 6 The following FTSE 100 companies will go ex-dividend on Thursday, after which investors will no longer qualify for the latest dividend payout. According to Reuters calculations at current market prices, the effect of the resulting adjustment to prices by market-makers would take 5.36 points off the index. COMPANY (RIC) DIVIDEND STOCK IMPACT (pence) OPTION BHP Billiton 40 (U.S. cents) 2.72 CRH 46.2 (euro cents) Yes 1.31 Hargreaves Lansdown 8.6 0.08 Land Securities Group 7.16 0.22 Persimmon 25 0.30 Shire 20.64 0.73 Among FTSE 250 companies going ex-dividend are: COMPANY (RIC) DIVIDEND (pence) Ashmore 4.55 Alliance Trust 3.274 Dechra Pharm 6.11 F&C Commercial Property Trust Limited 0.5 Jupiter Fund Management 22.7 Kennedy Wilson 12 Perpetual Income & Growth Investment Trust 3 Personal Assets 1.4 Renishaw Plc 12.5 Safestore HLD 6.44 St. Modwen 4.06 Thomas Cook Group 0.5 Temple Bar Invesmtent 16.18 (Reporting by Helen Reid) Next In Company News CANADA STOCKS-TSX falls as cheaper commodities weighs on resource stocks TORONTO, March 6 Canada''s main stock index fell in early trade on Monday, with heavyweight banks, miners and other resource stocks weighing as oil prices softened as lower Chinese economic growth targets sparked renewed worries over excess supply and copper also slipped.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-exdiv-idUSL5N1GJ44I'|'2017-03-06T21:43:00.000+02:00'
'db823b1b230c8c160791b06ba45140b6ddbdd266'|'U.S. stock futures drop as risk appetites hit, Asia shares resilient'|'  7:24am GMT U.S. stock futures drop as risk appetites hit, Asia shares resilient People walk past an electronic board showing Japan''s Nikkei average outside a brokerage in Tokyo, Japan, November 18, 2016. REUTERS/Toru Hanai By Hideyuki Sano - TOKYO TOKYO U.S. stock futures dropped but Asian shares were resilient on Monday as investors weighed the near-certain prospect of an interest rate hike in the United States this month against news of China''s slower 2017 growth target. Risk appetites also took a hit on rising geopolitical tensions in East Asia, as North Korea fired four ballistic missiles early in the day, while a spat between China and South Korea over missile defense deepened. U.S. President Donald Trump''s accusation that his predecessor, Barack Obama, wiretapped him also cast a shadow on U.S. stocks as some investors view his confrontational style as distracting him from his economic agenda. U.S. stock futures ESc1 dropped as much as 0.45 percent, a fairly large move for Asian trade. Japan''s Nikkei .N225 dropped 0.5 percent for the day. European shares are expected to follow suit, with spread-betters looking to a fall of 0.3-0.4 percent in Germany''s DAX .GDAXI and Britain''s FTSE .FTSE . But MSCI''s broadest dollar-denominated index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was up 0.4 percent, with most markets in positive territory. South Korean shares also erased earlier losses .KS11 to post small gains. "Asian shares were supported in light of U.S. rate hike expectations. Higher resource prices and relatively robust growth in China are underpinning markets," Yukino Yamada, senior strategist at Daiwa Securities. Federal Reserve Chair Janet Yellen on Friday all but confirmed market expectations for an interest rate rise in March, barring any sharp deterioration in economic conditions. U.S. money market futures FFH7 FFJ7 are pricing in about a 90 percent chance the Fed will raise interest rates by 0.25 percentage point at its meeting on March 14-15, with another rate hike fully priced in by September. "A rate hike is almost a done deal now. So the focus will be on the pace of rate hikes after that. If there''s hawkish projections, the dollar could rise further," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management. The dollar dipped 0.3 percent to 113.77 yen JPY= while the euro EUR= eased 0.1 percent to $1.0608. The yuan was little moved so far, fetching 6.8920 yuan per dollar CNH=D4 in offshore trade after China cut its growth target for this year to 6.5 percent, compared to its 2016 goal of 6.5 to 7 percent. Growth in 2016 came in at 6.7 percent. Dampening risk appetite was rising tension over North Korea, which on Monday fired four ballistic missiles, three of which landed in Japan''s exclusive economic zone, Japanese Prime Minister Shinzo Abe said. It was the latest in a series of provocative tests by the reclusive state. The move came just after Japanese media reported on Saturday U.S. Secretary of State Rex Tillerson is due to visit Japan, South Korea and China this month to discuss North Korea on his first trip to the region since he took up his post. "This is the worst type of ''geopolitical'' risk. It is one that it''s hard to hedge against. The ''peace, or lack thereof'' risk has been growing for the 10-plus years and is becoming a bigger issue and another reason for caution," said Dan Fuss, vice chairman of Loomis Sayles. Adding to the tensions in the region, South Korea''s trade minister said on Sunday that Seoul''s responses against discriminating action by China towards South Korean companies will be strengthened. South Korean media said last week Chinese government officials had given verbal guidance to tour operators in China, to stop selling trips to South Korea days after the Seoul government secured land for a U.S. missile-defence system. The Korean won fell 0.4 percent KRW= to five-week lows. Markets also remain focused on Trump''s economic policies and how much of fiscal stimulus would come through during his first term in office. "There are worries that Trump may not be able to push through his spending plans, given delay in appointments of key staff. It now looks possible that the next year''s budget hardly reflects his agenda," said Masashi Murata, senior currency strategist at Brown Brothers Harriman. The 10-year U.S. Treasuries yield dipped to 2.472 percent US10YT=RR after hitting a two-week high of 2.521 percent on Friday. Oil prices dipped on concern over Russia''s compliance with a global deal to cut oil output and China''s lower growth target. International benchmark Brent futures LCOc1 fell 0.7 percent to $55.51 per barrel, down 0.3 percent. Figures released last week showed Russia''s February oil output was unchanged from January, casting doubt on Russia''s moves to rein in output as part of a pact with oil producers last year. (Additional reporting by Tomo Uetake; Editing by Shri Navaratnam and Richard Borsuk)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-markets-idUKKBN16D025'|'2017-03-06T14:24:00.000+02:00'
'05a98cb2040a9c1106c6287f611385aec3c4aec0'|'Snap options set for strong demand on market debut'|' 29pm GMT Snap options set for strong demand on market debut left right Traders gather at the post where Snap Inc. is traded on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 6, 2017. REUTERS/Brendan McDermid 1/2 left right Traders gather at the post where Snap Inc. is traded on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 6, 2017. REUTERS/Brendan McDermid 2/2 By Saqib Iqbal Ahmed   Traders looking for a piece of the action around Snap Inc''s newly launched shares will get another way to bet on the fortunes of the Snapchat owner when its options start trading on Friday. Weekly and monthly options contracts on Snap''s shares are expected to start trading on Friday, CBOE Holdings Inc said last week, once certain regulatory requirements for their listing are met. Venice, California-based Snap sold $3.4 billion worth of stock in a highly anticipated initial public offering last week, marking the hottest technology IPO in three years. But a lofty valuation for the loss-making social media company left some wondering if investors had bid up the shares too much. Snap shares have retreated somewhat since surging 44 percent to close at $24.48 on their first day of trading, but remain above their IPO price of $17 per share. Snap''s options market debut will allow traders to place bets on where they expect the shares to trade in the future. "I think there will be high demand for Snap options," said Ophir Gottlieb, chief executive of Los Angeles-based Capital Market Laboratories. There is no guarantee that Snapchat, which had 158 million daily active users in the fourth quarter, will be able to monetize that population consistently and fend off competition from the likes of Facebook Inc''s Instagram, analysts said. Concerns have also emerged about Snap''s slowing user growth and its new shares'' lack of voting rights. Widely differing views on how the shares will fare will likely translate into a rush of options trading volume that could hit six figures on the first day and rival Facebook Inc''s options market debut in 2012, Gottlieb said. Nearly 365,000 Facebook options contracts changed hands on the first day of their listing, a record for a new listing, per options analytics firm Trade Alert. "Technology stocks, especially social media stocks, are the kind of companies that really draw a lot of activity from options traders," said David Russell, senior manager at online broker E*Trade Financial Corp in Chicago. The timing of the Snap options listing, coming as it does in the midst of a market-wide slump in volatility, also bodes well. Higher volatility in Snap shares relative to the broader market could offer enticing potential payouts for traders who place bets on sharp price moves. "The options market in general has been hungry for anything that has volatility," Gottlieb said. The options will also give short sellers an additional venue for betting on a drop in the stock, market experts said. "People who want to bet to the downside will be looking to buy puts on a name like this," Russell said. Puts convey the right to sell the stock at a set price at a future date, while calls provide the right to buy it at a certain price at a date down the road. Snap''s shares tumbled on Monday and Tuesday, falling a combined 20.9 percent from Friday''s close of $27.09. Analysts have given the company a lukewarm reception. However on Wednesday they gained back some ground to trade just under $23 a share. Since newly issued stocks have a limited number of shares that can be borrowed for shorting purposes, increased shorting demand can lead to a scarcity of shares available for borrowing and also drive up the cost of borrowing. While it is difficult to pin down exactly how many shares are available to lend to short sellers, early data suggests short interest around $300 million, S3 Partners Managing Director of Research Ihor Dusaniwsky said. (Reporting by Saqib Iqbal Ahmed; Editing by Daniel Bases and Meredith Mazzilli)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-snap-options-idUKKBN16F2KM'|'2017-03-09T03:29:00.000+02:00'
'5d36a0b39a68a7ca8b85eacdb62ee4a05ba13867'|'Disney CEO says staying on Trump advisory council'|'Business News  55pm GMT Disney CEO says staying on Trump advisory council Disney''s Chief Executive Officer Bob Iger holds a news conference at Shanghai Disney Resort as part of the three-day Grand Opening events in Shanghai, China, June 15, 2016. REUTERS/Aly Song By Lisa Richwine - LOS ANGELES LOS ANGELES Walt Disney Co ( DIS.N ) Chief Executive Bob Iger on Wednesday defended his seat on President Trump''s business advisory council as an opportunity to voice opinions that will benefit the company and its shareholders. Facing questions regarding his inclusion on the council at the Disney''s annual shareholders meeting, the chief executive said he had no plans to step down from the group, as some critics have urged him to do. In response to one question, Iger said he did not believe his membership "supports or endorses" Trump''s policies. Another speaker, who identified himself as a member of the Colorado People''s Alliance, said Iger''s decision to remain on the council suggests Disney "is tacitly endorsing Trump''s agenda." Iger, however, referenced a song from the Broadway musical "Hamilton" called "The Room Where It Happens," saying it was important to have input in a forum where policies are being shaped. "I think there is an opportunity, when you are in the room where it happens, to express opinions I believe would be in the best interest of the company and its shareholders," he said at meeting held in Denver. Iger said he would at times express views "likely to be adversarial" to the president. Uber Technologies Inc Chief Executive Officer Travis Kalanick quit Trump''s advisory group in February amid pressure from activists and employees who opposed the administration''s immigration policies. Iger said immigration had helped Disney in many ways, citing the issue as an example of something he could address on the Trump advisory council. The United States and Disney have "benefited from an open and fair immigration policy," Iger said. "I don’t happen to believe policies that single people out by religion are fair and just." Iger skipped the first meeting of Trump''s advisory council in February to attend a previously scheduled board meeting. He fielded several questions on political topics at the meeting with another speaker suggesting that Disney-owned ABC News holds a liberal political bias, a charge Iger vigorously rejected. "They work very, very hard to present news in a fair way," Iger said, adding that he did not agree the media was "an enemy of the people," as Trump has written on Twitter. Iger said there were times the Obama administration disliked coverage by ABC News. "I am proud of the fact news can be an adversary," Iger said. (Reporting by Lisa Richwine; Editing by Bernard Orr) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-walt-disney-ceo-idUKKBN16F2ME'|'2017-03-09T03:55:00.000+02:00'
'ef5c46f1adad7e66984fdfa29a1ae4020939289c'|'Corruption in healthcare in Sierra Leone is a taboo - but it does exist - Global Development Professionals Network'|'C CTV cameras scan the triage area, as women in brightly coloured fabric line up with their children. A painting on the wall shows a lady with a baby strapped on her back under the sign “yu nor de pay no money”. At the children’s clinic where I work, healthcare is free. This is something that is not taken for granted here. In Sierra Leone , as in many parts of the world, healthcare often comes with a catch.Corruption in healthcare is a taboo subject, with both patients and staff often reluctant to admit its existence. But it does exist. And it extends from mismanagement at high levels of government to bribes and unauthorised charges for frontline services. It is widespread and under-reported and can have devastating consequences.Sierra Leone in west Africa was at the epicentre of the recent Ebola crisis. A 2015 Transparency International survey reported an astonishing 84% of Sierra Leoneans had paid a bribe for government services. There is huge systemic corruption, up to a third of money given to fight Ebola remains unaccounted for . An internal government audit showed £11m was missing from the first six months of the outbreak alone.Despite having rich natural resources, the majority of the population live in grinding poverty. The country has one of the highest rates of maternal and infant mortality in the world with 1,360 mothers dying per 100,000 live births. Facebook Twitter Pinterest In the wake of the Ebola epidemic and a long civil war, Sierra Leone is now confronted with one of the highest maternal mortality rates in the world. Photograph: Marco Longari/AFP/Getty Images It was in an effort to tackle this horrifying statistic that the president, Ernest Bai Koroma, introduced the Free Health Care Initiative in 2010, specifically granting free care for under-fives and pregnant and lactating mothers. This was a bold and much needed move for which he should be applauded. However, in spite of this campaign there are widespread reports of charges for frontline services. A 2016 report by the Campaign for Human Rights and Development International describes “rampant bribery” throughout the healthcare system in Freetown.There are stories of women being told that their babies will not be monitored in labour unless they give money to the nurse in charge, unofficial payments being taken in order to triage or register patients and medications and medical equipment that should be free, being sold at a mark-up.Many people are not even aware that the charges they are being asked to pay are unauthorisedSierra Leone has an adult literacy rate of 40%. Many people are not empowered to stand up for their right to free healthcare, and are often not even aware that the charges they are being asked to pay are unauthorised. There is inevitably a fear of reporting corruption as people are afraid they may be victimised or excluded altogether next time they come.But the government is trying to make changes to that culture. At the state run hospital in the centre of town there are now posters which proclaim “pay no bribe”, urging people to report any cases of bribery they may encounter. This new initiative organised by Sierra Leone’s Anti-Corruption Commission, and funded by the UK Department for International Development, allows people to call a toll-free number to report cases of corruption across the education, electricity, health, police, water and sanitation sectors. This innovation goes some way to putting some of the power back into the hands of the people using these services. In the last quarter of 2016, 23.2% of bribes reported on these hotlines were paid to healthcare officials.In Kenya, midwives on motorbikes save mothers from perilous journeys Read more The reasons for these difficulties in Sierra Leone are complex and multifaceted. Although the country has an acute shortage of healthcare personnel, qualified nurses are often made to work for years as “volunteers”. When they are actually paid, salaries for government nurses and doctors are shockingly low. This mix of a sick and needy population and underpaid medical staff makes tackling corruption more difficult. There is widespread corruption in government with funds misappropriated and misused – as was only too clearly illustrated during the Ebola crisis. This situation is replicated across healthcare sectors in many countries across the world.Research shows that charges at the point of access to healthcare reduce a person’s likelihood of seeking help and the seeking of bribes must surely act in the same way no matter how small. They lead to people delaying access to healthcare or not seeking it at all. For a woman living in one of the town’s slums with a sick baby, the cost of transport to the healthcare facilities will make access almost impossible, and any charges on arrival will prohibit it all together. People being charged bribes are disempowered, if they refuse to pay they will be denied services. Government officials syphoning funds away from their intended uses are harming the vulnerable who they are there to serve.Facebook Twitter Pinterest Anti bribery poster, Sierra Leone Photograph: Hannah Mitchell Although corruption remains a significant problem in Sierra Leone, it is very little spoken about, so innovations like the “pay no bribe” campaign are a hugely important step. Recognising corruption and making it visible is a crucial first act. People may be reluctant to report corruption because of fears of retribution, so allowing anonymous reporting is a great innovation and a first step to empowering people, so long as it is followed up without fear or favour.More is needed to tackle this deeply entrenched problem, better pay for nursing staff, tighter regulation of hospitals and scrutiny of healthcare budgets. The population need to be enabled to demand more effective services. Corruption in healthcare certainly comes as a result of poverty and inequality, but it only serves to drive both these things. Ultimately it is the sick children who are kept at home, and denied healthcare because of their carer’s fear of charges, who suffer.Join our community of development professionals and humanitarians. Follow @GuardianGDP on Twitter. Topics Global development professionals network Sierra Leone Maternal health Corruption index and barometer Ebola comment  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/global-development-professionals-network/2017/mar/08/corruption-in-healthcare-in-sierra-leone-is-a-taboo-but-it-does-exist'|'2017-03-08T23:21:00.000+02:00'
'b3f67018846471398a243e433938eaa74115dc94'|'UK budget speech steadies sterling'|'Foreign Exchange Analysis - Wed Mar 8, 2017 - 8:15am EST UK budget speech steadies sterling An English five pound note and coins are seen at a restaurant in the British overseas territory of Gibraltar, July 21, 2016. REUTERS/Jon Nazca/FILE PHOTO LONDON Britain''s pound recovered from morning losses on Wednesday to turn briefly flat on the day against the euro and regain a foothold against the dollar as Chancellor Philip Hammond delivered his 2017 budget statement. The pound, under pressure from signs of flagging consumer demand and nerves over upcoming Brexit negotiations, started gaining as Hammond began speaking in parliament and rose further after he upgraded some official economic and budget forecasts. By 1259 GMT, it traded 0.2 percent lower on the day at $1.2177, up almost half a cent from the day''s lows. It was marginally lower on the day at 86.67 pence per euro. Britain''s main FTSE exchange was broadly unchanged since the start of the budget speech, down 0.2 percent on the day. "The pound has risen off its lowest level against the dollar since mid-January in the past few minutes after chancellor Philip Hammond announced upgrades to the GDP forecasts," said David Cheetham, chief market analyst with retail broker XTB in London. "Mr. Hammond has also stated that public borrowing will decrease significantly in 2017 to 51.7 billion pounds from the 68 billion seen previously in another development that has caused a mildly positive reaction." (Writing by Patrick Graham, editing by Nigel Stephenson) Next In Foreign Exchange Analysis'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/uk-britain-markets-idUSKBN16F1KN'|'2017-03-08T20:09:00.000+02:00'
'ac08fb3bf193a845067696098b132f66499b4b40'|'Deutsche Post eyes further profit growth after record year'|' 47am GMT Deutsche Post eyes further profit growth after record year The logo of German postal and logistics group Deutsche Post DHL is seen on the delivery car ''''Street Scooter'''' in Aachen, Germany, August 23, 2016. REUTERS/Thilo Schmuelgen BERLIN German postal and logistics company Deutsche Post DHL ( DPWGn.DE ) said it expected profit to rise by just over 7 percent this year as it reported annual results on Wednesday, driven by booming demand for parcel deliveries thanks to people shopping online. Europe''s biggest postal group said it delivered a record 1.2 billion parcels in Germany last year, a 9.2 percent increase on 2015, taking its market share to 45 percent from 43.7 percent in 2016. Deutsche Post DHL is expanding its parcel network across Europe, having acquired a stake in Relais Colis in France and bought UK Mail in Britain. It is also trialling new ways of getting parcels to customers, such as to the boots of their cars. "We expect to maintain this positive momentum in 2017 and the coming years and are therefore continuously investing in the expansion of our capacity," Chief Executive Frank Appel said in a statement on the group''s website. The group has repeatedly shrugged off moves by customer Amazon.com ( AMZN.O ) to invest in its own delivery capabilities. Deutsche Post DHL posted earnings before interest and tax (EBIT) of 3.49 billion euros ($3.69 billion) for 2016, in line with analysts'' expectations, and said it expected that to rise to around 3.75 billion euros this year. Around 1.5 billion euros of the 2017 EBIT is due to come from the post, e-Commerce and parcel division. The group proposed a dividend of 1.05 euros a share for 2016, compared with 0.85 euros for 2015 and above expectations of 1.00 euro a share. Analysts currently expect it to increase revenues to 59.5 billion and profit to 3.79 billion euros this year. ($1 = 0.9469 euros) (Reporting by Victoria Bryan; Editing by Georgina Prodhan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-deutsche-post-results-idUKKBN16F0KH'|'2017-03-08T13:47:00.000+02:00'
'5257aa99a45f2f288cf78cbf1b59c6c22080a825'|'Brazil''s watchdog asks Petrobras to restate financial reports from 2013-2015'|' 29am GMT Brazil''s watchdog asks Petrobras to restate financial reports from 2013-2015 The logo of state-run oil company Petrobras is pictured in the company headquarters in Vitoria, Espirito Santo, Brazil, February 10, 2017. REUTERS/Paulo Whitaker SAO PAULO Brazil''s stock market regulator CVM has asked state controlled oil company Petroleo Brasileiro SA ( PETR4.SA ) to restate its annual financial statements for 2013, 2014 and 2015 to include the impact of currency rate hedges. In a securities filing late on Tuesday, Petrobras said the CVM also requested the restatement of financial results from the second and third quarters of 2013, and to the years of 2014, 2015 and 2016 to account for impairments related to certain hedging transactions. Petrobras said it can appeal against the request which is preliminary and could still be overturned by a CVM panel. (Reporting by Ana Mano; Editing by Greg Mahlich) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-petrobras-regulation-idUKKBN16F1AK'|'2017-03-08T18:29:00.000+02:00'
'bab1d4453cb68a070e5e352da4e4d6169130f6e9'|'Finance sector could face climate-risk testing, says Australian watchdog - Business'|'Australia’s financial institutions could be required to test climate-risk scenarios as international regulators continue to warn of the economic dangers posed by climate change.Geoff Summerhayes, executive board member of the Australian Prudential Regulation Authority (Apra), told a Senate committee that climate scenario testing could be added to the other common scenarios Apra requires financial institutions to face to ensure their systems are robust. It’s been more than a year since the COP21 Paris climate change conference, when the former New York City mayor Michael Bloomberg was appointed to head a taskforce to provide investors, insurers, banks and consumers with more information. The move was part of plans for a voluntary industry-led code announced by the Financial Stability Board (FSB), the G20 body that monitors and makes recommendations about the financial system.Big Australian banks invest $7bn more in fossil fuels than renewables, says report Read more Last month Summerhayes warned climate change posed a material risk to the entire financial system and urged companies to start adapting. Apra is the regulator that oversees the $6tn industry made up of banks, building societies, superannuation, insurance companies and other financial institutions. Summerhayes said Apra already sent out common scenarios for institutions to test. These scenarios have an economic factor, including an asset price shock and, in the case of the insurance industry, a potential liabilities scenario as well.“It is possible in the future that climate could be such a risk that we would want to test,” Summerhayes said. “That is not in our current plans but it is possible as other emerging risks are, that we would scenario test.”He acknowledged the Bank of England’s Prudential Regulatory Authority (PRA) had been very active on climate change. The bank’s governor, Mark Carney, has warned of financial crises and falling living standards unless corporations faced up to the risks. “Apra is not first prudential regulator to make statements about climate,” he said.Emma Herd, the chief executive of Investor Group on Climate Change, told the committee the political debate in recent years had stopped companies speaking publicly about their strategic response to climate change.“In terms of company reporting, the challenge for companies is that … any statement that is made around climate change as a financial risk is then interpreted through the prism of the political debate,” Herd said. “So companies have to be incredibly cautious about statements that they are making and constantly apply that political lens and I think that is creating a level of conservatism that is inhibiting how companies talk about their strategic response to climate change.“Companies are often much more prepared to talk fully and frankly to investors about their view than they are to talk publicly and into the public debate because it is just seen through the prism of the debate of the last 10 years.”Herd revealed unpublished research from the Australian Council of Superannuation Investors from 1 March this year, in which an analysis of 167 ASX 200 companies found there were large gaps in corporate reporting. It found:Only 69 companies (41%) publicly state that they acknowledge climate science or identify and assess climate risk;Only 106 companies (63%) report on their greenhouse gas emissions;Only 36 companies (22%) publicly report on climate change-related targets. Herd said reports were very short on detail with many companies simply disclosing their emissions. Very few disclosed a strategy for dealing with the climate-related issues that might affect the businesses, or report on mitigating these risks.Summerhayes said his climate warning last month came about due to three factors: Australia’s Paris commitments , the Bloomberg taskforce and the legal opinion by Noel Hutley SC for the Centre for Policy Development and the Future Business Council on company directors’ duties and climate change.Last month he said: “The opinion found that company directors who fail to properly consider and disclose foreseeable climate-related risks to their business could be held personally liable for breaching their statutory duty of due care and diligence under the Corporations Act.”Summerhayes said climate was an active discussion in many of the institutions supervised by Apra. “Markers that have been put down in the last year are significant and markets are already adjusting to those markers and the extent to which the draft report to FSB is adopted or not, we are of the view that a transition is under way to a lower-carbon world and that has implications on the risks that Apra-regulated entities need to oversee.“Hence we expect them to be having a conversation about it.”Coalition''s ''laser-like focus'' only sees what it wants to see - Lenore Taylor Read more Kate O’Rourke of the Australian Securities and Investments Commission said the regulatory framework was flexible enough to accommodate scenario testing and companies could choose to dramatically change their information disclosures on climate risks. Last month a coalition of business, energy, climate and welfare groups issued a joint statement warning that a decade of partisan politics and finger-pointing had destroyed investor confidence in Australia’s energy sector.The Senate inquiry , initiated by Greens senator Peter Whish-Wilson and restarted after the federal election, is looking into carbon risk and disclosure in corporate Australia.Australian economy Australian politics Business (Australia) Climate change news     Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/mar/08/finance-sector-could-face-climate-risk-testing-says-australian-watchdog'|'2017-03-08T14:39:00.000+02:00'
'80069763c15f0fa0e551c4dd3a5345fccbb4f343'|'Sadiq Khan: ‘We’re in danger of gender equality being reversed’ - Guardian Small Business Network'|'“Y ou can’t expect a young girl on a council estate in south-east London to be the next Kelly Hoppen without the access to finance, ideas, mentoring,” said Sadiq Khan, London’s mayor, at an International Women’s Day event at City Hall, organised by women-focused funding network and platform, AllBright .In his keynote speech on Wednesday, Khan said his aim was to make London “the best city in the world to be a woman in business”. The Guardian Small Business Network asked how he planned to do that. His majority women business advisory board – 10 out of 16 members – was key, he said.“As the mayor, I’ve got access to people with finance, and I’ve got to make sure it is in their interest to be tapping up young people with great ideas,” he added. Young women, in particular, he said, can feel there are not enough female role models in business. “Part of what we can do in the office of the mayor is to promote role models, is to encourage people to be aspirational, to be ambitious,” said Khan.He explained one way he planned to do this is through Skills for Londoners , a taskforce the mayor’s office is setting up to help businesses and Londoners get the skills they need.Facebook Twitter Pinterest Khan with speakers at the event including AllBright’s founders (Anna Jones to his left, Debbie Wosskow to his right) and entrepreneur Kelly Hoppen (far right). “I want to make sure Skills for Londoners taps up chief executives, entrepreneurs, successful women, to go to [speak at] assemblies at schools and further education colleges across London, to make them realise they can do anything, subject to being given a helping hand.”Skills for Londoners, he said, could provide that girl on a London council estate with the resources to become a successful entrepreneur. “It’s a virtuous circle [...] we all benefit from young Londoners whose potential is untapped having their potential [realised].” At the start of the event, Debbie Wosskow, co-founder of AllBright and a member of Khan’s business advisory board, emphasised that the representation of, and investment in, women-led businesses is still far behind that of men. She pointed to the fact that only 10% of global venture capital funds are awarded to women in business. Moreover, in the UK just 14% (pdf) of angel investors are female.While men still dominate the investment scene, they hold the power and need to be reminded of the value of women’s representation in businesses. Wosskow pointed out that companies with more women on their boards have been shown to deliver a 36% better return on investment .At the AllBright event, Khan spoke to a room of mostly women. Such events, while positive for celebrating and supporting women, can either, by nature, exclude or not appeal to men. How can men be brought into the conversation, the Guardian Small Business network asked Khan. He said he thinks (most) men do know women’s value in business, but everyone, women included, still needs to be thoroughly convinced. “I’ve always argued that it [gender equality] is a moral case, social case, but actually there is an economic case,” he added. Dame Stephanie Shirley: ''we were part of a crusade to get women into business'' Read more With London providing roughly a quarter of the country’s economic output, and a fifth of its taxes, he said, imagine what its output would be if the business potential of its women was fully realised.Will we always need an International Women’s Day? Khan said: “We’re at a crossroads, so my frustration in years past was that we are only inching forward [towards gender equality]. But I think, for the first time ever in my adult lifetime, we’re in danger of [...] some of the process being reversed, with the rise of populist moments, with the fact that if you are a woman that puts her head above the parapet on social media you have threats made against you, the fact that we have some of the language [we do] being used by leaders of countries. I’m afraid, for the foreseeable future, we will continue to need International Women’s day, to get gender equality.”Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox. Topics Guardian Small Business Network Entrepreneurs International Women''s Day Women interviews  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/small-business-network/2017/mar/08/sadiq-khan-danger-gender-equality-reversed-women-business'|'2017-03-08T23:21:00.000+02:00'
'73a82be6e62bb284b135afc1f18205d733314b21'|'Samsung to expand in US, shift some manufacturing from Mexico-WSJ'|'  10:39am EST Samsung to expand in US, shift some manufacturing from Mexico-WSJ March 8 Samsung Electronics Co Ltd is planning to expand its U.S. production facilities, shifting some manufacturing from Mexico, the Wall Street Journal reported on Wednesday. The South Korean firm''s initial capital investment is expected to be around $300 million, the Journal reported, citing people familiar with the matter. The report said Samsung planned to shift some production of oven ranges to the United States from Mexico. At least five U.S. states are in talks with Samsung, and the move could generate around 500 jobs, the Journal reported. on.wsj.com/2lYsAkk Samsung did not immediately respond to a request for comment. Reuters reported last month that Samsung may build a U.S. plant for its home appliances business. (Reporting by Anya George Tharakan in Bengaluru)   BRIEF-FDA grants orphan drug designation to CSRA''s Dynport Vaccine Company for plague vaccine * FDA grants orphan drug designation to CSRA''s Dynport Vaccine Company for plague vaccine'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/samsung-elec-usa-idUSL3N1GL4GJ'|'2017-03-08T22:39:00.000+02:00'
'2f75e8ea3fbfd451f7dacabb03cfc5798dae5af0'|'ArcelorMittal, Marcegaglia make offer for Italy''s Ilva steel plant'|'ROME ArcelorMittal ( ISPA.AS ) and Italy''s Marcegaglia have made an offer to buy Italy''s beleaguered Ilva steel plant, promising to invest 2.3 billion euros ($2.4 billion) and boost production, ArcelorMittal said on Monday.Italy took over the loss-making Ilva plant, Europe''s largest by capacity, in 2015 to save thousands of jobs and clean up the polluted site in the southern Italian city of Taranto.Large portions of the factory were sequestered by magistrates in 2013 on accusations that owners were responsible for an environmental disaster.A rival offer by a consortium that includes India''s JSW Steel ( JSTL.NS ) and state holding company lender Cassa Depositi e Prestiti [CDP.UL] is expected to be announced later on Monday.The government is expected to say which offer it will accept in about a month''s time.The government wants a buyer that will restore the factory''s fortunes by cleaning it up and investing to make it economically viable in a region with soaring unemployment.Intesa Sanpaolo, Italy''s biggest retail bank, signed a letter of intent along with ArcelorMittal, the world''s largest steelmaker, and Marcegaglia, a family-run steel processing group. The value of the offer was not given.The consortium said it would boost output with low-carbon steel-making technologies, ultimately up to 9.5 million tonnes of finished products from less than 6 million tonnes now. It also said it would create a research and development center with an initial investment of 10 million euros."It has been sad to watch the decline of this great company in recent years and we are excited to have the chance to contribute to a new renaissance of this Italian steel icon," Marcegaglia''s chairman and chief executive, Antonio Marcegaglia, said in a statement.(Reporting by Steve Scherer, editing by David Evans)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-ilva-italy-idUSKBN16D1YY'|'2017-03-06T19:19:00.000+02:00'
'7cd903bf338f315b2d9bae81660628a74f1af591'|'Exclusive: Impax Laboratories taps Morgan Stanley for strategic review - sources'|'Generic drugmaker Impax Laboratories Inc ( IPXL.O ) has asked investment bank Morgan Stanley ( MS.N ) to help it conduct a strategic review, as it tries to cope with a tougher drug pricing environment, people familiar with the matter said.The review will consider multiple options available to Impax, including the possibility of it participating in the industry''s consolidation wave through an acquisition or a sale of the company, the people said on Tuesday.No decision to pursue a course of action will be made, however, until Impax appoints a new chief executive officer, after Fred Wilkinson abruptly stepped down from the post in December, the people said. The new CEO''s appointment is expected to be announced as early as April, the people added.The sources asked not to be identified because the deliberations are confidential. Impax and Morgan Stanley did not immediately respond to requests for comment.(Reporting by Carl O''Donnell and Greg Roumeliotis in New York; Editing by Phil Berlowitz)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-impax-labs-m-a-idINKBN16E2FY'|'2017-03-07T15:14:00.000+02:00'
'44210eac72d3b89635b3cf4ea00e5da9d1ac910d'|'Uber looking for chief operating officer'|'Technology  05pm EST Uber looking for chief operating officer A man exits the Uber offices in Queens, New York, U.S., February 2, 2017. REUTERS/Brendan McDermid Uber Technologies Inc''s [UBER.UL] chief executive officer, Travis Kalanick, said the ride-hailing company was looking for a chief operating officer. "This morning I told the Uber team that we''re actively looking for a Chief Operating Officer: a peer who can partner with me to write the next chapter in our journey," Kalanick said in a blog post on Tuesday. ( ubr.to/2n2sLwT ) (Reporting by Laharee Chatterjee in Bengaluru; Editing by Anil D''Silva) Next In Technology News Google reported by Danish watchdog for unlimited data storage COPENHAGEN A Danish consumer watchdog has reported Alphabet Inc''s Google to the Danish Data Protection Agency for potentially breaking privacy laws by not capping the amount of time personal data is stored on Google''s servers, the watchdog said in a statement on Tuesday.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-uber-coo-idUSKBN16E2JX'|'2017-03-08T02:00:00.000+02:00'
'a5d129307ef672483ae0c6d1b9fee7f22f154e8a'|'European shares slip for 4th day as Aggreko, Casino sink'|'* STOXX 600 down 0.1 pct* Aggreko slumps after results* Earnings weigh on Paddy Power, Casino* Just Eat, Intertek gain after updates (Adds Quote: s and detail, updates prices)By Kit ReesLONDON, March 7 European shares extended losses on Tuesday on an earnings-heavy day as the biggest fallers Aggreko and Casino were weighed down by results.The pan-European STOXX 600 index was down 0.1 percent, on track to post its fourth straight session of losses.The three biggest fallers on the STOXX 600 all reported results, with British temporary power provider Aggreko slumping 12 percent after a 3 percent decline in full-year underlying revenue amidst a gloomy outlook for 2017.Data from Germany added to the downcast mood as figures showed that Europe''s largest economy saw industrial orders fall 7.4 percent in January, their biggest monthly fall in eight years due to a slump in domestic and euro zone demand. Europe''s industrial goods and services index traded flat.French retailer Casino Guichard tumbled nearly 6 percent after reporting full year earnings, while bookmaker Paddy Power Betfair dropped more than 5 percent after results.Other company updates drove gains, with Just Eat the top gainer, rising 3.7 percent after the online food delivery company posted a 93 percent rise in earnings."(Just Eat''s results were) pretty much as expected, a robust finish to 2016, the adjusted EBITDA number impressive," David Reynolds, equity analyst at Shore Capital, said.British product testing firm Intertek was up 4.1 percent after results, and French telecoms group Iliad, rose 3.8 percent on a robust print for full-year EBITDA, adding that it planned on speeding up investments in 2017 and 2018.The earnings season in Europe has so far been relatively strong, with 55 percent of companies in major regional markets posting earnings beats, according to Eikon data.Traders said market participants were also looking ahead to the U.S. Federal Reserve''s interest rate decision later in the month."We are still quite confident in European markets ... There''s further scope for a bit of a push but we think there''s a bit of a lack of a volume and market participation just because everybody''s sitting on the sidelines waiting for the imminent announcement from the U.S.," Berkeley Capital''s Moore added. (Reporting by Kit Rees, Editing by Vikram Subhedar and John Stonestreet)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/europe-stocks-idINL5N1GK1WW'|'2017-03-07T07:27:00.000+02:00'
'dec42808620e20f218d695d382eb63b7b9d11187'|'Legal challenges filed against Metro split - source'|'DUESSELDORF, Germany Legal challenges have been launched against the plans of German retailer Metro ( MEOG.DE ) to split into two companies, a source with knowledge of the proceedings told Reuters, potentially delaying the move.A Metro spokesman declined to comment.Shareholders in Metro overwhelmingly voted last month to back a plan to split off the group''s wholesale and hypermarket food business from Media-Saturn, Europe''s biggest consumer electronics group, by the middle of the year.Erich Kellerhals, the founder of Media-Saturn, suggested last month he was considering a legal challenge to the split. A spokesman for his holding company declined to comment on Tuesday on whether he has now gone ahead.Kellerhals still owns a stake of close to 22 percent in Media-Saturn and has regularly clashed with Metro over its management of the business.Metro hopes the split will help the independent companies pursue more acquisitions and trigger a revaluation of the stock as Metro currently trades at a discount to other pure wholesale retailers such as Sysco ( SYY.N ) and Britain''s Booker ( BOK.L ).(Reporting by Matthias Inverardi; Writing by Emma Thomasson; Editing by Sabine Wollrab and Christoph Steitz)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-metro-ag-split-idINKBN16E1YX'|'2017-03-07T12:05:00.000+02:00'
'eab1e6e98fc38cebe84dc5ed9a450f190ff22223'|'UK lawmakers say May''s industrial plan falls short, risks mistakes'|' 08am GMT UK lawmakers say May''s industrial plan falls short, risks mistakes Britain''s Prime Minister Theresa May leaves Downing Street in London, Britain March 1, 2017. REUTERS/Neil Hall LONDON Britain''s new industrial strategy, unveiled earlier this year to prepare the economy for Brexit, is lacking in long-term thinking and risks making the same mistakes as prior, failed plans, a group of lawmakers said. Prime Minister Theresa May announced a "Modern Industrial Strategy" in January with the aim of boosting Britain''s weak productivity growth and spurring investment in technology and research and development. A group of lawmakers from different political parties said in a report published on Friday that the plan lacked a co-ordinated approach across government departments and there was insufficient collaboration with the private sector in areas such as housing. The Business, Energy and Industrial Strategy Committee in the lower house of Britain''s parliament also called on the government to drop its sector-by-sector approach, which risked "a return to the discredited credo of ''picking winners''". Instead, Britain should focus on broader policies in areas such as helping industries shift away from carbon-intensive power, and address problems in health and social care and transport infrastructure, it said. The announcement of the plan in January represented a shift by May''s government away from the laissez-faire ideology championed by former prime minister Margaret Thatcher and successive British leaders. May has said Britain plans to leave not only the European Union but also its single market for goods and workers, raising the prospect of trade barriers for exporters and a shortage of skilled staff. The EEF, a trade body representing British manufacturers, said the report was right to emphasise a long-term, comprehensive approach and urged the government to be more ambitious. "It''s helpful to have this critique now at the start of the process and (the government department) mustn''t waste this opportunity to get it right," the EEF''s chief economist Lee Hopley said. The EEF also said its members were very concerned about a new levy the government will impose next month to fund apprenticeships, with many upset about the cost and the lack of long-term guarantees on funding. (Reporting by William Schomberg; Editing by Catherine Evans)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-industry-idUKKBN16A00G'|'2017-03-03T07:08:00.000+02:00'
'131e3933fd2a2112d9c77d12462d0ffae26ee10e'|'TRX joins Cornerstone in U.S. residential rental venture'|'SAO PAULO A unit of Brazil''s TRX Holding Investimentos has entered a joint venture to buy and renovate multi-family housing projects in the United States, hoping to profit from the residential rental market in the world''s largest economy.TRX and U.S.-based Cornerstone Properties Ltd will contribute equally to the venture, making an initial investment of up to $200 million in four projects in Florida this year, Fernando Fiuza, who heads TRX''s U.S. residential unit, said in an interview on Monday.The sum is enough to acquire up to 1,500 residential units, Fiuza said. He added that the partners would focus on buying apartment buildings with an occupancy rate of 95 percent, with a view toward renovating and eventually increasing rents.TRX oversees $1.5 billion in assets in Brazil and the United States as a multi-sector real estate and development company, with interests ranging from the leasing of industrial warehouses to self-storage space and logistics.After the subprime mortgage crisis, many U.S. families lost their homes to the banks foreclosing on their properties. Data show young Americans have put off buying a home to stay current on their student loans, creating a market of potential tenants, said Fiuza."These factors have contributed to reduce home ownership in the U.S. to historically low levels," Fiuza said.The joint-venture will invest in so-called multi-family housing, which can vary from traditional apartment buildings to low-rise developments. The venture will initially raise money from wealthy Brazilian investors to help finance up to 30 percent of the building purchases, he said.The partners will focus on residential assets located in Orlando, Tampa, Miami, Jacksonville and Palm City, he said.(Reporting by Ana Mano; Editing by Guillermo Parra-Bernal and Tom Brown)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-trx-cornerstone-properties-usa-idUSKBN16D2G0'|'2017-03-06T23:05:00.000+02:00'
'0712ebb41de7e5382e6d51e1d4ceb4a319a0e639'|'ArcelorMittal, Marcegaglia make offer for Italy''s Ilva steel plant'|'Money  56pm IST ArcelorMittal, Marcegaglia make offer for Italy''s Ilva steel plant   A red-hot steel plate passes through a press at the ArcelorMittal steel plant in Ghent, Belgium, July 7, 2016. REUTERS/Francois Lenoir/File Photo ROME ArcelorMittal and Italy''s Marcegaglia have made an offer to buy Italy''s beleaguered Ilva steel plant, promising to invest 2.3 billion euros ($2.4 billion) and boost production, ArcelorMittal said on Monday. Italy took over the loss-making Ilva plant, Europe''s largest by capacity, in 2015 to save thousands of jobs and clean up the polluted site in the southern Italian city of Taranto. Large portions of the factory were sequestered by magistrates in 2013 on accusations that owners were responsible for an environmental disaster. A rival offer by a consortium that includes India''s JSW Steel and state holding company lender Cassa Depositi e Prestiti is expected to be announced later on Monday. The government is expected to say which offer it will accept in about a month''s time. The government wants a buyer that will restore the factory''s fortunes by cleaning it up and investing to make it economically viable in a region with soaring unemployment. Intesa Sanpaolo, Italy''s biggest retail bank, signed a letter of intent along with ArcelorMittal, the world''s largest steelmaker, and Marcegaglia, a family-run steel processing group. The value of the offer was not given. The consortium said it would boost output with low-carbon steel-making technologies, ultimately up to 9.5 million tonnes of finished products from less than 6 million tonnes now. It also said it would create a research and development centre with an initial investment of 10 million euros. "It has been sad to watch the decline of this great company in recent years and we are excited to have the chance to contribute to a new renaissance of this Italian steel icon," Marcegaglia''s chairman and chief executive, Antonio Marcegaglia, said in a statement. ($1 = 0.9436 euros) (Reporting by Steve Scherer, editing   Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/ilva-italy-idINKBN16D1ZC'|'2017-03-06T23:26:00.000+02:00'
'4119f54c1143ab4787aca040ef38a076a0979859'|'Oil majors reverse decade of stalled growth to beat supply crunch fears'|'Commodities - Mon Mar 6, 2017 - 9:52am EST Oil majors reverse decade of stalled growth to beat supply crunch fears Gasoline drips off a nozzle during refueling at a gas station in Altadena, California March 24, 2012. REUTERS/Mario Anzuoni By Ron Bousso - LONDON LONDON Oil majors have long been passive watchers of the pump war between OPEC and U.S. shale producers, but not any more. Majors were unable to grow output for the past decade even as oil prices soared above $100 per barrel due bad capital discipline and huge project delays. The oil price slump since 2014 has prompted the world''s biggest oil firms to drastically cut costs but also to force contractors to make projects more efficient and extract the same amount of barrels for fewer dollars. As a result, most majors are now planning exceptionally strong production growth until at least 2021, a Reuters analysis of the latest investor presentation and corporate plans showed. Even as prices hold near $50 per barrel, the firms - Royal Dutch/Shell ( RDSa.L ), ExxonMobil ( XOM.N ), Chevron ( CVX.N ), BP ( BP.L ), Total ( TOTF.PA ), Statoil ( STL.OL ) and Eni ( ENI.MI ) - plan to grow output by a combined 15 percent in the next five years. "This environment requires discipline on costs and strong operating performance. It will reward businesses that can remain highly competitive at these prices," BP''s chief Bob Dudley said at the London-based company''s strategy day last week. The seven companies will add almost 3 million barrels per day to their combined output in the next 5 years effectively generating production the size of another major like Chevron. For a graphic on production: tmsnrt.rs/2m3xeiD A lot of new barrels will not be necessarily oil as firms like Shell and Eni are pressing ahead with giant gas projects. But the development still challenges the predominant narrative in the notoriously cyclical oil sector - that the reduction of investment during more than two years of low prices would lead to a supply crunch by the end of this decade. Many executives including the head of Total Patrick Pouyanne and Eni''s Claudio Descalzi as well as the International Energy Agency have predicted a crunch by 2020, based on low levels of investments in new projects. "The investor mindset is switching to growth again," said Anish Kapadia, analyst at investment bank Tudor, Pickering, Holt& Co. "Oil prices are above $50 a barrel, companies are generating cash and are starting to talk about growth again, we are at that point of the cycle." THE EXXON-VS-SHELL RACE The change in mood is expected to be reflected at this week''s CERAWeek industry conference in Houston, Texas, as activity in the U.S. shale picks up rapidly and global merger and acquisition activity returns. Unlike in the previous decade, when U.S. oil output growth was driven by independent firms, majors such as Exxon plan to be the driving force behind the new cycle. Exxon and Chevron are both betting much of their money on shale production which benefits from relatively low investment and rapid production. Europe''s oil majors on the other hand are focusing more on the traditional large, often offshore projects such in the Gulf of Mexico and Brazil that require big investment and years to develop but also produce larger volumes of oil and gas. As things stand, Shell could dethrone Exxon as the biggest publicly-traded oil producer by the end of the decade with projected output of 4.23 million boe in 2021. That figure could be revised down because Shell plans to dispose of more than $20 billion of assets in the next two years to pay for its $54 billion acquisition of BG Group. The Anglo-Dutch group has already outstripped Exxon on profits in the past two quarters. Jason Kenney, analyst at Santander, sees France''s Total( TOTF.PA ) as particularly well positioned to benefit from the recovery in oil prices as it is now set to reap the fruit of investments already made. "The company (Total) is benefiting from a period of'' already invested-in'' growth delivery when others are debating about reinvestment for long term growth," he said. Total leads the group of oil majors with a return on average capital employed, a ratio of profitability versus investments, of 10.2, with Exxon second at 7.3, according to Kenney. (Reporting by Ron Bousso; Editing by Dmitry Zhdannikov and David Evans) Next In Commodities Titans of oil world meet in Houston after two-year price war HOUSTON The biggest names in the oil world come together this week for the largest industry gathering since the end of a two-year price war that pitted Middle East exporters against the firms that drove the shale energy revolution in the United States.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-ceraweek-bigoil-growth-analysis-idUSKBN16D1PU'|'2017-03-06T21:52:00.000+02:00'
'55c114d9d3c6f15c27ab1e102c7860bf5d2326c2'|'U.S. factory orders rise for second straight month'|'Business News - Mon Mar 6, 2017 - 3:25pm GMT U.S. factory orders rise for second straight month A rack of SUV doors sit on a cart at the General Motors Assembly Plant in Arlington, Texas June 9, 2015. REUTERS/Mike Stone/File Photo By Lucia Mutikani - WASHINGTON WASHINGTON New orders for U.S.-made goods increased for a second straight month in January, suggesting the recovery of the manufacturing sector was gaining momentum as rising prices for commodities spur demand for machinery. Factory goods orders rose 1.2 percent, the Commerce Department said on Monday after an unrevised 1.3 percent jump in December. Economists polled by Reuters had forecast factory orders advancing 1.0 percent in January. Factory orders were up 5.5 percent from a year ago. Total shipments of manufactured goods increased 0.2 percent after surging 2.5 percent in December. Manufacturing, which accounts for about 12 percent of the U.S. economy, is regaining its footing after being buffeted by lower oil prices, a strong dollar and an inventory overhang. The nascent recovery was underscored by a survey last week showing a gauge of national factory activity jumped to a 2-1/2-year high in February. Manufacturing could be boosted by the Trump administration''s proposed tax reform, which would include corporate tax cuts. Promises of a lower corporate tax bill have buoyed business confidence in the last few months, but are yet to translate into strong business investment on capital goods. The Commerce Department also said orders for non-defence capital goods excluding aircraft - seen as a measure of business confidence and spending plans - slipped 0.1 percent in January instead of the 0.4 percent drop reported last month. Shipments of these so-called core capital goods, which are used to calculate business equipment spending in the gross domestic product report, fell 0.4 percent in January. They were previously reported to have declined 0.6 percent. The weakness in shipments points to continued sluggish growth in business spending on equipment, which increased at a 1.9 percent annualised rate in the fourth quarter. That was the first rise in over a year. U.S. stocks and the dollar .DXY were trading lower in mid-morning trading. Prices of U.S. Treasuries also fell. In January, orders for transportation equipment accelerated 6.2 percent, reflecting a 62.2 percent surge in defence aircraft orders. There was also a 69.8 percent jump in orders for civilian aircraft. Outside transportation, orders for machinery increased 0.9 percent. Orders for computers and electronic products fell 1.9 percent and bookings for electrical equipment, appliances and components declined 2.6 percent. Orders for fabricated metal product rose 2.3 percent. Unfilled orders at factories fell 0.4 percent after declining 0.8 percent in December. Unfilled core capital goods orders increased 0.4 percent in January after a similar gain in the prior month. Inventories of goods at factories rose 0.2 percent in January. They have increased in six of the last seven months. The inventories-to-shipments ratio was 1.31 in January, unchanged from December. (Reporting by Lucia Mutikani; Editing by Paul Simao) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-economy-manufacturing-idUKKBN16D1RH'|'2017-03-06T22:25:00.000+02:00'
'f4032647bedcb029d634c2b78f89638863e1e9e5'|'Japan inflation following forecasts, ''curve control'' smooth - BOJ''s Masai'|'Business News - Wed Mar 8, 2017 - 4:21pm GMT Japan inflation following forecasts, ''curve control'' smooth - BOJ''s Masai Bank of Japan''s (BOJ) new board member Takako Masai attends a news conference at the BOJ headquarters in Tokyo, Japan, June 30, 2016. REUTERS/Toru Hanai LONDON Japanese inflation remains in line with the central bank''s most recent forecasts, one of its key policymakers Takako Masai said on Wednesday, adding that its efforts to keep key government bond yields on a tight leash have been smooth. The BOJ said in January it expected inflation of 1.5 percent for the 2017 fiscal year which starts in April and that its 2 percent target would be hit by March 2019. "The negative impact of the oil price has been diminished, so it (inflation) is in line with our previous expectations," Masai told reporters on the sidelines of an ICMA event in London. Masai added that efforts to control the shape of the government bond yield curve which include keeping 10-year yields pinned near zero had been "smooth", and that recent policy measures had not accelerated a drop in liquidity in its bond market. (Reporting by Marc Jones and John Geddie) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-boj-idUKKBN16F22B'|'2017-03-08T23:21:00.000+02:00'
'51eb79e776796705cdd8815fc494896cf9400caf'|'Austria''s Novomatic explores potential stock market listing -sources'|'FRANKFURT/VIENNA, March 8 The private owners of Austrian gaming technology group Novomatic are exploring an initial public offering that could value the company at more than 6 billion euros ($6.3 billion), three sources familiar with the matter said.The listing of the maker of gaming equipment and casino management systems would most likely take place in London, one of the people said.Novomatic''s owners last week sent out a renewed request to banks to pitch for roles in the listing, which could take place as early as later this year.Novomatic, owned by the family of its billionaire founder Johann Graf, had revenues of 3.9 billion euros in 2015. It reported earnings before interest, tax, depreciation and amortization of 287 million euros in the first half of last year and employs around 28,000 people in around 50 countries.While software and technology focused peers trade at up to 15 times their expected core profit, Novomatic is more likely to fetch a multiple of roughly 10 times, given that its core business is less profitable physical gambling machines, the people said.A sale of a minority stake to a private equity group is also a possibility that Novomatic''s family owners are considering, they said, adding that Asian gambling groups would also be likely to show interest in the company.Gambling and betting companies have attracted private equity in the past. Last year buyout group CVC bought Germany''s sport betting group Tipico."We have been active with bonds in the capital market for many years and evaluate different financing options on the capital market. There are currently no concrete decisions regarding other financing projects," a Novomatic spokesman said.Bloomberg earlier on Wednesday reported that the company is considering a stock market listing. ($1 = 0.9485 euros) (Reporting By Arno Schuetze; Additional reporting by Shadia Nasralla; Editing by Susan Fenton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/novomatic-ipo-idINL5N1GL644'|'2017-03-08T16:29:00.000+02:00'
'ab9b30e0fbc93925a425d662a34457e08f32b33a'|'UPDATE 2-Altice mum on possible US listing as quarterly profits rise'|'Wed Mar 8, 2017 - 4:00pm EST Altice mum on possible U.S. listing as quarterly profits rise Patrick Drahi, Franco-Israeli businessman and Executive Chairman of cable and mobile telecoms company Altice, speaks during the launch of the news channel BFM Paris, in Paris, France, November 7, 2016. REUTERS/Benoit Tessier By Mathieu Rosemain and Gwénaëlle Barzic - PARIS PARIS Altice ( ATCA.AS ), the fourth-biggest cable operator in the United States, reported a 16 percent jump in quarterly core operating profit on Wednesday but gave no update on whether it might list its U.S. business. The group''s founder, Franco-Israeli tycoon Patrick Drahi, has expanded through a rapid series of debt-fuelled acquisitions in the United States and Europe that has left it with total net debt of 50.4 billion euros ($53 bln) at the end of 2016, or about twice its annual revenues. The group''s operating free cash flow, however, jumped 20.4 percent to 968 million euros in the fourth quarter, potentially giving it room to pay down some of that debt. Altice''s French telecoms business, SFR Group ( SFRGR.PA ), meanwhile saw its first quarterly rise in revenue in about six years, although Altice''s Chief Executive Michel Combes said the French telecoms market remained competitive. Altice''s total group adjusted earnings before interest, tax, debt and amortisation (EBITDA) rose to 2.29 billion euros in the three months through December, slightly missing a Reuters poll of 2.35 billion euros. Its U.S. businesses, put together under business unit Altice USA, drove the group''s quarterly profit growth. Altice USA was formed from the cable operators Suddenlink Communications and Cablevision Systems Corporation, which Netherlands-based Altice bought in 2015 and 2016 respectively. Altice noted in its results statement that it was considering an initial public offering of a minority interest in its U.S. unit but also said it would not necessarily go ahead. Altice USA chief Dexter Goei declined to comment when asked on a conference call, although he said the U.S. outlook was good. "The U.S. financial markets have been robust pre and post-Trump," Goei said on the call, referring to the election of President Donald Trump last year. "There is a cautious optimism amongst the market here with some of the financial reforms he''s looking to implement", he said. A listing would help Drahi expand his budding U.S. cable empire by giving its subsidiary public stock that could be used as currency to finance more acquisitions. Sources familiar with the matter told Reuters in October that Altice USA might hire underwriters for the listing by January and could go public sometime in 2017, depending on market conditions. Altice USA''s performance contrasts with Altice''s operations in France, where SFR Group ( SFRGR.PA ) is the second-biggest telecoms operator but has faced severe competition. The arrival of Iliad''s ( ILD.PA ) low-cost Free mobile services in 2012 triggered a protracted price war whose effects are still being felt by SFR and rivals Orange ( ORAN.PA ) and Bouygues Telecom ( BOUY.PA ). SFR said fourth-quarter revenue increased by about 0.6 percent to 2.89 billion euros. That growth, however, was not sufficient to offset a 2.9 percent drop in full-year revenue, with core operating profits down 1 percent. Altice said the group sees "revenue stabilisation in France" in 2017. (Reporting by Mathieu Rosemain; Editing by Leigh Thomas and Susan Fenton) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-altice-sfr-group-results-idUSKBN16F2MP'|'2017-03-09T03:54:00.000+02:00'
'485377df106e65ad7a455545bcad8c39db20023d'|'Exclusive: Cameco explores sale of U.S. uranium mines - CEO'|'TORONTO Canada''s Cameco Corp ( CCO.TO ), the world''s second-biggest uranium producer, is exploring the sale of its U.S. production facilities, its chief executive said on Monday, as a six-year slump in the industry drags on.Cameco, which has been cutting costs and curbing production, is in the early stages of evaluating the sale of its mines in Wyoming and Nebraska, but also wants clarity on U.S. President Donald Trump''s plans for nuclear power, Chief Executive Tim Gitzel said in a telephone interview."We are in the process of looking at divesting those assets. We''re not very far into it, so I can''t say too much, but it''s something we''re looking at," he said from the city of Saskatoon in Saskatchewan province, where Cameco is based.The earnings of uranium producers have been hurt by low prices amid surplus supplies, tracing back to the 2011 Fukushima tsunami that led to the shutting down of all of Japan''s nuclear reactors. A few of those reactors have since come back online.Cameco shares were down slightly in Toronto at C$14.52, after reaching the day''s highs minutes after Reuters reported on the possible sale.Cameco''s U.S. mines are able to annually produce 1 million to 2 million pounds of uranium, used to make fuel for nuclear reactors. Those mines - while much smaller than Cameco''s mines in northern Canada which are among the world''s biggest - are seen as an important foothold in the United States, a big uranium consumer with little domestic production.Canada is the second-biggest uranium producer, after Kazakhstan.The U.S. mines use the in-situ technique of removing ore by injecting a chemical solution into wells, while leaving rock in place. Gitzel declined to place a value on the mines.As it ponders selling the mines, Cameco is also seeking clarity on Trump''s plans for nuclear power, and especially the views of new Energy Secretary Rick Perry, Gitzel said.He said he was closely watching whether the United States follows through with a border tax on imported commodities, which could make U.S.-based production more valuable.(Reporting by Rod Nickel in Toronto; Editing by Denny Thomas and Bernadette Baum)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-cameco-uranium-idUSKBN16D28I'|'2017-03-06T22:00:00.000+02:00'
'd5b5c4b7f4efdc83136e8205303b279ef8279e19'|'China has not received ChemChina application for Syngenta deal: former minister'|'By Chen Aizhu - BEIJING BEIJING China''s Commerce Ministry has not received an application from ChemChina [CNNCC.UL] seeking approval for its planned $43 billion takeover of Syngenta ( SYNN.S ), Gao Hucheng, who recently retired as commerce minister, said on Monday.The government will only start the process of considering any application from ChemChina after other regulatory steps in other countries are complete, Gao said on the sidelines of China''s annual parliament meeting.The government announced less than two weeks ago that Gao retired and was replaced by his deputy Zhong Shan.Gao is now a senior member of the largely ceremonial, but high-profile advisory body to parliament."The company (ChemChina) is still undergoing other regulatory procedures. It has not submitted for (Ministry of Commerce) approval yet," he said."It has to first complete all those regulatory approvals ... in the U.S. and Europe."His comments come a month after Syngenta delayed the expected closure of the deal, the largest foreign acquisition by a Chinese company, to the second quarter amid scrutiny from U.S. and European regulators.ChemChina and Syngenta representatives were not immediately available.Gao''s remarks, though, will likely stir fresh speculation among Syngenta investors about the approval process.Mergermarket publication PaRR reported in January that ChemChina had previously filed and then withdrawn the filing, a strategy that is sometimes used to give merging parties more time for the deal to clear, or to address potential objections.Last month, Syngenta Chief Executive Erik Fyrwald did not confirm if China''s Ministry of Commerce had formally accepted a filing, but said he was confident the deal would win approval from the regulator of the world''s top agricultural market, without any long delays.The process has drawn intense interest from investors as two other major tie-ups in the pesticides and seeds industry are being examined by regulators across the globe: Bayer''s ( BAYGn.DE ) acquisition of Monsanto ( MON.N ) and the merger of Dow Chemical ( DOW.N ) and DuPont ( DD.N ).(Reporting by Chen Aizhu; Writing by Josephine Mason; Editing by Christian Schmollinger and Tom Hogue)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-chemchina-syngenta-idINKBN16D0O5'|'2017-03-06T06:49:00.000+02:00'
'23491876c160a06acd3e9c99e6e3eacf2f73761b'|'UK says will work with Peugeot to build long term success of Vauxhall'|' 03am EST UK says will work with Peugeot to build long term success of Vauxhall LONDON, March 6 Britain said it would work with Peugeot to ensure the long-term success of Opel''s two British Vauxhall plants after the French firm confirmed a deal buy the businesses from General Motors. "The government welcomes the assurance by PSA that they will respect the commitments made by GM to Vauxhall''s employees and pensioners," Business minister Greg Clark said in a statement. "We will continue to engage and work with PSA in the weeks and months ahead to ensure these assurances are kept and will build on the success of both sites for the long term." General Motors had committed to build the Astra Sports Tourer model until around 2021 at its north of England Ellesmere Port plant and the Vivaro van at its southern English site in Luton until 2025. (Reporting by Costas Pitas; editing by Kate Holton)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/opel-ma-psa-britain-idUSL9N1FK00W'|'2017-03-06T16:03:00.000+02:00'
'61d4d0f91ee591c0be8909b31618b29051490c12'|'Intesa Sanpaolo sells Allfunds Bank stake for 900 million euros'|' 44am GMT Intesa Sanpaolo sells Allfunds Bank stake for 900 million euros A man takes a picture in front of Intesa Sanpaolo bank in downtown Rome, Italy, July 23, 2010. REUTERS/Alessandro Bianchi/File Photo MILAN Italy''s Intesa Sanpaolo ( ISP.MI ) said it had agreed to sell its 50 percent share in mutual fund platform Allfunds Bank to private equity Hellman & Friedman and Singapore sovereign fund GIC for around 900 million euros in cash (779 million pounds). Italy''s biggest retail bank said in a statement on Tuesday it would book a net capital gain from the sale of some 800 million euros. Madrid-based Allfunds Bank is jointly owned by Intesa and Santander Asset Management. Intesa Sanpaolo was advised by Bofa Merrill Lynch and Morgan Stanley. ($1 = 0.9445   Giulia Segreti and Stephen Jewkes)   Exclusive - Hard Brexit would trigger ''leaching'' of banks from UK - draft report LONDON A draft report on the impact of Brexit on Britain''s financial industry warns banks and staff would "leach" away, undermining the wider UK economy, if they do not have access to European Union markets, according to sources who have read the report.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-allfunds-m-a-intesasanpaolo-idUKKBN16E0M6'|'2017-03-07T13:44:00.000+02:00'
'ef4563bb0fe6ab0a3251d14ab5830da998c08445'|'Titans of oil world meet in Houston after two-year price war - Reuters'|'By Ernest Scheyder - HOUSTON HOUSTON The biggest names in the oil world come together this week for the largest industry gathering since the end of a two-year price war that pitted Middle East exporters against the firms that drove the shale energy revolution in the United States.When OPEC in November joined with several non-OPEC producers to agree to a historic cut in output, the group called time on a fight for market share that drove oil prices to a 12-year low and many shale producers to the wall.Oil prices are about 70 percent higher than they were the last time oil ministers and the chief executives of Big Oil met in Houston a year ago at CERAWeek, the largest annual industry meet in the Americas.The ebullience as both sides enjoy higher revenues will be a welcome relief from the gloom of a year ago, near the depths of the price war."The oil market has been rebalancing and the powerful forces of supply and demand have been working," said Dan Yergin, vice chairman of conference organizer IHS Markit and a Pulitzer Prize-winning oil historian."The mood will be different this year."The capital of the U.S. oil industry Houston is emerging from the price war sporting new downtown skyscrapers and the lingering glow from hosting last month''s Super Bowl.OPEC''s November deal, the prospects for its continuation and rosier investment prospects for the industry will dominate the discussions, with state-run producers and Big Oil both positioning themselves for an upturn in the notoriously cyclical business.Twice as many OPEC ministers as a year ago - plus Russia and India''s top energy officials - will be in the capital of the U.S. energy industry.Saudi Arabia''s energy minister Khalid al-Falih, who assumed his role last spring and whose country has contributed the largest share of OPEC output curbs, addresses the meeting on Tuesday.Russian Oil Minister Alexander Novak, who was key to bringing non-OPEC countries on board to cut in tandem with OPEC, will speak on MondayChief executives from five hard-hit international oil producers - BP, Chevron Corp, Exxon Mobil Corp, Royal Dutch Shell and Total - will be listening closely to the ministers'' comments to see if those production curbs will be extended past their June expiration.The meeting won''t be without simmering tension between U.S. oil producers and OPEC. One of the biggest questions in the oil market is how quickly and how much shale producers will boost output. A sharp rise from the U.S. shale patch could undo the Saudi-led deal to reduce the global oil glut.Shale activity is humming in the hottest U.S. oilfield, the Permian Basin, a 75,000 square mile expanse in West Texas. The U.S. land drilling rig count is up 55 percent in the past 12 months, and many of them are in the Permian."It''s exciting now to see the rig count rising and business activity picking up again," said Peter Boylan, chief executive of Cypress Energy Partners LP, an oilfield service provider with operations in Texas and North Dakota.MORE SPENDINGOil''s resurgence isn''t confined to America. Already this year, Total and BP have launched multi-billion dollar deals to expand in Brazil and Mauritania, respectively. Better prices could stir a new round of merger activity, according to some analysts.Exxon, which is expected later this year be eclipsed by Saudi Aramco as the world''s largest publicly traded oil producer, recently pledged to boost this year''s spending by 16 percent to expand operations, especially in shale production.That newfound investment vigor and projections for stronger shale production have kept a lid on the recovery. Oil prices may struggle to breach $60 per barrel, regardless of how much OPEC cuts, if the U.S. keeps increasing production, according to a Reuters poll.U.S. crude futures closed on Friday at $53.33 per barrel.BHP Billiton has boosted investment in its shale operations since last fall, forecasting the sector to become the single largest generator of cash flow for its petroleum business within five years."We expect a balanced oil market in 2017 for the first time in nearly three years," said Steve Pastor, president of BHP''s petroleum business.(Reporting by Ernest Scheyder; Editing by Gary McWilliams and Simon Webb)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usa-oil-mood-idINKBN16C08O'|'2017-03-05T03:08:00.000+02:00'
'e9e2e143dd87e70006f6a354a942013a81bc3098'|'WORLD NEWS SCHEDULE AT 2200 GMT/1700 ET - Reuters'|'Editor: Dan Grebler + 1-646-223-6200Picture Desk: Toronto + 1 416 941 8082Graphics queries: + 65 6870 3595(All times GMT/ET)TOP STORIESObama denies Trump claim he wiretapped him during campaignWASHINGTON - A spokesman for Barack Obama rejects claims by U.S. President Donald Trump that the then-president had wiretapped Trump in October during the late stages of the presidential election campaign, saying it was "simply false." (USA-TRUMP/OBAMA (UPDATE 8, PIX, TV), moved, by David Shepardson, 917 words)Trump administration to propose ''dramatic reductions'' in foreign aidWASHINGTON - The White House budget director confirms that the Trump administration will propose "fairly dramatic reductions" in the U.S. foreign aid budget later this month. (USA-BUDGET/ (moved), by David Shepardson, 327 words)Canada: No plans to clamp down at border to deter migrantsTORONTO - Canada will not tighten its border to deter migrants crossing illegally from the United States in the wake of a U.S. immigration crackdown because the numbers are not big enough to cause alarm, a government minister said on Saturday. (USA-IMMIGRATION/CANADA-BORDER (UPDATE 1), moved, 423 words)Twelve treated for chemical weapons agents in Mosul since March 1, UN saysBAGHDAD - Twelve people, including women and children, are being treated for possible exposure to chemical weapons agents in Mosul, where Islamic State is fighting off an offensive by U.S.-backed Iraqi forces, the United Nations says. (MIDEAST-CRISIS/IRAQ-CHEMICALWEAPONS), moved, 307 words)France''s Fillon under fire as party chiefs bring forward crisis meetingPARIS - Embattled French presidential candidate Francois Fillon is under growing pressure to quit the race as his party leaders bring forward a meeting to discuss the situation and former allies shied away from a planned rally to support him. (FRANCE-ELECTION/FILLON (UPDATE 1, TV, PIX), moved, by Sophie Louet and John Irish, 609 words)EUROPETight deadline for talks after nationalist surge in Northern IrelandDUBLIN - Northern Irish leaders prepare for three weeks of challenging talks to save their devolved government after a snap election that could have dramatic implications for the politics and constitutional status of the British province. (NIRELAND-POLITICS/ (UPDATE 1, PIX, TV), moved, by Ian Graham, 795 words)Peugeot poised to buy GM''s Opel, creating European car giantPARIS/LONDON - France''s PSA Group is set to announce a deal to buy Opel from General Motors on Monday after striking an agreement with the U.S. carmaker and winning the blessing of its board for the acquisition. (OPEL-M&A/PSA (UPDATE 1, PIX), moved, by Laurence Frost, Gilles Guillaume and Pamela Barbaglia, 547 words)Rows over reforms, election bog down Albania''s EU accession talksTIRANA - Albania''s political parties snuff out hopes for a compromise that would keep open the Balkan state''s path to European Union membership after Brussels warned that an opposition boycott of parliament put accession talks at risk. (ALBANIA-EU/PROTESTS (TV, PIX), moved, by Benet Koleka, 442 words)Turkey plans more pro-Erdogan rallies, German concerns mountISTANBUL/BERLIN - Turkey says it would keep holding rallies in Germany and the Netherlands to urge Turks living there to back a vote to boost President Tayyip Erdogan''s powers, despite opposition from authorities in both countries. (TURKEY-REFERENDUM/GERMANY-NETHERLANDS (moved), by Ralph Boulton and Andrea Shalal, 396 words)ASIAMalaysia expels North Korean ambassador after Kim Jong Nam murderKUALA LUMPUR - Malaysia expels the North Korean ambassador, declaring him "persona non grata" and asking the envoy to leave Malaysia within 48 hours. (NORTHKOREA-MALAYSIA/KIM (UPDATE 1), moved, 334 words)MH370 families launch campaign to fund search for missing jetKUALA LUMPUR - Families of passengers on board missing Malaysia Airlines flight MH370 launch a campaign to privately fund a search for the aircraft. (MALAYSIA-AIRLINES/ (moved), 395 words)China''s 2017 defense budget rise to slow againBEIJING - Defying pressure for a strong increase in defense spending, China says its military budget this year would grow about 7 percent, its slowest pace since 2010. (CHINA-PARLIAMENT/DEFENCE (UPDATE 4, TV, PIX), moved, by Michael Martina and Philip Wen, 579 words)MIDDLE EAST & NORTH AFRICAAt least 2 killed in new drone strikes on al Qaeda in Yemen - residentsADEN - Drones fired missiles at suspected al Qaeda targets in two separate attacks in Yemen, local sources say, in what appeared to be a third successive day of U.S. strikes against militants in the Arab country. (YEMEN-SECURITY/ (moved), 315 words)Syrian army takes more villages from militants in northwestAMMAN - The Syrian army has expanded its control over former Islamic State-held villages in northwest Syria, gaining more territory as it pushes back the jihadists from more pockets in Aleppo province, state media says. (MIDEAST-CRISIS/SYRIA-MILITANTS (moved), 310 wordsSee also: MIDEAST-CRISIS/SYRIA-AIRPLANE (UPDATE 2), movedEast Libyan forces target rivals with air strikes to regain oil portsBENGHAZI - East Libyan forces carried out air strikes around major oil ports as they sought to regain control of the area from a rival faction, a military spokesman says. (LIBYA-SECURITY/OIL (UPDATE 3), moved, by Ayman al-Warfalli, 508 words)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/world-news-schedule-at-2200-gmt-1700-et-idINL2N1GH0M5'|'2017-03-04T19:00:00.000+02:00'
'bb26760521b098d5e6ecf6281d99510eacbe323b'|'Foxconn approaches chipmaker SK Hynix for joint Toshiba bid - Nikkei'|'Technology  20pm GMT Foxconn approaches chipmaker SK Hynix for joint Toshiba bid: Nikkei FILE PHOTO: The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company''s headquarters in New Taipei City, Taiwan March 29, 2016. REUTERS/Tyrone Siu/File Photo Taiwan''s Foxconn ( 2317.TW ), the world''s largest contract electronics maker, has approached South Korean chip maker SK Hynix Inc ( 000660.KS ) to explore a joint bid for Toshiba Corp''s ( 6502.T ) memory chip unit, the Nikkei reported, citing sources. Toshiba, the second-biggest NAND chip producer after South Korea''s Samsung Electronics Co Ltd ( 005930.KS ), is considering selling the majority - or all - of its marquee flash-memory chip business, as it seeks to make up for a $6.3 billion writedown from its U.S. nuclear unit Westinghouse. Foxconn, formally known as Hon Hai Precision Industry Co Ltd, said last week it was "definitely bidding" for Toshiba''s chip business and that it was "very confident" it could buy into it. However an executive from SK Group, which controls SK Hynix, hinted that Foxconn did approach the Icheon-based company, the Japanese business daily reported. ( s.nikkei.com/2m2rzsw ) Toshiba, Foxconn and SK Hynix did not immediately respond to requests for comment. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Sriraj Kalluvila and Shounak Dasgupta) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-toshiba-m-a-foxconn-idUKKBN16F2DO'|'2017-03-09T01:09:00.000+02:00'
'd260df7f95e71ad806963ca584670a7cca96ed9a'|'REFILE- Copper smelter fees in Asia cool to 4-yr lows after mine shutdowns'|'(Changes ''strikes'' to ''shutdowns'' in headline to clarify.)* Nearly 3.5 mln T of capacity on maintenance in March -Citi* Low fees could shrink refined copper supplies, underpin prices* Traders redirecting copper shipments among Asian portsBy Melanie BurtonMELBOURNE, March 8 Spot processing fees in Asia for copper concentrate have slid to their cheapest in four years as shutdowns at the world''s top two mines in Chile and Indonesia grind on longer than anticipated, and it is likely they will drop further in the coming month.Treatment and refining charges (TC/RCs) for trader-to-smelter deals for shipments to China in March and April have fallen to around $70 a tonne and 7 cents a pound, according to a smelter and a trading source.That is the weakest since around April 2013, according to metals and mining consultancy CRU, and a steep drop from 2017 term rates of $92.50 a tonne. Smelters typically cut fees to compete for concentrate stocks when supplies are short.Smelters with low stocks, including in top refined metal maker China as well as India and Japan, are facing narrowing margins as fees slide. Some in China have moved up maintenance to wait out the shortfall, analysts and smelter sources say.This is set to eat into 2017 refined copper output, pushing the market into deficit as global manufacturing demand revives, and is likely to drive a rally in prices."We''re a bit stumped about why copper prices haven''t shot up and we haven''t seen (TC/RCs) much sharper in the past week," said a trader at a global company in Asia."My take is they''re shuffling the shipments around, diverting some and bringing others forward, and so far there is sufficient concentrate supply," the trader said.Even at the four-year low for TC/RCs, smelters have some room to move, consultancy CRU said, with the break even point for Chinese smelters at $55 per tonne and for Japan at $45 a tonne. It did not provide figures for other Asian regions.Citi sees nearly 3.5 million tonnes of annual smelter capacity potentially going into maintenance in March given the tight concentrate market. That will "accelerate a tightening metal market trend via falling copper inventory heading into 2Q-17," analyst David Wilson said in a report.Citi expects the supply shock to help push refined copper into a deficit in 2017 for the first time in six years, and propel copper prices to nearly $7,000 a tonne before year-end, up 20 percent from $5,800 on Wednesday.INDIA AND JAPANSmelters in India and Japan are expected to be among the first hit by the tighter supplies since they carry relatively low inventories across their financial year-end on March 31 and typically take shipments from the disrupted mines."The Indians are starting to feel a little uncomfortable," said one concentrate trader at a Swiss trading house in Asia.A strike at the world''s biggest copper mine - BHP Billiton''s Escondida in Chile - is entering its fourth week and has shut concentrate output. Workers at Cerro Verde, one of Peru''s largest mines, are also set to start a strike on Friday.In Indonesia, concentrate exports have been cut off since January from Freeport-McMoRan''s Grasberg site, the world''s second biggest copper mine.Indian smelter Vedanta Resources said it did not expect any "operational challenges ... (and had) taken all the necessary steps to ensure no impact from this disruption," although provided no details.India''s other main smelter, Hindalco Industries, did not respond to a request for comment.Pan Pacific Copper, Japan''s biggest copper smelter, is making some adjustments such as on shipping to secure supplies, a spokesman said.Sumitomo Metal Mining said it had not yet been affected by the disruptions from Escondida or Grasberg because it also gets concentrate from other mines. It also did not include the Indonesian mine in its procurement plans for this year because of the potential for disruption."But if the strike continues at Escondida for a long time, we may need to think of other measures," a spokeswoman said, without giving further details.(Reporting by Melanie Burton in MELBOURNE; Additional reporting by Yuka Obayashi in TOKYO, Promit Mukherjee in MUMBAI, and Jane Chung in SEOUL; Editing by Tom Hogue)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/copper-supply-india-idINL5N1GD190'|'2017-03-08T06:34:00.000+02:00'
'41678fc97efd59996e476febc4f37a1f4da877ea'|'China bitcoin exchanges say no clear timeframe to resume withdrawals'|'Business News -  38am GMT China bitcoin exchanges say no clear timeframe to resume withdrawals BEIJING China''s three largest bitcoin exchanges said on Wednesday it was unclear when they would be able to resume withdrawals of the cryptocurrency, as they needed time to beef up systems and secure regulatory approvals. BTCC, Huobi and OkCoin halted withdrawals early last month amid growing scrutiny of the industry by China''s central bank, which is concerned over bitcoin speculation and its potential use in money laundering. The companies said they were working with counterparts to establish industry standards and develop a self-disciplined system. "We have been trying to make the bitcoin industry healthy in a compliant way," the firms said in separate, but identical statements. "Once we get approval from regulators, then we can carry out withdrawals." BTCC had previously said the suspension would run for a month, from Feb. 15 to March 15. Beijing signaled it was keeping a closer eye on the bitcoin industry in January by launching checks into BTCC, Huobi and OkCoin, amid growing government efforts to stem capital outflows and relieve pressure on China''s yuan currency. (Reporting by Brenda Goh; Editing by Clarence Fernandez) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-china-bitcoin-idUKKBN16F10V'|'2017-03-08T16:36:00.000+02:00'
'd0323b157f02b6a86ea4bfa21ce022ea633332eb'|'Snap perks up after initial rush of short sellers'|'Business News  25pm EST Snap perks up after initial rush of short sellers Traders gather at the post where Snap Inc. is traded on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 6, 2017. REUTERS/Brendan McDermid By Noel Randewich - SAN FRANCISCO SAN FRANCISCO Shares of Snap Inc rebounded on Wednesday following a steep selloff while an initial rush to short sell the stock appeared to be slowing. The owner of the Snapchat messaging app had fallen sharply in the previous two sessions as investors focused on its lofty valuation following a $3.4 billion public listing last week that was the hottest technology offering in three years. Shares of Snap, which has warned it may never be profitable, rose 3.6 percent to $22.21. Traders betting against Snap on Wednesday added less than $50 million in new short sales of its stock, a slower pace than the day before, when initial short bets jumped to $300 million, according to S3 Partners, a financial analytics firm. Short sellers borrow and then sell stocks they think will fall in value, hoping to profit by buying the stock back more cheaply later on and then returning it to its owner. Reflecting a higher supply of Snap''s shares and potentially less demand, the interest rates brokers charged to lend the shares declined to around 15 percent from as much as 40 percent on Tuesday, said S3 Partners Managing Director of Research Ihor Dusaniwsky. Snap has been a roller-coaster ride for traders, surging 59 percent in its first two days of trading, and falling 18 percent since then. Billionaire investor David Tepper, whose views on markets and stocks are closely watched by other money managers, told CNBC on Wednesday he bought shares of Snap in the IPO, sold some, and would buy again if the price dropped. (Reporting by Noel Randewich; Editing by Meredith Mazzilli) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-snap-stocks-idUSKBN16F29Y'|'2017-03-09T00:25:00.000+02:00'
'099afb6ce5278b4742101d9b606f2aba2af61667'|'CEE MARKETS-Leu leads fx lower on politics concerns, Poland holds rates'|'* Romanian political worries return, leu hits 5-week low * Hungary''s CPI rises to 4-year high, central bank says one-off * Forint touches 5-week high, zloty eases but relatively calm * Czech bonds draw good demand on crown cap exit speculation (Recasts with leu fall, Polish central bank decision, Hungarian central bank comments, Czech auction) By Sandor Peto and Radu-Sorin Marinas BUDAPEST/BUCHAREST, March 8 The leu led Central European currencies lower on Wednesday as Romanian political worries returned, after mass protests rocked the new leftist government earlier this year. Poland''s central bank kept interest rates on hold and its Hungarian peer played down higher-than-expected February inflation figures, in the latest signs that a pick-up in prices do not worry the region''s rate setters. The leu eased 0.2 percent to 4.5515 against the euro by 1334 GMT. The forint and the zloty shed 0.1 percent. The leu set a 5-week low, returning to levels seen amid huge anti-government protests after the ruling Social Democrats tried to decriminalise certain graft offences. The bill has been revoked, but on Monday Social Democrat Senator Serban Nicolae proposed extending a draft bill granting prison pardons to include corruption offences. It is unclear whether parliament will back the proposal after the ruling party leader said his group would not back such a move, but the news was enough to send the leu into a slide, one Bucharest-based dealer said. "There have been some offshore players, probably trimming their positions," the dealer added. With a possible Federal Reserve rate hike next week on the cards, loose monetary policy has been weighing on regional currencies. The forint touched a 5-week low, while the zloty stayed in the middle of its 5-week range. Hungary''s annual inflation rose to 2.9 percent, a four-year high. But the Hungarian central bank, the most dovish in the region, said the rise was one-off, caused by food and energy prices. Hungarian and Polish long-term government bond yields rose 3-4 basis points, with their 10-year papers trading at 3.48 and 3.725 percent, respectively. Much-lower-yielding Czech bonds drew robust demand at an auction amid speculation that the Czech central bank will soon remove its cap on the crown''s value at 27 against the euro. A 3-year zero-coupon bond liked by foreign investors betting for a crown firming, was sold at an average yield of -0.088 percent, compared with -0.056 percent a week ago. Speculation on the crown firming has boosted demand and forced the bank to boost foreign currency reserves by 25 percent in the first two months of 2017, defending its cap. Czech central bankers have warned that the crown had become heavily overbought and it may fall rather than firm after the cap exit which it projects to happen around mid-2017. But demand for the crown could rise again if Czech inflation figures due on Thursday follow Hungary''s pattern of rising, analysts said. CEE SNAPS AT 1434 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 27.02 27.03 +0.0 -0.05 10 35 5% % Hungary 310.4 310.1 -0.08 -0.52 forint 300 850 % % Polish 4.309 4.304 -0.13 2.19% zloty 5 1 % Romanian 4.551 4.543 -0.17 -0.36 leu 5 8 % % Croatian 7.419 7.409 -0.12 1.83% kuna 0 9 % Serbian 123.7 123.7 +0.0 -0.28 dinar 000 600 5% % Note: daily calculate previ close 1800 change d from ous at CET STOCK S Lates Previ Daily Chang t ous e close chang in e 2017 Prague 972.6 971.7 +0.1 +5.5 8 0 0% 4% Budapest 32374 32442 -0.21 +1.1 .58 .20 % 6% Warsaw 2207. 2200. +0.2 +13. 28 98 9% 31% Bucharest 7902. 7905. -0.04 +11. 30 57 % 53% Ljubljana 785.0 784.1 +0.1 +9.4 4 0 2% 0% Zagreb 2220. 2209. +0.5 +11. 99 86 0% 34% Belgrade <.BELEX15 739.1 740.5 -0.20 +3.0 > 3 8 % 3% Sofia 623.0 621.9 +0.1 +6.2 0 6 7% 4% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.6 0.016 +026 +1bp > bps s 5-year <CZ5YT=RR 0.045 0.047 +049 +2bp > bps s 10-year <CZ10YT=R 0.688 0.038 +033 +0bp R> bps s Poland 2-year <PL2YT=RR 2.164 -0.02 +303 -2bps > 2 bps 5-year <PL5YT=RR 3.083 0.026 +353 +0bp > bps s 10-year <PL10YT=R 3.731 0.033 +338 +0bp R> bps s FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep < 0.29 0.33 0.41 0 PRIBOR=> Hungary < 0.3 0.45 0.59 0.23 BUBOR=> Poland < 1.775 1.81 1.9 1.73 WIBOR=> Note: FRA are for Quote: s ask prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL5N1GL43W'|'2017-03-08T11:44:00.000+02:00'
'5d78119ceb11bbf776475bcfa1afffd91b16eee7'|'DPD and Parcelforce Worldwide to face MPs over working conditions - Business'|'Parcel delivery firms DPD and Parcelforce Worldwide have been called before a committee of MPs to answer questions about the working conditions faced by their self-employed couriers.Frank Field, the Labour MP who chairs the work and pensions select committee, has written to the bosses of both companies asking them to provide evidence as part of an ongoing inquiry into the gig economy, after the Guardian revealed drivers were charged up to £250 if they couldn’t provide cover when they were ill.We need to rethink workers’ rights in today’s gig economy - Matthew Taylor Read more Field set them a deadline of 20 March to provide details of their contracts with “owner-driver” couriers. Owner-drivers are not directly employed by the company and must fund their own vehicle, fuel, insurance and uniform in return for a payment per delivery.Both firms do not pay self-employed staff for days when they are off sick or take a holiday, while Parcelforce couriers can also be charged an additional £250, or £150 at DPD .The firms told the Guardian the charges were meant to cover the cost of finding a replacement driver when a courier called in sick but did not provide someone else to take on their deliveries. Earlier this week Field said the charges appeared to be part of a “bidding war, to see who can slap the biggest penalty on workers who are sick”. Field has now asked companies to explain the policy, including the legal basis of charging owner-drivers for taking the day off due to illness. He asked them to calculate how much couriers could expect to lose out on when sick, including lost earnings.Parcelforce Worldwide’s managing director, Gary Simpson, and DPD’s UK chief executive, Dwain McDonald, were also told to supply a copy of the contract governing self-employed couriers. They were asked to provide data on the number of times courier rounds are covered by a substitute driver and how often each company has to source a replacement because the owner-driver is unable to do so.Field asked then to detail the costs couriers are expected to meet themselves, such as uniform and fuel, as well as data on their average hourly rate and information about what efforts the companies go to to ensure owner-drivers are earning the “ national living wage ”.Further information requested includes the hours couriers work per week and how long they have worked for the company.Couriers have become a focal point of concerns about the precarious nature of employment in the gig economy , which is the subject of a review commissioned by Theresa May and led by former Tony Blair adviser Matthew Taylor.Earlier this week couriers who carry blood supplies and passports kicked off two new challenges to the gig economy . Five cyclists, motorcyclists and van drivers carrying emergency blood supplies to hospitals and samples to laboratories launched a claim against the Doctors Laboratory challenging their self-employed status, in the first gig-economy test-case to hit the healthcare sector.More than 20 van drivers working for DX, an Aim-listed courier firm which works for Amazon, the US embassy and dozens of other clients, began legal action questioning their employment status.Speaking on Tuesday at the first hearing into the future world of work by the Commons business, energy and industrial strategy committee, Hannah Reed, a senior policy officer at the Trades Union Congress , said: “There should be a floor of rights for all working people – a single worker definition.” Sue Tumblety, founder and managing director of the employment human resources consultancy HR Dept Ltd, said: “I would like the ‘worker’ category to go.”Couriers/delivery industry Gig economy Frank Field Work & careers Royal Mail Employment law news  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/mar/08/dpd-parcelforce-worldwide-mps-courier-working-conditions'|'2017-03-08T21:58:00.000+02:00'
'ca0c1a1314d0dd15f925ab0afa670609415e1c0c'|'Suez buys GE Water in 3.2 bln euro deal, considers capital increase'|'Company News - Wed Mar 8, 2017 - 11:47am EST Suez buys GE Water in 3.2 bln euro deal, considers capital increase PARIS, March 8 French waste and water group Suez said in a statement it and Canada''s Caisse de dépôt et placement du Québec (CDPQ) have agreed to buy GE Water from General Electric for an enterprise value of 3.2 billion euros ($3.37 billion). Suez and CDPQ will set up a 70/30 joint venture to buy 100 percent of GE Water in an all-cash transaction, after which Suez will contribute its existing industrial water activities to the new Industrial Water business unit. Suez said it had a fully underwritten bridge financing in place for the transaction, and is considering refinancing it through a capital increase of about 750 million euros. It said its main shareholders, Engie, CriteriaCaixa and Caltagirone Group have confirmed their intention to participate in the capital increase for their pro rata share. ($1 = 0.9483 euros) (Reporting by Geert De Clercq; Editing by Adrian Croft) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/suez-ge-idUSL5N1GL5FY'|'2017-03-08T23:47:00.000+02:00'
'0007438b00637af4292c4897ec72ffc26457500f'|'EXCLUSIVE: With India visit, Westinghouse CEO keeps nuclear project alive'|'Technology Photos - Wed Mar 8, 2017 - 7:09pm IST Exclusive: With India visit, Westinghouse CEO keeps nuclear project alive   FILE PHOTO - Visitors look at a nuclear power plant station model by American company Westinghouse at the World Nuclear Exhibition 2014, the trade fair event for the global nuclear energy sector, in Le Bourget, near Paris October 14, 2014. REUTERS/Benoit Tessier/File Photo By Douglas Busvine - NEW DELHI NEW DELHI A deal to build six Westinghouse nuclear reactors in India is still alive, but to be viable must be ring-fenced from a financial crisis at the U.S. reactor maker and its Japanese parent Toshiba Corp, people with direct knowledge of the matter told Reuters. Westinghouse would only provide reactors for the six AP1000 units to be built in the southern state of Andhra Pradesh. It would not carry out civil engineering work to build the entire project - an approach that led to cost overruns at its projects in the United States. Toshiba last month booked a $6.3 billion charge arising from those overruns, forcing it to put its core flash-memory chip business up for sale and pull out of building nuclear power plants abroad. Despite the financial crisis, Westinghouse CEO Jose Gutierrez flew in to India last week for talks with state-run National Power Corp of India Ltd (NPCIL) and the Department of Atomic Energy that reports to Prime Minister Narendra Modi, said two people who spoke on condition of anonymity. "We still have daily meetings and things are going to plan," said one, echoing comments to Reuters on Feb. 17 by India''s atomic energy secretary Sekhar Basu. Westinghouse and NPCIL did not respond to calls and emails requesting comment. U.S.-INDIA NUCLEAR COOPERATION Modi and former U.S. President Barack Obama made finalizing the multi-billion-dollar reactor deal by mid-2017 the centerpiece of their Washington summit last June. That deadline will probably slip but, in an industry inured to lengthy talks, some participants now suggest a final agreement would still be possible by the end of this year. Closing the deal would crown a U.S.-India civil nuclear accord championed by George W. Bush that had been slow to advance because of teething troubles over liability in the event of a nuclear accident. Now, existential doubts over the viability of nuclear power at a global level threaten Modi''s ambitious goal of tripling India''s nuclear capacity by 2024 to wean Asia''s third-largest economy off polluting fossil fuels like coal. Toshiba has asked a Japanese law firm to estimate the potential financial impact if Westinghouse files for Chapter 11 bankruptcy to protect itself from creditors and allow it to continue operating. Indian engineering group Larsen & Toubro, a potential partner that has signed a memorandum of understanding with Westinghouse to supply nuclear plant elements and do civil works, still views the India project as viable. "As long as the guarantees are in place, I see no reason why this won''t go ahead," Shailendra Roy, head of L&T''s power business, told Reuters, without elaborating on the nature of any such guarantees. "I don''t think the financial crisis at Westinghouse will affect the execution of the project," he added. "The project is on, it is viable and that is what the government has intimated to us." "SAFEST AND MOST ECONOMICAL" Westinghouse advertises its AP1000 pressurized water reactor, with a generation capacity of 1,110 megawatts, as "the safest and most economical nuclear power plant available". Yet it was the same reactor that was the source of its financial problems in the United States, and construction of a fleet of AP1000s in China has also faced delays. Critical to managing costs is ensuring that any overruns on the construction side of the project would be borne by contractors and not Westinghouse, as is the norm in India, one of the sources said. And, while technical negotiations have reached an advanced stage, more work is needed on the commercial side of the deal that would include financing from the Export-Import Bank of the United States. U.S. ExIm, though, has lacked a quorum on its board of directors, preventing it from issuing loans over $10 million, and the attitude of new President Donald Trump''s administration to the India reactor deal remains unclear. Those are grounds enough for scepticism, say some nuclear industry experts and sources in India. "I doubt that NPCIL will finalize a deal until there is clarity about Toshiba''s exit, and who the new project manager would be," said Rakesh Sood, a former disarmament negotiator and now a distinguished fellow at the Observer Research Foundation in New Delhi. For a Graphic on "Nuclear power plants in India", click: here (Additional reporting by Tommy Wilkes and Aditya Kalra; Editing by Ian Geoghegan) Next In Technology Photos'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-toshiba-accounting-india-idINKBN16F1LH'|'2017-03-08T20:31:00.000+02:00'
'87976e9addbde338facfd2aadf144e02c9e0d915'|'Iraq oil minister reports 85 percent compliance with OPEC supply cut'|'HOUSTON Iraq has achieved 85 percent compliance with an OPEC crude supply cut of 210,000 barrels per day (bpd), Iraqi Oil minister Jabar al-Luaibi said Tuesday on the sidelines of CERAWeek conference in Houston.Iraq''s baseline for the cut was 4.56 million bpd of crude. OPEC''s compliance with the agreement rose to 94 percent at the end of February versus 82 percent in January, according to a Reuters survey."Our production is increasing, but our exports are at the level of the OPEC agreement," the minister said. He did not elaborate.(Reporting by Ruthy Munoz and Erwin Seba)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/ceraweek-iraq-idINKBN16F001'|'2017-03-07T21:01:00.000+02:00'
'884d3fa34e9c98e69c9bed607bbcd890cb1f8d0a'|'EMERGING MARKETS-Emerging stocks rise as China GDP, potential Fed move digested'|'Company  00am EST EMERGING MARKETS-Emerging stocks rise as China GDP, potential Fed move digested By Karin Strohecker - LONDON, March 6 LONDON, March 6 Emerging stocks rose half a percent on Monday, rebounding after two lossmaking sessions as investors absorbed the likelihood of slower China growth and a March interest rate rise in the United States. Bourses in Asia and Russia chalked up solid gains while Turkey''s stock index roared 1.4 percent higher to a two-year high, led by shares of exporters that benefit from currency weakness. Mainland China stocks closed 0.5 percent up thanks to a jump in tech shares after Premier Li Keqiang identified innovation as key to overhauling the economy at the opening of the annual meeting of the country''s parliament. However, officials also cut the economic growth target for the world''s number two economy to around 6.5 percent for 2017 from a range of 6.5-7 percent in 2016. A steady dollar not far off seven-week highs weighed on currencies as investors also prepared for a possible U.S. Federal Reserve interest rate rise later in March making it more costly for developing governments and companies to borrow. "There was a bit of an upside for U.S. yields last week, but maybe the rate hike has been front-loaded," said Sebastian Barbe, emerging markets strategist at Credit Agricole. "Most of the Fed officials are still pointing to the fact that the rate hike process will be very much a step by step process – so it is not the end of the world for emerging markets, and it is mostly priced in." Markets are pricing in about a 90 percent chance the Fed will raise interest rates by 0.25 percentage point at its meeting on March 14-15, with another rate hike fully priced in by September. Oil exporter Russia saw the rouble shrug off the crude price fall to strengthen 0.4 percent while copper producer South Africa saw the rand match those gains. But Turkey''s lira weakened 0.3 percent amid mounting disagreement between Ankara and Berlin over Turkey''s effort to campaign among its German diaspora to back a vote to enhance President Tayyip Erdogan''s powers. "There are rising tensions with Germany, and that is adding to some uncertainty that has grown over the last two months, which means foreign investors have become more reluctant to buy Turkish assets," Barbe added. Ukraine''s eurobonds gained across most of the curve following five days of falls for most issues after the International Monetary Fund said it had an agreement with Kiev on an updated memorandum under a $17.5 billion programme. That paves the way for the fund to consider disbursing the fourth loan tranche later in March. Shares in Aberdeen Asset Management, an emerging market focused money manager, rose 4.5 percent after news that Standard Life had agreed an 11 billion-pound merger. Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chg on year Morgan Stanley Emrg Mkt Indx 935.83 +4.76 +0.51 +8.53 Czech Rep 976.07 +1.84 +0.19 +5.91 Poland 2232.55 -0.43 -0.02 +14.61 Hungary 33036.39 -157.42 -0.47 +3.23 Romania 7916.59 -62.38 -0.78 +11.74 Greece 647.01 -2.72 -0.42 +0.52 Russia 1119.38 +11.12 +1.00 -2.86 South Africa 44532.13 -104.17 -0.23 +1.44 Turkey 91018.02 +1295.97 +1.44 +16.48 China 3234.40 +16.09 +0.50 +4.21 India 29048.19 +215.74 +0.75 +9.10 Currencies Latest Prev Local Local close currency currency'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-idUSL5N1GJ281'|'2017-03-06T18:00:00.000+02:00'
'bfde867d9589b176b89e1ff62e9b7abe1d773a97'|'PRESS DIGEST- British Business - March 6'|'Company News  34pm EST PRESS DIGEST- British Business - March 6 March 6 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Times Germany''s largest lender Deutsche Bank AG has announced plans to raise 8 billion euros ($8.48 billion) through a share sale and selling part of its asset management business. bit.ly/2mcf4Nm Tim Steer, a former top City fund manager with a reputation for unearthing accounting problems at listed companies, has criticised the Financial Reporting Council for failing to intervene in the bookkeeping practices at Mitie Group Plc . bit.ly/2mc9vOQ The Guardian Hundreds of jobs could be cut if an 11 billion pounds ($13.52 billion) merger of two of Scotland''s biggest companies – Standard Life Plc and Aberdeen Asset Management Plc – goes ahead. bit.ly/2mciHTl The owner of John Lewis and Waitrose is poised to cut the annual bonus it pays staff to the lowest level since the 1950s due to the pressure on retailers. The John Lewis Partnership, which is owned by its staff, is expected to announce a bonus of between 6 and 7 percent of workers'' annual salary. bit.ly/2mciqQo The Telegraph Philip Green''s Arcadia Group is to double its top-up payments to its pension scheme, in another step in the billionaire businessman''s bid to regain credibility. bit.ly/2mcia49 ITV Plc has scored a court victory over services that retransmit its broadcasts without permission, setting the scene for a battle this summer with its biggest shareholder, Liberty Global Plc, the owner of Virgin Media. bit.ly/2mcjHa3 Sky News U.S.-based law firm Scott +Scott will announce on Monday that it is to pursue a claim in Europe against Deutsche Bank over its so-called ''last look'' trades. bit.ly/2mchqfe The Independent The travel plans of tens of thousands of airline passengers at the start of the working week have been wrecked as industrial action intensifies across Europe with strikes by French air-traffic controllers, Air France KLM SA staff and British Airways cabin crew. ind.pn/2mc58DI ($1 = 0.9429 euros) ($1 = 0.8137 pounds) (Compiled by Ismail Shakil in Bengaluru; Editing by Peter Cooney) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-business-idUSL3N1GJ058'|'2017-03-06T07:34:00.000+02:00'
'04cfade8da6c22803554d6158297c9456dcba4e7'|'Japan''s SoftBank to put $8 billion ARM stake into its Vision Fund - FT'|'Business News - Wed Mar 8, 2017 - 7:38am GMT Japan''s SoftBank to put $8 billion ARM stake into its Vision Fund - FT People walk behind the logo of SoftBank Corp in Tokyo December 18, 2014. REUTERS/Toru Hanai/File Photo LONDON Japan''s SoftBank is to place a roughly $8 billion stake in ARM, the British chip designer it bought last year, into an investment fund it has created with Saudi Arabia, the Financial Times reported on Wednesday. SoftBank, run by founder Masayoshi Son, bought ARM, Britain''s most valuable technology company, for $32 billion last year. The FT cited two people close to the situation as saying SoftBank would place 25 percent of ARM into the fund. It said the fund was also seeking to secure the backing of Mubadala, the Abu Dhabi state-backed investment group, which wanted the fund to own a portion of ARM. The FT said the British government, which backed the initial takeover, had been notified of the transaction and did not raise any concerns. (Reporting by Kate Holton; editing by Guy Faulconbridge) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-softbank-arm-visionfund-idUKKBN16F0QE'|'2017-03-08T14:38:00.000+02:00'
'aad6a23d1daeb4e6537224304dbeadac3663a0f6'|'EMERGING MARKETS-Lira falls 1 pct as emerging markets feel pre-Fed heat'|'Company News - Wed Mar 8, 2017 - 5:26am EST EMERGING MARKETS-Lira falls 1 pct as emerging markets feel pre-Fed heat By Sujata Rao - LONDON, March 8 LONDON, March 8 A rise in U.S. Treasury yields weighed on emerging assets on Wednesday, with the Turkish lira shrugging off central bank pledges for more monetary tightening to slump one percent against the dollar. Investors in most markets have retreated to the sidelines before Friday''s U.S. jobs data which may offer clues as to the pace of monetary tightening by the Federal Reserve, though a rate rise next week has been more or less priced in. However 10-year Treasury yields inched to six-week highs. Emerging equities seesawed around flat, though Hong Kong-listed Chinese stocks rose 0.3 percent. Chinese local markets shrugged off data showing the country''s first trade deficit in two years. Turkey is one of the markets that will likely be worst hit in event of a more hawkish Fed, given its current account deficit and low domestic policy credibility. South Africa too could suffer, especially after data showing a surprise growth contraction towards end-2016, highlighted its sluggish economy. The lira has slipped almost 5 percent in the past 10 days as the likelihood rose of a Fed move this month and did not receive any support from governor Murat Cetinkaya who signalled more monetary tightening was on the way if needed. Simon Quijano-Evans, EM strategist at Legal & General said that while an upswing in U.S. yields was negative for the emerging markets asset class, "you are bound to get bigger moves on higher-beta EM stories such as Turkey and South Africa." While Cetinkaya has lifted the central bank funding rate to a near five-year high over 10.6 percent, he failed to mention plans to shift to more orthodox monetary policy. Quijano-Evans noted, however, the central bank had managed to tighten policy in recent weeks without verbal interference from the government and that has helped calm lira markets. "That should show (Turkey''s) leadership an independent central bank is the most important policy tool they can have," he added. The South African rand fell 0.5 percent to the dollar , deepening its losses as data showed business confidence fell in February. The Polish zloty slipped 0.2 percent before a central bank meeting that will likely hold rates unchanged. The Czech crown eased in forward markets, extending falls from Tuesday when data showed authorities had bought a record 14.4 billion euros in January, tripling its reserves since 2013. The exchange rate implied in six-month forwards contracts eased to a one-month low at 26.865 per euro. SEB predicted more speculative pressure on the crown, with this week''s inflation data likely surprising to the upside. The Czech National Bank has pledged not to end its policy of capping the currency''s strength before the second quarter. "We expect the central bank to remove the floor after the French election to avoid potential volatility...Euro/crown will stabilize around 25.5 (after cap exit)," they said. In bond news, emerging borrowers raced to raise money before the Fed move, with Kuwait on a roadshow for its long-awaited issue and Russian sub-sovereign Gazprom hoping to follow peers such as Evraz and Polyus to tap markets. For GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5 For CENTRAL EUROPE market report, see For TURKISH market report, see For RUSSIAN market report, see) Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chg on year Morgan Stanley Emrg Mkt Indx 936.18 -0.32 -0.03 +8.57 Czech Rep 973.54 +1.84 +0.19 +5.63 Poland 2213.97 +12.99 +0.59 +13.66 Hungary 32621.27 +179.07 +0.55 +1.93 Romania 7914.03 +8.46 +0.11 +11.70 Greece 652.27 +9.11 +1.42 +1.34 Russia 1097.44 -13.02 -1.17 -4.76 South Africa 44333.80 -6.53 -0.01 +0.98 Turkey 90130.06 -683.55 -0.75 +15.35 China 3241.18 -1.22 -0.04 +4.43 India 28914.39 -85.17 -0.29 +8.59 Currencies Latest Prev Local Local close currency currency'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-idUSL5N1GL2A9'|'2017-03-08T17:26:00.000+02:00'
'5e34af54eb28a94a1befaf670c807485fc445340'|'Deals of the day-Mergers and acquisitions'|'March 8 The following bids, mergers, acquisitions and disposals were reported by 1130 GMT on Wednesday:** Italian utility Enel denied a press report regarding the possible sale to investment funds of its controlling stake in Spanish unit Endesa.** A partnership of U.S. agribusiness giant Archer Daniels Midland Co and Saudi foods group Almarai is among potential bidders for Saudi Grains Organization''s milling operations, the kingdom''s sole supplier, sources aware of the matter said.** The sale of German cocoa grinder Euromar Commodities GmbH, which declared insolvency in December, is expected soon, sources with knowledge of the situation said.** French bank Credit Agricole has picked JPMorgan to help in a potential sale of its 31 percent stake in Banque Saudi Fransi, valued at nearly $2.4 billion, sources familiar with the deal said.** German carmaker Volkswagen is not open to merger talks with Italian rival Fiat Chrysler, Chief Executive Matthias Mueller said, rebuffing an overture from FCA CEO Sergio Marchionne.** Japan''s SoftBank is to place a roughly $8 billion stake in ARM, the British chip designer it bought last year, into an investment fund it has created with Saudi Arabia, the Financial Times reported. (Compiled by Akankshita Mukhopadhyay in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL3N1GL3EC'|'2017-03-08T08:29:00.000+02:00'
'cc449a8145271237b32568c8bf80fac9ce0371bd'|'BRIEF-ReneSola provides outlook for project business'|' 43am EST BRIEF-ReneSola provides outlook for project business March 8 ReneSola Ltd - * Currently has approximately 335 mw of projects that are under construction and plans to construct over 550 mw in 2017. * In U.K., company intends to construct approximately 14 mw of projects this year * During construction phase, projects will be financed by construction loans * In U.S., company plans to construct 108 mw of projects in 2017, of which 70 mw are community solar projects * ReneSola Ltd - "Now anticipate fewer external module shipments in q1 of 2017 as we had redirected more module sales to our own downstream projects" * During construction phase, projects will also be funded by payment installments from buyers * Expect project sales to pick up in q2 * Continue to gain traction in domestic Chinese distributed generation market * In Canada, company plans to construct about 9 mw of small-scale utility projects under feed-in tariff 3.0 in current calendar year Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-renesola-provides-outlook-for-proj-idUSFWN1GL089'|'2017-03-08T18:43:00.000+02:00'
'81d9b19407a6dcbcd406f31d883185f9dc320f4a'|'Airbus sees about 30 pct fewer orders for jet industry in 2017'|'Business News - Mon Mar 6, 2017 - 6:52pm GMT Airbus sees about 30 pct fewer orders for jet industry in 2017 The logo of Airbus group is pictured in Colomiers near Toulouse, France, January 11, 2017. REUTERS/Regis Duvignau SAN DIEGO Airbus ( AIR.PA ) expects the jetliner industry to book almost 30 percent fewer net orders in 2017, but to maintain a slow increase in deliveries, its sales chief said on Monday. John Leahy, chief operating officer for customers at the world''s second-largest jet producer behind Boeing ( BA.N ), said he expected the industry would book over 1,000 net orders in 2017 compared with around 1,400 in 2016. He did not say how this would translate into orders for Airbus, which has not issued a forecast for new commercial business this year. Leahy also said that Airbus would not embark on significant new airplane developments in coming years. "We are not planning any great new developments in the next few years ... We will be doing incremental improvements," Leahy told the Istat Americas air finance conference. (Reporting by Tim Hepher; editing by Susan Thomas) Next In Business News Exclusive - Hard Brexit would trigger ''leaching'' of banks from UK - draft report LONDON A draft report on the impact of Brexit on Britain''s financial industry warns banks and staff would "leach" away, undermining the wider UK economy, if they do not have access to European Union markets, according to sources who have read the report.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-aircraft-finance-airbus-idUKKBN16D2BH'|'2017-03-07T01:52:00.000+02:00'
'1f2805f49d0c9e6e0e4ff5a354dd371d1b28bf8a'|'Opel labour bosses say approval of sale depends on plans for future'|'Money News - Mon Mar 6, 2017 - 2:38pm IST Opel labour bosses say approval of sale depends on plans for future FULL COVERAGE: INDIA ELECTIONS 2017 An Opel logo is seen on the steering wheel of a car in Bordeaux, France, February 20, 2017. REUTERS/Regis Duvignau/Files FRANKFURT Opel''s European works council and labour union IG Metall will make their approval of a deal by General Motors to sell the carmaker to France''s PSA Group dependent on details of their plans for Opel''s future, they said in joint statement on Monday. "IG Metall Mitte, Group Works Council and Works Council Bochum... strongly demand that the parties signing the contract now step into an organised negotiation process with all involved parties in order to protect the Opel/Vauxhall brands, the company and to prevent any further damage, thus steering Opel into a successful future," the works council and IG Metall said. "A key ingredient to this can be the rapid utilization of economies of scale to increase the profitability of vehicles through the mutual utilization of platforms," they added. PSA Group earlier said it had agreed to buy Opel from General Motors in a deal valuing the business at 2.2 billion euros ($2.3 billion), creating a new regional car giant to challenge market leader Volkswagen. ($1 = 0.9412 euros) (Reporting by Maria Sheahan; Editing by Michael Nienaber) Next In Money News India seen importing 2-3 million tonnes of wheat in 2017/18 - Adani''s Chaturvedi KUALA LUMPUR India is likely to import about 2-3 million tonnes of wheat in the crop year starting in July, even as the country is set for a bumper domestic harvest, the head of conglomerate Adani Enterprises'' agribusiness division said on Monday.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/opel-m-a-psa-sale-idINKBN16D0UO'|'2017-03-06T16:08:00.000+02:00'
'c38b450d8b63da8f633e1b209bcbd762a9d333c8'|'UPDATE 1-S.Korea bans U.S. poultry imports over bird flu scare'|'  10:05pm EST UPDATE 1-S.Korea bans U.S. poultry imports over bird flu scare (Adds more details, background) SEOUL, March 6 South Korea will ban imports of U.S. poultry after a strain of H7 bird flu virus was confirmed at a U.S. chicken farm, the agriculture ministry said on Monday, cutting shipments from its main supplier during a current egg shortage. A case of the highly pathogenic H7 avian influenza was found on Sunday in a chicken breeder flock on a Tennessee farm contracted to U.S. food giant Tyson Foods Inc. The import ban will take effect from March 6, the agriculture ministry said in a statement. Live poultry and eggs are subject to the ban, while heat-treated chicken meat and egg products can still be imported, the statement noted. South Korea, Asia''s fourth-largest economy, has been importing eggs from the United States as its worst-ever bird flu outbreak has tightened the country''s egg supplies. So far this year South Korea has shipped in nearly 1,049 tonnes of U.S. eggs, according to ministry data, accounting for more than 98 percent of its total egg imports as of March 3. South Korea resumed U.S. poultry imports in June last year after imposing a ban in early 2016 when bird flu cases were detected in the United States. The resumption of the U.S. import ban means South Korea can import chicken meat from Brazil, Chile, Australia, Canada, the Philippines and Thailand. Live poultry imports are limited to farm birds from New Zealand, Australia and Canada. (Reporting By Jane Chung; Editing by Richard Pullin) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/health-birdflu-southkorea-idUSL3N1GJ1F5'|'2017-03-06T10:05:00.000+02:00'
'34b24426612e71b55bbbb62539f039454da8b9c6'|'Exclusive - Embraer sees new E195 first flight sooner than expected'|'Business News - Tue Mar 7, 2017 - 8:00pm GMT Exclusive - Embraer sees new E195 first flight sooner than expected left right The the E195-E2 commercial jet''s first prototype is pictured in Sao Jose dos Campos, Brazil, March 7, 2017. REUTERS/Roosevelt Cassio 1/5 left right Embraer''s commercial aviation chief John Slattery attends the launch of the E195-E2 commercial jet''s first prototype in Sao Jose dos Campos, Brazil, March 7, 2017. REUTERS/Roosevelt Cassio 2/5 left right The the E195-E2 commercial jet''s first prototype is pictured in Sao Jose dos Campos, Brazil, March 7, 2017. REUTERS/Roosevelt Cassio 3/5 left right Embraer''s commercial aviation chief John Slattery poses for picture during the launch of the E195-E2 commercial jet''s first prototype in Sao Jose dos Campos, Brazil, March 7, 2017. REUTERS/Roosevelt Cassio 4/5 left right Embraer''s employees attend the launch of the E195-E2 commercial jet''s first prototype in Sao Jose dos Campos, Brazil, March 7, 2017. REUTERS/Roosevelt Cassio 5/5 By Brad Haynes - SAO PAULO SAO PAULO Embraer SA ( EMBR3.SA ) is on track to fly its next-generation E195-E2 commercial jet by June after an earlier-than-expected rollout of its first prototype on Tuesday, a senior executive at the Brazilian planemaker said. Embraer''s original timeline for the aircraft had projected a rollout in the first half of 2017 and first flight in the second half of the year, John Slattery, the company''s commercial aviation chief, said in an interview with Reuters. "Given our current trajectory ... I would be surprised if it took until the second half of this year to fly the prototype," he said before the rollout with thousands of employees in Brazil. "I do expect we''ll fly ahead of schedule." In a statement after the rollout, Embraer said the first flight of the new E195 was "scheduled for the coming months." Embraer shares rose 1 percent in Sao Paulo, while the benchmark Bovespa index .BVSP slipped 0.5 percent. The swift development of Embraer''s re-engined regional jet line-up, which Slattery said was on budget and in-line with performance specifications, has bolstered hopes for new sales in the company''s biggest division. Slattery said improved capacity, range, maintenance costs and fuel efficiency for the new E195 had drawn interest both from current European operators and from low-cost carriers around the world, especially in Southeast Asia. That could boost the firm order backlog for the new jet, which is currently composed of two leasing companies and two airlines: Brazil''s Azul Linhas Aereas Brasileiras SA and Indian low-cost carrier Air Costa Aviation Pvt Ltd ( ACOA.BO ). Air Costa suspended flights last week and has stopped taking bookings after failing to make aircraft lease payments, according to business news publication Mint. The airline''s press officers did not immediately respond to a request for comment. Slattery said he was following Air Costa''s situation closely and its orders remain in Embraer''s backlog, adding that the airline was scheduled to receive a number of jets "in the low single digits on an annual basis." "No single operator in the backlog would affect our production schedule," Slattery said, declining to comment further on implications of Air Costa''s financial health. In Brazil, where airlines have cut back flights in a deep recession, Slattery said he was "starting to see green shoots." In Europe, where operators of Embraer''s E-Jets include Air France KLM SA ( AIRF.PA ), Lufthansa ( LHAG.DE ) and LOT Polish, Slattery said he expected "a lot" of sales activity in the second half of 2017 as airlines look to upgrade their fleets. (Reporting by Brad Haynes; Editing by Bernard Orr and Leslie Adler) Next In Business News Global stocks slip, U.S. dollar firm on Fed outlook NEW YORK A measure of major stock markets around the globe slipped on Tuesday, with the Dow and S&P 500 on pace for their first back-to-back losses in more than a month, while expectations the Federal Reserve will raise interest rates supported the U.S. dollar.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-embraer-rollout-idUKKBN16E2MU'|'2017-03-08T03:00:00.000+02:00'
'c3f116176c53abb04eb4c9a32613d558156d8a20'|'Direct Line full-year operating profit hit by discount rate change'|' 44am GMT Direct Line full-year operating profit hit by discount rate change By Carolyn Cohn - LONDON LONDON British insurer Direct Line ( DLGD.L ) reported a 22 percent fall in full-year operating profit on Tuesday, after the government changed the way personal injury claims are calculated, pushing up lump sum payments. Direct Line, whose brands include Churchill, Green Flag and Privilege, said operating profit from continuing operations was 403.5 million pounds ($493.60 million) for the year ended Dec. 31, compared with 520.7 million pounds a year earlier. Several insurers have seen profits dented after Britain''s justice ministry last week cut the discount rate used in the calculations of lump sum payments to minus 0.75 percent from 2.5 percent. Direct Line''s operating profit would have been 578.6 million pounds without the discount rate change, the insurer said in a trading statement. RBC analysts said the results were better than expected when taking account of the discount rate change, reiterating their ''outperform'' rating on the stock and raising their target price to 410 pence from 400 pence. Direct Line Chief Executive Paul Geddes said the insurer was well-positioned "in a market disrupted by the reduction in the discount rate". Gross written premiums for ongoing operations rose 3.9 percent to 3.27 billion pounds in the period, Direct Line said. The FTSE 100 company achieved a full-year combined operating ratio from continuing operations of 97.7 percent, also hit by the discount rate change. A level below 100 percent indicates an underwriting profit. Direct Line has a 93-95 percent target range for the rate and said it maintained that target for 2017. The insurer said it would pay a final dividend of 9.7 pence per share, for a total dividend, including a special dividend, of 24.6 pence per share, down 50 percent from a year earlier. (Reporting by Carolyn Cohn and Noor Zainab Hussain; editing by Simon Jessop) Next In Business News  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-direct-line-results-idUKKBN16E0Q4'|'2017-03-07T14:44:00.000+02:00'
'f55f203f4fdb309f227987ca5419ab72974b6fd0'|'China''s ZTE to pay over $800 million to settle with U.S. over Iran sales: source'|'Technology News  49am EST China''s ZTE to pay over $800 million to settle with U.S. over Iran sales: source FILE PHOTO - The company logo of ZTE is seen through a wooden fence on a glass door during the company''s 15th anniversary celebration in Beijing April 18, 2013. REUTERS/Barry Huang/File Photo By Karen Freifeld - NEW YORK NEW YORK China telecom equipment maker ZTE Corp has agreed to pay more than $800 million to settle with U.S. authorities over allegations it violated U.S. laws restricting the sale of American-made technology to Iran, according to a person familiar with the matter. The U.S. Department of Commerce is expected to announce the agreement on Tuesday, the person said. The person did not want to be identified because the settlement is not yet public. (Reporting By Karen Freifeld; Editing by Chizu Nomiyama) Next In Technology News LinkedIn not willing to comply with Russian data law: watchdog MOSCOW Russia''s communications watchdog said on Tuesday it had received a letter from LinkedIn Corp., a social networking website it had blocked, in which the company said it was not willing to take steps to comply with a Russian data storage law.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-china-zte-idUSKBN16E1X1'|'2017-03-07T21:49:00.000+02:00'
'4eb2694d6453152091d377078040bc3d2aee05de'|'CERAWEEK-Statoil sees U.S. shale profitable within two years at $50 oil'|'Commodities  46pm EST Statoil sees U.S. shale profitable within two years at $50 oil FILE PHOTO - Pump jacks drill for oil in the Monterey Shale, California, U.S. on April 29, 2013. REUTERS/Lucy Nicholson/File Photo By Ernest Scheyder - HOUSTON HOUSTON Norwegian oil producer Statoil ASA expects its U.S. shale operations to be profitable within two years at crude prices of $50 per barrel, an improvement helped by simplifying operations, technological improvements and cost cuts. Torgrim Reitan, Statoil''s head of United States operations, said in an interview that the company''s push for the lower break-even price is largely due to internal improvements that should stick regardless of any price hikes from service providers. "Our business clearly makes sense in a $50 (per barrel) environment," Reitan said Monday on the sidelines of the CERAWeek conference, the world''s largest gathering of energy executives. "It is remarkable to see how the whole industry has responded positively to the new price reality." Statoil, which produces shale oil and natural gas in North Dakota''s Bakken, the Eagle Ford of Texas and the Marcellus of Pennsylvania, moved its U.S. operational staff to Austin, Texas, last year, a step Reitan said has helped push down costs. The company''s U.S. shale oil break-even price stood at $66 per barrel at the end of 2016, a 35 percent improvement from the prior year. That should drop to $50 by 2018, he said. "That is clearly coming from us taking away complexity from development," he said, adding Statoil''s process to approve new projects has become far more stringent since oil prices started to plunge two years ago. The moves come as Statoil sees U.S. shale as one of three regions vital to its long-term growth potential, alongside Norway and Brazilian offshore. U.S. shale "clearly makes sense in the current environment," Reitan said. "It has a lot to offer moving forward." Statoil expects service costs in the United States to rise 20 percent "within a few years," Reitan said, though he said he didn''t expect any increases to hinder its 2018 break-even goal. The company has spoken little on OPEC policy and doesn''t forecast what the cartel could do at its next meeting in May, Reitan said. "We need to be prepared for volatility, no matter what," he said. Reitan declined to comment on whether Statoil was interested in acquiring acreage in the Permian, the one bright spot in the U.S. shale industry today due in part to its relatively low cost of operations. In the Bakken, one of the company''s largest areas of operations, Statoil plans to add a drilling rig this year and "slowly grow" output through the end of the decade, Reitan said. Statoil supported the development of the controversial Dakota Access Pipeline, seeing pipe as the safest way to transport crude, even though the company did not contract for transport on the line, Reitan said. (Editing by Chizu Nomiyama) India looks for ''right prices'' to boost LNG, crude imports from U.S. HOUSTON India might increase imports of liquefied natural gas (LNG) from the United States at the right price, the oil minister said on Monday, even though some buyers in the South Asian country are trying to get rid of costly U.S. supplies.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ceraweek-statoil-idUSKBN16D2ED'|'2017-03-07T02:37:00.000+02:00'
'd1d8c3d5b75b94e7b4b91d24762cb6833898e0e2'|'CERAWEEK-India looks for ''right prices'' to boost LNG, crude imports from U.S.'|'Commodities  40pm EST India looks for ''right prices'' to boost LNG, crude imports from U.S. FILE PHOTO: A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. REUTERS/Richard Carson By Marianna Parraga - HOUSTON HOUSTON India might increase imports of liquefied natural gas (LNG) from the United States at the right price, the oil minister said on Monday, even though some buyers in the South Asian country are trying to get rid of costly U.S. supplies. India''s state-run company GAIL Ltd signed a swap deal with trader Gunvor to sell some of its U.S. LNG as the firm tries to cut costs for price-sensitive customers after a sharp fall in Asian spot prices made its U.S. gas unattractive, according to sources. GAIL has contracted for most of the capacity from one of Sabine Pass'' liquefaction trains in the U.S. Gulf Coast, with deliveries expected to start in late 2017. But Indian Oil Minister Dharmendra Pradhan said supplies of LNG and even crude from the U.S. might increasingly flow to India at the right prices. "At the kind of reasonable price we are finding in America, we might have some more investment in America," he said during a press conference at CERAWeek in Houston. GAIL in 2011 signed a 20-year sales agreement with Sabine Pass Liquefaction LLC, a unit of Cheniere Energy Inc, for the supply of 3.5 million tonnes per year. Under the recent agreement between GAIL and Gunvor, the trading firm will supply 15 cargoes or about 800,000 tonnes of LNG for India''s west coast from April through December, while GAIL will sell about 600,000 tonnes in 2018 from Sabine Pass at a premium to its pricing formula. Pradhan said India''s current booking capacity for LNG is around 6 million tonnes per year. Its current crude imports are around 4.5 million barrels per day (bpd). (Reporting by Marianna Parraga; Editing by Lisa Shumaker) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ceraweek-india-imports-idUSKBN16D2DU'|'2017-03-07T02:28:00.000+02:00'
'edded834ac5ce1a1f35c1b109fccfba0620724d5'|'Sick Parcelforce couriers can be charged up to £250 if they can''t find cover - Business'|'Parcelforce couriers who deliver packages for Marks & Spencer, John Lewis and Hamleys can be charged up to £250 a day if they are off sick and cannot find someone to cover their shift.Details of the policy applied by the Royal Mail-owned business emergeddays after rival courier company DPD was criticised for charging some drivers who take time off for illness. And it will fuel concerns about precarious working conditions in the “gig economy” , amid a series of disputes about the employment status of people who work for firms such as Uber and Deliveroo .About a quarter of Parcelforce’s 3,000 couriers are self-employed owner-drivers, meaning they are paid per delivery and must fund their own vehicle, fuel, insurance and uniform. It has emerged that some owner-drivers who take a day off due to illness, but cannot find cover, are being told they must pay Parcelforce £250 per day missed.Memo to bosses: expect zero loyalty from your zero-hours workers - Barbara Ellen Read more The sum is meant to cover the cost of finding a replacement courier. Parcelforce’s self-employed couriers typically earn about £200 for a shift of 12 hours or more, meaning the added penalty can see them lose out on £450 a day if they are ill.One courier, who asked not to be named for fear of being blacklisted, said drivers were being unfairly punished for illness, while many felt unable to take any holidays.“We all hate it,” he said. “My colleague handed in his notice after being told he was being fined £750 for being off sick for three days.”He added: “If we’re off sick, we don’t get any payment at all but we still have the same costs, apart from fuel.“We have to pay for the van and insurance and there is also the threat hanging over us that if we don’t cover our contracted area, they say we have to cover their costs in bringing in agency drivers to cover the work that we don’t do. We then get charged £250 a day.”The courier said the decision on whether to charge sick drivers was “entirely at management discretion”, meaning some drivers are penalised while others are not.He added: “The manager suggested to me that maybe five or six of us should get together and employ someone off our own back to cover our runs if we’re off sick.”The courier said he typically earns about £600 a week before tax, once the cost of fuel and insurance is taken into account. Parcelforce organises the rota patterns for its self-employed drivers and also requires that they undergo three days’ unpaid training. Parcelforce parent Royal Mail, which was floated on the London Stock Exchange in 2013 and is no longer government-owned, made a profit of £742m last year. In a statement, Parcelforce said: “At Parcelforce, around 75% of drivers are employees with the remaining 25% owner-drivers, who are contracted on a self-employment basis. Self-employed owner drivers working with Parcelforce can expect average earnings from £45,000 to £70,000 per annum.”“As self-employed subcontractors, they are contracted to ensure the services are provided but not to provide them personally. Many owner-drivers do not actually do the route themselves, but employ someone to do it for them. Self-employed owner-drivers agree to cover the cost of fulfilling their routes if they are unable to do it themselves and are unable to provide cover. Parcelforce ensures that collections and deliveries are carried out and that customer service levels are met.”Frank Field MP, who chairs the House of Commons work and pensions committee, said: “It almost looks as though some companies are now engaged in a bidding war, to see who can slap the biggest penalty on workers who are sick. “Again it goes to show how badly we need a national minimum level of decency to be enforced in the gig economy, alongside a national living wage, so that workers aren’t ripped off by the companies they work with.”The details of Parcelforce’s contract with self-employed workers comes amid political pressure over the status of gig economy workers, with employment lawyers due to give evidence before MPs on the Commons business, energy and industrial strategy select committee on Tuesday.A series of high-profile cases has prompted Theresa May to launch an independent review of employment status in the UK. The chair of the review, former Tony Blair adviser Matthew Taylor, warned last month that precarious employment terms were becoming an increasing cause for concern .“The fact that too many workers feel that they have no control and no voice contributes to the quantum of misery and anger in British society,” he said.Last week the ride-hailing app Uber was granted the right to appeal against an employment tribunal ruling that its drivers were not self-employed, but were workers. If upheld, it will mean Uber must pay the minimum wage, sick pay and holiday pay.Courier companies have come under particular scrutiny, with Hermes and DPD both in the spotlight over the terms of their contracts.Delivery company DPD charges self-employed drivers £150 if they can’t work due to illness, the Guardian revealed last week . Hermes has also fielded a legal challenge from workers who dispute its classification of them as self-employed. And drivers for takeaway delivery company Deliveroo have fought back against contract terms that prevented them from seeking staff member status through the courts.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/mar/06/sick-parcelforce-couriers-royal-mail-mands-john-lewis-hamleys-dpd'|'2017-03-06T02:00:00.000+02:00'
'490263e096dc5939d6f8f7455a196f72ebcbeb94'|'CSX reaches deal with activist investor over new CEO, board seats -WSJ'|'March 6 CSX Corp has struck a deal with activist investor Mantle Ridge LP to install railroad executive Hunter Harrison as the company''s chief executive and to nominate for five seats on its board, the Wall Street Journal reported on Monday.CSX and Mantle Ridge have been discussing a deal to make Harrison the CEO, though the two sides have been hashing out terms of the agreement, Reuters reported on Friday.The Wall Street Journal said on Monday that CSX has inked a deal to have Harrison serve as CEO for four years, and for Mantle Ridge to be able to nominate its founder, Paul Hilal, Harrison and three others as board directors, one seat less than the investor originally sought.(Editing by Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/csx-shareholders-idINL3N1GJ4PF'|'2017-03-06T17:05:00.000+02:00'
'cf94b4c9703412ee8a62ca281b529570392b375b'|'Danaher Corp to buy Israel''s AVT for $100 million'|'TEL AVIV Israel-based Advanced Vision Technology Ltd ( AVTE.DE ), which develops automatic print inspection systems, said on Monday it has agreed to be acquired by Danaher Corp''s ( DHR.N ) product identification platform for $100 million.Washington-based Danaher, a manufacturing company with s annual sales of $17 billion, will pay 14.5 euros per share in cash for AVT, whose shares were up 20 percent to 14 euros in Frankfurt.AVT''s optical inspection systems replace the human eye in inspecting packaging and labels. Many of its customers are served by X-Rite and Esko, companies within Danaher''s platform.The transaction is expected to be completed in the second quarter of 2017.(Reporting by Tova Cohen)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-avt-danaher-idINKBN16D16G'|'2017-03-06T08:17:00.000+02:00'
'7d5690c7fc8b4c6a094a125ff40dc98c3ac9a496'|'Wells Fargo names Allen Parker general counsel'|'Business News - Mon Mar 6, 2017 - 2:32pm EST Wells Fargo names Allen Parker general counsel FILE PHOTO - A Wells Fargo branch is seen in the Chicago suburb of Evanston, Illinois, U.S. on February 10, 2015. REUTERS/Jim Young/File Photo Wells Fargo & Co ( WFC.N ) named Allen Parker general counsel, succeeding company veteran James Strother, who will retire. Parker is joining from law firm Cravath, Swaine & Moore LLP, where he served as a partner His appointment will be effective March 27, the company said on Monday. (Reporting by Diptendu Lahiri in Bengaluru; Editing by Anil D''Silva) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-wells-fargo-moves-general-counsel-idUSKBN16D2DA'|'2017-03-07T02:32:00.000+02:00'
'703818d567c5ba725ea0ce3da2b7f48a6d9ddaf6'|'CSX reaches deal with activist investor over new CEO, board seats -WSJ'|'Company News  05pm EST CSX reaches deal with activist investor over new CEO, board seats -WSJ March 6 CSX Corp has struck a deal with activist investor Mantle Ridge LP to install railroad executive Hunter Harrison as the company''s chief executive and to nominate for five seats on its board, the Wall Street Journal reported on Monday. CSX and Mantle Ridge have been discussing a deal to make Harrison the CEO, though the two sides have been hashing out terms of the agreement, Reuters reported on Friday. The Wall Street Journal said on Monday that CSX has inked a deal to have Harrison serve as CEO for four years, and for Mantle Ridge to be able to nominate its founder, Paul Hilal, Harrison and three others as board directors, one seat less than the investor originally sought. (Editing by Meredith Mazzilli)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/csx-shareholders-idUSL3N1GJ4PF'|'2017-03-07T03:05:00.000+02:00'
'ca3e301eba4fdbcac92c67aacca4a6e17352569a'|'UPDATE 1-Seattle Genetics to resume trials as FDA lifts clinical hold'|'Company  48am EST UPDATE 1-Seattle Genetics to resume trials as FDA lifts clinical hold (Adds details) March 6 Seattle Genetics Inc said on Monday the U.S. Food and Drug Administration lifted a clinical hold on several early stage studies testing its experimental cancer drug. The FDA imposed the clinical hold in December after the company reported the deaths of four people in trials testing the experimental cancer drug, vadastuximab talirine. Seattle Genetics said on Monday the clinical hold was resolved through a comprehensive study evaluating more than 300 patients and amendments to further enhance safety. The company said it would resume two early-stage trials and initiate a mid-stage trial of vadastuximab talirine in 2017, in patients with acute myeloid leukemia (AML), a type of blood cancer. The drug would continue to be tested in an ongoing late-stage study in older AML patients, the company said. AML is a type of cancer in which the bone marrow makes abnormal myeloblasts (a type of white-blood cell), red blood cells, or platelets. Vadastuximab talirine, which has an orphan drug status from both the U.S. FDA and European regulators for the treatment of AML, is also being tested in patients with myelodysplastic syndrome, another form of blood cancer. Last month, Seattle Genetics entered into a development and licensing deal worth up to $2 billion with Immunomedics Inc to bolster its cancer drug pipeline. Up to Friday''s close, Seattle Genetics'' shares had risen about 15 percent since the deal with Immunomedics. (Reporting by Akankshita Mukhopadhyay in Bengaluru; Editing by Sriraj Kalluvila) Next In Company News UPDATE 2-Trump uncertainty slowing U.S. travel bookings - report BERLIN, March 6 Demand for travel to the United States over the coming months has flattened out following a positive start to the year, with uncertainty over a possible new travel order likely deterring visitors, travel analysis company ForwardKeys said on Monday.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/seattle-genetics-fda-idUSL3N1GJ3TW'|'2017-03-06T19:48:00.000+02:00'
'0b98ad57d2c334074261066985cb9dca89a3a437'|'UPDATE 2-Deutsche Post expects online shopping to deliver profit growth'|'* 2016 EBIT 3.49 bln euros, in line with expectations* Sees EBIT rising to around 3.75 bln euros in 2017* Company investing in parcel network across Europe* Shares indicated down 1 percent (Adds comments on trade barriers, share price indication)By Victoria BryanBERLIN, March 8 German postal and logistics company Deutsche Post DHL expects demand for parcel deliveries from online shopping to drive another rise in profit this year after the company met forecasts for 2016.Deutsche Post DHL is expanding its parcel network across Europe, after buying a stake in Relais Colis in France and acquiring UK Mail in Britain, and has repeatedly shrugged off moves by customer Amazon.com to invest in its own delivery capabilities. .Europe''s biggest postal group, which is also trialling new ways of delivery, said on Wednesday it delivered a record 1.2 billion parcels in Germany last year, a 9.2 percent increase on 2015, taking its market share to 45 percent from 43.7 percent."We expect to maintain this positive momentum in 2017 and the coming years and are therefore continuously investing in the expansion of our capacity," Chief Executive Frank Appel said.Appel also said in a statement that the group was ready to deal with any trade barriers put up as a result of nationalist policies that could make it difficult for companies to conduct cross-border business."We are observing this closely, of course, but we are not unduly alarmed. Our experts know exactly how to deal with trade barriers," he said.Deutsche Post DHL posted earnings before interest and tax (EBIT) of 3.49 billion euros ($3.69 billion) for 2016, in line with analysts'' expectations, and said it expected that to rise to around 3.75 billion euros this year.Around 1.5 billion euros of the 2017 EBIT is due to come from the post, e-Commerce and parcel division.Deutsche Post shares, which have gained 42 percent over the last year, were indicated down 1 percent, the second-biggest decliner in the German blue-chip index, which was expected to open 0.3 percent lower.The group proposed a dividend of 1.05 euros a share for 2016, compared with 0.85 euros for 2015 and above expectations of 1.00 euro a share.Analysts expect it to increase revenues to 59.5 billion and profit to 3.79 billion euros this year. ($1 = 0.9469 euros) (Editing by Georgina Prodhan and Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deutsche-post-results-idINL5N1GL0O9'|'2017-03-08T04:54:00.000+02:00'
'fb5863f52be1050ce78d0b61d329b38c26d17809'|'BRIEF-New York REIT says on March 7 Michael Happel, CEO of the company resigned - SEC Filing'|' 40am EST BRIEF-New York REIT says on March 7 Michael Happel, CEO of the company resigned - SEC Filing March 8 New York REIT Inc * New york REIT Inc - On March 7, 2017, Michael A. Happel, Chief Executive Officer and President of company resigned - SEC Filing * New York REIT Inc - On March 7, 2017, Nicholas Radesca, interim Chief Financial Officer, treasurer and secretary of company resigned * New York REIT Inc - On March 7, 2017, board elected Wendy Silverstein to serve as company''s Chief Executive Officer and President * New York REIT Inc - On March 7, 2017 board elected John Garilli to serve as company''s Chief Financial Officer, treasurer and secretary Source text: [ bit.ly/2mibNL1 ]  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-new-york-reit-says-on-march-7-mich-idUSFWN1GL0BK'|'2017-03-08T18:40:00.000+02:00'
'b1fe6240e1437878fd791607531b3ac68a858f81'|'Marriott to speed up expansion of Starwood brands: CEO'|'By Victoria Bryan - BERLIN BERLIN Hotels group Marriott International ( MAR.O ) is planning to speed up the expansion of brands acquired in the takeover of rival Starwood, and is not ruling out further additions to its portfolio, its chief executive said on Monday.Arne Sorenson also said 2017 was shaping up to be a solid year, though with some clouds on the horizon."We are concerned about whether national policies around travel roll out in a way that is harmful to our business and economies," he said on the sidelines of the IHIF hotel conference in Berlin, highlighting political changes in the United States and Britain, and upcoming elections in Europe.Marriott, with brands including Ritz-Carlton, Renaissance and Autograph, completed the acquisition of Starwood in September, adding names such as Sheraton, W and Aloft to create the world''s largest hotel chain with more than more than 6,000 properties in 122 countries.Sorenson said Marriott wanted to keep up the same rate of expansion as before the deal, meaning faster growth for the Starwood brands. He said a new Marriott group hotel would open on average every 15 hours in 2017."We think with Aloft we can really ramp it up and grow them at a faster pace than Starwood," Sorenson said.He noted that while it had taken Aloft about a decade to reach 100 hotels globally, Marriott''s comparable AC Hotels had reached that figure since 2014 in the United States alone.Even with 30 brands now, Marriott was not ruling out further additions to its portfolio, Sorenson added."We don''t think we''ve grown to the point where we''re complete, we think we have a lot of growth ahead of us," he said, noting that even in the United States Marriott only had a market share of 14-15 percent.In a nod to competition from apartment rentals, Sorenson said the Element brand acquired via Starwood was considering a concept for rooms with shared communal space. That could be suitable for groups such as hen parties or college reunions."A hotel''s not been a great place for them," he said.Despite the addition of more upscale brands via Starwood, the fastest rate of growth in Europe would still come from the Moxy budget brand, Europe head Amy McPherson said, with plans to open 18,000 rooms over the next three years from 1,000 now.(Reporting by Victoria Bryan; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-europe-tourism-marriott-intnl-idINKBN16D1NB'|'2017-03-06T11:28:00.000+02:00'
'2bd76d4498f4f9ae8a2707b5e3075e2af00ef69e'|'Fox takes issue with UK government analysis of Sky deal'|'Deals - Wed Mar 8, 2017 - 5:44pm GMT Fox takes issue with UK government analysis of Sky deal The 21st Century Fox logo is seen outside the News Corporation headquarters in Manhattan, New York, U.S., April 29, 2016. REUTERS/Brendan McDermid LONDON Rupert Murdoch''s Twenty-First Century Fox ( FOXA.O ) said it was not surprised the British government wanted to scrutinize its takeover of Sky ( SKYB.L ), but disputed the analysis that led to the view the deal may not be in the public interest. The company, which already owns 39 percent of Sky, agreed in December to buy the rest of the pay-TV group for 11.7 billion pounds ($14.2 billion), triggering a regulatory review of the politically sensitive deal. Media Secretary Karen Bradley said on Friday she was likely to intervene to see if any one company would control too much of Britain''s media, and whether the new owners would have a genuine commitment to broadcasting standards. The deal came five years after a political and criminal scandal at Murdoch''s British newspaper business derailed an earlier bid. In a letter to the Department of Media made public on Wednesday, Fox took issue with what it said were serious flaws in the process that led to the minister saying she was "minded" to refer the deal for a full investigation. While Fox said it would welcome a thorough regulatory review, it questioned the government''s analysis of Murdoch''s influence on the media market, saying the circulation of his newspapers had fallen and they were now held in a separate company. It also rejected any suggestion Fox had a weaker record than Sky when it came to broadcasting standards and said it had learned from the mistakes made in the past, when Murdoch''s British newspaper arm admitted that some journalists at the News of the World had hacked into phones. "Twenty First Century Fox takes compliance matters extremely seriously and is proud of the transformation of its corporate governance and of the arrangements it has put in place since that time," it said in the letter. Fox said it would welcome a decision whether to refer the bid to regulators as soon as possible, adding it was prepared to begin working with the regulatory bodies at the earliest opportunity. (Reporting by Paul Sandle and Kate Holton; Editing by Mark Potter) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-sky-plc-m-a-fox-letter-idUKKBN16F2B8'|'2017-03-09T00:40:00.000+02:00'
'a2e5f6d1f50c8a1d1719a7e2e878fba2ec275cdc'|'No end in sight for strike at Noranda Quebec zinc plant'|'Company News - Wed Mar 8, 2017 - 3:23pm EST No end in sight for strike at Noranda Quebec zinc plant By Nicole Mordant - March 8 March 8 A 3-1/2-week strike at Noranda Income Fund''s zinc processing facility in Quebec is showing no signs of ending, union officials said on Wednesday, with no talks set between workers and management. The two sides met with a Quebec government-appointed mediator last Friday but no progress was made in settling a dispute over pension cuts and no further meetings arranged, United Steelworkers of America Local 6486 President Manon Castonguay said. "The company is staying in its position and so are we," he said in an interview. The Friday meeting was the only time the two sides had met since the strike began on Feb. 12, she said. Officials at the Noranda Income Fund as well as Glencore Canada, which indirectly owns 25 percent of the fund, did not respond to a request for comment. The market is keeping a close eye on the strike as zinc prices have more than doubled since the beginning of last year due to a shortage tied to mine closures and shutdowns. The price of zinc gained 0.6 percent to $2,710 a tonne on Wednesday. At the same time, spot treatment charges, which zinc smelters are paid for processing and refining concentrate, are near historic lows. The plant, located at Salaberry-de-Valleyfield in Quebec, is the biggest zinc processing facility in eastern North America. Noranda said last week that the processing facility had resumed partial production but did not give details. Castonguay said the plant was likely producing at less than 25 percent of normal capacity. The plant''s 371 unionized workers walked off the job after the two sides could not agree on proposed pension plan changes in a new collective bargaining agreement. The previous agreement expired on Nov. 30. Noranda units were up 1 Canadian cent at C$1.57 on the Toronto Stock Exchange on Wednesday afternoon. Year-to-date, the units have lost 34 percent of their value. (Reporting by Nicole Mordant in Vancouver; Editing by Bil Trott) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/noranda-income-strike-idUSL2N1GL14I'|'2017-03-09T03:23:00.000+02:00'
'e184b8763f55eb5591089e03426e1f453e58b19b'|'INSIGHT-"It''s like kumbaya:" Trump''s genial private meetings with CEOs jar with public attacks'|'  6:00am EST INSIGHT-"It''s like kumbaya:" Trump''s genial private meetings with CEOs jar with public attacks By Ginger Gibson and David Shepardson - WASHINGTON, March 8 WASHINGTON, March 8 When the bosses of some of the world''s largest pharmaceutical companies headed to Washington in January to meet U.S. President Donald Trump, it had all the makings of a potentially hostile meeting. Just weeks before, Trump had sent drug stock prices plummeting after accusing the companies of "getting away with murder" by charging too much for medicines. But the Trump who greeted chief executives of Johnson & Johnson, Novartis, Merck, Eli Lilly , Celgene and Amgen on Jan. 31 was a surprisingly genial host who even gave them a personal tour of the Oval Office, according to several participants in the breakfast. “There is no question that it was better than it could have been or we thought it could be," said one industry insider familiar with the meeting. Trump did not repeat his public attacks on the industry. Instead, he focused on "outdated" regulations that drive costs up for drugmakers, according to participants interviewed by Reuters. The CEOs left with Trump''s word that he would streamline regulations and reform the high U.S. corporate tax rate. Since taking office on Jan. 20, Trump has held at least nine meetings with groups of business leaders, including automakers, airlines, retailers and health insurers. In early morning or late-night tweets and in speeches, Trump has lambasted many of these companies for cost over-runs, or high prices, or foreign manufacturing, often knocking down their share prices. (See the effects of Trump''s tweets on stock prices here tmsnrt.rs/2ibdFSF ) But Reuters interviews with nearly a dozen executives and lobbyists who have taken part in these meetings or have been briefed on them reveal a Trump who is very different from his uncompromising and demanding @realDonaldTrump Twitter handle. When he meets the nation''s top chief executives in person, he is a mix of charm and cajoling. This Trump is flexible and inquisitive, a schmoozer who remembers birthdays and often lavishes praise on their companies, said the people, who spoke on condition of anonymity so they could freely discuss private meetings. This private side of Trump sheds light on why many CEOs have expressed confidence that the Republican president is good for business, despite his share-denting public attacks. As recently as Tuesday, Trump tweeted he was working on a system to increase competition in the health industry and lower drug pricing, sending pharma shares lower. In the White House meetings, Trump focuses much of his talk on cutting regulations, the sources said, underscoring one of his administration''s key priorities - getting rid of rules imposed by his predecessor Barack Obama. He typically asks which regulations are holding businesses back from adding new jobs and promises to resolve the issues, executives say. "He said one thing for the cameras and the door shuts and then it''s like kumbaya," said one person who was briefed on a meeting between Trump and a group of CEOs. "He likes to be seen as engaging and buddy buddy with other big important business leaders," said this person. A former businessman, Trump runs his closed-door meetings with CEOs as if they were a corporate board meeting, attendees said. In contrast to his doctrinaire tweets, he likes to seek input from everyone at the table, and compared to former presidents Barack Obama and George W. Bush, conversations are less scripted. Trump’s approach to these meetings is “one of listening and not lecturing”, said a senior White House official who has participated in industry meetings. “I’ve seen a president who is listening and asking questions to get to how he can create a thriving economy,” the official said. An Amgen spokeswoman said Trump made it clear that he wanted to work with the company on U.S. job creation and biotech innovation. Representatives of the other drugmakers declined to comment. SHOWING OFF THE DRAPES Because so little is known about how Trump interacts privately with CEOs, trade groups and company officials have begun to swap tips on how to approach their meetings with him. “There is this undercurrent of information sharing about what to expect, what to do,” said one trade group official who prepared CEOs for a recent meeting with Trump. He said he has gotten a flurry of calls from other industries next in line for a White House visit. At the end of most meetings, Trump leads CEOs into the Oval Office, showing off paintings, sculptures and the furniture, as well as the rug and curtains he has picked out. He also points out a bust of Martin Luther King Jr., which he inherited from Obama. Then he takes a group photo behind the desk. “He becomes tour guide and brings them over to the Oval Office,” the same official said. “He’s very proud of the Oval Office.” The White House official said Trump recognized the “awe” of the Oval Office. CHAIR FOR GM, BIRTHDAY WISH FOR FORD Chief executives of Detroit''s top three automakers - General Motors Co, Ford Motor Co and Fiat Chrysler Automobiles NV - were pleasantly surprised when they went to the White House for a breakfast with Trump on Jan. 24. Since his election, Trump has frequently attacked the car companies for building in Mexico and warned U.S. firms would no longer be able to move U.S. jobs abroad "without consequences." When Trump entered the Roosevelt Room, he greeted GM CEO Mary Barra with a playful tap on the shoulder as he gently prodded her to add jobs in the United States and later pulled out her chair before the meeting started, a review of the video transcripts of the first part of the meeting shows. He greeted Ford CEO Mark Fields with a "Happy Birthday. It''s his birthday ladies and gentlemen." Trump said it was a "great honor" to see Fiat Chrysler CEO Sergio Marchionne. Trump did not specifically ask them to build plants in the United States - as he had tweeted he would before the meeting - but instead listened to their complaints about regulations and indicated a willingness to help them, people briefed on the meeting said. Ford declined to comment and referred to Fields'' comments to dealers in January that Trump had asked for a list of regulations that automakers wanted cut or kept. GM CEO Mary Barra said in a speech last week that Trump “really listened” to the automakers, while Marchionne told reporters at the Geneva auto show on Tuesday that Trump was “quite willing to make our lives easier” in terms of compliance and taxes in order to encourage U.S. job creation. Trump has been complimentary of his high-profile guests - and at times playful. After Denise Morrison, chief executive of Campbell Soup , introduced himself in one of those meetings, Trump quickly responded: "Good soup." At another, after Target Corp CEO Brian Cornell spoke, Trump responded by pronouncing the name of the company as “Tar-Jay,” a common joke to make the retailer sound more fancy. (Reporting by Ginger Gibson and David Shepardson in Washington, Additional reporting by Emily Stephenson in Washington and Emily Flitter in New York, Editing by Soyoung Kim and Ross Colvin)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-trump-companies-idUSL2N1GF14K'|'2017-03-08T18:00:00.000+02:00'
'ebd20b324d6e00fd6e05f7f38cbdcd5edab91f3a'|'Standard Life, Aberdeen reveal merger terms, eye 200 million stg in savings'|'By Simon Jessop - LONDON LONDON Standard Life and Aberdeen set out the terms of their proposed 11 billion pound ($13.51 billion) merger on Monday, saying they expected the deal to save the combined companies up to 200 million pounds in costs.The groups said the new company, to be headquartered in Scotland, would take a one-off 320 million pounds cash charge to cover integration costs.Aberdeen''s two-biggest investors, Mitsubishi UFJ Trust and Banking and Lloyds Banking Group, have both given non-binding statements of support to vote in favour of the planned takeover, which the companies say they expect to complete in the third quarter of 2017.($1 = 0.8141 pounds)(Reporting by Simon Jessop; Editing by Rachel Armstrong)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/standard-life-m-a-aberdeen-asset-idINKBN16D0NJ'|'2017-03-06T04:30:00.000+02:00'
'b6dfb08805ccca05e84dc31e33c2dc9beceea007'|'PRESS DIGEST- British Business - March 6'|'March 6 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The TimesGermany''s largest lender Deutsche Bank AG has announced plans to raise 8 billion euros ($8.48 billion) through a share sale and selling part of its asset management business. bit.ly/2mcf4NmTim Steer, a former top City fund manager with a reputation for unearthing accounting problems at listed companies, has criticised the Financial Reporting Council for failing to intervene in the bookkeeping practices at Mitie Group Plc . bit.ly/2mc9vOQThe GuardianHundreds of jobs could be cut if an 11 billion pounds ($13.52 billion) merger of two of Scotland''s biggest companies – Standard Life Plc and Aberdeen Asset Management Plc – goes ahead. bit.ly/2mciHTlThe owner of John Lewis and Waitrose is poised to cut the annual bonus it pays staff to the lowest level since the 1950s due to the pressure on retailers. The John Lewis Partnership, which is owned by its staff, is expected to announce a bonus of between 6 and 7 percent of workers'' annual salary. bit.ly/2mciqQoThe TelegraphPhilip Green''s Arcadia Group is to double its top-up payments to its pension scheme, in another step in the billionaire businessman''s bid to regain credibility. bit.ly/2mcia49ITV Plc has scored a court victory over services that retransmit its broadcasts without permission, setting the scene for a battle this summer with its biggest shareholder, Liberty Global Plc, the owner of Virgin Media. bit.ly/2mcjHa3Sky NewsU.S.-based law firm Scott +Scott will announce on Monday that it is to pursue a claim in Europe against Deutsche Bank over its so-called ''last look'' trades. bit.ly/2mchqfeThe IndependentThe travel plans of tens of thousands of airline passengers at the start of the working week have been wrecked as industrial action intensifies across Europe with strikes by French air-traffic controllers, Air France KLM SA staff and British Airways cabin crew. ind.pn/2mc58DI($1 = 0.9429 euros) ($1 = 0.8137 pounds) (Compiled by Ismail Shakil in Bengaluru; Editing by Peter Cooney)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-business-idINL3N1GJ058'|'2017-03-05T21:34:00.000+02:00'
'c54f0c79fd562a7cb3a1783e3a4afb226da80ed4'|'Delta Air cuts Q1 operating margin forecast, citing higher costs'|'Business News - Mon Mar 6, 2017 - 9:00am EST Delta Air cuts Q1 operating margin forecast, citing higher costs A Delta Air Lines Airbus A330 aircraft takes off at the Charles de Gaulle airport in Roissy, France, August 9, 2016. REUTERS/Jacky Naegelen Delta Air Lines Inc ( DAL.N ) on Monday cut its operating margin forecast for the current quarter, citing higher costs, and said it expected passenger unit revenue, a closely watched revenue metric, to be at the lower end of its forecast. The No. 2 U.S. airline by passenger traffic Delta said its margins will likely contract this year as the pace of revenue improvement lags cost increases. "Market fuel prices are tracking up about 55 percent for the quarter, which is expected to be the greatest year-on-year increase in 2017," the company said in an investor presentation. Delta Air now expects operating margins to increase about 10-11 percent, less than 11-13 percent rise it had previously forecast. The airline now expects passenger unit revenue, which compares sales to flight capacity, to be about flat in the first quarter ending March. ( bit.ly/2msPAf6 ) It had earlier expected passenger unit revenue to be between flat and up 2 percent. The company''s shares were down 1.3 percent at $49.50 in premarket trading. (Reporting by Ankit Ajmera in Bengaluru; Editing by Sriraj Kalluvila and Savio D''Souza) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-delta-air-outlook-idUSKBN16D1L8'|'2017-03-06T21:00:00.000+02:00'
'a614b3b0ea32608090cdd545731e4db3f71a8e84'|'Theresa May must give Vauxhall assurances over Brexit, says Labour'|'Theresa May is facing calls to guarantee that Brexit will not harm the operations of Vauxhall after PSA, the French owner of Peugeot and Citroën, announced a deal to buy the British car manufacturer.Labour said the company would need stronger assurances from the government about UK carmaking after Brexit, despite PSA’s claiming it wants to avoid factory closures and job cuts in the UK . Vauxhall employs 4,500 people in Britain at plants in Ellesmere Port, Merseyside, and Luton, Bedfordshire.Greg Clark, the business secretary, told the House of Commons on Monday that the government was “cautiously optimistic” about the deal. He said ministers would hold PSA to its intentions to “safeguard the plants, honour their commitments and look to increase the performance and the sales of cars” as well as a promise that “no pensioner, current or prospective, will be worse off in any way”. Vauxhall''s Luton and Ellesmere Port factories will face battle after 2021 Read more The cabinet minister also insisted that Brexit was not relevant to the deal. “This is a restructuring of the organisation. In my discussions with PSA, the chief executive said today that Brexit isn’t an essential driver of this,” he said.Under existing agreements with Vauxhall’s current owner General Motors , which PSA has pledged to recognise, Vauxhall’s Ellesmere Port plant will produce the Astra car until 2021 and the Luton plant will make the Vivaro van until 2025.However, PSA will need to make decision on where the next Astra will be manufactured after 2021 as early as next year, meaning Ellesmere Port faces a battle rival plants in France and Germany during the middle of the UK’s negotiations to leave the EU.The Labour frontbench and MPs whose constituents work for Vauxhall said they were worried about the impact of Brexit in the coming years as PSA makes decisions about whether to invest more money in UK operations. There are also potential concerns about the future of a UK-based partnership between Vauxhall and Renault, which is a major rival of PSA, to make vans in Luton.Speaking in the House of Commons, Rebecca Long-Bailey, the shadow business secretary, called for PSA to be given the same assurances as Nissan – owner of Britain’s largest car plant in Sunderland - that Brexit would not be allowed to affect its carmaking operations. “Has PSA been offered the same deal?” she said. “If so, would it not make sense for the government to set out its strategy for this sector as a whole rather than enlightening businesses one crisis at a time?”Angela Eagle, the former shadow business secretary, whose Wallasey constituents include workers for Vauxhall and its supply chain, said she was concerned about the extra cost imposed on carmakers when the UK leaves the single market and customs union after 2019. “Moving from an America-owned inward investor to a French and German-owned inward investor might not be brilliant because there is always a chance they might want to consolidate within the EU,” she told the Guardian. “We have a big domestic market which nobody ought to sneeze at but the government are going to have to work very hard to convince car manufacturers that the help they will get with producing compensates for some of the costs and uncertainties of losing membership of the single market.”Eagle said she was a “question of whether Greg Clark will get his chequebook out” when future decisions about investment in Vauxhall production lines come to be made.Gavin Shuker, Labour MP for Luton South, where a Vauxhall factory is based, said the major concerns around the deal were about the impact of Brexit.“If you viewed it in purely rational terms, both plants in the UK have got a very secure future. They are both highly efficient and making money for a loss-making company. So the real questions is Brexit. We have a government pursuing a very hard-edged model of Brexit,” he said.May’s official spokesman has insisted that no specific assurances were given to Peugeot to secure the future of the UK plants.“In terms of specific assurances – none sought, none given,” he said. “We have a stated position that we will ensure the competitiveness of this country when it comes to the supply chain, research and development and trade.” There are also concerns about the pensions of Vauxhall workers, who could face a cut of between 10% and 15% to their pay and benefits. The Vauxhall pension scheme is estimated to have a deficit of £1bn. Under the deal, GM will pay €3bn (£2.6bn) to PSA to settle the pension obligations of its European business and will keep most of the historic liabilities. Vauxhall workers are also likely to move from a final salary pension scheme they had with GM to a less lucrative defined contribution scheme with PSA.John Ralfe, independent pension consultant, said: “At the moment the Vauxhall workers are in a generous defined benefit pension, based on their salary and years’ service. PSA has not said what sort of pension they will get under their ownership, but it is likely to be a defined contribution, with no guaranteed pension. This change will be a fall in overall pay and perks of 10% to 15%.”Earlier, Carlos Tavares, the chief executive of PSA vowed to turn Opel and Vauxhall around without factory closures or job cuts, after agreeing to buy the car brands from General Motors for €2.2bn (£1.9bn).Nonetheless, PSA is looking to cut €1.7bn off annual costs in purchasing, manufacturing, and research and development by 2026 following the deal. Tavares said most savings likely to be achieved by 2020 from purchasing and the estimate did not include any job cuts.He told a press conference in Paris: “We do not need to shut down plants … Shutting down plants is rather simplistic.”Tavares stressed that he had not closed a single factory since he took over at PSA in 2014. The carmaker, which came close to bankruptcy and was bailed out by the French government and Chinese investors, shut a French factory just before the former Nissan executive took the helm.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/mar/06/theresa-vauxhall-brexit-labour-peugeot-psa-nissan-uk'|'2017-03-06T02:00:00.000+02:00'
'aab18b2cabfd539fe16c7b137b492cc622f972c8'|'Trump adviser Navarro: U.S, Germany should discuss trade outside EU'|'Business  14pm GMT Trump adviser Navarro: U.S, Germany should discuss trade outside EU FILE PHOTO: U.S. President Donald Trump, watched by (L-R) Vice President Mike Pence, White House Chief of Staff Reince Priebus, head of the White House Trade Council Peter Navarro and senior advisor Jared Kushner, signs an executive order that places a hiring freeze on... REUTERS/Kevin Lamarque By David Lawder - WASHINGTON WASHINGTON Trump administration trade adviser Peter Navarro said on Monday the $65 billion (53 billion pounds) U.S. trade deficit with Germany was "one of the most difficult" trade issues, and bilateral discussions were needed to reduce it outside of European Union restrictions. Navarro, the director of the new White House National Trade Council, said that Germany has used the argument that the EU dictates its trade policy and that it does not control the value of the euro. "I think that it would be useful to have candid discussions with Germany about ways that we could possibly get that deficit reduced outside the boundaries and restrictions that they claim that they are under," Navarro told a National Association for Business Economics conference in Washington. "But it''s a serious issue. Germany is one of the most difficult trade deficits that we''re going to have to deal with but we''re thinking long and hard about that." He said an upcoming visit by German Chancellor Angela Merkel could include discussions on how to improve the U.S.-German economic relationship as part of the administration''s agenda to make trade "free, fair and reciprocal." Navarro''s comments follow his complaints last month that Germany was exploiting a weak euro to gain a trade advantage. But the Trump adviser, who shares the trade policy spotlight with new U.S. Commerce Secretary Wilbur Ross and Treasury Secretary Steven Mnuchin, said he would wait until a Treasury currency report due in mid-April to learn whether China is manipulating its currency and the yuan is undervalued. Trump had said during his election campaign that he would declare China a currency manipulator on his first day in office, a move that would require demands from the administration for negotiations with Beijing. He has not made such a declaration, despite telling Reuters in an interview last month that China was the "grand champion" of currency manipulation. Navarro said that according to classic trade theory, in his view, the yuan''s value should rise and the dollar should fall so that trade equalizes. He said the current capital outflow pressure in China was largely due to China''s drive to acquire companies abroad. "If you look at it through that lens, it''s clear that the Chinese currency is undervalued. Navarro said, adding that he would wait for the Treasury report for a final verdict. Navarro also called out India for its high tariffs and Japan for its non-tariff trade barriers, and said negotiations to use U.S. leverage as the world''s largest market were needed to bring these down and boost U.S. exports. "If we are able to reduce our trade deficits through tough, smart negotiations, we should be able to increase our growth," Navarro said. If current trade trends continue, foreign interests will eventually acquire wide swaths of the U.S. economy, he said, ultimately driving down wages and living standards for Americans in a grim "conquest by purchase" scenario. (Editing by Bernadette Baum)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-trade-navarro-idUKKBN16D1Y9'|'2017-03-06T23:14:00.000+02:00'
'64a24f129351433348cfabf7e5833c1c2939bd5d'|'South Korea''s Lotte says four retail stores in China closed amid political tension'|'Business News - Mon Mar 6, 2017 - 2:35am GMT South Korea''s Lotte says four retail stores in China closed amid political tension By Joyce Lee and Hyunjoo Jin - SEOUL SEOUL South Korea''s Lotte Group said on Monday four of its retail stores in China were closed after inspections by authorities, as Seoul protests at discriminating action by China after Lotte agreed to provide land for a U.S. missile defence system. China is the biggest overseas market for Lotte Group, South Korea''s No.5 conglomerate, generating annual sales of a little more than 3 trillion Korean won ($2.60 billion) in 2015. A Lotte Mart spokesman said the four stores, in Dandong, Changzhou and two other locations, were closed last week after the inspections, but could not provide further details. Lotte Mart had about 115 stores in China by January. The retail closures came after affiliate Lotte International Co Ltd approved a South Korean land swap last week to allow the U.S. Terminal High Altitude Area Defense (THAAD) system, which is being installed in response to North Korea''s missile threat. South Korea''s military said earlier on Monday North Korea fired "multiple ballistic missiles" from its Tongchang-ri region, where a missile base is located. South Korea''s acting president Hwang Kyo-ahn said on Monday Seoul should swiftly complete the THAAD deployment after the launch of the missiles. China has objected to the deployment of the missile system, saying it has a radar capable of penetrating Chinese territory. Shares in Lotte Shopping ( 023530.KS ), of which Lotte Mart is a business division, fell 2 percent by 0155 GMT, compared with a 0.2 percent drop in the wider market .KS11 . Lotte''s duty free operator, Lotte Duty Free, said on Thursday a cyber attack using Chinese internet protocol (IP) addresses had crashed its website. It is currently back online. FEARS OF CANCELLATIONS China''s tourism ministry instructed tour operators in Beijing on Thursday to stop selling trips to South Korea from March 15, with the order spreading to other regions across the mainland, an official at Korea Tourism Organization said on Monday. The order came days after the Lotte land swap. A Chinese company abruptly cancelled its plan to send some 5,000 employees to South Korea''s Incheon city in April, the official said, adding that there were concerns about more cancellations by group tourists. Shares of tourism, cosmetics, and airline firms extended losses on Monday, although the declines were not as severe as those on Friday. On Friday, China cancelled its invitation for South Korea Trade Minister Joo Hyung-hwan to its annual Boao forum, the ministry said on Monday. The forum''s office cited a lack of panels for a session to which Joo was invited, the ministry said, without elaborating further. On Sunday, Joo expressed "deep concerns over a series of actions in China" and protested against discriminating action by China towards South Korean companies. "We will act accordingly to international law against any actions that violate policies of the World Trade Organization (WTO) or the free trade agreement between South Korea and China," he said. (Reporting by Joyce Lee and Hyunjoo Jin; Editing by Michael Perry and Paul Tait) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-southkorea-china-lotte-idUKKBN16D07O'|'2017-03-06T09:35:00.000+02:00'
'dd35432f35f375925bb14262f1191691cb98ae51'|'CANADA STOCKS-Futures indicate lower open as oil prices weigh'|'Stock futures pointed to a lower opening for Canada''s main stock index on Monday, as oil prices slipped on concerns over China''s economic growth and Russia''s oil output. March futures on the S&P TSX index were down 0.09 percent at 7:15 a.m. ET. The Toronto Stock Exchange''s S&P/TSX composite index closed at a 1-week high on Friday as oil prices gained and Federal Reserve Chair Janet Yellen pointed to a U.S. interest rate hike this month, while investors embraced recent strengthening of the Canadian economy. Dow Jones Industrial Average e-mini futures were down 0.12 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were down 0.25 percent and Nasdaq 100 e-mini futures were down 0.18 percent. (Morning News Call newsletter'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/canada-stocks-idINL3N1GJ3S0'|'2017-03-06T09:27:00.000+02:00'
'16441feba8c4d794d378404ed61d83041e6005ed'|'Economic nationalism, volatility threatens modest recovery - OECD'|' 14am GMT Economic nationalism, volatility threatens modest recovery - OECD Pedestrians walk past electronic boards showing the graphs of the recent fluctuations of the Japanese yen''s exchange rate against the U.S. dollar (L) and the various stock prices outside a brokerage in Tokyo, Japan, February 9, 2016. REUTERS/Yuya Shino By Leigh Thomas - PARIS PARIS A modest recovery underway in the global economy is at risk from economic nationalism and diverging central bank policies, the OECD said on Tuesday as it forecast only a slight pick-up in growth. The Paris-based Organisation for Economic Cooperation and Development estimated global economic growth would run at 3.3 percent this year before reaching 3.6 percent in 2018, unchanged from its last estimates in November. OECD chief economist Catherine Mann said that higher interest rates in the United States could unleash damaging volatility on financial markets for some borrowers while potentially pushing the dollar higher. "The economic nationalism is a much bigger wildcard because we don''t know how the language translates into policy at this point," Mann told Reuters as the OECD updated its outlook for major economies. U.S. President Donald Trump''s campaign promises last year to put "America first" in trade, and his calls for tariffs on imports from China and Mexico, caused consternation among the United States'' major trade partners. Though Washington was not alone in using nationalistic rhetoric, Mann said the OECD had estimated that a 10 percent increase in U.S. import costs would percolate through the economy and ultimately lift export costs by 15 percent. For a table of forecasts: VOLATILE TIMES The OECD said that with only a modest recovery in view in most countries, financial markets were becoming disconnected from economic reality as consumer spending and business investment remained weak. With the U.S. Federal Reserve widely expected to steadily hike interest rates for some time, the OECD said that exchange rate swings could be expected. That could put at risk emerging market borrowers who binged on cheap dollar loans in recent years, especially in countries with excessive levels of private sector debt, like China. Updating its last forecasts for major economies, the OECD estimated the U.S. economy would grow 2.4 percent this year as domestic demand firms, up from 2.3 percent in its last forecasts from November. U.S. growth was seen reaching 2.8 percent in 2018, down from a November estimate of 3.0 percent, as higher government spending helped offset the impact of rising interest rates and a stronger dollar. With monetary policy relaxed and some fiscal policy easing in the euro zone, growth was seen steady this and next year at 1.6 percent, with the 2017 forecast unchanged and the 2018 forecast trimmed from 1.7 percent in November. As rising inflation hits British consumers and businesses put investment on hold over Brexit, British growth was seen slowing from 1.6 percent this year to 1.0 percent in 2018. The OECD had forecast 2017 growth of 1.2 percent in November and its 2018 forecast was unchanged. In Japan, fiscal easing was seen underpinning growth of 1.2 percent though the rate was seen falling back to 0.8 percent in 2018. In November, the OECD had forecast growth of 1.0 percent this year and its estimate for 2018 was unchanged. (Reporting by Leigh Thomas; Editing by John Irish and Catherine Evans)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-oecd-economy-idUKKBN16E12W'|'2017-03-07T17:14:00.000+02:00'
'60203b881a4e6a6d28c65c1b4f7205eade0e4f37'|'Tata Steel UK closes pension scheme to new accruals from March 31'|'Business   4:21pm GMT Tata Steel UK closes pension scheme to new accruals from March 31 A worker cranes a coil of steel to be used on Tata Steel''s new robotic welding line at their Automotive Service Centre in Wednesfield, Britain, February 15, 2017. REUTERS/Darren Staples LONDON Tata Steel UK ( TISC.NS ) on Tuesday said it would close its final salary pension scheme to accruals from March 31 as a step towards resolving the future of its British operations. The fate of Tata''s British businesses, including the nation''s largest steelworks at Port Talbot, has been in the air since Tata Steel said a year ago it planned to divest its British assets following heavy losses. "Tata Steel UK continues to be deeply engaged with the pension scheme trustee, the trade unions and relevant regulatory and government bodies to identify the best prospects for the future sustainability of its UK operations and a fair and practical outcome for the members of the British Steel Pension Scheme," Tata said in a statement. Tata Steel''s British workers in February voted to accept pension benefit cuts in return for safeguards on jobs and investment, although the Indian company''s plan to spin off its entire British pension scheme still faces regulatory hurdles. The scheme will be replaced by a less generous defined contribution scheme, removing one obstacle to a possible merger with Germany''s ThyssenKrupp AG. ( TKAG.DE ) Any pensions deal could take many more months, but Tata on Monday said merger talks were continuing. (Reporting by Barbara Lewis and Carolyn Cohn) Next In Business News Bank of England deputy under fire over undeclared conflict of interest LONDON New Bank of England Deputy Governor Charlotte Hogg came under fire from the central bank''s supervisors and lawmakers on Tuesday, after she admitted failing to declare to the central bank a potential conflict of interest from her brother''s role at Barclays , a major bank overseen by the BoE.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-tatasteel-pensions-idUKKBN16E24O'|'2017-03-07T23:11:00.000+02:00'
'c6555e42b3847b1916fb8321fddb6ee4c5f2158a'|'Retailers urge business rates rethink as high street spending slides - Business'|'Britain’s hard-pressed retailers have urged Philip Hammond to rethink government plans for revamping business rates amid signs that rising inflation has led to the weakest high street spending in more than five years.A report from the British Retail Consortium and KPMG found that the spurt in consumer spending seen in the run-up to Christmas had come to an abrupt halt, with the result that non-food sales are falling for the first time since the economy was flirting with a double-dip recession in November 2011.Further evidence that consumers are becoming more cautious was provided by the the Society of Motor Manufacturers and Traders, which released figures on Monday showing a drop of more than 4% in private car sales last month.Business chiefs tell chancellor: reform business rates now to avert high street crisis Read more Some City analysts believe households brought forward purchases of big-ticket items in 2016 because they were fearful that the fall in the value of the pound since last June’s Brexit vote would mean having to pay more for the same goods later. The annual inflation rate as measured by the consumer prices index doubled to 1.8% between October and January.The BRC/KPMG report found that non-food sales were 0.2% lower in the three months to February than in the same period a year earlier and 0.4% lower once allowance had been made for the expansion of retailers’ floorspace over the past year.Supermarkets fared better, with food sales up by 2% in the three months to February despite the impact of the decline in sterling on the cost of imported produce.Helen Dickinson, the BRC chief executive, said there had been some distortion caused by the later timing of Mothering Sunday this year, which meant that some categories of spending – such as women’s accessories and health and beauty – failed to benefit from the build-up of gift purchases as they did last year.“But looking beyond this distortion, the persistent weak sales performance of several non-food categories points to an undeniable trend of cautious spending on non-essential items,” she said. “Tougher times are expected ahead. The impact of inflation on consumer spending will add further intensity to an already fiercely competitive environment in which the ability to adapt and innovate will be key to survival. Looking to the budget this week, we hope to see a commitment from government to lay a path to a truly sustainable business rates system that will give retailers the flexibility needed to invest and support their local communities.”Online spending held up better than spending in stores, although the pace of growth has eased to 8% from the double-digit increases seen in previous years.Paul Martin, the UK head of retail at KPMG, said: “Retailers will be paying close attention to the upcoming spring budget in the hope of seeing some measures to ease the pressure being placed on margins. For some bricks and mortar retailers, a hike in business rates may well be the straw that breaks the camel’s back.”The SMMT said new car registrations were broady stable in February, with demand down just 0.3% to 83,115 vehicles sold. Rising fleet sales, up 3.3% on a year earlier, masked a 4.4% decline in sales to private buyers.February’s dip followed a stronger performance in January; for the first two months of 2017, total and private sales were 1.8% up on the same months of 2016.Mike Hawes, the SMMT chief executive, said: “February is traditionally one of the quietest months of the year and a steady performance was expected following another year of record growth in 2016. We expect to see the market bounce back in March as buyers take advantage of the new 2017 plate, as well as the last chance to buy a car eligible for current lower VED [vehicle excise duty] rates before they change on 1 April.”Howard Archer, the chief UK economist at IHS Global Insight, said: “Consumers are now seeing their purchasing power increasingly diluted and this squeeze looks certain to intensify over the coming months as inflation rises further and earnings growth is muted. Furthermore, a likely weakening economy and more uncertain outlook may well make businesses more circumspect in their car purchases – perhaps taking longer to replace fleets. “Meanwhile, the sharp weakening of the pound makes it more difficult for car dealers to offer attractive deals on imported cars – with the result that some car manufacturers have raised prices and more increases seem inevitable during 2017.”Retail industry Automotive industry Budget 2017 Inflation Economics news  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/mar/07/retailers-business-rates-high-street-inflation-car-sales'|'2017-03-07T14:01:00.000+02:00'
'e48d0a9f25b172f78e04905b2f854f1a3dae360e'|'OncoCyte says study confirms accuracy of lung cancer blood test'|'Health  09am EST OncoCyte says study confirms accuracy of lung cancer blood test By Bill Berkrot OncoCyte Corp, which is developing diagnostics in the fledgling field of liquid biopsies, said on Monday a 300-patient validation study of its blood test for early detection of lung cancer has confirmed the accuracy reported from a prior trial. OncoCyte said it was preparing for a commercial launch of the test as early as the second half of this year and expects it will be the first product of its kind for lung cancer to reach the market. Liquid biopsies use blood or urine to determine the presence of cancer and can help spare patients from unnecessary invasive biopsies, that are risky, expensive and most often find tested tissue to be benign. With a traditional lung biopsy, a needle is plunged into the lung to remove part of a nodule or suspect tissue for laboratory testing. It can cause serious complications requiring hospitalization, including collapsed lungs, infection and in some cases death. OncoCyte said it would price its test at about 20 percent to 25 percent of the cost of a standard of care lung biopsy, which can run about $15,000. The test is being developed at a time when people at high-risk for lung cancer, such as long-time heavy smokers, are being encouraged to get annual CT scans aimed at catching the deadly disease early, when favorable treatment outcomes are far more likely. Currently, when CT scans reveal suspicious lung nodules larger than about 5 millimeters, the next step is a needle biopsy that could be avoided with a reliable non-invasive test showing the nodule to be benign. OncoCyte said about 1.4 million U.S. patients a year are found to have lung nodules 5mm or larger, making for a sizable market for alternative diagnostics. A previously-reported study of more than 600 patients found the OncoCyte test had a sensitivity of 90 percent and specificity of 62 percent. That means it accurately detected cancer 90 percent of the time, while demonstrating an ability to identify false positives 62 percent of the time. The latter is the key measure that could help spare many patients from unnecessary biopsies and health insurers from paying for avoidable procedures and potential complications. OncoCyte said it believes the data provides a level of accuracy well above what is necessary for a commercially successful test. "If the assay continues to perform at these levels, it could create a significant improvement in the standard of care in lung nodule management," Dr. Anil Vachani, the study''s lead investigator, said in a statement. Vachani, from the University of Pennsylvania, will present details of the latest findings at a medical meeting in late May, the company said. OncoCyte said it was taking steps to have its testing laboratory certified by regulators, after which it must do one more 300-patient confirmatory study to demonstrate tests performed in that lab provide similar accuracy to those done at its research facility. Chief Executive William Annett said he believes that can all be completed this year. (Reporting by Bill Berkrot; Editing by Nick Zieminski) Next In Health News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-oncocyte-lungcancer-idUSKBN16D14W'|'2017-03-06T18:00:00.000+02:00'
'05f4f7b99aec448c2afc1f15841f5f1f8970cbf7'|'ChemChina says Beijing accepted anti-trust application for Syngenta deal'|'BEIJING China National Chemical Corp, or ChemChina, said on Monday that China''s Ministry of Commerce on Feb. 9 accepted its application for anti-trust approval for the proposed $43 billion takeover of Swiss crop protection and seed group Syngenta."We submitted the application and the ministry accepted it," said company spokesman Ren Kan.(Reporting by Chen Aizhu; Editing by Tom Hogue)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-chemchina-syngenta-mofcom-idUSKBN16D102'|'2017-03-06T19:51:00.000+02:00'
'd5a0c2a3e27a544de5b2eedfa40b93805c948313'|'Mining financier Silver Wheaton open to revamped Primero deal'|'Company News  15pm EST Mining financier Silver Wheaton open to revamped Primero deal By Susan Taylor - TORONTO, March 6 TORONTO, March 6 Silver Wheaton would consider changing its financing deal with Primero Mining on the troubled San Dimas mine in Mexico if that would improve the "health of the asset," the mining financier''s chief executive said on Monday. Silver Wheaton, a Vancouver-based company that provides miners with upfront payments, or "streams," in exchange for future production at a discounted, fixed price, counts San Dimas as a key asset. Operations at the mine were suspended in mid-February after workers went on strike over contract changes proposed by the company to return it to profitability. "If there''s a way that we can change the agreement to improve the health of the asset, and we get compensated for fair value, then we''ll explore that," Silver Wheaton CEO Randy Smallwood said in an interview at the Prospectors and Developers Association of Canada conference. He declined to say specifically how the agreement could be restructured. Toronto-based Primero has an agreement to sell Silver Wheaton the first 6 million ounces of silver produced from San Dimas each year, plus half of any excess, at $4.20 per ounce, and an additional 1 percent for inflation. The deal continues to the end of the mine''s life. Bank of Montreal analyst Andrew Kaip said in a recent note that the San Dimas represented some 15 percent of his 2017 revenue forecast for Silver Wheaton. Primero announced a cost-cutting program and strategic review to consider options such as asset sales after it said on Feb. 23 that its chief executive was stepping down. "There''s no doubt that they''ve got some challenges in front of them, but we''re confident that if they sharpen their pencils, they can return to profitability," Smallwood said. "This is an asset that''s profitable, it''s just had some burdens put onto it - some poorly timed investment decisions by Primero and a pretty heavy head office expense." Primero is also engaged in a tax dispute with the Mexican government, arguing that the country''s tax authority is trying to retroactively change an agreement that the company had. Silver Wheaton is also focused on new deals, Smallwood said, as the mining sector transitions back into a growth phase. There are streaming transactions worth some $3 billion to $4 billion up for grabs, Smallwood said, but Silver Wheaton will pursue the more profitable deals worth about $1.5 billion to $2 billion. (Reporting by Susan Taylor; Editing by Paul Simao) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mining-pdac-silver-wheaton-idUSL2N1GI01H'|'2017-03-07T03:15:00.000+02:00'
'36c9c69a33088e9f9f5a4b07c463ab0257440881'|'Muted response to Deutsche Bank''s $8.5 billion cash call, strategic u-turn'|'By Gernot Heller and Georgina Prodhan - BERLIN/FRANKFURT BERLIN/FRANKFURT Deutsche Bank''s ( DBKGn.DE ) request for shareholders to sign an 8 billion euro ($8.5 billion) check to back its new strategy got a lukewarm reception on Monday from investors who want more detail on its plans.Germany''s biggest bank had previously said it would wait until global bank capital rules were finalised before setting out how it intends to turn its business around and chief executive John Cryan had said a cash call was a last resort.But with regulators delaying the Basel III rules and stock indices at record highs, Deutsche opted on Sunday to push ahead with a capital hike while market conditions are favorable as well announcing plans to float part of its asset management unit and reorganize its divisions.While the German government welcomed the move, the fourth such call from the lender for more cash since 2010, it left some investors wondering whether this was the last.It puts Deutsche Bank on course to have raised more than its entire 26 billion euro market value in the past seven years, according to Reuters'' calculations.Deutsche Bank shares, which had fallen by more than 1 percent on Friday on reports it was considering raising fresh capital, fell a further 6 percent on Monday.The bank presented the move as an attempt to put it on a stronger footing, after billions of euros of legal penalties had prompted speculation that it would need a German state bailout.A finance ministry spokesman said that while it generally did not comment on specific banks, stable lenders underpinned by strong capital were in Germany''s best interests."This company won''t be profitable overnight. The revenue must go up and costs down. And the markets have to play along, or else the bank again won''t be able to hit its goals," said one of the bank'' top shareholders, asking not to be named.Deutsche Bank is planning to IPO a minority stake in its asset management business, including its DWS retail asset management, which analysts have said is worth 8 billion euros.In an about-face to its retail banking strategy, the bank scrapped plans to sell Postbank, after failing to sell it at an acceptable price. Instead, it now wants to reintegrate it into its other German retail banking business.Deutsche Bank''s investment banking activities will also revert to a structure it threw out less than two years ago by reuniting its securities trading activities and its corporate finance business.It is also promoting retail head Christian Sewing and finance head Markus Schenck to deputy chief executives who will oversee the revamp alongside Cryan.THE LAST CALL?The combined moves should take Deutsche Bank''s core capital ratio - a key measure for regulators - above 13 percent from 11.9 percent at end-2016, but some questioned if this was it."The question is ... whether the bank will need more yet again in a few years. Until now, none of the restructuring measures have borne fruit," Stefan de Schutter, a trader at Frankfurt-based Alpha, said.Germany''s biggest lender, weighed down by litigation costs and writedowns, has fallen behind Wall Street rivals. It has spent the last 18 months trimming its portfolio, jettisoning unwanted clients and trying to get its technology in shape.The proposed issue of up to 688 million new shares represents a hike of about 50 percent to Deutsche Bank''s current shares in issue.JP Morgan analyst Kian Abouhossein, who rates the lender "neutral", estimated the overall earnings dilution for existing shareholders would be around 11 percent in 2018, taking into account an expected earnings benefit from lower costs."A credible integration of Postbank, further clarity of progress on investment banking restructuring... stabilization of outflows and restoring confidence in wealth and asset management businesses are all issues management would need to address," wrote Morgan Stanley analyst Magdalena Stoklosa.Morgan Stanley does not have a recommendation on the share because it is an underwriter of Deutsche Bank''s rights issue.($1 = 0.9440 euros)(Additional reporting by Alexander Huebner and Andreas Kroener in Frankfurt; Writing by John O''Donnell; Editing by Maria Sheahan and Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-deutsche-bank-capital-idINKBN16D117'|'2017-03-06T14:15:00.000+02:00'
'f1df5d339d217befade0de7190872366715408d5'|'Legal & General posts $2 billion 2016 operating profit, up 11 percent'|' 06am GMT Legal & General posts $2 billion 2016 operating profit, up 11 percent The logo of Legal & General insurance company is seen at their office in central London, Britain, March 17, 2008. REUTERS/Alessia Pierdomenico/File Photo LONDON Insurer Legal & General ( LGEN.L ) posted an 11 percent rise in 2016 adjusted operating profit to 1.63 billion pounds, boosted by a strong performance in its retirement business, it said on Wednesday. Analysts in a company-supplied consensus had forecast an operating profit of 1.62 billion pounds. Its asset management arm Legal & General Investment Management, one of the biggest investors in the UK stock market, saw assets under management rise 20 percent to 894.2 billion pounds, after seeing net inflows of 31.2 billion. Net release from operations, previously described as net cash generation, rose 12 percent to 1.41 billion pounds, L&G said in a trading statement, above a forecast of 1.38 billion. "Our core markets are growing, our market share is increasing, our balance sheet is strong and we have positive cash and earnings momentum," chief executive Nigel Wilson said. Barclays analysts reiterated their "overweight" recommendation on the stock. "L&G can benefit from structural trends in retirement (pensions de-risking), asset management (shift from active to passive) and increased infrastructure spend," they said in a note. L&G said it would pay a total dividend of 14.35 pence, up 7 percent from 2015 and in line with a forecast of 14.36 pence. (Reporting by Carolyn Cohn; Editing by Rachel Armstrong)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-legal-general-results-idUKKBN16F0SW'|'2017-03-08T15:06:00.000+02:00'
'270a6846065915a03df4878d328b526b6dd84627'|'LNG projects must control costs to stay competitive at current prices - JERA'|'Money News - Wed Mar 8, 2017 - 3:51am IST LNG projects must control costs to stay competitive at current prices - JERA FULL COVERAGE: By Osamu Tsukimori - TOKYO TOKYO Global liquefied natural gas (LNG) projects must control their costs to be profitable at current LNG prices to compete against coal and renewable power, the president of the world''s biggest buyer of the fuel told Reuters. Projects should be profitable below $10 per million British thermal units (mmBtu) or the assumption that emerging market demand for LNG will rise could be called into question, said JERA Co President Yuji Kakimi in an interview on Friday drawing from remarks he will give on Wednesday to the CERAWeek conference in Houston. "It is a must to have the industry that can sustain itself at current LNG prices," Kakimi said. JERA is joint venture of Chubu Electric Power ( 9502.T ) and Tokyo Electric Power ( 9501.T ) "Last year''s spot prices ranged from around $5 to $10 per mmBtu, and we have to have projects that are economical even at the low end of those prices." "Otherwise the expected golden age of LNG in the mid 2020s may not come because it is questionable whether developing and emerging nations would significantly increase LNG purchases if the price keeps rising," Kakimi said. Companies struggled to move towards final investment decisions (FID) last year as lower LNG prices combined with rising costs in addressing environmental concerns put a question mark on project viability. Costs for the Gorgon project in Australia that started up in March last year were initially pegged at $37 billion and then ballooned to $54 billion. The Ichthys project slated to begin in the third quarter has experienced a 10 percent rise in costs since FID in January 2012. Natural gas prices have traditionally been higher in Asia because of the lack of a pipeline network so gas has to be liquefied for transport on ships. Producers have typically insisted on long term contracts for expensive projects to convince banks to fund them, along with a link to oil prices. While LNG prices surged in the aftermath of Japan''s Fukushima disaster in 2011, which led to the shutdown of most of the country''s nuclear reactors, a two-year decline in oil prices has pushed the spot price of LNG in Asia down 70 percent from its 2014 highs LNG-AS. JERA has led the way in pushing for changes in contracts that restrict the resale of LNG cargoes and the linkage to oil prices. JERA received Japan''s first LNG cargo derived from U.S. shale gas in January but paid nearly twice as much for fuel as its cheapest imports. Paradoxically, Kakimi says that helped pushed down prices in Asia substantially, as sellers now offer a milder LNG price slope for oil-linked contracts. A milder slope, used to calculate the link between oil and LNG prices, puts a cap on the impact of higher oil to LNG prices. "Conscious of U.S. LNG, the sellers of oil-linked LNG have lowered the slope to crude prices to court customers," he said. "We have achieved big success in significantly lowering Asian LNG prices," he said. "When oil prices rise, will LNG become more expensive? I don''t think such an age will return." (Editing by Aaron Sheldrick and Christian Schmollinger) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/lng-jera-idINKBN16E2VY'|'2017-03-08T05:21:00.000+02:00'
'5b9da3a095d87568809e70b790251c20b7b94381'|'Hyundai Motor redesigns Sonata to reverse falling sales'|' 57am GMT Hyundai Motor redesigns Sonata to reverse falling sales The logo of Hyundai Motor is seen at its dealership in Seoul, South Korea, December 15, 2016. REUTERS/Kim Hong-Ji By Hyunjoo Jin - SEOUL SEOUL South Korea''s Hyundai Motor Co unveiled a redesigned Sonata on Wednesday, aiming to reverse a fall in sales of a model struggling to stand out in a shrinking saloon segment. Hyundai Motor has adopted a sporty look for the revamped car to regain ground lost to rival models such as Renault SA''s SM6 in South Korea, where the market-leader''s share fell to a record low last year. The new Sonata will also take on Toyota Motor Corp''s remodelled Camry in the United States, where mainstay saloons have been losing favour to petrol-guzzling sport utility vehicles as fuel costs fall because of low oil prices. Hyundai Motor said it aims to increase domestic sales by 12 percent to 92,000 Sonata cars this year, domestic sales chief Lee Kwang-guk told reporters. The Sonata is Hyundai Motor''s second-biggest selling model after its Elantra in South Korea as well as the United States, and one of its top sellers in China. The stylish design and affordable price of the previous-generation Sonata, launched in 2009, propelled Hyundai Motor to its biggest-ever share of the U.S. market, and helped it escape an industry-wide downturn largely unscathed. But its curvy styling received mixed reviews in the conservative home market of South Korea, prompting the automaker to tone it down in 2014. With the latest version, Hyundai Motor has changed the sheet metal in an unusual move for a non-generational update. It has also given it a more sporty look with a curvy hood and a bigger grille. Lee said Hyundai Motor''s next-generation Sonata will take design cues from this redesigned version. Hyundai Motor is working on next generation cars with "a different flair" for marketing from 2019, Luc Donckerwolke, senior vice president for design, previously told Reuters. (Reporting by Hyunjoo Jin; Editing by Christopher Cushing)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hyundai-motor-sonata-idUKKBN16F0DZ'|'2017-03-08T10:57:00.000+02:00'
'3e8464fdc58b9e69104a9c1263b597e824a00874'|'Greek economy shrinks 1.2 percent q/q in fourth quarter, more than estimated'|' 52am GMT Greek economy slumps in fourth quarter, hurt by net exports People shop on a main market street in central Athens, Greece, February 21. 2017. REUTERS/Alkis Konstantinidis By George Georgiopoulos - ATHENS ATHENS Greece''s economy contracted from October to December after two straight quarters of growth, statistics service (ELSTAT) said on Monday, with its performance in the last quarter of 2016 turning out worse than projected in February. The seasonally adjusted, revised data showed a 1.2 percent decline in economic output in the fourth quarter, a worse performance than a 0.4 percent slump projected in February''s flash estimates. Facing a bailout review entailing a liberalisation of labour laws, Athens is keen to show that taxation and pension cuts that came with last year''s 86-billion-euro aid deal will bear fruit and lead to recovery this year. Earlier, Prime Minister Alexis Tsipras told a cabinet meeting the economy was turning a page, poised to show ''exceptionally high'' rates of growth this year. Recovery will be key to bring down an unemployment rate of nearly 23 percent, the highest in the euro zone, and attain a projected primary budget surplus of 1.75 percent - excluding debt servicing outlays - demanded by Greece''s creditors. The data showed the 175 billion euro economy shrank at an annual 1.1 percent pace in the fourth quarter versus earlier projections of 0.3 percent growth. The EU and the IMF expect the economy to rebound by 2.7 percent this year, while the Bank of Greece projects it will expand by 2.5 percent, provided the second bailout review, which has dragged on for months, is concluded soon. "The data revision points to a full-year 2016 real GDP growth of -0.1 percent versus a 0.3 percent expansion suggested by the previous flash estimates," Eurobank economist Platon Monokroussos said. Looking at the components of gross domestic product, the main drivers behind the decline in economic output were weaker public consumption and a negative contribution from net exports. Consumption fell 1.1 percent compared to the third quarter, with imports rising by 4.5 percent while exports declined 1.4 percent. Gross capital formation rose 1.8 percent from the previous quarter. "Private consumption remained on a positive trajectory for the third consecutive quarter, despite the tax burden," Monokroussos   George Georgiopoulos) UK   on Monday with banking   an 8 billion-euro (6.9 billion-pound) cash call as part of a major reorganisation.  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-greece-economy-gdp-idUKKBN16D11P'|'2017-03-06T17:26:00.000+02:00'
'9215eac1c9f08db6e70ee06c7774095ac746fddb'|'PSA agrees to buy Opel in deal valuing GM unit at 2.2 billion euros'|'Deals - Americas  30pm IST PSA agrees to buy Opel in deal valuing GM unit at 2.2 billion euros FULL COVERAGE: INDIA ELECTIONS 2017 FILE PHOTO: A combination picture shows the logos of Opel and Peugeot car manufacturers at dealerships of the brands in Strasbourg, France, February 14, 2017. REUTERS/Vincent Kessler/File Photo PARIS PSA Group ( PEUP.PA ) has agreed to buy European rival Opel from General Motors ( GM.N ) in a deal valuing the business at 2.2 billion euros ($2.3 billion), the companies said on Monday, creating a new regional car giant to challenge market leader Volkswagen ( VOWG_p.DE ). The maker of Peugeot and Citroen cars pledged to achieve 1.7 billion euros in cost savings from the acquisition by 2026 and lift the Opel business and its UK Vauxhall brand to a 6 percent operating margin in the same period. (Reporting by Laurence Frost; Editing by Sudip Kar-Gupta) Next In Deals - Americas'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-opel-m-a-psa-idINKBN16D0J1'|'2017-03-06T13:52:00.000+02:00'
'ee1c5adaddf12cdb44d092f3f035cebd8d659016'|'China posts first monthly trade deficit in 3 years as imports soar'|'Economic News - Wed Mar 8, 2017 - 12:59pm IST China posts first monthly trade deficit in 3 years as imports soar FULL COVERAGE: INDIA ELECTIONS 2017 FILE PHOTO: A container area is seen at the Yangshan Deep Water Port, part of the newly announced Shanghai Free Trade Zone, south of Shanghai September 26, 2013. REUTERS/Carlos Barria/File Photo BEIJING China posted its first monthly trade deficit in three years in February as imports surged at their fastest pace since early 2012, driven by its strong demand for commodities from iron ore to crude oil and coal. China''s February exports unexpectedly fell 1.3 percent from a year earlier, but imports expanded 38.1 percent, well above economists'' forecasts, customs data showed on Wednesday. That left the country with a trade deficit of $9.15 billion for the month, the General Administration of Customs said. But China watchers have cautioned that trends in January and February can be distorted by the long Lunar New Year holidays, with business slowing down weeks ahead of time and many firms scaling back operations or closing. The holiday began in late January this year and in February last year. China''s exports for January and February combined rose 4.0 percent from the same period last year, while imports surged 26.4 percent, suggesting there has been solid improvement in demand at home and abroad despite any holiday distortions. Analysts polled by Reuters had expected February exports from the world''s largest exporter to have risen 12.3 percent, an improvement from a 7.9 percent rise in January. Imports had been expected to rise 20 percent, after growing 16.7 percent in January. Analysts had expected China''s trade surplus to fall to $25.75 billion in February, versus January''s $51.35 billion, with growing attention on its large trade advantage with the United States as new U.S. President Donald Trump ramps up his protectionist rhetoric. (Reporting by Sue-Lin Wong; Editing by Kim Coghill) Next In Economic News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-economy-trade-idINKBN16F0PZ'|'2017-03-08T14:29:00.000+02:00'
'9668408f140a14f9802eedafbd6282b8ba3b7d0c'|'G20 draft no longer rejects protectionism or competitive devaluations'|'Business News  42am EST G20 draft no longer rejects protectionism or competitive devaluations FILE PHOTO: Flags of G20 countries are seen outside the G20 venue before the start of the G20 Summit of major world economies in Cannes November 3, 2011. REUTERS/Dylan Martinez BRUSSELS The world''s financial leaders may no longer explicitly reject protectionism or competitive devaluations of currencies, a draft communique of their meeting next week showed, promising only to keep an open and fair international trading system. Finance ministers and central bank governors from the world''s 20 largest developed and developing economies will meet on March 17-18 in the German town of Baden Baden to discuss the world economy. It will be the first meeting of G20 finance ministers attended by the new U.S. administration of President Donald Trump, who has more protectionist policy views on trade. The changes to the draft communique, which will still be worked on before publication on March 18, seem to accommodate the new U.S. position. The draft drops the phrase adopted by G20 finance ministers last year to "resist all forms of protectionism". It also no longer contains the sentence, used in previous G20 statements to "refrain from competitive devaluations" and to "target our exchange rates for competitive purposes." Instead, it says: "We will maintain an open and fair international trading system" and "We reaffirm our previous exchange rate commitments." For years, previous G20 communiques included a phrase that "excess volatility and disorderly movements in exchange rates can have adverse implications for economic and financial stability. We will consult closely on exchange markets." This sentence is now also missing. (Reporting By Jan Strupczewski; editing by Philip Blenkinsop) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-g20-draft-idUSKBN16E1W4'|'2017-03-07T21:42:00.000+02:00'
'09a9ddb0584c6afd0bd98dea2f531581e5c8c2d7'|'UPDATE 1-UK bank Shawbrook rejects improved $1 bln buyout proposal'|'(Adds details, background, results)March 7 British bank Shawbrook Group Plc said on Tuesday it had rejected an improved proposal be bought by two private equity firms for 825 million pounds ($1 billion).Shawbrook''s largest shareholder, Pollen Street Capital, together with BC Partners, have offered to buy Shawbrook for 330 pence per ordinary share in cash and allow shareholders to keep a final dividend of not more than 3 pence per share.The proposal, disclosed on Friday, is 22 percent above Shawbrook''s closing share price on Thursday.Shawbrook said on Tuesday it had rejected a 307 pence per share offer in January from the consortium but engaged in talks with the two private equity firms about a revised proposal."Taking into account the terms of the revised proposal, the confidence the board has in Shawbrook''s strategy and plan and the feedback from Shawbrook''s major institutional shareholders, the board has concluded that it is not willing to recommend the consortium''s revised proposal," Shawbrook said in a statement.Shawbrook is one of a number of so-called challenger banks in Britain that aim to break into a market dominated by traditional players such as HSBC, Lloyds, Barclays and RBS.However, bankers have said such groups are ripe for takeovers as low interest rates has squeezed earnings and the pound''s fall has made them cheaper for foreign buyers.Shawbrook reported on Tuesday a 14.1 percent rise in full-year underlying pretax profit to 91.4 million pounds, compared with a year earlier.The bank''s loans and advances to customers rose 22 percent to 4.05 billion pounds.($1 = 0.8183 pounds) (Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/shawbrook-group-ma-idINL5N1GK18J'|'2017-03-07T04:39:00.000+02:00'
'e240aa9da75c10a44f9b71f608fab77bca924aa9'|'UPDATE 1-PwC blames Corzine for MF Global demise as trial starts'|'Company  02pm EST UPDATE 1-PwC blames Corzine for MF Global demise as trial starts * MF Global administrator seeks $3 billion in damages * Former N.J. governor called "mastermind" of failed strategy (Adds details from opening statements, testimony by first witness) By Jonathan Stempel NEW YORK, March 7 PricewaterhouseCoopers LLP pinned blame for MF Global Holdings Ltd''s collapse squarely on the commodity brokerage and its former chief executive, Jon Corzine, as a trial over the auditor''s own responsibility got under way on Tuesday. Jurors in Manhattan federal court are considering whether PwC should pay roughly $3 billion of damages for its alleged negligence in causing MF Global''s October 2011 bankruptcy. MF Global''s bankruptcy plan administrator blamed the collapse on PwC''s "egregious" accounting advice on Corzine''s risky $6.3 billion European sovereign debt wager, and on so-called deferred tax assets. But PwC said the administrator is trying simply to pass blame for decisions by Corzine, the former New Jersey governor and senator and Goldman Sachs co-chairman, and the brokerage''s own accountants. "MF Global was a sophisticated financial company," and "Mr. Corzine was the mastermind and the driver" behind the European debt strategy, James Cusick, a lawyer representing PwC, told a standing-room-only courtroom in his opening statement. "Pricewaterhouse did not commit negligence," and "is not at all to blame, not one bit, for the bankruptcy," he added. Daniel Fetterman, a lawyer representing the administrator, told jurors that PwC''s failures led to a "crisis of confidence" for investors and counterparties, who fled MF Global upon learning its true financial condition. "PwC had a job, one job," Fetterman said. "It was a job to properly audit MF Global''s financial statements. PwC botched its job. It failed." MF Global plunged into Chapter 11 in less than a week, battered by news about the European debt, an unexpected large quarterly loss, credit rating downgrades and margin calls. A resulting panic caused an estimated $1.6 billion shortfall in customer funds that were supposed to remain segregated. That money was later recovered. The expected five-week trial is the last major piece of litigation to recover money for MF Global creditors. PwC in April 2015 reached a separate $65 million settlement with MF Global investors, but denied wrongdoing. Corzine has not been accused of intentional misconduct, but in January reached a $5 million civil settlement with the U.S. Commodity Futures Trading Commission. He is expected to testify. Lynn Turner, a former chief accountant at the U.S. Securities and Exchange Commission and the administrator''s first witness, testified that PwC made an "incorrect certification" of MF Global''s financials by treating the European debt and tax matters improperly. "Did PwC do their job?" Steven Thomas, a lawyer for the administrator, asked him. "No, I don''t believe so," Turner answered. The case is MF Global Holdings Ltd as Plan Administrator v PricewaterhouseCoopers LLP, U.S. District Court, Southern District of New York, No. 14-02197. (Reporting by Jonathan Stempel in New York; editing by Cynthia Osterman) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mfglobal-pricewaterhouse-idUSL2N1GK1DX'|'2017-03-08T02:02:00.000+02:00'
'f8bed3a4f70f4574cd28de7a22ee917e534da08a'|'Tariff-free Brexit ''really important'' for Ford''s UK jobs'|'Business News - Tue Mar 7, 2017 - 2:50am EST Tariff-free Brexit ''really important'' for Ford''s UK jobs Jim Farley, executive vice president and president of Ford EMEA poses next to the new Ford Vignale car at the 86th International Motor Show in Geneva, Switzerland, March 1, 2016. REUTERS/Denis Balibouse By Costas Pitas - GENEVA GENEVA Tariff-free trade after Brexit is vitally important to maintaining jobs at Ford''s ( F.N ) British sites, its European boss told Reuters on Tuesday, amid growing concerns among unions about jobs losses at the U.S. carmaker''s Welsh engine plant. Ford, Britain''s biggest automotive engine builder, said last year it was scaling back investment at the plant in Bridgend due to lower than anticipated demand for one of its petrol engines. Last week, unions said Ford planned to ax 1,100 jobs at the site despite the U.S. carmaker saying there were no immediate plans for cuts. Ford has denied Britain''s decision to leave the European Union is a factor in the scaled back investment, but unions say uncertainty over the future trading relationship with the EU is harming the country''s car industry. Ford of Europe president Jim Farley told Reuters barrier-free trade was essential to protecting the firm''s more than 14,000 British workers. "For the future of those employees and for customers in the UK, a zero-tariff environment is really, really important," he said during an interview at the Geneva motor show. "We will continue to insist that a zero-tariff environment is key for the future of those employees at Ford." Ford''s British-built engines could face tariffs of up to 2.7 percent, while vehicle imports could be hit by tariffs of up to 10 percent if Britain were to return to World Trade Organization trading rules. (Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-autoshow-geneva-ford-britain-idUSKBN16E0QW'|'2017-03-07T14:50:00.000+02:00'
'aec394ad717560985fa6fd86b7059507696d9dae'|'UPDATE 1-Portugal sees Novo Banco sale process concluded in weeks'|'(Updates with more Quote: s, details)LISBON, March 7 The sale of Portugal''s Novo Banco should be concluded in coming weeks after exclusive negotiations with U.S. private equity firm Lone Star, Finance Minister Mario Centeno said on Tuesday.Portugal has agreed with European authorities to sell Novo Banco, which was carved out of Banco Espirito Santo after its 2014 collapse, by August."The expectation that exists is that this process runs its course in coming weeks," Centeno told journalists when asked if the sale would be concluded on March 17. "This is a natural process which will be concluded in coming weeks."Newspaper Publico reported on Tuesday that the sale of Novo Banco now only depended on the approval of the European Central Bank and that a final agreement was likely on March 17.But Centeno said negotiations do not include the ECB alone and that "other actors are also relevant at this point in the process".The Bank of Portugal started a final round of negotiations with Lone Star last month to flesh out the terms of the potential sale of Novo Banco, which received an injection of 3.9 billion euros in public funds in 2014.The first attempt to sell failed in 2015 after the state considered bids too low.Centeno said "the conclusion of this negotiating process is extremely important for the country and its financial system."The government had previously said Lone Star had set conditions on its bid which could have an impact on public accounts, which the state was seeking to minimise through further talks. (Reporting by Sergio Goncalves; Writing by Axel Bugge; Editing by Catherine Evans)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/portugal-novobanco-idINL5N1GK39T'|'2017-03-07T10:05:00.000+02:00'
'017b2c5f2c8980bfe76249e387a28cdee2c75e35'|'Salt to test bondholder discipline with aggressive recap'|'* Swiss mobile owner seeks large dividend* Bondholders asked to relax key covenants* Fee structure creates added uncertaintyBy Robert SmithLONDON, March 7 (IFR) - Salt is asking bondholders to temporarily loosen covenants to allow it to pay a SFr500m dividend to the Swiss mobile operator''s owner, providing a fresh test of high-yield market discipline.So-called "divi recaps" often prove controversial with investors and are typically seen as a symptom of a hot credit market.Bond buyers successfully pushed back against a €500m payment-in-kind bond to fund a dividend at Verallia in October, for example, but then allowed a smaller €350m recut version of the deal to pass last month.Salt''s dividend deal is not only larger than Verallia''s but also more aggressive, as it requires bondholders to suspend crucial protections."We''re in a market at the moment where future mistakes are being financed," said one high-yield bond investor. "The Swiss mobile market fundamentals don''t appear to support this sort of deal - and this is not a small dividend we are talking about."French telecoms entrepreneur Xavier Niel acquired the company through his NJJ Capital investment vehicle in 2015, rebranding the business as Salt from its previous name Orange Switzerland.Niel is now looking to pull off the dividend recapitalisation, planning to raise additional senior secured and unsecured debt at Salt to fund a SFr500m payment to NJJ Capital. This will leverage up the company significantly, taking it from 3.8x to 5.0x net debt to Ebitda.NJJ is arguing that the dividend is justified because it has boosted free cashflow substantially since taking over Salt.WILDLY INAPPROPRIATEThe size of Salt''s planned dividend and additional leverage from the debt raise would breach covenants on its existing bonds, so the company is offering to pay bondholders to temporarily reset these thresholds wider.But a second investor described this consent solicitation as Salt "trying to have their cake and eat it too"."It''s absurd," he said. "Covenants are there for a reason. This is a real test of the market."Salt is asking bondholders to increase its restricted payments capacity, to remove limits on cash the owners can strip and allow for the SFr500m dividend by the end of the year.It is similarly looking to loosen debt incurrence covenants to allow the company to increase consolidated net leverage as high as 5.25x until August 11.Covenant Review said that the changes to the restricted payments covenant were "poorly drafted in a way that could create far more dividend capacity than is initially apparent", in a report published on Monday.On top of this, the credit research firm flagged an alteration to the incurrence covenants that could allow use of a carve-out to make future debt-funded dividends, without making accompanying pro forma changes to the leverage ratio."This is wildly inappropriate, and this pro forma trick should be rejected," Covenant Review''s report said.RUBBING SALT IN THE WOUNDWhile Xavier Niel''s company is paying investors that accept these changes, bondholders do not know how much cash they are actually going to get until after the deal is done.This is because Salt is using an unusual, but not unprecedented, fee structure that splits a set amount of cash between however many people consent to the changes.This means that if the consent solicitation gets the minimum required "50% plus one" approval, senior secured and unsecured bondholders get 3% and 4% fees, respectively. But if all bondholders agree, these fees would be effectively halved.This technique is used to make it more difficult for bondholders to form a group to block the deal, as an investor that breaks ranks to help the consent solicitation just scrape over the line would be rewarded handsomely.The second investor said the fact the three different senior secured bonds will vote as one class would make it even more difficult to block. This is particularly true as Salt is undertaking a tender offer for its €265m senior secured FRN but requiring that these bondholders also agree to the consent solicitation.High-yield bond issuers have increasingly exploited poorly drafted voting mechanics that allow for multiple bonds to be counted as one class of notes. Notably, Virgin Media launched an exchange on sterling notes last month that will also impose covenant changes on dollar bondholders.Covenant Review said that investors should "reject the aggressive consent solicitation" and demand a higher fee."Without the proposed amendments, the issuers would need to refinance the notes with new bonds containing looser covenants in order for the dividend to be permitted," their report said."Therefore, the consent fee for the proposed amendments should be equal to the call premium that would be required to redeem the notes."The tender offer and consent solicitation expires at 4:00pm London time on Thursday. Goldman Sachs, Credit Suisse and Societe Generale are running the liability management exercise.A spokesman for Salt declined to comment. (Reporting by Robert Smith, editing by Helene Durand)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/salt-bonds-idINL5N1GJ356'|'2017-03-07T08:50:00.000+02:00'
'a3553683421b5a8788f06e1894647b8025b1062b'|'Castles – in pictures - Money'|'Castles – in pictures   View more sharing options Share   Close Whether you’re a beauty or a beast (yes, we’re doing a film-themed gallery), perhaps there’s a castle out there where you could be more than a guestAnna Tims Wednesday 8 March 2017 07.00 GMT Home: Netley Castle, Southampton Depending on your facility with a Hoover it might be a relief that you only get a segment of this Tudor castle. Elizabeth I and Charles I will not have wandered your tower rooms when they visited, for the towers and castellations were added by the Victorians, but there is a whiff of regal antiquity in the banqueting hall that residents can book for functions. There are four bedrooms in this duplex, and a dining room and upper conservatory with views over Southampton Water. Three acres of communal gardens stretch to the shore. Cost: £945,000. Savills , 01962 841842 Facebook Twitter Pinterest Home: Thurland Castle, Tunstall, Lincolnshire The vaulted chapel, dramatically beamed and trussed, forms one of four double bedrooms. Although £895,000 buys only a seventh of this 14th-century castle, it incorporates aristocratic essentials such as a wine cellar, billiard room and a terrace overlooking moated gardens. The rooms have been embellished by an interior designer and are wired for sound. Since you’re paying dearly for a historical pedigree you’ll want that authentic ambience, so gas-flamed torches flank the arched entrance at the top of the tree-lined drive. On the Market , 015242 32986 Facebook Twitter Pinterest Home: Craigcrook Castle, Edinburgh Previously owned by a succession of distinguished writers and publishers, the castle has hosted Sir Walter Scott, Lord Tennyson and many other great names of 19th-century literature. It’s the first time in 300 years it’s been on the market, and if £6m seems a bit steep it’s because you get the whole lot: six bedrooms, panelled reception rooms and four acres with views to the Firth of Forth. You’ll need to set some of your fortune aside because it’s been commercial premises for years and needs cosmetic salvaging. Sothebys International Realty , 01932 860537 Facebook Twitter Pinterest Away: Siena, Italy This 12th-century castle earns its keep from forestry, a hunting ground and wine-making. Renovated guest quarters accommodate members of the public who pay to shoot your deer and boar, and there’s a farmhouse and two glamorously restored villas on the estate, but the castle itself needs rescuing should you want to lord it over the 5,000 lush acres from there. If you’ve got the £30m to buy the estate, a few more million to do it up should be neither here nor there. Sothebys International Realty , 00 39 55 0751888 Facebook Twitter Pinterest Away: Chateau Queyras, Hautes-Alpes, France Most enchanted beasts would feel at home in this fantastical fortress, the turrets of which mirror the Alpine peaks around it. Built in the 13th century, it protected the inhabitants from its rocky crag, and a drawbridge is still the way in today. The owners choose to live conventionally in a four-bedroom house within the old walls and open the warren of barracks, arms depots, state rooms and chapel to the public for voyeurism and weddings. Hamptons International , 020 3151 7275 Facebook Twitter Pinterest Property Home and away Buying property abroad'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/gallery/2017/mar/08/castles-in-pictures-beauty-beast'|'2017-03-08T14:00:00.000+02:00'
'9a77b2acbe4748705d6763a4394538728391ba38'|'Aberdeen CEO says Standard Life deal will lead to some job losses'|'Company  35am EST Aberdeen CEO says Standard Life deal will lead to some job losses LONDON, March 6 The 11 billion pound ($13.5 billion) merger between Standard Life and Aberdeen Asset Management will lead to some job losses but not the 1,000 figure that has been cited in media reports, the Aberdeen CEO said on Monday. The two firms set out the terms of their proposed deal on Monday, saying they expected to be able to save up to 200 million pounds in costs. "There will be some job losses where there is overlap," Martin Gilbert told BBC Radio. Asked if the number could be as high as 1,000, he said: "I don''t know where that figure has come from, that is way, way exaggerated." "This is not about saving money, this is about complementary businesses hoping to grow their revenues." ($1 = 0.8148 pounds) (Reporting by Kate Holton; editing by Guy Faulconbridge) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/standard-life-ma-aberdeen-asset-jobs-idUSL9N1FK00S'|'2017-03-06T14:35:00.000+02:00'
'9aa60cef122ecfc6d1be4b71b92dee5446d7c5db'|'Funds expect Saudi Aramco to be valued around $1-1.5 trillion -survey'|' 02am EST   Oil tanks seen at the Saudi Aramco headquarters during a media tour at Damam city November 11, 2007. REUTERS/ Ali Jarekji/File Photo By Celine Aswad and Andrew Torchia - DUBAI   The valuation of Aramco IPO-ARMO.SE, the world''s biggest oil firm, has been the focus of intense speculation since the Saudi government last year announced plans to sell up to 5 percent of it and list the shares in Riyadh and at least one foreign stock exchange. Deputy Crown Prince Mohammed bin Salman, who oversees the kingdom''s economic policy, has said the sale is expected to value Aramco at $2 trillion or more, making it by the far the world''s largest initial public offer. The EFG Hermes survey, conducted at an investment conference organized by the bank in Dubai, found 39 percent of respondents predicted the market would value Aramco at between $1 trillion and $1.5 trillion. Thirty-six percent expect a valuation below $1 trillion, and 24 percent a figure above $1.5 trillion, the bank said. EFG Hermes said it polled 510 international fund managers and investors from 260 institutions at the conference, as well as 147 other companies. It did not say how many of them had replied to the question on Aramco. The company''s ultimate valuation will depend on decisions that are expected to be made by Saudi authorities in coming months, including the tax rate that Aramco will pay as a public company, and the portion of Aramco''s huge and diverse array of assets that is included in the listed entity. Saudi officials have given no concrete indication of how they will decide these questions, so any estimate of Aramco''s value remains tentative. The EFG Hermes survey suggests a higher valuation than some estimates by private analysts. Last year Foreign Reports, a Washington-based oil industry consultancy, calculated Aramco could have a market value of $250-460 billion, excluding the value of refining assets and guaranteed access to oil and gas. Aramco''s valuation is important for Saudi Arabia because it will determine how much money the government makes from the IPO and the size of foreign fund flows that are expected to enter the country to buy the shares. The huge IPO looks likely to strengthen the case for Saudi Arabia to join the emerging markets indexes of international index compilers such as MSCI, a step which could attract tens of billions of dollars of fresh foreign money to the kingdom. The EFG Hermes survey found 16 percent of respondents expected Saudi Arabia to join MSCI''s emerging markets index next year, 34 percent in 2019, 22 percent in 2020 and 27 percent at a later date. (Editing by Louise Heavens) China''s  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-saudi-aramco-ipo-value-idUSKBN16D14Y'|'2017-03-06T17:58:00.000+02:00'
'0d3ab62d6cb49049514d9e5ebfe4686b16e89af0'|'Citigroup sees 10 pct-plus rise in quarterly markets revenue'|'Business News - Tue Mar 7, 2017 - 1:02pm EST Citigroup sees 10 percent-plus rise in quarterly markets revenue FILE PHOTO - People walk beneath a Citibank branch logo in the financial district of San Francisco, California, U.S. on July 17, 2009. REUTERS/Robert Galbraith NEW YORK Citigroup expects first-quarter trading revenue will be up by a "low double-digit" percentage from a year earlier, Chief Financial Officer John Gerspach said on Tuesday. Gerspach, speaking at an investor conference, said markets revenue is "doing well" in both fixed income and equity trading. The company plans to report results for the quarter ending this month on April 13. (Reporting by David Henry in New York; Editing by Chizu Nomiyama) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-citigroup-markets-idUSKBN16E2FB'|'2017-03-08T00:54:00.000+02:00'
'72ae50f380dacb9bbbc2c71402a4bf912fe58b44'|'PRESS DIGEST - Wall Street Journal - March 7'|'March 7 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- Exxon Mobil Corp plans to spend about $20 billion on refineries, petrochemical plants and other projects in and around the Gulf of Mexico, Chief Executive Darren Woods said, underscoring how the giants of the global energy industry are turning to America. on.wsj.com/2mvQWGd- RadioShack''s owner is preparing to seek bankruptcy protection for the second time in as many years, according to people familiar with the matter, as the 1,500-store chain looks to further shrink to survive. on.wsj.com/2mvUVT2- South Korean prosecutors provided their most detailed account yet of bribery charges against Samsung Electronics Co Ltd''s de facto leader, Lee Jae-yong, after months-long investigation into a corruption scandal that has shaken the country''s corporate and political elite. on.wsj.com/2mvXEMi- International Business Machines Corp and Salesforce.com Inc agreed to mingle their artificial-intelligence technologies in a bid to boost sales of data-analytics offerings. on.wsj.com/2mvNoDA- After a boardroom battle that lasted less than two months, a rookie activist investor has upended management of CSX Corp., installing a 72-year-old industry maverick as chief executive with a mandate to slash costs and revamp one of the country''s biggest railways. on.wsj.com/2mvQibK- Argentina''s government said it plans to allow the first budget airline to begin flying in the country, opening up one of the biggest untapped domestic airline markets to increased competition. on.wsj.com/2mvPinT- Chobani Inc is shaking up its top ranks, bringing in a Nestlé SA veteran to be its second highest executive and adding traditional industry experience to the fast growing Greek-yogurt brand. on.wsj.com/2mvJWsI (Compiled by Subrat Patnaik in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-wsj-idINL3N1GK2IU'|'2017-03-07T03:36:00.000+02:00'
'afce8cc2d829599281a370a60da96bed2219e8e0'|'Factbox: Details of GM''s sale of Opel to PSA'|'DETROIT France''s PSA Group ( PEUP.PA ) said on Monday it agreed to buy Opel and its British Vauxhall brand from General Motors ( GM.N ) in a deal valuing the business at 2.2 billion euros ($2.3 billion).Below is a summary of some details of the transaction, which is expected to close in 2017:- GM will receive 1.32 billion euros for the Opel manufacturing business in the form of 650 million euros in cash and 670 million in PSA share warrants.- PSA and BNP Paribas ( BNPP.PA ) will pay 900 million euros for Opel''s financing arm, to be operated jointly and consolidated by the French bank.- PSA says it will return Opel and its British Vauxhall brand to profit, with an operating margin of 2 percent within three years and 6 percent by 2026.- PSA says profit can be achieved in part through 1.7 billion euros in joint cost savings. In a client note, Barclays equity research analysts said this was below the 2 billion euros in savings targeted by GM and Opel in 2012.- The Opel sale cuts GM''s cash balance requirement by $2 billion, allowing it to accelerate share repurchases.- GM will record a special, non-cash charge of $4 billion to $4.5 billion.- GM will retain $6.5 billion in underfunded pensions at Opel.- The U.S. automaker will also issue $3 billion in debt toward covering some $3.2 billion in underfunded pensions that will be transferred to the German government.- GM says that without Opel, its adjusted earnings per share in 2016 would have been $6.40, versus its reported total of $6.12. The company''s adjusted margin would have been 8.6 percent, versus the 7.5 percent the Detroit-based company reported.- Opel has six assembly plants, five component plants and around 40,000 employees.($1 = 0.9432 euros)(Reporting By Nick Carey; Editing by Meredith Mazzilli)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-opel-m-a-psa-details-factbox-idUSKBN16D1QP'|'2017-03-06T18:00:00.000+02:00'
'ff697bfc543b43357806526c0867fea0ace58d20'|'Abu Dhabi''s Mubadala sells part stake in AMD for $613 mln - Reuters'|'ABU DHABI, March 5 Abu Dhabi investment fund Mubadala Development Co sold nearly a third of its stake in Advanced Micro Devices, booking a tiny gain on its investments in the micro chip maker.Mubadala sold 45 million shares in AMD for around $613 million while retaining 97 million shares in the company.Mubadala paid $608 million in November 2007 when it bought the shares, according to the company''s statement at the time."In line with our strategy as a long-term investor, from time to time we will monetise assets that have significantly increased in value," Mubadala spokesman Brian Lott told Reuters on Sunday.Mubadala, which has stakes in General Electric and private equity firm Carlyle, among others, was formally merged with another Abu Dhabi investment fund, International Petroleum Investment Co (IPIC) in January..The merger of the two created a firm with assets totalling about $125 billion based on valuations at the end of 2015. (Reporting by Stanley Carvalho; Editing by Jacqueline Wong)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mubadala-amd-idINL5N1GI050'|'2017-03-05T05:12:00.000+02:00'
'0e49c80ed68908381156de64e52ea7d91dc8bb4e'|'BHP hunts for oilfield stakes to cash in on market rebalance'|' 46am GMT BHP hunts for oilfield stakes to cash in on market rebalance FILE PHOTO: A logo for mining company BHP Billiton is seen outside the Perth Convention Centre during their annual general meeting in Perth, Australia, November 19, 2015. REUTERS/David Gray/File Photo MELBOURNE BHP Billiton ( BHP.AX )( BLT.L ), fresh from signing a joint venture to develop an oilfield off Mexico, remains on the lookout for more oil assets, as it is more bullish on oil than gas over the next few years, its petroleum chief said on Wednesday. The global miner, which also has a large petroleum business, has long flagged that copper and oil are its two main targets for growth over the next few years, as it sees potential supply shortfalls emerging for those commodities. BHP agrees with the International Energy Agency''s outlook, released this week, which warned that world oil demand may outstrip supply after 2020 following a sharp decline in investment in new production. "We expect and we''re seeing that oil markets in 2017 are really already coming back into balance for the first time in nearly three years," said Steve Pastor, President Operations, Petroleum for BHP Billiton, told reporters on a conference call after speaking at the CERAWeek energy conference in Houston. "And as we look ahead to the 2020s we see compelling market fundamentals," he said. That is based on a view that demand will grow around 1 percent a year while production will decline between 3 percent and 4 percent a year as fields are depleted. BHP is focused on the $9 billion (7.4 billion pounds) Mad Dog phase 2 oil development in the deepwater Gulf of Mexico, drilling the Trion prospect with state-owned Petroleos Mexicanos in their side of the Gulf, and exploring off Trinidad and Tobago, while looking for more high quality oil assets, he said. "We always are open to and looking at acquisition opportunities," Pastor said. "Quite frankly, we''re a bit more bullish on oil based on the fundamentals that I described, and we would like to add oil proportionately into the portfolio." He all but ruled out acquiring any assets in Southeast Asia, where companies like Chevron ( CVX.N ) are looking to sell or give up assets in Indonesia and Thailand and Malaysia''s Petronas is aiming to sell a large stake in a gas block off Sarawak state. "Quite frankly, in Southeast Asia, where we''ve played in the past, the prospects, the potential we see there is not a great strategic fit for us at this time," Pastor said. (Reporting by Sonali Paul; Editing by Christian Schmollinger)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bhp-billiton-oil-idUKKBN16F0DB'|'2017-03-08T10:46:00.000+02:00'
'57686aacda7644a8f6de8580ca0c29a316b90319'|'German court names lead plaintiff in VW diesel test case'|'  12:53pm GMT German court names lead plaintiff in VW diesel test case The Volkswagen logo is seen at the company''s display during the North American International Auto Show in Detroit, Michigan, U.S., January 10, 2017. REUTERS/Mark Blinch FRANKFURT A German court named Frankfurt-based Deka Investment on Wednesday as lead plaintiff for 1,470 damages claims against Volkswagen ( VOWG_p.DE ) totalling 1.9 billion euros (1.65 billion pounds). The plaintiffs say they lost money on a drop of almost a quarter in Volkswagen''s share price when it admitted cheating U.S. diesel-emissions tests in September 2015. They say Volkswagen should have warned the market earlier of the risk. The claims represent just a fifth in value of the investor cases pending at the Braunschweig higher regional court and a small fraction of the legal headaches that Volkswagen faces worldwide from investors, consumers and regulators. The claims are being gathered in Germany''s closest equivalent to a class-action case, in which one case is picked as representative and the outcome applied to all the others. In all, around 1,540 investor cases are pending at the court with a total claims volume of 8.8 billion euros. A court spokesman said most of the other claims were from foreign institutional investors. Other existing plaintiffs can apply to join the test case proceedings for the next six months but new plaintiffs cannot come forward to join. The court said it would set a date for a first hearing within the next three months. ($1 = 0.9473 euros) (Reporting by Sabine Wollrab; Writing by Georgina Prodhan; Editing by Keith Weir)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-volkswagen-emissions-court-idUKKBN16F1I3'|'2017-03-08T19:53:00.000+02:00'
'7ccceb91b402818a91cc89998c76c61e8eea8cd2'|'EFG Hermes expects to seal 470 mln pounds deal to buy UK solar assets by June'|'Company News  23am EST EFG Hermes expects to seal 470 mln pounds deal to buy UK solar assets by June DUBAI, March 6 EFG Hermes expects a deal for its renewable energy platform Vortex to buy a portfolio of solar power assets in Britain for 470 million pounds ($576.8 million) from Sun Edison''s Terraforma (TERP.O) to close in May or June, a senior executive said on Monday. The deal formed part of the bank''s plan to grow Vortex''s assets to 2 gigawatts in the next few years from 820 megawatts currently, Karim Moussa, chief executive of the investment bank at EFG Hermes, told Reuters. The bank said in January it had agreed to buy the portfolio from Sun Edison. It includes 24 solar parks and has a combined 365 megawatts of power and an estimated useful life of around three decades, it said at the time. The bank would look to add to the portfolio after a period of six to 12 months, said Moussa, who is also head of asset management and private equity at the Egyptian bank. "For the six to 12 months we will be looking to consolidate our assets rather than make another investment," he said. "Our last investment was 470 pounds so it’s a lot to digest for us. Malaysian utility firm Tenaga Nasional Berhad (TENA.KL) (TNB) is funding half of the 170 million-pound equity portion of the transaction. The remaining 50 percent will be underwritten by EFG Hermes which plans on eventually holding 5 percent of the equity, consistent with previous transactions undertaken by Vortex. ($1 = 0.8148 pounds) (Reporting by Tom Arnold and Celine Aswad in Dubai, editing by Ed Osmond) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/efg-hermes-uk-renewables-idUSL5N1GJ3Z8'|'2017-03-06T21:23:00.000+02:00'
'02f3b92ce329ba506945d0e9619770b5acba836a'|'EU mergers and takeovers (March 6)'|'BRUSSELS, March 6 The following are mergers under review by the European Commission and a brief guide to the EU merger process:APPROVALS AND WITHDRAWALS-- French banking mutual group Credit Mutuel Arkea and private equity firm Bridgepoint to acquire joint control of French consultancy Groupe Primonial (approved March 3)NEW LISTINGSNoneEXTENSIONS AND OTHER CHANGESNoneFIRST-STAGE REVIEWS BY DEADLINEMARCH 8-- Canada Pension Plan Investment Board (CPPIB) to acquire minority stake and joint control along with Apax Partners over software development services provider GlobalLogic Holdings Ltd (notified Feb. 1/deadline March 8/simplified)-- UK tech company Micro Focus to acquire Hewlett-Packard Enterprise''s software business (notified Feb. 1/deadline March 8)MARCH 9-- U.S. aircraft component maker Rockwell Collins to acquire U.S. aircraft interior maker B/E Aerospace (notified Feb. 2/deadline March 9/simplified)MARCH 10-- Slovenian energy group Petrol to take majority stake in natural gas wholesaler Geoplin (notified Feb. 3/deadline March 10)MARCH 13-- Finnish fibre materials company Ahlstrom to merge with Finnish specialty paper maker Munksjo (notified Feb. 6/deadline March 13)-- German engineering company Siemens to merge assets with Spain''s Gamesa to form the world''s largest wind turbine maker (notified Feb. 6/deadline March 13)MARCH 14-- Private equity firm HIG Capital to acquire IT security products maker Infinigate Holding AG (notified Feb. 7/deadline March 14/simplified)MARCH 16-- Australian investment bank Macquarie Group and the UK''s National Grid to acquire joint control of National Grid''s gas distribution business (notified Feb. 9/deadline March 16)MARCH 17-- U.S. wireless carrier AT&T to acquire U.S. broadcaster and TV studio Time Warner (notified Feb. 10/deadline March 17/simplified)MARCH 20-- Private equity firms Advent International Corp and Bain Capital to jointly acquire German payment group Concardis (notified Feb. 13/deadline March 20/simplified)-- General Electric Co to acquire rotor blade maker LM Wind Power Holding'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eu-mergers-idINL5N1GJ4E4'|'2017-03-06T12:03:00.000+02:00'
'00c5b8bcea2e9566a4c2abe198d7876864b3b420'|'Volkswagen to unveil self-driving car as part of post-dieselgate shift'|'Technology News - Mon Mar 6, 2017 - 1:01pm EST Volkswagen to unveil self-driving car as part of post-dieselgate shift FILE PHOTO - The logo of German car maker Volkswagen is pictured at the company''s stand during the Hannover Fair in Hanover, Germany, April 25, 2016. REUTERS/Wolfgang Rattay/File Photo GENEVA Volkswagen ( VOWG_p.DE ) will show off a fully self-driving car at the Geneva auto show, as part of the German carmaker''s drive to be at the forefront of new technologies in the wake of its diesel emissions scandal. Europe''s biggest carmaker has said it will invest billions of euros in electric cars, ride-hailing and automated driving, and launch over 30 electric models by 2025 as it battles to recover from its emissions test cheating. The self-driving concept car called Sedric - a so-called Level 5 vehicle capable of fully automated operation - is a precursor for more such models from the Volkswagen (VW) group in years to come, Chief Executive Matthias Mueller said on Monday on the eve of car executives'' annual gathering in Geneva. VW is hiring top specialists and plans to spend several billions of euros on automated driving alone, Mueller said, without being more specific. Sedric can carry 4 passengers and could be used for ride-sharing fleets as well as for individual consumers, VW said. Internet giant Google was a forerunner in self-driving technology with its 2015 prototype vehicle, but has since been challenged by companies ranging from Uber [UBER.UL] to Apple, as well as traditional carmakers. Manufacturers and their suppliers are working on different technology suites - including cameras, radar and laser imaging technology lidar - to enable vehicles to drive themselves, but it will take years for these vehicles to come to market. Mercedes-Benz unveiled its fully autonomous F 015 luxury concept two years ago. But Toyota has said it does not expect to see Level 5 cars in widespread use for another 10-15 years, while Ford does not plan to offer such vehicles for consumers until 2025 or later. (Reporting by Andreas Cremer; Editing by Mark Potter) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-autoshow-geneva-volkswagen-idUSKBN16D278'|'2017-03-07T01:01:00.000+02:00'
'f42249fc1ebf5da1a00fc92bf5418c5b65fc2a9f'|'UPDATE 1-Yingde shareholders vote to keep two co-founders on board -sources'|'FRB  35am EST Yingde shareholders vote to keep two co-founders on board: sources By Elzio Barreto - HONG KONG HONG KONG A majority of Yingde Gases Group''s shareholders voted against a resolution to remove two of its co-founders and main shareholders from its board, the latest chapter in a battle for control that could result in changed leadership at the Chinese company. Amid the power struggle, China''s largest industrial gases company is in play, with U.S. industrial gas maker Air Products making a takeover approach, and Hong Kong-based private equity firm PAG agreeing to buy a substantial stake. Most shareholders at the extraordinary general meeting (EGM) voted on Wednesday against removing Sun Zhongguo and Trevor Strutt from the board of directors, according to an investor present at the meeting who declined to be named because results of the vote were not yet public. A second source also confirmed the result, though the exact tally of the votes was not immediately available. Yingde declined to comment. Sun and Strutt, previously the Chairman/CEO and COO of Yingde, respectively, were relieved from their executive posts at a November board meeting that named Zhao Xiangti, another co-founder and major shareholder, chairman of Yingde. The two have since been in a legal fight to get reinstated. The two were removed after "poor corporate management" and "unsatisfactory performance" in the past years, according to a letter from the majority of Yingde''s board filed ahead of the EGM. The board of Yingde could be totally changed after a separate EGM on Wednesday that will vote on the ouster of Zhao and four other directors from the nine-member board and reduce the board to five people. SUITORS In December, following the ouster of Sun and Strutt, asset manager StellarS Capital (Hong Kong) Ltd and Air Products made takeover approaches for Yingde, offering about $1.1 billion and as much as $1.5 billion in cash, respectively. The takeover battle took another twist last week when PAG agreed to buy the combined 42.1 percent stake of Zhao, Sun and Strutt for $616 million. PAG''s offer came just two days after Hong Kong-based activist hedge fund Oasis Management Company Ltd, a minority investor in Yingde, said it would seek a seat on the board as the company considers strategic alternatives, including an outright sale. Yingde hired Morgan Stanley to advise on offers it received from Air Products and StellarS Capital. Air Products offered as much as HK$6 per share in cash for Yingde shares, while StellarS indicative offer was for HK$4.5 per share, but neither was binding. PAG also offered HK$6 a share, but its agreement will be suspended if there''s a competing offer at least 5 percent higher than PAG''s, or equivalent to HK$6.3 per share. Yingde''s shares closed at HK$6.38 on Wednesday, indicating investors expect a competing bid to emerge. Besides Oasis, which owns a 4.5 percent stake in Yingde, other minority investors that could benefit from the battle for control of the company include Aberdeen Asset Management, BlackRock Inc, Vanguard and UBS, according to Hong Kong stock exchange data. Yingde has also formed an independent board committee to consider the offers, hire an independent financial adviser and make a recommendation on the different proposals. (Reporting by Elzio Barreto; Editing by Muralikumar Anantharaman) Next In FRB'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-yingde-gases-m-a-idUSKBN16F10F'|'2017-03-08T16:31:00.000+02:00'
'520e41fc47938a764d6f7b6fe37c1d03304ea147'|'Credit Agricole picks JPMorgan for Banque Saudi Fransi sale: sources'|'By Hadeel Al Sayegh , Saeed Azhar and Tom Arnold - DUBAI DUBAI French bank Credit Agricole ( CAGR.PA ) has picked JPMorgan ( JPM.N ) to advise it on a potential sale of its 31 percent stake in Banque Saudi Fransi 01050.SE, valued at nearly $2.4 billion, sources familiar with the deal said.Credit Agricole has been selling assets and pulling out of markets such as Greece to meet post-crisis regulations and combat tougher economic conditions, while focusing on activities in France and Italy.The bank''s chief executive Philippe Brassac has left room for acquisitions for its asset manager Amundi but has said Credit Agricole may further streamline its presence in other countries if opportunities arise.The French lender''s move comes as banks around the world are shedding minority stakes in other banks as new global rules mean they now have to hold more capital against those holdings.The sale would be an opportunity for a foreign buyer to gain a foothold in the kingdom''s banking sector, in which 12 commercial lenders share total assets worth around 2.22 trillion riyals ($592 billion).Banque Saudi Fransi, the kingdom''s fourth largest bank by assets, is among at least six banks that pitched for an advisory role on the local mandate for Saudi oil giant Aramco''s IPO-ARMO.SE planned initial public share offering in the kingdom, sources told Reuters last month.This is the second potential sale of a lender in recent months in Saudi Arabia.Royal Bank of Scotland ( RBS.L ) is seeking to sell its 40 percent stake in Alawwal Bank 1040.SE, previously called Saudi Hollandi Bank, potentially a deal worth around $1.2 billion, Reuters reported late last year.Credit Agricole and Banque Saudi Fransi declined to comment, while JPMorgan was not immediately available to comment.The sources declined to be identified because the details of the deal are not public.Bloomberg earlier reported that Credit Agricole was weighing the sale of its stake in the Saudi lender.(Additional reporting by Maya Nikolaeva in Paris; Editing by Jason Neely and Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-credit-agricole-saudi-idINKBN16F10R'|'2017-03-08T06:39:00.000+02:00'
'4f69d0e7076dbf84290cb83f35b438c83c47f8f0'|'Deals of the day- Mergers and acquisitions'|'(Adds Tata Steel, Vision Technology, Tech Mahindra)March 6 The following bids, mergers, acquisitions and disposals were reported by 1330 GMT on Monday:** Tech Mahindra Ltd, India''s fourth-biggest software services exporter, will buy U.S.-based healthcare IT consulting firm CJS Solutions Group for an enterprise value of $110 million.** Tata Steel Ltd is still in talks with Germany''s ThyssenKrupp AG about a potential merger of their European steel assets, the Indian company said.** Israel-based Advanced Vision Technology Ltd, which develops automatic print inspection systems, said it has agreed to be acquired by Danaher Corp''s product identification platform for $100 million.** PSA Group has agreed to buy Opel from General Motors in a deal valuing the business at 2.2 billion euros ($2.3 billion), the companies said, creating a new regional car giant to challenge market leader Volkswagen .** Austrian energy group OMV has agreed to buy about a quarter in one of Russia''s largest gas fields for 1.75 billion euros ($1.85 billion), a major expansion push that gives previous owner Uniper a badly needed cash injection.** Abu Dhabi investment fund Mubadala Development Co sold nearly a third of its stake in Advanced Micro Devices, booking a tiny gain on its investments in the micro chip maker.** Investment managers Standard Life and Aberdeen agreed an 11 billion pound ($13.5 billion) merger that should save 200 million pounds a year in costs, pressuring rivals to follow suit as industry margins sag.** Austrian energy group OMV said on Friday it agreed to sell its Turkish fuel supply and distribution unit Petrol Ofisi to Vitol Investment Partnership, managed by the Swiss-based commodities firm Vitol, for 1.37 billion euros ($1.45 billion).** CSX Corp is nearing a deal with one of its largest investors, activist hedge fund Mantle Ridge LP, to sign up veteran railroad executive Hunter Harrison as the U.S. railroad company''s CEO, people familiar with the matter said on Friday. (Compiled by Akankshita Mukhopadhyay in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL3N1GJ3DV'|'2017-03-06T10:32:00.000+02:00'
'8ca260a2666c4297c76a90e7a3e809e239afcb14'|'Politics ''tightening grip'' on financial market behaviour - BIS'|'Business  05am EST Politics ''tightening grip'' on financial market behavior: BIS The headquarters of the Bank for International Settlements (BIS) are seen in Basel, Switzerland, December 15, 2016. REUTERS/Arnd Wiegmann By Marc Jones - LONDON LONDON Investors are focusing more on politics and have become more selective in what they buy, the Bank for International Settlements said on Monday in its latest signal that markets may be breaking free from a dependence on central bank support. The BIS said in its quarterly report that there had been increased discrimination across asset classes, regions and sectors, in contrast to the cross-asset "herd behavior" that has characterized recent years. "Politics tightened its grip over financial markets in the past quarter, reasserting its supremacy over economics," the head of the BIS'' monetary and economic department, Claudio Borio, said. The BIS, often referred to as the "central banks'' central bank", acts as a forum for the world''s major monetary authorities. Its commentaries on global markets and economics give an insight into policymakers'' thinking. Borio called the drop in correlation between asset classes a "precipitous" one. Donald Trump''s U.S. presidential election win had triggered so-called reflation trades that have seen Wall Street surge and both the dollar and U.S. government bond yields stay high. "It was as if, after an unexpectedly rich meal, investors had to take their time to digest it. As a result, central banks once more stepped back from the limelight." The report also touched on the political uncertainty in Europe, where upcoming French, Dutch, German and potentially Italian elections are influencing sentiment. Euro zone government bond spreads, such as those between France and Germany, have widened. This has also drawn attention to the growing imbalances between weaker and stronger euro zone members in the European Central Bank''s TARGET2 payment system. However, the BIS found that the latter had more to do with the mechanical effect of ECB''s large-scale asset purchases and that there was no such relationship with credit default swap spreads that investors buy as a protection against default. Research by two BIS economists, meanwhile, struck a note of caution about the degree to which consumer-led growth was driving key economies like Canada, China, France, India, Italy, South Africa, Britain and the United States. "Consumption-led expansions tend to be significantly weaker than when growth is driven by other components of aggregate demand, often because of the build-up of imbalances." It can also be a sign that growth is likely slow in the future, particularly if consumption-led growth goes hand in hand with rising debt. ROCK AND A HARD PLACE Higher bond yields and a stronger dollar also pose risks, especially to emerging markets, though the report acknowledged that many EM equity and credit markets have seen sentiment improve in recent months. Nevertheless Borio said: "These countries have been caught between a rock and a hard place, the rock being the prospect of a tightening of U.S. monetary policy (even if gradual), an appreciating dollar and their FX currency debt, and the hard place the threat of rising protectionism." There had been a slight increase in dollar debt in emerging markets. U.S. dollar credit to non-bank borrowers outside the United States, a key gauge of global liquidity climbed $420 billion to $10.5 trillion in the six months to the end of September. Emerging market borrowers accounted for about a third, or $3.6 trillion. For the first time, the total includes dollar credit extended by banks in China and Russia. At the same time global U.S. dollar funding for banks outside the United States rose to a new high of $9 trillion in September, driven by a $531 billion increase in offshore deposits of dollars since the start of the year. "These structural changes highlight the increasing role of offshore dollar funding in the global banking system," said Hyun Song Shin, the BIS'' economic adviser and head of research. For full report click www.bis.org/ (Reporting by Marc Jones; Editing by Toby Chopra) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-bis-markets-report-idUSKBN16D15E'|'2017-03-06T18:00:00.000+02:00'
'2a720c65ab06ae4e2f53eeeb7c2f585806e154f7'|'BRIEF-Barnes Group Inc to acquire Gammaflux L.P.'|' 34am EST BRIEF-Barnes Group Inc to acquire Gammaflux L.P. March 6 Barnes Group Inc: * Barnes Group Inc. to acquire Gammaflux L.P. * Transaction is not material to Barnes Group''s consolidated financial position or liquidity * Following closing of deal , Gammaflux will operate as a business within Barnes Group''s Industrial Segment Source  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-barnes-group-inc-to-acquire-gammaf-idUSASB0B3WM'|'2017-03-06T23:34:00.000+02:00'
'a669c1a8fc3f0bc820d18237f67d0e8aacadbbdb'|'Timeline: GM falls out of love with Opel, sells it to Peugeot'|'FRANKFURT Following is a chronology of Opel''s history and its sale to Peugeot:1863: Adam Opel set up a sewing machine workshop in the western German town of Russelsheim. He later made bicycles as well.1899: Opel''s sons, who took over the business, bought a car factory. They built their first automobile that year.1928: Opel claimed the spot as Germany''s biggest carmaker, with a market share of 38 percent.1929: General Motors bought Opel.1962: The company built a factory in Bochum and, later, plants in Kaiserslautern und Eisenach.1999: GM Europe made a profit.2004: GM announced plans to cut 12,000 jobs in Europe, of which about 6,000 were at Opel.Nov 2008: GM faced a liquidity squeeze. Opel asked Germany for state loan guarantees.Dec 2008: Germany said it is looking at various options to help Opel.Feb 2009: General Motors presented a restructuring plan to the U.S. government, put its Swedish carmaker Saab up for sale and announced $1.2 billion of cost cuts in Europe.June 2009: GM filed for bankruptcy.July 2009: GM emerged from bankruptcy, majority owned by the U.S. government.Sept 2009: GM agreed to the sale of a 55 percent stake in Opel to a group led by Canada''s Magna International Inc.Nov 3, 2009: GM reversed the sale decision and instead said it will keep control of Opel.Feb 9, 2010: Opel asked Germany for 1.5 billion euros in state aid to fund restructuring; 4,000 job cuts.Mar 2, 2010: GM said it will triple its funding of Opel to 1.9 billion euros in equity and loans and cut its request for state aid.Mar 12, 2010: Britain said it will provide a 270 million pound loan guarantee to help safeguard the company''s Vauxhall operations in Britain.Apr 30, 2010: GM said it will close a factory in Antwerp, Belgium by the end of 2010 with 400 million euros for termination benefits.2012: Opel presented a 10-year turnaround plan to introduce 23 new or revised vehicles, with 13 new engines, by 2016.Feb 2012: GM took a 7 percent stake in Peugeot after the companies announced an alliance, promising eventual savings of $1 billion each.Oct 31, 2012: General Motors Europe (GME) outlined a target to achieve break-even EBIT-adjusted results by mid-decade through a focus on growth and cost efficiencies.Dec 2012: GM decided to close Bochum on Dec. 10, 2012. The last car came off the production line on Dec. 6, 2014 with closure costs of at least $866 million.Apr 10, 2013: GM pledged to invest 4 billion euros to fund 23 new cars and 13 new engines at Opel by 2016.Oct 2013: PSA and GM said they are scaling back their alliance.Mar 2013: Karl-Thomas Neumann appointed chairman of the board of Adam Opel AG and president, Europe.Dec 5, 2013: General Motors said it will drop the Chevrolet brand in Europe by the end of 2015 and focus its efforts on reviving Opel and Vauxhall.Dec 10, 2013: GM announced that company veteran Mary Barra will become CEO of GM in January 2014, while installing former investment banker and CFO Dan Ammann as president.Feb 19, 2014: The French state and China''s Dongfeng each took 14 percent stakes in PSA in a 3 billion euro capital increase. The Peugeot family saw its 25.4 percent stake and 38 percent of voting rights diluted to parity with Dongfeng and the French state, ceding control of the company it founded in 1810 as a maker of tools and coffee mills.Jun 4, 2014: Opel updated its turnaround plan, pledged to reach a European market share of 8 percent in Europe, and an EBIT margin of 5 percent by 2022, by launching 27 new models and 17 new engines between 2014 to 2018.Mar 2015: GM said it will shut a Russian factory and wind down its Opel brand in the country, taking a $600 million charge.Jan 4, 2016: GM announced a $500 million investment in ride hailing firm Lyft Inc and laid out plans to develop an on-demand network of self-driving cars with the ride-sharing service.Jan 13, 2016: GM raised its profit outlook and said it will return cash to shareholders by raising its stock buyback program by 80 percent to $9 billion and increasing its dividend by 6 percent.Jan 21, 2016: GM said that it was creating a car-sharing brand, Maven, to expand the market for vehicles consumers borrow rather than own.Feb 24, 2016: PSA Group said it would consider paying a dividend for 2016 after reaching its medium-term targets ahead of schedule, helped by cost cuts.Mar 11, 2016: GM bought Cruise Automation, a San Francisco self-driving vehicle startup.Jul 2016: GM said it may need to cut costs in Europe to offset up to $400 million of potential headwinds triggered by Britain''s Brexit vote.Jan 10, 2017: GM said it expected its earnings for 2016 at the high end of its previous forecast and said profits will rise in 2017.Jan 29, 2017: GM presented a new strategy to double the lifespan of vehicle platforms and increase capital spending to about $9 billion a year through 2019, up from $7 billion a year in 2014.Feb 7, 2017: GM'' full-year results 2016 revealed Europe had made a $300 million euros adjusted EBIT loss.Feb 14, 2017: Reuters revealed General Motors is exploring a sale of its European arm Opel to French carmaker PSA Group.Feb 14, 2017: PSA Group and General Motors confirm they are exploring numerous strategic initiatives aiming at improving profitability and operational efficiency, including a potential acquisition of Opel Vauxhall by PSA.Feb 15, 2017: Paris-based PSA said it would despatch CEO Carlos Tavares to meet German labor and political leaders likely to include Chancellor Angela Merkel, as his GM counterpart Mary Barra visited Opel headquarters near Frankfurt.Feb 17, 2017: Germany''s Economy Minister said she expects PSA Group''s proposed acquisition of Opel to go ahead after hearing reassurances about preserving jobs in discussions with senior executives from GM and PSA.Feb 23, 2017: PSA Group announced its first dividend in six years and raised its medium-term profitability goal after full-year profit almost doubled.Mar 6, 2017: General Motors Co. and PSA Group said GM''s Opel/Vauxhall subsidiary and GM Financial''s European operations will join the PSA Group in a transaction valuing these activities at 1.3 billion euros and 0.9 billion euros, respectively.(Reporting by Edward Taylor; Editing by Biju Dwarakanath)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-opel-m-a-psa-timeline-idINKBN16D0KN'|'2017-03-06T04:00:00.000+02:00'
'64e79e1b7181b5845fd7d1b351e12f679a68bd6f'|'Beijing Auto''s new energy unit plans IPO in 2018: group chairman'|'By Yawen Chen and Jake Spring - BEIJING BEIJING The green energy car subsidiary of Chinese automaker Beijing Automotive Group [BEJINS.UL] plans an initial public offering in 2018, Chairman Xu Heyi said on Monday, adding that the unit should be profitable that year.China has aggressively promoted battery electric and plug-in hybrid cars, including spending billions of dollars in subsidies, in an effort to cut heavy urban smog and promote technological innovation in its auto sector.Xu said battery production costs for Beijing Electric Vehicle Co, which is backed by the group''s listed subsidiary BAIC Motor Corp ( 1958.HK ), are dropping by 10-15 percent per year.While the central government is phasing out green car subsidies through 2020, the firm will need government support for only three more years at most, he said.Xu ruled out as "totally impossible" any risk that the new energy vehicle industry would fall off a cliff when the government withdraws support.(Reporting by Yawen Chen and Jake Spring; Editing by Ruth Pitchford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-baic-group-ipo-electric-idINKBN16D167'|'2017-03-06T08:16:00.000+02:00'
'3fd264928d056764c3bc4a6976abd72b8e2bac17'|'Muted response to Deutsche Bank''s 8 billion euro cash call, strategic u-turn'|'Mon Mar 6, 2017 - 2:48pm GMT Muted response to Deutsche Bank''s $8.5 billion cash call, strategic u-turn left right The head quarters of Germany''s Deutsche Bank are photographed early evening in Frankfurt, Germany, January 31, 2017. REUTERS/Kai Pfaffenbach 1/2 left right FILE PHOTO: The headquarters of Germany''s Deutsche Bank are seen early evening before the bank''s logo is illuminated in Frankfurt, Germany, January 31, 2017. REUTERS/Kai Pfaffenbach/File Photo 2/2 By Gernot Heller and Georgina Prodhan - BERLIN/FRANKFURT BERLIN/FRANKFURT Deutsche Bank''s ( DBKGn.DE ) request for shareholders to sign an 8 billion euro ($8.5 billion) check to back its new strategy got a lukewarm reception on Monday from investors who want more detail on its plans. Germany''s biggest bank had previously said it would wait until global bank capital rules were finalised before setting out how it intends to turn its business around and chief executive John Cryan had said a cash call was a last resort. But with regulators delaying the Basel III rules and stock indices at record highs, Deutsche opted on Sunday to push ahead with a capital hike while market conditions are favorable as well announcing plans to float part of its asset management unit and reorganize its divisions. While the German government welcomed the move, the fourth such call from the lender for more cash since 2010, it left some investors wondering whether this was the last. It puts Deutsche Bank on course to have raised more than its entire 26 billion euro market value in the past seven years, according to Reuters'' calculations. Deutsche Bank shares, which had fallen by more than 1 percent on Friday on reports it was considering raising fresh capital, fell a further 6 percent on Monday. The bank presented the move as an attempt to put it on a stronger footing, after billions of euros of legal penalties had prompted speculation that it would need a German state bailout. A finance ministry spokesman said that while it generally did not comment on specific banks, stable lenders underpinned by strong capital were in Germany''s best interests. "This company won''t be profitable overnight. The revenue must go up and costs down. And the markets have to play along, or else the bank again won''t be able to hit its goals," said one of the bank'' top shareholders, asking not to be named. Deutsche Bank is planning to IPO a minority stake in its asset management business, including its DWS retail asset management, which analysts have said is worth 8 billion euros. In an about-face to its retail banking strategy, the bank scrapped plans to sell Postbank, after failing to sell it at an acceptable price. Instead, it now wants to reintegrate it into its other German retail banking business. Deutsche Bank''s investment banking activities will also revert to a structure it threw out less than two years ago by reuniting its securities trading activities and its corporate finance business. It is also promoting retail head Christian Sewing and finance head Markus Schenck to deputy chief executives who will oversee the revamp alongside Cryan. THE LAST CALL? The combined moves should take Deutsche Bank''s core capital ratio - a key measure for regulators - above 13 percent from 11.9 percent at end-2016, but some questioned if this was it. "The question is ... whether the bank will need more yet again in a few years. Until now, none of the restructuring measures have borne fruit," Stefan de Schutter, a trader at Frankfurt-based Alpha, said. Germany''s biggest lender, weighed down by litigation costs and writedowns, has fallen behind Wall Street rivals. It has spent the last 18 months trimming its portfolio, jettisoning unwanted clients and trying to get its technology in shape. The proposed issue of up to 688 million new shares represents a hike of about 50 percent to Deutsche Bank''s current shares in issue. JP Morgan analyst Kian Abouhossein, who rates the lender "neutral", estimated the overall earnings dilution for existing shareholders would be around 11 percent in 2018, taking into account an expected earnings benefit from lower costs. "A credible integration of Postbank, further clarity of progress on investment banking restructuring... stabilization of outflows and restoring confidence in wealth and asset management businesses are all issues management would need to address," wrote Morgan Stanley analyst Magdalena Stoklosa. Morgan Stanley does not have a recommendation on the share because it is an underwriter of Deutsche Bank''s rights issue. ($1 = 0.9440 euros) (Additional reporting by Alexander Huebner and Andreas Kroener in Frankfurt; Writing by John O''Donnell; Editing by Maria Sheahan and Alexander Smith) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-deutsche-bank-capital-idUKKBN16D117'|'2017-03-06T21:33:00.000+02:00'
'2d408e85bb2146125f4a16023f411c5fd81de6ca'|'Delta Air expects key revenue metric at low end of forecast'|' 39am EST Delta Air expects key revenue metric at low end of forecast March 6 Delta Air Lines Inc said on Monday it expected passenger unit revenue, a closely watched revenue metric, to be at the lower end of its forecast in the first quarter ending March, and the airline cut its operating margin outlook. The No.2 U.S. airline by passenger traffic forecast passenger unit revenue, which compares sales to flight capacity, to be about flat in the quarter, compared with the flat to up 2 percent the company had estimated earlier. Delta Air said operating margin will increase in the range of 10-11 percent, down from a rise of 11-13 percent it previously expected. ( bit.ly/2msPAf6 ) (Reporting by Ankit Ajmera in Bengaluru; Editing by Sriraj Kalluvila)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/delta-air-outlook-idUSL3N1GJ42F'|'2017-03-06T20:39:00.000+02:00'
'429db79d623508f27c6fea8ad2d0c163817c831a'|'From politics to policy: bond markets count down to ECB'|' 00pm GMT From politics to policy: bond markets count down to ECB European Central Bank (ECB) headquarters in Frankfurt, Germany, July 29, 2016. REUTERS/Ralph Orlowski By Dhara Ranasinghe - LONDON LONDON Most euro zone government bond yields edged down on Monday, as a perception that the ECB will this week resist calls to start unwinding its ultra-loose monetary policy brought some comfort to markets that are bracing for an imminent U.S. rate hike. The European Central Bank meets on Thursday and is not expected to make any changes to its monetary policy, highlighting a divergence with the United States, where comments in the past week from Federal Reserve officials have seen expectations for a March rate hike ratchet higher. Remarks by Fed chief Janet Yellen on Friday cemented the view that the Fed is likely to raise interest rates when it meets on March 14-15. The ECB faces a balancing act between signalling that it will keep monetary policy stimulus in place as contentious Dutch and French elections loom, while at the same time acknowledging stronger economic growth in the region and higher inflation. Data last week showed inflation in the 19-member euro zone rose to 2 percent in February, zooming past the ECB''s inflation target of close to but below 2 percent. Investors will watch ECB President Mario Draghi for any change in his forward guidance, paying attention to whether he will drop the reference to keeping interest rates at their "present or lower levels for an extended period of time". "There is a remaining risk that on the rates guidance, the ECB becomes a little less dovish," said Commerzbank rates strategist Rainer Guntermann. "The news flow on inflation has certainly been positive, but on the other hand there are risks in the euro zone so it''s probably too early to say there will be a consensus on the need for policy tweaks." ALL ABOUT GUIDANCE Most euro zone bond yields edged down on Monday. Germany''s benchmark 10-year Bund yield fell 2.5 basis points to 0.33 percent DE10YT=TWEB, off a two-week high hit on Friday. It also drew support from a tumble in German stocks .GDAXI as Deutsche Bank shares slumped after the German heavyweight lender unveiled an 8 billion euro cash call. For Reuters Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets Against a backdrop of stronger euro zone data and talk of another U.S. rate rise soon, money markets price in around a 60 percent chance that the ECB will hike its deposit rate by 10 basis points early next year ECBWATCH. A tapering of the ECB''s bond buying stimulus is seen as a key risk for government bond markets and analysts say talk of policy loosening is still premature. The ECB lowers its monthly asset purchases to 60 billion euros from 80 billion euros in April, keeping the bond-buying scheme in place until at least year-end. "An announcement about the discontinuation of the quantitative-easing programme would be premature at the present time and not without danger, as the market''s likely brutal reaction to the anticipated end of QE would be counterproductive to the ECB''s goals," said Franck Dixmier, global head of fixed income at AllianzGI. FRENCH YIELDS HIGHER Elsewhere, French bond yields edged higher, pushing French/Germany 10-year yield gap out to 65 bps for the first time in five days after former French prime minister Alain Juppe said he was not prepared to be a candidate in the country''s presidential elections. Investors, worried that this made a victory by anti-EU leader Marine Le Pen more likely, also pushed the euro lower. An opinion poll on Friday had suggested that if Juppe were to replace the beleaguered Francois Fillon as the centre-right candidate, he would win the first round of the election, with centrist candidate Emmanuel Macron coming second - a scenario that would knock Le Pen out of the race. (Editing by Catherine Evans and Ed Osmond)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-bonds-idUKKBN16D1B9'|'2017-03-06T19:00:00.000+02:00'
'50968adbd0a7ce9cc712326f765bfc9c56099dea'|'Factbox - Trump tweets have short-lived impact on stocks'|'Money News - Wed Mar 8, 2017 - 12:34am IST Factbox - Trump tweets have short-lived impact on stocks FULL COVERAGE: INDIA ELECTIONS 2017 U.S. President Donald Trump walks from Marine One as he returns to the White House in Washington, U.S., March 5, 2017. REUTERS/Joshua Roberts NEW YORK U.S. President Donald Trump''s comments about various companies have drawn much attention, and his tweets on Tuesday marked a subtle shift in which they focussed on a sector over a specific company. But while the share prices of most companies that Trump singled out on Twitter have dropped immediately, the impact has been mostly short lived. Following is a list of companies targeted in Trump''s tweets: DRUG COMPANIES Pfizer Inc ( PFE.N ), Merck & Co Inc ( MRK.N ), Amgen Inc ( AMGN.O ) and Gilead Sciences Inc ( GILD.O ): Trump sent a tweet on Tuesday before the market opened that he was "working on a new system where there will be competition in the Drug Industry. Pricing for the American people will come way down!" Drugmakers'' shares moved lower. Pfizer was down 1 percent at $34.02, and Merck fell 0.6 percent at $66.05. Both are Dow Jones industrial average components. Amgen was off 0.9 percent at $177.88, and Gilead was 1.8 percent lower at $68.87. The PowerShares Dynamic Pharmaceutical ETF ( PJP.P ) was down 1.3 percent. EXXON MOBIL CORP ( XOM.N ): Trump congratulated the oil company in a tweet after the closing bell on Monday for an investment programme that would create "45,000 construction & manufacturing jobs in the U.S. Gulf Coast region." Shares of the Dow component were down 0.8 percent at $82.19 on Tuesday. BOEING CO ( BA.N ): In a Dec. 6 tweet, Trump criticized costs of the Air Force One plane manufactured by the company. Shares of the Dow component closed that session little changed and since rallied nearly 19 percent through Monday''s close. UNITED TECHNOLOGIES CORP ( UTX.N ): Trump tweeted on Nov. 24 about working on a deal with the Dow component to keep jobs at its Carrier unit in Indiana. The stock gained 0.6 percent in the session following the Thanksgiving holiday and had advanced nearly 4 percent through Monday. LOCKHEED MARTIN CORP ( LMT.N ): Trump tweeted on Dec. 12 that the U.S. defence company''s F-35 fighter jet programme was "out of control." Lockheed Martin shares fell 2.5 percent on the day of the tweet but have recovered since and were up 3.6 percent at Monday''s close. The stock has outperformed the NYSE Arca Defense index .DFII, which has risen 1.4 percent over the same period. GENERAL MOTORS CO ( GM.N ): Trump on Jan. 3 threatened a "big border tax" on GM for making its Chevy Cruze model in Mexico. GM shares fell briefly in premarket trade following the tweets and recovered to finish the trading session up 0.9 percent. The stock since gained nearly 9 percent through Monday''s close. FORD MOTOR CO F.N.: Shares are up 5.5 percent since Trump tweeted late on Nov. 17 that the company would keep jobs in Kentucky. TOYOTA MOTOR CORP ( TM.N ) ( 7203.T ): Trump, who campaigned on promises to keep manufacturing in the United States, tweeted on Jan. 5 that he would impose a fee if the Japanese automaker built its Corolla cars for the U.S. market in Mexico. Toyota''s U.S.-listed shares ended the session down 0.6 pct and have slumped nearly 7 percent since then, as one of the few stocks targeted that has continued to struggle. FIAT CHRYSLER AUTOMOBILES NV ( FCAU.N )( FCHA.MI ): Trump applauded the company on Twitter on Jan. 9 for plans to invest in Michigan and Ohio plants. Its U.S.-listed shares were down nearly 2 percent through Monday''s close. (Reporting by Chuck Mikolajczak; Editing by Lisa Von Ahn) Next In Money   Oil imports lift U.S. trade deficit to near five-year high WASHINGTON The U.S. trade deficit jumped to a near five-year high in January as rising oil prices helped to push up the import bill, pointing to slower economic growth in the first quarter and posing a challenge for the Trump administration. MUMBAI Reliance Capital Ltd has sold a less than 1 percent stake in payments and e-commerce startup One97 Communications to Alibaba Group Holding for 2.75 billion rupees ($41.25 million), a source with direct knowledge of deal said on Tuesday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-trump-stocks-factbox-idINKBN16E2JQ'|'2017-03-08T02:04:00.000+02:00'
'fa115be23cf8812baf8cefb1fd26a82231a13fc4'|'Millions of South Africans will be paid benefits on April- Minister'|'JOHANNESBURG, March 5 The government will continue paying millions of South Africa''s most vulnerable people social security payments on April 1, despite not signing a new deal with an existing service-provider, the Minister of Social Development said on Sunday.The South African Social Security Agency (SASSA) is scrambling to ensure that as many as 17 million people continue to receive their money, despite concerns that retaining the existing service provider is both unlawful and costly.For millions of South Africa''s most vulnerable, SASSA money is often the difference between an empty or a full belly."We will continue paying social grants beyond March 31 when the contract with the current service provider comes to an end," Minister of Social Development Bathabile Dlamini told the media."As has been the case in the past no one will go unpaid."Dlamini said the South African Post Office''s more than 2,600 outlets will be used as one of the payment services for social security in the transition and future phases.In an attempt to resolve the looming crisis, President Jacob Zuma held talks on Saturday with Minister of Finance Pravin Gordhan and Dlamini to ensure that social security payments are made from April 1.The existing contract, run by Cash Paymaster Services, part of technology company Net1 1 UEPS Technologies, has been in doubt since South Africa''s highest court ruled in 2014 that the tender process to acquire its services was unlawful. It ordered that a new contract to be negotiated.SASSA has so far failed to find a new service provider to take up the service at the start of April or set up its own payment agency.SASSA Officials said last week the agency had opted to renew the deal with Cash Paymaster Services despite the court order. A new deal however, has not yet been signed.The social security payment debacle saw the director-general of the social development ministry, Zane Dangor, announcing his resignation on Saturday over differences with Dlamini."Dlamini has utterly failed to ensure that SASSA was ready to take over the distribution of grants at the end of this month ... and has allowed the situation to reach crisis point," said Bridget Masango of the opposition Democratic Alliance.(Reporting by Nqobile Dludla, editing by Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/safrica-welfare-idINL5N1GI07W'|'2017-03-05T07:15:00.000+02:00'
'048a3fc245fb8cce4c70f59b0d31d6a2940ed763'|'China to relax rules to boost big insurers'' expansion - sources'|'Money News - Sun Mar 5, 2017 - 1:12pm IST China to relax rules to boost big insurers'' expansion - sources By Sumeet Chatterjee and Julie Zhu - HONG KONG HONG KONG China''s insurance regulator is considering an industry shake-up that could see the biggest and most solvent firms resuming an overseas expansion, while smaller, riskier insurers would come under tighter scrutiny. The plan being discussed would see the China Insurance Regulatory Commission (CIRC) move from a one-size-fits-all regulatory framework to a regime calibrated to insurers'' assets, solvency ratios and risk tolerance, four people with knowledge of the talks told Reuters. It forms part of a broader push by the CIRC to clean up the world''s second-largest insurance sector amid concern that rampant expansion by many smaller firms has caused rising systemic risk in the financial sector. Chinese insurers have snapped up billions of dollars worth of assets overseas and at home in the past two years to counter falling investment yields at home. Many have funded their expansion with cash from selling opaque investment-linked wealth management products, increasing companies'' balance sheet risk. Outbound M&A deal volume by Chinese insurers doubled last year to $11 billion, after growing at a similar pace in 2015, according to Thomson Reuters data. But concern over the balance sheet risk, and a crackdown on capital outflows, has made it tougher for insurers to win government approval to deploy fresh capital abroad over the past six months, causing uncertainty about their ability to do more outbound deals. Several larger insurers have lobbied the regulator to take a more tailored approach when applying the rules, arguing they should not be subject to the same investment restrictions as their smaller, riskier rivals, two of the sources said. Ongoing M&A deals with potential Chinese bidders include Australia and New Zealand Banking Group''s sale of its more than $3 billion life insurance and wealth business, investment bankers say, and Chinese insurers have also shown interest in buying Hong Kong Life Insurance Ltd, one of few independent life insurers in the financial centre, which could fetch $600 million. Chinese insurers have also been looking to buy hotels and other real estate assets from New York to London to find steady and higher yields. INVESTMENT CAP Under the new regime being discussed, the CIRC plans to look more favourably on large, solvent insurers including China Life Insurance Co Ltd and Ping An Insurance Group Co and support their expansion plans, both at home and abroad, the people said. Smaller insurers will face tougher scrutiny when trying to expand overseas or domestically. "The insurance companies have to increase their investment yields, and there are some that are considering using assets to do offshore M&A," said Martin Tam, an insurance partner at law firm Baker McKenzie in Hong Kong. "But it will depend on the requisite regulatory approvals which, in turn, will depend on the companies – how strong are their solvency ratios and if those investments are prudent." The proposal is in its early stages and it''s not clear when it might be implemented, said the sources, who declined to be named because the discussions are private. The CIRC, China Life and Ping An did not respond to requests for comment. Chinese insurers can invest up to 15 percent of their assets overseas. A sharp drop in the yuan, low interest rates and sluggish stock markets have sent firms including Ping An, China Life and Anbang Insurance Group hunting for assets from the United States to Japan. Those overseas manoeuvres took a hit after China began tightening rules for taking capital outside the country, to stem a gradual slide in its foreign exchange reserves. The CIRC plans to cut the 15 percent overseas investment threshold to low single-digits for firms that have weaker solvency ratios and face asset and liability mismatches, two of the people said. (Reporting by Sumeet Chatterjee and Julie Zhu, with additional reporting by Raffaele Ruohong Huang in HONG KONG; editing by Michelle Price and and Ian Geoghegan) Next In Money News China vows new steel, coal capacity cuts to make sky blue BEIJING China will cut steel capacity by 50 million tonnes and coal output by more than 150 million tonnes this year, its top economic planner said on Sunday as the world''s No. 2 economy deepens efforts to tackle pollution and curb excess supply.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-insurance-idINKBN16C0A8'|'2017-03-05T14:42:00.000+02:00'
'3c62318a9fd7d6db33d4e5fecd875a6cc9dc72e5'|'TRX joins Cornerstone in U.S. residential rental venture'|'By Ana Mano - SAO PAULO SAO PAULO A unit of Brazil''s TRX Holding Investimentos has entered a joint venture to buy and renovate multi-family housing projects in the United States, hoping to profit from the residential rental market in the world''s largest economy.TRX and U.S.-based Cornerstone Properties Ltd will contribute equally to the venture, making an initial investment of up to $200 million in four projects in Florida this year, Fernando Fiuza, who heads TRX''s U.S. residential unit, said in an interview on Monday.The sum is enough to acquire up to 1,500 residential units, Fiuza said. He added that the partners would focus on buying apartment buildings with an occupancy rate of 95 percent, with a view toward renovating and eventually increasing rents.TRX oversees $1.5 billion in assets in Brazil and the United States as a multi-sector real estate and development company, with interests ranging from the leasing of industrial warehouses to self-storage space and logistics.After the subprime mortgage crisis, many U.S. families lost their homes to the banks foreclosing on their properties. Data show young Americans have put off buying a home to stay current on their student loans, creating a market of potential tenants, said Fiuza."These factors have contributed to reduce home ownership in the U.S. to historically low levels," Fiuza said.The joint-venture will invest in so-called multi-family housing, which can vary from traditional apartment buildings to low-rise developments. The venture will initially raise money from wealthy Brazilian investors to help finance up to 30 percent of the building purchases, he said.The partners will focus on residential assets located in Orlando, Tampa, Miami, Jacksonville and Palm City, he said.(Reporting by Ana Mano; Editing by Guillermo Parra-Bernal and Tom Brown)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-trx-cornerstone-properties-usa-idINKBN16D2G0'|'2017-03-06T17:05:00.000+02:00'
'15511a415b7875dd4e784586aa6300925faa6b5a'|'FDA lifts hold on Seattle Genetics drug trials'|'Health  10am EST FDA lifts hold on Seattle Genetics drug trials FILE PHOTO - A view shows the U.S. Food and Drug Administration (FDA) headquarters in Silver Spring, Maryland August 14, 2012. REUTERS/Jason Reed/File Photo Seattle Genetics Inc said on Monday the U.S. Food and Drug Administration had lifted the clinical hold on several early stage studies testing its experimental cancer drug. The FDA imposed the clinical hold following the deaths of four people in trials testing the company''s experimental cancer drug, vadastuximab talirine, Seattle Genetics said on Dec. 27. (Reporting by Akankshita Mukhopadhyay in Bengaluru; Editing by Sriraj Kalluvila) Next In Health News Bird flu found in Tennessee chicken flock on Tyson-contracted farm A strain of bird flu has been detected in a chicken breeder flock on a Tennessee farm contracted to U.S. food giant Tyson Foods Inc, and the 73,500 birds will be culled to stop the virus from entering the food system, government and company officials said on Sunday. LONDON A quarter of all global deaths of children under five are due to unhealthy or polluted environments including dirty water and air, second-hand smoke and a lack or adequate hygiene, the World Health Organization (WHO) said on Monday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-seattle-genetics-fda-idUSKBN16D1CD'|'2017-03-06T19:03:00.000+02:00'
'd54c9001bfe4c7054970bca5d6f2077c745fc1ff'|'German minister warns UK over trade, predicts Frankfurt to gain'|'Business News - Mon Mar 6, 2017 - 12:29pm GMT German minister warns UK over trade, predicts Frankfurt to gain Tarek Al-Wazir makes a speech during the inauguration of the ECB''s new headquarters in Frankfurt March 18, 2015. REUTERS/Wolfgang Rattay By John O''Donnell and Andreas Kröner - FRANKFURT FRANKFURT Britain would be "naive" to expect generous trade deals when it quits the European Union, the German minister responsible for its financial centre said on Monday, adding that Frankfurt would grab business from London. While France has long made no secret about its ambition to take business from London, German politicians have largely avoided such statements and Tarek Al-Wazir''s show a desire in Germany to profit from Brexit, potentially complicating Britain''s attempt to strike a trade deal with the EU. Al-Wazir, a minister in the state of Hesse, in Germany''s industrial heartland, told Reuters that British politicians were unrealistic in hoping for generous terms for future trade deals. "It is naive to believe that countries are simply waiting to strike trade deals with Great Britain after Brexit," he said. "Whoever wants to attract companies with tax cuts cannot expect to be rewarded with generous trade deals. It won''t happen." Earlier this year, British Prime Minister Theresa May, when announcing that Britain would quit the European Union''s single market, hinted that it could use tax breaks to fight to attract businesses if the EU imposed punitive tariffs. Al-Wazir said he expected the clearing of trades in euros, a multi-trillion-euro business, to move from London to centres including Frankfurt, which he is responsible for promoting. "It is hard to imagine that most business in euros will be booked in London after Brexit. Europe needs access if anything goes wrong. From the ECB''s point of view, London is offshore after Brexit," he said, referring to the need for the European Central Bank to have oversight of the business. "You can expect parts of the clearing business to be spread across many continental locations. I''m confident that Frankfurt can attract part of London''s euro clearing business." The collapse of merger talks between Deutsche Boerse ( DB1Gn.DE ) and the London Stock Exchange ( LSE.L ), however, could complicate this, with some observers predicting that the LSE is now more likely to move clearing to its Paris-based business. Although Britain is not one of the 19 countries in the euro currency bloc, London dominates trading in the currency. The trading of euro-based securities spans trillions of euros of derivatives deals as well as the ''repo'' market providing short-term funding for banks – roughly 2 trillion euros of which experts say is based in London. On top of this, there is foreign exchange trading in the currency itself. The Frankfurt-based ECB wants oversight of this business for a practical reason: if any disaster were to hit these markets like the 2008 collapse of Lehman Brothers bank in the United States, it would be responsible for dealing with it. (Writing by John O''Donnell; Editing by Alexander Smith) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-frankfurt-idUKKBN16D1DS'|'2017-03-06T19:29:00.000+02:00'
'54fda576dd61ae15de927ccb56ed904e2a4266a0'|'China to take further steps to support private investment - state planner'|' 25am IST China to take further steps to support private investment - state planner   FILE PHOTO - 100 Yuan notes are seen in this illustration picture in Beijing November 5, 2013. REUTERS/Jason Lee/File Photo BEIJING China will take further steps to support private investment, Zhong Yong, a vice chairman of the state planner, said on Monday. Private investment is steadying and measures taken to boost investment are showing results, Zhong told a news conference in Beijing. Fixed asset investment by private firms rose 3.2 percent last year after double digit growth in previous years. (Reporting by Kevin Yao; Editing by Richard Borsuk) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-parliament-ndrc-investment-idINKBN16D0C4'|'2017-03-06T10:55:00.000+02:00'
'd3c6d63c224aab9d431b534d1138ccd132f7bffd'|'Volkswagen to unveil self-driving car as part of post-dieselgate shift'|'Business News - Mon Mar 6, 2017 - 6:05pm GMT Volkswagen to unveil self-driving car as part of post-dieselgate shift FILE PHOTO: A Volkswagen logo is pictured at Volkswagen''s headquarters in Wolfsburg, Germany, April 22, 2016. REUTERS/Hannibal Hanschke/File Photo GENEVA Volkswagen ( VOWG_p.DE ) will show off a fully self-driving car at the Geneva auto show, as part of the German carmaker''s drive to be at the forefront of new technologies in the wake of its diesel emissions scandal. Europe''s biggest carmaker has said it will invest billions of euros in electric cars, ride-hailing and automated driving, and launch over 30 electric models by 2025 as it battles to recover from its emissions test cheating. The self-driving concept car called Sedric - a so-called Level 5 vehicle capable of fully automated operation - is a precursor for more such models from the Volkswagen (VW) group in years to come, Chief Executive Matthias Mueller said on Monday on the eve of car executives'' annual gathering in Geneva. VW is hiring top specialists and plans to spend several billions of euros on automated driving alone, Mueller said, without being more specific. Sedric can carry 4 passengers and could be used for ride-sharing fleets as well as for individual consumers, VW said. Internet giant Google ( GOOGL.O ) was a forerunner in self-driving technology with its 2015 prototype vehicle, but has since been challenged by companies ranging from Uber to Apple ( AAPL.O ), as well as traditional carmakers. Manufacturers and their suppliers are working on different technology suites - including cameras, radar and laser imaging technology lidar - to enable vehicles to drive themselves, but it will take years for these vehicles to come to market. Mercedes-Benz ( DAIGn.DE ) unveiled its fully autonomous F 015 luxury concept two years ago. But Toyota ( 7203.T ) has said it does not expect to see Level 5 cars in widespread use for another 10-15 years, while Ford ( F.N ) does not plan to offer such vehicles for consumers until 2025 or later. (Reporting by Andreas Cremer; Editing by Mark Potter) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-autoshow-geneva-volkswagen-idUKKBN16D27K'|'2017-03-07T01:05:00.000+02:00'
'e6f9e9c02c145fc87825dcc6b31f50a4ade8e3f8'|'South Korea''s Lotte says four retail stores in China closed after inspections'|'Business News - Sun Mar 5, 2017 - 8:17pm EST South Korea''s Lotte says four retail stores in China closed after inspections A general view of the new Lotte Department Store in Tianjin June 17, 2011. REUTERS/Lotte Department Store/Handout SEOUL South Korea''s Lotte Group said on Monday four of its retail stores in China were closed after inspections by authorities, as Seoul protests at discriminating action by China after Lotte agreed to provide land for a U.S. missile defense system. A Lotte Mart spokesman said the four stores, in Dandong, Changzhou and other locations, were closed last week after the inspections, but could not provide further details. As of January, Lotte Mart had about 115 stores in China. Shares in Lotte Shopping ( 023530.KS ), where Lotte Mart is a business division, fell 3.5 percent as of 0019 GMT compared to 0.4 percent drop in the wider market. .KS11 The retail closures come after affiliate Lotte International Co Ltd last week approved a South Korean land swap to allow the U.S. Terminal High Altitude Area Defence (THAAD) system, which is being installed in response to North Korea''s missile threat. Earlier on Monday, South Korea''s military said North Korea fired an unidentified projectile from its Tongchang-ri region, where a missile base is located. China has objected to the deployment of the missile system, saying it has a radar capable of penetrating Chinese territory. South Korean media said last week that Chinese government officials had given verbal guidance to tour operators in China to stop selling trips to South Korea, only days after the Lotte land swap. The Lotte''s duty free operator, Lotte Duty Free, last Thursday said a cyber attack using Chinese internet protocol (IP) addresses had crashed its website. It is currently back online. The South Korean government on Sunday protested what it called discriminating action by China toward South Korean companies. "We will act accordingly to international law against any actions that violate policies of the World Trade Organisation (WTO) or the free trade agreement between South Korea and China," said South Korea Trade Minister Joo Hyung-hwan. (Reporting by Joyce Lee; Editing by Michael Perry) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-southkorea-china-lotte-idUSKBN16D03U'|'2017-03-06T08:17:00.000+02:00'
'12573bcd0d2cd37a3abcc48bc922d14ce4f21e8b'|'Marriott to speed up expansion of Starwood brands - CEO'|'Deals  28am EST Marriott to speed up expansion of Starwood brands: CEO FILE PHOTO: Marriott Chief Executive Arne Sorenson speaks during an interview with Reuters in a hotel in Berlin, March 3, 2015. REUTERS/Fabrizio Bensch By Victoria Bryan - BERLIN BERLIN Hotels group Marriott International ( MAR.O ) is planning to speed up the expansion of brands acquired in the takeover of rival Starwood, and is not ruling out further additions to its portfolio, its chief executive said on Monday. Arne Sorenson also said 2017 was shaping up to be a solid year, though with some clouds on the horizon. "We are concerned about whether national policies around travel roll out in a way that is harmful to our business and economies," he said on the sidelines of the IHIF hotel conference in Berlin, highlighting political changes in the United States and Britain, and upcoming elections in Europe. Marriott, with brands including Ritz-Carlton, Renaissance and Autograph, completed the acquisition of Starwood in September, adding names such as Sheraton, W and Aloft to create the world''s largest hotel chain with more than more than 6,000 properties in 122 countries. Sorenson said Marriott wanted to keep up the same rate of expansion as before the deal, meaning faster growth for the Starwood brands. He said a new Marriott group hotel would open on average every 15 hours in 2017. "We think with Aloft we can really ramp it up and grow them at a faster pace than Starwood," Sorenson said. He noted that while it had taken Aloft about a decade to reach 100 hotels globally, Marriott''s comparable AC Hotels had reached that figure since 2014 in the United States alone. Even with 30 brands now, Marriott was not ruling out further additions to its portfolio, Sorenson added. "We don''t think we''ve grown to the point where we''re complete, we think we have a lot of growth ahead of us," he said, noting that even in the United States Marriott only had a market share of 14-15 percent. In a nod to competition from apartment rentals, Sorenson said the Element brand acquired via Starwood was considering a concept for rooms with shared communal space. That could be suitable for groups such as hen parties or college reunions. "A hotel''s not been a great place for them," he said. Despite the addition of more upscale brands via Starwood, the fastest rate of growth in Europe would still come from the Moxy budget brand, Europe head Amy McPherson said, with plans to open 18,000 rooms over the next three years from 1,000 now. (Reporting by Victoria Bryan; Editing by Mark Potter) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-europe-tourism-marriott-intnl-idUSKBN16D1NB'|'2017-03-06T21:20:00.000+02:00'
'833f19e060a870302dcbbb212b16d4c31ce1912a'|'Kellerhals has filed legal challenge against Metro split: source'|'DUESSELDORF, Germany Erich Kellerhals, the founder of Media-Saturn, has filed a legal challenge against plans by German retailer Metro ( MEOG.DE ) to split into two companies, a person familiar with the matter told Reuters.Shareholders in Metro overwhelmingly voted last month to back a plan to split off the group''s wholesale and hypermarket food business from Media-Saturn, Europe''s biggest consumer electronics group, by the middle of the year.Kellerhals, who still owns a stake of 22 percent in Media-Saturn, suggested last month he was considering a legal challenge against the split.A spokesman for Convergenta, Kellerhals'' investment vehicle, declined to comment. Metro also declined to comment.(Reporting by Matthias Inverardi; Writing by Christoph Steitz; Editing by Klaus-Peter Senger; and Ludwig Burger)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-metro-ag-split-idINKBN16F1WG'|'2017-03-08T12:17:00.000+02:00'
'6531e87cd6f62e299ce9b7694a218d17df67162a'|'Insight - "It''s like kumbaya:" Trump''s genial private meetings with CEOs jar with public attacks'|'By Ginger Gibson and David Shepardson - WASHINGTON WASHINGTON When the bosses of some of the world''s largest pharmaceutical companies headed to Washington in January to meet U.S. President Donald Trump, it had all the makings of a potentially hostile meeting. Just weeks before, Trump had sent drug stock prices plummeting after accusing the companies of "getting away with murder" by charging too much for medicines. But the Trump who greeted chief executives of Johnson & Johnson, Novartis, Merck, Eli Lilly, Celgene and Amgen on Jan. 31 was a surprisingly genial host who even gave them a personal tour of the Oval Office, according to several participants in the breakfast. “There is no question that it was better than it could have been or we thought it could be," said one industry insider familiar with the meeting. Trump did not repeat his public attacks on the industry. Instead, he focused on "outdated" regulations that drive costs up for drugmakers, according to participants interviewed by Reuters. The CEOs left with Trump''s word that he would streamline regulations and reform the high U.S. corporate tax rate. Since taking office on Jan. 20, Trump has held at least nine meetings with groups of business leaders, including automakers, airlines, retailers and health insurers. In early morning or late-night tweets and in speeches, Trump has lambasted many of these companies for cost over-runs, or high prices, or foreign manufacturing, often knocking down their share prices. (See the effects of Trump''s tweets on stock prices here tmsnrt.rs/2ibdFSF ) But Reuters interviews with nearly a dozen executives and lobbyists who have taken part in these meetings or have been briefed on them reveal a Trump who is very different from his uncompromising and demanding @realDonaldTrump Twitter handle. When he meets the nation''s top chief executives in person, he is a mix of charm and cajoling. This Trump is flexible and inquisitive, a schmoozer who remembers birthdays and often lavishes praise on their companies, said the people, who spoke on condition of anonymity so they could freely discuss private meetings. This private side of Trump sheds light on why many CEOs have expressed confidence that the Republican president is good for business, despite his share-denting public attacks. As recently as Tuesday, Trump tweeted he was working on a system to increase competition in the health industry and lower drug pricing, sending pharma shares lower. In the White House meetings, Trump focuses much of his talk on cutting regulations, the sources said, underscoring one of his administration''s key priorities - getting rid of rules imposed by his predecessor Barack Obama. He typically asks which regulations are holding businesses back from adding new jobs and promises to resolve the issues, executives say. "He said one thing for the cameras and the door shuts and then it''s like kumbaya," said one person who was briefed on a meeting between Trump and a group of CEOs. "He likes to be seen as engaging and buddy buddy with other big important business leaders," said this person. A former businessman, Trump runs his closed-door meetings with CEOs as if they were a corporate board meeting, attendees said. In contrast to his doctrinaire tweets, he likes to seek input from everyone at the table, and compared to former presidents Barack Obama and George W. Bush, conversations are less scripted. Trump’s approach to these meetings is “one of listening and not lecturing”, said a senior White House official who has participated in industry meetings. “I’ve seen a president who is listening and asking questions to get to how he can create a thriving economy,” the official said. An Amgen spokeswoman said Trump made it clear that he wanted to work with the company on U.S. job creation and biotech innovation. Representatives of the other drugmakers declined to comment. SHOWING OFF THE DRAPES Because so little is known about how Trump interacts privately with CEOs, trade groups and company officials have begun to swap tips on how to approach their meetings with him. “There is this undercurrent of information sharing about what to expect, what to do,” said one trade group official who prepared CEOs for a recent meeting with Trump. He said he has gotten a flurry of calls from other industries next in line for a White House visit. At the end of most meetings, Trump leads CEOs into the Oval Office, showing off paintings, sculptures and the furniture, as well as the rug and curtains he has picked out. He also points out a bust of Martin Luther King Jr., which he inherited from Obama. Then he takes a group photo behind the desk. “He becomes tour guide and brings them over to the Oval Office,” the same official said. “He’s very proud of the Oval Office.” The White House official said Trump recognized the “awe” of the Oval Office. CHAIR FOR GM, BIRTHDAY WISH FOR FORD Chief executives of Detroit''s top three automakers - General Motors Co, Ford Motor Co and Fiat Chrysler Automobiles NV - were pleasantly surprised when they went to the White House for a breakfast with Trump on Jan. 24. Since his election, Trump has frequently attacked the car companies for building in Mexico and warned U.S. firms would no longer be able to move U.S. jobs abroad "without consequences." When Trump entered the Roosevelt Room, he greeted GM CEO Mary Barra with a playful tap on the shoulder as he gently prodded her to add jobs in the United States and later pulled out her chair before the meeting started, a review of the video transcripts of the first part of the meeting shows. He greeted Ford CEO Mark Fields with a "Happy Birthday. It''s his birthday ladies and gentlemen." Trump said it was a "great honor" to see Fiat Chrysler CEO Sergio Marchionne. Trump did not specifically ask them to build plants in the United States - as he had tweeted he would before the meeting - but instead listened to their complaints about regulations and indicated a willingness to help them, people briefed on the meeting said. Ford declined to comment and referred to Fields'' comments to dealers in January that Trump had asked for a list of regulations that automakers wanted cut or kept. GM CEO Mary Barra said in a speech last week that Trump “really listened” to the automakers, while Marchionne told reporters at the Geneva auto show on Tuesday that Trump was “quite willing to make our lives easier” in terms of compliance and taxes in order to encourage U.S. job creation. Trump has been complimentary of his high-profile guests - and at times playful. After Denise Morrison, chief executive of Campbell Soup, introduced himself in one of those meetings, Trump quickly responded: "Good soup." At another, after Target Corp CEO Brian Cornell spoke, Trump responded by pronouncing the name of the company as “Tar-Jay,” a common joke to make the retailer sound more fancy. (Reporting by Ginger Gibson and David Shepardson in Washington, Additional reporting by Emily Stephenson in Washington and Emily Flitter in New York, Editing by Soyoung Kim and Ross Colvin) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-trump-companies-idINKBN16F17Y'|'2017-03-08T18:14:00.000+02:00'
'afcf3750f827b5bf198d91803a864f7d9d09ff48'|'Brazil to auction power transmission licenses on April 24'|'Company News  16pm EST Brazil to auction power transmission licenses on April 24 SAO PAULO, March 7 Brazil''s energy regulator Aneel said on Tuesday it will auction next month new licenses to build and operate 7,400 kilometers (4,598 miles) of power transmission lines requiring up to 13.1 billion reais ($4.2 billion) in investment. In a statement, the regulator said the power lines would pass through 20 Brazilian states and should enter operation in the five years after the auction, scheduled for April 24. Power generator Engie Brasil Energia SA and distributor Energisa SA have already expressed interest in bidding. President Michel Temer launched an infrastructure concessions program on Tuesday aimed at raising 45 billion reais ($14.4 billion) in investments in roads, port terminals, railways and power transmission lines. Industry analysts expect the power transmission licenses auction to be successful, following good results for another sale in October. The companies that acquired licenses last year included Brookfield Asset Management Inc, Equatorial Energia SA , Cteep Companhia de Transmissão de Energia Elétrica Paulista and EDP Energias do Brasil SA. ($1 = 3.1194 reais) (Reporting by Luciano Costa; Writing by Tatiana Bautzer; Editing by Daniel Flynn, Bernard Orr) Next In Company News Q&A-What do I need to know about the CIA''s hacking program? March 7 WikiLeaks, the website that specializes in exposing secrets, on Tuesday released what it said were thousands of documents that described internal U.S. Central Intelligence Agency discussions on hacking techniques it has used to circumvent security on electronic devices for spying.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-auction-power-idUSL2N1GK25X'|'2017-03-08T06:16:00.000+02:00'
'a514a89fd02cafcef52c867a403078688250e54e'|'BRIEF-ExactEarth reports qtrly revenue of $3.3 mln'|' 41am EST BRIEF-ExactEarth reports qtrly revenue of $3.3 mln March 8 ExactEarth Ltd - * ExactEarth reports q1 fiscal 2017 financial results * Qtrly revenue of $3.3 million * Qtrly order bookings were $8.9 million compared to $4.2 million in q1 2016 * Qtrly loss per share $0.09 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-exactearth-reports-qtrly-revenue-o-idUSASB0B4C5'|'2017-03-08T18:41:00.000+02:00'
'6858ddf242e2bf5cb562c83c831a047f5cbffb55'|'IMF''s Furusawa says global imbalances above desirable levels'|'Money News - Wed Mar 8, 2017 - 6:19am IST IMF''s Furusawa says global imbalances above desirable levels FULL COVERAGE: INDIA ELECTIONS 2017 Mitsuhiro Furusawa in Tokyo April 12, 2013. REUTERS/Issei Kato TOKYO Concentration of global imbalances among a few large countries presents a risk to the world economy and could disrupt financial markets, a senior International Monetary Fund official said on Wednesday. "We have witnessed sustained periods of imbalances. While they have narrowed since the (global financial) crisis, they remain above desirable levels," IMF Deputy Managing Director Mitsuhiro Furusawa said. Cooperation between countries that have current account deficits and those that have surpluses is required to address such imbalances, he told an IMF-hosted seminar in Tokyo on the international monetary system in Asia. (Reporting by Leika Kihara; Editing by Chris Gallagher) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/imf-asia-furusawa-idINKBN16F04G'|'2017-03-08T07:49:00.000+02:00'
'846e0844f1dfb45481228f13e18867b646cb69c8'|'Global stocks slip, U.S. dollar firm on Fed outlook'|'Business News - Tue Mar 7, 2017 - 10:25pm GMT Stocks slip, U.S. dollar firm on Fed outlook Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 7, 2017. REUTERS/Brendan McDermid By Herbert Lash and Dion Rabouin - NEW YORK NEW YORK A gauge of global stock markets slipped on Tuesday as the Dow and S&P 500 notched their first back-to-back losses in more than a month, while expectations the Federal Reserve will raise interest rates supported the U.S. dollar. Shares of large U.S. pharmaceutical and biotechnology companies sold off after a tweet from U.S. President Donald Trump on the need to lower drug prices. Shares of Pfizer Inc ( PFE.N ) and Amgen Inc ( AMGN.O ) each dropped more than 1 percent. The dollar .DXY rose 0.16 percent against a basket of six major trading currencies, 0.29 percent against the British pound GBP= and 0.14 percent against the Swiss franc CHF= ahead of the Fed''s meeting next week. Jitters over economic and political developments in Europe also lifted the greenback. U.S. Treasury yields rose, supporting the dollar, as investors made room for this week''s supply of government debt and also in anticipation of a Fed rate hike this month. The monthly U.S. jobs report, due on Friday, is expected to show an increase of 190,000 jobs, probably enough to push the Fed to raise its base rate again for the second time in four months. The market is taking in stride expectations the Fed will raise rates, unlike past years, said Rahul Shah, chief executive of Ideal Asset Management in New York. "As long as we keep getting macroeconomic data that''s supportive of a rate hike we''re going to continue to see stocks rally," Shah said. "If financials continue to rally with higher rates and industrials rally with better economic data, that could be enough to power the market higher," he said. The Dow Jones Industrial Average .DJI closed down 29.58 points, or 0.14 percent, to 20,924.76. The S&P 500 .SPX lost 6.92 points, or 0.29 percent, to 2,368.39 and the Nasdaq Composite .IXIC dropped 15.25 points, or 0.26 percent, to 5,833.93. Stocks in Europe closed slightly lower as weak corporate earnings and the biggest fall in German industrial orders since the depths of the global financial crisis weighed on sentiment. Europe''s FTSEurofirst index .FTEU3 of the 300 leading regional shares fell 0.28 percent, pulled down by healthcare and financial stocks. MSCI''s all-country world stock index .MIWD PUS dipped 0.22 percent. Brent crude LCOc1 settled down 9 cents at $55.92 a barrel while U.S. West Texas Intermediate (WTI) crude CLc1 fell 6 cents to settle at $53.14. Oil prices slid further in post-settlement trade after data from the American Petroleum Institute showed U.S. crude stocks last week rose 11.6 million barrels, or more than five times analysts'' forecast. [API/S] U.S. Treasury yields rose, with the 30-year yield at its highest in more than a month as investors prepared for this week''s supply of coupon-bearing government debt led by $24 billion of three-year notes. They also rose after data showed the U.S. trade deficit grew in January to its highest monthly level in nearly five years. Investors also reduced their bond holdings in anticipation of a rate increase at the Fed''s policy meeting next week. Benchmark 10-year Treasury notes US10YT=RR fell 7/32 in price to yield just under 2.52 percent, while the 30-year bond US30YT=RR fell 14/32 in price to yield 3.12 percent after touching its highest since Feb. 3, Reuters data showed. U.S. gold futures GCv1 for April delivery settled down 0.8 percent at $1,216.10 an ounce. (Reporting by Herbert Lash and Dion Rabouin; Editing by Chizu Nomiyama and James Dalgleish) Next In Business News Confronted by market doubts, Federal Reserve drove March rate rise expectations NEW YORK/SAN FRANCISCO Early last week, financial markets saw just a 30 percent chance of the Federal Reserve raising interest rates in March; but by Friday after a striking series of comments from Fed officials, including Chair Janet Yellen, traders saw an 80 percent chance.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-markets-idUKKBN16E03Q'|'2017-03-08T05:15:00.000+02:00'
'dd5132bb1e83c9e546e7d68ede0b453593db1c38'|'PageGroup''s profit rises 11.7 percent on overseas growth'|' 18am GMT PageGroup''s profit rises 11.7 percent on overseas growth British recruitment firm PageGroup Plc ( PAGE.L ) reported an 11.7 percent rise in full-year profit as overseas growth more than offset a continued cooling in the UK hiring market ahead of the country''s planned exit from the European Union. "Our businesses in Continental Europe, Australasia and Latin America, excluding Brazil, all performed well," Chief Executive Steve Ingham said in a statement. "In the UK, client and candidate confidence levels were impacted by the EU Referendum result, with activity levels reduced," Ingham said. The company, which mainly finds candidates to fill permanent positions, said gross profit rose to 621 million pounds ($757.7 million) in the year ended Dec. 31, from 556.1 million pounds, a year earlier. ($1 = 0.8196 pounds) (Reporting by Arathy S Nair and Esha Vaish in Bengaluru; Editing by Amrutha Gayathri)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-pagegroup-results-idUKKBN16F0OO'|'2017-03-08T14:18:00.000+02:00'
'1c4c30562799ad81967251394f7578f1b3adee67'|'Exclusive - Airbus may ditch A380''s grand staircase as sales tumble'|' 25am GMT Exclusive: Airbus may ditch A380''s grand staircase as sales tumble FILE PHOTO: Interior view shows the stairs between two decks in the Airbus A380 at Frankfurt Airport, Germany, March 22, 2007. REUTERS/Alex Grimm/File Photo By Tim Hepher Airbus is considering doing away with one of the hallmarks of its A380 superjumbo, a "grand staircase" echoing the era of cruise ships, as it looks to revive sales of the world''s largest airliner, industry sources said. The idea of a slimmed down staircase, as well as adding fuel-saving wingtips, is aimed at lowering the huge double-decker''s operating costs and boosting its fuel efficiency. The provisionally dubbed A380-Plus makeover would add 40-50 seats to increase the standard interior''s capacity to more than 600 seats which would help airlines reduce their costs per passenger. To make room for those extra passengers, the A380 would do away with the double staircase at the front of the plane in favor of something more compact. The narrower spiral staircase at the back would also be modified. Airbus officials declined to comment on the plans, which have yet to be finalised and approved. "Airbus is always studying opportunities to improve our aircraft," a spokesman said. The sweeping staircase is one of the first features passengers see on boarding an A380 and captured attention when the A380 was first rolled out as a ''cruise ship of the skies'' in 2005. However, sales have fallen in recent years due to advances in smaller twin-engined jets, which cost less to fly and maintain. To help on the A380, the addition of vertical wingtips, more typically seen on smaller narrow-body jets, would cut fuel consumption by reducing drag. The sources, speaking on condition of anonymity, said the makeover would improve fuel efficiency by around two percent. They said the changes may also be available as retrofits to existing A380s, but that this had not yet been decided. The design changes would add about three tonnes to the A380''s maximum take-off weight, leaving more room for payload or fuel. Airbus recently shelved plans for a bolder upgrade of the A380 involving new engines due to cost, and announced plans to cut output to one a month due to poor sales. Beyond the new tweaks, the health of the program depends on getting costs low enough so that Airbus can keep output ticking over at 12 a year without losing money, while it waits for what it hopes will be a rise in demand as air travel grows. "The time will come for the A380," Airbus sales chief John Leahy told the ISTAT Americas air finance conference this week. Airbus was due to unveil a dedicated online booking system for A380 flights at a Berlin show on Wednesday. The European company''s U.S. rival Boeing argues the time for very large four-engined jets, such as the A380 and its own slow-selling 747-8, is ending. In the short term, Airbus faces another challenge: helping investors find homes for five A380s due to be released by Singapore Airlines after their lease expires. So far there is no second-hand market for the jets, which entered service in 2007, and several ISTAT delegates said it would not be easy to find takers due in part to the high costs of converting the interiors to suit the needs of a new airline. (Editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-airbus-a-idUKKBN16F0YR'|'2017-03-08T16:17:00.000+02:00'
'2e2ed8a557d96fca9f9c1836d86018434e035b0a'|'MOVES-BNY Mellon names Dan Watkins head of EMEA markets business'|'  10:43am EST MOVES-BNY Mellon names Dan Watkins head of EMEA markets business March 8 Bank of New York Mellon Corp appointed Dan Watkins head of its Europe, Middle East and Africa (EMEA) markets business. Watkins, who succeeds Richard Gill, previously held senior roles at JPMorgan and also co-founded investment management financial technology company LatentZero. (Reporting by Akankshita Mukhopadhyay in Bengaluru)   Samsung to expand in US, shift some manufacturing from Mexico-WSJ March 8 Samsung Electronics Co Ltd is planning to expand its U.S. production facilities, shifting some manufacturing from Mexico, the Wall Street Journal reported on Wednesday.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/bny-mellon-moves-dan-watkins-idUSL3N1GL4G1'|'2017-03-08T22:43:00.000+02:00'
'79ff6a40a8b9a6d7c1fe6bf9d07c5958238bb083'|'BRIEF-David Baazov says disposed of ownership of 7 mln common shares of Amaya'|'  5:00pm EST BRIEF-David Baazov says disposed of ownership of 7 mln common shares of Amaya March 7 (Reuters) - * David Baazov -disposed of ownership of 7 million common shares of amaya inc at a price of $19.00 per share for aggregate amount of $133 million * David Baazov -after giving effect to disposition, own 17.6 million common shares, representing about 12.1% of issued and outstanding common shares of Amaya Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-david-baazov-says-disposed-of-owne-idUSFWN1GK0UV'|'2017-03-08T05:00:00.000+02:00'
'23e52f6728000a83aeb35fff0983eac97b9d1a13'|'Qatar Airways chief says will not receive Airbus A320neos in 2017'|' 06pm GMT Qatar Airways chief says will not receive Airbus A320neos in 2017 A flight test engineer holds an Airbus Group flag after the first flight of the Airbus A320neo (New Engine Option) in Colomiers near Toulouse, France, September 25, 2014. REUTERS/Regis Duvignau/File Photo BERLIN Qatar Airways will not receive any Airbus A320neo jets this year as it looks to upgrade its order to larger models, the airline''s chief executive Akbar Al Baker said on Wednesday. The Gulf carrier has refused to take deliveries of Airbus A320neos since December 2015 over performance issues with the aircraft''s engines. "I have to scream at Airbus to get my planes faster. I am nearly 8 destinations behind schedule because of delays in aircraft deliveries. I hope this will be resolved during this year," Al Baker told reporters in Berlin. Qatar Airways is around 10 aircraft short from Airbus at present, including A320neos and wide body A350s, he said. The Gulf carrier wants to swap its order for 50 A320neo family jets, which includes A319, A320 and A321 versions, for all A321neos. An Airbus spokesperson told Reuters: "We are working with our customers to deliver aircraft to their full satisfaction." Al Baker and Airbus separately declined to comment on the status of converting the order. (Reporting by Victoria Bryan in Berlin; Writing by Alexander Cornwell in Dubai; Editing by Mark Potter) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-tourism-qatarairways-idUKKBN16F1DX'|'2017-03-08T19:06:00.000+02:00'
'845507cd7d0fd329e6fbddf22110eac6fb4bdf9f'|'Santander, Intesa Sanpaolo to sell Allfunds Bank in 1.8 billion euro deal'|'MADRID/MILAN Spain''s Santander ( SAN.MC ) and Italy''s Intesa Sanpaolo ( ISP.MI ) said on Tuesday they had agreed to sell a joint 75 percent stake in mutual fund platform Allfunds Bank for around 1.37 billion euros ($1.45 billion) to funds GIC and Hellman & Friedman.The remaining 25 percent will be sold by Warburg Pincus and General Atlantic as part of an agreement reached with Santander in November. The two U.S. funds did not immediately give financial details of their side of the sale.The deal values Allfunds at 1.8 billion euros and is subject to the customary closing conditions, private equity fund Hellman & Friedman and Singapore sovereign wealth fund GIC said in a joint statement on Tuesday.Allfunds is a business-to-business operation which provides services supporting the mutual fund distribution activities of over 530 clients and has offices in Europe, Asia and Latin America, the funds said."Our role as an investor, together with our partner GIC, will be to support the (Allfunds) team in accelerating growth, both organically and through select M&A," said Zita Saurel, managing director at Hellman & Friedman.Santander said it would sell its 25 percent stake in Allfunds for around 470 million euros while Intesa SanPaolo said it would get around 900 million euros in cash for its 50 percent share.The sale would earn Spain''s largest bank net capital gains of around 300 million euros, Santander said, while Italy''s biggest retail bank said it would book a net capital gain from the sale of some 800 million euros.Together with Santander''s acquisition of half of its asset management business from Warburg Pincus and General Atlantic announced in November, the sale would have a return on invested capital of over 20 percent in 2018 and over 25 percent in 2019, Santander said.The asset management business, based on stable returns and higher fees than its core banking activity, offers brighter prospects for Santander which, like other banks in the euro zone, is struggling to boost earnings in an era of ultra-low interest rates.By the end of 2017, both operations would hit Santander''s core equity tier 1 by around 11 basis points, the bank said.(Reporting by Jose Elias Rodriguez, Giulia Segretic, Stephen Jewkes,; Writing by Paul Day)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-allfunds-m-a-idINKBN16D2QC'|'2017-03-07T06:04:00.000+02:00'
'df4ee3ae0d5f91d18b68dc6e1318a4fc25f42024'|'Verifone investigates internal systems breach: blog'|'Verifone Systems Inc is investigating a breach of its internal networks that appears to have impacted a number of companies running its point-of-sale card terminals, Krebs on Security said in a blog post citing sources.Shares of the company were down 2.8 percent at $19.87 in afternoon trading on Tuesday."Verifone says the extent of the breach was limited to its corporate network and that its payment services network was not impacted," according to the blog on Tuesday. ( bit.ly/2mTIgu9 )Verifone did not immediately respond to a request for comment.(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-verifone-breach-idINKBN16E2IN'|'2017-03-07T15:49:00.000+02:00'
'6c3d5180100ca38e78c8a76dcc22b43d62764a97'|'Germany to buy Triton drone to replace cancelled Euro Hawk-sources'|'Company  25am EST Germany to buy Triton drone to replace cancelled Euro Hawk-sources BERLIN, March 7 Germany''s defence ministry has decided to buy high-altitude MQ-4C Triton unmanned surveillance planes built by U.S. weapons maker Northrop Grumman Corp for deliveries after 2025, ministry sources said on Tuesday. The new drones will replace the Euro Hawk programme, which Berlin cancelled in May 2013 after it became clear that it could cost up to 600 million euros to get the system approved for use in civil airspace. The sources confirmed a story originally reported by the Sueddeutsche Zeitung. The plan, which must still be approved by parliament, calls for Germany to buy the new aircraft from the U.S. Navy, which awarded Northrop a contract to design the unmanned aircraft in April 2008. Sensors for the new aircraft are to be built by Airbus, as planned under the previous programme, the sources said. It was not immediately clear how many planes the ministry would buy, or at what cost. Under the cancelled programme, it had planned to buy five Euro Hawk aircraft for 1.2 billion euros. Experts do not expect to run into any problems winning aviation approval for the new aircraft, which is launched from land and is programmed to fly autonomously as high as 60,000 feet to gather a wide array of intelligence data. Then-Defence Minister Thomas de Maiziere came under pressure after he was forced to cancel the previous Euro Hawk programme in 2013 after it became clear it would cost hundreds of millions of euros to win aviation approval for the aircraft. Ursula von der Leyen was moved into the defence minister job later that year, and took office vowing to reform Germany''s ineffective procurement system. Northrop developed the Triton, a marine-based variant of its initial Global Hawk surveillance drone, for the U.S. Navy. Ministry sources said the aviation approval for Triton would be less costly because it was baked in from the start of the programme. (Reporting by Sabine Siebold; Writing by Andrea Shalal; Editing by Madeline Chambers) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/germany-northrop-idUSL2N1GJ1QB'|'2017-03-07T17:25:00.000+02:00'
'5317f1e6720a9d7dac438018e9c9d05370227d39'|'RPT-Wall St Weekahead-Investors bet Trump-fueled tech rally far from over'|'(Repeats column published on Friday with no changes)By Noel RandewichSAN FRANCISCO, March 3 Technology companies have been a driving force behind the U.S. stock market''s recent record rally, and despite mounting evidence of stretched valuations the sector remains a top pick for investors expecting a wave of capital expenditures by U.S. corporations.Corporate tax cuts and reduced regulations planned by President Donald Trump will give companies reason to spend more on cloud computing, factory automation and smart connectivity that will directly benefit Silicon Valley, many on Wall Street believe."The tax cuts are going to promote business investment across all industries, and the business investment is largely going to be in technology," said Doug Cote, chief market strategist at Voya Investment Management in New York.Strong performances from big names including Apple Inc and Facebook Inc have helped make technology the strongest S&P 500 sector so far this year, surging 10 percent compared to the broader index''s 6 percent rise.In the past month, investors have poured $325 million into to the U.S.-listed Technology Select Sector SPDR Fund, according to ETF.com, which tracks fund flows."We may be due for a little bit of a pullback, but we''re still buyers on weakness because we like the longer-term outlook over the next two to three years," said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management.The proliferation of smart, connected devices in homes, factories and stores is leading to the collection unprecedented amounts of data and creating demand for more computing power to analyze it.Spending on cloud computing will grow by 21.5 percent a year through 2020, almost seven times as fast as overall IT spending, according to a recent estimate by market research firm IDC.PRICIEST OF THE PRICEYImproved employment and consumer confidence have also been behind investors'' optimism about tech, helping offset concerns about lofty valuations.After an eight-year U.S. stock market rally, nearly all sectors are trading at earnings multiples above their long-term average, but none more so than technology, according to Thomson Reuters Datastream. The tech sector''s strong performance has left it trading at 17.9 times expected earnings, compared to its 10-year average of 14.5 times expected earnings.The S&P tech sector''s price-to-earnings multiple has been above its own long-term average for about a year, and during that time the sector has surged about 28 percent.Tech bulls believe earnings momentum is growing for the sector. S&P 500 tech earnings expanded 12.3 percent in the fourth quarter, more than any other sector, according to Thomson Reuters data. Analysts on average expect 13.6 percent growth for the March quarter.Recent upbeat quarterly reports and commentary from Broadcom Ltd, Skyworks Solutions Inc and Applied Materials Inc suggest semiconductors are poised for strong growth, said Wedbush trader Joel Kulina.Micron Technology Inc jumped 3.5 percent on Friday after raising its 2017 forecast the day before, helped by healthy demand for its memory chips."I can''t remember a time when we''ve seen this much excitement," Kulina said. "Semiconductors aren''t as cyclical as they used to be, where quarters were driven by PC demand. Now it''s automotive, it''s data center, industrial automation." (Reporting by Noel Randewich; Editing by Richard Chang)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-stocks-weekahead-idINL2N1GG1MF'|'2017-03-05T09:00:00.000+02:00'
'a8354cc012abbda2dd923035fe417853ab1cdb8c'|'UPDATE 1-East Libyan forces mobilising for counter attack at oil ports -officials'|' 32am EST UPDATE 1-East Libyan forces mobilising for counter attack at oil ports -officials * Eastern-based war planes strike Ras Lanuf, Es Sider * Residents in region advised to restrict movement * Waha Oil Co production reduced by 35,000 bpd as precaution (Adds Waha output cut, NOC official''s comment, detail on tankers) By Ayman al-Warfalli BENGHAZI, Libya, March 6 East Libyan forces carried out fresh air strikes on Monday and said they were mobilising ground forces as they attempt to win back two of Libya''s largest oil ports, military officials said. Forces loyal to the eastern-based Libyan National Army (LNA) lost control of the ports of Sider and Ras Lanuf on Friday to a rival faction known as the Benghazi Defence Brigades (BDB), and have been unable to dislodge them with air strikes and ground operations since then. The escalation risks reversing a recent recovery in Libya''s oil production and reigniting conflict between military factions based in eastern and western Libya that have been fighting on and off for the past three years. Libya''s oil production has recently been around 700,000 barrels per day (bpd), but has dropped to 663,000 bpd after Waha Oil Company cut output by about 35,000 bpd as a precaution due to the unrest, said Jadalla Alaokali, a board member of the National Oil Corporation (NOC). LNA forces are currently stationed at Al Uqaylah, about 70 km (45 miles) southeast of Ras Lanuf, military spokesman Akram Buhaliqa said. LNA war planes conducted strikes near Ras Lanuf and Es Sider early on Monday, he said. The LNA took over the ports of Es Sider, Ras Lanuf, Brega and Zueitina in September, allowing the National Oil Corporation (NOC) to end a long blockade in the area and more than double national output. Al Uqaylah lies about 40km southwest of Brega, and about 120 km southwest of Zueitina, both still under LNA control. LNA spokesman Ahmed Mismari urged citizens in the region to restrict their movements, and appealed to forces that captured Sirte, about 180 km east of Es Sider, from Islamic State last year, to stay within the coastal city to avoid being hit by air raids. "There is a very large air and ground mobilisiation of (LNA) forces to drive back the terrorist gangs in the Oil Crescent," he said in a statement. Since clashes began on Friday, 18 of the LNA''s forces have been killed and 15 wounded, a medical official in the nearby town of Ajdabiya said. Libya''s recent oil production is more than double the OPEC member''s output last year, but still far under the 1.6 million bpd it was producing before a 2011 uprising. Es Sider and Ras Lanuf were badly damaged in previous rounds of fighting and have been operating far below normal capacity. Waha Oil Co pumps oil to Es Sider, but has reduced output "due the company''s limited storage capacity and fears about the evolution of events in Es Sider," NOC official Alaokali said. The number of workers at both Es Sider and Ras Lanuf has also been reduced. A tanker that had been due to dock at Es Sider on Tuesday, the Amalthea, will instead go to Brega to load a cargo for Austria''s OMV, a Libyan shipping source said. A second tanker, the Overseas Redwood, is due to dock at Es Sider on Thursday to load another cargo for OMV, the source said. (Additional reporting by Ahmed Elumami in Tripoli, and by Ahmad Ghaddar and Julia Payne in London; Writing by Aidan Lewis; Editing by Julia Glover)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/libya-security-oil-idUSL5N1GJ3PY'|'2017-03-06T20:32:00.000+02:00'
'ffa7100ddc99e8b8111d446385d6d63caffaf4b5'|'UPDATE 2-Brazil prosecutor plans to investigate ministers, senators for graft -source'|'(Adds political analyst Quote: s, context)By Anthony Boadle and Tatiana BautzerBRASILIA/SAO PAULO, March 5 Brazil''s top prosecutor will seek authorization from the Supreme Court as soon as this week to investigate senior ministers in President Michel Temer''s cabinet and senators from his PMDB party for corruption, a source familiar with the situation said on Sunday.Folha de S. Paulo newspaper reported on Sunday that the request by Prosecutor General Rodrigo Janot will include Presidential Chief of Staff Eliseu Padilha and Wellington Moreira Franco, the minister in charge of a major infrastructure and privatization program.According to the paper, Janot is also considering whether to include Temer himself in the request.The source confirmed the thrust of the Folha report but did not name the ministers and senators involved in the request, which is based on recent plea bargain deals by 77 employees of Brazil''s largest construction group Odebrecht S.A.The source, who asked not to be identified because he was not authorized to speak publicly, said prosecutors will also ask the Supreme Court to make public the content of the executives'' depositions, which are under seal.Odebrecht - which agreed to pay a record $3.5 billion to Brazilian, Swiss and U.S. authorities to settle bribery charges in December - is at the heart of a sprawling investigation into illegal political payments by firms in return for contracts with Brazilian state oil company Petrobras.The statements by Odebrecht executives are expected to further tarnish the image of Temer''s government, which is already struggling with rock-bottom ratings as it seeks to pass austerity measures aimed at curbing Brazil''s massive budget deficit.However, the slow pace of justice in Brazil would likely allow the government to press ahead with pension and labor reforms in Congress before any impact was felt, analysts say.Temer has previously said that ministers would be suspended if they are formally charged with corruption, but they would only have to resign once they are found guilty."I don''t see a short-term effect on Temer''s clout in Congress," said Luciano Dias, partner at consultancy firm CAC, noting the Supreme Court typically takes around 8 months to formally indict suspects and a further year before a trial begins.The departure of Padilha, who is already absent on health leave, would deprive the government of one of its most effective political operators but Congressional leadership could take up the slack in ushering through reforms, said Christopher Garman of Eurasia Group.TEMER IN CROSSHAIRSThe allegations against Padilha and Moreira Franco stemmed from testimony by Odebrecht''s former head of government relations in Brasilia, Cláudio Melo Filho, which was leaked to the media.The testimony alleged that Odebrecht cultivated ties with senior members of the PMDB for years and that Padilha received an illicit 10 million real ($3.21 million) payment for the party''s 2014 election campaign.A spokesman for Padilha declined to comment. A representative for Moreira Franco said he had never talked about party issues or financing with Melo Filho.Folha said the prosecutors'' list included other senior members of the PMDB, including the government''s leader in Congress, Senator Romero Jucá, former Senate head Renan Calheiros, and the current Senate president Eunicio Oliveira.Senior members of the allied PSDB party including former presidential candidate Senator Aécio Neves and Senator José Serra, who resigned as foreign minister two weeks ago, are also being targeted by prosecutors, the paper said.Press representatives for the senators did not comment on the report.Former presidents Dilma Rousseff and Luiz Inácio Lula da Silva of the Workers'' Party are also among the politicians that Janot intends to investigate, the paper said.Lawyers for Lula and Rousseff did not respond to requests for comment.The Constitution forbids investigating a sitting president for crimes committed before the start of his term, but prosecutors are considering whether they should also seek to investigate Temer.The prosecutors are discussing whether his term as a vice-president, before Rousseff''s impeachment last year, counts as part of his current term, according to the paper.The Planalto presidential palace did not respond to a request for comment.The president has repeatedly denied accusations of soliciting illegal funds and insisted any donations were legal and duly registered with electoral authorities. ($1 = 3.1143 reais) (Editing by Daniel Flynn and Phil Berlowitz)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brazil-corruption-idINL2N1GI0AU'|'2017-03-05T18:53:00.000+02:00'
'71f54628c3a4954028d1182e56f41f223272b223'|'New Zealand FM optimistic on finalising stalled Gulf trade deal this year'|'Business News - Mon Mar 6, 2017 - 3:46pm GMT New Zealand FM optimistic on finalising stalled Gulf trade deal this year Foreign Minister Murray McCully of New Zealand addresses a plenary meeting of the United Nations Sustainable Development Summit 2015 at the United Nations headquarters in Manhattan, New York September 26, 2015. REUTERS/Darren Ornitz By Alexander Cornwell - ABU DHABI ABU DHABI New Zealand is optimistic it will complete its stalled free trade deal with the Gulf states this year as part of efforts to deepen economic ties with the region, Minister of Foreign Affairs Murray McCully said on Monday. Trade talks with the six-member Gulf Cooperation Council (GCC) wrapped up in 2009 but the deal was never ratified by the parties involved. It is not clear why it has taken this long since the negotiations concluded. The GCC comprises Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, Bahrain and Oman. New Zealand’s foreign minister is in the Gulf this week meeting GCC political leaders to promote trade and bolster support to push through the deal. Annual two-way trade between New Zealand and the GCC is worth more than NZ$3.2 billion (1.8 billion pounds), according to New Zealand’s Foreign Ministry. New Zealand''s main exports to the region include dairy, sheep meat and wood. “We see the conclusion of a free trade agreement with the Gulf states as one of our highest trade policy priorities,” McCully told Reuters at an Abu Dhabi hotel. He said he was very optimistic the deal would be finalised this year. New Zealand believes a GCC trade agreement would lift exports beyond the region, with McCully calling the Gulf "the gateway for the whole of the Middle East and Africa". New Zealand is perceived by Arabs to have gained political capital in the region after it jointly put forward in December a U.N. Security Council resolution demanding an end to Israeli settlement activity on land the Palestinians want for a state. All Arab countries support an independent Palestinian state and Qatar’s foreign minister, Sheikh Mohammed bin Abdulrahman, al-Thani, thanked McCully in their meeting on Sunday for New Zealand''s role in passing the resolution, the state-run Qatar News agency said. Israel recalled its ambassador to Wellington after the resolution passed and New Zealand is "still not clear on how that''s going to play out", McCully said. "I’ve made it clear from the beginning that we greatly value the friendship we have with Israel and hope that we will be able to get back into the sort of friendly relationship that we’ve enjoyed in the past," he said. New Zealand’s term on the security council, which ended in 2016, also included holding the rotating presidency when sanctions on Iran were eased after an accord was reached in 2015 on Tehran’s nuclear programme. New Zealand has since sought to deepen economic ties with Tehran, however, remaining banking restrictions on Iran make it "a bit difficult", McCully said. Iran would need to make "some movement", including resetting its relationships in the region, "to see optimal trade patterns to resume", he said. Gulf states, including Sunni majority Saudi Arabia, accuse Tehran of interfering in their internal affairs. Shi''ite majority Iran denies the accusations. McCully also met UAE counterpart Sheikh Abdullah bin Zayed al-Nahyan in Abu Dhabi. His regional visit will also include Saudi Arabia, Kuwait and Bahrain. ($1 = 1.4278 New Zealand dollars) (Reporting by Alexander Cornwell; Editing by Alison Williams) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-mideast-newzealand-government-idUKKBN16D1VS'|'2017-03-06T22:46:00.000+02:00'
'86741f63fe2cce7a6444745bcf088629a325dbcf'|'Banks could earn $332 million from wave of financial services deals'|' 13pm GMT Banks could earn $332 million from wave of financial services deals The offices of international finance companies are seen in the the financial district of Canary Wharf in London, Britain, January 26, 2017. REUTERS/Eddie Keogh By Pamela Barbaglia - LONDON LONDON A spate of big deals by financial services companies in Europe could earn investment banks an estimated $332 million (271 million pounds) in advisory fees, with Goldman Sachs ( GS.N ) set to take the lion''s share of the pot. In the past two days,   revealed plans to buy   ) and Deutsche Bank ( DBKGn.DE ) said it would raise 8 billion euros (6.9 billion pounds) from investors, potentially generating a big payday for investment banks working on those transactions. Earlier, British bank Shawbrook Group ( SHAW.L ) said it had received a $1 billion bid from two private equity firms. Goldman Sachs, which secured a major role in all three deals, has pocketed the highest fees from investment banking in the first two months of 2017 and pushing usual top dog JPMorgan ( JPM.N ) into third place. The U.S. bank could earn between $18 and $24 million for advising Standard Life while an additional $13 to $18 million could come from its advisory work with Shawbrook, according to estimates from Freeman Consulting. Aberdeen''s corporate brokers, JPMorgan and Credit Suisse ( CSGN.S ), which advised the Scottish asset manager on its sale, could share proceeds of between $23 and 30 million. But the biggest boost to investment banks'' fees will come from Deutsche Bank''s 8 billion euro share sale which could pay advisers up to 260 million euros, according to Freeman Consulting, based on underwriting fees of between 2 and 3.25 percent of the total raised. Goldman Sachs is one of eight banks underwriting Deutsche''s the rights issue alongside Credit Suisse, Barclays ( BARC.L ), BNP Paribas ( BNPP.PA ), Commerzbank ( CBKG.DE ), HSBC ( HSBA.L ), Morgan Stanley ( MS.N ) and UniCredit ( CRDI.MI ). The German bank will also pay more fees to a pool of banks underwriting the public offering of part of its asset management business, estimated at between 2.75 and 3.5 percent of the amount of money raised, according to Freeman. Appetite for big takeovers and fundraising deals in the financial services industry remains strong even if some have run up against regulatory and political hurdles. The long-awaited 29 billion euro merger of   ( LSE.L ) with German rival Deutsche Boerse ( DB1Gn.DE ) was expected to pay a combined $184 million in advisory fees. But this deal is hanging by a thread after LSE turned down demands from European antitrust regulators to sell a trading platform in Italy. Since the start of the year, nearly $10 billion of financial services takeover deals have been announced in Europe, the Middle East and Africa (EMEA), with Britain accounting for almost half of the value, according to Thomson Reuters data. Equity capital markets deals across EMEA have almost doubled since the start of the year, with $36.7 billion of equity fundraisings since January compared with $21.3 billion in the same period last year. Italy''s biggest bank UniCredit, which tapped investors in February, is expected to pay about $450 million to Goldman Sachs and other banks who worked on its 13 billion euro share sale, according to Freeman Consulting. ($1 = 0.9439 euros) (Reporting By Pamela Barbaglia. Editing by Jane Merriman)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-investment-banking-fees-idUKKBN16D22E'|'2017-03-07T00:13:00.000+02:00'
'5cb4b1c24497036a22f2dfd102d2b8ab84e7082a'|'Exclusive - Hard Brexit would trigger ''leaching'' of banks from UK - draft report'|' 50pm GMT Exclusive   - draft report Cranes are seen on a construction site in London''s financial district of Canary Wharf, Britain December 1, 2016. REUTERS/Kevin Coombs By Huw Jones and Andrew MacAskill - LONDON   The report has been written by law firm Freshfields Bruckhaus Deringer for TheCityUK, which lobbies on behalf of the financial sector, and may be published later this month, when Britain formally starts divorce talks with the EU. Firms are already applying a "base case scenario" that when these talks end in two years'' time no access to EU markets will have been agreed, the sources cited the report as saying. The report adds that even for financial services firms in Britain that do little direct business with the EU, damage from such a "hard" Brexit to the "ecosystem" of financial, legal and accounting services in Britain would hit them too. Eroding the financial services industry would weaken Britain''s wider "gravitational pull" and hit other parts of the economy too, the report says, according to the sources. The warning is starker than the public comments from bankers and Bank of England officials, who have said it would be hard for another financial centre in Europe to replicate Britain''s financial ecosystem. TheCityUK said in a statement it had commissioned Freshfields to produce the report, but it was not yet complete, and it was too early to make assumptions about the conclusions. Freshfields declined to comment. RE-FRAME REGULATION Under the most extreme scenario of no deal being reached with the EU, banks based in London without a subsidiary in the EU would be unable to provide sales, underwriting and distribution in the debt and equity capital markets on the continent, the report says, according to the sources. Banks would also be unable to provide investment advice, portfolio management and lending to EU retail clients, it adds. Early on in the Brexit negotiations, both sides should agree that Britain can have a phased departure from the trading bloc to give governments and businesses longer to adapt, the report says. Under the currently envisaged timetable, the report warns, banks will not have enough time to prepare themselves for Brexit and their possible departure. It also argues Brexit could give Britain an opportunity to "re-frame" regulation - a repeated demand of Brexit backers - the sources said. There are parts of UK regulation that "could be looked at to facilitate business being conducted in the UK," the report says. EU policymakers have already warned Britain not to weaken rules after Brexit to retain banks and attract more international financial business. The report says firms want EU and UK financial companies to be able to access each other''s markets on the basis that their respective rules are "broadly consistent". This echoes failed attempts by the EU and United States around 2006 to hammer out an agreement on "mutual recognition" of regulation, which hit legal complexities. (Reporting by Huw Jones and Andrew MacAskill; Editing by Mark Potter)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-banks-exclusive-idUKKBN16D29Q'|'2017-03-07T01:50:00.000+02:00'
'caa141c7721e7476f386719eb3598bc26d97913e'|'Nomura promotes Morita, Okuda, positioning them as possible CEO successors'|'By Thomas Wilson - TOKYO TOKYO Nomura Holdings Inc is promoting company veterans Toshio Morita and Kentaro Okuda, strengthening their positions as contenders to become the future chief executive of Japan''s top brokerage.Morita, who has been with Nomura since 1985, will become president of the key Nomura Securities subsidiary. He will take the reins from Nomura''s Group Chief Executive Officer Koji Nagai, who will remain in charge of the holding company.Okuda, current joint head of Nomura''s wholesale arm and head of investment banking, will become head of Americas, as Nomura shifts its U.S. focus to client-oriented services from market-based trading.The move is seen in company circles as Nagai looking to leverage in the Americas Okuda''s investment banking experience and giving him the opportunity to compete against Morita as future CEO, people familiar with the matter said.Nomura announced the changes on Tuesday as part of its annual management reshuffle. Nagai, 58, himself has given no hint of leaving his post anytime soon.The reshuffle is unlikely to lead to any major strategic changes at Nomura, said Mari Kumagai, an analyst with Morningstar.Morita, 55, was promoted last year to deputy president of Nomura Securities, a move sources said was a sign that Nagai regards Morita as a future successor.His career with Nomura has spanned roles in the retail division and chief executive office. He has orchestrated with Nagai major changes in Nomura''s retail arm, moving to providing customers with long-term consulting on issues such as inheritance.Nomura Securities is the brokerage''s core securities business, providing individual and institutional investors with, among others, investment advisory and securities underwriting services.Okuda, 53, moves to the Unites States as Nomura stands on the cusp of posting an annual profit in its international operations for the first time in seven years. It is a long-cherished goal for the brokerage, which first gained international prominence when it bought Lehman Brothers'' equities and investment banking business in Europe and Asia in 2008 at the height of the global financial crisis.The Americas are now a crucial region for Nomura, generating over half of its April-September overseas pretax profit. Its Americas strategy under Nagai has been to focus on advising clients in areas such as mergers and acquisitions - something the brokerage hopes Okuda will bolster.In the first overseas posting in his three-decade career with Nomura, Okuda will be based in New York instead of Tokyo. Okuda''s career has focused on investment banking and M&A, with nearly 10 years as a telecoms and media banker. He has also overseen the development of Nomura''s strategy.Both Morita''s and Okuda''s new roles are effective from April 1.In other moves, London-based Steve Ashley, who is currently joint head of wholesale with Okuda, will become sole head of wholesale and global markets in a move designed to speed up decision making. Vikas Sharma will become Nomura''s new head for Asia ex-Japan.(Reporting by Thomas Wilson and Emi Emoto; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/nomura-reshuffle-idINKBN16E16G'|'2017-03-07T07:48:00.000+02:00'
'81575070f0c06b8841659e3d7b0cee3aecda1c42'|'Snap''s shares open at lowest since market debut'|'Technology News - Tue Mar 7, 2017 - 3:07pm GMT Snap''s shares open at lowest since market debut Traders gather at the post where Snap Inc. is traded on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 6, 2017. REUTERS/Brendan McDermid Snap Inc''s shares fell as much as 10.4 percent on Tuesday, opening at their lowest since a blockbuster market debut last week. Snap''s shares hit a low of $21.30 in early trading on Tuesday, wiping out more than $9 billion of the company''s market capitalization from Friday''s high. Shares surged 44 percent in a hotly anticipated listing on Thursday, valuing the parent of Snapchat, an app popular with young people for its disappearing messages, at $28.3 billion, on par with CBS Corp and Target Corp. However, none of the analysts have initiated the stock with a "buy" rating. Of the six analysts, four recommend "selling" the stock, with two having "neutral" ratings, according to Thomson Reuters data. Needham analyst Laura Martin on Monday rated Snap "underperform" and compared its stock to buying a lottery ticket. Snap has been heavily traded in its first three days, rolling over the number of shares sold in the IPO more than twice. Globally, shares of most of the 25 largest technology IPOs have languished in their first 12 months on the public market, with 16 of them notching a hefty decline from their debut day closing price, according to a Reuters analysis of market performance. (Reporting by Narottam Medhora in Bengaluru; Editing by Sriraj Kalluvila) Next In Technology News China''s ZTE to settle with U.S. over Iran sales: source NEW YORK Chinese telecommunications equipment maker ZTE Corp has agreed to pay more than $800 million to settle with U.S. authorities over allegations it violated U.S. laws restricting the sale of American-made technology to Iran, according to a person familiar with the matter.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-snap-stocks-idUKKBN16E1Z5'|'2017-03-07T22:11:00.000+02:00'
'e448c31dd787931960be0a8a05807aedbe2a4b21'|'Burning less oil at home will help Saudi exports and Aramco IPO'|'Global Energy  45am GMT Burning less oil at home will help Saudi exports and Aramco IPO FILE PHOTO: An oil tank is seen at the Saudi Aramco headquarters during a media tour at Damam city November 11, 2007. REUTERS/ Ali Jarekji/File Photo By Rania El Gamal - DUBAI DUBAI Saudi Arabia is likely to reduce the amount of oil it burns to generate power this summer as the kingdom hikes domestic energy prices and uses more natural gas in power stations, industry sources said. Burning less crude at home means the world''s top oil exporter may not need to push output to the record high of 10.67 million barrels per day (bpd) reached in July last year, even if the Organization of the Petroleum Exporting Countries and other producers end supply curbs in June. It may also make the sale of a 5 percent stake in Saudi Aramco IPO-ARMO.SE more attractive to investors because the national energy giant will have more crude to export, if needed, and can sell fuel at higher prices to the domestic market. "Now we are using more and more natural gas, and with the reforms in electricity prices, crude burning will go down," said a Saudi-based industry source. "This summer you will see less crude burning." Saudi Arabia''s domestic energy reforms aim to rein in waste which threatens to erode the amount of oil available for export. The kingdom''s energy subsidies have long kept power and fuel at a fraction of cost price, draining the state budget and giving consumers little incentive to buy smaller cars or switch off power-hungry air conditioners -- even when they leave home. But a slide in international oil prices to around $55 a barrel now from above $100 in 2014 has left a gaping hole in state coffers, encouraging efforts to wean the nation off cheap energy and use more of its huge gas reserves. "That''s a national objective. Aramco''s been doing this for years, reducing crude burning by increasing use of gas and encouraging the state power generation sector to become more efficient," said another source familiar with the matter. In December 2015, the government, which spent nearly 300 billion riyals on energy and water subsidies that year, hiked electricity for the industry and gasoline prices at the pump by about 50 percent. More gradual increases are planned until 2020. BIG CONSUMER Under the 2015 rises, 95 octane gasoline rose to 0.90 riyal ($0.24) per litre from 0.60 riyal, a big rise for Saudi drivers but still offering them some of the cheapest fuel in the world. A further 30 percent rise could come as early as July, sources said. Cheap fuel prices have helped make Saudi Arabia the world''s fifth biggest energy consumer, while its economy is ranked about 20th in size. The OPEC heavyweight burnt an average of 700,000 bpd of oil for electricity to keep the population cool in the hottest months from May to August, official figures showed. Expanding gas usage is helping cut the hefty level of oil consumption. Aramco aims to nearly double gas production to 23 billion standard cubic feet a day in the next decade, supplying more of the fuel to power stations. In the wake of the price reforms and gas development plans, domestic demand for crude declined about 3.5 percent year-on-year in December 2016 to 2.21 million barrels per day compared to a year earlier, the lowest total for the month of December since 2013, according to an OPEC report. One industry source said Riyadh might not need to raise output to the record high of July last year as a result of the reforms. "Demand internally will not be high," the source said. The reduction in domestic oil demand comes with an added bonus as the government plans to sell a 5 percent stake of Aramco, in what is expected to be the world''s biggest initial public offering of shares worth $100 billion. The sources said that a reduction in oil usage, while not a specific objective for the IPO, is part of Aramco''s plan to improve efficiency and secure the best possible listing price. "More volume (exported) abroad means more revenue for investors," said another industry source. "That should help Aramco''s valuation." (Additional reporting by Alex Lawler in London; Editing by Edmund Blair) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-saudi-crude-demand-idUKKBN16E167'|'2017-03-07T17:45:00.000+02:00'
'114b0548b53a8c901007e15738b8c830621534d9'|'Bollywood film maker Eros pitches high-yield bonds'|'  Bollywood film maker Eros pitches high-yield bonds By Daniel Stanton and Krishna Merchant SINGAPORE, March 6 (IFR) - India''s Bollywood film industry is set to premiere in the US dollar bond market as one of the country''s biggest distributors prepares its debut high-yield offering. Eros International, a film producer and distributor listed in New York, started investor meetings last Wednesday ahead of a potential issue of Reg S US dollar senior bonds. It is visiting Hong Kong, Singapore and London, with an offering slated for this week. Eros plans to raise $200 million, plus an undisclosed greenshoe, through five-year bonds with a call option after three years, according to a source close to the deal. Deutsche Bank is sole global coordinator and joint bookrunner with Barclays, while Jefferies is lead manager. Proceeds will help refinance a $115 million revolving credit facility due this month. Eros has co-produced and distributed hits like buddy cop film Dishoom and the Akshay Kumar comedy Housefull 3. It takes in about 30 percent of India''s box office revenues and releases around 50 films per year, far more than typical Western studios. While there are no similar bonds in Asia, film and TV content companies, such as Netflix and Lionsgate, have sold bonds previously. Eros is building up its film library and operates a digital service, making Netflix a possible reference point from a rating point of view. S&P has assigned a B+ rating to the bonds, which will be issued in the name of Eros Films with a guarantee from Eros International. Netflix, a B+ credit to S&P, has November 2026 bonds which were quoted at 4.5 percent on Thursday, while Lionsgate, through LG Financeco, has November 2024s seen at 5.2 percent, with a rating of B– (S&P). PAST CHALLENGES This will be a dollar debut for Eros, but not its first bond offering. In 2014, it sold 50 million pounds ($62 million) of seven-year retail bonds at 6.5 percent via arranger Investec, in an issue that had targeted proceeds of up to 100 million pounds. Those bonds were quoted at a cash price of 75 cents last week, although last year’s Brexit vote and the pound’s subsequent poor performance undoubtedly played a factor. Eros has also endured a torrid time in the equity market. Short sellers and social media users, including Glaucus Research, criticised the company''s accounting practices and treatment of receivables in 2015, triggering an 81 percent share slide between August and November 2015. The company is currently the subject of a class action lawsuit in the US on claims that it made material misrepresentations about the sizes and financial performances of its streaming video service and film library. Eros denies the claims, but has said it will take considerable time and resources to defend itself. However, it benefits from strong ownership, with Capital Research and Singapore state investment company Temasek Holdings holding 16.7 percent and 8.6 percent, respectively, as of the latest available filings. Eros warned in a filing to the SEC last month that India''s sudden cancellation of high-denomination banknotes in November would have an unknown impact on its business. The company said it released eight films in the October-December period, down from 15 a year earlier and warned its "short-term theatrical revenues were negatively impacted". However, Eros also said in January that a move to a cashless economy would benefit its digital streaming service. (Reporting by Daniel Stanton and Krishna Merchant; Editing by Steve Garton and Vincent Baby)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/india-bonds-idUSL3N1GJ1QA'|'2017-03-06T10:20:00.000+02:00'
'6de2738adb260934d1759207332f60179b4e1428'|'Facebook suspends location-sharing feature after Italian copyright suit'|'Technology News - Mon Mar 6, 2017 - 6:35pm GMT Facebook suspends location-sharing feature after Italian copyright suit The Facebook logo is displayed on their website in an illustration photo taken in Bordeaux, France, February 1, 2017. REUTERS/Regis Duvignau MILAN/FRANKFURT Facebook Inc has suspended its location-sharing feature in Italy after a Milan court ruled last year that the social networking giant had violated competition and copyright laws by effectively copying a similar app from a local start-up. Italian software developer Business Competence filed a lawsuit in 2013, accusing Facebook''s Nearby feature of having copied its Faround application, which helps users locate Facebook friends in the vicinity. A copy of the court''s ruling, issued on Aug. 1 last year but only made public by Business Competence on Monday, said that Facebook launched its Nearby feature only months after Faround was included in the social network''s app store in 2012. The complaint alleged that the two applications were "extremely similar" in their functions and general set-up. Facebook said it has discontinued offering what it now calls Nearby Places in Italy while it appeals against the court''s ruling. Facebook dropped what it called Places in 2011 but later revived similar features in Nearby, which also competes with products offered by Silicon Valley rivals Foursquare and Yelp. The court ordered Facebook to suspend Nearby Places in Italy or pay fines of 5,000 euros per day for copyright infringement and unfair competition. It said that Facebook may have to pay further damages to be determined at a later stage. The ruling is preliminary and a further hearing is scheduled for April 4. Facebook sought to have the order put on hold while it awaited a ruling on the merits of the case, but its request was rejected by the court in December. It said on Monday that it is complying with the decision pending its appeal. "We respectfully disagree with the decision. The claims were without merit," a Facebook spokeswoman told Reuters in an emailed statement. "We believe the order was wrongly decided, but we have respectfully complied with the order in the interim." Business Competence''s Faround app was launched in September 2012 and quickly gained popularity among Italian users. Faround was the most downloaded new social networking app in the country during the week of Nov. 22, 2012, according to data from App Annie, a business that measures online traffic. Downloads plunged the month after Facebook launched its own Nearby feature on Dec. 17 of that year. "It was a big blow to us to see that we were losing everything we had invested (into Faround)," Business Competence Chief Executive Sara Colnago told Reuters, adding that it had cost the company 500,000 euros ($530,050) to develop the app. (Reporting by Giulia Segreti and Manuela D’Alessandro in Milan and Eric Auchard in Frankfurt; Editing by David Goodman) Next In Technology News South Korea prosecutor paves way for charges against Park if impeachment upheld SEOUL South Korean President Park Geun-hye colluded with a friend to take bribes from Samsung Group aimed at cementing Samsung Chief Jay Y. Lee''s control of the conglomerate, the special prosecutor''s office said on Monday, paving the way for Park to be prosecuted if removed from office.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-facebook-lawsuit-italy-idUKKBN16D2AI'|'2017-03-07T01:31:00.000+02:00'
'51dc401bd173af03deda6e6888b7bea824ec03c8'|'Abu Dhabi aims to close $872 mln solar plant financing in April'|'Company News - Sun Mar 5, 2017 - 5:58am EST Abu Dhabi aims to close $872 mln solar plant financing in April By Stanley Carvalho - ABU DHABI, March 5 ABU DHABI, March 5 Abu Dhabi''s government-owned power utility aims to close a financing package for a 3.2 billion dirham ($872 million) solar power plant, which will be the world''s largest, in April, a senior official at the utility said on Sunday. Last week, Abu Dhabi Water & Electricity Authority (ADWEA) said it had selected a consortium of Japan''s Marubeni Corp and China''s JinkoSolar Holding to build and operate the 1,177 megawatt plant. The duo were selected from six bids received by ADWEA in September. The project is ADWEA''S first foray into renewable energy. Abu Dhabi aims to generate 7 percent of its energy from renewables by 2020; the government''s green energy firm Masdar has launched renewable energy projects including solar plants. The plant, to become operational in 2019, will be funded 25 percent by equity and 75 percent by debt, Adel al-Saeedi, acting director of privatisation at ADWEA, told Reuters. ADWEA would contribute the equity while local and international banks would fund the debt. The winning bidders offered to provide electricity for 2.42 U.S. cents per kilowatt hour, one of the most competitive prices seen to date in the solar industry, Saeedi said. A special-purpose company would be formed to operate the project; ADWEA would own 60 percent of the company while Marubeni and Jinko would hold 40 percent. Power generated would be sold to Abu Dhabi for 25 years. Initially the plant at Sweihan, east of the city of Abu Dhabi, was to have a capacity of 350 MW, but ADWEA increased the capacity because additional land became available, said Saeedi. (Reporting by Stanley Carvalho; Editing by Andrew Torchia) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emirates-renewables-idUSL5N1GI06N'|'2017-03-05T17:58:00.000+02:00'
'985ad1260ffd56a73c44e821c6cbf21821b85160'|'Range Resources could be bargain amid 2017 swoon - Barron''s'|'NEW YORK, March 5 Shares of natural gas company Range Resources Corp look undervalued after sliding 20 percent so far in 2017 amid weak natural gas prices, according to an article in Barron''s.The article cites Range Resource''s ability to drill profitable wells even at current prices and said the company could be a takeover target for a larger energy-and-production company or an oil major.The shares, which closed on Friday at $27.34, could hit $40 in a year if energy prices rise, according to Barron''s. (Reporting by Lewis Krauskopf; Editing by Nick Zieminski)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/range-resource-barrons-idINL2N1GI0GX'|'2017-03-05T15:59:00.000+02:00'
'3989858d9f1dc7adf78b95852dd178228d4dfe84'|'Gina Miller urges FCA investigation into fund management ''price fixing'' - Money - The Guardian'|'Gina Miller, the businesswoman who rose to fame after taking the government to court over Brexit , is demanding that City regulators investigate what she alleges is “price fixing” by the UK fund management industry. Miller researched 683 funds with £320bn under management, and found that seven out of 10 had identical charges, “indicating no genuine price competition”. The research is the latest attack on Britain’s fund management industry by Miller, who in 2012 set up the True and Fair Campaign . It has called for more transparency and an end to hidden fund charges and mis-selling in the City of London’s asset management industry.Miller, who runs SCM Capital with her hedge fund manager husband Alan, said the vast majority of funds sold to small investors charge an annual management fee of 0.75%. She called it “proof of anti-competitive behaviour within the active UK fund management industry”, adding: “The regulator should investigate to determine whether some form of price collusion, whether formally or informally, is being undertaken by major fund groups.”If fund groups were less clustered around the 0.75% figure and charged just 0.1% less, investors would save £488m a year. “It is surely time for both the Financial Conduct Authority and the Competition and Markets Authority to investigate price fixing in UK retail actively managed investment funds,” Miller said. Her accusations come at a time when the fund management industry is under the FCA’s spotlight. The financial watchdog is currently undertaking a market study into the industry, and interim findings published in November found weak price competition in a number of areas. The FCA also found “considerable price clustering”, with a reluctance among firms to undercut each other and a failure to pass on economies of scale when funds increase in size. It also noted “poor practice” when it came to ensuring that clients were receiving value for money for research and trading charges. It said fund firms should charge a single fee so investors could see how much they were being charged.A spokesperson for the Investment Association said: “The investment management industry is committed to serving the needs of savers and investors globally. We support the FCA’s Market Study objectives to ensure that competition in the industry works to the benefit of its customers, whether individuals, families or institutions. “We continue to engage closely with the FCA to understand its findings and the full implications of potential remedies.”'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/2017/mar/06/gina-miller-fca-investigation-fund-management-price-fixing'|'2017-03-06T02:00:00.000+02:00'
'e0ad3a0ad1bfdd37ff9c95929ffb7dc2213aab73'|'Tribune Media shares look attractive -Barron''s'|'NEW YORK, March 5 Shares of Tribune Media Co look attractive amid the discount at which the U.S. broadcaster''s stock trades relative to its net asset value, according to an article in Barron''s.Tribune Media shares soared 8.3 percent on Wednesday, when Reuters reported that Sinclair Broadcast Group Inc had approached Tribune Media to discuss a potential combination.The Barron''s article cited one analyst estimating that Tribune Media''s assets were worth as much as $54 per share. The company''s shares closed at $37.35 on Friday. (Reporting by Lewis Krauskopf; Editing by Will Dunham)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/tribune-media-barrons-idINL2N1GI0MN'|'2017-03-05T20:52:00.000+02:00'
'f3e0a9f63dd84e8809bb883100d14e7437d783a9'|'European shares slip for 4th straight day as Aggreko, Casino sink'|'LONDON, March 7 European shares extended losses on Tuesday on an earnings-heavy day as the biggest fallers Aggreko and Casino were all weighed down by results.The pan-European STOXX 600 index was down 0.2 percent, on track to post its fourth straight session of losses.The five biggest fallers on the STOXX 600 all reported results, with British temporary power provider Aggreko slumping almost 11 percent after posting a 3 percent decline in full-year underlying revenue amidst a gloomy outlook for 2017.Likewise French retailer Casino Guichard also fell 5 percent after reporting full year earnings, while British equipment hire firm Ashtead dropped 4.5 percent following figures for the third quarter.Results also drove gains, with Just Eat jumping 4.4 percent after the online food delivery company posted a 93 percent rise in earnings.The earnings season in Europe has so far been relatively strong, with 55 percent of companies in major regional markets posting earnings beats, according to Eikon data. (Reporting by Kit Rees, Editing by Vikram Subhedar)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/europe-stocks-idINL5N1GK1J4'|'2017-03-07T05:29:00.000+02:00'
'40adbe00a44f6fb36b959e0939ccf0c8b2618a46'|'Volkswagen brand to lift profitability as cost cuts work - CEO'|'Technology   6:42pm GMT VW brand to lift profitability as cost cuts work: CEO A worker from the SEAT factory, under the Volkswagen group, works on an engine of a SEAT Leon car, in Martorell near Barcelona December 5, 2014. REUTERS/Gustau Nacarino GENEVA Volkswagen''s ( VOWG_p.DE ) core brand will improve profitability and gain market share this year after posting stable operating results in 2016 thanks to cost cuts, brand chief executive Herbert Diess said. The namesake brand, the group''s largest by sales, is cutting thousands of jobs via natural attrition, streamlining development processes and reducing the number of parts to revive profitability which has been lagging rivals such as Toyota ( 7203.T ) and PSA Group ( PEUP.PA ). The Volkswagen (VW) brand last year cut fixed costs by about 300 million euros ($320 million) in Germany alone, destination of over 9 percent of global deliveries of 6 million cars, Diess said at a press conference on Monday at the Geneva auto show. "Our work is already paying off. We have put ourselves in an excellent starting position for 2017," said Diess, who was known as a cost-cutter at BMW ( BMWG.DE ) before he joined VW in 2015. Despite progress on cost cuts, brand management and the carmaker''s unions have been struggling to implement a cost-cutting plan dubbed future pact, designed to lift profitability. The brand accounts for nearly half of group sales but no more than 11 percent of its underlying earnings. VW group swung back to record operating profit before special items last year, powered by record deliveries of high-margin Audi and Porsche models. Detailed results for its 12 brands are due for publication on March 14. (Reporting by Andreas Cremer; Editing by Victoria Bryan/Ruth Pitchford) Next In Technology News Google reported by Danish watchdog for unlimited data storage COPENHAGEN A Danish consumer watchdog has reported Alphabet Inc''s Google to the Danish Data Protection Agency for potentially breaking privacy laws by not capping the amount of time personal data is stored on Google''s servers, the watchdog said in a statement on Tuesday.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-autoshow-geneva-volkswagen-seat-idUKKBN16E1NW'|'2017-03-08T01:34:00.000+02:00'
'0239a3977c76c85b310af987ac9ef3a84604cff8'|'Thai transport authorities crack down on Uber, Grab drivers, seek ban'|'Internet  59am GMT Thai transport authorities crack down on Uber, Grab drivers, seek ban A phone running the Uber application is held above the traffic in central Bangkok December 10, 2014. REUTERS/Damir Sagolj By Patpicha Tanakasempipat and Panarat Thepgumpanat - BANGKOK BANGKOK Thailand''s transport authorities have begun a crackdown on drivers for ride-hailing services Uber and Grab and want the military government to ban them, a transport official said on Tuesday. U.S.-based Uber has faced regulatory hurdles around the world and when it began operating in Thailand in 2014 the Department of Land Transport said its drivers were not properly registered or insured and its payment system did not meet regulations. But authorities have previously done little to stop Uber or other ride-hailing services as they have grown in popularity among Thais and foreign visitors in the major tourist center. Authorities had already fined 23 Uber drivers in Bangkok this week compared to only 83 others since Uber began operations, said Sugree Carupom, an official at the department, adding that Grab drivers too have been fined, though not as many. Drivers who are caught will now also have licenses suspended for up to six months and be fined 2,000 baht ($57). "We''re using stricter measures," Sugree told Reuters. "The services are worrying because it is hard for the government to regulate." The department''s deputy director-general Nanthapong Cherdchu said it would ask the junta to use an emergency measure to shut down the app if need be because it was disrupting the traditional public transport system and encouraging Thais to break the law. Uber, which has a website in Thai for drivers to sign up, said it would work with authorities to make clear the benefits of ride-sharing in the country. "Uber remains committed to creating reliable transportation for everyone," Uber spokeswoman Amy Kunrojpanya said in a statement to Reuters. Grab''s representative was not immediately available for comment. Ride booking services such as Uber and Grab''s GrabCar have won popularity in the nation of 67 million for often being cheaper and less likely to refuse to take passengers to their destinations than regular taxis, but they have irked traditional taxi drivers. Uber and GrabCar are being targeted by the authorities because they are the only two popular services in Thailand which private car owners can use to pick up passengers. Taxi drivers in the tourist town of Chiang Mai were carrying out their own sting operations to turn Uber and GrabCar drivers in to authorities, said Chanchai Kilapaeng, the head of the local transport office. But regular Uber client Putti Orungrochkul, a 24-year-old tech entrepreneur in Thai capital Bangkok, said banning Uber goes against Thailand''s stated vision of becoming an innovative and digitally-driven society. "If the government really cares about the people, they will find a middle ground," he told Reuters. ($1 = 35.07 baht) (Reporting by Patpicha Tanakasempipat and Panarat Thepgumpanat; Editing by Matthew Tostevin and Muralikumar Anantharaman) Next In Internet News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-uber-thailand-idUKKBN16E17R'|'2017-03-07T17:56:00.000+02:00'
'9dc5c5e6a27870aeec2b9f2971c8006208867437'|'PRESS DIGEST- Canada - March 7'|'March 7 The following are the top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy.THE GLOBE AND MAIL** Veteran railroader and cost-cutter Hunter Harrison is taking charge at CSX Corp. The Florida-based railway said Monday night Harrison is the company''s new chief executive officer, effective immediately. tgam.ca/2mRff2b** Top North American energy executives made a plea for continued North American free trade at a high-profile conference where Prime Minister Justin Trudeau will deliver a keynote speech later this week. tgam.ca/2mhoaIG** The Liberal Party is claiming full discretion to wade into local races and decide who can run for its nominations even as Prime Minister Justin Trudeau publicly insists the process is open and in the hands of local members, internal documents show. tgam.ca/2n0GKmRNATIONAL POST** Star Wars merchandise continued to dominate Canada''s toy industry in 2016. Annual sales of toys in Canada topped C$2 billion ($1.49 billion), up 6 percent from 2015 toy sales of $1.9 billion, according to a recent report by market research firm NPD Group. bit.ly/2mwOZJn** Canada has been flagged by a global banking body for "vulnerabilities" tied to credit, property prices, and the prospect of rising interest rates. The Bank for International Settlements said Canada is among the jurisdictions showing early warning indicators for financial crises and domestic banking risks. bit.ly/2mwWEYF** The clock is ticking for Canadian Imperial Bank of Commerce to decide whether to sweeten its offer to acquire PrivateBancorp Inc, as the Chicago-based bank announced the deal will go to a vote before its shareholders in May. bit.ly/2lRTZnZ ($1 = 1.3397 Canadian dollars) (Compiled by Rama Venkat Raman in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-canada-idINL3N1GK3UA'|'2017-03-07T08:52:00.000+02:00'
'299ad6aafd782223fa2fedb05a36fcbbb70f6683'|'UK grocery inflation doubles in a month - Kantar Worldpanel'|'Business News - Tue Mar 7, 2017 - 8:23am GMT UK grocery inflation doubles in a month - Kantar Worldpanel A shopping trolley is pushed around a Morrisons store in Coalville, central England September 10, 2009. REUTERS/Darren Staples LONDON British grocery inflation has doubled since February, with the price of food staples including butter, tea and fish all rising, industry data showed on Tuesday. Market researcher Kantar Worldpanel said grocery inflation was 1.4 percent for the 12 weeks to Feb. 26. It said prices have been rising in the UK since the 12 weeks to Jan. 1 data set following a period of grocery price deflation which ran for 30 consecutive periods from September 2014 to December 2016. Overall grocery sales in the 12 weeks to Feb. 26 period rose 2.3 percent with sales at market leader Tesco ( TSCO.L ) up 0.6 percent, Kantar Worldpanel said. (Reporting by James Davey; editing by Kate Holton) Next In Business News Exclusive - Hard Brexit would trigger ''leaching'' of banks from UK - draft report LONDON A draft report on the impact of Brexit on Britain''s financial industry warns banks and staff would "leach" away, undermining the wider UK economy, if they do not have access to European Union markets, according to sources who have read the report.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-grocers-kantar-idUKKBN16E0T9'|'2017-03-07T15:23:00.000+02:00'
'b0c4f795860d9ba53203652239beb508b75a5e5d'|'Puerto Rico turnaround plan seen under microscope of creditors, board'|'By Nick Brown - NEW YORK, March 7 NEW YORK, March 7 Puerto Rico''s oversight board is racing to review Governor Ricardo Rossello''s blueprint for steering the island''s economy out of fiscal crisis, but has key concerns over whether it can be implemented as planned, a source familiar with the process told Reuters on Tuesday.Rossello last week unveiled a draft turnaround plan - a requirement of the federal Puerto Rico rescue law known as PROMESA - for the U.S. territory struggling with $70 billion in debt.It outlines plans for $33.8 billion in fiscal reforms, including $12.9 billion in new revenues, and forecasts the Puerto Rican government to have $1.2 billion a year available to service debt - just 30 percent of what comes due next fiscal year.A turnaround plan must be approved by the oversight board, which is in charge of managing the island''s finances. But the plan likely will not be approved as is, according to the source, who is familiar with ongoing talks between the board and government officials.Rossello''s plan departs from some of the board''s key financial projections. Board members are not convinced the figures are based on sound data, said the source, who declined to be named because the talks are not public."The board just doesn''t see a degree of specificity in the document that can give basis or justification for these numbers," the person said.Specifically, the board is concerned about the basis for the island''s claim that it can generate $3.6 billion over ten years from improvements in tax collection. It also is skeptical as to whether Rossello can successfully implement key cost-saving measures like turning the island''s government into a single-employer structure, the person said.The board wants to approve a turnaround plan for the island by next Wednesday. It met with government officials in Puerto Rico last week and convened a private board meeting on Monday in New York.It also plans to hold a public meeting in New York on Monday.The island needs to do more to shore up short-term liquidity, the source added, especially in light of the government''s announcement on Tuesday that its funding gap this fiscal year is $500 million above projections.Elias Sanchez, Rossello''s liaison to the board, defended the plan in an interview with Reuters on Tuesday.The tax reform measures "are not simply based on improvements in collection, but on use of new technology and on reforms that will broaden the collection base," Sanchez said.He added Puerto Rico''s dire straits will ensure the political will to make the single-employer plan a reality."We either make these structural changes or we collapse," Sanchez said. "It''s not a matter of political will."CREDITORS GRUMBLEThe island''s creditors, meanwhile, say the current version of the plan does not do enough to ensure debt payments will be made.One creditor said the governor "changed his tune" from campaign promises last year to minimize cuts to debt repayments. "He campaigned on paying debt, and this plan shows there''s going to be severe impairment," the creditor said in an interview on Monday, requesting anonymity because of the sensitive nature of the talks.Rossello''s $1.2 billion figure is below debt service projections proposed last year by ex-Governor Alejandro Garcia Padilla - a populist and Wall Street critic, whose policies Rossello railed against during last year''s election.To be sure, government officials have said they believe it likely the U.S. Congress will increase the island''s federal healthcare reimbursements, which could boost its debt service capacity as high as $2.7 billion.The plan calls for a $64 million annual cut in pension benefits. That''s a lot less than the $200 million the board recommended, but still does not sit well with pension advocates."These retirement benefits were promised in exchange for labor and services rendered and constitute deferred compensation owed to these citizens," said Robert Gordon, a lawyer for a committee of local pensioners.While creditors are quick to protest, some believe Rossello''s plan has more to like than dislike from a bondholder''s perspective. As Height Securities analyst Ed Groshans said in a note on Tuesday, the oversight board''s own projections had forecast Puerto Rico to have only $800 million a year to pay debt. (Reporting by Nick Brown; editing by Daniel Bases, G Crosse)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/puertorico-debt-fiscalplan-idINL2N1GJ1UG'|'2017-03-07T22:00:00.000+02:00'
'f205cb0c24d1f187bc3dd901ab033e5b203ee624'|'Greek economy flat last year, statistics service says'|' 13am GMT Greek economy flat last year, stats service says FILE PHOTO - A tourist makes her way past a Greek national flag (L) and a European Union flag on the islet of Saint George, part of the municipality of Kastellorizo, Greece''s easternmost island July 30, 2015. REUTERS/Alkis Konstantinidis/File Photo ATHENS Greek economic growth was flat last year, the country''s statistics service ELSTAT said on Wednesday, releasing its first estimate of full-year 2016 gross domestic product. It said gross domestic product in volume terms and measured at constant prices was 184.5 billion euros last year, unchanged from 2015. ELSTAT''s estimate, based on seasonally unadjusted data, showed the economy performed worse than the country''s official creditors were expecting based on their recent forecasts. The European Commission, in its winter forecast published in February, projected GDP growth of 0.3 percent in 2016 while the International Monetary Fund''s upwardly revised estimate saw GDP growth of 0.4 percent. Both expect Greece''s economy to recover this year with GDP growing by 2.7 percent. ELSTAT said its second estimate of 2016 GDP growth will be released on October 17. (Reporting by George Georgiopoulos)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-greece-economy-gdp-idUKKBN16F138'|'2017-03-08T17:12:00.000+02:00'
'543705bb500f1516d60c915988c298ca89ff7847'|'Brazil to auction off three major highways ahead of license end'|'  4:58pm EST Brazil to auction off three major highways ahead of license end BRASILIA, March 7 The Brazilian government plans to auction off rights to operate three major highways before their licenses expire, in order to maximize capital spending and reduce toll rates, Transport Minister Maurício Quintella said on Tuesday. Concessionaires of the highways Via Dutra, Concer and CRT, such as CCR SA and Triunfo Participações e Investimentos SA, will be allowed to participate in the auction, Quintella said at a presentation. The government program aims to raise 45 billion reais ($14.43 billion) from the sale of rights to build and operate roads, port terminals, railways and power transmission lines. (Reporting by Leonardo Goy; Writing by Tatiana Bautzer; Editing by Lisa Shumaker)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-auction-infrastructure-idUSL2N1GK1Y7'|'2017-03-08T04:58:00.000+02:00'
'1724331eb73899e0595566e5c735b96c8f391e70'|'Q&A-What do I need to know about the CIA''s hacking program?'|'Company News  24pm EST Q&A-What do I need to know about the CIA''s hacking program? March 7 WikiLeaks, the website that specializes in exposing secrets, on Tuesday released what it said were thousands of documents that described internal U.S. Central Intelligence Agency discussions on hacking techniques it has used to circumvent security on electronic devices for spying. Reuters could not immediately verify the contents of the published documents. The following are some questions and answers users of consumer electronics may have: Q: Are the documents authentic? A: It appears at least some are real. While the CIA has declined to comment, independent cyber security experts and former intelligence agency employees who have looked through them say that they appear to be authentic, citing code words used to describe CIA hacking programs. Q: What did we learn about the CIA''s hacking program? A. WikiLeaks published documents that it says describe CIA tools for hacking into devices including mobile phones, computers and smart televisions. Q: How can you hack a TV? A: WikiLeaks said it identified a project known as Weeping Angel where U.S. and British intelligence agencies developed ways to take over Samsung smart TVs equipped with microphones, forcing them to record conversations when the device appeared to be turned off. Experts have long said smart TVs and other Internet-connected devices can be exploited to monitor a target. Q: Are these revelations new? A: While the specific details are new, it is well known in the cyber security community that intelligence agencies are constantly trying to leverage flaws in technology products to conduct espionage. Q: The documents suggest that the CIA can access information in encrypted messaging apps like WhatsApp and Signal. I thought they were safe from even government spying? A: No system is perfect. The documents describe ways to get information in those apps on Android devices, but only after gaining full control of those phones. Reuters has not found evidence in the documents released by WikiLeaks that the CIA had figured a way to break the encryption in those apps. Q: Are iPhones also vulnerable? A: The documents discuss ways to get into iPhones as well. One appeared to show a list of Apple iOS security flaws purchased by U.S. intelligence agencies so they could gain access to those devices. Q: What should I do if I''m worried? A: Most people do not need to worry about being targeted by intelligence agencies. But everybody should stay on top of software patches so all their computers, mobile phones and other connected devices are running software with the latest security updates. Consumers should balance security concerns with their need to use smart devices. Q: Is this as big as the leaks from former National Security Agency contractor Edward Snowden? A: The Snowden leaks revealed that the NSA was secretly collecting U.S. call metadata on ordinary Americans. The materials released by WikiLeaks on Tuesday did not appear to reveal the existence of unknown any unknown programs. Instead they supplied details on how U.S. intelligence agencies work to discover and exploit security flaws to conduct espionage. Q: How did WikiLeaks get the information? A: Unclear. Someone inside the agency may have leaked the information. Or, someone outside may have figured out a way to steal it. (Reporting by Jim Finkle in Boston, Jonathan Weber in San Francisco and Dustin Volz in Washington; editing by Grant McCool) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cia-wikileaks-qa-idUSL2N1GK1YZ'|'2017-03-08T06:24:00.000+02:00'
'271f58835535385f107f5bbfbadfeb09914c98bb'|'EU consumer agencies to join forces to press Volkswagen over dieselgate scandal'|'Business News - Tue Mar 7, 2017 - 7:41pm GMT EU consumer agencies to join forces to press Volkswagen over dieselgate scandal European Union Justice Commissioner Vera Jourova holds news conference on the European Commission proposal to extend some rules that now only apply to telecom operators and to web companies offering calls and messages using the internet, at the EC headquarters in Brussels,... REUTERS/Yves Herman By Alissa de Carbonnel - BRUSSELS BRUSSELS European national consumer agencies plan joint action to seek compensation for Volkswagen ( VOWG_p.DE ) drivers who bought emissions-cheating diesel cars on the strength of their green credentials, the European Commission said on Tuesday. At a meeting of the EU''s 28 consumer protection authorities in Brussels, Dutch officials will discuss "joint enforcement action" against the German carmaker, a spokesman for Europe''s Justice Commissioner Vera Jourova said. "Commissioner Jourova encouraged the authorities to use all means at their disposal to protect European consumers," spokesman Christian Wigand said. VW has admitted to U.S. regulators that it installed illicit software in as many as 11 million diesel vehicles sold worldwide -- the majority of them in Europe. Jourova and other EU regulators have repeatedly voiced frustration over VW''s failure to compensate customers in Europe, where different legal rules weaken the chances of owners winning a pay out, while the company offers cash payouts to U.S. owners. While powers of enforcement in the EU lie with national authorities, EU regulators are pushing members to end what they see as government collusion with powerful carmakers to shield them from penalties. Despite VW''s admission of wrongdoing in the United States, it says it has not broken the law in Europe and sees no need to compensate consumers there. The carmaker has committed to fixing all affected vehicles by autumn. The European Commission hopes national authorities agree that VW has breached two sets of rules that apply across the 28-nation bloc and push for corrective measures from VW, including guarantees that engine refits work and potential compensation if affected vehicles lose value. The 28 are not required to come to a unanimous agreement for joint action. For those who wish to act, the next step would be a joint letter to VW - which may influence current consumer court cases against the German carmaker. "It is a tool to pressure the companies into obeying the rules," one EU official said. (Reporting by Alissa de Carbonnel; Editing by Ruth Pitchford) Next In Business News Global stocks slip, U.S. dollar firm on Fed outlook NEW YORK A measure of major stock markets around the globe slipped on Tuesday, with the Dow and S&P 500 on pace for their first back-to-back losses in more than a month, while expectations the Federal Reserve will raise interest rates supported the U.S. dollar.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-volkswagen-emissions-eu-idUKKBN16E2L7'|'2017-03-08T02:32:00.000+02:00'
'd703048e23fca35697bb30a3f0321a6ff0a0a0bf'|'Morgan Stanley sees brighter outlook for sterling, UK midcaps'|'Business News  56am GMT Morgan Stanley sees brighter outlook for sterling, UK midcaps A British ten pound note is seen in front of a stock graph in this November 7, 2016 picture illustration. REUTERS/Dado Ruvic/Illustration/File Photo LONDON A bullish view on sterling spurred Morgan Stanley strategists to upgrade their view on UK midcap companies on Tuesday. A stronger sterling is usually accompanied by underperformance of large-cap UK equities .FTSE relative to other regions, the broker warned, adding they recommended investors look for exporter shares to sell. Foreign exchange is having the greatest influence on UK stocks in 20 years, Morgan Stanley said, leaving the latter susceptible to currency swings. Since the Brexit vote last June, the performance of the FTSE 100 .FTSE is has highly correlated, inversely, with the sterling''s move against the U.S. dollar, as index constituents which derive significant chunks of their revenue offshore saw sharp earnings upgrades. At the same time, shares of domestic UK companies, whose earnings are in sterling but costs can be offshore, suffered in relative terms. Morgan Stanley now sees a high probability that this reverses. The firm''s FX strategists expect the sterling to rise to $1.28 by the end of this year, and $1.45 by the end of 2018. Those forecasts prompted the firm to upgrade midcaps to "neutral" from "underweight," and to downgrade their "overweight" stance on UK large-caps to "neutral." Sectorally, financials and real estate stand to gain most from a stronger currency, the bank said, as their relative performance was most correlated to the exchange rate. Overweight-rated stocks in the bank''s domestic UK basket include AA, Autotrader, Lloyds, Marks & Spencer and Whitbread. (Reporting by Helen Reid, Editing by Vikram Subhedar) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-outlook-morganstanley-idUKKBN16E112'|'2017-03-07T16:56:00.000+02:00'
'3b46d502a5ca09b0cd206b1da172ced2d2322784'|'Poll - UK consumers to feel the pinch as inflation outpaces wage rises'|' 53pm IST Poll - UK consumers to feel the pinch as inflation outpaces wage rises FULL COVERAGE: By Jonathan Cable - LONDON LONDON British wage growth won''t keep up with soaring inflation this year, according to economists in a Reuters poll who were concerned a consumer spending slowdown was underway. Shoppers have been one of the main drivers of economic growth since Britain voted in June to leave the European Union and any signs they are reining in spending will be a worry for policymakers. Prices are expected to climb 2.6 percent this year, the poll of 60 economists taken this week found, yet wages will only rise 2.4 percent, crimping household budgets. Twenty-four of 33 economists who answered an extra question said they were concerned a consumer spending slowdown was underway while six were very concerned. Only three were not concerned. "While at least some pick-up in wage growth looks as though it is in prospect, we don''t think nominal wage growth will rise as quickly as inflation, suggesting that real earnings growth will probably be fairly subdued," said Ruth Gregory at Capital Economics. "There are growing signs that the post-referendum strength in consumer spending is fading." British consumers are cutting back on non-essential spending as the impact of last year''s Brexit vote pushes up the cost of their day-to-day shopping, two surveys showed on Tuesday. At the end of 2016 the economy sped up, data showed last month, but over the whole year it was weaker than previously thought amid signs the Brexit vote will increasingly act as a brake on growth. Gross domestic product will expand 1.6 percent this year and just 1.2 percent next year, the poll found. It will grow 0.4 percent this quarter but only 0.2-0.3 percent for the remaining quarters of 2017. SAVING FOR A RAINY DAY After the referendum, the Bank of England cut interest rates to a record low of 0.25 percent and expanded its asset purchase programme. Now policymakers are watching closely to see if households curtail spending as they decide whether the economy needs more monetary stimulus to spur demand or an interest rate hike to curb inflation. None of the 60 economists polled expect any change to policy when the Bank announces its latest decision on March 16 and few forecast any change in Bank Rate until 2019 at least, despite inflation exceeding the Bank''s 2 percent target. Only a couple expect the quantitative easing programme to be tweaked. "It is unlikely the BoE will tighten monetary policy in a time of elevated political uncertainty. We think we need to see slower growth and/or higher unemployment before easing becomes likely again," said Mikel Milhoj at Danske Bank. Finance minister Philip Hammond is due to announce an annual budget statement on Wednesday and has signalled he will keep money in reserve in case the economy needs help to get through a slowdown as Britain leaves the EU. "We expect the Chancellor to bank the great majority of any borrowing undershoot rather than spend it, though there may be some small net giveaways," said John Hawksworth at PwC. The Office for Budget Responsibility will revise down its forecast for government borrowing over the next five years, nearly all of the economists polled who answered an extra question said. They gave a median reduction of 25 billion pounds and forecasts ranged from 5 billion to 80 billion pounds ($97.5 billion). (For other stories from the global poll:) ($1 = 0.8205 pounds) (Polling by Indradip Ghosh and Vivek Mishra; editing by Ken Ferris)  '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/boe-policy-poll-idINKBN16E1MF'|'2017-03-07T20:23:00.000+02:00'
'7d1e7ff17fe81beb2d5612cd063cfa930fde1037'|'MOVES-Deutsche Bank hires healthcare M&A banker Rewick from UBS'|'By Carl O''Donnell - March 7 March 7 Deutsche Bank AG has hired Glenn Rewick, most recently head of healthcare M&A for UBS Group AG in Europe, Middle East and Africa, as a managing director in its San Francisco office, according to an internal Deutsche memo reviewed by Reuters.Rewick will report to Charlie Dupree, Deutsche Bank''s head of Americas M&A, according to the memo, which was circulated within Deutsche Bank on Tuesday and confirmed by a spokeswoman for the German bank."As we continue to invest in our M&A platform, his appointment will help strengthen our strategic capabilities, specifically in healthcare where the pace of activity continues to be strong," Dupree said in the memo.Prior to joining UBS in 2014, Rewick spent 16 years at Bank of America Merrill Lynch in roles spanning New York, San Francisco and London.Deutsche Bank is rebuilding its investment banking team following a number of departures, including James Ratigan, who left his role as Deutsche''s head of Americas M&A in 2016 to lead boutique healthcare investment bank Leerink Partners LLC.It also lost senior healthcare investment bankers Jason Haas and David Levin to rival Barclays Plc that same year.Other recent Deutsche Bank hires include healthcare investment banker Jamie Heath, who serves as a managing director based in London. He was previously a partner at Centerview Partners, a boutique investment bank. (Reporting by Carl O''Donnell in New York; editing by Diane Craft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deutsche-bank-moves-rewick-idINL2N1GK1CK'|'2017-03-07T15:37:00.000+02:00'
'41e91601054815ad4afc554500804ba8401d13d6'|'Disney CEO says he is staying on Trump advisory council'|'Money News - Thu Mar 9, 2017 - 12:55am IST Disney CEO says he is staying on Trump advisory council FULL COVERAGE: INDIA ELECTIONS 2017 Walt Disney Company President and Chief Executive Officer Bob Iger (R) and wife Willow Bay (L) pose at the Los Angeles County Museum of Art (LACMA) Art+Film Gala in Los Angeles, October 29, 2016. REUTERS/Danny Moloshok LOS ANGELES Walt Disney Co ( DIS.N ) Chief Executive Bob Iger on Wednesday said his seat on President Trump''s business advisory council provides an opportunity to voice opinions that will benefit the company and its shareholders. Iger, in response to a question at the company''s annual shareholder meeting, said he did not believe his membership "supports or endorses" Trump''s policies. The chief executive said he had no plans to step down from the group, as some critics have urged him to do. He referenced a song from the Broadway musical "Hamilton" called "The Room Where It Happens," saying it was important to have input in a forum where policies are being shaped. "I think there is an opportunity, when you are in the room where it happens, to express opinions I believe would be in the best interest of the company and its shareholders," he said. Uber Technologies Inc UBER.UL Chief Executive Officer Travis Kalanick quit Trump''s advisory group in February amid pressure from activists and employees who opposed the administration''s immigration policies. (Reporting by Lisa Richwine; Editing by Bernard Orr) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/disney-ceo-idINKBN16F2H5'|'2017-03-09T02:25:00.000+02:00'
'804621c2a35e94d51a666a5874500acfb3d1075f'|'Japan fourth quarter GDP revised up to 1.2 percent annualised growth'|'Business News - Wed Mar 8, 2017 - 12:00am GMT Japan fourth quarter GDP revised up to 1.2 percent annualised growth Japan''s national flag is seen in front of a crane at a construction site at a business district in Tokyo, Japan, January 5, 2017. Picture taken on January 5, 2017. REUTERS/Kim Kyung-Hoon TOKYO Japan''s economy grew at an annualised rate of 1.2 percent in the October-December quarter, revised up from a preliminary reading of 1.0 percent growth, the Cabinet Office said on Wednesday. The revised figure compares with the median estimate of 1.6 percent growth in a Reuters poll of economists. On a quarter-on-quarter basis, gross domestic product rose 0.3 percent, versus a preliminary reading of 0.2 percent growth and the median estimate of a 0.4 percent increase. (Reporting by Stanley White; Editing by Chris Gallagher) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-economy-gdp-idUKKBN16E30O'|'2017-03-08T07:00:00.000+02:00'
'6dccabc22075b9b8eb549912d90397b1597492a2'|'VW CEO says not open to merger talks with Fiat Chrysler'|'Business News - Wed Mar 8, 2017 - 10:59am GMT VW CEO says not open to merger talks with Fiat Chrysler Volkswagen CEO Matthias Mueller smiles during the 87th International Motor Show at Palexpo in Geneva, Switzerland, March 7, 2017. REUTERS/Denis Balibouse GENEVA, Switzerland German carmaker Volkswagen ( VOWG_p.DE ) is not open to merger talks with Italian rival Fiat Chrysler FCHI.MI, Chief Executive Matthias Mueller said on Wednesday, rebuffing an overture from FCA CEO Sergio Marchionne. "We are not ready for talks about anything," he told Reuters on the fringes of the Geneva auto show. "I haven''t seen Marchionne for months." "We have other problems," Mueller added. Marchionne said on Tuesday at the show Volkswagen could be an attractive prospective partner and may be interested in talks. He has long advocated more car-industry mergers and has been rejected more than once by General Motors ( GM.N ), which this week agreed to sell its European unit, Opel, to France''s PSA Group ( PEUP.PA ). (Reporting by Andreas Cremer and Ilona Wissenbach; Writing by Georgina Prodhan; Editing by Christoph Steitz) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-autoshow-geneva-volkswagen-fiat-chrys-idUKKBN16F14M'|'2017-03-08T17:49:00.000+02:00'
'7d89d3b30e35945911095150c92f85c020878bba'|'EMERGING MARKETS-Brazil rate futures yields up slightly despite weak GDP'|' 42pm EST EMERGING MARKETS-Brazil rate futures yields up slightly despite weak GDP (Updates with final prices) By Bruno Federowski SAO PAULO, March 7 Yields paid on Brazilian interest rate futures rose slightly on Tuesday despite worse-than-expected fourth-quarter economic data, as traders bet the central bank will be more focused on upcoming economic reports in deciding the pace of rate cuts. Brazil''s gross domestic product contracted by 3.6 percent in 2016, statistics agency IBGE said, following a 3.8 percent drop in 2015. The nation''s two-year downturn is the worst on record for Latin America''s biggest economy. Still, rate future prices indicated investors were split over the size of a likely rate cut in April. Markets priced a 56 percent probability of a 100 basis-point reduction and a 44 percent chance of a 75 basis-point cut, traders said. The central bank cut the benchmark Selic overnight lending rate by 75 basis points last month, to 12.25 percent. Since then, it has repeatedly stressed the pace of loosening will depend on the economic performance as well as inflation expectations. The Brazilian real seesawed, tracking muted moves among other Latin American currencies. Traders have been hunting for new clues over when the U.S. Federal Reserve will go back to raising rates, a move which many believe could come as soon as this month. The Mexican peso extended recent gains to a four-month high, a day after the central bank sold $1 billion worth of foreign exchange hedging instruments to support the ailing currency. Brazil''s benchmark Bovespa stock index fell 0.9 percent, with shares of toll road operator CCR SA among the biggest decliners. CCR reported a 31 percent drop in fourth-quarter net income, missing analyst expectations. Key Latin American stock indexes and currencies at 2345 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 936.50 0.22 8.61 MSCI LatAm 2597.02 -0.89 10.95 Brazil Bovespa 65742.32 -0.9 9.16 Mexico IPC 47419.16 -0.97 3.89 Chile IPSA 4476.43 0.2 7.83 Chile IGPA 22462.17 0.32 8.33 Argentina MerVal 19248.16 0.26 13.77 Colombia IGBC 9928.66 -0.09 -1.97 Venezuela IBC 38140.89 1.31 20.30 Currencies daily % YTD % change change Latest Brazil real 3.1201 0.22 4.14 Mexico peso 19.491 0.61 6.43 Chile peso 659 0.23 1.78 Colombia peso 2956.95 0.66 1.51 Peru sol 3.279 0.42 4.12 Argentina peso (interbank) 15.5475 -0.77 2.11 Argentina peso (parallel) 16.04 0.06 4.86 (Reporting by Bruno Federowski; Editing by Chris Reese and Leslie Adler)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL2N1GK2A0'|'2017-03-08T07:42:00.000+02:00'
'1dc665595e3940ddca08b42a5e08389c3c26f50b'|'PRESS DIGEST- British Business - March 8'|'Company News  32pm EST PRESS DIGEST- British Business - March 8 March 8 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Times The pay package of the chief executive officer of AstraZeneca Plc jumped by almost 70 percent to 13.4 million pounds ($16.36 million) in 2016 as his share awards were triggered under a scheme that is set to be scrapped amid shareholder concerns. bit.ly/2n3UOMb Shawbrook Group Plc has rejected a 825 million pounds private equity offer but left the door open for a higher bid. bit.ly/2n3DerT The Guardian The governor of the Bank of England has censured his new deputy governor, Charlotte Hogg, after she admitted breaking bank rules by failing to declare that her brother worked for Barclays Plc. bit.ly/2n3x4Yy The west''s leading economic thinktank has raised its outlook for the United Kingdom this year, in a boost to Philip Hammond ahead of his budget. But the Organisation for Economic Cooperation and Development said it still expected Britain''s economy to shift down a gear compared with last year as rising inflation hits households. bit.ly/2n3IjAw The Telegraph A joint venture between house builder Barratt Developments Plc and Wall Street giant Morgan Stanley to develop a 275 million pounds residential project on the banks of the Thames is undertaking a review to determine if Barratt staff received bribes to hand out contracts to certain suppliers. bit.ly/2n3BWgf BP Plc is bringing on seven "massive" projects this year in the biggest expansion the company''s history but has brought down costs in a wrenching adjustment and is not banking on a recovery in oil prices this decade. bit.ly/2n3zCpH Sky News The giant financing arm of Ford Motor Co is examining whether to shift part of its operations to Germany in a move that would raise fresh questions about the future of the car-maker''s UK workforce. bit.ly/2n3CK4O Philip Hammond is expected to deliver an upbeat assessment of Britain''s economic prospects in his first budget as chancellor, but he is not promising giveaways as a result. bit.ly/2n3MBaQ The Independent Prime Minster Theresa May has suffered a setback after the House of Lords approved a plan to give Parliament the final say over Brexit. ind.pn/2n3D5Vn ($1 = 0.8191 pounds) (Compiled by Ismail Shakil in Bengaluru; Editing by Lisa Shumaker) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-business-idUSL3N1GL17K'|'2017-03-08T08:32:00.000+02:00'
'cf1ad46b7e4d6bf2b73029d0772404192c853ced'|'BRIEF-Quintana Shipping Ltd files to withdraw IPO plans - SEC Filing'|' 36am EST BRIEF-Quintana Shipping Ltd files to withdraw IPO plans - SEC Filing March 8 Quintana Shipping Ltd * Quintana Shipping Ltd - Files to withdraw IPO plans - SEC Filing * Quintana Shipping Ltd - Had previously filed for IPO of up to $100 million in March 2014 Source text: [ bit.ly/2n5jgwD ]  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-quintana-shipping-ltd-files-to-wit-idUSFWN1GL084'|'2017-03-08T18:36:00.000+02:00'
'592098f2a6a18112832f78ca93028beaa31459bd'|'Russia-China fund, Abu Dhabi''s Mubadala eyeing stake in Eurasia Drilling - sources'|'MOSCOW/ABU DHABI, March 6 The Russia-China Investment Fund (RCIF) and Mubadala, Abu Dhabi''s state fund, are considering buying a minority stake in Eurasia Drilling Company, Russia''s largest drilling company by metres drilled, three sources close to the talks told Reuters.In 2015, Eurasia Drilling Company (EDC) delisted its shares from the London Stock Exchange after a deal for the world''s leading oilfield services provider Schlumberger NV to buy a stake in it collapsed.One of the sources said that RCIF -- which was set up by two Russian government-backed investment vehicles, the Russian Direct Investment Fund and China Investment Corporation -- was looking to team up with Mubadala to buy around 13-15 percent of EDC''s new shares.EDC would use the proceeds from the potential deal, the value of which the source did not disclose, for development. Russia is the world''s top oil producer, but the bulk of its fields are ageing and require new technologies.EDC is controlled by Chief Executive Officer Alexander Djaparidze, who has a 30.2 percent stake, and his business partner Alexander Putilov, who holds a 22.4 percent stake, the latest public data, from the end of 2014, shows.A spokeswoman for RCIF and a Mubadala spokesman declined to comment. EDC did not reply to a Reuters request seeking comment. (Reporting by Polina Nikolskaya, Katya Golubkova and Oksana Kobzeva in Moscow and Stanley Carvalho in Abu Dhabi; Editing by Andrew Osborn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/russia-eurasia-deal-idINR4N1G702V'|'2017-03-06T12:13:00.000+02:00'
'b9c43bf323a3ca9556134b8fcc8d516601d9550a'|'LPC: Valeant seeks US$3bn loan to support refinancing effort'|' 56am EST LPC: Valeant seeks US$3bn loan to support refinancing effort By Jonathan Schwarzberg and Kristen Haunss - NEW YORK, March 6 NEW YORK, March 6 Valeant Pharmaceuticals International Inc plans to line up a US$3.06bn incremental term loan as part of a debt restructuring, sources said. In addition to the new debt offering, the company paid down about US$1.1bn of senior secured term loans with proceeds from the sale of its skincare products assets on March 3, according to a Monday regulatory filing. Valeant is also repaying a portion of its 6.75% senior notes due in 2018 and extending the maturity date of its revolving credit facility. "This debt repayment further enhances the company''s confidence in meeting its goals, and it is taking this opportunity to refinance and amend additional portions of its outstanding debt to further create operating flexibility," the company said in the filing. The new loan is scheduled to launch during a lenders call late Monday morning. Commitments are due March 10. Barclays leads the deal with Goldman Sachs. As part of the transaction, Valeant is seeking to remove maintenance covenants from its term B loans and modify its revolver maintenance covenants. The new debt will be fungible with the company''s term loan F due in April 2022. The proceeds will allow Valeant to extend the maturity of three separate term loans by combining them with the term loan F. Pricing is expected to be 475bp over Libor with a 0.75% floor, which is the same as the existing term loan F. Valeant is offering lenders an original issue discount of 99.75 cents on the dollar. The company is proposed to pay its existing term loan F lenders an amendment fee of 25bp. Barclays declined to comment. A representative from Goldman Sachs was not immediately available for comment. A spokesperson for Valeant did not immediately return a telephone call seeking comment. (Reporting by Jonathan Schwarzberg and Kristen Haunss; Editing By Lynn Adler and Jon Methven) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/valeant-debt-idUSL2N1GJ0JI'|'2017-03-06T21:56:00.000+02:00'
'fe9d3312bb36bfa4e86ae529c307687b6b17676d'|'Wells Fargo names Allen Parker general counsel'|'Business News - Mon Mar 6, 2017 - 7:55pm GMT Wells Fargo names Allen Parker general counsel Wells Fargo & Co ( WFC.N ) named Allen Parker general counsel on Monday, at a time when the third-largest U.S. lender looks to restore its battered reputation following a scandal over phony accounts. Parker succeeds company veteran James Strother, who will retire after 30 years with the company, the lender said. Strother had originally planned to retire by the end of 2016, but stayed on to deal with the fallout from the sales scandal. Parker is joining from law firm Cravath, Swaine & Moore LLP, where he served as a partner. His appointment will be effective March 27, Wells Fargo said. Parker will be based in San Francisco and will be part of the company''s operating committee. The scandal pertains to Wells Fargo opening as many as 2 million accounts in customers'' names without their permission. Wells Fargo reached a $190 million regulatory settlement over the phony accounts in September, and parted ways with the then chief executive, John Stumpf, the following month. Last week, the company said more customers may have been affected by the scandal than previously believed. The bank fired four mid-level executives and stripped them of bonuses and stock awards in February as a result of the improper sales practices. (Reporting by Diptendu Lahiri in Bengaluru; Editing by Anil D''Silva) Next In Business News Exclusive - Hard Brexit would trigger ''leaching'' of banks from UK - draft report LONDON A draft report on the impact of Brexit on Britain''s financial industry warns banks and staff would "leach" away, undermining the wider UK economy, if they do not have access to European Union markets, according to sources who have read the report.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-wells-fargo-moves-general-counsel-idUKKBN16D2FI'|'2017-03-07T02:55:00.000+02:00'
'6fc7d99fb61a745a4f38a3cf7a48f4d82e62de2b'|'Nikkei drops on strong yen, N.Korea missile launches; defense stocks rise'|'TOKYO, March 6 Japanese shares fell on Monday in thin trade as the yen firmed and as global geopolitical tensions rose after North Korea fired four missiles, three of which landed in Japan''s exclusive economic zone.The Nikkei share average fell 0.5 percent to 19,379.14 points.Defense-related stocks outperformed on speculation that North Korea''s latest launch will spur more Japanese spending on arms.Landmine maker Ishikawa Seisakusho jumped 5.1 percent, while Mitsubishi Heavy Industries rose 0.2 percent and Kawasaki Heavy Industries 0.3 percent.The broader Topix shed 0.2 percent to 1,554.90, with only 1.409 billion shares changing hands, the lowest volume since Dec. 28. The JPX-Nikkei Index 400 declined 0.3 percent to 13,918.68.The Nikkei Jasdaq index rose for a 17th day, hitting its record closing high of 3,039.86. (Reporting by Ayai Tomisawa; Editing by Richard Borsuk)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-stocks-close-idINL3N1GJ2A8'|'2017-03-06T03:24:00.000+02:00'
'2c5caeaaf54f385b208a27eb3b60f4b3f4023a1c'|'Vauxhall boss says UK production key to the car brand'|'  10:12am GMT Vauxhall boss says UK production key to the car brand The logo is seen at the exhibition stand of Vauxhall ahead of the 87th International Motor Show at Palexpo in Geneva, Switzerland, March 6, 2017. REUTERS/Arnd Wiegmann GENEVA The managing director of British car brand Vauxhall, which is being bought by Peugeot ( PEUP.PA ) from General Motors ( GM.N ), said on Tuesday the firm''s British production sites were key to the brand''s heritage and sales. "A key part of the brand heritage is that there is UK manufacturing," Rory Harvey told reporters at the Geneva auto show. Peugeot-maker PSA has agreed to buy GM''s European division, known as Vauxhall in Britain and Opel on the continent, prompting concerns about the future of the British brand''s car and van plants. Asked about whether the extra cost of importing more expensive euro-denominated parts had outweighed the benefits of cheaper exports since a Brexit-induced fall in the pound, Harvey said the net effect was negative. (Reporting by Costas Pitas; Editing by Mark Potter)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-autoshow-geneva-opel-vauxhall-idUKKBN16E10K'|'2017-03-07T16:49:00.000+02:00'
'18828fb360f7627ea0fad6bcfbf568d5c59a5519'|'Vauxhall boss says UK production key to the car brand'|'GENEVA, March 7 The managing director of British car brand Vauxhall, which is being bought by Peugeot from General Motors, said on Tuesday the firm''s British production sites were key to the brand''s heritage and sales."A key part of the brand heritage is that there is UK manufacturing," Rory Harvey told reporters at the Geneva auto show.Peugeot-maker PSA has agreed to buy GM''s European division, known as Vauxhall in Britain and Opel on the continent, prompting concerns about the future of the British brand''s car and van plants.Asked about whether the extra cost of importing more expensive euro-denominated parts had outweighed the benefits of cheaper exports since a Brexit-induced fall in the pound, Harvey said the net effect was negative. (Reporting by Costas Pitas; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/autoshow-geneva-opel-vauxhall-idINL5N1GJ5JB'|'2017-03-07T06:41:00.000+02:00'
'e86429919d1fb78fcdecbfbb4847215f8610d20c'|'Regional bank Sterling Bancorp to buy Astoria for $2.2 billion'|'Sterling Bancorp ( STL.N ) said it would buy Astoria Financial Corp ( AF.N ) in an all-stock deal valued at about $2.2 billion to create the sixth largest regional bank in the New York City area by deposits.Astoria''s shareholders will receive 0.875 Sterling shares for each share held. The resulting offer price of $21.92 per share represents a premium of 18.6 percent to Astoria''s Monday closing price.Astoria''s shares were up 11.8 percent at $20.67 in morning trading, while Sterling''s stock was down 3.4 percent at $24.20.The deal follows a spree of mergers between regional U.S. banks last year, which were spurred by low interest rates, lagging returns on equity and tough regulations.However, U.S. President Donald Trump has promised simpler regulations and last month ordered reviews of major banking regulations put in place following the 2008 financial crisis.Federal Reserve policymakers have also signaled that a long-stalled ''liftoff'' of interest rates may finally get underway this year.The deal between Sterling and Astoria will create a regional bank that will have a diverse business mix, serving business-owners as well as consumers in the greater New York City metropolitan area, the companies said on Tuesday.Sterling said it expected the deal to add about 9 percent to its earnings per share in 2018 and about 16 percent in 2019, if the merger closes in the fourth quarter.Sterling shareholders will own about 60 percent of the combined company, with Astoria stockholders holding the rest.The combined company will be led by Sterling''s Chief Executive Officer Jack Kopnisky and will have about $29 billion in assets, $20 billion in loans and $19 billion in deposits, the company said.RBC Capital Markets and Citi are the lead financial advisers to Sterling Bancorp while Sandler O''Neill + Partners advised Astoria Financial.(Reporting by Nikhil Subba in Bengaluru; Editing by Sai Sachin Ravikumar and Sriraj Kalluvila)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-astoria-fin-m-a-sterling-bn-idINKBN16E1QA'|'2017-03-07T12:34:00.000+02:00'
'8c127ff3d7c630bd8ddba926026cd77ef5b4bf9c'|'Exclusive: Impax Laboratories taps Morgan Stanley for strategic review - sources'|'Generic drugmaker Impax Laboratories Inc ( IPXL.O ) has asked investment bank Morgan Stanley ( MS.N ) to help it conduct a strategic review, as it tries to cope with a tougher drug pricing environment, people familiar with the matter said.The past year has seen mounting pressure on generic drugmakers, as speedier approvals of generic products by U.S. regulators ratchets up competition in the sector, squeezing smaller players such as Impax that lack bargaining power.The review will consider multiple options available to Impax, including the possibility of it participating in the industry''s consolidation wave through an acquisition or a sale of the company, the people said on Tuesday.No decision to pursue a course of action will be made, however, until Impax appoints a new chief executive officer, after Fred Wilkinson abruptly stepped down from the post in December, the people said. The new CEO''s appointment is expected to be announced as early as April, the people added.The sources asked not to be identified because the deliberations are confidential. Impax did not immediately respond to requests for comment. Morgan Stanley declined to comment.Impax shares jumped as much as 11 percent on the news, and were trading up 3.5 percent at $8.70 on the Nasdaq in afternoon trading on Tuesday, giving the Fort Washington, Pennsylvania-based company a market capitalization of around $700 million.In its most recent earnings call, Impax said that its sales in 2016 declined 4 percent compared to the previous year, to around $825 million, largely driven by pricing pressure on its generics drugs. It also has a smaller business focused on the specialty pharmaceuticals.That decline disappointed investors, who had come to expect robust annual sales growth. Going into 2016, management had said it expected revenues to grow by at least 15 percent."Our business was impacted by new and aggressive competition on several of our generic products as the FDA accelerated the rate of (new generic drug) approvals," interim chief executive Kevin Buchi said during the company''s latest quarterly earnings call.U.S. President Donald Trump said in January that some drugmakers are "getting away with murder," and vowed to use new negotiating tactics to reign in price hikes.Meanwhile, the U.S. Food and Drug Administration has been implementing new rules that are designed to speed up approval of new generic drugs that analysts say will continue to put considerable pressure on generics drug makers in the coming years.(Reporting by Carl O''Donnell and Greg Roumeliotis in New York; editing by Phil Berlowitz, Bernard Orr)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-impax-labs-m-a-idUSKBN16E2FY'|'2017-03-07T22:13:00.000+02:00'
'1b6d7a30b2783363fa179fbc8cbc901bf10b9663'|'China Feb FX reserves rebound above $3 trillion, first rise in eight months'|'BEIJING China''s foreign exchange reserves unexpectedly rose for the first time in eight months in February, rebounding above $3 trillion as a regulatory crackdown and weakness in the dollar helped staunch capital outflows.Reserves rose $6.92 billion during February to total $3.005 trillion, their first increase since June 2016, compared with a drop of $12.3 billion in January, when reserves fell to $2.998 trillion.Economists polled by Reuters had expected forex reserves to drop by $25 billion to $2.973 trillion in February.China has tightened rules on moving capital outside the country in recent months as it seeks to support the yuan currency and stem a slide in its foreign exchange reserves.It burned through nearly $320 billion of reserves last year but the yuan still fell 6.6 percent against the dollar, its biggest annual drop since 1994.The yuan has steadied in recent weeks as the dollar''s rally lost steam. The Chinese currency gained 0.2 percent in February, and is up 0.8 percent so far in 2017.However, expectations of U.S. interest rate hikes beginning as early as next week have rekindled fears that the yuan could come under renewed pressure. The prospect of the yuan depreciating could inflame trade tensions with the U.S. President Donald Trump''s administration.China''s gold reserves rose to $74.376 billion at the end of February, from $71.292 billion at end-January, data published on the People’s Bank of China website showed.(Reporting by Min Zhang and Kevin Yao; Editing by Simon Cameron-Moore)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/china-economy-forex-reserves-idINKBN16E0UC'|'2017-03-07T05:31:00.000+02:00'
'1ee395055935408042910a006438d3ebf9f07e5c'|'Alinda puts Canada''s Reliance Comfort on the block-sources'|'By John Tilak - TORONTO, March 7 TORONTO, March 7 U.S. investment firm Alinda Capital Partners is seeking buyers for Reliance Comfort L.P., a Canadian provider of heating and cooling systems, in a deal that could value the company C$3 billion to C$4 billion, according to people with knowledge of the process.Alinda has hired Canadian Imperial Bank of Commerce and Goldman Sachs as financial advisers for the sale, the people added.The sale is seen attracting interest from Canadian pension funds and U.S. private equity firms, said the people, who declined to be identified as the process is confidential.A CIBC spokeswoman declined comment. Alinda Capital and Goldman Sachs did not respond to requests for comment.Bloomberg reported the news earlier on Tuesday. ($1 = 1.3412 Canadian dollars) (Reporting by John Tilak; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/reliancecomfort-alinda-ma-idINL2N1GC19T'|'2017-03-07T19:32:00.000+02:00'
'4a212c9028ba22363ca11d4fe87f34d11eae1c1f'|'Retailer Casino''s 2016 core profits rise as France improves'|' 35am GMT Retailer Casino''s 2016 core profits rise as France improves A customer stands in an aisle near a shopping trolley in a Casino supermarket in Nice, France, January 16, 2017. REUTERS/Eric Gaillard By Dominique Vidalon - PARIS PARIS   ( CASP.PA ) expressed confidence on Tuesday of boosting sales and earnings this year after delivering a promised rise in profits and cash flow in its core French market, and cutting back on its debt burden last year. For 2017, Casino predicted growth of at least 10 percent in group operating profit at current exchange rates, having achieved a 3.7 percent rise in 2016 despite a weak performance in Brazil, its second-largest market after France. Casino, whose credit rating was cut to junk by Standard & Poor''s in March 2016 and has been criticised by U.S. activist fund Muddy Waters, is under pressure to show it can revive profits in France at a time of slower growth in Brazil. Operating income rose to 1.034 billion euros ($1.1 billion)against a restated figure of 997 million euros for 2015, broadly in line with analysts expectations of 1.046 billion euros in a Thomson Reuters I/B/E/S poll. Its 2015 data have been restated to take into account the sale of Asian assets while Brazil appliance retailer Via Varejo ( VVAR11.SA ), which Casino has put up for sale, is deconsolidated from the 2016 accounts. Casino said its French operations achieved operating profits of 508 million euros in 2016 against 337 millions in 2015. This was in line with the company''s guidance for profits of slightly over 500 million euros. For 2017, Casino said it aimed to grow operating profit of its food retail operations in France by 15 percent and forecast a contribution of its property development operations of 60 million euros against 87 million euros in 2016. The French turnaround reflected a solid performance at the Monoprix and Franprix convenience stores, and a return of the discount LeaderPrice stores to profitability while the Geant hypermarkets reduced their losses. Casino also benefited from various buying agreements with Intermarche and Dia as well as cost reductions from store closures and the transfer of convenience stores to franchises. In recession-hit Brazil, where Casino controls retailer Grupo Pao de Aucar ( PCAR4.SA ), operating profit fell to 314 million euros from 434 million as promotional spending to boost sales at the Extra hypermarkets weighed on profits. Casino''s shares were hit hard in December 2015 when activist investor Muddy Waters said the group was "dangerously leveraged" and managed for the short-term. The company has rejected the criticism and cut debt by selling assets in Asia while improving performance in France and simplifying the group''s complex structure, and Casino predicted a further improvement in its gearing ratio in 2017. ($1 = 0.9449 euros) (Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-casino-results-idUKKBN16E0UP'|'2017-03-07T15:35:00.000+02:00'
'39b498c71d2dbf0792705c17fcc0a4400cb324d7'|'UPS wins court challenge against EU block to TNT bid'|'By Foo Yun Chee - BRUSSELS BRUSSELS An EU court agreed with United Parcel Service ( UPS.N ) on Tuesday that the EU had wrongly blocked its takeover of Dutch peer TNT four years ago, potentially allowing the world''s largest package delivery company to sue regulators for damages.The European Commission rejected the 5.2 billion euro ($5.5 billion) deal in 2013, saying UPS had not offered sufficient concessions to allay concerns that the deal would hurt consumers. The deal would have expanded its presence in Asia and Latin America.While TNT has since been bought by FedEx ( FDX.N ) in a 4.4 billion euro deal approved by the Commission last year, the ruling by Europe''s second-highest court could affect other contentious deals.UPS subsequently challenged the EU decision at the Luxembourg-based General Court. Judges annulled the EU decision on Tuesday, citing a procedural irregularity.The court said the Commission had infringed UPS''s rights of defense by using a different econometric model in its analysis than that used in previous exchange of views and arguments."UPS might have been better able to defend itself if it had at its disposal, before the adoption of the contested decision, the final version of the econometric model chosen by the Commission," it said.While the ruling is not expected to have any impact on the package delivery market, it shows that regulators have to present and communicate their case clearly to merging companies, said James Killick, a partner at law firm White & Case."I don''t think you can undo the two mergers. You can''t rewrite history. The ruling shows, however, the importance of due process especially in the merger process where time is short," he said.UPS could potentially now sue for damages, he added.The Commission did not immediately respond to a request for comment.(Reporting by Foo Yun Chee; editing by Philip Blenkinsop and Edmund Blair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-united-parcel-eu-court-idINKBN16E17B'|'2017-03-07T07:56:00.000+02:00'
'65ad6328623201984150de92d8d79e2bd7f76372'|'U.S. top court rejects ex-UBS trader''s challenge to Libor indictment'|'U.S. - Mon Mar 6, 2017 - 9:48am EST U.S. top court rejects ex-UBS trader''s challenge to Libor indictment The U.S. Supreme Court building facade is pictured in Washington, DC, U.S. on March 29, 2016. REUTERS/Gary Cameron/File Photo By Lawrence Hurley - WASHINGTON WASHINGTON The U.S. Supreme Court on Monday rejected a bid by a former trader with Swiss global financial services company UBS AG to dismiss a criminal indictment filed by U.S. prosecutors over his alleged role in Libor benchmark interest rate manipulation. The court''s decision not to hear the appeal brought by Swiss citizen Roger Darin means the 2012 charges will not be thrown out, leaving in place a March 2016 ruling by the New York-based 2nd U.S. Circuit Court of Appeals. Darin has remained in his home country, meaning he cannot be arrested. Darin has never appeared in U.S. court, and Switzerland does not extradite its citizens. Libor, or the London interbank offered rate, is a short-term rate that underpins hundreds of trillions of dollars of financial products from mortgages to credit card loans. According to the U.S. Justice Department, Darin was primarily focused on trading yen-dominated short-term interest rate derivative products. While at UBS, he worked in Singapore, Tokyo and Zurich. The criminal complaint said Darin conspired with co-worker Tom Hayes to commit wire fraud by agreeing to submit yen Libor opinions to benefit Hayes'' positions. Hayes, who was prosecuted in Britain, is serving an 11-year prison sentence after being found guilty of conspiring to rig Libor benchmark interest rates. In resolving a similar investigation into the rigging of currency markets, UBS reached a $1.5 billion settlement with U.S. authorities in 2012, and in May 2015 agreed to pay a $203 million criminal fine for breaching its own non-prosecution agreement. (Reporting by Lawrence Hurley; Additional reporting by Nate Raymond; Editing by Will Dunham) Next In U.S. U.S. Supreme Court sidesteps ruling in transgender rights case WASHINGTON The U.S. Supreme Court avoided a ruling on transgender rights by sending a closely watched case involving bathroom access at a Virginia high school back to a lower court on Monday after President Donald Trump rolled back protections for transgender students.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-court-trader-idUSKBN16D1P7'|'2017-03-06T21:48:00.000+02:00'
'e4379af3cd6aa238e9cc3c67f1275fd815efa955'|'Private consumption drives euro zone fourth-quarter economic growth'|' 20am GMT Private consumption drives euro zone fourth-quarter economic growth A customer chooses vegetables on a stall of a greengrocer in Marseille, France, February 9, 2017. REUTERS/Jean-Paul Pelissier BRUSSELS Household consumption and a rebound in investment drove economic growth in the euro zone in the last three months of last year, data from the European Union''s statistics office Eurostat showed on Tuesday. Eurostat confirmed its earlier estimate that the economy of the 19 countries sharing the euro grew 0.4 percent quarter-on-quarter and 1.7 percent year-on-year. It said household consumption added 0.2 percentage points to the final quarterly growth number and capital investment added another 0.1 points, rebounding from a 0.1 point negative contribution in the third quarter. Growing inventories added another 0.1 points and government spending another 0.1 points while net trade subtracted 0.1 points. (Reporting By Jan Strupczewski; editing by Philip Blenkinsop)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-economy-gdp-idUKKBN16E139'|'2017-03-07T17:20:00.000+02:00'
'5010b2ba5ab49d8dc13a1aabd5a0e52f6476d987'|'How dementia-friendly shops, offices and cities offer hope for sufferers - Guardian Sustainable Business'|'I n coming decades, rates of dementia will rise sharply, partly due to a “silver tsunami” as the boomer generation ages and partly because we are living longer than ever. By 2030, the WHO predicts 75.6 million people globally will have the disease.In response, cities around the world are creating communities that better help people with dementia go about their daily lives (there are more than 200 such dementia-friendly communities in England and Wales alone). This includes engaging businesses whose customers may have or be caring for people with dementia. “Making small changes in the way businesses and communities act can transform the quality of life and the contribution those with dementia and their carers can make,” says George McNamara, policy chief at Alzheimer’s Society.Those small changes include training companies to recognise and support people with cognitive decline. In Bruges, for example, dozens of shops are designated as dementia friendly . Select employees are trained to recognise customers with the condition, allowing them to help those struggling to pay or find what they need, for example.In Greater Manchester, taxi drivers are also being trained as “dementia friends” who recognise and assist customers with dementia, while in London, Lord’s cricket ground has created a project to reduce stigma and raise awareness. London recently announced a goal to become the world’s first dementia-friendly capital by 2020. Key areas of focus include (pdf) working with local health authorities to improve diagnosis rates and collaborating with Transport for London to make getting around safer and easier.Forget-me-nots in Purley: how the town became ''dementia friendly'' Read more “If you get it right in cities you can have a big impact on a large number of people,” says Mark Drane, a Bristol-based architect and doctoral researcher with the WHO Collaborating Centre for Healthy Urban Environments. “And a city, in theory, has the levers to pull, especially for integrated care.”Elsewhere, banks are training employees to help people with the dementia manage their money. HSBC, for example, has joined with Alzheimer Scotland and the Alzheimer’s Society in a three-year awareness raising partnership that has so far trained 2,000 UK staff across 742 branches.In Southampton, British Gas is training staff as “dementia champions”, who can then teach other local business people and the public about the needs of those with dementia, holding monthly drop-ins to support people with the disease and their carers, and connecting staff to volunteer and fundraising opportunities in the community.Around 7,000 of British Gas’s 30,000 UK staff are taking part in a dementia friends programme that trains them to be more informed about the illness.Cutting costs In addition to their work supporting customers, British Gas and Centrica are working to support employees who face dementia-related issues in their own lives. British Gas carers’ network, for example, offers a range of support, including giving employees flexibility to attend family members’ hospital appointments. Centrica estimates that its caregiver support initiatives (paywall) save £2m in staff retention and potential training costs, and another £4.5m in preventing absenteeism of employees who are caregivers.A 2014 report found that dementia costs UK businesses roughly £1.6bn per year , because of carers, more than half of whom are in work, having to reduce their hours or give up their jobs to look after a relative or friend with dementia. The Alzheimer’s Association estimates dementia costs US businesses $61bn (pdf), more than half of which it attributes to costs to businesses – including lost productivity – related to employees providing care.Businesses ignore the dementia timebomb at their peril Read more As well as saving money through supporting employees, assisting customers with dementia offers businesses an opportunity to build and maintain their customer base. Sainsbury’s and the Federation of Small Businesses are among those that joined a federal retail task and finish group , which has produced a guide (pdf) on making shops dementia friendly. This isn’t merely corporate altruism: 83% of people with memory issues have changed where they shop based on how the business caters for people with dementia, according to the Alzheimer’s Society. While a single company can have a significant impact locally, a multi-sector approach is crucial to creating dementia-friendly cities. Care City, for example, a research, education and innovation site in north-east London, works with the technology sector to develop products such as wearable devices for those with dementia. Through NHS England’s healthy new town programme, Care City is also working with local communities to foster innovation in their backyards. That includes everything from an online platform where patients and their carers can log information about their health to a wearable location device that alerts carers if someone with dementia leaves a designated safe space.Many projects currently begin in the health and social care system, or are driven by charities who work with businesses. In the future, more products and services to help people live at home longer and stay safe in their communities may come from industry itself.According to McNamara, progress is being made by businesses, among others, to help those with dementia engage with their communities but there’s work to be done to ensure these ideas spread further. “Dementia,” he says, “is everyone’s business.”Sign up to be a Guardian Sustainable Business member and get more stories like this direct to your inbox every week. You can also f ollow us on Twitter . Guardian sustainable business Redesigning Cities Older people Dementia Corporate social responsibility Health Mental health features  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/sustainable-business/2017/mar/08/dementia-friendly-shops-offices-cities-british-gas-hsbc'|'2017-03-08T12:00:00.000+02:00'
'8e7c8c0d79a8b4cb21ff68b435debd1a3af449d5'|'Aluminium producers seek Q2 premium of $135/T from Japan buyers-sources'|'  2:04am EST Aluminium producers seek Q2 premium of $135/T from Japan buyers-sources TOKYO, March 8 Three global aluminium producers have offered Japanese buyers a premium of $135 per tonne for shipments in the April to June quarter, up 42 percent from the previous quarter, three sources direcly involved in the pricing talks said on Wednesday. Japan is Asia''s biggest importer of the metal and the premiums for primary metal shipments it agrees to pay each quarter over the London Metal Exchange (LME) cash price set the benchmark for the region. For the January-March quarter, Japanese buyers mostly agreed to pay a premium of $95 per tonne PREM-ALUM-JP, up 27 percent from the prior quarter. The latest quarterly pricing negotiations began last month between Japanese buyers and miners including South32 Ltd , Rio Tinto Ltd and United Company Rusal Plc, and are expected to continue through this month. (Reporting by Yuka Obayashi; Editing by Christian Schmollinger)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-aluminium-premiums-idUSL3N1GL2LZ'|'2017-03-08T14:04:00.000+02:00'
'fdd9eca2fa53d6d80004ba8d31dd9e354ceef3e0'|'SAP to offer its business apps on Google Cloud'|'Business News - Wed Mar 8, 2017 - 5:25pm GMT SAP to offer its business apps on Google Cloud SAP logo at SAP headquarters in Walldorf, Germany, January 24, 2017. REUTERS/Ralph Orlowski FRANKFURT Germany''s SAP ( SAPG.DE ) is teaming up with Silicon Valley giant Google ( GOOGL.O ) to allow customers to run SAP''s big business applications on Google''s cloud while offering Google''s suite of web-based desktop apps to users, the company said on Wednesday. Appearing on stage at Google''s Cloud Next conference in California, Bernd Leukert, SAP''s executive board member in charge of products and innovation, is set to announce the two companies also are working on joint machine learning initiatives to be unveiled at the company''s own user conference in May. SAP has moved in recent years to encourage the multinational base of corporate customers using its financial planning and other business applications to switch from traditional packaged software running on clients'' own computers to cloud delivery. (Reporting By Eric Auchard)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-sap-google-idUKKBN16F29Q'|'2017-03-09T00:25:00.000+02:00'
'110532a7927433121c57ecdc5c003633f2c528a8'|'PSA CEO - Vauxhall plants an opportunity if there is hard Brexit'|'Business  19am GMT PSA CEO - Vauxhall plants an opportunity if there is hard Brexit Carlos Tavares, Chairman of the Managing Board of French carmaker PSA Peugeot Citroen, attends a news conference to present the company''s 2016 annual results at Peugeot headquarters in Paris, France, February 23, 2017. REUTERS/Gonzalo Fuentes FRANKFURT PSA Group''s ( PEUP.PA ) Chief Executive Carlos Tavares said Vauxhall''s factories are an asset for the French carmaker if Britain exits the European common market in a so-called "Hard Brexit" scenario. Tavares told analysts and investors on Monday that a proposed combination of PSA Group with the European operations of General Motors, presents an opportunity. "Opel Vauxhall was prevented until now to sell overseas. There is an export potential opportunity for us. There is also the Brexit and the risk and the opportunity to have inside of the U.K. some manufacturing plants in case we have a hard Brexit. All of this represents opportunities that we want to tackle," Tavares said. Automakers fear that a complete departure from the European common market could result in the imposition of tariffs for exporting and importing vehicles into Great Britain. Having a car plant in Britain would help Peugeot overcome such tariffs. Vauxhall has a plant in Ellesmere Port and in Luton. (Reporting by Edward Taylor; Editing by Harro ten Wolde) Next In Business News Samsung Group repeats it did not pay bribes, seek improper favours SEOUL South Korean conglomerate Samsung Group [SAGR.UL] reiterated on Monday that it did not pay bribes or seek illicit favours in response to the special prosecutor''s announcement accusing the group''s leader of paying money to curry favour from President Park Geun-hye.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-opel-m-apsa-britain-eu-idUKKBN16D0QG'|'2017-03-06T15:19:00.000+02:00'
'2b5f517ab1b2e6a0fe7d143af7d370c9fed056b0'|'Russia''s biggest steelmaker NLMK can withstand anti-dumping duties'|'  3:41pm GMT Russia''s biggest steelmaker NLMK can withstand anti-dumping duties Molten iron is loaded into a ladle at the NLMK Kaluga steel mill in Vorsino outside Kaluga, Russia, July 21, 2016. REUTERS/Maxim Shemetov By Peter Hobson and Barbara Lewis - LONDON LONDON Russia''s largest steelmaker NLMK ( NLMK.MM ) is well-placed to weather the impact of European Union and U.S. anti-dumping duties and may expand into new markets such as Turkey and Asia to secure greater profits, it said on Monday. The steelmaker, which is Russia''s largest by output, predicts prices will stay volatile as oversupply continues for the foreseeable future, but it said the markets where it is present -- the United States and Europe, including Russia -- would outperform. Earlier on Monday it said its core earnings rose in the fourth quarter as steel prices recovered from a two-year slump. NLMK sees 3 percent growth in the United States this year and 1.5 percent in Europe, compared with global growth of one percent for the next decade. These markets have also been boosted by anti-dumping duties that make low-cost imports more expensive and less likely to take market share from domestic producers. "We''ve positioned ourselves as a strong player in a weak industry," Grigory Fedorishin said in an interview. Previously, chief financial officer, Fedorishin was made senior vice president in charge of strategy on Monday. The duties target major exporters, including China and Russia, following concerns they were exporting at unfairly low prices. Because NLMK has operations in the United States and Belgium, for instance, it benefits from the duties alongside the domestic manufacturers. "On the U.S. side, we benefit more than we lose," Fedorishin said. NLMK has also sent exports formerly destined for Europe to other markets. "That was one of the ideas behind this model to hedge steelmaking supply and to make sure we are close to final customers and the markets where our steel is consumed," he said. "It''s a more or less unique model. We don''t know any other companies which have this sort of model on this sort of scale." Russia has appealed to the World Trade Organization over EU anti-dumping duties, but NLMK said it had no update on the case. Fedorishin said the prime target was China, the world''s biggest steel exporter, and NLMK had been unfairly "bundled with the Chinese". Although cautious about acquisitions, preferring organic growth, NLMK is considering both. "We are in the market, put it that way, but we are not desperate for an acquisition," Fedorishin said. NLMK could expand in, for instance, Turkey, which is a major export market for the company, Fedorishin said, adding that North Africa, the Middle East and parts of Asia could also make sense. (Additional reporting by Polina Devitt in Moscow, editing by Louise Heavens)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-nlmk-results-tariffs-idUKKBN16D1V5'|'2017-03-06T22:41:00.000+02:00'
'ba705e85380256d7c57aa9374f8cd62f039cf64d'|'METALS-Copper slips on dollar but supply concerns underpin'|'* Comex copper speculators cut long position in latest week* Lead lowest since Jan 13 (Updates throughout, changes MELBOURNE dateline)By Zandi ShabalalaLONDON, March 6 Copper prices fell to a more than one-week low on Monday on concerns the metal had risen too far and as the dollar resumed its rally on expectations of an interest rate increase later this month.Supply disruptions at the world''s two biggest copper mines provided support for the commodity used in power and construction."The super enthusiastic reception to Donald Trump and a wider positive attitude for risky assets has gone a bit too far. Things need to be put in that context of markets being overbought," said Oxford Economics head of commodities research, Dan Smith.Copper has risen about 15 percent since President Donald Trump was elected in November after he pledged to increase spending on infrastructure which would benefit commodities.On Monday, three-month copper on the London Metal Exchange was down 1 percent at $5,852.50 tonne by 1206 GMT, its lowest since Feb. 24.Adding to pressure on the copper price were comments from Fed Chair Janet Yellen on Friday who said the U.S. central bank was set to lift its benchmark interest rate this month, provided economic data held up.The dollar index rose 0.1 percent, close to seven-week highs scaled last week.In supply news, Indonesia will not back down from new rules requiring Freeport-McMoran to divest a majority stake in its local unit, its mines minister said late last week in a dispute over rights to the world''s second-biggest copper mine which has frozen exports.Meanwhile, Chile expects economic activity growth to be hit by around one percentage point in February because of a strike at world no.1 copper mine Escondida, as copper output slides 12 percent year-on-year.Citi said it expects copper to move into a deficit this year, due to the slow rate of mine supply growth."We do think we can see price peaks of close to $7,000 a tonne this year," it said in a report.China, which is copper''s biggest consumer, cut its growth target this year as the world''s second-largest economy pushes through painful reforms to address a rapid build-up in debt, and erects a "firewall" against financial risks.Speculators cut their bullish position in Comex copper futures and options by 7,851 lots to 70,660 lots, U.S. Commodity Futures Trading Commission data showed on Friday.Lead fell to its lowest in more than seven weeks, down 1.6 percent to $2,212.50 a tonne.Aluminium slipped 1.5 percent to $1,864 a tonne. The commodity hit a two-year high of $1,957 a tonne last week as China pressed on with plans to cut output by 30 percent over the winter heating season.PRICESThree month LME copperMost active ShFE copperThree month LME aluminiumMost active ShFE aluminiumThree month LME zincMost active ShFE zincThree month LME leadMost active ShFE leadThree month LME nickelMost active ShFE nickelThree month LME tinMost active ShFE tin ($1 = 6.8954 Chinese yuan) (Additional reporting by Melanie Burton in Melbourne; Editing by Ruth Pitchford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/global-metals-idINL3N1GJ300'|'2017-03-06T09:52:00.000+02:00'
'4b81b73c2c66a411dd3007ed0d31ec3691f3bc07'|'IEA warns of oil ''supply crunch'' by 2020 with no capex renaissance'|'Global Energy  05pm GMT IEA warns of oil ''supply crunch'' by 2020 with no capex renaissance A motorist holds a fuel pump at a Gulf petrol station in London April 18, 2006. REUTERS/Luke MacGregor/File Photo LONDON Global oil supply may struggle to match demand after 2020, when the pinch of a two-year decline in investment in new production could leave spare capacity at a 14-year low and send prices sharply higher, the International Energy Agency said on Monday. Investors generally are not betting on a sharp rise in the price of crude oil any time soon, but the contraction in global spending in 2015 and 2016 and growing global demand means the world could well face a "supply crunch" if new projects are not soon given the go-ahead, the IEA said in its five-year "Oil 2017" market analysis and forecast report. Most supply growth is expected to come from the United States, where the IEA said shale, or light tight output (LTO), will grow by 1.4 million barrels per day by 2022 even if prices remain close to current levels $60 a barrel and the response from the production side could be stronger still if prices rise. "The United States responds more rapidly to price signals than other producers. If prices climb to $80 a barrel, U.S. LTO production could grow by 3 million bpd in five years," the IEA said. If prices remain closer to $50, shale output could fall from the early party of the next decade. "We are witnessing the start of a second wave of U.S. supply growth, and its size will depend on where prices go," said Fatih Birol, executive director of the IEA. "But this is no time for complacency. We don''t see a peak in oil demand any time soon. And unless investments globally rebound sharply, a new period of price volatility looms on the horizon." Investment in the U.S. shale basin is picking up already, and there is evidence of growth in supply from Canada and Brazil, but the IEA said early indications of global spending this year were "not encouraging". NON-OPEC TO DRIVE CAPACITY EXPANSION Global oil production capacity is expected to grow by 5.6 million bpd by 2022. Non-OPEC countries are likely to make up 60 percent of that total. Within OPEC, the IEA said most new supply will come from low-cost Middle Eastern producers, namely Iraq, Iran, and the United Arab Emirates, while production in Nigeria, Algeria and Venezuela will decline. For its part, production from Russia is forecast to remain stable over the next five years. OPEC is expected to increase production capacity to 37.85 million bpd in 2022 from 35.9 million bpd in 2016, while demand for the group''s crude is expected to rise to 35.8 million bpd in 2022 from 32.2 million bpd last year. Non-OPEC supply is expected to grow by 3.3 million bpd to 60.9 million bpd by 2022, led by the United States, accelerating sharply in 2018 and 2019 before slowing thereafter, the IEA said. Oil demand will rise over the coming five years, crossing the 100 million bpd mark in 2019 and hitting 104 million bpd by 2022, driven entirely by emerging economies. Asia will account for seven out of every 10 extra barrels consumed globally, with demand growth in India surpassing that of China by then, the IEA said. Demand in the OECD area will slow, falling by a net 1.2 million bpd to 2022, due to weaker economic growth and greater assumed vehicle efficiency improvements, the agency said. Non-OECD oil demand growth will increase by 8.5 million bpd, meaning consumption in these countries will be 28 percent higher than that in the OECD by 2022, the IEA said. "It is not too late to avert a supply crunch, provided companies start to sanction development work without delay," the IEA said. (Reporting by Amanda Cooper; Editing by David Evans) Next In Global Energy News EFG Hermes expects to seal 470 million pounds deal to buy UK solar assets by June DUBAI EFG Hermes expects a deal for its renewable energy platform Vortex to buy a portfolio of solar power assets in Britain for 470 million pounds from Sun Edison''s Terraforma (TERP.O) to close in May or June, a senior executive said on Monday.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-oil-iea-forecast-idUKKBN16D1XD'|'2017-03-06T23:05:00.000+02:00'
'3476b3724c5643bb2545405587051c590fe50e21'|'BT''s £1.2bn Champions League splurge is price of staying in Sky game - Media - The Guardian'|'BT is banking on its £1.2bn Champions League rights victory putting its business back on track after a torrid 12 months. A boost is needed following the financial and reputational damage of an accounting scandal at its Italian operation and the protracted battle with the industry watchdog over the future of its broadband division.On Monday BT renewed ownership of UK broadcast rights to Europe’s biggest football tournament but had to shoulder a hefty 32% price increase, or almost £100m extra per season, to fend off Sky and buy the games exclusively until 2021. But after suffering something of an annus horibilis Gavin Patterson, the BT chief executive, will consider that a price well worth paying.In January, BT stunned investors by admitting that an accounting scandal at its Italian arm was much worse than first thought, triggering one of its biggest ever one-day share price falls and wiping £8bn off its shares. The Italian crisis, as well as the revelation of a significant slowdown in UK public sector work and orders from international companies, prompted BT’s first profit warning in almost a decade.BT denies squeezing customers after paying £1.2bn for Champions League Read more BT is also still at loggerheads with Ofcom, the communications industries regulator, over the watchdog’s demand for a legal separation of Openreach, the BT unit that controls the UK’s broadband infrastructure. Ofcom is threatening to call in European regulators after months of negotiations over a voluntary deal.After three years in charge Patterson’s reputation has taken a hit and he could ill-afford an own goal on the key driver of BT’s growth, its premium sport-fuelled TV strategy. So a knock-out Champions League bid was always likely.“More than anything the Champions League deal is about getting one of the monkeys off their back,” said Sam McHugh, an analyst at stockbroker Exane. “They couldn’t afford to lose these rights. If BT had done so there would have been serious question marks about the sustainability of their content strategy.”BT has spent£3.8bn on Champions League and Premier League football rights since 2012, a multibillion-pound attempt to reverse a haemorraghing of broadband customers to arch-rival Sky. Before acquiring the Champions League rights in 2013, BT did not have enough – bar a minority share of live Premier League games – to counter Sky’s stranglehold on the best sports rights.Since then BT has seen broadband customer numbers grow from 6.3 million to 9.3 million and TV customers rise from about 700,000 to 1.75 million. Sky, meanwhile, has grown rapidly from one million customers in 2007 to more than 6 million now. “The package of rights as a whole are doing what the company wanted to do,” says Simon Weeden, head of European telecoms research at investment bank Citi. “They have come off the back foot where they were losing customers to Sky and didn’t have an answer.”Last week, Patterson vowed to improve customer service for BT’s millions of residential customers and telecoms companies that rely on its network, acknowledging the criticism he has received over the quality of the Openreach national broadband network.Analysts have perceived this change in Patterson’s attitude to be a precursor to finally hammering out a deal over splitting off Openreach, although Ofcom has stopped short of demanding that BT sell off Openreach. Instead, the unit will have its own its own board, an independent chairman and its own brand while remaining under BT ownership. “He climbed down off his high horse a bit, admitting he underestimated Ofcom and what they are trying to achieve,” said McHugh. “He was making conciliatory noises. It is fair to say that Gavin has not done quite so well managing the political and regulatory environment as his predecessor.”If there is one adversary that Patterson is acutely aware of never underestimating, it is Sky. The two companies are set to go head to head over the crown jewel of sports rights, the Premier League, early next year.Sources say that Sky, which is the subject of an £11.7bn takeover by Rupert Murdoch’s 21 st Century Fox , did not look to submit a knockout Champions League bid because it was keeping its powder dry. Neither BT or Sky can afford to lose out in the next auction because the rights to the top tier of English football have become so umbilically linked to the success of their battle for TV, broadband, mobile and phone customers.“Being in a three-year cycle of [deal] renewal is a prisoner’s dilemma of sorts,” says McHugh. “You have to keep paying more and more to keep customers and growth.”Champions League rights inflation has started to cool a little, after more than doubling in price when BT struck its first exclusive deal to a 32% increase this time round.However, the f urious competition between BT and Sky over the last two auctions has seen the Premier League rights jump 70% in value each time. The last deal was worth an enormous £5.1bn to the Premier League with Sky taking the lion’s share. BT will pay an average of £1.1m per game for the 343 Champions League (138) and Europa League games for which it has secured the rights.By comparison, BT is paying £7.6m per game, and Sky £11m per game, under the current Premier League rights deal. Last week, Patterson said that rampant rights inflation has to come to an end, a day after submitting its £1.2bn Champions League bid which will see BT squeeze £100m more annually from its business.The timing of his comments Patterson could well have been making a political signal to his rival that a Premier League status quo deal could be the best bet for rivals that have handsomely lined the pockets of clubs with inflated bids in recent years.“We don’t need to be number one in the sports market, but we do need to be a viable number two,” said Patterson.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/media/2017/mar/06/bt-champions-league-sky-telecoms-premier-league'|'2017-03-06T02:00:00.000+02:00'
'06c9c83ea622be1239a16d26fcf102df55e57cd9'|'Fiat Chrysler''s CEO says a GM merger still makes sense'|'By Agnieszka Flak - GENEVA GENEVA Fiat Chrysler''s ( FCHA.MI ) chief executive Sergio Marchionne remains interested in seeking a merger with General Motors ( GM.N ), saying on Tuesday that such a deal was still attractive after GM''s sale of its European operations to PSA Group ( PEUP.PA ).Marchionne has long advocated more tie-ups in the industry to share the prohibitive costs of making cleaner and more technologically advanced vehicles, but GM has firmly rebuffed his previous advances."I never close any doors. I may shamelessly try and knock again ... on the GM door or any door if I thought it was a good thing for the business. Absolutely, without even blinking," Marchionne told reporters at the Geneva car show."The desirability of GM as a potential merger candidate remains untouched."FCA''s share price shot up last month on the day the news of the talks between GM and PSA first emerged, with some analysts suggesting GM could be tempted to subsequently regain a foothold in Europe through FCA, which is more profitable than the Opel business that has been loss-making for many years.Others, however, said GM would have even less interest than before to combine with its smaller and heavily-indebted rival, which controls only 7 percent of the European market and whose operating profit margin of 2.5 percent there lags rivals."GM will de-consolidate a loss-making asset and improve return on capital, something that investor have blamed the company for in the last years, making a deal with FCA less likely," said Angelo Meda, head of equities at Banor SIM, adding that the number of options for FCA were reducing."Lagging behind peers on hybrid/electric vehicles, without a deal in the next two to three years the main risk is a step up in investments, which would dampen the already weak, compared to peers, cash generation."Marchionne said the PSA-Opel deal would reduce potential synergies FCA-GM might reap from a tie-up by around 15 percent, but the prospective benefits were still worth pursuing.But industry sources said GM had no interest in FCA, not least because any merger between the two big U.S. carmakers would bring major job losses and therefore stiff union opposition.With the North American market where FCA makes 85 percent of its profits peaking, analysts also questioned why anyone would buy the company now, when the price could be set to fall.However, Marchionne also has his eye on other possible partners, saying Volkswagen ( VOWG_p.DE ), could be an attractive prospect. With PSA now set to become the second-biggest car producer in Europe with the acquisition of Opel, the German group could be interested in talks, he said."I have no doubt that at the relevant time they may show up and have a chat," he said.In the meantime, FCA plans to concentrate on completing the shift of production at its plants in Italy towards higher-margin vehicles such as Jeeps, Alfa Romeos and luxury Maseratis.Production for its other cars would be moved elsewhere, he said, adding that the popular Fiat Panda could be returned to FCA''s plant in Poland from 2020.(Additional reporting by Danilo Masoni; Editing by Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-autoshow-geneva-fiatchrysler-m-a-idINKBN16E1DH'|'2017-03-07T14:39:00.000+02:00'
'b6e4e15da081fdafe61ee58614d2ca300604eb8e'|'Britain seeks to plug skills shortages sapping productivity'|'Business News - Tue Mar 7, 2017 - 1:14pm GMT Britain seeks to plug skills shortages sapping productivity left right Apprentice Ryan Hickman works with a sand mould of a car engine ready for casting at GW cast in Bridgnorth, Britain, March 3, 2017. REUTERS/Andrew Yates 1/15 left right Apprentices Ryan Hickman (R) and Tom Tarr work with a sand mould of a car engine ready for casting at GW cast in Bridgnorth, Britain, March 3, 2017. REUTERS/Andrew Yates 2/15 left right Apprentices Ryan Hickman (R) and Tom Tarr work with a sand mould of a car engine ready for casting at GW cast in Bridgnorth, Britain, March 3, 2017. REUTERS/Andrew Yates 3/15 left right Apprentice Ryan Hickman works with a sand mould of a car engine ready for casting at GW cast in Bridgnorth, Britain, March 3, 2017. REUTERS/Andrew Yates 4/15 left right Apprentice Sam Rawlings works with a cylinder head measuring machine at GW cast in Bridgnorth, Britain, March 3, 2017. REUTERS/Andrew Yates 5/15 left right Matthew Nelson quality and systems director of GW cast in Bridgnorth, Britain, March 3, 2017. REUTERS/Andrew Yates 6/15 left right Apprentice Joshua Harvey works on a lathe at GW cast in Bridgnorth, Britain, March 3, 2017. REUTERS/Andrew Yates 7/15 left right Matthew Nelson quality and systems director of GW cast inside the company new apprentice training centre in Bridgnorth, Britain, March 3, 2017. REUTERS/Andrew Yates 8/15 left right Apprentice Joshua Harvey works with a CNC cutting machine at GW cast in Bridgnorth, Britain, March 3, 2017. REUTERS/Andrew Yates 9/15 Apprentice Joshua Harvey working at GW cast in Bridgnorth, Britain, March 3, 2017. REUTERS/Andrew Yates 10/15 left right Apprentice Joshua Harvey works on a lathe at GW cast in Bridgnorth, Britain, March 3, 2017. REUTERS/Andrew Yates 11/15 left right Apprentice Tom Tarr works with a sand mould of a car engine ready for casting at GW cast in Bridgnorth, Britain, March 3, 2017. REUTERS/Andrew Yates 12/15 left right Apprentice Tom Tarr works with a sand mould of a car engine ready for casting at GW cast in Bridgnorth, Britain, March 3, 2017. REUTERS/Andrew Yates 13/15 left right Apprentice Tom Tarr works with a sand mould of a car engine ready for casting at GW cast in Bridgnorth, Britain, March 3, 2017. REUTERS/Andrew Yates 14/15 left right Apprentice Ryan Hickman works with a sand mould of a car engine ready for casting at GW cast in Bridgnorth, Britain, March 3, 2017. REUTERS/Andrew Yates 15/15 By David Milliken - BRIDGNORTH, England BRIDGNORTH, England British manufacturer Grainger & Worrall makes millions of pounds casting complex aluminium engine blocks for Formula One and other high-performance cars. But it has hit a problem when it comes to a more basic issue: finding skilled workers. The company recently bought a new robot to trim the rough edges off 150 kg (330 lb) metal blocks and match the levels of automation and productivity of factories in Germany and France. However, this has turned out to be tricky to use in practice. "We''ve struggled with it because we don''t have the skill sets and understanding to use robotics in that fashion," said Matthew Snelson, Grainger''s quality director. He was speaking at the firm''s headquarters near Bridgnorth, a semi-rural part of central England, a few miles from where advances in iron smelting during the Industrial Revolution turned Britain into one of the world''s mightiest economies in the 19th century. Now the country is facing up to new challenges as it prepares to leave the European Union, a leap into the unknown that has underscored the urgency of tackling one its long-standing economic weaknesses. On Wednesday Chancellor Philip Hammond is expected to detail an extra 500 million pounds a year in funding for technical education in his annual budget, aimed at developing the skills of 16 to 19-year-olds. This is in addition to existing plans to boost apprenticeships. Skills shortages are a major reason why the productivity of the average worker during an hour at work trails that of employees in most other big advanced economies. Some of the biggest shortages are in vocational skills which do not require a university education but are learnt through practical training focused on a trade, such as operating complex machinery, vehicle mechanics or bricklaying. British productivity in 2015 - defined as national economic output divided by the total number of hours worked - was 27 percent below that in France, 30 percent beneath U.S. levels and 35 percent lower than Germany. Most economists view productivity gains as the main driver of long-term economic growth and improved living standards. Since the global financial crisis, productivity growth has been weak across major economies, but particularly so in Britain, where wages have barely grown in real terms for almost a decade - something last seen in the 19th century. Tackling weak productivity and a shortage of home-grown skills is now a growing priority for Britain''s government, especially as its exit from the European Union is likely to make it harder for firms to import workers to plug skill gaps. APPRENTICES Funding for technical education in Wednesday''s budget would be welcome news for Grainger & Worrall, which has struggled to find enough skilled staff to keep up with sales that have tripled to 50 million pounds since 2009. The company is now looking for funding to set up a larger centre to train apprentices. While more Britons go to university than in most of the European Union, technical education lags behind, and employers said in 2015 they were unable to fill 20 percent of vacancies due to skills shortages, up from 15 percent in 2011. Just one in 10 British workers aged 25-40 has a technical education as their main qualification, placing it 16th out of 20 countries studied by the Paris-based OECD think tank. Business organisations have welcomed Hammond''s promise of extra funding for technical education, but their response to other government attempts to boost skills has been cool. From April, all companies which spend more than 3 million pounds a year on wages will have to contribute to an apprenticeship levy, which will then fund those employers that provide apprenticeships that meet government standards. The EEF manufacturers'' trade association said its members viewed this as a blunt tool more like a tax, which did not reward training that took place outside formal apprenticeships. The independent Institute for Fiscal Studies has warned about the risk of employers, especially in the public sector, rebadging existing training as apprenticeships in a rush to meet targets at the expense of quality instruction. A similar levy on construction companies previously failed to end skills shortages, the EEF says. HIGH EMPLOYMENT, LOW PRODUCTIVITY While skills shortages are a crucial element, they are not the only factor behind Britain''s weak productivity, said London School of Economics researcher Anna Valero. Low business investment, a lack of focus on exports, limited public spending on infrastructure, and greater difficulty commercializing scientific research than in the United States, have all played a part, she added. Another difference is that Britain''s easy-hire, easy-fire jobs market and low labour costs for many roles have made it viable to rely on low-skilled workers - boosting employment levels compared with other countries but discouraging investment in less labour-intensive working methods. This may be starting to change, with Britain''s minimum wage now rising more steeply, in addition to new pension charges and the incoming apprenticeship levy for many employers. "People will then have to scrutinise the value of that labour a little bit differently. Automation should become part of that," said Edward Grainger, whose grandfather co-founded Grainger & Worrall in 1946. Technical skills aside, there also remains a problem with basic educational standards for school-leavers. Last year the EEF tried to recruit 350 apprentices for its own training programme, but out of more than 8,000 applications, just 330 met the grade, said Verity O''Keefe, a skills adviser at the trade association. British school results are average to below-average in maths, reading and science, according to the OECD, and the LSE said they had improved little in recent years. Around 40 percent of pupils fail to get grades at age 16 that would allow them to start an engineering apprenticeship or study academic subjects in preparation for university. Nonetheless, Grainger''s Snelson said it was important not to write off people who did not excel at school. "Some of our best employees really didn''t do that well at school, but they have come on and because of the practical nature of what we do, they''re fantastic," he said. ($1 = 0.8152 pounds) (Editing by William Schomberg and Pravin Char) Next In Business News Bank of England deputy under fire over undeclared conflict of interest LONDON New Bank of England Deputy Governor Charlotte Hogg came under fire from the central bank''s supervisors and lawmakers on Tuesday, after she admitted failing to declare to the central bank a potential conflict of interest from her brother''s role at Barclays , a major bank overseen by the BoE. Signs of slowdown grow as Britain gears up to trigger EU divorce LONDON British consumers are feeling the strain of rising prices caused by last year''s Brexit vote, suggesting the economy is heading for a slowdown just as London gears up for divorce talks with the European Union, surveys and data showed on Tuesday. UK food inflation doubles in a month - Kantar Worldpanel LONDON British food inflation has doubled since last month, with the price of staples including butter, tea, lamb and fish all rising, industry data showed on Tuesday, adding to evidence that the impact of last year''s Brexit vote is pushing up shoppers'' bills. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-economy-skills-idUKKBN16E1JQ'|'2017-03-07T20:14:00.000+02:00'
'17b9433a1ff0a5aec9dbcd60d376f9d890836372'|'BRIEF-Sucampo reports Q4 EPS $0.34'|' 45am EST BRIEF-Sucampo reports Q4 EPS $0.34 March 8 Sucampo Pharmaceuticals Inc - * Sucampo reports fourth quarter and full year 2016 financial results * Q4 adjusted earnings per share $0.68 * Q4 gaap earnings per share $0.34 * Q4 revenue $73 million versus I/B/E/S view $66 million * Q4 earnings per share view $0.48 -- Thomson Reuters I/B/E/S * Sees fy 2017 adjusted earnings per share $1.35 to $1.50 * Sees fy 2017 revenue $220 million to $230 million * Reiterated its guidance for full year ending December 31, 2017 * Fy2017 earnings per share view $1.60, revenue view $228.2 million -- Thomson Reuters I/B/E/S * Andrew Smith, chief financial officer, will be leaving co; Peter Pfreundschuh, will become new CFO effective on March 20 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-sucampo-reports-q4-eps-idUSASB0B4C3'|'2017-03-08T18:45:00.000+02:00'
'3524591a624f84ca195b93e3e9afe12e70f41f0a'|'Fox takes issue with UK government analysis of Sky deal'|'Business News - Wed Mar 8, 2017 - 6:22pm GMT Fox takes issue with UK government analysis of Sky deal Rupert Murdoch, Executive Chairman News Corp and Chairman and CEO 21st Century Fox speaks at the WSJD Live conference in Laguna Beach, California October 29, 2014. REUTERS/Lucy Nicholson/File Photo LONDON Rupert Murdoch''s Twenty-First Century Fox ( FOXA.O ) said it was not surprised the British government wanted to scrutinise its takeover of Sky ( SKYB.L ), but disputed the analysis that led to the view the deal may not be in the public interest. The company, which already owns 39 percent of Sky, agreed in December to buy the rest of the pay-TV group for 11.7 billion pounds ($14.2 billion), triggering a regulatory review of the politically sensitive deal. Media Secretary Karen Bradley said on Friday she was likely to intervene to see if any one company would control too much of Britain''s media, and whether the new owners would have a genuine commitment to broadcasting standards. The deal came five years after a political and criminal scandal at Murdoch''s British newspaper business derailed an earlier bid. In a letter to the Department of Media made public on Wednesday, Fox took issue with what it said were serious flaws in the process that led to the minister saying she was "minded" to refer the deal for a full investigation. While Fox said it would welcome a thorough regulatory review, it questioned the government''s analysis of Murdoch''s influence on the media market, saying the circulation of his newspapers had fallen and they were now held in a separate company. It also rejected any suggestion Fox had a weaker record than Sky when it came to broadcasting standards and said it had learnt from the mistakes made in the past, when Murdoch''s British newspaper arm admitted that some journalists at the News of the World had hacked into phones. "Twenty First Century Fox takes compliance matters extremely seriously and is proud of the transformation of its corporate governance and of the arrangements it has put in place since that time," it said in the letter. Fox said it would welcome a decision whether to refer the bid to regulators as soon as possible, adding it was prepared to begin working with the regulatory bodies at the earliest opportunity ($1 = 0.8228 pounds) (Reporting by Paul Sandle and Kate Holton; Editing by Mark Potter) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-sky-plc-m-a-fox-letter-idUKKBN16F2B0'|'2017-03-09T00:40:00.000+02:00'
'784816dfa7b1ae0d92d9f1e8d6ded54f32df9727'|'RPT-Germany to buy Triton drone to replace cancelled Euro Hawk-sources'|'World  32am EST Germany to buy Triton drone to replace canceled Euro Hawk-sources BERLIN Germany''s defense ministry has decided to buy high-altitude MQ-4C Triton unmanned surveillance planes built by U.S. weapons maker Northrop Grumman Corp for deliveries after 2025, ministry sources said on Tuesday. The new drones will replace the Euro Hawk program, which Berlin canceled in May 2013 after it became clear that it could cost up to 600 million euros to get the system approved for use in civil airspace. The sources confirmed a story originally reported by the Sueddeutsche Zeitung. The plan, which must still be approved by parliament, calls for Germany to buy the new aircraft from the U.S. Navy, which awarded Northrop a contract to design the unmanned aircraft in April 2008. Sensors for the new aircraft are to be built by Airbus, as planned under the previous program, the sources said. It was not immediately clear how many planes the ministry would buy, or at what cost. Under the canceled program, it had planned to buy five Euro Hawk aircraft for 1.2 billion euros. Experts do not expect to run into any problems winning aviation approval for the new aircraft, which is launched from land and is programmed to fly autonomously as high as 60,000 feet to gather a wide array of intelligence data. Then-Defence Minister Thomas de Maiziere came under pressure after he was forced to cancel the previous Euro Hawk program in 2013 after it became clear it would cost hundreds of millions of euros to win aviation approval for the aircraft. Ursula von der Leyen was moved into the defense minister job later that year, and took office vowing to reform Germany''s ineffective procurement system. Northrop developed the Triton, a marine-based variant of its initial Global Hawk surveillance drone, for the U.S. Navy. Ministry sources said the aviation approval for Triton would be less costly because it was baked in from the start of the program. (Reporting by Sabine Siebold; Writing by Andrea Shalal; Editing by Madeline Chambers) Next In World News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-germany-northrop-idUSKBN16E14D'|'2017-03-07T17:26:00.000+02:00'
'7af6a253cc60a239e3dcbe7ed9df828252e1d956'|'Germany to scrap plan to lower prices of new drugs-lawmakers'|'Company News  19am EST Germany to scrap plan to lower prices of new drugs-lawmakers BERLIN, March 6 Germany''s ruling coalition will scrap plans announced last year to lower prices of newly launched drugs within the first 12 months should sales exceed 250 million euros ($264.83 million), lawmakers told Reuters on Monday. Germany, Europe''s biggest market for medicines, said in July it wanted to extend a price brake for drugs covered by statutory health insurance for five years beyond 2017, stretching out the measure introduced in 2009. This so-called ''price moratorium'' will be extended as originally planned, lawmakers from Chancellor Angela Merkel''s ruling coalition said. The health ministry estimates savings from the extension will amount to between 1.5 and 2.0 billion euros. (1 = 0.9440 euros) (Reporting by Thorsten Severin; Writing by Joseph Nasr; Editing by Michael Nienaber) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/germany-pharmaceuticals-idUSB4N1E302F'|'2017-03-06T21:19:00.000+02:00'
'451b239758221c5d4a224eab281dc8b3a8cd4615'|'Social workers’ call to boot out austerity - Letters'|'Zoe Williams is right, we should be doing a lot more marching ( Brexit is Theresa May’s Falklands war: a weapon of mass distraction , 6 March). We need to draw attention to the ravaging impact of this government’s continuing and demonstrably failed austerity programme. That is why this coming April, together with a group of social work colleagues and people who use our services and are experiencing the brunt of the cuts and welfare reform, I will be marching 100 miles from Birmingham to Liverpool, to issue the call to Boot Out Austerity! We will set off from the head office of the British Association of Social Workers in Birmingham on 19 April, and arrive in Liverpool on 25 April, the day before our annual conference. To find out more and to join us, go to www.boot-out-austerity.co.uk .Guy Shennan Chair, British Association of Social Workers • Join the debate – email guardian.letters@theguardian.com • Read more Guardian letters – click here to visit gu.com/letters'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/mar/06/social-workers-call-to-boot-out-austerity'|'2017-03-06T02:00:00.000+02:00'
'c40ca91582cdcca3bdcfde483ba41ed54e26efdb'|'IT services firm stocks dip after government suspends fast tech visas'|'Money News - Tue Mar 7, 2017 - 2:25am IST IT services firm stocks dip after government suspends fast tech visas FULL COVERAGE: By Noel Randewich - SAN FRANCISCO SAN FRANCISCO Technology services company shares dipped on Monday after the Trump administration announced it would temporarily suspend expedited applications for H-1B visas widely used by foreign tech workers. U.S. shares of Indian IT company Infosys Ltd ( INFY.NS ) ( INFY.N ) fell 1.2 percent and Wipro Ltd ( WIPR.NS ) ( WIT.N ) edged down 0.2 percent after the U.S. Citizenship and Immigration Services (USCIS) said on Friday that it would suspend "premium processing" of the visas for up to six months. New York-based Cognizant Technology Solutions Corp ( CTSH.O ) dipped 1.7 percent. Following President Donald Trump''s election in November, Infosys and Wipro sold off due to concerns he would keep promises to crack down on immigrants who he said were taking jobs from U.S. citizens. But the companies'' shares have mostly recovered due to growing expectations among investors that any potential change to the H-1B visa program would happen via a lengthy legislative process and not through a quick executive order. "The longer time it takes, the longer the regulators and politicians will have to do their homework to understand the impact of their acts," said Wedbush Securities analyst Moshe Katri. Infosys, Wipro and other Indian IT companies serving U.S. corporations are among the largest sponsors for H-1B visas, using them to employ programmers and other technology workers. Banks are key customers of those IT companies and could increase spending if Trump makes good on promises to cut corporate taxes and reduce financial regulation, Katri added. Short interest in Infosys in mid-February rose to 2.8 percent of outstanding shares, its highest level in about two years, according to Thomson Reuters data. USCIS said that suspending premium processing will allow it to reduce a backlog of long-pending visa petitions and thus reduce overall H-1B processing times. (Reporting by Noel Randewich; Editing by Jonathan Oatis) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-markets-visas-idINKBN16D2IY'|'2017-03-07T03:55:00.000+02:00'
'84f31b48722ecda3c380fcc611cc4866e0be2874'|'ChemChina says Beijing accepted anti-trust application for Syngenta deal'|'BEIJING China National Chemical Corp, or ChemChina, said on Monday that China''s Ministry of Commerce on Feb. 9 accepted its application for anti-trust approval for the proposed $43 billion takeover of Swiss crop protection and seed group Syngenta."We submitted the application and the ministry accepted it," said company spokesman Ren Kan.(Reporting by Chen Aizhu; Editing by Tom Hogue)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-chemchina-syngenta-mofcom-idINKBN16D102'|'2017-03-06T13:51:00.000+02:00'
'b76ee76779ac18e13d36ab60799285d9d1f0a2e8'|'CANADA STOCKS-TSX falls as cheaper commodities weighs on resource stocks'|'Company News  42am EST CANADA STOCKS-TSX falls as cheaper commodities weighs on resource stocks TORONTO, March 6 Canada''s main stock index fell in early trade on Monday, with heavyweight banks, miners and other resource stocks weighing as oil prices softened as lower Chinese economic growth targets sparked renewed worries over excess supply and copper also slipped. The Toronto Stock Exchange''s S&P/TSX composite index was down 89.13 points, or 0.57 percent, at 15,519.37 shortly after the open. Nine of its 10 main groups were lower. (Reporting by Alastair Sharp; Editing by Chizu Nomiyama) Next In Company News Ex-divs to take 5.4 points off FTSE 100 on March 9 LONDON, March 6 The following FTSE 100 companies will go ex-dividend on Thursday, after which investors will no longer qualify for the latest dividend payout. According to Reuters calculations at current market prices, the effect of the resulting adjustment to prices by market-makers would take 5.36 points off the index. COMPANY (RIC) DIVIDEND STOCK IMPACT (pence) OPTION'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-open-idUSL2N1GJ0KW'|'2017-03-06T21:42:00.000+02:00'
'2f1ef82f78e44cf6544a569150f74ac0ac4ffe40'|'Watchdog to ask U.S. lawmakers to probe Icahn''s role with Trump'|'By Chris Prentice A government watchdog group, Public Citizen, said on Wednesday it will ask lawmakers to investigate whether billionaire investor Carl Icahn should have been subject to lobbying disclosure laws when he advised President Donald Trump to overhaul the U.S. biofuels program.Icahn, an unpaid adviser to Trump on regulation, submitted a proposal to Trump last month to change the U.S. Renewable Fuel Standard by shifting the burden of blending biofuels into gasoline away from oil refining companies, and further down the supply chain to marketers.Public Citizen said that, because Icahn owns a controlling stake in a refinery that could benefit from the proposed change, he may have been required by a 1995 lobbying disclosure law to disclose his discussions with Trump on the subject as lobbying. The group said it would make its request for a probe in a letter to Congress later on Wednesday."All of this has occurred with no record of any (Lobbying Disclosure Act) filings by or on behalf of Mr. Icahn," Public Citizen said in a copy of the letter provided to Reuters.The Renewable Fuel Standard, signed into law by former President George W. Bush, requires refiners to mix increasing levels of renewable fuels into gasoline and diesel each year - a requirement that many refiners say costs them millions of dollars.Icahn owns an 82-percent stake in refiner CVR Energy Inc, which along with other refining companies, have urged the Environmental Protection Agency (EPA) to shift the blending obligation away from them.Icahn has said that the change would benefit not just his company, but the entire refining industry.Icahn has disclosed his role as a Trump adviser to the Securities and Exchange Commission, but he has not registered as a lobbyist. Several Democratic lawmakers have said they want more information about his role in the Trump administration.Last week, the head of a U.S. biofuels group said Icahn told him that Trump was readying an executive order to change the point of obligation for blending under the biofuels program, something both the White House and Icahn have denied. The White House has said it is reviewing Icahn''s proposal and has not yet taken a position.(Reporting by Chris Prentice in New York; Additional reporting by Emily Stephenson in Washington; Editing by Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usa-biofuels-icahn-idINKBN16F0GR'|'2017-03-08T08:08:00.000+02:00'
'44c04c577e5337cf3138fd8ebea554982183f0e9'|'Nestle close to signing off on $50 million-$60 million factory in Cuba'|'Deals  44pm GMT Nestle close to signing off on $50 million-$60 million factory in Cuba Baby food jars by Nestle are pictured in the supermarket of Nestle headquarters in Vevey, Switzerland, February 16, 2017. REUTERS/Pierre Albouy By Sarah Marsh - HAVANA HAVANA Swiss firm Nestle ( NESN.S ) is close to reaching a deal with Cuba on forming a new joint venture to build a $50 million to $60 million factory to produce coffee, biscuits and cooking products, company Vice President Laurent Freixe said on Wednesday in Havana. Freixe, head of Nestle''s Americas division, was visiting the Communist-ruled island to negotiate the new investment in the Mariel special development zone west of Havana as well as to renew for another 20 years an existing joint venture producing ice cream. Cuba has upped its drive to attract foreign funds in a bid to stimulate the economy in recent years, introducing a new investment law and creating the Mariel zone, which offers companies significant tax and customs breaks. Nestle has been one of the largest investors in the country since it opened the door to Western capital in the 1990s after the fall of former benefactor the Soviet Union. "The idea is to create a new joint venture to produce and distribute these products mainly for the Cuban market but also with the idea of exporting some products," Freixe said in an interview. Coffee in particular is ideal for export, he said, pointing to the success of a limited edition of Cuban coffee by Nestle''s Nespresso last year - the first Cuban coffee sold in the United States in more than 50 years. "Talks are very advanced, now it is more a question of finalizing them and completing the issue of financing," Freixe said, adding that Nestle would have a 51 percent share in the company. That is comparable to Nestle''s share in its two other Cuban factories, one producing ice cream and the other bottled water and other beverages, he said. Nestle also imports food products for sale in Cuban stores. Cuba said last November it had approved 19 ventures so far in Mariel, which is centered around a container terminal that the country hopes will become a regional hub. The development zone is part of Cuba''s drive to update the centrally planned economy under President Raul Castro, who took over from his brother, the late Fidel Castro, in 2008. Nestle''s new factory, set to begin operations in the second half of 2019, will cater to growing demand after a surge in tourism and help replace imports with locally made products, Freixe said. It will employ around 300 people. "Tourism is going to double in the coming years, meanwhile demand is today only partially covered by local production," he said, adding that Nestle was considering expanding its two other factories in Cuba. Nestle''s sales in Cuba grew last year, in tandem with its revenues throughout Latin America, Freixe said. "It was single-digit growth, so not spectacular because there are also liquidity limitations that limit potential, but demand is there and we are growing," he said. Cash-strapped Cuba has struggled to pay providers on time recently as revenues decline due to a drop in exports and the crisis in key trading partner Venezuela. Its economy shrank 0.9 percent last year, according to the government. (This story has been refiled to fix day in first sentence to Wednesday.) (Reporting by Sarah Marsh; Editing by Christian Plumb and Leslie Adler) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-cuba-nestle-idUKKBN16F2LG'|'2017-03-09T03:38:00.000+02:00'
'ddd6c3a7549a1f5eb474dce81928026c681e8dff'|'European shares slip for 4th straight day as Aggreko, Casino sink'|'Company News - Tue Mar 7, 2017 - 3:29am EST European shares slip for 4th straight day as Aggreko, Casino sink LONDON, March 7 European shares extended losses on Tuesday on an earnings-heavy day as the biggest fallers Aggreko and Casino were all weighed down by results. The pan-European STOXX 600 index was down 0.2 percent, on track to post its fourth straight session of losses. The five biggest fallers on the STOXX 600 all reported results, with British temporary power provider Aggreko slumping almost 11 percent after posting a 3 percent decline in full-year underlying revenue amidst a gloomy outlook for 2017. Likewise French retailer Casino Guichard also fell 5 percent after reporting full year earnings, while British equipment hire firm Ashtead dropped 4.5 percent following figures for the third quarter. Results also drove gains, with Just Eat jumping 4.4 percent after the online food delivery company posted a 93 percent rise in earnings. The earnings season in Europe has so far been relatively strong, with 55 percent of companies in major regional markets posting earnings beats, according to Eikon data. (Reporting by Kit Rees, Editing by Vikram Subhedar) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL5N1GK1J4'|'2017-03-07T15:29:00.000+02:00'
'0d4d9619eaf760661c537d354ed3c1e6e8ef58c8'|'Brookfield to take control of SunEdison units for $2.5 billion'|'Brookfield Asset Management Inc ( BAM.N ) ( BAMa.TO ) said on Tuesday it would buy one of the two "yieldcos" of bankrupt U.S. solar company SunEdison Inc ( SUNEQ.PK ) and take a 51 percent stake in the other, for a total of about $2.5 billion.Canada''s largest alternative-asset manager will acquire TerraForm Global Inc ( GLBL.O ) for about $787 million and buy 51 percent of Terraform Power Inc ( TERP.O ) for $1.7 billion.Brookfield will also assume about $455 million of TerraForm Global''s debt and pay $5.10 per TerraForm Global class A share, a 20 percent premium to the stock''s Monday closing price.TerraForm Global owns or has contracts to acquire 952 megawatts of wind and solar power in Brazil, India, China, South Africa, Thailand, Malaysia and Uruguay.TerraForm Power class A shareholders will get $11.46 per share in cash, below the stock''s Monday close of $11.59.TerraForm Power owns about 2,967 megawatts of solar and wind assets in the United States, Canada, the United Kingdom and Chile.Brookfield had a 12.16 percent stake in TerraForm Power as of Feb. 17, according to Thomson Reuters data.Brookfield will replace SunEdison as TerraForm Power''s sponsor once the deal closes.Yieldcos are publicly traded units that hold renewable energy assets, including those bought from the sponsor or the parent company.(Reporting by John Benny in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-terra-glob-brookfield-asset-idINKBN16E1ET'|'2017-03-07T09:49:00.000+02:00'
'd618cc727cf3d63a6b6e7bec3e998d49f9418ab7'|'Burning less oil at home will help Saudi exports and Aramco IPO'|'* Burning less crude saves more for Saudi Arabia to export* Cheap fuel, power prices have weighed on the budget* World''s 20th biggest economy is 5th biggest oil consumer* Cutting domestic consumption could help Aramco valuationBy Rania El GamalDUBAI, March 7 Saudi Arabia is likely to reduce the amount of oil it burns to generate power this summer as the kingdom hikes domestic energy prices and uses more natural gas in power stations, industry sources said.Burning less crude at home means the world''s top oil exporter may not need to push output to the record high of 10.67 million barrels per day (bpd) reached in July last year, even if the Organization of the Petroleum Exporting Countries and other producers end supply curbs in June.It may also make the sale of a 5 percent stake in Saudi Aramco IPO-ARMO.SE more attractive to investors because the national energy giant will have more crude to export, if needed, and can sell fuel at higher prices to the domestic market."Now we are using more and more natural gas, and with the reforms in electricity prices, crude burning will go down," said a Saudi-based industry source. "This summer you will see less crude burning."Saudi Arabia''s domestic energy reforms aim to rein in waste which threatens to erode the amount of oil available for export.The kingdom''s energy subsidies have long kept power and fuel at a fraction of cost price, draining the state budget and giving consumers little incentive to buy smaller cars or switch off power-hungry air conditioners -- even when they leave home.But a slide in international oil prices to around $55 a barrel now from above $100 in 2014 has left a gaping hole in state coffers, encouraging efforts to wean the nation off cheap energy and use more of its huge gas reserves."That''s a national objective. Aramco''s been doing this for years, reducing crude burning by increasing use of gas and encouraging the state power generation sector to become more efficient," said another source familiar with the matter.In December 2015, the government, which spent nearly 300 billion riyals on energy and water subsidies that year, hiked electricity for the industry and gasoline prices at the pump by about 50 percent. More gradual increases are planned until 2020.BIG CONSUMERUnder the 2015 rises, 95 octane gasoline rose to 0.90 riyal ($0.24) per litre from 0.60 riyal, a big rise for Saudi drivers but still offering them some of the cheapest fuel in the world. A further 30 percent rise could come as early as July, sources said.Cheap fuel prices have helped make Saudi Arabia the world''s fifth biggest energy consumer, while its economy is ranked about 20th in size.The OPEC heavyweight burned an average of 700,000 bpd of oil for electricity to keep the population cool in the hottest months from May to August, official figures showed.Expanding gas usage is helping cut the hefty level of oil consumption. Aramco aims to nearly double gas production to 23 billion standard cubic feet a day in the next decade, supplying more of the fuel to power stations.In the wake of the price reforms and gas development plans, domestic demand for crude declined about 3.5 percent year-on-year in December 2016 to 2.21 million barrels per day compared to a year earlier, the lowest total for the month of December since 2013, according to an OPEC report.One industry source said Riyadh might not need to raise output to the record high of July last year as a result of the reforms. "Demand internally will not be high," the source said.The reduction in domestic oil demand comes with an added bonus as the government plans to sell a 5 percent stake of Aramco, in what is expected to be the world''s biggest initial public offering of shares worth $100 billion.The sources said that a reduction in oil usage, while not a specific objective for the IPO, is part of Aramco''s plan to improve efficiency and secure the best possible listing price."More volume (exported) abroad means more revenue for investors," said another industry source. "That should help Aramco''s valuation." (Additional reporting by Alex Lawler in London; Editing by Edmund Blair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/saudi-crude-demand-idINL5N1GI06Z'|'2017-03-07T07:38:00.000+02:00'
'c065da7a5513a6dc60ca433ca64d1a42780cc479'|'Norway''s $900 bln wealth fund excludes 10 coal-related firms'|'Big Story 10 - Tue Mar 7, 2017 - 6:36am EST Norway''s $900 billion wealth fund excludes 10 coal-related firms OSLO Norway''s central bank, which manages the country''s $900 billion wealth fund, has excluded an additional 10 companies from its portfolio due to their use or production of coal, and has put two firms under observation, it said on Tuesday. The ten companies excluded are: CEZ, Eneva, Great River Energy [GREGY.UL], HK Electric Investments, Huidan Energy, Korea Electric Corp, Malakoff Corp, Otter Tail Corp , PGE and SDIC Power Holdings . The two firms put under observation are NorthWestern Corp and Portland General Electric (Reporting by Gwladys Fouche, editing by Nerijus Adomaitis) Next In Big Story 10'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-norway-swf-idUSKBN16E1BM'|'2017-03-07T18:31:00.000+02:00'
'475893a34ae5643d4f090440022bf187a9572461'|'Sterling hits seven-week low before second Lords'' Brexit vote'|'Foreign Exchange Analysis  59am GMT Sterling hits seven-week low before second Lords'' Brexit vote A pile of one pound coins is seen in a photo illustration shot June 17, 2008. REUTERS/Toby Melville/Illustration/File Photo By Ritvik Carvalho - LONDON LONDON Sterling fell to a seven-week low against the dollar on Tuesday, ahead of a second vote in Britain''s upper house of parliament on legislation giving Prime Minister Theresa May the right to start formal Brexit talks. The House of Lords will on Tuesday try to force the government to give parlimentarians a greater say over the terms of Britain''s exit from the EU and final approval of an eventual deal with the bloc. The government is set to lose the vote though ministers are determined to overturn any chances before they become law. Britain needs to trigger "Article 50" to launch formal negotiations with the EU, and expects to do so this month. The pound fell 0.3 percent to $1.2202 GBP=D3 , its lowest level since Jan. 17. It also weakened 0.3 percent to a seven-week low of 86.71 pence per euro EURGBP=D3. "The run up into the triggering of Article 50 is having a negative impact (on sterling), as have some of the recent data confirming a deceleration in growth in the first quarter of the year," said Stephen Gallo, currency strategist at BMO Capital Markets, adding that he thought politics was affecting the currency more than fundamentals. Sterling has lost nearly a fifth of its value against the dollar since the shock Brexit vote last June. Analysts say that the currency has largely been driven by domestic politics, but is increasingly under pressure from data suggesting Britain''s economic resilience after the referendum - seen driven largely by consumer spending - may have been temporary. British consumers are cutting back on non-essential spending as the impact of last year''s Brexit vote pushes up the cost of their day-to-day shopping, two surveys showed on Tuesday. Analysts at MUFG said the pound had started reacting less to politics. "The pound has become less sensitive to Brexit developments so far this year, which has included PM May''s keynote speech outlining more details of the government''s Brexit negotiation strategy," they wrote in a note to clients. "We continue to doubt that the ongoing process to soon trigger Article 50 will have a material negative impact on the pound in the near-term." (Editing by Richard Lough)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-sterling-idUKKBN16E0V6'|'2017-03-07T16:59:00.000+02:00'
'e8151148727a2a33032baeca7960514c59f48fc8'|'Beijing to avoid radical coal shift after 2016 turmoil'|'Money  48pm IST Beijing to avoid radical coal shift after 2016 turmoil FULL COVERAGE: By Meng Meng and Josephine Mason - BEIJING BEIJING China will not force coal mines to cut output on a large scale if prices remain stable, the government said on Tuesday, a sign Beijing may try to avoid radical policy shifts after the upheaval caused by efforts last year to tackle excess capacity. In a statement, the National Development and Reform Commission (NDRC) said provincial governments and relevant agencies would be free to decide whether to implement cutbacks at inefficient mines. As long as prices remain within the current range, the national economic state planner said it will be satisfied with market conditions and will not introduce any broader cuts. Analysts and experts said the flexible tone reflected a more cautious approach to policymaking after drastic limits to miners'' operating rates last year pushed the nation to the brink of a winter heating crisis. "NDRC is unlikely to introduce any form of output cut, as it caused too much turbulence to the market last year," said Zhang Wuzong, president of Shiheng Special Steel Group in Shandong, on the sidelines of parliament''s annual meeting. The government''s challenge is to ensure utilities - the main consumers of thermal coal - and miners are still profitable, to protect millions of jobs and power supplies for the world''s largest population. China accounts for half of global thermal coal demand, with the majority of its power plants using thermal coal as fuel. In April last year, Beijing restricted the number of days miners could operate each year to 276 from 330 days to help get rid of chronic oversupply and cut the use of dirty fuel and shift to renewable energy like wind. The policy constricted supplies and caused a historic spike in thermal coal prices, forcing the government to reverse itself in November to avert a winter heating crisis. In recent months, futures prices for coal have rallied on speculation the government would reintroduce those tough measures once the peak winter heating season ends. The statement on Tuesday did not say anything about the number of days mines could operate in a year. Any additional moves would be on top of the 150 million-tonne reduction this year, announced on Sunday and aimed at getting rid of outdated, inefficient mines. Most of that capacity is already idled, so analysts and traders say they are more interested in other steps, which would have a bigger impact on supplies and prices in the short term. In the meantine, with spot physical prices around 650 yuan ($94) per tonne, the government is content to stand pat. "The government will not undertake the production cut policy if prices are above 600 yuan per tonne, unless prices fall below 500," Fu Deling, analyst with Xinhu Futures in Hangzhou. ($1 = 6.8978 Chinese yuan) (Reporting by Beijing newsroom, Meng Meng and Josephine Mason in BEIJING, Ruby Lian in SHANGHAI; Writing by Josephine Mason; Editing by Christian Schmollinger and Tom Hogue) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-parliament-coal-idINKBN16E19P'|'2017-03-07T18:18:00.000+02:00'
'254d6586eeeeb6513986537471048ba55ba9d73e'|'Microsoft Outlook service hit by outage'|'Business News - Tue Mar 7, 2017 - 5:03pm GMT Microsoft Outlook service hit by outage A sign marks the Microsoft office in Cambridge, Massachusetts, U.S. January 25, 2017. REUTERS/Brian Snyder A variety of online services from Microsoft Corp suffered outages for several hours on Tuesday across Western Europe and the Eastern United States, according to the company''s technical support sites. Among the services affected were Microsoft''s email service Outlook.com, its Office 365 online software, Xbox Live gaming service and Skype, according to their official websites. An Office 365 technical support site said the issue, which prevented some Outlook.com users from gaining access to their mailboxes, began around 1057 GMT on Tuesday. "We''re investigating an issue in which some users may be unable to access or use Outlook.com services or feature," a notice on the Office 365 site said ( here ). Later, as the service returned, it said "Everything is up and running." Microsoft did not immediately respond to a request for further comment. XBox Live''s Status site said access to services remained limited as of 1355 GMT, but Skype''s status site said that issues users were having signing in to Skype with their Microsoft accounts had been fully resolved in a posting at 1420 GMT. Outlook.com complaints numbering in the thousands at online outage reporting site DownDetector.com peaked around 1400 GMT. On Twitter, the hashtag #hotmail was trending in the early afternoon in Britain as users complained of being locked out. Outlook was previously known as hotmail. As the outage continued, there were user complaints in the Eastern United States as the workday began there, based on DownDetector.com''s website. Microsoft account services were largely restored by 1600 GMT, based on company technical notices on the Office 365 site and declining volumes of user complaints on DownDetector.com. (Reporting by Wout Vergauwen and Eric Auchard. Editing by Jane Merriman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-microsoft-outages-idUKKBN16E29Z'|'2017-03-08T00:03:00.000+02:00'
'48c56f5a4ad0986dde8170b3141c0b80b1ee2c32'|'Shell expects to split Motiva assets with Saudi Aramco in the second-quarter'|'HOUSTON Shell Oil Co, the U.S. unit of Royal Dutch Shell Plc, said it expects to divide the refineries and other assets of its Motiva Enterprises [MOTIV.UL] venture with co-owner Saudi Aramco in the second quarter of 2017.Shell and Saudi Aramco announced the plan in March 2016 to divide up the nearly 20-year-old venture, which runs three refineries and other assets. As part of the deal, Aramco will make a $2.2 billion balancing payment to Shell.The split is part of Aramco''s strategy to expand its global refining footprint to secure markets for its oil and may also be part of its initial public offering, in which the Saudi government will sell up to 5 percent of the firm."We are pleased with the progress we have made to date, and anticipate completion of the transaction in Q2 2017," Shell spokesman Ray Fisher said in an email, adding that the target date was April 1.Aramco and Shell confirmed on Tuesday they had signed agreements to split Motiva, which is subject to regulatory approval."A simplified, integrated business structure will emerge from this deal for us in the United States," Shell''s downstream director, John Abbott, said in a statement.The two firms had originally targeted October 2016 to split the assets, which include pipelines and terminals, alongside refineries, but was delayed by discussions about the balancing payment.Under the deal, Saudi Aramco will retain the Motiva name and the 603,000-barrel-per-day (bpd) Port Arthur, Texas, refinery, the largest in the United States.Aramco will also take over 24 distribution terminals and have an exclusive license to use the Shell brand for gasoline and diesel sales in Texas, the majority of the Mississippi River Valley, and the Southeast and Mid-Atlantic markets.Shell will become sole owner of two Louisiana refineries with a combined capacity of 472,700 bpd, 11 distribution terminals and Shell-branded gasoline stations in Florida, Louisiana and the U.S. Northeast.(Reporting by Erwin Seba in Houston and Roslan Khasawneh in Dubai; Editing by Jonathan Oatis and Edmund Blair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-refineries-motiva-split-idINKBN16E15B'|'2017-03-07T07:38:00.000+02:00'
'3c6d18daf1b2ea47e07a8543512b357b1b2afda5'|'German factory orders seen rebounding from biggest fall in eight years'|'Economic  46pm IST German factory orders seen rebounding from biggest fall in eight years FULL COVERAGE: By Joseph Nasr - BERLIN BERLIN German factory orders fell 7.4 percent in January, their biggest monthly fall in eight years due to a slump in domestic and euro zone demand, though the economy ministry signalled a quick rebound, citing upbeat business confidence. The slide runs against some otherwise fairly buoyant readings on Europe''s largest economy and was almost three times greater than the Reuters consensus for a 2.5 percent fall. The sharp fall follows strong demand for new orders in the final three months of 2016. Moreover, excluding volatile bulk orders the headline figure was down by 2.9 percent. "The business climate in the manuafacturing sector is significantly brighter than the long-time annual average so a revival of the economy in the industrial sector can still be expected," the economy ministry said in a statement. Analysts said a strong 3.7 percent monthly increase in factory sales in January coupled with robust business confidence surveys pointed to the manufacturing sector contributing to growth during the first quarter of 2017. "No panic: orders do not determine the short-term economic development and the early indicators are brilliant - it should continue uphill," Andreas Scheuerle of Deka Bank wrote in a note to clients. The industry orders data showed that domestic demand fell 10.5 percent in January. Meanwhile, foreign orders declined 4.9 percent, driven by a 7.8 percent fall in demand from the euro zone. The main drag came from capital goods -- especially automobiles -- which saw a 9.9 percent decrease in orders. Markets appeared to shrug off the data. The euro traded flat against the dollar at 1.0575 while the DAX stock index was fractionally higher. BUSINESSES UPBEAT Germany''s traditionally export-oriented economy faces a series of risks this year, including unpredictable elections at home and in France, protectionist trade policies under U.S. President Donald Trump, and Britain''s Brexit negotiations. The government forecasts economic growth will slow to 1.4 percent this year from 1.9 percent in 2016. Three key economic drivers - construction, consumption and government spending - are seen losing momentum with euro zone interest rates unlikely to drop any further and as inflation rises. There will also be fewer working days this year than last. Some analysts were less sanguine in their readings of Tuesday''s industrial orders data. "Today’s disappointing data is also a good reminder that the German industry is having more problems returning to full speed than buoyant sentiment indicators have been suggesting," Carsten Brzeski of ING Diba said in a client briefing note. Over a 12-month period, orders contracted 0.9 percent, Brzeski said. Others more optimistic of a rebound in industrial orders point to the upbeat business confidence in February and increases in engineering orders. "Companies remain optimistic despite growing economic and political concerns. They expect a revival of exports," said Sophia Krietenbrink of the DIHK Chambers of Industry and Commerce. Thomas Strobel of UniCredit said he expected manufacturing to contribute to growth in the January to March period. "The upward trend in the German manufacturing sector remains intact," Strobel wrote in a note to clients. "The manufacturing sector should continue to benefit from significantly above-average capacity utilization, resulting in more capex spending, as well as a vibrant construction sector, characterized by a good amount of pent-up demand." (Editing by Madeline Chambers and Richard Lough) Next In Economic News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/germany-economy-orders-idINKBN16E1EV'|'2017-03-07T19:16:00.000+02:00'
'd77ab95f2aa4c52f2f64370e017410c0df54e252'|'UPDATE 1-Suez buys GE Water in 3.2 bln euro deal, considers capital increase'|'Deals - Wed Mar 8, 2017 - 12:58pm EST Suez buys GE Water in $3.37 billion deal, considers capital increase By Geert De Clercq - PARIS PARIS French waste and water group Suez ( SEVI.PA ) and Canadian fund Caisse de dépôt et placement du Québec (CDPQ) will buy GE Water from General Electric ( GE.N ) for an enterprise value of 3.2 billion euros ($3.37 billion), Suez said in a statement. In an all-cash deal, Suez and CDPQ will buy 100 percent of GE Water through a 70/30 joint venture, to which Suez will contribute its existing industrial water activities. The new business will operate under the Suez brand. Chief executive officer Jean-Louis Chaussade told reporters the industrial water market is more important than Suez''s traditional municipal water markets because industry accounts for 15 to 20 percent of global water consumption compared to just 5 to 8 percent for human consumption in cities. The industrial water market is worth about 95 billion euros globally and grows by about 5 percent per year, he said. "This is a strategic acquisition for Suez," Chaussade said. Suez said it had fully underwritten bridge financing in place for the transaction, and is considering refinancing it through a capital increase of about 750 million euros. It said its main shareholders, Engie ( ENGIE.PA ), CriteriaCaixa and Caltagirone Group have confirmed their intention to participate in the capital increase for their pro rata share. Lead shareholder Engie said in a separate statement it would subscribe to the capital increase to the full extent of its 32.6 percent stake in Suez at a cost of about 240 million euros. Suez will also issue a 1.1 billion euro long-term senior bond and 600 million worth of hybrid bonds. CDPQ will contribute 700 million euros of equity to the venture. The new business unit will have revenue of about 2 billion euros, compared to Suez''s current 15 billion euros, and will employ 10,000 people, of which 7,500 will come from GE Water. Chaussade said Suez expects 200 million euros worth of revenue synergies per year in the group''s water business, but had not included possible synergies between its water and waste business. "Cross-selling between our water and waste units will be reinforced, as clients increasingly want environment services that include water and waste treatment," he said. ($1 = 0.9483 euros) (Reporting by Geert De Clercq; Editing by Adrian Croft) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-suez-ge-idUSKBN16F26G'|'2017-03-09T00:50:00.000+02:00'
'5a811b7a4dc4c0856215c8e9205f8614034af553'|'Q&A -U.S. growth dulled by diminished mobility -economist'|'Company News - Wed Mar 8, 2017 - 2:26pm EST Q&A -U.S. growth dulled by diminished mobility -economist By Michael Connor - NEW YORK, March 8 NEW YORK, March 8 Americans have surrendered a lot of hustle since the Reagan presidency, launching fewer businesses, innovating at a slower rate and sticking longer to homes in a trend that has taken the edge off U.S. economic growth, according to economist Tyler Cowen. Cowen, a prominent blogger, professor at George Mason University and author of "The Complacent Class," on Wednesday told the Reuters Global Markets Forum that government statistics and other data showed that a preference for stability and familiarity was shared by Americans rich and poor. An exception was the 13 percent of U.S. residents born elsewhere. The following are edited excerpts from the conversation: Question: What shows that Americans are less dynamic and more self-satisfied than their parents and grandparents? Answer: Since 1948-1971, U.S. cross-state mobility has gone down by about 50 percent. Mobility is also down, after we adjust for age. We don''t let our children play outside nearly as much as we used to, we medicate ourselves at a much higher rate, and rates of productivity and innovation are, in fact, down. A lot of our best innovations - Netflix and Amazon - are all about staying at home more easily. I say something has gone wrong. Q: How else is that affecting the economy? A: Start-ups as a percentage of overall business formation are down each decade since the 1980s. People switch jobs less often than they used to (no, not everyone is an Uber driver). And worst of all, productivity growth often runs in the range of 1 percent when it used to range from 2-3 percent. That is a looming disaster and, of course, we have a lot of debt too. Q: How long can this last? A: I don''t think the stasis is sustainable. At least two things will happen. First, the fixed pie mentality will cause the quality of governance in this country to erode. Many would suggest we already are seeing that happen. Second, without faster growth, we don''t have a way to pay off all of our public sector debt. Q: Are immigrants less mobile? A: Immigrants are typically the least complacent class in American society. From the beginning, they have accepted that their lives will be stressful, whether they are well educated or lower earners. They know they are in for some big shocks. In a sense, they are becoming the true Americans and carrying our past back to us. This interview was conducted in the Reuters Global Markets Forum, a chat room hosted on the Eikon platform, For details, follow this link: but.ly/reutersGMF. (Editing by Leslie Adler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/economy-usa-cowen-idUSL2N1GL1GW'|'2017-03-09T02:26:00.000+02:00'
'baf0da55900588746d108c31372d13c004c122dd'|'Deutsche Bank names Schenck, Sewing co-deputy Chief Executives'|'Money   9:40pm IST Deutsche Bank names Schenck, Sewing co-deputy Chief Executives The headquarters of Germany''s Deutsche Bank are seen early evening in Frankfurt, Germany January 31, 2017. REUTERS/Kai Pfaffenbach FRANKFURT Germany''s top lender Deutsche Bank is promoting two of its senior managers to deputy chief executives, complementing strategic adjustments and an 8 billion euro ($8.50 billion)capital raise. Finance head Markus Schenck and retail head Christian Sewing will take on roles as co-deputy chief executives alongside bank chief John Cryan with immediate effect. Schenck will also become co-head of the investment bank alongside Garth Ritchie, who currently heads the bank''s bond and equities trading activities. Jeffrey Urwin, currently head of corporate and investment banking which helps clients with acquisitions, raising debt and equity, is stepping down from his post, while the bank will at a later stage name a successor to CFO Schenck. Deutsche Bank also set itself new financial targets. It is now planning for 2018 adjusted costs of about 22 billion euros and with 21 billion by 2021, both including Postbank and compared with 24.1 billion euros in 2016. It is targeting returns (post-tax RoTE) of about 10 percent and a return to paying a "competitive dividend" for its fiscal year 2018. It sees its fully loaded core equity tier 1 ratio to be comfortably above 13 percent and its leverage ratio to be at 4.5 percent going forward. ($1 = 0.9416 euros) (Reporting by Arno Schuetze; Editing by Victoria Bryan) Next In Money News China vows new steel, coal capacity cuts to make sky blue BEIJING China will cut steel capacity by 50 million tonnes and coal output by more than 150 million tonnes this year, its top economic planner said on Sunday as the world''s No. 2 economy deepens efforts to tackle pollution and curb excess supply.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/deutsche-bank-capital-moves-idINKBN16C0QR'|'2017-03-05T23:10:00.000+02:00'
'52a2cd8dd49c97f5161b3eb9915adefd1e9ca105'|'Snap and Sorrell are wrong: powerful bosses can become untouchable insiders - Business'|'I s there anyone who thinks Snap Inc, the firm behind Snapchat , was justified in issuing shares with zero voting rights? To most minds, Snap’s innovation undermined the whole concept of a shareholding carrying rights of ownership. If a shareholder can’t vote on corporate resolutions, like the appointment of directors and auditors and the payment of dividends, they’ve just bought a ticket to a show. They may still share in the company’s economic success or failure, but shareholding is meant to be a wider idea.Sir Martin Sorrell is the man with the case for defence. “Perhaps surprisingly, corporate structures that seem to offend customary good corporate governance may deliver better long-term results,” declared the chief executive of advertising giant WPP last week.Sorrell gave examples of the companies he had in mind. Rupert Murdoch’s 21st Century Fox; Comcast, the US cable company with Brian Roberts at the helm; Mark Zuckerberg’s creation, Facebook; and Sergey Brin and Larry Page’s Google. Evan Spiegel at Snap, too, might “provide the confidence and stability needed to take the appropriate level of risk”, said Sorrell.It’s an impressive list, even if it is too early to tell if Snap – five years old and loss-making, despite its startling $28bn valuation in last week’s flotation – is tomorrow’s Facebook or just today’s fad. But it is a list compiled without rigour. One could equally construct a line-up of horror stories involving companies with dominant shareholders and unconventional governance.Robert Maxwell’s Mirror Group and Asil Nadir’s Polly Peck were the great financial scandals of the early 1990s that prompted the City of London to get serious about good governance for the first time. In more recent years, the FTSE 100 index has seen ENRC, straight out of Kazakhstan and “more Soviet than City”, according to one non-executive director who was ejected from the boardroom as the dominant shareholders asserted control. Or try Bumi, a Nat Rothschild mining creation that descended into shambles and infighting in Indonesia.The truth is that one could point to examples of both triumph and failure at “unconventional” companies.In a general sense, it’s easy to understand that a dominant shareholder could be more willing to take a long-term view of investment. The classic example is Associated British Foods, a FTSE 100 firm but family controlled, which quietly turned its once-small retailing business into the phenomenon that is Primark. Then again, there’s Sports Direct, where long-term investment seems to mean whatever takes Mike Ashley’s fancy. Last week it was Agent Provocateur ; next week it could be anything.But the timing of Sorrell’s remarks on the day after Snap’s arrival on the New York Stock Exchange suggest something else: that he thinks disenfranchising shareholders is OK because it encourages risk-taking and creates more wealth for all. The argument could be summed up another way: chief executives should be accountable only to themselves, and the little folk should accept what’s good for them.It’s complete nonsense. It’s a formula for crony capitalism in which insiders can do as they wish, and pay themselves what they want, regardless of outcomes. Such a system has no checks or balances. Shareholders’ power to protest about how the assets are managed is swept under the carpet. Without votes, there is no power. It is the cult of the superman chief executive, whose judgment on the “appropriate level of risk”, as Sorrell puts it, must be trusted absolutely.It is extraordinary that the US – land of “no taxation without representation” – has embraced shares with restricted or zero votes. A shareholding democracy offers imperfect protections against boardroom abuse, but turning the dial in the other direction is a recipe for trouble.Maybe Sorrell is jealous. He was paid £70m last year but the sums will fall eventually because his long-term pay scheme had to be reined in after 60% of WPP shareholders voted against it in 2012. Life is much easier when shareholders are reduced to being members of a fan club.PPI deadline will benefit only banks Few things add up in the payment protection insurance mis-selling scandal. The first estimate of the scale of the problem was put at £4.5bn. The first provision Lloyds Banking Group took in 2011 of £3.2bn was intended to “draw a line” under the matter. The reality? The industry’s bill has reached £40bn and Lloyds’s bill is a staggering £17bn.It is little wonder there has been so much imprecision. There appear to have been too few real numbers about the number of policies sold and even fewer clues as to how many were mis-sold. PPI, after all, need not have been a scandal. Sold alongside loans and credit cards with a view to ensuring customers could keep up repayments after sudden loss of income (through illness, say) PPI should have provided a sensible safety net for customers.Except it didn’t. Banks realised it was a moneyspinner. The Financial Conduct Authority has now disclosed that 64m PPI policies were sold to about 30m consumers between 1990 and 2010. Estimates vary as to how much cash it brought through the door. One from 2014 reckons banks received £44bn in premiums from 45m policies. The FCA calculates that 13m claims have been made – a total which must rise, given the vast number of policies sold.Which is why it is alarming that the FCA has decided that enough is enough. As it announced a deadline of 29 August 2019 for claims, the City regulator said this would prompt the holdouts to take action.The decision to impose a deadline is far more likely to benefit the big banks than their customers. The industry’s intransigence in paying out has spawned a vast claims industry: thousands of people are employed by banks to process claims in part fuelled by claims-management companies, which hassle on customers’ behalf, and add to costs. MoneySavingExpert.com reckons that in half of all cases in the last 12 months where a PPI claim has been rejected by a bank but then taken to the independent ombudsman, the rejection had been overturned.Everything’s relative for HoggWeb headline was: Web standfirst was: This version last modified in Composer at: 2017-03-03T16:37:17.982ZRead these words Andrew Tyrie, chair of the Treasury select committee, uttered some characteristically choice words last week when he took evidence from Charlotte Hogg, a newly appointed deputy governor of the Bank of England . “I have over the years got used to doing business with people who are the sons and daughters of people I used to work with. But I think it’s a first where I can say that I used to have lunch with your grandfather in the members’ dining room.”Her grandfather was the late Quintin Hogg, second viscount Hailsham. Her father is Douglas, the third Viscount Hailsham and former Conservative MP and minister. Her mother Sarah – Baroness Hogg – is a former journalist and was head of John Major’s policy unit.Tyrie’s words tell us that Charlotte Hogg is part of the establishment. Do those words also show that public life in the UK is all too cosy? Or do they show that Hogg has the confidence to take on the big boys? Let’s hope it’s the latter.Corporate governance Business leader Sir Martin Sorrell Snapchat Bank of England Payment protection insurance comment  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/mar/05/snap-sorrell-wrong-powerful-bosses-become-untouchable-insiders'|'2017-03-05T14:00:00.000+02:00'
'8c4ab7379a1557c1173ff801139966d24476e6ed'|'RPT-FEATURE-CERAWEEK-As oil industry perks up, worries grow over future staffing'|'Company News - Sun Mar 5, 2017 - 1:00pm EST RPT-FEATURE-CERAWEEK-As oil industry perks up, worries grow over future staffing (Repeats story published on Friday with no changes) By Liz Hampton and Nia Williams HOUSTON/CALGARY, March 3 Doug Lucas stood outside a Houston energy conference early one morning last month handing out resumes and hoping to catch the eye of oil executives with a hand-written sign advertising "Petroleum Eng. Hungry for job interview." Cut from oilfield services firm Halliburton Co in 2015, the 26-year-old temporarily turned to lawn care and cable-TV sales jobs while finishing a master''s degree in petroleum engineering at the University of Southern California. Despite relying on a depression-era sign for introductions, he is hopeful demand for petroleum professionals will come back. "It''s way better now than it was six or eight months ago," he said optimistically, as he solicited business cards from convention goers. After a rout that began in 2014 due to a worldwide glut of oil in part caused by a U.S. shale boom, crude prices have rebounded from 13-year lows hit a year ago and have held above $50 a barrel since the start of the year when major oil producers curbed output as part of a global deal. The higher prices have spurred an uptick in drilling activity as energy companies boost spending plans to take advantage of the crude price recovery. However, massive cuts that cost some 440,000 jobs globally at energy companies in the last two years have left veteran workers and skilled job-candidates without a clear future in oil and gas. Unable to find work in their chosen field, some have turned their sights to technology or other industries, adding a note of uncertainty to next week''s CERAWeek industry conference in Houston. The outflow of experienced workers and a lack of hiring as oil companies drive to become more efficient could put future production growth in jeopardy, should a nascent upturn in the industry accelerate, say experts. In western Canada, companies resuming production of crude oil are struggling to rehire rig crews following job and pay cuts. A University of Houston global survey of laid off oil workers found that 25 percent had already moved to another industry and another 55 percent were considering it. Only 13 percent of those polled in late 2016 had found energy jobs. "A good number of people are ''lost'' to other industries," said Christiane Spitzmueller, the study''s principal investigator. "This will translate into high recruitment and training costs for new hires." BRIGHTER TIMES AHEAD The combined U.S. and Canadian rig counts, which can be an indicator of the health of the industry, jumped to 1,091 by Friday from 618 a year ago, a sign of the upturn in drilling in North America. In western Canada, where many more rigs are working this year than last, drillers say a lack of experienced employees could slow their work later this year - or force them to pay higher salaries to lure workers back. Dan Block, chief executive of Edmonton-based Jomax Drilling (1988) Ltd, said contractors he once employed took jobs in other industries, including construction. "We are scrambling to bring people back," Block said. Halliburton, an oil services firm that had about 50,000 employees at the end of 2016, down from more than 80,000 two years earlier, is now holding job fairs in regions where there is an uptick in drilling activity, such as Colorado, Texas, New Mexico, Oklahoma, and Ohio, the company said. "We''re seeing a good balance of both experienced and entry level candidates," said spokeswoman Emily Mir, noting that there is strong applicant interest in open positions in the Permian Basin - one of the hottest drilling areas in the United States due to its favorable economics. The U.S. oil and gas industry will need to fill 1.9 million new jobs through 2035, according to consultancy IHS Markit . But filling those jobs could prove a challenge, management consultancy KCA said in study published in September. "A rapid run-up is going to be a really difficult spot for the industry, versus a slow ramp up where you can start to lure people back over time," said David Skinner, KCA''s chief executive. The study by KCA, Pink Petro and Glexnet, which polled 1,000 laid off and working energy professionals, found that 45 percent of executives or board members said they were ready to seek other job options, retire or are unsure what they will do post-downturn. Karsten Thompson, petroleum engineering department chair at Louisiana State University (LSU), said the loss of experienced executives will hurt the training of professional staff. "Students will miss out on mentorship," he said in an interview. If experienced workers are less inclined to stay through another economic cycle, younger workers may already be placing bets on other careers. Before oil prices crashed, the University of Texas placed more than 90 percent of students who majored in petroleum engineering into oil and gas jobs. In 2015 and 2016, that number fell by around a quarter. LSU said its May 2016 engineering graduates reported fewer than 50 percent had found jobs, down from around 63 percent in 2013. "In the past, for students with petroleum engineering jobs who couldn''t find full time work, there were always opportunities to work offshore as a roustabout," said Trey Truitt, Associate Director for Employment Services at LSU. "In this economy, those jobs haven''t been available either." TECHNOLOGY BECKONS Despite a potential shortage of engineers, companies could still grow their businesses using existing staff augmented with newer technology and contract labor, said KCA. Automation and technologies that require more software know-how are changing the skills needed by industry workers. "Someone who majors in petroleum engineering with a minor in computer science, that might be the ideal engineer going forward," said John Graves, of energy consultancy Graves & Co. Viet Pham, 23, a 2015 graduate from University of Texas at Austin''s Petroleum Engineering program said if he could do it all over again, he would have majored in mechanical engineering or computer science. Pham, who has been working at a retailer, is taking engineering courses at a community college to expand industry contacts and improve his professional job prospects. "Petroleum is volatile," he said. "It''s great when it works." (Additional reporting by Ruthy Munoz in HOUSTON; Writing by Gary McWilliams; Editing by Simon Webb and Marguerita Choy) Next In Company News Abu Dhabi aims to close $872 mln solar plant financing in April ABU DHABI, March 5 Abu Dhabi''s government-owned power utility aims to close a financing package for a 3.2 billion dirham ($872 million) solar power plant, which will be the world''s largest, in April, a senior official at the utility said on Sunday.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ceraweek-labor-idUSL2N1GG17V'|'2017-03-06T01:00:00.000+02:00'
'b4915e4692ddaafbbb76110d6fbd15e3fd283245'|'UPDATE 1-Mexico starts process to pick partner for new tie-up with Pemex'|'Company News  39pm EST UPDATE 1-Mexico starts process to pick partner for new tie-up with Pemex (Adds details on auction) MEXICO CITY, March 6 Mexico''s oil regulator voted on Monday to begin the process of choosing a partner for national oil company Pemex to develop its Ayin-Batsil field, the second such joint venture as Mexico seeks to reverse a dozen years of declining crude output. Pemex will maintain a 50 percent stake in the shallow water project but will not be its operator, according to initial bid terms approved by the National Hydrocarbons Commission, the oil regulator known as the CNH that manages oil auctions. The Ayin-Batsil joint venture will be Pemex''s second such tie-up following the selection of Australian mining and oil firm BHP Billiton in December to operate the Trion deep water block near the U.S.-Mexico maritime border in the Gulf of Mexico. BHP Billiton holds a 60 percent stake and Pemex 40 percent. The auction to pick Pemex''s partner for Ayin-Batsil is scheduled to take place on June 19 and will feature a 30-year production sharing contract for pre-qualified oil companies with potential contract extensions of up to 10 more years. Ayin-Batsil is next to three other blocks up for auction in a shallow water tender also set for June. The project features an estimated 281 million barrels of oil in proven, probable and possible reserves based on past Pemex discoveries and located at a water depth of 525 feet (160 meters). The auctions administered by the CNH are a result of a sweeping energy reform passed in 2013 that ended the decades-long monopoly enjoyed by Pemex and allows private and foreign oil companies to operate fields on their own as well as in equity partnerships with the Mexican oil company. Pemex crude oil production has fallen from a peak of 3.38 million barrels per day (bpd) in 2004 to average just 2.15 million bpd last year. CNH commissioners also opted to rename the project from the original Ayin-Xulum to avoid confusion with another oil field, said CNH president Juan Carlos Zepeda. (Reporting by David Alire Garcia and Adriana Barrera; editing by Grant McCool) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mexico-oil-idUSL2N1GJ15K'|'2017-03-07T02:39:00.000+02:00'
'922cb517096c77db2ffb9793b00901cf040eb15c'|'UPDATE 1-Argentina delays Avianca''s market entry to avoid conflict of interest'|' 23pm EST UPDATE 1-Argentina delays Avianca''s market entry to avoid conflict of interest (Adds transport minister quote, background) BUENOS AIRES, March 6 Argentina will delay approval of Avianca Holdings SA''s entry into the local market until a new norm governing business conflicts of interest is approved, Transportation Minister Guillermo Dietrich said on Monday. Last week, a federal prosecutor asked a judge for permission to investigate President Mauricio Macri and others over allegations he favored the Colombian airline in a plan to open more routes. His father''s company sold another airline to Avianca last year. "Regarding Avianca, we have decided to tie the approval process to a new rule that will be published soon and seeks to prevent possible conflict of interest," Dietrich told a news conference. At the start of the month, Macri vowed to issue decrees to crack down on conflicts of interest as prosecutors push to investigate his family''s business ties, including the deal between Avianca and the president''s father. The elder Macri, Franco, is one of Argentina''s richest men. Last month, the president was criticized over a deal his government reached to resolve a 15-year old debt the postal service incurred when it was owned by Franco Macri, with prosecutors claiming the deal benefited his family. The president said at the time that the deal had been handled legally, but apologized for a lack of transparency and revoked the agreement. (Reporting by Luc Cohen; Writing by Hugh Bronstein; editing by Grant McCool and Jonathan Oatis)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/argentina-airlines-argentina-idUSL2N1GJ1IN'|'2017-03-07T04:23:00.000+02:00'
'1d836c5dace9a930e447d6c5753c89e73f27702d'|'European shares slip as Trump tweet hits drugmakers'|'* STOXX drops 0.3 pct, down for fourth straight day* Trump tweet hits drugmakers* M&A chatter lifts Italy tower firms* Aggreko plunges on weak outlook* But well-received results lift Just Eat, Iliad (Adds details, closing prices)By Kit Rees and Danilo MasoniLONDON/MILAN, March 7 European shares fell on Tuesday as shares in big international drugmakers were hit after U.S. President Donald Trump tweeted about lowering drug prices.Also weighing were companies such as Casino and Aggreko which reported disappointing results, but merger talk boosted shares in Italian TV tower firms.The STOXX 600 fell 0.3 percent, setting its fourth straight session of losses. The pan-European index however remains close to its 15 month peak hit last week on the back of a rally fuelled by a brighter economic outlook and a strong earnings season.The region''s healthcare index was the top drag to the STOXX, down 1 percent, after Trump said he was working on a new system to increase competition and bring down drugs prices.Sector heavyweights such as Novartis, Roche , Shire and Sanofi all fell between 0.8 and 2.3 percent.The three biggest fallers on the STOXX all reported results, with Aggreko tumbling 12.9 percent after the British temporary power provider reported lower revenues and gave a gloomy outlook for this year.French retailer Casino Guichard and bookmaker Paddy Power Betfair both fell more than 5 percent following poor earnings updates.Data from Germany added to the downcast mood on Tuesday as figures showed that Europe''s largest economy saw industrial orders fall 7.4 percent in January, their biggest monthly fall in eight years due to a slump in domestic and euro zone demand. Europe''s industrial goods and services index ended down 0.1 percent.Italian TV towers companies EI Towers and Rai Way both rose 5.3 percent after local newspaper Il Messaggero said Rai Way had mandated Citi to examine a possible takeover of its rival after a failed attempt to merge in 2014.EI Towers, which is controlled by broadcaster Mediaset , said it was not aware of any offer.Other company updates drove gains, with Just Eat rising 4.6 percent after the online food delivery company posted nearly doubled its earnings, while French telecoms group Iliad gained more than 1 percent after a core earnings rose.The earnings season in Europe has so far been relatively strong, with 55 percent of companies in major regional markets posting earnings beats, according to Eikon data.Traders said market participants were also looking ahead to the U.S. Federal Reserve''s interest rate decision later in the month."We are still quite confident in European markets ... There''s further scope for a bit of a push but we think there''s a bit of a lack of a volume and market participation just because everybody''s sitting on the sidelines waiting for the imminent announcement from the U.S.," said Berkeley Capital trader John Moore. (Editing by Hugh Lawson)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/europe-stocks-idINL5N1GK5SQ'|'2017-03-07T14:35:00.000+02:00'
'12b527d74e4118635e0378f7b2be8f780afb79ba'|'Brazil hires Citigroup, BofA, BNP for reopening of 2026 bond'|'SAO PAULO, March 7 Brazil''s National Treasury has mandated the investment-banking units of Citigroup Inc, Bank of America Corp and BNP Paribas SA to manage the reopening of the 6 percent dollar-denominated bond maturing in April 2026 , taking advantage of robust demand for the country''s assets.In a Tuesday statement, the Treasury did not elaborate on the size and terms of the reopening, although expects the transaction to close later in the day. People familiar with the deal told Thomson Reuters'' IFR market intelligence service that Brazil is offering yields on the "low 5 percent area" to investors. (Reporting by Guillermo Parra-Bernal; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brazil-bonds-idINL2N1GK0T9'|'2017-03-07T11:58:00.000+02:00'
'bb94abaa843b321bf72cf181db3d0437f4fb2f5e'|'UPDATE 1-UK Stocks-Factors to watch on March 7'|'Company News - Tue Mar 7, 2017 - 2:44am EST UPDATE 1-UK Stocks-Factors to watch on March 7 (Adds company news item, futures) March 7 Britain''s FTSE 100 futures were flat ahead of the cash market open on Tuesday. * SHAWBROOK: British bank Shawbrook Group Plc said on Tuesday it had rejected an improved proposal be bought by two private equity firms for 825 million pounds ($1 billion). * DIRECT LINE: British insurer Direct Line reported a 22 percent fall in full-year operating profit on Tuesday, after the government changed the way personal injury claims are calculated, pushing up lump sum payments. * INTERSERVE: Support services and construction company Interserve Plc named Debbie White as chief executive, with effect from Sept. 1. * ASHTEAD: Britain''s Ashtead Group Plc stuck by its annual earnings forecast on Tuesday as strong growth in the industrial equipment rental company''s main North American market and a weaker British pound helped it to an 8 percent rise in third-quarter profits. * JUST EAT: Online food delivery company Just Eat reported a 93 percent rise in earnings to 115 million pounds ($140.59 million), broadly in line with forecasts, and said it expected 2017 to be another year of "material growth". * WORLDPAY: British payment processor Worldpay Group Plc reported better-than-expected full-year underlying earnings, helped by strong performance in e-commerce payments. * TESCO/BOOKER: The hefty savings that can be made by reducing food waste are one of the factors behind Tesco''s 3.7 billion pound ($4.5 billion) takeover offer for wholesaler Booker, the British supermarket chain''s chief executive says. * BRITAIN RETAIL: British consumers are cutting back on non-essential spending as the impact of last year''s Brexit vote pushes up the cost of their day-to-day shopping, two surveys showed on Tuesday. * BRITAIN BANKS: A draft report on the impact of Brexit on Britain''s financial industry warns banks and staff would "leach" away, undermining the wider UK economy, if they do not have access to European Union markets, according to sources who have read the report. * INVESTMENT BANKING FEES: A spate of big deals by financial services companies in Europe could earn investment banks an estimated $332 million in advisory fees, with Goldman Sachs set to take the lion''s share of the pot. * BRITAIN OIL: A recent surge in North Sea deals, driven by private equity money, will inspire other investors to spend more in the ageing basin where gross revenue has turned positive for the first time in five years, Britain''s oil lobby said. * SHELL/ARAMCO: The co-owners of the Motiva Enterprises joint refining venture plan to end their partnership and divide their three U.S. Gulf Coast refineries. * The UK blue chip index closed down 0.3 percent on Monday, in line with losses in the broader European index, as weakness in mining stocks outweighed the positive impact of a potential 11 billion pound merger between Scottish fund managers Standard Life and Aberdeen Asset Management. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Aggreko Plc Full Year 2016 Shawbrook Group Plc Full Year 2016 Ibstock Plc Full Year 2016 Ashtead Group Plc Q3 2017 ST Ives Plc Half Year SDL Plc Full Year 2016 Lookers Plc Full Year 2016 IP Group Plc Full Year 2016 Intertek Group Plc Full Year 2016 Direct Line Full Year Insurance Group Plc 2016 Worldpay Group Plc Full Year 2016 Just Eat Plc Full Year 2016 TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Rahul B in Bengaluru; Editing by Sherry Jacob-Phillips) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1GK2SS'|'2017-03-07T14:44:00.000+02:00'
'd316573429fb89f98f1f4e7ea8f9d68ed935f815'|'Samsung Group repeats it did not pay bribes, seek improper favours'|'Business News - Mon Mar 6, 2017 - 6:12am GMT Samsung Group repeats it did not pay bribes, seek improper favours Employees walks in the building of Samsung Electronics in Seoul, South Korea, February 28, 2017. REUTERS/Kim Hong-Ji SEOUL South Korean conglomerate Samsung Group [SAGR.UL] reiterated on Monday that it did not pay bribes or seek illicit favours in response to the special prosecutor''s announcement accusing the group''s leader of paying money to curry favour from President Park Geun-hye. "Future court proceedings will reveal the truth," Samsung said in a statement (Reporting by Se Young Lee; Editing by Michael Perry) Next In Business News Oil falls on lower China growth targets, doubts on Russian output curbs SINGAPORE Oil prices fell in Asian trade on Monday, wiping out some of the gains of the previous session amid worries lower growth targets in China could cut oil demand and ongoing concern over Russia''s compliance with a global deal to cut oil output.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-southkorea-politics-samsung-group-idUKKBN16D0HG'|'2017-03-06T13:12:00.000+02:00'
'25019a3cf4b1d47eda6a12d7b3cfed68911433e5'|'Futures fall amid North Korea missiles, Trump wiretap talk'|'Business News - Sun Mar 5, 2017 - 8:56pm EST Futures fall amid North Korea missiles, Trump wiretap talk FILE PHOTO: A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S. December 28, 2016. REUTERS/Andrew Kelly/File Photo By Lewis Krauskopf U.S. stock index futures fell on Sunday amid news of North Korea''s firing of four ballistic missiles and President Donald Trump''s accusation that his predecessor, Barack Obama, wiretapped him. U.S. stocks have climbed to all-time records, with the Dow piercing the 21,000 mark last week for the first time and the benchmark S&P 500 rising 11.4 percent since Trump''s election last November. Investors are upbeat about Trump''s economic agenda, including tax reform and infrastructure spending, but wary of stock valuations that are historically expensive. The S&P 500 is trading at about 18 times forward earnings estimates against the long-term average of 15 times, according to Thomson Reuters data. The former top U.S. intelligence official rejected Trump''s accusation that Obama wiretapped him during the 2016 presidential campaign, even as the White House urged Congress to investigate the allegation, which Trump made on Saturday without offering supporting evidence. North Korea fired four ballistic missiles, three of which landed in Japan''s exclusive economic zone, Japanese Prime Minister Shinzo Abe said, the latest in a series of provocative tests by the reclusive state. S&P 500 e-minis EScv1 were down 7.75 points, or 0.33 percent, with 39,400 contracts changing hands, as of Sunday evening. Nasdaq 100 e-minis NQcv1 were down 14 points, or 0.26 percent, in volume of 7,210 contracts. Dow e-minis 1YMcv1 were down 57 points, or 0.27 percent, with 7,035 contracts changing hands. U.S. 10-year Treasury futures TYv1 were last up about 0.14 percent in electronic trading. (Reporting by Lewis Krauskopf in New York; Editing by Peter Cooney) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-stocks-idUSKBN16D05J'|'2017-03-06T08:56:00.000+02:00'
'd02b29d28fae17315d7317ff23f95e087811a034'|'Germany''s Rheinmetall wins U.S. ammunition order for F-35 aircraft'|'Company News  23am EST Germany''s Rheinmetall wins U.S. ammunition order for F-35 aircraft FRANKFURT, March 6 German defence and automotive group Rheinmetall said on Monday it had booked a $6.5 million U.S. Air Force contract to supply ammunition for the F-35 multi-role fighter, adding that further orders were likely to follow. * The contract comprises the supply of several ten thousand rounds in four lots, with delivery starting in December 2017, Rheinmetall said in a statement. * The ammunition is Rheinmetall''s new 25mm x 137 Frangible Armour Piercing (FAP), which it developed for, and in cooperation with, NATO air forces flying the F-35. * It said further major orders could be expected since the U.S. Air Force was procuring a large number of F-35s and numerous other nations including Britain, Italy and Denmark had also chosen the aircraft. * The ammunition ordered by the U.S. Air Force will be made at Rheinmetall Switzerland, the group said, but added that it planned to have assembly for possible follow-up contracts done by a joint venture in the United States. * Other potential customers will be supplied from locations belonging to Rheinmetall Waffe Munition Schweiz AG, it said. (Reporting by Maria Sheahan; editing by Jason Neely) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/rheinmetall-ammunition-idUSL5N1GJ2K2'|'2017-03-06T18:23:00.000+02:00'
'6b8f62c3ef0e2e04d0886f063813168063dd190f'|'Nike to launch high-tech hijab for female Muslim athletes'|'Business News  59pm GMT Nike to launch high-tech hijab for female Muslim athletes The logo of Dow Jones Industrial Average stock market index listed company Nike (NKE) is seen in Los Angeles, California, United States, April 12, 2016. REUTERS/Lucy Nicholson By Laila Kearney Nike Inc ( NKE.N ) will launch a hijab for female Muslim athletes early next year, becoming the first major sports apparel maker to offer a traditional Islamic head scarf designed specifically for competition, the company said on Wednesday. The head covering, marketed under the "Pro Hijab" brand, is designed to allow athletes to observe the traditional Islamic practice of covering the head without compromising performance. Made from a lightweight, flexible material, the hijab is expected to hit stores shelves in early 2018, Nike said in a statement. In recent years, the hijab has become the most visible symbol of Islamic culture in the United States and Europe. Many Muslim women cover their heads in public with the hijab as a sign of modesty, but some critics see it as a sign of female oppression. With sensitivities over immigration and the perceived threat of Muslim extremism running high, the head scarf has led to attacks against Muslim women. At the same time, the hijab has evolved in a symbol of diversity that Nike has embraced. The Women''s March on Washington, held the day after President Donald Trump''s inauguration, used the face of a woman wearing a hijab in an American flag pattern as its promotional image. Muslim athletes visiting Nike''s headquarters in Beaverton, Oregon, just outside of Portland, have complained about the difficulties of wearing a hijab while competing, according to the company. The company consulted with Muslim women athletes from around the world, including Middle Eastern runners and cyclists, in the designing the hijab. Other companies have also set their sights on hijab sales to Muslim athletes. Last year, Danish sportswear company Hummel unveiled a soccer jersey with an attached hijab for the Afghanistan national women''s soccer team. Non-professional women Muslim athletes have used athletic hijabs made by smaller companies. But Nike''s annual net sales in the billions, and its reach in popular culture, can do more to bring Muslim athletes into the fold, said Amna Al Haddad, a Nike sponsored weightlifter from the United Arab Emirates who consulted on "Pro Hijab." "(It will) encourage a whole new generation to pursue sports without feeling there is a limitation because of modesty or dress-code," Haddad said. (Reporting by Laila Kearney; Editing by Richard Chang) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-nike-hijab-idUKKBN16F2MM'|'2017-03-09T03:59:00.000+02:00'
'5cff3e2b85ce08f5936e1c1cf477c9567b4db404'|'CORRECTED-LPC-Verisure increases loan refi to €425m, cuts pricing'|'(Changes soft call period in para 7 to 3 months from one year)By Claire RuckinLONDON, March 8 Strong investor demand for European leveraged loans has allowed Swedish home alarm company Verisure to increase the size of a leveraged loan refinancing to €425m, banking sources said on Wednesday.The company has also been able to tightened the interest margin to 300bp as single B rated companies start to enjoy lower pricing that higher rated BB companies have been able to access for the last six months.The loan, which allocated on Wednesday afternoon, was increased by €75m from an original target of €350m, after a positive response from investors. Pricing tightened to 300bp, with a 0% Libor floor at par.Pricing guidance of 325bp-350bp was issued on March 6 and was cut to 300bp-325bp on March 7, before settling at a final price of 300bp on March 8.The rapid decline in pricing guidance highlights the erosion of yield in the European leveraged loan market, which mirrors similar trends in the US, as borrowers take advantage of deep liquidity to obtain the best terms.Pricing has fallen heavily since the start of 2017 with little resistance from investors, who have few alternatives and need to put money to work.Investors also took a hit on 101 soft-call protection which was reduced to three months to 12 June 2017, from original guidance of six months.Soft call offers some protection to investors as it prevents a borrower from being able to refinance or reprice loans without paying a hefty fee.The €425m term loan B1-D, which matures in October 2022, will be used to repay a €280m-equivalent B2 tranche, denominated in Swedish krona as well as drawings under a €300m revolving credit facility. It will also be used for general corporate purposes.The Swedish krona term loan is currently priced at 425bp over Stibor with a 1% floor.Along with the krona term loan and revolver, the company’s senior facilities also include a €1.265bn term loan B1-C.Hellman and Friedman bought Bain Capital''s stake in Verisure in October 2015, which was financed with a €1.02bn term loan B that priced at 425bp over Euribor, with a 1% floor and an OID of 99.That deal was repriced in June 2016 to 350bp over Euribor with a 1% floor and a 25bp consent fee, along with a €135m incremental add-on tranche priced at par.Verisure then repriced the margin again in December 2016 to 325bp over Euribor with a 0.5% floor at par and raised a €110m term loan to pay a dividend.All three loans were then rolled into the €1.265bn term loan. (Editing by Tessa Walsh)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/verisure-loans-idINL5N1GL5EU'|'2017-03-08T14:16:00.000+02:00'
'3545ad7ca0637316f936d22f587f364a59da4b13'|'SoftBank to put $8 billion ARM stake into its Vision Fund - FT'|'Money News - Wed Mar 8, 2017 - 4:48pm IST SoftBank to put $8 billion ARM stake into its Vision Fund - FT FULL COVERAGE: INDIA ELECTIONS 2017 People walk behind the logo of SoftBank Corp in Tokyo December 18, 2014. REUTERS/Toru Hanai/Files LONDON/ABU DHABI Japan''s SoftBank is to place a roughly $8 billion stake in ARM, the British chip designer it bought last year, into a technology investment fund it has created with Saudi Arabia, the Financial Times reported on Wednesday. SoftBank, run by founder Masayoshi Son, bought ARM, Britain''s most valuable technology company, for $32 billion last year. The FT cited two people close to the situation as saying SoftBank would place 25 percent of ARM into its Vision Fund. It said the decision was made as the fund was seeking to secure the backing of Mubadala, the Abu Dhabi state-backed investment group, which wanted the Vision Fund to own a portion of ARM. The FT said the British government, which backed the initial takeover, had been notified of the transaction and did not raise any concerns. Softbank declined to comment. Son and Saudia Arabia''s sovereign wealth fund created the technology investment fund that could grow as large as $100 billion and become a kingpin in the high-tech industry. Mubadala said in January that it was in talks with SoftBank to invest in the fund. A source familiar with the talks told Reuters at the time that Mubadala might invest between $10 billion and $15 billion, and that an agreement could be signed in the following few weeks. On Wednesday, a Mubadala spokesman told Reuters that the talks were continuing and that the Abu Dhabi group hoped to resolve remaining issues in the next couple of days. The issues relate to structural and financial details of the investment as well as aspects of the fund and Mubadala’s role in it, he said, declining to elaborate or give a specific figure for the size of the investment. “It will be a significant investment - we are working through it,” the spokesman said, adding that an announcement was likely to be made around the middle of next week. (Reporting by Kate Holton in London and Stanley Carvalho in Abu Dhabi; Writing by Andrew Torchia; Editing by Guy Faulconbridge and Jane Merriman) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/softbank-arm-visionfund-idINKBN16F19B'|'2017-03-08T18:18:00.000+02:00'
'2464eac0a10e130cfe5a7216b62ea3d27ee615ff'|'UPDATE 2-Itaú cuts rollover card rates amid Brazil pressure'|'Company News - Wed Mar 8, 2017 - 2:33pm EST UPDATE 2-Itaú cuts rollover card rates amid Brazil pressure (Adds details throughout) By Guillermo Parra-Bernal SAO PAULO, March 8 Itaú Unibanco Holding SA will cut the interest rate it charges on rollover credit card loans as Brazil''s No. 1 lender seeks to comply with new rules to reduce the cost of borrowing for cash-strapped consumers and companies in Latin America''s largest economy. Under terms of the plan, Itaú will implement interest rates for card rollover loans similar to those applied to secured, parceled-out credit, said Marcos Magalhães, head of credit card lending. Rates for rollover credit card loans will decline 4 percentage points on average once changes take effect on April 3. The move underscores how banks are responding to pressure from policymakers to ease the burden of domestic borrowers, who pay the highest rates among the world''s top 20 economies. Itaú was the first to announce new monthly rollover card rates - between 1.90 percent and 9.90 percent - among peers. With the new rules, President Michel Temer''s government wants banks to speed up payment terms to businesses and cut the cost of revolving card loans as Brazil''s longest and harshest recession on record rages. The banking and financial industry has for decades remained Brazil''s most profitable, producing return on equity readings between 20 percent and 50 percent. Itaú has already included the estimated impact of the new policy on this year''s operational targets, executives said. They expect declining card loan-loss provisioning and migration to parceled-out credit to help offset the revenue losses stemming from the reduction in the cost of rollover card loans. The average monthly rate on a credit card revolving loan is 16 percent, as much as three times the level in other Latin American countries. Banks blame such high rates on persistently high levels of revolving loan delinquencies that can hover above 35 percent of outstanding credit in the segment. Goldman Sachs Group Inc analysts estimate that defaults in revolving credit card loans varies between 4 percent and 7 percent in most countries. "The system we are proposing is giving clients the option to choose what risk adapts best to their payment behavior," said Magalhães. DEBATE Preferred shares fell 0.8 percent to 39.12 reais, paring back gains to 36 percent this year. Itaú has outstanding credit card loans of about 60 billion reais ($19.08 billion), a little above 10 percent of its consolidated loan book. Under new rules that the government announced late last year, revolving credit overdue by at least 30 days will change into parceled-out financing lines. According to estimates by analysts at Banco Bradesco BBI, up to 38 percent of current banking industry revenues from revolving credit could be impacted by the new rules. At some point, banking industry players, regulators and the government will have to resume the discussion of themes other than credit cards to help reduce borrowing costs in Brazil, Magalhães said. Currently, the government wants banks to slash the period by which it reimburses retailers for their card sales to less than a week from an average 28 days, the use of interest-free installments on card purchases, and a faster implementation of positive credit bureaus. ($1 = 3.1454 reais) (Additional reporting by Bruno Federowski in São Paulo; Editing by Chizu Nomiyama and Marguerita Choy) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/itau-unibco-hldg-loans-cards-idUSL2N1GL0QO'|'2017-03-09T02:33:00.000+02:00'
'65836c4c894f4f46f50cb138a4c0b9abc6893954'|'SMEs are the ''biggest losers'' in budget 2017 - Guardian Small Business Network'|'Philip Hammond has delivered his first budget as chancellor announcing large increases to the national insurance contributions (NICs) paid by the self-employed and small business owners, as well as higher taxes on dividends. Class 4 NICS for the self-employed will rise next year from 9% to 10% and a further percentage point in 2019. Meanwhile, reductions in tax allowances on dividends for company shareholders from £5,000 down to £2,000 represent another dent to the incomes of many business owners. What the 2017 budget means for you Read more National insurance rates The chancellor told the Commons that he did not want people forming companies just to reduce tax and that current rules were unfair. The chancellor also said he considered reversing the decision to abolish Class 2 NICs made by his predecessor George Osborne, however he decided otherwise. The Treasury says that only those who earn more than £16,250 will pay more NICs. However, business lobbies and entrepreneurs have been quick to react and have fiercely criticised the changes. “If you are one of the hardworking self-employed people who face a significant increase on your tax bill, you might feel that the chancellor has it in for you,” said Chris Bryce chief executive of freelance association IPSE. Bryce said the self-employed were the “biggest losers” in the chancellor’s budget and the changes could prevent new businesses being formed. “The chancellor shouldn’t forget that growth in self-employment has driven our labour market in recent years and punitive rises in tax will make many people have second thoughts about striking out on their own.”Self-employed people who face a significant increase on [their] tax bill, might feel the chancellor has it in for [them]Chris Bryce chief executive, IPSE Dave Chaplin, CEO of Contractor Calculator, an online portal for the self-employed, said the chancellor was attacking the wrong group. “It is a knee-jerk reaction to all the recent cases we have heard about lately where unscrupulous employers are forcing workers into false self-employment. It is the wrong move and they should be clamping down on employers, not employees.” Martin Campbell, managing director of financial products company Ormsby Street, agreed: “We see first-hand how tough life is for many UK small businesses, and the cut in the dividend allowance and increases in Class 4 national insurance is not only unfair, but will only make life even tougher for many.”Business rates The other big issue on the table for small businesses was the recent business rate revaluation that has seen rates soar in some parts of the country. The chancellor announced three main measures aimed to mitigate the impact of the rate change: Any business exiting small business rate relief will receive an extra cap, meaning their rates will not increase by more than £50 a month. Pubs will received a £1,000 discount on their rates provided they have a rateable value of less than £100,000 (the Treasury says this is roughly 90% of all pubs). The chancellor announced a £300m fund for councils to allow them to provide discretionary relief to struggling businesses. The chancellor says these measures amount to a further £435m cut in business rates.Mike Cherry, national chair at the Federation of Small Businesses, welcomed the reliefs but asked for more work to be done. “The £435m of new money is a direct and much-needed response to those facing astronomical hikes in their business rates. But this tax remains out-of-date, so today we call for a cross-party commission to create a simple, fair tax system for a modern economy.”However, Cherry branded the changes to NICS as “tax hikes” and said they put businesses at risk. “The national insurance rise to 10% next year and 11 in 2019 should be seen for what it is – a £1bn tax hike on those who set themselves up in business. Future growth of the UK’s 4.8 million-strong self-employed population is now at risk,” said Cherry.Little cheer for pub owners Business rates relief brought only a small amount of cheer for pub owners as, from 13 March, duty on beer, cider, wine and spirits will increase by retail price index inflation – which will result in a 2p increase on a pint. The decision was criticised by pub campaigning group CAMRA who say this will affect profits and lead to more closures.Colin Valentine, CAMRA’s national chair said: “UK beer drinkers, pubs and brewers have been let down by the chancellor’s decision to increase beer duty for the first time in five years. The rise in beer duty will ultimately hit consumers in their pockets and lead to pub closures across the country. The decision completely ignores the pressures that are being faced by the beer and pub sectors.”Tech and innovation boost The chancellor set out plans to boost science and innovation with a further £500m of funding for electric vehicles, robotics and artificial intelligence. Dominic Keen, founder of robotics network Britbots, praised the move. “Some of the great robotics companies of the future are being launched by British entrepreneurs and the support announced in today’s budget will to strengthen their impact and global competitiveness. We’re currently seeing strong appetite from private investors to back locally grown robotics businesses and this money will help bring even more interest in this space,” said Keen. Infrastructure and growth outside the capital Investments in roads and rail, particularly of it for the Midlands and the north, were announced. Also, the government’s “Midlands Engine” strategy is to be launched on Thursday. This is an effort by the government to address growth outside of the capital similar to George Osborne’s “northern powerhouse” and is likely to focus on technical skills, infrastructure and productivity. Paul Faulkner, chief executive of the Greater Birmingham Chambers of Commerce said investment in such areas would be welcomed by businesses. “Skills gaps and the need for parity between technical and academic education and qualifications are an area of high concern for businesses in the region and it is positive to see the attention on this displayed by the chancellor,” he said. Are you self-employed? Share your budget reaction Read more Other changes for businesses The new tax year begins in April and businesses will see a number of changes starting then.The self-employed will continue to see their income tax allowances increase. Personal allowances will rise by £500 to £11,500 in April. The Treasury says this means the amount someone can earn tax-free in 2017-18 will be over 75% higher than in 2010. Tax digitisation and the prospect of quarterly tax returns has alarmed some in the business community. The chancellor brought some comfort to smaller business owners by delaying the change for those under the VAT threshold by a year. The “national living wage” rises to £7.50 from April. Corporation tax is to be reduced to 19% in 2019 and then to 17% by 2020. Meanwhile, the threshold at which VAT is to be paid rises in April from £83,000 to £85,000.Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox. Topics Guardian Small Business Network Small business Entrepreneurs Budget Budget 2017 news   Share   Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/small-business-network/2017/mar/08/smes-are-the-biggest-losers-in-budget-2017'|'2017-03-09T01:37:00.000+02:00'
'3089f72a04d41eb3354e13abf7926ba7d01c5189'|'UK budget cold comfort for sterling, boosts building firms'|'By Patrick Graham - LONDON LONDON Britain''s 2017 budget gave some meagre support on Wednesday to domestic stock and currency markets suffering from nerves over its plans to leave the European Union and the fallout for increasingly hard-pressed consumers.While finance minister Philip Hammond announced a rise in official growth forecasts for this year and cut predicted rates of public debt from November estimates, it was not enough to turn either the pound or the FTSE index positive on the day.Britain''s construction & materials index hit a high for the day, up 0.3 percent, and shares in Costain Group rose 0.8 percent.But hampered by a bumper U.S. jobs number that boosted the dollar, the pound fell half a percent on the day against the greenback, hitting a seven-week low of $1.2139, and another 0.2 percent against the euro."Chancellor Hammond’s budget has done little to ease the pressure on the pound, despite the improvements in growth and borrowing forecasts," said Jake Trask, a currency analyst with retail broker OFX.Strong consumer spending made Britain the second-fastest growing economy in the Group of Seven rich nations in 2016 and Hammond raised his forecast for growth this year to 2.0 percent from the 1.4 percent predicted last November.But markets are more concerned by signs that the 20 percent fall in the pound and worries over what is to come as the Brexit talks that get under way this month are finally having an impact on UK household spending.Sterling''s fall against the dollar and the basket that measures its broader strength was its eighth in the past nine days."There’s been some optimism over the upward revision to growth this year, and the lower budget deficit forecasts over the period is obviously favourable for the fundamental picture," said Lee Hardman, an economist with MUFG in London."But overall the main message is yes, that the budget deficit is coming in below their previous forecasts, but they’re choosing to save the improvement in the budget deficit rather than to spend those funds, so for the economy that’s fairly neutral."Gilt yields hit a two-week high after official plans showed the government would sell more bonds than the market had expected, despite Hammond largely sticking to his existing fiscal plans.The Debt Management Office (DMO) said it intended to sell 115.1 billion pounds ($139.9 billion) of bonds in the 2017/18 financial year starting in April, down sharply from 146.5 billion pounds in the current year.That was still 5 billion pounds more for 2017/18 than primary dealers polled by Reuters had expected and 10-year gilt yields hit a two-week high of 1.251 percent."Market reaction was consistent with a mild disappointment," said RBC analysts Sam Hill and Vatsala Datta in a note after the budget."Going forward, we believe it is worth bearing in mind that a combination of 30 billion pound fall in gross issuance and a 10 billion pound increase in gilt redemptions will offset the impact of pause in QE to a large extent."(Additional reporting by Andy Bruce, Helen Reid, Jemima Kelly and Ritvik Carvalho; Editing by Nigel Stephenson, Alison Williams and Pritha Sarkar)Britain''s Chancellor of the Exchequer Philip Hammond stands outside 11 Downing Street before delivering his budget to the House of Commons in London, March 8, 2017. REUTERS/Stefan Wermuth'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-markets-idINKBN16F2EI'|'2017-03-08T15:24:00.000+02:00'
'607673c0148209b48b05aea94628c107f4fabc19'|'Greece turning a page, poised to show strong growth - PM'|'Business News - Mon Mar 6, 2017 - 10:15am GMT Greece turning a page, poised to show strong growth - PM Greek Prime Minister Alexis Tsipras waits to welcome his Maltese counterpart Joseph Muscat at the Maximos Mansion in Athens, Greece March 1, 2017. REUTERS/Alkis Konstantinidis ATHENS Greek Prime Minister Alexis Tsipras said on Monday the economy of the country was turning a page, and poised to show ''exceptionally high'' rates of growth this year. Tsipras, whose government is still negotiating reforms with lenders under terms of a multi-billion euro bailout agreement, said a national growth strategy was needed for the country. "It is clear that no matter how they may want to stall negotiations at a technical level, there is no turning back. Greece has already turned a page," Tsipras told a cabinet meeting, in an indirect reference to lenders. (Reporting By Renee Maltezou)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-greece-pm-idUKKBN16D10I'|'2017-03-06T17:15:00.000+02:00'
'199db62455d067ea4a75695d84b05be81d2b59ed'|'Euro zone investor morale hits almost 10-year high'|'Business News - Mon Mar 6, 2017 - 9:43am GMT Euro zone investor morale hits almost 10-year high left right File Photo: A trader speaks on the phone during a trading session on the trading floor of Frankfurt''s stock exchange, Germany, December 17, 2015. REUTERS/Ralph Orlowski 1/2 left right FILE PHOTO: Employees of German car manufacturer Mercedes Benz make final adjustments at the end of the Mercedes A class (A-Klasse) production line at the factory in Rastatt, Germany, January 22, 2016. REUTERS/Kai Pfaffenbach/File Photo 2/2 BERLIN Investor sentiment in the euro zone improved more than expected in March, hitting its highest level in almost 10 years on Monday, as concerns that global political risks could end an economic upswing dissipated. The Frankfurt-based Sentix research group''s euro zone index rose to 20.7 points, reaching its highest level since August 2007. It was above the consensus reading of 18.5 in a Reuters poll of analysts. EUSTCS=ECI "All the expectation components for the global economic regions rose and cast the decline of last month in a new light," Sentix said in a statement. "Therefore the potential threat of a sudden halt to the economic recovery is off the table." The index had last month edged down to 17.4 from 18.2 in January on concerns that U.S. President Donald Trump''s policy course would weigh on the global economy. A sub-index measuring investor assessment of the current situation in the euro zone also rose to its highest level since May 2011. An index tracking Germany, the euro zone''s largest economy, rose to 34.1 from 31.3 in February. The indices for the United States and Japan also rose. "Trump''s motto ''Make America great again'' is having an effect," Sentix wrote. U.S. stocks have risen to record highs since Trump''s election after he vowed to remove some of the regulations introduced after the financial crisis and to boost spending on the military and infrastructure. "In addition to the main regions, the positive economic momentum for emerging markets is retained," Sentix said. It noted that Sentix polled 1,081 investors March 2-4. (Reporting by Joseph Nasr; Editing by Toby Chopra) Next In Business News Oil falls on lower China growth targets, doubts on Russian output curbs SINGAPORE Oil prices fell in Asian trade on Monday, wiping out some of the gains of the previous session amid worries lower growth targets in China could cut oil demand and ongoing concern over Russia''s compliance with a global deal to cut oil output.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eurozone-economy-sentix-idUKKBN16D0WR'|'2017-03-06T16:32:00.000+02:00'
'c0417aa493b9036af2b2645bb4ac8f2c31552ebf'|'Turkey''s competition board opens investigation into Google'|'  8:59am GMT Turkey''s competition board opens investigation into Google A security guard keeps watch as he walks past a logo of Google in Shanghai, China, April 21, 2016. REUTERS/Aly Song/File Photo ANKARA Turkey''s Competition Board said on Monday it had opened an investigation to determine whether Google ( GOOG.O ) had violated the country''s competition law. In a statement on its website, the authority said the probe aimed to determine whether Google''s contracts with equipment producers, in addition to its mobile communications systems, applications, and provision of services, had violated the law. The competition authority had previously concluded that opening an investigation into the company was not necessary, but decided to change its decision after a second evaluation. (Reporting by Orhan Coskun; Writing by Tuvan Gumrukcu; Editing by Daren Butler) Next In Business News Samsung Group repeats it did not pay bribes, seek improper favours SEOUL South Korean conglomerate Samsung Group [SAGR.UL] reiterated on Monday that it did not pay bribes or seek illicit favours in response to the special prosecutor''s announcement accusing the group''s leader of paying money to curry favour from President Park Geun-hye.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-turkey-google-investigation-idUKKBN16D0TX'|'2017-03-06T15:59:00.000+02:00'
'4247108aa72c4f4e4c473bb58440d28abdf3ba5e'|'PSA CEO - Vauxhall plants an opportunity if there is hard Brexit'|'Money News - Mon Mar 6, 2017 - 1:46pm IST PSA CEO - Vauxhall plants an opportunity if there is hard Brexit FULL COVERAGE: INDIA ELECTIONS 2017 A Vauxhall dealership advertises a sale on its vehicles near the Vauxhall plant in Luton, Britain February 17, 2017. REUTERS/Peter Cziborra/Files FRANKFURT PSA Group''s Chief Executive Carlos Tavares said Vauxhall''s factories are an asset for the French carmaker if Britain exits the European common market in a so-called "Hard Brexit" scenario. Tavares told analysts and investors on Monday that a proposed combination of PSA Group with the European operations of General Motors, presents an opportunity. "Opel Vauxhall was prevented until now to sell overseas. There is an export potential opportunity for us. There is also the Brexit and the risk and the opportunity to have inside of the U.K. some manufacturing plants in case we have a hard Brexit. All of this represents opportunities that we want to tackle," Tavares said. Automakers fear that a complete departure from the European common market could result in the imposition of tariffs for exporting and importing vehicles into Great Britain. Having a car plant in Britain would help Peugeot overcome such tariffs. Vauxhall has a plant in Ellesmere Port and in Luton. (Reporting by Edward Taylor; Editing by Harro ten Wolde) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/opel-m-apsa-britain-eu-idINKBN16D0Q4'|'2017-03-06T15:16:00.000+02:00'
'c8ca3aeccbd318d6975bf61b6d2c3553e6d66882'|'Oil majors reverse decade of stalled growth to beat supply crunch fears'|'Global Energy News - Mon Mar 6, 2017 - 2:53pm GMT Oil majors reverse decade of stalled growth to beat supply crunch fears Filled oil drums are seen at Royal Dutch Shell Plc''s lubricants blending plant in the town of Torzhok, north-west of Tver, November 7, 2014. REUTERS/Sergei Karpukhin/File Photo By Ron Bousso - LONDON LONDON Oil majors have long been passive watchers of the pump war between OPEC and U.S. shale producers, but not any more. Majors were unable to grow output for the past decade even as oil prices soared above $100 per barrel due bad capital discipline and huge project delays. The oil price slump since 2014 has prompted the world''s biggest oil firms to drastically cut costs but also to force contractors to make projects more efficient and extract the same amount of barrels for fewer dollars. As a result, most majors are now planning exceptionally strong production growth until at least 2021, a Reuters analysis of the latest investor presentation and corporate plans showed. Even as prices hold near $50 per barrel, the firms - Royal Dutch/Shell ( RDSa.L ), ExxonMobil ( XOM.N ), Chevron ( CVX.N ), BP ( BP.L ), Total ( TOTF.PA ), Statoil ( STL.OL ) and Eni ( ENI.MI ) - plan to grow output by a combined 15 percent in the next five years. "This environment requires discipline on costs and strongoperating performance. It will reward businesses that can remain highly competitive at these prices," BP''s chief Bob Dudley said at the London-based company''s strategy day last week. The seven companies will add almost 3 million barrels per day to their combined output in the next 5 years effectively generating production the size of another major like Chevron. For a graphic on production: tmsnrt.rs/2m3xeiD A lot of new barrels will not be necessarily oil as firms like Shell and Eni are pressing ahead with giant gas projects. But the development still challenges the predominant narrative in the notoriously cyclical oil sector - that the reduction of investment during more than two years of low prices would lead to a supply crunch by the end of this decade. Many executives including the head of Total Patrick Pouyanne and Eni''s Claudio Descalzi as well as the International Energy Agency have predicted a crunch by 2020, based on low levels of investments in new projects. "The investor mindset is switching to growth again," said Anish Kapadia, analyst at investment bank Tudor, Pickering, Holt& Co. "Oil prices are above $50 a barrel, companies are generating cash and are starting to talk about growth again, we are at that point of the cycle." THE EXXON-VS-SHELL RACE The change in mood is expected to be reflected at this week''s CERAWeek industry conference in Houston, Texas, as activity in the U.S. shale picks up rapidly and global merger and acquisition activity returns. Unlike in the previous decade, when U.S. oil output growth was driven by independent firms, majors such as Exxon plan to be the driving force behind the new cycle. Exxon and Chevron are both betting much of their money on shale production which benefits from relatively low investment and rapid production. Europe''s oil majors on the other hand are focusing more on the traditional large, often offshore projects such in the Gulf of Mexico and Brazil that require big investment and years to develop but also produce larger volumes of oil and gas. As things stand, Shell could dethrone Exxon as the biggest publicly-traded oil producer by the end of the decade with projected output of 4.23 million boe in 2021. That figure could be revised down because Shell plans to dispose of more than $20 billion of assets in the next two years to pay for its $54 billion acquisition of BG Group. The Anglo-Dutch group has already outstripped Exxon on profits in the past two quarters. Jason Kenney, analyst at Santander, sees France''s Total( TOTF.PA ) as particularly well positioned to benefit from the recovery in oil prices as it is now set to reap the fruit of investments already made. "The company (Total) is benefiting from a period of''already invested-in'' growth delivery when others are debating about reinvestment for long term growth," he said. Total leads the group of oil majors with a return on average capital employed, a ratio of profitability versus investments,of 10.2, with Exxon second at 7.3, according to Kenney. (Reporting by Ron Bousso; Editing by Dmitry Zhdannikov and David Evans) Next In Global Energy News RPT-U.S. energy stocks, darlings last year, stumble in 2017 NEW YORK, March 5 The energy sector is the stock market''s dud so far in 2017 after a banner performance in 2016, and the rest of the year may also be rocky for investors due to the unclear path for crude oil prices. U.S. energy stocks, darlings last year, stumble in 2017 NEW YORK, March 5 The energy sector is the stock market''s dud so far in 2017 after a banner performance in 2016, and the rest of the year may also be rocky for investors due to the unclear path for crude oil prices. Cause of Mexican sewage spill fouling U.S. beaches under investigation LOS ANGELES A massive sewage spill from Mexico''s Tijuana River that polluted miles of coastland in Southern California and northern Mexico has prompted an investigation, with U.S. officials calling it deliberate and Mexican authorities saying it was an accident caused by heavy rain. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ceraweek-bigoil-growth-analysis-idUKKBN16D1PO'|'2017-03-06T21:53:00.000+02:00'
'66b7abd56f8c1c0c6a2454deba1e8b220a627b96'|'RPT-Macquarie to buy Cargill''s global oil business -sources'|'Company News - Sun Mar 5, 2017 - 9:00pm EST RPT-Macquarie to buy Cargill''s global oil business -sources (Repeats story published Friday to widen distribution) HOUSTON, March 6 Australian bank Macquarie Group Ltd is planning on buying Cargill Inc''s global oil business, according to people familiar with the matter, marking the second energy business the global commodities trader has shed this year. Terms of the deal have been agreed upon, but the integration could take several weeks or longer, one of the sources said. The deal comes as Cargill has spent the past year streamlining its business amid a nearly three-year slump in global commodity prices. In January, sources said that Cargill sold its U.S. gas and power business to commodities trader and investor TrailStone Group. A Cargill spokeswoman said the company continues to operate its U.S. gas and power business and its global oil business, but declined to comment on the acquisition by Macquarie. Macquarie also declined to comment. Macquarie had also bid on Cargill''s gas and power business, a source said. Privately held Cargill in January reported a higher quarterly profit, buoyed by strong results in its meats and U.S. crops business. Many banks exited physical oil trading following the implementation of the Dodd-Frank Act''s financial reform. President Donald Trump in February signed an executive order that would scale back the act, potentially creating a better environment for banks to trade physical commodities. (Reporting by Liz Hampton in Houston, Dmitry Zhdannikov and Julia Payne in London; Editing by G Crosse and Lisa Shumaker) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cargill-inc-divestiture-macquarie-group-idUSL2N1GG1BN'|'2017-03-06T09:00:00.000+02:00'
'4c1e268b9a3af9fe2bd363d0ce6dd53b346d2745'|'Out in the cold: New U.S. budget priorities threaten housing aid programs'|'Business News - Sun Mar 5, 2017 - 6:50pm IST Out in the cold: New U.S. budget priorities threaten housing aid programs By James Oliphant When Paul Ryan, speaker of the U.S. House of Representatives, talks of social mobility, about helping struggling Americans move out of impoverished areas to give them greater opportunity, Shiva Daniels is the kind of person he has in mind. A federal housing voucher allowed Daniels to escape her crime-plagued neighborhood in Dallas, Texas, and move her four children to the suburb of Garland. That move helped Daniels find a good job, working for a property management company. Today, she cherishes the small, two-bedroom house she rents, with a yard where her children can safely play, away from drugs and gang violence in Dallas. But if Daniels, 31, were to lose the $1,082 monthly stipend she receives, she has no doubt what would happen. “I would have to move back,” she said. “I wouldn’t be able to afford it.” Pulling Americans out of poverty is a subject close to Ryan’s heart. And President Donald Trump has frequently talked about aiding the inner cities. But the housing assistance provided by the U.S. Department of Housing and Urban Development, or HUD, could fall victim to fiscal policies under consideration by the White House and Congress, which include a massive tax cut and increased military spending, according to a dozen congressional aides who spoke to Reuters. While the White House has not been specific about its plans for HUD — the budget process remains in flux — it has called for a $54 billion cut in non-military discretionary domestic programs in the next fiscal year, which likely will dramatically impact safety-net programs that are not entitlements such as Medicare and Social Security, budget experts said. Altogether, housing advocates paint a bleak picture of the landscape for low-income housing under the Trump administration. They warn that deep cuts to housing funds would force some people out of their homes and hollow out grant programs meant to revitalize urban neighborhoods. There is also a ripple effect, they warn: Rental prices would likely rise alongside declines in affordable housing projects and vouchers available to renters. That would make it tougher for renters to save enough to eventually buy homes. “It’s a bad cycle,” said Carol Galante, a former top HUD official during the Obama administration. “It puts pressure on the rental market. The rents are higher and higher so people can save less and less.” IMAGE PROBLEMS HUD provides about 5 million Americans with some form of housing assistance, either through vouchers to renters, subsidies to landlords or public housing projects, which comprises about 85 percent of its budget. It also sends about $8 billion annually directly to communities through grants. Even so, only about one-quarter of those eligible for assistance in the country receive it. Housing advocates say changes to its budget or mandate would be directly felt in low-income communities. They point out that in 2013, when the legislatively mandated budget cuts known as sequestration hit HUD, more than 100,000 renters nationwide lost their housing support. Douglas Rice, an expert at the Center for Budget and Policy Priorities, a nonpartisan think tank in Washington, estimates that for every 1 percent cut in HUD’s budget, 20,000 renters would lose their assistance But critics of the agency, including some Republican lawmakers, say its anti-poverty and community-development programs are inefficient and wasteful, and that it has failed to live up to its mission. Today, the proportion of Americans who live below the poverty line — 14.5 percent — is about the same as it was 35 years ago. HUD has also at times had difficulty shaking the image of a bureaucratic agency that is vulnerable to corruption. It was at the center of a bid-rigging scandal during the Reagan Administration. And Alphonso Jackson, the HUD secretary under President George W. Bush, resigned in 2008 amid allegations that he steered contracts to friends. Charges were never brought against Jackson. “There are some sports teams that never seem to gel. I think we’re a little like that at HUD,” said Bud Albright, a Washington lobbyist who worked at the agency when Republican Jack Kemp was secretary in the early 1990s. Trump, who has not been specific on his plans for the agency, selected Ben Carson to lead HUD. The former neurosurgeon and Republican presidential candidate won Senate confirmation last week. Although Carson''s views hew closely to Republican orthodoxy on how too much government can discourage people from working hard, his upbringing in inner-city Detroit gives him a unique perspective: his mother received food stamps to provide for her family and he was raised around housing assistance programs similar to those he will now manage. Carson, who declined requests for interviews by Reuters, has pledged to fight to protect HUD’s housing-assistance budget and preserve the agency’s community-development initiatives. He also said he would push to include funding to rehabilitate public-housing facilities in Trump’s proposed $1 trillion infrastructure plan. But given the White House''s determination to cut domestic spending, Carson will have to fight for every dollar. A HUD spokesman declined to comment on which programs could be hurt by any possible budget cuts. The White House''s Office of Management and Budget did not respond to a request for comment. ''A BIG DEAL'' Congress, too, is looking to narrow HUD’s reach. Ryan has called for work requirements and time limits on those who receive housing assistance, similar to how child support, food assistance and other welfare benefits function. Tax reform spearheaded by Ryan and Kevin Brady, the House Ways and Means chairman, could ultimately do away with a key tax credit used by developers to build affordable housing, or could drastically curtail the credit’s use. One vocal critic of HUD is Jeb Hensarling, Republican chair of the House Financial Services Committee, which oversees the housing agency. Hensarling plans to introduce legislation this year to narrow the $1 trillion portfolio of the Federal Housing Administration, which helps low-income and first-time homebuyers purchase homes, his office said. Hensarling has said he fears that if home values drop the FHA would require another federal bailout as it did in 2013, when it received a taxpayer-funded infusion of $1.7 billion to cover its losses. If the cuts to HUD’s budget are as severe as some expect, those who are on waiting lists now for vouchers will be staying on them for a very long time, and recipients such as Shiva Daniels, who has been receiving assistance for six years, will be at risk of seeing that support end. That would mean losing her small house, with the yard she sees as a safe haven for her children. “It might not feel like it’s a big deal, but it is,” Daniels said. “When you feel good, it allows you to do better, and do better for them.” (Additional reporting by Richard Cowan; Editing by Jason Szep and Paul Thomasch) Next In Business News Titans of oil world meet in Houston after two-year price war HOUSTON The biggest names in the oil world come together this week for the largest industry gathering since the end of a two-year price war that pitted Middle East exporters against the firms that drove the shale energy revolution in the United States.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-usa-trump-housing-idINKBN16C0JG'|'2017-03-05T20:09:00.000+02:00'
'05d9721911690814a212af5ef43d6adda33bff37'|'South Korea says to act against China''s discrimination against South Korean firms'|'Business News - Sun Mar 5, 2017 - 2:41am GMT South Korea says to act against China''s discrimination against South Korean firms SEOUL South Korea''s trade minister said on Sunday the government''s responses against discriminating action by China towards South Korean companies will be strengthened and he feels "deep concern" over recent measures taken by Beijing. Trade Minister Joo Hyung-hwan made the statement while visiting the United States, the ministry said in a statement. South Korean media said last week Chinese government officials had given verbal guidance to tour operators in China, to stop selling trips to South Korea days after the Seoul government secured land for a U.S. missile-defence system from Lotte Group. China objects to the Terminal High Altitude Area Defence (THAAD) system deployment, saying its territory is the target of the THAAD''s far-reaching radar. South Korea and the United States have said the missile system is only aimed at curbing North Korean provocations. "We will act accordingly to international law against any actions that violate policies of the World Trade Organisation (WTO) or the free trade agreement between South Korea and China," Joo said. The trade ministry said it would start examining exports to China on a daily basis and any changes to South Korean exporters who do business with China in order to respond as quickly as possible against unfair action. On Friday, it requested to the Chinese embassy in Seoul that South Korean companies investing in China be protected and be shown care. Data last week showed South Korean February exports to China, its biggest trade partner, posted the best growth since late 2010, driven by sales of intermediate goods such as semiconductors and display panels used for electronics manufacturing. Economists say the THAAD-related backlash is not expected to significantly harm exports to China in the short term as a bulk of the shipments are intermediate goods, which China uses to manufacture finished products and ships to other countries. However, government officials are warily watching if diplomatic tensions grow further between South Korea and China at a time when global protectionism is rising. (Reporting by Christine Kim; Editing by Jacqueline Wong) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-southkorea-china-idUKKBN16C026'|'2017-03-05T09:41:00.000+02:00'
'637e40a2f12ee571f9e6db13dc6cf9acad03a26d'|'Abu Dhabi aims to close $872 mln solar plant financing in April'|'By Stanley Carvalho - ABU DHABI, March 5 ABU DHABI, March 5 Abu Dhabi''s government-owned power utility aims to close a financing package for a 3.2 billion dirham ($872 million) solar power plant, which will be the world''s largest, in April, a senior official at the utility said on Sunday.Last week, Abu Dhabi Water & Electricity Authority (ADWEA) said it had selected a consortium of Japan''s Marubeni Corp and China''s JinkoSolar Holding to build and operate the 1,177 megawatt plant. The duo were selected from six bids received by ADWEA in September.The project is ADWEA''S first foray into renewable energy. Abu Dhabi aims to generate 7 percent of its energy from renewables by 2020; the government''s green energy firm Masdar has launched renewable energy projects including solar plants.The plant, to become operational in 2019, will be funded 25 percent by equity and 75 percent by debt, Adel al-Saeedi, acting director of privatisation at ADWEA, told Reuters. ADWEA would contribute the equity while local and international banks would fund the debt.The winning bidders offered to provide electricity for 2.42 U.S. cents per kilowatt hour, one of the most competitive prices seen to date in the solar industry, Saeedi said.A special-purpose company would be formed to operate the project; ADWEA would own 60 percent of the company while Marubeni and Jinko would hold 40 percent. Power generated would be sold to Abu Dhabi for 25 years.Initially the plant at Sweihan, east of the city of Abu Dhabi, was to have a capacity of 350 MW, but ADWEA increased the capacity because additional land became available, said Saeedi.(Reporting by Stanley Carvalho; Editing by Andrew Torchia)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/emirates-renewables-idINL5N1GI06N'|'2017-03-05T07:58:00.000+02:00'
'384814b973d83754f1be53b267aec1214afc8e29'|'Abu Dhabi aims to close $872 million solar plant financing in April'|'ABU DHABI Abu Dhabi''s government-owned power utility aims to close a financing package for a 3.2 billion dirham ($872 million) solar power plant, which will be the world''s largest, in April, a senior official at the utility said on Sunday.Last week, Abu Dhabi Water & Electricity Authority (ADWEA) said it had selected a consortium of Japan''s Marubeni Corp and China''s JinkoSolar Holding to build and operate the 1,177 megawatt plant. The duo were selected from six bids received by ADWEA in September.The project is ADWEA''S first foray into renewable energy. Abu Dhabi aims to generate 7 percent of its energy from renewables by 2020; the government''s green energy firm Masdar has launched renewable energy projects including solar plants.The plant, to become operational in 2019, will be funded 25 percent by equity and 75 percent by debt, Adel al-Saeedi, acting director of privatization at ADWEA, told Reuters. ADWEA would contribute the equity while local and international banks would fund the debt.The winning bidders offered to provide electricity for 2.42 U.S. cents per kilowatt hour, one of the most competitive prices seen to date in the solar industry, Saeedi said.A special-purpose company would be formed to operate the project; ADWEA would own 60 percent of the company while Marubeni and Jinko would hold 40 percent. Power generated would be sold to Abu Dhabi for 25 years.Initially the plant at Sweihan, east of the city of Abu Dhabi, was to have a capacity of 350 MW, but ADWEA increased the capacity because additional land became available, said Saeedi.(Reporting by Stanley Carvalho; Editing by Andrew Torchia)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-emirates-renewables-idUSKBN16C0FL'|'2017-03-05T14:08:00.000+02:00'
'ceb541d66851017c8adee5c078db4a3f0fa20c6a'|'Satellite group Inmarsat''s earnings boosted by governments, airlines'|' 10pm GMT Satellite group Inmarsat''s earnings boosted by governments, airlines A technician looks at a solar panel on the Inmarsat S-Band/Hellas-Sat 3 satellite in the clean room facilities of the Thales Alenia Space plant in Cannes, France, February 3, 2017. REUTERS/Eric Gaillard/File Photo By Paul Sandle - LONDON LONDON British satellite company Inmarsat ( ISA.L ) said strong demand from governments and aviation customers in the final quarter of 2016 helped core earnings for the year to rise 9.5 percent to $795 million (654.16 million pounds), sending its shares to a two-month high. Chief Executive Rupert Pearce said a large part of the group''s outperformance in the final quarter was down to a one-off contract from the U.S government. "It shows that governments are using us for operation deployments, and in particular they like GX," he said, referring to the company''s new global satellite network. He said demand from airlines boosted revenue at the end of the year, helping to offset continued weakness from maritime customers, which has long been the largest part of its business. Inmarsat is building a network with Deutsche Telekom ( DTEGn.DE ) in Europe that will provide high-speed broadband to passengers on short-haul flights. The satellite company said on Wednesday that BA and Iberia owner International Airlines Group ( ICAG.L ) would be the launch customer for the network, which it aims to have in place later this year. IAG planned to connect more than 300 of its aircraft to the network, allowing customers to browse the internet and stream video, and have 90 percent of its short-haul fleet equipped by early 2019, Inmarsat said. The satellite group said it expected growth to come from its new networks, but it warned that its markets "continued to be challenging, with sustained pressure on customer expenditure, increasing competition and the arrival of new satellite capacity." It said the outlook for the next two years was difficult to predict, though it said it expected revenue of $1.2 billion to $1.3 billion this year, in line with market expectations. In 2018, it sees revenue increasing to $1.3 billion to $1.5 billion next, an up to 10 percent downgrade to its previous expectations, although the new numbers are in line with analysts'' forecasts. Chief Financial Officer Tony Bates said the guidance had been lowered because of satellite launch delays and uncertainty over the timing of some airline deals. Revenue in 2016 rose 4.3 percent to $1.33 billion, the company said. Shares in Inmarsat were trading up 6.5 percent at 729 pence at 1142 GMT. (Editing by David Clarke and Jane Merriman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-inmarsat-results-idUKKBN16F0SY'|'2017-03-08T19:10:00.000+02:00'
'6f9c54c59f530d94aa21fb094ff6eb3cf0cf91d0'|'Canada''s Hydro One in talks to buy Toronto Hydro - sources'|'  10:15pm GMT Canada''s Hydro One in talks to buy Toronto Hydro - sources By John Tilak - TORONTO TORONTO Canada''s Hydro One Ltd ( H.TO ) is in talks to buy municipal electricity distributor Toronto Hydro Corp for about C$3 billion (1.82 billion pounds) as the city of Toronto explores options to finance various infrastructure projects, people with knowledge of the matter told Reuters. The two companies have been in discussions about the deal for the past few months but the talks have not entered final stages, one of the people said. They cautioned the talks could fall apart. The combined company could generate potential synergies of about C$1 billion, the people added. The city of Toronto, which owns 100 percent of Toronto Hydro, is also exploring other ways to monetize its assets, including by publicly listing Toronto Hydro, as well as by selling its Green P parking business or other real estate assets, one of the people added. The Green P parking asset, which includes a popular app, is likely worth more than C$1 billion, that person said. Toronto Mayor John Tory denied the sales talks are taking place. "I can confirm that no discussions are taking place with respect to the sale of Toronto Hydro to anyone," Tory said in an emailed statement. Canada''s most populous city needs a massive infrastructure upgrade to meet the growing demands of residents. But the city has struggled to raise sufficient funds to finance its rail and road networks. Toronto Hydro has also been under financial pressure as it attempts to make infrastructure investments surrounding its electricity grid. Last November, it cut its dividend to the city of Toronto. A deal would also help Hydro One''s growth ambitions as a public company after it raised C$1.8 billion in one of Canada''s biggest IPOs in 2015. Hydro One, backed by the province of Ontario, has a market value of C$14 billion. Under one proposal, Hydro One would pay about half the deal value in cash and the rest in stock, one of the people said. A cash-and-stock transaction with Hydro One would allow the city to benefit from Hydro One''s dividend as well, the people said. Spokesmen for Hydro One and Toronto Hydro declined to comment. The people declined to be identified as the talks are confidential. The discussions involve Toronto Hydro Chief Executive Anthony Haines, Hydro One CEO Mayo Schmidt, Ontario Premier Kathleen Wynne and Mayor Tory, one of the people said. While the talks are making progress, a successful deal faces significant hurdles as it requires approval of the city council. It would also have to overcome potential opposition from unions. ($1 = 1.3375 Canadian dollars) (Reporting John Tilak in Toronto; Editing by Denny Thomas and Chris Reese)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-toronto-hydro-m-a-hydro-one-idUKKBN16B0QR'|'2017-03-05T05:15:00.000+02:00'
'e637a16b5d9feabf074474b33acfe1f4193913f3'|'BRIEF-Fission 3 announces private placement financing'|' 04am EST BRIEF-Fission 3 announces private placement financing March 7 Fission 3.0 Corp: * Fission 3 announces private placement financing * announces non-brokered private placement financing to sell on best efforts basis, up to C$2.0 million in units at price of C$0.07 per unit   UPDATE 3-Asian nations restrict U.S. poultry imports over bird flu SEOUL/CHICAGO, March 6 South Korea, Japan, Taiwan and Hong Kong have limited imports of U.S. poultry after the United States detected its first case this year of avian flu on a commercial chicken farm, South Korea''s government and a U.S. trade group said on Monday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-fission-3-announces-private-placem-idUSASB0B40V'|'2017-03-07T15:04:00.000+02:00'
'02664075222b2ebb6839f28fb935d4d6b0b24a0b'|'Exclusive - EU cannot yet say how much UK should pay on Brexit - auditor'|'Business   7:00pm GMT Exclusive - EU cannot yet say how much UK should pay on Brexit - auditor A European Union flag is waved in front of Big Ben and the Houses of Parliament in London, Britain, February 20, 2017. REUTERS/Toby Melville By Francesco Guarascio - BRUSSELS BRUSSELS The European Union cannot yet assess how much Britain should be asked to pay Brussels when it quits the bloc, as much will have to be settled by negotiation, the EU''s chief auditor has told European lawmakers. In a letter seen by Reuters on Tuesday, the president of the European Court of Auditors (ECA), Klaus-Heiner Lehne, put liabilities to be covered by future budgets that are mostly funded by member states at 344 billion euros (298.08 billion pounds). But he declined to calculate how much Britain''s share of that EU figure should be. EU officials preparing to negotiate a Brexit treaty once Prime Minister Theresa May files for a formal divorce this month cite a working hypothesis that London may have to pay up to 60 billion euros to cover outstanding commitments before leaving in 2019. That is close to 17 percent of the ECA''s total EU figure and so is similar to Britain''s share of the whole EU economy. However, Lehne, a former EU lawmaker from German Chancellor Angela Merkel''s centre-right party, said the British share could only be worked out after the Brexit negotiations. "Regarding an evaluation of the proportion of the figures that would correspond to the UK," he told European Parliament budget committee chair Ingeborg Graessle in a written reply to questions from the committee. "We are currently not in a position to answer as any calculation would depend on numerous assumptions, which may be part of any discussions that ensue." An ECA spokesman declined comment on the letter, which among other details showed a need for 64 billion euros over time to cover pension and other benefits due to EU employees. EU chief executive Jean-Claude Juncker warned Britain last month that it faced a "very hefty bill" on leaving. With last year''s vote for Brexit fuelled in part by arguments over the roughly 10-billion-euro a year cost of Britain''s EU membership, London is expect to argue for paying as little as possible. Brussels officials have said their priority this year is to agree at least how the final calculation will be made -- leaving exact figures to be worked out only at the end. (Writing by Alastair Macdonald; Editing by Robin Pomeroy) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-auditor-idUKKBN16E2JD'|'2017-03-08T02:00:00.000+02:00'
'26626ba666526d114b156f47ba5c0b7c69c998df'|'UK annual house price growth slows to weakest since July 2013 - Halifax'|'Business News - Tue Mar 7, 2017 - 9:10am GMT UK annual house price growth slows to weakest since July 2013 - Halifax A Union flag flies over a house in Whitehaven, Britain February 13, 2017. REUTERS/Phil Noble LONDON Annual British house price growth cooled to its weakest since July 2013 in February, hurt by increasingly squeezed consumer finances, mortgage lender Halifax said on Tuesday. House prices rose 5.1 percent in the three months to February compared with the same period a year ago, down from 5.7 percent in January and weaker than a Reuters poll forecast for growth of 5.3 percent. In February alone, house prices edged up 0.1 percent after a 1.1 percent drop in January, Halifax said. "A sustained period of house price growth in excess of pay rises has made it increasingly difficult for many to purchase a home," Halifax housing economist Martin Ellis said. "This development, together with signs of reduced momentum in the jobs market and squeezed consumer spending power, is expected to curb house price growth during 2017." (Reporting by Andy Bruce; editing by Michael Holden) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-economy-houseprices-idUKKBN16E0V4'|'2017-03-07T15:50:00.000+02:00'
'5bbe9e244a61d224a7dc1dfcc6131cedb59b7dcc'|'CANADA STOCKS-TSX flat as miners weigh, offset by financials'|'Company News  51am EST CANADA STOCKS-TSX flat as miners weigh, offset by financials (Adds details on specific stocks, updates prices) * TSX down 11.87 points, or 0.08 percent, at 15,617.88 * Half of the TSX''s 10 main groups fall TORONTO, March 7 Canada''s main stock index was little changed in Tuesday morning trading as gains for some heavyweight financial shares partly offset weakness in commodity prices that weighed on the country''s substantial mining and energy sectors. Copper, natural gas, gold and other commodities were all trading lower, while gains for crude oil lessened the impact on energy companies. At 10:22 a.m. ET (1522 GMT), the Toronto Stock Exchange''s S&P/TSX composite index was down 11.87 points, or 0.08 percent, at 15,617.88. Half of its 10 sectors were lower, and decliners were outnumbering advancers by 3-to-2. The most influential weights on the index included First Quantum Minerals Ltd, which fell 4.4 percent to C$14.17, and Lundin Mining Corp, down 4 percent at C$7.87. Barrick Gold lost 1 percent to C$23.83 as bullion hit a four-week low on increased expectations that the U.S. Federal Reserve will raise interest rates this month. Overall, the materials group, which includes precious and base metals miners and fertilizer companies, lost 1.1 percent. The energy group retreated 0.2 percent, with oil prices firmer in a tight range. The financials group gained 0.2 percent, with Toronto-Dominion Bank up 0.3 percent at C$70.55 and Bank of Montreal gaining 0.5 percent to C$103.84. Brookfield Asset Management Inc added 0.8 percent to C$48.55 after saying it would take control of two SunEdison units for $2.5 billion. U.S. crude prices were up 0.5 percent at $53.48 a barrel, while Brent added 0.5 percent to $56.29. Gold futures fell 0.6 percent to $1,217.6 an ounce, and copper declined 1.2 percent to $5,790 a tonne. Valeant Pharmaceuticals International Inc fell 7.4 percent to C$15.42 after Deutsche Bank cut its target price on the stock. Canada posted its third consecutive monthly trade surplus in January, the first such stretch since 2014, in another signal that the economy is gaining momentum after slumping for more than two years due to low oil prices. (Reporting by Alastair Sharp; Editing by Lisa Von Ahn) Next In Company News UPDATE 2-China''s ZTE pleads guilty, settles with U.S. over Iran sales NEW YORK, March 7 Chinese telecommunications equipment maker ZTE Corp has agreed to plead guilty and pay $892 million to settle with U.S. authorities over allegations it violated U.S. laws restricting the sale of American-made technology to Iran, the company said on Tuesday. UPDATE 2-German court rejects injunction for Facebook in Syrian selfie case WUERZBURG, Germany, March 7 A German court rejected a temporary injunction against Facebook on Tuesday in a case brought by a Syrian refugee who sued the social networking site for failing to remove faked posts linking him to crimes and militant attacks. * RNC Minerals announces intention to spin-out Qiqavik and West Raglan Projects, and option agreement with Carolina Gold Resources for two properties in Carolina Gold Belt MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL2N1GK0YG'|'2017-03-07T22:51:00.000+02:00'
'1901d64ec4e911c43d3a7b4336541f2705f5b99c'|'German Fin Min says Greece must decide if it wants to stay in euro zone'|'BERLIN Greece must decide whether it wants to remain in the euro zone, German Finance Minister Wolfgang Schaeuble said on Tuesday, adding Berlin is open to discussing debt relief for Athens in 2018 if such a step is needed.He also said debt relief for Greece was not an issue at the moment and the goal was to complete the programme review."If the agreement is adhered to by all sides, I am confident it will work," Schaeuble told reporters in Berlin.He referred to the Eurogroup agreement from May 2016 that debt relief should, as a matter of principle, be looked at from 2018 and if, contrary to expectations, it is needed, such measures could be introduced.(Reporting by Michael Nienaber and Joseph Nasr; Writing by Madeline Chambers; Editing by Michelle Martin)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/eurozone-greece-schaeuble-idINKBN16E1FH'|'2017-03-07T09:22:00.000+02:00'
'712d4d00206eecef4f5622acfbb3337c6bec0b42'|'Norway''s $900 billion fund drops 10 more companies with links to coal'|'Money  42pm IST Norway''s $900 billion fund drops 10 more companies with links to coal FULL COVERAGE: INDIA ELECTIONS 2017 OSLO Norway''s central bank, which manages the country''s $900 billion wealth fund, has excluded another 10 companies from its investment portfolio because they use or produce coal, it said on Tuesday. The fund is the world''s biggest sovereign wealth fund, owning 1.3 percent of all listed company shares globally. As of the end of 2016, it owned shares in nearly 9,000 firms. Norway''s parliament decided in 2015 that the fund would sell holdings in companies that derive more than 30 percent of their turnover or activity from coal because it is a big contributer to climate change and air pollution. The ten companies excluded on Tuesday are: CEZ, Eneva, Great River Energy, HK Electric Investments, Huidan Energy, Korea Electric Corp, Malakoff Corp, Otter Tail Corp , PGE and SDIC Power Holdings. The central bank also said it had put two companies under observation for potential exclusion in the future. These are NorthWestern Corp and Portland General Electric. After Tuesday''s announcement, the fund has excluded 69 companies and placed 13 companies under observation for their use of coal, it said. (Reporting by Gwladys Fouche, editing by Nerijus Adomaitis and Jane Merriman) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/norway-swf-idINKBN16E1EP'|'2017-03-07T19:12:00.000+02:00'
'd613f7c3fb5f4b92135464b4c6e8aa7bdeb8826a'|'European shares slip as Trump tweet hits drugmakers'|'Company News  35pm EST European shares slip as Trump tweet hits drugmakers * STOXX drops 0.3 pct, down for fourth straight day * Trump tweet hits drugmakers * M&A chatter lifts Italy tower firms * Aggreko plunges on weak outlook * But well-received results lift Just Eat, Iliad (Adds details, closing prices) By Kit Rees and Danilo Masoni LONDON/MILAN, March 7 European shares fell on Tuesday as shares in big international drugmakers were hit after U.S. President Donald Trump tweeted about lowering drug prices. Also weighing were companies such as Casino and Aggreko which reported disappointing results, but merger talk boosted shares in Italian TV tower firms. The STOXX 600 fell 0.3 percent, setting its fourth straight session of losses. The pan-European index however remains close to its 15 month peak hit last week on the back of a rally fuelled by a brighter economic outlook and a strong earnings season. The region''s healthcare index was the top drag to the STOXX, down 1 percent, after Trump said he was working on a new system to increase competition and bring down drugs prices. Sector heavyweights such as Novartis, Roche , Shire and Sanofi all fell between 0.8 and 2.3 percent. The three biggest fallers on the STOXX all reported results, with Aggreko tumbling 12.9 percent after the British temporary power provider reported lower revenues and gave a gloomy outlook for this year. French retailer Casino Guichard and bookmaker Paddy Power Betfair both fell more than 5 percent following poor earnings updates. Data from Germany added to the downcast mood on Tuesday as figures showed that Europe''s largest economy saw industrial orders fall 7.4 percent in January, their biggest monthly fall in eight years due to a slump in domestic and euro zone demand. Europe''s industrial goods and services index ended down 0.1 percent. Italian TV towers companies EI Towers and Rai Way both rose 5.3 percent after local newspaper Il Messaggero said Rai Way had mandated Citi to examine a possible takeover of its rival after a failed attempt to merge in 2014. EI Towers, which is controlled by broadcaster Mediaset , said it was not aware of any offer. Other company updates drove gains, with Just Eat rising 4.6 percent after the online food delivery company posted nearly doubled its earnings, while French telecoms group Iliad gained more than 1 percent after a core earnings rose. The earnings season in Europe has so far been relatively strong, with 55 percent of companies in major regional markets posting earnings beats, according to Eikon data. Traders said market participants were also looking ahead to the U.S. Federal Reserve''s interest rate decision later in the month. "We are still quite confident in European markets ... There''s further scope for a bit of a push but we think there''s a bit of a lack of a volume and market participation just because everybody''s sitting on the sidelines waiting for the imminent announcement from the U.S.," said Berkeley Capital trader John Moore. (Editing by Hugh Lawson) Next In Company News UPDATE 2-Brazil gets $2.4 billion in bids for bond reopen -source SAO PAULO, March 7 Investors have placed about $2.4 billion worth of bids for a reopening of the Brazilian government''s dollar-denominated bond maturing in April 2026, whose sale is expected to close as early as Tuesday, according to a person with direct knowledge of the transaction. UPDATE 3-Brazil''s worst-ever recession unexpectedly deepens in late 2016 BRASILIA, March 7 Brazil''s worst-ever recession intensified unexpectedly in the final quarter of 2016, data showed on Tuesday, frustrating hopes for signs of a recovery and stepping up pressure on President Michel Temer and the central bank to do more to promote growth. UPDATE 1-U.S. judge rules against tribes seeking to stop Dakota pipeline March 7 A U.S. judge on Tuesday ruled against native tribes seeking to stop the Dakota Access Pipeline from moving forward on the basis that it would prevent them from practicing religious ceremonies, as legal options for opponents of the project narrow. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL5N1GK5SQ'|'2017-03-08T00:35:00.000+02:00'
'c1181bfa3b2962fbf63b4971edf1054c0a2c3b11'|'Saudi ministry sets up venture with private firm to build homes'|'RIYADH, March 7 Saudi Arabia''s Ministry of Housing has set up a 98 million riyal ($26 million) partnership with a private developer to build 462 housing units in the east of the capital, it said on Tuesday.It is the ministry''s first public-private partnership and could become a model for the kingdom''s home construction plans, which aim to make home ownership more accessible for Saudis.The government is struggling to meet demand for homes for its young and growing population of 21 million nationals, while also cutting back on its traditionally generous public spending after a sharp fall in oil prices since 2014.The ministry will hold 13.63 percent in the new venture with Al-Tahaluf Real Estate Company, which is jointly owned by Saudi Arabia''s Hamad bin Mohammad bin Saedan Real Estate Investment Group and U.S.-based Hovnanian Enterprises Inc.The project involves building 426 duplex units and 36 single home villas priced between 530,000 and 590,000 riyals ($141,000-$157,000). Design is by the Netherlands'' Studio Piet Boon.The ministry plans to issue tenders for 100,000 units in 2017 as part of its housing initiative, Naif Abdulmouhsin Al-Rasheed, an adviser to the minister, told Reuters.The government said in June it aimed to raise the proportion of Saudis owning homes by 5 percentage points to 52 percent by 2020 and outlined plans to attract foreign and local developers to build 1.5 million units over the next seven or eight years.Since then, officials have introduced other reforms, including a tax on undeveloped urban land, new national home financing and refinancing companies and an increase in the share of funding banks can offer for loans purchases.The government has also signed memoranda of understanding with China, South Korea and a Saudi-South Korean consortium to cooperate in building hundreds of thousands of homes in al-Ahsa and northern Riyadh.($1 = 3.7503 riyals) (Reporting by Katie Paul; Editing by Edmund Blair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/saudi-housing-idINL5N1GK4IC'|'2017-03-07T12:11:00.000+02:00'
'49670233b100c85a927e50d911cf6b2a3991c257'|'UPDATE 1-WH Group chief cautious over Smithfield China expansion due to pork glut'|'Deals - Tue Mar 7, 2017 - 5:09am EST WH Group chief cautious over Smithfield China expansion due to pork glut File Photo: Some of the products of WH Group are displayed in front of maps of China (L) and the United States at a news conference on the company''s IPO in Hong Kong April 14, 2014. REUTERS/Bobby Yip By Dominique Patton - BEIJING BEIJING China''s WH Group Ltd ( 0288.HK ) will be cautious about expanding Smithfield''s pork processing operations in China due to over-capacity in the world''s biggest pork market, Chairman and Chief Executive Officer Wan Long said in an interview on Tuesday. Speaking on the sidelines of parliament''s annual meeting, Wan said he expects pork prices to fall to an average of 14 yuan to 15 yuan ($4.20) per kilogram this year after hitting a record high in 2016. WH Group bought U.S.-based Smithfield Food Inc [SFII.UL], the world''s biggest pork producer, in 2013 for almost $5 billion. "Over-capacity in China is not only in heavy industry, but also the food industry suffers from this problem, so we will expand according to the Chinese market situation," Wan said. He said he expects WH Group''s imports of U.S. pork to China to increase this year from 300,000 tonnes in 2016. (Reporting by Dominique Patton; Writing by Josephine Mason; Editing by Christian Schmollinger) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-china-pork-whgroup-idUSKBN16E12C'|'2017-03-07T17:02:00.000+02:00'
'e98ee86ffbe6478c97530b47d73a283cf666439e'|'Deutsche Bank shares drop on capital hike plan'|'  9:14am GMT Deutsche Bank shares drop on capital hike plan The head quarters of Germany''s Deutsche Bank are photographed early evening in Frankfurt, Germany, January 31, 2017. REUTERS/Kai Pfaffenbach FRANKFURT Shares in Deutsche Bank ( DBKGn.DE ) fell almost 7 percent in early trading on Monday after the lender announced an 8 billion-euro ($8.48 billion) capital increase that Chief Executive John Cryan had previously declared a last resort. The capital hike is its fourth since 2010. Together with a partial listing of the asset-management unit and a sale of other assets, the move should take its core capital ratio - a key measure for regulators - above 13 percent from 11.9 percent at end-2016. Germany''s biggest lender, weighed down by litigation costs and writedowns, has fallen behind Wall Street rivals. It has spent the last 18 months trimming its portfolio, throwing out bad clients and trying to get its technology into shape. "The question is whether this will be the last capital hike or whether the bank will need more yet again in a few years. Until now, none of the restructuring measures have borne fruit," Stefan de Schutter, a trader at Frankfurt-based Alpha, said. The new shares represent a dilution of a third for existing shareholders, who include 10 percent owner Qatar. Deutsche Bank shares had already fallen by more than 1 percent on Friday on media reports it was considering raising fresh capital. By 0857 GMT on Monday, the shares were trading 5.4 percent lower at the bottom of the German blue-chip DAX .GDAXI , which was down 0.7 percent. On Sunday, Deutsche Bank sketched out a strategy that included a reorganisation of some of its businesses, the scrapping of a plan to sell its Postbank German retail bank and the promotion of two executives as deputy CEOs. "We await more detail," wrote analyst Magdalena Stoklosa of Morgan Stanley, which does not have a formal recommendation on Deutsche Bank stock because it is one of the underwriters of the rights issue. "A credible integration of Postbank, further clarity of progress on investment banking restructuring... stabilisation of outflows and restoring confidence in wealth and asset management businesses are all issues management would need to address." ($1 = 0.9432 euros) (Reporting by Hakan Ersen and Georgina Prodhan; Editing by Maria Sheahan) Next In Business News Samsung Group repeats it did not pay bribes, seek improper favours SEOUL South Korean conglomerate Samsung Group [SAGR.UL] reiterated on Monday that it did not pay bribes or seek illicit favours in response to the special prosecutor''s announcement accusing the group''s leader of paying money to curry favour from President Park Geun-hye.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-deutsche-bank-capital-idUKKBN16D0VB'|'2017-03-06T16:14:00.000+02:00'
'd247c0a843838ef51b6e26a7f3514d2501e06cf5'|'Opel works council must be involved in PSA plans - Germany'|'Company   4:00am EST Opel works council must be involved in PSA plans - Germany BERLIN, March 6 The works council of Opel and its British Vauxhall brand must be fully involved in talks with PSA Group on how to turn around the struggling carmaker, German Economy Minister Brigitte Zypries said on Monday. "The agreements must be intensively studied, especially by the representatives of the workers," Zypries said in a joint statement with the premiers of three German states where Opel has plants. "Transparency must be ensured in the process to come. It must be guaranteed that the European management of Opel/Vauxhall, the general works council and the European workers union of Opel/Vauxhall are fully included in further talks," the statement said. (Reporting by Gernot Heller; Writing by Joseph Nasr; Editing by Andrea Shalal) Next In Company News Opel labour bosses say approval of sale depends on plans for future FRANKFURT, March 6 Opel''s European works council and labour union IG Metall will make their approval of a deal by General Motors to sell the carmaker to France''s PSA Group dependent on details of their plans for Opel''s future, they said in joint statement on Monday.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/opel-ma-psa-germany-idUSB4N1E3024'|'2017-03-06T16:00:00.000+02:00'
'7c49be43e4602eb23363006dd8a6ce601aa9e6d3'|'Sanofi gears up for European generic drugs unit sale - sources'|'By Pamela Barbaglia and Arno Schuetze - LONDON/FRANKFURT, March 8 LONDON/FRANKFURT, March 8 French drug maker Sanofi is looking to hire advisers for the sale of its European generic drug business by the end of March, sources told Reuters, ahead of an auction process which is set to start after the summer.A handful of banks have been shortlisted to present their final pitches for the long-awaited deal which could be worth more than 2 billion euros ($2.1 billion), the sources said.Bankers have been vying for a mandate for the past 18 months since Sanofi boss Olivier Brandicourt took charge of the French firm and decided to put the business under review.A final decision on the advisory line up, which could see a boutique bank working hand in hand with a larger player, is expected in around two weeks, the sources said.A spokesman at Sanofi declined to comment. ($1 = 0.9471 euros) (Additional reporting by Matthias Blamont in Paris; Editing by Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/sanofi-ma-generics-idINL5N1GL2SU'|'2017-03-08T10:34:00.000+02:00'
'35b9f0daf9d3e71128ce0b94677450ed3d3cbc83'|'Mini boss says UK production not essential to brand'|'Business News - Tue Mar 7, 2017 - 7:16am EST Mini boss says UK production not essential to brand Peter Schwarzenbauer, memeber of the Board of Management of BMW AG, introduces the 2017 Mini Countryman, all-wheel drive version, at the 2016 Los Angeles Auto Show in Los Angeles, California, U.S November 16, 2016. REUTERS/Lucy Nicholson By Costas Pitas - GENEVA GENEVA Building in Britain is not essential to BMW''s ( BMWG.DE ) Mini brand as most customers do not know where the compact cars are built and its new electric model could be made elsewhere, the brand''s boss told Reuters on Tuesday. Peter Schwarzenbauer said the German carmaker would decide by the end of 2017 whether to build the new electric model at an existing site in Britain or the Netherlands, or whether to pick a new location. The BMW board member said the possibility of post Brexit tariffs was "only one point ... when you have to decide where to produce a car" and the first question was where the model would be primarily sold. But asked whether it really mattered to British or foreign buyers that the Mini, sometimes sold with the image of the union flag on the roof, is made in Britain, Schwarzenbauer said: "No." "The brand being perceived as British, that''s important but this does not mean necessarily that you have to produce it (in Britain). "Most people don''t know where the cars are produced," he said. Mini makes around 70 percent of its 360,000 cars at its southern English Oxford plant but there are concerns that uncertainty over Britain''s future trading relationship with the EU could hurt the UK car industry, reliant on tariff-free trade. Prime Minister Theresa May has said Britain will leave the EU''s single market and could also exit the customs union but she would seek to maintain the best possible access to the EU, the British car sector''s biggest export market. Schwarzenbauer also noted elections in the Netherlands, where nationalist leader Geert Wilders is neck-and-neck with the Conservative prime minister ahead of polls next week, but said politics was only one factor in the decision-making process. BMW is considering how many electric models might be sold in Europe or the United States, he said, and the firm constantly reassesses its global sites especially when it commits to new models to take into account a whole range of factors. "As soon as you have bigger investments coming, you have to reevaluate and it''s not only in our Oxford (factory), it''s true for every factory around the world. "Is the set-up still the right one? Do we have to extend it, do we have to reduce it?" (Reporting by Costas Pitas; Editing by Mark Potter) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-autoshow-geneva-mini-britain-idUSKBN16E1F0'|'2017-03-07T19:16:00.000+02:00'
'97c7c183a527f23efa1215b0b773223939112ea6'|'BNP Paribas expands car loans business with Opel/Vauxhall deal'|'PARIS French bank BNP Paribas'' ( BNPP.PA ) car financing business will grow by a third after the acquisition of Opel/Vauxhall''s financing arm for 900 million euros ($953.5 million) with PSA Group ( PEUP.PA ).The acquisition was announced alongside PSA Group''s agreement to buy Opel from General Motors ( GM.N ) in a deal valuing the business at 2.2 billion euros.Banque PSA Finance and BNP Paribas Personal Finance will each acquire 50 percent of the share capital of the company which had 9.6 billion euros of outstanding car loans at the end of 2016 and had operations in 11 European countries."This perfectly fits in our development plan for Europe, we have said already that we want to grow in Germany and Northern Europe," said Thierry Varene, a member of the BNP Paribas executive committee responsible for large clients.BNP Paribas, which is also advising PSA Group on the acquisition of Opel, has seen its outstanding car loans rise to 15 billion euros from 10 billion in 2013.The chief executive of BNP Paribas Personal Finance, Laurent David, told Reuters the deal with Opel/Vauxhall was negotiated in just a few weeks and that it had been in competition with other banks.BNP Paribas does not plan any other acquisitions in the sector for the time being and wants to finalize the deal in the fourth quarter, David added.It plans to find synergies with its leasing arm Arval and its Cardif insurance unit.($1 = 0.9439 euros)(Reporting by Julien Ponthus and Gille Guillaume; Writing by Maya Nikolaeva; Editing by Adrian Croft and Susan Thomas)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-bnp-paribas-psa-group-opel-idUSKBN16D1R7'|'2017-03-06T18:06:00.000+02:00'
'56246352a0fe49ae1f36da499a5055197d222920'|'Investor group seeks to bar Snap from indexes over voting rights'|'Business News - Mon Mar 6, 2017 - 7:33pm GMT Investor group seeks to bar Snap from indexes over voting rights left right Traders gather at the post where Snap Inc. is traded on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 6, 2017. REUTERS/Brendan McDermid 1/2 left right A woman wears Snapchat Spectacles on the floor of the New York Stock Exchange (NYSE) while waiting for Snap Inc. to list their IPO in New York, U.S., March 2, 2017. REUTERS/Brendan McDermid 2/2 By Ross Kerber - BOSTON BOSTON A group representing large institutional investors has approached stock index providers S&P Dow Jones Indices and MSCI Inc, looking to bar Snap Inc and any other company that sells investors non-voting shares from their stock benchmarks. Both index providers have said they are reviewing Snap''s inclusion. Were Snap to be added to indexes such as the S&P 500 Index or the MSCI USA Index, then managers of stock index portfolios will have to buy its shares and other investors, whose performance is tracked against such indexes, would likely follow suit. Some big money managers worry about buying Snap’s Class A shares because they have no voting rights, meaning shareholders will have no voice on matters like the company’s future strategy or the pay of its executives. "They''re tapping public markets but giving shareholders no say," said Amy Borrus, deputy director of the Council of Institutional Investors, which represents big pension funds and other large asset owners, in an interview. In reaching out to both index providers, she said, "What we would like to see at the least is for the indexes to exclude new no-vote companies." Meetings with both index providers are scheduled this week, she said. David Blitzer, managing director of S&P Dow Jones Indices and chair of a committee overseeing its indexes, said they would not add a new stock like Snap for 6 to 12 months after its IPO in any case, and will use the time to study Snap''s structure. While the index provider does not have a hard requirement about a company''s voting structure, the committee needs to think through how much influence investors should have, Blitzer said in an interview on Monday. " ''Who Votes?'' is the issue right now," he said. MSCI said on March 2 that Snap would qualify for indexes including the MSCI USA Index but then said on March 3 that after additional analysis Snap did not meet all requirements. Snap''s inclusion into the MSCI USA Index will be re-assessed in May, MSCI said in a statement on its website. MSCI is seeking feedback from investors about whether companies without voting rights should be included in indexes, according to the March 3 statement. A spokesman did not immediately provide further details. A spokesman for Snap declined to comment. Snap''s $3.4 billion initial public offering of stock last week marked the hottest technology IPO in three years as investors snapped up shares of the Venice, California company, even though its two co-founders retained near total control. The situation alarms some big investors who fear other companies might copy Snap''s structure. Other big S&P 500 companies like Facebook and Google parent Alphabet also have non-voting shares but still grant voting rights with other widely-traded shares. After the council raised concerns about Snap''s lack of voting rights last month, Snap''s chairman Michael Lynton wrote back on Feb. 21 to point out a section of its prospectus stating the voting structure "prolongs our ability to remain a founder-led company" and that Snap will have a majority-independent board, including himself. Index inclusion requirements vary. For the S&P 500 a stock typically needs a market capitalization of around $5.5 billion and to have been profitable over the past four quarters, for instance, Blitzer said. (Reporting by Ross Kerber in Boston. Additional reporting by Lauren Hirsch in New York. Editing by Bernard Orr) Next In Business News Exclusive - Hard Brexit would trigger ''leaching'' of banks from UK - draft report LONDON A draft report on the impact of Brexit on Britain''s financial industry warns banks and staff would "leach" away, undermining the wider UK economy, if they do not have access to European Union markets, according to sources who have read the report.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-snap-ipo-indexes-idUKKBN16D2DM'|'2017-03-07T02:33:00.000+02:00'
'6bfb014794da55421ad3ab5ef7561cc1a070c7d8'|'Teva Pharm sells shares in Gamida Cell, raises stake in Clal Biotech'|'JERUSALEM, March 5 (Reuters) -* Teva Pharmaceutical Industries has agreed to sell a small stake in Israel-based Gamida Cell and in return will increase its holdings in Clal Biotechnology, the companies said on Sunday.* According to the deal, Teva will sell a 5.02 percent stake in Gamida Cell and will then be issued new shares in Clal Biotechnology, increasing its stake to 17.5 percent from 14 percent. That could rise to 21 percent under certain circumstances, such as if a public offering in Gamida Cell is held or if Clal sells the acquired shares in Gamida Cell at a higher price.* Clal Biotechnology said the agreement increases its own stake in Gamida Cell to 24 percent and values Gamida Cell at $120 million.* Gamida Cell, which is developing cellular and immune therapies for the treatment of cancer and orphan genetic diseases, has begun a late-stage Phase III trial in patients with leukemia and cancer lymph nodes. (Reporting by Ari Rabinovitch)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/teva-pharm-ind-cbi-idINL5N1GI05G'|'2017-03-05T05:25:00.000+02:00'
'a7c180b0686a45c5f16d05c95f550127ebf1601f'|'China''s ZTE to pay over $800 mln to settle with U.S. over Iran sales - source'|'Company News - Tue Mar 7, 2017 - 9:44am EST China''s ZTE to pay over $800 mln to settle with U.S. over Iran sales - source By Karen Freifeld - NEW YORK, March 7 NEW YORK, March 7 China telecom equipment maker ZTE Corp has agreed to pay more than $800 million to settle with U.S. authorities over allegations it violated U.S. laws restricting the sale of American-made technology to Iran, according to a person familiar with the matter. The U.S. Department of Commerce is expected to announce the agreement on Tuesday, the person said. The person did not want to be identified because the settlement is not yet public. (Reporting By Karen Freifeld; Editing by Chizu Nomiyama) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-china-zte-idUSL2N1GK0S7'|'2017-03-07T21:44:00.000+02:00'
'31259ad29d60660886ea60e0acbd5bde5ceb4e7c'|'In China''s rustbelt towns, displaced coal, steel workers lose hope and voice'|'  11:09pm GMT In China''s rustbelt towns, displaced coal, steel workers lose hope and voice By Sue-Lin Wong - SHUANGYASHAN, China SHUANGYASHAN, China After protests by unpaid coal miners made headlines around the world last year as China''s parliament was meeting, a $15 billion assistance fund offered by the ruling Communist Party became a symbol of the government''s need to ensure social stability. As the National People’s Congress gathers again a year on, the number of protests has dropped sharply and authorities are promising to create more jobs for workers in China’s northeastern belt, where the employment outlook is more grim than in many other parts of the country. China is pledging to cut further excess and inefficient capacity in its mining sector and "smokestack" industries this year as part of an effort to upgrade its economy, but the move threatens to throw millions more out of work. Dozens of coal miners and laid-off workers in Shuangyashan, in northeastern Heilongjiang Province near Russia, said they were underemployed and underpaid, sometimes earning only a fifth of what they used to, despite rising living costs. They said a heavy police presence was discouraging further mass protests. "Security has become much tighter since last year''s protests, the police are everywhere, watching everything," said Li, 53, who works at the nearby Dongbaowei coal mine. "The government could owe me one year''s worth of wages and I wouldn''t protest again. It''s just not worth it for us miners," said another worker who said he was owed five months'' pay. He also declined to give his full name. With a twice-a-decade leadership transition looming later this year, Beijing has focused on curbing mass unrest, including the $15 billion fund for retraining, relocating and early retirement of an estimated 5-6 million affected people. "We were expecting a lot of possible unrest but it seemed that something happened after Shuangyashan that stopped major waves of protests," said Keegan Elmer of Hong Kong-based China Labor Bulletin (CLB), which tracks workers'' strikes in China. The number of mining protests in China dropped from a high of 37 in January 2016 to 6 in December, CLB figures showed. So far, China has not released any comparison of its success rates with employment programmes nationwide, and analysts say there is little transparency on how the funds are being spent. But workers in some other parts of China have similar tales to tell. In Hebei province, over 2,000 km (1,200 miles) to the south, a 55-year-old former steelworker said he now makes 1,000 yuan ($145) a month, a quarter of his previous salary, as a security guard. But the man, who only identified himself as Wang, said he was luckier than most. Other laid-off workers said they had to return to their farms, where they could hope for little more than subsistence. UNDEREMPLOYED, UNDERPAID This year, new jobs will be found for half a million steel and coal workers as capacity is cut in those industries, China''s labour minister said on Wednesday. "As overcapacity is cut, we must provide assistance to laid-off workers," Premier Li Keqiang said at the opening of the annual meeting of parliament on Sunday. But unlike the more affluent south, China''s rustbelt has few other jobs to offer, prompting some local governments to offer menial work while state firms keep staff on but pay much less. Longmay, the state coal producer in northeastern Heilongjiang, received more than 800 million yuan from the new fund last year to help it deal with coal output cuts and reallocating workers to other jobs, according to a government document. "This isn''t a job, at least not a real job," said Peng Jianting, 51, who used to earn 3,000 yuan a month working in a coal mine and now earns 500 yuan as a street sweeper. The company declined to comment. In Shanxi province, which accounts for a quarter of China''s coal production, the deputy governor says the province''s state-owned enterprises owed 5.46 billion yuan in outstanding wages, state news agency Xinhua reported. "The state sector acts as a semi-safety net. Rather than lay off a lot of workers, they typically will freeze wage increases, so you don''t get the same levels of unemployment as you would in other economies when there''s a downturn," said Julian Evans-Pritchard, an economist at Capital Economics. China''s official unemployment rate - which only accounts for urban, registered residents - has held around 4 percent for years, despite a slowdown that has seen growth cool from the double-digits to quarter-century lows of under 7 percent. "The (assistance) fund was never really big enough to cope with the number of workers that has been shed in these sectors," said Evans-Pritchard. "It doesn’t surprise me that a lot of workers aren’t benefiting from the fund. I think they need to increase the scale significantly.” Media said last year that more than half a million laid-off workers were now driving for ride-sharing services, in line with a government for them to become a part of the "new" economy. But that option doesn''t exist for Wu Yilin, a coal miner in Shuangyashan who moved to an office job after he lost his thumb in a workplace accident. "We''re told to be start our own businesses, but we just become street cleaners instead. You need money, connections to become an entrepreneur. It''s not as if everyone can do it." ($1 = 6.8794 yuan) ($1 = 6.8954 Chinese yuan renminbi) (Reporting by Sue-Lin Wong; Additional reporting by David Stanway and the Beijing Newsroom; Editing by Kim Coghill)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-parliament-jobs-idUKKBN16C0YQ'|'2017-03-06T06:09:00.000+02:00'
'ba71ae69ba28e9035a425fa311708102b5c1552a'|'Investor group seeks to bar Snap from indexes over voting rights'|'Technology  26pm EST Investor group seeks to bar Snap from indexes over voting rights A stuffed ghost rests on a trader''s screen above the floor of the New York Stock Exchange (NYSE) after Snap Inc. listed their IPO in New York, U.S., March 2, 2017. REUTERS/Lucas Jackson By Ross Kerber - BOSTON BOSTON A group representing large institutional investors has approached stock index providers S&P Dow Jones Indices and MSCI Inc, looking to bar Snap Inc and any other company that sells investors non-voting shares from their stock benchmarks. Both index providers have said they are reviewing Snap''s inclusion. Were Snap to be added to indexes such as the S&P 500 Index or the MSCI USA Index, then managers of stock index portfolios will have to buy its shares and other investors, whose performance is tracked against such indexes, would likely follow suit. Some big money managers worry about buying Snap’s Class A shares because they have no voting rights, meaning shareholders will have no voice on matters like the company’s future strategy or the pay of its executives. "They''re tapping public markets but giving shareholders no say," said Amy Borrus, deputy director of the Council of Institutional Investors, which represents big pension funds and other large asset owners, in an interview. In reaching out to both index providers, she said, "What we would like to see at the least is for the indexes to exclude new no-vote companies." Meetings with both index providers are scheduled this week, she said. David Blitzer, managing director of S&P Dow Jones Indices and chair of a committee overseeing its indexes, said they would not add a new stock like Snap for 6 to 12 months after its IPO in any case, and will use the time to study Snap''s structure. While the index provider does not have a hard requirement about a company''s voting structure, the committee needs to think through how much influence investors should have, Blitzer said in an interview on Monday. " ''Who Votes?'' is the issue right now," he said. MSCI said on March 2 that Snap would qualify for indexes including the MSCI USA Index but then said on March 3 that after additional analysis Snap did not meet all requirements. Snap''s inclusion into the MSCI USA Index will be re-assessed in May, MSCI said in a statement on its website. MSCI is seeking feedback from investors about whether companies without voting rights should be included in indexes, according to the March 3 statement. A spokesman did not immediately provide further details. A spokesman for Snap declined to comment. Snap''s $3.4 billion initial public offering of stock last week marked the hottest technology IPO in three years as investors snapped up shares of the Venice, California company, even though its two co-founders retained near total control. The situation alarms some big investors who fear other companies might copy Snap''s structure. Other big S&P 500 companies like Facebook and Google parent Alphabet also have non-voting shares but still grant voting rights with other widely-traded shares. After the council raised concerns about Snap''s lack of voting rights last month, Snap''s chairman Michael Lynton wrote back on Feb. 21 to point out a section of its prospectus stating the voting structure "prolongs our ability to remain a founder-led company" and that Snap will have a majority-independent board, including himself. Index inclusion requirements vary. For the S&P 500 a stock typically needs a market capitalization of around $5.5 billion and to have been profitable over the past four quarters, for instance, Blitzer said. (Reporting by Ross Kerber in Boston. Additional reporting by Lauren Hirsch in New York. Editing by Bernard Orr) Next In Technology News Alphabet lawsuit against Uber cements end of uneasy marriage SAN FRANCISCO When Uber Technologies Inc [UBER.UL] was raising venture capital in 2013, it was one of the hottest deals around – and no one was more eager to write a check than Bill Maris and David Krane of Google''s venture capital arm. South Korea prosecutor paves way for charges against Park if impeachment upheld SEOUL South Korean President Park Geun-hye colluded with a friend to take bribes from Samsung Group aimed at cementing Samsung Chief Jay Y. Lee''s control of the conglomerate, the special prosecutor''s office said on Monday, paving the way for Park to be prosecuted if removed from office. ANKARA Turkey''s Competition Board said on Monday it had opened an investigation to determine whether Google had violated the country''s competition law. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-snap-ipo-indexes-idUSKBN16D2D6'|'2017-03-07T02:24:00.000+02:00'
'0f502155752bf1beea12b8ac36fc532727e6001f'|'Stella McCartney brings dance to Paris Opera for fashion week'|'Lifestyle  29pm EST Stella McCartney brings dance to Paris Opera for fashion week left right Models present creations from the Fall/Winter 2017-2018 women''s ready-to-wear collection by British designer Stella McCartney during the Paris Fashion Week, in Paris, France March 6, 2017. REUTERS/Benoit Tessier 1/11 left right A model presents a creation from the Fall/Winter 2017-2018 women''s ready-to-wear collection by British designer Stella McCartney during the Paris Fashion Week, in Paris, France March 6, 2017. REUTERS/Benoit Tessier 2/11 left right Models present creations from the Fall/Winter 2017-2018 women''s ready-to-wear collection by British designer Stella McCartney during the Paris Fashion Week, in Paris, France March 6, 2017. REUTERS/Benoit Tessier 3/11 left right A model presents a creation from the Fall/Winter 2017-2018 women''s ready-to-wear collection by British designer Stella McCartney during the Paris Fashion Week, in Paris, France March 6, 2017. REUTERS/Benoit Tessier 4/11 left right A model presents a creation from the Fall/Winter 2017-2018 women''s ready-to-wear collection by British designer Stella McCartney during the Paris Fashion Week, in Paris, France March 6, 2017. REUTERS/Benoit Tessier 5/11 left right British designer Stella McCartney appears at the end of her Fall/Winter 2017-2018 women''s ready-to-wear collection show during the Paris Fashion Week, in Paris, France March 6, 2017. REUTERS/Benoit Tessier 6/11 left right A model presents a creation from the Fall/Winter 2017-2018 women''s ready-to-wear collection by British designer Stella McCartney during the Paris Fashion Week, in Paris, France March 6, 2017. REUTERS/Benoit Tessier 7/11 left right Models present creations from the Fall/Winter 2017-2018 women''s ready-to-wear collection by British designer Stella McCartney during the Paris Fashion Week, in Paris, France March 6, 2017. REUTERS/Benoit Tessier 8/11 left right A model presents a creation from the Fall/Winter 2017-2018 women''s ready-to-wear collection by British designer Stella McCartney during the Paris Fashion Week, in Paris, France March 6, 2017. REUTERS/Benoit Tessier 9/11 left right British designer Stella McCartney appears at the end of her Fall/Winter 2017-2018 women''s ready-to-wear collection show during the Paris Fashion Week, in Paris, France March 6, 2017. REUTERS/Benoit Tessier 10/11 left right A model presents a creation from the Fall/Winter 2017-2018 women''s ready-to-wear collection by British designer Stella McCartney during the Paris Fashion Week, in Paris, France March 6, 2017. REUTERS/Benoit Tessier 11/11 By Nathalie Kantaris Diaz - PARIS PARIS Stella McCartney livened up the catwalk at Paris Fashion Week on Monday with dancing models wearing her signature over-sized clothes in trademark neutral shades with splashes of unusual colors. The British fashion designer, known for her sharp tailoring and for mixing luxury and sporty looks, unveiled her autumn/winter 2017-2018 women''s collection which mixed in burgundy, bottle green, sky blue, white and silver. Her models gave the penultimate day of the show a relaxed but effortlessly elegant vibe in trench-coats and jackets, ultra-wide, high-waisted trousers, all-in-one jumpsuits and overalls, and turtle-neck mini-dresses with super-sized sleeves. The show, at the Paris Opera, was inspired by "faith. love. energy." McCartney''s Twitter feed said, with dancing to "Faith" by the late singer George Michael in the finale. It was watched by a star-studded crowd including Mexican-U.S. actress Salma Hayek and her French businessman husband Francois-Henri Pinault, chief executive of the Kering group, which has a 50 percent stake in Stella McCartney. Canadian-American actress Pamela Anderson, Vogue''s editor-in-chief Anna Wintour and Charlotte Casiraghi, the daughter of Princess Caroline of Hanover were also there. A long-time vegetarian who does not use leather or fur, McCartney''s fabrics included fake leather and suede, velvet, checkered tweed, denim, pleated organza, loose cotton, chiffon with horse prints or lace-like embroidered details. Models wore over-sized hand-held or strap-over bags, wide belts, casual sporty pumps juxtaposed by elegant but flat fronted and wide-heeled, steel toe capped shoes. Stella McCartney is one of the most active fashion brands on Instagram, with 3.7 million followers and her show was live-streamed on social media. Paris holds the last leg of the womenswear autumn/winter 2017/2018 catwalk shows, after similar events in New York, London and Milan in the last few weeks. (Writing by Maytaal Angel in London; Editing by Alexander Smith) Next In Lifestyle'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-fashion-paris-stella-mccartney-idUSKBN16D23B'|'2017-03-07T00:22:00.000+02:00'
'9e5a827f4f06276ef32a251c73c356c120693462'|'Russia pushes to rid itself of ''Potemkin'' banks by 2019'|'Money News  14pm IST Russia pushes to rid itself of ''Potemkin'' banks by 2019 FULL COVERAGE: By Alexander Winning and Andrey Ostroukh - MOSCOW MOSCOW Russia plans to extend a review of bank licenses for another two years, shutting down scores more banks after closing hundreds in the past four years, mostly for committing fraud or other crimes, a central bank deputy governor said in an interview. Vasily Pozdyshev, a deputy governor at Russia''s central bank, says despite the large number of lenders closed so far, his team is still finding more propping up criminal activity and would need until 2019 to finish a crackdown. The review by the central bank over the past several years has already reduced the number of banks in Russia to around 570 from 900. At that pace, Russia would end up with around 400 banks in 2019, although the central bank says it has no numerical target. The closure of so many banks has helped strengthen Russia''s few large lenders, such as Sberbank and VTB, which have gained clients from banks whose licenses have been withdrawn. Sberbank now holds more than a third of Russia''s banking deposits. Pozdyshev said many of the banks already shut or now in the crosshairs of the regulator were guilty of giving out loans to fake companies or stealing depositors'' money. Others support a shadow economy for goods and services bought and sold outside of official, taxable channels. "Our work to clean up the banking system is sometimes much more like the work of a financial investigator, an investigator of financial crimes, than the work of a modern banking regulator, which checks whether a bank is sufficiently capitalised or not," Pozdyshev told Reuters. "We are up against a whole business of creating fictitious borrowers. … This is a whole virtual world managed by IT programmes and servers which very often aren''t located in the bank." Many banks are "Potemkin enterprises," Pozdyshev said, a reference to fake villages which nobleman Grigory Potemkin put up in the 18th century to impress Empress Catherine the Great. Russian central bank Governor Elvira Nabiullina gave new impetus to the purge of banking licenses in 2013 after being appointed by President Vladimir Putin. A previous attempt to clean up the banking system was slowed from 2006 after Andrei Kozlov, a central banker leading the campaign against money laundering and corruption, was shot dead in Moscow. The central bank is heavily guarded and staff including Pozdyshev travel with protection. In its latest operation to shut down banks, the central bank revoked the licenses of three lenders in Russia''s Tatarstan region, including top-50 bank Tatfondbank, on Friday. It did not accuse any of those three of any crimes, but said it took the action because of their poor asset quality and high risk. All three banks posted notices from the central bank on their websites on Friday saying they had ceased operations because their licenses had been withdrawn. A Tatfondbank spokeswoman said the bank was not permitted to comment further. Phone calls to the other two banks on Friday were not answered. INFLUENTIAL BACKERS Russian authorities rarely succeed in bringing to justice those responsible for banking fraud or bankruptcies, Pozdyshev said. Russia needs mechanisms to stop unscrupulous bankers from fleeing the country, he added. "Banks often have influential backers, and this makes everything much more difficult. But we have launched this policy and we need to carry it to its conclusion. If we stop, then the banking system will immediately slip back, into the shadows." The central bank had to plug a hole of around 600 billion roubles ($10 billion) in the balance sheets of the roughly 100 banks whose licenses it withdrew last year. Among the common criminal schemes the central bank uncovered were: lending to companies with no real business, fictitious loans to individuals and fraud involving tradable securities. The central bank employs around 2,000 people in its supervisory department and conducts around 400 checks into banks a year, Pozdyshev said. They sometimes check whether a bank''s clients are genuine businesses. He gave examples of banks that had licenses stripped after a large number of clients made small tax payments on the same day, or paid back loans at the same cash machine in the same hour, which led the regulator to conclude the clients were fake businesses. Sporadic protests over some bank closures have been contained, as the central bank-funded Deposit Insurance Agency covers the losses of individuals and small businessmen for up to 1.4 million roubles. ($1 = 58.9110 roubles) (Reporting by Alexander Winning and Andrey Ostroukh; Editing by Peter Graff) Next In Money News Titans of oil world meet in Houston after two-year price war HOUSTON The biggest names in the oil world come together this week for the largest industry gathering since the end of a two-year price war that pitted Middle East exporters against the firms that drove the shale energy revolution in the United States.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/russia-banks-idINKBN16D0JH'|'2017-03-06T13:44:00.000+02:00'
'8b08b42df0e318136bdc6b1c4957b18b4dbddedf'|'Semiconductor firm X-FAB to raise 250 mln euros in IPO in Paris'|'Semiconductor firm X-FAB Silicon Foundries plans to raise 250 million euros ($265 million) in an initial public offering (IPO) on Paris Euronext to fund acquisitions and strengthen its capital structure.The listing looks set to be the biggest in Paris so far this year and one of the largest in Europe by proceeds, according to Thomson Reuters data.The intended IPO will consist of the issuance of primary shares totaling approximately 250 million euros and a secondary offer consisting of shares currently held by minority shareholders, a statement from the company said.(Reporting by Dasha Afanasieva; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-xfab-ipo-idINKBN16E0NQ'|'2017-03-07T04:15:00.000+02:00'
'71f01a8057f368483a007200159554739eeab62b'|'UK banks should be clearer on where the buck stops - watchdog'|'Business News - Tue Mar 7, 2017 - 11:24am GMT UK banks should be clearer on where the buck stops - watchdog Canary Wharf and the city are seen at sunset in London, December 14, 2016. REUTERS/Eddie Keogh By Huw Jones - LONDON LONDON British banks are failing to set out clear areas of responsibility for top staff, making it harder to pinpoint who is to blame when things go wrong, Britain''s markets watchdog said on Tuesday. Britain introduced the Senior Managers Regime (SMR) last year, seeking to force banks to say which officials oversee specific operations and make it easier to sanction people. It followed lawmaker concerns that few individuals were punished after taxpayers had to bail out lenders during the 2007-09 financial crisis. "In some cases, we have seen evidence of overlapping or unclear allocation of responsibilities," the FCA said in a statement marking the first anniversary of the new rules. "In other cases, firms appear to be sharing responsibility amongst some staff at different levels of management, obscuring who is genuinely responsible." From Tuesday, a second leg of the regime comes into force -- so-called certification of less senior staff, such as investment and mortgage advisers, who could also do significant harm to their firm and customers. All senior managers must be vetted by regulators before taking up their post, but the banks apply the certification regime themselves. Katie Stephen, a dispute resolution lawyer at Norton Rose Fulbright, said certification means that the pool of people facing personal sanctions in the event of breaches, is now much larger. "In time, we may see an increase in enforcement activity extending beyond senior management to those to whom they have delegated, and on whom they rely from day-to-day. The buck may now have a few more stops," Stephen said. The government has decided that the SMR regime must be rolled out across the whole financial sector from 2018, with a fuller version for insurers. "We intend that our extended regime will be clear, simple and proportionate," the FCA said. "During the second quarter of this year we will be consulting widely with industry, firms and consumers on our proposals. We expect implementation to begin from 2018." Britain has been alone in pushing ahead with direct accountability rules and is being watched by other countries to see if they are worth copying. (Reporting by Huw Jones; Editing by Keith Weir) Next In Business News Bank of England''s Hogg says failed to declare conflict of interest LONDON New Bank of England Deputy Governor Charlotte Hogg said she had failed to declare correctly to the central bank a potential conflict of interest due to her brother''s employment at Barclays , a major bank which is overseen by the BoE.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-banks-regulations-idUKKBN16E19T'|'2017-03-07T18:24:00.000+02:00'
'b46b3e25f79efad4de8d8b30c947e9402e983c4c'|'LinkedIn not willing to comply with Russian data law - watchdog'|'Technology News - Tue Mar 7, 2017 - 12:47pm GMT LinkedIn not willing to comply with Russian data law: watchdog The logo for LinkedIn Corporation is shown in Mountain View, California, U.S. February 6, 2013. REUTERS/Robert Galbraith/File Photo MOSCOW Russia''s communications watchdog said on Tuesday it had received a letter from LinkedIn Corp., a social networking website it had blocked, in which the company said it was not willing to take steps to comply with a Russian data storage law. "The company has refused to carry out the requirement to move its storage sites holding the personal data of Russian citizens onto the territory of the Russian Federation, thus confirming its lack of interest in working on the Russian market," regulator Roskomnadzor said in a statement. LinkedIn is owned by Microsoft. (Reporting by Alexander Winning, editing by Dasha Afanasieva) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-linkedin-russia-watchdog-idUKKBN16E1IQ'|'2017-03-07T19:41:00.000+02:00'
'6b6dcbbf77b736019a03e07ee7782c093b7a3d1e'|'India finalises bills to launch GST in July'|'Economic News - Sun Mar 5, 2017 - 10:20am IST India finalises bills to launch GST in July A labourer pulls a cart loaded with sacks of spices at a wholesale spice and chemical market in the old quarters of Delhi, India, December 19, 2016. REUTERS/Adnan Abidi/Files NEW DELHI India moved a step closer on Saturday towards launching a new national sales tax from July after a panel of federal and state finance officials finalised two key bills to be put before parliament. The Goods and Services Tax (GST) has missed several launch dates. On Saturday, Finance Minister Arun Jaitley said the measure is on track for a rollout from July 1 with the bills set to be discussed in parliament after it reconvenes next week. To meet the deadline, parliament must pass the bills, which spell out the operational details of the new tax, before its current session concludes in mid-April. After a meeting with state officials in New Delhi, Jaitley told media that the panel would meet again on March 16 to complete two more bills on the GST that require approval from state legislatures. "This is a very welcome development and signifies that we are on track for (the) GST on July 1," said M.S. Mani, a senior director at tax consultancy Deloitte Haskins & Sells LLP. "It is now essential that all businesses are adequately prepared to face the new era of (the) GST." The long-awaited GST is hailed as India''s biggest tax overhaul since independence in 1947, which would replace a slew of federal and state levies, transforming Asia''s third largest economy into a single market for the first time. Proposed tax rates range from 5 to 28 percent, with 12 percent and 18 percent being the standard rates. It has not been decided yet which tax rates will apply to which categories of goods. (Reporting by Rajesh Kumar Singh; Editing by Clelia Oziel) Next In Economic News Yellen points to March rate hike as Fed signals end of easy money CHICAGO The U.S. Federal Reserve''s long-stalled ''liftoff'' of interest rates may finally get airborne this year as policymakers from Chair Janet Yellen on Friday to regional leaders across the United States signalled that the era of easy money is drawing to a close. Investors bet Trump-fuelled tech rally far from over SAN FRANCISCO Technology companies have been a driving force behind the U.S. stock market''s recent record rally, and despite mounting evidence of stretched valuations the sector remains a top pick for investors expecting a wave of capital expenditures by U.S. corporations. Look no further than Thursday’s initial public offering of Snap Inc for a short course on why Donald Trump is highly unlikely to make his target of 3 percent annual economic growth. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-economy-gst-idINKBN16C064'|'2017-03-04T21:28:00.000+02:00'
'3040de37b3d2bd22077ff8f38af1ada632df6542'|'Titans of oil world meet in Houston after two-year price war'|'Global Energy  17am IST Titans of oil world meet in Houston after two-year price war FULL COVERAGE: By Ernest Scheyder - HOUSTON HOUSTON The biggest names in the oil world come together this week for the largest industry gathering since the end of a two-year price war that pitted Middle East exporters against the firms that drove the shale energy revolution in the United States. When OPEC in November joined with several non-OPEC producers to agree to a historic cut in output, the group called time on a fight for market share that drove oil prices to a 12-year low and many shale producers to the wall. Oil prices are about 70 percent higher than they were the last time oil ministers and the chief executives of Big Oil met in Houston a year ago at CERAWeek, the largest annual industry meet in the Americas. The ebullience as both sides enjoy higher revenues will be a welcome relief from the gloom of a year ago, near the depths of the price war. "The oil market has been rebalancing and the powerful forces of supply and demand have been working," said Dan Yergin, vice chairman of conference organizer IHS Markit and a Pulitzer Prize-winning oil historian. "The mood will be different this year." The capital of the U.S. oil industry Houston is emerging from the price war sporting new downtown skyscrapers and the lingering glow from hosting last month''s Super Bowl. OPEC''s November deal, the prospects for its continuation and rosier investment prospects for the industry will dominate the discussions, with state-run producers and Big Oil both positioning themselves for an upturn in the notoriously cyclical business. Twice as many OPEC ministers as a year ago - plus Russia and India''s top energy officials - will be in the capital of the U.S. energy industry. Saudi Arabia''s energy minister Khalid al-Falih, who assumed his role last spring and whose country has contributed the largest share of OPEC output curbs, addresses the meeting on Tuesday. Russian Oil Minister Alexander Novak, who was key to bringing non-OPEC countries on board to cut in tandem with OPEC, will speak on Monday Chief executives from five hard-hit international oil producers - BP, Chevron Corp, Exxon Mobil Corp, Royal Dutch Shell and Total - will be listening closely to the ministers'' comments to see if those production curbs will be extended past their June expiration. The meeting won''t be without simmering tension between U.S. oil producers and OPEC. One of the biggest questions in the oil market is how quickly and how much shale producers will boost output. A sharp rise from the U.S. shale patch could undo the Saudi-led deal to reduce the global oil glut. Shale activity is humming in the hottest U.S. oilfield, the Permian Basin, a 75,000 square mile expanse in West Texas. The U.S. land drilling rig count is up 55 percent in the past 12 months, and many of them are in the Permian. "It''s exciting now to see the rig count rising and business activity picking up again," said Peter Boylan, chief executive of Cypress Energy Partners LP, an oilfield service provider with operations in Texas and North Dakota. MORE SPENDING Oil''s resurgence isn''t confined to America. Already this year, Total and BP have launched multi-billion dollar deals to expand in Brazil and Mauritania, respectively. Better prices could stir a new round of merger activity, according to some analysts. Exxon, which is expected later this year be eclipsed by Saudi Aramco as the world''s largest publicly traded oil producer, recently pledged to boost this year''s spending by 16 percent to expand operations, especially in shale production. That newfound investment vigor and projections for stronger shale production have kept a lid on the recovery. Oil prices may struggle to breach $60 per barrel, regardless of how much OPEC cuts, if the U.S. keeps increasing production, according to a Reuters poll. U.S. crude futures closed on Friday at $53.33 per barrel. BHP Billiton has boosted investment in its shale operations since last fall, forecasting the sector to become the single largest generator of cash flow for its petroleum business within five years. "We expect a balanced oil market in 2017 for the first time in nearly three years," said Steve Pastor, president of BHP''s petroleum business. (Reporting by Ernest Scheyder; Editing by Gary McWilliams and Simon Webb) Next In Global Energy News U.S. energy stocks, darlings last year, stumble in 2017 NEW YORK, March 5 The energy sector is the stock market''s dud so far in 2017 after a banner performance in 2016, and the rest of the year may also be rocky for investors due to the unclear path for crude oil prices. Cause of Mexican sewage spill fouling U.S. beaches under investigation LOS ANGELES A massive sewage spill from Mexico''s Tijuana River that polluted miles of coastland in Southern California and northern Mexico has prompted an investigation, with U.S. officials calling it deliberate and Mexican authorities saying it was an accident caused by heavy rain. PAWNEE, Okla. The Pawnee Nation filed a lawsuit on Friday in tribal court in Oklahoma against 27 oil and gas producers, seeking damages for an earthquake they said was caused from man-made activity related to hydraulic fracturing, or fracking. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-oil-mood-idINKBN16D0DB'|'2017-03-06T11:47:00.000+02:00'
'2055ee48ab6d90c11eef3560ce4e8462b77f772e'|'Aggreko forecasts lower profit for 2017'|' 58am GMT Aggreko forecasts lower profit for 2017 Temporary power provider Aggreko Plc ( AGGK.L ) expects a lower pre-tax profit in 2017 after posting a 3 percent decline in full-year underlying revenue, hurt by low oil prices and currency impact. Underlying revenue for the year ended Dec. 31, 2016 came in at 1.52 billion pounds, compared with 1.56 billion pounds in the previous year, as low oil prices impacted a number of markets, particularly North America, the British company said on Tuesday. "We expect to see growth across the group in 2017, augmented by incremental annualised cost savings of 25 million pounds from the second half," said Chief Executive Chris Weston. "However, this will be more than offset by the significant impact of Argentina and as a result we expect full-year profit before tax and pre-exceptional items to be lower than last year." Aggreko, whose plants are used to supplement base-load capacity, said profit before tax and exceptional items fell to 221 million pounds in 2016 from 252 million pounds a year earlier. (Reporting by Arathy S Nair and Tenzin Pema in Bengaluru; Editing by Subhranshu Sahu) Next In Business News  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-aggreko-results-idUKKBN16E0RQ'|'2017-03-07T14:58:00.000+02:00'
'49e6a45066ca4db0e5683417bfd917e2c09d3a59'|'EMERGING MARKETS-Brazil rate futures yields up slightly despite weak GDP'|'Company News  37pm EST EMERGING MARKETS-Brazil rate futures yields up slightly despite weak GDP By Bruno Federowski SAO PAULO, March 7 Yields paid on Brazilian interest rate futures rose slightly on Tuesday despite worse-than-expected fourth-quarter economic data, as traders bet the central bank will be more focused on upcoming economic reports in deciding the pace of interest rate cuts. Brazil''s gross domestic product contracted by 3.6 percent in 2016, statistics agency IBGE said, following a 3.8 percent drop in 2015. The nation''s two-year downturn is the worst on record for Latin America''s biggest economy. Still, rate future prices indicated investors were split over the size of a likely rate cut in April. Markets priced a 56 percent probability of a 100 basis-point reduction and a 44 percent chance of a 75 basis-point cut, traders said. The central bank cut the benchmark Selic overnight lending rate by 75 basis points last month to 12.25 percent. Since then, it has repeatedly stressed that the pace of loosening will depend on the economic performance as well as inflation expectations. The Brazilian real seesawed, tracking muted moves among other Latin American currencies. Traders have been hunting for new clues over when the U.S. Federal Reserve will go back to raising rates, a move which many believe could come as soon as this month. The Mexican peso extended recent gains to a new four-month high, a day after the central bank sold $1 billion worth of foreign exchange hedging instruments to support the ailing currency. Brazil''s benchmark Bovespa stock index slipped 0.2 percent, with shares of toll road operator CCR SA among the biggest decliners. CCR reported a 31 percent drop in fourth-quarter net income, missing analyst expectations. Key Latin American stock indexes and currencies at 1710 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 936.93 0.27 8.37 MSCI LatAm 2615.52 -0.18 11.95 Brazil Bovespa 66187.72 -0.23 9.90 Mexico IPC 47668.88 -0.45 4.44 Chile IPSA 4471.50 0.09 7.71 Chile IGPA 22433.83 0.19 8.20 Argentina MerVal 19218.69 0.11 13.60 Colombia IGBC 9929.67 -0.08 -1.96 Venezuela IBC 38140.89 1.31 20.30 Currencies daily % YTD % change change Latest Brazil real 3.1164 0.32 4.26 Mexico peso 19.4700 0.72 6.54 Chile peso 659 0.23 1.78 Colombia peso 2966.3 0.00 1.19 Peru sol 3.286 0.24 3.90 Argentina peso (interbank) 15.5075 -0.18 2.37 Argentina peso (parallel) 16.1 0.00 4.47 (Reporting by Bruno Federowski; Editing by Chris Reese) Next In Company News UPDATE 2-Brazil gets $2.4 billion in bids for bond reopen -source SAO PAULO, March 7 Investors have placed about $2.4 billion worth of bids for a reopening of the Brazilian government''s dollar-denominated bond maturing in April 2026, whose sale is expected to close as early as Tuesday, according to a person with direct knowledge of the transaction. UPDATE 3-Brazil''s worst-ever recession unexpectedly deepens in late 2016 BRASILIA, March 7 Brazil''s worst-ever recession intensified unexpectedly in the final quarter of 2016, data showed on Tuesday, frustrating hopes for signs of a recovery and stepping up pressure on President Michel Temer and the central bank to do more to promote growth. UPDATE 1-U.S. judge rules against tribes seeking to stop Dakota pipeline March 7 A U.S. judge on Tuesday ruled against native tribes seeking to stop the Dakota Access Pipeline from moving forward on the basis that it would prevent them from practicing religious ceremonies, as legal options for opponents of the project narrow. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL2N1641MS'|'2017-03-08T00:37:00.000+02:00'
'51dc54e56b3e0435e02c3be3dde6d2889ba0852a'|'UK union head calls on govt to protect future Vauxhall jobs'|' 04am EST UK union head calls on govt to protect future Vauxhall jobs LONDON, March 6 The head of Britain''s biggest union called on the government to do all it can to protect jobs at Vauxhall''s British car and van plants as new owner Peugeot decides where to build future models. Len McCluskey told Sky News that the head of the PSA Group, which makes Peugeot, had given reassurances that all commitments would be honoured as part of the deal to buy General Motors'' European operations, which include Vauxhall in Britain. "There is a cautious optimism," he said. "But of course the real issue is not the current products, it''s about the new models and we''ll be determined to make certain that the British plants have a long term future. "The current model in Ellesmere Port goes up to 2020/2021 but really it''s this time next year, maybe the middle of next year, (when) we would need to secure acceptance of a new model there. That''s really the challenge for all of us. "My call to the government is to make certain that our government is at the table, just as the French and German governments will be, batting for their workforce." (Reporting by Kate Holton; editing by Costas Pitas)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/opel-ma-psa-unions-idUSL9N1FK00U'|'2017-03-06T16:04:00.000+02:00'
'5a5732a740e56d4319b3e298b8c80230739e9e60'|'UPDATE 1-CERAWEEK-U.S. consumer won''t accept fuel prices boosted by border tax- Motiva CEO'|'Commodities - Tue Mar 7, 2017 - 9:44am EST U.S. consumer won''t accept fuel prices boosted by border tax: Motiva CEO HOUSTON Motiva Enterprises [MOTIV.UL] Chief Executive Dan Romasko said on Tuesday that U.S. consumers would likely react negatively to higher fuel prices due to a proposed border tax on imports. "It''s hard to imagine that consumers will accept the tax as prices go up," Romasko said in remarks at the CERAWeek conference in Houston. "It''s hard to believe they won''t think of this as a subsidy to the energy producers." The tax on imports proposed by the Trump administration would likely lead to increases in domestic oil production to take advantage of the demand from refiners for lower cost crude, he said. U.S. refiners would also improve operating efficiencies to reduce their costs, Romasko said. (Reporting by Erwin Seba; Editing by Marguerita Choy) Next In Commodities Exclusive: Mexico cancels sugar export permits to the U.S. in ''absurd'' dispute MEXICO CITY Mexico has canceled existing sugar export permits to the United States to avoid penalties in a dispute over the pace of shipments, a document seen by Reuters said, partly blaming the issue on unfilled positions at the U.S. Department of Commerce.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ceraweek-refining-border-tax-idUSKBN16E1U6'|'2017-03-07T21:40:00.000+02:00'
'1fc56fedb677c1e74433725bc460b21fb4167a1e'|'Deutsche Bank to raise capital, change structure'|'Business News - Sun Mar 5, 2017 - 4:31pm GMT Deutsche Bank to raise capital, change structure The headquarters of Germany''s Deutsche Bank is photographed early evening in Frankfurt, Germany, January 26, 2016. REUTERS/Kai Pfaffenbach/File Photo FRANKFURT Deutsche Bank ( DBKGn.DE ) is planning to raise capital, list its asset management unit and realign its divisions as it seeks to reinvent itself after spending about two years dealing with past misdeeds and massive losses. Germany''s flagship lender plans an 8 billion euro (6.91 billion pounds) rights issue, due to be launched on March 20, it said on Sunday, as it seeks to repair its balance sheet in the wake of a 15 billion euro legal bill incurred since 2012. Additionally, Deutsche is planning an initial public offering of a minority stake in its asset management business, which includes its mainstay DWS retail asset management brand and which analysts have touted to be worth 8 billion euros. Its cash cow securities trading activities as well as its corporate finance business will be reunited under one roof. (Reporting by Arno Schuetze; Editing by Victoria Bryan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-deutsche-bank-capital-idUKKBN16C0QT'|'2017-03-05T23:31:00.000+02:00'
'd2c9934331ac00ea796579018c7f03e4dfdb4148'|'PSA CEO: Vauxhall plants an opportunity if there is hard Brexit'|'FRANKFURT PSA Group''s ( PEUP.PA ) Chief Executive Carlos Tavares said Vauxhall''s factories are an asset for the French carmaker if Britain exits the European common market in a so-called "Hard Brexit" scenario.Tavares told analysts and investors on Monday that a proposed combination of PSA Group with the European operations of General Motors, presents an opportunity."Opel Vauxhall was prevented until now to sell overseas. There is an export potential opportunity for us. There is also the Brexit and the risk and the opportunity to have inside of the U.K. some manufacturing plants in case we have a hard Brexit. All of this represents opportunities that we want to tackle," Tavares said.Automakers fear that a complete departure from the European common market could result in the imposition of tariffs for exporting and importing vehicles into Great Britain. Having a car plant in Britain would help Peugeot overcome such tariffs.Vauxhall has a plant in Ellesmere Port and in Luton.(Reporting by Edward Taylor; Editing by Harro ten Wolde)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-opel-m-apsa-britain-eu-idINKBN16D0Q8'|'2017-03-06T05:14:00.000+02:00'
'e159b7e6d4bacbf72a3bbf5fc353c1d593e94139'|'U.S. battery maker Aquion Energy files for bankruptcy'|'March 8 U.S. battery maker Aquion Energy Inc filed for Chapter 11 bankruptcy protection on Wednesday and said it was in talks to sell substantially all of its operating assets.Aquion, which makes saltwater batteries for use in electricity grids under the Aqueous Hybrid Ion brand, also said it laid off 80 percent of its workforce and paused all factory operations."Despite our best efforts to fund the company and continue to fuel our growth, the company has been unable to raise the growth capital needed to continue operating as a going concern," outgoing Chief Executive Scott Pearson said.Several potential buyers have shown interest in the company and are conducting due diligence under non-disclosure agreements, Aquion said.Pittsburgh-based Aquion listed assets and liabilities of between $10 million and $50 million in a filing with the U.S. bankruptcy court in Delaware. (Reporting by Ahmed Farhatha in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/aquion-energy-bankruptcy-idINL3N1GL4PK'|'2017-03-08T14:49:00.000+02:00'
'2dd932334c5a66f720e965803fdbde13cbb54403'|'Credit Agricole picks JPMorgan for Banque Saudi Fransi sale -sources'|'Company News - Wed Mar 8, 2017 - 3:53am EST Credit Agricole picks JPMorgan for Banque Saudi Fransi sale -sources DUBAI, March 8 French bank Credit Agricole has picked JPMorgan to help in a potential sale of its 31 percent stake in Banque Saudi Fransi, valued at nearly $2.4 billion, sources familiar with the deal said. The sale would be an opportunity for a foreign buyer to gain a foothold in the kingdom''s banking sector, in which 12 commercial lenders share total assets worth around 2.22 trillion riyals ($592 billion). Credit Agricole''s move comes as banks around the world are shedding minority stakes in other banks as new global rules mean they now have to hold more capital against those holdings. Credit Agricole and Banque Saudi Fransi declined to comment, while JPMorgan was not immediately available to comment. The sources declined to be identified because the details of the deal are not public. Bloomberg earlier reported that Credit Agricole was weighing the sale of its stake in the Saudi lender. ($1 = 3.7503 riyals) (Reporting by Hadeel Al Sayegh, Saeed Azhar and Tom Arnold; additional reporting by Maya Nikolaeva in Paris; Editing by Jason Neely and Alexander Smith) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/credit-agricole-saudi-idUSL5N1GL1GQ'|'2017-03-08T15:53:00.000+02:00'
'76a0a197c04b8b3b63a72c57fb5ffbc3d7993e41'|'Sanofi gears up for European generic drugs unit sale - sources'|'Business   2:03pm GMT Sanofi gears up for European generic drugs unit sale - sources A logo is seen in front of the entrance at the headquarters French drugmaker Sanofi in Paris October 30, 2014. REUTERS/Christian Hartmann/File Photo By Pamela Barbaglia and Arno Schuetze - LONDON/FRANKFURT LONDON/FRANKFURT French drug maker Sanofi ( SASY.PA ) is looking to hire advisers for the sale of its European generic drug business by the end of the month, sources told Reuters, ahead of an auction process which is set to start after the summer. A handful of banks have been shortlisted to present their final pitches for the long-awaited deal which could be worth more than 2 billion euros (1.7 billion pounds), the sources said. Bankers have been vying for a mandate for the past 18 months since Sanofi boss Olivier Brandicourt took charge of the French firm and decided to put the business under review. A final decision on the advisory line up, which could see a boutique bank working hand in hand with a larger player, is expected in around two weeks, the sources said. A spokesman at Sanofi declined to comment. France''s largest drug maker, which recently worked with Lazard to finalise a $20 billion asset swap deal with German firm Boehringer for Sanofi''s Merial animal health arm, said in January it was expecting to complete the sale of the European generics business by the end of 2018. The company started the legal work needed to disentangle the European generics business from its global operations towards the end of last year, the sources said, after announcing its plans to sell the unit in October. Financial advisers will need to bring potential bidders to the negotiating table and conduct a formal auction process. Sanofi, which recently failed to buy Swiss biotech firm Actelion and U.S. drug maker Medivation, wants to hold on to its global generics business including in emerging markets where it is looking to further develop its operations. Its exit from the European generics market, where it made about 1 billion euros in sales in 2015, has already drawn interest from heavyweight buyout funds keen to invest in healthcare assets due to their high growth prospects and resilience in the event of a downturn. Private equity firms Advent, Cinven and Permira are currently vying for Germany''s Stada Arzneimittel ( STAGn.DE ), another generic drugs firm, which has been valued at more than 3.5 billion euros. Sources said Sanofi would offer another good chance to invest in generic drugs for those who miss out on Stada. Other private equity firms such as CVC Capital Partners and PAI Partners have recently clinched deals in the sector where they bought Italy''s Doc Generici and France''s Ethypharm, respectively. Large industry players like Teva Pharmaceutical ( TEVA.TA ) have already gained enough scale in the generic drugs sector and are unlikely to make an offer for Sanofi''s unit, the sources said, pointing to Teva''s $40.5 billion purchase of Allergan''s generics business which was completed last year. ($1 = 0.9471 euros) (Additional reporting by Matthias Blamont in Paris; Editing by Keith Weir) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-sanofi-m-a-generics-idUKKBN16F1P3'|'2017-03-08T21:03:00.000+02:00'
'8c579d35dd59a420c26bec30197b994c27beaffb'|'UPDATE 1-China''s CDB Aviation has ordered 30 Boeing MAX 8 jets -sources'|'(Adds background on CDB)SAN DIEGO, March 7 China''s CDB Aviation Lease Finance is poised to announce an order for 30 Boeing 737 MAX 8 passenger jets and is looking at placing further potential aircraft orders as it pursues international growth, industry sources said on Tuesday.Such a deal would be worth $3.3 billion at list prices, but manufacturers typically charge about half price for actual market transactions.Dublin-based CDB Aviation, an arm of China Development Bank Corp, and Boeing Co both declined to comment on the order, which is believed to be on the planemaker''s books already as an undisclosed customer.The deal would be the first business announcement since the company appointed leasing veteran Peter Chang as its chief executive in December, with a remit to expand the bank''s leasing arm into a global platform with an international presence.The expected announcement reflects efforts under Chang to tidy up the group''s portfolio of 204 aircraft and outstanding orders for 97 Airbus and Boeing jets as it prepares for growth.CDB says it is the world''s 11th largest aircraft lessor by fleet size.The rapid expansion of aircraft leasing activities in China as investors seek higher returns is a talking point at Istat Americas, a finance conference held in California this week. (Reporting by Tim Hepher; Editing by G Crosse and Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/cdb-boeing-idINL5N1GL003'|'2017-03-07T21:07:00.000+02:00'
'a8a1697b57e8c7bf4cd65aa0a42187a59a6b2ee4'|'EU readies cash to help Ireland cut energy dependence on Brexit Britain'|' 18pm GMT EU readies cash to help Ireland cut energy dependence on Brexit Britain By Alissa de Carbonnel , Karolin Schaps and Susanna Twidale - BRUSSELS/LONDON BRUSSELS/LONDON Two big Irish energy projects designed to reduce dependence on Britain are set to benefit from EU funding as the bloc steps up efforts to support the country with the most to lose when its bigger neighbour quits the European Union. Brexit has cast doubt over the security of the gas Ireland imports from Britain, which supplies 60 percent of its needs. As an EU member, Ireland is not allowed to negotiate a bilateral trade agreement. The Irish government has thrown its weight behind two new energy import projects: EirGrid and RTE''s Ireland-France electricity link, and a liquefied natural gas (LNG) import terminal proposed by a private investment vehicle that took over the project from U.S. energy giant Hess ( HES.N ). "Because all of our electricity and gas interconnections are with Britain, it would be irresponsible of us not to explore all other options," Ireland''s Energy Minister Denis Naughten told Reuters. "We will be available and will assist," he said, adding that the projects may seek funding from Ireland''s state strategic investment fund. The European Investment Bank (EIB), which invested some 800 million euros (691.07 million pound) in Ireland last year, said it would be interested in lending money to support the Ireland-France electricity link, also known as the Celtic Interconnector. The EIB has previously provided loans to European LNG import projects. "The EIB is very conscious that Ireland is uniquely exposed to the economic consequences of Brexit," EIB Vice President Andrew McDowell told Reuters. "The need to show tangible European support for Ireland is becoming more pressing and the EIB is part of that." The two Irish energy import projects are each expected to cost around 1 billion euros each to build so securing additional funding sources would provide a huge boost. EirGrid said it was focussing on evaluating the cost of the Celtic Interconnector and would concentrate on funding arrangements later. A spokesman for the Shannon LNG project said the company was evaluating its funding options. The Celtic Interconnector, set to run from the southern Irish coast to Brittany in France from 2025, last month received a 4 million euro funding boost from the EU, showing Ireland''s energy security is also at the top of the European Commission''s agenda. The Shannon LNG project will be able to pump a maximum of 28.3 million cubic metres of gas per day into the Irish grid, equivalent to more than twice Ireland''s annual gas demand. It will be the closest European port of call for a glut of U.S. LNG exports set to start flowing in coming years. The developer is also proposing to build Ireland''s first gas storage tanks and a 500-megawatt power plant at the site. But plans for the LNG terminal, shortlisted for EU funding, have lain idle in recent years because global LNG oversupply and Irish regulations on costs for connecting the facility to the network have hampered the project''s economics. IRELAND''S ''PIVOTAL ROLE'' Ireland''s energy dependence on Britain puts it in a sticky position at Brexit talks: On one hand, a deal that lets Britain maintain its trade ties would mean less interruption to Ireland''s energy supplies; on the other, Dublin needs to align itself with its EU allies, who can afford a much tougher stance. "Ireland will play a pivotal role in these negotiations because of Northern Ireland," said Silke Goldberg, partner specialising in energy law at Herbert Smith Freehills. Experts are concerned Brexit could jeopardise plans to join the Irish and Northern Irish electricity markets by the end of this year, a multi-year project to create a unified Irish electricity market in line with EU legislation. "Our first concern is that we don''t revert back to a divided Ireland on energy," said Eamon Ryan, Irish energy minister between 2007 and 2011 and now leader of Ireland''s Green Party. (Alissa de Carbonnel reported from BRUSSELS and Karolin Schaps and Susanna Twidale from LONDON; Editing by Dale Hudson)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-ireland-energy-idUKKBN16C0HV'|'2017-03-05T19:18:00.000+02:00'
'29043e7a554e1f76534f693be351f7e5a98ec201'|'German Finance Minister says Greece must decide if it wants to stay in euro zone'|'Business News - Tue Mar 7, 2017 - 12:25pm GMT German Finance Minister says Greece must decide if it wants to stay in euro zone A man looks down as a Greek national flag flutters atop one of the bastions of the 17th century fortress of Palamidi under an overcast sky at the southern port city of Nafplio, Greece, February 19. 2017. REUTERS/Alkis Konstantinidis BERLIN Greece must decide whether it wants to remain in the euro zone, German Finance Minister Wolfgang Schaeuble said on Tuesday, adding Berlin is open to discussing debt relief for Athens in 2018 if such a step is needed. He also said debt relief for Greece was not an issue at the moment and the goal was to complete the programme review. "If the agreement is adhered to by all sides, I am confident it will work," Schaeuble told reporters in Berlin. He referred to the Eurogroup agreement from May 2016 that debt relief should, as a matter of principle, be looked at from 2018 and if, contrary to expectations, it is needed, such measures could be introduced. (Reporting by Michael Nienaber and Joseph Nasr; Writing by Madeline Chambers; Editing by Michelle Martin) Next In Business News Bank of England''s Hogg says failed to declare conflict of interest LONDON New Bank of England Deputy Governor Charlotte Hogg said she had failed to declare correctly to the central bank a potential conflict of interest due to her brother''s employment at Barclays , a major bank which is overseen by the BoE. Signs of slowdown grow as Britain gears up to trigger EU divorce LONDON British consumers are feeling the strain of rising prices caused by last year''s Brexit vote, suggesting the economy is heading for a slowdown just as London gears up for divorce talks with the European Union, surveys and data showed on Tuesday. UK food inflation doubles in a month - Kantar Worldpanel LONDON British food inflation has doubled since last month, with the price of staples including butter, tea, lamb and fish all rising, industry data showed on Tuesday, adding to evidence that the impact of last year''s Brexit vote is pushing up shoppers'' bills. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-greece-schaeuble-idUKKBN16E1FT'|'2017-03-07T19:25:00.000+02:00'
'33cc022fc9bd8450aec642ca8c7f4ddd5f6aa394'|'SAP to offer its business apps on Google Cloud'|'FRANKFURT, March 8 Germany''s SAP is teaming up with Silicon Valley giant Google to allow customers to run SAP''s big business applications on Google''s cloud while offering Google''s suite of web-based desktop apps to users, the company said on Wednesday.Appearing on stage at Google''s Cloud Next conference in California, Bernd Leukert, SAP''s executive board member in charge of products and innovation, is set to announce the two companies also are working on joint machine learning initiatives to be unveiled at the company''s own user conference in May.SAP has moved in recent years to encourage the multinational base of corporate customers using its financial planning and other business applications to switch from traditional packaged software running on clients'' own computers to cloud delivery. (Reporting By Eric Auchard)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/sap-google-idINL5N1GL5S1'|'2017-03-08T14:20:00.000+02:00'
'8f8ccc2643f4b612ad2447e12221fc048cc00bfa'|'RBS CEO share awards rise by a quarter to $1.5 million'|'Business News - Wed Mar 8, 2017 - 4:47pm GMT RBS CEO share awards rise by a quarter to $1.5 million Royal Bank of Scotland chief executive Ross McEwan speaks during an interview with Reuters at Canary Wharf in London, Britain July 7, 2015. REUTERS/Neil Hall LONDON Royal Bank of Scotland RBS.L. awarded Chief Executive Ross McEwan shares worth almost a quarter more than last year. The taxpayer-owned bank gave McEwan shares worth 1.22 million pounds, up from 994,000 pounds last year, according to a stock exchange filing on Wednesday. The increase is because McEwan has been given his full award of shares for running the whole bank, whereas in previous years the award partly reflected his previous role of running the lender''s retail banking division. RBS declined to comment. The bank reported a sharp rise in losses last year as higher misconduct charges and restructuring costs underscored the challenges facing the lender nine years after it was bailed out in the world''s biggest bank rescue. RBS is battling to complete a restructuring of the taxpayer-backed bank, which includes asset sales, job cuts and multi-billion dollar charges to settle litigation and pay regulatory fines for past misconduct. Those issues have complicated RBS''s task of finding profitable business in a low interest rate environment and economic uncertainty caused by Britain''s vote to leave the European Union. McEwan''s salary was flat last year, according to the bank''s annual report. ($1 = 0.8229 pounds) (Reporting By Andrew MacAskill, Editing by Lawrence White) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-rbs-pay-idUKKBN16F256'|'2017-03-08T23:47:00.000+02:00'
'e342f90ee840d48bfb91b65c5b85f4189388124d'|'Lost for words when unwanted satnav doubled our Hertz car hire bill - Money'|'Last October we pre-booked a hire car using the Hertz website so as to book direct. We paid €100 (£86) in advance. During the car pickup at Munich airport the guy simply asked if we wanted an extra driver or additional insurance. I answered “No” to all his questions. He then printed out the rental record and I signed the agreement. He handed us the keys and, at the same time, said the car had a satnav. This surprised us as we had deliberately not booked one, or asked for it. We assumed it was a free upgrade. The rental passed uneventfully until Hertz sent us the final bill, when it emerged we had been charged another €100 for the satnav – which had, in effect, doubled the rental cost. I contacted Hertz both here in France and in the US to complain, but its stock response is that I initialled the form and therefore it won’t refund me. Looking at the bill it had marked the satnav as “Neverlost”, which is not particularly obvious. I was busy getting our three kids into the car and made the mistake of trusting the Hertz agent – was I just naive? CR, Le Mans, France I fear you were. If you do this job for any length of time you soon come to the conclusion that car hire is war, and should be treated as such.Don’t trust anything anyone who works for a car hire outfit tells you. Never sign anything without reading it, however much of a hurry you are in – and always check the car for damage, marking every tiny scratch on the paperwork and get it signed afterwards, even if it delays you. In short, assume that the person holding the car keys is out to screw you. Do that, and you will only be pleasantly surprised if they don’t.We asked Hertz about your case and it again stuck to the line that you initialled to accept it, and therefore must pay. It has offered to go to arbitration but that will probably conclude the same.The Hertz spokeswoman couldn’t explain how the cost of hiring a £100 satnav for four days could cost the same as hiring a £20,000 car. But that’s how these firms make their money – by charging so much on the little things.Hire a booster car seat from Hertz Munich for four days and you pay £56 – for a seat you can buy new in the UK for £25-£30. You have learned a lesson, and Hertz has lost a regular car hiring customer – for the sake of an over-priced satnav.We welcome letters but cannot answer individually. Email us at consumer.champions@theguardian.com or write to Consumer Champions, Money, the Guardian, 90 York Way, London N1 9GU. Please include a daytime phone number Money Consumer champions Consumer rights Travel & leisure features  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/mar/07/hertz-car-hire-satnav-cost'|'2017-03-07T14:00:00.000+02:00'
'6237b842b78b49878b275dc91f3360b5667d9a0a'|'Shawbrook rejects $1 billion buyout offer'|'  9:36am GMT Shawbrook rejects $1 billion buyout offer British challenger bank Shawbrook Group Plc ( SHAW.L ) said on Tuesday that it had rejected a 825 million pound buyout proposal by two private equity firms after consulting key institutional shareholders. It also disclosed that the joint offer from Pollen Street Capital, its largest shareholder, and BC Partners, announced on Friday, had been an improved offer from an earlier bid that had not been made public. Analysts at Liberum said they expected the bidders could yet come back with another improved offer. Shawbrook, founded in 2011 and listed in 2015, specialises in lending mostly to small and medium-sized companies but has been hit as the sector faced declining margins. Its shares have been trading below their IPO price in recent months. Pollen Street and BC Partners offered to buy the bank for 330 pence per ordinary share in cash and allow shareholders to keep a final dividend of not more than 3 pence per share, Shawbrook said on Friday. The proposal was 22 percent above Shawbrook''s closing share price on Thursday. "Taking into account the terms of the revised proposal, the confidence the Board has in Shawbrook''s strategy and plan and the feedback from Shawbrook''s major institutional shareholders, the Board has concluded that it is not willing to recommend the consortium''s revised proposal," Shawbrook said in a statement. Pollen Street and BC Partners said they were surprised by Shawbrook''s rejection, adding that the lender had conveyed it was "comfortable" with the improved offer. The firms also said that after making the offer they had met with Shawbrook''s shareholders to discuss it. Analysts said the offer undervalued Shawbrook. Liberum said the starting level for a successful bid should be at least 350 pence per share. "Despite Shawbrook''s assertions that it remains confident in its strategy as a public company, we do not rule out a further third improved bid by the consortium," Liberum analyst Portia Patel said in a note. Shawbrook''s shares fell 3.8 percent in early trade on Tuesday, after rallying 19 percent since Friday on news of the bid. Britain''s so-called challenger banks have been increasingly seen as ripe for takeovers in recent months, bankers advising on M&A activity have said, as a prolonged period of low interest rates has squeezed earnings and the pound''s fall has made them cheaper for foreign buyers. Shawbrook also reported on Tuesday a 14.1 percent rise in full-year underlying pretax profit to 91.4 million pounds, which analysts said was in line with expectations. Loans and advances to customers rose 22 percent last year to 4.05 billion pounds, Shawbrook said. It disclosed that it had rejected an initial bid from Pollen Street and BC Partners at 307 pence per share in January but had then engaged in talks with the two private equity firms about a revised proposal. (Reporting by Abhijith Ganapavaram and additional reporting by Noor Zainab Hussain in Bengaluru; Editing by Mark Potter and Susan Fenton)   UK food inflation doubles in a month - Kantar Worldpanel LONDON British food inflation has doubled since last month, with the price of staples including butter, tea, lamb and fish all rising, industry data showed on Tuesday, adding to evidence that the impact of last year''s Brexit vote is pushing up shoppers'' bills.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-shawbrook-group-m-a-idUKKBN16E0ZC'|'2017-03-07T16:36:00.000+02:00'
'221fed18417a76fba1abe0586aa0655a890a8ce0'|'U.S. congressman stirs backlash over healthcare vs. iPhone comment'|'WASHINGTON, March 7 A Republican congressman who said on Tuesday that some Americans should choose between spending on a new iPhone and healthcare sparked a social media backlash from people who accused him of being out of touch.Representative Jason Chaffetz of Utah stepped into a minefield on CNN as he defended a Republican plan in the House of Representatives that would replace the Affordable Care Act, known as Obamacare. The plan would replace Obamacare''s income-based subsidies to buy insurance with tax credits, and eliminate a requirement that most Americans obtain medical insurance."Americans have choices. And they''ve got to make a choice," said Chaffetz, who heads the House Oversight and Government Reform Committee."So maybe, rather than getting that new iPhone that they just love and they want to go spend hundreds of dollars on, maybe they should invest in their own healthcare. They''ve got to make those decisions themselves."Social media came alive over Chaffetz''s remarks, with many users mocking the lawmaker''s connection between healthcare and an iPhone. iPhone was one of the top trending topics online, with nearly 60,000 tweets using the term by early afternoon.An iPhone 7 mobile phone, Apple Inc''s latest model, costs $649 on the company website. A 2016 report by the nonpartisan Congressional Budget Office projected the average premium last year for employment-based insurance at about $6,400, and somewhat less for individual coverage.Twitter user Stephen Toulouse Quote: : "I would have to give up my habit of buying an iPhone every single month to get healthcare."Jenny Trout (@Jenny_Trout) superimposed Chaffetz''s face on a portrait of Marie Antoinette, the 18th-century French queen accused of insensitivity to the poor. "Let them have iPhones!" Trout said.Eli Friedman (@eligit) said: "Hey Jason I''m writing this to you on my $600 iPhone, bought once every 2 years. Can you get me insurance for $300 a year?"After the backlash, Chaffetz told Fox News: "Maybe I didn''t say that as smoothly as I possibly could, but people need to make a conscious choice and I believe in self-reliance."Obamacare was the signature domestic accomplishment of Barack Obama, the Democratic predecessor of President Donald Trump.It has brought health insurance coverage to millions, although premium increases have angered some. Republicans have denounced the law as government overreach.Trump on Tuesday endorsed the draft House bill, but influential conservative groups came out against it, complicating prospects for passage in Congress.(Additional reporting by Angela Moon in New York; Editing by Peter Cooney)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/usa-obamacare-iphone-idUSL2N1GK1KJ'|'2017-03-08T00:13:00.000+02:00'
'b5a9ef9b42e64db9415f52ec749801f155b6b199'|'Netherlands needs anti-takeover panel, says finmin Dijsselbloem'|'By Toby Sterling - AMSTERDAM AMSTERDAM Dutch Finance Minister Jeroen Dijsselbloem said on Tuesday the government should set up a panel with the power to block takeovers by foreign companies that were contrary to the national interest.Many of the country''s largest companies did not have the wherewithal to thwart unwanted takeovers, he added during campaigning for his Labour party ahead of a national election on March 15."Aggressive takeovers such as what was in danger of happening with Unilever, I think are a true threat to the future earnings capacity of the Netherlands," Dijsselbloem said.The minister was referring to Kraft Heinz'' surprise offer for the Anglo-Dutch consumer goods company last month.Nationalist sentiment has been on the rise in the Netherlands ahead of the election in which the far-right party led by Geert Wilders, who advocates protectionist economic policies, is seen performing strongly.Polls show Wilders'' Party for Freedom (PVV) will more than double its seats in parliament to 26, almost even with Prime Minister Mark Rutte''s conservatives who stand to tumble from 41 to 27, with his coalition partner Labour plunging to 14 from 38.Dijsselbloem''s Labour party, the junior member in Rutte''s center-right coalition, is on course to lose about two-thirds of its seats.Last month the government proposed a law giving it power to block takeovers in the telecommunications sector.Dijsselbloem said on Tuesday such powers should be expanded to include all "strategically important" companies, and the country should establish a panel like the Committee on Foreign Investment in the United States (CFIUS).Last year CFIUS blocked Philips ( PHG.AS ) from selling most of its LED components manufacturing business to a Chinese-led consortium for $2.8 billion. Philips eventually sold the same stake to U.S. private equity firm Apollo Global Management for $1.5 billion.Dijsselbloem said that Dutch firms were attractive because they are cash rich."That makes them very good prey because (a buyer) can first strip the cash and then sell the parts." he said."This is not a theory I''m describing, this really happens and it''s in danger of happening again."The Dutch state was burned by the 2007 hostile takeover and carve-up of ABN Amro bank, whose operations in the Netherlands it was forced to bail out less than a year later.Last month Belgium''s Bpost ( BPOST.BR ) dropped its pursuit of PostNL ( PTNL.AS ) under pressure from Dutch economic affairs minister Henk Kamp, a VVD politician.Dijsselbloem said 11 of the 25 largest Dutch companies with a stock market listing lacked sufficient takeover protections."Don''t dare me to name them and thereby stick a ''for sale'' sign in their gardens," he said. "My warning is that we must be able to protect Dutch industry."(Reporting by Toby Sterling; editing by John Stonestreet and Richard Lough)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-netherlands-finance-minister-companie-idINKBN16E1R2'|'2017-03-07T10:54:00.000+02:00'
'fc6107cee8452709fb5a7f4ba60cdb26707c0c68'|'Signs of slowdown grow as Britain gears up to trigger EU divorce'|'Business News - Tue Mar 7, 2017 - 12:09pm GMT Signs of slowdown grow as Britain gears up to trigger EU divorce Shoppers carry bags on Oxford Street in London, Britain December 18, 2016. REUTERS/Neil Hall By Andy Bruce and William Schomberg - LONDON LONDON British consumers are feeling the strain of rising prices caused by last year''s Brexit vote, suggesting the economy is heading for a slowdown just as London gears up for divorce talks with the European Union, surveys and data showed on Tuesday. After helping the economy withstand the immediate Brexit shock last year, consumers are reining in spending on non-essentials as prices for day-to-day shopping rise, the British Retail Consortium (BRC) industry group and Barclaycard said. Separate data from market research firm Kantar Worldpanel showed the inflation rate for groceries doubling in the space of a month as prices for food staples including butter, tea and fish all rose. Britain''s economy unexpectedly lost no pace last year after the surprise referendum vote in June to leave the EU. But Tuesday''s signals add to evidence that growth is now starting to wilt, just as Chancellor Philip Hammond prepares to unveil an annual budget plan on Wednesday. He has signalled he will not spend heavily now but will keep money in reserve in case the economy needs help to get through a slowdown as Britain withdraws from Europe''s single market -- an unsettling prospect for many employers and investors. "We kept the view that it was pain deferred after the Brexit vote, not pain avoided. Now the data is really starting to come through to support that view," said Oliver Jones, UK economist at Fathom Consultancy. Sterling fell to a seven-week low against the dollar, hit by the weak data and nervousness among investors ahead of a vote in Britain''s upper house of parliament on whether to give Prime Minister Theresa May a green light to start formal Brexit talks. The BRC said there was now an "undeniable" trend of cautious spending among consumers on non-essential items. Over the three months to February, total non-food sales fell by 0.2 percent, the first fall over a three-month period in more than five years, the BRC said. Credit card company Barclaycard reported a similar trend as it said discretionary purchases slowed for a fifth month, with Britons having to spend more on food, fuel and other essentials. Official consumer price inflation has risen to near the Bank of England''s 2 percent target. Many economists think it will hit 3 percent this year. Kantar Worldpanel said grocery price inflation jumped to 1.4 percent for the 12 weeks to Feb. 26, from 0.7 percent in the 12 weeks to Jan. 29. The BoE is watching closely to see if households rein their spending as it weighs up whether the economy needs more monetary stimulus to spur demand or an interest rate hike to curb inflation. Mortgage lender Halifax also reported signs of a squeeze on consumers as annual house price growth cooled to 5.1 percent in the three months to February, the weakest rise since July 2013. "A sustained period of house price growth in excess of pay rises has made it increasingly difficult for many to purchase a home," Halifax housing economist Martin Ellis said. "This development, together with signs of reduced momentum in the jobs market and squeezed consumer spending power, is expected to curb house price growth during 2017." (Additional reporting by James Davey; Writing by Andy Bruce; Editing by Catherine Evans) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-economy-retail-idUKKBN16E1E5'|'2017-03-07T19:09:00.000+02:00'
'63084a74946279bcc07e717ac013f30a77753957'|'Vauxhall boss says UK production key to the car brand'|'Company  41am EST Vauxhall boss says UK production key to the car brand GENEVA, March 7 The managing director of British car brand Vauxhall, which is being bought by Peugeot from General Motors, said on Tuesday the firm''s British production sites were key to the brand''s heritage and sales. "A key part of the brand heritage is that there is UK manufacturing," Rory Harvey told reporters at the Geneva auto show. Peugeot-maker PSA has agreed to buy GM''s European division, known as Vauxhall in Britain and Opel on the continent, prompting concerns about the future of the British brand''s car and van plants. Asked about whether the extra cost of importing more expensive euro-denominated parts had outweighed the benefits of cheaper exports since a Brexit-induced fall in the pound, Harvey said the net effect was negative. (Reporting by Costas Pitas; Editing by Mark Potter) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/autoshow-geneva-opel-vauxhall-idUSL5N1GJ5JB'|'2017-03-07T16:41:00.000+02:00'
'580fbcf77372bced20e4e2c6c3498a12a6a8e08b'|'Benchmark JGBs firm, superlong zone slips after 30-year sale'|'TOKYO, March 7 Benchmark Japanese government bonds firmed slightly on Tuesday, though superlong maturities slumped after an uninspiring 30-year JGB sale.The benchmark 10-year JGB yield fell 0.5 basis point (bp) to 0.065 percent, while 10-year JGB futures ended up 0.11 point at 150.70.But the 20-year yield rose 1 bp to 0.650 percent.The 30-year JGB yield added 2 bps to 0.855 percent, up from an earlier session low of 0.825 percent.At the Ministry of Finance''s sale of 800 billion yen ($7.02 billion) of 30-year JGBs with a 0.8 percent coupon, 97.5395 percent of the bids were accepted at the lowest price of 99.30, which was somewhat lower than some market participants had expected.The tail between the average and lowest accepted prices narrowed to 0.19 compared with that of last month''s offering at 0.27. But the sale drew bids of 3.14 times the amount offered, down from the previous sale''s bid-to-cover ratio of 3.23 times, indicating somewhat weaker demand for the bonds.With inflation still stagnant and economic recovery fragile, Bank of Japan Governor Haruhiko Kuroda has no plan to tighten monetary policy any time soon.But he wants to ensure the BOJ''s stimulus programme is made sustainable by laying the grounds for a gradual slowdown in its bond purchases, sources familiar with the BOJ''s thinking say -- with just months before the departure of two key board members who want to slow an unsustainable pace of bond purchases.($1 = 113.9400 yen) (Reporting by Tokyo markets team; Editing by Gopakumar Warrier)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-bonds-idINL3N1GK2O1'|'2017-03-07T04:12:00.000+02:00'
'541f046bea04cf6e87e6369788c6c5d6e068caf9'|'Investor group seeks to bar Snap from indexes over voting rights'|'By Ross Kerber - BOSTON BOSTON A group representing large institutional investors has approached stock index providers S&P Dow Jones Indices and MSCI Inc, looking to bar Snap Inc and any other company that sells investors non-voting shares from their stock benchmarks.Both index providers have said they are reviewing Snap''s inclusion. Were Snap to be added to indexes such as the S&P 500 Index or the MSCI USA Index, then managers of stock index portfolios will have to buy its shares and other investors, whose performance is tracked against such indexes, would likely follow suit.Some big money managers worry about buying Snap’s Class A shares because they have no voting rights, meaning shareholders will have no voice on matters like the company’s future strategy or the pay of its executives."They''re tapping public markets but giving shareholders no say," said Amy Borrus, deputy director of the Council of Institutional Investors, which represents big pension funds and other large asset owners, in an interview.In reaching out to both index providers, she said, "What we would like to see at the least is for the indexes to exclude new no-vote companies." Meetings with both index providers are scheduled this week, she said.David Blitzer, managing director of S&P Dow Jones Indices and chair of a committee overseeing its indexes, said they would not add a new stock like Snap for 6 to 12 months after its IPO in any case, and will use the time to study Snap''s structure.While the index provider does not have a hard requirement about a company''s voting structure, the committee needs to think through how much influence investors should have, Blitzer said in an interview on Monday." ''Who Votes?'' is the issue right now," he said.MSCI said on March 2 that Snap would qualify for indexes including the MSCI USA Index but then said on March 3 that after additional analysis Snap did not meet all requirements. Snap''s inclusion into the MSCI USA Index will be re-assessed in May, MSCI said in a statement on its website.MSCI is seeking feedback from investors about whether companies without voting rights should be included in indexes, according to the March 3 statement. A spokesman did not immediately provide further details.A spokesman for Snap declined to comment.Snap''s $3.4 billion initial public offering of stock last week marked the hottest technology IPO in three years as investors snapped up shares of the Venice, California company, even though its two co-founders retained near total control. The situation alarms some big investors who fear other companies might copy Snap''s structure.Other big S&P 500 companies like Facebook and Google parent Alphabet also have non-voting shares but still grant voting rights with other widely-traded shares.After the council raised concerns about Snap''s lack of voting rights last month, Snap''s chairman Michael Lynton wrote back on Feb. 21 to point out a section of its prospectus stating the voting structure "prolongs our ability to remain a founder-led company" and that Snap will have a majority-independent board, including himself.Index inclusion requirements vary. For the S&P 500 a stock typically needs a market capitalization of around $5.5 billion and to have been profitable over the past four quarters, for instance, Blitzer said.(Reporting by Ross Kerber in Boston. Additional reporting by Lauren Hirsch in New York. Editing by Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-snap-ipo-indexes-idINKBN16D2D6'|'2017-03-06T16:26:00.000+02:00'
'f3decb4f0c8a9698995fb9ed04dd795a07c3006c'|'Enterprise Products Partners'' Seaway pipeline shut after leak: traders'|'Company News  23am EST Enterprise Products Partners'' Seaway pipeline shut after leak: traders NEW YORK, March 6 Enterprise Products Partners LP''s Seaway crude oil pipeline was shut this weekend after a potential leak was found, two trading sources said on Monday. It was not immediately clear when the pipe was shut, although traders cited Genscape data showing the 400,000 barrel per day Cushing, Oklahoma to U.S. Gulf Coast pipeline shutting Saturday morning. A company spokesman could not immediately be reached for comment. The discount for front to second month U.S. crude CLc1-CLc2 widened to a session low of 50 cents. In January, the company shut its legacy line after a leak was reported near Trenton, Texas, after it was struck by a third-party contractor. (Reporting by Catherine Ngai) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-oil-pipeline-seaway-idUSL2N1GJ0TF'|'2017-03-06T23:23:00.000+02:00'
'5facd740ae44fbdf580b9b0c9034ff7ae22110d3'|'Autos bosses focus on technology, play down PSA-Opel impact'|'  10:06am GMT Autos bosses focus on technology, play down PSA-Opel impact left right Carlos Tavares, CEO of PSA Peugeot Citroen, speaks during the 87th International Motor Show at Palexpo in Geneva, Switzerland, March 7, 2017. REUTERS/Arnd Wiegmann 1/4 left right Carlos Tavares, CEO of PSA Peugeot Citroen, poses with the Car of the Year Peugeot 3008 during the 87th International Motor Show at Palexpo in Geneva, Switzerland, March 7, 2017. REUTERS/Arnd Wiegmann 2/4 left right Peugeot Instinct concept car is seen during the 87th International Motor Show at Palexpo in Geneva, Switzerland, March 7, 2017. REUTERS/Arnd Wiegmann 3/4 left right Renault Trezor Concept car is seen during the 87th International Motor Show at Palexpo in Geneva, Switzerland, March 7, 2017. REUTERS/Arnd Wiegmann 4/4 By Agnieszka Flak and Andreas Cremer - GENEVA GENEVA The auto industry is facing seismic changes with the rise of electric vehicles, automated driving and car sharing, and adapting to these will eclipse even big mergers such as PSA''s purchase of Opel, executives at the Geneva auto show said. Peugeot maker PSA Group ( PEUP.PA ) on Monday agreed to buy loss-making Opel from General Motors ( GM.N ), creating Europe''s second-biggest carmaker behind Volkswagen ( VOWG_p.DE ) and sparking speculation of more consolidation. However, some executives gathering in Geneva said the deal was unlikely to change the industry landscape on its own, with new competitors in Silicon Valley and China and changing consumer habits set to have a much bigger impact. "We are really in a transitionary phase for the industry. There are new competitors on the horizon like Tesla or Chinese ventures," Herbert Diess, the head of Volkswagen''s (VW) main passenger car division, told reporters. "My feeling is that the industry as a whole and brand positioning will change in the next 10 or 15 years and that comes in addition to traditional consolidation in the industry," he said, adding he did not expect a wave of Opel-style deals. Volkswagen (VW) is investing billions of euros in electric vehicles, automated driving and new mobility services, in part as it tries to recover from an emissions test cheating scandal on diesel engines which has hit demand for diesel vehicles. The company is unveiling a fully self-driving concept car at the Geneva show. Karl Schlicht, head of European sales at Japan''s Toyota Motor Corp ( 7203.T ), also played down the impact of the PSA-Opel deal, which brings together two carmakers with heavy focuses on diesel and low-margin fleet vehicles, respectively. "We ran a counter strategy in Europe which may not look as successful for some past years because our volumes were a bit lower, but in terms of where we want to end up, it’s turning out to be a good strategy," he said, referring to Toyota''s investments in hybrid vehicles. The company forecasts its European sales will rise 5 percent this year, compared with an industry expected to grow 1 percent. Some industry analysts also say an enlarged PSA could actually ease the pressure on rivals if CEO Carlos Tavares uses similar methods to turn around Opel that worked at PSA. Exane''s Dominic O''Brien, for example, sees Opel "adopting more disciplined pricing strategies akin to PSA’s current model." In the three years since Tavares took the helm at PSA, its three existing brands - Peugeot, Citroen and DS - have significantly increased pricing relative to benchmarked peers, sometimes at the expense of sales. A similar approach at Opel, which has been among the region''s most aggressive discounters, could give the entire European mass-market car industry some breathing space. Stefan Bratzel of the Center of Automotive Management in Bergisch Gladbach, Germany, said it was the potential improvement in profitability at PSA-Opel that posed a bigger challenge to rivals than its sheer size. "There is no survival of the fattest," he said. "Just because you''re big, you do not win the game." (Additional reporting by Laurence Frost, Costas Pitas and Edward Taylor; writing by Mark Potter; editing by Jason Neely)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-autoshow-geneva-idUKKBN16E10I'|'2017-03-07T16:48:00.000+02:00'
'664d7d554e6bd95d553c86008918ce6aab46309b'|'Airbnb CEO offers property hosts bigger role in company'|'By Heather Somerville - SAN FRANCISCO, March 7 SAN FRANCISCO, March 7 Airbnb, the leading online marketplace for short-term lodging, on Tuesday invited some of the owners of properties listed on its service, known as hosts, to attend executive board meetings and offered them more direct contact with its chief executive, in an attempt to give the people vital to the company''s success a greater say in how it is run.Airbnb depends on the loyalty and advocacy of its hosts - people who rent out their homes and apartments through the company''s website - in its battles with regulators in cities across the globe.Unlike the guests that use Airbnb, hosts are usually voters and taxpayers in their communities, and have more sway with elected officials. Host advocacy was pivotal to the defeat of Proposition F in San Francisco, a measure on the ballot in 2015 to limit short-term rentals.In an event at Airbnb''s San Francisco headquarters on Tuesday, attended by dozens of Airbnb hosts from across the world, CEO Brian Chesky announced that he will have more direct communication with hosts through periodic emails and quarterly Facebook Live events. He added that Airbnb will create an advisory board made up of hosts, and will invite certain hosts to one board meeting a year.Airbnb will also expand the number of what it calls ''host clubs'' to 1,000 from 114 by the end of 2018, Chesky said. The hosts clubs were launched in 2015 as an effort to galvanize hosts to engage with local officials and head off regulatory crackdowns. Chesky also said he would take on the additional title of head of community.Airbnb has faced opposition from local governments and the established hospitality industry in many places, just as ride-hailing service Uber Technologies Inc has faced opposition from local regulators and existing taxi services.Uber has benefited from both passengers and drivers lobbying local elected officials to legalize the service, but Airbnb has the problem that guests who stay in Airbnb homes are usually from another city or country.That means Airbnb has to rely on its hosts, who make up about 3 million of the total 150 million Airbnb users globally, to appeal to local officials for regulations friendly to Airbnb."Our community (of hosts) is able to be a counterweight to the historic power of the hotel industry," said Chris Lehane, Airbnb''s head of global policy. "They are real people who do vote."More than 5,700 Airbnb hosts have attended a political event and about 10,700 hosts have contacted an elected official regarding Airbnb, the company said Tuesday. Airbnb operates in about 65,000 cities across 191 countries. (Reporting by Heather Somerville; Editing by Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/airbnb-meeting-ceo-idINL2N1GK1HS'|'2017-03-07T17:51:00.000+02:00'
'c17d4e9051f470ed0cd25fb3be7971894573c43f'|'China confirms seven percent increase in 2017 defence budget'|'Top News - Mon Mar 6, 2017 - 11:19am IST China confirms 7 percent increase in 2017 defence budget FULL COVERAGE: INDIA ELECTIONS 2017 People''s Liberation Army (PLA) soldiers march outside the Great Hall of the People ahead of the opening session of the National People''s Congress (NPC) in Beijing, China, March 5, 2017. REUTERS/Thomas Peter BEIJING A Finance Ministry official confirmed China''s defence budget will rise 7 percent in 2017, to 1.044 trillion yuan ($151.43 billion), state media said on Monday. The official Xinhua news agency gave the figures on its microblog, citing an unnamed Finance Ministry official. On Saturday, the spokeswoman of China''s parliament, Fu Ying, had said defence spending for this year would rise about 7 percent, accounting for about 1.3 percent of gross domestic product - the same level as the last few years. But in a highly unusual move, the exact figure was not included in a Finance Ministry report issued at Sunday''s opening of parliament''s annual meeting, triggering questions over the transparency of China''s military spending. ($1=6.8941 Chinese yuan) (Reporting by Michael Martina; Editing by Clarence Fernandez) Next In Top News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-parliament-defence-idINKBN16D0G9'|'2017-03-06T12:36:00.000+02:00'
'6d94440826a2d116f37019209e4d7a13ac49f407'|'Funds expect Saudi Aramco to be valued around $1-1.5 trillion - survey'|'Business News - Mon Mar 6, 2017 - 11:02am GMT Funds expect Saudi Aramco to be valued around $1-1.5 trillion - survey Oil tanks seen at the Saudi Aramco headquarters during a media tour at Damam city November 11, 2007. REUTERS/ Ali Jarekji/File Photo By Celine Aswad and Andrew Torchia - DUBAI DUBAI Fund managers and institutional investors expect oil giant Saudi Aramco to have a market capitalisation of $1 trillion (816 billion pounds) to $1.5 trillion (1.22 trillion pounds) when it sells shares to the public next year, a survey by regional investment bank EFG Hermes showed on Monday. The valuation of Aramco IPO-ARMO.SE, the world''s biggest oil firm, has been the focus of intense speculation since the Saudi government last year announced plans to sell up to 5 percent of it and list the shares in Riyadh and at least one foreign stock exchange. Deputy Crown Prince Mohammed bin Salman, who oversees the kingdom''s economic policy, has said the sale is expected to value Aramco at $2 trillion or more, making it by the far the world''s largest initial public offer. The EFG Hermes survey, conducted at an investment conference organised by the bank in Dubai, found 39 percent of respondents predicted the market would value Aramco at between $1 trillion and $1.5 trillion. Thirty-six percent expect a valuation below $1 trillion, and 24 percent a figure above $1.5 trillion, the bank said. EFG Hermes said it polled 510 international fund managers and investors from 260 institutions at the conference, as well as 147 other companies. It did not say how many of them had replied to the question on Aramco. The company''s ultimate valuation will depend on decisions that are expected to be made by Saudi authorities in coming months, including the tax rate that Aramco will pay as a public company, and the portion of Aramco''s huge and diverse array of assets that is included in the listed entity. Saudi officials have given no concrete indication of how they will decide these questions, so any estimate of Aramco''s value remains tentative. The EFG Hermes survey suggests a higher valuation than some estimates by private analysts. Last year Foreign Reports, a Washington-based oil industry consultancy, calculated Aramco could have a market value of $250-460 billion, excluding the value of refining assets and guaranteed access to oil and gas. Aramco''s valuation is important for Saudi Arabia because it will determine how much money the government makes from the IPO and the size of foreign fund flows that are expected to enter the country to buy the shares. The huge IPO looks likely to strengthen the case for Saudi Arabia to join the emerging markets indexes of international index compilers such as MSCI, a step which could attract tens of billions of dollars of fresh foreign money to the kingdom. The EFG Hermes survey found 16 percent of respondents expected Saudi Arabia to join MSCI''s emerging markets index next year, 34 percent in 2019, 22 percent in 2020 and 27 percent at a later date. (Editing by Louise Heavens) UK manufacturers enjoy post-Brexit surge in orders - survey LONDON Britain''s factories are growing at their fastest pace in more than three years, helped by the fall in the value of the pound after the Brexit vote and a recovery in core markets in Europe, a survey showed on Monday. UK new car sales dip in February, pickup seen in March - SMMT LONDON British new car registrations fell by an annual 0.3 percent to 83,115 units in February, driven down by weaker demand from individuals and companies, but sales are expected to pick up in March, a car industry body said on Monday. MILAN European shares pulled back on Monday with banking stocks led lower by a slump in Deutsche Bank shares after the German heavyweight lender unveiled an 8 billion-euro (6.9 billion-pound) cash call as part of a major reorganisation. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-saudi-aramco-ipo-value-idUKKBN16D14O'|'2017-03-06T18:02:00.000+02:00'
'58bfe43ddd156159d2be369f6675c2a249e8fa02'|'BA’s answer to passengers stranded in a corridor for seven hours? Ignore them - Money'|'Can you please help resolve a dispute we have with British Airways . My parents booked a cruise departing from Barcelona in October. They were due to fly from Glasgow, changing at Heathrow. But when they arrived at Heathrow they were told they had missed the connection. They and seven other passengers were left in an airport corridor for seven-and-a-half hours before being told by BA that they would be bussed to Gatwick, put up in a hotel overnight and then put on a flight to Malaga, where they would meet the cruise ship. As well as missing the first day of their cruise, my parents were extremely distressed by the lack of interest shown by BA in their predicament. I have tried complaining but BA says the original flight was delayed because of adverse weather conditions which prevented the aircraft operating as scheduled. Friends who were joining my parents on the cruise flew direct with easyJet and had no problems. I complained further to BA’s head of customer service and the chief executive’s office but got no response. HM, Glasgow Another tale of very poor treatment from BA – your parents are still furious that their group, including a woman in a wheelchair, was left waiting in a corridor for so long without any help. To be ignored when they complained is, sadly, not unusual, judging by our postbag.We asked BA about this case and it originally refused to tell us the outcome, citing data protection issues. It later claimed that the original flight from Glasgow had been delayed because of fog – reasons outside its control – and therefore that was why it would not compensate your parents.However, flight lawyers Bott & Co has told us that it will take on BA on your behalf, and is generously offering to waive its charges. “We can see from our own flight data that at both London and Barcelona the weather was absolutely typical for this time of year and would not meet the test of ‘freak’ or ‘wholly exceptional’,” explains Bott’s Kevin Clarke. “The airline’s response on both points does not stand up to scrutiny and we believe passengers may be entitled to compensation.”Bott will establish whether BA’s claim stands up. If it doesn’t your parents should get €250 compensation each.We would encourage the other affected passengers on the same flight to do the same. The moral of the tale is, if possible, always fly direct rather than via Heathrow.How it should be done…My brother-in-law died shortly before I was due to fly to Australia in mid-February. When I rang Singapore Airlines to cancel my flight I was assured that a customer adviser would ring me within 24 hours. He did and even though my economy ticket was non-refundable, he promised a full refund on sight of the death certificate. When this was done he rang again to confirm the refund, saving me the time, trouble and excess charge involved in making a claim on my travel insurance. That’s what I call customer service. Look and learn, British Airways. JT, Ludlow Quite.We welcome letters but cannot answer individually. Email us at consumer.champions@theguardian.com or write to Consumer Champions, Money, the Guardian, 90 York Way, London N1 9GU. Please include a daytime phone number Money Consumer champions Consumer rights British Airways Travel & leisure Airline industry Flights features  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/mar/05/heathrow-ba-flights-cancelled-weather-claim'|'2017-03-05T14:00:00.000+02:00'
'8bd4356bbe7e603aae9a8742b00403f8bc801e70'|'Exclusive: Clariant under pressure to bulk up or sell after Huntsman talks fail'|'By Ludwig Burger - FRANKFURT FRANKFURT Informal talks between Swiss chemicals group Clariant ( CLN.S ) and its U.S. peer Huntsman Corp ( HUN.N ) over a tie-up ended late last year over a disagreement about who would play the lead role, three people familiar with the matter told Reuters.The failed deal is the strongest sign yet that Clariant - a maker of aircraft de-icing fluids, pesticide ingredients and plastic coloring - would rather go it alone than be sold or play the junior role in a merger.Huntsman was keen to sell off Clariant''s Plastic and Coatings division, which accounts for more than 40 percent of its revenues, one of the sources said. This would have given Huntsman the dominant role in the merged group.Spokesmen for Clariant and Huntsman declined to comment.Analysts have said that without that unit, Clariant - which is worth $6.2 billion on the stock market versus Huntsman’s $5.3 billion - would be vulnerable to a takeover. They have said for a while Clariant needed to decide whether it was hunter or prey in the busy mergers and acquisitions market.Many European companies have embarked on deal making as growth in the chemicals industry has slowed. European businesses have particularly suffered, losing market share to rivals in Asia, where demand is growing faster, or to North America, where energy is cheaper.BASF ( BASFn.DE ), Solvay ( SOLB.BR ), Evonik ( EVKn.DE ) and Lanxess ( LXSG.DE ) have agreed multi-billion takeovers since mid-2015. In the U.S., a $130 billion merger and three-way split between Dow ( DOW.N ) and DuPont ( DD.N ) is underway.Clariant is under pressure from investors to follow suit and find a partner that could help it cut costs and revive growth as part of a bigger structure. Being part of a larger group could also help it negotiate lower costs of supplies.But Chief Executive Hariolf Kottmann and his counterpart Peter Huntsman, could not reach agreement, the sources said.PLASTICS AND COATINGSKottmann has spent several years restructuring Clariant. He divested underperforming businesses including textile and paper chemicals in 2012 and placed more responsibility with lower level managers for faster decision-making.In mid-2015 he started carving out Plastics and Coatings into a separately managed but wholly-owned entity.But with fewer opportunities left to fine-tune the business internally, investor pressure is growing on management to identify a growth strategy for Clariant, which was formed in the mid 1990s from parts of Switzerland''s Sandoz and Germany''s Hoechst.Clariant noted the uncertain environment for the industry this year when it reported 2016 results in February. It said that sales would grow in 2017 but did not give a specific forecast. Revenues edged a currency-adjusted 2 percent higher to 5.85 billion Swiss francs last year. ($5.8 billion)Dan Scott, an analyst at Credit Suisse''s private banking arm said estimated revenue growth rates through 2019 at Clariant are among the lowest in the industry."We see the scope of further improvements via inorganic growth as we believe Clariant has largely completed its organic transformation," he told Reuters.Clariant has said it still sees areas of organic growth in products such as industrial catalysts that boost the output of petrochemical reactors, which are likely to benefit from a rebound in petrochemical markets.Other growth areas are ingredients for shampoos and skin creams that are gentle on the skin and the environment.SHAREHOLDER SUPPORTClariant has major shareholders that are satisfied with it staying independent for now, the sources said, giving it some protection against unsolicited takeovers.Kottmann has the backing of these long-term investors who trust his measured approach to dealmaking and record of driving organic growth.One of them is a group made up mostly of Bavarian families that used to control Sued-Chemie AG. When Clariant acquired the German maker of industrial catalysts in 2011, they stayed on board and took an almost 14 percent stake in the buyer.Another one is Amsterdam-based APG, a manager of Dutch pension assets which holds a 5 percent stake, the sources said.APG and Konstantin Winterstein, a member of the Bavarian shareholder group and a non-executive director at Clariant, declined to comment.NO MAJOR DEALClariant has made acquisitions in recent years but the deals have been small or medium-sized such as the purchase of two Texas-based suppliers of chemicals for oil and gas extraction for about $360 million last year.Clariant''s absence from major M&A deals has not been for lack of trying and efforts have picked up recently, the sources said.Kottmann, who made a career at Germany''s Hoechst AG and its successor companies and took the helm at Clariant in 2008, has considered various combinations with rivals in the last year, they said.But a major deal has been elusive because paying billions in cash would stretch its finances and CEO Kottmann does not want Clariant, which he has shaped considerably, to come apart as a junior partner in any merger deal or in a sale.Bernstein analysts, among others, have urged Clariant to pursue a timely exit from lower-margin Plastics and Coatings to avoid the risk of another costly overhaul. But other industry experts say the three remaining units are too small to sustain the overhead costs of the group''s corporate infrastructure, making it a takeover target.Clariant said on Feb 16 that the Plastics and Coatings division was not for sale for now, but could in future be sold to fund a major acquisition."Plastics and Coatings could be viewed as a special kind of currency, just in case there is an opportunity to upgrade our portfolio with an additional business or with a business which fits very well into our existing portfolio," Kottmann told analysts in a call.(Additional reporting by Greg Roumeliotis in New York, Arno Schuetze in Frankfurt, Pamela Barbaglia and Clara Denina in London; editing by Anna Willard)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-clariant-huntsman-idINKBN16F1OG'|'2017-03-08T10:59:00.000+02:00'
'039c82dcdc0a9f555824767019ce89674a6f8e06'|'EDF eyes new UK gas power plant as supply gap looms'|' 11pm GMT EDF eyes new UK gas power plant as supply gap looms The logo of France''s state-owned electricity company EDF is seen on the company''s headquarters in Paris, France, November 24, 2016. REUTERS/Charles Platiau By Susanna Twidale - LONDON LONDON French utility EDF ( EDF.PA ) is considering building a new gas-fired power station in the northeast of England, close to some of its existing plants, the company''s British arm said. To avoid a potential supply gap, Britain needs to invest in new generation to replace aging coal and nuclear plants set to close in the 2020s. "EDF Energy is examining the possibility of constructing a small gas-fired power station ... on land adjacent to the existing power stations at West Burton in Nottinghamshire," a spokeswoman for EDF Energy said via email late on Tuesday. The new gas plant would have a capacity of up to 299 megawatts, less than a tenth of the capacity of the new Hinkley C nuclear plant EDF is also building in Britain. EDF said it would consult with the local community on the plans over the next few months, but did not give a time frame on when a decision would be made or how long the plant would take to build. EDF already owns the 2,000 megawatt (MW) West Burton A coal-fired power plant and the 1,500 MW West Burton B gas-fired power plant at the Nottinghamshire site. "If the (gas) power station was to go ahead it would be ideally suited to provide generation at times of peak demand," the spokeswoman said. The growth of intermittent renewable electricity production in Britain means the country needs more flexible generation which can ramp up quickly when demand is high. (Editing by Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-edf-britain-powerstation-idUKKBN16F1EQ'|'2017-03-08T19:11:00.000+02:00'
'c7f265aded2dd46b4b07676824985991dd8c2e87'|'UPDATE 1-Mexico starts process to pick partner for new tie-up with Pemex'|'(Adds details on auction)MEXICO CITY, March 6 Mexico''s oil regulator voted on Monday to begin the process of choosing a partner for national oil company Pemex to develop its Ayin-Batsil field, the second such joint venture as Mexico seeks to reverse a dozen years of declining crude output.Pemex will maintain a 50 percent stake in the shallow water project but will not be its operator, according to initial bid terms approved by the National Hydrocarbons Commission, the oil regulator known as the CNH that manages oil auctions.The Ayin-Batsil joint venture will be Pemex''s second such tie-up following the selection of Australian mining and oil firm BHP Billiton in December to operate the Trion deep water block near the U.S.-Mexico maritime border in the Gulf of Mexico. BHP Billiton holds a 60 percent stake and Pemex 40 percent.The auction to pick Pemex''s partner for Ayin-Batsil is scheduled to take place on June 19 and will feature a 30-year production sharing contract for pre-qualified oil companies with potential contract extensions of up to 10 more years.Ayin-Batsil is next to three other blocks up for auction in a shallow water tender also set for June. The project features an estimated 281 million barrels of oil in proven, probable and possible reserves based on past Pemex discoveries and located at a water depth of 525 feet (160 meters).The auctions administered by the CNH are a result of a sweeping energy reform passed in 2013 that ended the decades-long monopoly enjoyed by Pemex and allows private and foreign oil companies to operate fields on their own as well as in equity partnerships with the Mexican oil company.Pemex crude oil production has fallen from a peak of 3.38 million barrels per day (bpd) in 2004 to average just 2.15 million bpd last year.CNH commissioners also opted to rename the project from the original Ayin-Xulum to avoid confusion with another oil field, said CNH president Juan Carlos Zepeda. (Reporting by David Alire Garcia and Adriana Barrera; editing by Grant McCool)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mexico-oil-idINL2N1GJ15K'|'2017-03-06T16:39:00.000+02:00'
'cafe88c90ac2c98cd8c8587992349b5a7c48fc96'|'Exclusive - EBRD to return to Uzbekistan after decade-long absence'|'Business News - Mon Mar 6, 2017 - 5:46pm GMT Exclusive - EBRD to return to Uzbekistan after decade-long absence The sun is reflected off the windows of headquarter of the European Bank for Reconstruction and Development (EBRD) in central London, Britain, November 22, Britain 2016. REUTERS/Stefan Wermuth By Marc Jones and Olzhas Auyezov - LONDON/ALMATY LONDON/ALMATY The European Bank for Reconstruction and Development will this week signal it is to ready to restart work in Uzbekistan after a decade-long absence, sources at the bank have told Reuters. The return is expected to get the green light at a board meeting on Wednesday and follows the death last year of Uzbek President Islam Karimov, whose authoritarian leadership and poor human rights record effectively pushed the EBRD out of Central Asia''s most populous nation. Karimov has been succeeded by his former prime minister, Shavkat Mirziyoyev, and the EBRD''s return will encourage reformists in his new leadership looking to modernise the country''s $70 billion a year economy. Rapprochement with the EBRD had faced resistance from the country''s powerful state security chief, diplomatic sources said. The Uzbek economy is still run largely in the Soviet command style and the EBRD could help in areas from energy efficiency to banking and business support. The EBRD Board of Directors will discuss Uzbekistan on Wednesday, according to an EBRD source, who requested anonymity. The source said the decision was expected to get the go-ahead, adding: "It is going to happen." "It would be a good signal," a second EBRD source said, confirming that the bank was likely to signal its return to Uzbekistan. "It is a big country and this is the kind of thing the bank is mandated to do." Asked about the potential return, an EBRD spokeswoman said the bank did not comment on the agendas of its board meetings. On the bank''s absence from Uzbekistan during the last decade, she said conditions in the country "were such that there were few opportunities for the EBRD to operate". If the return gets approval as expected, EBRD President Suma Chakrabarti is set to travel to Uzbekistan later this month in what would be another symbolic step. Ties between the bank and Uzbekistan soured over human rights. The issue came to a head in 2003, when Karimov''s government hosted the EBRD annual meeting, seeking to attract foreign investment. Instead, the event turned into a bitter and public stand-off between Karimov and human rights groups, with EBRD management backing the latter. A year later, the bank restricted lending in Uzbekistan and by 2007 the flow of money for new projects in the country had dried up completely. REFORMISTS The EBRD is likely to restart its Uzbek operations slowly so it can see how the new leadership deals with human rights. The development bank is expected to test the water with a few smaller-scale projects while it puts together a more formal ''country strategy'' of priority projects. One of the sources at the bank said that according to the EBRD management, Uzbekistan had invited it to return. The first public sign that a return might be on the cards came last month when an EBRD delegation led by its managing director for Turkey and Central Asia, Natalia Khanjenkova, visited Uzbekistan. Previous strains between Tashkent and the EBRD could make for a delicate relationship, at least initially. A leaked United States diplomatic cable described Uzbek Deputy Prime Rustam Azimov - who is Uzbekistan''s EBRD governor according to the bank''s website - as "a major booster of the disastrous 2003 EBRD annual meeting", adding that he had temporarily fallen out of favour with Karimov because of that. Azimov later managed to regain good standing with Karimov diplomatic and business sources told Reuters last November, adding that he, along with state security service head Rustam Inoyatov, were men with whom the new president, Shavkat Mirziyoyev, effectively shares power. According to two diplomatic sources, there had been disagreement within the trio over the EBRD. The Uzbek government and Mirziyoyev''s office did not reply to requests for comments on the matter from Reuters. (Additional reporting by Lidia Kelly in Warsaw; editing by Giles Elgood) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ebrd-uzbekistan-exclusive-idUKKBN16D25D'|'2017-03-07T00:46:00.000+02:00'
'a368d5aa7e43e2a3bc55bc6e2fee9175efc64f0a'|'Brazil''s worst-ever recession unexpectedly deepens in late 2016'|'Business News - Tue Mar 7, 2017 - 2:13pm GMT Brazil''s worst-ever recession unexpectedly deepens in late 2016 FILE PHOTO - A customer selects oranges at a street market in Rio de Janeiro, Brazil, May 6, 2016. REUTERS/Pilar Olivares/File Photo By Silvio Cascione - BRASILIA BRASILIA Brazil''s worst-ever recession unexpectedly intensified in the final quarter of 2016, data showed on Tuesday, frustrating hopes for signs of a recovery and stepping up pressure on President Michel Temer and the central bank to do more to stimulate growth. Brazil''s gross domestic product contracted by 3.6 percent in 2016, statistics agency IBGE said, following a 3.8 percent drop in 2015. The nation''s two-year downturn is the longest and deepest on record for Latin America''s biggest country. The economic contraction worsened in the fourth quarter, with a steeper-than-expected decline of 0.9 percent following a 0.7 percent drop in the previous three months. Investment fell 10.2 percent in 2016, in a sharp drop that is partly blamed by economists on Brazil''s chronically high interest rates. The central bank started to cut its benchmark rate from a decade-high of 14.25 percent in October and is now expected to take them to single digits this year. The disappointing data fuelled calls for the central bank to accelerate the pace of rate cuts from 75 basis points per meeting. Yields on rate futures showed a 22-percent chance of a steeper cut in the bank''s next policy decision in April, according to Reuters data. BCBWATCH "There''s a lot of idle capacity in the economy and that''s a reason for the central bank to move faster," said Cristiano Oliveira, chief economist at São Paulo-based Banco Fibra, responding to Tuesday''s data. The majority view among economists is that Brazil will emerge from recession in 2017, but at a very slow rate of 0.5 percent, which would be insufficient to reduce unemployment. Finance Minister Henrique Meirelles said after the figures were announced that Brazil is still feeling the effects of the recession but is "clearly" starting to grow. Some economists, however, say they are tempering their views for growth in 2017. "We see zero growth in 2017, or maybe just a little bit above that," said Carlos Kawall, chief economist at Banco Safra, in São Paulo. "We should not see any big recovery this year; we will have to wait until 2018." Household consumption fell 4.2 percent as joblessness hit a record high, while government spending dropped 0.6 percent. The downturn has left nearly 13 million people unemployed, caused a record number of bankruptcy filings and led agencies to strip Brazil of its hard-won investment grade credit rating. It also contributed to the impeachment of former President Dilma Rousseff last year and to the low approval ratings of her successor, President Temer, whose agenda of budget and pension reforms has helped fuel a strong rally in Brazilian equities and currency since last year. Although this recession has been the deepest in Brazil''s history, it has not been marked by the financial upheaval seen in other crises in the country''s turbulent economic past. Previous downturns were often accompanied by sovereign debt crises, capital flight and hyperinflation, none of which happened during the current slump. (Additional reporting by Camila Moreira and Rodrigo Viga Gaier; Editing by Daniel Flynn and W Simon) Next In Business News Bank of England deputy under fire over undeclared conflict of interest LONDON New Bank of England Deputy Governor Charlotte Hogg came under fire from the central bank''s supervisors and lawmakers on Tuesday, after she admitted failing to declare to the central bank a potential conflict of interest from her brother''s role at Barclays , a major bank overseen by the BoE. Signs of slowdown grow as Britain gears up to trigger EU divorce LONDON British consumers are feeling the strain of rising prices caused by last year''s Brexit vote, suggesting the economy is heading for a slowdown just as London gears up for divorce talks with the European Union, surveys and data showed on Tuesday. LONDON Annual British house price growth cooled to its weakest since July 2013 in February, hurt by increasingly squeezed consumer finances, mortgage lender Halifax said on Tuesday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-brazil-economy-gdp-idUKKBN16E1T6'|'2017-03-07T21:13:00.000+02:00'
'b37a5555d8f99722c98601a2af06475746372fd6'|'Navistar quarterly loss widens on lower revenue'|'Tue Mar 7, 2017 - 6:31am EST Navistar quarterly loss widens on lower revenue Exterior of Navistar office is seen in Lisle, Illinois, October 4, 2012. REUTERS/Jim Young DETROIT U.S. truck maker Navistar International Corp ( NAV.N ) on Tuesday reported a higher loss than a year earlier as continued weakness in the trucking industry hurt revenue. The Lisle, Illinois-based company reported a first-quarter loss of $62 million or 76 cents per share, compared with a loss of $33 million or 40 cents per share a year earlier. Analysts had on average expected a loss of 45 cents per share, according to Thomson Reuters I/B/E/S. (Reporting by Nick Carey; editing by Jason Neely) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-navistar-intl-results-idUSKBN16E1AX'|'2017-03-07T18:29:00.000+02:00'
'c8bec2c5fa58af8ffa8094a6127f9ceb9a8faa28'|'German January industry orders post biggest fall in eight years'|'  7:21am GMT German January industry orders post biggest fall in eight years The sun rises behind the billowing chimneys of a power station in Berlin, Germany, November 27, 2013. REUTERS/Thomas Peter/File Photo BERLIN A sharp fall in domestic and euro zone demand drove the biggest monthly slump in German industrial orders in eight years in January, data showed on Tuesday. Contracts for ''Made in Germany'' goods were down by 7.4 percent on the month, the Economy Ministry said. That was the biggest monthly drop since January 2009 and was almost three times below the Reuters consensus forecast for a fall of 2.5 percent. The Economy Ministry said high demand in the fourth-quarter of 2016 resulted in the weak start to 2017. It expects industrial orders to rebound later this year. In December, orders rose by 5.2 percent, the highest increase since July 2014. A breakdown of the January data, showed that domestic demand fell by 10.5 percent, foreign orders by 4.9 percent, driven by a 7.8 percent fall in demand from the euro zone. (Reporting by Joseph Nasr; Editing by Madeline Chambers)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-economy-orders-idUKKBN16E0OE'|'2017-03-07T14:21:00.000+02:00'
'38d8dd4313ea8b1140bb90e04e44a6450aa83660'|'U.S. Judge rules against tribes seeking to stop Dakota pipeline'|'U.S. - Tue Mar 7, 2017 - 12:00pm EST U.S. Judge rules against tribes seeking to stop Dakota pipeline Authorities clear the Oceti Sakowin camp in Cannon Ball, North Dakota, U.S., February 24, 2017. REUTERS/Stephen Yang A U.S. judge on Tuesday ruled against native tribes seeking to stop the Dakota Access Pipeline from moving forward on the basis that it would prevent them from practicing religious ceremonies, as legal options for opponents of the project narrow. Judge James Boasberg of the U.S. District Court for the District of Columbia, in a written ruling, rejected the tribe''s request for an injunction to withdraw permission for the last link of the oil pipeline under Lake Oahe in North Dakota. (Reporting by David Gaffen; Editing by Jonathan Oatis) Next In U.S. Trump backs House Republican healthcare plan, aims to cut drug prices WASHINGTON President Donald Trump on Tuesday backed a draft U.S. House of Representatives Republican bill to repeal and replace the Obamacare healthcare law and said it was open to negotiation, adding that he was working on a system to cut drug prices.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-north-dakota-pipeline-idUSKBN16E29K'|'2017-03-07T23:54:00.000+02:00'
'6ed9bfa7018f1af5705227646da880745f66e793'|'Saudi oil minister says no ''free rides'' for non-OPEC producers'|'Tue Mar 7, 2017 - 3:33pm GMT Saudi oil min says no ''free rides'' for non-OPEC producers Saudi energy minister Khalid al-Falih gestures during the 2017 budget news conference in Riyadh, Saudi Arabia December 22, 2016. REUTERS/Faisal Al Nasser HOUSTON Saudi Oil Minister Khalid al-Falih said on Tuesday that oil market fundamentals are improving as an agreement to curb supply by OPEC and non-OPEC producers took effect. But he said the group would not let rival producers take advantage of the cuts to underwrite their own production investments. Saudi Arabia had cut beyond what it had pledged in the agreement and brought the kingdom''s output below 10 million barrels per day, he said. "We should not get ahead of the market," Falih told a group of oil industry executives at the CERAWeek energy conference. He said Saudi Arabia does not want OPEC to intervene in the oil market to address long-term structural shifts, but would support measures to address "short-term aberrations." The production-reduction pact, which was joined by non-OPEC countries including Russia and Kazakhstan, was intended to reduce global output by about 1.8 million barrels per day, and bring supplies closer to demand. The six-month agreement originally took effect on Jan. 1. (Reporting by Gary McWilliams; Editing by Marguerita Choy) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-ceraweek-saudi-idUKKBN16E214'|'2017-03-07T22:33:00.000+02:00'
'6e3181c62f5772d9043e29a48d926b549e8405ac'|'Maersk, Danish state could land North Sea oil deal within days: sources'|'COPENHAGEN Oil and shipping conglomerate A.P Moller-Maersk could land a deal with the Danish government on oil and gas operations in the North Sea within days, several political sources with access to negotiations told Reuters on Tuesday.The Danish state has agreed to improved fiscal terms, the sources said. That would allow Maersk to continue operations at Denmark''s largest gas field, Tyra.However, Maersk would have to agree that if the oil price goes above $75 per barrel the company would have to pay 5 percent more of its profit to the state. If the oil price rises above $85 per barrel it would be 10 percent. The current tax rate is 52 percent.(Reporting by Erik Matzen, writing by Teis Jensen, editing by Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-maersk-denmark-idINKBN16E1QI'|'2017-03-07T10:51:00.000+02:00'
'3751be0aa3a3fff09d18b3e13519b92524b99361'|'Insurer Lincoln Financial settles with New York regulator'|'March 7 Insurer Lincoln Financial Group has paid $50.7 million to policyholders for lost insurance claims as part of a settlement, the New York State Department of Financial Services (DFS) said on Tuesday.The settlement also includes a fine of $1.5 million for unfair claims settlement practices, the DFS said in its consent order.While investigating Lincoln Financial, the DFS found that the merger of Lincoln with Jefferson-Pilot in 2006 led to technical issues that caused Lincoln to lose track of a large number of life insurance policies nationwide. (Reporting by Sweta Singh in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/lincolnfinancial-settlement-idINL3N1GK4L5'|'2017-03-07T13:10:00.000+02:00'
'a45d0a53209fe34cc0c7241f2bd899ed1ace49b3'|'Nestle to close Linz plant in Austria, 127 jobs to go'|'Business   4:36pm GMT Nestle to close Linz plant in Austria, 127 jobs to go A Nestle logo is pictured on the company headquarters in Vevey, Switzerland, October 20, 2016.   ZURICH Swiss food group Nestle ( NESN.S ) plans to close its plant in Linz, Austria, by March 2018, it said on Tuesday, citing falling demand and changing consumer trends. It said it would consult labour representatives to help the 127 staff affected. The plant opened in 1879 and makes around 6,000 tonnes of food products per year. Nestle currently employs around 1,000 workers at 16 sites in Austria, it said on its Austrian website. The factory in Linz specialised in products for its business to business division. (Reporting by Michael Shields; Editing by Ruth Pitchford) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-nestle-austria-idUKKBN16E279'|'2017-03-07T23:36:00.000+02:00'
'0b6815ab809f69ed3e354fa1fe79bc8b7cd36cce'|'Exclusive: Zhong An plans to sell 5-10 percent stake ahead of IPO - sources'|'By Julie Zhu and Elzio Barreto - HONG KONG HONG KONG Zhong An Online Property and Casualty Insurance plans to sell 5-10 percent of the company to a couple of strategic investors, to raise up to 10 billion yuan ($1.45 billion), ahead of a planned initial public offering in mainland China, according to four people with direct knowledge of the matter.China''s first internet-only insurer, whose current major shareholders include two of China''s largest Internet companies - Alibaba Group''s ( BABA.N ) Ant Financial affiliate with 16 percent and Tencent Holdings Ltd ( 0700.HK ) with 12 percent – is in early talks with potential investors, according to the sources who declined to be named.The investors would be expected to commit at least 1 billion yuan each and the new funds would be used by Zhong An to expand its business and buy time before securing a green light from regulators for the IPO, one of the people said. The company’s proposed valuation for the offering has yet to be decided, the sources said.Reuters could not immediately learn the identity of the prospective investors.A spokeswoman for Zhong An in Shanghai declined to comment on the company''s fundraising plan. Ant Financial declined to comment and Tencent didn''t reply to Reuters requests for comment.The company says it offers more than 300 insurance products and has written more than 7.56 billion policies for more than 535 million customers.FLIGHT DELAYSChina''s securities regulator is considering offering a shortcut for some of the country''s largest technology companies, including Zhong An, to list at home, allowing them to jump a long line of applicants seeking approval for IPOs.Zhong An was founded in November 2013 by Alibaba''s Executive Chairman Jack Ma, Tencent''s Chairman Pony Ma and Ping An Insurance Group Co of China Ltd ( 2318.HK ) Chairman Ma Mingzhe. Ping An retains a 12 percent stake.When consumers buy products online on Alibaba or other companies'' platforms, they can choose to buy insurance that will cover the shipping costs in case they want to return the goods later. That type of shipping return insurance was Zhong An’s main product last year, accounting for 50 percent of its business, Zhong An''s Chief Operating Officer Wayne Xu said at a presentation in Hong Kong in November.That was followed by insurance against flight delays that people can buy when they purchase tickets at online travel agencies to deal with a common headache for travelers in China, he added.In 2015, Zhong An raised 5.78 billion yuan from a group of investors that included Morgan Stanley ( MS.N ), domestic investment bank China International Capital Corp Ltd (CICC) ( 3908.HK ) and private equity firms CDH Investments and SAIF Partners. The fundraising valued it at about $8 billion at the time.Zhong An is among several Chinese financial technology companies tapping investors for pre-IPO financing to fund expansion as consumers move more of their banking, payments, investing and insurance online.Ant Financial, the world''s most valuable fintech company, last year raised $4.5 billion in a financing round, one of the biggest for a private internet company. In January 2016, Lufax, China''s biggest peer-to-peer lending and wealth management platform, raised $1.2 billion, while JD Finance, the finance subsidiary of online direct sales firm JD.com ( JD.O ), raised $1 billion.(Reporting by Julie Zhu and Elzio Barreto; Editing by Martin Howell)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-china-zhongan-online-fundraising-idINKBN16D11F'|'2017-03-06T10:22:00.000+02:00'
'a1b80354dd96fab1c9f29e32c17c4d567227a865'|'COLUMN-Oil industry costs will rise as focus shifts to growth: Kemp'|'Commodities  59am EST Oil industry costs will rise as focus shifts to growth: Kemp A woman pumps gas at a station in Falls Church, Virginia December 16, 2014. REUTERS/Kevin Lamarque By John Kemp - LONDON LONDON Oil industry costs are notoriously pro-cyclical, which is one of the main reasons for the pattern of boom and bust that has afflicted in the industry from the beginning. The cost of everything from skilled and unskilled labor to engineering contracts, field services, raw materials, equipment, spare parts and rig hire tends to rise and fall with price of oil. During a boom, prices for labor and equipment escalate rapidly, pushing up the breakeven cost of finding and developing new deposits, and driving the market-clearing price of oil even higher. In a bust, labor and equipment prices fall sharply, pushing down breakeven costs and helping sustain production at an unexpectedly high level despite the plunge in oil prices. Pro-cyclical costs include everything from skilled petroleum engineers and unskilled labor, to fuel, rig hire and drill bits. Pro-cyclical costs apply to a host of other services in the supply chain including catering, accommodation and transportation. And in the broadest sense, pro-cyclical costs include taxes, royalties and other government charges on exploration and production. In a downturn, governments cut tax and royalty rates, and offer regulatory relief, to attract investment, only to increase them again during a boom to capture windfall gains. The pro-cyclical behavior of costs is a classic example of positive feedback which amplifies the boom-bust cycle in oil prices and delays the process of adjustment following a supply or demand shock. Pro-cyclical costs ensure crude supply tends to respond sluggishly to even a big change in oil prices ("Oil prices: volatility and prediction", Reuters, 2016). Rising costs hampered efforts to boost oil production during the 2004-2014 boom; more recently falling costs have hampered efforts to cut output and rebalance the market during the slump. The best symbol of the industry''s cost cycle is the provision of free fruit to employees at BP''s giant Sunbury campus near London ("Operational excellence becomes oil industry watchword (again)", Reuters, 2015). Free fruit tends to be axed when oil prices fall, only to return when prices rise, as the company''s priority switches between cost control and employee morale. Free fruit is a trivial example but multiplied up by thousands of items in the supply chain it shows how the entire cost structure can rise and fall by tens of billions of dollars per year. STRUCTURAL v CYCLICAL The recent slump in oil prices has been accompanied by brutal cost-cutting across the entire oil and gas industry. U.S. drilling companies cut their prices by a third between March 2014 and January 2017, according to the U.S. Bureau of Labor Statistics ( tmsnrt.rs/2midNVb ). Cheaper prices for everything from drilling contracts to labor, fracking sand, pressure pumping and freight have helped lower breakeven prices for U.S. shale producers. Similar cost reduction strategies have been implemented by state-owned oil companies such as Saudi Aramco as well as major privately-owned companies such as Exxon, Shell and BP. As a result, breakeven prices for the entire oil industry from OPEC to shale and offshore producers have tumbled since 2014. The critical question is how much of this reduction is structural and permanent versus how much is cyclical and will be reversed as oil prices start to recover. Oil industry leaders insist this time will be different and that they will maintain tight control over expenses even as oil prices rise. Some of the efficiency improvements wrung from the supply chain during the slump are likely to prove enduring. Standardization of equipment and procedures, as well as better targeting of production zones, longer lateral sections in wells, and multilayer wells are improvements that will not be unlearned. Past experience indicates, however, that costs have a large cyclical component and will start to increase as producers shift from contraction to expansion. Changes in drilling costs, for example, have been closely associated with changes in the number of rigs drilling for oil and gas. U.S. drilling prices were down 7 percent in January 2017 compared with January 2016, according to preliminary data from the Bureau of Labor Statistics. But the year-on-year decline has progressively slowed from as much as 24 percent in November 2015, in an indication drilling costs are stabilizing ( tmsnrt.rs/2n1VQIz ). By early March 2017, the number of rigs drilling for oil and gas in the United States had risen by almost 60 percent compared with the same period a year ago ( tmsnrt.rs/2n1yfb8 ). As the rig count continues to climb, drilling prices should stabilize, then begin to rise, based on past experience ( tmsnrt.rs/2mi66hG ). Fracking sand prices have already surged, owing to a combination of poor weather, supply problems and a big increase in consumption. Oilfield service company leaders have warned contract prices have been cut to unsustainably low levels and must increase, at least in the United States. For the time being, oil industry buyers will continue to hold the upper hand in negotiations, but the balance will shift as the industry returns to expansion mode. And as the balance of pricing power shifts, costs will begin to escalate, and the industry''s estimated breakevens are also likely to increase. Pro-cyclical costs are a fundamental rather than incidental feature of the supply chain and there is no reason to believe that will change. Appeals for cost discipline may work in the short term, but in the medium term they are no more likely to be successful than in the past. (John Kemp is a Reuters market analyst. The views expressed are his own.) (Editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-oil-kemp-idUSKBN16E23Q'|'2017-03-07T22:55:00.000+02:00'
'099e07033080d458d4ac47899b1d7e6a3f2085b6'|'Foxtons 2016 profit misses estimates'|' 43am GMT Foxtons 2016 profit misses estimates A Foxtons estate agent sign is seen outside a branch in north London, Britain September 3, 2013. REUTERS/Suzanne Plunkett/File Photo London-focused estate agent Foxtons ( FOXT.L ) posted an 11 percent fall in 2016 revenue after a slump in demand pushed down profit by 54 percent, due to a property tax increase and the impact of Britain''s vote to leave the European Union. Pre-tax profit fell to 18.8 million pounds, lower than the average 19.6 million pounds forecast in a Thomson Reuters poll of analysts. The company said revenue fell to 132.7 million pounds from 149.8 million pounds last year. (Reporting by Justin George Varghese and Costas Pitas; editing by David Clarke)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-foxtons-results-idUKKBN16F0QH'|'2017-03-08T14:43:00.000+02:00'
'95b8615c1198ff4cbc08b8d558a6149572f90ee0'|'Sanofi gears up for European generic drugs unit sale: sources'|'By Pamela Barbaglia and Arno Schuetze - LONDON/FRANKFURT LONDON/FRANKFURT French drug maker Sanofi ( SASY.PA ) is looking to hire advisers for the sale of its European generic drug business by the end of the month, sources told Reuters, ahead of an auction process which is set to start after the summer.A handful of banks have been shortlisted to present their final pitches for the long-awaited deal which could be worth more than 2 billion euros ($2.1 billion), the sources said.Bankers have been vying for a mandate for the past 18 months since Sanofi boss Olivier Brandicourt took charge of the French firm and decided to put the business under review.A final decision on the advisory line up, which could see a boutique bank working hand in hand with a larger player, is expected in around two weeks, the sources said.A spokesman at Sanofi declined to comment.France''s largest drug maker, which recently worked with Lazard to finalize a $20 billion asset swap deal with German firm Boehringer for Sanofi''s Merial animal health arm, said in January it was expecting to complete the sale of the European generics business by the end of 2018.The company started the legal work needed to disentangle the European generics business from its global operations toward the end of last year, the sources said, after announcing its plans to sell the unit in October.Financial advisers will need to bring potential bidders to the negotiating table and conduct a formal auction process.Sanofi, which recently failed to buy Swiss biotech firm Actelion and U.S. drug maker Medivation, wants to hold on to its global generics business including in emerging markets where it is looking to further develop its operations.Its exit from the European generics market, where it made about 1 billion euros in sales in 2015, has already drawn interest from heavyweight buyout funds keen to invest in healthcare assets due to their high growth prospects and resilience in the event of a downturn.Private equity firms Advent, Cinven [CINV.UL] and Permira are currently vying for Germany''s Stada Arzneimittel ( STAGn.DE ), another generic drugs firm, which has been valued at more than 3.5 billion euros.Sources said Sanofi would offer another good chance to invest in generic drugs for those who miss out on Stada.Other private equity firms such as CVC Capital Partners [CVC.UL] and PAI Partners have recently clinched deals in the sector where they bought Italy''s Doc Generici and France''s Ethypharm, respectively.Large industry players like Teva Pharmaceutical ( TEVA.TA ) have already gained enough scale in the generic drugs sector and are unlikely to make an offer for Sanofi''s unit, the sources said, pointing to Teva''s $40.5 billion purchase of Allergan''s generics business which was completed last year.(Additional reporting by Matthias Blamont in Paris; Editing by Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sanofi-m-a-generics-idINKBN16F1NC'|'2017-03-08T10:47:00.000+02:00'
'485f834a4b6437de34e7556e6f9c31894f77772f'|'New Adidas CEO targets faster sales, profit growth'|' 48am GMT New Adidas CEO targets faster sales, profit growth Kasper Rorsted, designated chief executive officer of the world''s second largest sports apparel firm Adidas gestures at the annual general shareholder''s meeting of German consumer goods group Henkel in Duesseldorf, Germany, April 11, 2016. REUTERS/Wolfgang Rattay/File Photo HERZOGENAURACH The new boss of Adidas ( ADSGn.DE ) hiked sales and profit targets for the German sportwear firm on Wednesday and announced plans to increase ecommerce sales, simplify business processes and keep investing heavily in the key U.S. market. Kasper Rorsted, the former chief executive of consumer goods firm Henkel ( HNKG_p.DE ) who took over in October, said he was adding goals to an existing 2015-2020 strategic plan, putting more focus on company culture, ecommerce and efficency. Adidas now expects currency-neutral revenues to rise between 10 and 12 percent on average between 2015 and 2020, up from a previous target for a "high-single-digit rate", while net income should grow between 20 and 22 percent, up from 15 percent. Adidas also reported a fourth-quarter net loss of 10 million euros ($11 million) on sales up 12.5 percent to 4.69 billion euros, in line with most analyst forecasts. ($1 = 0.9467 euros) (Reporting by Emma Thomasson; Editing by Georgina Prodhan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-adidas-results-idUKKBN16F0LH'|'2017-03-08T13:48:00.000+02:00'
'76c1d74452fa642cc1a9dd52f089465cebb0c2c4'|'Sensex falters ahead of state election results, Fed meeting'|'Money News - Wed Mar 8, 2017 - 11:47am IST Sensex falters ahead of state election results, Fed meeting FULL COVERAGE: By Darshana Sankararaman Indian shares fell for a second straight session on Wednesday as caution prevailed ahead of state elections results, including that of the crucial state of Uttar Pradesh, and a U.S. Federal Reserve policy meeting next week. The election in Uttar Pradesh is the world''s largest this year and will have a key influence on Prime Minister Narendra Modi''s chances of clinching a second term in 2019. Exit polls will be released on Thursday and results will be out on Saturday. Meanwhile, the Federal Reserve has a policy meeting on March 14-15 and markets are expecting a rate hike after recent hawkish comments by policymakers. "The market is in a consolidation phase and is probably already over-rated. Election results followed by the Fed meeting are important for the Indian market, after which it will take a call accordingly next week," said R.K. Gupta, managing director at Taurus Asset Management Company. "Whatever may be the outcome of the elections, the market is going to take a correction." The broader NSE Nifty was down 0.41 percent at 8,910.75 by 0542 GMT, steadily retreating from a two-year closing high hit on Monday. The benchmark BSE Sensex was 0.44 percent lower at 28,872.47. IT stocks were among the biggest percentage losers on the NSE index, with Infosys Ltd ( INFY.NS ) and HCL Technologies Ltd ( HCLT.NS ) shedding more than 1 percent each. Kotak Mahindra Bank Ltd ( KTKM.NS ) rose as much 2.69 percent to a record high after a block deal by an unknown buyer and a media report that Canadian pension fund Caisse de Depot et Placement du Quebec was looking to buy a stake. Financial stocks Yes Bank Ltd ( YESB.NS ) and IndusInd Bank Ltd ( INBK.NS ) gained up to 1.83 percent and 0.75 percent, respectively, and were among the top gainers on the Nifty. (Reporting By Darshana Sankararaman in Bengaluru; Editing by Subhranshu Sahu) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-sensex-nifty-stock-markets-idINKBN16F0JJ'|'2017-03-08T13:17:00.000+02:00'
'26a63a41964764c176f400d75596e587beb6e962'|'Aircraft lessors lukewarm on Boeing''s planned 737-10 jet'|'  6:20am GMT Aircraft lessors lukewarm on Boeing''s planned 737-10 jet A Boeing 737 MAX takes off during a flight test in Renton, Washington January 29, 2016. REUTERS/Jason Redmond SAN DIEGO Major aircraft leasing companies have offered a lukewarm response to proposals by Boeing ( BA.N ) to build a bigger version of its 737 MAX family to counter the Airbus ( AIR.PA ) A321neo. Boeing has begun offering the model code-named 737 MAX 10X to airlines, saying it would be the most efficient single-aisle jetliner in the business - a claim disputed by Airbus. Steven Udvar-Hazy, executive chairman of Air Lease ( AL.N ), who is regarded as one of the industry''s most influential voices, questioned the logic of adding a longer version of the slow-selling 737 MAX 9, which was rolled out on Tuesday. "The question to ask is, would Boeing even be considering the (737) MAX 10, if it weren’t for the A321neo," he said at the ISTAT Americas air finance conference. "From all appearances, when you talk to airlines, the concept of another stretch to the 737 is really a reaction to the success of the A321neo. It is a way to protect some level of market share in that 200-seat-plus category." If, as expected, Boeing decides formally to launch the jet, it would be one of five variants of the firm''s upgraded single-aisle 737 jet family. By far the biggest-selling model is the 162-seat 737 MAX 8, the successor to Boeing''s hugely successful 737-800. Several leasing company officials and other delegates at the conference, which can set the tone for new developments, said Boeing may penalise sales of its own 737 MAX 9 with the new plane, but would struggle to dent sales of the A321neo itself. "It is very hard to pick a winner out of those five shells, but there is no doubt they will cannibalise each other," said Aengus Kelly, chief executive of AerCap ( AER.N ), the world''s second-largest lessor of 737 MAX jetliners. "We think the MAX 8 will be a winner out of that family; with the others we have to be cautious." Boeing, however, used the annual ISTAT event to step up marketing for the 737 MAX 10. It says that by stretching the 737 MAX 9 fuselage and adding 12 seats, it would match capacity of the A3212neo which carries 185 people or over 200 in denser configurations. It would be available in 2020 and have more range than its rival, Boeing marketing vice president Randy Tinseth said. Airbus executives denied this. Industry sources say the 737 MAX 10 is a tactical response to the A321neo, pending a strategic assault that Boeing is weighing on the gap between single-aisle and twin-aisle jets. (Reporting by Tim Hepher; Editing by Clarence Fernandez) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-boeing-idUKKBN16F0IX'|'2017-03-08T13:20:00.000+02:00'
'6eaf715de74a71503c253698dee8022971eeb1e5'|'BRIEF-KLX Inc Q4 shr $0.36'|' 03am EST BRIEF-KLX Inc Q4 shr $0.36 March 7 KLX Inc: * KLX Inc reports financial results for fourth quarter and full year ended january 31, 2017; increases 2017 guidance * Q4 revenue $382 million versus I/B/E/S view $393.7 million * Q4 adjusted earnings per share $0.53 * Sees fy 2017 revenue up about 10 percent * Q4 earnings per share $0.36 * Q4 earnings per share view $0.27 -- Thomson Reuters I/B/E/S * says fy 2017 operating earnings are expected to increase approximately 45 percent * 2017 earnings, before income taxes, are expected to more than double * Sees 2017 adjusted net earnings are expected to increase approximately 40 percent  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-klx-inc-q4-shr-idUSASB0B40Q'|'2017-03-07T15:03:00.000+02:00'
'9f34534ec99eb33f3ca5e6d3a8f16d058f659d7b'|'Confronted by market doubts, Federal Reserve drove March rate rise expectations'|'  9:45pm GMT Confronted   Federal Reserve Chair Janet Yellen addresses the Executives Club of Chicago in Chicago, Illinois, U.S., March 3, 2017. REUTERS/Kamil Krzaczynski By Jonathan Spicer and Ann Saphir - NEW YORK/SAN FRANCISCO   Investors were aware that improving U.S. economic data, a stable global economy, a booming U.S. stock market and easy financial conditions, provided some justification for further Fed interest rates rises this year. But policymakers had to ensure that global markets were indeed ready for a rate increase as soon as its next policy meeting on March 14-15, and further rises later this year, after a series of false starts in 2015 and 2016. The U.S. central bank prefers to have market expectations aligned with its own policy plans. Of the 27 rises in interest rates of a quarter of a percentage point since 1991 only three occurred with a market probability forecast of less than 60 percent a month beforehand, research from U.S. bank, Wells Fargo, research showed. "We didn''t clearly see how the balance of risks was shifting, so they have to slap our faces, and say, ''Look, you are missing the point''," said Tim Duy, an economics professor at the University of Oregon. U.S. economic data had been improving in recent weeks as the Fed forecast, and the jump in U.S. stock prices, alongside improved consumer and business confidence readings, provided an opening to hike rates without overly rocking markets, public and private comments by Fed officials suggested. A series of previously scheduled speeches by Fed officials, as well at least two television interviews without prepared remarks, gave the Federal Reserve the platform it needed to alert markets before the traditional "black out" period went into effect ahead of the March 14-15 meeting. The result: over the course of four days Fed policymakers successfully shifted market expectations for perhaps only two rate rises this year to fully expecting three, and perhaps more, according to Reuters data. New York Fed President William Dudley, whose branch of the U.S. central bank serves as its eyes and ears on Wall Street and who generally spends a couple of hours a week planning policy with Yellen, played a key role in orchestrating the messaging. Dudley gave markets an initial jolt when he said in a television interview that "animal spirits had been unleashed." By the time of Yellen''s speech on Friday, five other policymakers had also flagged a March rate hike. "It was pretty extreme in that they left little doubt," said David Stockton, a senior fellow at the Peterson Institute for International Research and a former chief economist at the Fed. "Moving now gives them more optionality for three or even four hikes this year." Click tmsnrt.rs/2mg2PxJ for graphic on How comments from Fed officials drove rate hike expectations higher. WALL STREET DOUBTS In December last year the Fed had telegraphed the likelihood of at least three rate rises in 2017, but few believed the U.S. central bank would follow through. After all the Fed had over-promised two years in a row, forecasting more rate hikes than they delivered. As a result, Wall Street''s most influential banks predicted just two rises this year, in June and December, according to the New York Fed''s January survey of primary dealers. Traders of interest rate futures contracts placed similar bets. The minutes of the Fed''s Jan. 31-Feb. 1 meeting showed many policymakers were coalescing around the need for a rate hike "fairly soon" with language nearly identical to the "relatively soon" phrasing the Fed had used the last two times to signal an imminent hike. Yet markets oddly reacted by trimming, not boosting, expectations for a March rise. So last week, the time had come to bring out the big guns. Fed governors Lael Brainard, Jerome Powell and Vice Chair Stanley Fischer all helped drive the blunt message that, barring some unexpected shock, a rate hike would come soon. Other policymakers echoed those sentiments, both publicly and privately, but also nodded to the need to get markets in line with Fed intentions. Michael Gapen, chief economist at Barclays, said: "A little messaging got the markets where the Fed wanted it, without adverse consequences." (Reporting by Jonathan Spicer and Ann Saphir; editing by David Chance and Clive McKeef)   Stocks slip, U.S. dollar firm on Fed outlook NEW YORK A measure of major stock markets around the globe slipped on Tuesday, with the Dow and S&P 500 on pace for their first back-to-back losses in more than a month, while expectations the Federal Reserve will raise interest rates supported the U.S. dollar.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-fed-analysis-idUKKBN16E2S2'|'2017-03-08T04:19:00.000+02:00'
'f00b620d67d383290e5ad30104b5ae40f4bafcf4'|'Saudi ministry sets up venture with private firm to build homes'|'Company  11am EST Saudi ministry sets up venture with private firm to build homes RIYADH, March 7 Saudi Arabia''s Ministry of Housing has set up a 98 million riyal ($26 million) partnership with a private developer to build 462 housing units in the east of the capital, it said on Tuesday. It is the ministry''s first public-private partnership and could become a model for the kingdom''s home construction plans, which aim to make home ownership more accessible for Saudis. The government is struggling to meet demand for homes for its young and growing population of 21 million nationals, while also cutting back on its traditionally generous public spending after a sharp fall in oil prices since 2014. The ministry will hold 13.63 percent in the new venture with Al-Tahaluf Real Estate Company, which is jointly owned by Saudi Arabia''s Hamad bin Mohammad bin Saedan Real Estate Investment Group and U.S.-based Hovnanian Enterprises Inc. The project involves building 426 duplex units and 36 single home villas priced between 530,000 and 590,000 riyals ($141,000-$157,000). Design is by the Netherlands'' Studio Piet Boon. The ministry plans to issue tenders for 100,000 units in 2017 as part of its housing initiative, Naif Abdulmouhsin Al-Rasheed, an adviser to the minister, told Reuters. The government said in June it aimed to raise the proportion of Saudis owning homes by 5 percentage points to 52 percent by 2020 and outlined plans to attract foreign and local developers to build 1.5 million units over the next seven or eight years. Since then, officials have introduced other reforms, including a tax on undeveloped urban land, new national home financing and refinancing companies and an increase in the share of funding banks can offer for loans purchases. The government has also signed memoranda of understanding with China, South Korea and a Saudi-South Korean consortium to cooperate in building hundreds of thousands of homes in al-Ahsa and northern Riyadh. ($1 = 3.7503 riyals) (Reporting by Katie Paul; Editing by Edmund Blair) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/saudi-housing-idUSL5N1GK4IC'|'2017-03-07T22:11:00.000+02:00'
'6944a150a18e231855cbf02a9d27e96961c0e73a'|'EU court annuls EU rejection of UPS, TNT merger'|'Company News - Tue Mar 7, 2017 - 4:11am EST EU court annuls EU rejection of UPS, TNT merger BRUSSELS, March 7 Europe''s second highest court annulled on Tuesday a 2013 decision by EU regulators to block U.S. package delivery company United Parcel Service''s bid for Dutch peer TNT, citing a procedural irregularity in the process. "The (European) Commission infringed UPS''s rights of defence by relying on an econometric analysis which had not been discussed in its final form during the administrative procedure," judges at the Luxembourg-based General Court said. The EU veto paved the way for U.S. rival FedEx to acquire TNT last year, a deal given the green light by the Commission. (Reporting by Foo Yun Chee) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/united-parcel-eu-court-idUSL5N1GK217'|'2017-03-07T16:11:00.000+02:00'
'a3610760191df2b914c0efa9659e319c22831442'|'G20 draft no longer rejects protectionism or competitive devaluations'|'Tue Mar 7, 2017 - 2:42pm GMT G20 draft no longer rejects protectionism or competitive devaluations FILE PHOTO: Flags of G20 countries are seen outside the G20 venue before the start of the G20 Summit of major world economies in Cannes November 3, 2011. REUTERS/Dylan Martinez BRUSSELS The world''s financial leaders may no longer explicitly reject protectionism or competitive devaluations of currencies, a draft communique of their meeting next week showed, promising only to keep an open and fair international trading system. Finance ministers and central bank governors from the world''s 20 largest developed and developing economies will meet on March 17-18 in the German town of Baden Baden to discuss the world economy. It will be the first meeting of G20 finance ministers attended by the new U.S. administration of President Donald Trump, who has more protectionist policy views on trade. The changes to the draft communique, which will still be worked on before publication on March 18, seem to accommodate the new U.S. position. The draft drops the phrase adopted by G20 finance ministers last year to "resist all forms of protectionism". It also no longer contains the sentence, used in previous G20 statements to "refrain from competitive devaluations" and to "target our exchange rates for competitive purposes." Instead, it says: "We will maintain an open and fair international trading system" and "We reaffirm our previous exchange rate commitments." For years, previous G20 communiques included a phrase that "excess volatility and disorderly movements in exchange rates can have adverse implications for economic and financial stability. We will consult closely on exchange markets." This sentence is now also missing. (Reporting By Jan Strupczewski; editing by Philip Blenkinsop) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-g20-draft-idUKKBN16E1W4'|'2017-03-07T21:42:00.000+02:00'
'e94491f2ca4ea70e19581cfa4272ca75940f9142'|'Interserve names Debbie White as CEO'|' 33am GMT Interserve names Debbie White as CEO Support services and construction company Interserve Plc ( IRV.L ) named Debbie White as chief executive, with effect from Sept. 1. The company said in November Adrian Ringrose, its CEO of about 13 years, would step down in 2017. Ringrose will remain in the role until his successor takes over, to ensure an orderly transition, the company said. (Reporting by Rahul B in Bengaluru; Editing by Amrutha Gayathri)   Exclusive    '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-interserve-ceo-idUKKBN16E0PJ'|'2017-03-07T14:33:00.000+02:00'
'b059a6ab2ee7bad31f64f754ca190e61c8e33a16'|'RPT-INSIGHT-Oil-for-loan debts cost Venezuela''s PDVSA hard-won India market share'|'  7:00am EST RPT-INSIGHT-Oil-for-loan debts cost Venezuela''s PDVSA hard-won India market share (Repeats for additional clients with no changes to text) By Alexandra Ulmer, Marianna Parraga and Nidhi Verma CARACAS/HOUSTON/NEW DELHI, March 8 Venezuela''s state-run oil company, PDVSA, has spent at least a decade trying to build business ties and boost shipments to refineries in India, where crowds once welcomed the late socialist leader Hugo Chavez with cries of "Viva!" Now, the ailing firm is being forced to slash sales to its crucial trade partner. Venezuela has given up the fight for coveted market share in India because of a combination of declining crude production and heavy obligations under oil-for-loan deals with China and Russia, according to internal PDVSA data and two people familiar with the company''s strategy and operations. Caracas needs the oil to pay debts to China and Russia, key political allies that have together lent Venezuela at least $50 billion in exchange for promised crude and fuel deliveries. PDVSA and the Venezuelan Oil Ministry did not respond to requests for comment. In 2013, when Venezuela exports and oil prices were high, PDVSA raked in nearly $14 billion from India, the world''s fastest growing large economy. By last year, after an oil price crash, that figure had plummeted to $2.7 billion, according to a Reuters analysis of the PDVSA data. That means less cash income for the isolated South American economy, deepening a recession that has left many citizens skipping meals amid food shortages and soaring inflation. Oil accounts for almost all of Venezuela''s export revenue, and many of Venezuela''s customers pay for oil in kind - with food or medical supplies, for example. India is among the few trading partners that buy large volumes of PDVSA oil with cash. So lower sales to India''s refineries are further eroding the company''s cash flow - and its ability to pay mounting debts to suppliers and service providers, which have caused delivery delays and cancellations around the globe. SLIPPING SHARE The shift stems from a crude production decline of 10 percent last year, to 2.38 million barrels per day (bpd), due to a lack of investment and payment delays to providers. The falling output means PDVSA could increasingly lose business in India to Iranian, Iraqi and Brazilian companies. The internal PDVSA data also show that Venezuela - which sits on the world''s largest crude reserves - managed to maintain its place as No. 3 crude supplier to India last year. It delivered about 413,000 bpd, behind only Saudi Arabia and Iraq. But PDVSA expects shipments to India to drop to 360,000 bpd this year, according to an internal PDVSA report reviewed by Reuters. Those cuts are already happening: Venezuelan crude exports to India plunged 16 percent in January compared to a year earlier, according to Thomson Reuters trade-flows data. India has made up the gap with supplies from the Middle East, including imports from Iran that have surged since the lifting of U.S. sanctions last year. Venezuelan crude is heavy and harder to refine. In a market that is still oversupplied after a two-year glut, higher-quality crude is plentiful and not much more expensive. "The current quality of Venezuelan crude could incentivize the partner to seek other providers," PDVSA said in an internal report, in a section on India labeled "threats." While India is tapping new sources of crude, the country continues to view Venezuela as an important part of its diversified supply, India''s Oil Minister Dharmendra Pradhan told Reuters. "We are depending on Venezuela. We have some investments in Venezuela''s exploration and production," Pradhan said in an interview. "They are going through a temporary crisis, but I''m hopeful they will still be a good partner to our supply chain." PASSAGE TO INDIA - VIA CHINA, RUSSIA Venezuela still has some cards to play in India - the world''s fourth-largest refiner and a country that imports nearly three quarters of its crude. India wants to diversify oil imports to protect its economy against external shocks, meaning South American shipments can help mitigate the risk of supply disruption from Middle Eastern suppliers. But India doesn''t necessarily have to buy the Venezuelan oil it wants from PDVSA - it can buy it from Chinese and Russian firms that receive Venezuelan crude as payment for loans. That means China and Russia can use Venezuelan crude to increase their market share in India at the expense of PDVSA''s declining share. Chinese firms are already taking some of the Venezuelan crude and selling it to the same Indian refineries that were previously buying the oil directly from PDVSA. Russia is poised to start doing the same. Such arrangements have been in place for some time but are now accelerating as PDVSA''s production falls. In 2014, for instance, state-run China National Petroleum Corporation started sending Venezuelan crude to India''s Reliance Industries, operator of the world''s largest refinery, according to the PDVSA data. While CNPC gained a foothold in the Indian market by sending more than 180,000 bpd of Venezuelan crude last year, PDVSA''s direct shipments to Reliance fell by 61 percent between 2013 and 2016. Russia''s Rosneft, which also receives Venezuelan oil in return for loans, stands to gain, too. Rosneft last year bought a 49 percent share of Indian refiner Essar Oil and is set to replace PDVSA as a supplier of Venezuelan oil to the Vadinar refinery. VENEZUELA''S "UNION OF THE SOUTH" FALTERS The loss of Indian sales is a bitter reversal for socialist Venezuela, which pushed hard to open up the distant market as a way to decrease trade ties with the United States - a closer buyer but an ideological foe. PDVSA''s U.S. shipments have fallen but they remain the biggest chunk of the company''s exports, with the majority going to its U.S. refining unit, Citgo Petroleum. During his 2005 visit to India, late president Chavez said Venezuela''s oil had been flowing north for too long. Instead, he promised a thriving exchange among developing nations. "We must launch a new strategy to unite the South!" Chavez, an Indian shawl draped over his shoulders, told cheering university students in New Delhi in 2005. It took at least two years of negotiations and frequent trips to India by PDVSA''s top executives, but state-run Indian firms finally invested in oil fields and projects in Venezuela. But Venezuela''s downward spiral has hurt Indian oil companies and frayed bilateral relations, along other PDVSA business partners across the globe. State-owned ONGC Videsh, for instance, is owed about $600 million in late dividends for the joint crude project San Cristobal with PDVSA. Under pressure, Venezuela recently began settling those debts by giving ONGC the money it collects from 17,000 barrels per day of crude exports - meaning even more oil is being used to finance debt payments. But ONGC has also seen production at its San Cristobal field cut in half amid an exodus of talent, shortage of equipment, and theft in Venezuela''s vast Orinoco Belt. "We have accumulated a very large amount of dividends pending," Narendra Verma, chief executive officer of ONGC Videsh, told Reuters. "But we have been patiently negotiating with PDVSA." If all goes well, the company expects it can recoup the delinquent payments in about three years, Verma said in an interview. Meanwhile, Venezuela''s efforts to stop the bleeding at PDVSA have yet to show results. A recent PDVSA board shake-up ushered in political and military figures; Venezuela''s economy is entering its fourth year of recession; and salaries are so low that some PDVSA workers are even selling their uniforms to buy food. "The relationship with India has hit a ceiling," said Kenneth Ramirez, a geopolitical oil analyst in Caracas. "That won''t change unless Venezuela''s oil industry undergoes big change." (Writing by Alexandra Ulmer and Marianna Parraga; additional reporting by Simon Webb in Houston; Editing by Simon Webb and Brian Thevenot)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/venezuela-india-oil-idUSL2N1GL06O'|'2017-03-08T19:00:00.000+02:00'
'3e95dbbcd93332414bcb7a8d253dcb6599d6d3ac'|'ECB urges EU parliament to shield depositors if bank goes down'|'Business News - Fri Mar 10, 2017 - 6:28pm GMT ECB urges EU parliament to shield depositors if bank goes down left right The headquarters of the European Central Bank (ECB) are illuminated with a giant euro sign at the start of the ''Luminale, light and building'' event in Frankfurt, Germany, March 12, 2016. REUTERS/Kai Pfaffenbach/File Photo 1/2 left right The logo of the European Central Bank (ECB) is pictured outside its headquarters in Frankfurt, Germany, December 8, 2016. REUTERS/Ralph Orlowski 2/2 By Francesco Canepa - FRANKFURT FRANKFURT Depositors should be the last to suffer losses if a bank goes down, the European Central Bank said on Friday, urging EU lawmakers to spell out this principle in their new directive. Fears that small savers would end up bearing the brunt of bank rescues have rattled the euro zone since new European rules, stating that a bank''s creditors must lose money before taxpayers, came into force last year. Commenting on a new draft EU directive, the ECB said lawmakers should make sure depositors, including large companies and banks, should only lose money after other holders of senior liabilities, such as bonds. "A general depositor preference rule, based on a tiered approach, should be enshrined in Union legislation," the ECB said in its opinion, which is not binding. The central bank proposed specific amendments to the directive, which mainly relates to the creation of ''non-preferred'' senior bonds to help banks build a loss-absorbing buffer for the event of a default. Investors in this ''non-preferred'' paper would lose their money before other senior bondholders. "The ECB welcomes the proposal in the proposed directive for the creation of a new asset class of ‘non-preferred’ senior debt instruments with a lower rank than ordinary senior unsecured debt instruments in insolvency," the ECB said. When Italy forced some retail bondholders to take losses as part of the rescue of four small lenders in 2015, mass protests followed and one man committed suicide. Rome is currently negotiating with Brussels a state rescue of its third-largest, Banca Monte dei Paschi di Siena ( BMPS.MI ), using an exception built in the European rules. (Reporting By Francesco Canepa, editing by Pritha Sarkar) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-bailout-ecb-idUKKBN16H2E8'|'2017-03-11T01:28:00.000+02:00'
'6fce0ae03b3e407c37a9b5e4fa5ff384be14ab44'|'Greek PM says ''significant progress'' made in talks with lenders'|'  2:04pm GMT Greek PM says ''significant progress'' made in talks with lenders Greek Prime Minister Alexis Tsipras waits to welcome his Maltese counterpart Joseph Muscat at the Maximos Mansion in Athens, Greece March 1, 2017. REUTERS/Alkis Konstantinidis BRUSSELS Greek Prime Minister Alexis Tsipras said on Friday there had been significant progress with lenders on a bailout review, and that he hoped for a comprehensive deal by April. Tsipras, speaking after a summit of EU leaders in Brussels, said he expected peace talks on ethnically-split Cyprus to remain stalled until after a Turkish referendum on April 16. Creditors started fresh negotiations with Athens last week on signing off on a new bailout review under the terms of the country''s 86 billion euro ($91 billion) financing facility. (Reporting By Renee Maltezou)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-greece-tsipras-idUKKBN16H1QC'|'2017-03-10T21:04:00.000+02:00'
'cd1086f60fed965677df3be5ed0a282c11bf2b8d'|'MOVES-LinkedIn exec for recruiting software to depart after senior management changes'|'By Stephen Nellis - March 10 March 10 Eduardo Vivas, an executive in charge of shaping one of LinkedIn''s biggest revenue generators, plans to leave, a company spokeswoman confirmed on Friday.Vivas is the head of product for Mountain View, California-based LinkedIn''s Talent Solutions business, which includes paid tools for corporate recruiters to find candidates on the work-focused social network. It accounted for $1.8 billion of $3 billion in total revenue in 2015, the last full year of financial results before Microsoft Corp acquired the company last year for $26.2 billion.Vivas plans to leave later this year, the spokeswoman said. His departure comes amid a broader change in how the company handles product responsibilities in its upper ranks after its sale to Microsoft.Until January, LinkedIn was somewhat unusual among Silicon Valley tech companies in that Chief Executive Officer Jeff Weiner took on responsibility for the look and feel of its products, which also include messaging for paid members and a publishing platform, both aimed at consumers.David Thacker, whom Vivas reported to, helped Weiner oversee business products, while Ryan Roslansky assisted the CEO on the consumer side.Under a new senior management structure announced internally in January, Roslansky was promoted to oversee all LinkedIn products. The move freed up Weiner, who remained LinkedIn''s CEO after its sale, to oversee the combination with Microsoft, meeting regularly with the Redmond, Washington, company.Like Weiner, Roslansky is a Yahoo Inc veteran.Vivas, who came to LinkedIn with its $120 million acquisition of human resources software startup Bright in 2014, plans to take time off to travel, the spokeswoman said.He will stay with LinkedIn long enough to ensure a smooth transition of his job to Dan Shapero, who is taking over the Talent Solutions business, along with LinkedIn''s offerings for job seekers, and reports to Roslansky. (Reporting by Stephen Nellis; Editing by Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/linkedin-moves-idINL2N1GN1G9'|'2017-03-10T17:07:00.000+02:00'
'26e64a942084c48bae9b9edac1c4f1c12490cc84'|'Trillion-dollar question looms as Aramco audits oil reserves'|' 55am GMT Trillion-dollar question looms as Aramco audits oil reserves FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed/File Photo By Reem Shamseddine , Rania El Gamal and Alex Lawler - KHOBAR, Saudi Arabia/DUBAI KHOBAR, Saudi Arabia/DUBAI When Saudi Aramco [IPO-ARMO.SE] reveals a Western audit of its oil reserves, investors will be looking for two answers: How much oil and how much detail? Saudi Energy Minister Khalid al-Falih has hinted at a surprise on the upside on reserve volumes ahead of Aramco''s 2018 share listing, but industry sources say detail on individual deposits – which investors have long sought - will be thin. Saudi Arabia''s reserves of easily recoverable oil have long been the world''s largest. But there also have long been questions about the volume and quality of those reserves. For nearly 30 years - despite rising production, wild swings in oil prices and improved technology - Riyadh has annually reported the same number for reserves of 261 billion barrels, according to BP’s statistical review. Firms listing in New York are required to have a U.S. Securities and Exchange Commission audit. Last year, the SEC launched a probe into why the world''s largest listed oil company, ExxonMobil ( XOM.N ), reported virtually unchanged reserves for years despite a plunge in prices. Exxon revised its reserves down last month. Having an internationally recognized reserves audit has become a key task for Aramco as it seeks to become the world''s most valuable company when it lists shares in an initial public offering (IPO) for 5 percent of the firm''s value. An industry source told Reuters that Aramco aimed to have one of its two reserves auditors wrap up the review this year, long before the share listing. Dallas-based DeGolyer and MacNaughton, and Gaffney, Cline and Associates, part of Baker Hughes ( BHI.N ), are involved in the auditing, sources have said. When the reserves are confirmed by the auditors, the results are likely to be similar to the levels of disclosure by international peers such as BP BP.L. and Royal Dutch/Shell ( RDSa.L ), sources familiar with the process said. "What Aramco will do in the IPO is try to report in a similar way to other companies," a senior source with knowledge of the plans said. Listed majors'' reserves reports "vary a bit in detail and some give a greater breakdown. Aramco probably hasn''t decided that yet," the source said. Over a decade ago, Shell''s stock price collapsed after the company said it had overstated its reserves by 20 percent. No listed oil major has seen its stated deposits stay unchanged for the past 30 years. Aramco declined to comment. "Saudi Aramco does not comment on rumor or speculation," a company spokesman said. Gaffney, Cline and Associates also declined to comment, while DeGolyer did not respond to a request for comment. A reserves total that is significantly above or below the 261 billion figure is likely to affect Aramco''s potential value. Earlier phases of the audit have supported Aramco''s statements on the total size of deposits. Aramco is showing all its data to the auditors, the sources said, and is using two firms rather than one in an effort to bolster confidence that the process is not a rubber-stamping of Aramco figures. "Our reserves have been partially audited and are bigger than we actually booked," Falih said this week. "On every metric, Aramco will surprise analysts on the upside - lowest cost, highest cash flow, solid reserves that will be certified by third-party agencies." WHAT''S IN THE GROUND? Historically Aramco has provided little detail publicly on its reserves other than total volume. Publicly traded oil companies such as BP and Shell with assets distributed globally give more detail than just a headline figure, including reserves by geographic location and whether they are developed or undeveloped. However, they do not give reserves by individual field - and for Aramco that is precisely what investors want, because its oil is concentrated in one country, Saudi Arabia. Sadad al-Husseini, a former Aramco senior executive and now energy consultant, said Aramco has extensive details on its reserves in every field but it was not common practice for national oil companies to identify their deposits on that basis. "What it might do initially is give a corporate summary and break it down by crude grade with more data to follow," he said. Aramco''s precise level of disclosure has yet to be decided, the source familiar with the plans said. He noted that Western majors do not list reserves by field. "There is no way Aramco will be giving field-by-field detailed reserves," another industry source familiar with the plans said, adding that the firm considers reserves decline rates and field maturity as sensitive, non-public data. The question of how much oil is left at the biggest Saudi field, Ghawar, has long intrigued market watchers. "What they need to offer is a package of assets with value-chain, operating and financial detail comparable to that made available by integrated oil companies," said Jason Kenney, head of European oil and gas research at Santander. "I doubt you''re going to get a full breakdown of the 261 billion barrels - but maybe the IPO is not about a full upstream offering either. To attract the investors, you’ve got to offer the same level of transparency as alternative investments." (Reporting by Reem Shamseddine in Khobar, Rania El Gamal in Dubai and Alex Lawler in London; Editing by Dmitry Zhdannikov and Dale Hudson)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-aramco-ipo-reserves-analysis-idUKKBN16H190'|'2017-03-10T17:51:00.000+02:00'
'27dddecb55f573a6747fd7e0dd9d2b6c2276d0e7'|'Investors to boost property purchases on U.S. growth: CBRE survey'|'By Herbert Lash - NEW YORK NEW YORK A majority of commercial real estate investors plan to be net buyers this year, the highest level since 2014, spurred by prospects of increased U.S. economic growth and less regulation, a survey of investor intentions showed on Tuesday.The percentage of investors who intend to buy property in 2017 rose to 67 percent from 65 percent last year and 60 percent two years ago, according to a survey by CBRE Group Inc ( CBG.N ), the world''s largest commercial real estate services firm.The survey of institutional investors, private property and private equity firms, among other investors in commercial real estate, shows 83 percent plan to maintain or increase their purchases this year.But investors plan to reduce risk with more conservative strategies. The survey showed the industrial sector, such as warehouses and data centers, as the most attractive asset class in 2017, garnering 38 percent of investor intentions.Fifty-four percent of institutional investors, composed of sovereign wealth, insurance and pension funds, plan on investing more than $1 billion in commercial real estate, CBRE said.U.S. gateway cities drew the most interest as investment destinations, with Los Angeles maintaining the No. 1 preference from last year, followed by Dallas-Fort Worth and New York City.Still, investors remain concerned about asset valuations, while they see global economic shocks and rising rates as the greatest threats to property markets, CBRE said.The mostly positive outlook is corroborated by a record $144 billion that investors have allocated in 2017 for North American property, CBRE said, citing London-based Preqin, a data and analytics firm for alternative assets.Positive growth expectations, when compared with subdued or little to no growth in the rest of the developed world, indicate continued strong capital inflows to the United States this year, CBRE said.In a separate Preqin survey of more than 180 real estate fund managers that echoed CBRE''s findings, two-thirds of investors intend to deploy more capital in 2017 compared with last year, and almost half plan to invest significantly more.Fund managers have record amounts of capital at their disposal, which has pushed asset prices higher amid increasing competition, Preqin said last week. Despite growing concerns about valuations, asset availability and record levels of capital, most firms say they can find value in the current market, Preqin said.The CBRE Americas Investor Intentions Survey 2017 of 963 respondents was conducted between Jan. 6 and Feb. 6.(Reporting by Herbert Lash; Editing by Daniel Bases and Matthew Lewis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usa-property-cbre-survey-idINKBN16E2JR'|'2017-03-07T16:57:00.000+02:00'
'3ba6a024116714b0900934eda7356d13cc9e2d24'|'Swiss stocks - Factors to watch on March 7'|'ZURICH, March 7 The Swiss blue-chip SMI was seen opening 0.2 percent higher at 8,677 points on Tuesday, according to premarket indications by bank Julius Baer .The following are some of the main factors expected to affect Swiss stocks:LINDT & SPRUENGLIThe Swiss chocolate maker increased its dividend and said it expected organic sales to again grow around 6 percent this year after a lower tax rate helped boost its net profit in 2016. Shares were seen opening down 1.4 percent.For more news, clickCOMPANY STATEMENTS* UBS is pushing to settle a French tax fraud investigation for less than 300 million euros, Bloomberg reported, citing people familiar with the matter.* Chobani Hires Nestle''s Tim Brown as chief operating officer, the Wall Street Journal reported.* Logitech International reaffirmed its 2017 outlook of 12-13 percent retail sales growth in constant currency and $225-$230 million in non-GAAP operating income. It also announced a $250 million share buyback programme as part of a three-year capital allocation framework.* Actelion said the European Commission has granted marketing authorization for the use of Ledaga (chlormethine gel) for the treatment of mycosis fungoides-type cutaneous T-cell lymphoma.* VP Bank reported net income of 58 million framcs for the 2016 financial year. It will propose a dividend of 4.50 francs per registered share A and 0.45 francs per registered share B.* Santhera posted a net loss for 2016 of 35.4 million francs.* Bucher Industries said profit 2016 amounted to 118 million franc and that it will propose a dividend of 5.00 francs. The group is expecting the current year to show a slight increase in sales and an improved operating profit margin.* Forbo Holding said full-year group operating profit (EBIT) rose 10.1 percent to 157.2 million francs and that it will propose an increased dividend of 19 francs.* Goldbach Group AG said full-year EBITDA rose 15.6 percent to 32.5 million francs. For 2017, the company anticipates organic sales growth in low single-digit percentage range along with a rise in EBITDA in mid single-digit percentage range.* Switzerland''s SIX and easybank announced that SIX will sell its Commercial Issuing business in Austria together with the Issuing Support for Austrian banks to easybank.* Geoffery Merszei was nominated as a new independent member of Oerlikon''s board of directors.* ALSO and Media Markt said they are expanding their cooperation in Switzerland, with ALSO taking over Media Markt''s main warehouse in the middle of 2017 to service its retail stores across the country.* J. Safra Sarasin Group said its local entity in Germany will no longer offer private banking services in the future due to the lack of critical mass, representing less than 1 percent of the Group''s assets under management.* PSP Swiss Property said its net profit fell to 134.9 million francs from 187.7 million francs a year earlier.ECONOMY* The Swiss Federal Treasury said on Tuesday it was reopening its 1.25 percent bond maturing in 2026 and its 2.25 percent bond maturing in 2031 in a tender. (Reporting by Zurich newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/markets-swiss-stocks-idINL5N1GJ55U'|'2017-03-07T04:06:00.000+02:00'
'83684569e42f0b27b564ef93a075a69cb41e52bf'|'Tariff-free Brexit ''really important'' for Ford''s UK jobs'|' 53am GMT Tariff-free Brexit ''really important'' for Ford''s UK jobs Britain''s Union flag flies outside the Ford stamping plant in Dagenham, Essex October 25, 2012. REUTERS/Olivia Harris By Costas Pitas - GENEVA GENEVA Tariff-free trade after Brexit is vitally important to maintaining jobs at Ford''s ( F.N ) British sites, its European boss told Reuters on Tuesday, amid growing concerns among unions about jobs losses at the U.S. carmaker''s Welsh engine plant. Ford, Britain''s biggest automotive engine builder, said last year it was scaling back investment at the plant in Bridgend due to lower than anticipated demand for one of its petrol engines. Last week, unions said Ford planned to axe 1,100 jobs at the site despite the U.S. carmaker saying there were no immediate plans for cuts. Ford has denied Britain''s decision to leave the European Union is a factor in the scaled back investment, but unions say uncertainty over the future trading relationship with the EU is harming the country''s car industry. Ford of Europe president Jim Farley told Reuters barrier-free trade was essential to protecting the firm''s more than 14,000 British workers. "For the future of those employees and for customers in the UK, a zero-tariff environment is really, really important," he said during an interview at the Geneva motor show. "We will continue to insist that a zero-tariff environment is key for the future of those employees at Ford." Ford''s British-built engines could face tariffs of up to 2.7 percent, while vehicle imports could be hit by tariffs of up to 10 percent if Britain were to return to World Trade Organization trading rules. (Editing by Mark Potter)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-autoshow-geneva-ford-britain-idUKKBN16E0RH'|'2017-03-07T14:53:00.000+02:00'
'36858ec96929894297ada99071c1a24b6c21526d'|'Google reported by Danish watchdog for unlimited data storage'|'Technology News - Tue Mar 7, 2017 - 9:57am EST Google reported by Danish watchdog for unlimited data storage The Google logo is seen on a door at the company''s office in Tel Aviv January 26, 2011. REUTERS/Baz Ratner/File Photo COPENHAGEN A Danish consumer watchdog has reported Alphabet Inc''s Google to the Danish Data Protection Agency for potentially breaking privacy laws by not capping the amount of time personal data is stored on Google''s servers, the watchdog said in a statement on Tuesday. Web companies such as Google and Facebook face increased scrutiny over how and where they store location and search history data from users of smartphones and mail accounts. "The consumer council Taenk would like the Data Protection Agency to assess whether Google''s indefinite data collection complies with consumer''s basic right to privacy," the watchdog stated in the report seen by Reuters. "We have become aware of the fact that Google today has 9-10 years of data on users with a Google account," the report stated. In July last year Google changed its data storage practices to comply with requests by Italy''s privacy regulator. Google had to make it clear how users'' data was used and guarantee its deletion within a specified time frame. Google did not immediately respond to a request for comment by Reuters. (Reporting by Nikolaj Skydsgaard; Editing by Ruth Pitchford) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-denmark-google-privacy-idUSKBN16E1XP'|'2017-03-07T21:49:00.000+02:00'
'13611e8f9f5489e24379d77fcbc8bb242c271199'|'Scottish investors Standard Life, Aberdeen mull $13.5 billion tie-up - Reuters'|'By Alistair Smout and Simon Jessop - LONDON LONDON Standard Life and Aberdeen Asset Management, two of Scotland''s most well-known financial firms, are in talks over an 11 billion pound ($13.5 billion) tie-up to create Britain''s largest investment manager.Fund management companies across the globe have been burdened with rising regulatory costs and pressure to lower fees in the face of weak average returns and growing competition from cheaper, index-tracking rivals, driving consolidation among smaller and mid-sized managers.Standard Life is roughly twice the size of Aberdeen at 7.5 billion pounds and historically famous for selling insurance, tracing its roots back to the 19th century, while Aberdeen is one of Europe''s largest listed fund firms.In recent years Standard Life has built up its Standard Life Investments asset management arm. SLI and Aberdeen now manage broadly similar amounts across stocks, bonds and other assets, and together they would manage assets of about 660 billion pounds for a range of retail and institutional clients.That is more than double those of Henderson Group and Janus Capital Group, which last year agreed their own $6 billion all-share merger, as well as Schroders, currently Britain''s biggest listed asset manager with nearly 400 billion pounds in assets.The firms, which both have a large presence in Edinburgh as well as offices and sales teams across the world, said without elaborating that they saw "significant synergy potential", raising the prospect of job losses among their nearly 10,000 workers."Further to the recent press speculation the Boards of Standard Life and Aberdeen confirm that they are in discussions in relation to a possible all-share merger of Standard Life and Aberdeen," they said, confirming an earlier Sky News report."The potential merger represents an excellent opportunity to leverage Standard Life and Aberdeen''s combined strengths to create a world class investment company," they said.Under the terms of the proposed deal, Aberdeen shareholders would own 33.3 percent of the combined group under the terms of the potential merger, with Standard Life shareholders owning the other 66.7 percent, the companies said.Aberdeen shareholders would receive 0.757 of a new Standard Life ordinary share for each Aberdeen ordinary share. Other terms of the proposed deal were still being discussed, they said, suggesting much work still needs to be done before any formal offer can be made to both firms and their shareholders.Standard Life Chairman Gerry Grimstone would become chairman of the board of the combined group, with Aberdeen Chairman Simon Troughton becoming deputy chairman of a board that would have equal numbers of directors from both companies.Keith Skeoch, chief executive of Standard Life, and Martin Gilbert, his counterpart at Aberdeen, would share the CEO''s role at the new company, while Bill Rattray would become chief financial officer.A successful takeover offer from Standard Life would mark a positive end to a tough few years for Gilbert, who helped found Aberdeen in 1983, after the firm''s focus on emerging markets left it exposed when the asset class fell out of investor favour.Last month it reported its 15th straight quarter of outflows, and analysts said they were pessimistic about its prospects for organic growth even as Gilbert himself voiced optimism about the outlook for emerging markets.($1 = 0.8134 pounds)(Editing by Hugh Lawson)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/aberdeen-asset-standard-life-idINKBN16C06A'|'2017-03-05T02:07:00.000+02:00'
'e7e321b0751648cf109dc9ccc620a3cff7b5a035'|'Admiral full-year profit hit by cut in injury discount rate'|' 31am GMT Admiral full-year profit hit by cut in injury discount rate LONDON Car insurer Admiral ( ADML.L ) on Wednesday posted a 25 percent fall in full-year pretax profit after the British government lowered the discount rate used to calculate personal injury payouts. Pretax profit in the period was 284.3 million pounds ($346.99 million), it said in a statement, down from 376.8 million pounds in 2015. Stripping out the impact of the discount rate cut to minus 0.75 percent from 2.5 percent, which will see lump-sum payouts rise, the firm said profits were up 3 percent. However, the firm said revenues over the 12 months to end-December rose 22 percent to 2.6 billion pounds, helped by strong sales to international customers. The company said it would pay a final dividend of 51.5 pence, made up of a normal dividend of 15 pence per share and a special dividend of 36.5 pence. ($1 = 0.8193 pounds) (Reporting by Simon Jessop, editing by Maiya Keidan)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-admiral-group-results-idUKKBN16F0P4'|'2017-03-08T14:31:00.000+02:00'
'76f55339c817ccda7bbe70de45f102d3dc5daab4'|'British bank Shawbrook rejects $1 bln buyout proposal'|'March 7 Britain''s Shawbrook Group Plc said on Tuesday it had rejected a proposal be bought by two private equity firms for 825 million pounds ($1 billion).Shawbrook''s largest shareholder, Pollen Street Capital, together with BC Partners, had offered to buy Shawbrook for 330 pence per ordinary share in cash and allow shareholders to retain a final dividend of not more than 3 pence per share.($1 = 0.8183 pounds) (Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/shawbrook-group-ma-idINL3N1GK2OT'|'2017-03-07T04:11:00.000+02:00'
'3b6ee69bc2c4be751e23b2b3d496e1eee1ba8a5c'|'UK new car sales dip in February, pickup seen in March - SMMT'|'Business News - Mon Mar 6, 2017 - 9:24am GMT UK new car sales dip in February, pickup seen in March - SMMT Cars are displayed outside a Volvo showroom in west London, Britain October 4, 2013. REUTERS/Luke MacGregor/File photo LONDON British new car registrations fell by an annual 0.3 percent to 83,115 units in February, driven down by weaker demand from individuals and companies, but sales are expected to pick up in March, a car industry body said on Monday. Private demand fell 4.4 percent to 36,018 units and business registrations declined 5.3 percent to 1,398 units. Fleet sales, typically to car rentals firms, rose 3.3 percent to 45,699 cars, the Society of Motor Manufacturers and Traders said. Analysts predict the British car market, Europe''s second largest, will shrink by about 5 percent in 2017 after two years of record demand, due to the Brexit-related fall in the pound pushing up the price of some models and wider economic uncertainty linked to Britain''s split from the European Union. Over the first two months of the year, registrations were up 1.8 percent at 257,679, SMMT said. February is one of the quietest months of the year for the car market and SMMT Chief Executive Mike Hawes said he expected a bounce in March with the launch of 2017 number plates. (Writing by William Schomberg; Editing by Alistair Smout) Next In Business News Samsung Group repeats it did not pay bribes, seek improper favours SEOUL South Korean conglomerate Samsung Group [SAGR.UL] reiterated on Monday that it did not pay bribes or seek illicit favours in response to the special prosecutor''s announcement accusing the group''s leader of paying money to curry favour from President Park Geun-hye.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-economy-autos-registrations-idUKKBN16D0VX'|'2017-03-06T16:21:00.000+02:00'
'bef35a9f31aa3b0fe44d9715808b730d06a517b1'|'BRIEF-Houston American Energy says date for spudding initial well on Permian Basin Acreage been moved up to May 2017'|'United States  36am EST BRIEF-Houston American Energy says date for spudding initial well on Permian Basin Acreage been moved up to May 2017 March 6 Houston American Energy Corp * Target date for spudding initial well on acquired permian basin acreage has been moved up to first week of May 2017 * Construction of drilling surface location and frac pond is expected to commence during month of March 2017 Source  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-houston-american-energy-says-date-idUSFWN1GJ0QM'|'2017-03-06T23:36:00.000+02:00'
'dc7dcd45784909b5462e11184e4bde1d1fe251cc'|'METALS-London copper supported by dollar, supply concerns'|'MELBOURNE, March 6 London copper edged up Monday as prices found support from protracted disruptions at the world''s two biggest copper mines, and a decline in the recent strength of the dollar.FUNDAMENTALS* London copper rose 0.3 percent to $5,937 a tonne by 0017 GMT, after closing a tad softer in the previous session. Prices have been trading around $5,800-$6,200 a tonne for most of the past month, having jumped to a 20-month top at $6,204 on Feb. 13 after disruptions worsened at the world''s top copper mine, Chile''s Escondida.* Shanghai Futures Exchange copper edged up 0.1 percent to 48,210 yuan ($6,992) a tonne.* The U.S. Federal Reserve''s long-stalled ''liftoff'' of interest rates may finally get airborne this year as policymakers from Chair Janet Yellen on Friday to regional leaders across the United States signalled that the era of easy money is drawing to a close.* Activity in China''s services sector expanded at the slowest pace in four months in February, with new business still growing at a solid rate but increasing competition making it harder for companies to raise prices, a private survey showed.* As mineral and metal prices have rebounded from a slump, so have the fortunes of small miners, and some industry experts are predicting even better times, ahead of the industry''s biggest conference for explorers and developers.* Speculators slashed their bullish position in Comex copper futures and options by 7,851 lots to 70,660 lots, U.S. Commodity Futures Trading Commission data showed on Friday.* Chile expects economic activity growth to be hit by around one percentage point in February because of a strike at world no.1 copper mine Escondida, as copper output slides 12 percent year-on-year, the government said on Thursday.* Indonesia will not back down from new rules requiring Freeport-McMoran to divest a majority stake in its local unit, Energy and Mineral Resources Minister Ignasius Jonan said, in a dispute over rights to the world''s second-biggest copper mine.* For the top stories in metals and other news, click orMARKETS NEWS* Asian shares and U.S. stock futures dropped on Monday as investors weighed the near-certain prospect of an interest rate hike in the United States this month against news of slower growth in China this year.DATA AHEAD (GMT)0930 Euro zone Sentix index Mar1500 U.S. Factory orders JanPRICESThree month LME copperMost active ShFE copperThree month LME aluminiumMost active ShFE aluminiumThree month LME zincMost active ShFE zincThree month LME leadMost active ShFE leadThree month LME nickelMost active ShFE nickelThree month LME tinMost active ShFE tin ($1 = 6.8954 Chinese yuan renminbi) (Reporting by Melanie Burton; Editing by Richard Pullin)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/global-metals-idINL3N1GJ18I'|'2017-03-05T22:33:00.000+02:00'
'6848cf34a0af8a24a61a147685ed76c48650f7cc'|'China to continue to cut overcapacity in steel sector in 2018'|'Business News - Mon Mar 6, 2017 - 3:22am GMT China to continue to cut overcapacity in steel sector in 2018 Workers direct a crane lifting newly made steel bars at a factory in Dalian, Liaoning province, China, October 13, 2015. REUTERS/China Daily/File Photo BEIJING China will continue to cut excess capacity in the steel sector in 2018, National Development and Reform Commission (NDRC) Vice Chairman Ning Jizhe said at a news conference on Monday. China will cut steel capacity by 50 million tonnes and coal output by more than 150 million tonnes this year, according to a state planner work report at the opening of the annual meeting of parliament. (Reporting by Kevin Yao and Beijing Monitoring Desk; Editing by Randy Fabi) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-parliament-steel-idUKKBN16D0AT'|'2017-03-06T10:22:00.000+02:00'
'68b275ad12807a33d921cb17b0544efd1a7683f5'|'Aquind confident on $1.4 billion France-UK power link despite Brexit'|'Business News - Mon Mar 6, 2017 - 7:03pm GMT Aquind confident on $1.4 billion France-UK power link despite Brexit By Susanna Twidale - LONDON LONDON Private investment firm Aquind is confident of raising the cash needed to build its planned 1.1 billion pound ($1.4 billion) power link between Britain and France, despite Britain''s move to leave the European Union, a board member told Reuters. Last June''s "Brexit" vote has raised questions about Britain''s continued participation in Europe''s energy market and whether investors will be prepared to put money into more physical energy links with the continent. However, Aquind non-executive director Martin Callanan said he expected to find plenty of interest since the economic case for the project - in particular Britain''s demand for power and normally higher electricity prices - stood regardless of Brexit. "Given the price differentials on both sides of the Channel, we believe there will still be a strong economic case," he said. "Even if tariffs were applied (to Britain''s cross border electricity trades following Brexit), those tariffs would apply both ways," he added. Britain currently imports around 5 percent of its electricity from France but is seeking ways to increase its power sources to help replace aging coal and nuclear plants set to close in the 2020s. Once completed in 2022, the interconnector would be able to deliver up to 2 gigawatts of electricity, enough to power around four million homes. Callanan said Aquind expected to raise cash from fellow private equity investors and hoped to begin construction in 2019. Britain currently imports power from France though the IFA interconnector, owned by Britain''s National Grid ( NG.L ), and French grid operator RTE. Electricity is able to flow both ways, but due to higher electricity prices in Britain it is usually an importer. Wholesale spot electricity prices averaged around 42 pounds ($51.50) per megawatt hour (MWh) in Britain in 2016 TRGBBD1, Reuters data show, compared with around 39 euros ($41.26)/MWh in France TRFRBD1. Aquind also said on Monday it had signed an agreement with RTE that would allow it to connect to the French grid at RTE''s Barnabos substation in the Haute-Normandie region. It already has an agreement with National Grid to connect with Britain''s grid on the south coast of England. Three other interconnectors with France are also in development: National Grid and RTE''s IFA 2, Transmission Investment and RTE''s FAB link, and Groupe Eurotunnel''s ( GETP.PA ) ElecLink. (Reporting by Susanna Twidale; Editing by Mark Potter) Next In Business News Exclusive - Hard Brexit would trigger ''leaching'' of banks from UK - draft report LONDON A draft report on the impact of Brexit on Britain''s financial industry warns banks and staff would "leach" away, undermining the wider UK economy, if they do not have access to European Union markets, according to sources who have read the report.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-electricity-interconnector-idUKKBN16D2C8'|'2017-03-07T02:03:00.000+02:00'
'8e372fdbdf1d1c3265562bdca0ff23522cbcef6e'|'U.S. private employers step up hiring; productivity sluggish'|'Business   3:08pm GMT U.S. private employers step up hiring; productivity sluggish left right A fast food restaurant advertises for workers on its front window in Encinitas, California, U.S., September 13, 2016. REUTERS/Mike Blake 1/2 left right Workers prepare outgoing shipments at an Amazon Fulfillment Center, ahead of the Christmas rush, in Tracy, California, November 30, 2014. REUTERS/Noah Berger 2/2 WASHINGTON Hiring by U.S. private employers surged in February, pointing to underlying strength in the economy that could encourage the Federal Reserve to raise interest rates next week. The ADP National Employment Report showed on Wednesday that private payrolls grew by 298,000 jobs last month, well above economists'' expectations for a gain of 190,000. January''s private payrolls gains were revised up to 261,000 from 246,000. The report, jointly developed with Moody''s Analytics, came ahead of the release on Friday of the U.S. Labor Department''s more comprehensive employment report. The ADP report, however, has a poor track record predicting the private payrolls component of the government''s employment report. According to a Reuters survey of economists nonfarm payrolls likely increased by 190,000 jobs in February after rising by 227,000 in January. The unemployment rate is forecast edging down to 4.7 percent from 4.8 percent in January. Fed Chair Janet Yellen said last week that the U.S. central bank would likely raise rates later this month as long as economic data on jobs and inflation held up. Prices of U.S. Treasuries were trading lower after the ADP data, while stock index futures were slightly higher. The dollar .DXY was stronger against a basket of currencies. WEAK PRODUCTIVITY In a separate report on Wednesday, the Labor Department said nonfarm productivity, which measures hourly output per worker, rose at an annualized 1.3 percent rate in the final three months of 2016, as it had estimated last month. Weak productivity suggests it will be hard to significantly boost economic growth. President Donald Trump has pledged to boost annual growth to 4 percent. The economy has not achieved 3 percent annual growth since the 2007-2009 recession ended. Economists polled by Reuters had expected fourth-quarter productivity would be revised to show it rising at a 1.5 percent rate. Productivity grew at a 3.3 percent pace in the third quarter. It increased 0.2 percent in 2016, the smallest gain since 2011, after rising 0.9 percent in 2015. Sluggish productivity has boosted employment growth as companies hire more workers to maintain output, partially explaining the divergence between payroll gains and economic growth. The economy grew 1.6 percent in 2016, while job growth averaged 187,000 per month. Productivity has increased at an average annual rate of 0.6 percent over the last five years, well below its long-term rate of 2.1 percent from 1947 to 2016. That has lowered the economy''s long-run potential and could undermine U.S. living standards. Some economists believe productivity is being inaccurately measured, especially on the information technology side. Others blame low capital expenditure, which they say has resulted in a sharp drop in the capital-to-labor ratio. Unit labor costs, the price of labor per single unit of output, increased at an unrevised 1.7 percent pace in the fourth quarter. They rose at a 0.7 percent rate in the third quarter. Unit labor costs rose 2.6 percent in 2016 after increasing 2.0 percent in 2015. The increase in hourly compensation per hour was also unrevised at a 3.0 percent rate in the fourth quarter, suggesting that wage growth is picking up. Hourly compensation rose 2.9 percent in 2016 after a similar increase in 2015. (Reporting by Lucia Mutikani; Additional reporting by Chuck Mikolajczak in New York; Editing by Paul Simao) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-economy-productivity-idUKKBN16F1M8'|'2017-03-08T21:29:00.000+02:00'
'631fffd2a378b37af82c9d04477ae9cf2dcd9768'|'Linde gives interim CFO Schneider three-year contract'|'FRANKFURT German industrial gases group Linde ( LING.DE ) gave its interim finance chief Sven Schneider a three-year contract with immediate effect, it said on Wednesday.Schneider, Linde''s former head of Group Treasury, assumed the CFO post on an interim basis last September when the company''s two top executives left after the collapse of merger talks with U.S. rival Praxair ( PX.N ).Linde and Praxair subsequently agreed the framework of a $65 billion merger in December.(Reporting by Georgina Prodhan; Editing by Ludwig Burger)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-linde-cfo-idUSKBN16F17W'|'2017-03-08T14:05:00.000+02:00'
'cbbe8946463dc1eaf2a3bbdb9eb255873204c99e'|'European shares flat, hiding large moves from Adidas, G4S'|' 43am GMT European shares flat, hiding large moves from Adidas, G4S Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, March 3, 2017. REUTERS/Staff/Remote LONDON European shares traded flat on Wednesday in early deals, the modest move masking significant results-driven gains from German sportswear company Adidas and British security company G4S among others, on a busy day for European earnings. The pan-European STOXX 600 index was flat in percentage terms by 0836 GMT, as losses by EDF ( EDF.PA ) and Boskalis ( BOSN.AS ) weighed. Adidas ( ADSGn.DE ) shares hit a record high, up 8.2 percent and the top STOXX gainers, after it increased sales and profit growth targets, having posted a 12.5 percent increase in 2016 sales. The move adds more than 2 billion dollars to the company''s market value. Adidas lifted its mid-term sales growth target to 10 to 12 percent. British security company G4S ( GFS.L ) was a top European gainer, up 6.7 percent and at a 20-month high after it posted its first rise in revenue in four years, and reported a cut in leverage. Among the fallers, French state-owned utility EDF ( EDF.PA ) hit a fresh all-time low in early trading, extending losses down 8.3 percent, after the French government sold 231.1 million preferential shares in the firm as part of EDF''s capital hike. Dutch marine construction company Boskalis ( BOSN.AS ) was down 7.6 percent, set for its biggest one-day loss in a year after it reported its first yearly loss in two decades on one-off charges. (Reporting by Helen Reid, editing by Kit Rees)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN16F0W6'|'2017-03-08T15:43:00.000+02:00'
'd580e7f1a1f7271a20dade8825b595745068e81a'|'US STOCKS SNAPSHOT-Wall St opens higher as banks rise on strong ADP data'|'  9:32am EST US STOCKS SNAPSHOT-Wall St opens higher as banks rise on strong ADP data March 8 U.S. stocks opened slightly higher on Wednesday as bank stocks gained after a better-than-expected private sector hiring pointed to a healthy labor market, making an interest rate increase by the Federal Reserve next week near certain. The Dow Jones Industrial Average was up 22.64 points, or 0.11 percent, at 20,947.4, the S&P 500 was up 1.56 points, or 0.065868 percent, at 2,369.95 and the Nasdaq composite was up 4.37 points, or 0.07 percent, at 5,838.30. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Sriraj Kalluvila)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL3N1GL49Z'|'2017-03-08T21:32:00.000+02:00'
'196df56a020d35ba5ecd804a7e9741fe1052a191'|'PRESS DIGEST- British Business - March 8'|'March 8 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The TimesThe pay package of the chief executive officer of AstraZeneca Plc jumped by almost 70 percent to 13.4 million pounds ($16.36 million) in 2016 as his share awards were triggered under a scheme that is set to be scrapped amid shareholder concerns. bit.ly/2n3UOMbShawbrook Group Plc has rejected a 825 million pounds private equity offer but left the door open for a higher bid. bit.ly/2n3DerTThe GuardianThe governor of the Bank of England has censured his new deputy governor, Charlotte Hogg, after she admitted breaking bank rules by failing to declare that her brother worked for Barclays Plc. bit.ly/2n3x4YyThe west''s leading economic thinktank has raised its outlook for the United Kingdom this year, in a boost to Philip Hammond ahead of his budget. But the Organisation for Economic Cooperation and Development said it still expected Britain''s economy to shift down a gear compared with last year as rising inflation hits households. bit.ly/2n3IjAwThe TelegraphA joint venture between house builder Barratt Developments Plc and Wall Street giant Morgan Stanley to develop a 275 million pounds residential project on the banks of the Thames is undertaking a review to determine if Barratt staff received bribes to hand out contracts to certain suppliers. bit.ly/2n3BWgfBP Plc is bringing on seven "massive" projects this year in the biggest expansion the company''s history but has brought down costs in a wrenching adjustment and is not banking on a recovery in oil prices this decade. bit.ly/2n3zCpHSky NewsThe giant financing arm of Ford Motor Co is examining whether to shift part of its operations to Germany in a move that would raise fresh questions about the future of the car-maker''s UK workforce. bit.ly/2n3CK4OPhilip Hammond is expected to deliver an upbeat assessment of Britain''s economic prospects in his first budget as chancellor, but he is not promising giveaways as a result. bit.ly/2n3MBaQThe IndependentPrime Minster Theresa May has suffered a setback after the House of Lords approved a plan to give Parliament the final say over Brexit. ind.pn/2n3D5Vn ($1 = 0.8191 pounds) (Compiled by Ismail Shakil in Bengaluru; Editing by Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-business-idINL3N1GL17K'|'2017-03-07T22:32:00.000+02:00'
'4821ab6ba6521df1304e1b07186d3b2785ebde5c'|'Brazil''s watchdog asks Petrobras to restate financial reports from 2013-2015'|'  6:01am EST Brazil''s watchdog asks Petrobras to restate financial reports from 2013-2015 SAO PAULO, March 8 Brazil''s stock market regulator CVM has asked state controlled oil company Petroleo Brasileiro SA to restate its annual financial statements for 2013, 2014 and 2015 to include the impact of currency rate hedges. In a securities filing late on Tuesday, Petrobras said the CVM also requested the restatement of financial results from the second and third quarters of 2013, and to the years of 2014, 2015 and 2016 to account for impairments related to certain hedging transactions. Petrobras said it can appeal against the request which is preliminary and could still be overturned by a CVM panel. (Reporting by Ana Mano; Editing by Greg Mahlich)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/petrobras-regulation-idUSL2N1GL0B2'|'2017-03-08T18:01:00.000+02:00'
'c5f026008425ea57091e9a819e3aa1d350cd41ff'|'Yingde shareholders vote to keep two co-founders on board: sources'|'By Elzio Barreto - HONG KONG HONG KONG A majority of Yingde Gases Group''s shareholders voted against a resolution to remove two of its co-founders and main shareholders from its board, the latest chapter in a battle for control that could result in changed leadership at the Chinese company.Amid the power struggle, China''s largest industrial gases company is in play, with U.S. industrial gas maker Air Products making a takeover approach, and Hong Kong-based private equity firm PAG agreeing to buy a substantial stake.Most shareholders at the extraordinary general meeting (EGM) voted on Wednesday against removing Sun Zhongguo and Trevor Strutt from the board of directors, according to an investor present at the meeting who declined to be named because results of the vote were not yet public.A second source also confirmed the result, though the exact tally of the votes was not immediately available. Yingde declined to comment.Sun and Strutt, previously the Chairman/CEO and COO of Yingde, respectively, were relieved from their executive posts at a November board meeting that named Zhao Xiangti, another co-founder and major shareholder, chairman of Yingde. The two have since been in a legal fight to get reinstated.The two were removed after "poor corporate management" and "unsatisfactory performance" in the past years, according to a letter from the majority of Yingde''s board filed ahead of the EGM.The board of Yingde could be totally changed after a separate EGM on Wednesday that will vote on the ouster of Zhao and four other directors from the nine-member board and reduce the board to five people.SUITORSIn December, following the ouster of Sun and Strutt, asset manager StellarS Capital (Hong Kong) Ltd and Air Products made takeover approaches for Yingde, offering about $1.1 billion and as much as $1.5 billion in cash, respectively.The takeover battle took another twist last week when PAG agreed to buy the combined 42.1 percent stake of Zhao, Sun and Strutt for $616 million. PAG''s offer came just two days after Hong Kong-based activist hedge fund Oasis Management Company Ltd, a minority investor in Yingde, said it would seek a seat on the board as the company considers strategic alternatives, including an outright sale.Yingde hired Morgan Stanley to advise on offers it received from Air Products and StellarS Capital. Air Products offered as much as HK$6 per share in cash for Yingde shares, while StellarS indicative offer was for HK$4.5 per share, but neither was binding.PAG also offered HK$6 a share, but its agreement will be suspended if there''s a competing offer at least 5 percent higher than PAG''s, or equivalent to HK$6.3 per share. Yingde''s shares closed at HK$6.38 on Wednesday, indicating investors expect a competing bid to emerge.Besides Oasis, which owns a 4.5 percent stake in Yingde, other minority investors that could benefit from the battle for control of the company include Aberdeen Asset Management, BlackRock Inc, Vanguard and UBS, according to Hong Kong stock exchange data.Yingde has also formed an independent board committee to consider the offers, hire an independent financial adviser and make a recommendation on the different proposals.(Reporting by Elzio Barreto; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-yingde-gases-m-a-idINKBN16F10F'|'2017-03-08T06:35:00.000+02:00'
'd4e19a9d086c8c4655b35d3af98c7a92a162d4d3'|'''It''s like kumbaya:'' Trump''s genial private meetings with CEOs jar with public attacks'|'By Ginger Gibson and David Shepardson - WASHINGTON WASHINGTON When the bosses of some of the world''s largest pharmaceutical companies headed to Washington in January to meet U.S. President Donald Trump, it had all the makings of a potentially hostile meeting.Just weeks before, Trump had sent drug stock prices plummeting after accusing the companies of "getting away with murder" by charging too much for medicines.But the Trump who greeted chief executives of Johnson & Johnson, Novartis, Merck, Eli Lilly, Celgene and Amgen on Jan. 31 was a surprisingly genial host who even gave them a personal tour of the Oval Office, according to several participants in the breakfast.“There is no question that it was better than it could have been or we thought it could be," said one industry insider familiar with the meeting.Trump did not repeat his public attacks on the industry. Instead, he focussed on "outdated" regulations that drive costs up for drugmakers, according to participants interviewed by Reuters. The CEOs left with Trump''s word that he would streamline regulations and reform the high U.S. corporate tax rate.Since taking office on Jan. 20, Trump has held at least nine meetings with groups of business leaders, including automakers, airlines, retailers and health insurers. In early morning or late-night tweets and in speeches, Trump has lambasted many of these companies for cost over-runs, or high prices, or foreign manufacturing, often knocking down their share prices. (See the effects of Trump''s tweets on stock prices tmsnrt.rs/2ibdFSF )But Reuters interviews with nearly a dozen executives and lobbyists who have taken part in these meetings or have been briefed on them reveal a Trump who is very different from his uncompromising and demanding @realDonaldTrump Twitter handle.When he meets the nation''s top chief executives in person, he is a mix of charm and cajoling. This Trump is flexible and inquisitive, a schmoozer who remembers birthdays and often lavishes praise on their companies, said the people, who spoke on condition of anonymity so they could freely discuss private meetings.This private side of Trump sheds light on why many CEOs have expressed confidence that the Republican president is good for business, despite his share-denting public attacks. As recently as Tuesday, Trump tweeted he was working on a system to increase competition in the health industry and lower drug pricing, sending pharma shares lower.In the White House meetings, Trump focuses much of his talk on cutting regulations, the sources said, underscoring one of his administration''s key priorities - getting rid of rules imposed by his predecessor Barack Obama. He typically asks which regulations are holding businesses back from adding new jobs and promises to resolve the issues, executives say."He said one thing for the cameras and the door shuts and then it''s like kumbaya," said one person who was briefed on a meeting between Trump and a group of CEOs."He likes to be seen as engaging and buddy buddy with other big important business leaders," said this person.A former businessman, Trump runs his closed-door meetings with CEOs as if they were a corporate board meeting, attendees said. In contrast to his doctrinaire tweets, he likes to seek input from everyone at the table, and compared to former presidents Barack Obama and George W. Bush, conversations are less scripted.Trump’s approach to these meetings is “one of listening and not lecturing”, said a senior White House official who has participated in industry meetings. “I’ve seen a president who is listening and asking questions to get to how he can create a thriving economy,” the official said.An Amgen spokeswoman said Trump made it clear that he wanted to work with the company on U.S. job creation and biotech innovation. Representatives of the other drugmakers declined to comment.SHOWING OFF THE DRAPESBecause so little is known about how Trump interacts privately with CEOs, trade groups and company officials have begun to swap tips on how to approach their meetings with him.“There is this undercurrent of information sharing about what to expect, what to do,” said one trade group official who prepared CEOs for a recent meeting with Trump. He said he has gotten a flurry of calls from other industries next in line for a White House visit.At the end of most meetings, Trump leads CEOs into the Oval Office, showing off paintings, sculptures and the furniture, as well as the rug and curtains he has picked out. He also points out a bust of Martin Luther King Jr., which he inherited from Obama. Then he takes a group photo behind the desk.“He becomes tour guide and brings them over to the Oval Office,” the same official said. “He’s very proud of the Oval Office.”The White House official said Trump recognised the “awe” of the Oval Office.CHAIR FOR GM, BIRTHDAY WISH FOR FORDChief executives of Detroit''s top three automakers - General Motors Co, Ford Motor Co and Fiat Chrysler Automobiles NV - were pleasantly surprised when they went to the White House for a breakfast with Trump on Jan. 24.Since his election, Trump has frequently attacked the car companies for building in Mexico and warned U.S. firms would no longer be able to move U.S. jobs abroad "without consequences."When Trump entered the Roosevelt Room, he greeted GM CEO Mary Barra with a playful tap on the shoulder as he gently prodded her to add jobs in the United States and later pulled out her chair before the meeting started, a review of the video transcripts of the first part of the meeting shows.He greeted Ford CEO Mark Fields with a "Happy Birthday. It''s his birthday ladies and gentlemen." Trump said it was a "great honour" to see Fiat Chrysler CEO Sergio Marchionne.Trump did not specifically ask them to build plants in the United States - as he had tweeted he would before the meeting - but instead listened to their complaints about regulations and indicated a willingness to help them, people briefed on the meeting said.Ford declined to comment and referred to Fields'' comments to dealers in January that Trump had asked for a list of regulations that automakers wanted cut or kept.GM CEO Mary Barra said in a speech last week that Trump “really listened” to the automakers, while Marchionne told reporters at the Geneva auto show on Tuesday that Trump was “quite willing to make our lives easier” in terms of compliance and taxes in order to encourage U.S. job creation.Trump has been complimentary of his high-profile guests - and at times playful.After Denise Morrison, chief executive of Campbell Soup, introduced himself in one of those meetings, Trump quickly responded: "Good soup."At another, after Target Corp CEO Brian Cornell spoke, Trump responded by pronouncing the name of the company as “Tar-Jay,” a common joke to make the retailer sound more fancy.(Reporting by Ginger Gibson and David Shepardson in Washington, Additional reporting by Emily Stephenson in Washington and Emily Flitter in New York, Editing by Soyoung Kim and Ross Colvin)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/uk-usa-trump-companies-insight-idINKBN16F18E'|'2017-03-08T08:58:00.000+02:00'
'ad6581390fe51a4fbb916e56e987df34d0d07264'|'BRIEF-Cohen & Steers announces preliminary assets under management Feb 28'|' 40am EST BRIEF-Cohen & Steers announces preliminary assets under management Feb 28 March 8 Cohen & Steers Inc * Cohen & Steers announces preliminary assets under management February 28, 2017 * Cohen & Steers Inc - Preliminary assets under management of $59.1 billion as of February 28, 2017, an increase of $1.5 billion from January 31, 2017 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-cohen-steers-announces-preliminary-idUSASB0B4BZ'|'2017-03-08T18:40:00.000+02:00'
'bbd332c3278c9349393cd477753f0766b67316bc'|'Credit Suisse CFO says considering options over Swiss unit IPO'|'ZURICH Credit Suisse ( CSGN.S ) is looking at the merits of going ahead as planned with an initial public offering (IPO) of its domestic business after ending 2016 within its CET1 ratio target range, Chief Financial Officer David Mathers said on Wednesday."Given this capital position, and the likelihood of further delays to the Basel III reforms, I think we now have the time to consider the best options for our shareholders in respect to this IPO and other capital measures," Mathers said in a conference presentation in London, which was streamed via webcast.Regarding Credit Suisse''s investment banking business in London, Mathers said around $750 million of its $4-$5 billion in UK revenues could be at risk due to Britain''s planned exit from the European Union.(Reporting by Joshua Franklin; Editing by Michael Shields)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-credit-suisse-gp-swiss-ipo-idUSKBN16F1NK'|'2017-03-08T16:48:00.000+02:00'
'98ba37a73dbc12bf9b70163863dd5cc6c1ee8d0d'|'Legal & General posts $2 billion 2016 operating profit, up 11 percent'|'Deals - Wed Mar 8, 2017 - 9:03am GMT Legal & General not seeking large M&A deals: CFO By Carolyn Cohn - LONDON LONDON Insurer Legal & General is not planning any large acquisitions, its chief financial officer said on Wednesday, after the company reported an 11 percent rise in 2016 operating profit. Insurer and asset manager Standard Life agreed this week to buy Aberdeen Asset Management in an 11 billion pound ($13.4 billion) merger, driving speculation there could be counterbids. L&G, which also has a large asset management business, hired Goldman Sachs veteran Paul Miller last week for the new role of group strategy and M&A director. "Don''t read too much into Paul Miller joining us," L&G CFO Mark Gregory told reporters on a call. "We are not into big transformational M&A, we will do small bolt-ons from time to time. On the very large transactions in the asset management space right now, L&G will not be participating." L&G posted 2016 adjusted operating profit of 1.63 billion pounds ($2 billion), slightly above a company-supplied analyst consensus of 1.62 billion, boosted by a strong performance in its retirement business. Its asset management division, Legal & General Investment Management, which is one of the biggest investors in the UK stock market, saw assets under management rise 20 percent to 894.2 billion pounds. Net release from operations, or net cash generated, rose 12 percent to 1.41 billion pounds, above a 1.38 billion forecast. Barclays analysts reiterated their "overweight" recommendation on the stock. "L&G can benefit from structural trends in retirement (pensions de-risking), asset management (shift from active to passive) and increased infrastructure spend," they said in a note. L&G said it was currently quoting on 13 billion pounds of bulk annuity deals, which involve taking on the risk of company defined benefit, or final salary, pension schemes. L&G took over a 3 billion sterling book of UK annuities closed to new policyholders from Dutch insurer Aegon last year. The insurer could take on more such back books, Gregory said. "Those opportunities will come along from time to time ... we do have the capacity to do those sorts of deals." L&G shares were trading at 255.9 pence at 0811 GMT, up 0.7 percent and compared with a steady FTSE 100 index. L&G said it would pay a total dividend of 14.35 pence, up 7 percent from 2015 and in line with a forecast of 14.36 pence. (Reporting by Carolyn Cohn; Editing by Rachel Armstrong) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-legal-general-results-idUKKBN16F0XY'|'2017-03-08T15:06:00.000+02:00'
'a27cd2a33700d211908cb38541c248bf77ee5d42'|'Akzo Nobel explores sale, merger with peer: sources'|'Dutch paint maker Akzo Nobel NV ( AKZO.AS ) is exploring a sale or merger with a peer, and is in talks with companies including U.S. coatings manufacturer PPG Industries Inc ( PPG.N ), people familiar with the matter said on Wednesday.The sources asked not to be identified because the matter is confidential. PPG declined to comment, while Akzo Nobel did not immediately respond to a request for comment. Bloomberg News reported earlier that PPG was exploring a potential deal with Akzo Nobel.(Reporting by Pamela Barbaglia in London; Editing by Susan Fenton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-akzonobel-m-a-ppg-idINKBN16F2H9'|'2017-03-08T16:11:00.000+02:00'
'7bf6b6f7a1f75e20dc2c250c185087019e0e67b6'|'Exclusive: Novo Nordisk in bid for Global Blood Therapeutics - sources'|'Danish drugmaker Novo Nordisk A/S ( NOVOb.CO ) has approached Global Blood Therapeutics Inc ( GBT.O ), a U.S. biotechnology company focused on serious blood disorders, to discuss a potential acquisition, people familiar with the matter said.Global Blood Therapeutics is now working with an investment bank to review its options, and there is no certainty that it will enter into negotiations with Novo Nordisk or that it will explore a sale, the people said this week.The sources asked not to be identified because the matter is confidential. Global Blood Therapeutics declined to comment, while Novo Nordisk did not respond to requests for comment.(Reporting by Carl O''Donnell and Greg Roumeliotis in New York; Additional reporting by Pamela Barbaglia in London and Arno Schuetze in Frankfurt; Editing by Nick Zieminski)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-globalbloodtherapeutics-m-a-novo-nord-idINKBN16F1ZI'|'2017-03-08T12:50:00.000+02:00'
'39e6bbd458e518e0ace77097c2f4f04bdbd5fa15'|'German, U.S. finance ministers to meet in Berlin next week'|'Business News - Tue Mar 7, 2017 - 12:40pm GMT German, U.S. finance ministers to meet in Berlin next week German Finance Minister German Wolfgang Schaeuble attends a news conference following a meeting at the Bercy Ministry in Paris, France, February 22, 2017. REUTERS/Charles Platiau BERLIN German Finance Minister Wolfgang Schaeuble said on Tuesday he would meet his U.S. counterpart Steven Mnuchin on Thursday next week to prepare for a broader G20 meeting in Baden-Baden. Speaking to foreign press correspondents in Berlin, Schaeuble rejected U.S. criticism of Germany''s record-high current account surplus and criticism that the German government was exploiting a weaker euro to boost its exports. "Nobody can claim that we are achieving these surpluses through manipulation," Schaeuble said, adding that the European Central Bank was in charge of the euro and that the central bank is independent. He added Germany''s current account surplus was a result of the high competitiveness of its companies. (Story refiles to remove extraneous word from second paragraph.) (Reporting by Michael Nienaber and Joseph Nasr; Editing by Madeline Chambers) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-germany-g20-schaeuble-idUKKBN16E1GM'|'2017-03-07T19:39:00.000+02:00'
'f0d8448e3ab1f51376fd3ca38cab22ee27e1bcb5'|'Fiat Chrysler CEO says rationale for GM-FCA merger stands, even after PSA buys Opel'|'Business News  55am GMT Fiat Chrysler CEO says rationale for GM-FCA merger stands, even after PSA buys Opel Fiat Chrysler Automobiles CEO Sergio Marchionne listens during the North American International Auto Show in Detroit, Michigan, U.S., January 9, 2017. REUTERS/Rebecca Cook GENEVA Fiat Chrysler ( FCHA.MI ) CEO Sergio Marchionne said he could approach GM ( GM.N ) again regarding a potential merger, adding a rationale for a tie-up still existed even after the U.S. rival decided to sell its European operations to PSA Group ( PEUP.PA ). Marchionne has long advocated more tie-ups in the industry to share the prohibitive costs of making cleaner and more technologically advanced vehicles, but his bid to merge with GM was repeatedly rebuffed. "I never close any doors... I may shamelessly try knocking on the GM door again, or any door, if I thought it was a good thing to do for the business, without even blinking, I could," Marchionne told reporters at the Geneva auto show. Marchionne said the PSA-Opel deal, announced on Monday, would reduce potential synergies FCA could reap from a tie-up with GM by around 15 percent, but the deal would still be worth pursuing. The executive stressed, however, that after leaving Europe, GM may be even less inclined to engage in talks with FCA. (Reporting by Agnieszka Flak) Bank of England''s Hogg says failed to declare conflict of interest LONDON New Bank of England Deputy Governor Charlotte Hogg said she had failed to declare correctly to the central bank a potential conflict of interest due to her brother''s employment at Barclays , a major bank which is overseen by the BoE.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-autoshow-geneva-fiatchrysler-m-a-idUKKBN16E1DJ'|'2017-03-07T18:55:00.000+02:00'
'8dcbe8326e36909de25237ef1ca9f86dce82b8ce'|'UPDATE 1-Brazil seeks to raise at least $500 mln from 2026 bond reopen'|'(Recasts to add details on transaction, background throughout)SAO PAULO, March 7 The Brazilian government plans to raise at least $500 million on Tuesday with the reopening of a bond due in April 2026, taking advantage of growing optimism among investors over plans to reform pension, labor and budget rules in coming months.The National Treasury, a finance ministry body in charge of government fundraising in capital markets, mandated Citigroup Inc, Bank of America Corp and BNP Paribas SA to manage the transaction, according to a statement. The Treasury did not elaborate on the size and terms of the reopening.A person with direct knowledge of the deal told Reuters the Treasury is offering to pay a yield in the "low 5 percent area" for the reopening of the 6 percent, dollar-denominated securities. Currently, the bond is trading at 108.68 cents on the dollar to yield 4.81 percent.Senior government officials have said efforts to undertake ambitious budget and pension reforms have partially offset worries related to U.S. President Donald Trump''s pledges to curb trade. Brazilian President Michel Temer''s early successes in advancing part of his economy agenda have slowly paid off, helping Brazilian issuers get batter fundraising conditions.The cost of insuring against a Brazilian default for five years fell 3 basis points on Tuesday to 214.7 basis points, nearing a two-year low set last month.A reopening of the government''s 10-year bond could also accelerate global debt offerings from domestic companies in coming weeks. They have until April 27 to make offerings based on fourth-quarter results. (Reporting by Guillermo Parra-Bernal; Additional reporting by Patricia Duarte and Bruno Federowski in São Paulo; Editing by Chizu Nomiyama and Dan Grebler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brazil-bonds-idINL2N1GK0V5'|'2017-03-07T12:30:00.000+02:00'
'0b1b8a0df6f12c6d42ef491a2c4a31444cadc460'|'WH Group chief cautious over Smithfield China expansion due to pork glut'|'By Dominique Patton - BEIJING BEIJING China''s WH Group Ltd ( 0288.HK ) will be cautious about expanding Smithfield''s pork processing operations in China due to over-capacity in the world''s biggest pork market, Chairman and Chief Executive Officer Wan Long said in an interview on Tuesday.Speaking on the sidelines of parliament''s annual meeting, Wan said he expects pork prices to fall to an average of 14 yuan to 15 yuan ($4.20) per kilogram this year after hitting a record high in 2016.WH Group bought U.S.-based Smithfield Food Inc [SFII.UL], the world''s biggest pork producer, in 2013 for almost $5 billion."Over-capacity in China is not only in heavy industry, but also the food industry suffers from this problem, so we will expand according to the Chinese market situation," Wan said.He said he expects WH Group''s imports of U.S. pork to China to increase this year from 300,000 tonnes in 2016.(Reporting by Dominique Patton; Writing by Josephine Mason; Editing by Christian Schmollinger)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-china-pork-whgroup-idINKBN16E12C'|'2017-03-07T07:09:00.000+02:00'
'6bee63df3aaa3bf80f493581078dcc6942fafc69'|'Brazil to auction power transmission licenses on April 24'|'SAO PAULO, March 7 Brazil''s energy regulator Aneel said on Tuesday it will auction next month new licenses to build and operate 7,400 kilometers (4,598 miles) of power transmission lines requiring up to 13.1 billion reais ($4.2 billion) in investment.In a statement, the regulator said the power lines would pass through 20 Brazilian states and should enter operation in the five years after the auction, scheduled for April 24.Power generator Engie Brasil Energia SA and distributor Energisa SA have already expressed interest in bidding.President Michel Temer launched an infrastructure concessions program on Tuesday aimed at raising 45 billion reais ($14.4 billion) in investments in roads, port terminals, railways and power transmission lines.Industry analysts expect the power transmission licenses auction to be successful, following good results for another sale in October.The companies that acquired licenses last year included Brookfield Asset Management Inc, Equatorial Energia SA , Cteep Companhia de Transmissão de Energia Elétrica Paulista and EDP Energias do Brasil SA. ($1 = 3.1194 reais) (Reporting by Luciano Costa; Writing by Tatiana Bautzer; Editing by Daniel Flynn, Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brazil-auction-power-idINL2N1GK25X'|'2017-03-07T20:16:00.000+02:00'
'b4c8dfe2e397f8fb3b361e0fa4024906ccf381c9'|'Japan''s SoftBank to put $8 billion ARM stake into its Vision Fund: FT'|'LONDON Japan''s SoftBank ( 9984.T ) is to place a roughly $8 billion stake in ARM, the British chip designer it bought last year, into an investment fund it has created with Saudi Arabia, the Financial Times reported on Wednesday.SoftBank, run by founder Masayoshi Son, bought ARM, Britain''s most valuable technology company, for $32 billion last year.The FT cited two people close to the situation as saying SoftBank would place 25 percent of ARM into the fund. It said the fund was also seeking to secure the backing of Mubadala, the Abu Dhabi state-backed investment group, which wanted the fund to own a portion of ARM.The FT said the British government, which backed the initial takeover, had been notified of the transaction and did not raise any concerns.(Reporting by Kate Holton; editing by Guy Faulconbridge)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-softbank-arm-visionfund-idINKBN16F0QG'|'2017-03-08T04:38:00.000+02:00'
'2c786c25c4d7dc36b032a0e9a3e4463f1052a49a'|'Fed to make sequential hikes until ''something breaks'' - Gundlach'|'Business News - Tue Mar 7, 2017 - 11:12pm GMT Fed to make sequential hikes until ''something breaks'' - Gundlach Jeffrey Gundlach, founder of DoubleLine Capital, speaks at the Sohn Investment Conference in New York City, U.S. May 4, 2016. REUTERS/Brendan McDermid By Jennifer Ablan - NEW YORK NEW YORK Jeffrey Gundlach, chief executive officer at DoubleLine Capital, said on Tuesday he expects the Federal Reserve to begin a campaign this month of "old school" sequential interest rate hikes until "something breaks," such as a U.S. recession. Gundlach, who oversees more than $101 billion at Los Angeles-based DoubleLine, said U.S. economic data support a rate increase as soon as the next Fed policy meeting on March 14-15, and further rises this year, after a series of false starts in 2015 and 2016. "Confidence in the Fed has really changed a lot," Gundlach said on an investor webcast. "The Fed has gotten a lot of respect with the bond market listening to the Fed" now that economic data support the tough rhetoric from Fed officials. New York Fed President William Dudley, whose branch of the U.S. central bank serves as its eyes and ears on Wall Street and who generally spends a couple of hours a week planning policy with Fed Chair Janet Yellen, played a key role in orchestrating the messaging of a March rate hike. Dudley gave markets an initial jolt when he said in a television interview last week that "animal spirits had been unleashed." Dudley also said the case for tightening monetary policy "has become a lot more compelling" since the election of President Donald Trump and a Republican-controlled Congress. Gundlach, known on Wall Street as the "Bond King," said on the webcast that inflationary pressures are increasing as well as business confidence, which will translate into a stock market that will "grind higher." But Gundlach, who repeated his warning Tuesday that U.S. stocks are not cheap, said he holds Treasury inflation-protected securities and gold against this economic backdrop. Gundlach added that a short position on German 10-year bunds was "a hell of a lot smarter than going long" the securities. As for financial stocks, Gundlach told Reuters in an interview that he sold his stake in bank and financial shares because "the easy money has been made." (Reporting by Jennifer Ablan; Editing by Chris Reese and James Dalgleish) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-funds-doubleline-idUKKBN16E2YW'|'2017-03-08T06:12:00.000+02:00'
'643b875f9e92cee6d746ec7c5471ca8dc38b03e5'|'UPDATE 5-Four killed when freight train hits bus in Mississippi'|'(Adds comment from federal transportation safety agency and senior center director)By Alex DobuzinskisMarch 7 A freight train slammed into a charter bus at a railroad crossing in Biloxi, Mississippi, on Tuesday, killing four people on the bus and leaving dozens injured, officials said.City officials said the tour bus, which originated in Austin, Texas, and was heading to a casino, was stopped on the tracks for an unknown reason. Witnesses told local television station WLOX it got stuck.Biloxi city spokesman Vincent Creel confirmed the crossing had signs warning of its low ground clearance, which means a large vehicle could potentially become lodged on the tracks.But he could not say if that is what occurred, adding that federal authorities would lead the investigation.Three people on the bus were killed in the collision and a fourth person died after being transported from the scene, Biloxi Police Chief John Miller told a news conference.More than 40 passengers on the motorcoach were transported to area hospitals and four others declined medical treatment, according to a statement on the city''s website.Nine of the injured were in critical condition, Creel said by telephone.The crash follows an effort by Biloxi Mayor Andrew "FoFo" Gilich to close some rail crossings, with the stated goal of improving safety in the tourist hub with a population of 45,000 people on the Gulf of Mexico.But this crossing - the site of another wreck between a train and a truck on Jan. 5 with no injuries - was not one of those selected for possible closure, Creel said.City officials and CSX, which operated the train, said Biloxi with its many railroad crossings has a high number of train crashes for the region.The bus trip was sponsored by Bastrop Senior Center, Barbara Adkins, president of the Texas facility, said by phone. The passengers were members of the center along with relatives and friends, she said.CSX said in a statement its crew members on board were uninjured.Witness Sue Perkins told WLOX the motorcoach appeared to get stuck because it was too long for the steep angle of the hill at the crossing.The crossing''s red lights lit up and the safety gates descended with the bus stuck on the tracks, Perkins told the station. Then she saw the train in the distance and the conductor sounded the horn but could not stop in time, she added."There was a big waterfall of glass that just came out of the bus" in the accident, she told WLOX.The National Transportation Safety Board said in a message on Twitter it was sending an investigative team.WLOX, in footage of the accident''s aftermath, showed the bus standing upright, diagonally across the tracks with the train stopped at its side.The bus was marked as operated by ECHO Transportation, Creel said.An official with Texas-based ECHO Transportation declined to immediately comment on the crash. (Reporting by Jon Herskovitz in Austin and Letitia Stein in Tampa; Additional reporting and writing by Alex Dobuzinskis in Los Angeles; Editing by Chris Reese and Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mississippi-crash-idINL2N1GK1Y0'|'2017-03-08T00:40:00.000+02:00'
'7b044f9140293422616eacc02cc6c86e4c90d062'|'SWIFT messaging system says bans North Korean banks blacklisted by U.N.'|'Business News - Wed Mar 8, 2017 - 7:23am GMT SWIFT messaging system says bans North Korean banks blacklisted by U.N. FILE PHOTO: Swift code bank logo is displayed on an iPhone 6s among Euro banknotes in this picture illustration January 26, 2016. REUTERS/Dado Ruvic/File Photo By Jeremy Wagstaff - HONG KONG HONG KONG Belgium-based SWIFT said on Wednesday it has stopped providing financial services to all North Korean banks under U.N. sanctions, as international tensions rise over Pyongyang''s increasingly aggressive military behavior. The financial messaging system said it stopped providing services to the North Korean banks after Belgian authorities withdrew authorization that had enabled SWIFT to serve the banks. The withdrawal of the authorization came in response to the "current international" situation relating to North Korea and ongoing discussions in the U.N. Security Council, said the Society for Worldwide Interbank Financial Telecommunication (SWIFT). The U.N. Security Council on Tuesday condemned North Korea''s recent ballistic missile launches and expressed concern over the country''s increasingly destabilizing behavior and defiance of the 15-member body. "As a result, SWIFT suspended access of U.N.-designated North Korean entities to the SWIFT financial messaging service," it said. SWIFT did not say exactly when the services were suspended or how many banks were affected. SWIFT''s move follows a U.N. panel report last week that found evidence North Korea was relying on continued access to the international banking system to flout sanctions. The Feb. 27 report by the U.N. Security Council''s Panel of Experts said SWIFT had continued to provide financial messaging services to seven North Korean banks, three of them blacklisted. The three blacklisted banks named by the U.N. panel as being in the SWIFT network were Bank of East Land, Korea Daesong Bank and Korea Kwangson Banking Corp. Bank of East Land was blacklisted in 2013, while the other two were blacklisted last year. The banks could not immediately be reached for comment. "At the time of writing, Democratic People''s Republic of Korea circumvention techniques and inadequate compliance by Member States are combining to significantly negate the impact of the resolutions," the report said. SWIFT told the U.N. panel that it received payment for services to North Korean banks with the authorization of Belgium, the U.N. report said. Belgium told the panel that under national and European law, the receipt of fees from a blacklisted bank can be authorized provided certain European Union provisions are complied with and the authorizations related to amounts of less than 15,000 euros. On Wednesday, however, SWIFT said Belgium had recently stopped providing these authorizations. The payment messaging system added that it had no authority to make sanction decisions. "Any decision to lift or impose sanctions on countries or individual entities rests solely with the competent government bodies and legislators," it said. Some cyber security companies have attributed several attacks on financial institutions via fraudulent SWIFT messages to a group called Lazarus, which has been linked to a cyber attack on Sony''s Hollywood studio in 2014. The U.S. government publicly blamed the Sony hack on North Korea. North Korea has denied involvement. (Additional reporting by Michelle Price; Editing by Randy Fabi) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-northkorea-banks-swift-idUKKBN16F0NI'|'2017-03-08T14:15:00.000+02:00'
'9322a290c88f8680963b8a9a9dc77a1d22f019fd'|'Sugar tax will raise less money than expected - Society'|'A sugar tax on soft drinks will raise less money than expected because companies have started making their products less sweet to avoid extra costs, the chancellor, Philip Hammond, has said.According to tax and spending forecasts in the budget, the levy will raise around £385m a year, less than expected.“Unusually for a chancellor I am delighted to announce a reduction in the expected yield of a tax, the soft drinks levy,” said Hammond. “Producers are already reformulating sugar out of their drinks, which means a lower revenue forecast for this tax.”He said £1bn from the tax, set at 18p a litre or 24p for the sweetest drinks, would go to the Department for Education to fund sport in schools.Irn-Bru maker AG Barr has moved to make Scotland’s best-known fizzy drink less sugary, though larger firms such as Pepsi and Coca-Cola are yet to make any such commitment.While soft drinks will be taxed more heavily, duty on wine, beer and spirits will continue to rise in line with inflation. This will add 2p to a pint of beer, 8p to a bottle of wine and 40p to a litre of gin.“It is disappointing that the chancellor has failed to support a great British industry,” said Miles Beale, chief executive of the Wine and Spirit Trade Association.“Between Brexit’s impact on the pound and rising inflation the wine and spirit businesses face a tough trading landscape.”The budget also set a new minimum excise duty on cigarettes – £5.37 on a packet costing £7.35 – a plan the government said would “target the cheapest tobacco”.Analysts at City stockbroker Jefferies said this could boost the trade in illicit cigarettes but might also help cigarette firms by making their cheaper products less attractive.Topics Sugar Budget 2017 news   Share   Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/society/2017/mar/08/sugar-tax-will-raise-less-money-than-expected'|'2017-03-09T01:52:00.000+02:00'
'4ba3094f1aaeddd959ea8a2e7dadecda83cf4a33'|'Shami Chakrabarti: austerity is a feminist issue – video'|'In my Opinion Shami Chakrabarti: austerity is a feminist issue – video Women are massively more affected by budget cuts than men, says Labour peer. They are more likely to be single parents, earn less and work part time than their male counterparts. She argues the government must replace ‘gender-neutral’ budgeting with economic policies that put women first View  '|'theguardian.com'|'http://www.guardian.co.uk/business/economics/rss'|'https://www.theguardian.com/commentisfree/video/2017/mar/08/shami-chakrabarti-austerity-is-a-feminist-issue-video'|'2017-03-08T13:34:00.000+02:00'
'ae07e6344b053a077f42e3a256d94e551d90467e'|'Qatar Airways chief says will not receive Airbus A320neos in 2017'|'  7:01am EST Qatar Airways chief says will not receive Airbus A320neos in 2017 BERLIN, March 8 Qatar Airways will not receive any Airbus A320neo jets this year as it looks to upgrade its order to larger models, the airline''s chief executive Akbar Al Baker said on Wednesday. The Gulf carrier has refused to take deliveries of Airbus A320neos since December 2015 over performance issues with the aircraft''s engines. "I have to scream at Airbus to get my planes faster. I am nearly 8 destinations behind schedule because of delays in aircraft deliveries. I hope this will be resolved during this year," Al Baker told reporters in Berlin. Qatar Airways is around 10 aircraft short from Airbus at present, including A320neos and wide body A350s, he said. The Gulf carrier wants to swap its order for 50 A320neo family jets, which includes A319, A320 and A321 versions, for all A321neos. An Airbus spokesperson told Reuters: "We are working with our customers to deliver aircraft to their full satisfaction." Al Baker and Airbus separately declined to comment on the status of converting the order. (Reporting by Victoria Bryan in Berlin; Writing by Alexander Cornwell in Dubai; Editing by Mark Potter)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-tourism-qatarairways-idUSL5N1GL39S'|'2017-03-08T19:01:00.000+02:00'
'e3264ef3f000084f1cc15a4c78317ba526857b82'|'Latam-IAG deal clears Brazil antitrust agency with restrictions'|'Business   3:01pm GMT Latam-IAG deal clears Brazil antitrust agency with restrictions BRASILIA A deal between Latam Airlines LAN.SN and IAG''s ( ICAG.L ) British Airways and Iberia for transatlantic flights received approval on Wednesday from Brazilian antitrust regulator Cade with some restrictions. The restrictions focused primarily on the London-Sao Paulo route, where Cade required the companies to avoid capacity cuts for the next seven years and make slots available at no cost to rival airlines for the next 10 years. Cade also required the airlines to open two new routes between Brazil and Europe, with at least one involving a Brazilian city other than Sao Paulo or Rio de Janeiro. (Reporting by Leonardo Goy; Writing by Brad Haynes) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-latam-airlines-iag-brazil-idUKKBN16F1US'|'2017-03-08T22:01:00.000+02:00'
'd41fb2b7ad1e89c863337a117fd3a61190aea3e3'|'UPDATE 1-Aluminium producers seek 42 pct hike in Q2 premium from Japan buyers-sources'|'Commodities - Wed Mar 8, 2017 - 4:12am EST Aluminum producers seek 42 percent hike in second quarter premium from Japan buyers: sources By Yuka Obayashi - TOKYO TOKYO Three global aluminum producers have offered Japanese buyers a premium of $135 per ton for shipments in the April to June quarter, up 42 percent from the previous quarter, three sources directly involved in the pricing talks said on Wednesday. The offer, if accepted, would mark the second quarterly increase in a row. The higher offer comes as premiums rise in the United States and Europe and Japanese inventories are falling amid solid local demand. Japan is Asia''s biggest importer of the metal and the premiums for primary metal shipments it agrees to pay each quarter over the London Metal Exchange (LME) cash price set the benchmark for the region. The latest quarterly pricing negotiations began last month between Japanese buyers and miners including South32 Ltd, Rio Tinto Ltd and United Company Rusal Plc, and are expected to continue through this month. "We''ve received offers at $135 per ton from South 32 and Rio Tinto," said a source at an end-user in Japan. "Rusal has raised its offer to $135 per ton this week from its previous offer of $125," he added. In February, Rusal made an indicative offer of a premium of $125 per ton to Japanese buyers for April-June primary metal shipments, according to sources. South 32, Rio and Rusal were not immediately available for comments. "The producers claimed that the rise mainly reflected higher premiums in the U.S. market, but we think $135 is too high as we don''t feel much supply tightness here," another source at an end-user said, adding that his company would aim for premiums at around $120-125 per ton. U.S. and European spot premiums have risen by about $20 to $50 per ton over the past few months, according to a source at a producer. Aluminum stocks at three major Japanese ports fell slightly from the previous month to 273,100 tonnes at the end of January, but were down from 368,100 tonnes a year ago, according to trading house Marubeni Corp. For the January-March quarter, Japanese buyers mostly agreed to pay a premium of $95 per ton, up 27 percent from the prior quarter. (Reporting by Yuka Obayashi; Editing by Christian Schmollinger) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-japan-aluminium-premiums-idUSKBN16F0YJ'|'2017-03-08T15:35:00.000+02:00'
'bad16ab8e44be4ed80a46ca77d0198291f1b8879'|'House panels to launch fight in Congress over Obamacare replacement'|'  6:00am EST House panels to launch fight in Congress over Obamacare replacement By David Lawder - WASHINGTON, March 8 WASHINGTON, March 8 A potentially lengthy U.S. legislative fight over replacement of the Obamacare health law gets underway on Wednesday as two House of Representatives committees begin negotiating over changes to a Republican plan backed by President Donald Trump. Both Democrats and Republicans are expected to try to reshape legislation that dismantles key provisions of the 2010 Affordable Care Act, Democratic former President Barack Obama''s signature domestic policy achievement. The Republican plan unveiled on Tuesday would scrap Obamacare''s requirement that most Americans obtain medical insurance and replace its income-based subsides with a system of fixed tax credits of $2,000 to $4,000 to coax people to purchase private insurance on the open market. The plan faces significant hurdles in Congress. Conservative Republican lawmakers and lobbying groups slammed it for looking too much like the Obamacare program they have been trying to kill for years. Democrats criticized it as rolling back health insurance coverage gains for millions of Americans while benefiting the rich by repealing healthcare-related taxes. Meanwhile, insurers questioned the assumptions underlying Republicans'' claims that the plan will reduce premiums, while some experts said it would encourage younger, healthier people to forgo coverage. On Wednesday, The House Ways and Means Committee, with jurisdiction over taxes, and the House Energy and Commerce Committee, which oversees health issues, will each pursue separate "mark-up" sessions to consider amendments to the plan. House Speaker Paul Ryan has pledged that he will deliver a 218-vote majority needed for passage in the House. But further changes could be made in the Senate, where Republicans can only afford to lose two votes from their thin majority in the face of unified opposition from Democrats. Conservative Republican Senator Rand Paul on Tuesday declared the plan "dead on arrival" in broadcast interviews and said he wanted a repeal-only option. House Ways and Means Committee Chairman Kevin Brady told Fox News Channel late on Tuesday that he would "listen to good ideas to improve it" but said the plan achieves the party''s goals. "It repeals all the taxes, all the mandates, all the penalties, all the subsidies. This is Obamacare gone and there''s no arguing about that," Brady said. But he also said that much of the bill''s fate was in the Senate''s hands and he was "counting on" Senate Republicans to support it without major changes. Trump, who praised the Republican healthcare plan but said it was "out for review and negotiation," plans to meet conservative congressional leaders to discuss it on Wednesday, according to a schedule released by the White House. In an evening Twitter message, Trump said he was "sure" that Senator Paul would "come along with the new and great healthcare program because he knows Obamacare is a disaster!" (Writing by David Lawder; Editing by Nick Tattersall, Robert Birsel)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-obamacare-idUSL2N1GL03G'|'2017-03-08T18:00:00.000+02:00'
'f82f19ede6494a82473e27a602259fd5ce20462a'|'UK ups economic growth forecast for 2017, sees slower growth after'|'LONDON Britain has raised its official forecasts for economic growth for 2017 but lowered them for the following three years, finance minister Philip Hammond said on Wednesday in Britain''s first full budget since the referendum decision to leave the European Union.The Office for Budget Responsibility forecast gross domestic product would grow by 2 percent in 2017, up from a forecast of 1.4 percent made in November, but lower than a forecast of 2.2 percent made a year ago, before the Brexit vote.Hammond told parliament the OBR now saw growth in 2018 at 1.6 percent compared with November''s forecast of 1.7 percent.Growth forecasts in 2019 and 2020 were 1.7 percent and 1.9 percent compared with the previous forecast of 2.1 percent for both years. By 2021 the growth forecast was 2 percent, the same figure forecast in November.Britain''s economy had been expected to slow sharply after the Brexit vote in June. But consumers continued to spend heavily and helped the economy to grow by 1.8 percent, faster than all other Group of Seven economies in 2016 bar Germany.However, signs are growing that shoppers are turning more cautious as the tumble in the value of the pound following the referendum pushes up inflation.And Prime Minister Theresa May plans to launch Britain''s EU divorce talks before the end of March, starting a process that is expected to make companies wary about long-term investments.(Reporting by UK bureau; writing by William Schomberg; editing by Guy Faulconbridge)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/britain-budget-growth-idINKBN16F1JA'|'2017-03-08T10:03:00.000+02:00'
'ae8d09b127491c2e1f1ae1a8c281df1734ef313e'|'Elon Musk to join Trump Wednesday at infrastructure meeting: source'|'Politics - Wed Mar 8, 2017 - 8:15am EST Elon Musk to join Trump Wednesday at infrastructure meeting: source FILE PHOTO: 89th Academy Awards - Oscars Vanity Fair Party - Beverly Hills, California, U.S. - 26/02/17 – Elon Musk. REUTERS/Danny Moloshok Elon Musk, who heads Tesla Inc and Space X, will take part in a meeting with U.S. President Donald Trump and business leaders Wednesday on the administration''s plans to boost infrastructure spending, a White House official told Reuters. Also expected to attend the White House meeting are Richard LeFrak, chief executive officer of LeFrak; Vornado Realty Trust CEO Steve Roth; and Apollo Global Management co-founder Josh Harris, the official said. General Atlantic CEO Bill Ford, McKinsey & Co partner Tyler Duvall and Lynn Scarlett, a managing director at the Nature Conservancy, are also scheduled to attend along with Transportation Secretary Elaine Chao and Energy Secretary Rick Perry. During his presidential campaign, Trump said he would push for a $1 trillion infrastructure program to rebuild roads, bridges, airports and other public works projects. (Reporting by David Shepardson; Editing by Lisa Von Ahn) Next In Politics'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-trump-infrastructure-musk-idUSKBN16F1JI'|'2017-03-08T20:15:00.000+02:00'
'1f31a6224f6129b0ace7f0c43d0838340c353da7'|'Gold miners must invest in emerging markets for future - Randgold'|'Business  07pm GMT Gold miners must invest in emerging markets for future - Randgold FILE PICTURE: The KCD open pit gold mine, operated by Randgold, at the Kibali mining site in the Democratic Republic of Congo, May 1, 2014. REUTERS/Pete Jones/File Photo By Susan Taylor - TORONTO TORONTO The biggest risk facing the world''s top gold producers is their reluctance to hunt for big new discoveries in emerging markets, with most sticking to so called safe jurisdictions, said the head of Randgold Resources Ltd ( RRS.L ) on Wednesday. The industry has since 2000 been mining gold at a faster rate than it finds new reserves and must intensify exploration and development in emerging markets to address supply problems, said Rangold Chief Executive Mark Bristow. "What I''m preaching to the industry is the big guys have to go back to the emerging markets and invest long-term," he said, following an investor presentation in Toronto. "It''s got to go beyond the comfort zone of the depleted and mature mining destinations of the past." Randgold, which built and operates five mines in Mali, the Ivory Coast and the Democratic Republic of Congo, produced 1.25 million ounces of gold in 2016. Annual profit increased 38 percent over 2015, to $294.2 million, and production costs declined. Global gold mine production is forecast to fall more than 7 percent between 2015, its peak year, and 2019, according to Thomson Reuters GFMS. The scarcity of quality gold assets is the industry''s top issue for 2017, Macquarie Research analysts say, given the "essentially bare" cupboard of large, new deposits. Despite recent declines in mining equities, there is "a lot of money still wanting to be deployed in this sector," said Egizio Bianchini, the co-head of BMO''s global metals and mining practice, at a Toronto mining conference. "There is no shortage of money," he said, adding that "there is more capital than brains to deploy it." For the past five years, the industry has discovered about 10 million ounces of gold annually, Bristow said, while producing 90 million ounces. To change that equation, miners must invest more in emerging countries, he added. Miners must also shift their focus from short-term financial performance, measured and reported every three months, to sustained investments in partnerships and skills in host countries. Bristow said gold mining was a key part of the global economy but the industry must make improvements to such areas as efficiency. "We''ve got so much to do, I believe, to be able to play a proper role in the economy. And we have a real role to play given the outlook, the supply-demand equation with gold and the inherent risk the global currencies are facing," Bristow said. (Reporting by Susan Taylor; Editing by Andrew Hay) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-mining-gold-randgold-rsrcs-idUKKBN16F2D5'|'2017-03-09T01:07:00.000+02:00'
'eeacb8899ad3323fa8d0e68bd9c2bf197e13a553'|'BRIEF-Naked Brand entered into amendment no. 2 to LOI'|' 13am EST BRIEF-Naked Brand entered into amendment no. 2 to LOI March 10 Naked Brand Group Inc * Naked Brand - on March 9 entered into amendment no. 2 to LOI, dated Dec 19, 2016, entered by co, Bendon Limited regarding proposed business combination * Naked Brand - amendment extends date by which parties have entered into agreement regarding business combination from March 10 to April 10 * Naked Brand - with amendment, co will merge with, into subsidiary of newly formed Australian Holding Company (newco) - SEC filing * Naked Brand - in connection with closing of merger, newco''s shares must be approved for listing on Nasdaq capital market   ( bit.ly/2mIS8pG )  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-naked-brand-entered-into-amendment-idUSFWN1GN0DG'|'2017-03-10T20:13:00.000+02:00'
'ac412878975c602b5db23b86ce3b0a1464363db3'|'Starbucks CEO''s refugee comments sour customer views of chain - survey'|'By Lisa Baertlein - LOS ANGELES, March 9 LOS ANGELES, March 9 Starbucks Corp''s vow to hire thousands of refugees after President Donald Trump''s first executive order that temporarily banned travel from seven mostly-Muslim nations appears to be hurting customer sentiment of the coffee chain.Trump supporters have used Twitter, Facebook and other social media sites to call for a boycott since Jan. 29, when Starbucks Chief Executive Howard Schultz vowed to hire 10,000 refugees over five years in the countries where it does business.Schultz in a letter to employees said the promise of the American Dream was "being called into question" and that "the civility and human rights we have all taken for granted for so long are under attack."YouGov BrandIndex, which tracks consumers'' sentiment toward companies and their willingness to purchase from those brands, noted that the data around this boycott is different because both measures are declining.Starbucks'' consumer perception levels took an immediate hit as measured by YouGov BrandIndex''s Buzz score, falling by two-thirds between Jan. 29 and Feb. 13, and have not recovered.Starbucks Buzz score fell to 4 from 12 during that time. Such scores can range from 100 to -100 and are compiled by subtracting negative feedback from positive. A zero score means equal positive and negative feedback.Prior to Schultz''s refugee comments, 30 percent of consumers said they would consider buying from Starbucks the next time they made a coffee purchase, that fell to a low of 24 percent and now stands at 26 percent, according to a YouGov spokesman."Consumer perception dropped almost immediately," said YouGov BrandIndex CEO Ted Marzilli, who added that the statistically significant drop in purchase consideration data showed that consumers became less keen to buy from Starbucks."That would indicate the announcement has had a negative impact on Starbucks, and might indicate a negative impact on sales in the near term," he said.Marzilli noted that the Starbucks holiday "red cup" controversy from November 2015 corresponded with an even larger drop in perception, but no real impact on purchase consideration scores.Among other things, boycott supporters are urging like-minded friends to support Starbucks rival Dunkin'' Donuts . Representatives from Starbucks and Dunkin'' Donuts declined to comment on the surveys and the boycott''s impact on sales.The consumer sentiment data comes at a sensitive time for Starbucks, which reported an accelerated decline in traffic to established U.S. restaurants during the latest quarter.Starbucks executives pinned much of the blame for its traffic setback on a pileup of mobile orders, which caused bottlenecks at drink pickup stations that thwarted walk-in customers. (Reporting by Lisa Baertlein in Chicago; Editing by Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/starbucks-refugee-idINL2N1GG0UV'|'2017-03-09T22:16:00.000+02:00'
'347840a84116a50386ccbe2a4bada1f1158f8402'|'PRESS DIGEST- Wall Street Journal - March 10'|'March 10 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- Royal Dutch Shell Plc is selling nearly all of its Canadian oil-sands developments in deals worth $7.25 billion, deserting a region that has come to symbolize the risks for energy companies in high-cost, carbon-intensive sources of oil. on.wsj.com/2n5YcK3- Dutch paints and chemicals maker Akzo Nobel NV said it had rejected a 20.9 billion euros ($22.15 billion) offer from U.S. peer PPG Industries Inc, setting up a trans-Atlantic standoff between two long-lived industrial giants amid a wave of consolidation in the sector. on.wsj.com/2n5Lyub- Americans now officially drink more bottled water than soda. It''s a shift that decades ago might have seemed unthinkable—that consumers would buy a packaged version of something they could get free from a tap. But bottled-water sales have been growing in the U.S. ever since the arrival of Perrier in the 1970s. The gains accelerated in recent years amid concerns about the health effects of sugary drinks and the safety of public-water supplies. on.wsj.com/2n5Ht9m- After almost a decade of double-digit sales growth, Lego A/S said revenue rose just 6 percent world-wide in 2016, after a big marketing push in the U.S. failed to lift stalled sales there. The world''s second-largest toy maker said U.S. sales were flat for the year. on.wsj.com/2n5Nrae- In its quest to prove Airbnb Inc is more than a casual home-sharing service, the hotel industry issued a stinging analysis of the website that casts the company more like a professional short-term rental operation. on.wsj.com/2n5JT8i- Grocery heavyweights including Wal-Mart Stores, Inc , Kroger Co and Meijer Inc are broadening delivery areas across the country and the ways in which customers get their groceries. on.wsj.com/2n5Nz9I- A group that includes Jahm Najafi, chief executive of private investment firm Najafi Cos, and private-equity firm Pamplona Capital Management has emerged as a bidder for Time Inc , according to people familiar with the matter. on.wsj.com/2n5JkuX- The Samsung conglomerate''s de facto leader, Lee Jae-yong, and four top lieutenants formally denied all charges against them as a South Korean court opened a trial into a corruption scandal that has led to the impeachment of President Park Geun-hye. on.wsj.com/2n5Dxpf- American International Group Inc Chief Executive Peter Hancock, apparently having lost the faith of the insurer''s directors, quit at a board meeting Wednesday where his future was being discussed, according to people familiar with the matter. on.wsj.com/2n5JW3V ($1 = 0.9434 euros) (Compiled by Subrat Patnaik in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-wsj-idINL3N1GN27U'|'2017-03-10T02:42:00.000+02:00'
'ae4176f0ecd5b35b05d47bf9dee0de7ba19e3374'|'BRIEF-RealNetworks Marjorie Thomas provided her notice of resignation as CFO, treasurer on March 6'|' 20pm EST BRIEF-RealNetworks Marjorie Thomas provided her notice of resignation as CFO, treasurer on March 6 March 10 Realnetworks Inc: * RealNetworks -on March 6, 2017, Marjorie Thomas provided her notice of resignation as chief financial officer and treasurer * RealNetworks Inc - company has engaged services of an executive recruiting firm to conduct a search for a replacement for Thomas - sec filing Source text ( bit.ly/2muJM4F )  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-realnetworks-marjorie-thomas-provi-idUSFWN1GN0SO'|'2017-03-11T04:20:00.000+02:00'
'06804a81554061c61e2d85e74b6a84a16ef1da8f'|'CERAWEEK-Titans of oil world meet in Houston after 2-yr price war'|'Company News - Mon Mar 6, 2017 - 1:00am EST CERAWEEK-Titans of oil world meet in Houston after 2-yr price war (Repeats Sunday item, no change to text) By Ernest Scheyder HOUSTON, March 5 The biggest names in the oil world come together this week for the largest industry gathering since the end of a two-year price war that pitted Middle East exporters against the firms that drove the shale energy revolution in the United States. When OPEC in November joined with several non-OPEC producers to agree to a historic cut in output, the group called time on a fight for market share that drove oil prices to a 12-year low and many shale producers to the wall. Oil prices are about 70 percent higher than they were the last time oil ministers and the chief executives of Big Oil met in Houston a year ago at CERAWeek, the largest annual industry meet in the Americas. The ebullience as both sides enjoy higher revenues will be a welcome relief from the gloom of a year ago, near the depths of the price war. "The oil market has been rebalancing and the powerful forces of supply and demand have been working," said Dan Yergin, vice chairman of conference organizer IHS Markit and a Pulitzer Prize-winning oil historian. "The mood will be different this year." The capital of the U.S. oil industry Houston is emerging from the price war sporting new downtown skyscrapers and the lingering glow from hosting last month''s Super Bowl. OPEC''s November deal, the prospects for its continuation and rosier investment prospects for the industry will dominate the discussions, with state-run producers and Big Oil both positioning themselves for an upturn in the notoriously cyclical business. Twice as many OPEC ministers as a year ago - plus Russia and India''s top energy officials - will be in the capital of the U.S. energy industry. Saudi Arabia''s energy minister Khalid al-Falih, who assumed his role last spring and whose country has contributed the largest share of OPEC output curbs, addresses the meeting on Tuesday. Russian Oil Minister Alexander Novak, who was key to bringing non-OPEC countries on board to cut in tandem with OPEC, will speak on Monday Chief executives from five hard-hit international oil producers - BP, Chevron Corp, Exxon Mobil Corp , Royal Dutch Shell and Total - will be listening closely to the ministers'' comments to see if those production curbs will be extended past their June expiration. The meeting won''t be without simmering tension between U.S. oil producers and OPEC. One of the biggest questions in the oil market is how quickly and how much shale producers will boost output. A sharp rise from the U.S. shale patch could undo the Saudi-led deal to reduce the global oil glut. Shale activity is humming in the hottest U.S. oilfield, the Permian Basin, a 75,000 square mile expanse in West Texas. The U.S. land drilling rig count is up 55 percent in the past 12 months, and many of them are in the Permian. "It''s exciting now to see the rig count rising and business activity picking up again," said Peter Boylan, chief executive of Cypress Energy Partners LP, an oilfield service provider with operations in Texas and North Dakota. MORE SPENDING Oil''s resurgence isn''t confined to America. Already this year, Total and BP have launched multi-billion dollar deals to expand in Brazil and Mauritania, respectively. Better prices could stir a new round of merger activity, according to some analysts. Exxon, which is expected later this year be eclipsed by Saudi Aramco as the world''s largest publicly traded oil producer, recently pledged to boost this year''s spending by 16 percent to expand operations, especially in shale production. That newfound investment vigor and projections for stronger shale production have kept a lid on the recovery. Oil prices may struggle to breach $60 per barrel, regardless of how much OPEC cuts, if the U.S. keeps increasing production, according to a Reuters poll. U.S. crude futures closed on Friday at $53.33 per barrel. BHP Billiton has boosted investment in its shale operations since last fall, forecasting the sector to become the single largest generator of cash flow for its petroleum business within five years. "We expect a balanced oil market in 2017 for the first time in nearly three years," said Steve Pastor, president of BHP''s petroleum business. (Reporting by Ernest Scheyder; Editing by Gary McWilliams and Simon Webb) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-oil-mood-idUSL3N1GH05D'|'2017-03-06T13:00:00.000+02:00'
'3515c8ba4c1a4477eb24541baddd6d0f61bbd2a7'|'Exclusive - Hard Brexit would trigger ''leaching'' of banks from UK - draft report'|'Business News - Mon Mar 6, 2017 - 6:51pm GMT Exclusive: Hard Brexit would trigger ''leaching'' of banks from UK - draft report FILE PHOTO: The offices of international finance companies are seen in the financial district of Canary Wharf in London, Britain, January 26, 2017. REUTERS/Eddie Keogh/File Photo By Huw Jones and Andrew MacAskill - LONDON LONDON A draft report on the impact of Brexit on Britain''s financial industry warns banks and staff would "leach" away, undermining the wider UK economy, if they do not have access to European Union markets, according to sources who have read the report. The report has been written by law firm Freshfields Bruckhaus Deringer for TheCityUK, which lobbies on behalf of the financial sector, and may be published later this month, when Britain formally starts divorce talks with the EU. Firms are already applying a "base case scenario" that when these talks end in two years'' time no access to EU markets will have been agreed, the sources cited the report as saying. The report adds that even for financial services firms in Britain that do little direct business with the EU, damage from such a "hard" Brexit to the "ecosystem" of financial, legal and accounting services in Britain would hit them too. Eroding the financial services industry would weaken Britain''s wider "gravitational pull" and hit other parts of the economy too, the report says, according to the sources. The warning is starker than the public comments from bankers and Bank of England officials, who have said it would be hard for another financial center in Europe to replicate Britain''s financial ecosystem. TheCityUK said in a statement it had commissioned Freshfields to produce the report, but it was not yet complete, and it was too early to make assumptions about the conclusions. Freshfields declined to comment. RE-FRAME REGULATION Under the most extreme scenario of no deal being reached with the EU, banks based in London without a subsidiary in the EU would be unable to provide sales, underwriting and distribution in the debt and equity capital markets on the continent, the report says, according to the sources. Banks would also be unable to provide investment advice, portfolio management and lending to EU retail clients, it adds. Early on in the Brexit negotiations, both sides should agree that Britain can have a phased departure from the trading bloc to give governments and businesses longer to adapt, the report says. Under the currently envisaged timetable, the report warns, banks will not have enough time to prepare themselves for Brexit and their possible departure. It also argues Brexit could give Britain an opportunity to "re-frame" regulation - a repeated demand of Brexit backers - the sources said. There are parts of UK regulation that "could be looked at to facilitate business being conducted in the UK," the report says. EU policymakers have already warned Britain not to weaken rules after Brexit to retain banks and attract more international financial business. The report says firms want EU and UK financial companies to be able to access each other''s markets on the basis that their respective rules are "broadly consistent". This echoes failed attempts by the EU and United States around 2006 to hammer out an agreement on "mutual recognition" of regulation, which hit legal complexities. (Reporting by Huw Jones and Andrew MacAskill; Editing by Mark Potter) Next In Business News Trump tweets hurt global stocks, dollar gains NEW YORK Key world equity markets fell on Monday as U.S. President Donald Trump''s accusations that he was wiretapped by his predecessor dimmed U.S. tax reform plans, while the dollar rose on improved chances an anti-EU candidate will become France''s president.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-eu-banks-idUKKBN16D29K'|'2017-03-07T01:28:00.000+02:00'
'2e5ab407e40874799c4fd80eaaf52c2e7646bde7'|'Aircraft lessors lukewarm on Boeing''s planned 737-10 jet'|'Business   1:15am EST Aircraft lessors lukewarm on Boeing''s planned 737-10 jet The Boeing logo is seen at their headquarters in Chicago, in this April 24, 2013 file photo. REUTERS/Jim Young/File Photo SAN DIEGO Major aircraft leasing companies have offered a lukewarm response to proposals by Boeing to build a bigger version of its 737 MAX family to counter the Airbus A321neo. Boeing has begun offering the model code-named 737 MAX 10X to airlines, saying it would be the most efficient single-aisle jetliner in the business - a claim disputed by Airbus. Steven Udvar-Hazy, executive chairman of Air Lease, who is regarded as one of the industry''s most influential voices, questioned the logic of adding a longer version of the slow-selling 737 MAX 9, which was rolled out on Tuesday. "The question to ask is, would Boeing even be considering the (737) MAX 10, if it weren’t for the A321neo," he said at the ISTAT Americas air finance conference. "From all appearances, when you talk to airlines, the concept of another stretch to the 737 is really a reaction to the success of the A321neo. It is a way to protect some level of market share in that 200-seat-plus category." If, as expected, Boeing decides formally to launch the jet, it would be one of five variants of the firm''s upgraded single-aisle 737 jet family. By far the biggest-selling model is the 162-seat 737 MAX 8, the successor to Boeing''s hugely successful 737-800. Several leasing company officials and other delegates at the conference, which can set the tone for new developments, said Boeing may penalize sales of its own 737 MAX 9 with the new plane, but would struggle to dent sales of the A321neo itself. "It is very hard to pick a winner out of those five shells, but there is no doubt they will cannibalize each other," said Aengus Kelly, chief executive of AerCap, the world''s second-largest lessor of 737 MAX jetliners. "We think the MAX 8 will be a winner out of that family; with the others we have to be cautious." Boeing, however, used the annual ISTAT event to step up marketing for the 737 MAX 10. It says that by stretching the 737 MAX 9 fuselage and adding 12 seats, it would match capacity of the A3212neo which carries 185 people or over 200 in denser configurations. It would be available in 2020 and have more range than its rival, Boeing marketing vice president Randy Tinseth said. Airbus executives denied this. Industry sources say the 737 MAX 10 is a tactical response to the A321neo, pending a strategic assault that Boeing is weighing on the gap between single-aisle and twin-aisle jets. (Reporting by Tim Hepher; Editing by Clarence Fernandez) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-boeing-idUSKBN16F0JT'|'2017-03-08T13:00:00.000+02:00'
'00cf4bb800ef6126897969c11499fae0c5323b12'|'Sainsbury''s ditches scheme aimed at halving household food waste - Business'|'Supermarket giant Sainsbury’s has dropped an ambitious target to get consumers to halve their household food waste after finding it was more difficult than expected to achieve behavioural change.Sainsbury’s launched its “Waste Less, Save More” programme in 2016 – a £10m five-year plan to help customers save money by reducing their food waste. Using official statistics showing that the average UK family throws away £700 of food each year , the supermarket set a target of getting households to slash this by 50%.But at the end of a one-year £1m trial in the market town of Swadlincote, Derbyshire – the first in the UK to engage consumers and find new ways to reduce their waste – it has been abandoned as it is unlikely to be met. The goal is in line with the United Nations’ sustainable development target of halving per capita global food waste at retail and consumer level and reducing food losses along production and supply chains by 2030.The UN estimates that global food loss and waste causes about $940bn (£770bn) a year in economic losses, with a third of the world’s food wasted while one in nine people remain malnourished.The UK churns out 15m tonnes of food waste a year – 7.3m tonnes from households. The estimated retail value of this food is £7.5bn and the government’s waste advisory body, Wrap, has calculated that a typical family wastes £700 of food a year.Sainsbury’s – the UK’s second largest supermarket – has produced a battery of gadgets, such as food-sharing apps and smart fridges, for householders to test in its pioneering experiment.“ Waste Less, Save More is a brand new way of working and completely different to what anyone has done before, so it was hard to define a measure of success,” said Paul Crewe, head of sustainability, energy, engineering and environment for Sainsbury’s.“That said, we really wanted a stretching target to drive results and we’re really proud of the progress that has been made at a household level. I always say that we’re aiming for the stars, so it’ll still be a success if we land on the moon.“Having spent the last year getting under the skin of household food waste, we have realised that this kind of behavioural change won’t happen overnight, but we have definitely seen positive progress on what will be a longer journey.“What’s more we’re now looking to take the campaign nationwide. Even if we inspire small changes within our communities, these will add up to have a big impact.”In the next phase of the programme, the chain will announce an urban trial in Peckham, London, to measure and analyse the challenges of reducing food waste for those living in dense residential – and typically multi-occupation – housing. The results of the trial are being independently evaluated by Wrap and will be published at the end of May. David Moon, head of food sustainability at Wrap added: “As the recent stall in progress reducing UK household food waste demonstrates, tackling food waste in the home is an extremely complex problem for which there is no single solution.“Behaviour change takes time, and campaigns like Waste Less, Save More in Swadlincote are helping develop interventions and insights that will help long-term progress.”J Sainsbury Food waste Supermarkets Retail industry news   Share   Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/mar/08/sainsburys-ditches-scheme-aimed-at-halving-household-food-waste'|'2017-03-08T14:01:00.000+02:00'
'15e1720dc551abcf72f213a6e6b97714d341bcad'|'U.S.-Japan talks should avoid fiscal, monetary policy: Amari'|'Business News  48am EST U.S.-Japan talks should avoid fiscal, monetary policy: Amari Japan''s Economics Minister Akira Amari speaks during a news conference in Tokyo, Japan, January 28, 2016. REUTERS/Yuya Shino By Kaori Kaneko and Ami Miyazaki - TOKYO TOKYO Japan and the United States should avoid trying to interfere with each other''s fiscal and monetary policies when they start bilateral economic talks next month, former Japanese economy minister Akira Amari said on Monday. Amari, who led Japan''s negotiation team on the Trans-Pacific Partnership, which was essentially scuttled when President Donald Trump pulled the United States out, said the two nations needed to conduct talks with an eye towards emerging markets and the world as a whole. Trump and Prime Minister Shinzo Abe agreed last month to launch a bilateral economic dialogue to discuss trade and infrastructure investment. Japan, concerned about Trump''s strident comments about trade and currencies, hopes to use the talks to seek ways to avoid trade friction and ensure Washington is engaged in the Asia-Pacific region. Asked about the possibility that the U.S. may make demands regarding Japan''s fiscal and monetary policy, Amari told Reuters in an interview: "One nation should not meddle with another nation in areas where sovereign and independent rights exist." (Reporting by Kaori Kaneko and Ami Miyazaki, additional reporting by Takashi Umekawa, Editing by William Mallard) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-japan-usa-economy-idUSKBN16D0JV'|'2017-03-06T13:48:00.000+02:00'
'dc87fb4dc9cef748592895f3fa7c1ca8e62a456a'|'CANADA STOCKS-TSX falls with commodity prices'|'Company News  04pm EST CANADA STOCKS-TSX falls with commodity prices (Adds portfolio manager quotes and details on background, Enbridge and Bombardier and updates prices) * TSX ends down 20.97 points, or 0.13 percent, at 15,608.78 * Eight of the TSX''s 10 main groups end lower By Fergal Smith TORONTO, March 7 Canada''s main stock index retreated on Tuesday as lower commodity prices weighed on mining and energy shares, while the industrial and financial services groups also lost ground. Copper, gold and oil were among a string of commodities to trade lower, pressured by rising copper inventories and U.S. oil production levels as well as expectations for a U.S. interest rate hike this month. "It appears that both oil and copper have rolled over from a technical analysis perspective, which has caused the TSX to decline," said Robert McWhirter, president and portfolio manager at Selective Asset Management Inc. Copper prices declined 1.5 percent to $5,772.85 a tonne, U.S. crude prices settled 6 cents lower at $53.14 a barrel and the Toronto Stock Exchange''s S&P/TSX composite index closed down 20.97 points, or 0.13 percent, at 15,608.78. Still, the index has gained 2.1 percent this year after climbing 17.5 percent in 2016. In February, it posted a record high of 15,943.09. "In spite of any near term grinding that''s going on in the stock market, we still think that we''ve got another two years ahead of us (of rising stock prices)," McWhirter said. "You only usually run into trouble when short-term interest rates are higher than long-term interest rates. At the moment that yield inversion hasn''t happened." Eight of the index''s 10 main groups ended in negative territory on Tuesday, with the materials group, which includes precious and base metals miners and fertilizer companies, losing 0.6 percent. First Quantum Minerals Ltd fell 3.8 percent to C$14.26 and Lundin Mining Corp was down 4.4 percent at C$7.84. Enbridge Inc''s Line 2A pipeline in Alberta, which was shut after a leak, will return to normal operations on Friday, according to a company notice to shippers seen by Reuters. Its shares rose 1.6 percent to C$56.13, but the overall energy group fell 0.5 percent. Brookfield Asset Management Inc added 0.5 percent to C$48.45 after saying it would take control of two SunEdison units for $2.5 billion. But the financials group dipped 0.1 percent, while industrials retreated 0.5 percent, with Bombardier Inc down 4.3 percent to C$2.23, its lowest close this year. Valeant Pharmaceuticals International Inc fell 5.8 percent to C$15.70 after Deutsche Bank cut its target price on the stock. Canada posted its third consecutive monthly trade surplus in January in another signal that the economy is gaining momentum. (Additional reporting by Alastair Sharp; Editing by Lisa Von Ahn and James Dalgleish) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL2N1GK1YY'|'2017-03-08T05:04:00.000+02:00'
'5a1e009e4fc77926c4cb7d657eda051b03df0934'|'RBS investors told to reveal funding in cash call case'|' 37pm GMT RBS investors told to reveal funding in cash call case A Royal Bank of Scotland branch is seen in central London, Britain February 21, 2009. REUTERS/Luke MacGregor/File Photo By Andrew MacAskill - LONDON LONDON A judge on Thursday ordered legal representatives of thousands of shareholders suing Royal Bank of Scotland ( RBS.L ) over a 12 billion pound cash call to prove they have insurance to meet the hefty risks of a trial. RBoS Shareholder Action Group, a 27,000-strong group of retail shareholders backed by around 100 institutions, was told to be more transparent about its ability to cover legal expenses if they lose the case, dating back to 2008, according to court documents. The trial is due to start in May. High Court Judge Robert Hildyard said he was "troubled by the inconsistency of statements" by legal representatives of the group. At least one statement was inaccurate and had been made without the knowledge of the claimants'' solicitors, he said. "I have also become concerned whether there is sufficient funding," Hildyard said. "In light of the concerns I have expressed, I think it appropriate and necessary that there should be more transparency as to the funding position." State-backed RBS has run up a legal bill of well over 100 million pounds so far in the case and expects to spend another 25 million pounds to the end of the first trial. The RBoS shareholder group has so far exceeded 20 million pounds in costs, the judge said. The bank had sought to push the claimants to reveal details of its funding because of what the judge called "the magnitude of the claimants'' exposure." RBoS Shareholder Action Group and the bank declined to comment. The civil lawsuit has been brought by investors who bought shares in a 2008 cash call and lost most of their money when the bank collapsed a few months later. RBS was rescued by the U.K. government with a bailout that ended up costing 45.5 billion pounds. The investors are suing for compensation, alleging RBS did not give a proper picture of its finances at the time of the cash call. RBS denies the allegations that it misled investors. Four claimant groups accepted RBS''s offer of 800 million pounds last year to draw a line under the allegations, leaving the shareholder group as the last to take the case to trial. (Reporting by Andrew MacAskill; Editing by Ruth Pitchford)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-rbs-court-idUKKBN16G2OO'|'2017-03-10T01:37:00.000+02:00'
'36c5a50bdad1fc34666a036e7e47300c311ac13a'|'Nikkei rises on tailwind from weaker yen'|' 05pm EST Nikkei rises on tailwind from weaker yen * Dollar gains after ADP report raises Fed hike bets * Wall Street pressured by slumping oil overnight * Toshiba skids, Nintendo gains on Switch hopes TOKYO, March 9 Japan''s Nikkei share average rose on Thursday, benefitting from a weaker yen after the dollar gained when U.S. jobs data cemented expectations the U.S. Federal Reserve is poised to raise interest rates next week. The Nikkei was up 0.15 percent at 19,283.10 at midday, breaking a four-session losing streak and moving back toward 14-month peaks scaled last week. The rise came despite a lacklustre day on Wall Street, which was pressured by slumping oil prices. A surprisingly robust private U.S. jobs report from ADP raised expectations for Friday''s key nonfarm payrolls release. With investors focused on U.S. data ahead of the Fed''s March 14-15 meeting, Japanese stocks are taking directional cues from the yen''s trajectory against the dollar, market participants said. "It feels like an air pocket, as the Nikkei is boxed into a range," said Stefan Worrall, director of Japan equity sales at Credit Suisse in Tokyo. "Near-term macro catalysts are obviously the U.S. payrolls this Friday," he said. The dollar was last up 0.1 percent at 114.45 yen. Shares of Toshiba Corp skidded 6.4 percent. Westinghouse Electric Co LLC, the U.S. nuclear power plant developer owned by the troubled Japanese electronics giant, has brought in bankruptcy attorneys from law firm Weil Gotshal & Manges LLP, people familiar with the matter said on Wednesday. "The market is nervous as Toshiba is reporting its earnings soon," said Mitsushige Akino, chief fund manager at Ichiyoshi Asset Management, who said that investors who bought Toshiba shares at lower levels were taking profit after the latest news reports. "We don''t know how much Toshiba is planning to sell its semiconductor business for, and we don''t know for sure how much loss in total Westinghouse will end up posting...there are too many important numbers that investors still don''t know," Akino said. Shares of Nintendo Co Ltd added 0.7 percent, on continued hopes for strong sales of its new Switch, a hybrid home console and handheld device that it released on March 3. The Tokyo Stock Exchange''s mining subindex skidded 1.7 percent. London copper fell to seven-week lows overnight after the solid U.S. jobs data, as well as signs that disruption at the world''s biggest copper mine may soon ease. The oil and coal subindex fell 0.6 percent, as oil prices steadied in Asian trade after U.S. crude futures plummeted more than 5 percent overnight to their lowest level since December. The broader Topix edged up 0.1 percent to 1,552.45, while the JPX-Nikkei Index 400 also rose 0.1 percent to 13,886.33. (Additional reporting by Ayai Tomisawa; Editing by Jacqueline Wong)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-midday-idUSL3N1GM1MK'|'2017-03-09T10:05:00.000+02:00'
'670625c307996c6954c43eeea7902766de9a1b1d'|'RPT-Puerto Rico turnaround plan seen under microscope of creditors, board'|'(Repeats story first published on March 7 for wider distribution)By Nick BrownNEW YORK, March 7 Puerto Rico''s oversight board is racing to review Governor Ricardo Rossello''s blueprint for steering the island''s economy out of fiscal crisis, but has key concerns over whether it can be implemented as planned, a source familiar with the process told Reuters on Tuesday.Rossello last week unveiled a draft turnaround plan - a requirement of the federal Puerto Rico rescue law known as PROMESA - for the U.S. territory struggling with $70 billion in debt.It outlines plans for $33.8 billion in fiscal reforms, including $12.9 billion in new revenues, and forecasts the Puerto Rican government to have $1.2 billion a year available to service debt - just 30 percent of what comes due next fiscal year.A turnaround plan must be approved by the oversight board, which is in charge of managing the island''s finances. But the plan likely will not be approved as is, according to the source, who is familiar with ongoing talks between the board and government officials.Rossello''s plan departs from some of the board''s key financial projections. Board members are not convinced the figures are based on sound data, said the source, who declined to be named because the talks are not public."The board just doesn''t see a degree of specificity in the document that can give basis or justification for these numbers," the person said.Specifically, the board is concerned about the basis for the island''s claim that it can generate $3.6 billion over ten years from improvements in tax collection. It also is skeptical as to whether Rossello can successfully implement key cost-saving measures like turning the island''s government into a single-employer structure, the person said.The board wants to approve a turnaround plan for the island by next Wednesday. It met with government officials in Puerto Rico last week and convened a private board meeting on Monday in New York.It also plans to hold a public meeting in New York on Monday.The island needs to do more to shore up short-term liquidity, the source added, especially in light of the government''s announcement on Tuesday that its funding gap this fiscal year is $500 million above projections.Elias Sanchez, Rossello''s liaison to the board, defended the plan in an interview with Reuters on Tuesday.The tax reform measures "are not simply based on improvements in collection, but on use of new technology and on reforms that will broaden the collection base," Sanchez said.He added Puerto Rico''s dire straits will ensure the political will to make the single-employer plan a reality."We either make these structural changes or we collapse," Sanchez said. "It''s not a matter of political will."CREDITORS GRUMBLEThe island''s creditors, meanwhile, say the current version of the plan does not do enough to ensure debt payments will be made.One creditor said the governor "changed his tune" from campaign promises last year to minimize cuts to debt repayments. "He campaigned on paying debt, and this plan shows there''s going to be severe impairment," the creditor said in an interview on Monday, requesting anonymity because of the sensitive nature of the talks.Rossello''s $1.2 billion figure is below debt service projections proposed last year by ex-Governor Alejandro Garcia Padilla - a populist and Wall Street critic, whose policies Rossello railed against during last year''s election.To be sure, government officials have said they believe it likely the U.S. Congress will increase the island''s federal healthcare reimbursements, which could boost its debt service capacity as high as $2.7 billion.The plan calls for a $64 million annual cut in pension benefits. That''s a lot less than the $200 million the board recommended, but still does not sit well with pension advocates."These retirement benefits were promised in exchange for labor and services rendered and constitute deferred compensation owed to these citizens," said Robert Gordon, a lawyer for a committee of local pensioners.While creditors are quick to protest, some believe Rossello''s plan has more to like than dislike from a bondholder''s perspective. As Height Securities analyst Ed Groshans said in a note on Tuesday, the oversight board''s own projections had forecast Puerto Rico to have only $800 million a year to pay debt. (Reporting by Nick Brown; editing by Daniel Bases, G Crosse)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/puertorico-debt-fiscalplan-idINL2N1GL028'|'2017-03-08T09:00:00.000+02:00'
'7f83c922a6db9489b1980dcf9de705cc2c2ba8d5'|'Britain to review tax to speed up North Sea oil and gas deals'|' 08am GMT Britain to review tax to speed up North Sea oil and gas deals FILE PHOTO - A section of the BP Eastern Trough Area Project (ETAP) oil platform is seen in the North Sea, around 100 miles east of Aberdeen in Scotland February 24, 2014. REUTERS/Andy Buchanan/pool By Karolin Schaps - LONDON LONDON Britain will look at ways of making it easier to sell North Sea oil and gas fields by changing tax rules in order to keep them producing for longer, the finance ministry said. The move, which is due to be announced in Chancellor Philip Hammond''s budget on Wednesday, follows a call by the industry''s oil lobby group for a change to decommissioning tax rules that have prevented deals in the North Sea. Owners of oil and gas assets get tax relief on the future costs of dismantling them, but as assets are sold the relief cannot be passed on to new owners. "The UK government will publish a discussion paper and establish a panel of industry experts to consider how tax can assist sales of oil and gas fields, helping to keep them productive for longer," the ministry said in a statement. The North Sea has seen an uptick in deals this year, mainly due to the $3.8 billion (3.13 billion pounds) acquisition of a large chunk of Shell''s ( RDSa.L ) assets by private equity-backed Chrysaor. But deals would have been concluded more quickly and others would come to fruition if the decommissioning cost taxation regime is updated, Mike Tholen, economics director of Oil and Gas UK, said. "For (new buyers) it would be easier for the deals they are thinking about if the ability to release decommissioning tax relief between the vendor and the purchaser was part of the tax regime," Tholen added. Many traditional North Sea operators, such as Shell ( RDSa.L ) or BP ( BP.L ), are gradually winding down ownership of old North Sea assets as smaller, more nimble companies snap them up to apply new technologies that help extract more oil or gas. "The right assets need to be in the right hands to maximise economic recovery late in the life of the North Sea," said EY''s head of oil and gas tax, Derek Leith. (Editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-budget-oil-idUKKBN16F17K'|'2017-03-08T18:08:00.000+02:00'
'b952f95b9e22c47b4d7c40a0c4cb4cdae9637e7f'|'Alinda puts Canada''s Reliance Comfort on the block: sources'|'TORONTO U.S. investment firm Alinda Capital Partners is seeking buyers for Reliance Comfort L.P., a Canadian provider of heating and cooling systems, in a deal that could value the company C$3 billion to C$4 billion, according to people with knowledge of the process.Alinda has hired Canadian Imperial Bank of Commerce ( CM.TO ) and Goldman Sachs ( GS.N ) as financial advisers for the sale, the people added.The sale is seen attracting interest from Canadian pension funds and U.S. private equity firms, said the people, who declined to be identified as the process is confidential.A CIBC spokeswoman declined comment. Alinda Capital and Goldman Sachs did not respond to requests for comment.Bloomberg reported the news earlier on Tuesday.(Reporting by John Tilak; Editing by Sandra Maler)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-reliancecomfort-alinda-m-a-idUSKBN16E2WU'|'2017-03-08T02:10:00.000+02:00'
'3719f39fffaa805663e1163ab542a2bb005b9511'|'Suez buys GE Water in 3.2 billion euro deal, considers capital increase'|'PARIS French waste and water group Suez ( SEVI.PA ) said in a statement it and Canada''s Caisse de dépôt et placement du Québec (CDPQ) have agreed to buy GE Water from General Electric ( GE.N ) for an enterprise value of 3.2 billion euros ($3.37 billion).Suez and CDPQ will set up a 70/30 joint venture to buy 100 percent of GE Water in an all-cash transaction, after which Suez will contribute its existing industrial water activities to the new Industrial Water business unit.Suez said it had a fully underwritten bridge financing in place for the transaction, and is considering refinancing it through a capital increase of about 750 million euros.It said its main shareholders, Engie ( ENGIE.PA ), CriteriaCaixa and Caltagirone Group have confirmed their intention to participate in the capital increase for their pro rata share.(Reporting by Geert De Clercq; Editing by Adrian Croft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-suez-ge-idINKBN16F26G'|'2017-03-08T13:57:00.000+02:00'
'b285629410fd5d095f117ae4a63f2739a66e6332'|'SEC nominee Clayton vows separation from his Wall Street law firm'|'Business News - Wed Mar 8, 2017 - 11:46am EST SEC nominee Clayton vows separation from his Wall Street law firm The seal of the U.S. Securities and Exchange Commission hangs on the wall at SEC headquarters in Washington, June 24, 2011. REUTERS/Jonathan Ernst By Amanda Becker - WASHINGTON WASHINGTON Wall Street attorney Jay Clayton, President Donald Trump''s pick to head the U.S. Securities and Exchange Commission, has vowed to recuse himself from agency matters involving his law firm and former clients, according to an ethics agreement made public on Wednesday. Under the agreement, the Sullivan & Cromwell attorney will not participate in SEC matters involving the firm for one year. He will also recuse himself from matters involving his former clients for one year after he last provided them legal services. Clayton also promised to divest, within 90 days of confirmation, from 176 assets collectively worth millions of dollars. Clayton indicated he will seek to take advantage of a tax benefit that allows government officials to defer paying capital gains taxes on assets they sell to satisfy ethics requirements, according to a March 3 letter Clayton wrote to ethics officials. As a Wall Street attorney, Clayton has worked on notable deals including the initial public offering of Alibaba Group Holding Ltd. The SEC is an independent federal agency tasked with enforcing securities laws and regulating the country''s stock and options exchanges. Agency nominees are reviewed by the U.S. Senate Banking Committee, which is set to hold Clayton''s initial confirmation hearing on March 23. Clayton is widely expected by SEC watchers to win confirmation by the full Senate by a comfortable margin. But he is likely to face grilling by some of the more liberal-leaning Democrats on the banking panel. Senator Sherrod Brown of Ohio is the senior Democrat on the committee. Senator Elizabeth Warren of Massachusetts also serves on the panel. Both are skeptical that people with close ties to Wall Street should run the SEC. Clayton''s wife, Gretchen Butler Clayton, works at Goldman Sachs & Co and holds stock, restricted stock and restricted stock units in the bank. Those assets will also be divested if Clayton is confirmed to head the SEC. (Reporting By Amanda Becker; Editing by Tom Brown) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-sec-nominee-idUSKBN16F24W'|'2017-03-08T23:46:00.000+02:00'
'065f25b8a31f1c3fcde44ea7239390a45148d00f'|'Philip Hammond keeps his powder dry with a ''boring'' budget - Larry Elliott - UK news'|'Philip Hammond promised a “boring” budget and he was as good as his word. It was quite an achievement to string his speech out for almost an hour because there was precious little in it that hadn’t been pre-announced .Most of the time, Hammond rehashed spending commitments and tax changes from previous budgets and autumn statements or said the government would be taking a close look at pressing issues such as the future of social care. Truly, this was a chancellor who hit the ground reviewing.The caution was deliberate. There will be two budgets in 2017 and the one at the end of the year is being billed as the main event.Key points of the budget 2017 – at a glance Read more That makes sense. Hammond faced neither political nor economic pressure to turn the last spring budget into a major giveaway, although the extra money for social care and the sweeteners to smooth the business rates reform mean he will pump almost £2bn into the economy next year. Instead, there was a focus on structural reforms to tackle two long-standing weaknesses: productivity and technical education. Given the government’s commanding lead in the opinion polls, only pronounced weakness in the economy would have forced Hammond to provide a major fiscal boost through tax cuts and spending increases.But growth has surprised on the upside since the EU referendum last June, with the result that the Office for Budget Responsibility has revised up its forecast for 2017 from 1.4% to 2%.However, the OBR has not changed its view that Brexit will eventually lead to weaker economic performance , with the higher growth this year essentially borrowed from the future. Similarly, the big improvement in borrowing for the current 2016-17 financial year is seen as a one-off caused by special factors rather than a fundamental improvement. Borrowing for the early years of the next parliament – when austerity will be into its second decade – is seen as little changed from the projections made in the autumn statement.Brexit was not mentioned in the speech although it was the 1,000lb gorilla in the room. Hammond has no idea how the economy will be affected by the two-year article 50 negotiations but is less gung-ho about the outcome than some of his colleagues. He has kept his powder dry in case the economy takes a bigger growth hit than the OBR expects.Budget 2017 Budget Economics Philip Hammond analysis Share on Facebook Share on Twitter Share via Email Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/uk-news/2017/mar/08/philip-hammond-budget-chancellor-brexit-economy'|'2017-03-08T22:36:00.000+02:00'
'45e63e4567d44cfb2f542e5e7834f8b5e1040283'|'BRIEF-Capital Senior Living Corp appoints Paul Isaac and Ross Levin as new independent directors'|' 42am EST BRIEF-Capital Senior Living Corp appoints Paul Isaac and Ross Levin as new independent directors March 8 Capital Senior Living Corp * Capital Senior Living Corporation appoints Paul J. Isaac and Ross B. Levin as new independent directors * Capital Senior Living - Appointment of Paul Isaac and Ross Levin of Arbiter Partners Capital Management to board of directors, effective March 7 * Capital Senior Living Corp - Appointments expand board to 10 directors, nine of whom are independent Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-capital-senior-living-corp-appoint-idUSFWN1GL087'|'2017-03-08T18:42:00.000+02:00'
'25148a38782e47ad1dc6846275d0e7585055b387'|'John Lewis broke UK advertising rules by pulling Apple Watch deal - Business'|'John Lewis has been reprimanded by the advertising watchdog for running a Black Friday promotion offering the Apple Watch on sale, only to pull it from its website until the next day when it was marked up to full price.The ruling is a blow to the reputation of John Lewis , which prides itself on its clean corporate image. The retailer argued that the breach of the UK advertising code was a misunderstanding. In November, a promotion ran on johnlewis.com advertising the Apple Watch at £249 as part of its promise to match competitor’s prices.The company, which has used the strapline “never knowingly undersold” since 1925, ran the Apple Watch promotion at the same time as pushing a four-day Black Friday sales event promising that “we’ve lowered hundreds of prices this weekend”. The Advertising Standards Authority received a complaint from a shopper, who found that the Apple Watch was listed as out of stock when she tried to buy it but that it was made available the following day at full price. John Lewis posts record £200m sales week thanks to Black Friday Read more John Lewis said the Apple Watch deal had proved so popular that a decision was made to pull it from the price match sale over concerns they would not have enough stock to fulfil all orders. The company said it had boosted the Apple Watch back to full price the next day because the competitor had stopped running its promotion, and listed it as out of stock online until after the separate four-day Black Friday sale ended. John Lewis admitted that it might have stopped selling the discounted Apple Watch online sooner than it could have done. The company said that removing stock from sale was “not a decision we would take lightly” and that it had been done in good faith because Black Friday is the biggest retailing day of the year. The department store group reported its best ever weekly revenues of almost £200m last year thanks to Black Friday. The ASA said the advertising code states that promotions must be run “equitably, promptly and efficiently and be seen to deal fairly and honourably with participants”.It added: “We considered John Lewis’s action to make a product unavailable on their website while their competitor’s promotion was still running denied online consumers the opportunity to purchase at the price-match price, despite John Lewis still having stock available. We told John Lewis Partnership to ensure they dealt fairly with consumers in future. “We told them to avoid causing unnecessary disappointment and not to withhold availability of promotional stock.”A spokeswoman for the retailer said the issue had arisen because of a mix-up in interpretation of two different deals and the very limited stock of Apple Watches. “We’re disappointed by the ASA’s decision,” said the spokeswoman. “We believe this is due to a misunderstanding of the difference between a one-day unplanned price match applied because of our never knowingly undersold policy and planned John Lewis four-day Black Friday promotions.” The company said the breach of the UK ad code had prompted it to review how it advertises multiple promotions and deals “to avoid any possible confusion happening again”. “We had very limited stock and continued to sell the watches in our shops, matching the competitor’s promotion for the one day that it ran,” the spokeswoman said. “Removing stock from sale is not a decision we would take lightly.”John Lewis Retail industry Black Friday Apple Watch Apple Computing news   Share   Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/mar/08/john-lewis-uk-apple-watch-black-friday-online'|'2017-03-08T14:01:00.000+02:00'
'7758b25495ae9896a822e2be33b85141b56f6d21'|'Suez buys GE Water in $3.37 billion deal, considers capital increase'|'Business  13pm GMT Suez buys GE Water in $3.37 billion deal, considers capital increase By Geert De Clercq - PARIS PARIS French waste and water group Suez ( SEVI.PA ) and Canadian fund Caisse de dépôt et placement du Québec (CDPQ) will buy GE Water from General Electric ( GE.N ) for an enterprise value of 3.2 billion euros (2.77 billion pounds),Suez said in a statement. In an all-cash deal, Suez and CDPQ will buy 100 percent of GE Water through a 70/30 joint venture, to which Suez will contribute its existing industrial water activities. The new business will operate under the Suez brand. Chief executive officer Jean-Louis Chaussade told reporters the industrial water market is more important than Suez''s traditional municipal water markets because industry accounts for 15 to 20 percent of global water consumption compared to just 5 to 8 percent for human consumption in cities. The industrial water market is worth about 95 billion euros globally and grows by about 5 percent per year, he said. "This is a strategic acquisition for Suez," Chaussade said. Suez said it had fully underwritten bridge financing in place for the transaction, and is considering refinancing it through a capital increase of about 750 million euros. It said its main shareholders, Engie ( ENGIE.PA ), CriteriaCaixa and Caltagirone Group have confirmed their intention to participate in the capital increase for their pro rata share. Lead shareholder Engie said in a separate statement it would subscribe to the capital increase to the full extent of its 32.6 percent stake in Suez at a cost of about 240 million euros. Suez will also issue a 1.1 billion euro long-term senior bond and 600 million worth of hybrid bonds. CDPQ will contribute 700 million euros of equity to the venture. The new business unit will have revenue of about 2 billion euros, compared to Suez''s current 15 billion euros, and will employ 10,000 people, of which 7,500 will come from GE Water. Chaussade said Suez expects 200 million euros worth of revenue synergies per year in the group''s water business, but had not included possible synergies between its water and waste business. "Cross-selling between our water and waste units will be reinforced, as clients increasingly want environment services that include water and waste treatment," he said. ($1 = 0.9483 euros) (Reporting by Geert De Clercq; Editing by Adrian Croft) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-suez-ge-idUKKBN16F2E1'|'2017-03-09T01:13:00.000+02:00'
'eec61728a1048ffe8efccfc86762c438fe1f07b3'|'India''s Flipkart looking to raise $1 bln in latest funding round - source'|'  6:00am EST India''s Flipkart looking to raise $1 bln in latest funding round - source By Sankalp Phartiyal - MUMBAI, March 7 MUMBAI, March 7 India''s top e-commerce company Flipkart is holding talks with investors to raise up to $1 billion in one of its biggest funding rounds so far, a source familiar with developments said on Wednesday. The source declined to name the potential investors and the exact valuation Flipkart was looking for, but said it hoped the valuation would be in the "double digits", referring to a valuation of $10 billion or more. Earlier on Wednesday, Financial Express newspaper, citing unidentified sources, said the expected fundraising could value Flipkart at up to $8 billion, far lower than the roughly $15 billion in its last funding round. A Flipkart spokesman was not immediately available for comment. Flipkart''s latest fundraising comes amid intensifying competition in the e-commerce space from the likes of U.S. internet giant Amazon.com Inc and domestic rival Snapdeal, which is backed by Japan''s Softbank Group. The ensuing heavy losses have hit valuations among India''s e-commerce players. Some funds that have invested in Flipkart have recently slashed the value of their holdings, media reports have said, citing securities filings. Launched by two former Amazon employees in 2007, Flipkart''s biggest investor is U.S. hedge fund Tiger Global. Others include Accel Partners, DST Global and Baillie Gifford. The company has so far raised more than $3 billion in funding, mostly from international investors. (Reporting by Sankalp Phartiyal; Writing by Devidutta Tripathy; Editing by Euan Rocha and Mark Potter)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/flipkart-fundraising-idUSL3N1GL2F9'|'2017-03-08T18:00:00.000+02:00'
'f324a7e0f7e5b10eb005a9f3d7ad4b23b12b6859'|'Juniper''s Gary Clark joins Tesla as chief information officer'|'Gary Clark, a former IT chief technology officer at Juniper Networks Inc ( JNPR.N ), joined Tesla Inc ( TSLA.O ) in February as its chief information officer, according to Clark''s LinkedIn profile.Clark succeeds Jay Vijayan, who left the electric carmaker in January last year to start his own venture - Stealth Startup Company.Tesla was not immediately available for comment.Clark graduated from University of Surrey with a master''s in science. He previously worked at Barclays Global Investors as managing director and head of technology services.The Wall Street Journal earlier reported about Clark joining the automaker.(Reporting by Vishal Sridhar in Bengaluru; Editing by Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-tesla-cio-idINKBN16F05Z'|'2017-03-07T22:20:00.000+02:00'
'aa2642c6a6e39f0acc72727bb8a9d2aaa870fb6a'|'German industry output rises more than expected in January'|' 23am GMT German industry output rises more than expected in January left right Employees of German car manufacturer Mercedes Benz make final adjustments at the end of the Mercedes A class (A-Klasse) production line at the factory in Rastatt, Germany, January 22, 2016. REUTERS/Kai Pfaffenbach/File Photo 1/3 left right An employee of German car manufacturer Mercedes Benz takes the brand''s charateristic star to assemble onto a GLA model at their production line at the factory in Rastatt, Germany, January 22, 2016. REUTERS/Kai Pfaffenbach/File Photo 2/3 left right A general view shows the Volkswagen (VW) factory in Wolfsburg, Germany in this December 8, 2015 file photo. REUTERS/Carl Recine/File Photo 3/3 By Michael Nienaber - BERLIN BERLIN German industrial production rose more than expected in January, driven by strong demand for machinery, vehicles and other capital goods, data showed on Wednesday, suggesting Europe''s biggest economy started into 2017 on a solid footing. The figures, published by the Economy Ministry on Wednesday, gave some reassurance that Germany''s economic upswing is likely to continue after data on Tuesday showed industrial orders posting their biggest monthly slump in eight years. "Industrial production is back on track," Bankhaus Lampe economist Alexander Krueger said, adding that factories would push up overall economic growth in the first quarter of 2017. Industrial output jumped 2.8 percent on the month, the data showed. This was the strongest monthly increase since August 2016 and overshot the consensus forecast in a Reuters poll for a rise of 2.5 percent. The December reading was revised up to a fall of 2.4 percent from a previously reported drop of 3.0 percent. January''s increase was driven by a 3.7 percent increase in manufacturing output, with demand for machinery, vehicles and other capital goods rising by 6.1 percent - the strongest monthly increase since August 2013. Construction production fell 1.3 percent while energy output edged down 0.7 percent, the data showed. "The cold winter weather is still taking its toll on the construction sector, which shrank for the second month in a row," ING economist Carsten Brzeski said. "Given the cold February, the negative trend in the construction sector could continue another month before returning as an important growth driver for the entire economy." The Economy Ministry said the rise in January was above the average development in the fourth quarter, adding that sentiment surveys signalled a positive business climate, meaning the industrial upswing is likely to gain further momentum. Bankhaus Lampe''s Krueger gave a more cautious outlook. "The tailwind from industry for overall economic growth will ease significantly after the first quarter of 2017," he said. The German economy quadrupled its quarterly growth pace to 0.4 percent in the final three months of 2016 as higher state and household spending and construction more than offset a drag from net trade with imports rising more than exports. Economists expect German economic growth to accelerate further in the first quarter of 2017. The government forecasts gross domestic product (GDP) to grow 1.4 percent this year. This would be below the performance of 2016 when the economy expanded by 1.9 percent, the strongest rate in half a decade, driven by soaring private consumption, increased state spending on roads and refugees as well as higher investment in housing. (Reporting by Michael Nienaber; Editing by Toby Chopra)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-economy-output-idUKKBN16F0UU'|'2017-03-08T15:23:00.000+02:00'
'de4005eaa5c4315b321fd92cde454b8a0591831a'|'Nikkei falls for 4th session ahead of U.S. jobs data; Nintendo up'|'Company   1:17am EST Nikkei falls for 4th session ahead of U.S. jobs data; Nintendo up By Ayai Tomisawa - TOKYO, March 8 TOKYO, March 8 Japan''s Nikkei share average eased slightly for the fourth consecutive session on Wednesday, as investors turned cautious ahead of a U.S. jobs report later in the week. Nintendo Co Ltd however bucked the trend to climb 0.6 percent after Japanese video game news magazine Famitsu reported that a hybrid home console and handheld device that Nintendo released on March 3 sold an estimated 330,637 units in the first three days. The Nikkei dropped 0.5 percent to 19,254.03. The broader Topix fell 0.3 percent to 1,550.25, while the JPX-Nikkei Index 400 lost 0.3 percent to close at 13,872.02. Meanwhile, buying continued to fuel small cap stocks. The Nikkei Jasdaq index rose for the 19th straight session, up 0.2 percent to hit a fresh record closing high of 3,050.54. (Reporting by Ayai Tomisawa; Editing by Biju Dwarakanath) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-close-idUSL3N1GL2D6'|'2017-03-08T13:17:00.000+02:00'
'9f2bf18ff08769adad5cee00ba067f5b27d47de5'|'U.S. Senate panel schedules hearing for SEC nominee Clayton'|'By Sarah N. Lynch - WASHINGTON, March 7 WASHINGTON, March 7 Wall Street dealmaking attorney Jay Clayton will appear before the U.S. Senate Banking Committee on March 23 for his confirmation hearing to become the next chairman of the Securities and Exchange Commission.Clayton, an attorney at Sullivan & Cromwell who has worked on notable deals including the initial public offering of Alibaba Group Holding Ltd, is widely expected by SEC watchers to win Senate confirmation by a comfortable margin.Nevertheless, Clayton is likely to face grilling by some of the more liberal-leaning Democrats on the panel, which include Elizabeth Warren and Sherrod Brown, the senior Democrat on the panel. Both have historically expressed skepticism about having people with close ties to Wall Street run the SEC.The left-leaning Center for American Progress has drafted a 12-page guide laying out what it believes should be the main questions that lawmakers pose to Clayton.Among the group''s main concerns are whether Clayton will be tough on enforcement, maintain the SEC''s regulatory independence and be willing to resist pressure from companies, including big banks, that are seeking special treatment.Companies that break criminal laws or commit civil fraud are generally prohibited from certain activities, such as private capital-raising, unless the SEC grants them an exemption.Progressives, including the SEC''s Democratic Commissioner Kara Stein, have previously questioned whether the SEC too often rubber stamps these waiver requests, especially for repeat offenders.In addition, a number of other progressive groups including Allied Progress and Public Citizen launched a campaign on Monday designed to spark grassroots opposition to Clayton by pointing out his prior work as a "bailout attorney for Goldman Sachs" who is "married to a Goldman partner."Despite these complaints, Clayton is expected to be able to manage any conflicts he may have. His wife, Gretchen Butler Clayton, for instance, intends to resign from her post at Goldman as a private wealth adviser if her husband is confirmed, Reuters previously reported.Moreover, many current and former SEC staff have privately told Reuters they are feeling upbeat about Clayton''s nomination and confident he has the right skill set.Clayton is likely to make capital formation a focal point of his tenure at the SEC, and he previously communicated to Trump''s team some of his ideas for how to ease regulations that may be stifling the market for initial public offerings.The topic has come up multiple times during Clayton''s meetings with Republican members of the Senate Banking Committee, and Trump has also repeatedly pledged to scale back rules."The best way to deliver on the president''s promise to energize the economy is to pick a deal lawyer who knows how to raise capital," said J.W. Verret, a professor at the George Mason University Antonin Scalia Law School.Any effort by Clayton to scale back or repeal rules surrounding how securities are sold to the public may be met with opposition by the political left.Former SEC Chair Mary Jo White, who also represented Wall Street clients while in private practice, frequently faced opposition for her stances on rules and the SEC''s enforcement track record, prompting Warren at one point to call on White to resign. (Reporting by Sarah N. Lynch; Editing by Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-senate-clayton-idINL2N1GJ0UZ'|'2017-03-07T22:17:00.000+02:00'
'2b60eaedf63226bce2405be4f6513a4ca2945bdd'|'China''s foreign trade faces lots of risks - commerce minister'|'Business News - Sat Mar 11, 2017 - 8:57am GMT China''s foreign trade faces lots of risks - commerce minister BEIJING China''s foreign trade outlook faces lots of risks and uncertainties, Commerce Minister Zhong Shan said on Saturday on the sidelines of China''s annual meeting of parliament. (Reporting by Sue-Lin Wong; Writing by Ben Blanchard; Editing by Sam Holmes) Next In Business News Lloyds, two others dismissed from yen Libor litigation in U.S. NEW YORK A U.S. judge on Friday dismissed Lloyds Banking Group Plc , ICAP Europe Ltd and Tullett Prebon Plc as defendants from litigation alleging a conspiracy among many financial services companies to manipulate the yen Libor and Euroyen Tibor benchmark interest rates. BERLIN Airlines need Britain to hurry up with plans for aviation following its vote to leave the European Union, because the deadline for preparing flight schedules in a post-Brexit Europe is fast approaching, a Ryanair executive said on Friday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-parliament-trade-idUKKBN16I09M'|'2017-03-11T15:57:00.000+02:00'
'b82e3368ad5ebdaf1a0c2b2c326d39ecc7693773'|'Starbucks says boycott threats over refugee hiring hasn''t hurt brand'|'Company News - Sat Mar 11, 2017 - 12:45am EST Starbucks says boycott threats over refugee hiring hasn''t hurt brand LOS ANGELES, March 10 Starbucks Corp on Friday said its business has not been hurt by a social media boycott campaign started in response to the chain''s promise to hire 10,000 refugees globally over the next five years. Starbucks made its Jan. 29 refugee hiring announcement on the heels of President Donald Trump''s first executive order that temporarily banned travel from seven mostly Muslim nations. The move angered some Trump supporters, who called on other customers to stop frequenting the coffee chain. Matt Ryan, Starbucks'' chief strategy officer, said results from a YouGov BrandIndex survey suggesting that the boycott had dented the brand, "do not reflect the customer satisfaction and perception trends we are seeing so far in 2017." Kantar Millward Brown, a market research firm that has provided continuous Brand Equity measurement for Starbucks since 2013, said the chain has not suffered a consumer backlash related to its refugee hiring promise. "In February 2017 — after the announcement — we did not observe any substantive impact on Customer Consideration, Future Visitation Intent or Brand Perceptions or any other key performance metrics for the Starbucks brand," Brian James, president of Kantar Millward Brown''s brand and communications practice, said in a letter released by Starbucks. The coffee company declined to release related data, citing confidentiality. James said his firm''s measurements do not substantiate findings from YouGov BrandIndex, whose data showed declines in consumer perception and purchase consideration after the refugee hiring statement. A YouGov spokesman told Reuters it stood by the accuracy of its data. (Reporting by Lisa Baertlein in Los Angeles; Editing by Sam Holmes) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/starbucks-refugee-idUSL2N1GO073'|'2017-03-11T12:45:00.000+02:00'
'b8a0650a2b584305a5ab7c9e233f5918e4228d81'|'Corzine emphasizes PwC role prior to MF Global collapse'|'* MF Global administrator eyes $3 billion damages from PwC* Corzine was New Jersey governor, Goldman co-chairmanBy Jonathan StempelNEW YORK, March 10 Former New Jersey Governor Jon Corzine on Friday resisted accepting blame for the October 2011 collapse of his brokerage MF Global Holdings Ltd, repeatedly stressing his reliance on judgments by the auditor PricewaterhouseCoopers LLP.Corzine was testifying for a second day for MF Global''s bankruptcy administrator in Manhattan federal court in its $3 billion malpractice case against PwC.Under cross-examination from PwC''s lawyer, Corzine rejected suggestions that the collapse stemmed not from PwC''s negligence, but from MF Global''s own business decisions.These included Corzine''s $6.3 billion wager on European sovereign debt, which spooked nervous markets after a recent near-shutdown of the U.S. government, and a delay in Corzine''s turnaround plan for MF Global that led to a large, surprise tax loss for the futures and commodities brokerage."I relied on my team, and on the advice they were receiving and I was receiving, from our outside public accountants," Corzine said.While never blaming PwC directly, Corzine testified on Thursday that he trusted PwC because of its strong reputation, and had no reason to believe MF Global''s accounting was wrong.He said PwC''s decision to change its advice on accounting for "deferred tax assets," and MF Global''s decision to reveal more than PwC had required about the European debt to calm jittery markets, prompted "confusion" and a "loss of confidence and trust.PwC''s lawyer James Cusick on Friday tried to show through emails and other evidence that the auditor was not at fault, including for the European debt financed through so-called repurchase-to-maturity transactions."They didn''t advise you on whether to embark on this Euro RTM strategy?" Cusick asked."They did not," Corzine replied."These were all business decisions, that belonged to yourself, your management team and your board of directors?""Correct."Cusick also called attention to Corzine''s agreement to cooperate with the administrator.Corzine said he had five or six meetings with its lawyers where it became "pretty clear the types of themes" to be discussed at trial, including "trust and confidence."The 70-year-old Corzine has kept a low profile since testifying in December 2011 before Congress about MF Global.In January, he agreed to a $5 million fine to settle a U.S. Commodity Futures Trading Commission lawsuit over MF Global, without admitting wrongdoing.PwC in 2015 settled with MF Global investors for $65 million, and denied wrongdoing.The expected five-week trial began on Tuesday.The case is MF Global Holdings Ltd as Plan Administrator v PricewaterhouseCoopers LLP, U.S. District Court, Southern District of New York, No. 14-02197. (Reporting by Jonathan Stempel in New York; Editing by Tom Brown)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mf-global-hldg-pricewaterhouse-idINL2N1GN1BS'|'2017-03-10T16:17:00.000+02:00'
'04c9abc42c45f62d4e4260f76216603b542a747e'|'Britain''s G4S shares hit 20-month high after 14 percent profit jump'|' 06am GMT Britain''s G4S shares hit 20-month high after 14 percent profit jump Shares in G4S ( GFS.L ) hit a 20-month high on Wednesday after the global security provider posted a 13.9 percent jump in full-year profit, underlining its recovery from a series of scandals at a time when rivals are still struggling. G4S, which operates in more than 100 countries and employs more than 600,000 people, has been selling businesses to pay off debts and working to limit losses from British government contracts that include providing asylum-seekers with accommodation. Pre-tax profit rose to 352 million pounds from 309 million. It maintained its full-year dividend at 9.41 pence per share, allaying analyst concerns that it could be cut. Shares of G4S rose as much as 9.2 percent to a near two-year high of 292.1 pence before paring gains to trade up 6 percent at 0954 GMT, as the company appeared to put the scandals behind it. It had been heavily criticised for mishandling sensitive work, including its failure to provide enough security guards for the 2012 London Olympics. Together with outsourcing firm Serco ( SRP.L ), it was also investigated by the Serious Fraud Office after it charged the government for putting monitoring tags on criminals who were either dead or in prison. G4S has said it had "materially strengthened controls over the approval of major contracts" since then and increased sales outside of Britain. It said on Wednesday the United States was now its biggest market by country for the first time. G4S has contracts with the U.S. Department of Homeland Security in operations at the U.S.-Mexico border and transports illegal immigrants in certain areas of the United States. Revenue from continuing business on a constant currency basis rose to 6.82 billion pounds from 6.42 billion. G4S said leverage fell to 2.8 times net debt over EBITDA from 3.4 times a year earlier and net debt stood at 1.67 billion pounds. It also stuck to its net debt-to-core earnings (EBITDA) ratio target of 2.5 times or lower by the end of 2017. ($1 = 0.8221 pounds) (Reporting by Abhijith Ganapavaram in Bengaluru; editing by Jason Neely and Susan Thomas) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-g4s-results-idUKKBN16F12M'|'2017-03-08T17:06:00.000+02:00'
'6af6f80f5bf1aa725fd9c5142db4229aa1ef0314'|'Puerto Rico seeks to boost liquidity amid increased funding gap'|'March 7 Puerto Rico''s government on Tuesday announced measures to preserve liquidity as it combats a $70 billion debt crisis, saying it would freeze some special appropriations to boost general fund coffers by more than $625 million.In a press conference on Tuesday, Elias Sanchez, an adviser to Governor Ricardo Rossello, said a new analysis of the island’s financial data shows an additional $500 million funding gap for fiscal year 2017, prompting the government to push the liquidity-boosting measures.The Fiscal Agency & Financial Advisory Authority, the island''s primary fiscal agent, issued an order that would freeze about $1.8 billion in so-called special appropriations, which consist of government money legislated in previous years to finance particular projects not included in the U.S. territory''s annual budget.Sanchez said the government would use the freeze to try to find $625 million it could bring back into the general fund to shore up finances.“With the $625 million in savings, we could close the gap projected by the analysis, allowing us to have a balanced budget [by fiscal year 2019]," said Sánchez.A federally appointed board overseeing Puerto Rico''s finances has directed the island to construct a fiscal turnaround plan that would balance its budget by 2019. Rossello last week submitted a draft of that plan, which must be approved by the board.The board can seek changes or introduce its own turnaround proposal if it feels Rossello''s will not work. It has said it aims to approve a turnaround plan for the island in some form by March 15.Liquidity is tight on the island. Puerto Rico could run out of cash sometime this calendar year, or as early as May if courts rule it must pay a mountain of debt coming due.The island is protected from paying debt under a freeze on litigation over defaults, a measure designed to give it time to reach consensual restructuring deals with bondholders without having to worry about lawsuits.But the freeze is slated to run out on May 1, and while the government would like to extend it, doing so would require an act of the U.S. Congress.Tuesday''s order would also temporarily suspend the granting of a slew of existing tax credits, which Sanchez said could result in an additional $75 million."With these measures, we are exerting greater control over revenues and spending," Sanchez said. (Reporting by Nick Brown and a contributor in San Juan; Editing by Dan Grebler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/puertorico-debt-liquidity-idINL2N1GK244'|'2017-03-07T19:10:00.000+02:00'
'8a171b3539e6612504e82e521ff49592a72f91ba'|'Canadian dollar steadies as exports rise; jobs data and Fed eyed'|'Business News - Tue Mar 7, 2017 - 5:22pm EST Canadian dollar steadies as exports rise; jobs data and Fed eyed File Photo: A Canadian dollar coin, commonly known as the ''''Loonie'''', is pictured in this illustration picture taken in Toronto January 23, 2015. REUTERS/Mark Blinch/File Photo By Alastair Sharp - TORONTO TORONTO The Canadian dollar held its ground against a broadly firmer greenback on Tuesday, as domestic data showed a third consecutive monthly trade surplus in January and investors awaited jobs data that could provide further direction. The Canadian dollar CAD=D4 settled at C$1.3416 to the greenback, or 74.55 U.S. cents, barely weaker than Monday''s close of C$1.3410, or 74.57 U.S. cents. The currency''s strongest level of the session was C$1.3383, while its weakest was C$1.3436, just one pip under the nearly two-month low the loonie touched on Friday. "From here, there''s a lot on the calendar that can still move dollar/Canada to where we see it going, which is the C$1.40 level by Q2," said Eric Theoret, a currency strategist at Scotiabank. "This week it''s the employment picture and then next week the highlight will be the Fed, obviously." Investors will be looking for strong U.S. employment growth in a private payroll provider''s data on Wednesday and from nonfarm payrolls on Friday to cement the view that the Fed will hike interest rates when it meets next week and pick up the pace of future hikes. Canadian jobs data is also due on Friday, although the Bank of Canada is broadly seen holding steady on monetary policy despite recent solid economic data. The C$807 million trade surplus reported on Tuesday slightly exceeded analysts'' forecasts of a C$700 million positive balance. Exports rose by 0.5 percent while volumes expanded by 1.0 percent. "I think it provides some modest encouragement but I think it still leaves the Bank (of Canada) in data watch mode, remaining on the sidelines," said Paul Ferley, assistant chief economist at Royal Bank of Canada. "Their big concern is the prospect of protectionism emerging from the U.S.," he said. "Certainly, if anything on that front were to emerge, these tentative signs of improvement could get swamped by signs of policy initiative emerging from the U.S." Canada sends about 75 percent of its exports to the United States and could suffer badly if U.S. President Donald Trump follows through on promises to renegotiate the North American Free Trade Agreement (NAFTA) or if a proposed border adjustment tax is implemented. Canadian government bond prices were lower across the yield curve in sympathy with U.S. Treasuries. The two-year CA2YT=RR dipped 6 Canadian cents to yield 0.800 percent, and the 10-year CA10YT=RR declined 24 Canadian cents to yield 1.738 percent. (Additional reporting by Fergal Smith; Editing by W Simon and Jonathan Oatis) Next In Business News Oil imports lift U.S. trade deficit to near five-year high WASHINGTON The U.S. trade deficit jumped to a near five-year high in January as rising oil prices helped to push up the import bill, pointing to slower economic growth in the first quarter and posing a challenge for the Trump administration. Confronted by market doubts, Federal Reserve drove March rate rise expectations NEW YORK/SAN FRANCISCO Early last week, financial markets saw just a 30 percent chance of the Federal Reserve raising interest rates in March; but by Friday after a striking series of comments from Fed officials, including Chair Janet Yellen, traders saw an 80 percent chance. SAN FRANCISCO/NEW YORK Snap Inc''s shares tumbled 12 percent on Tuesday and traders raced to position themselves to cash in on further declines after analysts gave the company a lukewarm reception following its red-hot market debut. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-canada-forex-idUSKBN16E2W0'|'2017-03-08T05:22:00.000+02:00'
'36e09c25d974de3d923a83d2a9beff52c2c3aa29'|'India''s Flipkart looking to raise $1 billion in latest funding round: source'|'By Sankalp Phartiyal - MUMBAI MUMBAI India''s top e-commerce company Flipkart is holding talks with investors to raise up to $1 billion in one of its biggest funding rounds so far, a source familiar with developments said on Wednesday.The source declined to name the potential investors and the exact valuation Flipkart was looking for, but said it hoped the valuation would be in the "double digits", referring to a valuation of $10 billion or more.Earlier on Wednesday, Financial Express newspaper, citing unidentified sources, said the expected fundraising could value Flipkart at up to $8 billion, far lower than the roughly $15 billion in its last funding round.A Flipkart spokesman said the company would not comment on market speculation.Flipkart''s latest fundraising comes amid intensifying competition in the e-commerce space from the likes of U.S. internet giant Amazon.com Inc and domestic rival Snapdeal, which is backed by Japan''s Softbank Group.The ensuing heavy losses have hit valuations among India''s e-commerce players. Some funds that have invested in Flipkart have recently slashed the value of their holdings, media reports have said, citing securities filings.Launched by two former Amazon employees in 2007, Flipkart''s biggest investor is U.S. hedge fund Tiger Global. Others include Accel Partners, DST Global and Baillie Gifford.The company has so far raised more than $3 billion in funding, mostly from international investors.(Reporting by Sankalp Phartiyal; Writing by Devidutta Tripathy; Editing by Euan Rocha and Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-flipkart-fundraising-idINKBN16F18I'|'2017-03-08T08:10:00.000+02:00'
'e91eac1849065b33e8b649975e731ed58a56126e'|'Kellerhals has filed legal challenge against Metro split - source'|'Deals - Europe - Wed Mar 8, 2017 - 3:17pm GMT Kellerhals has filed legal challenge against Metro split: source Shopping carts of Germany''s biggest retailer Metro AG are lined up at a Metro cash and carry market in the western German city of Sankt Augustin near Bonn in this May 5, 2010 file photo. REUTERS/Wolfgang Rattay/File Photo DUESSELDORF, Germany Erich Kellerhals, the founder of Media-Saturn, has filed a legal challenge against plans by German retailer Metro ( MEOG.DE ) to split into two companies, a person familiar with the matter told Reuters. Shareholders in Metro overwhelmingly voted last month to back a plan to split off the group''s wholesale and hypermarket food business from Media-Saturn, Europe''s biggest consumer electronics group, by the middle of the year. Kellerhals, who still owns a stake of 22 percent in Media-Saturn, suggested last month he was considering a legal challenge against the split. A spokesman for Convergenta, Kellerhals'' investment vehicle, declined to comment. Metro also declined to comment. (Reporting by Matthias Inverardi; Writing by Christoph Steitz; Editing by Klaus-Peter Senger; and Ludwig Burger) Next In Deals - Europe'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-metro-ag-split-idUKKBN16F1WG'|'2017-03-08T22:17:00.000+02:00'
'c43e022ff0e5a4534a482ea4ad11ac7a1dbbff1c'|'MOVES-Austrian bank BAWAG names CFO Anas Abuzaakouk as new CEO'|'VIENNA, March 9 Austrian bank BAWAG PSK has appointed Chief Financial Officer Anas Abuzaakouk as its new chief executive, it said on Thursday, with the current chief Byron Haynes staying on as co-CEO until the end of the year when he will retire.Enver Sirucic, currently deputy CFO, will replace Abuzaakouk, the bank said.U.S. private equity fund Cerberus owns 52 percent of BAWAG, and GoldenTree Asset Management 40 percent.(Reporting By Shadia Nasralla. Editing by Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/bawag-ceo-idINV9N1CD02I'|'2017-03-09T05:18:00.000+02:00'
'9cad3294d19ed4ca1735583fcbe92f3447a90af4'|'UPDATE 1-Kinder Morgan raises Canada''s Trans Mountain cost, commitments drop'|' 12am EST UPDATE   (Adds details)   In a statement, Kinder Morgan did not say how much the tolls rose, but it said last month the project''s cost was then estimated at C$6.8 billion. The 3 percent of capacity that was turned back will be offered to the industry again starting Thursday via an "open season" process, the company said. In November the Canadian government approved Kinder Morgan''s plan to nearly triple its crude pipeline between the oil-producing province of Alberta and the west coast from to 890,000 barrels per day despite fierce environmental, municipal and aboriginal opposition. The remaining 97 percent of Trans Mountain capacity are under contract with existing or new shippers, and the company maintains "strong" commercial support for the project, Kinder Morgan said. The biggest U.S. pipeline company said next steps for the project include arranging financing and a final investment decision. People familiar with the process told Reuters last month that Kinder Morgan has begun talks with institutional investors including major Canadian pension funds and private equity firms. . ($1 = 1.3511 Canadian dollars) (Reporting by Ethan Lou in Calgary, Alberta, and Swati Verma in Bengaluru; Editing by Chizu Nomiyama)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-pipeline-transmountain-idUSL2N1GM11M'|'2017-03-09T23:12:00.000+02:00'
'5bdf36be360c1a93b0ce881c68c144abea498de7'|'Linde gives interim CFO Schneider three-year contract'|'FRANKFURT German industrial gases group Linde ( LING.DE ) gave its interim finance chief Sven Schneider a three-year contract with immediate effect, it said on Wednesday.Schneider, Linde''s former head of Group Treasury, assumed the CFO post on an interim basis last September when the company''s two top executives left after the collapse of merger talks with U.S. rival Praxair ( PX.N ).Linde and Praxair subsequently agreed the framework of a $65 billion merger in December.(Reporting by Georgina Prodhan; Editing by Ludwig Burger)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-linde-cfo-idINKBN16F17W'|'2017-03-08T08:05:00.000+02:00'
'c5a84276fe917afd5b231a580ac63a5c2e4fb0a1'|'You wait ages for a new airplane and then two come along - Mar. 7, 2017'|'Five new planes you may fly in soon As the old saying goes, you wait ages for a bus and then two come along at once. In this case, it''s two passenger airplanes. One in Brazil and one in the U.S. New airplanes are a rare occurrence, costing years and billions of dollars to develop, but a new generation of more-efficient airliners are arriving. A Bright Spot For Brazil Brazilian plane maker Embraer on Tuesday rolled-out the largest passenger plane the company has ever built. The E195-E2 was unveiled at a ceremony in Sao Jose dos Campos near Sao Paulo where the plane maker is based. John Slattery, chief executive of Embraer Commercial Aviation, said the development of the new jet is ahead of schedule and on budget, a rare feat for the perennially delayed aircraft manufacturing business. Embraer''s E195-E2 jet is expected to enter service in 2019. Embraer''s business, which is heavily exported to the world''s airlines, has been a notable bright spot in an otherwise abysmal Brazilian economy. The E195-E2 will fly before the middle of the year, said Slattery in an interview Monday. The jet will enter service in the first half of 2019. The jet is the second of three jets planned by the plane maker. And at nearly 137 feet nose to tail, it''s the second longest airliner with only four seats across the cabin. Only the supersonic pencil-like Concorde SST was longer. And at nearly 137 feet nose to tail, it''s the second longest airliner with only four seats across the cabin. Only the supersonic pencil-like Concorde was longer. Related: The world''s new planes in 2017 The Embraer E2 aircraft are heavily updated versions of its popular E1 regional jet series of aircraft. The jet will carry up to 146 passengers in an all-economy layout, putting it squarely in competition with Airbus and Boeing''s smallest jets. But Slattery is quick to offer the jet as a complement to U.S. and European models, not a direct competitor. Embraer''s Canadian rival Bombardier was met with a fierce competitive response over the last decade when it aimed its CSeries at Boeing and Airbus'' smallest single-aisle jets. Slattery also expected an uptick in order activity, even as sales have been sluggish across all manufacturers in 2017. Slattery said he is chasing possible deals in China, Southeast Asia, Europe and Latin America, where he is seeing early signs of an economic recovery in Brazil. Boeing''s Max 9 Unveiled Boeing, too, rolled-out a new model on Tuesday. The U.S. manufacturing giant showed off its new 737 Max 9 at a morning ceremony at its Renton, Washington, plant near Seattle. The new aircraft is heading for its maiden flight in April. Related: What Boeing''s new 737 Max 9 has under the hood The 737 Max is Boeing''s latest update to its single-aisle jet lineup. The longer Max 9 is the second of five Max models Boeing is planning. The first, the 737 Max 8, recently completed testing and is heading for certification by aviation regulators ahead of its springtime first delivery. Boeing''s 737 Max 9 is the second of five Max models being planned. The Max 9 was originally going to be the largest version of Boeing''s 737 Max family of jets, but on Tuesday, Boeing shared plans for a possible even-larger Max 10X that seats 190 in first and economy class, or about 12 more passengers than the Max 9. Related: Boeing chases airlines for stretch 737 The Max 9 has been a slow seller for Boeing compared to its rival Airbus, and the U.S. plane maker is looking to spur sales with an even larger 737. Boeing aims to have its first orders from airlines in 2017 and wants to be flying passengers by 2020, said Randy Tinseth, Boeing Commercial Airplanes vice president of market. CNNMoney (San Diego) First published March 7, 2017: 6:53 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_companies.rss'|'http://money.cnn.com/2017/03/07/news/companies/two-airplanes-one-day-boeing-embraer/index.html'|'2017-03-08T01:57:00.000+02:00'
'0ad4ff8dd762415b3f47f4ffb4c52ccc4258c16c'|'Mis-sold loan insurance costs Lloyds another 350 million pounds'|'Money  29pm GMT Mis-sold loan insurance costs Lloyds another 350 million pounds A man walks past the entrance to the head office of Lloyds Banking Group in the City of London December 11, 2013. REUTERS/Olivia Harris LONDON Lloyds Banking Group ( LLOY.L ) said on Friday it has taken a further 350 million pound provision to compensate customers for mis-sold loan insurance. Britain''s biggest mortgage lender said the new charge will be reflected in the bank''s first quarter results to be announced at the end of April. The latest provision comes after Britain''s financial watchdog last week pushed back by a few months the length of time that consumers have to claim compensation until August 29, 2019. ($1 = 0.8230 pounds) (Reporting By Andrew MacAskill, editing by Anjuli Davies) Next In Money'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-lloyds-ppi-idUKKBN16H1M5'|'2017-03-10T20:22:00.000+02:00'
'7c31f8e39032f714be2d1db0dc83bc124742317e'|'BRIEF-Jounce Therapeutics Q4 earnings per share $0.05'|' 07am EST BRIEF-Jounce Therapeutics Q4 earnings per share $0.05 March 10 Jounce Therapeutics Inc: * Jounce Therapeutics reports fourth quarter and full year 2016 financial results * Q4 earnings per share $0.05 * Q4 earnings per share view $0.04 -- Thomson Reuters I/B/E/S * Qtrly collaboration revenue $20.3 million versus nil revenue last year * Jounce Therapeutics Inc - expects to use approximately $100.0 to $120.0 million in cash for full year 2017 * Jounce Therapeutics Inc - expects collaboration revenue for full year 2017 of approximately $80.0 million representing amortization of Celgene upfront payment of $225.0 million received in 2016    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-jounce-therapeutics-q4-earnings-pe-idUSASB0B4X7'|'2017-03-10T20:07:00.000+02:00'
'841ac17a6239cfa6d0cab6a575b1c60a5c4f1ae1'|'China''s CEFC courts teapots for first domestic refinery acquisition'|'BEIJING Privately-run conglomerate CEFC China Energy has approached several independent Chinese oil processors seeking to acquire its first domestic refinery operation, its next move towards becoming a global integrated oil player.New details of CEFC''s attempts to buy a refinery in China come less than three weeks after the little-known Shanghai-based firm announced its first major upstream oil investment, a $900 million deal for a 4 percent stake in an Abu Dhabi oilfield.Talks with a handful of the small independent refiners known as "teapots" are just getting started, but CEFC''s efforts are a rare early example of a private Chinese investor looking to cash in on Beijing''s policy encouraging the small operators to venture into the global oil market to take on established state-run majors such as Sinopec Corp ( 0386.HK ).Chairman Ye Jianmin told a board meeting last July that CEFC aims to become a second Sinopec - China''s second-biggest oil and gas major and Asia''s largest refiner - by acquiring global assets and consolidating teapot refineries."CEFC has made it quite clear that it wants to invest in refining and held meetings with us," said one teapot executive who met with CEFC''s Ye for such discussions."We''ll need some time to deliberate and observe, as the company, ambitious as it is, lacks solid industry experience," said the executive, who declined to be named as the discussions were not public.Ye''s team has made frequent visits since mid-2016 to Shandong province, China''s hub for teapots, courting at least four independent companies, including largest teapot refiner Shandong Dongming Petrochemical Group [SDHLYD.UL] and two small plants in the port city of Rizhao, according to three industry executives with knowledge of the meetings.More recently CEFC has a new target, local government-backed Shandong Hengyuan Petrochemical Co, which owns a 70,000 barrels-per-day plant in the landlocked city of Linyi and a controlling stake in a refinery in Malaysia.All the plants CEFC has approached so far have Beijing''s greenlight to import crude oil, part of more than 20 local refiners that began emerging as market players in late 2015, helping to lift China''s crude oil purchases to an all-time high last year while mopping up some of a global supply glut.A refinery in the world''s second-largest oil consumer would add to an asset network CEFC has built over the past two years - a Romanian refinery, service stations in Europe, an oilfield in Chad and the Abu Dhabi oilfield stake - said industry executives familiar with its strategy."It''s part of the company''s organic expansion by looking at refining opportunities," a CEFC spokesman said in an email in response to a request for comment.Wang Youde, chairman of Hengyuan Petrochemical, confirmed his company was approached by CEFC last year, but said he was not aware of any material progress in discussions.Zhang Liucheng, vice president of Shandong Dongming, said his company also held meetings with CEFC for similar discussions, declining to give further details.Alongside the talks, CEFC last month joined Dongming in a $566 million venture to build an oil terminal and storage farm in Shandong, facilities that are badly needed to ease logistics bottleneck gripping the teapots sector.(Reporting by Chen Aizhu; Editing by Tom Hogue)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-china-m-a-cefc-idINKBN16H0G4'|'2017-03-10T02:28:00.000+02:00'
'00010f8879392c98e43efeaec6384ffb81046292'|'UPDATE 1-Blackstone appoints more banks to prepare IPO for warehouse giant Logicor'|'(Adds PJT Partners'' role as IPO adviser)By Pamela Barbaglia and Dasha AfanasievaLONDON, March 10 Private equity firm Blackstone has appointed more banks to help prepare for an initial public offering (IPO) of shares in its European warehouse owner Logicor, that could be valued at 13 billion euros ($14 billion), according to two sources familiar with the matter.Wall Street banks Morgan Stanley, Goldman Sachs , Bank of America Merrill Lynch have been selected by Blackstone to work on the potential listing in London alongside Citi, although no final decision to proceed has been taken, according to one of the sources.Boutique investment bank PJT Partners is acting as Logicor''s IPO adviser and has helped the London-based firm selecting the banks underwriting the deal, another source familiar with the matter said.Blackstone declined to comment.Logicor was founded by Blackstone''s real estate division in 2012 to manage and operate its European logistics assets. Counting Amazon among its clients, it has become the largest owner of European logistics and distribution properties, covering a total of 13.6 million square metres across Europe.Reuters reported in December that Blackstone was hiring banks to prepare for an IPO of Logicor, several people with knowledge of the situation said at the time.Goldman Sachs and Eastdil Securities had already been chosen to help with the listing but the global coordinators had not yet been appointed, one of the sources involved in the process said.Sky News first reported the appointments. ($1 = 0.9429 euros) (Additional reporting by Greg Roumeliotis in New York; Writing by Anjuli Davies; Editing by Rachel Armstrong, Ruth Pitchford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/logicor-ipo-idINL5N1GN3MC'|'2017-03-10T11:39:00.000+02:00'
'2b3d3fce155d450d6f0ff58cb177eb0052ab3a05'|'Bernstein expects Credit Suisse 2017 cap hike, no Swiss unit listing'|'ZURICH Credit Suisse ( CSGN.S ) could opt for a 5 billion Swiss franc ($4.9 billion) capital increase instead of floating a minority stake of its Swiss business, Bernstein analysts predicted in a note on Thursday.Such a move would make Credit Suisse the latest major European bank to tap the market for cash following recent capital hikes by Deutsche Bank ( DBKGn.DE ) and UniCredit ( CRDI.MI ).Credit Suisse faces a 6.4 billion franc shortfall to reach a 14 percent CET1 ratio of which Swiss peer UBS ( UBSG.S ) is just shy and that European rival Deutsche Bank expects to achieve with its upcoming cash call, Bernstein analysts wrote. A bank''s Common Equity Tier 1 (CET1) ratio is a closely-watched measure of balance sheet strength.To boost its balance sheet, Credit Suisse has said it plans to raise up to 4 billion francs by selling 20 to 30 percent of its Swiss Universal Bank (SUB) in an initial public offering.However, Bernstein analysts expect Credit Suisse will instead issue new shares at group level."Post Q4 results, CS has clearly signaled that they''re shying away from a SUB listing. That leaves you with a rights issue which we model in for this year," analysts Chirantan Barua, Mark Burrows and Daniel Lasry wrote.Asked for comment, the bank referred to remarks by Chief Executive Tidjane Thiam last month when he said Credit Suisse was still preparing for the IPO but left the door open to alternative options to strengthen the group''s balance sheet.Chief Financial Officer David Mathers said on Wednesday the bank is looking at the merits of going ahead as planned with the IPO.Zurich-based Credit Suisse is currently targeting a CET1 ratio of more than 13 percent by 2019, for which the bank faces a shortfall of around 3.7 billion francs, Bernstein wrote.Under Thiam, who joined the bank almost two years ago, Credit Suisse already raised around 6 billion francs at the end of 2015 through a rights offering and a private placement.(Reporting by Joshua Franklin; editing by Susan Thomas)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-credit-suisse-capital-ipo-idUSKBN16G1CF'|'2017-03-09T13:57:00.000+02:00'
'dae200344f4c8536c89d80c888c3bf5250807d15'|'Exclusive - Airbus may ditch A380''s grand staircase as sales tumble'|'Reuters.com Service 12 MOLT - Wed Mar 8, 2017 - 9:17am GMT Exclusive - Airbus may ditch A380''s grand staircase as sales tumble left right An Airbus A380 aircraft takes part in a flight display during the 48th Paris Air Show at the Le Bourget airport near Paris June 18, 2009. REUTERS/Pascal Rossignol/File photo 1/2 left right Interior view shows the stairs between two decks in the Airbus A380 at Frankfurt Airport, Germany, March 22, 2007. REUTERS/Alex Grimm/File Photo 2/2 By Tim Hepher Airbus ( AIR.PA ) is considering doing away with one of the hallmarks of its A380 superjumbo, a "grand staircase" echoing the era of cruise ships, as it looks to revive sales of the world''s largest airliner, industry sources said. The idea of a slimmed down staircase, as well as adding fuel-saving wingtips, is aimed at lowering the huge double-decker''s operating costs and boosting its fuel efficiency. The provisionally dubbed A380-Plus makeover would add 40-50 seats to increase the standard interior''s capacity to more than 600 seats which would help airlines reduce their costs per passenger. To make room for those extra passengers, the A380 would do away with the double staircase at the front of the plane in favour of something more compact. The narrower spiral staircase at the back would also be modified. Airbus officials declined to comment on the plans, which have yet to be finalised and approved. "Airbus is always studying opportunities to improve our aircraft," a spokesman said. The sweeping staircase is one of the first features passengers see on boarding an A380 and captured attention when the A380 was first rolled out as a ''cruise ship of the skies'' in 2005. However, sales have fallen in recent years due to advances in smaller twin-engined jets, which cost less to fly and maintain. To help on the A380, the addition of vertical wingtips, more typically seen on smaller narrow-body jets, would cut fuel consumption by reducing drag. The sources, speaking on condition of anonymity, said the makeover would improve fuel efficiency by around two percent. They said the changes may also be available as retrofits to existing A380s, but that this had not yet been decided. The design changes would add about three tonnes to the A380''s maximum take-off weight, leaving more room for payload or fuel. Airbus recently shelved plans for a bolder upgrade of the A380 involving new engines due to cost, and announced plans to cut output to one a month due to poor sales. Beyond the new tweaks, the health of the programme depends on getting costs low enough so that Airbus can keep output ticking over at 12 a year without losing money, while it waits for what it hopes will be a rise in demand as air travel grows. "The time will come for the A380," Airbus sales chief John Leahy told the ISTAT Americas air finance conference this week. Airbus was due to unveil a dedicated online booking system for A380 flights at a Berlin show on Wednesday. The European company''s U.S. rival Boeing ( BA.N ) argues the time for very large four-engined jets, such as the A380 and its own slow-selling 747-8, is ending. In the short term, Airbus faces another challenge: helping investors find homes for five A380s due to be released by Singapore Airlines after their lease expires. So far there is no second-hand market for the jets, which entered service in 2007, and several ISTAT delegates said it would not be easy to find takers due in part to the high costs of converting the interiors to suit the needs of a new airline. (Editing by Jason Neely) Confronted by market doubts, Federal Reserve drove March rate rise expectations NEW YORK/SAN FRANCISCO Early last week, financial markets saw just a 30 percent chance of the Federal Reserve raising interest rates in March; but by Friday after a striking series of comments from Fed officials, including Chair Janet Yellen, traders saw an 80 percent chance.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-airbus-a-idUKKBN16F0YV'|'2017-03-08T16:17:00.000+02:00'
'01450993b7342b98e692eb63fbc41a9bbf85cb09'|'Lloyds, two others dismissed from yen Libor litigation in U.S'|'Money News - Sat Mar 11, 2017 - 6:11am IST Lloyds, two others dismissed from yen Libor litigation in U.S Illustrative picture shows Japanese 10,000 yen bank notes spread out at an office of World Currency Shop in Tokyo in this August 9, 2010 illustrative picture. REUTERS/Yuriko Nakao/File Photo NEW YORK A U.S. judge on Friday dismissed Lloyds Banking Group Plc ( LLOY.L ), ICAP Europe Ltd and Tullett Prebon Plc as defendants from litigation alleging a conspiracy among many financial services companies to manipulate the yen Libor and Euroyen Tibor benchmark interest rates. U.S. District Judge George Daniels in Manhattan said he lacked personal jurisdiction over the three British companies. Daniels cited a lack of evidence from the plaintiff investors that the defendants'' alleged wrongful conduct had a substantial connection to or was "expressly aimed" at the United States. Banks use the London interbank offered rate (Libor) and Tokyo interbank offered rate (Tibor) to set costs of borrowing from each other. Libor is often used to set rates on products such as credit cards and mortgages. Investors including the California State Teachers'' Retirement System and J. Kyle Bass'' hedge fund Hayman Capital Management LP accused banks of conspiring to rig yen Libor, Euroyen Tibor and Euroyen Tibor futures contracts to benefit their own trading positions from January 2006 to June 2011. Citigroup Inc ( C.N ) and HSBC Holdings Plc ( HSBA.L ) have settled for a respective $23 million and $35 million. Several Japanese banks are among the defendants. (Reporting by Jonathan Stempel in New York; Editing by Leslie Adler) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/libor-yen-idINKBN16I00Y'|'2017-03-11T07:41:00.000+02:00'
'8a06bbfe48586ac050ed85e2c8348fbed1d97e59'|'BRIEF-MSA Safety was paid about $80.9 million from North River'|' 50pm EST BRIEF-MSA Safety was paid about $80.9 million from North River March 11 Msa Safety Inc * MSA Safety - on March 8, unit was paid about $80.9 million (pursuant to insurance policies issued by the north river insurance company, affiliates * MSA Safety - payment does not constitute a full and final settlement from north river regarding its coverage obligations owed to MSA llc * MSA Safety - $80.9 million payment reflects amounts previously invoiced to north river for reimbursement on cumulative trauma product liability claims * MSA Safety - msa llc continues to seek additional amounts due from north river, including those amounts relating to $57.8 million verdict in court  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-msa-safety-was-paid-about-809-mill-idUSFWN1GN0SK'|'2017-03-11T07:50:00.000+02:00'
'e8f18cb23e06f0e0397841819776399f9032cb94'|'All aboard: Can a railway legend deliver at America’s CSX?'|'E. HUNTER HARRISON, a veteran railway executive, tried retiring in 2010, after he made Canadian National (CN), a formerly state-owned company, the best-performing of the large railways in North America. But once he pocketed the gold watch and attended the retirement party he faced a void that raising and training horses for showjumping did not fill. By mid-2012 he was back at the helm of another railway, Canadian Pacific (CP), whose glory days were long past. Once he had turned around CP, he didn’t make the same mistake again. On January 18th the 72-year-old Tennesseean both announced his departure and entered negotiations with Florida-based CSX to become that railway’s CEO.Just the rumour that Mr Harrison might be moving to CSX caused the share price to rise by 23% in 24 hours. It continued to rise when the negotiations became public. At last, on March 6th, CSX appointed Mr Harrison as CEO and met the condition set by Mantle Ridge, an activist hedge fund with which he has partnered, to name five new board directors. Mr Harrison made long-term shareholders in CP and CN rich, tripling profits at both during his tenures. CSX shareholders expect the same.  14   Will he deliver? CSX is different from the railways Mr Harrison has run in the past. Its 21,000-mile network is concentrated, spaghetti-like, in heavily-populated eastern America, unlike the linear, continent-spanning networks of roughly similar total length that are operated by CN and CP. And he faces two new and potentially damaging headwinds: the decline of coal, a mainstay of railway-freight volumes; and Donald Trump’s views on trade. Both could seriously disrupt business on North American railways.Mr Harrison certainly knows the industry inside and out. He reportedly started out lubricating the undercarriage of railcars for $1.50 an hour and worked his way up at Burlington Northern before leaving to work for Illinois Central. He joined CN when it bought Illinois Central in 1998. Along the way he became an evangelist for precision railroading, his concept that freight trains should run on a strict schedule regardless of whether they are near-empty or full. This went against the prevailing trend of adding more locomotives and cars and leaving their schedules flexible. Operating fewer trains, but on time, Mr Harrison showed, meant greater efficiency and better service for customers, who know when their shipments will arrive.Another part of precision railroading is ditching old equipment and slashing staff. Mr Harrison retired 700 locomotives, or two-fifths of the fleet, at CP; about 6,000 of 20,000 jobs disappeared, largely through attrition. This earned him the ire of some unions, which also questioned the impact on safety of time-saving measures like allowing staff to jump on and off (slow-)moving trains or insisting that managers drive trains if no other staff were available. This reduced some managers to tears, says a former employee: “They weren’t afraid of driving the train, they were afraid of crashing it.” Mr Harrison thought the hands-on experience would help them do their desk jobs better.CSX is in better shape than either of his previous two charges. CN was government-owned until 1995 and was hobbled by bureaucracy. CP, created to tie Canada together with a line extending to the west coast, was the laggard among the big North American railways when Mr Harrison arrived. Its operating ratio (operating expenses as a percentage of revenues) was 81.3 at the end of 2011. By 2016 it had been driven down to around 60, although some people quibble that one-off sales may have flattered the ratio. CSX had an operating ratio of 69.4 in 2016, and is already making many of the moves Mr Harrison has used elsewhere, like increasing the ratio of cars to locomotives and cutting staff.As for coal, revenues from the commodity fell by nearly $2bn to $1.7bn between 2011 and 2016. Further falls are expected. The main replacement as a source of revenue is intermodal container freight carrying all manner of goods. Here Mr Trump is a problem. His proposed renegotiation of the North American Free-Trade Agreement (NAFTA) is creating alarm in the industry. Re-imposing borders in the North American market would have a “tremendously negative effect”, says William Vantuono, editor-in-chief of RailwayAge .Accepting the job, Mr Harrison confirmed that he will bring precision railroading to CSX. Might he have grander ambitions? Mr Vantuono believes that his ultimate goal is to arrange one of the mergers that eluded him in the past and to create a transcontinental railway. Others think he just wants to show—again—that his way is the right way. “There isn’t a railroad that Hunter Harrison couldn’t improve,” says Anthony Hatch, a New York-based analyst. But it will be difficult to repeat his previous successes or to match sky-high shareholder expectations.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21718551-hunter-harrisons-precision-railroading-method-requires-trains-run-time-can-railway?fsrc=rss'|'2017-03-11T12:00:00.000+02:00'
'59b1774459e015a94a5e2efd0e7a057421e2be86'|'Merkel says found out about VW dieselgate scandal from media'|'Business News - Wed Mar 8, 2017 - 4:13pm GMT Merkel says found out about VW dieselgate scandal from media left right German Chancellor Angela Merkel arrives to testify before a parliament inquiry committee in Berlin, Germany, March 8, 2017. REUTERS/Fabrizio Bensch 1/2 left right German Chancellor Angela Merkel arrives to testify before a parliament inquiry committee in Berlin, Germany, March 8, 2017. REUTERS/Fabrizio Bensch 2/2 BERLIN Chancellor Angela Merkel on Wednesday told a German parliamentary committee of inquiry that she first learned of the diesel emissions scandal at Volkswagen ( VOWG_p.DE ) through the media. Volkswagen admitted in September 2015 to installing secret software in hundreds of thousands of U.S. diesel cars to cheat exhaust emissions tests and make them appear cleaner than they were on the road, and that as many as 11 million vehicles could have similar software installed worldwide. "I only found out through media reports," Merkel said on Wednesday as the last witness to the committee of inquiry in the Bundestag lower house of parliament. Merkel said she had found out about the accusations against Volkswagen on Sept. 19, 2015, and on Sept. 21 was then informed by Transport Minister Alexander Dobrindt. She said she had later spoken by telephone to then Chief Executive Martin Winterkorn, "probably on 22 September". Asked what she found out from Winterkorn, she answered: "Nothing that I didn''t already know based on the information from the transport minister and the media." German opposition parties wanted the parliamentary committee, set up in July 2016, to investigate the government''s response to the scandal because they said Berlin had been too lax in its treatment of the car industry. Merkel said she felt she had been well informed by Dobrindt and added that he had not only quickly set up an investigation committee in the transport ministry but also called for all the information to be put on the table, which she said had her full support. Merkel said she did not undertake any detailed interventions into the issue. She said she did not have the impression that the German authorities responsible had made mistakes or been negligent during the course of the scandal. Merkel said she did not know why the scandal had not been discovered in Germany: "I don''t have any explanation for that." Merkel said that for her, reducing CO2 emissions from cars was in the foreground in the years prior to the scandal compared with emissions of nitrogen oxide, which was problematic with diesel vehicles. (Reporting by Gernot Heller; Writing by Michelle Martin; Editing by Alison Williams) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-volkswagen-emissions-merkel-idUKKBN16F21Q'|'2017-03-08T23:13:00.000+02:00'
'eeaa62e59e22c2c428c484ed18dc20c5e8e93552'|'As N.Korea missile threat grows, Japan lawmakers argue for first strike options'|'News Maps - Wed Mar 8, 2017 - 4:11am EST As North Korea missile threat grows, Japan lawmakers argue for first strike options left right Japan Self-Defense Forces soldiers inject fuels into a unit of Patriot Advanced Capability-3 (PAC-3) missiles at the Defense Ministry in Tokyo. REUTERS/Kim Kyung-Hoon 1/3 left right A unit of Patriot Advanced Capability-3 (PAC-3) missiles is seen at the Defense Ministry in Tokyo, Japan, March 6, 2017. REUTERS/Kim Kyung-Hoon 2/3 left right Japan Self-Defense Forces soldiers inject fuels into a unit of Patriot Advanced Capability-3 (PAC-3) missiles at the Defense Ministry in Tokyo. REUTERS/Kim Kyung-Hoon 3/3 By Tim Kelly and Nobuhiro Kubo - TOKYO TOKYO Rattled by North Korean military advances, influential Japanese lawmakers are pushing harder for Japan to develop the ability to strike preemptively at the missile facilities of its nuclear-armed neighbor. Japan has so far avoided taking the controversial and costly step of acquiring bombers or weapons such as cruise missiles with enough range to strike other countries, relying instead on its U.S. ally to take the fight to its enemies. But the growing threat posed by Pyongyang, including Monday''s simultaneous launch of four rockets, is adding weight to an argument that aiming for the archer rather than his arrows is a more effective defense. "If bombers attacked us or warships bombarded us, we would fire back. Striking a country lobbing missiles at us is no different," said Itsunori Onodera, a former defense minister who heads a ruling Liberal Democratic Party committee looking at how Japan can defend against the North Korean missile threat. "Technology has advanced and the nature of conflict has changed." For decades, Japan has been stretching the limits of its post-war, pacifist constitution. Successive governments have said Tokyo has the right to attack enemy bases overseas when the enemy''s intention to attack Japan is evident, the threat is imminent and there are no other defense options. But while previous administrations shied away from acquiring the hardware to do so, Prime Minister Shinzo Abe''s LDP has been urging him to consider the step. "It is time we acquired the capability," said Hiroshi Imazu, the chairman of the LDP''s policy council on security. "I don’t know whether that would be with ballistic missiles, cruise missiles or even the F-35 (fighter bomber), but without a deterrence North Korea will see us as weak." The idea has faced stiff resistance in the past but the latest round of North Korean tests means Japan may move more swiftly to enact a tougher defense policy. “We have already done the ground work on how we could acquire a strike capability,” said a source with knowledge of Japan''s military planning. He asked not to be identified because of the sensitivity of the issue. Any weapon Japan acquired with the reach to hit North Korea would also put parts of China''s eastern seaboard within range of Japanese munitions for the first time. That would likely anger Beijing, which is strongly protesting the deployment of the advanced U.S. Theater High Altitude Area Defense (THAAD) anti-missile system in South Korea. "China has missiles that can hit Japan, so any complaints it may have are not likely to garner much sympathy in the international community," said Onodera. GROWING THREATS Currently, more than three missiles at one would be too many for Japan''s already stretched ballistic missile defense to cope with, another source familiar with Japan’s capability said. One serious concern for Japan is North Korea''s development of solid fuel systems demonstrated last month that will allow it to conceal preparations for missile strikes because it no longer needs fuel its missiles just prior to firing. That test also demonstrated a cold launch, with the rocket ejected from its launcher before engine ignition, minimizing damage to the mobile launch pads. Japanese officials also noted that the launch truck was equipped with tracks rather than wheels, allowing it to hide off road. North Korea says its weapons are needed to defend against the threat of attack from the United States and South Korea, which it is still technically at war with. Japan is already improving its ballistic missile defenses with longer-range, more accurate sea-based missiles on Aegis destroyers in the Sea of Japan and from next month will start a $1 billion upgrade of its ground-based PAC-3 Patriot batteries. Also under consideration is a land-based version of the Aegis system or the THAAD system. Those changes, however, will take years to complete and may not be enough to keep pace with rocket technology advances by Pyongyang, the sources said. A quicker option would be for Japan to deploy ground-to-ground missiles to defend against an attack on its Yonaguni island near Taiwan fired from bases on Japanese territory several hundred kilometers to the east. A missile with that range could also hit sites in North Korea. Japan could also buy precision air launched missiles such as Lockheed Martin Corp''s extended-range Joint Air-to-Surface Standoff Missile (JASSM) or the shorter-range Joint Strike missile designed by Norway''s Kongsberg Defence Aerospace AS for the F-35 fighter jet. But with limited capability to track mobile launchers, some Japanese officials still fear any strike would leave North Korea with enough rockets to retaliate with a mass attack. "A strike could be justified as self defense, but we have to consider the response that could provoke," said another LDP lawmaker, who asked not to be identified. (Editing by Lincoln Feast)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-northkorea-missiles-japan-idUSKBN16F0YE'|'2017-03-08T16:09:00.000+02:00'
'd38fd55a5fd2fdcb3d76eb431cf9144ad9f5998a'|'BRIEF-Hydrogenics reports Q4 loss per share $0.20'|' 45am EST BRIEF-Hydrogenics reports Q4 loss per share $0.20 March 8 Hydrogenics Corp - * Hydrogenics reports fourth quarter and full year 2016 results * Q4 loss per share $0.20 * Q4 earnings per share view $-0.17 -- Thomson Reuters I/B/E/S * Q4 revenue $8.7 million versus i/b/e/s view $10.1 million * Order backlog of $106.6 million as of December 31, 2016 * Of above backlog of $106.6 million, Hydrogenics expects to recognize approximately $38 million in following twelve months as revenue Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-hydrogenics-reports-q4-loss-per-sh-idUSASB0B4C2'|'2017-03-08T18:45:00.000+02:00'
'0fa79c144b92f3a7c8bd497696a08d7a5a284a44'|'Analysis - Confronted by market doubts, Federal Reserve drove March rate rise expectations'|'Economic   12:06pm IST Analysis - Confronted by market doubts, Federal Reserve drove March rate rise expectations FULL COVERAGE: By Jonathan Spicer and Ann Saphir - NEW YORK/SAN FRANCISCO NEW YORK/SAN FRANCISCO Early last week, financial markets saw just a 30 percent chance of the Federal Reserve raising interest rates in March; but by Friday after a striking series of comments from Fed officials, including Chair Janet Yellen, traders saw an 80 percent chance. Investors were aware that improving U.S. economic data, a stable global economy, a booming U.S. stock market and easy financial conditions, provided some justification for further Fed interest rates rises this year. But policymakers had to ensure that global markets were indeed ready for a rate increase as soon as its next policy meeting on March 14-15, and further rises later this year, after a series of false starts in 2015 and 2016. The U.S. central bank prefers to have market expectations aligned with its own policy plans. Of the 27 rises in interest rates of a quarter of a percentage point since 1991 only three occurred with a market probability forecast of less than 60 percent a month beforehand, research from U.S. bank, Wells Fargo, research showed. "We didn''t clearly see how the balance of risks was shifting, so they have to slap our faces, and say, ''Look, you are missing the point''," said Tim Duy, an economics professor at the University of Oregon. U.S. economic data had been improving in recent weeks as the Fed forecast, and the jump in U.S. stock prices, alongside improved consumer and business confidence readings, provided an opening to hike rates without overly rocking markets, public and private comments by Fed officials suggested. A series of previously scheduled speeches by Fed officials, as well at least two television interviews without prepared remarks, gave the Federal Reserve the platform it needed to alert markets before the traditional "black out" period went into effect ahead of the March 14-15 meeting. The result: over the course of four days Fed policymakers successfully shifted market expectations for perhaps only two rate rises this year to fully expecting three, and perhaps more, according to Reuters data. New York Fed President William Dudley, whose branch of the U.S. central bank serves as its eyes and ears on Wall Street and who generally spends a couple of hours a week planning policy with Yellen, played a key role in orchestrating the messaging. Dudley gave markets an initial jolt when he said in a television interview that "animal spirits had been unleashed." By the time of Yellen''s speech on Friday, five other policymakers had also flagged a March rate hike. "It was pretty extreme in that they left little doubt," said David Stockton, a senior fellow at the Peterson Institute for International Research and a former chief economist at the Fed. "Moving now gives them more optionality for three or even four hikes this year." WALL STREET DOUBTS In December last year the Fed had telegraphed the likelihood of at least three rate rises in 2017, but few believed the U.S. central bank would follow through. After all the Fed had over-promised two years in a row, forecasting more rate hikes than they delivered. As a result, Wall Street''s most influential banks predicted just two rises this year, in June and December, according to the New York Fed''s January survey of primary dealers. Traders of interest rate futures contracts placed similar bets. The minutes of the Fed''s Jan. 31-Feb. 1 meeting showed many policymakers were coalescing around the need for a rate hike "fairly soon" with language nearly identical to the "relatively soon" phrasing the Fed had used the last two times to signal an imminent hike. Yet markets oddly reacted by trimming, not boosting, expectations for a March rise. So last week, the time had come to bring out the big guns. Fed governors Lael Brainard, Jerome Powell and Vice Chair Stanley Fischer all helped drive the blunt message that, barring some unexpected shock, a rate hike would come soon. Other policymakers echoed those sentiments, both publicly and privately, but also nodded to the need to get markets in line with Fed intentions. Michael Gapen, chief economist at Barclays, said: "A little messaging got the markets where the Fed wanted it, without adverse consequences." (Reporting by Jonathan Spicer and Ann Saphir; editing by David Chance and Clive McKeef) Next In Economic News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-fed-idINKBN16F0L7'|'2017-03-08T13:36:00.000+02:00'
'f4a8978e36e20007ecf48b8684ba8204c7f1fb78'|'Budget will hold no big surprises on spending or tax, chancellor says'|'Budget 2017 Budget will hold no big surprises on spending or tax, chancellor says Philip Hammond denies big changes in spring budget as UK economy continues to perform strongly. But what does that mean for public finances? Consumer spending has been credited with the recovery from the Brexit vote – but it is about to face a squeeze. Photograph: Victoria Jones/PA View   Phillip Inman Wednesday 8 March 2017 06.33 GMT Philip Hammond has played down the significance of the spring budget and denied he plans to surprise parliament with big spending plans or tax reforms. This was always going to be a “just in case” budget, only bursting into life should the public finances need rescuing from a further slowdown in the economy. But the economy is performing strongly, even as it slows, leaving the chancellor to continue where he left off in the autumn statement: focusing on relatively limited measures to improve the UK’s infrastructure, skills and education. Austerity will continue to drive down government spending to levels not seen since before the financial crisis, while the tax burden is on track to reach its highest level as a proportion of GDP in 30 years. What does that mean for the public finances and the choices the chancellor has before him? The economic outlook Growth The Office for Budget Responsibility (OBR) – the Treasury’s independent forecaster – is expected to take an optimistic view of the short-term growth prospects, possibly raising the target from 1.4% this year to nearer the Bank of England’s 2% forecast. This could prove controversial. Critics say the recovery from the Brexit vote is built on consumer spending, which is about to face a squeeze from slowing wages growth and higher inflation. The OBR may also be forced to downgrade last year’s growth from its own estimate of 2% to the Office for National Statistics’ 1.8% . In March last year the OBR forecast 2017 growth at 2.2%. Wages How much the OBR expects wages to slow will be crucial. Average annual pay slipped in the final three months of 2016 from 2.7% to 2.6%, according to the latest figures . The most recent report for the Bank of England showed that average wage rises could slip from 2.7% down to 2.1% by the end of the year. Slowing wages growth would rob the economy of its main engine. Inflation Until now the OBR has said it expects this year’s inflation rate to be no more than 2.3% and then to peak at 2.5% in 2018. However, these forecasts are now among the lowest around and are likely to be revised upwards amid strongly rising food and petrol prices – probably to 2.6% this year. Business investment The OBR has always believed business investment will return to pre-crisis norms, whatever the evidence. It has mostly been wrong. But it is unlikely to drop its optimistic forecasts at such a delicate political moment, ahead of the article 50 negotiations, and risk accusations from Brexit campaigners that it is supping with the remain camp. It was forecast in November to remain negative this year, but pick up dramatically for the rest of the decade. Trade The lower pound means exports are likely to pick up and imports to decline. The OBR in November was considered by some to be conservative in forecasting a 0.3% increase in net trade this year. The new estimate could be higher. The public finances Deficit Viewed from the economic depths in November last year, the forecast for this year’s government’s budget deficit will look rosy. The spending shortfall could be as much as £12bn less than previously feared, reducing the forecast budget deficit for 2016-17 from £68bn to about £56bn. This would offset upward revisions to borrowing over the next five years that the OBR said followed the decision to leave the European Union. Extrapolated over the next four years, it could put up to £40bn more in the chancellor’s pocket than he expected in November. The Resolution Foundation has pencilled in a conservative £29bn. Demonstrators in Parliament Square on 4 March protesting against cuts to NHS funding. Photograph: Daniel Leal-Olivas/AFP/Getty Images Social care and the NHS Social care has suffered a series of cutbacks , especially to local authority provision, despite rising need. Hammond is expected to loosen the purse strings, but possibly only to get him through the next six months before announcing a more substantial review in the autumn. Increases in NHS England’s budget, which amount to about 11% in real terms by 2020, are partly offset by cuts in other spending by the Department of Health. It is this cut – which ministers claim can be achieved by efficiency savings – that keeps spending in check. Business rates This is based on commercial property rents and raises about £29bn. Hammond is under pressure to dampen the effects of a business rates revaluation, delayed from 2015, that will send bills in London and the south-east rocketing. Figures from the Valuation Office Agency show businesses in London face an average 23.7% rise in their business rate. Treasury sources indicate that the chancellor will adjust the complicated business-rate capping regime to make life easier for the worst-affected , but will refuse calls for a complete rethink. Income tax The government wants to raise the income tax personal allowance to £12,500 and the higher-rate threshold to £50,000 by the end of this parliament. In April the personal allowance will rise to £11,500, and the basic rate limit will be increased to £33,500, meaning that the effective threshold for the 40p rate becomes £45,000. Inheritance tax Osborne’s inheritance tax giveaway, which will allow estates with gains from property sales to pass on an extra £175,000 tax-free on top of the existing £325,000, is another costly item for the chancellor to endorse. The new rates will be phased in by 2019-20. Under rules allowing spouses to receive a tax-free inheritance from their deceased partners, children will then be able to receive £1m tax-free. Whitehall departments Hammond has demanded further cuts amounting to £3.5bn , or 6%, by the end of the parliament. This sum is in addition to departmental cuts already going through the system and £12bn of welfare cuts targeted at housing benefit and tax credit claimants, which will deliver real-terms cuts in every year and maintain the combined cost of these two benefits at £50bn until 2019-20. The Treasury says there are efficiency savings to be made by the police and other government services. But the Institute for Public Policy Research thinktank says many of the savings are illusory and cuts will hit frontline services. Education Theresa May has revealed plans for a new generation of free schools and grammar schools costing £320m. Meanwhile, schools in England face the first real-terms cuts to their funding since the mid-1990s, with spending per pupil due to fall 6.5% by 2019-20. The Institute for Fiscal Studies said cuts to sixth-form and further education funding will mean funding for 16- to 18-year-olds is no higher than it was almost 30 years ago. Skills and training In the autumn statement last November, Hammond said he wanted to rebalance spending towards long-term infrastructure projects. An apprenticeship levy on large employers comes into effect in April, which will bring £3bn into the exchequer. This money is supposed to go back to employers that carry out training, but initially it will be banked by the Treasury. Also, a new category of technical qualifications called T-levels will be introduced in an effort to improve skills in the British workforce and boost productivity. Hammond said an extra £500m would be made available by 2022 to improve the quality of training in schools and colleges and offset the loss of foreign workers after Brexit. Self-employment In recent years self-employment has become synonymous with low pay and insecure employment, driven by firms seeking to cut their tax bills. Employers pay no national insurance when they commission work from someone who is self-employed and such workers pay a reduced rate of 9%, compared with the 12% paid by PAYE staff. Hammond could raise about £1bn from increasing the national insurance rate for the self-employed to 12%.'|'theguardian.com'|'http://www.guardian.co.uk/business/economics/rss'|'https://www.theguardian.com/uk-news/2017/mar/08/uk-budget-surprises-spending-tax-chancellor-hammond'|'2017-03-08T13:33:00.000+02:00'
'1c8b6e7cda83ffa06fc8e6d5d181f3ab97298062'|'Fiat Chrysler still trying to resolve U.S. diesel emissions issue'|'Business News - Tue Mar 7, 2017 - 9:53pm GMT Fiat Chrysler still trying to resolve U.S. diesel emissions issue A screen displays the ticker information for Fiat Chrysler Automobiles NV at the post where it''s traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 12, 2016. REUTERS/Brendan McDermid By Agnieszka Flak and David Shepardson - GENEVA/WASHINGTON GENEVA/WASHINGTON Fiat Chrysler Automobiles NV ( FCHA.MI ) is still trying to win U.S. approval to sell 2017 diesel models as the U.S. government decides whether to take legal action, Chief Executive Sergio Marchionne said on Tuesday. In January, the Environmental Protection Agency and California Air Resources Board (CARB) accused the Italian-American automaker of illegally using hidden software to allow excess diesel emissions from 104,000 U.S. trucks and SUVs. The EPA has refused to grant Fiat Chrysler (FCA) approval to sell 2017 diesel models. "We have been dealing with the EPA and CARB, we have engaged legal counsel. The only thing I can tell you is that we continue to work with the agencies to try and resolve this," Marchionne told reporters at the Geneva auto show. "We continue to offer full cooperation to the agency to try get this issue resolved. I think my main objective now is to get certification for the 2017 models," he said. Last week, the U.S. Justice Department told a judicial panel in a previously unreported filing that the government "continues to consider whether to commence judicial proceedings in connection with the violations alleged" by the EPA. The filing said Fiat Chrysler''s actions "may have violated other federal laws as well. The United States may well become involved in litigation with FCA regarding this matter to vindicate important environmental and other federal interests." The EPA is continuing to "evaluate certification of new model year 2017 vehicles," the filing said. Marchionne said Tuesday if the automaker wins certification for the 2017 models, then "I think we can take that solution and apply it back to the 2014''s to 2016 cars." Marchionne said he did not raise the company''s diesel emissions issue with President Donald Trump when he met with auto CEOs in January. Fiat Chrysler said it faces at least nine civil lawsuits in five states related to the emissions issue. A judicial panel will hold a March 30 hearing to decide whether the cases should be consolidated before a single judge. Last week, FCA disclosed that the U.S. Securities and Exchange Commission and some state attorneys general are investigating emissions issues. Reuters reported the Justice Department has been investigating FCA for more than six months. A person briefed on the matter said New York Attorney General Eric Schneiderman issued a subpoena to FCA and is leading a multi-state investigation. Marchionne in January rejected the EPA''s allegations, saying there was no wrongdoing and the company never attempted to create software to cheat emissions rules. The EPA announcement followed closer scrutiny of automakers after Volkswagen AG ( VOWG_p.DE ) admitted to cheating diesel emissions tests in 580,000 U.S. vehicles. (Reporting by David Shepardson; Editing by Leslie Adler) Next In Business News Global stocks slip, U.S. dollar firm on Fed outlook NEW YORK A measure of major stock markets around the globe slipped on Tuesday, with the Dow and S&P 500 on pace for their first back-to-back losses in more than a month, while expectations the Federal Reserve will raise interest rates supported the U.S. dollar. Confronted by market doubts, Federal Reserve drove March rate rise expectations NEW YORK/SAN FRANCISCO Early last week, financial markets saw just a 30 percent chance of the Federal Reserve raising interest rates in March; but by Friday after a striking series of comments from Fed officials, including Chair Janet Yellen, traders saw an 80 percent chance. BRUSSELS The European Union cannot yet assess how much Britain should be asked to pay Brussels when it quits the bloc, as much will have to be settled by negotiation, the EU''s chief auditor has told European lawmakers. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-fiat-chrysler-emissions-idUKKBN16E2UB'|'2017-03-08T04:53:00.000+02:00'
'a89688b7ea684ef1f90a3f353afbfe18ab439bde'|'U.S. oil rig count rises to most since Sept. 2015 -Baker Hughes'|'Commodities  18pm EST U.S. oil rig count rises to most since September 2015: Baker Hughes A service truck drives past an oil well on the Fort Berthold Indian Reservation in North Dakota, November 1, 2014. REUTERS/Andrew Cullen U.S. drillers added oil rigs for an eighth week in a row to the most since September 2015, extending a ten-month recovery as energy companies boost spending to take advantage of a recovery in crude prices since OPEC agreed to cut production late last year. Drillers added eight oil rigs in the week to March 10, bringing the total count up to 617, versus 386 rigs a year ago, energy services firm Baker Hughes Inc said on Friday. The increase came despite a collapse in crude futures this week to a three-month low because the rigs activated this week were based on decisions made a couple of month ago when oil prices were higher. "We will not see the impact of this week''s crude price collapse for another couple of months," James Williams, president of energy consultant WTRG Economics in Arkansas, said, noting "if crude prices rebound next week, this week''s price drop won''t matter at all as far as the rig count is concerned." U.S. crude futures steadied around $48 a barrel on Friday after falling this week to its lowest since November, pressured by ample supplies in the U.S., despite production cuts led by the Organization of the Petroleum Exporting Countries (OPEC). [O/R] Since crude prices first topped $50 a barrel in May after recovering from 13-year lows in February 2016, drillers have added a total of 301 oil rigs in 37 of the past 41 weeks, the biggest recovery in rigs since a global oil glut crushed the market over two years starting in mid 2014. Baker Hughes oil rig count plunged from a record 1,609 in October 2014 to a six-year low of 316 in May 2016 as U.S. crude collapsed from over $107 a barrel in June 2014 to near $26 in February 2016. Marathon Oil Corp said on Wednesday it will spend $1.1 billion for about 70,000 acres in the Permian basin in Texas, where it plans to immediately boost spending by adding a drilling rig. The move comes as Exxon Mobil Corp, Pioneer Natural Resources Co and others have ramped up operations in the Permian, one of the cheapest places to pump oil in the United States. Additionally, U.S. shale oil producers said this week at the CERAWeek conference in Houston they are plotting ambitious production growth outside the red-hot Permian, where about two-thirds of the rigs have been added over the past 10 months. Drillers like Hess Corp, Chesapeake Energy Corp, Continental Resources Inc and others said at the conference they were planning to expand in North Dakota, Oklahoma and other shale regions. Oil production in North Dakota rose 38,000 barrels per day (bpd) to 980,000 bpd in January, monthly data from the state Industrial Commission showed this week. U.S. crude inventories hit a record high last week, afternine straight weeks of builds, while production was projected to rise from 8.9 million bpd in 2016 to 9.2 million bpd in 2017 and a record high of 9.6 million bpd in 2018, according to federal energy data. [EIA/S] Senior Saudi energy officials, however, told top independent U.S. oil firms in a closed-door meeting this week that they should not assume OPEC would extend output curbs to offset rising production from U.S. shale fields, two industry sources told Reuters. Saudi Arabia''s energy minister also said at CERAWeek that there would be no "free rides" for U.S. shale producers benefiting from the upturn. (Reporting by Scott DiSavino; Editing by Marguerita Choy) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-rigs-baker-hughes-idUSKBN16H2DG'|'2017-03-11T01:07:00.000+02:00'
'8c2d838aad73d5e5d934e4734ce8d6e4f29cd25e'|'Chinese provinces fizz with fervour for Xi''s New Silk Road'|'Business News -  59am EST Chinese provinces fizz with fervor for Xi''s New Silk Road By Brenda Goh - BEIJING BEIJING China''s regional governments are falling over each other to curry favor with President Xi Jinping, jostling for roles in his New Silk Road plan to boost economic and cultural links through Asia to Europe. One says it wants to send its young people to be Silk Road "super connectors", while a second is pitching to become a new home for foreign consulates. Another wants to build a folk museum to commemorate Beijing''s overseas push. The plan, officially the ''One Belt, One Road'' (OBOR) project, has so far seen billions of dollars pledged overseas to countries such as Pakistan and Kazakhstan, in a drive to develop trade and build infrastructure along land and sea routes between the two continents. At home, it is stoking a frenzy of one-upmanship among provinces keen to catch Xi''s eye and find new drivers for growth in their patch as the economy slows. While official plans published in 2015 only list 18 provinces as areas key to the plan, over 30 of China''s territories now say they have an OBOR strategy. At the annual meeting of China''s rubber-stamp parliament in Beijing this week, delegates from all attending provinces trumpeted their support for the initiative during meetings. "Our party secretary, mayor, vice-mayor have all visited One Belt One Road countries like Poland and the Czech Republic, even parts of the Russian Federation like Tatarstan," Tang Limin, secretary-general of central Sichuan province, told Reuters after addressing delegates at a meeting. It didn''t matter that the government didn''t identify Sichuan as key to the plan two years ago, Tang said. "We have a lot of cooperation projects that come under One Belt One Road," he said. Aligning such projects with Xi''s vision has been aided by the loose definition of OBOR. Beijing has provided some guidelines of where it wants the initiative to focus, such as heavy infrastructure investment, but has left much of it open to interpretation. Cultural exchanges with other countries, the formation of the Asian Investment Infrastructure Bank, and overseas acquisitions by Chinese firms have all been described by local media as part of the OBOR project. Delegates to the parliament have embraced that kind of flexibility. "We have people who can be ''super-connectors and super partners''," said Chan Yung, the Hong Kong deputy to the National People''s Congress, when asked how the autonomously governed city plans to contribute to the initiative. "Hong Kong''s youth are very open ... As long as they''re willing to fork out 1-3 years to travel the One Belt One Road routes and stay in a country for 1-2 years, they can become experts." Bai Hongzhan, a delegate from Henan in central China, proposed that the provincial capital Zhengzhou should be developed into a key node on the route where foreign consulates could be persuaded to set up a base. The province of Shaanxi, home to China''s historic Terracotta Army, is weighing up a proposal for a Silk Road Chinese Folk Culture corridor, with folk museums, memorial halls and gardens to pay tribute to the initiative, documents show. Plans for how to participate in "One Belt, One Road" have not just been drafted by the provincial government, but companies and other entities. In the coastal province of Jiangsu, the fervor is not restricted to the provincial authority but reaches down to lower tiers of government and corporate China, said Yan Lijuan, a delegate from the province and top executive at XCMG Construction Machinery ( 000425.SZ ). "One Belt, One Road is extremely important to every city in Jiangsu, every company and industry." (Additional Reporting by Muyu Xu and SHANGHAI Newsroom; Editing by Will Waterman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-china-silk-road-npc-idUSKBN16H1KE'|'2017-03-10T19:52:00.000+02:00'
'ccbc5f0b2f3694b30b2b9e7ead75efb2348bbdc9'|'Mitsubishi likely to share pickups with Nissan - COO'|' 44pm GMT Mitsubishi likely to share pickups with Nissan - COO Mitsubishi Motors Corp''s logo is seen as a passer-by is reflected on an external wall at the company headquarters in Tokyo, Japan, August 2, 2016. Picture taken on August 2, 2016. REUTERS/Kim Kyung-Hoon By Laurence Frost - GENEVA GENEVA Mitsubishi Motors ( 7211.T ) and its new parent Nissan ( 7201.T ) are studying joint production of pickup trucks in Southeast Asia as they look for savings within the broader Renault-Nissan alliance, a senior executive told Reuters. The Japanese groups may pool technical underpinnings and production of future replacements for the Thai-built Nissan Navara and Mitsubishi Triton, Mitsubishi Chief Operating Officer Trevor Mann said in an interview at the Geneva car show. Mitsubishi''s pickup architectures are likely to become the basis for future alliance models, said Mann, who was despatched by Chief Executive Carlos Ghosn to help turn Mitsubishi around after Nissan paid $2.3 billion for a 34 percent controlling stake in the scandal-hit company last October. "If you look at our cost performance in that region, we are the benchmark within the alliance," Mann said. "Our four-by-four technology, our cost base on pickups is better than Nissan''s." Nissan snapped up Mitsubishi last year after the company admitted in April it had falsified fuel consumption data, triggering a sales slump and steep losses expected in the current fiscal year, which ends this month. Mitsubishi expects sales to bounce back above 1 million vehicles next year, Mann said, almost reversing their 8 percent decline from 1.05 million before the outcry. Nissan and Mitsubishi currently produce frame-based pickups and cars - which have fundamental design and manufacturing differences - on separate lines at each of their Thai plants. Moving to common architectures could potentially allow the Mitsubishi factory to specialise in pickups while the Nissan plant builds cars and SUVs, increasing productivity at both sites, Mann said, while stressing that nothing had been decided. Cooperation will rapidly extend to other countries in the region including Indonesia and the Philippines, where the companies have plants, Mann said. But pickups are likely to stay based in Thailand, where they account for 40 percent of sales. The current Navara and Triton models were launched in 2014 and are not due for replacement before 2022, which means development and production decisions may still be two or more years away. In the meantime, Nissan and Mitsubishi are already pooling car transport and other logistics while stepping up efforts to find more savings from joint purchasing. Renault ( RENA.PA ) and Nissan, whose 18-year-old alliance is cemented by reciprocal minority shareholdings, are also likely to use Mitsubishi''s plug-in hybrid technologies, Mann added. "That''s an obvious opportunity." But Renault may have to wait longer than its alliance partner for the market access and savings that their new affiliate can bring. "What we have to do is prioritise," Mann said. "We have the capital share with Nissan, so it''s logical to start there." Under Nissan ownership, Mitsubishi is still "cleaning house" in the wake of the fuel-economy data scandal, he added. "We''re introducing a proper delegation of authority, risk control and business ethics in the company," Mann said. "If we did uncover anything (else) which was not correct, we would disclose in an appropriate manner." (Additional reporting by Naomi Tajitsu in Tokyo; Editing by Mark Potter)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-autoshow-geneva-nissan-mitsubishimoto-idUKKBN16H2A0'|'2017-03-11T00:44:00.000+02:00'
'4330142ecb920b6639f43ebdbb2342522b5b9d7d'|'Toshiba''s Westinghouse should decide on Chapter 11 by end-March: Japan Finance Minister'|' 59am GMT Toshiba''s Westinghouse should decide on Chapter 11 by end-March: Japan Finance Minister Japanese Finance Minister Taro Aso takes questions from reporters at the Willard Intercontinental hotel during the annual meetings of the IMF and World Bank Group in Washington October 7, 2016. REUTERS/James Lawler Duggan By Takashi Umekawa - TOKYO TOKYO Toshiba Corp''s Westinghouse unit needs to decide by the end of the month whether to file for Chapter 11 bankruptcy so the Japanese conglomerate can compile audited third-quarter earnings without further delays, Japan''s Finance Minister said on Friday. Toshiba has a March 14 deadline to publish the earnings after postponing their release a month ago so that it could probe potential problems at Westinghouse further. If it misses that date, it has eight working days to March 27 to file the report or face a possible delisting from the Tokyo bourse. "On the U.S. side, they have to decide about (whether to file for) Chapter 11 quickly and until they do that, it seems it is difficult for them to file their earnings," Finance Minister Taro Aso told a regular post-cabinet briefing on Friday. People familiar with the matter have told Reuters that Westinghouse, which has been hit by huge cost overruns at two U.S. projects, had brought in law firm Weil Gotshal & Manges LLP as an exploratory step, but had not yet taken a decision on a bankruptcy filing. Aso''s decision to weigh in on Toshiba''s troubles adds government pressure on the company to act swiftly to resolve its financial problems. The likelihood of Toshiba meeting its March 14 deadline was ''fifty-fifty'' as Westinghouse auditors and lawyers were fussing over details, a source with knowledge of the matter has said. Japanese Trade Minister Hiroshige Seko said this week that a Chapter 11 filing would not necessarily be a negative step and that Westinghouse was one topic that he may discuss with U.S. officials when he visits in the near future. The pressure to meet the deadline comes as Toshiba is pushing forward with the sale of most or even all of its prized flash memory chip business, as it seeks to plug not only an upcoming $6.3 billion writedown for Westinghouse but also to create a buffer against future financial problems. Toshiba shares were 1 percent higher in morning trade, in line with the broader market. (Reporting by Takeshi Umekawa; Writing by Tim Kelly; Editing by Edwina Gibbs)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-toshiba-accounting-idUKKBN16H0A3'|'2017-03-10T09:59:00.000+02:00'
'76110b05155f49430470078528c89d7845d22115'|'Budget 2017: tax on dividends will be a raid on 2 million small investors - Money'|'I t wasn’t just the self-employed who took a budget battering this week. Philip Hammond also mounted a £2.6bn tax raid on more than 2 million people, many of whom are “ordinary investors” who have turned to the stock market because interest rates are so low.Those affected will typically have to pay several hundred pounds more in tax each year on the dividend income they receive from their shares-based investments – though some with large portfolios could face an annual “hit” of £1,000-plus.However, the change doesn’t take effect until April next year, and experts said many of those affected will be able to minimise their tax bill, or avoid any extra tax completely, by maximising their Isa allowances. From next month the total amount you can save each year into all Isas will increase from £15,240 to £20,000 ( see below ).The chancellor announced he was slashing the tax-free dividend allowance from £5,000 to £2,000 from April 2018. This allowance only came into being in April 2016 (it replaced the dividend tax credit) and is basically the threshold at which point people have to start paying tax on dividend income from shares.This cut affects dividend-paying shares and investment funds held outside Isas or pensions. Within an Isa wrapper, all dividend growth is tax free. So if you have all your stock market-based investments within an Isa, you don’t need to worry. The same goes for anyone who receives less than £2,000 a year in dividends from investments not held within an Isa.The Treasury says: “Typically, general investors will need over £50,000-worth of stocks and shares outside an Isa to be affected.”However, this move doesn’t just hit a few City fat-cats. The government estimates the change will raise £800m-£900m a year and affect around 2.27 million individuals, adding that, on average, these people will have to pay an extra £315 in tax each year.Some of these will be people who, for example, have bought privatisation shares over the years and now hold a reasonable number.Intriguingly, the government revealed that “significantly more men will be affected than women,” and around 18% will over 65.What the 2017 budget means for you Read more Tom Selby, at stockbroker AJ Bell, crunched the numbers and says that if you were to assume a 4% dividend yield – he says the FTSE All-Share index is yielding around 3.8% – then a portfolio worth less than £50,000 held outside an Isa would not be affected because dividend income would be £2,000 or less.However, if it’s a portfolio of £75,000 (ie, a dividend income of £3,000), a higher-rate taxpayer would pay £325 more tax a year, while an additional rate taxpayer would pay an extra £381.For a portfolio valued at £125,000 (ie, a dividend income of £5,000), a higher-rate taxpayer would pay £975 more tax a year, while for an additional rate taxpayer it would be an extra £1,143.These figures are based on the fact that from next year, after the first £2,000 a year, basic-rate taxpayers will pay 7.5% tax on any additional dividend earnings, while higher-rate taxpayers will pay 32.5%, and additional rate taxpayers 38.1%.“The first step for anyone who might be affected is to make sure they are putting as much as they can in Isas and pensions, which, next tax year, is £20,000 for Isas and up to £40,000 for pensions,” says Selby.“Not only that, it makes sense to ensure that their higher dividend-paying investments are moved into these products before investments that are more focused on capital growth. This will ensure they can minimise the cut to the dividend allowance as much as possible.”Laith Khalaf, a senior analyst at investment firm Hargreaves Lansdown, reckons many people will be able to “beat” the dividend allowance cut by maxing out on Isas. He gives the example of an investor with a £100,000 portfolio invested in funds yielding 4%. Under the current allowance, the £4,000 dividend he/she gets is free from UK tax. However, with the dividend allowance being cut to £2,000, they would face a tax bill of up to £762.However, by using the full Isa allowances through to 6 April 2018 (when the cut comes in), the investor could shelter £55,240 of their portfolio from the taxman – £15,240 in the 2016-17 tax year, £20,000 in the 2017-18 tax year, and £20,000 on the first day of the 2018-19 tax year (6 April, 2018).Based on the same 4% assumed yield, that would mean £2,210 of dividends being paid into the Isa tax free. £1,790 would be generated by the investments remaining outside the Isa, but with the £2,000 dividend allowance, no tax would be payable.“In this situation, the investor has avoided any additional tax stemming from the reduced dividend allowance by making judicious use of their Isa allowance each year,” says Khalaf.He adds: “Investors with bigger portfolios would still face some additional dividend tax even if they made the most of all three years’ Isa allowance, though this would still be significantly reduced.”Richard Stone, chief executive of stockbroker The Share Centre, says the dividend allowance introduced by George Osborne undermined part of the logic for using an Isa account – namely that all income and capital gains within an Isa are tax-free.He adds: “Investors should therefore continue to use tax-efficient accounts such as the Isa for their savings and investments to ensure that tax payable on any income or gains is minimised.”Jason Hollands at wealth management group Tilney says that for those already maximising Isas and pensions, it may make sense to transfer directly-held shares or funds to their spouse, if they are a non-taxpayer or basic-rate taxpayer, to reduce the tax liability.“Such transfers between couples do not give rise to a tax charge, but do bear in mind full legal ownership and entitlement to the assets will take place,” he adds.Topics Money Shares Investments Savings Budget 2017 Isas features  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/mar/11/budget-tax-on-dividends-raid-small-investors'|'2017-03-11T14:00:00.000+02:00'
'33db19915e2eac1e95e3d88ea84f1e46ad15e333'|'CEE MARKETS-Forex, bonds ease as markets price in ECB rate hike within a year'|'* ECB optimism over economy leads to CEE fx, bond price fall * Leu at 9-month low, forint a 3-month low, zloty a 3-week low * Politics weigh on leu, Romanian CPI stays near zero By Sandor Peto BUDAPEST, March 10 Central European currencies and government bonds eased on Friday after the European Central Bank hinted the previous day that it is slowly moving towards tighter policy. Romania''s leu, troubled by domestic political tension in the past six weeks, touched its weakest levels since regional market jitters around Britain''s referendum which decided on leaving the European Union. The prospect of Federal Reserve rate hikes, including one next week, was weighing on assets in the region, which become relatively less attractive if the returns on dollar assets rise. Nevertheless, U.S. labour market figures due at 1330 GMT are unlikely to weaken central European asset prices further even if they underpin the prospect of Fed hikes, one Budapest-based fixed income trader said. "Extremely good figures are priced in, so any further impact is unlikely," the trader said. Central European assets have been buoyed by the region''s healthy economic growth outlook and loose monetary policies, also helped by the ECB''s low interest rates and asset buying. The ECB did not signal cuts in asset buying after its meeting on Thursday, but after its optimistic comments on the economy, money markets priced in an ECB rate hike by March 2018. Hungarian government bond yields rose by about 3 basis points on Friday, with 10-year paper trading at 3.6 percent, the highest for several months. Poland''s equivalent yield rose 2 basis points to 3.74 percent and was 4 basis points above its levels before the ECB''s news conference. The forint touched a three-month low at 312.15 against the euro before regaining some ground. The zloty set a three-week low and was 0.1 percent lower at 4.328 at 0928 GMT. "Recent CEE FX moves could be seen as an indication for tougher times ahead for CEE EM markets due to a bad combination of current tight pricing, more Fed hikes, a somewhat less expansionary ECB and still dovish central banks...," Raiffeisen analyst Gunter Deuber said in a note. Regional central banks have not shown signs of concern over a sharp rebound in inflation. Poland and Hungary are unlikely to start to hike interest rates before 2018. A poll of analysts projected on Thursday some rise in Romanian interest rates by the end of 2017. But February figures released on Friday showed inflation sticking to levels near zero. The leu traded near the nine-month low of 4.555 it touched after the ECB news conference. It had been hit earlier this week by political worries as a government lawmaker proposed extending a draft bill granting prison pardons to include corruption offences. CEE SNAPS AT 1028 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 27.02 27.02 +0.0 -0.05 00 35 1% % Hungary 311.8 311.8 -0.01 -0.97 forint 500 050 % % Polish 4.328 4.323 -0.11 1.75% zloty 0 5 % Romanian 4.551 4.550 +0.0 -0.35 leu 0 9 0% % Croatian 7.440 7.428 -0.15 1.55% kuna 0 5 % Serbian 123.8 123.9 +0.1 -0.39 dinar 300 700 1% % Note: daily calculate previ close 1800 change d from ous at CET STOCK S Lates Previ Daily Chang t ous e close chang in e 2017 Prague 978.4 974.0 +0.4 +6.1 0 1 5% 6% Budapest 32980 32986 -0.02 +3.0 .39 .86 % 5% Warsaw 2215. 2189. +1.1 +13. 05 66 6% 71% Bucharest 7885. 7870. +0.1 +11. 61 27 9% 30% Ljubljana 792.1 788.5 +0.4 +10. 8 8 6% 39% Zagreb 2217. 2218. -0.04 +11. 61 41 % 17% Belgrade <.BELEX15 737.7 736.0 +0.2 +2.8 > 8 0 4% 5% Sofia 622.1 621.0 +0.1 +6.0 5 8 7% 9% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.64 0.049 +021 +4bp > 4 bps s 5-year <CZ5YT=RR 0.027 -0.00 +039 -3bps > 2 bps 10-year <CZ10YT=R 0.733 0.012 +030 +0bp R> bps s Poland 2-year <PL2YT=RR 2.14 0.008 +299 +0bp > bps s 5-year <PL5YT=RR 3.089 0.009 +346 -2bps > bps 10-year <PL10YT=R 3.773 0.035 +334 +2bp R> bps s FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep < 0.3 0.35 0.43 0 PRIBOR=> Hungary < 0.32 0.45 0.63 0.23 BUBOR=> Poland < 1.765 1.8 1.86 1.73 WIBOR=> Note: FRA are for Quote: s ask prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL5N1GN1XC'|'2017-03-10T07:23:00.000+02:00'
'd9e187d557bce03ad86f5dbe87906eb3a51145cb'|'LPC: Cyxtera adds protection against looming US tax changes'|' 15pm EST LPC: Cyxtera adds protection against looming US tax changes By Jonathan Schwarzberg and Lynn Adler - NEW YORK, March 10 NEW YORK, March 10 Data center operator Cyxtera is the first leveraged loan issuer to try to protect itself from moves by the US government to cut tax deductibility on interest payments that would make buyout financing more expensive. The proposed changes will penalize heavily indebted companies, including many private equity-owned firms, which have benefitted to date from effectively being able to subsidize debt interest payments. A US$1.3bn leveraged loan that backs Cyxtera’s buyout by BC Partners, Medina Capital Advisors and Longview Asset Management is the first deal to try to limit increased costs if tax deductibility ceases. Citigroup is leading the deal. The financing, which includes an US$815m first-lien loan, a US$310m second-lien term loan and a US$150m revolving credit facility, also offers call protection, a standard feature that helps investors to keep assets by making it more expensive for companies to repay loans early. The company is asking lenders to allow it to ‘call’ or repay its more expensive second-lien loans at a lower price than it would otherwise have to pay, if the tax changes come into effect. Cyxtera, the data center business of telecommunications company CenturyLink, was bought by the private equity consortium for US$2.8bn in a deal announced last November. The company’s first-lien loan is being sold with traditional six months call protection at 101 cents on the dollar and its second-lien debt has a higher penalty of 102 for the first year and 101 for the second year. Cyxtera is, however, asking lenders for permission to buy back the second-lien loan at the lower price of 101 in the first year if the US government shuts the tax deductibility loophole for interest payments. THINKING TWICE The prospect of higher debt interest payments is making companies and private equity firms think twice about lining up expensive loans – or come up with ways of getting out of steeper interest payments if tax deductibility disappears, particularly on large leveraged loans. “I would not be surprised to see this springing up more often, especially in the large cap deals and cov-lite deals, which tend to include more bond-like terms and provide maximum flexibility for sponsors and borrowers to pursue growth initiatives and incur additional debt,” said Samantha Koplik, partner at Dechert LLP. Covenant-lite loan issuance is expected to break a quarterly record volume this year after intense repricing and refinancing activity in the first quarter, according to Thomson Reuters LPC. The language is expected to crop up more often on second-lien loans, several lawyers said. Second-lien debt is also rising with US$4.2bn of volume so far this year, more than double last year’s first quarter total. Fourth quarter was even stronger at US$8.6bn. Higher costs could also prompt companies to use debt more carefully and focus on rapid repayment and deleveraging during the life of a term loan instead of constantly refinancing loans. “It may mark the beginning of a swing back to a model where companies are really looking to de-lever over the course of a term loan facility,” Koplik said. Cyxtera’s request to refinance its second-lien loan in the first year with a lower prepayment penalty if the tax changes are passed is anticipating a significant shift in the cost of debt that could alter the entire capital structure, Koplik said. Lenders are being asked to agree to provide this repayment flexibility at closing, which allows borrowers to avoid having to negotiate later when the outcome and impact of the tax changes are clear. INVESTORS LISTEN Investors are considering Cyxtera’s request before a commitment deadline of March 14 and are open to similar requests - as long as they are compensated. “It’s something that we would consider,” said Joe Mayo, managing director and head of investment research at asset manager Conning. Investors that bought the loan in the secondary market above the level that it could be called could be impacted. This is more of an issue for bonds than loans, which typically do not trade higher than 101. “If you’re going into it with full knowledge, and you’re buying in the new-issue market, you’re aware of that potential risk and you’re not going to be facing a significant downside if it does get called away from you,” Mayo added. Some investors and leveraged loan lawyers are wondering what other concessions private equity firms may demand if Cyxtera’s request is passed as they seek to recoup higher costs and whether they will be limited to the year of any tax change or the full maturity of the loan. “Is there going to be pressure from companies, or private equity sponsors to push the redemption price down to par?” a lawyer said. BC Partners declined to comment. Medina, Longview and Citigroup did not return request for comment. (Reporting by Jonathan Schwarzberg and Lynn Adler; Editing By Tessa Walsh)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cyxtera-protection-idUSL2N1GN15O'|'2017-03-11T00:15:00.000+02:00'
'0898e945ff6257788d9b7a6b955c566baf22f9b6'|'INSIGHT-Oil-for-loan debts cost Venezuela''s PDVSA hard-won India market share'|'Company   1:00am EST INSIGHT-Oil-for-loan debts cost Venezuela''s PDVSA hard-won India market share By Alexandra Ulmer , Marianna Parraga and Nidhi Verma - CARACAS/HOUSTON/NEW DELHI, March 8 CARACAS/HOUSTON/NEW DELHI, March 8 Venezuela''s state-run oil company, PDVSA, has spent at least a decade trying to build business ties and boost shipments to refineries in India, where crowds once welcomed the late socialist leader Hugo Chavez with cries of "Viva!" Now, the ailing firm is being forced to slash sales to its crucial trade partner. Venezuela has given up the fight for coveted market share in India because of a combination of declining crude production and heavy obligations under oil-for-loan deals with China and Russia, according to internal PDVSA data and two people familiar with the company''s strategy and operations. Caracas needs the oil to pay debts to China and Russia, key political allies that have together lent Venezuela at least $50 billion in exchange for promised crude and fuel deliveries. PDVSA and the Venezuelan Oil Ministry did not respond to requests for comment. In 2013, when Venezuela exports and oil prices were high, PDVSA raked in nearly $14 billion from India, the world''s fastest growing large economy. By last year, after an oil price crash, that figure had plummeted to $2.7 billion, according to a Reuters analysis of the PDVSA data. That means less cash income for the isolated South American economy, deepening a recession that has left many citizens skipping meals amid food shortages and soaring inflation. Oil accounts for almost all of Venezuela''s export revenue, and many of Venezuela''s customers pay for oil in kind - with food or medical supplies, for example. India is among the few trading partners that buy large volumes of PDVSA oil with cash. So lower sales to India''s refineries are further eroding the company''s cash flow - and its ability to pay mounting debts to suppliers and service providers, which have caused delivery delays and cancellations around the globe. SLIPPING SHARE The shift stems from a crude production decline of 10 percent last year, to 2.38 million barrels per day (bpd), due to a lack of investment and payment delays to providers. The falling output means PDVSA could increasingly lose business in India to Iranian, Iraqi and Brazilian companies. The internal PDVSA data also show that Venezuela - which sits on the world''s largest crude reserves - managed to maintain its place as No. 3 crude supplier to India last year. It delivered about 413,000 bpd, behind only Saudi Arabia and Iraq. But PDVSA expects shipments to India to drop to 360,000 bpd this year, according to an internal PDVSA report reviewed by Reuters. Those cuts are already happening: Venezuelan crude exports to India plunged 16 percent in January compared to a year earlier, according to Thomson Reuters trade-flows data. India has made up the gap with supplies from the Middle East, including imports from Iran that have surged since the lifting of U.S. sanctions last year. Venezuelan crude is heavy and harder to refine. In a market that is still oversupplied after a two-year glut, higher-quality crude is plentiful and not much more expensive. "The current quality of Venezuelan crude could incentivize the partner to seek other providers," PDVSA said in an internal report, in a section on India labeled "threats." While India is tapping new sources of crude, the country continues to view Venezuela as an important part of its diversified supply, India''s Oil Minister Dharmendra Pradhan told Reuters. "We are depending on Venezuela. We have some investments in Venezuela''s exploration and production," Pradhan said in an interview. "They are going through a temporary crisis, but I''m hopeful they will still be a good partner to our supply chain." PASSAGE TO INDIA - VIA CHINA, RUSSIA Venezuela still has some cards to play in India - the world''s fourth-largest refiner and a country that imports nearly three quarters of its crude. India wants to diversify oil imports to protect its economy against external shocks, meaning South American shipments can help mitigate the risk of supply disruption from Middle Eastern suppliers. But India doesn''t necessarily have to buy the Venezuelan oil it wants from PDVSA - it can buy it from Chinese and Russian firms that receive Venezuelan crude as payment for loans. That means China and Russia can use Venezuelan crude to increase their market share in India at the expense of PDVSA''s declining share. Chinese firms are already taking some of the Venezuelan crude and selling it to the same Indian refineries that were previously buying the oil directly from PDVSA. Russia is poised to start doing the same. Such arrangements have been in place for some time but are now accelerating as PDVSA''s production falls. In 2014, for instance, state-run China National Petroleum Corporation started sending Venezuelan crude to India''s Reliance Industries, operator of the world''s largest refinery, according to the PDVSA data. While CNPC gained a foothold in the Indian market by sending more than 180,000 bpd of Venezuelan crude last year, PDVSA''s direct shipments to Reliance fell by 61 percent between 2013 and 2016. Russia''s Rosneft, which also receives Venezuelan oil in return for loans, stands to gain, too. Rosneft last year bought a 49 percent share of Indian refiner Essar Oil and is set to replace PDVSA as a supplier of Venezuelan oil to the Vadinar refinery. VENEZUELA''S "UNION OF THE SOUTH" FALTERS The loss of Indian sales is a bitter reversal for socialist Venezuela, which pushed hard to open up the distant market as a way to decrease trade ties with the United States - a closer buyer but an ideological foe. PDVSA''s U.S. shipments have fallen but they remain the biggest chunk of the company''s exports, with the majority going to its U.S. refining unit, Citgo Petroleum. During his 2005 visit to India, late president Chavez said Venezuela''s oil had been flowing north for too long. Instead, he promised a thriving exchange among developing nations. "We must launch a new strategy to unite the South!" Chavez, an Indian shawl draped over his shoulders, told cheering university students in New Delhi in 2005. It took at least two years of negotiations and frequent trips to India by PDVSA''s top executives, but state-run Indian firms finally invested in oil fields and projects in Venezuela. But Venezuela''s downward spiral has hurt Indian oil companies and frayed bilateral relations, along other PDVSA business partners across the globe. State-owned ONGC Videsh, for instance, is owed about $600 million in late dividends for the joint crude project San Cristobal with PDVSA. Under pressure, Venezuela recently began settling those debts by giving ONGC the money it collects from 17,000 barrels per day of crude exports - meaning even more oil is being used to finance debt payments. But ONGC has also seen production at its San Cristobal field cut in half amid an exodus of talent, shortage of equipment, and theft in Venezuela''s vast Orinoco Belt. "We have accumulated a very large amount of dividends pending," Narendra Verma, chief executive officer of ONGC Videsh, told Reuters. "But we have been patiently negotiating with PDVSA." If all goes well, the company expects it can recoup the delinquent payments in about three years, Verma said in an interview. Meanwhile, Venezuela''s efforts to stop the bleeding at PDVSA have yet to show results. A recent PDVSA board shake-up ushered in political and military figures; Venezuela''s economy is entering its fourth year of recession; and salaries are so low that some PDVSA workers are even selling their uniforms to buy food. "The relationship with India has hit a ceiling," said Kenneth Ramirez, a geopolitical oil analyst in Caracas. "That won''t change unless Venezuela''s oil industry undergoes big change." (Writing by Alexandra Ulmer and Marianna Parraga; additional reporting by Simon Webb in Houston; Editing by Simon Webb and Brian Thevenot) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/venezuela-india-oil-idUSL2N1GC14R'|'2017-03-08T13:00:00.000+02:00'
'aec4d5d088275340f639b670731ebf04b1140b22'|'Brazil''s MRV misses Q4 net income consensus on fewer housing starts'|'Company News  06pm EST Brazil''s MRV misses Q4 net income consensus on fewer housing starts SAO PAULO, March 7 Brazil''s largest low-income homebuilder MRV Engenharia e Participações SA posted a 1.2 percent rise in fourth-quarter net profit to 142 million reais ($46 million), missing analysts'' expectations as it launched fewer units than planned. Earnings before interest, tax, depreciation and amortization (EBITDA), a gauge of operating profitability, fell by 7.7 percent to 160 million reais, missing a 168 million reais consensus estimate. (Reporting by Ana Mano; Editing by Sandra Maler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mrv-engenharia-results-idUSL2N1GK20P'|'2017-03-08T05:06:00.000+02:00'
'e7a26ce5909fdb417d961e6d9a8ee35a315108df'|'Blackstone appoints more banks to prepare IPO for warehouse giant Logicor'|'By Pamela Barbaglia and Dasha Afanasieva - LONDON LONDON Private equity firm Blackstone ( BX.N ) has appointed more banks to help prepare for an initial public offering (IPO) of shares in its giant European warehouse owner Logicor, that could be valued at 13 billion euros ($13.8 billion), according to two sources familiar with the matter.Wall Street banks Morgan Stanley ( MS.N ), Citi ( C.N ) and Bank of America Merrill Lynch ( BAC.N ) have been selected by Blackstone to work on the potential listing in London alongside Goldman Sachs ( GS.N ), although no final decision to proceed has been taken, according to one of the sources.Blackstone declined to comment.Logicor was founded by Blackstone’s real estate division in 2012 to manage and operate its European logistics assets. Counting Amazon ( AMZN.O ) among its clients, it has become the largest owner of European logistics and distribution properties, covering a total of 13.6 million square meters across Europe.Reuters reported in December that Blackstone was hiring banks to prepare for an IPO of Logicor, several people with knowledge of the situation said at the time.Goldman Sachs and Eastdil Securities had already been chosen to help with the listing but the global coordinators had not yet been appointed, one of the sources involved in the process said.Sky News first reported the appointments.(Writing by Anjuli Davies; Editing by Rachel Armstrong, Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-logicor-ipo-idINKBN16H1K1'|'2017-03-10T09:51:00.000+02:00'
'3c5551bc0a47e95d3db7c8d8d8d68beeb2f3a76e'|'UPDATE 1-Corzine points to PwC role ahead of MF Global collapse'|'Company News  27pm EST UPDATE 1-Corzine points to PwC role ahead of MF Global collapse * MF Global administrator eyes $3 billion damages from PwC * Corzine was New Jersey governor, Goldman co-chairman (Adds more Corzine testimony) By Jonathan Stempel NEW YORK, March 10 Former New Jersey Governor Jon Corzine on Friday resisted accepting blame for the October 2011 collapse of his brokerage MF Global Holdings Ltd, repeatedly stressing his reliance on judgments by the auditor PricewaterhouseCoopers LLP. Corzine was testifying for a second day for MF Global''s bankruptcy administrator in federal court in Manhattan in its $3 billion malpractice case against PwC. Under cross-examination from PwC''s lawyer, Corzine rejected suggestions that the collapse stemmed not from PwC''s negligence, but from MF Global''s own business decisions. These included Corzine''s $6.3 billion wager on sovereign debt from five European countries, which spooked nervous markets after a recent near-shutdown of the U.S. government. It also included a delay in Corzine''s plan to transform MF Global into a full-service broker-dealer that led to a large, surprise tax loss for the futures and commodities brokerage. "I relied on my team, and on the advice they were receiving and I was receiving, from our outside public accountants," Corzine said. While never blaming PwC directly, Corzine had testified on Thursday that he trusted PwC because of its strong reputation, and had no reason to believe MF Global''s accounting was wrong. He said PwC''s decision to change its advice on accounting for "deferred tax assets," and MF Global''s decision to reveal more than PwC had required about the European debt to calm jittery markets, prompted "confusion" and a "loss of confidence and trust." PwC''s lawyer James Cusick on Friday tried to show through emails and other evidence that the auditor was not at fault, including for the European debt financed through "repurchase-to-maturity" transactions. "They didn''t advise you on whether to embark on this Euro RTM strategy?" Cusick asked. "They did not," Corzine replied. "These were all business decisions, that belonged to yourself, your management team and your board of directors?" "Correct." Cusick got Corzine to agree that volatile capital markets and some other concerns flagged in a Moody''s Investors Service downgrade of MF Global a week before the bankruptcy were, in the lawyer''s words, "not PricewaterhouseCoopers'' fault." Corzine has been cooperating with the administrator, and testified that in his five or six recent meetings with its lawyers it became "pretty clear the types of themes" to be discussed at trial, including "trust and confidence." On Monday, Corzine is expected to face more questions from Cusick, followed by questions from the administrator''s lawyer, Stephen Sorensen. Corzine, 70, has kept a low profile since testifying in December 2011 before Congress about MF Global. In January, he agreed to a $5 million fine to settle a U.S. Commodity Futures Trading Commission lawsuit over MF Global, without admitting wrongdoing. PwC in 2015 settled with MF Global investors for $65 million, and denied wrongdoing. The expected five-week trial began on Tuesday. The case is MF Global Holdings Ltd as Plan Administrator v PricewaterhouseCoopers LLP, U.S. District Court, Southern District of New York, No. 14-02197. (Reporting by Jonathan Stempel in New York; Editing by Tom Brown) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mf-global-hldg-pricewaterhouse-idUSL2N1GN1ME'|'2017-03-11T04:27:00.000+02:00'
'37b46a683066a895c2a2bdc115fff05f761890e0'|'ECB talk of rate hike before ending QE isolated, without broad support'|'Business News - Fri Mar 10, 2017 - 4:26pm GMT ECB talk of rate hike before ending QE isolated, without broad support European Central Bank (ECB) headquarters in Frankfurt, Germany, July 29, 2016. REUTERS/Ralph Orlowski FRANKFURT Some European Central Bank policymakers raised the possibility raising interest rates before the end of asset purchases but the discussion was isolated and did not enjoy any broad support, two sources familiar with the discussion said on Friday. Bloomberg reported earlier on Friday that the ECB''s Governing Council discussed such an option on Thursday but without a specific scenario or timeline. An ECB spokesman declined to comment. When asked about it on Thursday, ECB President Mario Draghi said he would not speculate about such an option and the bank''s guidance remains that it expects rates to remain at present or lower levels for an extended period and until after the end of its net asset purchases. (Reporting by Balazs Koranyi; Editing by Francesco Canepa) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ecb-policy-idUKKBN16H23H'|'2017-03-10T23:26:00.000+02:00'
'4c29768e03dd500928ce0d58e77ab1cdbd0d6cf4'|'Morning News Call - India, March 10'|'Company  27pm EST Morning News Call - India, March 10 (India Morning Newsletter will not be published on Monday, March 13, as markets are closed for Holi) To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 11:00 am: Budget session of parliament continues in New Delhi. 2:30 pm: Comptroller & Auditor General audit report on ‘Turn Around and Financial Restructuring Plan of Air India’ in New Delhi. 5:00 pm: RBI to release weekly foreign exchange data in Mumbai. 5:30 pm: Government to release January industrial output data in New Delhi. LIVECHAT-QUIZ EAST Test your wits and googling speed at 11 am on the Friday quiz that focuses on Asia and the week''s top news. To join the conversation, click on the link: here INDIA TOP NEWS • State-backed rivals force India''s e-payment firms to step up Electronic payment firms got a big boost when India abolished most of the country''s banknotes last year, but rival state-sponsored e-payment services are forcing them to raise their game to hang on to their new customers. • PREVIEW-Indian inflation seen picking up in Feb for first time in 7 months on food prices Indian inflation likely picked up for the first time in seven months in February as rising food prices began to bite, but it remained below the central bank''s medium-term target, a Reuters poll found. • VW and Tata agree to explore cooperation in India - sources Volkswagen has signed an agreement with Tata Motors to explore cooperation in India, company sources close to the matter said, as the German carmaker tries once again to conquer emerging markets. • Japan asks WTO to set up settlement panel in India steel dispute Japan on Thursday asked the World Trade Organization to set up a dispute settlement panel to examine India''s safeguard duties on steel imports which it says may be violating the WTO rules. • Some Indian banks risk skipping coupon payments - Fitch Ratings Some Indian banks are at risk of skipping coupon payments on their capital instruments despite recent easing of rules by the central bank and capital injection by the government into state-run lenders, Fitch Ratings said on Thursday. • PM''s party ahead in biggest state election - exit polls Prime Minister Narendra Modi''s party is well ahead of rivals in an election in the country''s most populous state, but may fall short of an absolute majority, four major exit polls showed on Thursday. GLOBAL TOP NEWS • South Korea court removes President Park from office over scandal South Korea''s Constitutional Court upheld the impeachment of President Park Geun-hye, removing her from office over a graft scandal involving big business that has gripped the country for months. • Republican U.S. health plan clears first hurdles, fate uncertain The Republican plan backed by President Donald Trump to overhaul the U.S. healthcare system cleared its first hurdles in Congress on Thursday, but its chances for passage looked uncertain and top Republicans scrambled to bring disgruntled conservatives aboard. • WikiLeaks offers CIA hacking tools to tech companies -Assange Wikileaks will provide technology companies with exclusive access to CIA hacking tools that it possesses so they can patch software flaws, founder Julian Assange said on Thursday, presenting Silicon Valley with a potential dilemma on how to deal with the anti-secrecy group. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • The SGX Nifty Futures were trading at 8,977.00, trading up 0.23 pct from its previous close. • The Indian rupee is poised to open little changed against the dollar, as investors await U.S. nonfarm payrolls data for February ahead of a keenly-watched Federal Reserve meeting next week. • Indian government bonds will likely edge lower tracking a sharp rise in U.S. Treasury yields ahead of the crucial non-farm jobs data, which, if solid, will further cement expectations of a Federal Reserve rate hike next week. The yield on the benchmark 6.97 pct bond maturing in 2026 is likely to trade in a 6.83 pct-6.88 pct band today. The paper had settled at 100.80 rupees, yielding 6.85 pct yesterday. GLOBAL MARKETS • A late rebound in energy shares helped U.S. stocks end a choppy session a tad higher on Thursday ahead of the U.S. monthly jobs report. • Asian stocks edged up and the dollar rose to 1-1/2-month highs versus the yen ahead of the U.S. non-farm payrolls report due later in the day. • The dollar firmed to six-week highs against the yen and looked set for a modest weekly gain as investors awaited U.S. job data later in the day that is expected to reinforce expectations of a Federal Reserve interest rate hike next week. • U.S. Treasury yields rose on Thursday with longer-dated yields reaching their highest in about 11 weeks, in step with their German counterparts before Friday''s U.S. jobs report that may seal expectations the Federal Reserve will raise rates next week. • Crude prices inched up after dropping to their lowest in more than three months the session before, pressured by concerns that a global supply glut is proving stubbornly persistent. • Gold prices dropped below the key level of $1,200 an ounce to hit their lowest in over five weeks, pressured by a stronger dollar ahead of U.S. jobs data later in the day. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 66.68/66.71 March 9 $73.20 mln -$83.30 mln 10-yr bond yield 7.25 pct Month-to-date $462.05 mln $39.18 mln Year-to-date $2.02 bln $1.35 bln For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 66.61 Indian rupees) (Compiled by Erum Khaled in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/india-morningcall-idUSL3N1GN1HJ'|'2017-03-10T10:27:00.000+02:00'
'3531e38f3e96d64441ee7ddfe140b0b07943e88d'|'U.S. extends leniency program for companies that disclose bribery'|'Company  10pm EST U.S. extends leniency program for companies that disclose bribery By Joel Schectman - MIAMI, March 10 MIAMI, March 10 The U.S. Justice Department will extend a program that offers companies leniency if they voluntarily tell authorities when employees may have paid bribes, a senior official said on Friday. The program was set to expire on April 5, after a one-year pilot period but will now be continued indefinitely while officials evaluate its effectiveness, Acting Assistant Attorney General Kenneth Blanco said at the American Bar Association''s conference on white collar crime in Miami. Under the program, the Justice Department publicly declined to prosecute five companies that had come forward and fully cooperated when they learned that employees or contractors had made improper payments to foreign officials. Those companies included Akamai Technologies Inc; Johnson Controls Inc, now Johnson Controls International Plc ; and Nortek Inc. The companies have said they worked to remedy the problems once they learned of the misconduct. Authorities said the program was designed to provide high-profile examples of companies that received leniency because of their cooperation, encouraging more to disclose bribery. The program began last year after many lawyers voiced concerns that companies were becoming more reluctant to report bribery because of the stiff penalties they faced when they came forward. The Foreign Corrupt Practices Act makes it a crime to bribe overseas officials to win business. The unclear future for the program underscores uncertainty about how the Justice Department will handle the Foreign Corrupt Practices Act under President Donald Trump, a Republican. "It remains to be seen whether the Trump administration will be as aggressive," said Marc Bohn, an FCPA specialist at the law firm Miller & Chevalier. Under Democratic former president Barack Obama, the department ratcheted up enforcement, bringing in record penalties from companies. But the prosecutions also generated concern in the legal community that the scrutiny was placing companies with U.S. ties at a disadvantage in seeking business opportunities abroad. Bohn said he doubted the new administration would radically alter the approach in immediate future. "It''s a big ship to turn," he said. (Reporting by Joel Schectman) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-corruption-leniency-idUSL2N1GN18V'|'2017-03-11T02:10:00.000+02:00'
'e27273d6e8e26bc45430e5398c5cce9897a19011'|'UPDATE 1-Four bondholders sue Peabody Energy, hedge funds over stock sale'|'Commodities - Thu Mar 9, 2017 - 7:36pm EST Four bondholders sue Peabody Energy, hedge funds over stock sale FILE PHOTO - The ticker and stock information for Peabody Energy is displayed at the post where the stock is traded on the floor of the New York Stock Exchange (NYSE) in New York, U.S. on March 16, 2016. REUTERS/Brendan McDermid/File Photo By Tracy Rucinski - CHICAGO CHICAGO Four individual investors of Peabody Energy Corp are accusing the company, certain hedge funds and other parties involved in the coal producer''s Chapter 11 bankruptcy of breaching their fiduciary duties, according to a lawsuit filed on Thursday. The four investors, who hold senior unsecured bonds of Peabody, the largest U.S. coal miner, have alleged during the Chapter 11 proceedings that they have been unfairly treated under the reorganization plan. Peabody spokesman Vic Svec said on Thursday that the company stands by its reorganization plan. In the lawsuit, filed with the U.S. Bankruptcy Court in St. Louis, the investors also named as defendants the trustees of their bonds and the Chapter 11 committee that represents their interests. At the heart of their complaint is a plan to raise $1.5 billion by selling stock in a reorganized Peabody. The refinancing forms a key part of the company''s plan to slash $5 billion of debt and exit Chapter 11 protection. The stock is being offered to holders of the company''s unsecured bonds, except individual investors, denying them potentially lucrative returns. This violates the basic promise of bankruptcy that creditors of equal standing receive equal treatment, they argue. Peabody has about $4.5 billion of bonds outstanding, and the lawsuit says individual investors hold up to 7 percent of those securities. The investors, who filed their lawsuit strictly on their own behalf, requested a jury trial to address their complaints. Peabody will ask U.S. Bankruptcy Judge Barry Schermer of St. Louis to approve its plan to exit bankruptcy, which has wide support from other creditors, on March 16. Among objections to the reorganization plan filed on Thursday, shareholder and former senior vice president Fredrick Palmer asked the court to reject the plan because he said it undervalues Peabody and overcompensates certain hedge funds while wiping out shareholders'' stock. Meanwhile, environmental group Sierra Club questioned in a limited objection whether Peabody will be able to meet sales and profitability targets in its five-year business plan, which the Sierra Club said could put certain environmental obligations at risk. Peabody also received objections from the Internal Revenue Service and four former employees, including Palmer and former chief executive officer Gregory Boyce, over their retirement packages. (Reporting by Tracy Rucinski; Editing by Leslie Adler) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-peabody-energy-bankruptcy-idUSKBN16H01U'|'2017-03-10T07:30:00.000+02:00'
'd8dd0cd117158e8ae770750eb0de246f7facad7f'|'Royal Caribbean cuts South Korean sites from China cruises'|'Business News - Thu Mar 9, 2017 - 5:04am EST Royal Caribbean cuts South Korean sites from China cruises The Royal Caribbean''s cruise ship Explorer of the Seas arrives back at Bayonne, New Jersey January 29, 2014. REUTERS/Carlo Allegri BEIJING/SHANGHAI Royal Caribbean Cruises Ltd ( RCL.N ) will remove visits to South Korean ports from its China cruises, the firm said in a statement, amid rising tension between the two countries over Seoul''s deployment of a U.S. missile defense system. In a post on its Chinese website, the U.S. cruise operator, one of the world''s biggest, said it had changed its China-based cruises to remove visits to popular South Korean resorts because of "recent developments regarding the situation in South Korea". The move makes Royal Caribbean one of the first major travel firms to publicly stop or restrict trips to South Korea after media reports last week that Beijing had given guidance to tour operators in China to stop selling trips to the country. A South Korean government document seen by Reuters said China gave a "7-point" verbal instruction to travel firms regarding a ban on trips to South Korea. One point blocked China-based cruise ships from docking in South Korean ports. In a notice posted on Thursday, Royal Caribbean detailed changes to itineraries for cruises leaving from Chinese ports. These removed visits to South Korean destinations such as Busan, Jeju and Seoul, replacing them with visits to sites in Japan. The firm did not respond to requests for further comment on Thursday. Rival cruise operators including Carnival Corp ( CCL.N ) did not immediately respond to requests for comment. The squeeze on Korean firms underlines Beijing''s anger over a joint plan by South Korea and the United States to set up the Terminal High Altitude Area Defence (THAAD) missile system in South Korea. Seoul and Washington say it will defend against nuclear-armed North Korean missiles, but Beijing says its far-reaching radar is targeted at China. The crackdown has sent a chill across South Korea''s retail and tourism sectors, which rely heavily on China trade. Chinese shoppers are big consumers of South Korean products from cosmetics and television dramas to vacations and music. The number of Chinese tourists to South Korea has nearly quadrupled to 8 million over the past five years, accounting for nearly half of foreign visitors, Korean government data showed. South Korea has said it will consider filing a complaint against China to the World Trade Organization over what it described as trade retaliation over the THAAD deployment issue. (Reporting by Muyu Xu in BEIJING, Adam Jourdan in SHANGHAI and Hyunjoo Jin in SEOUL; Editing by Christopher Cushing) Next In Business News Samsung Group chief denies all charges as ''trial of the century'' begins SEOUL The head of South Korea''s Samsung Group, Jay Y. Lee, denies all charges against him, his lawyer said on Thursday, at the start of what the special prosecutor said could be the "trial of the century" amid a political scandal that has rocked the country.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-southkorea-china-cruises-idUSKBN16G148'|'2017-03-09T17:04:00.000+02:00'
'a251e1fbf99ff0e7c842faf61dd68de9fd103e8e'|'Chief of South Korea''s Samsung Group denies all charges: Yonhap'|'SEOUL The leader of South Korea''s Samsung Group conglomerate, Jay Y. Lee, on Thursday denied all of a special prosecutor''s charges against him, the Yonhap news agency cited his lawyer as saying at the opening of a hearing against him.Court proceedings for the trial of Lee on bribery, embezzlement and other charges, began amid a corruption scandal that has rocked South Korea and led to the impeachment of the president.Lee, who is being detained at Seoul Detention Centre, was not in attendance.(Reporting by Joyce Lee; Editing by Robert Birsel)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-southkorea-politics-idINKBN16G0FQ'|'2017-03-09T02:50:00.000+02:00'
'1f5029da8e6b99d05f8cdab534dd1cb6d810dae4'|'Eurozone bank shares extend ECB rally to hit highest levels in more than a year'|'LONDON, March 10 Eurozone banking shares hit their highest level since last January on Friday, extending gains after the European Central Bank struck a more optimistic tone on the economy.An index of euro zone banks was up 1.9 percent, the highest in more than a year while the broader pan-European banks index was up more than a percent.On Thursday banks rallied after expectations increased that the ECB''s next move could be a tightening in policy, with money markets now fully pricing in a rate hike by March 2018.Italian lenders led the rally on Friday, with Banco BPM , Unicredit and BPER Banca all rising between 3.5 to 4.7 percent.Banco Santander and BNP Paribas shares both rose more than 1.5 percent and were the biggest boosts on the banking indices. (Reporting by Kit Rees, Editing by Vikram Subhedar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/europe-stocks-idINL5N1GN1LC'|'2017-03-10T06:16:00.000+02:00'
'9a00879d1a00ce87e7692cba979185aabdae3c38'|'UPDATE 1-Bombardier employee arrested in Sweden on suspicion of bribery'|'Company News - Fri Mar 10, 2017 - 8:39am EST UPDATE 1-Bombardier employee arrested in Sweden on suspicion of bribery (Adds defence lawyer comment) STOCKHOLM, March 10 Swedish prosecutors said on Friday they had arrested an employee of Canadian aircraft and train maker Bombardier on suspicion of bribing Azerbaijani officials in a 2013 rail equipment procurement deal. Prosecutors said a 37-year-old Russian man had been arrested on suspicion of bribery and that several Bombardier employees were suspected of colluding with Azerbaijani officials. "He denies the accusation," Cristina Bergner, the man''s lawyer, told Reuters. She declined to give any further comment. Prosecutors said they had obtained evidence in the form of emails after a raid at Bombardier in Sweden last October. "Despite the fact that Bombardier was in fifth place in terms of price, they won the 2013 tender when competitors that had offered a better price were disqualified by the rail authority in Azerbaijan," prosecutors said in a statement. A Bombardier spokeswoman confirmed an employee had been questioned by police, but declined to give further comment. "We will cooperate fully with the authorities," said Barbara Grimm, Bombardier''s head of communication for Railway Control Solutions. (Reporting by Johan Sennero and Daniel Dickson, additional reporting by Olof Swahnberg and Simon Johnson; editing by Simon Johnson and Jason Neely) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/bombardier-corruption-azerbaijan-sweden-idUSL5N1GN3HL'|'2017-03-10T20:39:00.000+02:00'
'9eb5567cdce5904fc4620281a6cbdee7becaf7e7'|'PRESS DIGEST- Wall Street Journal - March 10'|' 42am EST PRESS DIGEST- Wall Street Journal - March 10 March 10 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy. - Royal Dutch Shell Plc is selling nearly all of its Canadian oil-sands developments in deals worth $7.25 billion, deserting a region that has come to symbolize the risks for energy companies in high-cost, carbon-intensive sources of oil. on.wsj.com/2n5YcK3 - Dutch paints and chemicals maker Akzo Nobel NV said it had rejected a 20.9 billion euros ($22.15 billion) offer from U.S. peer PPG Industries Inc, setting up a trans-Atlantic standoff between two long-lived industrial giants amid a wave of consolidation in the sector. on.wsj.com/2n5Lyub - Americans now officially drink more bottled water than soda. It''s a shift that decades ago might have seemed unthinkable—that consumers would buy a packaged version of something they could get free from a tap. But bottled-water sales have been growing in the U.S. ever since the arrival of Perrier in the 1970s. The gains accelerated in recent years amid concerns about the health effects of sugary drinks and the safety of public-water supplies. on.wsj.com/2n5Ht9m - After almost a decade of double-digit sales growth, Lego A/S said revenue rose just 6 percent world-wide in 2016, after a big marketing push in the U.S. failed to lift stalled sales there. The world''s second-largest toy maker said U.S. sales were flat for the year. on.wsj.com/2n5Nrae - In its quest to prove Airbnb Inc is more than a casual home-sharing service, the hotel industry issued a stinging analysis of the website that casts the company more like a professional short-term rental operation. on.wsj.com/2n5JT8i - Grocery heavyweights including Wal-Mart Stores, Inc , Kroger Co and Meijer Inc are broadening delivery areas across the country and the ways in which customers get their groceries. on.wsj.com/2n5Nz9I - A group that includes Jahm Najafi, chief executive of private investment firm Najafi Cos, and private-equity firm Pamplona Capital Management has emerged as a bidder for Time Inc , according to people familiar with the matter. on.wsj.com/2n5JkuX - The Samsung conglomerate''s de facto leader, Lee Jae-yong, and four top lieutenants formally denied all charges against them as a South Korean court opened a trial into a corruption scandal that has led to the impeachment of President Park Geun-hye. on.wsj.com/2n5Dxpf - American International Group Inc Chief Executive Peter Hancock, apparently having lost the faith of the insurer''s directors, quit at a board meeting Wednesday where his future was being discussed, according to people familiar with the matter. on.wsj.com/2n5JW3V ($1 = 0.9434 euros) (Compiled by Subrat Patnaik in Bengaluru)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-wsj-idUSL3N1GN27U'|'2017-03-10T12:42:00.000+02:00'
'5752a8774e7edd182d2771ce58ad090ce371a079'|'U.S. tourism sector faces squeeze of strong dollar, Trump travel ban'|'Economic News  21pm IST U.S. tourism sector faces squeeze of strong dollar, Trump travel ban FULL COVERAGE: By Maria Sheahan - BERLIN BERLIN The U.S. travel sector is bracing for a year in which a strong dollar and uncertainty over President Donald Trump''s travel ban could deter visitors, industry representatives said at the world''s biggest tourism trade fair in Berlin. Trump on Monday signed a revised executive order banning citizens from six Muslim-majority nations from travelling to the United States. Those countries account for a tiny percentage of U.S. visitors, but there is growing concern that the order could hurt the image of the United States and scare other tourists away. "I''m glad that the travel ban has been revised, but it still has some problems. It sends a message that we are not welcoming," David Kong, chief executive of U.S.-based hotel group Best Western, said on the sidelines of the ITB trade fair. "As leader of our country, the President needs to be aware that there is collateral damage," he said. The U.S. dollar has gained more than 5 percent against the euro over the past six months, making it more expensive for travellers to visit the United States. New York City was expecting foreign tourist numbers to remain unchanged at 12.7 million but has cut its forecast for 2017 by 300,000. "It''s too soon to tell exactly what''s going to happen," Britt Hijkoop, a senior manager at NYC & Company, told Reuters but said New York hoped to be proactive with its advertising. The city has spent $3 million on a marketing campaign with the slogan "Welcoming the World". Las Vegas, another major tourist destination, hopes business with trade conventions and a wide price range for accommodations will keep growth robust, said Heidi Hayes, Director of Communications for the Las Vegas Convention and Visitors Authority. Las Vegas had a record 42.9 million visitors last year, with about 7 million from outside the United States, and forecasts an increase to 43.2 million this year. But a survey by the Global Business Travel Association (GBTA) indicated business travel, an important source of income for hotels and airlines, could suffer due to the ban. Some 37 percent of U.S. business travel professionals said they expect a reduction in their company''s travel because of Trump''s revised executive order, while 17 percent of European travel professionals said their company has already cancelled business travel to the United States. Dubai-based Emirates airline said at the fair its booking rate for flights to and from the United States took a 35 percent hit overnight after the first travel ban and had not yet recovered. Other airlines said they had not yet seen a notable effect on concrete bookings but that the impact of the travel ban would become apparent over the longer term. (Reporting Maria Sheahan; Editing by Julia Glover) Next In Economic News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-trump-immigration-tourism-idINKBN16H1OD'|'2017-03-10T20:51:00.000+02:00'
'1917a11ddfdc6928dc9b597f25fac82e85a4d546'|'Asia stocks edge higher, dollar up before U.S. payrolls'|'Business News - Fri Mar 10, 2017 - 12:57am GMT Asia stocks edge higher, dollar up before U.S. payrolls left right A worker walks next to an electronic stock board at the Indonesia Stock Exchange in Jakarta, Indonesia February 3, 2017. REUTERS/Beawiharta 1/3 left right Lion and dragon dancers perform in front of an electric board at the trading floor of the Philippine Stock Exchange to celebrate the Chinese Lunar New Year of the Rooster in Makati city, Metro Manila, Philippines January 30, 2017. REUTERS/Ezra Acayan 2/3 left right Pedestrians are reflected on an electronic board showing Japan''s Nikkei average (top L), the Dow Jones average (top R) and the stock averages of other countries outside a brokerage in Tokyo, Japan, January 26, 2017. REUTERS/Kim Kyung-Hoon 3/3 By Shinichi Saoshiro - TOKYO TOKYO Asian stocks edged up and the dollar rose to 1-1/2-month highs versus the yen on Friday ahead of the U.S. non-farm payrolls report due later in the day. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS added 0.1 percent, taking cues from a modest bounce in Wall Street overnight. Japan''s Nikkei .N225 climbed 1 percent on the back of a weaker yen and Australian stocks added 0.4 percent. Wall Street was marginally higher, underpinned by speculation the widely-anticipated labour market report on Friday would show U.S. payrolls growth in February was far more than economist forecast. The nonfarm payrolls report is expected to show 190,000 jobs were added in the U.S. private and public sectors in February. The employment figures are drawing particular interest as chances of the Federal Reserve raising interest rates several times this year could improve if the data underlines U.S. economic strength. Also of key concern to the broader risk asset markets were the developments in crude oil, which saw prices fall to more than three-month lows overnight as record U.S. crude inventories fed doubts about the effectiveness of OPEC''s recent deal to curb a global glut. U.S. crude CLc1 was up 0.6 percent at $49.57 a barrel after sliding to $48.59 overnight, the lowest since the end of November. Carl Weinberg, chief economist at High Frequency Economics, said that OPEC''s recent cartel-like deal to limit output was working so far, but that the incentive within this hastily assembled deal to cheat was going up as prices were declining. "So if the U.S. inventory glut extends, or even just persists, the odds will rise that the cartel will fall apart. That eventuality - we are inclined to think of it as a likelihood - will set oil prices tumbling again," he wrote. In currencies, the dollar rose to 115.200 yen JPY= , its highest since Jan. 27, as benchmark U.S. Treasury yields rose to three-month highs on expectations that Friday''s jobs report could seal expectations for the Fed to hike rates next week. Cementing views of tighter U.S. policy was also a report on Thursday that showed the number of Americans applying for unemployment benefits rose to 243,000 last week, rebounding from a near 44-year low, but continuing to point to a tightening labour market. The dollar did not fare as well against the euro. The common currency gained the previous day after European Central Bank head Mario Draghi suggested it was less necessary to prop up the market through ultra-loose monetary policy. The euro was slightly higher at $1.0588 EUR= after rising 0.4 percent overnight. The dollar index against a basket of major currencies was up 0.1 percent at 101.960 .DXY after losing 0.2 percent overnight. (Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-markets-idUKKBN16H02W'|'2017-03-10T07:57:00.000+02:00'
'945bdc70ee18295303a14b72b220562330146cfe'|'BRIEF-Northview Apartment REIT reports Q4 results'|' 31pm EST BRIEF-Northview Apartment REIT reports Q4 results March 9 Northview Apartment Reit * Reports Q4 and 2016 financial results, progress on leverage reduction, successful execution of value creation initiatives and non-core asset sales * Qtrly FFO per trust unit, excluding non-recurring items $0.48 * Qtrly NOI margin 54.0 pct versus 55.6 pct * Diluted FFO per unit was $0.49 for three months ended December 31, 2016 * Q4 FFO per share view c$0.51 -- Thomson Reuters I/B/E/S * Diluted FFO per unit was $0.48, excluding non-recurring items for three months ended December 31, 2016  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-northview-apartment-reit-reports-q-idUSASB0B4UY'|'2017-03-10T06:31:00.000+02:00'
'd6658600fbf17cde922134853247ccbf1e5bb893'|'PRESS DIGEST- New York Times business news - March 10'|'March 10 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.- Stephen A. Ross, a seminal theorist whose work over three decades reshaped the field of financial economics, died on March 3 at his home in Old Lyme, Connecticut. He was 73. nyti.ms/2m8rZO4- Airbnb has raised an additional $1 billion, expanding its war chest at a time of increased investor interest in fast-growing businesses. The company, which disclosed the funding in a securities filing on Thursday, raised the money in a financing round that began last summer and that valued the business at $30 billion. nyti.ms/2lJAse6- Scott Pruitt, the head of the Environmental Protection Agency, said on Thursday that carbon dioxide was not a primary contributor to global warming, a statement at odds with the established scientific consensus on climate change. nyti.ms/2m6fSjH- Peter Hancock, the current chief executive of American International Group, said on Thursday that he would resign after shareholders had lost faith in his two-and-half-year effort to turn the company around. A.I.G. said Hancock, 58, would stay until a successor had been chosen in a "comprehensive" search by its board. nyti.ms/2mrOGiw (Compiled by Parikshit Mishra in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-nyt-idINL3N1GN272'|'2017-03-10T02:20:00.000+02:00'
'791a890f2ff26567ea64cc0b78be36fea8fde808'|'South Korea''s ING Life gets Korea Exchange''s nod for planned IPO'|'SEOUL, March 10 South Korea''s ING Life Insurance Korea Ltd, controlled by Asia-based private equity firm MBK Partners, received stock exchange approval for an initial public offering (IPO), the Korea Exchange said in a statement on Monday.ING Life applied for IPO approval last month.The company, with 31.8 trillion won ($27.50 billion) in assets as of end-September 2016, is South Korea''s fifth-largest insurer based on assets.Seoul-based analysts have forecast an IPO size of about 1.5 trillion won after estimating ING Life''s valuation at about 3 trillion won.ING Life has not disclosed any financial details of the IPO. It previously said it has chosen Morgan Stanley and Samsung Securities as lead advisers for an IPO.MBK Partners acquired ING Life from the Netherlands'' ING Groep NV in 2013. ($1 = 1,156.4700 won) (Reporting by Joyce Lee; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/southkorea-ing-life-insurance-ipo-idINL3N1GN2MC'|'2017-03-10T04:50:00.000+02:00'
'dfa169a86524b6055b480f23545da95724f72501'|'Foxconn not favoured bidder for Toshiba''s chip unit due to China link - sources'|'Technology   6:14am GMT Foxconn not favored bidder for Toshiba''s chip unit due to China link: sources The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company''s headquarters in New Taipei City, Taiwan, March 29, 2016. REUTERS/Tyrone Siu/File Photo By Makiko Yamazaki and Kentaro Hamada - TOKYO TOKYO Taiwan''s Foxconn, the world''s largest contract electronics maker, is not a favored bidder for Toshiba Corp''s memory chip business due to its close ties with China, sources with direct knowledge of the deal said. The Japanese government is worried that selling to bidders close to China may lead to the transference of key technology, the sources said. Toshiba is aware of the government''s wishes and "will take into account how close bidders are to China in the selection," one of the sources said, adding that Foxconn has production lines in China. Toshiba, the second-biggest NAND chip producer after South Korea''s Samsung Electronics Co Ltd, is considering selling the majority - or all - of its marquee flash-memory chip business, as it seeks to make up for a $6.3 billion writedown from its U.S. nuclear unit Westinghouse. Toshiba is valuing its chip business at least 1.5 trillion yen ($13.1 billion), people familiar with the matter have said. Initial bids are due by the end of the month. Foxconn, formally known as Hon Hai Precision Industry Co Ltd, said last week it was "definitely bidding" for Toshiba''s chip business and that it was "very confident" it could buy into it. Earlier on Thursday the Nikkei business daily reported that Foxconn has approached South Korean chip maker SK Hynix Inc to explore a joint bid. Foxconn on Thursday declined to comment on Toshiba-related matters. SK Hynix also declined to comment. An industry source familiar with the matter said TSMC, another Taiwanese firm and the world''s largest contract chipmaker, is also deeply interested in Toshiba''s chip unit. Elizabeth Sun, a spokeswoman for TSMC, said the company was looking at looking at Toshiba''s chip business but had yet to come to a decision. Sources have said other potential bidders include data storage firm Western Digital Corp which operates a Japanese chip plant with Toshiba, and rival Micron Technology Inc, as well as financial investors such as Bain Capital. Toshiba has sent invitation letters to around 10 potential bidders, one of the sources said. (Reporting by Makiko Yamazaki, Kentaro Hamada; Additional reporting by Taiga Uranaka in Tokyo and JR Wu in Taipei; Editing by Edwina Gibbs) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-toshiba-accounting-chips-idUKKBN16G0I6'|'2017-03-09T13:06:00.000+02:00'
'e0736ad9026be8c83b571c1f58a8e2037f461614'|'Nestle close to signing off on $50 million-$60 million factory in Cuba'|'By Sarah Marsh - HAVANA HAVANA Swiss firm Nestle ( NESN.S ) is close to reaching a deal with Cuba on forming a new joint venture to build a $50 million to $60 million factory to produce coffee, biscuits and cooking products, company Vice President Laurent Freixe said on Wednesday in Havana.Freixe, head of Nestle''s Americas division, was visiting the Communist-ruled island to negotiate the new investment in the Mariel special development zone west of Havana as well as to renew for another 20 years an existing joint venture producing ice cream.Cuba has upped its drive to attract foreign funds in a bid to stimulate the economy in recent years, introducing a new investment law and creating the Mariel zone, which offers companies significant tax and customs breaks.Nestle has been one of the largest investors in the country since it opened the door to Western capital in the 1990s after the fall of former benefactor the Soviet Union."The idea is to create a new joint venture to produce and distribute these products mainly for the Cuban market but also with the idea of exporting some products," Freixe said in an interview.Coffee in particular is ideal for export, he said, pointing to the success of a limited edition of Cuban coffee by Nestle''s Nespresso last year - the first Cuban coffee sold in the United States in more than 50 years."Talks are very advanced, now it is more a question of finalizing them and completing the issue of financing," Freixe said, adding that Nestle would have a 51 percent share in the company.That is comparable to Nestle''s share in its two other Cuban factories, one producing ice cream and the other bottled water and other beverages, he said. Nestle also imports food products for sale in Cuban stores.Cuba said last November it had approved 19 ventures so far in Mariel, which is centered around a container terminal that the country hopes will become a regional hub.The development zone is part of Cuba''s drive to update the centrally planned economy under President Raul Castro, who took over from his brother, the late Fidel Castro, in 2008.Nestle''s new factory, set to begin operations in the second half of 2019, will cater to growing demand after a surge in tourism and help replace imports with locally made products, Freixe said. It will employ around 300 people."Tourism is going to double in the coming years, meanwhile demand is today only partially covered by local production," he said, adding that Nestle was considering expanding its two other factories in Cuba.Nestle''s sales in Cuba grew last year, in tandem with its revenues throughout Latin America, Freixe said."It was single-digit growth, so not spectacular because there are also liquidity limitations that limit potential, but demand is there and we are growing," he said.Cash-strapped Cuba has struggled to pay providers on time recently as revenues decline due to a drop in exports and the crisis in key trading partner Venezuela. Its economy shrank 0.9 percent last year, according to the government.(This story has been refiled to fix day in first sentence to Wednesday.)(Reporting by Sarah Marsh; Editing by Christian Plumb and Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cuba-nestle-idINKBN16F2LG'|'2017-03-08T20:43:00.000+02:00'
'963b15aa15b5fa3daf60eb07b08742337046b56b'|'Uber works to mend relationship with regulators'|'By Heather Somerville - SAN FRANCISCO SAN FRANCISCO Uber Technologies Inc is working to mend its relationship with regulators as pressure mounts for the company to improve its business practices and temper Chief Executive Travis Kalanick''s aggressive leadership style.Uber on Wednesday obtained the necessary permit to put its self-driving cars back on California streets, conceding to the state''s rules after a public spat with regulators last year and initially refusing to apply for the $150 permit.The permit allows Uber back into its home state and the chief testing ground for self-driving cars, where 26 other companies - including Alphabet Inc, Tesla Motors and Ford Motor Co - are competing for a piece of the autonomous vehicle market and have obtained state permits.Also on Wednesday, Uber said it was prohibiting the use of its "Greyball" technology to target local regulators, ending a program that had been critical in helping Uber evade authorities in cities where the service has been banned.The ride-hailing company had for years used Greyball, which effectively changes the app view for specific riders. The technology uses data from the Uber app and other methods to identify and circumvent officials who aimed to ticket or apprehend drivers in cities that opposed Uber''s operations. Uber confirmed the existence of Greyball last week.Uber is "expressly prohibiting its use to target action by local regulators going forward," Uber''s chief security officer, Joe Sullivan, said in a blog post on Wednesday.Sullivan said Uber had started a review of the program, and "it will take some time to ensure this prohibition is fully enforced."Uber''s efforts to repair its relations with regulators come amid a string of missteps that have sparked consumer backlash and raised investor concern. A former Uber employee last month published a blog post describing a workplace where sexual harassment was common and went unpunished. The blog post prompted an internal investigation.Then, Bloomberg released a video that showed Kalanick berating a Uber driver who had complained about cuts to rates paid to drivers, resulting in Kalanick making a public apology. In addition, at least three high level executives have left Uber in the last couple of weeks.Cities including Philadelphia knew about Uber''s efforts to circumvent enforcement authorities, by either manipulating the app to show a user that no cars were available or blocking city officials'' credit cards and phone numbers on the app.The company on Wednesday said it was granted a permit to test two self-driving cars on California public roads. Uber had defied state regulations last year, arguing that its cars do not meet California''s definition of an autonomous vehicle because they require constant monitoring by a person, so they did not require a permit.California Department of Motor Vehicles spokeswoman Jessica Gonzalez confirmed the permit for Uber to test two self-driving cars on public roads.Uber will not make the autonomous cars immediately available to passengers, according to an Uber spokeswoman, who spoke on condition of anonymity.The company needs time to build up its fleet and go through the various regulatory requirements such as getting the vehicles smog tested and registered, the spokeswoman added.Uber''s efforts to rebuild its self-driving program come as the company faces a lawsuit from Alphabet Inc''s self-driving car unit, Waymo, which accuses Uber of stealing designs for technology for autonomous cars known as Lidar. Uber has said Waymo''s claims are false.(Reporting by Heather Somerville; Editing by G Crosse and Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-uber-selfdriving-idINKBN16G047'|'2017-03-08T23:58:00.000+02:00'
'b80e27d437097d1a7b84d96364335c75a9910a0d'|'UPDATE 1-U.S. mobile phone clients of AT&T unable to dial 911 - company'|' 07pm EST UPDATE 1-U.S. mobile phone clients of AT&T unable to dial 911 - company (Adds statement from company and from local agency) March 8 U.S. mobile phone customers of AT&T were unable to dial the 911 emergency number on Wednesday evening, according to alerts from public safety agencies across the country. "AT&T is experiencing a nationwide outage which is affecting 911 calls," authorities in Washington, D.C., said in an email alert. An AT&T representative in an email statement said the company was "aware of a service issue affecting some calls to 911 for wireless customers" and was working to resolve it. "We apologize to those affected," the statement said. The Seminole County Sheriff''s Office in Florida, in a message typical of alerts by other public safety agencies across the country, posted its regular 10-digit phone number on Twitter and asked local residents to dial that in an emergency. (Reporting by Alex Dobuzinskis in Los Angeles; Editing by Sandra Maler and Michael Perry)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/att-outages-idUSL2N1GM05H'|'2017-03-09T10:07:00.000+02:00'
'a413b6b106d597f15bd7dff3d204cec87476f92d'|'UPDATE 1-Banks reporting platform sees continuity on regulations post-Brexit'|'(Adds more Quote: s)By Patrick GrahamLONDON, March 9 Electronic trading heavyweight NEX Group launched a new regulatory reporting platform for banks on Thursday that assumes Britain will stick to European regulations on reporting financial market transactions long after leaving the EU in 2019.The platform, run by fintech startup Abide Financial in which NEX has invested, streamlines the processing of millions of transactions daily for major banks and will take another step up next year under Europe''s new MiFID II regulations.Abide is already a reporting partner to more than 120 banks, asset managers, hedge funds, and other trading firms and eventually expects to be one of only a handful of providers with around 40 percent of daily transactions.Chief Executive Collin Coleman said the system assumed Britain would stick closely to the MiFID rules after it leaves the EU."We believe that there will be something that looks a lot like MiFID in place after Brexit. Our customers need certainty so we are making a decision to move on with that assumption," he said, arguing that MiFID''s implementation through UK law will provide a high barrier to changing it after Britain leaves the trading bloc."(British regulator) the FCA has been so heavily involved in the drafting of all of these regulations and MiFID II fundamentally supports so much of its mandate," Coleman said."MiFID II is an EU directive, and as such needs to be implemented in UK law. This national law will persist post-Brexit unless specifically repealed, and the bar for retracting financial regulatory law ... should be pretty high." (Reporting by Patrick Graham; Editing by Dominic Evans and Gareth Jones)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/banks-regulation-reporting-idINL5N1GM462'|'2017-03-09T09:28:00.000+02:00'
'a9975c5b7ba757e3dea5ad6b9d1d1c7b794579c7'|'BRIEF-Neos Therapeutics enters into a license agreement with Shire'|' 22pm EST BRIEF-Neos Therapeutics enters into a license agreement with Shire March 10 Neos Therapeutics Inc * On March 6, 2017, Neos Therapeutics entered into a license agreement with Shire - SEC filing * Pursuant to deal Shire granted to Co non-exclusive license to certain patents owned by Shire for activities with respect to NT-0201 * Company will also pay a single digit royalty on net sales of NT-0201 during life of Shire patents * Agreement contains covenant from Shire not to file a patent infringement suit against Co alleging NT-0201 would infringe Shire patents * Under terms of license agreement, Co is required to pay lump sum, license fee of less than $1.0 million Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-neos-therapeutics-enters-into-a-li-idUSFWN1GN0R3'|'2017-03-11T04:22:00.000+02:00'
'd24b694cf18489dbf2807f78c59c4f6b925309e3'|'BRIEF-Oil-Dri Q2 earnings per share $0.58'|' 21pm EST BRIEF-Oil-Dri Q2 earnings per share $0.58 March 10 Oil-Dri Corporation Of America: * Oil-Dri announces second quarter and first six months of fiscal 2017 results * Q2 earnings per share $0.58 * Oil-Dri Corporation Of America - net sales for quarter were $65.2 million compared to net sales of $65.4 million * Oil-Dri Corporation Of America - in back half of year, plan to reallocate some of anticipated spending, reducing overall advertising & increasing trade promotions * Oil-Dri Corporation - in back half of year expect general marketing expense to continue to be significant, but slightly less than total spend in fiscal 2016 * Oil-Dri Corporation Of America - "look forward to continuing to expand distribution of our newest animal health products, varium and neoprime" Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-oil-dri-q2-earnings-per-share-idUSASB0B4ZP'|'2017-03-11T04:21:00.000+02:00'
'939b52feab38b511b6caa75c6dfd87566c4730ab'|'CERAWEEK-Foreign buyers eye U.S. pipeline investments in hunt for steady yields'|'* Investors from Asia, Mideast, Australia, eye pipelines* Attracted by pipelines'' steady cash flows, dollar assets* Trump''s promised policies could stir buyingBy David FrenchHOUSTON, March 9 Foreign institutional investors, including sovereign wealth funds, are studying investments in the U.S. interstate oil and gas pipeline network as a way to obtain recurring returns in a low interest-rate environment.Dealmakers said they are advising funds, including from Asia, Australia and the Middle East, about potential investments that could bring billions of dollars of new capital to the sector.Other infrastructure areas also have attracted institutional investors. Drawn to the potential for steady long-term incomes, they have purchased stakes in companies operating toll roads, airports and utilities.Peter Bowden, co-head of energy investment banking at Jefferies Group LLC, said major pipelines with long-term contracts structured as take-or-pay deals from creditworthy shippers are most attractive to foreign buyers.Under take-or-pay, a firm wanting to use the pipeline agrees to move a certain amount of hydrocarbons for a fixed price but pays a separate penalty price for every barrel of oil equivalent not subsequently transported."These assets are dollar-denominated, so if you’re a non-dollar-denominated fund looking for dollar assets and infrastructure with a return that will beat inflation, they are the equivalent of the best bond you can buy," Bowden added.The entry of deep-pocketed foreign institutional investors to pipeline sale processes has added heightened competition to domestic capital already chasing a finite pool of assets, according to dealmakers."When assets come up, there is usually a bit of a frenzy that puts upward pressure on the acquisition premium," said one energy attorney who spoke on condition of anonymity.These funds are exploring two main investment routes. One approach is to buy a project directly through a joint venture with other partners.The preferred option, however, is providing funds to projects and their developers, typically energy or private-equity firms. This approach helps to overcome two potential hurdles to such transactions: tax liability, and a review by the Committee on Foreign Investment in the United States (CFIUS) for non-American owners.CFIUS, a government body that adjudicates on deals when there are potential national security implications for an overseas party owning an American company. Such national security objections prompted China National Offshore Oil Corp to withdraw its $18.5 billion bid for California''s Unocal Corp in 2005.Outright purchases by foreigners also raise tax considerations, since pipelines fall under the Foreign Investment in Real Property Tax Act (FIRPTA). Non-American owners are unable to minimize their tax bill by structuring a deal as a Master Limited Partnership, and may have to pay an income tax of up to 15 percent on the asset.IMPROVED FLOWDealmakers said more foreign entities could start buying directly into pipeline projects as a number of factors converge to eliminate such obstacles.Structuring an investment to address the tax implications is already fairly straightforward, according to an energy lawyer.The election of President Donald Trump, and his promised wave of deregulation, is expected to reduce CFIUS objections to transactions. One dealmaker noted the pending purchase of the Port Arthur refinery, the largest in the United States, by Saudi Aramco had not triggered any CFIUS actions. That deal is on course to close in the second quarter.Infrastructure needs in certain regions of the country should also provide opportunities for further capital deployment, said Osmar Abib, global head of oil and gas, global energy investment banking, at Credit Suisse who spoke on the sidelines of the CERAWeek energy conference in Houston.Trump has pledged to spend $1 trillion on infrastructure, with much of the capital coming from the private sector.One area of focus, dealmakers said, could be in the U.S. Northeast, where a bottleneck in the pipeline network prevents gas generated by shale fields including the Marcellus from being moved elsewhere. (Reporting by David French; Editing by David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/ceraweek-funds-pipeline-idINL2N1GM1LA'|'2017-03-09T18:48:00.000+02:00'
'91b0c59e3b158171df76768846235803d283263c'|'U.S. auto recalls hit record high 53.2 million in 2016'|'Business News - Fri Mar 10, 2017 - 12:14pm EST U.S. auto recalls hit record high 53.2 million in 2016 FILE PHOTO - Cars are seen in a parking lot in Palm Springs, California April 13, 2015. Picture taken April 13, 2015. REUTERS/Lucy Nicholson/File Photo WASHINGTON The U.S. Transportation Department said automakers recalled a record high 53.2 million vehicles in 2016 in the United States in part because of a massive expansion in callback to replace Takata Corp ( 7312.T ) air bag inflators. Under aggressive enforcement by the Obama administration, automakers issued a record-setting 927 recall campaigns, up 7 percent over the previous high set in 2015. Last year''s recall of 53.2 million total vehicles topped the previous all time high of 51.1 million set in 2015, the department said. (Reporting by David Shepardson, Editing by Franklin Paul) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-autos-recall-idUSKBN16H27A'|'2017-03-11T00:14:00.000+02:00'
'c34c9f57c211622eec9059783038c459bd74d8f2'|'GLOBAL MARKETS-Asia stocks edge higher, dollar up before U.S. payrolls'|'Business  53pm EST Asia stocks edge higher, dollar up before U.S. payrolls People are seen behind an electronic board showing stock prices after the New Year opening ceremony at the Tokyo Stock Exchange (TSE), held to wish for the success of Japan''s stock market, in Tokyo, Japan, January 4, 2017. REUTERS/Kim Kyung-Hoon By Shinichi Saoshiro - TOKYO TOKYO Asian stocks edged up and the dollar rose to 1-1/2-month highs versus the yen on Friday ahead of the U.S. non-farm payrolls report due later in the day. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS added 0.1 percent, taking cues from a modest bounce in Wall Street overnight. Japan''s Nikkei .N225 climbed 1 percent on the back of a weaker yen and Australian stocks added 0.4 percent. Wall Street was marginally higher, underpinned by speculation the widely-anticipated labor market report on Friday would show U.S. payrolls growth in February was far more than economist forecast. The nonfarm payrolls report is expected to show 190,000 jobs were added in the U.S. private and public sectors in February. The employment figures are drawing particular interest as chances of the Federal Reserve raising interest rates several times this year could improve if the data underlines U.S. economic strength. Also of key concern to the broader risk asset markets were the developments in crude oil, which saw prices fall to more than three-month lows overnight as record U.S. crude inventories fed doubts about the effectiveness of OPEC''s recent deal to curb a global glut. U.S. crude CLc1 was up 0.6 percent at $49.57 a barrel after sliding to $48.59 overnight, the lowest since the end of November. Carl Weinberg, chief economist at High Frequency Economics, said that OPEC''s recent cartel-like deal to limit output was working so far, but that the incentive within this hastily assembled deal to cheat was going up as prices were declining. "So if the U.S. inventory glut extends, or even just persists, the odds will rise that the cartel will fall apart. That eventuality - we are inclined to think of it as a likelihood - will set oil prices tumbling again," he wrote. In currencies, the dollar rose to 115.200 yen JPY= , its highest since Jan. 27, as benchmark U.S. Treasury yields rose to three-month highs on expectations that Friday''s jobs report could seal expectations for the Fed to hike rates next week. Cementing views of tighter U.S. policy was also a report on Thursday that showed the number of Americans applying for unemployment benefits rose to 243,000 last week, rebounding from a near 44-year low, but continuing to point to a tightening labor market. The dollar did not fare as well against the euro. The common currency gained the previous day after European Central Bank head Mario Draghi suggested it was less necessary to prop up the market through ultra-loose monetary policy. The euro was slightly higher at $1.0588 EUR= after rising 0.4 percent overnight. The dollar index against a basket of major currencies was up 0.1 percent at 101.960 .DXY after losing 0.2 percent overnight. (Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-global-markets-idUSKBN16H02U'|'2017-03-10T07:45:00.000+02:00'
'a404fb1d909c420f22d7b10f1a2da6ae00336e1b'|'Shareholder Henderson Global urges Akzo Nobel to talk to PPG'|'Business News - Fri Mar 10, 2017 - 12:46pm GMT Shareholder Henderson Global urges Akzo Nobel to talk to PPG FILE PHOTO: AkzoNobel''s logo is seen in Amsterdam, Netherlands, February 16, 2012. REUTERS/Robin van Lonkhuijsen/United Photos/File Photo AMSTERDAM Henderson Global Investors, a shareholder in Akzo Nobel ( AKZO.AS ), has called on the Dutch paint maker''s management to engage in takeover discussions with U.S. rival PPG Industries ( PPG.N ). On Thursday Akzo Nobel rejected a $22 billion (£18.12 billion) takeover offer from PPG, saying it wasn''t in stakeholder interests and that it would prefer to sell its speciality chemicals business. Henderson Global, which holds a stake worth more than 150 million euros in Akzo, said it wanted the companies to take a more constructive approach. "Regarding Akzo’s rejection of PPG’s offer, we would like to urge the management of Akzo Nobel to engage with their counterparts at PPG," said John Bennett, head of European equities at Henderson. "We would also encourage PPG’s management to talk with Akzo shareholders to allow us to assess the merits of this initial proposal." PPG said it is considering its options and may rebid, despite opposition from Dutch politicians to the deal ahead of a national election next week. (Reporting by Toby Sterling; editing by Jason Neely) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-akzo-nobel-m-a-ppg-inds-idUKKBN16H1IZ'|'2017-03-10T19:46:00.000+02:00'
'6a4750c4927adfeeaa269b8504f30ee4bed54269'|'EMERGING MARKETS-Brazil rate futures fall on bets of steeper rate cut'|' 14pm EST EMERGING MARKETS-Brazil rate futures fall on bets of steeper rate cut By Bruno Federowski SAO PAULO, March 10 Yields on Brazilian interest rate futures fell sharply on Friday as slower-than-expected inflation data fueled bets that the central bank will increase the magnitude of interest rate cuts next month. Brazil''s official inflation index rose at its tamest pace since 2010 in the 12 months through February, below expectations of all 24 economists polled by Reuters. Rate future yields indicated a 60 percent probability that Brazil''s central bank would cut rates by 100 basis points at its monetary policy meeting in April, traders said, with a 40 percent chance of a 75 bps cut. The central bank has said the size of the rate cut will hinge on inflation expectations and economic data. The bank cut the benchmark Selic overnight lending rate by 75 bps each in January and February. It currently stands at 12.25 percent. The prospect of lower rates also supported Brazil''s benchmark Bovespa stock index, which rose 0.3 percent. The Brazilian real strengthened 1 percent, leading gains among Latin American currencies, after it slipped over 2 percent in the first four days of the week, its sharpest four-session percentage drop in three months. Strong U.S. jobs figures consolidated expectations that the U.S. Federal Reserve will increase interest rates next week. While that could reduce the allure of high-yielding emerging market assets, traders said markets had anticipated the result. Key Latin American stock indexes and currencies at 1615 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 926.35 0.37 7.04 MSCI LatAm 2538.08 0.62 7.77 Brazil Bovespa 64803.80 0.34 7.60 Mexico IPC 47250.20 -0.03 3.52 Chile IPSA 4470.15 0.05 7.68 Chile IGPA 22461.25 0.05 8.33 Argentina MerVal 18815.66 0.16 11.22 Colombia IGBC 9910.70 0.31 -2.15 Venezuela IBC 38687.33 -0.66 22.02 Currencies daily % YTD % change change Latest Brazil real 3.1637 0.96 2.70 Mexico peso 19.7025 0.65 5.29 Chile peso 663.7 0.20 1.05 Colombia peso 2988.2 0.23 0.45 Peru sol 3.285 0.06 3.93 Argentina peso (interbank) 15.4600 0.58 2.68 Argentina peso (parallel) 16 0.12 5.13 (Reporting by Bruno Federowski; Editing by W Simon)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/latam-emergingmarkets-idUSL2N1GN13D'|'2017-03-11T00:14:00.000+02:00'
'5098d750dfc1429b94f6b4fe5915c7d8a0d08f29'|'China airlines cut some S.Korea routes amid political standoff'|'SHANGHAI, March 10 Airline operators cut some routes between China and South Korea as the fallout spread on Friday from a diplomatic row over Seoul''s plans to deploy a U.S. missile defense system regardless of Beijing''s objections.In a statement on its website Korea''s Easter Jet Inc said it was stopping flights between the South Korean cities of Cheongju and the tourist hotspot Jeju with various Chinese cities including Ningbo, Jinjiang and Harbin.This followed Carnival Corp''s Costa Cruises and Royal Caribbean Cruises Ltd cancelling South Korean port visits by their China-based cruises. Royal Caribbean cited "recent developments regarding the situation in South Korea".A South Korean government document seen by Reuters said China recently gave a "7-point" verbal instruction to travel firms to curtail or ban trips to South Korea.The crackdown has sent a chill across South Korea''s retail and tourism sectors, which rely heavily on China trade, and prompted South Korea to say it will consider filing a complaint against China to the World Trade Organization over what it described as trade retaliation over the THAAD deployment issue.According to searches of their websites on Friday, China Eastern Airlines Corp Ltd and Spring Airline Co Ltd have stopped selling tickets for mid-next week onwards for flights between the eastern Chinese city of Ningbo and popular South Korean tourist island Jeju.The two airlines did not respond to requests for comment.Princess Cruises, also owned by Carnival, said in a statement to Reuters on Friday it would changes its routes to remove visits to South Korea, which it said would give passengers more time on the boat and at Japanese sites."Due to the current situation, Princess Cruises'' China team has been in close dialogue and prudent discussions with relevant departments," the firm said. "All routes which involve South Korea have been altered."South Korea relies heavily on Chinese tourists, who make up nearly half of all foreign visitors, official Korean data show.(Reporting by Adam Jourdan and Muyu Xu in BEIJING)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/southkorea-china-idINL3N1GN213'|'2017-03-10T02:01:00.000+02:00'
'e396b1bc2512252d7dc96bb9e36bb9a62f77caf6'|'Oil trading giant Vitol bets on fuel retail for growth'|'* Vitol invests in gas stations from Turkey to Pakistan* Increases presence in growing consumer markets* Being end-user strengthens position with fuel suppliersBy Julia Payne and Dmitry ZhdannikovLONDON, March 10 From Pakistan to Turkey, the world''s largest independent oil trader Vitol is betting on a spike in gasoline and diesel demand in young and growing nations by snapping up filling stations that disappointed oil companies are prepared to sell.With the sharp drop in global oil prices, major integrated oil companies have been shedding assets, including the marginally profitable retail outlets, to cut costs.But privately-held Vitol, which trades 6 million barrels per day of crude oil and refined products, says these assets present an opportunity to strengthen its presence in end-markets and in up-and-coming hubs.This month, Vitol secured more than 23 percent of Turkey''s retail market after it agreed to buy Petrol Ofisi from Austrian oil firm OMV for $1.45 billion."The volume we trade means integration into the distribution chain makes sense. Retail also allows you to participate in markets on an on-going basis, so it''s not always ad hoc or spot," Chris Bake, a top Vitol executive, told Reuters."It allows us to have different kinds of discussions with our suppliers," said Bake, who sits on Vitol''s executive committee and is the chairman of retail unit Vivo Energy.The purchase will add another 1,700 outlets to Vitol''s portfolio of 3,000 stations acquired through investments in the last few years in Viva Energy in Australia, Vivo Energy in Africa, Varo in central Europe and OVH in Nigeria.It has also consolidated its initial investments such as by buying Royal Dutch/Shell''s stake in Vivo and Viva and its aviation business in Australia last year.The eastern Mediterranean is a major import market and Vitol sees Turkey as a good destination because of its proximity to transport routes from the Mediterranean, Black Sea and Red Sea."With fuel and non-fuel retailing, we can optimize the system. We are able to look closely at how to streamline the assets and we are willing to invest capital. With Vivo, we have added around 100 new service stations per year," Bake said.Of its main trading competitors, only Trafigura is also vying for a piece of the retail pie. It has a large presence in Africa through its subsidiary Puma Energy and is set to acquire a large stake in India''s Essar Oil.Glencore, Gunvor and Mercuria have favoured upstream or midstream assets. Last year, Gunvor bought a refinery in Rotterdam, Mercuria bought oil and gas marketing and distribution assets in the United States and Glencore invested in oil deposits in Chad.Vitol''s retail investments fit in with its view that transport will be the major driver of fuel demand growth, with aviation demand to outstrip that for cars, which is slated to peak in about 10 years time."Global demand for gasoline and diesel will peak but you can''t apply the macro picture to individual countries that have high growth prospects like Pakistan where the Chinese are investing tens of billions of dollars in the CPEC (China Pakistan Economic Corridor), so demand will grow compared with developed economies," Bake said.Last year, Vitol increased its stake in Pakistan''s Hascol Petroleum Ltd that runs around 450 service stations from 15 to 25 percent.Like Turkey, apart from its own growth prospects, Pakistan will become even more a gateway to the rest of Asia as CPEC will see the Chinese government invest $57 billion, mainly in a network of rail, road and pipeline projects, to connect Western China to Pakistan''s sea port of Gwadar. (Editing by Peter Graff)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/vitol-oil-retail-idINL5N1GN28P'|'2017-03-10T10:24:00.000+02:00'
'b16f5fe12f57dfd88d3c283cdb1a509a74b4fc7b'|'BRIEF-Frontfour nominates director candidates to board of ClubCorp Holdings'|' 09am EST BRIEF-Frontfour nominates director candidates to board of ClubCorp Holdings March 10 ClubCorp Holdings Inc: * Frontfour nominates director candidates to board of ClubCorp Holdings * Frontfour Capital Group Llc - delivered a formal nomination of director candidates for election to ClubCorp''s board of directors * Frontfour Capital Group Llc - owns approximately 2.4 pct of ClubCorp''s outstanding shares of common stock    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-frontfour-nominates-director-candi-idUSFWN1GN0F8'|'2017-03-10T20:09:00.000+02:00'
'2cb35ccc79f5355316bd03b1a4bf77c9468498f9'|'China''s property speculators make a dangerous bet in Hefei'|'Business News - Thu Mar 9, 2017 - 11:11pm GMT China''s property speculators make a dangerous bet in Hefei left right A residential compound is seen in Hefei, Anhui province, China, February 19, 2017. Picture taken February 19, 2017. REUTERS/Yawen Chen 1/4 left right Cars drive past residential buildings along a street in Hefei, Anhui province, China, February 19, 2017. REUTERS/Yawen Chen 2/4 left right Residential buildings are seen along a street in Hefei, Anhui province, China, February 19, 2017. REUTERS/Yawen Chen 3/4 left right Cars drive past residential buildings along a street in Hefei, Anhui province, China, February 19, 2017. REUTERS/Yawen Chen 4/4 By Yawen Chen and Elias Glenn - HEFEI, China HEFEI, China In 2016, Hefei, a manufacturing hub of about 8 million people in China''s east, was one of the world''s hottest property markets and a prime target for price curbs designed to knock speculative heat out the sector. Analysts say restrictions introduced last year and subsequent rhetoric from policymakers should have sent a very clear signal to investors that authorities would tighten further in Hefei and elsewhere. Instead, speculators in Anhui''s provincial capital are betting just the opposite - that the government will ease curbs to support growth. Investors like Zhou Xiansheng say they are in no rush to sell their holdings. "Prices have only gone up in the past... The government will not let the market correct as long as property is still the pillar of economic growth," said Zhou, a businessman who owns multiple homes in Hefei. Analysts say such views, based on observations of past cycles, are a major miscalculation of government intent and that future curbs will be harsher than previous measures, bad news for highly-leveraged investors. Nowhere else in China are speculative forces more apparent than they are in Hefei. Last year, new home prices rose 48.4 percent, the fastest rise in the world, according to a report by China''s Hurun Research Institute and real estate agency Global House Buyer. With home prices hitting records, policymakers have been rolling out restrictions. Sales and price growth in Hefei - one of 16 cities slammed by curbs since October - have slowed, hitting speculators who had made up more than 80 percent of its market at the height of last year''s buying frenzy. But investors appear less easily frightened than they were in the past: a recent poll by local property commentator Zhang Xian showed only 21 percent of the total 5,036 people surveyed believed Hefei prices would fall this year. China''s "seesaw" approach over past three major cycles of property tightening - capping price growth when a boom becomes too concerning and releasing the brake quickly to prevent a market collapse - has cemented the bullish mentality of investors seeking to reap big profits over a short period of time. "I''d buy another one if I could," said Duan, a Hefei local who just bought a house in the city and who only gave his family name. Elly Chen, a Hong-Kong based property analyst at Nomura, notes in past cycles, the government only began to relax curbs once prices started falling. "The government is definitely willing to let prices fall," said Chen. Property consultancy Centaline''s research arm said upward market momentum in the hottest cities, including Hefei, is yet to be contained, based on its sales figures for January and February. "If it persists, the government will be pressured to tighten credit," Centaline said in a Reuters poll conducted in late February. PROPERTY TAX Analysts say the signals from political leaders are unambiguous. In uncharacteristically pointed remarks made in December, Beijing''s new mayor, Cai Qi, said that prices in the Chinese capital will not rise this year but stopped short of outlining any new curbs. And Chinese President Xi Jinping last week singled out property market stability as one of the key policy areas to focus on this year. China''s historic pattern of tightening and easing measures has been designed to avoid prolonged corrections such as those seen in Japan in the 1990s. But last year''s furious price increase in the nation - the fastest since 2011 - and speculators'' resilience to curbs underscored the urgency to implement alternative measures. Establishing a long-term mechanism is Xi''s priority in 2017 as he looks to promote the healthy development of the property market, based on the belief that "houses are for living in, not for speculating", though details have been thin. China has for years mulled a property tax, which could deter speculation in real estate, though little progress has been made due to resistance from local governments who rely heavily on land sales for revenue. In 2012, China was close to expanding a property tax trial from two to 10 cities, says Joyce Man, professor of economics and public policy at Indiana University, who worked with government officials to study the implementation of the tax and prepare for the rollout. While the process of introducing a property tax would be politically challenging - and arguably more difficult now than it was in the past - analysts say the case for such a policy is growing. "China was very close to moving forward on property tax reform, but they''ve lost momentum and the political will until very recently," Man said. "(There is a) newly-found urgency due to sky-rocketing housing price in big cities." (Reporting by Yawen Chen and Elias Glenn; Editing by Sam Holmes) Next In Business News Oil prices slump amid ample supply, gold falls NEW YORK Crude oil extended a slump on Thursday on news of record-high U.S. stockpiles, dragging on equity markets as energy stocks slid, while bets the Federal Reserve will raise U.S. interest rates next week weighed on gold and industrial metals.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-property-idUKKBN16G37J'|'2017-03-10T06:11:00.000+02:00'
'c51961a40c1df79d28e8a0c569cbb69fbdb029bb'|'BRIEF-DATA Communications Management Q4 shr loss $2.77'|' 41pm EST BRIEF-DATA Communications Management Q4 shr loss $2.77 March 9 DATA Communications Management: * Data Communications Management Corp announces fourth quarter and year end financial results for 2016 * Qtrly revenues $68.2 million versus $81 million * Qtrly loss per share $2.77 * expects full year non-ifrs adjusted EBITDA to be between $22.0 million and $26.0 million in 2017 * expect 2017 will be a better year as strategic projects completed in 2016 Source  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-data-communications-management-q-idUSASB0B4VB'|'2017-03-10T10:41:00.000+02:00'
'd8e445a7ee0859ee99169dd161d20760fc72fdf2'|'Segro buys remaining stake in Airport Property Partnership JV for 365 million pounds'|' 35am GMT Segro buys remaining stake in Airport Property Partnership JV for 365 million pounds Britain''s largest listed industrial property developer, Segro plc ( SGRO.L ), said it bought the remaining 50 percent stake in the Airport Property Partnership (APP) joint venture from the Aviva Group Entities for 365 million pounds. Segro, which acquired the original stake in 2010, said the deal was funded by 216 million pounds in cash and the disposal of assets, worth 149 million pounds, to Aviva Group. Segro also said on Friday that it launched a 1 for 5 rights issue, which will raise 573 million pounds in proceeds, to partly fund the cash part of the deal. APP contains 21 direct property assets, valued at 1.10 billion pounds, including majority of London''s Heathrow Airport''s airside cargo facilities. The portfolio also includes one development project underway, which is expected to complete in 2017. (Reporting by Arathy S Nair in Bengaluru; Editing by Sunil Nair)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-airportproperty-stake-segro-idUKKBN16H0QZ'|'2017-03-10T14:35:00.000+02:00'
'10a25b29e72cf8ab8c17a643a457edb3a0e68abc'|'BT, oil stocks help European shares pop higher ahead of U.S. jobs data in focus'|' 28am GMT BT, oil stocks help European shares pop higher ahead of U.S. jobs data in focus Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, March 9, 2017. REUTERS/Staff/Remote LONDON European shares rose on Friday in early deals, with gains underpinned by a rally among energy stocks as well as BT ( BT.L ) as attention turned to closely-watched U.S. jobs data due later in the day. The pan-European STOXX 600 index was up 0.3 percent, set for its third straight session of gains. The index, however, was on track to post a slight loss for the week. Oil & gas .SXEP was the top-gaining sector, up 0.8 percent and partially recovering losses from the previous session as the price of oil rose from a three-month low. [O/R] BT ( BT.L ) was the top STOXX gainer, rising more than 5 percent after reaching a deal with regulator Ofcom to legally separate its Openreach broadband division. Among fallers, property developer Segro ( SGRO.L ) declined 4.2 percent after buying the remaining 50 percent stake in the Airport Property Partnership (APP) joint venture, as well as announcing a rights issue to raise 573 million pounds sterling to finance the acquisition. All eyes were on U.S. non-farm payrolls, due for release at 1330 GMT, for clues as to the likelihood of an interest rate hike from the U.S. Federal Reserve next week. (Reporting by Kit Rees, Editing by Vikram Subhedar)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN16H0V9'|'2017-03-10T15:28:00.000+02:00'
'af2d3590f2d8d098984429e8e85c0c549e1f56bb'|'This Mobile Device Can Map Your Future Home'|'Innovator Kevin DowlingAge 56Chief executive officer of Kaarta Inc., a two-year-old, four-employee startup in PittsburghForm and functionThe Contour, a touchscreen device that’s a little thicker than a tablet, uses a built-in laser range finder to generate computer models of building sites or interiors undergoing renovation as it’s carried through them.The Contour gathers about 43,000 measurements a second.Source: Kaarta MeasureAs an architect or contractor walks through the space, the Contour gathers about 43,000 measurements a second at a range of up to 49 feet.ModelThe Contour’s processor turns the measurements into a 3D model displayed in real time. To make building plans, the model can be exported to standard computer-aided design (CAD) software via a USB cable.OriginDowling, a roboticist trained at Carnegie Mellon University, joined Kaarta to commercialize the proprietary algorithms created by CMU grad student Ji Zhang.FundingDowling says the company is already turning a profit on licensing and sales of its proprietary software and outdoor-mapping hardware.The Contour.Source: Kaarta PreordersCustomers who’ve signed up to receive the first production units include architecture, engineering, and construction companies as well as researchers at automakers working on self-driving cars.Next Steps“There’s a gap in the marketplace for something that captures 3D, does it quickly, and does it indoors,” says Aaron Morris, a senior manager at CAD developer Autodesk Inc., who predicts that the Contour will score with builders and renovators. Dowling says production will start in the second half of this year. Kaarta’s next product, Traak, aims to enable robots and self-driving vehicles to navigate without GPS.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'http://www.bloomberg.com/news/articles/2017-03-09/this-mobile-device-can-map-your-future-home'|'2017-03-10T03:29:00.000+02:00'
'2909b5ce2bd0c4e3bcaf3019d6b8149733ef388e'|'MOVES- Citibank, HSBC, AXA Investment Managers'|'Company News - Thu Mar 9, 2017 - 4:04pm EST MOVES- Citibank, HSBC, AXA Investment Managers March 9 The following financial services industry appointments were announced on Thursday. To inform us of other job changes, email moves@thomsonreuters.com. CITIGROUP INC The bank has appointed David Russell head of markets and securities services for Hong Kong, it said in a press release, according to Reuters IFR. BAWAG PSK The Austrian bank has appointed Chief Financial Officer Anas Abuzaakouk as its new chief executive, it said, with the current chief Byron Haynes staying on as co-CEO until the end of the year when he will retire. HSBC HOLDINGS PLC James Horsburgh will relocate to Hong Kong to take over leveraged and acquisition finance responsibilities for Asia Pacific at HSBC, replacing previous head Lyndon Hsu who left the bank last month, Reuters IFR reported. AXA INVESTMENT MANAGERS The unit of AXA SA appointed Alban Jarry as chief digital technology officer. BHF BANK Markus Beumer, former Commerzbank board member responsible for the bank''s business with medium-sized companies, is joining Germany''s BHF Bank, which is owned by France''s Oddo & Cie. MAN GROUP PLC The British hedge fund named Michelle McCloskey as president of Man Americas. INVESCO POWERSHARES The unit of investment manager Invesco Ltd named Nima Pouyan to head its business in Switzerland and Ashkan Daghestani as its business development director in the UK. (Compiled by Arunima Banerjee in Bengaluru) Next In Company News UPDATE 1-Santos Brasil loses ESA cargo contract to rival Grupo Libra SAO PAULO, March 9 Logistics company Santos Brasil Participações SA has confirmed the termination of a contract to move containers for the ESA consortium of shipowners at the port of Santos effective May 1, according to a statement sent to Reuters on Thursday.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/financial-moves-idUSL3N1GM5D2'|'2017-03-10T04:04:00.000+02:00'
'c8c139989f85e5845db9975125822681fc3ceee5'|'UK retail has worst February sales dip for eight years - survey'|'Business News   10:22am GMT UK retail has worst February sales dip for eight years - survey Shoppers carry bags on Oxford Street in London, Britain December 18, 2016. REUTERS/Neil Hall LONDON Britain''s shops endured their worst fall in February sales since 2009, a survey showed on Friday, adding to evidence of a Brexit-related consumer slowdown as London gears up for divorce talks with the European Union.. Recent data and surveys have indicated that consumers are feeling the strain of rising prices after last year''s Brexit vote, while British retailers, including department stores chain John Lewis, supermarket Morrisons ( MRW.L ) and Wickes owner Travis Perkins ( TPK.L ), have said they are bracing for uncertainty. Accountancy firm BDO said its monthly High Street Sales Tracker found overall UK like-for-like sales fell 2.2 percent in February - a third straight month of decline. BDO highlighted a particularly weak performance for fashion where sales fell 3.4 percent - the poorest result for the sector since September 2016. Sales of homewares fell for the first time since June 2016 – down 1.4 percent year-on-year Online sales growth also slowed, to 19.9 percent. “(Storm) Doris kept shoppers away from the high street, but the relatively poor growth of online sales in February shows that the economic headwinds significantly curbed spending," Sophie Michael, head of retail and wholesale at BDO, said. “The majority of retailers’ price hedges ran out at the end of last year, and inflationary cost pressures have forced them to increase prices – sharply in some cases." (Reporting by James Davey; Editing by Alexander Smith) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-retail-idUKKBN16H15F'|'2017-03-10T17:22:00.000+02:00'
'da82d7aec09e6f6d54ba2d63f81836fcde82b68c'|'BRIEF-Cliffs Natural Resources increases maximum payment amount for tender offers for certain unsecured notes'|' 11am EST BRIEF-Cliffs Natural Resources increases maximum payment amount for tender offers for certain unsecured notes March 10 Cliffs Natural Resources Inc: * Cliffs Natural Resources Inc. Announces increase in maximum payment amount with respect to tender offers for certain of its unsecured notes * Cliffs Natural Resources - increased maximum payment amount to up to $500.0 million in aggregate purchase price * Extended expiration time for tender offers to midnight, new york city time, at end of day on march 23, 2017    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-cliffs-natural-resources-increases-idUSASB0B4XC'|'2017-03-10T20:11:00.000+02:00'
'65d90bd50ae0dd29d05dd59c1483834a00cca0ff'|'BRIEF-Alexandria Real Estate Equities prices 6.1 mln share offering at $108.55 per share'|' 42pm EST BRIEF-Alexandria Real Estate Equities prices 6.1 mln share offering at $108.55 per share March 9 Alexandria Real Estate Equities Inc : * Alexandria Real Estate Equities, Inc. announces pricing of public offering of 6,100,000 shares of common stock * Says offering 6.10 million common shares * priced its public offering of 6.1 million shares of common stock at a price of $108.55 per share Source  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-alexandria-real-estate-equities-pr-idUSASB0B4VD'|'2017-03-10T10:42:00.000+02:00'
'358ec6681bb2d3851610ed0e50040ce079cf7358'|'Factbox: CEFC China Energy''s global energy, finance assets'|'CEFC China Energy is a rapidly growing oil and finance conglomerate with assets across the world and an ambition to become one of China''s energy giants.Here is a look at some of its assets:CZECH REPUBLIC:--In March 2016, agreed to raise its stake in the Cezch-Slovak J&T Finance Group to 50 percent from 9.9 percent for 980 mln euros ($1.04 bln).--Owns stakes in brewery group Lobkowicz PLG.PR, publishing house Empresa, and football club Slavia Praha.--CEFC increased its 10% stake in airline Travel Service to 49.92% last year to develop aviation links around Europe, including serving Chinese visitors coming to Prague and then on to other European destinations.--Owns the Mandarin Oriental Hotel, Le Palais hotel, the Florentinum office complex, and another historical building, formerly known as Zivnobanka, all in downtown Prague.--In August last year, acquired Zdas, a Czech producer of machine tools.ENERGY ASSETS:--Won in February a 4-percent stake for $900 million in a giant onshore field majority-owned by Abu Dhabi National Oil Co (ADNOC).--Agreed in February to take a 25-percent stake in a $566 million crude oil terminal, storage project in east China.--CEFC signed a deal in December with KMGI, a unit of Kazakh state oil and gas firm KazMunayGaz KMGZ.KZ to proceed with a $680 million deal. The assets acquired include Romanian oil group Rompetrol, which owns Petromidia that operates Romania’s biggest oil refinery at the port of Constanta.--Operates a 17.6 million-barrel oil reserve facility in Yangpu on Hainan, leasing about half to ChemChina.--Has a 3.8 million barrel storage site in Rizhao, Shandong.--Plans a 63-million barrel storage facility in the United Arab Emirates in a joint venture with Abu Dhabi National Oil Company.--Agreed last September to acquire a 35 percent stake in oil and gas blocks in Chad from Chinese Petroleum Corp of Taiwan for about $110 million.--Agreed with Russia''s Gazprom in July 2015 to invest three oilfields in the Baikal project in East Siberia.HIRES FROM STATE OIL FIRMS:--Liu Zhongqiu, previously vice president of PetroChina''s trading vehicle Chinaoil.--Zhang Xin, China National Petroleum Corp''s former head of foreign affairs.--Cui Zhenchu, formerly head of crude oil trading with state refiner Sinopec Corp ( 0386.HK )--Li Xinhe, ex-general manager of Sinopec''s Fujian refinery.(Reporting by Chen Aizhu in BEIJING and Jan Lopatka in PRAGUE; Editing by Martin Howell and Tom Hogue)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cefc-china-factbox-idINKBN16H0GA'|'2017-03-10T02:02:00.000+02:00'
'0fb17c750047060992847c5a1ad50ffcbc6f0219'|'Used carmaker: A deal sparks talk of car-industry mega-mergers'|'THE Peugeot 3008, a striking SUV, was voted European car of the year on March 6th, the eve of the opening of the Geneva motor show, an annual industry shindig. PSA Group, the maker of Peugeots and Citroëns, would doubtless view it as the second prize it scooped that day. News also came that the French carmaker was buying Opel (branded as Vauxhall in Britain), the European operation of America’s General Motors (GM). Few of the car-industry experts at the show, however, would call Opel a trophy.The consensus was that GM was right to rid itself of a business that had lost money for 16 years straight. Opel has around 6% of the European market; that makes it too small and inefficient in a business where scale is key. It has been confined mostly to Europe for three reasons: the particular tastes of the region’s car buyers (for instance, for small diesel cars); tighter emissions regulations outside Europe; and GM’s fear of taking sales from its other brands further afield. The result has been to leave it boxed in and isolated. 6 minutes ago Poland Shorn of Opel, the American firm can redirect investment to China and America, where its profit margins are healthy, and to technologies such as autonomous cars and ride-sharing schemes. That bucks the conventional car-industry wisdom of gaining market share whenever you can. One insider questions whether GM is as committed to carmaking as it is to the technologies that will underpin mobility in future.PSA’s adherence to carmaking is not in question. Buying Opel will propel it to second place in Europe with 16% of the market, overtaking Renault but behind Volkswagen (VW). But why Carlos Tavares, the firm’s chief executive, wants to stake his reputation on a full revival of Opel is less clear. Executives from a rival European carmaker suggest that revenge might be part of his motivation. Leapfrogging Renault may be satisfying for Mr Tavares, since its chairman, Carlos Ghosn, sacked him as number two in 2013 after he expressed a desire to run a big carmaker.After that, Mr Tavares turned PSA around from a state of near-bankruptcy to solid profitability in under four years. If he could do the same with Opel his credentials would soar higher. Yet the cost-cutting that helped PSA will be hard to repeat.Mr Tavares did at least get a good price—just €1.3bn ($1.4bn) for Opel and less than €1m for its finance arm. GM will still be responsible for massive pensions obligations. Mr Tavares reckons he can eventually save €1.7bn a year through economies of scale and other synergies. But most of the efficiency gains at PSA came from layoffs. Similar cuts at Opel will be much harder. Even if he can close factories, such as those in Britain, where labour laws are more flexible than in Germany and France, his plan to reinvent Opel as a brand suffused with German engineering prowess (and to fulfil PSA’s dreams of exporting beyond Europe) will probably depend on keeping thousands of workers employed in Germany.The biggest headache for the combined company will be its over-reliance on Europe, which will account for over 70% of sales. Recent rapid growth in car sales in Europe is now slowing. And Europe is the world’s most competitive market: for mass-market carmakers, profits are much harder to eke out than elsewhere.Whether or not Mr Tavares makes a success of the deal, it has given the car crowd a chance to speculate about further consolidation in the industry. One popular theory is that getting rid of Opel would eliminate GM’s overlap with Fiat Chrysler Automobile in Europe (FCA’s chairman, John Elkann, sits on the board of The Economist ’s parent company). That in turn could open the way for a mega-merger. Sergio Marchionne, FCA’s boss, has long hoped to combine with GM to tackle what he sees as the industry’s needless duplication of investment—even if nowadays Mr Marchionne is talking more about merging with VW, which is still struggling to move on from its emissions-cheating scandal. It remains to be seen whether other car bosses share Mr Tavares’s appetite for an adventurous transaction.'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21718533-psa-buys-opel-gm-exits-europe-deal-sparks-talk-car-industry-mega-mergers?fsrc=rss%7Cbus'|'2017-03-11T08:00:00.000+02:00'
'0785436543275b8886126bad8459675171cd9495'|'Akzo Nobel rejects PPG takeover bid, says will sell or float chemicals arm'|'AMSTERDAM Akzo Nobel NV, the Dutch paints and coatings maker, said on Thursday it has rejected an unsolicited takeover bid from U.S. rival PPG Industries Inc, saying the bid "undervalued" its company.Akzo said it was instead considering floating or selling its Specialty Chemicals business, which had 4.8 billion euros ($5.05 billion) in sales in 2016.(Reporting by Toby Sterling; Editing by Randy Fabi)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-akzo-nobel-m-a-idUSKBN16G0J0'|'2017-03-09T09:26:00.000+02:00'
'6af378dea2c35ff6e3f41824d4ad231a9507c3f3'|'Oil plunges after record stockpile data, dollar gains'|'  9:58pm GMT Oil   Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 8, 2017. REUTERS/Brendan McDermid By Herbert Lash - NEW YORK   The surge in crude inventories to a record high slammed energy stocks, leading much of Wall Street lower, and stoked concerns a global oil glut may persist even as the Organization of the Petroleum Exporting Countries tries to prop up prices with output curbs. U.S. energy stocks .SPNY slumped 2.5 percent in their biggest decline since mid-September. More crude selling could be triggered if oil prices break below support levels after trading in a tight range this year, analysts said. Rising production also is hurting prices. "The other thing unnerving the market is rapid growth in U.S. crude production," said Andrew Lebow, a senior partner at Commodity Research Group in Darien, Connecticut. The U.S. Energy Information Administration reported crude stocks rose by 8.21 million barrels, above a forecast 1.9 million. [API/S] Brent crude LCOc1, the international benchmark, settled down $2.81 at $53.11 a barrel. U.S. crude CLc1 fell $2.86 to settle at $50.28. The dollar gained after U.S. hiring in the private sector surged in February, underscoring the economy''s strength and adding to expectations the Fed will raise rates when policy-setters meet on March 15. The ADP National Employment Report showed private payrolls grew by 298,000 jobs last month, well above economists'' expectations for a gain of 190,000. January''s private payrolls gains were revised up to 261,000 from 246,000. Traders now see an 88.6 percent implied chance the Fed will raise rates by 25 basis points at its meeting, up from 81.9 percent on Tuesday, according to the CME Group''s FedWatch tool. The likelihood the Fed will raise rates has not unnerved investors who, unlike during the "taper tantrum" of 2013, now perceive the U.S. economy as strong enough to withstand a rate hike and welcome a more normalized monetary policy. "Even if the Fed raises rates next week, it would be to 75 basis points which is historically very low and is still considered very easy money," said Adam Sarhan, chief executive of 50 Park Investments in Orlando, Florida. The ADP report initially buoyed Wall Street as financial and industrial stocks rose, but the surge in oil stockpiles offset enthusiasm over the jobs data. The Dow Jones Industrial Average .DJI closed down 69.03 points, or 0.33 percent, at 20,855.73. The S&P 500 .SPX lost 5.41 points, or 0.23 percent, to 2,362.98 and the Nasdaq Composite .IXIC added 3.62 points, or 0.06 percent, to 5,837.55. In Europe, the pan-regional STOXX 600 index closed up 0.13 percent after declining the four previous sessions. MSCI''s all-country world stock index .MIWD PUS was off 0.3 percent, pulled lower by energy stocks. The euro fell to a five-day low after the payrolls data and ahead of a meeting of the European Central Bank on Thursday. Traders and investors expect the ECB to maintain its loose monetary policy despite rising inflationary pressures. The dollar has rallied by about 2.5 percent against a basket of major trading currencies over the past five weeks. The dollar index .DXY gained 0.28 percent at 102.100. The dollar rose 0.33 percent against the Japanese currency JPY= to 114.34 yen and edged up 0.25 percent to $1.0539 versus the euro EUR= . The strong gain in private-sector jobs pushed benchmark U.S. Treasury yields to their highest since December. The 10-year U.S. Treasury note yield US10YT=RR hit 2.583 percent, a level last seen on Dec. 20, before easing to 2.5560 percent, up almost 5 basis points from late on Tuesday, according to Thomson Reuters data. (Reporting by Herbert Lash; Editing by Nick Zieminski and James Dalgleish)   prices dive 5 percent as U.S. crude inventories balloon NEW YORK Oil prices plunged 5 percent to their lowest levels this year on Wednesday as U.S. crude inventories surged much more than expected to a record high, stoking concerns a global glut could persist even as OPEC tries to prop up prices with output curbs.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-markets-idUKKBN16F02Y'|'2017-03-09T04:52:00.000+02:00'
'20c9700b9138ed8bffa0cb57f0992cf8609eb3e5'|'Japan says no barriers to auto imports after U.S. fires trade salvo'|' 48am GMT Japan says no barriers to auto imports after U.S. fires trade salvo Containers are seen at an industrial port in Yokohama, Japan, January 16, 2017. REUTERS/Kim Kyung-Hoon/File Photo TOKYO Japan on Friday rejected U.S. demands for more access to Japan''s auto market, saying the government has already taken steps to eliminate tariffs and non-tariff barriers. The rebuff by the government''s top spokesman came in reply to a statement the U.S. government submitted to the World Trade Organization on Wednesday saying, "a variety of non-tariff barriers impede access to Japan''s automotive market." The U.S. government also said Japan''s agriculture sector remains protected by "substantial" barriers, offering the clearest indication yet of where battle lines will be drawn in a new economic dialogue between the two countries. "We do not impose import tariffs on cars, and we do not impose any non-tariff barriers," Chief Cabinet Secretary Yoshihide Suga told reporters. "Our position is that Japan''s auto market is already open. This is something that will be settled in our bilateral dialogue." In 2015 the U.S. government submitted a similar statement to the WTO as part of a regular review of Japan''s trade policies, but this year''s statement could carry more weight given the new U.S. administration''s emphasis on renegotiating trade deals. Japan''s Deputy Prime Minister Taro Aso and U.S. Vice President Mike Pence will chair a joint dialogue that could re-write economic ties between the world''s largest and third-largest economies. Japanese officials have indicated that they would prefer the talks focuSsed on infrastructure, foreign direct investment and energy to avoid more thorny issues like autos and agriculture. Japanese media say the dialogue could start as early as next month, but the White House has made no official announcement. U.S. President Donald Trump rattled Japanese policymakers by criticising the small number of U.S. auto exports to Japan shortly after taking office in January. Trump has also clearly indicated that he prefers to curb free trade to protect U.S. jobs, raising fears of a return to trade friction that marred U.S.-Japan relations in the 1980s. (Reporting by Stanley White and Kaneko Kaori; Editing by Kim Coghill)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-trade-idUKKBN16H09E'|'2017-03-10T09:48:00.000+02:00'
'f9c4547ac9d54dfe06787a39efa6881069d0616e'|'Canara Bank sells 13.45 percent stake in Can Fin Homes'|'Money News - Fri Mar 10, 2017 - 2:21pm IST Canara Bank sells 13.45 percent stake in Can Fin Homes FULL COVERAGE: INDIA ELECTIONS 2017 Indian state-run lender Canara Bank Ltd has sold a 13.45 percent stake in Housing finance arm Can Fin Homes Ltd to Singapore-based Caladium Investment Pvt Ltd for 7.54 billion rupees ($113.12 million), it said on Friday. The divestment is seen as a part of the monetization process of non-core assets of Canara Bank, the company said in a statement to the exchanges. Caladium Investment, which is an affilate of Singapore''s sovereign wealth fund GIC, will buy about 3.6 million Can Fin Homes'' shares at 2105 rupees each, a premium of about 8.4 percent, as of Thursday''s close. As of Dec. 31, 2016, Canara Bank owned 43.45 percent stake in Can Fin Homes, according to data on the BSE website. ($1 = 66.6550 Indian rupees) (Reporting By Arnab Paul in Bengaluru; Editing by Swati Bhat) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/canara-can-fin-homes-idINKBN16H0XI'|'2017-03-10T15:51:00.000+02:00'
'ff4aaa94c0995843b5ad90e3422ba16396bb4cbd'|'State-backed rivals force India''s e-payment firms to step up'|'* E-payments flourish after India scrapped most banknotes* Now government backing new cashless transaction systems* E-wallet providers offer more services to retain business* E-wallet business model burning cash in drive to expand* Investors see consolidation to achieve economies of scaleBy Sankalp Phartiyal and Devidutta TripathyMUMBAI, March 10 Electronic payment firms got a big boost when India abolished most of the country''s banknotes last year, but rival state-sponsored e-payment services are forcing them to raise their game to hang on to their new customers.Until November''s move, which scrapped 86 percent of all notes to foil counterfeiting and the black market, more than 90 percent of transactions in India were in cash.Electronic payments providers such as market leaders Paytm and MobiKwik, and smaller players FreeCharge, Citrus, ItzCash and Oxigen, seized the opportunity, snapping up millions of customers and merchants caught out by the sudden shortage of cash.Now the government is rolling out three tools to facilitate rival cashless transactions, including a United Payments Interface (UPI) app that simplifies inter-bank fund transfers, and Aadhaar pay, a bank-linked payment service that relies on the national identity card and can be used with just a fingerprint.It has also promoted Bharat QR, another bank-linked service that uses machine-readable labels as the base for a simple payment system, helped by Visa and MasterCard. It requires only a smartphone and is aiming to sign up 2 million merchants by September.The UPI app was downloaded more than 17 million times within two months of launch, and transaction values jumped 18 times between November and January, albeit from a low base.So e-wallet providers such as Alibaba-backed Paytm, the largest, with more than 200 million clients, are adding services to stay a step ahead.Paytm is betting that its licence to set up a niche bank so it can pay interest on deposits - and connect its systems with the UPI network - will help, and it knows it will need extra services to make the business profitable."The point is that e-wallets as a standalone business will be massively risky and not viable," said Vijay Shekhar Sharma, founder and Chief Executive of Paytm.FREEBIESIn the early stages of their build-up, the companies haven''t even paid lipservice to viability - giving a free service to customers and merchants, while burning through their start-up funding. Their only source of income has been commissions on phone and utility bill payments.Paytm''s parent company has raised $675 million from Alibaba and more from others, and says its current valuation is about $5 billion, but it has lost about $230 million over the last financial year. MobiKwik, part-owned by American Express and Sequoia Capital, has raised about $80 million and is eyeing a $1 billion valuation as it holds talks with investors for more funding.Both have waived fees to enable free money transfers from wallets to bank accounts. Paytm says transfers within its wallets and accounts will be free forever.And they have been using cash discounts and freebies to lure customers.Mumbai-based management teacher Christina Sundaresan says she started using Paytm when the government pulled the plug on notes, and now uses it so frequently she gets a free movie ticket each weekend."My laptop repairer, the vegetable vendor and the medical store are all accepting Paytm, so it works well," she said.But she says she would consider other payment options, including UPI.That will make it difficult for Paytm to withdraw the freebies, but they can''t keep burning cash."You can''t have a business that says ''pay a 500 bill and take 250 cash back''," said Aditya Puri, head of third-biggest Indian lender HDFC Bank, which has its own payment app.MobiKwik, which started as a simple digital wallet, is looking to partner with mainstream banks to market a host of financial services on its platform, from mutual funds to loans.It aims to triple its wallets user base to 150 million by end-2017, and raise the value of transactions five times to $10 billion.It thinks its head start and extra services will keep it on top of the competition, and that banks, latecomers to e-payment, will struggle to match the scale of its operations and vendor network."UPI is a solution for bank transfers. UPI is not a payments ecosystem today, as there are no merchants on UPI," said MobiKwik Chief Executive Bipin Preet Singh.Dhruv Chopra, managing director at the Indian unit of South African payments solutions provider Net1, which has invested in MobiKwik, is also betting the start-ups will be too nimble for the banks.But with a large number of small players, many will not survive, he said.Avnish Bajaj of venture capital firm Matrix Partners, which has investments in payments companies ItzCash, Mswipe, and ride hailing firm Ola, which has its own e-wallet, agrees there will be a clearout under competitive pressure."There''s going to be a bit of consolidation in the e-wallets space in the next two years," he said.(Additional reporting by Manoj Kumar in NEW DELHI, Swati Bhat, Suvashree Dey Choudhury and Euan Rocha in MUMBAI and Cate Cadell in BEIJING; Editing by Will Waterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/india-tech-payment-idINL3N1GB09Y'|'2017-03-09T20:00:00.000+02:00'
'8ad19ff1d66cbcc921e5860dae71ce2d9114cf65'|'CORRECTED-Spirit AeroSystems says ex-CEO breached retirement deal -Elliott filing'|'(Corrects paragraph 7 to show that Lawson not a nominee; fixes paragraph 9 to show Lawson and Elliott did not see violation of non-compete agreement)March 8 Elliott Management reported in a regulatory filing that Spirit AeroSystems Holdings has said its former chief executive officer, Larry Lawson, has breached his retirement contract by consulting for the hedge fund during its proxy fight with Arconic Inc.Elliott hired Lawson as a consultant on Jan. 31, the day it officially launched its proxy fight against Arconic, a specialty metals maker.Elliott, in its filing with the Securities and Exchange Commission made late on Tuesday, did not disclose the source of its information on Spirit''s position on Lawson.Spirit and Elliott both declined to comment. Lawson could not be reached immediately.The claim comes as Elliott and Arconic battle over the future of Arconic and its CEO, Klaus Kleinfeld. Elliott has been putting pressure on Kleinfeld and Arconic since Arconic''s separation from aluminum producer Alcoa Corp late last year.Arconic''s board has repeatedly said it unanimously supports Kleinfeld, who was Alcoa''s CEO before the split.Elliott has nominated five directors to be elected to Arconic''s board. Elliott has also said that Lawson, who retired as CEO of Spirit AeroSystems last July, is a strong candidate to be Arconic''s CEO.In the securities filing, Elliott said Spirit AeroSystems has taken the position that "Lawson''s service as a consultant to Elliott constitutes a breach of the Retirement Agreement" with Lawson, and Spirit has withheld certain payments owed to him. Lawson has a "non-compete" agreement with Spirit that lasts through July 2018, according to the filing.Elliott said in the filing that neither Lawson nor Elliott believe that Lawson''s work as a consultant nor his potential role as Arconic CEO are in violation of the non-compete.Elliott said it has compensated Lawson for the payment that Spirit has withheld.(Reporting by Lauren Hirsch and Michael Flaherty; Editing by Leslie Adler and Bill Trott)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/arconic-elliott-idINL2N1GL1V6'|'2017-03-10T12:01:00.000+02:00'
'63d95b7c489b5a2a77a59aec6db822f6a57902d3'|'Greek consumer prices ease in February, led by durables, apparel costs'|' 30am GMT Greek consumer prices ease in February, led by durables, apparel costs A woman buys products in a grocery market in Athens July 2, 2013. REUTERS/John Kolesidis ATHENS Greece''s annual EU-harmonised inflation rate slowed in February, statistics service data showed on Friday, with the reading coming in slightly below market expectations. The reading in February was 1.4 percent from 1.5 percent in January. Consumer prices were led lower by apparel, footwear, durable household goods and healthcare costs. Economists polled by Reuters were forecasting a 1.5 percent print. The data also showed the headline consumer price index rose to 1.3 percent year-on-year, from 1.2 percent in the previous month, when it emerged from a protracted deflation trend. For years an inflation outlier in the euro zone, Greece had been in a protracted deflation mode since March 2013 based on its headline index, as wage and pension cuts and a multi-year recession took a heavy toll on Greek household incomes. Deflation in Greece, which signed up to its first international bailout in 2010, hit its highest level in November 2013, when consumer prices registered a 2.9 percent year-on-year decline. Euro zone inflation surged to a four-year high last month, zooming past the European Central Bank''s target and piling pressure on rate setters to open talks about when and how extraordinary stimulus measures will be scaled back. Inflation in the 19 countries sharing the euro accelerated to 2.0 percent from 1.8 percent in January, the highest since the start of 2013 and just above the ECB''s target of a rate just below 2 percent. (Reporting by George Georgiopoulos)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-greece-inflation-idUKKBN16H16N'|'2017-03-10T17:30:00.000+02:00'
'1fb91aed636f6f1371f93b48c81c992c070ce6d5'|'Analysis - Trillion-dollar question looms as Aramco audits oil reserves'|'Business News - Fri Mar 10, 2017 - 4:25pm IST Trillion-dollar question looms as Aramco audits oil reserves FULL COVERAGE: By Reem Shamseddine , Rania El Gamal and Alex Lawler - KHOBAR, Saudi Arabia/DUBAI KHOBAR, Saudi Arabia/DUBAI When Saudi Aramco [IPO-ARMO.SE] reveals a Western audit of its oil reserves, investors will be looking for two answers: How much oil and how much detail? Saudi Energy Minister Khalid al-Falih has hinted at a surprise on the upside on reserve volumes ahead of Aramco''s 2018 share listing, but industry sources say detail on individual deposits – which investors have long sought - will be thin. Saudi Arabia''s reserves of easily recoverable oil have long been the world''s largest. But there also have long been questions about the volume and quality of those reserves. For nearly 30 years - despite rising production, wild swings in oil prices and improved technology - Riyadh has annually reported the same number for reserves of 261 billion barrels, according to BP’s statistical review. Firms listing in New York are required to have a U.S. Securities and Exchange Commission audit. Last year, the SEC launched a probe into why the world''s largest listed oil company, ExxonMobil ( XOM.N ), reported virtually unchanged reserves for years despite a plunge in prices. Exxon revised its reserves down last month. Having an internationally recognized reserves audit has become a key task for Aramco as it seeks to become the world''s most valuable company when it lists shares in an initial public offering (IPO) for 5 percent of the firm''s value. An industry source told Reuters that Aramco aimed to have one of its two reserves auditors wrap up the review this year, long before the share listing. Dallas-based DeGolyer and MacNaughton, and Gaffney, Cline and Associates, part of Baker Hughes ( BHI.N ), are involved in the auditing, sources have said. When the reserves are confirmed by the auditors, the results are likely to be similar to the levels of disclosure by international peers such as BP BP.L. and Royal Dutch/Shell ( RDSa.L ), sources familiar with the process said. "What Aramco will do in the IPO is try to report in a similar way to other companies," a senior source with knowledge of the plans said. Listed majors'' reserves reports "vary a bit in detail and some give a greater breakdown. Aramco probably hasn''t decided that yet," the source said. Over a decade ago, Shell''s stock price collapsed after the company said it had overstated its reserves by 20 percent. No listed oil major has seen its stated deposits stay unchanged for the past 30 years. Aramco declined to comment. "Saudi Aramco does not comment on rumor or speculation," a company spokesman said. Gaffney, Cline and Associates also declined to comment, while DeGolyer did not respond to a request for comment. A reserves total that is significantly above or below the 261 billion figure is likely to affect Aramco''s potential value. Earlier phases of the audit have supported Aramco''s statements on the total size of deposits. Aramco is showing all its data to the auditors, the sources said, and is using two firms rather than one in an effort to bolster confidence that the process is not a rubber-stamping of Aramco figures. "Our reserves have been partially audited and are bigger than we actually booked," Falih said this week. "On every metric, Aramco will surprise analysts on the upside - lowest cost, highest cash flow, solid reserves that will be certified by third-party agencies." WHAT''S IN THE GROUND? Historically Aramco has provided little detail publicly on its reserves other than total volume. Publicly traded oil companies such as BP and Shell with assets distributed globally give more detail than just a headline figure, including reserves by geographic location and whether they are developed or undeveloped. However, they do not give reserves by individual field - and for Aramco that is precisely what investors want, because its oil is concentrated in one country, Saudi Arabia. Sadad al-Husseini, a former Aramco senior executive and now energy consultant, said Aramco has extensive details on its reserves in every field but it was not common practice for national oil companies to identify their deposits on that basis. "What it might do initially is give a corporate summary and break it down by crude grade with more data to follow," he said. Aramco''s precise level of disclosure has yet to be decided, the source familiar with the plans said. He noted that Western majors do not list reserves by field. "There is no way Aramco will be giving field-by-field detailed reserves," another industry source familiar with the plans said, adding that the firm considers reserves decline rates and field maturity as sensitive, non-public data. The question of how much oil is left at the biggest Saudi field, Ghawar, has long intrigued market watchers. "What they need to offer is a package of assets with value-chain, operating and financial detail comparable to that made available by integrated oil companies," said Jason Kenney, head of European oil and gas research at Santander. "I doubt you''re going to get a full breakdown of the 261 billion barrels - but maybe the IPO is not about a full upstream offering either. To attract the investors, you’ve got to offer the same level of transparency as alternative investments." (Reporting by Reem Shamseddine in Khobar, Rania El Gamal in Dubai and Alex Lawler in London; Editing by Dmitry Zhdannikov and Dale Hudson) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-aramco-ipo-reserves-analysis-idINKBN16H190'|'2017-03-10T17:48:00.000+02:00'
'37fc8b1e54bff48267c4f3de770a716c5792f385'|'Uber prohibits use of ''Greyball'' technology to evade authorities'|'Business  08am GMT Uber prohibits use of ''Greyball'' technology to evade authorities People outside the Uber offices in Queens, New York, U.S., February 2, 2017. REUTERS/Brendan McDermid By Heather Somerville - SAN FRANCISCO SAN FRANCISCO Uber Technologies Inc has prohibited the use of its so-called "Greyball" technology to target regulators, ending a program that had been critical in helping Uber evade authorities in cities where the service has been banned. Uber is reviewing the different ways the technology has been used and is "expressly prohibiting its use to target action by local regulators going forward," Uber Chief Security Officer Joe Sullivan said in a blog post on Wednesday. The ride-hailing company last week confirmed the existence of the "Greyball" program, which uses data from the Uber app and other methods to identify and circumvent officials who aimed to ticket or apprehend drivers in cities that opposed Uber''s operations. (Reporting by Heather Somerville, editing by G Crosse) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-uber-greyball-idUKKBN16G04N'|'2017-03-09T08:08:00.000+02:00'
'9375999874c27444890c7cc688c9dd5a8ec11008'|'PRECIOUS-Gold steady near 5-week low ahead of U.S. jobs data'|'March 9 Gold prices held steady early on Thursday near a five-week low touched in the previous session, pressured by an uptick in the dollar ahead of U.S. non-farm payrolls data on Friday. FUNDAMENTALS * Spot gold was flat at $1,207.46 per ounce at 0030 GMT. The metal hit its lowest since Feb. 1 at $1,206.05 in the previous session. * U.S. gold futures edged down $1.80 or 0.1 percent to $1,207.60. The dollar index was up 0.1 percent to 102.14. * Investors are awaiting February non-farm payrolls data on Friday as a barometer of the U.S. economy after Federal Reserve Chair Janet Yellen said last week the central bank was poised to lift rates provided jobs and inflation data held up. Her comments were seen as cementing plans for an increase at the Fed''s March 14-15 meeting. * The ADP National Employment Report showed its biggest increase in more than a year in February, suggesting the U.S. economy remains on solid ground. * The European Central Bank is set to keep monetary policy on hold on Thursday as it casts a cautious eye ahead to high-risk elections in the Netherlands and France during an upsurge in populist, anti-establishment sentiment. * Holdings of the largest gold-backed exchange-traded-fund (ETF), New York''s SPDR Gold Trust GLD, remained unchanged on Tuesday from Monday. * The biggest risk facing the world''s top gold producers is their reluctance to hunt for big new discoveries in emerging markets, with most sticking to so called safe jurisdictions, said the head of Randgold Resources Ltd on Wednesday. * The Perth Mint''s sales of gold products dipped in February to the lowest in six months, while silver sales more than halved from the previous month, the mint said in a blog post on its website on Wednesday. * Precious metals miner Hochschild Mining Plc swung to a pretax profit in 2016, helped by strong output at its Inmaculada mine in Peru and a more favourable pricing environment. * Britain''s economy is likely to feel the pain of Brexit more sharply in the coming years despite holding up well so far, according to finance minister Philip Hammond''s latest plan to steer the economy through its split from the European Union. DATA/EVENT AHEAD (GMT) 0130 China Consumer prices Feb 0130 China Producer prices Feb 1245 European Central Bank interest rate announcement 1330 European Central Bank press conference 1330 U.S. Import prices Feb 1330 U.S. Export prices Feb 1330 U.S. Weekly jobless claims (Reporting by Arpan Varghese in Bengaluru; Editing by Richard Pullin)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/global-precious-idINL3N1GM07P'|'2017-03-08T21:55:00.000+02:00'
'b5e3836c06712f367a7fa806f2e485c87131fba2'|'Bentley says access to Europe is crucial as investment decision nears'|'Business News - Thu Mar 9, 2017 - 4:23am EST Bentley says access to Europe is crucial as investment decision nears The wheel hub of a Bentley is seen during the the 87th International Motor Show at Palexpo in Geneva, Switzerland, March 7, 2017. REUTERS/Arnd Wiegmann By Costas Pitas - GENEVA GENEVA Volkswagen-owned British car brand Bentley is due to make its next major investment decision on a new model around the start of next year and unfettered access to Europe is vitally important, its boss told Reuters. Bentley, which builds its entire range of luxury models at its site in Crewe in central England, said over 20 percent of sales are made in Europe, which is due to become its largest market this year. Tariff-free access to the continent for goods and visa-free travel for its staff are key, Chief Executive Wolfgang Duerheimer told Reuters, and the firm was already having frank discussions with British officials about Brexit. "I have about nine to 12 months where I can wait and see what''s going to happen and then I need to take serious decisions. It''s all connected to future models," he said during an interview at the Geneva motor show. "This gives us a bit of breathing space, and also the government, but then I need to have clear commitments." Since Prime Minister Theresa May said Britain will leave the single market and could also quit the customs union when it exits the European Union, carmakers have become increasingly concerned about potential trade barriers. May is due to trigger Article 50 by the end of the month, setting up two years of negotiations leading to Britain''s exit from the European Union. Bentley has previously built some models outside of Britain at a site in Dresden in eastern Germany to boost capacity. Duerheimer said there were no plans to move production from Britain at present but it was a possibility in the worst case scenario. "It''s the Britishness that makes us very unique but we know from... different car brands that this business is a very international one and before we would not produce any Bentleys anymore, we would produce them somewhere else," he said. (Reporting by Costas Pitas; Editing by Keith Weir) Next In Business News Samsung Group chief denies all charges as ''trial of the century'' begins SEOUL The head of South Korea''s Samsung Group, Jay Y. Lee, denies all charges against him, his lawyer said on Thursday, at the start of what the special prosecutor said could be the "trial of the century" amid a political scandal that has rocked the country.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-autoshow-geneva-bentley-britain-idUSKBN16G0ZO'|'2017-03-09T16:23:00.000+02:00'
'4635215e4f38e16b5e48c0ec05040907789503e8'|'The richest seam: Mining companies have dug themselves out of a hole'|'FOR mining investors there is something sinfully alluring about Glencore, an Anglo-Swiss metals conglomerate. It is the world’s biggest exporter of coal, a singularly unfashionable commodity. It goes where others fear to tread, such as the Democratic Republic of Congo (DRC), which has an unsavoury reputation for violence and corruption. It recently navigated sanctions against Russia to strike a deal with Rosneft, the country’s oil champion.Yet Glencore could still acquire a halo for itself. It is one of the world’s biggest suppliers of copper and the biggest of cobalt, much of which comes from its investment in the DRC. These are vital ingredients for clean-tech products and industries, notably electric vehicles (EVs) and batteries.The potential of “green” metals and minerals, which along with copper and cobalt include nickel, lithium and graphite, is adding to renewed excitement about investing in mining firms as they emerge from the wreckage of a $1trn splurge of over-investment during the China-led commodities supercycle, which began in the early 2000s. The most bullish argue that clean energy could be an even bigger source of demand than China has been in the past 15 years or so.Optimism about the mining industry is a remarkable turnaround in itself. In the past four years the business has endured a slump that Sanford C. Bernstein, a research firm, judges to have been as deep as in the Depression. In 2014-15 the four biggest London-listed miners—BHP Billiton, Rio Tinto, Glencore and Anglo American—lost almost $20bn of core earnings, or EBITDA, as commodities plunged. Glencore, which was hit hardest, scrapped its dividend and issued shares to rescue its balance-sheet.Commodity valuations rebounded last year, and again led by Glencore, mining-company share prices rallied. Recent results show that the four biggest firms not only swung from huge losses to profits but also cut net debt by almost $25bn in 2016. BHP and Rio made unexpectedly large payouts to shareholders. Ivan Glasenberg, Glencore’s tough-talking boss, says the company is now in its strongest financial position in 30 years. “What a difference a year makes,” he exclaims.Underpinning the turnaround have been curbs on supply—both voluntary, to push up commodity prices, and involuntary, such as strikes and stoppages. Capital expenditure has fallen by over two-thirds since 2013 (see chart). All the firms are reluctant to embark on big new mining projects. Mr Glasenberg says the industry’s pipeline of new copper projects, for example, is shorter than it was before the China boom. Rio’s giant Oyu Tolgoi copper site in Mongolia’s Gobi Desert is a rare exception. The main focus at all the mining firms is on rebuilding balance-sheets and rewarding shareholders who kept the faith.Even as they promise capital discipline, however, demand for green metals and minerals is tempting them to spend. Last year BHP declared that 2017 could be the year “when the electric-car revolution really gets started”. A recent surge in the prices of battery ingredients, such as copper, cobalt and lithium, has added to the excitement. China, the world’s biggest manufacturer of EVs, is gobbling up supplies. In November China Molybdenum, which is listed in Shanghai, became the majority owner of Tenke Fungurume, a vast copper and cobalt mine in the DRC. Tellingly, the price of platinum, which is used in catalytic converters in internal combustion engines, has lagged behind.BHP, which has looked closely at EV-related demand, estimates that an average battery-powered EV will contain 80 kilograms of copper, four times as much as an internal-combustion engine. This is split between the engine (the largest share), the battery and the wiring harness. It forecasts that by 2035 there could be 140m EVs on the road (8% of the global fleet), versus 1m today. Manufacturing them could require at least 8.5m tonnes a year of additional copper, or about a third extra on top of today’s total global copper demand.According to Sanford C. Bernstein, which uses a bold estimate that almost all new cars will be electric by 2035, global copper supplies would need to double to meet demand by then. Finding and digging up all the metals that stand to benefit, plus new smelting and refining capacity, could require up to $1trn in new investment by mining companies, it says. Hunter Hillcoat of Investec, a bank, says the transition could require the addition of a copper mine the size of Chile’s Escondida, the world’s biggest, every year.Therein lies the rub. By one estimate, it takes at least 30 years to go from finding copper deposits to producing the metal from them at scale. Some of the big ones in operation today were discovered in the 1920s. Because of declining ore grades, community resistance, lack of water and other factors, copper supply will be overtaken by demand in the next year or two. But prices would have to rise considerably to spur the necessary investment in mines.Sharply higher prices for copper could, however, spur the search for alternative battery and EV materials such as aluminium. When prices of nickel, an additive in stainless steel, soared a decade ago, stainless-steel manufacturers found ways to make products less nickel-dependent.Another difficulty in supplying a future electric-vehicle revolution is the often inhospitable location of some of the most promising minerals. Cobalt, for instance, is a by-product of copper and nickel. Total volumes are about 100,000 tonnes, and about 70% lies in the DRC. Unregulated artisanal miners produce a lot of it, which has led to worries about “conflict cobalt”.Indeed, the DRC is likely to be the main source of many of the minerals needed for EVs and batteries. Paul Gait of Sanford C. Bernstein calls it the Saudi Arabia of the EV boom, referring to the kingdom’s role in oil markets. But firms such as BHP and Rio are thought to be reluctant to invest there because of concerns about the country’s stability, transparency and governance.In the short term the mining industry remains gun-shy about new investments. As Glencore’s Mr Glasenberg notes, it has been fooled before by estimates that demand for copper will double—the latest such misjudgment came as recently as 2008. The very biggest firms, BHP and Rio, have an additional reason to hesitate before splurging on battery materials. Their cash cows are iron ore and coking coal, the raw materials of steel, which are used more heavily in petrol and diesel engines than in EVs. BHP also produces oil, demand for which could one day be affected by battery-powered vehicles. Anglo American has a large platinum and palladium business, feeding demand for diesel and petrol catalytic converters.All the firms insist that such diverse mineral exposures in fact provide them with a “hedge” whichever way the vehicle fleet develops (though they play up the copper in their portfolio as possibly the best bet of all). Rio is unique among them in also having a lithium-borate project, in Serbia, which it is developing as an option on a batteries boom.For an unhedged bet, it may be small miners such as Canada-based Ivanhoe that are best placed for a surge in EVs and batteries. Ivanhoe recently said it planned to develop the Kamoa-Kakula deposit in the DRC (pictured on previous page), which it calls the biggest copper discovery ever, containing the highest-grade copper that the world’s big mines produce. Zijin, a Chinese miner, sees the same opportunity and is paying Ivanhoe $412m for half of its majority stake in Kamoa-Kakula. Ivanhoe’s founder, billionaire Robert Friedland, speaks of the metal as the king of them all. “Based on world ecological and environmental problems,” he says, “every single solution drives you to copper.”  Business   "The richest seam"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21718532-electric-vehicles-and-batteries-are-expected-create-huge-demand-copper-and-cobalt-mining?fsrc=rss'|'2017-03-09T23:29:00.000+02:00'
'd2fb838a8e9b2d256fa17f025825a8dc2fc88b7e'|'Blackstone appoints more banks to prepare IPO for warehouse giant Logicor'|'Business News - Fri Mar 10, 2017 - 12:54pm GMT Blackstone appoints more banks to prepare IPO for warehouse giant Logicor By Pamela Barbaglia and Dasha Afanasieva - LONDON LONDON Private equity firm Blackstone ( BX.N ) has appointed more banks to help prepare for an initial public offering (IPO) of shares in its giant European warehouse owner Logicor, that could be valued at 13 billion euros (£11.35 billion), according to two sources familiar with the matter. Wall Street banks Morgan Stanley ( MS.N ), Citi ( C.N ) and Bank of America Merrill Lynch ( BAC.N ) have been selected by Blackstone to work on the potential listing in London alongside Goldman Sachs ( GS.N ), although no final decision to proceed has been taken, according to one of the sources. Blackstone declined to comment. Logicor was founded by Blackstone’s real estate division in 2012 to manage and operate its European logistics assets. Counting Amazon ( AMZN.O ) among its clients, it has become the largest owner of European logistics and distribution properties, covering a total of 13.6 million square metres across Europe. Reuters reported in December that Blackstone was hiring banks to prepare for an IPO of Logicor, several people with knowledge of the situation said at the time. Goldman Sachs and Eastdil Securities had already been chosen to help with the listing but the global coordinators had not yet been appointed, one of the sources involved in the process said. Sky News first reported the appointments. ($1 = 0.9429 euros) (Writing by Anjuli Davies; Editing by Rachel Armstrong, Greg Mahlich) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-logicor-ipo-idUKKBN16H1K7'|'2017-03-10T19:54:00.000+02:00'
'a2086298db4b0176bfb7dc9c77576f5e0b895229'|'All aboard: Can a railway legend deliver at America’s CSX?'|'E. HUNTER HARRISON, a veteran railway executive, tried retiring in 2010, after he made Canadian National (CN), a formerly state-owned company, the best-performing of the large railways in North America. But once he pocketed the gold watch and attended the retirement party he faced a void that raising and training horses for showjumping did not fill. By mid-2012 he was back at the helm of another railway, Canadian Pacific (CP), whose glory days were long past. Once he had turned around CP, he didn’t make the same mistake again. On January 18th the 72-year-old Tennesseean both announced his departure and entered negotiations with Florida-based CSX to become that railway’s CEO.Just the rumour that Mr Harrison might be moving to CSX caused the share price to rise by 23% in 24 hours. It continued to rise when the negotiations became public. At last, on March 6th, CSX appointed Mr Harrison as CEO and met the condition set by Mantle Ridge, an activist hedge fund with which he has partnered, to name five new board directors. Mr Harrison made long-term shareholders in CP and CN rich, tripling profits at both during his tenures. CSX shareholders expect the same. 9 minutes ago Poland Will he deliver? CSX is different from the railways Mr Harrison has run in the past. Its 21,000-mile network is concentrated, spaghetti-like, in heavily-populated eastern America, unlike the linear, continent-spanning networks of roughly similar total length that are operated by CN and CP. And he faces two new and potentially damaging headwinds: the decline of coal, a mainstay of railway-freight volumes; and Donald Trump’s views on trade. Both could seriously disrupt business on North American railways.Mr Harrison certainly knows the industry inside and out. He reportedly started out lubricating the undercarriage of railcars for $1.50 an hour and worked his way up at Burlington Northern before leaving to work for Illinois Central. He joined CN when it bought Illinois Central in 1998. Along the way he became an evangelist for precision railroading, his concept that freight trains should run on a strict schedule regardless of whether they are near-empty or full. This went against the prevailing trend of adding more locomotives and cars and leaving their schedules flexible. Operating fewer trains, but on time, Mr Harrison showed, meant greater efficiency and better service for customers, who know when their shipments will arrive.Another part of precision railroading is ditching old equipment and slashing staff. Mr Harrison retired 700 locomotives, or two-fifths of the fleet, at CP; about 6,000 of 20,000 jobs disappeared, largely through attrition. This earned him the ire of some unions, which also questioned the impact on safety of time-saving measures like allowing staff to jump on and off (slow-)moving trains or insisting that managers drive trains if no other staff were available. This reduced some managers to tears, says a former employee: “They weren’t afraid of driving the train, they were afraid of crashing it.” Mr Harrison thought the hands-on experience would help them do their desk jobs better.CSX is in better shape than either of his previous two charges. CN was government-owned until 1995 and was hobbled by bureaucracy. CP, created to tie Canada together with a line extending to the west coast, was the laggard among the big North American railways when Mr Harrison arrived. Its operating ratio (operating expenses as a percentage of revenues) was 81.3 at the end of 2011. By 2016 it had been driven down to around 60, although some people quibble that one-off sales may have flattered the ratio. CSX had an operating ratio of 69.4 in 2016, and is already making many of the moves Mr Harrison has used elsewhere, like increasing the ratio of cars to locomotives and cutting staff.As for coal, revenues from the commodity fell by nearly $2bn to $1.7bn between 2011 and 2016. Further falls are expected. The main replacement as a source of revenue is intermodal container freight carrying all manner of goods. Here Mr Trump is a problem. His proposed renegotiation of the North American Free-Trade Agreement (NAFTA) is creating alarm in the industry. Re-imposing borders in the North American market would have a “tremendously negative effect”, says William Vantuono, editor-in-chief of RailwayAge .Accepting the job, Mr Harrison confirmed that he will bring precision railroading to CSX. Might he have grander ambitions? Mr Vantuono believes that his ultimate goal is to arrange one of the mergers that eluded him in the past and to create a transcontinental railway. Others think he just wants to show—again—that his way is the right way. “There isn’t a railroad that Hunter Harrison couldn’t improve,” says Anthony Hatch, a New York-based analyst. But it will be difficult to repeat his previous successes or to match sky-high shareholder expectations.'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21718551-harrison-hunters-precision-railroading-method-requires-trains-run-time-can-railway?fsrc=rss%7Cbus'|'2017-03-11T08:00:00.000+02:00'
'3c1537302ebdfe7d991192c3c05f04d4d33fc52e'|'U.S. oil rises after dropping below $50 for first time since December'|'Global Energy News - Fri Mar 10, 2017 - 1:01am GMT U.S. oil rises after dropping below $50 for first time since December left right A section of the BP Eastern Trough Area Project (ETAP) oil platform is seen in the North Sea, around 100 miles east of Aberdeen in Scotland, Britain, February 24, 2014. REUTERS/Andy Buchanan/Pool/File Photo 1/3 left right Petrol nozzles are seen in a gas station in Nice, France February 9, 2017. REUTERS/Eric Gaillard 2/3 left right Pipelines are seen at the industrial zone at the oil port of Ras Lanuf, Libya January 11, 2017. REUTERS/Esam Omran Al-Fetori/File Photo 3/3 TOKYO U.S. crude prices edged up on Friday after dropping below $50 per barrel for the first time since December in the previous session, pressured by concerns that a global supply glut is proving stubbornly persistent. U.S. West Texas Intermediate crude (WTI) CLc1 was up 23 cents at $49.51 a barrel at 0027 GMT. Brent crude LCOc1 was yet to trade. On Thursday, it settled down 92 cents, or 1.7 percent, at $52.19 a barrel, after slumping 5 percent the day before in its biggest percentage decline in a year. The U.S. contract fell below $50 on Thursday for the first since mid-December, when OPEC producers and a group of other countries including Russia agreed on a cut in output to end two years of declining prices. But market confidence has taken a hit after a period of higher prices enticed more U.S. shale oil companies to drill more wells and as stockpiles have remained high. Data showed crude stocks in the United States, the world''s top oil consumer, swelled by 8.2 million barrels last week to a record 528.4 million barrels. [EIA/S] U.S. drilling has also picked up, with producers planning to expand crude production in North Dakota, Oklahoma and other shale regions, while the Permian, America''s largest oilfield, has seen output jump. Senior Saudi energy officials told top independent U.S. oil firms in a closed-door meeting this week that they should not assume OPEC would extend output curbs to offset rising production from U.S. shale fields, two industry sources told Reuters on Thursday. Energy ministers and senior oil executives are meeting this week at CERAWeek in Houston, the biggest U.S. gathering of the oil industry. (Reporting by Aaron Sheldrick; Editing by Joseph Radford) Next In Global Energy News UPDATE 1-Tillerson has recused himself from Keystone pipeline issues -State Dept WASHINGTON, March 9 U.S. Secretary of State Rex Tillerson has recused himself from issues related to TransCanada Corp''s application for a permit for the Keystone XL pipeline, the State Department said in a letter on Thursday to the environmental group Greenpeace.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN16H03F'|'2017-03-10T08:01:00.000+02:00'
'c22b5383f08f6eedb5141473da80d9e29462bca3'|'Exclusive: MGM in talks to acquire entirety of Epix - sources'|'By Jessica Toonkel and Liana B. Baker MGM Holdings Inc is in talks to acquire the 81 percent of Epix it does not already own from two of its partners in the premium U.S. channel, Viacom Inc ( VIAB.O ) and Lionsgate LGFA.N, people familiar with the matter said on Thursday.The deal would give MGM, a privately held U.S. movie studio best known for its classic film library, control of Epix and would be a boon to its TV business, as it seeks to build a stronger platform to distribute its content.Viacom is looking to sell its 50 percent stake in Epix to help pay down its $12 billion debt load, the sources said.Lionsgate has already said it is exploring options for its close to 32 percent stake in Epix following its $4.4 billion acquisition of pay TV network Starz Entertainment LLC.Under the terms being discussed, Paramount and Lionsgate would continue to distribute their shows and movies through Epix for several years, according to one of the sources, cautioning that there is no certainty an agreement will be reached.Any deal would likely value Epix, which comes with an online streaming service, between $1 billion to $2 billion, the sources added.The sources asked not to be identified because the negotiations are confidential. Representatives for MGM, Epix, Lionsgate and Viacom declined to comment.Famous for its library that includes James Bond, Rocky and other classic movies, MGM co-produces and distributes television shows such as Teen Wolf on MTV, Vikings on A&E and Fargo on FX. It also owns MGM-branded U.S. channels that largely play its films and international networks.Viacom CEO Robert Bakish, who took over as CEO late last year, is looking to turn around the media company''s business, which has underperformed due to lackluster ratings and ad revenue.Bakish told investors at Deutsche Bank''s media and telecommunications conference this week that he is looking to make Viacom''s debt investment grade, and that the company will sell non-strategic assets.Epix, whose shows include "Berlin Station" and "Graves," has about 14 million subscribers, according to research firm SNL Kagan. MGM has been exploring its options for some time following its emergence from bankruptcy six years ago. It is controlled by hedge funds including Anchorage Capital Partners and Highland Capital Partners.(Reporting by Jessica Toonkel in New York and Liana B. Baker in San Francisco; Editing by James Dalgleish)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-viacom-epix-sale-exclusive-idINKBN16G35Y'|'2017-03-09T19:56:00.000+02:00'
'a9f7796d8636b1100117c8356b746c80851ae046'|'China cbank chief says making monetary policy neutral will help supply-side reforms'|'Economic  33am IST China cbank chief says making monetary policy neutral will help supply-side reforms FULL COVERAGE: INDIA ELECTIONS 2017 Zhou   attends   Making monetary policy neutral will help China''s supply-side reforms,   China''s monetary policy is prudent and neutral and the central bank has many tools at its disposal, Zhou Xiaochuan, governor of the People''s Bank of China (PBOC) said   also said that China will not deliberately seek to include its bond market in global indexes. Pan Gongsheng, another vice governor who is also head of the foreign exchange regulator SAFE, told the same briefing that China had large potential to open up its bond market to foreign investors. China will improve its bond market system to help attract foreign investment, Pan added. China is trying to encourage more investment to offset pressure from capital outflows, which are weighing on the yuan currency and its foreign exchange reserves.   Economic News Exclusive - Saudis tell U.S. oil: OPEC won''t extend cuts to offset shale - sources HOUSTON Senior Saudi energy officials told top independent U.S. oil firms in a closed-door meeting this week that they should not assume OPEC would extend output curbs to offset rising production from U.S. shale fields, two industry sources told Reuters on Thursday.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-parliament-pboc-policy-idINKBN16H0GH'|'2017-03-10T12:03:00.000+02:00'
'1362bed0f7ab619c5912e2c9d58c280d7dcf9022'|'Native American groups take oil pipeline protests to White House'|'U.S.  37pm EST Native American groups take oil pipeline protests to White House left right Little Thunder, a traditional dancer and indigenous activist from the Lakota tribe, dances as he demonstrates in front of the White House during a protest march and rally in opposition to the Dakota Access and Keystone XL pipelines. REUTERS/Kevin Lamarque 1/18 left right Ray St. Clair of the White Earth Reservation in Minnesota carries an eagle head staff as indigenous activists dance and participate in traditional ceremonies during a protest march and rally in opposition to the Dakota Access and Keystone XL pipelines in front of the White House. REUTERS/Kevin Lamarque 2/18 left right A protestor holds a Resist sign as indigenous activists and supporters hold a protest march and rally in opposition to the Dakota Access and Keystone XL pipelines. REUTERS/Kevin Lamarque 3/18 left right Indigenous leaders participate in a protest march and rally in opposition to the Dakota Access and Keystone XL pipelines in front of the White House. REUTERS/Kevin Lamarque 4/18 left right An indigenous activist participates in a protest march and rally in opposition to the Dakota Access and Keystone XL pipelines. REUTERS/Kevin Lamarque 5/18 left right Lara Calloway, from Cloudland, Georgia, participates in an indigenous protest march and rally in opposition to the Dakota Access and Keystone XL pipelines in front of the White House. REUTERS/Kevin Lamarque 6/18 left right An activist stands in front of the White House during a protest rally against the Dakota Access and Keystone XL pipelines in Washington, U.S. March 10, 2017. REUTERS/Kevin Lamarque 7/18 left right A woman walks past teepees built beside the Washington Monument by members of indigenous tribes to protest the Dakota Access and Keystone XL pipelines. REUTERS/Kevin Lamarque 8/18 left right Indigenous leaders participate in a protest march and rally in opposition to the Dakota Access and Keystone XL pipelines in front of the Trump International Hotel. REUTERS/Kevin Lamarque 9/18 left right Indigenous leaders participate in a protest march and rally in opposition to the Dakota Access and Keystone XL pipelines in Washington, U.S., March 10, 2017. REUTERS/Kevin Lamarque 10/18 left right Indigenous women take part in a rally in front of the Trump International Hotel to protest the Dakota Access and Keystone XL pipelines. REUTERS/Kevin Lamarque 11/18 left right Jody Gaskin from Sault Ste. Marie, Michigan, takes part in a protest rally at the White House against the Dakota Access and Keystone XL pipelines. REUTERS/Kevin Lamarque 12/18 left right Indigenous leaders participate in a protest march and rally in opposition to the Dakota Access and Keystone XL pipelines. REUTERS/Kevin Lamarque 13/18 left right Indigenous tribe members take sticks to an effigy of U.S. President Donald Trump during a protest march and rally against the Dakota Access and Keystone XL pipelines in front of the Trump International Hotel. REUTERS/Kevin Lamarque 14/18 left right Members of the Standing Rock Sioux Nation and Indigenous leaders participate in a protest march and rally in opposition to the Dakota Access and Keystone XL pipelines. REUTERS/Kevin Lamarque 15/18 left right An indigenous activist waves an upside down U.S. flag with an image of historic Native American leader Sitting Bull on it during a protest march and rally in opposition to the Dakota Access and Keystone XL pipelines in front of the White House. REUTERS/Kevin Lamarque 16/18 left right A jogger at the base of the Washington Monument passes a teepee built by members of indigenous tribes to protest the Dakota Access and Keystone XL pipelines in Washington. REUTERS/Kevin Lamarque 17/18 left right Little Thunder, a traditional dancer and indigenous activist from the Lakota tribe, dances as he demonstrates in front of the White House during a protest march and rally in opposition to the Dakota Access and Keystone XL pipelines. REUTERS/Kevin Lamarque 18/18 By Valerie Volcovici - WASHINGTON WASHINGTON Thousands of Native American demonstrators and their supporters marched to the White House on Friday to voice outrage at President Donald Trump''s support for the Dakota Access and Keystone XL oil pipelines, which they say threaten tribal lands. The protest follows months of demonstrations in a remote part of North Dakota, where the Standing Rock Sioux tribe demonstrated in an attempt to stop the Dakota Access Pipeline crossing upstream from their reservation. That pipeline is being installed now, after Trump signed an executive order last month smoothing the path for construction. He also cleared the way for the Keystone XL project that would pipe Canadian crude into the United States. The protesters, some wearing traditional tribal garb, carried signs reading "Native Lives Matter", "Water is Life", and "Protect the Water" while marching. A White House official did not immediately respond to a request for comment. "You stood with us at Standing Rock and now I ask you to stand with our indigenous communities around the world," Dave Archambault, the chairman of the Standing Rock Sioux, said at the rally. Among Republican Trump''s first acts in office was to sign an executive order that reversed a decision by the previous administration of Democratic President Barack Obama to delay approval of the Dakota pipeline, a $3.8 billion project by Energy Transfer Partners LP ( ETP.N ). The Standing Rock Sioux and the Cheyenne River Sioux lost a legal bid to halt the construction of the last link of the oil pipeline under Lake Oahe in North Dakota. The pipeline is due to be complete and ready for oil by April 1. At the rally, Archambault''s remarks were interrupted intermittently by both supportive cheers and boos from people who shouted that he "sold out" protestors by allowing the main anti-pipeline protest camp, Oceti Sakewin, to clear out. "I don''t care what you guys say and it''s ok for you to be upset," Archambault said in response. "But the real thing is we are here for our youth and here for our future." Protest organizers erected tipis on the National Mall to represent the camp. Oceti Sakewin was populated by protesters for months, who at times clashed with law enforcement officers. Opponents of the Dakota Access pipeline have vowed to keep up protests against pipelines. (Reporting By Valerie Volcovici; Editing by Richard Valdmanis and Grant McCool) Next In U.S.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-north-dakota-pipeline-protests-idUSKBN16H2NB'|'2017-03-11T04:24:00.000+02:00'
'abf5effb46fe6fd91afc175fc5bf2a1756260ae3'|'BRIEF-BCE recommends shareholders reject TRC Capital''s "mini-tender offer"'|' 18pm EST BRIEF-BCE recommends shareholders reject TRC Capital''s "mini-tender offer" March 10 BCE Inc: * BCE recommends shareholders reject TRC Capital''s "mini-tender offer" * Bell Canada - notified of an unsolicited mini-tender offer made by TRC capital corporation to purchase up to 2 million BCE common shares at $56 per share Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-bce-recommends-shareholders-reject-idUSFWN1GN0SL'|'2017-03-11T04:18:00.000+02:00'
'af98f34ba9bb3e35620d5e1a35e876c4f507d600'|'US STOCKS-Wall St ends up; jobs data points to economic strength'|'Company News  31pm EST US STOCKS-Wall St ends up; jobs data points to economic strength * U.S. economy adds 235,000 jobs in Feb vs estimated 190,000 * Unemployment rate edges down to 4.7 pct * Hospital shares fall * Indexes rise: Dow 0.2 pct, S&P 0.3 pct, Nasdaq 0.4 pct (Updates to close) By Caroline Valetkevitch NEW YORK, March 10 U.S. stocks rose on Friday after a solid jobs report pointed to strength in the domestic economy and supported expectations the Federal Reserve will raise interest rates next week. Indexes ended lower for the week, however, with the S&P 500 and Nasdaq breaking a six-week streak of gains. Government data showed 235,000 jobs were added in the public and private sectors in February, far exceeding economists'' average estimate of 190,000. Fed Chair Janet Yellen signaled last week the U.S. central bank is set to raise rates this month if employment and other economic data hold up. The Fed meets March 14-15. With inflation edging up closer to the Fed''s 2 percent target, traders were pricing in a 92 percent chance of a rate increase at the Federal Open Market Committee''s meeting next week, up from 85 percent before the data. Gains were broad-based, though the utilities index , which tends to underperform in a higher-rate environment, was the day''s best-performing sector, ending up 0.8 percent. At the same time, the S&P financial index, which has risen sharply on prospects of further rate hikes, ended flat, and strategists said the market has likely already priced in a March rate move. "The strong (payrolls) number was a welcome surprise. It was a confirmation labor markets are holding up," said Jeffrey Kravetz, regional investment director at the Private Client Reserve of U.S. Bank. "The reaction is not huge because the market was expecting a good number." The Dow Jones Industrial Average ended up 44.79 points, or 0.21 percent, at 20,902.98, the S&P 500 gained 7.73 points, or 0.33 percent, to 2,372.6 and the Nasdaq Composite added 22.92 points, or 0.39 percent, to 5,861.73. For the week, the Dow was down 0.5 percent, the S&P 500 was down 0.4 percent and the Nasdaq was down 0.2 percent. Friday marked the 50th day of Donald Trump''s U.S. presidency. Since he took office, the Dow has broken above 21,000 and the S&P 500 has crossed $20 trillion in market value on bets he would usher in tax cuts, simpler regulations and higher infrastructure spending. Still, the lack of detail on Trump''s plans and other issues have helped temper the post-election rally, along with valuations that some consider lofty. "In the short term we''re a little bit cautious (in stocks) because valuations are stretched. But as long as the economic data keeps improving and without inflation being an issue, any weakness becomes an opportunity to add (to equity longs)," said Sameer Samana, global quantitative and technical strategist at Wells Fargo Investment Institute in St Louis. Shares of U.S. hospital operators fell a day after the Republican plan backed by Trump to overhaul Obamacare cleared its first hurdles in Congress. While passage of the bill remains uncertain, some analysts believe the bill will go through. Tenet Healthcare shares fell 5.3 percent. AbbVie rose 2.1 after Goldman Sachs issued an upbeat report on the drugmaker. Finisar Corp shares fell 22.7 percent after the network equipment maker gave disappointing revenue and profit forecasts for the current quarter. Advancing issues outnumbered declining ones on the NYSE by a 2.04-to-1 ratio; on Nasdaq, a 1.39-to-1 ratio favored advancers. The S&P 500 posted 42 new 52-week highs and five new lows; the Nasdaq Composite recorded 82 new highs and 36 new lows. About 6.9 billion shares changed hands on U.S. exchanges, close to the 7.0 billion daily average for the past 20 trading days, according to Thomson Reuters data. (Additional reporting by Rodrigo Campos in New York and Yashaswini Swamynathan in Bengaluru; Editing by Meredith Mazzilli and James Dalgleish) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL2N1GN1U3'|'2017-03-11T04:31:00.000+02:00'
'da100574af28d9873acc682f38556b160da118e2'|'Crunch week as Fed meets on rates, Trump team joins G20'|'Business News - Fri Mar 10, 2017 - 6:36pm GMT Crunch week as Fed meets on rates, Trump team joins G20 A police officer keeps watch in front of the U.S. Federal Reserve building in Washington, DC, U.S. on October 12, 2016. REUTERS/Kevin Lamarque//File Photo By William Schomberg - LONDON LONDON After a year that tipped conventional wisdom on its head, the coming week might suggest a return to some sort of normality for the global economy -- or instead take investors into a whole new round of uncertainty. On the face of it, Wednesday''s expected interest rate hike by the Federal Reserve would be a clear sign that the United States has emerged from the shadow of the global financial crisis, a decade after it began. As well as raising rates for the third time since the crisis, the Fed is expected to signal it will speed up its so-far tentative approach to weaning the U.S. economy off the extraordinary support of rock-bottom borrowing costs. But of course it''s not business as usual in the United States and beyond. When the world''s most powerful finance chiefs gather on Friday for the first time since Donald Trump became U.S. president, many of them will be alarmed at Washington''s new, protectionist stance, which it wants other countries to endorse. A draft communique to be argued over by the G20 has dropped the commitment to "resist all forms of protectionism". A warning against protectionism has appeared in Group of 20 communiques for more than a decade. A diplomatic smoothing of the differences would be a relief for investors who are worried about what the Trump administration really has in store. But if the final language of the communique suggests the Trump administration has asserted its views over those of other governments, it would raise big questions about what will happen to the open market policies that underpin the global economy. "The G20 will be scoured for any clues as to exactly how the U.S. might be looking to pursue what looks like a more mercantilist agenda on trade policy," Brian Coulton, chief economist at Fitch Ratings, said. By the time they meet in the German city of Baden Baden, the G20 central bankers and finance ministers will know whether there has been another political earthquake after the Trump and Brexit upsets, this time in the Netherlands. Opinion polls have suggested that Dutch nationalist Geert Wilders'' right-wing Freedom Party, which wants to take the Netherlands out of the European Union and stop Muslim immigration, has lost its lead to more mainstream opponents. But polls failed to predict Trump''s victory or Brexit last year and investors are nervous about a Dutch election shock just weeks before voters in France decide whether to make the anti-EU, far-right Marine Le Pen their new president. "It will certainly be a big week," Coulton said. FED MEETING TOPS BUSY WEEK FOR CENTRAL BANKS As well as the Fed''s meeting, central banks in four other leading rich economies -- Japan, Britain, Switzerland and Norway -- are all due to deliver their latest decisions on Thursday. None of the them are expected to follow the Fed and tighten monetary conditions. Instead, they are continuing to try to steer their economies back to normality, and in the Bank of England''s case, to offset incipient signs that last June''s vote to leave the EU is starting to weigh on consumer spending. Yet for all the political upheaval of the last nine months, which began with the British EU referendum, many economies are enjoying their best growth in years. Even in the euro zone, confidence is at a six-year high, the services and manufacturing sectors are growing and unemployment is at its lowest since 2009, prompting European Central Bank President Mario Draghi to declare victory over deflation. Against the backdrop of a world economy that is picking itself up and strong momentum at home, the question for the U.S. Federal Reserve is not whether to raise interest rates on Wednesday but how quickly it should do so again. Economists at AXA Investment Managers said a sharp upgrade of the Fed''s economic growth projections next week could cause investors to price in even more U.S. rate hikes than the three currently expected for 2017. Fitch''s Coulton said investors should get ready for a different pace of action at the Fed. "We will probably see the second rate hike in three months. It took eight years to get the previous pair of hikes," he said. But James Pomeroy, global economist at HSBC, said he expects only two Fed rate hikes this year, beginning next week, as core inflation remains below 2 percent, wages grow slowly and emerging economies feel the strain of a stronger dollar which will weigh on global growth. "Although at this meeting it''s all very clear that they are going to be raising rates, and the jobs data suggests that the economy is in pretty good health, we think going forward it becomes harder and harder to go it alone and be the only central bank raising rates," Pomeroy said. (Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-economy-idUKKBN16H2EQ'|'2017-03-11T01:36:00.000+02:00'
'645b8a833fa63586225f1b4083e55dbcd299419b'|'Carrefour to open 70 new mini-markets in Brazil in 2017 - paper'|'  12:12pm GMT Carrefour to open 70 new mini-markets in Brazil in 2017 - paper The logo of France-based food retailer Carrefour is seen in Paris, France, June 2, 2016. REUTERS/Jacky Naegelen SAO PAULO French retailer Carrefour SA ( CARR.PA ) will open 70 new Express mini-markets in Brazil this year, newspaper Valor Econômico reported on Friday from Paris, citing Chief Executive Officer Georges Plassat. Plassat said Carrefour''s initial public offering in Brazil, expected to take place around the middle of the year, will strengthen its presence in the company''s second largest market and "provide the necessary financial means to fund its expansion," Plassat was quoted as saying in Valor. Carrefour posted its first drop in annual operating profits since 2012 on Thursday, following the weak results of its French operations. Carrefour''s press officers in São Paulo were not immediately available to comment on Plassat''s remarks. (Reporting by Ana Mano Editing by W Simon) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-carrefour-brazil-idUKKBN16H1FQ'|'2017-03-10T19:12:00.000+02:00'
'2d363fb52d636d94899bf6a1c0555a78596d9963'|'We''re not work-shy: France renews Brexit business push'|'Economy  50pm GMT We''re not work-shy: France renews Brexit business push left right FILE PHOTO: The Eiffel Tower is seen at sunset in Paris, France, November 9, 2015. REUTERS/Charles Platiau/File Photo 1/2 left right FILE PHOTO: General view of the Champs Elysees, the Arc de Triomphe and the La Defense business district, in Paris, France, July 14, 2012. REUTERS/Mal Langsdon/File Photo 2/2 By Maya Nikolaeva - PARIS PARIS France sets out to dispel a national stereotype in its latest advertising push to lure financial companies from Britain, with the slogan: "You think we don''t work much? We just like to be effective." Paris, Frankfurt, Dublin and other European centers are keen to persuade London-based banks to shift some of their business abroad in order to continue to be able to offer services throughout the EU after Britain leaves the bloc. The French capital started an advertising campaign in London last summer with the catch phrase "Tired of fog? Try the frogs!" Since then, only HSBC ( HSBA.L ), which already has a subsidiary in Paris, has said it will move significant business to France. It plans to relocate staff responsible for generating around a fifth of its UK-based trading revenue to Paris. French officials have acknowledged France''s strict labor laws can put off businesses, while bankers say high employers'' payroll charges and a frequently changing tax system put Paris at a disadvantage. The new advertising campaign, launched in London this week by the Ile-de-France region that includes Paris, seeks to dispel some of these concerns. "You think we live in a fiscal frenzy? We are just tax-imaginative in the right way," it says. A person involved in coordinating the Paris campaign acknowledged that another deterrent for the British firms is uncertainty over the outcome of the French presidential election in April and May. "On the one hand, they are eager to make a choice and have a maximum of time to organize things...but doing it before French elections is not very logical given differences in the candidates'' programs," this person said. Investors are nervous about a possible win for far-right candidate Marine Le Pen, who calls for a referendum on France''s EU membership and wants to take the country out of the euro. Polls suggest, however, that she will lose in the second round to independent centrist Emmanuel Macron. (Reporting by Maya Nikolaeva; Editing by Mark Trevelyan) Next In Economy News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-eu-france-idUKKBN16H2AC'|'2017-03-11T00:37:00.000+02:00'
'ecd467c83b463902e4750064359209993fa1c12d'|'Hong Kong corporate disclosure criticised amid high fees and privacy fears'|'Money News - Fri Mar 10, 2017 - 6:30am IST Hong Kong corporate disclosure criticised amid high fees and privacy fears FULL COVERAGE: By Michelle Price - HONG KONG HONG KONG Hong Kong is beefing up corporate disclosure laws following the Panama Papers scandal, but unlike many other financial centres it is not making it any easier to access the information, transparency campaigners and private investigators say. Instead it charges high fees to access the territory''s corporate registry, a tool transparency activists say is vital to prevent white-collar crime and promote a fair business environment as it contains information on company directors, shareholders and financial holdings. The future of private company registries has been in the spotlight this week at the Corporate Registers Forum in Hong Kong, which gathers representatives of company registers globally, along with the World Bank and the United Nations. Since the Panama Papers exposed how opaque shell companies can be used to conceal ill-gotten gains or avoid tax, several countries including Japan, Israel, Bulgaria and France have largely made their company databases freely available, while Britain became the first country globally to provide free access to data showing real company owners, rather than their nominees. However, critics say Hong Kong is dragging its feet. "At a time when an ever-increasing number of countries are making their company registers available as free, open data, it''s saddening to see Hong Kong go against the direction of travel and undermines confidence in Hong Kong companies around the world," said Chris Taggart, chief executive of OpenCorporates, an online database of corporate registries that has been campaigning for company data transparency. It scores Hong Kong 25 out of 100 in its global registry rankings, placing the territory well behind rival financial hubs London and New York, and even the likes of Russia, Niger, Samoa, and Myanmar. The Panama Papers showed Hong Kong was the most active centre in the world for the creation of shell companies. In response, Hong Kong quietly pushed through proposals on anti-money laundering laws and company disclosure legislation, including a requirement that companies reveal the identity of their true owners. NO DETERRENCE But in Hong Kong, home to more than 1.3 million private companies, access to the information comes at a cost. Private investigators said the corporate registry fees make it increasingly expensive to conduct investigations into potential crimes amid increasingly complex corporate structures. "The pay wall is cumbersome and expensive. For larger investigations where a company may have hundreds of subsidiaries or associated companies, the process can be prohibitively expensive," said Jane Moir, director at Princedale Advisory, a Hong Kong corporate investigations firm. An investigation into a large company could easily rack up fees of HK$100,000 ($13,333), a Reuters analysis shows. A spokeswoman for the registry though said fees are "minimal" and do not constitute a pay wall deterring the public from conducting searches. She said the fees are set on the basis that they can be recovered as a business cost but David Webb, a corporate governance activist, said there is no justification for recovering costs for information searches. In fact, the Hong Kong government could stop charging fees for searching the registry and still make HK$166 million in profit from fees it charges new companies to incorporate as legal entities and make annual filings, his analysis shows. Last Friday alone, 855 companies were incorporated in Hong Kong, according to his eponymous Webb-site.com which tracks the public part of the registry data. Last year, the government also required users to declare a reason for searching the registry - a move to protect the privacy of company directors and shareholders. However, the box-ticking declaration does not explicitly include news gathering or publishing, making it legally risky for some users such as journalists or others that publish reports based on the information. The move to protect privacy was seen by rights groups as another example of creeping censorship in the former British colony, under the influence of Beijing. The aim of the privacy law though was to strike a balance between upholding the freedom of the press and protecting personal information, Hong Kong''s privacy commissioner for personal data, Stephen Kai-yi Wong, said in a statement. Exemptions for news outlets may apply in certain circumstances, he said. Still, some see the move as an attempt by Hong Kong''s rich and powerful to suppress information on their affairs. "There was nothing to suggest that privacy was a major concern," said Moir. "The requirement did, however, seem to coincide with a number of reports by investigative journalists into the financial affairs of the political elite." (Reporting by Michelle Price; Editing by Neil Fullick) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/hongkong-corporate-disclosure-idINKBN16H03H'|'2017-03-10T08:00:00.000+02:00'
'c381bb95aba6a0d094f39a031fd787a535b5da4d'|'CERAWEEK-Oil industry revives quest for deepwater reserves'|'Company  00am EST CERAWEEK-Oil industry revives quest for deepwater reserves * Oil price recovery, low service cost boost offshore exploration * Firms slash costs of deepwater projects by 50 pct * Exploration spending halved since 2014 By Ron Bousso HOUSTON, March 10 Deepwater oil drilling can be expensive, time-consuming and a hard sell to investors. But the world''s top energy firms are restarting their search for giant oilfields under the ocean after a two-year lull. A recovery in oil prices to about $50 a barrel from a 12-year low in 2016 is reviving oil majors'' appetite for risk. Reductions in offshore production costs mean that some projects may be able to compete with North American shale fields, executives said at an energy conference in Houston this week. The recovery in the industry has so far been focused on onshore shale output from the largest U.S. oilfield, the Permian Basin. "Our competition over the past years has evolved from ''we want to be the best in deepwater'' to ''we want to compete with shale'' to ''we want to beat the Permian''," Wael Sawan, Royal Dutch Shell''s executive vice president for deepwater, said in an interview. Shell is the largest deepwater producer among the world''s top publicly traded oil companies and is set to pump 900,000 barrels per day (bpd) from such projects by the end of the decade. Firms such as Shell and Exxon Mobil, who specialize in complex offshore exploration, slashed budgets after oil prices collapsed in 2014. Spending cuts were so drastic that the Paris-based International Energy Agency warned this week of a looming supply crunch beyond 2020. Shell has cut well costs by at least 50 percent, reduced logistics cost by three quarters and cut staff by nearly a third to make developments in areas such as the Gulf of Mexico and Nigeria profitable at oil prices below $40 a barrel, on par with the most profitable shale wells, Sawan said. Other companies such as France''s Total have seen similar cost cuts. SNIPER FOCUS After cutting the cost of deepwater development, companies are also reviving the search for new resources. They are focusing exploration efforts on areas close to existing fields to maximize the chances of discovery and minimize costs. Many such areas are in Brazil, the Gulf of Mexico and Southeast Asia. "It is a very selective, sniper focus," Sawan said. Some firms are poised to benefit from decreased competition, lower costs of marine seismic studies and drilling rigs, and cheaper opportunities to acquire exploration licences from governments eager to attract investment. "Right now, we''ve entered the best time in the last decade to be in the exploration business," Gregory Hebertson, who heads Murphy''s western hemisphere exploration, said at the CERAWeek conference in Houston. "There is probably a two- or three-year window that we can capture the cost efficiency in the market." Discovering new resources is essential for oil firms to grow and to offset natural decline of fields. But deepwater exploration requires money, time, expertise - and luck. Some shareholders would prefer that oil firms stick to other, less risky growth options, said Federico Arisi Rota, executive vice president Americas for Italy''s Eni, which operates major offshore drilling projects. "We must compete with alternative growth options that might be considered more attractive," such as growth through mergers and acquisitions or investing in shale oil production, Rota said. Pressure to limit company spending amid a slow recovery in oil prices is also putting a break on big exploration campaigns. "We know exploration spending is not always appreciated by investors," Kevin McLachlan, head of exploration for Total said. RISKIER PLANS AHEAD Eni is considered one of the most successful explorers after the discovery of giant gas fields in Egypt in recent years. It aims at discovering 2 to 3 billion barrels of oil and gas this year through drilling 115 offshore wells near Africa, Mexico, Norway and Asia, Rota said. A "more aggressive" exploration program is planned to start in 2018 in riskier and more expensive regions such as the Arctic, which offer the potential big discoveries, he said. Deepwater resources will be required to keep up with the growing demand, regardless of output growth in shale oil fields, Total''s McLachlan said. Such projects are "key to our long-term plan, and we believe it is the same for the industry no matter the near-term focus on the Permian," McLachlan said, referring to the largest U.S. oilfield in west Texas. Hess Corp Chief Executive John Hess said the company''s Liza development, off the coast of Guyana, was crucial to his company''s growth potential and estimated to have as much as 2 billion barrels of oil. "This is one of the largest oil discoveries in the last 10 years," Hess said in an interview. (Additional reporting by Ernest Scheyder; Editing by Simon Webb and Brian Thevenot) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ceraweek-exploration-idUSL3N1GM4VU'|'2017-03-10T13:00:00.000+02:00'
'c82262ffb91c95209fca5b74a528646b81f337c8'|'Venezuela lawyer says $1.4 billion Exxon damages award overturned'|'Commodities - Thu Mar 9, 2017 - 6:36pm EST Venezuela lawyer says $1.4 billion Exxon damages award overturned FILE PHOTO - The logo of Exxon Mobil Corporation is shown on a monitor above the floor of the New York Stock Exchange in New York, New York, U.S. December 30, 2015. REUTERS/Lucas Jackson/File Photo By Alexandra Ulmer - CARACAS CARACAS A World Bank tribunal order for Venezuela to pay $1.4 billion in damages to Exxon Mobil Corp ( XOM.N ) over nationalizations has been annulled, a lawyer for the government said on Thursday. "We were confident all along that our position was correct and are very pleased that the annulment committee agreed," Venezuela''s lawyer George Kahale told Reuters by email. There was no immediate confirmation by the World Bank''s International Centre for Settlement of Investment Disputes (ICSID) that is handling the case, one of many arising from nationalizations during Hugo Chavez''s 1999-2013 rule of the South American OPEC nation. A spokesman for the U.S.-based oil company, Todd Spitler, did not confirm details but said: "ExxonMobil will continue to evaluate its legal rights and determine next steps." An annulment of the Exxon award would be welcome news to Venezuelan President Nicolas Maduro''s cash-strapped government as it faces a heavy foreign debt repayment schedule amid a deep domestic recession that has led to widespread shortages. Venezuela had challenged the 2014 award with various arguments, including that a previous decision from Paris-based International Chamber of Commerce to award Exxon $908 million should be deducted from the ICSID award. Chavez, the firebrand socialist leader whose rule was cut short by death from cancer, nationalized a range of oil ventures, including the Cerro Negro heavy crude project and a smaller project called La Ceiba, both operated by Exxon. (Additional reporting by Ernest Scheyder in Houston; Writing by Andrew Cawthorne; Editing by Sandra Maler and David Gregorio) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-venezuela-exxon-idUSKBN16G38C'|'2017-03-10T06:36:00.000+02:00'
'cfe7480fc92f2fb938f25397257788e54f2a1b4b'|'Commodities mark worst week in months amid glut, China drag'|'Business News   10:06am GMT Commodities mark worst week in months amid glut, China drag FILE PHOTO: An oil pump jack pumps oil in a field near Calgary, Alberta, Canada on July 21, 2014. REUTERS/Todd Korol/File Photo By Manolo Serapio Jr - MANILA MANILA Global commodities from oil to metals and grains were on course to post their steepest weekly declines in months on Friday as the recent rallies in the asset class showed signs of fatigue, pressured by a glut and tepid demand from top consumer China. Gold, which investors typically run to when they flee risky assets, was not spared from this week''s selloff as the metal dropped below the critical $1,200 an ounce support amid a looming U.S. interest rate hike. The Thomson Reuters CRB index .TRJCRB, a measure of 19 commodities, is headed for its biggest weekly fall since November. China''s decision on Sunday to cut its economic growth target this year to around 6.5 percent "came across as slightly negative for commodities," said Vishnu Varathan, senior economist at Mizuho Bank. "But the underlying tone there is there should be some support on the way down because China hasn''t really relinquished its desire for growth stability either," said Varathan."Commodities might take a step back, a bit of a breather from the rally last year, but the hopes are tilted to the upside." With little pull from China, the market focus shifted back to the surplus of raw materials, dragging down commodities after last year''s recovery. U.S. crude oil CLc1, which fell below $50 a barrel on Thursday for the first time since mid-December, has lost nearly 7 percent so far this week, the most since November. It was up 0.8 percent at $49.68 by 0916 GMT. Brent crude LCOc1, last up 0.7 percent at $52.55 a barrel, has fallen 6 percent for the week, also the biggest since November. "Steep price falls in the last two days amid building U.S. inventories show that the market remains concerned about the supply-demand balance," NAB Group Economics said in a note. Three-month copper on the London Metal Exchange CMCU3, trading near a two-month low at $5,707 a tonne, has declined 3.5 percent this week, heading for its largest such drop since August. Stocks at LME warehouses have risen to the highest since December amid worries over Asian demand. MCUSTX-TOTAL Iron ore, at a one-month trough below $87 a tonne .IO62-CNO=MB, was headed for its worst week since mid-November, amid a growing mountain of stocks at Chinese ports - the highest since at least 2004 at around 130 million tonnes. SH-TOT-IRONINV Iron ore rallied with steel this year despite rising port stocks. But as steel prices pulled back, concerns emerged over the expanding inventory of the steelmaking ingredient that could increase further. In agriculture, Chicago soybean futures Sv1 were poised for their biggest weekly loss since December on forecasts for a record Brazilian crop and corn Cv1 was eying its biggest weekly decline since August. A stronger dollar pulled down spot gold XAU to its weakest since Jan. 31 ahead of key U.S. jobs data that may reinforce expectations for a rate increase next week when Federal Reserve policymakers meet. The precious metal has dropped 3 percent this week, the most since November. "Gold will be under pressure going into the FOMC meeting and hover around the $1,185-$1,190 level," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong. (Reporting by Manolo Serapio Jr.; Editing by Christian Schmollinger) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-commodities-idUKKBN16H14H'|'2017-03-10T17:06:00.000+02:00'
'c181cc6955b6d60937505c09c8ce2f60f58cf36c'|'U.S. oil prices rise supported by OPEC output cut compliance'|'Business News -  46am GMT U.S. oil prices rise supported by OPEC output cut compliance FILE PHOTO - Pump jacks drill for oil in the Monterey Shale, California, U.S. on April 29, 2013. REUTERS/Lucy Nicholson/File Photo By Jane Chung - SEOUL SEOUL U.S. oil prices rose in Asian trade on Thursday as high compliance with OPEC''s production cuts lent support, although U.S. record crude inventories weigh on market sentiment. U.S. benchmark West Texas Intermediate (WTI) crude futures climbed 33 cents, or 0.66 percent, to $50.61 a barrel at 0032 GMT (7.32 p.m. ET), after plummeting 5.38 percent to $50.28 per barrel in the previous session, hitting the lowest level since December. International Brent crude futures were yet to trade after closing 5 percent lower at $53.11 a barrel. Crude inventories in the United States, the world''s top oil consumer, surged last week by 8.2 million barrels, handsomely beating the forecast of a 2 million barrel build. [EIA/S] "When combined with the huge speculative long positions in the market, it’s not surprising that prices sold off so strongly," ANZ said in a note. "However, there is increasing talk of extending the OPEC production cut agreement." Kuwait Oil Minister Essam Al-Marzouq said on Wednesday that OPEC''s compliance with an oil output cut exceeded a target, standing at 140 percent in February, while non-OPEC embers compliance was 50-60 percent. Kuwait is set to host a ministerial meeting on March 26, attended by both OPEC and non-OPEC members to review compliance with crude oil production cuts. OPEC and other major oil producers including Russia reached a landmark agreement last year to cut output by almost 1.8 million barrels per day (bpd) during the first half of 2017. (Reporting by Jane Chung; Editing by) Next In Business News Oil plunges after record stockpile data, dollar gains NEW YORK Crude prices plunged more than 5 percent on Wednesday on a spike in U.S. oil stockpiles, while the dollar gained on increased expectations the Federal Reserve will raise U.S. interest rates next week after a robust report on private sector jobs. UK faces tougher Brexit challenge after better 2017 LONDON Britain''s economy is likely to feel the pain of Brexit more sharply in the coming years despite holding up well so far, according to finance minister Philip Hammond''s latest plan to steer the economy through its split from the European Union. Oil prices dive 5 percent as U.S. crude inventories balloon NEW YORK Oil prices plunged 5 percent to their lowest levels this year on Wednesday as   record high, stoking concerns a global glut could persist even as OPEC tries to prop up prices with output curbs. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-oil-idUKKBN16G02Y'|'2017-03-09T07:44:00.000+02:00'
'5d75c420a3b408e42b45ef5faad4ffed8ebbaebd'|'BRIEF-Nexoptic Technology announces no material change'|' 52pm EST BRIEF-Nexoptic Technology announces no material change March 11 Nexoptic Technology Corp * Nexoptic Technology Corp. Announces no material change * Nexoptic Technology - management is unaware of any material change in their operations that would account for recent increase in market activity.  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-nexoptic-technology-announces-no-m-idUSFWN1GN0TM'|'2017-03-11T07:52:00.000+02:00'
'e3a09c56201396f99cb081a4954d9903e41c9ec9'|'Mexican government accused of torture by ex-patients of disabled care home - Global Development Professionals Network'|'For decades, disabled children and adults living in institutions worldwide have suffered abuse of all kinds – from deprivation and solitary confinement in miniature cells, to sexual abuse and forced sterilisation.Now a charity which has documented this abuse for more than 20 years is bringing a landmark legal case against the Mexican government, with the intention of laying down a new line in international law.Throughout their years of research, Disability Rights International ( DRI ) has found sickening abuse in donor, state-funded and private institutions for people with disabilities across the world. A three-year investigation in Ukraine revealed that children detained in institutions without “adequate government oversight” were at risk of being trafficked for sex, pornography, or organs. At a psychiatric asylum in Argentina in the early 2000s, DRI (then known as Mental Disability Rights International) documented patients locked naked in tiny isolation cells. When people with psychosocial disabilities are subjected to social and sensory isolation like this, it is classed as degrading treatment or torture, according to the UN special rapporteur on torture.They’re not protecting the women from getting raped by sterilising them, they’re protecting them from getting pregnantEric Rosenthal, executive director of DRI The institutions that house children and adults in Mexico have been one of DRI’s principal focuses since 2000. Their first groundbreaking report documenting abuse in the Samuel Ramirez hospital in Mexico City contributed to the landmark 2006 UN convention on the rights of persons with disabilities .In 2014, a two-year investigation into the state of facilities for people with disabilities in Mexico City found residents were sexually abused, locked in cages, left permanently in cribs, and overall detained in “dehumanising conditions”, as the charity described it. “People with disabilities have the right to stay in society and not be locked up,” said Eric Rosenthal, executive director of DRI. In Mexico he witnessed “effectively no community services; a total system of segregation”.Out of sight: the orphanages where disabled children are abandoned Read more The case that DRI is now bringing centres on children and adults detained at Casa Esperanza institution in Mexico City. Casa Esperanza featured on a list compiled by Mexico City authorities of facilities for people with disabilities that were particularly abusive that was passed to DRI in May 2014 by an anonymous source.In repeated visits to Casa Esperanza in 2014 and 2015 carried out by representatives from DRI, who were open about their intentions to investigate the facility, 37 people were found to be held in “dangerous, violent, degrading and unhygienic conditions”.In one interview with the director of the institution in 2014, which is recorded on video, he states that the forced sterilisation of some of the women in the home is standard policy as a precautionary measure against pregnancy, in reference to the risk of sexual abuse (a resident told DRI that a repairman had raped her). “They’re not protecting them from getting raped, they’re protecting them from getting pregnant,” said Rosenthal.Interviews conducted by DRI with patients at Casa Esperanza who were able to communicate disclosed harrowing tales of assault. Five women revealed they were being sexually abused by a relative of a senior staff member, and a workman.Facebook Twitter Pinterest Disability Rights International has documented the abuse of people in institutions for more than 20 years Photograph: Alamy Stock Photo DRI met with the Mexico City System for Integral Family Development (DIF-DF) in June 2014 to make them aware of the abuses, including forced sterilisation and isolation, and later sent a formal letter with photographic evidence, but it was not until September 2015 that Casa Esperanza was closed. In the timeline of events which DRI outlines in their legal petition, DIF-DF visited Casa Esperanza in January 2015 and witnessed the same abuses DRI had recorded. “The facility was known to be abusive and allowed to continue as such,” said Rosenthal.Once Casa Esperanza was shut down by Mexico City authorities , many of the residents were moved to different facilities. The charity followed up with some of the young people after they left Casa Esperanza. “We know that at least two people have died [since moving from Casa Esperanza]; we know that one woman was systematically raped, and I read the testimonies from the rape she suffered in the new institution, and it was even worse,” said Priscila Rodríguez, DRI’s associate director.The case which DRI is bringing against the Mexican government under international law seeks reparation for the residents who were detained in these conditions. It calls for Mexico to provide full community integration for not only the survivors of Casa Esperanza, but for all people with disabilities who are institutionalised. To do this, Mexico must provide housing and other support services for disabled people to live in the community. The Inter-American Court has granted financial reparations to victims of torture in some previous cases, so there may be a possibility of compensation. Facebook Twitter Pinterest An investigation into the state of facilities for people with disabilities in Mexico City found residents were sexually abused, locked in cages, and overall detained in “dehumanising conditions” Photograph: Sasa Stankovic/EPA The charity claims the Mexican government had knowledge of the abuses taking place at the institution. They argue that the abuses constitute torture, contrary to Mexico’s obligations under international human rights law. Accordingly, in January this year DRI and the O’Neill Institute for National and Global Health Law filed a case at the Inter-American Commission on Human Rights, and are calling for deinstitutionalisation across the country. They aim to get recognition under international law that disabled people have the right to live in the community. If the commission decides that they have a case, it will go before the Inter-American court. The government is legally bound to accept the court’s decision. The Olmstead case was a historic breakthrough throughout the world and drove a lot of deinstitutionalisation in the USProfessor Gerard Quinn, disability law specialist The Mexico City authorities say that after learning about the matter in 2014, they “undertook various inter-institutional actions to address the issues... initiating supervision and follow-up work... A series of joint operations were carried out between the Human Rights Commission of Mexico City, DRI, and the DIF of Mexico City, aimed at protecting the rights of the disabled population that were in [Casa Esperanza], with the aim of taking them out of that home and placing them in the care of other social organisations that provide alternative care, follow up and accompaniment to persons with disabilities.”They state that the state authorities took the necessary steps in order to make sure that the institution was closed down, and to this day continue to work on behalf of of the persons that were removed from [Casa Esperanza], “in order to guarantee the enjoyment and exercise of their human rights, as well as to promote the development of their autonomy. These are fundamental for the strengthening of the agenda of Persons with Disabilities deprived of family care, in which the main objective is to promote their inclusion in the community”.“Survivors of Casa Esperanza committed no crime, yet they are serving a life sentence in Mexico’s mental health institutions,” says Rosenthal. “The case presents a new legal claim that has never been before established under international law; that is the idea of a right to community integration.”It is based on the case of Olmstead v LC in 1999 , which is seen as one of the most important civil rights cases for people with disabilities in the US. A lawsuit was filed on behalf of two women with mental health conditions and intellectual disabilities in Georgia for support to be provided in the community, after they had spent their lives continuously moving in and out of state psychiatric hospitals. The lawsuit went to the supreme court, which held that people with disabilities have a right to receive state-funded support and services in the community, rather than institutions.Out of sight: the orphanages where disabled children are abandoned Read more “The Olmstead decision had crystal clarity in terms of inappropriate institutionalisation amounting to discrimination. It was a huge historic breakthrough throughout the world; it has had really huge impact, [and] it has been driving a lot of deinstitutionalisation in the US,” said Prof Gerard Quinn who specialises in disability law at NUI Galway, “[The Mexico case] has the potential for having an impact in Latin America if it goes further.”“Historically, disability rights have been ignored,” said Rodríguez. “Segregation is a practice that’s been systematically used for people with disabilities, and it’s important to change that mindset. We are saying that to segregate a person on the basis of their disability is one of the most aggressive forms of discrimination.”“[This] will be the first case about community integration in Latin America, and we are very keen to have that precedent established not only in Mexico, but in the whole continent,” Rodríguez said. “We do hope that similar action can take place somewhere else. For instance, the European Human Rights System and the Inter-American Human Rights system rely on each other for standard-setting, a case before the European Court can be used as an international standard before the Inter-American Court and vice-versa. This case could thus also be used as a standard in other human rights system, such as the European and also at the International level, such as before UN Committees.”Join our community of development professionals and humanitarians. Follow @GuardianGDP on Twitter.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/global-development-professionals-network/2017/mar/09/ending-abuse-institutions-charity-case-mexican-government'|'2017-03-09T02:00:00.000+02:00'
'8856c3642fb10d5ff76682b79f5275ca9f7831be'|'WhatsApp tests business chat tools in search for revenue'|'  10:25pm GMT WhatsApp tests business chat tools in search for revenue An illustration photo shows Whatsapp App logos on a mobile phone in Sao Paulo, Brazil, December 16, 2015. REUTERS/Nacho Doce/File Photo By David Ingram and Stephen Nellis - SAN FRANCISCO SAN FRANCISCO WhatsApp, the Facebook-owned messaging service used by more than 1 billion people worldwide, is testing a system that would let businesses talk directly to WhatsApp users for the first time, according to communications about the project seen by Reuters. The tests, which are being conducted with a handful of companies that are part of the Y Combinator startup incubator, are an important signal of how WhatsApp plans to make money from its massively popular service. WhatsApp has not developed a business model in the three years since Facebook Inc bought it for a hefty $19 billion. WhatsApp, a pun on the phrase "What''s up?", has helped to upend mobile services by allowing users to text or call friends and family for free, without text message charges. It competes with similar services such as WeChat, a unit of China''s Tencent Holdings Ltd. One potential revenue source is to charge businesses that want to contact customers on WhatsApp. But the company is working carefully to avoid problems with spam messages, the documents show. WhatsApp is also surveying users about the extent to which they talk to businesses on WhatsApp, and whether they have ever received spam, according to the documents. WhatsApp last year announced its plan to develop the system, known as an application programming interface, or API, citing examples such as a user talking to a bank about a fraudulent transaction or to an airline about a delayed flight. Last month WhatsApp struck a deal with Y Combinator, which provides training and advice to startups that show potential, to have a small number of companies take part in an early trial, according to emails and messages posted on a Y Combinator forum. Admission to Y Combinator, founded in 2005, is highly competitive, and past participants include such companies as Airbnb and Dropbox. A WhatsApp spokeswoman declined to comment on the testing of the system. Y Combinator President Sam Altman said in an email he was not aware of the WhatsApp test but added: "We do generally see a lot of companies wanting to test their products with YC cos." The trial is still in the early stages, said Umer Ilyas, co-founder of Cowlar Inc, one of the startups involved. The system is highly anticipated in remote places where WhatsApp is especially popular, he said. Cowlar makes collars for dairy cows, collecting data on their activity and recommending changes to improve milk yield. The company, which is testing the collars in the United States, wants to use WhatsApp to send automatic alerts from the collars directly to farmers if say, a cow is not behaving normally, Ilyas said. "It represents a huge opportunity, because in all the big dairy markets - India, Brazil, Pakistan - a lot of farmers have access to WhatsApp," he said in a phone interview. (Reporting by David Ingram and Stephen Nellis; Editing by Jonathan Weber and Richard Chang)      '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-facebook-whatsapp-idUKKBN16F2RS'|'2017-03-09T05:25:00.000+02:00'
'2019eda3649ad75ef7c79a15b6ab6f99c08ce1d6'|'Exxon preparing Baton Rouge gasoline unit restart –sources'|' 34pm GMT Exxon preparing Baton Rouge gasoline unit restart –sources A sign is seen in front of the Exxonmobil Baton Rouge Refinery in Baton Rouge, Louisiana, November 6, 2015. REUTERS/Lee Celano HOUSTON Exxon Mobil Corp ( XOM.N ) is preparing to restart a gasoline-producing unit at the 502,500 barrel per day (bpd) Baton Rouge, Louisiana, refinery, perhaps by early next week, sources familiar with plant operations said on Wednesday. An Exxon spokeswoman declined on Wednesday to discuss the status of individual units at the Baton Rouge refinery. The restart of the 110,000 bpd gasoline-producing fluidic catalytic cracking unit, called PCLA-2, was delayed from late February due to the need for additional work on the unit, the sources said. PCLA-2 was shut on Jan. 7 for an overhaul expected to take about two months to complete. The FCCU’s 110,000 bpd twin, PCLA-3, was shut in late January and restarted over Presidents Day weekend. Exxon spokeswoman Stephanie Cargile said the Baton Rouge refinery continued to meet its contractual commitments. (Reporting by Erwin Seba; Editing by David Gregorio)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-refinery-operations-exxon-mobil-baton-idUKKBN16F2VM'|'2017-03-09T06:34:00.000+02:00'
'43ba2541d47b81579f78504765cd3f05e862da6e'|'Banks reporting platform sees continuity on regulations post-Brexit'|'LONDON, March 9 Electronic trading heavyweight NEX Group launched a new regulatory reporting platform for banks on Thursday that assumes Britain will stick to European regulations on reporting financial market transactions long after leaving the EU in 2019.The platform, run by fintech startup Abide Financial in which NEX has invested, streamlines the processing of millions of transactions daily for major banks and will take another step up next year under Europe''s new MiFID II regulations.Abide is already a reporting partner to over 120 banks, asset managers, hedge funds, and other trading firms and eventually expects to be one of only a handful of providers with around 40 percent of daily transactions.Chief Executive Collin Coleman said the system assumed Britain would stick closely to the MiFID rules after it leaves the EU."We believe that there will be something that looks a lot like MiFID in place after Brexit. Our customers need certainty so we are making a decision to move on with that assumption," he said."(British regulator) the FCA has been so heavily involved in the drafting of all of these regulations and MiFID II fundamentally supports so much of its mandate. The bar for retracting financial regulatory law when we leave the EU should be pretty high." (Reporting by Patrick Graham; Editing by Dominic Evans)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/banks-regulation-reporting-idINL5N1GM1JA'|'2017-03-09T04:59:00.000+02:00'
'ceed480ec5ff9dae655bc0023537aa3ba029edd0'|'CANADA STOCKS-Futures gain as oil rebounds from sharp losses'|'Company News -  48am EST CANADA STOCKS-Futures gain as oil rebounds from sharp losses March 10 Canadian stock futures were higher on Friday as oil prices pulled back after dropping to their lowest in more than three months, pressured by record U.S. crude inventories. March futures on the S&P TSX index were up 0.11 percent at 7:15 a.m. ET. Canadian employment data is due at 8:30 a.m. ET. Investors will also keep a watch on the monthly U.S. nonfarm payrolls report, which is due at the same time. Canada''s main stock index ended flat on Thursday as a rebound in energy stocks, led by Canadian Natural Resources , offset losses for the financial sector. Dow Jones Industrial Average e-mini futures were up 0.31 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.35 percent and Nasdaq 100 e-mini futures were up 0.30 percent. (Morning News Call newsletter here ; The Day Ahead newsletter here ) TOP STORIES Canadian Prime Minister Justin Trudeau on Thursday repeated his opposition to a U.S. proposal for an import tax, telling energy executives gathered in Houston a levy would hurt both economies. The exodus of international players from Canada''s costly oil sands is raising fresh doubt over future development prospects for the world''s third-largest crude reserves as the region struggles to compete with cheap U.S. shale plays. ANALYST RESEARCH HIGHLIGHTS Arizona Mining: Canaccord Genuity initiates coverage with "speculative buy" rating Descartes Systems Group: Barclays raises target price to C$35 from C$34 Dorel Industries Inc: National Bank Financial cuts target price to C$33 from C$36 COMMODITIES AT 7:15 a.m. ET Gold futures: $1,196.2; -0.52 pct US crude: $49.57; +0.59 pct Brent crude: $52.43; +0.46 pct LME 3-month copper: $5,722.50; +0.57 pct U.S. ECONOMIC DATA DUE ON FRIDAY 08:30 Non-farm payrolls for Feb: Expected 190,000; Prior 227,000 08:30 Private payrolls for Feb: Expected 193,000; Prior 237,000 08:30 Manufacturing payrolls for Feb: Expected 10,000; Prior 5,000 08:30 Government payrolls for Feb: Prior -10,000 08:30 Unemployment rate for Feb: Expected 4.7 pct; Prior 4.8 pct 08:30 Average earnings mm for Feb: Expected 0.3 pct; Prior 0.1 pct 08:30 Average workweek hours for Feb: Expected 34.4 hrs; Prior 34.4 hrs 08:30 Labor force participation for Feb: Prior 62.9 pct 08:30 U6 underemployment for Feb: Prior 9.4 pct 10:30 ECRI Weekly Index: Prior 145.4 10:30 ECRI weekly annualized: Prior 10.2 pct 14:00 Federal budget for Feb: Prior $51.0 bln FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report Reuters global stocks poll for Canada Canadian markets directory ($1= C$1.35) (Reporting by Riniki Sanyal in Bengaluru; Editing by Saumyadeb Chakrabarty) Next In Company News Blackstone appoints more banks to prepare IPO for warehouse giant Logicor LONDON, March 10 Private equity firm Blackstone has appointed more banks to help prepare for an initial public offering (IPO) of shares in its giant European warehouse owner Logicor, that could be valued at 13 billion euros ($13.8 billion), according to two sources familiar with the matter.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL3N1GN3VD'|'2017-03-10T19:48:00.000+02:00'
'a8911817c54bf9c6d4ea38dbef0918e4dad6439b'|'BRIEF-Dish Network says plans to issue and sell $1 bln aggregate principal amount of convertible notes'|' Dish Network says plans to issue and sell $1 bln aggregate principal amount of convertible notes March 10 Dish Network Corp * Dish network announces convertible notes placement * Dish network corp- plans to issue and sell $1 billion aggregate principal amount of convertible notes * Dish network corp - net proceeds of placement are intended to be used for strategic transactions  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-dish-network-says-plans-to-issue-a-idUSASB0B4WO'|'2017-03-10T19:16:00.000+02:00'
'6ed8fc5305add04b745bc90967d0d1b9dd74f103'|'Caterpillar says compliant with tax laws after IRS claim'|'  3:45pm EST Caterpillar says compliant with tax laws after IRS claim The CAT logo is seen on the back of a Caterpillar machine on a lot at Milton CAT in North Reading, Massachusetts January 23, 2013. REUTERS/Jessica Rinaldi Caterpillar Inc ( CAT.N ) said on Friday it was compliant with tax laws, a week after federal law enforcement officials raided three of the company''s buildings in connection with a probe into the heavy machinery manufacturer''s offshore tax practices. The Internal Revenue Service (IRS) has challenged the company''s taxes for the years 2007-2012, the company said in a statement on Friday. "We disagree with the IRS'' position, have cooperated for requests for information," Caterpillar said. A New York Times article on Tuesday said a report commissioned by the United States government accused the company of carrying out tax and accounting fraud. ( nyti.ms/2lC69Gw ) "I believe that the company''s noncompliance with these rules was deliberate and primarily with the intention of maintaining a higher share price. These actions were fraudulent rather than negligent," said Leslie Robinson, an accounting professor and the author of the report, according to the New York Times article. Caterpillar said it had received the report on Thursday and was reviewing it. (Reporting by Arunima Banerjee in Bengaluru; Editing by Shounak Dasgupta) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-caterpillar-probe-idUSKBN16H2LJ'|'2017-03-11T03:45:00.000+02:00'
'20c023e258325b1702784912335d1f662172820e'|'‘This Is Not the Obamacare Repeal Bill We’ve Been Waiting For’'|'When Paul Ryan released a draft of a bill to replace Obamacare on March 7, it didn’t exactly get a warm reception. And not just Democrats assailed it: GOP members of Congress mounted a savage attack. While President Donald Trump said he was “proud” to support it, most conservatives went out of their way to say how much they hated it.“House Leadership plan is Obamacare Lite. It will not pass. Conservatives are not going to take it.”–Kentucky Republican Senator Rand Paul in an early-morning tweet; Paul later said the bill was “dead on arrival” during an interview with Bloomberg TV“It’s a stinking pile of garbage.”—Kentucky Representative Thomas Massie in comments to the Washington Examiner“This is a Republican welfare entitlement.”—Statement issued by the Republican Study Committee, a group of 172 conservative Republicans in the House of Representatives“This is not the Obamacare repeal bill we’ve been waiting for.”—Utah Republican Senator Mike Lee in a statement condemning the House health-care bill“This bill is a train wreck waiting to happen.”—Michael Cannon, director of health policy studies at the Cato Institute and a strong critic of ObamacareThey’re “taking the Obamacare framework and trying to call it a Republican piece of legislation.”—Michigan Representative Justin Amash in an interview on CNN'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'http://www.bloomberg.com/news/articles/2017-03-09/-this-is-not-the-obamacare-repeal-bill-we-ve-been-waiting-for'|'2017-03-10T03:58:00.000+02:00'
'be60d277f5795283cc8558e26a8eac2a12f91877'|'Bets on gold hold ground even as Fed rate hike looms large'|'Money   11:46am IST Bets on gold hold ground even as Fed rate hike looms large FULL COVERAGE: By Sethuraman N R and Arpan Varghese While an imminent hike in U.S. interest rates is putting a downdraft on gold prices, bullion''s allure as a safe haven is likely to limit the downside, traders and analysts say, owing to uncertainties in the United States and Europe. Gold slumped to a 10-month low in mid-December after rates were increased for the first time in a year, but gold investors don''t appear to be as jittery ahead of the next Fed meeting and a near-certain rate rise on March 14-15. The previous slide came also as equity investors cheered the election of U.S. President Donald Trump, but gold has since recovered about 7 percent on a lack of clarity on Trump''s policies and worries about upcoming elections in Europe. "The expectations of rate hikes are already priced into gold unless the expectations grow to four hikes, which we think is unwarranted," said analyst Dominic Schnider of UBS Wealth Management in Hong Kong. "With a more hawkish Fed, there is no incentive to chase gold. But, the disappointment potential on President Donald Trump is very high. The Congress will not give what he wants." Higher interest rates make it less attractive to hold non-interest bearing gold, while a firmer U.S. dollar also makes gold more expensive for buyers in other currencies. Gold has fallen about 5 percent from a three-month peak on Feb. 24 to $1,198 an ounce, but traders say the risks of a sharp technical fall have eased and expect physical demand to emerge in a band from $1,150 to $1,200 an ounce. "From the fund management industry, some people believe in this political uncertainty trend, and they are buyers of gold," said Hans Brandt, commodity fund manager at Swisscanto Invest. "Some believe economic growth is picking up, the dollar is getting stronger over the next 3-6 months. Those people are sellers at this level." LONG POSITIONS RISE Speculative long positions held by hedge funds and money managers in COMEX gold have nearly tripled this year, suggesting a fresh round of allocations into gold in 2017. However, the 121,720 lots at Feb. 28 were still less than half of the 286,921 contracts held in July 2016, when speculative fever was at its peak as gold prices hit over 2-year highs at $1,374.91 an ounce. This lower amassed speculator position reduces the threat of a sharp drop in prices should a flood of speculative positions be unwound, said Commerzbank analyst Carsten Fritsch. Increasing inflation across a number of major economies will also likely dampen appetite for fixed income investments and support gold, said UBS''s Schnider. "There is interest in physical gold if prices drop below $1,200. People will definitely see value below $1,200 and that will help stabilize the market. So far, ETFs also have looked resilient," Schnider said. Physical gold holdings in exchange-traded funds have fallen since last week, partly because of a stronger dollar, but at 54.45 million ounces are still nearly 3 percent higher than at the start of February. Holdings are also roughly 6 million ounces or 13 percent above where they were in early March 2016. Meanwhile, gold is expected to be boosted by political risks stemming from Britain''s exit from the EU and upcoming contentious elections elsewhere in Europe. "The impact of a Fed rate hike will be offset as we go into the French elections. This year, we also have German, Dutch and Italian elections and all have the possibility of surprises," INTL FCStone analyst Edward Meir said. "We saw very good physical demand when prices came near $1,150. Especially, the German public is very keen on buying. Nobody is talking about interest rates there," said Michael Kempinski, Managing Director, Degussa Precious Metals Asia Pte. Ltd. "People in Europe face uncertainty every day ... when prices come down, they buy more." (Additional reporting by Koustav Samanta and Vijaykumar Vedala in Bengaluru; Editing by Richard Pullin) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/gold-investment-idINKBN16H0JV'|'2017-03-10T13:16:00.000+02:00'
'ce2effefdab3336c825b0477b1151b8c8aee93a9'|'ECB rate hike by March 2018 now fully priced into money markets'|'Business News - Fri Mar 10, 2017 - 9:05am GMT ECB rate hike by March 2018 now fully priced into money markets European Central Bank (ECB) headquarters in Frankfurt, Germany, July 29, 2016. REUTERS/Ralph Orlowski/File Photo LONDON Investors now expect the European Central Bank to raise interest rates by March 2018, according to money market pricing. Forward Eonia bank-to-bank rates dated for the ECB meeting on March 8 next year have risen to around minus 0.25 percent, some 10 basis points above the overnight rate of minus 0.35 percent. ECBWATCH Analysts say this gap suggests markets are pricing in a 10 basis point hike in the ECB''s deposit rate by next March, shortly after the scheduled end of the ECB''s current bond-buying scheme. The ECB''s deposit rate is currently minus 0.40 percent These money market rates also suggest there is around an 80 percent chance of a 10-basis point hike by the meeting on January 25, 2018. (Reporting by John Geddie; Editing by Jamie McGeever) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-moneymarket-ecb-idUKKBN16H0XJ'|'2017-03-10T16:05:00.000+02:00'
'5d22c5c7c1fa6ec93fccb53ed24b3cb09b3e6e35'|'Schaeuble says Germany can avoid new borrowing in next legislative period'|'BERLIN German Finance Minister Wolfgang Schaeuble said on Thursday that the federal government has set up policies of sustainability that mean there will be no new debt in the next legislative period.Speaking in Berlin, Schaeuble also said that the question of whether the process of closing international tax loop holes is one of the greatest unresolved questions of the day.He also said that there is a danger of national borders returning around the world and a retreat from a more open world.(Reporting by Gernot Heller; writing by Erik Kirschbaum)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/germany-schaeuble-idINKBN16G33K'|'2017-03-09T19:10:00.000+02:00'
'4c4d8b7a1e9f739d872b945a294bdce91037f842'|'EU capitalizing on free-trade interest amid gloom over Trump policies'|'  8:20am EST EU   EU Trade Commissioner Cecilia Malmstrom talks to reporters in Pasay city, Metro Manila, in the Philippines March 10, 2017. REUTERS/Erik De Castro By Martin Petty and Neil Jerome Morales - MANILA   The EU was close to finishing or implementing FTAs with Japan, Vietnam and Singapore and was readying to start talks with Australia, New Zealand and Chile - all members of a U.S-inspired Trans-Pacific Partnership (TPP) devastated by Donald Trump''s decision to pull Washington out of the deal on day three of his presidency. "Today, there is political opportunity to say that those of us who believe in open markets and good trade, we are willing to do trade agreements," EU Trade Commissioner Cecilia Malmstrom told Reuters in an interview. "Whether that (TPP) is dead, or partially dead, it is not for me to judge. But we have seen an increase of willingness to step up trade agreements." One project thrust back on the table is an FTA between the EU and the Association of Southeast Asian Nations (ASEAN) that was abandoned in 2009 due to disparities in wealth and standards between its 10 markets. Malmstrom also said it should not be assumed an EU-U.S. trade deal had collapsed, despite indications the Trump administration would pursue a protectionist agenda. EU and U.S. officials were negotiating for more than three years on a Transatlantic Trade and Investment Partnership (TTIP) and that could be easily resumed, she said, and should not be impacted by Britain''s looming departure from the EU. NOT OVER "We have left in a tidy order, when we stopped negotiating before the change of administration," she said. "It makes a lot of sense to facilitate trade between the EU and the U.S." She added: "We need to be patient. But while waiting for more clarity from the American administration, there are lots of other partners as well." Malmstrom said ASEAN, a region with combined $2.6 trillion GDP and some of the world''s fastest-growing economies, had become integrated "in an impressive way". EU figures show trade between the EU and ASEAN region was worth $220 billion last year. The EU is its biggest source of investment, according to the EU-ASEAN business council. FTAs with Vietnam and Singapore should come into force early next year, Malmstrom said, while negotiations with Indonesia and the Philippines were "at full speed" and discussions had taken place about reviving plans for an FTA with Malaysia. Malmstrom said establishing a bloc-to-bloc trade deal would be a challenge, so an FTA with ASEAN might be less comprehensive that others. "There''s still a lot of differences between the richest and poorest countries here, so there will have to be different levels and it will not be as ambitious," she said. One complication for EU trade talks in Southeast Asia, and tariff perks offered through its Generalised Scheme of Preferences, has been human rights, with entrenched problems in Vietnam, Myanmar, Thailand and Cambodia, among others. Concerns were relayed to the Philippines, Malmstrom said, about alleged extrajudicial killings in the government''s bloody war on drugs and its push to reinstate the death penalty, but the EU was not ready to consider suspending GSP privileges. "It is a bit too early to draw conclusions," she said. "But we do not hide that yes we are concerned about some of these developments." (Editing by Nick Macfie)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-eu-trade-usa-idUSKBN16H1LZ'|'2017-03-10T20:20:00.000+02:00'
'4def560fc7f8cebb71b9f26ee0b5b6ad998a2443'|'Recasting steel: New technologies could slash the cost of steel production'|'ALTHOUGH he is best known for developing a way to mass-produce steel, Henry Bessemer was a prolific British inventor. In the 1850s in Sheffield his converters blasted air through molten iron to burn away impurities, making steel the material of the industrial revolution. But Bessemer knew he could do better, and in 1865 he filed a patent to cast strips of steel directly, rather than as large ingots which then had to be expensively reheated and shaped by giant rolling machines.Bessemer’s idea was to pour molten steel in between two counter-rotating water-cooled rollers which, like a mangle, would squeeze the metal into a sheet. It was an elegant idea that, by dint of having fewer steps, would save time and money. Yet it was tricky to pull off. Efforts to commercialise the process were abandoned.Until now. Advances in production technology and materials science, particularly for new types of high-tech steel, mean that Bessemer’s “twin-roll” idea is being taken up successfully. An alternative system that casts liquid steel directly onto a single horizontally moving belt is also being tried. Both techniques could cut energy consumption—one of the biggest costs in steelmaking—by around 80%. Other savings in operating and capital costs are also possible. If these new processes prove themselves, steelmaking could once again be transformed.On a rollSteelmakers are cautious about new technologies. It was not until the 1960s that the industry ventured from casting ingots to building giant integrated plants for the continuous casting of steel. This involves pouring molten steel through a bottomless mould which, being cooled by water, partially solidifies it. The steel is then drawn down through a series of rolls to form sheet steel or other shapes required by factories and construction companies. Most of the 1.6bn tonnes of steel produced annually worldwide is now made this way.Continuous casting, however, still takes a lot of rolling to reduce slabs cast 80-120mm thick to the 1-2mm required by many producers, such as carmakers. Casting any thinner causes quality problems and flaws in the steel’s microstructure. One reason for that is the bottomless mould has to be oscillated to ensure molten steel does not stick to its sides. The new techniques of twin-roll and single belt-casting are, in effect, “moving moulds”—the rollers and the belt move with the steel as it cools and solidifies. This allows direct casting to a thickness of just a few millimetres, requiring only minimal rolling thereafter.The new techniques are particularly good for making higher-value, specialist steels, says Claire Davis, a steel expert with the Warwick Manufacturing Group at the University of Warwick in Britain. Ms Davis and her team are developing new high-tech steels especially for belt casting, including advanced low-density steels that are stronger, lighter and more flexible than conventional steel.A twin-roll process, much as Bessemer conceived, is already employed by Nucor, a giant American steelmaker. Called Castrip, it is producing steel in two of its plants. A big advantage of twin-roll and belt-casting is compactness. Nucor reckons a Castrip plant needs only 20 hectares (50 acres) and provides a good investment return from the production of only 500,000 tonnes of steel a year. A conventional steel plant, by comparison, may sprawl over 2,000 hectares and need to produce some 4m tonnes a year to turn a profit.Other firms are licensing Castrip as well. Shagang, a large Chinese steelmaker, is replacing a less energy-efficient plant with the new technology. The numbers look compelling enough to encourage a startup, too: Albion Steel is talking to investors about building a £300m ($370m) Castrip plant in Britain. The plant would be “fed” by a low-cost mini-mill that melts scrap and produces steel for galvanising, mostly for the construction industry, says Tony Pedder, one of Albion’s founders. Mr Pedder is the chairman of Sheffield Forgemasters, an engineering company, and a former boss of British Steel (which later became Corus). Britain has a surplus of scrap but imports galvanised steel. The plant would employ only about 250 people; traditional integrated operations need a thousand or so. “We believe in the technology,” says Mr Pedder. “In our view it is past the point of being experimental.”Salzgitter, a German steelmaker, opened the first commercial single belt-caster at Peine, near Hanover, in 2012. It began by making construction steel but has progressed to more specialist steels. The trick is to keep the water-cooled belt perfectly flat, says Roderick Guthrie of McGill University in Canada, one of the pioneers of the technology. Salzgitter uses a vacuum under the belt to do that, whereas Mr Guthrie employs powerful magnets to the same effect on a pilot plant at the university. His research group is working with a number of companies, including a big carmaker. Whereas twin-roll casting is constrained by practical limitations, such as the size of the rollers, horizontal single belt-casting is less so, argues Mr Guthrie.The techniques may end up being complementary. Their spatial efficiency and low cost would also allow production to be located closer to customers. Mr Guthrie thinks it is not inconceivable for such a plant to be integrated within a car factory. “If we can make the quality as good as the big slab-casting plants, it would change the face of the steel industry,” he says. New technologies might just blast a dose of fresh air through an old industry, much as Bessemer’s converter did 150 years ago.  Business   "Recasting steel"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21718545-150-year-old-idea-finally-looks-working-new-technologies-could-slash-cost-steel?fsrc=rss'|'2017-03-09T23:29:00.000+02:00'
'1392592c5e360be0a22270159beb3710d9a66b1a'|'Morning News Call - India, March 8'|'Company News - Tue Mar 7, 2017 - 10:26pm EST Morning News Call - India, March 8 To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 9:45 am: Central Board of Excise and Customs Chairman Najib Shah to speak at seminar on trade facilitation agreement in New Delhi. 11:00 am: Power Minister Piyush Goyal at India Smart Grid Forum event in New Delhi. 12:00 pm: Environment Minister Anil Dave to launch CRZ portal in New Delhi. 2:30 pm: Farm Minister Radha Mohan Singh to give concluding remarks at national workshop on strengthening women cooperatives in New Delhi. LIVECHAT-CHINA TRADE Exports in February are estimated to grow at 12.3 pct, the fastest pace in two years. At 12.00 pm, Chua Han Teng, Senior Asia Country Risk & Financial Markets Analyst, Fitch''s BMI Research, will discuss the drivers of growth and whether they can be sustained going forward. To join the conversation, click on the link: here INDIA TOP NEWS • India mulls local steel requirement for $59 billion infrastructure spend India may soon mandate the use of local steel in government infrastructure projects worth billions of dollars, sources said, pitching it as a WTO-compliant protectionist measure aimed at further cutting cheap imports, mainly from China. • CERAWEEK-India expects a prompt integration between oil, refining firms The Indian government expects domestic oil companies now working to combine their exploration and refining operations to show progress by the end of 2017, the country''s oil minister said on Monday. • Reliance Capital sells stake in Paytm parent to Alibaba- source Reliance Capital Ltd has sold a less than 1 percent stake in payments and e-commerce startup One97 Communications to Alibaba Group Holding for 2.75 billion rupees, a source with direct knowledge of deal said on Tuesday. • OPPO pays $162 million to sponsor Indian team for five years Chinese smartphone maker OPPO outbid rival Vivo to be the new sponsor of the India''s cricket team and will pay 10.79 billion rupees for a five-year period starting in April, the Indian cricket board said on Tuesday. • Tata Steel UK closes pension scheme to new accruals from March 31 Tata Steel UK on Tuesday said it would close its final salary pension scheme to accruals from March 31 as a step towards resolving the future of its British operations. • COLUMN-Indian wheat could weigh on 2017/18 world balance sheet -Braun India will be the first major wheat-growing country to harvest the 2017/18 crop, and most of its wheat will be cut by the time the U.S. Department of Agriculture rolls out its first production estimate in May. GLOBAL TOP NEWS • Japan fourth quarter GDP revised up as capex rises at fastest in almost 3 years Japan''s economy grew more than earlier estimated in the fourth quarter as capital expenditure grew at its fastest in almost three years, welcome news for policymakers as they begin to discuss how to wind down years of massive stimulus. • Conservatives rebel against Trump-backed Republican healthcare plan U.S. President Donald Trump on Tuesday endorsed Republican legislation to replace the Obamacare healthcare law but the measure faced a rebellion by conservative groups and lawmakers, complicating its chances for passage in the U.S. Congress. • Trump to nominate Francisco as U.S. solicitor general U.S. President Donald Trump will nominate Washington lawyer Noel Francisco to be solicitor general, the government''s top advocate before the U.S. Supreme Court, the White House said on Tuesday. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • The SGX Nifty Futures were trading at 8,961.00, trading down 0.21 pct from its previous close. • The Indian rupee will likely open slightly higher against the dollar, as gains in the greenback paused ahead of a key U.S. employment report and the Federal Reserve’s policy review next week. • Indian sovereign bonds will likely open steady amid government plans to buy back papers, even as the market braces for a likely U.S. Federal Reserve rate increase next week. The yield on the benchmark 6.97 pct bond maturing in 2026 is likely to trade in a 6.81 pct-6.87 pct band today. The paper had settled at 100.95 rupees, yielding 6.83 pct yesterday. GLOBAL MARKETS • U.S. stock prices closed lower on Tuesday as weakness in drug and financial shares sent the S&P 500 and the Dow Jones Industrial Average to their first consecutive sessions of declines in more than a month. • Asian shares edged lower after the week''s strong start as investors took profits in the wake of a weak Wall Street and in anticipation that U.S. interest rates will rise next week for the second time in three months. • The dollar stood little changed early, its modest advance from the previous day bogging down as investors started to take a wait-and-see attitude ahead of Friday''s U.S. jobs report. • U.S. Treasury yields rose on Tuesday, with the 30-year yield at its highest level in over a month as skittishness that the Federal Reserve will raise interest rates next week led to a lackluster sale of $24 billion of three-year government notes. • Oil futures fell in Asian trade after industry data pointed to a potential ninth straight week of inventory builds, renewing concerns about an oversupply of oil despite output curbs by OPEC and non-OPEC members. • Gold prices were steady ahead of U.S. payrolls data this week, but were not far from over four-week lows hit in the previous session on increased expectations of a U.S. rate hike in March. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 66.61/66.64 March 7 $138.11 mln $42.60 mln 10-yr bond yield 7.3 pct Month-to-date - $41.27 mln Year-to-date - $1.36 bln For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 66.67 Indian rupees) (Compiled by Erum Khaled in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/india-morningcall-idUSL3N1GL1LV'|'2017-03-08T10:26:00.000+02:00'
'74684fdbcfc82c18ad0fb918bd9015a2a7222dd8'|'Gold steady near five-week low ahead of U.S. jobs data'|'Gold prices held steady early on Thursday near a five-week low touched in the previous session, pressured by an uptick in the dollar ahead of U.S. non-farm payrolls data on Friday.FUNDAMENTALS* Spot gold XAU= was flat at $1,207.46 per ounce at 0030 GMT. The metal hit its lowest since Feb. 1 at $1,206.05 in the previous session.* U.S. gold futures GCcv1 edged down $1.80 or 0.1 percent to $1,207.60. The dollar index .DXY was up 0.1 percent to 102.14.* Investors are awaiting February non-farm payrolls data on Friday as a barometer of the U.S. economy after Federal Reserve Chair Janet Yellen said last week the central bank was poised to lift rates provided jobs and inflation data held up. Her comments were seen as cementing plans for an increase at the Fed''s March 14-15 meeting. [FED/DIARY]* The ADP National Employment Report showed its biggest increase in more than a year in February, suggesting the U.S. economy remains on solid ground.* The European Central Bank is set to keep monetary policy on hold on Thursday as it casts a cautious eye ahead to high-risk elections in the Netherlands and France during an upsurge in populist, anti-establishment sentiment.* Holdings of the largest gold-backed exchange-traded-fund (ETF), New York''s SPDR Gold Trust GLD, remained unchanged on Tuesday from Monday. [GOL/ETF]* The biggest risk facing the world''s top gold producers is their reluctance to hunt for big new discoveries in emerging markets, with most sticking to so called safe jurisdictions, said the head of Randgold Resources Ltd ( RRS.L ) on Wednesday.* The Perth Mint''s sales of gold products dipped in February to the lowest in six months, while silver sales more than halved from the previous month, the mint said in a blog post on its website on Wednesday.* Precious metals miner Hochschild Mining Plc ( HOCM.L ) swung to a pretax profit in 2016, helped by strong output at its Inmaculada mine in Peru and a more favourable pricing environment.* Britain''s economy is likely to feel the pain of Brexit more sharply in the coming years despite holding up well so far, according to finance minister Philip Hammond''s latest plan to steer the economy through its split from the European Union.DATA/EVENT AHEAD (GMT)0130 China Consumer prices Feb0130 China Producer prices Feb1245 European Central Bank interest rate announcement1330 European Central Bank press conference1330 U.S. Import prices Feb1330 U.S. Export prices Feb1330 U.S. Weekly jobless claims(Reporting by Arpan Varghese in Bengaluru; Editing by Richard Pullin)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/global-precious-idINKBN16G03U'|'2017-03-08T21:58:00.000+02:00'
'647c4f2143b6042b5e71396e43dad5e221b8210b'|'Germany''s Stada attracts interest from Fosun Pharma: sources'|'FRANKFURT/HONG KONG China''s Shanghai Fosun Pharmaceutical ( 600196.SS ) is planning to put in a bid for German generic drugmaker Stada, already at the center of a takeover battle between two private equity consortia, two people close to the matter said.Fosun Pharma is also holding early-stage talks with buyout funds including CVC about a potential joint bid, but may decide initially to go it alone, one of the people said.Fosun Pharma said it currently had no information to disclose.(Additional reporting by Julie Zhu; Editing by Georgina Prodhan)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-stada-m-a-fosun-pharma-idUSKBN16G1XV'|'2017-03-09T17:10:00.000+02:00'
'b9d1ca24f8058f45c7c3e6aecc8b601ec980f116'|'BRIEF-Koss Corp - on March 6, David Smith, CFO informed company plans to retire'|' 38am EST BRIEF-Koss Corp - on March 6, David Smith, CFO informed company plans to retire March 10 Koss Corp * Koss Corp - on March 6, David Smith, CFO of Koss Corp informed company that he plans to retire effective at end of fiscal year dated june 30, 2017 * Koss Corp - company is currently in the process of succession planning to succeed mr. Smith as the Chief Financial Officer Source text : bit.ly/2ndUo6b  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-koss-corp-on-march-6-david-smith-c-idUSFWN1GN0C7'|'2017-03-10T22:38:00.000+02:00'
'0ccd1f12cbaec49b892aa735378c93eda48b6c59'|'Venezuela lawyer says $1.4 billion Exxon damages award overturned'|'Thu Mar 9, 2017 - 11:36pm GMT Venezuela lawyer says $1.4 billion Exxon damages award overturned FILE PHOTO - The logo of Exxon Mobil Corporation is shown on a monitor above the floor of the New York Stock Exchange in New York, New York, U.S. December 30, 2015. REUTERS/Lucas Jackson/File Photo By Alexandra Ulmer - CARACAS CARACAS A World Bank tribunal order for Venezuela to pay $1.4 billion in damages to Exxon Mobil Corp ( XOM.N ) over nationalizations has been annulled, a lawyer for the government said on Thursday. "We were confident all along that our position was correct and are very pleased that the annulment committee agreed," Venezuela''s lawyer George Kahale told Reuters by email. There was no immediate confirmation by the World Bank''s International Centre for Settlement of Investment Disputes (ICSID) that is handling the case, one of many arising from nationalizations during Hugo Chavez''s 1999-2013 rule of the South American OPEC nation. A spokesman for the U.S.-based oil company, Todd Spitler, did not confirm details but said: "ExxonMobil will continue to evaluate its legal rights and determine next steps." An annulment of the Exxon award would be welcome news to Venezuelan President Nicolas Maduro''s cash-strapped government as it faces a heavy foreign debt repayment schedule amid a deep domestic recession that has led to widespread shortages. Venezuela had challenged the 2014 award with various arguments, including that a previous decision from Paris-based International Chamber of Commerce to award Exxon $908 million should be deducted from the ICSID award. Chavez, the firebrand socialist leader whose rule was cut short by death from cancer, nationalized a range of oil ventures, including the Cerro Negro heavy crude project and a smaller project called La Ceiba, both operated by Exxon. (Additional reporting by Ernest Scheyder in Houston; Writing by Andrew Cawthorne; Editing by Sandra Maler and David Gregorio) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-venezuela-exxon-idUKKBN16G38C'|'2017-03-10T06:14:00.000+02:00'
'52524f0a9d9687e2e1d4b74c0c4948881f6b2268'|'MOVES-Citi names new head for ASEAN corporate, investment banking'|' 15pm EST MOVES-Citi names new head for ASEAN corporate, investment banking HONG KONG, March 10 Citigroup Inc has named David Biller as its new corporate and investment banking head for the 10-member Association of South East Asian Nations (ASEAN) as part of its enhanced focus on the region, according to an internal memo seen by Reuters. Biller, who joined Citi in 2000, will take up the new role in Singapore with immediate effect, and will continue to hold his existing position of head of diversified industrial for Asia Pacific, said the memo. In the new role, Biller will replace Will McLane, who remains the bank''s head of financial institutions group in Asia, and the memo said additional responsibilities for him will be announced shortly. A spokesman for Citi in Hong Kong confirmed the content of the memo. The bank also named Jonathan Quek as the head of investment banking for Singapore, in addition to his current role as co-head of real-estate investment banking for Asia Pacific, the memo said. (Reporting by Sumeet Chatterjee; Editing by Gopakumar Warrier) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/citigroup-asean-moves-idUSL3N1GN1WT'|'2017-03-10T11:15:00.000+02:00'
'ebfc735c4e40346528bdc2254dd0d44cec1b5916'|'Unpaid childcare is Australia''s largest industry – it needs to be acknowledged - Guardian Sustainable Business'|'We’re all resigned to traffic gridlock on the way to work during the week, but when we are stopped, bumper to bumper, on Saturday mornings, we fume.The reason we get so angry about clogged roads on the weekends is because we believe everyone else’s travel is optional – it’s mostly parents taking their children to sport and other activities.It’s the same with school drop-off and pickups. Those parents are getting in the way of people who are working .Well, taking care of children is working. It might be unpaid, but it is still work and, if parents didn’t do it, they would have to pay someone to take on the task, says PwC partner, Jeremy Thorpe. Thorpe is a co-author of Understanding the Unpaid Economy , a study that attempts to quantify the value of unpaid work. The report values Australia’s unpaid economy at $2.2tn . Childcare makes up the biggest proportion of unpaid work – 24.6% – and it has a replacement value of more than $345bn (what it would cost to pay someone to do it). Australian women at work: underpaid, discriminated against and told to be ''more confident'' Read more The value of unpaid childcare makes it Australia’s largest industry, larger than any in the formal economy.Unsurprisingly, because of traditional role allocation, women do 76% of childcare and 72% of unpaid work overall. They also do 67% of domestic work, 69% of care of adults and 57% of volunteering.Thorpe says it’s important to put a dollar figure to this unpaid work in order to acknowledge it, and to encourage governments and employers to factor it into their planning. If, for instance, travelling with children was regarded in the same way as paid work – as contributing to the economy – then planners may account for it in their expectations of traffic flow on the roads, infrastructure and public transport timetables.“We build a whole lot of infrastructure on the basis of moving people around in peak hour times and often moving them to CBDs and hubs in the city, but there is actually a large ‘workforce’ that doesn’t travel in that type of way,” Thorpe says.“If we think of them as a workforce, are we providing the right transport, support, infrastructure for that group – especially when they are three times the size of the financial services industry?”Thorpe says if unpaid care of children was paid, it would have a lobby group looking after its interests. This is a point also made by a recent OECD report , which says any cost-benefit simulation used as a basis for employment and welfare spending decisions must include areas such as health and childcare. While childcare takes up the lion’s share of unpaid work, domestic duties account for 8%, followed by care of adults at 0.9% and then volunteering at 0.5%.The $15.4bn value of care of adults, often elderly parents, could also be factored into the provision of services, such as training for family members taking on end-of-life care.With women doing three-quarters of the unpaid work, attaching a dollar value helps in understanding how it affects their participation in the paid workforce, says Thorpe. The PwC data shows that women on lower incomes are less likely to give up paid work to take care of their children. It is women on higher incomes whose families can afford to exist for a period on one income. People in more advantaged situations have more options around unpaid work, he says. Paid family leave transformed Australian business – it''s now under threat Read more This information suggests men should be encouraged to take paternity leave, allowing women to get back into work earlier, if that is what they want to do.“Are we flexible enough so we are getting the most out of people … and acknowledging that these things [family commitments] are important?” Thorpe asks.“It is about getting the balance right.”Another interesting finding of the research (based on the Australian census) was that men are more likely to do traditional volunteering than unpaid family work. The report states: “There is no situation that makes men, on average, substitute their unpaid work for female unpaid work.”Thorpe says: “The gender stereotypes actually have a ring of truth to them. “[Volunteering for men] is social networking, a potential career enhancement. It is not doing the things around the house. It is visible.”According to the report, people in New South Wales and Victoria do less unpaid work than in other states. This could relate to the higher cost of living and the fact it generally requires two good incomes to service a mortgage in Sydney and Melbourne. “Canberra clearly dominates per capita amounts of unpaid work,” the report says. “It is the highest state average, and also has six of the top 10 individual locations for per capita childcare (Acton, Bonner, Civic, Crace, Namadgi and Phillip).” Topics Guardian sustainable business Social equality Family Business (Australia) Childcare Australia features Share on Facebook Share on Twitter Share via Email Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/sustainable-business/2017/mar/10/unpaid-childcare-is-australias-largest-industry-it-needs-to-be-acknowledged'|'2017-03-10T07:15:00.000+02:00'
'753814187e93b16d4c8e370f350ef12b2c54165d'|'EU and ASEAN agree to put free trade pact back on agenda'|' 01am GMT EU and ASEAN agree to put free trade pact back on agenda European Trade Commissioner Cecilia Malmstrom holds a news conference on Commission''s proposal for a new methodology for anti-dumping investigations, at the EU Commission headquarters in Brussels, Belgium November 9, 2016. REUTERS/Yves Herman By Neil Jerome Morales - MANILA MANILA The European Union and the Association of Southeast Asian Nations said on Friday the two blocs would try to revive plans for a Free Trade Agreement (FTA) between them, as European countries look to tap the region''s strong growth. The EU and 10-nation ASEAN launched talks towards a pact in 2007 but abandoned the process two years later, with the EU opting instead to conduct bilateral negotiations with individual states. Those talks have had mixed success, with deals so far agreed only with Singapore and most recently, Vietnam, but yet to be implemented. EU Trade Commissioner Cecilia Malmstrom said it was decided among the EU and senior ASEAN officials on Friday to establish a framework for talks to restart, but there was no so far no targeted time-frame. "We believe it is important to connect two growing markets and to take away as many obstacles to trade," she told reporters in Manila. "Having a region-to-region agreement between EU and ASEAN is a long-term goal we''ve been discussing for many years. We are now taking steps towards this." A trade deal with ASEAN would connect the EU to the world''s seventh-largest market, and one with strong consumer and middle-class expansion, particularly in Vietnam and the Philippines, which are among the world''s best-performing economies. The ASEAN region has a combined 622 million people and economy of $2.6 trillion and is driven largely by consumption, exports and manufacturing, with Europe a key importer of goods. The initial EU-ASEAN negotiations were halted in large part due to the complexities of setting common standards among 10 Southeast Asian countries with various political systems and stark differences in the size of their economies and populations. Human rights problems have been an issue for many ASEAN states, such as Vietnam, Thailand, Malaysia, Cambodia and Laos, creating an obstacle for the EU given its requirement to consider human rights in its trade policies. ASEAN is loosely modelled on the European Union, though it has yet to establish common standards like free movement of goods, capital and labour. Unlike in Brussels, there is no one authority with the power to enforce agreements. (Writing by Martin Petty; Editing by Jacqueline Wong)   BT resolves two-year regulatory battle with new Openreach deal LONDON Britain''s biggest telecoms group BT has reached an agreement with the regulator to finally resolve a two-year row over how the national broadband network is run, agreeing to a legal separation of the business. BT has come under fire after rivals including Sky , TalkTalk and Vodafone accused Openreach, the division that supplies broadband to millions of homes and businesses, of delivering a poor service.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-asean-idUKKBN16H0SB'|'2017-03-10T15:01:00.000+02:00'
'da04a69777fe9c4fc59aacd3f8fc36f89fa93b37'|'BRIEF-Hurco Q1 earnings per share $0.13'|' 06am EST BRIEF-Hurco Q1 earnings per share $0.13 March 10 Hurco Companies Inc: * Hurco reports first quarter results for fiscal 2017 * Q1 earnings per share $0.13 * Q1 sales fell 14 percent to $48.74 million * Hurco Companies Inc- orders for Q1 of fiscal 2017 were $61.02 million, an increase of 19 pct    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-hurco-q1-earnings-per-share-idUSASB0B4X5'|'2017-03-10T20:06:00.000+02:00'
'd2ac0dbb8774553ee6732cbeaa274f25d14a2246'|'China''s corporate debt levels are excessively high - central bank governor'|'Foreign Exchange Analysis - Fri Mar 10, 2017 - 5:27am GMT China''s corporate debt levels are excessively high - central bank governor left right Zhou Xiaochuan, Governor of the People''s Bank of China, attends a news conference during the ongoing National People''s Congress (NPC), China''s parliament, in Beijing China March 10, 2017. REUTERS/Jason Lee 1/2 left right Zhou Xiaochuan, Governor of the People''s Bank of China, attends a news conference during the ongoing National People''s Congress (NPC), China''s parliament, in Beijing China March 10, 2017. REUTERS/Jason Lee 2/2 By Kevin Yao and Yawen Chen - BEIJING BEIJING China''s corporate debt levels are excessively high, the head of its central bank said on Friday, as policymakers in the world''s second-largest economy grow increasingly concerned about the risks from a rapid build-up in debt and an overheating housing market. Banks cannot support firms with high leverage, People''s Bank of China Governor Zhou Xiaochuan told reporters at a news conference on the sidelines of the annual parliament session. But Zhou stressed that China''s efforts to cut debt levels will take time, describing it as a medium-term process. Measures by local governments to cool rising house prices will cool mortgage demand to some degree, but housing loans will continue to grow at a relatively rapid pace, Zhou said. China needs to first stabilise its overall debt levels and slow down the pace at which debt is rising, deputy central bank governor Yi Gang said at the same briefing. The comments echoed those from top officials earlier in the parliamentary session about the need to contain credit risks in China after years of debt-fuelled expansion, which has been propelled by the need to meet official economic growth targets. But, as with earlier pronouncements, there were few specifics for tackling the problems, and many veteran China watchers suspect authorities will quickly backpedal on reforms if there are signs that economic growth is faltering. China''s credit growth has been "very fast" by global standards, and without a comprehensive strategy to tackle the overhang, there is a growing risk it will have a banking crisis or sharply slower growth or both, the International Monetary Fund warned late last year. Corporate debt has soared to 169 percent of gross domestic product (GDP), according to figures from the Bank for International Settlements. Even as policymakers warn of debt risks, heavy stimulus is still evident in record lending from mostly state-owned banks and increased government spending on infrastructure projects. China''s banks extended a record 12.65 trillion yuan ($1.83 trillion) of new loans in 2016. Bank lending this January was the second highest on record and did not slow as much as expected in February. China''s debt to GDP ratio rose to 277 percent at the end of 2016 from 254 percent the previous year, with an increasing share of new credit being used to pay debt servicing costs, UBS analysts said in a note. PRUDENT, NEUTRAL MONETARY POLICY In recent months, the PBOC has cautiously moved to a modest tightening bias in a bid to cool explosive growth in debt and discourage speculative activity, though it is treading cautiously to avoid hurting economic growth. It surprised financial markets by raising short-term interest rates in January and February by marginal amounts, and is expected to bump them higher in coming months, though an increase in its benchmark policy lending rate is seen as unlikely this year. Governor Zhou said moving to a neutral policy stance would help with China''s supply-side reforms, reiterating that it would be "prudent" while reminding markets that the central bank has many policy tools at its disposal. China''s definition of "supply-side reforms" is murky, but can include measures to discourage inefficient investment such as that that led to a massive overhang of excess industrial capacity after the global financial crisis. The world''s second-largest economy grew 6.7 percent last year, roughly in the middle of the government''s target range. Beijing has set a more modest goal this year of 6.5 percent, ostensibly to give policymakers more room to focus on financial risks. But there is not enough evidence yet that the PBOC''s moves to curtail riskier off-balance sheet lending are having any meaningful effect, economists at BofA Merrill Lynch Global Research said in a note on Thursday. "In other words, the PBOC''S monetary tightening bias is only partially delivered so far," the note said. "The credit demand of various semi-sovereign entities, such as local government financing vehicles and state owned enterprises, are still inelastic to funding costs alone. "As a result, if the PBOC relies only on adjusting prices of credit to influence borrowing behaviours, but not the quantity, it will give rise to upside risks on growth and inflation." EXCHANGE RATE FLUCTUATIONS ARE NORMAL Turning to the yuan currency, Zhou repeated the standard party line that he expects the exchange rate to be stable this year, while conceding that some fluctuations are normal. Despite repeated interventions by authorities last year, the yuan CNY=CFXS still fell 6.5 percent against the dollar. It has steadied early this year as authorities moved to tighten controls on capital outflows and as the dollar''s rally lost steam. But it started to wilt again in recent sessions on growing expectations that the U.S. central bank will raise interest rates as soon as next week, buoying the dollar. China burnt through nearly $320 billion of reserves last year to shore up the yuan and staunch capital outflows. In January, reserves fell below the closely watched $3 trillion level for the first time in nearly six years, but Zhou told reporters that markets should not overreact to such falls. Zhou also said that China will not deliberately seek to have its bonds included in global indexes used by investors. China has opened its bond markets to foreigners in recent months as it tries to boost investment inflows to counter capital flight. ($1 = 6.9083 Chinese yuan renminbi) (Reporting by Kevin Yao, Yawen Chen, Nicholas Heath and Elias Glenn; Writing by Sue-Lin Wong; Editing by Kim Coghill) Next In Foreign Exchange Analysis'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-parliament-pboc-yuan-idUKKBN16H0DH'|'2017-03-10T12:27:00.000+02:00'
'a89276fb263f7aecf73369a68a3e9ee075bd7089'|'Insurer JRP operating profit up 58 percent, buoyed by merger'|' 38am GMT Insurer JRP operating profit up 58 percent, buoyed by merger By Carolyn Cohn - LONDON LONDON British annuity provider JRP ( JRP.L ) posted an above-forecast 58 percent rise in 2016 operating profit to 164 million pounds on Friday, the first results since the company was formed through the merger of two rival insurers. JRP, formed in April 2016 through a tie-up between Just Retirement and Partnership Assurance and trading as Just, specialises in annuities for people with reduced life expectancy. Operating profit for the 12 months ending Dec. 31, 2016 was forecast at 151 million, according to a company-supplied poll. IFRS statutory profit before tax for the 18 months to December 2016 came in at 199 million pounds, JRP said in a trading statement. JRP was focussing on price, rather than volume, it said, with new business margins rising to 6.8 percent from 3.3 percent. "We remain selective in relation to new business," chief executive Rodney Cook said, adding that market growth was clearest in bulk annuities, involving taking on the risk of some or all of the members of a company defined benefit, or final salary, pension scheme, and lifetime mortgages. Lifetime mortgages pay pensioners a fixed income against the value of their property, which is typically handed over as payment on the customer''s death. Analysts at Numis described the results as strong, reiterating their buy recommendation on the stock. JRP said it would pay a final dividend of 2.4 pence and total dividend for 2016 of 3.5 pence, up six percent from a year earlier. ($1 = 0.8227 pounds) (Reporting by Carolyn Cohn; editing by Simon Jessop)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-jrp-group-results-idUKKBN16H0QV'|'2017-03-10T14:38:00.000+02:00'
'2088b9a797f3b4975abf7d47cf7511be16a26fac'|'Volkswagen pleads guilty to all criminal charges in emissions cheating scandal - Business'|'Volkswagen pleaded guilty on Friday to conspiracy and obstruction of justice charges in a brazen scheme to get around US pollution rules on nearly 600,000 diesel vehicles by using software to suppress emissions of nitrogen oxide during tests.The German automaker has already agreed to pay $4.3bn in civil and criminal penalties – the largest ever levied by the US government against an automaker –although VW’s total cost of the scandal has been pegged at about $21bn, including a pledge to repair or buy back vehicles.As recently as 20 February, the company’s executives insisted they had “misled nobody” in testimony before the British House of Commons’ transport select committee.VW becomes world''s No 1 carmaker despite diesel emissions scandal Read moreUS regulators confronted VW about the software after West Virginia University researchers discovered differences in testing and real-world emissions. Volkswagen at first denied the use of the so-called defeat device but finally admitted it in September 2015.Even after that admission, company employees were busy deleting computer files and other evidence, VW’s general counsel Manfred Doss acknowledged to US district judge Sean Cox.Summing up the scandal, assistant US attorney John Neal said it was a “calculated offense”, not a “momentary lapse of judgment”.Although the cost is staggering and would bankrupt many companies, VW has the money, with $33bn in cash on hand. Volkswagen previously reached a $15bn civil settlement with US environmental authorities and car owners.Under its agreement, VW must cooperate in the investigation and let an independent monitor oversee compliance for three years. Separately, six Volkswagen employees face US criminal charges in the scandal.Topics Volkswagen (VW) Automotive industry Germany news Share Reuse this content'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/business/2017/mar/10/volkswagen-vw-pleads-guilty-criminal-charges-emissions-cheating'|'2017-03-11T01:58:00.000+02:00'
'a4e8dab478e910103e1b6c48d7a969b470d23e6d'|'Has TalkTalk’s security been breached yet again? - Money'|'F raudsters are believed to be targeting TalkTalk customers again, this time on an “industrial scale”, amid claims that a gang based in India is using details stolen in recent weeks. Despite repeated reassurances by the telecoms provider that it now has a tight grip on security, some customers claim they are receiving calls from what they believe to be scammers, armed with details about router numbers and passwords, which they say could only have come from within the company.While TalkTalk insists it has not been a victim of a fresh theft or security breach, the BBC reported this week that it had been contacted by three Indian whistleblowers who claim to have been among hundreds of staff using stolen UK TalkTalk data (although the BBC did admit it couldn’t verify the claims).TalkTalk scam victims say it’s time for answers Read more The unnamed source says USB sticks full of customer details have been traded at parties in Kolkata. They describe how as many as 60 “employees” work in shifts at “call centres” to dupe victims into giving them access to their bank accounts.Guardian Money has repeatedly highlighted the scams , and detailed around 20 cases where fraudsters were able to quote enough account information to convince their victim that they were speaking with a genuine TalkTalk employee. The fraudsters went on to clean out their bank account. TalkTalk denies responsibility and has refused to refund victims, saying it was just one of a number of tech firms targeted.But Jane Hatton from Halifax in West Yorkshire contacted Money to say that the fraudsters now appear to have access to the very latest customer details. The retired bank worker, who has been a TalkTalk customer for almost 10 years, says she recently upgraded her package to include unlimited broadband, and was sent a new router in January. Just two weeks later, she says she received a call from someone posing as a TalkTalk employee who knew all the details of her account. He knew about the contract upgrade and was able to quote both the router number and the new password sent only a few days before.As with previous frauds, Hatton was lured by the promise of a £200 refund and gave the fraudsters remote access to her computer. She was invited to click on her bank’s logo but, unlike other cases, security systems at her bank – Halifax – seem to have prevented any money leaving her account. The fraudsters also put a remote lock on her computer and would not release it unless she paid a ransom. She refused and has since had to have her computer rebuilt.“I am absolutely furious. The fraudsters knew everything about my account – including my router password – that can only have come from the company. I want to leave, but TalkTalk has demanded a £386 early termination fee.”I am furious. They knew everything about my account … details that can only have come from the companyAnother reader, SB from Droitwich, says he had a similar experience. He contacted TalkTalk about an email problem and changed his billing method at the same time. “A few days later I received a call purporting to be from TalkTalk telling me they could restore all my missing emails and that they would have to get into my computer to make the correction. I was not suspicious because they had so many personal details, which only TalkTalk could have known. I agreed and they had control from then on.”It was when he was asked to send money via PayPal that he realised it was a scam. He did not lose any money, but his computer was also locked out. “I’d very much like to know how these scammers had all my details. I can only imagine that a genuine TalkTalk employee or subcontractor passed, or sold, them on.”The fresh allegations come amid a long and delayed investigation by the Information Commissioner’s Office. This follows a series of known data breaches from 2014 onwards .In 2011, TalkTalk outsourced some of its call centre work to the Kolkata office of Wipro, one of India’s largest IT service companies. Last year, three Wipro employees were arrested on suspicion of selling TalkTalk customer data.Fraudster posing as TalkTalk took £1,800 from my account Read more The BBC report says it was told that criminals have used the data to operate at least three call centres, where staff work in shifts earning about £120 a month to phone TalkTalk customers using the stolen data to convince victims they are genuine.When we asked TalkTalk how the scammers apparently had access to Hatton’s router details, it told us: “We are aware there are criminals targeting a number of UK and international companies, and we take our responsibility to protect customers very seriously. This is why we launched our ‘Beat the Scammers’ campaign, helping all our customers keep safe”, but added “there has not been a new security breach.”Wipro said: “The matter is under investigation and we continue to work closely with the authorities. There are no further developments.”Topics Scams Internet, phones & broadband Consumer affairs Consumer rights TalkTalk Telecommunications industry features  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/mar/11/talktalk-security-breached-again-scammers-india'|'2017-03-11T13:59:00.000+02:00'
'9db512b2fe1ca47d48b191a36b43819e925541f0'|'Isas back in favour after tax allowance hike - Money'|'A new tax-free Isa allowance that comes into force next month will allow wealthy couples to put more than £70,000 beyond the reach of HMRC.Under previously announced changes, the current Isa allowance of £15,240 per person for the tax year 2016/17 will rise to £20,000 from 6 April. It means a couple who have not so far used this year’s allowance can move a total £70,480 into tax-free savings in the next few weeks.Until this week the Isa sector had started to look redundant for all but those with very large sums to invest. The previous chancellor, George Osborne, introduced a series of measures that rendered them unnecessary for most ordinary savers. People can now earn up to £1,000 interest on cash savings, and were in line to obtain up to £5,000 in share dividends without having to declare it to the Treasury.But this week’s budget announcement on share dividends looks set to revitalise Isas .With the rates payable on cash Isas so poor – typically below 1% – investors are increasingly looking to share-based funds, particularly equity income funds. These try to achieve an annual income of around 4% from a basket of dividend-paying shares. Most stock market investors usually take out an Isa through an investment platform, such as those provided by the likes of Hargreaves Lansdown or Fidelity.Experts have suggested Philip Hammond’s move could be a bonanza for the investment companies as wealthy consumers start shifting their money into Isa-based funds. Popular investments are likely to be the leading equity income funds, with funds from Woodford, Invesco Perpetual, Fidelity, Schroders and JOHCM regularly at the top of the best sellers lists. Over the past 10 years, the average equity income fund has produced total dividends of just over £4,000 from an investment of £10,000.Those preferring to invest directly in dividend-paying shares can place them into an Isa, using a “bed and Isa” arrangement whereby they sell their existing investment and buy it back within the Isa, although they may incur a CGT bill.• A “market-leading” government-backed savings bond paying 2.2% will be available for 12 months from April, the chancellor confirmed this week, although no actual day has been named.The three-year bond, which will be offered by National Savings & Investments , was first announced by Hammond in his November 2016 autumn statement. The government has previously said it expected about 2 million people to snap up the bond, which is aimed at those willing and able to tie up their money for three years. It will be open to everyone aged 16 and over and have a minimum investment limit of £100 and a maximum of £3,000.The Treasury said the bond would support savers affected by low interest rates, but Maike Currie at investment firm Fidelity International said: “Anyone saving into the new investment bond will struggle to achieve a real return, with Office for Budget Responsibility expectations for inflation to rise to 2.4% in 2017, and 2.3% in 2018, before falling back to 2.0% in 2019.”Topics Money Isas Shares Investments Stock markets  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/mar/11/isa-tax-free-allowance-rise-back-in-favour'|'2017-03-11T14:00:00.000+02:00'
'86df5fabb5d884e34912f232d227b9d946a39840'|'COLUMN-Barclays previews defense in billion-dollar DOJ securities case: Frankel'|'Company News  49pm EST COLUMN-Barclays previews defense in billion-dollar DOJ securities case: Frankel (The opinions expressed here are those of the author, a columnist for Reuters.) By Alison Frankel NEW YORK, March 9 Facing a Justice Department suit claiming it misrepresented the quality of loans underlying tens of billions of dollars of mortgage-backed securities sold between 2005 and 2007, Barclays claimed this week that the government’s suit is based on an overly expansive interpretation of a 1989 law intended to protect U.S. banks from self-dealing insiders. In a March 6 letter to the judge overseeing the Justice Department suit, U.S. District Judge Kiyo Matsumoto of Brooklyn, Barclays'' lawyers from Sullivan & Cromwell and Williams & Connolly suggested the government is twisting the Financial Institutions Reform, Recovery and Enforcement Act of 1989 to take advantage of the law’s 10-year statute of limitations. The clock has already run out on federal securities fraud or common law fraud claims for mortgage-backed securities sold a decade ago. Without FIRREA, in other words, the government would not have a viable case against Barclays. Barclays, of course, is not the first bank to claim the Justice Department is overreaching in its reading of FIRREA. The law, enacted after the savings-and-loan crisis of the 1980s, permits the Justice Department to sue defendants that engage in mail or wire fraud “affecting a federally insured financial institution.” In mortgage-backed securities suits against Bank of New York Mellon, Wells Fargo and Bank of America, the government argued the banks were affected by their own misrepresentations. In 2013, three well-regarded federal judges in Manhattan allowed the Justice Department to proceed with cases based on this “self-affecting” theory. Williams & Connolly, which represented Bank of America in the government’s FIRREA suit, asked the 2nd U.S. Circuit Court of Appeals in 2015 to reject the Justice Department’s self-affecting interpretation of FIRREA in BofA’s appeal of a $1.2 billion judgment in the “Hustle” MBS case. The 2nd Circuit ended up overturning the judgment against BofA on other grounds. DOJ''S NOVEL USE OF FIRREA The government’s FIRREA theory against Barclays is different than the self-affecting argument asserted against U.S. banks. As Barclays'' lawyers pointed out in this week’s letter to Judge Matsumoto, Barclays is not a U.S.-insured financial institution so the Justice Department cannot use FIRREA to claim the bank hurt itself by misrepresenting the quality of its securitizations. Instead, the government alleges that Barclays’ misrepresentations affected federally-insured financial institutions that bought Barclays’ mortgage-backed securities. But the 198-page complaint against Barclays does not specify whether federally insured banks invested in all of the 36 securitizations the government alleges to have been tainted by fraud. Nor does it disclose the magnitude of investment by federally insured banks in the Barclays mortgage-backed offerings. Barclays’ letter contends the government’s allegations fall well short of showing FIRREA’s requisite effect on U.S. insured banks. The letter is not a formal motion to dismiss the government suit. Under Judge Matsumoto’s rules, Barclays submitted the letter to request a pre-motion conference on its dismissal arguments. On Thursday, the judge granted the request and set a conference date of April 7. She ordered the Justice Department to respond to Barclays’ pre-motion arguments by March 28. In addition to attacking the government’s FIRREA theory, Barclays also argues that despite the complaint’s machine-gun spray of accusations, the suit does not plausibly allege a bankwide scheme to defraud investors and does not meet the heightened standard for fraud claims because it does not raise sufficiently specific allegations of the bank’s fraudulent intent. But those arguments are specific to this case. The Justice Department’s novel use of FIRREA – essentially leveraging investment by an unknown number of U.S.-insured banks vastly to expand the time frame for securities fraud claims – is what other banks, foreign and domestic, should be watching. It’s anyone’s guess, of course, how aggressively the Trump administration plans to pursue banks for allegedly defrauding investors. And mortgage-backed securities litigation has long since fallen out of the headlines. The Barclays case, however, has the potential to establish precedent that will haunt banks when the next crisis comes along. (Reporting by Alison Frankel. Editing by Alessandra Rafferty.) Next In Company News UPDATE 2-Kinder Morgan raises Canada''s Trans Mountain cost, commitments drop March 9 Shipper commitment for Kinder Morgan Inc''s Canadian Trans Mountain pipeline expansion project dipped by 3 percent, or 22,000 barrels per day, after the company raised its cost estimate to C$7.4 billion ($5.48 billion) and increased tolls, the company said on Thursday. Lockheed, MBDA to form JV for delayed German missile defence-sources BERLIN, March 9 Lockheed Martin Corp and Europe''s MBDA will set up a new joint venture to manage a multibillion-euro missile defence programme given German concerns about MBDA''s ability to execute the project on its own, sources familiar with the plans said on Thursday. * Pension funds could also invest -CIBC CEO (Adds comment from RBC CEO, business group) MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/barclays-mortgages-frankel-idUSL2N1GM1NC'|'2017-03-10T01:49:00.000+02:00'
'0fd67a8c1a56cd7488f166101031ca24f2b2a971'|'PRESS DIGEST - Wall Street Journal - March 9'|' 18am EST PRESS DIGEST - Wall Street Journal - March 9 March 9 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy. - A leading contender to purchase Time Inc dropped out of the bidding process after the publisher set a deadline for final bids within two weeks, according to people familiar with the matter. on.wsj.com/2mDMvZS - Uber Technologies Inc said it will stop using technological tools to evade government officials seeking to identify and block the service''s drivers. on.wsj.com/2mDJlp7 - Alphabet Inc''s Google is pitching potential corporate customers on its vast network of computers and artificial-intelligence tools, and often undercutting the prices of the two incumbents that dwarf it, cloud-computing pioneer Amazon.com Inc and corporate-tech veteran Microsoft Corp. on.wsj.com/2mDMF3o - Samsung Electronics Co Ltd is planning a major investment to expand its U.S. production facilities, according to people familiar with the matter, with at least five states in discussions. on.wsj.com/2mDJoRN - Bristol-Myers Squibb Co said it would replace its research-and-development chief, naming a Massachusetts General Hospital executive to the key job as the company seeks to move past a major drug-development setback. on.wsj.com/2mDJpoP - RadioShack owner General Wireless Operations Inc filed for chapter 11 protection Wednesday night, the electronics retailer''s second trip to bankruptcy court in as many years after a partnership with wireless provider Sprint Corp unraveled. on.wsj.com/2mDHUHe - Twitter Inc co-founder Biz Stone is headed to Pinterest Inc, the image-discovery company that is now valued by investors at the same amount as the short-messaging service he helped start a decade ago. on.wsj.com/2mDFZCn - Federal Communications Commission Chairman Ajit Pai defended his promised rollbacks of Obama-era privacy and net-neutrality rules at a hearing Wednesday, saying they are necessary to maintain broadband investment. on.wsj.com/2mDPGRk (Compiled by Subrat Patnaik in Bengaluru)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-wsj-idUSL3N1GM23N'|'2017-03-09T12:18:00.000+02:00'
'001e9ec05f2a189311de8878ecc53e8260a8204d'|'Minority Avianca shareholder demands investigation of Synergy deals'|'BOGOTA, March 8 Kingsland Holdings Limited, a minority shareholder in Colombian flagship airline Avianca , has formally requested shareholders vote on whether to appoint an auditor to examine transactions between the airline and controlling shareholder Synergy, Kingsland said on Wednesday.Synergy is controlled by investor German Efromovich, who along with United Continental Holdings Inc is being sued by Kingsland for "clandestinely" negotiating an $800 million loan and strategic alliance behind the backs of other shareholders.Synergy holds 78 percent of Avianca voting shares, while Kingsland holds 22 percent.Kingsland, controlled by El Salvador''s Kriete family, said in a statement on Wednesday that it has been requesting for several months that Avianca retain an independent auditor to review transactions with Synergy."To date, Synergy has caused Avianca to deny these requests, leaving Kingsland no choice but to take all actions necessary to protect the interests of Avianca''s minority shareholders," the statement said."In the event that, at the extraordinary shareholders meeting, Synergy uses its controlling position in Avianca''s voting shares to again deny an impartial review of its related party transactions with Avianca, Kingsland intends to request that a civil court in Panama appoint independent auditors."Avianca could not immediately be reached for comment. (Reporting by Julia Symmes Cobb; Editing by Bernard Orr)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/colombia-avianca-holding-idUSL2N1GL240'|'2017-03-09T02:06:00.000+02:00'
'6958e2b69171f97d78c5fe3f4ab899d1f91dc3b9'|'Coca-Cola to invest additional $285 million in Vietnam - state media'|'Business   3:29am GMT Coca-Cola to invest additional $285 million in Vietnam - state media A truck transports bottles from the Coca-Cola company on the outskirts of Moscow, August 6, 2014. REUTERS/Maxim Shemetov HANOI Coca-Cola Co ( KO.N ) is planning to invest an additional $285 million in Vietnam, state media reported, quoting the company''s general director for the country. The beverage maker''s decision highlights its interest in the Vietnam market and may put pressure on its competitors. With this investment, Coca-Cola''s total investment in the country will reach $1 billion. Coca-Cola officials were not immediately available for comments. (Reporting by My Pham; Editing my Vyas Mohan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-cocacola-vietnam-idUKKBN16G0AF'|'2017-03-09T10:29:00.000+02:00'
'd00b4c4b2e4a3286c2da381373578ea2e7ccef5c'|'CFO of Brazil''s BRF resigns after steep 4th-quarter loss'|'Company News - Thu Mar 9, 2017 - 7:06pm EST CFO of Brazil''s BRF resigns after steep 4th-quarter loss SAO PAULO, March 9 The chief financial officer of Brazilian food processor BRF SA, Alexandre Carneiro Borges, resigned on Thursday, less than two weeks after the company posted a steep quarterly loss and promised to overhaul management protocols. Elcio Mitsuhiro Ito will be the interim CFO while the company seeks a replacement, BRF said in a securities filing. Rodrigo Vieira, marketing vice president, also resigned, the filing said. Two weeks ago, Chairman Abilio Diniz and Chief Executive Officer Pedro Faria told analysts that lack of real-time information and miscommunication between industrial and commercial divisions were the reasons for the 460 million reais ($144 million) fourth-quarter loss. Shares in BRF were up 1.8 percent on Thursday, reducing losses so far this year to 15.9 percent. ($1 = 3.1927 reais) (Reporting by Tatiana Bautzer; Editing by Leslie Adler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brf-management-moves-idUSL2N1GM2JE'|'2017-03-10T07:06:00.000+02:00'
'b3b36122bfbd6a5d60994f97f6650374892fad71'|'Novo Nordisk''s new CEO turns to deals to help revive growth'|'Novo Nordisk''s ( NOVOb.CO ) new chief executive is looking at making acquisitions to broaden the Danish drugmaker''s product line-up, in a change of tack that reflects a need for fresh sources of growth at the world''s biggest diabetes company."Across our business we need to increasingly look for external innovation," Lars Fruergaard Jorgensen, who took over in January, said in an interview on Thursday.Reuters reported on Wednesday that Novo had approached Global Blood Therapeutics ( GBT.O ), a U.S. biotechnology company focused on serious blood disorders, valued at close to $1.5 billion, to discuss a potential takeover.Jorgensen declined to comment on his interest in the Californian firm but confirmed Novo''s biopharmaceuticals business, which includes blood products, was one area where complementary acquisitions were being considered."We have strong relationships with hematologists and there could be other products that would be relevant for us to acquire and we are looking for that," he said.Any deals would most likely be "bolt-ons" rather than anything very large. "In my view we should do smaller deals; low single-digit billions of dollars," he said.Novo has sat out a rash of deal-making that has gripped the rest of the drugs industry in recent years. Instead, under previous chief executive Lars Rebien Sorensen the company had focused on its market-leading position in making insulin and other diabetes treatments.But the company''s core insulin business has deteriorated recently, with increasing competition squeezing prices, particularly in the United States, sending Novo shares down nearly 40 percent in the past 12 months.Last month the Danish group warned that sales and profits might actually slip in 2017, a remarkable change in fortune for a company that was previously renowned for its sector-beating growth.Jorgensen, who began his Novo career more than 25 years ago as a graduate, acknowledges he faces a challenge to reassure investors.While he believes Novo''s existing drug line-up remains strong, in these tougher times the Danish group may increasingly operate like other big drugmakers that routinely make acquisitions to boost growth as key medicines lose momentum."We will more and more have to do deals like any other company to make sure we have a broader platform to grow on," Jorgensen said.Novo''s already dominant position in diabetes probably means there are few interesting deal opportunities in that particular area but hemophilia and other blood products is a field of interest, along with obesity.Novo already has one treatment for obesity, Saxenda, and Jorgensen sees an opportunity to broaden this with further acquisitions, bearing in mind that type 2 diabetes is closely linked to obesity.Finding such adjacent businesses that will not see Novo stray too far from its core therapy areas is an important consideration, Jorgensen said."It is not my ambition to go out and do deals where we would not be bringing significant value in terms of disease understanding, commercial infrastructure or manufacturing. The more of those boxes you can tick the better."(Editing by Greg Mahlich)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-novo-nordisk-ceo-idUSKBN16G2DH'|'2017-03-09T19:36:00.000+02:00'
'e92f4103f00107c6e4f76f6fc43667d4dfeb7644'|'Cyxtera adds protection against looming U.S. tax changes'|'By Jonathan Schwarzberg and Lynn Adler - NEW YORK NEW YORK Data center operator Cyxtera is the first leveraged loan issuer to try to protect itself from moves by the US government to cut tax deductibility on interest payments that would make buyout financing more expensive.The proposed changes will penalize heavily indebted companies, including many private equity-owned firms, which have benefitted to date from effectively being able to subsidize debt interest payments.A US$1.3bn leveraged loan that backs Cyxtera’s buyout by BC Partners, Medina Capital Advisors and Longview Asset Management is the first deal to try to limit increased costs if tax deductibility ceases. Citigroup is leading the deal.The financing, which includes an US$815m first-lien loan, a US$310m second-lien term loan and a US$150m revolving credit facility, also offers call protection, a standard feature that helps investors to keep assets by making it more expensive for companies to repay loans early.The company is asking lenders to allow it to ‘call’ or repay its more expensive second-lien loans at a lower price than it would otherwise have to pay, if the tax changes come into effect.Cyxtera, the data center business of telecommunications company CenturyLink, was bought by the private equity consortium for US$2.8bn in a deal announced last November.The company’s first-lien loan is being sold with traditional six months call protection at 101 cents on the dollar and its second-lien debt has a higher penalty of 102 for the first year and 101 for the second year.Cyxtera is, however, asking lenders for permission to buy back the second-lien loan at the lower price of 101 in the first year if the US government shuts the tax deductibility loophole for interest payments.THINKING TWICEThe prospect of higher debt interest payments is making companies and private equity firms think twice about lining up expensive loans – or come up with ways of getting out of steeper interest payments if tax deductibility disappears, particularly on large leveraged loans.“I would not be surprised to see this springing up more often, especially in the large cap deals and cov-lite deals, which tend to include more bond-like terms and provide maximum flexibility for sponsors and borrowers to pursue growth initiatives and incur additional debt,” said Samantha Koplik, partner at Dechert LLP.Covenant-lite loan issuance is expected to break a quarterly record volume this year after intense repricing and refinancing activity in the first quarter, according to Thomson Reuters LPC.The language is expected to crop up more often on second-lien loans, several lawyers said. Second-lien debt is also rising with US$4.2bn of volume so far this year, more than double last year’s first quarter total. Fourth quarter was even stronger at US$8.6bn.Higher costs could also prompt companies to use debt more carefully and focus on rapid repayment and deleveraging during the life of a term loan instead of constantly refinancing loans.“It may mark the beginning of a swing back to a model where companies are really looking to de-lever over the course of a term loan facility,” Koplik said.Cyxtera’s request to refinance its second-lien loan in the first year with a lower prepayment penalty if the tax changes are passed is anticipating a significant shift in the cost of debt that could alter the entire capital structure, Koplik said.Lenders are being asked to agree to provide this repayment flexibility at closing, which allows borrowers to avoid having to negotiate later when the outcome and impact of the tax changes are clear.INVESTORS LISTENInvestors are considering Cyxtera’s request before a commitment deadline of March 14 and are open to similar requests - as long as they are compensated.“It’s something that we would consider,” said Joe Mayo, managing director and head of investment research at asset manager Conning.Investors that bought the loan in the secondary market above the level that it could be called could be impacted. This is more of an issue for bonds than loans, which typically do not trade higher than 101.“If you’re going into it with full knowledge, and you’re buying in the new-issue market, you’re aware of that potential risk and you’re not going to be facing a significant downside if it does get called away from you,” Mayo added.Some investors and leveraged loan lawyers are wondering what other concessions private equity firms may demand if Cyxtera’s request is passed as they seek to recoup higher costs and whether they will be limited to the year of any tax change or the full maturity of the loan.“Is there going to be pressure from companies, or private equity sponsors to push the redemption price down to par?” a lawyer said.BC Partners declined to comment. Medina, Longview and Citigroup did not return request for comment.(Reporting by Jonathan Schwarzberg and Lynn Adler; Editing By Tessa Walsh)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cyxtera-protection-idINKBN16H287'|'2017-03-10T14:28:00.000+02:00'
'bee23e1c280f8f332ce1573bc969884e0da4daff'|'Walmex says Mexico approves sale of clothing chain to Liverpool'|'MEXICO CITY, March 10 Wal-Mart de Mexico, Mexico''s biggest retailer, on Friday said that the country''s antitrust regulator had approved the sale of its Suburbia chain of clothing stores to department store operator Liverpool.Walmex, as the company is known, said in a statement that the Federal Economic Competition Commission had approved the deal without and conditions and that the deal would likely be closed in the coming days.(Reporting by Michael O''Boyle; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/walmex-sale-puerto-liverpool-idINE1N1GE00B'|'2017-03-10T11:03:00.000+02:00'
'5a5fbec7ac7e6559a663b3cf10c1a98904145fe1'|'Vodafone pays the price for inertia as rivals pull ahead'|'Technology News  31pm GMT Vodafone pays the price for inertia as rivals pull ahead left right FILE PHOTO: A Vodafone logo is seen on a mobile internet dongle in this photo illustration, November 9, 2010. REUTERS/Suzanne Plunkett/Illustration/File Photo 1/2 left right FILE PHOTO: A truck carrying cars speeds past the headquarters of Vodafone in Madrid, Spain, March 17, 2014. REUTERS/Susana Vera/File Photo 2/2 By Sophie Sassard and Paul Sandle - LONDON LONDON British mobile operator Vodafone risks being left on the sidelines as rivals converge to break free from just selling ever-cheaper data bundles and become internet companies offering combined services from phones to TV to broadband. Vodafone expanded at breakneck speed through audacious takeovers and now has nearly half a billion mobile customers and operations in about 30 countries, yet investors worry it is not adapting quickly enough to the fast-changing landscape. Long-cherished for its dividend yield, Vodafone shares are trading at a discount by most measures for the first time in more than three years and worries about cashflow in a cut-throat mobile market are reviving calls for a merger to transform it into a European communications powerhouse once again. "It''s fair to say Vodafone were too slow to appreciate the direction that the market was going in terms of the need to be able to offer genuinely converged products, and to have favorable access to fixed-line networks and, ideally, to own those networks," said one of the company''s 10 biggest shareholders. "The longer they wait the more time you are losing ground to others," said the investor, who declined to be named. Vodafone''s home British market epitomizes the broader challenges the company faces. Former fixed-line phone monopoly BT and satellite TV pioneer Sky have spread their wings to offer telecoms, broadband and TV bundles. Rupert Murdoch''s Twenty-First Century Fox is also buying Sky to expand its global media empire while BT has muscled in on Sky''s turf, bidding aggressively to win the rights to broadcast top soccer matches. In an increasingly crowded marketplace, European-focused cable firm Liberty Global, which operates in Britain as Virgin Media, also offers mobile, broadband and entertainment services in one package - and uses its own fixed-line network. And while rivals keep offering more products - Sky launched mobile services in Britain at the end of last year - Vodafone put its long-awaited TV launch on hold in February to tackle increasing competition in its traditional product lines. LIBERTY DEAL For years, investors have hoped Vodafone would combine with Liberty Global, and while a joint venture between the two in the Netherlands is showing signs of success, the valuation of an overall deal has proved a stumbling block in the past. Price still appears to be an issue and Vodafone says there are no talks with Liberty at the moment. Vittorio Colao, who has been Vodafone''s chief executive since 2008, said last week at a trade fair in Barcelona that a Liberty merger remained an attractive proposition, especially if the European Union wanted to create a real pan-European player. But Liberty''s owner John Malone, would be reluctant to pay any kind of premium for Vodafone, and would instead expect the British company to make the running, a source close to the American cable tycoon said. "Malone would happily sell at a big premium but Vodafone can''t afford it," the source told Reuters. Analysts at Haitong Securities also say that when Liberty executives are asked about a possible merger with Vodafone, they talk up their own strong growth forecasts and question Vodafone''s strategy. Another shareholder in Vodafone said there would be no problem combining the British firm''s network with Liberty''s. The challenge would be in combining their balance sheets as the two companies have a very different approach to debt. Liberty has a debt-to-earnings ratio of 5.7 for the next financial year whereas Vodafone''s is 3.5 times. And while Vodafone is one of the dividend champions in the FTSE 100 index of blue-chip companies, Liberty does not pay one. The companies'' different growth rates would also make it hard to agree on a valuation for any deal, with Liberty''s revenues up 9.5 percent last year and Vodafone''s only expected to increase by about 3 percent. "Liberty is in a good place, the business is growing well", said a source close to Liberty Global. "Why would you pay a premium to acquire a low-growth business which has a lot of challenges ahead?" MARKET BY MARKET Vodafone says moving beyond mobile services and bringing telecoms and multimedia services together is at the heart of its strategy and it is adding 350,000 to 400,000 customers each quarter to make it Europe''s fastest growing broadband operator. Colao says the demand for data on its 4G mobile networks has boosted many of its European markets, though he is taking a cautious market-by-market approach to convergence. Vodafone has been building fiber networks in countries such as Spain, Portugal and Italy, places where it can team up with others such as energy firms and where it says regulators create the right conditions to make a return on investment. It has also bought cable networks in Spain and Germany but in other countries, Vodafone still has to use the fixed-line networks of former state-run telecoms firms, notably in Britain where it relies on BT. In quarterly results published in February, Vodafone nudged down its earnings forecasts for the year to March 31 because of pressures in India and Britain. Like-for-like revenue in Britain fell 3.2 percent while there are other clouds on the horizon in the shape of new competitors elsewhere. In India, Vodafone, like all the established players, is being hammered by new entrant Reliance Jio''s free offers, prompting the British firm to enter merger talks with rival Idea Cellular, a move seen by some analysts as a retreat. In Italy, entrepreneur Xavier Niel, who rocked the French market with unbeatable offers five years ago, is set to launch mobile services this year and sources say he is confident his cheap deals will appeal to economically constrained Italians. Some analysts have also questioned whether the increasingly competitive environment could put pressure on Vodafone''s dividend, which has delivered an average yield of more than 5 percent a year over the last five years. "Vodafone''s dividend yield is a key reason for investors to hold this stock, so heightened risks around Vodafone''s ability to pay and sustain its dividend are a concern to us," said brokerage Beaufort Securities, which has downgraded its recommendation on Vodafone stock to Hold. TAKEOVER CANDIDATE? Investment bank Goldman Sachs said that its meetings with investors in Vodafone suggested sentiment towards the British company was at a long-term low as shareholders worried about future cashflow. Colao said in February that Vodafone''s plans in India, which would leave it with a stake in the country''s leading mobile operator, and a drive to improve customer service in Britain should help cashflow. But some investors say the Indian move, which comes after Vodafone listed its main African operations separately, would bring its center of gravity closer to Europe, making it crucial to get convergence right, or risk becoming a target. "You are left with a European business that seems to be showing the early signs of recovery, which would make the whole company a takeover candidate," the second shareholder said. The catalyst may come from Vodafone''s arch mobile rival in Britain, O2, which is owned by Spain''s Telefonica. Liberty Global provides its Virgin mobile services in Britain by renting capacity from a rival network. But were it to show an interest in buying O2 to add a mobile network to its fixed-line grid, the cautious Colao could be forced to move. One banker who has worked with Vodafone in the past said he did expect it to merge with Liberty, eventually. But he said that if Vodafone misses out, a company that has shaped the mobile industry since its launch in 1991 to become the second biggest in the world could end up being dismantled by more fleet-footed multimedia rivals. (Editing by Kate Holton and David Clarke) Next In Technology News Hong Kong Uber drivers found guilty of illegal car hire, latest blow to firm HONG KONG A Hong Kong court on Friday found five Uber drivers guilty of illegally offering ride-hailing services, the latest clamp down against Uber Technologies Inc''s [UBER.UL] operations in Asia and a rare case where drivers have been found criminally liable.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-vodafone-strategy-analysis-idUKKBN16H1MJ'|'2017-03-10T20:27:00.000+02:00'
'eb090b763d70dce793f3094ddccd88b328d4dc2f'|'''Avatar 2'' movie "not happening" in 2018, James Cameron says'|'Company   3:19pm EST ''Avatar 2'' movie "not happening" in 2018, James Cameron says NEW YORK, March 10 The sequel to all-time box office champion "Avatar" has been delayed again and will not be arriving in movie theaters as expected in 2018, director James Cameron has said. Cameron told the Toronto Star that he was working on all four planned movie sequels simultaneously and had no firm release date for "Avatar 2." "Well 2018 is not happening. We haven’t announced a firm release date," the Oscar-winning director told the newspaper in an interview published on Thursday, when asked about progress on "Avatar 2." "What people have to understand is that this is a cadence of releases. So we’re not making ''Avatar 2.'' We’re making ''Avatar 2,'' 3, 4 and 5. It’s an epic undertaking. "It took us four-and-a-half years to make one movie and now we’re making four. We’re full tilt boogie right now," Cameron added. The 2009 release of Twentieth Century Fox movie "Avatar," a fantasy adventure set in the distant magical world of Pandora, smashed box office records, taking in an as yet unrivaled $2.8 billion worldwide. The sequel was first set for a 2014 release and has been delayed at least three times since then. Fox did not immediately respond to requests for comment on Cameron''s remarks. Meanwhile, Disney this week gave fans a first glimpse of its Pandora theme park attraction that is due to open at Walt Disney World in Orlando, Florida in May. The Pandora attraction features a Na''vi River Journey, floating mountains, luminescent plants, and an Avatar Flight of Passage ride - all inspired by the movie and its upcoming sequels, according to features on Disney-owned TV shows "Good Morning America" and "The View.". Pandora, the World of Avatar is due to open within the park''s Animal Kingdom on May 27. (Reporting by Jill Serjeant; Editing by Andrew Hay) Next In Company News EU reassured on U.S. privacy directive - source BRUSSELS, March 10 U.S. Secretary of Commerce Wilbur Ross gave no indication of any plans to change U.S. privacy protections underpinning a pact enabling billions of dollars of data flows during a meeting with the EU digital chief, a source said on Friday.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/film-avatar-idUSL2N1GN1J8'|'2017-03-11T03:19:00.000+02:00'
'd0e9080d854f38e9f5db8cd044b5eeaa621a7746'|'Canada''s Toronto-Dominion Bank defends business practices after media report'|'TORONTO, March 10 Toronto-Dominion Bank on Friday stood by its business practices after a report by CBC News suggested the bank had put staff under pressure to meet tough sales targets.TD shares ended down 5.6 percent at C$66.00 on Friday, after having fallen as low as C$65.83 earlier in the session. The benchmark Canada stock index ended flat.The CBC report suggested that TD customers were moved to higher fee accounts or their overdraft and credit card limits were increased without their knowledge to help staff meet targets.In an emailed statement to Reuters, TD said, "The environment described in the media report is very much at odds with how we run our business and we don''t recognize it from our own perspective, experience or assessments."Sales targets have become a hot button issue in North America since U.S. bank Wells Fargo reached a $185 million settlement with U.S. authorities last September over findings that its branch staff had opened up to 2 million unauthorized customer accounts amid pressure to meet internal sales goals."There is very little that TD itself can do in the near term to disprove the allegations and the full overhang is not likely to dissipate until a full investigation is concluded, which could take months," Barclays analyst John Aiken said in a research note on Friday.Traders said investors had been spooked by the CBC report because allegations of misconduct are rare against Canadian banks, which have previously avoided the types of consumer scandals that have afflicted lenders in the United States and United Kingdom.TD said in its statement that it had a culture of putting the needs of customers first and acting with integrity and that was reflected in its performance management practices."We take our commitment to ethics and integrity very seriously. Every employee in our company must abide by the Code of Conduct and Ethics which requires employees to act ethically and to not allow a focus on business results to come before our focus on our customers," it said.The Office of the Superintendent of Financial Institutions (OSFI), Canada''s banking regulator, said in an emailed response a request for comment that it was "aware of the issue" but it does not publicly discuss its supervisory work.The Financial Consumer Agency of Canada (FCAC), the country''s consumer watchdog, said in an emailed comment that it was aware of "allegations about financial institutions signing consumers up for products or services without providing all the required information, particularly about fees related to the products."Neither agency named TD in the comments. (Reporting by Matt Scuffham; Editing by Toni Reinhold)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/td-practices-idUSL2N1GN1RY'|'2017-03-11T01:15:00.000+02:00'
'd356f0c584a2acf56c5dc9ec731c759584cff1a5'|'Best Western considers M&A, partnerships to take on rivals: CEO'|'By Maria Sheahan and Victoria Bryan - BERLIN BERLIN Hotels group Best Western is considering options including mergers and acquisitions to keep pace with rival Marriott International ( MAR.O ), the world''s largest hotel chain, the group''s chief executive said on Wednesday."We are thinking about how we can dramatically increase our scale," Best Western CEO David Kong told Reuters in an interview on the sidelines of the ITB travel fair in Berlin.He said the privately owned group, which includes around 4,000 hotels, was considering mergers and acquisitions, as well as partnerships."There are ways, and some of them we are pursuing. I can’t elaborate on that any more at the moment," he said.He also wants to look at alternative lodging, such as homestays, in a nod to rising competition from online marketplace Airbnb."Airbnb has 8 to 12 percent of the demand share. They are taking away business," Kong said.Industry experts expect more consolidation in the fragmented hotel market following the Marriott deal.Marriott completed its acquisition of rival Starwood in September to create the world''s largest hotel chain with more than 6,000 properties in 122 countries.Accor ( ACCP.PA ) has also been on a buying spree, acquiring FRHI Holdings, the owner of London''s Savoy and New York''s Plaza hotels, and taking stakes in boutique brands Mamma Shelter and 25 Hours Hotels.Dirk Bakker, head of EMEA hotels at real estate company Colliers International, said he expected more consolidation.He said Steigenberger was a potential target and a tie-up between NH Notels and Carlson was possible thanks to their joint shareholder HNA. InterContinental Hotels Group ( IHG.L ) was vulnerable too.However, IHG''s CEO said he saw no need to bulk up just to keep pace with acquisitive rivals."We have the scale that we need. We don''t want to be bigger just for the sake of being bigger," Richard Solomons told Reuters on the sidelines of the IHIF hotels conference this week.Solomons said, though, that IHG was not ruling out adding more brands. "We would add brands again, but with 1,500 hotels in our pipeline we''ve got significant organic growth," he said.(Reporting by Victoria Bryan and Maria Sheahan; editing by Susan Thomas)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-europe-tourism-hotels-idINKBN16F275'|'2017-03-08T14:05:00.000+02:00'
'90cd3a9fd61768f66636ba3cde807f6d8c9d33c3'|'MOVES-Bank of America appoints new head of Mexico investment banking'|'March 10 Bank of America Corp has appointed Ricardo Fernandez Rebolledo as the head of its investment banking business in Mexico, according to an internal memo seen by Reuters on Friday.A New York-based spokesman for Bank of America confirmed the content of the memo.Fernandez joins Bank of America from Credit Suisse where he served as head of Mexico Investment Banking and Capital Markets, the memo said. (Reporting by Guillermo Para-Bernal)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/moves-bank-of-america-fernandez-idINL2N1GN23M'|'2017-03-10T20:53:00.000+02:00'
'c9a3a3ff88fbfc40fe28d83f3725fed82f35c725'|'Wanda''s $1 billion deal to buy Hollywood''s Dick Clark scrapped'|'Eldridge Industries, the U.S. owner of Dick Clark Productions Inc, said on Friday that one of its affiliates terminated an agreement to sell off the TV production company to Chinese conglomerate Dalian Wanda Group.Eldridge, which also owns magazines such as the Billboard and the Hollywood Reporter, said the affiliate terminated the agreement after Wanda failed to honour contractual obligations.In February, Reuters reported that Dalian Wanda''s proposed $1 billion purchase of Dick Clark Productions was under pressure but not yet over, amid high U.S.-China tensions and tight scrutiny by Beijing on outbound deals.Dalian Wanda, in November, had agreed to a takeover of Dick Clark Productions, the company that runs the Golden Globe awards and Miss America pageants, extending the Chinese property-to-entertainment conglomerate''s buying spree in Hollywood.Wanda, run by China''s richest man Wang Jianlin, already owns Legendary Entertainment, co-producer of films such as "Jurassic World", and U.S. cinema chain AMC Entertainment Holdings Inc ( AMC.N ).(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/dick-clark-m-a-wanda-idINKBN16I01E'|'2017-03-10T21:54:00.000+02:00'
'd73dbf963f3b708541125f5fdd7ec9287d0937b6'|'Exclusive: Johnson Controls explores sale of Scott Safety - sources'|'Johnson Controls International Plc ( JCI.N ), a manufacturer of products ranging from car batteries to heating equipment, is exploring a sale of its safety gear unit, Scott Safety, people familiar with the matter said on Friday.The sale, which sources said could fetch as much as $2 billion, would free Johnson Controls from a non-core business and allow it to strengthen its balance sheet following its $14 billion merger last year with Tyco International Plc.Johnson Controls is working with investment bank Centerview Partners Holdings LP, and is in the advanced stages of negotiations with potential acquirers, including Honeywell International Inc ( HON.N ) and 3M Co ( MMM.N ), the people said.Should the negotiations prove successful, a deal could be announced as early as this month, the people added.The sources asked not to be identified because the negotiations are confidential.Johnson Controls declined to comment, as did Honeywell. 3M and Centerview did not respond to requests for comment.Scott Safety manufactures respiratory and protective equipment and safety devices for firefighters, industrial workers, police squads and the military.Safety equipment makers are emerging as popular assets in the eyes of investors and industrial conglomerates, as a pick-up in economic activity is expected to increase spending for such gear.Shares of MSA Safety Inc ( MSA.N ), for example, a manufacturer of safety equipment such as supplied air respirators, have risen 55 percent in the last 12 months, versus a 19 percent rise in the S&P 500 Index .INX.The largest acquisition in 3M''s history was in the safety sector. 3M acquired safety equipment maker Capital Safety from private equity firm KKR & Co LP ( KKR.N ) in 2015 for about $2.5 billion.Honeywell also has a division dedicated to protection equipment.Johnson Controls said last month its latest quarterly organic sales growth fell short of its estimate, hurt by weakness in its building technologies and solutions business.Last October, Cork, Ireland-domiciled Johnson Controls completed the spin-off of its automotive seating business, now known as Adient Plc ( ADNT.N ).(Reporting by Greg Roumeliotis in New York; Editing by Leslie Adler)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-johnsoncontrols-scottsafety-idUSKBN16H2L1'|'2017-03-10T23:43:00.000+02:00'
'68a3f5d1b382e88d040efafce10dadc80ea85818'|'Lloyds, two others dismissed from yen Libor litigation in U.S.'|'Fri Mar 10, 2017 - 10:58pm GMT Lloyds, two others dismissed from yen Libor litigation in U.S. A woman uses a cash machine at a Lloyds Bank branch in central London, Britain February 25, 2016. REUTERS/Paul Hackett NEW YORK A U.S. judge on Friday dismissed Lloyds Banking Group Plc ( LLOY.L ), ICAP Europe Ltd and Tullett Prebon Plc as defendants from litigation alleging a conspiracy among many financial services companies to manipulate the yen Libor and Euroyen Tibor benchmark interest rates. U.S. District Judge George Daniels in Manhattan said he lacked personal jurisdiction over the three British companies. Daniels cited a lack of evidence from the plaintiff investors that the defendants'' alleged wrongful conduct had a substantial connection to or was "expressly aimed" at the United States. Banks use the London interbank offered rate (Libor) and Tokyo interbank offered rate (Tibor) to set costs of borrowing from each other. Libor is often used to set rates on products such as credit cards and mortgages. Investors including the California State Teachers'' Retirement System and J. Kyle Bass'' hedge fund Hayman Capital Management LP accused banks of conspiring to rig yen Libor, Euroyen Tibor and Euroyen Tibor futures contracts to benefit their own trading positions from January 2006 to June 2011. Citigroup Inc ( C.N ) and HSBC Holdings Plc ( HSBA.L ) have settled for a respective $23 million and $35 million. Several Japanese banks are among the defendants. (Reporting by Jonathan Stempel in New York; Editing by Leslie Adler) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-libor-yen-idUKKBN16H2PZ'|'2017-03-11T05:54:00.000+02:00'
'a708af4318977421ec664d9675c7de5e7404bf01'|'Domino''s Pizza Group starts year with UK like-for-like sales miss'|'Thu Mar 9, 2017 - 9:51am GMT Domino''s Pizza Group starts year with UK like-for-like sales miss The sign of a Domino''s Pizza restaurant is seen in Paris, France, October 27, 2016. REUTERS/Charles Platiau Domino''s Pizza Group PLC, Britain''s biggest pizza delivery firm, reported lower-than-expected like-for-like sales in the UK for the first nine weeks of 2017, sending its shares down more than 14 percent. Sales at its stores open for about 2 years rose 1.5 percent during the period, but were well below the 10.5 percent increase it posted in the same period a year ago. Higher competition from Pizza Hut, market softness and an unsuccessful "Winter Survival" promotion campaign hurt the like-for-like sales, analysts said. Brokerage Peel Hunt had forecast like-for-like sales to rise 3 percent, while N+1 Singer had estimated a 3.5 percent increase. However, the company said its full-year profit rose 17.1 percent, driven by a surge in online and mobile orders. Domino''s also said on Thursday that it bought Norwegian pizza chain Dolly Dimple''s from Norges Gruppen for an enterprise value of 4 million pounds ($4.9 million) through its associate Pizza Pizza Norway. Domino''s plans to integrate the Dolly Dimple''s business into their operations in Norway, which currently has 12 operating stores. The combined operation will have around 50 stores by the end of the year, Domino''s said. The company has been focusing on sales through online channels to compete better with food delivery company Just Eat, which said on Tuesday that it expected another year of material growth. The company has managed to stay ahead of competition by effectively using technologies such as digital wallets and apps for smartphones and smartwatches that help customers place and pay for orders quickly. Domino''s said U.K. online system sales accounted for 72 percent of all delivered sales, up from 67 percent in 2015. Mobile sales were 73 percent of online system sales. The company said it expected to open around 80 new stores in the UK and invest in additional supply chain centers in 2017. The group, which has most of its stores in the UK but also operates in Ireland, Switzerland and Germany, said underlying pretax profit rose to 85.7 million pounds in the 52 weeks ended Dec. 25 from 73.2 million pounds a year earlier. Sales at UK stores open for about 2 years rose 7.5 percent in the period. The company, which is a master franchisee of U.S. group Domino''s Pizza Inc, said system sales rose 14.5 percent to 1 billion pounds. Last week, Domino''s Pizza Inc, the parent group of Domino''s in the U.S., reported a better-than-expected rise in revenue for the fourth quarter. Shares in the company were down 11 percent at 349 pence at 0934 GMT, after touching a 3-1/2-month low earlier. (Reporting by Rahul B and Arathy S Nair in Bengaluru; Editing by Sunil Nair and Gopakumar Warrier) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-dominos-piza-grp-results-idUKKBN16G12K'|'2017-03-09T16:43:00.000+02:00'
'f821b5aa37d6d01dc830c5982ffae63e69a756c9'|'BRIEF-Scopia Capital Management reports 12 pct passive stake in Acorda Therapeutics'|'March 10 Scopia Capital Management LP:* Scopia Capital Management LP reports 12 percent passive stake in Acorda Therapeutics Inc as of Feb 28 - SEC filing* Scopia Capital Management LP - previously reported a 9.8 percent passive stake in Acorda Therapeutics as of Dec 31, 2016 Source text: ( bit.ly/2neuYoK )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-scopia-capital-management-reports-idINFWN1GN0SS'|'2017-03-10T18:59:00.000+02:00'
'8b8f985098396ee75c3def040979f3bb38305eb7'|'Second plane bought under sanctions deal arrives in Iran'|'Company News - Sat Mar 11, 2017 - 1:31am EST Second plane bought under sanctions deal arrives in Iran DUBAI, March 11 An Airbus A330 airliner arrived in Tehran on Saturday, the second of 200 Western-built passenger aircraft ordered by IranAir following the lifting of sanctions on Iran last year. The long-haul aircraft, carrying IranAir Chairman Farhad Parvaresh and other officials, landed at Tehran''s Mehrabad Airport, the official news agency IRNA reported. The A330 was handed over in Toulouse, France on Friday and joins a smaller A321 delivered to Iran earlier this year. Iran has ordered 100 airliners from European planemaker Airbus and 80 from Boeing and is in talks to finalise a deal to buy 20 turboprop aircraft from ATR, jointly owned by Airbus and Italy''s Leonardo Finmeccanica. The country has not directly purchased a Western-built plane in nearly 40 years, the one exception being the sale of an Airbus to replace one shot down by the U.S. Navy in 1988. The A330 is expected to be used initially on European routes and on flights to Beijing and Kuala Lumpur. Uncertainty remains over the timing of the rest of the orders as banks shy away from deals with Iran, fearing a "snapback" of international sanctions or U.S. fines if they are deemed to be breaking U.S. sanctions that remain in force. (Reporting by Dubai newsroom; Editing by Sam Holmes) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/airbus-iranair-idUSL5N1GO042'|'2017-03-11T13:31:00.000+02:00'
'3591ac05fe186b3e103e682d8cb891bec793922f'|'Volkswagen, Tata sign accord to explore cooperation: sources'|'BERLIN Volkswagen ( VOWG_p.DE ) has signed a memorandum of understanding (MoU) with Tata Motors ( TAMO.NS ) to explore cooperation in India, sources close to the matter said, as the German carmaker takes a fresh attempt at conquering low-cost markets.The MoU will enable both carmakers to deepen exchanges about technology, components and platforms and analyze the synergies that may follow a possible cooperation, one of three company sources said.VW is discussing with its brands and potential partners ways to expand the product portfolio "with tailor-made solutions" in India, a spokesman said, reciting a previous statement."We confirm that we are in talks with VW for a potential alliance but an announcement will be made at an appropriate time," a spokesman for Tata said.(Reporting by Andreas Cremer, Jan Schwartz and Aditi Sha; Editing by Arno Schuetze)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-volkswagen-tata-motors-idUSKBN16G1Y0'|'2017-03-09T17:11:00.000+02:00'
'107a4d1db1a8a3e3bbb19941aff1806202f09855'|'Televisa says Mexico telecom regulator adds new antitrust rules'|'Company News - Thu Mar 9, 2017 - 9:39am EST Televisa says Mexico telecom regulator adds new antitrust rules MEXICO CITY, March 9 Broadcaster Grupo Televisa said on Thursday that Mexico''s telecommunications watchdog had added new regulations against it in the broadcasting sector, including accounting separation of its different units. Televisa has been subject to tougher regulations since 2014 as part of a sweeping sector reform aimed at making the market more competitive. (Reporting by Christine Murray and Alexandra Alper) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/televisa-regulations-idUSE1N1GE005'|'2017-03-09T21:39:00.000+02:00'
'6d6ec4168aac28e6cd57fa3de6aa5585fd05c067'|'ECB to sit tight ahead of potential election upsets'|'Economy News - Wed Mar 8, 2017 - 11:15pm GMT ECB to sit tight ahead of potential election upsets European Central Bank (ECB) headquarters in Frankfurt, Germany, July 29, 2016. REUTERS/Ralph Orlowski By Balazs Koranyi and Francesco Canepa - FRANKFURT FRANKFURT The European Central Bank is set to keep monetary policy on hold on Thursday as it casts a cautious eye ahead to high-risk elections in the Netherlands and France during an upsurge in populist, anti-establishment sentiment. Although economic growth and inflation are both picking up, the ECB is expected to resist calls to tighten policy, pointing to political risks, weak underlying price growth and a still fragile recovery nearly a decade after the bloc''s economic woes began. For once, the outlook is improving. Economic sentiment is at a six-year high, trade is rebounding, services and manufacturing output are rising, and unemployment is at its lowest since 2009, suggesting the economy is in its best shape in all that time. Even inflation, the ECB''s key objective, has rebounded, essentially hitting the bank''s target last month. For ECB President Mario Draghi, it will be walking a tightrope. While acknowledging the positive economic developments, he is likely to keep arguing that the inflation surge is temporary, growth is fragile, and the outlook is clouded with risks. These include -- within weeks -- the Dutch and French elections and the first meeting of G20 finance leaders since U.S. President Donald Trump took office. Economists in a Reuters poll said the ECB''s next move will be either a tweak of its guidance in the second half of this year or a gradual reduction in its asset-buying next year. "An important reason for not taking any hasty action is the ECB''s own track record of jumping the gun," ING economist Carsten Brzeski said. "In 2007/8 and 2011, the ECB hiked rates, the first based on German wage increases and the second when the worst of the euro zone debt crisis seemed to be over. "Both times, the ECB was taught a lesson. It seems unlikely that the ECB would want to jump the gun for a third time, particularly not on the eve of two important elections in the euro zone." The central bank will announce its policy decisions at 7.45 a.m. ET, and Draghi holds a news conference at 8.30 a.m. ET. The bank''s deliberations may be heated. The rebound in inflation particularly has fueled calls in Germany, the 19-member currency bloc''s biggest economy, to scale back its 2.3 trillion euro bond-buying program or at least start drawing up plans to wind it down. But at best the central bank may bump up some economic forecasts, particularly for inflation. It may also drop its reference to downside economic risks and let an ultra-cheap borrowing facility for banks expire as scheduled. It may also debate but likely reject calls to give up a reference to lower rates or higher bond buying if necessary. FRANCE The French election is likely to be particularly concerning, even if Draghi may be reluctant to admit it. With far-right candidate Marine Le Pen wanting to take France out of the euro zone, markets are already bracing for a shock. Indeed, the cost of insuring French government debt against default is up sharply, with five-year credit default swaps FRGV5YUSAC=MG on French debt doubling since the start of the year. And the spread between five-year French and Germany bonds rose to its highest since 2013 last month. Any turmoil would likely hit the periphery just as hard, and spreads in places like Italy and Portugal are also on the rise, even as the ECB''s main indicator of stress in the financial system is trending downwards. Next weekend''s G20 meeting in the German town of Baden-Baden may complicate policy further. The world''s top finance ministers and central bankers may no longer explicitly reject protectionism or competitive currency devaluations, according to an early draft of the communique, after the U.S. has accused some trade partners, particularly Germany, of exploiting a weak currency. Nevertheless, policymakers have so far suggested that the ECB is only likely to begin discussing its next policy move in June, with the first actual move perhaps not coming until after German elections in September. "From the current levels, financial markets are more vulnerable to a hawkish than a dovish tilt," Tuuli Koivu at Nordea said. "However, the recently seen favorable economic development probably starts shifting the discussion towards slightly more hawkish comments in the coming meetings." (Editing by Hugh Lawson) Oil plunges after record stockpile data, dollar gains NEW YORK Crude prices plunged more than 5 percent on Wednesday on a spike in U.S. oil stockpiles, while the dollar gained on increased expectations the Federal Reserve will raise U.S. interest rates next week after a robust report on private sector jobs. UK faces tougher Brexit challenge after better 2017 LONDON Britain''s economy is likely to feel the pain of Brexit more sharply in the coming years despite holding up well so far, according to finance minister Philip Hammond''s latest plan to steer the economy through its split from the European Union. Oil prices dive 5 percent as U.S. crude inventories balloon NEW YORK Oil prices plunged 5 percent to their lowest levels this year on Wednesday as U.S. crude inventories surged much more than expected to a record high, stoking concerns a global glut could persist even as OPEC tries to prop up prices with output curbs. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-ecb-policy-idUKKBN16F2TP'|'2017-03-09T06:09:00.000+02:00'
'6b6bf8ec4276fd7d2a30e51fe55afdd3688e5a4e'|'Tabcorp to sell state gaming machine unit to ease concerns over Tatts deal'|'SYDNEY Tabcorp Holdings ( TAH.AX ) plans to sell its Queensland electronic gaming machine monitoring business to address competition concerns over its proposed A$6.4 billion ($4.9 billion) takeover of rival Tatts Group ( TTS.AX ), Australia''s competition regulator said on Thursday.The Australian Competition and Consumer Commission (ACCC) said its preliminary view on the deal between two of the country''s biggest gambling companies was that it was "likely to substantially lessen competition" in Queensland, Australia''s third most populous state.Tabcorp in October agreed to buy rival Tatts Group to form a gambling powerhouse to fend off overseas online rivals. It was the third time Melbourne-based Tabcorp and Brisbane-based Tatts have tried to join since 2006. Anti-trust regulators blocked the deal 11 years ago, and the two firms failed to agree on another proposed deal in 2015.A spokesman for Tabcorp and a spokesman for Tatts were not immediately available for comment on Thursday.The ACCC did not specify in its statement whether it would accept Tabcorp''s offer to sell its Queensland electronic gambling unit, saying only that the regulator would seek industry comment.The regulator added that the deal would involve the companies joining their racing broadcast licensing businesses in four states, and that it may "materially increase the market power currently held by Tabcorp in its dealings with licensed venues and racing media rights holders".The ACCC is also still investigating whether the combination of both companies'' racing media licensing units will affect the ability of rival betting companies to buy licenses for the footage.The ACCC said it will invite further submissions on the proposed buyout by March 24, before it makes a final decision on May 4.The regulator published its statement of issues before the start of share trading on Thursday.(Reporting by Byron Kaye, Jane Wardell and Jamie Freed; Editing by Jonathan Oatis; Editing by Leslie Adler)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-tatts-group-m-a-tabcorp-idUSKBN16F2S5'|'2017-03-09T02:18:00.000+02:00'
'1b852b930defa7487aafe681171b46b7ffda827e'|'China''s HNA Group looks to hike Deutsche Bank stake - sources'|'Business News   10:21am GMT China''s HNA Group looks to hike Deutsche Bank stake - sources The head quarters of Germany''s Deutsche Bank are photographed early evening in Frankfurt, Germany, January 31, 2017. REUTERS/Kai Pfaffenbach HONG KONG Chinese conglomerate HNA Group ( 0521.HK ) would like to increase its stake of 3 percent in Germany''s Deutsche Bank ( DBKGn.DE ), two sources with knowledge of the matter told Reuters. However, the Chinese company would have to resolve some issues before it could complete any deal, said one of the sources, who has direct knowledge of the matter, without elaborating. Representatives of HNA and Deutsche Bank declined to comment. (Reporting by Julie Zhu; Writing by Michelle Price; Editing by Clarence Fernandez) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-deutsche-hna-idUKKBN16H16F'|'2017-03-10T17:21:00.000+02:00'
'b14eaf4b7d3d6bc5dfbaec375e908e35365da595'|'Fly like a spy: Leaked travel advice for spooks from the CIA'|'AMONG the trove of American intelligence agency documents released by Wikileaks this week is one that instructs the country’s spies on protocols to follow while travelling abroad. Some of these are quite specific to the CIA’s needs. (“Talk to CCIE/Engineering about your planned TDY timeline,” the document begins, adding such tidbits as “Breeze through German Customs because you have your cover-for-action story down pat.”) But others are just good common-sense business travel tips—for spies and corporate sales managers alike.The first universal advice in the document, which appears to be designed for spooks visiting an operations base in Frankfurt, is this: “If you are using a personal credit card, be sure to call your credit card company and notify them of your travel to Germany.” That seems like sound guidance. Even better is the pithy advice on which airline to fly with:Flying Lufthansa: Booze is free so enjoy (within reason)!Flying United: My condolences, but at least you are earning a United leg towards a status increase. 8 38 Hardly patriotic. One also has to wonder at the depth of the spooks’ training, when the guide has to remind them: “Do not leave anything electronic or sensitive unattended in your hotel room. (Paranoid, yes, but better safe then [sic] sorry.)”Then there is this helpful tip for Americans unfamiliar with Germany and other parts of Europe: “If you arrive on a Sunday morning... expect to find most businesses (grocery stores especially) are closed. Some restaurants may be open. Gas stations are not recommended for fine dining.”Finally, there’s a closing suggestion that you reward yourself for a successful trip. “Buy something in Duty Free, because you''re awesome and you deserve it! (Might I recommend a travellers'' edition single malt whisky?)” That advice certainly holds true whether your business is arranging a merger or subverting foreign clandestine actions.The memo follows one released by Wikileaks in December 2014 entitled “CIA Assessment on Surviving Secondary Screening at Airports While Maintaining Cover”, which also had plenty of useful advice for travellers hoping to avoid the hassle of being pulled out of line for additional security screening (see Gulliver from 2014). Security officials, it noted, are more likely to single out travellers who exhibit “shaking or trembling hands, rapid breathing for no apparent reason, cold sweats, pulsating carotid arteries, a flushed face, and avoidance of eye contact.” But procedures vary by airport. Officers in Budapest use closed-circuit television cameras and one-way mirrors to watch passengers for signs of nervousness. When passengers collect their baggage in Mauritius, they are monitored by zoomed-in cameras so officers can study their facial expressions. Secondary screening can be triggered by switching lines in Cote d’Ivoire, appearing to study the customs process in Tokyo, and travelling alone with a backpack in Tel Aviv.And if you do get picked out for attention, the CIA advised, try to avoid saying “ah” or “um”, biting your lips, adjusting your clothes, using expressions like “to be honest” and “swear to God”, and providing overly specific responses. Regular business travellers who do these things won’t be brought up on charges, but they might be more likely to miss their flight.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/blogs/gulliver/2017/03/fly-spy?fsrc=rss'|'2017-03-10T21:43:00.000+02:00'
'751ec44f7b8e62fc6e095abab3ef5d3717cc32a1'|'Tourists head back to Europe, and investors follow'|'  5:57pm GMT Tourists head back to Europe, and investors follow Tourists visit the traditional Christkindelsmaerik (Christ Child market) near Strasbourg''s Cathedral in Strasbourg, France, November 26, 2016. REUTERS/Vincent Kessler By Helen Reid - LONDON LONDON Tourists are heading back to Europe, and the recovery is showing up in everything from rising hotel bookings to tax-free shopping and air traffic, leading to a brighter earnings outlook for travel and leisure companies. A rebound in emerging markets is bringing visitors from countries like China, Brazil and Russia to continental Europe, while a weaker pound since Britain voted to leave the European Union has boosted UK tourism. And despite the sagging pound, travel from the UK also remains healthy, an HSBC survey showed. "International travel both to and from emerging markets has been growing, while average spend per trip has also been increasing. For hotels, the revenue per available room has improved in Europe and the UK," said Jeff Meys, head of optimised portfolio strategies at NN Investment Partners. The pan-European STOXX 600 travel and leisure sub-index .SXTP, which includes hoteliers, airlines, brewers and bookmakers, is up 2 percent so far this year, after dropping 11 percent in 2016. Travel stocks have outperformed the pan-European STOXX index over the past three months. Security fears after attacks on Paris in January and November 2015 and in Nice the following July dampened tourists'' appetite for France. That cost French hotels an estimated $675 million in lost revenue over 2016, the research firm MKG said in January. But France saw tourist numbers grow in the fourth quarter, figures from the national statistics agency showed, indicating a return to health. The improvement in travel was apparent in the latest earnings at companies such as Spain''s Amadeus ( AMA.MC ), which provides booking systems for airlines, and Eurostar operator Groupe Eurotunnel ( GETP.PA ). Merlin Entertainments ( MERL.L ), which runs London''s Madame Tussauds waxworks and more than 100 other attractions, said earlier this month a weak pound was drawing tourists back to London, reporting a jump in visitors from the EU in November and December. The pound has fallen 11 percent against the euro and 17 percent against the U.S. dollar since Britain voted to leave the European Union in June. Luxury goods makers Prada, LVMH and Hugo Boss all cited higher tourist spending and increased inflows from Asia in their results. Analyst sentiment on earnings in the sector has improved significantly from last year, Thomson Reuters data shows: reut.rs/2nd49S3 SPENDING UP Tax-deductible shopping in Europe, a measure of tourist spending, grew 21 percent in January, the second straight month of growth after a year of decline, figures from Global Blue, a tourism tax refund company, showed. An earlier-than-usual Chinese New Year delivered a surge of Chinese visitors in late January, Global Blue said. Tax-free shopping in France grew 20 percent, while sales in Italy and Germany rose for the first time in a year. Sales in Britain grew 45 percent in January, with average spending also increasing as tourists took advantage of the cheaper pound. Europe''s capitals vie for high-spending tourists. Spain''s capital Madrid is banking on developing its luxury shopping and culture credentials to attract more high-spending Chinese tourists. "It''s been very much a tale of Spain and the periphery, which are usually weak, but they have swung back very hard," said Jonathan Frearon, European equities manager at Standard Life Investments. Increased air travel into and within Europe has also underpinned investor enthusiasm for shares of companies that operate airlines and airports in the region. British Airways owner IAG ( ICAG.L ) reported increased traffic for February, and budget airlines Easyjet ( EZJ.L ) and Ryanair ( RYA.I ) saw an increase in passengers of 8 to 10 percent for the month compared to last year. UBS analysts said it expected strong growth in the first half of 2017 for the Spanish airport network of Aena ( AENA.MC ), the bank''s preferred company in the airports sector. Shares of Fraport ( FRAG.DE ), the operator of Frankfurt''s airport, are back to late 2015 highs. Along with prospects of growth, the shares also offer a stable dividend, adding to their attraction for investors looking to capture the revival in European tourism and business travel. (Reporting by Helen Reid, editing by Larry King)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-stocks-tourism-idUKKBN16H2BD'|'2017-03-11T00:57:00.000+02:00'
'd7d95694b89c2ec687ffa17e11e105ee4cc8deba'|'UPDATE 1-Canada''s environment minister says ''No. 1 focus'' is U.S. trade'|'Business   6:11pm EST Canada''s environment minister says ''No. 1 focus'' is U.S. trade Canada''s Environment Minister Catherine McKenna takes part in a news conference during the First Ministers’ meeting in Ottawa, Ontario, Canada, December 9, 2016. REUTERS/Chris Wattie CALGARY, Alberta Canadian Environment Minister Catherine McKenna said on Thursday the "No. 1 focus" of her government, including her department, is trade relations with the United States, as Canada steels itself for possible NAFTA renegotiation with its southern neighbor. McKenna was speaking on the day Royal Dutch Shell ( RDSa.L ) announced it would sell most of its Canadian oil sand assets, the latest oil major to exit the region. Opposition critics and some in the oil sands sector say tougher environmental restrictions in Canada versus the United States will make Canada less competitive. "Canadians expect us to take climate action, but it''s also a real opportunity for us to find the solutions that are going to create jobs and grow our economy," McKenna said at a business event in Calgary, where many Canadian oil and gas companies are headquartered. Canada sends 75 percent of exports, including almost all of its crude, to the United States, and U.S. President Donald Trump''s vow to renegotiate the North American Free Trade Agreement (NAFTA) could negatively affect the country. "Our No. 1 focus right now - and that includes me as environment minister - is on our trading relationship with the United States," McKenna said. "I''ve had calls with my American counterparts .. and the first issue I raised was trade." While trade and the economy do not come under McKenna''s portfolio, her work in implementing her Liberal government''s national carbon tax could have consequences for Canada''s emissions-heavy energy sector, especially as it contrasts with the Trump administration''s looser approach on the issue. The Canadian government has repeatedly made an economic argument for stronger environment regulations, saying it will create growth in the clean-tech industry. (Reporting by Ethan Lou in Calgary, Alberta; Editing by Leslie Adler and Dan Grebler) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-canada-usa-trade-idUSKBN16G30B'|'2017-03-10T06:09:00.000+02:00'
'06bad53751e7975a538ad5f074cd1c948ada0c57'|'BRIEF-U.S. Geothermal reports Q4 adj EPS $0.10'|' 32pm EST BRIEF-U.S. Geothermal reports Q4 adj EPS $0.10 March 9 Us Geothermal Inc * U.S. Geothermal reports fourth quarter and year-end 2016 results and reaffirms 2017 guidance * Q4 revenue $10.58 million versus I/B/E/S view $10.5 million * Qtrly adjusted earnings per share $0.10 * Net income attributable to U.S. Geothermal for Q4 was $0.95 million, or $0.05 per share  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-us-geothermal-reports-q4-adj-eps-idUSASB0B4V0'|'2017-03-10T06:32:00.000+02:00'
'1a38c26fd67ed4933a6a73f3548f8fe6b637383c'|'UPDATE 1-Ethanol train derails, bursts into flames in Iowa'|'Company  11pm EST UPDATE 1-Ethanol train derails, bursts into flames in Iowa (Adds NTSB details) By Jarrett Renshaw NEW YORK, March 10 More than two dozen tank cars hauling ethanol derailed Friday morning in northwestern Iowa, causing some to catch fire and sending an unknown volume of the biofuel into a nearby creek, according to the U.S. National Transportation Safety Board. There were no reported injuries, according to the NTSB, which is sending a 15-member team to Iowa to investigate the incident. The derailment occurred around 1 a.m. (0700 GMT), on a Union Pacific Corp rail line near Graettinger and along Jake Creek, about 160 miles northwest of Des Moines, the NTSB said in a press release. The train included three locomotives and 101 cars, 100 of which were ethanol, the NTSB said, an ingredient in U.S. gasoline. The tank cars were DOT 111 models, which the NTSB has long criticized as puncture-prone and unfit for U.S. rails. U.S. regulators have given ethanol shippers until 2023 to remove DOT 111s from the rails. Crude oil shippers were given a much shorter timeline. The train left Green Plains Inc''s Superior, Iowa, facility, a company spokesperson said. (Reporting by Jarrett Renshaw; Editing by Bernadette Baum and Andrew Hay) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ethanol-rail-idUSL2N1GN1CM'|'2017-03-11T02:11:00.000+02:00'
'8128412fdd63a5c812979b0d6705fe75947453fa'|'U.S. battery maker Aquion Energy files for bankruptcy'|'U.S. battery maker Aquion Energy Inc filed for Chapter 11 bankruptcy protection on Wednesday and said it was in talks to sell substantially all of its operating assets.Aquion, which makes saltwater batteries for use in electricity grids under the Aqueous Hybrid Ion brand, also said it laid off 80 percent of its workforce and paused all factory operations."Despite our best efforts to fund the company and continue to fuel our growth, the company has been unable to raise the growth capital needed to continue operating as a going concern," outgoing Chief Executive Scott Pearson said.Several potential buyers have shown interest in the company and are conducting due diligence under non-disclosure agreements, Aquion said.Pittsburgh-based Aquion listed assets and liabilities of between $10 million and $50 million in a filing with the U.S. bankruptcy court in Delaware.(Reporting by Ahmed Farhatha in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-aquion-energy-bankruptcy-idUSKBN16F2BW'|'2017-03-08T21:01:00.000+02:00'
'4e5317f27e5c0ab462e21610cefd95595e9523af'|'Dollar firm in Asia, bonds and oil nurse losses'|' 44am GMT Dollar firm in Asia, bonds and oil nurse losses A man stands in front of electronic boards showing stock prices and exchange rate between Japanese Yen and U.S dollar outside a brokerage in Tokyo, Japan, January 20, 2017. REUTERS/Kim Kyung-Hoon By Wayne Cole - SYDNEY SYDNEY The dollar stood firm in Asia on Thursday and bond yields spiked after super-strong U.S. jobs data made a rate hike a near certainty, while oil nursed bruising losses as U.S. stockpiles swelled past all expectations. With energy stocks on the run, MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS slipped 0.25 percent. Australia''s main index eased 0.1 percent, while its resources sector fell almost 2 percent. Japan''s export-heavy Nikkei .N225 took heart from a softer yen and added 0.3 percent. Oil plunged 5 percent on Wednesday to the lowest this year as   record, offsetting OPEC''s attempts to limit its output. [O/R] There was a risk the retreat could squeeze speculators out of long positions, which are near a record, and lead to a downward spiral in prices. If sustained, that could put downward pressure on inflation globally and endanger the entire "reflation" trade. In early trading, U.S. crude CLc1 edged up 11 cents to $50.39, having shed $2.86 overnight. Brent crude LCOc1 was yet to trade after losing $2.81 to $53.11 a barrel. Wall Street was sideswiped by the rout in oil, with energy stocks .SPNY losing 2.5 percent in their worst performance since mid-September. The Dow .DJI fell 0.33 percent, while the S&P 500 .SPX lost 0.23 percent and the Nasdaq .IXIC added 0.06 percent. Interest rate-sensitive real estate stocks .SPLRCR also took a hit after the ADP employment report showed private payrolls surged by 298,000 last month, far above expectations. Tom Porcelli, chief U.S. economist at RBC Capital Markets, said the report was so strong it meant the payrolls report on Friday would have to be unbelievably dire to deter the Fed from hiking next week. "There is almost no number that would stop them," said Porcelli. "It would take an extreme event for the Fed to take a pass at this point." Indeed, he noted the ADP surprise meant there was a real chance payrolls could beat expectations, perhaps by a lot. "On the face of it, ADP is consistent with private payrolls of about 340,000," he said. The current median forecast is for a rise of 190,000. With a hike seemingly certain, and more likely over the year, yields on two-year Treasury notes US2YT=RR climbed to 1.378 percent, the highest since August 2009. That widened its premium over German debt to a meaty 220 basis points, the largest gap since early 2000. That is a burden for the euro that is likely to only get heavier as the European Central Bank seems wedded to its super-easy policy. The central bank meets later Thursday and is considered unlikely to tighten until the latter part of this year or early 2018, a Reuters poll found last week. The single currency was stuck at $1.0538 EUR= in Asia on Thursday, well off a $1.0640 top hit early in the week. The dollar index .DXY was last up 0.1 percent at 102.150, close to a March 2 peak of 102.26. The dollar edged up to 114.52 yen JPY= , having been as high as 114.75. The firmer dollar pressured a host of commodities from copper to iron ore. Spot gold XAU= was nursing a grudge at $1,207.71 having struck a five-week low as higher interest rates raised the opportunity cost of holding the non-yielding metal. (Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-markets-idUKKBN16G02F'|'2017-03-09T07:39:00.000+02:00'
'348fc78daf48ab7541d679af4df247f90b56a646'|'RPT-CERAWEEK-Oil industry revives quest for deepwater reserves'|'Company   7:00am EST RPT-CERAWEEK-Oil industry revives quest for deepwater reserves (Repeats for additional clients with no changes to text) * Oil price recovery, low service cost boost offshore exploration * Firms slash costs of deepwater projects by 50 pct * Exploration spending halved since 2014 By Ron Bousso HOUSTON, March 10 Deepwater oil drilling can be expensive, time-consuming and a hard sell to investors. But the world''s top energy firms are restarting their search for giant oilfields under the ocean after a two-year lull. A recovery in oil prices to about $50 a barrel from a 12-year low in 2016 is reviving oil majors'' appetite for risk. Reductions in offshore production costs mean that some projects may be able to compete with North American shale fields, executives said at an energy conference in Houston this week. The recovery in the industry has so far been focused on onshore shale output from the largest U.S. oilfield, the Permian Basin. "Our competition over the past years has evolved from ''we want to be the best in deepwater'' to ''we want to compete with shale'' to ''we want to beat the Permian''," Wael Sawan, Royal Dutch Shell''s executive vice president for deepwater, said in an interview. Shell is the largest deepwater producer among the world''s top publicly traded oil companies and is set to pump 900,000 barrels per day (bpd) from such projects by the end of the decade. Firms such as Shell and Exxon Mobil, who specialize in complex offshore exploration, slashed budgets after oil prices collapsed in 2014. Spending cuts were so drastic that the Paris-based International Energy Agency warned this week of a looming supply crunch beyond 2020. Shell has cut well costs by at least 50 percent, reduced logistics cost by three quarters and cut staff by nearly a third to make developments in areas such as the Gulf of Mexico and Nigeria profitable at oil prices below $40 a barrel, on par with the most profitable shale wells, Sawan said. Other companies such as France''s Total have seen similar cost cuts. SNIPER FOCUS After cutting the cost of deepwater development, companies are also reviving the search for new resources. They are focusing exploration efforts on areas close to existing fields to maximize the chances of discovery and minimize costs. Many such areas are in Brazil, the Gulf of Mexico and Southeast Asia. "It is a very selective, sniper focus," Sawan said. Some firms are poised to benefit from decreased competition, lower costs of marine seismic studies and drilling rigs, and cheaper opportunities to acquire exploration licences from governments eager to attract investment. "Right now, we''ve entered the best time in the last decade to be in the exploration business," Gregory Hebertson, who heads Murphy''s western hemisphere exploration, said at the CERAWeek conference in Houston. "There is probably a two- or three-year window that we can capture the cost efficiency in the market." Discovering new resources is essential for oil firms to grow and to offset natural decline of fields. But deepwater exploration requires money, time, expertise - and luck. Some shareholders would prefer that oil firms stick to other, less risky growth options, said Federico Arisi Rota, executive vice president Americas for Italy''s Eni, which operates major offshore drilling projects. "We must compete with alternative growth options that might be considered more attractive," such as growth through mergers and acquisitions or investing in shale oil production, Rota said. Pressure to limit company spending amid a slow recovery in oil prices is also putting a break on big exploration campaigns. "We know exploration spending is not always appreciated by investors," Kevin McLachlan, head of exploration for Total said. RISKIER PLANS AHEAD Eni is considered one of the most successful explorers after the discovery of giant gas fields in Egypt in recent years. It aims at discovering 2 to 3 billion barrels of oil and gas this year through drilling 115 offshore wells near Africa, Mexico, Norway and Asia, Rota said. A "more aggressive" exploration program is planned to start in 2018 in riskier and more expensive regions such as the Arctic, which offer the potential big discoveries, he said. Deepwater resources will be required to keep up with the growing demand, regardless of output growth in shale oil fields, Total''s McLachlan said. Such projects are "key to our long-term plan, and we believe it is the same for the industry no matter the near-term focus on the Permian," McLachlan said, referring to the largest U.S. oilfield in west Texas. Hess Corp Chief Executive John Hess said the company''s Liza development, off the coast of Guyana, was crucial to his company''s growth potential and estimated to have as much as 2 billion barrels of oil. "This is one of the largest oil discoveries in the last 10 years," Hess said in an interview. (Additional reporting by Ernest Scheyder; Editing by Simon Webb and Brian Thevenot) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ceraweek-exploration-idUSL2N1GN03C'|'2017-03-10T19:00:00.000+02:00'
'f383439ec7a984bd1ec8000aa929cbe949e5dec9'|'EU plans measures to block foreign takeovers of strategic firms'|'  11:57am GMT EU plans measures to block foreign takeovers of strategic firms left right FILE PHOTO: European Commission President Jean-Claude Juncker, left and Chinese President Xi Jinping shake hands before a meeting held at the Diaoyutai State Guesthouse in Beijing, China, Tuesday, July 12, 2016. REUTERS/Ng Han Guan/File Photo 1/2 left right FILE PHOTO: A Chinese guard stands in front of the European flag as he keeps watch at the Delegation of the European Union to China in Beijing, July 13, 2016. REUTERS/Thomas Peter/File Photo 2/2 By Francesco Guarascio - BRUSSELS BRUSSELS The European Union plans measures to block "politically-motivated" foreign investment, after Germany, France and Italy asked it to act against takeovers in sectors that could harm Europe''s strategic interests. The proposal could give the EU - which can already block takeovers on antitrust grounds - power to scrutinise "investments in the EU of strategic importance both from an economic and security perspective". That would include defence, transport infrastructure and critical and cutting-edge technologies and could be extended to deals that put at risk a vaguely defined "economic prosperity", according to the proposal from the European Commission''s industry department seen by Reuters. The paper makes several references to China, citing, as one hypothetical example of an undesirable deal, a company receiving funds from the Chinese government to enable it to buy a European company to make a "strategic penetration of the EU market". Germany has been making protectionist noises after a spate of Chinese takeovers of its technology companies. Home appliance maker Midea''s ( 000333.SZ ) acquisition of robot-maker Kuka ( KU2G.DE ) was just one of the Chinese deals last year with a total worth of more than $10 billion, about 40 times as much as in 2015, according to Thomson Reuters data. Some EU countries have their own rules to protect strategic firms, but this would be the first at the EU level and would go beyond the usual scope of such measures which are usually related to national security. Under the proposal, the EU could block takeovers by a company whose motivation is "just for the purpose of disposing its overcapacity" - which could include sectors such as steel where Europe accuses China of dumping under-priced goods. The blocking mechanism could also apply to takeovers of EU companies by an EU-based subsidiary of a foreign firm, or even in cases of "infiltration of the management with individuals from non-EU countries" who could access data and technology, the paper said. The plan would need the approval of all Commission departments, including trade officials, who are usually less favourable to protectionist measures. EU states and the European Parliament would then have to adopt the proposals. To avoid an excessive concentration of power in Brussels at a time of rising euroscepticism, the proposal suggests EU states would maintain the right to allow or deny a takeover even after EU vetting. Under a bolder option of the plan, a new EU agency would be set up to examine foreign investments, although this could attract EU bashing if an investment is rejected to the detriment of EU companies'' growth prospects, the paper said. (Editing by Robin Pomeroy)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-trade-idUKKBN16H1EJ'|'2017-03-10T18:57:00.000+02:00'
'1cd9f05aec8099b8cf0de8d405012749c3a3241d'|'Volkswagen plans to scrap bonuses for supervisory board members'|' 43pm GMT Volkswagen plans to scrap bonuses for supervisory board members A Volkswagen logo is pictured at Volkswagen''s headquarters in Wolfsburg, Germany, April 22, 2016. REUTERS/Hannibal Hanschke/File Photo BERLIN Volkswagen ( VOWG_p.DE ) plans to scrap bonus payments for members of its supervisory board, it said on Thursday, the latest sign of belt-tightening as the German carmaker grapples with the cost of its emissions scandal. Supervisory board members have agreed to accept only fixed salaries in future and scrap bonuses, a spokesman said, citing a proposal by the 20-strong board that has yet to be approved by the annual shareholders'' meeting on May 10. Under the proposal, the chairman will be paid a fixed salary of 300,000 euros (260,843.87 pounds), with his deputy getting 200,000 euros and members 100,000 euros, the spokesman said, confirming a report earlier on Thursday by Germany''s Bild newspaper. Volkswagen (VW) became the target of fierce criticism from the German public and some shareholders last year after its managers only reluctantly accepted a cut to bonus payments of about 30 percent. Bonuses were based partly on VW''s performance over the previous two years. Last month, the board announced steps to cap total compensation for top management. Bonuses for VW''s top executives will stay, though eligibility to variable compensation will be tightened under the new rules. (Reporting by Andreas Cremer;  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-volkswagen-bonuses-idUKKBN16G2P4'|'2017-03-10T01:43:00.000+02:00'
'e79d3c2fea976c425d204b7e4a4de71caafdfc79'|'WRAPUP 1-U.S. job growth seen strong in February; wages to rebound'|'Business  16am EST U.S. job growth seen strong in February; wages to rebound People wait in line to enter the Nassau County Mega Job Fair at Nassau Veterans Memorial Coliseum in Uniondale, New York, U.S. October 7, 2014. REUTERS/Shannon Stapleton/File Photo By Lucia Mutikani - WASHINGTON WASHINGTON U.S. employers likely maintained a brisk pace of hiring in February and boosted wages for workers, which is expected to give the Federal Reserve the green light to raise interest rates next week despite slowing economic growth. Nonfarm payrolls probably increased by 190,000 jobs last month, according to a Reuters survey of economists, in part as unseasonably mild weather buoyed employment in the construction sector. The economy created 227,000 jobs in January. The Labor Department will publish its closely watched employment report on Friday at 08:30 a.m. (1330 GMT). Fed Chair Janet Yellen signaled last week that the U.S. central bank would likely hike interest rates at its March 14-15 policy meeting. The economy needs to create roughly 100,000 jobs per month to keep up with growth in the working-age population. "February employment appears to be the final hurdle for the Fed to raise interest rates in March, and it''s likely to be easily jumped," said Ryan Sweet, senior economist at Moody’s Analytics in Westchester, Pennsylvania. Payrolls could, however, surprise on the upside after the ADP National Employment Report showed on Wednesday that private sector employers hired 298,000 workers in February, the largest amount in a year. Last month''s brisk clip of hiring is expected to have been accompanied by an acceleration in wage growth, with average hourly earnings seen rising 0.3 percent in February after January''s paltry 0.1 percent gain. That would lift the year-on-year increase in wages to 2.8 percent from 2.5 percent in January. The unemployment rate is seen declining 1/10th of a percentage point to 4.7 percent in February, even as more people likely entered the labor market, encouraged by the hiring spree. With the labor market near full employment, wage growth could speed up as companies are forced to raise compensation to retain employees and attract skilled workers. According to economists, a growth rate of between 3 and 3.5 percent in wages is needed to lift inflation to the Fed''s 2 percent target. But inflation is already firming, in part as commodity prices rise. BEHIND THE CURVE Rising inflation, together with a tighter labor, stock market boom and strengthening global economy, has left some economists expecting that the Fed could increase interest rates much faster than is currently anticipated by financial markets. "The Fed might find itself behind the curve and having to catch up," said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania. The U.S. central bank lifted its benchmark overnight rate in December and has forecast three rate increases for 2017. Job growth has averaged 186,000 per month since January 2010, a recovery that predates Donald Trump''s presidency. While Trump''s election victory last November sparked a stock market rally and jumps in consumer and business confidence, there has been no surge in both business and consumer spending. Data ranging from trade to consumer and business spending suggest the economy slowed further early in the first quarter after growing at a 1.9 percent annualized rate in the final three months of 2016. The Atlanta Fed is forecasting gross domestic product growing at a 1.2 percent rate this quarter. "It''s really surprising that the U.S. is still producing this many jobs because we are quite close to full employment," said Thomas Costerg, a senior U.S. economist at Standard Chartered Bank in New York. "It''s way too early to see the impact of the new administration''s policies." All sectors of the economy, with the exception of government, are expected to have expanded payrolls in February. Manufacturing jobs are forecast to have increased for a third straight month as rising oil prices fan demand for machinery. Warm weather last month likely kept crews at construction sites, boosting payrolls in the sector. Retail sector employment probably cooled after surprisingly adding 45,900 jobs in January. Retailers, including J.C. Penney Co Inc and Macy''s Inc have announced thousands of layoffs as they shift toward online sales and scale back on brick-and-mortar operations. Government employment could fall for a fifth straight month amid a freeze on the hiring of civilian federal government workers, which came into effect in January. "We think that overall government payrolls will decline 10,000," said Daniel Silver, an economist at JPMorgan in New York. (Reporting by Lucia Mutikani; Editing by Leslie Adler) Next In Business News After Snap IPO, U.S. regulator questions unequal voting rights WASHINGTON/BOSTON One of two current members of the U.S. Securities and Exchange Commission raised questions on Thursday for companies like Snap Inc that offer shareholders unequal voting rights, saying the agency should "focus on how some innovations may prove detrimental to investors."'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-economy-idUSKBN16H0KA'|'2017-03-10T13:00:00.000+02:00'
'aa51ee2c5d4844241c846ce48678bc542fe11619'|'Banks reporting platform sees continuity on regulations post-Brexit'|'  8:03am GMT Banks reporting platform sees continuity on regulations post-Brexit Canary Wharf and the city are seen at sunset in London, December 14, 2016. REUTERS/Eddie Keogh LONDON Electronic trading heavyweight NEX Group launched a new regulatory reporting platform for banks on Thursday that assumes Britain will stick to European regulations on reporting financial market transactions long after leaving the EU in 2019. The platform, run by fintech startup Abide Financial in which NEX has invested, streamlines the processing of millions of transactions daily for major banks and will take another step up next year under Europe''s new MiFID II regulations. Abide is already a reporting partner to over 120 banks, asset managers, hedge funds, and other trading firms and eventually expects to be one of only a handful of providers with around 40 percent of daily transactions. Chief Executive Collin Coleman said the system assumed Britain would stick closely to the MiFID rules after it leaves the EU. "We believe that there will be something that looks a lot like MiFID in place after Brexit. Our customers need certainty so we are making a decision to move on with that assumption," he said. "(British regulator) the FCA has been so heavily involved in the drafting of all of these regulations and MiFID II fundamentally supports so much of its mandate. The bar for retracting financial regulatory law when we leave the EU should be pretty high." (Reporting by Patrick Graham; Editing by Dominic Evans)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-banks-regulation-reporting-idUKKBN16G0RK'|'2017-03-09T15:03:00.000+02:00'
'8fa57526cb665a94499e0d750c4cd272091a71af'|'Taiwan''s Cathay Financial in talks to buy Bank of Nova Scotia''s Malaysia unit'|'Company News - Wed Mar 8, 2017 - 9:19pm EST Taiwan''s Cathay Financial in talks to buy Bank of Nova Scotia''s Malaysia unit TAIPEI, March 9 Taiwan''s Cathay Financial Holding Co said on Thursday that it is in exclusive talks to acquire the Malaysian unit of Canada''s Bank of Nova Scotia. The Taiwanese group''s bank and life insurance units plan to jointly purchase all of Bank of Nova Scotia Berhad in Malaysia, according to the filing with the Taiwan Stock Exchange. (Reporting by J.R. Wu and Emily Chan; Editing by Edwina Gibbs) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cathay-holdings-ma-idUSL3N1GM1FX'|'2017-03-09T09:19:00.000+02:00'
'c851d6476e7bd7367ab15a6c7da2b347254138af'|'MIDEAST STOCKS-Oil plunge to weigh on Gulf; ex-dividends may dampen Abu Dhabi'|' 35am EST MIDEAST STOCKS-Oil plunge to weigh on Gulf; ex-dividends may dampen Abu Dhabi DUBAI, March 9 An overnight plunge in crude oil prices looks set to push down Gulf bourses on Thursday, and could take some markets below technical support levels. Brent oil fell about 5 percent to as low as $52.95 a barrel on Wednesday, the lowest level since Dec. 1. MSCI''s broadest index of Asia-Pacific shares outside Japan has slipped 0.6 percent on Thursday morning. Weak petrochemical shares in response to oil''s tumble could cause Saudi Arabia''s stock index, last at 6,971 points, to test minor technical support at its late February low of 6,913 points. Any break of support would trigger a bearish right triangle formed by the highs and lows since late January and pointing down to stronger support on the January low of 6,745 points. Dubai''s index, last at 3,531 points, may again test chart support at the mid-December low of 3,491 points. In Abu Dhabi, National Bank of Abu Dhabi and First Gulf Bank go ex-dividend, which could depress their stocks. Etisalat may react to news that its Nigerian affiliate is in talks with local banks to renegotiate the terms of a $1.2 billion loan that it took out four years ago after missing a payment. Ibrahim Dikko, vice president for regulatory affairs at Etisalat Nigeria, said Etisalat missed payments due to an economic downturn in Nigeria, a currency devaluation there and dollar shortages on the country''s interbank market. The Abu Dhabi parent owns a 40 percent stake in the Nigerian affiliate, which accounted for around 3.7 percent of the group''s revenue in 2013. (Reporting by Celine Aswad; Editing by Andrew Torchia)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-stocks-idUSL5N1GM0DP'|'2017-03-09T12:35:00.000+02:00'
'448fea48fee7523d3c10731df51206fd9239cd3d'|'Nikkei rises to 1-week high on weak yen before U.S. data'|'Company News - Thu Mar 9, 2017 - 9:48pm EST Nikkei rises to 1-week high on weak yen before U.S. data * Nikkei trades above expected future settlement price * Financials outperform on higher U.S. yields By Ayai Tomisawa TOKYO, March 10 Japan''s Nikkei share average rose to a one-week high on Friday morning as exporters benefited from the dollar hitting six-week highs against the yen, while investors awaited U.S. jobs data later in the day to provide further evidence that U.S. interest rates are likey to rise. The Nikkei added 1.3 percent to 19,575.34 at the midday break after hitting as high as 19,582.75, the highest level since March 3. For the week, the benchmark index has risen 1.3 percent so far. "The dollar trading above the 115 yen-mark is lifting investors'' risk appetites. Expectations for constant U.S. interest rate hikes have triggered a turnaround in Japanese stocks," said Norihiro Fujito, a senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities. "The Nikkei being above its settlement price is a sign that investors are likely to chase the market higher." Nikkei futures and options contracts expiring in March were forecast to settle at 19,434.30, market participants said on Friday, citing estimates by brokerages. The dollar was up 0.3 percent at 115.24 yen, firming to its highest levels since Jan. 27, lifting exporter shares. Toyota Motor Corp gained 1.1 percent, Panasonic Corp added 1.3 percent and Tokyo Electron Ltd surged 2.0 percent. Financial stocks also staged a rally, with Dai-ichi Life Holdings rising 2.4 percent, MS&AD Insurance jumping 2.4 percent and Sumitomo Mitsui Financial Group up 1.2 percent after U.S. yields rose. The benchmark 10-year Treasury yield was up 4 basis points at 2.594 percent after touching 2.607 percent, which was the highest since Dec. 16 according to Reuters data. The broader Topix was up 1.1 percent to 1,571.68 and the JPX-Nikkei Index 400 advanced 1.1 percent to 14,067.92. (Editing by Simon Cameron-Moore)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-midday-idUSL3N1GN1I2'|'2017-03-10T09:48:00.000+02:00'
'3c51a3188a1d9d4dcaae3ec887fac657f1d26ff2'|'CERAWEEK-Majors exiting Canada''s oil sands acting in own interest - Trudeau'|'World News - Fri Mar 10, 2017 - 2:11pm EST Talks progressing on U.S.-Canada border issues: PM Trudeau File photo: Canada''s Prime Minister Justin Trudeau attends a round table at the CERAWeek energy conference in Houston, Texas, U.S. March 9, 2017. REUTERS/Trish Badger HOUSTON Canadian Prime Minister Justin Trudeau said on Friday his government was working with American officials to address security concerns stemming from immigrants traveling north from the United States. "We don''t compromise on security," Trudeau said during a news conference in Houston. "We are committed to protecting the privacy rights of people in Canada." He also said he was open to working with the Trump administration to revise the North American Free Trade Agreement (NAFTA). (Reporting by Erwin Seba; Editing by Jonathan Oatis) Next In World News Exclusive: Russian private security firm says it had armed men in east Libya MOSCOW A force of several dozen armed private security contractors from Russia operated until last month in a part of Libya that is under the control of regional leader Khalifa Haftar, the head of the firm that hired the contractors told Reuters.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-canada-usa-border-idUSKBN16H2H6'|'2017-03-11T02:28:00.000+02:00'
'21b18cf91e73ce70cb882822a5ea5bf8cfd3e0a4'|'BRIEF-Valhi Q4 EPS $0.03'|' Valhi Q4 EPS $0.03 * Valhi reports fourth quarter 2016 results * Q4 earnings per share $0.03 * Valhi Inc says chemicals segment''s net sales of $333.7 million in q4 of 2016 were $46.7 million, or 16%, higher than in q4 of 2015 * Qtrly total net sales $407.9 million versus $324.8 million Source  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-valhi-q4-eps-idUSASB0B50L'|'2017-03-11T06:36:00.000+02:00'
'b144f4c1047f21f101e3033291e3acd0efc3eb2b'|'Developer of Trump Tower in Toronto faces class action lawsuit'|'TORONTO, March 10 A class-action lawsuit seeking the return of deposits has been launched against the developer of a downtown Toronto hotel bearing the name of U.S. President Donald Trump, the lawyer who won an earlier test case for disgruntled investors said on Friday.The lawsuit filed against Talon International Inc in the name of Ashleka Persaud can be joined by as many as 210 other purchasers who paid deposits to buy hotel units in the tower but did not close their transactions, the filing said.A lawyer for Talon was not immediately available to comment.The Trump International Hotel & Tower has been beset by troubles since opening its doors in 2012, and ownership of the tower itself looks set to fall to its main debt holder after a court-run sale process received no bids last month.Talon, which licensed the Trump brand and hired a Trump-owned company to manage it, was ordered in October to pay damages to one buyer for "negligent misrepresentation" and for another sale to be rescinded. Those buyers were represented by Mitchell Wine, the same lawyer handling the new case.The Supreme Court of Canada earlier this week dismissed Talon''s request for it to hear an appeal of the lower court ruling.The expansion of similar payouts to all buyers of the tower''s hotel units, which were placed into a pool of rooms to be rented out at luxury rates, could amount to a total of C$25 million, the filing said.The case is: Persaud v Talon; Ontario Superior Court of Justice file no: CV-17-569023-00CP (Reporting by Alastair Sharp; Editing by Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/canada-trump-toronto-idINL2N1GN20E'|'2017-03-10T20:07:00.000+02:00'
'39e2f6bdecd9111104f2d6a8abf200b730d3b892'|'Tesla''s Musk discusses energy proposal with South Australian government'|'Sat Mar 11, 2017 - 7:12am GMT Tesla''s Musk discusses energy proposal with South Australian government left right FILE PHOTO: Tesla Chief Executive, Elon Musk enters the lobby of Trump Tower in Manhattan, New York, U.S., January 6, 2017. REUTERS/Shannon Stapleton/File Photo 1/2 left right FILE PHOTO: A Tesla logo hangs on a building outside of a Tesla dealership in New York, U.S., April 29, 2016. REUTERS/Lucas Jackson/File Photo 2/2 By Harry Pearl - SYDNEY SYDNEY Tesla Inc boss Elon Musk spoke with the premier of South Australia on Saturday after the tech entrepreneur offered to install $25 million of battery storage within 100 days to prevent recurring blackouts that have disrupted the state. The proposal follows a string of power outages, including a blackout that left industry crippled for up to two weeks and stoked fears of more outages across the national electricity market due to tight supplies. "Just spoke with Premier of South Australia (Jay Weatherill). Very impressed. Govt is clearly committed to a smart, quick solution," Musk wrote on Twitter on Saturday. Weatherill said in a statement on Saturday the conversation about the battery proposal was "positive". Musk made the offer on Twitter on Friday, saying if the work was not completed in 100 days it would be free. His proposal made headlines in Australia, which is in the midst of a heated debate about the national electricity market and energy security. Musk proposed the battery storage fix in response to a comment on social media by Mike Cannon-Brookes, the co-founder of Australian software maker Atlassian Corp. Cannon-Brookes said he would be willing to line up funding and political support if Tesla could supply batteries that would solve South Australia''s problems. Musk responded by tweeting: "Tesla will get the system installed and working 100 days from contract signature or it is free. That serious enough for you?" He quoted a price of $250 per kilowatt hour for 100 megawatt hour systems, which would imply a price of $25 million for the battery packs. (Reporting by Harry Pearl; Editing by Sam Holmes) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-australia-power-tesla-idUKKBN16I06J'|'2017-03-11T14:04:00.000+02:00'
'6821b409bd549003fa28130cb32c1cb1c0d63d7a'|'Crunch week as Fed meets on rates, Trump team joins G20'|'Business News - Fri Mar 10, 2017 - 6:48pm GMT Crunch week as Fed meets on rates, Trump team joins G20 left right Federal Reserve Chair Janet Yellen addresses the Executives Club of Chicago in Chicago, Illinois, U.S., March 3, 2017. REUTERS/Kamil Krzaczynski 1/2 left right The United States Federal Reserve Board building is shown in Washington October 28, 2014. REUTERS/Gary Cameron 2/2 By William Schomberg - LONDON LONDON After a year that tipped conventional wisdom on its head, the coming week might suggest a return to some sort of normality for the global economy -- or instead take investors into a whole new round of uncertainty. On the face of it, Wednesday''s expected interest rate hike by the Federal Reserve would be a clear sign that the United States has emerged from the shadow of the global financial crisis, a decade after it began. As well as raising rates for the third time since the crisis, the Fed is expected to signal it will speed up its so-far tentative approach to weaning the U.S. economy off the extraordinary support of rock-bottom borrowing costs. But of course it''s not business as usual in the United States and beyond. When the world''s most powerful finance chiefs gather on Friday for the first time since Donald Trump became U.S. president, many of them will be alarmed at Washington''s new, protectionist stance, which it wants other countries to endorse. A draft communique to be argued over by the G20 has dropped the commitment to "resist all forms of protectionism". A warning against protectionism has appeared in Group of 20 communiques for more than a decade. A diplomatic smoothing of the differences would be a relief for investors who are worried about what the Trump administration really has in store. But if the final language of the communique suggests the Trump administration has asserted its views over those of other governments, it would raise big questions about what will happen to the open market policies that underpin the global economy. "The G20 will be scoured for any clues as to exactly how the U.S. might be looking to pursue what looks like a more mercantilist agenda on trade policy," Brian Coulton, chief economist at Fitch Ratings, said. By the time they meet in the German city of Baden Baden, the G20 central bankers and finance ministers will know whether there has been another political earthquake after the Trump and Brexit upsets, this time in the Netherlands. Opinion polls have suggested that Dutch nationalist Geert Wilders'' right-wing Freedom Party, which wants to take the Netherlands out of the European Union and stop Muslim immigration, has lost its lead to more mainstream opponents. But polls failed to predict Trump''s victory or Brexit last year and investors are nervous about a Dutch election shock just weeks before voters in France decide whether to make the anti-EU, far-right Marine Le Pen their new president. "It will certainly be a big week," Coulton said. FED MEETING TOPS BUSY WEEK FOR CENTRAL BANKS As well as the Fed''s meeting, central banks in four other leading rich economies -- Japan, Britain, Switzerland and Norway -- are all due to deliver their latest decisions on Thursday. None of the them are expected to follow the Fed and tighten monetary conditions. Instead, they are continuing to try to steer their economies back to normality, and in the Bank of England''s case, to offset incipient signs that last June''s vote to leave the EU is starting to weigh on consumer spending. Yet for all the political upheaval of the last nine months, which began with the British EU referendum, many economies are enjoying their best growth in years. Even in the euro zone, confidence is at a six-year high, the services and manufacturing sectors are growing and unemployment is at its lowest since 2009, prompting European Central Bank President Mario Draghi to declare victory over deflation. Against the backdrop of a world economy that is picking itself up and strong momentum at home, the question for the U.S. Federal Reserve is not whether to raise interest rates on Wednesday but how quickly it should do so again. Economists at AXA Investment Managers said a sharp upgrade of the Fed''s economic growth projections next week could cause investors to price in even more U.S. rate hikes than the three currently expected for 2017. Fitch''s Coulton said investors should get ready for a different pace of action at the Fed. "We will probably see the second rate hike in three months. It took eight years to get the previous pair of hikes," he said. But James Pomeroy, global economist at HSBC, said he expects only two Fed rate hikes this year, beginning next week, as core inflation remains below 2 percent, wages grow slowly and emerging economies feel the strain of a stronger dollar which will weigh on global growth. "Although at this meeting it''s all very clear that they are going to be raising rates, and the jobs data suggests that the economy is in pretty good health, we think going forward it becomes harder and harder to go it alone and be the only central bank raising rates," Pomeroy said. (Editing by Catherine Evans) Stocks rise as U.S. jobs data points to rate hike; crude slips NEW YORK Crude oil resumed a sharp decline and global equity markets rose on Friday after a robust U.S. jobs report drove home the strength of the world''s biggest economy and set the stage for the Federal Reserve to raise interest rates next week.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-economy-idUKKBN16H2FC'|'2017-03-11T01:36:00.000+02:00'
'34d30f0153fadfb75404172afc89652c28178552'|'Chinese toy factories open summer camp for migrant workers'' children - Guardian Sustainable Business'|'“N ow I don’t have to worry about my little son not recognising me when I go back home for Spring Festival,” says Yang Dongmei, a 26-year-old worker in one of the southern Chinese factories that manufactures toys for companies including Disney, Mattel and Toys R Us.Yang’s two boys, aged two and four, live with their grandparents in Henan province, more than 1,000km away. But they spent last year’s summer holidays in the factory where Yang works, under an initiative that hopes to improve family life for migrant workers in Guangdong province. The Family Friendly Factory Spaces (FFFS) scheme, run by ICTI Care, an NGO, hosts, entertains and educates factory employees’ children during the school summer holidays while their parents work on production lines nearby. It launched in two Guangdong factories last year, with 85 children aged between four and 13, and plans to expand to more sites this year.In the pilot schemes, the children were supervised by carers funded by ICTI Care in separate dormitory buildings and kept occupied with books, games, DVDs and other activities. When shifts were over, the families could spend time together, something previously restricted to rare hometown visits.“We got the chance to be together as a family,” says Yang, who earns about 3,000 yuan (£350) a month and whose husband works in another factory in Guangdong. “Working, then eating as a family afterwards. We never had that before.”The scheme can also offer business benefits, according to Mark Robertson, director of communications and stakeholder relations at ICTI Care. Robertson says both factories reported improvements in retention rates among workers who participated, higher levels of trust and better employee-management relationships.‘Left-behind’ children Long periods away from their children and fractured family bonds have become the norm for millions of China’s migrant workers, who leave their rural homes to find work in the country’s industrial hubs.Workers’ rights NGO China Labour Bulletin estimates there are about 277 million Chinese workers whose households are registered in rural areas of the country but who work in urban areas – equivalent to one third of the country’s entire workforce. Since China’s restrictive hukou , or household registration, system means citizens can usually only access services like education in the place where they were born, many migrant workers leave their children behind with other family members. A government survey published in 2016 suggested there were 9.02 million “left-behind” children, aged 16 or under, in China’s countryside.“In poor areas parents can often only afford to come back once a year, or even once every two years,” says Brise Lee, a manager at ICTI Care. “Their children have few chances to communicate with and stay with their parents. So the parents’ relationships with their children are weak.”Workers the Guardian spoke to were positive about the impact of the scheme on their families. However, the interviewees were selected by the factories, and it is not possible to know how representative their views were.Wang Yuanyuan, a 32-year-old worker from Hunan province, had already managed to move her 10-year-old son to Guangdong by the time the FFFS started. The scheme made it possible for her younger son to join them for the summer. “We were so much closer than before [the FFFS],” she says. Although ICTI also offers migrant workers advice on how to better communicate with their children remotely, Wang was determined to bring her family together. “There are certain feelings that can’t be delivered by phone or messages,” she says. Social reform While reuniting parents and children for summer holidays is a positive move, only comprehensive social reform can provide the long-term solution migrant worker families need, says Cara Wallis, an associate professor in communications at Texas A&M University with a focus on China’s rural-urban divide. “There needs to be deep structural reforms regarding the hukou , more development of rural areas, and more equitable social resources – such as quality education for migrant children – for migrant workers and their families in China’s cities,” she says.The Chinese government has started to reform the hukou system, and promises to ease life for migrant workers over the next five years. But Wallis says the changes made to date are failing to benefit those most in need: “Particularly in larger cities, the reforms privilege those who have more education and money, not the labour migrants whose children are left behind in the countryside.”Meanwhile, workers like 41-year-old Lei Mei continue to believe that their employment does more good for their children than harm. “It’s a shame I can’t see them grow day by day,” says Lei, whose children participated in the FFFS pilot. “But my choice is for a better future for them. I sent them to private schools instead of public schools – I’m paying 20,000 yuan (£2,350) a year for it.”Additional reporting by Paula Jin. The names of the factory workers interviewed for this article have been changed. Sign up to be a Guardian Sustainable Business member and get more stories like this direct to your inbox every week. You can also f ollow us on Twitter . Topics Guardian sustainable business Business and the sustainable development goals Employment Children features  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/sustainable-business/2017/mar/10/china-toy-factories-migrant-workers-disney-mattel-toysrus'|'2017-03-10T07:05:00.000+02:00'
'61cbcba25d9428f001ffa2a39f5dd9ed1fca71eb'|'UPDATE 1-U.S. SEC rejects application to list Bitcoin ETF, currency''s price plunges'|'Company News  26pm EST UPDATE 1-U.S. SEC rejects application to list Bitcoin ETF, currency''s price plunges (Adds price action, details on ETF proposal) By Trevor Hunnicutt and Gertrude Chavez-Dreyfuss NEW YORK, March 10 The U.S. Securities and Exchange Commission on Friday denied a request to list what would have been the first U.S. exchange-traded fund built to track bitcoin, the digital currency. Investors Cameron and Tyler Winklevoss have been trying for more than three years to convince the SEC to let it bring the Bitcoin ETF to market. CBOE Holdings Inc''s Bats exchange had applied to list the ETF. The digital currency''s price plunged, losing some 18 percent in trading immediately after the decision. Bitcoin had scaled to a record of nearly $1,300 earlier this month, higher than the price of gold, as investors speculated that an ETF holding the digital currency could woo more people into buying the asset. Bitcoin is a virtual currency that can be used to move money around the world quickly and with relative anonymity, without the need for a central authority, such as a bank or government. Yet bitcoin presents a new set of risks to investors given its limited adoption, a number of massive cybersecurity breaches affecting bitcoin owners and the lack of consistent treatment of the assets by governments. The Winklevoss twins are best known for their feud with Facebook Inc founder Mark Zuckerberg over whether he stole the idea for what became the world''s most popular social networking website from them. The former Olympic rowers ultimately settled their legal dispute, which was dramatized in the 2010 film "The Social Network." (Reporting by Trevor Hunnicutt; Editing by Leslie Adler and Sandra Maler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/bitcoin-etf-idUSL2N1GN1TE'|'2017-03-11T04:26:00.000+02:00'
'ad384cfe5c7f472cb24948cc2bb5184fececb60e'|'South Africa''s taxis block roads to main airport in Uber protest'|'Company  59am EST South Africa''s taxis block roads to main airport in Uber protest JOHANNESBURG, March 10 South African taxi drivers on Friday blocked roads to Johannesburg''s airport, holding up thousands of travellers in the latest protest against ride-hailing app Uber. Uber Technologies Inc''s service has triggered protests by taxi drivers from London to Hungary and New Delhi as it upends traditional business models that require professional drivers to pay steep licensing fees to drive cabs. Hundreds of drivers blocked the main highway to Africa''s busiest airport, O.R. Tambo International, causing long traffic jams on Friday. "Uber is illegal," Reuben Mzayiya, a spokesman for the metered taxi business in Gauteng province, told broadcaster 702 Talk Radio. "If you want to operate, you must register with the department of transport and fulfil all the requirements. Uber doesn''t do all those things." He added, "It just operates a parallel structure with a fraction of what we are charging." The protests have prompted the South African imports operator, ACSA, to begin talks with airlines about possiblee flight delays, spokeswoman Refentse Shinners said. "We are currently negotiating with our airline partners to see how we can accommodate them," Shinners said. "We cannot as yet make any guarantees in terms of those arrangements." Uber has attracted more than 500,000 users and 4,000 drivers across South Africa since its 2013 launch. (Reporting by Tiisetso Motsoeneng; Editing by Clarence Fernandez) Next In Company News Nikkei hits 15-mth closing high on weak yen ahead of U.S. jobs report TOKYO, March 10 Japan''s Nikkei share average closed at its highest since December 2015 on Friday as exporters benefitted from the dollar hitting a six-week high against the yen, while investors waited for a U.S. jobs report that could pave the way for a rate hike as early as next week. UK Stocks-Factors to watch on March 10 March 10 Britain''s FTSE 100 index is seen opening up 22.3 points on Friday, according to financial bookmakers. * ROYAL BANK OF SCOTLAND: A judge on Thursday ordered legal representatives of thousands of shareholders suing Royal Bank of Scotland over a 12 billion pound ($15 billion) cash call to prove they have insurance to meet the hefty risks of a trial. * BP: Motorists will be able to fill up their gas tanks at about 1,500 new BP service stations the oil m SHANGHAI, March 10 Airline operators cut some routes between China and South Korea as the fallout spread on Friday from a diplomatic row over Seoul''s plans to deploy a U.S. missile defense system regardless of Beijing''s objections. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/safrica-uber-tech-idUSL5N1GN0QE'|'2017-03-10T13:59:00.000+02:00'
'cfe76aa9f80cce7142253b3dfea3ce82bf6ea62e'|'BRIEF-Engility Holdings reports Q4 revenue of $506 mln'|' 49am EST BRIEF-Engility Holdings reports Q4 revenue of $506 mln March 9 Engility Holdings Inc * Engility reports fourth quarter and full year 2016 results; establishes 2017 guidance * Q4 revenue $506 million versus I/B/E/S view $511.5 million * Q4 adjusted earnings per share $0.51 * Q4 GAAP earnings per share $0.18 * Q4 earnings per share view $0.50 -- Thomson Reuters I/B/E/S * Total backlog at end of Q4 of 2016 was $3.6 billion, an increase of 18% from Q4 of 2015 * Sees 2017 revenue $1.95 billion - $2.05 billion * Sees 2017 GAAP diluted earnings per share $0.75 - $0.85 * FY2017 earnings per share view $2.04, revenue view $2.06 billion -- Thomson Reuters I/B/E/S  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-engility-holdings-reports-q4-reven-idUSASB0B4LA'|'2017-03-09T18:49:00.000+02:00'
'93f26fcd51bae131ad120f1f57a15f01bec18eef'|'PRESS DIGEST- Financial Times - March 9'|'Company News  20pm EST PRESS DIGEST- Financial Times - March 9 March 9 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headlines Britain faces a 2 bln euro EU bill for Chinese customs fraud on.ft.com/2ngmyMZ RBS chiefs win 16 mln pounds in shares bonus despite £7bn loss on.ft.com/2ng4VwW Hammond risks Tory backlash with tax move on self-employed on.ft.com/2ngnf9e Europhile Tories plot rebellion after Heseltine''s sacking on.ft.com/2ng9OpL Overview Britain could face a 2 billion euro ($2.11 billion) bill from Brussels after it failed to control customs fraud by Chinese clothing importers. Royal Bank of Scotland''s top executives are taking home hefty bonuses, despite the company incurring repeatedly heavy losses. British finance minister Philip Hammond has gone against a Conservative manifesto promise and negatively affected 2.5 million self-employed individuals by raising national insurance contributions in the Budget. British Conservative politician Michael Heseltine was sacked by Prime Minister Theresa May on Tuesday for joining a dozen Tory members of the House of Lords in demanding parliamentary approval for Britain to leave the EU. ($1 = 0.9491 euros) (Compiled by Gaurika Juneja in Bengaluru; Editing by Sandra Maler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-ft-idUSL3N1GM13J'|'2017-03-09T08:20:00.000+02:00'
'2a35bfa125d71a35b4ee1e067714ba18529221a4'|'Rio Tinto chairman to step down for BT job - FT'|'Business  32am GMT Rio Tinto chairman to step down for BT job - FT Jan du Plessis, the Chairman of Rio Tinto, attends the mining company''s AGM at the QEII centre in central London April 18, 2013. REUTERS/Andrew Winning MELBOURNE Rio Tinto Chairman Jan du Plessis is set to step down and take up the chairmanship of BT Group Plc, with the announcement to be made by Britain''s top mobile and broadband operator on Thursday, the Financial Times reported. Rio Tinto, the world no.2 miner, declined to comment on the report. Du Plessis, chairman since 2009, has led Rio Tinto through a volatile period, as it scrambled to pay down $39 billion in debt from its Alcan takeover, scrapped a controversial tie-up with China''s Chinalco, sacked a chief executive after over-priced acquisitions and fended off a bid from Glencore. He would be leaving just as the company faces investigations in Australia, the United Kingdom and United States over an alleged bribe in 2010 tied to a massive iron ore project in Guinea, expected to take years to resolve. Du Plessis, 63, was also until last year the chairman of SABMiller, which was taken over by Anheuser-Busch InBev in one of the largest corporate mergers in history. (Reporting by Sonali Paul; Editing by Richard Pullin) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bt-group-chairman-rio-tinto-idUKKBN16G05Z'|'2017-03-09T08:32:00.000+02:00'
'db353a93f523bbe0f34bd824bd520858a3bdba98'|'Novo Nordisk''s new CEO turns to deals to help revive growth'|'By Ben Hirschler Novo Nordisk''s ( NOVOb.CO ) new chief executive is looking at making acquisitions to broaden the Danish drugmaker''s product line-up, in a change of tack that reflects a need for fresh sources of growth at the world''s biggest diabetes company."Across our business we need to increasingly look for external innovation," Lars Fruergaard Jorgensen, who took over in January, said in an interview on Thursday.Reuters reported on Wednesday that Novo had approached Global Blood Therapeutics ( GBT.O ), a U.S. biotechnology company focused on serious blood disorders, valued at close to $1.5 billion, to discuss a potential takeover.Jorgensen declined to comment on his interest in the Californian firm but confirmed Novo''s biopharmaceuticals business, which includes blood products, was one area where complementary acquisitions were being considered."We have strong relationships with hematologists and there could be other products that would be relevant for us to acquire and we are looking for that," he said.Any deals would most likely be "bolt-ons" rather than anything very large. "In my view we should do smaller deals; low single-digit billions of dollars," he said.Novo has sat out a rash of deal-making that has gripped the rest of the drugs industry in recent years. Instead, under previous chief executive Lars Rebien Sorensen the company had focused on its market-leading position in making insulin and other diabetes treatments.But the company''s core insulin business has deteriorated recently, with increasing competition squeezing prices, particularly in the United States, sending Novo shares down nearly 40 percent in the past 12 months.Last month the Danish group warned that sales and profits might actually slip in 2017, a remarkable change in fortune for a company that was previously renowned for its sector-beating growth.Jorgensen, who began his Novo career more than 25 years ago as a graduate, acknowledges he faces a challenge to reassure investors.While he believes Novo''s existing drug line-up remains strong, in these tougher times the Danish group may increasingly operate like other big drugmakers that routinely make acquisitions to boost growth as key medicines lose momentum."We will more and more have to do deals like any other company to make sure we have a broader platform to grow on," Jorgensen said.Novo''s already dominant position in diabetes probably means there are few interesting deal opportunities in that particular area but hemophilia and other blood products is a field of interest, along with obesity.Novo already has one treatment for obesity, Saxenda, and Jorgensen sees an opportunity to broaden this with further acquisitions, bearing in mind that type 2 diabetes is closely linked to obesity.Finding such adjacent businesses that will not see Novo stray too far from its core therapy areas is an important consideration, Jorgensen said."It is not my ambition to go out and do deals where we would not be bringing significant value in terms of disease understanding, commercial infrastructure or manufacturing. The more of those boxes you can tick the better."(Editing by Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-novo-nordisk-ceo-idINKBN16G2DH'|'2017-03-09T13:36:00.000+02:00'
'20e726786cf4eaec03b7e6337b510a13c70c049f'|'Advent buys minority stake in Brazilian online broker Easynvest'|'SAO PAULO U.S. buyout firm Advent International Corp has acquired a minority stake in Brazilian online broker Easynvest for an undisclosed sum, the companies said in a statement on Wednesday.Advent acquired part of the stake held by the broker''s controlling shareholders, led by executives Marcio Cardoso and Amerson Magalhães. Easynvest has 153,000 active clients and around 10 billion reais ($3.2 billion) in client money under custody.(Reporting by Tatiana Bautzer; Editing by Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-easynvest-m-a-advent-idINKBN16F2PK'|'2017-03-08T19:07:00.000+02:00'
'61d332668e16c8eba452049d34e12dddc15d0153'|'China gives greenlight to dozens of Trump trademarks'|'Business News - Thu Mar 9, 2017 - 7:56am GMT China gives greenlight to dozens of Trump trademarks left right The headquarters of the China Trademark Office is seen in Beijing, China, March 9, 2017. REUTERS/Jason Lee 1/4 left right U.S. President Donald Trump attends a meeting with U.S. House Deputy Whip team at the East room of the White House in Washington, U.S. March 7, 2017. REUTERS/Carlos Barria/File Photo 2/4 left right The Trump Tower logo is pictured in New York, U.S., May 23, 2016. REUTERS/Carlo Allegri/File Photo 3/4 left right A man rides past the headquarters of the China Trademark Office in Beijing, China, March 9, 2017. REUTERS/Jason Lee 4/4 By Adam Jourdan and Eric Walsh - SHANGHAI/WASHINGTON SHANGHAI/WASHINGTON China has granted preliminary approval for 38 trademarks linked to Donald Trump, documents on China''s state trademark office show, giving the U.S. President and his family protection were they to develop the "Trump" brand in the market. The trademarks - which in theory cover a wide sweep of businesses from hotels to mobile libararies and escorts - underline the complexities and potential concerns over conflicts of interest facing President Trump, who has a sprawling business empire using the Trump name around the world. Trump, a wealthy real estate developer, has previously said he has handed over his business interests to a trust overseen by one of his sons and a Trump Organization executive. He can, however, revoke the trust at will and, as its sole beneficiary, remains linked to it financially. The trademarks - mostly variations in English and Chinese on the name "Donald Trump" - were given preliminary approval in two lists published on the Trademark Office of the State Administration for Industry and Commerce on Feb. 27 and Monday. Trump''s lawyers applied for the trademarks in April last year, mostly registered to "Donald J. Trump" and listing to the address of Trump Tower on Fifth Avenue in New York. Some U.S. law makers have raised questions about whether Trump''s position as President could prompt preferential treatment of his businesses. Trademark lawyers, however, said that the approval process did not seem that unusual. "If they were filed in April last year and just now approved, it''s fairly normal," said Yong Heng Wu, Shanghai-based counsel for MWE China focussed on intellectual property, adding the general timeframe for preliminary approvals was 6-9 months. "I think the reason why people are paying so much attention to Donald Trump trademarks now is because he became the President of the most powerful country in the world." The trademarks cover business areas including branded spas, massage parlours, golf clubs, hotels, insurance, finance and real estate companies, retail shops, restaurants, bars, bodyguards and escort services. Intellectual property lawyers said trademark applications were often very broad to give the applicant the most comprehensive protection for their brand. Three of them, related to hotel brand Scion that Trump''s sons want to expand in the United States, are not directly registered in the President''s name but via DTTM Operations LLC. The three are also listed to the Trump Tower address. POLITICS AND BUSINESS The preliminary approvals are open to be challenged for around a 90-day period. Barring objections they will be formally registered in late May and early June respectively. Trump and his family, like many business owners, hold trademarks around the world, from business sectors such as apparel in the Philippines to golf clubs in Australia and property in Japan and South Korea. These ties between politics and business have, however, prompted concern from politicians and rights groups who say the President could face potential conflicts of interest related to the extensive business affairs of his family. Alan Garten, general counsel for the Trump Organization, said in a statement the group had been actively enforcing its intellectual property rights in China for over a decade. "The latest registrations are a natural result of those long-standing, diligent efforts, and any suggestion to the contrary demonstrates a complete disregard of the facts as well as a lack of understanding of international trademark law." Democratic Senator Ben Cardin, the ranking member on the U.S. Senate Foreign Relations Committee, called for formal briefings about the Chinese trademark approvals and on "the potential constitutional dangers that they present." Cardin has previously introduced a resolution demanding Trump cut his ties with the Trump Organization or risk violating the Emoluments Clause of the Constitution, which bars public servants from accepting anything of value from foreign governments unless approved by Congress. Chang Tsi & Partners, listed as acting on behalf of Trump''s team for the China trademark applications, did not immediately respond to Reuters'' request for comment on the approvals. Trump received a single trademark approval last month in China for Trump-branded construction services, following a 10-year legal battle. The Associated Press earlier reported the approvals. (Additional reporting by Heekyong Yang in SEOUL, Sam Nussey in TOKYO and Neil Jerome Morales in HANOI and Byron Kaye in SYDNEY; Editing by James Dalgleish and Lincoln Feast) Next In Business News UK faces tougher Brexit challenge after 2017 resilience - Hammond LONDON Britain''s economy is likely to feel the pain of Brexit more sharply in the coming years despite holding up well so far, according to Chancellor Philip Hammond''s latest plan to steer the economy through its split from the European Union.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-china-trademarks-idUKKBN16G0R6'|'2017-03-09T14:56:00.000+02:00'
'0afc7874da32d495fe668141541c282dc5c02e79'|'CEE MARKETS-Czech crown eases in forwards on CPI rise, Polish stocks retreat'|'* Czech CPI highest since 2012, above forecasts * Data fuel speculation for early crown cap exit * Forward deals reflect uncertainty over crown''s outlook * Profit-taking continues in Warsaw stocks, zloty eases (Adds fall of Polish equities and zloty, new trader comments) By Sandor Peto and Jason Hovet BUDAPEST/PRAGUE, March 9 The Czech crown exchange rate implied in six-month forward contracts eased to a two-month low on Thursday, even as stronger-than-expected February inflation fed expectations that the central bank would soon abandon its cap on the currency. The Czech central bank said in late 2013 it would not let the crown strengthen below 27 per euro, in a bid to fend off deflation, meaning the spot exchange rate has been stuck around that level. But inflation is quickly rebounding in Central Europe, reaching the Czech central bank''s 2 percent target by December and potentially giving it room to lift the cap. In February, annual inflation hit 2.5 percent, above analysts'' 2.4 percent forecast and the central bank''s estimate. "(This) creates space for an end to the intervention regime earlier than the middle of the year," said Patrik Rozumbersky, economist at UniCredit in Prague. The bank has pledged to keep the cap through the first quarter of this year, however, and only abandon it in "mid-2017" - so potentially any time after April 1. But rather than expect a surge in the crown after the bank lifts the cap, the market is uncertain which way it will go due to the pile-up in crown buying in the market, and the corresponding accumulation of central bank forex reserves. The central bank has boosted its forex reserves by 25 percent in the first two months of 2017 alone. It has warned that the crown is heavily overbought and may fall rather than firm up once the cap is lifted. The recent gradual weakening in crown six- and 12-month forward contracts reflects market uncertainty, even though the implied rates are still firmer than the cap level. The six-month implied rate touched a two-month low at 26.9 after the inflation figures, and the 12-month rate set a three-month low of 26.776. "We have seen some unwinding of speculative positions because of fear that the trade is overcrowded and thus spoiled," one Prague-based trader said. "Speculators were a bit frightened by the size of buying from the side of central bank and they became more aware of the missing counterparty problem," the trader added. The yield on one-year Czech bonds fell 10 basis points to -0.699 percent, indicating persistent strong demand, while the yield is up from January''s record lows at -1.268 percent. Elsewhere in the region, profit-taking after a regional rally early this year abated in Hungary''s stock market, allowing Budapest''s index to rise 0.9 percent, but continued in Warsaw where the index fell 1.5 percent. The zloty shed 0.3 percent against the euro. CEE SNAPS AT 1603 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 27.02 27.02 +0.0 -0.05 00 45 2% % Hungary 311.2 311.1 -0.04 -0.79 forint 800 500 % % Polish 4.318 4.302 -0.39 1.97% zloty 9 0 % Romanian 4.550 4.541 -0.19 -0.33 leu 0 6 % % Croatian 7.434 7.427 -0.09 1.63% kuna 0 5 % Serbian 123.8 123.7 -0.04 -0.40 dinar 400 900 % % Note: daily calculate previ close 1800 change d from ous at CET STOCK S Lates Previ Daily Chang t ous e close chang in e 2017 Prague 974.8 972.2 +0.2 +5.7 1 4 6% 7% Budapest 32851 32547 +0.9 +2.6 .14 .37 3% 5% Warsaw 2180. 2213. -1.48 +11. 42 24 % 94% Bucharest 7880. 7899. -0.24 +11. 13 41 % 22% Ljubljana 788.5 785.0 +0.4 +9.8 8 2 5% 9% Zagreb 2216. 2226. -0.44 +11. 67 37 % 12% Belgrade <.BELEX15 736.0 739.1 -0.42 +2.6 > 0 3 % 0% Sofia 621.0 622.4 -0.22 +5.9 8 7 % 1% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.69 -0.1 +015 -10bp > 9 bps s 5-year <CZ5YT=RR 0.029 -0.01 +042 -5bps > 6 bps 10-year <CZ10YT=R 0.715 0.027 +029 -3bps R> bps Poland 2-year <PL2YT=RR #VALU -0.04 #VALU -4bps > E! 2 E! 5-year <PL5YT=RR #VALU 0.006 #VALU -3bps > E! E! 10-year <PL10YT=R #VALU 0.013 #VALU -5bps R> E! E! FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep < 0.3 0.33 0.41 0 PRIBOR=> Hungary < 0.3 0.42 0.58 0.23 BUBOR=> Poland < 1.77 1.775 1.84 1.73 WIBOR=> Note: FRA are for Quote: s ask prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL5N1GM2RO'|'2017-03-09T12:28:00.000+02:00'
'9e29de103aea621ed9e97ec606c095ee6c67f5a9'|'UPDATE 1-Brazil''s Americanas raises $760.8 mln in offering'|'By Paula Laier and Guillermo Parra-Bernal - SAO PAULO, March 9 SAO PAULO, March 9 Lojas Americanas SA raised 2.405 billion reais ($760.8 million) from the sale of new common and preferred shares in a restricted-efforts offer, helping Brazil''s largest discount retailer reduce debt and pay for expansion.In a securities filing on Thursday, Americanas said the offering involved the sale of 9.3 million common stock at 12.71 reais each and of 142.9 million preferred stock at 16 reais each.A person with direct knowledge of the deal said investor demand came in at about 1.3 times the amount of shares offered.The successful fundraising underscores rebounding interest in Brazilian shares among investors.Government efforts to rebalance fiscal accounts are luring money back into Brazil, even though the country is struggling with a recession that is entering a third year.The share sale was a primary offering in which all the money raised goes into the company''s coffers. This year, two initial public offerings have priced, marking the busiest local stock and debt fundraising period in six years.Rio de Janeiro-based Americanas hired Credit Suisse Group AG to manage the deal, jointly with investment banks Itaú BBA SA, BB Investimentos, Bradesco BBI SA, Grupo BTG Pactual SA, JPMorgan Chase & Co and Santander Investment Securities.Public offerings with restricted efforts differ from standard equity offerings in that a company does not have to request registration of the plan with securities industry watchdog CVM. Only qualified investors can participate in such offerings, and the deals cannot be marketed through road shows or the media.($1 = 3.1610 reais) (Reporting by Paula Laier; writing by Guillermo Parra-Bernal; editing by Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/lojas-americanas-newissue-idINL2N1GM0E4'|'2017-03-09T08:11:00.000+02:00'
'bc7244c1a4cb2aa3ce502c8959096c26e01b60d2'|'Bombardier employee arrested in Sweden on suspicion of bribery'|' 16am EST Bombardier employee arrested in Sweden on suspicion of bribery STOCKHOLM, March 10 Swedish prosecutors said on Friday they had arrested an employee of Canadian aircraft and train maker Bombardier on suspicion of bribing Azerbaijani officials in a 2013 railway procurement deal. Prosecutors said a 37-year-old Russian man had been arrested on suspicion of bribery and that several Bombardier employees were suspected of colluding with Azerbaijani officials. "Despite the fact that Bombardier was in fifth place in terms of price, they won the 2013 tender when competitors that had offered a better price were disqualified by the rail authority in Azerbaijan," prosecutors said in a statement. Prosecutors said they had obtained evidence in the form of emails after a raid at Bombardier in Sweden last October. A Bombardier spokeswoman confirmed an employee had been questioned by police, but declined to give further comment. "We will cooperate fully with the authorities," said Barbara Grimm, Bombardier''s head of communication for Railway Control Solutions. The arrested man''s lawyer was not available for immediate comment. (Reporting by Johan Sennero and Daniel Dickson, additional reporting by Olof Swahnberg; editing by Simon Johnson and Jason Neely)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/bombardier-corruption-azerbaijan-sweden-idUSL5N1GN33W'|'2017-03-10T20:16:00.000+02:00'
'd2fd248188bd482e1e1a430c9965fe5591159483'|'RPT-Carmakers eye more UK suppliers to handle hard Brexit'|' 05am EST RPT-Carmakers eye more UK suppliers to handle hard Brexit (Adds graphic) * McLaren ready to source more UK components if there are tariffs * Peugeot sees Brexit ''opportunity'' with UK plants * Some suppliers already seeing Brexit boost * Jaguar Land Rover doubts UK can surpass 50 pct local content * Graphic on UK car exports tmsnrt.rs/2ePXCJK By Costas Pitas GENEVA, March 10 As Britain prepares to leave the European Union, some carmakers are considering softening the blow of any tariffs by sourcing more parts locally and producing more models they can sell domestically rather than export. Eighty percent of UK-assembled vehicles are exported and they could face tariffs of up to 10 percent if Britain has to fall back on World Trade Organisation rules, with some components subject to multiple varying tariffs each time they cross a border. "If we do find there are tariffs on sending cars out, or there are tariffs on bringing components in, then that would be a motivator to repatriate some component production to the UK," McLaren Automotive Chief Executive Mike Flewitt told Reuters at the Geneva motor show. The country''s largely foreign-owned car industry is due to hit a record high production of around 2 million units by the turn of the decade, making it one of Europe’s largest, and some firms have warned tariffs could push production abroad. The sector is a major employer which British Prime Minister Theresa May has pledged to champion in the Brexit negotiations with the EU she plans to trigger this month; executives are concerned uncertainty could persist beyond the two-year process. A local sourcing push would help mitigate some of the risks of leaving the EU''s single market and be a bonanza for smaller UK parts makers but a headache for international suppliers, whose manufacturing footprints are reliant on free trade. Only 41 percent of the parts in British-built cars are made within the country on average, less than the typical 50 to 55 percent local content requirement which Britain would have to agree to in some bilateral trade deals. The proportion of parts sourced locally varies among automakers, making it easier for some to meet the "Made in Britain" threshold than others. McLaren expects to reach a 58 percent "localisation rate" by the end of the decade from around 50 percent now, under a plan that pre-dates the June Brexit vote. Jaguar Land Rover (JLR), Britain''s biggest carmaker, also sources around half its content locally. The level falls to less than 40 percent at German luxury carmaker BMW''s Mini plant in southern England, while Opel/Vauxhall Astras built in the UK contain only 25 percent British parts. French carmaker PSA Group, which this week announced a deal to buy Opel and Vauxhall from General Motors , said trade barriers in the event Britain loses access to the single market would push it to increase the percentage of local components. "If it''s a hard Brexit then of course the supplier base needs to be developed, and I think this is something that the UK government completely understands," Chief Executive Carlos Tavares told reporters in Geneva. NOT SO EASY The jury is out on how feasible this might be. Ralf Speth, the CEO of JLR, doubts Britain produces enough mass-market vehicles to attract the major supplier investments it would need to cross the 50 percent localisation threshold. It and other carmakers have been slowly boosting UK parts content for years. Britain''s Society of Motor Manufacturers and Traders, however, believes UK-built cars could source up to 80 percent of parts domestically. The fall in the pound since the Brexit referendum has raised import costs, adding a further incentive. Matt Boyle, the chief executive of electrified powertrain specialist Sevcon, based in England''s northeast, said it had seen rising demand since the referendum and is able to respond quickly through the use of flexible third-party sites. "We''ve got off-the-shelf hybrid systems and electric systems today," he said. The industry is lobbying for British government support, which could be required to kick-start investment in parts production that would be new for Britain, such as alloy wheels. Over 4 billion pounds ($4.9 billion) worth of components such as engine castings, steering systems and seat parts could be sourced in Britain, according to a joint industry-government report published in 2015, adding to roughly 10 billion pounds currently spent by car firms on UK suppliers. MODEL MIX Carmakers are used to picking parts makers to supply their plants across borders, benefiting from unfettered trade among members of the European single market or the North American Free Trade Agreement - and between the EU and Mexico. But Donald Trump''s election in the United States and protectionist candidates in upcoming elections in the Netherlands and France mean the Brexit referendum is not the only risk to free trade. That has prompted some executives to ponder how plants and supply chains could be refocused on domestic demand. "Our interest and our competitive advantage will be to have UK plants with a pound cost structure to supply a market where revenue is in pounds," PSA''s Tavares said. Britain is Opel/Vauxhall''s biggest European market, accounting for 77,000 annual sales of its Corsa mini - the country''s second-biggest seller after Ford''s German-made Fiesta. But the Corsa is built in Spain and Germany, rather than GM''s British plants in Ellesmere Port and Luton. While Astra hatchbacks are produced at Ellesmere Port, some of the 60,000 sold in Britain last year were imported from Poland, leaving potential scope for more UK production. Progress with modular assembly techniques in recent years has given car manufacturers more flexibility to shift production of single models between factories in different countries. BMW said recently it would begin building some of its X1 sport utility vehicle at a plant in the Netherlands, which already builds Mini cars. Asked whether Mini''s British plant could build BMW-badged cars, Chief Executive Harald Krueger did not rule it out. "Purely theoretically, you can also build the 1 series in the UK," he told reporters. (Additional reporting by Laurence Frost and Edward Taylor; editing by Philippa Fletcher)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/autoshow-geneva-britain-eu-idUSL5N1GN2TW'|'2017-03-10T19:05:00.000+02:00'
'53ce1dd2afaf3285d30da2ebf2ac78b4ec79e5ca'|'Wall Street nearly unanimous on U.S. rate hike next week'|'Business News - Fri Mar 10, 2017 - 9:15pm GMT Wall Street nearly unanimous on U.S. rate hike next week: Reuters poll FILE PHOTO: A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S. December 28, 2016. REUTERS/Andrew Kelly/File Photo By Richard Leong - NEW YORK NEW YORK Wall Street''s top banks were nearly unanimous on the view the Federal Reserve will increase interest rates at its policy meeting next week following a stronger-than-forecast February U.S. payrolls report, a Reuters poll showed on Friday. Employers hired 235,000 workers last month, more than the 190,000 forecast among economists polled by Reuters. A drop in unemployment, more people seeking jobs and a rebound in wage growth were other upbeat aspects of the report which economists at these top banks reckoned give the Fed a green light to raise rates by a quarter point to 0.75-1.00 percent. "It ticks all the boxes for the Fed to move next week," said Michael Hanson, chief U.S. macro strategist at TD Securities in New York. The Fed previously raised rates by a quarter point to 0.50-0.75 percent in December. TD is one of the 23 primary dealers or banks that do business directly with the Fed. To be sure, the path of rate increases in 2017 could change, according to primary dealers. It may speed up if the economy accelerates because of possible tax cuts, looser regulations and infrastructure spending from U.S. President Donald Trump and a Republican-controlled Congress. On the other hand, it may be slowed by overseas developments including surprise election results in Europe, which may roil financial markets, they said. Barring unexpected outcomes, the widely anticipated rate increase in less than a week would be followed by two more hikes later in 2017, according to the poll. A prior Reuters poll conducted on Feb. 3 showed 14 primary dealers surveyed say they expected no rate hike in March with 12 of them anticipating such a move by the end of the second quarter. The dramatic shift in expectations for a March hike came even before Friday''s strong jobs figures. Last week, a group of Fed officials including Fed Chair Janet Yellen hammered the point they were prepared to lift rates at its upcoming meeting as the economy is near full employment and inflation to closing in on their 2 percent goal. Traders'' view on a March increase, as measured by interest rate futures FFH7, jumped to 80 percent from 30 percent in reaction to a barrage of hawkish rhetoric from policymakers. Their view on the possibility of a rate hike strengthened to 93 percent after Friday''s jobs report, according to CME Group''s FedWatch tool. After March, however, primary dealers were split on the timing for when the Fed would raise rates during the rest of 2017. Twelve of the 23 dealers saw a rate increase to 1.00-1.25 percent by the June 13-14 meeting, while nine expected such a move by the Fed''s September meeting, the latest Reuters poll showed. Six of them forecast the Fed''s final rate hike for 2017 at its September meeting, bringing its target range to 1.25-1.50 percent. Fourteen primary dealers said they saw the Fed raising rates to 1.25-1.50 percent at its Dec 12-13 meeting. (Reporting by Richard Leong; Editing by Daniel Bases and Chizu Nomiyama) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-fed-poll-idUKKBN16H2MV'|'2017-03-11T04:15:00.000+02:00'
'4832cecc9647c2ba4802274624d0da6bd8f5492f'|'William Hill names Philip Bowcock as CEO'|'Business News - Fri Mar 10, 2017 - 7:47am GMT William Hill names Philip Bowcock as CEO British bookmaker William Hill PLC ( WMH.L ) on Friday named its interim Chief Executive Philip Bowcock as CEO, ending a seven-month-long search for a permanent CEO. The betting chain has been without a permanent chief executive since James Henderson''s departure last July after failing to deliver enough growth in online and international gambling. Philip was appointed interim CEO in July and was previously the company''s chief financial officer. (Reporting by Tenzin Pema in Bengaluru; Editing by Sunil Nair) Next In Business News BT resolves two-year regulatory battle with new Openreach deal LONDON Britain''s biggest telecoms group BT has reached an agreement with the regulator to finally resolve a two-year row over how the national broadband network is run, agreeing to a legal separation of the business. BT has come under fire after rivals including Sky , TalkTalk and Vodafone accused Openreach, the division that supplies broadband to millions of homes and businesses, of delivering a poor service.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-williamhill-ceo-idUKKBN16H0RF'|'2017-03-10T14:47:00.000+02:00'
'29b153cbfe0efe9d2862f91b509cb8701fb3a469'|'Exclusive: Japan to vet bidders in Toshiba chip sale for national security risks - sources'|'Internet  34am GMT Exclusive: Japan to vet bidders in Toshiba chip sale for national security risks - sources left right FILE PHOTO - A logo of Toshiba Corp is seen outside an electronics retail store in Tokyo, Japan, February 14, 2017. REUTERS/Toru Hanai/File Photo 1/2 left right FILE PHOTO: A Western Digital Corporation hard drive is pictured here in Encinitas, California April 19, 2011. REUTERS/Mike Blake/File Photo 2/2 By Kentaro Hamada and Makiko Yamazaki - TOKYO TOKYO The Japanese government, fretting over the future of Toshiba Corp''s flagship memory chips unit, is prepared to block a sale to bidders it deems a risk to national security, sources said, a stance that gives U.S. suitors a major advantage. The government would use Japan''s foreign exchange and foreign trade laws to control the auction if need be, one of the sources said. The sources are directly involved in the sale process, but declined to be identified because it is not public. "The United States is the only feasible partner from Japan''s national security standpoint," said another source, noting that cutting-edge chips are at the heart of robotics, artificial intelligence and connected devices. Seeking to plug an upcoming $6.3 billion writedown for its U.S. nuclear unit Westinghouse and create a buffer for future potential losses, Toshiba is rushing to sell most or even all of the unit - world''s second-biggest NAND chip producer - which it values at at least $13 billion. With Westinghouse woes deepening to the point of it hiring bankruptcy lawyers to explore a possible Chapter 11 filing, the Japanese industrial conglomerate is also leaning towards U.S. suitors given the potential for friction with the United States. "It''s obvious U.S. players are more suitable bidders," a Toshiba executive said. "We''ll probably need to fight over Westinghouse (with the U.S.), so we could cooperate over chips in exchange." U.S. suitors include data storage firm Western Digital which operates a Japanese chip plant with Toshiba, rival Micron Technology Inc and financial investors like Bain Capital, sources have previously said. Preferring those bidders would exclude others including South Korean chipmaker SK Hynix Inc, Taiwan''s Foxconn, the world''s largest contract electronics maker, and TSMC, the world''s biggest contract chip manufacturer. Only Foxconn has publicly said it plans to bid while SK Hynix has said it is considering an offer. A Toshiba spokeswoman declined to comment on the specifics of the sale process. Japan is concerned the firesale could hand key capabilities to rival China, sources with knowledge of the matter have said. Japan''s Foreign Exchange and Foreign Trade Act dictates that an overseas company looking to buy a Japanese company with technology considered key to national security must obtain government permission in advance. It has been rarely used directly but in 2011, the law deterred foreign suitors from bidding to buy a stake in medical equipment and camera maker Olympus Corp as optical technology is also used in military equipment, financial sources said. Japanese Trade Minister Hiroshige Seko at a parliamentary committee on Wednesday declined to comment when asked if Toshiba''s memory chips would be considered sensitive technology. The sale is being conducted as Toshiba faces a March 14 deadline to publish its earnings after postponing their release a month ago so that it could probe potential problems at Westinghouse. If it misses that date, it has eight working days to March 27 to file or face a possible delisting from the Tokyo bourse. People familiar with the matter have told Reuters that Westinghouse, hit by huge cost overruns at two U.S. projects, had brought in law firm Weil Gotshal & Manges LLP as an exploratory step, but had not yet taken a decision on a bankruptcy filing. Japan''s finance minister said on Friday the company should decide in the coming weeks whether to file for Chapter 11 bankruptcy, freeing it up to report up to date earnings. (Reporting by Kentaro Hamada and Makiko Yamazaki; Additional reporting by Emi Emoto; Editing by Clara Ferreira Marques and Edwina Gibbs) Next In Internet News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-toshiba-accounting-exclusive-idUKKBN16H1C1'|'2017-03-10T18:34:00.000+02:00'
'd197d5bee072551f68d29bc175f8ded7e5f8b9f3'|'U.S. launches dumping case over China''s aluminium foil exports'|'  7:00am IST U.S. launches dumping case over China''s aluminium foil exports   BEIJING The United States has launched a trade case accusing Chinese aluminium foil producers of dumping product and damaging its domestic industry, the first such case since the inauguration of U.S. President Donald Trump. The Aluminum Association filed antidumping and countervailing duty petitions with the Department of Commerce and the International Trade Commission charging that unfairly traded imports of certain aluminium foil from China are causing material injury to the domestic industry. The action was part of the industry''s broad trade strategy to address overcapacity in top producer China, it said. The move "reflects both the intensive injury being suffered by U.S. aluminium foil producers and also our commitment to ensuring that trade laws are enforced to create a level playing field for domestic producers," said Heidi Brock, President and Chief Executive of the Aluminum Association. The antidumping margins alleged by the domestic industry range from 38 percent to more than 134 percent of the value of the imported aluminium foil. Responding to the move, China''s Commerce Ministry urged the United States to act "cautiously". "China hopes the U.S. side will not readily resort to using trade rescue measures," it said. (Reporting by Josephine Mason and Judy Hua; editing by Richard Pullin) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-aluminium-idINKBN16H060'|'2017-03-10T08:30:00.000+02:00'
'5fc1eaea7a0576d9657d9f9347c6b35486c28adf'|'EU capitalising on free-trade interest amid gloom over Trump policies'|'Business News  20pm GMT EU capitalizing on free-trade interest amid gloom over Trump policies EU Trade Commissioner Cecilia Malmstrom talks to reporters in Pasay city, Metro Manila, in the Philippines March 10, 2017. REUTERS/Erik De Castro By Martin Petty and Neil Jerome Morales - MANILA MANILA The European Union is seeing increased impetus around the world to move forward with Free Trade Agreements (FTA) with the bloc, which will make the most of uncertainty over the outlook for U.S. trade policy, the EU''s trade envoy said on Friday. The EU was close to finishing or implementing FTAs with Japan, Vietnam and Singapore and was readying to start talks with Australia, New Zealand and Chile - all members of a U.S-inspired Trans-Pacific Partnership (TPP) devastated by Donald Trump''s decision to pull Washington out of the deal on day three of his presidency. "Today, there is political opportunity to say that those of us who believe in open markets and good trade, we are willing to do trade agreements," EU Trade Commissioner Cecilia Malmstrom told Reuters in an interview. "Whether that (TPP) is dead, or partially dead, it is not for me to judge. But we have seen an increase of willingness to step up trade agreements." One project thrust back on the table is an FTA between the EU and the Association of Southeast Asian Nations (ASEAN) that was abandoned in 2009 due to disparities in wealth and standards between its 10 markets. Malmstrom also said it should not be assumed an EU-U.S. trade deal had collapsed, despite indications the Trump administration would pursue a protectionist agenda. EU and U.S. officials were negotiating for more than three years on a Transatlantic Trade and Investment Partnership (TTIP) and that could be easily resumed, she said, and should not be impacted by Britain''s looming departure from the EU. NOT OVER "We have left in a tidy order, when we stopped negotiating before the change of administration," she said. "It makes a lot of sense to facilitate trade between the EU and the U.S." She added: "We need to be patient. But while waiting for more clarity from the American administration, there are lots of other partners as well." Malmstrom said ASEAN, a region with combined $2.6 trillion GDP and some of the world''s fastest-growing economies, had become integrated "in an impressive way". EU figures show trade between the EU and ASEAN region was worth $220 billion last year. The EU is its biggest source of investment, according to the EU-ASEAN business council. FTAs with Vietnam and Singapore should come into force early next year, Malmstrom said, while negotiations with Indonesia and the Philippines were "at full speed" and discussions had taken place about reviving plans for an FTA with Malaysia. Malmstrom said establishing a bloc-to-bloc trade deal would be a challenge, so an FTA with ASEAN might be less comprehensive that others. "There''s still a lot of differences between the richest and poorest countries here, so there will have to be different levels and it will not be as ambitious," she said. One complication for EU trade talks in Southeast Asia, and tariff perks offered through its Generalised Scheme of Preferences, has been human rights, with entrenched problems in Vietnam, Myanmar, Thailand and Cambodia, among others. Concerns were relayed to the Philippines, Malmstrom said, about alleged extrajudicial killings in the government''s bloody war on drugs and its push to reinstate the death penalty, but the EU was not ready to consider suspending GSP privileges. "It is a bit too early to draw conclusions," she said. "But we do not hide that yes we are concerned about some of these developments." (Editing by Nick Macfie)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eu-trade-usa-idUKKBN16H1LZ'|'2017-03-10T20:15:00.000+02:00'
'51ba9771fc7e763add2beee7fa873981f42c7e84'|'US jobs report signals Fed will raise interest rates - Business'|'The latest US jobs report removes any lingering doubts about whether the Federal Reserve will raise interest rates next week.Following news that the world’s biggest economy generated 235,000 net new non-farm jobs in February, it is a bolt-on certainty that the central bank will push up the cost of borrowing by a quarter of a point.Indeed, the financial markets have already moved on from next week to musing about how many more times the Fed will tighten during the course of 2017. The feeling is that two more rate hikes are in prospect.The Guardian view on US rate rises: a sterling challenge - Editorial Read more It certainly seems unlikely that next Wednesday’s rise will be the end of the matter. The report from the Bureau of Labour statistics showed employment up by more than the 190,000 expected by Wall Street and unemployment at 4.7%. Annual wage growth is running at 2.8%.Policy makers at the Fed will look at this data and conclude that inflationary pressures are building as the economy approaches full employment. With US productivity so weak, the central bank will certainly be tempted to move again if and when earnings growth hits 3%.There was plenty for Donald Trump to welcome in these figures. A mild winter has resulted in a big increase in construction jobs. Manufacturing employment was also up.The new president has plans for a big package of tax cuts and spending increases but fiscal easing will mean more aggressive tightening from the Fed, which is already starting to fret about the risks of the economy overheating.Topics Federal Reserve US economy Economics Donald Trump analysis  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/mar/10/us-jobs-report-signals-fed-will-raise-interest-rates'|'2017-03-10T21:44:00.000+02:00'
'20fbbe2c1c0f48a16994bd9092a87db6961d6f1c'|'Asia stocks edge higher, dollar up before U.S. payrolls'|'Business  23am IST Asia stocks edge higher, dollar up before U.S. payrolls FULL COVERAGE: By Shinichi Saoshiro - TOKYO TOKYO Asian stocks edged up and the dollar rose to 1-1/2-month highs versus the yen on Friday ahead of the U.S. non-farm payrolls report due later in the day. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS added 0.1 percent, taking cues from a modest bounce in Wall Street overnight. Japan''s Nikkei .N225 climbed 1 percent on the back of a weaker yen and Australian stocks added 0.4 percent. Wall Street was marginally higher, underpinned by speculation the widely-anticipated labor market report on Friday would show U.S. payrolls growth in February was far more than economist forecast. The nonfarm payrolls report is expected to show 190,000 jobs were added in the U.S. private and public sectors in February. The employment figures are drawing particular interest as chances of the Federal Reserve raising interest rates several times this year could improve if the data underlines U.S. economic strength. Also of key concern to the broader risk asset markets were the developments in crude oil, which saw prices fall to more than three-month lows overnight as record U.S. crude inventories fed doubts about the effectiveness of OPEC''s recent deal to curb a global glut. U.S. crude CLc1 was up 0.6 percent at $49.57 a barrel after sliding to $48.59 overnight, the lowest since the end of November. Carl Weinberg, chief economist at High Frequency Economics, said that OPEC''s recent cartel-like deal to limit output was working so far, but that the incentive within this hastily assembled deal to cheat was going up as prices were declining. "So if the U.S. inventory glut extends, or even just persists, the odds will rise that the cartel will fall apart. That eventuality - we are inclined to think of it as a likelihood - will set oil prices tumbling again," he wrote. In currencies, the dollar rose to 115.200 yen JPY= , its highest since Jan. 27, as benchmark U.S. Treasury yields rose to three-month highs on expectations that Friday''s jobs report could seal expectations for the Fed to hike rates next week. Cementing views of tighter U.S. policy was also a report on Thursday that showed the number of Americans applying for unemployment benefits rose to 243,000 last week, rebounding from a near 44-year low, but continuing to point to a tightening labor market. The dollar did not fare as well against the euro. The common currency gained the previous day after European Central Bank head Mario Draghi suggested it was less necessary to prop up the market through ultra-loose monetary policy. The euro was slightly higher at $1.0588 EUR= after rising 0.4 percent overnight. The dollar index against a basket of major currencies was up 0.1 percent at 101.960 .DXY after losing 0.2 percent overnight. (Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-global-markets-idINKBN16H02U'|'2017-03-10T07:47:00.000+02:00'
'cf277d4fea7996029d56320f8fafce4bd02f2f8f'|'Starbucks CEO''s refugee comments sour customer views of chain - survey'|'Business News - Fri Mar 10, 2017 - 1:19am GMT Starbucks CEO''s refugee comments sour customer views of chain - survey Starbucks Chairman and CEO Howard Schultz delivers remarks at the Starbucks 2016 Investor Day in Manhattan, New York, U.S. December 7, 2016. REUTERS/Andrew Kelly By Lisa Baertlein - LOS ANGELES LOS ANGELES Starbucks Corp''s ( SBUX.O ) vow to hire thousands of refugees after President Donald Trump''s first executive order that temporarily banned travel from seven mostly-Muslim nations appears to be hurting customer sentiment of the coffee chain. Trump supporters have used Twitter, Facebook and other social media sites to call for a boycott since Jan. 29, when Starbucks Chief Executive Howard Schultz vowed to hire 10,000 refugees over five years in the countries where it does business. Schultz in a letter to employees said the promise of the American Dream was "being called into question" and that "the civility and human rights we have all taken for granted for so long are under attack." YouGov BrandIndex, which tracks consumers'' sentiment toward companies and their willingness to purchase from those brands, noted that the data around this boycott is different because both measures are declining. Starbucks'' consumer perception levels took an immediate hit as measured by YouGov BrandIndex''s Buzz score, falling by two-thirds between Jan. 29 and Feb. 13, and have not recovered. Starbucks Buzz score fell to 4 from 12 during that time. Such scores can range from 100 to -100 and are compiled by subtracting negative feedback from positive. A zero score means equal positive and negative feedback. Prior to Schultz''s refugee comments, 30 percent of consumers said they would consider buying from Starbucks the next time they made a coffee purchase, that fell to a low of 24 percent and now stands at 26 percent, according to a YouGov spokesman. "Consumer perception dropped almost immediately," said YouGov BrandIndex CEO Ted Marzilli, who added that the statistically significant drop in purchase consideration data showed that consumers became less keen to buy from Starbucks. "That would indicate the announcement has had a negative impact on Starbucks, and might indicate a negative impact on sales in the near term," he said. Marzilli noted that the Starbucks holiday "red cup" controversy from November 2015 corresponded with an even larger drop in perception, but no real impact on purchase consideration scores. Among other things, boycott supporters are urging like-minded friends to support Starbucks rival Dunkin'' Donuts ( DNKN.O ). Representatives from Starbucks and Dunkin'' Donuts declined to comment on the surveys and the boycott''s impact on sales. The consumer sentiment data comes at a sensitive time for Starbucks, which reported an accelerated decline in traffic to established U.S. restaurants during the latest quarter. Starbucks executives pinned much of the blame for its traffic setback on a pileup of mobile orders, which caused bottlenecks at drink pickup stations that thwarted walk-in customers. (Reporting by Lisa Baertlein in Chicago; Editing by Bernard Orr) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-starbucks-refugee-idUKKBN16H04R'|'2017-03-10T08:19:00.000+02:00'
'14d693d9553238616bfc19fc9c8a2e933669c355'|'Brazil''s CCR acquires Odebrecht''s stake in São Paulo subway line'|'SAO PAULO, March 9 Brazilian toll road operator CCR SA acquired a 15 percent stake in a subway line in São Paulo, Brazil''s largest city, from construction and engineering conglomerate Odebrecht SA, the company said in a securities filing on Thursday.The conglomerate, ensnared in the widest-ever corruption probe in Brazil, has sold for 171 million reais ($54 million) the stake it held in ViaQuatro, the line operator. The subway line is controlled by São Paulo state. ($1 = 3.1927 reais) (Reporting by Tatiana Bautzer; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/via-quatro-ma-ccr-idINL2N1GN008'|'2017-03-09T21:11:00.000+02:00'
'140311823cb7334bfaca1e19b3e1bc7a526d04e1'|'Weaker gold prices rekindle demand; India shifts to premium'|'Money News - Fri Mar 10, 2017 - 4:55pm IST Weaker gold prices rekindle demand; India shifts to premium FULL COVERAGE: By Rajendra Jadhav and Arpan Varghese - MUMBAI/BENGALURU MUMBAI/BENGALURU Gold demand picked up slightly across Asia this week, fuelled by a drop in international prices as the dollar gained on expectations of a near-certain increase in U.S. interest rates, traders and market participants said. The price of gold fell to its lowest in more than five weeks on Friday as traders took to the sidelines ahead of U.S. payrolls data, which will be closely watched for clues on the outlook for U.S. monetary policy. In top consumer China, physical demand for gold has been strong, traders said, with premiums quoted between $15 and $17 an ounce over international spot prices, as against the $9-$12 levels seen last week. "We are starting to hear clients coming and enquiring about inventories, so we expect physical demand to increase," said Brian Lan, managing director at Singapore-based gold dealer GoldSilver Central. Singapore prices were seen at a premium of 90 cents to a dollar. Hong Kong prices were quoted at a premium of 70 cents to $1, compared with 50 cents to $1.10 a week earlier. Prices in Japan were at a discount of 75 cents to $1, compared with the 50 cents-to-$1 discount range seen last week. "In Japan, there has been a slight pick-up in demand, especially from the industrial sector as local prices start to ease," a Tokyo-based trader said. Meanwhile, bullion prices in India reached a premium this week, though retail demand remained subdued. Dealers in India, the world''s second-largest consumer of the metal, were charging a premium of around $2 an ounce over official domestic prices, compared with a discount of $3 last week. The domestic price includes a 10 percent import tax. "A lot of gold imported above $1,230 (an ounce) is unsold. That''s why everyone is trying to charge a premium despite the weak demand," said a Mumbai-based dealer with a private bank. India''s February gold imports surged to 50 tonnes, up more than 82 percent from a year earlier, on pent-up jeweller demand. "Retail demand for the wedding season has tapered off. Many consumers are postponing purchases to next month due to children''s exams," said Fatechand Ranka, a jeweller based in Pune, Maharashtra. "If prices remain at about 28,000 rupees, then demand will be good during upcoming festivals," Ranka said. In the local market, gold futures were trading around 28,250 rupees per 10 grams on Friday. They have fallen more than 5 percent in two weeks. (Reporting by Arpan Varghese in Bengaluru; Editing by Sherry Jacob-Phillips and Dale Hudson) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/asia-india-gold-demand-idINKBN16H1BI'|'2017-03-10T18:25:00.000+02:00'
'a4caa6755195752aa2cb16a0ef4615786db64407'|'BRIEF-Marin software - CFO Catriona Fallon to resign, effective March 24'|' 40am EST BRIEF-Marin software - CFO Catriona Fallon to resign, effective March 24 March 10 Marin Software Inc * Marin Software-on March 8, CFO Catriona Fallon, notified company that she would resign as CFO, effective as of March 24 - sec filing * Marin Software - Yagnesh Patel will serve as interim “principal financial officer” and “principal accounting officer" until new CFO is appointed Source text : bit.ly/2nddObq  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-marin-software-cfo-catriona-fallon-idUSFWN1GN0CF'|'2017-03-10T22:40:00.000+02:00'
'9fcdac4ee285d21f55636318fb220266cf41eb6c'|'EU capitalizing on free-trade interest amid gloom over Trump policies'|'By Martin Petty and Neil Jerome Morales - MANILA MANILA The European Union is seeing increased impetus around the world to move forward with Free Trade Agreements (FTA) with the bloc, which will make the most of uncertainty over the outlook for U.S. trade policy, the EU''s trade envoy said on Friday.The EU was close to finishing or implementing FTAs with Japan, Vietnam and Singapore and was readying to start talks with Australia, New Zealand and Chile - all members of a U.S-inspired Trans-Pacific Partnership (TPP) devastated by Donald Trump''s decision to pull Washington out of the deal on day three of his presidency."Today, there is political opportunity to say that those of us who believe in open markets and good trade, we are willing to do trade agreements," EU Trade Commissioner Cecilia Malmstrom told Reuters in an interview."Whether that (TPP) is dead, or partially dead, it is not for me to judge. But we have seen an increase of willingness to step up trade agreements."One project thrust back on the table is an FTA between the EU and the Association of Southeast Asian Nations (ASEAN) that was abandoned in 2009 due to disparities in wealth and standards between its 10 markets.Malmstrom also said it should not be assumed an EU-U.S. trade deal had collapsed, despite indications the Trump administration would pursue a protectionist agenda.EU and U.S. officials were negotiating for more than three years on a Transatlantic Trade and Investment Partnership (TTIP) and that could be easily resumed, she said, and should not be impacted by Britain''s looming departure from the EU.NOT OVER"We have left in a tidy order, when we stopped negotiating before the change of administration," she said. "It makes a lot of sense to facilitate trade between the EU and the U.S."She added: "We need to be patient. But while waiting for more clarity from the American administration, there are lots of other partners as well."Malmstrom said ASEAN, a region with combined $2.6 trillion GDP and some of the world''s fastest-growing economies, had become integrated "in an impressive way".EU figures show trade between the EU and ASEAN region was worth $220 billion last year. The EU is its biggest source of investment, according to the EU-ASEAN business council.FTAs with Vietnam and Singapore should come into force early next year, Malmstrom said, while negotiations with Indonesia and the Philippines were "at full speed" and discussions had taken place about reviving plans for an FTA with Malaysia.Malmstrom said establishing a bloc-to-bloc trade deal would be a challenge, so an FTA with ASEAN might be less comprehensive that others."There''s still a lot of differences between the richest and poorest countries here, so there will have to be different levels and it will not be as ambitious," she said.One complication for EU trade talks in Southeast Asia, and tariff perks offered through its Generalised Scheme of Preferences, has been human rights, with entrenched problems in Vietnam, Myanmar, Thailand and Cambodia, among others.Concerns were relayed to the Philippines, Malmstrom said, about alleged extrajudicial killings in the government''s bloody war on drugs and its push to reinstate the death penalty, but the EU was not ready to consider suspending GSP privileges."It is a bit too early to draw conclusions," she said. "But we do not hide that yes we are concerned about some of these developments."(Editing by Nick Macfie)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-eu-trade-usa-idINKBN16H1LZ'|'2017-03-10T10:20:00.000+02:00'
'ab6cc26c8ad79d3d72cebc56daaaa9b3e477e368'|'BRIEF-AMC Entertainment announces proposed private of some notes'|' AMC Entertainment announces proposed private of some notes March 11 AMC Entertainment Holdings Inc * AMC Entertainment Holdings, Inc. Announces proposed private offering of usd and GBP senior subordinated notes * AMC Entertainment Holdings Inc says intends to offer $475 million in aggregate principal amount of dollar-denominated senior subordinated notes due 2027 * AMC Entertainment holdings inc - amc intends to use net proceeds from offering to finance acquisition of Nordic Cinema Group Holding Ab * AMC Entertainment - in event nordic deal not completed on june 30, co to be required to redeem notes at redemption price equal to initial offering price * AMC Entertainment Holdings - to offer additional gbp 250 million aggregate principal amount of sterling-denominated 6.375% senior subordinated notes due 2024 Source   Developer of Trump Tower in Toronto faces class action lawsuit TORONTO, March 10 A class-action lawsuit seeking the return of deposits has been launched against the developer of a downtown Toronto hotel bearing the name of U.S. President Donald Trump, the lawyer who won an earlier test case for disgruntled investors said on Friday.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-amc-entertainment-announces-propos-idUSASB0B50J'|'2017-03-11T06:36:00.000+02:00'
'771982e64d9faeaab1ef2c5b62d51acb217dff5b'|'Carrefour CEO confident of turnaround despite profit hit'|'Thu Mar 9, 2017 - 2:40pm GMT Carrefour CEO confident of turnaround despite profit hit FILE PHOTO: The logo of France-based food retailer Carrefour is seen on the roof of Tbilisi Mall in Tbilisi, Georgia, April 22, 2016. REUTERS/David Mdzinarishvili/File Photo By Dominique Vidalon - PARIS PARIS Carrefour ( CARR.PA ) disappointed investors with its first drop in annual operating profits since 2012 on Thursday, although the boss of the world''s second-largest retailer said he was "optimistic" about the future and his turnaround strategy. Shares in Carrefour were down 4.5 percent, the worst stock on Paris'' benchmark CAC-40 index .FCHI , after it reported a worse-than-expected 3.8 percent drop in operating profit, with its core French business particularly weak. "The company is still not delivering on Plassat''s stated ambition when he took over in 2012 to rebuild margins along those of the best performers in the sector," said Gregoire Laverne, a fund manager at Roche Brune Asset Management. Georges Plassat, whose term as chairman and chief executive ends in May 2018, has presided over some signs of a recovery at Carrefour, which makes 73 percent of its sales in Europe and 47 percent in France, since taking over as CEO in 2012. But the company''s stock is down around 5 percent so far in 2017, having fallen 14 percent last year. There is speculation about who will succeed Plassat, who in his first public comment on the issue said on Thursday he was in favor of a candidate to replace him from within Carrefour. This would avoid an "abrupt" change in strategy, he said, adding that Carrefour''s board and its key shareholders had the final say in the matter. Plassat could not say if Carrefour would have picked a candidate by its annual shareholders meeting on June 15, but he did say Carrefour was ready to float its Carmila property unit and its Brazilian arm this year. This would raise funds to expand key parts of its business and Carrefour pledged to grow sales and free cash flow after reporting that in France its operating profit fell 13.4 percent, with margins down by 40 basis points to 2.9 percent. Shares in French retailer Casino ( CASP.PA ) also came under pressure this week after analysts said Casino''s profit growth forecast for 2017 was not as robust as they had hoped, highlighting the pressures faced by the sector. Carrefour''s Plassat has focused on price cuts along with an expansion into smaller convenience stores, while also renovating its chain of hypermarkets, starting in France. Yet while Carrefour has made good progress in most European countries and in Brazil, its second-largest market, it has lagged behind on its French hypermarkets. Chief Financial Officer Pierre-Jean Sivignon said Carrefour was targeting better results at its French Dia stores for 2017. Outside of France, Carrefour posted stronger performances in Spain, Italy and Brazil, although China is still loss-making. (Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta/Keith Weir/Alexander Smith) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-carrefour-results-idUKKBN16G0LC'|'2017-03-09T21:38:00.000+02:00'
'07872fd0220442df01bef7078da89aeab2ad8ce9'|'All aboard: Can a railway legend deliver at America’s CSX?'|'E. HUNTER HARRISON, a veteran railway executive, tried retiring in 2010, after he made Canadian National (CN), a formerly state-owned company, the best-performing of the large railways in North America. But once he pocketed the gold watch and attended the retirement party he faced a void that raising and training horses for showjumping did not fill. By mid-2012 he was back at the helm of another railway, Canadian Pacific (CP), whose glory days were long past. Once he had turned around CP, he didn’t make the same mistake again. On January 18th the 72-year-old Tennesseean both announced his departure and entered negotiations with Florida-based CSX to become that railway’s CEO.Just the rumour that Mr Harrison might be moving to CSX caused the share price to rise by 23% in 24 hours. It continued to rise when the negotiations became public. At last, on March 6th, CSX appointed Mr Harrison as CEO and met the condition set by Mantle Ridge, an activist hedge fund with which he has partnered, to name five new board directors. Mr Harrison made long-term shareholders in CP and CN rich, tripling profits at both during his tenures. CSX shareholders expect the same.Will he deliver? CSX is different from the railways Mr Harrison has run in the past. Its 21,000-mile network is concentrated, spaghetti-like, in heavily-populated eastern America, unlike the linear, continent-spanning networks of roughly similar total length that are operated by CN and CP. And he faces two new and potentially damaging headwinds: the decline of coal, a mainstay of railway-freight volumes; and Donald Trump’s views on trade. Both could seriously disrupt business on North American railways.Mr Harrison certainly knows the industry inside and out. He reportedly started out lubricating the undercarriage of railcars for $1.50 an hour and worked his way up at Burlington Northern before leaving to work for Illinois Central. He joined CN when it bought Illinois Central in 1998. Along the way he became an evangelist for precision railroading, his concept that freight trains should run on a strict schedule regardless of whether they are near-empty or full. This went against the prevailing trend of adding more locomotives and cars and leaving their schedules flexible. Operating fewer trains, but on time, Mr Harrison showed, meant greater efficiency and better service for customers, who know when their shipments will arrive.Another part of precision railroading is ditching old equipment and slashing staff. Mr Harrison retired 700 locomotives, or two-fifths of the fleet, at CP; about 6,000 of 20,000 jobs disappeared, largely through attrition. This earned him the ire of some unions, which also questioned the impact on safety of time-saving measures like allowing staff to jump on and off (slow-)moving trains or insisting that managers drive trains if no other staff were available. This reduced some managers to tears, says a former employee: “They weren’t afraid of driving the train, they were afraid of crashing it.” Mr Harrison thought the hands-on experience would help them do their desk jobs better.CSX is in better shape than either of his previous two charges. CN was government-owned until 1995 and was hobbled by bureaucracy. CP, created to tie Canada together with a line extending to the west coast, was the laggard among the big North American railways when Mr Harrison arrived. Its operating ratio (operating expenses as a percentage of revenues) was 81.3 at the end of 2011. By 2016 it had been driven down to around 60, although some people quibble that one-off sales may have flattered the ratio. CSX had an operating ratio of 69.4 in 2016, and is already making many of the moves Mr Harrison has used elsewhere, like increasing the ratio of cars to locomotives and cutting staff.As for coal, revenues from the commodity fell by nearly $2bn to $1.7bn between 2011 and 2016. Further falls are expected. The main replacement as a source of revenue is intermodal container freight carrying all manner of goods. Here Mr Trump is a problem. His proposed renegotiation of the North American Free-Trade Agreement (NAFTA) is creating alarm in the industry. Re-imposing borders in the North American market would have a “tremendously negative effect”, says William Vantuono, editor-in-chief of RailwayAge .Accepting the job, Mr Harrison confirmed that he will bring precision railroading to CSX. Might he have grander ambitions? Mr Vantuono believes that his ultimate goal is to arrange one of the mergers that eluded him in the past and to create a transcontinental railway. Others think he just wants to show—again—that his way is the right way. “There isn’t a railroad that Hunter Harrison couldn’t improve,” says Anthony Hatch, a New York-based analyst. But it will be difficult to repeat his previous successes or to match sky-high shareholder expectations.  Business   "The whistle’s blowing"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21718551-harrison-hunters-precision-railroading-method-requires-trains-run-time-can-railway?fsrc=rss'|'2017-03-09T23:29:00.000+02:00'
'cc0cc92cae82419c79e91cd1edc23ef2e321eddb'|'MOVES-Citi names new head for ASEAN corporate, investment banking'|'HONG KONG, March 10 Citigroup Inc has named David Biller as its new corporate and investment banking head for the 10-member Association of South East Asian Nations (ASEAN) as part of its enhanced focus on the region, according to an internal memo seen by Reuters.Biller, who joined Citi in 2000, will take up the new role in Singapore with immediate effect, and will continue to hold his existing position of head of diversified industrial for Asia Pacific, said the memo.In the new role, Biller will replace Will McLane, who remains the bank''s head of financial institutions group in Asia, and the memo said additional responsibilities for him will be announced shortly.A spokesman for Citi in Hong Kong confirmed the content of the memo.The bank also named Jonathan Quek as the head of investment banking for Singapore, in addition to his current role as co-head of real-estate investment banking for Asia Pacific, the memo said. (Reporting by Sumeet Chatterjee; Editing by Gopakumar Warrier)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/citigroup-asean-moves-idINL3N1GN1WT'|'2017-03-10T01:15:00.000+02:00'
'b71e54ce757e163eb462930d2834f511d498e5e5'|'China''s MOFCOM says opposes U.S. sanctions on its firms under U.S. laws'|'HONG KONG, March 9 China''s Ministry of Commerce (MOFCOM) said on Thursday it is opposed to the United States sanctioning Chinese firms under its domestic laws, and that it hoped that country would handle ZTE Corp''s $892 million settlement case "appropriately".The comment comes after Chinese telecom equipment maker ZTE earlier this week agreed to plead guilty and pay the record fine to settle charges that it violated U.S. export restrictions to Iran and North Korea."We hope the U.S. would protect overall Sino-US trade relations, handle this matter appropriately so as to create a favourable atmosphere for the development of stable and healthy bilateral trade ties," the official Xinhua news agency reported commerce ministry spokesman Sun Jiwen as saying.Sun''s comments followed remarks from Chinese foreign minister Wang Yi on Wednesday who had said China''s government "consistently opposes foreign governments putting unilateral sanctions on Chinese companies."ZTE did not respond to a request for comment on Sun''s remarks. Its chairman and CEO Zhao Xianming said in a statement after the settlement that "ZTE has created strong partnerships with many U.S. suppliers that support nearly 130,000 high-tech jobs." (Reporting by Sijia Jiang; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-china-zte-reaction-idINL3N1GM2AB'|'2017-03-09T05:04:00.000+02:00'
'3f9c00ca298207ab7b8bf242ee41a1d4e4fd84a2'|'AIG CEO Peter Hancock to resign, Icahn cheers move'|' 01pm IST AIG CEO Peter Hancock to resign, Icahn cheers move FULL COVERAGE: INDIA ELECTIONS 2017 AIG CEO Peter Hancock speaks during the White House summit on cybersecurity and consumer protection in Palo Alto, California February 13, 2015. REUTERS/Robert Galbraith/Files   Inc said Chief Executive Peter Hancock has informed the board that he plans to resign, more than a year after billionaire investor Carl Icahn called for a breakup of the company. Hancock will remain CEO until a successor has been named, the company said. The Wall Street Journal reported last month that the company''s board was discussing whether to penalize or oust Hancock over a major setback in the insurer''s turnaround plan. Tensions between Hancock and Icahn began to mount after the CEO rebuffed the activist investor''s proposals. Icahn has also threatened a proxy fight at AIG. "We fully support the actions taken today by the board of AIG," Icahn tweeted on Thursday. Icahn has argued that a split would help AIG rid itself of the regulatory burden of being a systemically important financial institution, which requires higher capital cushions. "Without wholehearted shareholder support for my continued leadership, a protracted period of uncertainty could undermine the progress we have made and damage the interests of our policyholders, employees, regulators, debtholders, and shareholders," Hancock said in a statement. Hancock was named president and chief executive officer in September 2014. AIG''s shares rose 2.4   (Reporting by Nikhil Subba   Saumyadeb Chakrabarty) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/aig-moves-ceo-idINKBN16G1TH'|'2017-03-09T20:31:00.000+02:00'
'1992774e822b634f0994ba5c580ce6516a37a370'|'German finance minister says wants ''timely start to exit'' from ECB stimulus'|'Business   10:06am GMT German finance minister says wants ''timely start to exit'' from ECB stimulus German Finance Minister Wolfgang Schaeuble attends the weekly cabinet meeting at the Chancellery in Berlin, Germany, February 22, 2017. REUTERS/Fabrizio Bensch BERLIN German Finance Minister Wolfgang Schaeuble said on Thursday he was in favour of a "timely start to the exit" from the European Central Bank''s loose monetary policy, as the central bank gathered for a policy meeting. Speaking at an event of regional banks in Berlin, Schaeuble called for more international tough rules for big banks, adding that the U.S. government shared the German view that there should be some easing of the burden for smaller banks. The ECB is on Thursday expected to resist calls to tighten policy as it casts a cautious eye ahead to high-risk elections in the Netherlands and France during an upsurge in populist, anti-establishment sentiment. (Reporting by Gernot Heller; Writing by Michael Nienaber; Editing by Madeline Chambers) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-policy-germany-schaeuble-idUKKBN16G14E'|'2017-03-09T17:06:00.000+02:00'
'ae82fbc1eabb97330c66db6561f7a4f941c26d50'|'Shell sells Canadian oil sands, ties bonuses to emissions cuts'|'By Karolin Schaps - LONDON LONDON Royal Dutch Shell has agreed to sell most of its Canadian oil sands assets for $8.5 billion, the latest international oil major to withdraw from the costly projects, which are among the most carbon heavy.Shell is trying to sell assets totaling $30 billion to cut debt following its $54 billion acquisition of BG Group and is under investor pressure to mitigate climate change risks.As well as revealing the Canadian oil sands sale, Shell also said on Thursday that ten percent of directors'' bonuses will now be tied to how well it manages greenhouse gas emissions in refining, chemical and upstream.Analysts welcomed the deal, under which Shell has agreed to sell its existing and undeveloped Canadian oil sands interests to Canadian Natural and to cut its share in the Athabasca Oil Sands Project (AOSP) from 60 to 10 percent."This significant divestment should help de-gear Shell''s balance sheet over 2017 and help remove concerns around the dividend," Biraj Borkhataria of RBC Capital Markets said.Shell is also buying half of Marathon Oil Canada Corporation which brings the deal''s value to Shell to $7.25 billion and its divestment plan total to around $20 billion as it works towards its target of $30 billion by late 2018.Other oil firms including Exxon Mobil, Conoco Phillips and Statoil have written down or sold their Canadian oil sand assets.Shell said it would remain as operator of the AOSP Scotford upgrader and the Quest carbon capture and storage project.Shares in Shell were trading 1.1 percent lower at 0852 GMT, in line with the sector index that was down 1.2 percent.The company is also replacing earnings per share in directors'' long-term incentives with free cashflow, saying its disposals program had made it a more important metric.In its annual report, Shell said its Chief Executive Ben van Beurden saw his pay jump 60 percent to 8.263 million euros ($8.7 million) in 2016, the year he pulled off the BG purchase.(Editing by Jason Neely and Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-shell-divestiture-cdn-natural-rsc-idINKBN16G0PH'|'2017-03-09T06:42:00.000+02:00'
'07b620682c2ca911b09307b61eba77ef3c637f1a'|'AIG CEO Peter Hancock to resign'|'Business News - Thu Mar 9, 2017 - 8:16am EST AIG CEO Peter Hancock to resign FILE PHOTO: AIG CEO Peter Hancock speaks during the White House summit on cybersecurity and consumer protection in Palo Alto, California February 13, 2015. REUTERS/Robert Galbraith American International Group ( AIG.N ) said Chief Executive Peter Hancock has informed the board that he plans to resign. Hancock will remain CEO until a successor has been named, the company said. (Reporting by Nikhil Subba in Bengaluru; Editing by Saumyadeb Chakrabarty) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-aig-moves-ceo-idUSKBN16G1RB'|'2017-03-09T20:16:00.000+02:00'
'd35e8d277f950e598ec238ef9e87db6513b74d65'|'Domino''s Pizza full-year profit rises 17 percent on more online, mobile orders'|' 48am GMT Domino''s Pizza full-year profit rises 17 percent; buys pizza chain in Norway The sign of a Domino''s Pizza restaurant is seen in Paris, France, October 27, 2016. REUTERS/Charles Platiau Britain''s biggest pizza delivery firm, Domino''s Pizza Group PLC ( DOM.L ), said full-year operating profit rose 17.1 percent, driven by a surge in online and mobile orders. Domino''s also said on Thursday that it bought Norwegian pizza chain Dolly Dimple''s from Norges Gruppen for an enterprise value of 4 million pounds through its associate Pizza Pizza Norway. Domino''s plans to integrate the Dolly Dimple''s business into their operations in Norway, which currently has 12 operating stores. The combined operation will have around 50 stores by the end of the year, Domino''s said. Domino''s has been focussing on sales through online channels to compete better with food delivery company Just Eat ( JE.L ), which said on Tuesday that it expected another year of material growth. The company has managed to stay ahead of competition by effectively using technologies such as digital wallets and apps for smartphones and smartwatches that help customers place and pay for orders quickly. Dominos said online system sales represented 72 percent of all delivered sales, up from 67 percent in 2015. Mobile sales accounted for 73 percent of online system sales. The company said it expects to open around 80 new stores in the UK and invest in additional supply chain centres in 2017. The group, which has most of its stores in the UK but also operates in Ireland, Switzerland and Germany, said underlying pretax profit rose to 85.7 million pounds in the 52 weeks ended Dec. 25 from 73.2 million pounds a year earlier. Sales at UK stores open for 2 years rose 7.5 percent in the period. The company, which is a master franchisee of U.S. group Domino''s Pizza Inc ( DPZ.N ), said system sales rose 14.5 percent to 1 billion pounds. Dominos said U.K. online system sales represented 72 percent of all delivered sales, up from 67 percent in 2015. Mobile sales accounted for 73 percent of online system sales. Last week, Domino''s Pizza Inc, the parent group of Domino''s in the U.S., reported a better-than-expected rise in revenue for the fourth quarter. (Reporting by Rahul B and Arathy S Nair in Bengaluru; Editing by Sunil Nair)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-dominos-piza-grp-results-idUKKBN16G0NQ'|'2017-03-09T14:31:00.000+02:00'
'c114a6e8437822c3b115b26a3f4d8eaa4ca87320'|'Mitsubishi likely to share pickups with Nissan: COO'|'Business   1:19pm EST Mitsubishi likely to share pickups with Nissan: COO A Mitsubishi Motors dealership is shown in Poway, California July 27, 2015.   By Laurence Frost - GENEVA GENEVA Mitsubishi Motors ( 7211.T ) and its new parent Nissan ( 7201.T ) are studying joint production of pickup trucks in Southeast Asia as they look for savings within the broader Renault-Nissan alliance, a senior executive told Reuters. The Japanese groups may pool technical underpinnings and production of future replacements for the Thai-built Nissan Navara and Mitsubishi Triton, Mitsubishi Chief Operating Officer Trevor Mann said in an interview at the Geneva car show. Mitsubishi''s pickup architectures are likely to become the basis for future alliance models, said Mann, who was despatched by Chief Executive Carlos Ghosn to help turn Mitsubishi around after Nissan paid $2.3 billion for a 34 percent controlling stake in the scandal-hit company last October. "If you look at our cost performance in that region, we are the benchmark within the alliance," Mann said. "Our four-by-four technology, our cost base on pickups is better than Nissan''s." Nissan snapped up Mitsubishi last year after the company admitted in April it had falsified fuel consumption data, triggering a sales slump and steep losses expected in the current fiscal year, which ends this month. Mitsubishi expects sales to bounce back above 1 million vehicles next year, Mann said, almost reversing their 8 percent decline from 1.05 million before the outcry. Nissan and Mitsubishi currently produce frame-based pickups and cars - which have fundamental design and manufacturing differences - on separate lines at each of their Thai plants. Moving to common architectures could potentially allow the Mitsubishi factory to specialize in pickups while the Nissan plant builds cars and SUVs, increasing productivity at both sites, Mann said, while stressing that nothing had been decided. Cooperation will rapidly extend to other countries in the region including Indonesia and the Philippines, where the companies have plants, Mann said. But pickups are likely to stay based in Thailand, where they account for 40 percent of sales. The current Navara and Triton models were launched in 2014 and are not due for replacement before 2022, which means development and production decisions may still be two or more years away. In the meantime, Nissan and Mitsubishi are already pooling car transport and other logistics while stepping up efforts to find more savings from joint purchasing. Renault ( RENA.PA ) and Nissan, whose 18-year-old alliance is cemented by reciprocal minority shareholdings, are also likely to use Mitsubishi''s plug-in hybrid technologies, Mann added. "That''s an obvious opportunity." But Renault may have to wait longer than its alliance partner for the market access and savings that their new affiliate can bring. "What we have to do is prioritize," Mann said. "We have the capital share with Nissan, so it''s logical to start there." Under Nissan ownership, Mitsubishi is still "cleaning house" in the wake of the fuel-economy data scandal, he added. "We''re introducing a proper delegation of authority, risk control and business ethics in the company," Mann said. "If we did uncover anything (else) which was not correct, we would disclose in an appropriate manner." (Additional reporting by Naomi Tajitsu in Tokyo; Editing by Mark Potter) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-autoshow-geneva-nissan-mitsubishimoto-idUSKBN16H2C7'|'2017-03-11T01:19:00.000+02:00'
'bfd90e00518774ed4d0e93df525c881a9251a28b'|'BP plans entry into Mexico''s once-closed retail gasoline market'|'Global Energy News - Thu Mar 9, 2017 - 11:10pm GMT BP plans entry into Mexico''s once-closed retail gasoline market left right A BP logo is seen at a petrol station in London, Britain, January 15, 2015. REUTERS/Luke MacGregor/File Photo 1/3 left right A flag with the BP logo is seen at the new BP petrol station on the outskirts of Mexico City, Mexico March 9, 2017. Flag reads ''Gasoline'' REUTERS/Carlos Jasso 2/3 left right A BP employee cleans a gas pump at the new BP petrol station on the outskirts of Mexico City, Mexico March 9, 2017. REUTERS/Carlos Jasso 3/3 By David Alire Garcia - MEXICO CITY MEXICO CITY Motorists will be able to fill up their gas tanks at about 1,500 new BP service stations the oil major plans to open across Mexico over the next five years, company executives said on Thursday. The entry of Britain''s BP into Mexico''s fuel market, which by law was closed for decades to all firms except national oil company Pemex, marks the first time an international oil major has sought a foothold in Mexico''s newly liberalized fuel sector. BP operates around 18,000 gas stations scattered across some 20 countries. "We''ve positioned ourselves as a leading fuel retailer in all of those markets," Richard Harding, a vice president with BP''s downstream unit, said at a ceremony in Mexico City. "Going forward, Mexico will be no exception." There are about 11,400 gas stations in Mexico. BP said in a statement that it planned to open around 200 gas stations in 2017. The new BP stations will charge "market prices" for the fuel, company executives said, and given a gradual phase-out of government-set fuel prices, the company plans to stand out from its competitors with superior service, not lower prices. The announcement was attended by Mexican Energy Minister Pedro Joaquin Coldwell, himself the owner of several Pemex gas stations he inherited. He welcomed the new choices being made available to drivers in Mexico, which he described as the world''s fourth biggest gasoline market. A four-year-old energy reform ended the monopoly Pemex enjoyed in everything from crude production to retail sales. Alvaro Granada, the head of BP Mexico''s downstream division, said the five-year plan to open 1,500 stations will be powered by an investment totalling "several hundreds of millions of dollars," both for the individual stations as well as spending on terminals and pipelines. Granada said the 1,500 BP-branded gas stations will be a mix of newly constructed units and former franchises of Pemex, though he declined to be more specific. The first BP station, converted from a former Pemex station, opened earlier this week in the middle-class residential neighbourhood of Satelite, just north of Mexico City. BP will purchase wholesale gasoline from Pemex, but will mix in its own proprietary additives at Pemex''s main Mexico City terminal. While Pemex franchises continue to dominate the retail fuel sector, several other companies have announced plans to enter, including Femsa''s Oxxo chain of convenience stores as well as Gulf Oil. (Reporting by David Alire Garcia; editing by Grant McCool) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bp-mexico-gasoline-idUKKBN16G370'|'2017-03-10T06:10:00.000+02:00'
'8f27c22bc5cb07f7970641cb118955e782b6ca5c'|'After Snap IPO, U.S. regulator Stein questions voting rights'|'Technology News - Thu Mar 9, 2017 - 6:00pm GMT After Snap IPO, U.S. regulator Stein questions voting rights A young girl pushes her scooter past the front of the New York Stock Exchange (NYSE) with a Snap Inc. logo hung on the front of it shortly before the company''s IPO in New York, U.S., March 2, 2017. REUTERS/Lucas Jackson By Lisa Lambert and Ross Kerber - WASHINGTON/BOSTON WASHINGTON/BOSTON One of two current members of the U.S. Securities and Exchange Commission raised questions on Thursday about Snap Inc and other companies that offer shareholders unequal voting rights, saying the agency should "focus on how some innovations may prove detrimental to investors." "Unequal voting rights present complex and new issues that need to be understood and addressed," Commissioner Kara Stein, a Democrat, said at a meeting of the SEC''s Investor Advisory Committee in Washington. "We also must be mindful of the precedent being created." Unequal voting rights were on the committee''s agenda after last week''s $3.4 billion initial public offering of Snap, the parent of social media app Snapchat. In an unprecedented move, the shares Snap sold to outside investors did not include any voting rights, raising questions about whether those stockholders would be getting enough transparency or influence. Snap has said its voting structure is good for investors as a way to preserve founder control. Other big technology companies have also offered shares with limited voting rights for outsiders in recent years, despite calls from large institutional investors for increased rights to promote better corporate governance. "What is the effect on capital formation and emergent public companies when the bundle of rights offered to shareholders in a public offering excludes voting rights?" Stein asked. Another speaker on Thursday was David Berger, a partner at the Wilson Sonsini law firm who advises Silicon Valley companies on corporate governance. Berger said many tech companies such as Google parent Alphabet Inc, which he has represented, have adopted new share structures as a response to the short-term pressures of Wall Street. Tech companies often have large cash balances or high spending on research and development, areas often targeted by shareholder activists, Berger said. Ken Bertsch, executive director of the Council of Institutional Investors, which represents big pension funds and other asset managers, said share structures like Snap''s still posed risks. The SEC should conduct further reviews, he said, including with stock exchanges that list companies with unequal voting rights. Unequal voting structures also could complicate the strategies of index funds, he said, by introducing securities that resemble preferred shares or partnership structures. Most index fund providers prefer shares to have equal voting rights. "At some point," Bertsch said, "there''s some question of market confusion and a disabling of passive strategies." (Editing by Bernadette Baum and Lisa Von Ahn) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-sec-rights-idUKKBN16G2LO'|'2017-03-10T01:00:00.000+02:00'
'f929392e9e32e17a6ec3a0468ab347209e386f48'|'Who’s Nexit?: The retreat of globalisation threatens the Dutch economy'|'AS ANY football fan knows, little delights the Dutch more than beating the Germans. So, as the country prepares for an election on March 15th, it should be cheering an economy that, after lagging behind Germany’s for years, is at last outpacing it. GDP grew by 2.1% last year, which was the fastest rate since 2007 and a stronger performance than its neighbours, including Germany. Unemployment has fallen to 5.3% and more people are in work than before the crisis in 2007-08.After years of belt-tightening, households are spending again, thanks to a strong housing-market recovery and rising wages. Government finances are sound. This year the budget may be in balance—perhaps even in surplus—and public debt may drop below 60% of GDP. Yet this sunny outlook has not brightened the mood of a tetchy election campaign.That is not so surprising. Marieke Blom, the chief economist at ING, a bank, attributes the positive forecast mostly to tough government reforms over the past few years—particularly raising the retirement age to 67 (from 2021) and reforming the financing of the health-care system. Years of reform, austerity and recession have taken their toll. Pollsters predict strong votes for protest parties such as the Socialists and the PVV of Geert Wilders, an anti-immigration populist.Niek Stam, a trade-union leader, says that dockworkers in the port of Rotterdam will vote for Mr Wilders—not because they are racist but because they fear for their jobs, which are being threatened by robots, and for their pensions, which they see receding as the retirement age creeps up. Referring to Brexit, Mr Stam says some think “maybe we should do what the English are doing, as globalisation also brings harm.”Jeroen Dijsselbloem, the finance minister, acknowledges that, despite positive forecasts, “many of our voters have really had some harsh times.” So truculent is the mood that a poll by Ipsos last May found that, in a country once enthusiastic about the EU, 46% favour a “Nexit” referendum on whether to leave.Yet it is precisely places such as Rotterdam, the Netherlands’ “gateway to Europe”, that stand to lose the most from any retreat from globalisation. Over the past 20 years the Netherlands’ lucrative re-exports (computers shipped in from China, say, and then sent on to Germany) have quadrupled by value.So Brexit and a protectionist America under the presidency of Donald Trump both threaten the Netherlands more than most. In an otherwise upbeat report on the country’s prospects, the European Commission picks out Brexit-related risks as an Achilles heel. Ratings agencies put the Netherlands (along with Belgium, Ireland and Malta) as being at high risk from Brexit. By value added, Britain is the Netherlands’ second-biggest export market after Germany (see chart).Around 80% of the flowers and 70% of the plants that Britain imports come from the Netherlands. Growers could be particularly hard hit if Brexit led to new trade barriers. At a parliamentary hearing last month, representatives of other Dutch industries voiced similar concerns. The fishing lobby emphasised how much it needs access to British waters: 60% of the Netherlands’ fish, including 90% of its beloved herring, are caught there. Agricultural and food exports to Britain were worth €8.9bn ($9.8bn) last year. The farming lobby says it is already suffering from sterling’s weakness, which makes its products 20% dearer, and worries that the EU’s farming policy will become more subsidy-driven when Britain no longer has a seat at the table.The country’s economic-policy bureau, the CPB, estimates that a “hard” Brexit, in which British trade is governed just by WTO rules, could cost the Dutch economy 1.2-2% of GDP by 2030. And Britain is not the only headache. Exports to America—and hence the threat of American tariffs—also matter disproportionately to the Dutch: 3.4% of GDP (compared with 2.6% on average for the EU) and 300,000 jobs depend on them.Needless to say, a Nexit would cause much greater upheaval. Leaving the EU would hit the Netherlands much harder than Brexit will hit Britain, says Wim Boonstra, an economist at Rabobank’s research arm: “We’re the world’s second-largest exporter of agriculture; without free trade we would drown in milk and cheese.” The country grew rich in its golden age by sailing the seas and trading globally; on many measures it is still the world’s most open economy. Today it is the fifth-largest exporter of goods. A third of its GDP comes from exporting goods and services. Few countries have as much to lose from a world where drawbridges are pulled up and ships are kept in port.  Finance and economics   "Who’s Nexit?"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/finance-and-economics/21718520-netherlands-more-risk-most-brexit-and-protectionism-retreat?fsrc=rss'|'2017-03-09T23:29:00.000+02:00'
'89fb857e3f94a73763aa71a4155c1f81afe8846c'|'Chief of South Korea''s Samsung Group denies all charges - Yonhap'|'Business News - Thu Mar 9, 2017 - 5:52am GMT Chief of South Korea''s Samsung Group denies all charges - Yonhap Samsung Group chief, Jay Y. Lee arrives at the office of the independent counsel team in Seoul, South Korea, February 22, 2017. REUTERS/Kim Hong-Ji/File Photo SEOUL The leader of South Korea''s Samsung Group conglomerate, Jay Y. Lee, on Thursday denied all of a special prosecutor''s charges against him, the Yonhap news agency cited his lawyer as saying at the opening of a hearing against him. Court proceedings for the trial of Lee on bribery, embezzlement and other charges, began amid a corruption scandal that has rocked South Korea and led to the impeachment of the president. Lee, who is being detained at Seoul Detention Centre, was not in attendance. (Reporting by Joyce Lee; Editing by Robert Birsel) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-southkorea-politics-idUKKBN16G0FR'|'2017-03-09T12:52:00.000+02:00'
'278c3e1fe41ad99104f21840b6b25a1300fff2bd'|'UK house price growth stable in February, falls again in London - RICS'|' 28am GMT UK house price growth stable in February, falls again in London - RICS Houses are seen in London, Britain January 19, 2017. REUTERS/Stefan Wermuth LONDON British house price growth remained stable in February but prices fell again in London, taking the capital''s losing streak to a full year, a monthly survey of property valuers showed on Thursday. The Royal Institution of Chartered Surveyors (RICS) said its house price balance held at +24, matching a revised balance for February, slightly higher than a forecast of +23 in a Reuters poll of economists. London - where the high-end market in particular has been under pressure from concerns about Brexit and higher purchase taxes - reported a 12th consecutive monthly price fall. Overall, Britain''s housing market has held up more strongly than expected since last June''s Brexit vote. RICS said demand from new buyers remained static in February but more surveyors expected prices to rise over the coming year in February than in January. (Writing by William Schomberg; Editing by Dominic Evans)   Samsung Group chief denies all charges as ''trial of the century'' begins SEOUL The head of South Korea''s Samsung Group, Jay Y. Lee, denies all charges against him, his lawyer said on Thursday, at the start of what the special prosecutor said could be the "trial of the century" amid a political scandal that has rocked the country.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-houseprices-rics-idUKKBN16G0T0'|'2017-03-09T15:28:00.000+02:00'
'0dedc410984948cc04b6cb9e2ca23d940d00661a'|'Exclusive: Norway''s wealth fund may blacklist firms over emissions, corruption risk'|'By Gwladys Fouche - LYSAKER, Norway LYSAKER, Norway The ethics watchdog for Norway''s $900-billion sovereign wealth fund will recommend this year that the fund exclude or put on a watch list several firms in the oil, cement and steel industries for emitting too much greenhouse gas.Carbon emissions are a new criteria for the fund, which was built up from the proceeds of Norway''s own large oil industry and operates under ethical guidelines set by parliament.The world''s largest sovereign wealth fund, it has shares in 9,000 companies, 1.3 percent of the entire world''s listed equity, giving the decisions it takes to drop or reinstate shareholdings or warn firms considerable weight among investors.The chairman of the fund''s independent Council on Ethics, Johan H. Andresen, acknowledged in an interview what he called the "duality" of a fund based on oil divesting over emissions, but said his job was to execute rather than set a mandate.The fund may also exclude several firms in the defense, telecoms and arms industries this year over the risk of corruption, he said.The council''s recommendations go to the board of the central bank, which usually follows its advice.Speaking in an interview ahead of publication of the council''s annual report on Thursday, Andresen said it was already working on the first recommendation over emissions, expected to come by July."It will be a company either in the oil or concrete industry ... We have to start with the worst and make our way through the industries," he said, adding that there would be a "small handful" of recommendations to the board in 2017.The 55-year-old Norwegian, who also owns private investment vehicle Ferd, said the ethics panel would open a probe into the risk of corruption in the pharmaceuticals sector and investigate possible human rights abuses among firms recruiting staff for work in the Gulf States - including a "well known Western" firm.It will also investigate reported abuses in the textile industry in India and Bangladesh.The fund has stakes of more than 2 percent in 1,158 companies, more than 5 percent in 28 companies and an average stake holding in Europe of 2.3 percent. Such a wide spread makes it difficult to identify which companies it is investigating."BAD APPLES"The ethics procedure was launched at the start of the millennium and 65 companies are presently excluded on recommendations by the Council on Ethics, on various grounds. Another 69 companies are excluded directly by the central bank based on their dependence on thermal coal.The fund sells shares in any company it wishes to drop gradually, before any announcement, but being dropped or named as a source of concern can damage a company''s investment image. Andresen said the main aim was to remove the ethical risk.The fund is forbidden by law from investing in firms that produce nuclear weapons or landmines, or are involved in serious and systematic human rights violations, among other criteria.Following a three-year study on the risk of corruption in the telecoms, defense and energy industries, the council has sent up several recommendations to the board of the central bank to either exclude or observe companies in these sectors."They have the same type of risk elements: large contracts, government as a counterpart, lack of transparency/desire to keep things secret and a large number of middlemen. When you add them, they constitute a greater risk of corruption," Andresen said.The pharmaceuticals industry has the same elements of risk, he said. "We have received indications that there is a risk of corruption. We have enough indications to take a strong look."The council will also look into reports by rights groups of slavery-like conditions for North Koreans employed by companies in Eastern Europe, mostly in the manufacturing of heavy goods.On the issue of recruitment for work in the Gulf States from other parts of Asia, Andresen said he was optimistic over the process of talks with the Western company he mentioned."I am hopeful that they see it in their interest to change their practices and that it may be an impetus for other companies to follow. It is a well-known actor. It would be a great signal to others that this practice ended."Last year the council looked into the construction industry in Qatar - host of the 2022 soccer World Cup - and neighboring countries, after reports of abuse by human rights groups."Authorities in Qatar have issued new regulations forcing companies to better their practices, with more decent living and working conditions and the ability for a worker to keep his/her passport," he said. "I had anticipated a larger number of exclusions, but several companies show some progress."Andresen cited one unnamed firm which he said had reported reducing its corruption risk and also saving money by cutting the number of middlemen."Others are much more, ''let''s just see what happens, we don''t think we are guilty, these were some bad apples''."(Editing by Philippa Fletcher)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-norway-swf-ethics-idINKBN16G0YQ'|'2017-03-09T06:39:00.000+02:00'
'4d8bac325b991eb4328e609abc9564fd1c389643'|'Brazil''s Lojas Americanas raises $759 million in share offering -source'|'SAO PAULO, March 8 Lojas Americanas SA , Brazil''s largest discount retailer, has raised 2.4 billion reais ($759 million) through the sale of new common and preferred shares, one source with direct knowledge of the matter said.The company has priced its preferred shares at 16 reais and its common shares at 12.71 reais, the source added. Lojas Americanas has sold 9.3 million new common shares and 142.9 million new preferred shares.($1 = 3.1625 reais) (Reporting by Paula Laier; Writing by Tatiana Bautzer)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/lojas-americanas-stocks-offering-idINE6N14A04P'|'2017-03-08T21:07:00.000+02:00'
'a05870afac32d63fe0b2137588d85b206eebaf66'|'Wall Street to open lower as crude slips; jobs data eyed'|' 27pm IST Wall Street to open lower as crude slips; jobs data eyed FULL COVERAGE: By Yashaswini Swamynathan U.S. stocks were set to open slightly lower on Thursday as crude prices fell below $50 and investors stayed cautious ahead of Friday''s jobs data that could cement the chances of an interest rate hike next week. U.S. crude prices were off 1.7 percent after hitting a four-month low of $48.79 following a record rise in inventories. Shares of Exxon Mobil and Chevron were off about 1   They closed down nearly 2 percent on Wednesday. [O/R] The European Central Bank kept its policy stance unchanged and remained dovish on its outlook ahead of key elections in France and the Netherlands and a surge in inflation that could be temporary. Futures pulled back slightly after the ECB decision, but investors are squarely focused on Friday''s U.S. nonfarm payrolls report, which is expected to feed into Federal Reserve''s decision on an interest rate hike at its meeting on March 14-15. "I think we are headed for another defensive day, based on climbing yields, falling oil prices and tomorrow''s employment number, which will be another confirmation that the Fed may be more aggressive in raising rates than previously expected," said Peter Cardillo, chief market economist at First Standard Financial in New York. Worries over Wall Street valuations and the nearly 90 percent odds of a rate increase have put the brakes on a post-election rally in recent days. The S&P 500 has closed lower for the past three days, setting it up for the first weekly decline in seven weeks. "The market is priced to perfection, so any disappointment is not going to be well received," Cardillo said. The S&P is trading at about 18 times forward earnings estimates against the long-term average of about 15 times, according to Thomson Reuters data. Dow e-minis were down 24 points, or 0.12 percent at 8:32 a.m. ET (1332 GMT), with 24,954 contracts changing hands. S&P 500 e-minis were down 3 points, or 0.13 percent, with 186,304 contracts traded. Nasdaq 100 e-minis were down 5.5 points, or 0.1 percent, on volume of 25,689 contracts. A Labor Department report on Thursday showed the number of Americans applying for unemployment benefits rose to 243,000 last week, but remained below 300,000 for the 105th week, pointing to a healthy labor market. Among stocks,   was up 1.9 percent at $64.65 premarket after Chief Executive Officer Peter Hancock said he would resign. e.l.f Beauty jumped nearly 22 percent to $30.75 following the cosmetics maker''s better-than-expected quarterly revenue. Tailored Brands tumbled 31 percent to $16.20 after the Jos. A. Bank brand''s owner reported a bigger-than-expected loss in the fourth quarter. (Reporting by Yashaswini Swamynathan   Sriraj Kalluvila) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-stocks-idINKBN16G1W8'|'2017-03-09T20:57:00.000+02:00'
'af51cde1a84f90275c0ae8ba0ea688f208bbe85b'|'Bronfman-led investor group drops out of Time bidding: source'|'SAN FRANCISCO An investor group led by former music executive Edgar Bronfman Jr has dropped out of bidding for Time Inc ( TIME.N ), owner of People and Sports Illustrated magazines, according to a source familiar with the matter.The group, which also included media executive Ynon Kreiz, decided that the price Time Inc was asking for was too high considering the turnaround that was needed to boost growth, the person said, asking not to be named because the matter is private.A representative for the investor group declined to comment while Time Inc could not immediately be reached for comment.The Wall Street Journal first reported the news on Wednesday.(Reporting by Liana B. Baker in San Francisco; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-time-m-a-bronfman-idINKBN16G05X'|'2017-03-08T22:31:00.000+02:00'
'c862df1223ba31a1dcabb3ca4acb99e0e82bd94d'|'BRIEF-Vitality Products completes submission to FDA for notification of Vitality power iron + organic spirulina'|' 49pm EST BRIEF-Vitality Products completes submission to FDA for notification of Vitality power iron + organic spirulina March 9 Vitality Products Inc * Vitality products inc - completed its submission to food and drug administration (fda) for notification of vitality power iron + organic spirulina  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-vitality-products-completes-submis-idUSFWN1GL0W0'|'2017-03-09T07:49:00.000+02:00'
'f1c699401d317d7897889f4bc342f7e03dcec644'|'UK factories, export data suggest Brexit boost from weaker sterling'|' 34am GMT UK factories, export data suggest Brexit boost from weaker sterling Workers assemble cars at the plant for the Mini range of cars in Cowley, near Oxford, Britain June 20, 2016. REUTERS/Leon Neal/Pool LONDON British factory output had its strongest growth in nearly seven years in late 2016 and early 2017 and exports also grew quickly, data showed on Friday, suggesting a Brexit boost for the sector from sterling''s fall. Manufacturing output fell by 0.9 percent in January, a bigger decline than the 0.6 percent fall forecast in a Reuters poll of economists. But over the November-January period, factory output was up 2.1 percent, its strongest showing since the three months to May 2010, the Office for National Statistics said. Overall industrial output fell 0.4 percent in January, in with the median forecast in the Reuters poll. In annual terms, manufacturing output was up 2.7 percent while industrial output grew 3.2 percent. Britain''s manufacturing sector struggled to grow much in recent years but has shown signs of a pick up recently, possibly helped by the fall in the pound after voters decided in June that Britain should leave the European Union, and by a recovery in key European markets. Earlier this week, EEF, a group representing manufacturers, said the sector grew at its fastest pace in more than three years in early 2017. However, manufacturing accounts for only around 10 percent of Britain''s gross domestic product and there have been signs recently that consumers, whose spending helped the economy withstand the Brexit shock, are turning more cautious. Separate figures from the ONS showed Britain''s goods trade deficit with the rest of the world narrowed slightly in January to 10.833 billion pounds, smaller than the forecast deficit of 11.05 billion pounds in the Reuters poll. The ONS also announced a sharp lowering in its estimate of the trade deficit in the fourth quarter of last year to 5.0 billion pounds from a previous estimate of 8.6 billion pounds. In another sign of an improvement in the country''s trade position, volumes of goods exports over the three months to January grew by 8.7 percent, the strongest increase in more a decade, while imports grew by 1.6 percent. An ONS statistician said there was no direct evidence from businesses that the fall in the value of the pound was helping exports but their performance over the last six months suggested an increase in British competitiveness in foreign markets. British finance minister Philip Hammond wants to make the economy less reliant on domestic consumption, and on Wednesday he pencilled in growth of 0.3 percent in net trade for 2017 after a 0.4 percent decline last year. The fall in the value of the pound has made British exports cheaper abroad, but it has also pushed up the cost of imported material and fuel used by factories. The ONS also released figures for construction output in January, which fell 0.4 percent on the month and rose 2.0 percent on the year. The Reuters poll had pointed to a fall of 0.2 percent on the month and growth of 0.2 percent on the year. (Reporting by William Schomberg and Alistair Smout) ((uk.economics@reuters.com, Tel: +44 20 7542 7748))  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-idUKKBN16H11B'|'2017-03-10T16:34:00.000+02:00'
'2e08838c8ac7553ad730929a6a1b01211ce42b76'|'Pubs operator JD Wetherspoon sees slower sales, warns on taxes'|' 44am GMT Pubs operator JD Wetherspoon sees slower sales, warns on taxes Tim Martin, chairman and founder of pubs group Wetherspoon, attends an interview with Reuters at the Metropolitan Bar in London January 13, 2012. REUTERS/Suzanne Plunkett British pubs operator JD Wetherspoon ( JDW.L ) reported its slowest sales growth in at least seven years on Friday and warned higher taxes would squeeze future results. Wetherspoon said revenue rose 1.4 percent to 801.4 million pounds for the half year to January 22, down from growth of 6.2 percent a year earlier. For the six weeks ended 5 March revenue fell 0.2 percent, it said, after posting a gain of 5.7 percent for the same period a year earlier. In January, Wetherspoon warned of lower like-for-like sales and higher costs in the next six months. Following the British government''s 2017 budget announced on March 8, the company, which is already grappling with higher costs, said it faced an increase in taxes and duties of at least 20 million pounds next year. "Wednesday’s budget will weigh far more heavily on pubs than supermarkets, especially since wage costs per pint or meal are approximately 10 times higher in pubs," J D Wetherspoon Chairman Tim Martin said in a statement. Wetherspoon is seemingly the most exposed of Britain''s managed pub operators to any economic slowdown and the company can no longer use space for growth, Berenberg analysts said in a note. Finance minister Philip Hammond warned on Wednesday that Britain''s growth from next year to the end of the decade would be weaker than previously thought and would only return to 2.0 percent in 2021. Wetherspoon''s pretax profit after exceptional items rose 9 percent to 39.9 million pounds and it said it would maintain its full-year dividend at 4 pence per share. Shares of JD Wetherspoon were down 3.4 percent at 931 pence in early trade. (Reporting by Abhijith Ganapavaram in Bengaluru; editing by Jason Neely)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-j-d-wetherspoon-results-idUKKBN16H0T9'|'2017-03-10T15:44:00.000+02:00'
'2a75a4150aebdf9314b1e3c4d6b964e58e687cf1'|'China''s Fosun Pharma set to join bidding for Germany''s Stada: sources'|'By Arno Schuetze and Sumeet Chatterjee - FRANKFURT/HONG KONG FRANKFURT/HONG KONG China''s Shanghai Fosun Pharmaceutical ( 600196.SS ) is planning a bid for German generic drugmaker Stada ( STAGn.DE ), already the center of a 3.6 billion euro ($3.8 billion) takeover battle between two private equity consortia, two people close to the matter said.Fosun Pharma is also holding early-stage talks with buyout funds including CVC about a potential joint bid, but may decide initially to go it alone with a view to taking financial investors on board later, one of the people said.Fosun Pharma said it currently had no information to disclose. Stada declined to comment.Stada is expecting to receive so-called confirmatory bids from a consortium comprising Advent and Permira as well as from rivals Bain and Cinven, who have teamed up as well, on Friday. Final bids are due just before Easter, the sources said.The planned Stada bid is part of Fosun Pharma''s overseas expansion plans, after it acquired an Indian drugmaker, Gland Pharma, last year. Fosun Pharma''s Chairman Chen Qiyu had said in September that the firm was eyeing investments in other overseas markets.The company is part of Chinese conglomerate Fosun International ( 0656.HK ), headed by billionaire Guo Guangchang, which has been active in global mergers and acquisitions from property to finance.For buyout groups it makes sense to partner with a pharma group, as industry players are usually able to reap cost savings from an acquisition, giving them an edge in pricing power in a takeover situation, the sources said.After looking at Stada''s books, the private equity firms may eventually offer up to 60 euros per share, the sources said, adding that the confirmatory bids will likely be around the initial level of about 58 euros per share or 3.6 billion euros for all of Stada''s equity.Stada had opened its books to potential acquirers after coming under pressure from its largest shareholder to consider various takeover approaches.Cash-rich buyout firms looking to invest in stable healthcare businesses had been working on offers for Stada for months, people familiar close to the matter had said.(Additional reporting by Julie Zhu and Alexander Hübner; Editing by Georgina Prodhan/Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-stada-m-a-fosun-pharma-idINKBN16G1XV'|'2017-03-09T11:41:00.000+02:00'
'44776c8706662096e211249f8382f9ea1f8e20ba'|'Bayer, Monsanto start $2.5 billion asset sale to get merger clearance: sources'|'FRANKFURT German drug and crop chemical maker Bayer and U.S. seeds company Monsanto are launching asset sales worth roughly $2.5 billion as they seek regulatory clearance for their $66 billion merger, people close to the matter said.To kick off an auction process, Bayer''s advisors will send out information packages next week to prospective bidders for the businesses, which have been divided into three bundles of assets, the people said.Bayer and Monsanto have said in the past that they expect to divest activities with combined sales of up to $1.6 billion.While it could not be learned what businesses will be put on the auction block, antitrust and industry experts expect Bayer to potentially divest soybean, cotton and canola seed assets as well as LibertyLink-branded crops that are resistant to its glufosinate herbicide, an important alternative to Monsanto''s Roundup Ready seeds.Overall, regulatory hurdles to the deal are seen as manageable because Bayer''s main business in agriculture is pesticides while Monsanto''s focus is on genetically modified seeds.Bayer said last month that it was on track to clear all regulatory hurdles for the takeover by year-end, including a likely in-depth investigation by the European Union''s competition regulators.Peer BASF has been touted as a potential buyer of some of the assets after abstaining from a wave of consolidation in the agrochemicals industry, which also saw Dow and DuPont merging and ChemChina buying Syngenta.The assets, which comprise sets of different active ingredients in several global regions, will also be shopped to large private equity groups, which may, however, struggle to bid competitively against players in the agricultural supplies market, the sources said."Transaction security is more important than price," one of the people close to Bayer said.Bayer and Monsanto declined to comment.(Reporting by Arno Schuetze and Gregory Roumeliotis, additional reporting by Ludwig Burger; Editing by Harro ten Wolde)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-monsanto-m-a-bayer-idINKBN16G1PB'|'2017-03-09T09:53:00.000+02:00'
'4f92c30dd626bcbe0b5c75970e3c94c9580ca113'|'BRIEF-International Game Q4 adjusted EPS $0.88'|' 49am EST BRIEF-International Game Q4 adjusted EPS $0.88 March 9 International Game Technology Plc * International game technology plc reports fourth quarter and full year 2016 results * Q4 adjusted earnings per share $0.88 * Q4 earnings per share $1.15 * Q4 earnings per share view $0.52 -- Thomson Reuters I/B/E/S * 2017 maintenance capital expenditures are expected to be $525-$575 million * International game technology plc sees adjusted ebitda of $1,680-$1,760 million for full year 2017 period * 2017 growth capital expenditures will be approximately $100 million * Net debt is expected to be $7,600-$7,800 million at end of 2017 * Q4 revenue fell 3 percent to $1.321 billion * International game technology - italy lotto renewal will require outlay of approximately $320 million ($195 million net, after minority partner contribution) * Q4 revenue view $1.33 billion -- Thomson Reuters I/B/E/S  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-international-game-q4-adjusted-eps-idUSASB0B4LM'|'2017-03-09T18:49:00.000+02:00'
'2c48f17789f09accd89cb1500ee8fbf29ba4caac'|'Rockwell Collins, B/E Aerospace shareholders approve deal'|'  Rockwell Collins, B/E Aerospace shareholders approve deal March 9 Aircraft component maker Rockwell Collins Inc''s acquisition of aircraft interior maker B/E Aerospace Inc has been approved by the companies'' shareholders, the companies said on Thursday. After two years of looking to expand, Rockwell Collins in October agreed to buy B/E Aerospace in a deal valued at $6.4 billion plus the assumption of $1.9 billion in debt. But, activist investor Starboard Value LP, who had acquired a stake in Rockwell Collins, had questioned the purchase of B/E Aerospace, Reuters reported in November, citing a person familiar with the matter. Starboard wanted Rockwell Collins to explore alternative options, including selling itself, Bloomberg had reported. Rockwell Collins said on Thursday its shareholders "strongly" approved the deal. (Reporting by Arunima Banerjee in Bengaluru; Editing by Sriraj Kalluvila)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/rockwell-ma-be-aerospace-vote-idUSL3N1GM51H'|'2017-03-10T03:01:00.000+02:00'
'02ac8bc4f9432a4353d9513d11c8e3454cca1a16'|'Brazil''s Santos Brasil loses ESA cargo contract to rival Grupo Libra'|'  Brazil''s Santos Brasil loses ESA cargo contract to rival Grupo Libra SAO PAULO, March 9 Logistics company Santos Brasil Participações SA has confirmed the termination of a contract to move containers for the ESA consortium of shipowners at the port of Santos, according to a statement sent to Reuters on Thursday. Santos Brasil, the largest cargo operator in the country, lost the ESA contract to Grupo Libra, the second largest, according to two sources briefed on the matter. (Reporting by Ana Mano and Flavia Bohone; Editing by Jonathan Oatis)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-logistics-idUSE6N1FM00F'|'2017-03-10T03:01:00.000+02:00'
'f9cb1ed4fbeabec70021cfa61a30e871d20bbe66'|'MIDEAST STOCKS-Plunge in oil dents Gulf; Shuaa, Bank Aljazira surge - Reuters'|'DUBAI, March 12 Stock markets in the Gulf were mostly lower in early trade on Sunday after crude oil prices plunged at the end of last week to a three-month low, but Dubai''s Shuaa Capital and Saudi Arabia''s Bank Aljazira surged in response to company-specific news.A little over two-thirds of Saudi Arabia''s 14 listed petrochemical makers traded lower with Saudi Kayan Petrochemical retreating 2.5 percent, helping drag the overall Saudi index 0.7 percent lower.Shares in Banque Saudi Fransi lost 1.2 percent after Credit Agricole, which owns 31 percent of the Saudi lender, said it was satisfied with business at the bank. On Wednesday Reuters reported the French major stakeholder had hired JP Morgan for a potential sale of its stake valued at around $2.4 billion.But Bank Aljazira jumped its 10 percent daily limit after the lender proposed a 30 percent capital increase through a bonus share issue.Dubai''s index fell 0.3 percent as two-thirds of the traded shares dropped. Emaar Properties lost 1 percent and DXB Entertainments was down 1.6 percent.Shuaa Capital jumped 10.4 percent, however, after saying it had signed an agreement to acquire Integrated Capital and Abu-Dhabi based brokerage Integrated Securities. The acquisition is pending regulatory approval and is expected to close in the coming weeks, Shuaa said.Integrated Financial Group is managed and controlled by Abu Dhabi Financial Group. Last November, Abu Dhabi Financial Group bought a 48.36 percent stake in Shuaa.Abu Dhabi''s index was down 0.4 percent in very thin trade. Heavyweight First Gulf Bank fell 1.2 percent.Qatar''s index, however, extended Thursday''s 1.0 percent gain and added 0.2 percent. Building materials maker Qatari Investors Group was the top gainer, climbing 2.0 percent.In Kuwait, National Bank of Kuwait fell 2.8 percent as the stock went ex-dividend. The index fell 0.3 percent. (Reporting by Celine Aswad; Editing by Andrew Torchia and Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mideast-stocks-idINL5N1GP05G'|'2017-03-12T04:52:00.000+02:00'
'1458507bcbc051ac41d537ad65d8ca23e05dc754'|'UK builder Bovis in talks with Galliford Try after rejecting bids'|'By William James and Costas Pitas - LONDON LONDON British homebuilder Bovis has rejected a bid approach from rival Galliford Try but remains in negotiations about a possible deal, the firm said on Sunday, adding it had also rejected a proposal from another suitor, Redrow.A tie up between Galliford and Bovis would see the country''s sixth- and eighth-biggest housebuilders combine in search of economies of scale in an industry which has reported rising profits in recent years and so far shown little vulnerability to Britain''s exit from the European Union.Bovis, which lost its CEO in December following a profit warning, said in February it would slow construction this year and focus on improving the quality of its homes after complaints from some buyers."Discussions with Galliford Try are ongoing," a Bovis statement said. It said an initial all-share offer had been rejected, alongside a share and cash bid from Redrow because neither reflected the underlying value of the firm.Galliford confirmed it was in talks over a possible purchase, saying it had made an offer that would value the entire issued equity of Bovis at 1.19 billion pounds ($1.45 billion), or 886 pence per share.Bovis shares closed at 828 pence on Friday.Galliford said a merger could "create a new major housebuilder with national scale and geographic coverage" as well as delivering synergies from combining the two firms'' "operational structures, sourcing and operating practices."Its offer proposed an equity split in the combined group of 52.25 percent to Galliford shareholders and 47.75 percent to Bovis shareholders.NO TO REDROWBovis said it had terminated discussions with Redrow after the firm indicated it was not willing to improve its offer."The board also concluded that the Redrow proposal was not in the interests of Bovis shareholders as the cash element of the offer would require shareholders to crystallise value at the current Bovis valuation," the Bovis statement said.Earlier this year, Bovis said it saw little logic in a merger with another rival, Berkeley, after a media report said an influential Bovis shareholder wrote to Berkeley asking it to consider such a step.The last major consolidation in the market occurred nearly a decade ago when Taylor Woodrow and George Wimpey merged to form Taylor Wimpey, becoming Britain''s biggest housebuilder at the time.The sector has been buoyed by a lack of new housing supply which has pushed up prices and spurred several government schemes designed to support home buying.But Bovis has struggled to capitalize on these conditions, and in February announced a 7 million pound hiring spree in response to the complaints about poor quality housing.($1 = 0.8226 pounds)(Reporting by William James and Costas Pitas; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-bovis-m-a-galliford-idINKBN16J0PM'|'2017-03-12T11:44:00.000+02:00'
'3d29e7950b321cd6015f126bd5a82261d315415f'|'Wanda''s $1 billion deal to buy Hollywood''s Dick Clark scrapped'|'Eldridge Industries, the U.S. owner of Dick Clark Productions Inc, said on Friday that one of its affiliates terminated an agreement to sell off the TV production company to Chinese conglomerate Dalian Wanda Group.Eldridge, which also owns magazines such as the Billboard and the Hollywood Reporter, said the affiliate terminated the agreement after Wanda failed to honor contractual obligations.In February, Reuters reported that Dalian Wanda''s proposed $1 billion purchase of Dick Clark Productions was under pressure but not yet over, amid high U.S.-China tensions and tight scrutiny by Beijing on outbound deals.Dalian Wanda, in November, had agreed to a takeover of Dick Clark Productions, the company that runs the Golden Globe awards and Miss America pageants, extending the Chinese property-to-entertainment conglomerate''s buying spree in Hollywood.Wanda, run by China''s richest man Wang Jianlin, already owns Legendary Entertainment, co-producer of films such as "Jurassic World", and U.S. cinema chain AMC Entertainment Holdings Inc ( AMC.N ).(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-dick-clark-m-a-wanda-idINKBN16H2E2'|'2017-03-10T15:31:00.000+02:00'
'4a0bea5b87dae61a6ce05007a188dfc0ff198a2e'|'Shell CEO urges switch to clean energy as plans hefty renewable spending'|' 39pm GMT Shell CEO urges switch to clean energy as plans hefty renewable spending Ben van Beurden, chief executive officer of Royal Dutch Shell, speaks during a news conference in Rio de Janeiro, Brazil, February 15, 2016. Royal Dutch Shell, Europe''s largest oil company, believes that investment in Brazil''s subsalt offshore areas will remain robust, Chief... REUTERS/Sergio Moraes HOUSTON The oil and gas industry risks losing public support if progress is not made in the transition to cleaner energy, Royal Dutch Shell Plc ( RDSa.L ) Chief Executive Ben van Beurden said on Thursday. The world''s second largest publicly-traded oil company plans to increase its investment in renewable energy to $1 billion a year by the end of the decade, van Beurden said, although it is still a small part of its total annual spending of $25 billion. The CEO said that the transition to a low carbon energy system will take decades and government policies including putting a price on carbon emissions will be essential to phase out the most polluting sources of energy such as coal and oil. "If we''re not very careful, with all the good intentions and advocacy that we have, we may, as a sector and society, not make the progress that is needed," van Beurden said at the CERAWeek energy conference in Houston. He said the "biggest challenge" the company faces is maintaining public acceptance of the energy industry. "I do think trust has been eroded to the point that it is becoming a serious issue for our long term future," he continued. "If we are not careful, broader public support for the sector will wane." The Anglo-Dutch company is one of the most vocal supporters of a carbon tax and has invested heavily in bringing on new supplies of natural gas, a cleaner burning fuel source. "This is the biggest challenge as we have at the moment as a company ... The fact that societal acceptance of the energy system as we have it is just disappearing." Shell said on Thursday that its directors will from this year be rewarded in part on how well the company manages its greenhouse gas emissions and how much free cash flow it generates. (Reporting by Ron Bousso; editing by Gary McWilliams and Marguerita Choy)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ceraweek-shell-shell-idUKKBN16G2E0'|'2017-03-09T23:39:00.000+02:00'
'889899efd0dd1674c36f0b8331ac06065df201ad'|'Paths open to new Pacific trade pact, post-TPP: Chile trade head'|' 25pm GMT Paths open to new Pacific trade pact, post-TPP: Chile trade head By Rosalba O''Brien and Antonio De la Jara - SANTIAGO SANTIAGO Countries that signed up for the failed trade pact known as the Trans-Pacific Partnership (TPP) will meet in Chile next week, seeking a way forward on a possible future regional deal, Chile''s head of international trade told Reuters. Representatives from the 12 countries that formed the TPP, plus China and South Korea, will meet for the first time since President Donald Trump pulled the United States out the TPP in January, effectively killing the accord in its current form. The Chile meeting is a sign efforts to find an alternative Asia-Pacific trade pact are moving ahead, with China now likely leading the talks after the United States dropped out. Chile has accomplished its first goal of getting everyone together and will now seek commitments for further meetings to evaluate alternatives, Paulina Nazal told Reuters in an interview in Santiago on Wednesday evening. "The objective is to confirm if the strategy of growth and openness of recent years is what we believe to be correct," she said. "Do we need to include other issues? Do we need to implement policies that complement the opening of trade or not?" It was still premature to say what the future roadmap would look like, she added. "What we have seen from the various delegations is that it''s too open still," said Nazal. "This is going to be the first meeting on how we go forward." Likely options could be to build on the base of pre-existing agreements - such as Latin America''s four-country Pacific Alliance, or the proposed Southeast Asian-backed Regional Comprehensive Economic Partnership (RCEP) - she said. Countries including Australia, New Zealand and Canada had a "similar commercial approach" to the Pacific Alliance and had signalled an interest in joining or negotiating as a bloc, said Nazal. "Others evidently feel more comfortable with the RCEP model and they could open a door to let others in." China, which is part of RCEP talks, has argued the TPP was too complex and political rather than purely trade-based. Critics of the RCEP - including the former Obama administration - warned it would not include strong protections for workers, the environment or intellectual property. With the election of Trump and the demise of the TPP, eyes have been on Beijing to take the lead on future trade talks. "The Chinese want to be the leaders, the benchmark," said Nazal. "That was not like that before." (Reporting by Rosalba O''Brien and Antonio de la Jara; Editing by Andrew Hay)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-trade-tpp-chile-idUKKBN16G2NM'|'2017-03-10T01:25:00.000+02:00'
'42a343f37f84457e509b8bb86a810a07b9b7d696'|'Linde says Praxair merger on track, outlook seen strong'|'MUNICH, Germany German industrial gases group Linde said its planned merger with U.S. rival Praxair was on track and it aimed to raise its profitability this year, lifting its shares to the top of the German blue-chip DAX on Thursday.The Munich-based group said it still aimed to finalize an agreement with Praxair on combining their businesses by the end of April or beginning of May. The all-stock merger of equals would create a market leader worth around $65 billion.Linde said it aimed for flat to 7 percent higher operating profit helped by cost cuts, compared with a 3 percent increase in 2016.The company said it sought to increase 2017 revenue by 3 percent, although it could see a decrease of up to 3 percent due to a "challenging market environment", especially in its plant-engineering division, which is vulnerable to oil and gas prices."Our efforts to make Linde even more profitable are already having an impact," Chief Executive Aldo Belloni said in a statement. "We will be able to operate even more successfully in the market in the future."Praxair is almost twice as profitable as Linde, while the German company is seen as the technology leader.Linde shares rose 1.2 percent by 0822 GMT, outperforming a 0.2 percent-weaker DAX.DZ Bank analyst Peter Spengler described the company''s guidance as "a big surprise and above our expectations".Linde reported flat 2016 revenue of 16.9 billion euros ($17.8 billion) and 3 percent higher operating profit of 4.1 billion euros from continuing operations - within its forecast range - excluding logistics unit Gist, which it plans to sell.Results were lifted by U.S. healthcare unit Lincare, compensating for another difficult year for the plant-engineering business, which has been hit by investment caution due to persistently low oil and gas prices.(Reporting by Georgina Prodhan; Editing by Maria Sheahan and Edmund Blair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-linde-results-idINKBN16G0KD'|'2017-03-09T05:44:00.000+02:00'
'd17f5990084766df59d91e892265ed4fcf797e5f'|'UPDATE 1-Credit Agricole picks JPMorgan for Banque Saudi Fransi sale -sources'|'Company News  27am EST UPDATE 1-Credit Agricole picks JPMorgan for Banque Saudi Fransi sale -sources (Adds detail, context) By Hadeel Al Sayegh, Saeed Azhar and Tom Arnold DUBAI, March 8 French bank Credit Agricole has picked JPMorgan to advise it on a potential sale of its 31 percent stake in Banque Saudi Fransi , valued at nearly $2.4 billion, sources familiar with the deal said. Credit Agricole has been selling assets and pulling out of markets such as Greece to meet post-crisis regulations and combat tougher economic conditions, while focusing on activities in France and Italy. The bank''s chief executive Philippe Brassac has left room for acquisitions for its asset manager Amundi but has said Credit Agricole may further streamline its presence in other countries if opportunities arise. The French lender''s move comes as banks around the world are shedding minority stakes in other banks as new global rules mean they now have to hold more capital against those holdings. The sale would be an opportunity for a foreign buyer to gain a foothold in the kingdom''s banking sector, in which 12 commercial lenders share total assets worth around 2.22 trillion riyals ($592 billion). Banque Saudi Fransi, the kingdom''s fourth largest bank by assets, is among at least six banks that pitched for an advisory role on the local mandate for Saudi oil giant Aramco''s IPO-ARMO.SE planned initial public share offering in the kingdom, sources told Reuters last month. This is the second potential sale of a lender in recent months in Saudi Arabia. Royal Bank of Scotland is seeking to sell its 40 percent stake in Alawwal Bank, previously called Saudi Hollandi Bank, potentially a deal worth around $1.2 billion, Reuters reported late last year. Credit Agricole and Banque Saudi Fransi declined to comment, while JPMorgan was not immediately available to comment. The sources declined to be identified because the details of the deal are not public. Bloomberg earlier reported that Credit Agricole was weighing the sale of its stake in the Saudi lender. ($1 = 3.7503 riyals) (Additional reporting by Maya Nikolaeva in Paris; Editing by Jason Neely and Alexander Smith) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/credit-agricole-saudi-idUSL5N1GL1XQ'|'2017-03-08T16:27:00.000+02:00'
'3dd98cecd21b21bd6942028d9816b58b72fd7d5d'|'Crude prices fall on U.S. stocks build'|'  1:16am GMT Crude prices fall on U.S. stocks build left right A Japanese national flag flutters near a chimney emitting fire at an oil refinery in Kawasaki, near Tokyo October 22, 2012. REUTERS/Toru Hanai 1/3 left right An employee cleans as a sign reading ''out-of-stock'' is displayed at a gas station in Tokyo March 18, 2011. REUTERS/Toru Hanai 2/3 left right Crude oil tanks at Kinder Morgan''s terminal are seen in Sherwood Park, near Edmonton, Alberta, Canada November 13, 2016. REUTERS/Chris Helgren 3/3 By Keith Wallis - SINGAPORE SINGAPORE Oil futures fell in Asian trade on Wednesday after industry data pointed to a potential ninth straight week of inventory builds, renewing concerns about an oversupply of oil despite output curbs by OPEC and non-OPEC members. U.S. West Texas Intermediate (WTI) crude CLc1 fell 32 cents, or 0.6 percent, to $52.82 a barrel as of 0107 GMT, after ending the previous session down 0.1 percent. Brent futures LCOc1 fell 29 cents, or 0.5 percent, to $55.63 after settling down 0.2 percent in the previous session. "Oil is range-bound. If prices dip below $50 a barrel OPEC will cut more; if it goes above $55 the U.S. will produce more," said Jonathan Barratt, chief investment officer at Ayers Alliance in Sydney. "The market is caught in this middle range. It''s difficult to forecast the news that will eventually see a break-out." U.S. crude stocks rose by 11.6 million barrels last week, according to industry group, the American Petroleum Institute. If the figures are confirmed later on Wednesday by official data from the U.S. Department of Energy''s Energy Information Administration (EIA) it would be the ninth straight week of inventory builds. [EIA/S] The stocks data came as the EIA on Tuesday cut its 2017 world oil demand growth forecast by 110,000 barrels per day to 1.51 million bpd. At the same time, members of an OPEC-led production agreement said on Tuesday total output reductions are more than 1.5 million barrels per day and are meeting their expectations. (Reporting by Keith Wallis; Editing by Richard Pullin)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN16F05C'|'2017-03-08T08:16:00.000+02:00'
'6f37ecc28ecab49e613d6b4884e2706100d99988'|'McDermott plans manufacturing unit at new Saudi shipbuilding complex'|'By Reem Shamseddine - MANAMA, March 8 MANAMA, March 8 U.S. oilfield services and equipment provider McDermott International said on Wednesday it would build a fabrication yard at a shipbuilding complex planned by national oil giant Saudi Aramco IPO-ARMO.SE on the kingdom''s east coast.The two companies signed a memorandum of understanding for the first major manufacturing investment in the complex, which is part of Saudi Arabia''s drive to diversify its economy and create jobs in an era of cheap oil.Saudi officials have said the complex at Ras Al Khair will cost more than $5 billion to build. The kingdom wants to jump-start local manufacturing industries by making more equipment for its oil industry at home rather than importing it.McDermott plans to build and outfit offshore oil and gas platforms at the new yard. A source familiar with the deal said the companies aimed to sign a final agreement by next year, with Aramco providing land for the project by the end of 2019.The development of Ras Al Khair could eventually take business away from other maritime yards in the region, such as Dubai''s Jebel Ali. McDermott said it expected to move business gradually from Jebel Ali to Ras Al Khair by the mid-2020s.The U.S. firm did not give a monetary value for its planned investment in Ras Al Khair but said its facility there would have up to 16 million man-hours of capacity, compared to 8 million man-hours at its current Jebel Ali facilities.Last year, Saudi Aramco signed a memorandum of understanding for construction of the complex with National Shipping Co of Saudi Arabia, a state-controlled firm which ships oil for Aramco, as well as a subsidiary of London-listed Lamprell , a United Arab Emirates-based engineering firm, and South Korea''s Hyundai Heavy Industries. (Writing by Andrew Torchia; Editing by Edmund Blair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/saudi-aramco-shipping-mcdermott-intern-idINL5N1GL55H'|'2017-03-08T13:53:00.000+02:00'
'4875b86a0bd5638e7853a4bc61d1a00c9dd21700'|'Oil majors still years from repairing balance sheets after price war'|'Global Energy News - Wed Mar 8, 2017 - 4:57pm GMT Oil majors still years from repairing balance sheets after price war left right A BP logo is seen at a petrol station in London, Britain January 15, 2015. REUTERS/Luke MacGregor/File Photo 1/2 left right A Shell oil and gas sign is pictured near Nowshera, Pakistan''s northwest Khyber-Pakhtunkhwa Province September 8, 2010. REUTERS/Morteza Nikoubazl/File Photo 2/2 By Ernest Scheyder and Gary McWilliams - HOUSTON HOUSTON Financially strapped oil producers are spending billions to boost production before it''s clear that recent crude price gains brought on by OPEC output cuts can be sustained. Five of the largest publicly traded oil companies - BP ( BP.L ), Chevron ( CVX.N ), Exxon Mobil ( XOM.N ), Royal Dutch Shell ( RDSa.L ), and Total ( TOTF.PA ) - are trying to work down debts that totalled $297 billion at the end of December. That nearly doubled the companies'' 2012 debt levels. But even with oil prices about 70 percent higher than a year ago, most companies have yet to reach the point where their cash flow covers annual shareholder payouts and expansion projects vital to the industry''s long-term survival. Add other expenses, such as the interest on debt, and the break-even point is pushed out until at least 2020, industry analysts from Citigroup ( C.N ) estimated. "For the entire oil and gas industry, balance sheets have never been worse," said Fadel Gheit, an Oppenheimer & Co oil industry analyst. Producers, he said, "were in critical condition and have been upgraded to guarded." For a graphic on oil majors'' debt, cash flow and capital spending, see: tmsnrt.rs/2mzgTVc For now, U.S. producers are taking advantage of the price increase spurred by OPEC''s production cuts to boost their output. Some of the oil they are pumping would not have been profitable at $40 a barrel, but is with prices holding steady above $50. The industry is betting that prices will maintain a delicate balance - high enough to repair balance sheets and finance new projects, but not so high that it creates a new glut. If crude LCoC1 maintains a price in the mid-$50s per barrel, the biggest oil producers could see their cash flows increase by 71 percent on average over 2016, according to Citigroup. The danger is that too many wells could come back online too soon, undercutting OPEC''s effort to reduce global inventories. That could send prices back to the 12-year lows of early 2016. U.S. shale producers in March are forecast to pump 79,000 barrels a day (bpd) more than in February, when shale contributed about 4.75 million bpd to U.S. output, according to the U.S. Energy Information Agency, reversing production declines last year. Shale output could rise more than 500,000 bpd by the end of the year, said Daniel Yergin, vice chairman of analysis firm IHS Markit ( INFO.O ) and an oil historian. "U.S. shale has demonstrated that it''s still a player," Yergin said in an interview. "It''s going to continue to be a major factor in the global market." SPENDING AGAIN Most majors are planning strong production growth until at least 2021, a Reuters analysis of the latest investor presentation and corporate plans showed. The firms - Royal Dutch Shell, Exxon Mobil, Chevron, BP, Total, Statoil ( STL.OL ) and Eni ( ENI.MI ) - plan to grow output by a combined 15 percent in the next five years. It could take another year before the biggest companies'' cash from operations exceeds their combined capital spending and dividends, Citigroup estimated. It projects the major oil producers will need to sell their oil for between $55 and $60 per barrel this year just to cover those two big costs. Chevron Corp, which expects positive cash flow this year, says it could generate an additional $3.5 billion selling its oil at $55 a barrel, a figure predicted to be 2017''s average price in a Reuters poll of analysts and economists. [O/POLL] Exxon Mobil Corp and BP have signalled they will spend more on expansion projects this year than in 2016, a sign of optimism about stronger pricing. Higher production could deliver fresh money that can be used to hire workers, reduce debt or boost shareholder payouts. It would also be a welcome turn for an industry that has been spending more cash than it generates and borrowing to pay dividends that shareholders expect, regardless of the state of the industry. John Watson, Chevron''s chief executive, said in late January he wants to "maintain and grow" the oil giant''s dividend, calling it his top priority. Chevron is winding down construction of several big projects, helping to stem its past spending rate and generate more revenue as new operations come online. France''s Total SA ( TOTF.PA ) is raising its dividend by 1.6 percent this year, the first time in three years, and says it expects to cover its capital spending and cash dividend with oil above $50 a barrel. The gains are driven largely by the OPEC output cut in November - the first in eight years. The agreement to reduce supply by about 1.8 million barrels a day runs through June, and OPEC and Russia are expected to review the cut in May. Some analysts expect the agreement to be extended, but the cartel could just as easily resume higher production, squelching the industry''s nascent financial recovery. Torgrim Reitan, head of U.S. operations for Statoil - Norway''s state-owned firm - said he has "stopped guessing" what OPEC might do in crafting the company''s plans. “We need to be prepared for volatility," he said in an interview at the CERAWeek energy conference in Houston. "This is the time for leadership in the oil industry, the time for making the right decisions that will fuel growth." THE SHALE ADVANTAGE Unlike the major producers, U.S. shale companies are better equipped to live with volatility. When prices rise, they ramp up drilling and lock in returns with price hedges, which Chevron, Exxon and other large producers typically don''t do. When prices fall, shale producers can more easily cut spending than the majors because of their small size. Shale producers'' ability to pour more of their new cash into production is feeding technology developments that allow them to squeeze more oil out of existing wells and at a faster pace than a few years ago. "Those who withstood the storm and survived have learned just how nimble they can be," said Avi Mirman, chief executive of Lilis Energy Inc ( LLEX.PK ), a shale oil producer in west Texas. Similar approaches are belatedly being adopted by the biggest producers. Chevron is embracing a short-cycle approach to investing in projects that can go into production in months, not years. However, Alastair Syme, who tracks global oil and gas companies for Citigroup, cautions the continued cost reductions by shale producers could thwart OPEC''s ability to prop oil prices through production cuts, undercutting the cash flows needed to rebuild. "If shale producers can grow U.S. supply at between 1 million and 1.5 million barrels a day, it''ll be a challenge for everyone to respond to that," he said in an interview. (Editing by Simon Webb and Brian Thevenot) Next In Global Energy News UPDATE 1-Kurds, Baghdad agree to keep Kirkuk crude flowing to Turkey, official says SULAIMANIYA, Iraq, March 8 The Kurdish group that controls Iraq''s Kirkuk oilfields has agreed with Baghdad to keep crude flowing from the region through a pipeline to a Turkish export terminal on the Mediterranean, a Kurdish official told Reuters on Wednesday. Jailhouse shock: Taiwan prison aims to jump-start island''s solar power dream PINGTUNG, Taiwan On Pingtung jail''s sunlit roof, prisoner no. 24 has a view of a brighter future. Ex-cop Chen, serving time for bribery, is learning how to install solar panels in a program that''s part of Taiwan''s shimmering vision of a future without nuclear power. Jailhouse shock: Taiwan prison aims to jump-start island''s solar power dream PINGTUNG, Taiwan, March 8 On Pingtung jail''s sunlit roof, prisoner no. 24 has a view of a brighter future. Ex-cop Chen, serving time for bribery, is learning how to install solar panels in a programme that''s part of Taiwan''s shimmering vision of a future without nuclear power. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ceraweek-spending-idUKKBN16F26D'|'2017-03-08T23:57:00.000+02:00'
'ba618f0da327d54ad5742e8e1b43a36101256e0d'|'Brazil''s inflation eases rapidly, paving way for sharper rate cut'|'Business News - Fri Mar 10, 2017 - 12:25pm GMT Brazil''s inflation eases rapidly, paving way for sharper rate cut A machine for credit cards is seen next to groceries on a stall at Feira Livre market on the streets of Pinheiros neighbourhood in Sao Paulo January 6, 2015. REUTERS/Nacho Doce By Silvio Cascione - BRASILIA BRASILIA Brazil''s inflation rate eased much faster than expected in February to its lowest since 2010, data showed on Friday, strengthening the case for a steeper interest rate by the central bank next month. Consumer prices rose 4.76 percent in the 12 months through February, government statistics agency IBGE said, down from an increase of 5.35 percent in January and below all expectations in a Reuters poll of economists. Yields on interest rate futures were down in early trading as investors saw a greater likelihood that the central bank would cut its benchmark interest rate by 100 basis points in April, after reducing it by 75 basis points at its last meeting. Most economists expect Brazil''s inflation to undershoot the government''s target of 4.5 percent this year as the economy struggles to recover from its worst recession on record. The IPCA index of consumer prices rose 0.33 percent in February, the lowest increase for the month since 2000. (Reporting by Silvio Cascione; Editing by Lisa Von Ahn) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-brazil-economy-inflation-idUKKBN16H1HD'|'2017-03-10T19:25:00.000+02:00'
'2b95e5aa8e296e68c0594d8e430c60ad75b7a278'|'BRIEF-Corvus Pharmaceuticals qtrly loss per share $0.55'|' 06am EST BRIEF-Corvus Pharmaceuticals qtrly loss per share $0.55 March 10 Corvus Pharmaceuticals Inc: * Corvus Pharmaceuticals reports fourth quarter and full year 2016 financial results and provides business update * Corvus Pharmaceuticals inc qtrly loss per share $0.55 * Corvus Pharmaceuticals inc - sees net cash utilization of $55 million to $60 million in 2017 * Corvus Pharmaceuticals inc - at December 31, 2016, corvus had cash, cash equivalents and marketable securities totaling $134.9 million    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-corvus-pharmaceuticals-qtrly-loss-idUSASB0B4X6'|'2017-03-10T20:06:00.000+02:00'
'a378d179e662e607ff0d92815346624980944166'|'Dollar rises to highest against yen since Jan. 19'|'Company   12:55am EST Dollar rises to highest against yen since Jan. 19 TOKYO, March 10 The dollar rose to its highest level against the yen since Jan. 19 on Friday, as investors awaited U.S. job data that is likely to reinforce expectations of a Federal Reserve interest rate hike next week. The dollar rose as high as 115.43 yen, and was last up 0.4 percent at 115.39. (Reporting by Tokyo markets team; Editing by Kim Coghill) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/forex-yen-idUSL3N1GF2HU'|'2017-03-10T12:55:00.000+02:00'
'505881c727dfe14d5108e2094dfb7b33a1b9e175'|'Will the GOP Finally Crush Class Actions?'|'Republicans and their business allies perennially push tort-reform bills aimed at restricting what’s sometimes called the litigation industry. They haven’t had much luck of late. It’s been 12 years since one of those measures succeeded. But with Donald Trump in the White House, pro-business groups see an opening for a series of bills moving through the House that would discourage class actions and generally make it harder to sue businesses.It’s an issue the president has some experience with. Only days after his election, Trump agreed to pay $25 million to settle claims that his defunct Trump University cheated more than 6,000 students with false promises of teaching them his real estate secrets. On the other hand, Trump has frequently initiated suits against business adversaries, so it’s tricky to predict what position he’ll take. The White House did not respond to requests for comment.Three bills, each of which would make life tougher for plaintiffs’ lawyers, were scheduled for votes by the full House on March 9 and 10. Several more are in the legislative pipeline. While House passage is a virtual certainty, the Senate presents a bigger challenge. With a 52-48 majority, Republicans would need to find eight Democratic votes to reach 60 and avoid a potential filibuster. Lisa Rickard, president of the Institute for Legal Reform, the U.S. Chamber of Commerce’s legal arm, says the chamber and other business advocates are focusing attention on 10 Democrats in red states who are up for reelection in 2018, including Bob Casey Jr. of Pennsylvania, Heidi Heitkamp of North Dakota, and Joe Manchin of West Virginia.Plaintiffs’ advocates predict the legislation will stall in the Senate with little or no Democratic support. “These bills are driven by the U.S. Chamber of Commerce and the largest corporations, who want to escape responsibility for hurting people or other businesses,” says Pamela Gilbert, a consumer attorney in Washington.The broadest bill, sponsored by Virginia Republican Bob Goodlatte, chairman of the House Judiciary Committee, would make it harder in several ways to bring class actions. The measure would bar plaintiffs’ firms from repeatedly representing the same client in class actions. The most obvious targets are prominent law firms that represent plaintiffs in securities suits. Such firms routinely represent institutional investors in multiple cases over time. Professor John Coffee Jr. of Columbia Law School wrote on his Blue Sky Blog that the restriction “seems either a death sentence for the large plaintiffs’ firm or the end of large public pension funds serving as lead plaintiff.”Statistics on class actions are sparse, partly because there’s no central clearinghouse for state cases. But numbers are gathered for federal securities cases. Plaintiffs filed a record 270 federal class-action securities cases in 2016—44 percent more than the historical average of 188 filings from 1997 to 2015, according to Cornerstone Research.Another part of Goodlatte’s bill would allow class actions to move forward only when a judge certifies that all plaintiffs have suffered the same type and scope of injury. Imposing such obligations at the outset of a case would encourage more preliminary skirmishing and deter some class actions from ever getting off the ground.The most important business stories of the day. Get Bloomberg&apos;s daily newsletter. Sign Up Yet another section of Goodlatte’s bill would restrict plaintiffs’ attorneys’ fees to a percentage of the amount actually distributed to the class. That could effectively kill off suits that seek a change in corporate behavior and pay class members little or nothing in damages. “The idea is to eliminate class actions that don’t make any sense from the start,” says John Beisner, a partner with Skadden, Arps, Slate, Meagher & Flom, a large corporate law firm. Of course, lawsuits that don’t “make sense” to a defendant are often the height of reasonableness to the other side.The bottom line: A series of tort-reform bills seeks to curtail the litigation industry by limiting class-action suits and making it harder to sue businesses.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'http://www.bloomberg.com/news/articles/2017-03-09/will-the-gop-finally-crush-class-actions'|'2017-03-10T03:57:00.000+02:00'
'0541fffaf501d011d8fd5b109bea6ddae8a093e1'|'Volkswagen to plead guilty in emissions scandal Friday: lawyer'|'Business News   10:07am EST Volkswagen to plead guilty in emissions scandal Friday: lawyer FILE PHOTO - A U.S. flag flutters in the wind above a Volkswagen dealership in Carlsbad, California, U.S. May 2, 2016. REUTERS/Mike Blake/File Photo DETROIT Volkswagen AG ( VOWG_p.DE ) general counsel Manfred Doess said Friday the German automaker intends to plead guilty to three felony counts as part of a plea agreement reached with the Justice Department in January. Doess said at a hearing in U.S. District Court in Detroit that he was authorized by the board of directors of VW to enter a guilty plea on its behalf. Under the deal, VW agreed to sweeping reforms, new audits and oversight by an independent monitor for three years after admitting to installing secret software in 580,000 U.S. vehicles to enable it to beat emissions tests over a six-year period. (Reporting by Nick Carey in Detroit. Writing by David Shepardson in Washington; Editing by Chizu Nomiyama) Next In Business News EU capitalizing on free-trade interest amid gloom over Trump policies MANILA The European Union is seeing increased impetus around the world to move forward with Free Trade Agreements (FTA) with the bloc, which will make the most of uncertainty over the outlook for U.S. trade policy, the EU''s trade envoy said on Friday.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-volkswagen-emissions-idUSKBN16H1W4'|'2017-03-10T22:13:00.000+02:00'
'88400d65a2f1eae0a6085dbdc773b01cc8bff2fb'|'Germany to lift spending, keep balanced budget up to 2021 - government document'|'  6:11pm GMT Germany to lift spending, keep balanced budget up to 2021 - government document BERLIN Germany plans to boost government spending by a total of more than 38 billion euros (33.33 billion pounds) by 2021 without straying from its goal of keeping a balanced budget, according to a draft finance ministry document seen by Reuters on Friday. The arrival of more than 1 million migrants to the country over the past two years has raised questions over whether Berlin can stick to its cherished "schwarze Null", or balanced budget, despite the costs of accommodating and integrating the refugees. Spending will rise to 355.6 billion euros in 2021, under the plan, from 317.4 billion euros last year - an increase of 38.2 billion euros. But with tax revenues expected to keep going up and borrowing costs to remain low, the finance ministry document does not foresee the need for net new borrowing. Defence spending, which was 35.13 billion euros in 2016, will rise to 38.45 billion euros in 2018, under the plans - a figure that is projected to represent 1.23 percent of economic output. U.S. President Donald Trump has called on Germany and other NATO members to accelerate efforts to meet the alliance''s target of spending 2 percent of economic output on defence. Berlin plans to increase its defence spending to 42.297 billion euros in 2021, according to the draft document, which is still likely to be short of the 2 percent mark. Next year, the government plans to increase overall spending by 1.9 percent to 335.5 billion euros, with the extra money mainly going to refugee integration, development aid, defence and domestic security. The document also shows the government wants to reduce its overall debt to less than 60 percent of gross domestic product in 2020 for the first time since 2002, meeting a criterion set out in the EU''s Stability and Growth Pact. The German cabinet is expected to approve the draft plans - the 2018 budget and financing plan up to 2021 - in June. But the country is heading towards a federal election in September and the budget plan may be subject to revisions if a new coalition takes power. The federal government has kept balanced budgets since 2014 and it decided in 2015 that all federal surpluses would be put aside for integrating refugees and addressing the root causes of migration. (Reporting by Michael Nienaber; Additional reporting by Andrea Shalal; Editing by Erik Kirschbaum and Pravin Char)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-budget-idUKKBN16H2D8'|'2017-03-11T01:11:00.000+02:00'
'1ea6b9c6ae82460c229ea5afa1d34b6e5e06d640'|'The UK economy breaks more records – for all the wrong reasons'|'Fifteen years without a pay rise. The most protracted squeeze on real wages since Nelson’s victory over Napoleon’s fleet in the Battle of Trafalgar. A lost decade for productivity growth. The gist of the post-budget analysis from two of Britain’s leading thinktanks was simple: the economy continues to break records – mostly for the wrong reasons.Neither the Institute for Fiscal Studies nor the Resolution Foundation could get especially worked up about the political controversy of the moment: Philip Hammond’s decision to raise national insurance contributions for the self-employed . The move was seen as progressive and a small step in the direction of aligning the treatment of the employed and the self-employed.Paul Johnson, director of the IFS, said Hammond appeared to be breaking a Conservative manifesto commitment but lambasted the government for making such a “silly” pledge in the first place. No pay rise for 15 years, IFS warns UK workers Read more Instead, both organisations focused on the bigger picture: the performance of the UK in the years since the onset of the recession since 2008 and what is likely to happen over the next 10 years.Johnson pointed out just how woeful the productivity performance of the UK economy had been since 2008. Growth in living standards depends on improvements in productivity, which in the years leading up to the financial crisis averaged more than 2% a year. In the nine years since 2008, Johnson noted, per capita incomes had grown by 2% in total. “That’s nine years to grow as much as it would normally grow in one.”What’s more, the productivity growth that has been lost will never come back. That’s because the Office for Budget Responsibility believes the UK has run out of spare capacity, which means that the economy cannot grow any faster without generating inflation.Johnson said: “What the OBR is saying is that despite that truly dismal record all of the productivity – and with it earnings growth – we would normally expect has been lost forever. This remains the big story of the last decade: a decade without growth, a decade without precedent in the UK in modern times.”Unusually low inflation since 2014 has led to a pick up in real income growth but rebounding oil prices and dearer imports as a result of the pound’s post-Brexit fall mean this period is coming to an end. The IFS says that on current forecasts real average earnings will be no higher in 2022 than they were in 2007.“Fifteen years without a pay rise,” Johnson said. “I’m rather lost for superlatives. This is completely unprecedented.” top earners Top earners have had a relatively tough time, with their real earnings 12% lower in 2015-16 than they were when the recession started. Johnson said the top 1% pulled away from the rest in the 2000s but were being reeled back in. The ratio between earnings at the 99th percentile and those at the median hit 5 to 1 in the late 2000s but had fallen back at 4.6 to 1 now, about where it was in 1999. Torsten Bell, the Resolution Foundation’s director says it is possible to find a decade that was as bleak for wage earners as the 2010s but you have to go back to a time when William Pitt the Younger was prime minister to find it.The Resolution Foundation concentrates on those on low and middle incomes - a group it sees as particularly vulnerable in the years ahead. Weak pay growth and benefit cuts mean that for the poorest third of households, the second half of the 2010s will actually be tougher than the first half.welfare cuts The IFS agrees. It notes that the budget changes announced by Hammond pale into insignificance when set against those introduced by George Osborne before he was sacked by Theresa May.The former chancellor – now picking up £650,000 a year for four days work a month at the fund manager BlackRock – pushed through benefit cuts that will mean some families will be £7,000 a year worse off than they would have been otherwise.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/mar/09/uk-economy-breaks-wrong-records-ifs-budget-2017'|'2017-03-09T02:00:00.000+02:00'
'dbf25234c26775255ee6b8796fb9f58c2875cd32'|'Alinda puts Canada''s Reliance Comfort on the block: sources'|'By John Tilak - TORONTO TORONTO U.S. investment firm Alinda Capital Partners is seeking buyers for Reliance Comfort L.P., a Canadian provider of heating and cooling systems, in a deal that could value the company C$3 billion to C$4 billion, according to people with knowledge of the process.Alinda has hired Canadian Imperial Bank of Commerce ( CM.TO ) and Goldman Sachs ( GS.N ) as financial advisers for the sale, the people added.The sale is seen attracting interest from Canadian pension funds and U.S. private equity firms, said the people, who declined to be identified as the process is confidential.A CIBC spokeswoman declined comment. Alinda Capital and Goldman Sachs did not respond to requests for comment.Bloomberg reported the news earlier on Tuesday.(Reporting by John Tilak; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-reliancecomfort-alinda-m-a-idINKBN16E2WU'|'2017-03-07T20:10:00.000+02:00'
'ecfdf5e9afe9b55b6c420fbb8bea904ba4fd32fa'|'MOVES-Invesco PowerShares names new business development director'|'Company News  50pm EST MOVES-Invesco PowerShares names new business development director March 9 Invesco PowerShares, a unit of investment manager Invesco Ltd, named Nima Pouyan to head its business in Switzerland and Ashkan Daghestani as its business development director in the UK. Pouyan was previously the vice president at Deutsche Bank and Daghestani joins from iShares. (Reporting by Arunima Banerjee in Bengaluru) Next In Company News UPDATE 2-Kinder Morgan raises Canada''s Trans Mountain cost, commitments drop March 9 Shipper commitment for Kinder Morgan Inc''s Canadian Trans Mountain pipeline expansion project dipped by 3 percent, or 22,000 barrels per day, after the company raised its cost estimate to C$7.4 billion ($5.48 billion) and increased tolls, the company said on Thursday. Lockheed, MBDA to form JV for delayed German missile defence-sources BERLIN, March 9 Lockheed Martin Corp and Europe''s MBDA will set up a new joint venture to manage a multibillion-euro missile defence programme given German concerns about MBDA''s ability to execute the project on its own, sources familiar with the plans said on Thursday. * Pension funds could also invest -CIBC CEO (Adds comment from RBC CEO, business group) MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/invescopowershares-moves-nima-pouyan-idUSL3N1GM502'|'2017-03-10T01:50:00.000+02:00'
'da23a78877295613fab55a4e5760e35b7601b06a'|'BRIEF-ZCL Composites Q4 earnings per share C$0.19'|' 50pm EST BRIEF-ZCL Composites Q4 earnings per share C$0.19 March 8 ZCL Composites Inc * ZCL composites reports Q4 and fiscal 2016 record financial results, special dividend and a 50% increase in quarterly dividend * Q4 earnings per share C$0.19 * Q4 revenue rose 5 percent to C$46.6 million * ZCL''s board has decided to substantially increase its distribution to shareholders through two initiatives * Backlog was $35.6 million as at December 31, 2016, compared to $38.5 million a year earlier. * Says 50 percent increase in quarterly dividend to $0.12 per share * Says one-time special dividend of $0.65 per share * Confident that revenue for 2017 will be higher than 2016 * ZCL Composites Inc- remain confident in 10/10/10 plan of delivering 10% compound annual growth rates in revenues, earnings, and dividend payout for 2017  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-zcl-composites-q4-earnings-per-sha-idUSASB0B4JW'|'2017-03-09T07:50:00.000+02:00'
'5010b1f006bfe6248f4bc628501d83ed360ff86c'|'French minister rebukes LafargeHolcim over Trump wall comment'|' 30am EST French minister rebukes LafargeHolcim over Trump wall comment PARIS, March 9 Swiss-French cement maker LafargeHolcim should think twice about supplying cement for the wall U.S. President Donald Trump plans to build on the border with Mexico, French Foreign Minister Jean-Marc Ayrault said on Thursday. Trump''s plan has caused a diplomatic crisis with Mexico, and in an interview with Agence France Presse earlier this week, LafargeHolcim chief executive Eric Olsen said he was prepared to supply the materials for it. Officials at LafargeHolcim could not be immediately reached for comments regarding Ayrault''s remarks. "It (Lafarge) should reflect upon what its interests are. There are other clients who will be stunned by this," Ayrault said on France Info radio. "Lafarge says it doesn''t do politics... Very well, but I would say companies... also have social and environmental responsibilities." Olsen was quoted as saying in his AFP interview: "We are the number-one cement group in the United States... we are here to support the construction and development of the country... We are not a political organisation." LafargeHolcim last week acknowledged that one of its cement plants probably paid protection money to armed groups in Syria to keep the factory running, calling the payments reported by media "unacceptable" in hindsight. (Reporting by Marine Pennetier; Writing by Andrew Callus/Ruth Pitchford)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-trump-france-lafargeholcim-idUSL5N1GM3KB'|'2017-03-09T19:30:00.000+02:00'
'f0e1674c163a7d1374637287bc3c976e4a906116'|'What the 2017 budget means for you, plus rents ''out of step'' with incomes - Money'|'Hello and welcome to this week’s Money Talks – a roundup of the week’s biggest stories and some things you may have missed.Money news UK in worst decade for pay growth for 210 years, says thinktank John Lewis slashes staff bonus to 6% – the lowest in 63 years Facebook Twitter Pinterest The retailer has cut payouts for a fourth year in a row despite profits rising by a third. Photograph: Sean Dempsey/PA Rents are ‘out of step’ with incomes, housing body warns E.ON price rise branded ‘monstrous’ as users face £97 a year extra Pret a Manger: just one in 50 job applicants are British, says HR bossFeature Will the diesel car you are driving be worthless in five years’ time? Facebook Twitter Pinterest Sales are falling, older cars are facing bans: we explore the future for the owners of these high-polluting vehicles. Photograph: Matt Cardy/Getty Images In pictures Castles Facebook Twitter Pinterest A 12th-century castle for sale in Siena, Italy. In the spotlight What the budget means for you: we’ve looked at the figures to see how Philip Hammond’s budget will affect your finances – whether you’re single, married, with or without children or retired.Consumer champions Le Creuset proves its lifetime guarantee really is cast iron Lost for words when unwanted satnav doubled our Hertz car hire bill BA’s answer to passengers stranded in a corridor for seven hours? Ignore them Whirlpool left my elderly in-laws afraid to use their dryer for 14 months Facebook Twitter Pinterest A letter sent out early last year about safety issues of tumble dryers under the Hotpoint, Indesit and Whirlpool brands. Photograph: Alamy Lost for words when unwanted satnav doubled our Hertz car hire bill Money deals Get great value annual travel cover with Guardian travel insurance , provided by Voyager. You could save on international money transfers with free online transfers and competitive exchange rates from Guardian International Money Transfers , provided by Moneycorp.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/2017/mar/09/what-the-2017-budget-means-for-you-plus-rents-out-of-step-with-incomes'|'2017-03-09T02:00:00.000+02:00'
'163fcdf53a22f0abeee140bef0892af61fe9ed75'|'Facebook''s Zuckerberg and wife expecting a second daughter'|'Entertainment News - Thu Mar 9, 2017 - 2:26pm EST Facebook''s Zuckerberg and wife expecting a second daughter FILE PICTURE: Mark Zuckerberg (R), founder and CEO of Facebook, and wife Priscilla Chan arrive on the red carpet during the 2nd annual Breakthrough Prize Award in Mountain View, California November 9, 2014. REUTERS/Stephen Lam SAN FRANCISCO Facebook Inc founder Mark Zuckerberg and his wife, Priscilla Chan, are expecting a second child, a daughter, the billionaire internet mogul said on Thursday. The couple was not sure they would be able to have another child after a difficult pregnancy with their first daughter, born in 2015, Zuckerberg, 32, said in a post on Facebook, the world''s largest social network. "I cannot think of a greater gift than having a sister and I''m so happy Max and our new child will have each other," Zuckerberg, who grew up with three sisters, wrote. Their first daughter, Max, briefly entered the spotlight last year when Zuckerberg posted a photo of her getting immunization shots and was inundated with Facebook users debating the merits of vaccines. The announcement came on the same day that Facebook shares hit an all-time of $138.57, riding upbeat expectations for growth as well as recent gains in the broader market. Zuckerberg has a net worth of $57.8 billion, according to Forbes magazine, although in 2015 he pledged to put 99 percent of his Facebook shares into a new philanthropy project focusing on human potential and equality. (Reporting by David Ingram; Editing by Jonathan Oatis) Next In Entertainment News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-facebook-zuckerberg-idUSKBN16G2RY'|'2017-03-10T02:21:00.000+02:00'
'1bd36a7a418acd1317d24359795fd454974a6564'|'Lockheed, MBDA to form JV for delayed German missile defence-sources'|'Company News  55pm EST Lockheed, MBDA to form JV for delayed German missile defence-sources By Andrea Shalal - BERLIN, March 9 BERLIN, March 9 Lockheed Martin Corp and Europe''s MBDA will set up a new joint venture to manage a multibillion-euro missile defence programme given German concerns about MBDA''s ability to execute the project on its own, sources familiar with the plans said on Thursday. The companies have been in discussions with the German defence ministry about the plans, and a formal announcement is expected in the coming weeks, said one of the sources, who was not authorised to speak publicly. The ministry told lawmakers on Tuesday it would not complete a contract with MBDA for the Medium Extended Air Defense System (MEADS) before Sept. 24 elections in Germany, saying more work was needed on "programme management" and the details of the company''s bid for the work. Katrin Suder, state secretary at the ministry, briefed a wider circle of lawmakers about the project, which was initially slated to cost 4 billion euros ($4.2 billion), on Wednesday. The MEADS system was developed by Lockheed and MBDA under a previous joint venture as part of a multinational programme funded by the United States, Germany and Italy, but Washington dropped out of the project several years ago. MBDA, which is owned by Airbus Group, Britain''s BAE Systems Plc and Italy''s Leonardo Finmeccanica SpA , had the lead in developing and submitting the German bid, with Lockheed acting as a subcontractor. When the contract was received, it was missing some key information, and the projected cost came in billions of euros higher than expected, sources told Reuters in October. MBDA has been responding to a series of questions to strengthen the proposal since then, but the ministry concluded it would not finish the work in time to negotiate a contract and submit it to parliament for approval before the election. Now, MBDA and Lockheed are to form essentially a 50-50 joint venture in which MBDA, as the domestic prime contractor, will have an additional vote, the sources said. That will ensure stronger management and shift some of the risk to Lockheed. Lockheed and MBDA said they were in discussions with the defence ministry about the details of the proposal. "This is a large and complex programme of great importance. We all agree that a thorough review of the details is appropriate and we continue to receive strong support for our solution and the path we are on to a ... contract," they said. Suder told lawmakers the ministry was disappointed it wasn''t able to complete the contract as planned before parliament''s summer recess, but said the ministry remained convinced it had made the right choice when it picked MEADS to replace its existing Patriot system in the summer of 2015. ($1 = 0.9441 euros) (Reporting by Andrea Shalal; Editing by Mark Potter) Next In Company News UPDATE 2-Kinder Morgan raises Canada''s Trans Mountain cost, commitments drop March 9 Shipper commitment for Kinder Morgan Inc''s Canadian Trans Mountain pipeline expansion project dipped by 3 percent, or 22,000 barrels per day, after the company raised its cost estimate to C$7.4 billion ($5.48 billion) and increased tolls, the company said on Thursday.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/germany-meads-idUSL2N1GM1MQ'|'2017-03-10T01:55:00.000+02:00'
'2b9cedf5d53a3fa00e3b0eaa3b9c2cfab7bf11de'|'Airbnb raises $1 billion in latest round of funding'|'Online room renting service Airbnb Inc said on Thursday it had raised $1 billion in its latest round of funding, valuing the company at $31 billion.Airbnb raised $447.85 million as part of the funding, a source close to the company told Reuters. The company said in September it had raised about $555 million as part of the same round of funding.Airbnb, which operates in more than 65,000 cities, has enjoyed tremendous growth as it pushes ahead with its plans of global expansion.The company turned in a profit on an EBITDA basis in the second half of 2016 and expects to continue to be profitable this year, the source said, adding that Airbnb had no plans to go public anytime soon.The company is locked in an intensifying global battle with regulators who say the service takes affordable housing off the market and drives up rental prices.(Reporting by Anya George Tharakan and Rishika Sadam in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-airbnb-funding-idINKBN16G2EV'|'2017-03-09T13:44:00.000+02:00'
'ef5a207432d5e6c3f19712cb418411514899fbd8'|'Eni sells Exxon 25 pct stake in Mozambique gas field for $2.8 bln'|'MILAN, March 8 Exxonmobil said on Thursday it had agreed to buy a 25 percent stake in the giant Mozambique gas field of Italian major Eni for about $2.8 billion.Eni, which is selling stakes in a number of fields to fund development of other projects, is currently the operator of Mozambique''s Area 4 where it holds a 50 percent indirect stake held through Eni East Africa.The field holds about 85 trillion cubic feet of natural gas and is one of the world''s largest gas discoveries in recent years.Under the deal Eni will continue to lead all upstream operations in the area, while ExxonMobil will be in charge of building the onshore liquefied natural (LNG) gas plants.The Italian major said it will remain in charge of building the floating LNG plant in the Coral field, which is part of Area 4.The area 4 project envisages the construction of onshore and offshore LNG plants to export the gas to areas such as India and Asia.In 2013 Eni sold 20 percent of its Area 4 stake to China''s CNPC for $4.2 billion but since then oil and gas prices have come down sharply. (Reporting by Stephen Jewkes)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eni-exxon-mozambique-idINL5N1GL6EI'|'2017-03-09T08:29:00.000+02:00'
'0bc02f910340d52cdc48ba7d1b8baac72f280b05'|'Lockheed, MBDA to form JV for delayed German missile defence - sources'|' 59pm GMT Lockheed, MBDA to form JV for delayed German missile defence - sources European Defence Group MBDA''s company logo is pictured in Schrobenhausen near Ingolstadt, Germany, June 25, 2015. REUTERS/Michaela Rehle By Andrea Shalal - BERLIN BERLIN Lockheed Martin Corp ( LMT.N ) and Europe''s MBDA will set up a new joint venture to manage a multibillion-euro missile defence programme given German concerns about MBDA''s ability to execute the project on its own, sources familiar with the plans said on Thursday. The companies have been in discussions with the German defence ministry about the plans, and a formal announcement is expected in the coming weeks, said one of the sources, who was not authorised to speak publicly. The ministry told lawmakers on Tuesday it would not complete a contract with MBDA for the Medium Extended Air Defence System (MEADS) before Sept. 24 elections in Germany, saying more work was needed on "programme management" and the details of the company''s bid for the work. Katrin Suder, state secretary at the ministry, briefed a wider circle of lawmakers about the project, which was initially slated to cost 4 billion euros (3.48 billion pounds), on Wednesday. The MEADS system was developed by Lockheed and MBDA under a previous joint venture as part of a multinational programme funded by the United States, Germany and Italy, but Washington dropped out of the project several years ago. MBDA, which is owned by Airbus Group ( AIR.PA ), Britain''s BAE Systems Plc ( BAES.L ) and Italy''s Leonardo Finmeccanica SpA ( LDOF.MI ), had the lead in developing and submitting the German bid, with Lockheed acting as a subcontractor. When the contract was received, it was missing some key information, and the projected cost came in billions of euros higher than expected, sources told Reuters in October. MBDA has been responding to a series of questions to strengthen the proposal since then, but the ministry concluded it would not finish the work in time to negotiate a contract and submit it to parliament for approval before the election. Now, MBDA and Lockheed are to form essentially a 50-50 joint venture in which MBDA, as the domestic prime contractor, will have an additional vote, the sources said. That will ensure stronger management and shift some of the risk to Lockheed. Lockheed and MBDA said they were in discussions with the defence ministry about the details of the proposal. "This is a large and complex programme of great importance. We all agree that a thorough review of the details is appropriate and we continue to receive strong support for our solution and the path we are on to a ... contract," they said. Suder told lawmakers the ministry was disappointed it wasn''t able to complete the contract as planned before parliament''s summer recess, but said the ministry remained convinced it had made the right choice when it picked MEADS to replace its existing Patriot system in the summer of 2015. (Reporting by Andrea Shalal;  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-meads-idUKKBN16G2PW'|'2017-03-10T01:59:00.000+02:00'
'b9a33f059505a3004415d505759ff2056b3f6c65'|'With this virtual ring, I thee wed ... how to tie the knot in VR - Guardian Small Business Network'|'A nyone who has planned a wedding knows the effort involved. Choosing a venue, whittling down the guestlist, writing vows, picking a colour scheme … the to-do list goes on. Remarkably, for Cardiff couple Martin Shervington and Elisa Evans, who are holding their ceremony in virtual reality in May, the list looks much the same – that is, if you don’t count the two robot avatars they’ve had to choose to represent them as they say their vows, one pink and one blue.The wedding will take place at a virtual nightclub called the Spire, complete with a red mottled sky and lava lake. Shervington and Evans have invited 150 of their friends and family to attend – many of whom wouldn’t have been able to make it to a real-life wedding in Cardiff. More and more couples are hiring companies to record their big day using 360-degree video, but a ceremony in virtual reality has only happened once before. In 1994, a San Francisco couple, Monika and Hugh Jo, were married on the island of Atlantis. The software required reportedly would have cost $1m (£820,000), but was covered by the VR company Monika worked for, CyberMind. Facebook Twitter Pinterest Hosting Shervington and Evans’s ceremony is San Francisco-based social VR platform AltspaceVR. Founder Eric Romo says the idea of a virtual reality wedding did not come as a surprise to him: “I thought it was perfect. This is exactly [...] the sort of thing we think is a really good use of the technology. What we’re trying to do is bring people together and make them feel connected in a way that we can’t on a phone call or video chat.”The virtual and augmented reality market has grown substantially since 2010, when American teenager Palmer Luckey created the first VR headset prototype, which evolved into the Oculus Rift. Two years later, Mark Zuckerberg bought the company for $2bn. Sony, Playstation and Samsung have all brought out their own headsets since. But the majority of VR’s fans and product developers have come from the gaming sector.Romo is an exception. A mechanical engineer by trade, he was one of the first employees at SpaceX – the private firm that recently announced it is committed to sending two citizens to the moon in 2018 – before leaving to study an MBA at Stanford University. He later started his own solar technology company in 2006. “That was an interesting journey for me,” he says. “[The business] went from two guys and a white board trying to figure out what they might want to do with solar energy, to raising $120m in venture capital, having 100 employees and manufacturing operations in China.”He wound up the business in 2012 after “everybody except the Chinese manufacturers went out of business,” an experience that he admits “was less fun”. But it was in the downturn of 2010–11 that his interest was piqued by virtual reality technologies and he started reading up on it in his spare time.“The idea of connecting in virtual spaces has been around as long as people have been working on computers, basically,” Romo says. “We don’t believe you’re going to turn people who aren’t interested in games into gamers because of VR. But the idea that I can connect with my friends and family all over the world, in a deeper way [than previously possible], we think that resonates with everybody.”Facebook Twitter Pinterest Eric Romo, founder of AltspaceVR says social virtual reality has endless potential. Photograph: Erin Ashford VR technology is already being trialled by healthcare professionals to treat conditions such as Alzheimer’s; Munich-based startup Icaros is attempting to revolutionise the fitness industry; and experts are exploring VR’s potential to train workers in industries where accidents are common, such as the NHS, aviation and the military. On a more basic level, Romo holds weekly meetings in VR and has found it a particularly useful medium when there are multiple people speaking. “With VR, like in real life, you have the ability to make eye contact, to gesture, the ability to point at something, or to turn and look at the person who’s speaking. Those things that are really subtle and simple, and that just happen when you’re together. “On a phone or video call, all we can do is talk. I can’t hand you something [as I can in VR]. If you think about how you connect with someone in real life, often there are physical objects or media that facilitates your communication.” Despite the growing fascination with the industry, the number of users is still low – an estimated 43m worldwide – and sales of virtual reality headsets in 2016 were far lower than anticipated. Playstation VR, for example, was expected to sell 2.6m units but dropped this to 750,000. Consultants Digi-Capital had originally anticipated that the augmented and virtual reality sector would reach $150bn by 2020 (with VR accounting for $30bn of that), but in January 2017 downgraded its forecast to $108bn by 2021 (VR accounting for $25bn). Romo won’t disclose how many users AltspaceVR has but says they cover 150 countries. His figures show participants are typically engaged for 15–20 minutes on mobile devices compared with an average of just three to four minutes on non-social VR platforms. He believes that the restrictive nature of the available hardware – particularly the need for a high-powered desktop to run the programmes – has held back the widespread adoption of the technology. Will 2017 be the year virtual reality gets real? Read more Beyond weddings, AltspaceVR has been involved with some interesting initiatives – it’s hosted an international film festival, held concerts and art shows in VR, and a comedy show with comedian Reggie Watts and actor Justin Roiland. Events are currently free but Romo sees the potential for organisers to charge in the future. AltspaceVR’s Frontrow technology makes it seem as though there are only around 30 people there, even if there are a thousand in attendance, so everyone can get close to the performers.So what does the future hold for VR? Will we all be getting married, holding business meetings and watching entertainment together in a virtual space? Romo won’t be drawn into making predictions.“People who tend to work in this space tend to come with a lot of sci-fi baggage. They’ve read all these sci-fi novels and have this vision they’ve been dreaming about for the last 30 years of what virtual reality should be that guides their product design and their idea of what is going to be fulfilling for people.”A better approach, suggests Romo, is trial and error. “The right way to find out is to test and experiment and get people using it. I’m most proud of our passion for experimentation – getting things in front of people as quickly as possible and then finding out if it’s good. We’re often really surprised at what good looks like.” Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox. Topics Guardian Small Business Network Entrepreneurs Technology startups Virtual reality Weddings features   Share   Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/small-business-network/2017/mar/10/virtual-ring-i-thee-wed-how-to-wedding-virtual-reality'|'2017-03-10T14:00:00.000+02:00'
'548e63247c21fdf6df3d5473232d5f6ff56f0998'|'Schumpeter: Mukesh Ambani has made the business world’s most aggressive bet'|'SOME businesspeople are guided by experts, spreadsheets and crunchy questions. What is your three-year target for market share? Will a project deliver a reasonable return on the capital invested? A few hurl all the forecasts and reports into the bin and surrender to their own hunger to make a mark.One such figure is Mukesh Ambani, India’s richest man. In September 2016 he placed one of the biggest business bets in the world by launching Jio, a mobile-telecoms network that allows India’s masses to access data on an unprecedented scale. In the past six months it has won 100m customers. Only one other firm on the planet has such an acquisition rate—Facebook. From Kolkata’s slums to the banks of the Ganges, millions of Indians are using social media and streaming videos for the very first time. 8 minutes ago Poland To achieve this, Mr Ambani has spent an incredible $25bn on Jio, without making a rupee of profit, terrifying competitors and many investors. The motivation for his gamble probably lies with his turbulent family history. Reliance Industries Limited (RIL), Mr Ambani’s company, was set up by his father, Dhirubhai, in 1957. Born in humble circumstances, Dhirubhai was famous for three things: running rings around officials; creating a fortune for himself and RIL’s army of small shareholders; and his appetite for giant industrial projects. RIL jumped from textiles into oil refining and petrochemicals. Its refinery in Gujarat is one of the world’s largest. It opened in 2000, two years before Dhirubhai died.Mukesh Ambani and his brother, Anil, took the reins in 2002 and split from each other in 2005, leaving Mukesh in full control of RIL. Since then his record has been patchy. RIL’s shares have lagged India’s stockmarket over the past decade and its return on capital has sagged, halving from 12% to 6%.Emulating his father, Mr Ambani has rolled the dice on several huge projects. He has invested huge sums to modernise the petrochemicals and refining business. This decision has been a success—it is an excellent operation that makes a return of about 12%. But Mr Ambani’s other investment calls have flopped. In 2010-15 RIL spent $8bn on shale fields in America. Now that oil prices are lower they lose money. The group invested about $10bn in energy fields off India’s east coast; they have produced less gas than hoped for and are worth little. And RIL has spent around $2bn on a retail business that produces only small profits. All told, RIL’s refining and petrochemicals unit accounts for two-fifths of its capital employed but over 100% of operating profits. The other businesses, developed mainly after Mr Ambani took sole charge, swallow a majority of resources but don’t make money.A lesser man might have lost his nerve, but Mr Ambani has pursued another colossal bet in the form of Jio. He knows telecoms: in 2002 he oversaw the family’s first attempt to build a big mobile-phone business (his brother now owns the struggling operation). The latest effort has been a decade in the making. Step by step, RIL acquired spectrum, worked with handset suppliers and built a “fourth-generation” network. Jio’s offer of free services caused a sensation. A savage price war has ensued. One rival executive reckons Jio is carrying more data than either China Mobile or AT&T, the world’s two most valuable operators.That underlines the potential of India’s telecoms market. Data usage is low, there are few fixed lines and most people don’t have smartphones. The incumbent firms are heavily indebted, so have limited ability to respond to a price war.Jio will start charging from April 1st. Yet even assuming it keeps cranking prices up and wins a third of the market, a discounted-cash-flow analysis suggests that it would be worth only two-thirds of the sum that Mr Ambani has spent. To justify that amount Jio would at some point need to earn the same amount of profit that India’s entire telecoms industry made in 2016. In other words, there is no escaping the punishing economics of pouring cash into networks and spectrum. For every customer that Jio might eventually win, it will have invested perhaps $100. Compare that with Facebook or Alibaba, both asset-light internet firms, which have invested about $10 per user.Jio’s three main mobile competitors have scrambled to respond. Bharti Airtel is buying a smaller rival to try to lower its costs. Vodafone is in talks about merging with Idea Cellular, another operator. Half a dozen or so weaker companies (including the firm now run by Mr Ambani’s brother) will probably disappear. The best hope for Jio is that in the distant future it will be one of three firms left and that a cut-throat industry will evolve into a comfy oligopoly, which is possible.RIL’s share price has gone nowhere for years but excitement about Jio’s 100m new customers has helped it bounce over the past month. Still, the scale of the investment illustrates the risks that shareholders face at a firm that is controlled by one man. Even if Jio eventually gushes cash it is not clear if RIL will pay bigger dividends, or if Mr Ambani will instead pursue another grand project. As investors wait, however, many more of India’s 1.3bn consumers will gain—not only from low prices, but a welcome splurge on the nation’s telecom infrastructure.Defiance from RelianceAnd what of Mr Ambani? Perhaps he hopes to get his money back by turning Jio into an internet firm that offers payment services and content, not just connectivity. China’s Tencent, which owns WeChat, a messaging service, has successfully diversified into games and banking. Still, no telecoms firm has managed this feat and it is hard to see how RIL’s clannish culture can become a hotbed of innovation. More likely, Mr Ambani, aged 59, just doesn’t care what all the spreadsheets point to. Sitting atop his skyscraper, overlooking teeming Mumbai, where some 5m new Jio customers are surfing the web at high speed for peanuts, he can at last say that he has changed India. When you are Dhirubhai’s son, that is probably enough.'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21718495-jios-100m-new-customers-cost-cool-25bn-acquire-mukesh-ambani-has-made-business-worlds?fsrc=rss%7Cbus'|'2017-03-11T08:00:00.000+02:00'
'f901c9c7b67b9df3e63a1a236e0c927b4e7b410f'|'U.S. oil rises after dropping below $50 for first time since December'|'Business  20am IST U.S. oil rises after dropping below $50 for first time since December FULL COVERAGE: INDIA ELECTIONS 2017 A pump jack stands idle in Dewitt County, Texas January 13, 2016. REUTERS/Anna Driver TOKYO U.S. crude prices edged up on Friday after dropping below $50 per barrel for the first time since December in the previous session, pressured by concerns that a global supply glut is proving stubbornly persistent. U.S. West Texas Intermediate crude (WTI) was up 23 cents at $49.51 a barrel at 0027 GMT (7.27 p.m. ET). Brent crude was yet to trade. On Thursday, it settled down 92 cents, or 1.7 percent, at $52.19 a barrel, after slumping 5 percent the day before in its biggest percentage decline in a year. The U.S. contract fell below $50 on Thursday for the first since mid-December, when OPEC producers and a group of other countries including Russia agreed on a cut in output to end two years of declining prices. But market confidence has taken a hit after a period of higher prices enticed more U.S. shale oil companies to drill more wells and as stockpiles have remained high. Data showed crude stocks in the United States, the world''s top oil consumer, swelled by 8.2 million barrels last week to a record 528.4 million barrels. [EIA/S] U.S. drilling has also picked up, with producers planning to expand crude production in North Dakota, Oklahoma and other shale regions, while the Permian, America''s largest oilfield, has seen output jump. Senior Saudi energy officials told top independent U.S. oil firms in a closed-door meeting this week that they should not assume OPEC would extend output curbs to offset rising production from U.S. shale fields, two industry sources told Reuters on Thursday. Energy ministers and senior oil executives are meeting this week at CERAWeek in Houston, the biggest U.S. gathering of the oil industry. (Reporting by Aaron Sheldrick; Editing by Joseph Radford) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-global-oil-idINKBN16H02O'|'2017-03-10T07:48:00.000+02:00'
'6a45a028e02ccda552a8da7409f088c9a154c4bf'|'Markets await key US jobs report ahead of Fed rate decision - business live - Business'|'‘Fearless Girl’ statue stares down the bronze bull on Wall Street, New York, USA Photograph: Xinhua/REX/Shutterstock Share on Facebook Share on Twitter Share via Email View more sharing options Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger Close Angela Monaghan Friday 10 March 2017 08.14 GMT Last modified on Friday 10 March 2017 08.28 GMT Key events Show 8.14am GMT 08:14 The agenda: It''s US payrolls day Live feed Show 8.14am GMT 08:14 The agenda: It''s US payrolls day Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. It’s non-farm payrolls day in the US. Economists polled by Reuters are predicting that 190,000 jobs were added in February, following 227,000 in January.It would take an absolute shocker on the downside to derail expectations that the Federal Reserve will raise rates at its policy meeting on Wednesday next week.Victoria Clarke, economist at Investec, said a rate hike next week is pretty much a done deal: The Fed looks to be locked onto a course that would see it raise the Fed funds target rate range by 25 basis points to 0.75-1.00%, short of a sizeable shock to market sentiment and/or a massive downside surprise in the February payrolls report. Note that with a March hike effectively a done deal, the key focus for markets will be the forward guidance on the prospect of rate rises ahead. Some economists think today’s payrolls number could come a fair bit stronger than consensus expectations, not least because of a strong ADP jobs report on Wednesday , which easily beat expectations.We’ll be tracking all the main events through the day... Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close Topics Business Business live  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/live/2017/mar/10/markets-await-key-us-jobs-report-ahead-of-fed-rate-decision-business-live'|'2017-03-10T15:14:00.000+02:00'
'ddae80a926b0fd67b398ca58c47dd8439aec9e41'|'UK''s NIESR sees economic slowdown in three months to February'|'Business News - Fri Mar 10, 2017 - 2:12pm GMT UK''s NIESR sees economic slowdown in three months to February A shopper browses items at a Sainsbury''s store in London, Britain October 11, 2016. REUTERS/Neil Hall LONDON British economic growth probably lost some pace in the three months to February and the extent of a slowdown ahead depends in large part on how much exports can make up for weaker consumer spending, a think tank said on Friday. Britain''s economy, which last year shrugged off the Brexit vote, expanded by 0.6 percent in December-February period compared with 0.8 percent in the three months to January, the National Institute of Economic and Social Research (NIESR) said. "Robust consumer spending growth has supported the economic expansion throughout 2016, but there are now signs that this support is beginning to soften," Rebecca Piggott, a research fellow at NIESR, said. "Consumer price inflation is expected to continue to increase throughout the rest of 2017, further reducing the contribution from consumer spending to economic growth." Piggott said it remained to be seen how much the economy would be cushioned by an expected improvement in British trade of goods and services which have gained competitiveness after the fall in the value of the pound since the Brexit vote but which has also pushed up inflation. Earlier on Friday, the Office for National Statistics said British manufacturing contracted by 0.9 percent in January compared with December. But over the November-January period, factory output had its strongest performance since the three months to May 2010, helped by the fall in sterling. (Reporting by William Schomberg; editing by Alistair Smout) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-niesr-idUKKBN16H1R0'|'2017-03-10T21:12:00.000+02:00'
'9e0a195628e6fa54a57795de717126973063a2ff'|'Volkswagen, Tata Motors confirm to explore cooperation'|' 29am GMT Volkswagen, Tata Motors confirm to explore cooperation left right An illuminated logo is seen at a Volkswagen I.D. Buzz concept car during the 87th International Motor Show at Palexpo in Geneva Switzerland March 8, 2017. REUTERS/Arnd Wiegmann 1/2 left right The logo of Tata Motors is pictured at at the 37th Bangkok International Motor Show in Bangkok, Thailand, March 22, 2016. REUTERS/Chaiwat Subprasom/File Photo 2/2 FRANKFURT Volkswagen ( VOWG_p.DE ) and Tata Motors ( TAMO.NS ) said on Friday they had signed a memorandum of understanding to explore a strategic partnership in India, confirming a Reuters story from Thursday. The two carmakers said they hoped to jointly develop vehicle components and also possibly vehicle concepts for the Indian subcontinent and overseas markets. Volkswagen said its Skoda unit would lead the project. "The first step will address topics such as the application of specific market knowledge as well as local development expertise. In the long term, the Volkswagen Group is looking to further expand its product portfolio in the fast-growing emerging markets," it said. (Reporting by Georgina Prodhan; Editing by Christoph Steitz)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-tata-motors-idUKKBN16H0ZV'|'2017-03-10T16:29:00.000+02:00'
'a26e008af9a8f2ad31df5de42843f8e719c4cea2'|'Carmakers eye more UK suppliers to handle hard Brexit'|'* McLaren ready to source more UK components if there are tariffs* Peugeot sees Brexit ''opportunity'' with UK plants* Some suppliers already seeing Brexit boost* Jaguar Land Rover doubts UK can surpass 50 pct local contentBy Costas PitasGENEVA, March 10 As Britain prepares to leave the European Union, some carmakers are considering softening the blow of any tariffs by sourcing more parts locally and producing more models they can sell domestically rather than export.Eighty percent of UK-assembled vehicles are exported and they could face tariffs of up to 10 percent if Britain has to fall back on World Trade Organisation rules, with some components subject to multiple varying tariffs each time they cross a border."If we do find there are tariffs on sending cars out, or there are tariffs on bringing components in, then that would be a motivator to repatriate some component production to the UK," McLaren Automotive Chief Executive Mike Flewitt told Reuters at the Geneva motor show.The country''s largely foreign-owned car industry is due to hit a record high production of around 2 million units by the turn of the decade, making it one of Europe’s largest, and some firms have warned tariffs could push production abroad.The sector is a major employer which British Prime Minister Theresa May has pledged to champion in the Brexit negotiations with the EU she plans to trigger this month; executives are concerned uncertainty could persist beyond the two-year process.A local sourcing push would help mitigate some of the risks of leaving the EU''s single market and be a bonanza for smaller UK parts makers but a headache for international suppliers, whose manufacturing footprints are reliant on free trade.Only 41 percent of the parts in British-built cars are made within the country on average, less than the typical 50 to 55 percent local content requirement which Britain would have to agree to in some bilateral trade deals.The proportion of parts sourced locally varies among automakers, making it easier for some to meet the "Made in Britain" threshold than others.McLaren expects to reach a 58 percent "localisation rate" by the end of the decade from around 50 percent now, under a plan that pre-dates the June Brexit vote. Jaguar Land Rover (JLR), Britain''s biggest carmaker, also sources around half its content locally.The level falls to less than 40 percent at German luxury carmaker BMW''s Mini plant in southern England, while Opel/Vauxhall Astras built in the UK contain only 25 percent British parts.French carmaker PSA Group, which this week announced a deal to buy Opel and Vauxhall from General Motors , said trade barriers in the event Britain loses access to the single market would push it to increase the percentage of local components."If it''s a hard Brexit then of course the supplier base needs to be developed, and I think this is something that the UK government completely understands," Chief Executive Carlos Tavares told reporters in Geneva.NOT SO EASYThe jury is out on how feasible this might be.Ralf Speth, the CEO of JLR, doubts Britain produces enough mass-market vehicles to attract the major supplier investments it would need to cross the 50 percent localisation threshold. It and other carmakers have been slowly boosting UK parts content for years.Britain''s Society of Motor Manufacturers and Traders, however, believes UK-built cars could source up to 80 percent of parts domestically. The fall in the pound since the Brexit referendum has raised import costs, adding a further incentive.Matt Boyle, the chief executive of electrified powertrain specialist Sevcon, based in England''s northeast, said it had seen rising demand since the referendum and is able to respond quickly through the use of flexible third-party sites."We''ve got off-the-shelf hybrid systems and electric systems today," he said.The industry is lobbying for British government support, which could be required to kick-start investment in parts production that would be new for Britain, such as alloy wheels.Over 4 billion pounds ($4.9 billion) worth of components such as engine castings, steering systems and seat parts could be sourced in Britain, according to a joint industry-government report published in 2015, adding to roughly 10 billion pounds currently spent by car firms on UK suppliers.MODEL MIXCarmakers are used to picking parts makers to supply their plants across borders, benefiting from unfettered trade among members of the European single market or the North American Free Trade Agreement - and between the EU and Mexico.But Donald Trump''s election in the United States and protectionist candidates in upcoming elections in the Netherlands and France mean the Brexit referendum is not the only risk to free trade.That has prompted some executives to ponder how plants and supply chains could be refocused on domestic demand."Our interest and our competitive advantage will be to have UK plants with a pound cost structure to supply a market where revenue is in pounds," PSA''s Tavares said.Britain is Opel/Vauxhall''s biggest European market, accounting for 77,000 annual sales of its Corsa mini - the country''s second-biggest seller after Ford''s German-made Fiesta.But the Corsa is built in Spain and Germany, rather than GM''s British plants in Ellesmere Port and Luton.While Astra hatchbacks are produced at Ellesmere Port, some of the 60,000 sold in Britain last year were imported from Poland, leaving potential scope for more UK production.Progress with modular assembly techniques in recent years has given car manufacturers more flexibility to shift production of single models between factories in different countries.BMW said recently it would begin building some of its X1 sport utility vehicle at a plant in the Netherlands, which already builds Mini cars.Asked whether Mini''s British plant could build BMW-badged cars, Chief Executive Harald Krueger did not rule it out."Purely theoretically, you can also build the 1 series in the UK," he told reporters. (Additional reporting by Laurence Frost and Edward Taylor; editing by Philippa Fletcher)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/autoshow-geneva-britain-eu-idINL5N1GK5RC'|'2017-03-10T03:00:00.000+02:00'
'5c44386196a122041419b1bc4c8c4cae1b365bc6'|'UPDATE 1-Santos Brasil loses ESA cargo contract to rival Grupo Libra'|'Company   4:33pm EST UPDATE 1-Santos Brasil loses ESA cargo contract to rival Grupo Libra (Adds details, background) By Ana Mano and Flavia Bohone SAO PAULO, March 9 Logistics company Santos Brasil Participações SA has confirmed the termination of a contract to move containers for the ESA consortium of shipowners at the port of Santos effective May 1, according to a statement sent to Reuters on Thursday. Santos Brasil, the largest cargo operator in the country, lost the ESA contract to Grupo Libra, the second largest, according to two sources briefed on the matter. Grupo Libra declined to comment. Santos Brasil said the termination of the contract was "a normal market event." Santos Brasil hares closed down 4.7 percent at 2.41 reais, the steepest daily decline in more than a month, after having fallen by more than 7 percent following the Reuters report. With Thursday''s drop, the stock reversed earlier year-to-date gains and is now down 0.8 percent since the start of the year. The termination of the contract signals growing competition at Santos, Latin America''s largest port, as logistics operators scramble in the face of a harsh economic downtown. Libra''s new ESA contract will entail the rehiring of personnel to handle the additional cargo, one of the sources said on condition of anonymity because the person is not authorized to speak in public. Libra had laid off workers amid Brazil''s harshest recession on record during the past two years. Another source briefed on the matter said Libra''s new contract involves 150,000 containers per year at Santos. This is equivalent to roughly 16 percent of Santos Brasil''s entire container movement at the country''s busiest port in 2016, according to public data. Santos Brasil said shipowners in the ESA consortium include shipowners such as Cosco Shipping Holdings Co Ltd , Evergreen Marine Corp, Hapag-Lloyd AG and Hamburg Süd, among others. (Reporting by Ana Mano and Flavia Bohone; editing by Jonathan Oatis) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-logistics-idUSL2N1GM1W1'|'2017-03-10T04:33:00.000+02:00'
'62896ff5bce08767927aa05b5516ce8f950905e1'|'Italy gives conditional approval to L''Espresso and La Stampa merger'|'ROME Italy''s Antitrust Authority on Thursday gave conditional approval to the merger of L''Espresso group ( ESPI.MI ) and La Stampa, publishers of three of the country''s biggest newspapers.L''Espresso, which controls Rome''s La Repubblica newspaper, will have to sell its local advertising businesses in Genoa and Turin to an independent third party, the Antitrust said in a statement.The deal allows Fiat Chrysler Automobiles ( FCHA.MI ) to quit the publishing business by shedding its controlling stake in Itedi, which controls Turin''s La Stampa and Genoa''s il Secolo XIX, and folding it into L''Espresso.(Reporting by Steve Scherer, editing by Isla Binnie)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-rcs-mediagroup-gruppo-espresso-antitr-idINKBN16G2GY'|'2017-03-09T14:03:00.000+02:00'
'382fd0b68233e63f4b6b3822f888317b1c4a4d9c'|'UPDATE 1-U.S. Senate Banking Committee approves capital formation bills'|'(Adds results of the committee votes, comments from lawmakers)By Sarah N. LynchWASHINGTON, March 9 A U.S. Senate panel on Thursday approved with bipartisan support a raft of bills aimed at spurring capital formation, marking its first step this year toward modernizing market rules that critics have said are outdated and get in the way of business expansion and investment.The move is part of the ongoing effort by the Congress to streamline the U.S. financial sector and is seen as largely separate from U.S. President Donald Trump''s push to repeal or replace regulations which he contends could impede economic growth.The Senate Banking Committee, led by Idaho Republican Chairman Mike Crapo, is now poised to send to the Senate floor five bills that garnered support from both Democrats and Republicans, with Democratic Senators Elizabeth Warren and Jack Reed the only dissenters.Sherrod Brown, the panel''s ranking Democrat, praised the bipartisan work that went into the bills, and said he is optimistic "there are additional common sense measures" that can tackled next.The bills propose a variety of changes to the Securities and Exchange Commission''s regulations, such as raising the dollar amount of stock options that private companies can award employees in a given year from $5 million to $10 million, and easing restrictions to allow brokers to publish research on the global $3.7 trillion exchange-traded fund market.They would also boost the number of people that can invest in venture capital funds without triggering certain federal rules, subject mutual funds in Puerto Rico to the same rules that funds already face on the U.S. mainland and credit stock exchanges for any fees and assessments they may have overpaid to the SEC in the last decade.Pennsylvania Republican Senator Pat Toomey, who co-sponsored the bill involving private company stock options, said on Thursday he is hopeful the measure "will be considered by the full Senate soon."Thursday''s hearing was the first time since the November election that the Republican-led Senate Banking Committee has convened to consider financial legislation.The U.S. House of Representatives Financial Services Committee, meanwhile, is also gearing up to boost capital-raising via a more comprehensive rewrite of the 2010 Dodd-Frank financial reform legislation.Trump''s choice to lead the SEC, Wall Street deal making attorney Jay Clayton, has previously privately discussed ideas with Trump on how to help spur capital formation.All of the bills approved by the panel on Thursday have been considered in prior congressional years, but never passed into law. Some of the bills also have companions in the House introduced this year. (Reporting by Sarah N. Lynch; editing by Andrew Hay, G Crosse)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-senate-bills-idINL2N1GM1DI'|'2017-03-09T15:40:00.000+02:00'
'587fb2db3af3a1bb8fdf7b8d5456210c0c98f5eb'|'Austria''s Novomatic working with Macquarie on potential IPO: sources'|'FRANKFURT The private owners of Austrian gaming technology group Novomatic [NVMTC.UL] are working with Macquarie to prepare an initial public offering that could value the company at more than 6 billion euros ($6.3 billion), three sources familiar with the matter said.The Australian investment bank is acting as a so called IPO advisor and will help select several banks to lead the planned listing as so-called global coordinators, they said, adding the mandates will likely be awarded later this month.The listing of the maker of gaming equipment and casino management systems will likely take place in the second half of the year in London, albeit Frankfurt remains an option.Macquarie declined to comment, while Novomatic was not immediately available for comment.(Reporting by Arno Schuetze; Editing by Harro ten Wolde)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-novomatic-ipo-idINKBN16G15O'|'2017-03-09T07:18:00.000+02:00'
'cb337c9fa4866d84ab91bee615ba7ec7f58bf048'|'UPDATE 1-Lactalis ups Parmalat bid price after pressure from investors'|'Company News - Thu Mar 9, 2017 - 5:28am EST UPDATE 1-Lactalis ups Parmalat bid price after pressure from investors (Adds stock reaction, details) MILAN, March 9 French dairy group Lactalis has raised the price of an offer for shares in Parmalat it does not already own to 3 euros per share after complaints from some investors that its previous bid undervalued the Italian dairy group. Parmalat was relaunched in 2005 after going bankrupt following a financial scandal and Lactalis won control of it in 2011. The French company is now seeking to buy the 12.26 percent of Parmalat it does not already own with the aim of delisting the group. Lactalis'' investment vehicle Sofil, which had previously offered 2.8 euros for each Parmalat share, said on Thursday its revised offer would be extended until March 21 from an original March 10 deadline. Parmalat shares rose 5.6 percent by 0920 GMT to 3.030 euros each. Parmalat activist investor Amber Capital, which owns 3 percent of the dairy company, said last week the price for the takeover should be increased to at least 3.50 euros per share. Retail shareholders in the Azione Parmalat association had also raised doubts about the price of the bid. Parmalat, which collapsed in 2003 with a 14 billion euro hole in its accounts, was restructured by turnaround expert Enrico Bondi. Funds clawed back through a number of lawsuits helped the company to build up a large cash reserve. Parmalat is still awaiting the outcome of a lawsuit with Citigroup and Amber has argued that Lactalis would deprive minority shareholders of potential benefits from the result of this case by taking full control of the Italian group. "Despite the pending claim with Citigroup, the offer price is now in line with our target price ... we suggest to accept the offer," Daniele Ridolfi, analyst at broker Kepler Cheuvreux, said in a note for clients. The response from investors to Lactalis'' bid has been cool so far. They have tendered only 0.26 percent of the group''s capital which increases Lactalis'' stake to 88 percent. The French group, a private company controlled by the Besnier family, needs to reach a threshold of 90 percent of the total capital to delist the dairy group. (Reporting by Silvia Aloisi and Francesca Landini, editing by Valentina Za and Jane Merriman) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/parmalat-buyout-lactalis-idUSL5N1GM1Y2'|'2017-03-09T17:28:00.000+02:00'
'38489b93c68f1de6f3d07470bbe79d465b9d66db'|'Kellerhals has filed legal challenge against Metro split: source'|'DUESSELDORF, Germany Erich Kellerhals, the founder of Media-Saturn, has filed a legal challenge against plans by German retailer Metro ( MEOG.DE ) to split into two companies, a person familiar with the matter told Reuters.Shareholders in Metro overwhelmingly voted last month to back a plan to split off the group''s wholesale and hypermarket food business from Media-Saturn, Europe''s biggest consumer electronics group, by the middle of the year.Kellerhals, who still owns a stake of 22 percent in Media-Saturn, suggested last month he was considering a legal challenge against the split.A spokesman for Convergenta, Kellerhals'' investment vehicle, declined to comment. Metro also declined to comment.(Reporting by Matthias Inverardi; Writing by Christoph Steitz; Editing by Klaus-Peter Senger; and Ludwig Burger)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-metro-ag-split-idUSKBN16F1WG'|'2017-03-08T18:17:00.000+02:00'
'3b5f87d477bb7f8d9feff39cbe94e89ba924731b'|'Germany''s Merck well advanced in talks to sell biosimilars unit'|'DARMSTADT, Germany Germany''s Merck KGaA on Thursday said it was seeking a buyer for its biosimilars unit, confirming a Reuters report in October.The chief executive of the maker of drugs, lab supplies and high-tech chemicals, Stefan Oschmann, said negotiations were far advanced but complex, speaking at a press conference after the release of full-year results.Merck has been working since 2012 with Dr Reddy''s of India in developing cheaper versions of blockbuster biotech drugs such as AbbVie''s Humira, Roche''s Rituxan and Amgen''s Neulasta but has not yet brought products to market.The lineup of prospective suppliers of these compounds - called biosimilars because they are equivalent to the original drug in efficacy and safety but not exact replicas - is expected to see a shakeout amid harsh competition.When asked about the future of Merck''s Consumer Health division, Oschmann said it was developing well, but added that every one of the group''s units would have to prove itself and would be under review on an ongoing basis.The business with 860 million euros ($908 million) in 2016 sales is seen by many industry experts as lacking critical mass to compete with much larger rivals, which are seeking to further consolidate the non-prescription treatments industry.($1 = 0.9471 euros)(Reporting by Patricia Weiss; Writing Ludwig Burger; Editing by Harro ten Wolde)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/merck-results-biosimilars-idINKBN16G1EQ'|'2017-03-09T08:13:00.000+02:00'
'ba56901f6e9da8b0b79997280f42c877b041f319'|'BRIEF-Blueknight Energy Partners qtrly loss per share $0.18'|' 05pm EST BRIEF-Blueknight Energy Partners qtrly loss per share $0.18 March 9 Blueknight Energy Partners Lp * Blueknight announces fourth quarter and full year 2016 results * Qtrly loss per share $0.18 * Blueknight Energy Partners Lp -qtrly total revenue $46.0 million versus $43.9 million * Q4 revenue view $47.2 million -- Thomson Reuters I/B/E/S * Blueknight Energy Partners Lp - "pipeline and trucking and field services businesses continue to face challenges" Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-blueknight-energy-partners-qtrly-l-idUSASB0B4IY'|'2017-03-09T05:05:00.000+02:00'
'9e9548d20f2d08fedfd58f5bbd78a015809656cd'|'Engie pulls out of UK shale gas with assets sale to Ineos'|'LONDON French energy company Engie ( ENGIE.PA ) has sold its British shale gas interests to petrochemicals firm Ineos for an undisclosed sum, the companies said on Thursday.Engie was one of the first big energy companies to back Britain''s nascent shale gas industry when it bought parts of Dart Energy''s licenses, a company since then taken over by IGas, in 2013.Thursday''s deal builds on Ineos'' position as Britain''s largest shale gas company as it now has access to a shale gas area of more than 1.2 million acres. The company, which recently moved its headquarters from Switzerland back to Britain, wants to invest 1 billion pounds into shale gas which it bets on as a feedstock for its petrochemicals business.Engie, on the other hand, said its retreat from British shale gas was in line with its strategy to focus more on energy infrastructure, like gas pipelines, and services."The decision was made following ENGIE Group''s strategic review notably in response to commodity price declines," said a spokeswoman. Global oil prices have halved since hitting a peak in mid-2014 and have also weighed on gas prices.As part of the deal, Ineos is taking over Engie''s entire UK onshore exploration license portfolio, that consists of interests in 15 licenses, including seven in which Ineos had a previous participation."We are always going to be interested in acquiring additional acreage," Gary Haywood, chief executive of Ineos shale, told Reuters on the sidelines of an industry event.He ruled out a large deal, however, saying the company''s interests were already substantial.Large amounts of shale gas are estimated to be trapped in underground rocks and the British government says it wants to exploit them to help offset declining North Sea oil and gas output, create some 64,000 jobs and help economic growth.But so far only one shale gas well has been fracked and progress has been slow over the past years due to regulatory hurdles and public protests. Environmental groups are concerned that fracking could contaminate groundwater and that it is incompatible with fighting climate change.Shale gas fracking firms IGas ( IGAS.L ) and Cuadrilla confirmed the changes in license ownership in which they are also involved.(Additional reporting by Susanna Twidale; Editing by David Evans)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-britain-shale-engie-ineos-idUSKBN16G1IZ'|'2017-03-09T14:49:00.000+02:00'
'7014730445ef46d9ad7ed9fe66797eac3702424e'|'Romania rejects all bids at Feb. 2020 bond tender'|'BUCHAREST, March 9 Romania''s finance ministry rejected all bids at a tender at which it wanted to sell 600 million lei ($139.43 million) worth of Feb. 2020 treasury bonds on Thursday, central bank data showed.Debt managers last issued the paper in February at an average yield of 2.2 percent. Bids totalled 532 million lei on Thursday.It is the second failed tender this year over fiscal uncertainty, rising inflationary pressures and external politics.So far this year, Romania has sold just under 8.3 billion lei worth of domestic bills and bonds. ($1 = 4.3033 lei) (Reporting by Luiza Ilie; Editing by Radu Marinas)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/romania-debt-idINL5N1GJ1LJ'|'2017-03-09T08:53:00.000+02:00'
'0a8712672c0c1703f6e28d767ea870f09f46d97d'|'Light at the end of the funnel: Green finance for dirty ships'|'SHIPPING may seem like a clean form of transport. Carrying more than 90% of the world’s trade, ocean-going vessels produce just 3% of its greenhouse-gas emissions. But the industry is dirtier than that makes it sound. By burning heavy fuel oil, just 15 of the biggest ships emit more oxides of nitrogen and sulphur—gases much worse for global warming than carbon dioxide—than all the world’s cars put together. So it is no surprise that shipowners are being forced to clean up their act. But in an industry awash in overcapacity and debt, few have access to the finance they need to improve their vessels. Innovative thinking is trying to change that.A new report from the Carbon War Room (CWR), an international NGO, and UMAS, a consultancy, highlights the threat that new environmental regulations pose to the industry. The International Maritime Organisation, the UN’s regulatory agency for shipping, has agreed to cap emissions of sulphur from 2020. Last month the European Parliament voted to include shipping in the EU’s emissions-trading scheme from 2021. Without any retrofitting of ships to meet the new rules, many firms may be forced out of business. That also imperils banks across the world, which have lent $400bn secured on smoke-spewing ships.Tens of billions of dollars are needed to pay for upgrades to meet the new rules, according to James Mitchell at CWR. But the industry can hardly pay even its existing debts. Freight rates have collapsed owing to a slowdown in world trade since the financial crisis and to enormous overcapacity. An earnings index compiled by Clarksons, a research firm, covering the main vessel types (bulk carriers, container ships, tankers and gas transporters), touched a 25-year low in 2016. Banks do not want to throw good money after bad.Even those that are expanding their ship-lending have seen less demand than they expected for retrofit loans. ABN AMRO, a Dutch bank, and a market leader in this business, has made less than $500m in green loans over the past five years, says Gust Biesbroeck, its head of transportation finance. The problem, he adds, is one of incentives. Ship owners, who would normally borrow for such upgrades, do not benefit from lower fuel bills. It is the firms chartering the vessels that enjoy the savings. But their contracts are not long enough to make it worthwhile to invest in green upgrades. The average retrofit has a payback time of three years, whereas 80% of ship charters are for two years or less.Hence the interest in new green-lending structures. One, called “Save as you Sail”, comes from the Sustainable Shipping Initiative, another NGO. The idea is to share the fuel savings between the shipowner and the charterer over a longer contract, giving both an incentive to make the upgrades. Such schemes used to be thwarted by the difficulty of measuring exact fuel consumption on ships. New technologies allow more accurate readings.Finance providers are keen to get involved. Last June the European Investment Bank announced €250m ($282m) in funding for such retrofits; it hopes other banks will follow suit with billions more. In future, the idea might be extended to greening aircraft and trains. For now these businesses do not suffer a shortage of finance. But a downturn is a matter of “when not if”, says Michel Dembinski at MUFG, a bank. Green finance could rescue many other industries sailing into a storm.  Finance and economics   "Light at the end of the funnel"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/finance-and-economics/21718519-new-ways-foot-hefty-bill-making-old-ships-less-polluting-green-finance?fsrc=rss'|'2017-03-09T23:29:00.000+02:00'
'ad8a2bbfe77e4f42ba0a816753f76cb55752e7f3'|'Union vows to take Quebec zinc plant to court over strikebreakers'|'Company   3:37pm EST Union vows to take Quebec zinc plant to court over strikebreakers By Allison Lampert - MONTREAL, March 9 MONTREAL, March 9 The union representing striking workers at the Noranda Income Fund''s zinc processing facility in Quebec, vowed on Thursday to take the company to court over the alleged use of strikebreakers. "We have amassed significant evidence of illegal work by scabs and our lawyers are on the case," Luc Julien, a union representative at United Steelworkers of America Local 6486, which is leading the strike, said in a statement. The statement said the union will bring a case against the company to court within the next few days. A company executive said by phone that it respects Quebec''s labor code. But it aims to boost production at the plant, the biggest zinc processing facility in eastern North America, using "eligible" staff like managers as the strike nears four weeks. "We''re very much focused on operating the plant and ramping up production," said Eva Carissimi, president and chief executive of Canadian Electrolytic Zinc, the fund''s manager. She declined to specify the plant''s current volume, but the union said on Wednesday it was likely producing below 25 percent of normal capacity. The market is watching the strike as zinc prices have more than doubled since the beginning of last year due to a shortage tied to mine closures and shutdowns. The dispute with the plant''s 370 workers, who walked off the job on Feb. 12, hinges on cuts being made in preparation for a change this year in an arrangement with Glencore Canada that is expected to boost expenses, Carissimi said. Glencore indirectly owns 25 percent of the fund and acts as the smelter''s commercial agent. The deal with Glencore insulates Noranda from market fluctuations in the treatment charges paid to smelters which transform zinc concentrate into a sellable product. But when the arrangement ends in May, Noranda will be exposed to changes in the charges it earns as revenues for processing and refining concentrate, that are now near historic lows. "Our whole economics change," Carissimi said. "We are like every other smelter that has to adapt." Labour currently accounts for 35 percent of costs, with the company''s defined benefit plan an important contributor. Carissimi said the fund has asked employees to contribute to the plan, which is now fully covered by the company. Noranda also wants to raise the eligible age for voluntary early retirement to 60 years, from 58 years with 32 years of company service. (Reporting By Allison Lampert; Editing by Tom Brown) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/norandaincome-strike-idUSL2N1GM1UZ'|'2017-03-10T03:37:00.000+02:00'
'3bf39f88b371a77b8d9218b7cf475550e446ebcf'|'Deutsche Bank CEO open to extending his contract: Handelsblatt'|' 16am EST Deutsche Bank CEO open to extending his contract: Handelsblatt Deutsche Bank CEO John Cryan addresses the bank''s annual news conference in Frankfurt, Germany, February 2, 2017. REUTERS/Kai Pfaffenbach FRANKFURT Deutsche Bank ( DBKGn.DE ) Chief Executive John Cryan is open to having his contract extended if the bank manages to post attractive returns by 2020, Germany''s daily Handelsblatt reported. "It is possible," Cryan told Handelsblatt in response to a question on whether he would seek an extension of his contract which expires in 2020. "If we succeed in achieving attractive returns and create a very successful bank, then why not?" he was quoted as saying. Cryan also said the board would present a detailed blueprint for the integration of Postbank into Deutsche Bank''s retail business after scrapping plans to divest the unit. He added the integration would lead to job losses, but declined to be more specific. (Reporting by Arno Schuetze; Editing by Mark Potter) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-deutsche-bank-management-idUSKBN16G2BV'|'2017-03-09T23:16:00.000+02:00'
'c8f85538e50901ca259206440e5151551f9f4061'|'UPDATE 1-U.S. SEC commissioner raises questions about unequal voting rights'|'Company   11:04am EST UPDATE 1-U.S. SEC commissioner raises questions about unequal voting rights (Adds background on Snap IPO, context) By Lisa Lambert and Ross Kerber WASHINGTON/BOSTON, March 9 One of two current members of the U.S. Securities and Exchange Commission on Thursday raised questions for companies that offer shareholders unequal voting rights, saying the regulator should "focus on how some innovations may prove detrimental to investors." "Unequal voting rights present complex and new issues that need to be understood and addressed. We also must be mindful of the precedent being created," Democrat Commissioner Kara Stein said. "What is the effect on capital formation and emergent public companies when the bundle of rights offered to shareholders in a public offering excludes voting rights?" asked Stein, who was speaking at a meeting of the SEC''s Investor Advisory Committee held in Washington, D.C. Unequal voting rights are on the committee''s agenda after the $3.4 billion initial public offering of Snap Inc last week. In an unprecedented move, the shares that Snap sold to outside investors did not include any voting rights, raising questions about whether the parent of social media app Snapchat would provide investors with enough transparency or influence. Snap has argued that its voting structure is good for investors as a way to preserve founder control. Other big technology companies have also offered shares with limited voting rights for outsiders in recent years, despite calls from large institutional investors for increased rights to promote better corporate governance. Stein said: "In the long run, we need to critically assess our regime for initial public offerings." "The current structure is premised on taking investors'' capital while giving the investor rights to hold that company''s management accountable of that capital," she said. (Editing by Bernadette Baum)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-sec-rights-idUSL2N1GM12S'|'2017-03-09T23:04:00.000+02:00'
'872c56077cec9d1b148547e6087d7e19d856d0d3'|'Searching for sanctuary: Foreign buyers push up global house prices'|'MANY Americans were taken aback when news broke in January that Peter Thiel, an internet billionaire and adviser to Donald Trump, had New Zealand citizenship. For five years this backer of an “America first” president had kept his Kiwi passport quiet. Then the government released details of his $10m-lakeside estate.A growing horde of rich foreigners see New Zealand as a safe haven. In 2016 overseas investors bought just 3% of all properties. But their purchases were concentrated at the expensive end of the market, which is growing fast: sales involving homes worth more than NZ$1m ($690,000) increased by 21%. That helped push prices in the country up by 13% over the past year, to lead The Economist’s latest tally of global house-price inflation (see table).New Zealand is one of several countries where the impact of foreign money on housing is under scrutiny. Prices have also risen rapidly in Australia and Canada. Central bankers fret about the dangers fickle capital flows pose to financial stability. London’s mayor has ordered a study on foreign ownership in the capital after property prices rose by 54% in four years.Foreign capital also makes itself felt in America, where house prices have recovered to a new nominal high. Canadians once dominated; now they are outnumbered by Chinese citizens spending some of the $1.3trn that has left the country since autumn 2014. The National Association of Realtors estimates that Chinese investors bought 29,000 American homes for a total of $27bn in the year to March 2016. Foreign buyers focus on a handful of cities: San Francisco, Seattle, New York and Miami.In some places, foreign investment has led to a construction boom. In Miami apartments are being built in numbers not seen since the financial crisis, financed in part by Venezuelan money. Australia lets foreigners invest only in new-build properties, and they do: 26,000 new flats are due on the market in Sydney and Melbourne over the next 18 months. In London 45,000 homes have been built since 2014—the highest rate in ten years—but locals grumble many are pads for footloose foreigners.In many of these countries affordability looks stretched. The Economist gauges house prices against two measures: rents and income. If, over the long run, prices rise faster than the revenue a property might generate or the household earnings that service a mortgage, they may be unsustainable. By these measures house prices in Australia, Canada and New Zealand look high. In America as a whole, housing is fairly valued, but in San Francisco and Seattle it is 20% overpriced.Haven investors may disregard affordability measures. Property can either be a bolthole or earn an income; in many supply-constrained cities its value may rise rapidly; even if not, the risks may be lower than at home. Investment from China has gone up as its own property market has become stretched, fears of devaluation have risen and a crackdown on corruption continues. A study in 2016 found that increased political risk in places such as Greece and Syria explained 8% of the variation in London’s house prices since 1998.Policymakers may well scratch their heads. It is difficult both to make housing more affordable for a country’s own citizens and to encourage foreigners to buy. Britain has in fact tried to curb foreign enthusiasm with higher taxes, and by publishing a registry of 100,000 British homes owned by foreign companies—a potential embarrassment for some.But unintended consequences lurk. After a 15% levy on purchases from abroad was introduced in the Canadian city of Vancouver last August, the number of foreign buyers dropped by 80%. That helped dampen house-price inflation there but pushed up demand in nearby Victoria. It also deterred highly skilled immigrants. The levy will soon be amended to exclude foreigners on skilled-work visas.Some foreigners will stump up even if costs rise. More Americans are house-hunting abroad, for example. By one measure, interest in boltholes in New Zealand has tripled since Mr Trump’s election.  Finance and economics   "Searching for sanctuary"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/finance-and-economics/21718511-bolthole-money-welcome-comes-unintended-consequences-foreign-buyers?fsrc=rss'|'2017-03-09T23:29:00.000+02:00'
'c466481f77842de8e5f67d3acc7546f267cf6e81'|'On the stand, Corzine defends bet that led to MF Global demise'|'Business News  17pm EST On the stand, Corzine defends bet that led to MF Global demise Jon Corzine, former CEO of MF Global Holdings and former U.S. Senator and New Jersey Governor, arrives at the Manhattan federal court house in New York City, U.S., March 9, 2017. REUTERS/Brendan McDermid By Jonathan Stempel - NEW YORK NEW YORK Former New Jersey Governor Jon Corzine defended his big bet on European sovereign debt that was a major factor in the collapse of his company MF Global Holdings Ltd, and said the auditor of the futures and commodities brokerage should have flagged any accounting problems. Corzine, also a former New Jersey senator and Goldman Sachs Group Inc ( GS.N ) co-chairman, appeared at a trial where MF Global''s bankruptcy plan administrator is seeking about $3 billion of damages from PricewaterhouseCoopers LLP for the auditor''s alleged negligence. PwC faults Corzine''s decision making for MF Global''s Oct. 2011 bankruptcy. Thursday''s appearance of Corzine in Manhattan federal court marked a rare return to the spotlight for the 70-year-old, after MF Global''s demise upended his four-decade career and sparked Congressional and regulatory probes. Testifying for the plaintiff, Corzine said he began ramping up the bet on debt of five Western European countries in the summer of 2010, believing the bonds were "relatively low risk" and expecting they "were going to pay in their own right." He said he did this as part of his plan to restore MF Global to profitability and transform it into a full-service broker-dealer. But the administrator said PwC''s accounting advice, largely on "repurchase-to-maturity" transactions related to the bonds, improperly let MF Global keep the bonds off its balance sheet. While the bonds were later paid off, that was not a sure thing at the time. MF Global''s eventual disclosure of more details about the investment, together with an unexpected quarterly loss, spooked investors and caused a credit rating downgrade. "It was a loss of confidence and trust in the organization" in the market after those events that caused MF Global''s collapse, Corzine said. He also said PwC had previously met regularly with him and MF Global''s audit committee, and flagged nothing wrong. "They were responsible to make sure we were not making material misstatements," he said. Lawyers for PwC will question Corzine later in court. Corzine testified two months after he agreed to settle a U.S. Commodity Futures Trading Commission civil lawsuit by paying a $5 million fine from his own pocket, a rare step, and accept a lifetime ban from registering with that agency. He and other MF Global officials have also reached nearly $200 million of settlements with the administrator and former investors. Insurance covers much of those payouts. Corzine has given more than 10 days of testimony under oath, including before Congress in December 2011. A Congressional panel in November 2012 blamed his risky bets and "dereliction of his duty" for MF Global''s demise. Separate probes uncovered no criminal wrongdoing at MF Global. Corzine, whose looks have changed little in the last few years, said he now has a family office that focuses on charitable giving and investing his family''s money. The case is MF Global Holdings Ltd as Plan Administrator v PricewaterhouseCoopers LLP, U.S. District Court, Southern District of New York, No. 14-02197. (Reporting by Jonathan Stempel in New York; Editing by David Gregorio) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-mfglobal-pricewaterhouse-idUSKBN16G2RE'|'2017-03-10T02:09:00.000+02:00'
'b29700f28704f649e79706ba9f1a060dad638f89'|'Asia stocks firm ahead of U.S. jobs, dollar hits seven-week high vs yen'|'  6:56am GMT Asia stocks firm ahead of U.S. jobs, dollar hits seven-week high vs yen People are seen behind an electronic board showing stock prices after the New Year opening ceremony at the Tokyo Stock Exchange (TSE), held to wish for the success of Japan''s stock market, in Tokyo, Japan, January 4, 2017. REUTERS/Kim Kyung-Hoon By Shinichi Saoshiro - TOKYO TOKYO Asian stocks edged up and the dollar rose to seven-week highs versus the yen on Friday, ahead of the closely-watched U.S. non-farm payrolls report due later in the day. Spreadbetters expected the firmer tone in equities to carry over into Europe, forecasting a higher open for Britain''s FTSE, Germany''s DAX and France''s CAC. MSCI''s broadest index of Asia-Pacific shares outside Japan added 0.3 percent, taking cues from a modest bounce in Wall Street overnight. Japan''s Nikkei climbed 1.5 percent on the back of a weaker yen. Shares in South Korea rose 0.3 percent and the won firmed slightly after the country''s Constitutional Court upheld parliament''s impeachment of President Park Geun-hye over a graft scandal involving big business. "Today''s ruling will help remove market uncertainty. Should the liberal party, which emphasizes reform of conglomerates, take power, this will put pressure on heavyweight shares like Samsung Electronics," said Park Jung-Hoon, fund manager at HDC Asset Management in Seoul. In currencies, the euro enjoyed a lift after European Central Bank head Mario Draghi''s suggestion on Thursday it was less necessary to prop up the market through ultra-loose monetary policy. German, British and Italian bond yields extended their rise in Asia as the region''s investors reacted to Draghi''s comments, traders said. The German 10-year bund yield rose to its highest level since early February. "The ECB in a sense is saying it is not going to do more QEs. And markets now think the ECB is not just tapering but raising rates quite early, pricing in 70-80 percent chance of a rate hike of 10 basis points in the second quarter of next year," said Hideki Kishida, senior strategist at Nomura Securities. The euro extended its overnight gains and was last up 0.2 percent at $1.0599. The dollar fared better against the Japanese yen, rising to 115.435, its highest since Jan. 19, as benchmark U.S. Treasury yields rose to three-month highs on expectations that Friday''s nonfarm payrolls report could seal expectations for the Fed to hike rates next week. Cementing views of tighter U.S. policy was also a report on Thursday that showed the number of Americans applying for unemployment benefits rose to 243,000 last week, rebounding from a near 44-year low, but continuing to point to a tightening labor market. The dollar index against a basket of major currencies was up 0.1 percent at 101.900. Wall Street was marginally higher the day before, underpinned by speculation the widely-anticipated labor market report on Friday would show U.S. payrolls growth in February was far more than economist forecast. The employment figures are drawing particular interest as chances of the Federal Reserve raising interest rates several times this year could improve if the data underlines U.S. economic strength. "A robust report could give rise to speculation that the Fed could hike rates not just three but even four times this year, in turn pushing up the dollar and U.S. yields," said Shuji Shirota, head of macro-economics strategy group at HSBC in Tokyo. "Higher yields could be positive for broader equities, which have drawn support from reflation trades. But some in the market may focus on the potentially negative impact higher yields have on equities, so it is hard to predict the effect of the jobs report." Also of concern to broader risk asset markets was crude oil, where prices fell to more than three-month lows overnight as record U.S. crude inventories fed doubts about the effectiveness of OPEC''s recent deal to curb a global glut. With global energy stocks under pressure, MSCI''s 46-country All World index declined for a sixth consecutive day on Thursday, after setting an all-time high just over a week ago. U.S. crude rose 0.7 percent to $49.66 a barrel after sliding to $48.59 overnight, the lowest since the end of November. Brent was up 0.7 percent at $52.54 a barrel, although it was still headed for a weekly loss of nearly 6 percent. The firmer greenback and the prospect of higher U.S. rates pressured both precious and industrial metals. Spot gold went as low as $1,196.34 an ounce, its weakest since Jan. 31. Three-month copper on the London Metals Exchange was at $5,719 a ton after slipping to a two-month trough of $5,652 the previous day. (Additional reporting by Hideyuki Sano in Tokyo; Editing by Jacqueline Wong)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-markets-idUKKBN16H02U'|'2017-03-10T13:53:00.000+02:00'
'91c4946b2823ea9796923d8e4ff277b0ffa2aa70'|'Thousands of pigs die in Oklahoma wildfires at Smithfield Foods hog farm'|'U.S.   1:00pm EST Thousands of pigs die in Oklahoma wildfires at Smithfield Foods hog farm Wildfires devastated a Smithfield Foods Inc [SFII.UL] hog farm in Laverne, Oklahoma, killing an uncertain but potentially huge number of pigs, company and local officials said on Friday. "Several thousands were lost," said Luke Kanclerz, spokesman for the Oklahoma Forestry Services. "Such a large area was impacted by these fires, it''s taking time to collect information ... there are no accurate numbers yet." Firefighters on Friday were still working to contain some of the grass fires that grew rapidly on Monday due to dry weather and parched prairie land in Texas, north and western Oklahoma and southern Kansas, burning nearly 2 million acres, killing six people and hundreds of cattle. The Smithfield farm housed about 45,000 sows, according to the company website. "While we are deeply thankful that no employees were harmed in the fire, we lament the unnecessary loss of animals and the devastation to the surrounding community," Smithfield spokeswoman Kathleen Kirkham said in a statement. Kirkham did not respond to a request for an estimate on how many sows at the farm had died. Smithfield, the world''s largest pork producer, says it produces about 16 million hogs per year. The company is a subsidiary of WH Group Ltd. (Reporting by Michael Hirtzer in Chicago; Editing by Tom Brown) Next In U.S.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-wildfires-smithfield-idUSKBN16H2BX'|'2017-03-11T00:47:00.000+02:00'
'53acddd74e2e9eaf6c8feb2c8d8c89cfa5c58ebf'|'Oil edges off 3-month low, but glut worries fester'|'By Aaron Sheldrick - TOKYO TOKYO Crude prices inched up on Friday after dropping to their lowest in more than three months the session before, pressured by concerns that a global supply glut is proving stubbornly persistent.U.S. West Texas Intermediate crude (WTI) was up 40 cents at $49.68 a barrel at 0151 GMT. It fell below $50 on Thursday for the first since mid-December, when OPEC and other producers agreed to cut output.Brent crude was up 35 cents at $52.54 a barrel. On Thursday, it settled down 92 cents, or 1.7 percent, at $52.19 a barrel, after slumping 5 percent the day before in its biggest percentage decline in a year.Market confidence has taken a hit after a period of higher prices enticed more U.S. shale oil companies to drill more wells and as stockpiles have remained high.Data showed crude stocks in the United States, the world''s top oil consumer, swelled by 8.2 million barrels last week to a record 528.4 million barrels.Still, U.S. stockpiles are expected to start dwindling once maintenance is completed at refineries, ANZ said in a research note."With the seasonal maintenance period for refineries coming to a close, we would expect crude runs to increase substantially later in March and April. This should see inventories start to fall," it said.Nonetheless, U.S. drilling has also picked up, with producers planning to expand crude production in North Dakota, Oklahoma and other shale regions, while the Permian, America''s largest oilfield, has seen output jump.Senior Saudi energy officials told top independent U.S. oil firms in a closed-door meeting this week that they should not assume OPEC would extend output curbs to offset rising production from U.S. shale fields, two industry sources told Reuters on Thursday.Energy ministers and senior oil executives are meeting this week at CERAWeek in Houston, the biggest U.S. gathering of the oil industry.(Reporting by Aaron Sheldrick; Editing by Joseph Radford)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/global-oil-idINKBN16H02K'|'2017-03-10T02:41:00.000+02:00'
'ee418c1094986a306271e0199c3777cbd6c06080'|'BRIEF-Peabody Energy Q4 diluted EPS net loss $11.13'|' 14am EST BRIEF-Peabody Energy Q4 diluted EPS net loss $11.13 March 10 Peabody Energy Corp * Peabody Energy Corp - qtrly diluted EPS net loss attributable to common stockholders $11.13 * Peabody Energy Corp - qtrly revenues $1.44 billion versus $1.31 billion * Peabody Energy Corp - qtrly tons sold 51.7 million versus 57.9 million - SEC filing   ( bit.ly/2mPe1Eg )  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-peabody-energy-q4-diluted-eps-net-idUSFWN1GN0DL'|'2017-03-10T20:14:00.000+02:00'
'd20313fa73c888c38ae81716690c9a00ae8d1ae5'|'IranAir receives second jet under sanctions deal'|'Company News   10:00am EST IranAir receives second jet under sanctions deal PARIS, March 10 IranAir has taken delivery of its second Western jet under a nuclear sanctions deal with major powers: an Airbus A330 long-haul aircraft, the European planemaker said on Friday. The aircraft is expected to be used mainly on European routes and on flights to Beijing and Kuala Lumpur. It joins a medium-haul A321 delivered earlier this year. Delivery was held up for several weeks by last-minute talks over its Rolls-Royce engines and spare parts, but comes in time for the Iranian new year later in March. IranAir has ordered 100 jets from Airbus and 80 from Boeing under the sanctions deal. The 238-seat aircraft delivered on Friday was originally built for Latin American airline Avianca but was bought back by Airbus after that airline negotiated a reduction in its orders. Iran is expected to take delivery of a second A330 in coming weeks. (Reporting by Tim Hepher; Editing by Susan Fenton) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/airbus-iranair-idUSL5N1GN3ZM'|'2017-03-10T22:00:00.000+02:00'
'4e06d941512547affa1804f3319243fcff8ef60e'|'German imports soar in January, current account surplus shrinks'|' 47am GMT German imports soar in January, current account surplus shrinks Loading cranes are seen at a shipping terminal at the harbour in Hamburg April 4, 2015. REUTERS/Fabian Bimmer By Michael Nienaber - BERLIN BERLIN German imports soared more than expected in January, outperforming an also surprisingly strong rise in exports, data showed on Friday, in a further sign that Europe''s biggest economy was firing on all cylinders at the start of 2017. The figures, released by the Federal Statistics Office, also showed the wider current account surplus fell sharply on the month, suggesting that Germany''s vibrant domestic demand is helping to re-balance its traditionally export-driven economy. "After their lacklustre performance in the past year, exports are rebounding in 2017," DIHK economist Volker Treier said, adding demand from emerging markets such as China, Brazil, Russia and India was rising. Seasonally adjusted imports rose by 3.0 percent on the month, while exports increased by 2.7 percent, the data showed. Both figures came in much stronger than expected. A Reuters poll had forecast imports to rise by 0.5 percent and exports to increase by 1.85 percent. The seasonally adjusted trade surplus edged up to 18.5 billion euros ($19.6 billion) from 18.3 billion euros in December. The January reading was above the Reuters consensus forecast of 18.0 billion euros. The wider current account surplus plunged to 12.8 billion euros after a revised 24.8 billion euros in December, the data showed. In 2016, German exports rose 1.2 percent on the year to hit a record 1.2 billion euros while imports edged up 0.6 percent to reach an all-time high at 955 billion euros. This propelled the German trade surplus to 252.9 billion euros, also a record high. WAR OF WORDS The European Commission and the International Monetary Fund (IMF) have repeatedly urged Germany to take advantage of record-low borrowing costs and increase investment as a measure to reduce the country''s large trade and current account surpluses. The United States last year flagged concerns over economic policies in Germany and put Europe''s biggest economy on a new monitoring list together with other countries such as China and Japan, mostly due to their large surpluses. U.S. President Donald Trump''s trade adviser on Monday described the U.S. trade deficit with Germany as "one of the most difficult" issues, calling for bilateral discussions to reduce it outside of European Union restrictions. Peter Navarro''s comments followed his complaints that Germany was exploiting a weak euro to gain a trade advantage. The criticism was firmly rejected by Finance Minister Wolfgang Schaeuble on Tuesday who said Germany''s trade surplus was the result of high demand for its products and this had nothing to do with any form of currency manipulation. The war of words has set the stage for a heated debate on trade and tax policies when G20 decision-makers meet in the German town of Baden-Baden next week. ($1 = 0.9442 euros) (Reporting by Michael Nienaber; Editing by Dominic Evans)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-economy-trade-idUKKBN16H0WL'|'2017-03-10T15:47:00.000+02:00'
'a8bed4b475a64a41df7f0c1af9d577987bb1bd8d'|'UPDATE 1-Canada oil sands capital exodus imperils future development'|'Company   4:43pm EST UPDATE 1-Canada oil sands capital exodus imperils future development (Adds Carr comments, Conservative reaction, paragraphs 3-5, 11-14) By Nia Williams and Ethan Lou CALGARY, Alberta, March 9 The exodus of international players from Canada''s costly oil sands is raising fresh doubt over future development prospects for the world''s third-largest crude reserves as the region struggles to compete with cheap U.S. shale plays. Royal Dutch Shell and Marathon Oil Corp sold off billions of dollars in oil sands assets on Thursday, the latest sign that global oil majors are abandoning the region. The withdrawals from the oil sands, a sector viewed less than five years ago as one of the world''s hottest plays, have cast a pall on Alberta''s economic outlook. They are also stoking criticism of federal and provincial environmental policies that are stricter than those of the United States. The energy sector makes up one sixth of Canada''s economy. In Alberta, oil and gas contributes a fifth of provincial gross domestic product and shrinking hydrocarbon investments reduce government revenue while turning up the political heat. Canada''s main crude-producing province was plunged into recession as global crude prices crashed. A permanently weakened energy industry would have far-reaching effects, some analysts said. "This ... will eventually force the Alberta economy to restructure and diversify its economic engine," said Benjamin Tal, senior economist at CIBC. The oil sands carry some of the world''s highest full cycle breakeven costs and were battered by the global crude price crash that started in 2014. Capital investment in the Canadian energy sector tumbled 62 percent in two years, according to the Canadian Association of Petroleum Producers, and shows little sign of recovering. Shell Canada President Michael Crothers said the company was selling a large chunk of its oil sands assets to Calgary-based Canadian Natural Resources Ltd because they did not fit within Shell''s international portfolio, while Marathon more explicitly summarised the problem. "Historically, our interest in the Canadian oil sands has represented about a third of our company''s other operating and production expenses, yet only about 12 percent of our production volumes," chief executive Lee Tillman said in a statement. As well as selling off a 20 percent stake in the Athabasca Oil Sands project, now majority-owned by CNRL, Marathon is buying 70,000 net acres in the Permian basin shale play as it concentrates on higher margin, lower cost U.S. assets. Shell Canada''s Crothers said environmental regulations, such as carbon taxing, had not played a role in its decision to offload oil sands assets, a statement Canada''s Natural Resources minister Jim Carr highlighted when he spoke to reporters on Thursday, adding that he was "positive about the future of the oil sands". Similarly, Environment Minister Catherine McKenna said Canada remained committed to the carbon tax. But the official opposition Conservative Party said Shell’s departure reflected how bad public policy and excessive regulations were driving away investment from Canada. "This is particularly acute in the context of President Trump in the U.S. planning to aggressively develop energy domestically, planning significant reductions in corporate taxes,” said Conservative legislator Shannon Stubbs, the party''s spokeswoman on natural resources. Rafi Tahmazian, senior portfolio manager at Calgary-based Canoe Financial LP, said Canada alone did not have the financial capacity to drive oil sands growth. "There''s no incentive for foreign investment to say let''s go into Canada," he said. "The message sent (by government) is we want Canada to become a national park, which is government-operated and non-revenue generating." (Additional reporting by David Ljunggren in Ottawa; Editing by Andrew Hay and David Gregorio) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-shell-oilsands-idUSL2N1GM20K'|'2017-03-10T04:43:00.000+02:00'
'372e3610a772297dc18468f1d661eb527ad7c8b7'|'U.S. 30-year bond sold at highest yield since 2014'|'NEW YORK, March 9 The U.S. Treasury Department on Thursday sold $12 billion of an older 30-year bond issue to average demand at a yield of 3.170 percent, the highest yield at a 30-year auction since September 2014, according to Treasury data.The ratio of bids to the amount of 30-year issue offered was 2.34, up from 2.25 at the prior 30-year bond sale in February and the strongest level in three auctions. (Reporting by Richard Leong; Editing by Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-auction-30year-idINL2N1GM1JV'|'2017-03-09T15:19:00.000+02:00'
'4544dff0d84f375ce1b2f0f1d944ac4bc53886bf'|'Monte dei Paschi approves preliminary restructuring plan ahead of state bailout'|'Business News - Thu Mar 9, 2017 - 7:39pm GMT Monte dei Paschi approves preliminary restructuring plan ahead of state bailout FILE PHOTO: The Monte dei Paschi bank headquarters is pictured in Siena, Italy, August 16, 2013. REUTERS/Stefano Rellandini/File Photo MILAN Struggling Italian bank Monte dei Paschi di Siena ( BMPS.MI ) has approved a long-awaited preliminary restructuring plan that must now be cleared by European authorities for the lender to be granted a state bailout. The world''s oldest bank, asked for state support in December after failing to raise 5 billion euros (4.35 billion pounds) on the market to shore up its capital. The European Central Bank has since put the capital shortfall that the lender must fill at 8.8 billion euros, and the Italian government is expected to pump 6.6 billion euros into the bank, taking a stake of around 70 percent. The restructuring plan is an important step towards getting the green light from the European Commission for the state rescue. The company also said it had revised its 2016 net loss to 3.24 billion euros from a loss of 3.38 billion euros disclosed in February. (Reporting by Agnieszka Flak; editing by Silvia Aloisi) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-banks-italy-montedeipaschi-idUKKBN16G2TA'|'2017-03-10T02:39:00.000+02:00'
'e00ebe066ffa0dfbcd0fd4d233677d1977d85e02'|'U.N. expert urges states to work towards cyber surveillance treaty'|'Business News - Wed Mar 8, 2017 - 1:47pm GMT U.N. expert urges states to work towards cyber surveillance treaty FILE PHOTO - A magnifying glass is held in front of a computer screen in this picture illustration taken in Berlin May 21, 2013. REUTERS/Pawel Kopczynski By Tom Miles - GENEVA GENEVA The world needs an international treaty to protect people''s privacy from unfettered cybersurveillance, which is being pushed by populist politicians preying on fear of terrorism, according to a U.N. report debated on Wednesday. The report, submitted to the U.N. Human Rights Council by the U.N. independent expert on privacy, Joe Cannataci, said traditional privacy safeguards such as rules on phone tapping were outdated in the digital age. "It''s time to start reclaiming cyberspace from the menace of over-surveillance," Cannataci told the Council. With governments worldwide demanding data from firms such as Microsoft, Google, Facebook, Apple and Twitter, it did not make sense to rely entirely on U.S. legal safeguards, and creating an "international warrant" for data access or surveillance would unify global standards, he said. "What the world needs is not more state-sponsored shenanigans on the Internet but rational, civilised agreement about appropriate state behaviour in cyberspace," the report said. "This is not utopia. This is cold, stark reality." Cannataci was appointed as the first "Special Rapporteur on the right to privacy" in 2015, following the uproar caused by revelations by Edward Snowden, a former U.S. security contractor who once worked at the U.S. mission in Geneva. His report was submitted last week, before the latest publication by anti-secrecy group WikiLeaks of what it said were thousands of pages of internal CIA discussions of hacking techniques of smartphones and other gadgets. The United States did not react to Cannataci''s report, but many countries welcomed it and agreed that online privacy standards should be as strong as offline standards. China''s diplomat at the Council said rapid technological advances and the "drastic increase worldwide in the violation of privacy" made it urgent to enhance protection, while Russia''s representative said Cannataci''s report was "extremely topical". Venezuela, Iran and Cuba all welcomed Cannataci''s work and criticised international surveillance. A draft legal text was being debated by activists and "some of the larger international corporations" and was expected to be published within a year, Cannataci said. In his report, he criticised populist laws that intruded on privacy in the name of fighting terrorism. He said such sweeping but unproven powers were based on fear alone, and compared them to U.S. President Donald Trump''s order restricting travel from six Muslim-majority countries: Iran, Libya, Syria, Somalia, Sudan and Yemen. "The level of the fear prevents the electorate from objectively assessing the effectiveness of the privacy-intrusive measures proposed," he wrote. "Trying to appear tough on security by legitimising largely useless, hugely expensive and totally disproportionate measures which are intrusive on so many people’s privacy – and other rights - is patently not the way governments should go." (Reporting by Tom Miles; Editing by Alison Williams) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-privacy-un-idUKKBN16F1MB'|'2017-03-08T20:47:00.000+02:00'
'a46b44dcc6cf26f0dcd89b874844759a45382695'|'MIDEAST STOCKS-Dubai outperforms in mostly quiet market; Bank Doha extends slide'|'Company News - Wed Mar 8, 2017 - 3:06am EST MIDEAST STOCKS-Dubai outperforms in mostly quiet market; Bank Doha extends slide DUBAI, March 8 Dubai''s stock market was the top performer and Qatar''s Bank Doha extended falls in an otherwise mostly quiet Gulf region early on Wednesday. The Dubai index added 0.7 percent with builder Arabtec rebounding 4.2 percent after closing 2.9 percent lower on Tuesday. Emaar Properties added 0.1 percent. The index has closed lower in six of the last seven sessions. Abu Dhabi''s index was up 0.3 percent. Union National Bank was the top gainer there, jumping 4.1 percent. Saudi Arabia''s index, which has been trading in a narrow range over the last week, was flat. The largest dairy maker in the region, Almarai, added 1.4 percent. Qatar''s index, which fell below major technical support at around 10,500 points in the previous session, was up 0.3 percent at 10,447 points. Doha Bank was down 5.0 percent at 33.35 riyals; it had dropped its 10 percent daily limit on Tuesday after it went ex-dividend and shareholders approved a 20 percent capital increase through the issue of new shares at 25 riyals each. Qatari Investors Group jumped 8.5 percent and was the top gainer. Kuwait''s index fell 0.5 percent, heading for its third straight session of losses. Warba Bank lost 1.9 percent. (Reporting by Celine Aswad; Editing by Andrew Torchia and John Stonestreet) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-stocks-idUSL5N1GL1CL'|'2017-03-08T15:06:00.000+02:00'
'ed637d570b2270ef731d87f410bfa37f7694d63d'|'EMERGING MARKETS-LatAm currencies weaken on strong U.S. jobs data'|'By Bruno Federowski SAO PAULO, March 8 Latin American currencies weakened on Wednesday after data showed hiring by U.S. private employers surged, solidifying bets on a Federal Reserve interest rate increase next week. The ADP National Employment Report showed U.S. private payrolls added 298,000 jobs in February, well above economists'' expectations of a 190,000 gain. Bets that the Fed could hike rates soon have been steadily growing for weeks after several policymakers from the U.S. central bank publicly stressed that possibility. Higher rates in the United States could drain capital away from emerging markets, which often lure foreign investors with relatively high yields. The Mexican peso weakened 0.6 percent, while the Brazilian real slipped 1 percent. Brazil''s benchmark Bovespa stock index fell 1.2 percent, weighed down by preferred shares of steelmaker Gerdau SA. Common shares, which are not part of the benchmark index, rose 17 percent, reducing the spread between the stocks to the narrowest in more than a year. Holding company Metalúrgica Gerdau SA said on Wednesday it will request permission from regulators to swap each common share they hold in Gerdau for one preferred share in the steelmaker. Key Latin American stock indexes and currencies at 1625 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 933.55 -0.32 8.61 MSCI LatAm 2561.18 -1.38 10.95 Brazil Bovespa 64968.45 -1.18 7.87 Mexico IPC 47537.08 0.25 4.15 Chile IPSA 4485.93 0.21 8.06 Chile IGPA 22523.45 0.27 8.63 Argentina MerVal 19257.87 0.05 13.83 Colombia IGBC 9896.42 -0.32 -2.29 Venezuela IBC 37553.27 -1.54 18.45 Currencies daily % YTD % change change Latest Brazil real 3.1501 -0.99 3.15 Mexico peso 19.6020 -0.57 5.83 Chile peso 662.7 -0.56 1.21 Colombia peso 2991 -1.33 0.35 Peru sol 3.294 -0.46 3.64 Argentina peso (interbank) 15.5900 0.06 1.83 Argentina peso (parallel) 16.07 0.12 4.67 (Reporting by Bruno Federowski; Editing by Meredith Mazzilli)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/latam-emergingmarkets-idUSL2N1GL13Y'|'2017-03-08T19:31:00.000+02:00'
'339cbfdf1c92a552773e08d4ed69a10414269cbc'|'China tries cure by committee for corporate debt hangover'|'Business News - Wed Mar 8, 2017 - 3:31am GMT China tries cure by committee for corporate debt hangover left right Buildings of Shandong Energy Group are seen in Jinan, Shandong province, China, August 28, 2016. REUTERS/Stringer 1/2 left right Buildings of Shandong Energy Group are seen in Jinan, Shandong province, China, August 28, 2016. REUTERS/Stringer 2/2 By Shu Zhang and Matthew Miller - BEIJING BEIJING A $1.44 billion restructuring deal at an insolvent coal mining company in eastern Shandong province offers a glimpse into how China is preparing to tackle a corporate debt burden that has ballooned to $17.9 trillion. Loss-making Feicheng Mining Group struck the deal last December with 10 banks, led by Agricultural Bank of China Ltd (AgBank) ( 601288.SS )( 1288.HK ), which agreed to extend the group''s loans at concessionary interest rates. Bankers say the settlement, which required 10 months and 41 rounds of negotiations to complete, only advanced after the formation of a creditors'' committee, a mechanism the China Banking Regulatory Commission (CBRC) officially endorsed last year to manage "troubled firms with a large volume of debt". At the opening of parliament on Sunday, Premier Li Keqiang identified "bringing down the leverage of enterprises" - which the Bank for International Settlements says reached 168 percent of GDP last year - as a key task in 2017. With bankruptcy, particularly at state-owned companies, practically taboo in China, and lenders forbidden by the CBRC from halting or recalling loans without notice, creditors'' committees are at the vanguard of this monumental exercise. By the end of last year, 12,836 committees had been set up nationwide, examining borrowing of 14.85 trillion yuan ($2.15 trillion), equivalent to 17 percent of total commercial bank loans, according to statistics from the CBRC last week. In central Henan province, CBRC helped form creditors'' committees at more than 1,300 companies holding 55 percent of corporate loans in the region by last September, Henan CBRC said. China''s leaders want the restructuring to address financial risks while avoiding big employee lay-offs. "The solution for zombie firms isn''t just bankruptcy," a Shandong-based banking official told Reuters. "The impact of bankruptcy is just too big. Just think about the thousands of workers. Social stability is key." Stability is always uppermost in the minds of Chinese leaders, and even more so this year, ahead of the five-yearly party congress this autumn, when a new generation of senior leaders will be selected. "China is avoiding the crisis of calling in loans that can''t be repaid anyway," said Paul Gillis, professor of accounting at Peking University''s Guanghua School of Management. "This buys time to do things in an orderly way." EXTENDING LOANS, CUTTING RATES It was the Shandong provincial government that stepped in and demanded the restructuring of Feicheng Mining, the company said in a filing. Its parent company Shandong Energy Group, the province''s biggest state-owned firm, originally proposed to get Feicheng''s 10 lenders to take a 60 percent loss on their 9.95 billion yuan ($1.44 billion) in loans, said Wang Yanlei, vice governor of the Shandong branch of AgBank. Feicheng had been modestly successful before embarking on a debt-fuelled expansion in 2009, but the plunge in coal prices in 2012 proved devastating, landing the company with five straight years of losses. After the provincial government intervened, a creditors'' committee was established to hammer out a debt restructuring agreement. That deal created a new operating company, which took control of the firm''s good assets and half of its loans. Another 30 percent of the loans remained at the old firm, and 20 percent were taken on by Shandong Energy, which separately entered into a debt-for-equity swap with China Construction Bank Corp ( 601939.SS )( 0939.HK ) to settle 21 billion yuan of its own borrowing. Feicheng''s loans were extended by eight years at a concessionary interest rate of 3 percent, lower than the central bank''s benchmark lending rate. Guo Shuqing, the CBRC''s chairman and former governor of Shandong, endorsed the deal last Thursday, saying it represented a "relatively satisfying" outcome, with all parties sharing in sacrifices and gains. Extending loans at reduced interest is a common tactic for China''s debt restructuring, keeping troubled firms alive while avoiding impairment charges for the banks on their doubtful debts. That helped China''s commercial banking sector report the first decline in its non-performing loan ratio in five years last quarter. "Banks are making a trade-off between top line and credit loss," said Wei Hou, Sanford C. Bernstein senior equity analyst for China banks. By rolling over loans and cutting interest rates, banks are spreading credit costs over many years, he added. Premier Li also identified debt-for-equity swaps among key items in the toolkit for bringing down corporate debt, and the figures demonstrate their extensive use. Since October, China''s banks have undertaken nearly 500 billion yuan in such swaps at more than two dozen firms, mostly state-owned coal and steel enterprises, according to analysts. That could double to more than 1 trillion yuan by next year, preventing as much as 3.5 trillion yuan in total loans from turning bad in the near future, according to estimates by Hou. "A lot of these loans needed to be looked at as equity in the first place," said professor Gillis. "There was never any realistic possibility that the companies would be able to pay them back," he added. ($1 = 6.8975 Chinese yuan renminbi) (Reporting By Shu Zhang and Matthew Miller; Editing by Will Waterman) Next In Business News Confronted by market doubts, Federal Reserve drove March rate rise expectations NEW YORK/SAN FRANCISCO Early last week, financial markets saw just a 30 percent chance of the Federal Reserve raising interest rates in March; but by Friday after a striking series of comments from Fed officials, including Chair Janet Yellen, traders saw an 80 percent chance.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-debt-restructuring-idUKKBN16F0CL'|'2017-03-08T10:31:00.000+02:00'
'479c6dafc025e04b786d8e426d9c14042c3f4cf5'|'Taiwan''s Cathay Financial in talks to buy Bank of Nova Scotia''s Malaysia unit'|'TAIPEI, March 9 Taiwan''s Cathay Financial Holding Co said on Thursday that it is in exclusive talks to acquire the Malaysian unit of Canada''s Bank of Nova Scotia.The Taiwanese group''s bank and life insurance units plan to jointly purchase all of Bank of Nova Scotia Berhad in Malaysia, according to the filing with the Taiwan Stock Exchange.(Reporting by J.R. Wu and Emily Chan; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/cathay-holdings-ma-idINL3N1GM1FX'|'2017-03-08T23:19:00.000+02:00'
'4916357c115ddb5c5b682fd0de7855355f92d64f'|'Bronfman-led investor group drops out of Time bidding -source'|'Deals  31pm EST Bronfman-led investor group drops out of Time bidding: source SAN FRANCISCO An investor group led by former music executive Edgar Bronfman Jr has dropped out of bidding for Time Inc ( TIME.N ), owner of People and Sports Illustrated magazines, according to a source familiar with the matter. The group, which also included media executive Ynon Kreiz, decided that the price Time Inc was asking for was too high considering the turnaround that was needed to boost growth, the person said, asking not to be named because the matter is private. A representative for the investor group declined to comment while Time Inc could not immediately be reached for comment. The Wall Street Journal first reported the news on Wednesday. (Reporting by Liana B. Baker in San Francisco; Editing by Sandra Maler) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-time-m-a-bronfman-idUSKBN16G05X'|'2017-03-09T08:25:00.000+02:00'
'eca0d88fb3b78809eba7cc8d0e34c206ce9a633f'|'BRIEF-Markel estimates Ogden rate change impact'|' 12pm EST BRIEF-Markel estimates Ogden rate change impact March 8 Markel Corp: * Markel Corp says during q1 of 2017, it expects to increase prior years'' loss reserves for its run-off book of uk motor exposures * Markel Corp says based upon information currently available, company has estimated that reserve increase will be $85 million on a pre-tax basis * On February 27, 2017, UK ministry of justice announced that Ogden rate will decrease from plus 2.5% to minus 0.75% * Markel -effect of rate change is most impactful to its exposure to uk auto casualty claims through reinsurance contracts written on 2014 and prior years of account * New odgen rate is expected to take effect march 20, 2017 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-markel-estimates-ogden-rate-change-idUSFWN1GL0UO'|'2017-03-09T05:12:00.000+02:00'
'd7d0f83f5881c8970694c0c2359b01374fd66a14'|'Philip Hammond criticised for exaggerating pub relief scheme - Business'|'The government has come under fire for claiming that 90% of pubs in England could benefit from a £1,000 business rates discount, with critics claiming that far fewer will actually receive the relief.Philip Hammond announced in the budget on Wednesday that pubs with a rateable value of less than £100,000 would receive a £1,000 discount on their business rates bill this year. The chancellor said that 90% of all pubs had a rateable value of less than £100,000.Southwold: welcome to the town where business rates are set to rise 177% Read more This measure was part of a £435m relief package designed to dampen criticism of the controversial changes to business rates which mean that some firms will see their tax bill double from April. However, property consultancy Gerald Eve says that its research shows a maximum of 61% of pubs will benefit. It found there are just under 40,000 properties in England described as public houses and 3,700 of these have a rateable value of more than £100,000, meaning they do not qualify for the discount. Of the remainder, about 12,000 pubs already get rates relief because they are classed as small businesses. This means that a maximum of 24,375 pubs out of 40,000 will be eligible for the discount, which is 61%.However, not all of these 24,375 pubs will receive the discount. The budget document - the red book - states that the discount is “subject to state aid limits for businesses with multiple properties”. EU rules restrict state aid to €200,000 (£174,000) per business over three years. This means that the pubs that are part of chains such as JD Wetherspoon are most likely to miss out on the discount.Jerry Schurder, the head of business rates at Gerald Eve, said the government had been “at best disingenuous” to claim that 90% of pubs could benefit.“With a maximum of 61% of pubs set to benefit from the new rates discount, rather than the 90% stated by the chancellor in his budget, the government has yet again been caught exaggerating the benefits that ratepayers will see,” he said.“Facts should be presented to business as they really are, rather than misrepresented in the hope of some cheap headlines. The chancellor risks losing the trust of business, and a good place to start in regaining that good faith would be to tell it like it is.”The discount is only eligible in England because the business rates system is devolved to Scotland, Wales and Northern Ireland. The government has estimated the cost of the measure at just £25m. Business rates will bring in almost £30bn for the Treasury this year, making it one of the government’s biggest sources of income.Pubs that expect to receive the discount have welcomed the support but called for an overhaul of business rates.Keith Bott, who runs Titanic Brewery with his brother Dave, operating eight pubs in Stoke-on-Trent and Staffordshire, said: “To make that extra £1,000 that we now won’t have to pay, we would have had to sell £2,000 worth of beer. Additional costs that don’t bring us any benefit make it more difficult to keep pubs viable.”“This [£1,000 discount] gives us some relief for the next 12 months. We need to keep up the pressure to get a fairer system for the future. If digital businesses pay their fair share, we can reset tax burden on those businesses that are based in properties.”The Society of Independent Brewers said: “The £1,000 reduction in business rates for pubs with a rateable value below £100,000 is welcome support for the sector, although much more needs to be done. “But this contrasts sharply with the 2p increase on beer tax which is a blow for the millions of people who enjoy a pint of British beer in their local pub and also for Britain’s 1,800 small brewing businesses across the country.”Topics Travel & leisure Pubs Food & drink Small business Budget 2017 Budget Share on Facebook Share on Twitter Share via Email Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/mar/09/philip-hammond-criticised-for-exaggerating-pub-relief-scheme'|'2017-03-10T02:03:00.000+02:00'
'36a5b83e49802eb04df3a512af8c27575dc41b31'|'CERAWEEK-Mexico eyes U.S. market for Trion project''s crude, natural gas'|'Commodities  20pm EST Mexico eyes U.S. market for Trion project''s crude, natural gas Vehicles are seen next to fuel pumps at a Pemex gas station in Mexico City, Mexico, February 18, 2017. REUTERS/Jose Luis Gonzalez By Marianna Parraga - HOUSTON HOUSTON A pipeline network with spare capacity could allow Mexico to export oil and gas from its flagship offshore Trion project to the United States, the head of Mexico''s oil regulator said on Thursday. The deep water Trion development, with prospective reserves of almost 500 million barrels of oil, was farmed out in December by state-run Pemex [PEMEXF.UL] to Australia''s BHP Billiton, which became the operator of the $11 billion project. The ailing Mexican oil firm, which kept a 40-percent stake, jointly shares for the first time the risks and rewards of a potentially lucrative project with a private producer. Although a development plan has yet to be submitted, the consortium could use a cheaper and quicker option of getting production to the United States by using pipelines that serve the neighboring Great White field on the U.S. side of the Gulf of Mexico, Juan Carlos Zepeda, head of the national hydrocarbons commission (CNH), said on the sidelines of CERAWeek energy conference in Houston. The Great White field, which is operated by Royal Dutch Shell Plc, BP Plc and Chevron Corp, is producing around 70,000 barrels per day (bpd), leaving 50 percent available capacity in a crude line and a gas line connected to the U.S., Zepeda said. "There are only 39 kilometers (24 miles) from the Trion field to the Great White''s facilities," Zepeda told Reuters, noting that building a pipeline to Mexico''s shore would be more expensive and would take more time. The pipelines from Great White field on the U.S. side of the Perdido Fold Belt, the world''s second-deepest oil and gas production hub, are operated by U.S.-based Williams Companies as part of its 1,370-mile (2,200-km) network of gas and crude lines in the Gulf of Mexico. Other options for Trion production include building pipelines to the nearest ports, most likely Mexico''s Tampico or Brownsville in Texas, or setting up a Floating Production, Storage and Offloading (FPSO) facility to handle the output. Another block awarded to Pemex and China''s state-controlled offshore oil producer CNOOC, which in December gained a foothold in Mexico''s deepwater, is even closer to Great White. "The (Pemex and BHP) consortium must submit an appraisal in the coming 180 days, including test wells, to confirm the field''s extension and then a development plan must also be submitted," Zepeda said. Early production of light crude from Trion is expected for 2023, Pemex''s director Jose Antonio Gonzalez Anaya said earlier this week in Houston. "For Pemex this is historic deal. For 80 years, Pemex never had a partner with whom to share risks or equity," he said. The project had been put aside in early 2016 due to the company''s budget cuts and resumed nine months later as part of Mexico''s long-waited oil reform. MORE LICENSES COMING The CNH, which oversees contracts and runs oil auctions in Mexico, is offering 15 blocks for exploration and production in shallow water under profit sharing agreements and 26 onshore blocks under licenses, with results expected in June and July. A new deep water bidding round in the coming months is expected to offer blocks mostly in the same basins of Perdido and Salina. As in previous offshore auctions, licenses will be offered by the government to operate these blocks, Zepeda detailed. The last bidding round in the short term will be the first for so-called unconventional resources. Onshore blocks with shale oil and shale gas reserves close to the Eagle Ford basin in Texas will be offered, as well as areas in the Tampico Misantla formation, which is estimated to hold some 35 billion barrels of oil, mostly in shale rock. (Reporting by Marianna Parraga in Houston. Additional reporting by David Alire in Mexico City; Editing by Marguerita Choy) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ceraweek-mexico-idUSKBN16G2R4'|'2017-03-10T02:11:00.000+02:00'
'3f31aea31802cc271ec8e9bb4344d2efa98eb1bb'|'Industry questions higher insurance costs under Republican plan'|'Politics - Tue Mar 7, 2017 - 5:11pm EST Industry questions higher insurance costs under Republican plan A copy of Obamacare repeal and replace recommendations (L) produced by Republicans in the U.S. House of Representatives sit next to a copy of the Affordable Care Act known as Obamacare as U.S. Health and Human Services Secretary Tom Price addresses the daily press briefing... REUTERS/Carlos Barria By Michael Erman and Caroline Humer - NEW YORK NEW YORK The House Republican health insurance plan suggests health insurance after Obamacare will be less affordable, investors, insurers and industry sources said on Tuesday, raising questions about future enrollment and insurance company participation. The draft legislation, released on Monday night, rolls back some of the key tenets of former President Barack Obama''s signature healthcare law, known as Obamacare, including the individual mandate and the expansion of Medicaid. In addition to eliminating the requirement that most Americans obtain medical insurance, it creates a system of new tax credits to coax people to purchase private insurance on the open market. The bill has the support of President Donald Trump, who has vowed to repeal and replace the 2010 law. But some Republican lawmakers whose support is needed for the final legislation - and Democrats - said they wanted details on how it would affect U.S. consumers. Under the draft legislation, Obamacare’s income-based and location-based tax credits are replaced by credits with fixed amounts up to a maximum income level. Because the bill has just been proposed and aims mostly to repeal the existing law rather than introduce new policies, it is unclear exactly how future changes could make the plan affordable and draw insurers into the market. But some initial reaction, particularly from hospitals, was critical. The American Hospital Association said in a letter to Congress that it could not support the draft legislation in its current form. The BlueCross BlueShield Association, which represents BCBS insurers across the country that cover the vast majority of the about 10 million people enrolled in 2017 Obamacare plans, said the insurers were glad to see the extension of many Obamacare aspects into 2019. But it emphasized the need for the replacement to be affordable. "It is important that the tax credit for 2020 creates a marketplace that enables people to get the coverage they need at a price they can afford," BCBSA Senior Vice President Alissa Fox said in statement. The Association for Community Affiliated Plans, which represents health plans serving Medicaid for the poor and other public health programs, said it was concerned the structure would raise costs for people currently in the marketplace. Because insurance costs, healthcare costs and incomes vary so dramatically around the country, the new tax credit would affect some people more than others. "I think there''s a reasonable concern that people in high-cost states who are lower income will have a hard time finding affordable care," said Paul Howard, director of health policy at the conservative Manhattan Institute. But the draft legislation also sets up a $100 billion fund over 10 years that states could use to structure subsidies for their members and offset some of that, he noted. Insurers have also asked to be able to offer plans with fewer benefits that could be sold at lower prices, Howard said. Since the draft removes the mandate requiring people to have insurance, the impact on enrollment from that measure is not clear. Standard & Poor''s estimated that the draft plan would reduce individual enrollment, now at around 10 million, by 2 to 4 million people. Steve Brozak, managing partner at WBB Securities, said he believed that under the Republican package, "people will be forgoing insurance." He also said that, as it is currently designed, insurers will have difficulty attracting people who do not have an immediate need for healthcare, like younger, healthy people who are less expensive to insure. Still, Brozak expects that this draft is only a first step and likely to change. It is expected to be voted on this month in the House before moving to the U.S. Senate. SHARES FALL The draft plan, along with Republicans'' proposed restructuring of the Medicaid program for the poor and the loud opposition from some Republican lawmakers, created uncertainty that drove down shares of hospitals and insurers. Republicans will need the buy-in from BlueCross BlueShield insurers like Anthem Inc, particularly after UnitedHealth Group Inc ( UNH.N ), Aetna Inc ( AET.N ) and Humana Inc ( HUM.N ) exited most of the states where they sold individual insurance plans under Obamacare. Shares of hospital operators sold off, with Community Health Systems ( CYH.N ) down more than 8 percent and Tenet Healthcare ( THC.N ) off 7 percent. Reaction in health insurer stocks was more subdued. Molina Healthcare ( MOH.N ) fell 1.3 percent and Cigna ( CI.N ) dropped 1 percent, while Humana ( HUM.N ) gained more than 2 percent and Anthem ( ANTM.N ) was little changed. The American Hospital Association and the American Medical Association, which represents doctors, declined to comment on the draft legislation. (Reporting by Michael Erman, Lewis Krauskopf, Caroline Humer, Rodrigo Campos and Charles Mikolajczak in New York; Editing by Dan Grebler) Next In Politics No indication Trump does not support FBI head, White House spokesman says WASHINGTON White House spokesman Sean Spicer said on Tuesday he had no reason to think President Donald Trump does not support Federal Bureau of Investigation Director James Comey after a dispute over the president''s claim without evidence that he was wiretapped last year.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-obamacare-industry-idUSKBN16E2V4'|'2017-03-08T05:11:00.000+02:00'
'daece30899164e8b48224b4530c7f2d36a81bb98'|'Retailer Carrefour''s 2016 operating profits fall, with France a weak spot'|'  6:57am GMT Retailer Carrefour''s 2016 operating profits fall, with France a weak spot FILE PHOTO: The logo of France-based food retailer Carrefour is seen on the roof of Tbilisi Mall in Tbilisi, Georgia, April 22, 2016. REUTERS/David Mdzinarishvili/File Photo PARIS Carrefour ( CARR.PA ), the world''s second-largest retailer, on Thursday vowed to grow its sales by 3-5 percent this year and to further increase free cash flow, as it pares back on investments to renovate its stores. The company also said it was ready to float its Carmila property unit and its Brazilian business this year, market conditions permitting. Europe''s biggest retailer kept its 2016 dividend unchanged at 0.70 euros per share after recurring operating profit fell 3.8 percent to 2.351 billion euros (2.06 billion pounds) in 2016, below an average of 2.37 billion euros in a Reuters poll. In the group''s biggest market of France, operating profit fell 13.4 percent to 1.031 billion euros, with margins down by 40 basis points to 2.9 percent. This reflected costs tied to the integration of the loss-making Dia discount stores and increased promotional activity at French hypermarkets amid cut-throat competition in the sector. Elsewhere in Europe, however operating profits rose, driven by a continued recovery in Spain and improved profitability in Italy. In Latin America, Brazil put in a strong performance in spite of difficult market conditions but China, which makes 5 percent of sales, was still a loss-making area. Carrefour said it would invest 2.4 billion euros in 2017 on renovating and expanding its stores, less than 2.5 billion euros last year. (Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-carrefour-results-idUKKBN16G0LM'|'2017-03-09T13:57:00.000+02:00'
'32c31fc06ab76e20b3555194307f2a71c296ba30'|'America Movil stock falls after regulator toughens antitrust rules'|'Business News - Thu Mar 9, 2017 - 9:47am EST America Movil stock falls after regulator toughens antitrust rules The America Movil logo is seen on the wall of the reception area in the company''s corporate offices in Mexico City August 12, 2015. REUTERS/Henry Romero MEXICO CITY Shares of America Movil ( AMXL.MX ), the telecoms giant controlled by billionaire Carlos Slim, slumped on Thursday after the company said the Mexican telecoms regulator had stepped up antitrust rules against it. The stock slid more than 5 percent as trading started before paring losses to trade down 4.61 percent at 12.62 pesos per share. (Reporting by Alexandra Alper) No matador in sight as bull market in U.S. stocks turns eight NEW YORK The run of gains on Wall Street turns 8 years old on Thursday and, despite its advanced age, is expected to rage on, with perhaps a few hiccups, based on a combination of stronger company earnings, lower taxes and a corporate-friendly administration in Washington. FRANKFURT German drug and crop chemical maker Bayer and U.S. seeds company Monsanto are launching asset sales worth roughly $2.5 billion as they seek regulatory clearance for their $66 billion merger, people close to the matter said. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-mexico-americamovil-idUSKBN16G23F'|'2017-03-09T21:44:00.000+02:00'
'10e6a8ba39b17a05d695faebbe717de7d077519b'|'Eni sells Exxon 25 pct stake in Mozambique gas field for $2.8 bln'|'Company News  29am EST Eni sells Exxon 25 pct stake in Mozambique gas field for $2.8 bln MILAN, March 8 Exxonmobil said on Thursday it had agreed to buy a 25 percent stake in the giant Mozambique gas field of Italian major Eni for about $2.8 billion. Eni, which is selling stakes in a number of fields to fund development of other projects, is currently the operator of Mozambique''s Area 4 where it holds a 50 percent indirect stake held through Eni East Africa. The field holds about 85 trillion cubic feet of natural gas and is one of the world''s largest gas discoveries in recent years. Under the deal Eni will continue to lead all upstream operations in the area, while ExxonMobil will be in charge of building the onshore liquefied natural (LNG) gas plants. The Italian major said it will remain in charge of building the floating LNG plant in the Coral field, which is part of Area 4. The area 4 project envisages the construction of onshore and offshore LNG plants to export the gas to areas such as India and Asia. In 2013 Eni sold 20 percent of its Area 4 stake to China''s CNPC for $4.2 billion but since then oil and gas prices have come down sharply. (Reporting by Stephen Jewkes) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/eni-exxon-mozambique-idUSL5N1GL6EI'|'2017-03-09T18:29:00.000+02:00'
'20c07c6611326068b714e68eea69654bc7f69098'|'UPDATE 1-Bronfman-led investor group walks away from Time -source'|'Company   9:14pm EST UPDATE 1-Bronfman-led investor group walks away from Time -source (Adds background, share price) By Liana B. Baker SAN FRANCISCO, March 8 An investor group led by former music executive Edgar Bronfman Jr has dropped out of bidding for Time Inc, the publisher of People and Sports Illustrated magazines, according to a source familiar with the matter. The group, which also included media executive Ynon Kreiz, concluded that the price Time was asking was too high considering the turnaround needed to return the company to revenue growth, the person said, asking not to be named because the matter is private. The investor group had made an $18 per share bid for Time Inc late last year, an unsolicited offer that was rejected by Time''s board. Shares of Time Inc closed trading at $18.75 per share Wednesday. A representative for the investor group declined to comment while Time could not immediately be reached for comment. Time has been exploring its strategic alternatives in recent weeks and has been working with investment banks on fielding indications of interest from potential buyers, according to separate sources familiar with the matter. It could not be learned whether Meredith Corp, which explored a combination with Time in 2014, was interested in buying the company. Meredith could not be reached for comment. Time Inc was spun off from Time Warner Inc two and a half years ago, following a wider trend in media of hiving off slower growth print assets. Since it became an independent company, Time has struggled like many publishers to offset declines in print ad sales as advertisers put their dollars toward other media. The company has made attempts to expand beyond its print roots by going on a shopping spree for digital acquisitions such as Viant Technology, a New York-based marketing firm that owns Myspace, an early social media company. It has also shuffled its management after activist investor Jana Partners revealed a 5 percent stake in the company. The Wall Street Journal first reported that Bronfman''s investor group had walked away on Wednesday. (Reporting by Liana B. Baker in San Francisco; Editing by Leslie Adler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/time-ma-bronfman-idUSL2N1GM02Q'|'2017-03-09T09:14:00.000+02:00'
'6139d3eeec720d7a7672b52f0aa63e94225ba6cf'|'BT appoints Jan du Plessis as next chairman'|'  7:18am GMT BT appoints Jan du Plessis as next chairman Jan du Plessis, the Chairman of Rio Tinto, attends the mining company''s AGM at the QEII centre in central London April 18, 2013. REUTERS/Andrew Winning LONDON Britain''s BT ( BT.L ) has appointed Jan du Plessis, chairman of miner Rio Tinto ( RIO.AX ), as its next chairman, taking over from Mike Rake who has led the telecoms group for 10 years. BT said on Thursday that du Plessis would join its board as a non-executive director on June 1, and become chairman on November 1. Du Plessis has led Rio Tinto through a volatile period, as it scrambled to pay down $39 billion in debt from its Alcan takeover, scrapped a controversial tie-up with China''s Chinalco, sacked a chief executive after the company made over-priced acquisitions and fended off a bid from Glencore ( GLEN.L ). (Reporting by Paul Sandle; editing by Jason Neely)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bt-group-chairman-idUKKBN16G0NS'|'2017-03-09T14:18:00.000+02:00'
'4bdbb988b49baf55e53705fc11264972d80338ee'|'MOVES-Austrian bank BAWAG names CFO Anas Abuzaakouk as new CEO'|'Company News - Thu Mar 9, 2017 - 3:18am EST MOVES-Austrian bank BAWAG names CFO Anas Abuzaakouk as new CEO VIENNA, March 9 Austrian bank BAWAG PSK has appointed Chief Financial Officer Anas Abuzaakouk as its new chief executive, it said on Thursday, with the current chief Byron Haynes staying on as co-CEO until the end of the year when he will retire. Enver Sirucic, currently deputy CFO, will replace Abuzaakouk, the bank said. U.S. private equity fund Cerberus owns 52 percent of BAWAG, and GoldenTree Asset Management 40 percent. (Reporting By Shadia Nasralla. Editing by Jane Merriman) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/bawag-ceo-idUSV9N1CD02I'|'2017-03-09T15:18:00.000+02:00'
'20f4b9f5026c5ccf8afc4838791f6b2eae4cf6ed'|'UPDATE 1-Trump meets with U.S. community bankers, pledges to scale back regulations'|'(Updates with meeting; reaction)By David Lawder and Amanda BeckerWASHINGTON, March 9 President Donald Trump promised in a meeting with community bankers on Thursday to strip away some Dodd-Frank financial regulations and ensure they can continue giving small businesses access to capital.Trump, joined by National Economic Council Director Gary Cohn and Treasury Secretary Steve Mnuchin, said community banks play a "vital role" in the U.S. economy."Nearly half of all private sector workers are employed by small businesses. We must ensure access to capital to small businesses and for small businesses to grow. Community banks are the backbone of small business in America," Trump said at the beginning of the meeting.The session was set up to help the Trump administration craft a legislative plan to ease the regulatory burdens on small banks to try to unlock more small business lending and fuel economic growth, a senior White House official told Reuters.Representing the industry were chief executives of nine community banks with assets of around $1 billion or less and the heads of the American Bankers Association, and the Independent Community Bankers of America.Bankers who attended the 45-minute meeting said they discussed the role community banks play in rural areas and provided real-world examples about the difficulties smaller banking institutions face. "They were very receptive to our concepts; they were listening to the details," Dorothy Savarese, head of Cape Cod Five Mutual Company, told reporters after the meeting.ICBA, one of the industry groups in attendance, has advocated for a tiered system of regulations that tailor regulations to a bank''s size, business model, complexity and risk.Trump promised his February executive order on reducing regulation was "very powerful" and would apply to the community-banking sector.The Trump White House largely shares the view that current "one-size-fits-all" regulations make it "very hard to remain competitive" for small banks, the White House official said."The type of regulation that you need for a $700 million bank and the risks they present are very different than those for a $200 billion bank or a $1 trillion bank," the White House official said.Larger banks are able to spread their higher compliance costs over much bigger asset and employee bases, while smaller banks struggle with high costs and workloads.One of the institutions represented in the meeting, Standard Financial Corp of Monroeville, Pennsylvania, has just nine branches with $488 million in assets and earnings of $559,000 in the quarter ended December 31, 2016. It plans to merge with a rival in southwestern Pennsylvania in a deal that will roughly double its size.Trump officials cited a dearth of applications to form new community banks and around a 30 percent drop in the number of small U.S. banks since 2008.Mnuchin, the former CEO of OneWest bank, a regional lender in Southern California, said at his confirmation hearing in January that onerous regulations are "killing community banks." He pledged to ease those burdens while maintaining "proper" regulation, "so that we don''t end up with a world where we only have four big banks in this country."The bankers were expected to highlight compliance costs associated with the Consumer Financial Protection Bureau (CFPB), a new regulator created under the Dodd-Frank law enacted after the 2007-2009 financial crisis.The CFPB is a perennial target for Republicans, who want to shift its funding from the Federal Reserve to annual appropriations by Congress and shift its management, now concentrated in a powerful chairman, to a multi-person commission structure. (Additional reporting by Roberta Rampton and Emily Stephenson; Editing by Michael Perry and Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-trump-banking-idINL2N1GM0XW'|'2017-03-09T15:03:00.000+02:00'
'47fdeee64dae05ed7a79e334ca98c7be9664dd4d'|'Oil prices rise on output cuts, but U.S. stockpiles drag'|'By Jane Chung - SEOUL SEOUL Oil prices climbed on Thursday after sharp losses the session before, buoyed by strong compliance with touted international production cuts, although a surge in continued to drag.The Organization of the Petroleum Exporting Countries (OPEC) and other oil producers reached an agreement last year to cut output by almost 1.8 million barrels per day (bpd) in the first half of 2017, with investors paying close attention to levels of compliance with the landmark deal.Kuwait''s oil minister said on Wednesday that OPEC''s compliance with the cuts had exceeded targets, standing at 140 percent in February, while non-OPEC members'' compliance was 50-60 percent.International Brent crude futures were up 42 cents, or 0.79 percent, at $53.53 per barrel at 0637 GMT. They ended the last session down 5 percent at $53.11 a barrel, hit by a record buildup in U.S. inventories.U.S. benchmark West Texas Intermediate (WTI) crude futures gained 32 cents, or 0.64 percent, to $50.6 a barrel. WTI plummeted 5.38 percent to $50.28 per barrel in the previous session, marking its lowest since December.The rise in prices on Thursday could be short-lived, said Michael McCarthy, chief market strategist at Sydney''s CMC Markets."One of the factors (pressuring prices) is the strengthening U.S. dollar on U.S. rate hike (expectations)," McCarthy said.The U.S. dollar index rose on the back of stronger-than-expected U.S. jobs data and growing expectations that the Federal Reserve could raise U.S. interest rates next week. A strong dollar makes dollar-denominated oil more expensive for importing countries.Crude inventories in the United States, the world''s top oil consumer, surged last week by 8.2 million barrels, handsomely beating forecasts of a 2 million barrel build."When combined with the huge speculative long positions in the market, it''s not surprising that prices sold off so strongly," ANZ said in a note. "However, there is increasing talk of extending the OPEC production cut agreement."Kuwait is set to host a ministerial meeting on March 26, attended by both OPEC and non-OPEC members to review compliance with the crude production cuts.(Reporting by Jane Chung; Editing by Joseph Radford and Biju Dwarakanath)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/us-global-oil-idINKBN16G02Y'|'2017-03-09T03:48:00.000+02:00'
'cefeef8b68fbce340af448977fde46ddfda16151'|'Reckitt closes $21.2 billion Mead Johnson acquisition loans'|'Deals - Fri Mar 10, 2017 - 2:27pm GMT Reckitt closes $21.2 billion Mead Johnson acquisition loans Products produced by Reckitt Benckiser; Vanish, Finish, Dettol and Harpic, are seen in London February 12, 2008. REUTERS/Stephen Hird/File Photo By Alasdair Reilly - LONDON LONDON UK consumer goods group Reckitt Benckiser ( RB.L ) has closed syndication of US$21.2bn-eqivalent of loans supporting its US$17.9bn acquisition of US baby formula maker Mead Johnson Nutrition Co ( MJN.N ), the company announced on Friday. The loans were fully committed on a certain funds basis ahead of the announcement of the acquisition by Bank of America Merrill Lynch, Deutsche Bank and HSBC as underwriters, bookrunners and mandated lead arrangers. The financing comprises US$20bn of bridge loans and term loans and a £1bn(US$1.22bn) revolving credit facility. The bridge loans comprise a US$8bn one-year facility to cover the cash consideration and a US$3bn one-year facility to refinance existing Mead Johnson bonds if required. The term loans are split between a US$4.5bn three-year term loan and a US$4.5bn five-year term loan. The revolving credit facility provides financing headroom from the date of the completion of the acquisition. Joining the financing in syndication as mandated lead arrangers were Banco Santander, BBVA, Bank of China, BNP Paribas, Citigroup, Commerzbank, ING Bank, JP Morgan, Mizuho, Royal Bank of Canada, Standard Chartered, Sumitomo Mitsui Banking Corporation, Bank of Nova Scotia, MUFG and UniCredit. Wells Fargo was lead arranger, while SEB was arranger. Reckitt said previously that it expects to refinance the bridge loan through bonds. The company aims to retain a strong investment grade rating. It is rated A+ by S&P and A1 by Moody’s. (Editing by Christopher Mangham)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-reckitt-loans-idUKKBN16H1RJ'|'2017-03-10T21:19:00.000+02:00'
'7621368112265979022c7bb3048391210bc42145'|'Brazil government sees strong interest for airport auction -sources'|'By Leonardo Goy - SAO PAULO, March 10 SAO PAULO, March 10 Brazil is confident of strong investor turnout at an auction next week for the rights to run four airports, two government sources said on Friday, with at least nine operators showing appetite for one of the first in a wave of privatizations.Spanish operators Aena SA, Obrascon Huarte Lain SA and Ferrovial SA, Germany''s Fraport AG and AviAlliance, France''s Vinci SA, Argentina''s Corporacion America, Brazil''s CCR SA and Zurich Airport have all expressed interest recently, they said.Both sources said Vinci, Fraport and AviAlliance would likely bid on all four airports at the auction.The auction, scheduled for Thursday at the Sao Paulo Stock Exchange, will determine the operating rights for airports in Porto Alegre, Florianopolis, Fortaleza and Salvador. Sealed bids are due on Monday.The results will be an important gauge of President Michel Temer''s efforts to spur infrastructure spending with private capital, helping to lift Brazil''s economy from a deep recession and bolstering the federal budget with concession fees.Temer''s government launched last week a programme of privatizations and infrastructure concessions aimed at raising 45 billion real ($14.32 billion) in private investment.A source close to Ferrovial said the Spanish company was not planning to participate in next week''s auction, but it would continue analyzing other opportunities in Brazil.Aena confirmed to Reuters that it was studying the airports up for auction but had not decided whether to participate.Vinci, AviAlliance, Corporacion America, OHL and CCR did not immediately respond to requests for comment. Fraport and Zurich Airport declined to comment on the auction. ($1 = 3.1425 reais) (Reporting by Leonardo Goy; Writing by Brad Haynes; Editing by Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brazil-infrastructure-airports-idINL2N1GN1K5'|'2017-03-10T17:33:00.000+02:00'
'8f1ca178bd2898827b6e199ac28019cc1626a6a9'|'Alphabet self-driving car unit seeks injunction against Uber'|'Technology  08pm EST Alphabet self-driving car unit seeks injunction against Uber Visitors look at a self-driving car by Google displayed at the Viva Technology event in Paris, France, July 1, 2016. REUTERS/Benoit Tessier Alphabet Inc''s self-driving car unit on Friday said it would seek a preliminary injunction against Uber [UBER.UL] in a high-profile intellectual property lawsuit, according to a court filing. Alphabet''s autonomous car unit, Waymo, sued Uber last month, alleging that a former employee downloaded and stole more than 14,000 confidential files, including details on light detection and ranging sensor technology known as Lidar, a crucial element in most self-driving car systems. (Reporting by Dan Levine; Editing by Leslie Adler) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-uber-alphabet-lawsuit-idUSKBN16H2GQ'|'2017-03-11T02:05:00.000+02:00'
'c2ed8cba476f438cd4fd9f6f82ac428a8ef514f5'|'Group with Jahm Najafi,Pamplona Capital bid for Time Inc -WSJ'|'Company News - Thu Mar 9, 2017 - 7:38pm EST Group with Jahm Najafi,Pamplona Capital bid for Time Inc -WSJ March 9 A group that includes Jahm Najafi, chief executive of the Phoenix-based investment firm Najafi Companies, and private-equity firm Pamplona Capital Management has emerged as a bidder for Time Inc, the Wall Street Journal reported, citing people familiar with the matter. Reuters reported on Thursday that an investor group led by former music executive Edgar Bronfman Jr dropped out of bidding for Time, according to a source familiar with the matter. Time, the publisher of People and Sports Illustrated magazines, could not be immediately reached for comment. The presence of Najafi and Pamplona indicates the process is still competitive, even after the Bronfman-led investment group scrapped its bid. ( on.wsj.com/2n5chXZ ) Time, which was spun off from Time Warner Inc two and a half years ago, has been exploring its strategic alternatives in recent weeks and has been working with investment banks on fielding indications of interest from potential buyers. The company has struggled like many publishers to offset declines in print ad sales as advertisers spend more on other media. (Reporting by Vishaka George in Bengaluru; Editing by Andrew Hay) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/time-ma-najafi-idUSL2N1GN00Y'|'2017-03-10T07:38:00.000+02:00'
'f6b0dad10b5f85733a8e880c9d3a3f61da2a8c2b'|'BRIEF-Viacom promotes Christa D''Alimonte to executive vice president, general counsel and secretary'|' 37am EST BRIEF-Viacom promotes Christa D''Alimonte to executive vice president, general counsel and secretary March 10 Viacom Inc : * Viacom promotes Christa D''Alimonte to executive vice president, general counsel and secretary * Viacom Inc - Promotes Keyes Hill-Edgar to executive vice president, global business affairs and general counsel of Viacom Media Networks * Viacom Inc- D''Alimonte will succeed Michael Fricklas, who, as previously announced, will be leaving company Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-viacom-promotes-christa-dalimonte-idUSFWN1GN0NA'|'2017-03-10T22:37:00.000+02:00'
'35c9a355d154de579740667ff05efe3925508ac7'|'BRIEF-Alcentra Capital Corp Q4 EPS $0.45'|' 32pm EST BRIEF-Alcentra Capital Corp Q4 EPS $0.45 March 10 Alcentra Capital Corp * Alcentra Capital Corporation announces fourth quarter earnings of $0.45 per share and full year 2016 financial results of $1.66 per share. Regular dividend of $0.34 per share and special cash dividend of $0.03 per share declared for first quarter 2017 * Q4 earnings per share $0.45 * Q4 earnings per share view $0.35 -- Thomson Reuters I/B/E/S * Net investment income for three months ended december 31, 2016 was $6.1 million ($0.45 per share) * Alcentra Capital - special dividend is due to estimated spillover income of about $5.99 million, or about $0.44 per share, for year ended dec 31, 2016  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-alcentra-capital-corp-q4-eps-idUSASB0B4UT'|'2017-03-10T06:32:00.000+02:00'
'1271fa62c06c7bfb02e3a002f5a3ad50203e09c5'|'Oh, Snap!: A volatile start for shares in Snap'|'WHEN Snap, the parent company of Snapchat, an app popular among teenagers for its disappearing messages, staged a public offering on March 2nd, Evan Spiegel, its 26-year-old boss, became a self-made billionaire. (Only John Collison of Stripe, an online payments startup, rivals him for such youthful tycoonery). Whether public-market investors will strike it rich remains to be seen. In its first day of trading Snap’s shares rose by 44%; they have since fallen by 16% from their peak, meaning around $5bn of market value vanished in days.The volatility will probably continue. Optimists reckon that Snap’s market value could increase more than fourfold from around $26bn today as it adds users and advertisers. Very few large internet companies have gone public recently, which gives it tremendous scarcity value, says Roger Ehrenberg of IA Ventures, an early-stage investment firm. 5 minutes ago Poland But sceptics are growing in number. Every analyst who has started covering Snap’s stock has issued a negative rating. They question its high valuation and underline all the challenges. Snap’s growth has slowed in recent months. Its total addressable market is estimated to be 80% smaller than that of Facebook, a social network, and it already has 50% penetration among its potential user base in America, reckons Laura Martin of Needham, an investment bank.Snap also has an unconventional structure that gives shareholders virtually no power. This week it emerged that a group of large institutional investors had lobbied stock-index providers such as MSCI not to include Snap in their benchmarks for that reason. That will not directly affect share-price performance yet, but being viewed as an outlier on corporate governance does not help.Analysts have also drawn attention to Snap’s losses. These could well rise from $515m last year to a whopping $3.7bn in 2017, according to Pivotal Research Group, a research firm. And that does not include huge stock grants to employees. In 2016 Snap had stock-based compensation expenses of around $1.7bn, or roughly $1.4m per employee, compared with Facebook’s average of $230,000 and Google’s $144,000 per employee. These grants dilute investors.Before the offering, hopes had been high that Snap would spark a wave of public offerings by tech startups. Even if its shares sink further, many of them could still choose to go public, especially enterprise-software firms, which sell IT tools to other businesses. Their revenues are more reliable than those of Snap. One software company, MuleSoft, is likely to go public next week. Such companies do not attract the relentless public scrutiny that Snap and other tech stars do. Increasingly, that looks enviable.'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21718537-billions-quickly-disappeared-its-market-capitalisation-volatile-start-shares-snap?fsrc=rss%7Cbus'|'2017-03-11T08:00:00.000+02:00'
'dc44125cf02b8578582162b3fb21ac318db4abc8'|'BRIEF-Total Energy Services buys 150,000 Savanna Energy shares'|' 30pm EST BRIEF-Total Energy Services buys 150,000 Savanna Energy shares March 10 Total Energy Services Inc * Total Energy Services Inc. Announces acquisition of shares of Savanna Energy Services Corp. On the tsx * Total Energy Services Inc. Announces acquisition of shares of Savanna Energy Services Corp. On the tsx * Total Energy Services Inc - has purchased 150,000 savanna shares  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-total-energy-services-buys-idUSASB0B4UQ'|'2017-03-10T06:30:00.000+02:00'
'7f16437d761ef7f2f3c9f68fecf3410689e877a6'|'Wetherspoons boss condemns Philip Hammond''s ''budget for dinner parties'' - Business'|'The chairman of JD Wetherspoon has ripped into the chancellor, Philip Hammond, accusing him of delivering a “ budget for dinner parties ” rather than pub goers.Tim Martin used a first-half trading statement to highlight nearly £30m of extra charges Wetherspoon will have to pay as a result of tax hikes, and derided Hammond for threatening the pub sector’s survival .He said: “We understand the need for the government to raise taxes.Philip Hammond criticised for exaggerating pub relief scheme Read more “However, there should be a sensible rebalancing of the taxes paid by pubs and supermarkets, if the pub industry is to survive in the long term.”Mr Martin totted up a business rates bill of £7m, a £2m Apprenticeship Levy charge and a £4m hit from the sugar tax that will contribute to £29m in extra charges the group will face over the next few years.He also poured scorn on a £1,000 business rates discount for pubs with a rateable value of less than £100,000, saying “that sum is dwarfed by tax and regulatory increases” and that Wetherspoon is not eligible for it in any case.The outspoken New Zealander pointed out the disparity between how pubs are taxed compared with supermarkets when it comes to VAT on food sales and described Hammond as having been “less than frank”.“The Chancellor was less than frank in his budget speech, since he did not spell out the duty increases, giving the impression to many that there would be no increase.“In effect, this was a budget for dinner parties, no doubt the preference of the chancellor and his predecessor – dinner parties will suffer far less from the taxes outlined above, whereas many people prefer to go to pubs, given the choice,” he said.Topics JD Wetherspoon Food & drink industry Budget 2017 Budget news   Share   Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/mar/10/wetherspoons-philip-hammond-budget-tim-martin'|'2017-03-10T16:45:00.000+02:00'
'2b4fe9e9a02ec2aa05b01813d53bd26fb90c9ca0'|'Spain''s Aríztegui replaced on ECB body pending Bankia probe'|'Company News - Thu Mar 9, 2017 - 4:18am EST Spain''s Aríztegui replaced on ECB body pending Bankia probe FRANKFURT, March 9 Spain''s former central bank deputy governor has asked to be replaced on the internal judicial body of the European Central Bank''s banking supervision arm pending an investigation into his role in Bankia''s stock market flotation, the ECB said on Thursday. "I can inform you that Mr Francisco Javier Aríztegui Yáñez has asked to be replaced in his position on the Administrative Board of Review of the ECB until the conclusion of the investigation to which he is subject," the ECB''s head of supervision Daniele Nouy said in a letter to a member of the European parliament. "Accordingly, the Chair of the Administrative Board of Review, Mr Jean-Paul Redouin, has asked the two alternates – Mr René Smits and Mr Ivan Šramko – to act as member in relation to matters concerning any notices of review which may be filed during that period." (Reporting By Francesco Canepa) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/bankia-trial-ecb-idUSF9N1G9002'|'2017-03-09T16:18:00.000+02:00'
'393e866a0db8c7d4263dd61e9dcd9774f370c88c'|'CANADA STOCKS-TSX rises as Canadian Natural Resources leads energy bounce'|' 11am EST CANADA STOCKS-TSX rises as Canadian Natural Resources leads energy bounce * TSX rises 31.02 points, or 0.2 percent, to 15,528.00. * Seven of the TSX''s 10 main groups climb TORONTO, March 9 Canada''s main stock index edged higher on Thursday as Canadian Natural Resources led a rebound in energy shares after sharp losses the day before, and the materials group gained ground. Royal Dutch Shell Plc agreed to sell its existing and undeveloped Canadian oil sands interests to Canadian Natural Resources and to cut its share in the Athabasca Oil Sands Project from 60 percent to 10 percent. Shares of Canadian Natural Resources rose more than 8 percent to C$42.64, while the overall energy group advanced 1.4 percent even as oil prices fell. U.S. crude was down 1.4 percent at $49.56 a barrel, extending recent losses as record inventories kept sentiment weak. Despite Thursday''s gains, the energy group has fallen nearly 11 percent since the start of the year. On Wednesday, it posted its lowest close since September. The materials group added 0.7 percent on Thursday as gains for fertilizer shares offset lower metal prices. Potash Corp of Saskatchewan Inc rose 4.3 percent to C$23.82, and merger partner Agrium Inc gained nearly 4 percent to C$132.59. Gold futures fell 0.2 percent to $1,205.60 an ounce, while copper prices declined 1.3 percent to $5,693.5 a tonne. At 11:09 a.m. EST (1605 GMT), the Toronto Stock Exchange''s S&P/TSX composite index was up 31.02 points, or 0.2 percent, at 15,528.00. Seven of the index''s 10 main groups advanced. The heavyweight financials group edged up 0.1 percent as bond yields climbed after upbeat comments by European Central Bank President Mario Draghi on the economy there. Higher bond yields reduce the value of insurance companies'' liabilities and increase net interest margins of banks. Dorel Industries Inc tumbled 9.6 percent to C$31.23 after the global consumer products company reported fourth-quarter results. Canada''s industrial capacity rose to its highest level in two years in the fourth quarter, lifted by gains in the mining and quarrying sector and a rebound in construction, data from Statistics Canada showed. (Reporting by Fergal Smith; Editing by Lisa Von Ahn)   UPDATE     UPDATE 1-U.S. SEC commissioner raises questions about unequal voting rights WASHINGTON/BOSTON, March 9 One of two current members of the U.S. Securities and Exchange Commission on Thursday raised questions for companies that offer shareholders unequal voting rights, saying the regulator should "focus on how some innovations may prove detrimental to investors." * banks and insurance companies announce canadian business growth fund of up to $1 billion MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL2N1GM12Z'|'2017-03-09T23:11:00.000+02:00'
'56b3de59eaf283ff6315e3c874860c2da330d624'|'Shock horror: Economists argue about the impact of Chinese imports on America'|'COMPETITION from Chinese imports may have cost some Americans jobs, but economists have done pretty well out of it. Since 2013 David Autor, David Dorn and Gordon Hanson have published nine separate studies digging into the costs of trade. They have found that, of the fall in manufacturing jobs between 1990 and 2007, one-quarter could be attributed to a surge in imports from China. Other sectors failed to soak up the extra workers. Their research also suggested that the China shock has cut the supply of marriageable men and opened the door of the White House to Donald Trump.In recent weeks a dispute has erupted over their results. Jonathan Rothwell, an economist at Gallup, a pollster, alleged “serious flaws” in one paper, prompting a fierce eight-page response from the authors, and an acrimonious public tiff.The row centres on how the effect of the China shock is measured. The trio wanted to isolate the effects of extra Chinese supply, rather than of something happening in America, so they checked that imports of particular Chinese products were surging in other rich countries, too. They then compared places in America more exposed to these Chinese imports—typically those with lots of labour-intensive manufacturing—with less exposed ones.Mr Rothwell’s critique does not attempt to debunk their research completely. But he asks whether combining changes in the 1990s and the 2000s makes sense. When he splits this period up, he confirms the finding that Chinese imports had large effects on American manufacturing employment. But several other effects of Chinese imports become smaller or no longer statistically significant. For example, the effect of Chinese imports on the size of the labour force falls to a quarter of its 1990s size in the 2000s. This is hardly conclusive—slashing sample sizes inevitably reduces the power of a test.Mr Rothwell has not disproved anything. But he has provided an opportunity to think through the assumptions of the original research by Messrs Autor, Dorn and Hanson. Their attempt to isolate the effects of China would not have been entirely successful, for instance, if other countries were experiencing non-China-related shocks similar to those hitting America.More broadly, it is impossible to know what would have happened had Chinese imports not surged. Monetary policy might have been different. And what a company such as Apple would have done without low-cost Chinese assembly workers is unknowable. Moreover, adding up individual effects over the whole economy could miss important interactions.Mr Rothwell’s strongest criticism is not of that China-shock literature at all, so much as of the way it was received. Some have taken evidence of disruption as proof that tariffs would be a good idea, or that trade with China has hurt America. But, as Mr Autor says himself, “our research does not tell you the net societal costs and benefits of trade.” It does not estimate the benefits to exporters as China opened up (though this was smaller than the rise in imports) or to American shoppers able to buy cheaper stuff.Other research is emerging that attempts to answer those questions. One paper, by Kyle Handley and Nuno Limão, found that the extra trading certainty associated with China’s accession to the WTO lowered American manufacturing sales and employment by more than 1%, but also lowered American prices and raised consumers’ incomes by the equivalent of a 13-percentage-point cut in tariffs. It also helped poor Chinese workers get richer, which isn’t to be sniffed at either.  Finance and economics   "Shock horror"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/finance-and-economics/21718513-china-shock-has-not-been-debunked-it-worth-understanding?fsrc=rss'|'2017-03-09T23:29:00.000+02:00'
'275ca6a88cf06636639f3f067ed334da8293e599'|'''This is grossly unfair'': self-employed readers react to NICs increase - UK news - The Guardian'|'‘The bigger fish are being left off the hook’I’ll pay more NI overall – probably about £30 to £35 per year I think. It’s said it’s to level the playing field with those in employment but I already lack sick pay, holiday pay, and employer pension contributions and my work can get cancelled at any point with no compensation.It’s not a huge increase if the 60p-a-week figure is accurate and I don’t begrudge paying my share to improve services. But I can’t help feeling it’s taken the easy target while avoiding the harder, real issue of self-employment. Using self-employed staff has been on the up in the past five years, meaning employers don’t have to meet the obligations listed above which saves them huge amounts of money and associated administration. They also avoid paying the share of NI associated with the employer. The business saves all round while the employee gets hit again. It’s a typical, quick and dirty policy to raise some funds and as usual it comes at the expense of the easy target – the individual – while letting the businesses that exploit these conditions get away with it. Self-employed hit by national insurance hike in budget Read more The past five years have been pretty tough keeping the work coming in as people have been hanging onto budgets due to economic uncertainty so any additional expense is unwelcome however small. As I say, I’m happy to pay my share but not when the bigger fish are being let off the hook.Justin Desyllas, 44, graphic designer, Bristol ‘Tax policies seem to be entirely in favour of very high earners’ I will end up paying more in national insurance, which could push my tax bill to the point where I will have to make payments on account against the following year’s tax bill (this is a bizarre convention only self-assessment taxpayers are subject to) What Hammond forgets is that the self-employed have no paid holidays or paid sick leave, and rarely access statutory sick ay. Personally my biggest concern regarding changes to NI is regarding maternity/paternity benefit.With this and Making Tax Digital on the horizon, the chancellor and the current government are making self-employment and founding small and medium-sized enterprises a less attractive and accessible option every single year. Tax policies seem to be entirely in favour of very high earners and very large corporations which have the budgets and manpower to navigate the constantly changing legislation. Ethne Tooby, accountant, Leicester ‘I don’t think that self-employment is good for society’I believe it is unfair, I won’t have any serious issue personally but we have to consider that most ‘self employed’ workers belong to the so-called “precariat”. We take all the risk and we have a very frail safety net. I have had tremendous changes in my income over the years depended on the available projects (for example: 2013, £13,000 gross; 2014, £42,000; 2015, £25,000; 2016, £46,000). It is difficult to plan ahead or save money and we take risks. I don’t think that self-employment is good for society, it just temporarily postpones the problem with pensions and social care by almost getting people out of the system. So if you support that kind of work as a government, the stance should be to give us sick leave and maternity leave paid by the state and an increase in taxation, but mostly by corporation tax or a financial transaction tax. Why on earth should I be happy to pay extra tax when Google pays so little?Alex, 40, 3D designer, London ‘Increasing NICs is grossly unfair’Increasing NICs for the self employed is grossly unfair. I have not been entitled to any unemployment benefit for over 25 years, because I manage my savings to be able to ride out the peaks and troughs of self-employment. I would only be entitled to benefits in a lean period if I depleted my savings, which would not be the case for an employee who loses her job. Paying the same NICs is therefore unfair. It is also unfair to have come up with this idea off the back of more people being self-employed. Although for someone like me self-employment is part of the career I have chosen – and I have no desire to be employed – lots of the newly self-employed are on zero-hours contracts. These people, who deserve proper employment and protection from businesses who squeeze ever more profit out of workers’ misery, would rather be employed. Furthermore they may well have limited savings, so are likely to be needing to claim benefits due to the limited income they are able to earn. It is perhaps because of this that Hammond has seen this as a good reason to raise NICs: because a new raft of people will be needing benefits, so he figures they should pay for them.Wendy Lloyd, 47, voiceover actor/broadcaster ‘This increase is going to sap the extra income I make’ I have had to start working part time as a self-employed contractor due to the cost of living in this area, and the lack of suitable alternative jobs. I work 40 hours per week on PAYE, and about 12 as a self-employed contractor, while this does allow me a degree of flexibility, I have legal obligations to spend a certain number of hours with my customers which I have to fit in. If I don’t do this extra work, I can barely afford to survive.This tax increase is going to sap the extra income I make, possibly making it not work the aggro, then what do I do? As far as I’m concerned, May has broken all her promises of an economy that works for everyone, and her Brexit car crash is only going to make it worse. Right now I’m hoping for interest rate hike from the Bank of England and a housing crash so I stand a chance. It’s the only way this is going to work for me.Simon Wilson, 35, transport manager and consultant, Buckinghamshire and Bedfordshire ‘The move is short-sighted’ I work as a locum radiographer both for the private sector and for the NHS. Last year the NHS quite rightly audited the cost of temporary workers and made significant reductions in the hourly rate offered. In itself, this move did not affect earnings to the point where it became uneconomical but it did restrict how far we could travel due to fuel and accommodation costs eating into gross pay. In addition to last year’s changes, the budget has stated that self-employed people, working for government institutions, will be taxed as permanent employees as well as having to pay both employee and employer NIC. How we can be considered permanent is beyond me as it is not uncommon for me to work at two NHS hospitals and a private site in a single week. Traveling and subsistence allowances have been disallowed adding further costs, which means it is not economically viable to continue working as a locum. Many workers are now considering permanent positions which, on the face of it, is in the government’s favour. I believe the move is short-sighted because it has demoralised temporary workers to the point where they are focusing on moving away from the NHS and – in some cases – away from the profession altogether. I believe the fallout from this will be staff shortages. Institutions and companies of any reasonable size are reliant on temporary workers to cover skills shortages, holidays, illness and pregnancy leave. The cynical among us might think that the government are deliberately sabotaging the NHS for its own ends.Anonymous, radiographer, south east England'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/uk-news/2017/mar/09/self-employed-nics-increase-budget'|'2017-03-09T02:00:00.000+02:00'
'68fb6e90bd4a01084aff3ab34b6de95056ec9ae9'|'Domino''s feels the heat as Pizza Hut takes a slice out of sales - Business'|'Domino’s Pizza suffered a sharp slowdown in sales growth in early 2017 as rival Pizza Hut cut prices and consumers reined in spending.David Wild, the Domino’s chief executive, said Pizza Hut was “very aggressive” in January and that consumers were more cautious about spending.“Looking forward, the UK consumer environment is more difficult,” he said. “Our research tells us that customers are worried about rising prices. They’re not worried about job security but they are worried about prices.Over the first nine weeks of the year, sales growth at Domino’s stores open for more than a year dropped to 1.5%, down from 10.5% in the same period a year earlier.Wild added that consumer “have seen things like petrol rise in price, they’re reading in the newspaper that food and energy prices are going up, and they’re factoring that into spending.”He said that Domino’s could gain from that because it “sits neatly in the middle” and could gain from customers opting for a takeaway rather than eating out. “This is a more value-conscious environment,” he added.Family finances are expected to come under increasing pressure in 2017 from rising inflation and weak wage growth .Investors lost their appetite for Domino’s Pizza on Thursday, with shares plunging 16%. Wild played down the large share price fall, saying shares had performed well over the past two weeks. “Share prices go up and down,” he said. “I think we’ve got to be careful about getting carried away by a very short period, just nine weeks.”Facebook Twitter Pinterest Domino’s chief David Wild says consumers are getting spooked by rising prices. Photograph: Newscast / Alamy/Alamy City analysts at N+1 Singer said a number of factors were behind the slowdown. “We understand this reflects a combination of heightened competition from Pizza Hut, market softness and [Domino’s] ‘winter survival’ promotion campaign being relatively unsuccessful,” they wrote in a research note.Sales growth also slowed over 2016 as a whole, to 7.5% on a like-for-like basis, from 11.7% in 2015. Total sales were up 14.5% at just over £1bn.Wild said the business would continue to grow through expansion both in the UK and abroad. The company expects to open at least 80 new outlets in the UK in 2017, creating up to 3,000 new jobs.Domino’s also announced the purchase of Dolly Dimple’s, Norway’s third largest pizza company, for £4m. Dolly Dimple’s 42 stores will be integrated into Domino’s startup venture in Norway, where it has 12 stores.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/mar/09/dominos-feels-heat-pizza-hut-slice-sales'|'2017-03-09T02:00:00.000+02:00'
'87f6cb8adfbbe6be73d31f369d6c37b7058a4b88'|'Hugo Boss sees sales stabilising in 2017 as China recovers'|'  6:42am GMT Hugo Boss sees sales stabilising in 2017 as China recovers The logo of German fashion company Hugo Boss is seen at a store in Vienna, Austria, November 23, 2016. REUTERS/Leonhard Foeger BERLIN Hugo Boss ( BOSSn.DE ) said it expected sales to stabilise in 2017 and profitability to start to recover as the struggling German fashion house managed to turn its business around in China after slashing prices there. Hugo Boss said it expected currency-adjusted sales to be stable in 2017 after it reported a 4 percent fall in 2016 to 2.69 billion euros (2.33 billion pounds), in line with average analyst forecasts. It forecast a change in earnings before interest, taxation, depreciation and amortisation (EBITDA) before special effects of somewhere between positive 3 percent and negative 3 percent, after a 17 percent fall in 2016 to 493 million. Mark Langer, who took over as chief executive last May, is returning Hugo Boss to its roots selling smart men''s suits, reversing the course of predecessor Claus-Dietrich Lahrs, who sought to make the premium label more of a luxury brand and invested heavily in promoting its womenswear. ($1 = 0.9494 euros) (Reporting by Emma Thomasson; Editing by Maria Sheahan) Next In Business News UK faces tougher Brexit challenge after 2017 resilience - Hammond LONDON Britain''s economy is likely to feel the pain of Brexit more sharply in the coming years despite holding up well so far, according to Chancellor Philip Hammond''s latest plan to steer the economy through its split from the European Union.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-hugo-boss-results-idUKKBN16G0JT'|'2017-03-09T13:42:00.000+02:00'
'6d67f8addb03f27e15c2b12008cd7045533289d8'|'Britain will have to pay for Brexit - Ireland''s Kenny'|'Business News - Thu Mar 9, 2017 - 3:24pm GMT Britain will have to pay for Brexit - Ireland''s Kenny Irish Prime Minister Enda Kenny arrives at the EU summit in Brussels, Belgium, March 9, 2017. REUTERS/Francois Lenoir BRUSSELS Britain will have to pay up when it leaves the European Union because "when you sign on for a contract you commit yourself to participation", Irish Prime Minister Enda Kenny said on Thursday. Asked by reporters whether Britain will have to pay tens of billions of euros to quit the European Union, Kenny said the amount Britain owed had yet to be determined and both sides would hammer out the final cost. "But that, no more than any other problem, will have to be faced, it will have to be dealt with and it will be dealt with," Kenny said on the first day of an EU summit in Brussels. Money is shaping up to be one of the most contentious parts of the upcoming divorce talks. Other EU nations want Britain to pay its share of budget commitments -- estimated informally by EU officials at around 60 billion euros (52.3 billion pounds). Last week, a committee of members of Britain''s upper house of parliament said if Britain left the European Union without agreeing an exit deal it would not be legally obliged to contribute to the bloc''s budget post-Brexit. ($1 = 0.9449 euros)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-kenny-idUKKBN16G26Z'|'2017-03-09T22:24:00.000+02:00'
'723746fe09420fd5c954d1380003b746d6742cb0'|'EU Parliament wants trade talks with UK after deal on Brexit terms'|'Business News - Thu Mar 9, 2017 - 5:51pm GMT EU Parliament wants trade talks with UK after deal on Brexit terms European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium, April 20, 2016. REUTERS/Francois Lenoir BRUSSELS The European Union and Britain should first strike a deal on the terms of Brexit and then proceed to discuss future bilateral relations, European Parliament President Antonio Tajani said on Thursday. Britain has said it would prefer parallel talks on its divorce terms, likely to include a bill to pay and the issue of citizens'' rights, and its future trade and economic relations with the 27 EU countries. The EU legislature will have to approve any deal with Britain after it quits the EU and will be involved in the Brexit negotiations once London triggers the talks in the coming weeks. "Before we need to decide the Brexit, and then we will work for a good agreement between us and the UK," Antonio Tajani, an Italian conservative, told a news conference in Brussels after briefing EU leaders at a summit on the parliament''s views about current issues. Tajani, a close ally of former Italian prime minister Silvio Berlusconi, was elected European Parliament president in January for two and a half years with the backing of British Conservative MEPs -- a mandate that may help him to play a key role in the two-year Brexit talks. He said the Parliament wants to be a "protagonist" during the talks and would have officials briefing him from the EU negotiating team led by Frenchman Michel Barnier. The European Parliament will agree its negotiating position after Britain triggers the Brexit talks, Tajani said. British Prime Minister Theresa May, who attended Thursday''s summit, plans to formally launch the process before the end of this month. Former Belgian prime minister Guy Verhofstadt leads the European Parliament''s Brexit team. "The UK in the future will be an important, one of the most important, interlocutors of the EU," Tajani said, noting that being outside the EU was however not the same as being a member. (Reporting by Francesco Guarascio; Editing by Gareth Jones) Next In Business News ECB''s Draghi gives market flavour of optimism FRANKFURT The European Central Bank pledged on Thursday to keep its aggressive stimulus policy in place at least until the end of the year but signalled a diminishing urgency for more policy action, enough to send the euro and bond yields higher.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-tajani-idUKKBN16G2KT'|'2017-03-10T00:51:00.000+02:00'
'96f7d86b07c7e7649d84db21ee18dd7b8a9dc211'|'Germany''s Stada attracts interest from Fosun Pharma -sources'|'By Arno Schuetze and Sumeet Chatterjee - FRANKFURT/HONG KONG, March 9 FRANKFURT/HONG KONG, March 9 China''s Shanghai Fosun Pharmaceutical is planning to put in a bid for German generic drugmaker Stada, already at the centre of a takeover battle between two private equity consortia, two people close to the matter said.Fosun Pharma is also holding early-stage talks with buyout funds including CVC about a potential joint bid, but may decide initially to go it alone, one of the people said.Fosun Pharma said it currently had no information to disclose. (Additional reporting by Julie Zhu; Editing by Georgina Prodhan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/stada-ma-fosun-pharma-idINL5N1GM54N'|'2017-03-09T11:06:00.000+02:00'
'60088b3917789788a47c4a510249d2f03a8f0909'|'Russia''s Putin to meet ExxonMobil President: Kremlin spokesman'|'Commodities - Thu Mar 9, 2017 - 5:35am EST Russia''s Putin to meet ExxonMobil President: Kremlin spokesman left right Darren Woods, Chairman & CEO of Exxon Mobil Corporation attends a news conference at the New York Stock Exchange (NYSE) in New York, U.S., March 1, 2017. REUTERS/Brendan McDermid 1/2 left right Russia''s President Vladimir Putin speaks during a meeting dedicated to the Winter Universiade 2019 in the Siberian city of Krasnoyarsk, March 1, 2017. Sputnik/Aleksey Nikolskyi/Kremlin via REUTERS 2/2 MOSCOW Russia''s President Vladimir Putin was scheduled to meet president of oil major ExxonMobil ( XOM.N ) Darren Woods on Thursday, Kremlin spokesman Dmitry Peskov said. The meeting was set to take place at the end of the day in Moscow, Peskov told reporters on a conference call without giving further details. (Reporting by Dasha Afanasieva; Editing by Andrey Ostroukh) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-exxonmobil-russia-idUSKBN16G18P'|'2017-03-09T17:35:00.000+02:00'
'2af188146baaec6ee41176e2e9a08eaf2aac1648'|'BRIEF-Xoma board approved salary increases for CEO James Neal, CFO Thomas Burns on March 2, 2017'|' 11pm EST BRIEF-Xoma board approved salary increases for CEO James Neal, CFO Thomas Burns on March 2, 2017 March 8 Xoma Corp * Xoma -on March 2, 2017, board approved salary increases for James Neal, chief executive officer, and Thomas Burns, chief financial officer Source text ( bit.ly/2mkguDP )  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-xoma-board-approved-salary-increas-idUSFWN1GL0UN'|'2017-03-09T05:11:00.000+02:00'
'638b9ac4c03fbf3f5bf93db6cc140d9c82cb0d6f'|'UK''s John Lewis cuts staff bonus for fifth straight year'|'Business   9:52am GMT UK''s John Lewis cuts staff bonus for fifth straight year John Lewis and Waitrose employees wait for the announcement of their 2015 bonus in central London, March 12, 2015. REUTERS/Neil Hall LONDON British retailer the John Lewis Partnership cut its annual staff bonus for a fifth consecutive year on Thursday as 2016-17 trading profit at both its department stores and Waitrose supermarket chain fell, it said on Thursday. The employee-owned group said its staff, known as partners, would receive a bonus of 6 percent, equivalent to over three weeks pay, down from 10 percent last year. It totals 89.4 million pounds. The percentage payout was the lowest since 1954 when 4 percent was paid. John Lewis had cautioned in January that the bonus was likely to be "significantly lower" this year due to the need to invest heavily in its online business as well as import cost pressures from a weaker pound since last June''s Brexit vote. The group said profit before the partnership bonus, tax and exceptional items increased 21.2 percent to 370.4 million pounds. However, a large part of this profit increase was due to lower pension accounting charges. There were also a number of exceptional items in the results. After including these exceptional items, the operating profit in both Waitrose and John Lewis department stores was below last year. Last month the department stores business said it would cut hundreds of jobs in a reorganisation of its soft furnishings business and changes to the way it operates its in-store restaurants. ($1 = 0.8233 pounds)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-john-lewis-results-idUKKBN16G12I'|'2017-03-09T16:52:00.000+02:00'
'3d12d4b9fbebd4d5a34c83a95eda3d8b91c5b425'|'VW plans to scrap bonuses for supervisory board members'|'BERLIN Volkswagen ( VOWG_p.DE ) plans to scrap bonus payments for members of its supervisory board, it said on Thursday, the latest sign of belt-tightening as the German carmaker grapples with the cost of its emissions scandal.Supervisory board members have agreed to accept only fixed salaries in future and scrap bonuses, a spokesman said, citing a proposal by the 20-strong board that has yet to be approved by the annual shareholders'' meeting on May 10.Under the proposal, the chairman will be paid a fixed salary of 300,000 euros ($317,400), with his deputy getting 200,000 euros and members 100,000 euros, the spokesman said, confirming a report earlier on Thursday by Germany''s Bild newspaper.Volkswagen (VW) became the target of fierce criticism from the German public and some shareholders last year after its managers only reluctantly accepted a cut to bonus payments of about 30 percent. Bonuses were based partly on VW''s performance over the previous two years.Last month, the board announced steps to cap total compensation for top management. Bonuses for VW''s top executives will stay, though eligibility to variable compensation will be tightened under the new rules.($1 = 0.9452 euros)(Reporting by Andreas Cremer; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/volkswagen-bonuses-idINKBN16H04C'|'2017-03-09T22:11:00.000+02:00'
'25b8eb79d2d1296bfa2339983048a32862358385'|'Britons raise inflation expectations - BoE survey'|' 36am GMT Britons raise inflation expectations - BoE survey FILE PHOTO: Shoppers cross the road in Oxford Street, in London, Britain August 14, 2016. REUTERS/Peter Nicholls/File Photo LONDON Britons have raised their expectations for inflation over the coming year due to the plummet in the value of sterling after the Brexit vote, although the number of people who believe interest rates will rise is little changed, a Bank of England survey showed. The quarterly survey published on Friday showed average public expectations for inflation over the next 12 months rose to 2.9 percent in February from 2.8 percent in the previous survey in November. Taking a five-year view, Britons expected inflation of 3.2 percent compared with 3.1 percent three months earlier. British inflation is rising after the Brexit vote and the BoE is watching for signs that it might cause higher pay pressures, something that would add to the case for a first interest rate hike since before the global financial crisis. Of those asked, 42 percent of respondents in the survey expected interest rates to rise over the next 12 months, compared with 41 percent in November, while 28 percent said they thought rates would stay about the same, an unchanged figure. Only 6 percent said they expected them to fall, compared with 8 percent last time around. The BoE and many private economists say inflation is set to carry on climbing sharply in 2017. In the 12 months to January it stood at 1.8 percent and the Bank has said it expects it to peak at about 2.8 percent in the first half of 2018. After the EU referendum in June, sterling fell as much as 20 percent against the U.S. dollar. So far, the British economy has largely weathered the initial Brexit shock better than many expected. But a rise in inflation this year is likely to strain the spending power of households who have driven the recovery in the economy since the financial crisis of 2007-09. The Bank of England/TNS survey polled 4,243 people in 368 randomly selected areas across Britain from Feb. 10 to 19. (Reporting by Elisabeth O''Leary; Editing by Hugh Lawson)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-inflation-boe-idUKKBN16H116'|'2017-03-10T16:36:00.000+02:00'
'77619a236bb71a94d6feb9cdf4aadb3e4fc6311a'|'Exclusive - Toshiba''s Westinghouse calls in U.S. bankruptcy lawyers - sources'|'Technology  41am GMT Exclusive - Toshiba''s Westinghouse calls in U.S. bankruptcy lawyers: sources Reporters raise their hands for a question during a news conference by Toshiba Corp CEO Satoshi Tsunakawa and other senior sompany officials at the company''s headquarters in Tokyo, Japan February 14, 2017. REUTERS/Toru Hanai By Jessica DiNapoli and Tom Hals Westinghouse Electric Co LLC, the U.S. nuclear power plant developer owned by troubled Japanese electronics giant Toshiba Corp, has brought in bankruptcy attorneys from law firm Weil Gotshal & Manges LLP, people familiar with the matter said on Wednesday. The move comes after a $6.3 billion writedown at Westinghouse last month wiped out Toshiba''s shareholder equity and caused it to seek divestments to create a buffer for any fresh financial problems. A Chapter 11 bankruptcy filing by Westinghouse in the United States could help limit Toshiba''s losses, two people said, cautioning that the retainment of the debt restructuring lawyers from Weil is just an exploratory step, and that no decision about a bankruptcy filing had yet been taken. A Westinghouse spokeswoman declined to comment on Weil''s role, but said that Westinghouse has hired Lisa Donahue of advisory firm AlixPartners LLP as its chief transition and development officer, to lead "an operational restructuring and financial rebuilding." Toshiba said it is not aware of any intention for Westinghouse to file for Chapter 11 bankruptcy. AlixPartners declined to comment, while Weil did not respond to a request for comment. Donahue last ran restructuring efforts at debt-laden Puerto Rico utility Puerto Rico Electric Power Authority (PREPA). Westinghouse already has a working relationship with Weil, having tapped it as legal adviser last year on its acquisition of engineering services firm CB&I Stone & Webster Inc from Chicago Bridge & Iron Company NV (CB&I). Toshiba last week asked a Japanese law firm to help estimate the potential financial impact it would face if Westinghouse files for Chapter 11 bankruptcy, sources told Reuters at the time. Westinghouse is overseeing the construction of four nuclear power plants in South Carolina and Georgia, the first to be built in the United States in more than 30 years. However, these projects, owned by U.S. utility companies Scana Corp and Georgia Power Co, respectively, have been plagued by cost overruns and delays. The plants were first approved by regulators in 2012, but they required changes to the plans so that they could withstand the impact of a commercial aircraft in a possible hijacking. "While we cannot speculate on what may happen in the future with Toshiba or Westinghouse and their overall business, we will continue to hold them, as the contractor for the Vogtle project, accountable for their responsibilities under our agreement. Progress at the Vogtle site is happening today and will continue in the future," a Georgia Power spokesman said on Wednesday, referring to the Georgia project. Scana said in February that Toshiba and Westinghouse are committed to finishing the plants, and will have them in service by 2020. Adding to the woes of Pittsburgh-based Westinghouse, which was acquired by Toshiba in 2006 for $5.4 billion, is its legal row with CB&I. CB&I has argued in court that it expected a relatively small payment from Westinghouse of only $161 million when the Stone & Webster deal closed, on the understanding that the latter was taking on a challenged business. However, Westinghouse has said that it is actually owed $2 billion by CB&I. (Reporting by Jessica DiNapoli in New York and Tom Hals in Wilmington, Delaware; Editing by Lisa Shumaker) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-toshiba-westinghouse-restructuring-idUKKBN16G04G'|'2017-03-09T08:04:00.000+02:00'
'7b8b1a0008604f0050810e97b003bb9ac3afd97f'|'Bernstein expects Credit Suisse 2017 cap hike, no Swiss unit listing'|'By Joshua Franklin - ZURICH ZURICH Credit Suisse ( CSGN.S ) could opt for a 5 billion Swiss franc ($4.9 billion) capital increase instead of floating a minority stake of its Swiss business, Bernstein analysts predicted in a note on Thursday.Such a move would make Credit Suisse the latest major European bank to tap the market for cash following recent capital hikes by Deutsche Bank ( DBKGn.DE ) and UniCredit ( CRDI.MI ).Credit Suisse faces a 6.4 billion franc shortfall to reach a 14 percent CET1 ratio of which Swiss peer UBS ( UBSG.S ) is just shy and that European rival Deutsche Bank expects to achieve with its upcoming cash call, Bernstein analysts wrote. A bank''s Common Equity Tier 1 (CET1) ratio is a closely-watched measure of balance sheet strength.To boost its balance sheet, Credit Suisse has said it plans to raise up to 4 billion francs by selling 20 to 30 percent of its Swiss Universal Bank (SUB) in an initial public offering.However, Bernstein analysts expect Credit Suisse will instead issue new shares at group level."Post Q4 results, CS has clearly signaled that they''re shying away from a SUB listing. That leaves you with a rights issue which we model in for this year," analysts Chirantan Barua, Mark Burrows and Daniel Lasry wrote.Asked for comment, the bank referred to remarks by Chief Executive Tidjane Thiam last month when he said Credit Suisse was still preparing for the IPO but left the door open to alternative options to strengthen the group''s balance sheet.Chief Financial Officer David Mathers said on Wednesday the bank is looking at the merits of going ahead as planned with the IPO.Zurich-based Credit Suisse is currently targeting a CET1 ratio of more than 13 percent by 2019, for which the bank faces a shortfall of around 3.7 billion francs, Bernstein wrote.Under Thiam, who joined the bank almost two years ago, Credit Suisse already raised around 6 billion francs at the end of 2015 through a rights offering and a private placement.(Reporting by Joshua Franklin; editing by Susan Thomas)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-credit-suisse-capital-ipo-idINKBN16G1CF'|'2017-03-09T07:57:00.000+02:00'
'8a7c39ef1ec63b02832003e84974e66ccc179e97'|'BRIEF-Valeant says launched offering of $2.5 bln aggregate principal amount of senior secured notes'|' 48am EST BRIEF-Valeant says launched offering of $2.5 bln aggregate principal amount of senior secured notes March 9 Valeant Pharmaceuticals International Inc * Valeant announces launch of private offering of senior secured notes * Valeant - launched an offering of $2.5 billion aggregate principal amount of senior secured notes * Valeant - offering of $2.5 billion aggregate principal amount of senior secured notes in two tranches, one of which would mature in 2022 and one in 2024 * Valeant - net proceeds of offering expected to be used to repay certain loans outstanding under company''s credit facilities * Valeant - proceeds of offering to also be used to finance tender offer for up to $600 million of co''s outstanding 6.75% senior notes due 2018  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-valeant-says-launched-offering-of-idUSASB0B4LL'|'2017-03-09T18:48:00.000+02:00'
'55e91b234947ec17003aa414eec65bb2384c7373'|'Taiwan''s Cathay Fin in talks to buy Bank of Nova Scotia''s Malaysia unit'|'By Emily Chan - TAIPEI TAIPEI Taiwan''s Cathay Financial Holding Co is in exclusive talks to acquire the Malaysian unit of Canada''s Bank of Nova Scotia, in a deal that could be valued at around $200 million to $300 million.If clinched, the deal will enable Taiwan''s largest financial holding company by assets to widen its reach in Southeast Asia.The Taiwanese group''s bank and life insurance units plan to jointly purchase all of Bank of Nova Scotia Berhad in Malaysia, according to a Cathay Financial statement to the Taiwan Stock Exchange on Thursday.The two sides have until April 30 to agree to any deal terms, before the exclusivity expires, the statement said.It gave no financial details.An official in the media office for Cathay Financial told Reuters the Malaysian banking unit is estimated to have a net value of around $200 million to $300 million.Cathay Financial already has around a quarter stake each in Bank Mayapada in Indonesia and the Philippines'' Rizal Commercial Banking Corp (RCBC).Its latest interest comes as Taiwan''s government has been encouraging more investment into Southeast Asia, with Taiwanese financial conglomerates seeking to diversify revenue for their competitive home market.Earlier this week, Taiwan''s financial regulator gave its green light for Cathay rival CTBC Financial Holding Co to buy a 35.6 percent stake in Thailand''s LH Financial Group for 16.6 billion baht ($470.12 million), in a deal first announced last year.For Bank of Nova Scotia, the move to sell its Malaysian unit comes as the Canadian lender has been revamping its Asian strategy, including announcing last year it was pulling out of Taiwan.(Additional reporting by J.R. Wu; Editing by Edwina Gibbs and Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cathay-holdings-m-a-idINKBN16G0BR'|'2017-03-09T01:02:00.000+02:00'
'f85e71a230daf03586ac1aaea7385f5baa8501eb'|'Japan January real wages flat, weighed on by rising vegetable prices'|'Business News  19am GMT Japan January real wages flat, weighed on by rising vegetable prices Workers are seen on a tank at a factory at the Keihin industrial zone in Kawasaki, Japan, March 8, 2017. REUTERS/Toru Hanai TOKYO Japanese wages were flat in January on an annual inflation-adjusted basis, government data showed on Thursday, with rising prices of fresh vegetables offsetting gains in nominal pay, probably hurting households'' purchasing power. The labour ministry data showed the annual change in inflation-adjusted real wages stood at 0.0 percent in January, following a revised 0.1 percent increase in December. In nominal terms, wage earners'' cash earnings rose 0.5 percent in January on the year, maintaining the same pace of gains as the two previous months. Special payments, which include winter bonus, fell 3.7 percent. The data came days before labour unionists and management of big firms are due on March 15 to agree on the annual spring wage negotiations. The so-called "shunto" wage talks are expected to result in smaller gains than last year as Japan Inc resists Prime Minister Shinzo Abe''s calls for substantially raising wages to support a sustainable economic recovery. Underscoring a steady pick-up in wages, regular pay, which accounts for the bulk of total pay and determines base salaries, increased an annual 0.8 percent in January from a year earlier, rising for a seventh straight month. That marked the biggest annual increase since March 2000, helped by a slight decline in the share of low-wage part-timers. Overtime pay, a barometer of strength in corporate activity, rose 0.2 percent in the year to January, up for the first time in eight months. (Reporting by Tetsushi Kajimoto; Editing by Clarence Fernandez) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-wages-idUKKBN16G00X'|'2017-03-09T07:19:00.000+02:00'
'9fd32686c4ab5a41fcd9f48a4724fecb135f0bca'|'Exclusive: Former Global Crossing CEO bets on over the top streaming video'|'NEW YORK The founder of former telecommunications company Global Crossing Inc, Gary Winnick, has acquired a majority stake in live streaming concert service Qello - the first step in creating a new company and technology platform to capitalize on the surge in online TV consumption, Winnick told Reuters.Winnick said the company, which will keep the name Qello, is aiming to provide the technology for video streaming services and has approached Viacom and MGM Studios Inc as content partners. Eventually, he will broaden the offering beyond television to enable companies in the music, healthcare and education industries to launch the streaming platform.Winnick is entering the "over the top" online video streaming space as companies like Walt Disney Co, 21st Century Fox and Time Warner Inc acquire firms or build platforms to serve viewers abandoning traditional cable to watch their favorite shows online.Qello, which was acquired for an undisclosed sum, will be the backbone technology for the new company, Winnick said. Qello runs Qello Concerts, and provides the tech platform for Acorn TV, an online streaming service for British shows owned by RLJ Entertainment.In 2017, 700,000 U.S. households will cut the pay TV cord, pushing the total number of cord-cutting households to 7.4 million, according to data firm Emarketer. But Winnick’s path will not be easy as new players in streaming technology are popping up every month. In January, Comcast Corp''s NBC and Turner announced plans to help sports leagues and networks live stream sports."It''s like back in the day when everyone headed to California thinking they were going to find gold," said Mio Babic, chief executive of iStreamPlanet, an online video streaming platform that is majority owned by Turner.The decision to take a stake in Qello also comes months after Disney took a $1 billion minority stake in BAMtech, a technology company spun off from Major League Baseball''s digital media company MLB Advanced Media (MLBAM). BAMtech provides the streaming platform for such entities as Worldwide Wrestling Entertainment and HBO. Disney holds the right to purchase the remaining stake and many industry executives expect it to follow through.Winnick, who built Global Crossing into a $48 billion company and sold shares worth $734 million before it went bankrupt in 2002, ultimately expects to grow the new company with other services incubated through venture capital investments by his company, Winnick and Company.Despite the competition, there is an opportunity for a new entrant to come into the space, said Dave Morgan, founder and CEO of ad tech firm Simulmedia."Not much of the telecommunications infrastructure or services were built to support what we are seeing as an emerging one-to-one personalized video streaming service on demand," he said.Winnick is not looking to compete with BAMTech and has no plan to go after its customers, he told Reuters. While BAMTech is becoming more of a rights owner, Winnick said he wants to focus on being a pure technology provider for programmers.For Winnick, the over the top video space is what the telecommunications area was before the internet fully took hold in that the web opened up new businesses and competition in the sector."I see a major disruption in the works and we want to be one of the leaders of that disruption," he said.(Reporting By Jessica Toonkel; Editing by Bernard Orr)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-media-winnick-idUSKBN16G0IK'|'2017-03-09T09:18:00.000+02:00'
'05da2143889ecdae8dd1f6c14062a18348422d38'|'China expresses concern at revelations in Wikileaks dump of hacked CIA data'|'BEIJING China expressed concern on Thursday over revelations in a trove of data released by Wikileaks purporting to show that the CIA can hack all manner of devices, including those made by Chinese companies.Dozens of firms rushed to contain the damage from possible security weak points following the anti-secrecy organization''s revelations, although some said they needed more details of what the U.S. intelligence agency was up to.Widely-used routers from Silicon Valley-based Cisco ( CSCO.O ) were listed as targets, as were those supplied by Chinese vendors Huawei [HWT.UL] and ZTE ( 000063.SZ ) and Taiwan supplier Zyxel for their devices used in China and Pakistan.Chinese Foreign Ministry spokesman Geng Shuang said China expressed concern about the reports and reiterated its opposition to all forms of hacking."We urge the U.S. side to stop listening in, monitoring, stealing secrets and internet hacking against China and other countries," Geng told a daily news briefing.China is frequently accused by the United States and other countries of hacking attacks, which it always denies.The Chinese government has its own sophisticated domestic surveillance program and keeps tight control of the internet at home, saying such measures are needed to protect national security and maintain stability.(Reporting by Ben Blanchard; Editing by Clarence Fernandez)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-cia-wikileaks-china-idUSKBN16G128'|'2017-03-09T12:56:00.000+02:00'
'26a28d1db0c3ea997edfd7855e51352b0d84d121'|'Top investors to back Deutsche Bank despite uncertain future'|'By John O''Donnell and Arno Schuetze - FRANKFURT FRANKFURT Deutsche Bank''s top three investors, who together own almost 20 percent of its stock, are likely to back its latest capital hike, people familiar with the matter said, although smaller shareholders are skeptical about its turnaround plan.John Cryan, Deutsche''s ( DBKGn.DE ) CEO, is likely to be able to count on the support of U.S. fund manager Blackrock, a group of Qatari investors and China''s HNA Group, people familiar with their thinking said. All three declined to comment.Cryan sought to persuade shareholders this week to spend 8 billion euros ($8.5 billion) to back another revamp, putting the bank on course to have raised more than its 26 billion euro market value in the past seven years.The writing has long been on the wall for investors that Deutsche Bank would seek fresh cash, but it puts them in an awkward position. If they do not take up their rights to buy further shares, their holding shrinks, eroding their influence.However, as far back as October, funds controlled by Qatar''s former Prime Minister Sheikh Hamad bin Jassim al-Thani, which own the largest stake in Deutsche Bank with nearly 10 percent, have been willing to buy further shares, sources familiar with their policy told Reuters at the time.That stance has not changed since and an official in Sheikh Hamad''s office confirmed that the former prime minister had met with Deutsche Bank in recent weeks, but declined to comment.Although low energy prices have pressured Qatar, the world''s top liquefied natural gas exporter, its investors continue to buy assets around the world.Meanwhile, China''s HNA Group, which has been on an acquisition spree that has seen it expand from its traditional business of aviation and logistics into overseas financial services, owns three percent and is also set to take part, a person familiar with its thinking said.Beijing wants to rebalance China''s economy towards consumer driven services, with overseas finance seen as attractive.Blackrock, which has close ties with Deutsche and nearly six percent of the bank''s stock, is likely to take up its rights, partly because many of its funds are bound to do so because of the lender''s stock market weighting.GIVE ME THE MONEY?However, Deutsche''s finance chief and co-deputy chief executive Marcus Schenck is set to get a cooler reception when he meets smaller investors in the coming days."Is this just a case of ''give me the money''?" said one investor, who asked not to be named. "This is not a new plan. It''s a fallback emergency plan."Deutsche wants to underpin its global investment bank and bolster its German retail business. It bills this as a change of strategy, although many investors said it was the same as before."The capital raising buys them time," said Moodys'' Peter Nerby. "You can go along their plan point by point and the main thing you can tick off is capital and derisking. One of the hardest things to do is to shrink your way to profitability."Cryan has made rebuilding the bank in North America a priority. But investors say this will be difficult after it lost market share and following billions of dollars of penalties for the sale of toxic debt.Investment banks tasked by Deutsche to win over investors said they would argue that the bank''s asset management arm will thrive as an independent business after it is listed on the stock market. The bank will, however, forego some earnings.Cryan, who scrapped plans to sell Postbank, has talked up the prospects for its German retail bank but the German market is dominated by state-backed and cooperative banks.While welcoming the capital raise, Lisa Kwasnowski of rating agency DBRS, has doubts about Deutsche''s chances of success."Focusing on client-focused business ... is not really a new philosophy," Kwasnowski, who analyses Wall Street banks, said."Everyone is doing it and Deutsche is playing catch-up."(Additional reporting by Kathrin Jones in Frankfurt, Tom Finn in Doha and Michelle Price in Hong Kong; writing by John O''Donnell)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-deutsche-bank-capital-investors-idINKBN16G2CH'|'2017-03-09T13:34:00.000+02:00'
'1e9843675a584f69e192f7e8fd24d3e220535b1f'|'Germany''s Merck well advanced in talks to sell biosimilars unit'|'DARMSTADT, Germany Germany''s Merck KGaA ( MRCG.DE ) on Thursday said it was seeking a buyer for its biosimilars unit, confirming a Reuters report in October.The chief executive of the maker of drugs, lab supplies and high-tech chemicals, Stefan Oschmann, said negotiations were far advanced but complex, speaking at a press conference after the release of full-year results.Merck has been working since 2012 with Dr Reddy''s of India in developing cheaper versions of blockbuster biotech drugs such as AbbVie''s ( ABBV.N ) Humira, Roche''s ( ROG.S ) Rituxan and Amgen''s ( AMGN.O ) Neulasta but has not yet brought products to market.The lineup of prospective suppliers of these compounds - called biosimilars because they are equivalent to the original drug in efficacy and safety but not exact replicas - is expected to see a shakeout amid harsh competition.When asked about the future of Merck''s Consumer Health division, Oschmann said it was developing well, but added that every one of the group''s units would have to prove itself and would be under review on an ongoing basis.The business with 860 million euros ($908 million) in 2016 sales is seen by many industry experts as lacking critical mass to compete with much larger rivals, which are seeking to further consolidate the non-prescription treatments industry.(Reporting by Patricia Weiss; Writing Ludwig Burger; Editing by Harro ten Wolde)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-merck-results-biosimilars-idUSKBN16G1E6'|'2017-03-09T14:12:00.000+02:00'
'7052720deda63b1c32c8760e400388d1ae36c7de'|'Barclays executive Compton top earner with 7.5 million pounds share award'|'Business News - Thu Mar 9, 2017 - 4:26pm GMT Barclays executive Compton top earner with 7.5 million pounds share award FILE PHOTO: A Barclays logo is pictured outside the Barclays towers in Johannesburg, South Africa, December 16, 2015. REUTERS/Siphiwe Sibeko/File Photo LONDON Barclays ( BARC.L ) awarded its chief operating officer Paul Compton shares worth 7.5 million pounds, more than the bank''s chief executive was paid in 2016, according to regulatory filings on Thursday. The amount was almost as much as the total 8.7 million pounds awarded to its senior managers a year ago, and reflected a rise in Barclays'' share price and the large buyout fee it paid Compton for shares forfeited from his previous employment. Chief Executive Jes Staley received no new shares from awards granted in prior years, the bank said, but was awarded shares worth 198, 000 pounds in up front bonus for the year and role-based pay. Staley''s total compensation for 2016 was 4.2 million pounds, the bank previously disclosed in its annual report. This year the total value of shares awarded to the executives is 13.6 million pounds, Barclays said. Barclays shares have risen 43 percent in the year since its last annual payout to top executives, despite suffering a record single-day slump of 30 percent the day after Britain voted to leave the European Union. The shares are now worth 233 pence each compared with 163 pence a year ago. A spokesman for Barclays said the actual amount Compton receives will be substantially lower due to taxes on the bonus, and that he will not receive some 2 million pounds worth of the award for 5 years due to bonus deferral rules. Compton has been tapped to run the new back office service company that Barclays is creating, Reuters reported last month. Chief Executive Jes Staley confirmed the appointment when asked by Reuters at a media conference on Feb. 23. Most European investment bankers received smaller bonuses in 2016 as their employers cut costs and sought to meet shareholder demands for a greater share of profits. ($1 = 0.8232 pounds) (Reporting By Lawrence White, Editing by Anjuli Davies) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-barclays-pay-idUKKBN16G2CT'|'2017-03-09T23:26:00.000+02:00'
'ab94a1d88a6de9bb4541bc3865b9f6848e742b65'|'Aviva posts strong full-year operating profit, to give more cash back in 2017'|'Thu Mar 9, 2017 - 7:46am GMT Aviva posts strong FY operating profit, to give more cash back in 2017 By Simon Jessop - LONDON LONDON British insurer Aviva on Thursday posted a 12 percent increase in full-year operating profit to 3 billion pounds ($3.65 billion), boosted by growth in its fund arm, Aviva Investors, as well as its British, Canadian and Irish units. Profit after tax fell 22 percent to 859 million pounds, however, after adding in a 380 million pounds exceptional charge to cover the British government''s decision to lower the discount rate used to assess personal injury claim lump sum payouts. The company said its performance was helped by a strong rise in cash remittances from its various business units, up 20 percent to 1.8 billion pounds, helped by a 15 percent rise in general insurance net written premiums to 8.2 billion pounds. Life insurance operating profit increased 8 percent to 2.6 billion pounds, helped by growth in protection, pensions and individual annuities in the UK, protection sales and currency effects in Europe. Fund management operating profit, meanwhile, rose 30 percent to 138 million pounds, boosted by a rise in group assets under management to 450 billion pounds, an increase in revenue margin and improved cost to income ratio. The company said it would pay a total dividend for the year of 23.3 pence a share, up 12 percent. Strong cash generation of 3.5 billion pounds helped the firm''s Solvency II capital ratio, the rainy day cash buffer to any market shock, rise to 189 percent from 180 percent in 2015. That gave a surplus of 11.3 billion pounds, up from 9.7 billion pounds last year, and as it is above the firm''s flagged range of 150-180 percent, Aviva said it was "actively planning to return additional capital to shareholders and reduce hybrid debt in 2017". "Aviva''s results are simple and clear cut: more operating profit, more capital, more cash, more dividend. And there is more to come," Chief Executive Mark Wilson said in a statement. (Reporting by Simon Jessop; Editing by Rachel Armstrong and Susan Thomas) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-aviva-results-idUKKBN16G0QI'|'2017-03-09T14:45:00.000+02:00'
'abcdc8bbd22c163a392c15e28d59ccc727d78da0'|'Wells Fargo demotes senior executives in retail banking unit: WSJ'|'Wells Fargo & Co ( WFC.N ) has taken further steps to restructure its retail banking business, demoting some senior executives within the bank, the Wall Street Journal reported on Thursday, citing employees and memos.Mary Mack, who took over the retail banking unit in July, wrote in a memo on Tuesday that she was reorganizing groups within the business to expand its focus on about 6,000 branches across the U.S., the WSJ reported.Wells Fargo had estimated in September that up to 2.1 million customers may have had checking and credit card accounts opened in their names without their permission over a period of several years.Thousands of employees were fired due to customer abuses, which stemmed from aggressive sales targets implemented by managers. Wells'' then-CEO John Stumpf abruptly left the bank because of the scandal.Wells Fargo could not be immediately reached for comment.(Reporting by Akankshita Mukhopadhyay in Bengaluru; Editing by Martina D''Couto)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-wells-fargo-accounts-idINKBN16G1X5'|'2017-03-09T11:01:00.000+02:00'
'85d8ccaf179ded0b2bb5597b09e070d76674f49d'|'UPDATE 1-Brazil''s Petrobras confident accounting practices correct -CFO'|'(Adds CFO comments)SAO PAULO, March 8 Brazil''s state-run oil company Petroleo Brasileiro SA is "confident" its financial reporting is in line with regulation, its chief financial officer said on Wednesday, after securities regulator CVM questioned its hedging practices.CVM had asked Petrobras, as the company is known, to restate its annual financial statements for 2013, 2014 and 2015 to include the impact of hedging transactions.Chief Financial Officer Ivan Monteiro told reporters Petrobras would appeal the CVM decision and keep the same accounting practices, including in its fourth-quarter results, scheduled for March 21.Monteiro said Petrobras financial statements were approved by external auditors and that the company will appeal the CVM decision later this month. (Reporting by Stephen Eisenhammer, Marta Nogueira and Ana Mano; Editing by Greg Mahlich, Bernard Orr)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/petrobras-regulation-idUSL2N1GL220'|'2017-03-09T01:26:00.000+02:00'
'067579ecf5a123416efb808b2a8e4c624df29e14'|'PRESS DIGEST - Wall Street Journal - March 9'|'March 9 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- A leading contender to purchase Time Inc dropped out of the bidding process after the publisher set a deadline for final bids within two weeks, according to people familiar with the matter. on.wsj.com/2mDMvZS- Uber Technologies Inc said it will stop using technological tools to evade government officials seeking to identify and block the service''s drivers. on.wsj.com/2mDJlp7- Alphabet Inc''s Google is pitching potential corporate customers on its vast network of computers and artificial-intelligence tools, and often undercutting the prices of the two incumbents that dwarf it, cloud-computing pioneer Amazon.com Inc and corporate-tech veteran Microsoft Corp. on.wsj.com/2mDMF3o- Samsung Electronics Co Ltd is planning a major investment to expand its U.S. production facilities, according to people familiar with the matter, with at least five states in discussions. on.wsj.com/2mDJoRN- Bristol-Myers Squibb Co said it would replace its research-and-development chief, naming a Massachusetts General Hospital executive to the key job as the company seeks to move past a major drug-development setback. on.wsj.com/2mDJpoP- RadioShack owner General Wireless Operations Inc filed for chapter 11 protection Wednesday night, the electronics retailer''s second trip to bankruptcy court in as many years after a partnership with wireless provider Sprint Corp unraveled. on.wsj.com/2mDHUHe- Twitter Inc co-founder Biz Stone is headed to Pinterest Inc, the image-discovery company that is now valued by investors at the same amount as the short-messaging service he helped start a decade ago. on.wsj.com/2mDFZCn- Federal Communications Commission Chairman Ajit Pai defended his promised rollbacks of Obama-era privacy and net-neutrality rules at a hearing Wednesday, saying they are necessary to maintain broadband investment. on.wsj.com/2mDPGRk (Compiled by Subrat Patnaik in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-wsj-idINL3N1GM23N'|'2017-03-09T02:18:00.000+02:00'
'9902e9b869cd846f2d36fa43387c74e4a1c667e5'|'Shell''s CEO Van Beurden total pay jumps in 2016'|' 31am GMT Shell''s CEO Van Beurden total pay jumps in 2016 Ben van Beurden, chief executive officer of Royal Dutch Shell, speaks during the 26th World Gas Conference in Paris, France, June 2, 2015. REUTERS/Benoit Tessier/File Photo LONDON Royal Dutch Shell ( RDSa.L ) said on Thursday its chief executive Ben Van Beurden saw his total pay jump 60 percent in 2016 to 8.263 million euros from 5.135 million a year earlier mainly due to deferred bonuses and share plans. Van Beurden''s salary was little changed at 1.460 million euros and his bonus fell to 2.4 million euros from 3.5 million, however, from the company''s long-term incentive plan and deferred bonuses he received 4.381 million euros, up from 163,000 a year earlier. On Thursday, Shell said from this year its directors would be rewarded depending on how well the company manages its greenhouse gas emissions and how much free cashflow it generates. (Reporting by Dmitry Zhdannikov; editing by Jason Neely)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-shell-ceo-pay-idUKKBN16G0TQ'|'2017-03-09T15:31:00.000+02:00'
'5d5aa247921ed42f0f30ec9516dfc3209500ac7c'|'Shell ties bonuses to emissions management, free cashflow'|'  7:59am GMT Shell ties bonuses to emissions management, free cashflow Filled oil drums are seen at Royal Dutch Shell Plc''s lubricants blending plant in the town of Torzhok, north-west of Tver, November 7, 2014. REUTERS/Sergei Karpukhin/File Photo LONDON Royal Dutch Shell ( RDSa.L ) directors will from this year be rewarded depending on how well the company manages its greenhouse gas emissions and how much free cashflow it generates, it said on Thursday. Ten percent of directors'' bonuses will be calculated according to the management of emissions such as methane and carbon dioxide from its refining, chemical and upstream assets, Shell said. Chief Executive Ben van Beurden spoke of the plans in December. Free cashflow will also replace the earnings per share measure in directors'' long-term incentive plans, Shell said, as it has embarked on a $30 billion divestment drive to pay down debt that has reached new highs following the BG Group acquisition. (Reporting by Karolin Schaps; editing by Susan Thomas)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-shell-salary-idUKKBN16G0RG'|'2017-03-09T14:59:00.000+02:00'
'479d078ffee939fb7110a7590e34250dcfcb0788'|'Akzo Nobel rejects PPG takeover bid, says will sell or float chemicals arm'|'AMSTERDAM Akzo Nobel NV, the Dutch paints and coatings maker, said on Thursday it has rejected an unsolicited takeover bid from U.S. rival PPG Industries Inc, saying the bid "undervalued" its company.Akzo said it was instead considering floating or selling its Specialty Chemicals business, which had 4.8 billion euros ($5.05 billion) in sales in 2016.(Reporting by Toby Sterling; Editing by Randy Fabi)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-akzo-nobel-m-a-idINKBN16G0J0'|'2017-03-09T03:26:00.000+02:00'
'9c5ccdb11395e5b7583b4b8090deb990b1fe74fa'|'Exclusive: Norway''s wealth fund may blacklist firms over emissions, corruption risk'|'Business News - Thu Mar 9, 2017 - 4:14am EST Exclusive: Norway''s wealth fund may blacklist firms over emissions, corruption risk Norwegian investor Johan H. Andresen, the head of the Council on Ethics for the Norwegian sovereign wealth fund, poses for a picture at the Council’s office in Oslo, Norway March 8, 2016. REUTERS/Gwladys Fouche By Gwladys Fouche - LYSAKER, Norway LYSAKER, Norway The ethics watchdog for Norway''s $900-billion sovereign wealth fund will recommend this year that the fund exclude or put on a watch list several firms in the oil, cement and steel industries for emitting too much greenhouse gas. Carbon emissions are a new criteria for the fund, which was built up from the proceeds of Norway''s own large oil industry and operates under ethical guidelines set by parliament. The world''s largest sovereign wealth fund, it has shares in 9,000 companies, 1.3 percent of the entire world''s listed equity, giving the decisions it takes to drop or reinstate shareholdings or warn firms considerable weight among investors. The chairman of the fund''s independent Council on Ethics, Johan H. Andresen, acknowledged in an interview what he called the "duality" of a fund based on oil divesting over emissions, but said his job was to execute rather than set a mandate. The fund may also exclude several firms in the defense, telecoms and arms industries this year over the risk of corruption, he said. The council''s recommendations go to the board of the central bank, which usually follows its advice. Speaking in an interview ahead of publication of the council''s annual report on Thursday, Andresen said it was already working on the first recommendation over emissions, expected to come by July. "It will be a company either in the oil or concrete industry ... We have to start with the worst and make our way through the industries," he said, adding that there would be a "small handful" of recommendations to the board in 2017. The 55-year-old Norwegian, who also owns private investment vehicle Ferd, said the ethics panel would open a probe into the risk of corruption in the pharmaceuticals sector and investigate possible human rights abuses among firms recruiting staff for work in the Gulf States - including a "well known Western" firm. It will also investigate reported abuses in the textile industry in India and Bangladesh. The fund has stakes of more than 2 percent in 1,158 companies, more than 5 percent in 28 companies and an average stake holding in Europe of 2.3 percent. Such a wide spread makes it difficult to identify which companies it is investigating. "BAD APPLES" The ethics procedure was launched at the start of the millennium and 65 companies are presently excluded on recommendations by the Council on Ethics, on various grounds. Another 69 companies are excluded directly by the central bank based on their dependence on thermal coal. The fund sells shares in any company it wishes to drop gradually, before any announcement, but being dropped or named as a source of concern can damage a company''s investment image. Andresen said the main aim was to remove the ethical risk. The fund is forbidden by law from investing in firms that produce nuclear weapons or landmines, or are involved in serious and systematic human rights violations, among other criteria. Following a three-year study on the risk of corruption in the telecoms, defense and energy industries, the council has sent up several recommendations to the board of the central bank to either exclude or observe companies in these sectors. "They have the same type of risk elements: large contracts, government as a counterpart, lack of transparency/desire to keep things secret and a large number of middlemen. When you add them, they constitute a greater risk of corruption," Andresen said. The pharmaceuticals industry has the same elements of risk, he said. "We have received indications that there is a risk of corruption. We have enough indications to take a strong look." The council will also look into reports by rights groups of slavery-like conditions for North Koreans employed by companies in Eastern Europe, mostly in the manufacturing of heavy goods. On the issue of recruitment for work in the Gulf States from other parts of Asia, Andresen said he was optimistic over the process of talks with the Western company he mentioned. "I am hopeful that they see it in their interest to change their practices and that it may be an impetus for other companies to follow. It is a well-known actor. It would be a great signal to others that this practice ended." Last year the council looked into the construction industry in Qatar - host of the 2022 soccer World Cup - and neighboring countries, after reports of abuse by human rights groups. "Authorities in Qatar have issued new regulations forcing companies to better their practices, with more decent living and working conditions and the ability for a worker to keep his/her passport," he said. "I had anticipated a larger number of exclusions, but several companies show some progress." Andresen cited one unnamed firm which he said had reported reducing its corruption risk and also saving money by cutting the number of middlemen. "Others are much more, ''let''s just see what happens, we don''t think we are guilty, these were some bad apples''." (Editing by Philippa Fletcher) Samsung Group chief denies all charges as ''trial of the century'' begins SEOUL The head of South Korea''s Samsung Group, Jay Y. Lee, denies all charges against him, his lawyer said on Thursday, at the start of what the special prosecutor said could be the "trial of the century" amid a political scandal that has rocked the country.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-norway-swf-ethics-idUSKBN16G0YQ'|'2017-03-09T16:14:00.000+02:00'
'aa66beefedc04a8fc1e1dc0b803656c4dd259afa'|'U.S. weekly jobless claims rebound from 44-year low'|' 34pm GMT U.S. weekly jobless claims rebound from 44-year low Hundreds of job seekers wait in line with their resumes to talk to recruiters at the Colorado Hospital Association health care career fair in Denver April 9, 2013. REUTERS/Rick Wilking WASHINGTON The number of Americans filing for unemployment benefits last week rebounded from a near 44-year low, but continued to point to a tightening labour market. Initial claims for state unemployment benefits increased 20,000 to a seasonally adjusted 243,000 for the week ended March 4, the Labor Department said on Thursday. Claims for the prior week were unrevised at 223,000, the lowest level since March 1973. It was the 105th straight week that claims remained below 300,000, a threshold associated with a healthy labour market. That is the longest stretch since 1970, when the labour market was much smaller. The labour market is at or close to full employment, with employers increasingly reporting difficulties finding qualified workers for open job positions. Labor market tightness together with firming inflation could allow the Federal Reserve to raise interest rates as early as next week. Economists polled by Reuters had forecast new claims for unemployment benefits rising to 235,000 in the latest week. A Labor Department analyst said there were no special factors influencing last week''s claims data. The four-week moving average of claims, considered a better measure of labour market trends as it irons out week-to-week volatility, rose 2,250 to 236,500 last week. The claims report has no bearing on February''s employment report, which is scheduled for release on Friday, as it falls outside the survey period. First-time applications for jobless benefits declined in February, suggesting another month of strong employment growth. According to a Reuters survey of economists, nonfarm payrolls probably increased by 190,000 jobs last month after surging 227,000 in January. The unemployment rate is forecast falling one-tenth of a percentage point to 4.7 percent. But payrolls could surprise on the upside after a report on Wednesday showed private sector employers hired 298,000 workers in February, the largest amount in a year. Thursday''s claims report also showed the number of people still receiving benefits after an initial week of aid fell 6,000 to 2.06 million in the week ended Feb. 25. The four-week average of the so-called continuing claims decreased 5,250 to 2.07 million. (Reporting by Lucia Mutikani; Editing by Andrea Ricci) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-economy-idUKKBN16G1TV'|'2017-03-09T20:34:00.000+02:00'
'7656e5ddc6d8fd2a4b8d5cd3f80697e0801f701c'|'Oil executives cautiously optimistic about Trump policies'|'HOUSTON Oil executives cautioned it is too soon to gauge the impact of President Donald Trump''s policy proposals on their businesses, but they are looking forward to hearing more about plans for energy regulation, trade and taxation.Tougher environmental regulations under the Obama administration stymied energy infrastructure projects like the Keystone XL crude pipeline and Dakota Access Pipeline, and required automakers and refiners to spend more to reduce pollutants.Spirits at the CERAWeek conference this year have been buoyed by higher energy prices after a bruising two years for the oil and gas industry. Crude fell by more than 70 percent from mid-2014 to early-2016 amid a global supply glut.Trump has vowed to bolster U.S. infrastructure spending and slash regulations, pledges welcomed by business leaders attending the annual energy event."We have a unique president today," Continental Resources Inc Chief Executive Harold Hamm said on Wednesday, "unique in that he keeps his promises." Hamm, an early supporter of the president, said: "It is a good start."Pro-energy policies and regulatory roll-backs anticipated from the new administration could lure more investment to the industry, but so far the details of Trump''s plans and a potential border adjustment tax remain unclear."Political rhetoric has to translate into tangible policy," Vimal Kapur, president of Honeywell Process Solutions, said in an interview with Reuters."We''re exporting gas, so we''re very happy," said Charif Souki, chairman of Tellurian Inc, which recently received approval to export liquefied natural gas to free trade agreement countries from its Driftwood project near Lake Charles, Louisiana.But he added, "It''s too soon to say where the Trump administration is going to go on the long-term basis. We have to give them a chance to start articulating policy."Formerly the head of LNG exporter Cheniere Energy, Souki was a high-profile supporter of Democrat Hillary Clinton, donating to her presidential campaign and the Hillary Victory Fund, a joint fundraising committee with the Democratic National Committee.TRADE POLICIES IN LIMBOFeelings toward proposed Trump administration policies were mixed among international energy officials, which could see their businesses and economies impacted by renegotiated trade policies.Mexico, which imports over 800,000 barrels per day of fuels from the United States and supplies crude to U.S. refineries, has had a rocky relationship with the new administration, largely driven by a dispute over a proposed border wall.But executives from Mexico stressed the importance of continued cooperation between the neighbors."There are large exchanges of services we contract from each other back and forward. It''s in our best interest to continue to construct and build on it, to make it stronger," said Jose Antonio Gonzalez Anaya, chief executive of state-run oil firm Pemex.Trump''s desire to renegotiate the North American Free Trade Agreement (NAFTA) has also drawn concern from Canada, which exports around 3.5 million barrels per day of crude to the United States."The NAFTA situation is yet to be determined. I think everyone is anxious to get after it," said Al Monaco, chief executive of Canadian pipeline company Enbridge Inc.For its part, Saudi Arabia, the world''s largest oil producer and a long-time ally of the United States, struck a tone of optimism toward Trump''s support for the energy industry."We welcome the new administration''s attention to strategic energy issues. I personally look forward to working with the new administration," said Saudi Oil Minister Khalid al-Falih.Oil executives in the United States and abroad are closely watching a Republican proposal for a border adjustment tax, which would tax imports in a bid to spur U.S. production of goods and resources. Exported goods would be exempt from the tax."There''s a lot of speculation," said Monaco, stressing the importance of getting heavy Canadian oil to U.S. refiners that rely on it.While opponents of the border tax have said it could drive up the cost of gasoline and other fuels, refining executives have been hesitant to draw conclusions about its impact.Dan Romasko, chief executive of Motiva Enterprises LLC, said it is hard to believe U.S. consumers would accept higher fuel prices due to a proposed border tax on imports.(Reporting by Liz Hampton and Marianna Parraga; Additional reporting by Erwin Seba in Houston and Richard Valdmanis in Washington, D.C.; Editing by Leslie Adler)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-ceraweek-trump-idUSKBN16G0IU'|'2017-03-09T09:25:00.000+02:00'
'458ac9f3e9ce725f2b8c161b6b366a402e2201d7'|'Coca-Cola to invest additional $285 mln in Vietnam - state media'|'HANOI, March 9 Coca-Cola Co is planning to invest an additional $285 million in Vietnam, state media reported, quoting the company''s general director for the country.The beverage maker''s decision highlights its interest in the Vietnam market and may put pressure on its competitors.With this investment, Coca-Cola''s total investment in the country will reach $1 billion.Coca-Cola officials were not immediately available for comments. (Reporting by My Pham; Editing my Vyas Mohan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/cocacola-vietnam-idINL3N1GM1OT'|'2017-03-09T00:21:00.000+02:00'
'dbe9d5c17f05adbdb1fac54359af42321432a983'|'U.S. oil prices rise supported by OPEC output cut compliance'|'By Jane Chung - SEOUL SEOUL U.S. oil prices rose in Asian trade on Thursday as high compliance with OPEC''s production cuts lent support, although U.S. record crude inventories weigh on market sentiment.U.S. benchmark West Texas Intermediate (WTI) crude futures CLc1 climbed 33 cents, or 0.66 percent, to $50.61 a barrel at 0032 GMT, after plummeting 5.38 percent to $50.28 per barrel in the previous session, hitting the lowest level since December.International Brent crude futures LCOc1 were yet to trade after closing 5 percent lower at $53.11 a barrel.Crude inventories in the United States, the world''s top oil consumer, surged last week by 8.2 million barrels, handsomely beating the forecast of a 2 million barrel build. [EIA/S]"When combined with the huge speculative long positions in the market, it’s not surprising that prices sold off so strongly," ANZ said in a note. "However, there is increasing talk of extending the OPEC production cut agreement."Kuwait Oil Minister Essam Al-Marzouq said on Wednesday that OPEC''s compliance with an oil output cut exceeded a target, standing at 140 percent in February, while non-OPEC embers compliance was 50-60 percent.Kuwait is set to host a ministerial meeting on March 26, attended by both OPEC and non-OPEC members to review compliance with crude oil production cuts.OPEC and other major oil producers including Russia reached a landmark agreement last year to cut output by almost 1.8 million barrels per day (bpd) during the first half of 2017.(Reporting by Jane Chung; Editing by)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/global-oil-idINKBN16G02W'|'2017-03-08T21:46:00.000+02:00'
'0e13599d3d85fa3352be0c7ab3fd65eb226f8fe5'|'Blues in a different key: Deutsche Bank raises capital, and changes course'|'THREE times since the financial crisis, Deutsche Bank’s bosses have turned to its shareholders for cash: €10.2bn ($13.6bn) in 2010, €3bn in 2013 and €8.5bn in 2014. Since becoming chief executive in 2015, John Cryan has had no plans to ask for more. Deutsche still needed to thicken its equity cushion, but disposals, cost cuts and earnings (if any: it has made losses for the past two years) would provide the stuffing.Well, plans change. On March 5th Mr Cryan announced an €8bn rights issue. Some comfort for investors: the price, €11.65 a share, is 39% below the previous close; and Mr Cryan, who had suspended the dividend, promises a return to “competitive” payouts next year. In another reversal, Deutsche will keep rather than sell Postbank, a mass-market retail business that was once part of the post office. Deutsche has owned it since 2010.Postbank and the posher “blue” Deutsche Bank brand will be more closely integrated—notably, sharing computer systems. Mr Cryan is also selling a slice of Deutsche’s asset-management division and some lesser assets. And he is reorganising its corporate and investment bank to concentrate on serving multinational companies, taking charge of the American business himself.The shifts on Postbank and the share issue are two sides of a coin. Selling Postbank had been part of Deutsche’s plan to raise its ratio of equity to risk-weighted assets—an important gauge of resilience—above 12.5% by 2018. With the capital increase, Deutsche says, the ratio would have been 14.1% at the end of last year, rather than 11.9%. It should stay “comfortably” above 13%.Mr Cryan may be making virtue out of necessity: he was struggling to get the price he wanted for Postbank. However, Deutsche says altered circumstances have made Postbank a better prospect.Supervisors demand a higher leverage ratio (of equity to total liabilities) of Deutsche than of the many smaller institutions, chiefly municipally owned savings banks or co-operatives, where most Germans stow their cash. But this has turned out to be lower than first expected—so that retaining Postbank requires less equity. Mr Cryan also reckons that the miserable, ultra-low-interest-rate economics of German retail banking are improving and that there is strength in scale in a land of more than 1,600 lenders. Postbank and the blue brand each have around 5% of retail deposits.A deal in January with America’s Department of Justice has also made it easier to tap shareholders. In September the DoJ demanded $14bn to settle claims that Deutsche mis-sold residential mortgage-backed securities in its swashbuckling pre-crisis days, and sent the shares plummeting. The eventual bill, $7.2bn, less than half of it in cash, came as a relief.Though Deutsche still claims “global corporate-and investment-banking ambitions”, feeding the domestic roots looks wise: America’s big banks show that domestic strength begets strength abroad. But there is another lesson. Like many European lenders, Deutsche has taken too long to choose a course. Meanwhile, the Americans have marched into the distance.  Finance and economics   "Blues in a different key"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/finance-and-economics/21718512-troubled-bank-hopes-turn-page-deutsche-bank-raises-capital-and-changes?fsrc=rss'|'2017-03-09T23:29:00.000+02:00'
'ec56dc70a3e9a2b6eb43c43a414389243802053b'|'What do the Australian housing market, Trump and Brexit have in common? - Greg Jericho - Business'|'T he latest OECD world outlook released on Tuesday highlights that while the world economy is beholden to the risks of Donald Trump’s presidency and Brexit; the concern in Australia is housing prices and the need to ready ourselves once again for a time when the Reserve Bank increases interest rates.Risk is a big issue for the OECD. The latest update of its outlook has thrown off somewhat the gloomy tone of the financial crisis years, but it has hardly adopted a giddy disposition. The headline is one of concern overshadowing (limited) joy: “Will risks derail the modest recovery?”Penalty rates: real-life stories don''t stick to treasurer''s script - Greg Jericho Read more Across the OECD, 2017 and 2018 look to be better than the post-GFC years of 2011 to 2015. The big exception is the UK, which the OECD sees achieving GDP growth of just 1.0% next year due to Brexit uncertainty and the impact of rising inflation.For Australia, the OECD’s outlook is similar to that of the Reserve Bank ’s, with GDP growth improving in 2018 to 3.1%:But the risks to this growth remain prominent in the minds of the OECD boffins. The subtitle of the update is “Financial vulnerabilities and policy risks”. The policy risks most acute are those of the Brexit and the Trump administration.While the report does not name Trump, there is little doubt who is at the forefront of their minds when it notes that “there is significant uncertainty about the future direction of trade policy globally, in part because of falling public support for trade in advanced countries connected to disparities in outcomes across industries, workers and regions.”It also notes that “falling trust in national governments and lower confidence by voters in the political systems of many countries can make it more difficult for governments to pursue and sustain the policy agenda required to achieve strong and inclusive growth.”But while these issues affect Australia as well, for the most part the risk the OECD applies to Australia relates not so much to policy but to financial vulnerabilities.Last week, the OECD’s report on Australia highlighted the concern over a housing price crash, and again in this OECD-wide report, the issue is given specific attention.Generally Australia doesn’t feature much in such reports, and so it is significant that the only mention made of our economy is when it notes that “some countries have experienced rapid house price increases in recent years, including Australia, Canada, Sweden and the United Kingdom.” Rather pointedly it notes that “past experience has shown, a rapid rise of house prices can be a precursor of an economic downturn”.But the issue is not just that house prices may fall and with it people’s incomes, it is that people in Australia are much more in debt than they once were – and thus moves to dampen house prices through increased interest rates will have a sharp impact on consumer spending and people’s likeliness to default.Across the OECD, the report notes that “although there has been a slower accumulation of household debt in recent years, mortgage-debt-to-income ratios remain high in many countries”.In Australia it is not just high but record high. Housing debt is now equivalent to 132.2% of household annual disposable income – well above the pre-GFC peak of 113.1% in September 2008.And that point is important because that was when Australian households were paying a record amount of their disposable income on mortgage interest repayments. At 11% of quarterly disposable income it remains well above the current level of 6.8%:The reason that we are currently paying less in interest despite having higher levels of debt is, of course, because interest rates are much lower now. And that is where the big risk from both the policy uncertainty and financial vulnerabilities nicely merge.Since the election of Donald Trump the general view has been that inflation across the world is set to increase. This mostly comes from a belief that Trump is more likely to provide stimulus to the US economy than would have Hillary Clinton – first, because Trump promised such policies and, second, because the Republican party in Congress, which could limit such spending, only cares about the budget deficit when the president is a Democrat.As a result, the interest rate (or yield) for government bonds both in the USA and in Australia has risen:This matters not just because of the increased costs to our government to borrow money, but because the rates of government bonds do not stray too far away from the level of the cash rate:The increase of the rate of two-year Australian government bonds from a low of 1.41% in August to now 33 basis points above the cash rate at 1.83% suggests the market is anticipating a rise in the cash rate over that time.Indeed, the market is now fully pricing in a rise to 1.75% by June next year:Some banks are already predicting a rate rise to occur this year. The RBA in its statement on Tuesday certainly gave no indication that this will occur.Australian housing market crash could lead to broader downturn, OECD warns Read more Mostly its language was the same as in February . Certainly the bank was no more bullish about the economy than it was with its rather optimistic outlook in February.In February, it said that “growth in full-time employment turned positive late in 2016.” On Tuesday, the language had been changed to strike a slightly more cautious note: “the unemployment rate has been steady at around 5¾ per cent over the past year, with employment growth concentrated in part-time jobs”.But the OECD certainly is sounding the warning that the RBA needs to act. As I noted in January , the latest housing finance data suggests prices will continue to pick up over the next six months.It has now been a record 76 months since the RBA last increased interest rates. And with our current record levels of debt, any rise going to have a much greater impact than in the past. But while the bank will be concerned about the impact of a rate rise of consumer spending, the signs are that this period of no rate rises will end sooner rather than later.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/grogonomics/2017/mar/09/what-do-the-australian-housing-market-trump-and-brexit-have-in-common'|'2017-03-09T02:00:00.000+02:00'
'98f2c8383a32cba2cf4634c776bc6d9d3ff8207a'|'Used carmaker: A deal sparks talk of car-industry mega-mergers'|'THE Peugeot 3008, a striking SUV, was voted European car of the year on March 6th, the eve of the opening of the Geneva motor show, an annual industry shindig. PSA Group, the maker of Peugeots and Citroëns, would doubtless view it as the second prize it scooped that day. News also came that the French carmaker was buying Opel (branded as Vauxhall in Britain), the European operation of America’s General Motors (GM). Few of the car-industry experts at the show, however, would call Opel a trophy.The consensus was that GM was right to rid itself of a business that had lost money for 16 years straight. Opel has around 6% of the European market; that makes it too small and inefficient in a business where scale is key. It has been confined mostly to Europe for three reasons: the particular tastes of the region’s car buyers (for instance, for small diesel cars); tighter emissions regulations outside Europe; and GM’s fear of taking sales from its other brands further afield. The result has been to leave it boxed in and isolated.Shorn of Opel, the American firm can redirect investment to China and America, where its profit margins are healthy, and to technologies such as autonomous cars and ride-sharing schemes. That bucks the conventional car-industry wisdom of gaining market share whenever you can. One insider questions whether GM is as committed to carmaking as it is to the technologies that will underpin mobility in future.PSA’s adherence to carmaking is not in question. Buying Opel will propel it to second place in Europe with 16% of the market, overtaking Renault but behind Volkswagen (VW). But why Carlos Tavares, the firm’s chief executive, wants to stake his reputation on a full revival of Opel is less clear. Executives from a rival European carmaker suggest that revenge might be part of his motivation. Leapfrogging Renault may be satisfying for Mr Tavares, since its chairman, Carlos Ghosn, sacked him as number two in 2013 after he expressed a desire to run a big carmaker.After that, Mr Tavares turned PSA around from a state of near-bankruptcy to solid profitability in under four years. If he could do the same with Opel his credentials would soar higher. Yet the cost-cutting that helped PSA will be hard to repeat.Mr Tavares did at least get a good price—just €1.3bn ($1.4bn) for Opel and less than €1m for its finance arm. GM will still be responsible for massive pensions obligations. Mr Tavares reckons he can eventually save €1.7bn a year through economies of scale and other synergies. But most of the efficiency gains at PSA came from layoffs. Similar cuts at Opel will be much harder. Even if he can close factories, such as those in Britain, where labour laws are more flexible than in Germany and France, his plan to reinvent Opel as a brand suffused with German engineering prowess (and to fulfil PSA’s dreams of exporting beyond Europe) will probably depend on keeping thousands of workers employed in Germany.The biggest headache for the combined company will be its over-reliance on Europe, which will account for over 70% of sales. Recent rapid growth in car sales in Europe is now slowing. And Europe is the world’s most competitive market: for mass-market carmakers, profits are much harder to eke out than elsewhere.Whether or not Mr Tavares makes a success of the deal, it has given the car crowd a chance to speculate about further consolidation in the industry. One popular theory is that getting rid of Opel would eliminate GM’s overlap with Fiat Chrysler Automobile in Europe (FCA’s chairman, John Elkann, sits on the board of The Economist ’s parent company). That in turn could open the way for a mega-merger. Sergio Marchionne, FCA’s boss, has long hoped to combine with GM to tackle what he sees as the industry’s needless duplication of investment—even if nowadays Mr Marchionne is talking more about merging with VW, which is still struggling to move on from its emissions-cheating scandal. It remains to be seen whether other car bosses share Mr Tavares’s appetite for an adventurous transaction.  Business   "Used carmaker"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21718533-psa-buys-opel-gm-exits-europe-deal-sparks-talk-car-industry-mega-mergers?fsrc=rss'|'2017-03-09T23:29:00.000+02:00'
'301e44c9c7a8d77c16eba0e392bd3a57610fcad4'|'Important progress on Greek bailout talks - euro zone fund'|' 29pm GMT Important progress on Greek bailout talks - euro zone fund BRUSSELS Greece and its international creditors made progress on talks to disburse new loans to Athens under a bailout programme but new meetings are necessary next week to reach a deal, the euro zone bailout fund said on Thursday. "Important progress has been made on a balanced fiscal package for the post-programme period and a number of key reforms, notably in the financial sector," a spokesman for the European Stability Mechanism said after meetings in Athens that involved euro zone creditors, the Internal Monetary Fund and the Greek government. But the spokesman added that other meetings will be necessary and have been scheduled for next week. The aim is to "rapidly" reach a technical agreement that could lead to a political deal at the next monthly meeting of euro zone finance ministers, scheduled in Brussels on March 20. The IMF participated in the talks "in the context of the negotiations of its own programme", the ESM spokesman said. The IMF has not yet decided whether to take part in the current 86-billion-euro bailout programme, the third since 2010 for the Mediterranean country. (Reporting by Francesco Guarascio; Editing by Mark Trevelyan)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-greece-esm-idUKKBN16G2NY'|'2017-03-10T01:29:00.000+02:00'
'899817e59830f55bdc9fb38d71b9f95e2c459bf6'|'MOVES-Man Group names Michelle McCloskey president of Man Americas'|'Company  17am EST MOVES-Man Group names Michelle McCloskey president of Man Americas March 9 British hedge fund Man Group Plc named Michelle McCloskey as president of Man Americas. Michelle, who joined Man Group in 2006, will also be on Man Group''s executive committee and remain closely involved with Man FRM, which provides investment and advisory services. McCloskey will work with the Americas sales team, under Eric Burl, head of Man Americas, the company said. (Reporting by Akankshita Mukhopadhyay in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/man-group-moves-michelle-mccloskey-idUSL3N1GM4P0'|'2017-03-09T23:17:00.000+02:00'
'1af0f69b72ffd0f5a03840807d631a2c52e18612'|'Despite sanctions relief, Shell still cool on Iranian oil buys'|'Business News - Fri Mar 10, 2017 - 2:41pm GMT Despite sanctions relief, Shell still cool on Iranian oil buys A logo of Shell is pictured at a gas station in the western Canakkale province, Turkey April 25, 2016. REUTERS/Murad Sezer By Dmitry Zhdannikov - LONDON LONDON Royal Dutch Shell ( RDSa.L ) has bought only three cargoes of Iranian oil since sanctions were eased a year ago, a small fraction of what it used to buy and an indication of the legal difficulties and high prices that still hamper the trade. The Anglo-Dutch firm did not give a reason for the drop in purchases, which were disclosed in its annual report, and the company declined to comment further. But oil trading sources say Iranian oil is often too expensive and in any case remaining sanctions make dealing with the Islamic Republic a legal minefield. As an example of sanctions-related difficulties, Shell''s filings showed it had to disclose payments of only a few hundred dollars when its employees bought tickets with Iranian airlines. After an accord was reached over Iran''s nuclear programme, the European Union eased sanctions on Iran in January 2016 and the United States lifted some restrictions on dollar trade, moves that have allowed Iran to raise its oil exports sharply. But while trade with Asian and European buyers soared, many oil majors subject to U.S. legal jurisdiction remain cautious about buying Iranian oil. Earlier this month the Trump administration imposed new sanctions after Iran tested a ballistic missile. The price of falling foul of sanctions can be very high. In 2014 French bank BNP Paribas agreed to pay almost $9 billion to resolve accusations that it had violated U.S. sanctions including those against Iran. Iran said last month that U.S. sanctions were making it impossible to cooperate with American firms on energy projects. Of the oil majors, only Total has been buying Iranian crude over the past year in volumes comparable to pre-sanctions levels. France''s biggest oil firm is looking to clinch a new deal with Tehran to develop oil and gas reserves. THREE CARGOES Shell said in its annual report it had bought only three cargoes of Iranian oil over the past year. These were a $45 million cargo in May, on which it made a profit of $1.1 million, followed by 2 cargoes in December costing $103 million and $106 million respectively. Those are still in transit so no profit or loss has been yet made on them, Shell said. During the course of 2016, Shell also repaid $1.942 billion in debts to Iran for oil purchases it made before stricter EU sanctions were imposed on Iran in 2012. At that times, Shell was buying as much as 200,000 barrels per day or six large cargoes of Iranian oil a month. Despite some easing of U.S. restriction on trading with Iran in dollars, Shell said none of the payments was made in dollars. But even with the difficulties, Shell said it had re-opened an office in Iran in 2016 and signed non-binding agreements with the National Iranian Oil Co to work together in the petrochemical sector, in oil and gas developments, and in gas export opportunities. In a level of disclosure characteristic only of dealings with countries under U.S. sanctions, Shell also reported a series of tiny transactions with Tehran in 2016. These included $224 in stamp duties, $168 paid to the Iranian consulate in the Netherlands to notarise documents, and $592 for tickets with Iranian airlines. Shell, whose international dealings are usually reckoned in tens of millions of dollars, also disclosed a small fuel sale to the Iranian embassy in Argentina. "This transaction generated gross revenue of $296 and an estimated net profit of $23," the report said. (Reporting by Dmitry Zhdannikov; Editing by Giles Elgood) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-shell-iran-idUKKBN16H1TF'|'2017-03-10T21:41:00.000+02:00'
'704e576d151e7183b1d5a794a25351291a0a0d73'|'Yingde Gases jumps to near two-year high after shareholders vote for board change'|'HONG KONG Shares of Yingde Gases Group Co Ltd climbed 2.4 percent to a near two-year high on Thursday after shareholders voted for major board changes, ending a four-month battle for control of China''s top industrial gases company.Shares rose to HK$6.53, the highest since May 2015. That compared to a 0.8 percent fall in the benchmark index.A majority of Yingde Gases shareholders voted to keep two of its co-founders and main shareholders on its board and oust five other board members, ending a battle for control of the $1.5 billion firm.Amid the power struggle, U.S. industrial gas maker Air Products has made a takeover approach for Yingde Gases, while Hong Kong-based private equity firm PAG has agreed to buy a substantial stake.(Reporting by Donny Kwok; Editing by Randy Fabi)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-yingde-gases-m-a-stocks-idUSKBN16G074'|'2017-03-09T05:02:00.000+02:00'
'ec7425e3d5ad2d37bfdeda660142594a1286e57a'|'Linde revives Iran contracts, waits for banking system'|'FRANKFURT German industrial gases group Linde ( LING.DE ) has revived plant-engineering contracts in Iran that lay dormant for years under sanctions but cannot act on them until there is a way to transfer money out of the country, its chief executive said."We have already signed engineering contracts to resuscitate projects from years ago but the banking system has to be fixed first before we can start performing on these contracts," Aldo Belloni told analysts on a conference call on Thursday.(Reporting by Georgina Prodhan; Editing by Arno Schuetze)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-linde-results-iran-idUSKBN16G1YJ'|'2017-03-09T17:15:00.000+02:00'
'fad9d0f80961373c1045e4143098f581387c9df0'|'Linde CEO steps up efforts to win over workers to Praxair merger'|'Company News - Thu Mar 9, 2017 - 5:30am EST Linde CEO steps up efforts to win over workers to Praxair merger MUNICH, Germany, March 9 The chief executive of German industrial gases group Linde is working hard to win over employees sceptical about the benefits of a planned $65 billion merger with U.S. rival Praxair, he said on Thursday. "We will continue discussions with them about their concerns," Aldo Belloni told a news conference at Linde''s headquarters in Munich. "We have had to take a very defensive position but we will become more proactive and communicative." German trade unionists have signalled they are concerned that the merged firm will more closely resemble Praxair, with its leaner structures and higher profitability, than it will Linde, where labour influence is high. Concerted opposition from labour representatives could slow down or even prevent progress on working out a detailed business combination plan, which Linde and Praxair aim to complete in late April or early May. (Reporting by Georgina Prodhan; Editing by Harro ten Wolde) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/linde-results-praxair-workers-idUSF9N17F038'|'2017-03-09T17:30:00.000+02:00'
'993cc7781724a3326bdf8e9a49ce3c00d03d38b8'|'Bayer, Monsanto start $2.5 billion asset sale to get merger clearance - sources'|'Deals -Americas  53pm GMT Bayer, Monsanto start $2.5 billion asset sale to get merger clearance: sources The logo of Bayer AG is pictured at the Bayer Healthcare subgroup production plant in Wuppertal, Germany February 24, 2014. REUTERS/Ina Fassbender/File Photo FRANKFURT German drug and crop chemical maker Bayer and U.S. seeds company Monsanto are launching asset sales worth roughly $2.5 billion as they seek regulatory clearance for their $66 billion merger, people close to the matter said. To kick off an auction process, Bayer''s advisors will send out information packages next week to prospective bidders for the businesses, which have been divided into three bundles of assets, the people said. Bayer and Monsanto have said in the past that they expect to divest activities with combined sales of up to $1.6 billion. While it could not be learned what businesses will be put on the auction block, antitrust and industry experts expect Bayer to potentially divest soybean, cotton and canola seed assets as well as LibertyLink-branded crops that are resistant to its glufosinate herbicide, an important alternative to Monsanto''s Roundup Ready seeds. Overall, regulatory hurdles to the deal are seen as manageable because Bayer''s main business in agriculture is pesticides while Monsanto''s focus is on genetically modified seeds. Bayer said last month that it was on track to clear all regulatory hurdles for the takeover by year-end, including a likely in-depth investigation by the European Union''s competition regulators. Peer BASF has been touted as a potential buyer of some of the assets after abstaining from a wave of consolidation in the agrochemicals industry, which also saw Dow and DuPont merging and ChemChina buying Syngenta. The assets, which comprise sets of different active ingredients in several global regions, will also be shopped to large private equity groups, which may, however, struggle to bid competitively against players in the agricultural supplies market, the sources said. "Transaction security is more important than price," one of the people close to Bayer said. Bayer and Monsanto declined to comment. (Reporting by Arno Schuetze and Gregory Roumeliotis, additional reporting by Ludwig Burger; Editing by Harro ten Wolde) Next In Deals -Americas'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-monsanto-m-a-bayer-idUKKBN16G1PB'|'2017-03-09T19:44:00.000+02:00'
'bfa756f504ce32871a85e5953254c3cc816d90d6'|'Cyxtera adds protection against looming U.S. tax changes'|'NEW YORK Data center operator Cyxtera is the first leveraged loan issuer to try to protect itself from moves by the US government to cut tax deductibility on interest payments that would make buyout financing more expensive.The proposed changes will penalize heavily indebted companies, including many private equity-owned firms, which have benefitted to date from effectively being able to subsidize debt interest payments.A US$1.3bn leveraged loan that backs Cyxtera’s buyout by BC Partners, Medina Capital Advisors and Longview Asset Management is the first deal to try to limit increased costs if tax deductibility ceases. Citigroup is leading the deal.The financing, which includes an US$815m first-lien loan, a US$310m second-lien term loan and a US$150m revolving credit facility, also offers call protection, a standard feature that helps investors to keep assets by making it more expensive for companies to repay loans early.The company is asking lenders to allow it to ‘call’ or repay its more expensive second-lien loans at a lower price than it would otherwise have to pay, if the tax changes come into effect.Cyxtera, the data center business of telecommunications company CenturyLink, was bought by the private equity consortium for US$2.8bn in a deal announced last November.The company’s first-lien loan is being sold with traditional six months call protection at 101 cents on the dollar and its second-lien debt has a higher penalty of 102 for the first year and 101 for the second year.Cyxtera is, however, asking lenders for permission to buy back the second-lien loan at the lower price of 101 in the first year if the US government shuts the tax deductibility loophole for interest payments.THINKING TWICEThe prospect of higher debt interest payments is making companies and private equity firms think twice about lining up expensive loans – or come up with ways of getting out of steeper interest payments if tax deductibility disappears, particularly on large leveraged loans.“I would not be surprised to see this springing up more often, especially in the large cap deals and cov-lite deals, which tend to include more bond-like terms and provide maximum flexibility for sponsors and borrowers to pursue growth initiatives and incur additional debt,” said Samantha Koplik, partner at Dechert LLP.Covenant-lite loan issuance is expected to break a quarterly record volume this year after intense repricing and refinancing activity in the first quarter, according to Thomson Reuters LPC.The language is expected to crop up more often on second-lien loans, several lawyers said. Second-lien debt is also rising with US$4.2bn of volume so far this year, more than double last year’s first quarter total. Fourth quarter was even stronger at US$8.6bn.Higher costs could also prompt companies to use debt more carefully and focus on rapid repayment and deleveraging during the life of a term loan instead of constantly refinancing loans.“It may mark the beginning of a swing back to a model where companies are really looking to de-lever over the course of a term loan facility,” Koplik said.Cyxtera’s request to refinance its second-lien loan in the first year with a lower prepayment penalty if the tax changes are passed is anticipating a significant shift in the cost of debt that could alter the entire capital structure, Koplik said.Lenders are being asked to agree to provide this repayment flexibility at closing, which allows borrowers to avoid having to negotiate later when the outcome and impact of the tax changes are clear.INVESTORS LISTENInvestors are considering Cyxtera’s request before a commitment deadline of March 14 and are open to similar requests - as long as they are compensated.“It’s something that we would consider,” said Joe Mayo, managing director and head of investment research at asset manager Conning.Investors that bought the loan in the secondary market above the level that it could be called could be impacted. This is more of an issue for bonds than loans, which typically do not trade higher than 101.“If you’re going into it with full knowledge, and you’re buying in the new-issue market, you’re aware of that potential risk and you’re not going to be facing a significant downside if it does get called away from you,” Mayo added.Some investors and leveraged loan lawyers are wondering what other concessions private equity firms may demand if Cyxtera’s request is passed as they seek to recoup higher costs and whether they will be limited to the year of any tax change or the full maturity of the loan.“Is there going to be pressure from companies, or private equity sponsors to push the redemption price down to par?” a lawyer said.BC Partners declined to comment. Medina, Longview and Citigroup did not return request for comment.(Reporting by Jonathan Schwarzberg and Lynn Adler; Editing By Tessa Walsh)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-cyxtera-protection-idUSKBN16H287'|'2017-03-10T20:28:00.000+02:00'
'379b6b66dd921d1c5d113bf57a1bd70d8e14cca1'|'Young, Chinese and overseas: Chinese startups push into foreign markets'|'ON THE outskirts of Guangzhou, a city in southern China, lies an abandoned park filled with crumbling replicas of the wonders of the world. To the right are fading golden spires that are meant to represent Angkor Wat, a temple in Cambodia. On the left, a row of dusty Egyptian statues towers over a desolate Greek amphitheatre. Adding to the surrealism, the tops of the trees have been lopped off and a buzzing noise fills the night air.This strange place is the testing ground for EHang, a Chinese startup that makes drones. (The treetops were chopped off, an employee explains, because drones kept crashing into them.) Hu Huazhi, EHang’s founder, is beaming. His firm has just set a world record for a drone-swarm light show in Guangzhou, where it flew a thousand small drones in perfect unison. Next it plans to launch an autonomous flying-taxi service with a giant drone big enough to take a person (pictured). Dubai has just signed a deal with EHang to launch drone taxis this summer.EHang is an example of a new kind of Chinese firm, labelled “micro-multinationals” by some. In the past, Chinese consumer-goods firms focused on the home market; startups were particularly inward-looking. The rare exceptions to this rule—firms like Lenovo, Haier and Huawei—were giant technology companies with deep pockets. That made sense: the mainland economy was growing at double-digit rates and China’s rising middle classes were eager for new products. Marketing and distribution were easier to get right on the mainland than overseas.But times are changing: more Chinese startups want to go global from the start. Often founders are mainlanders who have worked or studied abroad. In some cases, says Benjamin Joffe of Hax, a hardware “accelerator” in Shenzhen, the startups may have little choice but to widen their horizons. Their products may simply be too innovative and expensive for China’s frugal consumers.One such firm is Makeblock, a startup based in Shenzhen that sells do-it-yourself robot kits. Jasen Wang, its founder, says he went “global” from day one. His firm has quickly entered developed markets. Foreign sales (including to such big retailers as America’s Radio Shack) make up nearly three-quarters of the firm’s total revenues.The fact that the mobile internet is particularly advanced in China means the mainland can throw up truly inventive new business models, says Shi Yi, a serial entrepreneur. DotC United, his company, looks for models on the mainland and then adapts them for foreign markets. “We are like Rocket Internet, but in reverse,” he declares, referring to a German e-commerce conglomerate that takes business models from advanced markets and adapts them for developing ones. For example, Wifi Master Key is a Chinese sharing-economy app that lists details of private and public wifi networks around the world. Swift WiFi, Mr Shi’s homage to it, now has over 150m users in 50 countries.Musical.ly is another micro-multinational. Valued at about $500m, it is one of the most fashionable apps among Western youngsters. More than 100m teenagers use it to share short videos of themselves lip-synching to popular songs. Teens and parents alike may be surprised to discover that this trendy app is run by Chinese engineers, working round the clock in an open-plan office in Shanghai in the company of the firm’s mascot, a small white dog named Mu Mu.Alex Zhu, Musical.ly’s co-founder, reckons his firm can become “Instagram for music videos”. Unlike other micro-multinationals, Musical.ly did give the local market a go but has flopped at home. Mr Zhu notes that Chinese schoolchildren typically have hours of homework and tutoring after school. They did not use his firm’s app. In contrast, he observes, “American kids have lots of free time to play and experiment with social media after 3pm.”In the past, fear of getting sued over intellectual property (IP) kept many Chinese firms at home. The new micro-multinationals are tackling the issue head-on. Ninebot, a Beijing-based firm, makes better versions of the clunky, self-balancing scooters that were invented by America’s Segway. Confronted with an IP lawsuit from the latter firm, Ninebot simply bought Segway. Now, argues Mr Joffe, it innovates “on top of Segway”, which was stagnating, and the combined firm’s strategy will be global.Neil Shen of Sequoia, an American venture-capital firm, reckons this all adds up to a trend. Slowing growth in China means the domestic market is less attractive than it used to be. A younger generation of founders unafraid of going global is in charge. David Cogman of McKinsey, a consultancy, who works with many Chinese entrepreneurs, recalls that a decade ago it was almost unheard of for small, consumer-oriented firms to look abroad. When he advises companies today, it is “a regular conversation”.  Business   "Chinese and overseas"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21718541-firms-such-ehang-and-musically-are-discovering-more-opportunities-abroad?fsrc=rss'|'2017-03-09T23:29:00.000+02:00'
'a2a4a5252d5fa74c739e18a74cd74e3a084191e5'|'BRIEF-Horizon Global sees FY 2017 earnings per share $0.46 to $0.56'|' 51am EST BRIEF-Horizon Global sees FY 2017 earnings per share $0.46 to $0.56 March 9 Horizon Global Corp * Horizon Global reports financial results for the fourth quarter and full year 2016, highlighted by the transformational acquisition of Westfalia * Sees FY 2017 earnings per share $0.46 to $0.56 * Horizon Global Corp-Sees 2017 revenue growth of 30 to 35 percent * Horizon Global Corp-Sees 2017 adjusted diluted earnings per share between $0.90 and $1.00 * FY2017 earnings per share view $1.38, revenue view $842.7 million -- Thomson Reuters I/B/E/S * Horizon Global Corp qtrly net sales $183.6 million versus $121.3 million * Horizon Global Corp- "Remain focused on integration of westfalia business, with a continued expectation of realizing EUR9 million of synergies in 2017." * Horizon Global Corp - Qtrly net loss per diluted share $ 1.07 * Q4 revenue view $169.2 million -- Thomson Reuters I/B/E/S  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-horizon-global-sees-fy-2017-earnin-idUSASB0B4LB'|'2017-03-09T18:51:00.000+02:00'
'897bd4fee184c8bfbd401f421e45cb7e43b3c368'|'Deals of the day- Mergers and acquisitions'|'March 9 The following bids, mergers, acquisitions and disposals were reported by 1100 GMT on Thursday:** Dutch paints and coatings maker Akzo Nobel NV rejected a 21 billion euro ($22 billion) bid from larger U.S. rival PPG Industries Inc, saying instead it would "unlock value" by spinning off its chemicals business.** Alphabet Inc''s venture arm has invested in Currencycloud, a UK startup that provides technology to enable businesses to provide cross-border payments services to their customers.** An investor group led by former music executive Edgar Bronfman Jr has dropped out of bidding for Time Inc, owner of People and Sports Illustrated magazines, according to a source familiar with the matter.** Shares of Yingde Gases Group Co Ltd climbed 2.4 percent to a near two-year high after shareholders voted for major board changes, ending a four-month battle for control of China''s top industrial gases company.** French dairy group Lactalis has raised the price of an offer for shares in Parmalat it does not already own to 3 euros per share after complaints from some investors that its previous bid undervalued the Italian dairy group.** German industrial gases group Linde said its planned merger with U.S. rival Praxair was on track and it aimed to raise its profitability this year, lifting its shares to the top of the German blue-chip DAX.Linde is also seeing interest in assets it may have to divest in the course of a planned merger with Praxair, its chief executive said.** Royal Dutch Shell has agreed to sell most of its Canadian oil sands assets for $7.25 billion to Canadian Natural , the company said.** Taiwan''s Foxconn, the world''s largest contract electronics maker, is not a favoured bidder for Toshiba Corp''s memory chip business due to its close ties with China, sources with direct knowledge of the deal said.** Taiwan''s Cathay Financial Holding Co is in exclusive talks to acquire the Malaysian unit of Canada''s Bank of Nova Scotia, in a deal that could be valued at around $200 million to $300 million.** Tabcorp Holdings plans to sell its Queensland electronic gaming machine monitoring business to address competition concerns over its proposed A$6.4 billion ($4.9 billion) takeover of rival Tatts Group, Australia''s competition regulator said.** U.S. buyout firm Advent International Corp has acquired a minority stake in Brazilian online broker Easynvest for an undisclosed sum, the companies said in a statement on Wednesday. (Compiled by Akankshita Mukhopadhyay in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL3N1GM3EU'|'2017-03-09T08:18:00.000+02:00'
'7edcccd12dd745447e3d4182bcb32463378da9a5'|'Group with Jahm Najafi,Pamplona Capital bid for Time Inc: WSJ'|'A group that includes Jahm Najafi, chief executive of the Phoenix-based investment firm Najafi Companies, and private-equity firm Pamplona Capital Management has emerged as a bidder for Time Inc ( TIME.N ), the Wall Street Journal reported, citing people familiar with the matter.Reuters reported on Thursday that an investor group led by former music executive Edgar Bronfman Jr dropped out of bidding for Time, according to a source familiar with the matter.Time, the publisher of People and Sports Illustrated magazines, could not be immediately reached for comment.The presence of Najafi and Pamplona indicates the process is still competitive, even after the Bronfman-led investment group scrapped its bid. ( on.wsj.com/2n5chXZ )Time, which was spun off from Time Warner Inc TWC.N two and a half years ago, has been exploring its strategic alternatives in recent weeks and has been working with investment banks on fielding indications of interest from potential buyers.The company has struggled like many publishers to offset declines in print ad sales as advertisers spend more on other media.(Reporting by Vishaka George in Bengaluru; Editing by Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-time-m-a-najafi-idINKBN16H024'|'2017-03-09T21:43:00.000+02:00'
'586a74300c42254790ac2b221828af56efe91151'|'Mattel reworks China strategy amid elusive growth'|'Money   2:25am IST Mattel reworks China strategy amid elusive growth The Mattel company logo is seen at the 114th North American International Toy Fair in New York City, U.S., February 21, 2017. REUTERS/Stephanie Keith By Gayathree Ganesan and Siddharth Cavale Mattel Inc ( MAT.O ) is doubling down to corner a bigger share of China''s fragmented yet lucrative toy market, but the success of its efforts hinges on its ability to navigate strict regulation and adapt to local preferences. The maker of Barbie dolls struck deals with Chinese e-commerce giant Alibaba Group Holding Ltd ( BABA.N ) and online content developer BabyTree last month to sell interactive learning products based on its Fisher-Price toys. The deals mark a shift for Mattel, which has built its business selling Barbie and Ken dolls in brick-and-mortar stores, and highlight the pressures U.S. firms face as they try to expand in new markets with sales stagnating back home. Alibaba''s reach and China''s preoccupation with education could give Mattel the thrust it needs to win over the country''s so-called "tiger mothers", who aggressively push their children to be the best in school. "Chinese parents tend to buy more educational toys, science kits and learning toys than all their counterparts in America and Europe," said Shaun Rein, managing director of China Market Research Group. While Mattel has garnered a nearly 2 percent share of the estimated $31.5 billion toys and games market in China, it has been unable to replicate the success it has enjoyed in the United States. The company''s inability to gain a firmer foothold in the Chinese market is in contrast to the brisk pace of growth in the country''s toy market since 2010. China''s toys and games sector expanded about 10 percent between 2010 and 2015, compared with a meagre 1.7 percent increase in the United States, according to market research firm Euromonitor. Market leader Guangdong Alpha Animation & Culture Co Ltd held 4.4 percent of the market in 2015, while Danish toymaker Lego commands a 2.8 percent share. GREAT WALL Mattel opened shop in China in 2002, selling Barbie dolls in regional stores, and later introduced Ling, a Barbie with black hair and traditional Chinese attire. An aggressive push to expand in 2009 by launching a 36,000 square feet "House of Barbie" store in Shanghai, the world''s largest at the time, backfired due to high costs and low sales. The company shuttered the store after just two years in operation. The setback proved that Chinese customers preferred tailor-made products and their buying decisions were not always price driven. "Some of the partnership push is also done to make sure that they understand right and better cater to that market," said UBS Securities analyst Arpiné Kocharyan. Mattel''s new strategy reflects an acknowledgement of the fact that one size does not fit all, especially in China where one in every five customers prefers to shop for toys online rather than in hypermarkets and toy stores. Regulation is another stumbling block - getting approvals for educational content is difficult in China, where government censorship is high. Mattel isn''t the only U.S. company that has struggled to navigate the Chinese market. Wal-Mart Stores Inc ( WMT.N ) sold its online grocery store Yihaodian in China last year in return for a stake in e-commerce firm JD.com Inc ( JD.O ), saying the country''s e-commerce market was hyper competitive. Several others including Home Depot Inc ( HD.N ), Hershey Co ( HSY.N ) and Costco Wholesale Corp ( COST.O ) have also struggled in China. For now, nearly everything is riding on Mattel''s partnership with Alibaba. "It is just one of a hundred initiatives for (Alibaba)," said Rein. "But for Mattel, it is really do or die." (Reporting by Gayathree Ganesan and Siddharth Cavale; additional reporting by Sruthi Ramakrishnan; Editing by Sayantani Ghosh and Saumyadeb Chakrabarty) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/mattel-china-idINKBN16H2G4'|'2017-03-11T03:55:00.000+02:00'
'6b11772160c363bd6fd8288420034da59f0873a0'|'UPDATE 2-Puerto Rico oversight board rejects governor''s fiscal turnaround plan'|'(Adds comment from government and board, confirms official letter)By Daniel Bases and Nick BrownNEW YORK/SAN JUAN, March 9 Puerto Rico''s federally appointed fiscal oversight board on Thursday rejected a fiscal turnaround plan proposed by Governor Ricardo Rossello, saying it did not comply with PROMESA, the restructuring law passed last year by the U.S. Congress.The board told Rossello in a letter that his plan to put the U.S. Commonwealth on a sustainable fiscal path was insufficient and based on unrealistic projections for economic growth, spending and revenues."The Board has determined that the Proposed Plan does not comply with the requirements set forth in PROMESA," Thursday''s letter said. A board spokesman told Reuters the members were looking forward to a response from the governor.The thumbs down from the board is a blow to Rossello, who was elected in November but has limited room for maneuver as Puerto Rico struggles with $70 billion in debt and a 45 percent poverty rate. The U.S. territory also faces a shrinking population as residents move away seeking better economic conditions.A deadline for submitting a revised proposed fiscal plan was set by the board for Saturday March 11 at 0900 AST (1300 GMT). A turnaround plan must be approved by the oversight board, which is in charge of managing the island''s finances.Following the rejection of his plan, Rossello told reporters he hoped to meet with board members face to face, saying information gets missed in a back and forth of letters. He did not specify if there would be a new plan by the deadline."Listen, this doesn’t need to be a battle. We need to remember who gets to pay the price if this gets done in the incorrect manner, and it’s the people of Puerto Rico," Rossello said"I just hope that we can maintain what the spirit of PROMESA is, which is: the board makes sure they identify the magnitude of the problem, but the governor and the government execute the policy," he added.Sources earlier in the week told Reuters the oversight board was concerned about key financial projections not being based upon sound data and would likely reject the plan."The Proposed Plan does not provide a path to restructuring debt and pension obligations to reach a sustainable level, and ensuring funding of essential services for the people of Puerto Rico," the letter said.Rossello''s draft turnaround plan, unveiled last week, called for $33.8 billion in fiscal reforms, including $12.9 billion in new revenues, and forecasts the Puerto Rican government to have $1.2 billion a year available to service debt - just 30 percent of what comes due next fiscal year.Thursday''s letter followed correspondence between the two sides on Wednesday in which the board recommended emergency measures while the government called the measures unnecessary. The board''s said Puerto Rico faced a possible cash deficit of about $190 million by July."Debt restructuring is necessary, but it alone is neither sufficient nor a sustainable solution," Thursday''s board letter said.Matt Rodrigue, an adviser to some senior creditors holding debt backed by sales tax receipts, known as COFINA, told a panel in San Juan on Thursday that his group stood ready to provide the government with bridge financing to address the island''s short-term liquidity issues. The board, however, has said Puerto Rico should not be borrowing money given its fiscal straits.The board said revenue projections used by the government to calculate structural deficits are "overly optimistic," specifically citing projections for economic growth rates and return to nominal economic growth.In addition it said the projections failed "to reflect near-certain declines in baseline revenues associated with corporate taxes and non-resident withholding taxes.The rejection letter was first reported by El Nuevo Dia. (Reporting By Daniel Bases in New York and Nick Brown in San Juan; Editing by Jonathan Oatis and Tom Brown)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/puertorico-debt-plan-idINL2N1GM1WI'|'2017-03-09T20:13:00.000+02:00'
'5ff734a79f9e1fb9df3a9d5c47ecc26c508c674f'|'UPDATE 1-U.S. auto recalls hit record high 53.2 million in 2016'|'Company News  12pm EST UPDATE 1-U.S. auto recalls hit record high 53.2 million in 2016 (Adds details from report, background) By David Shepardson WASHINGTON, March 10 Automakers recalled a record 53.2 million vehicles in 2016 in the United States after a massive expansion of the callback to replace Takata Corp air bag inflators, the U.S. Transportation Department said on Friday. Under aggressive enforcement by the Obama administration, automakers issued a record 927 recall campaigns, up 7 percent over the previous high in 2015. The previous all-time high of 51.1 million was set in 2015, the department said in a statement. This is the third straight year that U.S. auto safety recalls have set a new record and topped 50 million. In the prior 20 years, annual U.S. auto recalls ranged from 10.2 million to 30.8 million. The surge in recalls came as U.S. traffic deaths have jumped dramatically. U.S. traffic deaths rose 8 percent in 2015, the highest annual increase in a half-century, and preliminary estimates show they rose sharply again in 2016. Last month, Takata pleaded guilty to a felony charge as part of a $1 billion deal with the U.S. Justice Department that included compensation for automakers and victims of its faulty airbag inflators. Ruptures of Takata air bag inflators are linked to at least 16 deaths worldwide. U.S. regulators have said recalls would eventually affect about 42 million U.S. vehicles with nearly 70 million Takata air bag inflators, making it largest U.S. auto safety campaign ever. After the National Highway Traffic Safety Administration came under criticism in 2014 for failing to detect a deadly ignition switch defect in General Motors Co cars linked to 124 deaths, the agency pressured automakers to recall more vehicles and issued record fines to companies which failed to follow safety rules. Among those fined since 2014 by the agency are GM, Takata, Fiat Chrysler Automobiles NV, Honda Motor Co and child seat manufacturer Graco Children''s Products. (Reporting by David Shepardson, Editing by Franklin Paul and Richard Chang) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-autos-recall-idUSL2N1GN17W'|'2017-03-11T01:12:00.000+02:00'
'27734fd2947b6695265a196a822bb352b0218332'|'EURO DEBT SUPPLY-Five euro zone countries scheduled to sell bonds next week'|'LONDON, March 10 Five euro zone countries are scheduled to hold bond auctions in what promises to be a busy week of supply ahead. * On Monday, Italy will issue up to 9 billion euros of three-year, seven-year, 15-year and 30-year bonds. * On Tuesday, the Netherlands is scheduled to sell 2-3 billion euros of bond maturing on January 2022. * On Wednesday, Germany will sell 1 billion euros of 30-year bonds.* This will be followed on Thursday by Spain, which will sell bonds due 2022, 2026, 2028 and 2046, with sizes to be set on Monday.* Also on Thursday, France is set to hold auctions with further details expected to be announced later on Friday. Commerzbank analysts expect France to raise 7.5-8.5 billion euros from the sale of medium-term and inflation-linked bonds. (Reporting by Abhinav Ramnarayan; Editing by John Geddie)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eurozone-bonds-outlook-idINL5N1GN3ZL'|'2017-03-10T12:03:00.000+02:00'
'8e2fc030d87f5d2dce3757ed0c5fe8183b3faae4'|'China defends its Trump trademark approvals as in line with law'|' 36am GMT China defends its Trump trademark approvals as in line with law left right The headquarters of the China Trademark Office is seen in Beijing, China, March 9, 2017. REUTERS/Jason Lee 1/3 left right A man rides past the headquarters of the China Trademark Office in Beijing, China, March 9, 2017. REUTERS/Jason Lee 2/3 left right FILE PHOTO: U.S. President Donald Trump attends a meeting with U.S. House Deputy Whip team at the East room of the White House in Washington, U.S. March 7, 2017. REUTERS/Carlos Barria/File Photo 3/3 BEIJING U.S. President Donald Trump was granted initial approval on dozens of new trademarks in China because they met legal standards, a senior Chinese commercial official said on Friday. China''s trademark office in recent weeks green-lighted 38 trademark applications linked to Trump, giving the U.S. president and his family protection were they to develop the "Trump" brand in the market. The ties between politics and business have, however, prompted concern from politicians and rights groups who say the president could face potential conflicts of interest related to the extensive business affairs of his family. Some U.S. law makers have raised questions about whether Trump''s position as president could prompt preferential treatment of his businesses. China examines millions of trademark applications every year and they are processed according to schedule, Zhang Mao, the head of China''s State Administration for Industry and Commerce (SAIC), told reporters after a briefing on the sidelines of the country''s annual parliament session. "Our trademark examination process is open and transparent," said Zhang, whose SAIC runs the trademarks office. Asked by reporters whether their approval was at all linked to Trump''s status as president, Zhang said: "(They) were processed completely according to trademark law. You can go check." Trump, a wealthy real estate developer, has previously said he has handed over his business interests to a trust overseen by one of his sons and a Trump Organization executive. He can, however, revoke the trust at will and, as its sole beneficiary, remains linked to it financially. The trademarks - mostly variations in English and Chinese on the name "Donald Trump" - were given preliminary approval in two lists published by the trademark office on Feb. 27 and Monday. They cover business areas including branded spas, massage parlours, golf clubs, hotels, insurance, finance and real estate companies, retail shops, restaurants, bars, and bodyguards. Trump''s lawyers applied for the trademarks in April last year, mostly registered to "Donald J. Trump" and listing to the address of Trump Tower on Fifth Avenue in New York. The preliminary approvals are open to be challenged for around a 90-day period. Barring objections they will be formally registered in late May and early June respectively. Trump and his family, like many business owners, hold trademarks around the world, from business sectors such as apparel in the Philippines to golf clubs in Australia and property in Japan and South Korea. (Reporting by Lusha Zhang and Michael Martina; Editing by Nick Macfie) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-trump-china-trademarks-idUKKBN16H17T'|'2017-03-10T17:34:00.000+02:00'
'b9b57d2842b63acc2630314c4722254f341a48fd'|'Puerto Rico oversight board rejects governor''s fiscal turnaround plan'|'NEW YORK, March 9 Puerto Rico''s federally appointed fiscal oversight board rejected on Thursday a fiscal turnaround plan proposed by Governor Ricardo Rossello, saying it did not comply with PROMESA, the restructuring law passed last year by the U.S. Congress.In a letter obtained by leading newspaper El Nuevo Dia and posted on its website, the board said the plan to put the U.S. Commonwealth on a sustainable fiscal path was insufficient."The Board has determined that the Proposed Plan does not comply with the requirements set forth in PROMESA," the letter said. Representatives of the board said it was not making the letter public, and Rossello''s office said it could therefore not make the letter public either as a matter of protocol."The Proposed Plan does not provide a path to restructuring debt and pension obligations to reach a sustainable level, and ensuring funding of essential services for the people of Puerto Rico," the letter said. (Reporting By Daniel Bases; Editing by Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/puertorico-debt-plan-idINL2N1GM1RR'|'2017-03-09T17:07:00.000+02:00'
'f7c97750359ed24e880d381c26a1108c0a0d16f1'|'Merkel ally warns protectionism would hurt U.S. consumers'|' 31am GMT Merkel ally warns protectionism would hurt U.S. consumers left right German Chancellor Angela Merkel attends a session of the German lower house of parliament Bundestag in Berlin, Germany, March 9, 2017. REUTERS/Axel Schmidt 1/3 left right German Chancellor Angela Merkel addresses the German lower house of parliament Bundestag in Berlin, Germany, March 9, 2017. REUTERS/Axel Schmidt 2/3 left right German Chancellor Angela Merkel addresses the German lower house of parliament Bundestag in Berlin, Germany, March 9, 2017. REUTERS/Axel Schmidt 3/3 By Andreas Rinke - BERLIN BERLIN It is as hard to imagine how the U.S. government could force American consumers to stop buying German cars as it is to conceive of the German government persuading Germans to buy U.S.-made cars, a key ally of Chancellor Angela Merkel said. Juergen Hardt, the German government''s coordinator for transatlantic policies, said in an interview with Reuters that it was not possible for the government to try to intervene to reduce Germany''s trade surpluses and that economies perform better thanks to competition - rather than isolation. "I don''t see any possibility of artificially reducing German trade surpluses," said Hardt, the foreign policy expert in parliament for Merkel''s conservative Christian Democrats ahead of Merkel''s trip to meet U.S. President Donald Trump on Tuesday. "Do we really want to try to force German citizens to buy American cars?" Hardt added. "Does the American president want to force Americans to stop buying German cars in the future? Do we want to artificially make German cars more expensive with taxes so that consumers buy more foreign products?" The United States is Germany''s biggest single export destination and U.S. President Donald Trump has warned that his administration will impose a border tax of 35 percent on cars that German carmaker BMW BMWG.DE plans to build at a new plant in Mexico and export to the U.S. Germany''s trade surplus climbed to a record high in 2016, rising to 252.9 billion euros ($270.05 billion), surpassing the previous high of 244.3 billion euros in 2015. Dismissing criticism from Trump administration trade adviser Peter Navarro that Germany was exploiting a weak euro to gain a trade advantage, Hardt said the quality of German exports was the key to their success, not exchange rates. As well as being foreign policy spokesman for Merkel''s conservative Christian Democratic Union, Hardt is also Germany''s senior parliamentarian on transatlantic relations and knows the direction of German government thinking. Navarro, head of Trump''s new National Trade Council, had accused Germany of using a "grossly undervalued" euro to gain a competitive advantage. Navarro said on Monday the $65 billion U.S. trade deficit with Germany was "one of the most difficult" trade issues, and bilateral discussions were needed to reduce it outside of European Union restrictions. On Monday he depicted chronic trade deficits as a threat to national security and said the Trump administration would seek to "reclaim" parts supply chains that had moved overseas. German Finance Minister Wolfgang Schaeuble on Tuesday firmly rejected the U.S. criticism, setting the stage for a heated debate on trade when G20 policymakers meet next week in the German spa town of Baden-Baden. Hardt also defended Germany''s strong trade performance as the result of the competitiveness of the country''s industry. "German products are almost always the most expensive in any given segment," said Hardt. "German companies are competing with quality as their argument and not any kind of price dumping." He added that if the United States wants to become truly "great" again, then it should stand up to the global competition and not allow it to be weakened through isolation. "That''s actually an economic truism which one needs to remind some people in Washington about," added Hardt. (Writing by Erik Kirschbaum)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-usa-trade-idUKKBN16G17O'|'2017-03-09T17:31:00.000+02:00'
'34d77e4a4070af4f16b99a323a70094f142e8811'|'Mexico''s America Movil has 65 days to propose separation plan: IFT'|' 18am EST Mexico''s America Movil has 65 days to propose separation plan: IFT The America Movil logo is seen on the wall of the reception area in the company''s corporate offices in Mexico City August 12, 2015. REUTERS/Henry Romero MEXICO CITY Mexico''s telecoms regulator said on Thursday that billionaire Carlos Slim''s America Movil ( AMXL.MX ) has 65 working days to present a proposal for the legal separation of a part of its fixed-line unit Telmex. The Federal Telecommunications Institute (IFT) has stepped up antitrust rules against the company, ordering it to create an independent entity from fixed-line unit Telmex to offer competitors access to infrastructure. (Reporting by Christine Murray)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-mexico-americamovil-telmex-idUSKBN16G2C4'|'2017-03-09T23:18:00.000+02:00'
'f93318ca565728dbd993075b2699a697b95c8e33'|'Tabcorp to sell state gaming machine unit to ease concerns over Tatts deal'|'SYDNEY Tabcorp Holdings ( TAH.AX ) plans to sell its Queensland electronic gaming machine monitoring business to address competition concerns over its proposed A$6.4 billion ($4.9 billion) takeover of rival Tatts Group ( TTS.AX ), Australia''s competition regulator said on Thursday.The Australian Competition and Consumer Commission (ACCC) said its preliminary view on the deal was that it was "likely to substantially lessen competition" in Queensland state.Tabcorp in October agreed to acquire rival Tatts Group to form a gambling powerhouse in an effort to fend off a growing challenge from overseas online rivals.(Reporting by Jamie Freed; Editing by Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-tatts-group-m-a-tabcorp-idINKBN16F2S5'|'2017-03-08T19:30:00.000+02:00'
'493ed0a243e98245c817fa3e4b4fac50a8ad6a97'|'U.S. extends leniency program for companies that disclose bribery'|'Business News - Fri Mar 10, 2017 - 3:40pm EST U.S. extends leniency program for companies that disclose bribery The exterior of the U.S. Department of Justice headquarters building in Washington, July 14, 2009. REUTERS/Jonathan Ernst By Joel Schectman - MIAMI MIAMI The U.S. Justice Department will extend a program that offers companies leniency if they voluntarily tell authorities when employees may have paid bribes, a senior official said on Friday. The program was set to expire on April 5, after a one-year pilot period but will now be continued indefinitely while officials evaluate its effectiveness, Acting Assistant Attorney General Kenneth Blanco said at the American Bar Association''s conference on white collar crime in Miami. Under the program, the Justice Department publicly declined to prosecute five companies that had come forward and fully cooperated when they learned that employees or contractors had made improper payments to foreign officials. Those companies included Akamai Technologies Inc ( AKAM.O ); Johnson Controls Inc, now Johnson Controls International Plc ( JCI.N ); and Nortek Inc. The companies have said they worked to remedy the problems once they learned of the misconduct. Authorities said the program was designed to provide high-profile examples of companies that received leniency because of their cooperation, encouraging more to disclose bribery. The program began last year after many lawyers voiced concerns that companies were becoming more reluctant to report bribery because of the stiff penalties they faced when they came forward. The Foreign Corrupt Practices Act makes it a crime to bribe overseas officials to win business. The unclear future for the program underscores uncertainty about how the Justice Department will handle the Foreign Corrupt Practices Act under President Donald Trump, a Republican. "It remains to be seen whether the Trump administration will be as aggressive," said Marc Bohn, an FCPA specialist at the law firm Miller & Chevalier. Under Democratic former president Barack Obama, the department ratcheted up enforcement, bringing in record penalties from companies. But the prosecutions also generated concern in the legal community that the scrutiny was placing companies with U.S. ties at a disadvantage in seeking business opportunities abroad. Bohn said he doubted the new administration would radically alter the approach in immediate future. "It''s a big ship to turn," he said. (Reporting by Joel Schectman)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-corruption-leniency-idUSKBN16H2HA'|'2017-03-11T03:40:00.000+02:00'
'37a70f82c2b3de1e9c16543c7c220099dae3f31b'|'BRIEF-Skywest reports combined Feb. 2017 traffic for Skywest Airlines, Expressjet Airlines'|' 17pm EST BRIEF-Skywest reports combined Feb. 2017 traffic for Skywest Airlines, Expressjet Airlines March 10 Skywest Inc: * Skywest Inc reports combined February 2017 traffic for Skywest Airlines and Expressjet airlines * In feb 2017, dual class aircraft represented approximately 48% of total block hour production for month compared to about 41% * Skywest generated 2.43 billion available seat miles (asms) for February 2017, compared to 2.67 billion ASMS for February 2016 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-skywest-reports-combined-feb-idUSASB0B4ZL'|'2017-03-11T04:17:00.000+02:00'
'7e6b81be41799d1a9f78bc68d2bc988e05217dad'|'We will all need a stiff drink to swallow Hammond’s austerity - Business'|'A s the immensity of the consequences of the referendum strikes home, the May government is becoming increasingly dependent on the Conservative party’s rediscovery of the need for “infrastructure” and “industrial strategy”.It was therefore entirely in keeping with the chaotic approach of the Brexiters that Theresa May should sack one of her leading advisers on both these subjects last week , because she did not like Lord Heseltine’s opposition to Brexit.Yes, Heseltine, in common with Ken Clarke and Tony Blair, has not joined the band of former Remainers who have “moved on” and now wish to make the best of Brexit. Bully for him. It cannot be repeated often enough that the result was 51.9% to 48.1% of those who voted. Furthermore, only 37% of the entire adult population voted for Brexit. This, of course, is what, in this modern world of alternative facts, the prime minister and Brexit secretary David Davis call “overwhelming” support for Brexit.Now, many commentators observed that there was barely a reference to Brexit during a budget speech delivered by an unusually cocky-sounding Philip Hammond . He apparently eschewed the habit of many of his predecessors as chancellor, who liked to sip brandy or whisky in the course of their speeches. But he was on such unusually good form that some of us wondered whether he had not perhaps had a fortifying “sharpener” before entering the chamber.Before the event there was the usual stuff on the media that events had been propitious and that, contrary to all those gloomy forecasts, the economy had been “booming since Brexit”.Well, Brexit hasn’t actually happened, and quite a lot of us hope it never will. Moreover, the economy has hardly been “booming”. And to those who tell me that the future of democracy will be threatened if “the will of [37% of] the people” is challenged, my answer is that the future of this country is threatened by the “hard Brexit” which looks increasingly on the cards.Now, although there was barely a reference to Brexit in his speech, Hammond scotched a lot of wishful speculation in his subsequent interview on the Today programme, when he baldly stated that, yes, we are leaving the customs union.What about the single market? Wasn’t staying in part of the Conservative election manifesto? Yes: but so was no increase in national insurance contributions, the subject which caused the most fuss in the immediate aftermath of a (mostly) leaked-in-advance budget.The single market, to whose formation the British made an outstanding contribution, is an essential part of the EU that 37% of the adult population have voted to leave.Which brings us back to industrial strategy. The Treasury was developing an industrial strategy under the premiership of James Callaghan and chancellor Denis Healey in 1976-79, but this was abandoned by the Thatcher governments from 1979 and contemptuously dismissed as a failed policy of trying to “pick winners”.We now find that multinationals such as the French PSA Group taking over General Motors’ subsidiaries in Europe want assurances from HMG that, with Britain out of the single market, they can rely on a supply chain within the UK, supported by an accommodating industrial policy and decent infrastructure. At present supply chains are “Europeanised” or “globalised”.Yes, the Conservative party that for a long time believed the state had no role to play in industrial policy is now rediscovering the wheel – but has dismissed Michael Heseltine, who did not need to rediscover it. And the Treasury is placing great emphasis on the importance of “productivity” – ie the supply side of the economy – to provide the future growth on which higher living standards and tax revenues ultimately depend.For the uncomfortable truth, underlined by the Office for Budgetary Responsibility, the Institute for Fiscal Studies and the Resolution Foundation last week, is that, after a splurge of consumer spending largely financed by borrowing, the outlook for real incomes is pretty bleak – indeed, there are already signs of a slowdown, and the OECD is forecasting economic growth this year of a mere 1.6%. And the OBR’s post-Brexit forecasts are frightening.But austerity in the public sector is set to continue. Let no one be in doubt: this was a policy choice on the part of George Osborne in 2010, and it is a policy choice now. Underlying it all is the Conservative party’s obsession with shrinking the size of the state and minimising the so called “tax burden” – a “burden” which helps to ensure we have decent hospitals, schools and infrastructure generally.There can be little doubt that, on his own terms, the decision of Chancellor Lawson in the 1988 budget to bring the top rate of income tax down from 60% to 40%, and the basic rate from 27% to 25%, was what is known in the trade as a “game changer”.Total taxation as a proportion of national income has been around 34% in recent years. But when the economy is operating close to capacity, as the OBR believes it now is, in a decent society the ratio of taxation to national income should be considerably higher – even close to 40% – in order to provide decent public services.For all their conciliatory talk, May and Hammond are pursuing Osborne’s austerity policies. Meanwhile, although for all his efforts Osborne failed to achieve anything like a budget surplus for the nation, he has managed – while capitalising on the lecture circuit upon his experience in office – to achieve a healthy budget surplus for himself. Some people are shameless.Topics Austerity William Keegan''s In My View Economic policy EU referendum and Brexit Budget 2017 Philip Hammond Budget comment  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/mar/12/stiff-drink-to-swallow-phillip-hammonds-continued-austerity'|'2017-03-12T14:00:00.000+02:00'
'b0dffce7ec1c646bf0ad6dc586aecc4b85f67c00'|'MIDEAST STOCKS - Factors to watch - Mar 12'|'DUBAI, March 12 Here are some factors that may affect Middle East stock markets on Sunday. Reuters has not verified the press reports and does not vouch for their accuracy.INTERNATIONAL/REGIONAL* GLOBAL MARKETS-Stocks rise as U.S. jobs data points to rate hike; crude slips* MIDEAST STOCKS-Ex-dividend banks weigh on Abu Dhabi; Qatar, Egypt outperform* Oil slumps to close out biggest 3-day loss in a year* PRECIOUS-Gold recovers from five-week low after U.S. jobs data* Middle East Crude-Dubai falls further; light sour grades pressured* Trump''s revised travel ban dealt first court setback* At least 40 killed in Damascus bombing targeting Shi''ites* Scars of looting, destruction all that remain at Mosul museum* Dutch PM bars Turkish minister as rally dispute escalates* Assad calls U.S. forces "invaders", but still hopeful on Trump* Saudi-led coalition air strike kills 22 in Yemen: official* Trump invites Palestinian leader Abbas to White House* Nigeria''s telecoms regulator sees deal in Etisalat debt talks* IranAir receives second jet under sanctions deal* Lebanon eyes three tranches for $1.5 bln Eurobond-official* Turkey seeks to build Syrian military cooperation with RussiaEGYPT* Egypt''s urban consumer price inflation hit 30-year high in Feb* Average yield on Egypt''s one year, six month T-bills drop at auction* INTERVIEW-Egypt reforms must focus on investment, World Bank saysSAUDI ARABIA* ANALYSIS-Trillion-dollar question looms as Aramco audits oil reserves* BREAKINGVIEWS-Aramco''s IPO merits social engineering discount* BUZZ-Saudi energy minister meets U.S. counterpart in Washington* EXCLUSIVE-Saudis tell U.S. oil: OPEC won''t extend cuts to offset shale - sources* Saudi''s Bank AlJazira proposes 30 pct capital increase* BRIEF-Credit Agricole says satisfied with business at Banque Saudi Fransi* MEDIA-Evercore said to win advisory role on record Aramco IPO* Wanted man killed after Saudi police raid - agency* Bahraini doctor freed after jail sentence on charges linked to 2011 uprising* Saudi Arabia tenders to buy 720,000 tonnes wheat - SAGO* BRIEF-Toyota Motor to launch feasibility study on building factory in Saudi Arabia - NikkeiUNITED ARAB EMIRATES* Etisalat Nigeria in talks over missed payment on $1.2 bln loan* UAE says to cut oil output by more than 139,000 bpd in March/April* UAE''s Union National Bank to open China branch, expand in Egypt -CEO* Emirates to launch Dubai-Athens-Newark route despite U.S. protests* Emirates eyes changes amid "gathering storm" of low-cost long-haul rivals* Emirates airlines concerned about latest U.S. travel order* Dubai Investments proposes 10 percent cash dividend; 5 percent bonus sharesQATAR* MEDIA-Qatar Airways'' India airline plan may face opposition from airlines lobby FIA - Mint* Top investors to back Deutsche Bank despite uncertain future* BRIEF-Qatar Insurance says unit places $450 mln tier 2 notesKUWAIT* Kuwait cuts April official selling price for crude to Asia -source* BRIEF-Warba Bank issues Tier 1 $250 million sukukOMAN* Omani firm Golden Group plans maiden sale of Islamic bonds* BRIEF-Omantel says Worldcall Services announces public offer to acquire co''s shares of WTL (Reporting by Dubai Newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mideast-factors-idINL5N1GP01A'|'2017-03-11T23:37:00.000+02:00'
'd653212bc01549dd0b68186d05367c23a7ffbfec'|'As criticism mounts, Uber seeks chief operating officer to temper CEO'|'Business News - Tue Mar 7, 2017 - 11:10pm GMT As criticism mounts, Uber seeks chief operating officer to temper CEO A man exits the Uber offices in Queens, New York, U.S., February 2, 2017. REUTERS/Brendan McDermid By Heather Somerville Uber Technologies Inc [UBER.UL] Chief Executive Officer Travis Kalanick said on Tuesday the ride-services firm is looking for a chief operating officer to help run the company, which has been battered by a series of damning revelations about its culture and business tactics. Kalanick has retained a firm grip on the company since its founding in 2009, and his pugnacious manner has helped shape Uber''s aggressive style. The San Francisco-based company''s culture has been evident in hostile interactions with city officials over the years, threats to journalists by a senior executive, its haste to remove critical drivers from the app, and a blog post last month from a former employee who recounted a workplace of sexual harassment and cut-throat competition. A series of events bringing Uber''s practices and Kalanick''s leadership into doubt has unfolded over the last few weeks, fueling customer backlash and raising investor concern. Kalanick''s efforts to hire a No. 2 is the strongest public indication yet that the chief executive believes Uber could benefit from another style of leadership. "This morning I told the Uber team that we''re actively looking for a Chief Operating Officer: a peer who can partner with me to write the next chapter in our journey," Kalanick said in a blog post on Tuesday. ( ubr.to/2n2sLwT ) The announcement comes a week after Kalanick publicly apologized for a video, released by Bloomberg, that showed him berating a Uber driver who had complained to Kalanick about rate cuts. "I must fundamentally change as a leader and grow up," Kalanick, 40, said in a statement following the video''s release. "This is the first time I''ve been willing to admit that I need leadership help and I intend to get it." The extent to which a new hire could repair reputational damage from Uber''s string of missteps remains to be seen. It is unclear how much responsibility or authority the new chief operating officer will have. An Uber spokesman declined to answer questions about the new hire, which was previously reported by The Information and the Wall Street Journal. In addition to the video of Kalanick''s argument and allegations of sexual harassment, top engineering executive Amit Singhal resigned last week. Singhal was asked to resign because he did not disclose that he was the target of a sexual harassment allegation during his tenure at Alphabet Inc''s ( GOOGL.O )Google. Singhal has denied the allegations. Also, Uber last week said it had for years has used a secret tool to avoid authorities in markets where its service faced resistance by law enforcement or was banned, confirming a report by The New York Times. And Uber is battling a lawsuit filed by Alphabet Inc''s self-driving car unit, Waymo, which accuses Uber of stealing designs for technology for autonomous cars. Uber has said Waymo''s claims are false. Early Uber investors Mitch and Freada Kapor last month publicly rebuked the company in a letter posted online for its "tolerance for bullying and harassment," and called on Uber to change its "destructive culture." They are the only investors to publicly criticize Uber''s behavior in response to recent allegations. (Reporting by Heather Somerville in San Francisco; Additional reporting by Laharee Chatterjee in Bengaluru; Editing by Peter Henderson and Lisa Shumaker) Next In Business News Stocks slip, U.S. dollar firm on Fed outlook NEW YORK A gauge of global stock markets slipped on Tuesday as the Dow and S&P 500 notched their first back-to-back losses in more than a month, while expectations the Federal Reserve will raise interest rates supported the U.S. dollar. Confronted by market doubts, Federal Reserve drove March rate rise expectations NEW YORK/SAN FRANCISCO Early last week, financial markets saw just a 30 percent chance of the Federal Reserve raising interest rates in March; but by Friday after a striking series of comments from Fed officials, including Chair Janet Yellen, traders saw an 80 percent chance. NEW YORK Jeffrey Gundlach, chief executive officer at DoubleLine Capital, said on Tuesday he expects the Federal Reserve to begin a campaign this month of "old school" sequential interest rate hikes until "something breaks," such as a U.S. recession. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-uber-coo-idUKKBN16E2JX'|'2017-03-08T06:06:00.000+02:00'
'e746e176e5a5e115a04655bde175023a27d52fb4'|'Google backs UK-based payments company Currencycloud'|'Business News - Thu Mar 9, 2017 - 5:09am GMT Google backs UK-based payments company Currencycloud A man checks his mobile phone next to an illuminated panel at Google stand during the Mobile World Congress in Barcelona, Spain, March 1, 2017. REUTERS/Paul Hanna By Anna Irrera - NEW YORK NEW YORK Alphabet Inc''s ( GOOGL.O ) venture arm has invested in Currencycloud, a UK startup that provides technology to enable businesses to provide cross-border payments services to their customers. GV, formerly Google Ventures, participated in a $25 million investment round in Currencycloud alongside existing investors Notion Capital Ltd, Sapphire Ventures LLC, Japanese technology company Rakuten Inc ( 4755.T ) and venture capital firm Anthemis Group, the payments company said on Thursday. The cash injection, which brings the total raised by Currencycloud to $61 million, will be used to support the company''s global expansion plans, the company said. "We just opened up in the U.S. and that requires a lot more development," said Mike Laven, Currencycloud''s chief executive officer. "We are also seeing tremendous interest from Asia broadly." Launched in 2012 Currencycloud''s platform allows companies ranging from banks to popular payments startups to offer international payments services without having to set up complex and costly cross-border infrastructure. Clients include Swedish payments business Klarna Inc, lender Standard Bank Group ( SBKJ.J ), foreign exchange company Travelex Ltd [TRVLXP.UL] and startups Azimo and Revolut. Around $25 billion has been sent through the company''s infrastructure to more than 200 countries to date. Laven said Google was attracted to Currencycloud because it saw it as a company that provided computer developers tools to add cross-border payment functionality to their services. "Google looked at us as a tool that is used in globalizing domestic businesses," Laven said. Currencycloud''s funding round comes following a drop in venture capital investments in UK financial technology startups in 2016, as the country''s decision in June to leave the European Union raised concerns on the prospects of local businesses. UK-based fintech companies raised $783 million from venture capitalists last year, down 33.7 percent from 2015, according to a report by trade group Innovate Finance. Funding of US fintech startups also dropped by 12.7 percent to $6.2 billion, according to the Innovate Finance Report. Laven said the company saw business drop in the months following the Brexit referendum, but that it has been "business as usual" since September. The company was prepared to seek a licence to operate in the EU were that to become necessary after the UK formally leaves the bloc, Laven added. (Reporting by Anna Irrera; Editing by David Gregorio) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-google-currencycloud-investment-idUKKBN16G0DT'|'2017-03-09T12:09:00.000+02:00'
'd6b3012d04189f8569d841a389a479603ddc6aee'|'Merkel champions free trade for EU'|'Business News - Thu Mar 9, 2017 - 9:00am GMT Merkel champions free trade for EU German Chancellor Angela Merkel addresses the German lower house of parliament Bundestag in Berlin, Germany, March 9, 2017. Lines in the background are light reflections. REUTERS/Axel Schmidt BERLIN The European Union needs policies that are based on free trade and the bloc must pursue deals with other countries to ensure it does not become isolated, German Chancellor Angela Merkel told the German parliament on Thursday before an EU leaders summit. "Even if we see a nationalist, protectionist approach on the rise in parts of the world, Europe must never lock itself in, seal itself off and withdraw," said Merkel. "Europe must preserve its openness towards the world especially in trade policy," she said. (Reporting by Madeline Chambers and Michelle Martin; Editing by Michael Nienaber) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-summit-merkel-idUKKBN16G0WL'|'2017-03-09T16:00:00.000+02:00'
'2b38a2909f4670853afedd07820a86842a39057a'|'BRIEF-Sinclair Broadcast Group prices public offering of class A common stock'|' 30pm EST BRIEF-Sinclair Broadcast Group prices public offering of class A common stock March 9 Sinclair Broadcast Group Inc * Sinclair broadcast group prices public offering of class A common stock * Priced underwritten public offering of 12.0 million primary shares of class A common stock at price to public of $42 per share  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-sinclair-broadcast-group-prices-pu-idUSASB0B4UX'|'2017-03-10T06:30:00.000+02:00'
'd06916438cb051dcefc30fac59875cd7bb201ff7'|'BRIEF-Vericel Q4 loss per share $0.34'|' Vericel Q4 loss per share $0.34 March 10 Vericel Corp * Vericel reports fourth-quarter and year-end 2016 financial results * Q4 revenue $16.5 million versus i/b/e/s view $16.1 million * Q4 loss per share $0.34 * Q4 adjusted non-gaap loss per share $0.14 * Vericel - as of dec 31, 2016, co had $23.0 million in cash and cash equivalents compared to $14.6 million in cash and cash equivalents at december 31, 2015  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-vericel-q4-loss-per-share-idUSASB0B4WP'|'2017-03-10T19:16:00.000+02:00'
'e4db31d5805da641166f18a181e0845da376da2c'|'Blackstone appoints more banks to prepare IPO for warehouse giant Logicor'|'Deals -  51am EST Blackstone appoints more banks to prepare IPO for warehouse giant Logicor The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. REUTERS/Brendan McDermid By Pamela Barbaglia and Dasha Afanasieva - LONDON LONDON Private equity firm Blackstone ( BX.N ) has appointed more banks to help prepare for an initial public offering (IPO) of shares in its giant European warehouse owner Logicor, that could be valued at 13 billion euros ($13.8 billion), according to two sources familiar with the matter. Wall Street banks Morgan Stanley ( MS.N ), Citi ( C.N ) and Bank of America Merrill Lynch ( BAC.N ) have been selected by Blackstone to work on the potential listing in London alongside Goldman Sachs ( GS.N ), although no final decision to proceed has been taken, according to one of the sources. Blackstone declined to comment. Logicor was founded by Blackstone’s real estate division in 2012 to manage and operate its European logistics assets. Counting Amazon ( AMZN.O ) among its clients, it has become the largest owner of European logistics and distribution properties, covering a total of 13.6 million square meters across Europe. Reuters reported in December that Blackstone was hiring banks to prepare for an IPO of Logicor, several people with knowledge of the situation said at the time. Goldman Sachs and Eastdil Securities had already been chosen to help with the listing but the global coordinators had not yet been appointed, one of the sources involved in the process said. Sky News first reported the appointments. (Writing by Anjuli Davies; Editing by Rachel Armstrong, Greg Mahlich) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-logicor-ipo-idUSKBN16H1K1'|'2017-03-10T19:49:00.000+02:00'
'4ee573b9d6f26a3c46642d800986a549d64679a8'|'Shell sells Canadian oil sands, ties bonuses to emissions cuts'|'LONDON Royal Dutch Shell has agreed to sell most of its Canadian oil sands assets for $8.5 billion, the latest international oil major to withdraw from the costly projects, which are among the most carbon heavy.Shell is trying to sell assets totaling $30 billion to cut debt following its $54 billion acquisition of BG Group and is under investor pressure to mitigate climate change risks.As well as revealing the Canadian oil sands sale, Shell also said on Thursday that ten percent of directors'' bonuses will now be tied to how well it manages greenhouse gas emissions in refining, chemical and upstream.Analysts welcomed the deal, under which Shell has agreed to sell its existing and undeveloped Canadian oil sands interests to Canadian Natural and to cut its share in the Athabasca Oil Sands Project (AOSP) from 60 to 10 percent."This significant divestment should help de-gear Shell''s balance sheet over 2017 and help remove concerns around the dividend," Biraj Borkhataria of RBC Capital Markets said.Shell is also buying half of Marathon Oil Canada Corporation which brings the deal''s value to Shell to $7.25 billion and its divestment plan total to around $20 billion as it works towards its target of $30 billion by late 2018.Other oil firms including Exxon Mobil, Conoco Phillips and Statoil have written down or sold their Canadian oil sand assets.Shell said it would remain as operator of the AOSP Scotford upgrader and the Quest carbon capture and storage project.Shares in Shell were trading 1.1 percent lower at 0852 GMT, in line with the sector index that was down 1.2 percent.The company is also replacing earnings per share in directors'' long-term incentives with free cashflow, saying its disposals program had made it a more important metric.In its annual report, Shell said its Chief Executive Ben van Beurden saw his pay jump 60 percent to 8.263 million euros ($8.7 million) in 2016, the year he pulled off the BG purchase.(Editing by Jason Neely and Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-shell-divestiture-cdn-natural-rsc-idUSKBN16G0PH'|'2017-03-09T12:42:00.000+02:00'
'87897162b4a82b92baff8fe346e3d1c4946b14d2'|'Toshiba''s Westinghouse brings in bankruptcy lawyers; disclosure deadlines loom'|'Business News  18am GMT Toshiba''s Westinghouse brings in bankruptcy lawyers; disclosure deadlines loom By Jessica DiNapoli and Makiko Yamazaki - NEW YORK/TOKYO NEW YORK/TOKYO U.S. nuclear firm Westinghouse Electric Co LLC has hired bankruptcy attorneys, in a sign that owner Toshiba Corp ( 6502.T ) is more seriously weighing a Chapter 11 filing as an option to help it rein in a multibillion dollar financial maelstrom. People familiar with the matter said the nuclear engineering company had brought in law firm Weil Gotshal & Manges LLP as an exploratory step, and had not yet taken a decision on a bankruptcy filing. The news comes as the Japanese conglomerate faces huge pressure to meet a Tuesday deadline to publish audited earnings, postponed a month ago so that it could probe potential problems at Westinghouse further. It is also pushing forward with the sale of most or even all of its prized flash memory chip business, as it seeks to plug not only an upcoming $6.3 billion (5.2 billion pounds) writedown for Westinghouse but also to create a buffer against future financial problems. Toshiba said it was not aware of any intention for Westinghouse to file for Chapter 11 bankruptcy. Sources familiar with the company have said, however, it is one of several options being considered as it struggles to limit losses in the United States where it is facing cost overruns at two projects. It has also hired a Japanese law firm to help estimate the impact of a U.S. bankruptcy for the broader group, those sources said. Japanese Trade Minister Hiroshige Seko said on Wednesday that a Chapter 11 filing would not necessarily be a negative step and that Westinghouse was one topic that he may discuss with U.S. officials when he visits in the near future. "If the U.S. side raises the issue, it will be necessary to discuss it," he told a parliamentary committee. One complication may be financing guarantees given by the U.S. government to help fund the construction of reactors at the Vogtle plant in Georgia, one of the two projects at the core of Westinghouse''s problems. According to a 2014 statement on the U.S. Department of Energy Website, the loan guarantees totalled $8.3 billion. CRUNCH WEEK NEXT WEEK The most immediate challenge for newly appointed Chief Executive Satoshi Tsunakawa - who comes from the healthcare side of Toshiba''s business and has no direct nuclear experience - is to get third-quarter earnings over the line. One source with direct knowledge of the matter said the likelihood of Toshiba meeting its March 14 deadline was ''fifty-fifty'' as Westinghouse auditors and lawyers were fussing over details. If it fails to meet that deadline it has until March 27 to file or it could face a delisting. Toshiba''s shares slid to end down 7 percent, giving it a market value of just $7.5 billion, hurt both by investor concern it may not make the deadline and Westinghouse''s hiring of bankruptcy lawyers. The TVs-to-construction conglomerate must also submit next week a report to the Tokyo Stock Exchange on its internal controls in the wake of its latest financial woes as well as a separate 2015 accounting scandal. That could eventually also lead to a delisting if the bourse finds Toshiba''s efforts unsatisfactory. Even with all those items on its plate, it needs to proceed with the sale of much of its flash memory chip unit - a business it values at least 1.5 trillion yen ($13.1 billion), with bids due at the end of the month. Toshiba has sent invitation letters to around 10 potential bidders, a source said. Taiwan''s Foxconn ( 2317.TW ), the world''s largest contract electronics maker, is so far the only suitor to acknowledge publicly its plans to bid. SK Hynix Inc ( 000660.KS ) has said it is considering a bid. Sources have said other potential bidders include Taiwan''s TSMC ( 2330.TW ), the world''s largest contract chip manufacturer, data storage firm Western Digital Corp ( WDC.O ) which operates a Japanese chip plant with Toshiba, rival Micron Technology Inc ( MU.O ), as well as financial investors such as Bain Capital. While Foxconn has said it is very confident it can buy into Toshiba, sources with direct knowledge of the deal said it is not a favoured bidder due to Japanese government''s opposition to its close ties with China. Desperate for cash, Toshiba is also hiving off peripheral assets, from a $2 billion smart meter unit to minority stakes in smaller affiliates, like molding machine maker Toshiba Machine. ($1 = 114.4800 yen) (Reporting by Jessica DiNapoli in New York and Makiko Yamazaki in Tokyo; Additional reporting by Tom Hals in Wilmington, Delaware, Kentaro Hamada in Tokyo and JR Wu in Taipei; Editing by Edwina Gibbs) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-toshiba-accounting-idUKKBN16G1F5'|'2017-03-09T18:18:00.000+02:00'
'2241665c15c026c286255e614a6bcd407c008e4f'|'Obamacare’s squeezed middle: Admit it: Republicans’ proposed Obamacare overhaul offers relief for some middle earners'|'WHAT is the best part of House Republicans’ proposed reform of Obamacare? There isn’t one, if you believe much of this week’s commentary. The bill will benefit the young and healthy, by bringing their premiums down, but only at the cost of the old and sickly. But most writers are overlooking the help the bill would offer to one group that has clearly suffered unfairly under Obamacare. So long as Paul Ryan’s reform does not send the market into a death spiral—which is not a sure thing (see article )—this group will get some needed financial assistance under the Republican plan. I''m talking about people who buy health insurance for themselves, rather than through an employer, and who do not get the subsidies which shield those on low incomes from Obamacare’s high premiums. It is easy to overlook this group, because the vast majority of the 10m people who buy insurance through Obamacare’s websites (or "exchanges") receive subsidies. For example, here is Jared Bernstein, Vice-President Joe Biden''s former chief economist, in the Washington Post : Of course, there’s the infamous, headline-generating 2017 premium increases in the non-group market. After growing 2 and 7 percent in 2015 and 2016, insurers in the state-based exchanges raised the cost of the benchmark plan by an average of 25 percent. To Obamacare critics, this was proof of the program’s unsustainability. But because 85 percent of participants in this market (state exchanges) receive premium tax credits to offset the cost of coverage, they do not face the full shock. What Mr Bernstein does not mention is that another 8m Americans buy coverage directly from insurers, without going through the exchanges. These buyers get no subsidies. But they must pay the same prices as those who do, because the law forces everybody in the individual marketplace—on or off the exchanges—into the same “risk-pool”. In total, there are 9m unsubsidised buyers for whom criticisms of Obamacare resonate strongly. Most of these people are not rich: a family-of-four stops receiving subsidies at an income of just under $100,000. Obamacare forced such buyers onto the same plans as a lot of people with pre-existing medical conditions who could not previously afford insurance. That pushed their premiums and deductibles up—and they have risen further over time. Here’s an example from a piece I wrote last September:Before the law, Brian Anderson, a 30-something orthodontist from Nashville, paid $80 a month for insurance that came with a $5,000 deductible. In 2014 his insurer cancelled the plan, as it did not now comply with the law. His new plan, from healthcare.gov, provides, in his view, essentially the same coverage—the deductible is in fact higher—but costs fully $201 per month. Mr Anderson says he is glad many more people now have insurance. But the estimated 2.6m others whose plans were cancelled that year may not all be as understanding. Since I wrote that, Mr Anderson’s insurer has dropped out of his local marketplace, and he has had to switch to a plan costing over $400 a month. You can understand why someone who has seen their premium go up by 300% would be disillusioned with the law.Does this matter? A family-of-four earning $100,000 is clearly not poor. However, they face very high prices for health insurance. In much of Arizona, for instance, they would have to pay over $22,000 per year—almost a quarter of their pre-tax income—for “silver” coverage, according to the Kaiser Family Foundation’s Obamacare calculator. And that is before you count their out-of-pocket medical costs. When Donald Trump says that Obamacare is a “disaster”, such a family would look at their health insurance options and agree.The House Republican plan offers this group some help. Individuals earning less than $75,000, and couples earning less than $150,000, will get a big tax credit to help them with their premiums. (Minnesota has already passed “premium relief” for such buyers).Is that a good thing? Obamacare explicitly tries to spread the costs of health insurance around, in order to increase coverage. Unfortunately, it does so only in the individual market. The 155m Americans who get health insurance through their employers need not foot the bill for unhealthy people on the exchanges. Not only that, but this coddled group also gets a tax break on their coverage. People in the individual market have a right to feel hard done by. The best thing about Mr Ryan’s tax credit is that it begins to redress the imbalance. I am not suggesting that helping this group justifies removing means-tested subsidies for the poor. But I am pushing back on the idea that Obamacare''s redistribution only hurt the "rich". Here is Matthew Yglesias at Vox (emphasis added): Policy-minded conservatives have serious criticisms of President Obama’s health care law. They think it taxes rich people too much , and coddles Americans with excessively generous, excessively subsidized health insurance plans. They want a world of lower taxes on millionaires while millions of Americans put “skin in the game” in the form of higher deductibles and copayments. Exactly the opposite, in other words, of what Republican politicians have been promising.Mr Yglesias portrays Obamacare''s redistribution as flowing primarily from rich to poor. But his chart shows something else: that it hurts middle-income groups most. That is consistent with the experience of millions of Americans in the individual market who have seen their premiums soar while they have received no help from the government. They are treated unfairly by the system as it stands, and should not be ignored when thinking about health care reform.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/blogs/freeexchange/2017/03/obamacare-s-squeezed-middle?fsrc=rss'|'2017-03-09T22:28:00.000+02:00'
'4ebee2b2ca7a720be9f494056abe53f529b9b0ce'|'MIDEAST STOCKS-Oil depresses Gulf, Abu Dhabi hit by ex-dividend FGB, NBAD'|'Company News - Thu Mar 9, 2017 - 2:35am EST MIDEAST STOCKS-Oil depresses Gulf, Abu Dhabi hit by ex-dividend FGB, NBAD DUBAI, March 9 Gulf stock markets were pulled down early on Thursday by a 5 percent overnight slide in oil prices, while Abu Dhabi was hit particularly hard as heavyweights First Gulf Bank and National Bank of Abu Dhabi traded ex-dividend. Abu Dhabi''s stock index dropped 2.9 percent as First Gulf Bank tumbled 9.0 percent and National Bank of Abu Dhabi lost 5.6 percent. The pair are due to merge on April 1. Dubai''s index fell 0.1 percent in very thin trade with tourism-sensitive companies trading lower; theme parks operator DXB Entertainments was down 1.9 percent and Emaar Malls Group fell 0.8 percent. Saudi Arabia''s index edged down 0.5 percent in the first 10 minutes as most petrochemical shares declined in response to oil. PetroRabigh lost 3.0 percent. But real estate investment trust Riyad REIT climbed 3.2 percent after the fund signed three memorandums of understanding for the possible acquisition of buildings in three projects. The fund estimated the value of the acquisitions would be around 1.2 billion riyals ($320 million) and said it would finance those investments through a loan or an increase in share capital. Property developer Jabal Omar jumped 5.2 percent after the government said it planned to expand the developer''s projects in Mecca to 1.66 million square metres from 1.17 million square metres. In Doha, the index was nearly flat with gaining shares outnumbering declining ones 10 to nine. Doha Bank , which had weighed on the market in recent days after going ex-dividend and obtaining approval for a new share issue, rose 1.3 percent but Commercial Bank lost 1.4 percent. (Reporting by Celine Aswad; Editing by Andrew Torchia and Dominic Evans) Next In Company News China''s MOFCOM says opposes U.S. sanctions on its firms under U.S. laws HONG KONG, March 9 China''s Ministry of Commerce (MOFCOM) said on Thursday it is opposed to the United States sanctioning Chinese firms under its domestic laws, and that it hoped that country would handle ZTE Corp''s $892 million settlement case "appropriately".'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-stocks-idUSL5N1GM1EV'|'2017-03-09T14:35:00.000+02:00'
'19c6eeb80e4942f4dc4cda666a9fd317523eb6ff'|'Ferdinand Piech to lose board seat at Porsche SE - Bild am Sonntag'|'Business News - Sun Mar 12, 2017 - 1:40pm GMT Ferdinand Piech to lose board seat at Porsche SE - Bild am Sonntag Ferdinand Piech, chairman of the supervisory board of German carmaker Volkswagen, arrives at the annual shareholders meeting in Hanover in this April 25, 2013 file photo. REUTERS/Fabian Bimmer/Files FRANKFURT Former Volkswagen ( VOWG_p.DE ) Chairman Ferdinand Piech is set to lose his board seat at Porsche SE ( PSHG_p.DE ), in which Germany''s billionaire families Porsche and Piech have pooled their holding in Europe''s largest carmaker, a German weekly reported. Porsche SE''s shareholders will vote on the future composition of the holding company''s supervisory board at the annual meeting on May 30. A final list of candidates has to be decided on by mid-April. While Wolfgang Porsche and Ferdinand Piech''s brother Hans Michel Piech are on the list of candidates, Ferdinand Piech is not, Bild am Sonntag reported citing a person close to the matter. A spokesman for Porsche SE, which holds 52 percent of Volkswagen''s voting rights, said that the future composition of the board has not yet been decided. Ferdinand Piech was not immediately available. He resigned as Volkswagen chairman after a showdown with former Volkswagen chief executive Martin Winterkorn in April 2015. Last month, Volkswagen signalled it could take legal action against Piech after a media report said he had informed top directors about potential cheating of diesel emission tests six months before the scandal became public. (Reporting by Jan Schwartz; writing by Arno Schuetze; Editing by Stephen Powell) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-porsche-se-management-idUKKBN16J0M7'|'2017-03-12T20:40:00.000+02:00'
'897f997e16b3c638dfff553497f8d0f735e552db'|'Wall Street unanimous on U.S. rate hike next week'|'  10:05pm GMT Wall Street unanimous on U.S. rate hike next week Federal Reserve Chair Janet Yellen addresses the Executives Club of Chicago in Chicago, Illinois, U.S., March 3, 2017. REUTERS/Kamil Krzaczynski By Richard Leong - NEW YORK NEW YORK Wall Street''s top banks were unanimous on the view the Federal Reserve will increase interest rates at its policy meeting next week following a stronger-than-forecast February U.S. payrolls report, a Reuters poll showed on Friday. Employers added 235,000 jobs last month, more than the 190,000 forecast among economists polled by Reuters. A drop in unemployment, more people seeking jobs and a rebound in wage growth were other upbeat aspects of the report that economists at these top banks reckoned give the Fed a green light to raise rates by a quarter point, to 0.75-1.00 percent. "It ticks all the boxes for the Fed to move next week," said Michael Hanson, chief U.S. macro strategist at TD Securities in New York. The Fed previously raised rates by a quarter point, to 0.50-0.75 percent, in December. TD is one of the 23 primary dealers, or banks that do business directly with the Fed. To be sure, the path of rate increases in 2017 could change, according to primary dealers. It may speed up if the economy accelerates because of possible tax cuts, looser regulations and infrastructure spending from President Donald Trump and a Republican-controlled Congress. On the other hand, it may be slowed by overseas developments including surprise election results in Europe, which could roil financial markets, they said. Barring unexpected outcomes, the widely anticipated rate increase in less than a week would be followed by two more hikes later in 2017, 20 dealers said in the poll. Two dealers forecast only one more hike after a March move, while one dealer saw three more increases. A Reuters poll conducted on Feb. 3 showed 14 primary dealers surveyed say they expected no rate hike in March with 12 of them anticipating such a move by the end of the second quarter. The dramatic shift in expectations for a March hike came even before Friday''s strong jobs figures. Last week, a group of Fed officials including Chair Janet Yellen hammered the point that they were prepared to lift rates at the Fed''s upcoming meeting as the economy is near full employment and inflation to closing in on their 2 percent goal. Traders'' view on a March increase, as measured by interest rate futures FFH7, jumped to 80 percent from 30 percent in reaction to a barrage of hawkish rhetoric from policymakers. Their view on the possibility of a rate hike strengthened to 93 percent after Friday''s jobs report, according to CME Group''s FedWatch tool. After March, however, primary dealers were split on the timing for when the Fed would raise rates during the rest of 2017. Twelve of the 23 dealers saw a rate increase to 1.00-1.25 percent by the June 13-14 meeting, while 10 expected such a move by the Fed''s September meeting, the latest Reuters poll showed. Six of them forecast the Fed''s final rate hike for 2017 at its September meeting, bringing its target range to 1.25-1.50 percent. Fourteen primary dealers said they saw the Fed raising rates to 1.25-1.50 percent at its Dec 12-13 meeting. (Reporting by Richard Leong; Editing by Daniel Bases, Chizu Nomiyama and Leslie Adler)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-fed-poll-idUKKBN16H2MT'|'2017-03-11T05:05:00.000+02:00'
'a131ed0fcc75a911e9975f4d78a203ff0c6ddbe9'|'Exclusive: Johnson Controls explores sale of Scott Safety - sources'|'By Greg Roumeliotis Johnson Controls International Plc ( JCI.N ), a manufacturer of products ranging from car batteries to heating equipment, is exploring a sale of its safety gear unit, Scott Safety, people familiar with the matter said on Friday.The sale, which sources said could fetch as much as $2 billion, would free Johnson Controls from a non-core business and allow it to strengthen its balance sheet following its $14 billion merger last year with Tyco International Plc.Johnson Controls is working with investment bank Centerview Partners Holdings LP, and is in the advanced stages of negotiations with potential acquirers, including Honeywell International Inc ( HON.N ) and 3M Co ( MMM.N ), the people said.Should the negotiations prove successful, a deal could be announced as early as this month, the people added.The sources asked not to be identified because the negotiations are confidential.Johnson Controls declined to comment, as did Honeywell. 3M and Centerview did not respond to requests for comment.Scott Safety manufactures respiratory and protective equipment and safety devices for firefighters, industrial workers, police squads and the military.Safety equipment makers are emerging as popular assets in the eyes of investors and industrial conglomerates, as a pick-up in economic activity is expected to increase spending for such gear.Shares of MSA Safety Inc ( MSA.N ), for example, a manufacturer of safety equipment such as supplied air respirators, have risen 55 percent in the last 12 months, versus a 19 percent rise in the S&P 500 Index .INX.The largest acquisition in 3M''s history was in the safety sector. 3M acquired safety equipment maker Capital Safety from private equity firm KKR & Co LP ( KKR.N ) in 2015 for about $2.5 billion.Honeywell also has a division dedicated to protection equipment.Johnson Controls said last month its latest quarterly organic sales growth fell short of its estimate, hurt by weakness in its building technologies and solutions business.Last October, Cork, Ireland-domiciled Johnson Controls completed the spin-off of its automotive seating business, now known as Adient Plc ( ADNT.N ).(Reporting by Greg Roumeliotis in New York; Editing by Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-johnsoncontrols-scottsafety-idINKBN16H2L1'|'2017-03-10T17:43:00.000+02:00'
'015823eb9fc889a1b6a9adfb3388febd6870957a'|'Apple''s Siri learns Shanghainese as voice assistants race to cover languages'|'Business   6:11am GMT Apple''s Siri learns Shanghainese as voice assistants race to cover languages The Apple logo is pictured on an iPhone in an illustration photo taken in Bordeaux, France, February 1, 2017. REUTERS/Regis Duvignau By Stephen Nellis - SAN FRANCISCO SAN FRANCISCO With the broad release of Google Assistant last week, the voice-assistant wars are in full swing, with Apple Inc, Amazon.com Inc, Microsoft Corp and now Alphabet Inc''s Google all offering electronic assistants to take your commands. Siri is the oldest of the bunch, and researchers including Oren Etzioni, chief executive officer of the Allen Institute for Artificial Intelligence in Seattle, said Apple has squandered its lead when it comes to understanding speech and answering questions. [nL1N19525K] But there is at least one thing Siri can do that the other assistants cannot: speak 21 languages localized for 36 countries, a very important capability in a smartphone market where most sales are outside the United States. Microsoft Cortana, by contrast, has eight languages tailored for 13 countries. Google’s Assistant, which began in its Pixel phone but has moved to other Android devices, speaks four languages. Amazon''s Alexa features only English and German. Siri will even soon start to learn Shanghainese, a special dialect of Wu Chinese spoken only around Shanghai. The language issue shows the type of hurdle that digital assistants still need to clear if they are to become ubiquitous tools for operating smartphones and other devices. Speaking languages natively is complicated for any assistant. If someone asks for a football score in Britain, for example, even though the language is English, the assistant must know to say “two-nil” instead of “two-nothing.” At Microsoft, an editorial team of 29 people works to customize Cortana for local markets. In Mexico, for example, a published children’s book author writes Cortana’s lines to stand out from other Spanish-speaking countries. “They really pride themselves on what’s truly Mexican. (Cortana) has a lot of answers that are clever and funny and have to do with what it means to be Mexican,” said Jonathan Foster, who heads the team of writers at Microsoft. Google and Amazon said they plan to bring more languages to their assistants but declined to comment further. At Apple, the company starts working on a new language by bringing in humans to read passages in a range of accents and dialects, which are then transcribed by hand so the computer has an exact representation of the spoken text to learn from, said Alex Acero, head of the speech team at Apple. Apple also captures a range of sounds in a variety of voices. From there, a language model is built that tries to predict words sequences. Then Apple deploys “dictation mode,” its text-to-speech translator, in the new language, Acero said. When customers use dictation mode, Apple captures a small percentage of the audio recordings and makes them anonymous. The recordings, complete with background noise and mumbled words, are transcribed by humans, a process that helps cut the speech recognition error rate in half. After enough data has been gathered and a voice actor has been recorded to play Siri in a new language, Siri is released with answers to what Apple estimates will be the most common questions, Acero said. Once released, Siri learns more about what real-world users ask and is updated every two weeks with more tweaks. But script-writing does not scale, said Charles Jolley, creator of an intelligent assistant named Ozlo. “You can’t hire enough writers to come up with the system you’d need in every language. You have to synthesize the answers,” he said. That is years off, he said. The founders of Viv, a startup founded by Siri''s original creators that Samsung acquired last year, is working on just that. [nL3N1CB1EQ] "Viv was built to specifically address the scaling issue for intelligent assistants," said Dag Kittlaus, the CEO and co-founder of Viv. "The only way to leapfrog today''s limited functionality versions is to open the system up and let the world teach them." (Reporting by Stephen Nellis; Editing by Jonathan Weber and Lisa Shumaker) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-apple-siri-idUKKBN16G0HJ'|'2017-03-09T13:11:00.000+02:00'
'37141be50b45770f6df2b4aec76c04089e905feb'|'Bentley says access to Europe is crucial as investment decision nears'|' 47am GMT Bentley says access to Europe is crucial as investment decision nears The wheel hub of a Bentley is seen during the the 87th International Motor Show at Palexpo in Geneva, Switzerland, March 7, 2017. REUTERS/Arnd Wiegmann By Costas Pitas - GENEVA GENEVA Volkswagen-owned ( VOWG_p.DE ) British car brand Bentley is due to make its next major investment decision on a new model around the start of next year and unfettered access to Europe is vitally important, its boss told Reuters. Bentley, which builds its entire range of luxury models at its site in Crewe in central England, said over 20 percent of sales are made in Europe, which is due to become its largest market this year. Tariff-free access to the continent for goods and visa-free travel for its staff are key, Chief Executive Wolfgang Duerheimer told Reuters, and the firm was already having frank discussions with British officials about Brexit. "I have about nine to 12 months where I can wait and see what''s going to happen and then I need to take serious decisions. It''s all connected to future models," he said during an interview at the Geneva motor show. "This gives us a bit of breathing space, and also the government, but then I need to have clear commitments." Since Prime Minister Theresa May said Britain will leave the single market and could also quit the customs union when it exits the European Union, carmakers have become increasingly concerned about potential trade barriers. May is due to trigger Article 50 by the end of the month, setting up two years of negotiations leading to Britain''s exit from the European Union. Bentley has previously built some models outside of Britain at a site in Dresden in eastern Germany to boost capacity. Duerheimer said there were no plans to move production from Britain at present but it was a possibility in the worst case scenario. "It''s the Britishness that makes us very unique but we know from... different car brands that this business is a very international one and before we would not produce any Bentleys anymore, we would produce them somewhere else," he said. (Reporting by Costas Pitas; Editing by Keith Weir)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-autoshow-geneva-bentley-britain-idUKKBN16G0UW'|'2017-03-09T15:47:00.000+02:00'
'5eaa7cc5a8a269c286b2753ddceb66b475f6ffa8'|'Dollar firm in Asia, bonds and oil nurse losses'|'By Wayne Cole - SYDNEY SYDNEY The dollar stood firm in Asia on Thursday and bond yields spiked after super-strong U.S. jobs data made a rate hike a near certainty, while oil nursed bruising losses as U.S. stockpiles swelled past all expectations.With energy stocks on the run, MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS slipped 0.25 percent. Australia''s main index eased 0.1 percent, while its resources sector fell almost 2 percent.Japan''s export-heavy Nikkei .N225 took heart from a softer yen and added 0.3 percent.Oil plunged 5 percent on Wednesday to the lowest this year as U.S. crude inventories surged much more than expected to a record, offsetting OPEC''s attempts to limit its output. [O/R]There was a risk the retreat could squeeze speculators out of long positions, which are near a record, and lead to a downward spiral in prices.If sustained, that could put downward pressure on inflation globally and endanger the entire "reflation" trade.In early trading, U.S. crude CLc1 edged up 11 cents to $50.39, having shed $2.86 overnight. Brent crude LCOc1 was yet to trade after losing $2.81 to $53.11 a barrel.Wall Street was sideswiped by the rout in oil, with energy stocks .SPNY losing 2.5 percent in their worst performance since mid-September.The Dow .DJI fell 0.33 percent, while the S&P 500 .SPX lost 0.23 percent and the Nasdaq .IXIC added 0.06 percent.Interest rate-sensitive real estate stocks .SPLRCR also took a hit after the ADP employment report showed private payrolls surged by 298,000 last month, far above expectations.Tom Porcelli, chief U.S. economist at RBC Capital Markets, said the report was so strong it meant the payrolls report on Friday would have to be unbelievably dire to deter the Fed from hiking next week."There is almost no number that would stop them," said Porcelli. "It would take an extreme event for the Fed to take a pass at this point."Indeed, he noted the ADP surprise meant there was a real chance payrolls could beat expectations, perhaps by a lot."On the face of it, ADP is consistent with private payrolls of about 340,000," he said. The current median forecast is for a rise of 190,000.With a hike seemingly certain, and more likely over the year, yields on two-year Treasury notes US2YT=RR climbed to 1.378 percent, the highest since August 2009.That widened its premium over German debt to a meaty 220 basis points, the largest gap since early 2000. That is a burden for the euro that is likely to only get heavier as the European Central Bank seems wedded to its super-easy policy.The central bank meets later Thursday and is considered unlikely to tighten until the latter part of this year or early 2018, a Reuters poll found last week.The single currency was stuck at $1.0538 EUR= in Asia on Thursday, well off a $1.0640 top hit early in the week.The dollar index .DXY was last up 0.1 percent at 102.150, close to a March 2 peak of 102.26. The dollar edged up to 114.52 yen JPY= , having been as high as 114.75.The firmer dollar pressured a host of commodities from copper to iron ore. Spot gold XAU= was nursing a grudge at $1,207.71 having struck a five-week low as higher interest rates raised the opportunity cost of holding the non-yielding metal.(Editing by Jacqueline Wong)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/global-markets-idINKBN16G025'|'2017-03-08T21:43:00.000+02:00'
'94104ccdd7d04f729b62fd01c314534c794a1665'|'Toymaker Lego''s sales growth slowed to 6 pct in 2016'|'COPENHAGEN, March 9 Growth at Denmark''s Lego slowed to just six percent in 2016 from more than 25 percent the previous year, preventing it from overtaking Barbie doll maker Mattel as the world''s biggest toymaker."Our performance up to 2016 has been absolutely phenomenal, some would say supernatural... Our growth is moderating now to be more in line with what we call sustainable levels of growth," Chief Financial Officer John Goodwin told reporters on Thursday.The unlisted maker of plastic bricks reported 2016 revenue of 37.9 billion Danish crowns ($5.38 billion), just below Mattel Inc''s $5.46 billion but ahead of My Little Pony producer Hasbro Inc, which has reported sales of $5.02 billion. (Reporting by Stine Jacobsen, editing by Terje Solsvik)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/lego-results-idUSL5N1GM2JV'|'2017-03-09T12:50:00.000+02:00'
'c6fe197054887fc85cea97270dee9cd1b0ac94f5'|'AIG CEO to resign in wake of loss, successor unclear'|'Business News - Thu Mar 9, 2017 - 8:25pm GMT AIG CEO to resign in wake of loss, successor unclear FILE PHOTO: AIG CEO Peter Hancock speaks during the White House summit on cybersecurity and consumer protection in Palo Alto, California February 13, 2015. REUTERS/Robert Galbraith By Suzanne Barlyn and Nikhil Subba American International Group Inc ( AIG.N ) said on Thursday its Chief Executive Peter Hancock will step down, a decision he made after poor financial performance frustrated shareholders and the insurer''s board of directors. Hancock, 58, will remain as CEO until a successor is named. In a joint statement, neither he nor Chairman Douglas Steenland gave any clues as to who might replace him. "Without wholehearted shareholder support for my continued leadership, a protracted period of uncertainty could undermine the progress we have made and damage the interests of our policyholders, employees, regulators, debtholders, and shareholders," Hancock said. Billionaire activist investor Carl Icahn, who is AIG''s fourth-largest investor, cheered Hancock''s departure: "We fully support the actions taken today by the board of AIG," he tweeted. AIG''s shares were down 0.25 percent at $63.28 in afternoon trading in New York. At Wednesday''s close, the stock was trading at 83 percent of the stated value of AIG''s assets. When Icahn first began acquiring his stake in 2015, he advocated splitting up AIG into three parts. The insurer instead embarked on a two-year turnaround plan developed by Hancock, which intended to return $25 billion to shareholders. Last year, AIG returned a total of $13.1 billion of capital to shareholders, the company said. The board is still committed to that plan, Steenland said. According to AIG''s 2016 proxy filing, Hancock could receive an exit package of $20.4 million or $31.5 million, depending on whether the board determines his reason for leaving was "good." EXTERNAL POSSIBILITIES Many longtime AIG executives who would have been obvious internal candidates for CEO have left since Hancock took the helm in 2014. Analysts have floated several names of external possibilities since AIG stunned Wall Street with a surprisingly wide fourth-quarter loss on Feb. 14. Among them are John Doyle, who spent decades at AIG before leaving to oversee the brokerage business at insurer Marsh & McLennan. Brian Duperreault, who oversaw the turnaround of Marsh & McLennan after the 2008 financial crisis and is now CEO of Hamilton Insurance Group is also a possibility, as is Daniel Glaser, the current CEO of Marsh & McLennan, and Constantine Iordanou, CEO of insurer Arch Capital Group Ltd. These executives either declined to comment or could not immediately be reached. Several AIG board members also have insurance industry leadership experience. What is important, analysts said, is that the next CEO has a firm grasp on AIG''s troubles in property and casualty insurance which have weighed heavily on results. "We''ve seen a few examples in the insurance world of similarly large organizations that were similarly distressed that were able to turn themselves around," said Meyer Shields, who covers AIG shares at Keefer, Bruyette & Woods. "I think it is fair to say that there are people out there who could do this job." The incoming CEO will be AIG''s sixth in 12 years and will be tasked with carrying out the insurer''s plan to continue shedding assets and reducing risk exposure some nine years after receiving a $182 billion government bailout during the 2008 financial crisis. Although Hancock resisted calls to break up AIG, he did complete or announce 17 deals to shrink the company by $13 billion worth of assets in total. AIG’s overall balance sheet was $498 billion at year-end, less than half its size at the end of 2007. Shrinking the balance sheet is important for AIG, which is currently labelled a systemically important financial institution, or SIFI, by the U.S. government. Icahn’s breakup calls were intended to rid AIG of that designation, which forces it to hold more capital and undergo tougher regulatory supervision. Ichan has a 4.7 percent stake in the company. Samuel Merksamer, who represents Icahn on AIG''s board and several others, exited the activist investor''s firm in December. Merksamer, however, continues to serve as Ichan''s representative. Hedge fund billionaire John Paulson also holds AIG shares and a board seat, though he has been shedding some of the stake. Directors were frustrated by AIG''s stunning fourth-quarter loss, which was the result of under-reserving, and the second surprise charge in a row, people familiar with the matter said. Hancock announced his decision to resign at a regular board meeting on Wednesday. (Reporting by Suzanne Barlyn in New York and Nikhil Subba in Bengaluru; Additional reporting by Michael Flaherty in New York and Sweta Singh in Bengaluru; Writing by Lauren Tara LaCapra; Editing by Saumyadeb Chakrabarty and Meredith Mazzilli) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-aig-ceo-idUKKBN16G1U3'|'2017-03-10T03:25:00.000+02:00'
'93cab87dfd0df6434ef66dc7cfc877131bff35be'|'Volkswagen set to plead guilty Friday in emissions case'|'Business News - Thu Mar 9, 2017 - 9:15pm GMT Volkswagen set to plead guilty Friday in emissions case The Volkswagen logo is seen at the company''s display during the North American International Auto Show in Detroit, Michigan, U.S., January 10, 2017. REUTERS/Mark Blinch By David Shepardson - WASHINGTON WASHINGTON Volkswagen AG is set to plead guilty on Friday to three felony counts in the Justice Department''s diesel emissions investigation, as the German automaker seeks to move past its cheating scandal. As part of a plea agreement with U.S. prosecutors announced in January, the company agreed to sweeping reforms, new audits and oversight by an independent monitor for three years after it admitting to installing secret software in vehicles to enable it to beat emissions tests over a six-year period. Volkswagen agreed to change the way it operates in the United States and other countries under the settlement of charges that it installed secret software in 580,000 U.S. vehicles to allow them to emit up to 40 times the amount of legally permitted pollution. On Friday, the German automaker is to be formally arraigned in U.S. District Court in Detroit and then is set to plead guilty to conspiracy to commit fraud, obstruction of justice and entry of goods by false statement charges, a court spokesman said. A company lawyer is expected to appear to plead guilty on Volkswagen''s behalf. It is not clear if Judge Sean Cox will formally sentence VW on Friday. VW, the world''s largest automaker by sales, also has agreed to pay $4.3 billion in U.S. civil and criminal fines. The U.S. Justice Department in a court filing Monday called Volkswagen''s conduct "one of the largest corporate fraud schemes in the history of the United States." In total, VW has agreed to spend up to $25 billion in the United States to address claims from owners, environmental regulators, states and dealers. Lawyers for VW and the government said in a joint motion that Judge Cox should reject a request by a lawyer for some owners seeking individual criminal restitution. The motion noted VW is spending up to $10 billion on buybacks and compensation for nearly 500,000 vehicle owners and nearly all agreed to take part. The Justice Department also charged seven current and former VW executives with crimes related to the scandal. One executive is in custody and awaiting trial. Five of the seven are believed to be in Germany and have not been arraigned. German prosecutors are also investigating. VW chairman Hans Dieter Poetsch said Monday the company expects to broaden disciplinary action beyond the two dozen employees it has already suspended. As part of its U.S. emission settlements, VW agreed to spend nearly $3 billion to offset excess emissions and make $2 billion in investments in zero emission vehicle infrastructure and awareness programs over a decade. (Reporting by David Shepardson; Editing by Alistair Bell) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-volkswagen-emissions-idUKKBN16G2ZN'|'2017-03-10T04:15:00.000+02:00'
'e34402351d2287d1e17ce2a140adaa34c3ca89b8'|'Fairfax Financial raises cash component of offer for Allied World'|'  5:57pm EST Fairfax Financial raises cash component of offer for Allied World March 10 Toronto-based insurance group Fairfax Financial Holdings Ltd said it would increase the cash component of its offer to buy Allied World Assurance Company Holdings AG by $18 per share. The increase in the cash component of the offer would reduce the stock consideration of the total deal value, Fairfax said. The company said on Friday it was able to increase the cash component because of a $500 million investment from Alberta Investment Management Corp. When the announcemnent to buy Swiss insurer Allied World was made in December, Fairfax had said it would pay $54 per share — $10 in cash and $44 in Fairfax stock — for a total of $4.9 billion. Fairfax on Friday said it would raise the cash consideration of the offer to $28 per share, including a $5 special dividend. (Reporting by Vishaka George in Bengaluru)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/fairfax-fin-allied-world-idUSL3N1GN52Y'|'2017-03-11T05:57:00.000+02:00'
'12dbf06f003b5f051a3151fdf7da6feb39766d2b'|'Millennial love for Snapchat extends to the stock'|'Business News - Sun Mar 12, 2017 - 7:16am EDT Millennial love for Snapchat extends to the stock left right A woman stands in front of the logo of Snap Inc. on the floor of the New York Stock Exchange (NYSE) while waiting for Snap Inc. to post their IPO, in New York City, NY, U.S. March 2, 2017. REUTERS/Lucas Jackson 1/2 left right Traders gather at the post where Snap Inc. is traded on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 6, 2017. REUTERS/Brendan McDermid 2/2 By Angela Moon - NEW YORK NEW YORK For some millennial investors, loyalty to one of their favorite apps matters more than financial details in the case of Snap Inc. The stock of Snapchat''s parent company has been on a roller-coaster ride since its market debut last week, surging more than 70 percent from the initial public offering price in the first two days of trading and plunging back down by a quarter since. Some seasoned investors have been wary of the volatile, relatively high-priced stock of a company that has yet to report a profit. But novice investors said their deep affinity with the disappearing-message app prompted them to jump in. "I bought it even when I was pretty positive I would not make a profit in the short run, but just because I am a fan of the product," said Chris Roh, a 25-year-old software engineer in San Francisco, who has only been trading stocks for about a month on Robinhood, a mobile trading app popular among millennials. Snap sold shares at $17 a piece in its IPO on March 1. The day after, on the first day of trading on the New York Stock Exchange, the stock popped as high as $26.05. Roh said he bought the stock on that first trading day at $25 a share. Trading activity on Robinhood jumped by 50 percent on the day of Snap''s debut, with more than 40 percent of those who traded that day buying Snap shares. The median age of Snap shareholders on the platform were 26, the same age as Snap Chief Executive Evan Spiegel, according to Robinhood. Snap''s surge extended into the second day of trading, March 3, when its stock went as high as $29.44. It has sunk 25 percent since, closing on Friday at $22.07. Kaleana Markley, a 29-year-old human resources consultant in San Francisco, bought Snap shares as her first stock market investment. "Snap just felt like the IPO of my time and seeing where Facebook and Amazon are now, I really think Snap has the potential to grow (like them)," said Markley, who bought the shares through Stockpile, another online brokerage aimed at millennials, generally defined as people reaching young adulthood in the early part of this century. Markley said she bought some shares in Snap on the first day of trading and some more on the second day, when the stock hit the highest level of its short lifetime. "There are a lot of companies I don''t know or recognize, but Snap, I use the product, and know everyone - my friends, my co-workers, even my parents - uses it." Although some more experienced investors have avoided loss-making Snap, millennials were not alone in their hunger for shares of the company, which now has a market value of more than $25 billion. Many sophisticated institutional money managers were also intent on getting a piece of the hottest tech IPO in years, despite concerns about the company''s slowing user growth and lack of voting rights for new shareholders. Snap declined to comment on trading in its shares. INFLATED LEVELS? Companies with especially enthusiastic customer bases, such as action-camera maker GoPro Inc, social games company Zynga Inc and English football club Manchester United Plc, have in the past attracted fans to dabble in their IPOs. But the wildly popular Snapchat - with an average of about 158 million daily active users - appears to be taking the enthusiasm to another level, some analysts and brokers said. "One of the non-fundamental reasons driving the stock is that many millennials purchased Snap shares at inflated levels due to their preference for the product," said Shebly Seyrafi, managing director at FBN Securities. "That is, not due to a real understanding of the number or valuation." Snapchat''s users, mostly in the 18-34 age range coveted by advertisers, spend an average of 25 to 30 minutes on the app and visit it more than 18 times a day, according to the company, making it more visited than any other social media platform. "Snap is tapping into the pride of ownership (for millennials) which we don''t see often in the stock market," said Dan Schatt, chief commercial officer at Stockpile. Snap''s IPO gave Stockpile its biggest single day since it launched in 2015, nearly 10 times the service''s daily average in transaction and sales. "Snap is offering the comfort of buying something that you know so well, understand and use it every day, which is what these young investors want," said Schatt, whose teenaged daughter and son also bought Snap shares with his approval on Stockpile. On StockTwits, a Twitter-like platform for sharing trading ideas, where 40 percent of users are between the ages of 18 and 34, Snap has been the most talked-about stock for days. There are concerns about slowing user growth and competition from Facebook Inc. The overall sentiment on the stock is now 44 percent bullish and 56 percent bearish, compared to early February when bullish sentiment was 100 percent, according to StockTwits. That has not deterred Tiffany Dun, a San Francisco-based mortgage consultant in her late 20s who purchased 125 shares in Snap on the first day of trading at about $22 a share. "There''s always risk to everything," she said. "I use the product and I like it, so I bought some." (Reporting by Angela Moon; Editing by Jonathan Weber and Bill Rigby) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-snap-stock-millennials-idUSKBN16J0GA'|'2017-03-12T18:00:00.000+02:00'
'06a608ad2684223d5bad1af2f618f611920e4dc8'|'Rolls-Royce calls its first staff AGM - Business - The Guardian'|'Rolls-Royce, the engine maker hit by a £671m settlement of bribery and corruption charges , is to hold its first annual meeting for staff with the aim of improving communication with its global workforce of almost 50,000.The annual meeting will be held in Derby, England, in May where the company has 14,000 staff. The board will take questions on a variety of topics after a year in which the fraud charges and sterling’s plunge drove the company to a loss of £4.6bn, the biggest in its history. Employee access to the boardroom at major companies has been on the agenda since Theresa May, the prime minister, raised the idea of putting workers on boards although a green paper published last year stepped back from demanding this.Rolls-Royce is not committing to appoint a worker to its board in the way that transport group First Group has done . Embattled retailer Sports Direct last week said it would allow a worker representative to attend its board meetings but was accused by the union Unite of conducting little more than a “PR exercise”.Rolls-Royce workers will have to apply for a place to attend the employee AGM, which seems likely to take place in the same venue as its shareholder meeting in Pride Park, home of Derby county football team. Those employees who own shares are already able to attend the shareholder AGM on 4 May.The process is being overseen by former HSBC banker Irene Dorner who is a non-executive director at Rolls-Royce and the logistics are yet to be finalised. It is not clear if staff outside the UK will attend and plans are being made to video the event.Rolls-Royce revealed the employee AGM in its annual report published last week . Chair Ian Davis said: “We note with interest the government’s green paper on UK corporate governance. The board is considering the level of interaction with stakeholders, particularly employees. We are planning to hold an ‘AGM for employees’ in 2017, and Irene Dorner will take the lead at looking at how we can strengthen our links between the boardroom and our employees.” Warren East, the Rolls-Royce chief executive who was paid £2m for 2016, has been a supporter of greater worker representation, using the example of its experience in Germany, where the company has 20% of its staff and where workers on boards are commonplace.TUC general secretary Frances O’Grady said: “We welcome companies looking at ways to improve employee engagement. Rather than simply strengthening links between workers and the boardroom, we need worker seats in the boardroom – as the prime minister promised.“It’s a tried, tested and successful approach in many other European countries. And it would improve the quality of decision making in British boardrooms.”Topics Rolls-Royce Annual results Trade unions TUC news Share on Facebook Share on Twitter Share via Email Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/mar/12/rolls-royce-calls-its-first-staff-agm'|'2017-03-12T22:02:00.000+02:00'
'9a8a72ba8e898a7538715011c652ac42240ff635'|'BMW group vehicle deliveries rose 3.1 percent in February'|' 11am GMT BMW group vehicle deliveries rose 3.1 percent in February A view shows the logo on a BMW 5 series car at a dealership in Minsk, Belarus, March 2, 2017. REUTERS/Vasily Fedosenko FRANKFURT German luxury carmaker BMW ( BMWG.DE ) said it delivered 3.1 percent more vehicles across the group in February, during which it changed over models of the 5-series. "February was an important month for us, with the market launch of the new BMW 5 Series. Initial sales of this benchmark car are strong and we’re confident that this model in particular will ensure increasing momentum as the year continues," sales chief Ian Robertson said in a statement on Friday. (Reporting by Georgina Prodhan; Editing by Ludwig Burger)   BT resolves two-year regulatory battle with new Openreach deal LONDON Britain''s biggest telecoms group BT has reached an agreement with the regulator to finally resolve a two-year row over how the national broadband network is run, agreeing to a legal separation of the business. BT has come under fire after rivals including Sky , TalkTalk and Vodafone accused Openreach, the division that supplies broadband to millions of homes and businesses, of delivering a poor service.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bmw-sales-february-idUKKBN16H0TZ'|'2017-03-10T15:11:00.000+02:00'
'22cc1744fd07193f193f2f39122b237dfbe3750b'|'Credit Agricole watching M&A opportunities in Italy'|'MILAN Credit Agricole ( CAGR.PA ) is watching for opportunities in Italy''s banking consolidation as it pursues plans to acquire Unicredit''s asset manager Pioneer.Credit Agricole has sold assets and pulled out of markets such as Greece to meet tougher post-crisis regulation and combat tougher economic conditions, while focusing on activities in France and Italy.Italy''s government has sought to spur mergers among its lenders to help them cut costs and boost profitability, after a deep recession lifted problem loans to one fifth of domestic output."Obviously, we are looking at opportunities and we do not exclude some possible adjustments," Credit Agricole''s deputy chief executive Xavier Musca said when asked if the bank planned to participate in the wave of mergers and acquisitions in Italy.He added that "any adjustments" should be aligned with the group''s capital targets."We are not a national Italian bank. We are a regional bank, present in various regions, mostly in the North of Italy. This is a model that fits us perfectly."Credit Agricole, the third-biggest French-listed bank, has increased its exposure to Italy after Amundi struck a 3.6 billion euro ($3.8 billion) deal to buy Pioneer Investments."We have confidence in Italy, we are committed to it," Yves Perrier, chief executive of asset manager Amundi told journalists during a press conference.Amundi said it will launch its cash call to finance the deal next week. It will pay for Pioneer using a 1.4 billion euro share issue, selling 0.6 billion euros in debt and paying cash.This follows an expansion spree in retail banking which started in 2007 when Credit Agricole bought its key Italian assets, Cariparma, Friuladria, as well as some of Banca Intesa branches in 2007.Credit Agricole targets 3 percent annual revenue growth in Cariparma over the next three years. Asked if the bank plans to review the target to adjust for Pioneer''s acquisition, Perrier said it would present adjusted figures later this year.(Reporting by Maya Nikolaeva; Editing by Ruth Pitchford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-credit-agricole-italy-idINKBN16H1X1'|'2017-03-10T12:18:00.000+02:00'
'8ecdd0bb434d33742ecd72e5a744b68221c65541'|'A Brittany eco-home with extra gîte and yurt – in pictures - Money'|'A Brittany eco-home with extra gîte and yurt – in pictures   View more sharing options Share   Close A geobiologist has built this complex of buildings out of eco-friendly materials around a wooden main house, with scope for tourist rentals Jill Papworth Friday 10 March 2017 07.00 GMT Here is one for an environmentally aware nature lover: a wooden eco house with numerous extra dwellings in the small village of Théhillac in Brittany. The French owner, an experienced geobiologist, is selling the recently completed project in order to spend a year travelling on her boat. Facebook Twitter Pinterest On 3.5 acres suitable for horses, the site is packed with eco-friendly building materials, drainage and heating systems. Downstairs, the main house has a 42 sq m (452 sq ft) living area with made-to-measure range, corner kitchen and a utility room with solar-heated hot water tank. Facebook Twitter Pinterest Upstairs, there are three bedrooms and a bathroom with barrel bath and dry toilet. Facebook Twitter Pinterest In the adjoining, port-holed gîte section, which could be rented out, there is another large living/kitchen/dining area, a shower room with dry toilet and a dormitory upstairs sleeping up to 14 people. Facebook Twitter Pinterest Among the other dwellings is a boat converted into a double bedroom with table and benches and a rear terrace. There is also a wooden cabin housing a double bed and a 20 sq m chalet, plus an adjacent shed used as a shower room with dry toilet. Facebook Twitter Pinterest A large yurt 6m in diameter on the site can accommodate 20 people seated in a circle on benches. Facebook Twitter Pinterest There is water, electricity and high-speed internet on site. Ethically sourced furniture, including beds made from pallets, is also available for sale through the agent Leggett Immobilier . The house is on the market for €214,000 (£186,000). Facebook Twitter Pinterest Topics Money Surreal estate Ethical and green living Ecotowns Europe holidays Camping holidays France'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/gallery/2017/mar/10/a-brittany-eco-home-with-extra-gite-and-yurt-in-pictures'|'2017-03-10T14:00:00.000+02:00'
'2cf37ad4819963868c4b3f0ec1506dfd45cdbb8c'|'BHP eyes temporary workers to break strike at Chile''s Escondida mine'|' 10pm GMT BHP eyes temporary workers to break strike at Chile''s Escondida mine A logo for mining company BHP Billiton is seen outside the Perth Convention Centre during their annual general meeting in Perth, Australia, November 19, 2015. REUTERS/David Gray/File Photo By Fabian Cambero - SANTIAGO SANTIAGO BHP Billiton ( BLT.L ) ( BHP.AX ) may try to restart production at the world''s No.1 copper mine Escondida in Chile using temporary workers once the strike surpasses 30 days, the company told a local radio station on Wednesday. If their safety could be assured "there is the option of using contractors'' help to try to get production going" and it will be evaluated day by day, Escondida''s corporate affairs director Patricio Vilaplana told Teletrece in an interview. Local media reported that the company is considering a two-pronged approach as the strike approaches the 30-day mark on Friday - submitting a new contract offer that deals with some of the union''s concerns, and restarting output. BHP declined to comment. The strike is already the longest in Escondida''s history, boosting global copper prices CMCU3 on tighter supply expectations and leading smelters to cut fees. The mine produced over 1 million tonnes of copper last year, around 5 percent of the world''s total. The union is confident the bulk of its 2,500 members will not break ranks and accept an offer from the company, said union spokesman Carlos Allendes. After 30 days, under Chilean law, unionized workers have the right to break from the union position and accept the company offer. The two sides still seem far apart after government-mediated negotiations last month failed after a few hours. No fresh talks are scheduled, Chile''s Mining Minister Aurora Williams told Reuters on the sidelines of a mining conference in Toronto this week. "(The government) is available at all times. However, there needs to be the willingness from both parties to sit down and have a discussion," she said. The stoppage began on Feb. 9 after contract talks between the company and union collapsed, with the main disagreements centred on the status of new workers and planned changes to shifts and benefits. BHP has previously said it would not use replacement labour for the first 30 days, as it has sought to keep a lid on simmering tensions and avoid violent clashes. Few striking workers are expected to cross picket lines and work alongside temporary contractors, given that over 99 percent of the unionized workers initially voted to strike, an unusually high level of support. The union has built a camp for striking workers complete with cinema and sports arena high in the Atacama Desert on the mine''s outskirts, and union leaders have said they have the funds to continue for some time. "What''s keeping the workers going at the moment? The perception that they''re going to lose and job security will be in doubt ... that makes you think twice if you want to go back," said Allendes. (Reporting by Fabian Cambero in Santiago, additional reporting by Rod Nickel in Toronto, Writing by Rosalba O''Brien; Editing by Lisa Shumaker)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-chile-copper-escondida-idUKKBN16F2U6'|'2017-03-09T06:10:00.000+02:00'
'bf22919c8bc90a5db1d19d245102a5b4339a0eeb'|'An Indestructible Coffee Machine for Extreme Caffeine'|'A promotional video for the Coffeeboxx shows it being thoroughly abused: It rattles around the bed of a pickup, falls victim to a shower of steel parts, is placed under a Jeep—and, finally, gets blown 20 feet into the air with explosives before returning to earth in one piece. “Made beyond rugged to deliver in the harshest environments,” the narrator says. “Built for those who bring it.” But who needs to bring it to a blast zone?Thousands of people, apparently. In December, 4,500 Coffeeboxxes were sold, quadruple the number in any month since the product was introduced in April 2015. “It didn’t take long before customers were raving,” says Robert Wilburn, online associate merchant for Home Depot Inc., which sells the machines for $200.You can enjoy a pretty decent cup of coffee with Coffeeboxx’s line of pods. The brew has a bold, rich taste without the watery consistency you get with a lot of single-serve coffee makers. Photographer: Tim Schutsky for Bloomberg Businessweek Inventor Jim Doan, 41, began thinking about a durable coffee maker in 2007, during a building boom in his St. Joseph, Mich., neighborhood. “Every job site had a microwave and several coffee makers. And they were all destroyed,” he says. Doan, then a designer for Whirlpool Corp., began tinkering with ideas for a coffee maker that could withstand the demands of a construction site.After 30 prototypes, he settled on one in 2014. He ran a Kickstarter campaign that ultimately let him buy a $350,000, 10-ton mold to shape a plastic chassis. The frame is wrapped with more plastic and steel, and the seams are sealed with silicone, making the 12-pound box dustproof. A cup of joe brews in just under two minutes using water from a 2.5-liter tank, a retractable 3-foot power cord, and a single-serve pod.The industrial-grade engineering has helped attract service members, firefighters, campers, and hunters—the same groups who helped Yeti Coolers LLC, the Austin-based cooler manufacturer, become a $500 million company. Doan thinks OXX Inc., Coffeeboxx’s parent company, can reach $100 million in sales in seven years by building out the “rugged appliance category.” He’s referring to microwaves, icemakers, and refrigerators, the last of which, presumably, has to be called the Chillboxx.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'http://www.bloomberg.com/news/articles/2017-03-08/an-indestructible-coffee-machine-for-extreme-caffeine'|'2017-03-08T22:00:00.000+02:00'
'6c91ec09e194b8c9629c6ff7916250201ffe4eea'|'Eni sells Exxon 25 percent stake in Mozambique gas field for $2.8 billion'|'MILAN Exxonmobil ( XOM.N ) said on Thursday it had agreed to buy a 25 percent stake in the giant Mozambique gas field of Italian major Eni ( ENI.MI ) for about $2.8 billion.Eni, which is selling stakes in a number of fields to fund development of other projects, is currently the operator of Mozambique''s Area 4 where it holds a 50 percent indirect stake held through Eni East Africa.The field holds about 85 trillion cubic feet of natural gas and is one of the world''s largest gas discoveries in recent years.Under the deal Eni will continue to lead all upstream operations in the area, while ExxonMobil will be in charge of building the onshore liquefied natural (LNG) gas plants.The Italian major said it will remain in charge of building the floating LNG plant in the Coral field, which is part of Area 4.The area 4 project envisages the construction of onshore and offshore LNG plants to export the gas to areas such as India and Asia.In 2013 Eni sold 20 percent of its Area 4 stake to China''s CNPC for $4.2 billion but since then oil and gas prices have come down sharply.(Reporting by Stephen Jewkes)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-eni-exxon-mozambique-idUSKBN16G1GS'|'2017-03-09T14:30:00.000+02:00'
'7fc99737b9acbf0a82b7a9a818bb3cd395122229'|'Best Western considers M&A, partnerships to take on rivals: CEO'|'BERLIN Hotels group Best Western is considering options including mergers and acquisitions to keep pace with rival Marriott International ( MAR.O ), the world''s largest hotel chain, the group''s chief executive said on Wednesday."We are thinking about how we can dramatically increase our scale," Best Western CEO David Kong told Reuters in an interview on the sidelines of the ITB travel fair in Berlin.He said the privately owned group, which includes around 4,000 hotels, was considering mergers and acquisitions, as well as partnerships."There are ways, and some of them we are pursuing. I can’t elaborate on that any more at the moment," he said.He also wants to look at alternative lodging, such as homestays, in a nod to rising competition from online marketplace Airbnb."Airbnb has 8 to 12 percent of the demand share. They are taking away business," Kong said.Industry experts expect more consolidation in the fragmented hotel market following the Marriott deal.Marriott completed its acquisition of rival Starwood in September to create the world''s largest hotel chain with more than 6,000 properties in 122 countries.Accor ( ACCP.PA ) has also been on a buying spree, acquiring FRHI Holdings, the owner of London''s Savoy and New York''s Plaza hotels, and taking stakes in boutique brands Mamma Shelter and 25 Hours Hotels.Dirk Bakker, head of EMEA hotels at real estate company Colliers International, said he expected more consolidation.He said Steigenberger was a potential target and a tie-up between NH Notels and Carlson was possible thanks to their joint shareholder HNA. InterContinental Hotels Group ( IHG.L ) was vulnerable too.However, IHG''s CEO said he saw no need to bulk up just to keep pace with acquisitive rivals."We have the scale that we need. We don''t want to be bigger just for the sake of being bigger," Richard Solomons told Reuters on the sidelines of the IHIF hotels conference this week.Solomons said, though, that IHG was not ruling out adding more brands. "We would add brands again, but with 1,500 hotels in our pipeline we''ve got significant organic growth," he said.(Reporting by Victoria Bryan and Maria Sheahan; editing by Susan Thomas)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-europe-tourism-hotels-idUSKBN16F275'|'2017-03-08T20:05:00.000+02:00'
'2c6b51de7abc828fe16a1d16e96e8becd4f29364'|'Akzo bucks weaker European stock market open after takeover offer'|'MILAN European shares fell in early trading on Thursday, weighed down by oil stocks and some disappointing earning updates, but Akzo Nobel soared after the Dutch paint maker rejected an $22 billion unsolicited bid from U.S. rival PPG.By 0826 GMT, the STOXX 600 was down 0.3 percent, with energy stocks being the biggest drag after crude oil prices plunged to their lowest level this year in the previous session.Akzo Nobel rose 14 percent, leading gainers on the pan-European index. The Amsterdam-based group said PPG''s offer undervalued the company, saying it was instead considering floating or selling its specialty chemicals business.Top STOXX faller was Domino''s Pizza, down 11 percent after disappointing results. It was followed by Britain''s fourth biggest supermarket Morrisons, which gave a cautious outlook, and French retailer Carrefour, which reported a lower than expected operating profit.(Reporting by Danilo Masoni, editing by Kit Rees)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/europe-stocks-idINKBN16G0Y4'|'2017-03-09T06:07:00.000+02:00'
'c366eb75f73bf360bf0b3d8a71e415f876f9e9c5'|'Deutsche Bank considers pulling out of some European retail ops: sources'|'FRB - Thu Mar 9, 2017 - 10:07am EST Deutsche Bank considers pulling out of some European retail ops: sources The head quarters of Germany''s Deutsche Bank are photographed early evening in Frankfurt, Germany, January 31, 2017. REUTERS/Kai Pfaffenbach FRANKFURT Deutsche Bank ( DBKGn.DE ) is considering pulling out of some of its European retail operations after scrapping plans to sell its main retail unit in its German home market, two people close to the matter said. Germany''s flagship lender is taking a deep look at its presence in Spain, Portugal and Belgium, the people said, adding that the future of its Italian footprint was currently not being discussed. If Deutsche Bank decided to pull out of some European markets that will happen in the near term, one of the people said. Deutsche Bank declined to comment. In November, Deutsche Bank decided to close down its brokerage unit in Poland as part of the group''s restructuring and because of the Warsaw stock market''s weak performance, sources close to the matter said at the time. Deutsche Bank investors have criticized in the past that the lender was losing money in some of its non-core European markets. On Sunday, Deutsche Bank scrapped plans to sell its Postbank retail banking unit, saying it was unable to do so at an acceptable price. Instead, it now wants to reintegrate the operation, which has 20 million customers, into its other German retail business. (Story corrects to fix typo in headline.) (Reporting by Kathrin Jones; Writing by Arno Schuetze) Next In FRB'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-deutsche-bank-retail-banking-idUSKBN16G246'|'2017-03-09T22:07:00.000+02:00'
'55ec80b9cdd3ecf41bb916423bd5be57d23be443'|'Exxon to buy stake in gas block offshore Mozambique for $2.8 billion'|'Exxon Mobil Corp ( XOM.N ) said on Thursday it would buy a 25 percent stake in a natural gas-rich block, offshore Mozambique, from Italy''s Eni ( ENI.MI ) for $2.8 billion in cash.The offshore gas reserves discovered by Eni in Mozambique are large enough to need a giant liquefied natural gas (LNG) export plant.The east African nation''s proximity to Asian and Middle Eastern growth markets could make it a highly lucrative project.Eni will continue to lead a floating LNG project and all exploration and production in the block, Area 4, while Exxon will lead the construction and operation of natural gas liquefaction facilities onshore.Eni sold 20 percent of its Area 4 license to China''s CNPC for $4.2 billion in 2013, but oil and gas prices have more than halved since then.Eni, which operates Area 4, currently holds a 50 percent indirect stake in the block through a 71.4 percent stake in Eni East Africa.Galp Energia ( GALP.LS ), KOGAS ( 036460.KS ) and Mozambique''s state-owned energy firm ENH each own 10 percent in Area 4.Upon closing of the deal, Eni and Exxon will each own a 35.7 percent stake in Eni East Africa, while CNPC will own 28.6 percent.Reuters last year reported that Eni had wrapped up long-running talks to sell a multi-billion dollar stake in its planned Mozambique LNG development to Exxon.(Reporting by Ahmed Farhatha in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-exxon-mobil-eni-stake-idINKBN16G1GF'|'2017-03-09T08:56:00.000+02:00'
'0af3133072bce36dbbafbf47c8767dd8db28a6ce'|'Tesco to reimburse staff after payroll error'|' 21am GMT Tesco to reimburse staff after payroll error A company logo is pictured outside a Tesco supermarket in Altrincham northern England, April 16, 2016. REUTERS/Phil Noble LONDON Tesco ( TSCO.L ), Britain''s biggest retailer, is to reimburse 140,000 current and former staff members up to 40 pounds ($48.6) each after discovering an error in its payroll systems, it said on Thursday. The supermarket group said it found the error during an internal review conducted as part of the implementation of a new payroll system. The total reimbursement costs are expected to be 9.7 million pounds. "The review...found the voluntary contributions made by some colleagues to benefits such as pensions, childcare vouchers and cycle to work schemes, led to errors that resulted in their pay after salary sacrifice not reaching National Living Wage levels," Tesco said. The firm said it has apologised to its staff and informed HM Revenue and Customs. ($1 = 0.8228 pounds) (Reporting by James Davey; Editing by Alistair Smout) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-tesco-workers-idUKKBN16G165'|'2017-03-09T17:21:00.000+02:00'
'5d1941f06826c5ab7667156f220ff9f451952099'|'BRIEF-Trimble partners with Railhead Corporation'|' 50am EST BRIEF-Trimble partners with Railhead Corporation March 9 Trimble Inc - * Partnering with Railhead Corporation to integrate real-time remote monitoring, diagnostics and on-board video * As part of collaboration, Railhead will also offer Trimble r2m remote diagnostic system as part of its portfolio in U.S.  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-trimble-partners-with-railhead-cor-idUSFWN1GM0HU'|'2017-03-09T18:50:00.000+02:00'
'af687d111b2d3f4b19fd0a08093dd3eb0a302b7c'|'Fairfax Financial raises cash component of offer for Allied World'|'March 10 Toronto-based insurance group Fairfax Financial Holdings Ltd said it would increase the cash component of its offer to buy Allied World Assurance Company Holdings AG by $18 per share.The increase in the cash component of the offer would reduce the stock consideration of the total deal value, Fairfax said.The company said on Friday it was able to increase the cash component because of a $500 million investment from Alberta Investment Management Corp.When the announcemnent to buy Swiss insurer Allied World was made in December, Fairfax had said it would pay $54 per share — $10 in cash and $44 in Fairfax stock — for a total of $4.9 billion.Fairfax on Friday said it would raise the cash consideration of the offer to $28 per share, including a $5 special dividend. (Reporting by Vishaka George in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/fairfax-fin-allied-world-idINL3N1GN52Y'|'2017-03-10T19:57:00.000+02:00'
'2e79217d4bb14e57af73787e1e97f6d3eed5f02d'|'CANADA STOCKS-Futures down ahead of Fed meeting'|'Company  46am EDT CANADA STOCKS-Futures down ahead of Fed meeting March 14 Stock futures pointed to a lower opening for Canada''s main stock index on Tuesday as investors awaited the start of the two-day U.S. Federal Reserve meeting, even as oil prices recovered modestly from three-month lows. March futures on the S&P TSX index were down 0.19 percent at 7:15 a.m. ET. The Toronto Stock Exchange''s S&P/TSX composite index closed up 0.25 percent at 15,544.82 on Monday, as financial stocks pushed higher with bond yields ahead of an expected U.S. Federal Reserve rate hike and as some mining stocks gained from higher commodity prices. Dow Jones Industrial Average e-mini futures were down 0.09 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were down 0.12 percent and Nasdaq 100 e-mini futures were down 0.09 percent. (Morning News Call newsletter here ; The Day Ahead newsletter here ) TOP STORIES Billionaire investor William Ackman walked away from Valeant Pharmaceuticals International Inc on Monday with a loss of more than $3 billion as he sold his entire stake in the struggling drug company after trying to rescue it for some 18 months. A consortium of Canadian and Kuwaiti investors has agreed to buy a minority stake in Britain''s Thames Water from funds managed by Macquarie, ending the Australian group''s 11-year investment in Britain''s largest water firm. ANALYST RESEARCH HIGHLIGHTS Spin Master Corp : TD Securities raises target price to C$43 from C$39 DH Corp : Eight Capital revises rating to "tender" from "buy" COMMODITIES AT 7:15 a.m. ET Gold futures : $1202.9; +0.04 percent US crude : $48.73; +0.6 percent Brent crude : $51.76; +0.7 percent LME 3-month copper : $5793.5; -0.03 percent U.S. ECONOMIC DATA DUE ON TUESDAY 08:30 PPI final demand yy for Feb: Expected 2.0 pct; Prior 1.6 pct 08:30 PPI final demand mm for Feb: Expected 0.1 pct; Prior 0.6 pct 08:30 PPI exfood/energy yy for Feb: Expected 1.5 pct; Prior 1.2 pct 08:30 PPI exfood/energy mm for Feb: Expected 0.2 pct; Prior 0.4 pct 08:30 PPI ex food/energy/transport yy for Feb: Prior 1.6 pct 08:30 PPI ex food/energy/transport mm for Feb: Prior 0.2 pct FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report Reuters global stocks poll for Canada Canadian markets directory ($1 = C$1.34) (Reporting by Nayyar Rasheed in Bengaluru; Editing by Sriraj Kalluvila) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL3N1GR3PE'|'2017-03-14T18:46:00.000+02:00'
'27c12ada96af2a5bb8bf569fead30c572c35ce4b'|'Carmakers eye more UK suppliers to handle hard Brexit'|'Business News - Fri Mar 10, 2017 - 6:04am GMT Carmakers eye more UK suppliers to handle hard Brexit A worker stands under Union Flags at the Jaguar Land Rover facility in Solihull, Britain, January 30, 2017. REUTERS/Darren Staples/File Photo By Costas Pitas - GENEVA GENEVA As Britain prepares to leave the European Union, some carmakers are considering softening the blow of any tariffs by sourcing more parts locally and producing more models they can sell domestically rather than export. Eighty percent of UK-assembled vehicles are exported and they could face tariffs of up to 10 percent if Britain has to fall back on World Trade Organisation rules, with some components subject to multiple varying tariffs each time they cross a border. "If we do find there are tariffs on sending cars out, or there are tariffs on bringing components in, then that would be a motivator to repatriate some component production to the UK," McLaren Automotive Chief Executive Mike Flewitt told Reuters at the Geneva motor show. The country''s largely foreign-owned car industry is due to hit a record high production of around 2 million units by the turn of the decade, making it one of Europe’s largest, and some firms have warned tariffs could push production abroad. The sector is a major employer which British Prime Minister Theresa May has pledged to champion in the Brexit negotiations with the EU she plans to trigger this month; executives are concerned uncertainty could persist beyond the two-year process. A local sourcing push would help mitigate some of the risks of leaving the EU''s single market and be a bonanza for smaller UK parts makers but a headache for international suppliers, whose manufacturing footprints are reliant on free trade. Only 41 percent of the parts in British-built cars are made within the country on average, less than the typical 50 to 55 percent local content requirement which Britain would have to agree to in some bilateral trade deals. The proportion of parts sourced locally varies among automakers, making it easier for some to meet the "Made in Britain" threshold than others. McLaren expects to reach a 58 percent "localisation rate" by the end of the decade from around 50 percent now, under a plan that pre-dates the June Brexit vote. Jaguar Land Rover (JLR), ( TAMO.NS ) Britain''s biggest carmaker, also sources around half its content locally. The level falls to less than 40 percent at German luxury carmaker BMW''s ( BMWG.DE ) Mini plant in southern England, while Opel/Vauxhall Astras built in the UK contain only 25 percent British parts. French carmaker PSA Group ( PEUP.PA ), which this week announced a deal to buy Opel and Vauxhall from General Motors ( GM.N ), said trade barriers in the event Britain loses access to the single market would push it to increase the percentage of local components. "If it''s a hard Brexit then of course the supplier base needs to be developed, and I think this is something that the UK government completely understands," Chief Executive Carlos Tavares told reporters in Geneva. NOT SO EASY The jury is out on how feasible this might be. Ralf Speth, the CEO of JLR, doubts Britain produces enough mass-market vehicles to attract the major supplier investments it would need to cross the 50 percent localisation threshold. It and other carmakers have been slowly boosting UK parts content for years. Britain''s Society of Motor Manufacturers and Traders, however, believes UK-built cars could source up to 80 percent of parts domestically. The fall in the pound since the Brexit referendum has raised import costs, adding a further incentive. Matt Boyle, the chief executive of electrified powertrain specialist Sevcon, based in England''s northeast, said it had seen rising demand since the referendum and is able to respond quickly through the use of flexible third-party sites. "We''ve got off-the-shelf hybrid systems and electric systems today," he said. The industry is lobbying for British government support, which could be required to kick-start investment in parts production that would be new for Britain, such as alloy wheels. Over 4 billion pounds ($4.9 billion) worth of components such as engine castings, steering systems and seat parts could be sourced in Britain, according to a joint industry-government report published in 2015, adding to roughly 10 billion pounds currently spent by car firms on UK suppliers. MODEL MIX Carmakers are used to picking parts makers to supply their plants across borders, benefiting from unfettered trade among members of the European single market or the North American Free Trade Agreement - and between the EU and Mexico. But Donald Trump''s election in the United States and protectionist candidates in upcoming elections in the Netherlands and France mean the Brexit referendum is not the only risk to free trade. That has prompted some executives to ponder how plants and supply chains could be refocused on domestic demand. "Our interest and our competitive advantage will be to have UK plants with a pound cost structure to supply a market where revenue is in pounds," PSA''s Tavares said. Britain is Opel/Vauxhall''s biggest European market, accounting for 77,000 annual sales of its Corsa mini - the country''s second-biggest seller after Ford''s ( F.N ) German-made Fiesta. But the Corsa is built in Spain and Germany, rather than GM''s British plants in Ellesmere Port and Luton. While Astra hatchbacks are produced at Ellesmere Port, some of the 60,000 sold in Britain last year were imported from Poland, leaving potential scope for more UK production. Progress with modular assembly techniques in recent years has given car manufacturers more flexibility to shift production of single models between factories in different countries. BMW said recently it would begin building some of its X1 sport utility vehicle at a plant in the Netherlands, which already builds Mini cars. Asked whether Mini''s British plant could build BMW-badged cars, Chief Executive Harald Krueger did not rule it out. "Purely theoretically, you can also build the 1 series in the UK," he told reporters. (Additional reporting by Laurence Frost and Edward Taylor; editing by Philippa Fletcher) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-autoshow-geneva-britain-eu-idUKKBN16H0JL'|'2017-03-10T13:04:00.000+02:00'
'cc4bf0192dea1315b3cf2b6b6b6681494471ba09'|'Swiss stocks - Factors to watch on March 10'|'ZURICH, March 10 The following are some of the main factors expected to affect Swiss stocks on Friday.UBSThe bank releases its 2016 annual reportLAFARGEHOLCIMSwiss-French cement maker LafargeHolcim should think twice about supplying cement for the wall U.S. President Donald Trump plans to build on the border with Mexico, French Foreign Minister Jean-Marc Ayrault said.For more news seeNOVARTISDelhi high court bars Cipla from selling Novartis'' respiratory drug in India - Mint newspaperbit.ly/2mNxK79COMPANY STATEMENTS** Kuehne + Nagel said SAS Scandinavian Airlines extended its contract for global logistics services until 2020.** Banque Profil de Gestion said FY 2016 net profit rose to 262,702 Swiss francs, compared to 113,813 francs in 2015.** SGS said it bought ILC Micro-Chem in Toronto.ECONOMY(Reporting by Zurich newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/markets-swiss-stocks-idINL5N1GM6E7'|'2017-03-10T02:36:00.000+02:00'
'65c4b3f932e42fd9e1170c22e530148920c0dafb'|'BRIEF-CIT agrees to sell stake in TC-CIT aviation joint ventures'|' 31pm EST BRIEF-CIT agrees to sell stake in TC-CIT aviation joint ventures March 10 Cit Group Inc * Cit reaches agreement to sell stake in tc-cit aviation joint ventures * Cit reaches agreement to sell stake in tc-cit aviation joint ventures * CIT Group Inc - following this transaction, tc will be sole owner of entities * Says following this transaction, tc will be sole owner of entities * CIT Group Inc - tc-cit joint ventures were excluded from sale to avolon * Cit Group - reached agreement to sell 30 percent ownership stake in commercial aircraft leasing joint ventures tc-cit aviation ireland, tc-cit aviation u.s., inc * CIT Group Inc - agreement to sell stake in tc-cit aviation joint ventures to its joint venture partner tokyo century corporation  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-cit-agrees-to-sell-stake-in-tc-cit-idUSASB0B4US'|'2017-03-10T06:31:00.000+02:00'
'ad038ccf5c29231f6ad373323ae38e86e5e65dcc'|'UPDATE 1-CERAWEEK-Foreign buyers eye U.S. pipeline investments in hunt for steady yields'|'* Investors from Asia, Mideast, Australia, eye pipelines* Attracted by pipelines'' steady cash flows, dollar assets* Trump''s promised policies could stir buying (Adds more details about tax considerations, paragraph 12)By David FrenchHOUSTON, March 9 Foreign institutional investors, including sovereign wealth funds, are studying investments in the U.S. interstate oil and gas pipeline network as a way to obtain recurring returns in a low interest-rate environment.Dealmakers said they are advising funds, including from Asia, Australia and the Middle East, about potential investments that could bring billions of dollars of new capital to the sector.Other infrastructure areas also have attracted institutional investors. Drawn to the potential for steady long-term incomes, they have purchased stakes in companies operating toll roads, airports and utilities.Peter Bowden, co-head of energy investment banking at Jefferies Group LLC, said major pipelines with long-term contracts structured as take-or-pay deals from creditworthy shippers are most attractive to foreign buyers.Under take-or-pay, a firm wanting to use the pipeline agrees to move a certain amount of hydrocarbons for a fixed price but pays a separate penalty price for every barrel of oil equivalent not subsequently transported."These assets are dollar-denominated, so if you’re a non-dollar-denominated fund looking for dollar assets and infrastructure with a return that will beat inflation, they are the equivalent of the best bond you can buy," Bowden added.The entry of deep-pocketed foreign institutional investors to pipeline sale processes has added heightened competition to domestic capital already chasing a finite pool of assets, according to dealmakers."When assets come up, there is usually a bit of a frenzy that puts upward pressure on the acquisition premium," said one energy attorney who spoke on condition of anonymity.These funds are exploring two main investment routes. One approach is to buy a project directly through a joint venture with other partners.The preferred option, however, is providing funds to projects and their developers, typically energy or private-equity firms. This approach helps to overcome two potential hurdles to such transactions: tax liability, and a review by the Committee on Foreign Investment in the United States (CFIUS) for non-American owners.CFIUS is a government body that adjudicates on deals when there are potential national security implications for an overseas party owning an American company. Such national security objections prompted China National Offshore Oil Corp to withdraw its $18.5 billion bid for California''s Unocal Corp in 2005.Outright purchases by foreigners also raise tax considerations, since pipelines fall under the Foreign Investment in Real Property Tax Act (FIRPTA). Non-American owners are unable to minimize their tax bill by structuring a deal as a Master Limited Partnership (MLP). Foreign companies may have to pay an income tax of up to 15 percent on the asset, in addition to other taxes that an MLP company would not have to pay.IMPROVED FLOWDealmakers said more foreign entities could start buying directly into pipeline projects as a number of factors converge to eliminate such obstacles.Structuring an investment to address the tax implications is already fairly straightforward, according to an energy lawyer.The election of President Donald Trump, and his promised wave of deregulation, is expected to reduce CFIUS objections to transactions. One dealmaker noted the pending purchase of the Port Arthur refinery, the largest in the United States, by Saudi Aramco had not triggered any CFIUS actions. That deal is on course to close in the second quarter.Infrastructure needs in certain regions of the country should also provide opportunities for further capital deployment, said Osmar Abib, global head of oil and gas, global energy investment banking, at Credit Suisse who spoke on the sidelines of the CERAWeek energy conference in Houston.Trump has pledged to spend $1 trillion on infrastructure, with much of the capital coming from the private sector.One area of focus, dealmakers said, could be in the U.S. Northeast, where a bottleneck in the pipeline network prevents gas generated by shale fields including the Marcellus from being moved elsewhere. (Reporting by David French; Editing by David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/ceraweek-funds-pipeline-idINL2N1GM2DW'|'2017-03-09T19:45:00.000+02:00'
'90e7ecfcdf7027930218082e35e995615414420c'|'METALS-London coppper eyes biggest weekly loss since August'|'MELBOURNE, March 10 London copper steadied on Friday after six straight days of declines but was on track to log its steepest weekly loss since August after an influx of deliveries into exchange warehouses this week doused immediate supply concerns.FUNDAMENTALS* Three-month copper on the London Metal Exchange edged up by 0.2 percent to $5,701 a tonne by 0052 GMT, after a drop of 1.4 percent in the previous session when prices plumbed $5,652 a tonne, the lowest since Jan. 10.* Copper is on course for a 3.7 percent weekly decline, the largest such drop since late August.* Shanghai Futures Exchange copper eased 0.8 percent to 46,430 yuan ($6,717.40) a tonne.* LME copper stocks surged by 38,775 tonnes to 327,300 tonnes, latest data showed, bringing total inventories to the highest since December and raising concerns about demand in Asia.* Also easing concerns over supply, BHP Billiton, may try to restart production at the world''s No.1 copper mine Escondida in Chile using temporary workers once a strike surpasses 30 days, the company told a local radio station on Wednesday.* Supporting the dollar, the number of Americans filing for unemployment benefits last week rebounded from a near 44-year low, but the labor market continues to tighten amid a sharp drop in job cuts in February.* The United States has launched a trade case accusing Chinese aluminium foil producers of dumping product and damaging its domestic industry, the first such case since the inauguration of U.S. President Donald Trump.* China will move forward with restructuring central government enterprises this year, and focus on the steel, coal, heavy equipment and coal-fired power sectors, the head of the state asset regulator said on Thursday.* China still has work to do in cleaning up its skies, with poor enforcement of environmental laws and inadequate monitoring in some places, the environment minister said on Thursday.* In other metals, LME nickel was tracking towards a 7.9 percent weekly drop, the widest since May 2015, on concerns that mine supply from the Philippines may pick up just as Indonesia resumes exports.* Philippine President Rodrigo Duterte could reappoint the environment minister who ordered more than half the country''s mines shut down, as Congress appears set to defer a decision on her confirmation.* For the top stories in metals and other news, click orMARKETS NEWS* Asian stocks edged up and the dollar rose to 1-1/2-month highs versus the yen on Friday ahead of the U.S. non-farm payrolls report due later in the day.DATA/EVENTS0700 Germany Trade data Jan0700 Germany Wholesale price index Feb0745 France Industrial output Jan0930 Britain Industrial output Jan1330 U.S. Nonfarm payrolls Feb1330 U.S. Unemployment rate FebPRICESThree month LME copperMost active ShFE copperThree month LME aluminiumMost active ShFE aluminiumThree month LME zincMost active ShFE zincThree month LME leadMost active ShFE leadThree month LME nickelMost active ShFE nickelThree month LME tinMost active ShFE tin($1 = 6.9119 Chinese yuan renminbi) (Reporting by Melanie Burton; Editing by Richard Pullin)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/global-metals-idINL3N1GN1BW'|'2017-03-09T23:12:00.000+02:00'
'603633e00f2e9d69f75e52b408b9ddc773bd36f7'|'Britain has a Brexit backup plan if talks fail, says minister'|'By William James - LONDON LONDON Britain is drawing up contingency plans for the unlikely event it has to walk away from divorce talks with the European Union without a deal, Brexit minister David Davis said on Sunday.Prime Minister Theresa May is set to begin exit talks by the end of the month, kicking off Britain''s most complex set of negotiations since the end of World War Two. The outcome will shape Britain''s political and economic future.Ahead of the start of negotiations, which could be triggered as early as Tuesday, a committee of lawmakers warned it would be a serious dereliction of duty if the government failed to plan for the possibility of not reaching an exit deal."I don''t think, firstly, that is remotely likely," Davis told the BBC''s Andrew Marr Show, responding to the report. "It''s in absolutely everybody''s interest that we get a good outcome."Parliament''s Foreign Affairs committee warned that a breakdown in negotiations would be a "very destructive outcome," causing economic harm to both sides as well as creating uncertainty and legal confusion for individuals and businesses."The simple truth is we have been planning for the contingency - all the various outcomes, all the possible outcomes of the negotiations," Davis said."One of the reasons we don''t talk about the contingency plan too much is that we don''t want people to think ''Oh, this is what we''re trying to do.''"Asked when May would trigger talks, Davis declined to name a specific date. "Each date has different implications in terms of when it could be responded to by the (European) council ... I''m not going to get into the details why, but there''s politics in terms of achieving success."NO VETOBefore May can begin negotiations, she must finish passing the legislation that gives her the right to formally notify the EU of Britain''s intention to leave and start a two-year negotiating period as set out in the EU''s Lisbon treaty.The laws are expected to be finalised in a series of votes early next week, which will test May''s authority over her Conservative Party as she seeks to overturn changes made to the draft bill by parliament''s upper chamber.The government suffered two heavy defeats in parliament during the legislative process, inserting conditions into the bill saying May must guarantee the rights of EU nationals living in Britain and give lawmakers more powers to reject the final terms she reaches with the EU.Facing a possible rebellion from Conservatives who want to vote on the final Brexit terms, Davis urged lawmakers to back May''s Brexit strategy and overturn those changes because they would tie the government''s hands in the negotiations."What we can''t have is either house of parliament reversing the decision of the British people - they haven''t got a veto," Davis said.(Editing by Stephen Powell)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/us-britain-eu-idINKBN16J0JQ'|'2017-03-12T16:59:00.000+02:00'
'c0432d4bee92e589c5ae5f0d06547bd87ea8d4b5'|'UPDATE 2-U.S. sells T-bills at highest rate in 8-1/2 years'|'* Fed widely expected to raise rates after policy meeting* U.S. sells cash management bills ahead of debt ceiling* Treasury aims to lower cash holding to $23 bln Wednesday (Adds cash management bill sale results, Quote: )By Richard LeongNEW YORK, March 14 The U.S. Treasury Department on Tuesday sold one-month bills at the highest interest rate in 8-1/2 years as traders braced for a likely quarter percentage-point interest rate increase from the Federal Reserve on Wednesday.U.S. policymakers are expected to make the move at their two-day meeting as a number of them recently said the world''s biggest economy is near full employment and close to their 2 percent inflation goal.The widely expected rate increase coincides with the possible reinstatement of the federal borrowing limit, which would be about $19.9 trillion, on Thursday.The Treasury sold $55 billion of one-month bills at an interest rate of 0.770 percent, the highest rate at an auction for this debt maturity since September 2008.The ratio of bids to the amount offered was 3.40, the lowest since Jan. 24.Last week, the Treasury auctioned $15 billion of one-month T-bills at an interest rate of 0.570 percent.LOOMING DEBT CEILINGIn November 2015, U.S. lawmakers agreed to suspend the federal borrowing cap through Wednesday.Once this expires, the Treasury Department has said it will embark on extraordinary measures, including halting the issuance of certain securities for state and local governments and stopping certain payments in a bid to meet its own debt obligations and avoid a federal default.These steps would allow the Treasury to sell more debt and give time for lawmakers to work on a deal to remove the borrowing limit before the Treasury is expected to run out of cash in the fall, analysts said."If they don''t address the debt ceiling issue before their August recess, that would be a good reason to be concerned," said Ward McCarthy, chief financial economist at Jefferies LLC in New York.The reinstatement of the debt ceiling would require the Treasury to reduce its cash holding, which was $30 billion last Friday, to $23 billion on Wednesday.The Treasury has ramped up its issuance of short-term debt, including cash management bills (CMB), to ensure they have enough cash on hand without violating its cash balance requirement under the debt ceiling.On Tuesday, it sold $35 billion of 35-day CMB following Monday''s $33 billion auction of 44-day CMB. (Reporting by Richard Leong; Editing by Jonathan Oatis and Dan Grebler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-auction-1month-idINL2N1GR0SR'|'2017-03-14T15:23:00.000+02:00'
'614f0f00d601e8624eca5b7b1e0ce517928ed418'|'Wall St Week Ahead-Some bank bulls grow wary on policy uncertainty'|' 09pm EST Wall St Week Ahead-Some bank bulls grow wary on policy uncertainty By Sinead Carew - March 10 March 10 Bank shares have been the runaway winners of the post-election U.S. stock market boom as investors wagered that higher interest rates, lighter regulation, lower taxes and faster economic growth would boost profits for lenders. Up 32 percent since the election of Donald Trump, the S&P 500''s bank index has outpaced the wider market''s gain by roughly 3-to-1. Now, however, a changing dynamic in the bond market as the U.S. Federal Reserve gears up to raise interest rates at a faster pace than many had previously expected is beginning to give pause to some early bank stock bulls. With another strong U.S. jobs report in the books, the Fed is widely expected to raise overnight interest rates on Wednesday, and is now seen delivering three rate hikes in 2017. Rising rates can boost bank profits, but bank profitability also hinges on the difference between short-term rates, like those set by the Fed and which tend to mark the cost for banks to acquire their funds, and long-term rates, which serve as benchmarks for what banks charge their customers for loans. When that difference, or spread, is large, bank profits can rise rapidly. When it narrows, or flattens, profit growth can suffer. At issue now is what some investors see as a growing risk of a flattening yield curve under a more aggressive rate-hike path by the Fed. Forwards pricing for 2- and 10-year Treasury yields suggests the spread between them will narrow to about 93 basis points by year-end from the current 122 points. That is why Jeffrey Gundlach, chief executive officer at DoubleLine Capital and an early buyer of the Trump rally, said he has sold his financial stocks. "When the Fed tightens more than once a year, historically it is very consistent with a flatter curve," Gundlach said. "The yield curve won''t help the sector." In the month after the Nov. 8 U.S. Presidential election the S&P 500 bank index rose 24 percent. Since then the stocks have risen 5.7 percent as many investors awaited concrete signs of regulatory and tax reform. "Post-election, that was the easy money on financials right there," DoubleLine''s Gundlach said. MORE THAN JUST THE CURVE To be sure, the bank rally has been grounded on more than just rate hike expectations and yield curve forecasts. Investor interest has also been stoked by assumptions about Trump''s agenda in Washington. Investors have been betting that Trump''s promises of tax cuts would boost consumer spending and company profits, which would drive loan demand. Meanwhile, his promise to slash regulations could also cut compliance costs and allow banks to expand their loan portfolios more rapidly than possible under restrictions imposed following the financial crisis. That is among the reasons why David Lebovitz, global market strategist at J.P. Morgan Asset Management, still expects more gains for financial stocks. Even if regulatory and tax reform looks like it will take a long time, investors will likely be patient as long as Trump''s administration provides more specifics on its plans including timetables, Lebovitz said. But he cautioned that "disappointment on the policy front is the biggest risk" to stocks right now as investors have priced in policy changes already. Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago, said that the bank sector''s outperformance may be "done" but stopped short of calling for a correction. "I''m not sure investors are looking at the shifting yields and market conditions. It seems to be buy and worry about the ''why'' later," he said. (Additional reporting by Jennifer Ablan and Richard Leong in New York.; Editing by Dan Burns and Meredith Mazzilli)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-weekahead-idUSL2N1GM25Y'|'2017-03-11T05:09:00.000+02:00'
'86dabc06d1197229759401be4a76900db2d527dd'|'UPDATE 1-Corzine points to PwC role ahead of MF Global collapse'|'* MF Global administrator eyes $3 billion damages from PwC* Corzine was New Jersey governor, Goldman co-chairman (Adds more Corzine testimony)By Jonathan StempelNEW YORK, March 10 Former New Jersey Governor Jon Corzine on Friday resisted accepting blame for the October 2011 collapse of his brokerage MF Global Holdings Ltd, repeatedly stressing his reliance on judgments by the auditor PricewaterhouseCoopers LLP.Corzine was testifying for a second day for MF Global''s bankruptcy administrator in federal court in Manhattan in its $3 billion malpractice case against PwC.Under cross-examination from PwC''s lawyer, Corzine rejected suggestions that the collapse stemmed not from PwC''s negligence, but from MF Global''s own business decisions.These included Corzine''s $6.3 billion wager on sovereign debt from five European countries, which spooked nervous markets after a recent near-shutdown of the U.S. government.It also included a delay in Corzine''s plan to transform MF Global into a full-service broker-dealer that led to a large, surprise tax loss for the futures and commodities brokerage."I relied on my team, and on the advice they were receiving and I was receiving, from our outside public accountants," Corzine said.While never blaming PwC directly, Corzine had testified on Thursday that he trusted PwC because of its strong reputation, and had no reason to believe MF Global''s accounting was wrong.He said PwC''s decision to change its advice on accounting for "deferred tax assets," and MF Global''s decision to reveal more than PwC had required about the European debt to calm jittery markets, prompted "confusion" and a "loss of confidence and trust."PwC''s lawyer James Cusick on Friday tried to show through emails and other evidence that the auditor was not at fault, including for the European debt financed through "repurchase-to-maturity" transactions."They didn''t advise you on whether to embark on this Euro RTM strategy?" Cusick asked."They did not," Corzine replied."These were all business decisions, that belonged to yourself, your management team and your board of directors?""Correct."Cusick got Corzine to agree that volatile capital markets and some other concerns flagged in a Moody''s Investors Service downgrade of MF Global a week before the bankruptcy were, in the lawyer''s words, "not PricewaterhouseCoopers'' fault."Corzine has been cooperating with the administrator, and testified that in his five or six recent meetings with its lawyers it became "pretty clear the types of themes" to be discussed at trial, including "trust and confidence."On Monday, Corzine is expected to face more questions from Cusick, followed by questions from the administrator''s lawyer, Stephen Sorensen.Corzine, 70, has kept a low profile since testifying in December 2011 before Congress about MF Global.In January, he agreed to a $5 million fine to settle a U.S. Commodity Futures Trading Commission lawsuit over MF Global, without admitting wrongdoing.PwC in 2015 settled with MF Global investors for $65 million, and denied wrongdoing.The expected five-week trial began on Tuesday.The case is MF Global Holdings Ltd as Plan Administrator v PricewaterhouseCoopers LLP, U.S. District Court, Southern District of New York, No. 14-02197. (Reporting by Jonathan Stempel in New York; Editing by Tom Brown)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mf-global-hldg-pricewaterhouse-idINL2N1GN1ME'|'2017-03-10T18:27:00.000+02:00'
'34324549ff793231a2011cfa5b5db5e59509cf97'|'BRIEF-Moab Capital Partners reports 5.1 pct passive stake in Viad'|'Company News   5:04pm EST BRIEF-Moab Capital Partners reports 5.1 pct passive stake in Viad March 10 Moab Capital Partners Llc: * Moab Capital Partners Llc reports 5.1 percent passive stake in Viad Corp as of February 8, 2017 - SEC filing Source text: ( bit.ly/2neEloC ) Next In Company News Lloyds, two others dismissed from yen Libor litigation in U.S. NEW YORK, March 10 A U.S. judge on Friday dismissed Lloyds Banking Group Plc, ICAP Europe Ltd and Tullett Prebon Plc as defendants from litigation alleging a conspiracy among many financial services companies to manipulate the yen Libor and Euroyen Tibor benchmark interest rates.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-moab-capital-partners-reports-51-p-idUSFWN1GN0R5'|'2017-03-11T05:04:00.000+02:00'
'f00f583a12c716c2c0a6a4ec7dbb46ee3c70c873'|'Intel to buy Israeli technology firm Mobileye for $15 billion'|'Business News   2:30pm GMT Intel to buy driverless car-tech firm Mobileye for $15 billion left right FILE PHOTO: The logo of Intel, the world''s largest chipmaker, is seen at their offices in Jerusalem, April 20, 2016. REUTERS/Ronen Zvulun/File Photo 1/7 left right The logo of Israeli driverless technology firm Mobileye is seen on their office building in Jerusalem March 13, 2017. REUTERS/Ronen Zvulun 2/7 left right FILE PHOTO: Chairman of Israeli driving assistant software maker Mobileye NV, Amnon Shashua, poses for a photograph at his office in Jerusalem September 14, 2016. REUTERS/Ronen Zvulun/File Photo 3/7 left right FILE PHOTO: Signage is seen at the offices of Israeli driving assistant software maker Mobileye NV in Jerusalem September 14, 2016. REUTERS/Ronen Zvulun/File Photo 4/7 left right FILE PHOTO: A device, part of the Mobileye driving assist system, is seen on the dashboard of a vehicle during a demonstration for the media in Jerusalem October 24, 2012. REUTERS/Baz Ratner/File Photo 5/7 left right The logo of Israeli driverless technology firm Mobileye is seen on their office building in Jerusalem March 13, 2017. REUTERS/Ronen Zvulun 6/7 left right Signage is seen at the offices of Israeli driving assistant software maker Mobileye NV in Jerusalem September 14, 2016. Picture taken September 14, 2016. REUTERS/Ronen Zvulun 7/7 JERUSALEM U.S. chipmaker Intel ( INTC.O ) agreed to buy driverless car-technology firm Mobileye ( MBLY.N ) for $15.3 billion (12.53 billion pounds) on Monday, positioning itself for a dominant role in the autonomous-driving sector after missing the market for mobile phones. The $63.54-per-share cash deal marks the largest purchase of a company solely focused on the self-driving sector. Mobileye''s shares jumped as much as 30 percent to $61.51 in early U.S. trading, while Intel''s shares were down 1.3 percent. The deal underscores the expanding alliances between automakers and their suppliers as they race to develop self-driving cars, a concept that once seemed a science-fiction dream but is drawing closer to reality. While Intel is known for hardware chips and Mobileye for collision detection software, the merger promises to create a large portfolio of technologies needed for driverless vehicles. That includes cameras, sensor chips, in-car networking, roadway mapping, machine learning and cloud software, as well as the data-centres needed to manage all the data involved. "It''s an area where (Intel) has had very little presence - the automotive market, and so this is a tremendous opportunity for them to get into a market that has significant growth opportunities," said Betsy Van Hees, an analyst at Loop Capital Markets. "Mobileye''s technology is very critical ... The price seems fair," she added. The offer represents a premium of about 33 percent to Mobileye''s Friday closing price of $47. Intel will integrate its automated driving group with Mobileye''s operations, with the combined entity being run by Mobileye Chairman Amnon Shashua from Israel. Intel Chief Executive Brian Krzanich said the acquisition was akin to merging the "eyes of the autonomous car with the intelligent brain that actually drives the car." Mobileye supplies cameras, chips and software for driver- assist systems - the building blocks for self-driving cars - to more than two dozen manufacturers. The company was an early supplier of vision systems to Tesla, but the two companies had an acrimonious and public breakup last summer after the driver of a Tesla Model S was killed while operating the vehicle using Tesla''s Autopilot system. Intel said it expects the vehicle systems, data and services market to rise to $70 billion by 2030. Mobileye, founded in 1999, accounts for 70 percent of the global market for driver-assistance and anti-collision systems. It employs 660 people and had adjusted net income of $173.3 million last year. Analysts said that mounting a counterbid would be difficult as Mobileye''s Shashua would remain in charge and the combined entity would be based in Israel. Shashua and two other senior Mobileye executives stand to do well by the deal: together they own nearly 7 percent of the company. Shmuel Harlap, Israel''s biggest car importer and one of Mobileye''s earliest investors, also holds a 7 percent stake. BATTLE FOR SELF-CONTROL Mobileye and Intel are already collaborating with German automaker BMW ( BMWG.DE ) on a project to put a fleet of around 40 self-driving test vehicles on the road in the second half of this year. At the same time, Mobileye has teamed up with Intel for its fifth-generation of chips that will be used in fully autonomous vehicles that are scheduled for delivery around 2021. Last October, Qualcomm announced a $47 billion deal to acquire the Netherlands'' NXP, the largest automotive chip supplier, putting pressure on other chipmakers seeking to make inroads into the market, including Intel, Mobileye and rival Nvidia NVDIA.O. The Qualcomm-NXP deal, which will create the industry''s largest portfolio of sensors, networking and other elements vital to autonomous driving, is expected to close later in 2017. For a dozen years, Mobileye has relied on Franco-Italian chipmaker STMicroelectronics to produce chips that the Israeli company sells to many of the world''s top automakers for its current, third-generation of driver-assistance systems. Mobileye''s relationships with automakers, leading suppliers and STMicroelectronics will continue uninterrupted, the companies said in their statement, and Mobileye''s current product roadmap will not be affected. (Additional reporting by Edward Taylor, Eric Auchard and Narottam Medhora; Editing by Luke Baker, Mark Potter and Saumyadeb Chakrabarty) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-intel-mobileye-idUKKBN16K10V'|'2017-03-13T20:19:00.000+02:00'
'd3c6fac5041dd8c9b1a7b1bf7756f29116f9a0a6'|'Surprise fall in Japan Jan machinery orders raises doubts about recovery'|'Business News - Mon Mar 13, 2017 - 1:19am GMT Surprise fall in Japan January machinery orders raises doubts about recovery A worker is pictured next to heavy machinery at a construction site in Tokyo''s business district, Japan, January 16, 2017. REUTERS/Toru Hanai By Minami Funakoshi - TOKYO TOKYO Japan''s core machinery orders unexpectedly fell in January from the previous month and dipped the most in five months, adding to worries about whether recent signs of economic recovery will be sustainable. Japanese policymakers hope a recovery in capital spending will help drive growth in the world''s third-largest economy and pull it out of deflation and stagnation. Core machinery orders fell 3.2 percent in January, sharply undershooting the economists'' median estimate of a 0.5 percent increase, Cabinet Office data showed on Monday. That followed a rebound in December, when core orders rose 2.1 percent. While the data series can fluctuate widely, it is regarded as a leading indicator of capital spending in the coming six to nine months. "The results were weak. I am somewhat worried, but machinery orders are volatile so it''s necessary to watch for a while longer," said Hidenobu Tokuda, senior economist at Mizuho Research Institute. Compared with a year earlier, core orders, which exclude those of ships and electrical equipment, fell 8.2 percent in January - the biggest fall in eight months and larger than the analyst estimate for a 3.3 percent decrease. The Cabinet Office maintained its assessment of machinery orders, saying the pick-up was stalling. Manufacturers surveyed by the Cabinet Office forecast core orders to rise 1.5 percent in January-March from the previous quarter. The figure was seasonally adjusted from the previously estimated 3.3 percent increase. While recent Japanese data has been largely upbeat, the readings were still subdued and growth is still not solid enough to generate the sustained inflation that the Bank of Japan needs to meet its 2 percent price target. Capital expenditure grew at the fastest pace in almost three years in the fourth quarter, but private consumption has remained stubbornly sluggish. Exports have crept back into expansionary territory but are facing the risk of a rise in U.S. trade protectionism. With the outlook still murky, the BOJ is expected to keep its policy settings unchanged at a board meeting later this week. Economists polled by Reuters expect the central bank will keep the short-term policy interest rate at minus 0.1 percent and the 10-year government bond yield target at around zero percent. While overseas protectionist policies do dampen capital spending, the global economy is recovering, said Mizuho''s Tokuda. "The two factors will pull against each other so capital spending won''t keep rising a lot," he said. U.S. President Donald Trump and Japanese Prime Minister Shinzo Abe agreed last month to launch a bilateral economic dialogue to discuss issues such as macroeconomic policies, trade and infrastructure investment. By sector, core orders from manufacturers fell 10.8 percent in January from the previous month, following a 0.8 percent rise in December. (This story was refiled to note figure in paragraph 8 was seasonally adjusted) (Reporting by Minami Funakoshi; Editing by Chang-Ran Kim and Kim Coghill) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-japan-economy-orders-idUKKBN16K00Q'|'2017-03-13T08:08:00.000+02:00'
'6845ca60099843b12dc00002d3c7f9847e7fa413'|'BRIEF-AMC Reaches Agreement with National CineMedia'|' 45pm EST BRIEF-AMC Reaches Agreement with National CineMedia March 11 Amc Entertainment Holdings Inc * National Cinemedia- NCM and AMC reach agreement allowing amc to comply with DOJ’s final order on carmike merger * National Cinemedia- under agreement, amc will receive over 18.4 million units in ncm llc as a common unit adjustment for its carmike acquisition  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-amc-reaches-agreement-with-nationa-idUSFWN1GN0UK'|'2017-03-11T07:45:00.000+02:00'
'24e3a9a79fe4431175e1c4be8a964e90caf3127e'|'Alitalia chairman ready to quit after industrial plan approved - source'|'Business News - Tue Mar 14, 2017 - 5:38pm GMT Alitalia chairman ready to quit after industrial plan approved - source Luca di Montezemolo addresses the audience after being inducted into the 2015 Automotive Hall of Fame in Detroit, Michigan July 23, 2015. REUTERS/Rebecca Cook ROME Alitalia Chairman Luca di Montezemolo is ready to leave his position at the loss-making airline after the board approves a new industrial plan, a source close to the situation said on Tuesday. The Alitalia board will meet on Wednesday to discuss the new plan, the source added. Alitalia''s controlling shareholder Etihad Airways, which has a 49 percent stake, is pushing for deep job cuts. The airline''s financial losses and failure to fend off low-cost competition is widely blamed on years of poor management. (Reporting by Alberto Sisto, writing by Gavin Jones) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-alitalia-chairman-resignation-idUKKBN16L29C'|'2017-03-15T00:38:00.000+02:00'
'299e34e8d59dff8f91de428b5f1426569b2bae79'|'EXCLUSIVE: Delta hires consultant to study refinery options - sources'|'By Jarrett Renshaw and Jessica Resnick-Ault - NEW YORK NEW YORK Delta Air Lines has hired a consultant to assess the impact on jet fuel prices if the carrier sells or closes the Philadelphia-area refinery it purchased five years ago to keep fuel affordable, two sources familiar with the process said. They said the consultant will also study other scenarios involving jet fuel prices and the refinery sector, including the impact if other refineries close. The U.S. East Coast refining industry is fighting a battle to survive, with concerns about a second wave of plant closures after four refineries shuttered in the past decade due to the rising costs of acquiring crude. Dallas-based consultancy Baker & O’Brien Inc was asked to perform a financial valuation of the refinery''s assets and study other scenarios, such as other regional refineries closing and the financial impact of new emissions regulations, the sources said. Baker & O''Brien did not immediately respond to a request for comment. Delta, the world’s largest airline, shocked the industry in 2012 when it rescued the 185,000 barrel-per-day Trainer, Pennsylvania, refinery from near-closure, arguing in part that jet fuel prices in the region would spike if the plant closed. In a statement to Reuters, the airline confirmed that it had hired a consultant to look at the refinery business, but it did not name the consultant and added that it was a routine assessment and not a precursor to selling or closing the plant. “Delta has said publicly many times that we are committed to the refinery and that position hadn’t changed," Delta spokesman Trebor Banstetter said, in a statement. "The study was commissioned as a routine evaluation of our investment five years after the refinery was purchased." The refinery continues to perform as expected as part of the company''s broad fuel management strategy, he added. After profitable years in 2014 and 2015, Delta''s refinery lost $125 million last year as refinery industry margins collapsed. The company reported overall net income of $4.01 billion for the year, so the refinery''s loss was miniscule for its balance sheet. Skeptics argued in 2012 that Delta''s purchase subsidized competitors, who could enjoy the benefits of lower jet fuel prices without the burden of running a refinery. The plant’s manager told employees last year that refinery losses were offset by savings for the airline in jet fuel prices, saying the company was going to continue to maximize jet fuel production in the New York market to keep pressure on prices. "This negatively impacts our refinery economics, but greatly helps reduce Delta’s fuel cost," refinery manager Jeff Warmann wrote then. As of December, Delta had decided to start marketing its own gasoline and diesel fuel produced at the refinery, rather than swap it under existing contracts. It was a signal the airline was trying to find ways to mitigate losses at the refinery. Baker & O''Brien is one of several firms that bid for the work, according to people familiar with the process. Several consultancies based in Texas focus on helping companies navigate strategy related to their refining operations. Often, these consultancies work with companies that do not have the capacity to do such studies in-house. The work was authorized by Delta from its Atlanta headquarters, not by Monroe Energy, the refining subsidiary, sources said. Ed Hirs, an energy economics professor at the University of Houston and a skeptic of Delta''s refinery purchase, said the company''s board was willing to overlook the refinery''s issues when it was making money, but losses will now draw more scrutiny. "From everything I''ve seen, the refinery has not been able to pay for itself," Hirs said. (Reporting By Jarrett Renshaw and Jessica Resnick-Ault; Editing by David Gregorio) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/delta-air-refineries-monroe-idINKBN16L29Z'|'2017-03-15T00:47:00.000+02:00'
'c122d29c02d7a917a65ea725009cbb340e416940'|'One dead, 3 missing in Sikorsky helicopter crash off Irish coast'|'News Maps   11:01am EDT One dead, three missing in Sikorsky helicopter crash off Irish coast DUBLIN One person died and three were missing after a Sikorsky S-92 helicopter crashed off the coast of Ireland during a rescue operation, the Irish Coast Guard said on Tuesday. The search-and-rescue helicopter, which was assisting another aircraft with a medical evacuation from a fishing vessel, lost contact at around 0100 GMT, it said in a statement. A spokesman for U.S.-based Sikorsky, part of Lockheed Martin, said the firm was working with the helicopter''s operator to gather information on the possible cause of the crash. Sikorsky in January issued a service notice saying the tail rotor and bearing assemblies of the S-92 should be checked following an incident with the tail rotor during a landing on a rig off Scotland on Dec. 28. European regulators last year grounded certain Super Puma helicopters made by rival Airbus after an accident in which the rotor head separated from the helicopter. The Super Puma ban was conditionally lifted by the European safety agency but Britain and Norway have kept national restrictions in place. (Reporting by Conor Humphries; editing by Andrew Roche) Next In News Maps'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ireland-crash-sikorsky-idUSKBN16L1WE'|'2017-03-14T21:54:00.000+02:00'
'58340d6057944ecdac3267c6759de8c7f2599694'|'Some bank bulls grow wary on policy uncertainty'|'By Sinead Carew Bank shares have been the runaway winners of the post-election U.S. stock market boom as investors wagered that higher interest rates, lighter regulation, lower taxes and faster economic growth would boost profits for lenders.Up 32 percent since the election of Donald Trump, the S&P 500''s bank index .SPXBK has outpaced the wider market''s gain by roughly 3-to-1. Now, however, a changing dynamic in the bond market as the U.S. Federal Reserve gears up to raise interest rates at a faster pace than many had previously expected is beginning to give pause to some early bank stock bulls.With another strong U.S. jobs report in the books, the Fed is widely expected to raise overnight interest rates on Wednesday, and is now seen delivering three rate hikes in 2017.Rising rates can boost bank profits, but bank profitability also hinges on the difference between short-term rates, like those set by the Fed and which tend to mark the cost for banks to acquire their funds, and long-term rates, which serve as benchmarks for what banks charge their customers for loans.When that difference, or spread, is large, bank profits can rise rapidly. When it narrows, or flattens, profit growth can suffer.At issue now is what some investors see as a growing risk of a flattening yield curve under a more aggressive rate-hike path by the Fed. Forwards pricing for 2- and 10-year Treasury yields suggests the spread between them will narrow to about 93 basis points by year-end from the current 122 points.That is why Jeffrey Gundlach, chief executive officer at DoubleLine Capital and an early buyer of the Trump rally, said he has sold his financial stocks."When the Fed tightens more than once a year, historically it is very consistent with a flatter curve," Gundlach said. "The yield curve won''t help the sector."In the month after the Nov. 8 U.S. Presidential election the S&P 500 bank index rose 24 percent. Since then the stocks have risen 5.7 percent as many investors awaited concrete signs of regulatory and tax reform."Post-election, that was the easy money on financials right there," DoubleLine''s Gundlach said.MORE THAN JUST THE CURVETo be sure, the bank rally has been grounded on more than just rate hike expectations and yield curve forecasts. Investor interest has also been stoked by assumptions about Trump''s agenda in Washington.Investors have been betting that Trump''s promises of tax cuts would boost consumer spending and company profits, which would drive loan demand. Meanwhile, his promise to slash regulations could also cut compliance costs and allow banks to expand their loan portfolios more rapidly than possible under restrictions imposed following the financial crisis.That is among the reasons why David Lebovitz, global market strategist at J.P. Morgan Asset Management, still expects more gains for financial stocks.Even if regulatory and tax reform looks like it will take a long time, investors will likely be patient as long as Trump''s administration provides more specifics on its plans including timetables, Lebovitz said.But he cautioned that "disappointment on the policy front is the biggest risk" to stocks right now as investors have priced in policy changes already.Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago, said that the bank sector''s outperformance may be "done" but stopped short of calling for a correction."I''m not sure investors are looking at the shifting yields and market conditions. It seems to be buy and worry about the ''why'' later," he said.(Additional reporting by Jennifer Ablan and Richard Leong in New York.; Editing by Dan Burns and Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/us-usa-stocks-weekahead-idINKBN16H2PS'|'2017-03-10T19:27:00.000+02:00'
'f5ae7640de3d137c226ec0c693de8144ddc26d9f'|'Shell agrees $7.25 billion Canadian oil sands sale'|'LONDON Royal Dutch Shell has agreed to sell most of its Canadian oil sands assets for $7.25 billion to Canadian Natural, the company said on Thursday.The deal also includes a joint acquisition by Shell and Canadian Natural of Marathon Oil Canada Corporation, a subsidiary of Marathon Oil, for $1.25 billion each to be paid in cash, Shell said.Shell will sell its existing and undeveloped Canadian oil sands interests and reduce its share in the Athabasca Oil Sands Project (AOSP) to 10 percent, but it will remain as operator of the AOSP Scotford upgrader and the Quest carbon capture and storage project.(Reporting by Karolin Schaps; editing by Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/shell-divestiture-cdn-natural-rsc-idINKBN16G0Q0'|'2017-03-09T04:41:00.000+02:00'
'171d3efac02afbe8a3b86f4b7fb6c301d78cc490'|'UPDATE 1-RadioShack chain operator files for bankruptcy protection'|'(Adds details, background)March 8 U.S. electronics chain RadioShack Corp filed for bankruptcy on Wednesday for the second time in a little over two years, faced with a challenging retail environment and an unsatisfying partnership with wireless provider Sprint Corp.The Chapter 11 filing comes after RadioShack, owned by General Wireless Operations Inc, tried to revitalize its business by co-branding stores with the wireless carrier in an effort to compete against their largest rivals.General Wireless, an affiliate of hedge fund Standard General LP that acquired the RadioShack brand in 2015, filed for a Chapter 11 reorganization and listed assets and liabilities in the range of $100 million to $500 million in the U.S. bankruptcy court for the Delaware district.RadioShack will close approximately 200 stores and will evaluate options on the remaining 1,300, the company said in a statement.RadioShack, a nearly 100-year-old chain that captured the heart of electronics enthusiasts for its specialty products such as "walkie talkies," first filed for bankruptcy in 2015 after the rise of mobile phones caught it off-guard and customers abandoned its stores for big box competitors including Best Buy Co Inc and Amazon.com Inc.In its first bankruptcy, RadioShack was ultimately bought by General Wireless, an affiliate of one of its creditors, hedge fund Standard General LP.In an attempt to keep the doors open on 1,740 stores, RadioShack struck a partnership with Sprint during its bankruptcy, inviting the mobile carrier to co-brand with the company and set up smaller stores within its own. At the time, Sprint viewed RadioShack''s retail footprint as a way to quickly scale up its own business.But, in the years since RadioShack has emerged, both Sprint and RadioShack have struggled. (Reporting by Subrat Patnaik in Bengaluru and Lauren Hirsch in New York; Editing by Sandra Maler and Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/radioshack-bankruptcy-idINL2N1GM039'|'2017-03-08T22:58:00.000+02:00'
'ea8bf8443953d2c4b7e0ecbc86599f5fd20d2f66'|'BRIEF-Walgreens to sell more assets to win Rite Aid nod - Bloomberg'|' 47pm EDT BRIEF-Walgreens to sell more assets to win Rite Aid nod - Bloomberg March 14 (Reuters) - * Walgreens said ready to sell more assets to win Rite Aid nod - Bloomberg, citing sources * Walgreens is nearing an agreement to sell more assets to Tennessee-based discount chain Fred''s Inc - Bloomberg, citing sources'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-walgreens-to-sell-more-assets-to-w-idUSFWN1GR0L7'|'2017-03-15T01:47:00.000+02:00'
'e3e0cf6015f72472e7a5ad2c9ca807906d18d97a'|'BRIEF-Infinity expects net loss for 2017 to range from $40 mln-$50 mln'|' 19pm EDT BRIEF-Infinity expects net loss for 2017 to range from $40 mln-$50 mln March 14 Infinity Pharmaceuticals Inc: * Infinity provides company update and reports fourth quarter 2016 financial results * Infinity Pharmaceuticals Inc- expects net loss for 2017 to range from $40 million to $50 million * Infinity Pharmaceuticals- expects to end 2017 with year-end cash, cash equivalents, available-for-sale securities balance ranging from $40 million-$50 million * Infinity Pharma- expects existing cash, cash equivalents, available-for-sale securities at Dec. 31, 2016, adequate to satisfy capital needs into Q1 2019    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-infinity-expects-net-loss-for-idUSASB0B5GP'|'2017-03-15T03:19:00.000+02:00'
'f404f46de4d2bb2388b1d57e961676d93b96b5f8'|'As ministers meet on scrapped Pacific trade deal, decisions elusive'|'Business   3:02am IST As ministers meet on scrapped Pacific trade deal, decisions elusive FULL COVERAGE: left right Chile''s Foreign Minister Heraldo Munoz (L) shakes hands with Japan''s State Cabinet Office Minister Takao Ochi (C) and Japan''s Parliamentary Vice-Minister of Economy, Trade and Industry Toshinao Nakagawa during a meeting of the ''Alianza del Pacifico'' (Pacific Alliance) in Vina del Mar, Chile March 14, 2017. REUTERS/Rodrigo Garrido 1/8 left right Colombia''s Foreign Minister Maria Angela Holguin (C) attends a meeting of the ''Alianza del Pacifico'' (Pacific Alliance) in Vina del Mar, Chile March 14, 2017. REUTERS/Rodrigo Garrido 2/8 left right Mexico''s Foreign Minister Luis Videgaray attends a meeting of the ''Alianza del Pacifico'' (Pacific Alliance) in Vina del Mar, Chile March 14, 2017. REUTERS/Rodrigo Garrido 3/8 left right Chile''s Foreign Minister Heraldo Munoz (L) talks to Japan''s State Cabinet Office Minister Takao Ochi during a meeting of the ''Alianza del Pacifico'' (Pacific Alliance) in Vina del Mar, Chile March 14, 2017. REUTERS/Rodrigo Garrido 4/8 left right Mexico''s Economy Minister Ildefonso Guajardo attends a meeting of the ''Alianza del Pacifico'' (Pacific Alliance) in Vina del Mar, Chile March 14, 2017. REUTERS/Rodrigo Garrido 5/8 left right A view of the meeting room during ''Alianza del Pacifico'' (Pacific Alliance) summit in Vina del Mar, Chile March 14, 2017. REUTERS/Rodrigo Garrido 6/8 left right New Zealand''s Trade Minister Todd McClay attends a meeting of the ''Alianza del Pacifico'' (Pacific Alliance) in Vina del Mar, Chile March 14, 2017. REUTERS/Rodrigo Garrido 7/8 left right Chile''s Foreign Minister Heraldo Munoz (L) and Australia''s Trade Minister Steven Ciobo shake hands during a meeting of the ''Alianza del Pacifico'' (Pacific Alliance) in Vina del Mar, Chile March 14, 2017. REUTERS/Rodrigo Garrido 8/8 By Rosalba O''Brien and Antonio De la Jara - VINA DEL MAR, Chile VINA DEL MAR, Chile Ministers and officials representing the 12 countries of the failed Trans-Pacific Partnership, plus China and South Korea, began talks in Chile on Tuesday, but any concrete decision on how a new trade pact might look seemed far off. The TPP, which would have included about 40 percent of the world''s gross domestic product, was effectively torpedoed after U.S. President Donald Trump withdrew the United States from the agreement in January. Chile, a keen free-trade enthusiast and one of the signatories of the original agreement, invited TPP representatives to its Pacific-facing coastal city of Vina del Mar to try to thrash out a way forward. But officials said the conversation is just the beginning of a long and uncertain road. "We see this as an opportunity to have a frank round-the-table conversation to gauge where each of the countries are and then to work out how we might consider what next steps there may be, if there are any," New Zealand trade minister Todd McClay told Reuters in an interview on the sidelines of the conference. "I''m not coming here expecting to make any decisions this week." However, McClay expressed optimism that "there is life still in the TPP" and said he expected the signatory countries to clarify a way ahead "in a few months." Chile said its best hope at this point was more meetings. "If we can get some clarity on what is ahead then that more than justifies the meeting," Foreign Minister Heraldo Munoz told reporters. The United States will represented by its ambassador to Chile, while China, which criticized the TPP and was not part of it, has sent its special envoy for Latin America, Yin Hengmin. Both China and Chile have emphasized that the meeting - officially, the "High Level Dialogue on Integration Initiatives in the Asia-Pacific Region" - is not just about the TPP. Nonetheless, what future, if any, the trade deal may have appears to be the dominant discussion topic over the two-day meeting. Possibilities include redesigning it without the United States or building instead on the proposed Southeast Asian-backed Regional Comprehensive Economic Partnership. Signatories may also use the TPP as a springboard for new bilateral deals, Mexican Foreign Minister Luis Videgaray said. Certainly, officials say, there is a reluctance to scrap the TPP entirely. "These 11 countries have been negotiating with each other for 8 or 9 years, so we know a lot about each other," said McClay. (Reporting by Rosalba O''Brien and Antonio de la Jara; Editing by Dan Grebler) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-trade-tpp-idINKBN16L2O0'|'2017-03-15T04:26:00.000+02:00'
'1d2fb0d1f12d27d8eaf229a3fe97958973d59e1e'|'Exclusive: Delta hires consultant to study refinery options - sources'|'Commodities   12:29pm EDT Exclusive: Delta hires consultant to study refinery options - sources Passengers check in at a counter of Delta Air Lines in Mexico City, Mexico, August 8, 2016. REUTERS/Ginnette Riquelme By Jarrett Renshaw and Jessica Resnick-Ault - NEW YORK NEW YORK Delta Air Lines has hired a consultant to assess the impact on jet fuel prices if the carrier sells or closes the Philadelphia-area refinery it purchased five years ago to keep fuel affordable, two sources familiar with the process said. They said the consultant will also study other scenarios involving jet fuel prices and the refinery sector, including the impact if other refineries close. The U.S. East Coast refining industry is fighting a battle to survive, with concerns about a second wave of plant closures after four refineries shuttered in the past decade due to the rising costs of acquiring crude. Dallas-based consultancy Baker & O’Brien Inc was asked to perform a financial valuation of the refinery''s assets and study other scenarios, such as other regional refineries closing and the financial impact of new emissions regulations, the sources said. Baker & O''Brien did not immediately respond to a request for comment. Delta, the world’s largest airline, shocked the industry in 2012 when it rescued the 185,000 barrel-per-day Trainer, Pennsylvania, refinery from near-closure, arguing in part that jet fuel prices in the region would spike if the plant closed. In a statement to Reuters, the airline confirmed that it had hired a consultant to look at the refinery business, but it did not name the consultant and added that it was a routine assessment and not a precursor to selling or closing the plant. “Delta has said publicly many times that we are committed to the refinery and that position hadn’t changed," Delta spokesman Trebor Banstetter said, in a statement. "The study was commissioned as a routine evaluation of our investment five years after the refinery was purchased." The refinery continues to perform as expected as part of the company''s broad fuel management strategy, he added. After profitable years in 2014 and 2015, Delta''s refinery lost $125 million last year as refinery industry margins collapsed. The company reported overall net income of $4.01 billion for the year, so the refinery''s loss was miniscule for its balance sheet. Skeptics argued in 2012 that Delta''s purchase subsidized competitors, who could enjoy the benefits of lower jet fuel prices without the burden of running a refinery. The plant’s manager told employees last year that refinery losses were offset by savings for the airline in jet fuel prices, saying the company was going to continue to maximize jet fuel production in the New York market to keep pressure on prices. "This negatively impacts our refinery economics, but greatly helps reduce Delta’s fuel cost," refinery manager Jeff Warmann wrote then. As of December, Delta had decided to start marketing its own gasoline and diesel fuel produced at the refinery, rather than swap it under existing contracts. It was a signal the airline was trying to find ways to mitigate losses at the refinery. Baker & O''Brien is one of several firms that bid for the work, according to people familiar with the process. Several consultancies based in Texas focus on helping companies navigate strategy related to their refining operations. Often, these consultancies work with companies that do not have the capacity to do such studies in-house. The work was authorized by Delta from its Atlanta headquarters, not by Monroe Energy, the refining subsidiary, sources said. Ed Hirs, an energy economics professor   Houston and a skeptic of Delta''s refinery purchase, said the company''s board was willing to overlook the refinery''s issues when it was making money, but losses will now draw more scrutiny. "From everything I''ve seen, the refinery has not been able to pay for itself," Hirs said. (Reporting By Jarrett Renshaw and Jessica Resnick-Ault; Editing by David Gregorio) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-delta-air-refineries-monroe-idUSKBN16L24H'|'2017-03-14T23:29:00.000+02:00'
'94ce757cee38c090c8feff81718990a9d7ea8d38'|'Hospital stocks fall after Republican health bill seen leaving 24 mln uninsured'|'March 14 Shares of hospital stocks were sharply lower in early trading on Tuesday after the U.S. Congressional Budget Office forecast that 14 million Americans would lose medical insurance by next year under a Republican plan to dismantle Obamacare.Shares of HCA Holdings fell 1.8 percent, Tenet Healthcare fell 4.6 percent, Community Health Systems was down 2.8 percent and LifePoint Health was down 1.9 percent.The S&P 500 healthcare sector was off 0.16 percent."While the CBO''s estimate... is a negative headline for hospitals, we believe that in its current form, the bill''s chances of passing are slim," Jefferies analyst Brian Tanquilut said in a research note.Tanquilut said he believed legislators "will eventually draft a more palatable, diluted version of ''repeal and replace'' that would have a smaller impact on the number of uninsured."The Affordable Care Act of 2010 expanded medical coverage, aiding hospitals by reducing the number of uninsured patients who could not pay bills. Hospital stocks sold off after the Nov. 8 presidential election of Donald Trump, who vowed to repeal former President Barack Obama''s signature domestic policy legislation.The CBO forecast that 24 million people would be uninsured in 2026 if the plan being considered by the House of Representatives were adopted. Some health policy experts and Wall Street analysts said the report was more draconian than expected, with the uninsured rate declining more quickly than foreseen.Health insurer stocks also fell, though their moves were less steep.UnitedHealth Group Inc was down 0.2 percent, Aetna Inc down 0.5 percent and Humana Inc down 0.1 percent.(Reporting by Megan Davies; Editing by Dan Grebler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-obamacare-stocks-idINL2N1GR0IU'|'2017-03-14T11:57:00.000+02:00'
'243ea954bb413eea469f374da2440409f94f7267'|'There’s no love lost when it comes to Debenhams Flowers - Money'|'You recently covered a complaint about Debenhams’ failure to deliver flowers for Christmas. A similar thing happened to me when it failed to deliver flowers I ordered, two weeks in advance, for Valentine’s Day at a cost of more than £30. Zero communication meant I didn’t have the chance to buy flowers elsewhere as I obviously was expecting them to be delivered. They turned up the next day but were brown around the edges. Customer service offered a refund (in three to five working days!) and £15 store credit. Apparently, it had a computer problem which meant some people who ordered for Valentine’s Day got the wrong flowers and others nothing at all. It’s absolutely shameful that Debenhams couldn’t be bothered to let me know it wasn’t going to deliver. Others on trustpilot.com complain about the same thing. DF, London W11 It does seem extraordinary that a flower delivery company, which is part of a major national retailer, can make such a hash of things and let so many customers down at one of the most important times of the year for flowers – and spoil any intended surprise.It clearly needs to do better to get the basics right, although in your case the company is blaming Royal Mail.Debenhams Flowers tells me: “DF’s flowers were dispatched to Royal Mail ready for arrival on Valentine’s Day. However, they weren’t delivered until 15 February. Royal Mail is investigating, and we have apologised to DF for the inconvenience and given him a full refund, in addition to an account credit.“While the significant majority of our Valentine’s Day orders were delivered successfully on the day, we apologise to any customers who did not receive their flowers as expected.“Our policy is to offer a full refund and £20 account credit for any customers who experienced late delivery, so we urge anyone who has not already done so to call us on 020 3969 1129 to arrange this.”Since our intervention the company has increased the store credit offered to you from £15 to £40, although you can only spend this on the Debenhams Flowers site and not on the main Debenhams website.We welcome letters but cannot answer individually. Email us at consumer.champions@theguardian.com or write to Consumer Champions, Money, the Guardian, 90 York Way, London N1 9GU. Please include a daytime phone number Topics Consumer affairs Consumer champions Consumer rights Valentine''s Day Retail industry features   Share   Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/mar/14/debenhams-flowers-valentines-day-late-delivery'|'2017-03-14T14:00:00.000+02:00'
'46c66d2076c5e806de57576dd094584add2d86b8'|'Alphabet self-driving car unit seeks injunction against Uber'|'Business News - Fri Mar 10, 2017 - 7:11pm GMT Alphabet self-driving car unit seeks injunction against Uber The Waymo logo is displayed during the company''s unveil of a self-driving Chrysler Pacifica minivan during the North American International Auto Show in Detroit, Michigan, U.S., January 8, 2017. REUTERS/Brendan McDermid Alphabet Inc''s self-driving car unit on Friday said it would seek a preliminary injunction against Uber in a high-profile intellectual property lawsuit, according to a court filing. Alphabet''s autonomous car unit, Waymo, sued Uber last month, alleging that a former employee downloaded and stole more than 14,000 confidential files, including details on light detection and ranging sensor technology known as Lidar, a crucial element in most self-driving car systems. (Reporting by Dan Levine; Editing by Leslie Adler) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-uber-alphabet-lawsuit-idUKKBN16H2GO'|'2017-03-11T02:11:00.000+02:00'
'c70e553391b0d0360d8bcf70b20f7b83d39a5ebb'|'BRIEF-Wilks Brothers reports 9.5 pct stake in Carbo Ceramics'|'Company News   5:06pm EST BRIEF-Wilks Brothers reports 9.5 pct stake in Carbo Ceramics March 10 Wilks Brothers Llc: * Wilks Brothers Llc reports 9.5 percent stake in Carbo Ceramics Inc as of march 2, 2017 - SEC filing * Wilks Brothers Llc had earlier reported a 5.6 percent stake in Carbo Ceramics Inc, as of September 30, 2016 Source text: ( bit.ly/2mbIJDN ) Next In Company News Lloyds, two others dismissed from yen Libor litigation in U.S. NEW YORK, March 10 A U.S. judge on Friday dismissed Lloyds Banking Group Plc, ICAP Europe Ltd and Tullett Prebon Plc as defendants from litigation alleging a conspiracy among many financial services companies to manipulate the yen Libor and Euroyen Tibor benchmark interest rates.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-wilks-brothers-reports-95-pct-stak-idUSFWN1GN0SV'|'2017-03-11T05:06:00.000+02:00'
'662aac4916ded944b88dca2c796817f5fea8490f'|'The Falklands war hero fighting for his state pension - Money'|'R oger Edwards risked his life for his country in the Falklands war, taking part in some of the conflict’s most hazardous operations, including the SAS raids on Pebble Island and Goose Green, and the retaking of South Georgia. So how has the UK government repaid him for his service? By freezing his state pension so it will never increase again.Edwards is 70 now, and if he lives to a ripe old age he could potentially end up being out of pocket by as much as £7,000 a year. He is one of more than 500,000 older Britons living overseas who are losing out as a result of the UK’s “frozen pensions” policy. These people’s basic state pensions don’t increase every year, as happens in the UK – they are permanently frozen at the date the individual retired or arrived in their country of residence. Many suffer financial hardship as a result, with some only getting a fraction of the current £119.30 a week full basic pension .However, what will shock many is that Edwards, who was born in Wiltshire, didn’t lose his full pension entitlement because he moved to a foreign country with no connection to the UK. As fate would have it, Edwards ended up living in the Falkland Islands , a British overseas territory. This means he has full British citizenship. Yet that hasn’t stopped the UK government from freezing his basic state pension. And Edwards isn’t alone: there are 42 people living on the islands with a frozen UK pension, about half of whom are military veterans.The Falklands war saw 255 British military personnel, 649 Argentinians and three islanders lose their lives. Yet if the islands are so important to the UK, why is Britain penalising citizens who have chosen to live there?And it’s not just the Falklands. Older Brits living in other UK territories such as Montserrat in the Caribbean and the South Atlantic island of St Helena also have to make do with frozen pensions. Bizarrely, though, this policy doesn’t apply to all 14 overseas territories. For example, those living in Bermuda, 5,800 miles north of the Falklands and one of the world’s wealthiest places, enjoy the full “triple-lock” pension increases their counterparts in the UK receive.All told, there are around 680 UK pensioners living in British overseas territories with frozen pensions, even though they have made the same national insurance contributions as their UK peers, says the International Consortium of British Pensioners (ICBP), which campaigns on this issue. It says the average total amount of UK state pension they each receive is £3,771 a year, compared with the £7,198 a pensioner living in the UK typically gets. Edwards says: “If you live in the British overseas territories you retain your British passport and you remain a British citizen. None of us are asking for stuff we haven’t paid for.”You might be wondering how Edwards ended up living in the Falkland Islands after serving there. Perhaps it was destiny: he joined the Royal Marines aged 16, and met his wife Norma, a Falkland Islander, in England in 1968. They married two years later and he first visited the islands in 1973 while serving on board HMS Endurance. Then, in 1982, he found himself heading off to war on the islands. A Royal Naval liaison officer, he was attached to D Squadron of the SAS and took part in a number of key operations and battles, including the daring SAS raid on the airstrip at Pebble Island, when an assault team blew up 11 Argentinian aircraft before beating a hasty retreat (his account of this is featured in a book, Memories of the Falklands, published by Biteback).Facebook Twitter Pinterest Roger Edwards. Edwards returned to serve at the islands’ British Forces HQ before moving there permanently in 1986. Until recently the couple ran a sheep farm. Their two daughters were born in the UK but went to school in the Falklands and live there. One is the islands’ chief medical officer, the other a teacher.Edwards is currently “only” losing about £600 a year – he receives a state pension of £106.50 a week (ie, £5,538 a year). If he had stayed in the UK or was living in an “unfrozen” country, he would be getting up to £119.30 a week – and if he lives for a long time and the UK government continues to uprate the basic state pension by at least 2.5% a year (which is, of course, a big “if”), the amount he would lose would start to rack up. Next month the full basic state pension will rise to £122.30 a week (£6,360), and if it were to keep going up by 2.5% a year, in 30 years’ time it would be £250 a week (£13,012). But “frozen” pensioners won’t see that increase.Edwards says there are others in a worse position than him. He knows of a couple in their 80s who between them receive less than £500 a month.Edwards is a member of the Falkland Islands legislative assembly. For three years he has taken the pension issue to the annual meeting of the overseas territories joint ministerial council, to discuss it with UK ministers, but “we get nowhere”. He adds: “I feel rather let down – we paid in our contributions on the understanding we’d get a full UK pension.”Some say there is no reason why UK taxpayers should have to fund state pension increases for those who’ve chosen to live abroad, but it would be hard to argue there is any logic to the system. For example, British pensioners living in an EU country, the US or the Philippines get the increases; those in Australia, Canada and South Africa don’t. In fact, those who quit Britain for a retirement overseas are arguably saving UK taxpayers money because they are not using services such as the NHS.However, it seems particularly odd that the UK is penalising people living in places that continue to be under its jurisdiction and sovereignty. In 2012 the then prime minister David Cameron described the overseas territories as “an integral part of Britain’s life and history”, and a white paper that year stated that “those living in the territories have a right to expect the same high standards of governance as in the UK, including in the areas of human rights, rule of law and integrity in public life”. It would appear this doesn’t extend to pensions.The frozen pensions policy has been in place for decades, and ministers have conceded the rules are “illogical”, but argue it would be too expensive to uprate those affected, and that the priority should be targeting money at the poorest pensioners living at home. In 2000 the then pensions minister Jeff Rooker told MPs : “I am not prepared to defend the logic of the present situation. It is illogical. There is no consistent pattern. This is a historical issue and the situation has existed for years.”There are thought to be 544,000 “frozen” British pensioners, and it’s an issue Guardian Money has featured a number of times . Campaigners say the policy is discriminatory and inhumane. Some of the oldest expat pensioners have payouts frozen at just a few pounds a week .The Department for Work & Pensions says overseas recipients will only get a yearly increase if they live in the EEA, Gibraltar or Switzerland, or in a country with a reciprocal agreement with the UK that allows this to happen.Topics Money Royal Navy Military Falkland Islands Retirement planning Older people features  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/mar/11/war-hero-fighting-for-his-future-state-pension'|'2017-03-11T13:59:00.000+02:00'
'2e81fcbdeabd47c8185e721fcf38491b2e7e0beb'|'Music to our ears: sustainability headlines Womadelaide festival - Guardian Sustainable Business'|'For all the good vibes and communal spirit, when it comes to environmental sustainability there isn’t a great deal to celebrate about the average music festival.As anyone who has gazed upon the aftermath of one can attest, these orgies of consumption typically leave in their wake a trail of plastic cups and dumped tents strewn about a wasteland of churned earth. And that’s just the visible impact – there are also the carbon emissions of transporting stage infrastructure, performers, crew and of course fans to the festival site, not to mention the ravenous energy consumption of gigantic light and sound systems often powered by dirty diesel generators.In Australia festivals have been working to clean up their act, from Melbourne’s Off the Grid capitalising on the solar power of the summer solstice, to the Byron Bay Surf festival banning plastic, to Victoria’s Meredith music festival doing the impossible and creating good out of a festival toilet by using human waste for compost. Unpaid childcare is Australia''s largest industry – it needs to be acknowledged Read more One of the pacesetters for decades has been the Adelaide leg of Womad (World of Music and Dance), which at the weekend marked its 25th anniversary by inching closer to the realisation of the festival director Ian Scobie’s dream party – one without the environmental hangover.Womadelaide has launched a medley of initiatives to mitigate the harm it inflicts, from incentivising patrons to arrive by bike, to converting food packaging waste into compost that helps to restore the festival’s Botanic Park site, to donating $2 of each ticket sale to the planting of 70,000 native trees that have offset 16,250 tonnes of carbon emissions.Scobie jokes that the only way the event could reduce its environmental impact further would be to cancel it completely.Well? “OK, I was being facetious,” he says. “Look, we’ve had artists say they aren’t going to fly and are just going to distribute music by streaming via the internet. It is a legitimate position to take. Our view though is there is much more positive that can come out of this festival providing a platform for discussion of the environment. Like any artistic enterprise, it draws people into the moment to think about a particular issue.”The most obvious example of Scobie’s thinking is in Womadelaide’s the Planet Talks, which this year featured Sir Tim Smit discussing his co-creation of the Eden Project, as well as a panel discussing personal action that can be taken on climate change. In a concerning sign that perhaps the environmental message isn’t cutting through, festival organisers also felt the need to invite Nasa scientist Carmel Johnston to speak about the possibility of colonising Mars to safeguard humanity from extinction on Earth.  Adelaide Green Clean and the University of South Australia collaborated on a study to reduce waste going to landfill at the festival. Photograph: Max Opray for the Guardian Beyond the talks, there are less overt behaviour-changing initiatives – Scobie thinks even the verdant emerald green setting of Botanic Park in itself makes people more eco-conscious.“People care because it is a beautiful setting,” he says. “If it is in a bitumen car park it is a difficult task to win people over to looking after the site, but it is not a tough sell here.”Another behaviour-changing achievement he touts is from the early years of Womadelaide, when the festival introduced unfamiliar yellow-topped recycling bins that had yet to be rolled out by local councils on to Adelaide’s suburban kerbsides. And today Womad is working to improve recycling bins – in 2015 Adelaide Green Clean was brought onboard to further reduce the amount of rubbish going to landfill. The company collaborated with a University of South Australia study that filmed bin users and studied their responses to various types of bin signage, applying the findings to bin design and layout. Just as people read from left to right, they consider where to dispose of waste in that order as well. Adelaide Green Clean determined which direction foot traffic was likely to go and placed organic bins on the left, recycling in the middle and general waste to the right to encourage that as a last resort. The company changed the wording on the bins – for instance “landfill” instead of “general waste” – and covered them in brighter colours associated with particular types of rubbish.What is a robot exactly – and how do we make it pay tax? Read more Womad already required that traders use compostable cutlery and plates, but Adelaide Green Clean investigated the entire supply chain of those operating at Womad to ensure all food packaging could be turned into compost. Its managing director, Jordan Walsh, says the high expectations of sustainability at Womadelaide enabled his company to push further than it ever had before, and it is now rolling out what it has learned at hundreds of other events.“There are over 700 bins on site and the logistics are crazy, so if you can do it here, you can do it anywhere in Adelaide,” he says.For the 2016 festival, 98% of waste was diverted from landfill, and organisers are pushing for more.Adelaide Green Clean has extended its arrangement with Womadelaide to continue until 2021, and Walsh says he has a plan to get the festival even closer to zero landfill. “That 2% is mostly nappies, so next year we’re looking at possibly giving out boxes of compostable nappies so they can avoid landfill,” he says.Topics Guardian sustainable business Smart cities Womadelaide 2017 Waste Energy Adelaide Recycling features  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/sustainable-business/2017/mar/14/music-to-our-ears-sustainability-headlines-womadelaide-festival'|'2017-03-14T05:47:00.000+02:00'
'5709ad247a898e01d6df9e60d1d6acbc0c5730fd'|'PRESS DIGEST- Financial Times - March 14'|' 10pm EDT PRESS DIGEST- Financial Times - March 14 March 13   in the Financial Times.   Headlines Lords give way to clear path for May to trigger Brexit on.ft.com/2mlfWfn Sturgeon throws down gauntlet on independence on.ft.com/2mlmyu8 Employers hold back on jobs as Brexit uncertainty grows on.ft.com/2mlcDVD Charlotte Hogg''s role at Bank of England in the balance on.ft.com/2mljXAt Wood Group agrees to buy Amec Foster Wheeler for 2.2 bln stg on.ft.com/2mluagt Redrow eager to continue pursuit of Bovis on.ft.com/2mlrwr1 Overview   is on track to start Brexit negotiations in the last week of March after parliament passed legislation on Monday that gives her the power to do so and the Lords balked at picking a fight over their own efforts to soften it. Scotland''s First Minister Nicola Sturgeon on Monday demanded a new independence referendum in late 2018 or early 2019, handing Theresa May the challenge of keeping the UK united just as she grapples with the country''s plans to leave the European Union. UK hiring is expected to slow down in the second quarter of this year according to Manpower''s quarterly survey of about 2,000 employers that found corporate Britain in a slightly less bullish mood in the second quarter compared with the first. A parliamentary committee preparing a report about Charlotte Hogg''s suitability for the post of the Bank of England''s new deputy governor is waiting to see whether Hogg will tough it out or abandon her candidature, according to those involved in the discussions. British oilfield services company John Wood Group Plc agreed to buy its struggling rival Amec Foster Wheeler Plc in a 2.2 billion pounds ($2.68 billion) all-share deal that highlights the pressure on the UK North Sea oil industry from weak crude prices. British homebuilder Redrow Plc said on Monday it will continue its pursuit of rival Bovis Homes Plc, despite discussions having been "terminated" while its target is in separate talks with another suitor, Galliford Try Plc . ($1 = 0.8195 pounds) (Compiled by Ismail Shakil   Sandra Maler)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-ft-idUSL2N1GR01B'|'2017-03-14T08:10:00.000+02:00'
'f27080d4e4c72bec7c5012ccc428015baf97776b'|'VW has ''good chances'' to build on strong 2016 performance - CEO'|'  9:24am GMT VW has ''good chances'' to build on strong 2016 performance - CEO German carmaker Volkswagen CEO Matthias Mueller arrives for the company''s annual news conference in Wolfsburg, Germany, March 14, 2017. REUTERS/Fabian Bimmer WOLFSBURG, Germany Volkswagen ( VOWG_p.DE ) has "good chances" of building on its strong 2016 performance, when it swung to a record underlying profit despite its diesel emissions crisis, Chief Executive Matthias Mueller said. "The Volkswagen Group is in very robust shape," Mueller said on Tuesday at the carmaker''s annual news conference in Wolfsburg. VW expects group revenue to exceed last year''s record 217 billion euros (190 billion pounds) by as much as 4 percent this year and is forecasting an underlying operating margin of between 6 and 7 percent, compared with 6.7 percent in 2016, it said, affirming a forecast given on Feb. 24. Still, operating profit of its core autos division slipped further to 1.87 billion euros in 2016 from 2.10 billion a year earlier as the brand is struggling to implement a wide-ranging turnaround plan. ($1 = 0.9394 euros) (Reporting by Andreas Cremer; Editing by Maria Sheahan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-volkswagen-results-idUKKBN16L0UP'|'2017-03-14T16:24:00.000+02:00'
'fba0550a0226f21ce9f0aed9027da1060d79035c'|'18 Big Companies That Paid Zero in Taxes? Here’s the Deal'|'Once health care is tamed, President Donald Trump and Congress will turn to other bears, such as the byzantine U.S. tax code. Conveniently, a new report has come out on legal tax avoidance.The report, from the Institute for Taxation and Economic Policy, says 18 of America’s biggest corporations paid zero federal income tax from 2008 to 2015.Feel free at this point to bang your head on the tax forms strewn across your kitchen table. After that, consider these points:1. General Electric Co., International Paper Co., Priceline Group, and Pacific Gas & Electric Co. were among the companies that the Institute for Taxation and Economic Policy says had no net tax liability at all over the period.2. These are not simple calculations. They involve complicated assumptions and choices, such as what bits to put in the numerator (the tax) and what bits to put in the denominator (the profit). General Electric called the report “deeply flawed and misleading” and added: “Over the last decade, GE paid $32.9 billion in cash income taxes worldwide, including in the U.S.”3. The Institute for Taxation and Economic Policy and its sister organization, Citizens for Tax Justice, lean left. Sample blog headline : “Bernie Sanders Is a Champion for Tax Fairness.” That said, CTJ&apos;s corporate-tax studies have been cited even by neutral experts.4. Note the word “legal” in “legal tax avoidance.” These companies obeyed the law, as far as anyone knows. If you have a problem with their actions, blame Congress, not the companies and their highly skilled tax attorneys and accountants.5. ITEP cites the 18 companies to reinforce its larger point: that corporate taxes are lower than they appear to be. One of President Trump &apos;s familiar talking points is that the U.S. has just about the world&apos;s highest corporate tax rate. The ITEP report is titled The 35 Percent Corporate Tax Myth . It says that of the 258 companies in its sample that had profits every year from 2008 to 2015, the average “effective” tax rate was 21.2 percent.6. It&apos;s pretty well accepted by now that while the U.S. has one of the very highest top rates on corporate income, its average rate isn’t unusually high because there are lots of allowable deductions. So the new report, the latest in a series going back to the 1980s, isn’t breaking any conceptual ground.7. Most of the 18 companies on the list are electric utilities. That’s no coincidence. During the financial crisis, Congress enacted a policy called “bonus depreciation” intended to stimulate economic growth. It allowed companies to write off new investments right away. Because they do a lot of investment, utilities enjoyed some of the biggest benefits. The downside? Because the investments are already fully written off, the companies won’t be able to get a tax benefit from depreciating them in future years, notes PG&E spokesman Brian Hertzog. International Paper also cited bonus depreciation, along with the impact of the recession and pension fund contributions. A spokeswoman for Priceline disputed the report, citing filings showing it did pay federal income taxes.8. Just about everyone agrees that the U.S. corporate income tax system is a mess. That includes GE, which said in a statement, “The tax code is complex and outdated, which is exactly why tax reform must happen this year. GE has long been advocating to simplify and modernize the tax system—even if it means we pay more in taxes.”9. Even if 35 percent isn’t what companies pay, the top rate does matter. As every student of intro econ learns, decisions are made at the margin, not on the average. If the government grabs 35 percent of the last dollar of income you earn, you&apos;ll be at least a bit discouraged from earning that last dollar. “There’s a good argument for coming up with some broader business tax with a lower rate that doesn’t allow so many deductions,” said Alan Cole, an economist at the Tax Foundation, which describes itself as nonpartisan and which Cole called more “market-leaning” than ITEP and Citizens for Tax Justice.The most important business stories of the day. Get Bloomberg&apos;s daily newsletter. Sign Up 10. The report urges Congress to stop allowing U.S. companies to defer federal taxes on offshore profits. More than $1 trillion in cash has piled up abroad because companies don’t want to pay U.S. tax on it. That may be a good idea, but only if it’s coupled with a cut in the top rate. Otherwise U.S. companies would have an even stronger incentive to shift their headquarters overseas to escape U.S. taxation, Cole said.Now go pay your taxes.(Updates with comment from Priceline in the 10th paragraph.)'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'http://www.bloomberg.com/news/articles/2017-03-10/ten-things-to-know-about-companies-that-don-t-pay-taxes'|'2017-03-10T17:00:00.000+02:00'
'9463d37b34b8970074b3d156f2a13d108c8a52e2'|'Oil trading giant Vitol bets on fuel retail for growth'|'Commodities  35am EST Oil trading giant Vitol bets on fuel retail for growth By Julia Payne and Dmitry Zhdannikov - LONDON LONDON From Pakistan to Turkey, the world''s largest independent oil trader Vitol is betting on a spike in gasoline and diesel demand in young and growing nations by snapping up filling stations that disappointed oil companies are prepared to sell. With the sharp drop in global oil prices, major integrated oil companies have been shedding assets, including the marginally profitable retail outlets, to cut costs. But privately-held Vitol, which trades 6 million barrels per day of crude oil and refined products, says these assets present an opportunity to strengthen its presence in end-markets and in up-and-coming hubs. This month, Vitol secured more than 23 percent of Turkey''s retail market after it agreed to buy Petrol Ofisi from Austrian oil firm OMV for $1.45 billion. "The volume we trade means integration into the distribution chain makes sense. Retail also allows you to participate in markets on an on-going basis, so it''s not always ad hoc or spot," Chris Bake, a top Vitol executive, told Reuters. "It allows us to have different kinds of discussions with our suppliers," said Bake, who sits on Vitol''s executive committee and is the chairman of retail unit Vivo Energy. The purchase will add another 1,700 outlets to Vitol''s portfolio of 3,000 stations acquired through investments in the last few years in Viva Energy in Australia, Vivo Energy in Africa, Varo in central Europe and OVH in Nigeria. It has also consolidated its initial investments such as by buying Royal Dutch/Shell''s stake in Vivo and Viva and its aviation business in Australia last year. The eastern Mediterranean is a major import market and Vitol sees Turkey as a good destination because of its proximity to transport routes from the Mediterranean, Black Sea and Red Sea. "With fuel and non-fuel retailing, we can optimize the system. We are able to look closely at how to streamline the assets and we are willing to invest capital. With Vivo, we have added around 100 new service stations per year," Bake said. Of its main trading competitors, only Trafigura is also vying for a piece of the retail pie. It has a large presence in Africa through its subsidiary Puma Energy and is set to acquire a large stake in India''s Essar Oil. Glencore, Gunvor and Mercuria have favored upstream or midstream assets. Last year, Gunvor bought a refinery in Rotterdam, Mercuria bought oil and gas marketing and distribution assets in the United States and Glencore invested in oil deposits in Chad. Vitol''s retail investments fit in with its view that transport will be the major driver of fuel demand growth, with aviation demand to outstrip that for cars, which is slated to peak in about 10 years time. "Global demand for gasoline and diesel will peak but you can''t apply the macro picture to individual countries that have high growth prospects like Pakistan where the Chinese are investing tens of billions of dollars in the CPEC (China Pakistan Economic Corridor), so demand will grow compared with developed economies," Bake said. Last year, Vitol increased its stake in Pakistan''s Hascol Petroleum Ltd that runs around 450 service stations from 15 to 25 percent. Like Turkey, apart from its own growth prospects, Pakistan will become even more a gateway to the rest of Asia as CPEC will see the Chinese government invest $57 billion, mainly in a network of rail, road and pipeline projects, to connect Western China to Pakistan''s sea port of Gwadar. (Editing by Peter Graff)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-vitol-oil-retail-idUSKBN16H1N1'|'2017-03-10T20:24:00.000+02:00'
'6734932b339c4164566eda73fc037d0e87f1276d'|'China''s property speculators make a dangerous bet in Hefei'|'  7:04am IST China''s property speculators make a dangerous bet in Hefei FULL COVERAGE: By Yawen Chen and Elias Glenn - HEFEI, China HEFEI, China In 2016, Hefei, a manufacturing hub of about 8 million people in China''s east, was one of the world''s hottest property markets and a prime target for price curbs designed to knock speculative heat out the sector. Analysts say restrictions introduced last year and subsequent rhetoric from policymakers should have sent a very clear signal to investors that authorities would tighten further in Hefei and elsewhere. Instead, speculators in Anhui''s provincial capital are betting just the opposite - that the government will ease curbs to support growth. Investors like Zhou Xiansheng say they are in no rush to sell their holdings. "Prices have only gone up in the past... The government will not let the market correct as long as property is still the pillar of economic growth," said Zhou, a businessman who owns multiple homes in Hefei. Analysts say such views, based on observations of past cycles, are a major miscalculation of government intent and that future curbs will be harsher than previous measures, bad news for highly-leveraged investors. Nowhere else in China are speculative forces more apparent than they are in Hefei. Last year, new home prices rose 48.4 percent, the fastest rise in the world, according to a report by China''s Hurun Research Institute and real estate agency Global House Buyer. With home prices hitting records, policymakers have been rolling out restrictions. Sales and price growth in Hefei - one of 16 cities slammed by curbs since October - have slowed, hitting speculators who had made up more than 80 percent of its market at the height of last year''s buying frenzy. But investors appear less easily frightened than they were in the past: a recent poll by local property commentator Zhang Xian showed only 21 percent of the total 5,036 people surveyed believed Hefei prices would fall this year. China''s "seesaw" approach over past three major cycles of property tightening - capping price growth when a boom becomes too concerning and releasing the brake quickly to prevent a market collapse - has cemented the bullish mentality of investors seeking to reap big profits over a short period of time. "I''d buy another one if I could," said Duan, a Hefei local who just bought a house in the city and who only gave his family name. Elly Chen, a Hong-Kong based property analyst at Nomura, notes in past cycles, the government only began to relax curbs once prices started falling. "The government is definitely willing to let prices fall," said Chen. Property consultancy Centaline''s research arm said upward market momentum in the hottest cities, including Hefei, is yet to be contained, based on its sales figures for January and February. "If it persists, the government will be pressured to tighten credit," Centaline said in a Reuters poll conducted in late February. PROPERTY TAX Analysts say the signals from political leaders are unambiguous. In uncharacteristically pointed remarks made in December, Beijing''s new mayor, Cai Qi, said that prices in the Chinese capital will not rise this year but stopped short of outlining any new curbs. And Chinese President Xi Jinping last week singled out property market stability as one of the key policy areas to focus on this year. China''s historic pattern of tightening and easing measures has been designed to avoid prolonged corrections such as those seen in Japan in the 1990s. But last year''s furious price increase in the nation - the fastest since 2011 - and speculators'' resilience to curbs underscored the urgency to implement alternative measures. Establishing a long-term mechanism is Xi''s priority in 2017 as he looks to promote the healthy development of the property market, based on the belief that "houses are for living in, not for speculating", though details have been thin. China has for years mulled a property tax, which could deter speculation in real estate, though little progress has been made due to resistance from local governments who rely heavily on land sales for revenue. In 2012, China was close to expanding a property tax trial from two to 10 cities, says Joyce Man, professor of economics and public policy at Indiana University, who worked with government officials to study the implementation of the tax and prepare for the rollout. While the process of introducing a property tax would be politically challenging - and arguably more difficult now than it was in the past - analysts say the case for such a policy is growing. "China was very close to moving forward on property tax reform, but they''ve lost momentum and the political will until very recently," Man said. "(There is a) newly-found urgency due to sky-rocketing housing price in big cities." ($1 = 6.8977 Chinese yuan) (Reporting by Yawen Chen and Elias Glenn; Editing by Sam Holmes) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-economy-property-idINKBN16H06I'|'2017-03-10T08:34:00.000+02:00'
'3163745fe31e8aa8603bc4343cb912e3377d771e'|'Nikkei edges down but mining shares soar on Japan-Saudi agreement hopes'|'Company News - Mon Mar 13, 2017 - 10:59pm EDT Nikkei edges down but mining shares soar on Japan-Saudi agreement hopes * Toshiba tumbles after asking to delay Q3 earnings filing again * Mining sector rises 1.9 pct after pacts signed with Saudi Arabia By Ayai Tomisawa TOKYO, March 14 Japanese stocks barely moved on Tuesday ahead of an expected U.S. interest rate hike, though shares in the mining sectors got a boost after Japan and Saudi Arabia signed economic cooperation agreements. The Nikkei share average shed 0.1 percent to 19,619.14 at the midday break. With a U.S. rate hike already priced in market expectations, investors are focused on Fed Chair Janet Yellen''s speech after the two-day meeting that begins later on Tuesday. Masayuki Kubota, chief strategist at Rakuten Securities, said the market will focus on whether she "supports constant rate hikes this year or not", adding that Yellen''s stance will impact dollar-yen moves. The mining sector surged 1.9 percent and was the biggest performer on the board, with Inpex Corp rising 2.0 percent and Japan Petroleum Exploration Co gaining 1.4 percent. On Monday, Japan and Saudi Arabia signed economic cooperation agreements in industry, energy and finance and on setting up a possible special economic zone in Saudi Arabia, and Prime Minister Shinzo Abe asked Saudi Arabia''s King Salman to support a listing of oil giant Aramco''s shares in Tokyo. "Investors hope that the two countries'' long-term economic cooperations will bring Japanese companies chances for growth," said Hikaru Sato, a senior technical analyst at Daiwa Securities. Meanwhile, Toshiba Corp spooked investors and dived 7.5 percent after the company said it has asked financial regulators to extend its Tuesday deadline for submitting official third-quarter earnings until April 11. The broader Topix dropped 0.2 percent to 1,575.06 and the JPX-Nikkei Index 400 shed 0.1 percent to 14.102.30. (Editing by Richard Borsuk) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-midday-idUSL3N1GR1M1'|'2017-03-14T09:59:00.000+02:00'
'49fd54284dbfcaab3b4baf388a467e9ba34bfcd9'|'BRIEF-Turtle Beach sees 2017 worldwide sales of more than 24 mln new-gen consoles'|' 15pm EDT BRIEF-Turtle Beach sees 2017 worldwide sales of more than 24 mln new-gen consoles March 14 Turtle Beach Corp: * Sees worldwide sales of more than 24 million new-gen consoles in 2017; new-gen cumulative console sales projected to exceed 164 million worldwide in 2020 Source text: ( bit.ly/2n6B90Y  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-turtle-beach-sees-2017-worldwide-s-idUSFWN1GR0L1'|'2017-03-15T01:15:00.000+02:00'
'8397272510121ddea1bae272a5eb1775fd8538cf'|'ECB''s Nouy says bad loans ''major challenge'' for Greek banks'|'Business News - Tue Mar 14, 2017 - 5:13pm GMT ECB''s Nouy says bad loans ''major challenge'' for Greek banks European Central Bank''s chief supervisor Daniele Nouy speaks during a banking conference in Lisbon, Portugal, May 17, 2016. REUTERS/Rafael Marchante ATHENS Bad loans pose a major challenge to Greek banks but the sector has improved "substantially," European Central Bank supervision chief Daniel Nouy told the Athens News Agency on Tuesday. "The situation of the Greek banks has improved noticeably and substantially in the last two years both in terms of capital adequacy and in terms of governance," Nouy said. "Now, the major challenge is to deal with the non-performing loans. "I am optimistic that with the new legal framework expected to be enacted soon this challenge will be addressed as well." Greek banks face a mountain of bad loans and have been given targets by the ECB and the Greek central bank to reduce them by nearly 40 billion euros by the end of 2019, from 106 billion currently. (Reporting by George Georgiopoulos; Writing by Karolina Tagaris; Editing by Larry King) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-greece-banks-idUKKBN16L27W'|'2017-03-15T00:13:00.000+02:00'
'1ddbace0569d0ca6735e917c80f29f243f2b74c8'|'Exclusive: Delta hires consultant to study refinery options - sources'|'Business News - Tue Mar 14, 2017 - 4:33pm GMT Exclusive: Delta hires consultant to study refinery options - sources Passengers check in at a counter of Delta Air Lines in Mexico City, Mexico, August 8, 2016. REUTERS/Ginnette Riquelme By Jarrett Renshaw and Jessica Resnick-Ault - NEW YORK NEW YORK Delta Air Lines has hired a consultant to assess the impact on jet fuel prices if the carrier sells or closes the Philadelphia-area refinery it purchased five years ago to keep fuel affordable, two sources familiar with the process said. They said the consultant will also study other scenarios involving jet fuel prices and the refinery sector, including the impact if other refineries close. The U.S. East Coast refining industry is fighting a battle to survive, with concerns about a second wave of plant closures after four refineries shuttered in the past decade due to the rising costs of acquiring crude. Dallas-based consultancy Baker & O’Brien Inc was asked to perform a financial valuation of the refinery''s assets and study other scenarios, such as other regional refineries closing and the financial impact of new emissions regulations, the sources said. Baker & O''Brien did not immediately respond to a request for comment. Delta ( DAL.N ), the world’s largest airline, shocked the industry in 2012 when it rescued the 185,000 barrel-per-day Trainer, Pennsylvania, refinery from near-closure, arguing in part that jet fuel prices in the region would spike if the plant closed. In a statement to Reuters, the airline confirmed that it had hired a consultant to look at the refinery business, but it did not name the consultant and added that it was a routine assessment and not a precursor to selling or closing the plant. “Delta has said publicly many times that we are committed to the refinery and that position hadn’t changed," Delta spokesman Trebor Banstetter said, in a statement. "The study was commissioned as a routine evaluation of our investment five years after the refinery was purchased." The refinery continues to perform as expected as part of the company''s broad fuel management strategy, he added. After profitable years in 2014 and 2015, Delta''s refinery lost $125 million last year as refinery industry margins collapsed. The company reported overall net income of $4.01 billion for the year, so the refinery''s loss was miniscule for its balance sheet. Sceptics argued in 2012 that Delta''s purchase subsidized competitors, who could enjoy the benefits of lower jet fuel prices without the burden of running a refinery. The plant’s manager told employees last year that refinery losses were offset by savings for the airline in jet fuel prices, saying the company was going to continue to maximize jet fuel production in the New York market to keep pressure on prices. "This negatively impacts our refinery economics, but greatly helps reduce Delta’s fuel cost," refinery manager Jeff Warmann wrote then. As of December, Delta had decided to start marketing its own gasoline and diesel fuel produced at the refinery, rather than swap it under existing contracts. It was a signal the airline was trying to find ways to mitigate losses at the refinery. Baker & O''Brien is one of several firms that bid for the work, according to people familiar with the process. Several consultancies based in Texas focus on helping companies navigate strategy related to their refining operations. Often, these consultancies work with companies that do not have the capacity to do such studies in-house. The work was authorized by Delta from its Atlanta headquarters, not by Monroe Energy, the refining subsidiary, sources said. Ed Hirs, an energy economics professor at the University of Houston and a sceptic of Delta''s refinery purchase, said the company''s board was willing to overlook the refinery''s issues when it was making money, but losses will now draw more scrutiny. "From everything I''ve seen, the refinery has not been able to pay for itself," Hirs said. (Reporting By Jarrett Renshaw and Jessica Resnick-Ault; Editing by David Gregorio) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-delta-air-refineries-monroe-idUKKBN16L24X'|'2017-03-14T23:34:00.000+02:00'
'bc9f1fc828e6e7984bb85a3c337de0479401a10c'|'Brazil''s Embraer to set up Silicon Valley, Boston research teams'|'Company  40pm EDT Brazil''s Embraer to set up Silicon Valley, Boston research teams SAO PAULO, March 14 Brazil''s Embraer SA , the world''s third-largest commercial planemaker, announced on Tuesday it was establishing teams in Silicon Valley and Boston to collaborate on research with startup companies, investors, academics and others. Embraer is also reinforcing its operations in Melbourne, Florida, which build executive jets and will now contribute directly to engineering departments based in Brazil. Antonio Campello, Embraer''s head of innovation, cited technologies such as artificial intelligence, robotics, virtual reality and autonomous vehicles in a statement outlining the program aimed at "transforming global air transportation." Embraer is not the first international planemaker to seek out new ideas and fresh talent in the land of U.S. tech giants. In 2015, Airbus Group SE hired a former Google executive to run an innovation center in Silicon Valley and a set up a $150 million venture capital fund headed by a former partner at venture capital firm Andreessen Horowitz. The offices in the San Francisco and Boston areas will also give Embraer better access to researchers at schools such as Stanford, Harvard and the Massachusetts Institute of Technology, the world''s three most innovative universities according to a global ranking by Reuters. (Reporting by Brad Haynes, editing by G Crosse) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/embraer-research-idUSL2N1GR1C3'|'2017-03-15T04:40:00.000+02:00'
'60b386f9ecffa55c204525612e7335b1821508eb'|'OPEC''s compliance with output cuts high, rebalancing progresses - Goldman'|'Global Energy News - Tue Mar 14, 2017 - 8:53pm GMT OPEC''s compliance with output cuts high, rebalancing progresses - Goldman A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen before a news conference at OPEC''s headquarters in Vienna, Austria, December 10, 2016. REUTERS/Heinz-Peter Bader/File Photo OPEC''s compliance with output cuts remained high even though the group''s monthly report indicated a rise in global crude stocks and a production jump from Saudi Arabia, Goldman Sachs said on Tuesday. Goldman said in a research note that market rebalancing is still progressing, and it saw demand for oil finally exceeding supply in the second quarter aided by production cuts, despite an expected rise in U.S. shale output. OPEC on Tuesday reported a rise in oil inventories and raised its forecast for production in 2017 from outside the group. It said its biggest producer, Saudi Arabia, increased output in February by 263,000 barrels per day (bpd) to 10 million bpd. That news sent U.S. crude on Tuesday to its lowest settlement since Nov. 29, which was the day before Saudi Arabia led the Organization of the Petroleum Exporting Countries to cut supplies. Brent settled at its lowest since Nov. 30. [O/R] "Our expectations that inventories will draw through 2017 therefore leads us to expect that Brent timespreads will continue to strengthen with the forward curve in backwardation by 3Q17," Goldman said in its research note. Goldman said it was not in OPEC''s interest to extend output cuts beyond six months as the group''s goal was to normalize inventories, and not to support prices. The bank reiterated its base case that production cuts will be followed by new production highs. "Combined to the shale ramp-up and greater visibility on the majors shifting focus to future growth, we see potential for long-dated oil prices to continue to decline below our $50 per barrel long-term price forecast." (Reporting by Apeksha Nair in Bengaluru; Editing by Leslie Adler) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-research-crude-goldman-idUKKBN16L2M4'|'2017-03-15T03:53:00.000+02:00'
'f374ba88ffa4e52b8254e083410642e77b14b9ac'|'Unilever CEO calls for ''level playing field'' after Kraft''s failed $143 billion bid - FT'|' 05pm GMT Unilever CEO calls for ''level playing field'' after Kraft''s failed $143 billion bid - FT Paul Polman, Chief Executive Officer of Unilever attends the session ''''The New Climate and Development Imperative'''' during the Annual Meeting 2016 of the World Economic Forum (WEF) in Davos, Switzerland January 21, 2016. REUTERS/Ruben Sprich LONDON Unilever ( ULVR.L ) CEO Paul Polman said there should be a level playing field for companies facing takeover bids such as Kraft Heinz''s ( KHC.O ) failed $143 billion (117.9 billion pounds) attempt to buy the Anglo-Dutch company, the FT reported on Tuesday. "We''re not talking about protection; we are saying that when you have a situation like this, with a national champion, there should be a level playing field," the FT quoted Polman as saying. The U.S. company walked away from a fight with Unilever last month, just two days after its $143 billion bid - and Unilever''s rejection - was made public. (Reporting by Guy Faulconbridge; editing by Paul Sandle)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-unilever-m-a-kraft-polman-idUKKBN16L21Q'|'2017-03-14T23:05:00.000+02:00'
'8060fa148ab9fa16057609ee17f52ee99e3013d9'|'Republicans on defense after report shows millions would lose insurance'|'Politics   10:53am EDT Republicans on defense after report shows millions would lose insurance Annie Oakley, a service dog, joins her owner Able Americans President Melissa Ortiz (back to camera) as she attends a meeting with U.S. Vice President Mike Pence and Secretary of Health and Human Services (HHS) Tom Price and representatives of conservative political groups... REUTERS/Jonathan Ernst WASHINGTON Republicans on Tuesday defended their plan to dismantle Obamacare after a bipartisan report showed 14 million Americans would lose medical insurance by next year under their proposal even as it reduces the budget deficit. The U.S. Congressional Budget Office, a research agency, on Monday forecast that by 2026, the number of people without health insurance would increase by 24 million people if the House of Representatives'' legislation to replace the 2010 Affordable Care Act is adopted. The Trump administration defended the replacement plan, saying it will offer consumers more choices. Hospital and insurer stocks fell Tuesday morning, with Community Health Systems Inc off 3.2 percent and Tenet Healthcare Corp off 5.4 percent. Medicaid and Medicare specialists WellCare Health Plans Inc and Centene Corp were both off 1.9 percent. CBO''s report complicated the plan by congressional Republicans who have vowed for seven years to undo Obamacare. President Barack Obama''s signature domestic policy expanded health insurance to about 20 million Americans. The measure faces opposition from a range of Republicans - from conservatives who think it does not go far enough to moderates concerned about the impact on coverage and costs. White House budget director Mick Mulvaney dismissed CBO''s ability to analyze health care coverage and said the focus should not be on how many people are insured. "Coverage is not the end. People don''t get better with coverage, they get better with care," he told MSNBC. Separately, a White House analysis showed 26 million people would lose coverage over the next 10 years, Politico reported, citing an Office of Management and Budget document. Mulvaney told CNN he was unaware of that document. President Donald Trump, who campaigned on a pledge to repeal and replace Obamacare and has vowed to provide insurance for everybody, has yet to comment on the report. He was scheduled to speak on Tuesday with Joseph Swedish, the chief executive officer of health insurer Anthem Inc, and U.S. Health and Human Services Secretary Tom Price as well as top House Republican leaders. Price told NBC on Tuesday: "Every single American will have access and have the financial feasibility to purchase it." Before the CBO issued its report, House Republicans had hoped to vote soon on the bill before sending it to the Senate, where its outlook is uncertain. Overall, CBO projected that 52 million people would be uninsured by 2026 if the bill became law, compared with 28 million who would not have coverage that year if Obama''s Affordable Care Act remained unchanged. CBO also said federal deficits would fall by $337 billion between 2017 and 2026 under the Republican bill. Democrats say the plan could hurt the elderly, poor and working families while giving tax cuts for the rich. Doctors, hospitals and other medical providers as well as patient advocates have urged lawmakers to abandon it. (Reporting by Susan Heavey; additional reporting by Caroline Humer and Natalie Grover; Editing by Doina Chiacu and Jeffrey Benkoe) Next In Politics'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-obamacare-idUSKBN16L1VF'|'2017-03-14T21:48:00.000+02:00'
'33c8bddbabb2a3f5eb356f2088e3bfdf0e9483a6'|'MOVES-BNY Mellon Wealth Management hires new senior director'|' 09am EDT MOVES-BNY Mellon Wealth Management hires new senior director March 13 BNY Mellon''s wealth management arm appointed David High as senior wealth director in the firm''s Philadelphia office. He will report to Regional President Lee Woolley. Prior to this, High was a vice president in the wealth structuring group of Merrill Lynch for nine years. (Reporting by Ahmed Farhatha)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/bny-mellon-moves-david-high-idUSL3N1GQ403'|'2017-03-13T21:09:00.000+02:00'
'451523c7f2b466e3331aa10ef520c9e3ef351085'|'Fed to hold rate policy meeting as planned despite weather'|'Business News - Tue Mar 14, 2017 - 7:47am EDT Fed to hold rate policy meeting as planned despite weather The Federal Reserve Building stands in Washington April 3, 2012. REUTERS/Joshua Roberts WASHINGTON The U.S. Federal Reserve will hold an interest rate policy meeting as planned on Tuesday and Wednesday, the central bank said in a statement that might dispel any doubts over whether policymakers would brave a snowstorm hitting Washington on Tuesday morning. The Fed is expected to raise rates at the meeting''s conclusion on Wednesday. (Reporting by Jason Lange) Boeing, aerospace manufacturers back U.S. tax overhaul SEATTLE Boeing Co and about 90 other aerospace companies are urging Congress to overhaul the U.S. tax system, saying a set of changes Republicans proposed last year - including a big cut in the corporate tax rate - will make them more competitive globally and help create U.S. jobs.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-fed-meeting-idUSKBN16L1BJ'|'2017-03-14T18:47:00.000+02:00'
'287fea78db5388bbf12c69e49218f4d6862158dd'|'EU adopts rules to curtail executive pay, avoid short-term investing'|' 34pm GMT EU adopts rules to curtail executive pay, avoid short-term investing A woman walks past the European flag outside the EU Commission headquarters in Brussels, Belgium March 1, 2017. REUTERS/Yves Herman BRUSSELS Shareholders in listed European Union companies will have a greater say in setting executive pay under new rules adopted by EU lawmakers on Tuesday. Investors in the more than 8,000 listed companies on EU markets will be able to issue binding votes on remuneration policies, although EU states are free to make this advisory and will have about two years to enact them in national law. The Parliament''s vote came after a deal reached in December with representatives of the 28 EU states on measures which are also meant to encourage long-term investment in listed firms by asset managers, insurers and pension funds and avoid short-termism. "For a stable European economy, it is essential to look beyond fast profits and focus on long-term success," Vera Jourova, the EU commissioner in charge of the dossier, said. The rules were proposed in 2014 in the wake of the global financial crisis and the euro zone debt crisis which put the short-term practices of the financial sector under scrutiny. It also drew attention to what managers were paid, which was often "perceived as undue in the light of the weak performance of the director or the difficult situation of the company", the Commission said in a note. "There will be a more direct link between directors'' pay and companies'' results," said Sergio Cofferati, the center-left lawmaker who steered the new rules through the EU legislature. To counter short-termism, insurers and pension funds, which hold most of the shares of listed companies, will have to show their investment strategy, without revealing sensitive details. The increased transparency is expected to extend the average shareholding period from eight months, the Commission said. (Reporting by Francesco Guarascio; Editing by Alexander Smith)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-eu-markets-pay-idUKKBN16L1G0'|'2017-03-14T19:33:00.000+02:00'
'231e80b10aa3b1d0edbf77181a297135444c85c1'|'Toshiba asks for second third-quarter extension, expands Westinghouse probe'|'Global Energy News - Tue Mar 14, 2017 - 3:17am GMT Toshiba asks for second third-quarter extension, expands Westinghouse probe FILE PHOTO: The logo of Toshiba Corp. is seen at the company''s facility in Kawasaki, Japan February 13, 2017. REUTERS/Issei Kato/File Photo By Makiko Yamazaki and Taiga Uranaka - TOKYO TOKYO Japan''s Toshiba Corp said it has asked regulators to extend its Tuesday deadline for official third-quarter earnings for a month, as its expands a probe into problems at its U.S. nuclear unit Westinghouse. Requesting its second extension, the company said its auditing committee had confirmed that certain Westinghouse senior managers had exerted ''inappropriate pressure'' in the accounting for an acquisition of a U.S. nuclear power plant construction company in its third-quarter earnings. It now needs to check whether any pressure was exerted in preceding quarters as it would also be filing nine-month results and has requested an extension until April 11, it said in a statement to the Tokyo Stock Exchange. Toshiba will also expand the scope of the probe to see if ''other inappropriate pressures'' were also exerted, it said without elaborating on what they could be. The extension request, which comes after the beleaguered TVs-to-construction conglomerate first postponed the release of audited earnings a month ago, sent Toshiba''s shares sliding 8 percent in morning trade. The request only underscores deepening woes for the deeply troubled TVs-to-construction conglomerate. Plagued by cost overruns at U.S. projects in Georgia and South Carolina, Westinghouse has hired bankruptcy lawyers as an exploratory move, sources have said - an option that could help Toshiba limit future losses. Those projects are being handled by the ill-fated U.S. nuclear power plant construction company that Westinghouse bought from Chicago Bridge & Iron in 2015. Toshiba has already flagged a $6.3 billion writedown in preliminary third-quarter estimates due to the cost overruns. To offset the upcoming writedown, Toshiba is also rushing to sell most or even all its prized memory chip business, which it values at at least $13 billion. Chief Executive Satoshi Tsunakawa will hold a news conference at 4:00 p.m. Tokyo time (0700 GMT). A source with direct knowledge of the matter said a one-month extension should be enough to work out differences with auditors. "I understand auditors'' skittishness but at the same time I don''t think they want to be the reason for Toshiba''s failure by keeping refusing to sign off," said the person, who was not authorised to discuss the matter publicly. If it fails to gain approval for an extension, it has to submit the earnings by March 27 or it could face a delisting. Financial regulators declined immediate comment on Toshiba''s request. Toshiba is also due to submit this week a report to the Tokyo Stock Exchange on its internal controls in the wake of its latest financial woes as well the 2015 accounting scandal. That could eventually also lead to a delisting if the bourse finds Toshiba''s efforts unsatisfactory. (Reporting by Taiga Uranaka and Makiko Yamazaki; Editing by Edwina Gibbs) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-toshiba-accounting-idUKKBN16K11R'|'2017-03-14T10:17:00.000+02:00'
'a9d899fd485fbba1086402249774da8e21f6aad7'|'RPT-China may roll back electric car quotas as industry pushes back'|'Company News   7:05pm EDT RPT-China may roll back electric car quotas as industry pushes back (Repeats article first published late on Monday. No changes to text.) By Jake Spring and Muyu Xu BEIJING, March 13 China is considering easing proposed quotas aimed at producing more electric vehicles, as Beijing gets pushback from the automotive industry over the scale and pace of the plans. If adopted, proposed changes under discussion could see a target of new energy vehicles (NEV) making up 8 percent of sales next year pushed to 2019, two auto executives said. The changes would lower targets from a draft policy released in September requiring 8 percent of automakers'' sales to be battery electric or plug-in hybrid vehicles by 2018, rising to 10 percent in 2019 and 12 percent in 2020. Any loosening of NEV targets would mark a pull back by Beijing, which has faced opposition to the planned targets as it looks to drive its domestic carmakers to overtake global rivals in the ''green'' vehicle sector. Automakers and industry bodies have said the targets are too tough and could hurt manufacturers'' interests. New energy vehicles last year accounted for just 1.8 percent of sales in the world''s biggest autos market, according to Reuters calculations based on official data. "It''s normal to make revisions as it''s a draft plan," An Jin, chairman of Anhui Jianghuai Automobile Group (JAC Motor) , said on the sidelines of the National People''s Congress in Beijing. He said he was aware of talks to revise the quota targets, but said nothing was set in stone. "JAC hasn''t been told what revisions might be made to the draft, but I think it is possible the draft will be changed after the discussions," he said. "Whether the whole market can hit this quota by 2018 depends a lot on the strength of government policy. If it''s strong then we should be able to surpass the targets," An said, "(But) if you consider China''s infrastructure and the transformation of China''s auto sector, then perhaps the pace will have to slow." TWO PERCENT CUT Two executives familiar with the plans told Reuters the government was considering options for lowering the requirements. One idea was to reduce the quota requirement by 2 percent each year, cutting the 2018 requirement to 6 percent, said a China-based government relations official at a major global automaker. It would then be 8 percent in 2019 and 10 percent in 2020. Another option would be to push back each target by a year, with the 8 percent quota starting from 2019, an executive at a Japanese car maker said. Both asked not to be named due to the sensitivity of the matter and because the draft was still under consideration. The overall policy includes quotas for plug-in cars, targets for average fuel economy requirements, and a credit trading system to promote green energy cars while penalizing petrol cars. The two people said the quota stand-off was tied to a disagreement between the Ministry of Industry and Information Technology (MIIT) and China''s top state planner, the National Development and Reform Commission (NDRC). MIIT, which regulates manufacturers, supports a more flexible credit trading system favoured by automakers. The NDRC is more aggressive in promoting a transition to electric vehicles, pushing the introduction of the stricter quotas. An NDRC spokesman said the body played a "small role" when the draft was open to public for discussion. MIIT did not immediately respond to Reuters'' requests for comment. China has strongly supported and subsidized electric vehicles, but is gradually swapping out incentives for hard targets automakers must meet. The central government cut subsidies 20 percent this year, a first reduction towards eliminating them by 2020. (Reporting by Muyu Xu, Jake Spring and Norihiko Shirouzu in BEIJING; Writing by Adam Jourdan; Editing by Ian Geoghegan) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/china-autos-electric-idUSL3N1GQ4AT'|'2017-03-14T06:05:00.000+02:00'
'4143bc7ab5b4520e5cea3af9c2e28327d4cd60b0'|'German company insolvencies fall to record low in 2016, size of claims rises'|'BERLIN, March 14 The number of German companies filing for insolvency fell last year to the lowest level on record thanks to a prolonged upswing in Europe''s biggest economy although the amount of creditor claims rose nearly 60 percent, data showed on Tuesday.Just 21,518 companies registered for insolvency in 2016, down 7 percent in the seventh consecutive annual drop in numbers and the fewest since insolvency rules changed in 1999, the Federal Statistics Office said in a statement.However, total probable claims by creditors rose to some 27.4 billion euros ($29.2 billion) from about 17.3 billion as courts dealt with more cases from big companies, it said.The number of consumer bankruptcies also fell, edging down 3.6 percent to 77,238, its sixth yearly decline.The German economy grew by 1.9 percent in 2016, the highest rate for five years, driven by soaring private consumption, higher state spending and more investment in housing.Record high employment, increased job security, solid wage increases and low borrowing costs are fuelling domestic demand which has replaced exports as the main driver of growth. ($1 = 0.9398 euros) (Reporting by Michael Nienaber; Editing by Louise Ireland)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/germany-economy-bankruptcy-idUSL5N1GR1CT'|'2017-03-14T11:15:00.000+02:00'
'5df785f85852bdf31bdf5e847b0a148898081fb6'|'After Brexit, Israel senses a chance to boost trade with UK'|'F rom a hilltop in Masa’ada on the Israeli side of the Syrian border in the Golan Heights, Faried al-Said Ahmed surveys his cherry and apple trees 80 feet below. Barbed wire surrounds the steep hillside, preventing people entering a minefield planted when the Six-Day War ended 50 years ago.Currently, the trees are bare. Cherry-picking season is May and June, while 45,000 tons of apples will leave this co-operative farm after they ripen in September and October.Although Syrians are fighting less than three miles away and there’s the danger of being blown up underfoot, Ahmed has a more pressing concern: the European Union .The co-operative sells fruit across Israel , but Ahmed claims the EU’s protection of its member states’ farms makes exports to Europe all but impossible. “If it were possible to sell in England then, my God, yes, we would,” he says.The 52-year-old might soon get his wish. When article 50 is triggered in the coming days, the UK will be only two years away from negotiating its own trade deals. The focus has been on an agreement with the US, but given the probable complications of negotiating with self-proclaimed master dealmaker Donald Trump, Israel might be first to sign on the dotted line.After talks in No 10 last month, Theresa May and Israel’s prime minister, Benjamin Netanyahu, announced a joint working group charged with “preparing the ground” for a trade deal.The trade relationship between Israel and Britain is already worth £4.9bn, and on Wednesday foreign secretary Boris Johnson told press in Jerusalem as he stood beside Netanyahu: “We are ... building a global identity as a Britain that’s coming out of the EU and we want to build on our trading partnership with you. We are the biggest European trading partner with Israel … We have the largest, fastest-growing Aston Martin dealership anywhere in the world here in Israel.”Facebook Twitter Pinterest The foreign secretary, Boris Johnson, visited the West Bank and Israel last week. Photograph: Ilia Yefimovich/Getty Images At his official residence on the outskirts of Tel Aviv, the British ambassador, David Quarrey, points to a growing economic relationship between the countries in the past 18 months. This included the biggest UK-Israel trade deal in history: Rolls-Royce landed a £1bn contract to service and maintain its Trent 1000 engines for airline El Al and, in the other direction, Israeli defence firm Elbit Systems is in a consortium that provides the Ministry of Defence with training aircraft and simulators.Quarrey says: “We’re seeing trading bilateral relationships between the UK and Israel, in science and trade for example, doing better than ever. But there’s the potential to do even better, particularly in the context of Brexit. I was with Theresa May and Benjamin Netanyahu in London and it was clear there was the determination for this.“Most businesspeople in Israel look at the UK as a great place to do business, because of its culture, language, and the predictability of the regulatory and tax systems.”Britain, in effect, outsourced trade negotiations to European bureaucrats in the 1970s, so the way the newly formed Department for International Trade (DIT) thrashes out the Israel deal could provide a template for other business agreements.It is understood the first meeting of the working group will take place by the end of this month. Two to four people will represent each side, including officials from the DIT and Israel’s Ministry of Economy.They will set the parameters for future discussions, expected to take place two or three times a year. Regulatory and industry experts will be brought in on an ad hoc basis thereafter.At present, UK-Israel trade is covered by the latter’s association agreement with the EU. James Sorene, the chief executive at the Britain Israel Communications and Research Centre, says “the first priority will be to establish what preferential trade terms the UK is prepared to offer”.Israelis are required to have work permits in the UK, though many are dual EU citizens and work freely in Britain. Given that this right would end on Brexit, Sorene points out: “If the UK’s exit arrangements with the EU involve restricted movement for EU nationals this could indirectly cut the flow of Israeli tech workers to the UK, unless the UK designs a special arrangement for Israel.”Facebook Twitter Pinterest Peppers being picked in an Israeli greenhouse. Photograph: Alamy Technology is booming in Israel: Google, Apple, Facebook, and Microsoft all have research centres there, and there are 300,000 hi-tech workers in a country of only 8.5 million people. The tech sector is likely to be prioritised during negotiations, alongside defence and pharmaceuticals – not least because one in seven NHS drugs come from Israel.Ron Atzmon, managing director of ID authentication tech company Au10tix, wants the UK-Israel relationship to replicate aspects of the EU, with harmonisation of VAT rates and intellectual property regulations.Coupled with more relaxed immigration rules, Atzmon says this would ensure Israeli tech firms will come to a UK where tech “knowledge is not overflowing outside of London”. Israel’s phenomenal expertise in cybersecurity will particularly interest British negotiators, given the National Crime Agency confirmed last year that cybercrime is costing the UK economy “billions of pounds per annum”.Sharren Haskel, a member of the Israeli parliament from the ruling Likud party, says: “One of the main areas we can co-operate is cybersecurity, where Israel is receiving 20% of worldwide investments – huge for such a small country.”In turn, the UK’s growing expertise in major infrastructure projects, such as high-speed rail, could benefit an Israel that is struggling to keep up with population growth because of a shortage of 10,000 engineers.Back on the ground, the Kibbutz Nirim is overflowing with sweet potatoes and radishes. It is also covered with bomb shelters, because this green paradise in southern Israel is only two kilometres from the border of the Hamas-controlled Gaza strip.Should the Israel-Hamas conflict of 2014 have a sequel, as many Israelis fear will happen, an automated voice repeating the words tzeva adom – “colour red” – will be played if mortars are fired on the kibbutz. This will give the 400 residents a seven-second warning to reach those shelters.But the eyes of Nirim’s general secretary, Anat Heffetz, light up at the prospect of exporting all those vegetables to the UK. “Yes, of course, we would love to sell to Britain,” she says. “We have excellent avocadoes – because my husband grows them!”Other contenders Canada, Australia and New Zealand are top of the list of countries Brexit ministers believe will be willing and able to sign a trade deal soon after the UK quits the EU.Canada sealed a deal with the EU last year that covers goods and services from agriculture to banking. The UK will be excluded, but could quickly demolish trade barriers by simply adopting the deal itself, should premier Justin Trudeau believe it worth his while.The Brexit ministry is known to be scouting former Canadian negotiators to help get talks started. And more negotiators are crucial after 40 years without any, other than a handful of UK officials at the European commission. If cloning were an option, former trade minister Peter Mandelson might find himself duplicated several times, if only to fill meetings with more experienced heads than the UK has at the moment.Brexit ministers are keen to approach Donald Trump’s administration to negotiate a trade deal, but will find it is more productive talking to Australia and New Zealand. Both countries have said they are interested in talks; they share the same legal system and much the same approach to trade.Australia is attempting to resurrect Barack Obama’s Trans Pacific Partnership free trade deal without the US now that Donald Trump has killed it off, but should still be keen to open its market to the UK. Phillip Inman Topics Food & drink industry The Observer Trade policy Israel Middle East and North Africa EU referendum and Brexit European Union  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/mar/11/israel-farmers-programmers-sense-chance-to-grow-in-britain-brexit-trade-deal'|'2017-03-11T23:00:00.000+02:00'
'079b6eadcd5c9a2d75d221a287bf00dc5eae3aed'|'Brexit and Bochum haunt Vauxhall in the new battle for Ellesmere Port'|'V ince Cable pushed at the revolving door of General Motors’ New York offices and stepped into the bustle of a February afternoon in Manhattan. As he scanned the street for his awaiting taxi, the then business secretary breathed a huge sigh of relief.It was 2012, and Cable had just persuaded Dan Akerson, then chief executive of car giant General Motors , to hand production of the seventh-generation Astra to Britain.Cable’s 11th-hour intervention, along with generous concessions on pay and conditions from the unions, helped save Vauxhall’s Ellesmere Port factory in Cheshire from closure. It also outmanoeuvred Opel, Vauxhall’s German sister, which was desperate to secure the Astra for its ailing Bochum plant.“The Germans were incandescent,” Cable recalled. “We think they even had [Angela] Merkel on the phone to persuade GM to reverse its decision.”Vauxhall won that battle, but the British marque and its workers have again been plunged into a scrap for survival. Last week’s £1.9bn sale of GM’s loss-making European operations , comprising Vauxhall and Opel, to Groupe PSA of France has thrown Vauxhall’s future into fresh doubt.GM Europe employs more than 38,000 people, with about 19,000 at plants in Germany and 4,500 at Vauxhall’s sites in Ellesmere Port and Luton. The scale of the turnaround task facing Carlos Tavares, chief executive of PSA, is clear. The Vauxhall-Opel operation hasn’t made a profit since 1999 and has made cumulative losses of $20bn since then.British carmakers are already nervous about their prospects when the country leaves the European Union: tariffs or other trade barriers on British cars exported to the EU could deal a hammer blow to the sector.Jim Farley, president of Ford Europe, last week insisted that barrier-free trade was essential to protecting his company’s 14,000 British workers. Ford is planning to cut up to 1,100 jobs at its engine plant in Bridgend, south Wales. “For the future of those employees and for customers in the UK, a zero-tariff environment is really, really important,” Farley said.Britain’s car industry is dominated by continental (Volkswagen and BMW), American (Ford and GM) and Japanese (Nissan and Toyota) manufacturing groups whose main export market is the EU. Eight out of every 10 cars that roll off British production lines are exported and the EU is the biggest export market, with 56% of British-made cars sent there.Car manufacturing in Britain is close to a record high, with 1.72 million made on these shores in 2016: not far off the peak of 1.92 million in 1972. Consequently, the sector is a key player in the British economy. Figures from the Society of Motor Manufacturers and Traders show the UK car industry clocks up annual turnover of £71bn, employs 169,000 people directly and supports a further 814,000 indirectly.But new trade barriers are also likely to make it more expensive for British manufacturers to import components. If costs go up, it may give PSA an easy excuse to shut its newly acquired British factories. On the flip side, cars made in Britain are likely to be cheaper for UK buyers than those from Germany, Spain or Italy, and if the government can strike trade deals with nations outside Europe, PSA’s UK factories could tap into those markets.Facebook Twitter Pinterest Vince Cable: ‘German pressure is going to be huge.’ Photograph: Rui Vieira/PA Tavares hinted at this, noting the “potential opportunity” that a hard Brexit might present “to have inside of the UK some manufacturing plants”.This may still mean slimming down operations until enough trade deals with other countries are inked in.The tie-up makes PSA, owner of the Peugeot and Citroën marques, the second-biggest European carmaker – accelerating past Renault, but behind VW – with a 16% market share.Tavares has a reputation as a cost-cutter, and PSA, which is 14% owned by the French state, estimates savings and other benefits from the deal should reach €1.7bn on an annual basis.It said most of this would come from “synergies” – eliminating duplication in head-office functions such as marketing. However, analysts reckon there are sure to be large-scale job cuts, and even plant closures.Ferdinand Dudenhöffer, who leads the Centre for Automotive Research (CAR) at the University of Duisburg-Essen, estimated 6,250 job cuts are required to achieve the necessary savings in production. “The shuttering of entire plants is therefore not excluded,” he says.Tavares has pledged to honour GM’s current contracts, which guarantee production of the Astra at Ellesmere Port until 2021, and the Vivaro van in Luton until 2025. That gives British workers some assurance about their jobs in the short term.But unions reckon talks about a new model to replace the Astra will start again some time next year. And unlike 2012, ministers and union bosses are likely to have less bargaining power in these negotiations.This time around, the already powerful French and German interests will be in the driver’s seat. Factories inside the EU are sure to target Brexit and the tariff advantage their plants are likely to have over British rivals.Cable is gloomy about the prospect of outfoxing Opel this time. “Of course, we didn’t have to deal with Brexit, which has thrown a huge spanner in the works this time around,” he says. “It probably makes it more difficult.“German pressure is going to be huge. When we were negotiating for Ellesmere Port, there were people pushing from the German side because they didn’t want Bochum to lose out. This time around it will be much more intense.” Pointing to Brexit, the Opel brand’s dominance overseas and the French government’s shareholding in PSA, he repeats: “All these factors make it a lot more difficult.”Tavares has already sent tremors through Westminster after signalling that he wants to create a “European automobile champion with German-French roots”.It doesn’t bode well for Vauxhall , which has been building cars in Britain since 1903 and was bought by GM in 1925.Trades unions don’t want to leave anything to chance. “The uncertainty caused by Brexit is harming the UK auto sector,” says Len McCluskey, general secretary of Unite. “We need every assistance from the government to give this sector a fighting chance.”Topics Vauxhall The Observer General Motors Automotive industry Peugeot Citroën EU referendum and Brexit  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/mar/11/vauxhall-brexit-ellesmere-port-bochum-haunt-battle'|'2017-03-11T23:00:00.000+02:00'
'e83858f1579d421736376a759003b9077bb36d0d'|'China says Taiwan should be more open to its investment'|'Business News - Sat Mar 11, 2017 - 2:55am GMT China says Taiwan should be more open to its investment BEIJING China''s Industry Minister, Miao Wei, said on Saturday that self-ruled Taiwan should be more open to Chinese investment after two high-profile cross-Taiwan Strait deals fell through. Taiwan''s ChipMOS Technologies ( 8150.TW ) in November said it had scrapped a planned $373 million stake sale to China''s Tsinghua Unigroup due to uncertainty about Taiwanese regulatory clearance. It''s the second deal in as many months between the mainland''s Unigroup and a Taiwanese firm to fall through. [nL4N1DV2DA] The share sale was spiked due to political considerations, industry analysts said, following intense scrutiny when the independence-leaning Democratic Progressive Party (DPP) came to power in Taiwan last year. Speaking on the sidelines of the annual meeting of China''s parliament, Miao said economic cooperation between both sides of the Taiwan Strait have made huge progress in the last three decades since the two began a detente. China welcomes Taiwan chip companies to invest in China, he added. "Of course, we hope that openness is two-sided, not one-sided," Miao said. "We encourage and support Taiwanese companies to develop in the mainland, and at the same time Taiwan should have an even more open attitude towards mainland companies entering Taiwan." Miao said such cooperation is good for both economies. The DPP is traditionally less friendly toward China and espouses the island''s formal independence, a red line for Beijing. Shortly after Taiwan President and DPP leader Tsai Ing-wen took office last May, China cut off official communication with Taipei because she refused to accept China''s view that the democratic island is a part of China. China deems Taiwan a wayward province to be taken back by force if necessary. Taiwan has protected its prized chip industry from becoming too reliant and open to China. Defeated Nationalist forces fled to Taiwan in 1949 after losing a civil war with the Communists. (Reporting by Ben Blanchard; Editing by Sam Holmes) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-parliament-taiwan-idUKKBN16I03P'|'2017-03-11T09:55:00.000+02:00'
'a7efc6bf779ade4d54ddabbb17f281e43d86b3c9'|'Letter to my younger self: you''ll be called a little girl with an idea - Guardian Small Business Network'|'Dear Georgie,I know that you feel lost. Your boss has just let you go but don’t lose too much sleep over that. It’s about to spur you on to making the best decision of your life. You ought to thank him really.At 25, you’re about to start your own production company in Dorset that encompasses your passion for video and animation. You’re excited, everybody is noticing a difference in you – you feel great.But you’re naive and the realities of running a business will soon hit you. There is so much paperwork that comes with running a business. Paperwork, like VAT returns, that you don’t even know exists yet. Sometimes your dyslexia will get in the way of reading 50-page tender documents. You’ll have to use the dreaded Excel too, at least until you can afford to pay someone else to. You will sit in meetings and people will ask when your boss is coming. You will be told that you cannot go to a business event because “it’s more for serious businessmen”. You will have a potential client refer to you as a “little girl that has an idea”. Don’t let the fact that you’re a young woman in a male-dominated industry hold you back. If anything, these comments will spur you on to achieve even more.Facebook Twitter Pinterest Georgina (left) at 25. Photograph: Robert Whetton Don’t be ashamed to be assertive and direct. This doesn’t mean you’re “bossy” or a “battleaxe”, it just shows how driven you are. Isn’t it ironic that men who exhibit these qualities are praised for being “no nonsense go-getters”. Well you are a no nonsense go-getter too, even though you might not believe that just yet.Your business won’t just skyrocket overnight. You’ll start with the odd freelancer helping you out, until you have grown enough to take on a part-time employee, then a full-time staff member and then another and another. I’ll be honest with you, you will struggle at times. In fact, you’ll struggle a lot. As the business grows, so will your responsibilities. Having a team with salaries means that you’ll occasionally have to make personal sacrifices to ensure your staff are looked after. Cashflow will be tricky. If the business isn’t paid on an invoice for 60 days, then you aren’t either. So get used to good old beans on toast. Four years in, your very first employee will leave, running off to London to see if the grass is greener with a big organisation. Running a small business means that every bum on each seat has to be the right bum, and this employee was key to the business. You will cry – a lot – more so than if a boyfriend breaks up with you. A number of those will do so in the early days, complaining that you work too much. Unlike the boyfriends, that first employee comes back after two months, preferring to have more creative input in a small organisation, rather than being a small cog in a big wheel somewhere else.The roof on the first office – or shoebox– you’re renting will collapse in the rain, soaking your computers and lights. In the next building you rent, the same thing will happen again, and you struggle to exist in a property on the verge of being condemned. Eventually, you will persuade the bank with a 60-page business plan to help you buy and renovate the building. For every evening and weekend for months you will be covered in some kind of dirt and building matter, but you’re able to turn it into a custom-built studio space. You will be so proud about of your own studio. And the leaking roofs weren’t all bad – they’ll inspire you when Warner Music commissions you to provide a music video where it rains inside. So remember, everything that happens to you, whether its good or bad, will be a learning experience or provide inspiration later on.Whenever you get stressed about something work related, just remember: you’re not saving lives. Calm down and have a cuppa.Don’t be afraid to experiment. Don’t be frightened to jump in. You’ll get a lot of things wrong at first. But make stuff. Put it out there. Rip it up. Start again but this time do it better. It’s the only way you’ll grow and learn.GeorginaGeorgina Hurcombe is the founder and managing director of LoveLove Films. Are you an entrepreneur who would like to write a letter to your younger self? Email us at smallbusinessnetwork@theguardian.com to take part in this series. Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox. Topics Guardian Small Business Network Entrepreneurs  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/small-business-network/2017/mar/11/letter-to-my-younger-self-georgina-hurcombe-love-love-films'|'2017-03-11T16:00:00.000+02:00'
'cf651d3ccc270fad3a248660a4227304eb12221d'|'Fed may have to accelerate rate rises to accommodate Trump policies - ECB''s Visco'|'Business News - Mon Mar 13, 2017 - 9:58am GMT Fed may have to accelerate rate rises to accommodate Trump policies - ECB''s Visco Bank of Italy Governor Ignazio Visco attends the session ''Recharging Europe'' in the Swiss mountain resort of Davos January 23, 2015. REUTERS/Ruben Sprich ROME The economic policies of U.S. President Donald Trump could hurt global trade and could speed up an increase in U.S. interest rates, European Central Bank policy maker Ignazio Visco said on Monday. "Given the current situation of the U.S. economy, which is close to full employment, strong fiscal expansion risks having a pro-cyclical impact," Visco said in a speech at the Italian foreign ministry. "In such a case, the process of normalising monetary conditions undertaken by the Federal Reserve could be less gradual," said Visco, who sits on the ECB Governing Council and is the governor of the Bank of Italy. "The consequent appreciation of the dollar and increase in medium-to-long-term interest rates, which up until now have been contained, could accentuate and reverberate their impact on international markets," he said, adding that this could hurt emerging markets. (Reporting by Giuseppe Fonte, writing by Crispian Balmer) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-visco-fed-idUKKBN16K0YE'|'2017-03-13T16:58:00.000+02:00'
'4fbe68d9bb24afe594d637fef9b0665ee3933cc5'|'Activist hedge fund opposes Walt Disney''s move on Disneyland Paris'|'LONDON/PARIS An activist hedge fund has clubbed together with other minority shareholders to object to plans by Walt Disney ( DIS.N ) to take full control of the debt-laden Paris theme park operator, Euro Disney ( EDLP.PA ), according to a letter seen by Reuters.Paris-based CIAM, which owns 1.4 percent of Euro Disney shares, has written to the board of the French company to object to what it believes are plans by Walt Disney to force out minority shareholders. It said it has the support of more than 5 percent of Euro Disney shareholders, together with its holding."The Walt Disney Company seeks to force out the remaining minority shareholders by offering them a new public offer, under penalty of having to undergo a strong dilution later," said the letter, dated March 6.Euro Disney defended the terms of the Walt Disney takeover."Given the financial challenges faced by Euro Disney, The Walt Disney Company has developed a long-term solution that takes into account all stakeholders," it said in a statement."We believe such an operation will provide Euro Disney with a strong financial footing to continue its strategy, while providing minority shareholders the opportunity to exit at a significant premium," it added.Last month, Walt Disney announced plans to take full control of Euro Disney, after raising its stake in the underperforming operator of Disneyland Paris through a deal with Saudi billionaire Prince Alwaleed bin Talal.Minority shareholders will be offered 2 euros ($2.13) a share to sell their stake to Walt Disney - a 67 percent premium to Euro Disney''s share price on Feb 9, which was the day before the offer was announced.Disneyland Paris opened in 1992 and has struggled financially for much of that time, after making overly optimistic visitor projections and taking on too much debt.Minority shareholders have long complained about the way the company was run and Disney could face resistance to the offer despite the premium.Deadly attacks in Paris in 2015 by Islamist militants also hit the broader French tourism sector, and Euro Disney racked up a net loss of 858 million euros in 2016.As part of its takeover, Walt Disney will also support a recapitalization of Euro Disney of up to 1.5 billion euros, helping cut debt and improve Euro Disney''s financial position.($1 = 0.9405 euros)(Reporting by Maiya Keidan and Sudip Kar-Gupta; Editing by Simon Jessop and Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-hedgefunds-eurodisney-idINKBN16L0XH'|'2017-03-14T11:31:00.000+02:00'
'98e6870ed14c72b24e11a64a2774dda6b48fba8e'|'U.S. producer prices rise broadly in February'|' 24pm GMT U.S. producer prices rise broadly in February Steel coils wait to be shrink wrapped and shipped to customers at the Severstal steel mill in Dearborn, Michigan June 21, 2012. REUTERS/Rebecca Cook WASHINGTON U.S. producer prices increased more than expected in February, and the year-on-year gain was the largest in nearly five years, pointing to a steady rise inflation pressures. The Labor Department said on Tuesday that its producer price index for final demand increased 0.3 percent last month after rising 0.6 percent in January. Economists polled by Reuters had forecast a 0.1 percent uptick. In the 12 months through February, the PPI jumped 2.2 percent, the biggest advance since March 2012 and ahead of the 2.0 percent gain forecast in the Reuters poll. It followed a 1.6 percent increase in January. Producer prices are rising as the prior weak readings, induced by cheap oil, drop out of the calculation. Crude oil prices have risen above $50 per barrel. Also boosting price pressures are the dollar''s 1.5 percent drop against the currencies of the United States'' main trading partners since January and overall commodity price gains in tandem with a firming global economy. A key gauge of underlying producer price pressures that excludes food, energy and trade services increased 0.3 percent in February, the biggest gain since April 2016. The so-called core PPI rose 0.2 percent in January. Core PPI increased 1.8 percent in the 12 months through February after advancing 1.6 percent in January. The Federal Reserve has a 2 percent inflation target and tracks a measure that is currently at 1.7 percent. Fed officials were due to start a two-day policy meeting later on Tuesday. The U.S. central bank is expected to raise its overnight benchmark interest rate by 25 basis points to a range of 0.75 percent and 1.00 percent. It has projected three hikes in 2017. In February, prices for final demand services increased 0.4 percent, accounting for more than 80 percent of the rise in the PPI. That was the biggest rise since June 2016 and followed a 0.3 percent gain in January. The cost of energy products increased 0.7 percent last month, slowing from January''s 4.7 percent surge. Wholesale food prices increased 0.3 percent after being unchanged in January. Healthcare costs rose 0.2 percent after a similar gain in January. Those costs feed into the Fed''s preferred inflation measure, the core personal consumption expenditures index. The volatile trade services component, which measures changes in margins received by wholesalers and retailers, rose 0.4 percent last month after shooting up 0.9 percent in January. (Reporting by Lucia Mutikani; Editing by Chizu Nomiyama and Lisa Von Ahn)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-economy-inflation-idUKKBN16L1LY'|'2017-03-14T20:24:00.000+02:00'
'105a5c76d39a4ba3870a186e7ff672c425ff917b'|'Basic resource, oil stock rally drives European share rise'|'* STOXX 600 up 0.2 pct* Zodiac plummets on another profit warning* Swedish fashion retailer H&M down on sales miss* German utility E.ON drops after 16 bln euro loss (Updates prices)By Helen ReidLONDON, March 15 European shares rose on Wednesday, boosted by basic resource and oil stocks, while French aeroplane seat-maker Zodiac fell more than 13 percent after its latest profit warning.The pan-European STOXX 600 index gained 0.2 percent in early trading, with the market focused on potentially divisive elections in the Netherlands and a U.S. Federal Reserve policy meeting that could signal how much monetary tightening to expect during the remainder of the year.A recovery in oil prices after a surprise U.S. crude stockpile drawdown eased worries about a supply glut spurred a rally in basic resources stocks with the sector up 2 percent, followed by major European oil-related stocks which rose 1.3 percent.Rio Tinto and Glencore were among the top gainers, with their shares up 2.3 to 2.7 percent.British drugmaker Hikma was up 7.7 percent after it posted a 2.4 percent rise in full-year operating profit on growth in its injectables and branded business, which offset weakness in its generic drugs.Finnish stainless steel producer Outokumpu was up 4.6 percent, set for its best day in six weeks, after the European benchmark price for ferrochrome, a crucial raw material for steel production, was set lower than expected.Zodiac was the biggest European faller, after it warned on profit after the close on Tuesday. The company, which engine maker Safran is seeking to acquire, said it sees full-year operating income falling 10 percent against a previous forecast of a 10-20 percent rise.Swedish fashion retailer H&M was among the biggest fallers, with its shares down 4.8 percent after it posted its first monthly sales drop in four years.The Europe-wide retail sector index was the worst-performing, down 0.6 percent, with Zara owner Inditex also down 1.3 percent after it posted a 10 percent rise in profit for 2016.German utility E.ON < EONGn.DE> fell 3.6 percent after it posted a record 16 billion euro ($17 billion) loss due to impairments on its former power plant unit Uniper which it spun off last year. (Editing by Vikram Subhedar and Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/europe-stocks-idINL5N1GS239'|'2017-03-15T07:28:00.000+02:00'
'97ca850b16332bbdda291a20070177e8dbbb827a'|'Ex-Zenefits chief launches startup to compete with his old firm'|'By Heather Somerville - SAN FRANCISCO SAN FRANCISCO The former chief executive of human resources software firm Zenefits, Parker Conrad, on Tuesday made public a new startup that will compete with his old company, marking a comeback by the Silicon Valley entrepreneur who left Zenefits under a cloud.Conrad''s new startup, called Rippling, came out of what the tech industry calls "stealth mode" on Tuesday, offering services to help companies automate the employee hiring and firing processes.These include generating new employee offer letters and severance agreements, shipping preconfigured computers with antivirus software, setting up email accounts, providing keycards to an office building, processing payroll and more, according to the firm''s website.Many of these services go head-to-head with Zenefits, the company Conrad started in 2013 and resigned from last year after problems surfaced over the company flouting state insurance regulations."I feel like I still have a contribution to make," Conrad said in an interview.Zenefits offers human resources software to help companies get new hires on board and manage employee benefits, and also acts as a health insurance broker, working as the middleman between businesses and insurance providers.Zenefits made a speedy ascent to a $4.5 billion valuation and was hailed by investors as one of the fastest-growing software companies in Silicon Valley history. But its fall was equally precipitous, once the company revealed that some staff who sold health insurance did not have the proper licenses to do so nor did they meet state-mandated education requirements.Conrad was replaced by David Sacks, then the company''s chief operating officer. Zenefits was hit with hefty fines following a number of state investigations and laid off hundreds of employees. The company''s valuation tumbled to $2 billion and Sacks resigned in December.Conrad has been at work on Rippling alongside co-founder Prasanna Sankar since June, and the startup now has about 15 employees and $7 million in the bank, Conrad said. He added that he is steering clear of insurance in his new startup."At Zenefits, it seemed like I always realized what we needed after we needed it," Conrad said. “This time I feel like I can see around the corner a little bit and be prepared in advance."Rippling raised $7 million from investors including Ben Ling, a partner at Khosla Ventures, and angel investor and former Y Combinator partner Justin Kan.Conrad said the funding round included more than 20 investors who had also backed Zenefits, and who together contributed more than 90 percent of Rippling''s money.(Reporting by Heather Somerville; Editing by Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-rippling-startup-idINKBN16M016'|'2017-03-14T21:15:00.000+02:00'
'5e5dad2525b6f3ae0305c393061f8ab8120db486'|'Plaintiffs in U.S. lawsuit say Monsanto ghostwrote Roundup studies'|'Company News  17pm EDT Plaintiffs in U.S. lawsuit say Monsanto ghostwrote Roundup studies By Brendan Pierson - March 14 March 14 Employees of Monsanto Co ghostwrote scientific reports that U.S. regulators relied on to determine that a chemical in its Roundup weed killer does not cause cancer, farmers and others suing the company claimed in court filings. The documents, which were made public on Tuesday, are part of a mass litigation in federal court in San Francisco claiming Monsanto failed to warn that exposure to Roundup could cause non-Hodgkin''s lymphoma, a type of cancer. The company has denied that the product causes cancer. Plaintiffs claim that Monsanto''s toxicology manager ghostwrote parts of a scientific report in 2013 that was published under the names of several academic scientists, and his boss ghostwrote parts of another in 2000. Both reports were used by the EPA to determine that glyphosate, a chemical in Roundup, was safe, they said. They cited an email from a Monsanto executive proposing to ghostwrite parts of the 2013 report, saying, "we would be keeping the cost down by us doing the writing" while researchers "would just edit & sign their names so to speak." In an email, a Monsanto spokeswoman denied that Monsanto scientists ghostwrote the 2000 report but did not directly address the 2013 report. She said the ghostwriting allegations were based on "cherry-picking" one email out of 10 million pages of documents. Another filing focused on Jess Rowland, a former deputy director at the Environmental Protection Agency who chaired a committee on cancer risk and who plaintiffs say worked with Monsanto to suppress studies of glyphosate. The filing includes an email from a Monsanto employee recounting how Rowland told him he "should get a medal" if he could "kill" a study of glyphosate at the Department of Health and Human Services, a separate federal agency. Rowland, who is retired, is not a defendant in the litigation. He could not immediately be located for comment. The EPA had no immediate comment. The federal mass litigation includes about 60 lawsuits, according to Aimee Wagstaff, an attorney for the plaintiffs. Several hundred more lawsuits are pending in state courts, she said. A California state court judge on Friday in a separate lawsuit ruled that California could classify glyphosate as a cancer risk. The case is In re Roundup Products Liability Litigation, U.S. District Court, Northern District of California, No. 16-md-02741. (Reporting By Brendan Pierson in New York; editing by Noeleen Walder and Cynthia Osterman) Next In Company News Ant Financial says it is committed to merger with MoneyGram March 14 Ant Financial Services Group, the financial services affiliate of China''s Alibaba Group Holding Ltd, said on Tuesday it remained committed to the consummation of its merger with U.S. money-transfer company MoneyGram International Inc, after Euronet Worldwide Inc trumped its offer.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/monsanto-cancer-lawsuit-idUSL2N1GR1S5'|'2017-03-15T07:17:00.000+02:00'
'c35144a42fd6dc8ae1a1cd151edadea7be53c460'|'Fox says commissioned work on Iran ties to help develop trade'|' 41am GMT Fox says commissioned work on Iran ties to help develop trade Britain''s Secretary of State for International Trade and President of the Board of Trade Liam Fox leaves the BBC studios in London, Britain, 12 March, 2017. REUTERS/Hannah McKay LONDON British trade minister Liam Fox said on Wednesday he had commissioned work from his department to look at how to normalise "effective payment channels" with Iran to try to open up trading opportunities. Britain is seeking new and deeper trade relations with countries outside the European Union to strengthen its hand in divorce talks with the bloc and is targeting countries in the Middle East among other areas. Fox told a parliamentary committee that he expected to receive the findings of the report at the end of this month. (Reporting by Elizabeth Piper; editing by William James) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-iran-idUKKBN16M1IQ'|'2017-03-15T18:41:00.000+02:00'
'b96f29fd6c8af3cd43c04a1af3cb33c6d25aafd9'|'CA Inc to pay $45 mln to resolve false claims allegations -US Justice Dept'|'  6:05pm EST CA Inc to pay $45 mln to resolve false claims allegations -US Justice Dept WASHINGTON, March 10 Information technology firm CA Inc has agreed to pay $45 million to resolve allegations it made false statements and claims involving a U.S. government contract, the Justice Department said on Friday. The agreement resolves claims that New York-based CA provided false information to the General Services Administration about discounts it gave commercial customers for its software licenses and maintenance services, the department said in a statement. (Reporting by Eric Beech)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ca-inc-usa-justice-idUSW1N1FY01P'|'2017-03-11T06:05:00.000+02:00'
'08ab755fb38eae9ab6f5cf8f5aab9781ef1e58d2'|'Uber prohibits use of ''Greyball'' technology to evade authorities'|'Technology   1:02am GMT Uber prohibits use of ''Greyball'' technology to evade authorities FILE PHOTO - A man arrives at the Uber offices in Queens, New York, U.S., February 2, 2017. REUTERS/Brendan McDermid/File Photo By Heather Somerville - SAN FRANCISCO SAN FRANCISCO Uber Technologies Inc [UBER.UL] has prohibited the use of its so-called "Greyball" technology to target regulators, ending a program that had been critical in helping Uber evade authorities in cities where the service has been banned. Uber is reviewing the different ways the technology has been used and is "expressly prohibiting its use to target action by local regulators going forward," Uber Chief Security Officer Joe Sullivan said in a blog post on Wednesday. The ride-hailing company last week confirmed the existence of the "Greyball" program, which uses data from the Uber app and other methods to identify and circumvent officials who aimed to ticket or apprehend drivers in cities that opposed Uber''s operations. (Reporting by Heather Somerville, editing by G Crosse) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-uber-greyball-idUKKBN16G041'|'2017-03-09T08:08:00.000+02:00'
'1da4c14364ada0c7abad8a514d3f5926c8863767'|'Alexion to cut 7 pct of workforce'|'Big Story 10  26pm EDT Alexion to cut 7 percent of workforce Alexion Pharmaceuticals Inc said on Monday it has initiated a company-wide restructuring that will affect about 7 percent of its workforce. The rare-disease drug maker, which has been looking to steady the ship following the exit of its top management, had 3,121 employees as of Dec. 31. Alexion''s chief executive and chief financial officer resigned in December after the board had lost confidence in them. "We are investing our resources in key growth drivers, including our portfolio of marketed products," the company said in an emailed statement. The U.S. biotech''s flagship drug, Soliris, has fueled much of the company''s growth, but slowing sales in recent quarters and looming competition have made investors jittery. (Reporting by Ankur Banerjee in Bengaluru; Editing by Shounak Dasgupta) Next In Big Story 10'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-alexion-pharms-redundancies-idUSKBN16K2Q7'|'2017-03-14T05:17:00.000+02:00'
'89f173581ea06b1a9b803572ab3b09471b1f85c0'|'RWE weighs options as utility M&A talk picks up'|'ESSEN, Germany German utility RWE ( RWEG.DE ) is considering options including tie-ups with rivals and the sale of a stake in its Innogy ( IGY.DE ) business, its chief executive said, raising the prospect for large M&A deals in the crisis-hit sector."We are in regular contact with a large number of market participants. We are constantly examining all strategic options our company is faced with," RWE Chief Executive Rolf Martin Schmitz told journalists at a news conference on Tuesday to present the company''s annual earnings.His remarks follow a report by Bloomberg saying that French energy group Engie ( ENGIE.PA ) was weighing a bid for its networks, renewables and retail unit Innogy, in which RWE holds a 76.8 percent stake after a separate listing last year.When asked specifically about speculation that RWE could be a suitor for smaller peer Uniper ( UN01.DE ), spun off by rival E.ON ( EONGn.DE ) last year, Schmitz said: "We are examining all options. And all options means all options."The talk of interest in German utilities reflects efforts by RWE and E.ON to restructure after Germany''s focus on promoting renewable energy virtually destroyed their established business model of selling power from fossil-fuel plants.Shares in RWE and Innogy were up 8.7 and 7.4 percent respectively, with traders pointing to the possibility of wider consolidation in the sector should a bid materialize. Uniper shares gained 4.4 percent while Engie''s traded 1.5 percent lower.ENGIE''S AIMSAnalysts at Morgan Stanley said a takeover of Innogy by Engie would make sense, adding it would give Engie access to customers in Britain, networks in Germany and raise its share of regulated profits.Engie Chief Executive Isabelle Kocher is pushing a strategy shift to focus the former French monopoly gas utility more on grids and renewables, but she has given no indication that she wants a transformative deal.The French company''s shares are down more than 70 percent from their 2008 highs and are trading well below book value, which would make financing such a big acquisition with a capital increase very expensive.Analysts at HSBC do not expect Engie to make a bid for Innogy, they said in a report, adding the German company''s mix of assets did not meet the French group''s "growth ambitions where energy efficiency and solar play a large part".Innogy and Engie, in which the French state holds a 28.65 percent stake, declined to comment.Innogy has a market valuation of almost 20 billion euros ($21.3 billion). Its shares listed at a price of 36 euros last October in Germany''s largest listing since 2000, and traded at 35.93 euros on Tuesday."There should also be a positive read across for E.ON, who could be an equally attractive (and cheaper) acquisition target for Engie, if RWE were to reject its offer," Bernstein analyst Deepa Venkateswaran said.RWE has previously said it wanted to remain a majority shareholder in Innogy in the long-term. It said on Tuesday that a supervisory board decision was in place that enabled RWE to cut it stake in Innogy to 51 percent.RWE last month canceled its dividend for ordinary shares for the second year in a row, and Schmitz said on Tuesday it would not be a good idea to pay out dividends by going into debt or selling Innogy shares.(Additional reporting by Vera Eckert and Geert De Clercq in Paris; Editing by Keith Weir)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-innogy-m-a-engie-idUSKBN16K2IB'|'2017-03-14T15:09:00.000+02:00'
'85f025c61209fb257c33bf381b0eff43f689adab'|'VW CEO says not ruling out merger talks with Fiat Chrysler boss'|'Deals - Tue Mar 14, 2017 - 8:23am EDT VW CEO says not ruling out merger talks with Fiat Chrysler boss German carmaker Volkswagen CEO Matthias Mueller addresses the company''s annual news conference in Wolfsburg, Germany, March 14, 2017. REUTERS/Fabian Bimmer WOLFSBURG, Germany Volkswagen ( VOWG_p.DE ) Chief Executive Matthias Mueller said he is not ruling out talks with Fiat Chrysler ( FCHA.MI ) boss Sergio Marchionne about a possible merger. "I am not ruling out a conversation," Mueller told reporters on Tuesday after the carmaker''s annual earnings press conference in Wolfsburg. Marchionne has long advocated car industry mergers to share the costs of making cleaner and more technologically advanced vehicles and has repeatedly relayed his desire via the media. "It would be very helpful if Mr Marchionne were to communicate his considerations to me too and not just to you," Mueller said. "I am pretty confident about the future of Volkswagen, with or without Marchionne." Only last week, Mueller appeared to dismiss the prospect of talks with Fiat Chrysler. "We are not ready for talks about anything," he told Reuters on the fringes of the Geneva auto show. "I haven''t seen Marchionne for months," he said at the time. (Reporting by Andreas Cremer; Editing by Edward Taylor) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-volkswagen-fiat-chrysler-idUSKBN16L1EL'|'2017-03-14T19:23:00.000+02:00'
'9dbfa572ac8d6fa9c9157df720c3756f9a18c04e'|'Oil hovers near three-month lows as investors await data'|'Tue Mar 14, 2017 - 12:44am GMT Oil hovers near three-month lows as investors await data FILE PHOTO: An oil pump jack pumps oil in a field near Calgary, Alberta, Canada on July 21, 2014. REUTERS/Todd Korol/File Photo TOKYO Crude oil prices hovered near three-month lows on Tuesday in early Asian trading as investors await key reports and data that may shed light on a supply overhang in the global market. U.S. West Texas Intermediate crude (WTI) CLc1 edged down 3 cents to $48.37 a barrel by 0026 GMT(8.26 p.m. ET). The contract ended down 9 cents in the previous session after touching $47.90, the lowest since the end of November. Brent crude futures LCOc1 were down 1 cent at $51.34 a barrel, having settled down 2 cents on Monday after dipping to as low as $50.85. Prices fell sharply last week as investors worried that swelling U.S. crude supplies would hinder OPEC''s efforts to restrict output and reduce a global glut. Prices had risen after the Organization of the Petroleum Exporting Countries (OPEC) and other major oil producers, including Russia, agreed at the end of November to rein in production by almost 1.8 million barrels per day (bpd) in the first half of 2017. "It''s shaping up to be another fun week in the crude complex, with OPEC releasing its monthly oil market report on Tuesday, swiftly followed by the IEA''s monthly oil market report the day after," Matt Smith, analyst at ClipperData, said in a note. The International Energy Agency releases its closely watched monthly oil market report on Wednesday. Data from the industry group the American Petroleum Institute on U.S. crude and product stockpiles is also due out later on Tuesday. Analysts said the slump may not have much further to go now that prices have fallen more than 8 percent since last Monday, the biggest week-on-week drop in four months. (Reporting by Aaron Sheldrick; Editing by Richard Pullin) Up Next Intel''s $15 billion purchase of Mobileye shakes up driverless car sector JERUSALEM/DETROIT Intel Corp agreed to buy Israeli autonomous vehicle technology firm Mobileye for $15.3 billion on Monday in a deal that could thrust the U.S. chipmaker into direct competition with rivals Nvidia Corp and Qualcomm Inc to develop driverless systems for global automakers.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-oil-idUKKBN16L036'|'2017-03-14T07:37:00.000+02:00'
'7b7242778516d7b026ffc16f5f9dd65d8548fdb1'|'METALS-London copper edges lower ahead of China data'|'Company News - Mon Mar 13, 2017 - 9:20pm EDT METALS-London copper edges lower ahead of China data MELBOURNE, March 14 London copper edged lower on Tuesday, as traders locked in profits ahead of China industrial data that should shine a light on the strength of demand in the world''s top user of metals. FUNDAMENTALS * Three-month copper on the London Metal Exchange slipped 0.2 percent to $5,800 a tonne by 0103 GMT, paring 1.1 percent gains from the previous session. Copper last week fell to 2-month lows at $5,652 a tonne on signs that mine disruptions may be abating. * Shanghai Futures Exchange copper held a 0.6 percent advance at 47,290 yuan ($6,842) a tonne. * A flurry of data in coming weeks is expected to show China posted solid economic growth in February, even as the government trimmed its growth target for the year to focus on containing the risks from a rapid build-up in debt. China industrial output and retail sales are due later in the session. * A strike at Peru''s biggest copper mine, Freeport-McMoRan Inc''s Cerro Verde, stretched into its fourth day after a meeting between the union and management failed to resolve a dispute over labor demands, a union official said on Monday. * BHP Billiton on Monday invited striking workers at its Escondida copper mine in Chile, the world''s largest, to return to the negotiating table, after they rejected a similar approach on Saturday. Escondida''s 2,500-member union has been on strike since Feb. 9 after new contract talks fell apart, and the mine has produced no copper since then. * Philippine President Rodrigo Duterte on Monday accused some miners of funding efforts to destabilise his government as he talked about a possible plan to impose a ban on mining given the environmental damage producers have caused. * China''s central bank does not have a "bottom line" for either the yuan exchange rate against the dollar or foreign exchange reserves, a senior official told Reuters in an interview. * Japan''s core machinery orders unexpectedly fell in January from the previous month and dipped the most in five months, adding to worries about whether recent signs of economic recovery will be sustainable. * For the top stories in metals and other news, click or MARKETS NEWS * Major U.S. stock indexes paused on Monday as investors braced for a potential U.S. interest rate hike by the Federal Reserve later in the week, while oil prices hovered near three-month lows. DATA/EVENT AHEAD 0200 China Industrial output Jan 0200 China Retail sales Jan 0200 China Urban investment Jan 1000 Germany ZEW economic sentiment Mar 1000 Euro zone Industrial production Jan 1000 U.S. NFIB business optimism Feb Federal Open Market Committee starts two-day meeting PRICES'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL3N1GR14Y'|'2017-03-14T08:20:00.000+02:00'
'b723a778cf8d0854626ac3cf684c3944546ecc4c'|'CORRECTED-40 North Management and Standard Industries raises stake in GCP Applied Technologies'|'Big Story 10   7:15pm EDT 40 North Management and Standard Industries raises stake in GCP Applied Technologies 40 North Management LLC and Standard Industries, shareholders of GCP Applied Technologies Inc, raised their stake in the construction products and packaging maker as they view the stock as undervalued and an attractive investment. 40 North and Standard Industries reported a combined stake of 9 percent in GCP Applied Technologies as of March 2, up from 3.56 percent on Dec. 31. ( bit.ly/2mFnf4U ) (This version of the story corrects the headline and story throughout to add reference to Standard Industries, which along with 40 North, raised combined stake in GCP. It also corrects to show combined stake is 9 percent, not 6.5 percent) (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Maju Samuel) Next In Big Story 10'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-gcp-applied-tech-stake-idUSKBN16K2SV'|'2017-03-14T06:05:00.000+02:00'
'e4205f86c5a65ed9f0f1de7d0b679cadd1f76d51'|'Toshiba CEO says sees takers for Westinghouse nuclear unit'|'Company   4:18am EDT Toshiba CEO says sees takers for Westinghouse nuclear unit TOKYO, March 14 Toshiba Corp Chief Executive Satoshi Tsunakawa said on Tuesday he expected the company''s U.S. nuclear unit Westinghouse to attract interest from potential buyers given its stable fuel and services business. Speaking at a news conference, Tsunakawa sidestepped questions over whether a Chapter 11 filing for Westinghouse was a possibility, saying there were "various options" for the unit. Toshiba said earlier it would speed up looking at whether to sell a majority of Westinghouse, which has become the epicentre of Toshiba''s latest crisis and an expected $6.3 billion writedown. (Reporting by Makiko Yamazaki and Taiga Uranaka) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/toshiba-accounting-westinghouse-idUST9N1G6000'|'2017-03-14T15:18:00.000+02:00'
'a8fd3030e2c768aa35cfc797fe2ac45aaa4f0a58'|'Euronet Worldwide trumps Ant Financial''s offer to buy MoneyGram'|'U.S. electronics payments provider Euronet Worldwide Inc said on Tuesday it offered to buy money-transfer company MoneyGram International Inc for $15.20 per share, trumping Ant Financial''s bid of $13.25 per share.MoneyGram''s shares jumped about 22.6 percent to $15.52 in premarket trading. Euronet Worldwide shares were untraded.Euronet said its offer for each MoneyGram common share and preferred stock, on an as-converted basis, valued the company at more than $1 billion, in addition to the assumption of about $940 million of MoneyGram''s debt outstanding.Ant Financial Services Group, the payment affiliate of Chinese e-commerce firm Alibaba Group Holding Ltd, on Jan. 26 offered to buy all of MoneyGram''s common and preferred shares on a fully diluted basis in a deal valued at about $880 million. It said it would also assume or refinance MoneyGram''s outstanding debt.Based on MoneyGram''s roughly 53 million outstanding shares, Euronet''s bid is valued at about $807 million, higher than Ant Financial''s offer of about $703 million, according to Reuters calculations.Euronet said that unlike the Ant Financial deal, a Euronet-MoneyGram tie-up would not require a review by the Committee on Foreign Investment in the United States (CFIUS).CFIUS, a U.S. inter-agency panel that reviews foreign acquisitions of domestic assets for national security concerns, has been a stumbling block for several Chinese deals in the Unites States.Euronet is being advised by Wells Fargo Securities LLC and legal firm Gibson, Dunn & Crutcher LLP.MoneyGram and Ant Financial were not immediately available for comment.(Reporting by Sruthi Shankar and Anya George Tharakan in Bengaluru; Editing by Savio D''Souza)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-moneygram-intl-m-a-euronet-worldwid-idINKBN16L1A8'|'2017-03-14T08:43:00.000+02:00'
'6b72bbf920c372a9bc9251de0c7fc240a9c5863c'|'REFILE-CLO self-syndication still considered a bridge too far'|'(Fixes typo in paragraph 10)* Buoyant CLO market has scope for disintermediation* Cutting out banks entirely is difficult, however* Managers weigh up extra costs and burdensBy Robert SmithLONDON, March 14 (IFR) - Red-hot demand for CLO debt has triggered talk that disintermediation could become a trend in structured credit, although few believe full-blown self-syndication by CLO managers is on the horizon any time soon.It is easier than ever to find buyers for new CLO issues, with intense demand for paper in recent months squeezing European Triple A spreads inside 100bp for the first time since the financial crisis.It is because of this environment, according to one former structured finance banker, that "serial CLO issuers" would be less willing to pay banks to "replicate their investor base"."Managers can easily have their own people do that. It''d be an expansion of investor relations, having somebody who not only manages their investor base on a performance reporting basis, but also goes out to them in new issues," he said.Self-syndication has been a growing trend across all manner of debt markets, as growing demand for credit has coincided with new regulatory constraints on banks in both primary and secondary markets.Several private equity firms that frequently issue CLOs are already cutting out banks to syndicate leveraged loans themselves, a phenomenon KKR spearheaded on its Mills Fleet Farm buyout at the end of 2015."You want an arranger to bring in new people. You don''t want them paying their bond salesman to make the same call that''s been made 15 times already," the ex-banker said.WAREHOUSE ISSUESIf managers wanted to cut out banks entirely, there is nothing technically stopping them. Franz Ranero, a partner at Allen & Overy, said that most managers have the regulatory capacity to arrange and distribute their own CLOs."I still think we''d only ever see it very selectively, however, perhaps on smaller tightly held club deals," he said."There are some effectively funding transactions, where friends and family type accounts are willing to provide the leverage on an existing fund, where perhaps some managers may be able to arrange on their own."While CLO managers can legally sell their own deals, it is harder than in many other markets to extricate banks entirely from the new issue process.This is because arranging banks not only spend long hours structuring deals, but they also provide the warehouse - leverage used to purchase the CLO''s underlying loans before it prices.And banks are likely to be resistant to attempts to unbundle the services they provide during the formation of a CLO."If you go to the bank and say ''I need a credit line, but by the way I''m not giving you any fees for structuring and syndicating the CLO, as I''m doing that myself'', the warehouse terms will probably not be optimal," said Gauthier Reymondier, managing director at Bain Capital Credit."At the same time, the team financing the warehouse equity will usually feel a lot more confident that the CLO is actually going to get printed if they see a top-tier bank taking the debt risk."Some of the largest managers have permanent lines of capital on their balance sheet that they could use to ramp their CLOs, but several people in the market said there are less than a handful of CLO issuers with this capability.IS IT WORTH IT?While some managers have the capacity to self-syndicate CLOs, the key question is whether the fees saved would outweigh the extra administrative burden and costs.Furthermore, investors may require an incentive to participate in trades executed without banks for the first time."It would only work if the economics were passed on to both parties, so effectively it would save the deal money – whether that be upping credit enhancement or offering the deal at a better price," said Jonathan Bowers, a partner and senior portfolio manager at CVC Credit Partners."And then it''s quite difficult to apportion those economics across the whole structure – how would a Double A holder benefit versus an equity guy?"Another portfolio manager at a frequent CLO issuer said anyone who thought they could gain from arranging their own deals had "delusions of grandeur"."We just don''t have anything like the resources that a bank would have in terms of modelling, process, dealing with the ratings agency, et cetera," he said. "If I''m going to pay someone 50 or 60bp for that, that''s money well spent."Reymondier said that whenever the market is extremely active people ask themselves whether they could self-syndicate deals."At the moment, if you issue a notice for a CLO refi or reset, you actually have people ringing you directly to ask if you have paper for them," he said."But when market conditions turn, that''s when you need the banks to go the extra mile to find the less frequent and obscure buyers, or maybe even take some paper on their own balance sheet to sell down later."The European CLO market was in a much more difficult place little over a year ago. BlackRock had to widen spreads and jettison a Single B tranche to finally clear its debut European CLO in February 2016, for example."It''s almost like an insurance policy - when everything is going right, you may question why you are paying for it," Reymondier said. "But if you''re taking a long term and prudent view, you know there''ll come a point when it''ll be worthwhile. (Reporting by Robert Smith; editing by Alex Chambers, Julian Baker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/debt-clo-idINL5N1GQ21S'|'2017-03-14T10:56:00.000+02:00'
'9a534c2e9d0dc8b2774a5c0b92a00ae42b034b2a'|'China Jan-Feb factory, investment beat forecasts but retail sales disappoint'|'Business News - Tue Mar 14, 2017 - 2:50am GMT China Jan-Feb factory, investment beat forecasts but retail sales disappoint Apartment blocks are pictured in Wuqing District of Tianjin, China October 10, 2016. REUTERS/Jason Lee/File Photo BEIJING China''s factory output and fixed-asset investment grew more strongly than expected in the first two months of the year, but retail sales disappointed after the government reduced a tax break on small cars. Industrial output rose 6.3 percent in January-February from the same period a year earlier, fixed-asset investment 8.9 percent and retail sales 9.5 percent. The overall readings are likely to reinforce views that the world''s second-largest economy is on a steady growth path, despite worries about the risks of slightly tighter credit policy this year and a surge in U.S. trade protectionism. China combines January and February activity data in a bid to smooth out seasonal distortions caused by the timing of the long Lunar New Year holidays, which began in late January this year but fell in February last year. Analysts polled by Reuters had predicted factory output would growth 6.2 percent in the first two months this year, picking up from December''s 6.0 percent as demand for manufactured goods improves at home and abroad. China''s steel mills are churning out as much metal as possible, enjoying their best profits in years, even as they worry that a year-long rally in prices in the world''s top steelmaking market is running out of steam, executives said. Analysts had expected fixed-asset investment growth of 8.2 percent, quickening from 8.1 percent in the whole of 2016. In welcome news for policymakers, growth in private investment quickened to 6.7 percent from 3.2 percent last year, the National Bureau of Statistics said on Tuesday, suggesting private firms are growing more optimistic about the business outlook after a sharp loss of momentum in the last few years. Private investment accounts for about 60 percent of overall investment in China. But many small- and medium-sized private firms still face tough access to financing, tight profit margins and a crowding out by big state companies. Chinese policymakers have been trying to lure private investors into big infrastructure projects through public-private partnerships, but many lucrative sectors are still dominated by state firms. Retail sales growth was well below expectations, however, coming in at 9.5 percent versus economists'' expectations of 10.5 percent and 10.9 percent in December. Auto sales dipped in the first two months of the year, according to government data. While that contrasted with industry estimates of 8.8 percent growth, auto makers in China expect full-year growth to slow as the government rolls back incentives on small-engine cars. Other economic readings in recent weeks, including a surge in imports and rising producer prices, have added to signs of resilience in the economy. China''s first-quarter economic growth could accelerate to 7 percent year-on-year, from 6.8 percent in the last quarter, economists at OCBC wrote in a note last week, while adding the pace may ease beginning in spring. China is targeting growth of around 9 percent in fixed asset investment for 2017, while retail sales were expected to increase about 10 percent, the state planner said during the nation''s annual parliamentary session this month. China has cut its economic growth target to about 6.5 percent this year to give policymakers more room to push through painful reforms to contain financial risks. The economy grew 6.7 percent in 2016, the slowest pace in 26 years. The central bank has inched up short-term interest rates twice so far this year to encourage companies to deleverage and markets expect further modest increases in coming months. But the head of the central bank last week conceded it will take some time to bring debt levels down to more manageable levels. (Reporting by Beijing Monitoring Desk and Elias Glenn, Writing by Kevin Yao; Editing by Kim Coghill) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-activity-idUKKBN16L09V'|'2017-03-14T09:50:00.000+02:00'
'5b39774d0a887b6f5edd2e3539e5026f565a1b6a'|'Intel banking on Mobileye deal for a drive in the right direction'|' 30am IST Intel banking on Mobileye deal for a drive in the right direction FULL COVERAGE: By Narottam Medhora and Aishwarya Venugopal Intel Corp ( INTC.O ) has had a tough time squeezing value out of recent mega-deals, putting some pressure on the success of its proposed $15 billion acquisition of Israeli car-technology firm Mobileye NV ( MBLY.N ). Self-driving cars are widely seen as the future of transportation and a growth area, but the Intel deal depends on more than technology as it looks to expand revenue in an increasingly competitive nascent sector. The company''s largest-ever deal, the $16.7 billion acquisition of programmable chipmaker Altera, has so far failed to meet its objective of helping to offset the continued decline in Intel''s larger PC business. Intel also spun out its cyber security division, formerly known as McAfee, last year in a deal valuing it at $4.2 billion including debt, about five years after having bought the anitvirus software maker for $7.7 billion. "We can recall few cases where so much has been spent(habitually) to buy so little," said Bernstein analyst Stacy Rasgon. Rasgon, who rates the stock "underperform", notes Intel has spent over $30 billion in the last few years, while only adding about $2 to $3 billion in revenue. Perhaps learning from those missteps, Intel''s Mobileye deal is uniquely structured. The Santa Clara-based company''s Automated Driving Group (ADG) will combine with Mobileye and will be led by Mobileye Chief Executive Amnon Shashua. Betsy Van Hees, an analyst at Loop Capital Markets, said that Intel has previously attempted to fold acquisitions into its structure but they have not always been the right fit. Intel''s deals for embedded systems software maker Wind River Systems and McAfee exemplified that strategy. "One of the things Intel has tried to do in the past is that they''ve taken a square peg, and they have taken a round hole, and tried to put it in a square peg," said Van Hees, who rates Intel a "buy". Intel, which is the largest private employer in Israel, hopes to bank on its experience to maintain Mobileye''s startup culture, bringing Mobileye''s "quick moving, fast acting culture" into Intel''s autonomous driving division, Intel Chief Executive Brian Krzanich said on a conference call with analysts. Intel, which has been looking to shift away from its traditional business, missed the smartphone boom in the last decade but analysts hope the company will avoid a repeat. "Investors should be pleased with the perspective that they(Intel) are getting in on this trend fairly early," according to CFRA Research analyst Angelo Zino. (Reporting by Narottam Medhora and Aishwarya Venugopal in Bengaluru; Editing by Bernard Orr) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/intel-mobileye-execution-idINKBN16K2PM'|'2017-03-14T06:00:00.000+02:00'
'f1d988b1922051338c0071107c59a56f0f99004d'|'China does not discriminate against foreign firms - industry minister'|'  4:18am GMT China does not discriminate against foreign firms - industry minister BEIJING China does not discriminate against foreign companies operating within its borders, its industry minister said on Saturday following foreign business groups'' claims Beijing''s market reforms give local firms an unfair advantage. "We do not have any policies that discriminate against foreign investment in China. All our policies treat domestic and foreign companies in the same way," Miao Wei, the head of China''s Ministry of Industry and Information Technology, told reporters at a press conference on the sidelines of the annual parliament session in Beijing. Beijing''s "Made in China 2025" plan calls for a dramatic increase in domestically-made products in 10 sectors - from robotics to biopharmaceuticals - that the government hopes will accelerate an industrial upgrade as economic growth slows. Foreign business groups, however, worry that the plan will force members to give up key technology in order to access the market or bypass them altogether. "Made in China 2025" amounts to a "large-scale import substitution plan aimed at nationalising key industries" or "severely curtailing the position of foreign business", the European Union Chamber of Commerce in China said in a report released on Tuesday. Parts of the report had misinterpreted or misunderstood China''s "Made in China 2025" policy, Miao Wei told reporters, adding that he had spent three days reading the report. "At present, developed countries refuse to export certain technology and products to China and ''anti-globalisation'' and trade protectionism are gaining traction," Miao said. Miao said without nuturing advanced technologies, China''s economic growth and national security would suffer and the country would be unable to provide for its people. While many low-end industries in China suffer from overcapacity, consumer demand for mid-to-high-level products remained unmet resulting in Chinese consumers buying imported goods instead, he said. (Reporting by Sue-Lin Wong; Editing by Sam Holmes)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-parliament-business-idUKKBN16I05F'|'2017-03-11T11:18:00.000+02:00'
'96b37eb2c58ea0846e55b10d804ec7d71aef8a01'|'BRIEF-Koninklijke Philips reports 15.5 pct stake in Corindus Vascular Robotics'|'March 10 Koninklijke Philips N.V.:* Koninklijke Philips N.V. Reports 15.5 percent stake in Corindus Vascular Robotics Inc, as of February 28, 2017 - sec filing* Koninklijke Philips-has had, intends to continue to have, talks with corindus vascular robotics concerning its operations, strategic alternatives Source text: ( bit.ly/2mRqdEB )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-koninklijke-philips-reports-155-pc-idINFWN1GN0RH'|'2017-03-10T19:39:00.000+02:00'
'0a262c7b68a04e0e005c2ccfd055564b9ed004d1'|'White House says budget proposal to be released on March 16'|'WASHINGTON White House budget director Mick Mulvaney will release the Trump administration''s fiscal 2018 federal budget plan on March 16, White House spokesman Sean Spicer said at a news briefing on Friday.Mulvaney had said earlier this week that he would release the budget proposal on March 15.(Reporting by Ayesha Rascoe; Editing by Tim Ahmann)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/usa-trump-budget-idINKBN16H2SZ'|'2017-03-10T20:56:00.000+02:00'
'19feab21662c3e9b94ee43ea6e038a4328f609b6'|'Fed to hold rate policy meeting as planned despite weather'|'Business News - Tue Mar 14, 2017 - 12:00pm GMT Fed to hold rate policy meeting as planned despite weather The Federal Reserve Building stands in Washington April 3, 2012. REUTERS/Joshua Roberts WASHINGTON The U.S. Federal Reserve will hold an interest rate policy meeting as planned on Tuesday and Wednesday, the central bank said in a statement that might dispel any doubts over whether policymakers would brave a snowstorm hitting Washington on Tuesday morning. The Fed is expected to raise rates at the meeting''s conclusion on Wednesday. (Reporting by Jason Lange)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-fed-meeting-idUKKBN16L1CJ'|'2017-03-14T19:00:00.000+02:00'
'25f65ae1d9ac287bbecd987ac3263e71703f8b2d'|'UPDATE 1-South Africa''s Gordhan confident welfare benefits to be paid April 1'|'World   South Africa''s Gordhan confident welfare benefits to be paid April 1 Finance Minister Pravin Gordhan delivers his 2017 Budget Speech to Parliament in Cape Town, South Africa, February 22, 2017. REUTERS/Mike Hutchings CAPE TOWN South Africa''s Finance Minister Pravin Gordhan said on Tuesday he was "fairly confident" social security payments will be paid on April 1 despite a service-provider dispute that has cast doubt over the welfare benefits. The South African Social Security Agency (SASSA) is scrambling to ensure that as many as 17 million people continue to receive their money, despite concerns that retaining the existing service provider is both unlawful and costly. "I am fairly confident grants will be paid," Gordhan told parliament''s public accounts committee, referring to April 1. The existing contract, run by Cash Paymaster Services, a unit of technology company Net1 unit, has been in doubt since South Africa''s highest court ruled in 2014 that the tender process to acquire its services was unlawful. It ordered that a new contract to be negotiated. SASSA officials have said the agency had opted to renew the deal with Cash Paymaster Services despite the court order. A new deal has not yet been made public. The Constitutional Court, which ruled the original contract invalid in 2014, will on Wednesday hear an application by non-government bodies, Black Sash and Freedom Under Law, for the court to play a supervisory role in any new contract agreed. The Treasury has expressed misgivings about SASSA retaining Cash Paymaster Services, a move also criticized by members of parliament''s committee on public accounts. "We are trying to be careful not to preempt the court in anyway, and the court will finally determine the shape and direction of many of the issues we are looking at," Gordhan said. (Reporting by Wendell Roelf; Editing by James Macharia) Next In World News One month on, Malaysia embalms Kim Jong Nam''s body, awaiting next of kin KUALA LUMPUR The body of the estranged half-brother of North Korean leader Kim Jong Un was embalmed this week in Kuala Lumpur, with no family member coming forward to claim the remains and as a diplomatic spat with Pyongyang drags on. South Korean prosecutors to summon ousted president Park SEOUL South Korean prosecutors will summon ousted president Park Geun-hye for questioning as a suspect in a corruption case that led to her impeachment, a prosecution official said on Tuesday, amid a political crisis that has gripped the country for months. SEOUL The South Korean politician expected to become its next president, Moon Jae-in, called on China on Tuesday to stop economic retaliation against South Korean firms over the deployment of a U.S. missile-defense system. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-safrica-welfare-idUSKBN16L0PX'|'2017-03-14T15:36:00.000+02:00'
'ecb3e8c5ac61ce4c4cd999dda65abcb0f502a292'|'Real estate in Brazil''s biggest market to rebound in 2017 -industry'|' 55pm EDT Real estate in Brazil''s biggest market to rebound in 2017 -industry SAO PAULO, March 14 Real estate activity in the greater São Paulo area, Brazil''s largest market, should rebound this year as interest rates fall and the government pushes through key economic reforms, a construction industry group said on Tuesday. Housing starts and sales should grow between 5 percent and 10 percent, Secovi-SP chief economist Celso Petrucci said, adding that those figures may be revised upwards by mid-year. The group expects home prices to rise 10 percent in the period. The forecasts underscore newfound optimism in an industry that has struggle in recent years with scarce credit, high unemployment and sales cancellations amid a harsh recession. The improved outlook would be good news for Cyrela Brazil Realty SA, MRV Engenharia e Participações SA and Eztec Empreendimentos e Participações SA , some of Brazil''s largest home builders. An index gauging performance of listed real estate companies at the São Paulo Stock Exchange is up 26 percent over the past three months. Analysts expect Latin America''s largest economy to recover by year-end albeit at a gradual pace as President Michel Temer advances with sweeping pension, labor and tax reforms. In 2016, housing starts in the greater São Paulo area fell 30 percent from a year earlier to just below 27,000 units, while sales of new residential property dropped 24 percent to roughly 25,000 units, according to Secovi-SP, the weakest performance since records began in 2004. In recent months, construction companies have lowered prices to reduce inventories after a rash of cancelled sales. (Reporting by Gabriela Mello; Writing by Ana Mano; Editing by Lisa Shumaker) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-realestate-outlook-idUSL2N1GR0X0'|'2017-03-15T01:55:00.000+02:00'
'40026bd674178f4b0b15c04d83a5828314a62402'|'BoE''s Hogg resigns over failure to flag conflict of interest'|' 58am GMT BoE''s Hogg resigns over failure to flag conflict of interest LONDON The Bank of England said Charlotte Hogg had resigned as its deputy governor for banking and markets and as its chief operating officer after she failed to declare a potential conflict of interest about her brother''s role at Barclays. "While I fully respect her decision taken in accordance with her view of what was the best for this institution, I deeply regret that Charlotte Hogg has chosen to resign from the Bank of England," BoE Governor Mark Carney said in a statement. Earlier on Tuesday, a committee of lawmakers said Hogg could no longer be considered suitable for her role. (Reporting by Andy Bruce and Alistair Smout; Writing by William Schomberg)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-boe-resignation-idUKKBN16L10Q'|'2017-03-14T16:58:00.000+02:00'
'fbf5f47824acb28fd0935ca8b244e98a92b909ee'|'Prudential posts record operating profit in 2016, shares rise'|' 56am GMT Prudential posts record operating profit in 2016, shares rise The logo of British life insurer Prudential is seen on their building, in London October 21, 2008. REUTERS/Stephen Hird/File Photo LONDON British insurer Prudential ( PRU.L ) reported record 2016 operating profit of 4.3 billion pounds on Tuesday, led by growth in its Asian business and sending its shares higher. Analysts were expecting operating profit of 4.1 billion pounds, a company-compiled poll showed. Prudential, which has large operations in Britain, the United States and Asia, has been focussing on expanding its Asian business. The firm saw a 15 percent rise in Asian operating profit, to 1.6 billion pounds. The insurer, which is listed in London and Asia, said it would pay a second interim dividend of 30.57 pence per share and total dividend of 43.5 pence, up 12 percent from a year earlier and compared with a forecast 41.62 pence. Prudential''s shares were trading at 1,694.5 pence at 0847 GMT, up 1.8 percent at around a two-year high and at the top of the FTSE 100 index .FTSE . (Reporting by Carolyn Cohn; editing by Simon Jessop)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-prudential-results-idUKKBN16L0TI'|'2017-03-14T15:56:00.000+02:00'
'c5ecdb5c4f718887c748258179f37cd2214de397'|'WRAPUP 1-U.S. retail sales weakest in six months; inflation firming'|' 11am EDT WRAPUP 1-U.S. retail sales weakest in six months; inflation firming * Retail sales increase 0.1 percent in February * Core retail sales rise 0.1 percent, January revised up * Consumer prices edge up 0.1 percent in February * CPI accelerates 2.7 percent from year ago By Lucia Mutikani WASHINGTON, March 15 U.S. retail sales recorded their smallest increase in six months in February as households cut back on motor vehicle purchases and discretionary spending, the latest indication that the economy lost further momentum in the first quarter. Other data on Wednesday showed a steady increase in inflation, with the consumer price index posting its biggest year-on-year increase in nearly five years in February. Firming inflation could allow the Federal Reserve to raise interest rates on Wednesday despite signs of slowing domestic demand. "Nothing here to suggest the Fed shouldn''t raise interest rates at the policy meeting that concludes later today," said Paul Ashworth, chief U.S. economist at Capital Economics in Toronto. The Commerce Department said retail sales edged up 0.1 percent last month, the weakest reading since August. January''s retail sales were revised up to show a 0.6 percent rise instead of the previously reported 0.4 percent advance. Sales were likely held back by delays in issuing tax refunds this year as part of efforts by the government to combat fraud. Compared to February last year retail sales were up 5.7 percent. February''s retail sales gain was in line with economists'' expectations. Excluding automobiles, gasoline, building materials and food services, retail sales rose 0.1 percent after an upwardly revised 0.8 percent jump in January. These so-called core retail sales, which correspond most closely with the consumer spending component of gross domestic product, were previously reported to have increased 0.4 percent in January. In a separate report, the Labor Department said its Consumer Price Index ticked up 0.1 percent last month as a drop in gasoline prices offset increases in the cost of food and rental accommodation. That was the weakest reading in the CPI since July and followed a 0.6 percent jump in January. In the 12 months through February, the CPI accelerated 2.7 percent, the biggest year-on-year gain since March 2012. The CPI rose 2.5 percent in the year to January. Inflation is firming in part as the 2015 drop, which was driven by lower oil prices, fades from the calculation. The so-called core CPI, which strips out food and energy costs, increased 0.2 percent last month as new motor vehicle prices fell and apparel prices moderated after spiking in January. The core CPI increased 0.3 percent in January. In the 12 months through February, the core CPI increased 2.2 percent after advancing 2.3 percent in January. It was the 15th straight month the year-on-year core CPI remained in the 2.1 percent to 2.3 percent range. The Fed has a 2 percent inflation target and tracks an inflation measure which is currently at 1.7 percent. ECONOMY SLOWING The U.S. central bank is expected to raise its overnight benchmark interest rate by 25 basis points to a range of 0.75 percent to 1.00 percent on Wednesday. It increased borrowing costs last December and has forecast three rate hikes in 2017. U.S. financial markets were little moved by the data as traders awaited the outcome of the Fed''s meeting. The Fed will announce its decision on interest rates at 2 p.m. (1800 GMT) February''s retail sales added to January''s weak reports on trade, construction and business spending that have pointed to sluggish economic growth in the first quarter. The Atlanta Fed is forecasting GDP rising at a 1.2 percent annualized rate in the first quarter. With the labor market near full employment, slowing growth probably understates the health of the economy. In addition, GDP growth tends to be weaker in the first quarter because of calculation issues that the government has acknowledged and is working to resolve. Tightening labor market conditions, which are steadily lifting wages, continue to underpin consumer spending. In February, motor vehicle sales fell 0.2 percent after declining 1.3 percent the prior month. Receipts at service stations slipped 0.6 percent, reflecting lower gasoline prices. Sales at electronics and appliances stores fell 2.8 percent, the biggest decline since December 2011, after climbing 1.1 percent in January. Receipts at building material stores increased 1.8 percent. Sales at clothing stores fell 0.5 percent. Retailers including J.C. Penney Co Inc, Abercrombie & Fitch and Macy''s Inc are scaling back on brick-and-mortar operations amid increased competition from online retailers, led by Amazon.com. Sales at online retailers jumped 1.2 percent last month after increasing 0.5 percent in January. Receipts at restaurants and bars dipped 0.1 percent, while sales at sporting goods and hobby stores fell 0.4 percent. (Reporting by Lucia Mutikani; Editing by Andrea Ricci) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-economy-idUSL2N1GR186'|'2017-03-15T20:11:00.000+02:00'
'467c5a516d114b9ad684d1350b58844c32eb86a5'|'H&M unexpectedly reports a drop in February local-currency sales'|' 32am GMT H&M unexpectedly reports a drop in February local-currency sales The logo of Swedish fashion retail group H&M is seen at a building in Dietlikon, Switzerland October 11, 2016. REUTERS/Arnd Wiegmann STOCKHOLM Swedish fashion retailer H&M ( HMb.ST ) reported on Wednesday a 1 percent drop in local-currency February sales, substantially lagging analysts'' expectations for a 6 percent increase. It was the first time since March 2013 that H&M saw local-currency sales shrink. H&M said a negative calendar effect due to the leap year of 4 percentage points weighed on sales. February is the final month of the group''s fiscal first quarter. Net quarterly sales were 47.0 billion crowns (4.29 billion pounds), up from a year-ago 43.7 billion but below a 48.1 billion mean forecast in Reuters'' poll of analysts. ($1 = 8.9528 Swedish crowns) (Reporting by Anna Ringstrom: Editing by Simon Johnson)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-h-m-sales-idUKKBN16M0S0'|'2017-03-15T14:32:00.000+02:00'
'25f5cc1f332eacf0b1e136e1ce8191320c4d33f7'|'German investor morale improves less than expected in March'|'  10:38am GMT German investor morale improves less than expected in March BERLIN The mood among German investors improved less than expected in March, a survey showed on Tuesday, as uncertainties about the outcome of major European elections and their effect on the growth outlook for Europe''s biggest economy remained high. Mannheim-based ZEW said its monthly survey showed its economic sentiment index rose to 12.8 from 10.4 points in the previous month. This undershot the Reuters consensus forecast for rise to 13.1. A separate gauge measuring investors'' assessment of the economy''s current conditions edged up to 77.3 points from 76.4 in February. This was also slightly weaker than the Reuters consensus forecast which predicted a reading of 78.0. ZEW President Achim Wambach said the fact that sentiment only improved slightly reflected the current uncertainty surrounding future economic development. "With regard to the economic situation in Germany, no clear conclusions can be drawn from the most recent economic signals for January 2017," Wambach said. "The political risks resulting from upcoming elections in a number of EU countries are keeping uncertainty surrounding the German economy at a relatively high level," Wambach added. Far-right parties are expected to make a strong showings in elections in the Netherlands on Wednesday and in France next month. (Reporting by Michael Nienaber; Editing by Joseph Nasr)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-germany-economy-zew-idUKKBN16L15I'|'2017-03-14T17:37:00.000+02:00'
'c72301b0ec8925eeda8c0bd2269631d9dd44e0ab'|'BRIEF-General Dynamics says Mary Barra informed that she will not stand for re-election to co''s board'|' 20pm EDT BRIEF-General Dynamics says Mary Barra informed that she will not stand for re-election to co''s board March 14 General Dynamics Corp * General Dynamics Corp says board nominated Catherine Reynolds, chairman and chief executive officer of EduCap Inc, for election to board - SEC filing * Says on March 13, Mary Barra informed co that she will not stand for re-election to company''s board   ( bit.ly/2mpi8Tk )  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-general-dynamics-says-mary-barra-i-idUSFWN1GR0LO'|'2017-03-15T03:20:00.000+02:00'
'6eff3f46156296d29b6cde41aced94955314a20e'|'Markets brace for US rate hike and Britain to trigger article 50 - business live - Business'|'London’s financial district. Photograph: Tim Robberts/Getty Images Share on Facebook Share on Twitter Share via Email View more sharing options Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger Close Graeme WeardenMonday 13 March 2017 08.24 GMT First published on Monday 13 March 2017 08.07 GMTKey events Show 7.51am GMT 07:51 The agenda: Big week ahead 8.19am GMT 08:19 Dollar dips as rate hike looms Live feed Show 8.19am GMT 08:19Dollar dips as rate hike looms After strong US jobs data last Friday, there’s a strong feeling in the markets that the US Federal Reserve will raise interest rates on Wednesday.Tom O''Sullivan (@MathyosEnergy) Bloomberg: 100% consensus on @federalreserve rate hike on March 14/15. pic.twitter.com/DqpXFqqrEqMarch 10, 2017 That should encourage investors to hold the US dollar, as they can anticipate receiving a higher rate of return.But...the dollar’s actually down this morning, shedding half a cent against the pound and the euro.So the pound is trading at $1.222, while the euro hit a one-month high of $1.0699.Why?FXTM chief market strategist Hussein Sayed reckons it’s a case of “buy the rumor, sell the news”.Investors are almost convinced that the Fed will move forward in tightening monetary policy, with speculators pricing in 89% chance of a rate hike according to CME’s FedWatch Tool. Friday’s robust non-farm payrolls report removed all doubts and now even skeptical investors believe that three rate hikes are the base scenario for 2017.Updated at 8.19am GMTFacebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 7.51am GMT 07:51The agenda: Big week ahead Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.It’s going to be a busy week for the markets.The US Federal Reserve is likely to raise interest rates on Wednesday, accelerating the process of normalising monetary policy nearly a decade after the financial crisis began.Britain is poised to trigger Article 50 and begin the process of leaving the European Union. This could spark volatility in the foreign exchange world, with worries that the UK could crash out of the EU in 2019 without a trade deal.Analysts at RBC Capital Markets say:In the UK, going into the week that should see that Brexit-article 50 bill going finally through parliament, the press is full with reports about the government preparing for a scenario where no trade deal is struck with the EU in 2 years’ time.Government officials, including various ministers, stress, however, that they expect a deal to be signed in due time.Monday briefing: Trigger warning – scenes of Brexit ahead Read moreThere’s plenty of geopolitics to worry about too. German chancellor Angela Merkel meets US president Donald Trump on Tuesday ; will Trump raise concerns over the German trade surplus?Trump then faces his first meeting with fellow G20 leaders on Friday and Saturday, giving him a chance to put America First and voice his concerns over globalisation, exchange rates and free trade.Plus, European elections are dominating attention too, as investors fret about the chances of another populist revolt. The Dutch go to the polls this week, and there is talk that the Green party could do well. Far-right leader Geert Wilders appears to be losing support, though....Geert Wilders out in the cold in Dutch election scrum Read more Alberto Nardelli (@AlbertoNardelli) This is a big week:- Merkel meets Trump- Dutch elections- maybe Article 50March 13, 2017 Plus, the Bank of England will set UK interest rates and consider adjusting its stimulus programme on Thursday.Also coming up today Today’s agenda is a little light, but there’s a couple of items to watch:1.30pm: ECB president Mario Draghi gives opening address on “Fostering innovation and entrepreneurship in the euro area”, at a conference in Frankfurt4.30pm: Robert Chote, head of Britain’s Office for Budget Responsibility, testifies to the Treasury committee.British housebuilder Bovis homes finds itself at the heart of a takeover battle, after rivals Redrow and Galliford Try both propose mergers.Bovis in talks with rival builder Galliford Try after rejecting £1bn offer Read more Updated at 8.24am GMTFacebook Twitter Google plus Share Share this post Facebook Twitter Google plus close Topics Business Business live Economics '|'theguardian.com'|'https://www.theguardian.com/business/all'|'https://www.theguardian.com/business/live/2017/mar/13/markets-us-interest-rates-britain-article-50-draghi-live'|'2017-03-13T15:24:00.000+02:00'
'e7ef03e0e7bff9df058830b8ac1d729f7d76e20e'|'Japan govt-backed fund may take minority stake in Toshiba chip unit - sources'|'Money News   1:19pm IST Japan govt-backed fund may take minority stake in Toshiba chip unit - sources FULL COVERAGE: By Makiko Yamazaki and Taiga Uranaka - TOKYO TOKYO A Japanese state-backed fund may invest in Toshiba Corp''s memory chip business as a minority partner - a move that would help the government prevent a sale to bidders it deems risky to national security,   Discussions on a potential investment are, however, at a very early stage and may not develop further as some people within the government are concerned it could be seen as a publicly funded bailout, one of the sources said. If the fund, the Innovation Network Corporation of Japan (INCJ), teamed up with a bidder that would give the suitor a major advantage as it would represent a government stamp of approval, the sources said, declining to be identified as they were not authorised to speak on the matter. Cutting-edge chips are at the heart of robotics, artificial intelligence and connected devices and the government is worried that key technology could be transferred to China, people with knowledge of the matter have said previously. The government is prepared to use Japan''s foreign exchange and foreign trade laws to control the auction if need be, they said. Trade Minister Hiroshige Seko has said the ministry, which oversees INCJ, has no plans to rescue Toshiba. An INCJ spokesman said on Wednesday the fund would not comment on speculation. Toshiba said it would not comment on specifics of the sale process. Chief Executive Satoshi Tsunakawa said on Tuesday, however, that it would take national security concerns into account. In crisis over its Westinghouse nuclear business, Toshiba has put up most or even all of its prized memory chip business for sale to cope with an upcoming $6.3 billion writedown and to create a buffer for potential losses down the road. Separately a person with direct knowledge said that the government-backed Development Bank of Japan would be willing to lend support. It was not immediately clear what form that support would take. A spokesman for the bank declined to comment. Sources have said potential bidders include Western Digital Corp which operates a Japanese chip plant with Toshiba, rivals Micron Technology Inc and SK Hynix Inc. They also include Taiwan''s TSMC and Foxconn as well as financial investors such as Bain Capital. Toshiba has so far received bids that value the entire unit as high as 2 trillion yen ($17.4 billion), said a source with direct knowledge of the matter. Bidders have been asked to present their offers by March 29, he said. INCJ was involved in an attempt to rescue liquid crystal display maker Sharp Corp about a year ago with the government aiming to broker a merger between it and Japan Display Inc. Sharp, however, reached an agreement to be bought by Foxconn, formally known as Hon Hai Precision Industry. ($1 = 114.6900 yen) (Reporting by Makiko Yamazaki and Taiga Uranaka; Additional reporting by Yoshiyasu Shida; Editing by Edwina Gibbs) Next In Money News Asian stocks mark time, waiting for clearer view on U.S. rates HONG KONG Asian stocks consolidated recent gains on Wednesday before a U.S. central bank policy meeting that could signal how much monetary tightening to expect during the remainder of the year, with an immediate rate hike fully priced in by markets.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/toshiba-accounting-chips-idINKBN16M0TG'|'2017-03-15T14:49:00.000+02:00'
'c302857543b8c40ca68e8ccfd9edcc2aaa0d5206'|'Toshiba offers memory unit shares as collateral for loans -sources'|' 43am EDT Toshiba offers memory unit shares as collateral for loans -sources TOKYO, March 15 Japan''s Toshiba Corp has offered shares of its memory chip unit as collateral to creditors to secure debt refinancing, sources briefed on the matter said on Wednesday. Toshiba met its creditor banks earlier in the day after it missed the deadline for submitting audited third-quarter earnings for a second time on Tuesday. At the meeting, Toshiba also offered to put up stakes of Toshiba Tec Corp and other group companies as well as real estate as collateral, said the sources, who declined to be identified as they were not authorised to speak on the matter. Toshiba spokesman said the company is considering various options to secure funds but that there was nothing to announce right now. (Reporting by Taro Fuse and Taiga Uranaka; Additional reporting by Makiko Yamazaki; Editing by Edwina Gibbs) Next In Company News Munich prosecutors investigate emissions cheating in Audi cars FRANKFURT, March 15 Munich prosecutors said they have launched an investigation of unknown persons in connection with the sale of around 80,000 Audi diesel vehicles in the United States on suspicion that they were fitted with devices to cheat on emissions tests.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/toshiba-accounting-banks-idUSL3N1GS3EW'|'2017-03-15T16:43:00.000+02:00'
'8f551dcabe767ea980dc6d67b8e2c4d88be8a3b7'|'Exclusive - Germany to press G20 to sign off on free trade amid worries about U.S. stance: sources'|' 53am GMT Exclusive   The German national flag is seen in front of dark clouds at the Chancellery in Berlin, Germany, May 30, 2016. REUTERS/Fabrizio Bensch By Takashi Umekawa and Michael Nienaber - TOKYO/BERLIN   In an unusual move, Germany, the host of the meeting, will stress the importance of global free trade in a document separate from the group''s main communique, G20 sources said. The move underscores Germany''s desire to rebuff any explicit U.S. demands to water down the group''s commitment to free trade, as German Chancellor Angela Merkel prepares for her first meeting with President Donald Trump on Friday. Attaching a separate document also would allow Germany to clarify its priorities and avoid them from being overshadowed by what could be a more heated debate on protectionism and currency policy. It is rare for a G20 chair country to issue a document separate from the main communique, especially one that differs on the tone and priorities. Group of 20 finance leaders meet in Baden-Baden, Germany, on Friday and Saturday. It will be their first meeting attended by representatives of Trump''s administration. A draft of the main G20 communique seen by Reuters appeared to accommodate Trump''s views on trade by dropping a phrase resisting "all forms of protectionism." But any attempts to dilute the commitment to free trade will likely face resistance from emerging economies reliant on global exports, including China, putting the onus on Germany to seek a compromise. It’s unclear if Trump and his team, which has espoused fair trade more than free trade and has discussed a border tax on imports, would sign the document. The document, which is currently being circulated among G20 members, lays out a list of about 10 principles on how a "well performing economy" should act on areas of fiscal, monetary and trade policies, the sources said. It highlights areas Germany places importance on, such as the need for countries to make their financial system resilient to shocks and to refrain from excessive fiscal loosening through "prudent management of public finances," the sources said. "Among the most important issues from Germany''s point of view, regarding the world''s economy, is the issue of resilience. That''s our top priority," one of the sources said. Germany often argues that economies should not rely too much on short-term stimulus and take steps to strengthen fundamentals so that their economies are resilient against shocks. The sources spoke on condition of anonymity because they are not authorities to speak to the media. Germany hopes to have G20 members sign off on the document in Baden-Baden, though some government officials concede not all countries would back it this week. "Let''s see if we''ll get everyone on board in Baden-Baden or only after at the summit of leaders (in July)," one official said. Merkel underscored the importance of free trade in a speech to business leaders in Munich this week. Her talks with Trump in Washington are expected to touch on a range of issues, including defence spending. Causes of friction between Berlin and Washington also include an accusation by senior Trump adviser Peter Navarro that Germany profits unfairly from a weak euro and a threat to impose 35 percent tariffs on imported vehicles. (Writing by Leika Kihara; Editing by Kim Coghill)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-g20-document-exclusive-idUKKBN16M0SI'|'2017-03-15T14:53:00.000+02:00'
'8a1264700b3c8c0493e225c1054e9fc8e60a8d68'|'Fed raises rates as job gains, firming inflation stoke confidence'|'Economic   11:39pm IST Fed raises rates as job gains, firming inflation stoke confidence FULL COVERAGE: By By Howard Schneider and Jason Lange The U.S. Federal Reserve raised interest rates on Wednesday for the second time in three months, a move spurred by steady economic growth, strong job gains and confidence that inflation is rising to the central bank''s target. The decision to lift the target overnight interest rate by 25 basis points to a range of 0.75 percent to 1.00 percent marked one of the Fed''s most convincing steps yet in the effort to return monetary policy to a more normal footing. However, the Fed''s policy-setting committee did not flag any plan to accelerate the pace of monetary tightening. Although inflation is "close" to the Fed''s 2 percent target, it noted that goal was "symmetric," indicating a possible willingness to allow prices to rise at a slightly faster pace. Further rate increases would only be "gradual," the Fed said in its policy statement, with officials sticking to their outlook for two more rate hikes this year and three more in 2018. The Fed lifted rates once in 2016. Business investment "appears to have firmed somewhat," the Fed said in language that reflected a stronger sense of the economy''s momentum. Fresh economic forecasts released with the statement showed little change from those of the December policy meeting and gave little indication the Fed has a clear view of how Trump administration policies may impact the economy in 2017 and beyond. "With gradual adjustments in the stance of monetary policy, economic activity will expand at a moderate pace," the Fed said, maintaining language it has used in previous statements. The Fed''s projections showed the economy growing by 2.1 percent in 2017, unchanged from the December forecast. The median estimate of the long-run interest rate, where monetary policy would be judged as having a neutral effect on the economy, held steady at 3.0 percent. The unemployment rate Fed officials expect by the end of the year was unchanged at 4.5 percent, while core inflation was seen as slightly higher at 1.9 percent versus the previous 1.8 percent forecast. Fed Chair Janet Yellen is scheduled to hold a press conference at 2:30 p.m. (1830 GMT) to discuss the policy statement. The rate increase comes amid a broad improvement in the world economic outlook and a sense among Fed policymakers that the U.S. economy is close to the central bank''s employment and inflation goals. According to the policy statement, risks remained "roughly balanced," the Fed said. Minneapolis Fed President Neel Kashkari was the only Fed official to dissent in Wednesday''s decision, saying he preferred to leave rates unchanged. (Reporting by Howard Schneider and Jason Lange; Editing by Paul Simao) Next In Economic News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-fed-idINKBN16M2PJ'|'2017-03-16T01:09:00.000+02:00'
'aefbd282d16fdeb9fbdd510b00ab5bb6ced26d2a'|'U.S. index compiler MSCI says not in talks for takeover'|'U.S. market index compiler MSCI Inc ( MSCI.N ) said it was not in talks for a possible takeover."We have not received any offer or indication of interest," the company said on Wednesday.The company''s response came after a media report that financial data provider S&P Global Inc ( SPGI.N ) was seeking to buy MSCI for $11 billion.MSCI''s shares trimmed most of their gains and were up 1 percent. They had risen as much as 13.5 percent to a record high $109.29 in early trading.Shares of S&P Global were down 1.3 percent at $130.50.(Reporting by Diptendu Lahiri in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-msci-m-a-idINKBN16M2B8'|'2017-03-15T12:33:00.000+02:00'
'6fb724a626855b6f60dd0704d6e06a3762018bea'|'UPDATE 1-Bank of America shareholders revive chairman debate'|'Company News  24pm EDT UPDATE 1-Bank of America shareholders revive chairman debate (Adds details on the chairman proposal) NEW YORK, March 15 Bank of America Corp Chairman and Chief Executive Brian Moynihan will once again face a shareholder vote on whether he should maintain both roles, according to the bank''s proxy filing on Wednesday. A shareholder proposal calls on the bank''s board to install an independent chairman, while it allows for the board''s discretion to only apply the policy to the next CEO. Shareholders also successfully submitted proposals on whether the second-largest U.S. bank should toughen claw-back provisions for executive pay, consider divesting some of its assets and prepare a report examining gender pay equity. The four proposals will be put up for vote at the bank''s annual general meeting on April 26. In the proxy, Bank of America''s board advised shareholders to reject each of the shareholder proposals, as they have in the past. A proposal in 2015 to split the chairman and CEO roles was unsuccessful, as were previous proposals to strengthen claw-back rules. (Reporting by Tina Bellon; editing by Lauren Tara LaCapra and Jonathan Oatis) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/bank-of-america-proxy-idUSL2N1GS1BV'|'2017-03-16T00:24:00.000+02:00'
'70c960e2720fbd0976458e999f9403627ae3c0d4'|'Snap shares hit new low in choppy trading as valuation concerns mount'|'  2:34pm GMT Snap shares hit new low in choppy trading as valuation concerns mount Traders gather at the post where Snap Inc. is traded on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 6, 2017. REUTERS/Brendan McDermid Shares in Snap Inc hit a fresh low on Wednesday, falling as much as 2.6 percent before clawing back some losses in choppy trading as analysts questioned the company''s prospects. In its tenth day of trading after its $3.4 billion (2.8 billion pounds) public listing, the owner of the Snapchat messaging app was last down 0.9 percent at $20.40 after hitting a low of $20.05 in the first few minutes of trade. Snap has raised some eyebrows on Wall Street, with analysts flagging the company''s slowing user growth, widening losses and lack of voting rights for outside investors. Cantor Fitzgerald kicked off its coverage of Snap with an underweight rating and a price target of $18, just a dollar above its initial public offering pricing. Trading in Snap''s newly launched options has largely leaned towards defensive bets, but the sharp declines after a flashy market debut have started to draw some bets on shares stemming their losses in the near term. Snap''s current valuation is "rich under most scenarios" for an unproven model that marketers see as experimental, Youssef Squali, analyst at Cantor Fitzgerald, said in a research note. Squali also cited an untested management team and an intense competitive landscape. Snap shares priced at $17 and opened at $24 in their March 2 public debut. The stock hit an intraday high of $29.44 on March 3. If the stock closes down on Wednesday it would mark Snap''s fifth straight session of declines. (Reporting By Sinead Carew and Saqib Ahmed; Editing by Meredith Mazzilli)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-snap-stocks-idUKKBN16M23N'|'2017-03-15T21:34:00.000+02:00'
'75c27a3a163aba5eefeab4346d4ce52907da65b3'|'UK workers take fewest sick days since records began - Money'|'Britons were more likely to struggle into work last year with coughs and colds than at any time since records began almost a quarter of a century ago, according to official figures. About 137m working days were lost from illnesses and injuries in 2016, said the Office for National Statistics , equivalent to 4.3 days per worker, the lowest rate since 1993, when it was 7.2 days.Minor illnesses such as coughs and colds accounted for almost a quarter of the days lost due to sickness in 2016, at 34m. The second most common reason given for not turning up to work was musculoskeletal problems including back pain, neck and upper limb problems, which accounted for 22.4% of days lost to sickness.Over half of NHS staff work unpaid overtime every week, survey finds Read more Mental health issues including stress, depression, anxiety and more serious conditions such as manic depression and schizophrenia resulted in 15.8m days being lost or 11.5%.The total number of work days lost to sickness and injury peaked in the late 1990s at 185m and reached a low of 132m in 2013, before rising again in 2014 and 2015 , though mainly in line with a steep increase in the working population. TUC general secretary Frances O’Grady said the fall in the sickness rate showed that “it is a myth that UK workers are always throwing sickies”.She said: “We are really a nation of mucus troopers, with people more likely to go to work when ill than stay at home when well. “Sickness absence rates have fallen steadily over the past decade, and let’s not forget that working people put in billions of pounds’ worth of unpaid overtime each year.” The ONS said the groups with the highest rates of sickness absence were women, older workers, those with long-term health conditions, smokers, public health sector workers and those working in the largest organisations.“The groups that have seen the greatest reduction in sickness absence rates over the past two decades are workers with long-term health conditions, workers aged 50 to 64, and those in the public sector,” it said.Wales and Scotland suffered the highest rates of sickness absence in the UK, at 2.6% and 2.5% respectively, while the lowest rate was found in London at 1.4%. Employees lost 2.1% of the year to sickness compared with 1.4% for the self-employed and the public sector lost 2.9% compared with 1.7% for workers in private firms last year. ONS statistician Brendan Freeman said: “Since 2003, there has been a fairly steady decline in the number of working days lost to sickness, especially during the economic downturn. “In recent years, there has been a small rise in the number of days lost, but due to an increasing number of people entering the workforce, the rate per worker and overall sickness absence rate have stayed largely flat.”'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/2017/mar/09/uk-workers-sick-days-coughs-colds-ons'|'2017-03-09T02:00:00.000+02:00'
'b62a44417664e646c138071d08db00e17b584e38'|'After Snap IPO, U.S. regulator Stein questions voting rights'|'By Lisa Lambert and Ross Kerber - WASHINGTON/BOSTON WASHINGTON/BOSTON One of two current members of the U.S. Securities and Exchange Commission raised questions on Thursday about Snap Inc and other companies that offer shareholders unequal voting rights, saying the agency should "focus on how some innovations may prove detrimental to investors.""Unequal voting rights present complex and new issues that need to be understood and addressed," Commissioner Kara Stein, a Democrat, said at a meeting of the SEC''s Investor Advisory Committee in Washington. "We also must be mindful of the precedent being created."Unequal voting rights were on the committee''s agenda after last week''s $3.4 billion initial public offering of Snap, the parent of social media app Snapchat.In an unprecedented move, the shares Snap sold to outside investors did not include any voting rights, raising questions about whether those stockholders would be getting enough transparency or influence.Snap has said its voting structure is good for investors as a way to preserve founder control.Other big technology companies have also offered shares with limited voting rights for outsiders in recent years, despite calls from large institutional investors for increased rights to promote better corporate governance."What is the effect on capital formation and emergent public companies when the bundle of rights offered to shareholders in a public offering excludes voting rights?" Stein asked.Another speaker on Thursday was David Berger, a partner at the Wilson Sonsini law firm who advises Silicon Valley companies on corporate governance. Berger said many tech companies such as Google parent Alphabet Inc, which he has represented, have adopted new share structures as a response to the short-term pressures of Wall Street.Tech companies often have large cash balances or high spending on research and development, areas often targeted by shareholder activists, Berger said.Ken Bertsch, executive director of the Council of Institutional Investors, which represents big pension funds and other asset managers, said share structures like Snap''s still posed risks.The SEC should conduct further reviews, he said, including with stock exchanges that list companies with unequal voting rights.Unequal voting structures also could complicate the strategies of index funds, he said, by introducing securities that resemble preferred shares or partnership structures. Most index fund providers prefer shares to have equal voting rights."At some point," Bertsch said, "there''s some question of market confusion and a disabling of passive strategies."(Editing by Bernadette Baum and Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usa-sec-rights-idINKBN16G2LO'|'2017-03-09T15:00:00.000+02:00'
'2543fba98523c97ff4ba1440843dd001d0faaf6d'|'HSBC set to nominate AIA''s Tucker as next chairman - sources'|'Business  42pm GMT HSBC set to nominate AIA''s Tucker as next chairman - sources left right AIA Group Chief Executive and President Mark Tucker attends a news conference on the company''s annual results in Hong Kong, China February 24, 2017. REUTERS/Bobby Yip 1/2 left right HSBC Chief Executive Stuart Gulliver, attends the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, January 18, 2017. REUTERS/Ruben Sprich 2/2 LONDON HSBC Holdings Plc is lining up Mark Tucker, currently chief executive of insurer AIA Group Ltd , to be the next chairman of Europe''s biggest bank, sources with direct knowledge of the matter said on Sunday. Regulators in Hong Kong and London have signalled they will approve the appointment, one of the sources said, paving the way for Tucker to take up the role in the autumn. Tucker, the former head of insurer Prudential, and once a trainee professional soccer player in Britain, would become HSBC''s first ever externally-appointed chairman at a bank renowned in the industry for recruiting from within. The appointment would mark the end of an era at HSBC, ending one of the longest-serving chairman and chief executive pairings at a European bank and would likely trigger the search for a replacement to CEO Stuart Gulliver. Gulliver will leave the bank in 2018, the Wall Street Journal reported on Sunday, citing a person familiar with the matter. The announcement about Gulliver''s departure and Tucker''s joining is expected to come after AIA confirms Tucker''s departure in a statement expected early Monday in Hong Kong, the Journal reported. ( on.wsj.com/2mzqbhN ) A spokeswoman for HSBC said the lender would nominate a chairman to replace Douglas Flint this year, as previously announced. "Our process remains on track and the timetable is unchanged," she said in an email. Tucker took the helm of Hong Kong-based insurer AIA, formerly the Asian arm of U.S. insurer AIG, in 2010. Having led AIA''s stock market flotation in the same year, Tucker has since overseen the insurer''s expansion in Asia across 18 markets to become the world''s second-largest life insurer with a market capitalisation of over $78 billion. His experience leading both a large Britain-based company and a Hong Kong-listed insurer will stand him in good stead to oversee HSBC, whose most profitable markets are in Britain and the Asian financial hub. Tucker is currently a non-executive director at U.S. investment bank Goldman Sachs, a role he will have to resign from when he takes the chairman''s seat at HSBC. Last month, HSBC said the bank was not a position where it had a shortlist of candidates to replace Flint, but expected to identify his successor this year. Sky News first reported the potential appointment on Saturday. Flint, 61, became chairman of HSBC in 2010 after serving as its finance director since 1995. He and Gulliver have spent the last few years shrinking HSBC, exiting more than 80 businesses and cutting over 43,000 jobs as the post-2008 crisis environment proved harsh for global mega-banks. Flint in recent years attempted to strike a conciliatory tone with often hostile investors at the bank''s annual general meetings, where he often came under fire over perceived excessive pay for top HSBC bankers. He has also been at the forefront of the banking industry''s lobbying after Britain''s vote to leave the European Union, testifying before the upper house of parliament that banks need a longer transition period than the two years currently set out after article 50 is triggered to start exit talks. (Reporting by Lawrence White; Additional reporting by Kanishka Singh in Bengaluru; Editing by Mark Potter) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-hsbc-chairman-idUKKBN16J0Y1'|'2017-03-13T02:42:00.000+02:00'
'cd02c5f3952eab066f6acbacb4c921e0ca272cbb'|'CDB Aviation seeks growth as it confirms Boeing order'|'Business News - Mon Mar 13, 2017 - 7:02pm EDT CDB Aviation seeks growth as it confirms Boeing order The Boeing logo is seen at their headquarters in Chicago, in this April 24, 2013 file photo. REUTERS/Jim Young/File Photo By Tim Hepher China''s CDB Aviation Lease Finance may place further jet orders and make selective acquisitions as it expands globally after going public with an order for 30 Boeing airliners. Confirming a Reuters report, the Dublin-based arm of China Development Bank identified itself as the buyer for 30 Boeing Co ( BA.N ) 737 MAX 8 aircraft. It was the first such announcement since leasing veteran Peter Chang became chief executive in December with a remit to expand. "Our model is very clear: we will become a global leasing platform, which means international, including non-Chinese and Chinese (activities)," Chang told Reuters. It comes as Boeing and Airbus ( AIR.PA ) face a slowdown in the aerospace business cycle. Several airlines are talking of postponing taking jets due to economic concerns. "To a certain extent it has already started, and it is good for us as a long-term player. It could very well mean that it is an opportunity for us to place another order," Chang said. "We do not want to be aggressively big for the sake of it, but we are aggressive and we are going to grow," he added. "We will be looking at $3 billion to $4 billion a year growth ... not to the point of being too risky, but we will have a basic skyline (sequence of deliveries) from manufacturers and we will have a healthy order book," he said. "And on top of it we will have a small budget for pop-ups, and that is flexible," he added, using a term for aircraft that become available when original buyers retreat. Asked whether CDB, which has not entered an auction for Irish lessor AWAS, would also grow through acquisitions, he said, "Yes, in normal circumstances ... We can only digest so much and have to be diligent about that." Chang was fishing in New Zealand when he was asked to run the huge Chinese bank''s aviation leasing arm and said he would not have heeded the call if it had come from a short-term fund. "We are long-term players. Our investors don''t have a six-year exit strategy. We are not going to sell up our aviation portfolio and start renting bicycles. We are going back to the old-fashioned way of working with airlines, rather than trading aircraft. We are more traditional in that sense." Chang last week attended the ISTAT Americas air finance conference, whose record attendance underscored a flood of investors looking for higher returns amid low interest rates. The influx has put pressure on lease rates and spurred talk that some will exit as the cycle turns lower. Financiers say there are more than 50 leasing companies in China alone. "There are lots of reasons why there are so many lessors from China. They have limited capital investment alternatives, a similar reason why so many investors went overseas," Chang said. "I think that once the capital investment market is normal in China, when they have similar investment instruments to those abroad, then a lot of this money will leave aviation because they are not getting the yields." (Reporting by Tim Hepher; Editing by Bill Rigby) Next In Business News Intel''s $15 billion purchase of Mobileye shakes up driverless car sector JERUSALEM/DETROIT Intel Corp agreed to buy Israeli autonomous vehicle technology firm Mobileye for $15.3 billion on Monday in a deal that could thrust the U.S. chipmaker into direct competition with rivals Nvidia Corp and Qualcomm Inc to develop driverless systems for global automakers.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-cdb-boeing-idUSKBN16K2S8'|'2017-03-14T06:02:00.000+02:00'
'f0de7cc4656d8717fd8958a65c8f1c9587369d4f'|'Sterling slips as Brexit talks get green light, stocks advance before Fed'|'  6:55am GMT Sterling slips as Brexit talks get green light, stocks advance before Fed left right A pile of one pound coins is seen in a photo illustration shot June 17, 2008. REUTERS/Toby Melville/Illustration/File Photo 1/2 left right Federal Reserve Chair Janet Yellen testifies before a Senate Banking, Housing, and Urban Affairs Committee hearing on the “Semiannual Monetary Policy Report to the Congress” on Capitol Hill in Washington, U.S., February 14, 2017. REUTERS/Joshua Roberts/File Photo 2/2 By Nichola Saminather - SINGAPORE SINGAPORE Sterling dropped on Tuesday after Britain''s parliament paved the way for Prime Minister Theresa May to launch divorce talks with the European Union, while stocks advanced ahead of an expected U.S. interest rate later in the week. European stocks were set for a mixed start, with financial spreadbetters expecting Britain''s FTSE 100 .FTSE and Germany''s DAX .GDAXI to dip in early trade, while France''s CAC 40 .FCHI was seen inching up. The pound GBP=D4 weakened 0.5 percent to $1.2155 after both houses of parliament backed the so-called Brexit bill, opening the door for May to start the clock on the required two-year negotiation period by the end of this month. The euro EUR=EBS lost almost 0.1 percent to $1.0645, extending Monday''s 0.2 percent loss. On Monday, sterling had jumped 0.36 percent after Scotland''s First Minister Nicola Sturgeon demanded a new independent referendum in late 2018 or early 2019, once the terms of the UK''s exit from the EU are clearer. The MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was up 0.2 percent, while Japan''s Nikkei .N225 closed down 0.1 percent. Shares of Toshiba Corp. ( 6502.T ) closed up 0.5 percent after plunging as much as 8.8 percent, their biggest one-day loss in almost a month. The company said it would "aggressively consider" a sale of most of Westinghouse and announced it had received approval from regulators to extend for a second time the Tuesday deadline for its official third-quarter earnings. Its statement earlier in the session that it had requested the extension to expand a probe into problems at its U.S. nuclear unit Westinghouse sent the shares tumbling. Chinese shares reversed early gains after data showed retail sales cooled more than expected in the first two months of the year. [.SS] Other China data on Tuesday was more upbeat and positive for the global economy, with investment and industrial output expanding more than expected, but investors feared those signs of strength may not be sustainable. China has cut this year''s economic growth target to about 6.5 percent to give policymakers more room to push through painful reforms to contain financial risks. The economy grew 6.7 percent in 2016, the slowest pace in 26 years. On Monday, Goldman Sachs upgraded Chinese stocks to "overweight" on better growth prospects and a bullish view on the country''s banking sector. Its strategists cited rising producer prices and easing credit stress, and a brighter credit outlook and loan pricing for banks. Overnight, Wall Street was mixed, with the Dow Jones Industrial Average .DJI down 0.1 percent, while Nasdaq .IXIC rose 0.24 percent and the S&P .SPX was little changed. With an interest rate hike this week by the Federal Reserve fully priced in, markets are focussed on any clues from the U.S. central bank about the pace of future rises. "On one hand, the market ponders a surprise hold, in which massive unwinding of positions could take place with the hike already priced in," Jingyi Pan, market strategist at IG in Singapore, wrote in an note. "On the other hand, concerns have also been paid to an acceleration in the Fed’s path to normalisation, where the likelihood of four Fed hikes has been raised, up from the current projection of three," she said. "The immediate reaction is likely to be seen in the dollar and upsides towards December’s high on the dollar index may be eyed." The dollar index .DXY was 0.2 percent higher at 101.49, extending Monday''s gains following a bout of profit taking at the end of last week. The dollar gained 0.1 percent to 114.92 yen JPY=D4 , but remains below the seven-week high touched on Friday on expectations of a Fed move at the end of a two-day meeting on Wednesday. Markets are also awaiting a meeting of the Group of 20 finance ministers and central bankers in the German town of Baden Baden starting on Friday, their first meeting since Donald Trump won the U.S. presidential election. U.S. Treasury Secretary Steven Mnuchin will be "pushing hard" to advance U.S. interests in his debut G20 meeting, including reaffirming commitments to avoid competitive currency devaluations, a senior Treasury official said on Monday. In commodities, oil prices dipped after touching a 3-1/2-month low in the previous session as concerns about rising U.S. production offset optimism about supply cuts by the Organization of Petroleum Exporting Countries. U.S. crude CLc1 fell 0.1 percent to $48.36 a barrel, while global benchmark Brent LCOc1 was flat at $51.35. Gold XAU= slipped 0.1 percent to $1,202.52 ahead of the Fed decision. (Reporting by Nichola Saminather; Editing by Kim Coghill and Richard Borsuk)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-markets-idUKKBN16L03S'|'2017-03-14T13:55:00.000+02:00'
'253d83379f4314f18dc5c7f402cb13962fac8f76'|'European shares dip as Dutch vote and Fed loom, FTSE bucks trend'|' 31am GMT European shares dip as Dutch vote and Fed loom, FTSE bucks trend Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, March 13, 2017. REUTERS/Staff/Remote LONDON European shares fell on Tuesday on uncertainty ahead of elections in the Netherlands and a U.S. interest rate decision later in the week. After four days of gains, the pan-European STOXX 600 index eased 0.2 percent by 0824 GMT, weighed down by banks .SX7P and basic resources stocks .SXPP. Earnings were the main drivers behind stock moves, with shares in German fragrance and flavour firm Symrise ( SY1G.DE ) declining 2.1 percent after reporting disappointing results. German utility RWE ( RWEG.DE ) was the biggest STOXX gainer, however, jumping nearly 7 percent after saying that it might cut its stake in networks and renewables unit Innogy ( IGY.DE ) to 51 percent. It did not comment on a report that France''s Engie ( ENGIE.PA ) was considering a bid for the company. Innogy''s shares also rose 4.6 percent. Britain''s FTSE 100 .FTSE index outperformed, however, gaining 0.2 percent as sterling hit an 8-week low after British Prime Minister Theresa May won the right to trigger divorce proceedings with the European Union. (Reporting by Kit Rees; Editing by Louise Ireland)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN16L0RQ'|'2017-03-14T15:31:00.000+02:00'
'd3a917005760fdb36d8ac020b80cdf6499b331b3'|'Boeing, aerospace manufacturers back U.S. tax overhaul - Reuters'|'By Alwyn Scott - SEATTLE SEATTLE Boeing Co ( BA.N ) and about 90 other aerospace companies are urging Congress to overhaul the U.S. tax system, saying a set of changes Republicans proposed last year - including a big cut in the corporate tax rate - will make them more competitive globally and help create U.S. jobs.Boeing Chief Executive Dennis Muilenburg was among those who signed a letter to Republican and Democratic leaders in the U.S. House and Senate that was dated Friday and due to be released publicly on Tuesday, according to the Aerospace Industries Association (AIA).The support comes as congressional Republicans are developing measures to alter the U.S. tax system, a task they plan to tackle after addressing healthcare, according to several people familiar with the matter."We urge you to enact legislation that modernizes our tax system, allows America''s businesses to better compete in the global marketplace and encourages job creation and innovation in the United States," said the AIA letter, also signed by the group''s CEO, David Melcher.The changes are based on a blueprint released in June by House Ways and Means Committee Chairman Kevin Brady, a Texas Republican.Among its key elements, Brady''s proposal would cut the U.S. corporate tax rate to 20 percent from 35 percent, permit immediate deductions for capital investment and introduce a border adjustment tax system that would tax imports into the United States but not tax revenue generated by exports out of the country.The push on taxes by aerospace companies comes as they face some uncertainty under the administration of President Donald Trump.The new president lost no time in publicly pressing Boeing and Lockheed Martin Corp ( LMT.N ) to lower costs on planes bought by the U.S. government. As they source parts and sell many of their products overseas, aerospace companies also stand to suffer if Trump''s aggressive trade policies cause friction with other countries.Trump has voiced support for the tax reform plan, and spoke favourably about a border tax. Commerce Secretary Wilbur Ross later said Trump had not endorsed the House Republicans'' specific border adjustment tax plan.Drafters of the plan say a tax on imports would increase the value of the dollar, helping offset the cost of imports to U.S. manufacturers by giving them more purchasing power. A stronger dollar would, however, make U.S. goods more expensive for foreign buyers.Boeing''s Muilenburg is AIA chairman this year and was joined in signing the letter by Raytheon Co ( RTN.N ) CEO and AIA vice chairman Thomas Kennedy.Other companies involved in aerospace manufacturing also signed, including Lockheed Martin, General Electric Co ( GE.N ), Northrop Grumman Corp ( NOC.N ), Honeywell International Inc ( HON.N ), Rockwell Collins Inc ( COL.N ), Rolls-Royce Holdings Plc ( RR.L ), General Dynamics Corp ( GD.N ), Harris Corp ( HRS.N ), International Business Machines Corp ( IBM.N ) and L3 Technologies Inc ( LLL.N ).The signatures were gathered at a supplier meeting in Seattle last week, Boeing said. AIA said it has more than 330 members.Boeing shares were trading at $178.89 in the afternoon on the New York Stock Exchange.(Reporting by Alwyn Scott; Editing by Bill Rigby and Phil Berlowitz)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/boeing-tax-idINKBN16L2MY'|'2017-03-14T18:14:00.000+02:00'
'0f3acfafa28f482797842387ee595e9600f44741'|'Gap Inc names Breitbard as Banana Republic head'|'Business News - Tue Mar 14, 2017 - 4:30pm EDT Gap Inc names Breitbard as Banana Republic head People carrying umbrellas pass by a Gap store on 5th avenue in midtown Manhattan in New York June 16, 2015. REUTERS/Brendan McDermid Gap Inc ( GPS.N ) named Mark Breitbard as president and chief executive officer of its Banana Republic brand. Breitbard, who will join Gap in early May, most recently served as the chief executive of San Francisco based-children''s apparel retailer Gymboree Corp, Gap said on Tuesday. Breitbard will replace Andi Owen, who left the company in late February. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Shounak Dasgupta) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-gap-moves-banana-republic-idUSKBN16L2KP'|'2017-03-15T03:30:00.000+02:00'
'0e636622d9b9f577fe954b2d04e9b09959751a34'|'We can climate-proof Australia, but we have to start now - Emma Herd - Guardian Sustainable Business'|'Talk to any investor these days about climate and energy policy, and the level of frustration is evident.Current policy paralysis has stalled investment in additional renewable energy generation that is needed to replace ageing infrastructure, with cost implications for all Australians. But so-called climate mitigation – namely the measures required to reduce our emissions – is only one half of the ledger.And many people are unaware that the biggest costs lie in making Australia more resilient to the damage already done by climate change – as well as safeguarding us against worsening impacts down the track.New investment is looking to flow into solutions to the problem, but the path forward is filled with barriers, because unfortunately Australia’s policies on climate “adaptation” remain ragged at best.Just like the situation with current energy policy, it’s down to the government to set a clear path. While governments dither, companies step up with environmental targets Read more So what does this mean? We already know that heatwaves are becoming longer, hotter, more frequent and starting earlier. Sydney, Brisbane and Canberra all experienced their hottest summers on record, with 205 new weather records .Along with the obvious health impacts, this has implications for electricity infrastructure. According to the Energy Council, in January 2017 Queensland recorded an all-time peak electricity demand, with NSW close behind.Since 80% of Australians live on the coast, sea level rise will also have major impacts. Homes, business and infrastructure must all be made more durable in the face of potential flooding.This isn’t some far off nightmare. Significant parts of Australia are already seeing climate change drive up insurance premiums . And tens of thousands of Australians are unable to get insurance for coastal inundation because it is not covered.Not only does this mean homeowners are on their own if their homes are flooded under certain circumstances but poses broader problems for banks, since mortgages are predicated on a property being insurable.And if a house can’t secure a mortgage, the value of the property falls like a stone. No wonder then that as the Australia Prudential Regulatory Authority (Apra) recently noted in a landmark speech to the insurance sector , the risks associated with climate change have now become financial risks.The banks are acutely aware of this. Recently ANZ revealed to a Senate inquiry that it is “stress-testing” its property portfolio for climate risk.The costs are even greater when it comes to multimillion-dollar infrastructure such as ports, bridges, roads and water-treatment facilities. In Australia, local government-owned public assets at risk from climate change have been valued at $212bn, with roads identified as the key issue. The replacement cost of coastal buildings and infrastructure is expected to reach $226bn.Globally, the costs of climate-proofing are already stretching into the billions of dollars. A recent Citi report estimated the damage to GDP globally from the negative effects of climate change in the order of US$20tn with 1.5C warming. The World Economic Forum’s (WEF) Global Risk Report 2017 lists “failure of climate-change mitigation and adaptation and water crises” as the third most significant global risk identified. Already the federal government spends an estimated $560m on post-disaster relief and recovery , compared to the $50m a year invested in pre-disaster resilience measures: a ratio of more than 10 to 1.Even without including the effects of climate change, post-disaster recovery costs are expected to increase to $2.3bn a year by 2050, without investment in resilience.Urban heat islands: cooling things down with trees, green roads and fewer cars Read more According to Deloitte Access Economics , carefully targeted programs of resilience investment in the order of $250m per year could see government spending reduce by more than 50% by 2050.But it’s not all bad news. Climate adaptation can also be an opportunity to improve our cities, such as the Resilient Melbourne strategy . This is an initiative across Melbourne’s 32 councils to expand and protect the City of Melbourne’s urban forest of 70,000 council-owned trees, as assets to combat increased heat waves. Increasing tree canopy throughout the city can reduce the urban heat island effect by 4-6C.The first step has to be a new national assessment of infrastructure at risk and an indicative quantification of the investment required, because right now, it’s unclear what actions are required, let alone how they can be most efficiently financed.In a new report, From Risk to Return released today by the Investor Group on Climate Change (IGCC) and the National Climate Change Adaptation Research Facility (NCCARF), investors lay out the multibillion-dollar threats and opportunities of climate adaptation, as well as recommendations to overcome the blockages.Right now, all levels of government need to come to the table on the development of a framework clearly setting out levels of coordination and responsibility for adaptation in Australia. Climate-proofing Australia is possible, but we have no time to waste. • Emma Herd is the chief executive of the Investor Group on Climate Change'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/sustainable-business/2017/mar/14/we-can-climate-proof-australia-but-we-have-to-start-now'|'2017-03-14T02:00:00.000+02:00'
'99e3c9ec852663de83a5850338b7d7724e890483'|'Q&A: What will happen if the US Federal Reserve raises interest rates? - Business'|'The US central bank is poised to raise interest rates for only the third time since the financial crash of 2008. With it’s headquarters just round the corner from the White House, the Federal Reserve and it’s boss, Janet Yellen, are in Donald Trump’s sights.On the campaign trail the Republican candidate said Yellen should be “ashamed” of the Fed’s low interest rate policy, and accused it of creating a “false stock market” . Trump has called for higher rates, but Yellen can not take a positive presidential reaction for granted. The reaction of markets across the world is even less predictable. So what is the likely impact on the US and the global economy?Trump is set to win the battle on interest rates, but US economy will pay the price Read more What is the Fed expected to do? The Federal Reserve raised the base interest rate by a quarter of a percent in December last year and is expected to follow with a further rate rise on Wednesday. Some analysts expect a quarter-point rise, though most of the betting is now on a half point, pushing the base rate to a range of 1% to 1.25%.Why will it raise rates? The US economy has grown for the last 30 quarters and shows no sign of slackening off. Consumer spending is robust and the latest jobs numbers showed employment increasing and unemployment staying low.Fathom Consulting, an economic forecaster, said spare capacity in the labour market is disappearing fast and it won’t be long before wages start to rise rapidly. Wage rises push up demand, and that triggers higher prices. The Fed has a remit to control inflation, but also to mintain high levels of employment. By raising rates, it will appear to do both.How will consumers and corporate America react? The Fed is betting businesses will shrug off the extra cost of borrowing, continue to invest in the US economy and create jobs. Setting aside concerns about Brexit and a string of potentially destabilising elections on the continent, Fed policymakers have judged that the strength of the economy is enough to override a series of rate rises, possibly taking the base rate to almost 2% by the end of next year . Consumers have embraced the Trump rhetoric of tax cuts and deregulation to continue spending, undeterred by the prospect of higher mortgage costs.How will the market react? Central banks like to signal their intentions, albeit in opaque language, to prevent investors being spooked. This rise was heavily trailed in recent weeks and has been priced in as a certainty by market participants in New York, London and Tokyo – though some would be surprised by a half-point rise.Turbulence could come from the foreign exchange markets if the dollar rises following a slump in the Turkish lira, Indonesian rupiah, Mexican peso or other developing world currency. More importantly, the bond markets, could overreact.Why do the bond markets matter? Much of the world borrows money in dollars or seeks to lend to the US government and US corporations in dollars. A rise in interest rates would encourage an influx of funds into the US, pushing up the dollar relative to other countries. A rise in the Fed funds rate would also increase the cost of borrowing.When the Fed first hinted in 2013 that it planned to stop pumping funds into the financial system, the prospect of higher borrowing costs for those holding dollar debts spooked the bond markets. Turkey and Russia were highlighted as countries with corporate sectors that expanded quickly based on heavy borrowing using dollar-denominated bonds. It was clear that much of Turkey’s corporate sector could go bust if its interest bill jumped too far or fast.Such was the strength of the reaction, the then-Fed chairman, Ben Bernanke , abandoned his plan. A similar reaction preceded a rate rise in December 2015, and while markets regained their composure, the extra costs imposed on Turkey and Russia hit their economies hard and arguably shored up the position of their authoritarian leaders.Is a currency war possible? Trump has already attacked China for artificially depressing its currency , even when Beijing was doing all it could to close the gap between the yen and the dollar. Now China is letting the yen fall and with interest rate rises in the US pushing up the dollar, the gap will widen, increasing the cost of US exports and reducing import prices. Trump can only complain about the currency, but he could make good on threats to impose tariffs on Chinese goods, sparking a trade war.Is there any reason to keep rates on hold? Annual US GDP growth since the 2008 crash has averaged 2.1%. This might seem like a healthy rate, but it is the slowest recovery from recession since the second world war. Business investment remains low and productivity in the US, as elsewhere in the developed world, is growing sluggishly. To boost borrowing and demand, the Fed needs to keep credit cheap.But Trump plans to make up for the tightening of monetary policy by cutting taxes and running up a huge budget deficit. He also plans to take his shears to corporate and consumer regulations , unleashing a surge in economic activity.Bloomberg said investors expect three more rises before the end of the year. Fathom Consulting said there was enough momentum in the economy for seven rate increases of 25 basis point between now and the end of next year.Topics US interest rates Federal Reserve US economy Janet Yellen Trump administration Donald Trump news  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/mar/14/us-federal-reserve-interest-rates-janet-yellen-donald-trump'|'2017-03-15T02:08:00.000+02:00'
'3f3d694922eb90b8c43bd79786d41213418bba34'|'OPEC''s compliance with output cuts high, rebalancing progresses -Goldman'|'Money   3:00am IST OPEC''s compliance with output cuts high, rebalancing progresses -Goldman FULL COVERAGE: INDIA ELECTIONS 2017 A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen before a news conference at OPEC''s headquarters in Vienna, Austria December 10, 2016. REUTERS/Heinz-Peter Bader OPEC''s compliance with output cuts remained high even though the group''s monthly report indicated a rise in global crude stocks and a production jump from Saudi Arabia, Goldman Sachs said on Tuesday. Goldman said in a research note that market rebalancing is still progressing, and it saw demand for oil finally exceeding supply in the second quarter aided by production cuts, despite an expected rise in U.S. shale output. OPEC on Tuesday reported a rise in oil inventories and raised its forecast for production in 2017 from outside the group. It said its biggest producer, Saudi Arabia, increased output in February by 263,000 barrels per day (bpd) to 10 million bpd. That news sent U.S. crude on Tuesday to its lowest settlement since Nov. 29, which was the day before Saudi Arabia led the Organization of the Petroleum Exporting Countries to cut supplies. Brent settled at its lowest since Nov. 30. [O/R] "Our expectations that inventories will draw through 2017 therefore leads us to expect that Brent timespreads will continue to strengthen with the forward curve in backwardation by 3Q17," Goldman said in its research note. Goldman said it was not in OPEC''s interest to extend output cuts beyond six months as the group''s goal was to normalize inventories, and not to support prices. The bank reiterated its base case that production cuts will be followed by new production highs. "Combined to the shale ramp-up and greater visibility on the majors shifting focus to future growth, we see potential for long-dated oil prices to continue to decline below our $50 per barrel long-term price forecast." (Reporting by Apeksha Nair in Bengaluru; Editing by Leslie Adler) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/research-crude-goldman-idINKBN16L2O6'|'2017-03-15T04:30:00.000+02:00'
'301dec4f9aeaa4b56bc252a0ad7357e4a6a46e7f'|'EU mergers and takeovers (March 13)'|'Company News  46pm EDT EU mergers and takeovers (March 13) BRUSSELS, March 13 The following are mergers under review by the European Commission and a brief guide to the EU merger process: APPROVALS AND WITHDRAWALS -- German engineering company Siemens to merge assets with Spain''s Gamesa to form the world''s largest wind turbine maker (approved March 13) -- Finnish fibre materials company Ahlstrom to merge with Finnish specialty paper maker Munksjo (approved March 13) -- Slovenian energy group Petrol to take majority stake in natural gas wholesaler Geoplin (approved March 10) -- UK tech company Micro Focus to acquire Hewlett-Packard Enterprise''s software business (approved March 8) -- Private equity firm HIG Capital to acquire IT security products maker Infinigate Holding AG (approved March 7) NEW LISTINGS -- U.S. aircraft component maker Rockwell Collins to acquire aircraft interior maker B/E Aerospace (notified March 8/deadline April 12) -- U.S. car part supplier Lear to acquire Grupo Antolin''s automotive seating business (notified March 8/deadline April 12/simplified) -- Private equity firm Partners Group to acquire European operator of clinical pathology laboratory operator Cerba Healthcare from PAI Partners (notified March 7/deadline April 11/simplified) -- Engie Group French banking group BPCE to acquire a 49.9 percent stake in renewable energy companies LCS 4 and LCS (notified March 3/deadline April 7/simplified) EXTENSIONS AND OTHER CHANGES -- Dutch insurer NN Group to acquire Dutch rival Group Delta Lloyd (notified Feb. 22/deadline extended to April 12 from March 29 after the Dutch competition regulator asked to examine the deal) FIRST-STAGE REVIEWS BY DEADLINE MARCH 16 -- Australian investment bank Macquarie Group and the UK''s National Grid to acquire joint control of National Grid''s gas distribution business (notified Feb. 9/deadline March 16) MARCH 17 -- U.S. wireless carrier AT&T to acquire U.S. broadcaster and TV studio Time Warner (notified Feb. 10/deadline March 17/simplified) MARCH 20 -- General Electric Co to acquire rotor blade maker LM Wind Power Holding Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/eu-mergers-idUSL5N1GQ5PI'|'2017-03-14T00:46:00.000+02:00'
'0e037f1b6c748ed868d75fec370d756028f4b293'|'CANADA STOCKS-TSX hits 2017 low as energy, Valeant weigh'|' 44pm EDT CANADA STOCKS-TSX hits 2017 low as energy, Valeant weigh (Adds analyst quotes and details on background and Hudson''s Bay and updates prices) * TSX closes down 165.21 points, or 1.06 percent, at 15,379.61 * Index touches its lowest since Dec. 30 * Nine of the TSX''s 10 main groups end lower TORONTO, March 14 Canada''s main stock index tumbled on Tuesday to its lowest this year as declining oil prices weighed on the energy sector, while Valeant Pharmaceuticals International Inc plunged on the exit of an activist investor. Losses for the Toronto Stock Exchange''s S&P/TSX composite index came as global investors tread cautiously ahead of a widely expected interest rate hike from the Federal Reserve on Wednesday. "We are seeing markets around the world roll over," said Colin Cieszynski, senior market analyst at CMC Markets Canada. "We are just at the point where we have reached exhaustion. We had just a massive screaming rally for several months and now people are waiting for more details (on proposed U.S. economic stimulus)." Investors have been betting that U.S. President Donald Trump will cut corporate taxes, spend on infrastructure and deregulate banks. "He has been big on the broad strokes ... but now ''the street'' is starting to run out of patience," Cieszynski said. The energy group retreated 1.6 percent, taking losses since the start of the year to 12 percent, as oil prices fell to three-month lows after OPEC reported a rise in global crude stocks and a surprise output jump from its biggest member, Saudi Arabia. Oil pipeline operators were among the biggest drags, with Enbridge Inc falling 1.8 percent to C$54.38. Valeant slumped nearly 10 percent to C$14.59 after billionaire investor William Ackman walked away from the struggling drug company after trying to rescue it for some 18 months, taking a loss of more than $3 billion. The TSX closed down 165.21 points, or 1.06 percent, at 15,379.61, its lowest close since Dec. 30. The index also hit its lowest intraday since Dec. 30 at 15,370.90. Convenience store operator Alimentation Couche Tard Inc fell 4.8 percent to C$58.85 after reporting earnings that missed analyst estimates. Hudson''s Bay Co is in exploratory talks about acquiring Neiman Marcus, according to people familiar with the matter. Its shares fell 1.2 percent to C$11.75. Nine of the index''s 10 main groups ended lower. The materials group, which includes precious and base metals miners and fertilizer companies, lost 2.4 percent and financials retreated 0.4 percent. Industrials declined 1.2 percent as railroad stocks lost ground. Gold futures fell 0.4 percent to $1,198 an ounce, while copper prices advanced 0.4 percent to $5,820.15 a tonne. U.S. crude oil futures settled 68 cents lower at $47.72 a barrel. (Additional reporting by Alastair Sharp; Editing by Bill Trott and James Dalgleish)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL2N1GR17M'|'2017-03-15T03:44:00.000+02:00'
'5ebeaa55cfe62b67495c71200eb9b3f007c1c75f'|'Safran says will take account of Zodiac forecasts in takeover talks'|'PARIS Safran ( SAF.PA ) reaffirmed its interest in taking over aircraft parts manufacturer Zodiac ( ZODC.PA ) on Tuesday but said it would incorporate "the consequences" of Zodiac''s new financial forecasts into the discussions.Zodiac Aerospace earlier posted first-half revenues down 1.8 percent to 2.445 billion euros and reaffirmed revenue targets while slashing its forecast for full-year operating earnings, amid continued weakness in its seats business."This publication reflects new developments compared with the information available prior to the announcement on January 19, 2017, of the intended acquisition of Zodiac Aerospace," Safran said in a statement."Safran confirms the strategic interest for the acquisition of Zodiac. Safran confirms its confidence in its own ability to restore the operating profitability of the businesses currently in difficulty," it added."Safran and Zodiac Aerospace are continuing their exclusive negotiations and will take into account the consequences of these developments in their discussions."(Reporting by Adrian Croft; Editing by Tim Hepher)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-zodiac-aero-m-a-safran-idINKBN16L2GP'|'2017-03-14T16:13:00.000+02:00'
'c60f3178160b4ecd833d6e8818a0e37eaa677730'|'BRIEF-Rubicon Project Q4 non-gaap earnings per share $0.37'|' 18pm EDT BRIEF-Rubicon Project Q4 non-gaap earnings per share $0.37 March 14 Rubicon Project Inc * Q4 non-gaap earnings per share $0.37 * Rubicon project inc - qtrly revenue was $72.7 million, compared to $94.0 million for q4 of 2015 * Sees q1 gaap revenue $41 - $45 million * Sees q1 non-gaap net revenue $41 - $44 million * Q4 earnings per share view $0.15, revenue view $64.0 million -- Thomson Reuters I/B/E/S * Q1 earnings per share view $0.10, revenue view $54.0 million -- Thomson Reuters I/B/E/S * Rubicon project inc sees q1 non-gaap loss per share $0.26 - $0.22   ( bit.ly/2mpsQZL )  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-rubicon-project-q4-non-gaap-earnin-idUSFWN1GR0NC'|'2017-03-15T03:18:00.000+02:00'
'4285c8e433033feca4327675f3a016fe4bf47945'|'Toshiba shares dive after report of second earnings extension'|'Business  45pm EDT Toshiba shares dive after second earnings extension sought FILE PHOTO: The logo of Toshiba Corp. is seen at the company''s facility in Kawasaki, Japan February 13, 2017. REUTERS/Issei Kato/File Photo TOKYO Shares of Toshiba Corp ( 6502.T ) fell 5 percent after sources said the electronics conglomerate was seeking an extension of its Tuesday deadline for submitting official third-quarter earnings as its auditors have not agreed to sign off on them. The extension would be the second after Toshiba postponed it a month ago to probe potential problems at Westinghouse. In early trading, Toshiba shares fell 4.8 percent to 204.6 yen, against the broader market''s .TOPX 0.2 percent decline. Toshiba is in talks with financial regulators for an extension, one of the sources told Reuters on Monday. The sources   they are   to media. It was not immediately clear what the disagreements with auditors were. A source said Toshiba is seeking a one-month extension and it should be enough to work out differences with auditors. "I understand auditors'' skittishness but at the same time I don''t think they want to be the reason for Toshiba''s failure by keeping refusing to sign off," he said. Chief Executive Satoshi Tsunakawa is expected to hold a news conference later Wednesday to explain the extension, one of the sources said. Toshiba is also due to submit this week a report to the Tokyo Stock Exchange on its internal controls in the wake of its latest financial woes as well the 2015 accounting scandal. That could eventually also lead to a delisting if the bourse finds Toshiba''s efforts unsatisfactory. (Reporting by Taiga Uranaka; Editing by Stephen Coates) Next In Business News Intel''s $15 billion purchase of Mobileye shakes up driverless car sector JERUSALEM/DETROIT Intel Corp agreed to buy Israeli autonomous vehicle technology firm Mobileye for $15.3 billion on Monday in a deal that could thrust the U.S. chipmaker into direct competition with rivals Nvidia Corp and Qualcomm Inc to develop driverless systems for global automakers.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-toshiba-accounting-idUSKBN16L02X'|'2017-03-14T07:37:00.000+02:00'
'91e214d744ea990df0dc2689d382951c36e3da65'|'Glencore tightens grip on zinc through deal with Canada''s Trevali'|'Commodities   9:04am EDT Glencore tightens grip on zinc through deal with Canada''s Trevali The logo of commodities trader Glencore is pictured in front of the company''s headquarters in Baar, Switzerland, September 30, 2015. REUTERS/Arnd Wiegmann/File Photo By Barbara Lewis and Eric Onstad - LONDON LONDON Miner-trader Glencore ( GLEN.L ) has increased its control of core commodity zinc through a deal with Canada''s Trevali ( TV.TO ) in which it is selling shares in two mines and helping to create the first pure zinc company with wide geographical reach. Glencore''s share price has risen around 13 percent this year, adding to gains of more than 200 percent in 2016 when it rebounded from a commodities price crash. Its CEO Ivan Glasenberg has said it is well-placed for deals, which analysts say are as likely to involve commodity offtake or tactical disposals as acquisitions. Through a $400 million transaction, announced late on Monday, Glencore is selling 80 percent and 90 percent stakes respectively in a mine in Namibia and another in Burkina Faso to Trevali with which it has a long-standing relationship. Glencore will also increase its direct holding in Trevali from 4 percent to 25 percent and gets two seats on the company''s board, compared with one before, while securing exclusive rights to market Trevali''s zinc. "We are excited to form part of this unique global zinc vehicle, providing pure zinc exposure across a wide geographic footprint," Daniel Mate, Glencore''s head of zinc marketing, said in a statement. Mark Cruise, CEO of Trevali, said acquiring Rosh Pinah in Namibia and Perkoa in Burkina Faso was "a unique opportunity for Trevali shareholders". It sets the stage for "a multi-asset, low-cost global zinc producer," whose production will double to approximately 410 million pounds per year. In addition to the African assets, it has mines in Peru and Canada. The total cost of $400 million comprises $244 million in cash, with the rest paid by Trevali issuing shares and giving Glencore $30 million to settle an outstanding debt. Forecasters remain positive about zinc, but wary of strong gains after the metal, used for galvanizing iron or steel, soared 60 percent last year. That rally was spurred by Glencore''s decision to limit supply and Glasenberg has said he would only increase output when to do so would not depress prices. "If you were truly bullish on zinc and those assets, you wouldn''t let them go, you wouldn''t decrease your zinc exposure," Ben Davis, an analyst at Liberum said of this week''s deal. "But maybe they see more value in the (zinc) offtake than they do in the industrial side." HSBC in a note said the "very small transaction" for Glencore gave Trevali critical mass and created "a new zinc play on the market". Glencore''s share price was down around 1 percent by 1230 GMT, while the broader sector eased 0.8 percent. .FTNMX1770 (Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-glencore-trevali-zinc-idUSKBN16L1J2'|'2017-03-14T19:59:00.000+02:00'
'a19d41c63c099dea54ad03401fd35c40daaf7327'|'GSK''s new female CEO to get 25 percent less after pay policy review'|'Business   8:25am GMT GSK''s new female CEO to get 25 percent less after pay policy review Emma Walmsley, CEO Designate of GlaxoSmithKline is seen in this undated photograph released in London, Britain, on February 1, 2017. Courtesy of GlaxoSmithKline/HANDOUT via REUTERS LONDON Incoming GlaxoSmithKline ( GSK.L ) Chief Executive Emma Walmsley, the first woman to lead a top global drugmaker, will get a pay package worth a quarter less than her predecessor, following a company rethink on remuneration. Walmsley, who takes over next month, will be paid a base salary of 1,003,000 pounds, or 10 percent less than outgoing CEO Andrew Witty. She will also receive significantly lower pension contributions, as well as reduced bonus and long-term incentive opportunities, resulting in a total reduction in her package of about 25 percent, GSK said in its annual report. "Taking into account the fact that this is Emma''s first CEO role, reductions have been made to all elements of her remuneration package in comparison to Sir Andrew''s current arrangements," the report stated. The decision to pay her less comes at a time of increased focus on executive pay in Britain. The drugmaker said it had been consulting with shareholders for several months and modified its policy as a result of their feedback. "We are acutely aware of the need for a balanced and responsible approach to remuneration," a spokesman said. Walmsley, 47, takes over Britain''s biggest drugmaker at a challenging time and some investors have questioned her lack of direct experience in pharmaceuticals, since she has worked in GSK''s consumer healthcare division since 2010. Just four days before Walmsley moves into the top job on April 1, U.S. regulators could approve the first substitutable generic version of GSK''s inhaled lung drug Advair, which has raked in more than a $1 billion in sales every year since 2001. (Reporting by Ben Hirschler; Editing by Keith Weir) Next In Business News Exclusive - Germany to press G20 to sign off on free trade amid worries about U.S. stance: sources TOKYO/BERLIN Germany will press G20 members to sign off on a set of principles including free trade at this week''s meeting of the group''s financial leaders, in what the Trump administration may perceive as a challenge to its more protectionist stance.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-gsk-ceo-pay-idUKKBN16M0WC'|'2017-03-15T15:25:00.000+02:00'
'dee0a6d3f3cf87707f312e26dd0ddafa1c2b3098'|'BRIEF-Tracon Pharmaceuticals announces $21 mln common stock purchase agreement with Aspire Capital Fund'|' 18pm EDT BRIEF-Tracon Pharmaceuticals announces $21 mln common stock purchase agreement with Aspire Capital Fund March 14 Tracon Pharmaceuticals Inc * Tracon Pharmaceuticals announces $21 million common stock purchase agreement with Aspire Capital Fund, LLC * Tracon Pharmaceuticals Inc - aspire capital has made an initial purchase of $1.0 million of Tracon common stock at $4.50 per share * Tracon Pharmaceuticals - aspire capital has committed to purchase up to $20.0 million of additional shares of company''s common stock at Tracon''s request * Tracon Pharmaceuticals Inc - proceeds from agreement will be used to further advance company''s drug development pipeline    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-tracon-pharmaceuticals-announces-idUSFWN1GR0NA'|'2017-03-15T03:18:00.000+02:00'
'29cc14e3922f35925a738acd6f73ac041b098f84'|'BRIEF-Cherry Hill Mortgage Investment Q4 core earnings per share $0.51'|' 15pm EDT BRIEF-Cherry Hill Mortgage Investment Q4 core earnings per share $0.51 March 14 Cherry Hill Mortgage Investment Corp * Q4 gaap earnings per share $3.48 * Q4 core earnings per share $0.51 * Cherry hill mortgage investment corp - book value grew 2.0% from september 30, 2016 to $20.49 per share at december 31, 2016 * Cherry hill mortgage investment corp qtrly net interest income $8.9 million versus $6.2 million * Q4 earnings per share view $0.50 -- Thomson Reuters I/B/E/S   ( bit.ly/2mpaLLt )  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-cherry-hill-mortgage-investment-q-idUSFWN1GR0ND'|'2017-03-15T03:15:00.000+02:00'
'8c11ab7c57ccad0422a7efa07694cfffa89370a4'|'MOVES-UBS hires head of Asia Pacific ECM syndicate from JPMorgan -IFR'|'Company News - Mon Mar 13, 2017 - 10:16pm EDT MOVES-UBS hires head of Asia Pacific ECM syndicate from JPMorgan -IFR HONG KONG, March 14 Andrea Casati will return to UBS Group AG in mid May as a managing director and head of Asia Pacific equity capital market syndicate, Thomson Reuters publication IFR reported on Tuesday, citing an internal memo. Casati previously worked at the Swiss bank from 2003 to 2008 in a number of equities roles in London. He spent the past eight years at JPMorgan Chase, where he was most recently Hong Kong-based head of international equities capital markets Syndicate, managing teams in Asia and Europe. A UBS spokesman declined to comment. (Reporting by Fiona Lau of IFR; Writing by Julie Zhu; Editing by Gopakumar Warrier) Next In Company News BRIEF-Physicians Realty Trust prices 15 mln offering at $18.20 per shr * Physicians Realty Trust announces pricing of public offering of 15,000,000 common shares'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ubs-group-moves-casati-idUSL5N1GR05M'|'2017-03-14T09:16:00.000+02:00'
'67a3efd3f373a7e203a4b1bec8e1255f56f69271'|'''We have learned so much from failure'' – Confessions of a Startup - Guardian Small Business Network'|'Photograph: Anna Gordon for the Guardian Subscribe via iTunes Download MP3 Podcast feed URL Supported by About this content   View more sharing options Share   Close Presented by Coco Khan and produced by Rowan Slaney Tuesday 14 March 2017 07.00 GMT Subscribe and review on iTunes , Soundcloud & Mixcloud and join the discussion on Facebook and Twitter . Rich Pleeth travelled a lot while he was the chief marketing officer for GetTaxi – sometimes 100 flights in a year – and he wanted a quick way to connect with friends who were in the cities he was landing in. With two friends, Pleeth left his job and threw himself into developing the idea for Sup, a process he describes as a whirlwind of investor emails and meetings, tech events, and seeking advice from other startup entrepreneurs. After focus groups, backing from the Innocent founders and interest from Apple co-founder Steve Wozniak, who called it an app “he had to download”, Pleeth says they thought they were really onto something.The road to startup glory rarely runs smoothly. Soon after the launch, Pleeth’s co-founders decided they no longer wanted to be involved in the business, which he says was hugely disruptive. And while the company was garnering a lot of press interest and early subscriber numbers were good, the growth just wasn’t there. Pleeth says he realised focus groups participants had just been telling them what they wanted to hear. After 18 months, the decision was taken to close the business. He describes it as a really low time, not least because he had to make calls to 17 investors, telling them he’d lost their money. But he is upbeat about the future. “In a startup world, you’re all in,” he says. “We have learned so much from failure. I don’t think it’s a bad thing.”Topics Guardian Small Business Network Adventures in Business'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/small-business-network/audio/2017/mar/14/confessions-of-a-startup-rich-pleeth-sup-failure'|'2017-03-14T14:00:00.000+02:00'
'7a81597a537603ba419859ba0cf85bba6e3fb5df'|'China Jan-Feb factory, investment beat forecasts but retail sales disappoint'|'Business  25am GMT China Jan-Feb factory, investment beat forecasts but retail sales disappoint FILE PHOTO: Apartment blocks are pictured in Wuqing District of Tianjin, China October 10, 2016. Picture taken October 10, 2016. REUTERS/Jason Lee/File Photo BEIJING China''s factory output and fixed-asset investment grew more strongly than expected in the first two months of the year, but retail sales disappointed after the government reduced a tax break on small cars. Industrial output rose 6.3 percent in January-February from the same period a year earlier, fixed-asset investment 8.9 percent and retail sales 9.5 percent. The overall readings are likely to reinforce views that the world''s second-largest economy is on a steady growth path, despite worries about the risks of slightly tighter credit policy this year and a surge in U.S. trade protectionism. China combines January and February activity data in a bid to smooth out seasonal distortions caused by the timing of the long Lunar New Year holidays, which began in late January this year but fell in February last year. Analysts polled by Reuters had predicted factory output would growth 6.2 percent in the first two months this year, picking up from December''s 6.0 percent as demand for manufactured goods improves at home and abroad. China''s steel mills are churning out as much metal as possible, enjoying their best profits in years, even as they worry that a year-long rally in prices in the world''s top steelmaking market is running out of steam, executives said. Analysts had expected fixed-asset investment growth of 8.2 percent, quickening from 8.1 percent in the whole of 2016. In welcome news for policymakers, growth in private investment quickened to 6.7 percent from 3.2 percent last year, the National Bureau of Statistics said on Tuesday, suggesting private firms are growing more optimistic about the business outlook after a sharp loss of momentum in the last few years. Private investment accounts for about 60 percent of overall investment in China. But many small- and medium-sized private firms still face tough access to financing, tight profit margins and a crowding out by big state companies. Chinese policymakers have been trying to lure private investors into big infrastructure projects through public-private partnerships, but many lucrative sectors are still dominated by state firms. Retail sales growth was well below expectations, however, coming in at 9.5 percent versus economists'' expectations of 10.5 percent and 10.9 percent in December. Auto sales dipped in the first two months of the year, according to government data. While that contrasted with industry estimates of 8.8 percent growth, auto makers in China expect full-year growth to slow as the government rolls back incentives on small-engine cars. Other economic readings in recent weeks, including a surge in imports and rising producer prices, have added to signs of resilience in the economy. China''s first-quarter economic growth could accelerate to 7 percent year-on-year, from 6.8 percent in the last quarter, economists at OCBC wrote in a note last week, while adding the pace may ease beginning in spring. China is targeting growth of around 9 percent in fixed asset investment for 2017, while retail sales were expected to increase about 10 percent, the state planner said during the nation''s annual parliamentary session this month. China has cut its economic growth target to about 6.5 percent this year to give policymakers more room to push through painful reforms to contain financial risks. The economy grew 6.7 percent in 2016, the slowest pace in 26 years. The central bank has inched up short-term interest rates twice so far this year to encourage companies to deleverage and markets expect further modest increases in coming months. But the head of the central bank last week conceded it will take some time to bring debt levels down to more manageable levels. (Reporting by Beijing Monitoring Desk and Elias Glenn, Writing by Kevin Yao; Editing by Kim Coghill) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-economy-activity-idUKKBN16L07Z'|'2017-03-14T10:19:00.000+02:00'
'7fcac44769d8df4c4bb59863c6a9c58f856856ef'|'French Connection reports loss for fifth year in a row'|'  8:07am GMT French Connection reports loss for fifth year in a row A person walks past a French Connection store in London, Britain, 14 March, 2016. REUTERS/Hannah McKay By Arathy S Nair British fashion retailer French Connection Group Plc ( FCCN.L ) reported a loss for the fifth straight year, prompting activist investor Gatemore Capital Management to suggest splitting up the company. French Connection has closed stores and hired new management and design teams as it struggles to compete with fast-fashion rivals such as ASOS Plc ( ASOS.L ), Forever 21 and Inditex''s ( ITX.MC ) Zara. However, Chief Executive Stephen Marks reiterated on Tuesday his commitment to turn the group profitable and said the reaction to 2017 collections had been very strong with higher sales in stores and to wholesale customers. French Connection''s current position is a far cry from its heady days of 2004, when the huge success of its FCUK logo boosted the company''s shares to more than 500 pence. The stock has plummeted since, closing at 34.88 pence on Monday. The company has been under pressure from Gatemore, which owns an 8 percent stake, to improve shareholder value. French Connection should be broken up as the sum of its parts is around two to three times greater than the whole, Liad Meidar, managing partner and chief investment officer at Gatemore, told Reuters on Tuesday in an email. Gatemore urged the company in January to replace two of its non-executive directors and to split the role of chairman and CEO. The investment manager also said the company could alternatively look to engage an investment bank to explore a sale. Last month, Mike Ashley''s Sports Direct took a 11.2 percent stake in French Connection, becoming its second-largest shareholder, second only to Marks. French Connection said underlying operating loss narrowed to 3.7 million pounds ($4.5 million), for the year ended Jan. 31, from 4.7 million pounds a year earlier. [nRSN3699Za] Sales at stores open for more than a year in the UK and Europe were up 4.4 percent. The two regions accounted for more than three quarters of the company''s revenue. Marks said the retail business in the UK and Europe was improving, but it was being held back by wholesale and licensing divisions. French Connection''s full-year revenue fell 6.7 percent to 153.2 million pounds. ($1 = 0.8239 pounds) (Reporting by Arathy S Nair and Rahul B in Bengaluru; Editing by Amrutha Gayathri)   UK braces for another pounding from Brexit talks LONDON After eight months of discounting a plethora of UK political risks, sterling''s relaxed reaction to the prospect of the launch of Brexit talks and a new   may be understandable, but the worst may not be over yet.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-french-connectn-results-idUKKBN16L0QB'|'2017-03-14T15:07:00.000+02:00'
'23a9f625d9acc34ea3646d10f2b9cf4eab730dc8'|'Political noise? Markets don''t care - it''s all about growth'|'Funds News   2:04pm GMT Political noise? Markets don''t care - it''s all about growth A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S. December 28, 2016. REUTERS/Andrew Kelly By Jamie McGeever - LONDON LONDON One of the biggest mysteries in global markets so far in the Trump era is the historically low level of volatility that has prevailed despite all the turmoil and uncertainty that analysts warned his victory would unleash. The best explanation may be the most mundane: the global economy''s growth is at its most steady and predictable for decades, since recovering from the financial crisis, trumping any short-term political surprise, even in the White House. Crucially, the economic recovery and consequent stability hasn''t been built on a borrowing binge, suggesting the low volatility climate can continue - with episodic spikes - even should there be more political shocks in store, such as in Dutch, French or German elections this year. As a result, investors are likely to feel encouraged to continue seeking out riskier assets that offer relatively high returns, thereby supporting the rally that has broadly prevailed since 2009 in markets such as stocks and corporate bonds. Volatility in global growth is the biggest single driver of financial market volatility, according to JP Morgan. And since recovering from the 2007-09 crisis, growth has been steady and predictable almost to the point of boring. The recovery has been built on the foundations of steps taken by policymakers since the crash, not least the trillions of dollars of central bank stimulus and the rebuilding of the shattered banking system. "This is a very stable world economy. It''s never been so stable, and this is why the market is so stable and risk premia so low," said Jan Loeys, head of global asset allocation at JP Morgan. "Markets reflect fundamentals, and if the fundamentals are stable, asset prices will become less volatile," he said. According to the World Bank, annual global growth since 2011 has hovered in a fairly narrow 2.3 to 3 percent range. The International Monetary Fund''s measure pegs it in an even tighter 3.1 to 3.5 percent range since 2012. And if both institutions'' estimates are met, 2017 will be yet another year of growth being stuck within these narrow parameters. Based on a five-year rolling standard deviation of quarterly global real GDP growth rates, global macro volatility is at around 0.5 percent, says JP Morgan. That''s the lowest level in at least 40 years. Global GDP volatility: tmsnrt.rs/2mVzNpB Global earnings volatility: tmsnrt.rs/2mnyFqS GOLDILOCKS The level of borrowing today is far removed from the period leading up to the crisis. Over the last five years, annual private sector credit growth, excluding financial institutions, has been around 6-8 percent globally, according to JP Morgan. In the five years up to 2008, it had virtually doubled to around 13 percent. This lack of ''leverage'', thanks to governments'' and banks'' post-crisis caution in over-extending themselves, suggests the "Goldilocks" backdrop of low volatility and rising asset prices can continue. As a result, many closely-watched measures of market volatility are anchored near their lowest levels on record. The VIX index is a measure of implied volatility in U.S. stock markets - Wall Street''s so-called "fear index". It''s around 12 percent, and has rarely been lower in its 26-year history. It''s a similar picture in Europe where the benchmark index of euro zone market volatility is around 15 percent, which is also one of the lowest points in its history. Ultra-low volatility and a fairly predictable world economy runs counter to the narrative that Trump''s divisive policies on key issues such as immigration and world trade, would send markets into spin. That hasn''t happened, although the media noise on Trump''s potentially negative impact on world markets hasn''t diminished either. "If politics weaken growth, volatility will rise," Deutsche Bank''s George Saravelos and Rohini Grover wrote in a note on Tuesday. "But so long as the current unusual confluence of strong data but uncertain politics continues, volatility is likely to stay subdued." Research by equity analysts at U.S. bank Citi shows that stock market volatility around the world is below the 10-year median. It''s especially low in France, Britain and the United States, where it is more than 50 percent below the median. The analysts say this is largely down to the loose monetary policy central banks have implemented since the crisis, which has boosted all assets and dampened volatility everywhere. They note that volatility tends to fall in a rising market and vice versa. Wall Street has risen more than 250 percent from a March 2009 low, notching a string of fresh record highs in recent weeks. A more stable fundamental backdrop has helped depress market volatility, the analysts added. Global company earnings volatility has been low throughout the post-crisis recovery - consistently 5 percent or lower over the past five years. In the past 20 years, there have been only two significant bouts of earnings volatility of 15 percent and higher, or global recessions. They coincided with the market crashes of 2000-02 and 2007-09. (Reporting by Jamie McGeever; Editing by Pravin Char) Next In Funds News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-markets-volatility-idUKKBN16L1PY'|'2017-03-14T20:52:00.000+02:00'
'dc9fda4286b78d6fa9fdf2fd1eb7c484d296b7e3'|'Renault CEO Ghosn targeted in French diesel probe'|'  7:46pm GMT Renault CEO Ghosn targeted in French diesel probe Carlos Ghosn, Chairman and CEO of the Renault-Nissan Alliance, speaks during an interview with Reuters at Nissan''s global headquarters in Yokohama, Japan, February 23, 2017. REUTERS/Toru Hanai By Gilles Guillaume and Laurence Frost - PARIS PARIS France''s consumer fraud watchdog told prosecutors that Renault ( RENA.PA ) boss Carlos Ghosn should be held responsible for the carmaker''s suspected diesel emissions cheating, a judicial source said on Wednesday. The comments were included in a dossier submitted last November by the finance ministry''s DGCCRF anti-fraud body, the source said. The agency announced at the time it had found "suspected breaches" of French law by Renault, and prosecutors opened a formal investigation two months later. Renault shares fell 3.7 percent on Wednesday after more details of the watchdog''s allegations were published by daily Liberation. The carmaker has consistently denied any wrongdoing and has not been charged with any offence. It was not immediately available to comment on Wednesday and Ghosn could not be reached for comment. The finance ministry declined to comment. Following Volkswagen''s ( VOWG_p.DE ) exposure in 2015 for U.S. diesel test-cheating, several European countries launched their own investigative test programmes. They found on-road nitrogen oxide (NOx) emissions more than 10 times above regulatory limits - for some GM ( GM.N ), Renault and Fiat Chrysler ( FCHA.MI ) models - and widespread use of devices that reduce exhaust treatment in some conditions. The French test programme, overseen by an investigating committee, has so far led to action against Renault and three others: PSA Group ( PEUP.PA ), Fiat Chrysler and VW. In its Renault submission, the DGCCRF emphasized Ghosn''s managerial responsibility, the judicial source said, confirming other French media reports on Wednesday. While Renault''s "entire chain of command" was responsible, the dossier said, the chief executive was directly accountable because "no delegation of powers had been established by Carlos Ghosn regarding the approval of engine control strategies". Carmakers including Renault have broadly invoked an EU legal loophole designed to allow so-called "defeat devices" only when they are necessary for safety or engine protection. Renault and several of its peers told the French hearings that devices in their vehicles were legal under the EU exemption. But the panel concluded that the technical justifications "remained to be proven". Renault had explained the NOx-cutting exhaust gas recirculation (EGR) technology in its top-selling diesel engines had been found to cause serious turbo clogging problems. Engineers responded by programming the EGR to shut down outside a narrow range of air intake temperatures, 17-35 degrees Celsius (63-95 degrees Fahrenheit). While passing regulatory tests carried out near room temperature over short periods, the protocol sends NOx emissions sky-high on the road. (Reporting by Laurence Frost; Editing by Adrian Croft and Mark Potter)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-renault-diesel-idUKKBN16M2VR'|'2017-03-16T02:46:00.000+02:00'
'ab92396e012cf853b7b21ad3c314842ec4ef695d'|'Innogy''s British unit Npower lost customers in 2016'|'Business News - Mon Mar 13, 2017 - 7:41am GMT Innogy''s British unit Npower lost customers in 2016 A sign hangs outside an npower building in Solihull, Britain March 7, 2016. REUTERS/Darren Staples FRANKFURT Innogy''s ( IGY.DE ) Npower, one of Britain''s big-six power and gas providers, lost customers in the hotly contested British retail market last year, pointing to a "challenging" environment. The number of gas and electricity clients in Britain stood at 4.921 million in at the end of 2016, down 77,000 from a year earlier, according to Innogy''s annual report that was published on Monday. "Some customers can only be retained by making the conditions of their contracts more favourable to them," the company said. Following billing issues and growing competition in Britain, Innogy launched a turnaround programme, including job cuts, that helped it narrow the unit''s adjusted loss before interest, tax, depreciation and amortisation to 11 million euros (9.7 million pounds) in 2016. In 2015, the loss stood at 65 million euros. (Reporting by Christoph Steitz; Editing by Edward Taylor) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-innogy-results-britain-idUKKBN16K0LZ'|'2017-03-13T14:41:00.000+02:00'
'4f6fa510dcc93b332548b62be3f30fa0318cd086'|'Computacenter revenue rises 6.3 percent on currency impact'|'  7:30am GMT Computacenter revenue rises 6.3 percent on currency impact British IT services provider Computacenter ( CCC.L ) said its full-year adjusted revenue rose 6.3 percent, helped by positive currency impact. The company''s adjusted revenue on actual currency basis rose to 3.25 billion pounds from 3.05 billion pounds a year earlier. However, adjusted revenue was down 0.5 percent on a constant currency basis. The company, which provides computer services to customers including Domino''s Pizza, and department chain John Lewis PLC, has been impacted by weakness in its domestic market as the UK prepares to leave the European Union. Computacenter said it expect its U.K. business to see "modest" improvements in 2017 with professional services and supply chain helping overall performance. (Reporting by Arathy S Nair in Bengaluru; Editing by Sunil Nair)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-computacenter-results-idUKKBN16K0L0'|'2017-03-13T14:30:00.000+02:00'
'847eb55c0e269d845066ec012cc6b7d890ad4628'|'Trump plan to review vehicle fuel efficiency rules draws criticism'|'Politics  42am EDT Trump plan to review vehicle fuel efficiency rules draws criticism U.S. President Donald Trump walks through the colonnade as he departs the White House in Washington, U.S., March 15, 2017. REUTERS/Kevin Lamarque By David Shepardson - WASHINGTON WASHINGTON   plans to reassess strict U.S. vehicle fuel-efficiency standards put in place under former President Barack Obama drew criticism on Wednesday from Democrats and environmental groups who accused him of risking more carbon emissions and higher fuel costs. The move by Trump - to be announced on a trip to the heart of America''s auto industry in suburban Detroit - is a victory for automakers which say the current rules are too expensive, could cost jobs and are out of step with vehicles consumers want to buy. But the Republican president will not seek to revoke California''s authority to set vehicle efficiency rules even stricter than federal rules as part of this move, a White House official said. The official did not rule out seeking to withdraw California''s authority in the future. The Obama administration''s rules, negotiated with automakers in 2012, were aimed at doubling average fleetwide fuel efficiency to 54.5 mpg by 2025. In January, shortly before Trump took office, Obama''s Environmental Protection Agency locked that goal in place in a move that disappointed car manufacturers. A White House official said Trump will announce that the U.S. Environmental Protection Agency will reverse the Obama administration''s action to lock in the standards and will spend a year reviewing whether those rules are feasible. The administration has made no decisions on how or if the standards should be revised, the official said. Rhea Suh, president of the Natural Resources Defense Council environmental group, called the move another part of Trump''s retreat from action to combat climate change. "This change makes no sense," Suh said. "Mileage standards save consumers money at the gas pump, make Americans less dependent on oil, reduce carbon pollution and advance innovation. The current standards helped the auto companies move from bankruptcy to profitability, and there is no reason they cannot be met." In Michigan, Trump will meet with chief executives from General Motors Co ( GM.N ), Ford Motor Co ( F.N ) and Fiat Chrysler Automobiles NV ( FCHA.MI ) ( FCAU.N ) and top U.S. executives from Toyota Motor Corp, Daimler AG ( DAIGn.DE ) and others, and speak to autoworkers. ''WRONG WAY'' Democratic Senator Edward Markey of Massachusetts said Trump''s move will lead to needless uncertainty for the auto industry. "Filling up their cars and trucks is the energy bill Americans pay most often, but President Trump''s roll-back of fuel economy emissions standards means families will end up paying more at the pump," Markey added. Under the 2012 agreement with the industry, the EPA was given until April 2018 to decide whether the standards were feasible under a "midterm review," but the agency moved up its decision to a week before Obama left office in a bid to maintain a key part of his administration''s environmental legacy. Automakers say they need more flexibility to meet the rules amid low gas prices. Environmentalists have vowed to sue if the Trump administration weakens them. California, the most populous U.S. state, has long drawn the ire of automakers for setting more aggressive environmental vehicle rules, including requiring zero emission cars. Thirteen other states have adopted California rules that account for about 40 percent of U.S. vehicle sales. California has a waiver under the Clean Air Act to set its own vehicle rules and has said it would vigorously fight any effort to revoke it. Trump''s EPA chief, Scott Pruitt, an ally of the fossil fuel industry, would not commit during his Senate confirmation hearing to allowing California to continue its own clean vehicle rules. Each Detroit automaker will bring about 500 people to Trump''s event on Wednesday, bused in from auto plants, technical centers and headquarters. The automakers said they wanted an array of union hourly workers, salaried office workers and engineers as well as executives at the event. In the United States, which accounts for about 10 percent of global gasoline usage, demand hit a record in 2016, averaging 9.3 million barrels per day, surpassing 2007 levels, according to the U.S. Energy Information Administration. Changes in fuel efficiency standards in the United States can dictate investment decisions due to the country''s heavy consumption of the fuel. (Additional reporting by Susan Heavey; Writing by Will Dunham; Editing by Leslie Adler and Alistair Bell) Next In Politics In challenge to Trump, 17 Republicans in Congress join fight against global warming NEW YORK A group of 17 Republicans in Congress signed a resolution on Wednesday vowing to seek "economically viable" ways to stave off global warming, possibly putting them on a collision course with President Donald Trump who has called climate change a hoax.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-trump-autos-idUSKBN16M2C5'|'2017-03-15T22:39:00.000+02:00'
'6b7c3b91f890e530c8477939f8b0fbe124b017a4'|'SpaceX defeats Boeing-Lockheed partnership for GPS launch contract'|'Science News  43pm EDT SpaceX defeats Boeing-Lockheed partnership for GPS launch contract A SpaceX Falcon 9 rocket (in center, in a horizontal position), is readied for launch on a supply mission to the International Space Station on historic launch pad 39A at the Kennedy Space Center in Cape Canaveral, Florida, U.S., February 17, 2017. REUTERS/Joe Skipper By Irene Klotz CAPE CANAVERAL, Fla. - Elon Musk''s Space Exploration Technologies has won a GPS satellite launch contract over rival United Launch Alliance, a partnership of the top two U.S. aerospace companies Lockheed Martin Corp. and Boeing Co., the U.S. Air Force said on Tuesday. The contract, worth $96.5 million, is the second GPS satellite launch contract awarded by the Air Force to Musk''s rocket company, known as SpaceX. United Launch Alliance, however, did not bid for the first GPS launch contract, which was awarded in April 2016. At the time, the Air Force said SpaceX''s $83 million bid was about 40 percent less than what the military had been paying United Launch Alliance for previously awarded contracts. The GPS launch contracts won by SpaceX cover production of a Falcon 9 launch vehicle, mission integration, launch operations and spaceflight certification, the Air Force said in a statement. The launch, slated for February 2019, is intended to put the third member of the next-generation GPS satellite network into orbit. SpaceX won certification from the Air Force in 2015 to compete for military and national security space launches, breaking United Launch Alliance’s 10-year monopoly. (Reporting by Irene Klotz; Editing by Dan Whitcomb and Diane Craft) Next In Science News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-space-spacex-military-idUSKBN16L2UQ'|'2017-03-15T06:40:00.000+02:00'
'02c79a746147f5851f5b7714bc0b5ee87aae487b'|'Japan''s Nikkei slips on firmer yen, weaker Wall Street'|'* Stocks edge down on profit-taking before Fed outcome* Market awaits impact of Fed decision on yen, US stocks* Kyushu Electric falls after unveiiling bond issuance planBy Shinichi SaoshiroTOKYO, March 15 Japan''s Nikkei share average slipped on Wednesday, dragged down by a firmer yen and Wall Street''s overnight retreat.The market''s losses were limited as a wait-and-see mood prevailed before the Federal Reserve policy decision due later on Wednesday.The Nikkei was down 0.3 percent at 19,549.43. The index reached an 11-day high of 19,656.48 on Monday on a weaker yen."The market is mostly on hold ahead of the Fed''s decision but in the meantime some locked in profits after the yen strengthened and U.S. shares fell overnight," said Yutaka Miura, senior technical analyst at Mizuho Securities.How the Fed outcome impacts Japanese equities "is really up to how the currencies and U.S. stock markets react," he said.With the futures market pricing in more than a 90 percent chance the Fed will raise interest rates, financial markets are expected to respond mainly to what it says about the pace of hikes this year.Kyushu Electric Power Co slid 7.2 percent on wariness towards share dilution after the power company announced on Tuesday it will issue 150 billion yen ($1.31 billion) in convertible bonds.Mitsubishi Chemical Holdings Corp also retreated after saying it too would issue up to 150 billion yen of convertible bonds. Its shares were last down 2.9 percent.Sanno Co surged more than 15 percent to hit the daily limit up after the manufacturer of precision electronic components revised up its sales forecast for the year through July.Of Tokyo''s 33 sub-indexes, all but four were in the red.One of the biggest decliners among the sub-indexes was oil and coal products, down 1.4 percent after crude oil prices fell to three-month lows overnight. Showa Shell Sekiyu KK declined l 1.6 percent and JX Holdings dropped 1.5 percent.Toshiba Corp remained volatile, dropping 7.1 percent after the Tokyo Stock Exchange on Tuesday put the troubled conglomerate''s shares under supervision to see whether they meet delisting criteria.The broader Topix slipped 0.4 percent to 1,569.15 and the JPX-Nikkei Index 400 was down 0.3 percent at 14,049.60.The dollar was at 114.770 yen, shy of a near two-month peak of 115.51 hit recently on mounting expectations for a U.S. rate increase.U.S. stocks fell on Tuesday amid the decline in crude oil prices. Airlines pulled industrial stocks down as a blizzard hit the U.S. Northeast. ($1 = 114.6500 yen) (Editing by Richard Borsuk)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-stocks-midday-idINL3N1GS1F5'|'2017-03-14T23:32:00.000+02:00'
'e5d1dfe340740b5bc8872248b3fc5a4dd34e211d'|'Zara owner Inditex profit up 10 percent despite negative currency effects'|'Business   8:39am GMT Zara owner Inditex profit up 10 percent despite negative currency effects Zara''s logo is seen on a clothes hanger in a Zara store, an Inditex brand, in central Barcelona, Spain, December 13, 2016. REUTERS/Albert Gea By Sonya Dowsett - LA CORUNA, Spain LA CORUNA, Spain The world''s biggest clothing retailer, Zara-owner Inditex ( ITX.MC ), reported a 10 percent jump in annual net profit on Wednesday as strong growth in emerging markets and increased online presence outweighed negative currency effects. Sales in the first six weeks of the new financial year tapered off slightly after a period of exceptional growth during which the Galicia-based company moved brands to bigger stores in prime retail locations. They beat expectations, however. Sales at constant exchange rates rose 13 percent in the first six weeks of the new financial year as customers snapped up items from spring collections like double-breasted jackets, palazzo trousers and embroidered tulle tops from flagship brand Zara. By contrast, rival fashion retailer H&M ( HMb.ST ) on Wednesday reported a 1 percent drop in local-currency February sales, substantially lagging analysts'' expectations for a 6 percent increase. Inditex, known for speeding the latest trends from runway to stores in a matter of days, reported net profit of 3.16 billion euros (2.7 billion pounds) in the year to end-January, in line with analysts'' expectations. Negative currency effects stripped 3 percentage points from annual sales growth, the company said. Inditex reports in euros but makes more than half of its sales in other currencies, meaning falls in value of currencies like the Mexican peso and the Russian rouble against the euro affect earnings and profit margin. Gross profit margin was 57.0 percent in the 2016 financial year, down from 57.8 percent in 2015. Concerns on lagging profit growth relative to aggressive sales growth at the retail behemoth whose stable of brands includes homewares chain Zara Home and teen label Pull and Bear have weighed on Inditex shares. They have underperformed European stocks by around 3 percent over the past year. Shares were 1.6 percent lower on Wednesday. However, analysts expect currency effects to swing in Inditex''s favour over the next 12 months with a consequent boost to profit margins. "We are very keen buyers of Inditex for 2017," said Anne Critchlow, analyst at Societe Generale. The company opened stores in 56 countries during the year, including first openings in New Zealand, Vietnam and Paraguay, bringing its total store count to over 7,200. It launched online sales across its stable of brands in Turkey and said on Wednesday it would start online sales in India in 2017. Cash-rich Inditex proposed on Wednesday a 13 percent increase in dividend to 0.68 euros per share. (Reporting By Sonya Dowsett; Editing by Muralikumar Anantharaman and Susan Thomas) Next In Business News Exclusive - Germany to press G20 to sign off on free trade amid worries about U.S. stance: sources TOKYO/BERLIN Germany will press G20 members to sign off on a set of principles including free trade at this week''s meeting of the group''s financial leaders, in what the Trump administration may perceive as a challenge to its more protectionist stance.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-inditex-results-idUKKBN16M0YR'|'2017-03-15T15:39:00.000+02:00'
'cf7fc29aa1e10ec9058270e3ea02127465667565'|'Munich prosecutors investigate emissions cheating in Audi cars'|' 38am EDT Munich prosecutors investigate emissions cheating in Audi cars FRANKFURT, March 15 Munich prosecutors said they have launched an investigation of unknown persons in connection with the sale of around 80,000 Audi diesel vehicles in the United States on suspicion that they were fitted with devices to cheat on emissions tests. Premises of Volkswagen''s luxury unit Audi as well as seven other locations are being searched by several prosecutor''s offices and state police from the German states of Bavaria, Baden-Wuerttemberg and Lower Saxony, where VW is based. Audi said earlier on Wednesday that German prosecutors were searching its headquarters in Ingolstadt and a factory in Neckarsulm. (Reporting by Maria Sheahan; Editing by Madeline Chambers) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/audi-emissions-prosecutors-idUSF9N1GF014'|'2017-03-15T16:38:00.000+02:00'
'be3d75ea6308fd4bc10c717fb331ffb311d88b94'|'UPDATE 1-Brazil''s audit court orders Petrobras to restart asset sales'|' 05pm EDT UPDATE 1-Brazil''s audit court orders Petrobras to restart asset sales (Adds details of assets still on sale) BRASILIA, March 15 Brazil''s federal audit court TCU on Wednesday allowed state-run oil company Petroleo Brasileiro SA to proceed with its divestment program, but required the company to restart the process except for two projects. Petrobras had been prevented from signing any new asset sales while TCU reviewed its procedures and the court overturned an injunction that suspended sales in December. The two assets that Petrobras will be able to sell without restarting the process from scratch are the rights to operate the Baúna and Tartaruga Verde oil fields, and a share of Petrobras'' deepwater rights in the U.S. Gulf of Mexico. Other assets will have to be sold under new rules that were not immediately detailed. "Petrobras accepted all the TCU''s suggestions," the author of the court''s recommendations, José Múcio Monteiro, said. (Reporting by Leonardo Goy; Writing by Anthony Boadle; Editing by Sandra Maler)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/petrobras-divestiture-idUSL2N1GS243'|'2017-03-16T04:05:00.000+02:00'
'2682a5a7dce4551614adeca66d2c4aeab78ff40b'|'Trump seeks input from U.S. energy companies on Paris climate pact'|'Politics  43am EDT Trump seeks input from U.S. energy companies on Paris climate pact U.S. President Donald Trump looks up during a meeting about healthcare at the White House in Washington, U.S., March 13, 2017. REUTERS/Kevin Lamarque By Valerie Volcovici and Timothy Gardner - WASHINGTON WASHINGTON   administration has been contacting U.S. energy companies to ask them about their views on the U.N. global climate accord, according to two sources with knowledge of the effort, a sign Trump is reconsidering his 2016 campaign pledge to back out of the deal. The sources, who asked not to be named because they are not authorized to speak publicly on the subject, said many of the companies reached by the administration had said they would prefer the United States remain in the pact, but would also support reducing the U.S. commitments in the deal. The accord, agreed by nearly 200 countries in Paris in 2015, would limit planetary warming in part by slashing carbon dioxide and other emissions from the burning of fossil fuels. As part of the deal, the United States committed to reducing its emissions by between 26 and 28 percent below 2005 levels by 2025. The sources did not name the companies contacted. One of the sources said the companies were "publicly traded fossil fuel companies," and added the White House would consider their input in making a decision on the Paris accord shortly. The source said the White House has been leading the discussions with the fossil fuel companies and the State Department, which represents the United States in climate negotiations, had not taken part. A White House official declined to comment. Trump has called climate change a hoax and vowed during his campaign for the White House to pull the U.S. out of the Paris deal, claiming it would be too costly for the U.S. economy. Since being elected he has been mostly quiet on the issue. In a New York Times interview in November he said he would keep an open mind about the Paris deal. He and members of his family and inner circle also met with climate change advocate and former Vice President Al Gore in December. Officials for Exxon Mobil, ConocoPhillips, Chevron, Peabody Energy Corp and others did not immediately comment when asked about whether they had been contacted by the White House about the Paris accord. But several, including Exxon Mobil and ConocoPhillips, have expressed public support for the pact. OIL COMPANY SUPPORT Exxon Mobil Chief Executive Darren Woods recently called the pledges that came out of the Paris agreement an “effective framework” for dealing with emissions, and pointed to Exxon’s own work to cut its carbon emissions. In comments on Exxon’s website, Woods wrote: “I believe, and my company believes, that climate risks warrant action and it’s going to take all of us – business, governments and consumers – to make meaningful progress.” Rex Tillerson, Exxon’s former CEO and now U.S. Secretary of State, also supported remaining a part of the climate change discussion during his confirmation hearing. He said he did not see climate change as an imminent national security threat but said the U.S. would be "better served by being at that table" and remaining a party to climate change negotiations. Conoco CEO Ryan Lance similarly said he favored the U.S. remaining in the Paris agreement during CERAWeek comments last week. The energy company has said it expects the push for lower-carbon energy sources to create opportunities for its natural gas operations, and its investments in carbon-capture and storage. J. Robinson West, former chairman of Magellan Petroleum Corp., and now a managing director at Boston Consulting Group, says President Trump’s anti-Paris accord sentiments probably reflect his dealings with the CEOs of smaller oil companies that operate only in the U.S., not the major oil companies. "There are two classes of companies – the independents, which are much more influential with this administration, and the global oil companies. The independents are anti-climate change ... all this stuff costs them money. The global companies operate all over the world. They have to operate at one standard - the highest standard - wherever they operate.” Global oil companies have spent heavily on environmental regulation compliance in recent years. Exxon Mobil, for example, logged $4.9 billion in environmental spending in 2016, about 2.24 percent of total revenue, according to its annual report with the Securities and Exchange Commission. ConocoPhillips, meanwhile, spent $627 million, or 2.57 percent of revenue. (Additional reporting by Ernest Scheyder and Gary McWilliams in Houston; Writing by Richard Valdmanis; Editing by Chris Reese) Next In Politics In challenge to Trump, 17 Republicans in Congress join fight against global warming NEW YORK A group of 17 Republicans in Congress signed a resolution on Wednesday vowing to seek "economically viable" ways to stave off global warming, possibly putting them on a collision course with President Donald Trump who has called climate change a hoax.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-trump-climatechange-idUSKBN16M2CB'|'2017-03-15T22:40:00.000+02:00'
'7e90504c4cced51086fee3837bba6353811075b4'|'BRIEF-WD-40 says effective March 9, co became obligated to incur costs under contract for construction of improvements to new office located at San Diego'|'United States  14pm EDT BRIEF-WD-40 says effective March 9, co became obligated to incur costs under contract for construction of improvements to new office located at San Diego March 14 Wd-40 Co * Wd-40 co - effective march 9, co became obligated to incur costs under contract for construction of improvements to new office located at san diego * Wd-40 - co, contractor executed change order ž1 to agreement to finalize cost summary exhibit, to establish maximum price for project of $4.23 million * Wd-40 co - project is scheduled to be completed no later than july 14, 2017 - sec filing   ( bit.ly/2mp90xO )  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-wd-40-says-effective-march-9-co-be-idUSFWN1GR0LN'|'2017-03-15T03:14:00.000+02:00'
'cb686cbc510b423fa79f1d09c2de2dcb0da92504'|'GLOBAL MARKETS-Sterling slips as Brexit talks get green light, stocks subdued before Fed'|'Business  54pm EDT Sterling slips as Brexit talks get green light, stocks subdued before Fed Wads of British Pound Sterling banknotes are stacked in piles at the GSA Austria (Money Service Austria) company''s headquarters in Vienna July 22, 2013. REUTERS/Leonhard Foeger/File Photo By Nichola Saminather - SINGAPORE SINGAPORE Sterling slipped on Tuesday after Britain''s parliament paved the way for Prime Minister Theresa May to launch divorce talks with the European Union, while stocks were subdued ahead of an expected U.S. interest rate later in the week. The pound GBP=D4 retreated 0.1 percent to $1.2201 after both houses backed the so-called Brexit bill, opening the door for May to start the clock on the required two-year negotiation period by the end of this month. The euro EUR=EBS hovered at $1.06545, failing to regain any of Monday''s 0.2 percent loss. On Monday, sterling had jumped 0.36 percent after Scotland''s First Minister Nicola Sturgeon demanded a new independent referendum in late 2018 or early 2019, once the terms of the UK''s exit from the EU are clearer. The MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was flat in early trade, while Japan''s Nikkei .N225 dropped 0.1 percent. Investors in Asia were also awaiting manufacturing, retail sales and investment data out of China at 0200 GMT for a reading on the strength of the world''s second-largest economy, after strong gains in import and producer price reports last week. On Monday, Goldman Sachs upgraded Chinese stocks to "overweight" on better growth prospects and a bullish view on the country''s banking sector. Strategists cited rising producer prices and easing credit stress, and a brighter credit outlook and loan pricing for banks. Overnight, Wall Street was mixed, with the Dow Jones Industrial Average .DJI down 0.1 percent, while Nasdaq .IXIC rose 0.24 percent and the S&P .SPX was little changed. With an interest rate hike this week by the Federal Reserve fully priced in, markets are focused on signals from the central bank about the pace of future rises. Elsewhere in currencies, the dollar was steady at 114.84 yen JPY= , after touching a seven-week high on Monday on expectations of a Fed move at the end of a two-day meeting on Wednesday. It fell back to close slightly lower in the previous session. The dollar index .DXY was fractionally higher at 101.37, extending Monday''s gains following a bout of profit taking at the end of last week. Markets are also awaiting a meeting of the Group of 20 finance ministers and central bankers in the German town of Baden Baden starting on Friday, their first meeting since Donald Trump won the U.S. presidential election. U.S. Treasury Secretary Steven Mnuchin will be "pushing hard" to advance U.S. interests in his debut G20 meeting, including reaffirming commitments to avoid competitive currency devaluations, a senior Treasury official said on Monday. In commodities, oil prices dipped 0.1 percent. They touched a 3-1/2-month low in the previous session as concerns about rising U.S. production offset optimism about supply cuts by the Organization of Petroleum Exporting Countries. The looming U.S. rate increase weighed on gold XAU=. The precious metal inched down 0.1 percent to $1,201.91 in early trade, adding to Monday''s losses. (Reporting by Nichola Saminather; Editing by Kim Coghill) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-global-markets-idUSKBN16L046'|'2017-03-14T07:43:00.000+02:00'
'89b02dfaf8fd3acb2d45b2fe4d16f61165fb3922'|'Toshiba asks again to extend deadline for third quarter earnings filing'|'Business News - Tue Mar 14, 2017 - 1:58am GMT Toshiba asks again to extend deadline for third quarter earnings filing A logo of Toshiba Corp is seen outside an electronics retail store in Tokyo, Japan, January 19, 2017. REUTERS/Toru Hanai/File Photo TOKYO Japan''s Toshiba Corp ( 6502.T ) said it has asked financial regulators to extend its Tuesday deadline for submitting official third-quarter earnings until April 11. Toshiba also said in a statement that its auditing committee had confirmed that management at U.S. nuclear unit Westinghouse had inappropriately exerted pressure with regard to the calculation of the acquisition price of the CB&I unit. It would be the second extension after Toshiba postponed its earnings filing a month ago to probe potential problems at Westinghouse. It has flagged a $6.3 billion writedown for the nuclear unit in preliminary estimates. (Reporting by Makiko Yamazaki; Editing by Chang-Ran Kim) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-toshiba-accounting-extension-idUKKBN16L06X'|'2017-03-14T08:58:00.000+02:00'
'3fbe0813fe3c81237e2ac1e717b3011716a0390e'|'Glencore tightens grip on zinc through deal with Canada''s Trevali'|'Business News - Tue Mar 14, 2017 - 1:06pm GMT Glencore tightens grip on zinc through deal with Canada''s Trevali The logo of commodities trader Glencore is pictured in front of the company''s headquarters in the Swiss town of Baar November 20, 2012. REUTERS/Arnd Wiegmann/File Photo By Barbara Lewis and Eric Onstad - LONDON LONDON Miner-trader Glencore ( GLEN.L ) has increased its control of core commodity zinc through a deal with Canada''s Trevali ( TV.TO ) in which it is selling shares in two mines and helping to create the first pure zinc company with wide geographical reach. Glencore''s share price has risen around 13 percent this year, adding to gains of more than 200 percent in 2016 when it rebounded from a commodities price crash. Its CEO Ivan Glasenberg has said it is well-placed for deals, which analysts say are as likely to involve commodity offtake or tactical disposals as acquisitions. Through a $400 million (329.87 million pounds) transaction, announced late on Monday, Glencore is selling 80 percent and 90 percent stakes respectively in a mine in Namibia and another in Burkina Faso to Trevali with which it has a long-standing relationship. Glencore will also increase its direct holding in Trevali from 4 percent to 25 percent and gets two seats on the company''s board, compared with one before, while securing exclusive rights to market Trevali''s zinc. "We are excited to form part of this unique global zinc vehicle, providing pure zinc exposure across a wide geographic footprint," Daniel Mate, Glencore''s head of zinc marketing, said in a statement. Mark Cruise, CEO of Trevali, said acquiring Rosh Pinah in Namibia and Perkoa in Burkina Faso was "a unique opportunity for Trevali shareholders". It sets the stage for "a multi-asset, low-cost global zinc producer," whose production will double to approximately 410 million pounds per year. In addition to the African assets, it has mines in Peru and Canada. The total cost of $400 million comprises $244 million in cash, with the rest paid by Trevali issuing shares and giving Glencore $30 million to settle an outstanding debt. Forecasters remain positive about zinc, but wary of strong gains after the metal, used for galvanising iron or steel, soared 60 percent last year. That rally was spurred by Glencore''s decision to limit supply and Glasenberg has said he would only increase output when to do so would not depress prices. "If you were truly bullish on zinc and those assets, you wouldn''t let them go, you wouldn''t decrease your zinc exposure," Ben Davis, an analyst at Liberum said of this week''s deal. "But maybe they see more value in the (zinc) offtake than they do in the industrial side." HSBC in a note said the "very small transaction" for Glencore gave Trevali critical mass and created "a new zinc play on the market". Glencore''s share price was down around 1 percent by 1230 GMT, while the broader sector eased 0.8 percent. .FTNMX1770 (Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-glencore-trevali-zinc-idUKKBN16L1J4'|'2017-03-14T20:06:00.000+02:00'
'0a956b7064bd7fae5fd9a5a1aba39846a899b807'|'Facebook bars developers from using data for surveillance'|'Technology News - Tue Mar 14, 2017 - 12:21am GMT Facebook bars developers from using data for surveillance 3D-printed models of people are seen in front of a Facebook logo in this photo illustration taken June 9, 2016. REUTERS/Dado Ruvic/Illustration - RTSGTLZ By David Ingram - SAN FRANCISCO SAN FRANCISCO Facebook Inc ( FB.O ) barred software developers on Monday from using the massive social network''s data to create surveillance tools, closing off a process that had been exploited by U.S. police departments to track protesters Facebook, its Instagram unit and rival Twitter Inc ( TWTR.N ) came under fire last year from privacy advocates after the American Civil Liberties Union (ACLU) said in a report that police were using location data and other user information to spy on protesters in places such as Ferguson, Missouri. In response to the ACLU report, the companies shut off the data access of Geofeedia, a Chicago-based data vendor that said it works with organizations to "leverage social media," but Facebook policy had not explicitly barred such use of data in the future. "Our goal is to make our policy explicit," Rob Sherman, Facebook''s deputy chief privacy officer, said in a post on the social network on Monday. He was not immediately available for an interview. The change would help build "a community where people can feel safe making their voices heard," Sherman said. Racially charged protests broke out in the St. Louis suburb of Ferguson in the aftermath of the August 2014 shooting of black teenager Michael Brown by a white police officer. In a 2015 email message, a Geofeedia employee touted its "great success" covering the protests, according to the ACLU report based on government records. Representatives of Geofeedia could not immediately be reached for comment on Monday. The company has worked with more than 500 law enforcement agencies, the ACLU said. Geofeedia Chief Executive Officer Phil Harris said in October that the company was committed to privacy and would work to build on civil rights protections. Major social media platforms including Twitter and Alphabet Inc''s YouTube ( GOOGL.O ) have taken action or implemented policies similar to Facebook''s, said Nicole Ozer, technology and civil liberties policy director at the ACLU of Northern California. Ozer praised the companies'' action but said they should have stopped such use of data earlier. "It shouldn''t take a public records request from the ACLU for these companies to know what their developers are doing," she said. It was also unclear how the companies would enforce their policies, said Malkia Cyril, executive director of the Center for Media Justice, a nonprofit that opposes government use of social media for surveillance. Inside corporations, "is the will there, without constant activist pressure, to enforce these rules?" Cyril said. (Reporting by David Ingram; Editing by Bernard Orr) Next In Technology News Jailed Samsung chief can get plenty of visitors, may still play a corporate role SEOUL The head of South Korea''s Samsung Group [SAGR.UL], Jay Y. Lee, may be languishing in a jail cell but he is allowed plenty of visitors, which may allow him to play a key role in corporate decisions even if he isn''t running the conglomerate like he did before.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-facebook-privacy-idUKKBN16L015'|'2017-03-14T07:18:00.000+02:00'
'd51e966939a31072f7db8aa4dcf0e7f84c3c5a47'|'BOJ seen standing pat, may highlight disparity on growth and prices'|'  10:00am IST BOJ seen standing pat, may highlight disparity on growth and prices FULL COVERAGE: By Leika Kihara - TOKYO TOKYO The Bank of Japan is expected to keep monetary policy steady on Thursday and stress that inflation is nowhere near levels that justify talk of withdrawing massive stimulus, as weak consumer spending casts a cloud over an otherwise healthy pick-up in the economy. Many BOJ officials say they are more confident about prospects of economic recovery as exports and factory output benefit from improving global demand. But they see more to fret about on consumer prices, as budding growth in some sectors is not generating inflation. In a sign that companies remain wary of raising the prices of their goods due to weak consumer spending, prices apart from fuel and food have shown scant signs of life. "The trickle-down effect isn''t there yet, which would be key for inflation to accelerate sustainably," said a source familiar with the BOJ''s thinking. "It would be wrong for markets to start factoring in an early BOJ rate hike," another source said. At the two-day rate review that ends on Thursday, the BOJ is expected to maintain its short-term interest rate target at minus 0.1 percent and a pledge to guide the 10-year government bond yield around zero percent via aggressive asset purchases. Analysts also expect the BOJ to keep intact a loose pledge to maintain the pace of its annual increase in Japanese government bond (JGBs), which is 80 trillion yen ($696.62 billion). At his post-meeting news conference, BOJ Governor Haruhiko Kuroda is likely to stress that the central bank has no plan to raise its yield targets any time soon with inflation distant from its 2 percent target. Core consumer prices rose for the first time in over a year in January and many analysts expect inflation to accelerate toward 1 percent later this year, due largely to a rebound in energy costs and rising import prices from a weak yen. That has diminished market expectations of additional monetary easing, with roughly half of analysts polled by Reuters predicting the BOJ''s next move would be to pull back from its ultra-easy policy. [nL4N1G539A] Some analysts say the BOJ may be forced to raise its yield targets to avoid ramping up bond purchases if Japanese long-term interest rates track global bond yield rises, which are being driven by expectations of higher U.S. interest rates. The BOJ hopes to dispel such speculation and stress it won''t raise its yield targets unless the economy strengthens enough to accelerate inflation stably toward 2 percent, the sources said. Marcel Thieliant, senior Japan economist at Capital Economics, said the BOJ won''t lift the yield targets any time soon with the boost to consumer prices from rising import costs unlikely to last. "What''s more, the main reason why Japan has suffered from a prolonged period of falling prices is deeply entrenched deflationary expectations, and the Bank has had little success in turning expectations around." ($1 = 114.8400 yen) (Reporting by Leika Kihara; Editing by Kim Coghill) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/japan-economy-boj-idINKBN16K09X'|'2017-03-13T11:30:00.000+02:00'
'9238e0358ac2fd6e1f80c5c0f00ff0dbfb9cdf1c'|'RPT-AIA Group CEO leaves to take up new role at HSBC'|'Company  50pm EDT RPT-AIA Group CEO leaves to take up new role at HSBC (Repeats with no changes to the text) March 12 Hong Kong insurer AIA Group Ltd said its CEO and President Mark Tucker will leave the company to take up the role of non-executive Group Chairman of HSBC Holdings Plc Ng Keng Hooi AIA Regional CEO will succeed Tucker from Sept 1, AIA said in a statement. Meanwhile, Tucker''s move was confirmed by HSBC in a separate announcement. (Reporting by Anusha Ravindranath in Bengaluru; Editing by Sandra Maler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/hsbc-chairman-role-idUSL2N1GP0NA'|'2017-03-13T05:50:00.000+02:00'
'9c094d0de693b39ddc61dcbb7640ba8416131f77'|'CEE MARKETS-Currencies ease ahead of Fed, dinar firms as Serbian central bank meets'|'* Forint, leu, zloty near multi-month highs ahead of Fed * Regional assets rangebound, trading interest low * Serbian central bank seen holding fire, dinar firms * Ley may be near central bank''s tolerance level -analysts By Sandor Peto and Radu-Sorin Marinas BUDAPEST/BUCHAREST, March 14 Central European currencies eased slightly on Tuesday ahead of an expected U.S. Federal Reserve interest rate hike this week, which might make emerging Europe''s yields relatively unattractive. The dinar bucked the trend ahead of a meeting of the Serbian central bank where it is expected to keep the region''s highest central bank interest rates on hold. The currency firmed 0.1 percent against the euro to 123.8 by 0930 GMT. The forint and the zloty eased 0.1 percent from the previous session, even though they were off their respective 3-month and 7-week lows, touched on Monday. On top of the expected Fed rate hike, a hawkish tone in comments from the European Central Bank''s meeting last week also weighed on regional currencies. Central banks in the European Union''s eastern members have not turned hawkish despite a fast rebound in inflation regionally in the last few months. After a rollercoaster in the past weeks, markets were calm on Tuesday, with stocks and government bonds also hardly moving. "We see no trading interest (in the region)," one Budapest-based currency dealer said, noting that the forint might stay near current weaker trading ranges after the likely Fed hike. The Fed''s comments about the U.S. interest rate trajectory could reignite price movements, one Hungarian fixed income trader said. Romania rejected all bids at a government bond auction on Monday due to flagging demand and over-high yield expectations. The leu eased a touch to 4.553 versus the euro, off Monday''s 9-month lows of 4.5599. The government has ample reserves and can wait to raise debt, while risks remain that it will overshoot its deficit target and reflation could drive Romanian debt yields higher, ING analysts said in a note. They said that the leu was on the brink of levels where the central bank have stepped in over recent years to stop it weakening. "We still do not see the euro/leu settling around current levels, but each day the pair inches north and the central bank stays away leads us to question our view," they said. "We also note that in past years, while the central bank stepped into the market much earlier to curb the leu weakness, the pair was, nevertheless, stopped short around the 4.5600 handle," they said. CEE SNAPS AT 1030 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 27.02 27.02 +0.0 -0.05 00 45 2% % Hungary 312.3 312.0 -0.08 -1.13 forint 400 950 % % Polish 4.335 4.330 -0.11 1.59% zloty 0 1 % Romanian 4.553 4.551 -0.03 -0.40 leu 0 7 % % Croatian 7.434 7.428 -0.07 1.63% kuna 0 5 % Serbian 123.8 123.9 +0.1 -0.36 dinar 000 400 1% % Note: daily calculate previ close 1800 change d from ous at CET STOCK S Lates Previ Daily Chang t ous e close chang in e 2017 Prague 978.5 977.9 +0.0 +6.1 5 1 7% 8% Budapest 32797 32686 +0.3 +2.4 .25 .30 4% 8% Warsaw 2242. 2242. -0.02 +15. 11 55 % 10% Bucharest 7901. 7890. +0.1 +11. 08 13 4% 52% Ljubljana 789.9 793.5 -0.45 +10. 4 2 % 08% Zagreb 2229. 2224. +0.2 +11. 46 39 3% 76% Belgrade <.BELEX15 741.9 740.5 +0.1 +3.4 > 3 4 9% 2% Sofia 617.4 619.4 -0.33 +5.2 3 6 % 9% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.66 0.088 +014 +8bp > 3 bps s 5-year <CZ5YT=RR 0.079 0.024 +038 +1bp > bps s 10-year <CZ10YT=R 0.801 0.014 +032 +0bp R> bps s Poland 2-year <PL2YT=RR 2.115 -0.01 +291 -2bps > 2 bps 5-year <PL5YT=RR 3.088 0.029 +339 +1bp > bps s 10-year <PL10YT=R 3.742 0.028 +326 +2bp R> bps s FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep < 0.31 0.37 0.46 0 PRIBOR=> Hungary < 0.32 0.44 0.64 0.23 BUBOR=> Poland < 1.77 1.79 1.84 1.73 WIBOR=> Note: FRA are for Quote: s ask prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL5N1GR2KN'|'2017-03-14T07:19:00.000+02:00'
'9cf258f1fefcd9217e1dd15d32369b7df91f3e5e'|'UK unemployment is as low as 1975 – but why aren''t wages rising? - Business'|'T he last time Britain’s unemployment rate was lower than it is today was in the summer of 1975. For those whose memories don’t stretch that far back it was the time of the UK’s first referendum on EU membership, Harold Wilson was prime minister and inflation was at at postwar peak of more than 25%.The contrast with today’s labour market is stark. Joblessness stands at 4.7%, a level that many economists would consider close to full employment, yet there is not the glimmer of the upward pressure on wages that was so evident in the mid-70s.Back then, increases in the cost of living were matched by demands for higher pay, which in turn led to higher inflation. Eventually, governments of both left and right resorted to statutory incomes policies as they sought to bring inflation down.The latest data from the Office for National Statistics suggests that the UK now has a non-statutory incomes policy, enforced by employers rather than by Whitehall. Unemployment in the three months to January 2017 was 105,000 lower than in the previous quarter and employment was up by 92,000.Yet, wage pressure over the same period abated. Average earnings in the three months to January were 2.3% higher than a year earlier: in the three months to December 2016 they rose at an annual rate of 2.6%.These figures speak volumes about the modern labour market and in particular how the balance of power has shifted in the past four decades. Even when jobs are relatively plentiful and inflation is picking up, workers are unwilling or unable to press for higher pay.The reasons for this transformation is obvious: deindustrialisation and the growth of employment in the non-unionised service sector; curbs on the power of trade unions; an increase in labour supply. In addition, the one area where trade union density remains high – the public sector – is subject to a 1% pay cap. Here at least, statutory incomes policy lives on.While record levels of employment are welcome, the weakness of pay means that consumer spending is going to be squeezed hard over the coming months. Inflation is running at 1.8% and will soon overtake earnings growth. Most people will keep their jobs and they will still be able to afford their mortgages because the lack of any wage pressure means the Bank of England will keep interest rates ultra low. But the feelgood factor will be noticeable by its absence.Topics UK unemployment and employment statistics Economics comment  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/mar/15/uk-unemployment-wages-pay-growth'|'2017-03-15T18:18:00.000+02:00'
'fb90e34e78595b3e2432dd4ebb9072747ed5499d'|'UK can''t quantify impact of leaving EU without trade deal - Brexit minister'|'Business News   12:28pm GMT UK can''t quantify impact of leaving EU without trade deal: Brexit minister left right FILE PHOTO: Britain''s Brexit Secretary David Davies walks along Downing Street in London, Britain, March 7, 2017. REUTERS/Toby Melville/File Photo 1/2 left right Britain''s Secretary of State for Leaving the European Union David Davis arrives in Downing Street, London, March 14, 2017. REUTERS/Toby Melville 2/2 By Kylie MacLellan and William James - LONDON LONDON The British government has not carried out an assessment of what effect leaving the European Union without a new trade deal would have on the economy, Brexit minister David Davis said on Wednesday. Prime Minister Theresa May, who is due to begin the formal exit process this month, has said she is prepared to walk away from negotiations with the EU without a deal if she is dissatisfied with the terms on offer. In the absence of an agreement, trade between Britain and the other 27 EU members would default to World Trade Organization rules and tariffs, in contrast with the free access the UK has enjoyed as a member of the EU''s single market. Some proponents of a so-called ''hard Brexit'' are relaxed about that scenario, while critics see it as potentially disastrous for the economy. Davis said he did not think that leaving with no deal would be as good an outcome as the free trade agreement Britain is seeking with the bloc, but he agreed with May it could be better than a bad deal. "I can’t quantify it for you in detail yet. I may well be able to do so in about a year’s time. It is certainly the case that it is not as frightening frankly as some people think," he said. "You don’t have to have a piece of paper with a number on it to have an economic assessment. I spent ... most of my working life before coming into politics dealing with business. You often knew what was a good deal even though you didn’t have the numbers." He told a parliamentary committee hearing the last available analysis on the ''no deal'' scenario dated back to the campaign for the 2016 referendum in which Britons voted to leave the EU. "One of the issues that''s arisen is that those forecasts don''t appear to have been very robust," said Davis, who became a minister in July after the vote. Pressed whether any work had been done since then, he said: "If you mean under my time, no." Davis said this was because there were too many variables and uncertainties involved, including in areas such as customs procedures. "Until we have worked out all the mitigation procedures we could not quantify the outcome," he said. Davis said he expected legislation giving May the power to trigger Article 50 of the EU''s Lisbon Treaty, launching divorce talks, would be formally approved by Queen Elizabeth on Thursday. The opposition Labour Party''s Brexit spokesman Keir Starmer said the government was "recklessly talking up the idea of crashing out of the EU with no deal". "No deal would be the worst possible deal. The government should rule out this dangerous and counter-productive threat before Article 50 is triggered," he said in a statement. EU Council President Donald Tusk on Wednesday dismissed suggestions that Britain would rather leave the EU without a deal than sign an unsatisfactory one as "increasing threats". "A no-deal scenario would be bad for everyone, but above all for the UK because it would leave a number of issues unresolved. We will not be intimidated by threats and I can assure you they simply will not work," said Tusk, the chair of EU leaders'' meetings, who will play a key role in Brexit talks. (Editing by Estelle Shirbon and Mark Trevelyan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-eu-davis-assesment-idUKKBN16M15X'|'2017-03-15T19:03:00.000+02:00'
'04819414c3b7726919ef2f35a3bcc7931f648a04'|'Fed expected to raise rates as U.S. economy flexes muscle'|'Business News - Wed Mar 15, 2017 - 5:10am GMT Fed expected to raise rates as U.S. economy flexes muscle left right A police officer keeps watch in front of the U.S. Federal Reserve in Washington, DC, U.S. on October 12, 2016. REUTERS/Kevin Lamarque/File Photo 1/2 left right Federal Reserve Chair Janet Yellen delivers semiannual monetary policy testimony during a House Financial Services Committee hearing on Capitol Hill in Washington, U.S. on February 15, 2017. REUTERS/Yuri Gripas/File Photo 2/2 By Howard Schneider - WASHINGTON WASHINGTON The Federal Reserve is expected to raise interest rates for the second time in three months on Wednesday, encouraged by strong monthly job gains and confidence that inflation is finally rising to its target. A rate hike at the conclusion of the Fed''s latest two-day policy meeting is already baked into bond yields and financial markets overall, with investors putting the likelihood of such a move at 95 percent, according to CME Group''s FedWatch programme. Attention is turning instead to whether the U.S. central bank will signal an even faster pace of monetary tightening this year than the current three rate hikes that it projected at the December policy meeting. "Expectations have some catching up to do regarding the Fed''s need to ''lean into the wind'' of rising inflation, strong growth, robust sentiment, easy financial conditions, and the likelihood of fiscal stimulus in 2018," analysts from Goldman Sachs wrote ahead of the meeting. They said they regarded a fourth rate increase this year as a "close call." A rate increase on Wednesday would push the Fed''s target overnight lending rate to a range of between 0.75 percent and 1.00 percent, still low but approaching the range that the central bank has typically operated within. The Fed is scheduled to release its latest policy statement along with updated economic forecasts at 2 p.m. EDT (1800 GMT). Fed Chair Janet Yellen is due to hold a press conference half an hour later. The U.S. economy has flexed its muscle in recent months, with job gains above 230,000 in both February and January. Consumer confidence also has risen and inflation has been firming. Fed policymakers are also pleased by an improving global economic outlook, with euro zone growth edging up and China looking more stable than a year ago. Over the past two years Fed policymakers had worried that a weak global economy would limit U.S. growth and hold down inflation, leaving no compelling reason to raise rates. The Fed''s growing comfort with the economic outlook does not mean it will tighten monetary policy faster than planned. The solid U.S. job gains have had little impact of late on the unemployment rate, indicating that there may be more sidelined workers ready to reenter the labour force as jobs become more plentiful. That has been a key goal for Yellen and one that may keep the Fed on the "gradual" rate hike path it has committed to in prior policy statements, said Beth Ann Bovino, U.S. chief economist for S&P Global Ratings. "If the incoming data show the economy heating up faster than we expect, the Fed may want to do more," Bovino wrote in a recent analysis. But "the fact that more folks are coming into the labour force may dissuade the Fed" from moving faster than currently anticipated. (Reporting by Howard Schneider; Editing by Paul Simao) Next In Business News Toshiba shares slide as crisis deepens, fate of Westinghouse unclear TOKYO Shares in Toshiba Corp tumbled on Wednesday after it said it would consider a sale of Westinghouse but did not offer any clarity on whether it would proceed with a Chapter 11 filing for the U.S. nuclear unit - a move that could stem losses.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-fed-idUKKBN16M0HE'|'2017-03-15T12:10:00.000+02:00'
'd4dcc1200256c6b6973a6d9f27aa27c3c5646745'|'Networking software maker Citrix seeks buyers: sources'|'U.S. networking software company Citrix Systems Inc has been exploring strategic alternatives including a potential sale, people familiar with the matter said on Monday.Citrix, which gave activist hedge fund Elliott Management a board seat in 2015, has looked at selling itself in the past, before embarking on spin-offs and sales of smaller business units. It now has a market capitalization of $13.2 billion.Several private equity firms have recently considered an acquisition of Citrix but decided that a leveraged buyout would not be easily achieved or profitable, the people said. However, one buyout firm that is still interested in an acquisition of Citrix is Thoma Bravo LLC, the people added.Citrix is working with Goldman Sachs Group Inc to assist it in the process, the people said, asking not to be named because the matter is private.Citrix and Goldman Sachs declined to comment, while Thoma Bravo could not be reached for comment. Bloomberg News first reported earlier on Monday that Citrix was working with Goldman Sachs to explore a sale.Citrix completed a deal to merge a unit that makes video conferencing software such as GoToMeeting in an all-stock deal with LogMeIn earlier this year.Citrix has also previously announced it was exploring options for NetScaler, a part of its business that helps speed up Web-based applications. The core business of Citrix makes virtualization software used by employees to help them log on remotely.(Reporting by Greg Roumeliotis in New York and Liana B. Baker in San Francisco; Editing by Phil Berlowitz)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-citrix-m-a-idINKBN16K2MU'|'2017-03-13T18:26:00.000+02:00'
'4ac47dfc95fecee3378917cae455f9d0aceabdf6'|'EU''s chemical agency says weed killer glyphosate not carcinogenic'|'Health  53am EDT EU''s chemical agency says weed killer glyphosate not carcinogenic HELSINKI Glyphosate, the key ingredient in Monsanto Co''s Roundup herbicide, should not be classified as a substance causing cancer, the European Chemical Agency (ECHA) concluded on Wednesday. Contradictory findings on carcinogenic risks have thrust the chemical into the center of a dispute between EU and U.S. politicians, regulators and researchers. "This conclusion was based both on the human evidence and the weight of the evidence of all the animal studies reviewed," Tim Bowmer, chairman of ECHA''s Committee for Risk Assessment, said in an online briefing. The European Union last July granted an 18-month extension of its approval for the weed killer, pending further scientific study. The ECHA''s opinion will be forwarded to the European Commission for final decision making. (Reporting by Jussi Rosendahl and Tuomas Forsell in Helsinki, additional reporting by Kate Kelland in London; Editing by Dominic Evans) Next In Health News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-health-eu-glyphosate-idUSKBN16M1KM'|'2017-03-15T18:53:00.000+02:00'
'f124f57ce56d16c99f7cdb3f9b48b443d5a3d320'|'Renault CEO Ghosn targeted in French diesel probe'|'Environment   8:13pm GMT Renault CEO Ghosn targeted in French diesel probe left right Renault Chief Executive Carlos Ghosn delivers a speech during the official presentation of the new Renault RS16 car at the company''s research center, the Technocentre, in Guyancourt, near Paris, France, February 3, 2016. REUTERS/Benoit Tessier 1/3 left right A Renault logo covered with mud and dust is seen on a car in Paris, France, March 15, 2017. REUTERS/Gonzalo Fuentes 2/3 left right A Renault logo covered with mud and dust is seen on a car in Paris, France, March 15, 2017. REUTERS/Gonzalo Fuentes 3/3 By Gilles Guillaume and Laurence Frost - PARIS PARIS France''s consumer fraud watchdog told prosecutors that Renault boss Carlos Ghosn should be held responsible for the carmaker''s suspected diesel emissions cheating, a judicial source said on Wednesday. The comments were included in a dossier submitted last November by the finance ministry''s DGCCRF anti-fraud body, the source said. The agency announced at the time it had found "suspected breaches" of French law by Renault, and prosecutors opened a formal investigation two months later. Renault shares fell 3.7 percent on Wednesday after more details of the watchdog''s allegations were published by daily Liberation. The carmaker has consistently denied any wrongdoing and has not been charged with any offence. It was not immediately available to comment on Wednesday and Ghosn could not be reached for comment. The finance ministry declined to comment. Following Volkswagen''s ( VOWG_p.DE ) exposure in 2015 for U.S. diesel test-cheating, several European countries launched their own investigative test programs. They found on-road nitrogen oxide (NOx) emissions more than 10 times above regulatory limits - for some GM, Renault and Fiat Chrysler models - and widespread use of devices that reduce exhaust treatment in some conditions. The French test program, overseen by an investigating committee, has so far led to action against Renault and three others: PSA Group, Fiat Chrysler and VW. In its Renault submission, the DGCCRF emphasized Ghosn''s managerial responsibility, the judicial source said, confirming other French media reports on Wednesday. While Renault''s "entire chain of command" was responsible, the dossier said, the chief executive was directly accountable because "no delegation of powers had been established by Carlos Ghosn regarding the approval of engine control strategies". Carmakers including Renault have broadly invoked an EU legal loophole designed to allow so-called "defeat devices" only when they are necessary for safety or engine protection. Renault and several of its peers told the French hearings that devices in their vehicles were legal under the EU exemption. But the panel concluded that the technical justifications "remained to be proven". Renault had explained the NOx-cutting exhaust gas recirculation (EGR) technology in its top-selling diesel engines had been found to cause serious turbo clogging problems. Engineers responded by programming the EGR to shut down outside a narrow range of air intake temperatures, 17-35 degrees Celsius (63-95 degrees Fahrenheit). While passing regulatory tests carried out near room temperature over short periods, the protocol sends NOx emissions sky-high on the road. (Reporting by Laurence Frost; Editing by Adrian Croft and Mark Potter) Next In Environment'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-renault-diesel-idUKKBN16M2VN'|'2017-03-16T02:46:00.000+02:00'
'89a4baf7dff5cda10f4d15be4feefb7208908c50'|'Utility Engie not interested in Innogy and not seeking transformative deal'|'PARIS Engie ( ENGIE.PA ) has no plans to put in place a major transformative deal and has no interest in taking a minority stake in German grids and renewables group Innogy ( IGY.DE ), Engie chief executive Isabelle Kocher said on Wednesday.Kocher declined to comment on a report by Bloomberg News which said Engie was weighing a bid for Innogy, in which utility RWE holds a 76.8 percent stake.Asked whether she would be interested in taking a minority stake in Innogy, Kocher told reporters: "we have no interest"."Our priority is to implement our strategic transformation plan. Our priority is not at all to realize a transformative deal," Kocher said.Engie is in the second year of a three-year strategic plan to focus the group more on regulated and contracted businesses.These activities made up 75 percent of Engie''s business at the end of 2016, and Engie''s target is to boost that to 85 percent by 2018.(Reporting by Geert De Clercq; Editing by Adrian Croft and Sudip Kar-Gupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-innnogy-m-a-engie-idINKBN16M1F0'|'2017-03-15T08:30:00.000+02:00'
'0596837ba68966f9a06acb363669fea60f727c36'|'U.S. may find tough negotiator in Japan''s fiery minister Aso'|'Economy News - Wed Mar 15, 2017 - 3:28pm GMT U.S. may find tough negotiator in Japan''s fiery minister Aso left right FILE PHOTO: Japan''s Deputy Prime Minister and Finance Minister Taro Aso (C) speaks during a visit to a port in Colombo May 2, 2013. REUTERS/Dinuka Liyanawatte/File Photo 1/2 left right FILE PHOTO: (L-R) Japanese Finance Minister Taro Aso, Singapore''s Emeritus Senior Minister Goh Chok Tong and Japan''s former Prime Minister Yasuo Fukuda attend the inauguration of South Korea''s President Park Geun-hye at parliament in Seoul February 25, 2013. REUTERS/Lee Jae-Won/File Photo 2/2 By Leika Kihara and Tetsushi Kajimoto - TOKYO TOKYO In his presidential campaign last year, Donald Trump promised to scrap trade deals that gave unfair advantages to other nations and replace them with new ones that would revitalize the U.S. economy and bring jobs back home. One of the Trump administration''s first major tests of its confrontational approach to trade will bring Vice President Mike Pence head-to-head with his Japanese counterpart, Taro Aso, the pugnacious deputy prime minister with a habit of speaking his mind. Pence and Aso meet in Japan next month for the first in a series of talks on economic relations between the world''s largest and third largest economies. People who know or have worked under Aso say the 76-year-old, also Japan''s finance minister, will push to keep the agenda focused on areas both countries can easily agree on but will be well-armed if the conversation veers into areas of currency policy, a point of division between the long-standing post-war allies. "He speaks his own words and doesn''t need much help from the bureaucrats when commenting on exchange rates," said a finance ministry official who have worked under Aso. His negotiation skills were honed while dealing with the global financial crisis as Japan''s prime minister in 2008 and subsequent Trans-Pacific Partnership talks with the Obama administration, sources say. The upcoming Japan-U.S. dialogue remains clouded by U.S. President Trump''s earlier accusations that countries such as China and Japan artificially weaken their currencies to boost exports. One of Aso''s tactics in pushing back could be to zero in on what he sees as areas of U.S. policy inconsistency, particularly around currencies and monetary policy. "Aso is a tough negotiator, vigorously pressing his side of the issue. But given his keen sense of humor and extensive experience ... he''s able to keep things in perspective," said a U.S. Treasury Department official with experience negotiating with Aso. "He doesn''t allow even sharp differences in views to become antagonistic or personally divisive," the official said. Aso''s battle with Washington on currency policy dates back to 2008, when Japan''s export-reliant economy was suffering from a spike in the safe-haven yen after Lehman Brothers collapsed under the weight of its huge subprime mortgage loan holdings. Last month, he accused the U.S. of slashing interest rates following the 2007 subprime mortgage crisis to weaken the dollar and boost the economy. "Back then, Japan didn''t complain a word," Aso said in parliament, noting the country endured the subsequent yen spike that hit exports. He says this episode has prevented Washington from pushing too hard on arguments the Bank of Japan''s ultra-easy policy is explicitly aimed at weakening the yen. During TPP negotiations, Aso argued U.S. proposals for punitive tariffs on countries it sees as currency manipulators would contravene G7 and G20 protocols prohibiting politicians from interfering in member states'' exchange-rate policies. These tariffs did not make it into the pact, which the U.S. subsequently exited. TAKING THE INITIATIVE Historically, bilateral trade talks followed U.S. demands for deregulation in Japan''s key industries, such as the auto and insurance sectors in the 1980s and 1990s. Prime Minister Shinzo Abe''s cabinet, however, has been forthright in forging economic ties with U.S. counterparts and Aso proposed next month''s U.S. dialogue with Pence, a free trade advocate with limited experience in financial diplomacy. Japan had hoped to keep contentious issues like autos and agriculture out of the dialogue by proposing an agenda focused on infrastructure investment and energy. But such hopes were dashed when the U.S. administration presented a statement to the World Trade Organization urging Japan to further open its automobile and agriculture markets. Japan rejects these demands but conceded it will debate the issue at the economic dialogue. That means Aso, a clay target shooting Olympian, will be primed for action. But Aso, known for his love of Japanese "manga" comic books, could equally use his charm to engage Pence. The two met on the sidelines of last month''s Trump-Abe summit in the U.S. Aso told parliament that Pence was a "very serious person" but said the two agreed to play a game of golf some time. BUSINESS, NOT AS USUAL Born to a prestigious political family, Aso speaks good English and frequently cracks jokes, even in parliament, which sometimes leads to gaffes but generally wins fans among politicians and finance ministry subordinates. His fashion sense - with his collection of luxury French and Italian ties - sets him apart from the usually colorless characters in senior Japanese politics. He drew eyeballs in 2013 sporting a black hat and a black coat upon arrival in Moscow for a G20 meeting. People who know him say it was modeled after his grandfather, Shigeru Yoshida, who as postwar prime minister negotiated with occupying U.S. forces to bring Japan''s war-torn economy to prosperity. Knowing Trump won''t be business as usual, Aso also stresses the importance of agreeing on a solid framework for the dialogue first, before getting into specifics. The framework for mid-April''s talks will be set so Japan can reach a deal quickly on less contentious issues and spend time on more problematic items like trade, allowing it to buy time if faced with harsh U.S. demands, say government officials with knowledge of the preparations. "For things that require signing treaties, it''s impossible to reach a quick solution. That''s why you need to build up from things that''s easier to yield results," Aso said. (Additional reporting by Minami Funakoshi, Yoshifumi Takemoto, Linda Sieg, Kaori Kaneko in Tokyo and David Lawder in Washington; Editing by Sam Holmes) Next In Economy News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-japan-usa-dialogue-idUKKBN16M28Q'|'2017-03-15T22:20:00.000+02:00'
'66d90807f8236eef463fd76d3961845db786f2bb'|'Toshiba offers memory unit shares as collateral for loans - sources'|'Internet News -  59am GMT Toshiba offers memory unit shares as collateral for loans: sources FILE PHOTO: The logo of Toshiba Corp is seen behind a traffic signal at its headquarters in Tokyo, Japan January 27, 2017. REUTERS/Toru Hanai/File Photo TOKYO Japan''s Toshiba Corp ( 6502.T ) has offered shares of its memory chip unit as collateral to creditors to secure debt refinancing, sources briefed on the matter said on Wednesday. Toshiba met its creditor banks earlier in the day after it missed the deadline for submitting audited third-quarter earnings for a second time on Tuesday. At the meeting, Toshiba also offered to put up stakes of Toshiba Tec Corp ( 6588.T ) and other group companies as well as real estate as collateral, said the sources, who declined to be identified as they were not authorized to speak on the matter. Toshiba spokesman said the company is considering various options to secure funds but that there was nothing to announce right now. (Reporting by Taro Fuse and Taiga Uranaka; Additional reporting by Makiko Yamazaki; Editing by Edwina Gibbs) Next In Internet News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-toshiba-accounting-banks-idUKKBN16M17L'|'2017-03-15T16:47:00.000+02:00'
'6e2749f5fd11387560c38d222024d49dc21f2028'|'UPDATE 1-China consumer day show skewers Nike shoes, Muji foods'|'(Recasts, adds details)By Jackie Cai and Adam JourdanSHANGHAI, March 15 China''s annual consumer rights day TV show turned its spotlight on U.S. sports brand Nike Inc for false advertising and Japanese brand Muji for selling food products allegedly sourced from part of Japan affected by radiation.The state-run China Central Television (CCTV) show - which can have brands and their corporate PR teams scurrying to take evasive action - said certain Nike shoes sold in China did not have "Zoom Air" cushions despite advertising that suggested they did.Similar to CBS network''s "60 Minutes" in the United States, the CCTV show - known as "315" in reference to global consumer rights day on March 15 - has previously named and shamed firms from Apple Inc to Volkswagen AG.The two-hour show - a mix of undercover reports and song-and-dance - also highlighted Japanese brands including Muji, owned by Ryohin Keikaku Co, which it said sold food products in China from an area of Tokyo where high levels of radiation were detected in 2015.Reuters could not immediately reach Nike or Muji for comment.The show also took aim at fake eye doctors for scamming patients, animal breeders for over-using medicines to make animals grow faster, and China''s Wikipedia-like Baike.com.The 315 show can hit a firm''s reputation if singled out for bad corporate behaviour. Apple was forced into a rare apology in 2013 after criticism on the show of its China after-sales service."Pretty much all the big corporations have their PR machines ready to jump into action because they''ve seen what happens when companies are not prepared," said James Feldkamp, Shanghai-based CEO of independent China consumer watchdog Mingjian.While the annual programme has lost some of its bite in recent years, Wednesday''s version was harder hitting than last year''s, which criticised local food delivery apps, fake online sales and dodgy false teeth, but didn''t take aim at any major international firms.Ahead of the show, some Chinese shoppers told Reuters they would probably not watch it, but would check the next day to see who had been targeted."What I pay attention to is food safety. After all, what you eat has a direct affect on your health," said Maple Zhu, a 27-year-old media professional in Shanghai."The impact, though, on consumers is usually short-lived. After a little while most people just forget." (Reporting by Adam Jourdan and Jackie Cai; Editing by Ian Geoghegan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/china-consumerday-idINL3N1GS43C'|'2017-03-15T12:22:00.000+02:00'
'86378633c3129d23dd857fd44754fbf2d5a28e9d'|'Oracle reports better-than-expected profit, revenue'|'Technology News   8:30pm GMT Oracle reports better-than-expected profit, revenue The sign outside Oracle''s offices in Broomfield, Colorado, U.S., March 15, 2017. REUTERS/Rick Wilking Business software maker Oracle Corp reported better-than-expected rise in quarterly adjusted revenue and profit as the company benefits from its transition to cloud-based products. Oracle''s shares rose 3.3 percent to $44.45 in extended trading on Wednesday. Sales of the company''s cloud-computing software and platform service rose nearly 62 percent to $1.19 billion, while its software licensing business fell nearly 16 percent. "The increase in revenue from our cloud business is starting to overtake our new software license business decline," Safra Catz, Oracle chief executive had said during the second quarter earnings call. The company''s shift to cloud-based products to tackle the shrinking licensing business was strengthened with its $9.3 billion NetSuite acquisition in July. The deal helped the company to take on nimbler rivals such as Workday Inc and Salesforce.com Inc. Net income rose to $2.24 billion, or 53 cents per share, in the third quarter ended Feb. 28, from $2.14 billion, or 50 cents per share, a year earlier. The company''s total adjusted revenue rose to $9.27 billion from $9.01 billion. Excluding items, Oracle earned 69 cents per share. Analysts on average had expected revenue of $9.26 billion, and a profit of 62 cents per share according to Thomson Reuters I/B/E/S. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Shounak Dasgupta) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-oracle-results-idUKKBN16M2XI'|'2017-03-16T03:27:00.000+02:00'
'b91dd60092cc9ccff77559910e7a9e4fec7168ad'|'Workers at Japan''s top companies get meagre 2017 pay hikes in Abenomics setback'|' 17pm IST Workers at Japan''s top companies get meagre 2017 pay hikes in Abenomics setback FULL COVERAGE: By Tetsushi Kajimoto - TOKYO TOKYO Most major Japanese companies offered the lowest hike in base pay in four years on Wednesday, a setback for Prime Minister Shinzo Abe''s campaign dubbed "Abenomics" to spur the long-sluggish economy. Toyota Motor Corp''s base pay hike, traditionally a benchmark other companies use to gauge their increases, came to 1,300 yen, or about $11, a month - below last year''s 1,500 yen. The new hike is less than half the union''s demand and far below the 4,000 yen given in 2015. For a Toyota mid-level technician earning 360,000 yen($3,136) a month, the pay increase works out to 0.36 percent. It can buy one bowl of rice with pork cutlet with miso sauce on top, a speciality of Nagoya, near the Toyota headquarters. Japan''s annual "shunto" spring wage increases are a barometer of corporate confidence, and an indicator of whether consumer spending can get a needed boost - which this year''s hikes are unlikely to supply. "Wage growth is far from enough to accelerate economic growth and inflation," said Hisashi Yamada, chief economist at Japan Research Institute. Despite sitting on piles of cash, companies are reluctant to raise wages as they''re anxious about the economic outlook, currency swings and the chance U.S. President Donald Trump''s trade policies will hurt Japan''s exports. Major electric machinery makers such as Mitsubishi Electric and Panasonic Corp, like Toyota, lowered their wage hikes for a second year. They are giving 1,000 yen, down from 1,500 yen in 2016 and 3,0000 yen the previous year. Yamada and other analysts say that major companies on average are increasing base pay about 0.3 percent for the fiscal year starting in April, the smallest amount in four years. SENIORITY SYSTEM Total wage growth will be higher than the hikes now being announced: Workers will see roughly 2 percent more in their paychecks because their salary goes up automatically every year under Japan''s seniority-based employment system. Still, such an increase is below last year''s 2.14 percent, and 2015''s 2.38 percent, a 17-year high. "I don''t actually feel the economy is recovering or Abenomics is really bringing benefits," said a 33-year-old worker at a precision machinery maker in Nagano prefecture, west of Tokyo. The man, who requested anonymity, has housing loans to repay and two kids to raise. "People around me are also living a frugal life due to anxiety such as whether we can receive a pension in our old age," he said. From the early 2000s, base pay raises were virtually frozen for over a decade until Abe swept to power in late 2012 with a pledge to reboot the moribund economy. He urged companies to lift wages and they complied, to a degree. LIMP SPENDING Abe wants healthy wage hikes to drive a virtuous growth cycle in which consumer spending and business investment rise, in turn lifting profits and wages. The central bank also wants to see higher wages lift prices and enable Japan to break out of its deflationary rut. But the latest meagre gains bode poorly for that scenario. Preliminary estimates for pay hikes will be compiled later this month by labour unions, which this year kept their demands unchanged from 2016. In the face of rising costs of living and uncertainty about the future, ordinary workers opt for saving rather than spending. "It''s hard to make ends meet and rising vegetable prices are driving up the cost of living. I''ll set any increased income aside for food expenses rather than spending for recreation," said a 22-year-old female factory worker at a watchmaker in central Japan. "I sincerely hope that wages rise enough to make me actually feel my salary is really rising." ($1 = 114.60 yen) (Reporting by Tetsushi Kajimoto; Additional reporting by Minami Funakoshi; Writing by Malcolm Foster and Tetsuhi Kajimoto; Editing by Richard Borsuk) Next In Money News Asian stocks mark time, waiting for clearer view on U.S. rates HONG KONG Asian stocks consolidated recent gains on Wednesday before a U.S. central bank policy meeting that could signal how much monetary tightening to expect during the remainder of the year, with an immediate rate hike fully priced in by markets.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/japan-economy-labour-idINKBN16M0NR'|'2017-03-15T13:47:00.000+02:00'
'f7dc92a25c8c13e425706bee0f087c09ec7366ba'|'HIGHLIGHTS-The Trump presidency on March 13 at 9:05 p.m. EDT/March 14 0105 GMT'|'March 13 Highlights of the day for U.S. President Donald Trump''s administration on Monday: HEALTHCARE Fourteen million Americans would lose medical insurance by next year under a Republican plan to dismantle Obamacare, the nonpartisan U.S. Congressional Budget Office says in a report that dealt a potential setback to Trump''s first major legislative initiative. A Republican plan to repeal taxes set under Obamacare would benefit the wealthiest U.S. households at more than five times the rate for middle-income families, according to the nonpartisan Tax Policy Center. WIRETAPPING ALLEGATION The U.S. Department of Justice asks for more time to respond to a request from lawmakers for evidence about Trump''s allegation that then-President Barack Obama wiretapped him during the 2016 election campaign. TRAVEL BAN A group of states renew their effort to block Trump''s revised temporary ban on refugees and travelers from several Muslim-majority countries, arguing that his executive order is the same as the first one that was halted by federal courts. GERMANY Trump''s meeting with German Chancellor Angela Merkel has been pushed back from Tuesday until Friday because of the winter storm bearing down on the northeastern United States, the White House says. Ahead of her trip to Washington, Merkel tells business leaders in Munich that free trade is important for both the United States and Germany. CHINA Trump is planning to host Chinese President Xi Jinping at a two-day summit next month, according to media reports, as his administration seeks to smooth relations with the world''s second-largest economy. ISRAEL/PALESTINIANS Trump''s Middle East envoy and Israeli Prime Minister Benjamin Netanyahu meet in Jerusalem as the new administration tries to restart peace talks with the Palestinians. AUTO STANDARDS Trump is set to formally announce a review of vehicle fuel efficiency rules locked in at the end of the Obama administration when he meets with automaker chiefs this week, according to two sources briefed on the matter. BUDGET Trump on Thursday unveils his 2018 budget emphasizing a military buildup, and some Republicans are concerned they will be forced to choose between opposing the president or backing reductions in popular programs such as aid for disabled children and hot meals for the elderly. ADMINISTRATION The U.S. Senate confirms Trump''s pick to run the government health programs for the elderly, poor and disabled, Medicare and Medicaid, filling a critical role as Republicans fight to repeal and replace Obamacare. (Compiled by Bill Trott, Jonathan Oatis and Peter Cooney; Editing by Lisa Shumaker and Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-trump-highlights-idINL2N1GQ0DT'|'2017-03-13T22:05:00.000+02:00'
'c697a44634f6c470f7280e526101324a317546a8'|'Union calls temporary truce in Berlin airport strike'|'  11:15am GMT Union calls temporary truce in Berlin airport strike left right A man passes closed counters during a warning strike by ground services, security inspection and check-in staff at Tegel airport in Berlin, Germany March 13, 2017. REUTERS/Hannibal Hanschke 1/2 left right A display panel shows cancelled flights during a warning strike by ground services, security inspection and check-in staff at Tegel airport in Berlin, Germany March 13, 2017. REUTERS/Hannibal Hanschke 2/2 BERLIN Around 2,000 ground staff whose series of strikes at Berlin''s airports have paralysed air travel to and from the German capital will not stage further walkouts this week, while their employers have proposed mediation to end the action. The staff, whose roles include check-in, loading and unloading planes and directing aircraft on the tarmac, are employed by companies including WISAG, Aeroground, Ground Solution, AHS and Swissport Berlin. On Tuesday the employers proposed mediation in a bid to end the walkouts, which have led to more than 1,800 flights being cancelled over three days, equivalent to almost all the flights operating out of Berlin''s two airports on the strike days since Friday. On Tuesday 578 flights were grounded. The latest walkout is due to end at 0400 GMT on Wednesday, and the union said on Tuesday there would be no strikes for the rest of the week to allow management to make a new offer. The union wants an increase in pay for ground staff to 12 euros ($12.76) an hour from about 11 euros as part of a one-year collective agreement. Management first offered about 10 cents more an hour over four years and then improved that offer to an 8 percent increase over three years. "The positions are so far apart from each other that we think mediation is the only way to find an acceptable solution for both sides," a spokesman for the employers said on Tuesday. Verdi strike leader Enrico Ruemker said the union must first examine the proposal. Berlin''s two airports are served by carriers including Air Berlin ( AB1.DE ), Lufthansa ( LHAG.DE ) , easyJet ( EZJ.L ) and Ryanair ( RYA.I ) , all of which have been hit by the strikes. The union had earlier on Tuesday raised the prospect of further strikes without advance notice after saying budget airline Ryanair had brought in its own ground staff. Ryanair chief marketing officer Kenny Jacobs confirmed the carrier had brought in "a number of fully qualified and authorised ground handling staff" to dispatch Berlin aircraft. ($1 = 0.9401 euros) (Reporting by Victoria Bryan and Klaus Lauer; Editing by Alexander Smith)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-airport-strike-idUKKBN16L16M'|'2017-03-14T18:15:00.000+02:00'
'77b00db25121a195cb2b70eb8df9d32e61035754'|'Brazil''s JBS posts $220 mln fourth-quarter profit'|'SAO PAULO, March 13 Brazilian meatpacker JBS SA reported fourth-quarter net income of 694 million reais ($220 million) on Monday, reversing a loss of 275 million reais a year earlier, when restructuring and hedging costs hammered its bottom line.Last quarter''s profit missed an average estimate of 844 million reais in a Reuters survey of analysts.The rebounding profit contributed to signs that JBS is turning the corner after a spike in feed costs, a tight cattle market, weak Brazilian demand and sharp currency swings weighed on the meatpacker''s performance.Earnings before interest, taxes, depreciation and amortization slipped 0.6 percent to 3.1 billion reais, below an average estimate of 3.438 billion reais.In a separate filing on Monday, JBS said it had reached an agreement to acquire U.S.-based ham and bacon producer Plumrose USA for $230 million. ($1 = 3.1520 reais) (Reporting by Anthony Boadle; Editing by Mary Milliken)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/jbs-results-idINE6N1G5063'|'2017-03-13T20:30:00.000+02:00'
'b8712ffed2e02078c46d577352f6afe6a2a7e103'|'Canada watchdog launches review of banks'' business practices'|' 06am EDT Canada watchdog launches review of banks'' business practices TORONTO, March 15 Canada''s financial watchdog said on Wednesday that it will review business practices at federally regulated institutions following allegations that products are sold to consumers without obtaining their consent. The Financial Consumer Agency of Canada said in a statement that the review will begin in April. (Reporting by Matt Scuffham)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-banks-regulation-idUSL2N1GS0M7'|'2017-03-15T20:06:00.000+02:00'
'13bd94f96574711ddb9f312b5c5366aaf7262ee4'|'U.S. oil jumps after data shows surprise U.S. stock draw'|'Global Energy  34am GMT U.S. oil jumps after data shows surprise U.S. stock draw The Valero St. Charles oil refinery is seen during a tour of the refinery in Norco, Louisiana, U.S. on August 15, 2008. REUTERS/Shannon Stapleton/File Photo TOKYO U.S. oil prices rose more than 2 percent in early Asian trade on Wednesday, recovering from a three-month low   U.S.   trading up 73 cents, or 1.5 percent, at $48.45 a barrel by 2314 GMT, having earlier risen more than $1 to $48.87. The rise came after the contract marked a seventh straight decline in a row on Tuesday, the longest losing streak since January 2016. U.S. crude stocks fell by 531,000 barrels last week, industry group the American Petroleum Institute said on Tuesday after settlement. [API/S] That compared with analysts'' expectations for an increase of 3.7 million barrels. If the draw is confirmed by government data on Wednesday, it would be the first drawdown after nine consecutive builds. U.S. gasoline and distillate inventories drew more than expected, the data also showed. Oil tumbled on Tuesday after   stocks and a surprise output jump from its biggest member, Saudi Arabia, further pressuring prices that have erased nearly all gains since OPEC announced output cuts in November.   November. Secondary sources had said Saudi output fell in February to 9.797 million barrels per day (bpd), but Riyadh told OPEC it rose to 10.011 million bpd. In an effort to dispel market concerns, the Saudi energy ministry said the "difference between what the market observes as production, and the actual supply levels in any given month, is due to operational factors that are influenced by storage adjustments and other month to month variables." OPEC''s monthly report said oil stocks in industrialised nations rose in January to 278 million barrels above the five-year average, with U.S. shale and other non-OPEC supply gaining. (Reporting by Osamu Tsukimori; Editing by Richard Pullin) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN16M02Y'|'2017-03-15T07:34:00.000+02:00'
'1902ac4c6521b7e291d8565d99dcb92c7c1d7fb0'|'UK economy will grow more strongly than expected, says BCC - Business'|'Robust consumer spending and a brighter outlook for trade and investment will mean the UK’s economic slowdown this year is less severe than previously feared, the British Chambers of Commerce has predicted.But in its latest set of economic forecasts, published as the UK prepares to embark on Brexit negotiations, the business group cut its outlook for 2018 and warned higher inflation would take a chunk out of household budgets.The BCC joined other bodies in raising its outlook for the UK’s GDP growth this year after a stronger-than-expected close to 2016 and signs of resilience to the Brexit vote among businesses and consumers. But it remains more pessimistic than other forecasters such as the Bank of England and the International Monetary Fund.UK economy ends 2016 on high – but rising import prices starting to bite Read more The BCC is now forecasting that after expanding 1.8% in 2016, the UK economy will grow 1.4% in 2017. That is faster than its forecast made in December for 1.1% growth this year. It said the upgrade reflected a strong finish to 2016 for UK growth, higher than expected levels of consumer spending and a slight improvement in the outlook for investment and trade.But the group nudged down its expectations for 2018 from 1.4% to 1.3%, and published its first forecast for 2019 for 1.5% growth. It noted that if growth panned out as forecast it would be well below the long-term average.“Thanks to the hard work of businesses and the continued resilience of the redoubtable British consumer, the UK economy is likely to grow somewhat more strongly than we’d previously expected during 2017,” said BCC director general Adam Marshall.“Yet with several years of unspectacular growth ahead, coupled with inflationary pressures and the uncertain outcome of Brexit negotiations, it has never been more important to tackle the longstanding constraints that limit business confidence and growth here at home.”He described last week’s maiden budget from chancellor Philip Hammond as a “missed opportunity” for the government to do more on infrastructure improvements, on support for international trade, and to lower upfront taxes and costs on businesses.“More thoughtful and radical moves to improve the business environment would give businesses – and GDP forecasts – a boost during a critical and complex time,” said Marshall.UK growth forecasts A number of forecasters have raised their outlook UK growth for this year, notably:The Bank of England now forecasts 2.0% up from the 1.4% it said in November The Office for Budget Responsibility now forecasts 2.0% vs 1.4% in November The OECD now forecasts 1.6% vs 1.2% in November The International Monetary Fund forecasts 1.5% vs 1.1% in October The thintank NIESR forecasts 1.7% vs 1.4% in November But the latest CBI forecast in November was a downgrade to 1.3% growth in 2017, below the 2% forecast made last May before the Brexit vote The BCC’s outlook chimed with warnings from thinktanks and anti-poverty campaigners that the pound’s weakness since the Brexit vote will stoke inflation this year as it makes imports to the UK more expensive.The BCC expects inflation will rise from 1.8% on the latest figures to above the Bank of England’s 2% target early this year. It predicts inflation over 2017 will be 2.4%, rising to 2.7% in 2018. That is higher than the previous forecast of 2.1% and 2.4%, respectively.Suren Thiru, the BCC’s head of economics said those price pressures, coupled with lacklustre pay growth, would weigh on the UK’s economic growth.UK economy to hit near standstill as Brexit vote hurts investment – BCC Read more “The resilience in consumer spending, a key driver of UK growth, will slowly dissipate over the coming months as higher inflation and muted wage growth combine to erode consumer spending power,” said Thiru.The upside to the weak pound for the economy would be some support for exports, he added. Sterling’s sharp depreciation since the referendum has helped make UK goods cheaper in overseas markets and there has been some evidence that exports have picked up as a result.But trade was a smaller contributor to the UK economy than consumer spending, Thiru noted, and so the pound effect on exports would have a limited impact on headline growth.A separate report into the UK’s jobs market was similarly cautious about the economic outlook. Recruitment agency ManpowerGroup said business hiring had dropped to its weakest level for three years.Its survey, based on responses from 2,119 UK employers, found hiring confidence had fallen sharply in London and Scotland, the two strongest remain-supporting regions of the UK. Manpower’s overall net employment outlook, covering the private and public sectors, dropped to +5% from +7% three months ago, showing there were still slightly more employers who planned to hire staff than cut them.Mark Cahill, ManpowerGroup UK managing director, said: “The impending trigger of article 50 is clearly affecting confidence in the job market.“The employment rate is at its highest level since records began in 1971, but if you lift the bonnet to look at the engine of the economy, job creation has slowed and employers are becoming more cautious. The companies which have powered Britain’s economy through the immediate post-referendum period are easing off the gas.”Topics Economic growth (GDP) Inflation Economics Sterling news   Share   Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/mar/14/uk-economy-bcc-british-chambers-of-commerce-brexit-inflation'|'2017-03-14T14:01:00.000+02:00'
'115cbcf775392a1bc962e1c51d5a7ebe658c994f'|'PRESS DIGEST- British Business - March 13'|'March 13 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The Times* DeepMind, a machine-learning operation bought by Google in 2014, has held talks with UK''s National Grid about embedding its software in the electricity network, the Sunday Times can reveal. bit.ly/2njTYex* Senior government sources say that when British Prime Minister Theresa May triggers article 50, she will point out that Britain is entitled to the return of funds worth 9 billion pounds held by the European Investment Bank. bit.ly/2ndNJflThe Guardian* British homebuilder Bovis Homes Group is in talks with rival construction firm Galliford Try over a merger that would create one of Britain''s biggest housebuilders. bit.ly/2ntNlW6* The troubled two billion pounds privatisation of the Green Investment Bank has already cost at least one million pounds of taxpayer money in consultancy fees, official documents have revealed. bit.ly/2mgiz1XThe Telegraph* The Daily Telegraph can reveal that Baferton Ltd, a Cyprus-registered vehicle funded by Hakan Uzan, has paid around 50 million pounds to acquire Hampshire manufacturer Vertu from its Chinese owners Godin Holdings. bit.ly/2mgiBqO* Scottish First Minister Nicola Sturgeon can name the date on which she intends to hold a second Scottish independence referendum as early as this week. bit.ly/2mBcfFLSky News* Sky News has learnt that Privet Capital and Hilco, which has transformed the fortunes of HMV, the entertainment retailer, tabled takeover bids for Vivid in the last few days. bit.ly/2mBmvxL* British Foreign Minister Boris Johnson has warned that Russia is capable of undermining the democratic process and is up to "all sorts of dirty tricks". His comments come as spy chiefs warn British political party leaders about the threat of Russian hacking at the next general election. bit.ly/2mYhsZnThe Independent* Theresa May''s plans to rely on World Trade Organisation tariffs in the case of a hard Brexit will cause a "major economic shock" and is worse than any other option, according to an unpublished Treasury document leaked to the Independent. ind.pn/2mNtsfO (Compiled by Kanishka Singh in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-business-idINL3N1GQ085'|'2017-03-12T21:58:00.000+02:00'
'034a5bd3737d225e0c8e2d0c2a0ba2929756cf66'|'Toshiba shares dive after second earnings extension sought'|'Money News - Tue Mar 14, 2017 - 6:35am IST Toshiba shares dive after second earnings extension sought FULL COVERAGE: INDIA ELECTIONS 2017 Reporters raise their hands for a question during a news conference by Toshiba Corp CEO Satoshi Tsunakawa and other senior sompany officials at the company''s headquarters in Tokyo, Japan February 14, 2017. REUTERS/Toru Hanai TOKYO Shares of Toshiba Corp ( 6502.T ) fell 5 percent after sources said the electronics conglomerate was seeking an extension of its Tuesday deadline for submitting official third-quarter earnings as its auditors have not agreed to sign off on them. The extension would be the second after Toshiba postponed it a month ago to probe potential problems at Westinghouse. In early trading, Toshiba shares fell 4.8 percent to 204.6 yen, against the broader market''s .TOPX 0.2 percent decline. Toshiba is in talks with financial regulators for an extension, one of the sources told Reuters on Monday. The sources declined to be identified as they are not authorised to speak to media. It was not immediately clear what the disagreements with auditors were. A source said Toshiba is seeking a one-month extension and it should be enough to work out differences with auditors. "I understand auditors'' skittishness but at the same time I don''t think they want to be the reason for Toshiba''s failure by keeping refusing to sign off," he said. Chief Executive Satoshi Tsunakawa is expected to hold a news conference later Wednesday to explain the extension, one of the sources said. Toshiba is also due to submit this week a report to the Tokyo Stock Exchange on its internal controls in the wake of its latest financial woes as well the 2015 accounting scandal. That could eventually also lead to a delisting if the bourse finds Toshiba''s efforts unsatisfactory. (Reporting by Taiga Uranaka; Editing by Stephen Coates) Next In Money News Jailed Samsung chief can get plenty of visitors, may still play a corporate role SEOUL The head of South Korea''s Samsung Group [SAGR.UL], Jay Y. Lee, may be languishing in a jail cell but he is allowed plenty of visitors, which may allow him to play a key role in corporate decisions even if he isn''t running the conglomerate like he did before. Intel''s $15 billion purchase of Mobileye shakes up driverless car sector JERUSALEM/DETROIT Intel Corp agreed to buy Israeli autonomous vehicle technology firm Mobileye for $15.3 billion on Monday in a deal that could thrust the U.S. chipmaker into direct competition with rivals Nvidia Corp and Qualcomm Inc to develop driverless systems for global automakers. HONG KONG/LONDON HSBC broke with tradition by choosing outsider Mark Tucker to replace Douglas Flint as chairman later this year, handing the AIA Group boss the task of selecting a new chief executive for Europe''s biggest bank in 2018. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/toshiba-accounting-idINKBN16L059'|'2017-03-14T08:05:00.000+02:00'
'2ad30c69adcfaf0395dbf540088749a367d9faf8'|'Union at BHP Billiton''s Escondida mine rejects offer to resume talks'|'Business News - Sat Mar 11, 2017 - 9:03pm GMT Union at BHP Billiton''s Escondida mine rejects offer to resume talks Workers from BHP Billiton''s Escondida, the world''s biggest copper mine, and their relatives attend a peaceful march as they stay on strike, in Antofagasta, Chile March 3, 2017. REUTERS/Stringer By Fabian Cambero - SANTIAGO SANTIAGO The striking union at BHP Billiton''s Escondida copper mine in Chile, the world''s largest, said on Saturday it will not accept the company''s offer to return to the negotiating table, and called on BHP to clarify its negotiating positions. During the strike, which started on Feb. 9, Escondida''s 2,500-member Union No. 1 has repeatedly said it has three non-negotiable demands the company must commit to before workers return to the table. First, every miner must be offered the same benefits package. Second, shift patterns must not be made more taxing. Third, the company may not reduce any benefits, such as vacation and healthcare, which were included in the previous contract signed four years ago. BHP ( BHP.AX )( BLT.L ) said on Friday it had invited the union to resume talks as a first step toward ending the month-long strike. The union said on Saturday it would not accept before the company addresses its three core concerns. "This invitation that the company sent us doesn''t acknowledge nor take into account the three points we''ve demanded, it''s very ambiguous, and it talks about what we''ve already touched on before," union spokesman Carlos Allendes told Reuters. "We''re going to ask that the company pronounce...that it''s taking into account" the union''s three points, Allendes said. "If it doesn''t do so definitively...(the current situation) won''t break." A representative for BHP could not be immediately reached for comment. Escondida produced more than 1 million tonnes of copper last year, around 5 percent of the world''s total, and economists expect the strike to impact February economic growth in commodities-dependent Chile. The strike, as well as stoppages at Freeport-McMoran Inc''s ( FCX.N ) Grasberg mine in Indonesia and Freeport''s Cerro Verde mine in Peru, have pushed global copper prices CMCU3 up, on tighter supply expectations. Rio Tinto ( RIO.L )( RIO.AX ) and Japanese companies including Mitsubishi ( 8058.T ) hold minority interests in Escondida. (Reporting by Fabian Cambero; Writing by Gram Slattery; Editing by Leslie Adler and David Gregorio) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-chile-copper-escondida-idUKKBN16I0QY'|'2017-03-12T04:03:00.000+02:00'
'd30d597aeae74008b93ea57732644107ba329ca8'|'China securities regulator approves 10 IPOs to raise up to 4.9 billion yuan'|'BEIJING China''s securities regulator said it had approved 10 initial public offerings which would raise up to 4.9 billion yuan ($709.63 million)in total.The China Securities Regulatory Commission made the announcement in a microblog post late on Friday, without giving a timeframe.(Reporting by Ben Blanchard; Editing by Simon Cameron-Moore)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-china-ipo-idINKBN16J067'|'2017-03-12T03:04:00.000+02:00'
'171fdbf3481e4fbeae09fe7aa9acb551eac8fc29'|'IMF urges G20 cooperation to preserve trade, reduce imbalances'|' 06pm GMT IMF urges G20 cooperation to preserve trade, reduce imbalances International Monetary Fund logo is seen inside the headquarters at the end of the IMF/World Bank annual meetings in Washington, U.S., October 9, 2016. REUTERS/Yuri Gripas By David Lawder - WASHINGTON WASHINGTON The International Monetary Fund on Tuesday called on the Group of 20 major economies to work together to preserve the benefits of trade and avoid protectionism, while also urging them to reduce external imbalances and halt policies that distort global trade. Under pressure from rising protectionist sentiment in many advanced economies, including the United States, the IMF said that international cooperation was needed to maintain trade as an engine of growth that has lifted millions out of poverty worldwide. In a "surveillance note" outlining its view of prospects and risks to the global economy issued ahead of a G20 finance ministers meeting this week in Baden-Baden, Germany, the IMF appeared to try to balance stronger demands for fairer trade with its traditional calls for more globalisation. It said those countries with trade and current account surpluses needed to work with deficit countries to reduce these imbalances. A strong commitment to rules-oriented trading system was "vital" and protectionist measures as well as national policies that distort trade and investment. "Above all, we should collectively avoid self-inflicted injuries," IMF Managing Director Christine Lagarde said in an accompanying blog post. "This requires steering clear of policies that would seriously undermine trade, migration, capital flows, and the sharing of technologies across borders. Such measures would hurt the productivity, incomes, and living standards of all citizens." New U.S. Treasury Secretary Steven Mnuchin, who will make his G20 debut in Baden-Baden, will be "pushing hard" for U.S. interests at the meeting, including for the group to reaffirm past commitments to avoid competitive currency devaluations, a senior Treasury official said on Monday. The Trump administration has pledged to reduce U.S. trade deficits with countries such as China, Germany and Mexico, and is looking to harness the G20 and other international institutions to help further those goals, administration officials have said. Despite the IMF''s concern over reversions to nationalist economic policies, the IMF said that the global economic outlook was improving, thanks in part to an upturn in global manufacturing and trade flows. Growth prospects have improved in Britain, Europe and Japan in recent months, while expectations for expansionary fiscal policy from the Trump administration, including tax cuts and infrastructure spending, were improving prospects in the United States. Recent indicators of business and consumer confidence and manufacturing have strengthened, the IMF said. The note did not change the IMF''s latest global growth forecasts issued in January of 3.4 percent for 2017 and 3.6 percent for 2018 compared to 3.1 percent last year. But the IMF''s outlook assumes there is no major disruption in trade that could be brought about by protectionist policies. It also assumes that China''s transition from an investment and export-driven economy to one driven by consumer demand continues without a major downturn. But protectionism and China represent significant risks to the IMF''s outlook, as does the potential for a much faster path of Federal Reserve interest rate hikes, which could prompt disruptive capital outflows from emerging markets. The IMF also reiterated its call for G20 countries to use available tools to boost demand and growth. But for countries that are nearing full capacity, such as the United States and Germany, it said stimulative policies should be focused on improving productivity and expanding the workforce, such as investments high quality infrastructure, technology advancement, public education and child care. (Reporting by David Lawder; Editing by Chizu Nomiyama)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-g20-imf-idUKKBN16L22F'|'2017-03-14T23:06:00.000+02:00'
'c395e6e300cb2a7f6e73ed9679fcfa0b25dc13a4'|'Wacker Chemie says to reduce stake in Siltronic'|'FRANKFURT German specialty chemicals maker Wacker Chemie ( WCHG.DE ) said on Tuesday it had started a sale process to reduce its 51.8 percent in its silicon wafers business Siltronic ( WAFGn.DE )."Siltronic''s share price has risen strongly over the last 12 months and the stock is currently trading well above the IPO issue price of 30 euros in June 2015," Rudolf Staudigl, Wacker Chemie AG''s chief executive said in a statement.The company said it expected to have a stake of more than 30 percent after the sale. Pricing and allocation are expected before March 15, Wacker Chemie said.(Reporting by Harro ten Wolde. Editing by Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-wacker-chemie-siltronic-idINKBN16L27D'|'2017-03-14T14:08:00.000+02:00'
'163c32ba9fb451b6cd752b512b12cf9b3968d263'|'Exclusive: Ireland cries foul over competition for Brexit moves'|'Business News - Tue Mar 14, 2017 - 2:21pm GMT Exclusive: Ireland cries foul over competition for Brexit moves The AIG logo is seen at its building in New York''s financial district March 19, 2015. REUTERS/Brendan McDermid By John O''Donnell and Padraic Halpin - DUBLIN DUBLIN Ireland has complained to the European Commission that it is being undercut by rival centres competing to host financial firms looking for a European Union base outside London after Brexit. Last week, U.S. insurer AIG became the biggest group so far to pick Luxembourg as its EU base, alarming Irish officials who fear others may follow after British Prime Minister Theresa May won the right to begin the potentially long process of separation from the EU. While the final terms for doing business with the EU from Britain are uncertain, finance executives say privately they expect Brexit to isolate London and want to establish bases inside the bloc from where they can access its single market, prompting them to look at Frankfurt, Paris, Dublin and Luxembourg as alternatives. AIG said its move was driven by Luxembourg''s proximity to its European clients and its role as a founder of the EU. "Other cities in Europe are being very aggressive in trying to win business," Eoghan Murphy, the minister in charge of promoting Dublin''s financial centre, told Reuters, describing what he called "dangerous competition". "We have always said ... we would not be predatory ... that we are not interested in brass plating," he said, referring to the practice of setting up a token operation with a "brass plate" sign outside in order to gain market access. Although the EU wants to show a united front in divorce negotiations with Britain, the dispute over the division of Brexit spoils is already testing this. Murphy said he had raised concerns with Valdis Dombrovskis, one of the European Commission''s most senior officials, about "creeping regulatory arbitrage", a reference to undercutting rivals with lax rules. Although banks face strict supervision under the European Central Bank in the euro zone, there is no similarly powerful regulator for insurers and other financial players, leaving decisions on factors such as the size of a local operation to individual countries. The European Commission declined to comment on the Irish complaint but one official, who asked not to be named, said it "will monitor any developments in this area closely". To view a graphic on banks'' Brexit dilemma, click tmsnrt.rs/2njGna9 BACK DOOR OPENED With the final decision on moves out of London still months away, the rivalry has become increasingly hostile, with some Frankfurt lobbyists, for example, saying privately the Irish accent makes local English incomprehensible. Nevertheless, Dublin has received 80 enquiries, according to IDA Ireland, the state agency that attracts foreign investment, from banks to fund managers, while Ireland''s central bank received five applications from insurers to set up. And while Murphy did not name Luxembourg, Irish officials said this was the centre that had triggered the concerns. "We are hearing from various sources that companies are being offered certain incentives," said Murphy. "That they are offering a back door to the single market, without the requirement to have capital to back up their entities in the European Union." Ireland''s central bank, wary of the risks in finance after the country was almost bankrupted by a financial crash, is making higher demands, officials and consultants said. "Luxembourg do not appear to be requiring companies to set up substantial offices in order to establish an insurer," said one senior insurance executive, who is choosing between locations including Dublin and Luxembourg. Insurers hoped that this would be enough to access the EU single market and did not "want to commit to substantial cost", he added. This was disputed by a spokesman for Luxembourg''s finance ministry who said: "Luxembourg is strongly committed to the highest standards in the supervision of the financial sector". The stakes are high for Ireland in particular, where the arrival of foreign banks will be an important economic boost. The country, whose economic rebound from near collapse has been held up by states like Germany as proof tough reforms can work, is now considered the EU economy most at risk from Brexit. "Dublin will expand," Kieran Donoghue, head of International Financial Services at IDA Ireland, said, adding that he expects companies to make their choice by the end of June. "Some investments will be significant and potentially transformative." However, a "hard Brexit" - in which Britain loses access to the EU''s single market - would wipe more than 4 percent off total Irish exports, compared to 2.5 percent for Germany and just 0.6 percent for Luxembourg, an Irish government commissioned report showed. Such a hit for Ireland''s export-focussed economy could knock around 3.5 percent off GDP within a decade, and cost around 40,000 jobs, the report said. Murphy''s department set a target two years ago of adding 10,000 new financial services jobs by 2020 - a 30 percent jump - meaning that even if Ireland succeeds in winning business, it will only help offset the expected broader economic damage. "A number of companies have already committed to Dublin," Donoghue said. "The shortlist for several is between Dublin and one other centre." As decisions near, one consultant advising firms on the move said that the atmosphere had become "heated". "Ireland is No.1 or No.2 for most companies. But there is no point in being second." (Additional reporting by Carolyn Cohn in London; Writing By John O''Donnell; Editing by Alexander Smith) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-ireland-split-exclusive-idUKKBN16L1RM'|'2017-03-14T21:21:00.000+02:00'
'c77214583935d96a22f6aa3018e174a035b7ca4c'|'Asian stocks ease, cautious ahead of central bank announcements'|'Business  49am GMT Asian stocks ease, cautious ahead of central bank announcements left right FILE PHOTO-A man stands in front of electronic boards showing stock prices and exchange rate between Japanese Yen and U.S dollar outside a brokerage in Tokyo, Japan, January 20, 2017. REUTERS/Kim Kyung-Hoon /File Photo 1/2 left right A banner is displayed at the trading hall during the launch of Shenzhen Connect at the Hong Kong Exchanges in Hong Kong, China December 5, 2016. REUTERS/Bobby Yip - RTSUNJC 2/2 By Saikat Chatterjee - HONG KONG HONG KONG Asian equities opened slightly lower, as investors stayed cautious awaiting the outcome of several central bank meetings later on Wednesday. With the outcome of policy meetings at the U.S. Federal Reserve, the Bank of England and the Bank of Japan coupled with a Dutch election vote all due within the next 36 hours, there is no shortage of event risks in financial markets. The MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was down 0.1 percent after posting its second-biggest daily gain this year in the previous session. "Some of these events will obviously be more important than others in determining near-term currency market direction, but prepare for a few market ruffles," ANZ strategists said in a daily note. "Local data today is unlikely to move markets." Japan''s benchmark Nikkei average .N225 opened down 0.52 percent while the broader Topix .TOPX edged 0.41 percent lower. Stocks in South Korea .KS11 and Australia fell. Equities have had a good start to the week thanks to positive news out of the region''s two economic powerhouses, China and India. Strong data out of China this week have sparked a fresh rally in Hong Kong stocks .HSI , while Indian shares climbed to a record high on Tuesday as investors saw Prime Minister Narendra Modi''s landslide victory in the northern state of Uttar Pradesh as endorsing his economic reform agenda. Despite the fresh optimism in equities, currency markets were far more circumspect with the U.S. dollar edging higher against major rivals ahead of a much anticipated U.S. Federal Reserve rate hike. Market attention will be squarely focused on Fed Chair Janet Yellen''s comments to gauge the future path of interest rates. On Wednesday, the U.S. central bank is almost universally expected to raise its benchmark interest rates, a move that just a few weeks ago was viewed by the markets as unlikely. The dollar index .DXY was 0.3 percent higher at 101.70, extending a 0.7 percent rise in the past two sessions after a bout of profit taking at the end of last week. Markets are also awaiting a meeting of the Group of 20 finance ministers and central bankers in the German town of Baden-Baden starting on Friday, their first meeting since Donald Trump won the U.S. presidential election. In commodities, U.S. oil prices jumped in early trading     up 1.5 percent at $48.45 a barrel.   November, after industry body   stocks. Gold XAU= rose 0.1 percent to $1199.71 before the Fed decision. (Reporting by Saikat Chatterjee; Editing by Randy Fabi) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-markets-idUKKBN16M02S'|'2017-03-15T07:28:00.000+02:00'
'f03166bb9f290724c8d5c26b5b2402a997aa710e'|'Anglo American plans pay cap after shareholder revolt'|'Business News   1:29pm GMT Anglo American plans pay cap after shareholder revolt The Anglo American logo is seen in Rusternburg October 5, 2015. REUTERS/Siphiwe Sibeko/File Photo By Barbara Lewis - LONDON LONDON Miner Anglo American ( AAL.L ) is set to cap executive bonuses, it said on Monday, following a shareholder revolt last year over high payouts even when the company''s share price had crashed. In its annual report, Anglo American said on Monday it would reduce maximum annual bonuses for Chief Executive Mark Cutifani to 300 percent from 350 percent of basic salary, bringing it in line with other executive directors. For Cutifani, the limit is 13.1 million pounds. The company also said that from this year, the value of long-term incentive plans (LTIP) would be capped at twice the face value of the award at the time of vesting - a response to shareholder concern that executives could gain from share price swings that were not backed up by improved company strategy. "We were determined to address investors'' concerns about the potential windfall gains for executive directors," Philip Hampton, chairman of the remuneration committee, wrote in the report. Even then, executives would only be eligible for the limit of twice the face value if they met performance targets. Representing pension funds with a total of one trillion pounds in assets under management, the Pensions and Lifetime Savings Association (PLSA) said the proposed change did not go far enough. "While Anglo-American’s direction of travel is to be welcomed, an annual bonus potentially worth 300 percent of a salary, on top of fixed pay approaching 2 million pounds, still seems far too generous," said Luke Hildyard, a policy lead at the PLSA. Cutifani''s pay for 2016 was just under 4 million pounds, which included fixed pay and a cash bonus, but no LTIP award because targets were not met. In addition, Anglo American said it was increasing executive directors'' salaries in 2017 by 2 percent after freezing them in 2016 "to recognise the challenges faced by the Company at the beginning of the year". The increase in 2017 is in line with pay awards to the overall British employee population, it said. The new policy will be voted on at Anglo American''s annual general meeting (AGM) in April. At last year''s AGM, opposition to the remuneration policy was significant at close to 50 percent as shareholders objected to windfalls for directors linked to volatile commodity markets rather than shrewd strategy. After a widespread commodity slump at the end of 2015 and in early 2016, Anglo American recovered strongly last year when it was the top performer on the blue chip FTSE, rising around 300 percent. ($1 = 0.8188 pounds) (additional reporting by Simon Jessop; editing by Susan Thomas/Ruth Pitchford) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-angloamerican-pay-idUKKBN16K1B0'|'2017-03-13T20:29:00.000+02:00'
'c815b2b2ef57c331760cf31ac5e3895151a6811b'|'Emerging market borrowers strike while market is hot before Fed moves'|'* Emerging borrowers rush to sell bonds, anticipate US yield jump* Total EM bond issuance YTD at $138 bln, TR data showsBy Claire MilhenchLONDON, March 13 Turkish banks, a Ukrainian sunflower oil firm and crisis-mired countries such as Nigeria and Egypt have all stampeded to raise money on dollar bond markets this year, trying to get ahead of Fed rate increases and strike while the market is hot.A rate increase by the U.S. Federal Reserve is considered a near certainty this week, but borrowers fear the pace of tightening will accelerate. Four rate rises now look possible this year, rather than three.With U.S. Treasury yields - the rate against which all assets are benchmarked - already at three-month highs, both companies and governments want to lock in funding before borrowing costs rise further."There was a strong desire to go to the market as quickly as possible. It''s both a carrot and stick – the carrot being that the market is so hot right now, the stick being that it might not be so hot once (U.S.) rates rise," said Ranko Milic, head of CEEMEA Debt Capital Markets at UBS in London."Base rates have the potential to rise, so sooner rather than later is generally better as there is a risk for that to reverse," he said.Bond sales by emerging market companies alone topped $75 billion as of March 8, according to JPMorgan. February sales totalled $33 billion, compared with a monthly average of $20 billion in recent years, the bank noted.Sovereign issuance came to $38.5 billion, JPMorgan said, with Argentina and Turkey raising $7 billion and $3 billion respectively . The total is already half of JPM''s full-year sovereign issuance forecast for 2017.Thomson Reuters data showed $137 billion had been raised this year on hard currency bond markets by March 10, with $91 billion coming from companies.Issuance tallies provided by various data sources can vary depending on which countries they classify as emerging markets.While appetite is strong for the high yields that emerging markets pay, UBS''s Milic said the Fed had prompted many would-be issuers to buck up. Several firms had rushed to market on the back of nine-month earnings accounts at investor roadshows, rather than full-year accounts as is normally the case, he noted."We have seen quite a few corporates that have gone earlier in the year than they would otherwise have done," Milic said, citing Russian company Rusal as an example.Sunflower oil producer Kernel broke a three-year issuance drought in Ukraine, and the pipeline remains busy.Russian steel firm Evraz was marketing a bond on Monday, as were Croatia and Kuwait. Kuwait was expected to raise as much as $10 billion in its debut international deal.Gazprom, another Russian company, is preparing to test dollar debt markets for the first time in three years.The buoyant emerging debt picture is mirrored in the market for U.S. junk-rated bonds, which enjoyed its busiest week in nine months last week.FAMINE TO FEASTNew issues have been snapped up by investors who are receiving large inflows into emerging debt funds. Research house EPFR Global reckons a net $12 billion has flowed to such funds already this year.Some market-watchers partly attributed the rush to a lull in December when less than $20 billion was raised, as issuers hung back after the election of Donald Trump as U.S. President.Regis Chatellier, credit strategist at Societe Generale, highlighted Nigeria''s $1 billion and Egypt''s $4 billion sale as examples of low-rated sovereigns that squeezed in before the Fed. Nigeria paid a premium of 130 basis points over its existing 2023 bonds to get the deal done.But appetite for high-yielding emerging debt remains strong, with order books on most bonds - even Nigeria, Egypt and Turkey - far surpassing deal size."There has been a structural under-allocation to emerging markets, which has built up, so to that extent new supply has been easily absorbed," said Chia-Liang Lian, head of emerging markets debt at Western Asset.(Additional reporting by Sujata Rao and Sandrine Bradley, editing by Larry King)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/emerging-bonds-issue-idINL5N1GN35I'|'2017-03-13T12:34:00.000+02:00'
'bb2ba80b39bed73cd502678d9320602bca0a6711'|'MIDEAST STOCKS - Factors to watch - Mar 15'|'DUBAI, March 15 Here are some factors that may affect Middle East stock markets on Wednesday. Reuters has not verified the press reports and does not vouch for their accuracy.INTERNATIONAL/REGIONAL* GLOBAL MARKETS-Asian stocks slip, Fed''s decision day makes investors wary* MIDEAST STOCKS-Gulf mixed; Shuaa pulls down Dubai, bond issue buoys Kuwait* U.S. oil jumps after data shows surprise U.S. stock draw* PRECIOUS-Gold prices firm ahead of Fed announcement* Middle East Crude-Benchmarks fall to lowest in more than a month* Moody''s: Low oil prices and competition fuel concerns of insurance CFOs in GCC countries but remain upbeat on profitability* East Libyan forces recapture oil ports* Moody''s says currency risks rising in Oman And Bahrain, but remain low on average across GCC* Moody''s says funding pressure to ease for GCC banks in 2017* Turkey''s Erdogan warns Dutch, minister floats economic sanctions* Moody''s: GCC Islamic banks more profitable than conventional peers for second year running in 2017* Algeria expects gas exports to surpass 57 bcm target in 2017 - Sonatrach source* Iran to keep oil cap at 3.8 mln barrels a day in second half 2017* Outside OPEC cuts, Libya and Nigeria still on slow oil recovery path* Iraq plans to raise April Basra crude oil exports to 3.171 mln bpd - sourcesEGYPT* Egypt''s GASC says seeks wheat for April 15-25 shipment* Egypt replaces heads of state oil and gas companies* Egypt to limit private silo wheat storage to curb smuggling* Egyptian pound at weakest rate in a month on high dollar demandSAUDI ARABIA* Saudi deputy crown prince, Trump meeting a "turning point" - Saudi adviser* Citigroup CEO meets Prince Alwaleed to talk Saudi Arabia banking license- Bloomberg* Moody''s revises outlook on Saudi Arabia''s banking system to stable from negative* Saudi Arabia''s crude supply fell in February despite higher output - ministry* Japan''s Toyota to look at Saudi production as the countries seek closer ties* Saudi receives interest from GCC firms keen to list on its SME marketUNITED ARAB EMIRATES* UAE airlines likely to see falling profits this year: IATAQATAR* Qatar exchange says IPO requires decision by shareholder -CEO* Qatargas agrees to double LNG supplies to Poland* Qatar''s Masraf Al Rayan calls AGM to approve issuance of Islamic sukukKUWAIT* Moody''s maintains stable outlook on Kuwait''s banking system* Kuwait''s $8 bln bonds trade near Abu Dhabi after debut issue* Canadian, Kuwaiti investors take stake in UK''s Thames Water* Kuwait bank lending growth edges up in JanuaryBAHRAIN* Bahrain''s top Shi''ite Muslim cleric trial postponed till May* Bahrain''s GFH says it may merge with Dubai''s Shuaa Capital, others* Bahrain''s Arcapita buys Dubai warehousing facilities for $150 mln (Reporting by Dubai Newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mideast-factors-idINL5N1GS02D'|'2017-03-15T00:00:00.000+02:00'
'dec653f11c9e960261bebcd2377e07133372239d'|'Argentina issues short-term local bonds at lower yield'|'BUENOS AIRES, March 14 Argentina''s central bank issued $18.18 million in short and medium term local currency debt on Tuesday and set a yield for 35-day bonds at 22.25 percent compared to 22.75 percent last month.That is below the bank''s benchmark policy rate of 24.75 percent. Until this year the central bank tied its monetary policy rate to the Lebac securities.The central bank is now issuing the so-called Lebac bonds on the second Tuesday of every month and as of March is separately publishing the seven-day interbank lending rate as its benchmark monetary policy rate every other week.The bank began targeting inflation last year, breaking with unorthodox monetary policymakers under Argentina''s previous president. (Reporting by Walter Bianchi and Caroline Stauffer; Editing by Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/argentina-centralbank-idINL2N1GR1TD'|'2017-03-14T20:59:00.000+02:00'
'caf5c1cb3d11f10d51d9df216ad4f152b2da6a05'|'Wells Fargo, RBS, Deutsche Bank in $165 million NovaStar settlement'|' 09pm GMT Wells Fargo, RBS, Deutsche Bank in $165 million NovaStar settlement left right A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith 1/3 left right A worker walks in the foyer of a Royal Bank of Scotland office in the City of London August 6, 2010. REUTERS/Luke MacGregor 2/3 left right FILE PHOTO: The headquarters of Germany''s Deutsche Bank are seen early evening in Frankfurt, Germany January 31, 2017. REUTERS/Kai Pfaffenbach/File Photo 3/3 By Jonathan Stempel - NEW YORK NEW YORK Wells Fargo & Co ( WFC.N ), Royal Bank of Scotland Group Plc ( RBS.L ) and Deutsche Bank AG ( DBKGn.DE ) have reached a $165 million (135.42 million pounds) class-action settlement of investor claims over their underwriting for the now-bankrupt subprime lender NovaStar Mortgage Inc. The accord was made public on Wednesday, and requires approval by U.S. District Judge Deborah Batts in Manhattan. It resolves claims that offering materials prepared by the banks misled investors into believing that loans underlying roughly $7.55 billion of NovaStar mortgage-backed securities they bought were properly underwritten, and were safe. NovaStar had specialized in lower-quality residential mortgages, including many packaged into what proved to be risky securities issued in 2006 and 2007. The company filed for Chapter 11 protection last July, and is not contributing to the payout. Steven Toll, a lawyer for investors led by the New Jersey Carpenters Health Fund, said participants in the settlement are expected to receive about 3.1 cents per dollar of face value. He said that exceeded recoveries in similar settlements involving Bank of America Corp ( BAC.N ), IndyMac Bancorp Inc, JPMorgan Chase & Co ( JPM.N ), Morgan Stanley ( MS.N ) and others. "This is a significant recovery," Toll said in an interview. "Thousands of workers associated with the New Jersey fund and others are going to benefit." Holders of $2.2 billion of the NovaStar securities are not expected to join in the settlement. Hundreds of lawsuits have been filed nationwide against banks over mortgage securities sold prior to the 2008 financial crisis. The NovaStar settlement is one of the last remaining private class actions of this type to settle. The case is New Jersey Carpenters Health Fund v Royal Bank of Scotland Group Plc et al, U.S. District Court, Southern District of New York, No. 08-05310. (Reporting by Jonathan Stempel in New York; Editing by Jonathan Oatis)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-novastar-decision-idUKKBN16M1MQ'|'2017-03-15T19:09:00.000+02:00'
'bb2ca6d3aeafecd8f956885cf00d59ced040887a'|'Intel bets on selling Mobileye data, with maps a first test'|'Technology News - Wed Mar 15, 2017 - 4:06am GMT Intel bets on selling Mobileye data, with maps a first test FILE PHOTO: The logo of Intel, the world''s largest chipmaker, is seen at their offices in Jerusalem, April 20, 2016. REUTERS/Ronen Zvulun/File Photo By Alexandria Sage - SAN FRANCISCO SAN FRANCISCO To understand Intel''s $15.3 billion proposed acquisition of Israel''s Mobileye, imagine the data created and compiled by a self-driving car scanning the road and objects around it as a potential source of revenue. That data, says Intel Corp Chief Executive Brian Krzanich, is the key to the deal, and may see its first tangible revenue stream through mapping technology. Self-driving car data could bring in $450-$750 billion globally by 2030, according to McKinsey & Company, with such wide-reaching applications as shopping inside cars, vehicles as entertainment centers, or better city planning based on data. "Tech firms are hunting for ever more data. Miles = data," wrote Morgan Stanley analyst Adam Jonas in a note on Monday to clients after Intel announced the deal. To be sure, before self-driving cars dominate the road, unresolved debates over who owns the data, how it can be shared and whether drivers can opt out over privacy concerns need to be ironed out. It is also too early to gauge whether Mobileye will win a data race that has barely begun. Still, Mobileye says it has 80 percent of the market of advanced driver assistance systems (ADAS) that can automatically apply brakes or keep a car in its lane, and Intel sees that as a start. "That definitely helps fill the revenue opportunity for the next few years while the industry and carmakers move to full automation," Kathy Winter, general manager of Intel''s automated driving unit, told Reuters. "When we look forward, everything we do together will be learning from the data coming off these vehicles." Mobileye is working on its first commercial map application, Road Experience Management (REM), which feeds data about a vehicle''s surroundings into a system that updates existing maps in real time. Mobileye already has deals with BMW and Volkswagen ( VOWG_p.DE ), which mean those carmakers'' vehicles can help source the data beginning in 2018, and share in the revenue. Intel already owns 15 percent of HERE, a digital map consortium made up of Germany''s automakers, which makes the high-definition maps that are updated by Mobileye''s REM. Given there are already 15 million cars with its cameras on the road, Mobileye has "significant early mover advantage" in the high definition mapping space, Jefferies analyst David Kelley wrote to investors last month. "This purchase validates that this data layer is valuable," Stefan Heck, the CEO of Nauto, a Silicon Valley start-up also using a car vision system to collect and process data, told Reuters. Needham and Co, which sees a total ADAS market of $8.5 billion by 2022, surmised mapping data could be paid per mile by an autonomous car provider, while real-time data on traffic, hazards, or parking spots could be sold to mapping companies. PLAYING CATCH-UP? Given the expense and complicated nature of autonomous driving systems, most carmakers rely heavily on suppliers like Mobileye for key technology. Tesla Inc, however, once a buyer of Mobileye''s camera system, has developed an in-house integrated vision-based system more reliant on radar than cameras, part of its push to be less reliant on suppliers. Traditional suppliers like Germany''s Continental or Sweden''s AutoLiv, who have steered clear of the advanced navigation systems inside cars, may be too late to play "catch-up" to Intel, said Evercore''s Chris McNally in a note. One issue still to be hammered out is who owns the data a self-driving car collects and whether the passenger has a privacy right. While drivers may not be spooked by access to their aggregated mapping and navigation data, they may balk at sharing personal data and preferences, McKinsey wrote last year. Some data deserves to be shared, Winter argued in a February blog. "Every autonomous car out there shouldn''t have to find the same pothole and log it," she wrote. (Reporting By Alexandria Sage; editing by Peter Henderson, Bernard Orr) Next In Technology News Toshiba shares slide as crisis deepens, fate of Westinghouse unclear TOKYO Shares in Toshiba Corp tumbled on Wednesday after it said it would consider a sale of Westinghouse but did not offer any clarity on whether it would proceed with a Chapter 11 filing for the U.S. nuclear unit - a move that could stem losses.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-intel-mobileye-data-idUKKBN16M0E5'|'2017-03-15T11:03:00.000+02:00'
'4b8866992ac23f9954fa91a4cd6ae89616a1896c'|'India''s trade deficit narrows to $8.9 billion in Feb'|'Money News - Wed Mar 15, 2017 - 7:13pm IST India''s trade deficit narrows to $8.9 billion in Feb FULL COVERAGE: INDIA ELECTIONS 2017 A mobile crane carries a container at Thar Dry Port in Sanand in the western state of Gujarat, India, February 13, 2017. Picture taken February 13, 2017. REUTERS/Amit Dave/Files NEW DELHI India''s foreign trade deficit narrowed to $8.9 billion in February from a provisional $9.84 billion a month ago, government data showed on Wednesday. Merchandise exports grew 17.48 percent year-on-year to $24.49 billion last month, while imports rose 21.76 percent to $33.39 billion, the Ministry of Commerce and Industry said in a statement. (Reporting by Manoj Kumar; Editing by Malini Menon) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-trade-idINKBN16M1YS'|'2017-03-15T20:43:00.000+02:00'
'90c9a153429115d6262c77d3d8e1da81127d3016'|'Safran chairman should be removed if Zodiac deal not canceled: TCI'|'PARIS Hedge fund TCI called on Wednesday for the chairman of Safran ( SAF.PA ) to be removed from his position unless he canceled Safran''s planned takeover of struggling peer Zodiac Aerospace ( ZODC.PA )."If you do not cancel the deal it will be clear evidence that you are not competent to continue as chairman of Safran, so we will call on Safran shareholders to remove you from the board at the AGM in June," TCI wrote in a letter addressed to Safran chairman Ross McInnes.Officials at Safran were not immediately available to comment on TCI''s letter, which was released to the media.Shares in Zodiac were down 14.4 percent after Zodiac issued a new profit warning late on March 14.However, Safran reaffirmed its interest in acquiring Zodiac, stating it was confident it could turn around the group''s fortunes.(Reporting by Cyril Altmeyer and Sudip Kar-Gupta; Editing by Brian Love)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-zodiac-aero-safran-tci-idINKBN16M1EA'|'2017-03-15T09:42:00.000+02:00'
'5954f4a9b83f95c61bfecdf3812e9f726979030c'|'Galenica plans Sante unit IPO in second-quarter, 2016 profit slips 19 percent'|'BERNE Swiss drugmaker Galenica ( GALN.S ) will complete the spin-off of its Sante pharmacy unit IPO-GALS.S by July as it splits into two separate publicly listed units, it said on Tuesday.Galenica said 2016 net profit fell 19.1 percent to 243.6 million Swiss francs ($241.5 million), hit by its acquisition of U.S.-based Relypsa last year.Galenica is splitting into a speciality drugs business called Vifor Pharma, which has focused on iron replacements popular in its home Swiss market, and its Sante unit that runs hundreds of Amavita and Sun Store pharmacy outlets across Switzerland.Chairman Etienne Jornod, a major shareholder, long resisted calls to carve up the company but concluded the two independent units were better: a drugs business focused on growth, in particular in the United States, and a Swiss pharmacy chain that delivers a robust dividend."Galenica Sante will have shareholders who are specifically attracted to its risk/return profile", Jornod told a media conference. "The two companies will have very healthy balance sheets, allowing them to develop through internal growth and acquisitions."Its shares fell about 3 percent, in part as analysts said Vifor''s investments in new medicines -- over the next three years it plans to invest 850 million francs in new products -- would continue to dent profits.Two Swiss billionaires, Martin Ebner and Remo Stoffel, separately own 25 percent of Galenica shares, according to Reuters data. Ebner has 17 percent and Stoffel 8 percent.IPO proceeds from floating a majority of Sante -- the remaining stake will be sold eventually, Jornod said -- will go to refinance the $1.53 billion acquisition of Relypsa.NO CRYSTAL BALL"We''re uncertain how much of our debt we will be able to reduce, that depends on the success of the IPO and we don''t have a crystal ball," Chief Financial Officer Felix Burkhard told reporters, declining to give estimates for Sante''s post-IPO market capitalization.Galenica Sante sales in 2016 rose 3.2 percent to just over 3 billion francs, with Jornod predicting a similar revenue increase this year.By 2020, he aims to boost Vifor Pharma''s stand-alone revenue to more than 2 billion francs, from 1.2 billion francs in 2016, with a goal of high three-digit-million earnings before interest, taxes, depreciation and amortization.The maker of over-the-counter Perskindol muscle cream proposed a dividend of 20 francs a share for 2016, with Vifor Pharma''s payout set to remain stable in the next three years.Galenica Sante, which its chairman Joerg Kneubuehler described as a "dividend play," plans to distribute at least 75 to 80 francs in 2018, after which it aims to pay out more than 65 percent of net profit.Kneubuehler said restrictions on online distribution of over-the-counter drugs in Switzerland, in contrast to Germany, would shield his store-front business model from Internet competition."We want to continue to grow... adding between 5 and 15 drug stores annually," said Kneubuehler, whose existing network includes around 500 locations.(Additional reporting by Anna Serafin; Editing by Biju Dwarakanath and Michael Shields)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-galenica-results-split-idUSKBN16L182'|'2017-03-14T13:57:00.000+02:00'
'7da3064413168aa9f6f2cf83471c1294b7a2e3cf'|'REFILE-CLO self-syndication still considered a bridge too far'|'(Fixes typo in paragraph 10)* Buoyant CLO market has scope for disintermediation* Cutting out banks entirely is difficult, however* Managers weigh up extra costs and burdensBy Robert SmithLONDON, March 14 (IFR) - Red-hot demand for CLO debt has triggered talk that disintermediation could become a trend in structured credit, although few believe full-blown self-syndication by CLO managers is on the horizon any time soon.It is easier than ever to find buyers for new CLO issues, with intense demand for paper in recent months squeezing European Triple A spreads inside 100bp for the first time since the financial crisis.It is because of this environment, according to one former structured finance banker, that "serial CLO issuers" would be less willing to pay banks to "replicate their investor base"."Managers can easily have their own people do that. It''d be an expansion of investor relations, having somebody who not only manages their investor base on a performance reporting basis, but also goes out to them in new issues," he said.Self-syndication has been a growing trend across all manner of debt markets, as growing demand for credit has coincided with new regulatory constraints on banks in both primary and secondary markets.Several private equity firms that frequently issue CLOs are already cutting out banks to syndicate leveraged loans themselves, a phenomenon KKR spearheaded on its Mills Fleet Farm buyout at the end of 2015."You want an arranger to bring in new people. You don''t want them paying their bond salesman to make the same call that''s been made 15 times already," the ex-banker said.WAREHOUSE ISSUESIf managers wanted to cut out banks entirely, there is nothing technically stopping them. Franz Ranero, a partner at Allen & Overy, said that most managers have the regulatory capacity to arrange and distribute their own CLOs."I still think we''d only ever see it very selectively, however, perhaps on smaller tightly held club deals," he said."There are some effectively funding transactions, where friends and family type accounts are willing to provide the leverage on an existing fund, where perhaps some managers may be able to arrange on their own."While CLO managers can legally sell their own deals, it is harder than in many other markets to extricate banks entirely from the new issue process.This is because arranging banks not only spend long hours structuring deals, but they also provide the warehouse - leverage used to purchase the CLO''s underlying loans before it prices.And banks are likely to be resistant to attempts to unbundle the services they provide during the formation of a CLO."If you go to the bank and say ''I need a credit line, but by the way I''m not giving you any fees for structuring and syndicating the CLO, as I''m doing that myself'', the warehouse terms will probably not be optimal," said Gauthier Reymondier, managing director at Bain Capital Credit."At the same time, the team financing the warehouse equity will usually feel a lot more confident that the CLO is actually going to get printed if they see a top-tier bank taking the debt risk."Some of the largest managers have permanent lines of capital on their balance sheet that they could use to ramp their CLOs, but several people in the market said there are less than a handful of CLO issuers with this capability.IS IT WORTH IT?While some managers have the capacity to self-syndicate CLOs, the key question is whether the fees saved would outweigh the extra administrative burden and costs.Furthermore, investors may require an incentive to participate in trades executed without banks for the first time."It would only work if the economics were passed on to both parties, so effectively it would save the deal money – whether that be upping credit enhancement or offering the deal at a better price," said Jonathan Bowers, a partner and senior portfolio manager at CVC Credit Partners."And then it''s quite difficult to apportion those economics across the whole structure – how would a Double A holder benefit versus an equity guy?"Another portfolio manager at a frequent CLO issuer said anyone who thought they could gain from arranging their own deals had "delusions of grandeur"."We just don''t have anything like the resources that a bank would have in terms of modelling, process, dealing with the ratings agency, et cetera," he said. "If I''m going to pay someone 50 or 60bp for that, that''s money well spent."Reymondier said that whenever the market is extremely active people ask themselves whether they could self-syndicate deals."At the moment, if you issue a notice for a CLO refi or reset, you actually have people ringing you directly to ask if you have paper for them," he said."But when market conditions turn, that''s when you need the banks to go the extra mile to find the less frequent and obscure buyers, or maybe even take some paper on their own balance sheet to sell down later."The European CLO market was in a much more difficult place little over a year ago. BlackRock had to widen spreads and jettison a Single B tranche to finally clear its debut European CLO in February 2016, for example."It''s almost like an insurance policy - when everything is going right, you may question why you are paying for it," Reymondier said. "But if you''re taking a long term and prudent view, you know there''ll come a point when it''ll be worthwhile. (Reporting by Robert Smith; editing by Alex Chambers, Julian Baker)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/debt-clo-idUSL5N1GQ21S'|'2017-03-14T16:56:00.000+02:00'
'45e82b28260615b5e85ded527f7e9a04145fe741'|'BRIEF-Sungevity announces plan to strengthen balance sheet and restructure company'|'March 13 Sungevity Inc* Announces plan to strengthen balance sheet and restructure company* Sungevity, inc - enters into an asset purchase agreement led by northern pacific group* Sungevity inc - voluntarily files for chapter 11 protection, enters into an asset purchase agreement led by northern pacific group* Sungevity inc - under terms of agreement, northern pacific group to buy substantially all of co''s assets, including equity interests in european operations* Sungevity, inc - secures $20 million financing to fund day-to-day business Source text for Eikon:'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-sungevity-announces-plan-to-streng-idINASB0B5AU'|'2017-03-13T20:21:00.000+02:00'
'93d6017d16e2d79b5584a25be4edf33e3a0590ea'|'EU adopts rules to curtail executive pay, avoid short-term investing'|'Business  34am EDT EU adopts rules to curtail executive pay, avoid short-term investing A woman walks past the European flag outside the EU Commission headquarters in Brussels, Belgium March 1, 2017. REUTERS/Yves Herman BRUSSELS Shareholders in listed European Union companies will have a greater say in setting executive pay under new rules adopted by EU lawmakers on Tuesday. Investors in the more than 8,000 listed companies on EU markets will be able to issue binding votes on remuneration policies, although EU states are free to make this advisory and will have about two years to enact them in national law. The Parliament''s vote came after a deal reached in December with representatives of the 28 EU states on measures which are also meant to encourage long-term investment in listed firms by asset managers, insurers and pension funds and avoid short-termism. "For a stable European economy, it is essential to look beyond fast profits and focus on long-term success," Vera Jourova, the EU commissioner in charge of the dossier, said. The rules were proposed in 2014 in the wake of the global financial crisis and the euro zone debt crisis which put the short-term practices of the financial sector under scrutiny. It also drew attention to what managers were paid, which was often "perceived as undue in the light of the weak performance of the director or the difficult situation of the company", the Commission said in a note. "There will be a more direct link between directors'' pay and companies'' results," said Sergio Cofferati, the center-left lawmaker who steered the new rules through the EU legislature. To counter short-termism, insurers and pension funds, which hold most of the shares of listed companies, will have to show their investment strategy, without revealing sensitive details. The increased transparency is expected to extend the average shareholding period from eight months, the Commission said. (Reporting by Francesco Guarascio; Editing by Alexander Smith) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-eu-markets-pay-idUSKBN16L1G0'|'2017-03-14T19:30:00.000+02:00'
'6fb1647c456cdf76c79f77ed7851b60b5d9b76fa'|'UK braces for another pounding from Brexit talks'|'Foreign Exchange Analysis   11:16pm GMT UK braces for another pounding from Brexit talks A food seller holds a new polymer five pound note at Whitecross Street Market in London, Britain September 13, 2016. REUTERS/Stefan Wermuth By Patrick Graham - LONDON LONDON After eight months of discounting a plethora of UK political risks, sterling''s relaxed reaction to the prospect of the launch of Brexit talks and a new Scottish independence referendum may be understandable, but the worst may not be over yet. Declared the official opposition to the government''s drive for a "hard Brexit" when it sank last year, the pound barely moved on Monday as the Scotland''s first minister demanded a new vote and the government saw off the last pieces of parliamentary opposition. That stability may have been some measure of how far sterling has fallen - more than 20 percent in a year - and how cheap it now seems to big financial investors. But for the past three weeks it has looked more like the calm before a gathering market storm that may be launched by a combination of a weakening economy and an EU summit in early April that will establish ground rules for the talks. Several of the currency world''s top 10 banks, who were more cautious on the pound at the end of last year, have been aggressive again in the past fortnight in advocating more declines. Sterling has been the worst performer against the dollar among the major developed-world currencies as a result. Net "short" bets against the pound on the regulated U.S. futures market took their biggest jump in six months last week, a fifth rise in a row taking them to the highest since November. They remain short of the record highs reached after a "flash crash" last October, suggesting there may be more room to fall. An alternative measure of investor movements run by Citi, the world''s biggest currency trader, says nothing in the past month''s flows suggests there is a barrier to more selling. "The focus on sterling has definitely reduced significantly this year and that does suggest the moves down may be slower and more of a grind," said Josh O''Byrne, a strategist on the G10 group of major currencies with the U.S. bank. "But a move below $1.20 by the end of the year wouldn''t surprise us at all, and you probably have a bit more room, towards $1.15. Positioning isn''t too heavy and the politics may represent a bit of a catalyst for the wider economic picture." IT''S THE ECONOMY... The pound sank after the Brexit vote last June largely on the assumption that consumers and investors would spend less in the uncertain environment that followed and that economic growth in general would suffer. In the event, the British economy has stood up well. Yet in contrast to the euro, it now heads into a time of unprecedented constitutional uncertainty with a record current account shortfall as well as more than $2 trillion of public debt that needs servicing annually and which is still climbing. A number of leading data indicators have turned lower and economists point to the arrival of hefty price increases caused by sterling''s depreciation so far as possible turning points for household spending. That may come as EU officials deliver the first blows in the talks after an EU summit next month. "In the medium term, there is clearly pretty large headline risk to the pound and we are starting from a fairly weak position on the deficits, both fiscal and external," said James Binny, State Street Global Advisors'' EMEA head of currencies. "We do not have that underlying support that the euro has had." Like others, Binny also said sterling''s longer-term fair value is probably around $1.50 and wonders when its weakness will tempt foreign multinationals and investment managers to invest heavily in UK assets. But for now the doubt over what deal ministers will emerge with in 18 months time should override such thoughts, he said. "If you are going to make a big strategic purchase in the UK, it would seem extremely risky to do so before you know what deal they are getting," he said. "If you are thinking of buying the pound, you would tend to think that you will still get a better opportunity." STEADY All that said, some teams of bank strategists have also begun to ask what political risks are not yet provided for. Scottish First Minister Nicola Sturgeon has been indicating for weeks that she was liable to demand a referendum and the pound barely budged when she did on Monday, gaining almost half a percent on the day. Likewise, Prime Minister Theresa May signalled months ago she would launch Article 50 talks on leaving the bloc by the end of March and has made clear the government is on course for a "hard Brexit" that imposes immigration and other controls at the expense of membership of the EU''s lucrative single market. "To me the market has put a lot of Brexit into the price," says Peter Gorra, Head of G10 Trading at Nomura in New York. "The market always looks far ahead and the pound is down so much in the last year. I don’t know if I would call the bottom, but we are certainly getting near." (Writing by Patrick Graham)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-sterling-analysis-idUKKBN16K2NM'|'2017-03-14T06:16:00.000+02:00'
'f1e9d0a3c85e09ebb823decbbe9bd2c688a3fb4b'|'Germany''s Schaeuble sees threats to continued balanced budget'|'Business News - Tue Mar 14, 2017 - 1:02am GMT Germany''s Schaeuble sees threats to continued balanced budget German Finance Minister Wolfgang Schaeuble attends the weekly cabinet meeting at the Chancellery in Berlin, Germany, February 22, 2017. REUTERS/Fabrizio Bensch BERLIN German Finance Minister Wolfgang Schaeuble sees a threat to Germany''s ability to maintain a balanced budget given mounting pressures to increase government spending, the Passauer Neue Presse newspaper reported on Tuesday. "The budget parameters for the year 2018 and the budget plan through 2021 mark the fourth consecutive time the government has submitted a budget without new debt. But this cannot be taken for granted despite the projected robust economic developments, low interest rates and the migrant reserves created in 2015 and 2016," it quoted a finance ministry paper as saying. It said the government''s "expansive spending policies of recent years", including greater outlays on domestic and external security, development aid, and financial help for local and state governments, were putting increased pressure on the budget, and could threaten Berlin''s "schwarze Null" or balanced budget. The federal government was also shouldering increased burdens for a variety of social measures and demographic developments, according to the paper prepared for a meeting of Chancellor Angela Merkel''s cabinet, which is due to consider the proposed budget on Wednesday. A draft finance ministry document seen by Reuters on Friday showed Germany planned to boost spending by 1.9 percent to 335.5 billion euros in 2018, with the extra money going mainly to fund refugee integration, development aid, defence and domestic security. The cabinet is expected to approve the draft plans in June, but they may be subject to revisions if a new coalition takes power after national elections in September. (Reporting by Andrea Shalal; Editing by Alison Williams) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-budget-schaeuble-idUKKBN16L051'|'2017-03-14T08:02:00.000+02:00'
'afc5f0194d4a4d1eaf724f361fc616a36024c83c'|'BRIEF-Largo announces waiver of capitalization condition by banks'|' 29pm EDT BRIEF-Largo announces waiver of capitalization condition by banks March 15 Largo Resources Ltd: * Largo announces waiver of capitalization condition by banks * Lenders, co in talks to use some of operating subsidiary''s cash flow from operations to fund certain payment obligations to lenders * Lenders under existing debt facilities have agreed to temporarily waive requirement co inject further $5 million in working capital into unit Source text for Eikon:    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-largo-announces-waiver-of-capitali-idUSFWN1GS0VZ'|'2017-03-16T02:29:00.000+02:00'
'a76d1518a55bb8832addba8aa7376e8d3a91e0b9'|'UPDATE 1-South African top court blames minister in grants payments crisis'|'World News  19pm EDT South African top court blames minister in grants payments crisis By Tanisha Heiberg - JOHANNESBURG JOHANNESBURG South Africa''s top court on Wednesday blamed Social Development Minister Bathabile Dlamini for a "crisis" that could jeopardise the payment of welfare benefits to 17 million people, saying she had failed to resolve a service-provider dispute. The Constitutional Court in 2014 ruled that the tender won by Cash Paymaster Services (CPS), a unit of technology company Net1 unit, was unlawful. The government had until April 1 of this year to take responsibility for social service payments or find a new provider, but failed to do so. Hearing a case brought by applicants urging the court to take oversight of a new contract, which must be settled before Thursday to ensure April''s welfare payments are made on time, the court said her inaction was hard to comprehend. Dlamini told parliament on Tuesday she would not resign as demanded by opposition parties. She said there was no crisis and the welfare benefits would be paid on April 1. But Chief Justice Mogoeng Mogoeng disagreed, saying: "this is a crisis, we must do whatever is necessary to intervene." "It is embarrassing enough to have an order that something within your department was done that is unconstitutional," he said during the hearing. "But for you not to follow up now, to spend sleepless nights ensuring that does not repeat itself, is something that is very difficult for any of us to understand." The court did not say when it would issue a ruling. Dlamini was not immediately available to comment. Dominated by more than 11 million child support grants, the welfare system is a lifeline for South Africa''s most vulnerable. Each month long queues form at pay points across the country as people wait for the money that is often the difference between going to bed hungry or not. CPS chief executive Serge Belamant reiterated that for logistical reasons, a new contract needed to be signed 12 days before the payments are due, raising the stakes in the saga. "I am expecting the judgment by tomorrow at the very latest," Belamant told reporters after the court hearing. Officials at the South African Social Security Agency (SASSA) have said privately that the agency has opted to negotiate a new deal with Cash Paymaster Services despite the court order. There has been no has public confirmation. (Additional reporting by Ed Stoddard; Writing by James Macharia; Editing by Richard Lough) Next In World News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-safrica-welfare-idUSKBN16M2LB'|'2017-03-16T00:09:00.000+02:00'
'45c247fea738f77395d18f149db03fca919669f7'|'UPDATE 1-Oracle reports better-than-expected profit, revenue'|' 24pm EDT UPDATE 1-Oracle reports better-than-expected profit, revenue (Adds details, shares) March 15 Business software maker Oracle Corp reported better-than-expected rise in quarterly adjusted revenue and profit as the company benefits from its transition to cloud-based products. Oracle''s shares rose 3.3 percent to $44.45 in extended trading on Wednesday. Sales of the company''s cloud-computing software and platform service rose nearly 62 percent to $1.19 billion, while its software licensing business fell nearly 16 percent. "The increase in revenue from our cloud business is starting to overtake our new software license business decline," Safra Catz, Oracle chief executive had said during the second quarter earnings call. The company''s shift to cloud-based products to tackle the shrinking licensing business was strengthened with its $9.3 billion NetSuite acquisition in July. The deal helped the company to take on nimbler rivals such as Workday Inc and Salesforce.com Inc. Net income rose to $2.24 billion, or 53 cents per share, in the third quarter ended Feb. 28, from $2.14 billion, or 50 cents per share, a year earlier. The company''s total adjusted revenue rose to $9.27 billion from $9.01 billion. Excluding items, Oracle earned 69 cents per share. Analysts on average had expected revenue of $9.26 billion, and a profit of 62 cents per share according to Thomson Reuters I/B/E/S. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Shounak Dasgupta)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/oracle-results-idUSL3N1GS5IW'|'2017-03-16T03:24:00.000+02:00'
'dca59e68d313ba9f235e974418854e762540ff40'|'UK has not assessed economic impact of leaving EU without deal - minister'|' 41am GMT UK has not assessed economic impact of leaving EU without deal - minister Britain''s Secretary of State for Leaving the EU David Davis speaks on the Marr Show in London, March 12, 2017. Jeff Overs/BBC handout via REUTERS LONDON The government has not carried out an assessment of what effect leaving the European Union without an exit deal would have on the British economy, Brexit minister David Davis said on Wednesday. Speaking at a parliamentary committee hearing, Davis said the last available analysis dated back to the 2016 referendum campaign. "It (the government) made an estimate during the ... referendum campaign but I think one of the issues that''s arisen is that those forecasts don''t appear to have been very robust," said Davis, who became a minister in July after the referendum result. Pressed whether any work had been done since then, he said: "If you mean under my time, no." Davis said one reason for this was because preparing such an assessment was difficult given the current uncertainty and the number of variables involved. (Reporting by Kylie MacLellan, writing by William James, editing by Estelle Shirbon)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-davis-assesment-idUKKBN16M15V'|'2017-03-15T16:41:00.000+02:00'
'90bea07df63c2ad260ec7438f5445c7b245edb3b'|'Lanxess sees slight increase in 2017 adj core earnings'|' 29am EDT Lanxess sees slight increase in 2017 adj core earnings FRANKFURT, March 15 Lanxess, the world''s largest synthetic rubber maker, said on Wednesday that full-year adjusted core earnings would increase slightly after reporting better-than-expected results. The full-year outlook for adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) does not yet include the planned takeover of Chemtura, a U.S. maker of additives for lubricants and flame retardants, which it plans to wrap up by mid-2017. Adjusted EBITDA for the fourth quarter rose 21 percent to 183 million euros ($195 million), beating average analyst expectations for 178 million in a Reuters poll. It proposed an annual dividend of 0.70 euros per share, in line with the analyst consensus. ($1 = 0.9406 euros) (Reporting by Ludwig Burger; Edditing by Harro ten Wolde)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/lanxess-results-idUSFWN1GS0K1'|'2017-03-15T19:29:00.000+02:00'
'c814c24efe616fe44e92fff5df7d33e8f1a83968'|'Trying to get a refund from Virgin Balloon Flights fails to take off - Money'|'In mid-April 2015 I bought vouchers for two weekday morning Virgin Balloon Flights in the east Midlands, costing £204. They were a gift for my friend, and we wanted to fly together. Our first flight was booked for May 2015 but was cancelled as it was raining. The second was booked for June but was again cancelled due to high winds at altitude. The third attempt, in April 2016, was cancelled as it was misty at the take-off location, and the fourth in June 2016 was also cancelled due to high wind. We were then booked to fly in March this year, but as my friend is now pregnant it is not safe for her to fly. This has been a difficult booking process as we cannot pick a weekday, are limited by the dates on offer and even then are competing for places with other customers. I contacted Virgin Balloon flights at the end of February to cancel my vouchers and request a refund of my payment. Virgin replied that day stating that my vouchers would now be expired and were non-refundable. I have since chatted with the firm via live chat, but it is not prepared to offer any refund, does not co-operate with any alternative dispute resolution firm such as the ombudsman, and is willing to defend this in county court. I have spoken with trading standards, which thought I would have reasonably good chances in court. The Consumer Rights Act 2015 came into force after my purchase, so if I was to go to court I would have to rely on unfair terms in consumer contracts (UTCC) 1999. I paid nearly two years ago and Virgin has not provided a service or incurred any costs – it has not even had to pay to post me documents, everything was done online and via email. I simply want my original payment returned. AJ, Nottingham Virgin has since had a miraculous change of heart and decided to refund the cost of your vouchers – apparently just before our intervention.It states in its T&Cs that if the holder of a voucher becomes pregnant, the value of the vouchers will be extended for nine months from the baby’s due date. This is not ideal, but means your friend could have used them at a later date. It adds: “We do treat any complaint on a case-by-case basis and in this instance, we did in fact refund AJ as a goodwill gesture and posted a cheque to him first class, which has been signed for.”We welcome letters but cannot answer individually. Email us at consumer.champions@theguardian.com or write to Consumer Champions, Money, the Guardian, 90 York Way, London N1 9GU. Please include a daytime phone number Topics Consumer affairs Consumer champions Consumer rights Virgin Group features  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/mar/15/virgin-balloon-flights-cancellation-refund'|'2017-03-15T14:00:00.000+02:00'
'08b89753c6e88dc89776908284b23982cc32bf74'|'UPDATE 1-Suncor sells cargo of offshore Canadian crude to Indian Oil Corp'|' 23pm EDT UPDATE 1-Suncor sells cargo of offshore Canadian crude to Indian Oil Corp (Adds details of other recent Canadian cargoes to Asia) CALGARY, Alberta, March 15 Suncor Energy has sold a cargo of offshore Canadian crude from its Hibernia field to Indian Oil Corp, a Suncor spokeswoman said on Wednesday. Suncor spokeswoman Sneh Seetal declined to say how big the cargo was or when it would load, but confirmed Canada''s biggest oil company had won an Indian Oil Corp tender. "We do market our offshore crude production globally on an opportunistic basis," Seetal added. News of the Suncor cargo comes after market sources this week said two other vessels carrying Atlantic Canadian crude are on their way to China. The Stena Suede and the Jag Lalit, both Suezmaxes, loaded at Whiffen Head terminal, Newfoundland, according to Reuters ship tracking data. At least was one sold by Husky Energy and the buyer is PetroChina, two sources said. Husky said in February it sold its first one-million-barrel cargo of offshore Atlantic Canada crude bound for China. It came from the company''s White Rose field. At the time a Husky spokesman said low shipping rates helped make the transaction worthwhile. (Reporting by Nia Williams; Editing by Leslie Adler and Sandra Maler)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-suncor-energy-cargo-idUSL2N1GS20H'|'2017-03-16T03:23:00.000+02:00'
'd59e77d14388870bc2227f36b4af026f85d85782'|'Nasdaq CEO says tech partnership can help win $100 billion Saudi Aramco IPO'|'Business News   5:36pm GMT Nasdaq CEO says tech partnership can help win $100 billion Saudi Aramco IPO Incoming CEO of the Nasdaq Stock Market Adena Friedman speaks ahead of the initial public offering of Trivago (TRVG), the hotel search platform, at the Nasdaq Market Site in New York, U.S., December 16, 2016. REUTERS/Mike Segar By John McCrank - BOCA RATON, Fla. BOCA RATON, Fla. Nasdaq Inc ( NDAQ.O ) is touting its technology credentials in its effort to win the listing of Saudi Aramco''s upcoming initial public offering, the exchange operator''s chief executive said in an interview. Financial centres around the globe, including New York, London and Tokyo, have been making a special effort to win the oil giant''s $100 billion (82.1 billion pounds) listing, which is expected to be the largest IPO ever. Nasdaq is already the technology provider to Saudi Arabia''s exchange, and will use that relationship to promote the idea of a dual listing in Riyadh and another global market, Nasdaq CEO Adena Friedman said. Nasdaq is based in New York, where its exchange operates, but offers technology services to other global exchanges. "Every exchange in the world right now is competing to be considered as an exchange for the Aramco listing, including us," Friedman said in an interview at the FIA''s International Futures Industry Conference on Tuesday. "We''re very active in finding opportunities to work with the Aramco team and demonstrate that we are the natural place for them." Saudi authorities plan to list up to 5 percent of the world''s largest oil producer on the Saudi stock exchange in Riyadh, the Tadawul, and also one or more international markets. Exchanges also vying for the listing include markets in Hong Kong, Japan, Singapore and Toronto. (Reporting by John McCrank in Boca Raton, Florida; Writing by Lauren Tara LaCapra; Editing by Bernard Orr) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-nasdaq-saudiaramco-interview-idUKKBN16M2NE'|'2017-03-16T00:36:00.000+02:00'
'd491e18b7b5286bea4f70f5ff45d5a6cc6941835'|'U.S. SEC accuses Heinz guard of insider trading before Berkshire-3G deal'|'NEW YORK A former H.J. Heinz Co director''s security guard was charged on Wednesday with insider trading in the ketchup maker''s stock and options before Heinz was bought in 2013 by Brazil''s 3G Capital and Warren Buffett''s Berkshire Hathaway Inc ( BRKa.N ).In a complaint filed in Manhattan federal court, the U.S. Securities and Exchange Commission said Todd David Alpert made $43,873 of illegal profit after learning of the proposed Heinz takeover while working as a dispatcher for the director, who sat on Heinz''s board for several years.It was unclear whether Alpert, of Kingston, Pennsylvania, had hired a lawyer, and the defendant could not immediately be reached for comment.The director was not identified in court papers. Heinz''s board had since 2006 included Nelson Peltz, the activist investor. He could not immediately be reached for comment.Berkshire, 3G and the former Heinz director have not been accused of wrongdoing by the SEC.According to the regulator, Alpert had since January 2011 worked for a security company to provide services to the Heinz director and his family, and worked in a security booth at a home for the director where he reported "almost daily."Public records show a shared historical address for Peltz and Alpert in a northern suburb of New York City.Part of Alpert''s job was to screen emails sent through a secure account, including a "confidential" Jan. 24, 2013 email that contained Berkshire''s and 3G''s offer to buy Heinz for the eventual $72.50 per share takeover price, the SEC said.Alpert began buying Heinz through his broker the next day, purchasing 1,000 shares and 30 call options he sold within two hours of the Feb. 14, 2013 merger announcement, the SEC said.According to the SEC, Alpert''s employment with the security company ended in July 2015, around the time he admitted his trading to the director, and the defendant is now unemployed.The SEC also said Alpert invoked his constitutional right against self-incrimination when it questioned him.Berkshire and 3G bought Heinz for about $23 billion.They merged that company in 2015 with Kraft Foods Group Inc to form Kraft Heinz Co ( KHC.O ), in which they own a roughly 51 percent stake.The case is SEC v Alpert, U.S. District Court, Southern District of New York, No. 17-01879.(Reporting by Jonathan Stempel and Michael Flaherty in New York; Editing by Richard Chang)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sec-kraft-heinz-idINKBN16M2UI'|'2017-03-15T16:18:00.000+02:00'
'3358dc915487ef55a18591c7d5088e708358b173'|'BRIEF-Exco Resources says is evaluating potential sale of its oil & natural gas properties in South Texas'|' 21pm EDT BRIEF-Exco Resources says is evaluating potential sale of its oil & natural gas properties in South Texas March 15 Exco Resources Inc: * Exco Resources announces transformational capital structure transactions * Says issued $300 million in 1.5 lien notes that include option to pay interest in-kind in common shares or additional debt * Issued $300 million in 1.5 lien notes that include option to pay interest in-kind in common shares or additional debt * Says increased pro forma liquidity by $116 million, calculated as cash plus available borrowing capacity under credit agreement * Proceeds from issuance were primarily utilized to repay all outstanding indebtedness under credit agreement * Exchanged $683 million of second lien term loans for a like amount of 1.75 lien term loans * Says amended credit agreement to establish a borrowing base of $150 million, permit issuance of 1.5 lien notes and 1.75 lien term loans * Exco plans to pursue additional transactions to improve its capital structure and liquidity * Anticipates transactions will enhance capital structure, provide option to improve future cash flows and establish structural liquidity * Reduced potential cash interest payments up to $109 million/year,or $433 million through maturity,with option to pay interest in common shares * Currently evaluating potential sale of its oil and natural gas properties in South Texas * Will also seek approval to amend its charter to increase number of shares authorized for issuance or to effect a reverse stock split * Pursuing plans including issuance of equity in exchange for indebtedness, repurchase of indebtedness/divestitures of assets * 1.5 lien notes issued at par; maturity date of march 20, 2022 Source text for Eikon:    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-exco-resources-says-is-evaluating-idUSASB0B5O7'|'2017-03-16T02:21:00.000+02:00'
'61e409f62e134577c6666867371e25909e748818'|'BRIEF-Pacific Gas and Electric says parties in San Bruno fire derivative cases filed to resolve lawsuit'|' 34pm EDT BRIEF-Pacific Gas and Electric says parties in San Bruno fire derivative cases filed to resolve lawsuit March 15 Pacific Gas And Electric Co: * Parties in San Bruno fire derivative cases filed with court settlement saying reached to resolve consolidated shareholder lawsuit * Pursuant to settlement stipulation utility will implement gas operations therapeutics, at estimated cost of about $32 million * Pursuant to settlement, individual defendants'' directors, officers liability insurance carriers will pay $90 million to PG&E Corp * Parties filed with court settlement that they reached to resolve certain additional claims against individual defendants * PG&E to pay any fee court may grant to counsel for plaintiffs in San Bruno fire derivative cases in amount not exceeding $25 million Source text: ( bit.ly/2noiDSC )   (Bengaluru Newsroom: +91 806 749 1136)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-pacific-gas-and-electric-says-part-idUSFWN1GS0VY'|'2017-03-16T02:34:00.000+02:00'
'7096a3a58301662bbf85abcc8e9aedd23ac18ec6'|'AT&T''s $85.4 billion deal for Time Warner wins EU thumbs-up'|' 27pm GMT AT&T''s $85.4 billion deal for Time Warner wins EU thumbs-up An AT&T sign is seen outside a branch in Rolling Meadows, Illinois, U.S., October 24, 2016. REUTERS/Jim Young AT&T Inc ( T.N ) has won approval from the European Commission for its planned $85.4 billion (70.1 billion pounds) acquisition of Time Warner Inc ( TWX.N ), the No. 2 U.S. wireless carrier said on Wednesday. The merger, which still requires approval from the U.S. Department of Justice, is expected to close by the end of the year, AT&T said. During his election campaign, U.S. President Donald Trump had said that he opposes the merger, and in January a transition official told Reuters that Trump was still against the deal. The U.S. Federal Communications Commission does not expect to review the deal, a spokesman for the agency said last month. (Reporting by Anya George Tharakan in Bengaluru; Editing by Sai Sachin Ravikumar)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-time-warner-at-t-eu-idUKKBN16M1OP'|'2017-03-15T19:27:00.000+02:00'
'2a3c6ab959cf6f90e684c09607d2b8002d6efe5e'|'Ukraine imposes sanctions on Ukrainian arms of Russian state banks'|'Company News  41am EDT Ukraine imposes sanctions on Ukrainian arms of Russian state banks KIEV, March 15 Ukraine has imposed sanctions on the five Ukrainian subsidiaries of Russian state-owned banks, a senior central bank official said on Wednesday. The restrictions ban the banks from taking money out of Ukraine, Kateryna Rozhkova, a deputy central bank chief, told journalists in a briefing. Three Russian state-owned banks are among Ukraine''s top 20 and have a combined market share of 8.6 percent. (Reporting by Pavel Polityuk; Writing by Alessandra Prentice; Editing by Louise Ireland) Next In Company News Trump plan to review vehicle fuel efficiency rules draws criticism WASHINGTON, March 15   plans to reassess strict U.S. vehicle fuel-efficiency standards put in place under former President Barack Obama drew criticism on Wednesday from Democrats and environmental groups who accused him of risking more carbon emissions and higher fuel costs.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ukraine-crisis-sanctions-idUSS8N1EA048'|'2017-03-15T22:41:00.000+02:00'
'ef46884172c3b42804bd9e3e5640c1f634322804'|'BRIEF-United States Steel says CEO''s 2016 total compensation was $10.9 mln'|' 38am EDT BRIEF-United States Steel says CEO''s 2016 total compensation was $10.9 mln March 14 United States Steel Corp: * CEO Mario Longhi''s 2016 total compensation was $10.9 million versus $8.6 million in 2015 - SEC filing * CFO David Burritt''s FY 2016 total compensation $4.1 million versus $3.0 million in FY 2015 - SEC filing Source text ( bit.ly/2n5Bot8 )   UPDATE 1-Activist hedge fund opposes Walt Disney''s move on Disneyland Paris LONDON/PARIS, March 14 An activist hedge fund has clubbed together with other minority shareholders to object to plans by Walt Disney to take full control of the debt-laden Paris theme park operator, Euro Disney, according to a letter seen by Reuters.   * All of the TSX''s 10 main groups fall; energy group down 2.3 pct MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-united-states-steel-says-ceos-idUSFWN1GR0JM'|'2017-03-14T21:38:00.000+02:00'
'5f1bf5048a7d585453232ef7e07144cdf2ab231b'|'Factbox: Intel invested in five self-driving startups'|'Intel Corp ( INTC.O ), which on Monday announced the proposed $15.3 billion acquisition of Mobileye NV ( MBLY.N ), had invested in at least five startup companies working on self-driving vehicle technologies.Among the startups funded in part by Intel Capital, the chipmaker''s venture capital arm, are:LISNR, a Cincinnati company specializing in high-frequency data communications and connectivity.Perrone Robotics, a Charlottesville, Virginia-based developer of sensors, control systems and software.Peloton Technology, a Silicon Valley startup in Mountain View, California, focused on automating heavy-duty trucks.ZMP, a Tokyo firm specializing in robotics and sensing technology.Chronocam, a Parisian company developing machine vision sensors and systems.(Reporting by Paul Lienert in Detroit; Editing by Richard Chang)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-intel-mobileye-factbox-idINKBN16K2EH'|'2017-03-13T15:50:00.000+02:00'
'03d2eb894fdd483748df77b9e09532b5e1f4f2a9'|'EMERGING MARKETS-Emerging assets firmer pre-Fed; rupee NDFs firm on election result'|'Company News  55am EDT EMERGING MARKETS-Emerging assets firmer pre-Fed; rupee NDFs firm on election result By Sujata Rao - LONDON, March 13 LONDON, March 13 The Indian rupee hit 15-month highs on forward markets on Monday after regional elections confirmed the government''s grip on power, while other emerging market currencies also firmed as the dollar and U.S. yields slipped from multi-week highs. Markets have priced in an U.S. interest rate rise when the Federal Reserve meets this Wednesday, a view cemented by robust U.S. jobs data on Friday. MSCI''s main emerging equity index rose one percent to one-month highs, tracking world stocks which cheered signs of a stronger U.S. economy. "The run-up to the Fed in terms of emerging market reaction is not dramatic anymore given that the market is basically pricing in a near 100 percent probability of a hike in March, so the market is already positioned for the outcome," said Cristian Maggio, head of EM strategy at TD Securities. Many emerging currencies firmed as the dollar slipped to two-week lows against a currency basket. The Indian rupee was boosted by a weekend regional election win for Prime Minister Narendra Modi''s pro-business ruling party, with many seeing the result as providing a green light for more reform. While Indian markets were shut for a holiday, the rupee climbed to four-month highs in offshore trade while it rose around 0.5 percent in non-deliverable forward markets (NDF) with three-month NDFs hitting 15-month highs. "This will strengthen PM Modi''s position and give him the political capital to press ahead with reforms. The results should be positive for Indian assets and the rupee near term," Commerzbank analysts told clients. The laggards of the day were the Russian rouble and Turkish lira, the former pushed down by an oil price retreat and the latter hit by tensions between Ankara and various European governments . The lira slipped 0.3 percent and Turkish stocks fell half a percent as the government summoned the Netherlands'' envoy to complain about what it called a "disproportionate" Dutch police response to pro-Turkey protests in Rotterdam. Earlier President Tayyip Erdogan called the Netherlands a "banana republic", stepping up anti-European rhetoric before an April referendum on increasing his powers. The political row overshadowed data showing a narrowing of Turkey''s current account deficit and attention now is on Thursday''s central bank meeting after it signalled it may tighten policy further if needed. Its main funding rate currently stands at 10.8 percent, the highest since 2012. "The (central bank) has to be very mindful how the market is trading the lira, there is still a big net short position from the corporate sector against the dollar," Maggio said. Eastern European markets were broadly weaker, continuing to price in a potential rise in euro zone interest rates from 2018, as signalled by the European Central Bank last week. The Polish zloty slipped to six-week lows to the euro. In bond news, Kuwait kicked off pricing on its long-awaited five- and 10-year benchmark deal at 100 and 120 bps over Treasuries respectively. For GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5 Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chg on year Morgan Stanley Emrg Mkt Indx 936.12 +9.98 +1.08 +8.56 Czech Rep 983.54 +11.23 +1.15 +6.72 Poland 2221.07 +21.04 +0.96 +14.02 Hungary 32731.53 +4.29 +0.01 +2.28 Romania 7895.23 +1.14 +0.01 +11.44 Greece 648.83 +0.24 +0.04 +0.81 Russia 1061.36 +5.43 +0.51 -7.89 South Africa 44475.26 +170.95 +0.39 +1.31 Turkey 89323.22 -288.19 -0.32 +14.31 China 3237.02 +24.26 +0.76 +4.30 India 28946.23 +17.10 +0.06 +8.71 Currencies Latest Prev Local Local close currency currency'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-idUSL5N1GQ1UA'|'2017-03-13T16:55:00.000+02:00'
'91e7b5523396506ac911183310d6e003fbff6c22'|'Euronet Worldwide trumps Ant Financial''s offer to buy MoneyGram'|'Business News - Wed Mar 15, 2017 - 5:40am GMT Euronet Worldwide trumps Ant Financial''s offer to buy MoneyGram left right A Moneygram logo is seen outside a bank in Vienna, Austria, June 28, 2016. REUTERS/Heinz-Peter Bader/File Photo 1/2 left right A logo of Ant Financial is displayed at the Ant Financial event in Hong Kong, China November 1, 2016. REUTERS/Bobby Yip/File Photo 2/2 By Sruthi Shankar and Anna Irrera U.S. electronic payments company Euronet Worldwide Inc launched a $1 billion bid for rival MoneyGram International Inc on Tuesday, arguing that its all-American deal would face less regulatory scrutiny than a lower bid by China''s Ant Financial Services Group. Ant Financial, the financial services affiliate of Alibaba Group Holding Ltd, said it remained committed to its deal. "MoneyGram and Ant Financial continue to work cooperatively under the terms of our merger agreement, and together, we are making progress on schedule towards obtaining all required regulatory and shareholder approvals," it said in a statement. MoneyGram said it would "carefully review and consider" the proposal from Euronet. "MoneyGram remains subject to the terms of the definitive merger agreement with Ant Financial and MoneyGram''s board has not changed its recommendation in support of the merger agreement with Ant Financial," it said. MoneyGram shares surged nearly 25 percent to close at $15.77 on Tuesday, above Euronet''s cash offer of $15.20 per share, indicating investors expect a higher bid to materialise. Ant Financial said in January it would acquire Dallas-based MoneyGram for $13.25 per share, or about $880 million, in its first major move to expand its presence overseas. MoneyGram is one of the biggest players in the global remittance market and a takeover would enable Kansas-based Euronet to better compete against digital startups which are transforming the money transfer business. "Euronet is the No.4 traditional offline global player via its Ria brand so it''s not a surprise they have tried to crash the party," said Michael Kent, the CEO of money transfer business Azimo. "Should be a major synergy play there." Euronet has four money transfer businesses, including Ria, IME, HiFX and XE. Euronet focuses more on independent agents, while MoneyGram targets large retailers and national post offices. MoneyGram, alongside Western Union Co, has long dominated the global money transfer industry with its large network of retail locations. It has about 350,000 outlets in retail shops, post offices and banks in nearly 200 countries and territories. A Euronet deal would not require clearance by the Committee on Foreign Investment in the United States (CFIUS), a U.S. inter-agency panel that reviews foreign acquisitions of domestic assets for national security concerns. The CFIUS has been a stumbling block for several Chinese deals in the United States and was considered a big hurdle for Ant Financial. A Euronet deal is likely to be more agreeable to U.S. policymakers against a backdrop of rising tensions between China and the United States over trade and foreign policy. On March 10, some 20 organizations sent a letter to U.S. Treasury Secretary Steven Mnuchin, who chairs CFIUS, and other officials that warned against allowing Ant Financial to buy MoneyGram. "There can be little doubt that if China is allowed to dominate the global payments market, it will use the information, technology, intelligence and economic power it obtains to the detriment of America’s economic and national security," they wrote in the letter which was seen by Reuters. ATTRACTIVE MARKET Ant dominates China''s online payment market but has been ramping up investment overseas amid fierce rivalry at home with peers such as Tencent Holdings Ltd''s popular WeChat Pay. A MoneyGram acquisition would have boosted Ant''s international presence ahead of a future initial public offering, allowing it to deploy its technology in the large U.S. payments market with a well-known brand. The takeover interest in MoneyGram spilt over into its biggest competitor, Western Union, whose shares rose 3.5 percent to close at $20.27. Mark Palmer, an analyst at BTIG, wrote in a research note on Tuesday that Euronet''s bid for MoneyGram underlines "the attractiveness and potential of the global remittance space" and that it may "have given rise to the notion that WU could be an acquisition candidate for another deep-pocketed firm." Western Union declined to comment on Tuesday. While a deal with Euronet would bring cost synergies, a combination of Ant''s technological expertise and MoneyGram''s brand had been seen as a game-changer for the international payments industry with scope for more consumers to use online transfer services rather than taking cash to storefronts. In addition to offering $15.20 for each MoneyGram common and preferred stock share on an as-converted basis, Euronet also offered to assume about $940 million of MoneyGram''s outstanding debt. "The combination of Euronet and MoneyGram offered stockholders a clear path to closing," Euronet Chief Executive Michael Brown said in a letter to MoneyGram''s board, adding the current agreement with Ant carried conditions that made closing "highly uncertain." Euronet has offered MoneyGram a breakup fee of $69 million if the deal is scuppered for antitrust reasons - approximately four times higher than the CFIUS termination fee that Ant Financial offered. Euronet had first attempted to acquire MoneyGram in 2007, but the bid was ultimately unsuccessful. Euronet shares ended little changed at $83.22 on Tuesday. (Reporting by Sruthi Shankar and Anya George Tharakan in Bengaluru, Anna Irrera in New York, Diane Bartz in Washington, Catherine Cadell in Beijing and Liana Baker in San Francisco; Editing by Matthew Lewis and Stephen Coates) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-moneygram-intl-m-a-euronet-worldwid-idUKKBN16M0IQ'|'2017-03-15T12:40:00.000+02:00'
'776b1255defc52f6b2a1e50adf9819729acd57e4'|'Engie CEO says no interest in minority stake in Innogy'|'Business News - Wed Mar 15, 2017 - 11:34am GMT Utility Engie not interested in Innogy and not seeking transformative deal Isabelle Kocher, CEO of ENGIE attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 19, 2017. REUTERS/Ruben Sprich PARIS Engie ( ENGIE.PA ) has no plans to put in place a major transformative deal and has no interest in taking a minority stake in German grids and renewables group Innogy ( IGY.DE ), Engie chief executive Isabelle Kocher said on Wednesday. Kocher declined to comment on a report by Bloomberg News which said Engie was weighing a bid for Innogy, in which utility RWE holds a 76.8 percent stake. Asked whether she would be interested in taking a minority stake in Innogy, Kocher told reporters: "we have no interest". "Our priority is to implement our strategic transformation plan. Our priority is not at all to realise a transformative deal," Kocher said. Engie is in the second year of a three-year strategic plan to focus the group more on regulated and contracted businesses. These activities made up 75 percent of Engie''s business at the end of 2016, and Engie''s target is to boost that to 85 percent by 2018. (Reporting by Geert De Clercq; Editing by Adrian Croft and Sudip Kar-Gupta) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-innnogy-m-a-engie-idUKKBN16M1FG'|'2017-03-15T18:15:00.000+02:00'
'df05d5dcf25e317cee89900b1a8e79b34898f356'|'RPT-Wall St Week Ahead-Some bank bulls grow wary on policy uncertainty'|'(Repeats story first published Friday with no changes to text)By Sinead CarewMarch 10 Bank shares have been the runaway winners of the post-election U.S. stock market boom as investors wagered that higher interest rates, lighter regulation, lower taxes and faster economic growth would boost profits for lenders.Up 32 percent since the election of Donald Trump, the S&P 500''s bank index has outpaced the wider market''s gain by roughly 3-to-1. Now, however, a changing dynamic in the bond market as the gears up to raise interest rates at a faster pace than many had previously expected is beginning to give pause to some early bank stock bulls.With another strong U.S. jobs report in the books, the Fed is widely expected to raise overnight interest rates on Wednesday, and is now seen delivering three rate hikes in 2017.Rising rates can boost bank profits, but bank profitability also hinges on the difference between short-term rates, like those set by the Fed and which tend to mark the cost for banks to acquire their funds, and long-term rates, which serve as benchmarks for what banks charge their customers for loans.When that difference, or spread, is large, bank profits can rise rapidly. When it narrows, or flattens, profit growth can suffer.At issue now is what some investors see as a growing risk of a flattening yield curve under a more aggressive rate-hike path by the Fed. Forwards pricing for 2- and 10-year Treasury yields suggests the spread between them will narrow to about 93 basis points by year-end from the current 122 points.That is why Jeffrey Gundlach, chief executive officer at DoubleLine Capital and an early buyer of the Trump rally, said he has sold his financial stocks."When the Fed tightens more than once a year, historically it is very consistent with a flatter curve," Gundlach said. "The yield curve won''t help the sector."In the month after the Nov. 8 U.S. Presidential election the S&P 500 bank index rose 24 percent. Since then the stocks have risen 5.7 percent as many investors awaited concrete signs of regulatory and tax reform."Post-election, that was the easy money on financials right there," DoubleLine''s Gundlach said.MORE THAN JUST THE CURVETo be sure, the bank rally has been grounded on more than just rate hike expectations and yield curve forecasts. Investor interest has also been stoked by assumptions about Trump''s agenda in Washington.Investors have been betting that Trump''s promises of tax cuts would boost consumer spending and company profits, which would drive loan demand. Meanwhile, his promise to slash regulations could also cut compliance costs and allow banks to expand their loan portfolios more rapidly than possible under restrictions imposed following the financial crisis.That is among the reasons why David Lebovitz, global market strategist at J.P. Morgan Asset Management, still expects more gains for financial stocks.Even if regulatory and tax reform looks like it will take a long time, investors will likely be patient as long as Trump''s administration provides more specifics on its plans including timetables, Lebovitz said.But he cautioned that "disappointment on the policy front is the biggest risk" to stocks right now as investors have priced in policy changes already.Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago, said that the bank sector''s outperformance may be "done" but stopped short of calling for a correction. "I''m not sure investors are looking at the shifting yields and market conditions. It seems to be buy and worry about the ''why'' later," he said. (Additional reporting by Jennifer Ablan and Richard Leong in New York.; Editing by Dan Burns and Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-stocks-weekahead-idINL2N1GP0I8'|'2017-03-12T16:08:00.000+02:00'
'7f3074b2d50bee6e9eb42dc7fb9b7b4cf896fdbe'|'EU mergers and takeovers (March 13)'|'BRUSSELS, March 13 The following are mergers under review by the European Commission and a brief guide to the EU merger process:APPROVALS AND WITHDRAWALS-- German engineering company Siemens to merge assets with Spain''s Gamesa to form the world''s largest wind turbine maker (approved March 13)-- Finnish fibre materials company Ahlstrom to merge with Finnish specialty paper maker Munksjo (approved March 13)-- Slovenian energy group Petrol to take majority stake in natural gas wholesaler Geoplin (approved March 10)-- UK tech company Micro Focus to acquire Hewlett-Packard Enterprise''s software business (approved March 8)-- Private equity firm HIG Capital to acquire IT security products maker Infinigate Holding AG (approved March 7)NEW LISTINGS-- U.S. aircraft component maker Rockwell Collins to acquire aircraft interior maker B/E Aerospace (notified March 8/deadline April 12)-- U.S. car part supplier Lear to acquire Grupo Antolin''s automotive seating business (notified March 8/deadline April 12/simplified)-- Private equity firm Partners Group to acquire European operator of clinical pathology laboratory operator Cerba Healthcare from PAI Partners (notified March 7/deadline April 11/simplified)-- Engie Group French banking group BPCE to acquire a 49.9 percent stake in renewable energy companies LCS 4 and LCS (notified March 3/deadline April 7/simplified)EXTENSIONS AND OTHER CHANGES-- Dutch insurer NN Group to acquire Dutch rival Group Delta Lloyd (notified Feb. 22/deadline extended to April 12 from March 29 after the Dutch competition regulator asked to examine the deal)FIRST-STAGE REVIEWS BY DEADLINEMARCH 16-- Australian investment bank Macquarie Group and the UK''s National Grid to acquire joint control of National Grid''s gas distribution business (notified Feb. 9/deadline March 16)MARCH 17-- U.S. wireless carrier AT&T to acquire U.S. broadcaster and TV studio Time Warner (notified Feb. 10/deadline March 17/simplified)MARCH 20-- General Electric Co to acquire rotor blade maker LM Wind Power Holding'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eu-mergers-idINL5N1GQ5PI'|'2017-03-13T14:46:00.000+02:00'
'ae9f9107f98da33b516114a6ce2224fa309ea395'|'Gold edges up on Europe political risk, but US rate outlook drags'|'Money News - Mon Mar 13, 2017 - 10:15am IST Gold edges up on Europe political risk, but US rate outlook drags FULL COVERAGE: By Sethuraman N R Gold prices inched up on Monday on safe-haven demand ahead of elections in Europe, moving further away from 5-week lows touched late last week in expectation of an imminent rise in U.S. interest rates. Spot gold had climbed 0.2 percent to $1,206.53 per ounce by 0330 GMT. It fell to its weakest since Jan. 31 at $1,194.55 on Friday. U.S. gold futures rose 0.4 percent to $1,206.30 an ounce. "Gold should find some safe-haven bids at these levels this week as the Dutch election became more fraught over the weekend," said Jeffrey Halley, senior market analyst at OANDA. Worries surround this week''s parliamentary election in the Netherlands, which faces political disarray as mainstream parties struggle to forge a viable coalition. But expectations that the U.S. Federal Reserve will hike rates this week are likely to drag on gold prices. The metal is sensitive to higher U.S. rates as these increase the opportunity cost of holding non-yielding bullion, while boosting the dollar, in which it is priced. "The Street (is) pricing in a 100-percent chance of a rate hike," said OANDA''s Halley. Meanwhile, holdings of SPDR Gold Trust, the world''s largest gold-backed exchange-traded fund, declined 1.06 percent to 825.22 tonnes on Friday. Hedge funds and money managers slashed their net long position in COMEX gold from the highest in 3 months in the week to March 7, and cut it slightly in silver, U.S. Commodity Futures Trading Commission data showed on Friday. Silver rose 0.1 percent to $17.06 an ounce on Monday, after falling to its lowest since Jan. 27 at $16.78 late last week. Platinum advanced 0.3 percent to $944.60 an ounce. It fell to its lowest since Jan. 4 in the previous session at $928.50. Palladium was up 0.7 percent at $749 an ounce. (Reporting by Nallur Sethuraman in Bengaluru; Editing by Joseph Radford) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-precious-idINKBN16K0BB'|'2017-03-13T11:45:00.000+02:00'
'cf00f4753e9e6875d46bc76389139f659e9b2363'|'U.S. VP Pence "to tour Asia next month"-media'|'Company   2:56am EDT U.S. VP Pence "to tour Asia next month"-media JAKARTA, March 13 U.S. Vice President Mike Pence will visit Indonesia next month, sources said on Monday, as part of what a Japanese magazine said was an Asian tour amid concerns the Trump administration is rolling back Barack Obama''s "pivot to Asia". U.S. President Donald Trump has already withdrawn from the Trans-Pacific Partnership trade agreement, which was seen as an economic pillar of the strategy. Pence is also expected to visit Japan, South Korea, and Australia, the Nikkei Asian Review reported, with North Korea''s missile and nuclear programmes and China''s expansion in the South China Sea likely topics for discussion. The visit comes after North Korea''s latest missile launches and the assassination in Malaysia of North Korean leader Kim Jong Un''s estranged half-brother added urgency to the region''s security. Indonesia has the world''s largest Muslim population and has recently grappled with a series of low-level militant attacks inspired by Islamic State. Indonesia''s chief security minister said Pence would meet President Joko Widodo to discuss terrorism and other security issues. "We discussed the planned visit of U.S. vice president Mike Pence to Indonesia and the strategic problems that can be on the agenda to discuss with our president," chief security minister Wiranto told reporters after meeting the U.S. ambassador to Jakarta. He added that no dates had been finalised. Pence''s Asia tour will follow this month''s trip by U.S. Secretary of State Rex Tillerson to Japan, South Korea, and China. In Indonesia, Pence is also expected to discuss a brewing contract dispute between the government and American mining giant Freeport McMoran Inc, said two Indonesian government sources. Freeport has threatened to take the Indonesian government to court over newly revised mining regulations that have prompted a major scale-back in its operations in the eastern province of Papua. (Reporting by Agustinus Beo Da Costa and Kanupriya Kapoor; Writing by Kanupriya Kapoor; Editing by Nick Macfie) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-pence-asia-idUSL3N1GQ28F'|'2017-03-13T13:56:00.000+02:00'
'f634183fe98d6f287b6410f3e8f4234710fd05f7'|'UK''s Wood Group to buy rival Amec Foster in $2.7 billion deal'|'British oilfield services company John Wood Group has agreed to buy Amec Foster Wheeler in a deal valuing its smaller rival at about 2.2 billion pounds ($2.7 billion) and averting a planned 500 million pound rights issue.Companies in the industry have had to adjust to lower prices after oil tumbled from a peak of over $100 a barrel in 2014.The paper deal valued Amec Foster Wheeler shares at 5.64 pence each and they traded close to that level at 1010 GMT. Wood Group shares also responded positively, gaining 5 percent to 7.93 pounds.Amec Foster Wheeler, itself the product of a 2014 merger, said it had been planning to announce a rights issue next week and to announce the suspension of dividend payments to cut costs and boost cashflow. The rights issue has been suspended."The combination represents a transformational transaction for Wood Group, which accelerates our strategy and creates a global leader in project, engineering and technical services delivery across a range of industrial sectors," said Wood Group Chairman Ian Marchant.Amec Foster Wheeler investors will receive 0.75 new Wood Group shares for each share held, the company said. They will own 44 percent of the merger group but Wood Group executives will take the top jobs.Wood Group Chief Executive Robin Watson and Chief Financial Officer David Kemp will keep the same jobs in the new group. Wood Group Chairman Marchant will also retain his role.Wood Group said it expected annual cost savings to reach at least 110 million pounds, while the one-off costs would be around 190 million pounds."While materially above our AMFW valuation, we can see WG consolidating its market-leading UK North Sea business, expanding product lines in the US and possibly increasing the scope for asset sales," Jefferies analyst Mark Wilson said.Oilfield service companies have looked to acquisitions to offset weak demand and heavy discounting for its equipment and services due to several years of low crude prices.General Electric Co agreed to merge its oil and gas business with Baker Hughes Inc in October to create the world''s second-largest oilfield services provider.Larger rival Halliburton Co had earlier tried to buy Baker Hughes to compete for customers with Schlumberger NV, the world''s largest oilfield service provider.JPMorgan acted as lead adviser to Wood Group, securing a key role on another big UK deal this year after Standard Life''s merger with Aberdeen and Tesco''s purchase of Booker.Credit Suisse, which works with Wood Group as corporate broker, also helped the company on the deal while Goldman Sachs advised Amec Foster Wheeler.(Reporting by Justin George Varghese and Arathy S Nair in Bengaluru and Pamela Barbaglia in London; Editing by Keith Weir)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-amec-foster-m-a-john-wood-idUSKBN16K0TL'|'2017-03-13T13:54:00.000+02:00'
'9ab674b57bec57c67b7b91cd584ee2d53eeab2d1'|'Oil major Total starts up production at Congo''s Moho Nord site'|' 17am GMT Oil major Total starts up production at Congo''s Moho Nord site A customer holds a gas pump as he fills-up his car in a Total station in Nice, France, February 9, 2017. REUTERS/Eric Gaillard PARIS French oil major Total ( TOTF.PA ) has started up production from the Moho Nord site off the coast of the Republic of Congo, with the facility set to have a production capacity of 100,000 barrels of oil equivalent per day. "Moho Nord is the biggest oil development to date in the Republic of the Congo," Arnaud Breuillac, president of exploration and production at Total, said in a statement on Wednesday. "Moho Nord will contribute to the reinforcement of the cash flow of the group and to its production growth," he added. Total has a 53 percent stake in the site. Chevron Overseas (Congo) Ltd has a 31.5 percent stake while Societe Nationale des Petroles du Congo owns a 15 percent stake. Last month, Total reported some of the biggest profits for 2016 in the oil industry and raised its dividend. (Reporting by Sudip Kar-Gupta; Editing by Matthias Blamont)   Asian stocks mark time, waiting for clearer view on U.S. rates HONG KONG Asian stocks consolidated recent gains on Wednesday before a U.S. central bank policy meeting that could signal how much monetary tightening to expect during the remainder of the year, with an immediate rate hike fully priced in by markets.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-total-congo-idUKKBN16M0QJ'|'2017-03-15T14:17:00.000+02:00'
'01cfb4bf48b47e6aff8ef6094a48b0fe8db1a7fd'|'BRIEF-Hawthorn Bancshares qtrly earnings per share $0.35'|' 34pm EDT BRIEF-Hawthorn Bancshares qtrly earnings per share $0.35 March 15 Hawthorn Bancshares Inc * Hawthorn Bancshares reports 2016 financial results * Hawthorn Bancshares Inc qtrly earnings per share $0.35 * Hawthorn Bancshares Inc qtrly net interest income $10.38 million versus $10.24 million Source text for Eikon:    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-hawthorn-bancshares-qtrly-earnings-idUSASB0B5OA'|'2017-03-16T02:34:00.000+02:00'
'af8234aeeb82e5bf9c7942bb0461ced5a9bf25f7'|'U.S. Justice Department to announce indictments in massive Yahoo hack - source'|'Business News - Wed Mar 15, 2017 - 1:15am GMT U.S. Justice Department to announce indictments in massive Yahoo hack - source A photo illustration shows a man in front of a Yahoo logo seen through a magnifying glass in front of a displayed cyber code on December 16, 2016. REUTERS/Dado Ruvic/Illustration/File Photo By Joseph Menn - SAN FRANCISCO SAN FRANCISCO U.S. Justice Department officials are expected to announce indictments on Wednesday against suspects in at least one of a series of hacking attacks on Yahoo Inc, according to a source briefed on the matter. The accused men live in Russia and Canada, the source said, with the Canadian far more likely to face arrest. Russia has no extradition treaty with the United States. It could not immediately be learned whether the group was suspected in the hacking of data about 1 billion Yahoo users, or a separate hack of 500 million email accounts. The indictments were first reported by Bloomberg News. Yahoo and the Justice Department declined to comment. The two largest hacks, and Yahoo''s much-criticized slow response and disclosure, forced a discount of $350 million in what had been a $4.83 billion deal to sell Yahoo''s main assets to Verizon Communications Inc. (Reporting by Joseph Menn in San Francisco and Dustin Volz in Washington; Editing by Peter Cooney) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-yahoo-hack-indictments-idUKKBN16M05V'|'2017-03-15T08:15:00.000+02:00'
'e87ba79bb04a315fbfb056c34ff094bb5a84dfb4'|'Canadian, Kuwaiti investors take stake in UK''s Thames Water'|'LONDON A consortium of Canadian and Kuwaiti investors has agreed to buy a minority stake in Britain''s Thames Water from funds managed by Macquarie, ending the Australian group''s 11-year investment in Britain''s largest water firm.The deal is the latest high-profile acquisition of British infrastructure by overseas investors, as pension schemes, sovereign wealth funds and others look to tap into stable returns tough to find in other financial markets.Canadian pension fund investor Borealis Infrastructure and the infrastructure investing arm of the Kuwait Investment Authority (KIA) are buying a 26 percent stake in Kemble Water Holdings, the holding company of Thames Water.Borealis, infrastructure investment manager for OMERS, the pension plan for Ontario''s municipal employees, and Wren House Infrastructure Management, the infrastructure arm of the KIA, said they had agreed to buy the stake from Macquarie Infrastructure & Real Assets.No financial details were disclosed.Thames Water is Britain''s largest water and wastewater services provider, with 15 million customers across London, the Thames Valley and surrounding areas. It supplies 2.6 billion liters of drinking water per day."The Consortium has met with Thames Water''s existing management team and... will support Thames Water''s ongoing 4.5 billion pound capital investment program - for the 2015 to 2020 regulatory period - the largest in the UK water industry," Borealis and Wren House said in a joint statement.Macquarie, in a separate statement, said its Macquarie European Infrastructure Fund 2, which held most of the stake, was divesting as it approaches maturity and the deal would end the group''s involvement with Thames Water.During its tenure, Thames Water invested more than 11 billion pounds, or around 1 billion pounds a year, more than twice that invested during the five-year period before privatization in 1989, it said."Today, Thames Water is undoubtedly a better, stronger and more customer-focused business than that which we invested in back in 2006," said Martin Stanley, global head of Macquarie Infrastructure and Real Assets.(Reporting by Simon Jessop; editing by Lawrence White and Jason Neely)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-britain-m-a-thames-idUSKBN16L0W3'|'2017-03-14T13:23:00.000+02:00'
'e5d2ba873a225bfbb1c87111c4805374d32100fe'|'CDB Aviation seeks growth as it confirms Boeing order'|'Money  14am IST CDB Aviation seeks growth as it confirms Boeing order FULL COVERAGE: By Tim Hepher China''s CDB Aviation Lease Finance may place further jet orders and make selective acquisitions as it expands globally after going public with an order for 30 Boeing airliners. Confirming a Reuters report, the Dublin-based arm of China Development Bank identified itself as the buyer for 30 Boeing Co ( BA.N ) 737 MAX 8 aircraft. It was the first such announcement since leasing veteran Peter Chang became chief executive in December with a remit to expand. "Our model is very clear: we will become a global leasing platform, which means international, including non-Chinese and Chinese (activities)," Chang told Reuters. It comes as Boeing and Airbus ( AIR.PA ) face a slowdown in the aerospace business cycle. Several airlines are talking of postponing taking jets due to economic concerns. "To a certain extent it has already started, and it is good for us as a long-term player. It could very well mean that it is an opportunity for us to place another order," Chang said. "We do not want to be aggressively big for the sake of it, but we are aggressive and we are going to grow," he added. "We will be looking at $3 billion to $4 billion a year growth ... not to the point of being too risky, but we will have a basic skyline (sequence of deliveries) from manufacturers and we will have a healthy order book," he said. "And on top of it we will have a small budget for pop-ups, and that is flexible," he added, using a term for aircraft that become available when original buyers retreat. Asked whether CDB, which has not entered an auction for Irish lessor AWAS, would also grow through acquisitions, he said, "Yes, in normal circumstances ... We can only digest so much and have to be diligent about that." Chang was fishing in New Zealand when he was asked to run the huge Chinese bank''s aviation leasing arm and said he would not have heeded the call if it had come from a short-term fund. "We are long-term players. Our investors don''t have a six-year exit strategy. We are not going to sell up our aviation portfolio and start renting bicycles. We are going back to the old-fashioned way of working with airlines, rather than trading aircraft. We are more traditional in that sense." Chang last week attended the ISTAT Americas air finance conference, whose record attendance underscored a flood of investors looking for higher returns amid low interest rates. The influx has put pressure on lease rates and spurred talk that some will exit as the cycle turns lower. Financiers say there are more than 50 leasing companies in China alone. "There are lots of reasons why there are so many lessors from China. They have limited capital investment alternatives, a similar reason why so many investors went overseas," Chang said. "I think that once the capital investment market is normal in China, when they have similar investment instruments to those abroad, then a lot of this money will leave aviation because they are not getting the yields." (Reporting by Tim Hepher; Editing by Bill Rigby) Next In Money News Jailed Samsung chief can get plenty of visitors, may still play a corporate role SEOUL The head of South Korea''s Samsung Group [SAGR.UL], Jay Y. Lee, may be languishing in a jail cell but he is allowed plenty of visitors, which may allow him to play a key role in corporate decisions even if he isn''t running the conglomerate like he did before. Iran leapfrogs Iraq as India''s no. 2 oil supplier in Feb - trade data NEW DELHI India''s oil imports from Iran rose nearly 17 percent in February from a month earlier as refiners received less crude from key OPEC producers Saudi Arabia and Iraq after an OPEC deal to cut output, shipping data showed on Monday. HONG KONG/LONDON HSBC broke with tradition by choosing outsider Mark Tucker to replace Douglas Flint as chairman later this year, handing the AIA Group boss the task of selecting a new chief executive for Europe''s biggest bank in 2018. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/cdb-boeing-idINKBN16L03Q'|'2017-03-14T07:44:00.000+02:00'
'02b715ec77b50d861eac1120d19a70542ee95873'|'Interest rates too low - German Finance Minister Schaeuble'|'Business News - Tue Mar 14, 2017 - 2:51pm GMT Interest rates too low - German Finance Minister Schaeuble German Finance Minister Wolfgang Schaeuble attends the weekly cabinet meeting at the Chancellery in Berlin, Germany, February 22, 2017. REUTERS/Fabrizio Bensch BERLIN Interest rates are too low, German Finance Minister Wolfgang Schaeuble said on Tuesday, adding that a rise would be preferable. "Interest rates are too low," Schaeuble said. "I would have preferred them not to be so low". (Reporting by Matthias Sobolewski; Writing by Joseph Nasr) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ecb-schaeuble-idUKKBN16L1V9'|'2017-03-14T21:51:00.000+02:00'
'e569a7a50cdfdc45a078b3a4ee7fe72c0a97a5ea'|'UPDATE 1-Canada''s Couche Tard posts 4.7 pct rise in profit'|' 21am EDT UPDATE 1-Canada''s Couche Tard posts 4.7 pct rise in profit (Adds details) March 14 Canadian convenience store operator Alimentation Couche Tard reported a 4.7 percent increase in quarterly profit on Tuesday, largely boosted by acquisitions. Couche Tard, one of Canada''s most acquisitive companies, has been expanding through deals in Europe, Canada and the United States. Last year, the owner of the Circle K chain of convenience stores struck its biggest deal to date, with the $4.4 billion acquisition of U.S. retailer CST Brands Inc. Revenue from the company''s fuel retail business rose 27 percent to $7.97 billion in the quarter ended Jan. 29. The business made up nearly 70 percent of total revenue. Same-store merchandise revenue in the U.S. climbed 1.9 percent and rose 2.5 percent in Europe, but fell 0.9 percent in Canada, the company said. Laval, Quebec-based Couche Tard''s net income rose to $287 million or 50 cents per share in the third quarter ended Jan. 29, from $274 million or 48 cents per share, a year earlier. Total revenue jumped 22.3 percent to $11.42 billion. (Reporting by Ahmed Farhatha in Bengaluru; Editing by Sai Sachin Ravikumar)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/couche-tard-results-idUSL3N1GR43V'|'2017-03-14T20:21:00.000+02:00'
'74f411709eeb5c08f5856a445b3fe7f09284c04a'|'Close Brothers reports 21 percent rise in first-half profit'|'  8:05am GMT Close Brothers reports 21 percent rise in first-half profit British lender Close Brothers Group ( CBRO.L ) reported a 21 percent rise in first-half adjusted operating profit, driven by strength in its core banking business and higher trading income from market maker Winterflood. The merchant banking group, which provides loans, wealth management and securities trading services, said on Tuesday adjusted operating profit rose to 134.2 million pounds for the six months to January 31 from 111.2 million a year earlier. The company also said Mike Biggs is to become chairman effective May 1, succeeding Strone Macpherson, who confirmed his intention to step down effective April 30. The loan book at Close Brothers'' banking division rose to 6.5 billion pounds from 6.4 billion pounds at the end of July. (Reporting by Justin George Varghese and Noor Zainab Hussain in Bengaluru; editing by Jason Neely)   UK braces for another pounding from Brexit talks LONDON After eight months of discounting a plethora of UK political risks, sterling''s relaxed reaction to the prospect of the launch of Brexit talks and a new   may be understandable, but the worst may not be over yet.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-close-brothers-results-idUKKBN16L0OL'|'2017-03-14T15:05:00.000+02:00'
'f6aef3ebace80582f9e68abebb3a95e853b6b3e2'|'Adidas banks on sports as lifestyle to drive U.S. sales'|' 34pm GMT Adidas banks on sports as lifestyle to drive U.S. sales A logo of Adidas company is seen on a building in Minsk, Belarus September 29, 2016. REUTERS/Vasily Fedosenko BERLIN Adidas ( ADSGn.DE ) set a target on Tuesday for sales in North America to rise by almost half by 2020, predicting strong demand will continue for fashion sneakers after its retro Superstar was the top selling shoe in the U.S. market in 2016. The revival of the German brand has been hurting rivals Nike ( NKE.N ) and Under Armour ( UAA.N ) but some investors are concerned that Adidas is too reliant on fickle trends such as the recent popularity of its Superstar and Stan Smith shoes. Chief Executive Kasper Rorsted said the North American market is the "biggest challenge and the biggest opportunity" for Adidas, targeting sales of 5 billion euros (4.37 billion pounds) by 2020, after a 24 percent jump to 3.4 billion euros in 2016. Shares in Adidas soared last week after the company increased sales and profit forecasts, targeting total sales of 25 billion to 27 billion euros by 2020. The stock was down 1.7 percent at 1330 GMT. Rorsted told an investor day that the fashion-driven Originals business, which includes the retro brands such as Superstars, had grown 80 percent in North America in 2016. Adidas running sales had climbed 40 percent last year in North America while sales U.S. sports such as American football and basketball rose 25 percent. Brand chief Eric Liedtke said he was comfortable with the balance, noting that a recent survey by market intelligence group NPD showed that two-thirds of sportswear is actually used for leisure rather than sport. "It doesn''t mean we want to become a leisure brand. It just means we need to understand how the consumer is consuming the product," Liedtke said. Liedtke declined to comment on how many Superstar or Stan Smith shoes Adidas sold in 2016 after it shifted 15 million and 8 million pairs respectively in 2015. But he said Adidas had not seen any slowdown in a backlog of orders for Originals overall, and highlighted strong demand for new models such as Tubular Shadow sneakers, and Parley shoes made from recycled plastic waste collected from the ocean. Liedtke said Adidas had become better at managing launches of new shoes to generate hype, and adjusting its supply chain so that it could respond more quickly to demand for top sellers. When the Tubular Shadow launched in November, Adidas produced 250,000 pairs, which quickly sold out so it ramped up production to 1.1 million pairs within 60 days, Liedtke said, with 3 million due in six months and 8 million in a year. ($1 = 0.9406 euros) (Reporting by Emma Thomasson; editing by David Clarke)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-adidas-usa-idUKKBN16L1TM'|'2017-03-14T21:34:00.000+02:00'
'3bb7ee3e341175ba10e28b9b006aea338a286b53'|'UK banking shares underperform as Scottish referendum, Article 50 trigger weigh'|'  3:01pm GMT UK banking shares underperform as Scottish referendum, Article 50 trigger weigh People walk past a Royal Bank of Scotland office in London, Britain, February 6, 2013. REUTERS/Neil Hall/File Photo LONDON Shares of Royal Bank of Scotland ( RBS.L ) and Lloyds ( LLOY.L ) were the worst performers on the UK bluechip index in afternoon trading, with the former hitting its lowest levels in a month. Analysts said that the prospect of a new Scottish independence referendum could be weighing on shares of Scotland''s two biggest banks, RBS and Lloyds, which fell more than 3 percent and 2.2 percent respectively. Previously both Lloyds and RBS have said that they would relocate to England if Scots voted for independence back in 2014. Gary Greenwood, analyst at Shore Capital, said that the move in Lloyds and RBS could be attributed to nervousness around the Scottish referendum. "Royal Bank (of Scotland) and Lloyds both have sizeable Scottish operations, so it depends what ... ultimately happens there and whether (Scotland) actually exits the UK and stays part of Europe," Shore Capital''s Greenwood said. The banking sector is often seen as a barometer of concerns over Brexit and with gloom over a prolonged bout of exit talks sent the sterling to an eight-week low. Barclays shares were down 1.6 percent. Among midcaps, Metro Bank ( MTRO.L ) was off 3.9 percent. (Reporting by Vikram Subhedar and Kit Rees; Editing by Robin Pomeroy)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-banks-rbs-idUKKBN16L1W8'|'2017-03-14T22:01:00.000+02:00'
'2a96dae254d42098f5faa50a296346969032ebaa'|'Brazil prosecutor files for 83 new cases before Supreme Court'|' 20am IST Brazil prosecutor files for 83 new cases before Supreme Court FULL COVERAGE: INDIA ELECTIONS 2017 Brazil''s Attorney General Rodrigo Janot looks on during news conference in Brasilia, Brazil November 24, 2016. REUTERS/Ueslei Marcelino SAO PAULO Brazil''s top public prosecutor Rodrigo Janot asked the Supreme Court on Tuesday to open 83 new investigations into politicians named in plea bargain testimony by executives of the Odebrecht engineering conglomerate. Janot also requested that the Supreme Court send 211 other requests to lower courts, involving people without a right to trial before the Supreme Court. Under Brazil''s constitution federal lawmakers and ministers can only be tried by the Supreme Court. A source told Reuters last week that Janot would seek authorization from the Supreme Court to investigate senior ministers in President Michel Temer''s Cabinet and senators from his PMDB party for corruption. (Reporting by Marcela Ayres; Writing by Brad Haynes; Editing by Daniel Flynn) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/brazil-politics-corruption-idINKBN16L2LD'|'2017-03-15T03:50:00.000+02:00'
'3655136d2030bbdf17f2d62f6bbe7ac1c3ab1423'|'Public sector workers first to face cut in real pay, says thinktank - Society'|'Public sector workers have become the first group to suffer a cut in real wages since the recovery of 2014 as forecasters predicted that the rest of the working population would follow suit later this year.The Resolution Foundation said the situation for 5.4 million public sector workers is expected to worsen over the rest of the decade as pay restraint and high inflation eat into their take-home pay and living standards.The independent thinktank forecast that median real pay for the average public sector worker would fall below 2004-05 levels by the end of the current parliament in 2020.UK social care: staff shortages put sector in crisis Read more On current trends, the average pay of public sector workers will be £1,700 lower in 2020 than its peak in 2010, it said.Pay figures for the years after the financial crash in 2008 show that private sector workers bore the brunt of the slump in wages. While private sector workers suffered wage freezes or worse, public sector pay improved, offsetting steeply rising inflation. But since the economy picked up in 2014 and prices flatlined, private sector workers have grabbed the lion’s share of inflation-busting wage rises.Official figures for 2016 showed that full-time employees in the private sector enjoyed an increase of 3.4% in median weekly earnings on a year earlier compared with a 0.7% rise for workers in the public sector. Inflation jumped to 1.8% in January and is expected to rise between 2.5% and 4% by the end of the year.The Resolution Foundation said pay growth has been particularly weak in health and social work and could fall by a further 6% by 2020, though the lowest earners will be protected from falling pay because of planned increases in the national living wage. A study in January by the TUC calculated that midwives, teachers and social workers would see their real pay, which accounts for the impact of inflation, drop by more than £3,000 by 2020 if the government sticks to plans to limit salary increases to 1% a year .No pay rise for 15 years, IFS warns UK workers Read more Adam Corlett, an economic analyst at the Resolution Foundation, said: “While rising inflation is applying the brakes to real pay growth across the board, the outlook for public sector pay looks particularly weak.“Pay is now actually falling and, worse, is expected to continue for the rest of the parliament, with levels at the end of the parliament dropping back to levels last seen in 2004. “Although public sector pay restraint is important to the government’s deficit reduction plans, falling real pay is likely to see increasing recruitment strains. “The government should be planning now how to manage those strains, alongside any wider changes to policies like migration that will also have an impact.”Philip Hammond promised increased spending on schools in his spring budget , but the chancellor said the extra money would be spent on opening new schools and not increasing teachers’ pay or the amount spent on each pupil.Central government departments and local authorities must also find extra savings to meet more aggressive budget targets, limiting the scope for incremental increases in staff pay outside the annual pay constraints.Topics Public sector cuts Economics Public finance Public services policy news  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/society/2017/mar/15/public-sector-workers-cut-pay-resolution-foundation'|'2017-03-15T14:01:00.000+02:00'
'6c74756463e1c8636a9acc9e78b5478b3af7fa53'|'PRESS DIGEST - Wall Street Journal - March 14'|'March 14 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- Intel Corp agreed to buy Israeli car-camera pioneer Mobileye NV for $15.3 billion, one of the chip maker''s biggest acquisitions ever and the latest bet on Silicon Valley''s vision of cars as turbocharged computers on wheels. on.wsj.com/2nhZq4L- Oil-field services company John Wood Group Plc said it would acquire rival Amec Foster Wheeler Plc in a 2.23 billion pounds ($2.72 billion) all-share deal, the latest sign of consolidation in an industry that has been upended by weak oil prices. on.wsj.com/2nhZIsz- Facebook Inc said that data about its users cannot be used for surveillance, cracking down on a method police departments allegedly used to track protesters and activists. on.wsj.com/2nhWB3y- Two software startups, Okta Inc and Yext Inc, are trying to pick up where Snap Inc left off, becoming the first tech companies to file for an initial public offering since the parent of Snapchat''s blockbuster IPO earlier this month. on.wsj.com/2ni2Swd- Yahoo Inc detailed a golden parachute of $23 million for Chief Executive Marissa Mayer as part of her planned departure from what''s left of the company after it sells its core assets to Verizon Communications Inc. on.wsj.com/2ni1BWe- The New York attorney general accused Exxon Mobil Corp of withholding documents from his office as it investigates whether the energy company misrepresented its understanding of climate change to investors and the public. on.wsj.com/2ni79jc- Top executives at United Parcel Service Inc took home higher compensation in 2016 even as the parcel carrier missed many of its performance targets. on.wsj.com/2nhRgcK- A SpaceX rocket scheduled to boost a commercial satellite into orbit from Florida before dawn on Tuesday carries five times as much liability coverage for prelaunch operations as launches in previous years. The higher limit, mandated by federal officials, reflects heightened U.S. concerns about the potential extent of damage to nearby government property in the event of an accident before blastoff. on.wsj.com/2nhWZ20($1 = 0.8194 pounds) (Compiled by Subrat Patnaik in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-wsj-idINL3N1GR20W'|'2017-03-14T01:36:00.000+02:00'
'9a1c77932a5094ed840bb6aae1299c8ac5e12101'|'UPDATE 1-Profit of UAE airlines will likely fall this year: IATA'|'  5:33am EDT UPDATE 1-Profit of UAE airlines will likely fall this year: IATA (Adds quotes, context) By Alexander Cornwell ABU DHABI, March 14 The profitability of airlines in the United Arab Emirates, one of the Middle East''s two big aviation hubs, is expected to fall this year, the director-general of the International Air Transport Association (IATA) told reporters on Tuesday. "The UAE carriers will have a year that is probably below 2016," IATA Director General and Chief Executive Alexandre de Juniac told reporters in Abu Dhabi, adding that low-cost, long-haul service could also soon start to take hold in the region. IATA previously said Middle East airlines are likely to see profits fall to $300 million in 2017 from $900 million last year in part due to high capacity and limited demand growth. It did not elaborate. The UAE is home to Emirates, the world''s largest long-haul airline, as well as rapidly expanding Etihad Airways and low cost carriers flydubai and Air Arabia. Its carriers have often been some of most profitable from the region. Half-year profit fell 75 percent at Emirates and the airline''s President Tim Clark said last week that while yield declines had halted it was still a tough year. Air Arabia and flydubai reported lower full-year profit for 2016 and while Etihad has not yet reported its results it has said it is undertaking a review of its business. Airlines in the Gulf for years benefited from high oil prices that spurred government spending and regional growth. But demand has softened and travel budgets have tightened after more than two years of depressed oil prices, exposure to weaker markets and currency fluctuations. Emirates and Etihad are both reviewing their workforce, while Emirates has agreed with Airbus to delay the delivery of 12 A380 jets over the next two years. Both airlines have hundreds of aircraft on order from Airbus and Boeing and neither has signalled further delays to deliveries. But the growth of low-cost, long-haul airlines like Norwegian Air Shuttle is expected to continue to pressure established trans-Atlantic carriers with its expansion using longer-range single-aisle aircraft to fly between smaller, cheaper local airports. "The way people travel, their decisions for travelling, the amount of money they''re prepared to pay, new entrants coming to market, long-range single aisles, it''s all changing," Clark said on March 9. Growth of low-cost, long haul is "starting to accelerate" in Europe and Asia and is likely to eventually develop in other markets such as the Middle East, de Juniac said. (Editing by Jason Neely)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emirates-airlines-outlook-idUSL5N1GR1RX'|'2017-03-14T16:33:00.000+02:00'
'c4da98473d280111f87b3bb3ca449e77b1831672'|'OPEC says oil stocks keep rising despite supply cut deal'|' 06pm GMT OPEC says oil stocks keep rising despite supply cut deal A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen before a news conference at OPEC''s headquarters in Vienna, Austria December 10, 2016. REUTERS/Heinz-Peter Bader LONDON OPEC on Tuesday said oil inventories had continued to rise despite the start of a global deal to cut supply and raised its forecast of production in 2017 from outside the group, suggesting complications in the effort to clear a supply glut. In a monthly report, the Organization of the Petroleum Exporting Countries also pointed to a increase in compliance by members with their deal to cut output from Jan. 1, based on figures it collects from secondary sources. But the report revised up its estimate of oil supply from producers outside the Organization of the Petroleum Exporting Countries this year, including from U.S. shale drillers. While the OPEC secondary sources said Saudi output fell in February, Saudi Arabia reported to OPEC that it increased. (Reporting by Alex Lawler, editing by Louise Heavens) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-opec-oil-idUKKBN16L1DN'|'2017-03-14T19:06:00.000+02:00'
'db894ec231e871bd082d569f050036632e02a4bc'|'USTR nominee - ''awaiting instructions'' from Trump on EXIM Bank'|'WASHINGTON President Donald Trump''s nominee to be U.S. Trade Representative, Robert Lighthizer, said on Tuesday he is "awaiting instructions" from Trump on whether to support a restoration of the Export-Import Bank''s full lending powers.The U.S. government trade bank''s loans have been capped at $10 million for more than a year because it has too few board members, with Republican opponents to the bank blocking recent nominees. The cap means that EXIM cannot finance the largest export U.S. products such as Boeing Co ( BA.N ) aircraft or Westinghouse nuclear reactors.Asked by Senator Maria Cantwell at his confirmation hearing whether he supports nominating new board members at the bank as part of a broad trade strategy aimed at reducing U.S. trade deficits and boosting exports, Lighthizer said that decision would ultimately be up to Trump."I expect to do what the president instructs me to do when he instructs me to do it," said Lighthizer, a former USTR deputy in the Reagan administration and a steel industry trade lawyer.Conservative Republicans in Congress have tried to kill EXIM because they view it as providing unnecessary "corporate welfare" and putting U.S. taxpayers at risk for foreign projects.(Reporting by David Lawder; Editing by Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/usa-trade-exim-idINKBN16L2MM'|'2017-03-14T18:09:00.000+02:00'
'f9810a16f811841c139222e8be80df099240c3ab'|'UPDATE 1-Drugmaker Hikma''s FY core operating profit rises 2.4 pct'|' 49am EDT UPDATE 1-Drugmaker Hikma''s FY core operating profit rises 2.4 pct (Adds details, background) March 15 Drugmaker Hikma Pharmaceuticals Plc said its full-year core operating profit rose 2.4 percent as weakness in its generic drugs business was more than offset by growth in its injectables and branded business. Hikma also said it expects profitability of its generics business to significantly improve in 2017, driven by new product launches and an enhanced mix of sales. The company, which makes and markets branded and non-branded generic and injectable drugs, maintained its expectation of $800 million in revenue from the generics business. Hikma, which bought Boehringer Ingelheim''s U.S. generic drugs business last year, had cut its full-year revenue expectation for the business in November, due to a slightly slower-than-expected ramp-up in the unit. Jordan-based Hikma, founded in 1978, also forecast 2017 revenue of about $2.2 billion on a constant currency basis. The company said it expects branded revenue in 2017 to grow in the mid-single digits on a constant currency basis while it expects injectables revenue to be between $800-$825 million. Core operating profit rose to $419 million for the year ended Dec. 31 from $409 million. Revenue rose 35.4 percent to $1.95 billion in 2016. (Reporting by Arathy S Nair in Bengaluru; Editing by Sunil Nair and Vyas Mohan) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/hikma-pharma-results-idUSL3N1GS2V1'|'2017-03-15T14:49:00.000+02:00'
'304031c7072967e12075f235ba83cb4d46edbdc3'|'Deals of the day-Mergers and acquisitions'|'March 15 The following bids, mergers, acquisitions and disposals were reported by 1015 GMT on Wednesday:** Ant Financial Services Group, the financial services affiliate of China''s Alibaba Group Holding Ltd, said on Tuesday it remained committed to the consummation of its merger with U.S. money-transfer company MoneyGram International Inc , after Euronet Worldwide Inc trumped its offer.** Construction conglomerate Odebrecht SA is close to announcing the sale of its stake in Rio de Janeiro''s international airport to Canada''s PSP Investments Inc, a source with direct knowledge of the matter said on Tuesday.** German specialty chemicals maker Wacker Chemie said it took in 352 million euros ($374 million) in gross proceeds by cutting its stake in silicon wafer group Siltronic to 30.8 percent from 51.8 percent.** Spain''s bank bailout fund told nationalized lenders Bankia and Banco Mare Nostrum to begin a merger process which it said was the best option to recover public aid pumped in to the struggling banks.** France''s Safran reaffirmed its interest in acquiring aircraft seats maker Zodiac Aerospace despite the latest in a series of profit warnings, but pledged to take Zodiac''s new forecasts into account in takeover discussions.** The two private equity consortia vying for Stada have made binding takeover offers each worth 4.7 billion euros ($5 billion) including debt, paving the way for a deeper look into the German generic drugmaker''s books, several people familiar with the matter said.** Immofinanz will invite around 25 "pre-qualified" parties which have expressed an interest to take part in the sale of its portfolio of five shopping centers in Moscow, the Austrian property group said. (Compiled by Ahmed Farhatha in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL3N1GS3L0'|'2017-03-15T07:13:00.000+02:00'
'88bc558caa92f68ec18808ea40a1555f36d6f229'|'Fed expected to raise rates as U.S. economy flexes muscle'|'By Howard Schneider - WASHINGTON WASHINGTON The Federal Reserve is expected to raise interest rates for the second time in three months on Wednesday, encouraged by strong monthly job gains and confidence that inflation is finally rising to its target.A rate hike at the conclusion of the Fed''s latest two-day policy meeting is already baked into bond yields and financial markets overall, with investors putting the likelihood of such a move at 95 percent, according to CME Group''s FedWatch program.Attention is turning instead to whether the U.S. central bank will signal an even faster pace of monetary tightening this year than the current three rate hikes that it projected at the December policy meeting."Expectations have some catching up to do regarding the Fed''s need to ''lean into the wind'' of rising inflation, strong growth, robust sentiment, easy financial conditions, and the likelihood of fiscal stimulus in 2018," analysts from Goldman Sachs wrote ahead of the meeting.They said they regarded a fourth rate increase this year as a "close call."A rate increase on Wednesday would push the Fed''s target overnight lending rate to a range of between 0.75 percent and 1.00 percent, still low but approaching the range that the central bank has typically operated within.The Fed is scheduled to release its latest policy statement along with updated economic forecasts at 2 p.m. EDT (1800 GMT). Fed Chair Janet Yellen is due to hold a press conference half an hour later.The U.S. economy has flexed its muscle in recent months, with job gains above 230,000 in both February and January. Consumer confidence also has risen and inflation has been firming.Fed policymakers are also pleased by an improving global economic outlook, with euro zone growth edging up and China looking more stable than a year ago. Over the past two years Fed policymakers had worried that a weak global economy would limit U.S. growth and hold down inflation, leaving no compelling reason to raise rates.The Fed''s growing comfort with the economic outlook does not mean it will tighten monetary policy faster than planned.The solid U.S. job gains have had little impact of late on the unemployment rate, indicating that there may be more sidelined workers ready to reenter the labor force as jobs become more plentiful.That has been a key goal for Yellen and one that may keep the Fed on the "gradual" rate hike path it has committed to in prior policy statements, said Beth Ann Bovino, U.S. chief economist for S&P Global Ratings."If the incoming data show the economy heating up faster than we expect, the Fed may want to do more," Bovino wrote in a recent analysis. But "the fact that more folks are coming into the labor force may dissuade the Fed" from moving faster than currently anticipated.(Reporting by Howard Schneider; Editing by Paul Simao)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/us-usa-fed-idINKBN16M0GY'|'2017-03-15T02:01:00.000+02:00'
'1537d6a7bf125dc319016a680ba84eee913e5ee7'|'UK jobless rate hits lowest since 1975 but wage growth deteriorates'|' 36am GMT UK jobless rate hits lowest since 1975 but wage growth deteriorates A Job Centre Plus sign is seen in central London, Britain, July 15, 2015. REUTERS/Toby Melville/File Photo LONDON Britain''s unemployment rate fell unexpectedly to its lowest in over 40 years in the three months to January, but pay growth worsened in an unpromising sign for the economy ahead of its divorce with the European Union. The jobless rate fell to 4.7 percent from 4.8 percent, marking its lowest level since the summer of 1975, the Office for National Statistics said on Wednesday. Economists polled by Reuters had expected no change in the rate. While suggesting Britain''s labour market continues to show resilience following June''s Brexit vote, figures on wage growth will add to concerns that consumer spending - a main driver of the economy - looks set to weaken as inflation rises. Total pay growth slipped to 2.2 percent in the three months to January, the weakest since the three months to April last year. Adjusted for inflation, pay growth halved to just 0.7 percent - the lowest since October 2014. The figures come a day before the Bank of England announces its interest rate decision for March. The BoE is watching closely for signs of a quick pick-up in wages that could add to Britain''s fast-rising inflation and strengthen the case for an interest rate hike. Despite the most recent fall, economists largely expect unemployment to rise this year as companies hold off from hiring as they wait for more clarity on the country''s future ties to the EU. The BoE said last month it expected a jobless rate of 5.0 percent in a year''s time, lower than its previous forecast of 5.5 percent. The BoE has said the unemployment rate at which it expected labour shortages to generate significant inflation pressures was probably as low as 4.5 percent, down from its previous estimate of 5 percent. Data released last month showed consumer price inflation rose to 1.8 percent in the 12 months to January and the BoE expects it to hit its 2 percent target in February before approaching 2.7 percent by the end of this year. Many private economists expect inflation will surpass 3 percent this year. (Reporting by Andy Bruce and John Geddie) ((william.schomberg@thomsonreuters.com; +44 207 542 7778))   Exclusive - Germany to press G20 to sign off on free trade amid worries about U.S. stance: sources TOKYO/BERLIN Germany will press G20 members to sign off on a set of principles including free trade at this week''s meeting of the group''s financial leaders, in what the Trump administration may perceive as a challenge to its more protectionist stance.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-jobs-idUKKBN16M15E'|'2017-03-15T16:36:00.000+02:00'
'0352765cebb45ce9a003b88c66b9797107b561ec'|'Valeant shares fall as Ackman exit highlights company''s challenges'|'  10:15pm GMT Valeant shares fall as Ackman exit highlights company''s challenges William Ackman, chief executive of Pershing Square walks on the floor of the New York Stock Exchange, New York, U.S. on November 10, 2015. REUTERS/Brendan McDermid/File Photo By Svea Herbst-Bayliss and Michael Flaherty - BOSTON BOSTON Valeant Pharmaceuticals Inc''s ( VRX.TO ) stock price fell to its lowest level in eight years on Tuesday after the abrupt exit of its biggest supporter put renewed focus on the Canadian company''s most pressing problem: raising capital to cut its roughly $30 billion debt pile. Billionaire investor William Ackman spent more than a year trying to revive Valeant''s stock price by helping to overhaul management, refresh the company''s board, and push for asset sales. But in a surprise move announced on Monday he said he had sold his entire stake, some 27 million shares, and would be leaving the company''s board. He explained the investment was requiring a "disproportionately" large amount of time and resources. This has been his biggest loser since launching his fund in 2004. On Tuesday, the Canadian company''s U.S. listed shares dropped 10 percent to $10.50, their lowest since May 2009, and a fraction of the near $190 a share Ackman''s Pershing Square Capital Management paid for them in early 2015. He announced his stake in March 2015 and shares surged to $260 a share a few months later. Probes into its business practices, accounting and drug pricing caused a collapse in Valeant''s shares and the company is now offloading assets to try and pay down debt, amassed during a years-long acquisition spree. Its new management team refinanced the company’s debt burden last week, giving it more breathing room to repay creditors. Its newly issued notes traded down about 0.8 percentage points on Tuesday. Last week, Valeant told investors that revenue could fall as much as 8 percent this year but that it had paid down about $1 billion in debt and would put proceeds from the sale of its Dendreon cancer treatment business and three skincare brands for $2.12 billion, announced earlier, to that purpose. "At Valeant right now, it is all about divestitures," said Umer Raffat, an analyst at Evercore ISI. The company committed itself to raise some $5 billion in assets from asset sales by the middle of next year. The company has also mulled selling the surgical tools unit of its Bausch & Lomb eye care division and letting go of some additional dermatology brands plus several international businesses. Ackman played a critical role in trying to push management to sell assets, according to an analyst and three people familiar with his actions. However, his biggest goal of selling the company''s gastrointestinal unit Salix to Japan''s Takeda was not reached after a disagreement over price, one person said on Tuesday. There were mixed reactions to Ackman''s exit. "With ... one of its most vocal supporters selling its stake near the low for the past 10 years, we see this as a vote of no confidence for the stock and that things are continuing to go from bad to worse for Valeant," said Wells Fargo analyst David Maris, who rates the stock an underperform. But one investor in Ackman''s fund, Pershing Square Capital Management, said his departure could give management more room to act and eventually pave the way for other investors to step back in. Ackman''s concentrated bets and brash declarations - he once said Valeant would hit $448 a share by 2019 - have made him a polarizing figure on Wall Street with some investors keen to take the opposing view from him. Hedge funds, which can flip stocks quickly, owned 28 percent of Valeant''s shares at the end of last year, according to data from Goldman Sachs. Valeant has long been one of the hedge fund industry''s favourite bets. But some 9 percent of Valeant''s shares were lent out to short sellers betting that the stock would go down, according to the bank. OTHER ACTIVISTS Ackman first bought Valeant as a passive investment, saying he was happy with management. He shifted gears a year ago when the company faced several probes. Ackman secured board seats for himself and a colleague, fired then chief executive Michael Pearson, and helped persuade Joseph Papa to join Valeant as CEO. He played a significantly more hands-on role than other investors, including activist fund ValueAct, which had helped build the company by recruiting Pearson to the top job years ago. John Paulson''s Paulson & Co, which tends to keep a low profile and serve on few boards, is now Valeant''s biggest investor with ValueAct, which has one board seat, its second largest. ValueAct did not respond to requests for comment and Paulson could not be reached. With Ackman and his firm''s vice chairman, Steve Fraidin, stepping off the board at the next annual meeting, there is a question of who might take their seats. It is unclear whether Paulson might put forth a representative or ValueAct, which once had two seats but has been trimming its exposure, might add another person. (Reporting by Svea Herbst-Bayliss Additional reporting by Caroline Humer and Carl O''Donnell; Editing by Toni Reinhold)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-valeant-pharm-in-ackman-idUKKBN16L2QB'|'2017-03-15T05:15:00.000+02:00'
'd246f1ba4b0e4c7f25f84d6ad13ff4a5f1cabc42'|'BRIEF-Twitter says is aware of an issue affecting number of account holders'|' 39am EDT BRIEF-Twitter says is aware of an issue affecting number of account holders March 15 Twitter Inc: * Twitter spokesperson says "are aware of an issue affecting a number of account holders this morning" * Twitter spokesperson says "quickly located the source which was limited to third party app. We removed its permissions immediately" Next In Company News Trump won''t seek to roll back California vehicle authority WASHINGTON, March 15 President Donald Trump will announce the U.S. Environmental Protection Agency will revive a review of the feasibility of strict fuel efficiency standards through 2025, but will not seek to withdraw California''s authority to set its own vehicle rules, a White House official said late on Tuesday. * Evolva secures equity financing of up to CHF 30 million and provides further preliminary financials for 2016 MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-twitter-says-is-aware-of-an-issue-idUSL3N1GS3H1'|'2017-03-15T16:39:00.000+02:00'
'bded29b78d17a03cdace9f9a698f17e9ec92e7c3'|'Lufthansa, pilots agree wide-ranging deal on pay, pensions'|' 37am GMT Lufthansa, pilots agree wide-ranging deal on pay, pensions A flight information board shows cancelled flights during a pilots strike of German airline Lufthansa at Frankfurt airport, Germany, November 30, 2016. REUTERS/Kai Pfaffenbach/File Photo BERLIN Lufthansa ( LHAG.DE ) and its pilots'' union have reached agreement on a range of outstanding pay issues, including pay rises, changes to pension schemes and job creation, bringing an end to years of wrangling and strikes, the airline said on Wednesday. The agreement on pensions and early retirement payments will boost the company''s profit in 2017 and reduce its pension liabilities by a high hundred-million-euro amount, it said in a statement. (Reporting by Victoria Bryan; Editing by Maria Sheahan)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lufthansa-unions-idUKKBN16M157'|'2017-03-15T16:37:00.000+02:00'
'577c0b9d5896fac47eb9f1b519e3afeb25556fa8'|'U.S. judge deals PwC a setback at MF Global malpractice trial'|'Business News - Wed Mar 15, 2017 - 12:58pm EDT U.S. judge deals PwC a setback at MF Global malpractice trial The logo of PricewaterhouseCoopers is seen on the local offices building of the company in Luxembourg, April 26, 2016. REUTERS/Vincent Kessler By Jonathan Stempel - NEW YORK NEW YORK A federal judge has rejected PricewaterhouseCoopers LLP''s bid to sharply restrict how the bankruptcy plan administrator for Jon Corzine''s defunct brokerage MF Global Holdings Ltd pursues its $3 billion malpractice case against the auditor. Ruling eight days after the trial began, U.S. District Judge Victor Marrero in Manhattan refused to force the administrator, which is seeking money for MF Global creditors, to stick to what PwC called its original theory of why MF Global went bankrupt on Oct. 31, 2011. PwC said the administrator has in three years of litigation blamed the bankruptcy on a $6.3 billion European sovereign debt wager that the futures and commodities brokerage would not have made but for its negligent accounting advice. But PwC said it was blindsided when the administrator at trial began blaming confusion and a lack of trust among customers, investors and lenders in MF Global''s financial statements, which in turn were caused by PwC''s advice. The auditor sought to exclude all evidence supporting that theory, including testimony from Corzine, or get a mistrial. But the judge said the administrator had blamed PwC before for the loss of confidence in MF Global, including during its lawyer''s March 7 opening statement. "Although PwC may well be surprised that some of the prior allegations in the case may differ from theory of causation the plan administrator has advanced up to this point at trial, because that theory has been disclosed before, PwC cannot at this late stage claim to be prejudiced," Marrero wrote. Corzine, a former New Jersey governor and senator and Goldman Sachs ( GS.N ) co-chairman, has testified that the European debt wager was low-risk and ultimately paid in full, but the market did not understand it. PwC has blamed Corzine''s risky trading and business strategy for MF Global''s collapse, and expects to win at trial "regardless of the causation theory," Rich Marooney, a lawyer for PwC, said in a statement after Marrero ruled. The trial is expected to last five weeks. The case is MF Global Holdings Ltd as Plan Administrator v PricewaterhouseCoopers LLP, U.S. District Court, Southern District of New York, No. 14-02197. (Reporting by Jonathan Stempel in New York; Editing by Bernard Orr) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-mf-global-hldg-pricewaterhouse-idUSKBN16M2JH'|'2017-03-15T23:58:00.000+02:00'
'85966bb280dcf275c611a94c2687042513fd7b75'|'Moody''s raises Brazil outlook to "stable" on brighter economic prospects'|'Company News  41pm EDT Moody''s raises Brazil outlook to "stable" on brighter economic prospects SAO PAULO, March 15 Ratings agency Moody''s Investors Service upgraded on Wednesday the outlook for Brazil''s sovereign rating to "stable" from "negative," saying Latin America''s largest economy is poised to exit its deepest recession on record. In a statement, Moody''s Vice President Samar Maziad said a stabler macroeconomic outlook is likely to bolster the government''s reform agenda, supporting Brazil''s "Ba2" rating. Concerns over potential spillovers from fiscal woes at state-controlled oil company Petróleo Brasileiro SA and at state governments, which had underpinned the negative outlook, have also abated, he added. Front-month Brazilian real future contracts extended gains following Moody''s decision. Spot markets for the currency and stocks were closed at the time. (Reporting by Bruno Federowski; Editing by Daniel Flynn) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-ratings-moodys-idUSFWN1GS0W4'|'2017-03-16T03:41:00.000+02:00'
'4cb28bd55f1660655de487baf40ac84e1971c538'|'BRIEF-Anchor Capital announces extension of time to complete deal with Mark One Lifestyle'|' 26pm EDT BRIEF-Anchor Capital announces extension of time to complete deal with Mark One Lifestyle March 15 Anchor Capital Corp : * Anchor Capital Corporation announces extension of time to complete qualifying transaction and update to proposed qualifying transaction * TSXV has granted an extension for completion of Corporation''s transaction with Mark One Lifestyle, to September 7 Source text for Eikon:    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-anchor-capital-announces-extension-idUSFWN1GS0PB'|'2017-03-16T02:26:00.000+02:00'
'b135da674b066be2c5790a6ff9db5b61e0848807'|'New UK drug cost rules leave companies fuming'|'Business News   6:08pm GMT New UK drug cost rules leave companies fuming By Ben Hirschler - LONDON LONDON British drugmakers on Wednesday accused Theresa May''s Conservative government of breaking a manifesto commitment to improve access to new medicines, following approval of new cost rules that take effect on April 1. The angry response from both Big Pharma and biotech firms comes despite a concession by government in the latest version of the scheme, which increases the cost threshold for certain drugs for rare diseases from the previously planned level. Some charities, including the Alzheimer''s Society, also expressed concern that the measures could mean delays for people with serious conditions in getting new treatments. The row comes at a sensitive time for the government, which is about to trigger proceedings to leave the European Union but wants to encourage investment by strategic industries, including the high-tech pharmaceuticals sector. Drug companies are already concerned that Brexit could make Britain a less attractive market, especially if the country ends up outside the current EU-wide system for drug licensing. The National Institute for Health and Care Excellence (NICE), which determines the cost-effectiveness of new drugs, and NHS England say their new procedures will fast-track the availability of drugs that offer exceptional value. But drug industry executives believe few, if any, new medicines will actually benefit from this provision and the overall impact of the changes will be outweighed by newly introduced budget curbs. "Today’s proposals from NICE/NHS England break the Conservative Party''s 2015 manifesto promise to speed up the introduction of cost-effective medicines into the NHS," said Mike Thompson, CEO of the Association of the British Pharmaceutical Industry. The new system means that new drugs costing the National Health Service (NHS) more than 20 million pounds a year will no longer be automatically funded, even if they are cost-effective. Instead, companies will have to enter negotiations to justify their use and work out funding. Alzheimer''s Society CEO Jeremy Hughes said any new drug to help all 850,000 people with dementia in Britain would have to cost just 23.50 pounds a year to fit the threshold. Similar limitations will apply to drugs for very rare diseases that cost more than 300,000 pounds for each year of high quality life delivered. Previously, the proposed a cap for rare diseases had been 100,000 pounds but NICE CEO Andrew Dillon said the authorities had revised the plan after listening to feedback. Even at the higher level, drugmakers argue the introduction of cost caps for medicines treating a handful of patients would be damaging and could threaten the flow of new medicines. Significantly, the new rules apply only to England, leaving a different system in place for Scotland. "They will build a Hadrian''s Wall for English patients who will no longer be able to access innovative new treatments that will continue to be available in Scotland," said Steve Bates, CEO of the BioIndustry Association. (Reporting by Ben Hirschler; Editing by Ruth Pitchford) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-pharmaceuticals-idUKKBN16M2PO'|'2017-03-16T01:08:00.000+02:00'
'f8cf6e78b83233d9c4bc54516cde5af019b6663f'|'Exclusive - BlackRock vows new pressure on climate, board diversity'|'Business News - Mon Mar 13, 2017 - 5:04am GMT Exclusive - BlackRock vows new pressure on climate, board diversity FILE PHOTO - The BlackRock logo is seen at the BlackRock Japan headquarters in Tokyo, Japan, October 20, 2016. REUTERS/Toru Hanai/File Photo By Ross Kerber - BOSTON BOSTON BlackRock Inc( BLK.N ), which wields outsized clout as the world''s largest asset manager, planned on Monday to put new pressure on companies to explain themselves on issues including how climate change could affect their business as well as boardroom diversity. The move by BlackRock, a powerful force in Corporate America with $5.1 trillion (£4.18 trillion) under management, could bolster efforts like climate-risk disclosure practices developed by the Financial Stability Board, the international body that monitors and makes recommendations about the global financial system. BlackRock, which holds stakes in most major U.S. corporations, identified its top "engagement priorities" for meetings this year with corporate leaders in documents to be posted on its website on Monday, with climate risk and boardroom diversity on the list. Reuters received advance copies of the materials. Michelle Edkins, set to oversee the outreach effort as head of a 30-person team, said BlackRock might want to hear from companies about how they are assessing the risk that climate change may pose to their operations. Edkins cited the example of how rising ocean levels could swamp a real estate company''s valuable beachfront property. Some companies have shown leadership on the areas BlackRock considers priorities, Edkins said, while others need improvement. "There are firms where we think they''re probably not moving fast enough given the risks to the business," Edkins said in a telephone interview on Sunday. The action marked a step-up in BlackRock''s advocacy with boards and executives, and comes after the fund giant was criticized by environmental and labour activists for not backing proxy resolutions dealing with climate change and other topics more often at shareholder meetings. BlackRock stopped short of pledging to vote more often against companies'' management. It said it still prefers private meetings with executives and casts critical proxy votes only as a last straw. "We can''t micromanage," Edkins said. Activists said BlackRock deserves credit for making climate change a central focus. "They have made a turn in the road. They are looking at their proxies differently," said Tim Smith, who leads shareholder engagement efforts at Walden Asset Management in Boston. Outlining its priorities, BlackRock urged some companies to be ready to discuss concerns such as how they could use climate-risk disclosure practices developed by a Financial Stability Board task force. BlackRock also said it will expect that at companies in sectors associated with climate risk such as oil producers, miners or real estate companies, all directors should "have demonstrable fluency in how climate risk affects the business" and how a given company will address it. As a result of BlackRock''s new initiative, Smith said Walden and others including a Seattle city employees'' retirement system have withdrawn a proposal calling for the fund giant to review its proxy-voting process and record on climate change. Smith said BlackRock''s new approach could make a difference such as on resolutions urging energy giants to report on the impact that public policies aimed at curbing climate change could have on their business. One such resolution at Exxon Mobil ( XOM.N ) last year received support from around 38 percent of votes cast. BlackRock opposed the resolution and owned about 6 percent of the company at the time, securities filings show. Edkins said BlackRock''s votes on such measures in the future would depend on circumstances like how they are worded. An Exxon spokesman declined to comment ahead of the company''s proxy statement due next month. BOARDROOM DIVERSITY BlackRock also said it will look to understand how companies are working to increase boardroom diversity, such as adding more women. "Diverse boards, including but not limited to diversity of expertise, experience, age, race and gender, make better decisions," BlackRock said in the documents. Some companies wrongly believe they already possess a diverse board of directors, Edkins said. "A guy from Yale and a guy from Harvard does not count as diversity," Edkins said. BlackRock''s guidance marks the latest investor call for corporate executives to pay more attention to matters to which they might have given little thought in the past. New deposits into funds that invest according to environmental, social or responsible governance criteria have been a rare bright spot for active fund managers lately. Big fund firms have taken notice. State Street Corp( STT.N ), a BlackRock rival, used International Women''s Day last week to urge companies to improve their board diversity. BlackRock Chief Executive Larry Fink has advocated governance reforms in annual letters to other CEOs, such as urging them to avoid too much focus on short-term results. BlackRock said it also plans to press boards about worker issues in light of matters such as uneven wage growth. Edkins pointed to Wal-Mart Stores Inc ( WMT.N ) as an example of a company that embraced the idea that higher wages can lead to a more-engaged workforce. "Pay that doesn''t seem to achieve some sense of equity within a company is likely to make an unattractive place to work," Edkins said. (Reporting by Ross Kerber in Boston; Additional reporting by Trevor Hunnicutt in New York; Editing by Will Dunham) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-blackrock-climate-exclusive-idUKKBN16K0CP'|'2017-03-13T12:04:00.000+02:00'
'b10415c8f768a7b130729b3575cd4fc51350382b'|'JP Morgan prepares wealth clients for end of IRAs'|'Company News  58pm EDT JP Morgan prepares wealth clients for end of IRAs NEW YORK, March 13 JPMorgan Chase & Co has sent some wealth management customers letters this month notifying them that they will be moved to the firm''s self-directed platform soon ahead of a pending Labor Department retirement regulation, the bank said on Monday. While implementation of the U.S. Labor Department''s fiduciary rule may ultimately be delayed, the letters went out as part of a plan the bank announced in November to end retirement accounts that pay financial advisers commissions. Clients of Chase Wealth Management, Private Bank and J.P. Morgan Securities who had individual retirement accounts were given the option to either chose to pay a financial adviser a flat fee based on how much money they have invested, or an online platform to manage their retirement account themselves. The move only affected a small portion of J.P. Morgan''s clients because only 5 percent of the $1.1 trillion in client assets managed at J.P. Morgan Wealth Management & Investment Solutions are in retirement accounts. However, some clients had not yet responded with an answer as to which option they wanted. Clients who had not chosen one received the letters in early March to notify them that by April 7 they will be moved to the self-directed platform unless they respond with another preference. "We wanted to make sure we gave client ample opportunity to decide which option they preferred," said JPMorgan Chase spokesman Darin Oduyoye. The fiduciary rule aims to put the interests of retirement investors first by eliminating potential conflicts of interest for advisers, such as investments that pay different levels of commissions. As a result, JPMorgan, Bank of America''s Merrill Lynch and Commonwealth Financial Network, among others, have chosen to gradually phase out retirement accounts that pay commissions. (Reporting by Elizabeth Dilts; Editing by Cynthia Osterman) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/jpmorgan-wealth-fiduciary-idUSL2N1GQ10Z'|'2017-03-14T00:58:00.000+02:00'
'9051266e32f6d6f44fc74d4f15899f436ef481d0'|'Federal Reserve chair Janet Yellen announces an interest rate increase – video - Business'|'Federal Reserve chair Janet Yellen announces an interest rate increase – video The Federal Reserve chair, Janet Yellen, announced on Wednesday that the Federal Reserve would raise interest rates. This raise is the second hike in three months, a move Yellen said was spurred by steady economic growth, strong job gains and confidence that inflation was rising to the central bank’s targetStocks rise but dollar slides after Federal Reserve raises US interest rates – live updates   View more sharing options Share   Close Source: ReutersWednesday 15 March 2017 21.02 GMT Topics Federal Reserve Janet Yellen US economy Economics'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/video/2017/mar/15/federal-reserve-chair-janet-yellen-interest-rates-video'|'2017-03-16T04:02:00.000+02:00'
'4333819e9955a3fc4110c96777d6b66cce8ede50'|'Workers at Japan''s top companies likely to get meagre 2017 pay hikes'|'Business News - Tue Mar 14, 2017 - 10:38pm GMT Workers at Japan''s top companies likely to get meagre 2017 pay hikes left right A deliverer of Yamato Transport Co is seen under the company''s logo at a business district in Tokyo, Japan, February 9, 2017. REUTERS/Toru Hanai 1/3 left right A deliverer of Yamato Transport Co is seen at a business district in Tokyo, Japan, February 9, 2017. REUTERS/Toru Hanai 2/3 left right A deliverer of Yamato Transport Co is seen at a business district in Tokyo, Japan, February 9, 2017. REUTERS/Toru Hanai 3/3 By Tetsushi Kajimoto - TOKYO TOKYO Workers at Japan''s top companies are likely to get a base pay hike of around just 0.3 percent, the smallest raise in four years - a setback for Prime Minister Shinzo Abe''s campaign to spur the long-sluggish economy. The annual "shunto" spring wage increases to be announced on Wednesday, which take effect in the coming fiscal year from April, are seen as a barometer of Japanese corporate confidence. Despite sitting on piles of cash, companies are reluctant to raise wages as they''re anxious about the economic outlook, currency swings and the chance U.S. President Donald Trump''s trade policies will hurt Japan''s exports. A Reuters poll in January showed that nearly two-thirds of companies do not plan to raise their workers'' wages this year. Even where hikes are certain, the amounts can be tiny. Toyota Motor Corp''s ( 7203.T ) base pay hike, traditionally a benchmark other companies use to gauge their increases, will likely come to just 1,300 yen, or about $11, a month. That''s less than half the union''s demand and well below the 4,000 yen (28.70 pounds) hike given in 2015. For a mid-level technician at Toyota earning 360,000 yen a month, that''s a 0.36 percent increase. Total wage growth will be higher than that: Workers will see roughly 2 percent more in their paychecks because their salary goes up automatically every year under Japan''s seniority-based employment system. Still, such an increase is below last year''s 2.14 percent, and 2015''s 2.38 percent, a 17-year high. Major electric machinery makers such as Hitachi ( 6501.T ), Mitsubishi Electric ( 6503.T ) and Panasonic Corp ( 6752.T ) are expected to reduce their wage hikes for a second year, to 1,000 yen from 1,500 yen. LIMP SPENDING From the early 2000s, base pay raises were virtually frozen for over a decade until Abe swept to power in late 2012 with a pledge to reboot the moribund economy. He urged companies to lift wages and they complied, to a degree. Abe wants healthy wage hikes to drive a virtuous growth cycle in which consumer spending and business investment rise, in turn lifting profits and wages. The central bank also wants to see higher wages lift prices and enable Japan to break out of its deflationary rut. But the latest meagre gains bode poorly for that scenario. "Wage growth is likely to slow this year, which together with gradual rises in prices will weigh on real incomes," said Yoshiki Shinke, chief economist at Dai-ichi Life Research Institute. "That will hamper self-sustaining economic recovery led by domestic demand." This year, unions kept their demands unchanged from last year. Still, many companies are likely to offer less than half of what unions want. "I have no expectation for ''shunto'' because my labour union is not so strong and they don''t really fight for wage increases," said a 26-year-old worker at an energy company who gave only his first name, Toshiki. "Even if I do get a pay raise, I wouldn''t spend it," he said. (Reporting by Tetsushi Kajimoto, additional reporting by Minami Funakoshi; Writing by Malcolm Foster and Tetsuhi Kajimoto; Editing by Richard Borsuk) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-labour-idUKKBN16L2RG'|'2017-03-15T05:38:00.000+02:00'
'23a2373e0e17e6c8d3bfd027f136d7c6846ed3ca'|'U.S. index compiler MSCI says not in talks for takeover'|'Deals - Americas  33am EDT U.S. index compiler MSCI says not in talks for takeover U.S. market index compiler MSCI Inc ( MSCI.N ) said it was not in talks for a possible takeover. "We have not received any offer or indication of interest," the company said on Wednesday. The company''s response came after a media report that financial data provider S&P Global Inc ( SPGI.N ) was seeking to buy MSCI for $11 billion. MSCI''s shares trimmed most of their gains and were up 1 percent. They had risen as much as 13.5 percent to a record high $109.29 in early trading. Shares of S&P Global were down 1.3 percent at $130.50. (Reporting by Diptendu Lahiri in Bengaluru; Editing by Sai Sachin Ravikumar) Next In Deals - Americas'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-msci-m-a-idUSKBN16M2B8'|'2017-03-15T22:31:00.000+02:00'
'585db97c7bac3eedee2fe6ba7cf44f139bb54fa9'|'CANADA STOCKS-TSX rises as higher commodity prices support resource shares'|'Company News  39am EDT CANADA STOCKS-TSX rises as higher commodity prices support resource shares TORONTO, March 15 Canada''s main stock index rose on Wednesday, led by the resource groups as prices of oil and metals rose, while financials also gained even as the industry''s watchdog said it will review business practices at federally regulated institutions. The Toronto Stock Exchange''s S&P/TSX composite index was up 65.73 points, or 0.43 percent, at 15,445.34, shortly after the open. Nine of the index''s 10 main groups were higher. (Reporting by Fergal Smith) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-open-idUSL2N1GS0PZ'|'2017-03-15T20:39:00.000+02:00'
'baad02579b11a7dae08d086034e1465e8c8be350'|'Fed raises rates as job gains, firming inflation stoke confidence'|' 18pm GMT Fed raises rates as job gains, firming inflation stoke confidence left right FILE PHOTO - A police officer keeps watch in front of the U.S. Federal Reserve building in Washington, DC, U.S. on October 12, 2016. REUTERS/Kevin Lamarque//File Photo 1/2 Federal Reserve Chair Janet Yellen. REUTERS/Yuri Gripas 2/2 By Howard Schneider and Jason Lange - WASHINGTON WASHINGTON The U.S. Federal Reserve raised interest rates on Wednesday for the second time in three months, a move spurred by steady economic growth, strong job gains and confidence that inflation is rising to the central bank''s target. The decision to lift the target overnight interest rate by 25 basis points to a range of 0.75 percent to 1.00 percent marked one of the Fed''s most convincing steps yet in the effort to return monetary policy to a more normal footing. However, the Fed''s policy-setting committee did not flag any plan to accelerate the pace of monetary tightening. Although inflation is "close" to the Fed''s 2 percent target, it noted that goal was "symmetric," indicating a possible willingness to allow prices to rise at a slightly faster pace. Further rate increases would only be "gradual," the Fed said in its policy statement, with officials sticking to their outlook for two more rate hikes this year and three more in 2018. The Fed lifted rates once in 2016. Business investment "appears to have firmed somewhat," the Fed said in language that reflected a stronger sense of the economy''s momentum. Fresh economic forecasts released with the statement showed little change from those of the December policy meeting and gave little indication the Fed has a clear view of how the policies of Donald Trump''s administration may impact the economy in 2017 and beyond. "With gradual adjustments in the stance of monetary policy, economic activity will expand at a moderate pace," the Fed said, maintaining language it has used in previous statements. Stock markets extended their gains .SPX and bond yields fell on the benign economic outlook and the continued steady path of interest rate rises signaled by the central bank. "It relieves some of the fears we''ve had that perhaps the Fed was going to raise rates faster in the future. They''ve chosen not to signal that," said Brad McMillan, Chief Investment Officer at Commonwealth Financial. The Fed''s projections showed the economy growing by 2.1 percent in 2017, unchanged from the December forecast. The median estimate of the long-run interest rate, where monetary policy would be judged as having a neutral effect on the economy, held steady at 3.0 percent. The unemployment rate Fed officials expect by the end of the year was unchanged at 4.5 percent, while core inflation was seen as slightly higher at 1.9 percent versus the previous 1.8 percent forecast. Fed Chair Janet Yellen is scheduled to hold a press conference at 2:30 p.m. ET to discuss the policy statement. The rate increase comes amid a broad improvement in the world economic outlook and a sense among Fed policymakers that the U.S. economy is close to the central bank''s employment and inflation goals. According to the policy statement, risks to the outlook remained "roughly balanced," the Fed said. Minneapolis Fed President Neel Kashkari was the only official to dissent in Wednesday''s decision, saying he preferred to leave rates unchanged. (Reporting by Howard Schneider and Jason Lange; Editing by Paul Simao and David Chance)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-fed-idUKKBN16M0GY'|'2017-03-16T01:17:00.000+02:00'
'879e85f31476905d127861aede1b5b1330633204'|'UPDATE 1-U.S. VP Pence to tour Asia next month amid security crises'|'(Recasts)JAKARTA, March 13 U.S. Vice President Mike Pence will visit Japan and Indonesia next month, sources said on Monday, as part of an Asian tour amid concerns the Trump administration is rolling back Barack Obama''s "pivot to Asia".U.S. President Donald Trump has already withdrawn from the Trans-Pacific Partnership (TPP) trade agreement, which was seen as an economic pillar of the strategy.The tour will also include South Korea and Australia, the Nikkei Asian Review reported, with North Korea''s missile and nuclear programmes and South Korea''s political crisis likely topics for discussion.China has been infuriated by South Korea''s plan to deploy a U.S. missile defence system, targeted at the North Korean threat, and South Korea is going through political turmoil after the dismissal of its president in a corruption probe.Pence is also expected to visit Tokyo for the U.S.-Japan economic dialogue, according to a source familiar with the matter.The visit comes after North Korea''s latest missile launches and the assassination in Malaysia of North Korean leader Kim Jong Un''s estranged half-brother added urgency to the region''s security.It will also follow this month''s trip by U.S. Secretary of State Rex Tillerson to Japan, South Korea, and China.The TPP had been the main economic pillar of the Obama administration''s pivot to the Asia-Pacific region in the face of a fast-rising China.Proponents of the pact have expressed concerns that abandoning the project, which took years to negotiate, could further strengthen China''s economic hand in the region at the expense of the United States.Indonesia''s chief security minister said Pence would meet President Joko Widodo to discuss terrorism and other security issues on his visit.Indonesia has the world''s largest Muslim population and has recently grappled with a series of low-level militant attacks inspired by Islamic State. ."We discussed the planned visit of U.S. vice president Mike Pence to Indonesia and the strategic problems that can be on the agenda to discuss with our president," chief security minister Wiranto told reporters after meeting the U.S. ambassador to Jakarta.He added that no dates had been finalised.In Indonesia, Pence is also expected to discuss a brewing contract dispute between the government and American mining giant Freeport McMoran Inc, said two Indonesian government sources.Freeport has threatened to take the Indonesian government to court over newly revised mining regulations that have prompted a major scale-back in its operations in the eastern province of Papua. (Reporting by Agustinus Beo Da Costa and Kanupriya Kapoor; Additional reporting by Malcolm Foster in TOKYO; Writing by Kanupriya Kapoor; Editing by Nick Macfie)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-pence-asia-idINL3N1GQ2I1'|'2017-03-13T04:39:00.000+02:00'
'5e33b7dfe6125e3773cc4e6e38eed47919ac334b'|'Jailed Samsung chief can get plenty of visitors, may still play a corporate role'|'By Se Young Lee and Jane Chung - SEOUL SEOUL The head of South Korea''s Samsung Group [SAGR.UL], Jay Y. Lee, may be languishing in a jail cell but he is allowed plenty of visitors, which may allow him to play a key role in corporate decisions even if he isn''t running the conglomerate like he did before.Lee, who didn''t attend last Thursday''s preparatory hearing for his trial on bribery, embezzlement and other charges, is kept well away from other inmates at the Seoul Detention Centre. Some, such as top former presidential advisors, are also defendants in the corruption scandal that led to the removal from office of South Korean President Park Geun-hye on Friday.Under South Korean regulations, though, Lee can meet any of his battery of attorneys without time limits and as often as he wants during business hours from Monday to Saturday.One of those lawyers told the first day of what special prosecutors described as potentially "the trial of the century" that Lee denies all charges against him.Lee, like others in detention centres awaiting trial, is also entitled to one 30-minute visit per day from someone else, including executives from one of Samsung’s affiliates, or at least 12 hours of such meetings a month. At the discretion of the warden of the detention centre, he could have additional special meetings in a visiting room that doesn''t have partitions, allowing detainees to review documents and receive phone calls.By comparison, in the United States, a defendant in federal custody on corporate crime charges is generally allowed unrestricted access to attorneys during regular business hours but can only receive other visitors for a maximum four hours a month. In the U.S., though, major white collar defendants are usually allowed to post bail so they can live at home before trial.NO NEED FOR "ALTERNATIVES" South Korean media have photographed former Samsung Group Vice Chairman Choi Gee-sung and Samsung Electronics Co Ltd ( 005930.KS ) President Rhee In-yong visiting Lee following his Feb 17 arrest. Samsung declined to confirm those visits or comment on the level of Lee''s involvement in management affairs since he was detained. It did say that he is meeting regularly with his defence team, though declined to be more specific. In a statement it said: "Mr. Lee''s priority is preparing the legal defence so the truth can be revealed in future court proceedings." Samsung hasn''t named a replacement for Lee, who company insiders say did not manage day-to-day affairs but was instead acting as the key decision maker on major initiatives such as new investments, acquisitions, personnel decisions and restructuring. "There is no plan B," said an executive at a Samsung affiliate, who declined to be identified as he was not authorised to speak publicly on the matter. "We believe the vice chairman will be proven innocent, and if he walks free after the first trial there''s no reason to talk about alternatives."Samsung Group has disbanded its corporate strategy office, the conglomerate''s nerve centre controlled by Lee and his lieutenant Choi Gee-sung, who is also a defendant in the case. It has also been moving in the past year to give more power over decisions to the boards of its affiliates such as Samsung Electronics.THREE MEETINGS A DAYIn the recent past, some top South Korean businessmen who have been in custody while on trial have used the lenient visitation regime to the full. For example, Justice Department data obtained and then released by an opposition party lawmaker shows that Chey Tae-won, the head of chemicals to telecoms and semiconductors conglomerate SK Group, had 171 "special" meetings with non-attorney visitors, when he was detained between February 2013 and July 2014.Chey also had 1,607 meetings with his lawyers during that time, or three times a day on average, and the regularity of the meetings allowed him to review and comment on major decisions for the conglomerate while being detained, according to people familiar with the matter.While Lee won’t have access to a computer in his 6.56 square meter (71 square foot) cell, he can view documents during those meetings with his lawyers and Samsung executives. Lee is not allowed to take documents back to his cell. He can also make phone calls with permission of the warden, but calls can be recorded or listened to by the authorities, according to South Korean correctional rules. Lee may remain at the detention centre until at least September should the case end up in the Supreme Court and he does not seek bail. Samsung said Lee has not decided yet whether to seek bail. Despite the access to attorneys and executives, it isn''t easy for business leaders to participate fully in company affairs once they are in jail, according to those who have had previous experience of such dealings."In jail, it''s difficult to communicate smoothly. So we couldn''t do much of the big things, especially M&As," said one person with direct knowledge of a chaebol leader''s incarceration. "Operating a conglomerate from within a jail is difficult. It''s not like they have a computer, they can''t receive things with ease."(Reporting by Jane Chung, Joyce Lee and Se Young Lee; Additional reporting by Ju-min Park and Hyunjoo Jin; Editing By Martin Howell)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/southkorea-politics-samsung-group-lee-idINKBN16K2TU'|'2017-03-13T20:39:00.000+02:00'
'e16ec0cbc6d8859bfd6f888fe3b551fbf794557b'|'EMERGING MARKETS-Brazil stocks up; Cemig rallies on report of planned units sale'|'(Updates with final prices) By Bruno Federowski SAO PAULO, March 13 Brazilian stocks rose on Monday, with shares of power utility Cia Energética de Minas Gerais SA among the biggest gainers after Reuters reported plans to sell a majority stake in two main units. Preferred shares in Cemig, as the power firm is known, rose as much as 6.3 percent following the report before paring gains to close trading up 4.84 percent. According to a person with direct knowledge of the plan, the sale of transmission company Cemig GT and power distribution firm Cemig D could help curb debt and reduce state interference. The Brazilian state of Minas Gerais owns 17 percent of the utility''s capital and controls its management. Brazil''s benchmark Bovespa stock index rose 1.33 percent, supported by rising shares of miner Vale SA following a sharp increase in China-listed iron ore future prices. The Brazilian real weakened slightly, while most Latin American currencies seesawed. The Mexican peso closed down by 0.08 percent against the dollar, while the Colombian peso was flat. Traders avoided making big bets ahead of a U.S. Federal Reserve policy meeting this week. An interest rate increase is seen as nearly a given, but investors will scrutinize the Fed''s policy statement for clues over the timing of further hikes. Higher U.S. rates could dampen the allure of high-yielding emerging market assets. Key Latin American stock indexes and currencies at 2215 GMT: Stock indexes Latest Daily YTD pct pct change change MSCI Emerging Markets 938.50 1.33 8.84 MSCI LatAm 2,567.38 1.05 9.69 Brazil Bovespa 65,534.30 1.33 8.81 Mexico IPC 47,101.14 0.0 3.19 Chile IPSA 4,542.40 1.51 9.42 Chile IGPA 22,803.26 1.4 9.98 Argentina MerVal 19,188.25 1.54 13.42 Colombia IGBC 9,976.91 0.51 -1.49 Venezuela IBC 38,056.49 -1.27 20.03 Currencies Latest Daily YTD pct pct change change Brazil real 3.1522 -0.28 3.08 Mexico peso 19.616 -0.08 5.75 Chile peso 666.7 -0.43 0.60 Colombia peso 2,984.9 0.00 0.56 Peru sol 3.285 -0.06 3.93 Argentina peso (interbank) 15.495 -0.15 2.45 Argentina peso (parallel) 16.02 -0.37 4.99 (Reporting by Bruno Federowski; Editing by Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/emerging-markets-latam-idINL2N1GQ1NF'|'2017-03-13T19:29:00.000+02:00'
'8ecc339601408219246075b5f7df1c23afa1770b'|'Exclusive: Deutsche Bank replaces U.S. head Woodley with equities manager - sources'|'Business News - Tue Mar 14, 2017 - 6:30am EDT Exclusive: Deutsche Bank replaces U.S. head Woodley with equities manager - sources A logo is pictured on the Deutsche Bank building in Geneva, Switzerland, October 11, 2016. REUTERS/Denis Balibouse/File Photo By Olivia Oran and Arno Schuetze - NEW YORK/FRANKFURT NEW YORK/FRANKFURT Deutsche Bank ( DBKGn.DE ) is replacing its U.S. chief Bill Woodley with the global head of its stock-trading business, Thomas Patrick, people close to the matter said. Patrick, who was appointed head of global markets equities in late 2015, will take over from Woodley in the coming weeks, one of the people said. Deutsche Bank declined to comment. Germany''s flagship lender announced earlier this month that Chief Executive John Cryan would personally look after expanding its U.S. business, which has lost market share to Wall Street rivals. A planned 8 billion euro ($8.5 billion) capital increase and a stock market listing of Deutsche Bank''s asset management business will replenish the lender''s capital reserves but also free up funds for potential investments in its core business. Since a push into investment banking starting in the late 1990s, trading activities have mostly been the main driver of earnings at Deutsche Bank, which views its U.S. performance as vital for the bank''s success. (Editing by Maria Sheahan) Boeing, aerospace manufacturers back U.S. tax overhaul SEATTLE Boeing Co and about 90 other aerospace companies are urging Congress to overhaul the U.S. tax system, saying a set of changes Republicans proposed last year - including a big cut in the corporate tax rate - will make them more competitive globally and help create U.S. jobs.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-deutsche-bank-moves-idUSKBN16L14L'|'2017-03-14T17:30:00.000+02:00'
'efd50140bc7169fb4c6d29ef919537f6af2dcb85'|'VW CEO says not ruling out merger talks with Fiat Chrysler boss'|'WOLFSBURG, Germany Volkswagen ( VOWG_p.DE ) Chief Executive Matthias Mueller said he is not ruling out talks with Fiat Chrysler ( FCHA.MI ) boss Sergio Marchionne about a possible merger."I am not ruling out a conversation," Mueller told reporters on Tuesday after the carmaker''s annual earnings press conference in Wolfsburg.Marchionne has long advocated car industry mergers to share the costs of making cleaner and more technologically advanced vehicles and has repeatedly relayed his desire via the media."It would be very helpful if Mr Marchionne were to communicate his considerations to me too and not just to you," Mueller said."I am pretty confident about the future of Volkswagen, with or without Marchionne."Only last week, Mueller appeared to dismiss the prospect of talks with Fiat Chrysler."We are not ready for talks about anything," he told Reuters on the fringes of the Geneva auto show. "I haven''t seen Marchionne for months," he said at the time.(Reporting by Andreas Cremer; Editing by Edward Taylor)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-volkswagen-fiat-chrysler-idINKBN16L1EL'|'2017-03-14T09:23:00.000+02:00'
'28cc44d6055c2081e8133c664be13e2178178d80'|'Snapchat 2017 ad revenue forecast trimmed to $770 million: eMarketer'|'Technology News - Tue Mar 14, 2017 - 9:06am EDT Snapchat 2017 ad revenue forecast trimmed to $770 million: eMarketer The logo of messaging app Snapchat is seen at a booth at TechFair LA, a technology job fair, in Los Angeles, California, U.S., January 26, 2017. REUTERS/Lucy Nicholson By Tim Baysinger The 2017 advertising revenue forecast for Snap Inc’s Snapchat has been trimmed by $30 million due to higher than expected revenue sharing with its partners, digital marketing firm eMarketer said in its latest ad spending forecast on Tuesday. While that still represents growth of more than 157 percent from last year, it is smaller than eMarketer’s prior forecast in September, which had predicted more than $800 million. Snap Inc disclosed the revenue sharing details in its SEC filing ahead of this month’s initial public offering. Snap depends on advertising dollars for the bulk of its overall revenue. The U.S. digital advertising market is expected to reach $83 billion, an increase of nearly 16 percent from last year. Following a surge in its stock price in its first two days of public trading, when it traded as high as $27 a share on the New York Stock Exchange, Snap''s stock price tumbled in the second week, and is now around $21 a share, as investor concerns about slowing user growth and a lack of profit persist. Facebook Inc''s share of the U.S. digital ad market is likely to increase to nearly 20 percent this year and Alphabet Inc''s Google will still command nearly 41 percent, eMarketer projected. On the other end of the spectrum, eMarketer forecasts more trouble for Twitter Inc, which has been grappling with stagnant user growth. Its U.S. ad revenue will decline by 4.7 percent to $1.3 billion, and Twitter’s market share of the U.S. digital ad market is expected to drop to 1.6 percent in 2017 from 1.9 percent last year. (Reporting by Tim Baysinger in New York; Editing by Matthew Lewis) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-snap-advertising-idUSKBN16L1JC'|'2017-03-14T20:06:00.000+02:00'
'4690e9e60d6294598ade9c2238a7fad5fb926583'|'PRESS DIGEST- British Business - March 14'|' 11pm EDT PRESS DIGEST- British Business - March 14 March 14   on the business pages of British newspapers.   The Times * Nicola Sturgeon shocked her political opponents and Westminster in equal measure when the Scottish First Minister said on Monday that she intends to hold a second referendum on Scottish independence. Sturgeon added she would hold a fresh poll within the next two years to prevent Scotland from being taken out of the European Union "against its will". bit.ly/2mDcOz5 * Thousands of employees are facing an uncertain future as a result of oil services company Wood Group''s all-share takeover of rival Amec Foster Wheeler. The deal values Amec Foster Wheeler at about 2.3 billion pounds ($2.7 billion). bit.ly/2n1BYs6 The Guardian * The Southern franchise has been hit by a series of strikes in recent months, but Monday''s industrial action also involved the Merseyrail and Northern networks. The RMT union is protesting against plans to introduce new trains with doors that can be operated by the driver, and change the role of guard to on-board supervisors. bit.ly/2nhhNXE The Telegraph *   has ruled out Nicola Sturgeon''s plans for a new Scottish independence referendum before Brexit, but postponed triggering Article 50 after the First Minister''s demands caught her by surprise. bit.ly/2nw1YIq * Hutchison China MediTech''s chief executive said 2017 would be a "very important year" for the pharmaceuticals company, paving the way for it to launch the first China-made oncology drug onto the market. bit.ly/2mG4bUo Sky News * Two-thirds of Britons oppose a second Scottish independence referendum, a Sky Data poll reveals. The UK public would strongly oppose such a move, with 65 percent saying there should not be a second independence referendum, while 30 percent say there should. bit.ly/2mlgL8H * British energy supplier SSE has followed a majority of its rivals in announcing inflation-busting hikes to its standard tariffs. The company said it was raising its standard electricity tariff by 14.9 percent from April 28 but would not hike gas prices. bit.ly/2lUP3U4 The Independent * The British Chambers of Commerce has upgraded its GDP growth forecast for this year from 1.1 percent to 1.4 percent, though this rate of growth would still be considerably lower than what is expected by the Bank of England and the Office for Budget Responsibility. ind.pn/2nne3Ay * The EU has said an independent Scotland would have to join a queue of nations seeking membership of the bloc, after Nicola Sturgeon announced plans for a second independence referendum. ind.pn/2n0P9JH ($1 = 0.8188 pounds) (Compiled by Kanishka Singh   Peter Cooney)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-business-idUSL3N1GR0IZ'|'2017-03-14T08:11:00.000+02:00'
'bdf5b95c05a351fe7034074de12fb55e6f32a853'|'Jailed Samsung chief can get plenty of visitors, may still play a corporate role'|'Technology News - Mon Mar 13, 2017 - 7:31pm EDT Jailed Samsung chief can get plenty of visitors, may still play a corporate role left right Samsung Group chief, Jay Y. Lee arrives at the office of the independent counsel team in Seoul, South Korea, February 19, 2017. REUTERS/Kim Hong-Ji TPX IMAGES OF THE DAY 1/2 left right FILE PHOTO - Samsung Group chief, Jay Y. Lee arrives at the office of the independent counsel team in Seoul, South Korea, February 22, 2017. REUTERS/Kim Hong-Ji/File Photo 2/2 By Se Young Lee and Jane Chung - SEOUL SEOUL The head of South Korea''s Samsung Group [SAGR.UL], Jay Y. Lee, may be languishing in a jail cell but he is allowed plenty of visitors, which may allow him to play a key role in corporate decisions even if he isn''t running the conglomerate like he did before. Lee, who didn''t attend last Thursday''s preparatory hearing for his trial on bribery, embezzlement and other charges, is kept well away from other inmates at the Seoul Detention Centre. Some, such as top former presidential advisors, are also defendants in the corruption scandal that led to the removal from office of South Korean President Park Geun-hye on Friday. Under South Korean regulations, though, Lee can meet any of his battery of attorneys without time limits and as often as he wants during business hours from Monday to Saturday. One of those lawyers told the first day of what special prosecutors described as potentially "the trial of the century" that Lee denies all charges against him. Lee, like others in detention centers awaiting trial, is also entitled to one 30-minute visit per day from someone else, including executives from one of Samsung’s affiliates, or at least 12 hours of such meetings a month. At the discretion of the warden of the detention center, he could have additional special meetings in a visiting room that doesn''t have partitions, allowing detainees to review documents and receive phone calls. By comparison, in the United States, a defendant in federal custody on corporate crime charges is generally allowed unrestricted access to attorneys during regular business hours but can only receive other visitors for a maximum four hours a month. In the U.S., though, major white collar defendants are usually allowed to post bail so they can live at home before trial. NO NEED FOR "ALTERNATIVES" South Korean media have photographed former Samsung Group Vice Chairman Choi Gee-sung and Samsung Electronics Co Ltd President Rhee In-yong visiting Lee following his Feb 17 arrest. Samsung declined to confirm those visits or comment on the level of Lee''s involvement in management affairs since he was detained. It did say that he is meeting regularly with his defense team, though declined to be more specific. In a statement it said: "Mr. Lee''s priority is preparing the legal defense so the truth can be revealed in future court proceedings." Samsung hasn''t named a replacement for Lee, who company insiders say did not manage day-to-day affairs but was instead acting as the key decision maker on major initiatives such as new investments, acquisitions, personnel decisions and restructuring. "There is no plan B," said an executive at a Samsung affiliate, who declined to be identified as he was not authorized to speak publicly on the matter. "We believe the vice chairman will be proven innocent, and if he walks free after the first trial there''s no reason to talk about alternatives." Samsung Group has disbanded its corporate strategy office, the conglomerate''s nerve center controlled by Lee and his lieutenant Choi Gee-sung, who is also a defendant in the case. It has also been moving in the past year to give more power over decisions to the boards of its affiliates such as Samsung Electronics. THREE MEETINGS A DAY In the recent past, some top South Korean businessmen who have been in custody while on trial have used the lenient visitation regime to the full. For example, Justice Department data obtained and then released by an opposition party lawmaker shows that Chey Tae-won, the head of chemicals to telecoms and semiconductors conglomerate SK Group, had 171 "special" meetings with non-attorney visitors, when he was detained between February 2013 and July 2014. Chey also had 1,607 meetings with his lawyers during that time, or three times a day on average, and the regularity of the meetings allowed him to review and comment on major decisions for the conglomerate while being detained, according to people familiar with the matter. While Lee won’t have access to a computer in his 6.56 square meter (71 square foot) cell, he can view documents during those meetings with his lawyers and Samsung executives. Lee is not allowed to take documents back to his cell. He can also make phone calls with permission of the warden, but calls can be recorded or listened to by the authorities, according to South Korean correctional rules. Lee may remain at the detention center until at least September should the case end up in the Supreme Court and he does not seek bail. Samsung said Lee has not decided yet whether to seek bail. Despite the access to attorneys and executives, it isn''t easy for business leaders to participate fully in company affairs once they are in jail, according to those who have had previous experience of such dealings. "In jail, it''s difficult to communicate smoothly. So we couldn''t do much of the big things, especially M&As," said one person with direct knowledge of a chaebol leader''s incarceration. "Operating a conglomerate from within a jail is difficult. It''s not like they have a computer, they can''t receive things with ease." (Reporting by Jane Chung, Joyce Lee and Se Young Lee; Additional reporting by Ju-min Park and Hyunjoo Jin; Editing By Martin Howell) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-southkorea-politics-samsung-group-lee-idUSKBN16K2TG'|'2017-03-14T06:21:00.000+02:00'
'38904a14ba64b9f948e741a7c53abd1d600517db'|'Capital Bank Financial explores sale - Bloomberg'|'Hedge fund TCI intensifies pressure on Safran to scrap $9 billion Zodiac deal PARIS Pressure on France''s Safran to rethink its proposed $9 billion takeover of Zodiac Aerospace intensified on Wednesday as a profit warning sent the target''s shares tumbling and hedge fund TCI called for Safran''s chairman to be ousted unless it abandons the deal. Savanna Energy Services Corp said it accepted a higher offer from fellow Canadian oilfield services provider Western Energy Services , while again rejecting a hostile bid from Total Energy Services Inc . MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-capital-bk-fin-m-a-idUSKBN16M1WI'|'2017-03-15T20:21:00.000+02:00'
'733d3c192522a72b8cf9ccffb3872e5adbd61731'|'INTTRA buys European container tracking firm Avantida'|'LONDON U.S. shipping technology company INTTRA has agreed to buy European container tracking firm Avantida to reduce costs by coordinating land and ocean container movements, it said on Tuesday.Belgium-based Avantida specializes in tracking empty containers and its technology helps cut costs for transport companies, enabling exporters to ship more efficiently."Avantida has products and customer bases that are highly complementary to those of INTTRA," its CEO John Fay said.INTTRA, which runs one of the largest electronic transaction software platforms in the shipping industry, said industry experts estimate that finding and repositioning empty containers costs the ocean shipping industry up to $20 billion a year, approximately 40 percent of handling costs.The deal will help INTTRA''s clients minimize miles driven, increase container velocity and lower costs for carriers and transport companies. It will also provide access to seven European markets where Avantida is active, including Germany, France, Italy and Spain.Terms of the deal were not disclosed.(Reporting by Pamela Barbaglia, editing by Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-avantida-m-a-inttra-idINKBN16L0RS'|'2017-03-14T05:34:00.000+02:00'
'4f8a8c220e9f8dc35e993cab537c8d18e6317e01'|'Deals of the day-Mergers and acquisitions'|'  6:01am EDT Deals of the day-Mergers and acquisitions March 14 The following bids, mergers, acquisitions and disposals were reported by 1000 GMT on Tuesday: ** Sealed Air Corp is in exclusive talks to sell its cleaning and chemicals systems division, Diversey Care, to private equity firm Bain Capital LLC for between $3 billion and $4 billion, people familiar with the matter said on Monday. ** Billionaire investor William Ackman walked away from Valeant Pharmaceuticals International Inc on Monday with a loss of more than $3 billion as he sold his entire stake in the struggling drug company after trying to rescue it for some 18 months. ** Japan''s Toshiba Corp said it would speed up looking at whether to sell a majority of Westinghouse even as it sought to reassure investors it could have a future without the unit or its prized memory chip business that has been put up for sale. ** Verizon Communications Inc sought almost triple the price reduction that it ultimately obtained for Yahoo Inc''s core assets following two massive cyber attacks at the internet company, according to a Yahoo filing. ** Acquisition company Harmony Merger Corp and privately held liquefied natural gas developer NextDecade LLC said on Monday that they would merge in an all-stock deal valued at about $1 billion. ** TechStyle Fashion Group, owner of the Fabletics sportswear line that features celebrity actress Kate Hudson, is exploring a sale that could value it at more than $1.5 billion, including debt, people familiar with the matter said on Monday. ** Kenya''s telecoms regulator said it had no plans to break up any company in the sector, weeks after a leaked draft report on competition it commissioned recommended that Safaricom , the country''s biggest operator, be split. ** Brazilian meatpacker and food processor JBS SA on Monday said it reached an agreement to acquire U.S.-based ham and bacon producer Plumrose USA for $230 million, according to a securities filing. ** U.S. networking software company Citrix Systems Inc has been exploring strategic alternatives including a potential sale, people familiar with the matter said on Monday. ** Ligado Networks, the wireless satellite venture formerly known as LightSquared Inc that emerged from bankruptcy in 2015, is working with financial advisers to explore strategic alternatives, according to people familiar with the matter. ** German utility RWE said it could cut its stake in Innogy to 51 percent, but declined to respond directly to a report that France''s Engie was considering a bid for the networks and renewables business it listed last year. ** Investment firms Spectrum Equity and Cressey & Co have agreed to acquire a majority stake in Verisys Corporation, a U.S. provider of data and software that help healthcare providers with regulatory compliance, people familiar with the matter said. ** French asset manager Amundi set a price of 42.50 euros for its previously announced 1.4 billion euros ($1.5 billion) rights issue to finance its acquisition of Pioneer Investments from Italian bank UniCredit. ** Canadian pension fund investor Borealis Infrastructure and the infrastructure investing arm of the Kuwait Investment Authority (KIA) said they had agreed to buy a 26 percent stake in Britain''s Thames Water. ** British fashion retailer French Connection Group Plc reported a loss for the fifth straight year, prompting calls from activist investor Gatemore Capital Management to split up the company. (Compiled by Ahmed Farhatha in Bengaluru)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/deals-day-idUSL3N1GR3DJ'|'2017-03-14T17:01:00.000+02:00'
'31e26f4cbd3a78f1c468284f450e3d1337c68c92'|'India''s retail inflation picks up to 3.65 percent in February - Reuters'|'NEW DELHI India''s annual consumer price inflation rose to 3.65 percent in February, mainly driven by food prices, after touching its lowest level in at least five years in January, government data showed on Tuesday.Economists polled by Reuters had expected last month''s annual retail inflation to come in at 3.58 percent, compared with 3.17 percent in January.Food inflation was 2.01 percent last month, higher than 0.53 percent in January.(Reporting by Manoj Kumar; Editing by Malini Menon)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/india-economy-inflation-idINKBN16L1DU'|'2017-03-14T09:07:00.000+02:00'
'9cfe0e49fc97f05eff92114a6eb65c9a8c62c163'|'Japan lays groundwork for free education policy to help economy'|'  10:49am GMT Japan lays groundwork for free education policy to help economy An elementary school student walks past next to a rice paddy field in Kazo, north of Tokyo July 1, 2015. REUTERS/Issei Kato TOKYO Japan is laying the groundwork for a free education programme for some households that will cover a student''s costs from pre-school to college to ensure the country maintains a highly-skilled workforce. The programme, still in its early stages, is expected to feature in the government''s economic strategy due sometime around June, which is part of Prime Minister Shinzo Abe''s economic agenda, commonly called "Abenomics." The government invited Joseph Stiglitz, an economist and a Nobel laureate, to speak at its top advisory panel on Tuesday about investing more in education by introducing universal access to a college education. A ruling Liberal Democratic Party panel is also debating the scope of the plan and how to fund it, with an eye on helping low-income families. "Stiglitz has many ideas that agree with some of the things that we are trying to do in the second stage of ''Abenomics,''" Abe said after the panel met. Stiglitz also recommended that Japan raise salaries for workers in education and healthcare to draw more workers into the services sector, raise minimum wages, raise public-sector wages and increase productivity. These are all policies that Abe has adopted recently, but some economists say the pace of improvement in wages has been too slow. "I talked about some of the underlying reasons for the slowdown in growth and productivity and the dangers of what happens if these issues that are dividing societies are not addressed," Stiglitz told reporters. Stiglitz also said that monetary policy in Japan has reached its limits, so it is better to support growth by narrowing the wealth divide and increasing productivity. Abe shifted his economic agenda last year to focus on raising the minimum wage, curbing long working hours and improving access to child care. At the time, Abe framed the shift as a focus on the redistribution of wealth. Economists have largely welcomed this shift, but some critics say policies are not bold enough. Abe is trying to breathe new life into his economic agenda after the growth spurt caused by his mix of fiscal spending and monetary easing from the central bank started to fade. (Reporting by Stanley White; Editing by Jacqueline Wong)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-economy-education-idUKKBN16L17E'|'2017-03-14T17:49:00.000+02:00'
'a9dd3f7d73d598c5671adb4b078399359a6b8db5'|'RWE examining all strategic options for group - CEO'|' 19am GMT RWE examining all strategic options for group - CEO RWE CEO Rolf Martin Schmitz during news conference in Essen, Germany, March 14, 2017. Reuters/Thilo Schmuelgen ESSEN, Germany RWE ( RWEG.DE ) is constantly assessing strategic options for its business, including potential corporate tie-ups and sales of stakes in its network and renewable unit Innogy ( IGY.DE ), its chief executive told journalists on Tuesday. "We are examining all strategic options our company is faced with," Rolf Martin Schmitz said, adding the company was constantly in touch with market participants, without elaborating further. (Reporting by Christoph Steitz and Vera Eckert; Editing by Maria Sheahan)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-innogy-m-a-engie-rwe-idUKKBN16L137'|'2017-03-14T17:19:00.000+02:00'
'51ba6b7a9326ea0a5cd66581278b5114534427eb'|'Ocado highlights pricing pressures as sales growth maintained'|'  Ocado highlights pricing pressures as sales growth maintained An Ocado truck returns to the Ocado depot in Hatfield, southern England July 21, 2010. REUTERS/Suzanne Plunkett/File Photo LONDON Ocado ( OCDO.L ), the British online supermarket that has been testing investors'' patience with its failure to land an overseas deal, said there were signs of pricing pressures in the market, though it did maintain its rate of sales growth in its latest quarter. "While the market remains very competitive, there are the first signs of a change in market pricing dynamics coming through," Chief Executive Tim Steiner said on Tuesday. "However, it remains too early to predict how this will unfold throughout the year, and in particular is dependent on any future currency movements." The firm said gross retail sales rose 13.1 percent to 352.4 million pounds in the 13 weeks to Feb. 26, its fiscal first quarter - the same rate of growth as the previous quarter. Ocado said it expected to continue to grow ahead of the online grocery market, and substantially ahead of the market overall. The average number of orders per week grew 16.7 percent to 252,000 in the quarter, driven by both new and existing customers. However, average order size fell by 1.6 percent to 110.84 pounds. Partnerships with retailers in north America and western Europe are seen by analysts as the key influence on Ocado''s stock market valuation. However, the firm missed its target of securing a deal in 2015 and is still to announce one. Ocado made no comment on the matter in its trading statement. Shares in the firm have had a rollercoaster ride since listing at 180 pence in 2010. They have fallen 20 percent over the last six months, closing Monday at 258.2 pence, valuing the business at 1.62 billion pounds. (Reporting by James Davey, Editing by Paul Sandle)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ocado-outlook-idUKKBN16L0NA'|'2017-03-14T14:39:00.000+02:00'
'f1abad0f01dff8da8f31a856750950a5234f59b4'|'Fed, in shift, may move to faster pace of rate hikes'|'Business News - Tue Mar 14, 2017 - 5:02am GMT Fed, in shift, may move to faster pace of rate hikes FILE PHOTO - A police officer keeps watch in front of the U.S. Federal Reserve building in Washington, DC, U.S. on October 12, 2016. REUTERS/Kevin Lamarque//File Photo By Ann Saphir and Lindsay Dunsmuir - SAN FRANCISCO/WASHINGTON SAN FRANCISCO/WASHINGTON The Federal Reserve, which has struggled to stoke inflation since the financial crisis and up until now raised rates less frequently than it and markets expected, may be about to hit the accelerator on rate hikes. On Wednesday, the U.S. central bank is almost universally expected to raise its benchmark interest rates, a move that just a few weeks ago was viewed by the markets as unlikely. And with inflation showing signs of perking up, Fed policymakers may signal there could be more than the three rate rises they have forecast for this year. "They do not have as much room to be patient as they did before," said Tim Duy, an economics professor at the University of Oregon, who expects Fed policymakers to lift their rate forecasts this week. Policymakers have their eyes on achieving full employment and 2-percent inflation. The faster the economy approaches those goals, Duy said, the quicker the Fed will want to tighten policy to avoid getting behind the curve. "That''s an acceleration in the dots," he said, referring to forecasts published by the Fed that show policymakers'' individual rate-hike forecasts as dots on a chart. The economy already appears closer to its goals than the Fed had expected in December, the last time it released forecasts. The jobless rate, at 4.7 percent, is below what policymakers see as the long-run norm, and inflation, at 1.7 percent, is already in the range they had expected by year end. THE LONG-WISHED FOR RETURN OF INFLATION As Fed policymakers prepare to raise rates this week for the second time in three months, the inflation terrain they face looks steeper than it has been since the financial crisis when one of the central bank''s policy aims was to generate inflation. There are signs of more inflation globally, the dollar is pushing down less on U.S. prices, domestic inflation expectations have picked up and Friday''s closely watched monthly jobs report showed wages rising 2.8 percent year-on-year in February, with payrolls rising a sturdy 235,000. The Fed''s preferred inflation measure, the so-called core PCE price index, recorded its biggest monthly increase in five years in January and was up 1.7 percent year-on-year after a similar gain in December. Most Fed policymakers say such data gives them increasing confidence that inflation will eventually reach the Fed''s goal after years of undershooting. Inflation in the euro zone jumped to a four-year high of 2.0 percent in January, above the European Central Bank''s target rate of just below 2 percent. Oil prices have also moved higher, with the price of Brent crude oil [LC0c1] up about 30 percent from January 2016. The 5-year forward inflation expectation rate, a market gauge tracked by the Fed, currently stands at 2.14 percent, up from 1.60 percent one year ago. And the 10-year TIPS breakeven rate, another measure of inflation expectations tracked by the Fed, last month reached its highest levels since September 2014. Fed Chair Janet Yellen said earlier this month she doesn''t believe the Fed is behind the curve on inflation. To inflation hawks like Richmond Fed President Jeffrey Lacker, the Fed is already in danger of falling behind. But even centrist policymakers like the San Francisco Fed''s John Williams see receding risks of persistently too-low inflation and the potential need for swifter rate hikes. "The inflation risks are pretty clearly tilted to the upside," said Eric Stein, a portfolio manager for Eaton Vance in Boston. (Reporting by Ann Saphir and Lindsay Dunsmuir; Additional reporting by Richard Leong; Editing by David Chance and Andrea Ricci) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-fed-inflation-analysis-idUKKBN16L0E3'|'2017-03-14T12:02:00.000+02:00'
'f31a3cb0e4b0fce76b4a43b2493be9193db60851'|'UK braces for another pounding from Brexit talks'|'  9:47pm GMT UK braces for another pounding from Brexit talks An English ten Pound note is seen in an illustration taken March 16, 2016. REUTERS/Phil Noble/Illustration/File Photo By Patrick Graham - LONDON LONDON After eight months of discounting a plethora of UK political risks, sterling''s relaxed reaction to the prospect of the launch of Brexit talks and a new Scottish independence referendum may be understandable, but the worst may not be over yet. Declared the official opposition to the government''s drive for a "hard Brexit" when it sank last year, the pound barely moved on Monday as the Scotland''s first minister demanded a new vote and the government saw off the last pieces of parliamentary opposition. That stability may have been some measure of how far sterling has fallen - more than 20 percent in a year - and how cheap it now seems to big financial investors. But for the past three weeks it has looked more like the calm before a gathering market storm that may be launched by a combination of a weakening economy and an EU summit in early April that will establish ground rules for the talks. Several of the currency world''s top 10 banks, who were more cautious on the pound at the end of last year, have been aggressive again in the past fortnight in advocating more declines. Sterling has been the worst performer against the dollar among the major developed-world currencies as a result. Net "short" bets against the pound on the regulated U.S. futures market took their biggest jump in six months last week, a fifth rise in a row taking them to the highest since November. They remain short of the record highs reached after a "flash crash" last October, suggesting there may be more room to fall. An alternative measure of investor movements run by Citi, the world''s biggest currency trader, says nothing in the past month''s flows suggests there is a barrier to more selling. "The focus on sterling has definitely reduced significantly this year and that does suggest the moves down may be slower and more of a grind," said Josh O''Byrne, a strategist on the G10 group of major currencies with the U.S. bank. "But a move below $1.20 by the end of the year wouldn''t surprise us at all, and you probably have a bit more room, towards $1.15. Positioning isn''t too heavy and the politics may represent a bit of a catalyst for the wider economic picture." IT''S THE ECONOMY... The pound sank after the Brexit vote last June largely on the assumption that consumers and investors would spend less in the uncertain environment that followed and that economic growth in general would suffer. In the event, the British economy has stood up well. Yet in contrast to the euro, it now heads into a time of unprecedented constitutional uncertainty with a record current account shortfall as well as more than $2 trillion of public debt that needs servicing annually and which is still climbing. A number of leading data indicators have turned lower and economists point to the arrival of hefty price increases caused by sterling''s depreciation so far as possible turning points for household spending. That may come as EU officials deliver the first blows in the talks after an EU summit next month. "In the medium term, there is clearly pretty large headline risk to the pound and we are starting from a fairly weak position on the deficits, both fiscal and external," said James Binny, State Street Global Advisors'' EMEA head of currencies. "We do not have that underlying support that the euro has had." Like others, Binny also said sterling''s longer-term fair value is probably around $1.50 and wonders when its weakness will tempt foreign multinationals and investment managers to invest heavily in UK assets. But for now the doubt over what deal ministers will emerge with in 18 months time should override such thoughts, he said. "If you are going to make a big strategic purchase in the UK, it would seem extremely risky to do so before you know what deal they are getting," he said. "If you are thinking of buying the pound, you would tend to think that you will still get a better opportunity." STEADY All that said, some teams of bank strategists have also begun to ask what political risks are not yet provided for. Scottish First Minister Nicola Sturgeon has been indicating for weeks that she was liable to demand a referendum and the pound barely budged when she did on Monday, gaining almost half a percent on the day. Likewise, Prime Minister Theresa May signaled months ago she would launch Article 50 talks on leaving the bloc by the end of March and has made clear the government is on course for a "hard Brexit" that imposes immigration and other controls at the expense of membership of the EU''s lucrative single market. "To me the market has put a lot of Brexit into the price," says Peter Gorra, Head of G10 Trading at Nomura in New York. "The market always looks far ahead and the pound is down so much in the last year. I don’t know if I would call the bottom, but we are certainly getting near." (Writing by Patrick Graham)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-eu-sterling-idUKKBN16K2O6'|'2017-03-14T04:39:00.000+02:00'
'6debc245f921f6b6ceae6bf5e8ed13efd3ca4492'|'UPDATE 1-UK Stocks-Factors to watch on March 13'|'Company   3:36am EDT UPDATE 1-UK Stocks-Factors to watch on March 13 (Adds company news items, futures) March 13 Britain''s FTSE 100 index is seen opening up 6 points at 7,349 on Monday, according to financial bookmakers, with futures up 0.1 percent ahead of the cash market open. * COMPUTACENTER: British IT services provider Computacenter said its full-year adjusted revenue rose 6.3 percent, helped by positive currency impact. * HSBC: HSBC Holdings Plc, Europe''s biggest bank, tapped an outsider for its top job on Monday, appointing insurance veteran and AIA Group boss Mark Tucker as chairman to replace Douglas Flint, who plans to step down in 2017. * LLOYDS: Lloyds Banking Group is expected to sign a contract with IBM for 1.3 bln stg that will shift more than 1,900 jobs to the US tech firm as it outsources many of its computer systems, the Financial Times reported. * VODAFONE: Mobile operator Vodafone will create 2,100 new customer service jobs across Britain in the next two years as part of an investment drive to improve operations in its home market. * BHP BILLITON: The striking union at BHP Billiton''s Escondida copper mine in Chile, the world''s largest, told Reuters on Saturday that it will not accept an offer from the company to return to the negotiating table, and it called on the company to clarify some of its negotiating positions. * LLOYDS: A U.S. judge on Friday dismissed Lloyds Banking Group Plc , ICAP Europe Ltd and Tullett Prebon Plc as defendants from litigation alleging a conspiracy among many financial services companies to manipulate the yen Libor and Euroyen Tibor benchmark interest rates. * MISYS: Misys ( IPO-MISY.L ) is nearing a deal to combine with DH Corp , the Financial Times reported, citing sources. on.ft.com/2mZ55MB * BOVIS-GALLIFORD TRY: British homebuilder Bovis has rejected a bid approach from rival Galliford Try but remains in negotiations about a possible deal, the firm said on Sunday, adding it had also rejected a proposal from another suitor, Redrow. * OIL: Oil prices dropped to their lowest in three months on Monday despite OPEC efforts to curb crude output, dragged down as U.S. drillers kept adding rigs. * The UK blue chip index FTSE 100 ended up 0.4 percent on Friday, led by BT as investors cheered the resolution of a long-running regulatory battle over its broadband unit. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Siju Varghese; Editing by Sherry Jacob-Phillips) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1GQ2KI'|'2017-03-13T14:36:00.000+02:00'
'9a042df2bc12face3d48e31c133ab55138416ed4'|'Toshiba says not true it is considering selling shares in Toshiba Tec'|'TOKYO Toshiba Corp said on Monday it is not true that it is considering selling shares in its Toshiba Tec Corp unit.The Japanese industrial conglomerate denied a Nikkei business daily report that it was looking to sell shares in Toshiba Tec, a maker of cash register systems, as it seeks to plug an upcoming $6.3 billion writedown for its U.S. nuclear unit.Toshiba has selected an advisory firm to help find a buyer soon for Toshiba Tec, the paper said. The sale price for the entire 50.02 percent stake in Toshiba Tec would likely be around 100 billion yen ($870 million), the Nikkei said.(Reporting by Chang-Ran Kim; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-toshiba-accounting-toshiba-tec-idINKBN16K00W'|'2017-03-12T21:27:00.000+02:00'
'e76a2a0a2f5e86ca867f241eaeca4629c8c46bca'|'Oil major Total starts up production at Congo''s Moho Nord site'|' 12am EDT Oil major Total starts up production at Congo''s Moho Nord site PARIS, March 15 French oil major Total has started up production from the Moho Nord site off the coast of the Republic of Congo, with the facility set to have a production capacity of 100,000 barrels of oil equivalent per day. "Moho Nord is the biggest oil development to date in the Republic of the Congo," Arnaud Breuillac, president of exploration and production at Total, said in a statement on Wednesday. "Moho Nord will contribute to the reinforcement of the cash flow of the group and to its production growth," he added. Total has a 53 percent stake in the site. Chevron Overseas (Congo) Ltd has a 31.5 percent stake while Societe Nationale des Petroles du Congo owns a 15 percent stake. Last month, Total reported some of the biggest profits for 2016 in the oil industry and raised its dividend. (Reporting by Sudip Kar-Gupta; Editing by Matthias Blamont)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/total-congo-idUSFWN1GS01Y'|'2017-03-15T14:12:00.000+02:00'
'e2d189651fdd6f8c55fac91e9cdee9be1c9a9320'|'Packaging conglomerate Ardagh prices shares at $19 in New York IPO'|'DUBLIN Packaging conglomerate Ardagh Group ( ARD.N ) on Tuesday priced its long-awaited initial public offering (IPO) at $19 per share in a listing of around 7 percent of the company on the New York Stock Exchange.The Luxembourg-based supplier of glass and metal containers, controlled by Irish billionaire Paul Coulson, had announced - and then delayed - a stock market debut several times, but said last month that it intended to float this quarter.Ardagh said in a statement on Tuesday it intends to sell 16.2 million class A common shares, representing approximately 6.9 percent of its share capital, to raise $307.8 million.The deal''s underwriters may also exercise an option to purchase up to 2.4 million additional shares.Ardagh, which has been manufacturing Dutch brewer Heineken''s ( HEIO.AS ) iconic green beer bottles for over 25 years, has said it will use the proceeds of the IPO to pay down debt which stood at $7.2 billion or over five times its annual earnings last year.The packaging producer, which also counts L''Oreal and Coca-Cola among its clients, has grown its annual revenue to 7.7 billion euros through a series of acquisitions.Coulson said last month that while the funds to be raised in the IPO would be relatively modest, becoming a publicly-traded company was a "very logical progression" for the company he has transformed from a small, single plant to one that operates out of over 100 facilities in 22 countries.Citigroup, Deutsche Bank Securities, Goldman Sachs & Co, Barclays, Credit Suisse and JPMorgan are acting as joint book-running managers. Ireland''s Davy Stockbrokers and Wells Fargo Securities are acting as co-managers.(1 euro = $1.0579)(Reporting by Conor Humphries, editing by G Crosse)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ardagh-group-ipo-idINKBN16L2R1'|'2017-03-14T19:25:00.000+02:00'
'cb218fcdfe54a0f58868c3af6af8bdf7222da1ca'|'PRESS DIGEST- New York Times business news - March 15'|'March 15 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.- The reputation of Roundup, whose active ingredient is the world''s most widely used weed killer, took a hit on Tuesday when a federal court unsealed documents raising questions about its safety and the research practices of its manufacturer, the chemical giant Monsanto. nyti.ms/2nDaohj- President Trump rounded out his financial regulatory team on Tuesday, announcing plans to select J. Christopher Giancarlo to run the Commodity Futures Trading Commission. nyti.ms/2n8l9f9- Another Goldman Sachs executive is being hired for a senior government role in Washington — this time at the Treasury Department. James Donovan, a longtime Goldman banking and investment management executive, has been named to be the deputy to the Treasury secretary, Steven Mnuchin. nyti.ms/2mYfFTM- Neiman Marcus, the struggling high-end retailer, is in talks to sell itself to the Hudson''s Bay Company, the Canadian retail giant, according to a person briefed on the discussions. A deal would put Neiman Marcus under the same umbrella as Saks Fifth Avenue and Lord & Taylor. nyti.ms/2mHHKMS (Compiled by Parikshit Mishra in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-nyt-idINL3N1GS1ZQ'|'2017-03-15T01:09:00.000+02:00'
'6555347ba831257c189b83f35cb4c329344a58e8'|'German economy likely to grow at accelerated pace in first quarter - Economy Minister'|' 06am GMT German economy likely to grow at accelerated pace in first-quarter: Economy Ministry Workers assemble Mercedes-Benz S-class models at their plant in Sindelfingen near Stuttgart January 28, 2015. REUTERS/Michael Dalder BERLIN The German economy powered ahead at the start of 2017 and is likely to grow at a stronger pace in the first quarter than in the previous three months, the Economy Ministry said on Wednesday. Europe''s biggest economy grew by 0.4 percent on the quarter in the final three months of 2016, helped by higher state spending on refugees, increased private consumption and higher investment in housing. "After a good start, economic output could expand at an accelerated pace in the first quarter," the ministry said in its monthly report. It said that global conditions and national indicators pointed to moderate growth in German exports, adding that economic fundamentals for construction were also good. Sentiment indicators also suggested a brighter economic outlook and the mood among consumers and retailers remained confident overall, the ministry said. In 2016 as a whole, the German economy grew by 1.9 percent, the strongest rate in five years. But the government expects growth to slow this year to 1.4 percent, mainly due to fewer workdays. (Reporting by Michael Nienaber; Editing by madeline Chambers)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-germany-economy-idUKKBN16M182'|'2017-03-15T16:59:00.000+02:00'
'1dba911fe4508ef40dfaeb66bad17ac7d78245be'|'Harmony Merger Corp and pvt LNG company NextDecade to merge'|'Acquisition company Harmony Merger Corp ( HRMNU.O ) and privately held liquefied natural gas developer NextDecade LLC said on Monday that they would merge in an all-stock deal valued at about $1 billion.The proposed reverse merger will result in NextDecade becoming a publicly listed company.NextDecade focuses on LNG export projects and pipelines in Texas.The deal, expected to close in the second quarter of 2017, includes an additional stock consideration to be paid to NextDecade shareholders after certain milestones are met.The merger is expected to close only after it gets Harmony stockholders'' and certain regulatory approvals.Harmony''s legal adviser is Graubard Miller, while NextDecade''s legal counsel is King & Spalding LLP. Height Securities LLC is acting as financial adviser to NextDecade.(Reporting by Vishaka George in Bengaluru; Editing by Maju Samuel)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-nextdecade-m-a-harmony-merger-idINKBN16K2JX'|'2017-03-13T17:20:00.000+02:00'
'bb5f64eac423d2dc24d3ec3eaf1a9f0eb8d74dd9'|'UPDATE 1-Several states jointly sue to block Trump''s revised travel ban'|'(Rewrites with details on legal arguments)By Mica RosenbergMarch 13 A group of states renewed their effort on Monday to block President Donald Trump''s revised temporary ban on refugees and travelers from several Muslim-majority countries, arguing that his executive order is the same as the first one that was halted by federal courts.Court papers filed by the state of Washington and joined by California, Maryland, Massachusetts, New York and Oregon asked a judge to stop the March 6 order from taking effect on Thursday.An amended complaint said the order was similar to the original Jan. 27 directive because it "will cause severe and immediate harms to the States, including our residents, our colleges and universities, our healthcare providers, and our businesses."A Department of Justice spokeswoman said it was reviewing the complaint and would respond to the court.A more sweeping ban implemented hastily in January caused chaos and protests at airports. The March order by contrast gave 10 days'' notice to travelers and immigration officials.Last month, U.S. District Judge James Robart in Seattle halted the first travel ban after Washington state sued, claiming the order was discriminatory and violated the U.S. Constitution. Robart’s order was upheld by the 9th U.S. Circuit Court of Appeals.Trump revised his order to overcome some of the legal hurdles by including exemptions for legal permanent residents and existing visa holders and taking Iraq off the list of countries covered. The new order still halts citizens of Iran, Libya, Syria, Somalia, Sudan and Yemen from entering the United States for 90 days but has explicit waivers for various categories of immigrants with ties to the country.Refugees are still barred for 120 days, but the new order removed an indefinite ban on all refugees from Syria.Washington state has now gone back to Robart to ask him to apply his emergency halt to the new ban.Robart said in a court order Monday that the government has until Tuesday to respond to the states'' motions. He said he would not hold a hearing before Wednesday and did not commit to a specific date to hear arguments from both sides.PROVING HARMSeparately, Hawaii has also sued over the new ban. The island state, which is heavily dependent on tourism, said the executive order has had a "chilling effect" on travel revenues.In response to Hawaii''s lawsuit, the Department of Justice in court papers filed on Monday said the president has broad authority to "restrict or suspend entry of any class of aliens when in the national interest." The department said the temporary suspensions will allow a review of the current screening process in an effort to protect against terrorist attacks.There is a hearing in the Hawaii case set for Wednesday, the day before the new ban is set to go into effect.The first hurdle for the lawsuits will be proving "standing," which means finding someone who has been harmed by the policy. With so many exemptions, legal experts have said it might be hard to find individuals who would have a right to sue, in the eyes of a court.To overcome this challenge, the states filed more than 70 declarations of people affected by the order including tech businesses Amazon and Expedia, which said that restricting travel hurts their revenues and their ability to recruit employees.Universities and medical centers that rely on foreign doctors also weighed in, as did religious organizations and individual residents, including U.S. citizens, with stories about separated families.But the Trump administration in its filings in the Hawaii case on Monday said the carve-outs in the new order undercut the state''s standing claims."The Order applies only to individuals outside the country who do not have a current visa, and even as to them, it sets forth robust waiver provisions," the Department of Justice''s motion said.The government cited Supreme Court precedent in arguing that people outside the United States and seeking admission for the first time have "no constitutional rights" regarding their applications.If the courts do end up ruling the states have standing to sue, the next step will be to argue that both versions of the executive order discriminate against Muslims."The Trump Administration may have changed the text of the now-discredited Muslim travel ban, but they didn''t change its unconstitutional intent and effect," California Attorney General Xavier Becerra said in a statement on Monday.While the text of the order does not mention Islam, the states claim that the motivation behind the policy is Trump''s campaign promise of "a total and complete shutdown of Muslims entering the United States." He later toned down that language and said he would implement a policy of "extreme vetting" of foreigners coming to the United States.The government said the courts should only look at the text of the order and not at outside comments by Trump or his aides. (Reporting by Mica Rosenberg in New York; Editing by Jonathan Oatis and Grant McCool)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-immigration-idINL2N1GQ0YF'|'2017-03-13T17:23:00.000+02:00'
'2471a62075357fe5ff6656ecf3392d1acd3175e1'|'Ackman''s Pershing Square sells Valeant stake, takes $3 billion loss'|'Business News - Tue Mar 14, 2017 - 12:04am GMT Ackman''s Pershing Square sells Valeant stake, takes $3 billion loss William Ackman, founder and CEO of hedge fund Pershing Square Capital Management, speaks during the Sohn Investment Conference in New York May 4, 2015. REUTERS/Brendan McDermid By Svea Herbst-Bayliss - BOSTON BOSTON Billionaire investor William Ackman walked away from Valeant Pharmaceuticals International Inc ( VRX.TO ) on Monday with a loss of more than $3 billion (2.46 billion pounds) as he sold his entire stake in the struggling drug company after trying to rescue it for some 18 months. The abrupt and unexpected move by the powerful activist investor sent Valeant shares tumbling almost 10 percent in after-hours trading. They have lost 95 percent of their value since mid-2015. For Ackman, it marked a dramatic climbdown from his vocal support of the company, but should help soothe his own investors who had begun to show signs of concern about mounting losses in his portfolio. "We elected to sell our investment and realise a large tax loss which will enable us to dedicate more time to our other portfolio companies and new investment opportunities," Ackman said in a statement. Ackman''s Pershing Square Capital Management became one of Valeant''s biggest investors in 2015 when it sunk some $3.2 billion into the company. At its peak the Valeant stake was worth roughly $4 billion. Pershing Square said on Monday the Valeant position, at its current market value, represented 1.5 percent to 3 percent of its various funds. Already one of the hedge fund industry''s most vocal investors, Ackman turned himself into Valeant''s biggest cheerleader and fixer, even as the stock price plunged amid U.S. regulators'' probe of Valeant''s pricing policies and problems at its specialty pharmacy unit, Philidor. After securing a board seat, Ackman replaced the chief executive, overhauled the board of directors and made some asset sales. But the biggest move - trying to sell Salix, the company''s gastro-intestinal division, to Japanese company Takeda - eluded Ackman after advanced negotiations failed to lead to a sale. He sold Pershing''s 18.1 million shares of Valeant on Monday, plus about 8.8 million under his own name, together representing almost 8 percent of Valeant overall, according to Reuters data. BIG DROP Ackman''s fund bought into Valeant when the stock was trading near $190 a share and he watched it surge to $260 a share during the summer of 2015. But regulatory scrutiny and other concerns caused the stock price to sharply tumble after August 2015. The stock has fallen 16 percent since January even as many other stocks have been buoyed by hopes of stronger economic growth and increased merger activity. The shares closed at $12.11 on the New York Stock Exchange on Monday, and dipped to $10.93 in after-hours trading. That long decline has tarnished Ackman''s reputation as an investor and wreaked havoc on his portfolio. After gaining 37 percent in 2014, his Pershing Square International Fund lost 16.6 percent in 2015 and 10.2 percent in 2016, largely because of the Valeant losses. Monday''s move mirrored a similar exit in the summer of 2013 when Ackman sold his entire stake in retailer J.C. Penney ( JCP.N ) and stepped off the board after having failed to fix the company. "Ackman never, never gives up, at least not until a year or two after everyone else has given up," said Erik Gordon, a professor of law and business at the University of Michigan. Pershing Square was Valeant''s second-largest owner after hedge fund Paulson & Co, a regulatory filing shows. Hedge fund ValueAct Holdings is the third-biggest owner. For Ackman''s investors - pension funds across the country and wealthy private investors - the losses were beginning to wear and speculation had been mounting that they might not endure another year of declines. Ackman''s gains at the start of the year have already turned into losses. It takes two years for investors to exit Pershing Square Capital Management, but Ackman has protected himself by building permanent capital of roughly $6 billion, which should ensure that his roughly $12 billion hedge fund can endure some investor departures. (Reporting by Svea Herbst-Bayliss; Editing by Bernard Orr and Bill Rigby) Next In Business News UK braces for another pounding from Brexit talks LONDON After eight months of discounting a plethora of UK political risks, sterling''s relaxed reaction to the prospect of the launch of Brexit talks and a new Scottish independence referendum may be understandable, but the worst may not be over yet.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-valeant-ackman-idUKKBN16L00A'|'2017-03-14T07:04:00.000+02:00'
'd3c060ece17ce8d72845831ca30b324238c1968d'|'UK gives early green light to Sanofi eczema drug'|'  9:16am GMT UK gives early green light to Sanofi eczema drug The logo of French drugmaker Sanofi is seen in front of the company''s headquarters in Paris, France, October 30, 2014. REUTERS/Christian Hartmann/File Photo LONDON Sanofi ( SASY.PA ) has won an early green light from Britain for its game-changing eczema medicine, boosting the French company''s hopes for a product that is also expected to win approval in the U.S. market this month. Britain''s medicines regulator has granted dupilumab a positive scientific opinion through its Early Access to Medicines Scheme, meaning patients can get the drug before it is granted formal marketing authorisation, Sanofi said on Tuesday. Dupilumab has impressed doctors in a series of clinical trials over the past year and consensus analyst forecasts already point to annual global sales of more than $4 billion by 2022, according to Thomson Reuters data. The medicine, which was developed with Sanofi''s long-time partner Regeneron Pharmaceuticals ( REGN.O ), is widely expected to win a U.S. green light by a March 29 action date set by the Food and Drug Administration. Dupilumab works by inhibiting two proteins involved in the body''s immune response, known as IL-4 and IL-13, giving it an unusually wide range of potential uses. Beyond eczema, or atopic dermatitis, Sanofi believes it has the potential to help fight 14 different disorders, including asthma and food allergies. Sanofi''s research head, Elias Zerhouni, told Reuters last week he had very high hopes for the medicine, which he said signalled "the emergence of the new science and portfolio at Sanofi". The Paris-based group needs to score some high-profile wins on the new drug front to offset flagging sales in its big diabetes business, where increasing competition and pressure on prices has hit sales and profits. (Reporting by Ben Hirschler; editing by Jason Neely) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-sanofi-fr-regeneron-eczema-britain-idUKKBN16L0VF'|'2017-03-14T16:16:00.000+02:00'
'bb1cbf36c95a6902d1bfcaf5d9cdcf68428ea228'|'Charles Schwab launches hybrid human-robo financial advice'|'Technology News - Tue Mar 14, 2017 - 4:05am GMT Charles Schwab launches hybrid human-robo financial advice A Charles Schwab office is shown in Los Angeles, California January 29, 2016. REUTERS/Mike Blake By Anna Irrera - NEW YORK NEW YORK Brokerage Charles Schwab Corp ( SCHW.N ) on Tuesday launched a service that combines its automated investment management technology with human advisors, as financial institutions race to offer digital financial advice. The service, called Schwab Intelligent Advisory, provides clients with a financial and investment plan, unlimited access to a human advisor via phone or video conference, and an investment portfolio of exchange-traded funds managed by computer algorithms. The service, for clients with at least $25,000 to invest, includes an online platform that keeps track of financial goals and retirement plans, the San Francisco-based company said in a statement. It will charge a 0.28 percent fee on assets, with a quarterly maximum of $900. The service comes less than two months after Betterment LLC, one of the first and largest online wealth managers known as robo-advisers, said it would offer two similar hybrid plans, with minimum investments of $100,000 and $250,000. Betterment''s move marked a surprising shift toward human advisors. Robo-advisers had focused on automation to capture lower net worth clients regarded as too expensive to service. The sector prompted established financial institutions to launch similar services, raising concerns about whether small robo-advisers could survive the competition. Large financial institutions can afford to charge less for robo-advice because they also offer the exchange-traded funds in their automated portfolios. Schwab, which announced the hybrid service in December, has been one of the most aggressive established brokerages to fight back against robo-advisers. It launched its first robo-advice product two years ago and quickly added clients. (Reporting by Anna Irrera; Editing by Richard Chang) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-charles-schwab-roboadvice-idUKKBN16L0CF'|'2017-03-14T11:04:00.000+02:00'
'ce1c36be7a64aa00e17412ae80b4cae312355d60'|'Unilever CEO calls for ''level playing field'' after Kraft''s failed $143 billion bid: FT'|'LONDON Unilever ( ULVR.L ) CEO Paul Polman said there should be a level playing field for companies facing takeover bids such as Kraft Heinz''s ( KHC.O ) failed $143 billion attempt to buy the Anglo-Dutch company, the FT reported on Tuesday."We''re not talking about protection; we are saying that when you have a situation like this, with a national champion, there should be a level playing field," the FT Quote: d Polman as saying.The U.S. company walked away from a fight with Unilever last month, just two days after its $143 billion bid - and Unilever''s rejection - was made public.(Reporting by Guy Faulconbridge; editing by Paul Sandle)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-unilever-m-a-kraft-polman-idINKBN16L21O'|'2017-03-14T13:00:00.000+02:00'
'facdfdca3a3dd77e506b1126c9fee7b13866c3e6'|'Air Methods to be bought by American Securities in $2.5 billion deal'|'Air Methods Corp ( AIRM.O ) said on Tuesday it would be acquired by affiliates of private equity firm American Securities LLC in a deal valuing the U.S. medical helicopter company at $2.5 billion, including debt.The offer price of $43 per Air Methods share represents a premium of about 4 percent to the stock''s Monday close.(Reporting by Natalie Grover in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-air-methods-m-a-american-securities-idINKBN16L1H6'|'2017-03-14T09:44:00.000+02:00'
'3e06c23714fcadd254d253e0cd77107c0fcedfbc'|'Nissan''s Infiniti names former BMW executive as new design chief'|' 43am GMT Nissan''s Infiniti names former BMW executive as new design chief An Infiniti Project Black S is displayed at Nissan Design Europe, ahead of being shipped to the Geneva Motor Show, in London, Britain, February 28, 2017. REUTERS/Stefan Wermuth BEIJING Infiniti, Nissan Motor Co''s ( 7201.T ) premium brand, named Karim Habib, former global design chief for BMW ( BMWG.DE ), as the brand''s new chief designer, effective July 1. Habib will replace Alfonso Albaisa, who will be promoted to lead Nissan''s global design, according to a press release seen by Reuters. Habib will report to Albaisa. Habib who has worked for several premium automotive brands, including BMW and Daimler ( DAIGn.DE ), will be based in Nissan''s technical centre in Atsugi, Japan, and lead Infiniti''s design teams in Japan, Beijing, San Diego and London. (Reporting by Norihiko Shirouzu and Beijing Monitoring Desk)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-nissan-infiniti-china-idUKKBN16L0SJ'|'2017-03-14T15:43:00.000+02:00'
'7c6db484d6fa74673be7ae140ce3fe4a9fff04f0'|'Brazil''s top prosecutor broadens political corruption probe'|'BRASILIA Brazil''s top public prosecutor dramatically expanded a corruption probe into the country''s political establishment on Tuesday, asking the Supreme Court to open 83 new investigations into politicians named in explosive plea bargain testimony.Prosecutor General Rodrigo Janot also requested that the Supreme Court send 211 other requests to lower courts based on much-anticipated testimony by executives of engineering group Odebrecht implicated in Brazil''s biggest-ever graft scandal.Under Brazilian law, cabinet ministers, federal senators and lower house lawmakers can only be tried in the Supreme Court, where cases can take years to come to trial.A source told Reuters last week that Janot''s political targets in the massive graft probe include two ministers in President Michel Temer''s cabinet, raising concerns about the stability of his administration and its fiscal reforms plans.Temer said last month that he would suspend any cabinet member who is placed under investigation and would only dismiss them if they are indicted for corruption.The president has not been directly implicated in illicit party funding and has denied any wrongdoing in the sprawling three-year-old corruption scandal centered on overpriced contacts at state-run oil company Petroleo Brasileiro SA.Dozens of politicians reportedly named for taking kickbacks in the testimony by Odebrecht executives -- which remains under judicial seal -- included senators in Temer''s Brazilian Democratic Movement Party (PDMB) and the allied Brazilian Social Democracy Party (PSDB), which led the impeachment of leftist Dilma Rousseff last year.The new investigations will be a test for Temer as he strives to pull Latin America''s largest nation from its worst recession in more than a century.Temer succeeded Rousseff in May, vowing to eliminate corruption and restore fiscal discipline, but he has already lost several ministers to bribery allegations.His chief of staff Eliseu Padilha, a key organizer of political support in Congress for a crucial reform of Brazil''s costly pension system, is now on thin ice after an Odebrecht executive reportedly said he asked for a cash donation of 10 million reais ($3.2 million) for Temer''s 2014 campaign.Padilha has repeatedly declined to comment on the media reports.(Reporting by Marcela Ayres; Writing by Brad Haynes and Anthony Boadle; Editing by Daniel Flynn and Sandra Maler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-brazil-politics-corruption-idUSKBN16L2KV'|'2017-03-15T00:31:00.000+02:00'
'0a90f24c7e8e5bb02bbe2fa954fe3ebebfe0be35'|'Japan''s Toyota to look at Saudi production as the countries seek closer ties'|' 37pm GMT Japan''s Toyota to look at Saudi production as the countries seek closer ties An employee works under a Toyota Motor Corp logo at the company''s showroom in Tokyo, Japan February 5, 2016. REUTERS/Toru Hanai TOKYO Toyota Motor Corp ( 7203.T ) signed a memorandum of understanding (MOU) on Tuesday with a Saudi Arabian government agency to conduct a feasibility study into producing vehicles and parts in the Middle Eastern nation. The move, if firmed up, would be a big step for the Saudi economy as the government tries to diversify beyond oil exports and create jobs as part of the kingdom''s 2030 Vision. So far, Saudi Arabia and other Gulf oil exporters have failed to significantly develop industries such as automaking because they lack broad industrial bases and a skilled local workforce. "The study would take into account the evaluation of development of a local supply base using materials produced by major Saudi companies like Sabic, Maaden, Petro Rabigh, and other major industrial companies in the kingdom," the official Saudi state news agency reported. The MOU is with Saudi Arabia''s National Industrial Clusters Development Program (NICDP). Meanwhile, state-run Saudi Aramco has signed MOUs with five Japanese entities during a business forum that both nations hosted on Tuesday, coinciding with a visit by Saudi Arabia''s King Salman this week. Saudi Aramco and Japan''s biggest oil refiner JX Nippon Oil & Energy ( 5020.T ) agreed to consider a refinery joint venture in a third country and cooperation in trading and technology of oil and petrochemical products. Aramco also agreed to consider a possible future cooperation in crude oil supply and downstream business with Idemitsu Kosan Co ( 5019.T ). In addition, Aramco and state-run Japan Oil, Gas and Metals National Corp (JOGMEC) formally agreed to expand crude storage capacity in Japan by 300,000 kilolitres (about 1.9 million barrels) from the current 6.3 million barrels from April 1. Japan treats crude oil stored by Aramco as quasi-government oil reserves, counting half of the barrels stored by Aramco as national crude reserves. Companies and government organizations in both nations signed a total of 20 MOUs on Tuesday, including cooperation between the Saudi Arabian General Investment Authority (SAGIA) and Japan''s three megabanks - Mitsubishi UFJ Financial Group ( 8306.T ), Sumitomo Mitsui Financial Group ( 8316.T ) and Mizuho Financial Group ( 8411.T ) - on increasing investments in the kingdom. The MOUs also included cooperation in seawater desalination. (Reporting by Osamu Tsukimori in TOKYO and Reem Shamseddine in Khobar, Saudi Arabia; Editing by Mark Potter)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-saudi-asia-japan-idUKKBN16L1TS'|'2017-03-14T21:24:00.000+02:00'
'ad4810e048f30b4454ae60b4155a4e96a916937b'|'''Lots of nurses have already left'': EU workers head for exit - Politics'|'S ince news of the UK’s looming departure from the European Union hit, lots of industries have spoken out about fears of losing European workers. On Monday academics from Oxford University said staff would go if they were not reassured about their future. It comes amid news that EU citizens working in the NHS are thinking of leaving in the next five years.We asked you about how the loss of European workers may affect, or is already affecting, your sector. We heard from a variety of people, including professors and doctors, who expressed concern that workers are already leaving. Here are a selection of your stories.Construction worker John, 51: The unwelcome atmosphere is turning people away from construction I am an Irish national who has lived and worked in London for nearly 30 years. I’ve made my life and family here. I’ve added to the community and to the industry. Throughout the UK, there is a lack of adequate training or interest from many in joining the construction industry. There has always been a strong interest from migrant communities. In my experience, the unwelcome atmosphere is turning people away and we do not train or encourage people into this industry. We need migrant workers.Facebook Twitter Pinterest Photograph: Martin Dalton/REX/Shutterstock Financial consultant Andy, 39: We had a large number of Europeans working here but now they are nearly all goneI work for a medium-sized financial provider who deals with a very diverse client base from around Europe. I am an EU citizen myself, but I am still in the UK. At work we had a large number of Europeans working in our customer support and sales teams but now they are nearly all gone (they have either progressed somewhere else in London or have left the country). We have now two non-Europeans who both can speak French in customer support. Only one guy in the sales department speaks German. He now does everything for the German client base. If he is sick or on holiday we have no German front office. We have no more Spanish or Italian speakers. The sad part is that overall we have actually increased the number of EU employees, just not in the UK. Around 40-50% of the overall workforce has left as we moved technical departments and finance functions (even director positions) abroad to keep access to our European markets. Most of those who lost their jobs were English. And with every job that moves abroad the London office loses relevance.The doctorMay, 43: I predict many doctors will leave, especially those now in training EU nationals working in the NHS express significant concerns regarding their right to stay and their careers. London used to be a world-open and liberal place, welcoming and supportive. Working in the NHS was stimulating and exciting. The outlook for the future is bleak. And there is zero reassuring communication from the UK government. I predict many doctors – especially in training – will leave. I have worked for the NHS 16 years. I have personally spoken to many doctors and midwives who are strongly considering leaving. I know of people who did not renew research contracts but I have not met anyone who has left already.European people working for the NHS feel utterly disappointed and disillusioned.MayThe team spirit in the NHS was and is stimulating. However, it is mainly created by the multinational teams that have in common a love and dedication to their specialty and medicine in general. British people hugely benefited. With the Brexit vote it feels that this effort, hard work and dedication is completely unappreciated and ignored. It is no surprise European and non-European people working for the NHS feel utterly disappointed and disillusioned. They will go where their work is appreciated.Facebook Twitter Pinterest Photograph: Peter Byrne/PA The entrepreneur Gerard, 31: I plan to shut down operations in London for Berlin. I don’t want to deal with BrexitI work for an internet startup across London and Berlin. I see both cities competing already for tech talent. London will definitely lose that battle long-term. I haven’t left yet, but I plan to shut down operations in the UK when article 50 is triggered. I’m lucky enough to have clients in Europe or unlucky enough to have them there – whatever the case I don’t want to deal with Brexit.Since then I’ve been taking fewer UK clients knowing I will leave. I just feel sadly unwelcome now.GerardI loved London and I will always remember refreshing the Guardian website while counting the referendum results. It was like everything I was building fell apart. Since then I’ve been taking [fewer] UK clients knowing I will leave. I just feel sadly unwelcome now.The professorSimon, 51: I am moving to another EU country to take up another university post I work in the university sector and the lifeblood of our work is provided by academics and researchers from all over the world, particularly from the EU. In addition, many of our students come to the university to study from abroad. The European Union’s framework funding programmes including Horizon 2020 have been key to ensuring that the UK punches well above its weight in research and development. The loss of EU workers and access to the networks provided by the EU will have a devastating effect on the UK higher education sector.I am a UK national who has decided to leave. I am moving to another EU country to take up another university post. Although Brexit was not the only reason for this move (the new role will be an advancement in my career), it was a decisive factor in making me apply for the job given the future uncertainties in the UK higher education sector.The nurse Karen, 40: Five nurses have left alreadyBefore [the] Brexit [vote] we used to have hundreds of applicants in nursing. Now we hardly see 50. All staff are tired and worried about what will come next. In my department 60% of nurses are EU citizens and already five of them have handed in their notice. I am an EU citizen myself and I’m already making plans to leave UK for good. The healthcare sector will collapse and I don’t want to be part of it.Web designer Ben, 25: A European worker recently left. It was a big loss for the team I work in web design and development. We’ve benefited greatly from the expertise of EU workers in our team. But now one of our main designers, responsible for delivering engaging websites, print media, presentations etc for clients has left. Her husband is in research of some sort (I’m not sure exactly what it is) and his funding was moved out of the UK. Given that she wasn’t feeling welcome in the UK any more, it was a no-brainer for them to simply move. It is a big loss for the team.Some names have been changed Topics EU referendum and Brexit NHS European Union Health features '|'theguardian.com'|'https://www.theguardian.com/business/all'|'https://www.theguardian.com/politics/2017/mar/14/lots-of-nurses-have-already-left-eu-workers-head-for-exit'|'2017-03-14T19:26:00.000+02:00'
'994e354c968d35fa8ff27a869c78d7530bf6dceb'|'USTR nominee - unclear if China is still manipulating currency'|'Money News - Wed Mar 15, 2017 - 1:38am IST USTR nominee - unclear if China is still manipulating currency FULL COVERAGE: INDIA ELECTIONS 2017 Robert Lighthizer testifies before a Senate Finance Committee confirmation hearing on his nomination to be U.S. trade representative on Capitol Hill in Washington, U.S., March 14, 2017. REUTERS/Yuri Gripas WASHINGTON President Donald Trump''s nominee to be U.S. Trade Representative said on Tuesday that he believes China substantially manipulated its currency in the past to gain a trade advantage, but it was unclear if Beijing is still doing so. "In the past, it is my judgment that China was a substantial currency manipulator and I think we''ve lost a lot of jobs in the United States because of it," Robert Lighthizer told senators in his confirmation hearing. "Whether China is manipulating its currency right now, to weaken it, that''s another question," Lighthizer said, adding that U.S. Treasury Secretary Steven Mnuchin would be the person to make that determination. Trump pledged during his campaign that he declare China a currency manipulator on the first day of his administration, a move that would trigger demands for bilateral negotiations over this issue. He has not done so. China in the past year has spent hundreds of billions of dollars in foreign exchange reserves to prop up the value of its yuan in the face of capital outflow pressures. (Reporting by David Lawder; Editing by Chizu Nomiyama) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-trade-lighthizer-china-idINKBN16L2JB'|'2017-03-15T03:08:00.000+02:00'
'e41d9278f7352e3cca36358e70fbff9517a9f27a'|'White men an "endangered species" in UK boardrooms - Tesco chairman'|' 30am IST White men an "endangered species" in UK boardrooms - Tesco chairman FULL COVERAGE: INDIA ELECTIONS 2017 LONDON The chairman of Britain''s biggest retailer Tesco has said he was joking after telling an audience of aspiring non-executive directors (NED) that white men were "an endangered species" in UK boardrooms. John Allan, who became Tesco chairman in 2015, told the Retail Week Live conference earlier this week that women and people from an ethnic background were in an "extremely propitious period" when it came to getting top jobs in business. "For a thousand years, men have got most of these jobs, the pendulum has swung very significantly the other way now and will do for the foreseeable future, I think," British newspapers quoted Allan as saying. "If you are a white male, tough. You are an endangered species and you are going to have to work twice as hard." Allan later told the Guardian his comments, made the day after International Women''s Day, were not meant to be taken at face value and that they had amused his mainly female audience. "It was intended to be humorous, a bit hyperbolic. Clearly, white men are not literally an endangered species, but I was actually wanting the make the reverse point, which is that it is a great time for women and people of ethnic minorities who want to get on in business." In a statement on Saturday, Allan said he was a strong advocate of greater diversity and regretted if his remarks had given the opposite impression. "The point I was seeking to make was that successful boards must be active in bringing together a diverse and representative set of people," he said. "There is still much more to be done but now is a good time for women to put themselves forward for NED roles." The proportion of female directors among FTSE 100 companies is 26 percent, according to the Guardian, while only 10 percent of executives at those same firms are women. Allan had told the conference that Tesco had appointed an almost entirely new board in the last 18 months and that three of the six new non-executive directors were women. However, Tesco''s board still only has three women and all its members are white. According to the Cranfield School of Management''s 2016 "Female FTSE Index" of the top 100 UK companies, Tesco ranked 33rd. (Reporting by Michael Holden; Editing by Alexander Smith) Next In Money News India  '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-tesco-women-idINKBN16K06R'|'2017-03-13T10:00:00.000+02:00'
'bf7b087e1dc92f0e168fa0b8606eb3e8347a3cc0'|'Smart condo conundrum: Talk to appliances, or text them?'|'  Smart condo conundrum: Talk to appliances, or text them? * 24.5 mln voice-first devices to ship this yr, vs 6.5 mln in 2016 * Others using messaging apps to control appliances * Unified Inbox working with appliance makers vs Amazon, Google By Jeremy Wagstaff SINGAPORE, March 13 In today''s so-called smart home, you can dim the lights, order more toothpaste or tell the kids to go to bed simply by talking to a small Wifi-connected speaker, such as Amazon''s Echo or Google''s Home. This voice-first market - combining voice with artificial intelligence (AI) - barely existed in 2014. This year, Voice Labs, a consultancy, expects 24.5 million appliances to be shipped. Other big tech firms have their own plans: Apple is taking its Siri voice assistant beyond its mobile devices to PCs, cars, and the home; Baidu last month bought Raven, billed as China''s answer to Amazon''s Alexa intelligent personal assistant; and Samsung Electronics plans to incorporate Viv, its newly acquired virtual assistant, into its phones and home appliances. But not everyone thinks the future of communicating with the Internet of Things needs to be vocal. Facebook founder Mark Zuckerberg, for example, was working on Jarvis, his own voice-powered AI home automation, and found he preferred communicating by text because, he wrote, "mostly it feels less disturbing to people around me." And several major appliance makers have turned to a small Singapore firm, Unified Inbox, which offers a service that can handle ordinary text messages and pass them on to appliances. With your home added to the contacts list on, say, WhatsApp, a quick text message can "start the coffee machine"; "turn on the vacuum cleaner at 5 p.m."; or "preheat the oven to 200 degrees at 6.30 p.m." "Think of it as a universal translator between the languages that machines speak ... and us humans," said Toby Ruckert, a German former concert pianist and now Unified Inbox''s CEO. The company is just a small player, funded by private investors, but Ruckert says its technology is patent-backed, has been several years in the making, and has customers that include half of the world''s smart appliance makers, such as Bosch . Unified Inbox connects the devices on behalf of the manufacturer, while the consumer can add their appliance by messaging its serial number to a special user account or phone number. It so far supports more than 20 of the most popular messaging apps, as well SMS and Twitter, and controls appliances from ovens to kettles. Other home appliances being tested include locks, garage openers, window blinds, toasters and garden sprinklers, says Ruckert. "People aren''t going to want a different interface for all the different appliances in their home," says Jason Jameson, of IBM, which is pairing its Watson AI supercomputer with Unified Inbox to better understand user messages. They will this week demonstrate the service working with a Samsung Robot Cleaner. "The common denominator is the smartphone, and even more common is the messaging app," Jameson notes. "TROJAN HORSE" There''s another reason, Ruckert says, why more than half of the world''s smart appliance manufacturers have signed up. They''re worried the big tech companies'' one-appliance-controls-all approach will relegate them to commodity players, connecting to Alexa or another dominant platform, or being cast aside if Amazon moves into making its own household appliances. "Our customers are quite afraid of the likes of Amazon," Ruckert said. "Having a Trojan horse in a customer''s home, like Echo, that they must integrate with to stay competitive is a nightmare for them." An Amazon spokesperson said the company was "excited by the early response by smart home device manufacturers and even more excited by the customer response," but declined to speculate about future plans. A spokesperson for Bosch said no single company can knit the Internet of Things together, so "there is a need to collaborate and establish ecosystems," such as working with Unified Inbox. Already the race is on to incorporate other services into these home hubs. Amazon allows third parties to develop apps, or "skills", for Alexa. It has more than 10,000 of these, with many added in just the past three months. Most are developed by firms using Amazon''s software toolkit, and range from telling jokes to ordering food. And Amazon makes it easy for other hardware makers to incorporate Alexa into their appliances, increasing its reach. Chinese device maker Lenovo has embedded Alexa in its speakers, while General Electric has it in a lamp - meaning users can control these devices by voice, and use them to order products from Amazon. LG Electronics and Huawei are also working on Alexa-enabled devices, Amazon said. Text messaging, though, may yet break down those walls. As Zuckerberg noted, the volume of text messages is growing much faster than the number of voice calls. "This suggests that future AI products cannot be solely focused on voice, and will need a private messaging interface as well," he says. EVEN SMARTER Some companies are already looking further ahead, and doing away with the need for any human instruction - whether by voice or text - by making machines smarter at learning our habits and anticipating them. LG, for example, is using deep learning to make its appliances understand and avoid objects in a room, or fill an ice-tray based on a user''s cold drink habits. At Unified Inbox, Ruckert looks ahead to being able to communicate not only with one''s own appliances, but with machines elsewhere. Bosch executives in Singapore, for example, have demonstrated how a user could ask a smart CCTV camera how many people were in a particular room. Ruckert is also working with Singapore''s Nanyang Polytechnic to send updates to family members or staff direct from hospital equipment attached to patients. And smart appliance entrepreneur James Dyson said in a recent interview that the future lies in what he calls "highly intelligent automation". "For me, the future is making everything happen for you without you being particularly involved in it." (Reporting by Jeremy Wagstaff; Editing by Ian Geoghegan)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/tech-iot-messaging-idUSL3N1GC3G7'|'2017-03-13T06:00:00.000+02:00'
'd3f9e3af224933b773d6a50b05eb28ba514e410b'|'US STOCKS-Energy shares weigh on Wall St as oil falls further'|'Company  43pm EDT US STOCKS-Energy shares weigh on Wall St as oil falls further * Oil prices hit lowest since late November * Northeast snowstorm affects airline stocks * Dow down 0.17 pct, S&P 500 down 0.32 pct, Nasdaq down 0.31 pct (Updates to late afternoon trading, changes comment, byline) By Rodrigo Campos March 14 U.S. stocks fell on Tuesday as oil prices dropped to their lowest since November and airlines pulled industrial stocks lower. Health sector shares were volatile as traders digested a nonpartisan research report that showed 14 million Americans would lose medical insurance by next year under the Republican plan to dismantle the Obamacare healthcare reform. Trading volumes were light ahead of a Federal Reserve statement due Wednesday in which the U.S. central bank is expected to raise rates by 25 basis points. Airline stocks slipped as a blizzard swept through the heavily populated northeastern United States, grounding thousands of flights. United Continental fell 4.7 percent to $66.55 while Southwest Airlines dropped 3.1 percent and American Airlines lost 2.8 percent. Oil prices slid to three-month lows after OPEC reported a rise in global crude inventories and a surprise jump in production from its biggest member, Saudi Arabia, while it raised its forecast of production in 2017 from outside the group, suggesting complications in an effort to clear a glut and support prices. The S&P energy sector was down 1.0 percent and was on track to close at its lowest since Nov. 4. Chevron was off 1.6 percent and was the biggest drag on the Dow and the S&P 500. “None of the data you’re getting is good if you’re trying to increase (crude) prices, it doesn’t look like oil supply is diminishing,” said Kim Forrest, senior equity research analyst, Fort Pitt Capital Group in Pittsburgh. She said energy sector earnings have little upside potential so their stocks’ underperformance is to be expected. The Dow Jones Industrial Average fell 39.26 points, or 0.19 percent, to 20,842.22, the S&P 500 lost 8.28 points, or 0.35 percent, to 2,365.19 and the Nasdaq Composite dropped 19.43 points, or 0.33 percent, to 5,856.35. Valeant plunged 12.3 percent to $10.63 after billionaire investor William Ackman said his hedge fund, Pershing Square Capital, sold its entire stake in the company. Declining issues outnumbered advancing ones on the NYSE by a 2.05-to-1 ratio; on Nasdaq, a 1.97-to-1 ratio favored decliners. The S&P 500 posted 14 new 52-week highs and 4 new lows; the Nasdaq Composite recorded 54 new highs and 58 new lows. (Reporting by Rodrigo Campos) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL2N1GR19S'|'2017-03-15T02:43:00.000+02:00'
'93e72613f379ef4f14679decbed79a353b342c32'|'Exclusive: Delta hires consultant to study refinery options - sources'|'Business News - Tue Mar 14, 2017 - 4:34pm GMT Exclusive: Delta hires consultant to study refinery options - sources Passengers check in at a counter of Delta Air Lines in Mexico City, Mexico, August 8, 2016. REUTERS/Ginnette Riquelme By Jarrett Renshaw and Jessica Resnick-Ault - NEW YORK NEW YORK Delta Air Lines has hired a consultant to assess the impact on jet fuel prices if the carrier sells or closes the Philadelphia-area refinery it purchased five years ago to keep fuel affordable, two sources familiar with the process said. They said the consultant will also study other scenarios involving jet fuel prices and the refinery sector, including the impact if other refineries close. The U.S. East Coast refining industry is fighting a battle to survive, with concerns about a second wave of plant closures after four refineries shuttered in the past decade due to the rising costs of acquiring crude. Dallas-based consultancy Baker & O’Brien Inc was asked to perform a financial valuation of the refinery''s assets and study other scenarios, such as other regional refineries closing and the financial impact of new emissions regulations, the sources said. Baker & O''Brien did not immediately respond to a request for comment. Delta ( DAL.N ), the world’s largest airline, shocked the industry in 2012 when it rescued the 185,000 barrel-per-day Trainer, Pennsylvania, refinery from near-closure, arguing in part that jet fuel prices in the region would spike if the plant closed. In a statement to Reuters, the airline confirmed that it had hired a consultant to look at the refinery business, but it did not name the consultant and added that it was a routine assessment and not a precursor to selling or closing the plant. “Delta has said publicly many times that we are committed to the refinery and that position hadn’t changed," Delta spokesman Trebor Banstetter said, in a statement. "The study was commissioned as a routine evaluation of our investment five years after the refinery was purchased." The refinery continues to perform as expected as part of the company''s broad fuel management strategy, he added. After profitable years in 2014 and 2015, Delta''s refinery lost $125 million last year as refinery industry margins collapsed. The company reported overall net income of $4.01 billion for the year, so the refinery''s loss was miniscule for its balance sheet. Sceptics argued in 2012 that Delta''s purchase subsidized competitors, who could enjoy the benefits of lower jet fuel prices without the burden of running a refinery. The plant’s manager told employees last year that refinery losses were offset by savings for the airline in jet fuel prices, saying the company was going to continue to maximize jet fuel production in the New York market to keep pressure on prices. "This negatively impacts our refinery economics, but greatly helps reduce Delta’s fuel cost," refinery manager Jeff Warmann wrote then. As of December, Delta had decided to start marketing its own gasoline and diesel fuel produced at the refinery, rather than swap it under existing contracts. It was a signal the airline was trying to find ways to mitigate losses at the refinery. Baker & O''Brien is one of several firms that bid for the work, according to people familiar with the process. Several consultancies based in Texas focus on helping companies navigate strategy related to their refining operations. Often, these consultancies work with companies that do not have the capacity to do such studies in-house. The work was authorized by Delta from its Atlanta headquarters, not by Monroe Energy, the refining subsidiary, sources said. Ed Hirs, an energy economics professor at the University of Houston and a sceptic of Delta''s refinery purchase, said the company''s board was willing to overlook the refinery''s issues when it was making money, but losses will now draw more scrutiny. "From everything I''ve seen, the refinery has not been able to pay for itself," Hirs said. (Reporting By Jarrett Renshaw and Jessica Resnick-Ault; Editing by David Gregorio) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-delta-air-refineries-monroe-exclusive-idUKKBN16L24X'|'2017-03-14T23:34:00.000+02:00'
'b2e6d82579f8c17311c683618720269e542a7ac0'|'Unilever review covers costs, deals, balance sheet - FT'|'Business News - Wed Mar 15, 2017 - 10:39am GMT Unilever review covers costs, deals, balance sheet - FT The company logo for Unilever is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 17, 2017. REUTERS/Brendan McDermid LONDON Unilever ( ULVR.L ) ( UNc.AS ) is considering returning cash to shareholders, making medium-sized acquisitions and more aggressive cost cuts as part of its business review, the Financial Times reported. The Anglo-Dutch maker of Knorr soups, Dove soap and Ben & Jerry''s ice cream rebuffed a surprise $143 billion (117.4 billion pounds) takeover offer from Kraft Heinz ( KHC.O ) last month. Chief Financial Officer Graeme Pitkethly said at a conference the week after the bid was made public that Unilever would review its options including examining its portfolio, organisation, cost structures, balance sheet and uses of cash. "We do see it as an inflection point," Pitkethly said at the conference in Florida. Unilever declined to comment on possible outcomes of the review, whose results will be announced in April. Separating the company''s food business from its home and personal care businesses is unlikely, the FT said, citing people close to the company, though it is accelerating efforts to dispose of its struggling spreads division. Unilever is also considering raising its net debt to 2.5 or 3 times earnings before interest, tax and depreciation, from 1 times now, the FT said. At 2.5 times, Unilever would have 29 billion euros to spend by 2020, according to Andrew Wood, analyst at Bernstein, who suggested mid-sized deals such as Reckitt Benckiser''s ( RB.L ) home business could be a good fit. Unilever''s division heads have been told to review their operations with the aim of boosting shareholder returns, the FT said. The company has already announced a program to save 1 billion euros by 2018. (Reporting by Martinne Geller; editing by Jason Neely) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-unilever-review-idUKKBN16M1BH'|'2017-03-15T17:39:00.000+02:00'
'59ab57a0319c404f7e8d946cddd03c70796e2fe2'|'Fed expected to raise rates as U.S. economy flexes muscle - Reuters'|'By Howard Schneider - WASHINGTON WASHINGTON The Federal Reserve is expected to raise interest rates for the second time in three months on Wednesday, encouraged by strong monthly job gains and confidence that inflation is finally rising to its target.A rate hike at the conclusion of the Fed''s latest two-day policy meeting is already baked into bond yields and financial markets overall, with investors putting the likelihood of such a move at 95 percent, according to CME Group''s FedWatch program.Attention is turning instead to whether the U.S. central bank will signal an even faster pace of monetary tightening this year than the current three rate hikes that it projected at its December meeting."Expectations have some catching up to do regarding the Fed''s need to ''lean into the wind'' of rising inflation, strong growth, robust sentiment, easy financial conditions, and the likelihood of fiscal stimulus in 2018," analysts from Goldman Sachs wrote ahead of the meeting.They said they regarded a fourth rate increase this year as a "close call."A rate increase on Wednesday would push the Fed''s target overnight lending rate to a range of between 0.75 percent and 1.00 percent, still low but approaching the range that the central bank has typically operated within.The Fed is scheduled to release its latest policy statement along with updated economic forecasts at 2 p.m. EDT (1800 GMT). Fed Chair Janet Yellen is due to hold a press conference half an hour later.The U.S. economy has flexed its muscle in recent months, with job gains above 230,000 in both February and January. Consumer confidence also has risen and inflation has been firming.Fed policymakers are also pleased by an improving global economic outlook, with euro zone growth edging up and China looking more stable than a year ago. Over the past two years Fed policymakers had worried that a weak global economy would limit U.S. growth and hold down inflation, leaving no compelling reason to raise rates.The Fed''s growing comfort with the economic outlook does not mean it will tighten monetary policy faster than planned.The solid U.S. job gains have had little impact of late on the unemployment rate, indicating that there may be more sidelined workers ready to reenter the labor force as jobs become more plentiful.That has been a key goal for Yellen and one that may keep the Fed on the "gradual" rate hike path it has committed to in prior policy statements, said Beth Ann Bovino, U.S. chief economist for S&P Global Ratings."If the incoming data show the economy heating up faster than we expect, the Fed may want to do more," Bovino wrote in a recent analysis. But "the fact that more folks are coming into the labor force may dissuade the Fed" from moving faster than currently anticipated.(Reporting by Howard Schneider; Editing by Paul Simao)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/usa-fed-idINKBN16M0H6'|'2017-03-15T08:00:00.000+02:00'
'27e38675a8bf94cb04538360e70a48b5bccd2540'|'Unilever review covers costs, deals, balance sheet: FT'|'LONDON Unilever ( ULVR.L ) ( UNc.AS ) is considering returning cash to shareholders, making medium-sized acquisitions and more aggressive cost cuts as part of its business review, the Financial Times reported.The Anglo-Dutch maker of Knorr soups, Dove soap and Ben & Jerry''s ice cream rebuffed a surprise $143 billion takeover offer from Kraft Heinz ( KHC.O ) last month.Chief Financial Officer Graeme Pitkethly said at a conference the week after the bid was made public that Unilever would review its options including examining its portfolio, organization, cost structures, balance sheet and uses of cash."We do see it as an inflection point," Pitkethly said at the conference in Florida.Unilever declined to comment on possible outcomes of the review, whose results will be announced in April.Separating the company''s food business from its home and personal care businesses is unlikely, the FT said, citing people close to the company, though it is accelerating efforts to dispose of its struggling spreads division.Unilever is also considering raising its net debt to 2.5 or 3 times earnings before interest, tax and depreciation, from 1 times now, the FT said.At 2.5 times, Unilever would have 29 billion euros to spend by 2020, according to Andrew Wood, analyst at Bernstein, who suggested mid-sized deals such as Reckitt Benckiser''s ( RB.L ) home business could be a good fit.Unilever''s division heads have been told to review their operations with the aim of boosting shareholder returns, the FT said. The company has already announced a program to save 1 billion euros by 2018.(Reporting by Martinne Geller; editing by Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-unilever-review-idINKBN16M1BJ'|'2017-03-15T07:37:00.000+02:00'
'eaa1b594d937e0d59c45263308433a3a7444c41e'|'Intel bets on selling Mobileye data, with maps a first test'|'  3:00pm GMT Intel bets on selling Mobileye data, with maps a first test left right The logo Israeli driverless technology firm Mobileye is seen on the building of their offices in Jerusalem March 13, 2017. REUTERS/Ronen Zvulun 1/2 left right FILE PHOTO -People walk under Intel logo at Mobile World Congress in Barcelona, Spain, on February 27, 2017. REUTERS/Paul Hanna/File Photo 2/2 By Alexandria Sage - SAN FRANCISCO SAN FRANCISCO To understand Intel''s $15.3 billion (12.6 billion pounds) proposed acquisition of Israel''s Mobileye, imagine the data created and compiled by a self-driving car scanning the road and objects around it as a potential source of revenue. That data, says Intel Corp ( INTC.O ) Chief Executive Brian Krzanich, is the key to the deal, and may see its first tangible revenue stream through mapping technology. Self-driving car data could bring in $450-$750 billion globally by 2030, according to McKinsey & Company, with such wide-reaching applications as shopping inside cars, vehicles as entertainment centres, or better city planning based on data. "Tech firms are hunting for ever more data. Miles = data," wrote Morgan Stanley analyst Adam Jonas in a note on Monday to clients after Intel announced the deal. To be sure, before self-driving cars dominate the road, unresolved debates over who owns the data, how it can be shared and whether drivers can opt out over privacy concerns need to be ironed out. It is also too early to gauge whether Mobileye will win a data race that has barely begun. Still, Mobileye says it has 80 percent of the market of advanced driver assistance systems (ADAS) that can automatically apply brakes or keep a car in its lane, and Intel sees that as a start. "That definitely helps fill the revenue opportunity for the next few years while the industry and carmakers move to full automation," Kathy Winter, general manager of Intel''s automated driving unit, told Reuters. "When we look forward, everything we do together will be learning from the data coming off these vehicles." Mobileye is working on its first commercial map application, Road Experience Management (REM), which feeds data about a vehicle''s surroundings into a system that updates existing maps in real time. Mobileye already has deals with BMW and Volkswagen ( VOWG_p.DE ), which mean those carmakers'' vehicles can help source the data beginning in 2018, and share in the revenue. Intel already owns 15 percent of HERE, a digital map consortium made up of Germany''s automakers, which makes the high-definition maps that are updated by Mobileye''s REM. Given there are already 15 million cars with its cameras on the road, Mobileye has "significant early mover advantage" in the high definition mapping space, Jefferies analyst David Kelley wrote to investors last month. "This purchase validates that this data layer is valuable," Stefan Heck, the CEO of Nauto, a Silicon Valley start-up also using a car vision system to collect and process data, told Reuters. Needham and Co, which sees a total ADAS market of $8.5 billion by 2022, surmised mapping data could be paid per mile by an autonomous car provider, while real-time data on traffic, hazards, or parking spots could be sold to mapping companies. PLAYING CATCH-UP? Given the expense and complicated nature of autonomous driving systems, most carmakers rely heavily on suppliers like Mobileye for key technology. Tesla Inc ( TSLA.O ), however, once a buyer of Mobileye''s camera system, has developed an in-house integrated vision-based system more reliant on radar than cameras, part of its push to be less reliant on suppliers. Traditional suppliers like Germany''s Continental ( CONG.DE ) or Sweden''s AutoLiv ( ALV.N ), who have steered clear of the advanced navigation systems inside cars, may be too late to play "catch-up" to Intel, said Evercore''s Chris McNally in a note. One issue still to be hammered out is who owns the data a self-driving car collects and whether the passenger has a privacy right. While drivers may not be spooked by access to their aggregated mapping and navigation data, they may balk at sharing personal data and preferences, McKinsey wrote last year. Some data deserves to be shared, Winter argued in a February blog. "Every autonomous car out there shouldn''t have to find the same pothole and log it," she wrote. (Reporting By Alexandria Sage; editing by Peter Henderson, Bernard Orr)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-intel-mobileye-data-idUKKBN16M0DV'|'2017-03-15T22:00:00.000+02:00'
'53cf70bc7c5e514b45566367045733dd9eae610a'|'UK Stocks-Factors to watch on March 15'|' 12am EDT UK Stocks-Factors to watch on March 15 March 15 Britain''s FTSE 100 index is seen opening up 13 points on Wednesday, according to financial bookmakers. * ASTRAZENECA: AstraZeneca''s ovarian cancer drug Lynparza slashed the risk of disease progression in a closely watched clinical trial, boosting its profile against rivals within the novel PARP inhibitor drug class. * BHP BILLITON: The Escondida copper mine in Chile plans to restart operations after striking workers again rejected an invitation by controlling owner BHP Billiton to return to negotiations, an executive told reporters late Tuesday. * SHELL: Australian Prime Minister Malcolm Turnbull turned up the heat on Australia''s top gas producers, led by ExxonMobil Corp and Royal Dutch Shell, on Wednesday ahead of crisis talks about a shortage in the domestic market. * UNILEVER: Fresh from defending Unilever against an unsolicited $143 billion takeover attempt by Kraft Heinz, CEO Paul Polman said the British government should ensure a level playing field for target companies. * BREXIT: Sterling fell to an eight-week low against the dollar and the basket of currencies measuring its broader strength on Tuesday, hit by fears of prolonged political jousting over the terms of Britain''s exit from the European Union. * BRITAIN-SCOTLAND: Support for Scottish independence is at its highest ever but it might not be the best time for Scottish First Minister Nicola Sturgeon to hold a new referendum, a survey by ScotCen''s Scottish Social Attitudes said on Wednesday. * BRITAIN-ECONOMY: Britain''s construction industry could lose nearly 200,000 workers from European Union countries if the UK fails to keep access to the bloc''s single market, a leading property body said on Wednesday, as it called for help for the sector. * OIL: U.S. oil prices rose more than 2 percent in early Asian trade on Wednesday, recovering from a three-month low after industry data showed a surprise drawdown in U.S. crude stockpiles and Goldman Sachs put a positive spin on OPEC''s compliance with output cuts. * The UK blue chip FTSE 100 index closed closed 0.1 percent lower on Tuesday, weighed down by banking stocks as Britain gets set to start negotiating its departure from the European Union. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Marshalls PLC MSLH.L Full Year 2016 Robert Walters RWA.L Full Year 2016 Hikma Pharmaceuticals HIK.L Full Year 2016 Clinigen Group CLINC.L Half Year 2017 Gem Diamonds GEMD.L Full Year 2016 TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Siju Varghese; Editing by Sherry Jacob-Phillips)   UPDATE 1-Workers at Japan''s top companies get meagre 2017 pay hikes in Abenomics setback * Toyota, electric machinery makers offer smaller base pay raise * Unions made same demands as one year ago * Big firms offer far less than union demands * Hikes ''far from enough'' to boost growth - economist (Adds results, reaction, details) By Tetsushi Kajimoto TOKYO, March 15 Most major Japanese companies offered the lowest hike in base pay in four years on Wednesday, a setback for Prime Minister Shinzo Abe''s campaign dubbed "Abenomics" to spur the long-sl'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1GS2AH'|'2017-03-15T13:12:00.000+02:00'
'b16803bab7098d13eaedddb1b007e87972022e34'|'BRIEF-Google says introducing feature to share money through Gmail app on android'|' 10pm EDT BRIEF-Google says introducing feature to share money through Gmail app on android March 14 Google: * Google says introducing feature to share money through Gmail app on android * Google says the feature is currently available in the U.S. only on Gmail on the web or android, starting Wednesday - blog Source text: ( bit.ly/2n69z4c  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-google-says-introducing-feature-to-idUSFWN1GR0K8'|'2017-03-15T01:10:00.000+02:00'
'69262c2d3b31f1084931f3857185f732579e42f3'|'Ruby Tuesday to explore strategic alternatives, including sale'|'Restaurant operator Ruby Tuesday Inc ( RT.N ) said on Monday it would explore strategic alternatives, including a potential sale or merger sending its shares up after the bell.The company''s shares rose about 14 percent to $1.99 in extended trading.The company, which also expects third-quarter comparable sales to decline 4 percent, retained UBS as its financial adviser to assist in the process.(Reporting by Gayathree Ganesan in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ruby-tuesday-strategic-alternatives-idINKBN16K2KD'|'2017-03-13T17:34:00.000+02:00'
'0a538b22570ec28df16d55e7af94596d36d7604f'|'UPDATE 1-Transcanada''s Mainline helps Canadian natgas shippers compete'|'Company News  54pm EDT UPDATE 1-Transcanada''s Mainline helps Canadian natgas shippers compete (New throughout, adds details from government briefing note, interview with company executive) By Ethan Lou CALGARY, Alberta, March 13 Shippers have taken up Transcanada Corp''s sweetened offer to move natural gas on its Mainline pipeline, the company said on Monday, granting Canada''s remote western plays a boost against more easily accessible American counterparts. Western Canadian shippers have been increasingly squeezed out of the Ontario natural gas market by eastern U.S. shale basins like the Marcellus and Utica. They have comparable production costs to Canada''s remote Montney and Duvernay gas plays, but lower delivery costs. The resulting lack of movement on the Mainline in the last decade caused tolls to rise even more. That further raised the price of Canadian gas, causing more shippers to leave in what the industry calls a "death spiral," according to an internal government briefing note seen by Reuters obtained under access-to-information laws. In its latest terms, TransCanada offered lower tolls at a 10-year term for 1.5 petajoules of capacity per day on its Mainline system to southern Ontario. Such a move could have a "positive effect on the competitiveness" of Canadian natural gas, federal government officials told Natural Resources Minister Jim Carr in the November 2016 note, after TransCanada first offered its lower tolls. The Natural Resources Canada federal department did not immediately respond to a request for comment. TransCanada said it intends to file an application for approval with the National Energy Board (NEB) regulator in April and hopes to have an in-service date of Nov. 1, which would be before rival pipelines from U.S. shale basins come online. Energy Transfer Partners LP''s Rover and Spectra Energy Partners LP''s Nexus lines both have targeted in-service dates to Ontario''s Dawn hub in November. Energy infrastructure development has faced strong opposition in Canada among environmental and aboriginal groups, who may seek intervener status before the NEB to block TransCanada''s application. For its part, TransCanada will move "fairly quickly," said Tracy Robinson, the company''s senior vice president of Canadian natural gas pipelines. "There''s no requirement for any build, so our producers can access the market upon the NEB approval," she said in an interview. "We believe it puts them in there competitively, regardless of the various options." TransCanada''s current terms allow shippers to exit after five years, but they must temporarily pay higher tolls than the 77 Canadian cents per gigajoule offered. Robinson said the company does not yet know how many will trigger that option. (Editing by Bernadette Baum and David Gregorio) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/transcanada-gas-tolls-idUSL2N1GQ0LY'|'2017-03-14T00:54:00.000+02:00'
'd45178653b69d9592b752078edafce89a4cf19c0'|'Exclusive: Deutsche Bank replaces U.S. head Woodley with equities manager - sources'|'Tue Mar 14, 2017 - 10:30am GMT Exclusive: Deutsche Bank replaces U.S. head Woodley with equities manager - sources A logo is pictured on the Deutsche Bank building in Geneva, Switzerland, October 11, 2016. REUTERS/Denis Balibouse/File Photo By Olivia Oran and Arno Schuetze - NEW YORK/FRANKFURT NEW YORK/FRANKFURT Deutsche Bank ( DBKGn.DE ) is replacing its U.S. chief Bill Woodley with the global head of its stock-trading business, Thomas Patrick, people close to the matter said. Patrick, who was appointed head of global markets equities in late 2015, will take over from Woodley in the coming weeks, one of the people said. Deutsche Bank declined to comment. Germany''s flagship lender announced earlier this month that Chief Executive John Cryan would personally look after expanding its U.S. business, which has lost market share to Wall Street rivals. A planned 8 billion euro ($8.5 billion) capital increase and a stock market listing of Deutsche Bank''s asset management business will replenish the lender''s capital reserves but also free up funds for potential investments in its core business. Since a push into investment banking starting in the late 1990s, trading activities have mostly been the main driver of earnings at Deutsche Bank, which views its U.S. performance as vital for the bank''s success. (Editing by Maria Sheahan) Boeing, aerospace manufacturers back U.S. tax overhaul SEATTLE Boeing Co and about 90 other aerospace companies are urging Congress to overhaul the U.S. tax system, saying a set of changes Republicans proposed last year - including a big cut in the corporate tax rate - will make them more competitive globally and help create U.S. jobs.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-deutsche-bank-moves-idUKKBN16L14L'|'2017-03-14T17:29:00.000+02:00'
'c373e42bcb846aa649ad9cb2ce32fd689a5a2b03'|'BRIEF-FNAC could become shareholder of music site Deezer as companies form partnership'|'Company News - Tue Mar 14, 2017 - 2:54am EDT BRIEF-FNAC could become shareholder of music site Deezer as companies form partnership March 14 FNAC/Deezer: * Music, books and electrical goods retailer FNAC and music streaming site Deezer announce strategic alliance * FNAC says it could end up as a shareholder of Deezer * In January 2016, Deezer said it had raised 100 million euros from shareholders such as French telecoms group Orange and Access Industries, the holding of tycoon Len Blavatnik. * Deezer competes against the likes of Spotify and Apple Music * Although growing rapidly, streaming services are as yet unprofitable, as they have high costs for licensing music and face challenges persuading people to upgrade from free versions. They have also been criticised by artists such as pop star Taylor Swift for not paying them enough. Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-fnac-could-become-shareholder-of-m-idUSFWN1GQ0WZ'|'2017-03-14T13:54:00.000+02:00'
'c3cf38e31c0a3d04347dba43c081bd036b330aba'|'BHP tries again to get Chile''s Escondida union back to table'|'Business News - Mon Mar 13, 2017 - 4:57pm GMT BHP tries again to get Chile''s Escondida union back to table File Photo: A view of the BHP Billiton''s Escondida, the world''s biggest copper mine, in northern Chile, in Antofagasta, Chile March 31, 2008. REUTERS/Ivan Alvarado/File Photo By Fabian Cambero - SANTIAGO SANTIAGO BHP Billiton ( BLT.L )( BHP.AX ) on Monday invited striking workers at its Escondida copper mine in Chile, the world''s largest, to return to the negotiating table, after they rejected a similar approach on Saturday. Escondida''s 2,500-member union has been on strike since Feb. 9 after new contract talks fell apart, and the mine has produced no copper since then. On Friday, the company invited the union to return the negotiating table. However, the union rejected the invitation, saying that it did not respect core non-negotiable conditions. In a letter sent to the union on Monday and released to media, BHP addressed the workers'' claims and proposed a meeting for Tuesday afternoon. "The only form of resolving those points that distance the two sides will be sitting down for dialogue and having a face-to-face conversation," the company said. The union is currently analysing the content of the letter to determine its response, a union source told Reuters. Escondida, which is majority-controlled by BHP, produced slightly more than one million tonnes of copper in 2016. Rio Tinto ( RIO.L )( RIO.AX ) and Japanese companies including Mitsubishi ( 8058.T ) hold minority interests in the mine. (Reporting by Fabian Cambero; Writing by Gram Slattery; Editing by Marguerita Choy) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-chile-copper-escondida-idUKKBN16K268'|'2017-03-13T23:57:00.000+02:00'
'8400ebc10db658b01466022296754a0a1fd00ebd'|'Brexit leads cosmetics firm Lush to look for expansion outside UK'|'Lush has threatened to focus its planned expansion outside the UK because of the government’s “lack of clarity” over Brexit.The British cosmetics firm said it is exploring options for growth abroad, blaming the government for not having a viable exit plan. It also revealed that more than 80 of its staff took up an offer to move to its new factory in Germany as a direct reaction to the result.The company, based in Poole, Dorset, said last year’s referendum sent shockwaves through the business, in particular the 20% of its staff who do not hold British citizenship who “suddenly felt unwelcome and understandably upset”.Lush, known for its fizzing bath bombs and ethical approach, offered those wishing to leave the country after the vote positions in its new factory in Dusseldorf, with more than 80 staff to date having taken the opportunity to move.In a statement, the company said its focus in 2017 is to “look after and invest in” its staff, “particularly in the current political climate”. The group also warned that leaving the EU would mean higher taxes and could jeopardise expansion in Britain.The statement said: “To date Lush has flourished from the freedom of movement of people and goods, and now we face uncertainty in both of these areas. The negotiation of new trade agreements could take years, but the risk is that we will be paying more import duties across the business.“With Britain close to full employment and with a severe skills shortage we are concerned that restrictions on free movement of people will impact the availability of both the skilled and the unskilled restricting future growth in both our UK manufacturing and buying facilities.“Having opened our new Germany manufacturing facility during the year we will be reviewing other options for growth outside of the UK. With little clarity on the government’s approach to the implementation of Brexit this remains a key uncertainty for the business going forward.”In Poole, where Lush is headquartered, 58% of voters opted to leave. The company employs around 1,400 people in the Dorset town and 4,057 in the UK as a whole. About a third of those employed in Poole and 20% of its UK employees (782) are not British citizens.Immediately following the vote, co-founder Mark Constantine expressed “grave concern” and a “sense of sadness at the loss of opportunity”.The company, which has 928 stores across 49 countries globally, has not suffered so far as a result of the vote. Its annual results continued to show growth in both sales and profits.Brand turnover rose 26% to 723.3m and group turnover rose 21% to 394.9m in the year ended 30 June 2016. Lush said pre-tax profit for the year to 30 June rose 76% to £43.2m, despite troubles in its Japan operations.In terms of trading it said it had not noticed a material impact on UK revenues since the Brexit vote, and higher costs of raw material imports – a result of sterling weakness – were being offset by the cheaper cost of exports.It also confirmed it would be paying the living wage, as set by the Living Wage Foundation, for all UK permanent staff from April 2017, and would be increasing parental leave and childcare funding benefits.Topics Business Makeup EU referendum and Brexit European Union Trade policy Living wage '|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/business/2017/mar/13/brexit-leads-cosmetics-firm-lush-to-look-for-expansion-outside-uk'|'2017-03-14T03:00:00.000+02:00'
'd9084fd9833298f62bc4a63dd0cc3ded7ab4a054'|'India gold recycling plan fails to tempt households'|'Money News - Sun Mar 12, 2017 - 8:34am IST India gold recycling plan fails to tempt households Gold bangles are on display as a woman makes choices at a jewellery showroom during Dhanteras, a Hindu festival associated with Lakshmi, the goddess of wealth, in Kolkata, India October 28, 2016. REUTERS/Rupak De Chowdhuri/File photo By Rajendra Jadhav - MUMBAI MUMBAI India''s ambitious plan to recycle thousands of tonnes of gold lying idle in temples and households looks to have foundered on concerns over high costs and slight returns, in a blow to government hopes of cutting imports of the metal. After 16 months, temples and households have turned over just seven tonnes of gold out of the 24,000 tonnes believed to be in private hands, two industry sources and a government official said, with almost all the gold coming from temples. Families that hold about 80 percent of the idle gold have largely shunned the scheme, with some four dozen government-approved centres that opened to test purity still to process a single gram of household gold, said Harshad Ajmera, president of the Indian Association of Hallmarking Centres. "You hardly earn anything but you have to do so many things to deposit gold under the scheme. Why should I take all this pain?" said 54-year-old clerk Ganpat Shelke, who considered depositing 50 grams of gold. The struggling scheme was launched with much fanfare by Prime Minister Narendra Modi in November 2015, with India seeking ways to stem the spending of billions of dollars on a non-essential commodity that accounted for 27 percent of its trade deficit in the year to March, 2016. The country is the world''s second-biggest gold importer behind China, buying about 800 tonnes a year for wedding gifts, religious donations and as an investment. The plan was for holders of idle gold to lodge it with banks in return for interest and cash at redemption. The government would melt the gold and auction or rent it to jewellers, reducing the need for imports. But the scheme logistics mean the owners of the gold must shoulder the cost of testing its purity and melting it down, while the interest rate on offer of just 2.5 percent compares with 7-8 percent that banks offer for cash deposit rates. "If a consumer wants to have 25 grams jewellery converted the cost of converting and purity testing takes 3-4 percent of total value away," said Shekhar Bhandari, executive vice-president of Kotak Mahindra Bank. RELUCTANT BANKS Even when holders of the precious metal want to take part in the scheme they have run into hurdles. "I visited four banks several times to deposit gold but they could not accept it," said Kushal Chatterjee, a businessmen from the eastern city of Kolkata. "They said they did not know the process." At least five bank branches visited by Reuters this week in Mumbai said they could not accept gold under the scheme as they had not been given directions by their head offices. A senior official with the Indian Banks'' Association said the current scheme offered banks little or no profit. "There should be an incentive for banks," said the official, who declined to be named when commenting on a sensitive issue. Banks are also concerned that provisions allowing gold to be deposited for up to 15 years will raise currency and liquidity risks, the India Gold Policy Centre in a recent report. A finance ministry spokesperson declined to comment on the gold programme. Gold refiners, who more than doubled capacity in recent years in anticipation of higher scrap supplies, are operating at well below capacity, said James Jose, secretary of the Association of Gold Refineries and Mints. "Except for the banks, all other stakeholders like purity centres, refiners are ready, but they are helpless without banks'' participation," he said. The India Bullion and Jewellers Association urged the government to revisit the scheme, clearing doubts for consumers and putting pressure on banks to participate. "Otherwise Indian imports will not fall," said Association secretary Surendra Mehta. (Reporting by Rajendra Jadhav; Editing by Richard Pullin) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-gold-idINKBN16J02F'|'2017-03-12T10:04:00.000+02:00'
'4f00d6cd4cb03e1d1e9a6e49882e98763261e760'|'Markets set to gain after Modi''s landslide victory in Uttar Pradesh'|'Money News - Sun Mar 12, 2017 - 12:19pm IST Markets set to gain after Modi''s landslide victory in Uttar Pradesh left right Supporters of Bharatiya Janata Party (BJP) celebrate after learning of the initial poll results outside the party headquarters in New Delhi, India, March 11, 2017. REUTERS/Adnan Abidi 1/2 left right People walk past the Bombay Stock Exchange (BSE) building in Mumbai, India, January 25, 2017. REUTERS/Shailesh Andrade/Files 2/2 By Savio Shetty and Suvashree Choudhury - MUMBAI MUMBAI Indian shares, bonds and rupee are likely to gain when trading resumes on Tuesday as Prime Minister Narendra Modi''s landslide victory in Uttar Pradesh is seen as an endorsement of his economic reform agenda. Modi''s win strengthens his claim to a second term in national elections in 2019, and investors are betting it will embolden the ruling Bharatiya Janata Party (BJP) to embark on more reforms including the launch of a national sales tax. Analysts predict the broader NSE share index could test the psychological barrier of 9,000 points when markets re-open after a public holiday on Monday from its 8,934.55 close this week, while the benchmark 10-year bond yield could gain 3-4 basis points. Expectations that Modi''s win could also attract more foreign investors are also likely to lift the rupee, analysts said. "BJP''s emphatic victory in the politically crucial state of UP would embolden the prime minister in aggressively expediting key structural economic reforms," said Ajay Bodke, head of portfolio management services at financial firm Prabhudas Lilladher in Mumbai. Modi''s win also paves the way for the NSE to approach a record high of 9,199.20 points hit on March 4, 2015, although worries about expensive valuations and caution ahead of a likely rate hike by the U.S. Federal Reserve at its March 14-15 meeting could temper gains. Indian shares are trading at a price-to-earnings ratio of 19.85 over the next 12 months, compared with their five-year historic average of 17.8, according to Thomson Reuters data. The BJP''s electoral prospects could also support bonds, which have steadied recently after hitting their lowest in around five months in late February after the Reserve Bank of India unexpectedly changed its monetary stance to "neutral" from "accommodative." Meanwhile, the rupee is set for further gains after hitting around a four-month high of 66.56 per dollar on Friday, as foreign investors have started returning to emerging markets including India, since February. (Writing by Rafael Nam; Editing by Stephen Coates) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-markets-idINKBN16J06Y'|'2017-03-12T13:49:00.000+02:00'
'd4a15bfd87117bfa22f494383a0755802facf1ac'|'UK builder Bovis in talks with Galliford Try after rejecting bids'|'Deals - Sun Mar 12, 2017 - 2:44pm GMT UK builder Bovis in talks with Galliford Try after rejecting bids FILE PHOTO: A builder works at a Bovis homes housing development near Bolton, Britain, July 9, 2008. REUTERS/Phil Noble/File Photo - RTSWZRS By William James and Costas Pitas - LONDON LONDON British homebuilder Bovis has rejected a bid approach from rival Galliford Try but remains in negotiations about a possible deal, the firm said on Sunday, adding it had also rejected a proposal from another suitor, Redrow. A tie up between Galliford and Bovis would see the country''s sixth- and eighth-biggest housebuilders combine in search of economies of scale in an industry which has reported rising profits in recent years and so far shown little vulnerability to Britain''s exit from the European Union. Bovis, which lost its CEO in December following a profit warning, said in February it would slow construction this year and focus on improving the quality of its homes after complaints from some buyers. "Discussions with Galliford Try are ongoing," a Bovis statement said. It said an initial all-share offer had been rejected, alongside a share and cash bid from Redrow because neither reflected the underlying value of the firm. Galliford confirmed it was in talks over a possible purchase, saying it had made an offer that would value the entire issued equity of Bovis at 1.19 billion pounds ($1.45 billion), or 886 pence per share. Bovis shares closed at 828 pence on Friday. Galliford said a merger could "create a new major housebuilder with national scale and geographic coverage" as well as delivering synergies from combining the two firms'' "operational structures, sourcing and operating practices." Its offer proposed an equity split in the combined group of 52.25 percent to Galliford shareholders and 47.75 percent to Bovis shareholders. NO TO REDROW Bovis said it had terminated discussions with Redrow after the firm indicated it was not willing to improve its offer. "The board also concluded that the Redrow proposal was not in the interests of Bovis shareholders as the cash element of the offer would require shareholders to crystallise value at the current Bovis valuation," the Bovis statement said. Earlier this year, Bovis said it saw little logic in a merger with another rival, Berkeley, after a media report said an influential Bovis shareholder wrote to Berkeley asking it to consider such a step. The last major consolidation in the market occurred nearly a decade ago when Taylor Woodrow and George Wimpey merged to form Taylor Wimpey, becoming Britain''s biggest housebuilder at the time. The sector has been buoyed by a lack of new housing supply which has pushed up prices and spurred several government schemes designed to support home buying. But Bovis has struggled to capitalize on these conditions, and in February announced a 7 million pound hiring spree in response to the complaints about poor quality housing. ($1 = 0.8226 pounds) (Reporting by William James and Costas Pitas; Editing by Mark Potter) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-bovis-m-a-galliford-idUKKBN16J0PM'|'2017-03-12T21:43:00.000+02:00'
'4af251ef53d950d6d13d2bb57b7235cb51094bd7'|'BRIEF-Alteryx files for IPO of upto $144.9 mln of class A common stock'|'March 13 (Reuters) -* Alteryx Inc - files for an IPO of upto $144.9 million of its class A common stock - SEC filing* Alteryx Inc - offering 9 million shares of class A common stock- SEC filing* Alteryx Inc - estimated that the initial public offering price per share will be between $12.00 and $14.00* Alteryx Inc - Pacific Crest Securities, William Blair, JMP Securities among underwriters for IPO* Alteryx Inc - Raymond James, Cowen And Company also among underwriters for IPO Source text: ( bit.ly/2mBrooN )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-alteryx-files-for-ipo-of-upto-idINFWN1GQ09M'|'2017-03-13T07:38:00.000+02:00'
'a92a06eed13a755a990d3afaf98c939235ed7143'|'Oil prices hit 3-month low as U.S. rig count climbs'|'Business News - Mon Mar 13, 2017 - 12:58am GMT Oil prices hit 3-month low as U.S. rig count climbs An employee pumps petrol into a car at a petrol station in Hanoi, Vietnam December 20, 2106. REUTERS/Kham SEOUL Oil prices dropped to their lowest in three months on Monday despite OPEC efforts to curb crude output, dragged down as U.S. drillers kept adding rigs. Brent crude LCOc1 had by 0011 GMT fallen 42 cents, or 0.82 percent, to its lowest since Nov. 30 at $50.95 per barrel. It closed the previous session down 1.6 percent at $51.37 a barrel. U.S. West Texas Intermediate crude (WTI) CLc1 declined 50 cents, or 1.03 percent, to $47.99 a barrel, its weakest since Nov.29. U.S. drillers added oil rigs for an eighth consecutive week, Baker Hughes said on Friday, as energy companies increased spending to take advantage of a recovery in crude prices since the Organization of the Petroleum Exporting Countries (OPEC) agreed to cut output late last year. [RIG/U] OPEC and other major oil producers including Russia reached a landmark agreement last year to cut production by almost 1.8 million barrels per day (bpd) during the first half of 2017. [nL8N1FY3GK] Overshadowing the cuts, crude inventories in the United States, the world''s top oil consumer, surged last week by 8.2 million barrels. [EIA/S] "With the market still digesting the big increase in inventories, oil prices are likely to remain under pressure today," ANZ bank said in a note. Hedge funds and other money managers cut their net long U.S. crude futures and options positions in the week to March 7, according to data from the U.S. Commodity Futures Trading Commission (CFTC) on Friday. [nL2N1GL0OG] (Reporting by Jane Chung; Editing by Joseph Radford) Next In Business News Asia shares off to cautious start as Fed rate hike looms TOKYO Asian shares started the week on a cautious note on Monday as strong U.S. jobs data cemented expectations of a hike in U.S. interest rates this week and as oil prices plunged to 3 1/2-month lows on fresh worries of oversupply.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN16K02L'|'2017-03-13T07:58:00.000+02:00'
'349b9516d5ad894276aeb61dd6cdced5e951d625'|'Saudi Aramco selects FTI as global media advisor for IPO: sources'|'By Reem Shamseddine and Celine Aswad - KHOBAR, Saudi Arabia/DUBAI KHOBAR, Saudi Arabia/DUBAI Saudi Aramco [IPO-ARMO.SE] has chosen U.S.-based FTI Consulting ( FCN.N ) as global media adviser for what is expected to be the world''s largest initial public share offer, industry sources said.In recent months the Saudi national oil giant has been appointing advisers to help arrange the offer. Investment banks Moelis & Co( MC.N ), Evercore( EVR.N ), JPMorgan Chase & Co ( JPM.N ) and Morgan Stanley ( MS.N ) will play roles, and more banks will be chosen, the sources said.FTI "will support Aramco''s communications team ahead of the sale to handle the storm of the IPO", said one of the sources.The sources said FTI''s main competition in the bidding was international consulting firm Brunswick Group. Contacted by Reuters, Aramco said it "does not comment on rumor or speculation". Officials at Brunswick and FTI declined to comment.Aramco''s corporate affairs department has a headcount of over 200 people. It handles the company''s publications, media queries and events among other tasks, and supports the ministry of energy with staffing and speech writing."Aramco has avoided frequent contact with the international media and has preferred in the past to let the ministry of petroleum handle such relationships," said Sadad al-Husseini, a former senior executive at Saudi Aramco."But now with the growing focus on the IPO and proliferation of related rumors and speculation, it is clear the company wants to manage these contacts in a more effective and professional manner," said Husseini, now an energy consultant.(Additional reporting by Hadeel El Sayegh in Dubai and David French in New York; Editing by Andrew Torchia, Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-saudi-aramco-ipo-media-idINKBN16K21A'|'2017-03-13T12:51:00.000+02:00'
'53bf410ad421131b350b30a04da2defee3baefe4'|'EXCLUSIVE: Iran''s biggest cargo line looks at London IPO; thwarted so far -sources'|'By Jonathan Saul and Parisa Hafezi - LONDON/ANKARA LONDON/ANKARA Iran''s top cargo shipping company has held meetings in London to discuss a possible listing on the London Stock Exchange, but has so far been thwarted by U.S. sanctions that still scare banks off Iranian business, four Iranian and two Western sources said.Islamic Republic of Iran Shipping Lines (IRISL) was removed from international sanctions blacklists last year and after years of isolation aims to raise funds to modernise its fleet. It has already placed an order for new ships estimated to be worth $626 million.A floatation on the LSE would make it the first Iranian company to list on Britain''s main exchange since the Islamic revolution in 1979.But the difficulty in achieving such a landmark shows how far Tehran still remains from its goal of integrating fully with the global economic mainstream, since its 2015 deal with world powers to lift international sanctions in return for curbs on its nuclear programme.President Hassan Rouhani, who faces a campaign for re-election in May, has struggled so far to demonstrate to voters real economic benefits from the deal. He won office in a landslide in 2013 on a promise to reduce Iran''s isolation, and the nuclear deal is his crowning achievement.Most international sanctions on Iran were lifted last year as a result of the nuclear deal. But the United States still has separate sanctions in place over Iran''s missile programme and the administration of new President Donald Trump has signalled it would take a tough line.The four Iranian officials and two Western financial sources told Reuters the Iranian company had expressed interest in an LSE listing. Two of the Iranian sources, both senior officials in Tehran, said meetings had already been held with the LSE in London about a possible float for IRISL.IRISL officials could not be reached for comment. The LSE declined to comment.All six Western and Iranian sources spoke on condition of anonymity to discuss an initiative that has not officially been made public.U.S. SANCTIONSExperts on sanctions say any Iranian IPO in London would run up against the impact of the remaining U.S. measures, which have deterred British-based banks from clearing payments or facilitating transactions for Iranian companies.Even the UK subsidiaries of Iranian banks with British licenses have yet to offer payment clearing services in sterling."In the current climate, I believe it is wholly unrealistic for IRISL to expect to pull off a listing in London," said Nigel Kushner, a leading London-based sanctions lawyer."In circumstances where no UK clearing bank is willing to become involved and when Iranian banks that may legitimately trade in London are still not able to clear their transactions in London, how on earth is a listing going to happen?"The sources did not say how much capital IRISL was seeking to raise in a potential initial public offering.During the height of sanctions, the United States and European Union blacklisted the shipping firm, accusing it of involvement in nuclear proliferation efforts, which it denied. A European Union court ruled in 2015 that the EU had not given valid reasons for the allegations against IRISL.IRISL''s ambitions to become a big global cargo carrier are constrained by the age of its fleet. It operates 26 ships, worth just $166 million, according to ship valuation company VesselsValue. IRISL placed an order in December for 10 ships with South Korean shipbuilder Hyundai Heavy Industries Co Ltd. Those ships would be worth $626 million, according to VesselsValue.If it is still too difficult to hold an IPO in London, Iranian companies, including from the telecommunications sector, could turn instead to Italy''s stock exchange for a potential listing, Iranian sources said.The Italian stock exchange, Milan''s Borsa Italiana, is part of LSE Group. Borsa Italiana declined to comment.For Iran, pressures to show more progress are mounting ahead of the country''s presidential election in May. Hardline opponents say Rouhani has failed to win an economic windfall from his nuclear deal, and some voters are losing patience."Despite Rouhani''s and his government''s efforts, almost all banking transactions are blocked," said one senior Iranian banking official."This will impact the upcoming election and as you see hardliners have been using it against Rouhani in the past few weeks. Without foreign investment and the financial backing of major international banks, Iran''s economy cannot recover."(Editing by Peter Graff)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/iran-lse-banks-idINKBN16K2AK'|'2017-03-13T14:58:00.000+02:00'
'94d4a15b5e22f1ebf2979e965621f19d328e381c'|'Millennial love for Snapchat extends to the stock'|'Sun Mar 12, 2017 - 11:16am GMT Millennial love for Snapchat extends to the stock left right A woman stands in front of the logo of Snap Inc. on the floor of the New York Stock Exchange (NYSE) while waiting for Snap Inc. to post their IPO, in New York City, NY, U.S. March 2, 2017. REUTERS/Lucas Jackson 1/2 left right Traders gather at the post where Snap Inc. is traded on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 6, 2017. REUTERS/Brendan McDermid 2/2 By Angela Moon - NEW YORK NEW YORK For some millennial investors, loyalty to one of their favorite apps matters more than financial details in the case of Snap Inc. The stock of Snapchat''s parent company has been on a roller-coaster ride since its market debut last week, surging more than 70 percent from the initial public offering price in the first two days of trading and plunging back down by a quarter since. Some seasoned investors have been wary of the volatile, relatively high-priced stock of a company that has yet to report a profit. But novice investors said their deep affinity with the disappearing-message app prompted them to jump in. "I bought it even when I was pretty positive I would not make a profit in the short run, but just because I am a fan of the product," said Chris Roh, a 25-year-old software engineer in San Francisco, who has only been trading stocks for about a month on Robinhood, a mobile trading app popular among millennials. Snap sold shares at $17 a piece in its IPO on March 1. The day after, on the first day of trading on the New York Stock Exchange, the stock popped as high as $26.05. Roh said he bought the stock on that first trading day at $25 a share. Trading activity on Robinhood jumped by 50 percent on the day of Snap''s debut, with more than 40 percent of those who traded that day buying Snap shares. The median age of Snap shareholders on the platform were 26, the same age as Snap Chief Executive Evan Spiegel, according to Robinhood. Snap''s surge extended into the second day of trading, March 3, when its stock went as high as $29.44. It has sunk 25 percent since, closing on Friday at $22.07. Kaleana Markley, a 29-year-old human resources consultant in San Francisco, bought Snap shares as her first stock market investment. "Snap just felt like the IPO of my time and seeing where Facebook and Amazon are now, I really think Snap has the potential to grow (like them)," said Markley, who bought the shares through Stockpile, another online brokerage aimed at millennials, generally defined as people reaching young adulthood in the early part of this century. Markley said she bought some shares in Snap on the first day of trading and some more on the second day, when the stock hit the highest level of its short lifetime. "There are a lot of companies I don''t know or recognize, but Snap, I use the product, and know everyone - my friends, my co-workers, even my parents - uses it." Although some more experienced investors have avoided loss-making Snap, millennials were not alone in their hunger for shares of the company, which now has a market value of more than $25 billion. Many sophisticated institutional money managers were also intent on getting a piece of the hottest tech IPO in years, despite concerns about the company''s slowing user growth and lack of voting rights for new shareholders. Snap declined to comment on trading in its shares. INFLATED LEVELS? Companies with especially enthusiastic customer bases, such as action-camera maker GoPro Inc, social games company Zynga Inc and English football club Manchester United Plc, have in the past attracted fans to dabble in their IPOs. But the wildly popular Snapchat - with an average of about 158 million daily active users - appears to be taking the enthusiasm to another level, some analysts and brokers said. "One of the non-fundamental reasons driving the stock is that many millennials purchased Snap shares at inflated levels due to their preference for the product," said Shebly Seyrafi, managing director at FBN Securities. "That is, not due to a real understanding of the number or valuation." Snapchat''s users, mostly in the 18-34 age range coveted by advertisers, spend an average of 25 to 30 minutes on the app and visit it more than 18 times a day, according to the company, making it more visited than any other social media platform. "Snap is tapping into the pride of ownership (for millennials) which we don''t see often in the stock market," said Dan Schatt, chief commercial officer at Stockpile. Snap''s IPO gave Stockpile its biggest single day since it launched in 2015, nearly 10 times the service''s daily average in transaction and sales. "Snap is offering the comfort of buying something that you know so well, understand and use it every day, which is what these young investors want," said Schatt, whose teenaged daughter and son also bought Snap shares with his approval on Stockpile. On StockTwits, a Twitter-like platform for sharing trading ideas, where 40 percent of users are between the ages of 18 and 34, Snap has been the most talked-about stock for days. There are concerns about slowing user growth and competition from Facebook Inc. The overall sentiment on the stock is now 44 percent bullish and 56 percent bearish, compared to early February when bullish sentiment was 100 percent, according to StockTwits. That has not deterred Tiffany Dun, a San Francisco-based mortgage consultant in her late 20s who purchased 125 shares in Snap on the first day of trading at about $22 a share. "There''s always risk to everything," she said. "I use the product and I like it, so I bought some." (Reporting by Angela Moon; Editing by Jonathan Weber and Bill Rigby) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-snap-stock-millennials-idUKKBN16J0GA'|'2017-03-12T18:13:00.000+02:00'
'4eb4a4e45b9e0813b67f248ad79481e0ae2c8a5b'|'MIDEAST STOCKS-Plunge in oil may hurt Gulf bourses'|'DUBAI, March 12 Stock markets in the Gulf look set to start the week on a soft footing after crude oil prices plunged at the end of last week to a three-month low, while a likely U.S. interest rate hike may dampen tourist and real-estate related shares.Brent crude oil fell 1.6 percent on Friday to $51.37 a barrel and was down 10 percent for the week on news of another big rise in U.S. crude inventories.Petrochemical shares, which make up roughly one-quarter of Saudi Arabia''s market value, may weigh on that index as many analysts believe product spreads are contracting, and any slide in oil prices could pressure them further.Expectations that the U.S. central bank will hike rates this week rose to 92 percent after Friday''s U.S. jobs report, according to Thomson Reuters data.Markets have largely already priced in the rate hike - Wall Street closed modestly higher on Friday and MSCI''s all-country world stock index rose 0.6 percent.Saudi banking shares appear to reflect the anticipated positive impact of a rate hike, but tourist and real estate- related shares elsewhere in the Gulf, especially in Dubai, have been weak recently and could see further selling.National Bank of Kuwait goes ex-dividend on Sunday, which could pressure its share price. (Reporting by Celine Aswad; Editing by Andrew Torchia)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mideast-stocks-idINL5N1GP038'|'2017-03-12T02:48:00.000+02:00'
'd4ee42cfc28b9dcf443bf032405547acdad53710'|'Labour must learn to win if it wants to shape the UK''s economic future'|'Sunday 12 March 2017 12.19 GMT Last modified on Sunday 12 March 2017 12.21 GMT T here used to be an iron rule of politics. Governments that delivered strong growth in living standards were popular. Governments that presided over stagnant living standards were unpopular. Governments that served up falling living standards were booted out. Take the record of Labour governments between 1997 and 2010. During Tony Blair ’s first term, people got a lot better off and the upshot was a second landslide victory for Labour in 2001. Blair won by a smaller margin in 2005 following a period of more modest rises in living standards. By the time of the 2010 general election living standards were falling and Labour lost. This relationship appears to be breaking down. Living standards are under pressure as a result of rising inflation and will be squeezed much harder during the course of 2017 and 2018. Yet the Conservatives have a commanding lead in the opinion polls and recently achieved the rare feat of winning a seat from the opposition. If Labour is not deeply concerned by these trends, then it ought to be. This is mid-term, when support for opposition parties is usually strongest. The sugar rush provided to the economy by falling oil prices has worn off. Living standards, as the Institute for Fiscal Studies showed last week, are only 2% higher than they were nine years ago. The Resolution Foundation says that you have to go back to the days before Jane Austen wrote Pride and Prejudice to find a decade tougher than the current one. Labour should be winning by-elections by a mile. The current state of Westminster politics is all the more curious given what has happened to the economy over the past decade. First, there was a financial crisis caused by blind adherence to free market dogma and a laissez-faire approach to regulating global finance. For the right, this was what the mid-1970s were for the social democratic right: the moment when the model stopped working. In business parlance, Labour has become a toxic brand Second, the Conservatives then slowed down recovery with an ill-judged austerity programme. Before he became shadow chancellor Ed Balls warned that the result would be slower growth and higher than expected deficits. He was right. A one-term deficit reduction plan has now become a 15-year slog. Third, when the economy subsequently slowed in 2011 and 2012, the response from George Osborne was to warm up the housing market by providing banks with incentives to lend and borrowers with incentives to buy. Having complained on entering office that the economy was too dependent on consumer and government borrowing, he engineered a pre-election boomlet based squarely on debt. Investment, the key to sustainable growth, remained weak. Fourth, the economy shows no real sign of breaking out of this cycle. The ratio of household debt to GDP is not quite back to its pre-crash levels but heading that way. Only additional borrowing will sustain consumer spending in the months ahead and that is only feasible because interest rates are at historically-low levels. If the Bank of England attempted to push up the cost of borrowing the house of cards would come crashing down. Fifth, years of austerity and economic under-performance are now taking a toll on public services. Prisons are a volcano waiting to erupt, funding per pupil in schools is being cut, the NHS and social care are facing funding crises, the police say repeated budget cuts mean crime will start rising. There is – and always has been – an alternative to all this, which involves rejecting austerity, an interventionist state, a fairer tax system that cracks down on abuse, a national investment bank, and greater workplace democracy. Labour’s internal polling shows that the public supports this agenda. Voters are up for nationalising the railways and for workers on boards. They see the sense of the state investing in the sectors that make up the fourth industrial revolution if the private sector proves incapable or unwilling to do so. The public can see the blatant unfairness of those who rely on disability benefits to make ends meet paying the price for the follies of the financiers. The shadow chancellor, John McDonnell said at the weekend that he would like to restructure the UK economy to make it more Scandinavian and there are obvious attractions in Norway’s sovereign wealth fund or Swedish-style child care. Philip Hammond gave us a budget for tax avoiders and giant firms - John McDonnell Read more But the internal polling also shows that when the word “Labour” is attached to any of the above ideas support for them halves. That’s scary. In business parlance, Labour has become a toxic brand. This process began long before Jeremy Corbyn became leader. The trouble started when Labour had the misfortune to be in power at the time of the financial crisis and subsequent recession. Matters were made worse by an unwillingness to defend the achievements of the Blair-Brown governments and the inability to counter the ludicrous charge that the crash was caused by Labour’s over-spending. Labour spent the early months of the 2010-15 parliament looking inwards and that allowed the coalition to say austerity was the result of Brown’s failure to “mend the roof while the sun was shining”. Disastrously, Labour appears to have learnt nothing from this episode. After the 2010 election, it spent six months navel-gazing: this time there has been not one but two leadership elections. The message sent out to the public – and amplified by a hostile press – is that the party is at war with itself. There is also no getting away from the fact that Corbyn, while adored by his supporters, does not cut it as a potential prime minister with voters at large. Richard Murphy, who provided much of the intellectual heft behind Corbynomics during his 2015 tilt at the leadership but has subsequently found his advice less welcome, says the leadership has become too timid and is critical of McDonnell’s attempts to boost Labour’s reputation for fiscal rectitude. “To use a footballing metaphor Labour have chosen to play away all the time and with a team made up solely of defenders. They have no hope of ever winning. Even a draw is beyond their realistic hope.” McDonnell has a different take. He says Labour needs to show that it knows how to create wealth as well as how to spend it. The shadow chancellor says the meetings he addresses are fizzing with ideas and that Labour needs to start looking outwards rather than inwards. Labour’s political plight could well ease if Theresa May makes a hash of the EU divorce negotiations and/or the slowdown in the economy this year turns into an outright recession. But it will also require a coherent economic strategy, a political narrative, strong leadership, party unity and a clear sense of how a Labour Brexit would differ from a Tory Brexit. That’s not going to be easy, because brand detoxification never is. It is a long, hard process even when it is possible. Sometimes it isn’t. Topics'|'theguardian.com'|'http://www.guardian.co.uk/business/economics/rss'|'https://www.theguardian.com/business/2017/mar/12/labour-must-learn-to-win-if-it-wants-to-shape-the-uks-economic-future'|'2017-03-12T19:19:00.000+02:00'
'aa2454fda07db478634045a8086a3765423f0fb0'|'China securities regulator approves 10 IPOs to raise up to 4.9 billion yuan'|'BEIJING China''s securities regulator said it had approved 10 initial public offerings which would raise up to 4.9 billion yuan ($709.63 million)in total.The China Securities Regulatory Commission made the announcement in a microblog post late on Friday, without giving a timeframe.(Reporting by Ben Blanchard; Editing by Simon Cameron-Moore)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-china-ipo-idUSKBN16J067'|'2017-03-12T08:04:00.000+02:00'
'a09f473521b69de78dd64efe505a7e1da770e0bd'|'Russia''s Litasco hires ex-Glencore trader to head China operation'|'  9:55am GMT Russia''s Litasco hires ex-Glencore trader to head China operation BEIJING Russian oil trader Litasco has hired an ex-Glencore trader to head its Beijing-based China operations, hoping to expand sales of Russian Urals crude to the independent Chinese oil refineries known as "teapots", traders said. Li Buhua, formerly head of Glencore''s oil trading operation in Beijing, joined the Russian trader in January, replacing Zhu Tong who retired in late 2016, traders said. Li was previously with state-owned Chinese oil and chemicals trader Sinochem before joining Glencore ( GLEN.L ). Litasco is one of the world''s largest traders and a unit of Russia''s No. 2 oil producer Lukoil ( LKOH.MM ). Li confirmed his new posting and said his small team of three - including himself - in Beijing was looking to target Chinese teapot plants to boost sales of Urals crude, a grade similar to Oman that is becoming more price competitive. "We are starting from a small base, but hopefully we can seize the arbitrage opportunity this year as the Middle Eastern crudes become relatively more pricey due to the (OPEC) supply cuts," said Li. Set up in 2000 as the trading arm of Lukoil, Swiss-based Litasco focuses on selling its parent''s crude and products worldwide, serving its refineries in Italy, the Netherlands, Romania and Bulgaria and adding value through trading. Lukoil said early this month it produced 92 million tonnes of oil (1.84 million barrels per day) last year, including 83.2 million tonnes from Russia. It also operates fields in Iraq and the former Soviet Union. More than 20 independent refineries have since late 2015 emerged as a catalyst in the global crude oil market, making up the bulk of the 910,000 barrels per day of additional crude oil China bought in 2016 compared with its average daily purchases in the previous year. The teapots'' buying frenzy elevated Russia to become China''s largest crude supplier last year for the first time on record. The independents have since early this year started taking in Urals crude. (Reporting by Chen Aizhu; Editing by Tom Hogue)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-russia-lukoil-china-idUKKBN16K0XY'|'2017-03-13T16:55:00.000+02:00'
'358bd48c200801438d0e3a87bb9649e8851e7dd1'|'Saudi king says to consider Japan''s request to support Tokyo listing of Aramco'|'By Kiyoshi Takenaka - TOKYO TOKYO Japanese Prime Minister Shinzo Abe has asked Saudi Arabia''s King Salman to support the listing of Saudi state oil giant Aramco shares on the Tokyo Stock Exchange, a Japanese senior government official said on Monday.King Salman said that the kingdom would look into the request because he wants Japanese investors to buy Aramco shares, the official said after the two leaders met.Bourses in Asia and elsewhere are vying to win the $100 billion listing.(Reporting by Kiyoshi Takenaka; writing by Malcolm Foster; editing by Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/saudi-japan-aramco-idINKBN16K1EP'|'2017-03-13T09:30:00.000+02:00'
'dfede8dd4381f35158071227cedf76d905e7c953'|'Better technology uptake could lift European economy - Draghi'|'Business News   2:15pm GMT Better technology uptake could lift European economy - Draghi President of the European Central Bank (ECB) Mario Draghi addresses a news conference after the bank''s governing council meeting at the ECB headquarters in Frankfurt, Germany, March 9, 2017. REUTERS/Kai Pfaffenbach FRANKFURT If non-high-tech companies adopt more innovative technology, that would provide a boost for European productivity, European Central Bank President Mario Draghi said on Monday. High-tech firms do well against global competitors but others, particularly in the services sector, fare worse than their peers, Draghi said at a conference in Frankfurt. "Simply by diffusing better the technology we already have in the euro area, we could make sizeable gains in productivity," Draghi said. "Higher productivity growth is also vital to safeguard Europe’s economic model of high wages and social protection, and hence to counter the sense of economic insecurity that is currently prevalent in several advanced economies," Draghi said. (Reporting by Balazs Koranyi and Francesco Canepa; Editing by Robin Pomeroy) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ecb-policy-draghi-idUKKBN16K1SZ'|'2017-03-13T21:15:00.000+02:00'
'4bae5dcbe1e617f1c1d65fcf460193ecc2c79b48'|'Trump expected to announce vehicle emissions rules review'|'Environment   1:31pm GMT Trump expected to announce vehicle emissions rules review FILE PHOTO: U.S. President Donald Trump looks up while hosting a House and Senate leadership lunch at the White House in Washington, U.S. March 1, 2017. REUTERS/Kevin Lamarque/File Photo By David Shepardson - WASHINGTON WASHINGTON U.S. President Donald Trump is expected announce a restart of a review of vehicle fuel efficiency rules sought by the auto industry at an event on Wednesday with the chief executives of U.S. automakers, according to two sources briefed on the matter. Trump is expected to visit Ypsilanti, Michigan, a Detroit suburb, to tout his administration''s decision to revive a review of the feasibility of the 2022 through 2025 vehicle emissions rules, after the Obama administration moved in its final days to lock in the rules. In addition to the chief executives of General Motors Co, Ford Motor Co and Fiat Chrysler Automobiles NV, officials from Japanese and German automakers are also expected to attend. A White House official confirmed Trump plans to visit Michigan, but did not immediately confirm details. Automakers have been pushing the Trump administration for months to reverse the Obama administration decision. The Environmental Protection Agency had until April 2018 to decide whether the standards were feasible under a "midterm review," but moved up its decision to a week before President Barack Obama left office in January. Automakers argue the Obama era vehicle emissions rules, which would raise the fleet average fuel efficiency to more than 50 miles per gallon by 2025 from 27.5 mpg in 2010, will impose significant costs and are out of step with consumer preferences. They argue they need more flexibility to meet the rules amid low gas prices. Environmentalists, who favor the standards, say they will reduce fuel costs and greenhouse gases and have vowed to sue if the Trump administration weakens them. Trade groups representing automakers, including GM, Volkswagen AG ( VOWG_p.DE ) and Toyota Motor Corp, have asked the EPA to withdraw the determination finalizing the rules, which stem from a 2011 deal the industry reached with the U.S. government. The Obama administration said in 2011 the changes would boost fuel efficiency to a fleetwide average of 54.5 mpg, save motorists $1.7 trillion in fuel costs over the life of the vehicles and cost the auto industry about $200 billion over 13 years. In July, the EPA estimated the fleet would average only 50.8-52.6 mpg in 2025 under the rules because Americans were buying more SUVs and trucks and fewer cars. (Reporting by David Shepardson; Editing by Chizu Nomiyama and Frances Kerry) Next In Environment'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-trump-autos-idUKKBN16K1L5'|'2017-03-13T20:26:00.000+02:00'
'f65f531aa9d8699dcc2cd185da6f5f07bc45ebae'|'Second Scottish referendum would be divisive, hurt economy - May'|'Business News   12:50pm GMT Second Scottish referendum would be divisive, hurt economy - May Britain''s Prime Minister Theresa May leaves 10 Downing Street before Chancellor of the Exchequer Philip Hammond delivers his budget to the House of Commons in London, Britain March 8, 2017. REUTERS/Neil Hall BRUSSELS A second Scottish independence referendum would be divisive and cause huge economic uncertainty at the worst possible time for Britain, a spokesman for British Prime Minister Theresa May said on Monday. "Only a little over two years ago people in Scotland voted decisively to remain part of our United Kingdom in a referendum which the Scottish Government defined as a ''once in a generation'' vote," the spokesman said in a statement. "The evidence clearly shows that a majority of people in Scotland do not want a second independence referendum. Another referendum would be divisive and cause huge economic uncertainty at the worst possible time." (Reporting by Elizabeth Piper; editing by William James) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-scotland-may-idUKKBN16K1IZ'|'2017-03-13T19:50:00.000+02:00'
'39240c9be49eee85d2f3902dc64723641c8881e8'|'Treasury''s Mnuchin to ''push hard'' for U.S. interests at G20 - official'|'WASHINGTON U.S. Treasury Secretary Steven Mnuchin will be "pushing hard" to advance U.S. interests in his first meeting with international counterparts this week, including reaffirming commitments to avoid competitive currency devaluations, a senior Treasury official said on Monday.Mnuchin, who will attend a meeting of finance ministers and central bank governors from the Group of 20 major economies on Friday and Saturday in Germany, will also press countries to use all available tools to strengthen global growth, the official told reporters."The G20 can play a helpful role in advancing U.S. interests. The secretary will be pushing hard to make that come to pass, whether it''s on macroeconomic policies, exchange rate policies etcetera," the official said.(Reporting by David Lawder; Editing by Richard Chang)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/g20-usa-idINKBN16K2MO'|'2017-03-13T18:28:00.000+02:00'
'1ebbc73f1d342fb95b3fd6e99f37a867f7e208fb'|'UPDATE 1-Switzerland''s ECOM buys insolvent German cocoa grinder Euromar'|'(Adds detail from paragraph three)HAMBURG, March 13 Swiss commodities trading group ECOM has agreed to buy the factory of German cocoa grinder Euromar Commodities GmbH which declared insolvency in December, Euromar''s insolvency administrator said on Monday.ECOM plans to resume production at Euromar''s plant at Fehrbellin near Berlin, insolvency administrator Rolf Rattunde said in a statement.No one was available for comment at ECOM''s Swiss head office.Rattunde said a sale contract for Euromar''s factory, equipment and site has been signed with ECOM and approved by Euromar''s interim committee of creditors. German cartel authorities must still approve the purchase.Some 25 groups had expressed interest in Euromar and four had been involved in the final round of negotiations, he said. Observers said last week a sale was thought to be imminent.Euromar had suffered liquidity problems caused by exchange rate fluctuations in the British pound, in which cocoa is traded, and swings in cocoa prices.A U.S. associate company, Transmar Commodity Group Ltd, also filed for bankruptcy protection in December.ECOM is a supplier of commodities to chocolate manufacturers, coffee roasters and cotton mills, the company''s website says, with cocoa trading operations and cocoa processing plants in the Netherlands, Malaysia and Mexico."After completion of the purchasing contract of the assets and with new equipment purchases, ECOM will realign the factory and resume production," Rattunde said.The factory grinds cocoa to produce cocoa butter and powder, ingredients for chocolate and confectionery. It has been undertaking "emergency production" since December, Rattunde said.It is expected that Euromar''s 125 personnel will be taken on by ECOM."I am confident the last hurdles in the sale will be crossed," Rattunde said.German traders estimate the Euromar grinding plant in Fehrbellin can crush 150 tonnes of cocoa beans a day, which with full 365-day production means around 54,700 tonnes a year. Germany grinds about 400,000 tonnes of cocoa annually.Euromar''s problems were a factor in a sudden fall in European cocoa grindings in the fourth quarter of 2016. Euromar has never given official production figures. (Reporting by Michael Hogan; Editing by Ruth Pitchford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/euromar-cocoa-idINL5N1GQ4JN'|'2017-03-13T12:20:00.000+02:00'
'ef31e57aebb48f240e265b53c6033f7c6eb2596c'|'Canadian fintech DH Corp to be taken private in C$4.8 billion deal'|'Investment firm Vista Equity Partners said on Monday it would buy Canada''s DH Corp ( DH.TO ) in a deal valued at C$4.8 billion ($3.6 billion), in the latest sign of interest in companies specializing in financial technology.Fintechs, or companies that use technology to revamp everything from banking to fraud security, globally draw billions in investment annually.Private equity firms as well as major financial institutions have invested in fintechs in the expectation that new innovations will transform the financial services industry in decades to come.Venture capital-backed investment in Canadian financial technology companies hit its highest level in almost two decades last year, even as the flow of funds into major fintech markets like the United States declined, according to sector data.Vista offered C$25.50 in cash for each DH Corp share, an 11 percent premium to the stock''s Friday closing price.Vista also said it would combine DH with one of its portfolio companies, UK-based Misys ( IPO-MISY.L ), a software provider for retail and corporate banking, lending, treasury and capital markets.Formerly Davis + Henderson Corp, DH has transformed itself from a cheque printing company into a provider of payment and lending services. Its customers include banks and credit unions.DH has close to 8,000 customers, including Canada''s five biggest lenders and more than half of the world''s 50 largest banks.The deal follows DH''s appointment of a special committee in December to assess expressions of interest to buy the company.DH shares, which dropped to a record low last November, have since risen over 64 percent in anticipation of an acquisition.Credit Suisse and RBC Capital Markets are financial advisers to DH while Stikeman Elliott LLP and Cravath, Swaine & Moore LLP provided legal counsel.Morgan Stanley, Barclays and Citi are financial advisers to Vista Equity Partners. Kirkland & Ellis LLP and Goodmans LLP provided legal counsel.(Reporting by Ahmed Farhatha in Bengaluru; Editing by Savio D''Souza and Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-dh-m-a-idINKBN16K1EY'|'2017-03-13T09:59:00.000+02:00'
'39ec04494912413db955a42641cfe598c30441f5'|'Trump is set to win the battle on interest rates, but US economy will pay the price - Business'|'D onald Trump spent much of his campaign for the White House attacking the Federal Reserve chief Janet Yellen. Shouting at the camera in the first presidential debate, he even went as far as to accuse the head of the central bank of “being political”, spurring her to deny she was anything but impartial.Trump’s anger was a lightning rod for American savers, who like savers across the developed world, have suffered eight years of ultra-low interest rates. A rate rise this week will be taken as another sign by commentators that the Fed is slowly capitulating to the new president’s tub-thumping campaign.In December, the Fed raised interest rates for the first time in a year, and only the second time since the 2008 financial crisis , up 0.25 percentage points to a band between 0.5% and 0.75%. Three further rates increase are predicted for 2017.The latest jobs figures published on Friday , which bounced much higher than analysts expected, make it a racing certainty the first of these three will take place on Wednesday.Yet the jobs figures are a legacy of the Obama presidency and nothing to do with Trump. Neither is the good news from the manufacturing sector or pretty much any other economic indicator, except the stock market, which could be said to have benefited from a significant Trump bounce.The president could decide to join the chorus of approval and even claim the rise is only the result of his pressure. But he should be cautious. An increase in the base rate, however small, will tighten the screw on younger voters and some of the poorest communities who voted for him and rely on credit to get by.More importantly for his economic programme, higher interest rates in the US will act like a honeypot for foreign investors, who will transfer their funds to New York.The bankers will adore being the prime recipients of all this fresh money and being able to charge higher interest rates, but sucking in foreign cash has a price and that is an expensive dollar and worsening trade balance.Trump might want to think twice about supporting a policy that hits exports and pretty soon the profits of major corporations. It might undermine his call for the repatriation of factories to the rust-belt states if goods cost 10% or 20% more to export.The dollar is already 20% higher against a basket of currencies than last year. If it goes up any further, corporations could restrict investment and freeze wages to compete.Trump called for higher interest rates , but not lower wages or investment. But all the signs are that the president and his chief advisers will ignore these negative effects.Treasury secretary Steve Mnuchin , like Trump, believes the administration is about to unleash an economic revolution that will spark rocketing growth without the inflationary pressures that spur interest rate rises. Mnuchin’s plans for tax cuts and infrastructure spending, far from increasing inflation alongside growth and forcing the Fed to raise rates further, are supposed to raise productivity, allowing supply to stay in synch with rising demand. Prices would stay subdued and the Fed could raise rates almost without any effect on the economy, which – in a Trumpian world – could be given the tools to grow without concerning itself with the cost of borrowing.But few believe a mix of deregulation, tax cuts and infrastructure spending can have the desired effect, let alone work their magic in a fashion that leaves inflation subdued.One of the many reasons is that the US has already enjoyed one of the longest periods of economic expansion on record. Trump’s spending plans are a last sugar rush for a period of growth that is past its sell-by date. A recession is looming – and a recession delayed is only worse. Let’s hope it’s not a full-blown crash.Something to take shine off JD Sports prize Strange how myopic the business world can be. After an evening that kicked off with an inspirational speech from cobbler John Timpson about the power of treating staff well, the retail industry handed its highest accolade to JD Sports, a business recently heavily criticised for its treatment of warehouse workers .JD has been an exceptional retailer in many ways: its stores and products are bright and exciting. Sales and profits have soared, and chairman Peter Cowgill has pulled the business back from what seemed like terminal decline. JD has said a Channel 4 documentary highlighting alleged poor practises at its warehouse did not reflect the working environment in an accurate or balanced way, but it did launch an investigation.Naming JD Sports Retailer of the Year with no mention of these problems, even in the accompanying magazine interview with Cowgill, does neither the journal behind the awards, Retail Week, nor JD any favours. Was the company not asked about the matter, or did it refuse to touch on it?The industry cannot blindfold itself to evidence of poor treatment of workers. JD’s higher-profile competitor Sports Direct may have knocked out many competitors with its “savvy” business skills, but it has brought shame on the industry with its treatment of warehouse workers in particular.There are business as well as moral implications. Not every shopper will actively consider workers’ rights when they want a cheap pair of trainers. But poor corporate behaviour can only encourage the seeking of alternatives.Sports Direct is now suffering financially, partly because major brands don’t want to be tarnished by its tacky discount-focused stores or links with “Victorian workhouse” conditions.JD’s strength is partly built on its better image, which has helped it forge long-lasting and mutually beneficial relationships with brands. Maintaining that reputation should bring the issues at its warehouse into sharp focus.Barclays needs new symbols Eight foot high and 20ft wide, the five acrylic blocks that have been a fixture in the characterless, cavernous foyer at Barclays for the past four years have gone. They were emblazoned with the words “respect, integrity, service, excellence and stewardship” and were a symbolic gesture by chief executive Antony Jenkins to show the bank was trying to clean up its reputation in the wake of the Libor crisis. It has taken 14 months for Jenkins’s successor, Jes Staley, to tear them down and install screens.It was easy to mock the blocks – which were moved around the foyer to create new patterns – as a desperate attempt to look as if the bank was doing the right thing.Staley was right to move them out. But in so doing, the American banker must ensure he does not create an impression that Barclays is back to its gung-ho days.Topics US interest rates Business leader US economy Donald Trump Federal Reserve Janet Yellen JD Sports Fashion comment  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/mar/12/victory-interest-rate-rise-donald-trump-us-economy-will-pay'|'2017-03-12T14:00:00.000+02:00'
'b5316ba3c44b9e9d482754ba36dfff95c73b4cd7'|'Aker ASA says nothing new to report on Aker Solutions ownership'|'OSLO, March 14 Norwegian investment firm Aker ASA does not plan to announce any news regarding its holdings in engineering firm Aker Solutions, where it is the top owner, an Aker spokesman said on Tuesday.Financial daily Finansavisen late on Monday reported that U.S. oilfield services firm Halliburton was close to signing a deal to buy Aker Solutions or its key subsea unit."We''re a listed company with stakes in eight different companies. Many are contacting us, and a natural part of what we do is to talk to others, but we have nothing new to say at this point," Aker spokesman Atle Kigen said."We have no plans to issue a stock exchange notice," he added. (Reporting by Ole Petter Skonnord, editing by Terje Solsvik)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/aker-solutions-halliburton-idINO9N1G101V'|'2017-03-14T04:51:00.000+02:00'
'880f84a4f0cdde5baf791078a72bc6f39b5d177e'|'European shares dip as Dutch vote and Fed loom, FTSE bucks trend'|'Company   4:27am EDT European shares dip as Dutch vote and Fed loom, FTSE bucks trend LONDON, March 14 European shares fell on Tuesday on uncertainty ahead of elections in the Netherlands and a U.S. interest rate decision later in the week. After four days of gains, the pan-European STOXX 600 index eased 0.2 percent by 0824 GMT, weighed down by banks and basic resources stocks. Earnings were the main drivers behind stock moves, with shares in German fragrance and flavour firm Symrise declining 2.1 percent after reporting disappointing results. German utility RWE was the biggest STOXX gainer, however, jumping nearly 7 percent after saying that it might cut its stake in networks and renewables unit Innogy to 51 percent. It did not comment on a report that France''s Engie was considering a bid for the company. Innogy''s shares also rose 4.6 percent. Britain''s FTSE 100 index outperformed, however, gaining 0.2 percent as sterling hit an 8-week low after British Prime Minister Theresa May won the right to trigger divorce proceedings with the European Union. (Reporting by Kit Rees; Editing by Louise Ireland) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL5N1GR1FJ'|'2017-03-14T15:27:00.000+02:00'
'fb0df05997bf18b529a57098be2ef818de489c18'|'UPDATE 2-UK Stocks-Factors to watch on March 15'|' 52am EDT UPDATE 2-UK Stocks-Factors to watch on March 15 (Adds company news item) March 15 Britain''s FTSE 100 index is seen opening up 13 points on Wednesday, according to financial bookmakers, with futures up 0.1 percent ahead of the cash market open. * LLOYDS: The British government has reduced its stake in Lloyds Banking Group to just below 3 percent, putting the lender on track to be back in private ownership within the next few months. * GEM DIAMONDS: Gem Diamonds Ltd reported on Wednesday a 47 percent fall in its full-year pretax profit, hurt by an impairment charge after it mothballed the Ghaghoo mine in Botswana due to a fall in diamond prices. * HIKMA PHARMACEUTICALS: Drugmaker Hikma Pharmaceuticals Plc said its full-year core operating profit rose 2.4 percent as weakness in its generic drugs business was more than offset by growth in its injectables and branded business. * SHELL: Australia''s top gas producers, led by ExxonMobil Corp and Royal Dutch Shell, agreed to boost supply to the country''s domestic market to help avert an energy shortage following crisis talks with Prime Minister Malcolm Turnbull. * POLYMETAL: Russian gold and silver producer Polymetal said on Wednesday its 2016 net earnings rose 79 percent year-on-year to $395 million due to higher prices for precious metals and foreign exchange gains driven by a stronger rouble. * ASTRAZENECA: AstraZeneca''s ovarian cancer drug Lynparza slashed the risk of disease progression in a closely watched clinical trial, boosting its profile against rivals within the novel PARP inhibitor drug class. * BHP BILLITON: The Escondida copper mine in Chile plans to restart operations after striking workers again rejected an invitation by controlling owner BHP Billiton to return to negotiations, an executive told reporters late Tuesday. * UNILEVER: Fresh from defending Unilever against an unsolicited $143 billion takeover attempt by Kraft Heinz, CEO Paul Polman said the British government should ensure a level playing field for target companies. * BREXIT: Sterling fell to an eight-week low against the dollar and the basket of currencies measuring its broader strength on Tuesday, hit by fears of prolonged political jousting over the terms of Britain''s exit from the European Union. * BRITAIN-SCOTLAND: Support for Scottish independence is at its highest ever but it might not be the best time for Scottish First Minister Nicola Sturgeon to hold a new referendum, a survey by ScotCen''s Scottish Social Attitudes said on Wednesday. * BRITAIN-ECONOMY: Britain''s construction industry could lose nearly 200,000 workers from European Union countries if the UK fails to keep access to the bloc''s single market, a leading property body said on Wednesday, as it called for help for the sector. * OIL: U.S. oil prices rose more than 2 percent in early Asian trade on Wednesday, recovering from a three-month low after industry data showed a surprise drawdown in U.S. crude stockpiles and Goldman Sachs put a positive spin on OPEC''s compliance with output cuts. * The UK blue chip FTSE 100 index closed closed 0.1 percent lower on Tuesday, weighed down by banking stocks as Britain gets set to start negotiating its departure from the European Union. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Siju Varghese; Editing by Sherry Jacob-Phillips) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1GS2VG'|'2017-03-15T14:52:00.000+02:00'
'3d56b8b11fe4dc35cc23f450f10b4d461f65ecc5'|'Workers at Japan''s top companies likely to get meagre 2017 pay hikes - Reuters'|'By Tetsushi Kajimoto - TOKYO TOKYO Workers at Japan''s top companies are likely to get a base pay hike of around just 0.3 percent, the smallest raise in four years - a setback for Prime Minister Shinzo Abe''s campaign to spur the long-sluggish economy.The annual "shunto" spring wage increases to be announced on Wednesday, which take effect in the coming fiscal year from April, are seen as a barometer of Japanese corporate confidence.Despite sitting on piles of cash, companies are reluctant to raise wages as they''re anxious about the economic outlook, currency swings and the chance U.S. President Donald Trump''s trade policies will hurt Japan''s exports.A Reuters poll in January showed that nearly two-thirds of companies do not plan to raise their workers'' wages this year.]Even where hikes are certain, the amounts can be tiny.Toyota Motor Corp''s ( 7203.T ) base pay hike, traditionally a benchmark other companies use to gauge their increases, will likely come to just 1,300 yen, or about $11, a month. That''s less than half the union''s demand and well below the 4,000 yen hike given in 2015.For a mid-level technician at Toyota earning 360,000 yen a month, that''s a 0.36 percent increase.Total wage growth will be higher than that: Workers will see roughly 2 percent more in their paychecks because their salary goes up automatically every year under Japan''s seniority-based employment system.Still, such an increase is below last year''s 2.14 percent, and 2015''s 2.38 percent, a 17-year high.Major electric machinery makers such as Hitachi ( 6501.T ), Mitsubishi Electric ( 6503.T ) and Panasonic Corp ( 6752.T ) are expected to reduce their wage hikes for a second year, to 1,000 yen from 1,500 yen.LIMP SPENDINGFrom the early 2000s, base pay raises were virtually frozen for over a decade until Abe swept to power in late 2012 with a pledge to reboot the moribund economy. He urged companies to lift wages and they complied, to a degree.Abe wants healthy wage hikes to drive a virtuous growth cycle in which consumer spending and business investment rise, in turn lifting profits and wages. The central bank also wants to see higher wages lift prices and enable Japan to break out of its deflationary rut.But the latest meagre gains bode poorly for that scenario."Wage growth is likely to slow this year, which together with gradual rises in prices will weigh on real incomes," said Yoshiki Shinke, chief economist at Dai-ichi Life Research Institute. "That will hamper self-sustaining economic recovery led by domestic demand."This year, unions kept their demands unchanged from last year. Still, many companies are likely to offer less than half of what unions want."I have no expectation for ''shunto'' because my labour union is not so strong and they don''t really fight for wage increases," said a 26-year-old worker at an energy company who gave only his first name, Toshiki."Even if I do get a pay raise, I wouldn''t spend it," he said.($1 = 114.60 yen)(Reporting by Tetsushi Kajimoto, additional reporting by Minami Funakoshi; Writing by Malcolm Foster and Tetsuhi Kajimoto; Editing by Richard Borsuk)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/japan-economy-labour-idINKBN16L2RA'|'2017-03-14T19:34:00.000+02:00'
'1b3f98a02ecbefeccdf0d13b5e9828533cccf72c'|'Japan govt-backed fund may take minority stake in Toshiba chip unit -sources'|'Technology  47am EDT Japan   sources By Makiko Yamazaki and Taiga Uranaka - TOKYO TOKYO   ( 6502.T )   Discussions on a potential investment are, however, at a very early stage and may not develop further as some people within the government are concerned it could be seen as a publicly funded bailout, one of the sources said. If the fund, the Innovation Network Corporation of Japan (INCJ), teamed up with a bidder that would give the suitor a major advantage as it would represent a government stamp of approval, the sources said, declining to be identified as they were not authorized to speak on the matter. Cutting-edge chips are at the heart of robotics, artificial intelligence and connected devices and the government is worried that key technology could be transferred to China, people with knowledge of the matter have said previously. The government is prepared to use Japan''s foreign exchange and foreign trade laws to control the auction if need be, they said. Trade Minister Hiroshige Seko has said the ministry, which oversees INCJ, has no plans to rescue Toshiba. An INCJ spokesman said on Wednesday the fund would not comment on speculation. Toshiba said it would not comment on specifics of the sale process. Chief Executive Satoshi Tsunakawa said on Tuesday, however, that it would take national security concerns into account. In crisis over its Westinghouse nuclear business, Toshiba has put up most or even all of its prized memory chip business for sale to cope with an upcoming $6.3 billion writedown and to create a buffer for potential losses down the road. Separately a person with direct knowledge said that the government-backed Development Bank of Japan would be willing to lend support. It was not immediately clear what form that support would take. A spokesman for the bank declined to comment. Sources have said potential bidders include Western Digital Corp ( WDC.O ) which operates a Japanese chip plant with Toshiba, rivals Micron Technology Inc ( MU.O ) and SK Hynix Inc ( 000660.KS ). They also include Taiwan''s TSMC ( 2330.TW ) and Foxconn ( 2317.TW ) as well as financial investors such as Bain Capital. Toshiba has so far received bids that value the entire unit as high as 2 trillion yen ($17.4 billion), said a source with direct knowledge of the matter. Bidders have been asked to present their offers by March 29, he said. INCJ was involved in an attempt to rescue liquid crystal display maker Sharp Corp ( 6753.T ) about a year ago with the government aiming to broker a merger between it and Japan Display Inc ( 6740.T ). Sharp, however, reached an agreement to be bought by Foxconn, formally known as Hon Hai Precision Industry. ($1 = 114.6900 yen) (Reporting by Makiko Yamazaki and Taiga Uranaka; Additional reporting by Yoshiyasu Shida; Editing by Edwina Gibbs) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-toshiba-accounting-chips-idUSKBN16M0TI'|'2017-03-15T14:46:00.000+02:00'
'5f363b5df61e6e3c8e31baab8c0776a384866798'|'German prosecutors search Audi offices in Germany'|'Wed Mar 15, 2017 - 8:30am GMT German prosecutors search Audi offices in Germany The headquarters and forum of Audi are pictured in Ingolstadt, the home of German carmaker Audi March 3, 2016. REUTERS/Michael Dalder/File Photo INGOLSTADT, Germany Audi ( VOWG_p.DE )( NSUG.DE ) said German prosecutors are searching the premises at the luxury carmaker''s headquarters in Ingolstadt and a factory in Neckarsulm, a spokesman for Audi said. Prosecutors in Munich and Stuttgart have been searching offices at Audi''s two German factories since about 0600 GMT, the spokesman said, without providing further details. Audi admitted in November 2015 that its 3.0 liter V6 diesel engines were fitted with emissions control devices deemed illegal in the United States. Volkswagen''s luxury division is fully cooperating with the authorities leading the searches, the spokesman said. The Munich prosecutor''s office was not immediately available for comment. (Reporting by Andreas Cremer; Additional reporting by Jens Hack in Munich; Editing by Maria Sheahan) Up Next Valeant shares fall as Ackman exit highlights company''s challenges BOSTON Valeant Pharmaceuticals Inc''s stock price fell to its lowest level in eight years on Tuesday after the abrupt exit of its biggest supporter put renewed focus on the Canadian company''s most pressing problem: raising capital to cut its roughly $30 billion debt pile. Washington Post software deal a double win for Bezos Billionaire Jeff Bezos scored a double win this week as the Washington Post, the newspaper he bought in 2013, signed its biggest contract to date to sell web publishing tools mostly hosted by Amazon.com Inc , the company he founded and runs. CHICAGO McDonald''s Corp this month will begin testing its long-awaited U.S. mobile ordering app with the goal of avoiding the kinds of service hiccups that have haunted digital debuts by companies such as Starbucks Corp. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-audi-emissions-prosecutors-idUKKBN16M0XP'|'2017-03-15T16:31:00.000+02:00'
'428e433db61403abaa78bb58867499f661734bc6'|'UPDATE 1-Escondida copper mine in Chile says to restart operations'|'Company  22pm EDT UPDATE 1-Escondida copper mine in Chile says to restart operations (Recasts to reflect company plans, adds quote) SANTIAGO, March 14 The Escondida copper mine in Chile plans to restart operations after striking workers again rejected an invitation by controlling owner BHP Billiton to return to negotiations, an executive told reporters late Tuesday. The world''s largest copper mine will first resume work in two areas of the mine that are unrelated to the current talks, Escondida Mine President Marcelo Castillo said at a news conference in the city of Antofagasta. The company will then begin to do additional maintenance work, before finally re-establishing mining operations and restarting copper production. "We hope that in some way opportunities for dialogue come about...but with the posture that we saw yesterday (from the union) and that all of you saw yesterday, it''s difficult to be able to hope for a conversation in the short term," Castillo said. Under Chilean law the mine was allowed to hire temporary workers 15 days after the strike started on Feb. 9 but had said it would wait for 30 days to show its commitment to dialogue. Tuesday marked day 34 of the strike. The union did not immediately respond to request for comment on plans to restart operation. Copper production has been halted since the 2,500-member union went on strike. On Monday, workers rejected a company invitation to return to the table, saying the invitation did not take into account workers'' pre-conditions for dialogue. Union demands include that BHP agrees not to trim benefits in the existing contract, that shift patterns should not be made more taxing for workers, and new workers be offered the same benefits as those already employed at the mine. It was the third failed attempt to restart dialogue during the strike, which has pushed global copper prices higher due to supply concerns. On Friday, BHP invited the union to return to negotiations, but the union rejected that invitation on the same grounds. Throughout the process, negotiations have been tense, with the company at times accusing the union of violence, and the replacement of workers could lead to additional confrontation. Escondida produced slightly more than 1 million tonnes of copper in 2016, making it the world''s largest copper mine. Rio Tinto and Japanese companies such as Mitsubishi Corp hold minority interests in the mine. (Reporting by Fabian Cambero; Writing and additional reporting by Gram Slattery; Editing by Bernadette Baum and Lisa Shumaker) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/chile-copper-escondida-idUSL2N1GR1RP'|'2017-03-15T07:22:00.000+02:00'
'9d6572d4dd4fa0c7969fa57cc44323cfa81fb833'|'Elliott''s Evergreen financed part of Vista''s DH Corp deal: sources'|'NEW YORK Elliott Management''s private equity division was among the firms that provided financing to Vista Equity Partners for its $3.6 billion purchase of Canada''s DH Corp. ( DH.TO ), according to people familiar with the matter.Evergreen Coast Capital Corp., the private equity group within Elliott that the hedge fund has expanded in the last year, offered around $400 million in preferred equity for the deal, people familiar with the matter said.Elliott declined to comment. A Vista spokesman did not immediately return a call seeking comment.(Reporting by Michael Flaherty; editing by Diane Craft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-dh-vista-elliott-idINKBN16K2J4'|'2017-03-13T17:09:00.000+02:00'
'3e99ffa4e5446716975267279a5f8b027fdee5ed'|'MIDEAST STOCKS-Plunge in oil dents Gulf; Shuaa, Bank Aljazira surge'|'Company News - Sun Mar 12, 2017 - 3:52am EDT MIDEAST STOCKS-Plunge in oil dents Gulf; Shuaa, Bank Aljazira surge DUBAI, March 12 Stock markets in the Gulf were mostly lower in early trade on Sunday after crude oil prices plunged at the end of last week to a three-month low, but Dubai''s Shuaa Capital and Saudi Arabia''s Bank Aljazira surged in response to company-specific news. A little over two-thirds of Saudi Arabia''s 14 listed petrochemical makers traded lower with Saudi Kayan Petrochemical retreating 2.5 percent, helping drag the overall Saudi index 0.7 percent lower. Shares in Banque Saudi Fransi lost 1.2 percent after Credit Agricole, which owns 31 percent of the Saudi lender, said it was satisfied with business at the bank. On Wednesday Reuters reported the French major stakeholder had hired JP Morgan for a potential sale of its stake valued at around $2.4 billion. But Bank Aljazira jumped its 10 percent daily limit after the lender proposed a 30 percent capital increase through a bonus share issue. Dubai''s index fell 0.3 percent as two-thirds of the traded shares dropped. Emaar Properties lost 1 percent and DXB Entertainments was down 1.6 percent. Shuaa Capital jumped 10.4 percent, however, after saying it had signed an agreement to acquire Integrated Capital and Abu-Dhabi based brokerage Integrated Securities. The acquisition is pending regulatory approval and is expected to close in the coming weeks, Shuaa said. Integrated Financial Group is managed and controlled by Abu Dhabi Financial Group. Last November, Abu Dhabi Financial Group bought a 48.36 percent stake in Shuaa. Abu Dhabi''s index was down 0.4 percent in very thin trade. Heavyweight First Gulf Bank fell 1.2 percent. Qatar''s index, however, extended Thursday''s 1.0 percent gain and added 0.2 percent. Building materials maker Qatari Investors Group was the top gainer, climbing 2.0 percent. In Kuwait, National Bank of Kuwait fell 2.8 percent as the stock went ex-dividend. The index fell 0.3 percent. (Reporting by Celine Aswad; Editing by Andrew Torchia and Mark Potter) Next In Company News CORRECTED-UPDATE 3-Enbridge CEO says Canada only needs two more export pipelines CALGARY, Alberta, Feb 17 Two new crude oil export pipelines will provide enough capacity to ship Canadian production to market until at least the mid 2020s, Enbridge Inc Chief Executive Al Monaco said on Friday, making clear his company''s Line 3 should be one of them. UPDATE 1-Union at BHP Billiton''s Escondida mine rejects offer to resume talks SANTIAGO, March 11 The striking union at BHP Billiton''s Escondida copper mine in Chile, the world''s largest, said on Saturday it will not accept the company''s offer to return to the negotiating table, and called on BHP to clarify its negotiating positions. Union at BHP Billiton''s Escondida mine rejects offer to resume talks SANTIAGO, March 11 The striking union at BHP Billiton''s Escondida copper mine in Chile, the world''s largest, told Reuters on Saturday that it will not accept an offer from the company to return to the negotiating table, and it called on the company to clarify some of its negotiating positions. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-stocks-idUSL5N1GP05G'|'2017-03-12T14:52:00.000+02:00'
'ed03106ff1252924ec991274fc43af592541f3da'|'Starbucks quenches Japanese thirst for SRI bonds'|'* Coffee chain brings sustainability bonds to Japan in overseas debutBy Taka OkomotoTOKYO, March 13 (IFR) - Starbucks answered Japan''s growing demand for socially responsible investing (SRI) last week when it chose to launch the country''s first sustainability notes in its maiden international bond offering.The US coffee giant priced 85 billion yen ($736 million) Global 0.372 percent seven-year senior notes at 20bp over yen mid-swaps, again choosing Tokyo for its initial foray outside North America, just as it had done when it opened its first overseas coffee shop in the Ginza district of the Japanese capital in 1996.Investors were drawn to the high name recognition of the group, which has now 1,245 stores across the country, and the issue size could have been even larger."Books built up (to) over 100 billion yen, but the size was capped at 85 billion yen," said one of the leads on the issue.Marketing started at 20bp–25bp over mid-swaps on March 7, and the range was progressively tightened to 20bp–23bp the following day and, eventually, 20bp on the day before pricing.Starbucks (A2/A/A) chose to issue Global rather than Samurai bonds as the documentation is much easier for the former. "It would take two months of legal work (for a Samurai) and they would need to provide disclosure in Japanese," said another lead.However, the bonds were sold exclusively in Japan, split between Tokyo-based institutions, including life insurers, and regional investors. The ratio was about 90-10 in volume terms and 50-50 in account terms.The spread translated after swaps to a level higher than the issuer''s US dollar curve, the leads said, pointing out that Starbucks trades very tight in US dollars. As such, the guidance range was based on the coupons of other high-quality US issuers that had done deals in Japan and on domestic yen transactions.Sources close to the deal also hinted that Starbucks was likely to keep the proceeds in Japan to meet funding needs there rather than swap them into dollars.The seven-year tenor was selected based on the issuer''s maturity profile and to invite a wider range of investors. ORIGINAL FEATURES The bonds have two new features – a par call and the sustainability angle. A par call is common on US deals, but this was a first for yen deals. However, one of the leads said it was not a big hurdle because some Japanese investors had already bought US bonds with the feature.Starbucks created documents in both English and Japanese to introduce the sustainability bond framework and lay out details pertaining to the use of proceeds, the process to select projects, the management of proceeds and reporting.Opinions from Sustainalytics, which helped to formulate the framework in alignment with the Green Bond Principles 2016 and the Social Bond Guidance 2016, were also added in the documents.Starbucks says the bonds "will focus on enhancing its sustainability programmes around coffee supply chain management". Some of the proceeds, for instance, will be used to purchase coffee from sustainable plantations.The company issued its first corporate sustainability bonds last May with a domestic $500 million 10-year transaction that was also the first issue of such bonds in the US.The environmental, social and governance (ESG) focus helped to attract investors to the yen issue, even some who usually seek longer tenors, such as life insurers. "Some of the insurers say ''I would rather have 10 years, but, since it is sustainability bonds, even though it is seven years I can use the segregated money put aside''," said one of the leads.ESG instruments are becoming popular with Japanese investors. French power utility Electricite de France issued the first Green bonds in the country less than two months ago."Foreign issuers are more responsive than Japanese issuers to the demand for those products", said Hiroaki Hayashi, general manager of the investment department at Fukokushinrai Life."For Japanese issuers, it is a bit tortuous to issue such bonds. They don''t need to issue them at all, because they can borrow money as much as they like, as Japanese investors have lots of funds," Hayashi said. "As interest rates are low here and bonds with that sort of concept can attract demand, foreign issuers are responding more quickly than Japanese issuers to the demand among Japanese investors."Hayashi also emphasised the advantage of buying ESG products. "I believe, from my experience, it is actually companies that contribute to society that give high returns in the long run," he said."It is a good thing that people start to realise that. Demand for such bonds is definitely growing. The fact that Starbucks drew such a large response verifies that."Morgan Stanley International and MUFG Securities EMEA were underwriters. Mitsubishi UFJ Morgan Stanley and Morgan Stanley MUFG sold the bonds to domestic investors. (Reporting by Takahiro Okamoto; editing by Daniel Stanton and Steve Garton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/starbucks-bonds-green-idINL3N1GQ1I0'|'2017-03-12T23:06:00.000+02:00'
'960af1600861d5e4a6728a3fff68efc677b63226'|'PRESS DIGEST - Wall Street Journal - March 13'|'March 13 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- Facing lackluster sales in the world''s fifth-largest consumer market, Wal-Mart Stores Inc is making a contrarian bet in Brazil, investing heavily to revamp its U.S.-style big-box stores even as shoppers increasingly flock to smaller, cheaper options. on.wsj.com/2ne32Vl- Less than three years after Etihad Airways saved Alitalia SpA from bankruptcy, the Italian airline is once again on the brink. After spending 400 million euros ($427.84 million) to buy effective control of Alitalia in 2014, the Abu Dhabi-based carrier launched a much-ballyhooed effort to improve the Italian airline''s service, expand its international routes and make the domestic business leaner. on.wsj.com/2nec98z- Tesla Inc''s Elon Musk has set his sights on Australia, betting his company''s battery technology can help solve the country''s energy problems and save it from a repeat of the blackouts that struck households and businesses in the south for several days last year. on.wsj.com/2nedYCD- HSBC Holdings PLC named AIA Group Ltd. Chief Executive Mark Tucker as its next chairman, the first time the bank has hired an outsider for the role in its 152-year history. on.wsj.com/2necfNt- "Kong: Skull Island" made a muscular $61 million debut at the North American box office over the weekend, but the monster movie will nonetheless need to sustain momentum to reach profitability. "Kong," released by Time Warner Inc''s Warner Bros, grossed an estimated $81.6 million overseas. on.wsj.com/2nejrta($1 = 0.9349 euros) (Compiled by Subrat Patnaik in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-wsj-idINL3N1GQ1QG'|'2017-03-13T01:05:00.000+02:00'
'b18ba1f856cb29d33eda3a94352b9cc58c836223'|'Nikkei hits 15-month closing high; volume thin'|'Company News - Mon Mar 13, 2017 - 2:23am EDT Nikkei hits 15-month closing high; volume thin TOKYO, March 13 Japan''s Nikkei share average ticked up on Monday to a 15-month closing high as investors picked up defensive shares while exporter shares were shunned due to the yen''s gains, though volume was subdued ahead of key global events later this week. The Nikkei rose 0.2 percent to 19,633.75, its highest close since December 2015. The broader Topix rose 0.2 percent to 1,577.40, also a 15-month high. However, trading volume on the main board was the third lowest so far this year at 1.47 trillion yen. (Reporting by Tokyo Markets Team; Editing by Sunil Nair) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-close-idUSL3N1GQ2BD'|'2017-03-13T13:23:00.000+02:00'
'ef548de4f588c4f1e26ab958578c62f871df67dd'|'Utilities consider closures, M&A as gas storage sites struggle'|'LONDON/FRANKFURT European utilities are losing billions of euros from gas storage facilities, potentially triggering site closures and divestments in a market suffering from oversupply and weak demand.Around 5 percent of European storage capacity has been closed this decade and other sites are at risk of closure because weak gas price spreads do not allow operators to cover their fixed costs."A number of European storage operators are currently assessing asset economics given the weakness in seasonal price spreads," said David Stokes, director of consultancy Timera Energy.At the heart of the problem lies oversupply of gas, which has undermined a business model of storing gas in the summer and selling it at a profit in the winter, when more heating is required.Across the European Union, there is around 90 billion cubic meters of gas storage capacity, which can meet more than a quarter of total EU daily demand.But analysts say storage tariffs currently charged by utilities range between about 6 to 10 euros ($6 to $10) per megawatt hour (MWh) a year.That is much higher than the price gap between the Dutch Winter 2017 contract TRNLTTFSc2 and the Summer 2017 price TRNLTTFSc1 which is currently around 1.10 euros/MWh."The tariffs currently charged are way out of the market. Commercially, it is looking quite difficult to make any money in storage," said Graham Freedman, principal analyst at Wood Mackenzie.Energy groups including German utilities RWE ( RWEG.DE ) and Uniper ( UN01.DE ), British energy suppliers Centrica ( CNA.L ), EDF Energy ( EDF.PA ) and Austrian oil and gas firm OMV ( OMVV.VI ) have had to take impairment charges on their storage assets totaling billions of euros."Small facilities have been closed and mothballed, in Germany and France in particular. I would expect that trend to continue," Freedman added.Less gas storage capacity could increase dependency on energy imports, boosting wholesale market volatility and consumer gas prices.EU storage levels by the end of March are likely to be around 25 billion cubic meters (bcm), 16 bcm lower than the same period last year, consultancy Energy Aspects said, suggesting a significant decline in demand.RWE booked an impairment of 204 million euros ($215 million) on its gas storage assets between January and September last year, citing a change in price expectations and "out-of-the-money long-term gas storage contracts".Likewise, German gas group VNG [VNG.UL] took a 377 million euro charge on exploration and production and storage assets in 2015, pointing to a "drastic loss in value".''VERY CHALLENGING''Last month Centrica''s storage division posted its first ever operating loss of 52 million pounds ($63 million) in 2016 due to reduced operations at its site in Rough, Britain''s largest gas storage facility.Well pressure problems have prompted an assessment of Rough as a physical asset and its commercial viability, with a report due by the end of June.Peer SSE ( SSE.L ) had a 151 million pound impairment on its gas storage assets in its last full-year results (2015/16). It has mothballed a third of the gas withdrawal capacity of its Hornsea site."The environment is still very challenging, both as a result of the seasonal spreads and long-term volatility being seen in the market," an SSE spokeswoman said.The U.K. winter-summer price spread is currently around 5 pence per therm, down from 50 p/therm 10 years ago.Rather than shutting sites down, some operators could keep them open in the hope that seasonal price spreads improve and allow them to recover their fixed costs. They could also try to sell them.Uniper, which took a 1.1 billion euro impairment on its gas storage assets in 2016, managed to sell two such assets to Czech oil and gas firm MND Group last year, and is examining whether to sell or close further sites.A spokeswoman for MND''s German storage unit said further acquisitions depended on what was being offered on the market, adding MND was currently not working on any concrete deals.Potentially, Russian oil and gas major Gazprom ( GAZP.MM ) could be looking for large storage sites because it will need extra facilities to store gas if Russian gas continues to bypass Ukraine, an industry source said."Mostly, we have been building (storage) recently rather than acquiring. So, if there are interesting options, we do not rule out new projects," a Gazprom spokesman told Reuters.However, spreads are not expected to recover in the next few years. European gas supplies are increasingly well-connected and from diverse sources, which reduces the commercial attractions of storage.That is the main reason why oil and gas firm DEA [RWEDE.UL], owned by Russian tycoon Mikhail Fridman, has frozen plans to sell its gas storage activities in Germany, a person with knowledge of the matter said."I don''t think these assets are marketable at the moment," the person said.DEA was not immediately available for comment.(Additional reporting by Vladimir Soldatkin in Moscow; Editing by Ruth Pitchford)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-europe-gas-storage-analysis-idUSKBN16K1ML'|'2017-03-13T16:10:00.000+02:00'
'0b209e233fcd5d72c81890ea309a9f7d110c92d9'|'EU antitrust chief says has approved Siemens, Gamesa wind merger'|'BRUSSELS German engineering company Siemens ( SIEGn.DE ) and Spain''s Gamesa ( GAM.MC ) have won EU antitrust approval to create the world''s biggest wind turbine maker, EU competition commissioner Margrethe Vestager said on Monday."A press release is due just after the midday briefing that we have approved the transaction," Vestager told a news conference on Monday.(Reporting by Robert-Jan Bartunek; Editing by Alastair Macdonald)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-gamesa-m-a-siemens-eu-idINKBN16K1D1'|'2017-03-13T08:57:00.000+02:00'
'61cc0c704966f6c5630f745849f1b393acc4a9c6'|'Exclusive - Germany to press G20 to sign off on free trade amid worries about US stance: sources'|'Money News   1:08pm IST Exclusive - Germany to press G20 to sign off on free trade amid worries about US stance: sources FULL COVERAGE: By Takashi Umekawa and Michael Nienaber - TOKYO/BERLIN TOKYO/BERLIN Germany will press G20 members to sign off on a set of principles including free trade at this week''s meeting of the group''s financial leaders, in what the Trump administration may perceive as a challenge to its more protectionist stance. In an unusual move, Germany, the host of the meeting, will stress the importance of global free trade in a document separate from the group''s main communique, G20 sources said. The move underscores Germany''s desire to rebuff any explicit U.S. demands to water down the group''s commitment to free trade, as German Chancellor Angela Merkel prepares for her first meeting with President Donald Trump on Friday. Attaching a separate document also would allow Germany to clarify its priorites and avoid them from being overshadowed by what could be a more heated debate on protectionism and currency policy. It is rare for a G20 chair country to issue a document separate from the main communique, especially one that differs on the tone and priorities. Group of 20 finance leaders meet in Baden-Baden, Germany, on Friday and Saturday. It will be their first meeting attended by representatives of Trump''s administration. A draft of the main G20 communique seen by Reuters appeared to accommodate Trump''s views on trade by dropping a phrase resisting "all forms of protectionism." But any attempts to dilute the commitment to free trade will likely face resistance from emerging economies reliant on global exports, including China, putting the onus on Germany to seek a compromise. It’s unclear if Trump and his team, which has espoused fair trade more than free trade and has discussed a border tax on imports, would sign the document. The document, which is currently being circulated among G20 members, lays out a list of about 10 principles on how a "well performing economy" should act on areas of fiscal, monetary and trade policies, the sources said. It highlights areas Germany places importance on, such as the need for countries to make their financial system resilient to shocks and to refrain from excessive fiscal loosening through "prudent management of public finances," the sources said. "Among the most important issues from Germany''s point of view, regarding the world''s economy, is the issue of resilience. That''s our top priority," one of the sources said. Germany often argues that economies should not rely too much on short-term stimulus and take steps to strengthen fundamentals so that their economies are resilient against shocks. The sources spoke on condition of anonymity because they are not authorities to speak to the media. Germany hopes to have G20 members sign off on the document in Baden-Baden, though some government officials concede not all countries would back it this week. "Let''s see if we''ll get everyone on board in Baden-Baden or only after at the summit of leaders (in July)," one official said. Merkel underscored the importance of free trade in a speech to business leaders in Munich this week. Her talks with Trump in Washington are expected to touch on a range of issues, including defence spending. Causes of friction between Berlin and Washington also include an accusation by senior Trump adviser Peter Navarro that Germany profits unfairly from a weak euro and a threat to impose 35 percent tariffs on imported vehicles. (Writing by Leika Kihara; Editing by Kim Coghill) Next In Money News Asian stocks mark time, waiting for clearer view on U.S. rates HONG KONG Asian stocks consolidated recent gains on Wednesday before a U.S. central bank policy meeting that could signal how much monetary tightening to expect during the remainder of the year, with an immediate rate hike fully priced in by markets. Japan govt-backed fund may take minority stake in Toshiba chip unit - sources TOKYO A Japanese state-backed fund may invest in Toshiba Corp''s memory chip business as a minority partner - a move that would help the government prevent a sale to bidders it deems risky to national security,   TOKYO Oil prices rebounded from three-month lows on Wednesday after industry data showed a surprise drawdown in U.S. crude stockpiles and as Goldman Sachs put a positive spin on OPEC''s compliance with output cuts. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/germany-g20-document-idINKBN16M0SF'|'2017-03-15T14:38:00.000+02:00'
'43d1dbda75dd872a79b35ae35b121032087ad38a'|'Emerging market borrowers strike while market is hot before Fed moves'|'Company News - Mon Mar 13, 2017 - 11:34am EDT Emerging market borrowers strike while market is hot before Fed moves * Emerging borrowers rush to sell bonds, anticipate US yield jump * Total EM bond issuance YTD at $138 bln, TR data shows By Claire Milhench LONDON, March 13 Turkish banks, a Ukrainian sunflower oil firm and crisis-mired countries such as Nigeria and Egypt have all stampeded to raise money on dollar bond markets this year, trying to get ahead of Fed rate increases and strike while the market is hot. A rate increase by the U.S. Federal Reserve is considered a near certainty this week, but borrowers fear the pace of tightening will accelerate. Four rate rises now look possible this year, rather than three. With U.S. Treasury yields - the rate against which all assets are benchmarked - already at three-month highs, both companies and governments want to lock in funding before borrowing costs rise further. "There was a strong desire to go to the market as quickly as possible. It''s both a carrot and stick – the carrot being that the market is so hot right now, the stick being that it might not be so hot once (U.S.) rates rise," said Ranko Milic, head of CEEMEA Debt Capital Markets at UBS in London. "Base rates have the potential to rise, so sooner rather than later is generally better as there is a risk for that to reverse," he said. Bond sales by emerging market companies alone topped $75 billion as of March 8, according to JPMorgan. February sales totalled $33 billion, compared with a monthly average of $20 billion in recent years, the bank noted. Sovereign issuance came to $38.5 billion, JPMorgan said, with Argentina and Turkey raising $7 billion and $3 billion respectively . The total is already half of JPM''s full-year sovereign issuance forecast for 2017. Thomson Reuters data showed $137 billion had been raised this year on hard currency bond markets by March 10, with $91 billion coming from companies. Issuance tallies provided by various data sources can vary depending on which countries they classify as emerging markets. While appetite is strong for the high yields that emerging markets pay, UBS''s Milic said the Fed had prompted many would-be issuers to buck up. Several firms had rushed to market on the back of nine-month earnings accounts at investor roadshows, rather than full-year accounts as is normally the case, he noted. "We have seen quite a few corporates that have gone earlier in the year than they would otherwise have done," Milic said, citing Russian company Rusal as an example. Sunflower oil producer Kernel broke a three-year issuance drought in Ukraine, and the pipeline remains busy. Russian steel firm Evraz was marketing a bond on Monday, as were Croatia and Kuwait. Kuwait was expected to raise as much as $10 billion in its debut international deal. Gazprom, another Russian company, is preparing to test dollar debt markets for the first time in three years. The buoyant emerging debt picture is mirrored in the market for U.S. junk-rated bonds, which enjoyed its busiest week in nine months last week. FAMINE TO FEAST New issues have been snapped up by investors who are receiving large inflows into emerging debt funds. Research house EPFR Global reckons a net $12 billion has flowed to such funds already this year. Some market-watchers partly attributed the rush to a lull in December when less than $20 billion was raised, as issuers hung back after the election of Donald Trump as U.S. President. Regis Chatellier, credit strategist at Societe Generale, highlighted Nigeria''s $1 billion and Egypt''s $4 billion sale as examples of low-rated sovereigns that squeezed in before the Fed. Nigeria paid a premium of 130 basis points over its existing 2023 bonds to get the deal done. But appetite for high-yielding emerging debt remains strong, with order books on most bonds - even Nigeria, Egypt and Turkey - far surpassing deal size. "There has been a structural under-allocation to emerging markets, which has built up, so to that extent new supply has been easily absorbed," said Chia-Liang Lian, head of emerging markets debt at Western Asset. (Additional reporting by Sujata Rao and Sandrine Bradley, editing by Larry King) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-bonds-issue-idUSL5N1GN35I'|'2017-03-13T22:34:00.000+02:00'
'cf9f125f66df723c94edd00a5863100b60da1aeb'|'Indian markets closed for Holi'|'Money News - Mon Mar 13, 2017 - 7:42am IST Indian markets closed for Holi FULL COVERAGE: INDIA ELECTIONS 2017 Women smear each other''s faces with colours during the celebrations of Holi, the festival of colours, in Chandigarh, India, March 12, 2017. REUTERS/Ajay Verma MUMBAI Indian stocks, bonds and currency markets will be closed on Monday for the Hindu festival Holi. Trading will resume on Tuesday. Nifty rose 0.08 percent to 8,934.55 on Friday, while Sensex gained 0.06 percent to 28,946.23. The benchmark 10-year bond yield rose 5 basis points to 6.90 percent from its previous close. The rupee strengthened to 66.60/66.61 per dollar, the highest since Nov. 9, from its previous close of 6.7125/66.7225. (Reporting by Mumbai markets team) Next In Money News India gold recycling plan fails to tempt households MUMBAI India''s ambitious plan to recycle thousands of tonnes of gold lying idle in temples and households looks to have foundered on concerns over high costs and slight returns, in a blow to government hopes of cutting imports of the metal.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-markets-closed-holi-idINKBN16K04Z'|'2017-03-13T09:12:00.000+02:00'
'acae2cdcd269c99862e5bbd903af600613302977'|'UK supermarket Asda offers pay rise for flexible working'|'  4:13pm GMT UK supermarket Asda offers pay rise for flexible working Shoppers leave the Asda superstore in High Wycombe, Britain, February 7, 2017. Picture taken February 7, 2017. REUTERS/Eddie Keogh LONDON Asda, the British supermarket owned by Wal-Mart ( WMT.N ), is offering staff in its stores a 14 percent rise in hourly pay, if they sign a contract requiring more flexible working. Britain''s No. 3 supermarket said on Monday it will offer its 135,000 store staff a base rate of 8.50 pounds ($10.39) an hour from October, up from 7.44 pounds. The new rate is 1 pound above the government mandated National Living Wage increase which comes into effect April 1. The new contract will require Asda staff to work in different parts of stores and different days or hours, including public holidays. All breaks will also move to being unpaid. Asda''s move comes as the Bank of England is closely watching a pick-up in inflation for signs it might fuel higher pay settlements. Asda said that 95 percent of current employees will be better off if they move to the new contract. If they do not, their base rate will move up to the minimum national rate of 7.50 pounds and they will retain their existing contract. Asda, which trails market leader Tesco ( TSCO.L ) and Sainsbury''s ( SBRY.L ) by annual sales, has been the sector laggard for the last two years. However, a trading update last month showed it had stemmed the pace of sales decline, suggesting new CEO Sean Clarke''s focus on pricing and product quality was starting to have an impact. ($1 = 0.8181 pounds) (Reporting by James Davey; Editing by Alexander Smith)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-asda-pay-idUKKBN16K22T'|'2017-03-13T23:13:00.000+02:00'
'1805c036ed609155e634e066554346b10d60648d'|'RWE weighs options as utility M&A talk picks up'|' 11pm GMT RWE weighs options as utility M&A talk picks up left right RWE CEO Rolf Martin Schmitz during news conference in Essen, Germany, March 14, 2017. Reuters/Thilo Schmuelgen 1/3 left right RWE CEO Rolf Martin Schmitz and CFO Markus Krebber during news conference in Essen, Germany, March 14, 2017. Reuters/Thilo Schmuelgen 2/3 left right RWE CEO Rolf Martin Schmitz and CFO Markus Krebber during news conference in Essen, Germany, March 14, 2017. Reuters/Thilo Schmuelgen 3/3 By Christoph Steitz and Tom Käckenhoff - ESSEN, Germany ESSEN, Germany German utility RWE ( RWEG.DE ) is considering options including tie-ups with rivals and the sale of a stake in its Innogy ( IGY.DE ) business, its chief executive said, raising the prospect for large M&A deals in the crisis-hit sector. "We are in regular contact with a large number of market participants. We are constantly examining all strategic options our company is faced with," RWE Chief Executive Rolf Martin Schmitz told journalists at a news conference on Tuesday to present the company''s annual earnings. His remarks follow a report by Bloomberg saying that French energy group Engie ( ENGIE.PA ) was weighing a bid for its networks, renewables and retail unit Innogy, in which RWE holds a 76.8 percent stake after a separate listing last year. When asked specifically about speculation that RWE could be a suitor for smaller peer Uniper ( UN01.DE ), spun off by rival E.ON ( EONGn.DE ) last year, Schmitz said: "We are examining all options. And all options means all options." The talk of interest in German utilities reflects efforts by RWE and E.ON to restructure after Germany''s focus on promoting renewable energy virtually destroyed their established business model of selling power from fossil-fuel plants. Shares in RWE and Innogy were up 8.7 and 7.4 percent respectively, with traders pointing to the possibility of wider consolidation in the sector should a bid materialise. Uniper shares gained 4.4 percent while Engie''s traded 1.5 percent lower. ENGIE''S AIMS Analysts at Morgan Stanley said a takeover of Innogy by Engie would make sense, adding it would give Engie access to customers in Britain, networks in Germany and raise its share of regulated profits. Engie Chief Executive Isabelle Kocher is pushing a strategy shift to focus the former French monopoly gas utility more on grids and renewables, but she has given no indication that she wants a transformative deal. The French company''s shares are down more than 70 percent from their 2008 highs and are trading well below book value, which would make financing such a big acquisition with a capital increase very expensive. Analysts at HSBC do not expect Engie to make a bid for Innogy, they said in a report, adding the German company''s mix of assets did not meet the French group''s "growth ambitions where energy efficiency and solar play a large part". Innogy and Engie, in which the French state holds a 28.65 percent stake, declined to comment. Innogy has a market valuation of almost 20 billion euros (17.57 billion pounds). Its shares listed at a price of 36 euros last October in Germany''s largest listing since 2000, and traded at 35.93 euros on Tuesday. "There should also be a positive read across for E.ON, who could be an equally attractive (and cheaper) acquisition target for Engie, if RWE were to reject its offer," Bernstein analyst Deepa Venkateswaran said. RWE has previously said it wanted to remain a majority shareholder in Innogy in the long-term. It said on Tuesday that a supervisory board decision was in place that enabled RWE to cut it stake in Innogy to 51 percent. RWE last month cancelled its dividend for ordinary shares for the second year in a row, and Schmitz said on Tuesday it would not be a good idea to pay out dividends by going into debt or selling Innogy shares. ($1 = 0.9406 euros) (Additional reporting by Vera Eckert and Geert De Clercq in Paris; Editing by Keith Weir)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-innogy-m-a-engie-idUKKBN16L1DX'|'2017-03-14T19:11:00.000+02:00'
'3838501fac5438e00fc9d6d78ed7358fa89c785f'|'German company insolvencies fall to record low in 2016, size of claims rises'|'BERLIN, March 14 The number of German companies filing for insolvency fell last year to the lowest level on record thanks to a prolonged upswing in Europe''s biggest economy although the amount of creditor claims rose nearly 60 percent, data showed on Tuesday.Just 21,518 companies registered for insolvency in 2016, down 7 percent in the seventh consecutive annual drop in numbers and the fewest since insolvency rules changed in 1999, the Federal Statistics Office said in a statement.However, total probable claims by creditors rose to some 27.4 billion euros ($29.2 billion) from about 17.3 billion as courts dealt with more cases from big companies, it said.The number of consumer bankruptcies also fell, edging down 3.6 percent to 77,238, its sixth yearly decline.The German economy grew by 1.9 percent in 2016, the highest rate for five years, driven by soaring private consumption, higher state spending and more investment in housing.Record high employment, increased job security, solid wage increases and low borrowing costs are fuelling domestic demand which has replaced exports as the main driver of growth. ($1 = 0.9398 euros) (Reporting by Michael Nienaber; Editing by Louise Ireland)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/germany-economy-bankruptcy-idINL5N1GR1CT'|'2017-03-14T05:15:00.000+02:00'
'0f84a27c0b3043b39b492ee7c52c792932de9d4f'|'Engie not interested in Innogy: BFM TV, quoting source'|'PARIS French gas and power group Engie ( ENGIE.PA ) is not interested in making a bid for German energy group Innogy, French BFM TV reported on its website, quoting a source close to Engie.Innogy shares rose and Engie stock fell on Tuesday following a report by Bloomberg late on Monday saying Engie was weighing a bid for networks, renewables and retail group Innogy, in which German utility RWE holds a 76.8 percent stake."We have no interest in being a minority shareholder in a big company that already has a controlling shareholder," BFM Quote: d the source as saying.Engie declined to comment.(Reporting by Geert De Clercq and Benjamin Mallet; Editing by Adrian Croft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-innogy-m-a-engie-innogy-idINKBN16L251'|'2017-03-14T13:37:00.000+02:00'
'88d1d67584e0d112535bf836657ab3a12c44cc9d'|'European shares dip as Dutch vote and Fed loom, FTSE bucks trend'|'  6:09am EDT European shares dip as Dutch vote and Fed loom, FTSE bucks trend * STOXX 600 index drops 0.2 pct * M&A talk boosts RWE, Innogy shares * Banks, resources sectors weigh * Dutch election, U.S. rate decision eyed (Adds detail, quotes, updates prices) By Kit Rees LONDON, March 14 European shares fell on Tuesday on uncertainty ahead of elections in the Netherlands and a U.S. interest rate decision later in the week. After four days of gains, the pan-European STOXX 600 index eased 0.2 percent by 0952 GMT, weighed down by banks, energy stocks and basic resources . The biggest fallers among banks were Raiffeisen Bank , Royal Bank of Scotland and Bank of Ireland which all lost more than 2 percent. In a week dominated by political and central bank events, markets were focussed on the Netherlands'' parliamentary election on Wednesday as well as an interest rate decision by the U.S. Federal Reserve. "With a busy calendar of geopolitical events coming up, in particular across the euro zone, investors could be seen to be taking some risk off the table with several potentially volatile events lined up," Charles Hanover Investments partner, Dafydd Davies, said. Deal-making speculation was the main driver behind stock moves, with German utility RWE the biggest STOXX gainer, jumping nearly 8 percent after saying that it might cut its stake in networks and renewables unit Innogy to 51 percent. It did not comment on a report that France''s Engie was considering a bid for the company. Innogy''s shares also rose 5.7 percent, while Engie dropped 1.4 percent. RWE also reported full-year results and forecasted a higher profit in 2017. "RWE''s stake in Innogy is a financial asset that increases balance sheet strength. Monetising this stake would make the benefits of the Innogy stake more visible," Jefferies analysts said in a note. "However, the long term benefit would depend upon how RWE''s management utilises these proceeds (given the non-current nature of its debt)." Shares in Swiss drugmaker Galenica were the biggest fallers, down more than 3 percent after the firm posted a drop in 2016 profit, saying that the acquisition of U.S.-based Relypsa last year had a negative impact on the group''s results. Britain''s FTSE 100 index outperformed slightly, however, gaining 0.2 percent as sterling hit an 8-week low after British Prime Minister Theresa May won the right to trigger divorce proceedings with the European Union. (Editing by Louise Ireland)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL5N1GR1UO'|'2017-03-14T17:09:00.000+02:00'
'3872f073c0660039402223caf2cc1bc2a3b063ee'|'Snapchat 2017 ad revenue forecast trimmed to $770 million - eMarketer'|' 08pm GMT Snapchat 2017 ad revenue forecast trimmed to $770 million - eMarketer The logo of messaging app Snapchat is seen at a booth at TechFair LA, a technology job fair, in Los Angeles, California, U.S., January 26, 2017. REUTERS/Lucy Nicholson By Tim Baysinger The 2017 advertising revenue forecast for Snap Inc’s Snapchat has been trimmed by $30 million (24.74 million pounds) due to higher than expected revenue sharing with its partners, digital marketing firm eMarketer said in its latest ad spending forecast on Tuesday. While that still represents growth of more than 157 percent from last year, it is smaller than eMarketer’s prior forecast in September, which had predicted more than $800 million. Snap Inc disclosed the revenue sharing details in its SEC filing ahead of this month’s initial public offering. Snap depends on advertising dollars for the bulk of its overall revenue. The U.S. digital advertising market is expected to reach $83 billion, an increase of nearly 16 percent from last year. Following a surge in its stock price in its first two days of public trading, when it traded as high as $27 a share on the New York Stock Exchange, Snap''s stock price tumbled in the second week, and is now around $21 a share, as investor concerns about slowing user growth and a lack of profit persist. Facebook Inc''s share of the U.S. digital ad market is likely to increase to nearly 20 percent this year and Alphabet Inc''s Google will still command nearly 41 percent, eMarketer projected. On the other end of the spectrum, eMarketer forecasts more trouble for Twitter Inc, which has been grappling with stagnant user growth. Its U.S. ad revenue will decline by 4.7 percent to $1.3 billion, and Twitter’s market share of the U.S. digital ad market is expected to drop to 1.6 percent in 2017 from 1.9 percent last year. (Reporting by Tim Baysinger in New York; Editing by Matthew Lewis)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-snap-advertising-idUKKBN16L1JG'|'2017-03-14T20:08:00.000+02:00'
'dde2d1eb21fc9d17ad478adbf6a3319a148b907a'|'EU antitrust chief says has approved Siemens, Gamesa wind merger'|'BRUSSELS German engineering company Siemens ( SIEGn.DE ) and Spain''s Gamesa ( GAM.MC ) have won EU antitrust approval to create the world''s biggest wind turbine maker, EU competition commissioner Margrethe Vestager said on Monday."A press release is due just after the midday briefing that we have approved the transaction," Vestager told a news conference on Monday.(Reporting by Robert-Jan Bartunek; Editing by Alastair Macdonald)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-gamesa-m-a-siemens-eu-idUSKBN16K1D1'|'2017-03-13T14:57:00.000+02:00'
'ac14caec2abc51d952458b189fd7e3b41d22fb11'|'At the Fed, spring comes early with return to new ''normal'''|'Mon Mar 13, 2017 - 5:12am GMT At the Fed, spring comes early with return to new ''normal'' FILE PHOTO - A police officer keeps watch in front of the U.S. Federal Reserve in Washington, DC, U.S. on October 12, 2016. REUTERS/Kevin Lamarque/File Photo By Howard Schneider - WASHINGTON WASHINGTON U.S. household wealth has hit record levels. U.S. stock prices recently hit all-time highs. Inflation is nearing the Federal Reserve''s 2.0 percent goal, and the world economy including the once-sick eurozone has skirted the risk of a deep new downturn. When Fed Chair Janet Yellen holds her first press conference of 2017 on Wednesday she can arguably declare a victory of sorts with an expected interest rate rise that will leave monetary policy looking increasingly normal. The rate increase expected on March 15 will be the second in four months, a pace unseen since the peak of the U.S. housing boom in 2006. A rate hike will also bring the Fed''s target rate to between 0.75 - 1.00 percentage points, near the bottom of the range within which the Fed operated before the 2007-2009 financial crisis. "You don''t need any intrigue or fundamental shifts in beliefs about the economy to realize why a rate increase might be likely," Johns Hopkins University professor and former Fed adviser Jon Faust said of the central bank''s plans. "The Fed would just as soon be back to normal...Unless something really bad happens they will raise rates in March and that gets them on a path to raise rates more this year." U.S. February employment data published on Friday further cleared the way to an interest rate rise, with the economy adding another 235,000 jobs. The unemployment rate held roughly steady at 4.7 percent. For Faust and others, the conversation is now focused on whether the Fed, when it releases new economic forecasts this week, could even raise its forecast for rate rises also. The month of March has been cruel to Yellen in the past. At the Fed''s March meetings in 2015 and 2016 the central bank downgraded its economic forecasts after inflation expectations plunged two years ago and after last year''s meltdown in the benchmark S&P 500 stock index. A year on, world stock markets have surged and even global economic laggards like Japan and the euro zone are looking better. European Central Bank president Mario Draghi gave his own mission accomplished declaration last week saying that "...our monetary policy has been successful." If anything, market analysts, economists, and Fed officials tout the possibility of stronger economic growth, resulting from the possible impact of U.S. tax cuts and infrastructure spending, or the run-up in household wealth from rising stock and real estate values. As a multiple of disposable income, the $92 trillion in net worth recorded among American families at the end of 2016 is the highest on record, JP Morgan economist Michael Feroli noted last week, More comforting for the Fed, markets have not just anticipated the path of interest rate rises by setting prices in markets in line with the number of rate increases for the year that policymakers expect to deliver, but reacted sanguinely to it. As has been typical of prior monetary policy tightening cycles, the Fed''s moves have been felt mostly in short-dated bond yields, with less effect on the mortgage markets or other long-term financing important to economic growth. That''s a relief for a Fed still anxious about events like the 2013 "taper tantrum", when then Fed chair Ben Bernanke said the central bank would begin reducing purchases of bonds, triggering a global bond market selloff. When Fed officials unexpectedly rallied behind a March interest rate increase in recent weeks, the unusually blunt message was easily accepted. Investor expectations changed and short-term rates rose. But the overall yield curve, the range of interest rates from short to long term debt maturities, showed little sign investors thought the Fed was becoming worried about inflation. Yellen has long made job growth the priority, hoping wage growth would follow, while assuming the Fed could always tame inflation if it rose too quickly. While in recent remarks she has emphasized the risk of rising prices, she has also remained committed to raising rates at only a "gradual" pace in order to leave loose policy in place a while longer. IHS chief economist Nariman Behravesh said the latest job report may leave the Fed in a sweet spot, able to move ahead with its rate hike plans as employment and modest wage growth continue. "We can expect to see the recent strength in jobs growth continue for a while longer," Behravesh said. At an annual rate of 2.8 percent, "while...wage growth...is nothing to cheer about, it is not bad either." (Reporting by Howard Schneider; editing by Clive McKeef) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-fed-preview-analysis-idUKKBN16K0DB'|'2017-03-13T12:06:00.000+02:00'
'428b402f8454a8ac1c68bfce7988b5e1b4da749c'|'Tesla''s Musk discusses energy proposal with South Australian govt - Reuters'|'By Harry Pearl - SYDNEY, March 11 SYDNEY, March 11 Tesla Inc boss Elon Musk spoke with the premier of South Australia on Saturday after the tech entrepreneur offered to install $25 million of battery storage within 100 days to prevent recurring blackouts that have disrupted the state.The proposal follows a string of power outages, including a blackout that left industry crippled for up to two weeks and stoked fears of more outages across the national electricity market due to tight supplies."Just spoke with Premier of South Australia (Jay Weatherill). Very impressed. Govt is clearly committed to a smart, quick solution," Musk wrote on Twitter on Saturday.Weatherill said in a statement on Saturday the conversation about the battery proposal was "positive".Musk made the offer on Twitter on Friday, saying if the work was not completed in 100 days it would be free.His proposal made headlines in Australia, which is in the midst of a heated debate about the national electricity market and energy security.Musk proposed the battery storage fix in response to a comment on social media by Mike Cannon-Brookes, the co-founder of Australian software maker Atlassian Corp.Cannon-Brookes said he would be willing to line up funding and political support if Tesla could supply batteries that would solve South Australia''s problems.Musk responded by tweeting: "Tesla will get the system installed and working 100 days from contract signature or it is free. That serious enough for you?"He Quote: d a price of $250 per kilowatt hour for 100 megawatt hour systems, which would imply a price of $25 million for the battery packs. (Reporting by Harry Pearl; Editing by Sam Holmes)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/australia-power-tesla-idINL3N1GO04Z'|'2017-03-11T04:00:00.000+02:00'
'1568051a83afd543b3a09a22202ffa6e3c2de2c0'|'Euro zone industry output rises less than expected in January'|' 09am GMT Euro zone industry output rises less than expected in January Robots assemble Renault and Nissan automobiles on the production line at the Renault SA car factory in Flins, near Paris, France, February 23, 2017. REUTERS/Benoit Tessier BRUSSELS Euro zone industrial output increased less than expected in January as firms'' higher investment in machinery was partially offset by a drop in the production of consumer goods, estimates from the European Union statistics office showed on Tuesday. Eurostat said industrial production in the 19-country single currency bloc rose in January by 0.9 percent compared to the previous month, and by 0.6 percent year-on-year. Both figures were lower than market expectations. A Reuters poll of economists had forecast an average monthly rise of 1.3 percent and a 0.9 percent increase year-on-year. The lower-than-expected January figures were partly counterbalanced by upwardly revised data for December when industrial production fell by 1.2 percent on the month, less than the 1.6 percent drop initially estimated by Eurostat. On a yearly basis output went up by 2.5 percent in December, more than the 2.0 rise previously estimated. The monthly output rise in January was mostly due to a surge in production of capital goods, like machinery, which went up by 2.8 percent, fully offsetting an equal drop in the previous month, in a sign of firms'' improved prospects of future sales. Energy output also rose by 1.9 percent on the month. But production of durable and non-durable consumer goods decreased. Output of durable goods, such as cars or refrigerators, went down by 0.4 percent in January, after a 3 percent surge in December. Production of non-durable consumer goods was down by 0.7 percent, compounding a 0.2 percent December fall. Output of intermediate goods went also down by 0.4 percent. At national level, a 3.3 percent surge in the monthly output of Germany, the bloc''s largest economy, was partly offset by production falls in France (-0.3 percent) and Italy (-2.3 percent), respectively the second and third biggest economies in the euro zone. (Reporting by Francesco Guarascio; editing by Robert-Jan Bartunek)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-economy-production-idUKKBN16L11V'|'2017-03-14T17:09:00.000+02:00'
'6ec706a272ed107b2a600c2063050f4eed69e582'|'UPDATE 1-Catalyst Pharma''s neuromuscular drug succeeds in study'|'Company News  57am EDT UPDATE 1-Catalyst Pharma''s neuromuscular drug succeeds in study (Adds details, updates shares) March 15 Catalyst Pharmaceuticals Inc said on Wednesday its experimental drug to treat patients with a severe form of myasthenia gravis (MG), a rare neuromuscular disease, met the main goals of a study. The drug, Firdapse, was being tested on seven patients with Musk-MG, a rare subpopulation of MG patients. There are currently no therapies for this form of MG approved by the U.S. Food and Drug Administration (FDA). While several treatment options are available for MG, Musk-MG patients are typically resistant to them. Patients often face a lifetime of severe complications including difficulty walking, talking, swallowing and breathing normally. Catalyst said it intends to discuss a plan with the FDA to take Firdapse into a pivotal study. The drug, if approved, is likely to become the first-line standard of care for Musk-MG, the company said. Firdapse is also being tested for Lambert-Eaton myasthenic syndrome, a rare and sometimes fatal autoimmune disease characterized by muscle weakness. Catalyst''s shares jumped 17 percent to $1.37 before the bell on Wednesday. (Reporting by Divya Grover in Bengaluru; Editing by Savio D''Souza and Sai Sachin Ravikumar) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/catalyst-pharms-study-idUSL3N1GS46Z'|'2017-03-15T19:57:00.000+02:00'
'98ca014a429e3859a9fcec2013da243e449efe10'|'Utilities consider closures, M&A as gas storage sites struggle'|'By Nina Chestney and Christoph Steitz - LONDON/FRANKFURT LONDON/FRANKFURT European utilities are losing billions of euros from gas storage facilities, potentially triggering site closures and divestments in a market suffering from oversupply and weak demand.Around 5 percent of European storage capacity has been closed this decade and other sites are at risk of closure because weak gas price spreads do not allow operators to cover their fixed costs."A number of European storage operators are currently assessing asset economics given the weakness in seasonal price spreads," said David Stokes, director of consultancy Timera Energy.At the heart of the problem lies oversupply of gas, which has undermined a business model of storing gas in the summer and selling it at a profit in the winter, when more heating is required.Across the European Union, there is around 90 billion cubic meters of gas storage capacity, which can meet more than a quarter of total EU daily demand.But analysts say storage tariffs currently charged by utilities range between about 6 to 10 euros ($6 to $10) per megawatt hour (MWh) a year.That is much higher than the price gap between the Dutch Winter 2017 contract TRNLTTFSc2 and the Summer 2017 price TRNLTTFSc1 which is currently around 1.10 euros/MWh."The tariffs currently charged are way out of the market. Commercially, it is looking quite difficult to make any money in storage," said Graham Freedman, principal analyst at Wood Mackenzie.Energy groups including German utilities RWE ( RWEG.DE ) and Uniper ( UN01.DE ), British energy suppliers Centrica ( CNA.L ), EDF Energy ( EDF.PA ) and Austrian oil and gas firm OMV ( OMVV.VI ) have had to take impairment charges on their storage assets totaling billions of euros."Small facilities have been closed and mothballed, in Germany and France in particular. I would expect that trend to continue," Freedman added.Less gas storage capacity could increase dependency on energy imports, boosting wholesale market volatility and consumer gas prices.EU storage levels by the end of March are likely to be around 25 billion cubic meters (bcm), 16 bcm lower than the same period last year, consultancy Energy Aspects said, suggesting a significant decline in demand.RWE booked an impairment of 204 million euros ($215 million) on its gas storage assets between January and September last year, citing a change in price expectations and "out-of-the-money long-term gas storage contracts".Likewise, German gas group VNG [VNG.UL] took a 377 million euro charge on exploration and production and storage assets in 2015, pointing to a "drastic loss in value".''VERY CHALLENGING''Last month Centrica''s storage division posted its first ever operating loss of 52 million pounds ($63 million) in 2016 due to reduced operations at its site in Rough, Britain''s largest gas storage facility.Well pressure problems have prompted an assessment of Rough as a physical asset and its commercial viability, with a report due by the end of June.Peer SSE ( SSE.L ) had a 151 million pound impairment on its gas storage assets in its last full-year results (2015/16). It has mothballed a third of the gas withdrawal capacity of its Hornsea site."The environment is still very challenging, both as a result of the seasonal spreads and long-term volatility being seen in the market," an SSE spokeswoman said.The U.K. winter-summer price spread is currently around 5 pence per therm, down from 50 p/therm 10 years ago.Rather than shutting sites down, some operators could keep them open in the hope that seasonal price spreads improve and allow them to recover their fixed costs. They could also try to sell them.Uniper, which took a 1.1 billion euro impairment on its gas storage assets in 2016, managed to sell two such assets to Czech oil and gas firm MND Group last year, and is examining whether to sell or close further sites.A spokeswoman for MND''s German storage unit said further acquisitions depended on what was being offered on the market, adding MND was currently not working on any concrete deals.Potentially, Russian oil and gas major Gazprom ( GAZP.MM ) could be looking for large storage sites because it will need extra facilities to store gas if Russian gas continues to bypass Ukraine, an industry source said."Mostly, we have been building (storage) recently rather than acquiring. So, if there are interesting options, we do not rule out new projects," a Gazprom spokesman told Reuters.However, spreads are not expected to recover in the next few years. European gas supplies are increasingly well-connected and from diverse sources, which reduces the commercial attractions of storage.That is the main reason why oil and gas firm DEA [RWEDE.UL], owned by Russian tycoon Mikhail Fridman, has frozen plans to sell its gas storage activities in Germany, a person with knowledge of the matter said."I don''t think these assets are marketable at the moment," the person said.DEA was not immediately available for comment.(Additional reporting by Vladimir Soldatkin in Moscow; Editing by Ruth Pitchford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-europe-gas-storage-analysis-idINKBN16K1ML'|'2017-03-13T10:10:00.000+02:00'
'3a44d6cc8175c37dcbea6db88fbf412a0584ee5a'|'Deals of the day-Mergers and acquisitions'|'March 14 The following bids, mergers, acquisitions and disposals were reported by 1000 GMT on Tuesday:** Sealed Air Corp is in exclusive talks to sell its cleaning and chemicals systems division, Diversey Care, to private equity firm Bain Capital LLC for between $3 billion and $4 billion, people familiar with the matter said on Monday.** Billionaire investor William Ackman walked away from Valeant Pharmaceuticals International Inc on Monday with a loss of more than $3 billion as he sold his entire stake in the struggling drug company after trying to rescue it for some 18 months.** Japan''s Toshiba Corp said it would speed up looking at whether to sell a majority of Westinghouse even as it sought to reassure investors it could have a future without the unit or its prized memory chip business that has been put up for sale.** Verizon Communications Inc sought almost triple the price reduction that it ultimately obtained for Yahoo Inc''s core assets following two massive cyber attacks at the internet company, according to a Yahoo filing.** Acquisition company Harmony Merger Corp and privately held liquefied natural gas developer NextDecade LLC said on Monday that they would merge in an all-stock deal valued at about $1 billion.** TechStyle Fashion Group, owner of the Fabletics sportswear line that features celebrity actress Kate Hudson, is exploring a sale that could value it at more than $1.5 billion, including debt, people familiar with the matter said on Monday.** Kenya''s telecoms regulator said it had no plans to break up any company in the sector, weeks after a leaked draft report on competition it commissioned recommended that Safaricom , the country''s biggest operator, be split.** Brazilian meatpacker and food processor JBS SA on Monday said it reached an agreement to acquire U.S.-based ham and bacon producer Plumrose USA for $230 million, according to a securities filing.** U.S. networking software company Citrix Systems Inc has been exploring strategic alternatives including a potential sale, people familiar with the matter said on Monday.** Ligado Networks, the wireless satellite venture formerly known as LightSquared Inc that emerged from bankruptcy in 2015, is working with financial advisers to explore strategic alternatives, according to people familiar with the matter.** German utility RWE said it could cut its stake in Innogy to 51 percent, but declined to respond directly to a report that France''s Engie was considering a bid for the networks and renewables business it listed last year.** Investment firms Spectrum Equity and Cressey & Co have agreed to acquire a majority stake in Verisys Corporation, a U.S. provider of data and software that help healthcare providers with regulatory compliance, people familiar with the matter said.** French asset manager Amundi set a price of 42.50 euros for its previously announced 1.4 billion euros ($1.5 billion) rights issue to finance its acquisition of Pioneer Investments from Italian bank UniCredit.** Canadian pension fund investor Borealis Infrastructure and the infrastructure investing arm of the Kuwait Investment Authority (KIA) said they had agreed to buy a 26 percent stake in Britain''s Thames Water.** British fashion retailer French Connection Group Plc reported a loss for the fifth straight year, prompting calls from activist investor Gatemore Capital Management to split up the company. (Compiled by Ahmed Farhatha in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL3N1GR3DJ'|'2017-03-14T07:01:00.000+02:00'
'b7bd8ec4c3c036d58fe7e170e91d3de72e1bbd0e'|'BRIEF-UK regulator gives positive opinion on Sanofi/Regeneron''s dupilumab product'|'Company   BRIEF-UK regulator gives positive opinion on Sanofi/Regeneron''s dupilumab product March 14 Sanofi: * Sanofi says UK''s Medicines & Healthcare Products Regulatory Agency (MHRA) has granted dupilumab, a product which treats for atopic dermatitis (AD), a positive scientific opinion through the Early Access to Medicines Scheme (EAMS). * The decision means that eligible adults with severe atopic dermatitis can access dupilumab before the drug is granted marketing authorisation in the UK, Sanofi adds in statement * Dupilumab is currently under joint development with Regeneron and Sanofi and its safety and efficacy have not been fully evaluated by any regulatory body. The formal EU regulatory application for dupilumab is currently under review by the European Medicines Agency (EMA). Source text for Eikon:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-uk-regulator-gives-positive-opinio-idUSFWN1GR06E'|'2017-03-14T15:40:00.000+02:00'
'4f5e04eca6795900c635b0804f1c84d5bcfff64a'|'SIG cuts dividend, names new CEO to lead turnaround'|'  8:05am GMT SIG cuts dividend, names new CEO to lead turnaround The logo of SIG Combibloc Group, manufacturer of carton packaging and filling machines for beverages and food, is seen at a plant in the town of Neuhausen, Switzerland June 15, 2016. REUTERS /Arnd Wiegmann British building materials suppler SIG ( SHI.L ) cut its dividend by 20 percent and named a new chief executive on Tuesday as it battles to recover from a November profit warning. The group said Meinie Oldersma, currently head of industrial products distributor Brammer Ltd, would join as chief executive in April, bringing considerable experiencing in helping turn around and grow businesses across Europe. The insulation, roofing and interior fittings firm''s former head stepped down after the company said in November it would miss 2016 profit forecasts due to weak demand, tougher competition and delays to some projects after Britain''s vote to leave the European Union. "Since November we have slowed or stopped a number of internal initiatives, which will allow our team to refocus on customers and sales growth in order to generate cash ... This will ensure that we build on SIG''s significant potential in 2017," Interim CEO Mel Ewell said in a statement. The company reported a 12.5 percent fall in underlying pretax profit to 77.5 million pounds for the year ended Dec. 31, in line with its previously stated range of 75 million pounds to 80 million pounds. It cut the dividend to 3.66 pence per share from 4.60 pence in 2015. SIG said trading in the first two months of 2017 had been in line with its expectations, though markets remained competitive and it was experiencing some supplier price inflation. (Reporting by Esha Vaish in Bengaluru; Editing by Mark Potter)   UK braces for another pounding from Brexit talks LONDON After eight months of discounting a plethora of UK political risks, sterling''s relaxed reaction to the prospect of the launch of Brexit talks and a new   may be understandable, but the worst may not be over yet.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-sig-results-idUKKBN16L0PQ'|'2017-03-14T15:05:00.000+02:00'
'468f79e4a5e3cec979df666e2a0760908d79b996'|'Smart condo conundrum - Talk to appliances, or text them?'|'Business   11:44pm GMT Smart condo conundrum - Talk to appliances, or text them? left right CEO of Unified Inbox Toby Ruckert demonstrates how he uses his smartphone to control electrical appliances in a simulation software in Singapore March 3, 2017. REUTERS/Edgar Su 1/3 left right CEO of Unified Inbox Toby Ruckert demonstrates how he uses his smartphone to control electrical appliances in a simulation software in Singapore March 3, 2017. REUTERS/Edgar Su 2/3 left right CEO of Unified Inbox Toby Ruckert demonstrates how he uses his smartphone to control electrical appliances in a simulation software in Singapore March 3, 2017. REUTERS/Edgar Su 3/3 By Jeremy Wagstaff - SINGAPORE SINGAPORE In today''s so-called smart home, you can dim the lights, order more toothpaste or tell the kids to go to bed simply by talking to a small Wifi-connected speaker, such as Amazon''s ( AMZN.O ) Echo or Google''s ( GOOGL.O ) Home. This voice-first market - combining voice with artificial intelligence (AI) - barely existed in 2014. This year, Voice Labs, a consultancy, expects 24.5 million appliances to be shipped. Other big tech firms have their own plans: Apple ( AAPL.O ) is taking its Siri voice assistant beyond its mobile devices to PCs, cars, and the home; Baidu ( BIDU.O ) last month bought Raven, billed as China''s answer to Amazon''s Alexa intelligent personal assistant; and Samsung Electronics ( 005930.KS ) plans to incorporate Viv, its newly acquired virtual assistant, into its phones and home appliances. But not everyone thinks the future of communicating with the Internet of Things needs to be vocal. Facebook ( FB.O ) founder Mark Zuckerberg, for example, was working on Jarvis, his own voice-powered AI home automation, and found he preferred communicating by text because, he wrote, "mostly it feels less disturbing to people around me." And several major appliance makers have turned to a small Singapore firm, Unified Inbox, which offers a service that can handle ordinary text messages and pass them on to appliances. With your home added to the contacts list on, say, WhatsApp, a quick text message can "start the coffee machine"; "turn on the vacuum cleaner at 5 p.m."; or "preheat the oven to 200 degrees at 6.30 p.m." "Think of it as a universal translator between the languages that machines speak ... and us humans," said Toby Ruckert, a German former concert pianist and now Unified Inbox''s CEO. The company is just a small player, funded by private investors, but Ruckert says its technology is patent-backed, has been several years in the making, and has customers that include half of the world''s smart appliance makers, such as Bosch [ROBG.UL]. Unified Inbox connects the devices on behalf of the manufacturer, while the consumer can add their appliance by messaging its serial number to a special user account or phone number. It so far supports more than 20 of the most popular messaging apps, as well SMS and Twitter ( TWTR.N ), and controls appliances from ovens to kettles. Other home appliances being tested include locks, garage openers, window blinds, toasters and garden sprinklers, says Ruckert. "People aren''t going to want a different interface for all the different appliances in their home," says Jason Jameson, of IBM ( IBM.N ), which is pairing its Watson AI supercomputer with Unified Inbox to better understand user messages. They will this week demonstrate the service working with a Samsung Robot Cleaner. "The common denominator is the smartphone, and even more common is the messaging app," Jameson notes. "TROJAN HORSE" There''s another reason, Ruckert says, why more than half of the world''s smart appliance manufacturers have signed up. They''re worried the big tech companies'' one-appliance-controls-all approach will relegate them to commodity players, connecting to Alexa or another dominant platform, or being cast aside if Amazon moves into making its own household appliances. "Our customers are quite afraid of the likes of Amazon," Ruckert said. "Having a Trojan horse in a customer''s home, like Echo, that they must integrate with to stay competitive is a nightmare for them." An Amazon spokesperson said the company was "excited by the early response by smart home device manufacturers and even more excited by the customer response," but declined to speculate about future plans. A spokesperson for Bosch said no single company can knit the Internet of Things together, so "there is a need to collaborate and establish ecosystems," such as working with Unified Inbox. Already the race is on to incorporate other services into these home hubs. Amazon allows third parties to develop apps, or "skills", for Alexa. It has more than 10,000 of these, with many added in just the past three months. Most are developed by firms using Amazon''s software toolkit, and range from telling jokes to ordering food. And Amazon makes it easy for other hardware makers to incorporate Alexa into their appliances, increasing its reach. Chinese device maker Lenovo ( 0992.HK ) has embedded Alexa in its speakers, while General Electric ( GE.N ) has it in a lamp - meaning users can control these devices by voice, and use them to order products from Amazon. LG Electronics ( 066570.KS ) and Huawei are also working on Alexa-enabled devices, Amazon said. Text messaging, though, may yet break down those walls. As Zuckerberg noted, the volume of text messages is growing much faster than the number of voice calls. "This suggests that future AI products cannot be solely focused on voice, and will need a private messaging interface as well," he says. EVEN SMARTER Some companies are already looking further ahead, and doing away with the need for any human instruction - whether by voice or text - by making machines smarter at learning our habits and anticipating them. LG, for example, is using deep learning to make its appliances understand and avoid objects in a room, or fill an ice-tray based on a user''s cold drink habits. At Unified Inbox, Ruckert looks ahead to being able to communicate not only with one''s own appliances, but with machines elsewhere. Bosch executives in Singapore, for example, have demonstrated how a user could ask a smart CCTV camera how many people were in a particular room. Ruckert is also working with Singapore''s Nanyang Polytechnic to send updates to family members or staff direct from hospital equipment attached to patients. And smart appliance entrepreneur James Dyson said in a recent interview that the future lies in what he calls "highly intelligent automation". "For me, the future is making everything happen for you without you being particularly involved in it." (Reporting by Jeremy Wagstaff; Editing by Ian Geoghegan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-tech-iot-messaging-idUKKBN16J114'|'2017-03-13T06:44:00.000+02:00'
'0a23498ec478b0b50e51b22df5e80a742cab7482'|'Italian fashion group Valentino not expected to list in 2017: source'|'MILAN Italian fashion house Valentino is not expected to launch its long-awaited listing this year, a source close to the matter told Reuters on Wednesday.Earlier on Wednesday Italian financial daily Il Sole 24 Ore said an initial public offering for the brand that became famous for its trademark bright red dresses could happen between end-2017 and beginning of 2018.In December 2015 the Qatari owners of the fashion house asked Rothschild ROT.UL to involve a number of banks in the listing, but the operation has been regularly postponed."The listing could be in 2018, but I can rule out that an IPO will happen in 2017," the source said.In October, the chief executive of Valentino said the group still aimed to list on the stock market but that there were uncertainties on the timing of the operation.Founded in 1960 by designer Valentino Garavani, the fashion brand was sold to Mayhoola for Investments, an investment vehicle with close ties to Sheikha Mozah, the second wife of Qatar''s former emir, in 2012 for around 700 million euros.(Reporting by Eliza Anzolin, writing by Giulia Segreti)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-italy-valentino-ipo-idINKBN16M11T'|'2017-03-15T06:07:00.000+02:00'
'dd55d231cb1cadc04022ae7a182781e5ffe139a4'|'Wood Group offers to buy Amec Foster in deal valued at 2.2 billion pounds'|'Business News - Mon Mar 13, 2017 - 8:21am GMT Wood Group offers to buy Amec Foster in deal valued at 2.2 billion pounds Oilfield services firm John Wood Group ( WG.L ) said on Monday it proposed to buy smaller peer Amec Foster Wheeler ( AMFW.L ) for a recommended all-share offer valued at about 2.2 bln pounds ($2.69 billion). The all-stock deal for 5.64 pounds per share represents a 15.3 percent premium to Amec Foster''s Friday close of 489.2 pence. Amec Foster shareholders will receive 0.75 of new Wood Group share for each share held, the company said. (Reporting by Justin George Varghese in Bengaluru; Editing by Gopakumar Warrier) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-amec-foster-m-a-john-wood-idUKKBN16K0P4'|'2017-03-13T15:21:00.000+02:00'
'1b861c2449f78aa3b2f4c24423b7582f78821d4a'|'CalPERS plans 17 climate change proxy efforts this year'|'Environment  25pm EDT CalPERS plans 17 climate change proxy efforts this year By Robin Respaut The California Public Employees'' Retirement System plans to be active in 17 proxy efforts on climate change directed at energy companies this proxy season, the pension fund''s Chief Investment Officer Ted Eliopoulos said on Monday. CalPERS'' effort will build on its actions over the past year, when it was active in 12 proxy efforts, to increase the percentage of votes in favor of climate change strategy disclosures. Eliopoulos said during an investment committee board meeting that CalPERS would ask energy companies over the next three months for "disclosure of their climate change strategy, among other topics." In order to "drive the votes at those companies, we are building on our networks of peer engagement," said Eliopoulos. The nation''s largest public pension fund joined New York City pension chiefs last year to urge Exxon Mobil shareholders to back a measure that would force the company to detail how its business would be impacted as governments move to tackle climate change. CalPERS and New York City vowed to engage other shareholders to push the world''s largest publicly traded oil company to say more about how its revenues, reserves and operations could be hurt by the 2015 Paris Agreement backed by 195 countries to limit global warming to 2 degrees Celsius. Following the proxy access proposal, Exxon appointed its first climate scientist to its board, Dr. Susan Avery, the former head of the Woods Hole Oceanographic Institution and a former professor at the University of Colorado, Boulder. "This is an extremely encouraging response in recognition that Exxon needs to bolster its capacity on climate change," Eliopoulos said on Monday. (Reporting by Robin Respaut; Editing by Meredith Mazzilli) Next In Environment'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-california-calpers-proxy-idUSKBN16K28K'|'2017-03-14T00:21:00.000+02:00'
'9f6f3e84fc6884d261003b457158059fd2e1d4e7'|'Sterling hits eight-week low on Brexit, Scotland angst'|'  7:49am GMT Sterling hits eight-week low on Brexit, Scotland angst A pile of one pound coins is seen in a photo illustration shot June 17, 2008. REUTERS/Toby Melville/Illustration/File Photo LONDON Sterling slipped 0.7 percent on Tuesday to its lowest level against the dollar in eight weeks, as some investors turned nervous over a second   and the triggering of formal Brexit negotiations. Prime Minister Theresa May on Monday won the right to launch divorce proceedings with the EU, beginning two years of talks that will shape the future of Britain and Europe. Sterling had climbed on Monday after Scotland''s First Minister Nicola Sturgeon demanded a fresh independence referendum but said it should take place at the earliest in late 2018, with analysts citing relief among investors that the vote would not be held this year. But it erased all those gains on Tuesday, trading as low as $1.2125 GBP=D4 , its weakest since Jan. 17. It was also 0.6 percent lower at 87.75 pence per euro EURGBP=D3. "Losses are small given the deepening of political uncertainty, after Scottish First Minister Sturgeon’s call for a second independence referendum," wrote RBC Capital Markets currency strategist Adam Cole. (Reporting by Jemima Kelly, editing by Nigel Stephenson)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-markets-idUKKBN16L0P5'|'2017-03-14T14:49:00.000+02:00'
'240f84d17a2dd4c4829ae1440b48978eb0cb27ab'|'Neiman Marcus says exploring alternatives, including sale'|'Luxury fashion retailer Neiman Marcus Group Ltd LLC [NMRCUS.UL] said on Tuesday it was exploring strategic alternatives, including a sale of the company.The move, which comes about two months after the company pulled its IPO, highlights the struggles faced by department store operators as they look to reduce costs amid sliding sales.Neiman Marcus also reported a 6.1 percent drop in second-quarter revenue as issues in its new merchandising and distribution system forced the company to take additional markdowns.The retailer has hired investment bank Lazard Ltd ( LAZ.N ) to explore ways to bolster its balance sheet as it seeks relief from $4.9 billion in debt, Reuters reported this month.Neiman Marcus, which also operates the Bergdorf Goodman and MyTheresa brands, was acquired by private equity firm Ares Management LP ( ARES.N ) and Canada Pension Plan Investment Board for $6 billion in 2013.(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-neiman-marcus-gp-sale-idINKBN16L1N1'|'2017-03-14T11:02:00.000+02:00'
'ae774726110dfa75894ebde6064f8655f931b480'|'Boeing, aerospace manufacturers back U.S. tax overhaul'|'Business   9:33am GMT Boeing, aerospace manufacturers back U.S. tax overhaul FILE PHOTO: The Boeing Company logo is projected on a wall at the ''''What''s Next?'''' conference in Chicago, Illinois, U.S., October 4, 2016. REUTERS/Jim Young/File Photo SEATTLE Boeing Co ( BA.N ) and about 90 other aerospace companies are urging Congress to overhaul the U.S. tax system, saying a set of changes Republicans proposed last year - including a big cut in the corporate tax rate - will make them more competitive globally and help create U.S. jobs. Boeing Chief Executive Dennis Muilenburg was among those who signed a letter to Republican and Democratic leaders in the U.S. House and Senate that was dated Friday and due to be released publicly on Tuesday, according to the Aerospace Industries Association (AIA). The support comes as congressional Republicans are developing measures to alter the U.S. tax system, a task they plan to tackle after addressing healthcare, according to several people familiar with the matter. "We urge you to enact legislation that modernizes our tax system, allows America''s businesses to better compete in the global marketplace and encourages job creation and innovation in the United States," said the AIA letter, also signed by the group''s CEO, David Melcher. The changes are based on a "blueprint" released in June by House Ways and Means Committee Chairman Kevin Brady, a Texas Republican. Among its key elements, Brady''s proposal would cut the U.S. corporate tax rate to 20 percent from 35 percent, permit immediate deductions for capital investment and introduce a border adjustment tax system that would tax imports into the United States but not tax revenue generated by exports out of the country. The push on taxes by aerospace companies comes as they face some uncertainty under the administration of Donald Trump. The new president lost no time in publicly pressing Boeing and Lockheed Martin Corp ( LMT.N ) to lower costs on planes bought by the U.S. government. As they source parts and sell many of their products overseas, aerospace companies also stand to suffer if Trump''s aggressive trade policies cause friction with other countries. At the same time, Trump has voiced support for the tax reform plan, including an export-boosting border adjustment tax.. Drafters of the plan say a tax on imports would increase the value of the dollar, helping offset the cost of imports to U.S. manufacturers by giving them more purchasing power. A stronger dollar would, however, make U.S. goods more expensive for foreign buyers. Boeing''s Muilenburg is acting AIA chairman and was joined in signing the letter by Raytheon Co ( RTN.N ) CEO and AIA vice chairman Thomas Kennedy. Other companies involved in aerospace manufacturing also signed, including Lockheed Martin, General Electric Co ( GE.N ), Northrop Grumman Corp ( NOC.N ), Honeywell International Inc ( HON.N ), Rockwell Collins Inc ( COL.N ), Rolls-Royce Holdings Plc ( RR.L ), General Dynamics Corp ( GD.N ), Harris Corp ( HRS.N ), International Business Machines Corp ( IBM.N ) and L3 Technologies Inc ( LLL.N ). The signatures were gathered at a supplier meeting in Seattle last week, Boeing said. AIA said it has more than 330 members. (Reporting by Alwyn Scott; Editing by Bill Rigby) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-boeing-tax-idUKKBN16L0XT'|'2017-03-14T16:34:00.000+02:00'
'2e504c09d09cdffd35fb3656239d90d4e0f4e49f'|'New chief of UK''s top drug firm will earn 25% less than predecessor - Business'|'GlaxoSmithKline’s new chief executive, Emma Walmsley, will be paid 25% less than her predecessor, Sir Andrew Witty. Britain’s biggest pharmaceutical company said her potential £8.8m a year pay deal was lower than Witty’s, which carried a maximum total of £11.6m, because she was less experienced than her predecessor, who spent eight years as chief executive. GSK added that investors had asked the company to show restraint on executive pay. Walmsley will be the most powerful woman in the pharmaceutical industry when she takes the helm next month after her promotion from head of GSK’s consumer healthcare business, whose products include Sensodyne toothpaste and Panadol painkillers.Top executives may be brilliant – but their pay''s about timing and luck Read more Urs Rohner, the non-executive director who chairs GSK’s remuneration committee, said: “Taking into account the fact that this is Emma’s first CEO role, reductions have been made to all elements of her remuneration package in comparison to Sir Andrew’s current arrangements. Her overall package for 2017 will be approximately 25% less than that received by Sir Andrew.”According to the annual report , her pay consists of four pay components: a £1m basic salary, which is 10% lower than Witty’s; 20% of her salary paid into her pension, which GSK says is “significantly lower” than Witty, who has a more generous defined benefit arrangement; an annual bonus worth up to 100% of her salary, or 200% in exceptional circumstances – less than the 125% of salary that Witty could have achieved; and a long-term incentive plan award of shares worth up to 550% of her salary, less than the 700% grant that Witty could have received.Rohner indicated that the new chief executive could expect pay rises in the future. “It is the committee’s intention to keep Emma’s package under review in the coming years subject to her development and performance in the role,” he said.Topics Executive pay and bonuses GlaxoSmithKline Pharmaceuticals industry Equal pay news  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/mar/14/uk-top-drug-firm-glaxosmithkline-emma-walmsley-pay-gsk'|'2017-03-15T02:04:00.000+02:00'
'a7e45200bb672e8d87407dc405d1dc59b423a059'|'Japan PM Abe seeks Saudi support for Aramco listing in Tokyo'|'TOKYO Japan''s Prime Minister Shinzo Abe asked Saudi Arabia''s King Salman on Monday to support a listing of oil giant Aramco''s shares in Tokyo, as financial centers in Asia and elsewhere step up efforts to win the coveted $100 billion listing.Abe made the request for support on the Aramco listing to the Saudi monarch, who responded by saying the kingdom would look into the request because he wants Japanese investors to buy Aramco shares, Japan''s Deputy Chief Cabinet Secretary Kotaro Nogami told reporters.The two leaders met on Monday, the second day of the king''s visit to Japan, part of a month-long Asian tour.Separately, the governments of Japan and Saudi Arabia said in a joint statement that Aramco and the Tokyo Stock Exchange (TSE) are considering setting up a joint group to study a Japan listing for the Saudi oil giant.Saudi authorities plan to list up to 5 percent of the world''s largest oil producer on the Saudi stock exchange in Riyadh, the Tadawul, and also one or more international markets. Besides Tokyo, markets in New York, London, Hong Kong, Singapore and Toronto, are vying for what could be the world''s largest IPO, potentially raising as much as $100 billion.While the Japanese government is keen to have Aramco shares trade in Tokyo, bankers and lawyers say the Tokyo market is unlikely to get the nod because of strong competition and due to Japanese investors being less receptive to energy companies than some other sectors such as technology. Yen volatility is another factor.The Saudi monarch arrived in Japan on Sunday after a visit to Malaysia and Indonesia that included a holiday stay in Bali. Energy Minister Khalid al-Falih and Aramco executives were scheduled to travel with him to Japan, sources told Reuters earlier.Saudi officials are keen to court Asian investors for the sale of the Aramco stake in 2018, and have solicited financial advice from banks with links to China.The IPO is the centerpiece of the Saudi government''s ambitious plan, known as Vision 2030, to diversify the economy away from oil.Japanese and Asian banks and companies are expected to play major roles in the kingdom''s plans to develop non-oil industries and expand its international investments.Saudi Arabia is Japan''s biggest oil supplier and Japanese refineries and other oil importers bought about $2.2 billion worth of Saudi oil in January.The two countries on Monday also signed economic cooperation agreements in industry, energy and finance and on setting up a possible special economic zone in Saudi Arabia.They also agreed to start a feasibility study on vehicle production in the Middle Eastern country. The Nikkei on Saturday reported that Toyota Motor Corp ( 7203.T ) is looking into building a plant in Saudi Arabia.(Reporting by Osamu Tsukimori, Kiyoshi Takenaka, Emi Emoto, Hiroko Yoneda and Ami Miyazaki; Writing by Aaron Sheldrick; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-saudi-japan-aramco-idUSKBN16K13O'|'2017-03-13T15:09:00.000+02:00'
'a25eb684d3b6b89dd8ba9bbe62e1d69d1a6e7a15'|'Innogy in talks with car consortium over charging stations: CEO'|'ESSEN, Germany Innogy is in "intense" talks with a group of carmakers, Chief Executive Peter Terium told journalists on Monday, hoping to be selected as a supplier of super-fast charging stations for electric vehicles across Europe."It''s not a done deal yet," Terium said, pointing to strong competition from rival vendors.BMW, Volkswagen ( VOWG_p.DE ), Ford and Daimler plan to build about 400 next-generation charging stations in Europe that can reload an electric car in minutes instead of hours.Sources told Reuters in January that Innogy was in talks with the consortium.(Reporting by Christoph Steitz and Vera Eckert; Editing by Edward Taylor)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-innogy-results-emobility-idINKBN16K12P'|'2017-03-13T07:39:00.000+02:00'
'd3023afeb113e23069168407025b69da0a50eb46'|'UPDATE 1-HSBC appoints insurer AIA''s Tucker as chairman'|'(Adds details from AIA and HSBC statement, background)HONG KONG, March 13 Europe''s biggest bank HSBC Holdings Plc on Monday said AIA Group Ltd Chief Executive Mark Tucker had been appointed as its chairman, replacing Douglas Flint.Tucker would take over responsibility for identifying a successor to HSBC Chief Executive Stuart Gulliver, a process expected to conclude in 2018, the bank said in a statement.Tucker would take over as group chairman designate from Sept. 1 and as non-executive group chairman on Oct. 1.Flint and Gulliver''s departure from HSBC after six years will end one of the longest-serving management partnerships at a major global bank.The pair slashed over 43,000 jobs and sold assets worldwide as they attempted to shrink the bank back to profitability amid a tougher than expected environment for global banks.HSBC, with its more than $1.2 trillion in customer deposits, has suffered more than most lenders from low global interest rates since the 2008 financial crisis that has made investing those deposits profitably difficult.In a separate statement, AIA said Ng Keng Hooi, its regional chief executive will succeed Tucker from Sept. 1. (Reporting by Sumeet Chatterjee in Hong Kong and Anusha Ravindranath in Bengaluru; Editing by Sandra Maler and Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/hsbc-chairman-role-idINL2N1GP0NV'|'2017-03-12T20:31:00.000+02:00'
'f6a7c3e757bcb5adf93eebe58a7e9872979bdeb9'|'German investor morale improves less than expected in March'|'  10:37am GMT German investor morale improves less than expected in March The famous skyline with its banking district is pictured in early evening next to the Main River in Frankfurt, Germany, January 19, 2016. REUTERS/Kai Pfaffenbach BERLIN The mood among German investors improved less than expected in March, a survey showed on Tuesday, as uncertainties about the outcome of major European elections and their effect on the growth outlook for Europe''s biggest economy remained high. Mannheim-based ZEW said its monthly survey showed its economic sentiment index rose to 12.8 from 10.4 points in the previous month. This undershot the Reuters consensus forecast for rise to 13.1. A separate gauge measuring investors'' assessment of the economy''s current conditions edged up to 77.3 points from 76.4 in February. This was also slightly weaker than the Reuters consensus forecast which predicted a reading of 78.0. ZEW President Achim Wambach said the fact that sentiment only improved slightly reflected the current uncertainty surrounding future economic development. "With regard to the economic situation in Germany, no clear conclusions can be drawn from the most recent economic signals for January 2017," Wambach said. "The political risks resulting from upcoming elections in a number of EU countries are keeping uncertainty surrounding the German economy at a relatively high level," Wambach added. Far-right parties are expected to make a strong showings in elections in the Netherlands on Wednesday and in France next month. (Reporting by Michael Nienaber; Editing by Joseph Nasr)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-economy-zew-idUKKBN16L152'|'2017-03-14T17:37:00.000+02:00'
'36a2fc50e1e29b5d62f70a6b7d5bc04186f0af81'|'Investors pare bullish U.S. bond bets before Fed meeting -JPM'|'NEW YORK, March 14 Investors scaled back their bullish bets on longer-dated U.S. Treasuries ahead of the Federal Reserve''s two-day policy meeting where policymakers are widely expected to raise interest rates, J.P. Morgan said on Tuesday.The share of "long" investors, who said they were holding more longer-dated Treasuries than their benchmarks, fell to 18 percent in the week to March 13 from 20 percent in the prior week, J.P. Morgan showed in its latest Treasury client survey.J.P. Morgan surveyed clients that include bond fund managers, central banks and sovereign wealth funds.The share of "short" investors who said they were holding less longer-dated U.S. government debt than their portfolio benchmarks rose to 23 percent from 18 percent the previous week.Short investors outnumbered long investors, or net shorts, again after long investors outnumbered short investors last week for the first time since Oct. 24, 2016.There were 5 percentage points of net shorts, compared with net longs of 2 percentage points in the prior week.The share of "neutral" investors, who said on Monday they were holding amounts of longer-dated Treasuries that match their benchmarks, was 59 percent, down from 62 percent the preceding week, the survey showed.Active clients that include market makers and hedge funds, which are seen to take on speculative bets in Treasuries, dialed back their bullish bets, the latest J.P. Morgan survey showed.Thirty percent of them said they were long, while 20 percent of them said they were short. The margin of active longs shrank to 10 percent points from last week''s 40 percentage points, which was the widest since June 13, 2016. (Reporting by Richard Leong; Editing by Will Dunham)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/treasuries-jpmorgan-idINL2N1GR0K7'|'2017-03-14T11:15:00.000+02:00'
'1ff6076791aaf6ad63ace4b7f9937f80d6c97bec'|'Mexico says has less space than U.S. for tax reform'|'MEXICO CITY Mexico''s Finance Minister Jose Antonio Meade said on Monday that Mexico was analysing how to respond to U.S. tax proposals, including a border adjustment tax, but that Mexico has less fiscal space than the United States to enact reforms.Mexico''s debt levels have risen sharply in recent years and the government has promised to cut spending this year and reach a primary surplus."The United States has more possibility to issue debt than Mexico," Meade said on local TV.He said that there were currently no plans to raise taxes in Mexico, but that the government was still analysing how to react to potential U.S. tax measures."So far all we know are just sketches of (U.S.) proposals. So in front of each draft proposal we are evaluating what the impact might be," Meade said.Meade said that a proposed border adjustment tax (BAT) "would be like a tariff on all goods entering the United States" but that it was not Mexico-specific.Since such a tax would effect the whole world, Mexico would have to study how it could respond to such a move, he said.Meade reiterated that Mexico had been clear that it would not accept Mexico-specific tariffs or import quotas in talks with the United States to renegotiate the North American Free Trade Agreement (NAFTA) that also includes Canada.Meade said that U.S. Commerce Secretary Wilbur Ross''s comments that the U.S. was looking at making changes on the rules that determine how much of a product must be sourced within North America as well as dispute resolution rule.Meade said that, based on Ross''s comments, it did not appear that the United States was thinking in terms of Mexico-specific measures such as tariffs or quotas.(Reporting by Frank Jack Daniel; Editing by Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/usa-mexico-tax-idINKBN16K2D7'|'2017-03-13T15:34:00.000+02:00'
'088fb00d28b8caf09d4f160614300f49e6de348a'|'Shell’s sale of dirty tar sands assets cleans up debt and spruces image'|'W hen Shell sold most of its Canadian tar sands operations last week, the Anglo-Dutch oil company took a modest step towards making good on its promise to be part of the solution on global warming, rather than the problem.Tar sands are reviled by climate change campaigners as one of the dirtiest forms of energy. The sands are a glutinous, bitumen-addled mix when extracted from the ground and a huge amount of energy is need to turn them into synthetic crude oil.Leading scientists have warned that exploiting tar sands would be “game over” for tackling climate change , and Shell has faced shareholder rebellions in the past over the risks it faced from exploiting the carbon-intensive oil .But the $7.25bn (£6bn) sale of the majority of its tar sands assets to an independent Canadian oil company is less about the company cleaning up its image than about cleaning up its debt. The deal is the largest single chunk so far in Shell’s $30bn divestment programme, to pay for borrowing it incurred after buying gas giant BG Group for £47bn .“There is a low-carbon element because these are some of the most carbon-intensive barrels in the oil sector. But it’s more about a general industry trend we’re seen around repositioning portfolios lower down the cost curve,” said Tom Ellacott, senior vice-president of research at oil analysts Wood Mackenzie.While the divestment programme and a move to cheaper sources of oil will have driven the sale, Ellacott said he was sure the carbon-intensiveness of the sands was part of the company’s thinking too.Tar sands are not just one of the dirtiest sources of oil, but one of the most expensive because of the high cost of turning them into usable fossil fuel. That is why big players are quitting the sector. Norwegian oil company Statoil completed the sale of its tar sands assets in January , and France’s Total has sold some of its holdings. US oil giants Chevron and Exxon both downgraded their tar sands reserves because of historically low oil prices that have further reduced the profitability of such a cost-intensive asset.Of course, Shell is not leaving the tar sands game entirely. It is retaining assets including an upgrader plant, the extremely energy-intensive element of the process of turning the bitumen extracted from the ground into crude oil.The company does not want to overstate the carbon benefits of reducing its share in the Athabasca Oil Sands Project in Alberta – although it is keeping a 10% stake – and selling several undeveloped tar sands fields in the province. But it says the sale will bring about an absolute reduction in carbon emissions from its operations, which were 72 million tonnes last year.“Shell is a long-time supporter of government-led carbon pricing mechanisms globally and has been a vocal supporter of both Canada’s and the state of Alberta’s climate plans,” said Ben van Beurden, Shell’s chief executive. He said retaining stakes in the tar sands would help both those plans to succeed.Compared with some of its peers, the company talks more strongly about taking global warming seriously. “We believe climate change is real. We believe action is going to be needed. We believe we are in the middle of an energy transition that is unstoppable,” Van Beurden said during the company’s quarterly results presentation last month.He said the company “wants to be in the vanguard” of that transition to cleaner energy. Shell created a new energy division last year which is targeting an annual spend of $1bn by the end of the decade, or 4% of the $25bn capital expenditure it plans this year. Staffers say that although the proportion may seem small compared with the rest of the company, they are determined to increase it.Shell has become more “gassy” and less “oily” in recent years, a trend accelerated by the acquisition of BG Group and helped by the tar sands sale. Production is around half oil and half gas, which is cleaner in carbon terms.Van Beurden is aware that getting out of tar sands has reputational benefits, as well as immediate financial ones. “The global energy system needs to evolve to one with net zero emissions,” he said, arguing that Shell had a critical role to play in that transition.“But for us to play this role effectively will require trust, and to help build that trust our industry needs to reduce its own carbon intensity.”Shell confirmed last week that it would tie 10% of executives’ bonuses to management of greenhouse gas emissions, although the company has not said what those carbon targets are.Nevertheless, campaigners maintain that Shell’s approach to climate change is not credible.Greg Muttitt, of the US-based NGO Oil Change International, said: “Shell is doing more to move from oil to gas than some of its competitors but that’s not the right move – the move needs to be to step away from fossil fuels [and into renewables].”Topics Royal Dutch Shell The Observer Tar sands Oil Oil and gas companies Energy Fossil fuels  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/mar/11/shell-tar-sands-sale-spruces-image-cleans-debt'|'2017-03-11T22:59:00.000+02:00'
'6d045923329a229dc24651a13180db2acde0c266'|'Sterling slips as Brexit talks get green light, stocks subdued before Fed'|'Tue Mar 14, 2017 - 12:54am GMT Sterling slips as Brexit talks get green light, stocks subdued before Fed Wads of British Pound Sterling banknotes are stacked in piles at the GSA Austria (Money Service Austria) company''s headquarters in Vienna July 22, 2013. REUTERS/Leonhard Foeger/File Photo By Nichola Saminather - SINGAPORE SINGAPORE Sterling slipped on Tuesday after Britain''s parliament paved the way for Prime Minister Theresa May to launch divorce talks with the European Union, while stocks were subdued ahead of an expected U.S. interest rate later in the week. The pound GBP=D4 retreated 0.1 percent to $1.2201 after both houses backed the so-called Brexit bill, opening the door for May to start the clock on the required two-year negotiation period by the end of this month. The euro EUR=EBS hovered at $1.06545, failing to regain any of Monday''s 0.2 percent loss. On Monday, sterling had jumped 0.36 percent after Scotland''s First Minister Nicola Sturgeon demanded a new independent referendum in late 2018 or early 2019, once the terms of the UK''s exit from the EU are clearer. The MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was flat in early trade, while Japan''s Nikkei .N225 dropped 0.1 percent. Investors in Asia were also awaiting manufacturing, retail sales and investment data out of China at 0200 GMT for a reading on the strength of the world''s second-largest economy, after strong gains in import and producer price reports last week. On Monday, Goldman Sachs upgraded Chinese stocks to "overweight" on better growth prospects and a bullish view on the country''s banking sector. Strategists cited rising producer prices and easing credit stress, and a brighter credit outlook and loan pricing for banks. Overnight, Wall Street was mixed, with the Dow Jones Industrial Average .DJI down 0.1 percent, while Nasdaq .IXIC rose 0.24 percent and the S&P .SPX was little changed. With an interest rate hike this week by the Federal Reserve fully priced in, markets are focused on signals from the central bank about the pace of future rises. Elsewhere in currencies, the dollar was steady at 114.84 yen JPY= , after touching a seven-week high on Monday on expectations of a Fed move at the end of a two-day meeting on Wednesday. It fell back to close slightly lower in the previous session. The dollar index .DXY was fractionally higher at 101.37, extending Monday''s gains following a bout of profit taking at the end of last week. Markets are also awaiting a meeting of the Group of 20 finance ministers and central bankers in the German town of Baden Baden starting on Friday, their first meeting since Donald Trump won the U.S. presidential election. U.S. Treasury Secretary Steven Mnuchin will be "pushing hard" to advance U.S. interests in his debut G20 meeting, including reaffirming commitments to avoid competitive currency devaluations, a senior Treasury official said on Monday. In commodities, oil prices dipped 0.1 percent. They touched a 3-1/2-month low in the previous session as concerns about rising U.S. production offset optimism about supply cuts by the Organization of Petroleum Exporting Countries. The looming U.S. rate increase weighed on gold XAU=. The precious metal inched down 0.1 percent to $1,201.91 in early trade, adding to Monday''s losses. (Reporting by Nichola Saminather; Editing by Kim Coghill) Up Next Intel''s $15 billion purchase of Mobileye shakes up driverless car sector JERUSALEM/DETROIT Intel Corp agreed to buy Israeli autonomous vehicle technology firm Mobileye for $15.3 billion on Monday in a deal that could thrust the U.S. chipmaker into direct competition with rivals Nvidia Corp and Qualcomm Inc to develop driverless systems for global automakers.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-markets-idUKKBN16L046'|'2017-03-14T07:48:00.000+02:00'
'0aed074cd347b6fefd6696fce09e2c4d694c9133'|'German cabinet agrees budget framework, hikes spending without net new debt'|'  2:27pm GMT German cabinet agrees budget framework, hikes spending without net new debt left right German Finance Minister Wolfgang Schaeuble presents draft budget for 2018 and mid-term plans for state spending until 2021 during a news conference in Berlin, Germany, March 15, 2017. REUTERS/Fabrizio Bensch 1/3 left right German Finance Minister Wolfgang Schaeuble presents draft budget for 2018 and mid-term plans for state spending until 2021 during a news conference in Berlin, Germany, March 15, 2017. REUTERS/Fabrizio Bensch 2/3 left right German Finance Minister Wolfgang Schaeuble presents draft budget for 2018 and mid-term plans for state spending until 2021 during a news conference in Berlin, Germany, March 15, 2017. REUTERS/Fabrizio Bensch 3/3 BERLIN Germany plans to gradually increase state spending until 2021 without net new debt, sticking to its goal of running a balanced budget despite international calls to hike investment more strongly in infrastructure and defence. Chancellor Angela Merkel''s cabinet on Wednesday passed the preliminary framework for the 2018 federal budget and its fiscal plans until 2021 as suggested by Finance Minister Wolfgang Schaeuble. Presenting the preliminary plans in Berlin, Schaeuble said it would be up to the next coalition government, due to take office after a federal election in September, to adjust the fiscal plans and agree on the final budget. But Schaeuble, a senior member of Merkel''s conservatives, made clear that he viewed it as a political achievement that Germany had managed to run a budget surplus since 2014. "At the end of September, we''ll look back at a complete legislative period without net new debt," Schaeuble said, adding that it was important to keep public finances sustainable also in light of the demographic challenge of an ageing society. Germany plans to boost overall spending by 1.9 percent to 335.5 billion euros in 2018, with the extra money going mainly to fund refugee integration, development aid, defence and domestic security. Defence spending will rise by 1.4 billion euros to 38.5 billion euros in 2018, under the plans - a figure that is projected to represent 1.26 percent of output, Schaeuble said. In 2016, the defence spending ratio stood at 1.18 percent. TRUMP PRESSURE U.S. President Donald Trump has called on Germany and other NATO members to accelerate efforts to meet the alliance''s target of spending 2 percent of economic output on defence. Public investment will edge down to 35.7 billion euros next year from 36.1 billion euros in 2017 before bouncing back to 36.2 billion euros in 2019. In 2019-2021, the federal government aims to raise overall spending by an additional 20 billion euros to 355.6 billion euros. With tax revenues expected to keep rising and borrowing costs to remain low, the cabinet''s budget framework does not foresee the need for net new borrowing until 2021. Schaeuble rejected international criticism about investment levels being too low, saying Germany was hiking spending in infrastructure while sticking to national and international budget rules. Schaeuble also said he expected interest rates to rise in the medium term which would play into budget planning. He reiterated that he saw scope for about 15 billion euros in tax cuts after the September election, adding that his focus would not be on reducing the sales tax. Germany is heading into a closely contested federal election in September. A possible coalition government led by the centre-left Social Democrats could put greater emphasis on investment. This means that the budget plans for 2018 and beyond could be subject to revisions if a new coalition takes power. (Reporting by Michael Nienaber and Matthias Sobolewski; Editing by Madeline Chambers and Gareth Jones)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-budget-idUKKBN16M14Z'|'2017-03-15T21:27:00.000+02:00'
'd8ae7599ee7b9610410ae2ddd9c170df455459f1'|'METALS-London copper marks time ahead of Fed outcome'|'Company News - Tue Mar 14, 2017 - 10:15pm EDT METALS-London copper marks time ahead of Fed outcome * BHP''s Escondida readies to restart despite strike * Coming Up: FOMC Statement at 1800 GMT * Coming Up: Fed chair holds press briefing at 1830 GMT (Adds comment, detail, updates prices) By Melanie Burton MELBOURNE, March 15 London copper marked time on Wednesday ahead of the outcome of a U.S. Federal Reserve meeting that is expected to dictate the direction of the dollar, with dissipating concerns over mine supply dragging on prices for the metal. The U.S. Federal Reserve is expected to lift rates at a meeting later on Wednesday. Traders were sidelined ahead of the meeting which may cause volatility in the dollar. In general, copper prices will find strong support around $6,000 a tonne due to global supply shocks, said Argonaut Securities in a report. "We rather think any price consolidations provide BUY opportunities in copper-related stocks," it said. Three-month copper on the London Metal Exchange edged up 0.1 percent to $5,826 a tonne by 0210 GMT, adding to small gains from the previous session. Prices last week fell to their lowest since Jan. 10 at $5,652 a tonne. Volumes were light with less than 1000 lots of turnover in the benchmark contract. Shanghai Futures Exchange copper was trading up 0.5 percent at 47,590 yuan ($6,883) a tonne. Analysts now expect a copper market deficit for 2017 after prolonged disruptions at the world''s two largest copper mines, Grasberg in Indonesia, and Escondida, in Chile even as the immediate disruption looks set to ease. Escondida plans to restart operations after striking workers again rejected an invitation by controlling owner BHP Billiton , to return to negotiations, an executive told reporters late Tuesday. A strike at Peru''s top copper mine, Cerro Verde, may end next week if the labour ministry declares it illegal, the head of the union said on Tuesday after negotiations with owner Freeport-McMoRan Inc ended without an agreement on labour demands. Reflecting a tempering of investor appetite towards copper, the total net long position of funds trading copper on the LME fell to 56,653 lots on Friday from a net long position of 70,580 lots the previous week, LME data showed. The demand outlook for metals was encouraging. China issued a raft of upbeat data on Tuesday showing its economy got off to a strong start to 2017, supported by strong bank lending, a government infrastructure spree and a much-needed resurgence in private investment. In other metals, LME tin slipped 1.2 percent, paring a 2.7-percent surge on Tuesday. Nearby prices CMSNT-0 jumped to a $7 premium for those rolling positions for a day, which is likely to trigger more deliveries into LME warehouses. Philippine lawmakers on Tuesday deferred a decision to confirm or reject an ardent environmentalist as the country''s resources minister, stoking uncertainty over the outlook for mining in the world''s top nickel ore supplier. PRICES'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL3N1GS1B2'|'2017-03-15T09:15:00.000+02:00'
'a99e21251d503184f7ec197c7890d4393f300ff2'|'Builder Bovis'' shares jump 8 percent on Galliford Try talks'|'Business News - Mon Mar 13, 2017 - 8:51am GMT Builder Bovis'' shares jump 8 percent on Galliford Try talks FILE PHOTO: A builder works at a Bovis homes housing development near Bolton, Britain, July 9, 2008. REUTERS/Phil Noble/File Photo LONDON Shares in British homebuilder Bovis ( BVS.L ) jumped around 8 percent on Monday after it said it was in talks with rival Galliford Try ( GFRD.L ) about a possible takeover. Bovis shares hit their highest level since September as they rose to as high as 911.5 pence and were trading at 893 pence at 0838 GMT, valuing the company at about 1.2 billion pounds ($1.47 billion). Galliford Try shares edged up 0.2 percent. Bovis said on Sunday it had rejected a bid approach from Galliford Try but remained in talks about a possible deal. It also said had also rejected a proposal from another suitor, Redrow ( RDW.L ). A tie up between Galliford and Bovis would see Britain''s sixth- and eighth-biggest housebuilders combine in search of economies of scale in an industry which has reported rising profits in recent years and so far shown little vulnerability to Britain''s exit from the European Union. (Writing by William Schomberg; Editing by Alistair Smout) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bovis-m-a-galliford-shares-idUKKBN16K0RT'|'2017-03-13T15:51:00.000+02:00'
'dba2e5c7c2ed4a34394203d03fbf6d91738de805'|'SAP pushes to patch risky HANA security flaws before hackers strike'|'Company News  29am EDT SAP pushes to patch risky HANA security flaws before hackers strike By Eric Auchard - FRANKFURT, March 14 FRANKFURT, March 14 Europe''s top software maker SAP said on Tuesday it had patched vulnerabilities in its latest HANA software that had a potentially high risk of giving hackers control over databases and business applications used to run big multinational firms. While hacks on phones, websites and computers that consumers rely on every day grab headlines, vulnerabilities in big business software are more lucrative to attackers as these tools store data and run transactions which are the lifeblood of businesses. The latest security weaknesses, known in industry parlance as "zero day" vulnerabilities, rank among the most critical ever found in HANA, the engine that runs SAP’s latest database, cloud and other more traditional business apps, according to Onapsis, the security company which uncovered these issues. SAP software acts as the corporate plumbing for many multinationals and the company claims 87 percent of the top 2,000 global companies as customers. Onapsis said vulnerabilities lay in a HANA component known as "User Self Service" (USS) which would allow malicious insiders or remote attackers to fully compromise vulnerable systems, without so much as valid usernames and passwords. It reported 10 HANA vulnerabilities to SAP less than 60 days ago, which the German software maker fixed in near-record time, according to interviews with executives of both companies. The resulting patch issued by SAP on Tuesday was rated by it as 9.8 on a scale of 10, "very high" in terms of relative risk to its customers. SAP is releasing five HANA patches this week to fix a range of vulnerabilities uncovered in recent months. "SAP has done a great job by releasing fixes much faster than in past situations," Onapsis Chief Executive Mariano Nunez told Reuters in an interview. Customers must in turn choose when to apply such patches to software that runs their most critical corporate functions, a process that may take months or years, in rare cases. They must balance security risks against operational demands. SAP executives urged security managers working for its customers to patch relevant systems. "There has not been one case where a customer who applied the recommended patches has been affected," Siddhartha Rao, vice president of SAP Product Security Response, said of the six years he has been on the job. "We currently expect there will not be that many customers affected by these issues," he said. Last May, however, the U.S. Department of Homeland Security issued an alert advising SAP customers they needed to urgently plug holes for which SAP already had offered patches in 2010, but which some customers failed to adopt, leaving dozens exposed to hacker break-ins afterward. ( reut.rs/2mkTVgI ) Three dozen enterprises were found to have telltale signs of unauthorised access due to outdated or misconfigured SAP NetWeaver Java systems, Onapsis said at the time. Onapsis helps secure more than 200 SAP customers ranging from Schlumberger to Sony Corp, Westinghouse and the U.S. Army. It also identifies security vulnerabilities for corporate customers in rival systems from Oracle. Giving HANA customers breathing room, the USS component first offered by SAP in October 2014 is not activated by default, but must be specially enabled, Onapsis said. It has identified two companies – an energy company and a retailer – where vulnerabilities were found and fixed. Companies which are not using USS features are unaffected, Onapsis said. Technical details can be found on SAP’s security blog ( goo.gl/11Dz5w ). There is no evidence hackers have taken advantage so far, the companies said. Last year, the company issued more than 160 patches in all, SAP said. Ten percent of these were HANA related, Onapsis added. (Reporting by Eric Auchard; Editing by Stephen Coates) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cyber-sap-idUSL5N1GQ701'|'2017-03-14T13:29:00.000+02:00'
'b9cd83a50d3064dc41d48475d963eab0dd72d4c3'|'Nikkei edges down, volatile Toshiba shares erase morning plunge'|'Company News  30am EDT Nikkei edges down, volatile Toshiba shares erase morning plunge TOKYO, March 14 Japanese stocks edged down on Tuesday ahead of an expected U.S. interest rate hike, while Toshiba shares were volatile, due to its delayed earnings filing and concerns about its restructuring plan. The Nikkei share average shed 0.1 percent to 19,609.50. Toshiba Corp dove as much as 8.3 percent in the morning after the company said that it asked regulators to extend for one month its Tuesday deadline for its third-quarter earnings report. But the stock reversed course in the afternoon, after Toshiba said the company received the extension and it will speed up whether it should sell a majority of its overseas nuclear power business. The stock ended the day 0.5 percent higher. Toshiba was the most traded stock by turnover. The broader Topix dropped 0.2 percent to 1,574.90 and the JPX-Nikkei Index 400 shed 0.2 percent to 14,096.33. (Reporting by Ayai Tomisawa) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-close-idUSL3N1GR2FB'|'2017-03-14T13:30:00.000+02:00'
'69348df2906130b8a5fd3c2a6cdbceb53262c5c6'|'RWE examining all strategic options for group: CEO'|'ESSEN, Germany RWE ( RWEG.DE ) is constantly assessing strategic options for its business, including potential corporate tie-ups and sales of stakes in its network and renewable unit Innogy ( IGY.DE ), its chief executive told journalists on Tuesday."We are examining all strategic options our company is faced with," Rolf Martin Schmitz said, adding the company was constantly in touch with market participants, without elaborating further.(Reporting by Christoph Steitz and Vera Eckert; Editing by Maria Sheahan)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-innogy-m-a-engie-rwe-idUSKBN16L133'|'2017-03-14T13:18:00.000+02:00'
'cd1a92649b73ea6f4b961d8e01e3af9b8188d49b'|'U.S. retail sales weakest in six months; inflation firming'|'By Lucia Mutikani - WASHINGTON WASHINGTON U.S. retail sales recorded their smallest increase in six months in February as households cut back on motor vehicle purchases and discretionary spending, the latest indication that the economy lost further momentum in the first quarter.Other data on Wednesday showed a steady increase in inflation, with the consumer price index posting its biggest year-on-year increase in nearly five years in February. Firming inflation could allow the Federal Reserve to raise interest rates on Wednesday despite signs of slowing domestic demand."Nothing here to suggest the Fed shouldn''t raise interest rates at the policy meeting that concludes later today," said Paul Ashworth, chief U.S. economist at Capital Economics in Toronto.The Commerce Department said retail sales edged up 0.1 percent last month, the weakest reading since August. But January''s retail sales were revised up to show a 0.6 percent rise instead of the previously reported 0.4 percent advance.Sales were likely held back by delays in issuing tax refunds this year as part of efforts by the government to combat fraud. Compared to February last year retail sales were up 5.7 percent.Excluding automobiles, gasoline, building materials and food services, retail sales rose 0.1 percent after an upwardly revised 0.8 percent jump in January. These so-called core retail sales, which correspond most closely with the consumer spending component of gross domestic product, were previously reported to have increased 0.4 percent in January."The later-than-usual processing of income tax refunds may have hampered consumer spending. However, the IRS has now caught up to last year''s pace, and so spending could get a bump up in March," said Gus Faucher, deputy chief economist at PNC Financial in Pittsburgh. In a separate report, the Labor Department said its Consumer Price Index ticked up 0.1 percent last month as a drop in gasoline prices offset increases in the cost of food and rental accommodation. That was the weakest reading in the CPI since July and followed a 0.6 percent jump in January.In the 12 months through February, the CPI accelerated 2.7 percent, the biggest year-on-year gain since March 2012. The CPI rose 2.5 percent in the year to January. Inflation is firming in part as the 2015 drop, which was driven by lower oil prices, fades from the calculation.The so-called core CPI, which strips out food and energycosts, increased 0.2 percent last month as new motor vehicle prices fell and apparel prices moderated after spiking in January. The core CPI increased 0.3 percent in January.In the 12 months through February, the core CPI increased2.2 percent after advancing 2.3 percent in January. It was the 15th straight month the year-on-year core CPI remained in the 2.1 percent to 2.3 percent range.The Fed has a 2 percent inflation target and tracks an inflation measure which is currently at 1.7 percent.SLOWING GROWTHThe U.S. central bank is expected to raise its overnight benchmark interest rate by 25 basis points to a range of 0.75 percent to 1.00 percent on Wednesday. It increased borrowing costs last December and has forecast three rate hikes in 2017.U.S. financial markets were little moved by the data as traders awaited the outcome of the Fed''s meeting. The Fed will announce its decision on interest rates at 2 p.m. (1800 GMT)"Should inflation continue to firm and consumer spending remain solid, we expect the Fed will hike again in June, and at least three times this year," said Michael Hanson, chief economist at TD Securities in New York.February''s retail sales added to January''s weak reports on trade, construction and business spending that have pointed to sluggish economic growth in the first quarter.The Atlanta Fed is forecasting GDP rising at a 1.2 percent annualized rate in the first quarter. With the labor market near full employment, slowing growth probably understates the health of the economy. In addition, GDP growth tends to be weaker in the first quarter because of calculation issues that the government has acknowledged and is working to resolve.Tightening labor market conditions, which are steadily lifting wages, continue to underpin consumer spending.In February, motor vehicle sales fell 0.2 percent after declining 1.3 percent the prior month. Receipts at service stations slipped 0.6 percent, reflecting lower gasoline prices.Sales at electronics and appliances recorded their biggest decline since December 2011. Sales at clothing stores were the weakest in nearly a year. Retailers including J.C. Penney Co Inc, Abercrombie & Fitch and Macy''s Inc are scaling back on brick-and-mortar operations amid increased competition from online retailers, led by Amazon.com.Sales at online retailers jumped 1.2 percent last month. Receipts at building material stores increased 1.8 percent. Americans also cut back on spending at restaurants and bars, and spent less on hobbies and sporting goods.(Reporting by Lucia Mutikani; Editing by Andrea Ricci)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/usa-economy-idINKBN16M28U'|'2017-03-15T12:17:00.000+02:00'
'a8cc47b82990a7823d6de435533ef6c8928b916b'|'Bosch sticks to own technology in face of Intel-Mobileye merger'|'BERLIN Bosch [ROBG.UL], the world''s biggest maker of automotive components, will continue to develop its own visual technology regardless of Intel''s $15 billion deal to buy Mobileye, an executive said on Wednesday.Germany''s Bosch competes with Israel''s Mobileye, which supplies integrated cameras, chips and software for advanced driver assistance systems (ADAS) that are essential for autonomous driving, and owns about 70 percent of the market."We are investing a lot of money in our own video technology and we want to stick with this strategy," Bosch managing board member Dirk Hoheisel, who is in charge of mobility services, told a news conference at the Bosch Connected World exhibition.The acquisition of Mobileye by Intel, the world''s biggest chipmaker, promises to escalate the arms race among carmakers and suppliers to acquire autonomous vehicle technology. The deal was announced on Monday.Bosch Chief Executive Volkmar Denner said it was too early to say what effect the merger would have on the competitive landscape or Bosch''s own strategy."I can only comment about the two companies as of today. Intel is a major chip supplier and therefore also partner of Bosch. Mobileye today is clearly a competitor," he said."What the future merger will bring, we will have to see. We will talk of course to Intel and Mobileye."Bosch, along with rivals including Autoliv and Continental, have decided to stick to plans to develop their own technology for the current generation of ADAS, unlike for example Valeo, which stopped in-house development and decided to buy Mobileye''s products instead.Bosch also relies on an array of partnerships with software makers including SAP, Software AG, IBM, General Electric and Amazon.The co-founder of Mobileye as well as the chief executive of chipmaker Nvidia, with whom Bosch has a partnership in on-board computers, are also due to speak at the Bosch exhibition in Berlin.Nvidia CEO Jen-Hsun Huang is expected to give more details on Thursday of the partnership with Bosch, in which they will develop artificial intelligence to guide self-driving cars through complex traffic situations.The computers will be designed to learn how to use knowledge about the vehicle''s surroundings gathered with the help of cameras and sensors to make intelligent decisions about how to act, for example to avoid a pedestrian crossing the road.The on-board systems to enable fully automated driving are planned to come onto the market from 2020."Of course, we still have to prove that an autonomous car does better in driving and has less accidents than a human being... so it''s a promise," Denner told the news conference.(Reporting by Georgina Prodhan; editing by Susan Thomas)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-intel-mobileye-r-bosch-idINKBN16M26D'|'2017-03-15T12:04:00.000+02:00'
'bb62f3390283de73d1cf04250ce48c8af14524a8'|'Saudi Aramco to resume oil product shipments to Egypt - Egyptian oil ministry'|'  4:48pm GMT Saudi Aramco to resume oil product shipments to Egypt - Egyptian oil ministry Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed CAIRO Saudi Arabian state oil company Aramco will resume oil product shipments to Egypt five months after suddenly halting them, the Egyptian Petroleum Ministry said on Wednesday. The ministry said in a statement it was working out a time table with Aramco for the resumption of the shipments and that commercial reasons related to global oil prices and reduced production were behind the suspension in November. A $23 billion Saudi aid deal with Egypt had included 700,000 tonnes of refined oil products per month for five years. (Reporting by Ehab Farouk; Writing by Ahmed Aboulenein; Editing by Lin Noueihed)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-egypt-saudi-oil-idUKKBN16M2H2'|'2017-03-15T23:48:00.000+02:00'
'f3987af9b5c5a7011f45af2aef4108ecf65b6d7e'|'CEO of Australia''s Atlassian says he''ll meet seven-day Tesla batteries deadline'|'Technology   7:03am EDT CEO of Australia''s Atlassian says he''ll meet seven-day Tesla batteries deadline left right 89th Academy Awards - Oscars Vanity Fair Party - Beverly Hills, California, U.S. - 26/02/17 – Elon Musk. REUTERS/Danny Moloshok 1/2 left right Entrepreneur Mike Cannon-Brookes, co-funder of software firm Atlassian gestures during a Reuters interview in central Sydney June 5, 2013. REUTERS/Daniel Munoz 2/2 By Byron Kaye - SYDNEY SYDNEY The co-founder of Australian software firm Atlassian Corp Plc said on Tuesday he was close to meeting a self-imposed one-week deadline of getting political and financial support for a plan to use batteries from Tesla Inc to bridge an electricity supply gap in South Australia. Mike Cannon-Brookes and Tesla boss Elon Musk have become Australia''s most talked about corporate pairing after Musk said he could solve the energy crisis plaguing the state in 100 days and Cannon-Brookes offered to help, in exchange for "mates rates", in a series of Twitter posts on March 9. When Musk accepted Cannon-Brookes''s offer, the Australian replied in another tweet, "You''re on mate. Give me seven days to try and sort out politics & funding." Five days on, Cannon-Brookes told Reuters the publicity generated by the exchange had resulted in two Australian state leaders and the prime minister speaking to Musk on the phone, as well as encouraging investors to ask him about backing the A$25 million ($19 million) Tesla project. "I don''t know what the definition of ''politics sorted out'' was, there wasn''t really a plan there, but we''ve now had the various premiers and the prime minister talking to Elon on the phone talking about storage," Cannon-Brookes told Reuters. "I don''t think it will be challenging to get the funds for at least one, if not more, large-scale battery installations," he added. Musk''s initial offer followed a string of power outages in South Australia, the country''s fourth-largest state, including a blackout that left industry crippled for up to two weeks and stoked fears of more outages across the national electricity market due to tight supplies. South Australia, the country''s most renewables-dependent state, on Tuesday released an energy plan which involved A$150 million to encourage the development of 100 megawatts of battery storage, possibly provided by Tesla. The following day, neighboring Victoria state published an energy plan. Some local energy technology firms have said they want Australian manufacturers to supply any renewable storage networks, but Cannon-Brookes said no local products could match the large workload. "Someone''s got to plug these things in, connect it to the grid, do the maintenance, plan the facility, do the economics, there''s a lot of other pieces here that need to happen," he said, referring to the potential role of Australian firms. ($1 = 1.3194 Australian dollars) (Reporting by Byron Kaye; Editing by Greg Mahlich) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-australia-power-tesla-atlassian-corp-idUSKBN16M1DE'|'2017-03-15T18:03:00.000+02:00'
'b8f84335228f9c9127fccf2462a1a6a84bb19677'|'Car parts maker Gestamp plans $3.6 billion Spanish listing'|'By Paul Day - MADRID MADRID Spanish car parts maker Gestamp ( IPO-GEAU.MC ) is planning an IPO valuing it at around 3.4 billion euros ($3.6 billion), one of the biggest European stock market listings so far this year.Gestamp supplies parts for more than 800 models of cars for manufacturers including Volkswagen ( VOWG_p.DE ) and Renault ( RENA.PA ) and has 98 plants worldwide and over 36,000 workers.The planned initial public offering is the third Spanish stock market listing announced this year after Prosegur ( PSG.MC )( IPO-PROS.MC ) said it would float its cash-in-transit subsidiary and house builder Neinor Homes said it would list up to 60 percent of its share capital.Gestamp''s valuation is based on the sale of 12.5 percent to Mitsui for 467 million euros, which was adjusted on Monday from an original value of 416 million euros. The components maker said it plans to float up to quarter of its shares.The listing consists of shares held by stakeholders the Acek family and affiliate Risteel to international institutional investors, while the controlling family Riberas will remain the company''s core shareholder, Gestamp said on Monday.The shares will be listed on the Madrid, Barcelona, Bilbao and Valencia stock exchanges in the second half of the year.The listing prospectus is currently being reviewed by the market regulator CNMV, Gestamp said in a statement confirming its intention to list first announced in October.The company, formed in 1997 from the integration of several small companies that stamped automobile parts out of sheet metal, reported a rise in net profit of 37.1 percent from a year earlier in 2016 to 221 million euros. Core profit (EBITDA) rose 10.6 percent from a year earlier to 841 million euros.(Editing by Sonya Dowsett and Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-gestamp-ipo-idINKBN16K103'|'2017-03-13T07:11:00.000+02:00'
'515fb1ea7ae8daafc8bac6bfb47c40f7e5318f62'|'Smart condo conundrum: Talk to appliances, or text them?'|'Technology News - Sun Mar 12, 2017 - 7:44pm EDT Smart condo conundrum: Talk to appliances, or text them? left right CEO of Unified Inbox Toby Ruckert demonstrates how he uses his smartphone to control electrical appliances in a simulation software in Singapore March 3, 2017. REUTERS/Edgar Su 1/3 left right CEO of Unified Inbox Toby Ruckert demonstrates how he uses his smartphone to control electrical appliances in a simulation software in Singapore March 3, 2017. REUTERS/Edgar Su 2/3 left right CEO of Unified Inbox Toby Ruckert demonstrates how he uses his smartphone to control electrical appliances in a simulation software in Singapore March 3, 2017. REUTERS/Edgar Su 3/3 By Jeremy Wagstaff - SINGAPORE SINGAPORE In today''s so-called smart home, you can dim the lights, order more toothpaste or tell the kids to go to bed simply by talking to a small Wifi-connected speaker, such as Amazon''s ( AMZN.O ) Echo or Google''s ( GOOGL.O ) Home. This voice-first market - combining voice with artificial intelligence (AI) - barely existed in 2014. This year, Voice Labs, a consultancy, expects 24.5 million appliances to be shipped. Other big tech firms have their own plans: Apple ( AAPL.O ) is taking its Siri voice assistant beyond its mobile devices to PCs, cars, and the home; Baidu ( BIDU.O ) last month bought Raven, billed as China''s answer to Amazon''s Alexa intelligent personal assistant; and Samsung Electronics ( 005930.KS ) plans to incorporate Viv, its newly acquired virtual assistant, into its phones and home appliances. But not everyone thinks the future of communicating with the Internet of Things needs to be vocal. Facebook ( FB.O ) founder Mark Zuckerberg, for example, was working on Jarvis, his own voice-powered AI home automation, and found he preferred communicating by text because, he wrote, "mostly it feels less disturbing to people around me." And several major appliance makers have turned to a small Singapore firm, Unified Inbox, which offers a service that can handle ordinary text messages and pass them on to appliances. With your home added to the contacts list on, say, WhatsApp, a quick text message can "start the coffee machine"; "turn on the vacuum cleaner at 5 p.m."; or "preheat the oven to 200 degrees at 6.30 p.m." "Think of it as a universal translator between the languages that machines speak ... and us humans," said Toby Ruckert, a German former concert pianist and now Unified Inbox''s CEO. The company is just a small player, funded by private investors, but Ruckert says its technology is patent-backed, has been several years in the making, and has customers that include half of the world''s smart appliance makers, such as Bosch [ROBG.UL]. Unified Inbox connects the devices on behalf of the manufacturer, while the consumer can add their appliance by messaging its serial number to a special user account or phone number. It so far supports more than 20 of the most popular messaging apps, as well SMS and Twitter ( TWTR.N ), and controls appliances from ovens to kettles. Other home appliances being tested include locks, garage openers, window blinds, toasters and garden sprinklers, says Ruckert. "People aren''t going to want a different interface for all the different appliances in their home," says Jason Jameson, of IBM ( IBM.N ), which is pairing its Watson AI supercomputer with Unified Inbox to better understand user messages. They will this week demonstrate the service working with a Samsung Robot Cleaner. "The common denominator is the smartphone, and even more common is the messaging app," Jameson notes. "TROJAN HORSE" There''s another reason, Ruckert says, why more than half of the world''s smart appliance manufacturers have signed up. They''re worried the big tech companies'' one-appliance-controls-all approach will relegate them to commodity players, connecting to Alexa or another dominant platform, or being cast aside if Amazon moves into making its own household appliances. "Our customers are quite afraid of the likes of Amazon," Ruckert said. "Having a Trojan horse in a customer''s home, like Echo, that they must integrate with to stay competitive is a nightmare for them." An Amazon spokesperson said the company was "excited by the early response by smart home device manufacturers and even more excited by the customer response," but declined to speculate about future plans. A spokesperson for Bosch said no single company can knit the Internet of Things together, so "there is a need to collaborate and establish ecosystems," such as working with Unified Inbox. Already the race is on to incorporate other services into these home hubs. Amazon allows third parties to develop apps, or "skills", for Alexa. It has more than 10,000 of these, with many added in just the past three months. Most are developed by firms using Amazon''s software toolkit, and range from telling jokes to ordering food. And Amazon makes it easy for other hardware makers to incorporate Alexa into their appliances, increasing its reach. Chinese device maker Lenovo ( 0992.HK ) has embedded Alexa in its speakers, while General Electric ( GE.N ) has it in a lamp - meaning users can control these devices by voice, and use them to order products from Amazon. LG Electronics ( 066570.KS ) and Huawei are also working on Alexa-enabled devices, Amazon said. Text messaging, though, may yet break down those walls. As Zuckerberg noted, the volume of text messages is growing much faster than the number of voice calls. "This suggests that future AI products cannot be solely focused on voice, and will need a private messaging interface as well," he says. EVEN SMARTER Some companies are already looking further ahead, and doing away with the need for any human instruction - whether by voice or text - by making machines smarter at learning our habits and anticipating them. LG, for example, is using deep learning to make its appliances understand and avoid objects in a room, or fill an ice-tray based on a user''s cold drink habits. At Unified Inbox, Ruckert looks ahead to being able to communicate not only with one''s own appliances, but with machines elsewhere. Bosch executives in Singapore, for example, have demonstrated how a user could ask a smart CCTV camera how many people were in a particular room. Ruckert is also working with Singapore''s Nanyang Polytechnic to send updates to family members or staff direct from hospital equipment attached to patients. And smart appliance entrepreneur James Dyson said in a recent interview that the future lies in what he calls "highly intelligent automation". "For me, the future is making everything happen for you without you being particularly involved in it." For a graphic on How Unification Engine works, click here (Reporting by Jeremy Wagstaff; Editing by Ian Geoghegan) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-tech-iot-messaging-idUSKBN16J116'|'2017-03-13T06:44:00.000+02:00'
'302f54473d354b42667ce96524376c02500323e3'|'Saudi king says to consider Japan''s request to support Tokyo listing of Aramco'|'TOKYO Japanese Prime Minister Shinzo Abe has asked Saudi Arabia''s King Salman to support the listing of Saudi state oil giant Aramco shares on the Tokyo Stock Exchange, a Japanese senior government official said on Monday.King Salman said that the kingdom would look into the request because he wants Japanese investors to buy Aramco shares, the official said after the two leaders met.Bourses in Asia and elsewhere are vying to win the $100 billion listing.(Reporting by Kiyoshi Takenaka; writing by Malcolm Foster; editing by Louise Heavens)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-saudi-japan-aramco-king-idUSKBN16K17D'|'2017-03-13T15:09:00.000+02:00'
'315d40a13af667130edef8edcaa034e8f74461d4'|'BOJ seen standing pat, may highlight disparity on growth and prices'|' 47am GMT BOJ seen standing pat, may highlight disparity on growth and prices FILE PHOTO - A Japanese flag flutters atop the Bank of Japan building in Tokyo, Japan, September 21, 2016. REUTERS/Toru Hanai/File Photo By Leika Kihara - TOKYO TOKYO The Bank of Japan is expected to keep monetary policy steady on Thursday and stress that inflation is nowhere near levels that justify talk of withdrawing massive stimulus, as weak consumer spending casts a cloud over an otherwise healthy pick-up in the economy. Many BOJ officials say they are more confident about prospects of economic recovery as exports and factory output benefit from improving global demand. But they see more to fret about on consumer prices, as budding growth in some sectors is not generating inflation. In a sign that companies remain wary of raising the prices of their goods due to weak consumer spending, prices apart from fuel and food have shown scant signs of life. "The trickle-down effect isn''t there yet, which would be key for inflation to accelerate sustainably," said a source familiar with the BOJ''s thinking. "It would be wrong for markets to start factoring in an early BOJ rate hike," another source said. At the two-day rate review that ends on Thursday, the BOJ is expected to maintain its short-term interest rate target at minus 0.1 percent and a pledge to guide the 10-year government bond yield around zero percent via aggressive asset purchases. Analysts also expect the BOJ to keep intact a loose pledge to maintain the pace of its annual increase in Japanese government bond (JGBs), which is 80 trillion yen (£572.35 billion). At his post-meeting news conference, BOJ Governor Haruhiko Kuroda is likely to stress that the central bank has no plan to raise its yield targets any time soon with inflation distant from its 2 percent target. Core consumer prices rose for the first time in over a year in January and many analysts expect inflation to accelerate toward 1 percent later this year, due largely to a rebound in energy costs and rising import prices from a weak yen. That has diminished market expectations of additional monetary easing, with roughly half of analysts polled by Reuters predicting the BOJ''s next move would be to pull back from its ultra-easy policy. Some analysts say the BOJ may be forced to raise its yield targets to avoid ramping up bond purchases if Japanese long-term interest rates track global bond yield rises, which are being driven by expectations of higher U.S. interest rates. The BOJ hopes to dispel such speculation and stress it won''t raise its yield targets unless the economy strengthens enough to accelerate inflation stably toward 2 percent, the sources said. Marcel Thieliant, senior Japan economist at Capital Economics, said the BOJ won''t lift the yield targets any time soon with the boost to consumer prices from rising import costs unlikely to last. "What''s more, the main reason why Japan has suffered from a prolonged period of falling prices is deeply entrenched deflationary expectations, and the Bank has had little success in turning expectations around." (Reporting by Leika Kihara; Editing by Kim Coghill)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-boj-idUKKBN16K06A'|'2017-03-13T09:47:00.000+02:00'
'd00c3202b3b022ecfd80f585199fb92c8e8aa553'|'Wells Fargo CEO Sloan receives $12.8 million, pay bump despite sales scandal'|'Business News - Wed Mar 15, 2017 - 4:48pm EDT Wells Fargo CEO Sloan receives $12.8 million, pay bump despite sales scandal A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith NEW YORK Wells Fargo & Co''s ( WFC.N ) board of directors awarded Chief Executive Timothy Sloan $12.8 million for his work last year, a 17 percent increase, according to a securities filing on Wednesday. Sloan was CEO for only a few months in 2016, having taken over the helm after former CEO John Stumpf resigned in light of a scandal over the bank''s sales practices. He had previously been president and chief operating officer. Sloan''s compensation rose despite the board''s decision not to award him or other top executives bonuses in light of the scandal, which involved thousands of employees opening perhaps millions of accounts in customers'' names without their permission over a period of years. Sloan''s package was less than the $19.3 million Stumpf received as CEO the prior year. (Reporting by Lauren Tara LaCapra. Editing by Carmel Crimmins) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-wellsfargo-compensation-ceo-idUSKBN16M306'|'2017-03-16T03:48:00.000+02:00'
'81be27466443289eb72209539945d8fc694b9261'|'Capital Bank Financial explores sale: Bloomberg'|'Capital Bank Financial Corp ( CBF.O ) is working with advisers to consider selling itself after receiving an unsolicited approach, Bloomberg reported on Wednesday.Shares of the Charlotte, North Carolina-based parent of Capital Bank rose nearly 10 percent in morning trade and hit a record high of $44.97.Capital Bank Financial had a market value of about $2.1 billion, according to Thomson Reuters data.The company has begun reaching out to potential buyers, but talks are at an early stage and no final decisions have been made, Bloomberg reported, citing people familiar with the matter. bloom.bg/2msqwC5Capital Bank Financial declined to comment when contacted by Reuters.Capital Bank operates in the southeastern United States and has 196 branches across Florida, North Carolina, South Carolina, Tennessee and Virginia, according to its website.The regional lender began operations in 2010, when it bought about $1.2 billion in assets and $960 million in deposits of three failed banks from the Federal Deposit Insurance Corporation.The company had long-term debt and other borrowings of $116.5 million as of Dec. 31.(Reporting by Diptendu Lahiri in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-capital-bk-fin-m-a-idINKBN16M1WI'|'2017-03-15T11:26:00.000+02:00'
'a70193bcf68c7724a147015f9b90029ad0badcb4'|'Bovis in talks with rival builder Galliford Try after rejecting £1bn deal - Business'|'The British homebuilder Bovis says it has rejected a £1bn approach from its rival Galliford Try but remains in negotiations about a possible deal, and has also rejected a proposal from another suitor, Redrow.“Discussions with Galliford Try are ongoing,” a Bovis statement said. It said an initial all-share offer had been rejected, alongside a share and cash bid from Redrow , because neither reflected the underlying value of the firm.“The board also concluded that the Redrow proposal was not in the interests of Bovis shareholders as the cash element of the offer would require shareholders to crystallise value at the current Bovis valuation,” it said.“Redrow subsequently indicated that it was not willing to improve the terms of its proposal and discussions were terminated.”Galliford Try confirmed it was in talks over a possible purchase, saying it had made an offer that would value the entire issued equity of Bovis at £1.19bn, or 886p a share.Bovis shares closed at 828p on Friday. Topics Bovis Homes Construction industry Galliford Try Redrow Housing market Real estate news  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/mar/12/bovis-talks-rival-builder-galliford-try'|'2017-03-12T21:03:00.000+02:00'
'9b5d0b79b60c9e58c010dc77e499d725e8a81156'|'Jailed Samsung chief can get plenty of visitors, may still play a corporate role'|'Technology News   11:31pm GMT Jailed Samsung chief can get plenty of visitors, may still play a corporate role left right Samsung Group chief, Jay Y. Lee arrives at the office of the independent counsel team in Seoul, South Korea, February 19, 2017. REUTERS/Kim Hong-Ji TPX IMAGES OF THE DAY 1/2 left right FILE PHOTO - Samsung Group chief, Jay Y. Lee arrives at the office of the independent counsel team in Seoul, South Korea, February 22, 2017. REUTERS/Kim Hong-Ji/File Photo 2/2 By Se Young Lee and Jane Chung - SEOUL SEOUL The head of South Korea''s Samsung Group [SAGR.UL], Jay Y. Lee, may be languishing in a jail cell but he is allowed plenty of visitors, which may allow him to play a key role in corporate decisions even if he isn''t running the conglomerate like he did before. Lee, who didn''t attend last Thursday''s preparatory hearing for his trial on bribery, embezzlement and other charges, is kept well away from other inmates at the Seoul Detention Centre. Some, such as top former presidential advisors, are also defendants in the corruption scandal that led to the removal from office of South Korean President Park Geun-hye on Friday. Under South Korean regulations, though, Lee can meet any of his battery of attorneys without time limits and as often as he wants during business hours from Monday to Saturday. One of those lawyers told the first day of what special prosecutors described as potentially "the trial of the century" that Lee denies all charges against him. Lee, like others in detention centers awaiting trial, is also entitled to one 30-minute visit per day from someone else, including executives from one of Samsung’s affiliates, or at least 12 hours of such meetings a month. At the discretion of the warden of the detention center, he could have additional special meetings in a visiting room that doesn''t have partitions, allowing detainees to review documents and receive phone calls. By comparison, in the United States, a defendant in federal custody on corporate crime charges is generally allowed unrestricted access to attorneys during regular business hours but can only receive other visitors for a maximum four hours a month. In the U.S., though, major white collar defendants are usually allowed to post bail so they can live at home before trial. NO NEED FOR "ALTERNATIVES" South Korean media have photographed former Samsung Group Vice Chairman Choi Gee-sung and Samsung Electronics Co Ltd President Rhee In-yong visiting Lee following his Feb 17 arrest. Samsung declined to confirm those visits or comment on the level of Lee''s involvement in management affairs since he was detained. It did say that he is meeting regularly with his defense team, though declined to be more specific. In a statement it said: "Mr. Lee''s priority is preparing the legal defense so the truth can be revealed in future court proceedings." Samsung hasn''t named a replacement for Lee, who company insiders say did not manage day-to-day affairs but was instead acting as the key decision maker on major initiatives such as new investments, acquisitions, personnel decisions and restructuring. "There is no plan B," said an executive at a Samsung affiliate, who declined to be identified as he was not authorized to speak publicly on the matter. "We believe the vice chairman will be proven innocent, and if he walks free after the first trial there''s no reason to talk about alternatives." Samsung Group has disbanded its corporate strategy office, the conglomerate''s nerve center controlled by Lee and his lieutenant Choi Gee-sung, who is also a defendant in the case. It has also been moving in the past year to give more power over decisions to the boards of its affiliates such as Samsung Electronics. THREE MEETINGS A DAY In the recent past, some top South Korean businessmen who have been in custody while on trial have used the lenient visitation regime to the full. For example, Justice Department data obtained and then released by an opposition party lawmaker shows that Chey Tae-won, the head of chemicals to telecoms and semiconductors conglomerate SK Group, had 171 "special" meetings with non-attorney visitors, when he was detained between February 2013 and July 2014. Chey also had 1,607 meetings with his lawyers during that time, or three times a day on average, and the regularity of the meetings allowed him to review and comment on major decisions for the conglomerate while being detained, according to people familiar with the matter. While Lee won’t have access to a computer in his 6.56 square meter (71 square foot) cell, he can view documents during those meetings with his lawyers and Samsung executives. Lee is not allowed to take documents back to his cell. He can also make phone calls with permission of the warden, but calls can be recorded or listened to by the authorities, according to South Korean correctional rules. Lee may remain at the detention center until at least September should the case end up in the Supreme Court and he does not seek bail. Samsung said Lee has not decided yet whether to seek bail. Despite the access to attorneys and executives, it isn''t easy for business leaders to participate fully in company affairs once they are in jail, according to those who have had previous experience of such dealings. "In jail, it''s difficult to communicate smoothly. So we couldn''t do much of the big things, especially M&As," said one person with direct knowledge of a chaebol leader''s incarceration. "Operating a conglomerate from within a jail is difficult. It''s not like they have a computer, they can''t receive things with ease." (Reporting by Jane Chung, Joyce Lee and Se Young Lee; Additional reporting by Ju-min Park and Hyunjoo Jin; Editing By Martin Howell) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-southkorea-politics-samsung-group-lee-idUKKBN16K2TG'|'2017-03-14T06:29:00.000+02:00'
'4e52d3f122e9a36579f5e72f4f5eaf25688c4faa'|'Ackman''s Pershing Square sells Valeant stake, takes $3 billion loss'|'By Svea Herbst-Bayliss - BOSTON BOSTON Billionaire investor William Ackman walked away from Valeant Pharmaceuticals International Inc ( VRX.TO ) on Monday with a loss of more than $3 billion as he sold his entire stake in the struggling drug company after trying to rescue it for some 18 months.The abrupt and unexpected move by the powerful activist investor sent Valeant shares tumbling almost 10 percent in after-hours trading. They have lost 95 percent of their value since mid-2015.For Ackman, it marked a dramatic climbdown from his vocal support of the company, but should help soothe his own investors who had begun to show signs of concern about mounting losses in his portfolio."We elected to sell our investment and realize a large tax loss which will enable us to dedicate more time to our other portfolio companies and new investment opportunities," Ackman said in a statement.Ackman''s Pershing Square Capital Management became one of Valeant''s biggest investors in 2015 when it sunk some $3.2 billion into the company. At its peak the Valeant stake was worth roughly $4 billion.Pershing Square said on Monday the Valeant position, at its current market value, represented 1.5 percent to 3 percent of its various funds.Already one of the hedge fund industry''s most vocal investors, Ackman turned himself into Valeant''s biggest cheerleader and fixer, even as the stock price plunged amid U.S. regulators'' probe of Valeant''s pricing policies and problems at its specialty pharmacy unit, Philidor.After securing a board seat, Ackman replaced the chief executive, overhauled the board of directors and made some asset sales.But the biggest move - trying to sell Salix, the company''s gastro-intestinal division, to Japanese company Takeda - eluded Ackman after advanced negotiations failed to lead to a sale.He sold Pershing''s 18.1 million shares of Valeant on Monday, plus about 8.8 million under his own name, together representing almost 8 percent of Valeant overall, according to Reuters data.BIG DROPAckman''s fund bought into Valeant when the stock was trading near $190 a share and he watched it surge to $260 a share during the summer of 2015. But regulatory scrutiny and other concerns caused the stock price to sharply tumble after August 2015.The stock has fallen 16 percent since January even as many other stocks have been buoyed by hopes of stronger economic growth and increased merger activity.The shares closed at $12.11 on the New York Stock Exchange on Monday, and dipped to $10.93 in after-hours trading.That long decline has tarnished Ackman''s reputation as an investor and wreaked havoc on his portfolio.After gaining 37 percent in 2014, his Pershing Square International Fund lost 16.6 percent in 2015 and 10.2 percent in 2016, largely because of the Valeant losses.Monday''s move mirrored a similar exit in the summer of 2013 when Ackman sold his entire stake in retailer J.C. Penney ( JCP.N ) and stepped off the board after having failed to fix the company."Ackman never, never gives up, at least not until a year or two after everyone else has given up," said Erik Gordon, a professor of law and business at the University of Michigan.Pershing Square was Valeant''s second-largest owner after hedge fund Paulson & Co, a regulatory filing shows. Hedge fund ValueAct Holdings is the third-biggest owner.For Ackman''s investors - pension funds across the country and wealthy private investors - the losses were beginning to wear and speculation had been mounting that they might not endure another year of declines. Ackman''s gains at the start of the year have already turned into losses.It takes two years for investors to exit Pershing Square Capital Management, but Ackman has protected himself by building permanent capital of roughly $6 billion, which should ensure that his roughly $12 billion hedge fund can endure some investor departures.(Reporting by Svea Herbst-Bayliss; Editing by Bernard Orr and Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-valeant-ackman-idINKBN16K2KT'|'2017-03-14T07:20:00.000+02:00'
'cbe52c8c802d44217bd03480d87f65d91751dbd4'|'Blackrock says roll-back of regulation currently a bad idea'|'Money - Wed Mar 15, 2017 - 6:45am EDT Blackrock says roll-back of regulation currently a bad idea BlackRock Vice-Chairman Philipp Hildebrand participates in a panel discussion during the IMF-World Bank annual meetings in Washington October 12, 2014. REUTERS/Yuri Gripas FRANKFURT The world''s largest money manager Blackrock warned against a sweeping deregulation of financial markets pointing to lessons learned from history. "Rolling back regulation at this point with this much liquidity in the system strikes me as a very bad idea," Blackrock Vice Chairman Philipp Hildebrand told a conference on Wednesday. "We learned that lesson in 2004." He added, however, that there was room for a re-calibration of some aspects of the existing regulation. U.S. President Donald Trump last week promised in a meeting with bankers to strip away some of the existing financial regulation. Jacob Frenkel, Chairman of JP Morgan Chase International, told the same conference that deregulation should be handled carefully. "It would be great mistake to throw out the baby with the water tub," he said. (Reporting by Arno Schuetze; Editing by Maria Sheahan) Next In Money'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-blackrock-regulation-idUSKBN16M1BT'|'2017-03-15T17:43:00.000+02:00'
'caebe558771c6f5b44b2e124d6c0d370f1df0860'|'India says producers can sell coal bed methane at market rate'|' 11pm IST India says producers can sell coal bed methane at market rate FULL COVERAGE: INDIA ELECTIONS 2017 NEW DELHI India has permitted coal bed methane (CBM) producers to sell gas at the market rate, a government statement said on Wednesday, a move that could help companies such as Oil and Natural Gas Corp and Reliance Industries. The producers can also now sell CBM gas to their affiliates if they are unable to find any other buyer, the government statement said. The government will announced a price for CBM gas, which will be used as a floor for calculating its royalty and other charges. But CBM producers will pay royalties and other dues to the government on the basis of sale or market prices, if it is higher than the official rate, the statement added. (Reporting by Nidhi Verma; Editing by Mark Potter) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-coalbedmethane-idINKBN16M2C9'|'2017-03-15T22:41:00.000+02:00'
'71f949ecedd94fcb32a0da739ab4643af48dbafd'|'Bank of America shareholders revive chairman debate'|'Business News  17pm EDT Bank of America shareholders revive chairman debate Bank of America CEO Brian Moynihan looks on during the White House summit on cybersecurity and consumer protection in Palo Alto, California February 13, 2015. REUTERS/Robert Galbraith NEW YORK Bank of America Corp ( BAC.N ) Chairman and Chief Executive Brian Moynihan will once again face a shareholder vote on whether he should maintain both roles, according to the bank''s proxy filing on Wednesday. Shareholders also successfully submitted proposals on whether the second-largest U.S. bank should toughen claw-back provisions for executive pay, consider divesting some of its assets and prepare a report examining gender pay equity. The four proposals will be put up for vote at the bank''s annual general meeting on April 26. In the proxy, Bank of America''s board advised shareholders to reject each of the shareholder proposals, as they have in the past. A proposal in 2015 to split the chairman and CEO roles was unsuccessful, as were previous proposals to strengthen claw-back rules. (Reporting by Tina Bellon; Editing by Lauren Tara LaCapra and Jonathan Oatis) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-bank-of-america-proxy-idUSKBN16M2G0'|'2017-03-15T23:17:00.000+02:00'
'1ad74b4af58b4b265357f3b39331f5da7e2cda9e'|'Packaging group Ardagh surges 19 pct in New York debut'|'Deals  29pm EDT Packaging group Ardagh surges 19 percent in New York debut By Conor Humphries and Graham Fahy - DUBLIN DUBLIN (Reuters/IFR) - Packaging company Ardagh Group ( ARD.N ) surged 19 percent in its New York debut on Wednesday, valuing the firm at about $5.3 billion after it raised $307.8 million in an initial public offering to help to pay down debt. Shares in the Luxembourg-based supplier of glass and metal containers hit $22.55 at 1622 GMT, 19 percent above their $19 IPO price. Chairman Paul Coulson, who owns about a third of the group, said there were no plans to follow up the IPO with additional issuance. "We think we’ve priced it at the right level," Coulson told Reuters in an interview. "We were very focused on bringing on the right type of investor, and we got a fantastic investor base." He declined to name any investors but said "all the big guys were there" including a couple of large European investors. Coulson has transformed Ardagh from a small, single plant operation to a company that operates out of over 100 facilities in 22 countries. Ardagh, which has been making Dutch brewer Heineken''s ( HEIO.AS ) green beer bottles for over 25 years, has said it will use the proceeds of the IPO to pay down debt which stood at $7.2 billion or over five times its annual earnings last year. Coulson said investors were "extremely comfortable" with the Ardagh''s debt levels and they had not been prescriptive about the rate of deleveraging. The 16.2 million class A common shares issued represented approximately 6.9 percent of Ardagh''s share capital. Ardagh opted for a relatively modest IPO as the group was keen avoid dilution, Coulson said. "There may be issuance in the future associated with an acquisition, but not now," he said. The packaging producer, which also counts L''Oreal ( OREP.PA ) and Coca-Cola among its clients, has grown its annual revenue to 7.7 billion euros through a series of acquisitions. It will continue to keep an eye out for acquisition opportunities, Coulson said, but there is "nothing in the traps" at the moment. While the IPO provides a route to public market liquidity for smaller investors in the company, Coulson said he had no plans to offload any of his own shares. (Reporting by Conor Humphries. Editing by Jane Merriman) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ardagh-pkg-gr-ipo-idUSKBN16M2MM'|'2017-03-16T00:25:00.000+02:00'
'cb5cabc8faad7b3466d5d523b9097f757248734c'|'Brazil''s MRV launches company''s largest-ever housing project'|'Company  06am EDT Brazil''s MRV launches company''s largest-ever housing project SAO PAULO, March 15 MRV Participações SA has launched its largest housing project ever, with 1.6 billion reais ($505 million) of estimated sales value, as Brazil''s largest builder of low-income housing expands its foothold in the country''s biggest city. In a Wednesday securities filing, MRV said the "Grand Reserva Paulista" project has 6,912 units, 100 percent of which will be eligible to the government''s subsidized home financing program Minha Casa Minha Vida. ($1 = 3.1658 reais) (Reporting by Ana Mano) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-construction-mrv-engenharia-idUSE6N1FM00K'|'2017-03-15T21:06:00.000+02:00'
'5be93a9f171d7572b7483e3f4ef508b3da9f1f02'|'UPDATE 1-South Australia aims for new gas plant, battery to fix power crisis'|'Company News - Mon Mar 13, 2017 - 9:50pm EDT UPDATE 1-South Australia aims for new gas plant, battery to fix power crisis (Writes through, adds details; Reverts to AUSTRALIA-POWER/TESLA slugging) SYDNEY, March 14 Australia''s most renewable-energy dependent state outlined plans on Tuesday to spend A$510 million ($385 million) to keep the lights on, just four days after Tesla Inc boss Elon Musk offered to save the state from blackouts by installing large-scale battery storage. The plan includes A$150 million to encourage development of a 100MW battery storage plant, possibly from Musk or from a number of local providers. The state will also build and operate a new A$360 million gas power plant to help stabilise its electricity system. The South Australia (SA) government came up with the emergency plan after a state-wide blackout last September during a wild storm that left homes and businesses in the dark for up to eight hours and paralysed some industries for up to two weeks. The state, which relies on wind for about a third of its power capacity, has become vulnerable to outages and soaring prices as it doesn''t have enough back-up power when the wind isn''t blowing. South Australia''s last coal-fired power station shut down last May, as it was making losses, and one of two units at a gas-fired power plant has been mothballed as its owner, France''s Engie SA, has struggled to secure affordable gas. "Today, SA takes hold of its energy future. We have a national electricity market which is failing not only SA but failing the nation," South Australia''s Premier Jay Weatherill said in a statement. Asked about the proposal for new battery technology, Weatherill said he was speaking to a range of providers. "We want as much local content as possible," he told a news conference. "We also need to put in the balance the reputational effect of attracting an international player of the size of Elon Musk to SA. These are all things that we are going to balance." Weatherill spoke to Musk on Saturday after Australian tech entrepreneur Mike Cannon-Brookes said he would work to raise funding and political support for the Tesla chief''s offer to build a 100 megawatt hour battery farm within 100 days of signing a contract, or supply it for free. The situation for South Australia could get worse with the closure this month of a major coal-fired plant, Hazelwood, also owned by Engie, in neighbouring Victoria state, another crucial source of back-up power via an interstate link. ($1 = 1.3231 Australian dollars) (Reporting by Sonali Paul; Editing by Richard Pullin) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/australia-power-tesla-idUSL3N1GQ32M'|'2017-03-14T08:50:00.000+02:00'
'b61e0693001b0e088275cc15d3b8c203e5fecdeb'|'Swiss watch demand improving thanks to China - LVMH watch head Biver'|'Business News  59am EDT Swiss watch demand improving thanks to China: LVMH watch head Biver left right The Tag Heuer logo is seen at the entrance of their new watch manufactory in Chevenez November 5, 2013. REUTERS/Ruben Sprich 1/2 left right Visitors look at a display with Tag Heuer watches at Intel''s stand during the Mobile World Congress in Barcelona, Spain February 25, 2016. REUTERS/Albert Gea 2/2 BRUNNEN, Switzerland Demand for Swiss watches has improved, driven by a rebound in Chinese purchases, the head of luxury group LVMH''s ( LVMH.PA ) watch business said on Tuesday. "There''s a real rebound in mainland China and, thanks to Chinese tourists, this will help watch sales elsewhere," Jean-Claude Biver, head of LVMH''s watch business, said on the sidelines of the launch of its new smartwatch. Swiss watchmaker TAG Heuer, owned by LVMH, with its partners Intel Corp ( INTC.O ) and Google ( GOOGL.O ) on Tuesday launched a connected watch that it hopes will seduce tech geeks and traditional watch lovers alike by letting them swap the connected module for a mechanical movement. Biver said the group aimed to sell 150,000 pieces of the new watch in 2017. (Reporting by Silke Koltrowitz; writing by Brenna Hughes Neghaiwi; Editing by Michael Shields) Next In Business News Fed to hold rate policy meeting as planned despite weather WASHINGTON The U.S. Federal Reserve will hold an interest rate policy meeting as planned on Tuesday and Wednesday, the central bank said in a statement that might dispel any doubts over whether policymakers would brave a snowstorm hitting Washington on Tuesday morning. Boeing, aerospace manufacturers back U.S. tax overhaul SEATTLE Boeing Co and about 90 other aerospace companies are urging Congress to overhaul the U.S. tax system, saying a set of changes Republicans proposed last year - including a big cut in the corporate tax rate - will make them more competitive globally and help create U.S. jobs. SAN FRANCISCO/WASHINGTON The Federal Reserve, which has struggled to stoke inflation since the financial crisis and up until now raised rates less frequently than it and markets expected, may be about to hit the accelerator on rate hikes. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-lvmh-connected-idUSKBN16L1IH'|'2017-03-14T19:48:00.000+02:00'
'b121332ce5291d0e0a35e124e0bdb344954446af'|'South Australia aims for new gas plant, battery to fix power crisis'|'Business News - Mon Mar 13, 2017 - 10:04pm EDT South Australia aims for new gas plant, battery to fix power crisis left right A Tesla supercharger is pictured at the Tesla store in Sydney, Australia, March 13, 2017. REUTERS/Jason Reed 1/7 left right The Tesla Powerwall battery storage device is advertised at the Tesla store in Sydney, Australia, March 13, 2017. REUTERS/Jason Reed 2/7 left right A Tesla Model S vehicle is displayed at the Tesla store in Sydney, Australia, March 13, 2017. REUTERS/Jason Reed 3/7 left right A Tesla representative (R) demonstrates the Tesla Powerwall battery storage device to potential customers at the Tesla store in Sydney, Australia, March 13, 2017. REUTERS/Jason Reed 4/7 left right A Tesla representative (R) chats with potential customers alongside a Tesla Powerwall battery storage device at the Tesla store in Sydney, Australia, March 13, 2017. REUTERS/Jason Reed 5/7 left right A Tesla representative (R) stands alongside a Tesla Powerwall battery storage device as he talks with a potential customer at the Tesla store in Sydney, Australia, March 13, 2017. REUTERS/Jason Reed 6/7 left right A Tesla representative (C) demonstrates the Tesla Powerwall battery storage device to potential customers at the Tesla store in Sydney, Australia, March 13, 2017. REUTERS/Jason Reed 7/7 SYDNEY Australia''s most renewable-energy dependent state outlined plans on Tuesday to spend A$510 million ($385 million) to keep the lights on, just four days after Tesla Inc ( TSLA.O ) boss Elon Musk offered to save the state from blackouts by installing large-scale battery storage. The plan includes A$150 million to encourage development of a 100MW battery storage plant, possibly from Musk or from a number of local providers. The state will also build and operate a new A$360 million gas power plant to help stabilize its electricity system. The South Australia (SA) government came up with the emergency plan after a state-wide blackout last September during a wild storm that left homes and businesses in the dark for up to eight hours and paralyzed some industries for up to two weeks. The state, which relies on wind for about a third of its power capacity, has become vulnerable to outages and soaring prices as it doesn''t have enough back-up power when the wind isn''t blowing. South Australia''s last coal-fired power station shut down last May, as it was making losses, and one of two units at a gas-fired power plant has been mothballed as its owner, France''s Engie SA ( ENGIE.PA ), has struggled to secure affordable gas. "Today, SA takes hold of its energy future. We have a national electricity market which is failing not only SA but failing the nation," South Australia''s Premier Jay Weatherill said in a statement. Asked about the proposal for new battery technology, Weatherill said he was speaking to a range of providers. "We want as much local content as possible," he told a news conference. "We also need to put in the balance the reputational effect of attracting an international player of the size of Elon Musk to SA. These are all things that we are going to balance." Weatherill spoke to Musk on Saturday after Australian tech entrepreneur Mike Cannon-Brookes said he would work to raise funding and political support for the Tesla chief''s offer to build a 100 megawatt hour battery farm within 100 days of signing a contract, or supply it for free. [nL3N1GN2W8] The situation for South Australia could get worse with the closure this month of a major coal-fired plant, Hazelwood, also owned by Engie, in neighboring Victoria state, another crucial source of back-up power via an interstate link. (Reporting by Sonali Paul; Editing by Richard Pullin) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-australia-power-tesla-idUSKBN16L07H'|'2017-03-14T09:04:00.000+02:00'
'438f6f224628cdaa43876c3d7a1fafbb615305f0'|'Ant Financial says it is committed to merger with MoneyGram'|'Company News  17pm EDT Ant Financial says it is committed to merger with MoneyGram March 14 Ant Financial Services Group, the financial services affiliate of China''s Alibaba Group Holding Ltd, said on Tuesday it remained committed to the consummation of its merger with U.S. money-transfer company MoneyGram International Inc, after Euronet Worldwide Inc trumped its offer. U.S. electronic payments company Euronet Worldwide launched a $1 billion bid for MoneyGram on Tuesday, saying that its all-American deal would face less regulatory scrutiny than a lower bid by Ant Financial. In January, Ant Financial agreed to buy Dallas-based MoneyGram for $13.25 per share, or about $880 million. Ant Financial said on Tuesday that it continues to anticipate closing of the deal in the second half of 2017. "We are excited about this combination and remain committed to keeping MoneyGram, its management team and headquarters in Texas as we invest more in the business and in American jobs in the years ahead," Ant Financial said in a statement. (Reporting by Ankit Ajmera in Bengaluru; Editing by Leslie Adler) Next In Company News Plaintiffs in U.S. lawsuit say Monsanto ghostwrote Roundup studies March 14 Employees of Monsanto Co ghostwrote scientific reports that U.S. regulators relied on to determine that a chemical in its Roundup weed killer does not cause cancer, farmers and others suing the company claimed in court filings. The documents, which were made public on Tuesday, are part of a mass litigation in federal court in San Francisco claiming Monsanto failed to warn that exposure to Roundup could cause non-Hodgkin''s lymphoma, a type of cancer.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/moneygram-intl-ma-euronet-worldwid-idUSL2N1GS00F'|'2017-03-15T07:17:00.000+02:00'
'5a03823b61e82c98be99eb772e533b07460f1d85'|'Pacific trade pact countries eye way forward on integration'|'Business News - Wed Mar 15, 2017 - 3:23pm GMT Pacific trade pact countries eye way forward on integration left right A view of the meeting room during ''Alianza del Pacifico'' (Pacific Alliance) summit in Vina del Mar, Chile March 15, 2017. REUTERS/Rodrigo Garrido 1/5 left right Colombia''s Foreign Minister Maria Angela Holguin (L) speaks to Chile''s Finance Minister Rodrigo Valdes (C) during a meeting of the ''Alianza del Pacifico'' (Pacific Alliance) summit in Vina del Mar, Chile March 15, 2017. REUTERS/Rodrigo Garrido 2/5 left right Chile''s Foreign Minister Heraldo Munoz (C) speaks next to Chile''s Finance Minister Rodrigo Valdes during a meeting of the ''Alianza del Pacifico'' (Pacific Alliance) summit in Vina del Mar, Chile March 15, 2017. REUTERS/Rodrigo Garrido 3/5 left right U.S. Ambassador in Chile Carol Perez speaks to South Korean Deputy Minister for Trade Negotiations Sangjin Lee during a meeting of the ''Alianza del Pacifico'' (Pacific Alliance) summit in Vina del Mar, Chile March 15, 2017. REUTERS/Rodrigo Garrido 4/5 left right Peru''s Foreign Minister Ricardo Luna Mendoza attends a meeting of the ''Alianza del Pacifico'' (Pacific Alliance) summit in Vina del Mar, Chile March 15, 2017. REUTERS/Rodrigo Garrido 5/5 By Rosalba O''Brien and Antonio De la Jara - VINA DEL MAR, Chile VINA DEL MAR, Chile The 11 remaining members of the Trans-Pacific Partnership (TPP) said after meeting on Wednesday that they had discussed "a way forward that would advance economic integration in the Asia Pacific," but did not elaborate on what that path might be. The TPP was effectively torpedoed in its current form when newly elected U.S. President Donald Trump in January withdrew the United States from the trade pact that originally covered some 40 percent of global gross domestic product between 12 countries. The remaining members met for the first time since then on Wednesday, assembled by Chile in its Pacific-facing city of Vina del Mar to try to thrash out a way forward. "The participating partners reiterated their firm commitment to collaborate in keeping markets open and to the free flow of goods, services and investment," the countries said in a joint statement after the meeting. Representatives "canvassed views on a way forward that would advance economic integration in the Asia Pacific," the statement said, adding that trade officials would talk in coming weeks and ministers will meet again in May at an Asia-Pacific Economic Cooperation (APEC) gathering in Vietnam. "The ministers have decided to continue with the process of consultations to preserve what is important, the substance of the accord," Chilean Foreign Minister Heraldo Munoz told journalists after the meeting. Little more in the way of concrete decisions is expected yet. While proponents of the TPP say it would promote growth and competition, critics say it does not do enough to protect jobs and rights. U.S. presidential candidates across the political spectrum had said they would scrap the TPP if elected, and environmental group Friends of the Earth said: "The TPP failed because it puts corporate rights ahead of people." Even in Chile, where governments of both left and right have championed free trade, there was some uneasiness with the deal, and a small group of anti-TPP protesters clashed with police outside the hotel where delegates were meeting. (Reporting by Rosalba O''Brien; Editing by Meredith Mazzilli) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-trade-tpp-idUKKBN16M29Q'|'2017-03-15T22:23:00.000+02:00'
'0bc79da611b28eedfd6b9424bb23f7cba8b44f34'|'Bosch sticks to own technology in face of Intel-Mobileye merger'|'Business News - Wed Mar 15, 2017 - 11:04am EDT Bosch sticks to own technology in face of Intel-Mobileye merger A Bosch logo is pictured in Renningen near Stuttgart, Germany July 29, 2016. REUTERS/Michaela Rehle BERLIN Bosch [ROBG.UL], the world''s biggest maker of automotive components, will continue to develop its own visual technology regardless of Intel''s $15 billion deal to buy Mobileye, an executive said on Wednesday. Germany''s Bosch competes with Israel''s Mobileye, which supplies integrated cameras, chips and software for advanced driver assistance systems (ADAS) that are essential for autonomous driving, and owns about 70 percent of the market. "We are investing a lot of money in our own video technology and we want to stick with this strategy," Bosch managing board member Dirk Hoheisel, who is in charge of mobility services, told a news conference at the Bosch Connected World exhibition. The acquisition of Mobileye by Intel, the world''s biggest chipmaker, promises to escalate the arms race among carmakers and suppliers to acquire autonomous vehicle technology. The deal was announced on Monday. Bosch Chief Executive Volkmar Denner said it was too early to say what effect the merger would have on the competitive landscape or Bosch''s own strategy. "I can only comment about the two companies as of today. Intel is a major chip supplier and therefore also partner of Bosch. Mobileye today is clearly a competitor," he said. "What the future merger will bring, we will have to see. We will talk of course to Intel and Mobileye." Bosch, along with rivals including Autoliv and Continental, have decided to stick to plans to develop their own technology for the current generation of ADAS, unlike for example Valeo, which stopped in-house development and decided to buy Mobileye''s products instead. Bosch also relies on an array of partnerships with software makers including SAP, Software AG, IBM, General Electric and Amazon. The co-founder of Mobileye as well as the chief executive of chipmaker Nvidia, with whom Bosch has a partnership in on-board computers, are also due to speak at the Bosch exhibition in Berlin. Nvidia CEO Jen-Hsun Huang is expected to give more details on Thursday of the partnership with Bosch, in which they will develop artificial intelligence to guide self-driving cars through complex traffic situations. The computers will be designed to learn how to use knowledge about the vehicle''s surroundings gathered with the help of cameras and sensors to make intelligent decisions about how to act, for example to avoid a pedestrian crossing the road. The on-board systems to enable fully automated driving are planned to come onto the market from 2020. "Of course, we still have to prove that an autonomous car does better in driving and has less accidents than a human being... so it''s a promise," Denner told the news conference. (Reporting by Georgina Prodhan; editing by Susan Thomas) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-intel-mobileye-r-bosch-idUSKBN16M26D'|'2017-03-15T22:04:00.000+02:00'
'61123d77073a38a0f9f52654f9550f87855c82ee'|'Greek banks must tackle bad loads, starting with those with assets to sell - source'|' 46am GMT Greek banks must tackle bad loans, starting with those with assets to sell - source FILE PHOTO - A view of signage at the entrance of the Bank of Greece headquarters in Athens, Greece June 23, 2015. REUTERS/Marko Djurica By George Georgiopoulos - ATHENS ATHENS Greek banks are being urged to address their high load of bad loans to be able to fully fund the economy and those still holding assets they can liquidate should be "the first to be targeted" in this effort, a source said on Wednesday. The country''s banks, which entered the 2008 crisis with bad loans, or non-performing exposures (NPEs), of 14.5 billion euros (12.64 billion pounds), or 5.5 percent of their loan books, saw them rise to 106.9 billion, or 50.5 percent, last year. The Bank of Greece, in cooperation with European Central Bank, is monitoring the implementation of banks'' NPE action plans and progress versus agreed reduction targets. "Addressing NPEs which are very high is very important. Banks are overloaded and not able to fully fund the economy," the source said, speaking on condition of anonymity. Banks have agreed with regulators on ambitious bad debt reduction targets spanning a 3-year time horizon. Their aim is to cut their NPEs to 66.7 billion euros by 2019 from 106.9 billion in September, meaning their NPE ratio to fall to 34 percent from 51 percent. The source said there was no reason to change targets for NPEs, which include loans past due more than 90 days and restructured credit likely to turn bad. "They are medium-term targets. The beginning of the year was a bit disappointing," the source said. The fast enactment of legislation on out-of-court settlements and bankers'' protection from litigation over the workout of bad loans would be helpful. "Sometimes legislators are slow to make reforms but that''s democracy. Delays on voting the laws is not helping in this regard," the source said. The source also urged fast completion of Greece''s drawn out bailout review, which would send a positive signal to markets, investors and boost confidence in the sector. "We have to get a virtuous circle started, time lost here is not good." Bank of Greece Governor Yannis Stournaras told the bank''s annual meeting in February that although bad loan volumes eased last year, January saw a pick up in new exposures, caused by the uncertainty over the country''s tortuous bailout review. As lenders seek to shrink NPEs mainly through a curing of loans and write-offs and to a lesser extent by liquidations, collections and loan sales, the Bank of Greece is working to designate bad loan servicers. "Strategic defaulters (those with assets to sell) should be the first to be targeted," the source said. "Repossession of collateral would raise awareness that banks are taking action." ($1 = 0.9414 euros) (Refiles to fix typo in headline) (Editing by Jeremy Gaunt.)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-greece-banks-idUKKBN16M1HC'|'2017-03-15T18:32:00.000+02:00'
'9fceb38b45289faa8772165ccc05acc873485914'|'CANADA STOCKS-Futures indicate higher open as oil rebounds'|' 34am EDT CANADA STOCKS-Futures indicate higher open as oil rebounds March 15 Futures pointed to a higher opening for Canadian stocks on Wednesday as oil prices rebounded from three-month lows, a day after the S&P/TSX composite index tumbled to its lowest this year. March futures on the index were up 0.25 percent at 7:15 a.m. ET. The rebound in oil prices was due to a surprise drawdown in U.S. inventories and the International Energy Agency''s figures suggesting OPEC cuts should push the crude market into deficit in time. The market was also weighed down on Tuesday by a 10 percent slump in Valeant Pharmaceuticals International Inc''s stock, after activist investor William Ackman sold his entire stake in the struggling drugmaker. Dow Jones Industrial Average e-mini futures were up 0.16 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.21 percent and Nasdaq 100 e-mini futures were up 0.18 percent. (Morning News Call newsletter here ; The Day Ahead newsletter here ) TOP STORIES Lending activity to small Canadian businesses edged down in January, though borrowing by larger firms accelerated, data showed on Wednesday, pointing to an economy that is still recovering from an oil price shock two years ago. Manulife Financial Corp has been granted a licence that will allow it to launch investment products in China through a wholly-owned local subsidiary, as Beijing further liberalises its capital markets. ANALYST RESEARCH HIGHLIGHTS Halogen Software Inc : Raymond James cuts rating to "market perform" from "outperform" TransCanada Corp : GMP cuts target price to C$68 from C$70 Alimentation Couche Tard : Canaccord Genuity cuts target price to C$72 from C$78 COMMODITIES AT 7:15 a.m. ET Gold futures : $1201.9; 0 percent US crude : $48.65; +1.89 percent Brent crude : $51.78; +1.69 percent LME 3-month copper : $5869.5; +0.85 percent U.S. ECONOMIC DATA DUE ON WEDNESDAY 08:30 Core CPI mm, SA for Feb: Expected 0.2 pct; Prior 0.3 pct 08:30 Core CPI yy, NSA for Feb: Expected 2.2 pct; Prior 2.3 pct 08:30 CPI Index, NSA for Feb: Expected 243.28; Prior 242.84 08:30 Core CPI Index, SA for Feb: Prior 250.78 08:30 CPI mm, SA for Feb: Expected 0.0 pct; Prior 0.6 pct 08:30 CPI yy, NSA for Feb: Expected 2.7 pct; Prior 2.5 pct 08:30 Real weekly earnings mm for Feb: Prior -0.4 pct 08:30 NY Fed Manufacturing for Mar: Expected 15.00; Prior 18.70 08:30 Retail sales ex-autos mm for Feb: Expected 0.2 pct; Prior 0.8 pct 08:30 Retail sales mm for Feb: Expected 0.1 pct; Prior 0.4 pct 08:30 Retail ex gas/autos for Feb: Prior 0.7 pct 08:30 Retail control for Feb: Expected 0.2 pct; Prior 0.4 pct 10:00 Business inventories mm for Jan: Expected 0.3 pct; Prior 0.4 pct 10:00 Retail Inventory Ex Auto (R) for Jan: Prior 0.0 10:00 NAHB Housing Market Index for Mar: Expected 65; Prior 65 12:00 Cleveland fed CPI for Feb: Prior 0.3 pct 14:00 Fed funds target rate: Expected 0.875 pct; Prior 0.625 16:00 Net L-T flows, ex swaps for Jan: Prior -12.9 bln 16:00 Foreign buying, T-bonds for Jan: Prior -21.9 bln 16:00 Overall net capital flow for Jan: Prior -42.8 bln 16:00 Net L-T flows, including swaps for Jan: Prior -29.4 bln FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report Reuters global stocks poll for Canada Canadian markets directory ($1 = C$1.35) (Reporting by Nayyar Rasheed in Bengaluru; Editing by Saumyadeb Chakrabarty)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL3N1GS3XG'|'2017-03-15T18:34:00.000+02:00'
'ca84701d5db88e5164508d2ac9c8366308b62b76'|'Evonik buys cosmetic ingredients maker Dr. Straetmans'|'Business News - Mon Mar 13, 2017 - 9:49am GMT Evonik buys cosmetic ingredients maker Dr. Straetmans The logo of German specialty chemical company Evonik Industries AG is pictured at their plant in Bitterfeld, Germany, February 29, 2016. REUTERS/Fabrizio Bensch By Matthias Inverardi - DUESSELDORF, Germany DUESSELDORF, Germany German chemicals maker Evonik ( EVKn.DE ) will buy Hamburg-based Dr. Straetmans GmbH, a maker of cosmetic ingredients, for just under 100 million euros (87.6 million pounds). Evonik plans to keep the acquired company''s Hamburg headquarters and expand activities there, Dr. Straetmans Managing Director Wilfried Petersen said, confirming a Reuters report. People familiar with the matter said Evonik agreed to pay just under 100 million euros for the business. Evonik, which declined to comment, last year agreed to acquire the speciality and coating additives operations of U.S. industrial gas producer Air Products and Chemicals for $3.8 billion, also to boost Evonik''s cosmetics ingredients business. Among others, the Air Products deal at the time added substances which ensure that active cosmetic ingredients are absorbed by deeper layers of skin. ($1 = 0.9366 euros) (Writing by Ludwig Burger; editing by Georgina Prodhan and Jason Neely) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-drstraetmans-m-a-evonik-industrie-idUKKBN16K0X7'|'2017-03-13T16:49:00.000+02:00'
'6b1cf557e50246864936c19c54bde9ebd83f7712'|'PRESS DIGEST- Financial Times - March 13'|' 56pm EDT PRESS DIGEST- Financial Times   in the Financial Times.   Headlines Vodafone to bring 2,100 call-centre jobs back to UK on.ft.com/2mgWksE London drags down national rents for first time since 2010 on.ft.com/2mgWMXS McVitie''s digestives to be taken global in ambitious expansion on.ft.com/2ndunY1 Gulliver''s departure from HSBC sets first test for new chairman on.ft.com/2mgXoNo Overview Mobile operator Vodafone Group Plc will create 2,100 new customer service jobs across Britain in the next two years as part of an investment drive to improve operations in its home market. UK rents fell 0.6 percent in February, the first decline in six years, driven by a sharp drop in the cost of new tenancies in London and south-east England. Chief executive of Yildiz-owned Pladis, Cem Karakas, said McVitie''s and Godiva were at the heart of the global expansion plan by its Turkish owners to boost biscuit sales by 50 percent in two years. HSBC Holdings Plc tapped insurance veteran and AIA Group Ltd boss Mark Tucker as chairman to replace Douglas Flint. Among the first tasks for Tucker will be to identify a successor to HSBC Chief Executive Stuart Gulliver, who informed the HSBC board he will quit his post in 2018. (Compiled by Ismail Shakil  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-ft-idUSL2N1GQ01U'|'2017-03-13T07:56:00.000+02:00'
'5372a89e33ff9022333b686ce28587e4692257ca'|'Evonik buys cosmetic ingredients maker Dr. Straetmans: sources'|'By Matthias Inverardi - DUESSELDORF, Germany DUESSELDORF, Germany German chemicals maker Evonik ( EVKn.DE ) will buy Hamburg-based Dr. Straetmans GmbH, a maker of cosmetic ingredients, for just under 100 million euros ($107 million), people familiar with the matter told Reuters on Monday.The new business will help Evonik expand its own activities in preservatives for cosmetics, and the buyer plans to keep Dr. Straetmans'' Hamburg headquarters, the sources said.Evonik declined to comment while officials at Dr. Straetmans were not immediately available for comment.(Writing by Ludwig Burger; Editing by Georgina Prodhan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-drstraetmans-m-a-evonik-industrie-idINKBN16K0U4'|'2017-03-13T06:09:00.000+02:00'
'922955a9d67108b172316e294ce29549d0dacd55'|'Small Mexican company wants to light Trump''s border wall'|'Company  44pm EDT Small Mexican company wants to light Trump''s border wall By Anthony Esposito - MEXICO CITY, March 14 MEXICO CITY, March 14 Among the hundreds of companies expressing interest in helping to build U.S. President Donald Trump''s southern border wall, one four-member concern stands out: It is from Mexico. Ecovelocity, based in the central city of Puebla, is betting it can provide cheap industrial LED lights for the project, which has sparked the ire of Mexicans. Theodore Atalla, Ecovelocity''s owner, is an Egyptian native of Greek heritage who has made Mexico his home for most of the past two decades. He said his firm looked to undercut competition by providing lighting it imports mostly from China. "It would only be on the Mexican side because I don''t think we would be allowed to work on the other side," Atalla said in an interview. "They said they only wanted American products." Trump has vowed to start work quickly on the barrier along the nearly 2,000-mile (3,200-km) U.S.-Mexico border to prevent illegal immigrants and drugs from crossing to the north. He has repeatedly said Mexico will pay for it, something the Mexican government has flatly said it will not do. Parts of the border are already divided by high fences, and a huge part of the boundary runs along the Rio Grande river. Some 640 firms, mostly from the United States, have put their names forward to participate in the design and construction of the wall, the U.S. government''s website for business opportunities shows. Companies based in Spain, Germany, South Africa, Britain, Ireland, Puerto Rico and Canada are among others on the list. Ecovelocity is the only one registered in Mexico, possibly a sign of the depth of feeling against the barrier south of the border, where there has been a surge in patriotism triggered by Trump''s repeated swipes at the country. Mexico''s Cemex, one of the world''s largest cement producers, has said it is open to providing quotes to supply the raw materials for the border wall. Competitor Grupo Cementos de Chihuahua has also signaled a readiness to work on the project. Both companies have a strong presence in the United States. Atalla said public-sector corruption had made business tricky at times in Mexico, turning the Trump wall into a prospective growth opportunity for his firm. "So I put my name on the list to see what happens," he said. (Reporting by Anthony Esposito; Editing by Peter Cooney) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-mexico-wall-idUSL2N1GR004'|'2017-03-15T04:44:00.000+02:00'
'c082dbf25327bb6071305216ae2ada247d676fb0'|'Galenica plans Sante unit IPO in second-quarter, 2016 profit slips 19 percent'|'By John Miller - BERNE BERNE Swiss drugmaker Galenica ( GALN.S ) will complete the spin-off of its Sante pharmacy unit IPO-GALS.S by July as it splits into two separate publicly listed units, it said on Tuesday.Galenica said 2016 net profit fell 19.1 percent to 243.6 million Swiss francs ($241.5 million), hit by its acquisition of U.S.-based Relypsa last year.Galenica is splitting into a speciality drugs business called Vifor Pharma, which has focused on iron replacements popular in its home Swiss market, and its Sante unit that runs hundreds of Amavita and Sun Store pharmacy outlets across Switzerland.Chairman Etienne Jornod, a major shareholder, long resisted calls to carve up the company but concluded the two independent units were better: a drugs business focused on growth, in particular in the United States, and a Swiss pharmacy chain that delivers a robust dividend."Galenica Sante will have shareholders who are specifically attracted to its risk/return profile", Jornod told a media conference. "The two companies will have very healthy balance sheets, allowing them to develop through internal growth and acquisitions."Its shares fell about 3 percent, in part as analysts said Vifor''s investments in new medicines -- over the next three years it plans to invest 850 million francs in new products -- would continue to dent profits.Two Swiss billionaires, Martin Ebner and Remo Stoffel, separately own 25 percent of Galenica shares, according to Reuters data. Ebner has 17 percent and Stoffel 8 percent.IPO proceeds from floating a majority of Sante -- the remaining stake will be sold eventually, Jornod said -- will go to refinance the $1.53 billion acquisition of Relypsa.NO CRYSTAL BALL"We''re uncertain how much of our debt we will be able to reduce, that depends on the success of the IPO and we don''t have a crystal ball," Chief Financial Officer Felix Burkhard told reporters, declining to give estimates for Sante''s post-IPO market capitalization.Galenica Sante sales in 2016 rose 3.2 percent to just over 3 billion francs, with Jornod predicting a similar revenue increase this year.By 2020, he aims to boost Vifor Pharma''s stand-alone revenue to more than 2 billion francs, from 1.2 billion francs in 2016, with a goal of high three-digit-million earnings before interest, taxes, depreciation and amortization.The maker of over-the-counter Perskindol muscle cream proposed a dividend of 20 francs a share for 2016, with Vifor Pharma''s payout set to remain stable in the next three years.Galenica Sante, which its chairman Joerg Kneubuehler described as a "dividend play," plans to distribute at least 75 to 80 francs in 2018, after which it aims to pay out more than 65 percent of net profit.Kneubuehler said restrictions on online distribution of over-the-counter drugs in Switzerland, in contrast to Germany, would shield his store-front business model from Internet competition."We want to continue to grow... adding between 5 and 15 drug stores annually," said Kneubuehler, whose existing network includes around 500 locations.(Additional reporting by Anna Serafin; Editing by Biju Dwarakanath and Michael Shields)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-galenica-results-split-idINKBN16L182'|'2017-03-14T07:57:00.000+02:00'
'9463119202a5554994f7f303714864cd6052b33b'|'Wells Fargo, RBS, Deutsche Bank in $165 mln NovaStar settlement'|'By Jonathan Stempel - NEW YORK, March 15 NEW YORK, March 15 Wells Fargo & Co, Royal Bank of Scotland Group Plc and Deutsche Bank AG have reached a $165 million class-action settlement of investor claims over their underwriting for the now-bankrupt subprime lender NovaStar Mortgage Inc.The accord was made public on Wednesday, and requires approval by U.S. District Judge Deborah Batts in Manhattan.It resolves claims that offering materials prepared by the banks misled investors into believing that loans underlying roughly $7.55 billion of NovaStar mortgage-backed securities they bought were properly underwritten, and were safe.NovaStar had specialized in lower-quality residential mortgages, including many packaged into what proved to be risky securities issued in 2006 and 2007.The company filed for Chapter 11 protection last July, and is not contributing to the payout.Steven Toll, a lawyer for investors led by the New Jersey Carpenters Health Fund, said participants in the settlement are expected to receive about 3.1 cents per dollar of face value.He said that exceeded recoveries in similar settlements involving Bank of America Corp, IndyMac Bancorp Inc, JPMorgan Chase & Co, Morgan Stanley and others."This is a significant recovery," Toll said in an interview. "Thousands of workers associated with the New Jersey fund and others are going to benefit."Holders of $2.2 billion of the NovaStar securities are not expected to join in the settlement.Hundreds of lawsuits have been filed nationwide against banks over mortgage securities sold prior to the 2008 financial crisis. The NovaStar settlement is one of the last remaining private class actions of this type to settle.The case is New Jersey Carpenters Health Fund v Royal Bank of Scotland Group Plc et al, U.S. District Court, Southern District of New York, No. 08-05310. (Reporting by Jonathan Stempel in New York; Editing by Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/novastar-decision-idINL2N1GQ0W6'|'2017-03-15T09:00:00.000+02:00'
'452b6dd6cd1c6fd106bf43b864e017ffb40f4b66'|'Washington Post software deal a double win for Bezos'|'Technology  56pm EDT Washington Post software deal a double win for Bezos Jeff Bezos, founder of Blue Origin and CEO of Amazon, speaks about the future plans of Blue Origin during an address to attendees at Access Intelligence''s SATELLITE 2017 conference in Washington, U.S., March 7, 2017. REUTERS/Joshua Roberts By Jeffrey Dastin Billionaire Jeff Bezos scored a double win this week as the Washington Post, the newspaper he bought in 2013, signed its biggest contract to date to sell web publishing tools mostly hosted by Amazon.com Inc ( AMZN.O ), the company he founded and runs. The deal, with Los Angeles Times-parent tronc Inc ( TRNC.O ), is a boost for the Washington Post as it looks to branch out from its core news business against a backdrop of falling advertising revenue for traditional media. The newspaper''s year-old service, called Arc Publishing, now has about a dozen clients and is aiming for $100 million in annual revenue. Bezos bought the Washington Post for $250 million four years ago in a private deal not related to Amazon. "Thanks LA Times for choosing WaPo''s Arc Publishing for your digital platform, and kudos to tech team at The Post!" Bezos posted on Twitter on Monday, when the deal was announced. The deal indirectly benefits Amazon Web Services (AWS), the world''s biggest cloud-computing business and Amazon''s fastest-growing unit, which posted a 55 percent jump in sales last year to $12.2 billion. For AWS, Arc represents a new opportunity to extend its reach into the publishing world, where a host of software companies serve both news media and corporate clients that increasingly publish material on the web to directly reach customers. AWS already counts publishers Hearst and the Guardian as customers. Despite the Bezos connection, the choice of using AWS is not automatic, said the Washington Post. "We will host with whatever cloud service gives us the maximum value," the company''s Chief Information Officer Shailesh Prakash said in an email, noting it uses alternative vendors Instart Logic Inc and Akamai Technologies Inc ( AKAM.O ) for certain features. The Washington Post pays for AWS, he added. "There''s no doubt that this could prove to be a terrific source of captive clientele for Amazon Web Services and an interesting new market for them," said Jim Friedlich, CEO of the Lenfest Institute for Journalism and a former Wall Street Journal executive. "If it succeeds, as I suspect it will, it will be a game-changer for The Washington Post," he said. Analysts said the Post has taken a leaf out of the Bezos playbook, making money out of tools originally built for internal use, as Amazon did with the data centers that now form the backbone of AWS. Gene Munster, a veteran equity analyst and now head of research at Loup Ventures, said Arc revenue will be small for AWS but "is the type of thing that (helps one become) smart in a vertical, that adds skills and features, that basically attracts clients." The Washington Post''s revenue goals for Arc will not be easy to achieve. In years past editorial technology has not been immune to the wider problems facing the print media industry, which has suffered plummeting revenue. "Many brands are evolving (into) publishers including financial institutions, and all of them need modern story-telling tools," Prakash said. Revenue "could be significantly less if we fail to grow this nascent (and technologically challenging) business." (Reporting By Jeffrey Dastin in San Francisco; Editing by Jonathan Weber and Bill Rigby) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-amazon-com-aws-washington-post-idUSKBN16M04B'|'2017-03-15T07:53:00.000+02:00'
'40c968999fbf9a9136113bacacbc14c1b2803ce0'|'Asian stocks mark time, waiting for clearer view on U.S. rates'|'  5:57am GMT Asian stocks mark time, waiting for clearer view on U.S. rates left right A banner is displayed at the trading hall during the launch of Shenzhen Connect at the Hong Kong Exchanges in Hong Kong, China December 5, 2016. REUTERS/Bobby Yip - RTSUNJC 1/3 left right A TV cameraman films an electronic board showing stock prices after the New Year opening ceremony at the Tokyo Stock Exchange (TSE), held to wish for the success of Japan''s stock market, in Tokyo, Japan, January 4, 2017. REUTERS/Kim Kyung-Hoon 2/3 left right A panel displays global stock indexes at the Hong Kong Exchanges in Hong Kong, China December 5, 2016. REUTERS/Bobby Yip 3/3 By Saikat Chatterjee - HONG KONG HONG KONG Asian stocks consolidated recent gains on Wednesday before a U.S. central bank policy meeting that could signal how much monetary tightening to expect during the remainder of the year, with an immediate rate hike fully priced in by markets. Though recent data, particularly out of China, has fuelled a rally in Asian equities since the start of the year, investors are expecting more headwinds for emerging markets due to an increasingly hawkish Fed. "The positive sentiment towards emerging markets is not sustainable as the interest rate differential advantage in Asia''s favour is likely to reduce in the coming months," said Frances Cheung, head of rates strategy for Asia ex-Japan at Societe Generale in Hong Kong. Having posted its second-biggest daily gain this year in the previous session, MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was up 0.1 percent near the day''s highs in cautious trading. Japan''s benchmark Nikkei average .N225 was down 0.14 percent while stocks in mainland China .SSEC and Korea .KS11 declined 0.13 and 0.2 percent respectively. Index futures in Europe pointed towards a cautious start. FFIc1 Asian share markets have had a good start to the week thanks to positive news out of the region''s two economic powerhouses, China and India. Strong data out of China this week have sparked a fresh rally in Hong Kong stocks .HSI , while Indian shares climbed to a record high on Tuesday as investors regarded Prime Minister Narendra Modi''s landslide victory in the northern state of Uttar Pradesh as an endorsment for his economic reforms. While recent economic Chinese data has been supportive, Premier Li said at a press conference that China''s economy faces domestic and external risks this year, but added the country has many policy tools to cope with them. "China''s economy had pretty good performance in January and February. March data will be crucial as investors are anxious for any hint on whether the recovery is sustainable," said Linus Yip, strategist at First Shanghai Securities Ltd. A worrying drop in global oil prices, however, has cast doubt on how much Asian policymakers are likely to raise interest rates this year to maintain their premium over U.S. rates. Brent crude LCOc1 has lost more than 8 percent in the past five trading sessions despite a 1.2 percent bounce on Wednesday. U.S. oil prices rose after industry data showed a surprise drawdown in U.S. crude stockpiles. West Texas Intermediate crude CLc1 was up 1.4 percent at $48.40 a barrel. Policy decisions at the Bank of England and the Japanese central bank along side a Dutch election vote within the next 36 hours were further reasons for investors'' cautious stance. The U.S. dollar edged higher against major rivals ahead of a much anticipated U.S. Federal Reserve rate hike, and most attention will be focussed on what Fed Chair Janet Yellen says about the future path of interest rates. The dollar index .DXY was flat at 101.69, staying in a well worn recent range. "Of course, everyone is waiting for the Fed, so we''re expecting range-bound trading until we get some clear signals about expectations for the rest of the year," said Kaneo Ogino, director at foreign exchange research firm Global-info Co in Tokyo. Markets are also awaiting a meeting of the Group of 20 finance ministers and central bankers in the German town of Baden-Baden starting on Friday, their first meeting since Donald Trump won the U.S. presidential election. Gold XAU= rose 0.3 percent to $1200.06 before the Fed decision. (Reporting by Saikat Chatterjee; Editing by Simon Cameron-Moore)   Toshiba shares slide as crisis deepens, fate of Westinghouse unclear TOKYO Shares in Toshiba Corp tumbled on Wednesday after it said it would consider a sale of Westinghouse but did not offer any clarity on whether it would proceed with a Chapter 11 filing for the U.S. nuclear unit - a move that could stem losses.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-markets-idUKKBN16M01W'|'2017-03-15T12:57:00.000+02:00'
'e59e36140b5d458bc2e8699e5bcdaf9d25018697'|'Court showdown looms over South Africa grants payments crisis'|'Company  08am EDT Court showdown looms over South Africa grants payments crisis JOHANNESBURG, March 15 South Africa''s highest court will hear an application on Wednesday seeking to have it take oversight of a renewed contract that must be clinched before Thursday to ensure welfare grants are paid on time in April to 17 million people. The existing contract, run by Cash Paymaster Services (CPS), a unit of technology company Net1 unit, has been shrouded in doubt since the Constitutional Court ruled in 2014 that the tender process to acquire its services was unlawful. The government''s South African Social Security Agency (SASSA) was supposed to have taken over the responsibility to make the social service payments or find an alternative pay service on April 1 but failed to do so, leaving the state with little choice but to allow CPS to continue. CPS chief executive Serge Belamant was quoted as saying in several local media outlets that for logistical reasons, a new contract needed to be signed on Wednesday, or else it would not be able to make payments on time on April 1, dramatically raising the stakes in the game. Officials at SASSA have said the agency has opted to renew the deal with Cash Paymaster Services despite the court order. A new deal has not yet been made public. Dominated by more than 11 million child support grants, the welfare system is a lifeline for South Africa''s most vulnerable. Each month long queues form at pay points across the country as people wait for the money that is often the difference between going to bed hungry or not. Facing a hostile opposition in parliament on Tuesday, Social Development Minister Bathabile Dlamini said there was no crisis. Finance Minister Pravin Gordhan also said on Tuesday he was confident the grants will be paid on April 1. (Reporting by Ed Stoddard; Editing by James Macharia) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/safrica-welfare-idUSL5N1GS1E0'|'2017-03-15T15:08:00.000+02:00'
'ba98807d904c65eb416c0ffb23652b631ecd68a7'|'UPDATE 1-Capital Bank Financial explores sale - Bloomberg'|' 24am EDT UPDATE 1-Capital Bank Financial explores sale - Bloomberg (Adds background) March 15 Capital Bank Financial Corp is working with advisers to consider selling itself after receiving an unsolicited approach, Bloomberg reported on Wednesday. Shares of the Charlotte, North Carolina-based parent of Capital Bank rose nearly 10 percent in morning trade and hit a record high of $44.97. Capital Bank Financial had a market value of about $2.1 billion, according to Thomson Reuters data. The company has begun reaching out to potential buyers, but talks are at an early stage and no final decisions have been made, Bloomberg reported, citing people familiar with the matter. bloom.bg/2msqwC5 Capital Bank Financial declined to comment when contacted by Reuters. Capital Bank operates in the southeastern United States and has 196 branches across Florida, North Carolina, South Carolina, Tennessee and Virginia, according to its website. The regional lender began operations in 2010, when it bought about $1.2 billion in assets and $960 million in deposits of three failed banks from the Federal Deposit Insurance Corporation. The company had long-term debt and other borrowings of $116.5 million as of Dec. 31. (Reporting by Diptendu Lahiri in Bengaluru; Editing by Sai Sachin Ravikumar)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/capital-bk-fin-ma-idUSL3N1GS4G1'|'2017-03-15T21:24:00.000+02:00'
'2ac0f9a11adc424153a11778f27fc6cdea5ad40f'|'Wood Group offers to buy Amec Foster in deal valued at about $2.7 billion'|'  2:39pm IST Wood Group offers to buy Amec Foster in deal valued at about $2.7 billion FULL COVERAGE: INDIA ELECTIONS 2017 Oilfield services firm John Wood Group said on Monday it proposed to buy smaller peer Amec Foster Wheeler for a recommended all-share offer valued at about 2.2 billion pounds ($2.69 billion). Shares of Amec Foster rose 18.60 percent to 5.80 pounds in morning trading, well above the offer price of 5.64 pounds per share. After hitting their lowest in more than a decade of $27.10 in January 2016, oil prices have seen an uptick and has largely held above $50 this year, boosting the industry. The all-stock deal represents a 15.3 percent premium to Amec Foster''s Friday close of 489.2 pence. Amec Foster shareholders will receive 0.75 of new Wood Group share for each share held, the company said. The deal will result in Amec Foster Wheeler shareholders owning about 44 percent of the combined company, the companies said. The companies also said the deal is expected to add to earnings per share on an adjusted basis for Wood Group and Amec Foster in the first full year after completion of the deal. Wood Group said it expected identified pretax cost savings to reach a run rate of at least 110 million pounds. Wood   Robin Watson and Chief Financial Officer David Kemp will retain their roles in the new entity. Ian Marchant will remain as chairman of the combined company. ($1 = 0.8188   Justin George Varghese and Arathy S Nair in Bengaluru; Editing by Gopakumar Warrier) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/amec-foster-m-a-john-wood-idINKBN16K0RJ'|'2017-03-13T16:09:00.000+02:00'
'a49d1268652f8872e502b5abad1cfc22c0866ab0'|'Sterling slips as Brexit talks get green light, stocks subdued before Fed'|'Business  24am IST Sterling slips as Brexit talks get green light, stocks subdued before Fed FULL COVERAGE: By Nichola Saminather - SINGAPORE SINGAPORE Sterling slipped on Tuesday after Britain''s parliament paved the way for Prime Minister Theresa May to launch divorce talks with the European Union, while stocks were subdued ahead of an expected U.S. interest rate later in the week. The pound GBP=D4 retreated 0.1 percent to $1.2201 after both houses backed the so-called Brexit bill, opening the door for May to start the clock on the required two-year negotiation period by the end of this month. The euro EUR=EBS hovered at $1.06545, failing to regain any of Monday''s 0.2 percent loss. On Monday, sterling had jumped 0.36 percent after Scotland''s First Minister Nicola Sturgeon demanded a new independent referendum in late 2018 or early 2019, once the terms of the UK''s exit from the EU are clearer. The MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was flat in early trade, while Japan''s Nikkei .N225 dropped 0.1 percent. Investors in Asia were also awaiting manufacturing, retail sales and investment data out of China at 0200 GMT for a reading on the strength of the world''s second-largest economy, after strong gains in import and producer price reports last week. On Monday, Goldman Sachs upgraded Chinese stocks to "overweight" on better growth prospects and a bullish view on the country''s banking sector. Strategists cited rising producer prices and easing credit stress, and a brighter credit outlook and loan pricing for banks. Overnight, Wall Street was mixed, with the Dow Jones Industrial Average .DJI down 0.1 percent, while Nasdaq .IXIC rose 0.24 percent and the S&P .SPX was little changed. With an interest rate hike this week by the Federal Reserve fully priced in, markets are focused on signals from the central bank about the pace of future rises. Elsewhere in currencies, the dollar was steady at 114.84 yen JPY= , after touching a seven-week high on Monday on expectations of a Fed move at the end of a two-day meeting on Wednesday. It fell back to close slightly lower in the previous session. The dollar index .DXY was fractionally higher at 101.37, extending Monday''s gains following a bout of profit taking at the end of last week. Markets are also awaiting a meeting of the Group of 20 finance ministers and central bankers in the German town of Baden Baden starting on Friday, their first meeting since Donald Trump won the U.S. presidential election. U.S. Treasury Secretary Steven Mnuchin will be "pushing hard" to advance U.S. interests in his debut G20 meeting, including reaffirming commitments to avoid competitive currency devaluations, a senior Treasury official said on Monday. In commodities, oil prices dipped 0.1 percent. They touched a 3-1/2-month low in the previous session as concerns about rising U.S. production offset optimism about supply cuts by the Organization of Petroleum Exporting Countries. The looming U.S. rate increase weighed on gold XAU=. The precious metal inched down 0.1 percent to $1,201.91 in early trade, adding to Monday''s losses. (Reporting by Nichola Saminather; Editing by Kim Coghill) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-global-markets-idINKBN16L046'|'2017-03-14T07:46:00.000+02:00'
'1303e775442d74d27948f073472dfcd90ebcbbbf'|'Kremlin says no decision yet on prolonging global oil output cuts'|' 53am GMT Kremlin says no decision yet on prolonging global oil output cuts Kremlin spokesman Dmitry Peskov attends a news conference of Russian President Vladimir Putin and Laos'' Prime Minister Thongloun Sisoulith following the Russia-ASEAN summit in Sochi, Russia, May 20, 2016. REUTERS/Sergei Karpukhin MOSCOW It is too early to decide on a unified position about the possible extension of a global pact to cut oil output, a Kremlin spokesman said on Tuesday. "There is no unified position," Dmitry Peskov told reporters on a regular conference call, when asked about a possible decision to prolong the cuts. "Shale oil producers (in the United States), which are using these higher oil prices, are putting pressure on the oil market. There are different points of views. It is premature to talk about the possibility of formulating a unified position," Peskov added. The Organization of the Petroleum Exporting Countries and other large oil producers led by Russia agreed in December to cut oil output in order to remove a global stockpile overhang and support oil prices. The deal to cut around 1.8 million barrels per day is affective until the end of the first half of the year. The agreement lifted oil prices but also encouraged U.S. companies to boost supplies. (Reporting by Maria Tsvetkova; writing by Vladimir Soldatkin; Editing by Christian Lowe)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-russia-oil-opec-kremlin-idUKKBN16L10A'|'2017-03-14T16:53:00.000+02:00'
'996e003e262453f327472137d324948888bf6eb3'|'German company insolvencies fall to record low in 2016, size of claims rises'|' 33am GMT German company insolvencies fall to record low in 2016, size of claims rises BERLIN The number of German companies filing for insolvency fell last year to the lowest level on record thanks to a prolonged upswing in Europe''s biggest economy although the amount of creditor claims rose nearly 60 percent, data showed on Tuesday. Just 21,518 companies registered for insolvency in 2016, down 7 percent in the seventh consecutive annual drop in numbers and the fewest since insolvency rules changed in 1999, the Federal Statistics Office said in a statement. However, total probable claims by creditors rose to some 27.4 billion euros (24.1 billion pounds) from about 17.3 billion as courts dealt with more cases from big companies, it said. The number of consumer bankruptcies also fell, edging down 3.6 percent to 77,238, its sixth yearly decline. The German economy grew by 1.9 percent in 2016, the highest rate for five years, driven by soaring private consumption, higher state spending and more investment in housing. Record high employment, increased job security, solid wage increases and low borrowing costs are fuelling domestic demand which has replaced exports as the main driver of growth. ($1 = 0.9398 euros) (Reporting by Michael Nienaber; Editing by Louise Ireland)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-economy-bankruptcy-idUKKBN16L0RA'|'2017-03-14T15:33:00.000+02:00'
'04a39f493acfa26b31340f002689d33e9f4c5f25'|'"Beauty and the Beast" release postponed in Malaysia, even after "gay moment" cut'|'Entertainment   4:30am EDT ''Beauty and the Beast'' release postponed in Malaysia, even after ''gay moment'' cut left right FILE PHOTO: Director of the movie Bill Condon poses at the premiere of ''Beauty and the Beast'' in Los Angeles, California, U.S. March 2, 2017. REUTERS/Mario Anzuoni/File Photo 1/3 left right FILE PHOTO: ''Beauty and the Beast'' cast member Josh Gad is photographed at the Montage hotel in Beverly Hills, California, U.S. March 5, 2017. REUTERS/Phil McCarten/File Photo 2/3 left right A Beauty and the Beast poster in downtown Kuala Lumpur, Malaysia March 14, 2017. REUTERS/Angie Teo 3/3 KUALA LUMPUR Major cinema chains in Muslim-majority Malaysia have postponed the release of Walt Disney''s "Beauty and the Beast", cleared by censors after a "gay moment" was cut, due to "unforeseen circumstances". The Walt Disney Co film has courted controversy after the director, Bill Condon, first announced that it would feature a gay character - LeFou, the goofy sidekick to main villain Gaston - for the first time in Disney''s history. Billboards and posters advertising the film, with a March 16 release date, had been displayed on buildings and along major roads all around Kuala Lumpur. But Malaysia''s largest cinema chains announced that the screenings had been held up. "Due to unforeseen circumstances, the release of ''Beauty and the Beast'' has been postponed until further notice," TGV Cinemas said on its website, adding that it would refund customers who had bought tickets in advance. Golden Screen Cinemas also had a similar notice on its website. Walt Disney''s representatives in Kuala Lumpur could not be immediately reached for comment. The gay character has sparked calls among some conservative groups elsewhere for the film to be boycotted. A U.S. evangelist preacher said last week that the film was trying to promote an LGBT agenda to children. Malaysian Censorship Board chairman Abdul Halim Abdul Hamid said the movie has been given a P13 classification, meaning parental guidance is advisable for children under 13 years, after a "gay moment" was cut. "Decision on classification and clearance was given a week ago," he told Reuters. "We are not aware of postponement. Hope they screen the film soon," he said. Starring Emma Watson as young Belle who falls in love with the Beast, it is one of the most talked about Hollywood movies of the spring. According to some box office analysts, it could bring in upwards of $100 million in North America on its opening weekend. Malaysia has previously blocked the release of Hollywood movies deemed religiously insensitive, such as 1998''s "The Prince of Egypt", which depicted the Biblical story of Moses, and 1995''s "Babe", which featured a pig as the main character. Muslims consider pigs unclean. The postponement has sparked an outcry among some Malaysian film fans. "They (the censors) are too sensitive... they should be open-minded, because it''s just a movie, just a story. Nothing else matters," Jasrena Jasmih, an executive who works in Kuala Lumpur, told Reuters. A Bishop in neighboring Singapore issued a statement on Saturday urging the clergy "to alert their congregation about the homosexual content" in the movie. In a statement posted on the St Andrew''s Cathedral website, Bishop Rennis Ponniah said: "Disney films for children''s entertainment are usually associated with wholesome and mainstream values. But times are changing at a foundational level." Last year, Singapore organizers of the musical "Les Miserables" cut a scene in which two male actors kiss after complaints from the public in the conservative city state where sex between men is illegal. "Beauty and the Beast", a live-action remake of Disney''s animated classic film, begins its worldwide rollout on Thursday. (Reporting by Rozanna Latiff and Angie Teo; Writing by Praveen Menon; Editing by Nick Macfie) Next In Entertainment News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-disney-beautyandthebeast-censorship-idUSKBN16L0RU'|'2017-03-14T15:28:00.000+02:00'
'998b756763c366c895b64ad1af035680638d783c'|'TP ICAP full-year revenue just beats forecast'|'  TP ICAP full-year revenue just beats forecast TP ICAP Plc''s ( TCAPI.L ) full-year revenue just beat analyst forecasts as U.S. stocks'' record-setting rally and expectations of further U.S. rate hikes spurred trading volumes for the financial broker. TP ICAP, which was formed after Tullet Prebon completed the purchase of ICAP''s hybrid voice broking unit late last year, said on Tuesday it made revenue of 891.5 million pounds, just above analysts'' average estimate of 887.9 million pounds, according to Thomson Reuters I/B/E/S. TP ICAP said pro forma revenue for the first two months of the current year was 11 percent higher. The world''s largest voice broker said in January a rise in volatility and market activity after the U.S. presidential election and expectations for interest rate rises bumped up revenue across all product lines in the final quarter of 2016. (Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Mark Potter)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-tp-icap-results-idUKKBN16L0NV'|'2017-03-14T14:39:00.000+02:00'
'7821cf20814f780768a03e0ad1237acbe6aa65fa'|'German prosecutors search Audi offices in Germany'|'Business  30am EDT German prosecutors search Audi offices in Germany The headquarters and forum of Audi are pictured in Ingolstadt, the home of German carmaker Audi March 3, 2016. REUTERS/Michael Dalder/File Photo INGOLSTADT, Germany Audi ( VOWG_p.DE )( NSUG.DE ) said German prosecutors are searching the premises at the luxury carmaker''s headquarters in Ingolstadt and a factory in Neckarsulm, a spokesman for Audi said. Prosecutors in Munich and Stuttgart have been searching offices at Audi''s two German factories since about 0600 GMT, the spokesman said, without providing further details. Audi admitted in November 2015 that its 3.0 liter V6 diesel engines were fitted with emissions control devices deemed illegal in the United States. Volkswagen''s luxury division is fully cooperating with the authorities leading the searches, the spokesman said. The Munich prosecutor''s office was not immediately available for comment. (Reporting by Andreas Cremer; Additional reporting by Jens Hack in Munich; Editing by Maria Sheahan) Next In Business News Valeant shares fall as Ackman exit highlights company''s challenges BOSTON Valeant Pharmaceuticals Inc''s stock price fell to its lowest level in eight years on Tuesday after the abrupt exit of its biggest supporter put renewed focus on the Canadian company''s most pressing problem: raising capital to cut its roughly $30 billion debt pile. Washington Post software deal a double win for Bezos Billionaire Jeff Bezos scored a double win this week as the Washington Post, the newspaper he bought in 2013, signed its biggest contract to date to sell web publishing tools mostly hosted by Amazon.com Inc , the company he founded and runs. CHICAGO McDonald''s Corp this month will begin testing its long-awaited U.S. mobile ordering app with the goal of avoiding the kinds of service hiccups that have haunted digital debuts by companies such as Starbucks Corp. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-audi-emissions-prosecutors-idUSKBN16M0XP'|'2017-03-15T15:24:00.000+02:00'
'e0b78a9ea2156cad0c0232dc0a79aadf6ae0c02c'|'Spain gives go-ahead to merging state-owned Bankia and BMN'|'By Jesús Aguado and Tomás Cobos - MADRID MADRID Spain gave the green light to merger talks between Bankia ( BKIA.MC ) and Banco Mare Nostrum (BMN) on Wednesday as it seeks to claw back public money used to rescue the banks in 2012.Both banks said they would look at the merger proposal by Spain''s FROB bailout fund, while a source familiar with the situation said their boards would approve the tie-up in May and shareholders would be expected to ratify it in July.Spanish banks have already undergone huge consolidation since the country''s financial crisis, with just 14 left from 55 in 2008. Bankia and BMN were given a 24-billion-euro ($25.5 billion) bailout after losses on property loans.The state owns about 66 percent of Bankia, the fourth largest Spanish bank and 65 percent of smaller lender BMN and plans to privatize them both before December 2019.A privatization of the banks, which together hold 230 billion euros ($244 billion) of assets, would mark one of the final steps in cleaning up Spain''s banking sector, which was hit when a property bubble burst forcing the government to combine several failing lenders to form Bankia and BMN.The FROB''s go-ahead for the merger comes after a study to find the best exit from the banks after it attempted to sell BMN but only had interest from one bidder."The reorganization of these entities, through the merger of Bankia and BMN, is the best strategy to fulfill our mandate of optimizing the recovery of public funds before a future disinvestment process," it said.The report recommended it sell its stake in the newly merged bank in chunks before the end of 2019, taking advantage of favorable market conditions, it added.Shares in Bankia rose 3.6 percent by 1000 GMT to the top of Spain''s blue-chip IBEX index .IBEX . They have risen 41 percent over the past six months, against a 25 percent rise on the European STOXX banking index. .SX7PDIFFERENT FOOTPRINTThe study by consultancy AFI, estimated that the merger would bring Spanish coffers 401 million euros more than the individual sale of each bank, from greater synergies and cost savings, the FROB said in a statement.Possible synergies total 616 million euros, according to a document seen by Reuters showing the results of the study, which valued the state''s 65 percent stake in BMN at 690 million euros.Analysts said the merger made sense because each bank had a different geographic footprint, although the combined lender would need to cut staff and branches as banks in Spain struggle with ultra low interest rates and competition for lending.Bankia, which lost more than 19 billion euros in 2012 due to its real estate holdings, has bounced back strongly since its bailout and now has one of the highest profitability ratios and strongest capital positions among Spanish banks, while BMN''s profitability ratio is one of the lowest.($1 = 0.9414 euros)(Additional reporting by Jose Elias Rodriguez and Paul Day; Writing by Angus Berwick; Editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-bmn-mrg-bankia-idINKBN16M0WW'|'2017-03-15T09:10:00.000+02:00'
'57bf48637ec99ef41b51ad121df940f8c729dbaf'|'UK Stocks-Factors to watch on March 15 - Reuters'|'March 15 Britain''s FTSE 100 index is seen opening up 13 points on Wednesday, according to financial bookmakers. * ASTRAZENECA: AstraZeneca''s ovarian cancer drug Lynparza slashed the risk of disease progression in a closely watched clinical trial, boosting its profile against rivals within the novel PARP inhibitor drug class. * BHP BILLITON: The Escondida copper mine in Chile plans to restart operations after striking workers again rejected an invitation by controlling owner BHP Billiton to return to negotiations, an executive told reporters late Tuesday. * SHELL: Australian Prime Minister Malcolm Turnbull turned up the heat on Australia''s top gas producers, led by ExxonMobil Corp and Royal Dutch Shell, on Wednesday ahead of crisis talks about a shortage in the domestic market. * UNILEVER: Fresh from defending Unilever against an unsolicited $143 billion takeover attempt by Kraft Heinz, CEO Paul Polman said the British government should ensure a level playing field for target companies. * BREXIT: Sterling fell to an eight-week low against the dollar and the basket of currencies measuring its broader strength on Tuesday, hit by fears of prolonged political jousting over the terms of Britain''s exit from the European Union. * BRITAIN-SCOTLAND: Support for Scottish independence is at its highest ever but it might not be the best time for Scottish First Minister Nicola Sturgeon to hold a new referendum, a survey by ScotCen''s Scottish Social Attitudes said on Wednesday. * BRITAIN-ECONOMY: Britain''s construction industry could lose nearly 200,000 workers from European Union countries if the UK fails to keep access to the bloc''s single market, a leading property body said on Wednesday, as it called for help for the sector. * OIL: U.S. oil prices rose more than 2 percent in early Asian trade on Wednesday, recovering from a three-month low after industry data showed a surprise drawdown in U.S. crude stockpiles and Goldman Sachs put a positive spin on OPEC''s compliance with output cuts. * The UK blue chip FTSE 100 index closed closed 0.1 percent lower on Tuesday, weighed down by banking stocks as Britain gets set to start negotiating its departure from the European Union. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Marshalls PLC MSLH.L Full Year 2016 Robert Walters RWA.L Full Year 2016 Hikma Pharmaceuticals HIK.L Full Year 2016 Clinigen Group CLINC.L Half Year 2017 Gem Diamonds GEMD.L Full Year 2016 TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Siju Varghese; Editing by Sherry Jacob-Phillips)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-stocks-factors-idINL3N1GS2AH'|'2017-03-15T03:12:00.000+02:00'
'ece5e0ad9acea2e58a979b55be767ea3065b8404'|'McDonald''s, late to mobile ordering, seeks to avoid pitfalls'|'Business News - Tue Mar 14, 2017 - 11:04pm GMT McDonald''s, late to mobile ordering, seeks to avoid pitfalls McDonald''s self-service kiosks are seen in a prototype restaurant housed in a warehouse in Chicago''s West Loop area, in Chicago, Illinois, U.S., March 1, 2017. REUTERS/Lisa Baertlein By Lisa Baertlein - CHICAGO CHICAGO McDonald''s Corp this month will begin testing its long-awaited U.S. mobile ordering app with the goal of avoiding the kinds of service hiccups that have haunted digital debuts by companies such as Starbucks Corp. Digital ordering has been challenging for many restaurant chains and their customers. Domino''s Pizza Inc, now the industry leader, took years to perfect it. Starbucks'' technology took far less time, but in January the chain said mobile orders poured in faster than they could be processed, creating backlogs that drove away time-crunched walk-in customers. McDonald''s sees mobile as a way to win back customers after four straight years of traffic declines, but the project is not without risks. "We can''t impact the speed or the quality of our food," Jim Sappington, McDonald''s executive vice president of operations, digital and technology, told Reuters in an interview at a temporary warehouse space in Chicago''s West Loop where the company has built a new high tech restaurant. It features a redesigned kitchen to speed order flow and show off its technology initiatives. If its famous french fries are served cold or if mobile customers have to wait for orders, "you get a question of ''Why did I use the app?''," Sappington said. "Our focus is to make the overall experience clearly better." McDonald''s said that automating more orders should cut transaction times, reduce errors and free up workers to do things like deliver food to tables or cars in spots designated for mobile orders. "It''s better to be right than to be first to market," McDonald''s Chief Executive Steve Easterbrook said recently. To that end, Sappington plans multiple pilot tests to work out any kinks and streamline the integration with the company''s existing technology systems before rolling out the finished app in nearly all 14,000 U.S. restaurants and some 6,000 others in Canada, the UK, France, Germany, Australia and China, by the end of this year. LOW-TECH SOLUTIONS Kitchens are the heart of McDonald''s business and crucial to the success of mobile ordering. "The potential is that they can screw up the flow of the whole restaurant," said Janna Sampson, co-chief investment officer at Oakbrook Investments LLC, which holds 65,000 McDonald''s shares. McDonald''s appears to be taking steps to protect itself from kitchen hiccups, she added. McDonald''s is bringing restaurant operators to its Chicago warehouse space to show off a "hub and spoke" kitchen layout developed in French restaurants after the installation of self-service ordering kiosks. Among other things, that kitchen system clusters food preparation to increase efficiency, shaving miles off the daily distances covered by a restaurant''s crew. Franchisees who operate most U.S. McDonald''s restaurants will be tasked with sorting out the human elements of mobile ordering - namely how to best adjust kitchen layouts, work flows and staffing, said Richard Adams, a former McDonald''s franchisee who now advises McDonald''s restaurant operators. Unlike many others, McDonald''s app will track a customer''s location to ensure that orders are sent to the right restaurant and timed so that food is not left to wilt under heat lamps. When the customer arrives at the restaurant, the app asks for confirmation and payment before sending orders to the kitchen. "If they don''t start your order until you pull in the lot, are you really gaining that much time?" investor Sampson asked. The final version of the app will also ask customers to choose table service, counter or drive-through pickup, or curbside delivery. Easterbrook said that if 20 percent of drive-through customers use curbside and another 20 percent use the lanes for pickup only, restaurants could serve another 20 cars per hour, lifting business at U.S. drive-throughs that account for some 70 percent of U.S. sales. (Reporting by Lisa Baertlein, editing by Peter Henderson and Cynthia Osterman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-mcdonalds-mobile-idUKKBN16L2SE'|'2017-03-15T06:04:00.000+02:00'
'91fe649bf7404d82be83b42b7c3831efe925dd85'|'Japan''s Nikkei slips on firmer yen before Fed; Toshiba nosedives'|' 17am EDT Japan''s Nikkei slips on firmer yen before Fed; Toshiba nosedives TOKYO, March 15 Japan''s Nikkei share average slipped on Wednesday, dragged down by a firmer yen as investors await the U.S. Federal Reserve''s monetary policy outlook later in the day. The stock under the spotlight was again Toshiba Corp , which nosedived 12 percent after it said it would consider a sale of Westinghouse. But the company, which was the most traded stock by turnover, did not offer any clarity on whether it would proceed with a Chapter 11 filing for the U.S. nuclear unit. The Nikkei ended 0.2 percent lower at 19,577.38 points. The broader Topix dropped 0.2 percent to 1,571.31 points, and the JPX-Nikkei Index 400 fell 0.1 percent to 14,080.15 points. (Reporting by Ayai Tomisawa; Editing by Randy Fabi)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-close-idUSL3N1GS2J7'|'2017-03-15T13:17:00.000+02:00'
'c231415ace175cc182957b6fe697494f045ed5a6'|'Secrets to business survival: ''always look at new ways to innovate'' - Guardian Small Business Network'|'F ounded in 1860, awnings and blinds manufacturer James Robertshaw has seen its fair share of internal change and economic upheaval. The company also survived a major fire, in 1933. A feat managing director Nigel Sharrock, who took on the role in 1979, brushes off. “Fires were a common occurrence in those days,” he says.Sharrock took over from his father-in-law, who bought the business from the Robertshaws in 1960. The company, which has 24 staff, has also changed location a few times. Its most recent base is a factory unit in Bolton where all products are designed and manufactured. It is still a family business, with Nigel’s wife Lesley, and son, Matthew, on the board. Sharrock says its 157-year survival lies in constant innovation, new machinery, family values and business sense. “Even if you’re doing really well today – don’t stop there,” warns Sharrock. “Always look at new ways to innovate. You can’t afford to stand still – the market and your customers’ needs will change, and you need to be able adapt and evolve with them.” Facebook Twitter Pinterest Nigel Sharrock. Photograph: Nigel Sharrock Making the production process more efficient is part of how his business innovates. Investing in what Sharrock says is the UK’s only integrated heat welding and hot-melt fabric-gluing machine is one example. Another is staff training: in the 2008 recession, the company made sure production staff were trained in all processes, rather than specialising in one as they had previously. More recently, the business has set up an apprenticeship scheme.Sharrock says it is important to attract and train new recruits as the company has an ageing workforce. “Without introducing such a scheme we would soon struggle to have the right people in place to maintain our business growth.”David Smith, professor of innovation management at Nottingham Business School, says pinpointing what enables business longevity is difficult, but some factors do crop up regularly. A common plus is private ownership. “Quite often, businesses survive because they are family businesses. The family retains control and they don’t sell out,” says Smith. They may also take a long-term approach to staff management. School''s out, GCSE results are in, now''s the time to hire an apprentice Read more By retaining staff, Smith points out, businesses can more easily hold on to knowledge and skills and transfer them from generation to generation, which aids survival. However, he adds, a long-serving management and staff does not ensure endurance. “There are cases when a new technology comes along and wipes out an industry in a very short space of time.” Some broad examples include personal computers overtaking typewriters, digital cameras pushing out celluloid cameras and talkies usurping silent films.Some industries are less vulnerable to developments in technology but still have to adapt to wider uncertainties, such as recession. Take O’Donovan Waste Disposal : Jacqueline O’Donovan is now managing director of the company, which was founded by her father in 1959. She and her siblings Michael, Caroline and Anthony took over the company after their dad died suddenly in the mid-1980s. “We’ve all got senior roles and, over the years, we’ve found our areas. The fact that there are four of us and we are spread across the business ensures we are a well-oiled wheel,” says O’Donovan.The business generated revenues of £19.2m in 2016, and employs 160 people. O’Donovan, who was just 19 when she became head of the business, faced her first recession in the late 1980s and says it was a family effort to sustain the business. “Our level of service and attention to detail carried us through.” While the business didn’t make redundancies during this time, if someone left they were not replaced immediately. Instead their workload was shared out among the remaining staff. Facebook Twitter Pinterest Jacqui O’Donovan. Photograph: Sam Pearce/www.square-image.co.uk O’Donovan believes being a woman in a male-dominated industry has helped her to see things differently. Take the business’s uniform policy – all staff must wear its red and white uniforms (which match its vehicles) when delivering skips to householders. “I say to my drivers: ‘how do you think your wife would feel if she didn’t know that man at the door?’ That’s why we put uniforms on them, so they look smart and the brand is identifiable,” she says.Staff training is also a focus. O’Donovan learned how to be a trainer so she could oversee it personally. “I’ve got a real passion for upskilling staff. We’ve got people who’ve been here 10 to 15 years, because we have invested in them. It’s important to keep the family feel to the business.” O’Donovan personally wishes each of her 160 employees happy birthday, for example. “I think those little touches are important.” Most of us will use a waste service at some point, this quality of being useful to all can lend a business longevity. Another type of business suited to survival, says Smith, are those that find niches and serve small, but profitable markets. These are often premium products, where customers savour the quality of the item and are happy to pay more. Linn Products , founded in Glasgow in 1973 by Ivor Tiefenbrun, which manufactures music systems – amps, turntables and network music players – is one such enterprise. Unlike most manufacturers, it creates its products by hand and each bear the name of the person who assembled them. “Craftsmanship may seem irrelevant in a high-tech, mass-production world, but for Linn it is the bedrock of all the company’s products,” says Gilad Tiefenbrun, the current managing director and founder’s son. The business, which has a turnover of £18m, exports across Europe, to the US and Japan. However, it has experienced hard times. The financial crash of 2007-08 led the company to cut its headcount from 300 to 150, for example. But it is now investing heavily in research and development, spending in excess of £2m last year. “Unless we continue to innovate, and come up with groundbreaking products, we don’t have a future,” says Tiefenbrun.Facebook Twitter Pinterest Gilad Tiefenbrun. Photograph: Euan Robertson 2014 Ever since his father founded the business, the company has aimed to be a leader in sound quality, says Tiefenbrun. “We don’t make anything unless it’s better than what’s available elsewhere. For us, good enough isn’t good enough.” Aside from innovating, Tiefenbrun says a solid company culture is vital to survival. “Your company’s values should be timeless, so that there remains the ability to adapt and grow within your industry, while still staying true to customer needs.”Enterprises that survive a long time have often developed an approach to business that defines how they operate, says Smith. In tough times, he says, most businesses choose between tight control and rationalisation (minimising costs) or innovation (new products and new markets), with the latter carrying a higher level of risk.“The ones that do survive often have core values that are well established,” Smith adds. “They don’t opt for sudden, short-term gains, and tend to take a long-term view of things.”Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox. Topics Accessing expertise Small business Entrepreneurs Economics Recession features  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/small-business-network/2017/mar/15/secrets-business-survival-innovate-family-staff-recession'|'2017-03-15T14:00:00.000+02:00'
'de3a997a8dd49df759aec20ca1174e5cc8c4b0cd'|'Opel CEO to stay on under Peugeot leadership: magazine'|'FRANKFURT Opel Chief Executive Karl-Thomas Neumann plans to remain in his job even after the carmaker has been sold to France''s Peugeot, the German executive told German magazine Auto Motor und Sport.Earlier this month, France''s PSA Group ( PEUP.PA ) agreed to buy Opel from General Motors ( GM.N ) in a deal valuing the business at 2.2 billion euros ($2.3 billion), raising questions about Neumann''s future."It is important for me to stand before employees and show leadership. I have done this in the past and will continue to do so," Neumann told the magazine, adding he would work with PSA''s Chief Executive Carlos Tavares."I think we have great respect for each other. That is why I see a good foundation for continued cooperation," the magazine Quote: d Neumann as saying.PSA has pledged to run Opel as a separate company with separate management, while exploring opportunities for expanding sales of Opel cars beyond Europe.Neumann told Auto Motor und Sport he was skeptical about introducing the Opel brand in China."The Chinese market is no longer the cure-all to help solve the problems on all the other markets," he said, adding his first priority would be to make Opel profitable in Europe by deepening cooperation with Peugeot rather than using resources to build up Opel in Asia.(Reporting by Edward Taylor; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-opel-m-a-psa-idINKBN16M2EV'|'2017-03-15T13:11:00.000+02:00'
'cc63f057e5a4430046045d370c4cca759d28acf3'|'British government cuts stake in Lloyds to below 3 percent'|'Business News - Wed Mar 15, 2017 - 7:15am GMT British government cuts stake in Lloyds to below 3 percent Signs are seen outside a branch of Lloyds Bank in central London October 28, 2014. REUTERS/Andrew Winning LONDON The British government has reduced its stake in Lloyds Banking Group ( LLOY.L ) to just below 3 percent, putting the lender on track to be back in private ownership within the next few months. UK Financial Investments Limited (UKFI), which manages the government''s stake, resumed share sales in October, having halted them for almost a year due to market turbulence. UKFI said it had reduced its stake by about 1 percent to 2.95 percent in an announcement on Wednesday. The government was left with a 43 percent stake in Lloyds after a 20.5 billion pound ($25.75 billion) taxpayer-funded bailout during the 2007-09 financial crisis. (Reporting By Pamela Barbaglia; Editing by Rachel Armstrong) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-lloyds-banking-sale-idUKKBN16M0QD'|'2017-03-15T14:12:00.000+02:00'
'2904319329bb0a2e13d911d29bfc42060c4d916b'|'Gem Diamonds full-year pretax profit nearly halves on Botswana mine impact'|' 51am GMT Gem Diamonds full-year pretax profit nearly halves on Botswana mine impact Gem Diamonds Ltd ( GEMD.L ) reported on Wednesday a 47 percent fall in its full-year pretax profit, hurt by an impairment charge after it mothballed the Ghaghoo mine in Botswana due to a fall in diamond prices. The company recorded an impairment provision of $176.5 million after its move last month to place the Ghaghoo mine under care and maintenance with immediate effect. Gem Diamonds, which mines diamonds from the Letseng mine in Lesotho and the Ghaghoo mine in Botswana, said its full-year pretax profit fell to $52.4 million from $99 million, a year earlier. (Reporting by Justin George Varghese in Bengaluru; Editing by Amrutha Gayathri)   Exclusive    '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-gem-diamonds-results-idUKKBN16M0TM'|'2017-03-15T14:51:00.000+02:00'
'7b3f1564c642e95637d5b81aecd6aa6cc4dd2103'|'Savanna accepts Western Energy''s raised offer, rejects Total Energy''s'|'March 15 Savanna Energy Services Corp said it accepted a higher offer from fellow Canadian oilfield services provider Western Energy Services, while again rejecting a hostile bid from Total Energy Services Inc.Western Energy''s bid has been revised to include a cash portion of 21 Canadian cents per share, in addition to the original offer of 0.85 Western Energy''s stock for each share held, Savanna said on Wednesday.The new offer values Savanna at about C$386 million ($287 million), up from about C$348 million earlier.Total Energy''s current offer stands at 20 Canadian cents in cash and 0.13 per share for each Savanna share held, valuing the company at about C$225 million.The company first offered 0.1132 of its shares in November, before raising the bid and taking it directly to Savanna''s shareholders in December.Savanna had then rejected Total Energy''s offer, saying it "significantly" undervalued the shares of the company.Savanna provides oil and gas exploration and well preparation and well maintenance services across Alberta, Saskatchewan, British Columbia and Manitoba. It also operates in Canada, the United States and Australia.Western Energy provides contract drilling services through Horizon Drilling in Canada and Stoneham Drilling Corp in the United States. ($1 = 1.35 Canadian dollars) (Reporting by Ahmed Farhatha in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/savanna-energy-ma-western-enrgy-idINL3N1GS455'|'2017-03-15T09:58:00.000+02:00'
'00c221d5acfe2eabe6de80fbac67659464875c13'|'BRIEF-Bayer confirms planning to raise about $19 bln in equity'|' 32am EDT BRIEF-Bayer confirms planning to raise about $19 bln in equity March 15 Bayer presentation slides * Confirms planning to raise total of approx. $19 billion in equity to fund Monsanto deal * Confirms 2018 margin targets Trump won''t seek to roll back California vehicle authority WASHINGTON, March 15 President Donald Trump will announce the U.S. Environmental Protection Agency will revive a review of the feasibility of strict fuel efficiency standards through 2025, but will not seek to withdraw California''s authority to set its own vehicle rules, a White House official said late on Tuesday. * Evolva secures equity financing of up to CHF 30 million and provides further preliminary financials for 2016 MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-bayer-confirms-planning-to-raise-a-idUSL5N1GS27Z'|'2017-03-15T16:32:00.000+02:00'
'7ff8665192efce012a64901c5bcad039726aee41'|'Chile''s Escondida looks to restart operations amid strike'|'Commodities  20pm EDT Chile''s Escondida looks to restart operations amid strike FILE PHOTO: A miner checks copper cathodes at the copper cathodes plant inside Escondida copper mine in Antofagasta, Chile March 31, 2008. REUTERS/Ivan Alvarado/File Photo SANTIAGO Chile''s Escondida copper mine, the world''s largest, will look to restart operations after striking employees rejected an invitation to return to negotiations, the mine''s president, Marcelo Castillo, said on Tuesday. The mine controlled by BHP Billiton was legally allowed to hire temporary workers 15 days after the strike started on Feb. 9 but had said it would wait for 30 days to show its commitment to dialogue. Tuesday marked day 34 of the strike. (Reporting by Fabian Cambero; Writing by Caroline Stauffer Editing by Sandra Maler) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-chile-copper-escondida-strike-idUSKBN16L2TQ'|'2017-03-15T06:17:00.000+02:00'
'f1014dfb681cde83490650ddbfc68cedf4e240e6'|'UPDATE 1-Cerro Verde strike may end next week if Peru rules against it'|'Company News  33pm EDT UPDATE 1-Cerro Verde strike may end next week if Peru rules against it (Adds comment on appeals process, context on production and global supply disruptions) LIMA, March 14 A strike at Peru''s top copper mine, Cerro Verde, may end next week if the labor ministry declares it illegal, the head of the union said on Tuesday after negotiations with owner Freeport-McMoRan Inc ended without an agreement on labor demands. Workers began the strike on Friday to demand better family health benefits and a bigger share of the mine''s profits, but the ministry has issued a preliminary decision against the stoppage that the union is appealing, Cerro Verde Union President Zenon Mujica said on a phone call. The appeals process will likely take about a week and workers will have to go back to work if the ministry hands down a final ruling against the strike, said Mujica. Freeport-McMoRan did not immediately respond to requests for comment. Production at the mine, which churned out nearly 500,000 tonnes of copper last year, has fallen by 50 percent since some 1,300 of about 1,650 workers joined the strike, Mujica said. News of a possible return to normal operations at Cerro Verde could ease pressure on global copper prices as supply has been disrupted by a labor stoppage at BHP Billiton''s Escondida mine in Chile and a dispute over export rights at Freeport''s Grasberg mine in Indonesia. Mujica said Cerro Verde workers will vote this week on whether to call for regionwide protests. (Reporting by Mitra Taj and Marco Aquino; Editing by Richard Chang) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/peru-copper-strike-idUSL2N1GR1QB'|'2017-03-15T06:33:00.000+02:00'
'169567e4f6518dba44bd76fc1efb72c8257c4b65'|'UPDATE 1-Walmex to increase spending by 19 percent in 2017'|'Big Story 10  24pm EDT Walmex to increase spending by 19 percent in 2017 By Dan Freed - MEXICO CITY MEXICO CITY Wal-Mart de Mexico, Mexico''s biggest retailer, plans to increase spending by nearly 19 percent in 2017, upgrading and adding new stores and investing in e-commerce, a top executive said on Tuesday. Walmex, as the company is known, will spend 17 billion pesos ($864.80 million) in 2017, above the 14.3 billion pesos they spent last year, Chief Financial Officer Pedro Farah told investors during a company presentation. Walmex continues to sees opportunities to add stores and has become more efficient with its construction projects, according to Gaston Wainstein, Walmex head of real estate. However, Central America head Carlos Arroyo said the region is not growing as quickly as the company would like, which is limiting the number of stores it is prepared to build there. Walmex also said it is paying 35 percent more in bonuses to its low-level employees this year than it did a year ago. It also plans to open a second meat-cutting plant in the northern Mexican city of Monterrey, executives said on Tuesday. Executives from the retailer, controlled by Wal-Mart Stores Inc , repeatedly emphasized investments in e-commerce. "We don''t think e-commerce is a loss leader," said Todd Harbaugh, head of Mexico operations, calling it a driver of growth, profit and capital efficiency. (Reporting by Dan Freed in Mexico City; Editing by Leslie Adler) Next In Big Story 10'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-walmex-upgrades-idUSKBN16L2TU'|'2017-03-15T06:19:00.000+02:00'
'33b6bf55cbe6eab2a51b7513fb15191fdc85d60d'|'PRESS DIGEST - Wall Street Journal - March 17'|'March 17 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- McDonald''s Corp said it was notified by Twitter Inc that its account was compromised, after a message about President Donald Trump was posted from the burger chain''s corporate Twitter account. on.wsj.com/2ntFdJA- France''s financial crimes investigator has begun a preliminary probe into alleged wrongdoing at Airbus Group SE , the company said, amid widening accusations facing the European plane maker over potential corruption. on.wsj.com/2ntMnxh- Executives at Viacom Inc and its Paramount Pictures studio are working overtime to keep their $1 billion co-financing deal with two Chinese firms on course. Viacom Chief Financial Officer Wade Davis is in China meeting with the companies, Shanghai Film Group Corp and Huahua Media, according to people familiar with the matter. on.wsj.com/2ntFDQ5- Officials at Caterpillar Inc, which has faced scrutiny from federal investigators, said it has hired former U.S. Attorney General William Barr to help assess matters related to government raids on its facilities earlier this month. on.wsj.com/2ntKJvF- Exxon Mobil Corp called accusations that it withheld documents relating to climate change from the New York attorney general an attempt to discredit the energy company, but disclosed a newly discovered technical issue that could mean it will soon release more of its former chairman''s emails. on.wsj.com/2ntKfW6- Marathon Pharmaceuticals LLC has struck a deal to sell its muscular-dystrophy treatment to PTC Therapeutics Inc, one month after Marathon''s $89,000 price tag for the drug spurred an outcry from patient advocates and federal lawmakers. on.wsj.com/2ntLu7M- 3M Co is buying a personal-safety unit from Johnson Controls Inc for about $2 billion, the companies said. on.wsj.com/2ntLwNe- U.S. authorities said Russian intelligence officers backed of the massive 2014 hack against Yahoo Inc, but the hacker at the center of the allegations is a 29-year-old who has eluded Western law-enforcement agencies for several years. on.wsj.com/2ntFWKJ (Compiled by Subrat Patnaik in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-wsj-idINL3N1GU1P9'|'2017-03-17T01:19:00.000+02:00'
'1e3b38a37bee96b806d3ed3c9bc189f52aa12406'|'European ETF assets hit fresh record in February -ETFGI'|' 13am EDT European ETF assets hit fresh record in February -ETFGI LONDON, March 16 Assets invested in European exchange-traded funds hit a record $620 billion at the end of February, research and consultancy firm ETFGI said. This overtook a previous record of $599 billion for European exchange-traded funds in January, and highlights the continued popularity of passive instruments over actively managed funds. ETFs, securities which track an index or a basket of assets, saw $12.4 billion of inflows in February in Europe, marking the 30th month of straight inflows, according to ETFGI data. The overall size of the global ETF market stands at just below $4 trillion, with the United States dominating the lion''s share of the market, according to ETFGI. ETFs have become an attractive option for investors as they provide a cheaper investment option than traditional mutual funds, which often charge a management fee for actively selecting stocks in which to invest and have tended to underperform. Globally long-only mutual funds have so far seen outflows this year, data from Bank of America Merrill Lynch shows. Assets under management in the global collective investment funds market grew $727.3 billion, or up 1.9 percent, for February and stood at $38.78 trillion at the end of the month, according to Thomson Reuters Lipper data. (Reporting by Kit Rees and Vikram Subhedar; Editing by Alison Williams) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/investment-etf-idUSL5N1GT2P7'|'2017-03-16T18:13:00.000+02:00'
'15e141c0c6f87bff14e1f46c20bc71901ec587ad'|'UPDATE 1-PwC threatens MF Global mistrial; Corzine defends actions'|'(Adds details from court papers, Corzine finishing testimony)By Jonathan StempelNEW YORK, March 13 PricewaterhouseCoopers LLP on Monday said it may seek a mistrial in a $3 billion malpractice case over the collapse of Jon Corzine''s MF Global Holdings Ltd, saying it was blindsided when the plaintiff changed its theory of why the brokerage failed.The auditor has been accused by MF Global''s bankruptcy administrator of accounting negligence that let the former New Jersey governor invest $6.3 billion in European sovereign debt, leading to a liquidity crisis and an Oct. 31, 2011 bankruptcy.But PwC said the administrator has instead argued at a federal trial that began last Tuesday that Corzine''s bet was sound, and that MF Global''s collapse was caused by market "confusion" and a "crisis of confidence" that was "somehow" the result of PwC''s accounting advice.PwC urged U.S. District Judge Victor Marrero in Manhattan to strike evidence and arguments supporting this theory, including from Corzine, or else declare a mistrial.The plaintiff''s lawyers "have clearly shifted their causation theory," PwC''s lawyer, James Cusick, told the judge before Corzine began his third and final day of testimony. "It amounts to a trial by ambush."The administrator''s lawyer, Daniel Fetterman, rejected that contention."This motion is extremely untimely," he said. "We are entitled to try causation as the evidence comes in. ... This is way too late, highly prejudicial. It is gamesmanship."Marrero gave the administrator a day to respond formally."This is obviously a major issue, a complicated subject," the judge said.Corzine, who is also a former New Jersey senator and Goldman Sachs chairman, has said the short-term debt from five western European countries had been a low-risk wager for MF Global that the market simply did not understand.MF Global''s collapse also followed credit rating downgrades that referred to the debt, which had been moved onto the brokerage''s balance sheet as of Sept. 30, 2011, and a tax-related writedown.Corzine, who is cooperating with the administrator, on Monday resisted Cusick''s renewed effort to blame his business strategy for MF Global''s failure."The problem, really, sir, was not that the market was confused," Cusick suggested to him. "The problem was that the marketplace perfectly understood."Corzine responded, "The market could do an analysis, but the sovereign debt exposure was there on March 31, June 30 and September 30. There was nothing new."Corzine, 70, has said little publicly about MF Global since testifying in December 2011 before Congress. He has settled claims by investors and the U.S. Commodity Futures Trading Commission, without admitting wrongdoing.The case is MF Global Holdings Ltd as Plan Administrator v PricewaterhouseCoopers LLP, U.S. District Court, Southern District of New York, No. 14-02197. (Reporting by Jonathan Stempel in New York; Editing by Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mf-global-hldg-pricewaterhouse-idINL2N1GQ0Y7'|'2017-03-13T14:39:00.000+02:00'
'd332df429734b72b36dc3af08fdd8daf6d7ec848'|'RPT-Chinese provinces fizz with fervour for Xi''s New Silk Road'|'  RPT-Chinese provinces fizz with fervour for Xi''s New Silk Road (Repeats story from Friday with no changes) By Brenda Goh BEIJING, March 10 China''s regional governments are falling over each other to curry favour with President Xi Jinping, jostling for roles in his New Silk Road plan to boost economic and cultural links through Asia to Europe. One says it wants to send its young people to be Silk Road "super connectors", while a second is pitching to become a new home for foreign consulates. Another wants to build a folk museum to commemorate Beijing''s overseas push. The plan, officially the ''One Belt, One Road'' (OBOR) project, has so far seen billions of dollars pledged overseas to countries such as Pakistan and Kazakhstan, in a drive to develop trade and build infrastructure along land and sea routes between the two continents. At home, it is stoking a frenzy of one-upmanship among provinces keen to catch Xi''s eye and find new drivers for growth in their patch as the economy slows. While official plans published in 2015 only list 18 provinces as areas key to the plan, over 30 of China''s territories now say they have an OBOR strategy. At the annual meeting of China''s rubber-stamp parliament in Beijing this week, delegates from all attending provinces trumpeted their support for the initiative during meetings. "Our party secretary, mayor, vice-mayor have all visited One Belt One Road countries like Poland and the Czech Republic, even parts of the Russian Federation like Tatarstan," Tang Limin, secretary-general of central Sichuan province, told Reuters after addressing delegates at a meeting. It didn''t matter that the government didn''t identify Sichuan as key to the plan two years ago, Tang said. "We have a lot of cooperation projects that come under One Belt One Road," he said. Aligning such projects with Xi''s vision has been aided by the loose definition of OBOR. Beijing has provided some guidelines of where it wants the initiative to focus, such as heavy infrastructure investment, but has left much of it open to interpretation. Cultural exchanges with other countries, the formation of the Asian Investment Infrastructure Bank, and overseas acquisitions by Chinese firms have all been described by local media as part of the OBOR project. Delegates to the parliament have embraced that kind of flexibility. "We have people who can be ''super-connectors and super partners''," said Chan Yung, the Hong Kong deputy to the National People''s Congress, when asked how the autonomously governed city plans to contribute to the initiative. "Hong Kong''s youth are very open ... As long as they''re willing to fork out 1-3 years to travel the One Belt One Road routes and stay in a country for 1-2 years, they can become experts." Bai Hongzhan, a delegate from Henan in central China, proposed that the provincial capital Zhengzhou should be developed into a key node on the route where foreign consulates could be persuaded to set up a base. The province of Shaanxi, home to China''s historic Terracotta Army, is weighing up a proposal for a Silk Road Chinese Folk Culture corridor, with folk museums, memorial halls and gardens to pay tribute to the initiative, documents show. Plans for how to participate in "One Belt, One Road" have not just been drafted by the provincial government, but companies and other entities. In the coastal province of Jiangsu, the fervour is not restricted to the provincial authority but reaches down to lower tiers of government and corporate China, said Yan Lijuan, a delegate from the province and top executive at XCMG Construction Machinery. "One Belt, One Road is extremely important to every city in Jiangsu, every company and industry." (Additional Reporting by Muyu Xu and SHANGHAI Newsroom; Editing by Will Waterman)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/china-silk-road-npc-idUSL3N1GN3YO'|'2017-03-13T06:00:00.000+02:00'
'50c2c9c0a1c6025dac57e1433f64bc0e0ab97860'|'BRIEF-Everi Q4 loss per share $3.29'|' 14pm EDT BRIEF-Everi Q4 loss per share $3.29 March 14 Everi Holdings Inc: * Everi reports 2016 fourth quarter and full year results * Q4 loss per share $3.29 * Q4 revenue $217.5 million versus I/B/E/S view $211.7 million * Q4 earnings per share view $-0.19 -- Thomson Reuters I/B/E/S * Provides outlook for 2017 financial and operational metrics including revenue and adjusted EBITDA growth * Everi Holdings Inc - FY 2017 adjusted EBITDA currently expected to be between $204 million and $209 million * Everi Holdings Inc - full year unit sales for games segment are expected to increase by at least 10% from 2016 unit sales * Everi Holdings Inc - capital expenditures in 2017 are expected to be between $85 million and $95 million    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-everi-q4-loss-per-share-idUSASB0B5GO'|'2017-03-15T03:14:00.000+02:00'
'611a5a45e754672875eb9c1eafb91560881cfa92'|'RWE examining all strategic options for group: CEO'|'ESSEN, Germany RWE ( RWEG.DE ) is constantly assessing strategic options for its business, including potential corporate tie-ups and sales of stakes in its network and renewable unit Innogy ( IGY.DE ), its chief executive told journalists on Tuesday."We are examining all strategic options our company is faced with," Rolf Martin Schmitz said, adding the company was constantly in touch with market participants, without elaborating further.(Reporting by Christoph Steitz and Vera Eckert; Editing by Maria Sheahan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-innogy-m-a-engie-rwe-idINKBN16L133'|'2017-03-14T07:18:00.000+02:00'
'f56c82fc098ef32528684fe9311d96d2e472a44e'|'Drugmaker Hikma''s full-year core operating profit rises 2.4 pct - Reuters'|'March 15 Drugmaker Hikma Pharmaceuticals Plc said its full-year core operating profit rose 2.4 percent as weakness in its generic drugs business was more than offset by growth in its injectables and branded business.The company, which makes and markets branded and non-branded generic and injectable drugs, said revenue rose 35.4 percent to $1.95 billion in 2016.Hikma, which bought Boehringer Ingelheim''s U.S. generic drugs business last year, had cut its full-year revenue expectation for the business in November, due to a slightly slower-than-expected ramp-up in the unit.Core operating profit rose to $419 million for the year ended Dec. 31 from $409 million.Jordan-based Hikma, founded in 1978, also forecast 2017 revenue of about $2.2 billion on a constant currency basis. (Reporting by Arathy S Nair in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/hikma-pharma-results-idINL3N1GS2JP'|'2017-03-15T04:24:00.000+02:00'
'581d5488e8ec44a4956b678db023dd2d0bbdd5e2'|'E.ON pledges to bring down debt after 16 billion euro net loss'|'  6:40am GMT E.ON pledges to bring down debt after 16 billion euro net loss The empty stage for the board of German utility giant E.ON is seen before the annual shareholders meeting in Essen, Germany June 8, 2016. REUTERS/Wolfgang Rattay/File Photo ESSEN, Germany German utility E.ON ( EONGn.DE ) said it would sell assets and cut jobs to reduce its debt pile, after impairments on its former power plant unit Uniper ( UN01.DE ) triggered a 16 billion euro (13.9 billion pounds) net loss, more than its current market value. "2016 was a transitional year. The impact on our balance sheet marks a turning point and clears E.ON''s way into the new energy world," Chief Executive Johannes Teyssen said in a statement on Wednesday. ($1 = 0.9415 euros) (Reporting by Christoph Steitz; Editing by Victoria Bryan)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-e-on-results-idUKKBN16M0MN'|'2017-03-15T13:40:00.000+02:00'
'7f6bd81973c5f58d32fbd6e126452cbf5ec38f81'|'British government cuts stake in Lloyds to below 3 percent'|'Business   3:15am EDT British government cuts stake in Lloyds to below 3 percent Signs are seen outside a branch of Lloyds Bank in central London October 28, 2014. REUTERS/Andrew Winning LONDON The British government has reduced its stake in Lloyds Banking Group ( LLOY.L ) to just below 3 percent, putting the lender on track to be back in private ownership within the next few months. UK Financial Investments Limited (UKFI), which manages the government''s stake, resumed share sales in October, having halted them for almost a year due to market turbulence. UKFI said it had reduced its stake by about 1 percent to 2.95 percent in an announcement on Wednesday. The government was left with a 43 percent stake in Lloyds after a 20.5 billion pound ($25.75 billion) taxpayer-funded bailout during the 2007-09 financial crisis. (Reporting By Pamela Barbaglia; Editing by Rachel Armstrong) Next In Business News Valeant shares fall as Ackman exit highlights company''s challenges BOSTON Valeant Pharmaceuticals Inc''s stock price fell to its lowest level in eight years on Tuesday after the abrupt exit of its biggest supporter put renewed focus on the Canadian company''s most pressing problem: raising capital to cut its roughly $30 billion debt pile. Washington   CHICAGO McDonald''s Corp this month will begin testing its long-awaited U.S. mobile ordering app with the goal of avoiding the kinds of service hiccups that have haunted digital debuts by companies such as Starbucks Corp. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-lloyds-banking-sale-idUSKBN16M0QD'|'2017-03-15T14:15:00.000+02:00'
'89eb07459a21002f754e1d4fc8ece392e9ed77fa'|'Toshiba shares slide as crisis deepens, fate of Westinghouse unclear'|'Business News - Wed Mar 15, 2017 - 2:23am GMT Toshiba shares slide as crisis deepens, fate of Westinghouse unclear A logo of Toshiba Corp is seen outside an electronics retail store in Tokyo, Japan, January 19, 2017. REUTERS/Toru Hanai/File Photo TOKYO Shares in Toshiba Corp tumbled on Wednesday after it said it would consider a sale of Westinghouse but did not offer any clarity on whether it would proceed with a Chapter 11 filing for the U.S. nuclear unit - a move that could stem losses. Toshiba''s failure to submit audited third-quarter earnings on Tuesday and its announcement of an expanded probe into Westinghouse also contributed to broad disappointment as did the Tokyo Stock Exchange''s placing of the stock on its supervision list. While the bourse''s move was an automatic one that follows Toshiba''s failure to clear up concerns about its internal controls a year and a half after a 2015 accounting scandal, it increases the risk of a delisting. Market participants said the bourse''s action meant that the was now "untouchable" for institutional investors who cannot invest in the stock due to compliance reasons. Toshiba would be delisted if the bourse is not satisfied with a report on internal controls that Toshiba submitted on Wednesday. The report, required since the 2015 accounting scandal, must also address internal control lapses since then. "Crucial details about Westinghouse won''t be there. Toshiba is already in trouble for delaying the filing of its quarterly earnings twice, and without the complete report, the exchange is unlikely to find its report satisfactory," said Fumio Matsumoto, a senior fund manager at Dalton Capital Japan. Chief Executive Satoshi Tsunakawa sidestepped questions about a potential Chapter 11 filing for Westinghouse on Tuesday, saying only there were various options. Sources have said bankruptcy lawyers have been hired as an exploratory step. Shares in the TVs-to-construction conglomerate slid 7.5 percent in early trade. They have plunged by more than half since December, slashing the company''s market value to $7.4 billion. Masayuki Doshida, senior market analyst at Rakuten Securities, said too much uncertainty surrounded the firm. "For how much can it sell the chip business? When will it release its earnings? Will it remain listed? And can it sell Westinghouse? We are just getting more questions," he said. Toshiba will meet with creditor banks later on Wednesday to explain the situation, sources familiar with the matter said. (Reporting by Ayai Tomisawa and Hideyuki Sano; Writing by Naomi Tajitsu; Editing by Edwina Gibbs) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-toshiba-accounting-idUKKBN16M097'|'2017-03-15T09:23:00.000+02:00'
'06090dc298373f25cacfadc7b256fb0affdb1724'|'Resources stock rally drives European shares to 2-week closing high - Reuters'|'* STOXX 600 up 0.4 pct at close* Zodiac plummets on another profit warning* Swedish fashion retailer H&M down on sales miss* Hikma jumps following results (Recasts, adds Quote: and detail, updates prices at close)By Helen Reid and Kit ReesLONDON, March 15 European shares achieved their highest closing level in two weeks on Wednesday, boosted by basic resource and oil stocks, while French aeroplane seat-maker Zodiac slumped after its latest profit warning.The pan-European STOXX 600 index was up 0.4 percent at its close, with the market focused on potentially divisive elections in the Netherlands and a U.S. Federal Reserve policy meeting that could signal how much monetary tightening to expect during the remainder of the year.A recovery in oil prices after a surprise U.S. crude stockpile drawdown eased worries about a supply glut and spurred a rally in basic resources stocks with the sector up 1.7 percent, followed by major European oil-related stocks which rose 1.2 percent.Outokumpu and Glencore were among the top gainers, with their shares up 7.3 percent and 2.9 percent respectively. Outokumpu''s shares jumped after the European benchmark price for ferrochrome, a crucial raw material for steel production, was set lower than expected. .Bank stocks also lent support, gaining 0.9 percent ahead of an expected U.S. interest rate hike. Higher interest rates benefit banks'' margins, which have struggled in Europe''s low rate environment."It’s almost certain we will see an increase in interest rates from the Federal Reserve tomorrow. The question now is not if they will increase, but by how much," Jordan Hiscott, chief trader at ayondo markets, said in a note."Going forward, with (a) possible three rate increases for 2017 alone, I predict we will see trepidation for the equity markets in general.”British drugmaker Hikma was the biggest STOXX gainer, jumping 8 percent after it posted a 2.4 percent rise in full-year operating profit on growth in its injectables and branded business, which offset weakness in its generic drugs.Zodiac was the biggest European faller, after it warned on profit after the close on Tuesday. The company, which engine maker Safran is seeking to acquire, said it sees full-year operating income falling 10 percent against a previous forecast of a 10-20 percent rise.Swedish fashion retailer H&M was also among the biggest fallers, with its shares down more than 5 percent after it posted its first monthly sales drop in four years.The Europe-wide retail sector index was the worst-performing, down 0.3 percent, with Zara owner Inditex''s shares roughly flat after releasing full-year earnings.German utility E.ON < EONGn.DE> fell 3.5 percent after it posted a record 16 billion euro ($17 billion) loss due to impairments on its former power plant unit Uniper which it spun off last year. (Reporting by Helen Reid and Kit Rees; Editing by Toby Davis)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/europe-stocks-idINL5N1GS5XM'|'2017-03-15T14:36:00.000+02:00'
'49e79b74b821392794ba3876fd489318c254530e'|'WhatsApp, Telegram patch flaws in instant messaging applications'|'By Joseph Menn - SAN FRANCISCO, March 15 SAN FRANCISCO, March 15 WhatsApp and Telegram patched flaws in their popular instant messaging applications after security researchers showed that they could seize control of user accounts.Researchers with Check Point Software Technologies Inc discovered problems with the way the two apps process some types of files without verifying that they do not contain active code that could be malicious.Flaws in popular instant messaging applications are less common than traditional desktop software. The apps are often used because of their heavy encryption, which has been criticized by some in laws enforcement.They were able to send files to the web-based versions of the products with malicious code while making it seem to be something else, such as a picture. In WhatsApp''s case, once opened by the recipient, the code allowed the researchers to get into the local storage of the user and then access the user''s account. From there, they could have sent the same malicious attack to all of the users'' contacts.Telegram''s flaw was much more subtle and required "very unusual" behavior by the victim, such as right-clicking on a video and opening a new tab, said spokesman Markus Ra.There is no evidence that any similar attacks were actually used in the wild against either company''s products, he said."When Check Point reported the issue, we addressed it within a day and released an update of WhatsApp for web," said Anne Yeh, a spokeswoman for that Facebook Inc unit. "To ensure that you are using the latest version, please restart your browser.” (Reporting by Joseph Menn; Editing by Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/tech-messaging-idINL2N1GS03X'|'2017-03-15T10:00:00.000+02:00'
'6497a91f97f414181fe955250e5293dfd3b008d7'|'In victory for automakers, Trump orders fuel economy rule review'|'Business News - Wed Mar 15, 2017 - 6:20pm GMT In victory for automakers, Trump orders fuel economy rule review left right U.S. President Donald Trump arrives aboard Air Force One at Detroit Metropolitan Wayne County Airport in Detroit, Michigan, U.S., March 15, 2017. REUTERS/Jonathan Ernst 1/4 left right U.S. President Donald Trump arrives aboard Air Force One at Detroit Metropolitan Wayne County Airport in Detroit, Michigan, U.S., March 15, 2017. REUTERS/Jonathan Ernst 2/4 left right U.S. President Donald Trump arrives aboard Air Force One at Detroit Metropolitan Wayne County Airport in Detroit, Michigan, U.S., March 15, 2017. REUTERS/Jonathan Ernst 3/4 left right U.S. President Donald Trump climbs into his limousine upon arriving aboard Air Force One at Detroit Metropolitan Wayne County Airport in Detroit, Michigan, U.S., March 15, 2017. REUTERS/Jonathan Ernst 4/4 By Nick Carey and David Shepardson - DETROIT/WASHINGTON DETROIT/WASHINGTON The Trump administration on Wednesday ordered a review of tough U.S. vehicle fuel-efficiency standards put in place by the Obama administration, handing a victory to auto industry executives and provoking criticism from Democrats and environmental groups. Republican President Donald Trump was expected to announce his decision at an event Wednesday afternoon in suburban Detroit attended by auto industry executives and workers in a setting that underscored his efforts to lock down support in industrial states such as Michigan that put him in the White House. The setting was the site of the former Willow Run bomber factory in Ypsilanti, Michigan, which won fame for building an operational B-24 heavy bomber every 59 minutes during the Second World War. Now, the site is being redeveloped as a testing ground for autonomous vehicles. Trump''s event was attended by around 1,000 people, including automotive executives and workers from Detroit''s "Big Three" automakers: General Motors Co ( GM.N ), Ford Motor Co ( F.N ) and Fiat Chrysler Automobiles NV (FCA) ( FCHA.MI ) ( FCAU.N ). Automakers lined up examples of vehicles they build in the United States for the president to see. Auto industry executives have said they are hopeful the Trump administration will pursue tax and regulatory policies that would benefit U.S. manufacturers. Reopening the fuel efficiency rules put in place by Democratic President Barack Obama just a few weeks before he left office is one of the top items on the industry''s agenda. Automakers, through their lobbying groups, have said the Obama rules were too expensive and could cost American jobs. “These standards are costly for automakers and the American people,” said Environmental Protection Agency Administrator Scott Pruitt. “We will work with our partners at DOT to take a fresh look to determine if this approach is realistic," he said, referring to the Department of Transportation. At the same time, automakers are wary of being seen as out of touch with environmental concerns, or unwilling to invest in new technology. Ford, for example, used its Twitter account on Wednesday to highlight previously announced commitments to develop electric vehicles. It could take a year for the review process to play out, and Wednesday''s event was effectively a starting gun for intense lobbying efforts over how government policy will drive technology investment decisions in the auto sector. Critics like Democratic U.S. Senator Edward Markey of Massachusetts said Trump''s move could hurt consumers. "Filling up their cars and trucks is the energy bill Americans pay most often, but President Trump''s roll-back of fuel economy emissions standards means families will end up paying more at the pump," Markey added. The president is not seeking to revoke California''s authority to set vehicle efficiency rules even stricter than federal rules, including mandated sales of electric vehicles, as part of this move, a White House official said. The official did not rule out seeking to withdraw California''s authority in the future. Pruitt, an ally of the fossil fuel industry, would not commit during his Senate confirmation hearing to allowing California to continue its own clean vehicle rules. The Obama administration''s rules, negotiated with automakers in 2012, were aimed at doubling average fleetwide fuel efficiency to 54.5 miles per gallon by 2025, although the real-world mileage figures would be lower. ''THOUGHTFUL AND COORDINATED'' Automotive industry executives and lobbying groups were quick to praise the administration''s announcement. "The Trump Administration has created an opportunity for decision-makers to reach a thoughtful and coordinated outcome predicated on the best and most current data," said Mitch Bainwol, chief executive of the AutoAlliance, an industry lobby group. Automakers have signalled they want the government to give manufacturers more credit towards achieving fuel efficiency targets for technologies such as "stop-start" systems that shut down a car’s engine at a traffic light. Regulators should also look at whether ride hailing and vehicle-to-vehicle communications systems designed to prevent accidents and alleviate road congestion could be counted towards the industry’s greenhouse gas emissions goals, the Alliance for Automobile Manufacturers proposed in comments to the EPA last year. The group represents a dozen automakers, including GM, Ford and FCA. Under the 2012 agreement with the industry, the EPA was given until April 2018 to decide whether the standards were feasible under a "midterm review," but the agency moved up its decision to a week before Obama left office in a bid to maintain a key part of his administration''s environmental legacy. (Additional reporting by Bernie Woodall and Susan Heavey; Writing by Will Dunham; Editing by Alistair Bell and Jonathan Oatis) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-trump-autos-idUKKBN16M2QO'|'2017-03-16T01:20:00.000+02:00'
'419e88627fcc31dcef4fe0d84ef52e19de6aca0a'|'UK creates body to coordinate corporate watch for money-laundering'|'Business News   6:05pm GMT UK creates body to coordinate corporate watch for money-laundering LONDON Britain will create a new watchdog to coordinate the currently splintered approach by professional bodies to detecting money-laundering, the finance ministry said on Wednesday. Twenty-five associations, most of them representing accountancy and legal firms, watch out for movements of money raised through crime, potentially allowing money-launderers to exploit different approaches, the ministry said. "The creation of the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) will ensure consistent high standards across the regime, whilst imposing the minimum possible burden on legitimate business," the ministry said. OPBAS will have powers to penalise sectoral bodies for breaches of anti-money laundering rules and will be housed in the Financial Conduct Authority, the regulator tasked with overseeing markets and conduct in the financial system. It will be funded through a new fee on professional body supervisors. Transparency International, an anti-corruption campaign group, said Britain''s anti-money laundering system needed reform but it remained to be seen if the creation of a "supervisors'' supervisor" would work. "These proposals are novel and untested elsewhere in the world," Robert Barrington, executive director of Transparency International UK, said. "The new watchdog will certainly fail if it is toothless, captured by special interests and as lacking in transparency as the current system, which is shrouded in secrecy and riven with conflicts of interest." Barrington said the government had delayed the announcement of a new overall plan for reforming the anti-money laundering system which had been expected in December. Britain published updated draft money-laundering regulations on Wednesday as it sought to bring its rules in line with international standards, the finance ministry said. (Reporting by William Schomberg and Kirstin Ridley Editing by Jeremy Gaunt) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-moneylaundering-idUKKBN16M2P0'|'2017-03-16T01:05:00.000+02:00'
'647f2ed48837516ded6ee6c34b1fc2e2e86c7a53'|'EMERGING MARKETS-Most LatAm currencies strengthen ahead of expected Fed rate hike'|'Company News  30am EDT EMERGING MARKETS-Most LatAm currencies strengthen ahead of expected Fed rate hike By Bruno Federowski SAO PAULO, March 15 Latin American currencies mostly strengthened on Wednesday on the back of higher commodity prices as traders awaited the U.S. Federal Reserve''s policy decision due later in the day. The Mexican peso rose 1 percent as crude futures added more than $1, lifted by a surprise drop in U.S. inventories and data suggesting output cuts should create a deficit. Colombia''s peso firmed 0.7 percent. The move in crude futures also boosted shares of oil producers, with gains in state-controlled oil company Petróleo Brasileiro SA supporting Brazil''s benchmark Bovespa stock index. Shares of miner Vale SA also rose as prices of China-listed iron ore futures surged on hopes of firm Chinese demand for steel. Still, traders avoided making big bets ahead of the Fed''s decision. Though investors widely expect the U.S. central bank to raise interest rates, which could reduce demand for emerging market assets, market reaction is likely to hinge on potential hints over the pace of future hikes. A rate hike at the conclusion of the Fed''s two-day policy meeting is already baked into bond yields and financial markets overall, with investors putting the likelihood of such a move at 95 percent, according to CME Group''s FedWatch program. Key Latin American stock indexes and currencies at 1525 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 941.21 0.13 9.01 MSCI LatAm 2550.53 0.48 8.44 Brazil Bovespa 64904.60 0.32 7.77 Mexico IPC 47143.43 0.12 3.29 Chile IPSA 4538.52 0.24 9.33 Chile IGPA 22791.41 0.22 9.92 Argentina MerVal 19103.71 0.21 12.92 Colombia IGBC 9885.66 0.95 -2.39 Venezuela IBC 37720.64 -0.37 18.97 Currencies daily % YTD % change change Latest Brazil real 3.1561 0.40 2.95 Mexico peso 19.4870 0.90 6.45 Chile peso 669 -0.01 0.25 Colombia peso 2972.6 0.73 0.97 Peru sol 3.263 0.49 4.63 Argentina peso (interbank) 15.5350 0.03 2.19 Argentina peso (parallel) 16.02 0.31 4.99 (Reporting by Bruno Federowski; Editing by Meredith Mazzilli) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/latam-emergingmarkets-idUSL2N1GS10Z'|'2017-03-15T22:30:00.000+02:00'
'8f1ae00030946e9cc29cdcbd7e48b7a17b130e10'|'Brazil''s XP aims at $6.4 bln valuation in IPO, sources say'|'Deals  53am EDT Brazil''s XP aims at $6.4 billion   By Tatiana Bautzer - SAO PAULO SAO PAULO   Depending on investor demand in the run-up to the offering, shareholders, led by U.S. buyout firm General Atlantic LLC, could sell an undetermined stake in a private placement prior to the IPO, the people said, asking not be identified since talks on the matter remain private. There is interest in a private sale from a group of so-called anchor investors, said one of the people, declining to elaborate. XP is targeting a free-float rate, or a ratio of shares in circulation, equivalent to 30 percent of capital, the people added. Letting other investors enter XP before the IPO could provide support for valuations, one of the people said. Proceeds will go towards fueling XP''s growth into asset management, banking and other financial services, the people said. The media office of XP declined to comment, citing a quiet period relating to the transaction. General Atlantic, which has a 49 percent stake in the firm, also declined to comment. Founded in 2001 by partner and Chief Executive Officer Guilherme Benchimol as an independent stock brokerage, XP has expanded into securities trading and custody, money management and financial advisory as peers shrunk dramatically in the face of tumbling fees and a declining client base. Rising volatility and reduced activity in equities and other financial products have triggered years of losses for independent broker-dealers, or brokers with no links to commercial baking groups, according to central bank data. One of the people said XP earned net profit of about 500 million reais last year. The figure could not be independently verified by Reuters. XP hired the investment banking units of Morgan Stanley & Co ( MS.N ), Grupo BTG Pactual SA ( BBTG11.SA ), JPMorgan Chase & Co ( JPM.N ) and Itaú Unibanco Holding SA ( ITUB4.SA ) to lead the offering''s underwriting, the people said. The São Paulo-based securities firm, whose brokerage unit is headquartered in Rio de Janeiro, is in the process of picking other banks to work on the deal, the people said. An announcement will come within a month, they said. The banks declined to comment. (Editing by Guillermo Parra-Bernal and Bernadette Baum) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-xp-investimentos-ipo-idUSKBN16O1XN'|'2017-03-17T21:52:00.000+02:00'
'e75737b6f9fa2117cb34930a8d9f383fe590d061'|'Merck''s Keytruda wins FDA nod for treating blood cancer'|'Company News  22pm EDT Merck''s Keytruda wins FDA nod for treating blood cancer March 14 Merck & Co Inc said on Tuesday it had got a nod from the U.S. Food and Drug Administration for its already-approved immunotherapy drug Keytruda as a treatment for a type of blood cancer. The nod from the FDA marks the first approval of the treatment for blood cancer. Keytruda is already approved for treating lung, head and neck cancers, among others. The drug, administered intravenously, has been approved for use in adults at a fixed dose of 200 mg and in children at a dose of 2 mg/kg for refractory classical Hodgkin lymphoma, a type of cancer that starts in white blood cells. The drug was approved under the FDA''s accelerated approval program which allows for quicker approval of drugs that fill an unmet medical need. When a drugmaker wins accelerated approval, the company must provide further evidence of the drug''s benefit to satisfy the regulator, failing which the approval can be revoked. (Reporting by Dipika Jain in Bengaluru; Editing by Shounak Dasgupta) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/merck-co-fda-idUSL3N1GR5C9'|'2017-03-15T05:22:00.000+02:00'
'54985084692731735ed7e9b46b8b5ed439744ea0'|'British government cuts stake in Lloyds to below 3 percent'|'  9:52am GMT British government cuts stake in Lloyds to below 3 percent A pedestrian passes the head office of the Lloyds Banking Group in central London August 5, 2009. REUTERS/Stefan Wermuth LONDON The British government has reduced its stake in Lloyds Banking Group ( LLOY.L ) to just below 3 percent, putting the lender on track to be back in private ownership within the next few months. UK Financial Investments Limited (UKFI), which manages the government''s stake, resumed share sales in October, having halted them for almost a year due to market turbulence. UKFI said it had reduced its stake by about 1 percent to 2.95 percent in an announcement on Wednesday. The government was left with a 43 percent stake in Lloyds after a 20.5 billion pound ($25.75 billion) taxpayer-funded bailout during the 2007-09 financial crisis. (Reporting By Pamela Barbaglia; Editing by Rachel Armstrong)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lloyds-banking-sale-idUKKBN16M0Q6'|'2017-03-15T16:52:00.000+02:00'
'95c2b081381137b0f844fac9b20f5a8c85294f14'|'U.S. airlines get heat from passengers over snowstorm cancellations'|'U.S.  23pm EDT U.S. airlines get heat from passengers over snowstorm cancellations A man walks with an umbrella in the Queens borough of New York, U.S., March 14, 2017. REUTERS/Shannon Stapleton By Alana Wise - NEW YORK NEW YORK U.S. airlines canceled thousands of flights ahead of Tuesday''s blizzard in the northeastern United States, but the weaker-than-forecast storm left some passengers complaining the preemptive strategy was too drastic. U.S. airlines canceled nearly 6,500 Tuesday flights, according to tracking service FlightAware.com, a move aimed at avoiding costly delays and passenger inconvenience. "I do believe in some cities this was overly dramatic," Patrick Pryor, a 24-year-old whose flight to Chicago from his home in St. Louis was delayed due to fallout from the storm. "I can 100 percent tell you there was nothing going on in STL for us to sit on the tarmac for over one hour." Major U.S. carriers scrapped all or most of their flights at the three New York-area airports, LaGuardia Airport, John F. Kennedy International and Newark Liberty International, in preparation for the storm. The cancellations were prompted by National Weather Service forecasts on Monday of up to 2 feet (60 cm) of snow in some parts of the Northeast. It scaled back those predictions on Tuesday for places such as New York City, which was due to get between 4 and 8 inches (10 and 20 cm). Adam Johnson was stuck in Philadelphia on an almost two-hour flight delay for his flight back home to Saint Paul, Minnesota. "I blame meteorologists and scare tactics announcing 12 to 18 inch totals,” he said. Scrapping flights hours ahead of a storm lets an airline re-allocate planes and crew earlier, meaning fewer flights and passengers canceled in total as a storm passes. Canceling early also spares travelers unnecessary trips to the airport and gives them more options to rebook than when faced with a last-minute cancellation. "Safety of our employees and customers is at the top of our list," United Airlines spokeswoman Erin Benson said. "Proactively canceling the flights allows us to give our customers advance notice and also get our operations up and running after the storm passes.” But the strategy risks a ripple effect of cancellations and delays that may be bigger than necessary. Airlines also incur significant costs in re-routing and re-booking passengers, a factor that may have spooked investors on Tuesday. Shares of American Airlines Group Inc, JetBlue Airways Corp ( JBLU.O ), Delta Air Lines Inc ( DAL.N ) and Southwest Airlines Co ( LUV.N ) ended the day more than 2 percent lower, while the Dow Jones U.S. airlines index .DJUSAR ended the day down nearly 3 percent. (Reporting by Alana Wise, Angela Moon and Arunima Banerjee; editing by Anna Driver and Cynthia Osterman) Next In U.S. Lawmakers grill U.S. military leaders over nude photo sharing scandal WASHINGTON U.S. Senators grilled the Navy and the Marine Corps'' top leaders on Tuesday amid a growing scandal involving a private Facebook group and its surreptitious distribution of explicit images of women in the armed forces - often with obscene, misogynist commentary.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-weather-airlines-idUSKBN16L2QR'|'2017-03-15T05:18:00.000+02:00'
'c7af97199190c29b7364f2d39e999e225f8854fa'|'ECB policy reassessment not warranted by inflation - Praet'|' 49am GMT ECB policy reassessment not warranted by inflation: Praet European Central Bank executive board member Peter Praet attends the 2016 Institute of International Finance (IIF) Spring Membership meeting in Madrid, Spain, May 25, 2016. REUTERS/Susana Vera FRANKFURT The euro zone economy is picking up strength but growth has yet to translate into a sustained recovery of inflation so the European Central Bank should not yet reassess its policy stance, ECB chief economist Peter Praet said on Wednesday. "The recovery has yet to translate into a durable and self-sustained pick-up in inflation," Praet told a conference in Frankfurt. "Looking through recent volatility, the inflation outlook does not at this stage warrant a reassessment of the current monetary policy stance." "We still need to build sufficient confidence that inflation will indeed converge to this aim over a medium-term horizon and will remain there even in less supportive monetary policy conditions," Praet added. (Reporting by Francesco Canepa; Editing by Balazs Koranyi) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-ecb-policy-praet-idUKKBN16M16N'|'2017-03-15T16:44:00.000+02:00'
'3b18446e72276e55dbbf1c96cef4e28f41b77592'|'Workers at Japan''s top companies get meager 2017 pay hikes in Abenomics setback'|'By Tetsushi Kajimoto - TOKYO TOKYO Most major Japanese companies offered the lowest hike in base pay in four years on Wednesday, a setback for Prime Minister Shinzo Abe''s campaign dubbed "Abenomics" to spur the long-sluggish economy.Toyota Motor Corp''s base pay hike, traditionally a benchmark other companies use to gauge their increases, came to 1,300 yen, or about $11, a month - less than last year''s 1,500 yen.The new hike is less than half the union''s demand and far below the 4,000 yen given in 2015.For a Toyota mid-level technician earning 360,000 yen($3,136) a month, the pay increase works out to 0.36 percent.Japan''s annual "shunto" spring wage increases are a barometer of corporate confidence, and an indicator of whether consumer spending can get a needed boost - which this year''s hikes are unlikely to supply."Wage growth is far from enough to accelerate economic growth and inflation," said Hisashi Yamada, chief economist at Japan Research Institute.Despite sitting on piles of cash, companies are reluctant to raise wages as they''re anxious about the economic outlook, currency swings and the chance U.S. President Donald Trump''s trade policies will hurt Japan''s exports.Major electric machinery makers such as Mitsubishi Electric and Panasonic Corp, like Toyota, lowered their wage hikes for a second year. They are giving 1,000 yen, down from 1,500 yen in 2016 and 3,0000 yen the previous year.Yamada and other analysts say that major companies in general are increasing base pay about 0.3 percent for the fiscal year starting in April, the smallest amount in four years.SENIORITY SYSTEMTotal wage growth will be higher than the hikes now being announced: Workers will see roughly 2 percent more in their paychecks because their salary goes up automatically every year under Japan''s seniority-based employment system.Still, such an increase is below last year''s 2.14 percent, and 2015''s 2.38 percent, a 17-year high."I don''t actually feel the economy is recovering or Abenomics is really bringing benefits," said a 33-year-old worker at a precision machinery maker in Nagano prefecture, west of Tokyo. The man, who requested anonymity, has housing loans to repay and two kids to raise."People around me are also living a frugal life due to anxiety such as whether we can receive a pension in our old age," he said.From the early 2000s, base pay raises were virtually frozen for over a decade until Abe swept to power in late 2012 with a pledge to reboot the moribund economy. He urged companies to lift wages and they complied, to a degree.LIMP SPENDINGAbe wants healthy wage hikes to drive a virtuous growth cycle in which consumer spending and business investment rise, in turn lifting profits and wages. The central bank also wants to see higher wages lift prices and enable Japan to break out of its deflationary rut.But the latest meager gains bode poorly for that scenario.Preliminary estimates for pay hikes will be compiled later this month by labor unions, which this year kept their demands unchanged from 2016.In the face of rising costs of living and uncertainty about the future, ordinary workers opt for saving rather than spending."It''s hard to make ends meet and rising vegetable prices are driving up the cost of living. I''ll set any increased income aside for food expenses rather than spending for recreation," said a 22-year-old female factory worker at a watchmaker in central Japan."I sincerely hope that wages rise enough to make me actually feel my salary is really rising."(Reporting by Tetsushi Kajimoto; Additional reporting by Minami Funakoshi; Writing by Malcolm Foster and Tetsuhi Kajimoto; Editing by Richard Borsuk)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-japan-economy-labour-idINKBN16M0H8'|'2017-03-15T02:05:00.000+02:00'
'8261e2b790b8862817d9851dee83267318a1adaa'|'Unilever CEO urges UK to provide ''level playing field'' after Kraft bid'|'By Martinne Geller - LONDON LONDON Fresh from defending Unilever ( ULVR.L ) against an unsolicited $143 billion takeover attempt by Kraft Heinz ( KHC.O ), CEO Paul Polman said the British government should ensure a level playing field for target companies."We''re not talking about protection; we are saying that when you have a situation like this, with a national champion, there should be a level playing field," Polman told Reuters on Tuesday.One key feature of UK takeover rules is that once an expression of interest for a company has been made, suitors have only 28 days in which to make a formal bid, or they must walk away for six months. During those 28 days, the target company is closely monitored by the government''s takeover panel.Unilever, jointly based in Britain and the Netherlands, said target companies should have more time in which to defend themselves. It wants the UK Takeover Code changed to consider the interests of stakeholders beyond shareholders, as is the case in some other countries.Dutch paint company Akzo Nobel ( AKZO.AS ), for example, rejected a $22 billion takeover offer last week by larger U.S. rival PPG Industries ( PPG.N ), saying the unsolicited approach was not in the interest of stakeholders, including its shareholders, customers and employees.A spokeswoman for the UK government''s Department for Business, Energy & Industrial Strategy said mergers and acquisitions played an important role in driving investment, growing businesses and keeping UK businesses competitive."We want the UK to be the best place in the world to invest and do business. This means creating the conditions for British businesses to prosper and grow, both here and on the world stage," the spokeswoman said in an email.When running for the leadership of the Conservative Party after the June 2016 Brexit vote, Theresa May, then the home secretary, said that the government should be capable of stepping in when a foreign company tried to buy a business that was important to workers and communities.She singled out previous bids by an earlier iteration of Kraft and U.S. pharmaceutical company Pfizer ( PFE.N ) to buy British companies."Because as we saw when Cadbury’s – that great Birmingham company – was bought by Kraft, or when AstraZeneca was almost sold to Pfizer, transient shareholders – who are mostly companies investing other people’s money – are not the only people with an interest when firms are sold or close," May said at the launch of her campaign to be prime minister.Since then, May has said that she will not pick winners or prop up failing companies, but that Britain should support and promote strategically important industries as other major economies do.Kraft Heinz, headquartered in Pittsburgh and Chicago, walked away from a fight with Unilever last month, just two days after its $143 billion bid - and Unilever''s rejection - was made public.Polman''s comments were earlier reported by the Financial Times.(Additional reporting by Guy Faulconbridge and Kylie Maclellan; Editing by LOarry King)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/unilever-m-a-kraft-polman-idINKBN16L2PX'|'2017-03-14T19:09:00.000+02:00'
'860a216b147faab13635d28367062e3c08c69d0f'|'Wells Fargo, RBS, Deutsche Bank in $165 mln NovaStar settlement'|'Money   8:04am EDT Wells Fargo, RBS, Deutsche Bank in $165 million NovaStar settlement left right A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith 1/3 left right A worker walks in the foyer of a Royal Bank of Scotland office in the City of London August 6, 2010. REUTERS/Luke MacGregor 2/3 left right FILE PHOTO: The headquarters of Germany''s Deutsche Bank are seen early evening in Frankfurt, Germany January 31, 2017. REUTERS/Kai Pfaffenbach/File Photo 3/3 By Jonathan Stempel - NEW YORK NEW YORK Wells Fargo & Co, Royal Bank of Scotland Group Plc and Deutsche Bank AG have reached a $165 million class-action settlement of investor claims over their underwriting for the now-bankrupt subprime lender NovaStar Mortgage Inc. The accord was made public on Wednesday, and requires approval by U.S. District Judge Deborah Batts in Manhattan. It resolves claims that offering materials prepared by the banks misled investors into believing that loans underlying roughly $7.55 billion of NovaStar mortgage-backed securities they bought were properly underwritten, and were safe. NovaStar had specialized in lower-quality residential mortgages, including many packaged into what proved to be risky securities issued in 2006 and 2007. The company filed for Chapter 11 protection last July, and is not contributing to the payout. Steven Toll, a lawyer for investors led by the New Jersey Carpenters Health Fund, said participants in the settlement are expected to receive about 3.1 cents per dollar of face value. He said that exceeded recoveries in similar settlements involving Bank of America Corp, IndyMac Bancorp Inc, JPMorgan Chase & Co, Morgan Stanley and others. "This is a significant recovery," Toll said in an interview. "Thousands of workers associated with the New Jersey fund and others are going to benefit." Holders of $2.2 billion of the NovaStar securities are not expected to join in the settlement. Hundreds of lawsuits have been filed nationwide against banks over mortgage securities sold prior to the 2008 financial crisis. The NovaStar settlement is one of the last remaining private class actions of this type to settle. The case is New Jersey Carpenters Health Fund v Royal Bank of Scotland Group Plc et al, U.S. District Court, Southern District of New York, No. 08-05310. (Reporting by Jonathan Stempel in New York; Editing by Jonathan Oatis) Next In Money'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-novastar-decision-idUSKBN16M1LI'|'2017-03-15T19:00:00.000+02:00'
'0ffd09c107e8e6315a835bb56436101d2f5bdd68'|'British retailer L.K. Bennett eyeing Russia expansion'|'Company   11:45am EDT British retailer L.K. Bennett eyeing Russia expansion * L.K. Bennett plans to have total of six stores * First shop opened in August * Joins foreign firms returning to Russian market By Maria Kiselyova MOSCOW, March 17 British high-end womenswear firm L.K. Bennett said it plans to open five stores in Russia, shrugging off the political and economic challenges of working in a country that''s been under Western sanctions for almost three years. The London-based company, famous for kitten heels, smart dresses and handbags, is owned by private equity firms Phoenix and Sirius. It opened its first shop in a Moscow mall in August, teaming up with Russian fashion firm Easy Fashion Group. L.K. Bennett, a high street brand favoured by Britain''s Duchess of Cambridge, expects to open a second Russian shop later this year and also plans to launch an online store. A further four stores are planned over the next two to three years, the company said. It joins a growing list of foreign firms tiptoeing back into the Russian market. The economy is still weak and there is no immediate prospect of sanctions being lifted. But Russia still offers strong returns and, three years on from the Ukraine crisis, the fear of doing business in Russia has receded. "It has huge potential, this market. Moscow is an international city and we trade in most of the major international cities around the world," L.K. Bennett''s chief executive Darren Topp told Reuters late on Thursday. "The sales have been really encouraging over the last few months so, yeah, we''re really excited about it," Topp said on the sidelines of the formal opening of the Moscow outlet. He said the company, founded by Linda Bennett in London in 1990 with the vision of bringing "a bit of Bond Street luxury to the High Street", planned further foreign expansion. It anticipates that in three or four years time half of its sales would be outside Britain, compared with around one quarter now. EXPANDING MIDDLE CLASS Russia''s economy is set to return to growth this year, driven by an expected recovery in consumer demand and investment combined with low inflation and a steady rouble. That follows two years of contraction prompted by low oil prices and Western sanctions for Moscow''s annexation of Crimea and its support for separatists in eastern Ukraine. The economy ministry expects 2 percent growth in gross domestic product in 2017, helped by a rebound in oil prices, while the official inflation target for the year is 4 percent, down from 5.4 percent in 2016 and 12.9 percent in 2015. Before the sanctions, Russian consumption was booming and the middle class expanded and while the economic crisis hurt spending, high-end retailers fared better, partly because wealthier people travelled less and spent more at home. According to property consultants CBRE, in 2015-2016 a total of 29 new luxury goods stores were opened in Moscow – that is 42 percent more than in 2013-2014. Russian stocks were among the best performing emerging market indices last year and have touched fresh highs in 2017, buoyed by stronger oil and hopes of sanctions relief. In another sign that foreign investors are turning positive on Russia, German automaker Daimler announced last month it would open a plant near Moscow to make Mercedes-Benz cars - its first to produce passenger vehicles in Russia. Bulgari, the flagship jewellery brand of French luxury group LVMH, said last year it planned to grow presence in Russia after rival French luxury group Hermes tripled the selling space of one of its two Moscow shops. And hypermarket chain Auchan said in December it was stepping up investment in Russia, saying the economy there has largely adapted to sanctions. "We see it (Russia) as a real opportunity. At the end of the day we''re selling clothes, we''re not in the politics. That''s all we do, we sell clothes and shoes," said Topp. (Additional reporting by Anastasia Teterevleva in Moscow and James Davey in London; editing by Anna Willard) Next In Company News BRIEF-Public Storage- CEO Ronald L. Havner, Jr''s 2016 total compensation was $11.2 million versus $10.5 million * CEO Ronald L. Havner, Jr''s 2016 total compensation was $11.2 million versus $10.5 million in 2015'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/russia-lkbennett-idUSL5N1GU15V'|'2017-03-17T22:45:00.000+02:00'
'897b1155eadedfd7306c10c40c96deb89b04e0f2'|'Allan Gray says stake in Net1 allows it to call shareholder meet - reports'|'Company News - Fri Mar 17, 2017 - 2:11am EDT Allan Gray says stake in Net1 allows it to call shareholder meet - reports JOHANNESBURG, March 17 Investment company Allan Gray said on Friday its 16 percent stake in Net1 allowed it to call a shareholders'' meeting over the company''s handling of the South African welfare contract, local media reported. "Sixteen percent allows us to call a shareholders'' meeting," Allan Gray Chief Operating Officer Rob Dower told Talk Radio 702. Chief investment officer Andrew Lapping was quoted in the Business Day newspaper as saying Allan Gray could push for the removal of the Net1 board. South Africa''s Constitutional Court was set to rule on Friday in a case concerning the unlawful tender of a contract to Net1 unit Cash Paymaster Services (CPS) to manage welfare benefits to 17 million people. (Reporting by Ed Stoddard; Editing by Subhranshu Sahu) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/safrica-welfare-court-idUSJ8N1GE00Y'|'2017-03-17T13:11:00.000+02:00'
'05a3053bc1097dff02d2046a4207a119bb92c427'|'Energy market is not working, May says; vows to address problem'|' 13pm GMT Energy market is not working, May says; vows to address problem FILE PHOTO: Illustration photo of a burner flame on a gas cooker, November 13, 2012. REUTERS/Nigel Roddis/Illustration/File Photo LONDON British Prime Minister Theresa May said on Friday her government would look into the energy market because it is "one market that is manifestly not working for all consumers". In a speech to her ruling Conservative Party, May said energy prices had risen 158 percent over the last 15 years, increases that were punishing "ordinary working families". "Our party did not end the unjust and inefficient monopolies of the old nationalised energy corporations only to replace them with a system that traps the poorest customers on the worst deals," she said. "So we are looking very closely at how we can address this problem, and ensure a fairer deal for everyone." (Reporting by Elizabeth Piper; editing by Stephen Addison)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-energy-may-idUKKBN16O1HT'|'2017-03-17T19:13:00.000+02:00'
'25a6814ad0395be6751c57ba057bb391ef64e049'|'South Korea''s Netmarble Games considers up to $2.56 billion IPO: source'|'SEOUL Netmarble Games Corp, South Korea''s largest mobile gaming company, is considering an initial public offering worth up to about 2.9 trillion won ($2.56 billion), a source with direct knowledge of the matter said on Friday.The numbers could be subject to change before a securities report is submitted to regulators, the source added, declining to be identified as he was not authorized to speak to media.The value of the IPO is based on an expected indicative price range of about 130,000 won to 173,000 won per share, the source said.A spokesman for Netmarble declined to comment.(Reporting by Changho Lee; Writing by Joyce Lee)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-netmarble-ipo-idINKBN16O0GA'|'2017-03-17T02:23:00.000+02:00'
'8f2c83fe1eb4b601b171791dac822d8e2fcb7d48'|'Japan not considering support for Toshiba - government spokesman'|'Business News - Fri Mar 17, 2017 - 1:52am GMT Japan not considering support for Toshiba - government spokesman left right A logo of Toshiba Corp is seen outside an electronics retail store in Tokyo, Japan, January 19, 2017. REUTERS/Toru Hanai/File Photo 1/2 left right Japan''s Chief Cabinet Secretary Yoshihide Suga speaks to media during a news conference after the reports on the launch of a North Korean missile, at the prime minister''s office in Tokyo, Japan, in this photo taken by Kyodo February 12, 2017. Mandatory credit Kyodo/via REUTERS 2/2 TOKYO The Japanese government is not considering steps to support embattled conglomerate Toshiba Corp ( 6502.T ), Chief Cabinet Secretary Yoshihide Suga said on Friday. Toshiba this week missed submitting audited third-quarter earnings for a second time and said it would consider selling a majority stake in the Westinghouse nuclear unit at the centre of its financial troubles. Sources have told Reuters that a fund backed by the government may invest as a minority stakeholder in Toshiba''s memory chip business, which the company is looking to sell to raise cash. (Reporting by Kaori Kaneko; Editing by Edwina Gibbs) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-toshiba-accounting-suga-idUKKBN16O05Y'|'2017-03-17T08:52:00.000+02:00'
'0fd15ac0be40a9013ed39e7619aca7d49668d8c6'|'India steel minister says he hopes SAIL, ArcelorMittal resolve JV issues by May'|'Business News - Fri Mar 17, 2017 - 9:29am GMT India steel minister says he hopes SAIL, ArcelorMittal resolve JV issues by May India''s Steel Minister Chaudhary Birender Singh speaks during an interview with Reuters in New Delhi, India, December 9, 2016. REUTERS/Adnan Abidi NEW DELHI India''s steel minister said he hoped state-owned Steel Authority of India Ltd ( SAIL.NS ) and ArcelorMittal SA ( ISPA.AS ) would resolve differences over building an $897 million automotive steel plant before the deadline in May to close the deal. SAIL is banking on the proposed joint venture with the world''s number 1 steel producer, ArcelorMittal, to help it move to higher grades of steel in the automotive segment. A collapse of the proposal would further hamper its efforts to recover from seven straight quarters of losses. "Before the May deadline, some solution should come, some good news should come," Steel Minister Chaudhary Birender Singh told reporters. Reuters reported last month that talks between SAIL and ArcelorMittal were at a standstill, with the two companies disagreeing on key terms. (Reporting by Neha Dasgupta; Editing by Amrutha Gayathri) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-india-sail-arcelormittal-idUKKBN16O103'|'2017-03-17T16:29:00.000+02:00'
'9c336182080931a86747060a81c2ecba8e87e7e4'|'Chipotle says a third of its board not to stand for re-election'|'Business  44am EDT Chipotle says a third of its board not to stand for re-election Signage for a Chipotle Mexican Grill is seen in Los Angeles, California, United States, April 25, 2016. REUTERS/Lucy Nicholson/File Photo Chipotle Mexican Grill Inc ( CMG.N ) said on Friday four of its 12 directors would not stand for board re-election at the burrito chain''s shareholder meeting in May. John Charlesworth, Patrick Flynn, Darlene Friedman and Stephen Gillett will not stand for board re-election this year, Chipotle said in a regulatory filing. Chipotle, under pressure from activist investor Bill Ackman, said in December it had appointed four new members to its board, including one from Ackman''s hedge fund Pershing Square Capital Management. (Reporting by Richa Naidu in Bengaluru; Editing by Sai Sachin Ravikumar) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-chipotle-board-idUSKBN16O193'|'2017-03-17T17:37:00.000+02:00'
'9a56fea03529dfa0ebc5614b3ffb8bc022766571'|'Senators press Trump for details on Icahn''s special adviser role'|'Politics   6:09pm EDT Senators press Trump for details on Icahn''s special adviser role Billionaire activist-investor Carl Icahn gives an interview on FOX Business Network''s Neil Cavuto show in New York, U.S. on February 11, 2014. REUTERS/Brendan McDermid/File Photo By Chris Prentice Six U.S. Senate Democrats on Thursday stepped up efforts to get more clarity from the White House and chief of the Environmental Protection Agency on Carl Icahn''s role as special adviser on regulations to President Donald Trump. The lawmakers, including Sheldon Whitehouse of Rhode Island and Elizabeth Warren of Massachusetts, in letters to the White House counsel and to EPA Administrator Scott Pruitt, raised concerns about the billionaire investor''s conflicts of interests. They highlighted his involvement with a potential overhaul of the U.S. biofuels program. Icahn has weighed in on the issue, which could cut millions of dollars in costs for refiners like CVR Energy Inc, in which he owns an 82 percent stake. "We are concerned that his substantial and widespread private-sector investments present perverse incentives for Mr. Icahn in his role as a special adviser to the President," the letter to White House Counsel Donald F. McGahn II said. Previous letters seeking details on Icahn''s role have gone unanswered amid signs of Icahn''s involvement on the issue, the senators said. Efforts to reach Icahn or his representatives were not immediately successful. Oil refiners like CVR Energy and Valero Energy Corp have pressed for a change to the Renewable Fuel Standard to meet annual biofuel standards from further downstream to companies like fuel retailers. The Renewable Fuel Standard requires oil refiners blend biofuels with gasoline and diesel, or buy credits from firms that have. Refiners have asked the government to shift those requirements from them further downstream to fuel retailers. The RFS has become a battleground between entrenched farm and oil interests. A biofuels lobbyist earlier this month said Icahn told him an executive order on the issue was forthcoming, a claim that both the adviser and the White House have denied. The events of the last two weeks have underscored worries over Icahn''s conflicts of interest, the senators said. Icahn "has taken the first opportunity to leverage his newfound political power for his own personal gain," the letter stated, as the senators pressed for more specifics on his conversations with the Trump and Pruitt on the matter. Icahn has weighed in heavily on this issue as costs for oil refiners hit record levels in 2016. In August, he pressed the EPA under former President Barack Obama to overhaul the market for renewable fuels credits. Prices of those credits tumbled over a third on the day the White House denied any plans to issue an executive order on the matter. Shares of CVR stock jumped as much as 8 percent that day. (Reporting by Chris Prentice; Editing by Dan Grebler) Next In Politics'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-trump-icahn-idUSKBN16N30T'|'2017-03-17T05:04:00.000+02:00'
'2815a6568bed093e79c6de520622f48de494e53b'|'JPMorgan Chase names new head of retail brokerage'|'Big Story 10  49pm EDT JPMorgan Chase names new head of retail brokerage By Elizabeth Dilts - NEW YORK NEW YORK JPMorgan Chase & Co named the head of its Latin America Private Bank as the new chief executive of its New York-based retail brokerage, JPMorgan Securities, the bank said on Thursday. Chris Harvey takes over the post from Greg Quental, who will retire at the end of the year. Harvey will oversee the boutique-style wealth management firm''s roughly 420 financial advisers and the $110 billion in client assets they manage. The bank said in an emailed statement that Harvey will manage overall strategy and growth for the brokerage division. Quental, who joined JPMorgan from Bear Stearns in August 2010, had set a goal of growing the firm''s adviser base to roughly 650 advisers by around 2016, according to an interview Quental gave Reuters in 2012. JP Morgan Chase declined to answer questions beyond what was in the press release. (Reporting By Elizabeth Dilts; editing by Diane Craft) Next In Big Story 10 Reuters Poll: Colombia''s central bank seen cutting key rate to bolster economy BOGOTA Colombia''s central bank is expected to cut its key interest rate for the second consecutive month at next week''s policy meeting in a bid to support growth in the sluggish economy as inflation expectations begin to ease, a Reuters poll showed on Thursday. Oil firm says quits Peru Amazon due to finances not tribal pressure RIO DE JANEIRO (Thomson Reuters Foundation) - Activists are claiming victory after a Canadian oil company relinquished a huge concession in the Peruvian Amazon seen as a threat to uncontacted indigenous tribes but the firm says its decision came down to business not public pressure. LONDON (Thomson Reuters Foundation) - When Pakistan''s top female squash player Maria Toorpakai was a little girl she burnt all her dresses in the back yard and chopped her hair short. For the next decade she lived as a boy. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-jpmorgan-wealth-quental-idUSKBN16N32L'|'2017-03-17T05:46:00.000+02:00'
'4a05cec7e0a87def4176ba4143fcf1f4465c8648'|'U.S. financial firms embrace cloud, ''fat fingers'' notwithstanding'|'Fri Mar 17, 2017 - 5:10am GMT U.S. financial firms embrace cloud, ''fat fingers'' notwithstanding FILE PHOTO: The logo of Amazon is seen at the company logistics center in Lauwin-Planque, northern France on February 20, 2017. REUTERS/Pascal Rossignol/File Photo By Anna Irrera - NEW YORK NEW YORK Only two years ago, an outage similar to the one that struck Amazon''s cloud services last month would have reinforced U.S. financial firms'' view that shifting data and systems onto the public cloud was just too risky. The fact that the Feb. 28 shutdown had no visible impact on the industry''s use of cloud services goes to show how far it has progressed since then in embracing the cloud after nearly a decade of hesitation. That change of heart came after providers Amazon Inc, Microsoft Corp and Alphabet Inc''s Google took steps to assure financial firms and regulators that the cloud not only made tech systems cheaper and faster, but also more reliable and secure than their own server-filled warehouses. The benefits are so unquestionable that last month''s outage caused by an employee who typed in a wrong code was barely a bump on the road to the cloud and merely a reminder that no technology is foolproof, financial executives, Silicon Valley vendors and analysts who work with them said. "You can''t just say if you use Amazon you get the magic cloud sauce and everything will work perfectly," said Yevgeniy Brikman, the co-founder of Gruntwork, a startup that helps big companies deploy cloud services. "And similarly that if you use your own data center that somehow magically everything will work perfectly. These are just tools." The payoffs of using the cloud are clear for an industry engaged in rounds of relentless cost-cutting. Calculations performed for Reuters by research firm IDC Financial Insights show the biggest global banks saving $15 billion by 2019 from cloud adoption, cutting technology infrastructure costs by 25 percent. About two thirds of global financial firms will be using cloud services in a significant way by next year, IDC predicts. (Graphic: tmsnrt.rs/2nrpRoG ) Developing an application on the cloud can help reduce the time it takes to launch from 89 days to 15 days, according to consultancy McKinsey & Company. JPMorgan Chase & Co, Goldman Sachs Group Inc, Capital One Financial Corp and Liberty Mutual Insurance Co are already using shared cloud services from large technology vendors, executives and spokespeople said. So are institutions such as Nasdaq Inc, The Depository Trust and Clearing Corporation (DTCC) and the Financial Industry Regulatory Authority (FINRA), the brokerage industry watchdog. State Street Corp is considering the same. Amazon is the biggest provider with 40 percent of public cloud business, according to Synergy Research. That market totaled $7 billion in the fourth quarter, and is growing at an annual rate of 50 percent. FINRA now runs 90 percent of its critical applications, including market surveillance, on Amazon''s cloud, saving $20 million annually. The recent outage did not affect its satisfaction. "The capability and flexibility to recover quickly is much greater, and it is far more cost-efficient than operating your own geographically dispersed data centers," said spokesman Ray Pellecchia. TRUCKING DATA Cost savings alone would not have been enough to lure big financial firms. For years, the industry sat on the sidelines due to concerns about data security and regulatory compliance as other corporations took advantage of the cloud''s benefits. Silicon Valley took notice and made changes. For instance, Amazon has expanded its number and locations of data centers around the world to allow customers to choose a particular center to comply with different countries'' privacy rules. Customers can also get dedicated servers to avoid sharing them, or can access information through private networks. In late-November Amazon introduced the "Snowmobile," a tamper-resistant 45-foot (13.72 m) container pulled by a semi-trailer truck that securely transports customers'' servers to its own data centers. Amazon customers can also set up systems to automatically shift to another data center within its 16 global regions if an outage occurs. That minimized the impact of the recent outage, four financial customers said. George Brady, who heads shared technology operations at Capital One, told Reuters the bank believed big tech companies had "controls for public cloud that are as good or better than capabilities we would provide." He was speaking before the outage, but later said the bank had factored in occasional glitches and remained committed to the cloud. Capital One builds all new applications on the cloud and plans to reduce its data centers from eight to three by next year. John Madsen, co-head of technology at Goldman Sachs, said his bank has worked with vendors to ensure cloud networks were secure and reliable, and was satisfied with the results. "We''ve had a lot of success with those efforts," he said. Customers, regulators and lawyers acknowledge that cloud failures could, in theory, wreak havoc. That is why large financial institutions have mostly kept highly sensitive data off the cloud and have back-up plans, like using multiple vendors. An apocalyptic scenario where many data centers fail at the same time is highly unlikely, they say. At a conference this month, Scott Mullins, the Amazon executive responsible for generating new cloud business from financial firms, said security has given way to other issues as financial customers'' top concern when making the decision to move. "About four years ago when we began in earnest talking to financial institutions...security was the No. 1 topic," he said. "Today we don''t spend as much time talking about security." (Reporting by Anna Irrera; Editing by Lauren Tara LaCapra and Tomasz Janowski) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-finance-cloud-analysis-idUKKBN16O0FO'|'2017-03-17T12:04:00.000+02:00'
'137e8d90ffde2d95d53720396b4e4968d1a3489c'|'Our Rics survey missed major problems – can we get our money back? - Money'|'Q What should we do about costly problems that were not indicated on our Royal Institution of Chartered Surveyors (Rics) homebuyer report, or in our lender’s survey?Namely, we have had to pay for a new roof, after a roofer found and photographed it in need of severe repair. The homebuyer report said it appeared in “adequate condition for its age” and gave it a green score. Similarly, our builder has uncovered significant dry rot that has rotted a lot of the joists. The costs to repair this run into the thousands. Our report noted a leaking drainpipe (not the cause) but made no mention of damp.Finally, the rear of the house has a crack in the masonry that the report again says is normal and “not a cause for concern”. Our builder says otherwise as the masonry is deeply cracked and taking in water.Is there anything we can do to recover our costs? We simply would not have bought the house had we known. Or will Rics just protect their own? SB A There’s no point complaining to your lender about the “survey” it had done. It isn’t really a survey, it’s more a valuation, a limited check your lender carries out to ensure the property is worth the money it is lending you. There is also no point complaining to Rics. Rics itself cannot order any of its members to compensate you or take steps to correct mistakes. However, Rics can – and does – require its members to have a complaints-handling procedure in place, which gives details of what it calls an “alternative dispute resolution” (ADR) provider – such as an ombudsman service. Unlike Rics, the ADR provider can order Rics members to pay compensation and/or take steps to correct mistakes. So, if you do want to pursue a complaint about your homebuyer report, you will need to ask your surveyor for details of its complaints-handling procedure.Rics also oversees the types of survey – of which there are three – that surveyors can offer and what each type should cover. The most basic survey is the Rics condition report, which is recommended for relatively new, conventional properties made from common building materials and in good condition. You went for the next survey up, the Rics homebuyer report, which it says is suitable for someone thinking of buying a conventional property who wants more extensive information than that provided in the basic condition report. With a homebuyer report, the surveyor undertakes a visual inspection of the inside and outside of the property but does not take up floor coverings or floorboards, move furniture or remove the contents of cupboards and roof spaces, for example. So, if any of the problems you have now identified were hidden from view, it is not surprising they did not appear in your report. To have “visible defects” described and “potential problems posed by hidden defects” exposed, Rics says you need a Rics building survey – recommended for a “large, older or run-down property and/or a building that is unusual or has been altered”. A building survey also “provides a longer and more detailed visual inspection of a wider range of issues, including a more thorough consideration of the roof space, grounds, floors and services”. More information on the differences between the various types of survey are available at www.rics.org . Topics Money Ask the experts: homebuying Mortgages features  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/mar/16/who-should-we-complain-to-about-major-problems-not-mentioned-in-our-rics-survey'|'2017-03-16T14:00:00.000+02:00'
'9129d4a9e34695893ead1c770b74415c475a77e4'|'Markets rally after US interest rate hike and Dutch election – business live - Business'|'The Bank of England in London. Photograph: Gareth Fuller/PA Share on Facebook Share on Twitter Share via Email View more sharing options Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger Close Graeme Wearden Thursday 16 March 2017 07.44 GMT First published on Thursday 16 March 2017 07.40 GMT Key events Show 7.30am GMT 07:30 The agenda: Bank of England interest rate decision Live feed Show 7.44am GMT 07:44 European government bonds are strengthening this morning, following Geert Wilder’s failure to claim first place in the Dutch election. French debt is in demand, as investors take it as a sign that Marine Le Pen might be thwarted in her bid to win the presidency.Reuters has the details:France’s government bond yields hit a one-week low in early trade on Thursday after results of Wednesday’s Dutch parliamentary elections suggested that populist party PVV would come a distant second to the current ruling party. Dutch centre-right Prime Minister Mark Rutte scored a resounding victory over anti-Islam and anti-EU Geert Wilders in an election on Wednesday.French government bonds were seen as vulnerable to a potential victory for PVV, as France faces its own presidential elections in April and May, with far-right leader Marine Le Pen in with a chance to win the keys to Elysee Palace. France’s 10-year government bond yield fell 5 basis points to one-week low of 0.99%. Most other euro zone bond yields were also lower on the day. Holger Zschaepitz (@Schuldensuehner) #Eurozone spreads shrink as pol establishment held on to power in Dutch elections. Weak Wilders seen as leading indicator for rest of Europe pic.twitter.com/inQgbobxSv March 16, 2017 Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 7.30am GMT 07:30 The agenda: Bank of England interest rate decision Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. It’s Bank of England Day! Over in Threadneedle Street, in the heart of the City, Britain’s central bank is putting the finishing touches to this month’s decision on monetary policy.We don’t expect a change on interest rates, which are currently at a record low of just 0.25%. But the minutes of the meeting will be poured over for signs that the Bank may be considering whether to tighten policy in response to rising inflation.The decision comes at noon. Analysts at PNC believe that yesterday’s unemployment figures, which showed falling pay growth and a rise in self-employment, will encourage the Bank to sit tight for several months.Lower wage growth and a shift to self-employment (possibly a disguised form of underemployment) reinforces our view that slack has increased in the British labor market since the June 2016 Brexit referendum, making a bank rate hike unlikely in 2017.Another reason not to expect a rate hike is that the BoE’s MPC believes Brexit will be a headwind to British output over the medium term, for example by reducing market access for British services exports to EU end-markets which account for 5 percent of the UK’s GDP.We’ll also be mopping up reaction to last night’s US interest rate rise. As we blogged , the Federal Reserve raised borrowing costs to 1%, but maintained a cautious approach to normalising monetary policy.That sparked a rally on Wall Street last night, and Europe is likely to follow suit his morning. FXTM Chief Market Strategist Hussein Sayed says: “Thank you, Janet Yellen,” this is today’s market message to the U.S. Fed Chair.The greenback [US dollar] is falling while everything else is in green today after the Federal Reserve delivered on its promise to hike rates by 25 basis points. While this move was widely expected, many market participants were positioned for a more hawkish language and an upgrade in economic projections which didn’t happenCity traders believe the FTSE 100 could hit a new record high! Louisa Bojesen (@louisabojesen) Opening calls:FTSE +30 points at 7401DAX +90 points at 12100CAC +35 points at 5020(via LCG)March 16, 2017 Neil Wilson (@neilwilson_etx) #Ftse set for record high on the open pic.twitter.com/IG2qMWiPqC March 16, 2017 European investors are also digesting the results of the Dutch election.Far-right populist Geert Wilders has failed to claim first place, claiming just 20 seats - behind Mark Rutte’s centre-right VVD party which is set to win 33.That appears to leave VVD clear to form a new coalition; it may take a few weeks, but fears of another populist shock victory can now recede.Here’s what you need to know:Mary Hamilton (@newsmary) What you need to know about the Dutch elections this morning, thanks to @Claire_Phipps : https://t.co/ggjMLJdkvk pic.twitter.com/mdSFNbeSDZ March 16, 2017 Updated at 7.42am GMT Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close Topics Business Business live Bank of England Mark Carney  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/live/2017/mar/16/ftse-100-markets-rally-bank-of-england-interest-rate-dutch-election-business-live'|'2017-03-16T14:44:00.000+02:00'
'93264e6c9da6ab6fa704cb3ca2cfc14ddf67f29f'|'German prosecutor searches VW''s dieselgate law firm'|'FRANKFURT German prosecutors have searched the offices of the law firm hired by Volkswagen ( VOWG_p.DE ) to investigate its diesel emissions test cheating, as they step up their efforts to identify those involved in the scandal.Europe''s biggest carmaker condemned the search, carried out on Wednesday but reported on Thursday, as "unacceptable in every way" and said it would use every legal step to defend itself.The law firm, Jones Day, declined to comment. The Munich prosecutor''s office was not immediately available for comment.Jones Day was searched on the same day as Volkswagen''s (VW) premium brand Audi''s ( NSUG.DE ) headquarters were searched, in a sign prosecutors are stepping up efforts to find who was responsible for - and who may have known about - the biggest business crisis in the 80-year-old group''s history."In our opinion the search of a law firm mandated by a company contravenes the principles of the code of criminal procedure," VW spokesman Eric Felber said in a statement.While client attorney privilege is sacrosanct when there is a formal mandate, there is a grey area when a lawfirm is not formally tasked with representing a particular individual, according to law professor Werner Beulke said.Jones Day was mandated by VW''s supervisory board to lead an open-ended investigation into an emissions test cheating scandal.While in northern German Federal states, prosecutors are barred from searching lawfirms, there is no nationwide ruling on the matter from Germany''s Federal Court of Justice, leaving an opening for southern Bavarian prosecutors to search VW''s lawfirm, Beulke said.VW has never published the full Jones Day report, although a summary of its findings was compiled in the form of a "Statement of facts" for the U.S. Department of Justice.Jones Day found wrongdoing by certain high-level VW employees but exonerated members of the management board and Volkswagen used the findings to negotiate a $4.3 billion settlement with U.S. authorities.VW has maintained that its executive board did not learn of the illegal emissions cheating devices installed in VW cars until late August 2015 and formally reported the cheating to U.S. authorities in early September that year.In January, German prosecutors in Braunschweig widened their probe of VW, searched 28 premises, and raised the number of people under investigation to 37 from 21, including former Chief Executive Martin Winterkorn.In February, a media report said former chairman Ferdinand Piech had informed top directors about potential cheating of diesel emission tests six months before the scandal became public. VW strongly denied this.(Reporting by Edward Taylor and Joern Poltz; Additional reporting by Joern Poltz, Irene Preisinger and Jan Schwartz; Editing by Christoph Steitz and Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/volkswagen-emissions-jonesday-idINKBN16N2W9'|'2017-03-16T17:43:00.000+02:00'
'f02ae533a8d99141e6c14897bb64bd12e3ee305f'|'Airbnb has no plans for IPO yet - CEO Chesky'|'NEW YORK, March 13 Airbnb, the leading online marketplace for short-term lodging, has no specific plans yet to go public, its chief executive officer Brian Chesky said on Monday."We don’t have any announcement to make. We are working to make sure that the company is ready,” Chesky said at an event at the New York Exchange when asked about plans for an initial public offering.“Our investors are very patient and none of them are anxious for us to go public,” he said, adding that the company doesn''t need to raise more money.Airbnb raised $1 billion in its latest round of funding, valuing the company at $31 billion. The company which operates in more than 65,000 cities worldwide turned profitable in the second quarter of 2016. (Reporting by Angela Moon; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/airbnb-ceo-idINL2N1GQ0XP'|'2017-03-13T15:25:00.000+02:00'
'510d457db1e808c2327d1913a4545b9c7b09c791'|'AT&T''s $85.4 billion deal for Time Warner wins EU thumbs-up'|'AT&T Inc has won approval from the European Commission for its planned $85.4 billion acquisition of Time Warner Inc, the No. 2 U.S. wireless carrier said on Wednesday.The merger, which still requires approval from the U.S. Department of Justice, is expected to close by the end of the year, AT&T said.During his election campaign, U.S. President Donald Trump had said that he opposes the merger, and in January a transition official told Reuters that Trump was still against the deal.The U.S. Federal Communications Commission does not expect to review the deal, a spokesman for the agency said last month.(Reporting by Anya George Tharakan in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-time-warner-at-t-eu-idINKBN16M1ON'|'2017-03-15T09:26:00.000+02:00'
'03d8c1087c0d9bc1b5afdf80661ab1e58a2bbbdc'|'Drugmaker Hikma''s full-year core operating profit rises 2.4 percent'|' 27am GMT Drugmaker Hikma''s full-year core operating profit rises 2.4 percent Drugmaker Hikma Pharmaceuticals Plc ( HIK.L ) said its full-year core operating profit rose 2.4 percent as weakness in its generic drugs business was more than offset by growth in its injectables and branded business. The company, which makes and markets branded and non-branded generic and injectable drugs, said revenue rose 35.4 percent to $1.95 billion (1.6 billion pounds) in 2016. Hikma, which bought Boehringer Ingelheim''s U.S. generic drugs business last year, had cut its full-year revenue expectation for the business in November, due to a slightly slower-than-expected ramp-up in the unit. Core operating profit rose to $419 million for the year ended Dec. 31 from $409 million. Jordan-based Hikma, founded in 1978, also forecast 2017 revenue of about $2.2 billion on a constant currency basis. (Reporting by Arathy S Nair in Bengaluru; Editing by Sunil Nair)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hikma-pharma-results-idUKKBN16M0RL'|'2017-03-15T14:27:00.000+02:00'
'a9154b54289473fb1cd19d2c766ee11fca1f18c1'|'U.S. retail sales weakest in six months; inflation firming'|' 19pm GMT U.S. retail sales weakest in six months; inflation firming A shopper carries bags with purchases through Quincy Market in downtown in Boston, Massachusetts, U.S. January 11, 2017. REUTERS/Brian Snyder By Lucia Mutikani - WASHINGTON WASHINGTON U.S. retail sales recorded their smallest increase in six months in February as households cut back on motor vehicle purchases and discretionary spending, the latest indication that the economy lost further momentum  . Other data on Wednesday showed a steady increase in inflation, with the consumer price index posting its biggest year-on-year increase in nearly five years in February. Firming inflation could allow the Federal Reserve to raise interest rates on Wednesday despite signs of slowing domestic demand. "Nothing here to suggest the Fed shouldn''t raise interest rates at the policy meeting that concludes later today," said Paul Ashworth, chief U.S. economist at Capital Economics in Toronto. The Commerce Department said retail sales edged up 0.1 percent last month, the weakest reading since August. January''s retail sales were revised up to show a 0.6 percent rise instead of the previously reported 0.4 percent advance. Sales were likely held back by delays in issuing tax refunds this year as part of efforts by the government to combat fraud. Compared to February last year retail sales were up 5.7 percent. February''s retail sales gain was in line with economists'' expectations. Excluding automobiles, gasoline, building materials and food services, retail sales rose 0.1 percent after an upwardly revised 0.8 percent jump in January. These so-called core retail sales, which correspond most closely with the consumer spending component of gross domestic product, were previously reported to have increased 0.4 percent in January. In a separate report, the Labor Department said its Consumer Price Index ticked up 0.1 percent last month as a drop in gasoline prices offset increases in the cost of food and rental accommodation. That was the weakest reading in the CPI since July and followed a 0.6 percent jump in January. In the 12 months through February, the CPI accelerated 2.7 percent, the biggest year-on-year gain since March 2012. The CPI rose 2.5 percent in the year to January. Inflation is firming in part as the 2015 drop, which was driven by lower oil prices, fades from the calculation. The so-called core CPI, which strips out food and energy costs, increased 0.2 percent last month as new motor vehicle prices fell and apparel prices moderated after spiking in January. The core CPI increased 0.3 percent in January. In the 12 months through February, the core CPI increased 2.2 percent after advancing 2.3 percent in January. It was the 15th straight month the year-on-year core CPI remained in the 2.1 percent to 2.3 percent range. The Fed has a 2 percent inflation target and tracks an inflation measure which is currently at 1.7 percent. ECONOMY SLOWING The U.S. central bank is expected to raise its overnight benchmark interest rate by 25 basis points to a range of 0.75 percent to 1.00 percent on Wednesday. It increased borrowing costs last December and has forecast three rate hikes in 2017. U.S. financial markets were little moved by the data as traders awaited the outcome of the Fed''s meeting. The Fed will announce its decision on interest rates at 2 p.m. (1800 GMT) February''s retail sales added to January''s weak reports on trade, construction and business spending that have pointed to sluggish economic growth  . The Atlanta Fed is forecasting GDP rising at a 1.2 percent annualised rate  . With the labour market near full employment, slowing growth probably understates the health of the economy. In addition, GDP growth tends to be weaker   because of calculation issues that the government has acknowledged and is working to resolve. Tightening labour market conditions, which are steadily lifting wages, continue to underpin consumer spending. In February, motor vehicle sales fell 0.2 percent after declining 1.3 percent the prior month. Receipts at service stations slipped 0.6 percent, reflecting lower gasoline prices. Sales at electronics and appliances stores fell 2.8 percent, the biggest decline since December 2011, after climbing 1.1 percent in January. Receipts at building material stores increased 1.8 percent. Sales at clothing stores fell 0.5 percent. Retailers including J.C. Penney Co Inc ( JCP.N ), Abercrombie & Fitch ( ANF.N ) and Macy''s Inc ( M.N ) are scaling back on brick-and-mortar operations amid increased competition from online retailers, led by Amazon.com ( AMZN.O ). Sales at online retailers jumped 1.2 percent last month after increasing 0.5 percent in January. Receipts at restaurants and bars dipped 0.1 percent, while sales at sporting goods and hobby stores fell 0.4 percent. (Reporting by Lucia Mutikani; Editing by Andrea Ricci)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-economy-idUKKBN16M1VX'|'2017-03-15T20:19:00.000+02:00'
'19fefbd824ccedd9009b9dd92dd18215cd8a45f7'|'Nikkei falls to 1-1/2-week low as Softbank slides, financials drag'|'Company   2:17am EDT Nikkei falls to 1-1/2-week low as Softbank slides, financials drag TOKYO, March 21 Japan''s Nikkei share average fell to a 1-1/2-week low on Tuesday as financial stocks underperformed after U.S. yields fell, while index-heavyweight SoftBank tumbled. The Nikkei dropped 0.3 percent to 19,455.88, the lowest closing level since March 9. SoftBank Group Corp dropped 1.9 percent and contributed a hefty negative 18 points to the Nikkei index after the Wall Street Journal reported that the company scrapped a planned $100 million investment in a smartphone startup founded by the creator of Google''s Android software, citing people familiar with the matter. The broader Topix dropped 0.2 percent to 1,563.42 and the JPX-Nikkei Index 400 shed 0.2 percent to 13,987.00. (Reporting by Ayai Tomisawa)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-close-idUSL3N1GY2E8'|'2017-03-21T13:17:00.000+02:00'
'324c057227220cdf2f1ea7abaa3ad911de3443d3'|'Activist investor Sarissa targets three Innoviva board seats'|'Activist investor Sarissa Capital Management LP said on Monday it intends to nominate only three candidates for election to the board of drug company Innoviva Inc ( INVA.O ).Innoviva said last week that Sarissa Capital had nominated four directors to replace a majority of the drug company''s board.Sarissa Capital is a hedge fund run by Alex Denner, billionaire investor Carl Icahn''s former healthcare lieutenant. The fund has a stake of 2.72 percent in Innoviva, according to Reuters data.(Reporting by Divya Grover in Bengaluru; Editing by Savio D''Souza)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-innoviva-sarissa-idINKBN16K1LZ'|'2017-03-13T10:05:00.000+02:00'
'5a60ef679715245967e6fd16c2803306c78e8769'|'Puerto Rico creditors urge extension of fiscal plan deadline'|'A group holding more than $10 billion of Puerto Rican debt wants the island’s federally appointed financial oversight board to postpone a Wednesday deadline to approve a fiscal turnaround plan for Puerto Rico, saying the U.S. territory’s creditors should have input on the plan.A bondholder group led by OppenheimerFunds and Franklin Advisers, which hold debt across a wide swath of Puerto Rican credits, made the request to the board in a letter made public on Monday morning, ahead of the board’s scheduled public meeting in New York.“An extension would ... allow Puerto Rico and the oversight board to work with Puerto Rico’s key stakeholders to develop a fiscal plan that makes sense to all the parties,” the group said.The turnaround plan, a requirement of the Puerto Rico rescue law known as PROMESA, must be submitted by Governor Ricardo Rossello and approved by the seven-member board in charge of managing the island’s finances. The plan is meant to serve as the basis for looming restructuring talks with holders of Puerto Rico’s $70 billion in debt.So far, Rossello and the board have disagreed about what the blueprint should look like, with the board saying an initial draft by Rossello relied on overly optimistic revenue and growth projections. The draft increased 10-year cash flows by $33.8 billion, through spending cuts and new revenues, and contemplated $1.2 billion a year in debt service - only 30 percent of what it owes next fiscal year.The board on Monday is expected to take up a revised version of the plan from Rossello, and has said it wants to approve a final version by Wednesday.But the lingering disagreements between the board and Rossello call for an extension, the Oppenheimer group said in Monday’s letter, adding that more time might give the island’s creditors a seat at the table.Oppenheimer said Rossello’s draft plan was unfeasible, saying it ignored payment priorities, offered too weak an analysis on debt sustainability, and did not go far enough on tax reform measures.Puerto Rico is trying to stem rampant out-migration, reduce a 45 percent poverty rate, and fix near-insolvent public healthcare and pension systems.Oppenheimer said it supported extending through Dec. 31 a stay on litigation arising from debt defaults, so sides can negotiate a debt restructuring without worrying about lawsuits.(Reporting by Nick Brown in New YOrk; Editing by Peter Cooney)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-puertorico-debt-fiscalplan-idUSKBN16K1E5'|'2017-03-13T15:02:00.000+02:00'
'61fddb305caae8c317d5aa48fd1603a5a4504179'|'Canada pension funds to invest in Singapore, Indonesia warehouses'|'SINGAPORE, March 13 Canada''s two biggest pension funds have agreed to partner with LOGOS, a real estate logistics operator, to invest in warehouses in Singapore and Indonesia, betting on demand from the rise of e-commerce and a burgeoning middle class in southeast Asia.Canada Pension Plan Investment Board (CPPIB), the top pension fund of the country, said in a statement it will initially commit S$200 million ($142 million) for an about 48 percent stake in LOGOS Singapore Logistics Venture. It will also commit $100 million for a stake of about 48 percent in LOGOS Indonesia Logistics Venture.CPPIB and Ivanhoé Cambridge, which is the real estate arm of Canada''s second-largest pension fund manager Caisse de depot et placement du Quebec, will be equal partners in both joint ventures, the statement said.LOGOS, which operates in Australia, China, Indonesia and Singapore, will hold the remaining stake in the ventures.CPPIB said the deals would pave the way for its first direct real estate investments in Singapore and Indonesia.Private equity firms and institutional investors are pouring billions of dollars into warehousing and logistics investments in Asia in recent years betting on a boom in demand from e-commerce in the region.Warburg Pincus, Blackstone Group LP and Hopu Investments were among bidders short-listed to present a potential offer for Singapore-listed Global Logistic Properties , sources told Reuters late last month.And in January, Warburg Pincus-backed warehouse operator e-Shang Redwood agreed to buy an 80 percent indirect stake in the manager of Singapore-listed Cambridge Industrial Trust (CIT) . ($1 = 1.4116 Singapore dollars) (Reporting by Aradhana Aravindan; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/cppib-investment-idINL3N1GQ1N9'|'2017-03-13T01:06:00.000+02:00'
'138276f706c87da8b6742592483b79ce6d37ca99'|'Stada give suitors more time to raise takeover bids'|'FRANKFURT, March 16 German generic drugmaker Stada, the subject of takeover approaches from two private equity consortiums, has postponed the structured bidding process to give rival bidders a chance to improve their offers."The Executive Board and the Supervisory Board mutually agree that the indicative bids do not yet reflect the fundamental value of Stada," the company said in a regulatory filing on Thursday.The two suitors have lined up funding to back offers each worth 4.7 billion euros ($5 billion) including debt. (Reporting by Edward Taylor; Editing by David Goodman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/stada-ma-auction-idINFWN1GT0NT'|'2017-03-16T14:45:00.000+02:00'
'db200855cc5bcb4b3af7759ad7b7259e571f23d8'|'PRESS DIGEST- British Business - March 15'|'March 15 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The Times* The Bank of England has been plunged into crisis by the resignation of its deputy governor, Charlotte Hogg, following withering criticism from members of parliament over a perceived conflict of interest concerning her brother. bit.ly/2n7MOgj* Transport Secretary Chris Grayling suggested that first-class carriages could be scrapped on busy commuter trains under radical plans to ease overcrowding on the rail network. bit.ly/2nqrmQXThe Guardian* GlaxoSmithKline''s new chief executive, Emma Walmsley, will be paid 25 percent less than her predecessor, Andrew Witty. Walmsley will be paid about 8.8 million pounds a year compared to Witty''s 11.6 million pounds a year. bit.ly/2lYqO7P* David Abraham is to stand down as chief executive of Channel 4 after seven years. Abraham is understood to already have preparations in place to launch his own venture next year. bit.ly/2mXWrxnThe Telegraph* Christine Lagarde has signalled that the International Monetary Fund will upgrade its UK growth forecasts next month, as she said the global economy was gathering momentum. bit.ly/2mH9wZM* Macquarie has sold off its final stake in Thames Water, bringing an end to the Australian investment bank''s 11 years of investment. bit.ly/2nlAvgUSky News* Two dozen Conservative members of parliament are understood to be under police investigation over claims they overspent on their local campaigns during the 2015 general election in which spending limits are tight. bit.ly/2mq8Iqx* Cosmetics and perfume company Coty has announced plans to close a UK factory affecting 400 jobs, months after it took over the plant from former owner Procter & Gamble. bit.ly/2mXNN20The Independent* Scottish First Minister Nicola Sturgeon has issued a direct challenge to Theresa May, pointing out that she was voted in on a clear manifesto commitment to Scottish independence but that the prime minister "is not yet elected by anyone". ind.pn/2njcebh (Compiled by Kanishka Singh in Bengaluru; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-business-idINL3N1GS0X0'|'2017-03-14T22:13:00.000+02:00'
'387ccb07ac730d0f68087d3ab609aeeb6f86cbef'|'EMERGING MARKETS-Latam currencies weaken slightly ahead of expected U.S. rate hike'|'Company News  20pm EDT EMERGING MARKETS-Latam currencies weaken slightly ahead of expected U.S. rate hike (Adds final prices) By Bruno Federowski SAO PAULO, March 14 Most Latin American currencies weakened slightly on Tuesday as traders avoided big bets ahead of a widely expected U.S. interest rate increase on Wednesday. A batch of stronger-than-expected U.S. economic data and policymaker remarks have made investors all but certain that the U.S. Federal Reserve will raise interest rates. Higher U.S. rates could drain capital away from high-yielding emerging markets, weighing on their currencies. Still, many believe markets have already anticipated the hike, with price reaction hinging on the tone of the policy statement to be released after a two-day meeting. Against the dollar, Mexico''s peso slipped 0.2 percent, while the Brazilian real fell 0.5 percent. Brazil''s benchmark Bovespa stock index declined 1.3 percent, hit by falling shares of state-controlled oil company Petróleo Brasileiro SA, which fell more than 5 percent. Stock in Petrobras, as the firm is known, tracked a decrease in crude futures after a rise in U.S. oil inventories. Key Latin American stock indexes and currencies at 2200 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 939.97 0.16 9.01 MSCI LatAm 2538.26 -1.13 8.44 Brazil Bovespa 64699.46 -1.27 7.43 Mexico IPC 47087.97 -0.03 3.17 Chile IPSA 4527.59 -0.33 9.06 Chile IGPA 22740.33 -0.28 9.68 Argentina MerVal 19062.24 -0.65 12.68 Colombia IGBC 9792.19 -1.85 -3.32 Venezuela IBC 37860.87 -0.51 19.42 Currencies daily % YTD % change change Latest Brazil real 3.1693 -0.54 2.52 Mexico peso 19.662 -0.23 5.50 Chile peso 669.0 -0.32 0.25 Colombia peso 2999.5 -0.52 0.07 Peru sol 3.279 0.15 4.12 Argentina peso (interbank) 15.535 0.00 2.19 Argentina peso (parallel) 16.04 -0.06 4.86 (Reporting by Bruno Federowski; Editing by W Simon and Sandra Maler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/latam-emergingmarkets-idUSL2N1GR1LI'|'2017-03-15T05:20:00.000+02:00'
'e071738e6dde9e17e169e1bbff39bc9768a2d10f'|'Vietnam targets YouTube ads in campaign against dissent'|'Internet  24am EDT Vietnam targets YouTube ads in campaign against dissent People are silhouetted as they pose with mobile devices in front of a screen projected with a Youtube logo, in this picture illustration taken in Zenica October 29, 2014. REUTERS/Dado Ruvic HANOI Some of Vietnam''s biggest firms have suspended YouTube advertising as the communist country steps up a campaign against online dissent, which has also targeted global brands such as Unilever and Samsung. Since last month, Vietnam began the new tactic of pressuring advertisers as well as companies such as YouTube''s owner, Google Inc, to try to get content the government finds offensive removed. Many of the videos are posted by dissidents abroad, beyond the reach of a Vietnamese social media law that seeks to remove such content. Vietnam''s biggest listed firm, Vinamilk, and flag carrier Vietnam Airlines took action after the government alerted them to the issue of ads appearing alongside "toxic" content. The state owns a majority in both firms. Vinamilk said in a document filed to the information and communication ministry that it has suspended ads on YouTube until it could be sure that any advertising there "completely complies with the law." Last month, the ministry identified 17 YouTube videos with content it said distorted historical facts, incited national hatred or was pornographic and would be illegal in Vietnam. It did not make the videos public. Global brands Procter & Gamble, Unilever, Samsung [SAGR.UL] and Yamaha Motor were highlighted alongside local companies for having adverts linked to unsuitable videos. None of those companies'' offices in Vietnam responded immediately to a request for comment. Because of the computer-directed processes that pair adverts with their targeted audiences on YouTube, companies are not always aware of or have direct control over which specific videos an advert has been placed alongside. Last week, the information ministry threatened to fine companies whose adverts were posted alongside inappropriate YouTube videos and requested that Google remove them. "We have clear policies for removal requests from governments around the world. We rely on governments to notify us of content that they believe is illegal through official processes, and where appropriate, will restrict it after a thorough review," a YouTube statement said. The government said Google has so far removed a total of 16 videos at its request. The Ministry of Information was not immediately available to comment on its campaign against offensive material and the steps taken by social media companies or advertisers. VIDEOS REMAIN Vietnam has come under fire from Western countries and human rights groups for its Decree 72 on social media - which bans information that it deems anti-government, damaging to national security or destroying national unity. Despite the restrictions, content that ostensibly breaches the code''s standards is still prolific. A Reuters search of the YouTube platform within the country identified hundreds of Vietnamese-language videos that contained very strong criticism of the government, communist party and individual leaders that would not be permitted in Vietnam Advertising appeared at the start of some of these videos, some which had clocked up hundreds of thousands of views. While Vietnam makes up a very small part of the business operations of companies like Google and Facebook, it is one of Asia''s fastest growing economies and a hot investment target for global consumer brands. Within Vietnam itself, YouTube and Facebook account for two-thirds of digital media market share in Vietnam, said Nguyen Khoa Hong Thanh, Operations Director at digital marketing agency Isobar Vietnam. "Absence of any of these platforms will create a significant impact on media plan and the business results of companies," he said, adding that companies could nonetheless take steps to stop ads running alongside videos that offend Vietnam without stopping them entirely. Facebook made no immediate response to requests for comment on this story. (Reporting by Hanoi bureau; Editing by Sam Holmes) Next In Internet News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-vietnam-google-idUSKBN16M0WI'|'2017-03-15T15:12:00.000+02:00'
'99abf3c80da968c7edc9bc6d12a24ac6d1a42f3a'|'Packaging group Ardagh surges 19 percent in New York debut'|'By Conor Humphries and Graham Fahy - DUBLIN DUBLIN (Reuters/IFR) - Packaging company Ardagh Group ( ARD.N ) surged 19 percent in its New York debut on Wednesday, valuing the firm at about $5.3 billion after it raised $307.8 million in an initial public offering to help to pay down debt.Shares in the Luxembourg-based supplier of glass and metal containers hit $22.55 at 1622 GMT, 19 percent above their $19 IPO price.Chairman Paul Coulson, who owns about a third of the group, said there were no plans to follow up the IPO with additional issuance."We think we’ve priced it at the right level," Coulson told Reuters in an interview. "We were very focused on bringing on the right type of investor, and we got a fantastic investor base."He declined to name any investors but said "all the big guys were there" including a couple of large European investors.Coulson has transformed Ardagh from a small, single plant operation to a company that operates out of over 100 facilities in 22 countries.Ardagh, which has been making Dutch brewer Heineken''s ( HEIO.AS ) green beer bottles for over 25 years, has said it will use the proceeds of the IPO to pay down debt which stood at $7.2 billion or over five times its annual earnings last year.Coulson said investors were "extremely comfortable" with the Ardagh''s debt levels and they had not been prescriptive about the rate of deleveraging.The 16.2 million class A common shares issued represented approximately 6.9 percent of Ardagh''s share capital.Ardagh opted for a relatively modest IPO as the group was keen avoid dilution, Coulson said."There may be issuance in the future associated with an acquisition, but not now," he said.The packaging producer, which also counts L''Oreal ( OREP.PA ) and Coca-Cola among its clients, has grown its annual revenue to 7.7 billion euros through a series of acquisitions.It will continue to keep an eye out for acquisition opportunities, Coulson said, but there is "nothing in the traps" at the moment.While the IPO provides a route to public market liquidity for smaller investors in the company, Coulson said he had no plans to offload any of his own shares.(Reporting by Conor Humphries. Editing by Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ardagh-pkg-gr-ipo-idINKBN16M2MM'|'2017-03-15T14:29:00.000+02:00'
'b365a6a920871786d18b507881322f45721ef526'|'China''s Anbang denies report of Kushners property investment'|'NEW YORK, March 14 China''s Anbang Insurance Group said it is not investing in a Manhattan office tower owned by the family of Jared Kushner, President Donald Trump''s son-in-law and senior adviser.Anbang Insurance Group was named in a Bloomberg report as a possible investor in a $4 billion deal to buy the 41-floor building located at 666 Fifth Avenue, according to a copy of the agreement that was being circulated to attract additional investors."The information about Anbang investment in 666 Fifth Avenue is not correct, there is no investment from Anbang for this deal," a spokesman for Anbang said in a statement on Tuesday.The property was purchased by Kushner Companies in 2006 for $1.8 billion, which at the time was the highest sales price for a single building in Manhattan."Kushner Companies is in active discussions around 666 5th Avenue, and nothing has been finalized,” a spokesperson for Kushner Companies said on Tuesday. (Reporting by Matthew Miller in Beijing and Koh Gui Qing in New York; Editing by Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/anbang-group-kushner-idINL2N1GR1PV'|'2017-03-14T20:12:00.000+02:00'
'91e87945262aca3c7f3c35f5a4c3f17da9b76006'|'UPDATE 1-Brazil''s Estácio denies executives boycotted Kroton sale'|'(Adds Estácio statement, share performance, background throughout)SAO PAULO, March 17 Brazilian for-profit education company Estácio Participações SA denied a report on Friday that top managers were attempting to boycott a sale to larger rival Kroton Educacional SA, facing the latest hurdle to a deal that would create the sector''s global leader.In a securities filing, Estácio said Chief Executive Officer Pedro Thompson was removed from a group discussing terms of the tie-up with Kroton. Earlier in the day, Valor Econômico reported that the claim that Thompson worked against the deal originated from an anonymous tip sent to Kroton.Estácio confirmed an excerpt of the Valor report that said board members opened a formal probe once they learned of the tip, which included an email exchange between the company''s legal adviser and Thompson."The company vehemently rebuffs each and any allegation that management could be conspiring to thwart the planned business combination with Kroton," the filing Quote: d Thompson as saying.The impasse is not the first involving executives and shareholders of both companies since Kroton began a hostile takeover last May. Former Estácio CEO Rogério Melzi quit in June, weeks after Kroton made the unsolicited takeover approach, after opposing the 28-billion-real ($9 billion) asset combination.Estácio agreed to the sale in July after Kroton improved terms of its original bid twice.Media representatives of Kroton did not immediately have a comment. Demarest Advogados, Estácio''s legal advisor on the deal, declined to comment.MARKET CONCENTRATIONKroton shares shed 2.8 percent to 13.53 reais, paring back year-to-date gains to 1.7 percent. Estácio fell 3.6 percent to 15.36 reais for a 2.8 percent decline this year.In the filing, Thompson said Estácio would "never abdicate from its commitment to investigate rigorously any denounce or allegation involving the conduct" of staff.The news comes as Kroton tries to convince regulators and consumer advocate groups that the deal would not be detrimental to the industry or lead to excessive market concentration. The combination would create the world''s largest education company by market value and number of students.Last month, officials at antitrust watchdog Cade said Kroton''s takeover of Estácio could hamper competition in Brazil''s education market.Thompson''s strategy of focusing on student loyalty has paid off, helping Estácio report higher-than-expected fourth-quarter earnings on Thursday. Under Thompson, Estácio''s selling, general and administrative expenses have slumped; student enrollment has climbed; and higher tuition fees have pushed revenue above analysts'' estimates.($1 = 3.1172 reais) (Reporting by Guillermo Parra-Bernal, Gabriela Mello and Ana Mano; Editing by Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/estacio-part-ma-kroton-idINL2N1GU0KE'|'2017-03-17T11:21:00.000+02:00'
'33500f758894255897f8f31d54391512fc161684'|'U.S. drillers add oil rigs for 9th week in a row -Baker Hughes'|'Company News  06pm EDT U.S. drillers add oil rigs for 9th week in a row -Baker Hughes March 17 U.S. drillers added oil rigs for a ninth week in a row, extending a recovery that is expected to boost shale production by the most in six-months in April. Drillers added 14 oil rigs in the week to March 17, bringing the total count up to 631, the most since September 2015, energy services firm Baker Hughes Inc said on Friday. RIG-OL-USA-BHI During the same week a year ago, there were 387 active oil rigs. That rig count increase came despite a collapse in crude futures over the past two weeks to a more than three-month low because the rigs activated this week were based on decisions made a couple of month ago when oil prices were higher. U.S. crude futures were at about $49 a barrel on Friday, set for a modest weekly rise after falling 9 percent last week on concerns production cuts by the Organization of the Petroleum Exporting Countries (OPEC) was failing to reduce a global glut as U.S. shale producers crank up activity. Since crude prices first topped $50 in May after recovering from 13-year lows in February 2016, drillers have added a total of 315 oil rigs in 38 of the past 42 weeks, the biggest recovery in rigs since a global oil glut crushed the market over two years starting in mid 2014. Baker Hughes oil rig count plunged from a record 1,609 in October 2014 to a six-year low of 316 in May 2016 as U.S. crude collapsed from over $107 a barrel in June 2014 to near $26 in February 2016. U.S. shale oil production in April was projected to rise 109,000 barrels per day (bpd), the biggest monthly rise in six months, to 4.96 million bpd as output in the Permian Basin, America''s fastest growing shale oil region, hits another record high, according government data on Monday. U.S. crude inventories edged down from record highs last week, after nine straight weeks of builds, while overall production was projected to rise from 8.9 million bpd in 2016 to 9.2 million bpd in 2017 and a record high of 9.6 million bpd in 2018, according to federal energy data. Analysts said they expect U.S. energy firms to boost spending on drilling and pump more oil and natural gas from shale fields in coming years now that energy prices are expected to keep climbing. Futures for the balance of 2017 and calendar 2018 were both trading around $50 a barrel. Analysts at Simmons & Co, energy specialists at U.S. investment bank Piper Jaffray, this week forecast the total oil and gas rig count would average 818 in 2017, 937 in 2018 and 1,048 in 2019. Most wells produce both oil and gas. That compares with an average of 729 so far in 2017, 509 in 2016 and 978 in 2015, according to Baker Hughes data. Analysts at U.S. financial services firm Cowen & Co said in a note this week that its capital expenditure tracking showed 54 exploration and production (E&P) companies planned to increase spending by an average of 50 percent in 2017 over 2016. That expected spending increase in 2017 followed an estimated 48 percent decline in 2016 and a 34 percent decline in 2015, Cowen said according to the 64 E&P companies it tracks. (Reporting by Scott DiSavino; Editing by Marguerita Choy) Next In Company News CVS Health says Amgen data may increase eligible patients by millions NEW YORK, March 17 CVS Health Chief Medical Officer Dr. Troyen Brennan said on Friday that new data from Amgen Inc about heart drug Repatha will need to be reviewed first by heart experts and associations, but that it could increase the number of patients eligible for the treatments four times over.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-rigs-baker-hughes-idUSL2N1GR0OP'|'2017-03-18T00:06:00.000+02:00'
'd19d6b04224210f9b7cef2e976a3496611a3db6a'|'UK economy sends mixed signals as Brexit talks near'|' 43pm GMT UK economy sends mixed signals as Brexit talks near Construction work is seen amongst residential and commercial buildings in east London, Britain, February 7, 2017. REUTERS/Toby Melville By William Schomberg - LONDON LONDON Britain''s economy is sending mixed signals about its readiness for Brexit, just as British Prime Minister Theresa May is getting ready to launch the process of pulling the country out of the European Union. Overall economic growth was resilient in 2016, confounding forecasts of a quick and painful hit from June''s Brexit vote. There have been recent signs that exporters are benefitting from the pound''s fall and a pickup in the world economy. But consumers, typically the main drivers of British growth, appear to be turning more cautious. Following is a summary of the most important measures of the British economy along with graphics. OVERALL ECONOMIC GROWTH Britain''s economy grew by 1.8 percent in 2016, second only to Germany among the Group of Seven big rich nations. In quarterly terms, growth sped up at the end of the year, prompting the Bank of England to raise its forecast for the first three months of 2017. Most of the BoE''s policymakers still expect a slowdown this year but they showed "differing degrees of confidence" about that forecast at their meeting this week. The central bank and the government''s official budget forecasters expect growth of 2.0 percent this year. A Reuters poll of economists saw weaker growth of 1.6 percent. GRAPHIC - UK growth accelerated into the end of 2016: tmsnrt.rs/2eeJAlm INFLATION ON THE RISE Inflation has begun to rise quickly in response to the sharp fall in the value of the pound since the Brexit vote and the rise in global oil prices. It stood at 1.8 percent in January and the BoE predicts it will peak at 2.8 percent in the first half of next year. Many private economists say it is heading above 3 percent. GRAPHIC - UK inflation starts to climb tmsnrt.rs/2e52HBm WAGE GROWTH STUMBLES British workers have seen their pay eaten away by rising prices for many of the years following the financial crisis and a brief respite, caused by inflation''s fall to zero in 2015, looks set to end soon. While inflation is on the rise, wage growth is slowing, according to official data. Pay growth, adjusted for inflation the lowest since October 2014. The BoE expects pay will rise 3 percent in 2017, up from the most recent reading of 2.2 percent, but its forecasts have often proven overly optimistic. GRAPHIC - UK wage growth ebbs away as inflation rises reut.rs/2nuYWbI CONSUMERS FEEL THE PINCH Britain''s shoppers proved nearly all the forecasters wrong by carrying on spending freely after the Brexit vote, helping the economy to withstand the initial shock of the result. But that might be changing now. Retail sales fell in month-on-month terms in November, December and January - the first stretch of three consecutive declines since 2009. However, consumer confidence has remained robust and house prices continue to grow, adding to the mixed picture. GRAPHIC - UK retail sales suffer back-to-back falls reut.rs/2mQh1xR CAN EXPORTERS MAKE UP THE DIFFERENCE? Exporters are getting a boost from sterling''s fall, as well as a recovery in markets in Europe and the United States. Net trade made a rare positive contribution to economic growth in late 2016. And in the three months to January, volumes of goods exports showed their biggest increase in a decade. But there are big questions about what happens after Brexit. Britain is prioritising migration controls over access to the EU''s single market which accounts for about half of Britain''s exports. GRAPHIC - UK goods exports volumes surge (Writing by William Schomberg, graphics by Jiachuan Wu and Andy Bruce Editing by Jeremy Gaunt)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-idUKKBN16O1VF'|'2017-03-17T21:43:00.000+02:00'
'bccd57dfebfd17cff8747dccd934ef467f69821f'|'Unicorns run wild! IPOs are back in vogue -- for now'|'Canada Goose IPO is hot despite PETA protest Out with the old and in with the new? It''s good if you''re doing spring cleaning -- and apparently some investors are doing that with their portfolios too. Software company MuleSoft debuted on the New York Stock Exchange Friday and surged nearly 50%. The strong performance from MuleSoft ( MULE ) , which helps customers like Coca-Cola, Spotify and Unilever manage their data, comes one day after luxury parka maker Canada Goose went public on the NYSE and soared more than 25%. Canada Goose ( GOOS ) was up another 5% Friday. Both companies had been part of the so-called unicorns club -- the term Wall Street and Silicon Valley use for private firms with a value of at least $1 billion. MuleSoft is now worth about $4 billion while Canada Goose is worth nearly $2 billion. So their success could be a good sign for other hot private companies, such as Uber, Airbnb, Pinterest and China''s Xiaomi, that may want to go public later this year or sometime in 2018. But can MuleSoft and Canada Goose keep rallying? Or will skeptical investors start to unload their stocks following these quick pops? While Canada Goose has posted strong increases in both sales and earnings, there are questions about whether or not the company''s pricey jackets will wind up being another in a long list of fashion fads. Can you say Crocs ( CROX ) , Lululemon ( LULU ) or UGGs ( DECK ) ? Related: Canada Goose IPO is red hot despite PETA protest As for MuleSoft, its sales are growing rapidly. But the company is still not profitable. That could be a big problem. Look at what''s happened to Snapchat parent company Snap Inc. ( SNAP ) since it debuted a few weeks ago. The stock rose more than 40% on its first day of trading and shot up again on its second day as a public company. But Snap has since plunged more than 30% from its high point as investors wonder if its best days are already behind it. Snap is losing money too. User growth has slowed. And a little company named Facebook ( FB , Tech30 ) is doing its best to make its Instagram subsidiary into a Snapchat clone. Yes. Facebook was an IPO dud that eventually became a stud. But it''s not clear that Snap can do the same. Many worry it has more in common with Twitter ( TWTR , Tech30 ) than Mark Zuckerberg''s company. Shares of Snap are now trading below $20 and are only 15% above their offering price of $17. That''s obviously not good. It''s one thing if Snap is popular with teenagers. But nobody can be happy if the stock remains in the teens. It''s not the only company to start off strong and quickly fizzle. Japanese social network Line ( LN ) and tech companies Apptio ( APTI ) , Nutanix ( NTNX ) and Twilio ( TWLO ) are all members of the IPO class of 2016, whose stocks have come crashing down from their peaks. If Canada Goose and MuleSoft eventually start to head south like all of them, then that might dissuade some of the larger unicorns from going public anytime soon.  38 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_companies.rss'|'http://money.cnn.com/2017/03/17/investing/mulesoft-canada-goose-ipos-unicorns-snapchat/index.html'|'2017-03-17T20:38:00.000+02:00'
'fd61c2cc02e8b6f11d5f5d0d278859316304f2f4'|'EU''s Vestager warns companies against abusing algorithms'|' 42am GMT EU''s Vestager warns companies against abusing algorithms European Competition Commissioner Margrethe Vestager holds a news conference at the EU Commission''s headquarters in Brussels, Belgium March 13, 2017. REUTERS/Francois Lenoir By Foo Yun Chee - BERLIN BERLIN Europe''s antitrust chief on Thursday warned companies against using algorithms to block rivals or form cartels, saying she may slap heftier fines on them if they use such software to commit wrongdoing. European Competition Commissioner Margrethe Vestager, who is poised to fine U.S. technology giant Google ( GOOGL.O ) in the coming months for using its algorithm to unfairly demote rival shopping services in internet search results, said she was vigilant to such illegal practices. "I don''t think competition enforcers need to be suspicious of everyone who uses an automated system for pricing. But we do need to be alert," Vestager said at a conference organised by the German cartel office Bundeskartellamt. She pointed to the challenge of tackling sophisticated cartels which use software to fix prices and allocate markets among themselves to the detriment of customers and the economy, saying sanctions should reflect and deter this new tool used by companies. "So as competition enforcers, we need to keep an eye out for cartels that use software to work more effectively. If those tools allow companies to enforce their cartels more strictly, we may need to reflect that in the fines that we impose," Vestager said. The European Commission can penalise companies up to 10 percent of their global turnover for breaching EU antitrust rules. (Reporting by Foo Yun Chee; editing by Robert-Jan Bartunek)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-antitrust-idUKKBN16N18W'|'2017-03-16T17:42:00.000+02:00'
'1ce12ad47a6fabeb1a3f9881ec1f48ced036db6b'|'World cocoa sector could be in surplus for years - ICCO'|'Money   3:39am IST World cocoa sector could be in surplus for years - ICCO left right FILE PHOTO: Women from a local cocoa farmers association called BLAYEYA spread cocoa beans to dry in Djangobo, Ivory Coast, November 17, 2014. REUTERS/Thierry Gouegnon/File Photo 1/2 left right FILE PHOTO: Women from a local cocoa farmers association lift a sack in a cocoa warehouse in Djangobo, Ivory Coast, November 17, 2014. REUTERS/Thierry Gouegnon/File Photo 2/2 By Joe Bavier and Ange Aboa - ABIDJAN ABIDJAN The world''s cocoa sector may be facing a structural surplus that risks depressing global prices and dealing a blow to producer country and farm revenues in the coming years, a senior official with International Cocoa Organization (ICCO) said on Wednesday. After rising steadily for several years, cocoa futures have tumbled since September with New York cocoa CCc2 falling to its lowest level in nearly a decade earlier this month on the back of bumper crops around the world. Global production is set to climb by almost 15 percent in 2016/17, according to the ICCO. Demand is failing to keep pace, resulting in a projected global surplus of 264,000 tonnes. "Our fear is that the world cocoa sector has entered a period of structural surplus that is likely to last for some time to come," ICCO Executive Director Jean-Marc Anga told Reuters during an interview in Abidjan, Ivory Coast. Expectations of rising global chocolate consumption coupled with ageing farmers and plantations in top producing countries in West Africa has long raised concern over the potential for a structural cocoa deficit. "I would like to see the person who would stand tall and say that theory still holds. Our view over the past five to ten years has never been that of a structural deficit," Anga said. Ivory Coast, the world''s top producer, has been the hardest hit by the rapid drop in prices over the past six months. A wave of export contract defaults along with higher than expected production there have caused a glut of beans at ports and in upcountry warehouses, leaving farmers struggling to sell their crops and fuelling social unrest. "From where I''m sitting, all the noises I am getting from producer countries are of serious concern because the current global price is affecting revenue at the government level," Anga said. ICCO officials will meet with its members, which include both producer and consumer countries, in April to seek solutions that will help reverse the slide in prices. The International Cocoa Agreement, the body''s founding document, contains a provision that allows producer countries to discuss and coordinate their production policies, and Anga said he expected them to take advantage of it. "I don''t really see the logic of continuing to increase production when we see the effects this has on countries," he said. "I think they are all aware of the need to have a more rational approach to their production policies." The ICCO will also discuss ways to increase consumption. With traditional markets in Western Europe and North America close to saturation, Anga said it was weighing strategies for penetrating markets in the developing world and discussing bringing China and Indian into the ICCO as members. (Editing by Mark Potter) SBI approves plan to raise up to $2.3 billion in capital MUMBAI State Bank of India (SBI), the country''s biggest lender by assets, said on Wednesday its board had approved a plan to raise up to 150 billion rupees ($2.3 billion) from capital markets in the next fiscal year starting from April 1. Rupee hits 16-month high, bonds rally most in two weeks ahead of Fed MUMBAI The rupee hit a 16-month peak against the dollar and bonds rallied the most in two weeks on Wednesday on hopes of a less hawkish tone on interest rates by the U.S Federal Reserve at the end of its two-day policy meeting later in the day. WASHINGTON The U.S. Federal Reserve raised interest rates on Wednesday for the second time in three months, a move spurred by steady economic growth, strong job gains and confidence that inflation is rising to the central bank''s target. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/cocoa-icco-idINKBN16M360'|'2017-03-16T05:09:00.000+02:00'
'b646b6f8d895212328c2e998f4a3b14f04227a43'|'U.S. judge denies tribe''s request to stop oil flow in Dakota Access pipeline'|'Company News  20pm EDT U.S. judge denies tribe''s request to stop oil flow in Dakota Access pipeline WASHINGTON, March 14 A U.S. District Court judge on Tuesday denied a request by a Native American tribe to issue an emergency injunction to prevent oil from flowing through part of the Dakota Access Pipeline, saying such a move would be against the public interest. Judge James Boasberg of the U.S. District Court for the District of Columbia issued his decision denying the request by the Cheyenne River Sioux tribe, saying "the court acknowledges that the tribe is likely to suffer irreparable harm to its members’ religious exercise if oil is introduced into the pipeline, but Dakota Access would also be substantially harmed by an injunction, given the financial and logistical injuries that would ensue." (Reporting by David Gaffen; writing by Eric Walsh, editing by G Crosse) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/north-dakota-pipeline-idUSL2N1GR1PX'|'2017-03-15T06:20:00.000+02:00'
'687d8691dd2fb3f837c0058f520884a2cd7eeb9a'|'JPMorgan Chase names new head of retail brokerage'|'By Elizabeth Dilts - NEW YORK, March 16 NEW YORK, March 16 JPMorgan Chase & Co named the head of its Latin America Private Bank as the new chief executive of its New York-based retail brokerage, JPMorgan Securities, the bank said on Thursday.Chris Harvey takes over the post from Greg Quental, who will retire at the end of the year.Harvey will oversee the boutique-style wealth management firm''s roughly 420 financial advisers and the $110 billion in client assets they manage.The bank said in an emailed statement that Harvey will manage overall strategy and growth for the brokerage division.Quental, who joined JPMorgan from Bear Stearns in August 2010, had set a goal of growing the firm''s adviser base to roughly 650 advisers by around 2016, according to an interview Quental gave Reuters in 2012.JP Morgan Chase declined to answer questions beyond what was in the press release.(Reporting By Elizabeth Dilts; editing by Diane Craft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/jpmorgan-wealth-quental-idINL2N1GT280'|'2017-03-16T19:46:00.000+02:00'
'bf03e16b3b41eb31a9c9dfd0c038de3d9dab65b0'|'Rao''s Specialty Foods up for sale: sources'|'Rao''s Specialty Foods Inc, the tomato sauce offshoot of famed Rao''s Italian restaurant in Harlem, New York, has hired an investment bank to explore a sale, according to people familiar with the matter.The deal will test the appetite of big food companies for the gourmet tomato sauce that originated in Rao''s restaurant, as the sauce lines battle increased competition from niche, premium brands.Rao''s, which has more than $20 million in 12-month earnings before interest, taxes, depreciation and amortization, has hired investment bank Morgan Stanley ( MS.N ) to lead the sale process, the people said this week.The sources requested anonymity because the information is confidential. Rao''s Specialty Foods did not respond to requests for comment, while Morgan Stanley declined to comment.Rao''s tomato sauce competes with brands both created and acquired by the largest food companies. Soup company Campbell Soup Company ( CPB.N ) launched Prego tomato sauce in 1981. Japan''s Mizkan Group, meanwhile, acquired the Ragu and Bertolli sauce brands in 2014 from Unilever Plc ( ULVR.L ) for $2.15 billion.Last year, food and condiment company Kraft Heinz Co ( KHC.O ) launched a line of premium pasta sauces under the name "Classico Riserva" with no artificial ingredients or added sugar, in response to shoppers'' increasing shift towards specialty options.Rao''s Specialty Foods, which was launched by relatives of the founders of Rao''s restaurants, sells oils, dressings and jarred vegetables.Rao''s New York restaurant opened in 1896. It is frequented by actors, politicians and singers, including Billy Crystal, Hillary Clinton and Celine Dion. Rao''s has since expanded to Los Angeles and Las Vegas.Frank Pellegrino Sr, who founded Rao''s Specialty Foods in 1992 and whose New York celebrity as nightly host of Rao''s landed him a role in the HBO show "The Sopranos," died in January at age 72.Rao''s Specialty made leadership changes in 2016, appointing as CEO Eric Skae, the founder and former CEO of New Leaf Brands, Inc iced tea company, and as president Jim Morano, who previously worked at L''oreal SA ( OREP.PA ) cosmetics company.(Reporting by Lauren Hirsch in New York; Editing by Cynthia Osterman)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-raosspecialtyfoods-m-a-idUSKBN16N2DV'|'2017-03-16T19:34:00.000+02:00'
'1a3fbe7b9f725cc1f6e28302f2814217683a8d22'|'Uber driver killed in Chile during attempted robbery -police'|'Company News - Sat Mar 18, 2017 - 6:10pm EDT Uber driver killed in Chile during attempted robbery -police SANTIAGO, March 18 A 35-year-old driver for ride services company Uber was shot dead in the Chilean capital Santiago as he attempted to resist being robbed by passengers, police said on Saturday. Three people had requested the ride late on Friday using a cash payment option that Uber introduced last year, Santiago police said. The option does not require customers to register their credit card information. Uber''s unit in Chile did not immediately respond to requests for comment. But the company has faced criticism for not doing enough to prevent its drivers from being targeted by criminals, who ambush drivers after requesting rides using the cash option to help conceal their identity. A Reuters analysis of official crime data in Sao Paulo, Brazil, last month showed a spike in robberies involving Uber drivers since the company started accepting cash payments in the city. Earlier this week, Chile''s government proposed regulations for transportation companies that operate via cellphone applications. (Reporting By Felipe Cambero; Writing By Mitra Taj; Editing by Tom Brown) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/chile-uber-idUSL2N1GV0L8'|'2017-03-19T05:10:00.000+02:00'
'b041fa73edced80f5bdd8e3113584f0a890b6b4d'|'UPDATE 2-U.S. judge orders VW exec held until emissions case trial next Jan'|'(Adds Quote: s from court, background)By Nick Carey and David ShepardsonDETROIT/WASHINGTON, March 16 A federal judge in Detroit on Thursday ordered that a Volkswagen AG executive charged in the automaker''s diesel emissions scandal be detained until his trial set for next year, agreeing with prosecutors that the German national represented a flight risk.Oliver Schmidt, who was chief of Volkswagen''s environmental and engineering center in Michigan, has been held since January when he was arrested in Miami trying to return to Germany. Schmidt is one of seven current and former executives charged in the U.S. emissions probe.."The allegations of fraud and conspiracy in this case are very, very serious," said Judge Sean Cox of the U.S. District Court for Eastern Michigan. "There is a serious risk that Mr. Schmidt will not appear in this case."Last week, Volkswagen pleaded guilty to three felony counts under a plea agreement to resolve U.S. charges it installed secret software in vehicles to beat emissions tests.The ruling on Thursday came despite pleas from family and friends, including Schmidt''s parents, who offered a combined $1.6 million in assets such as property and cash to pay his bail.The defense had asked that Schmidt, who appeared in court in handcuffs and a fluorescent orange prison jumpsuit, be confined to his home and wear a GPS tracking device.Defense attorney David DuMouchel said Schmidt had been open about his travel plans to the United States prior to his arrest, despite knowing he could be charged."This is hardly the action of someone who was trying to avoid the jurisdiction" of the United States," DuMouchel said. "All he had to do was stay home."But an assistant U.S. attorney, John Neal, told the court that Schmidt has few ties to the United States and would face stiffer penalties if tried here instead of in Germany. Neal noted the German constitution does not allow German citizens to be extradited to other countries.Schmidt could flee and "take his chances in Germany, where the sentence he faces would be significantly less," Neal said.Schmidt''s trial is due to begin on Jan. 16, 2018. He is charged with eleven felony counts and could face up to 169 years in prison. (Reporting by Nick Carey in Detroit; Writing by David Shepardson in Washington; Editing by Jeffrey Benkoe)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/volkswagen-emissions-idINL2N1GT12Q'|'2017-03-16T13:14:00.000+02:00'
'1a846cae7ec319c3044bd99db58fd8ba92fb00a2'|'Hapag-Lloyd postpones UASC takeover completion to May 31'|'FRANKFURT German container shipper Hapag-Lloyd ( HLAG.DE ) on Friday postponed the completion date for its takeover of United Arab Shipping Company (UASC) to May 31 from March 31, but said the deal, worth 7 to 8 billion euros ($7.52-8.60 billion), was not at risk.All merger clearances and regulatory approvals and all necessary banking approvals from Hapag''s side have been obtained as have most banking approvals from Dubai-based UASC’s side, it said.Delays in finalizing a deal set to create one of the world''s largest shipping lines have been blamed on financing issues stemming from the shipping sector''s prolonged downturn.Many banks have cut lending to the industry, where freight rates fell 15.4 percent in 2016.Hapag-Lloyd reported a 66 percent fall in 2016 operating profit. It is scheduled to publish full results and a 2017 outlook on March 24.Hapag-Lloyd said despite the delayed closing date that its participation in a new shipping alliance in which shipping lines share vessels and pool runs to various destinations would start as planned on April 1.Dubbed "the Alliance," the tie-up binds Hapag-Lloyd and several Asian competitors with UASC due to join later.Shares in Hamburg-based Hapag-Lloyd were down 0.2 percent at 30.2 euros, having hit an intraday low of 29.5 after the announcement.(Reporting by Vera Eckert; editing by Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-uasc-m-a-hapag-lloyd-idINKBN16O1RP'|'2017-03-17T10:53:00.000+02:00'
'7b6b404084a3bccf09995eecbddb165883d5b161'|'BRIEF-Camping World Holdings unit entered into first amendment to credit agreement, dated as of Nov. 8, 2016'|' 33pm EDT BRIEF-Camping World Holdings unit entered into first amendment to credit agreement, dated as of Nov. 8, 2016 March 17 Camping World Holdings Inc: * Camping World Holdings Inc - unit entered into a first amendment to credit agreement, dated as of November 8, 2016 * Camping World Holdings Inc - per terms of first amendment, borrower''s $645 million term loan facility was increased by $95 million to $740 million - sec filing Source text ( bit.ly/2nAJ4Bh )  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-camping-world-holdings-unit-entere-idUSFWN1GU0ND'|'2017-03-18T03:33:00.000+02:00'
'd563c95cb2c6ddedbe9f3e80e38519517a39e97e'|'BRIEF-RELM Wireless says Kyle Cerminara appointed chairman of board'|' 32pm EDT BRIEF-RELM Wireless says Kyle Cerminara appointed chairman of board March 17 Relm Wireless Corp * Relm wireless announces kyle cerminara appointed chairman of the board * Says kyle cerminara appointed chairman of the board * Says tim o''neil resigned from the board * Relm wireless corp - relm wireless named charles lanktree, ryan turner, john struble and michael dill to board of directors, effective immediately Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-relm-wireless-says-kyle-cerminara-idUSASB0B645'|'2017-03-18T03:32:00.000+02:00'
'592de82d28da7c3fdaac49fc7b3316db4b8c7902'|'U.S. House Democrat seeks interviews with Wells Fargo executives'|'Company  31pm EDT U.S. House Democrat seeks interviews with Wells Fargo executives By Sarah N. Lynch - WASHINGTON, March 17 WASHINGTON, March 17 The top Democrat on a key U.S. House of Representatives committee has demanded a chance to interview executives of Wells Fargo & Co, which has been embroiled in a scandal over fake accounts, because she said Republicans already had that opportunity in December. In a letter to the bank on Friday, House Financial Services ranking member Maxine Waters of California said she wants to ask Chief Executive Timothy Sloan and other senior Wells Fargo officials questions about the scandal. "I reiterate my request that Wells Fargo provide Democratic Committee staff the same opportunity it provided to Republican Committee staff to meet with the aforementioned executives for unrecorded interviews," Waters wrote. "Scheduling these interviews would be a small step in reassuring me and my staff that Wells Fargo is sincere when it says it wants to ''make things right'' for its customers." A Wells Fargo spokeswoman said the bank is committed to "responding appropriately" to committee requests. "We have fully cooperated with the House Financial Services Committee’s investigation, including by voluntarily participating in the September 2016 hearing, producing over 140,000 pages of documents, answering more than 50 written and numerous oral questions, and making our most senior leadership available for interviews," the spokeswoman said. Last September, Wells Fargo paid $190 million to settle with the U.S. Consumer Financial Protection Bureau and other regulators after its staff opened as many as 2.1 million checking, savings and credit card accounts without customer consent. The scandal prompted then-CEO John Stumpf to resign, and the bank still faces investigations by multiple states, a parallel criminal probe by the U.S. Justice Department and a civil probe by the Securities and Exchange Commission into whether it misled investors and wrongfully retaliated against whistleblowers. Wells Fargo has said it is focused on providing the accountability and oversight its customers deserve. Waters, as a member of the minority political party in Congress, cannot subpoena the Wells Fargo executives without consent from the committee''s Republican majority. In her letter, she said Sloan, along with Chief Financial Officer John Shrewsberry, General Counsel James Strother and Chief Risk Officer Michael Loughlin, participated in unrecorded interviews with Republican committee staffers between Dec. 5 and Dec. 7, 2016. A spokesman for House Financial Services Chairman Jeb Hensarling said the Republican staffers briefed the minority member staffers on the interviews, and shared more than 100,000 pages of records gathered for the panel''s investigation into the matter. (Editing by Matthew Lewis) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-congress-wells-fargo-idUSL2N1GU13Z'|'2017-03-18T01:31:00.000+02:00'
'251616f8513d0327ed89f2ad3b55876f096da7e2'|'Britain''s Good Energy to buy offshore wind power from Dong'|'Business  52am GMT Britain''s Good Energy to buy offshore wind power from Dong LONDON British green energy supplier Good Energy ( GOODG.L ), one of the small players snapping up market share from big providers, said it had signed a one-year deal to buy electricity from a Dong Energy ( DENERG.CO ) wind farm off the Yorkshire coast. Good Energy, which also announced a near 40 percent jump in core profit for last year, said it will buy 12 percent of the electricity produced by Dong Energy''s 210-megawatt (MW) Westermost Rough wind farm, with a view to expanding the deal in terms of length and volume. Denmark''s Dong Energy, the largest offshore wind operator in Britain, said the deal marked the first time a British supplier will buy electricity directly from one of its offshore wind farms. "We have an ambition to ... become one of the UK''s leading energy suppliers to industrial and commercial customers and independent retailers," said Dong Energy''s head of trading, Soeren Scherfig. Announcing its full-year results, Good Energy said its electricity customer base grew by 5 percent last year to 71,486 and its gas customer base by 14 percent to 44,107, helping core profit jump to 10.1 million pounds. Smaller energy suppliers now account for around 18 percent of the dual-fuel British energy market, up from just one percent in 2012, as customers leave big suppliers which the competition watchdog found to have overcharged consumers billions of pounds. (This refiled version of the story includes missing word ''power'' in headline). (Reporting by Karolin Schaps; Editing by Susan Fenton) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-good-energy-dong-energy-britain-windf-idUKKBN16S0ZT'|'2017-03-21T16:52:00.000+02:00'
'43182fc7bbe1f74bdd5281c716834719ee35c81c'|'Markets fret as Trump agenda shows signs of cracks'|'  3:48pm EDT Markets fret as Trump agenda shows signs of cracks left right Traders work   20,   1/2   2/2 By Rodrigo Campos - NEW YORK NEW YORK The steepest pullback in stocks since the U.S. presidential election reveals investor angst about President Donald Trump''s ability to push through major reforms, leaving stocks vulnerable to a long-anticipated correction. The S&P 500, in its second longest bull market ever, has risen close to 10 percent since the Nov. 8 election on optimism about Trump''s pro-growth agenda. With valuations at their highest in over a decade, investors have been expecting a pullback even if its catalysts haven''t been clear. Trump, looking to score the first major political win of his presidency, on Tuesday warned Republican lawmakers that if a healthcare bill he backs fails to pass, it would cause "political problems." Stocks fell alongside the U.S. dollar, while Treasuries and gold rallied. "It''s like the Trump agenda getting kind of slapped in the face," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. Investors saw the health bill vote, expected on Thursday, as testing optimism that the Trump administration and Republican leaders will implement tax cuts, deregulation and infrastructure spending expected to boost economic growth. The muddled view on the healthcare bill "carries over to what will happen with the infrastructure plan and the tax reform plan and the reduced regulation plan," Tuz said. Adding to the angst, FBI Director James Comey on Monday confirmed that the bureau is investigating possible ties between Trump''s presidential campaign and Russia as Moscow sought to influence the 2016 U.S. election. The investigation, he said, could last for months. Comey''s testimony "pointed to the fact that there could be a lot of drawn-out political infighting that could delay some of the pro-business ideas from being passed," said Rick Meckler, president of LibertyView Capital Management in Jersey City, New Jersey. He said he doesn''t expect to see a correction unless the S&P 500, currently down about 2 percent from the record high set March 1, retreats another 1.5 to 2 percent in the next few days. "That would cause investors to maybe take a pause in what has been a buy-the-dip mentality since the election," Meckler said. The S&P forward price to earnings ratio has jumped to above 18 from 16.6 on Election Day, making U.S. equities the most expensive level since 2004. At the same time, the index''s dividend yield sits just above 2 percent, losing some of its allure against the 10-year Treasury note. SKITTISH INVESTORS The S&P 500 has not posted a daily decline of more than 1 percent since Oct. 11. Tuesday''s move in stocks underscores trends in other markets already pricing in a risk that   plans could be delayed. The Mexican peso MXN= , which weakened during the presidential campaign with rising prospects of a Trump win, traded last week at its strongest versus the dollar since the November election. It had hit a historic low in mid-January. The yen JPY= , up against the dollar for a sixth straight session, was on track to close below 112 per $1 for the first time since Feb. 8. Junk bond investors also pounced earlier this month. The spread between the Bank of America Merrill Lynch U.S. High Yield index .MERH0A0 and benchmark Treasuries US10YT=RR bottomed on March 1 and has since widened by about 40 basis points. Ten-year Treasury yields fell below 2.43 percent Tuesday, the lowest in about three weeks, partly reflecting traders scaling back their view on the domestic economy in the absence of any fiscal stimulus this year. "Republicans should have prioritized tax reform ahead of health care reform," said Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management in Menomonee Falls, Wisconsin. "They’re coming across as a motley crew rather than a party that can get things done." (Additional reporting by Richard Leong, Lewis Krauskopf, Caroline Valetkevitch and Chuck Mikolajczak; Editing  '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-stocks-analysis-idUSKBN16S2LR'|'2017-03-22T02:48:00.000+02:00'
'fb374765dfdfb9b88a62f726c200501b57999c3c'|'Asian stocks pull back on fresh doubts about Trump policies'|'Money News  51am IST Asian stocks pull back on fresh doubts about Trump policies A man walks past an electronic board showing Japan''s Nikkei average (top L), the Dow Jones average (top R) and the stock averages of other countries'' outside a brokerage in Tokyo, Japan, January 26, 2017. REUTERS/Kim Kyung-Hoon By Saikat Chatterjee - HONG KONG HONG KONG Asian stocks fell on Wednesday as a sharp pullback in Wall Street on doubts about Donald Trump''s economic agenda prompted investors to rush to safe haven assets such as gold and government bonds. Both the S&P 500 .SPX and the Dow Jones Industrial Average .DJI lost more than one percent on Tuesday in frantic trading, their biggest one day slide since before Donald Trump''s election victory in November. [.N] MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was down 0.5 percent in early trades after it hit its highest level since June 2015 in the previous session. Early Asian market openers such as Japan .N225 and Australia fell more than a percent. "Nerves about implementation of the Trump agenda will remain the focus for markets with the Obamacare repeal vote in U.S. congress on Thursday," ANZ strategists wrote in a daily note. With valuations stretched -- U.S. stocks are trading at the upper end of their historical valuation ranges -- investors see the Trump administration''s struggles to push through the healthcare overhaul as a sign he may also face setbacks delivering promised corporate tax cuts. Expectations of those tax cuts have been a major driver behind the 10-percent surge in the S&P 500 since Trump''s election. With investor mood decidedly risk-off, the Japanese yen scored some chunky gains against the U.S. dollar JPY= , rising to a four-month high. The greenback fell below a key level of 100 .DXY against a trade-weighted basket of its peers. Bonds gained with yields on two-year U.S. debt US2YT=RR falling to 1.27 percent in overnight trades, retreating further from a 7-1/2 year high of 1.38 percent hit last Wednesday when the U.S. Federal Reserve raised interest rates. Gold XAU= was on track to extend its overnight strong performance with the precious commodity perched comfortably at a two-week high of $1,248 per ounce. Oil prices declined as concerns about new supply overshadowed the latest talk by OPEC that it was looking to extend output cuts. U.S. West Texas Intermediate crude CLc1 fell 1.8 percent to its lowest level since late-November to settle at $47.34 per barrel. Contracts were yet to be traded in Asia. (Reporting by Saikat Chatterjee; Editing by Sam Holmes) Next In Money News Off the pulse - India farmers switch crops as lentil prices plunge LATUR, India/NEW DELHI Millions of Indian farmers look set to switch from growing pulses and oilseeds after a government campaign to boost output became a victim of its own success by flooding markets with the crops, used in everything from fragrant curries to sticky desserts.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-markets-idINKBN16T019'|'2017-03-22T07:21:00.000+02:00'
'4a8a3b0bd3eba0ea8349a8181aedb8ea6dd8bc11'|'U.S. Supreme Court gets rid of delay defence in patent cases'|' 16pm GMT U.S. Supreme Court gets rid of delay defence in patent cases By Jan Wolfe A U.S. Supreme Court ruling on Tuesday in a lawsuit over adult diapers will make it more difficult for companies accused of patent infringement to shoot down lawsuits because the plaintiffs waited too long to bring them. In a 7-1 decision, the justices said SCA Hygiene Products AB, based in Stockholm, ( SCAb.ST ) did not unreasonably delay in filing a lawsuit accusing First Quality Baby Products of copying its patented adult diapers. The ruling is a blow to technology, pharmaceutical and other companies frequently targeted in patent lawsuits, including many brought by so-called "non-practicing entities" (NPEs) which buy and assert patents but do not make their own products. In a jointly filed brief supporting Great Neck, New York-based First Quality''s position, Google Inc ( GOOGL.O ), Samsung Electronics Co Ltd ( 005930.KS ) and more than a dozen other companies said NPEs often delay bringing a claim until a patents become more valuable through the defendants'' labours. The so-called laches defence allowed judges to dismiss cases in which the plaintiff was determined to have strategically delayed their claims. But Justice Samuel Alito said in the majority opinion on Tuesday that the motives behind the delay are irrelevant as long as the patent owner''s lawsuit was filed within the six-year time limit from the date when its patent is first infringed. “When Congress enacts a statute of limitations, it speaks directly to the issue of timeliness and provides a rule for determining whether a claim is timely enough to permit relief,” Alito wrote. Justice Stephen Breyer wrote in a dissenting opinion that he believed Congress intended to allow the laches defence when it created the modern-day patent system in the 1950s. The ruling reverses a September 2015 decision by the U.S. Court of Appeals for the Federal Circuit. Michael Risch, a law professor at Villanova University School of Law, said the ruling was not unexpected, based on a similar 2014 decision banning the defence in copyright cases. Ashok Ramani of Keker Van Nest & Peters, a patent lawyer not involved in the case, said the ruling would have had more impact on NPEs if it had come out five years ago. The Supreme Court has already clamped down on the NPE business model in recent years through prior rulings that have limited both damages in patent cases and the types of ideas that can be patented, he said. The case is SCA Hygiene Products Aktiebolag v. First Quality Baby Products, LLC, 15-927, at the U.S. Supreme Court. (Reporting by Jan Wolfe; Editing by Anthony Lin and Jonathan Oatis)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-court-patent-idUKKBN16S2ZU'|'2017-03-22T06:16:00.000+02:00'
'8a55a4e69ca11cdb0dbc613b7653e34e4a55cfa7'|'BRIEF-Galapagos initiates Phase 1 study with novel CF potentiator GLPG3067'|' 40am EDT BRIEF-Galapagos initiates Phase 1 study with novel CF potentiator GLPG3067 March 22 Galapagos NV: * Initiates Phase 1 study with novel CF potentiator GLPG3067 * Triggers a $7.5 million milestone payment from AbbVie * Third potentiator in growing portfolio of cystic fibrosis drug candidates * Aim of the phase 1 study is to evaluate the safety, tolerability and pharmacokinetics of oral single and multiple ascending doses of GLPG0367 * Safety and tolerability of the combination of GLPG3067 and GLPG2222 will also be evaluated. * "we plan to initiate multiple studies within our cf portfolio in the course of this year, as we get closer to our goal of initiating a patient evaluation of a triple combination therapy by mid-2017." - CSO   (Gdynia Newsroom)   CORRECTED-GLOBAL MARKETS-Asian stocks slide as fresh Trump jitters damage risk sentiment HONG KONG, March 22 Asian stocks posted their biggest drop in two weeks on Wednesday as growing doubts about Donald Trump''s economic growth agenda prompted investors to dump risky assets and rush to safe havens such as gold and government debt. UPDATE   MORE  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-galapagos-initiates-phase-1-study-idUSL5N1GZ0R6'|'2017-03-22T13:40:00.000+02:00'
'ea13c40a61a5f100d4fd5b21ff6b6475f16dbfd9'|'CANADA STOCKS-TSX slips as oil prices weigh on energy shares'|'TORONTO, March 22 Canada''s main stock index fell on Wednesday as a weakness in oil prices weighed on the heavily weighted energy sector, offsetting modest strength in gold-mining shares.At 9:41 a.m. (1341 GMT), the Toronto Stock Exchange''s S&P/TSX composite index fell 45.28 points, or 0.3 percent, toto 15,267.85. Of the index''s 10 main groups, eight were in negative territory. (Reporting by John Tilak; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/markets-stocks-canada-idUSL2N1GZ0KY'|'2017-03-22T16:43:00.000+02:00'
'56405f2765ac30811aca6cefc03126ab44c7efef'|'UPDATE 1-Police investigating Dakota pipeline vandalism'|'Company  51pm EDT UPDATE 1-Police investigating Dakota pipeline vandalism (Recasts with details of vandalism ) By Timothy Mclaughlin March 21 South Dakota authorities are investigating an act of vandalism at the Dakota Access pipeline, a day after the project owner said oil could begin flowing through the pipeline soon, officials said on Tuesday. The Lincoln County Sheriff''s Office was alerted on Friday to a small crack near a valve site on a stretch of the pipeline outside Canton, South Dakota, 25 miles (40 km) southeast of Sioux Falls, Lincoln County Chief Deputy Chad Brown said by telephone. "It was definitely intentional, it wasn’t from the pipe flexing or anything like that," Brown said. The state Department of Criminal Investigations was investigating the incident as an act of "felony vandalism," said Sara Rabern, a spokeswoman for the state''s attorney general. Energy Transfer Partners LP, according to court documents filed on Monday, believes oil could begin flowing through the 1,172-mile (1,885-km) pipeline as early as this week. The documents cited "coordinated physical attacks along the pipeline," but there were no details provided on where the incidents took place, and many of the documents are sealed. The attacks would not affect preparations for the start of operations, the documents said. A spokeswoman for Energy Transfer did not immediately respond to request for comment. In neighboring North Dakota on Tuesday, a stretch of highway closed by months of protests against the pipeline was to reopen, officials said. Traffic would be allowed on Highway 1806 from Fort Rice, south of Mandan in the state''s southwest, to the Cannonball Bridge near the Standing Rock Sioux reservation starting at noon, the Morton County Sheriff''s Department and North Dakota Highway Patrol said in a statement. The nearly 9-mile (14-km) stretch of highway was closed in October when Native Americans and environmental activists descended on the area in an effort to force the rerouting of the multibillion-dollar pipeline away from a lake upstream from the reservation. The demonstrators said the pipeline could pollute water supplies and destroy sacred tribal sites. Backwater Bridge was the site of clashes between law enforcement and protesters and barricades were erected on it to keep protesters from reaching the site of the pipeline. Law enforcement swept through the protest camp late last month, clearing the remaining protesters. Earlier this month, a federal judge denied a request by a Native American tribe for an emergency injunction to prevent oil flowing through part of the pipeline, saying such a move would be against the public interest. (Reporting by Timothy Mclaughlin in Chicago; Editing by Dan Grebler and Peter Cooney) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/north-dakota-pipeline-idUSL2N1GY1WV'|'2017-03-22T05:51:00.000+02:00'
'c8136f730972a2568e43218a08c46f6b6459bff1'|'GLOBAL MARKETS-Asia shares off to cautious start as Fed rate hike looms'|'Business  39pm EDT Asia shares off to cautious start as Fed rate hike looms People walk past an electronic board showing stock prices outside a brokerage at a business district in Tokyo, Japan, January 23, 2017. REUTERS/Kim Kyung-Hoon By Hideyuki Sano - TOKYO TOKYO Asian shares started the week on a cautious note on Monday as strong U.S. jobs data cemented expectations of a hike in U.S. interest rates this week and as oil prices plunged to 3 1/2-month lows on fresh worries of oversupply. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was flat, with a fall in resource-heavy Australian shares offset by a rise in tech-heavy South Korean shares .KS11 . Japan''s Nikkei .N225 inched lower, with the mood also soured by an unexpected drop in machinery orders, which highlighted the fragility of the country''s economic recovery. Global stocks rose on Friday, with the MSCI''s index of 46 markets .MIWD PUS gaining 0.5 percent, snapping six straight days of losses after the robust U.S. jobs report. Yet while the data all but sealed a rate increase by the Federal Reserve on Wednesday, the market''s focus now shifting to the pace of rate hikes beyond March. "The markets are focusing on when the Fed will raise rates next time or the pace of its rate hike, so the tone of Fed Chair Janet Yellen will be closely watched," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management. U.S. interest rate futures <0#FF:> are pricing in about a 50 percent chance of another rate hike in June. By the end of 2017, a total of nearly three hikes were fully priced in, including the likely move in March. In Reuters poll of primary dealers, twelve of the 23 dealers saw a rate increase to 1.00-1.25 percent by the June 13-14 meeting, while 10 expected such a move by the Fed''s September meeting. The 10-year U.S. Treasuries yield US10YT=RR slipped a tad on Friday partly as markets had already expected strong payroll figures. Still, it last stood at 2.584 percent, not far from its two-year high of 2.641 percent touched on Dec 15. U.S. junk bonds have also faltered, with high-yield bond ETF ( HYG ) posting its biggest weekly loss in more than a year. Global bond prices came under pressure also following a report that some European Central Bank policymakers had discussed the possibility of rate hikes before the end of its quantitative easing program. The 10-year German Bund yield rose to 0.496 percent DE10YT=TWEB on Friday, near its one-year high of 0.498 percent hit in January. A break of those previous peaks in major bond yields could spark a fresh sell-off in global bond markets. The talk of ECB rate hike, even though it is still seen as a remote possibility, helped to lift the euro. The single currency traded at $1.0690 EUR= , after hitting a one-month high of $1.06995 on Friday. The dollar slipped to 114.85 yen JPY= from Friday''s six-week high of 115.51 yen after U.S. Commerce Secretary Wilbur Ross said on Friday that Japan will be on high on the U.S. priority list for trade agreements. Traders suspect Washington, keen to reduce its trade deficit, may put pressure on Japan not to cheapen the yen in upcoming bilateral economic talks. Oil skidded to 3 1/2-month lows after posting biggest three-day loss in a year by Friday as investors continued to flee bullish positions on worries that OPEC-led production cuts have not yet reduced a global glut of crude. U.S. crude futures dropped 1 percent to $47.96 per barrel CLc1, having shed more than 11 percent so far this month. (Editing by Kim Coghill)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-global-markets-idUSKBN16K01O'|'2017-03-13T07:37:00.000+02:00'
'55fb23b1d9173c969452c22c3842565c584c96cb'|'SSE to raise standard British domestic electricity prices from April 28'|'  9:16am GMT SSE to raise standard British domestic electricity prices from April 28 LONDON British energy supplier SSE said on Monday it would increase standard domestic electricity prices from April 28, resulting in an average 6.9 percent rise for a typical dual fuel customer. The company said it would keep gas prices at their current level but electricity prices would rise by an average 14.9 percent. The price change equates to 73 pounds ($89), or an average 6.9 percent rise for a typical duel fuel customer. (Reporting by Nina Chestney, editing by Louise Heavens)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-energy-prices-idUKKBN16K0UR'|'2017-03-13T16:16:00.000+02:00'
'f094b5b44e84ad969e49dde82266ef5c7e300088'|'HSBC names AIA''s Tucker as chairman in break with past'|'  2:54pm GMT HSBC names AIA''s Tucker as chairman in break with past left right AIA Group Chief Executive and President Mark Tucker poses during a news conference on the company''s annual results in Hong Kong, China February 24, 2017. REUTERS/Bobby Yip 1/4 left right FILE PHOTO: AIA Group Chief Executive and President Mark Tucker attends a news conference on the company''s annual results in Hong Kong, China February 24, 2017. REUTERS/Bobby Yip/File photo 2/4 left right FILE PHOTO: AIA Executive Director and Group Chief Executive Mark Tucker attends a news conference in Hong Kong February 25, 2011. REUTERS/Tyrone Siu/File photo 3/4 left right FILE PHOTO: AIA Chief Executive Mark Tucker speaks during a news conference on the company''s 2011 interim results and business performance in Hong Kong July 29, 2011. REUTERS/Tyrone Siu/File photo 4/4 By Sumeet Chatterjee and Lawrence White - HONG KONG/LONDON HONG KONG/LONDON HSBC ( HSBA.L ) broke with tradition by choosing outsider Mark Tucker to replace Douglas Flint as chairman later this year, handing the AIA Group ( 1299.HK ) boss the task of selecting a new chief executive for Europe''s biggest bank in 2018. A one-time professional footballer and insurance industry veteran who once led Britain''s Prudential ( PRU.L ), Tucker will take over as the bank''s first-ever external chairman on Oct. 1. HSBC shares were 0.9 percent higher on Monday by 1150 GMT on news of Tucker''s appointment, as investors welcomed the choice of the Asia veteran as a signal it could intensify its shift towards the region and lower-risk income streams. "As a top five long term shareholder, we have been involved in the process and are pleased to see a highly regarded and fresh independent chair for HSBC," said Sacha Sadan, director of corporate governance at Legal & General Investment Management. Flint''s departure will end one of the longest-serving management partnerships at a major global bank, as HSBC Chief Executive Stuart Gulliver is also due to leave in 2018. "The appointment of a safe pair of hands like Tucker potentially signals an increasing focus on steadier, annuity-style income streams where HSBC has a competitive advantage and which are also set to benefit as interest rates rise," Benjamin Quinlan of Hong Kong consultancy Quinlan & Associates said. TUCKER''S CHOICE Identifying a successor for Gulliver will be one of the first tasks for Tucker, who will receive an annual fee of 1.5 million pounds ($1.83 million) in addition to standard benefits. His basic salary at AIA in 2015 was $1.5 million, but short-term and long-term incentives could bring that total as high as $9.9 million, according to AIA''s latest annual report. Gulliver, in common with many global bank CEOs, has not clearly nurtured an obvious successor-in-waiting within the lender''s senior management ranks, leaving the door open to a number of his lieutenants or an outside candidate. Leading internal candidates include Europe chief Antonio Simoes and retail and wealth management head John Flint. Former Goldman Sachs banker Matthew Westerman is seen by some internally as a candidate, despite overseeing a relatively small part of HSBC''s investment bank. Among external possibilities, Lloyds ( LLOY.L ) Chief Executive Antonio Horta-Osorio is frequently cited by investors. "We have been developing some strong internal candidates but you would always expect for a group of this size to benchmark them and look externally as well," Sam Laidlaw, an independent board member who also chairs HSBC''s pay committee, told Reuters. GROWTH CHALLENGE Tucker''s main challenge will be to oversee a return to profit growth. HSBC''s overall return on equity slumped last year to less than one percent, compared with 7.6 percent the year before and far short of a long-term target of 10 percent. The bank only earns returns above that target in Asia among its geographical businesses, and only in retail banking and wealth management among its divisions. Other obstacles include low demand for loans in its twin home markets of Britain and Hong Kong, reflected in a loan-to-deposit ratio of 67 percent, below most of its peers. HSBC also faces slowing growth in China, dampening hopes for an Asia pivot strategy announced last year. While HSBC’s share price has barely risen during the tenure of Flint and Gulliver, the pair can point to successes, including the shrinking of the bank following a pre-2008 era of excessive empire-building and a clean-up of its culture. The pair slashed over 43,000 jobs and sold assets worldwide as they attempted to shrink the group back to profitability amid a tough environment for global banks. With more than $1.2 trillion in customer deposits, HSBC has suffered more than most from low global interest rates which have made it difficult to invest deposits profitably. HSBC''s full-year profit fell 62 percent, far short of forecasts, last month as it took restructuring writedowns and flagged near-term brakes on revenue growth. (Additional reporting by Michelle Price in Hong Kong and Anusha Ravindranath in Bengaluru; Editing by Stephen Coates and Alexander Smith)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-hsbc-chairman-idUKKBN16J0HO'|'2017-03-13T20:41:00.000+02:00'
'ded341c11f66e07fb8bfe20273af5e3bebe1a555'|'UK commercial property recovery losing steam index shows'|'Business News - Thu Mar 16, 2017 - 3:01pm GMT UK commercial property recovery losing steam index shows A view of the London skyline shows the City of London financial district, seen from St Paul''s Cathedral in London, Britain February 25, 2017. REUTERS/Neil Hall Growth in British commercial property prices slowed for a second month in February, a closely-watched index showed on Thursday, denting a recovery seen in the last quarter of 2016 following Britain''s vote to leave the European Union. The value of British commercial property assets grew 0.17 percent in February compared with January, according to MSCI''s ( MSCI.N ) IPD real estate index, overshadowing largely stable rental growth, with total returns falling to 0.625 percent in February from 0.71 percent in January. The IPD real estate index is one of Britain''s most widely watched commercial real estate data surveys, and tracks about 10.5 percent of professionally managed British property across all sectors, including retail and office property. The February index was based on data from 3,046 property investments with a total capital value of 44.6 billion pounds, MSCI said. Many occupiers have curtailed expansion plans after the Brexit vote, dampening expectations for rents and making buyers and owners more cautious. Great Portland ( GPOR.L ) sold the Facebook London headquarters building at a discount, while British Land ( BLND.L ) managed to secure an above valuation price for the Cheesegrater city office building. Some financial firms, among the biggest users of office space in London, have warned they could move jobs overseas if they lose their ability to service EU clients from the UK. ($1 = 0.8104 pounds) (Reporting by Esha Vaish in Bengaluru; Editing by Alexander Smith) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-property-idUKKBN16N24P'|'2017-03-16T22:01:00.000+02:00'
'dad880c17546937f1a299fbbaf327b020539b3fe'|'Activist investor Elliott owns Akzo Nobel''s stock: source'|'Activist investor Elliott Management owns shares in Akzo Nobel NV ( AKZO.AS ), a person familiar with the matter said on Friday, potentially adding pressure on the Dutch paint maker to consider a sale to U.S. coatings manufacturer PPG industries Inc ( PPG.N ).The Wall Street Journal reported earlier on Friday, citing sources, that Elliott had expressed concerns to Akzo Nobel''s management about not engaging with PPG and not consulting with the hedge fund.The source asked not to be identified because Elliott''s position in the company, which is below the 3 percent stake reporting threshold in the Netherlands, is not public. Akzo Nobel and Elliott declined to comment.While Elliott could help organize more Akzo Nobel shareholders against the company''s management, mounting a board challenge would be tricky. This is because Akzo Nobel awards a foundation, known as stichting, preferred shares which have special voting power and can be effective at fending off challenges from activist shareholders.Akzo Nobel rejected a 21 billion euro ($22 billion) bid from larger U.S. rival PPG earlier this month and said it wanted to "unlock value" by spinning off its chemicals business, which accounts for roughly a third of sales and earnings, with a 2016 operating profit of 629 million euros on sales of 4.8 billion euros.Akzo Nobel said PPG''s offer was also risky because cost savings were uncertain, it would lead to a highly leveraged company, and it stood a good chance of being blocked by regulators. It also said the deal would be "detrimental to the societies and economies in which Akzo Nobel operates."Pittsburgh-based PPG has called its proposal "attractive and comprehensive." While it has not yet made a second offer for Akzo Nobel, it remains interested in the company, according to the sources.(Reporting by Greg Roumeliotis in New York and Liana B. Baker in San Francisco; Editing by Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-akzonobel-elliottmanagement-idINKBN16O2U3'|'2017-03-17T19:34:00.000+02:00'
'606d1c43bc3b4c5d9416172e654136ff6f9734a8'|'Japan Aso calls on G20 to reconfirm warning vs excess FX volatility'|'BADEN BADEN, Germany Japanese Finance Minister Taro Aso said on Friday it was "very important" for the Group of 20 economies to reconfirm its warning that excess currency volatility was undesirable for economic stability."I told my G20 counterparts that while the global economy was recovering gradually, downside risks existed so it was important to reconfirm a G20 commitment to use all available tools, individually and collectively, to ensure economic stability," Aso said.Aso said he also told the G20 finance leaders that Japan was ready to mobilize monetary and fiscal policy tools to end deflation.On global trade, Aso said he stressed the importance of having "free and fair rules" on global trade, which have brought prosperity to many economies.Aso made the remarks to reporters after the first day of a two-day gathering of the Group of 20 finance leaders in Baden Baden, Germany.(Reporting by Leika Kihara; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-g20-germany-japan-aso-idINKBN16O2VR'|'2017-03-17T20:36:00.000+02:00'
'7e936c252c1e303cc212c87ce8769a6fe226fc85'|'Recruiter Robert Walters reports record full-year profit'|' 59am GMT Recruiter Robert Walters reports record full-year profit British recruitment firm Robert Walters ( RWA.L ) posted on Wednesday a record profit for 2016 on the back of strong hiring across all of its geographies, with 15 countries it operates in delivering record performances. The company, which places people in finance, engineering, legal and marketing jobs, said pretax profit rose 26 percent to 28.1 million pounds ($34.32 million) in the year ended Dec. 31, 2016. However, Robert Walters, which generates 69 percent of its net fee income outside of the UK, said confidence and activity levels among individuals and firms in the UK were negatively impacted last year by Britain''s vote to leave the European Union. Activity in the financial services market in London particularly declined, said the company, adding that it more than made up for the fallout due to strength in the commerce finance market as well as its regional operations that focus on small- and medium-sized businesses. "Looking ahead, we remain mindful of the unpredictable geopolitical environment," Chief Executive Robert Walters said in a statement. "However, (Robert Walters) global footprint coupled with the range of recruitment services we provide positions us well to maximise opportunities for growth as they arise." ($1 = 0.8187 pounds) (Reporting by Esha Vaish in Bengaluru; Editing by Subhranshu Sahu)   Exclusive    '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-robert-walters-results-idUKKBN16M0U8'|'2017-03-15T14:59:00.000+02:00'
'94475f2f1e94924465e12aa559dae100cfe84180'|'Packaging conglomerate Ardagh prices shares at $19 in New York IPO'|'Deals  25pm EDT Packaging conglomerate Ardagh prices shares at $19 in New York IPO DUBLIN Packaging conglomerate Ardagh Group ( ARD.N ) on Tuesday priced its long-awaited initial public offering (IPO) at $19 per share in a listing of around 7 percent of the company on the New York Stock Exchange. The Luxembourg-based supplier of glass and metal containers, controlled by Irish billionaire Paul Coulson, had announced - and then delayed - a stock market debut several times, but said last month that it intended to float this quarter. Ardagh said in a statement on Tuesday it intends to sell 16.2 million class A common shares, representing approximately 6.9 percent of its share capital, to raise $307.8 million. The deal''s underwriters may also exercise an option to purchase up to 2.4 million additional shares. Ardagh, which has been manufacturing Dutch brewer Heineken''s ( HEIO.AS ) iconic green beer bottles for over 25 years, has said it will use the proceeds of the IPO to pay down debt which stood at $7.2 billion or over five times its annual earnings last year. The packaging producer, which also counts L''Oreal and Coca-Cola among its clients, has grown its annual revenue to 7.7 billion euros through a series of acquisitions. Coulson said last month that while the funds to be raised in the IPO would be relatively modest, becoming a publicly-traded company was a "very logical progression" for the company he has transformed from a small, single plant to one that operates out of over 100 facilities in 22 countries. Citigroup, Deutsche Bank Securities, Goldman Sachs & Co, Barclays, Credit Suisse and JPMorgan are acting as joint book-running managers. Ireland''s Davy Stockbrokers and Wells Fargo Securities are acting as co-managers. (1 euro = $1.0579) (Reporting by Conor Humphries, editing by G Crosse) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ardagh-group-ipo-idUSKBN16L2R1'|'2017-03-15T05:20:00.000+02:00'
'b1137972eb3e6bdcd3c3dc5c5ce2855562819214'|'Australia hauls in gas majors to boost local supply, cap prices'|'Company News  12pm EDT Australia hauls in gas majors to boost local supply, cap prices By Sonali Paul - SYDNEY, March 15 SYDNEY, March 15 Australia''s top gas producers, led by ExxonMobil Corp and Royal Dutch Shell, are set to come under fire to supply more gas to the local market and curb soaring prices in crisis talks on Wednesday with Prime Minister Malcolm Turnbull. The meeting comes days after Australia''s energy market operator warned the country faces a gas crunch from 2019 that could trigger supply cuts to industry or power outages for lack of gas for generation. This is happening even as the country is on track to become the world''s top exporter of liquefied natural gas. "What I''m seeking to do is to ensure we have action from the gas companies," Turnbull told reporters in Canberra. "I can say that the gas companies, I have no doubt, are very well aware they operate with the benefit of a social licence from the Australian people. And they cannot expect to maintain that if, while billions of dollars of gas are being exported, Australians are left short." Manufacturers who need gas have long complained they faced tight supplies and soaring prices as producers have been focused on supplying gas to the LNG plants that have locked in 20-year export contracts. (Reporting by Sonali Paul; Editing by James Dalgleish) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/australia-gas-majors-idUSL3N1GR3LA'|'2017-03-15T05:12:00.000+02:00'
'aa0207c14c263aff7d24fb304ee637b9477f503b'|'REFILE-Indian Oil to sell 24 pct stake in India JV to Lubrizol Corp'|'Deals  18am EDT Indian Oil to sell 24 percent stake in India JV to Lubrizol Corp NEW DELHI India''s cabinet gave the go-ahead on Wednesday for state-run Indian Oil Corp ( IOC.NS ) to sell a 24 percent stake in a joint venture to its U.S.-based partner Lubrizol Corp [BRKLU.UL], a government statement said. IOC held a 50 percent stake in the joint venture, Lubrizol India Pvt Ltd, according to the company''s 2015-16 annual report. The joint venture makes chemical additives for lubricants. (Reporting by Nidhi Verma; editing by Susan Thomas) Next In Deals Hedge fund TCI intensifies pressure on Safran to scrap $9 billion Zodiac deal PARIS Pressure on France''s Safran to rethink its proposed $9 billion takeover of Zodiac Aerospace intensified on Wednesday as a profit warning sent the target''s shares tumbling and hedge fund TCI called for Safran''s chairman to be ousted unless it abandons the deal. Savanna Energy Services Corp said it accepted a higher offer from fellow Canadian oilfield services provider Western Energy Services , while again rejecting a hostile bid from Total Energy Services Inc . MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-indian-oil-corpn-m-a-lubrizol-idUSKBN16M294'|'2017-03-15T22:29:00.000+02:00'
'e2c55dcdb0bf014e1511f483aa9f5c8ca12c5be9'|'Halfway into 2017''s oil supply cut, Asia remains awash with fuel'|'Business News - Fri Mar 17, 2017 - 2:19am GMT Halfway into 2017''s oil supply cut, Asia remains awash with fuel Vessels pass an oil refinery in the waters off the southern coast of Singapore, February 26, 2016. REUTERS/Edgar Su/File Photo By Florence Tan and Henning Gloystein - SINGAPORE SINGAPORE Halfway into an OPEC-led oil supply cut, Asia remains awash with fuel in a sign that the group''s efforts to rein in a global glut have so far had little effect. The Organization of the Petroleum Exporting Countries (OPEC) and other suppliers including Russia have pledged to cut production by almost 1.8 million barrels per day (bpd) during the first half of this year to rein in oversupply and prop up prices. Yet almost three months into the announced cuts, oil flows to Asia, the world''s biggest and fastest growing market, have risen to near record highs. The Asian surplus will pressure global oil prices and weigh on the budgets of major oil producing nations but may also help spur growth in demand needed to soak up the excess. Thomson Reuters Oil Research and Forecasts data shows around 714 million barrels of oil are being shipped to Asia this month, up 3 percent since December when the cuts were announced. Responding to rising production, benchmark crude prices LCOc1 are down 10 percent since January, and analysts warn that more falls could follow. "Cuts are not enough to re-absorb the world''s excess supply. So, unless oil demand growth rebounds to record levels in 2017, oil prices could head for another substantial fall," said Leonardo Maugeri, senior fellow at the Harvard Kennedy School''s Belfer Center for Science and International Affairs. Not only are supplies from the Middle East and Russia to Asia still high despite the pledge to cut, but record volumes are flooding into Asia from the Americas and Europe. The result is a market awash with fuel. More than 30 supertankers are sitting off the coasts of Singapore and southern Malaysia filled with oil, despite a price structure that makes it unattractive to buy oil now and store it for sale at a later date. Crude for delivery in January 2018 is only 70 cents more expensive than that for delivery next May, making those floating storage vessels unprofitable. <0#LCO:> OPEC''S DILEMMA The ongoing glut poses a predicament for OPEC. Its members need higher oil prices to balance government budgets, but cutting back production to prop up prices means losing market share as other suppliers step in to fill the gap. OPEC''s cuts early in the year pushed up Middle East Dubai crude price against the international benchmark Brent, allowing oil from outside the Middle East to head to Asia. Traders are shipping competitively priced crudes such as Russian Urals, Kazakhstan''s CPC Blend, North Sea Forties and U.S. West Texas Intermediate to replace Middle East staples from Oman to Abu Dhabi. A record 10.5 million barrels of Russian Urals will arrive in Asia between April and June, Eikon data shows. Oil from Kazakhstan, the North Sea, Brazil, and the United States arriving in Asia in March is expected to reach 45 million barrels, double the volume in the same month a year ago. "The uptick in arbitrage has not gone unnoticed by the large Middle Eastern (OPEC) producers," analysts from consultancy JBC Energy said in a note to clients this week. In a move to beat off competition but which contradicts the announced cuts, OPEC''s de-facto leader Saudi Arabia unexpectedly cut light crude prices last week. State-owned Saudi Aramco has also given additional supplies to Asian customers in April, trade sources said. Stiff competition and ample supplies have depressed prices for Middle East and Asia-Pacific grades, some of them to multi-month lows. May-loading for Qatar Marine crude sold at discounts to its official selling price for the first time in four months while spot premiums for Russian and Malaysia''s flagship Kimanis crude have also hit lows. With few signs that producers will cut supplies deeply enough to end the glut, and indicators that output is rising in the United States C-OUT-T-EIA, traders say only strong demand can eventually rein in the surplus. "Demand growth in Asia is about 700,000 bpd, so the glut will eventually clear," said Oystein Berentsen, managing director for oil trading company Strong Petroleum in Singapore. Not all are as confident. "Enduring excess supply could be eased by a robust demand growth," said Maugeri of the Belfer Center. "But preliminary data and analyses do not portend such a development, especially because of a significant slowdown in demand growth in China and India - the two major engines of world oil consumption growth." (Reporting by Florence Tan and Henning Gloystein; Additional reporting by Mark Tay; Editing by Lincoln Feast) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-asia-oil-analysis-idUKKBN16O07S'|'2017-03-17T09:19:00.000+02:00'
'0c235cbadbc820c675abbf66dd2ad50709c7720d'|'Netflix and Tesla overrated? Yes, in this mad, mad world'|'I love Netflix – I watch it more now than any broadcast TV channel. I love Tesla cars, though I doubt I’ll ever be able to afford one. But according to one of the UK’s top fund management groups, both are among the most overpriced shares on Wall Street, a stock market that under President Trump is – to use a phrase he rather likes – one of the most overrated in the world.We are at a strange juncture in financial history, with a madman in the White House, Britain breaking itself into pieces, interest rates on the march up (in the US at least), the economy barely bigger than it was a decade ago, Greece in desperate straits and global debt at eye-watering levels. Yet almost every day the S&P 500 and the FTSE 100 break new records.You could buy shares in Netflix for $8 in 2012, a year before I first subscribed. Today those shares are trading at an all-time high of $145, meaning the company is worth $63bn. (Sadly, I only subscribed to catch up on The Good Wife, not to buy the shares.)Meanwhile, Tesla has electrified investors, soaring from $35 five years ago to $265 today, giving it a total market worth of $42bn. Yet its total car production last year was just one-fifth of the number that rolled out of just one Nissan factory in Sunderland.In a highly unusual move, investment group Jupiter this week revealed the stocks that it is “shorting”, which means placing a bet that a company’s share price will fall. Normally, shorting is the preserve of secretive hedge funds, or the “absolute return” funds currently popular among small investors – and rarely are we told which stocks they are betting are about to tank. But James Clunie, who runs Jupiter’s £1bn Absolute Return fund, is refreshingly transparent – even blogging on “What’s going down”. He is currently shorting 110 stocks – and 70 are in the US. Almost none are in the UK, which he regards as a cheap market.But it’s important to caveat what shorting means. It’s not that Clunie reckons Tesla’s electric cars are going the same way as DeLoreans. Or that Netflix’s new series are going to flop. It’s just that investors get overexuberant about some companies, pushing their shares up to stratospheric levels. Sometimes they are worth it, and are able to deliver on ambitious expectations. Others still deliver, just not quite what the market expects, and the shares then lose their buzz.Wall Street has been buzzing because speculators reckon a combination of Trump tax cuts, plus big spending on infrastructure, will pump up the economy. But it may not take much to blow that story off course.A growing number of investment managers I speak to are nervous that the bull market in US shares, now eight years old, is on its last legs. As Clunie points out, during bull runs companies find it easy to borrow to acquire other companies – known as leveraging. It’s how Sun Edison, once a darling of the stock market, saw its share price soar from $1.50 in 2012 to $31 by mid 2015 – then go bankrupt.Trump may have problems pushing his infrastructure spending through Congress. He may have some of his tax reforms pushed back. The risk (to the stock market) is that almost everything on Wall Street is priced for a positive outcome.The good news is that despite the FTSE 100 hitting new records, a lot of fund managers regard it as cheap or fair value, and certainly not excessively priced like Wall Street. Much of the run-up in the FTSE has been down to the mining and resources companies, which have benefited because of the fall in sterling. But a lot of domestically focused companies have lost international support and are on cheap valuations.*An apology to regular Guardian Money readers. Last week we published acres of coverage on what the budget means to you. This week we learnt it meant nothing.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/blog/2017/mar/18/tesla-netflix-share-wall-street-overpriced'|'2017-03-18T02:00:00.000+02:00'
'555ebd73e77c2bc2805429b4e6f7af002bb78a06'|'Beijing, Saudi Arabia agree to more oil cooperation, exports to China'|'Business News - Sat Mar 18, 2017 - 5:50am GMT Beijing, Saudi Arabia agree to more oil cooperation, exports to China left right China''s President Xi Jinping and Saudi King Salman bin Abdulaziz Al-Saud arrive for a welcoming ceremony at the Great Hall of the People in Beijing, China, March 16, 2017. REUTERS/Thomas Peter 1/2 left right China''s President Xi Jinping (2nd L) meets with Saudi Arabia''s King Salman bin Abdulaziz Al-Saud (2nd R) at the Great Hall of the People in Beijing, China March 16, 2017. REUTERS/Lintao Zhang/POOL 2/2 BEIJING China and Saudi Arabia will increase their cooperation in the oil sector, including in Saudi oil exports to China, the two countries said in a joint communique issued on Saturday at the end of Saudi Arabian King Salman''s visit to Beijing. The world''s largest oil exporter has been looking to cement ties with the world''s second-largest economy. After losing market share to Russia last year, Saudi Arabia has sought to boost oil sales to China, the world''s second-largest oil market, by working mostly with China''s top three state oil firms. "Both countries are willing to raise their level of cooperation in the oil sector, including supplying Saudi oil to the continuously growing Chinese market," the two said in a statement issued by China''s official Xinhua news agency. "Both sides stress the importance of stability in world oil markets to the global economy ... China appreciates Saudi Arabia being a safe and dependable oil supplier to the world market, and the role it plays in ensuring the stability of the global oil market," it said. Salman oversaw the signing of deals worth as much as $65 billion on the first full day of his visit to Beijing on Thursday. China has traditionally played little role in Middle East conflicts or diplomacy, despite its reliance on the region for oil. However, it has been trying to get more involved in efforts to end Syria''s six-year-old civil war, where Riyadh supports rebels battling President Bashar al-Assad. Last year, China also offered support for Yemen''s government, which is backed by a Saudi-led Gulf Arab coalition in a war against the Iranian-aligned Houthi movement that controls much of the country. China has had to tread a careful line, though, as it also has close relations with Iran. Xi visited both Saudi Arabia and Iran in January last year. The joint statement said both China and Saudi Arabia stressed their support for Yemen''s legal government. China''s renewed diplomatic push with the Middle East continues next week when Israeli Prime Minister Benjamin Netanyahu visits China. Diplomatic sources say China is trying to play the role of "honest broker" in the Middle East, as it lacks the historical baggage of the Americans or the Europeans. (Reporting by Ben Blanchard; Editing by Paul Tait) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-saudi-idUKKBN16P05F'|'2017-03-18T12:50:00.000+02:00'
'157d352ad476f97e9df04360f5984fee3971daaa'|'Antitrust move may let America Movil cut labor costs - union'|'By Dan Freed - MEXICO CITY, March 16 MEXICO CITY, March 16 Antitrust measures announced last week that would split up Carlos Slim''s America Movil and open its fixed line network to competition may help Mexico''s dominant telecommunications provider reduce labor costs, according to a labor union spokesman.The announcement initially hammered the company''s shares , though they have since rebounded and closed at 13.60 pesos each on Thursday.The new rules drew opposition from a labor union representing 60,000 workers at America Movil''s fixed line unit, known as Telmex.The reorganization would create a new entity that could hire new workers and pay them less than under the existing contract, said Eduardo Torres Arroyo, spokesman for the Mexican Telephone Workers'' Union (STRM)."That possibility exists," Arroyo said. "We''re trying to keep that from happening."Paula Garcia, spokeswoman for America Movil, declined to comment on whether the company''s labor costs could be reduced or not as a result of the new rules.STRM has threatened a strike if the rules are not changed, though the union has not had a major walkout since 1982.Mexico''s regulator, the Federal Telecommunications Institute (IFT), is looking to increase access to America Movil''s fixed line network while attracting capital for the network''s expansion, according to Alexander Elbittar, a researcher with Mexico''s CIDE university who specializes in regulation and competition.The rules could end up benefiting America Movil, in part by freeing it from some of its obligations to its workers, according to Elbittar."There''s going to be a separation of the part of the company that has union representation," Elbittar said. "Telmex hasn''t been a great performer of late. This could be a chance for a relaunch."America Movil, which has businesses throughout Latin America, saw revenues grow by about 9 percent in 2016. Expenses, however, rose by nearly 15 percent. Rising costs in Mexico drew questions from analysts during a Feb. 3 conference call, according to a transcript posted on the company''s website. An executive who was not named in the transcript said the company needed more time to bring costs lower, but did not say how it would do so.Francisco Hernandez Juarez, leader of the STRM, told Reuters that America Movil requested the rule, even though the company has publicly opposed it and said it plans to challenge it."This order comes from the regulator," Garcia wrote via email. The IFT declined to comment.Elbittar said it is common for a regulator to design a rule in consultation with the businesses it will affect."Regulators aren''t businesspeople, and they aren''t aware of all the subtleties," he said. (Reporting by Dan Freed in Mexico City; Editing by Gopakumar Warrier)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/america-movil-antitrust-idINL2N1GU03N'|'2017-03-16T23:44:00.000+02:00'
'f760fbbe6bf12356f013abbb57ba3eed35a5b13b'|'U.S. says Walt Disney subsidiaries to pay $3.8 mln in back wages'|'U.S.  28pm EDT U.S. says Walt Disney subsidiaries to pay $3.8 million in back wages A part of the signage at the main gate of The Walt Disney Co. is pictured in Burbank, California, May 7, 2012. REUTERS/Fred Prouser WASHINGTON Two Florida subsidiaries of Walt Disney Co have agreed to provide $3.8 million in back wages to comply with federal law, the U.S. Labor Department said in a statement on Friday. The wages will be paid to 16,339 employees at the two units -- the Disney Vacation Club Management Corp and the Walt Disney Parks and Resorts U.S. Inc -- after U.S. officials found violations regarding minimum wage, overtime and record-keeping, the department said. (Reporting by Susan Heavey; editing by Diane Craft) Next In U.S. Trump ramps up fight for votes on U.S. healthcare overhaul WASHINGTON U.S. President Donald Trump on Friday stepped up his fight for support on Republicans'' plan to dismantle Obamacare, wooing some conservative lawmakers at the White House ahead of an expected vote on the legislation in the House of Representatives next week.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-walt-disney-usa-labor-idUSKBN16O2CG'|'2017-03-18T00:22:00.000+02:00'
'9b4a3da3788ca4442ebe1970108abaf106577b46'|'Suncor sells cargo of offshore Canadian crude to Indian Oil Corp'|'Money   3:35am IST Suncor sells cargo of offshore Canadian crude to Indian Oil Corp A logo of Indian Oil is picture outside a fuel station in New Delhi, India August 29, 2016. REUTERS/Adnan Abidi - CALGARY, Alberta Suncor Energy ( SU.TO ) has sold a cargo of offshore Canadian crude from its Hibernia field to Indian Oil Corp ( IOC.NS ), a Suncor spokeswoman said on Wednesday. Suncor spokeswoman Sneh Seetal declined to say how big the cargo was or when it would load, but confirmed Canada''s biggest oil company had won an Indian Oil Corp tender. "We do market our offshore crude production globally on an opportunistic basis," Seetal added. News of the Suncor cargo comes after market sources this week said two other vessels carrying Atlantic Canadian crude are on their way to China. The Stena Suede and the Jag Lalit, both Suezmaxes, loaded at Whiffen Head terminal, Newfoundland, according to Reuters ship tracking data. At least was one sold by Husky Energy ( HSE.TO ) and the buyer is PetroChina, two sources said. Husky said in February it sold its first one-million-barrel cargo of offshore Atlantic Canada crude bound for China. It came from the company''s White Rose field. At the time a Husky spokesman said low shipping rates helped make the transaction worthwhile. (Reporting by Nia Williams; Editing by Leslie Adler and Sandra Maler) Next In Money News Rupee hits 16-month high, bonds rally most in two weeks ahead of Fed MUMBAI The rupee hit a 16-month peak against the dollar and bonds rallied the most in two weeks on Wednesday on hopes of a less hawkish tone on interest rates by the U.S Federal Reserve at the end of its two-day policy meeting later in the day.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/canada-suncor-energy-cargo-idINKBN16M35J'|'2017-03-16T05:05:00.000+02:00'
'95991613f12b8b88e0fd356dd5a4b5da448914ee'|'Hawkish Fed takes rate cut option off South Korea policy menu'|'  7:01am GMT Hawkish Fed takes rate cut option off South Korea policy menu left right A currency dealer works in front of an electronic board showing the exchange rate between the South Korean won and the U.S. dollar (L) at a bank in Seoul, South Korea, March 16, 2017. REUTERS/Kim Kyung-Hoon 1/2 left right Currency dealers work in front of an electronic board showing the Korea Composite Stock Price Index (KOSPI) (R) at a bank in Seoul, South Korea, March 16, 2017. REUTERS/Kim Kyung-Hoon 2/2 By Christine Kim - SEOUL SEOUL The window for more monetary easing in South Korea looks to have closed after the U.S. Federal Reserve''s rate rise even as Asia''s fourth-largest economy struggles with high household debt and fallout from the scandal that toppled President Park Geun-hye. U.S. rates are now within half a percentage point of Korea''s benchmark rates, and on current projections could be level by the end of the year for the first time in a decade. While Wednesday''s Fed rate rise won''t trigger immediate capital flight, there are risks from letting South Korea''s yield premium over the United States narrow too much, or even turn negative, when markets expect the U.S economy to improve and rates to rise further. "The BOK will find it difficult to cut rates now," said a financial authority with knowledge of monetary policy thinking. "They won''t be able to hike immediately though; they''ll likely wait until year-end to observe the economy." Since mid 2016, as inflation has crept up to the BOK''s 2-percent target, yields on 1-year and 3-year treasury bonds have slipped below their U.S. counterparts on occasion. As of Wednesday, the yield for 3-year Korean government bonds stood at 1.759 percent, a shade higher than 1.5980 for U.S. 3-year treasury bonds. Stephen Lee, chief economist at Meritz Securities in Seoul said the opportunity for the BOK to cut rates is "long gone", and thinks the central bank will have to raise rates in 2018. Domestic activity is struggling. Consumption remains weak, weighed down by high levels of household debt, a cooling property market, rising unemployment and the political and corporate scandal that culminated in Park''s impeachment last week. "I don''t think they''ll do it immediately but if the economy normalises, the historical pattern is the BOK will eventually follow the Fed," said Cliff Tan, East Asian Head of Global Markets Research at Bank of Tokyo-Mitsubishi UFJ. "By the time we get to (U.S. rate hike) number four, there will be some consideration to follow the Fed." Wednesday''s rise was the third since the Fed began lifting rates in December 2015, taking the target for the overnight rate to a range of between 0.75 percent and 1.00 percent. For now, a strong external performance is supportive for foreign investment. Exports grew at their fastest annual pace in five years in February, reinforcing the buffers of a large current account surplus and hefty foreign exchange reserves. Foreigners held 96.08 trillion won ($84 billion) of South Korean bonds at the end of February, after South Korea saw the biggest bond inflows since 2009 that month. But that followed bond outflows worth 7.6 trillion won through the final five months of 2016 ahead of the Fed''s December rate rise. Also, following U.S. President Donald Trump''s election, a more protectionist environment carries heavy risks for South Korea''s export reliant economy. Another factor pointing to an end of South Korea''s easing cycle is the presidential election called in the wake of Park''s impeachment, as it could lead to greater government spending. "From a policy perspective, if the past is any guide, newly elected governments have tended to utilise fiscal policy aggressively at the start of their five-year terms," economists at J.P. Morgan said in a research note on Tuesday. "This in turn raises the possibility that fiscal policy would turn sharply in the second half, no matter which party wins in the election. This fiscal shift also reduces the need for monetary policy accommodation," they said, removing their previous call for a rate cut. ($1 = 1,142.5400 won)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-southkorea-economy-fed-analysis-idUKKBN16N0NJ'|'2017-03-16T14:01:00.000+02:00'
'5235b54610cbf0c5d039a6ee10e1e64368c38892'|'Stada raises medium term sales and profit outlook'|'FRANKFURT, March 17 German drugmaker Stada , the subject of takeover approaches from two private equity consortiums, has raised it outlook for the medium term on anticipated growth in its core generics business and additional cost savings.The company now expects 2019 adjusted group sales of between 2.65 billion euros and 2.7 billion ($2.85-$2.91 bln), up from a previous outlook of about 2.6 billion euros.Adjusted earnings before interest tax, depreciation and amortization (EBITDA) is expected to come in at between 570 million euros and 590 million and adjusted net income at between 250 million euros and 270 million.Previously the company had said it expected adjusted EBITDA to reach about 510 million euros in 2019 and adjusted net income at about 250 million euros.On Thursday, Stada postponed the bidding process to give rival suitors a chance to improve their offers. ($1 = 0.9284 euros) (Reporting by Harro ten Wolde; Editing by Arno Schuetze)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/stada-outlook-idINASN00062O'|'2017-03-17T06:55:00.000+02:00'
'767f1d1a78fbfb419650b03095164aa75c658885'|'A better pill from China: Chinese pharma firms target the global market'|'WALK into the Shanghai laboratories of Chi-Med, a biotech firm, and you encounter the sort of shiny, cutting-edge facilities common in any major pharma company in America, Europe or Japan. Chi-Med has just had positive results in a late-stage trial of its drug for colorectal cancer, which is called Fruquintinib. If the drug is approved both in China and in Western markets it could be the very first prescription drug to be designed and developed entirely in China that will be on a path to global commercialisation.Given China’s ageing population, higher incomes and rising demand for health care it is clear why innovation in drugs is a priority for the country. Its national market for drugs has grown rapidly in recent years to become the world’s second-largest. It could grow from $108bn in 2015 to around $167bn by 2020, according to an estimate from America’s Department of Commerce. By comparison, America spends about $400bn a year on drugs.  8   Chinese firms mainly sell cheap, generic medicines that earn only razor-thin margins. The pharma industry is extremely fragmented, with thousands of tiny manufacturers and distributors. That helps explain the limited amount of finance that is available for investment in new medicines. Most Chinese pharma firms devote less than 5% of sales to R&D, according to a report last year from the World Health Organisation (big global drug firms typically spend 14%-18% of sales on R&D). And the bulk of that spending goes to research into generics.But things are changing quickly. The government is encouraging the industry to consolidate, chiefly by raising standards for the quality of new medicines. It is also improving the country’s regulatory infrastructure, which should make it more efficient, and faster, to develop drugs. The value of deals in the health-care sector has been increasing as a result. ChinaBio, a research firm, reckons that over $40bn of foreign and local money went into the life sciences in China in 2016. In the same year just three Chinese biotech firms—CStone, Innovent and Ascletis—together raised more than $500m of financing.Another boost is the arrival of talent from abroad, whether Chinese-born executives returning with a Western education or Westerners with experience of multinational pharmaceutical firms. Christian Hogg, the boss of Chi-Med—which was founded in 2000, has eight drugs in clinical development and listed on the NASDAQ stock exchange in 2016—used to work at Procter & Gamble, a global consumer-goods firm. Samantha Du, the firm’s very first scientific officer, was formerly an executive at Pfizer, an American pharma giant. Now known as the godmother of Chinese biopharma, she used to manage health-care investments for Sequoia Capital, a Silicon Valley venture-capital firm. In 2013 she helped found Zai Lab, which licenses late-stage drugs from Western pharma companies to develop and sell in China. Zai Lab also aims to develop innovative medicines in immuno-oncology.Another firm attracting attention is BeiGene, an oncology firm based in Beijing, which has four clinical-stage drug candidates and which raised $158m in an IPO last year. Chi-Med’s Fruquintinib may even be beaten in the race to approval in America and Japan by a cancer drug called Epidaza from Chipscreen Biosciences of Shenzhen. China approved it in 2015.It is too early to say whether these innovative firms will remain rarities. Only a few large ones have emerged, since the industry is resisting consolidation. But the size of the local market will itself help the industry grow. And developing a drug in China is far cheaper than it is in America or Europe. Given the outrage at the high cost of drugs in America, in particular, there is every incentive for Chinese firms to develop medicines for the global market.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21718937-new-chinese-drug-colorectal-cancer-could-mark-important-milestone-chinese-pharma-firms?fsrc=rss'|'2017-03-16T22:54:00.000+02:00'
'6e6e9340639cf0a7ba4df5d2b613e2d30102a6a9'|'CVS Health says Amgen data may increase eligible patients by millions'|'Company News  03pm EDT CVS Health says Amgen data may increase eligible patients by millions NEW YORK, March 17 CVS Health Chief Medical Officer Dr. Troyen Brennan said on Friday that new data from Amgen Inc about heart drug Repatha will need to be reviewed first by heart experts and associations, but that it could increase the number of patients eligible for the treatments four times over. Brennan said in an interview that roughly 1 million people had been considered to be helped by the drug, but that the new data appears to show that it would be helpful for about 4 million people. (Reporting by Caroline Humer; Editing by Bernard Orr) Next In Company News U.S. drillers add oil rigs for 9th week in a row -Baker Hughes March 17 U.S. drillers added oil rigs for a ninth week in a row, extending a recovery that is expected to boost shale production by the most in six-months in April. Drillers added 14 oil rigs in the week to March 17, bringing the total count up to 631, the most since September 2015, energy services firm Baker Hughes Inc said on Friday. During the same week a year ago, there were 387 active oil rigs. That rig count increase came despite'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/heart-amgen-cvs-health-idUSL2N1GU15I'|'2017-03-18T00:03:00.000+02:00'
'44af3981ef4dbb058b453bd69c0566a4e16c1a4f'|'A new breed of sovereign wealth fund - without the wealth'|'Hedge Funds  33am EDT A new breed of sovereign wealth fund - without the wealth A picture illustration of crumpled kuna, Dollar and euro banknotes, taken in Zagreb January 18, 2011. REUTERS/Nikola Solic By Claire Milhench - LONDON LONDON Once the preserve of rich oil exporters or nations with trade surpluses, like Norway, Kuwait and Singapore, an unlikely new breed of sovereign wealth fund is emerging - in countries with large deficits and deep debt. Sovereign wealth funds (SWFs), which first emerged in the 1950s, are traditionally associated with huge financial firepower. They control about $6.5 trillion, according to data provider Preqin, and have transformed the global investment landscape by snapping up stakes in multinational companies and landmark real estate in cities from London to Melbourne. Now Turkey, Romania, India and Bangladesh are launching sovereign funds - but for very different reasons than usual, and with very different methods. Traditionally, wealthy nations use SWFs to invest their surplus billions overseas to prevent inflation at home, diversify income streams and accumulate savings for the day when commodity revenues run out. In stark contrast, the countries launching the new funds, burdened by large current account deficits or external debt, are using them as vehicles to get their economies moving in the face of a global slowdown and lower trade volumes. And rather than splashing cash abroad, the plan is to attract finance from overseas and invest it at home to stimulate growth. "Sovereign wealth fund is a term that''s used very loosely in the labelling of some of these new entities, they are more like sovereign holding companies," said Elliot Hentov, head of research for official institutions at asset management firm SSgA. "They need to lever up – they need private sector co-investment to work." There are both potential benefits and risks to this strategy - and only time will tell whether it will be effective. One of the advantages of having an SWF, apart from the cachet it bestows, is the fact it opens the door to industry associations and peer group networks that offer guidance and - crucially - contacts in the investment world. SCRUTINY Turkey runs an annual external financing deficit of around $30 billion, so it must attract foreign money to plug the gap. By putting the government''s stakes in big companies into a sovereign fund, Turkey hopes to attract external funding, by borrowing against the companies and tapping other SWFs for money. Similarly, Romania plans to finance roads and hospitals by raising debt against the value of the government''s company stakes, or selling them via public listings. India and Bangladesh want to kick-start infrastructure projects via new sovereign funds, with India seeking co-investors amongst SWFs and pension funds for its National Investment and Infrastructure Fund (NIIF). Other funds have been mooted in countries like Lebanon Guyana, but have yet to be established. Such plans have had a varied reception depending on the country. Economists and industry experts have also warned of potential pitfalls that need to be avoided. Critics worry that domestic-focused funds in general can fall prey to a misallocation of resources or outright corruption, citing the example of Malaysia''s 1MDB, which is the focus of money-laundering probes in at least six countries. "The danger with (this model) is that in many cases normal budgetary procedures don''t apply, so they are a way of getting around parliamentary oversight and ministry scrutiny of projects," said Andrew Bauer, senior economic analyst at the Natural Resource Governance Institute. Any lack of transparency can mean there is little way to verify how the money is spent, he added. One risk is that unviable "vanity projects" get funded. PERFORMANCE However in many ways it is in the interests of countries to ensure funds are free of political interference, have a robust legal framework, a clear mandate and professional management - as these are likely to improve decision-making and, ultimately, returns. Grouping state company holdings into a professionally managed fund can improve the performance of the assets - with, for example, Bahrain''s Mumtalakat considered a success in this regard. Abu Dhabi''s Mubadala is also cited as a fund that has helped diversify the UAE economy by developing industries in different sectors. In Romania, separating company ownership from policy-making should improve transparency and accountability, said Greg Konieczny, fund manager of Fondul Proprietatea, a Romanian investment fund created by the state to compensate those who lost property under the former communist regime. "Right now these companies are under line ministers that also set policy and strategy for the sectors they are responsible for - that never works," Konieczny said. Similarly, in India, where infrastructure projects are hobbled by red tape, a dedicated state fund may offer a way to accelerate the process, said Nikhil Salvi, a manager at Aranca, an investment research and analytics firm. A major sticking point will be assessing performance - railways and ports may boost economic growth, but won''t show up on the fund''s balance sheet. The social benefits of new schools and hospitals can take years to come through. "Many of these (inward-focused) funds do not publish a return benchmark," said Sven Behrendt, managing director of consultancy GeoEconomica. "Whether or not investments are profitable ... often remains unclear." The new funds also need to avoid the fate of those in poor countries such as Suriname and Zimbabwe, which failed to get off the ground due to a lack of capital. India''s NIIF has been allocated $150 million for the 2017/2018 fiscal year, and plans to tap strategic partners to raise $1.2 billion in the coming fiscal year. Bangladesh''s planned $10 billion fund will be seeded from foreign exchange reserves over the next five years. "The fund will be used for mega projects, including repayment of any loans taken by the government in dollars," said Jalal Ahmed, additional secretary at the ministry of finance. Turkish fund head Mehmet Bostan told Reuters last month he would finalise a strategy plan and present it to the cabinet soon. The government has already transferred company stakes worth billions to the fund, and hopes it will be managing $200 billion soon. (Additional reporting by Ruma Paul and Rajesh Kumar Singh) Next In Hedge Funds'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/uk-emerging-swf-investment-idUSKBN16O22B'|'2017-03-17T22:13:00.000+02:00'
'd43f94b561fe98105e70a5e5d236d5d485bcca5b'|'Weed killer?: America’s pot industry shrugs off Donald Trump’s harder line on drugs'|'THESE are high times for America’s marijuana industrial complex. More than half the country’s states have legalised medical cannabis, often rather loosely defined. Eight have voted to legalise the drug for recreational purposes. The industry was worth about $6bn last year, a figure that is likely to rise sharply in 2018 when recreational sales begin in California.Yet in Washington, DC, the mellow mood has soured. Donald Trump said in 1990 that “You have to legalise drugs to win that war”, but in politics he became more conservative. Campaigning for the presidency he called Colorado’s legal cannabis market a “real problem”. His press secretary, Sean Spicer, recently said he expected to see “greater enforcement” of the laws that still ban cannabis at the federal level. an hour ago Where others gawked, John Samson looked with genuine curiosity Prospero 2 hours ago Donald Trump’s “America First” budget would make deep cuts to domestic programmes Graphic detail 2 hours ago Hundreds of thousands of people have fled South Sudan for Uganda Middle East and Africa 2 hours ago An array of churches opposes Donald Trump’s proposed cuts to foreign aid Erasmus 4 hours ago South Koreans are fighting over their flag Asia 5 hours ago See all updates That worries pot-pedlars. The fact that they are in breach of federal law means that in theory their profits are criminal proceeds, subject to forfeiture. In 2013 the deputy attorney-general of the day, James Cole, published a memo reassuring states that had legalised cannabis that federal agents would not interfere unless the states allowed the industry to cross certain red lines, such as selling to minors, funding crime or leaking their product into jurisdictions that had not chosen to legalise.Mr Trump’s attorney-general, Jeff Sessions, has made clear that he sees things differently. In his confirmation hearings before the Senate he refused to endorse the Cole memo, saying: “I won’t commit to never enforcing federal law.” A letter from the Department of Justice is all it takes to shut any cannabis firm.This has given some investors an attack of paranoia. An index of 50 cannabis stocks kept by Viridian Capital Advisors, a pot-industry consultancy, slid by about a tenth in the week after Mr Spicer issued his warning on February 23rd. The worst-hit were those companies dealing directly with the drug, which are on shakier legal ground than those providing ancillary products and services, such as chemical-extraction machinery or security.But most investors have kept calm. Viridian’s index is still up by 18% this year. Medical marijuana, which accounts for the bulk of the industry, is expressly protected by a federal law that bans federal agents from interfering in states where it is legal. Mr Trump backs medical cannabis “100%”, as do most Americans. And although only a smallish majority of people favour legalising recreational weed, a large one (including most Republicans) support the right of states to set their policy on the matter, says a poll by Quinnipiac University.For now the main impact of Mr Trump’s harder line may be to make entrepreneurs stick extra-carefully to state regulations, rather than “pushing the boundaries” of the law, says Sam Kamin, a professor of marijuana law and policy at the University of Denver. Some have bypassed rules outlawing interstate commerce, for instance, by trading as intellectual-property companies. That sort of thing looks a bit riskier now. But cannabis backers are hardly strangers to risk, Mr Kamin notes. “If you’ve invested your personal fortune in a product that’s prohibited by the federal government, you’re comfortable with a certain amount of uncertainty.”'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business-and-finance/21718826-business-well-used-risk-sees-greater-opportunities-ahead-americas-pot-industry?fsrc=rss%7Cbus'|'2017-03-18T07:00:00.000+02:00'
'1b09384072a806154a834be27efa199b7f911760'|'E.ON shares up after $1.4 billion capital raising'|'By Edward Taylor - FRANKFURT FRANKFURT Shares in E.ON rose 1.7 percent early on Friday, a day after the German utility raised 1.35 billion euros ($1.4 billion) by selling 200 million new shares.The cash-strapped company needs to pay nearly 10 billion euros by mid-year into a fund set up to pay for the German nuclear sector''s long-term liabilities.E.ON has said 2 billion euros of that amount will be raised via capital measures, which could include the sale of shares and issuance of hybrid bonds."Capital measure was thoroughly flagged and traders had enough time to position themselves. Shares should recover quickly," a Frankfurt-based trader said.E.ON shares rose 1.7 percent to 6.95 euros apiece, among the biggest gainers in Germany''s blue-chip index and among top European utilities.The share sale suggests a price of about 6.75 euros apiece.The company reported a record 2016 net loss of 16 billion euros on Wednesday.The new shares were issued as part of E.ON''s authorized capital and were sold to institutional investors, with Bank of America Merrill Lynch and Citigroup acting as joint bookrunners."In view of the impact from the payment of the risk surcharge to Germany''s state-run nuclear fund in mid-2017, the purpose of the capital increase is to strengthen the equity and liquidity basis of E.ON," the company said.(Additional reporting by Tom Kaeckenhoff and Christoph Steitz; editing by Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-eon-newissue-idINKBN16O0YW'|'2017-03-17T06:51:00.000+02:00'
'5de73eb64e14bf060bcaa8eb30a58e173fa389ea'|'Austria''s supreme court orders Amazon to pay copying levy'|'Company News  30am EDT Austria''s supreme court orders Amazon to pay copying levy VIENNA, March 17 Austria''s supreme court has ruled against Amazon.com in a decade-old dispute over a national levy on sales of blank data storage products, ordering it to pay the fee aimed at supporting musicians and other artists. The case arose after copyright collection agency Austro Mechana presented a bill in 2004 to Amazon of nearly 1.9 million euros ($2.1 million) for blank media such as cassette tapes and CDs it sold in Austria. Following the final ruling by Austria''s court, Amazon must report the number and type of media storage devices it sold in Austria from 2002 and subsequently pay the levy. An Austro Mechana spokesman estimated that Amazon may have to pay a "double digit million euro" amount. The final sum will be determined by the court after Amazon provides its records. Amazon did not reply to requests for comment. The e-commerce giant took the case to Austria''s supreme court, arguing that the levy violates EU law, which then asked the European Court of Justice to interpret whether this was in fact the case. The Luxembourg-based court ruled in favour of the private copying levy in 2013, but it also made clear that EU law does not allow the levy to be collected in cases where the intended use is clearly not the making of private copies. More than twenty European copyright laws include private copying levies, also known as blank media taxes, covering the sales of media devices. They date back to the audio cassette and video tape era, but now cover all manner of digital devices. In contrast, Britain and the United States offer some forms of "private use exceptions" which allow consumers to make personal copies of digital or analogue music recordings without infringing the creator''s copyright. The artists’ collection agency distributes half of the levy income to individual artists including musicians, authors and film producers and half of it to Austrian cultural projects. The spokesman said the agency was prepared to have to wait several more years before they receive payments from Amazon. Major electronics makers argue that technology changes such as the growth of streaming media and video music services make the Austrian laws tied to storing media on local devices outdated and they long have called for such up-front levies to be eliminated. (Reporting by Kirsti Knolle; Additional reporting by Eric Auchard; Editing by Elaine Hardcastle) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/amazoncom-austria-levy-idUSL5N1GU291'|'2017-03-17T22:30:00.000+02:00'
'6cf1e0f1b08a4b3660d82ef2379841680444eeda'|'Barclays further downgrades London Metal Exchange membership'|'Business News - Fri Mar 17, 2017 - 3:24pm GMT Barclays further downgrades London Metal Exchange membership A Barclays sign is seen outside a branch of the bank in London, Britain, February 23, 2017. REUTERS/Stefan Wermuth LONDON Barclays Bank ( BARC.L ) is sharply downgrading its membership on the London Metal Exchange, the LME said on Friday, after the bank cut back its commodity business. Barclays has steadily withdrawn from commodities in recent years, joining other banks in retreating from the sector as profits declined and regulators boosted requirements for banks to hold more capital. From Monday, Barclays will move to category four membership from category two at the LME, the world''s oldest and largest market for industrial metals trading, an LME members'' notice said. It will no longer be a clearing member and will begin using Societe Generale International to register contracts, the notice said. In 2012, Barclays withdrew from the top tier, category one LME membership, stopping open outcry trading as it started trimming exposure to base metals. (Reporting by Eric Onstad; Editing by Susan Fenton) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-lme-barclays-idUKKBN16O212'|'2017-03-17T22:24:00.000+02:00'
'2ef551fc4fa8d59b1dbce0eb743d47e80b7699da'|'Brazil''s BRF says collaborating with authorities after police raids'|'Company  50pm EDT Brazil''s BRF says collaborating with authorities after police raids SAO PAULO, March 17 Brazilian meatpacker BRF SA said on Friday it is collaborating with authorities investigating alleged bribery of food inspectors and politicians. Brazilian federal police had earlier raided dozens of offices of meatpackers, including BRF and rival JBS SA . In a statement, BRF said it complies with all rules and regulations governing production and sale of its products. (Reporting by Bruno Federowski) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-corruption-food-brf-idUSE6N1FG00Q'|'2017-03-17T23:50:00.000+02:00'
'3e8f96865d89cd1bd228ef8e63a06554d3d7db48'|'EMERGING MARKETS-Brazil stocks fall; JBS, BRF slump on police raids'|'Company   12:02pm EDT EMERGING MARKETS-Brazil stocks fall; JBS, BRF slump on police raids By Bruno Federowski SAO PAULO, March 17 Brazilian stocks fell on Friday as shares of meatpackers JBS SA and BRF SA slumped after federal police targeted their offices as part of an investigation into alleged bribery of food inspectors and politicians. The probe, known as "Operation Weak Flesh," uncovered about 40 cases of meatpackers who had paid officials to overlook unsanitary practices such as processing rotten meat and running plants with traces of salmonella, police said. Common shares in JBS fell nearly 8 percent, the biggest decline since Oct. 26, when a government agency vetoed a program to move some operations outside Brazil. Shares in BRF slumped to an almost five-year low. Shares of education companies Kroton Educacional SA and Estácio Participações SA also fell sharply on a report that top managers at Estácio were attempting to block a sale to its larger rival Kroton. Brazil''s benchmark Bovespa stock index fell 1.8 percent. Still, the Brazilian real strengthened 0.3 percent, reflecting expectations of inflows stemming from a successful airport auction on Thursday. Other Latin American currencies were mostly stronger, extending gains into a third day as traders predicted that the U.S. Federal Reserve would only increase interest rates at a gradual pace in coming months. The Mexican peso firmed 0.7 percent, while the Colombian peso strengthened 0.2 percent. Key Latin American stock indexes and currencies at 1550 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 966.56 0.35 11.71 MSCI LatAm 2614.88 -0.37 12.13 Brazil Bovespa 64694.10 -1.66 7.42 Mexico IPC 48190.54 0.28 5.58 Chile IPSA 4633.99 0.38 11.63 Chile IGPA 23245.80 0.35 12.11 Argentina MerVal 19543.70 -0.29 15.52 Colombia IGBC 9954.07 -0.1 -1.72 Venezuela IBC 37802.37 0.05 19.23 Currencies daily % YTD % change change Latest Brazil real 3.1014 0.38 4.77 Mexico peso 19.1350 0.65 8.41 Chile peso 661.1 0.17 1.45 Colombia peso 2911.72 0.20 3.08 Peru sol 3.247 0.15 5.14 Argentina peso (interbank) 15.5400 -0.06 2.16 Argentina peso (parallel) 16.02 0.12 4.99 (Reporting by Bruno Federowski; Editing by Tom Brown) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/latam-emergingmarkets-idUSL2N1GU10K'|'2017-03-17T23:02:00.000+02:00'
'ec1299447b042778b53fd73449e7409ee2dc4e9e'|'''Sweet spot'' in European M&A puts floor under valuations'|'By Helen Reid and Vikram Subhedar - LONDON LONDON A boom in European deal-making activity -- a sign better growth prospects are boosting confidence in European corporate boardrooms -- is helping support stock market valuations which, on some measures, appear stretched.A brighter outlook for the global and regional economy, buoyant stock markets and low borrowing costs have underpinned merger and acquisition (M&A) activity in Europe, which is enjoying its best three-month period since 2007, Reuters calculations show.Moreover, rising share prices of both acquirer and target companies when deals are announced suggest shareholders are willing to back mergers, a shift from recent years when they preferred dividends and cautious spending."Doing deals in the peak of a market is also unwise as you could end up paying more – so what you want is the sweet spot where companies aren''t trading on very expensive multiples," said Sharon Bell, a strategist at Goldman Sachs."We are at that sweet spot now."European equities trade at just under 15 times forward earnings, slightly above the long-term average of about 14 times. But they are well below peaks seen over the past 15 years, and underpinned by the best earnings outlook for regional companies since 2010. reut.rs/2nrVMW6The broad sweep of sectors involved in M&A, from global food and personal goods giants to UK industrials and oil services firms, is also seen as a healthy sign and is spurring a rethink of valuations."There was nothing for a few years, so all the activity that was bottled up is bubbling up now," said Goldman Sachs''s Bell.The surprise $143 billion takeover bid by Warren Buffett-backed Kraft Heinz KFT.O for Unilever ( ULVR.L ), while rejected, has reset some assumptions about stocks, market participants say."The size of the proposed transaction was a wake-up call for corporations all over the world - and their investors," star UK fund manager Nick Train wrote in his latest letter to investors.Shares of large consumer staples companies have lagged the recent stock market rally as investors preferred faster growing sectors in the markets."Towards the end of last year there was a lot of bearish talk about rich valuations in consumer staples like Unilever," said Mark Martin, a fund manager at Neptune Investment Management, who manages a portfolio of mid-sized UK companies."Now you''ve got sensible investors including Buffett still finding as much as 20 percent upside for Unilever," he said.BRICK BY BRICKWhile the earnings outlook in Europe has brightened significantly from the lackluster growth seen since 2010, both corporate profits and margins remain well below prior peaks and have significantly lagged those in the United States. reut.rs/2553txNTotal annual profits for European firms, of about $616 billion, are about half what they were in 2008, according to Thomson Reuters data. reut.rs/2mx3Wrm"While management waits for European earnings to catch up with the U.S., in a much more wholesale growth environment, M&A is likely," said Dylan Ball, a portfolio manager Templeton Global Equity Group.Meanwhile, weaker currencies, particularly sterling, have made acquisitions in Europe more tempting for offshore buyers."U.S. companies with large offshore cash balances and maxed-out stock buy-back programs are looking to take advantage of the U.S. dollar strength," Ball added.One group of companies on the radar for investors is UK industrials, on which a combination of Brexit-related worries and exposure to beaten-down oil and mining had dented sentiment.Neptune''s Martin, whose fund has comfortably beaten peers'' performance on a three- and five-year basis, had nearly half his fund in UK industrials at the end of February.Martin, whose fund owns shares in oil services firm Amec Foster Wheeler ( AMFW.L ), which recently agreed to be bought by peer Wood Group ( WG.L ), said he would back companies buying others in a bid to grow market share."A lot of companies are doing it (M&A) to drive down costs. So there isn''t the same euphoric growth-at-all-costs mentality we saw in 2007," Martin said, playing down concerns over whether a flurry of deal-making is a harbinger of market tops.Instead, investors see the uptick in mergers as a sign of a long-awaited revival of corporate confidence in Europe, which has been hamstrung by worries including sovereign debt crises, sluggish growth and, more recently, political risks.After four years of underperforming developed market peers, European stocks are catching up, with M&A one more prop to valuations and investor interest."The wall of worry is being taken down brick by brick," said Neptune''s Martin.(Reporting by Vikram Subhedar and Helen Reid; Editing by Toby Chopra)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-markets-stocks-m-a-idINKBN16O1IR'|'2017-03-17T09:23:00.000+02:00'
'cdbeefb307d56a3c24d7a938689f08e35f917be1'|'UPDATE 1-Brazil court suspends lawsuit over Samarco mine disaster - Vale'|'Environment - Thu Mar 16, 2017 - 8:40pm EDT Brazil court suspends lawsuit over Samarco mine disaster: Vale A cupboard is pictured in debris in Bento Rodrigues district, which was covered with mud after a dam owned by Vale SA and BHP Billiton Ltd burst, in Mariana, Brazil, November 10, 2015. REUTERS/Ricardo Moraes RIO DE JANEIRO Brazilian iron ore miner Vale SA said on Thursday that a federal court in Minas Gerais has suspended a case brought by prosecutors seeking 155 billion reais ($49.7 billion) in damages for the 2015 Samarco mine disaster. Vale said in a securities filing the court suspended other lawsuits to facilitate negotiation of a final deal on damages resulting from the collapse of a tailings dam at the mine - a joint venture between Vale and the world''s largest mining company, BHP Billiton Ltd. Vale said the court''s decisions were aimed at unifying the lawsuits to avoid contradictions and help the parts reach a settlement. "This is an important decision that recognizes the complexity of the case and the importance of a solution reached by consensus as the effective way of adopting the necessary step to remediate all the impacts of the dam burst," Vale said. The government, which brought the lawsuit, was not immediately available for comment after business hours but in the past has indicated its main concern was reaching a settlement and safely restarting the mine. The collapse killed 19 people and caused Brazil''s worst ever environmental disaster when mud and waste destroyed a village and polluted the Rio Doce in two states. Vale said the court approved the contracting within 60 days of companies to diagnose the environmental and social situation and evaluate the recovery programs agreed to in March 2016. Vale CEO Murilo Ferreira recently said he expected Samarco to resume operations in the third quarter of this year. The resumption is considered vital for Samarco to meet its financial and reparation commitments. BHP, Vale and Samarco agreed in January with Brazilian prosecutors on a June 30 deadline to settle billions of dollars in compensation claims stemming from the disaster. The aim is to consolidate and settle separate claims, the biggest of which is the civil claim brought by federal prosecutors last year and suspended by the court on Thursday. (Reporting by Anthony Boadle; Editing by Daniel Flynn and Lisa Shumaker) Next In Environment'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-vale-sa-samarco-idUSKBN16O01Y'|'2017-03-17T07:35:00.000+02:00'
'f4dac396ae54d5622fb6e0efd1cff126e96bbd04'|'ECB to decide later whether to raise rates or end QE first: Nowotny'|'Business   9:32pm GMT ECB to decide later whether to raise rates or end QE first: Nowotny European Central Bank Governing Council member Ewald Nowotny addresses a news conference in Vienna, Austria, Dezember 5, 2016. REUTERS/Heinz-Peter Bader FRANKFURT The European Central Bank will decide at a later time whether to raise interest rates before or after ending its bond purchase programme, ECB policymaker Ewald Nowotny told a newspaper on Thursday. The Austrian central bank governor said the ECB could hike its remuneration of bank deposits, currently below zero, before the main rates at which it lends to banks. His comments raise questions about the ECB''s own guidance, reiterated only a week ago, that rates will stay at the current level, or even fall, until well after the ECB''s 2.3 trillion euros (2.00 trillion pounds) bond-purchase programme ends. With inflation in the euro zone rebounding, the ECB has come under pressure, particularly from Germany, to end its policy of ultra-low rates and money printing. Some policymakers raised the possibility of a rate hike before bond purchases stop at last week''s meeting, but did not receive broad support. Asked about whether the ECB would stop buying bonds or raise rates first if the economic upswing continues, Nowotny told German daily Handelsblatt: "We will decide when the time comes." "There is the American model to end the bond purchases first. Whether this model can be applied to Europe on a like-for-like basis would need to be discussed," he added. Nowotny said it was also not necessary to raise all interest rates at the same time and by the same amount. "The structure of the interest rates does not always need to remain constant," Nowotny said. "The ECB could also raise the deposit rate earlier than the prime rate." Nowotny confirmed the ECB''s guidance that bond purchases would continue until the end of the year, adding there was no "reason to act at the moment." The U.S. Federal Reserve ended its asset-purchases in October 2014 but waited over a year before raising rates. It has since hiked them three times, most recently on Wednesday, in light of steady economic growth. Nowotny said that was the "correct path of normalisation" but added: "One must be aware that the US is in a different phase of the economic cycle to the euro zone." "In the US the inflation rate and the capacity utilisation is much higher than in the euro zone. Europe is not there yet." (Reporting by Edward Taylor and Balazs Koranyi; Writing by Michelle Martin and Francesco Canepa; editing by Richard Lough) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-rates-nowotny-idUKKBN16N2YN'|'2017-03-17T04:32:00.000+02:00'
'fc38a929129178f2c82d6396d80686f236630f8d'|'SWIFT messaging system cuts off remaining North Korean banks'|'Technology   8:32pm GMT SWIFT messaging system cuts off remaining North Korean banks North Korean leader Kim Il-sung is seen on this 5000 North Korea won banknote in this photo illustration taken in Shanghai May 23, 2013. REUTERS/Carlos Barria By Tom Bergin - LONDON LONDON SWIFT, the inter-bank messaging network which is the backbone of international finance, said it planned to cut off the remaining North Korean banks still connected to its system, as concerns about the country''s nuclear program and missile tests grow. SWIFT said the four remaining banks on the network would be disconnected for failing to meet its operating criteria. The bank-owned co-operative declined to specify what the banks'' shortcomings were or if it had received representations from any governments. Experts said the decision to cut off banks which were not subject to European Union sanctions was unusual and a possible sign of diplomatic pressure on SWIFT. Belgium-based SWIFT has previously refused to cut off Burmese, Russian or Syrian banks which were subject to sanctions by other countries, such as the United States, citing a policy of remaining politically neutral. SWIFT ignored years of pressure linked to Iran''s nuclear program, and only cut off Iranian banks in 2012 after the EU passed specifically tailored sanctions. SWIFT is overseen by the central bank of Belgium which is subject to EU law. “The DPRK (Democratic People’s Republic of Korea) banks remaining on the network are no longer compliant with SWIFT’s membership criteria,” SWIFT spokeswoman Natasha de Teran said in a statement. "As a result, these entities will no longer have access to the SWIFT financial messaging service. Given the increased ongoing international attention on the DPRK, SWIFT has informed the Belgian and EU authorities," she added. Last week, the Belgian authorities said they would no longer allow SWIFT to provide services to North Korean banks which were under U.N. sanctions. That followed a U.N. report in February that said North Korea was relying on continued access to the international banking system to flout sanctions imposed in relation to its nuclear program. Former SWIFT chief executive Leonard Schrank said the only previous occasions he could remember when SWIFT had cut off banks not subject to EU sanctions was when the banks had lost their banking license or a country''s central bank had ceased functioning. “This is a very, very serious action,” he said, adding it could open SWIFT up to pressure in respect of other countries. A spokesman for the European Commission denied leaning on SWIFT: “This is a commercial matter for SWIFT. We do not interfere in the business decisions of any such company,” he said. The U.S. Department of the Treasury and Belgian Foreign Ministry did not respond to requests for comment. (Editing by Robin Pomeroy) Uber to seek arbitration in Waymo self-driving case SAN FRANCISCO A lawyer for Uber [UBER.UL] told a federal judge on Thursday he intended to file a petition to compel arbitration in the Waymo trade secrets theft case, citing an agreement signed by a former Waymo employee who is at the heart of the case.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-northkorea-banks-idUKKBN16N2SZ'|'2017-03-17T03:07:00.000+02:00'
'dc101e9f606ff70bb89966c21df480d2cf87632c'|'Brazil''s XP aims at $6.4 billion valuation in IPO, sources say'|'By Tatiana Bautzer - SAO PAULO SAO PAULO Brazilian securities firm XP Holding Investimentos SA is seeking a valuation range between 12 billion reais and 20 billion reais ($3.9 billion and $6.4 billion) for a domestic initial public offering slated for late May or in June, two people with direct knowledge of the plan said.Depending on investor demand in the run-up to the offering, shareholders, led by U.S. buyout firm General Atlantic LLC, could sell an undetermined stake in a private placement prior to the IPO, the people said, asking not be identified since talks on the matter remain private.There is interest in a private sale from a group of so-called anchor investors, said one of the people, declining to elaborate. XP is targeting a free-float rate, or a ratio of shares in circulation, equivalent to 30 percent of capital, the people added.Letting other investors enter XP before the IPO could provide support for valuations, one of the people said. Proceeds will go towards fueling XP''s growth into asset management, banking and other financial services, the people said.The media office of XP declined to comment, citing a quiet period relating to the transaction. General Atlantic, which has a 49 percent stake in the firm, also declined to comment.Founded in 2001 by partner and Chief Executive Officer Guilherme Benchimol as an independent stock brokerage, XP has expanded into securities trading and custody, money management and financial advisory as peers shrunk dramatically in the face of tumbling fees and a declining client base.Rising volatility and reduced activity in equities and other financial products have triggered years of losses for independent broker-dealers, or brokers with no links to commercial baking groups, according to central bank data.One of the people said XP earned net profit of about 500 million reais last year. The figure could not be independently verified by Reuters.XP hired the investment banking units of Morgan Stanley & Co, Grupo BTG Pactual SA, JPMorgan Chase & Co and Itaú Unibanco Holding SA to lead the offering''s underwriting, the people said.The São Paulo-based securities firm, whose brokerage unit is headquartered in Rio de Janeiro, is in the process of picking other banks to work on the deal, the people said. An announcement will come within a month, they said.The banks declined to comment.($1 = 3.1102 reais)(Editing by Guillermo Parra-Bernal and Bernadette Baum)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/xp-investimentos-ipo-idINKBN16O1XZ'|'2017-03-17T11:56:00.000+02:00'
'49daf7a140db74d98ee6a8d4948d38cac5888ba7'|'Exclusive: Brazil''s Cemig to cut Light stake more than half - source'|'By Guillermo Parra-Bernal - SAO PAULO SAO PAULO Cia Energética de Minas Gerais SA ( CMIG4.SA ) plans to sell more than half the 52 percent stake it has in electricity company Light Energia SA, the latest in a series of planned asset sales aimed at helping Brazil''s No. 3 power utility reduce debt, a person with direct knowledge of the plan said on Thursday.The source said Cemig would sell 11 percent of the 26 percent direct participation it holds in Light''s capital in the market within 60 days, leaving it with a 15 percent direct stake. Cemig will keep about a third of the 26 percent indirect stake it has in Light and put the rest up for sale, the person added.Assuming Cemig will keep about 24 percent of Light and based on a price of 25 reais per share, the deal could raise about 3.6 billion reais ($1.2 billion) for Cemig, the source said. Shares of Light traded on Thursday at 21.92 reais, or about 13.2 times estimated earnings for this year, according to Thomson Reuters calculations.(Additional reporting by Luciano Costa de Paula and Tatiana Bautzer in São Paulo; Editing by Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cemig-divestiture-light-idINKBN16N2AC'|'2017-03-16T12:47:00.000+02:00'
'5ddc46d8ed1b65d46f4c26ae93e4d5afd94cbb30'|'IMF''s Lagarde - growth strengthens but ''wrong'' policies may halt it'|' 06pm GMT IMF''s Lagarde - growth strengthens but ''wrong'' policies may halt it   International Monetary Fund Managing Director Christine Lagarde said on Saturday that global growth was gaining strength, but cautioned that the "wrong" policies "could stop the new momentum in its tracks." In a statement issued at the end of a Group of 20   governors, Lagarde called the forum of the world''s top economies a "critical platform for major economies to work together in an established framework". "We met at a time when growth is gaining momentum around the world and there are signs that the global economy has reached a turning point, even though uncertainties remain," Lagarde said. Her statement did not mention the failure of G20 finance officials to reach a compromise deal to endorse free trade, backtracking on past commitments in their communique to keep trade open and reject protectionism. But she said that strong monetary, fiscal and structural economic reform policies were critical to the global economy''s future direction. "Global cooperation and pursuing the right policies can help achieve strong, sustained, balanced, and inclusive growth, while the wrong ones could stop the new momentum in its tracks," said Lagarde, who has been a tireless advocate for open trade and more global integration. Officials at the meeting have raised concerns about what they view as a more protectionist stance of the new U.S. administration of President Donald Trump, which is considering more policies to reduce the flow of imports into the United States. Lagarde said she reaffirmed the IMF''s readiness to enhance global cooperation, including through "vigorous exchange rate surveillance and analysis of global imbalances." She also said the IMF was committed to support its members who may deal with adverse risks from excessive capital flow volatility as the Federal Reserve raises interest rates, which may tighten global financial conditions. She also said she welcomed proposed agreements between G20 countries to build financial capacity and unlock investment flows. (Reporting by David Lawder)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-g20-imf-lagarde-idUKKBN16P0K6'|'2017-03-18T22:06:00.000+02:00'
'3d15501f769dc9645a6942b1a33a11a31fc9a3cc'|'Exclusive - Germany plans to buy six Lockheed C-130J aircraft for 900 million euros'|'Business News - Sat Mar 18, 2017 - 1:29am GMT Exclusive - Germany plans to buy six Lockheed C-130J aircraft for 900 million euros FILE PHOTO - Lockheed Martin''s logo is seen during Japan Aerospace 2016 air show in Tokyo, Japan, October 12, 2016. REUTERS/Kim Kyung-Hoon/File Photo By Andrea Shalal - BERLIN BERLIN The German government plans to buy six Lockheed Martin ( LMT.N ) C-130J military transport planes for around 900 million euros (726 million pounds) starting in 2019 under a joint operating agreement with France, German government documents show. Germany and France first began working on the deal in October and announced broad outlines of their plans in February at a meeting of the NATO alliance, part of a broader push to increase European defence cooperation. The German finance and defence ministries provided first concrete details about the cost of the aircraft -- and 110 million euros in additional costs for infrastructure and training simulators -- in documents sent to lawmakers, who must approve the funding for the planned German-French agreement. The German finance ministry said Berlin would formally request procurement of the airplanes in 2019, according to the documents seen by Reuters. France has already ordered four aircraft and plans to buy two more for the fleet, which is to be based in Evreux, France and operated jointly by both countries, the documents showed. France would match Germany''s spending of 110 million euros for infrastructure improvements at the air base and to buy simulators for joint training, they said. The joint fleet is to be ready for use by 2021. The German defence ministry told lawmakers that the simulators for the C-130J were built by Canadian firm CAE Inc ( CAE.TO ), and official discussions with Canadian authorities about the procurement were planned in 2017. The German air force had initially hoped to buy up to 12 C-130J military transports itself for the joint fleet so it could operate some in France, and set up a second base in Germany, according to multiple sources familiar with the matter. The defence ministry settled on buying six aircraft, citing financial constraints, but several sources said the issue could be revisited in coming years. "The need was identified and it hasn''t changed," said one of the sources. Germany says it need the C-130J transports to augment a planned fleet of 53 Airbus A400M transports and fill a capability gap that will come up starting in 2021 when Germany retires its fleet of smaller C-160 Transall transports, which can land at a broader array of airports and runways. ($1 = 0.9314 euros)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-airforce-lockheed-germany-france-idUKKBN16O2P4'|'2017-03-18T08:29:00.000+02:00'
'7879eb02f581fcc9e99adce4439f1f216f78a87d'|'UPDATE 1-Brazil''s Camargo selling cement unit -Globo newspaper'|'(Adds Cemex declining comment, paragraph 7)RIO DE JANEIRO, March 19 Camargo Correa SA, the Brazilian family-owned conglomerate that exited several businesses over the past year, has put a cement unit up for sale, a column in newspaper O Globo reported on Sunday.According to Globo columnist Lauro Jardim, Camargo Correa values the unit known as InterCement SA at about 20 billion reais ($6.47 billion).The conglomerate has received offers from Mexico''s Cemex SAB and another, unnamed Latin America-based cement producer, the column said.Jardim''s column did not specify if the bids for InterCement were non-binding or how advanced the process may be.A Camargo spokesman declined to confirm the report and said in an emailed statement that "the group is not pursuing any asset divestitures."The spokesman said its sale last June of a controlling stake in power holding company CPFL Energia SA was "the end of a process of repositioning the group''s asset portfolio."A Cemex spokesman said the company did not comment on speculation.In order to reduce debt, the billionaire family that controls Camargo Correa has been quickly disposing of business lines it no longer wants.As part of those efforts, the Camargos in recent years have discussed fully or partially selling InterCement. The CPFL sale and a December 2015 sale of fashion brand Alpargatas SA raised about $2.8 billion for the group.Reuters reported on Dec. 8 that Camargo Correa was considering disposing of a partial stake in Loma Negra Cia Industrial SA, Argentina''s No. 1 cement producer and part of InterCement.InterCement is Brazil''s No. 2 cement producer and a leading producer in Portugal, Mozambique and Cape Verde.Two people familiar with Camargo Correa''s strategy told Reuters in August that the conglomerate tried to sell a minority stake in InterCement a couple of years ago and also considered a listing of the company outside Brazil.Camargo Correa, whose engineering unit was one of several big Brazilian builders ensnared in a massive corruption probe related to business with state companies, has been recovering rapidly from the adverse effects of the scandal, in which it sought a plea deal. (Reporting by Guillermo Parra-Bernal in Sao Paulo; Additional reporting by Gabriel Stargardter in Mexico City; Editing by Phil Berlowitz and Peter Cooney)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/camargo-brazil-cement-idINL2N1GW0HP'|'2017-03-19T16:32:00.000+02:00'
'c2bfd4cb31a953fd615d3144b5055b339120f5a0'|'BA owner IAG to launch low-cost flights from Barcelona in June'|'Company  47pm EDT BA owner IAG to launch low-cost flights from Barcelona in June March 17 British Airways owner IAG said it will launch a new low-cost, long-haul airline with flights from Barcelona to the Americas, in response to rising budget competition on transatlantic routes. Long-established airlines like American Airlines Group Inc and Delta Air Lines Inc are finding their formerly lucrative transatlantic routes tougher amid rising competition from budget newcomers like fast-expanding Norwegian Air Shuttle ASA, WestJet Airlines Ltd and Wow Air. IAG''s new airline, Level, will start in June with flights from Barcelona to Los Angeles, San Francisco, Buenos Aires and Punta Cana, it said in a statement on Friday. ( bit.ly/2mQ9mPO ) As well as British Airways and Vueling, IAG also owns Spain-based Iberia and Ireland-based Aer Lingus. Level will start flying with two new Airbus A330 aircraft and initially will be operated by Iberia''s flight and cabin crew. (Reporting By Justin George Varghese in Bengaluru; Editing by Shounak Dasgupta) Next In Company News Canadian man charged in Yahoo hack loves fancy cars, parties HAMILTON, Ontario, March 17 The Canadian charged in connection with a massive hack of Yahoo accounts that the United States says was a Russian plot is a young man who has boasted on social media of his wealth and love of expensive cars, online accounts show.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/iag-lowcost-idUSL3N1GU4F8'|'2017-03-18T00:47:00.000+02:00'
'17e49955e79bafce267fd249063b4ce71c096693'|'Three votes down - now for the French'|'  3:07pm GMT Three votes down - now for the French left right FILE PHOTO: A technician adjusts French flags on stage during the 2-day National Front (FN) political rally to launch the presidential campaign in Lyon, France, February 5, 2017. REUTERS/Robert Pratta/File Photo 1/3 left right FILE PHOTO: Striking employees attend a demonstration in Paris as part of nationwide protests against plans to reform French labour laws, France, June 14, 2016. REUTERS/Jacky Naegelen/File Photo 2/3 left right FILE PHOTO: A farmer walks with six-year-old Bretonne Pie Noir dairy cow named Fine, which is the mascot for the 2017 Paris International Agricultural Show in Paris, France, February 24, 2017. REUTERS/Benoit Tessier/File Photo 3/3 By Jeremy Gaunt - LONDON LONDON Americans angry with their lot elected the anti-establishment Donald Trump despite a U.S. economy running at an annual rate of around 3.5 percent and unemployment at a meager 4.6 percent. Britons believing they were being left hanging voted to leave the wealthy European Union trading bloc regardless of an economy gaining a relatively solid 2.2 percent year-on-year and joblessness steadily falling to 4.9 percent at the time. In the Netherlands this past week, economic growth rising to 2.3 percent year-on-year and unemployment at just 5.3 percent helped the center-right win, although it did not stop the anti-establishment, anti-European Union Geert Wilders from coming second - albeit faring less well than some had expected. So what of France, the next big test of populist ire with its presidential first round coming on April 23 and the run-off on May 7? It is not in nearly as good shape. "The recent (French) data shows improvement. Investment intentions have picked up. The labor market has improved," said Wiliam De Vijlder, group chief economist for BNP Paribas. But, he added: "Do people look at the overall unemployment rate or do people look in certain cities look at factories that were once full, but no longer are?" The gist here is that voters are more likely to cast their ballots on how they feel rather than on what the numbers say the economic case is. Hence, the shock to Britain''s elite in the Brexit referendum that great swathes of northern England felt left behind, or to America''s chattering class that rust-belt voters in Ohio, Pennsylvania and Michigan were not happy. In France, which will drop some key data in the coming week, the numbers have been looking better, but not exactly robust. GDP turned up on a quarterly basis in last year''s third quarter but was only running at around 1 percent year-on-year. Unemployment dipped in December - but to 10 percent. By contrast, consumer confidence has recovered somewhat from the years of euro zone financial crisis. But the subsection on how consumers see their future financial situation - a strong indicator, according to De Vijlder - remain negative, if off its previous deep lows. TEST TO COME So to some extent the French election is being played out against a completely different economic background to the three countries where anti-establishment sentiment has triumphed or at least risen. Whether this helps far-right National Front candidate Marine Le Pen or a centrist reformer like Emmanuel Macron remains to be seen. It certainly does not look to be helping the current Socialist administration. But it does mean that the economic data in March and April may have at least a tangential impact on the result. The coming week brings flash purchasing manager indexes for France, Germany and the euro zone as a whole. French business activity jumped in February. Another climb could add to the idea that the economy is at least improving. It will be a week later before consumers give their latest soundings. In the meantime, last month''s euro zone and German PMIs were pretty strong. Another set along the same lines will suggest the recovery is showing signs of sustaining itself. The coming week will also provide some more evidence of whether Britons really are shrugging off the potential impact of Brexit or beginning to sense things may not run as smoothly as before. Tuesday sees the Confederation of British Industry''s latest trends report and Thursday the release of British retail sales data for February. (Editing by Tom Heneghan) Dollar continues slump, but outlook still upbeat NEW YORK The dollar fell to a five-week low on Friday, remaining under pressure for a third straight session after the Federal Reserve quashed hopes for a further bull run in the currency by keeping a gradual pace to its monetary tightening policy.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-economy-weekahead-idUKKBN16O1B9'|'2017-03-17T18:13:00.000+02:00'
'fcbbd852469b7055d0130270acdcde887cfe2e5d'|'U.S. probing insurers beyond UnitedHealth over Medicare charges'|'Business News  12pm EDT U.S. probing insurers beyond UnitedHealth over Medicare charges FILE PHOTO - A trader points up at a display on the floor of the New York Stock Exchange August 20, 2012. REUTERS/Brendan McDermid/File Photo By Nate Raymond The U.S. Justice Department disclosed it is investigating four health insurers after a lawsuit accused them of defrauding Medicare by claiming patients were treated for conditions they either did not have or received no treatment for. The Justice Department revealed the probe of Health Net Inc ( MAHN.PK ), Aetna Inc ( AET.N ), Cigna Corp''s ( CI.N ) Bravo Health Inc and Humana Inc ( HUM.N ) in papers filed on Tuesday in federal court in Los Angeles in a lawsuit the government recently joined against UnitedHealth Group Inc ( UNH.N ). The Justice Department last month partially intervened in the U.S. False Claims Act lawsuit brought by a former UnitedHealth executive, Benjamin Poehling, whose whistleblower case against the company and other insurers was filed under seal in 2011. Under the False Claims Act, whistleblowers can sue companies on the government''s behalf to recover taxpayer money paid out based on fraudulent claims. If successful, whistleblowers receive a percentage of the recovery. A government decision to intervene is typically a major boost to such cases. When it initially intervened in the case in February, the Justice Department said it was declining to pursue claims against other insurers named in the lawsuit besides UnitedHealth. But on Tuesday, the Justice Department filed a "corrected notice" of intervention, saying that, due to ongoing investigations of Health Net, Aetna, Bravo and Humana, it could not make a decision as to whether to proceed against them. Representatives for Health Net, Aetna, Cigna and Humana did not immediately respond to a request for comment on Friday, nor did the Justice Department. A lawyer for Poehling had no immediate comment. Poehling''s lawsuit accused UnitedHealth, Health Net, Aetna, Bravo Health, Humana and other insurers of defrauding the United States of hundreds of millions - and likely billions - of dollars through claims for payments from the Medicare healthcare program for the elderly. The lawsuit centered on "risk adjustment" payments that Medicare makes to managed-care plans to offset the increased costs associated with treating patients with multiple or serious health conditions. The lawsuit claimed that, in seeking those payments, the insurers falsely claimed that patients were treated for diagnoses they did not have or were not treated for. UnitedHealth has said it rejects the lawsuit''s allegations and would contest them in court. A spokesman had no immediate comment on Friday. The case is U.S. ex rel. Benjamin Poehling v. UnitedHealth Group Inc et al, U.S. District Court, Central District of California, No. 16-cv-08697. (Reporting by Nate Raymond in Boston; Editing by Anthony Lin and Jonathan Oatis) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-health-lawsuit-idUSKBN16O2BQ'|'2017-03-18T00:06:00.000+02:00'
'0d1c59c04c0ca1f5b8601fa140c042057329b1e3'|'Trading firm Virtu Financial makes bid for rival KCG'|'Virtu Financial Inc ( VIRT.O ) has made a bid to buy rival trading firm KCG Holdings Inc ( KCG.N ) that could help Virtu bolster its businesses that have softened under reduced market volatility.New York-based Virtu has proposed to acquire all the outstanding shares of KCG''s common stock for $18.50-$20.00 per share in cash, valuing the company at as much as $1.33 billion.Shares of KCG were up 27 percent in extended trading after closing at $13.73 on Wednesday. Virtu''s shares were little changed.KCG''s board of directors, along with its financial and legal advisers, is reviewing the proposal, the company said.The Wall Street Journal earlier in the day reported about the proposed deal. ( on.wsj.com/2noyMHl )(Reporting by Nikhil Subba in Bengaluru; Editing by Maju Samuel)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-kcg-hldgs-m-a-virtu-fincl-idINKBN16M30I'|'2017-03-15T19:13:00.000+02:00'
'd411fa64822ad9eb7c6fa32cc3eb2b1d7ea803c3'|'How the collapse in full-time work for men is fuelling record underemployment - Greg Jericho - Business'|'T he latest unemployment rate figures brought the bad news that the unemployment rate is again rising, but perhaps more concerning is that February saw a record level of underemployment. With weak full-time employment growth, underemployment is in many ways now a better indicator of the health of the economy than the unemployment rate.Before the 1990s recession, underemployment wasn’t really a thing. During the 80s the underemployment rate was rarely above 4%; after it, and the destruction it wrought on full-time work, it was rarely below 6%:The global financial crisis also had a significant impact. Before the GFC, at the height of the mining boom, 5.9% of the labour force were underemployed; last month this figure hit 8.7% and hasn’t been below 7% for more than five and a half years.The rise in underemployment has been a big factor in the dislocation of the unemployment rate from the real-world experience of the labour market. Traditionally, underemployment and unemployment are closely linked. When unemployment rises that is usually a sign that the economy is weakening and businesses cut the hours of workers, which increases underemployment. When things are going well, the opposite usually occurs – not only are businesses employing more people they also increase the hours worked by those already employed – ie, reducing underemployment.But in the middle of 2014, the relationship between the unemployment and underemployment broke down:The reason (as I have noted a few times ) is the lack of full-time work compared with part-time. Since May 2014, 329,000 new part-time jobs have been created compared with just 152,000 full-time ones. That is a massive change given that two-thirds of all jobs are full time.And as I have also noted the hardest hit have been the youth, and not surprisingly they are the ones who have the highest level of underemployment.Nearly 20% of women in the labour force aged 15 to 24 are underemployed, and 16.2% of men that age – both records. Since May 2014, the rates of underemployment for both genders under 25 have risen by more than any other age group:And while it would be easy to think it is a just an issue of youth – and thus might be something that is quarantined from the broader economy – the reality is that underemployment is now affecting workers of all ages at record levels.A comparison of the unemployment and underemployment rates for workers aged 25 to 54 shows a similar disconnect occurring in 2014:The impact of weak full-time employment growth is evident when we compared the percentage of adults aged 25 to 64 who are employed and those employed full time.A decade ago 74.7% of 25- to 64-year-olds were employed; that has now risen to a near record 75.9%. By contrast the percentage of this prime-working aged group of adults who are employed full time has fallen from 56.7% to 55.7%:The last time so few prime-working aged adults were working full time was in 2005.The big reason is the absolute collapse of male full-time work since the GFC.Despite weak economic growth, women have continued to find more full-time work than in the past. Currently, 39.5% of women aged 25 to 64 work full time – just down on the record of 39.8% reached in the middle of last year.By contrast the proportion of prime-working aged men in full-time jobs has fallen in the past 10 years from 75% to a new record low in February of 72.4%:One difficulty in comparing underemployment with the past is that there are two reasons why people want more hours – one negative and one positive. Mostly with men the issue is a negative – men want more hours because they are seeking full-time work or more part-time hours. But for women the issue is not completely negative. There are more women underemployed now than ever before despite there also being more women working full time than ever before. Women not only are working full time more than ever before there are also more women than ever before desiring to work full time. That is not necessarily a bad thing but it does still indicate that there is a lot of spare capacity in the labour force.And that spare capacity is a big driver of the current record low wages growth.I noted last month that wages and unemployment normally are in sync – when one falls the other rises – but over the past two years the relationship has broken down. Wages growth has fallen even while the unemployment rate has fallen:But if instead of the unemployment rate we use the underemployment rate, we see the relationship remains in sync:While we still have wage growth slightly below what we would expect, it is not out as whack as it seems when comparing it with the unemployment rate.And the bad news is that given we have just hit a record high rate of underemployment, it suggests that for those hoping for an improvement in wages growth will probably have to wait a bit longer.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/mar/23/how-the-collapse-in-full-time-jobs-for-men-is-fuelling-record-underemployment'|'2017-03-23T02:00:00.000+02:00'
'98aee2f41c318b7a350c39e22fce2b205a1292c9'|'Amazon.com agrees in principle to buy Middle East''s Souq.com -sources'|'Company News  41am EDT Amazon.com agrees in principle to buy Middle East''s Souq.com -sources DUBAI, March 22 Amazon.com Inc has agreed in principle to buy 100 percent of Middle Eastern online retailer Souq.com from its shareholders, sources familiar with the deal told Reuters on Wednesday. Amazon declined to comment and a spokesperson for Souq.com could not immediately be reached for comment. Goldman Sachs helped to arrange the deal, the sources said. (Reporting by Hadeel Al Sayegh and Tom Arnold; Writing by Andrew Torchia; editing by David Clarke) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/souqcom-ma-amazoncom-idUSL5N1GZ4HM'|'2017-03-22T21:41:00.000+02:00'
'5729474d54d6e91be5b705390ab35cdb88e46802'|'U.S. investors fight to preserve SEC rule on CEO pay ratio'|'Business News - Wed Mar 22, 2017 - 9:17am EDT U.S. investors fight to preserve SEC rule on CEO pay ratio Michael Piwowar speaks at the Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2016. REUTERS/Lucy Nicholson By Sarah N. Lynch - WASHINGTON WASHINGTON More than 100 institutional investors opposed efforts by the U.S. securities regulator to delay a rule requiring companies to disclose a ratio comparing their chief executive''s pay with their workforce median. In a joint letter dated Wednesday, more than 100 unions, pension funds, activist investors, state treasurers and consumer advocacy groups urged Acting U.S. Securities and Exchange Commissioner Michael Piwowar not to delay the implementation of the rule. Piwowar said in February the SEC was seeking comments about whether to delay the rule and whether corporations might be facing any "unexpected challenges" with compliance. The requirement went into effect in January, and the ratio is expected to be disclosed in many companies'' 2018 proxy statements unless the rule is delayed. The move by Piwowar to potentially delay the rule was one of several actions he has taken since becoming acting SEC chairman in January and represents part of a broader push by President Donald Trump''s administration to scale back or repeal Obama-era rules that Republicans say stifle economic growth. The CEO pay ratio rule was one of several corporate disclosures mandated by the 2010 Dodd-Frank Wall Street reform law. Championed by groups like the AFL-CIO, it aims to help investors better gauge the reasonableness of CEO pay. "The SEC''s pay ratio disclosure rule is thoughtful, balanced, and carefully crafted to provide companies considerable flexibility and makes accommodations to them in complying with the rule, while giving shareholders valuable new information," the groups wrote in the letter. It was signed by people including AFL-CIO President Richard Trumka, Illinois State Treasurer Michael Frerichs, New York City Comptroller Scott Stringer, CalPERS Investment Director Anne Simpson and Trillium Asset Management Senior Vice President Jonas Kron, among many others. Trade groups like the Business Roundtable and the U.S. Chamber of Commerce have staunchly opposed the rule, saying it provides no material information and may be misleading because of the global nature of many corporate workforces. The SEC cannot scrap the regulation entirely without going through a rulemaking process, and it does not have the votes to accomplish that now because it only has two sitting commissioners on its five-member panel. The SEC can, however, issue guidance to delay its implementation. In a letter to the White House last month, the Business Roundtable urged National Economic Council Director Gary Cohn to back efforts to repeal the rule, either through legislation or rulemaking. (Reporting by Sarah N. Lynch; Editing by Cynthia Osterman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-sec-ceopay-idUSKBN16T1LE'|'2017-03-22T20:17:00.000+02:00'
'67353419c6f32d358b7f85427af525fa6f5ee538'|'Kinder Morgan secures commitments for Trans Mountain after dip'|'Company News  19am EDT Kinder Morgan secures commitments for Trans Mountain after dip March 22 Kinder Morgan Inc said it had booked all of the 22,000 barrels per day of capacity it had offered to the oil industry on its Canadian Trans Mountain pipeline expansion project earlier this month, following a dip in shipper commitments. The current Trans Mountain pipeline between the oil-producing province of Alberta and the west coast is routinely oversubscribed, and the expansion has had strong support from Canadian oil sands shippers. Kinder Morgan said two weeks ago commitment for the pipeline project had dipped 3 percent, or 22,000 barrels per day, after the U.S. pipeline company hiked tolls. On March 9, the company offered that capacity through a so-called "open season", during which potential customers can sign up for a part of a pipeline''s capacity rights. Canada''s government in November approved Kinder Morgan''s plan to nearly triple the crude pipeline to 890,000 barrels per day. (Reporting by John Benny in Bengaluru; Editing by Sai Sachin Ravikumar) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-pipeline-transmountain-idUSL3N1GZ4L6'|'2017-03-22T22:19:00.000+02:00'
'3a3186600a67d80203287d6103884fd10566ea13'|'Toshiba says not true it is considering selling shares in Toshiba Tec'|'Technology News - Sun Mar 12, 2017 - 8:27pm EDT Toshiba says not true it is considering selling shares in Toshiba Tec Reporters raise their hands for a question during a news conference by Toshiba Corp CEO Satoshi Tsunakawa and other senior sompany officials at the company''s headquarters in Tokyo, Japan February 14, 2017. REUTERS/Toru Hanai TOKYO Toshiba Corp said on Monday it is not true that it is considering selling shares in its Toshiba Tec Corp unit. The Japanese industrial conglomerate denied a Nikkei business daily report that it was looking to sell shares in Toshiba Tec, a maker of cash register systems, as it seeks to plug an upcoming $6.3 billion writedown for its U.S. nuclear unit. Toshiba has selected an advisory firm to help find a buyer soon for Toshiba Tec, the paper said. The sale price for the entire 50.02 percent stake in Toshiba Tec would likely be around 100 billion yen ($870 million), the Nikkei said. (Reporting by Chang-Ran Kim; Editing by Stephen Coates) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-toshiba-accounting-toshiba-tec-idUSKBN16K00W'|'2017-03-13T07:27:00.000+02:00'
'141106a2dd78c2ee501104ad2461f6c32c5d235b'|'PRESS DIGEST- British Business - March 13'|' 58pm EDT PRESS DIGEST- British Business   on the business pages of British newspapers.   The Times * DeepMind, a machine-learning operation bought by Google in 2014, has held talks with UK''s National Grid about embedding its software in the electricity network, the Sunday Times can reveal. bit.ly/2njTYex * Senior government sources say that when British Prime Minister Theresa May triggers article 50, she will point out that Britain is entitled to the return of funds worth 9 billion pounds held by the European Investment Bank. bit.ly/2ndNJfl The Guardian * British homebuilder Bovis Homes Group is in talks with rival construction firm Galliford Try over a merger that would create one of Britain''s biggest housebuilders. bit.ly/2ntNlW6 * The troubled two billion pounds privatisation of the Green Investment Bank has already cost at least one million pounds of taxpayer money in consultancy fees, official documents have revealed. bit.ly/2mgiz1X The Telegraph * The Daily Telegraph can reveal that Baferton Ltd, a Cyprus-registered vehicle funded by Hakan Uzan, has paid around 50 million pounds to acquire Hampshire manufacturer Vertu from its Chinese owners Godin Holdings. bit.ly/2mgiBqO * Scottish First Minister Nicola Sturgeon can name the date on which she intends to hold a second Scottish independence referendum as early as this week. bit.ly/2mBcfFL Sky News * Sky News has learnt that Privet Capital and Hilco, which has transformed the fortunes of HMV, the entertainment retailer, tabled takeover bids for Vivid in the last few days. bit.ly/2mBmvxL * British Foreign Minister Boris Johnson has warned that Russia is capable of undermining the democratic process and is up to "all sorts of dirty tricks". His comments come as spy chiefs warn British political party leaders about the threat of Russian hacking at the next general election. bit.ly/2mYhsZn The Independent * Theresa May''s plans to rely on World Trade Organisation tariffs in the case of a hard Brexit will cause a "major economic shock" and is worse than any other option, according to an unpublished Treasury document leaked to the Independent. ind.pn/2mNtsfO (Compiled by Kanishka Singh  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-business-idUSL3N1GQ085'|'2017-03-13T07:58:00.000+02:00'
'9a30ce0a03ac5904474366addaccfbd75cf23930'|'PwC threatens MF Global mistrial; Corzine defends actions'|'By Jonathan Stempel - NEW YORK, March 13 NEW YORK, March 13 PricewaterhouseCoopers LLP on Monday said it may seek a mistrial in a $3 billion malpractice case over the collapse of Jon Corzine''s MF Global Holdings Ltd, saying it was blindsided when the plaintiff changed its theory of why the brokerage failed.The auditor has been accused by MF Global''s bankruptcy administrator of accounting negligence that let the former New Jersey governor invest $6.3 billion in European sovereign debt, leading to a liquidity crisis and an Oct. 31, 2011 bankruptcy.But PwC said that, in a trial that began last Tuesday in federal court in Manhattan, the administrator has instead argued that Corzine''s bet was sound and that the market''s "confusion" and "crisis of confidence" in MF Global was "somehow" the result of PwC''s accounting advice.PwC urged that evidence and arguments supporting this theory, including from Corzine, be stricken, or else a mistrial declared.The plaintiff''s lawyers "have clearly shifted their causation theory," PwC''s lawyer, James Cusick, told U.S. District Judge Victor Marrero before Corzine began a third day of testimony. "It amounts to a trial by ambush."The administrator''s lawyer, Daniel Fetterman, rejected that contention."This motion is extremely untimely," he said. "We are entitled to try causation as the evidence comes in. ... This is way too late, highly prejudicial. It is gamesmanship."Marrero gave the administrator a day to respond formally."This is obviously a major issue, a complicated subject," the judge said.Corzine, who is also a former New Jersey senator and Goldman Sachs co-chairman, has said the wager on short-maturity debt from five western European countries had been a low-risk investment that the market simply did not understand.MF Global''s final week was also marred by credit rating downgrades that referred to the debt, which had been moved onto the brokerage''s balance sheet as of Sept. 30, 2011, and a tax-related writedown.Under cross-examination on Monday, Corzine resisted Cusick''s effort to blame his business strategy for MF Global''s failure."The problem, really, sir, was not that the market was confused," Cusick suggested to him. "The problem was that the marketplace perfectly understood."Corzine responded, "The market could do an analysis, but the sovereign debt exposure was there on March 31, June 30 and September 30. There was nothing new."Corzine, 70, has said little publicly about MF Global since testifying in December 2011 before Congress. He has settled claims by investors and the U.S. Commodity Futures Trading Commission, without admitting wrongdoing.The case is MF Global Holdings Ltd as Plan Administrator v PricewaterhouseCoopers LLP, U.S. District Court, Southern District of New York, No. 14-02197. (Reporting by Jonathan Stempel in New York; Editing by Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mf-global-hldg-pricewaterhouse-idINL2N1GQ0SJ'|'2017-03-13T13:38:00.000+02:00'
'9627513053b24ffd397977b957ebe3cb342992ca'|'Halfway into 2017''s oil supply cut, Asia remains awash with fuel'|'Money News - Fri Mar 17, 2017 - 8:35am IST Halfway into 2017''s oil supply cut, Asia remains awash with fuel FULL COVERAGE: By Florence Tan and Henning Gloystein - SINGAPORE SINGAPORE Halfway into an OPEC-led oil supply cut, Asia remains awash with fuel in a sign that the group''s efforts to rein in a global glut have so far had little effect. The Organization of the Petroleum Exporting Countries (OPEC) and other suppliers including Russia have pledged to cut production by almost 1.8 million barrels per day (bpd) during the first half of this year to rein in oversupply and prop up prices. Yet almost three months into the announced cuts, oil flows to Asia, the world''s biggest and fastest growing market, have risen to near record highs. The Asian surplus will pressure global oil prices and weigh on the budgets of major oil producing nations but may also help spur growth in demand needed to soak up the excess. Thomson Reuters Oil Research and Forecasts data shows around 714 million barrels of oil are being shipped to Asia this month, up 3 percent since December when the cuts were announced. Responding to rising production, benchmark crude prices are down 10 percent since January, and analysts warn that more falls could follow. "Cuts are not enough to re-absorb the world''s excess supply. So, unless oil demand growth rebounds to record levels in 2017, oil prices could head for another substantial fall," said Leonardo Maugeri, senior fellow at the Harvard Kennedy School''s Belfer Center for Science and International Affairs. Not only are supplies from the Middle East and Russia to Asia still high despite the pledge to cut, but record volumes are flooding into Asia from the Americas and Europe. The result is a market awash with fuel. More than 30 supertankers are sitting off the coasts of Singapore and southern Malaysia filled with oil, despite a price structure that makes it unattractive to buy oil now and store it for sale at a later date. Crude for delivery in January 2018 is only 70 cents more expensive than that for delivery next May, making those floating storage vessels unprofitable. OPEC''S DILEMMA The ongoing glut poses a predicament for OPEC. Its members need higher oil prices to balance government budgets, but cutting back production to prop up prices means losing market share as other suppliers step in to fill the gap. OPEC''s cuts early in the year pushed up Middle East Dubai crude price against the international benchmark Brent, allowing oil from outside the Middle East to head to Asia. Traders are shipping competitively priced crudes such as Russian Urals, Kazakhstan''s CPC Blend, North Sea Forties and U.S. West Texas Intermediate to replace Middle East staples from Oman to Abu Dhabi. A record 10.5 million barrels of Russian Urals will arrive in Asia between April and June, Eikon data shows. Oil from Kazakhstan, the North Sea, Brazil, and the United States arriving in Asia in March is expected to reach 45 million barrels, double the volume in the same month a year ago. "The uptick in arbitrage has not gone unnoticed by the large Middle Eastern (OPEC) producers," analysts from consultancy JBC Energy said in a note to clients this week. In a move to beat off competition but which contradicts the announced cuts, OPEC''s de-facto leader Saudi Arabia unexpectedly cut light crude prices last week. State-owned Saudi Aramco has also given additional supplies to Asian customers in April, trade sources said. Stiff competition and ample supplies have depressed prices for Middle East and Asia-Pacific grades, some of them to multi-month lows. May-loading for Qatar Marine crude sold at discounts to its official selling price for the first time in four months while spot premiums for Russian and Malaysia''s flagship Kimanis crude have also hit lows. With few signs that producers will cut supplies deeply enough to end the glut, and indicators that output is rising in the United States, traders say only strong demand can eventually rein in the surplus. "Demand growth in Asia is about 700,000 bpd, so the glut will eventually clear," said Oystein Berentsen, managing director for oil trading company Strong Petroleum in Singapore. Not all are as confident. "Enduring excess supply could be eased by a robust demand growth," said Maugeri of the Belfer Center. "But preliminary data and analyses do not portend such a development, especially because of a significant slowdown in demand growth in China and India - the two major engines of world oil consumption growth." (Reporting by Florence Tan and Henning Gloystein; Additional reporting by Mark Tay; Editing by Lincoln Feast) Next In Money News Fed rate hikes could spell end to global easing SINGAPORE/WASHINGTON The Federal Reserve''s return to higher interest rates could lend a hand to beleaguered counterparts in Japan and Europe and signal the end of a long cycle of monetary stimulus across Asia, as central banks from Beijing to Ankara to London reacted on Thursday to the U.S. policy change.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/asia-oil-idINKBN16O0AY'|'2017-03-17T10:05:00.000+02:00'
'a5f53725f7c0ffaa191c58e3aeb3a72e2c205896'|'JCPenney is shutting down these 138 stores'|'America''s top retailers in trouble JCPenney posted a list of the stores it plans to close this year. The department store chain announced in February that it''ll shutter up to 140 storefronts, and on Friday JCPenney revealed the names of 138 stores that are getting the ax. It''s just the latest sign of the struggles plaguing brick-and-mortar retailers as they try to compete with e-commerce masters like Amazon ( AMZN , Tech30 ) . Earlier this month, Moody''s put out a report listing 19 retailers -- including Sears ( SHLD ) , Kmart, Payless, J. Crew and Claires -- that it considers "distressed." Related: There is a retail bubble -- and it''s bursting And there are more signs of trouble. Target''s ( TGT ) latest earnings report showed measly holiday sales, sending its stock tumbling. Neiman Marcus recently put itself up for sale . Staples said on March 9 that it''s closing 70 more of its stores , and The Limited said in January that its closing all of its retail locations . Here''s a list of the J.C. Penney stores that are going dark. Alabama Auburn Mall (Auburn, Alabama), Tannehill Promenade (Bessemer), Gadsen Mall (Gadsen) and Jasper Mall (Jasper). Arkansas Military Plaza (Benton, Arkansas), Chickasaw Plaza (Blytheville) Arizona Riverview Mall (Bullhead City, Arizona) California Downtown Bishop (Bishop, California), Sunwest Plaza (Lodi), The Village at Orange (Orange), Hilltop Mall (Richmond) Colorado Fort Morgan Main St. (Fort Morgan, Colorado), Glenwood Springs Mall (Glenwood Springs), St. Vrain Centre (Longmont), Broadway Plaza (Sterling) Connecticut Connecticut Post Mall (Milford, Connecticut) Florida Jacksonville Regional Shopping Center (Jacksonville, Florida), Palatka Mall (Palatka) Georgia Dublin Mall (Dublin, Georgia), Macon Mall (Macon), Milledgeville Mall (Milledgeville), Gateway Plaza (Thomasville), Tifton Mall (Tifton) Iowa Downtown Decorah (Decorah, Iowa), Crossroads Mall (Fort Dodge),Penn Central Mall (Oskaloosa), Quincy Place (Ottumwa) Idaho Snake River Plaza (Burley, Idaho) Illinois Eastland Mall (Bloomington, Illinois), Fulton Square (Canton), Village Square Mall (Effingham), freestanding store in Macomb, Peru Mall (Peru), Northland Mall (Sterling), Centerpointe of Woodridge (Woodridge) Indiana FairOaks Mall (Columbus, Indiana), Connersville Plaza (Connersville), Huntington Plaza (Huntington), Jasper Manor Center (Jasper), Logansport Mall (Logansport) Kansas Chanute Square (Chanute, Kansas), downtown Great Bend, Hutchinson Mall (Hutchinson), freestanding store in Lawrence, Winfield Plaza (Winfield) Louisiana Cortana Mall (Baton Rouge, Louisiana), Park Terrace (DeRidder), North Shore Square (Slidell) Massachusetts Berkshire Mall (Lanesborough, Massachusetts) Maryland Easton Marketplace (Easton, Maryland) Maine Rockland Plaza (Rockland, Maine) Michigan Lakeview Square Mall (Battle Creek, Michigan), Delta Plaza (Escanaba), Westshore Mall (Holland), Copper Country Mall (Houghton), Birchwood Mall (Kingsford), Midland Mall (Midland), Cascade Crossings (Sault Ste. Marie) Minnesota Central Lakes Crossing (Baxter, Minnesota), Five Lakes Centre (Fairmont), Faribo West Mall (Faribault), Irongate Plaza (Hibbing), Hutchinson Mall (Hutchinson), Red Wing Mall (Red Wing), downtown Thief River Falls, freestanding store in Winona Missouri Maryville Center (Maryville, Missouri) Mississippi Leigh Mall (Columbus, Mississippi), Southgate Plaza (Corinth), Greenville Mall (Greenville), Bonita Lakes Mall (Meridian), Oxford Mall (Oxford) Montana Capital Hill Mall (Helena, Montana), Sidney Main Street (Sidney) North Carolina Albemarle Crossing (Albemarle, North Carolina), Boone Mall (Boone), Eastridge Mall (Gastonia), Blue Ridge Mall (Hendersonville), Monroe Crossing (Monroe), Becker Village Mall (Roanoke Rapids) North Dakota Prairie Hills Mall (Dickinson, North Dakota), Buffalo Mall (Jamestown), downtown Wahpeton Nebraska Fremont Mall (Fremont, Nebraska), downtown McCook, Platte River Mall (North Platte) New Jersey Rio Grande Plaza (Rio Grande, New Jersey) Nevada The Boulevard (Las Vegas, Nevada) New York Dunkirk-Fredonia Plaza (Dunkirk, New York), Westfield Sunrise (Massapequa), Palisades Center (West Nyack) Ohio Findlay Village Mall (Findlay, Ohio), New Towne Mall New (Philadelphia), Richmond Town Square (Richmond Heights), St. Mary''s Square (St. Marys) Oklahoma Altus Plaza (Altus, Oklahoma), Ne-Mar Shopping Center (Claremore), Ponca Plaza (Ponca City), Pioneer Square Shopping Center (Stillwater) Oregon Downtown Astoria, Grants Pass Shopping Center (Grants Pass, Oregon), downtown La Grande, downtown Pendleton, The Dalles Main Street (The Dalles) Pennsylvania Columbia Mall (Bloomsburg, Pennsylvania), Clearfield Mall (Clearfield), King of Prussia Mall (King of Prussia), Philadelphia Mills (Philadelphia), Bradford Towne Centre (Towanda), Lycoming Mall (Pennsdale), Willow Grove Park (Willow Grove) South Carolina Citadel Mall (Charleston, South Carolina), Town ''N Country (Easley) South Dakota Palace Mall (Mitchell, South Dakota), Northridge Plaza (Pierre), Watertown Mall (Watertown), Yankton Mall (Yankton) Tennessee Greeneville Commons (Greeneville, Tennessee), Knoxville Center (Knoxville), County Market Place (Union City) Texas Athens Village Shopping Center (Athens, Texas), Borger Shopping Plaza (Borger), Heartland Mall (Early), downtown El Paso, Marshall Mall (Marshall), downtown McAllen, University Mall (Nacogdoches), King Plaza Shopping Center (Seguin), Bosque River Center (Stephenville) Virginia New River Valley Mall (Christiansburg, Virginia), Tanglewood Mall (Roanoke) Washington Pilchuck Landing (Snohomish, Washington) Wisconsin Pine Tree Mall (Marinette, Wisconsin), Marshfield Mall (Marshfield), Richland Square Shopping Center (Richland Center), Rapids Mall (Wisconsin Rapids) West Virginia Foxcroft Towne Center (Martinsburg) Wyoming Downtown Sheridan  16 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_companies.rss'|'http://money.cnn.com/2017/03/17/news/companies/jcpenney-stores-closing/index.html'|'2017-03-17T20:49:00.000+02:00'
'bef88485a1fc6825c889ee253a0cd3912a3dd59e'|'Air France-KLM, 10 other airlines hit with 776 million euro EU fine'|' 21pm GMT Air France-KLM, 10 other airlines hit with 776 million euro EU fine (L-R) Frederic Gagey, Chief Financial Officer of Air France-KLM, Pieter Elbers, President and CEO of KLM, Jean-Marc Janaillac, Chairman and Chief Executive Officer of Air France-KLM and Chairman of Air France, and Franck Terner, Chief Executive of Air France, attend the... REUTERS/Christian Hartmann By Foo Yun Chee - BRUSSELS BRUSSELS Air France-KLM ( AIRF.PA ), British Airways ( ICAG.L ) and nine other airlines were hit with a 776 million euro (674.33 million pounds) fine by EU antitrust regulators on Friday for taking part in an air cargo cartel more than a decade ago. The European Commission re-imposed the penalties after Europe''s second highest court in 2015 annulled the EU executive''s 2010 decision due to a procedural error. The fines were unchanged for all the airlines except for the amount due from Martinair - cut to 15.4 million euros from the 29.5 million euro amount set in 2010. Air France were fined 182.9 million euros, the highest, followed by KLM at 127.1 million, British Airways at 104.4 million, Cargolux at 79.9 million and Singapore Airlines ( SIAL.SI ) at 74.8 million. Other carriers penalised were Air Canada ( AC.TO ), Cathay Pacific Airways ( 0293.HK ), Japan Airlines ( 9201.T ), LAN Chile and SAS ( SAS.ST ). Lufthansa ( LHAG.DE ), along with subsidiary Swiss International Airlines, escaped a fine as it alerted the cartel to the EU competition authority. The Commission said it had fixed the procedural error cited by the court. "Working together in a cartel rather than competing to offer better services to customers does not fly with the Commission," European Competition Commissioner Margrethe Vestager said in a statement. SAS said it would appeal against the new decision. The Commission in its 2010 finding said the cartel fixed air freight services, fuel and security surcharges between December 1999 and February 2006. The decision led to a series of damages claims against the airlines from companies such as Germany''s Deutsche Bahn, carmaker BMW ( BMWG.DE ) and car supplier Bosch. ($1 = 0.9288 euros) (Reporting by Foo Yun Chee, Philip Blenkinsop; additional reporting by Niklas Pollard in Stockholm; editing by Robert-Jan Bartunek and Toby Davis)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-pricefixing-airlines-idUKKBN16O1OT'|'2017-03-17T20:21:00.000+02:00'
'd3799b3cb2622f8a869cfd91a6f2c4f7a364b532'|'China pledges to contain home prices as property market defies curbs'|'Money   1:59pm IST China pledges to contain home prices as property market defies curbs FULL COVERAGE: left right Cars drive past residential buildings along a street in Hefei, Anhui province, China, February 19, 2017. REUTERS/Yawen Chen/Files 1/2 left right Residential buildings are seen along a street in Hefei, Anhui province, China, February 19, 2017. REUTERS/Yawen Chen/Files 2/2 BEIJING China added a pledge to contain the country''s fast-rising home prices to its annual work report on Thursday, as a red-hot property market resists cooling measures and purchase restrictions spread out from the biggest cities. Several lower-tier cities have raised the bar for home purchases this month as speculators from outside flood smaller markets, with home prices nationwide continuing to rise. The final version of the government work report said "containing excessive home price rises in hot markets" will be a key focus this year, according to a final version of the report released Thursday by official state media Xinhua. The first version of the work report, delivered by Premier Li Keqiang on March 5, did not include the phrase. Home sales surged in the first two months of the year despite government measures, though growth in real estate investment showed signs of easing, according to data released on Tuesday. Lending to households, mostly mortgages, expanded rapidly last year, accounting for 50 percent of all new loans, and remained high in January. People''s Bank of China (PBOC) Governor Zhou Xiaochuan said last week that measures to cool rising house prices would slow mortgage growth to some degree, though housing loans would continue to grow at a relatively rapid pace. Several major banks in Beijing have temporarily stopped issuing housing loans since February, financial magazine Caixin said on Thursday citing bank and property agent sources, though the halt was due to a lack of loan quota, with approval timelines extended but loans still being granted. China''s state-run banks typically rush to issue loans early in the year to lock-in clients before quotas for lending are exhausted. The banking regulator and the PBOC have told banks to curtail new mortgage lending, state-owned newspaper Economic Information Daily reported on Monday, citing unnamed banking sources. Caixin cited regulator sources saying that the PBOC was monitoring lending in real time and guiding banks to not allow personal loans to increase too much. (Reporting by Elias Glenn; Editing by Jacqueline Wong) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-economy-property-idINKBN16N0VF'|'2017-03-16T15:29:00.000+02:00'
'5901b1ddc2d233bb47a3a13b49ffe47dc604468a'|'Smaller mining companies seek IPOs but deals remain modest'|'By Zandi Shabalala - LONDON LONDON Stock market flotations of smaller mining and metals companies are set to pick up this year, although a return to the flood of deals five or six years ago remains unlikely while investors rebuild their bruised confidence in the sector.A continued rally in metals prices is galvanizing some firms into raising capital on exchanges across the world to fund exploration and plow cash into existing projects, with others also preparing initial public offerings.But with investors'' memories fresh of a bloodbath in mining stocks in 2015, the firms'' ambitions are modest: they are joining small-capital indexes or listing on junior markets in deals typically worth $10 million or less - far from Glencore''s $10 billion flotation in 2011 when commodities were booming."We are at the early stages of a cyclical recovery so you would expect to see the first signs of resurgence in the IPO market," said Michael Rawlinson, Global co-head of Global Mining and Metals at Barclays.So far this year, the bulk of IPOs have been in Australia, where nine mining companies have already filed to list their shares on the Australian Stock Exchange. That compares with 10 new issues for the whole of 2016.Lee Downham, head of EY''s global mining & metals transaction advisory services, said the small-cap indexes in Toronto, London and Australia would see the bulk of initial activity until investors built up the confidence for larger cash calls."The sector needs to regain shareholder confidence before the bigger fundraising takes place," he said.Investors were stung when mining indexes in London, Australia and Toronto fell between 27 and 50 percent in 2015, with Anglo-American losing 75 percent of its value.However, commodity prices began their revival last year, sending Anglo-American back up nearly 300 percent and making it the best performing blue chip in London, albeit from a low base.GOLD EXPLORERS DOMINATEGold exploration companies, including Huntsman Resources and Raptor Resources, have dominated the Australian crop of IPOs so far as they take advantage of bullion prices rising in 2016 for the first time in three years.Huntsman Resources is an exploration company with projects in the Democratic Republic of the Congo and Australia, while Raptor Resources explores for gold and copper in Australia.Also expecting to list in Australia is lithium-focused Marquee Resources, which plans to raise $2.7 million from investors to find and develop exploration projects.The London Stock Exchange, which hosts three of the world''s largest five mining firms, listed two companies last year - rare earths miner Mkango Resources and uranium miner Aura Energy. They followed just one flotation in 2015.Mkango chief executive Will Dawes said the miner listed on London''s junior AIM market to fund its projects, increase liquidity and broaden its shareholder base while maintaining its Toronto listing.Rainbow Rare Earths raised $8 million from its listing in London in January to fund its Burundi project."Circumstances seem to be more optimistic for junior mining IPOs in the short to medium term than they have been before," said Martin Eales, chief executive of Rainbow Rare Earths.Performance of the new listings has been mixed. Shares in Mkango and Rainbow have not added that much value but Aura Energy has surged about 75 percent.Although there have been no new listings on the Toronto Stock Exchange so far this year, the bourse said listings were expected to pick up in the coming months. In 2016 there was a 38 percent increase in cash raisings by mining firms in 2015."Assuming that things continue the direction they are going with commodity prices, and there is every indication that there will, we will be seeing a large number of new listings," said Orlee Wertheim, the head of business development for mining at TSX.However, industry experts said that while there was a marginal improvement of new listings, investors were still cautious and this could affect how many companies actually make it to market."In terms of our pipeline, we are definitely seeing more flow of potential transactions," said Jeff Keating, director at SP Angel Corporate Finance. "There is more interest in mining companies but I don''t believe that it is going to lead to a flood of IPOs or a return to where we were five or six years ago."For a Graphic on UK-Australian Mining Equities, click: tmsnrt.rs/2kkcHFO(editing by David Stamp)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-mining-ipos-idINKBN16N1TD'|'2017-03-16T10:23:00.000+02:00'
'f54ab53cd9c6a71449329c0de9a63e2493b33d0b'|'Swatch Group seeing strong demand so far in 2017 - CEO'|' 34am GMT Swatch Group seeing strong demand so far in 2017 - CEO Nick Hayek CEO and Chairman of the Board of the Swatch Group attends the Swiss watchmaker''s annual news conference in Biel, Switzerland March 16, 2017. REUTERS/Denis Balibouse BIEL, Switzerland Swatch Group ( UHR.S ) has seen strong demand for its watches since the beginning of the year, the world''s biggest watchmaker''s chief executive said on Thursday. "The first two and a half months of 2017 showed strong growth, particularly in Asia," Nick Hayek told a news conference to present the company''s full-year results, already released in February. Swiss watchmakers are grappling with declining sales in their biggest markets -- Hong Kong and the United States -- and tourist shoppers avoiding Europe for fear of extremist attacks, but recently watch shipments to mainland China turned the corner. The company''s finance chief said Swatch Group had chosen to do a share buyback last year to avoid negative interest on its cash position. (Reporting by Silke Koltrowitz; Editing by Michael Shields)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-swatch-results-idUKKBN16N182'|'2017-03-16T17:34:00.000+02:00'
'd5aa95b4aab6eb69da905d2bf153556e43ed7dc8'|'Mexico to redo open season energy auction hit by ''problems'''|'MEXICO CITY, March 15 Mexico has postponed an auction of part of state oil company Pemex''s excess capacity for transport and fuel storage due to "methodological problems", the Energy Regulatory Commission (CRE) and Pemex said in a joint statement late on Wednesday.The auction is aimed at allowing new participants to enter the recently opened fuel market, as Mexico moves away from an energy industry dominated by former state-owned monopolies and draws up new rules for the more open energy markets.The auction for excess capacity in the northeastern states of Sonora and Baja California will be redone before the end of March and companies that had prequalified for the initial auction will be allowed to participate, the statement said.Auction results were initially set to be announced on Wednesday. (Reporting by Anthony Esposito; Editing by Clarence Fernandez)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mexico-energy-idINL2N1GT090'|'2017-03-16T02:43:00.000+02:00'
'c33b4d8eac1ab54990678271491b196577687a9d'|'European shares rise to 15-month high as reflation rally resumes'|'  8:31am GMT European shares rise to 15-month high as reflation rally resumes Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, March 1, 2017. REUTERS/Ralph Orlowski LONDON European shares hit their highest level in 15 months on Thursday, with basic resource and banking stocks rising after the U.S. Fed raised rates and Dutch centre-right Prime Minister Mark Rutte won elections in the Netherlands. The pan-European STOXX 600 index hit its highest level since December 2015, last up 0.5 percent. Amsterdam''s AEX .AEX hit its highest level in more than nine years, up 0.7 percent, while both Germany''s DAX .GDAXI and France''s CAC 40 .FCHI hit their highest levels since mid-2015. Dutch centre-right Prime Minister Mark Rutte scored a resounding victory over anti-Islam and anti-EU Geert Wilders in an election on Wednesday. Anglo American ( AAL.L ) was the top European gainer after Indian billionaire and Vedanta Resources ( VED.L ) majority shareholder Anil Agarwal said he would buy a stake of up to 2 billion pounds in the miner. Anglo led Europe''s basic resource stocks .SXPP higher, the top sectoral gainers, up 3.5 percent. Antofagasta ( ANTO.L ), Fresnillo ( FRES.L ), BHP Billiton ( BLT.L ) and Randgold Resources ( RRS.L ) were in the top gainers, up 4.4 to 5.7 percent. Lufthansa ( LHAG.DE ) was among top gainers, up 5.1 percent after its results, despite the German airline saying profits were set to dip in 2017 on rising fuel costs. Banking stocks .SX7P gained after the U.S. Federal Reserve raised interest rates. The Eurozone banking index .SX7E was up 1.7 percent. Renault ( RENA.PA ) was the top faller, after the French carmaker''s CEO Carlos Ghosn was targeted in a French diesel cheating probe. (Reporting by Helen Reid, Editing by Vikram Subhedar)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN16N0VL'|'2017-03-16T15:31:00.000+02:00'
'c0128b9855efb4bcb32638fb324e7e88a76fac87'|'A third of European firms to cut investment due to Brexit - survey'|'Business   4:36pm GMT A third of European firms to cut investment due to Brexit: survey left right FILE PHOTO: Demonstrators take part in a protest aimed at showing London''s solidarity with the European Union following the recent EU referendum, inTrafalgar Square, central London, Britain June 28, 2016. REUTERS/Dylan Martinez/File Photo 1/2 left right FILE PHOTO: A Leave.eu supporter wears a union flag paper hat after polling stations closed in the Referendum on the European Union in London, Britain, June 23, 2016. REUTERS/Toby Melville/File Photo 2/2 LONDON A third of European companies expect to cut investment spending due to Brexit uncertainties and a tenth of those with operations in the Britain plan to pull out of the country, a survey of 600 euro zone firms, by Swiss bank UBS, found. Over half the companies said they did not expect Britain leaving the European Union to change their investment plans, but 24 percent anticipated reducing investment "somewhat", and 8 percent "significantly", the survey, published on Friday, showed. Thirty-nine percent of those said they would modify their investment plans within 6-12 months, and around 17 percent said they would respond immediately. Of the firms surveyed, in a range of sizes and sectors chosen to represent the European market, 74 percent have operations in Britain. Of those, a tenth said they planned to relocate all their capacity away from Britain, while 31 percent said they would remove a large amount. A fifth said they would not relocate any capacity, and 3 percent planned to increase UK operations. Euro zone countries were the most preferred new destinations for nearly half of respondents, while central and Eastern Europe was preferred by 30 percent. The survey found uncertainty related to Brexit was top of the companies'' worry list. A close second was uncertainty over the new U.S. administration, while only 14 percent were most concerned about the French presidential election. The survey was conducted between Jan. 10 and Feb. 13. (Reporting by Helen Reid; Editing by Robin Pomeroy) Next In Business News Dollar continues slump, but outlook still upbeat NEW YORK The dollar fell to a five-week low on Friday, remaining under pressure for a third straight session after the Federal Reserve quashed hopes for a further bull run in the currency by keeping a gradual pace to its monetary tightening policy.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-eu-investment-idUKKBN16O27W'|'2017-03-17T23:31:00.000+02:00'
'e82fd076144d9ad68a3f80173ca4ab6bb71fedb7'|'Higher heart risk seen with Abbott dissolving stent after two years: study'|'By Bill Berkrot - WASHINGTON WASHINGTON Patients who received Abbott Laboratories'' novel dissolving vascular stent had a significantly higher rate of serious adverse heart events than those treated with the company''s widely used Xience drug-coated metal stent two years after implantation, according to data presented on Saturday.New guidelines for blood vessel size and proper implantation techniques put in place for the new Absorb stent since the study began, however, should lead to better results, researchers said.They reported that 19 percent of those who received Absorb in the 2,008-patient trial had it implanted in blood vessels now deemed too small for the device, hurting overall results."The difference between Absorb and Xience when they''re both implanted in properly-sized vessels with good procedural technique is likely to be quite modest and possibly not clinically important," said Dr. Stephen Ellis, who presented the data at the American College of Cardiology scientific meeting in Washington. Ellis is director of interventional cardiology at the Cleveland Clinic.Stents are tiny tubes used to prop open diseased arteries that have been cleared of blockages. The two stents demonstrated similar safety between one and two years, but a difference turned up by the end of year two.Absorb, which is larger than traditional metal stents, is made of a plastic designed to fully dissolve over the course of about three years, leaving a naturally flexible blood vessel.After two years in the trial, called Absorb III, 10.9 percent of Absorb patients had experienced target lesion failure, versus 7.9 percent of those in the Xience group, a statistically significant difference.TLF is defined as a combination of heart-related death, heart attack related to the treated vessel and need for repeat procedure due to reclogging of the treated part of the artery. The result was driven by a higher rate of target vessel heart attacks - 7.3 percent versus 4.9 percent for Xience.The difference between the two stents declined and was no longer statistically significant when the smaller-vessel patients were excluded, researchers reported.Absorb won U.S. approval last July, but longer-term data may be needed to assess its true value.All of the benefit of using the larger, more-difficult-to- place stent, "if there is going to be a benefit, will come after it has been fully absorbed," said Ellis."We await long-term outcomes," he said. "If this device doesn''t produce better long-term outcomes, there''s no point in using it."(Reporting by Bill Berkrot; Editing by Dan Grebler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-heart-abbott-stent-idINKBN16P0IV'|'2017-03-18T11:48:00.000+02:00'
'e61bc3ec642fce6551818362d6b9d416cbf73a48'|'UPDATE 1-Airbus says engine issues will not affect A320 NEO deliveries'|'Big Story 10  50am EDT Airbus says engine issues will not affect A320 NEO deliveries The logo of Airbus group is pictured in Colomiers near Toulouse, France, January 11, 2017. REUTERS/Regis Duvignau By Aditi Shah - NEW DELHI NEW DELHI Airbus does not expect deliveries of its A320 NEO jets to be significantly affected by recent problems with the Pratt and Whitney engines, CEO Tom Enders said on Friday. Enders said that while issues with the engines were "unfortunate" they were teething troubles and Airbus was working with the airlines, the engine maker and government and safety authorities to resolve them. "I do not see that over time this will largely impact our delivery schedule," Enders told reporters at an Airbus event in New Delhi. Airbus began rolling out the A320 NEOs in January last year and has delivered about 70 to customers worldwide so far - the bulk of them to Indian carriers IndiGo, owned by InterGlobe Aviation, and privately owned GoAir. India has stepped up inspections of A320 NEO planes fitted with Pratt and Whitney engines but sees no immediate safety issues, a senior government official said on Friday. The move follows at least two incidents at IndiGo and GoAir involving A320 NEO aircraft, which India''s aviation regulator is investigating separately. "Inspections are now required at earlier frequency ... The quicker examinations will ensure complete safety of the flying operations," R.N. Choubey, secretary at the ministry of civil aviation told Reuters on the sidelines of the Airbus event. Two GoAir A320 NEOs made emergency landings following technical issues last month, and in January an IndiGo flight was aborted after one of the plane''s Pratt and Whitney engines developed a fault while accelerating for take-off. Pratt and Whitney, a unit of United Technologies Corp, has told Indian officials it is looking into the issues and any technological improvements, if required, will be communicated and carried out, Choubey said. The Indian regulator has also asked airlines to inspect Pratt and Whitney engines more frequently and ordered them not to fly A320 NEO aircraft if metal chip particles are detected in the jet''s engine oil - one of the common issues the engines have faced. Only a small part of IndiGo and GoAir''s fleets are A320 NEOs, but the numbers are set to grow rapidly as IndiGo has ordered 430 of the jets and GoAir is set to add more than 100. IndiGo''s Chief Financial Officer Rohit Philip told reporters on Friday that there was no financial impact yet from problems with the Pratt and Whitney engines fitted on its A320 NEO aircraft. Philip said that 180 of its order of A320 NEO jets will have Pratt and Whitney engines, but it is still considering the choice of engine for the remaining 250. He said he didn''t expect delivery schedules to be affected by the engine issues. (Reporting by Aditi Shah; Writing by Sanjeev Miglani; Editing by Malini Menon and Susan Fenton) Next In Big Story 10'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-india-airbus-indigo-idUSKBN16O1FN'|'2017-03-17T18:47:00.000+02:00'
'd51e858e8f8afab895d23af0b9acb368f264347a'|'Wilcon prices IPO at low end of range in Philippines'' first 2017 listing'|'MANILA Wilcon Depot Inc, a Philippine construction materials retailer, is set to raise 7 billion pesos ($139.50 million) in the Southeast Asian nation''s first listing this year, pricing its shares at the low end of its guided range.Wilcon is aiming to ride on Philippine President Rodrigo Duterte''s pledge to raise spending on infrastructure to help lift the country''s economic growth trajectory.It priced its IPO at 5.05 pesos per share, near the bottom end of the 5.00-5.68 pesos suggested range announced last week, to allow potential post-IPO upside, Eduardo Francisco, president of underwriter BDO Capital and Investment Corp, said in a mobile text message.Proceeds from the sale of 1.39 billion shares would be used to nearly double the company''s network to 65 stores in the next five years from the current 37 stores that sell local and foreign brands of building and finishing materials.Wilcon''s flotation was more than three times oversubscribed, Justino Ocampo, first vice president of another underwriter, First Metro Investment Corp, said in a mobile phone message.The company, owned by the Belo family, will have a public float of 34 percent following the listing on Mar. 31.Robust domestic demand and higher spending helped spur full-year 2016 growth to a three-year high of 6.8 percent, beating China''s 6.7 percent and cementing the Philippines'' position as one of the world''s fastest-growing economies.The Philippines'' broader stock index is up 6.4 percent so far this year, making it the third best-performing bourse in Southeast Asia.(Reporting by Neil Jerome Morales; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-wilcon-depot-ipo-pricing-idINKBN16O0DX'|'2017-03-17T01:21:00.000+02:00'
'c35510c29a51d6278f00f7a43ce1885b9c0260d3'|'Boeing, U.S. government sign $3.4 billion deal for AH-64E Apache helicopters'|'Boeing Co ( BA.N ) said on Thursday it had signed a $3.4 billion contract with the U.S. government through which the U.S. Army and an international customer will buy the latest Apache attack helicopter -- the Apache ''E'' variant.The Army will get 244 re-manufactured Apaches while the international customer will receive 24 new ones, the company said in a statement. bit.ly/2nfcHe6.Boeing did not name the international customer.(Reporting by Vishal Sridhar in Bengaluru; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-boeing-apache-idINKBN16N34A'|'2017-03-16T20:34:00.000+02:00'
'0102fd6607a97bb625a5a82e004868dc3751510a'|'Cousin of Argentina''s Macri sells company to avoid conflicts'|'BUENOS AIRES, March 17 Argentine businessman Angel Calcaterra, a cousin of President Mauricio Macri, sold his construction company to avoid any conflicts of interest, a spokesman for the company told Reuters on Friday.Calcaterra''s Iecsa construction company was bought by a group of investors who own Pampa Energia SA, one of Argentina''s main electricity companies. In a statement sent to journalists, the company''s new board said the company would be renamed Strategic Construction and Development Group of Argentina, or Sacde by its Spanish acronym.The move comes as Macri''s government is taking steps to prevent further complaints about the first-term leader''s business ties. Earlier this month, the administration delayed approving the local market entry of Colombian airline Avianca Holdings SA until it could finalize new rules governing business conflicts of interest.That came after a federal prosecutor asked a judge for permission to investigate Macri over allegations he favored the airline in a plan to open more routes. A company owned by his father, Franco Macri, one of Argentina''s richest men, sold another airline to Avianca last year. Last month the president was criticized over a deal his government reached to resolve a 15-year-old debt the postal service incurred when it was owned by Franco Macri, with prosecutors claiming the deal benefited his family.Calcaterra sold Iecsa, which had bid on government contracts, "to avoid any more possible conflicts of interest," the company spokesman said.Macri''s government is expected to launch billions of dollars in public works contracts this year as part of a major infrastructure push. (Reporting by Nicolas Misculin; Writing by Hugh Bronstein and Luc Cohen; Editing by Matthew Lewis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/argentina-president-idINL2N1GU1NY'|'2017-03-17T19:17:00.000+02:00'
'545eaff16d9f54c224c5096276a8c4f15b94eeb4'|'Paris airport terminal may stay shut till late Saturday - CEO'|'Company   7:30am EDT Paris airport terminal may stay shut till late Saturday - CEO PARIS, March 18 The south terminal of Paris'' Orly airport may remain closed until Saturday evening following an incident in which soldiers shot dead a man who had tried to seize a soldier''s weapon, the head of airport operator ADP < said. The airport''s other terminal could reopen sooner, chief executive Augustin de Romanet told reporters. (Reporting by Gus Trompiz; editing by Richard Balmforth) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/france-shooting-flights-idUSL9N1GD00J'|'2017-03-18T18:30:00.000+02:00'
'94c053e8410cdf375ebb1b6acef07ed36cefc2e2'|'Higher heart risk seen with Abbott dissolving stent after 2 years -study'|'Health   10:48am EDT Higher heart risk seen with Abbott dissolving stent after two years: study By Bill Berkrot - WASHINGTON WASHINGTON Patients who received Abbott Laboratories'' novel dissolving vascular stent had a significantly higher rate of serious adverse heart events than those treated with the company''s widely used Xience drug-coated metal stent two years after implantation, according to data presented on Saturday. New guidelines for blood vessel size and proper implantation techniques put in place for the new Absorb stent since the study began, however, should lead to better results, researchers said. They reported that 19 percent of those who received Absorb in the 2,008-patient trial had it implanted in blood vessels now deemed too small for the device, hurting overall results. "The difference between Absorb and Xience when they''re both implanted in properly-sized vessels with good procedural technique is likely to be quite modest and possibly not clinically important," said Dr. Stephen Ellis, who presented the data at the American College of Cardiology scientific meeting in Washington. Ellis is director of interventional cardiology at the Cleveland Clinic. Stents are tiny tubes used to prop open diseased arteries that have been cleared of blockages. The two stents demonstrated similar safety between one and two years, but a difference turned up by the end of year two. Absorb, which is larger than traditional metal stents, is made of a plastic designed to fully dissolve over the course of about three years, leaving a naturally flexible blood vessel. After two years in the trial, called Absorb III, 10.9 percent of Absorb patients had experienced target lesion failure, versus 7.9 percent of those in the Xience group, a statistically significant difference. TLF is defined as a combination of heart-related death, heart attack related to the treated vessel and need for repeat procedure due to reclogging of the treated part of the artery. The result was driven by a higher rate of target vessel heart attacks - 7.3 percent versus 4.9 percent for Xience. The difference between the two stents declined and was no longer statistically significant when the smaller-vessel patients were excluded, researchers reported. Absorb won U.S. approval last July, but longer-term data may be needed to assess its true value. All of the benefit of using the larger, more-difficult-to- place stent, "if there is going to be a benefit, will come after it has been fully absorbed," said Ellis. "We await long-term outcomes," he said. "If this device doesn''t produce better long-term outcomes, there''s no point in using it." (Reporting by Bill Berkrot; Editing by Dan Grebler) Next In Health News Amgen cholesterol drug cuts heart attack, stroke risk but shares fall WASHINGTON Amgen Inc''s $14,000 cholesterol drug Repatha cut the risk of heart attack and stroke by over 20 percent in patients with heart disease, but results from a highly anticipated study fell short of investor expectations and shares dropped 6 percent.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-heart-abbott-stent-idUSKBN16P0IV'|'2017-03-18T21:45:00.000+02:00'
'9389ec2a6b716641373219bdd57745d2e4cb79e7'|'Sainsbury''s warns over ''uncertain'' impact of pound''s Brexit slide - Business'|'Sainsbury’s has warned that the impact of cost pressures from the post-Brexit vote fall in the pound remains uncertain as it reported a slight fall in sales at its supermarkets. The UK’s supermarket chains are dealing with higher import costs and some commodity price rises following the fall in the pound agains the dollar and the euro since the June referendum.The group posted a 0.5% fall in like-for-like supermarket sales, excluding fuel, in the three months to 11 March, down from a rise of 0.1% in the previous quarter.However, 4.3% like-for-like sales growth at Argos, bought by Sainsbury’s last year in a £1.4bn deal , helped offset the decline in supermarkets. Combined Sainsbury’s and Argos sales excluding fuel, at stores open at least a year, were up by 0.3%.Sainsbury’s share price fell by nearly 2% in early trading after it reported the quarterly results on Thursday.“The market remains very competitive and the impact of cost price pressures remains uncertain,” said Mike Coupe, Sainsbury’s chief executive. “However, we are well placed to navigate the external environment and remain focused on delivering our strategy.”The group blamed the dip on the later timing of Easter and Mother’s Day this year, saying supermarket sales would have been up 0.1% otherwise – matching the 0.1% rise reported over the Christmas period, Sainsbury’s first sales growth since March 2016. The timing depressed sales of household goods, gifts and other general merchandise, down by 4%.The company plans to put 250 Argos outlets into Sainsbury’s stores over the next three years , up from 41 at present. Argos enjoyed strong sales of mobile phones, video games, wearable tech and sports equipment.Coupe described the group’s food performance as solid and said its Tu clothing brand had again beaten the market, with sales up 5%. Sainsbury’s has extended its pre-prepared vegetable range with products such as butternut squash waffles and sweet potato tagliatelle.The company has reduced promotions, favouring lower regular prices instead, lowered operating costs and cut food waste. Sainsbury’s is expanding its “Waste less, save more” initiative to more than 140 city boroughs, towns and villages across the UK, but has quietly ditched its target to get consumers to halve their household food waste .'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/mar/16/sainsburys-pound-brexit-argos-growth'|'2017-03-16T02:00:00.000+02:00'
'798b026e6f59c4166ff1d33eafd866691d28b47b'|'U.S. 30-year mortgage rates hit highest since December - Freddie Mac'|'Business  17am EDT U.S. 30-year mortgage rates hit highest since December: Freddie Mac NEW YORK U.S. 30-year mortgage rates rose for a second straight week to their highest levels since late December in step with a jump in Treasury yields, according to mortgage finance agency Freddie Mac ( FMCC.PK ) on Thursday. The borrowing cost on 30-year mortgages, the most widely held type of U.S. home loan, averaged 4.30 percent in the week ended March 16, which was the highest since 4.32 percent in the week ended Dec. 29 and was above 4.21 percent the preceding week, it said. (Reporting by Richard Leong)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-mortgages-freddiemac-idUSKBN16N200'|'2017-03-16T21:14:00.000+02:00'
'f99dcbfb3e4ccbc1534e1c0a4050c1c276480747'|'Dollar crunched by cautious Fed, bonds and commodities cheer'|' 28am GMT Dollar crunched by cautious Fed, bonds and commodities cheer left right FILE PHOTO: Visitors looks at an electronic board showing the Japan''s Nikkei average at the Tokyo Stock Exchange (TSE) in Tokyo, Japan, February 9, 2016. REUTERS/Issei Kato/Files 1/2 left right Federal Reserve Chair Janet Yellen speaks   after a two day Federal Open Market Committee (FOMC) meeting in Washington, U.S., March 15, 2017. REUTERS/Yuri Gripas 2/2 By Wayne Cole - SYDNEY SYDNEY The dollar nursed painful losses in Asia on Thursday while sovereign bonds savored their biggest rally in nine months after the Federal Reserve hiked interest rates, as expected, but signaled no pick-up in the pace of tightening. The euro got an added bonus when returns showed the anti-EU party of Geert Wilders won fewer seats than expected in Dutch elections, soothing fears that public opinion was swinging inexorably toward a break-up of the union. The sigh of relief was heard across Asia as investors had feared faster U.S. hikes and more political upheaval in Europe could spook funds out of emerging markets. "The Fed makes the world safe for risk until June," said CitiFX strategist Steven Englander. "Buy emerging market FX, equities, commodities." Gold, copper and oil all rallied as the dollar dropped. MSCI''s broadest index of Asia-Pacific shares outside Japan jumped 1.2 percent to its highest level since mid-2015. Spread betters pointed to solid opening gains for European bourses, while E-mini futures for the S&P 500 edged up another 0.1 percent. South Korea''s market climbed 0.6 percent, and even Japan''s Nikkei managed a slight rise despite the damage done to exporters by a firmer yen. Shanghai stocks added 0.7 percent with investors seemingly untroubled as China''s central bank raised short-term rates for the third time in as many months. The Dow had ended Wednesday with gains of 0.54 percent, while the S&P 500 added 0.84 percent and the Nasdaq 0.74 percent. The Fed lifted its funds rate by 25 basis points, as expected, to a range of 0.75 percent to 1.00 percent, but said further increases would only be "gradual." Crucially, officials stuck to their outlook for two more hikes this year and three more in 2018, when many had expected an accelerated spate of moves. Rather, the Fed said its inflation target was "symmetric," indicating that after a decade of below-target inflation it could tolerate a quicker pace of price rises. That was painful news for bond bears who had built up huge short positions in Treasuries in anticipation of a hawkish Fed. DOLLAR DOLDRUMS Yields on two-year notes were down at 1.30 percent, having fallen 8 basis points overnight in the biggest daily drop since June last year. The drop pulled the rug out from under the dollar, which sank to a three-week low of 100.510 against a basket of currencies. The euro was taking in the view at $1.0727, having climbed 1.2 percent overnight in its steepest rise since June. The dollar suffered similar losses on the yen to huddle at 113.38. Richard Franulovich, a forex analyst at Westpac, noted history showed a strong positive correlation between the dollar and yields one week after a Fed meeting and the direction and magnitude of the change in policymakers'' projected rate increases - termed dots - from meeting to meeting. "The absence of any overt hawkish guidance from the Fed and their dots should leave the dollar trading on the back foot over the next month," he said. The yen and the Swiss franc tended to move the most in the first week, he added, but the impact tended to be longer lasting on the Australian and Canadian dollars. The Aussie currency did indeed rise a rousing 2 percent in the wake of the Fed, but took a slight knock on Thursday when local data showed the country''s jobless rate hit a 13-month peak in February. A protracted bout of weakness for the U.S. dollar would be seen as positive for commodities priced in the currency. Spot gold was up at $1,225.13 an ounce, after enjoying its biggest daily jump since September. U.S. crude futures rose 27 cents to $49.13 per barrel, adding to a 2.4 percent gain on Wednesday. Brent firmed 31 cents to $52.12, after rising more than a dollar overnight. (Editing by Neil Fullick)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-markets-idUKKBN16M3C9'|'2017-03-16T12:28:00.000+02:00'
'3465b2584c6588b7784d75a8279dbfd14c6c20cf'|'Modi picks Hindu hardliner Yogi Adityanath to lead Uttar Pradesh'|'By Manoj Kumar - NEW DELHI NEW DELHI Prime Minister Narendra Modi picked Hindu hardliner Yogi Adityanath, who has been accused of inciting violence against India''s Muslim minority, to lead Uttar Pradesh after his party won a landslide victory last week.Adityanath''s appointment to lead India''s most populous state was denounced by opposition party members.But officials of Modi''s Bharatiya Janata Party said Adityanath, who will take charge on Sunday, was the appropriate leader for the state."This is a watershed moment in the history of BJP," Venkaiah Naidu, Federal Information & Broadcasting Minister told reporters after BJP officials met in Uttar Pradesh''s capital Lucknow on Saturday."The mandate is for development, good governance and against caste politics."Modi''s BJP won control of the state a week ago, earning the biggest majority there for any party since 1977, after the Prime Minister pitched himself as a man on the side of the poor.The win has raised the prospect of Modi''s re-election in general elections in 2019.But Manish Tewari, senior leader at the Congress party, tweeted that Adityanath''s appointment was a "harbinger to greater polarisation."Adityanath, 44, is the head priest of the Gorakhnath Mutt, a Hindu temple in eastern Uttar Pradesh, and a fifth-time lawmaker in the Indian parliament.He has supported strong laws for cow protection, and also said minority groups that oppose yoga should either leave the country or drown themselves in the sea.He has also been accused of making inflammatory speeches during the campaign in Uttar Pradesh, where Modi''s party didn''t field a single candidate from the minority Muslim population.Professor Sudha Pai, an expert on Uttar Pradesh politics at the Jawaharlal Nehru University, said Adityanath "is not a good choice and will not help Modi''s development agenda."Federal Interior minister Rajnath Singh, telecom minister Manoj Sinha and BJP state president Keshav Prasad Maurya had also been seen as contenders for the post of chief minister.(Editing by Rafael Nam; Editing by Ruth Pitchford)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/india-politics-up-yogi-adityanath-cm-idINKBN16P0KG'|'2017-03-18T12:24:00.000+02:00'
'a8a49bb13d76a2b2c9dfe0d83b2fb0f96521d579'|'China opposes trade protectionism, supports free trade - vice premier'|'Business News - Sun Mar 19, 2017 - 6:08am GMT China opposes trade protectionism, supports free trade - vice premier Chinese Vice Premier Zhang Gaoli speaks at the inaugural ceremony of Beijing organizing committee for the 2022 Olympic and Paralympic winter games at Great Hall of the People in Beijing, China December 15, 2015. REUTERS/Kim Kyung-Hoon Picture Supplied by Action Images BEIJING China opposes various forms of trade protectionism and supports free trade, Vice Premier Zhang Gaoli said on Sunday, reaffirming Beijing''s stance amid worries over weak global demand. "China is willing to work with other countries to oppose various forms of trade and investment protectionism," Zhang told the China Development Forum in Beijing. "We should unwaveringly push forward economic globalisation ... we cannot stop our footsteps because of temporary difficulties." Zhang said world policymakers should make the globalisation process more "inclusive" by putting more emphasis on equality. "The world economy is in a deep adjustment, growth is weak and trade protectionism is rising," Zhang said. Beijing is struggling to cope with weak global demand and faces risks from growing U.S. trade protectionism as the administration under new President Donald Trump shows an aversion to globalisation. In January, Chinese President Xi Jinping, as a keynote speaker at the World Economic Forum in Davos, Switzerland, offered a vigorous defence of globalisation and signalled Beijing''s desire to play a bigger role on the world stage. (Reporting by Kevin Yao; Editing by Himani Sarkar) Next In Business News G20    '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-forum-trade-idUKKBN16Q05R'|'2017-03-19T13:08:00.000+02:00'
'6885852e853bd8924a4a6dd81d900970f3b2927b'|'Jeweler Tiffany posts 1.3 pct rise in quarterly sales'|' 49am EDT Jeweler Tiffany posts 1.3 pct rise in quarterly sales March 17 Tiffany & Co reported a 1.3 percent rise in quarterly sales on Friday as strong demand for its high-end jewelry in Japan and China helped offset weak holiday sales in the Americas. Net sales rose to $1.23 billion in the fourth quarter ended Jan. 31, from $1.21 billion a year earlier, the second straight rise this year. Net income fell to $157.8 million, or $1.26 per share, from $163.2 million, or $1.28 per share, a year earlier. (Reporting by Jessica Kuruthukulangara and Sruthi Ramakrishnan in Bengaluru; Editing by Martina D''Couto)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/tiffany-results-idUSL3N1GS4TV'|'2017-03-17T17:49:00.000+02:00'
'39f54961241a7e082f0120706a6fcd1ebb9a5916'|'Non-OPEC producers deliver 64 percent of pledged oil output cuts in February - source'|'LONDON Eleven non-OPEC oil producers that joined a global deal to reduce output to boost prices delivered 64 percent of promised cuts in February, an industry source said on Friday, still lagging the higher levels of OPEC itself.The Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers agreed to cut production by 1.8 million barrels per day (bpd) from Jan. 1 to boost prices and reduce a supply glut.Compliance numbers were reviewed at a meeting in Vienna on Friday comprised of officials from countries monitoring adherence to agreed output levels -- OPEC members Kuwait, Venezuela, Algeria plus non-OPEC Russia and Oman.Russia plans to step up its adherence, saying on Friday that it will cut output by the full amount it had pledged -- 300,000 bpd -- by the end of April and will maintain that level until the deal expires at the end of June.The meeting also discussed OPEC''s own compliance, which it put at 106 percent, in line with figures published in OPEC''s latest monthly report on Tuesday. [OPEC/M]The panel, which met at OPEC''s headquarters in Vienna, is the Joint Technical Committee (JTC) established in January as part of efforts to monitor adherence to supply cuts.Top OPEC producer Saudi Arabia is also a member of the JTC in its capacity as 2017 OPEC president.(Reporting by OPEC team; Editing by David Goodman)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/opec-oil-idINKBN16O2HR'|'2017-03-17T15:48:00.000+02:00'
'b4fbe0b17cfd774b24effa139d2a20f8e3b49446'|'Wells Fargo CEO receives pay bump despite sales scandal'|'Global Energy News - Wed Mar 15, 2017 - 10:15pm GMT Wells Fargo CEO receives pay bump despite sales scandal A Wells Fargo branch is seen in the Chicago suburb of Evanston, Illinois, U.S. on February 10, 2015. REUTERS/Jim Young/File Photo By Tina Bellon - NEW YORK NEW YORK Wells Fargo & Co''s ( WFC.N ) board of directors awarded Chief Executive Timothy Sloan $12.8 million for his work last year, a 17 percent increase, despite scrapping executive bonuses in light of an accounts scandal that rocked the bank last year, according to a proxy filing on Wednesday. Sloan was CEO for only a few months in 2016. He took over after his predecessor, John Stumpf, resigned in light of revelations that thousands of Wells Fargo employees had opened perhaps millions of unauthorised customer accounts. Sloan, 56, had been president and chief operating officer until October. Though his promotion came with a higher base salary and more long-term stock awards, his total package was less than the $19.3 million Stumpf received for 2015. Finance chief John Shrewsberry and David Carroll, who heads wealth and investment management, also received bigger pay packages for 2016 despite the absence of bonuses. Wells Fargo reached a $185 million settlement with regulators in September over creating what it then said could be as many as 2.1 million accounts in customers'' names without their permission. The third-largest U.S. bank has since encountered more government probes and lawsuits, and its board recently said an internal review may uncover more problematic accounts. The board plans to release its findings ahead of Wells''s annual meeting on April 26, where shareholders will vote on matters in the proxy, including the election of directors, executive pay and shareholder proposals. This year''s proxy includes a proposal submitted by a group of mostly religious-affiliated activist investors who want the board to produce a report into the root causes of the sales scandal. Employees have said they were pressured by supervisors to hit aggressive sales targets that were ultimately put in place by top management. Shareholders also submitted proposals urging the bank to consider divesting businesses, prepare a report on the gap between what it pays men and women and adopt a policy on the rights of indigenous people in light of its involvement in financing the controversial Dakota Access Pipeline. Wells Fargo''s board urged shareholders to reject proposals submitted by their peers. (Reporting by Tina Bellon and Ross Kerber; Editing by Carmel Crimmins and Bernard Orr) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-wells-fargo-compensation-ceo-idUKKBN16M36A'|'2017-03-16T05:15:00.000+02:00'
'c3d9d4e8398663fbce24b52e8ffd9ecb62c6811e'|'Mexico''s Pemex says explosion at fuel storage facility injures 8'|'Company  20pm EDT Mexico''s Pemex says explosion at fuel storage facility injures 8 MEXICO CITY, March 15 Mexico''s state-owned oil company Pemex said on Twitter on Wednesday that an explosion at a fuel storage and distribution facility near its Salamanca refinery, in the central Mexican state of Guanajuato, has left 8 people injured. The company said there were no deaths or "severe damages" at the facility, which supplies gasoline to regional buyers. (Reporting by Anthony Esposito) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mexico-pemex-blast-idUSE1N1GE013'|'2017-03-16T06:20:00.000+02:00'
'8c52041d12ce85a05863019f1ba1fb7cf06023d8'|'Oil prices edge up as drop in U.S. crude stocks eases glut worries'|'Business News - Fri Mar 17, 2017 - 12:44am GMT Oil prices edge up as drop in U.S. crude stocks eases glut worries An oil derrick and wind turbines stand above the plains north of Amarillo, Texas, U.S., March 14, 2017. REUTERS/Lucas Jackson SEOUL Oil prices edged up on Friday as a drawdown in U.S. crude inventory eased concerns about a global supply glut. Brent crude was up 7 cents, or 0.14 percent, at $51.81 per barrel at 8.21 p.m. ET, after closing the previous session down 7 cents at $51.74. U.S. West Texas Intermediate crude (WTI) was up 11 cents, or 0.23 percent, at $48.86 a barrel. Official data showed crude inventories in the United States, the world''s top oil consumer, fell last week as imports plunged, dropping after nine consecutive increases. [EIA/S] Crude stockpiles fell by 237,000 barrels in the week to March 10, beating analyst expectations for an increase of 3.7 million barrels. "Saudi Arabian Energy Minister Khalid Al-Falih continued to express concern about high global inventories," ANZ said in a note. "However, he did reiterate that the market is currently going in the right direction and fundamentals had improved." If crude inventories remain high, the Organization of Petroleum Exporting Countries (OPEC) could extend its oil output cut deal, the Saudi energy minister said on Thursday. OPEC and non-OPEC members including Russia reached a landmark agreement last year to cut output by almost 1.8 million barrels per day (bpd) in the first half of 2017. But OPEC''s monthly report showed global oil inventories increased in January to 278 million barrels above the five-year average. (Reporting by Jane Chung; Editing by Joseph Radford) Next In Business News Fed rate hikes could spell end to global easing SINGAPORE/WASHINGTON The Federal Reserve''s return to higher interest rates could lend a hand to beleaguered counterparts in Japan and Europe and signal the end of a long cycle of monetary stimulus across Asia, as central banks from Beijing to Ankara to London reacted on Thursday to the U.S. policy change.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-oil-idUKKBN16O024'|'2017-03-17T07:40:00.000+02:00'
'0e95343039036b5d796e20f3fbb2ee9495522043'|'UBS CEO says little change since fourth-quarter outlook statement'|'Business News - Wed Mar 22, 2017 - 9:01am GMT UBS CEO says little change since fourth-quarter outlook statement CEO Sergio Ermotti of Swiss bank UBS smiles before an annual news conference in Zurich, Switzerland February 2, 2016. REUTERS/Arnd Wiegmann/File Photo ZURICH A raft of global political and economic uncertainties mean wealthy investors remain cautious in their investment strategies, UBS ( UBSG.S ) Chief Executive Sergio Ermotti said on Wednesday. "Of course the geopolitical and macroeconomic questions still go on, from the U.S. to Europe to Asia, and are still keeping our clients quite careful about how to invest," Ermotti said in a conference presentation in London. "Frankly speaking, nothing has really changed from our outlook statement in Q4." UBS is the world''s biggest wealth manager in terms of assets. (Reporting by Joshua Franklin, editing by John Revill) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ubs-group-oulook-ceo-idUKKBN16T0W1'|'2017-03-22T16:01:00.000+02:00'
'b6c3049e24a93f71f727d99b9efc9de088d61460'|'Airbnb embarks on China push with more staff, local name'|'Business   2:12am EDT Airbnb embarks on China push with more staff, local name Brian Chesky, CEO and Co-founder of Airbnb, speaks to the Economic Club of New York at a luncheon at the New York Stock Exchange (NYSE) in New York, U.S. March 13, 2017. REUTERS/Mike Segar SHANGHAI U.S. short-term rental giant Airbnb Inc will triple its China staff this year as it targets the country''s millennial consumers, its chief executive said on Wednesday, even as the Silicon Valley firm faces competition from local rivals. Airbnb co-founder and CEO Brian Chesky said China was a key market for the firm to achieve its global ambitions. He was talking at an event in Shanghai to launch the brand''s Chinese name "Aibiying", literally "welcome each other with love". "Chinese millennials, they are a huge market - nearly half a billion people, 400 million Chinese millennials and they represent 80 percent of our business here in China," he said. "Our idea is to bring people together from every country in the world and that must start from the biggest country on earth, right here in China." The firm, valued at $30 billion in a round of fundraising last year, has seen strong growth from Chinese tourists, with outbound travelers from the country staying at its properties globally growing 142 percent last year, the firm said. Within China, the government has been ramping up pressure on foreign tech firms operating in the country, forcing many to find ways to bring Beijing on-side. Airbnb told Chinese users in November it would store their personal data locally and announced a series of agreements with local city authorities including Shenzhen, Chongqing, Shanghai and Guangzhou. Beyond regulation, Airbnb is facing a handful of highly funded local rivals, including Tujia.com and Xiaozhu.com, often dubbed China''s Airbnb clone. Chesky added the firm had looked closely at the successes and failures of other companies operating in the country. Many international firms, especially in tech, have faced hurdles in China from ride-hailing firm   [UBER.UL] to Microsoft Corp ( MSFT.O ). "To get things right in China we''ve tried to learn from other companies, what they did right and what they did wrong," he said. "The first thing is we''ve built a local team that is tripling in size this year." The firm now has around 80,000 homes listed in China, a number growing at over 160 percent year-on-year, while its business is being driven by Chinese millennials, loosely defined as adults under 35 years old. Chesky said this group was "moving away from mass tourism" of their parents and looking for authentic, local experiences: "(It''s) a new generation that is traveling very differently." (Reporting by Adam Jourdan; Editing by Christopher Cushing) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-airbnb-china-idUSKBN16T0HY'|'2017-03-22T13:12:00.000+02:00'
'b5b4ef2496b901c4806800a9e2b6b97979813902'|'If healthcare vote fails, would jeopardize ''Trump trades'' - Gundlach'|'By Jennifer Ablan - NEW YORK, March 22 NEW YORK, March 22 If the U.S. healthcare legislation overhaul is not passed, or is postponed, it will put "a lot of doubt" on the "Trump trades," which include higher U.S. equities and bond yields, DoubleLine Capital Chief Executive Jeffrey Gundlach said on Wednesday."Surveys show that people believe the (Obamacare) repeal is the most likely part of Trump’s agenda to be passed," said Gundlach, who oversees more than $101 billion in assets at DoubleLine, told Reuters. "So if you can’t pass the repeal, everything else is in doubt for sure."Investors have been bracing for Thursday''s floor vote scheduled in the U.S. House of Representatives, with safe-haven securities including Treasuries and gold seeing price gains on Wednesday. Trump and Republican congressional leaders appeared on Wednesday to be losing the battle to get enough support to pass the Obamacare rollback bill.Gundlach repeated his recommendation that investors would do better selling U.S. equities into any kind of stock rally and diversifying into emerging markets. He noted that the iShares MSCI Emerging Markets ETF has outperformed the Standard & Poor''s Index by over 4 percentage points since early March.Gundlach said Tuesday''s stock-market slump illustrated how "investors are questioning whether the pro-growth U.S. policies are really going to happen." (Reporting by Jennifer Ablan; Editing by James Dalgleish)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/funds-doubleline-gundlach-idINL2N1GZ1KT'|'2017-03-22T16:51:00.000+02:00'
'950772fca34b64e76752b84be0523496e3512036'|'BRIEF-Avaloq says Warburg Pincus to acquire 35 pct shareholding in company'|'March 22 Avaloq:* says Warburg Pincus to acquire 35% shareholding in Avaloq* says transaction values Avaloq in excess of chf 1 billion. Detailed financial terms of transaction are not being disclosed* says upon closing, Warburg Pincus will nominate two individuals to join Avaloq''s board of directors Source text for Eikon:'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-avaloq-says-warburg-pincus-to-acqu-idINFWN1GZ08G'|'2017-03-22T05:05:00.000+02:00'
'4c0e45f326c5fe3c061c5d96b5c4d060e35900b4'|'VW clan aims for quick deal over Ferdinand Piech''s shares - source'|'Business News  51am EDT VW clan aims for quick deal over Ferdinand Piech''s shares: source FILE PHOTO - Ferdinand Piech (2L), chairman of the supervisory board of German carmaker Volkswagen and his wife Ursula, member of the board of VW, arrive at the annual shareholders meeting in Hanover on May 13, 2014. REUTERS/Fabian Bimmer/File Photo HAMBURG The Porsche and Piech families are looking to strike a swift deal to buy shares in Porsche SE ( PSHG_p.DE ) from Volkswagen''s ( VOWG_p.DE ) former chairman Ferdinand Piech, a person familiar with the matter said on Monday. "The negotiations are serious," the person said. Porsche SE, the holding company which controls 52 percent of VW''s shares, said on Friday that the families were in negotiations to buy a substantial part of Ferdinand Piech''s 14.7 percent stake in Porsche SE, which is worth just over 1.1 billion euros ($1.2 billion) based on current market prices. Talks are to be completed in the coming weeks, possibly even before the end of March, the source said. German daily Handelsblatt had earlier cited sources as saying that any deal, which could come within days, was likely to shift the balance of power at Porsche SE more toward the Porsche side of the clan. The source familiar with the matter dismissed speculation that the families might not put up the money to fund a purchase of Ferdinand Piech''s shares, saying: "The Porsche and Piech families know how they''re going to finance this." If Piech were to sell his stake, it would mark the end of an era for Volkswagen which he dominated for decades. Piech, who turns 80 next month, transformed VW from a regional volume manufacturer into a global powerhouse, which owns the Bentley, Bugatti, Skoda, Lamborghini, Porsche, Seat and Audi brands. But since resigning as chairman in April 2015 following a showdown with former CEO Martin Winterkorn, he has proved to become something of a recluse. (Reporting by Jan Schwartz; Writing by Maria Sheahan; Editing by Kathrin Jones, Greg Mahlich) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-volkswagen-piech-idUSKBN16R1OB'|'2017-03-20T21:41:00.000+02:00'
'9889b50556e1736f5ca8f2c0aea36e2a2902ed3a'|'MoneyGram board says Euronet offer could result in superior proposal'|'U.S. electronic payments company MoneyGram International Inc said on Monday that peer Euronet Worldwide Inc''s offer could result in a superior proposal compared to the one from China''s Ant Financial Services Group.Euronet had offered $15.20 per share in cash to buy MoneyGram last week, topping the $13.25 per share offer from Ant Financial, the financial services affiliate of Alibaba Group Holding Ltd.However, MoneyGram said on Monday that its board continues to recommend the Ant Financial offer and that it is not making any recommendation with respect to the Euronet proposal.MoneyGram had offered to share confidential information with Euronet, Reuters reported on Sunday, citing people familiar with the matter, to help firm up its bid.Euronet has argued that MoneyGram''s focus on large retailers and national post offices, combined with Euronet''s strong position with independent agents and its broad set of consumer payment solutions, would create a more valuable business.While a deal with Euronet would bring cost synergies, a combination of Ant Financial''s technological expertise and MoneyGram''s brand had been seen as a game-changer for the international payments industry, with scope for more consumers to use online transfer services rather than taking cash to store fronts.(Reporting by Arunima Banerjee in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-moneygram-intl-m-a-euronet-worldwid-idINKBN16R1R2'|'2017-03-20T12:15:00.000+02:00'
'85a45fd5d20859496f9b8875d39cf0e0d32ab538'|'After strategy shifts, Deutsche Bank taps investors again'|'Business News   5:04pm GMT After strategy shifts, Deutsche Bank taps investors again FILE PHOTO: Scratches are seen on the logo of Germany''s Deutsche Bank in Frankfurt, Germany, January 26, 2016. REUTERS/Kai Pfaffenbach/File Photo FRANKFURT Deutsche Bank ( DBKGn.DE ) announced details of its latest bid for cash on Sunday, as it turned for the fourth time to investors, many of whom have privately expressed exasperation with its strategic shifts and heavy losses in recent years. Here are key points in Deutsche Bank''s strategy shifts since 2010: tmsnrt.rs/2mMpPUl The rights issue represents an increase of about 50 percent in Deutsche Bank''s current shares and puts the bank on course to have raised more than its 25 billion euro (21.86 billion pounds) market value in the last seven years. Since the financial crisis, the lender has been forced to change tack on strategy, most conspicuously in the case of Postbank, a German retail lender it bought in 2010, the same year it tapped investors for more than 10 billion euros. Less than five years later, management announced that Postbank would be sold, unveiling what they described as the "next milestone in the journey". Roughly two years later, under new Chief Executive John Cryan the sale has been cancelled. Deutsche also announced in 2015 a reorganisation to separate its markets and investment banking business, only to recombine them two years later. (Writing by John O''Donnell; editing by Susan Thomas) Next In Business News Vodafone, Idea in $23 billion deal to create new Indian telecom leader MUMBAI Britain''s Vodafone Group and Idea Cellular agreed on Monday to merge their Indian operations in a $23 billion (18.55 billion pounds) deal, creating the country''s biggest telecoms business after the entry of a new rival sparked a brutal price war. Exclusive - Iran struggles to coax Bank of England to open clearing accounts: sources LONDON/ANKARA Iran has asked the Bank of England to set up special clearing accounts for its banks, but has so far been rebuffed in its effort to resolve an impasse that has left it excluded from banking in London more than a year after sanctions were lifted. BRUSSELS Greek Finance Minister Euclid Tsakalotos said on Monday he planned to stay in Brussels for further consultations with the country''s creditors towards finalising a bailout review. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-deutsche-bank-strategy-idUKKBN16R20Z'|'2017-03-21T00:04:00.000+02:00'
'3f542001a45449017c2145a313a1c5360ac939b0'|'Fed eases bank merger rules by lifting size threshold for review'|'By Olivia Oran The U.S. Federal Reserve on Thursday made it easier for bigger lenders to merge, by quadrupling its threshold of combined size that would require an extensive regulatory review of a proposed deal.The Fed said in a statement that a bank merger that creates an institution with total assets of less $100 billion is not a threat to the financial system. That bar was previously set at $25 billion.Industry officials applauded the change, saying it should speed up the approval process for bank deals.The regulator announced the change in approving People''s United Financial Inc''s ( PBCT.O ) acquisition of Suffolk Bancorp ( SCNB.N ). Together, the two lenders will have consolidated assets of around $43 billion.Bank regulatory lawyers and financial dealmakers have argued that overly tight regulation since the 2008 financial crisis was hindering industry mergers and acquisitions. Under the sweeping Dodd-Frank financial reforms adopted to prevent another crisis, the Fed must consider the extent to which a bank merger would result in risks to the financial system.Bank mergers on average take six months to a year to get approved by the Fed, depending on size and complexity.But some reviews can take even longer, such the one for M&T Bank Corp''s ( MTB.N ) acquisition of Hudson City Bancorp Inc, which took more than three years. It was the longest delay ever for a U.S. bank deal valued at more than $1 billion.The People''s United-Suffolk tie-up, which was initially announced in June 2016, is the second U.S. bank merger to receive regulatory clearance in 2017. Raleigh, North Carolina-based Yadkin Financial Corp and Pittsburgh, Pennsylvania-based based F.N.B Corporation ( FNB.N ) gained regulatory approval for another merger in February.But there have been relatively few bank mergers since the crisis, with several deals called off because of a failure to obtain regulatory approval. Among them were New York Community Bancorp Inc''s ( NYCB.N ) bid for Astoria Financial and Investors Bancorp Inc''s ( ISBC.O ) bid for The Bank of Princeton.(Reporting by Olivia Oran in New York; Editing by Richard Chang)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usa-banks-m-a-idINKBN16N31D'|'2017-03-16T19:26:00.000+02:00'
'fbb8467d8fd27a2b8ef6edd60aec48a794519cdb'|'Austria''s supreme court orders Amazon to pay copying levy'|'Business News - Fri Mar 17, 2017 - 3:37pm GMT Austria''s supreme court orders Amazon to pay copying levy Amazon.com''s logo is seen at Amazon Japan''s office building in Tokyo, Japan, August 8, 2016. REUTERS/Kim Kyung-Hoon/File Photo VIENNA Austria''s supreme court has ruled against Amazon.com in a decade-old dispute over a national levy on sales of blank data storage products, ordering it to pay the fee aimed at supporting musicians and other artists. The case arose after copyright collection agency Austro Mechana presented a bill in 2004 to Amazon of nearly 1.9 million euros (1.69 million pounds) for blank media such as cassette tapes and CDs it sold in Austria. Following the final ruling by Austria''s court, Amazon must report the number and type of media storage devices it sold in Austria from 2002 and subsequently pay the levy. An Austro Mechana spokesman estimated that Amazon may have to pay a "double digit million euro" amount. The final sum will be determined by the court after Amazon provides its records. Amazon did not reply to requests for comment. The e-commerce giant took the case to Austria''s supreme court, arguing that the levy violates EU law, which then asked the European Court of Justice to interpret whether this was in fact the case. The Luxembourg-based court ruled in favour of the private copying levy in 2013, but it also made clear that EU law does not allow the levy to be collected in cases where the intended use is clearly not the making of private copies. More than twenty European copyright laws include private copying levies, also known as blank media taxes, covering the sales of media devices. They date back to the audio cassette and video tape era, but now cover all manner of digital devices. In contrast, Britain and the United States offer some forms of "private use exceptions" which allow consumers to make personal copies of digital or analogue music recordings without infringing the creator''s copyright. The artists’ collection agency distributes half of the levy income to individual artists including musicians, authors and film producers and half of it to Austrian cultural projects. The spokesman said the agency was prepared to have to wait several more years before they receive payments from Amazon. Major electronics makers argue that technology changes such as the growth of streaming media and video music services make the Austrian laws tied to storing media on local devices outdated and they long have called for such up-front levies to be eliminated. (Reporting by Kirsti Knolle; Additional reporting by Eric Auchard; Editing by Elaine Hardcastle) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-amazon-com-austria-levy-idUKKBN16O229'|'2017-03-17T22:37:00.000+02:00'
'9548346f454e398da2201c73f095da6cbd6fe09f'|'Japan''s Nikkei falls as yen steadies; focus on G20 meeting'|'TOKYO, March 17 Japan''s Nikkei share average fell on Friday as the yen held steady against the dollar after the U.S. Federal Reserve signalled fewer interest rate hikes than some investors had expected.The Nikkei shed 0.4 percent to 19,521.59. For the week, the benchmark index dropped 0.4 percent, before Japan''s three-day weekend. Markets are closed on Monday for a national holiday.Markets are focused on the G20 gathering of finance ministers and central bankers in the German town of Baden-Baden on Friday and Saturday.The broader Topix dropped 0.4 percent to 1,565.85 and the JPX-Nikkei Index 400 declined 0.5 percent to 14,019.31. (Reporting by Ayai Tomisawa; Editing by Amrutha Gayathri)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-stocks-close-idINL3N1GU2AD'|'2017-03-17T03:24:00.000+02:00'
'1055985da1b02caa5fbc3826fbf8a22f338ae4d9'|'Brazil''s Estácio probes CEO''s boycott of sale to Kroton -paper'|'Deals  58am EDT Brazil''s Estácio probes CEO''s boycott of sale to Kroton: paper SAO PAULO The board of Brazilian for-profit education company Estácio Participações SA ( ESTC3.SA ) has removed Chief Executive Officer Pedro Thompson from a group discussing merger terms with rival Kroton Educacional SA ( KROT3.SA ) on allegations that he is boycotting the deal, Valor Econômico reported on Friday. According to Valor, which cited unnamed people familiar with the matter, the board opened a formal probe into an anonymous tip suggesting that Thompson is working against Kroton''s takeover of Estácio. Former Estácio CEO Rogério Melzi quit last year for opposing the 28-billion-real ($9 billion) deal. The source of the anonymous tip sent Estácio''s board an exchange of emails in which Thompson suggested a lawyer accuse Kroton of interfering in Estácio''s affairs before antitrust approval, Valor said. Last month, officials at antitrust watchdog Cade said Kroton''s takeover of Estácio could hamper competition in Brazil''s education market. Media representatives of Kroton, Estácio and Demarest Advogados, Estácio''s legal advisor on the deal, did not immediately respond to calls and messages seeking comment. The report comes as Kroton tries to convince regulators and consumer advocate groups that the deal would not be detrimental to the industry or lead to excessive market concentration. The combination would create the world''s largest education company by market value and number of students. Thompson''s strategy of focusing on student loyalty has paid off, helping Estácio report higher-than-expected fourth-quarter earnings on Thursday. Under Thompson, Estácio''s selling, general and administrative expenses have slumped; student enrollment has climbed; and higher tuition fees have pushed revenue above analysts'' estimates. (Reporting by Guillermo Parra-Bernal and Gabriela Mello; Editing by Lisa Von Ahn) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-estacio-part-m-a-kroton-idUSKBN16O1GH'|'2017-03-17T18:52:00.000+02:00'
'641da3e8368e0a74d3911083247916346522d28e'|'Total CEO Pouyanne''s 2016 pay up 25 percent at 3.3 million pounds'|' 02pm GMT Total CEO Pouyanne''s 2016 pay up 25 percent at 3.3 million pounds Total Chief Executive Officer Patrick Pouyanne attends an economic forum in Paris, France, December 1, 2016. REUTERS/Jacky Naegelen LONDON French oil major Total''s ( TOTF.PA ) chief executive, Patrick Pouyanne, received a 25 percent rise in total pay last year to 3.8 million euros (3.30 million pounds), it said on Friday. The company said Pouyanne''s base pay was 1.4 million euros and the variable portion amounted to 2.4 million euros. It also said that Pouyanne had been granted 60,000 shares under a long-term scheme, worth about 2.8 million euros at current prices. It also said that the company had committed to pay Pouaynne an annual pension of 691,000 euros, based on 20 years'' service at the end of 2016. Total is France''s biggest company and generated larger profits than most of its rivals in 2016. By comparison, the CEO of Total''s bigger European rival Royal Dutch Shell ( RDSa.L ), Ben Van Beurden, received a 60 percent increase to his total pay in 2016 to 8.263 million euros. (Reporting by Dmitry Zhdannikov; Editing by David Goodman)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-total-ceo-compensation-idUKKBN16O1YN'|'2017-03-17T22:02:00.000+02:00'
'cd01f9b9088e7b26576a69cd203066099ad8dd59'|'G20 finance heads to repeat FX assurances, no deal yet on rejecting protectionism'|'Money News - Fri Mar 17, 2017 - 4:26pm IST G20 finance heads to repeat FX assurances, no deal yet on rejecting protectionism FULL COVERAGE: By Jan Strupczewski and Gernot Heller - BADEN BADEN, Germany BADEN BADEN, Germany The world''s financial leaders will renounce competitive devaluations and warn against exchange rate volatility, but they have not yet found a common stance on trade and protectionism, a draft statement of their meeting in Germany showed on Friday. The finance ministers and central bank governors of the world''s 20 largest economies may struggle to present a united front on protectionism after the new administration of U.S. President Donald Trump began considering imposing a border tax that would make imports more expensive. A G20 draft communique, which may still change and is to be published only on Saturday, also said that monetary policy will keep supporting growth and price stability but cannot alone lead to balanced economic growth. "We reiterate that excess volatility and disorderly movements in exchange rates can have adverse implications for economic and financial stability," the draft communique, seen by Reuters, said. "We will consult closely on exchange markets. We reaffirm our previous exchange rate commitments including that we will refrain from competitive devaluations and we will not target exchange rates for competitive purposes," it said. These sentences were missing from the earliest draft communique, but have been re-inserted on the insistence of several G20 governments and institutions so as not to alarm markets that a policy change was under way. "Monetary policy will continue to support economic activity and ensure price stability, consistent with central banks'' mandate, but monetary policy alone cannot lead to balanced growth," it said, also repeating the G20 stance from last year. But the draft, for now, makes no reference to trade and protectionism issues, breaking with a decade-old tradition of G20 communiques which have, over the years, used various formulations to endorse free trade and reject protectionism. U.S. Treasury Secretary Steven Mnuchin said on Thursday in Berlin that the Trump administration has no desire to get into trade wars, but certain trade relationships need to be re-examined to make them fairer for U.S. workers. German Finance Minister Wolfgang Schaeuble, whose country holds the rotating presidency of the G20 this year, told Reuters the protectionist U.S. stance could force the G20 to leave out trade from the statement altogether. "There are differing views on this subject," Schaeuble said, pointing to "America First" comments by U.S. President Donald Trump and other senior U.S. government officials. "It''s possible that we explicitly exclude the topic of trade in Baden-Baden and say that can only be resolved at the summit of the state and government leaders," he said. (Additional reporting by Michael Nienaber, Joseph Nasr and David Lawder; Editing by Balazs Koranyi and Hugh Lawson) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/germany-g-idINKBN16O1AG'|'2017-03-17T17:56:00.000+02:00'
'4057450464e60189c18331debd40eeae367bafbd'|'VW ex-Chairman Piech eyes exit from Porsche SE: Spiegel'|'Business News - Fri Mar 17, 2017 - 10:19am EDT VW ex-Chairman Piech eyes exit from Porsche SE: Spiegel FILE PHOTO: Ferdinand Piech arrives at the annual shareholders meeting in Hanover in this April 25, 2013 file photo. REUTERS/Fabian Bimmer/Files FRANKFURT Former Volkswagen ( VOWG_p.DE ) Chairman Ferdinand Piech is looking to sell shares worth around 1 billion euros ($1.08 billion) in Porsche SE ( PSHG_p.DE ), which controls Europe''s largest carmaker, German weekly Der Spiegel reported on Friday. The Porsche and Piech families, which control a majority of VW common stock through family-owned holding company Porsche SE and which have a right of first refusal for Piech''s 14.7 percent stake, are interested in keeping the shares in the family, the magazine said, without saying where it got the information. Porsche SE was not immediately available for comment. (Reporting by Maria Sheahan; Additional reporting by Andreas Cremer) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-volkswagen-piech-idUSKBN16O1TV'|'2017-03-17T21:19:00.000+02:00'
'df1d0ce948ae2a156cdc71901f80e98b0029df03'|'PRESS DIGEST- Financial Times - March 17'|'March 17 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.HeadlinesTheresa May rejects calls for pre-Brexit Scottish referendum on.ft.com/2ntiP2QToyota invests 240 mln stg to upgrade car plant in boost for Brexit Britain on.ft.com/2ntoOotPwC faces prospect of record 6 mln stg fine for Connaught audit on.ft.com/2ntl3PLBP in talks to sell North Sea pipeline to Ineos on.ft.com/2ntk3ezOverviewBritish Prime Minister Theresa May ruled out a second Scottish independence referendum until well after the UK leaves the EU, saying it would be unfair to ask people to vote without knowing the result of Brexit talks.Toyota Motor Corp said it plans to invest 240 million pounds ($296.47 million) to upgrade its car plant in central England, in a sign the Japanese carmaker will keep manufacturing in Britain after the country''s departure from the EU.PricewaterhouseCoopers should pay a fine of 6 million pounds after the firm admitted failings in its audit of collapsed social housing maintenance group Connaught, the UK''s Financial Reporting Council argued on Thursday.UK petrochemicals group Ineos is in talks with BP Plc to buy the Forties pipeline system in the North Sea, one of the region''s oldest and the main source for the eponymous crude used to price the global Brent crude benchmark. ($1 = 0.8095 pounds) (Compiled by Ismail Shakil in Bengaluru; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-ft-idINL3N1GU0DE'|'2017-03-16T22:01:00.000+02:00'
'f4e2800f49d1732a2af98f548bdef089c7f3b0ab'|'Japan auto parts maker NTN to build plant in Indiana'|' 29pm EDT Japan auto parts maker NTN to build plant in Indiana TOKYO Japanese auto parts maker NTN Corp ( 6472.T ) said on Friday its joint venture NTK Precision Axle would build a plant in the U.S. state of Indiana, to raise its output capacity for driveshaft components. The plant, to be constructed in Anderson, Indiana from next month, is expected to create 200 jobs and begin mass production in April 2018, the company said in a statement. U.S. President Donald Trump has been calling on automotive companies such as Toyota Motor Corp ( 7203.T ) to build factories and create jobs in the United States. (Reporting by Chris Gallagher; Editing by Subhranshu Sahu)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ntn-plant-usa-idUSKBN16O08P'|'2017-03-17T09:26:00.000+02:00'
'a87319296eb8cf5ee07d54a69f4ecf1d84b20673'|'Slovenia says car parts firm Magna may invest up to $1.3 billion'|'LJUBLJANA Car parts maker Magna International ( MG.TO ) has submitted a plan to potentially invest up to 1.24 billion euros ($1.3 billion) in Slovenia and create around 6,000 jobs, the government said on Thursday."The final goal is the establishment of an entirely functional car plant in Slovenia with capacity of 100,000 to 200,000 vehicles per year," the government said in a statement.It said the proposed investment would be in four phases, without giving a timeframe or any indication of when a final investment decision might be made.Magna said in January it would build a new paint shop in Slovenia, creating around 400 jobs. A spokesman told Reuters on Thursday that investment had been confirmed, but did not comment on the rest of the plan.The Canadian firm, which makes parts for most of the world''s auto makers and also assembles vehicles under contract, said in December it was considering building a new plant in Europe as its Austrian factory runs out of capacity.Slovenia''s center-left government is eager to attract more foreign investment to reduce unemployment and boost growth.Data on Thursday showed Slovenia''s jobless rate rose to 11.2 percent in January from 10.8 percent the month before.The government said on Thursday it would provide a total of around 25 million euros of financial support to three industry investment projects, including Magna''s.It awarded 18.6 million euros to Magna and 5.7 million euros to Japanese electrical equipment firm Yaskawa ( 6506.T ), which is building a new robot factory in the country.It also announced 580,000 euros for a Slovenian unit of British engineer GKN ( GKN.L ) for a new production line of car parts for Mercedes and Volvo cars.($1 = 0.9321 euros)(Reporting by Marja Novak; Editing by Mark Potter)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-slovenia-magna-idUSKBN16N2F9'|'2017-03-16T19:49:00.000+02:00'
'88b11e9b531371a940df486e5a3346369a41db9e'|'EMERGING MARKETS-LatAm currencies extend gains on dovish Fed'|'Company News   12:17pm EDT EMERGING MARKETS-LatAm currencies extend gains on dovish Fed By Bruno Federowski SAO PAULO, March 16 Most Latin American currencies extended gains for a second session on Thursday, a day after the U.S. Federal Reserve refrained from signaling an acceleration of interest rate hikes. The Fed raised rates for a second time in three months on Wednesday but both the policy-setting committee and Chair Janet Yellen said future increases will be "gradual." The move dashed market expectations that the U.S. central bank would adopt hawkish rhetoric following a batch of stronger-than-expected economic indicators. A slower pace of rate hikes would support demand for emerging market assets, which tend to lure foreign investors with higher yields. The Chilean and Colombian pesos strengthened more than 1 percent. The Brazilian real, however, slipped 0.3 percent after the central bank indicated it could allow around $4.2 billion worth of traditional currency swaps, which correspond to future dollar sales to investors, to expire at the end of the month. Brazil''s benchmark Bovespa stock index fell 0.7 percent as traders booked profits on shares of miner Vale SA following a 12 percent three-day gain. Shares of Petróleo Brasileiro SA also fell after Brazil''s federal audit court ruled the state-controlled oil company will need to restart its divestment program. Key Latin American stock indexes and currencies at 1605 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 964.23 2.19 9.42 MSCI LatAm 2620.71 1.24 10.6 Brazil Bovespa 65743.83 -0.74 9.16 Mexico IPC 47992.89 1.1 5.15 Chile IPSA 4610.08 1.35 11.05 Chile IGPA 23130.41 1.23 11.56 Argentina MerVal 19527.76 0.82 15.43 Colombia IGBC 9919.31 0.33 -2.06 Venezuela IBC 37783.00 0.38 19.17 Currencies daily % YTD % change change Latest Brazil real 3.1195 -0.29 4.16 Mexico peso 19.1930 0.14 8.08 Chile peso 662.2 1.21 1.28 Colombia peso 2923.3 1.45 2.68 Peru sol 3.246 0.34 5.18 Argentina peso (interbank) 15.5450 0.18 2.12 Argentina peso (parallel) 15.99 0.44 5.19 (Reporting by Bruno Federowski; Editing by Dan Grebler) Next In Company News Swatch to launch Swiss smartwatch operating system by 2018 BIEL, Switzerland, March 16 Swatch Group is developing a Swiss-made operating system as it seeks to offer a smaller, more flexible alternative to the dominant systems which connect items such as smartwatches to the internet, its chief executive said on Thursday.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/latam-emergingmarkets-idUSL2N1GT161'|'2017-03-16T23:17:00.000+02:00'
'9d0d9bc5ba587724100a997cdb546b71ad488a6e'|'Shenzhen Metro to have most voting rights at Vanke after proxy deal'|'HONG KONG China Vanke said Shenzhen Metro would become its largest shareholder in terms of voting rights after a proxy agreement with its No. 3 shareholder, a move that gives Vanke management more clout in its power struggle with Baoneng Group.The property giant has been at the center of a complex battle for boardroom control - rare among listed firms in China - after the Baoneng financial conglomerate built up a 25 percent stake to become its largest shareholder and sought to oust management.Vanke management appeared to have gained a key advantage early this year after white knight Shenzhen Metro, a state-backed firm - bought a 15.3 percent holding from China Resources Group.The newly announced agreement between Shenzhen Metro and No. 3 shareholder China Evergrande will give the subway operator 29.38 percent of voting rights in Vanke for one year, as well as proposal rights and rights to participate in general meetings.Shenzhen Metro holds 15.31 percent of the nation''s second largest homebuilder, while Evergrande holds 14.07 percent.(Reporting by Clare Jim; Additional reporting by Umesh Desai; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-vanke-m-a-board-idINKBN16O0BF'|'2017-03-17T00:19:00.000+02:00'
'6e454c33999929b1701b3d1f67f7e261e32a648d'|'UK STOCKS-Factors to watch on March 17'|'  UK STOCKS-Factors to watch on March 17 March 17 Britain''s FTSE 100 index is seen opening up 1 point at 7,416 on Friday, according to financial bookmakers. * BP: BP Plc on Friday said it had sold around half its roughly 20-percent stake in New Zealand Refining Company Limited for NZ$80.4 million ($56.2 million) as part of a global portfolio review. * BHP BILLITON: The striking union at BHP Billiton''s Escondida mine in Chile, the world''s biggest copper mine, said on Thursday that it would return to the negotiating table if the company gave a written guarantee that it would only discuss the union''s three key demands. * BP: UK petrochemicals group, Ineos is in talks with BP to buy the Forties Pipeline System, located in the North Sea, the Financial Times reported on Thursday. * PANMURE GORDON: Former Barclays chief executive, Bob Diamond is launching a joint takeover bid with Qatari investors for Panmure Gordon , Sky News reported on Thursday. * ANGLO AMERICAN: Indian billionaire Anil Agarwal said he wants to buy a 2 billion pound ($2.45 billion) stake in Anglo American , a major vote of confidence in the global miner''s recovery. * BRITISH AMERICAN TOBACCO: British American Tobacco (BAT) said demand for its "glo" tobacco heating device overwhelmed supply in its Japan test marketing, as global cigarette giants shift focus to the new product category amid declining smoking population. * BRITIAN BOND: British 10-year government bond yields hit a one-month high on Thursday after a Bank of England policymaker unexpectedly voted to raise interest rates, and there were signs that some other officials could be tempted to follow suit soon. * BREXIT-BOE: Recent weakness in British pay growth likely reflects temporary caution about Brexit among employers, Bank of England rate-setter Kristin Forbes said in a newspaper opinion piece published in the Daily Telegraph on Thursday. * OIL: Oil prices were little changed in early Asian trade on Friday as the market looked for clues on how effectively OPEC production cuts are working to absorb a global supply overhang. * The UK blue chip FTSE 100 index closed 0.6 percent higher at 7,415.95 points on Thursday, helped by a surge in commodities-related stocks, but pared some gains after a Bank of England (BoE) policymaker voted for a rate hike. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Siju Varghese)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1GU26O'|'2017-03-17T13:24:00.000+02:00'
'5c43750e15e6ff413af876bfd790f54deea6ce83'|'UPDATE 1-Net1 shareholder Allan Gray may push for board''s removal - report'|'(Adds details)JOHANNESBURG, March 17 Investment company Allan Gray said on Friday its 16 percent stake in Net1 allowed it to call a shareholders'' meeting over the payment technology provider''s handling of the scandal over a South African welfare contract, local media reported."Sixteen percent allows us to call a shareholders'' meeting," Allan Gray Chief Operating Officer Rob Dower told Talk Radio 702.Allan Gray could push for the removal of the Net1 board, Chief Investment Officer Andrew Lapping was Quote: d in the Business Day newspaper.South Africa''s Constitutional Court was set to rule on Friday in a case concerning the unlawful tender of a contract to Net1 unit Cash Paymaster Services (CPS) to manage welfare benefits to 17 million people.The stakes are high as the welfare system is a lifeline for South Africa''s most vulnerable and includes more than 11 million child support grants.The chaos in South Africa''s social security agency comes three years after the Constitutional Court ruled that the tender won by CPS was illegal.The government was given time until April 1 to take responsibility for social service payments or find a new provider, but it has so far failed to do so.Friday''s looming judgment by the country''s top court stems from a case brought by applicants who want it to take oversight of a new contract.South African President Jacob Zuma said in parliament on Thursday there was no "crisis". Earlier this week the country''s chief justice placed the blame for the debacle squarely on the shoulders of Social Development Minister Bathabile Dlamini, calling her inaction incomprehensible. (Reporting by Ed Stoddard; Editing by Subhranshu Sahu and Amrutha Gayathri)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/safrica-welfare-court-idUSL5N1GU0M4'|'2017-03-17T09:48:00.000+02:00'
'b34622f8299123bfb028648cbb00b1491d6e0708'|'Investors ratchet up expectations for ECB rate rise in December'|' 51am GMT Investors ratchet up expectations for ECB rate rise in December FILE PHOTO: European Central Bank (ECB) headquarters in Frankfurt, Germany, July 29, 2016. REUTERS/Ralph Orlowski/File Photo LONDON Euro zone money markets on Friday showed around an 80 percent chance that the European Central Bank could lift its deposit rate at its December meeting, up from 60 percent a week ago. Rising expectations of a rate hike at the end of this year followed comments from ECB policymaker Ewald Nowotny, who said the central bank will decide at a later time whether to raise interest rates before or after ending its bond purchase program. Forward Eonia bank-to-bank rates dated for the ECB meeting on December 14 stood at around minus 0.27 percent, some 8 basis points above the Eonia spot rate of minus 0.35 percent. This gap suggests markets are pricing in about an 80 percent chance of a 10 basis point hike in the ECB''s deposit rate by December, just as the central bank''s current bond-buying scheme is scheduled to draw to an end. The ECB''s deposit rate is currently minus 0.40 percent. Money market rates show a 90 percent chance of a hike in January, and are fully priced for a rise in March. (Reporting by Dhara Ranasinghe; Editing by John Geddie)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eurozone-moneymarket-ecb-idUKKBN16O0RQ'|'2017-03-17T14:51:00.000+02:00'
'afc1a8aa5d4ca7f7069b4912dad64f743dccab26'|'Fed eases bank merger rules by lifting size threshold for review'|'Business News   10:27pm GMT Fed eases bank merger rules by lifting size threshold for review A man walks past the Federal Reserve Bank in Washington, D.C., U.S. December 16, 2015. REUTERS/Kevin Lamarque/File Photo By Olivia Oran The U.S. Federal Reserve on Thursday made it easier for bigger lenders to merge, by quadrupling its threshold of combined size that would require an extensive regulatory review of a proposed deal. The Fed said in a statement that a bank merger that creates an institution with total assets of less $100 billion is not a threat to the financial system. That bar was previously set at $25 billion. Industry officials applauded the change, saying it should speed up the approval process for bank deals. The regulator announced the change in approving People''s United Financial Inc''s ( PBCT.O ) acquisition of Suffolk Bancorp ( SCNB.N ). Together, the two lenders will have consolidated assets of around $43 billion. Bank regulatory lawyers and financial dealmakers have argued that overly tight regulation since the 2008 financial crisis was hindering industry mergers and acquisitions. Under the sweeping Dodd-Frank financial reforms adopted to prevent another crisis, the Fed must consider the extent to which a bank merger would result in risks to the financial system. Bank mergers on average take six months to a year to get approved by the Fed, depending on size and complexity. But some reviews can take even longer, such the one for M&T Bank Corp''s ( MTB.N ) acquisition of Hudson City Bancorp Inc, which took more than three years. It was the longest delay ever for a U.S. bank deal valued at more than $1 billion. The People''s United-Suffolk tie-up, which was initially announced in June 2016, is the second U.S. bank merger to receive regulatory clearance in 2017. Raleigh, North Carolina-based Yadkin Financial Corp and Pittsburgh, Pennsylvania-based based F.N.B Corporation ( FNB.N ) gained regulatory approval for another merger in February. But there have been relatively few bank mergers since the crisis, with several deals called off because of a failure to obtain regulatory approval. Among them were New York Community Bancorp Inc''s ( NYCB.N ) bid for Astoria Financial and Investors Bancorp Inc''s ( ISBC.O ) bid for The Bank of Princeton. (Reporting by Olivia Oran in New York; Editing by Richard Chang) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-banks-m-a-idUKKBN16N31Z'|'2017-03-17T05:27:00.000+02:00'
'7930d5d4132f56f15d9730a6d6f9954da28dd1f8'|'BRIEF-Kalobios Pharmaceuticals files for offering of up to 7.35 mln shares of common stock by the selling stockholders - SEC filing'|'United States  31pm EDT BRIEF-Kalobios Pharmaceuticals files for offering of up to 7.35 mln shares of common stock by the selling stockholders - SEC filing March 17 Kalobios Pharmaceuticals Inc * Kalobios Pharmaceuticals Inc - files for offering of up to 7.35 million shares of common stock by the selling stockholders - SEC filing Source text: ( bit.ly/2nwoy7S )  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-kalobios-pharmaceuticals-files-for-idUSFWN1GU0PK'|'2017-03-18T03:31:00.000+02:00'
'e7037d8c5158263d7c3529ba91a85067905d7a53'|'UPDATE 1-Cevian''s stake in Bilfinger rises to nearly 30 percent'|'(Adds cancellation of treasury shares.)FRANKFURT, March 17 Activist investor Cevian''s stake in German industrial services group Bilfinger grew to 29.5 percent from 25.6 percent, a regulatory filing by Bilfinger showed on Friday.That brings it close to the 30 percent threshold at which investors are forced under German law to make a full takeover offer.In a separate statement, Cevian said its holding in Bilfinger rose because of the cancellation of treasury shares, adding that neither its own funds nor debt funds have been used to exceed the 25 percent threshold.Cevian, which has a policy of buying stakes in companies whose parts it sees as being more valuable than the whole, started buying Bilfinger shares in 2011.It instigated a management overhaul in 2015 after the group issued six profit warnings in a year, having run into difficulties in a shift from construction into services. (Reporting by Maria Sheahan; Additional reporting by Andreas Cremer; Editing by Christoph Steitz and David Goodman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/bilfinger-ma-cevian-idINL5N1GU589'|'2017-03-17T15:44:00.000+02:00'
'ffee8a9c1fefdae298b3a28ee72919503c61630d'|'Three votes down - now for the French'|' 13am GMT Three votes down - now for the French left right FILE PHOTO: A technician adjusts French flags on stage during the 2-day National Front (FN) political rally to launch the presidential campaign in Lyon, France, February 5, 2017. REUTERS/Robert Pratta/File Photo 1/3 left right FILE PHOTO: Striking employees attend a demonstration in Paris as part of nationwide protests against plans to reform French labour laws, France, June 14, 2016. REUTERS/Jacky Naegelen/File Photo 2/3 left right FILE PHOTO: A farmer walks with six-year-old Bretonne Pie Noir dairy cow named Fine, which is the mascot for the 2017 Paris International Agricultural Show in Paris, France, February 24, 2017. REUTERS/Benoit Tessier/File Photo 3/3 By Jeremy Gaunt - LONDON LONDON Americans angry with their lot elected the anti-establishment Donald Trump despite a U.S. economy running at an annual rate of around 3.5 percent and unemployment at a meagre 4.6 percent. Britons believing they were being left hanging voted to leave the wealthy European Union trading bloc regardless of an economy gaining a relatively solid 2.2 percent year-on-year and joblessness steadily falling to 4.9 percent at the time. In the Netherlands this past week, economic growth rising to 2.3 percent year-on-year and unemployment at just 5.3 percent helped the centre-right win, although it did not stop the anti-establishment, anti-European Union Geert Wilders from coming second - albeit faring less well than some had expected. So what of France, the next big test of populist ire with its presidential first round coming on April 23 and the run-off on May 7? It is not in nearly as good shape. "The recent (French) data shows improvement. Investment intentions have picked up. The labour market has improved," said Wiliam De Vijlder, group chief economist for BNP Paribas. But, he added: "Do people look at the overall unemployment rate or do people look in certain cities look at factories that were once full, but no longer are?" The gist here is that voters are more likely to cast their ballots on how they feel rather than on what the numbers say the economic case is. Hence, the shock to Britain''s elite in the Brexit referendum that great swathes of northern England felt left behind, or to America''s chattering class that rust-belt voters in Ohio, Pennsylvania and Michigan were not happy. In France, which will drop some key data in the coming week, the numbers have been looking better, but not exactly robust. GDP turned up on a quarterly basis in last year''s third quarter but was only running at around 1 percent year-on-year. Unemployment dipped in December - but to 10 percent. By contrast, consumer confidence has recovered somewhat from the years of euro zone financial crisis. But the subsection on how consumers see their future financial situation - a strong indicator, according to De Vijlder - remain negative, if off its previous deep lows. TEST TO COME So to some extent the French election is being played out against a completely different economic background to the three countries where anti-establishment sentiment has triumphed or at least risen. Whether this helps far-right National Front candidate Marine Le Pen or a centrist reformer like Emmanuel Macron remains to be seen. It certainly does not look to be helping the current Socialist administration. But it does mean that the economic data in March and April may have at least a tangential impact on the result. The coming week brings flash purchasing manager indexes for France, Germany and the euro zone as a whole. French business activity jumped in February. Another climb could add to the idea that the economy is at least improving. It will be a week later before consumers give their latest soundings. In the meantime, last month''s euro zone and German PMIs were pretty strong. Another set along the same lines will suggest the recovery is showing signs of sustaining itself. The coming week will also provide some more evidence of whether Britons really are shrugging off the potential impact of Brexit or beginning to sense things may not run as smoothly as before. Tuesday sees the Confederation of British Industry''s latest trends report and Thursday the release of British retail sales data for February. (Editing by Tom Heneghan)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-economy-weekahead-idUKKBN16O1BN'|'2017-03-17T18:13:00.000+02:00'
'c565fc760851eb81c020c984ed6f63e621d52427'|'Jeweller Tiffany posts 1.3 percent rise in quarterly sales'|'Business News - Fri Mar 17, 2017 - 10:53am GMT Jeweller Tiffany posts 1.3 percent rise in quarterly sales FILE PHOTO: A man walks past a boutique of the luxury jewelry retailer Tiffany & Co. in Beijing, China, December 1, 2016. REUTERS/Thomas Peter/File Photo Tiffany & Co ( TIF.N ) reported a 1.3 percent rise in quarterly sales on Friday as strong demand for its high-end jewellery in Japan and China helped offset weak holiday sales in the Americas. Net sales rose to $1.23 billion in the fourth quarter ended Jan. 31, from $1.21 billion a year earlier, the second straight rise this year. Net income fell to $157.8 million, or $1.26 per share, from $163.2 million, or $1.28 per share, a year earlier. (Reporting by Jessica Kuruthukulangara and Sruthi Ramakrishnan in Bengaluru; Editing by Martina D''Couto) Next In Business News G20 finance heads to repeat FX assurances, no deal yet on rejecting protectionism BADEN BADEN, Germany The world''s financial leaders will renounce competitive devaluations and warn against exchange rate volatility, but they have not yet found a common stance on trade and protectionism, a draft statement of their meeting in Germany showed on Friday. OPEC will need to extend output curbs to sustain oil price recovery - Reuters poll OPEC will have to extend its oil output curbs in order to sustain a recovery in prices, as a revival in crude production outside the group may scupper its efforts to erode an overhang of unused inventory, a poll of market analysts showed on Friday. LONDON Former Barclays chief executive Bob Diamond marked a return to investment banking in Britain on Friday with a Qatari-backed takeover of stockbroker Panmure Gordon , one of the oldest names in the City of London. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-tiffany-results-idUKKBN16O19W'|'2017-03-17T17:53:00.000+02:00'
'ad63282f35fca09d1fb18d3c2586a7b513f82dfd'|'Wall Street bonuses may show first uptick since 2009, firm says'|' 09pm GMT Wall Street bonuses may show first uptick since 2009, firm says A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S. December 28, 2016. REUTERS/Andrew Kelly By Olivia Oran Wall Street bonuses this year may climb as much as 15 percent in their first meaningful uptick since 2009, compensation firm Johnson Associates Inc said on Friday. An increase in market volatility since the election of U.S. President Donald Trump may boost trading profits, the firm said in a presentation to an industry group. It described the forecast for financial services pay as "upbeat." The improved outlook for the banking industry is a shift from 2016, when bankers and traders received slightly lower bonuses on average. Bankers may also see more creativity with their pay packages as a result of less financial regulation. While today, most bankers are paid heavily in restricted stock, Johnson Associates expects a move to more stock options and unique products. (Reporting by Olivia Oran in New York; Editing by Lisa Von Ahn)   G20 finance heads to repeat FX assurances, no deal yet on rejecting protectionism BADEN BADEN, Germany The world''s financial leaders will renounce competitive devaluations and warn against exchange rate volatility, but they have not yet found a common stance on trade and protectionism, a draft statement of their meeting in Germany showed on Friday.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-banks-bonus-idUKKBN16O1YD'|'2017-03-17T22:00:00.000+02:00'
'e5aa4577d7b6394cbacc0c4cdcc029a14d22efa8'|'Investment banks ditch the diet and look to expand - study'|'Business News - Fri Mar 17, 2017 - 12:13pm EDT Investment banks ditch the diet and look to expand: study Lower Manhattan including the financial district is pictured from the Manhattan borough of New York, U.S. June 1, 2016. REUTERS/Carlo Allegri/File Photo By Anjuli Davies - LONDON LONDON After several years of restructuring and regulatory pressure, investment banks have reached a turning point after Donald Trump became American president and can look to grow again, according to a study published on Friday. "The world has turned upside down post the U.S. elections," said the joint annual study by Morgan Stanley and management consultants Oliver Wyman. "This is the first year since we''ve been producing this paper that we''re looking to see a significant shift to the positive in terms of revenue growth, operational leverage and return on equity," said Magdalena Stoklosa, head of European financials research at Morgan Stanley. Globally, investment banks have been on an "intensive diet" since 2011 and have shrunk their balance sheets on aggregate by a third, according to the analysis produced in the 7th edition of the "Blue Paper". With the global economy appearing to be on a stable footing, the Federal Reserve raising interest rates and political rhetoric pointing to a pause on new banking regulation, growth beckons for an industry reshaped by the global financial crisis. In three years'' time, return on equity could reach 13 to 14 percent across the industry from 10 to 11 percent currently, the study said. Regulatory costs are expected to peak in 2017 and decline by as much as 40 percent by the end of 2020. However, European banks, lagging in their restructuring programs, are expected to continue to underperform their rivals on the other side of the Atlantic. U.S. banks could see return on equity rising to 15 percent from 11 percent currently, from a combination of revenue growth and removing costs over the next three years. European banks are forecast to improve their return on equity to 11.5 percent from 7.5 percent currently, with 75 percent of that uptick driven by cost cutting and only 25 percent by revenue growth. U.S. banks are sitting on $83 billion of excess capital, which could be used to invest in profitable business lines or paid out in share buybacks or dividends, whilst European banks have a mere $1 billion of excess capital to play with. Fixed income, currencies and commodities revenues, which faced the brunt of regulation, are forecast to grow 2 percent over the next five years to $119 billion after shrinking to $109 billion from $140 billion over the previous five. "Unlocking excess capital and collateral turns secular headwinds to tailwinds, powering a sustainable inflection in the global FICC pool for the first time in a decade," the study said. "Our bull case "Dares to Dream". If the US administration’s tax reform, fiscal stimulus, and deregulation agenda is achieved, we would expect much stronger revenue growth and more capital release," the study said. (Reporting by Anjuli Davies; Editing by Keith Weir) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-investmentbanks-outlook-idUSKBN16O268'|'2017-03-17T23:08:00.000+02:00'
'44b68b5bccbb9b35633d3e2714e20bdf6594f0ae'|'PRESS DIGEST-Canada - March 17'|' 00am EDT PRESS DIGEST-Canada - March 17 March 17 The following are the top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy. THE GLOBE AND MAIL ** Tim Hortons Inc''s top executives are setting up internal reviews of key franchisee grievances in a bid to quell discontent stemming from heavy corporate cost-cutting that some restaurant owners say harms the brand. tgam.ca/2mBN8jU ** The Alberta government expects to more than double its debt over the next three years and run deficits for six years, all while counting on rising oil prices and unbuilt pipelines to rescue the province''s finances. tgam.ca/2mBMumt ** The Conservative Party is investigating allegations of what leadership candidate Kevin O''Leary is calling massive voter fraud by at least one of his leadership challengers. tgam.ca/2ngCYbZ NATIONAL POST ** Canada Goose Holdings Inc, known for its C$900 parkas with coyote fur-lined hoods, saw its share price open at C$23.86 on the Toronto Stock Exchange, almost 40 per cent higher than the initial offering price of C$17. bit.ly/2mzuGrk ** Quebecor Inc''s price target got a boost from analysts at numerous banks after the communications and media company posted strong results on Wednesday. bit.ly/2mPR01m (Compiled by Rama Venkat Raman in Bengaluru)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-canada-idUSL3N1GU3G7'|'2017-03-17T18:00:00.000+02:00'
'0fe18249a001c72a6054a6b295a395df290d187d'|'Japan February exports seen rising at fastest pace since 2015'|'Business News - Fri Mar 17, 2017 - 6:02am GMT Japan February exports seen rising at fastest pace since 2015 FILE PHOTO - Containers are seen at an industrial port in Yokohama, Japan, January 16, 2017. REUTERS/Kim Kyung-Hoon/File Photo By Kaori Kaneko - TOKYO TOKYO Japan''s exports probably rose at the fastest pace in two years in February thanks to a softer yen and improving global demand, a Reuters poll showed on Friday. But uncertainty over possible trade protectionist moves by the United States is still clouding recovery prospects for the world''s third-largest economy. Exports are expected have jumped 10.6 percent in February from a year earlier, which would be the biggest gain since January 2015 when they rose 16.9 percent. The number were likely flattered by a rebound in Asian demand, after Japan''s shipments slowed in January due to the long Lunar New Year holidays in China and other parts of the region. Shipments had edged up 1.3 percent in January. Imports likely rose 0.6 percent from a year earlier, slowing sharply from growth of 8.5 percent in January, which marked their first increase in two years. That is expected to produce a trade surplus of 822.0 billion yen ($7.25 billion), compared with a deficit of nearly 1.09 trillion yen in January, the poll of 20 analysts showed. "You need to average out exports in January and February to assess the trend considering the impact from the Lunar New Year holidays," said Yoshiki Shinke, chief economist at Dai-ichi Research Institute. "Still, there is a chance that an average of exports in January and February surpassed that of October-December. And data next week will be something to confirm exports stayed on a recovery trend as the manufacturing sector is picking up globally." The finance ministry will release the trade data at 8:50 a.m. JST on Wednesday (2350 GMT Tuesday.) Japan''s trade surplus with the United States has been declining. But if it starts rising again, it could become a flashpoint after President Donald Trump singled out Japan, China and Germany for their high exports into the U.S. market. In April, Japan and the United States will start a high-level economic dialogue chaired by Finance Minister Taro Aso, who also serves as deputy prime minister, and Vice President Mike Pence. Japan hopes to use the dialogue to seek ways to avoid trade frictions on issues like autos and agriculture sectors by proposing an agenda focussed on infrastructure investment and energy. Japan''s long-stagnant economy has shown signs of life in recent months, with exports and factory output benefitting from a global economic recovery. But consumer spending has remained sluggish. (Reporting by Kaori Kaneko; Editing by Kim COghill) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-trade-idUKKBN16O0I8'|'2017-03-17T13:02:00.000+02:00'
'7b0291956f43781b7df0baf1e571c42f9ba2b7eb'|'Credit Suisse set to decide in April on Swiss bank IPO - sources'|'Business News - Fri Mar 17, 2017 - 7:51pm GMT Credit Suisse set to decide in April on Swiss bank IPO - sources Credit Suisse logo is pictured on their office in Warsaw Poland, March 15, 2017. REUTERS/Kacper Pempel By Joshua Franklin and Pamela Barbaglia - ZURICH/LONDON ZURICH/LONDON Credit Suisse''s ( CSGN.S ) board of directors is set to decide in April whether to go ahead with a partial initial public offering of its Swiss bank, two people familiar with the matter told Reuters, with alternative options being considered. Zurich-based Credit Suisse announced plans to sell 20-30 percent of its highly profitable Swiss business back in October 2015, partly in an effort to raise up to 4 billion Swiss francs ($4 billion) and bolster the group''s capital position. However, group Chief Executive Tidjane Thiam cast doubt on the project last month when he said Credit Suisse was open to alternative options to strengthen the group''s balance sheet "if there are ways to reach a more attractive risk/reward outcome for our shareholders". No final decision has yet been made on whether or not go ahead with the IPO, the people said. Credit Suisse has pencilled in the IPO for the second half of this year, market conditions permitting and subject to board approval. A Credit Suisse spokesman said the bank has nothing to add to what was said last month and it does not comment on market speculation. Credit Suisse staff, one of the people said, are continuing to prepare for the IPO, which could be Switzerland''s biggest stock market listing in more than a decade if it goes ahead. However, there is a growing sense inside the bank and among investment bankers hoping to work on the listing that the IPO will be cancelled. "Our internal language has changed," said one Credit Suisse executive, who declined to be named absent authorisation to speak publicly on the subject. "The nuance has changed to put more question marks around it." Investors have also raised concerns about selling a stake in such a profitable business. David Herro, chief investment officer for international equities at Harris Associates, one of Credit Suisse''s biggest shareholders, said last month that the case for the IPO had become less convincing. To boost its balance sheet, Credit Suisse could instead opt for a 5 billion franc rights issue, Bernstein analysts predicted in a note last week. In a note this month, Citi analysts said Credit Suisse could raise funds through an accelerated bookbuild. Under Swiss securities law, companies are not required to draw up a listing prospectus if it is increasing its share capital by less than 10 percent. "The IPO, rights issue or accelerated book-build are all possible options at this stage," one of the people familiar with the matter said. ($1 = 0.9976 Swiss francs) (Additional reporting by Arno Schuetze in Frankfurt and Oliver Hirt in Zurich; Editing by Michael Shields) Next In Business News World stocks at record highs, dollar slide deepens NEW YORK A global stock market index hovered near record highs on Friday, wrapping up a week when many of the world''s biggest economies either raised interest rates or signalled they might do so, underlining confidence about economic growth and inflation.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-credit-suisse-ipo-swiss-idUKKBN16O2LO'|'2017-03-18T02:51:00.000+02:00'
'54f1df3c1161d0443e55a2976e11d6104cd4ad83'|'Canadian accused in Yahoo hack case a "political scapegoat" -lawyer'|'World News  30pm EDT Canadian accused in Yahoo hack case a ''political scapegoat'': lawyer The John Sopinka Courthouse, where Karim Baratov appeared in front of a judge, in connection with a U.S. Justice Department investigation into the 2014 hacking of Yahoo, is pictured in Hamilton, Ontario, Canada March 15, 2017 . REUTERS/Peter Power TORONTO Karim Baratov, the 22-year-old Kazakh-Canadian dual citizen accused of involvement in a massive hack of Yahoo accounts that the United States says was orchestrated by Russian spies, is a "political scapegoat," his lawyer said on Friday. "We consider (Baratov) to be a political scapegoat," Amedeo DiCarlo said in a statement sent via text message. "What we don''t want is interference that would jeopardize ...(his) rights to a speedy release and fair trial". (Reporting by Alastair Sharp; Editing by Paul Simao) Next In World News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-yahoo-hack-canada-idUSKBN16O2CQ'|'2017-03-18T00:27:00.000+02:00'
'11161f0a10e5c7e08ad476ff2af3055c7a7de193'|'Brazil''s Estácio probes CEO''s boycott of sale to Kroton: paper'|'SAO PAULO The board of Brazilian for-profit education company Estácio Participações SA ( ESTC3.SA ) has removed Chief Executive Officer Pedro Thompson from a group discussing merger terms with rival Kroton Educacional SA ( KROT3.SA ) on allegations that he is boycotting the deal, Valor Econômico reported on Friday.According to Valor, which cited unnamed people familiar with the matter, the board opened a formal probe into an anonymous tip suggesting that Thompson is working against Kroton''s takeover of Estácio. Former Estácio CEO Rogério Melzi quit last year for opposing the 28-billion-real ($9 billion) deal.The source of the anonymous tip sent Estácio''s board an exchange of emails in which Thompson suggested a lawyer accuse Kroton of interfering in Estácio''s affairs before antitrust approval, Valor said. Last month, officials at antitrust watchdog Cade said Kroton''s takeover of Estácio could hamper competition in Brazil''s education market.Media representatives of Kroton, Estácio and Demarest Advogados, Estácio''s legal advisor on the deal, did not immediately respond to calls and messages seeking comment.The report comes as Kroton tries to convince regulators and consumer advocate groups that the deal would not be detrimental to the industry or lead to excessive market concentration. The combination would create the world''s largest education company by market value and number of students.Thompson''s strategy of focusing on student loyalty has paid off, helping Estácio report higher-than-expected fourth-quarter earnings on Thursday. Under Thompson, Estácio''s selling, general and administrative expenses have slumped; student enrollment has climbed; and higher tuition fees have pushed revenue above analysts'' estimates.(Reporting by Guillermo Parra-Bernal and Gabriela Mello; Editing by Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-estacio-part-m-a-kroton-idINKBN16O1GH'|'2017-03-17T08:58:00.000+02:00'
'3605e8c9a4def51478dd7b9e58f912d20c4bda76'|'J&J and Bayer''s Xarelto cuts recurrence of dangerous blood clots in study'|'Health   8:17am EDT J&J and Bayer''s Xarel to cuts recurrence of dangerous blood clots in study By Bill Berkrot - WASHINGTON WASHINGTON Longer-term use of the oral blood thinner Xarelto significantly cut the risk of recurrence of potentially life-threatening blood clots with no additional major bleeding compared with low-dose aspirin in patients at elevated risk, according to data presented on Saturday. Researchers said the results could change treatment of patients who have suffered dangerous blood clots known as venous thromboembolisms (VTE). It could also give a modest boost to sales of Xarelto, sold by Johnson & Johnson and Bayer AG, if the longer-use strategy is widely adopted. VTE, which includes painful deep vein thrombosis and often deadly pulmonary embolism, affects more than 900,000 Americans each year. Due to a high risk of recurrence, guidelines currently call for anticoagulant therapy with a drug like Xarelto for three months or longer. Once anticoagulant therapy is stopped, many patients are given aspirin for long-term prevention. The study, dubbed Einstein Choice, involved 3,396 patients who had completed 6 to 12 months of anticoagulant therapy for a VTE. They were then given either 10 or 20 milligrams of Xarelto, known chemically as rivaroxaban, or low-dose aspirin and followed for another year. Just 1.2 percent of patients who got 10 mg Xarelto and 1.5 percent in the 20 mg group suffered another VTE, compared with 4.4 percent on aspirin. The result was statistically significant. The incidence of major bleeding, the greatest health risk from drugs like Xarelto, was very low and no different from aspirin, ranging from 0.3 percent to 0.5 percent. "The demonstrated safety of both 20 and 10 mg of rivaroxaban to prevent recurrent VTE in the extended treatment setting will add flexibility and comfort for doctors, and it should result in better patient outcomes," said Dr. Philip Wells, who presented the data at the American College of Cardiology scientific meeting in Washington. Wells, chief of the Department of Medicine at the University of Ottawa, said Xarelto appears to be highly protective against recurrent VTE. Xarelto belongs to a newer class of oral blood thinners along with Eliquis from Pfizer and Bristol-Myers Squibb and Pradaxa from Boehringer Ingelheim. The study generally involved subjects younger than typical VTE patients, Wells said. More trials are needed to determine if Xarelto is equally effective in other patient populations, he said. This study, however, "demonstrates no role for aspirin in VTE, which should change practice," said Wells. (Editing by Hugh Lawson) Amgen cholesterol drug cuts heart attack, stroke risk but shares fall WASHINGTON Amgen Inc''s $14,000 cholesterol drug Repatha cut the risk of heart attack and stroke by over 20 percent in patients with heart disease, but results from a highly anticipated study fell short of investor expectations and shares dropped 6 percent.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-heart-johnson-johnson-xarelto-idUSKBN16P0EV'|'2017-03-18T19:07:00.000+02:00'
'99783a072f9f00b5f69d705ed9e71a0047466a8c'|'Exclusive - Germany plans to buy 6 Lockheed C-130J aircraft for 900 million euros'|'Fri Mar 17, 2017 - 8:55pm GMT Exclusive: Germany plans to buy six Lockheed C-130J aircraft for 900 million euros FILE PHOTO - Lockheed Martin''s logo is seen during Japan Aerospace 2016 air show in Tokyo, Japan, October 12, 2016. REUTERS/Kim Kyung-Hoon/File Photo By Andrea Shalal - BERLIN BERLIN The German government plans to buy six Lockheed Martin ( LMT.N ) C-130J military transport planes for around 900 million euros ($966 million) starting in 2019 under a joint operating agreement with France, German government documents show. Germany and France first began working on the deal in October and announced broad outlines of their plans in February at a meeting of the NATO alliance, part of a broader push to increase European defense cooperation. The German finance and defense ministries provided first concrete details about the cost of the aircraft -- and 110 million euros in additional costs for infrastructure and training simulators -- in documents sent to lawmakers, who must approve the funding for the planned German-French agreement. The German finance ministry said Berlin would formally request procurement of the airplanes in 2019, according to the documents seen by Reuters. France has already ordered four aircraft and plans to buy two more for the fleet, which is to be based in Evreux, France and operated jointly by both countries, the documents showed. France would match Germany''s spending of 110 million euros for infrastructure improvements at the air base and to buy simulators for joint training, they said. The joint fleet is to be ready for use by 2021. The German defense ministry told lawmakers that the simulators for the C-130J were built by Canadian firm CAE Inc ( CAE.TO ), and official discussions with Canadian authorities about the procurement were planned in 2017. The German air force had initially hoped to buy up to 12 C-130J military transports itself for the joint fleet so it could operate some in France, and set up a second base in Germany, according to multiple sources familiar with the matter. The defense ministry settled on buying six aircraft, citing financial constraints, but several sources said the issue could be revisited in coming years. "The need was identified and it hasn''t changed," said one of the sources. Germany says it need the C-130J transports to augment a planned fleet of 53 Airbus A400M transports and fill a capability gap that will come up starting in 2021 when Germany retires its fleet of smaller C-160 Transall transports, which can land at a broader array of airports and runways. (Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-airforce-lockheed-germany-france-excl-idUKKBN16O2P0'|'2017-03-18T03:53:00.000+02:00'
'1fba4531f8df742604e6cf3d9baa51bab4a41a08'|'BRIEF-Anadarko Petroleum CEO''2016 total compensation was $18.7 mln'|' 31pm EDT BRIEF-Anadarko Petroleum CEO''2016 total compensation was $18.7 mln March 17 Anadarko Petroleum Corp * Ceo R. A. Walker''s fy 2016 total compensation was $18.7 million versus $17.1 million in fy 2015 - sec filing * Anadarko Petroleum Corp says CFO Robert G. Gwin''s 2016 total compensation was $7.5 million versus $6.3 million in 2015 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-anadarko-petroleum-ceo2016-total-c-idUSFWN1GU0PE'|'2017-03-18T03:31:00.000+02:00'
'd9c564ecec0d9885c76ad3de483dcc2d49e10c58'|'REFILE-INVESTMENT FOCUS-''Sweet spot'' in European M&A puts floor under valuations'|'(Refiles to additional subscribers)* European M&A and index valuations: reut.rs/2nrVMW6* Europe Inc vs USA Inc profits: reut.rs/2mx3Wrm* MSCI Europe earnings estimates: reut.rs/2553txN* Unilever bid shocks markets, resets assumptions* Corporate confidence returning, environment for M&A in "sweet spot" - Goldman* UK industrials sector on radar as weak sterling tempts foreign buyersBy Helen Reid and Vikram SubhedarLONDON, March 17 A boom in European deal-making activity -- a sign better growth prospects are boosting confidence in European corporate boardrooms -- is helping support stock market valuations which, on some measures, appear stretched.A brighter outlook for the global and regional economy, buoyant stock markets and low borrowing costs have underpinned merger and acquisition (M&A) activity in Europe, which is enjoying its best three-month period since 2007, Reuters calculations show. reut.rs/2nrVMW6Moreover, rising share prices of both acquirer and target companies when deals are announced suggest shareholders are willing to back mergers, a shift from recent years when they preferred dividends and cautious spending."Doing deals in the peak of a market is also unwise as you could end up paying more – so what you want is the sweet spot where companies aren''t trading on very expensive multiples," said Sharon Bell, a strategist at Goldman Sachs."We are at that sweet spot now."European equities trade at just under 15 times forward earnings, slightly above the long-term average of about 14 times. But they are well below peaks seen over the past 15 years, and underpinned by the best earnings outlook for regional companies since 2010. reut.rs/2553txNThe broad sweep of sectors involved in M&A, from global food and personal goods giants to UK industrials and oil services firms, is also seen as a healthy sign and is spurring a rethink of valuations."There was nothing for a few years, so all the activity that was bottled up is bubbling up now," said Goldman Sachs''s Bell.The surprise $143 billion takeover bid by Warren Buffett-backed Kraft Heinz for Unilever, while rejected, has reset some assumptions about stocks, market participants say."The size of the proposed transaction was a wake-up call for corporations all over the world - and their investors," star UK fund manager Nick Train wrote in his latest letter to investors.Shares of large consumer staples companies have lagged the recent stock market rally as investors preferred faster growing sectors in the markets."Towards the end of last year there was a lot of bearish talk about rich valuations in consumer staples like Unilever," said Mark Martin, a fund manager at Neptune Investment Management, who manages a portfolio of mid-sized UK companies."Now you''ve got sensible investors including Buffett still finding as much as 20 percent upside for Unilever," he said.BRICK BY BRICKWhile the earnings outlook in Europe has brightened significantly from the lacklustre growth seen since 2010, both corporate profits and margins remain well below prior peaks and have significantly lagged those in the United States. reut.rs/2nrVMW6Total annual profits for European firms, of about $616 billion, are about half what they were in 2008, according to Thomson Reuters data. reut.rs/2mx3Wrm"While management waits for European earnings to catch up with the U.S., in a much more wholesale growth environment, M&A is likely," said Dylan Ball, a portfolio manager Templeton Global Equity Group.Meanwhile, weaker currencies, particularly sterling, have made acquisitions in Europe more tempting for offshore buyers."U.S. companies with large offshore cash balances and maxed-out stock buy-back programmes are looking to take advantage of the U.S. dollar strength," Ball added.One group of companies on the radar for investors is UK industrials, on which a combination of Brexit-related worries and exposure to beaten-down oil and mining had dented sentiment.Neptune''s Martin, whose fund has comfortably beaten peers'' performance on a three- and five-year basis, had nearly half his fund in UK industrials at the end of February.Martin, whose fund owns shares in oil services firm Amec Foster Wheeler, which recently agreed to be bought by peer Wood Group, said he would back companies buying others in a bid to grow market share."A lot of companies are doing it (M&A) to drive down costs. So there isn''t the same euphoric growth-at-all-costs mentality we saw in 2007," Martin said, playing down concerns over whether a flurry of deal-making is a harbinger of market tops.Instead, investors see the uptick in mergers as a sign of a long-awaited revival of corporate confidence in Europe, which has been hamstrung by worries including sovereign debt crises, sluggish growth and, more recently, political risks.After four years of underperforming developed market peers, European stocks are catching up, with M&A one more prop to valuations and investor interest."The wall of worry is being taken down brick by brick," said Neptune''s Martin.(Reporting by Helen Reid, graphics by Vikram Subhedar, editing by Toby Chopra)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/markets-stocks-ma-idINL5N1GU3RO'|'2017-03-17T11:00:00.000+02:00'
'b80ab5a5041a78cb44ae3f95364948902d78905c'|'KKR, CDPQ to buy insurance brokerage firm USI in $4.3 bln deal'|'Deals  52am EDT KKR, CDPQ to buy insurance brokerage firm USI in $4.3 billion deal Private equity firm KKR ( KKR.N ) and Canadian pension fund Caisse de dépôt et placement du Québec agreed to buy USI Insurance Services from Onex Corp ( ONEX.TO ) in a deal valuing the insurance brokerage at $4.3 billion. USI delivers property and casualty, employee benefits, personal risk and retirement solutions. (Reporting by Sweta Singh in Bengaluru; Editing by Saumyadeb Chakrabarty) Next In Deals Exclusive: Venezuela''s cash-strapped PDVSA offers Rosneft oil stake - sources CARACAS/HOUSTON Venezuelan state oil company PDVSA has offered Russian counterpart Rosneft a stake in a joint venture in the country''s Orinoco Belt extra-heavy crude area, five industry sources said, in a sign of the Latin American nation''s dire economic situation and Moscow''s growing muscle there. NEW YORK/SINGAPORE China Petroleum and Chemical Corp (Sinopec) is nearing an agreement to buy a majority stake in Chevron Corp''s South African assets, which are estimated to be worth $1 billion, two people familiar with the transaction said. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usiinsuranceservices-m-a-kkr-idUSKBN16O1FT'|'2017-03-17T18:50:00.000+02:00'
'60a746259f87263b7f5046efb62ed21c0aed0252'|'EMERGING MARKETS-Emerging stocks set for best week since July 2016 after Fed'|'Company News - Fri Mar 17, 2017 - 6:13am EDT EMERGING MARKETS-Emerging stocks set for best week since July 2016 after Fed By Claire Milhench - LONDON, March 17 LONDON, March 17 Emerging equities were set on Friday for their strongest week since July 2016, up more than 4 percent and trading near 20-month highs after a dovish Fed, whilst the Turkish lira was at a three-week high after central bank tightening. MSCI''s emerging equity index was rounding off its strongest week in eight months after the U.S. Federal Reserve signalled gradual policy tightening ahead, reassuring investors who had feared a more hawkish stance. "The risk scenario people were looking at, that they could signal a more hawkish path, did not come to fruition ... and this has basically given a green light to buy emerging markets," said Kiran Kowshik, emerging markets FX strategist at UniCredit. Improving global growth, higher commodity prices, fiscal stimulus in China and better Chinese industrial activity had also encouraged investors, he said. The bullishness was evident in bond markets, where average yield spreads on emerging dollar debt over U.S. Treasuries narrowed to 307 basis points (bps) from 316 bps before the Fed''s 15 meeting. JPMorgan said that having been underweight emerging market debt after the U.S. presidential elections, it had been adding risk. "With the (Fed) hurdle cleared we now take off the last of our emerging market FX hedges to leave us with a small EM currency overweight position," the bank told clients. Some of the biggest stock market gains came in Asia, where Indian shares hit fresh record highs after ministers cleared key draft bills for a national sales tax. Korea and Taiwan also hit multi-month highs. China was the exception, losing 1 percent for their worst day in three months. Losses were led by sectors exposed to higher borrowing costs after the central bank followed the Fed in raising rates. Most Asian currencies were also set for big weekly gains, with the Taiwan dollar posting its best week in more than five years. In emerging Europe, Russia and Poland were both up 4 percent for the week, the latter enjoying its best weekly performance since December 2016. The Turkish lira outperformed, firming 0.5 percent after the central bank''s Thursday meeting pushed up the average cost of funding by 50 basis points. The lira is up 3.5 percent this week, its best performance since early February. "With the dollar weakening, it is possible that the lira will do well over the next couple of weeks … but this could also provide a selling opportunity," Unicredit''s Kowshik said. On bond markets, new issues came thick and fast, with Russia''s Gazprom raising $750 million 10-year bond at 4.95 for its first dollar deal since November 2014. Foreign funds bought 75 percent of the deal For GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5 For CENTRAL EUROPE market report, see For TURKISH market report, see For RUSSIAN market report, see) Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chg on year Morgan Stanley Emrg Mkt Indx 965.18 +1.98 +0.21 +11.93 Czech Rep 983.94 +3.16 +0.32 +6.76 Poland 2291.89 +8.19 +0.36 +17.66 Hungary 32864.92 -184.52 -0.56 +2.69 Romania 7962.27 +38.45 +0.49 +12.38 Greece 637.30 +1.17 +0.18 -0.99 Russia 1101.89 +5.60 +0.51 -4.38 South Africa 45305.87 -217.25 -0.48 +3.20 Turkey 90169.64 -98.68 -0.11 +15.40 China 3237.31 -31.62 -0.97 +4.31 India 29649.87 +64.02 +0.22 +11.35 Currencies Latest Prev Local Local close currency currency'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-idUSL5N1GU17Y'|'2017-03-17T17:13:00.000+02:00'
'430ef5536d8ca41c0cdf765b099fa54bb09a56fb'|'Porsche invests in tech services to offset possible sales decline'|'STUTTGART, Germany Porsche ( VOWG_p.DE ) will invest hundreds of millions of euros in digital services to generate the revenue needed to offset an expected decline in car sales in the coming years, its finance chief said on Friday.Growing demand for ride-hailing and car-sharing will make the part-time use of vehicles, including Porsches, as convenient as ownership in seven to 10 years and that could dent new car sales, Porsche CFO Lutz Meschke said."To compensate for this decline, we have no choice but to develop new business models in the digital world to be able to keep growing," Meschke said at a news conference to present Porsche results.Porsche said on Friday it planned to spend 200 million to 300 million euros per year developing its digital businesses, services such as software designed to route drivers to free parking spaces.Last year, Porsche set up a related division near Stuttgart with dozens of staff that will eventually employ about 500 workers globally by adding outlets in overseas markets.Meschke said new mobility services would contribute a significant double-digit percentage share of revenue in the coming years. In 2016, the German sports-car maker''s overall revenue rose 4 percent to 22.3 billion euros ($24 billion).Stuttgart-based Porsche, Volkswagen''s (VW) second-biggest earnings contributor behind Audi, expects operating profit in 2017 to match last year''s record 3.9 billion euros, with sales and revenue both seen rising moderately.Separately, Porsche said it was targeting 100 million euros of annual cost savings from 2018 by deepening cooperation with fellow VW luxury brands Bentley and Bugatti, including platform-sharing, the carmaker said.(Reporting by Ilona Wissenbach; writing by Andreas Cremer; editing by David Clarke)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-porsche-strategy-idINKBN16O2IR'|'2017-03-17T15:49:00.000+02:00'
'50c891d3687a45170524a1e7cff5b8d3f1177b96'|'Japan not considering support for Toshiba, sharing information with U.S.'|'Business  34am GMT Japan not considering support for Toshiba, sharing information with U.S. left right A logo of Toshiba Corp is seen outside an electronics retail store in Tokyo, Japan, January 19, 2017. REUTERS/Toru Hanai/File Photo 1/2 left right Japan''s Chief Cabinet Secretary Yoshihide Suga speaks to media during a news conference after the reports on the launch of a North Korean missile, at the prime minister''s office in Tokyo, Japan, in this photo taken by Kyodo February 12, 2017. Mandatory credit Kyodo/via REUTERS 2/2 TOKYO The Japanese government said it was not considering steps to support embattled Toshiba Corp ( 6502.T ) and will share information with Washington on developments involving the firm and its U.S. nuclear unit Westinghouse. But Chief Cabinet Secretary Yoshihide Suga added the government would closely monitor the sale of Toshiba''s chips business - the world''s biggest NAND flash memory producer after Samsung Electronics Co ( 005930.KS ). While the government has been adamant that it will not be stepping in to rescue Toshiba, sources familiar with the matter have said a state-backed fund may invest as a minority shareholder to prevent a sale to bidders deemed risky to national security. "Toshiba''s chip business is highly competitive globally and important in terms of keeping jobs in Japan," Suga told a news briefing. "Flash memory is also expected to increase in importance from the standpoint of information security." Toshiba''s crisis has only deepened this week. It missed submitting audited third-quarter earnings for a second time and said it would consider selling a majority stake in Westinghouse which is at the centre of its financial troubles. On Friday, Standard & Poor''s cut its long-term credit ratings for Toshiba by two notches to CCC-, saying that it was increasingly likely that the conglomerate would be unable to fulfil its financial obligations in timely manner. It added that Toshiba''s creditor banks are likely to find it difficult to accept any potential request for further funding, given that the stock exchange has place Toshiba''s stock under supervision having seen insufficient improvement in its internal controls. Sources have said bankruptcy lawyers have been hired as an exploratory step for Westinghouse which has been plagued by huge cost overruns at two U.S. projects in Georgia and South Carolina. Toshiba has flagged an upcoming $6.3 billion writedown for the nuclear unit and is worried about the future potential losses. The Yomiuri newspaper reported earlier on Friday that the White House was opposed to a Chapter 11 filing for Westinghouse, citing an identified source familiar with Department of Commerce deliberations. Suga said he was not aware that this was the White House''s stance. The agreement to share information was reached between a meeting with Trade Minister Hiroshige Seko and U.S. Commerce Secretary Wilbur Ross as well as other U.S. officials on Thursday. (Reporting by Kaori Kaneko and Hitoshi Ishida; Additional reporting by Umesh Desai; Writing by Makiko Yamazaki; Editing by Edwina Gibbs) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-toshiba-accounting-idUKKBN16O05Y'|'2017-03-17T17:34:00.000+02:00'
'd0a1ed92aedef58c80074ee20c31c0ce63b7e0b0'|'Taking the Mickey?: A battle over Euro Disney'|'IF YOU judge only by the volume of screams and the beaming faces of those taking rides at Europe’s most-visited, privately-owned tourist destination, then it is clear that Disneyland Paris has much to celebrate. In the three decades since Disney, an American media firm, agreed to put its European theme park on a site east of Paris, and the 25 years since its doors swung open, in 1992, 320m customers have queued for attractions such as “Space Mountain”, a stomach-twisting rollercoaster, and photo-ops with Disney characters.To mark these anniversaries the firm is making bold claims for the park’s economic and social benefits. Nearly €8bn ($8.6bn) has been invested in or near the site, which includes a second Disney studio-themed park, 8,500 hotel rooms, convention centres and a golf course. France’s economy has supposedly seen gains worth €68bn and the creation of 56,000 jobs. Politicians pay it heed: François Hollande, the retiring president, made an end-of-term visit late last month.  8   But investors tell a different story. Shares in Euro Disney (the French parent company) have performed like a raft on the “Pirates of the Caribbean” log-flume ride: the price on the opening day in 1989 was the equivalent of €97 and they reached €221 three years later, but have languished for more than a decade since (see chart). Disney repeatedly reinvested capital to avoid bankruptcy at Euro Disney, in the process diluting others’ holdings. In 1989 it owned 49%; it is now the majority-owner.Last month it restated its wish to take Euro Disney wholly private, and agreed to swap some of its own stock for a 9% stake in the European firm that was held by Prince Alwaleed bin Talal of Saudi Arabia. Disney now holds nearly 86% of Euro Disney. It is offering—for a limited period—to buy out remaining investors for €2 a share, roughly the current price.A senior executive at Euro Disney suggests that the smallest investors are unlikely to grumble about that price, even if they are out of pocket. They may have bought into the project as much for emotional as financial reasons, caring about the brand and perks, such as preferential entry to the park. In any case, he says, the firm always risked “financial failure” right from the start because of high debt, held by 64 different lenders. Had Disney not recapitalised and reduced those borrowings, no business would even exist to be taken private.Yet investors clearly have reasons to lament the firm’s performance. Disneyland Paris has failed to deliver more than a handful of profitable years—it last did so in 2008. Visitor numbers have slipped. Some 13m came last year, 1m-2m fewer than a decade ago; hotel occupancy rates that were at nearly 90% early in this decade are below 80%; spending per visitor is up only modestly, despite new restaurants. A spokesman, François Banon, blames “macroeconomic conditions and difficulties”, noting years of stagnation in France and its neighbours, plus fears about terrorism.Others say that Disney itself may be at fault. CIAM, a French activist fund, took a stake in Euro Disney in 2015. It reckons its shares were badly undervalued, and has decided to resist Disney’s effort to take it private. It has asked a judge to investigate if Disney’s description of Euro Disney’s value was fair. CIAM points to Euro Disney’s rights until 2035 to develop 2,200 hectares of prime commercial land close to Paris, around the theme park, at a remarkably low purchase cost, it says, of €1.69 per square metre (rights which it has only partly exercised). The judge may yet dismiss the case. But Anne-Sophie d’Andlau, of CIAM, says a surveyor commissioned by her fund concluded the value of controlling the land was €1.9bn alone—far above Euro Disney’s market capitalisation.CIAM also alleges a “darker side” to Disney’s behaviour, suggesting the American firm should reimburse over €900m in fees and royalties for the Disney brand that were charged to its European outfit over the years. Although these are occasionally waived by Disney, CIAM claims that they are excessive and that they help to explain Euro Disney’s lack of profits.Mr Banon calls these allegations “false and unfounded”. The property business earns Euro Disney just €10m annually, he points out, and CIAM’s calculation “grossly exaggerates the value of these real-estate rights”. As for Disney’s various fees, he says royalties are unexceptional at 6% or less of total revenues, and that a management fee is 1% of revenues.The dispute could quickly end if Disney increases its offer. CIAM notes that since it began asking questions, Disney has already raised its bid to minority holders, from €1.25, which implies that the earlier valuation was too low. CIAM is emerging as a rare French activist fund that gets results: it profited by intervening in the takeover of Club Med, a tourist firm, by China’s Fosun International two years ago.As for Euro Disney, its theme park has high running costs. It is woefully behind on digital efforts: it lacks Wi-Fi for visitors. But it is popular, and France’s economy is perking up a bit. A plan to develop new railway lines in the greater Paris region should increase demand for the commercial land that it has rights to. How irksome it would be for some if it delivered steady profits under Disney’s full ownership.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21718936-operator-disneyland-paris-has-taken-shareholders-stomach-churning-ride-battle-over?fsrc=rss'|'2017-03-16T22:54:00.000+02:00'
'06e96ab5f34ab7e8a464a2d0b999f9d978df528f'|'U.S. favours free but fair and balanced trade - Mnuchin'|'Business News - Sat Mar 18, 2017 - 9:52pm IST U.S. favors free but fair and balanced trade: Mnuchin left right U.S. Treasury Secretary Steve Mnuchin addresses a news conference at the G20 Finance Ministers and Central Bank Governors Meeting in Baden-Baden, Germany, March 18, 2017. REUTERS/Kai Pfaffenbach 1/2 left right U.S. Treasury Secretary Steve Mnuchin addresses a news conference at the G20 Finance Ministers and Central Bank Governors Meeting in Baden-Baden, Germany, March 18, 2017. REUTERS/Kai Pfaffenbach 2/2 BADEN BADEN, Germany The United States continues to believe in free trade but wants to re-examine certain agreements and correct some excesses, U.S. Treasury Secretary Steven Mnuchin said on Saturday after G20 finance chiefs backtracked on past commitments about trade. "What was in the past communique is not necessarily relevant from my standpoint," Mnuchin told a news conference in Baden Baden after his first meeting with the finance chiefs of the world''s 20 biggest economies. "We believe in free trade, we are in one of the largest markets in the world, we are one of the largest trading partners in the world, trade has been good for us, it has been good for other people," Mnuchin said. "Having said that, we want to re-examine certain agreements." (Reporting by Balazs Koranyi and David Lawder; editing by David Clarke) Next In Business News Post-Fed boost for small-cap stocks may be limited NEW YORK Small-cap stocks benefited from a dovish lining to the U.S. Federal Reserve''s decision to raise interest rates this past week, but strategists warn it will take more to make these pricey stocks outperform their larger brethren in the long haul.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-g20-germany-mnuchin-idINKBN16P0MT'|'2017-03-18T23:17:00.000+02:00'
'740057a69945db397bc95a4e8dac569f637c2729'|'BRIEF-Blackstone acquires Windsor Atlantica hotel in Rio De Janeiro'|' 53am EDT BRIEF-Blackstone acquires Windsor Atlantica hotel in Rio De Janeiro March 20 Blackstone: * Blackstone announces acquisition of The Windsor Atlantica hotel in Rio De Janeiro * Financial terms of transaction were not disclosed * Signed management agreement with Hilton for Windsor Atlantica Hotel  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-blackstone-acquires-windsor-atlant-idUSL5N1GX2UM'|'2017-03-20T19:53:00.000+02:00'
'c6b5db0aff895ca5c470bb9683906d9b65e94360'|'BC Partners in lead to buy National Surgical Hospitals: sources'|'By Carl O''Donnell and Greg Roumeliotis Private equity firm BC Partners LLP is in advanced talks to acquire U.S. surgical center operator National Surgical Hospitals Inc, in a deal that could value it at close to $1 billion, including debt, people familiar with the matter said.The acquisition would underscore the continued appetite of buyout firms for deals in the healthcare sector, despite uncertainty over the future of the U.S. Affordable Care Act and government insurance programs such as Medicare and Medicaid.BC Partners has outbid other private equity firms in the auction for National Surgical Hospitals, and is now negotiating final terms with the company''s owner, buyout firm Irving Place Capital, the people said on Monday. It is still possible that these negotiations end without a deal, the people cautioned.BC Partners declined to comment, while National Surgical Hospitals and Irving Place Capital did not respond to requests for comment.Founded in 1998, Chicago-based National Surgical Hospitals now spans 20 surgical facilities in 12 states. Irving Place acquired National Surgical Hospitals in 2011 for an undisclosed amount.Under Irving Place''s ownership, National Surgical Hospitals made three add-on acquisitions, including Savannah, Georgia-based Optim Healthcare in 2015.The majority of the company''s revenue comes from surgical centers that treat the musculoskeletal system. About 20 percent comes from a variety of other operations, including for the eyes and the gastrointestinal tract.Based in London, BC Partners focuses on buyouts in Europe and the United States. It has several investments in the healthcare sector, including Elysium Healthcare and Pharmathen.(Reporting by Carl O''Donnell and Greg Roumeliotis in New York; Editing by Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-national-surgical-partners-m-a-bc-par-idINKBN16R1UU'|'2017-03-20T12:55:00.000+02:00'
'b287bd6af69d2efcab264b4090dcf5b7ce9e8412'|'Swiss stocks - Factors to watch on March 17'|'ZURICH, March 17 The following are some of the main factors expected to affect Swiss stocks on Friday:COMPANY STATEMENTS* Syngenta has received German approval for its fungicide Solatenol, allowing the group to introduce its Elatus Era and Elatus Plus products to the German cereals market for the 2017 season.* Kuehne und Nagel said on Thursday evening it has agreed to buy Turkish pharmaceutical logistics firm Zet Farma, with 400 employees, and Italian firm Ferlito Pharma Logistics. Terms for the two deals were not disclosed.* lastminute.com will propose another share buyback at its AGM on April 28 of up to 1,462,263 company shares. The group returned to profit of 7.5 million euros ($8.08 million) in 2016 and increased revenues 4.7 percent to 261.5 million euros.* Valiant Holding announced its offer to purchase Swiss regional bank Triba for a price of 1,450 Swiss francs ($1,455.24) per share in cash.* ams agreed to buy Princeton Optronics without disclosing deal terms.Bachem Holding said it''s confident of growing local-currency revenues by 6 - 10 percent annually in coming years and proposed a dividend of 2.50 francs after growing 2016 net profit 29.4 percent to 41.2 million Swiss francs.* Luzerner Kantonalbank will propose Doris Russi Schurter as new chairwoman of its board after Mark Bachmann steps down from the role at the cantonal bank''s annual general meeting on April 12.* Galenica shareholder Patinex, the investment firm of Martin and Rosmarie Ebner, upped its stake in the pharmaceutical group to 20.38 percent.ECONOMY($1 = 0.9282 euros) ($1 = 0.9964 Swiss francs) (Reporting by Zurich newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/markets-swiss-stocks-idINL5N1GT63Y'|'2017-03-17T03:28:00.000+02:00'
'a39ca3ab315954e177cfee7325556e6eb2aed3b9'|'Banks outperform weaker European stock market open on rate hike talk'|'Business News - Fri Mar 17, 2017 - 8:27am GMT Banks outperform weaker European stock market open on rate hike talk Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, March 1, 2017. REUTERS/Ralph Orlowski MILAN European shares fell in opening deals on Friday, led lower by export-oriented carmakers and a pull-back in mining stocks, but banks outperformed after an ECB policymaker rekindled talk of a possible rate hike. ECB policymaker Ewald Nowotny said the central bank will decide at a later time whether to raise interest rates before or after ending its bond purchase programme. By 0825 GMT, the pan-European STOXX 600 index fell 0.4 percent, erasing parts of the gains made in the previous session. But banks, whose lending business benefits from higher rates, bucked the weaker open. Europe''s bank index .SX7P was down 0.1 percent, while the euro zone sectoral index .SX7E rose 0.4 percent, led by gains of between 1.4 percent and 0.7 percent in Germany''s Commerzbank ( CBKG.DE ), BNP Paribas ( BNPP.PA ) and Intesa Sanpaolo ( ISP.MI ). Top loser on the STOXX index was Tullow Oil ( TLW.L ), down 14 percent, after the oil services company announced a 607 million pound share sale to reduce its debt. (Reporting by Danilo Masoni) OPEC will need to extend output curbs to sustain oil price recovery: Reuters poll OPEC will have to extend its oil output curbs in order to sustain a recovery in prices, as a revival in crude production outside the group may scupper its efforts to erode an overhang of unused inventory, a poll of market analysts showed on Friday.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN16O0UU'|'2017-03-17T15:27:00.000+02:00'
'1924460e939699b882e358d4e9b200d62bc70eae'|'Thimble, wheelbarrow, boot kicked out of Monopoly board game'|'By Tom James - SEATTLE SEATTLE If you have ever wanted to rampage through a game of Monopoly like a dinosaur, you''re in luck.The popular U.S. board game is changing out three of its playing tokens, swapping in a penguin, T-Rex and rubber ducky in for the thimble, wheelbarrow and boot, Pawtucket, Rhode Island-based toymaker Hasbro Inc HAS.N said Friday.The move is part of a broader campaign to update the board game based in part on votes by consumers during a promotional period earlier this year.The updated version of the game will be released in August, according to the company. Four classic pieces survived the voting: the Scottie dog, car, top hat and battleship, some of which date as far back as the Great Depression. Rounding out the new lineup will be a cat token, added to the game in 2013 as a replacement for the flatiron.Players worried that the game''s rules may also have changed can relax. They haven''t. The traditional aim of dominating cardboard real estate, and ruining your competition, remains the same.Anyone considering Tyrannosaurus-inspired mayhem should think twice, however. Even a dinosaur can still go directly to jail.(Editing by Patrick Enright; Editing by David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usa-monopoly-idINKBN16O2AZ'|'2017-03-17T14:08:00.000+02:00'
'14bf9282c016145866ade620f9b0194f38dc779e'|'BAT says strong demand for ''glo'' smokeless tobacco'|' 30am GMT BAT says strong demand for ''glo'' smokeless tobacco A staff of British American Tobacco Japan displays its new tobacco heating system device ''glo'' after a news conference in Tokyo, Japan, November 8, 2016. REUTERS/Kim Kyung-Hoon TOKYO British American Tobacco (BAT) ( BATS.L ) said demand for its "glo" tobacco heating device overwhelmed supply in its Japan test marketing, as global cigarette giants shift focus to the new product category amid declining smoking population. The "heat but not burn" tobacco is rapidly gaining popularity in Japan. Philip Morris International ( PM.N ) said earlier this month that it has more than doubled the supply of IQOS tobacco device but it was not enough to cover the demand. BAT and Philip Morris were the first of the big tobacco firms to invest in cigarette alternatives a few years back, as growing health consciousness reduces traditional smoking. Both glo and IQOS use cigarette-shape tobacco leaves. But instead of burning, the battery-powered devices heat the sticks to generate steams. The companies said the products emit far less smell than conventional cigarettes. Global tobacco companies see Japan as a fertile test ground for these products since e-cigarettes, which use nicotine-laced liquid, are not permitted under the country''s pharmaceutical regulation. "We are seeing very strong sales. It''s much beyond our expectations," Nami Uehara, brand marketing official at BAT Japan, told Reuters. BAT, known for Kent and Lucky Strike cigarettes, started the sale of glo in the northeastern city of Sendai in December. The device is priced at 8,000 yen ($70.52). The device is sold at about 600 convenience stores in the city and the glo flagship store. Uehara said in the first week of the sale, some people waited overnight in front of the flagship store to get the device. BAT said the daily supply of devices at the flagship store is 100 for weekdays and 250 on weekends. But there were already more people waiting than day''s supply three hours before the store''s 10 a.m. open. "We were giving purchase tickets at 7 a.m. but all of them were gone instantly," Uehara said. Given the long lines of people waiting in front of the store every morning, the company switched from first-come-and-first served to on-line reservation since this month, with daily supply assigned by lottery. BAT said it plans to start selling glo in the rest of Japan later this year. Japan Tobacco Inc ( 2914.T ), which commands a more than 60 percent share in the domestic cigarette market, said last month that it expected its domestic cigarettes sales volume to decline by 9.6 percent this year, partly because of the growing popularity of tobacco e-cigarettes. Japan Tobacco has said it will begin selling Ploom Tech tobacco-based electronic cigarettes in some parts of Tokyo from June. ($1 = 113.4500 yen) (Reporting by Taiga Uranaka and Ritsuko Shimizu; Editing by Subhranshu Sahu) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-ecigarettes-idUKKBN16O08R'|'2017-03-17T09:30:00.000+02:00'
'523f6a27ab4cda09b4d379c97ec6d4c65587e536'|'Gamesmanship: The business model for the Olympic Games is running out of puff'|'PIERRE DE COUBERTIN, the French aristocrat who founded the modern Olympics, was seduced by the world’s fair. In 1900, 1904 and 1908 his games were embedded within such exhibitions. He soured on the arrangement eventually because the games were overshadowed, “reduced to the role of humiliated vassal”, as he put it. The Olympics still criss-crosses the globe, but with city after city ditching ambitions to put on the world’s largest sporting event, the model is under threat.The latest blow comes courtesy of Budapest, which on March 1st withdrew its bid to host the 2024 summer games after public opposition. Its retreat comes on the heels of Boston, Rome and Hamburg canning their bids within the past two years, whittling a once-crowded pool of candidate cities down to only two: Los Angeles—itself a replacement for the torpedoed Boston bid—and Paris.  9   The situation ought to feel familiar by now to the International Olympic Committee (IOC), the governing body of the games. After lots of cities bowed out of the competition for the 2022 winter games it was again left with two options: Almaty, Kazakhstan and Beijing, China. The prospect of having no bidders for future events—or of having a bidding contest between autocrats eager to host a vanity project—seems likelier than it once did.A study in 2016 from the University of Oxford’s Saïd Business School found that from 1960-2016 (when data were available), the average cost overrun of hosting the games was 156%, the highest of any megaproject. Tokyo has already seen its costs rise to ¥3trn ($26bn), four times the original estimate. The IOC’s contract with host cities includes a taxpayer guarantee, which puts them on the hook for overruns.There is no end of enthusiasm from sponsors or television broadcasters to pay fat sums to affiliate themselves with the Olympic brand. Broadcasters are still making the bet that live sports will continue to fascinate TV audiences. Comcast, the parent company of NBC Universal, an American television company, paid a whopping $7.75bn for exclusive broadcast rights to the games from 2022-2032. But the IOC pockets an ever-greater share of these revenues: today it gives less than 30% of television revenues to the host city. In 1992, by contrast, it gave Barcelona 69% of the broadcast spoils (see chart).If no cities wish to host the games, however, this model is unsustainable. The IOC has been here before. Interest in hosting the five-ringed circus waned in the 1970s after a series of games tainted by terrorist attacks, crippling debt and boycotts. Los Angeles was the sole bidder for the 1984 event. Peter Ueberroth, the businessman heading its bid, ripped up the taxpayer guarantee and imposed spartan conditions, such as housing athletes in university dormitories. The games turned a profit for the city, of $215m.Could similarly radical reform save the day again? In 2014 the IOC passed Agenda 2020, changes that try to make the games more affordable. They have made little difference. After Budapest withdrew its bid, the IOC said in a statement that politics were to blame, before conceding that further adjustments to the bidding process would need to be made because “the current procedure produces too many losers.”It could simply tinker with the existing model and give a larger share of its revenues to the host city, or promise to cover a portion of a city’s cost overruns. Some suggest a more decentralised hosting model, with different Olympic events taking place in those cities around the world that have the right sports infrastructure for them. This would spread the costs more widely and decrease the probability of white elephants. But broadcasters would bear the cost of setting up teams around the world.The really radical answer would be to designate one or a few permanent host cities so that the Olympics sports infrastructure has a life beyond the extinguishing of the Olympic flame. Christine Lagarde, managing director of the International Monetary Fund, has spoken favourably of this idea. The proposal is not new. In 1896 Greece’s King George pleaded with de Coubertin to make the country the permanent host. The Frenchman would not have it. “I decided to act as if I were stupid, pretending not to understand,” he wrote. Thomas Bach, the IOC’s president, may not have the luxury of ignoring reality for much longer.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21718938-budapest-latest-city-withdraw-its-bid-host-them-business-model-olympic?fsrc=rss'|'2017-03-16T22:54:00.000+02:00'
'a4201e22e4ac9f6f837a95ce55f1ce6dfe679b3d'|'Japan minister agrees to share Toshiba case information with U.S. - Kyodo'|'Global Energy News - Thu Mar 16, 2017 - 11:32pm GMT Japan minister agrees to share Toshiba case information with U.S. - Kyodo Japan''s Trade and Industry minister Hiroshige Seko speaks at a news conference at Prime Minister Shinzo Abe''s official residence in Tokyo, Japan, August 3, 2016. REUTERS/Kim Kyung-Hoon WASHINGTON Japan''s industry minister said on Thursday he had agreed with the U.S. energy and commerce secretaries to share information on developments involving Toshiba Corp ( 6502.T ) and its troubled U.S. nuclear affiliate, Westinghouse Electric Co, Japan''s Kyodo news agency reported. Toshiba said on Tuesday it was "actively considering" a sale and other strategic options for Westinghouse, as it expanded a probe into problems there that caused the parent group to miss an earnings deadline for a second time. The Japanese conglomerate said it believed it could find buyers for a majority stake in Westinghouse but sidestepped questions about a potential Chapter 11 bankruptcy filing for the unit, saying only there were various options. Sources have said bankruptcy lawyers have been hired as an exploratory step. Kyodo said Hiroshige Seko, Japan''s minister of economy, trade and industry, told Japanese reporters after talks in Washington with U.S. Energy Secretary Rick Perry and Commerce Secretary Wilbur Ross that he had agreed with them to share information about developments in the case. According to Kyodo, Seko said the U.S. Cabinet members had said they considered the fiscal stability of Toshiba extremely important. Kyodo said Seko had a separate meeting on Thursday with Gary Cohn, director of the White House National Economic Council. A White House official said, "The Westinghouse issue did come up in the meetings and both sides are monitoring it closely." The U.S. Commerce and Energy departments and the National Economic Council did not respond to requests for comment. Seko was on a one-day visit to prepare for a high-level bilateral economic dialogue due to start next month led by Japanese Deputy Prime Minister Taro Aso and U.S. Vice President Mike Pence. A sale of Westinghouse would represent the latest in a series of steps Toshiba is taking to grapple with losses stemming from the nuclear unit''s ill-fated purchase of a U.S. nuclear power plant construction company in 2015. Toshiba has already put up most or even all of its memory chip business for sale to cope with an upcoming $6.3 billion writedown for the nuclear business and to create a buffer for potential losses down the road. Westinghouse has been plagued by huge cost overruns at two U.S. projects in Georgia and South Carolina, and liabilities related to those projects mean it is unlikely to be an easy asset to sell, despite attractive technology. Westinghouse has been negotiating a multi-billion-dollar deal to build six nuclear reactors in India after a 2008 civil nuclear accord, a deal supposed to showcase a new era of economic and strategic cooperation between the United States and India. (Reporting by David Brunnstrom; Additional reporting by Timothy Gardner and Emily Stephenson; Editing by Leslie Adler) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-toshiba-accounting-westinghouse-idUKKBN16N34C'|'2017-03-17T06:32:00.000+02:00'
'2c70f2be5b4524cc786c428d707e2e0cca2b8e6a'|'European shares rise to 15-month high as reflation rally resumes'|'Money   2:05pm IST European shares rise to 15-month high as reflation rally resumes FULL COVERAGE: INDIA ELECTIONS 2017 Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, March 1, 2017. REUTERS/Ralph Orlowski LONDON European shares hit their highest level in 15 months on Thursday, with basic resource and banking stocks rising after the U.S. Fed raised rates and Dutch centre-right Prime Minister Mark Rutte won elections in the Netherlands. The pan-European STOXX 600 index hit its highest level since December 2015, last up 0.5 percent. Amsterdam''s AEX hit its highest level in more than nine years, up 0.7 percent, while both Germany''s DAX and France''s CAC 40 hit their highest levels since mid-2015. Dutch centre-right Prime Minister Mark Rutte scored a resounding victory over anti-Islam and anti-EU Geert Wilders in an election on Wednesday. Anglo American was the top European gainer after Indian billionaire and Vedanta Resources majority shareholder Anil Agarwal said he would buy a stake of up to 2 billion pounds in the miner. Anglo led Europe''s basic resource stocks higher, the top sectoral gainers, up 3.5 percent. Antofagasta, Fresnillo, BHP Billiton and Randgold Resources were in the top gainers, up 4.4 to 5.7 percent. Lufthansa was among top gainers, up 5.1 percent after its results, despite the German airline saying profits were set to dip in 2017 on rising fuel costs. Banking stocks gained after the U.S. Federal Reserve raised interest rates. The Eurozone banking index was up 1.7 percent. Renault was the top faller, after the French carmaker''s CEO Carlos Ghosn was targeted in a French diesel cheating probe. (Reporting by Helen Reid, Editing by Vikram Subhedar) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/europe-stocks-idINKBN16N0VK'|'2017-03-16T15:35:00.000+02:00'
'699dbacc173ee138b6a502bfbac7ddadfdda91d3'|'BOJ seen holding fire as protectionism overshadows signs of recovery'|'  seen holding fire as protectionism overshadows signs of recovery left right Bank of Japan (BOJ) Governor Haruhiko Kuroda attends a news conference at the BOJ headquarters in Tokyo, Japan January 31, 2017. REUTERS/Toru Hanai 1/3 left right A Japanese flag flutters atop the Bank of Japan building in Tokyo, Japan, September 21, 2016. REUTERS/Toru Hanai/File Photo 2/3 left right FILE PHOTO:   3/3 By Leika Kihara - TOKYO   is expected to keep   Thursday, as rising global protectionist sentiment and an expected series of U.S. interest rate hikes overshadow budding signs of recovery in the trade-reliant economy. While a rebound in fuel costs is set to accelerate price growth in coming months,   is likely to stress that no immediate rate hike is on the horizon with inflation still nowhere near his ambitious 2 percent target. But he may leave open the chance of raising the BOJ''s target for the 10-year bond yield if the economic recovery gathers enough momentum to push prices steadily higher, analysts say. "I see no change in policy, but the key is Kuroda''s message at the press conference. If asked, I think Kuroda will say that if the situation merits he is willing to adjust the 10-year yield target in the future. I think he will be flexible," said Masamichi Adachi, senior economist at JPMorgan Securities. "I think the BOJ will raise the 10-year yield target in October, because inflation would be around 1 percent by then." At the two-day rate review ending on Thursday, the BOJ is widely expected to maintain its short-term interest rate target of minus 0.1 and a pledge to guide the 10-year government bond yield JP10YT=RR at around zero percent via aggressive asset purchases. Analysts also expect the BOJ to keep intact a loose pledge to maintain the pace of its annual increase in Japanese government bond (JGBs) holdings, which is 80 trillion yen (574.31 billion pounds). Kuroda, who will attend this week''s Group of 20 finance leaders'' meeting in Germany, may also shed light on how the BOJ will defend its ultra-loose policy from any U.S. criticism it is exploiting a weak yen to gain a competitive trade advantage. Japan''s long-stagnant economy has shown signs of life in recent months, with exports and factory output benefitting from a recovery in global demand. Core consumer prices rose for the first time in over a year in January and many analysts expect inflation to accelerate towards 1 percent later this year, due largely to a rebound in energy costs and rising import prices from a weak yen. That has led to a dramatic shift in market expectations with a majority of analysts polled by Reuters predicting the BOJ''s next move would be to start scaling back its ultra-easy policy. Some analysts say the BOJ may be forced to raise its yield target to avoid ramping up bond purchases if Japanese long-term interest rates track global bond yield rises, which are being driven by expectations of higher U.S. interest rates. The BOJ hopes to dispel such speculation and stress it won''t raise its yield target unless the economy strengthens enough   stably towards 2 percent, say sources familiar with its thinking. Many BOJ officials say while they are more confident about prospects for Japan''s economic recovery, they see more to fret about on inflation due to slow wage growth, which is holding back consumer spending. A rising global tide of protectionism is adding to concerns for Japanese policymakers, given the economy''s heavy reliance on exports and free trade. A draft communique of the G20 finance leaders'' meeting appeared to accommodate U.S. President Donald Trump''s protectionist views on trade by watering down a commitment to "reject all forms of protectionism." Trump also criticised Japan for using "money supply" to weaken the yen and gain an unfair trade advantage. Japanese policymakers have argued that they were playing by G20 rules to use monetary policy only for domestic purposes. Kuroda may offer clues on how Japan will defend its policies and how strongly it would push back against attempts to water down the G20 commitment on free trade, analysts say. (Additional reporting by Stanley White; Editing by Kim Coghill) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-boj-idUKKBN16M310'|'2017-03-16T10:03:00.000+02:00'
'2c61e1f92298349a40578ebd6712d9d04ea4683c'|'Nifty hits record, rupee hits 17-month high'|'MUMBAI The NSE Nifty hit a record high while the rupee rose to its strongest level in nearly 17-months on Thursday after the raised interest rates as expected but signalled no pick-up in the pace of tightening.The NSE Nifty rose as much as 0.64 percent to a record high of 9,143 points, and was up 0.59 percent as of 0350 GMT. The benchmark BSE Sensex was up 0.55 percent.The partially convertible rupee hit as much as 65.2250 per dollar, its strongest since Oct. 30, 2015. It was last trading at 65.32/33 compared to its 65.71/72 close.Meanwhile the benchmark 10-year bond yield fell 4 basis points to 6.79 percent.(Reporting by Swati Bhat; Editing by Rafael Nam)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/india-nifty-sensex-rupee-markets-idINKBN16N0E7'|'2017-03-16T01:29:00.000+02:00'
'f82421374bb672f991482e28f5081d441be22d79'|'German prosecutors search Audi for second day in emissions probe'|'  7:03am EDT German prosecutors search Audi for second day in emissions probe left right Audi cars are parked in front of the company''s headquarters in Ingolstadt, Germany, March 15, 2017. REUTERS/Lukas Barth 1/3 left right Audi cars are parked in front of the company''s headquarters in Ingolstadt, Germany, March 15, 2017. REUTERS/Lukas Barth 2/3 left right Audi CEO, Rupert Stadler gives a speech at the company''s annual newsconference in Ingolstadt, Germany, March 15, 2017. REUTERS/Lukas Barth 3/3 MUNICH German investigators searched Audi offices for a second day on Thursday in connection with the emissions scandal still rocking parent Volkswagen ( VOWG_p.DE ), according to the Munich prosecutor''s office. Some 100 officials had started a search early on Wednesday of offices at Audi''s ( NSUG.DE ) headquarters in Ingolstadt, Germany and its Neckarsulm plant, at parent Volkswagen''s base in Wolfsburg and several other locations including private homes. The raids, the first at Audi since VW''s diesel scandal broke 18 months ago, centers on who was involved in the use of any illicit software in 80,000 VW, Audi and Porsche cars with 3.0 liter engines that were found to exceed U.S. emissions limits. Parent Volkswagen had admitted in September 2015 that up to 11 million of its vehicles worldwide had software installed that cheats emissions tests, unleashing its biggest ever crisis. The prosecutor''s spokesman said on Thursday that investigators had already confiscated a large amount of material since Wednesday morning, and some people have been interrogated. He declined to provide further details and said he could not yet say when results of the investigation may become available. (Reporting by Irene Presisinger; Writing by Maria Sheahan; Editing by Elaine Hardcastle)  '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-volkswagen-emissions-audi-prosecutors-idUSKBN16N1AU'|'2017-03-16T18:03:00.000+02:00'
'1ea75b4a77be6f33a753f1cab30ae2954534f68c'|'Brazil''s JBS says three plants targeted in police raid'|'  11:00am EDT Brazil''s JBS says three plants targeted in police raid SAO PAULO, March 17 Brazilian meatpacker JBS SA said on Friday federal police raided three of its plants in the states of Paraná and Goiás as part of an investigation into bribery of food inspectors. JBS said in a securities filing that the probe had not targeted its executives or headquarters. An employee of the company working for the Agriculture Ministry was targeted by police, the company said. (Reporting by Brad Haynes; Writing by Bruno Federowski)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-corruption-food-jbs-idUSE6N1FG00O'|'2017-03-17T22:00:00.000+02:00'
'5c9e3e5c0d6b9eb771f43b0f07857b3dfea1c673'|'Ex-Barclays boss Diamond buys Panmure in investment banking return'|'Funds News - Fri Mar 17, 2017 - 11:03am GMT Ex-Barclays boss Diamond buys Panmure in investment banking return FILE PHOTO - Barclays bank former Chief Executive Bob Diamond arrives at Portcullis House to attend a Treasury select committee hearing in Westminster, London July 4, 2012. REUTERS/Luke MacGregor By Clara Denina and Lawrence White - LONDON LONDON Former Barclays ( BARC.L ) chief executive Bob Diamond marked a return to investment banking in Britain on Friday with a Qatari-backed takeover of stockbroker Panmure Gordon ( PMR.L ), one of the oldest names in the City of London. Diamond, who left Barclays in 2012 during the Libor interest rate-rigging scandal, is making the move through his private equity firm Atlas Merchant Capital, alongside QInvest which together have reached a deal which would value Panmure at around 15.5 million pounds. Panmure''s shares rose by 68 percent on Friday following news of the takeover deal, which has been recommended by its board of directors, a move equal to the bid premium over the stock''s closing price on Thursday. Diamond had in the years before his exit built up Barclays'' investment bank into one of the world''s leading players, with a more aggressive Wall Street culture creating tensions within the more traditional British bank. While Diamond''s contacts and investment banking experience will be used to help drive Panmure forward, he will not be involved in the day-to-day running of the firm, a source close to the 65-year-old banker said. Qinvest already owns 43 percent of Panmure, as it is referred to in the City, which is a 141-year-old stockbroker and investment bank focused on small and mid-sized UK companies. Panmure built a reputation for financing deals for a host of overseas governments, ranging from a gold-backed loan for the Chinese imperial government in 1885 to helping Japan to raise funds to rebuild damaged cities in the 1950s. British Prime Minister David Cameron''s late father, Ian, who spent much of his career at the firm, was a senior partner at Panmure, which has fallen on hard times in recent years. Its share price has declined by 93 percent in the last 10 years amid rising competition and narrowing commissions for stockbrokers. It posted a loss of 4.1 million pounds in 2015, although it said in a trading update on Jan. 9 that it expected to report a profit for 2016. "There is significant opportunity for Atlas, in partnership with QInvest, to ... build a larger, successful boutique investment bank," Matthew Hansen, the head of UK and Europe for Atlas, said, adding that the "long term stabilisation and development" of Panmure was only achievable as a private firm. Diamond co-founded New York-based Atlas Merchant Capital in 2013 to invest in financial services companies. He had, through a consortium including the similarly-named investment vehicle Atlas Mara ( ATMA.L ), sought to buy the African unit of his former employer Barclays, but the deal stalled last year following the withdrawal of Carlyle Group. ($1 = 0.8089 pounds) (Additional reporting by Andrew MacAskill; Editing by Rachel Armstrong and Alexander Smith) Next In Funds News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-diamond-panmure-gordon-m-a-idUKKBN16O0PI'|'2017-03-17T18:03:00.000+02:00'
'4f0c35505b1a7f01a9a4e72b2bfb9eedf09b8233'|'Finland throws hat into ring to host EU drug agency after Brexit'|'Business   7:17am GMT Finland throws hat into ring to host EU drug agency after Brexit HELSINKI The Finnish government on Friday said it will join several other European Union states in bidding to become the new home of the European Medicines Agency (EMA) once Britain leaves the EU. The London-based EMA has a workforce of about 900. It reviews experimental drugs and makes recommendations on market approval, which the EU Commission usually follows. Other countries looking to lure the London-based EMA include Denmark, Sweden, Spain, France, Italy, Ireland and Poland. Helsinki currently hosts the European Chemical Agency, ECHA. (Reporting by Tuomas Forsell; Editing by Hugh Lawson) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-finland-pharmaceuticals-idUKKBN16O0O5'|'2017-03-17T14:17:00.000+02:00'
'c479acb567257267beb20fefebd7b2fc1ae56b34'|'Car industry players diverge on timescale for self-driving cars'|'Technology   7:22pm GMT Car industry players diverge on timescale for self-driving cars Two self-driving electric minibuses are seen on the 130-metre (142-yard) test route between Gare de Lyon and Austerlitz train stations, the first regular line opened by the Paris transport company RATP, in Paris, France, January 24, 2017. REUTERS/Jacky Naegelen By Georgina Prodhan - BERLIN BERLIN Carmakers and suppliers gave widely differing timelines for the introduction of self-driving vehicles on Thursday, showing the uncertainties surrounding the technology as well as a split between cautious established players and bullish new entrants. Chipmaker Nvidia ( NVDA.O ), facing direct competition with the world''s top chipmaker after Intel''s ( INTC.O ) $15 billion deal to buy autonomous driving technology firm Mobileye ( MBLY.N ) this week, gave the most optimistic predictions. Chief Executive Jen-Hsun Huang forecast carmakers may speed up their plans in the light of technological advances and that fully self-driving cars could be on the road by 2025. "Because of deep learning, because of AI (artificial intelligence) computing, we''ve really supercharged our roadmap to autonomous vehicles," he said in a keynote speech to the Bosch Connected World conference in Berlin. Germany''s Bosch [ROBG.UL], however, the world''s biggest automotive supplier, gave a timetable as much as six years longer to get to the final stage before fully autonomous vehicles, and declined even to forecast when a totally self-driving car might take to the streets. Progress is fraught by issues including who is liable when a self-driving car has an accident, bringing down the costs of sensor technology and guarding against hacking. "Of course, we still have to prove that an autonomous car does better in driving and has less accidents than a human being," Bosch CEO Volkmar Denner told a news conference. Nvidia has applied its market-leading expertise in high-end computer graphics to the intense visualization and simulation needs of autonomous cars, and has been working on artificial intelligence - teaching computers to learn to write their own software code - for a decade. "No human could write enough code to capture the vast diversity and complexity that we do so easily, called driving," said Huang. Together with Bosch executives, Huang presented a prototype AI on-board computer that is expected to go into production by the beginning of the next decade. The computer will use Nvidia''s processing power to interpret data gathered by Bosch sensors. DEGREES OF AUTONOMY On the way to fully self-driving cars, levels of autonomy have been defined, with most cars on the road today at level two and Tesla ( TSLA.O ) ready to switch from level four to five - full autonomy - as soon as it is permitted to do so. Level three means drivers can turn away in well-understood environments such as motorway driving but must be ready to take back control, while level four means the automated system can control the vehicle in most environments. Independent technology analyst Richard Windsor wrote in a note this week he doubted automakers would have autonomous vehicles leaving factories by a typical self-imposed deadline of 2020, mainly because the liability issue was unresolved. "This is good news for the automotive industry which is notoriously slow to adapt to and implement new technology as it will have more time to defend its position against the new entrants," he wrote. But Nvidia''s Huang said he expected to have chips available for level three automated driving by the end of this year and in customers'' cars on the road by the end of 2018, with level four chips following the same pattern a year later. That is at least a year ahead of the plans of most carmakers that have an autonomous-driving strategy. The head of autonomous driving at BMW ( BMWG.DE ) told the conference the luxury carmaker was on its way to deliver a level three autonomous car in 2021, but could produce level four or five autonomous cars in the same year. "We believe we have the chance to make level three, level four and level five doable," he said. He told Reuters the decision on which levels to release would depend in part on the market, and that cars with more autonomy might first be produced in small batches for single fleets. Bosch said it saw level three vehicles being released with its on-board computer at the end of the decade, and level four driving not before 2025. Uber [UBER.UL], Baidu ( BIDU.O ) and Google ( GOOGL.O ) spin-off Waymo are testing self-driving taxis, while carmakers including Volvo, Audi ( NSUG.DE ) and Ford ( F.N ) expect to have level four cars on the road by 2020 or 2021. Nvidia''s Huang predicted those plans would speed up: "In the near future, you''re going to see these schedules pull in." (This version of the story was refiled to fix the spelling of the CEO''s name in paragraph 3 to Jen-Hsun Huang from Jens-Hsun Huang) (Reporting by Georgina Prodhan; Editing by Mark Potter) Next In Technology News Uber to seek arbitration in Waymo self-driving case SAN FRANCISCO A lawyer for Uber [UBER.UL] told a federal judge on Thursday he intended to file a petition to compel arbitration in the Waymo trade secrets theft case, citing an agreement signed by a former Waymo employee who is at the heart of the case.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-autos-autonomous-idUKKBN16N2NF'|'2017-03-17T01:54:00.000+02:00'
'5cfc960d575cf850ed51901e922cf211c1cabe99'|'Currency investors tread gingerly on SNB ''soft floor'''|' 55am GMT Currency investors tread gingerly on SNB ''soft floor'' FILE PHOTO - Swiss 1,000-franc notes are seen in this picture illustration taken February 16, 2016. REUTERS/Ruben Sprich/Illustration/File photo By Ritvik Carvalho and Jemima Kelly - LONDON LONDON With the Swiss National Bank''s foreign currency reserves at record highs, investors are growing anxious about its ability to keep the Swiss franc from appreciating further against the euro, amid heightened political risk in Europe. The price of hedging against big price swings over the next two months in the Swiss franc/euro exchange rate -- a rate kept steady by the SNB that should theoretically therefore not be as volatile as freely floating currencies -- this week hit its highest since the aftermath of last year''s Brexit vote EURCHF2MO=. Mindful of the central bank''s sudden removal of the Swiss franc cap in January 2015, which delivered one of the biggest shocks to financial markets of the past decade, investors worry the SNB''s sizeable interventions in the foreign exchange market are unsustainable and could be suddenly halted. "Every investor has still in mind the decision of January 2015, and they don''t want to be caught on the wrong foot," said Maxime Botteron, economist at Credit Suisse in Zurich. "So they are anticipating less accommodative (policy), or a reduction in intervention." The safe-haven Swiss franc EURCHF= has climbed almost 2 percent since early December, despite the SNB''s efforts to keep it capped, on worries that political risks in Europe -- notably a possible victory by anti-euro Marine Le Pen in France''s April-May presidential election -- will spur a flight to safety. Numbers released this month showed the SNB, which meets on Thursday, defended the Swiss franc in February with the biggest intervention since Britons unexpectedly voted in June to leave the European Union. It bought more than 24 billion francs'' ($24 billion) worth of foreign currency, growing its reserves by almost 4 percent to a record 668 billion francs, or around 115 percent of GDP. "GO-TO" POLITICAL RISK TRADE Though the SNB no longer has a formal cap on the euro/Swiss franc exchange rate, some analysts say the 1.06 franc per euro level is now effectively a "soft floor" that has become "hard" in the mind of investors. "Euro/Swiss has become the ''go to'' trade to hedge European political risk," said Peter Rosenstreich, head of market strategy at online bank Swissquote. "I''m not sure that they wanted something as clean as the 1.06 franc level but that''s sort of what they''ve got, and that''s the risk," he said. "Whether that''s real or perceived ... policy expectations in markets have almost the same sort of force (as policy itself)." UBS Wealth Management''s head of currency strategy Constantin Bolz said the situation now was quite different from January 2015, when the SNB was looking at the prospect of a European Central Bank quantitative easing programme that was set to drive the euro down sharply and had no clear end in sight. Therefore, Bolz said, unless Le Pen wins a surprise victory in the French election, the SNB will continue to intervene to stop the franc from appreciating further until then, however much pressure is put on it due to euro weakness and demand for safe havens. Germany holds an election in September, and there is a chance that Italy will also go to the polls this year. "After last year''s results, it would be unwise to ignore the risks of these upcoming votes, and that is what is driving demand for francs and making the SNB nervous," said Ursina Kubli, FX strategist at Swiss private bank J. Safra Sarasin. (Writing by Jemima Kelly; Reporting by Ritvik Carvalho and Jemima Kelly in London, and John Revill in Zurich; Editing by Nigel Stephenson and Catherine Evans)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-swiss-forex-snb-idUKKBN16N0XG'|'2017-03-16T15:55:00.000+02:00'
'97de7ce9635f29220dfed3b0f1751bbabd8c6acf'|'HSBC says to keep best lending rate at 5 percent in Hong Kong'|'Business News - Thu Mar 16, 2017 - 3:24am GMT HSBC says to keep best lending rate at 5 percent in Hong Kong The HSBC bank logo is pictured at the bank headquarters in Paris April 9, 2015. REUTERS/Gonzalo Fuentes HONG KONG HSBC Holdings Plc ( 0005.HK ) ( HSBA.L ) said on Thursday it would maintain its best lending rate at 5 percent in Hong Kong, even after the central bank raised its benchmark interest rate by a quarter point for the second time in three months. The Hong Kong Monetary Authority earlier on Thursday raised the base rate charged through its overnight discount window by 25 basis points to 1.25 percent, following a similar move by the U.S. Federal Reserve. HSBC''s best lending rate in Hong Kong was last changed on Nov 10, 2008, when it was lowered by 25 basis points, the bank said in a statement, adding it would also not change its savings rate for its Hong Kong dollar savings deposits. (Reporting by Sumeet Chatterjee; Editing by Himani Sarkar) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hsbc-hongkong-fed-idUKKBN16N0AY'|'2017-03-16T10:24:00.000+02:00'
'67e04ffed8ed465eea2a0de4c49176164a18446b'|'Taiwan stocks rise tracking regional shares as Fed maintains outlook'|' 51pm EDT Taiwan stocks rise tracking regional shares as Fed maintains outlook TAIPEI, March 16 Taiwan stocks rose on Thursday, largely tracking regional gains after the   indicated it won''t accelerate the pace of the rate hikes and stuck to its outlook. As the Fed raised the target overnight interest rate by 25 basis points to a range of 0.75 percent to 1 percent, Asian investors sighed a breath of relief that the Fed stuck to its outlook instead for two more hikes this year and three more in 2018. As of 0144 GMT, the main TAIEX index rose 0.91 percent to 9,828.79 points, after closing down 0.04 percent on Wednesday. The index surpassed the 9,800 point benchmark which was the top of its range in the past month. The majority of sub-indexes rose, led by the plastics and semiconductor indexes that gained 1.4 percent each. Additionally, the electronics subindex was up 1.07 percent, while the financial subindex was up 0.05 percent. Among actively traded shares, electronics manufacturer Pegatron that makes Apple Inc products, rose 2.06 percent despite posting a lower-than-expected 2016 4Q net profit earlier this week. As the dollar lost broadly against Asian currencies, the Taiwan dollar hit a 21-month high since late May 2015, at 30.564 per U.S. dollar, after closing at 30.840 in the last session. The Taiwan dollar softened a touch by midday, but was still trading T$0.190 higher at T$30.650 to the U.S. dollar. (Reporting by Jess Macy Yu; Editing by Vyas Mohan)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/taiwan-stocks-idUSL3N1GT1LZ'|'2017-03-16T09:51:00.000+02:00'
'57a108342fa7bfa7980796a97553f2098cb27ab3'|'Wall Street set to open flat as investors seek new catalysts'|'By Anya George Tharakan U.S. stocks looked set to open little changed on Friday as investors sought fresh cues to place their bets after the Federal Reserve raised interest rates for the first time this year.Finance ministers and central bank heads from the Group of 20 major economies meet in Germany for two days to discuss the world economy.Members are likely to renounce competitive devaluations and warn against exchange rate volatility, but have not yet found a common stance on trade and protectionism, according to a draft statement of their meeting."Today it appears as though we''re going to have another day like yesterday, where the market is looking for something substantial to create the next move," said Andre Bakhos, managing director at Janlyn Capital in Bernardsville, New Jersey.Investors are now turning their attention to economic data, while also seeking clarity on President Donald Trump''s proposed policies such as tax cuts and looser regulations.A report from the Federal Reserve is expected to show that industrial production rebounded by 0.2 percent in February after falling 0.3 percent the previous month. The data is due at 9:15 a.m. ET (1315 GMT).Separately, a report from the University of Michigan is expected to show the preliminary reading of the consumer sentiment index rose to 97 in March from 95.7 in February. The data is expected at 10:00 a.m. ET.Dow e-minis were up 16 points, or 0.08 percent at 8:23 a.m. ET, with 1,936 contracts changing hands.S&P 500 e-minis were down 1 point, or 0.04 percent, with 25,037 contracts traded.Nasdaq 100 e-minis were up 2.5 points, or 0.05 percent, on volume of 2,147 contracts.Wall Street slipped on Thursday, pressured by healthcare shares as traders cashed in gains from one of the best performing sectors so far this year.Tiffany''s shares rose 3.5 percent to $93.10, after the company posted a better-than-expected fourth-quarter profit, boosted by strong demand for its high-end jewelry in Japan and China.Valeant was up 4.4 percent at $11.69 in premarket trading after ValueAct Capital raised its stake in the drug company.Adobe was up 5.2 percent at $128.73 after the company posted better-than-expected quarterly results, buoyed by demand for its Creative Cloud package of software tools, which includes Photoshop.(Reporting by Anya George Tharakan and Yashaswini Swamynathan in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/usa-stocks-idINKBN16O1LN'|'2017-03-17T09:54:00.000+02:00'
'fc7d10f2a1546807c1aa08ca37680e868a70588c'|'FCA CEO: ''zero interest'' in pursuing merger talks with VW CEO - Reuters'|'DETROIT The top executive of automaker Fiat Chrysler Automobiles NV ( FCHA.MI ) ( FCAU.N ) said on Wednesday that he has "zero interest in pursuing" merger talks with his counterpart at Volkswagen AG ( VOWG_p.DE )"If he wants to come, he knows where I live," chief executive Sergio Marchionne told reporters after an event with U.S. President Donald Trump. Marchionne spoke the day after VW CEO Matthias Mueller signaled he might be interested in a merger with FCA or another rival.(Reporting By Bernie Woodall; Writing by Nick Carey; Editing by Frances Kerry)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-fiat-chrysler-ceo-volkswagen-idINKBN16M2WJ'|'2017-03-15T17:03:00.000+02:00'
'b111f73c9e8b9056885c89f980fe39c2c8c21bcc'|'Sainsbury''s has to take inflation hit on the chin - Business'|'“W e entered the quarter with deflation and exited the quarter with inflation,” declared Mike Coupe, chief executive of Sainsbury’s, describing shop prices in the most recent trading period . Once upon a time, this would have been taken as excellent news for shareholders, as opposed to customers. Inflationary breezes, allowing prices to be raised faster than overheads, used to be a supermarket’s best friend and surest way to protect profit margins. Not now.Sainsbury''s warns over ''uncertain'' impact of pound''s Brexit slide Read more Coupe didn’t give a figure for price inflation at Sainsbury’s, but it is unlikely to be as high as he – and his competitors – would wish. Industry consultant Kantar put the rate at 1.4% last month . That was double the rate in the previous month, but we’re not talking about the 5% within six months that his predecessor, Justin King, forecast four months ago for the entire industry.King’s argument was that, since 40% to 50% of food in supermarkets is imported, a 5% increase in prices would be required to compensate for the 10% fall in the pound since the referendum. King’s figure will almost certainly arrive in time, one suspects, but not within his six-month horizon. Instead, supermarkets are having to take much of the inflationary hit on the chin.As Coupe said: “The market remains very competitive and the impact of cost price pressures remains uncertain.” Put another way, discounters Aldi and Lidl – who weren’t forces in the land during previous sterling devaluations – lie in wait for any supermarket that thinks it can help itself to a currency-inspired price rise. Supermarkets’ share prices, becalmed as the overall stock market marches upwards, tell the story. Inflation was great for supermarkets only when competition was weaker. Life has changed.In Sainsbury’s case, the acquisition of Argos, where like-for-like sales rose 4.3%, looks smarter by the month. The timing was sound. But the supermarkets, where sales were flat, are on a tough treadmill.Energy has enough power to take the pain Those MPs who spent Thursday beating up the big energy suppliers in parliament may also note the supermarkets’ experience. In the electricity and gas market, price increases are being blamed on different factors – rising wholesale prices and the cost of programmes to upgrade infrastructure – but the seemingly mechanical nature of the hikes is striking.Even if one concedes (many wouldn’t) that the energy market is competitive, it would be hard to argue that it’s as competitive as food retailing. It is a point the government, preparing a green paper on protecting the interests of consumers, may care to make when the Big Six next protest that their price rises were forced by factors beyond their control. It is not against the rules to counter those forces and take a bit of short-term pain yourself.Balfour Beatty tastes benefits of reconstruction Facebook Twitter Pinterest Balfour Beatty CEO Leo Quinn. Photograph: Rex In 2014, Balfour Beatty was deemed in some quarters to be such a mess that a takeover by rival Carillion would be an act of mercy. Balfour had issued umpteen profit warnings and Carillion, lobbying for an all-share deal, was regarded as the sector’s slickest operator. Three years on, Balfour’s shareholders should give thanks the takeover didn’t happen. Their company’s recovery continues while Carillion’s share price has sunk by a third.It would be exaggeration to say Leo Quinn, the outsider recruited to cure Balfour’s many ailments, has completed the task. Even in a low-margin business like construction, making an operating profit of £67m on revenues of £8.5bn does not count as success. But it is true that a dose of common sense, after Balfour’s grim chapter of over-bidding for contracts, has made a difference. Quinn pledged to improve the cash position by £200m in the first two years while removing £100m of costs. In the event, he reported £439m and £123m respectively.The way he tells it, the trick was to make 45 businesses, accumulated during Balfour’s old acquisition spree, into one. “A federated culture had resulted in layers of unnecessary cost and a tendency for elements of the business to compete with one another,” he says. Balfour now has one IT director instead of 14.True success will arrive only when Balfour delivers the “industry standard” profit margins Quinn talks about. The target is by the end of next year. If standard means 2.5%, profits would pass £200m on current revenues, which would be a proper improvement. The morale of the 2014 episode seems simple. In a business such as construction, where contracts rarely run for longer than two or three years and the poison can flushed out of the system quite quickly, it is usually better to fix a troubled business than to sell it in a weak moment.Topics J Sainsbury Balfour Beatty Carillion Energy industry Construction industry Retail industry comment  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/mar/16/sainsburys-price-increases-competition-inflation-aldi-lidl'|'2017-03-17T02:38:00.000+02:00'
'6547eb2ff3a8435b8bb34506414bca168231458e'|'MOVES-BlackRock names new global head of trading -executive'|'By Trevor Hunnicutt - NEW YORK, March 16 NEW YORK, March 16 BlackRock Inc is appointing a new head of global trading, a senior executive said on Thursday, elevating a specialist in electronic trading at the company responsible for more than $5 trillion in assets.Supurna VedBrat is taking the role early next quarter, the executive, Richie Prager, who is head of BlackRock''s Trading, Liquidity and Investments Platform, said in a statement emailed to Reuters.VedBrat was previously a deputy head of trading, with oversight over stock trading globally and prime brokerage financing. She also was co-head of electronic trading and market structure operations spanning assets.The other deputy head of trading, Chris Vogel, who specialized in fixed income and currencies, is planning to leave BlackRock in August, a spokeswoman confirmed.The spokeswoman said neither of the executives had comment."Under Supurna''s leadership to date, BlackRock has made significant strides to deliver performance to clients through improved access to liquidity and reduced transaction costs," Prager said. (Reporting by Trevor Hunnicutt; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/blackrock-moves-vedbrat-idINL2N1GT1NH'|'2017-03-16T17:00:00.000+02:00'
'e701e0eff4dbda85fdaaa78d431bda875c4d6505'|'Brexit costly in trade terms whatever deal reached with EU - former WTO head'|'Business News   4:06pm GMT Brexit costly in trade terms whatever deal reached with EU: former WTO head Pascal Lamy, former World Trade Organization Director-General, speaks during an interview at the Reuters Russia Investment summit in Moscow, Russia, September 30, 2015. REUTERS/Maxim Shemetov By Kylie MacLellan - LONDON LONDON Britain''s departure from the European Union will be costly for both sides in trade terms, however good the exit deal reached, former head of the World Trade Organization Pascal Lamy said on Thursday. Prime Minister Theresa May has said Britain will be leaving the EU''s single market and will instead seek a "comprehensive, bold and ambitious" free trade agreement with the bloc. "Whatever deal we succeed in making, and I am pitching for the best deal, the most open, the most simple, the most efficient and the most pragmatic, the greatest deal we can have, is going to be complex and costly," said Lamy, a former European trade commissioner who headed the WTO from 2005 to 2013. "In trade terms, there is no way switching from the internal market to any other arrangement, including the best, won''t be costly," he told an audience at the Institute for Government think tank in London. Lamy said that even though reaching a tariff-free agreement for trade in goods was a "no brainer", regulations and customs procedures would add a layer of costs for both sides. "Anything that has a cost for the UK has a cost for the continent because of the deep integration of our production systems," he said. May is due to trigger Article 50 of the EU''s Lisbon Treaty, beginning two years of divorce talks, by the end of this month. Lamy said it would not be possible to reach a deal in this time, with just the trade agreement element likely to take five to six years, and that a transitional period would be needed. May has also said she is prepared to walk away from negotiations without a deal if she doesn''t like what is on offer. In the absence of an agreement, trade between Britain and the other 27 EU members would default to WTO rules and tariffs. Lamy, who was also chief of staff to former European Commission president Jacques Delors, rejected May''s suggestion that no deal could be better than a bad deal, saying trading on WTO terms "would be worse than a bilateral agreement". But he added that he believed both sides would strive to avoid this situation. "For such a thing to happen this would have been mishandled on either one side or both sides. I cannot see this as a sort of likely scenario." (Editing by Stephen Addison) Fed rate hikes could spell end to global easing SINGAPORE/WASHINGTON The Federal Reserve''s return to higher interest rates could lend a hand to beleaguered counterparts in Japan and Europe and signal the end of a long cycle of monetary stimulus across Asia, as central banks from Beijing to Ankara to London reacted on Thursday to the U.S. policy change.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-eu-trade-idUKKBN16N2BX'|'2017-03-16T23:05:00.000+02:00'
'de921e43c5efedfa214253fb071c514e60f0463a'|'Arconic drops request for $259 million U.S. energy fund loan'|'WASHINGTON, March 17 Arconic Inc said on Friday it had dropped its request for a $259 million loan from the U.S. Energy Department, a day after the Trump administration proposed killing the program aimed at boosting manufacturing of advanced technology vehicles.In 2015 the Obama administration announced a "conditional commitment" to loan Alcoa Corp the $259 million to expand production of lightweight materials for vehicles at its plant in Alcoa, Tennessee.The loan was to be made under the $25 billion Advanced Technology Vehicles Manufacturing (ATVM) program.Arconic, which builds aerospace and automotive parts, split from Alcoa last year."After thorough review, we decided not to proceed with the ATVM loan as it no longer fit the needs of the company," the company said in a statement on Friday.On Thursday, the Trump administration proposed ending the loan program, which was first funded by Congress in 2008 and used to help provide critical liquidity to automakers hurt by the financial crisis and other companies.Tesla Inc, Nissan Motor Co and Ford Motor Co were among the companies that received funding during the downturn. The program also backed startup automaker Fisker Automotive Inc and Michigan-based Vehicle Program Group, both of which were shut down with a loss of $181 million to taxpayers.The program has not funded a new project in six years. Ending it could free up $4.2 billion in unused subsidies. (Reporting by David Shepardson in Washington and Nick Carey in Detroit; Editing by Paul Simao)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/arconic-loan-idINL2N1GU1FB'|'2017-03-17T16:56:00.000+02:00'
'7ef374826d786d47a90500dfcd573e0ce4655bf0'|'CANADA STOCKS-TSX falls with heavyweight financial, resource stocks'|'Company  10pm EDT CANADA STOCKS-TSX falls with heavyweight financial, resource stocks TORONTO, March 17 Canada''s main stock index ended lower on Friday, weighed down by declines among its heavyweight financial and natural resource stocks despite higher commodity prices as bond yields slipped. The Toronto Stock Exchange''s S&P/TSX composite index unofficially closed down 71.16 points, or 0.46 percent, at 15,491.25. The index slipped 0.1 over the week. (Reporting by Alastair Sharp; Editing by Meredith Mazzilli) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-close-idUSL2N1GU1P0'|'2017-03-18T03:10:00.000+02:00'
'04ca1cf732bc23edaf58da683261853a6afd6ad2'|'German steel workers to get 4 percent wage hike by 2018'|' 44pm GMT German steel workers to get 4 percent wage hike by 2018 A worker controls a tapping of a blast furnace at Europe''s largest steel factory of Germany''s industrial conglomerate ThyssenKrupp AG in Duisburg, Germany December 6, 2012. REUTERS/Ina Fassbender/File Photo DUESSELDORF, Germany Around 72,000 German steel workers will get a 2.3 percent pay hike from April, and another 1.7 percent from next May in a deal struck overnight, one of several sectors in Europe''s largest economy to give workers a solid wage rise this year. The deal, which runs until the end of 2018, was reached for steelworkers in northwestern Germany after a third round of negotiations in the western city of Duesseldorf between employers'' group Arbeitgeberverband Stahl and trade union IG Metall. "With this wage result, employees are receiving a fair share of the economic success of the sector," IG Metall leader Joerg Hofmann said on Friday. IG Metall had called for employees at firms like Thyssenkrupp ( TKAG.DE ) und Salzgitter ( SZGG.DE ) to get 4.5 percent more wages over the course of 12 months. Employers had only agreed to a 1.3 percent rise during the last round of negotiations but thousands of steel workers have since exerted pressure by carrying out warning strikes. Andreas Goss, head of Stahl and of Thyssenkrupp Europe, said a lower increase would have been preferable, but that had not been possible due to improving prospects for the steel industry, higher pay deals in other sectors and accelerating inflation. In February, Germany''s federal states agreed with trade unions a two-stage wage increase of 4.35 percent for more than two million civil servants and other public sector employees. Private consumption helped the German economy to grow 1.9 percent in 2016 and economists expect domestic demand to drive growth this year thanks to record-high employment, increased job security, rising wages and rock-bottom borrowing costs. (Reporting by Tom Kaeckenhoff; Writing by Michelle Martin and Emma Thomasson; Editing by Nick Macfie and Pritha Sarkar)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-economy-wages-idUKKBN16O1KR'|'2017-03-17T19:44:00.000+02:00'
'bb713cb20e2ba274615c173c30896489641c1020'|'South Korea''s Netmarble Games considers up to $2.56 billion IPO - source'|' 36am GMT South Korea''s Netmarble Games considers up to $2.56 billion IPO - source SEOUL Netmarble Games Corp, South Korea''s largest mobile gaming company, is considering an initial public offering worth up to about 2.9 trillion won (2.06 billion pounds) in what could be South Korea''s second-largest listing ever, a source with direct knowledge said on Friday. The value of the IPO, which could be about 2.2 - 2.9 trillion won, is based on an expected indicative price range of about 130,000 won to 173,000 won per share, the source said. If the pricing is not at the bottom of the range, the listing on the KOSPI .KS11 is expected to be the second-largest ever for the bourse behind the 4.9 trillion won listing of Samsung Life Insurance ( 032830.KS ) in 2010. The numbers could be subject to change before a securities report is submitted to regulators, the source said. The source was not authorised to speak to media and thus declined to be identified. A spokesman for Netmarble, which is backed by China''s Tencent Holdings ( 0700.HK ), declined to comment. Analysts have revised up Netmarble''s estimated market capitalisation to between 10 to 15 trillion won after its blockbuster mobile game "Lineage 2: Revolution" posted record sales since its December release in South Korea. Netmarble, which is listing to raise funds for mergers and acquisitions, aims to raise its ranking in key markets to reach its goal of becoming a global top 5 game company by 2020, Netmarble founder Bang Jun-hyuk told Reuters in January. The company received Korean exchange approval for an IPO in December 2016. JP Morgan and NH Investment & Securities are advising the IPO. Tencent owned a 22.2 percent stake in Netmarble as of end-2016. Samsung BioLogics Co Ltd''s ( 207940.KS ) IPO raised 2.25 trillion won in November 2016, in South Korea''s second-largest ever listing. ($1 = 1,132.6200 won) (Reporting by Changho Lee; Writing by Joyce Lee; Editing by Muralikumar Anantharaman)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-netmarble-ipo-idUKKBN16O0KP'|'2017-03-17T13:36:00.000+02:00'
'ebb4766e8bcf124491a5c2f2734f4b2f23778a5f'|'U.S. jobless claims fall as labour market tightens'|'Business News - Thu Mar 16, 2017 - 12:32pm GMT U.S. jobless claims fall as labor market tightens People attend a job fair in Detroit, Michigan March 1, 2014. REUTERS/Joshua Lott WASHINGTON, The number of Americans filing for unemployment benefits fell last week, pointing to a further tightening in the labor market. Initial claims for state unemployment benefits dropped 2,000 to a seasonally adjusted 241,000 for the week ended March 11, the Labor Department said on Thursday. Claims for the prior week were unrevised. It was the 106th straight week that claims remained below 300,000, a threshold associated with a healthy labor market. That is the longest stretch since 1970, when the labor market was much smaller. Last week''s drop in new applications was broadly in line with economists'' expectations. The labor market is near full employment. That, together with firming inflation, gave the Federal Reserve confidence on Wednesday to raise its overnight benchmark interest rate by 25 basis points to a range of 0.75 percent to 1.00 percent. The U.S. central bank forecast two more rate hikes this year. A Labor Department analyst said there were no special factors influencing last week''s claims data and no states had been estimated. The four-week moving average of claims, considered a better measure of labor market trends as it irons out week-to-week volatility, edged up 750 to 237,250 last week. Job growth has averaged 209,000 per month over the past three months and the unemployment rate is at 4.7 percent, close to a nine-year low of 4.6 percent hit last November. Thursday''s claims report also showed the number of people still receiving benefits after an initial week of aid declined 30,000 to 2.03 million in the week ended March 4. The four-week average of the so-called continuing claims fell 11,750 to 2.05 million. (Reporting by Lucia Mutikani; Editing by Paul Simao) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-economy-unemployment-idUKKBN16N1LG'|'2017-03-16T19:34:00.000+02:00'
'6dd3f5e3d9685c3393fdc794935c5dcc09b417d6'|'Can''t tax, won''t tax: The hole in Western finances'|'HAVE western governments, faced with angry voters, lost the ability to raise taxes? The question is raised by a farcical U-turn by the British government over a budget measure announced a week previously. The government retreated in the face of backbench opposition and the right-wing press. It seems eerily reminiscent of America, where Republicans have an absolute abhorrence of tax-raising measures.The planned British increase (aligning the tax rates of the employed and self-employed) was perfectly sensible. Unless closed, this gap will erode the tax base over the long run. Most economists agree that differential tax treatments tend to distort behaviour for no long-term gains. But the government had promised at the 2015 election not to raise income tax, national insurance or VAT—three taxes that raise around two-thirds of revenues—and this (foolish) promise was used against it. Latest updates The hole in Western finances Buttonwood''s notebook 27 minutes ago Foreign reserves 4   8   9   21 hours ago Unearthed recordings shine a light on the Rust Belt''s art-rock era Prospero a day ago See all updates As the graph shows, British tax revenues have struggled to get above 35% of GDP since the late 1980s. That is a problem when spending has consistently been above 35% and often above 40%. The UK is not alone. From 2000 to 2016, the average OECD government spent 40.9% of GDP a year; tax revenues have been 37% of GDP (see the data here ). In only two years (2000 and 2015) did tax revenues get to 38% of GDP; since 2008, spending has consistently been above 40% of GDP. As a result, average debt-to-GDP figures have risen from 67.4% in 2000 to 116.3% last year.In an earlier era, this would surely have caused a crisis. And, of course, it did in countries without a national central bank—Greece and Ireland, for example. Countries that have their own central banks have been able to lower their interest rates (reducing the cost of servicing the debt) and to pursue quantitative easing (QE) programmes that actually buy the debt. As a result, net debt payments are actually lower as a proportion of GDP (1.8% versus 2.6%) than they were in 2000. Many government have pursued austerity programmes, of course, and these have been highly controversial. First, they have tended to focus on social spending that tends to benefit the poorest in societies. Second, they have also cut capital budgets—spending on infrastructure such as schools, hospitals and roads. This latter category is probably the most useful form of Keynesian stimulus in a downturn. It also looks like a no-brainer given low interest rates; there must be plenty of infrastructure projects with a net positive return if the cost of borrowing is 1-2%. Indeed, the OECD has argued that a dose of fiscal stimulus can enable countries to escape the low-growth trap.While there are very good cyclical arguments for an infrastructure boost in many countries, the question is whether this will generate enough growth to bring the finances back into balance in the long run. The average OECD country hasn''t been in primary surplus (the balance of receipts over payments, before interest payments) since 2001, even though there was a boom in the mid-2000s. Ann Pettifor, an economist, argued that it is possibleby replacing low-paid insecure employment with full-skilled well-paid employment, government would expand tax take and could cut taxesThat certainly would be an outcome everyone would favour but it is not so easily done. Educating the workforce takes time, especially if you have to start at the school level. And it may be that the new industries in technology create a small number of well-paid high-skilled jobs, leaving the rest to low-paid service jobs.The fundamental problem is that OECD populations are getting older, which implies a steady increase in spending on health and pensions. That will make it very hard to bring overall spending down. Meanwhile the proportion of the population that is of working age is set to decline—not good for tax revenues. Governments could raise taxes but we live in an era of mobile people and companies. The top 1% of Britons pay 27% of all income tax receipts. Many of these people can go elsewhere—indeed quite a few of them are Europeans escaping high taxes in their own countries. Governments are competing to reduce corporation tax rates to attract multinationals. And as we have seen, there is no political will to raise taxes. This suggests there is a structural problem.At the moment, the problem is not hitting home because of low rates. But imagine if today''s debt levels were accompanied by 2000''s yield levels; then interest payments would be 4.5% of GDP, more than double today''s levels. And that of course would only make the financing problems even harder.If as I suspect, government cannot raise the taxes needed to finance the spending their voters want, then we are in for permanent central bank intervention in the economy, with very low real rates. The big test is whether governments with a structural deficit can finance themselves cheaply—even with central bank help—over the long run.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/blogs/buttonwood/2017/03/cant-tax-wont-tax?fsrc=rss'|'2017-03-16T21:49:00.000+02:00'
'12b3969da94d5aab3e4bbfce29ff676313925d67'|'GLOBAL MARKETS-Asia stocks weaker, dollar slips as Fed continues to weigh'|'Business  47pm EDT Asia stocks weaker, dollar slips as Fed continues to weigh An office worker walks past a logo of the Singapore Stock Exchange (SGX) outside its premises in Singapore, April 23, 2014. REUTERS/Edgar Su/File Photo By Nichola Saminather - SINGAPORE SINGAPORE Asian stocks were slightly weaker early on Monday, following Wall Street''s declines and the G20''s decision to drop a pledge to avoid trade protectionism, while the Federal Reserve''s seemingly dovish stance last week continued to drag the dollar lower. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was fractionally lower. Japan is closed for a holiday. On Friday, Wall Street was flat to negative, dragged lower by bank shares that fell along with Treasury yields. Financial leaders from the world''s biggest economies reiterated their warnings against competitive devaluations and disorderly foreign exchange markets at the meeting in the German town of Baden-Baden over the weekend. But they failed to agree on a commitment to keep global trade free and open, highlighting a global shift toward protectionism. "Essentially it''s a result of the U.S. protectionist stance, something (President Donald) Trump has been very clear on and the market is well aware of this," James Woods, global investment analyst at Rivkin Securities in Sydney, said. "Importantly we saw other leaders such as (Japanese Prime Minister) Shinzo Abe and (German Chancellor) Angela Merkel come out publicly supporting free trade, and for now the protectionist stance remains constrained to the U.S. It would be more concerning if this began spreading to other countries." The dollar, however, didn''t react to the statements from the meeting, hovering close to its near-three-week low touched on Friday. It traded 0.1 percent lower at 112.57 yen JPY= . The dollar index .DXY, which tracks the greenback against a basket of six trade-weighted peers, inched lower to 100.26, having touched a 5 1/2-week low on Friday. Markets are focused on a raft of speeches by Federal Reserve officials this week, including Chicago''s Charles Evans on Tuesday and Friday, Chair Janet Yellen on Thursday and Dallas'' Robert Kaplan and Minneapolis''s Neel Kashkari on Friday and New York''s William Dudley on Saturday. The euro climbed 0.1 percent to $1.0748 after riding the relief over the Netherlands election defeat of anti-European Union candidate Geert Wilders to hit a near-six-week peak on Friday. Attention now turns to the French election, with the first Presidential debate set to take place on Monday. Opinion polls show independent centrist Emmanuel Macron would lead far-right leader Marine Le Pen by a hair in first-round voting, before beating her in the run-off. In commodities, oil prices continued their downward trend as doubts grew about the effectiveness of OPEC cuts in containing a supply glut as U.S. inventories continue to climb. U.S. crude CLc1 fell 0.6 percent to $48.50 a barrel. The weaker dollar boosted gold XAU=, which added 0.2 percent to $1,230.50 an ounce in early trade. (Reporting by Nichola Saminather; Editing by Sam Holmes) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-global-markets-idUSKBN16R015'|'2017-03-20T07:40:00.000+02:00'
'0fc07685dcf928774392094720f633f65fc867ae'|'Julius Baer says 2016 pay for CEO Collardi rises to 6.49 million Swiss francs'|'  6:17am GMT Julius Baer says 2016 pay for CEO Collardi rises to 6.49 million Swiss francs Chief Executive Boris Collardi of Swiss private bank Julius Baer smiles as he addresses a news conference to present the bank''s full-year results in Zurich, Switzerland February 1, 2017. REUTERS/Arnd Wiegmann ZURICH Julius Baer ( BAER.S ) Chief Executive Boris Collardi received 6.49 million Swiss francs ($6.52 million) in total compensation for 2016, the Swiss private bank said in its annual report on Monday. This was up from 6.16 million francs in 2015. The Zurich-based bank''s share price fell 7.1 percent last year. (Reporting by Joshua Franklin; Editing by Michael Shields)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-julius-baer-ceo-salary-idUKKBN16R0CG'|'2017-03-20T13:17:00.000+02:00'
'be9e48ce46f24938bc0877c7435082b7d834dde4'|'UBS says facing trial in French tax case'|' 47am GMT UBS faces French trial over long-running tax case FILE PHOTO: The logo of Swiss bank UBS is seen on a branch office in Zurich, Switzerland November 8, 2016. REUTERS/Arnd Wiegmann/File Photo ZURICH UBS ( UBSG.S ) and its French subsidiary face a trial in France after authorities laid out charges against the Swiss bank, marking an escalation of a long-running probe into allegations they helped wealthy clients avoid taxes. "We will now have the possibility to respond in detail in a court of law," UBS said in an emailed statement on Monday. "UBS has made clear that the bank disagrees with the allegations, assumptions and legal interpretations being made." A spokesman for UBS said the bank could not comment on the date of the trial. French magistrates have ordered that UBS stand trial for aggravated tax fraud and money laundering as well as illegally offering related services, a judicial source said. Magistrates were expected this week to order a trial in the case, Reuters reported on Sunday, after negotiations failed to produce a settlement in the long-running probe into allegations UBS helped clients avoid taxes. French newspaper JDD said UBS had rejected a 1.1 billion euro ($1.18 billion) settlement proposed by prosecutors. The JDD quoted Markus Diethelm, UBS''s group general counsel, as saying a 1.1 billion euro payment was "unthinkable" and out of line with similar settlements reached in other countries. UBS settled a tax case with German authorities in 2014 for around 300 million euros. (Reporting by Joshua Franklin in Zurich and Laurence Frost in Paris; Editing by Michael Shields and Alexander Smith)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-france-ubs-group-taxavoidance-idUKKBN16R0T2'|'2017-03-20T17:08:00.000+02:00'
'10fd5967f652ae56bfc6b6b6c876b4db4605ea21'|'BRIEF-SPI Energy announces receipt of termination notice with respect to its ADS facility'|' 53am EDT BRIEF-SPI Energy announces receipt of termination notice with respect to its ADS facility March 20 SPI Energy Co Ltd * SPI Energy Co Ltd announces receipt of termination notice with respect to its ADS facility * SPI Energy - Bank of New York Mellon issued a notice on March 17 to holders of co''s ADSs stating that it would terminate co''s ADS facility on June 19  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-spi-energy-announces-receipt-of-te-idUSFWN1GX0DQ'|'2017-03-20T19:53:00.000+02:00'
'6f1ef0fec059669e0d20d7d8eb225b227300b61a'|'Greece, lenders still divided, bailout talks to intensify - Dijsselbloem'|'Business News   5:14pm GMT Greece, lenders still divided, bailout talks to intensify - Dijsselbloem FILE PHOTO: A street vendor carries his belongings in front of the Athens'' Academy, Athens, Greece, December 23, 2008. REUTERS/Yiorgos Karahalis/File Photo BRUSSELS Greece and its euro zone creditors are still at odds over reforms required before new loans can be disbursed to Athens, the head of euro zone finance ministers said on Monday after an inconclusive meeting in Brussels. "Some key issues" still remain to be sorted out, Jeroen Dijsselbloem told a news conference after the meeting. "The outcome of today''s meeting is that we have agreed talks will continue and will intensify in coming days in Brussels," Dijsselbloem said giving no date for a possible deal. The next regular meeting of euro zone finance ministers is on April 7, he said: "But there is no promise all the work will be done by then." (Reporting by Francesco Guarascio; Editing by Alastair Macdonald) Next In Business News Vodafone, Idea in $23 billion deal to create new Indian telecom leader MUMBAI Britain''s Vodafone Group and Idea Cellular agreed on Monday to merge their Indian operations in a $23 billion (18.55 billion pounds) deal, creating the country''s biggest telecoms business after the entry of a new rival sparked a brutal price war. Trump''s net worth dwindled to $3.5 billion, Forbes says NEW YORK While Donald Trump''s political fortunes were rising, his net worth was dropping to a mere $3.5 billion, or roughly a third of what he claimed during his successful campaign for the U.S. presidency, according to the latest Forbes list of the world''s billionaires. Exclusive - Iran struggles to coax Bank of England to open clearing accounts: sources LONDON/ANKARA Iran has asked the Bank of England to set up special clearing accounts for its banks, but has so far been rebuffed in its effort to resolve an impasse that has left it excluded from banking in London more than a year after sanctions were lifted. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-greece-division-idUKKBN16R21Z'|'2017-03-21T00:14:00.000+02:00'
'8ed731d375f3d076c8400b9d83e76b5c3755b0f5'|'Did Trump just hint at changes to his proposed tax rates?'|'Why Trump''s tax plan could raise taxes for 8.7 million households Anyone looking for clues as to what President Trump might include in his much-promised revamp of his tax reform proposal may have gotten a clue over the weekend. Or not. In an interview with Jesse Watters of Fox News, Trump reiterated his oft-stated desire to cut taxes for everyone -- both businesses and individuals. He also noted that the number of tax brackets would be reduced "from seven to three or four." That might signal a change from his latest proposal in which he called for just three brackets -- a 12% bracket, a 25% bracket and a 33% bracket -- just as the House Republican''s tax reform blueprint does. Related: How Paul Ryan and Donald Trump differ on tax reform Trump then went on to say, "I''d like to see 0[%] if you don''t make much, like 0. That''s what it''s going to be, it''s going to be 0 up to a level." In other words, the first $X you earn would be taxed at 0%. And that 0% is possibly the fourth bracket to which Trump alluded. But here''s the thing: Under today''s code, the standard deduction effectively serves as a 0% rate, said Len Burman, a former deputy assistant secretary for tax analysis at Treasury. That is, your adjusted gross income is automatically reduced by $6,300 if you''re single, or by $12,600 if you''re married filing jointly. So it removes that amount from your federal taxable income. Both Trump and the House GOP blueprint have already proposed greatly increasing the standard deduction. House Republicans would nearly double it while Trump would go farther -- raising it to $15,000 for singles and $30,000 for married couples. "Having both (a 0% bracket and a standard deduction) wouldn''t make much sense," said Roberton Williams, a senior fellow at the Tax Policy Center. So perhaps the president was suggesting that the newest iteration of his tax reform proposal would offer a 0% bracket in place of a bigger standard deduction. Or maybe he was merely emphasizing the effect a larger standard deduction would have for those who don''t earn much. Or maybe he was just hinting that his next plan will do a better job of not increasing taxes for some low- and moderate income parents, who might be hurt by various other changes he called for, such as a repeal of certain exemptions and the head of household status. Trump also suggested that in his next tax proposal the first rate above 0% might be different than in his latest version. But he wasn''t specific on what the final numbers would be. "Then it''s going to be 12.5%, 15%, it''s going to be 10%. We''re working on the different numbers." Related: 6 reasons tax reform may not happen this year It''s not clear when the White House will put forth a new proposal. What seems increasingly evident, however, is that tax reform will not be completed this summer as originally promised and possibly not even this year . True tax reform is always harder than it seems. Plus, the process of repealing and replacing Obamacare is taking longer than expected and will push aside tax reform until lawmakers can come to some agreement.   1:07 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_economy.rss'|'http://money.cnn.com/2017/03/20/news/economy/trump-tax-rates/index.html'|'2017-03-20T20:07:00.000+02:00'
'cdbd8035ab10392c268bea44fa41ee5f7d424fb2'|'UPDATE 2-Allan Gray signals Net1 shareholder revolt over South Africa grants debacle'|' 33am EDT UPDATE 2-Allan Gray signals Net1 shareholder revolt over South Africa grants debacle * Concerns over grant payments system mount * South Africa''s top court to rule Friday on issue * About 17 million people receive welfare benefits (Adds details) JOHANNESBURG, March 17 Investment company Allan Gray said on Friday its 16 percent stake in Net1 allowed it to call a shareholders'' meeting over the payment technology provider''s handling of the scandal over a South African welfare contract. South Africa''s Constitutional Court was set to rule on Friday in a case concerning the unlawful tender of a contract to Net1 unit Cash Paymaster Services (CPS) to manage welfare benefits to 17 million people. The stakes are high as the welfare system is a lifeline for South Africa''s most vulnerable and includes more than 11 million child support grants, many of whom would go hungry without the monthly payment. Allan Gray could push for the removal of the Net1 board, Chief Investment Officer Andrew Lapping was quoted in the Business Day newspaper. "Sixteen percent allows us to call a shareholders'' meeting," Allan Gray Chief Operating Officer Rob Dower told Talk Radio 702. Friday''s looming judgment by the country''s top court stems from a case brought by applicants who want it to take oversight of a new contract. South African President Jacob Zuma said in parliament on Thursday there was no "crisis". Earlier this week the country''s chief justice placed the blame for the debacle squarely on the shoulders of Social Development Minister Bathabile Dlamini, calling her inaction incomprehensible. The creation of a welfare safety net which supports one in three South Africans has been one of the signature achievements of the ruling African National Congress (ANC), in power since the end of white apartheid rule in 1994. The chaos in South Africa''s social security agency comes three years after the Constitutional Court ruled that the tender won by CPS was illegal. The government was given time until April 1 to take responsibility for social service payments or find a new provider, but it has so far failed to do so, raising concerns that grants may not be paid on time next month. (Reporting by Ed Stoddard; Editing by James Macharia)   UPDATE 1-UK STOCKS-Factors to watch on March 17 (Adds company news items, futures) March 17 Britain''s FTSE 100 futures were down 0.1 percent ahead of the cash market open on Friday. * The UK blue chip FTSE 100 index closed 0.6 percent higher at 7,415.95 points on Thursday, helped by a surge in commodities-related stocks, but pared some gains after a Bank of England policymaker voted for a rate hike. * BERKELEY: London-focussed housebuilder Berkeley said it expected full-year'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/safrica-welfare-court-idUSL5N1GU0ZK'|'2017-03-17T14:33:00.000+02:00'
'ba0bf3a63e1aeef5d1fb110371282b855707de6b'|'UPDATE 1-UK STOCKS-Factors to watch on March 17'|' 36am EDT UPDATE 1-UK STOCKS-Factors to watch on March 17 (Adds company news items, futures) March 17 Britain''s FTSE 100 futures were down 0.1 percent ahead of the cash market open on Friday. * The UK blue chip FTSE 100 index closed 0.6 percent higher at 7,415.95 points on Thursday, helped by a surge in commodities-related stocks, but pared some gains after a Bank of England policymaker voted for a rate hike. * BERKELEY: London-focussed housebuilder Berkeley said it expected full-year profits to be at the top end of market expectations despite demand falling in the capital due to Brexit and an increase in property taxes on the priciest homes. * PANMURE GORDON: Former Barclays chief executive Bob Diamond''s private equity firm and an investment vehicle of the Qatari royal family said on Friday that they have agreed to buy British stock broker Panmure Gordon . * BP: BP Plc on Friday said it had sold around half its roughly 20-percent stake in New Zealand Refining Company Limited for NZ$80.4 million ($56.2 million) as part of a global portfolio review. * BP: UK petrochemicals group Ineos is in talks with BP to buy the Forties Pipeline System, located in the North Sea, the Financial Times reported on Thursday. * BHP BILLITON: The striking union at BHP Billiton''s Escondida mine in Chile, the world''s biggest copper mine, said on Thursday that it would return to the negotiating table if the company gave a written guarantee that it would only discuss the union''s three key demands. * ANGLO AMERICAN: Indian billionaire Anil Agarwal said he wants to buy a 2 billion pound ($2.45 billion) stake in Anglo American , a major vote of confidence in the global miner''s recovery. * BRITISH AMERICAN TOBACCO: British American Tobacco (BAT) said demand for its "glo" tobacco heating device overwhelmed supply in its Japan test marketing, as global cigarette giants shift focus to the new product category amid declining smoking population. * BRITAIN BOND: British 10-year government bond yields hit a one-month high on Thursday after a Bank of England policymaker unexpectedly voted to raise interest rates, and there were signs that some other officials could be tempted to follow suit soon. * BREXIT: Recent weakness in British pay growth likely reflects temporary caution about Brexit among employers, Bank of England rate-setter Kristin Forbes said in a newspaper opinion piece published in the Daily Telegraph on Thursday. * OIL: Oil prices were little changed in early Asian trade on Friday as the market looked for clues on how effectively OPEC production cuts are working to absorb a global supply overhang. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Siju Varghese)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1GU2KH'|'2017-03-17T14:36:00.000+02:00'
'c4bb248005e4d91476e544108f55e4b325b39d2f'|'UPDATE 1-Chile''s LATAM Airlines posts first yearly profit in history'|'Company News   7:58pm EDT UPDATE 1-Chile''s LATAM Airlines posts first yearly profit in history (Adds details throughout) SANTIAGO, March 15 Regional carrier LATAM Airlines posted a net profit of $69 million for all of 2016 on Wednesday, its first yearly profit since the company formed four years ago, helped by improving conditions in key market Brazil. The Chile-based airline, Latin America''s largest, posted a $54 million profit for the fourth quarter. Both figures beat forecasts by analysts surveyed by Reuters, who saw on average a 2016 profit of $23.5 million and a fourth-quarter profit of $8.5 million. "The good results can be explained principally by Brazil, given the appreciation of the real currency and the reduction of capacity, as well as fleet readjustments," said Gisela Escobar, direct of investor relations, during a presentation of the results on Wednesday evening. LATAM said it was reducing its 2016-2018 fleet commitment by $2.2 billion. It maintained its guidance for a 2017 operating margin of between 6 and 8 percent. Fleet commitments for 2018 will amount to $555 million, a reduction of $1 billion compared with Sept. 16, the airline said. The company forecast that available seat miles, a measure of capacity, would grow 1 to 2 percent in 2017, a boost over its 2016 guidance of between -1 and 1 percent. Economic difficulties in Brazil, LATAM''s key market, had caused problems for the carrier in recent years. In 2015, the company posted a net loss of $219 million, largely thanks to depreciation in that nation''s currency. LATAM was founded in 2012 through a tie-up between Chile''s LAN and Brazil''s TAM. In December, Qatar Airways completed an acquisition of 10 percent of the company, in a transaction worth $608 million. (Reporting by Gram Slattery; Editing by Sandra Maler and Leslie Adler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/latam-airlines-results-idUSL2N1GS2IN'|'2017-03-16T06:58:00.000+02:00'
'ffc011f914e09633e2b34be689bd9394c0b2d95f'|'Lufthansa sees profit falling slightly in 2017'|' 54am GMT Lufthansa sees profit falling slightly in 2017 A flight information board shows cancelled flights during a pilots strike of German airline Lufthansa at Frankfurt airport, Germany, November 30, 2016. REUTERS/Kai Pfaffenbach/File Photo MUNICH German airline Lufthansa ( LHAG.DE ) expects its profit to fall slightly this year due to pressure on ticket revenues and a rising fuel bill, it said on Thursday after reporting annual results in line with expectations. Chief Financial Officer Ulrik Svensson said the year had started well, with unit revenues even improving in Asia compared with last year. But revenues were under pressure in Europe, he said. Many analysts have expressed concern that European airlines are engaging in a damaging battle for customers, putting more seats onto the market than there is demand for, which will lead to lower profits this year. Lufthansa has said it would increase capacity by 12 percent this year. Of that, 8 percent is thanks to the takeover of Brussels Airlines and a deal to lease 38 planes and crew from Germany''s Air Berlin ( AB1.DE ). The fuel bill is expected to increase by about 350 million euros ($375.7 million) this year to 5.2 billion euros, and Lufthansa said efforts to reduce costs would not be enough to offset the rising fuel bill and pressure on ticket prices. It therefore expects 2017 adjusted earnings before interest and tax to be slightly lower than the 1.75 billion euros reported for 2016. Lufthansa reduced unit costs, not including fuel or currency, by 2.5 percent last year and is targeting a similar figure for this year. It achieved a major step towards reducing costs with a deal on pay and pensions with pilots'' union Vereinigung Cockpit on Wednesday. ($1 = 0.9315 euros) (Reporting by Victoria Bryan; Editing by Maria Sheahan)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-lufthansa-results-idUKKBN16N0LE'|'2017-03-16T13:38:00.000+02:00'
'd4161d2f301e4f57bd95de8fcc466a266ffe2b21'|'Peugeot''s Tavares and Anglo American''s Cutifani to join Total board'|' 59am GMT Peugeot''s Tavares and Anglo American''s Cutifani to join Total board A customer holds a gas pump as he fills-up his car in a Total station in Nice, France, February 9, 2017. REUTERS/Eric Gaillard PARIS French oil and gas company Total ( TOTF.PA ) plans to appoint Mark Cutifani, chief executive of mining group Anglo American ( AAL.L ), and Carlos Tavares, chairman of French carmaker Peugeot ( PEUP.PA ), as independent directors. Cutifani will bring his knowledge of industry and the raw materials sector to the board, while Total will also benefit from Tavares'' knowledge of the industrial world and the transport sector, Total said in a statement on Thursday. Cutifani and Tavares will sit on the board for a period of three years if approved by shareholders during a May 26 meeting, it said. (Reporting by Bate Felix; Editing by Sudip Kar-Gupta)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-total-board-idUKKBN16N0T3'|'2017-03-16T14:59:00.000+02:00'
'6cdc6ac2a0f41348bd09169ff5cd422ea229d4a8'|'UK lawmaker urges regulator to look into possible data leaks'|'LONDON The head of a British parliamentary committee has asked a regulator to look into media reports, including one by Reuters, about unusual movements in financial markets ahead of the release of official economic data."I have seen recent press reports which suggest that ONS statistics may be being leaked prior to their official release, and that this information is being used for inappropriate gain in financial markets," Andrew Tyrie, chair of the Treasury Committee, said in a letter to the Financial Conduct Authority."The Financial Conduct Authority will want to consider this matter, if it is not already doing so, given one of its objectives is to protect and enhance the integrity of the UK financial system."Reuters reported on Tuesday that on eight occasions over the past 12 months the pound moved against the dollar in the minutes before the release of the retail sales numbers in a way that correctly anticipated the direction of the currency once the figures were published.On Monday, the Wall Street Journal published an analysis of 207 releases of British inflation, industrial production and labor market data, which showed that on 59.5 percent of occasions British government bond futures moved ahead of the data in what proved to be the right direction.(Writing by William Schomberg; Editing by Elisabeth O''Leary)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-britain-forex-data-idUSKBN16N0Q2'|'2017-03-16T10:21:00.000+02:00'
'cc141e3ec3d7651aa7588bffc742283248319324'|'BRIEF-Veritone Inc files for IPO of up to $15 mln'|'March 15 Veritone inc* files for ipo of up to $15.0 million - sec filing* Veritone inc says have applied to list common stock on the nasdaq capital market under the symbol “veri”* Veritone inc - wunderlich and Craig-Hallum capital group underwriters to the ipo* Veritone inc - proposed ipo price is an estimate solely for purpose of calculating sec registration fee Source text for Eikon:'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-veritone-inc-files-for-ipo-of-up-t-idINFWN1GS0RB'|'2017-03-15T18:37:00.000+02:00'
'd8c413c71f4edc54deb7e9305c6a832919e1c5d7'|'Cargill says Macquarie Group to buy its petroleum business'|'Cargill Inc [CARG.UL] on Thursday said Australian bank Macquarie Group Ltd will buy its petroleum business with the transaction expected to close later this year.The global commodities trader will continue to operate in the energy industry.Cargill has spent the past year streamlining its business amid a nearly three-year slump in global commodity prices. In January, sources said that Cargill sold its U.S. gas and power business to commodities trader and investor TrailStone Group.J.P. Morgan acted as exclusive financial advisor to Cargill on this transaction.(Reporting by Eileen Soreng and Vijaykumar Vedala in Bengaluru; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cargill-inc-divestiture-macquarie-gro-idINKBN16N20A'|'2017-03-16T11:22:00.000+02:00'
'60bc699946857d15ce4bec651d5eb0f6bcc28558'|'Hexagon shares fall after CEO charged with insider trading'|'Business News - Thu Mar 16, 2017 - 9:03am GMT Hexagon shares fall after CEO charged with insider trading Ola Rollen, Chief executive of the Swedish engineering group Hexagon AB gestures during a news conference in Zurich, Switzerland, June 13, 2005. REUTERS/Siggi Bucher/File Photo STOCKHOLM Hexagon ( HEXAb.ST ) shares fell on Thursday after the chief executive of the Swedish measurement technology and software firm was charged with insider trading, with some calls for him to temporarily step aside. Ola Rollen, who is one of Sweden''s most successful chief executives and turned Hexagon from a struggling conglomerate into a technology blue chip company, denies any wrongdoing. Hexagon''s board, its main owner Melker Schorling and the AP 1 fund, the company''s sixth largest owner said on Wednesday they fully supported Rollen, who would continue as CEO. "It is without a doubt that Ola will continue as President and CEO during this period with the Board’s full support," said Gun Nilsson, who will take over as Hexagon chairman in May. Norwegian prosecutors said late on Wednesday they were charging Rollen over alleged insider trading in connection with an investment in Norwegian company Next Biometrics ASA ( NEXT.OL ) in October 2015, a transaction that did not involve Hexagon. "We are convinced that Ola Rollen has done the things he''s now charged with, and that we can prove it in court," Senior Public Prosecutor Marianne Bender told Reuters. The Swedish Shareholders Association said Rollen should ponder taking a temporary leave of absence from his CEO duties. "Ola Rollen should consider taking a time-out, because this affects confidence and it can affect the prospects to continue to develop Hexagon during the time when the legal process continues," the Association''s CEO Joacim Olsson told Reuters. Danske Bank said it believed the short term impact on Hexagon''s business would be minor, but added that the share price rise since November was not factoring in an indictment. "However the duration and the share of involvement from Ola Rollen required in the process is to us still uncertain and may increase throughout the process," Danske said. When the company announced that Rollen had been detained on insider trading suspicion in late October, Hexagon shares fell 10 percent on the day. They have since recovered sharply, but were down 3.75 percent at 0854 GMT. Hexagon has been become one of Sweden''s biggest companies since 2000 with Rollen at the helm and now has a market value of more than 120 billion crowns ($13.5 billion). Rollen, who has been linked with other top jobs in the past, including taking over Ericsson ( ERICb.ST ), is due to address the case in a conference call at 0900 GMT. ($1 = 8.8665 Swedish crowns) (Reporting by Johannes Hellstrom; Editing by Niklas Pollard and Alexander Smith) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hexagon-ceo-idUKKBN16N0Y4'|'2017-03-16T16:03:00.000+02:00'
'f310a04f0bc2ac7ff6170381b59131f55ea86b35'|'G20 to sidestep trade issue due to discord with U.S. - Schaeuble'|' 58am GMT G20 to sidestep trade issue due to discord with U.S.: Schaeuble left right German Finance Minister Wolfgang Schaeuble speaks during an interview with Reuters at the Finance Ministry in Berlin, Germany, March 15, 2017. REUTERS/Fabrizio Bensch 1/3 left right German Finance Minister Wolfgang Schaeuble speaks during an interview with Reuters at the Finance Ministry in Berlin, Germany, March 15, 2017. REUTERS/Fabrizio Bensch 2/3 left right German Finance Minister Wolfgang Schaeuble poses in his office during an interview with Reuters at the Finance Ministry in Berlin, Germany, March 15, 2017. Picture taken March 15, 2017. To match Interview GERMANY-G20/SCHAEUBLE REUTERS/Fabrizio Bensch 3/3 By Gernot Heller and Michael Nienaber - BERLIN BERLIN The protectionist stance of the new U.S. administration could complicate G20 talks this week and force policymakers to leave out the disputed trade issue, German Finance Minister Wolfgang Schaeuble said. Speaking to Reuters ahead of the G20 gathering of finance ministers and central bankers in the German town of Baden-Baden on Friday and Saturday, Schaeuble said it was still unclear if the G20 would keep joint language supporting free trade and open markets. "There are differing views on this subject," Schaeuble said, pointing to protectionist comments by U.S. President Donald Trump and other senior government officials. "It''s possible that we explicitly exclude the topic of trade in Baden-Baden and say that can only be resolved at the summit of the state and government leaders." An early draft communique for the G20 meeting had suggested that the world''s financial leaders might no longer explicitly reject protectionism, breaking with a decade-old tradition. "This is not the ideal solution, but it would not be such a big deal," Schaeuble said about the possibility that the G20 members might fail to reach an agreement on trade. The final communique of Baden-Baden should send the message that international cooperation is still robust in times of growing geopolitical risks, Schaeuble said. (Reporting by Michael Nienaber; Editing by Madeline Chambers and Toby Chopra)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-germany-g20-schaeuble-idUKKBN16N0WZ'|'2017-03-16T15:48:00.000+02:00'
'09b6c360bdf12b7472ecd6bb9fb0b2ee032cf971'|'Oil prices extend gains after drop in U.S. stockpiles'|' 28am GMT Oil prices extend gains after drop in U.S. stockpiles Gasoline drips off a nozzle during refueling at a gas station in Altadena, California March 24, 2012. REUTERS/Mario Anzuoni TOKYO Crude oil prices rose on Thursday in early Asian trading, extending gains from the previous session after official data showed U.S. stockpiles had eased from record highs. Prices surged on Wednesday after a slew of market reports and official data offered some hope that a near three-year global glut in oil is coming to an end, albeit more slowly than many anticipated. U.S. West Texas Intermediate (WTI) crude CLc1 was up 28 cents, or 0.6 percent, at $49.14 a barrel by 0010 GMT, having surged 2.4 percent in the previous session to settle at $48.86, its first increase in eight days. Brent LCOc1 futures climbed 34 cents, or 0.7 percent, to $52.15. They had their first increase in seven days on Wednesday, gaining 1.7 percent. The benchmarks have bounced off their lowest levels since the Organisation of the Petroleum Exporting Countries (OPEC) agreed at the end of last year to cut crude production, with an initial surge evaporating as stockpiles remained high. Data from the U.S. Energy Information Administration (EIA) showed U.S. crude stocks fell last week, the first weekly decline after nine straight increases. Crude inventories USOILC=ECI fell 237,000 barrels in the week to March 10. Analysts had forecast an increase of 3.7 million barrels. [EIA/S] The inventories have been closely watched by oil traders to determine whether the OPEC agreement to cut output is reducing the global glut. Oil bulls were also encouraged after the International Energy Agency said in its monthly oil report that demand should overtake supply in the first half of this year. (Reporting by Aaron Sheldrick; Editing by Richard Pullin)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN16N02G'|'2017-03-16T07:28:00.000+02:00'
'77096bc5505d5cdc0121c7645485ecf95ca25742'|'CEE MARKETS-Markets calm ahead of expected U.S. rate hike, Dutch vote'|'Company   11:08am EDT CEE MARKETS-Markets calm ahead of expected U.S. rate hike, Dutch vote * Forint, leu, zloty, crown, dinar steady * Activity low as traders await Fed, result of Dutch vote * Poland''s PZU up after better than expected results WARSAW, March 15 Central European currencies held steady on Wednesday ahead of an expected U.S. Federal Reserve interest rate hike which could weigh on the attractiveness of regional assets, analysts said. "We are waiting for the evening, when the Fed will most likely raise rates," said Mateusz Sutowicz, analyst at the Warsaw-based Bank Millennium. With futures pricing in more than a 90 percent chance the Federal Reserve would hike its rates, investors are also focused on the pace of increases for the rest of the year. Sutowicz said signals the Fed would be willing to raise rates beyond a scenario of about three hikes this year could weigh on the zloty, reducing its relative attractiveness. Investors are also watching results in the Dutch parliamentary election, the first of three polls in the European Union this year where nationalist parties are seeking breakthroughs. By 1326 GMT the zloty was flat versus the euro, with other regional currencies little changed. Hungary''s forint strengthened by 0.1 percent. Polish rates have remained unchanged at a record low of 1.50 percent since March 2015 and the central bank governor said last week there were no reason to change them this year. Polish core inflation excluding food and energy prices accelerated to a lower-than-expected 0.3 percent last month, data from the central bank showed. Central and eastern Europe''s largest insurer, the Polish PZU , posted better than expected profit for 2016 and signalled it will pay out significantly more than half of it in the form of dividend. In Hungary, minutes from the February meeting showed central bank rate-setters voted unanimously to keep the base rate on hold, saying they would focus attention on the expected policy divergence between leading global central banks. * * CEE MARKETS SNAPSHOT AT 1426 CET CURRENCIES Latest Previous Daily Change bid close change in 2017 Czech crown 27.020 27.024 +0.01% -0.05% Hungary forint 310.850 311.060 +0.07% -0.65% Polish zloty 4.320 4.320 +0.02% +1.95% Romanian leu 4.542 4.544 +0.04% -0.15% Croatian kuna 7.428 7.428 +0.00% +1.72% Serbian dinar 123.850 123.895 +0.04% -0.40% Note: daily change calculated from previous close at 1800 CET STOCKS Latest Previous Daily Change close change in 2017 Prague 981.09 978.59 +0.26% +6.45% Budapest 32636.18 32686.30 -0.15% +1.98% Warsaw 2237.42 2238.38 -0.04% +14.86% Bucharest 7915.85 7890.26 +0.32% +11.73% Ljubljana 792.92 788.63 +0.54% +10.50% Zagreb 2170.38 2219.10 -2.20% +8.80% Belgrade 741.88 739.29 +0.35% +3.42% Sofia 623.64 619.37 +0.69% +6.35% BONDS Yield Yield Spread Daily (bid) change vs Bund change in Czech Republic spread 2-year -0.57 +0.186 +024bps +19bps 5-year 0.091 +0.038 +045bps +6bps 10-year 0.883 +0.096 +046bps +13bps Poland 2-year 3.730 +0.030 +331bps +6bps 5-year 0.000 +0.000 +000bps +0bps 10-year 0.000 +0.000 +000bps +0bps Note: FRA quotes are for ask prices'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/easteurope-markets-idUSL5N1GS4NI'|'2017-03-15T22:08:00.000+02:00'
'78ac220539f3f4e694aaae7898ab56d77178e756'|'GLOBAL MARKETS-Asian stocks ease, cautious ahead of c.bank announcements'|'Business  30pm EDT Asian stocks ease, cautious ahead of central bank announcements A banner is displayed at the trading hall during the launch of Shenzhen Connect at the Hong Kong Exchanges in Hong Kong, China December 5, 2016. REUTERS/Bobby Yip - RTSUNJC By Saikat Chatterjee - HONG KONG HONG KONG Asian equities opened slightly lower, as investors stayed cautious awaiting the outcome of several central bank meetings later on Wednesday. With the outcome of policy meetings at the U.S. Federal Reserve, the Bank of England and the Bank of Japan coupled with a Dutch election vote all due within the next 36 hours, there is no shortage of event risks in financial markets. The MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was down 0.1 percent after posting its second-biggest daily gain this year in the previous session. "Some of these events will obviously be more important than others in determining near-term currency market direction, but prepare for a few market ruffles," ANZ strategists said in a daily note. "Local data today is unlikely to move markets." Japan''s benchmark Nikkei average .N225 opened down 0.52 percent while the broader Topix .TOPX edged 0.41 percent lower. Stocks in South Korea .KS11 and Australia fell. Equities have had a good start to the week thanks to positive news out of the region''s two economic powerhouses, China and India. Strong data out of China this week have sparked a fresh rally in Hong Kong stocks .HSI , while Indian shares climbed to a record high on Tuesday as investors saw Prime Minister Narendra Modi''s landslide victory in the northern state of Uttar Pradesh as endorsing his economic reform agenda. Despite the fresh optimism in equities, currency markets were far more circumspect with the U.S. dollar edging higher against major rivals ahead of a much anticipated U.S. Federal Reserve rate hike. Market attention will be squarely focused on Fed Chair Janet Yellen''s comments to gauge the future path of interest rates. On Wednesday, the U.S. central bank is almost universally expected to raise its benchmark interest rates, a move that just a few weeks ago was viewed by the markets as unlikely. The dollar index .DXY was 0.3 percent higher at 101.70, extending a 0.7 percent rise in the past two sessions after a bout of profit taking at the end of last week. Markets are also awaiting a meeting of the Group of 20 finance ministers and central bankers in the German town of Baden-Baden starting on Friday, their first meeting since Donald Trump won the U.S. presidential election. In commodities, U.S. oil prices jumped in early trading after industry data showed a surprise drawdown in U.S. crude stockpiles. West Texas Intermediate crude CLc1 was up 1.5 percent at $48.45 a barrel. Brent futures had yet to be traded yet after settling down 43 cents at $50.92 on Tuesday, the lowest finish since November, after industry body OPEC reported a rise in global crude stocks. Gold XAU= rose 0.1 percent to $1199.71 before the Fed decision. (Reporting by Saikat Chatterjee; Editing by Randy Fabi) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-global-markets-idUSKBN16M02S'|'2017-03-15T07:23:00.000+02:00'
'2e5deca34b679618bbdb867e456839a5a71ac82d'|'Brazil police allege biggest meatpackers engaged in widespread fraud'|' 17am EDT Brazil police allege biggest meatpackers engaged in widespread fraud CURITIBA, Brazil, March 17 Brazil''s federal police on Friday said the meatpackers including JBS and BRF engaged in widespread fraud to cover-up selling dangerous products rife with bacteria and that had passed their for-sale date. JBS is the world''s biggest largest meat producers and BRF is the globe''s biggest poultry exporter. The police operation, the largest ever carried out in Brazil, is alleging that company employees paid bribes to inspectors to keep open processing plants where salmonella was found. They also said the bad meat was exported to Europe and other areas. (Reporting by Sergio Spagnuolo and Brad Haynes in Sao Paulo)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-corruption-meatpacking-idUSE6N1FG00O'|'2017-03-17T21:17:00.000+02:00'
'03e2b5eeea1cfc2d9ad3d045ebefe432e8d14614'|'U.S. tech group urges global action against Chinese ''mercantilism'''|' 10am GMT U.S. tech group urges global action against Chinese ''mercantilism'' By Michael Martina - BEIJING BEIJING A U.S. technology group said in a report on Thursday that China''s mercantilist industrial policies were a risk to the global economy and trading system, and called for international pressure on China to force a policy "reset". The report coincided with the release of a separate paper by an influential U.S. business chamber criticising Beijing''s "Made in China 2025" plan, which aims to dramatically increase domestically made products in 10 sectors, from robotics to biopharmaceuticals. The two groups join a growing chorus of foreign business lobbies crying foul over such plans and the Chinese government''s billions of dollars in subsidies they fear will force members to surrender key technology or weaken their global competitiveness. Technology policy group Information Technology & Innovation Foundation (ITIF) said China''s policies threatened the "entire global economic and trade system". Efforts by the three previous U.S. administrations to engage Chinese officials had "failed", ITIF said, and with China no longer as economically dependent upon the United States, Washington has insufficient leverage to counter Beijing alone. "America cannot respond with either flaccid appeasement or economic nationalism; it must assemble an international coalition that pressures China to stop rigging markets and start competing on fair terms," said ITIF, a Washington-based think tank whose board includes representatives from top companies such as Apple ( AAPL.O ), Amazon ( AMZN.O ), Cisco ( CSCO.O ), Google ( GOOGL.O ), and Intel ( INTC.O ). ITIF urged the United States, along with Australia, Canada, Germany, Japan, South Korea, the United Kingdom, and the European Union, to jointly pressure China into a "fundamental economic policy reset". A new approach is needed that goes beyond the "naive push for further dialogue and instead makes it clear to Chinese leaders that such unfair, harmful policies cannot be practiced with impunity," ITIF said. U.S. President Donald Trump''s trade policy should focus on China and not Mexico, it added, warning that the Chinese government could "capriciously punish U.S. firms" in response. "But doing nothing due to the fear of retaliation should not be an option," it said. AUGMENTING GLOBAL MARKETS Premier Li Keqiang told China''s parliament at the opening of its annual session this month that foreign and domestic companies "will enjoy the same preferential policies under the Made in China 2025 initiative". Since Trump''s November election win, China''s President Xi Jinping has tried to position the country as a champion of free trade. But such pledges have done little to allay the concerns of China''s trade partners. "Chinese efforts to exert greater control over where commercial data is stored and how it is transferred are skewing the decision-making process for companies that must decide where products are made and innovation takes place," the U.S. Chamber of Commerce said in a separate report. "China''s subsidy policies not only enhance the competitiveness of domestic companies at home, but also help to augment their competitiveness in global markets," it said. A progressive increase in domestic parts used in high-tech sectors to 70 percent by 2025 is among targets set out in the plan, which is set to use subsidies, standards, financial policy and government-backed investment funds to reach them. The European Union Chamber of Commerce in China last week called the plan "highly problematic". The more vociferous complaints from the American business community in China mark a shift from years past, when many companies eschewed the idea of forceful action by Washington out of fear of retribution from Beijing. Trump''s choice for U.S. Trade Representative, Robert Lighthizer, who has long advocated aggressive action against China, told senators at his confirmation hearing on Tuesday that he expected the administration would have a "very rigorous enforcement policy". (Reporting by Michael Martina; Editing by Ryan Woo and Simon Cameron-Moore)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-usa-business-idUKKBN16N0YF'|'2017-03-16T16:10:00.000+02:00'
'1c2ce4df69e616bbe810d6e9d61f3a5b0e2c0bd0'|'Tepco denies it plans to scrap reactor at plant close to crippled Fukushima site'|' 40am GMT Tepco denies it plans to scrap reactor at plant close to crippled Fukushima site A Tokyo Electric Power Co. (TEPCO) logo is seen on a uniform of an employee at the company''s Fukushima Daiichi nuclear power plant in Okuma, Fukushima, Japan, February 23, 2017. REUTERS/Tomohiro Ohsumi/Pool TOKYO Tokyo Electric Power Co Holdings ( 9501.T ) on Friday denied a media report that it was set to decommission a nuclear reactor that suffered only minor damage compared with the nearby Fukushima Daiichi plant that was wrecked after a massive quake in 2011. The Mainichi newspaper reported earlier that Tepco was likely to decommission the No.1 reactor at the Fukushima Daini power plant as it was the worst-hit of the facility''s four reactors after the quake and tsunami, temporarily losing cooling functions. Local governments have been calling for the decommission of all four reactors at Fukushima Daini. The government and the ruling Liberal Democratic Party have also pressed Tepco to make a decision on decommission on the No.1 reactor. Dozens of reactors elsewhere in Japan are still going through a relicensing process by a new regulator set up after the Fukushima disaster in 2011, the world''s worst since Chernobyl 25 years previously, highlighted regulatory and operational failings by the country''s nuclear utilities. ($1 = 113.4100 yen)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-tepco-idUKKBN16O09P'|'2017-03-17T09:40:00.000+02:00'
'74d79e714e7b0c84f6d3fd2024cd414d68f717af'|'Key shareholders of Singapore telecom firm M1 evaluating stake sales: source'|'SINGAPORE Singapore telecom firm M1 Ltd''s ( MONE.SI ) three biggest shareholders are evaluating selling their combined stakes worth more than S$1.14 billion ($813.5 million) in the company, a source aware of the matter said on Friday, as the firm called for a trading halt.Keppel Telecommunications & Transportation Ltd ( KTEL.SI ) and Singapore Press Holdings ( SPRM.SI ), which together own just over 32 percent in M1, are gauging interest for their stakes, the source said, adding that the process is in an early stage.Malaysian telecom firm Axiata Group ( AXIA.KL ), the biggest shareholder in M1 with a stake of just over 28 percent, is also evaluating selling its stake, said the source, who was not authorized to speak to the media.M1 has a market value of over S$1.91 billion.Keppel and Singapore Press Holdings, whose shares were halted for trading, had no immediate comment. There was no immediate response from Axiata to an email from Reuters.M1''s shares jumped nearly 8 percent ahead of the trading halt.(Reporting by Anshuman Daga; Additional reporting by Aradhana Aravindan; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-m1-m-a-sale-idINKBN16O148'|'2017-03-17T07:02:00.000+02:00'
'7264196c9e996d5bb3825329bf086eb3bc4093cf'|'EU re-issues 776 mln euro fine for air cargo cartel'|' 01am EDT EU re-issues 776 mln euro fine for air cargo cartel BRUSSELS, March 17 The European Commission said on Friday that it had re-adopted its decision to fine 11 airlines for their part in a cartel to fix air cargo prices after an EU court had annulled its initial finding due to a procedural error. The total fine comes to 776 million euros ($835.5 million), with all of the fines at the same level except for the amount due from Martinair - cut to 15.4 million euros from the 29.5 million euro amount set in 2010. ($1 = 0.9288 euros) (Reporting By Philip Blenkinsop; editing by Robert-Jan Bartunek)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/eu-pricefixing-airlines-idUSB5N1CU01T'|'2017-03-17T18:01:00.000+02:00'
'e9cdd48da8c73b4e45778eaf7cd4ce6f9aa202a3'|'UPDATE 2-Air France-KLM, 10 other airlines hit with 776 mln euro EU fine'|'Company   12:05pm EDT UPDATE 2-Air France-KLM, 10 other airlines hit with 776 mln euro EU fine (Adds remark from Air Canada) By Foo Yun Chee BRUSSELS, March 17 Air France-KLM, British Airways and nine other airlines were hit with a 776 million euro ($835.5 million) fine by EU antitrust regulators on Friday for taking part in an air cargo cartel more than a decade ago. The European Commission re-imposed the penalties after Europe''s second highest court in 2015 annulled the EU executive''s 2010 decision due to a procedural error. The fines were unchanged for all the airlines except for the amount due from Martinair - cut to 15.4 million euros ($16.53 million)from the 29.5 million euro ($31.67 million) amount set in 2010. Air France was fined 182.9 million euros ($196.32 million), the highest, followed by KLM at 127.1 million ($136.43 million), British Airways at 104.4 million ($112.06 million), Cargolux at 79.9 million ($85.76 million)and Singapore Airlines at 74.8 million ($80.29 million). Other carriers penalised were Air Canada, Cathay Pacific Airways, Japan Airlines, LAN Chile and SAS. Lufthansa, along with subsidiary Swiss International Airlines, escaped a fine as it alerted the cartel to the EU competition authority. The Commission said it had fixed the procedural error cited by the court. "Working together in a cartel rather than competing to offer better services to customers does not fly with the Commission," European Competition Commissioner Margrethe Vestager said in a statement. SAS, with a 70 million ($75.14 million) fine, and Air Canada, with a 21 million ($22.54 million) fine, have said they would appeal the new decision. "Air Canada will contest it vigorously," a spokeswoman for the airline said by email. The Commission in its 2010 finding said the cartel fixed air freight services, fuel and security surcharges between December 1999 and February 2006. The decision led to a series of damages claims against the airlines from companies such as Germany''s Deutsche Bahn, carmaker BMW and car supplier Bosch. ($1 = 0.9288 euros) ($1 = 0.9316 euros) (Reporting by Foo Yun Chee, Philip Blenkinsop; additional reporting by Niklas Pollard in Stockholm and Allison Lampert in Montreal; Editing by Robert-Jan Bartunek, Toby Davis and Chris Reese) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/eu-pricefixing-airlines-idUSL5N1GU2HW'|'2017-03-17T23:05:00.000+02:00'
'f72b9b7cfe9edcfa776ef5078f987023142c8817'|'Builder Berkeley expects profits rise despite London slowdown'|'Business   7:29am GMT Builder Berkeley expects profits rise despite London slowdown LONDON London-focussed housebuilder Berkeley ( BKGH.L ) said it expected full-year profits to be at the top end of market expectations despite demand falling in the capital due to Brexit and an increase in property taxes on the priciest homes. Berkeley is expected to post a nearly 40 percent rise in pre-tax profits to 730 million pounds in the 12 months to the end of April, according to a Thomson Reuters poll of analysts. The firm said reservations, when buyers pay a fee to take properties off the market, fell 16 percent between August and February after Britain''s referendum in June but picked up over the last two months. It said prices were holding up and remained above levels the business had planned for. (Reporting by Costas Pitas, Editing by Paul Sandle) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-berkeley-idUKKBN16O0PG'|'2017-03-17T14:29:00.000+02:00'
'be20dc2c2beccb5a35f8ddda663a8ab5dde3294e'|'BP appoints new heads of production, drilling as output set to jump'|'Business News - Thu Mar 16, 2017 - 11:52am GMT BP appoints new heads of production, drilling as output set to jump The logo of BP is on display at a petrol station in Moscow, Russia, July 4, 2016. REUTERS/Sergei Karpukhi/File photo By Dmitry Zhdannikov - LONDON LONDON BP ( BP.L ) has reshuffled its exploration and production division as the oil company readies for the biggest jump in output in its history. The British firm is launching a record number of projects this year and plans steep growth in production through 2021. For a graphic on oil majors'' production, click tmsnrt.rs/2m3xeiD The chief of the production, exploration and development unit or upstream division, Bernard Looney, has appointed several executives including a new head of production and a new head of drilling, BP told Reuters. Gordon Birrell, who previously headed BP in Azerbaijan, will become chief operating officer for production, transformation and carbon in the BP upstream segment, reporting to Looney. Based in London, he will be responsible for global operations, global wells, global procurement, supply chain management and upstream engineering. He will also be accountable for upstream modernisation and lead the development of the upstream approach to a low-carbon future, BP said. Andy Krieger will become the new head of drilling. Krieger, previously vice-president for drilling in the Gulf of Mexico, will report to Birrell. The previous head of drilling, Gary Jones, will lead operations in Azerbaijan. The country is a key global growth area where the company wants to expand the giant ACG oilfields and the Shah Deniz gas development. Jones will report to Andy Hopwood, chief operating officer for strategy and regions in BP''s upstream segment. "Project execution followed by an underlying cashflow inflection will be the key steps (for BP) combined arguably with oil above rather than below $50 per barrel," analysts from JP Morgan wrote this week after meeting BP''s chief financial officer, Brian Gilvary. They said BP''s production growth was due to accelerate through 2017/18, pause thereafter and then see another step-up in 2020/21. The key start-ups this year are the Zohr gas field in Egypt, Juniper in Trinidad, Khazzan in Oman, Quad 204 in Britain and Persephone in Australia, JP Morgan said. (Reporting by Dmitry Zhdannikov; Editing by Dale Hudson) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bp-executives-idUKKBN16N1D2'|'2017-03-16T18:20:00.000+02:00'
'cb7522351fac3fe7198bf44ca3d444d4aa405550'|'Fed rate moves could spell end to Asian easing'|'Business News - Thu Mar 16, 2017 - 3:16am EDT Fed rate moves could spell end to Asian easing FILE PHOTO: A police officer keeps watch in front of the U.S. Federal Reserve building in Washington, DC, U.S., October 12, 2016. REUTERS/Kevin Lamarque//Files By Vidya Ranganathan - SINGAPORE SINGAPORE The long cycle of falling interest rates in Asia could be over after the U.S. Federal Reserve''s third rate rise in 15 months was followed quickly by monetary tightening in the world''s second-biggest economy, China. The Fed''s widely anticipated rise of 25 basis points on Wednesday was also only its third since the global financial crisis, having reined in earlier temptations to raise rates out of concern for the impact on fragile emerging economies that still needed looser monetary conditions. But the Fed signaled again that such reticence is over, repeating its projections for at least two more rate rises this year as the U.S. economy strengthens. (For a graphic on Fed''s target rate and future projections click tmsnrt.rs/1PbXyzs ) "At the very least, the Fed''s desire to step up the pace of policy normalization has changed the conversation at many central banks globally," said Sean Callow, an economist with Westpac in Sydney. "Further monetary easing is now largely seen as only if needed to ''break the glass'', not a plausible baseline." The People''s Bank of China promptly raised the rates on the short-term funding operations it conducts for the country''s banks for a third time this year on Thursday. The Fed''s move would otherwise make it harder for China to stop its currency weakening and arrest a persistent outflow of capital. China also wants to cool a run-up in debt and the risk of a property bubble. The Bank of Japan (BOJ) announced the verdict of its regular policy meeting on Thursday, opting to stand pat with its 0.1 percent short-term interest rate target and a loose commitment to keep buying bonds, though core inflation is far below its ambitious 2 percent target. (For a graphic on Asian central bank policy rates click tmsnrt.rs/2mv7VVh ) Some analysts expect the BOJ will in due course have to raise its zero percent yield target for 10-year Japanese government bonds. Broader evidence of the shift in central bank thinking will be on hand later in the day as central banks in Indonesia, Norway, Switzerland and Britain review policy. THE CURRENCY CHALLENGE The Fed''s new policy path is a sea change for global markets used to a decade of easy money. And while emerging markets are showing some signs of strength, with a recovery in commodity prices and growth in exports, they are struggling to fire up domestic demand. But their freedom to fit domestic rates to local demand conditions is constrained by the need to keep hold of the foreign capital that flooded in seeking higher yields when developed world rates were at rock bottom. And they also need to prevent their currencies from tumbling against a rallying dollar. "Even if domestic conditions warrant a cut, fears about exacerbating financial market volatility will keep central banks cautious," said Tim Condon, ING''s chief Asia economist. "It definitely complicates life for those central banks that either needed to or wanted to cut rates." Condon was expecting Indonesia''s central bank to cut rates twice this year, but says he is now "uneasy" about that call. "To the extent that U.S. rate hikes do put pressure on Asian central banks to tighten policy, it will be through currency movements," Gareth Leather, senior Asia economist at Capital Economics, said in a note. Emerging markets have already had a dress rehearsal for such circumstances in 2013, when the threat of Fed policy tightening triggered a "taper tantrum" of volatility, prompting central banks in India, Indonesia and elsewhere to defend their currencies via higher rates. South Korea is also juggling competing pressures. Its policy rates are barely above the Fed''s, it wants to avoid unsettling a highly indebted housing sector, but it also has a huge amount of foreign money in its bond market that could take off for greener pastures. The Fed''s raise was not the only piece of news that could encourage the world''s central banks to a firmer stance. Elections in the Netherlands, where the anti-EU party of Geert Wilders won fewer seats than expected, came as a relief to markets, though next month''s presidential election in France is still hanging over the continent, with the far-right Front National candidate Marine Le Pen showing strongly. For Switzerland, uncertainty has the opposite effect on its safe-haven currency, driving it higher despite negative interest rates. The Swiss National Bank is not expected to change its rates later in the day. Its negative rate policy, in place since 2015, is aimed at curbing demand for the currency in a period of destabilizing elections across Europe that could boost anti-establishment parties. The Norwegian central bank, while keen to start raising rates, is likely to keep rates on hold, too, after a tumble in inflation as it worries about a strong currency. The dilemma for the world''s central banks is that markets driven by the Fed''s lead will force them to respond, regardless of domestic conditions. Callow at Westpac said the domestic logic, "in any country or zone where wages growth is weak and core inflation not on a clear self-sustaining uptrend", would otherwise be to ease policy. "Which is actually most of the world," he said. (Rreporting by Vidya Ranganathan; Editing by Will Waterman) Next In Business News Yahoo cyber indictment shows Kremlin, hackers working hand-in-hand WASHINGTON Wednesday''s indictments in the United States of four people in a 2014 cyber attack on Yahoo Inc provides the clearest details yet on what some U.S. officials say is a symbiotic relationship between Moscow''s security services and private Russian hackers.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-global-economy-idUSKBN16N0OC'|'2017-03-16T14:16:00.000+02:00'
'a28b3962f13efcf2685f227baba8b3c74e17a670'|'Brazil''s Oi burns through $49 mln in cash in January'|'Company  11pm EDT Brazil''s Oi burns through $49 mln in cash in January SAO PAULO, March 15 Oi SA, the Brazilian phone carrier operating under bankruptcy court protection, burned through 153 million reais ($49 million) in cash in January, according to a securities filing on Wednesday. Oi said the negative free cash flow was due to seasonal factors, which caused receivables from clients to fall by 12 percent to 1.8 billion reais in the period. The company also reported an 18 percent rise in payments, to 2.5 billion reais, citing more disbursements to service providers in January. The information was compiled by PricewaterhouseCoopers Assessoria Empresarial Ltda and law firm Advocacia Arnoldo Wald, which are the trustees of the bankruptcy proceeding. Oi will release fourth-quarter results on March 22 after the market''s close. Rio de Janeiro-based Oi, which made Brazil''s largest bankruptcy filing last June, ended January with 7.095 billion reais of cash on hand, a 2.7 percent drop from December. ($1 = 3.103 reais) (Reporting by Ana Mano; Editing by Leslie Adler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/oi-sa-debt-idUSL2N1GS2FS'|'2017-03-16T06:11:00.000+02:00'
'bb1257b9640e1e8e5e6ee2efb39b52d2653cdc4c'|'BOJ keeps policy steady as Fed sticks to rate-hike path'|'  3:42am GMT BOJ keeps policy steady as Fed sticks to rate-hike path FILE PHOTO: Men walk toward the Bank of Japan (BOJ) building in Tokyo, Japan, September 21, 2016. REUTERS/Toru Hanai By Leika Kihara and Stanley White - TOKYO TOKYO The Bank of Japan kept monetary policy steady on Thursday in the wake of the U.S. Federal Reserve''s second interest rate hike in three months, underscoring the diverging policy paths of major global central banks. Economists had expected no change in the BOJ''s policy settings as rising global protectionist sentiment and an expected series of U.S. rate hikes overshadow budding signs of recovery in the trade-reliant Japanese economy. Investors are now focusing on Governor Haruhiko Kuroda''s post-meeting briefing at 0630 GMT for clues on how the Fed''s move could affect the BOJ''s decision on whether and when to pull back its massive stimulus program. "We think the BOJ will raise the 10-year government bond yield target between July and September," said Yuichiro Nagai, an economist at Barclays Securities. "It''s possible consumer inflation may hit 1 percent as early as August, and the BOJ might adjust the yield target around that time as the economy recovers as a trend." Kuroda, who will attend this week''s Group of 20 finance leaders'' meeting in Germany, may also shed light on how the BOJ will defend its ultra-loose policy from any U.S. criticism it is exploiting a weak yen to gain a competitive trade advantage. As expected, the BOJ maintained on Thursday its short-term interest rate target of minus 0.1 and a pledge to guide the 10-year government bond yield at around zero percent via aggressive asset purchases. It also kept intact a loose pledge to maintain the pace of its annual increase in Japanese government bond (JGBs) holdings, which is 80 trillion yen ($706 billion). The BOJ maintained its cautiously optimistic assessment that the economy continues to recover moderately as a trend. PROTECTIONISM A RISK While a rebound in fuel costs is set to accelerate price growth in coming months, Kuroda is likely to stress that no immediate rate hike is on the horizon with inflation still nowhere near his ambitious 2 percent target. "Very few people expect inflation to reach 2 percent. In addition, I see no change to inflation expectations," said Shuji Tonouchi, senior market economist at Mitsubishi UFJ Morgan Stanley Securities. "In these circumstances, raising the 10-year yield target cannot be considered. Even if the BOJ wanted to move, I don''t think it could." But Kuroda may leave open the chance of raising the BOJ''s yield target if the economic recovery gathers enough momentum to push prices steadily higher, analysts say. Japan''s long-stagnant economy has shown signs of life in recent months, with exports and factory output benefiting from a recovery in global demand. Core consumer prices rose for the first time in over a year in January and many analysts expect inflation to accelerate toward 1 percent later this year, due largely to a rebound in energy costs and rising import prices from a weak yen. That has led to a dramatic shift in market expectations with a majority of analysts polled by Reuters predicting the BOJ''s next move would be to start scaling back its ultra-easy policy. The Fed made the widely-anticipated decision to hike rates on Wednesday in its effort to return policy to a more normal footing, but signaled no pick-up in the pace of rate hikes. Some analysts say the BOJ may be forced to raise its yield target to avoid ramping up bond purchases if Japanese long-term interest rates track global bond yield rises, which are being driven by expectations of higher U.S. interest rates. The BOJ hopes to dispel such speculation and stress it won''t raise its yield target unless the economy strengthens enough to accelerate inflation stably toward 2 percent, say sources familiar with its thinking. A rising global tide of protectionism is adding to concerns for Japanese policymakers, given the economy''s heavy reliance on exports and free trade. A draft communique of the G20 finance leaders'' meeting appeared to accommodate U.S. President Donald Trump''s protectionist views on trade by watering down a commitment to "reject all forms of protectionism." Kuroda may offer clues on how Japan will defend its policies and how strongly it would push back against attempts to water down the G20 commitment on free trade, analysts say. (Additional reporting by Kaori Kaneko and Minami Funakoshi; Editing by Kim Coghill)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-japan-economy-boj-idUKKBN16N0AI'|'2017-03-16T10:42:00.000+02:00'
'80a08308d84bcea06bb6dd96416896c703a41d7d'|'BOJ keeps policy steady, maintains upbeat economic view'|'  keeps policy steady, maintains upbeat economic view     kept   Thursday and maintained a cautiously optimistic view on the economy, signalling that no expansion of monetary stimulus was forthcoming in the near future. In a widely expected move, the BOJ maintained the 0.1 percent interest it charges on a portion of excess reserves that financial institutions park at the central bank. At the two-day policy meeting that ended on Thursday, it also kept its yield target for 10-year Japanese government bonds around zero percent.   will hold a news conference at 3:30 p.m. (0630 GMT) to explain the policy decision. After more than three years of huge asset purchases failed   to its 2 percent target, the BOJ revamped its policy framework last September to one targeting interest rates. (Reporting by Leika Kihara, Stanley White, Kaori Kaneko and Minami Funakoshi; Editing by Chris Gallagher) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-boj-policy-idUKKBN16N0A8'|'2017-03-16T10:03:00.000+02:00'
'b574642d0ae8d74301fa9a005f1b60f97863bd88'|'Fed rate moves could spell end to Asian easing'|' 20am GMT Fed rate moves could spell end to Asian easing A police officer keeps watch in front of the U.S. Federal Reserve building in Washington, DC, U.S. on October 12, 2016. REUTERS/Kevin Lamarque//File Photo By Vidya Ranganathan - SINGAPORE SINGAPORE The long cycle of falling interest rates in Asia could be over after the U.S. Federal Reserve''s third rate rise in 15 months was followed quickly by monetary tightening in the world''s second-biggest economy, China. The Fed''s widely anticipated rise of 25 basis points on Wednesday was also only its third since the global financial crisis, having reined in earlier temptations to raise rates out of concern for the impact on fragile emerging economies that still needed looser monetary conditions. But the Fed signalled again that such reticence is over, repeating its projections for at least two more rate rises this year as the U.S. economy strengthens. "At the very least, the Fed''s desire to step up the pace of policy normalisation has changed the conversation at many central banks globally," said Sean Callow, an economist with Westpac in Sydney. "Further monetary easing is now largely seen as only if needed to ''break the glass'', not a plausible baseline." The People''s Bank of China promptly raised the rates on the short-term funding operations it conducts for the country''s banks for a third time this year on Thursday. The Fed''s move would otherwise make it harder for China to stop its currency weakening and arrest a persistent outflow of capital. China also wants to cool a run-up in debt and the risk of a property bubble. The Bank of Japan (BOJ) announced the verdict of its regular policy meeting on Thursday, opting to stand pat with its 0.1 percent short-term interest rate target and a loose commitment to keep buying bonds, though core inflation is far below its ambitious 2 percent target. Some analysts expect the BOJ will in due course have to raise its zero percent yield target for 10-year Japanese government bonds. Broader evidence of the shift in central bank thinking will be on hand later in the day as central banks in Indonesia, Norway, Switzerland and Britain review policy. (To see graphic of the fed''s target rate and future projections, click tmsnrt.rs/1RzUE7v ) THE CURRENCY CHALLENGE The Fed''s new policy path is a sea change for global markets used to a decade of easy money. And while emerging markets are showing some signs of strength, with a recovery in commodity prices and growth in exports, they are struggling to fire up domestic demand. But their freedom to fit domestic rates to local demand conditions is constrained by the need to keep hold of the foreign capital that flooded in seeking higher yields when developed world rates were at rock bottom. And they also need to prevent their currencies from tumbling against a rallying dollar .DXY. "Even if domestic conditions warrant a cut, fears about exacerbating financial market volatility will keep central banks cautious," said Tim Condon, ING''s chief Asia economist. "It definitely complicates life for those central banks that either needed to or wanted to cut rates." Condon was expecting Indonesia''s central bank to cut rates twice this year, but says he is now "uneasy" about that call. (For graphic on Asia interest rates, click tmsnrt.rs/1U5hc2W ) "To the extent that U.S. rate hikes do put pressure on Asian central banks to tighten policy, it will be through currency movements," Gareth Leather, senior Asia economist at Capital Economics, said in a note. Emerging markets have already had a dress rehearsal for such circumstances in 2013, when the threat of Fed policy tightening triggered a "taper tantrum" of volatility, prompting central banks in India, Indonesia and elsewhere to defend their currencies via higher rates. South Korea is also juggling competing pressures. Its policy rates are barely above the Fed''s, it wants to avoid unsettling a highly indebted housing sector, but it also has a huge amount of foreign money in its bond market that could take off for greener pastures. The Fed''s raise was not the only piece of news that could encourage the world''s central banks to a firmer stance. Elections in the Netherlands, where the anti-EU party of Geert Wilders won fewer seats than expected, came as a relief to markets, though next month''s presidential election in France is still hanging over the continent, with the far-right Front National candidate Marine Le Pen showing strongly. For Switzerland, uncertainty has the opposite effect on its safe-haven currency, driving it higher despite negative interest rates. The Swiss National Bank is not expected to change its rates later in the day. Its negative rate policy, in place since 2015, is aimed at curbing demand for the currency in a period of destabilising elections across Europe that could boost anti-establishment parties. The Norwegian central bank, while keen to start raising rates, is likely to keep rates on hold, too, after a tumble in inflation as it worries about a strong currency. The dilemma for the world''s central banks is that markets driven by the Fed''s lead will force them to respond, regardless of domestic conditions. Callow at Westpac said the domestic logic, "in any country or zone where wages growth is weak and core inflation not on a clear self-sustaining uptrend", would otherwise be to ease policy. "Which is actually most of the world," he said. (Rreporting by Vidya Ranganathan; Editing by Will Waterman)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-economy-idUKKBN16N0OA'|'2017-03-16T14:20:00.000+02:00'
'1d0895d6b3634bf1197181f81421e0214603b05c'|'Italy proposes Profumo as new Leonardo CEO, confirms Eni, Enel chiefs'|'Company   8:37am EDT Italy proposes Profumo as new Leonardo CEO, confirms Eni, Enel chiefs ROME, March 18 The Italian Treasury on Saturday proposed that veteran banker Alessandro Profumo be named the new chief executive of defence and aerospace company Leonardo , in a round of new appointments at state-controlled firms. Profumo, who stepped down as chairman of troubled Monte dei Paschi di Siena in August 2015, takes over from Mauro Moretti, who has cut debt and streamlined the company''s business to focus on core activities. The Treasury proposed that Matteo Del Fante, the former head of power grid company Terna, be appointed CEO of the Post Office, replacing Francesco Caio. The CEOs of oil firm Eni and utility Enel , respectively Claudio Descalzi and Francesco Starace, were both confirmed for a new mandate, while Roberta Neri was also confirmed as the head of air traffic controller Enav . All the appointments will need to be confirmed by upcoming shareholder meetings at the companies, but this is considered a formality. (Reporting By Gavin Jones, editing by Silvia Aloisi) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/italy-treasury-chiefexecutives-idUSR1N1FF00G'|'2017-03-18T19:37:00.000+02:00'
'91bf05da1ab77cb0e88131cce9ed8adeae5b8274'|'Hansteen to sell German, Dutch industrial properties for $1.4 billion'|'Business News - Mon Mar 20, 2017 - 9:03am GMT Hansteen to sell German, Dutch industrial properties for $1.4 billion Britain''s Hansteen Holdings ( HSTN.L ) has agreed to sell its German and Dutch industrial property portfolios for 1.28 billion euros ($1.38 billion) to a venture between Blackstone Group LP ( BX.N ) and M7 Real Estate. The price represents a premium of about 6 percent, or roughly 76 million euros, to the assets'' valuations at the end of 2016, Hansteen said in a statement on Monday. Hansteen''s shares rose more than 6 percent, before paring gains to trade up 3 percent at 125.55 pence at 0850 GMT. They were the top gainers on London''s midcap index .FTMC . "This is a compelling opportunity to crystallise both the revaluation gains from these German and Dutch assets achieved by our active asset management and the gains from foreign exchange movements," Hansteen joint chief executives Morgan Jones and Ian Watson said. Last year, the industrial market outperformed all other European real estate sectors, including offices and retail, data from property consultant CBRE ( CBG.N ) showed, as the sector benefited from higher demand for warehouses from retailers expanding their online operations. Over the fourth quarter, European commercial real estate deals reached a record high of 86.8 billion euros, boosted largely by a buoyant Germany market and growth in the Netherlands, according to the data. Hansteen, a UK real estate investment trust, said that the sale was expected to complete before the end of June and that it was advised by property consultant JLL ( JLL.N ). The sale leaves Hansteen with its UK business, where the market has seen some turbulence after Britain voted to leave the European Union. However, Hansteen said it had not noticed any significant effect on demand for industrial space following the June 23 vote. "Across the UK, we are experiencing pockets of rental growth and shorter incentives being offered to tenants as demand intensifies," the company said. (Reporting by Esha Vaish in Bengaluru; Editing by Jason Neely and Alexander Smith) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hansteen-divestiture-idUKKBN16R0MZ'|'2017-03-20T16:03:00.000+02:00'
'9862adafb024562edac20128ebcc82775157129e'|'Standard Life''s Skeoch to run day-to-day business in Aberdeen deal'|'By Carolyn Cohn - LONDON LONDON Standard Life chief executive Keith Skeoch will oversee its day-to-day running after it merges with Aberdeen Asset Management, while Aberdeen boss Martin Gilbert will handle external matters, the companies said.Analysts have expressed concern that the co-chief executive structure proposed by the firms when they announced an 11 billion pound ($13.6 billion) tie-up two weeks ago will be unwieldy."Both boards have thought carefully about the key responsibilities and believe that the proposals play well to Keith’s and Martin’s respective leadership strengths," Gerry Grimstone, Standard Life chairman and chairman of the proposed firm, said in a statement on Monday."This blend of complementary skills and experience will serve the company well”.Skeoch''s responsibilities will include investments and pensions, while Gilbert''s will involve marketing and distribution, the two firms said, adding that a chairman''s committee will be set up to ensure co-ordination is effective, chaired by Grimstone.The merger values Aberdeen at 3.8 billion pounds in a deal in which Standard Life will take over two-thirds of the combined group and both sets of company directors will split power on the board.Analysts say the merger is defensive, as active fund managers face increasing regulatory scrutiny and competition from lower-cost index tracking funds, and could lead to outflows from both firms.Following an initial rally, the shares of both firms have fallen below their closing prices on March 3, shortly before the deal was announced.Standard Life''s shares were trading at 361.5 pence at 1246 GMT, up 0.5 percent on the day but down 4.5 percent from March 3.Aberdeen''s shares were at 267.7 pence, up 0.4 percent on the day but down 6.5 percent from March 3.($1 = 0.8075 pounds)(Editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/standard-life-m-a-aberdeen-asset-idINKBN16R1DR'|'2017-03-20T10:24:00.000+02:00'
'743d6c2204cff54827b72694c542835b70c2e3f2'|'GTCR-backed Cision to merge with blank-check firm Capitol'|'The parent of media communications firm Cision, and Capitol Acquisition Corp III ( CLAC.O ), a blank-check company, on Monday agreed to merge in a deal valuing the combined company at about $2.4 billion.Chicago-based Cision, which owns press release distributor PR Newswire and media communications firms Gorkana, PRWeb and Help a Reporter Out, will become publicly listed.Cision, which is controlled by U.S. private equity firm GTCR LLC, will become a unit of Capitol Acquisition.Cision shareholders will own about 68 percent of the new company while Capitol Acquisition will own the rest.Cision''s management and GTCR will retain all of their equity stake in the company.Citigroup, Deutsche Bank and Credit Suisse were financial and capital markets advisers to Capitol Acquisition, while PJT Partners was Cision''s financial adviser.(Reporting by Narottam Medhora in Bengaluru; Editing by Savio D''Souza and Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cision-m-a-capital-acquisition-idINKBN16R11J'|'2017-03-20T08:44:00.000+02:00'
'e259459594c82800a37aeb924edca7bb4197b342'|'EMERGING MARKETS-Mexico peso firms to strongest since Trump election'|' 54pm EDT EMERGING MARKETS-Mexico peso firms to strongest since Trump election By Noe Torres - MEXICO CITY, March 20 MEXICO CITY, March 20 Mexico''s peso firmed on Monday to its strongest since Donald Trump clinched the U.S. presidency in November, tracking Latin American currencies higher after the U.S. Federal Reserve signalled it would hike rates gradually. The peso gained more than 0.5 percent to 18.9750 per dollar, its strongest since Nov. 9 after Trump sailed to victory, vowing to build a wall on the U.S.-Mexico border and threatening to pull out of a key trade deal with Mexico. The currency has perked up since the Fed last week stuck to its outlook for two more hikes this year and three more in 2018, when many had expected an accelerated spate of moves. Philadelphia Federal Reserve president Patrick Harker echoed the statement on Monday, saying the bank would push inflation a bit above its 2-percent target even as it continues to gradually raise interest rates. The peso, which hit a series of record lows after Trump''s win, has gained around 15.5 percent since Jan. 19, the day before Trump took office, also helped by a more conciliatory tone towards Mexico from key U.S. trade officials. "The peso has been one of President Trump''s biggest winners because it was one of candidate Trump''s biggest losers," said Alfonso Esparza, a strategist at Oanda in Toronto, who expects the peso to continue strengthening in the short run. Citibank said in a client note on Monday it was upgrading its forecast for the peso to 19.3 per greenback in the next three months and 20.6 per dollar by the end of the year. One of Trump''s most protectionist trade advisers said last week he wanted Mexico, the United States and Canada to form a regional manufacturing "powerhouse." Mexico''s stock market was closed due to a local holiday. (Reporting by Noe Torres; Writing by Alexandra Alper; Editing by Andrew Hay)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/latam-emergingmarkets-idUSL2N1GX19C'|'2017-03-21T01:54:00.000+02:00'
'f9f875a2203f82d6b7f90003102e494f357c2c14'|'US STOCKS-S&P 500 dips as investors worry about delay in tax cuts'|'Company News - Mon Mar 20, 2017 - 2:58pm EDT US STOCKS-S&P 500 dips as investors worry about delay in tax cuts * Fed on track to raise rates twice more this year - Evans * Nasdaq hits fresh intraday high before moving lower * Walt Disney higher as ''Beauty and the Beast'' tops box office * Dow +0.03 pct, S&P -0.17 pct, Nasdaq -0.05 pct (Updates to afternoon) By Noel Randewich March 20 The S&P 500 fell on Monday as investors worried that President Donald Trump''s plan to cut taxes and boost the economy could take longer than previously expected. The U.S. stock market has been on a record-setting spree since the election of Trump as president, but the rally has faltered in recent weeks as investors fret about a lack of clarity on his proposals to reform taxes and cut regulation. The S&P 500 fell and the Dow traded about flat after FBI Director James Comey told a congressional hearing he had seen no evidence to support a claim by Trump that former president Barack Obama had wiretapped his campaign headquarters in Trump Tower in New York. That attention has distracted from efforts by Republicans to push through a healthcare overhaul. "It''s just one more day delaying talking about policy," said Ian Winer, director of trading at Wedbush Securities in Los Angeles. "The market wants tax reform, and you need to get healthcare done before you get tax reform." At 2:34 p.m. ET, the Dow Jones Industrial Average was up 0.03 percent at 20,921.03 points, while the S&P 500 had lost 0.17 percent to 2,374.12. The Nasdaq Composite dropped 0.05 percent to 5,897.92 after briefly hitting an intraday record high. Eight of the 11 major S&P sectors were lower, with the utilities index''s 0.79 percent fall leading the decliners. Oil fell as investors continued to unwind bets on higher prices. The U.S. Federal Reserve''s conservative rate guidance is also keeping the market in check. A host of Fed officials are scheduled to speak this week, including Chair Janet Yellen on Thursday. Last week, the central bank raised interest rates for the first time this year but stuck to its outlook for two more hikes this year, instead of three expected by the market. Apple rose nearly 1 percent, hitting a new record-high of $141.34 after Cowen & Co upgraded its price target on the stock. Caterpillar rose 2.4 percent, providing the biggest boost to the Dow, after it reported a smaller decline in sales for 3 months through February versus period ending in January. Walt Disney rose 0.94 percent after the company''s "Beauty and the Beast" topped box-office sales. The stock was among the biggest boosts on the Dow. Declining issues outnumbered advancing ones on the NYSE by a 1.52-to-1 ratio; on Nasdaq, a 1.57-to-1 ratio favored decliners. The S&P 500 posted 26 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 96 new highs and 35 new lows. (Additional reporting by Tanya Agrawal in Bengaluru; Editing by Nick Zieminski) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL2N1GX195'|'2017-03-21T01:58:00.000+02:00'
'cee546e1958d255d15f7c5d92c505f7feab59049'|'Australia threatens gas majors with ''action'' to avert domestic shortage'|'Business News - Sun Mar 19, 2017 - 1:08am GMT Australia threatens gas majors with ''action'' to avert domestic shortage By Harry Pearl - SYDNEY SYDNEY Australia’s minister for resources said on Sunday that the government would take action to avert an energy shortage if big gas producers did not boost supply for the country’s domestic market. Australia is on track to become the world''s largest exporter of liquefied natural gas (LNG), yet its energy market operator has warned of a domestic gas crunch from 2019 that could trigger industry supply cuts and broad power outages. Major gas producers, including Exxon Mobil Corp ( XOM.N ) and Royal Dutch Shell ( RDSa.L ), who have large export contracts, guaranteed to ensure gas was available for the domestic market during crisis talks with the government this week. “If the commitments are not met, if we don''t see more gas, we''ll act, we''ll take decisions in our national interest to secure our nation''s energy supplies,” Resources Minister Matt Canavan, who was at the talks, told The ABC on Sunday. Australia''s power supply problems made international headlines last week when Tesla Inc ( TSLA.O ) boss Elon Musk offered to save South Australia, the country''s most renewable-energy dependent state, from blackouts by installing large-scale battery storage. Manufacturers have long complained of tight gas supplies and soaring prices as producers have focussed on supplying gas to LNG plants that have locked in 20-year export contracts. Restrictions on drilling coal seam gas have added to supply constraints. Producers blame state drilling bans, uncertainty over Australia''s climate policy and, more recently, potential increases in petroleum producer taxes, for deterring development of new gas fields. Canavan, who did not elaborate on what action would be taken, said the companies had given strong commitments to the government. “This is what every nation around the world would do. The gas industry understand that. That''s what we need to see delivered,” he said. (Reporting by Harry Pearl; Editing by Mary Milliken) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-australia-energy-gas-idUKKBN16Q00G'|'2017-03-19T08:08:00.000+02:00'
'abee07ea7fd33b92c75bd9dd1af7f0b8b24bf063'|'Trump picks Boeing executive Shanahan to become Pentagon''s No.2'|'Politics  23am EDT Trump picks Boeing executive Shanahan to become Pentagon''s No.2 File photo: Patrick Shanahan, talks to the media on the assembly line at the company''s Everett, Washington plant, May 19, 2008. REUTERS/Robert Sorbo WASHINGTON Senior Boeing executive Patrick Shanahan is U.S. President Donald Trump''s nominee to take over the No. 2 role at the Pentagon as deputy U.S. defense secretary, the White House announced on Thursday. The White House also announced plans to nominate: * David Norquist to become Under Secretary of Defense, Comptroller. Norquist is a partner with Kearney and Company, a Certified Public Accounting firm. * David Joel Trachtenberg to become Principal Deputy Under Secretary of Defense, Policy. Trachtenberg is president and CEO of Shortwaver Consulting, LLC, a national security consultancy. * Kenneth Rapuano to become Assistant Secretary of Defense, Homeland Defense and Global Security. Rapuano is senior vice president and director of the studies and analysis group at the ANSER Corporation. (Reporting by Phil Stewart and Idrees Ali) Next In Politics'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-trump-pentagon-nominees-idUSKBN16N27F'|'2017-03-16T22:40:00.000+02:00'
'edb80febb39fae08a8c9a3fe1b0930df78b393d0'|'IBM to integrate MedyMatch technology to help spot brain bleeding'|'Technology   9:07am EDT IBM to integrate MedyMatch technology to help spot brain bleeding TEL AVIV Israel''s MedyMatch Technology said on Thursday IBM Watson Health would integrate MedyMatch''s technology into its offerings to imaging experts in hospitals to help doctors identify intracranial bleeding from head trauma and stroke. Initially, IBM Watson Health will distribute the MedyMatch brain bleed detection application globally through its sales channels. Later, IBM Watson Health and MedyMatch will develop interoperability between MedyMatch''s application and IBM Watson Health Imaging''s offerings. The initial deal is a five-year license agreement that will result in several millions of dollars in annual recurring licensing fees to MedyMatch, the company said. MedyMatch is conducting a clinical trial for its intracranial bleed assessment application and is working towards approval by the U.S. Food and Drug Administration. (Reporting by Tova Cohen)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ibm-medymatch-idUSKBN16N1PE'|'2017-03-16T20:00:00.000+02:00'
'802985a770aa73991070c0ee227b975b79de912d'|'Futures up on Fed''s dovish rate-hike outlook'|'Business News   7:42am EDT Futures up on Fed''s dovish rate-hike outlook Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 8, 2017. REUTERS/Brendan McDermid By Yashaswini Swamynathan U.S. stock index futures rose on Thursday after the Federal Reserve raised interest rates for the first time this year, but indicated it was in no hurry to increase the pace of tightening. Drawing on continued strength in the labor market and inflation trending just below its 2 percent target, the central bank on Wednesday raised rates by a quarter point to 0.75-1.00 percent. Wall Street ended with solid gains on Wednesday after Fed Chair Janet Yellen expressed confidence in the U.S. economy and said high stock prices were a signal of easier financial conditions. The Fed, however, stuck to its outlook for two more rate hikes this year and three more in 2018. Shares of big U.S. banks, which slipped on the Fed''s dovish stance on Wednesday, were up between 0.5 and 1.5 percent in premarket trading. Donald Trump''s election as U.S. President in November set Wall Street on a record-setting rally on hopes that he would boost the economy through fiscal stimulus, simpler regulations and tax reforms. Gold hit a one-week high, while the dollar, which had risen on expectations of a more hawkish Fed, hit a one-month low. Oil prices rose about 1 percent, supported by a weaker dollar and data that showed U.S. inventories had dipped after rising for nine weeks. [O/R] Investors will turn their attention to economic data, while looking for more clarity on Trump''s proposed policies. A Commerce Department report is expected to show housing starts edged up to 1.26 million-unit rate in February from 1.25 million units the previous month. The report is due at 8:30 a.m. ET (1230 GMT). Also due is a Labor Department report, which is likely to show the number of Americans who applied for unemployment benefits fell by 3,000 to 240,000 last week. Shares of Tesla ( TSLA.O ) rose 2.3 percent to $261.58 after the electric carmaker said it would raise about $1.15 billion as the company speeds up the launch of its Model 3 sedan. Biogen ( BIIB.O ) slipped 2.2 percent to $286 after Morgan Stanley and Leerink downgraded the drugmaker''s stock and cut price targets. Dollar General ( DG.N ) rose 5 percent to $76.50 after the discount retailer reported a 13.7 percent jump in quarterly sales. Futures snapshot at 6:55 a.m. ET: Dow e-minis 1YMc1 were up 69 points, or 0.33 percent, with 5,550 contracts changing hands. S&P 500 e-minis ESc1 were up 6.25 points, or 0.26 percent, with 38,597 contracts traded. Nasdaq 100 e-minis NQc1 were up 17.25 points, or 0.32 percent, on volume of 4,600 contracts. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D''Silva) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-stocks-idUSKBN16N1FE'|'2017-03-16T18:42:00.000+02:00'
'7cb8ea8b2552196729c2b0fa3cf17bfb6f53939f'|'Indian billionaire targets Anglo in early sign of mining M&A revival'|'Business News - Wed Mar 15, 2017 - 10:22pm GMT Indian billionaire Agarwal to invest up to two billion pounds in Anglo American The Anglo American logo is seen in Rusternburg October 5, 2015. Picture taken October 5, 2015. REUTERS/Siphiwe Sibeko/File Photo LONDON Indian billionaire Anil Agarwal said on Wednesday he would buy a stake of up to 2 billion pounds in Anglo American ( AAL.L ), but had no intention of trying to take control of the global miner. Agarwal, who has majority control of Hindustan Zinc Ltd ( HZNC.NS ) through Vedanta Ltd ( VDAN.NS ) ( VED.L ), will make the investment via his family trust Volcan Holdings, Volcan said in a statement. Anglo, which has a market value of around 16.75 billion pounds ($20.55 billion), declined to comment. Two industry sources, speaking on condition of anonymity, said Agarwal was investing for his family trust and not in connection with Vedanta, and rather than using cash to finance the deal he is using a financial instrument that is a first of its kind. The official statement describes it as a mandatory exchangeable bond. The 2 billion pound bond is due in 2020 and is led by J.P. Morgan. One source said it was an efficient and innovative manner to buy a sizeable stake as acquiring around 12 percent of a company could be very difficult without attracting attention and potentially very expensive. The structure of the bond limits any downside, the sources said, adding the advantage of buying into Anglo American, whose portfolio includes diamonds and platinum, was to diversify Agarwal''s holdings. "This is an attractive investment for our family trust ... I am delighted to become a shareholder in Anglo American plc," Agarwal said in the statement. Anglo, along with other mining companies, has recovered from a slump in commodity prices in 2015. The company''s shares soared nearly 300 percent last year and it said in February it would resume paying dividends and slow down its asset sales as it was no longer under financial pressure. Wednesday''s statement also said that neither Volcan nor Vedanta intended to make an offer to acquire Anglo American. (Reporting by Zandi Shabalala and Barbara Lewis in London and Sanjeeban Sarkar in Bengaluru; Editing by Mark Potter and James Dalgleish) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-anglo-american-investment-idUKKBN16M2T7'|'2017-03-16T18:26:00.000+02:00'
'492e5f9f13995105f6ec6f6c6ef370455325b9a3'|'Canada Goose prices IPO at C$17 per share'|'Deals  18pm EDT Canada Goose prices   Retailer   said on Wednesday it has priced its   at C$17 ($12.78) per share, above its target range. The issue will raise C$340 million. The maker of luxury winter down jackets had earlier expected to price the offering of 20 million shares at C$14-C$16 per share. The Toronto-based company will list its subordinate voting shares on the New York Stock Exchange and the Toronto Stock Exchange under the symbol "GOOS". Canada Goose, which started in a small warehouse in 1957, sold a majority stake in 2013 to Bain Capital LLC, for an undisclosed amount, to help meet its growth ambitions. The down used in Canada Goose coats, which sell for as much as $700 apiece, is a byproduct of the food industry, with most of it sourced from Hutterite farmers who raise free-range flocks in the Canadian prairies. Down jackets are insulated with soft and warm underfeathers from duck or geese. CIBC Capital Markets, Credit Suisse, Goldman Sachs & Co and RBC Capital Markets are lead underwriters to the offering. (Reporting by Nikhil Subba in Bengaluru, Additional reporting by Parikshit Mishra; Editing by Vyas Mohan) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-canadagoose-ipo-idUSKBN16N08B'|'2017-03-16T09:17:00.000+02:00'
'3dbce4315c61f5d121f3fdf992b8799cae7e550c'|'A third of European firms to cut investment due to Brexit - survey'|'Business News - Fri Mar 17, 2017 - 4:31pm GMT A third of European firms to cut investment due to Brexit - survey left right FILE PHOTO: Demonstrators take part in a protest aimed at showing London''s solidarity with the European Union following the recent EU referendum, inTrafalgar Square, central London, Britain June 28, 2016. REUTERS/Dylan Martinez/File Photo 1/2 left right FILE PHOTO: A Leave.eu supporter wears a union flag paper hat after polling stations closed in the Referendum on the European Union in London, Britain, June 23, 2016. REUTERS/Toby Melville/File Photo 2/2 LONDON A third of European companies expect to cut investment spending due to Brexit uncertainties and a tenth of those with operations in the Britain plan to pull out of the country, a survey of 600 euro zone firms, by Swiss bank UBS, found. Over half the companies said they did not expect Britain leaving the European Union to change their investment plans, but 24 percent anticipated reducing investment "somewhat", and 8 percent "significantly", the survey, published on Friday, showed. Thirty-nine percent of those said they would modify their investment plans within 6-12 months, and around 17 percent said they would respond immediately. Of the firms surveyed, in a range of sizes and sectors chosen to represent the European market, 74 percent have operations in Britain. Of those, a tenth said they planned to relocate all their capacity away from Britain, while 31 percent said they would remove a large amount. A fifth said they would not relocate any capacity, and 3 percent planned to increase UK operations. Euro zone countries were the most preferred new destinations for nearly half of respondents, while central and Eastern Europe was preferred by 30 percent. The survey found uncertainty related to Brexit was top of the companies'' worry list. A close second was uncertainty over the new U.S. administration, while only 14 percent were most concerned about the French presidential election. The survey was conducted between Jan. 10 and Feb. 13. (Reporting by Helen Reid; Editing by Robin Pomeroy) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-investment-idUKKBN16O280'|'2017-03-17T23:31:00.000+02:00'
'a8399e666d46ae93c3456d30a8b7cc597c6b04d0'|'Louisiana bond deal tops light U.S. muni sales next week'|'By Rory Carroll - SAN FRANCISCO, March 17 SAN FRANCISCO, March 17 Louisiana, which received a credit downgrade this week, will sell $189 million in general obligation bonds next week in another light issuance week for the U.S. municipal market.A total of $4.5 billion in U.S. municipal bond and note sales will be offered next week, due to the approaching tax deadline and this week''s Federal Reserve rate hike, according to Municipal Market Data, a Thomson Reuters unit.The Fed on Wednesday raised the target overnight interest rate by 25 basis points to a range of 0.75 percent to 1.00 percent, a move spurred by steady economic growth.The rate hike, the second in three months, was expected and essentially fully priced in prior to the meeting, according to a report by Barclays on Friday.Investors expect the next hike will not happen until later summer or early fall of this year, Barclays'' analysts said.Also on Wednesday, credit ratings agency S&P Global lowered its long-term rating to AA- from AA on Louisiana''s general obligation bonds outstanding due to weak revenue collections from both individuals and businesses from a prolonged contraction in the oil and gas industry."Without meaningful, long-term structural tax changes that could carry significant implementation risk, there is a one-in-three chance we could lower the ratings," S&P Global said."We could revise the outlook to stable if the legislature takes meaningful measures to align revenue expectations with recurring expenditures to support future budgetary performance and fiscal stability while rebuilding reserves to a level we consider good," it said. (Reporting by Rory Carroll; Editing by James Dalgleish)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-municipals-deals-idINL2N1GU1WZ'|'2017-03-17T18:24:00.000+02:00'
'98cc0fb05136fe66f79abeea74f3ddbfd1024135'|'UPDATE 1-Spain''s Neinor Homes prices IPO to value company at 1.3 bln euros'|'(Adds detail, background)MADRID, March 16 Homebuilder Neinor Homes will price a planned March stock market flotation at 16.46 euros per share, it said on Thursday, valuing the company at 1.3 billion euros ($1.4 billion) in Spain''s first listing of a residential builder in more than ten years.The deal, aimed at institutional investors, will include a capital increase of about 100 million euros to repay corporate debt and fund land purchases.Neinor, which is based in Bilbao in northern Spain and is backed by U.S. private equity firm Lone Star, buys land for developments in areas with high demand for housing, including Madrid, Barcelona and the Basque Country.Residential construction is returning to Spain after a 2008 property crash left a glut of unsold properties built with specultaive cash.Neinor will begin to receive offers on March 17 and books will close on March 27, with a listing planned for March 29, it said in a prospectus posted with the Spanish stock exchange regulator.Lone Star bought the property management arm of unlisted Spanish bank Kutxabank and about half the real estate assets on its books in December 2014.Since then, the real estate management platform Neinor has more than doubled its land bank by investing in land that already has permits for construction.It has 161 developments and more than 9,000 homes on its books with a gross asset value of 1.12 billion euros, according to a Savills real estate valuation.The deal is one of three stock market listings announced so far this year in Spain. The two others are car parts maker Gestamp and cash-in-transit unit Prosegur Cash.Citigroup and Credit Suisse are acting as joint global coordinators and bookrunners on the Neinor listing. Santander, BNP Paribas and J.P. Morgan are also bookrunners on the deal. Investment bank Lazard is advising. ($1 = 0.9314 euros)(Reporting by Sonya Dowsett; Editing by David Goodman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/neinor-ipo-idINL5N1GT6S5'|'2017-03-16T16:01:00.000+02:00'
'03bb5ded2589b10a8d194ea78ce898e6f632de9d'|'Up, up and away: As the Fed raises rates, Janet Yellen’s legacy is pondered'|'THIRD time lucky. In each of the past two years, the Federal Reserve has predicted multiple interest-rate rises, only to be thrown off-course by events. On March 15th the central bank raised its benchmark Federal Funds rate for the third time since the financial crisis, to a range of 0.75-1%. This was, if anything, ahead of its forecast, which it reaffirmed, that rates would rise three times in 2017. “Lift-off” is at last an apt metaphor for monetary policy. But as Janet Yellen, the Fed’s chairwoman, picks up speed in terms of policy, she must navigate a cloudy political outlook. The next year will define her legacy.Ms Yellen took office in February 2014 after dithering by the Obama administration over a choice between her and Larry Summers, a former treasury secretary. Left-wingers preferred Ms Yellen, in part because she seemed more likely to give jobs priority over stable prices. Indeed, Republicans in Congress worried that she would be too soft on inflation. The Economist called her the “first acknowledged dove” to lead the central bank.Today Ms Yellen looks more hawkish—certainly than Mr Summers, who regularly urges the Fed to keep rates low. Headline inflation has risen to 1.9% a year; but excluding volatile food and energy prices it is a bit stuck, at around 1.7%. Yet Ms Yellen has not really changed her plumage. As expected, she has consistently given high weight to unemployment. Before her appointment, when joblessness was high, she wanted the Fed to promise to keep rates low for longer than it then planned. Now that unemployment is just 4.7%, she is keener to raise rates than those who worry about stubbornly low inflation. In March 2015 Ms Yellen argued that, were the Fed to ignore a tight labour market, inflation would eventually overshoot its 2% target. The Fed might then need to raise rates sharply to bring it back down, risking a recession—and hence more unemployment. Better to lift rates in advance.Unemployment, however, was already down to 5.5%. So most rate-setters had started 2015 forecasting a rapid lift-off, taking rates up by at least one percentage point over the year. But inflation remained strangely tepid (see chart). Cheap oil and a strong dollar were partly to blame. But wages also seemed stuck. Ms Yellen and her colleagues deduced that unemployment could safely fall a bit further.In the end, they raised rates once in 2015, in December. Again, they forecast four rates rises for the next year. This time they were delayed by worries over the global economy (China wobbled early in 2016). Officials also began to see lower rates as a permanent feature of the economy. Today, the setters think rates will eventually stabilise at 3%, down from a forecast of 4% when Ms Yellen took office.Ms Yellen’s Fed, then, has proved very willing to change course. And this time the Fed is speeding up, rather than postponing, rate rises. Three factors are at play. First, the global economy has been reflating since the middle of 2016. Second, financial markets are booming, boosting the economy by almost as much as three interest-rate cuts, by some estimates. Third, a fiscal stimulus is looming. According to the Fed’s model, a tax cut worth 1% of GDP would push up interest rates by nearly half a percentage point. During his campaign Donald Trump promised cuts worth nearly 3% of GDP, according to the Tax Policy Centre, a think-tank.Doves insist that the Fed risks halting an incomplete recovery. Before the crisis of 2007-08, about 80% of 25-to 54-year-olds (the “prime age” population) had jobs. Today the proportion is 78% (see chart). The difference is about 2.5m potential workers, mostly not counted as unemployed because they are not looking for work. Were the Fed to aim for the nearly 82% prime-age employment seen in April 2000, the jobs shortfall would look twice as high.In October Ms Yellen wondered aloud whether a “high-pressure economy”, and a resulting wage boom, might coax more people to seek work. This led to reports—soon corrected—that she would let the economy overheat after all. In fact Ms Yellen has long warned that many drivers of labour-force participation are beyond the central bank’s control. A gentle pickup in wage growth since mid-2015 seems to support her view that unemployment is the best measure of economic slack.Rarely has unemployment been this low without inflation taking off. Once was in the late 1990s, when Alan Greenspan, a former Fed chairman, correctly predicted that rising productivity would stop a booming labour market from stoking inflation. Jeffrey Lacker, chairman of the Richmond Fed, recently offered another example. In 1965 unemployment fell to 4%, while inflation was only 1.5%. Yet prices took off in the years that followed: by 1968, inflation had reached 4.3%.That is what Ms Yellen wants to avoid. But nor has the Fed often managed to tighten monetary policy without an ensuing recession. Should she manage it, her tenure will go down as a great success.That is, if she has time to finish the job. Her term ends in February 2018. If Mr Trump replaces her, she could stay on as a board member. But she would probably leave. So would Stanley Fischer, the Fed’s vice-chairman, whose term expires four months later. Two of the Fed’s seven seats are already vacant, and Daniel Tarullo, the de facto vice-chairman for regulation, goes in April. So Mr Trump may be able to appoint five governors, including the chairman, within 18 months of taking office.What then for monetary policy, and for Ms Yellen’s legacy? During his campaign, the president attacked the Fed for keeping rates low and said he would replace Ms Yellen with a Republican. Mooted successors include Glenn Hubbard, who advised George W. Bush; Kevin Warsh, a former banker and Fed governor; and John Taylor, an academic and author of a rule, named after him, for setting interest rates.A kettle of hawks All these potential successors are monetary-policy hawks. Some versions of the Taylor rule, for example, call for interest rates more than three times as high as today’s. Mr Trump, who promises revival and 3.5-4% economic growth, might not like the sound of that. If, like most populists, he wants to avoid tight money, he could appoint someone malleable to the Fed. But that would also be risky. One cause of the inflationary surge of the 1960s, notes Mr Lacker, was political pressure to keep policy loose even after ill-timed tax cuts. On one occasion, President Lyndon Johnson summoned the Fed chairman, William McChesney Martin, to berate him for raising interest rates (and to drive him around his ranch at breakneck speed).A simpler way to keep hawkish Republicans at bay would be to reappoint Ms Yellen. With Mr Tarullo out of the frame, Mr Trump would still be able to impose his deregulatory agenda, yet keep faith with Ms Yellen to set monetary policy. Senators would struggle to come up with reasons not to reappoint a central-bank chairman so close to achieving her goals. Bill Clinton and Barack Obama reappointed incumbent Republican chairmen. It might be in Mr Trump’s interest to reciprocate.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business-and-finance/21718857-donald-trump-has-chance-mould-americas-central-bank-fed-raises-rates?fsrc=rss'|'2017-03-15T07:00:00.000+02:00'
'63ee70dce3f95344d2e367d65ead7d0928977824'|'Antitrust move may let America Movil cut labor costs - union'|' 51pm EDT Antitrust move may let America Movil cut labor costs: union The logos of America Movil is seen on the wall of the reception area in the company''s corporate offices in Mexico City August 12, 2015. REUTERS/Henry Romero By Dan Freed - MEXICO CITY MEXICO CITY Antitrust measures announced last week that would split up Carlos Slim''s America Movil and open its fixed line network to competition may help Mexico''s dominant telecommunications provider reduce labor costs, according to a labor union spokesman. The announcement initially hammered the company''s shares, though they have since rebounded and closed at 13.60 pesos each on Thursday. The new rules drew opposition from a labor union representing 60,000 workers at America Movil''s fixed line unit, known as Telmex. The reorganization would create a new entity that could hire new workers and pay them less than under the existing contract, said Eduardo Torres Arroyo, spokesman for the Mexican Telephone Workers'' Union (STRM). "That possibility exists," Arroyo said. "We''re trying to keep that from happening." Paula Garcia, spokeswoman for America Movil, declined to comment on whether the company''s labor costs could be reduced or not as a result of the new rules. STRM has threatened a strike if the rules are not changed, though the union has not had a major walkout since 1982. Mexico''s regulator, the Federal Telecommunications Institute (IFT), is looking to increase access to America Movil''s fixed line network while attracting capital for the network''s expansion, according to Alexander Elbittar, a researcher with Mexico''s CIDE university who specializes in regulation and competition. The rules could end up benefiting America Movil, in part by freeing it from some of its obligations to its workers, according to Elbittar. "There''s going to be a separation of the part of the company that has union representation," Elbittar said. "Telmex hasn''t been a great performer of late. This could be a chance for a relaunch." America Movil, which has businesses throughout Latin America, saw revenues grow by about 9 percent in 2016. Expenses, however, rose by nearly 15 percent. Rising costs in Mexico drew questions from analysts during a Feb. 3 conference call, according to a transcript posted on the company''s website. An executive who was not named in the transcript said the company needed more time to bring costs lower, but did not say how it would do so. Francisco Hernandez Juarez, leader of the STRM, told Reuters that America Movil requested the rule, even though the company has publicly opposed it and said it plans to challenge it. "This order comes from the regulator," Garcia wrote via email. The IFT declined to comment. Elbittar said it is common for a regulator to design a rule in consultation with the businesses it will affect. "Regulators aren''t businesspeople, and they aren''t aware of all the subtleties," he said. (Reporting by Dan Freed in Mexico City; Editing by Gopakumar Warrier)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-america-movil-antitrust-idUSKBN16O0AC'|'2017-03-17T09:44:00.000+02:00'
'5ccbb2d04266be75567d87cde0bfdad4721c4f5d'|'Siemens issues $7.5 billion bond to fund Mentor acquisition'|'FRANKFURT German industrial group Siemens ( SIEGn.DE ) issued a $7.5 billion bond, its second-largest placement to date, to fund acquisitions including Mentor Graphics and to finance outstanding and matured debt, it said in a statement on Friday."Due to the high demand, the company obtained very good interest-rate conditions over all maturities," Siemens said.It said total investor demand was $15.1 billion, and about 83 percent was allocated to U.S. investors, with the rest placed with investors from Europe and Asia.(Reporting by Georgina Prodhan; Editing by Arno Schuetze)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-siemens-bond-idINKBN16O1IJ'|'2017-03-17T09:19:00.000+02:00'
'0bd21b3a0720067153efda1cc6b82bab286d540b'|'Last RBS investor group held settlement talks over 2008 cash call - sources'|' 43am GMT Last RBS investor group held settlement talks over 2008 cash call - sources The logo of the Royal Bank of Scotland (RBS) is seen at an office building in Zurich March 27, 2015. REUTERS/Arnd Wiegmann/Files By Andrew MacAskill and Kirstin Ridley - LONDON LONDON Lawyers representing tens of thousands of Royal Bank of Scotland ( RBS.L ) shareholders have held tentative talks to settle a 1.2 billion pound damages claim over the lender''s 2008 rights issue that was launched shortly before a state bailout, two sources said. The two sources, who are familiar with the situation, said RBS and the RBoS Shareholder Action group, which includes 27,000 private investors, former and current RBS staff and about 100 institutions, had discussed an out-of-court deal. But in a move highlighting the difficulties of rallying such a vast group -- the last of five shareholder claims yet to settle with the bank -- one source warned that some retail investors were determined to take the case to trial in May. A settlement would end one of the most complex and costly litigation battles in English legal history. It would also spare RBS, which is still more than 70 percent owned by the state, a lengthy and potentially embarrassing court case that would put its disgraced former chief executive Fred Goodwin and other former senior staff in the witness box. RBS last year struck an out-of-court deal with four other investor groups, who also accused the bank of omissions and misrepresentations about its financial strength when it launched the 12 billion pound rights issue at the height of the credit crisis. But the RBoS Shareholder Action Group rejected its share of RBS''s 800 million pound offer. RBS, which has said it would welcome a deal with the action group, declined to comment on any talks. When asked by Reuters at the end of February, Chief Executive Ross McEwan there had been "some conversations" but no resolution. RBoS Shareholder Action Group declined to comment, while Signature Litigation, the legal firm representing the claimants, referred requests to the action group. QUESTIONS ASKED The bank has been applying pressure on the shareholder group, which has been questioned persistently about the adequacy of its funding, switched legal teams three times and saw some institutions break away in 2015 to launch separate litigation. In a move described as bullying by claimants, the group was forced to reveal the names of its latest third-party litigation funders after RBS asked for details of its After The Event (ATE) insurance while threatening to file an application for security for costs. ATE insurance policies cover the risk of losing and paying the other side''s costs in litigation. Last week, High Court Judge Robert Hildyard also warned claimants against the "serious consequences" of a funding gap or shortfall. He was also "increasingly troubled" by inconsistent statements about ATE cover and other statements by the group. The action group has told the court that its current third-party litigation funders include asset recovery and private equity firm Hunnewell Partners (BVI), which says on its website it has a separate and ring-fenced litigation funding business. Hunnewell, which did not respond to requests for comment, is not listed as a member of the Association of Litigation Funders, an independent body that ensures members abide by a code of conduct and maintains a complaints handling procedure. RBS has estimated its legal costs, from the December settlements to the end of the May trial, at 25 million pounds. Shareholders lost around 80 percent of their investments when RBS collapsed just months after the 2008 cash call, forcing the government to step in with a 45 billion pound-plus bailout. Former RBS chief executive Goodwin was stripped of his knighthood but kept an annual pension of 342,500 pounds. ($1 = 0.8160 pounds)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-rbs-lawsuit-investors-idUKKBN16O1F0'|'2017-03-17T18:43:00.000+02:00'
'863e3ca3401707f8266379908a8be602c7002414'|'EMERGING MARKETS-Brazil stocks fall; JBS, BRF slump on police raids'|'By Bruno Federowski SAO PAULO, March 17 Brazilian stocks fell on Friday as shares of meatpackers JBS SA and BRF SA slumped after federal police targeted their offices as part of an investigation into alleged bribery of food inspectors and politicians. The probe, known as "Operation Weak Flesh," uncovered about 40 cases of meatpackers who had paid officials to overlook unsanitary practices such as processing rotten meat and running plants with traces of salmonella, police said. Common shares in JBS fell nearly 8 percent, the biggest decline since Oct. 26, when a government agency vetoed a program to move some operations outside Brazil. Shares in BRF slumped to an almost five-year low. Shares of education companies Kroton Educacional SA and Estácio Participações SA also fell sharply on a report that top managers at Estácio were attempting to block a sale to its larger rival Kroton. Brazil''s benchmark Bovespa stock index fell 1.8 percent. Still, the Brazilian real strengthened 0.3 percent, reflecting expectations of inflows stemming from a successful airport auction on Thursday. Other Latin American currencies were mostly stronger, extending gains into a third day as traders predicted that the U.S. Federal Reserve would only increase interest rates at a gradual pace in coming months. The Mexican peso firmed 0.7 percent, while the Colombian peso strengthened 0.2 percent. Key Latin American stock indexes and currencies at 1550 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 966.56 0.35 11.71 MSCI LatAm 2614.88 -0.37 12.13 Brazil Bovespa 64694.10 -1.66 7.42 Mexico IPC 48190.54 0.28 5.58 Chile IPSA 4633.99 0.38 11.63 Chile IGPA 23245.80 0.35 12.11 Argentina MerVal 19543.70 -0.29 15.52 Colombia IGBC 9954.07 -0.1 -1.72 Venezuela IBC 37802.37 0.05 19.23 Currencies daily % YTD % change change Latest Brazil real 3.1014 0.38 4.77 Mexico peso 19.1350 0.65 8.41 Chile peso 661.1 0.17 1.45 Colombia peso 2911.72 0.20 3.08 Peru sol 3.247 0.15 5.14 Argentina peso (interbank) 15.5400 -0.06 2.16 Argentina peso (parallel) 16.02 0.12 4.99 (Reporting by Bruno Federowski; Editing by Tom Brown)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/latam-emergingmarkets-idINL2N1GU10K'|'2017-03-17T13:02:00.000+02:00'
'c2ebb9187ac0af3f64bcd83abf356d2c76411ac2'|'Top banks to earn billions more from bond trading in first quarter - Barclays'|' 02pm GMT Top banks to earn billions more from bond trading in first quarter - Barclays Lower Manhattan including the financial district is pictured from the Manhattan borough of New York, U.S. June 1, 2016. REUTERS/Carlo Allegri/File Photo LONDON The world''s top banks are expected to rake in billions more from bond trading  , with U.S. banks putting in another solid performance and European banks taking even greater strides on the road to recovery, Barclays said on Wednesday. The increase is expected to come from higher trading activity in U.S. credit and global rates markets as the Federal Reserve prepares to move away from most other central banks in the industrialised world and raise U.S. interest rates. Revenue from fixed income, currency and commodities (FICC) trading at the top five U.S. banks will rise 16 percent, while European banks can expect growth four times faster than that from a notably weak January-March period last year, Barclays analysts said. "Our recent meetings with New York-based investment bank executives confirmed the upbeat outlook for franchise health. More importantly, the message from European firms is a return to franchise health that stretches beyond a single strong quarter," Barclays banking analysts Kiri Vijayarajah and Jason Goldberg wrote in a note. Bond trading revenue at most banks has been grinding lower for about seven years as new regulation on proprietary trading, derivatives and capital have restricted what banks can do in bond markets, making the business less lucrative. From 2010 to 2015, bond trading revenue fell 36 percent across the industry, data from industry analytics firm Coalition shows. According to Barclays, revenue from FICC trading at the top five U.S. banks   is expected to rise 16 percent to $13.33 billion (11 billion pounds) from $11.51 billion (9.45 billion pounds) in the same period last year. That will drive a 10 percent increase in total investment banking revenue to $26.87 billion from $24.52 billion. The overall increase will be diluted by a 2 percent rise in equity trading revenue and 7 percent rise in merger and acquisition and underwriting revenue, they said. Growth in some European banks'' FICC operations could be even greater, led by Credit Suisse ( CSGN.S ), which had a particularly weak first quarter last year. The Swiss bank could see FICC revenue rise by as much as 64 percent to over 1 billion Swiss francs CHF= , Vijayarajah said. Earlier this week, analysts at JP Morgan said FICC revenues   across eight of the top U.S. and European banks - excluding JP Morgan itself, the industry leader - will rise by 34 percent to $11.82 billion from $8.84 billion. Credit Suisse''s FICC revenues will more than double to $1.23 billion from $516 million, and Morgan Stanley ( MS.N ) will see revenues almost double to $1.6 billion from $873 million, JP Morgan forecast. (Reporting by Jamie McGeever and Anjuli Davies; Editing by Ken Ferris)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-banks-trading-idUKKBN16M1SX'|'2017-03-15T20:02:00.000+02:00'
'5c735a0f28c0e603bef30323784727013563bf2a'|'Sainsbury''s says quarterly sales edge lower'|' 35am GMT UK supermarket Sainsbury''s highlights cost price pressure as sales edge lower A Sainsbury''s supermarket sign is seen in Brighton, Britain, January 7, 2010. REUTERS/Luke MacGregor/File Photo LONDON Britain''s Sainsbury''s on Thursday reported a slight fall in underlying quarterly sales in its core supermarkets business and cautioned over uncertainty regarding cost pressures. All of Britain''s supermarket chains are having to deal with higher import costs, given the pound''s devaluation since last June''s Brexit vote and some commodity price rises. "The market remains very competitive and the impact of cost price pressures remains uncertain," said Chief Executive Mike Coupe. But he said Sainsbury''s remained well placed to navigate the external pressures. The firm, which last year purchased Argos-owner Home Retail, said sales at supermarket stores open over a year fell 0.5 percent, excluding fuel, in the nine weeks to March 11, its fiscal fourth quarter. That compared to analysts'' forecasts ranging down 1 percent to up 0.3 percent Sainsbury''s said that after adjusting for this year''s later fall of Easter the outcome was in line with its third quarter when like-for-like sales rose 0.1 percent. The results showed a strong performance from Argos, where like-for-like sales increased 4.3 percent, a slight acceleration from growth of 4.0 percent in the previous quarter and ahead of analysts'' expectations. No. 4 player Morrisons and market leader Tesco have been setting the recent pace in sales growth terms in a sector where inflation has returned this year. However, Morrisons and Tesco are both in turnaround mode after going through disastrous periods while Sainsbury''s market share has remained broadly stable over the last five years. Its profits have still fallen however. Prior to Thursday''s update analysts were on average forecasting a 2016-17 pretax profit of 578 million pounds ($710 million). That would be a third straight year of decline, despite the boost to earnings from the Argos deal. Shares in Sainsbury''s, up 9 percent so far this year, closed Wednesday at 271.4 pence, valuing the business at about 5.86 billion pounds. (Reporting by James Davey; editing by Kate Holton)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-sainsbury-s-outlook-idUKKBN16N0P6'|'2017-03-16T14:15:00.000+02:00'
'3fbade4931af28495bfa9564f0afcbf76feed3f0'|'Generali pledges higher dividends, vows to remain independent'|'  6:55am GMT Generali pledges higher dividends, vows to remain independent A banner with a logo of Generali insurance is seen outside one of its branch offices in Telfs, Austria, November 1, 2016. REUTERS/Leonhard Foeger/File Photo MILAN Italy''s biggest insurer Generali ( GASI.MI ) hiked its 2016 dividend on Thursday and pledged higher shareholder returns going forward after posting its best net profit in nine years. Generali, which is seeking to boost its defences against the threat of a possible takeover, also said it would deliver on its promise to cut costs by 200 million euros a year earlier in 2018 rather than 2019. The insurer, which said it was confident in a future as an independent company, declared a dividend of 0.8 euros per share on its 2016 results, up from 0.72 euros a share the previous year. Net profits last year rose 2.5 percent to 2.081 billion euros ($2.2 billion), in line with an analyst consensus provided by the company, boosted by better life and non-life business. The insurer emerged as a potential bid target in January when Italy''s biggest retail bank Intesa Sanpaolo ( ISP.MI ) revealed that it was looking at a potential combination, a plan that Intesa later scrapped. ($1 = 0.9313 euros) (Reporting by Stephen Jewkes and Gianluca Semeraro, editing by Silvia Aloisi) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-generali-results-idUKKBN16N0MQ'|'2017-03-16T13:55:00.000+02:00'
'65ef34688aafc6fc0a6453c251df0c902e32bcc6'|'Spanish bank BBVA shuts Sydney office, downsizes Japan and Korea branches'|' 48pm GMT Spanish bank BBVA shuts Sydney office, downsizes Japan and Korea branches A woman with an umbrella walks past a BBVA bank branch in central Madrid, Spain, April 4, 2016. REUTERS/Andrea Comas/File Photo MADRID Spain''s second-biggest lender BBVA ( BBVA.MC ) shut its office in Sydney at the end of last year and is downsizing branches in Japan and South Korea, sources close to the matter told Thomson Reuters'' Basis Point on Thursday. BBVA''s high cost of capital made it difficult to compete in the Asia Pacific banking market, which is dominated by Chinese and Japanese banks with cheaper funding costs, the sources said. The Spanish bank aims to focus on Asian clients with links to Europe and Latin America, targeting activities such as cash management and trade finance, which typically do not use much of its balance sheet, one of the sources said. A BBVA spokeswoman in Madrid confirmed the downsizing. (Writing by Jesús Aguado; Editing by David Goodman)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bbva-asia-idUKKBN16N2A8'|'2017-03-16T22:48:00.000+02:00'
'ba61b9829d20383974ab70ecce92c936084be583'|'3M to buy Johnson Control''s safety gear business'|'Deals  38am EDT 3M to buy Johnson Control''s safety gear business The logo of Down Jones Industrial Average stock market index listed company 3M is shown in Irvine, California April 13, 2016. REUTERS/Mike Blake/File Photo 3M Co ( MMM.N ) said on Thursday it would buy Johnson Control International Plc''s ( JCI.N ) safety gear business, Scott Safety, in deal with an enterprise value of $2 billion. Scott Safety manufactures respiratory and protective equipment and other safety products for firefighters, industrial workers, police squads and the military. The business had annual revenues of about $570 million in 2016, 3M said. Johnson Controls, which manufactures products ranging from car batteries to heating equipment, had been exploring a sale of the business, Reuters had reported last week. (Reporting by Arunima Banerjee in Bengaluru; Editing by Savio D''Souza) Next In Deals Lone Star seeks to inject $1 billion into Novo Banco for 75 percent stake: sources LISBON U.S. private equity firm Lone Star is closer to taking control of Portugal''s Novo Banco with an offer to inject up to 1 billion euros ($1.07 billion) into the bank in return for a 75 percent stake, sources told Reuters.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-johnsoncontrols-scottsafety-3m-idUSKBN16N1M8'|'2017-03-16T19:33:00.000+02:00'
'1bd96ac3244fc913dd4c9c1169e80b8284aa40e8'|'British regulator to investigate Sky takeover by Murdoch''s Fox'|'By Paul Sandle - LONDON LONDON The British government has referred Rupert Murdoch''s planned 11.7 billion pound ($14.4 billion) takeover of European pay-TV group Sky to regulators to decide if the deal is in the public interest.Media Secretary Karen Bradley told parliament it was important to seek advice from the regulator Ofcom on whether the deal would give Murdoch and his companies too much control of Britain''s media, and whether the new owner would be committed to broadcasting standards.Murdoch''s U.S. TV business Twenty-First Century Fox already owns 39 percent of Sky. Murdoch and his family have long coveted full control of Sky, despite the damaging failure of a previous attempt in 2011 when their British newspaper business became embroiled in a phone-hacking scandal.Bradley has given Ofcom a 40-day timetable to investigate, and expects to receive its report by May 16.She said Ofcom, as an independent regulator, would assess in the same time frame whether Murdoch''s company was a "fit and proper" holder of a broadcasting licence.Twenty-First Century Fox said it was looking forward to working with British authorities in their reviews of the deal, and it believed it would be approved."We are confident that a thorough review of our track record over 30 years will underscore our commitment to upholding high broadcast standards, and will demonstrate that the transaction will not result in there being insufficient plurality in the UK," the company said on Thursday.POLITICAL OPPOSITIONSome opposition lawmakers oppose the deal, saying Murdoch, the owner of The Times and The Sun newspapers, would wield too much influence if he had full control of a pay-TV group present in more than 12 million British and Irish homes."Many of us believe if you look at the conduct of the Murdochs and the untrammelled power they already have it is not in the public interest for them to take over Sky and have full control," Ed Miliband, former leader of the opposition Labour Party, said on Thursday.Miliband was a prominent critic of the deal the last time it was proposed.Murdoch''s son James, who is chief executive of Fox and chairman of Sky, was criticised by Ofcom in 2012 over his handling of the phone hacking scandal.The regulator said his management of the group''s UK newspapers at the time "repeatedly fell well short of the conduct to be expected of as a chief executive and chairman", although it said Sky remained a fit and proper owner of broadcast licenses.Twenty-First Century Fox, which owns cable, film and pay-TV assets around the world, said the media market had changed dramatically in recent years as broadcasters face new challenges from streaming services.The Murdoch family''s newspaper businesses have been split from its television and film assets in a move that helped pave the way for another tilt at Sky.Sky has also combined its businesses in Britain, Germany and Italy since the previous bid.James Murdoch has sought industry backing for the deal by recently praising the quality and creativity of British television and the positive contribution made by Sky.He said a Fox-owned Sky would spend at least 700 million pounds a year on original British production.Shares in Sky were largely unaffected by the decision, which had been widely expected after Bradley said earlier this month she was minded to intervene.They were trading up 0.4 percent at 9.89 pounds. The buyout offer is priced at 10.75 pounds. ($1 = 0.8100 pounds)(Editing by Kate Holton/Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/sky-plc-m-a-twenty-first-fox-idINKBN16N1G2'|'2017-03-16T11:56:00.000+02:00'
'7e000a6dd300e0e782c237e5d7a37e84e736b449'|'Judge orders Volkswagen executive held until trial in emissions case'|'DETROIT A federal judge in Detroit on Thursday ordered that a Volkswagen AG ( VOWG_p.DE ) executive charged in the automaker’s diesel emissions scandal be detained until his trial set for January 2018.Oliver Schmidt, who was the chief of Volkswagen''s environmental and engineering center in Michigan, has been held since January when he was arrested in Miami trying to return to Germany. Schmidt is one of seven current and former executives charged in the U.S. emissions probe..Last week, Volkswagen pleaded guilty to three felony counts under a plea agreement to resolve U.S. charges it installed secret software in vehicles to beat emissions tests.(Reporting by Nick Carey in Detroit; Writing by David Shepardson in Washington; Editing by Jeffrey Benkoe)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-volkswagen-emissions-idUSKBN16N299'|'2017-03-16T18:36:00.000+02:00'
'2d5b3ac56a244f69b3c8b124e47d61f2953ca0cc'|'German prosecutors search Audi for second day in emissions probe'|'Thu Mar 16, 2017 - 11:31am GMT German prosecutors search Audi for second day in emissions probe left right Audi cars are parked in front of the company''s headquarters in Ingolstadt, Germany, March 15, 2017. REUTERS/Lukas Barth 1/3 left right Audi cars are parked in front of the company''s headquarters in Ingolstadt, Germany, March 15, 2017. REUTERS/Lukas Barth 2/3 left right Audi CEO, Rupert Stadler gives a speech at the company''s annual newsconference in Ingolstadt, Germany, March 15, 2017. REUTERS/Lukas Barth 3/3 MUNICH German investigators searched Audi offices for a second day on Thursday in connection with the emissions scandal still rocking parent Volkswagen ( VOWG_p.DE ), according to the Munich prosecutor''s office. Some 100 officials had started a search early on Wednesday of offices at Audi''s ( NSUG.DE ) headquarters in Ingolstadt, Germany and its Neckarsulm plant, at parent Volkswagen''s base in Wolfsburg and several other locations including private homes. The raids, the first at Audi since VW''s diesel scandal broke 18 months ago, centers on who was involved in the use of any illicit software in 80,000 VW, Audi and Porsche cars with 3.0 liter engines that were found to exceed U.S. emissions limits. Parent Volkswagen had admitted in September 2015 that up to 11 million of its vehicles worldwide had software installed that cheats emissions tests, unleashing its biggest ever crisis. The prosecutor''s spokesman said on Thursday that investigators had already confiscated a large amount of material since Wednesday morning, and some people have been interrogated. He declined to provide further details and said he could not yet say when results of the investigation may become available. (Reporting by Irene Presisinger; Writing by Maria Sheahan; Editing by Elaine Hardcastle) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-volkswagen-emissions-audi-prosecutors-idUKKBN16N1AU'|'2017-03-16T18:11:00.000+02:00'
'97de75201975c448b368070c70640b7bfda7f4e8'|'Indian billionaire Agarwal targets Anglo in early sign of mining M&A revival'|'Deals - Asia - Thu Mar 16, 2017 - 4:54pm IST Indian billionaire targets Anglo in early sign of mining M&A revival FULL COVERAGE: left right FILE PHOTO: A cow is seen near the Anglo American sign board outside the Mogalakwena platinum mine in Mokopane, South Africa, May 18, 2016. REUTERS/Siphiwe Sibeko/File Photo 1/2 left right FILE PHOTO: A pit head is seen at the Tumela platinum mine, an Anglo American open pit mine in South Africa, June 9,2016. REUTERS/Siphiwe Sibeko/File Photo 2/2 By Barbara Lewis and Zandi Shabalala - LONDON LONDON Indian billionaire Anil Agarwal said he was buying a 2 billion pound ($2.45 billion) stake in Anglo American ( AAL.L ), sending the global miner''s shares sharply higher and signaling a possible return to large-scale dealmaking in the sector. Agarwal, who has majority control of Hindustan Zinc Ltd ( HZNC.NS ) through Vedanta Ltd ( VDAN.NS ) ( VED.L ), will make the investment via his family trust Volcan Holdings, Volcan said in a statement after the market close on Wednesday. Anglo American, which has a market value of around 16.75 billion pounds ($20.55 billion), refused to comment. It has also declined comment on reports that it has rebuffed previous approaches for a tie-up with Agarwal''s Hindustan Zinc. Wednesday''s announcement of Agarwal''s plans said neither Volcan nor Vedanta intended to make an offer for Anglo American. Anglo''s shares were up nearly 10 percent by 1015 GMT, outperforming the broader sector .FTNMX1770, which rose 6 percent. Vedanta''s ( VED.L ) shares in London also rose around 6 percent. Last year, Anglo American''s shares gained nearly 300 percent, making it the best performer on the London FTSE as the mining industry recovered from a slump in commodity prices in 2015 and early 2016. In February, it said would resume paying dividends and slow down asset sales as it was no longer under financial pressure. Analysts are cautiously optimistic about the sector''s recovery, although some commodities have stronger supply-demand fundamentals than others. Zinc is potentially one of the strongest and is also a focus of miner-trader Glencore ( GLEN.L ), which this week increased its control of the market through a deal with Canada''s Trevali. ( TV.TO ) Christopher LaFemina, analyst at Jefferies, said the mining sector, which spent last year putting its balance sheets in order, might be making an early return to M&A activity. Many had not expected that until next year. "Our expectation has been that the mining sector recovery would comprise three separate phases," LaFemina said, referring to balance sheet recovery, then improved cash flow and finally M&A. "It is possible that Phase 3 is beginning now." Agarwal, who has four decades of experience as an entrepreneur, is founder and chairman of Vedanta, which has copper operations in Zambia and a zinc mine in South Africa, Anglo American''s heartland. One industry source who has worked with him in the past, speaking on condition of anonymity, said Agarwal had been looking at Anglo American for at least five years. "His dream is to have Vedanta as one of the big diversified miners at some point," the source said. A full-scale takeover of Anglo American would be difficult as Vedanta, with a market capital of around 2 billion pounds, is much smaller than Anglo American. Analysts see Agarwal''s move as a new attempt to fulfil his ambition to have a major footing in South Africa as well as in his native India, which he has aired in the Indian press. "We see this move as potentially forcing either Anglo''s, or a rival bidder''s, hand," Paul Gait, analyst at Bernstein, wrote. "From a strategic point of view, some kind of deal could potentially hand Anglo a solution to their problem of perceived ''overweighting'' towards South Africa," he said. INNOVATIVE FINANCING Another industry sources said Agarwal was limiting any risk by using a convertible bond rather than cash to finance the deal. The mandatory exchangeable bond for 2 billion pounds is due in 2020 and is led by J.P. Morgan. ( JPM.N ) Volcan will issue the bond to fund the share purchase and it will be secured by the purchased shares. One of the sources said it was an efficient way to buy a sizeable stake as acquiring around 12 percent of a company could be difficult to achieve without attracting attention. The structure of the bond limits any downside, the sources said, adding the advantage of buying into Anglo American, whose portfolio includes diamonds and platinum, was to diversify Agarwal''s holdings. "This is an attractive investment for our family trust ... I am delighted to become a shareholder in Anglo American plc," Agarwal said in Wednesday''s statement. (additional reporting by Clara Denina in London and Sanjeeban Sarkar in Bengaluru; Editing by James Dalgleish and Jane Merriman) Next In Deals - Asia'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-anglo-american-investment-idINKBN16M2SC'|'2017-03-16T18:16:00.000+02:00'
'aa1c0be9847ca2d89aa75355454119dc442060f9'|'Brazil''s BR Malls net income falls 464 pct in Q4'|' 50pm EDT Brazil''s BR Malls net income falls 464 pct in Q4 SAO PAULO, March 15 Brazilian mall operator BR Malls Participações on Wednesday reported an annual 464 percent fall in net income to a negative 147.6 million reais in the fourth quarter as an economic downturn weighed on results. The figure was well below a consensus estimate of a 68.81 million reais net profit compiled by Thomson Reuters. For the first time in history, BR Malls reported a fall in same-store-sales, it said. Earnings before interest, tax, depreciation and amortization (EBITDA), a gauge of operating profitability, fell sharply by 330 percent to a negative 542.3 million reais, missing an estimate of 296.4 million reais positive EBITDA. (Reporting by Ana Mano; Editing by Sandra Maler)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/br-malls-results-idUSE6N1FM00O'|'2017-03-16T07:50:00.000+02:00'
'9296280c8530544b69f62a37bad9dd47177b38d3'|'In Duterte''s Davao, China vice premier prioritises deals over disputes'|'Business News - Fri Mar 17, 2017 - 12:05pm GMT In Duterte''s Davao, China vice premier prioritises deals over disputes Vice Premier Wang Yang (R) of the People''s Republic of China arrives at a hotel after a courtesy call to Philippine President Rodrigo Duterte in Davao city, southern Philippines March 17, 2017. REUTERS/Lean Daval Jr MANILA Chinese Vice Premier Wang Yang met Philippine President Rodrigo Duterte''s in his home city on Friday, becoming the most high-profile visitor from Beijing since two countries long at odds sought to chart a new course in relations. Wang went to Davao City, where Duterte was mayor for 22 years before he became president in 2016 and sought a dramatic change in approach towards China at the height of a row over South China Sea sovereignty and amid the fallout of a bitter legal dispute that went to international arbitration. The vice premier signed a six-year development programme to work together on trade and investment, part of Duterte''s strategy to engage China as a buyer of Philippine farm and fisheries produce and a builder and financier of its much-needed infrastructure. "Wang Yang noted the need to focus on common interests that bring more benefits than differences," presidential spokesman Ernesto Abella said after the closed-door meeting between Duterte and Wang. "The president said bilateral ties are found stronger, particularly in trade and commerce, and reaffirmed the importance of peaceful settlement of disputes." The relationship has for years been characterised by disputes, with the Philippines repeatedly opposing China''s island-building in parts of its exclusive economic zone and its repelling of fishermen from the disputed Scarborough Shoal. Though Duterte has persuaded China to end the blockade and let fishermen operate around the shoal, China has continued to fortify some of its artificial islands with military hardware. It was unclear, however, if Wang and Duterte discussed China''s decision to start preparatory work this year for an environmental monitoring station on Scarborough Shoal. The Philippines has recently said it was assured China would not carry out any building work there. The six-year business deal covers loans, support with feasibility studies, grants for bridge construction, a proposed Philippines-China industrial park, dams, railways and agribusiness training. China last week committed to finance at least three Philippine infrastructure projects worth $3.4 billion, two of which could be rolled out in the first half of this year.. Wang''s visit to Davao comes two months after that of Japanese Prime Minister Shinzo Abe, who was the first foreign leader to visit the Philippines under Duterte, signalling Tokyo''s intent to bolster its influence amid a changing geopolitical landscape. Abe brought with him a 1 trillion yen ($8.77 billion) aid package. Wang''s trip was more businesslike than that of Abe, who has a close personal bond with the firebrand Philippine leader and had breakfast in his humble Davao home. Duterte typically spends three days each week in Davao, or more. He is there visiting his newborn grandson, who is named "Stonefish". Duterte was also visited on Friday by Australian Foreign Minister Julie Bishop, who announced a A$90 million ($69.2 million) programme to support education and policy development in Mindanao, an impoverished Muslim region in the predominantly Catholic nation. Mindanao has been plagued by decades of separatist rebellion and the Philippines is concerned it could become a hotbed of extremism if Islamic State gains a foothold. "Both underscored that terrorism and violent extremism are serious threats," spokesman Abella said of their meeting. ($1=$A1.3006) (Reporting by Martin Petty and Neil Jerome Morales; Editing by Nick Macfie) Next In Business News G20 finance heads to repeat FX assurances, no deal yet on rejecting protectionism BADEN BADEN, Germany The world''s financial leaders will renounce competitive devaluations and warn against exchange rate volatility, but they have not yet found a common stance on trade and protectionism, a draft statement of their meeting in Germany showed on Friday.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-philippines-china-idUKKBN16O1H5'|'2017-03-17T19:05:00.000+02:00'
'be32a408a13d4854db1781b30971c195096e7bca'|'Brazil''s JBS says three plants targeted in police raid'|'SAO PAULO, March 17 Brazilian meatpacker JBS SA said on Friday federal police raided three of its plants in the states of Paraná and Goiás as part of an investigation into bribery of food inspectors.JBS said in a securities filing that the probe had not targeted its executives or headquarters. An employee of the company working for the Agriculture Ministry was targeted by police, the company said. (Reporting by Brad Haynes; Writing by Bruno Federowski)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brazil-corruption-food-jbs-idINE6N1FG00O'|'2017-03-17T12:00:00.000+02:00'
'ad28fe1909509378db982070587a24e48df2a06c'|'Wall Street bonuses may show first uptick since 2009, firm says'|'Business News - Fri Mar 17, 2017 - 8:29pm IST Wall Street bonuses may show first uptick since 2009, firm says A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S. December 28, 2016. REUTERS/Andrew Kelly By Olivia Oran Wall Street bonuses this year may climb as much as 15 percent in their first meaningful uptick since 2009, compensation firm Johnson Associates Inc said on Friday. An increase in market volatility since the election of U.S. President Donald Trump may boost trading profits, the firm said in a presentation to an industry group. It described the forecast for financial services pay as "upbeat." The improved outlook for the banking industry is a shift from 2016, when bankers and traders received slightly lower bonuses on average. Bankers may also see more creativity with their pay packages as a result of less financial regulation. While today, most bankers are paid heavily in restricted stock, Johnson Associates expects a move to more stock options and unique products. (Reporting by Olivia Oran in New York; Editing by Lisa Von Ahn) Next In Business News G20 finance heads to repeat FX assurances, no deal yet on rejecting protectionism BADEN BADEN, Germany The world''s financial leaders will renounce competitive devaluations and warn against exchange rate volatility, but they have not yet found a common stance on trade and protectionism, a draft statement of their meeting in Germany showed on Friday.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-banks-bonus-idINKBN16O1YD'|'2017-03-17T21:59:00.000+02:00'
'25972d5ec973fdbbf03bf9012a79b1700812e00f'|'Britain asks regulator to investigate Sky takeover by Murdoch''s Fox'|'Technology News   8:00am EDT Britain asks regulator to investigate Sky takeover by Murdoch''s Fox The flag of the Twenty-First Century Fox Inc is seen waving at the company headquarters in the Manhattan borough in New York June 11, 2015. REUTERS/Eduardo Munoz/File Photo LONDON The British government said on Thursday it would refer Rupert Murdoch''s planned takeover of European pay-TV group Sky to regulators to decide if the deal was in the public interest. Murdoch''s U.S. TV business Twenty-First Century Fox, which own 39 percent of Sky, notified the European Commission of its 11.7 billion pound ($14.3 billion) bid earlier this month, opening a window for Britain to intervene. Media Secretary Karen Bradley told parliament it was important and wholly appropriate to seek advice from the regulator Ofcom on whether the deal would give Murdoch and his companies too much control of Britain''s media, and whether the new owner would be committed to broadcasting standards. (Reporting by Paul Sandle; editing by Kate Holton) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-sky-plc-m-a-twenty-first-fox-idUSKBN16N1HK'|'2017-03-16T19:00:00.000+02:00'
'51a5d03e78c41f965adcf7704f40a01478f543ba'|'MOVES-Northern Trust hires global fund services sales head for UK'|' 07am EDT MOVES-Northern Trust hires global fund services sales head for UK March 16 Northern Trust Corp named Katharine Morris head of sales at its global fund services business in the UK. Morris will be based in London and report to Douglas Gee, head of sales at the wealth management firm''s asset servicing business in EMEA. Prior to her new role, Morris was head of UK sales for HSBC Securities Servicing. (Reporting by Ahmed Farhatha)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/nthern-trust-moves-katharine-morris-idUSL3N1GT439'|'2017-03-16T18:07:00.000+02:00'
'0eded7fb5b20f30643e71fc310b8e8d523570a0c'|'Daishi Bank, Hokuetsu Bank say considering integrating operations'|'TOKYO Japan''s Daishi Bank ( 8324.T ) and Hokuetsu Bank ( 8325.T ) are considering integrating operations, the banks said on Thursday, in another move that would consolidate regional lenders amid a shrinking population, but had not yet decided anything.The banks, based in Niigata prefecture on the north coast, seek to form a joint holding company by around next spring to bolster their operational bases, public broadcaster NHK had said earlier on Thursday, without citing its sources."It is true that we are considering merging operations but nothing has been decided," the banks said in separate statements.Japan has roughly 100 regional banks, but the falling population and the central bank''s negative interest-rate policy are putting the squeeze on many lenders, prompting a few to begin merging, besides taking steps to shore up operations.The two banks combined under the holding company would control 51 percent of the lending in Niigata prefecture, according to an industry publication, the Financial Journal Co.Fukuoka Financial Group Inc ( 8354.T ), the largest banking group on Japan''s southern island of Kyushu, plans to buy Eighteenth Bank Ltd ( 8396.T ), and merge it with Shinwa Bank Ltd, which is already under Fukuoka''s control.The plan, announced a year ago, has been suspended for a review by the Fair Trade Commission, as the two banks would control more than 70 percent of the lending in Nagasaki prefecture, where they are based.(Reporting by Junko Fujita; Editing by Sherry Jacob-Phillips and Clarence Fernandez)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-japan-banks-daishi-bank-hokuetsu-bank-idINKBN16N11C'|'2017-03-16T07:29:00.000+02:00'
'c849e0b4cf3beaff7530f466cc7e544015713638'|'Hammond scraps planned increase in national insurance after political outcry'|'Business News - Wed Mar 15, 2017 - 12:00pm GMT Hammond scraps planned increase in national insurance after political outcry Britain''s Chancellor of the Exchequer Philip Hammond leaves 11 Downing Street, London, March 14, 2017. REUTERS/Toby Melville LONDON Chancellor Philip Hammond said on Wednesday he had scrapped a planned increase in an employment tax announced in last week''s budget, reacting to a heavy criticism by those who said the hike breached his party''s 2015 election manifesto. The increase in national insurance contributions for some-self employed workers had been due to take effect from April next year. "In light of what has emerged as a clear view among colleagues and a significant section of the public I have decided not to proceed with the Class 4 NIC measures set out in the budget," Hammond said in a letter to Conservative lawmakers. "It is very important to me and to the prime minister that we are compliant not just with the letter, but also the spirit, of the commitments that were made." Hammond also said there would be no increases to national insurance rates during the current parliament, which is due to run until 2020. (Reporting by William James, Editing by Kylie MacLellan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-budget-hammond-idUKKBN16M1L0'|'2017-03-15T19:00:00.000+02:00'
'bcc5fbbc6e655cc888cc8dc4ceb2593e9975925c'|'Washington has not contacted Moscow over Yahoo hack -agencies'|'Company News  16pm EDT Washington has not contacted Moscow over Yahoo hack -agencies MOSCOW, March 15 Washington has not contacted Moscow over charges against Russians who allegedly hacked Yahoo user accounts in 2014, Russian news agencies reported on Wednesday, citing a "highly placed" source in Moscow. The source was also quoted by news agencies TASS, RIA and Interfax as saying that the topic of "Russian hackers" was part of an internal political struggle in the United States. (Reporting by Alexander Winning; Editing by Catherine Evans) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/yahoo-hack-indictments-russia-idUSL5N1GS690'|'2017-03-16T00:16:00.000+02:00'
'a1ff9a23b1415c6c358c7573275516e90e53e74c'|'REFILE-METALS-London copper eyes biggest weekly gain in five'|'Company News  49pm EDT REFILE-METALS-London copper eyes biggest weekly gain in five (Corrects typo in headline) MELBOURNE, March 17 London copper steadied on Friday but was set to mark its biggest weekly advance since mid-February, supported by a softer dollar and ongoing mine supply concerns. FUNDAMENTALS * Three-month copper on the London Metal Exchange was flat at $5,906 a tonne by 0123 GMT, after a 0.7 percent gain from the previous session. Prices on Thursday reached $5,948.50, the loftiest since March 6. * Shanghai Futures Exchange copper edged down 0.1 percent to 47,920 yuan ($6,950) a tonne. * LME zinc was the biggest gainer, targeting a 5 percent rally in prices this week. Price have been supported by a widening shortfall in metal after several large mines closed in recent years. * U.S. homebuilding jumped in February as unseasonably warm weather boosted the construction of single-family houses to near a 9-1/2-year high, suggesting the economy remained on solid ground despite an apparent slowdown in the first quarter. * President Donald Trump''s first budget outline, calling for a security-heavy realignment of federal spending, drew resistance on Thursday from his fellow Republicans in the U.S. Congress as many balked at proposed deep cuts to diplomatic and foreign aid programmes. * China''s non-financial outbound investment fell 52.8 percent for the year through February compared to the same period last year, as Chinese companies continued to pull back from investing abroad amid a crackdown by regulators on cross-border capital outflows. * The striking union at Escondida mine in Chile, the world''s biggest copper mine, said on Thursday it would return to the negotiating table if the company gave a written guarantee that it would only discuss the union''s three key demands. * Striking workers at BHP Billiton''s Escondida copper mine in Chile, the world''s largest, are blocking attempts by the company to renew operations at a key port nearby, BHP and an umbrella union said on Thursday, as the stoppage enters its sixth week. * For the top stories in metals and other news, click or MARKETS NEWS * The dollar sank to a five-week low on Thursday while U.S. bond yields rose as investors digested the recent U.S. interest rate increase and indications there would be no pick-up in the pace of monetary tightening DATA/EVENTS 1000 Euro zone Eurostat trade Jan 1315 U.S. Industrial production Feb 1400 U.S. Leading index Feb 1400 U.S. Univ of Michigan sentiment index Mar G20 Finance Ministers and Central Bank Presidents meet PRICES'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL3N1GU19I'|'2017-03-17T08:49:00.000+02:00'
'bf6f888cd6b3e05f2753c43815a558bb7f23f8f4'|'BRIEF-Elliott International reports 6.2 pct passive stake in Matlin & Partners Acquisition Corp as of March 10 - SEC filing'|'United States  35pm EDT BRIEF-Elliott International reports 6.2 pct passive stake in Matlin & Partners Acquisition Corp as of March 10 - SEC filing March 17 Matlin & Partners Acquisition Corp * Elliott International LP reports 6.2 percent passive stake in Matlin & Partners Acquisition Corp as of March 10 - SEC filing Source text: ( bit.ly/2nAJcAQ )  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-elliott-international-reports-62-p-idUSFWN1GU0PL'|'2017-03-18T03:35:00.000+02:00'
'64cd9d1110525bc3f33265384c74502c45198bee'|'Wilcon prices IPO at low end of range in Philippines'' first 2017 listing'|'MANILA Wilcon Depot Inc, a Philippine construction materials retailer, is set to raise 7 billion pesos ($139.50 million) in the Southeast Asian nation''s first listing this year, pricing its shares at the low end of its guided range.Wilcon is aiming to ride on Philippine President Rodrigo Duterte''s pledge to raise spending on infrastructure to help lift the country''s economic growth trajectory.It priced its IPO at 5.05 pesos per share, near the bottom end of the 5.00-5.68 pesos suggested range announced last week, to allow potential post-IPO upside, Eduardo Francisco, president of underwriter BDO Capital and Investment Corp, said in a mobile text message.Proceeds from the sale of 1.39 billion shares would be used to nearly double the company''s network to 65 stores in the next five years from the current 37 stores that sell local and foreign brands of building and finishing materials.Wilcon''s flotation was more than three times oversubscribed, Justino Ocampo, first vice president of another underwriter, First Metro Investment Corp, said in a mobile phone message.The company, owned by the Belo family, will have a public float of 34 percent following the listing on Mar. 31.Robust domestic demand and higher spending helped spur full-year 2016 growth to a three-year high of 6.8 percent, beating China''s 6.7 percent and cementing the Philippines'' position as one of the world''s fastest-growing economies.The Philippines'' broader stock index is up 6.4 percent so far this year, making it the third best-performing bourse in Southeast Asia.(Reporting by Neil Jerome Morales; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-wilcon-depot-ipo-pricing-idUSKBN16O0DX'|'2017-03-17T07:21:00.000+02:00'
'4a94686553cb725914bfc5563a6bceb36a6edb64'|'Canadian, Kuwaiti investors take stake in UK''s Thames Water'|'By Simon Jessop - LONDON LONDON A consortium of Canadian and Kuwaiti investors has agreed to buy a minority stake in Britain''s Thames Water from funds managed by Macquarie, ending the Australian group''s 11-year investment in Britain''s largest water firm.The deal is the latest high-profile acquisition of British infrastructure by overseas investors, as pension schemes, sovereign wealth funds and others look to tap into stable returns tough to find in other financial markets.Canadian pension fund investor Borealis Infrastructure and the infrastructure investing arm of the Kuwait Investment Authority (KIA) are buying a 26 percent stake in Kemble Water Holdings, the holding company of Thames Water.Borealis, infrastructure investment manager for OMERS, the pension plan for Ontario''s municipal employees, and Wren House Infrastructure Management, the infrastructure arm of the KIA, said they had agreed to buy the stake from Macquarie Infrastructure & Real Assets.No financial details were disclosed.Thames Water is Britain''s largest water and wastewater services provider, with 15 million customers across London, the Thames Valley and surrounding areas. It supplies 2.6 billion liters of drinking water per day."The Consortium has met with Thames Water''s existing management team and... will support Thames Water''s ongoing 4.5 billion pound capital investment program - for the 2015 to 2020 regulatory period - the largest in the UK water industry," Borealis and Wren House said in a joint statement.Macquarie, in a separate statement, said its Macquarie European Infrastructure Fund 2, which held most of the stake, was divesting as it approaches maturity and the deal would end the group''s involvement with Thames Water.During its tenure, Thames Water invested more than 11 billion pounds, or around 1 billion pounds a year, more than twice that invested during the five-year period before privatization in 1989, it said."Today, Thames Water is undoubtedly a better, stronger and more customer-focused business than that which we invested in back in 2006," said Martin Stanley, global head of Macquarie Infrastructure and Real Assets.(Reporting by Simon Jessop; editing by Lawrence White and Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-britain-m-a-thames-idINKBN16L0W3'|'2017-03-14T07:23:00.000+02:00'
'8c93c1a7b338f3fcf7341c033f3be67cf0c9515e'|'Euro zone industry output rises less than expected in January'|'Economic  19pm IST Euro zone industry output rises less than expected in January FULL COVERAGE: INDIA ELECTIONS 2017 An employee operates a printing machine at the factory of ''''Typorganosi S.A'''' company in northwestern Athens November 12, 2014. REUTERS/Alkis Konstantinidis/Files BRUSSELS Euro zone industrial output increased less than expected in January as firms'' higher investment in machinery was partially offset by a drop in the production of consumer goods, estimates from the European Union statistics office showed on Tuesday. Eurostat said industrial production in the 19-country single currency bloc rose in January by 0.9 percent compared to the previous month, and by 0.6 percent year-on-year. Both figures were lower than market expectations. A Reuters poll of economists had forecast an average monthly rise of 1.3 percent and a 0.9 percent increase year-on-year. The lower-than-expected January figures were partly counterbalanced by upwardly revised data for December when industrial production fell by 1.2 percent on the month, less than the 1.6 percent drop initially estimated by Eurostat. On a yearly basis output went up by 2.5 percent in December, more than the 2.0 rise previously estimated. The monthly output rise in January was mostly due to a surge in production of capital goods, like machinery, which went up by 2.8 percent, fully offsetting an equal drop in the previous month, in a sign of firms'' improved prospects of future sales. Energy output also rose by 1.9 percent on the month. But production of durable and non-durable consumer goods decreased. Output of durable goods, such as cars or refrigerators, went down by 0.4 percent in January, after a 3 percent surge in December. Production of non-durable consumer goods was down by 0.7 percent, compounding a 0.2 percent December fall. Output of intermediate goods went also down by 0.4 percent. At national level, a 3.3 percent surge in the monthly output of Germany, the bloc''s largest economy, was partly offset by production falls in France (-0.3 percent) and Italy (-2.3 percent), respectively the second and third biggest economies in the euro zone. (Reporting by Francesco Guarascio; editing by Robert-Jan Bartunek) Next In Economic News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/eurozone-economy-production-idINKBN16L166'|'2017-03-14T17:49:00.000+02:00'
'54896079d816b1664165e9f600c774ec04c675ab'|'Activist investor urges French Connection to break up'|'An activist investor urged struggling British fashion retailer French Connection Group Plc ( FCCN.L ) to split itself or spin off its Toast brand, after the company posted its fifth straight annual loss on Tuesday.Gatemore Capital, which has been mounting pressure on French Connection since July, said the company should consider separating its retail and licensing businesses among other options.The investor urged the company in January to split the role of chairman and CEO and called for an outright sale.French Connection, which made a name for itself selling FCUK branded clothes, has been struggling to fend off competition from fast-fashion rivals such as ASOS Plc ( ASOS.L ), Forever 21 and Inditex''s ( ITX.MC ) Zara.Gatemore''s managing partner, Liad Meidar, said on Tuesday the firm would still prefer a sale of the company.The investment firm, which owns an 8 percent stake, estimated French Connection to be worth 80 million-100 million pounds ($97 million-$121 million).The company''s current market value is about 33.4 million pounds.Apart from Toast, French Connection owns the Great Plains and YMC brands. The company was not immediately available for comment.French Connection has closed stores and hired new management and design teams as it tries to return to a profit.Chief Executive Stephen Marks reiterated on Tuesday his commitment to turn the group profitable and said the response to the company''s 2017 collections had been very strong.Meidar said the company could turn a profit moving into 2018 or at least be on a run rate for profitability by then.Brokerage Numis Securities said it expected the company to return to profit in the year ending January 2019.British billionaire Mike Ashley''s Sports Direct International Plc ( SPD.L ) took an 11.2 percent stake in French Connection in February, becoming its second-largest shareholder. Sports Direct''s intentions were not clear.French Connection said pretax loss widened to 5.3 million pounds for the year ended Jan. 31, from 3.5 million pounds a year earlier.Sales at stores open for more than a year in the UK and Europe rose 4.4 percent. The two regions accounted for more than three-quarters of the company''s revenue.Marks said the retail business in the two regions was improving, but the company was being held back by the wholesale and licensing divisions.Full-year revenue fell 6.7 percent to 153.2 million pounds.The company''s stock was up 6.8 percent at 35.56 pence in light trading.($1 = 0.8247 pounds)(Reporting by Arathy S Nair and Rahul B in Bengaluru; Editing by Amrutha Gayathri and Saumyadeb Chakrabarty)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-french-connectn-results-idUSKBN16L1JP'|'2017-03-14T16:08:00.000+02:00'
'0ce52ceb677baac6a7fa0c7fed8796352f91341a'|'Oil hovers near three-month lows as investors await data'|'Commodities  44pm EDT Oil hovers near three-month lows as investors await data FILE PHOTO: An oil pump jack pumps oil in a field near Calgary, Alberta, Canada on July 21, 2014. REUTERS/Todd Korol/File Photo TOKYO Crude oil prices hovered near three-month lows on Tuesday in early Asian trading as investors await key reports and data that may shed light on a supply overhang in the global market. U.S. West Texas Intermediate crude (WTI) CLc1 edged down 3 cents to $48.37 a barrel by 0026 GMT(8.26 p.m. ET). The contract ended down 9 cents in the previous session after touching $47.90, the lowest since the end of November. Brent crude futures LCOc1 were down 1 cent at $51.34 a barrel, having settled down 2 cents on Monday after dipping to as low as $50.85. Prices fell sharply last week as investors worried that swelling U.S. crude supplies would hinder OPEC''s efforts to restrict output and reduce a global glut. Prices had risen after the Organization of the Petroleum Exporting Countries (OPEC) and other major oil producers, including Russia, agreed at the end of November to rein in production by almost 1.8 million barrels per day (bpd) in the first half of 2017. "It''s shaping up to be another fun week in the crude complex, with OPEC releasing its monthly oil market report on Tuesday, swiftly followed by the IEA''s monthly oil market report the day after," Matt Smith, analyst at ClipperData, said in a note. The International Energy Agency releases its closely watched monthly oil market report on Wednesday. Data from the industry group the American Petroleum Institute on U.S. crude and product stockpiles is also due out later on Tuesday. Analysts said the slump may not have much further to go now that prices have fallen more than 8 percent since last Monday, the biggest week-on-week drop in four months. (Reporting by Aaron Sheldrick; Editing by Richard Pullin) Next In Commodities Iran leapfrogs Iraq as India''s no. 2 oil supplier in February: trade data NEW DELHI India''s oil imports from Iran rose nearly 17 percent in February from a month earlier as refiners received less crude from key OPEC producers Saudi Arabia and Iraq after an OPEC deal to cut output, shipping data showed on Monday.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-global-oil-idUSKBN16L036'|'2017-03-14T07:44:00.000+02:00'
'65901704475354e50bf87f8eb04bbc2daf1fc86c'|'Serco named preferred bidder for $2 billion Australian contract'|'Global Energy   8:43am GMT Serco named preferred bidder for $2 billion Australian contract Serco Plc ( SRP.L ) has been named preferred bidder for a 20-year contract worth about A$2.6 billion (1.6 billion pounds) to operate what will be Australia''s largest correctional facility, the British outsourcing firm said on Thursday. Winning preferred bidder status on the deal is a major boost for Serco, which has been restructuring after a string of profit warnings. The company said it will operate the new Grafton correctional centre in New South Wales beginning 2020 pending the completion of construction and final contract negotiations. Serco is a part of NorthernPathways consortium which will design, build and operate the facility in a Public Private Partnership for the New South Wales government. "This is the group''s largest contract win since 2012 and is one of six "elephants" sitting within Serco''s bid pipeline," said Jefferies analyst Kean Marden, who holds a "buy" rating on the stock. Serco has suffered in recent years following problems with government contracts that included overcharging the British government for monitoring criminals and escalating costs on a deal to provide accommodation to UK asylum seekers. Sales of Serco, which provides security, traffic, defence and education services for governments across the world, have fallen for the last three years. Britain''s outsourcing sector has also been hit in recent months by uncertainty created by the country''s vote to leave the European Union, causing delays to contract decisions. Serco reported a 14 percent fall in full-year trading profit last month and said its recovery could take longer than some analysts expected. ($1 = 1.2995 Australian dollars) (Reporting by Abhijith Ganapavaram in Bengaluru; editing by Jason Neely) Next In Global Energy News Wells Fargo CEO receives pay bump despite sales scandal NEW YORK Wells Fargo & Co''s board of directors awarded Chief Executive Timothy Sloan $12.8 million for his work last year, a 17 percent increase, despite scrapping executive bonuses in light of an accounts scandal that rocked the bank last year, according to a proxy filing on Wednesday.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-serco-group-australia-idUKKBN16N0VT'|'2017-03-16T15:43:00.000+02:00'
'17f5f432abb11d9d731f624ab47d40dfed899b7a'|'Egypt aims to resume Saudi Aramco oil product imports'|'Money   4:02pm IST Egypt aims to resume Saudi Aramco oil product imports FULL COVERAGE: INDIA ELECTIONS 2017 A Saudi Aramco employee sits in the area of its stand at the Middle East Petrotech 2016, an exhibition and conference for the refining and petrochemical industries, in Manama, Bahrain, September 27, 2016. REUTERS/Hamad I Mohammed/Files CAIRO Egypt aims to resume importing oil products from Saudi Aramco by the end of March or early April, the country''s petroleum minister told Reuters on Thursday. Tarek El Molla said that a deal to import crude from Iraq would remain in place as it was not a replacement for Saudi oil shipments which were halted late last year. Saudi Arabia agreed in April 2016 to provide Egypt with 700,000 tonnes of refined oil products per month for five years but the cargoes stopped arriving in early October. Saudi Aramco declined to comment on the report. Egypt''s Petroleum Ministry said on Wednesday that it was working with Aramco on a timetable for the resumption of imports and that the reasons behind the October cut-off were purely commercial. Though officials from both sides have denied the existence of tensions or disagreements between the two countries, the two have been at odds on a number of political issues. Egypt voted in favour of a Russian-backed but Saudi-opposed U.N. resolution on Syria in October, which excluded calls to stop bombing Aleppo. In January an Egyptian court rejected a government plan to transfer two uninhabited Red Sea islands to Saudi Arabia. (Reporting by Ehab Farouk; writing by Asma Alsharif; editing by Jason Neely) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/egypt-saudi-oil-idINKBN16N17Q'|'2017-03-16T17:32:00.000+02:00'
'b8856ab3fad83167c76193ce62ed2d31bb646f75'|'Poland aims to be winner in Brexit battle for banking jobs'|' 40am GMT Poland aims to be winner in Brexit battle for banking jobs left right A bird flies over a BNP Paribas Securities Services logo on their office in Warsaw Poland, February 13, 2017. REUTERS/Kacper Pempel 1/4 left right BNP Paribas Securities Services logo is pictured on their office in Warsaw Poland, February 13, 2017. REUTERS/Kacper Pempel 2/4 left right Credit Suisse logo is pictured on their office in Warsaw Poland, March 15, 2017. REUTERS/Kacper Pempel 3/4 left right A bird flies over a BNP Paribas Securities Services logo on their office in Warsaw Poland, February 13, 2017. REUTERS/Kacper Pempel 4/4 By Marcin Goclowski - WARSAW WARSAW As Britain prepares to leave the European Union, the country hoping to win the most jobs from London''s financial centre is not Germany or France, but Poland. While the likes of Frankfurt and Paris are competing for top investment bankers after Brexit, Poland has set its sights on mid-tier financial and technical work where salaries may not be astronomical but jobs are far more numerous. Since the country joined the EU in 2004, many Poles have gone to Britain to work; now the government wants to attract more jobs currently based in Britain for Poles to do at home. The Association of Business Service Leaders in Poland is working on projects with seven big financial firms about shifting jobs from London, said the Association''s managing director Pawel Panczyj. The focus is on middle office functions such as risk management and information technology. "We are talking with banks, insurance institutions and investment funds who want to move their middle office abroad. The main factor behind their decision (now) is Brexit," he told Reuters. Panczyj''s efforts are likely to bear fruit. The regional head of one global investment bank told Reuters that he estimates as many as 20 percent of jobs at the lender''s London base could eventually be done in Poland. Last year''s referendum when Britons voted for Brexit has forced banks and other financial firms to seek new bases for some operations in a country that will remain in the EU, allowing them to continue serving clients in the bloc. They are also under pressure to cut costs as they look at how to reorganise their operations. In some cases, this includes work that could still be based in Britain from a regulatory point of view, but needs to be done more cheaply than is possible in Europe''s dominant financial capital. Already, post-communist Poland has established itself as a major offshoring site for banks, with estimates of financial services jobs moved from all Western countries ranging from 35,000 to 45,000. Credit Suisse ( CSGN.S ) and UBS ( UBSG.S ) are among those basing large IT and back office administrative operations in the country. Now financial firms are starting to move more sophisticated work there such as risk management and product development, taking advantage of a well-educated workforce as well as office space and wages that are cheaper than in most of Europe. Goldman Sachs ( GS.N ) has 500 people working at its office in Warsaw and is seeking dozens more in areas ranging from risk modelling to working on the technology for its fixed income trading systems. It wants candidates with degrees in computer science or chartered financial analyst (CFA) qualifications, according to job advertisements. UBS is looking to hire close to 300 people at its offices in Krakow and Wroclaw, according to its website. HUBS OF HIGH TECHNOLOGY "At the very beginning banks were hiring young people without (high) qualifications, but now they are becoming hubs of high technology," said Brunon Bartkiewicz, chief executive of Dutch-controlled Polish lender ING Bank Slaski. The growth of high-tech roles reflects the changing make up of the people who work at investment banks. The days of trading floors packed with hundreds of highly-paid dealers are coming to an end, with more of their market operations being automated. Banks need fewer people in front-office roles, and more in technology and as well in compliance and risk management to deal with tighter regulation since the global financial crisis. That means Frankfurt and Paris are battling over a shrinking pool of front line investment bankers. Officials from the cities'' lobby groups estimate they could each win around 10,000 jobs after Brexit. By contrast, Poland''s government expects to attract around 25,000-30,000 jobs from Britain in the business services sector just this year, with many of those in finance. The shift to Poland started well before Britain voted to leave the EU, but plans to move more jobs have accelerated since the referendum, recruiters and consultants say. TALENT BATTLE In central Warsaw BNP Paribas ( BNPP.PA ) employs 700 people in the Spire office complex, supporting the French bank''s fund management business. Ryszard Piskorz, who runs BNP Securities Services there, says the bank is still expanding but needs to make itself an attractive place to work to fend off competitors who are also recruiting. "Poland is an emerging country and in our sector Poland is coming out as a role expert, maybe even challenging Luxembourg as a fund industry centre," said Piskorz. Marta Aserigadu, a recruitment consultant at Experis, part of Manpower Group, said more well-educated Poles are finding it appealing to stay in their home country as banks basing operations there pushes up wages. "There is no need to leave Poland now. The difference in salaries concerns only (recent) graduates. But this difference vanishes very quickly when you take further steps in your career," she said. "These people can reach high-level, decisive jobs within global corporations. Staying at home, with low Polish costs of living, they can start their international careers. There is no need to leave to London and live an immigrant''s life." The government is pushing to keep this trend going. The ruling Law and Justice party has a protectionist stance against foreign lenders in retail banking, but hosting investment banks'' back and middle office operations brings in jobs and taxes without any loss of control over its financial system. "Some time ago Poles were departing to London, but now it is the other way round," Deputy Prime Minister Mateusz Morawiecki said in January. (writing by Rachel Armstrong; editing by David Stamp)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-poland-banks-idUKKBN16N11B'|'2017-03-16T16:46:00.000+02:00'
'afc8ec6332e0a5af2a601c704c9316e28ffd74d7'|'South Africa''s Zuma says "no crisis" over grants payment system'|'Company   9:00am EDT South Africa''s Zuma says "no crisis" over grants payment system CAPE TOWN, March 16 South African President Jacob Zuma said on Thursday there was no "crisis" as doubts mount over the government''s ability to make welfare payments in April to 17 million needy people because of a service-provider dispute. "There is no crisis," Zuma said in response to a question from the opposition. South Africa''s top court on Wednesday blamed Social Development Minister Bathabile Dlamini for the saga, which it described as a crisis. (Reporting by Wendell Roelf; Writing by Ed Stoddard; Editing by James Macharia) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/safrica-zuma-welfare-idUSJ8N1GE00P'|'2017-03-16T20:00:00.000+02:00'
'40304c169a6aa113525f4db92324d67ec8fb0b12'|'Flights resuming at Paris Orly airport - operator'|'Company   9:42am EDT Flights resuming at Paris Orly airport - operator PARIS, March 18 Flights will resume gradually from 1400 GMT at the south terminal of Paris'' Orly airport, operator ADP said, following an incident earlier on Saturday in which a man was shot dead after attacking a patrolling soldier. Flights at the airport''s west terminal resumed earlier in the afternoon, ADP said in a statement. Orly is France''s second-busiest airport. (Reporting by Gus Trompiz; Editing by Adrian Croft) Next In Company News J&J and Bayer''s Xarelto cuts recurrence of dangerous blood clots in study WASHINGTON, March 18 Longer-term use of the oral blood thinner Xarelto significantly cut the risk of recurrence of potentially life-threatening blood clots with no additional major bleeding compared with low-dose aspirin in patients at elevated risk, according to data presented on Saturday. Paris airport terminal may stay shut till late Saturday - CEO PARIS, March 18 The south terminal of Paris'' Orly airport may remain closed until Saturday evening following an incident in which soldiers shot dead a man who had tried to seize a soldier''s weapon, the head of airport operator ADP < said. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/france-shooting-traffic-idUSL9N1GD00L'|'2017-03-18T20:42:00.000+02:00'
'97e3f8edc41f12b289096076f250682bac7de876'|'U.S. judge signs Peabody bankruptcy exit after environmental deal'|'By Tracy Rucinski - CHICAGO CHICAGO A U.S. judge formally approved Peabody Energy Corp''s ( BTUUQ.PK ) plan to emerge from bankruptcy late Friday after the coal producer struck a settlement with the U.S. government over legacy environmental claims at a gold and metal mining subsidiary.Under a last-minute deal with the U.S. Department of Justice, Peabody agreed to create a $43 million trust to manage environmental liabilities stemming from its dormant Gold Fields Mining subsidiary, according to court papers."This is a great day for Peabody and, more importantly, our multiple stakeholders who benefit from the many products and services we provide," Peabody spokesman Vic Svec said on Saturday.St. Louis-based Peabody, the world''s largest private-sector coal producer, owns mines in Australia and the United States and supplies the global market with the metallurgical coal used in steelmaking and the thermal coal used to generate electricity.Peabody expects to exit bankruptcy in early April with about $2 billion of debt amid dramatically improved short-term prospects for its business versus a year ago, when it sought Chapter 11 protection with more than $8 billion of debt.In the environmental settlement, the Department of Justice was negotiating on behalf of the Environmental Protection Agency, the Interior Department, five states and seven Indian tribes. The parties filed claims worth billions of dollars, which Peabody disputed but said it agreed to settle to avoid drawn-out litigation.Peabody agreed earlier in March to cover about $1 billion in future coal mine cleanup costs with third-party bonds.The company is financing its reorganization plan through a $1.5 billion stock sale, consisting of a $750 million rights offering available to bondholders and a $750 million private placement of preferred equity for institutional investors.It was still in talks over a settlement with four individual investors who filed a lawsuit alleging that Peabody and other parties in the bankruptcy case violated their fiduciary duties by blocking individuals from the lucrative private stock sale.It was unclear on Saturday whether the settlement would apply only to the four investors who filed the lawsuit or to all individual owners of the same unsecured bonds.At least one investor, Mark Gottlieb, told Reuters he had not been included in the deal. Lawyer David Kovel, who filed the lawsuit for the four investors, declined to comment.U.S. Bankruptcy Judge Barry Schermer, who oversaw Peabody''s bankruptcy, denied a request on Friday by a group of dissenting bondholders to stay the Chapter 11 confirmation while they prepared an appeal.(Reporting by Tracy Rucinski; Editing by Tom Hals and Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-peabody-energy-bankruptcy-idINKBN16P0TA'|'2017-03-18T17:14:00.000+02:00'
'a7301120bfb1918178d750fd85c45602f1410c0b'|'G20 review of banking rules no rollback of regulation - Weidmann'|'Business News - Sun Mar 19, 2017 - 2:25pm GMT G20 review of banking rules no rollback of regulation - Weidmann German Bundesbank President Jens Weidmann addresses a news conference at   18, 2017. REUTERS/Kai Pfaffenbach By Gernot Heller - BERLIN BERLIN Finance leaders of the world''s top economies have agreed to review banking rules, but this does not automatically mean hard-fought financial market regulation will be rolled back, Bundesbank President Jens Weidmann told Reuters on Sunday. The new U.S. administration has argued that excessive bank regulation is holding back lending and economic growth, raising the prospect that rules could be loosened, putting efforts to finalise a new global banking accord, known as Basel III, at risk. Answering questions after a two-day meeting of the G20   in the German town of Baden-Baden, Weidmann said in written comments: "At our meeting we agreed to look more closely at the actual impact of the reforms after the comprehensive regulatory efforts in the financial sector." The G20 members would review whether intended goals had been achieved and whether there were any unintended side effects of the jointly agreed banking rules, Weidmann said. "But this is something quite different from rolling back the regulation," Weidmann said. The head of the German central bank said he had doubts that hopes would materialise that economic growth could be stimulated on a broad basis by rolling back financial market regulation. "The financial crisis has shown us painfully what great overall economic damage can be inflicted through insufficiently regulated financial markets," Weidmann said. Asked if the G20 gathering in Baden-Baden revealed more conflicts than at previous meetings, Weidmann said: "Especially when differences of opinion exist, a forum such as the G20 proves to be particularly valuable. In this respect I would speak less of conflicts than of an open, helpful exchange of opinions and an intense struggle for a common position." Weidmann said it was clear that the G20 members still had a lot of discussions about trade and its role for prosperity ahead of them. But he called it a success of the German G20 presidency that the financial leaders in Baden-Baden adopted a non-binding list of principles   shocks. Acquiescing   States, the G20   dropped a pledge in the main communique to resist protectionism and keep global trade open.   keep established language supporting free trade marks a setback for   Germany. (Reporting by Gernot Heller; Writing by Michael Nienaber. Editing by Jane Merriman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-g20-germany-weidmann-idUKKBN16Q0LP'|'2017-03-19T21:25:00.000+02:00'
'22befc9e6b7ab81e04b69df6c17aa20972971711'|'IBM and Wanda form China cloud computing partnership'|'Business News - Sun Mar 19, 2017 - 3:57pm GMT IBM and Wanda form China cloud computing partnership left right FILE PHOTO - People walk past an IBM logo during the Mobile World Congress in Barcelona, Spain February 25, 2016. REUTERS/Albert Gea/File Photo 1/2 left right A sign of Dalian Wanda Group in China glows during an event announcing strategic partnership between Wanda Group and FIFA in Beijing, China March 21, 2016. REUTERS/Damir Sagolj 2/2 SHANGHAI IBM ( IBM.N ) and a unit of China''s Dalian Wanda Group, a property and entertainment conglomerate, agreed on Sunday to team up to provide cloud services to Chinese companies, the U.S. technology provider said. Through a newly formed venture, Wanda Cloud Company, they will offer select IBM cloud infrastructure and platform as a service (IaaS and PaaS) technologies in China, IBM said. The venture between IBM and Wanda Internet Technology Group will be "responsible for distributing, building and operating the IBM cloud platform in China", an IBM spokeswoman said. In November, Alibaba Holdings Ltd''s cloud unit announced plans to open four new data facilities outside China in a bid to grab market share from leading players Amazon.com and Microsoft. Research firm Canalys expects the global market for cloud computing, defined as the storage of data on remote networks rather than local servers, to reach $135 billion by 2020. (Reporting by Alexandra Harney; editing by Jason Neely) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ibm-china-idUKKBN16Q0PC'|'2017-03-19T22:57:00.000+02:00'
'293429d530e8347768b1dd4b1990e4a88ed0ae84'|'Peugeot family says Opel deal paves way for global expansion-paper'|'Company News - Sun Mar 19, 2017 - 9:19am EDT Peugeot family says Opel deal paves way for global expansion-paper FRANKFURT, March 19 PSA Group''s acquisition of General Motors division Opel gives the French carmaker greater scale to pursue global expansion plans, Robert Peugeot, chairman of the company''s strategy committee, told German paper Welt am Sonntag. Earlier this month, PSA Group agreed to buy Opel from GM in a deal valuing the business at 2.2 billion euros ($2.3 billion), helping the French firm to become Europe''s second largest automaker by sales. "This will allow the group to conquer the rest of the world step by step. This remains an important goal for PSA," Peugeot, who sits on the board of directors at PSA Group, told the paper. Although there are larger automotive companies measured by absolute annual sales, what counts is that you have at least three million vehicles produced in one core market to get real economies of scale, Peugeot said. "All large carmakers have a volume of three million cars in one important market," Peugeot told the paper, explaining that the purchase of Opel will help PSA Group in this respect. Although the combination of the German and French carmakers increases the group''s overall exposure to Europe, the brands remain complementary. "Opel is strong in markets where PSA is not so strong," Peugeot said, explaining that Opel sells more cars in Germany than Peugeot, DS and Citroen combined, while Vauxhall sells more cars in Great Britain than all of PSA''s brands together. "There is very little cannibalisation between the brands," Peugeot said. A deal between the French and the Germans has been under consideration for years, even before 2012 when GM and Peugeot signed a deal to develop some passenger cars together, Robert Peugeot''s cousin Jean-Philippe told the paper. "Our family thought about getting closer to Opel even before the agreement with General Motors," Jean-Philippe Peugeot said, adding that the time wasn''t right back then. The Peugeot family still control 22.19 percent of PSA Group''s voting rights, and 13.68 percent of the company''s capital. (Reporting by Edward Taylor and Gilles Gulliaume. Editing by Jane Merriman) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/opel-ma-psa-idUSL5N1GW0F2'|'2017-03-19T20:19:00.000+02:00'
'65f33c2aae8dc82be6a1a2789fd1f4f92542624b'|'Express Scripts says Amgen data opens door to patients'|'Health News  25am EDT Express Scripts says Amgen data opens door to patients NEW YORK Express Scripts Holding Co Chief Medical Officer Dr. Steve Miller said on Friday that the data on heart drug Repatha from Amgen Inc was incrementally better and would change patient access to the drug. "That is going to result in more patients and more doctors wanting access to the drug and we are going to have to respond to that," Miller said in an interview. (Reporting by Caroline Humer; Editing by Nick Zieminski) Next In Health News Amgen cholesterol drug cuts heart attack, stroke risk but shares fall WASHINGTON Amgen Inc''s Repatha drug cut the risk of heart attacks and strokes by over 20 percent in patients with heart disease, demonstrating a clinical benefit beyond its ability to slash "bad" LDL cholesterol levels, data from a huge study known as Fourier showed on Friday.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-heart-amgen-expressscripts-idUSKBN16O21D'|'2017-03-17T22:22:00.000+02:00'
'b5804e015700bef6b9d61d811fb0b3fd6810ae84'|'U.S. manufacturing output increases solidly in February'|' 20pm GMT U.S. manufacturing output increases solidly in February Chrysler Group assembly workers lower an engine onto the frame of a 2014 Ram 1500 pickup truck on the assembly line at the Warren Truck Plant during a tour of the plants redesigned work stations in Warren, Michigan, September 25, 2014. REUTERS/Rebecca Cook WASHINGTON, U.S. factory output increased for a sixth straight month in February, suggesting the manufacturing recovery was gathering speed as rising commodity prices boost demand for machinery and other equipment. The Federal Reserve said on Friday manufacturing production rose 0.5 percent last month. January''s output was revised up to show a 0.5 percent gain instead of the previously reported 0.2 percent increase. Despite the increase in manufacturing output overall industrial production was unchanged in February because of a 5.7 percent weather-driven plunge in utilities generation. Industrial production fell 0.1 percent in January. Mining output increased 2.7 percent last month, lifted by a 7.1 percent surge in oil and gas well drilling. Economists polled by Reuters had forecast manufacturing output increasing 0.4 percent last month and industrial production climbing 0.2 percent. Manufacturing, which accounts for about 12 percent of the U.S. economy, is regaining ground as the prolonged drag from lower oil prices, a strong dollar and an inventory overhang fades. The sector is also benefiting from a surge in sentiment amid promises by the Trump administration to pursue business-friendly policies, including tax cuts and deregulation. But with details of President Donald Trump''s economic policy still vague, the jump in sentiment has not translated into strong business spending on equipment. Last month, manufacturing output was boosted by a 0.8 percent rebound in the production of motor vehicle and parts. Machinery output increased 1.1 percent. There were also increases in the production of primary metals, fabricated metal products and nonmetallic mineral products. Computers and electronic products output rose 0.7 percent last month. With manufacturing output accelerating, capacity utilization - a measure of how fully factories are deploying their resources - rose 0.3 percentage point to 75.6 percent last month, the highest since October 2015. Overall industrial capacity utilization fell 0.1 percentage point to 75.4 percent. It is 4.5 percentage points below its long-run average. Officials at the Fed tend to look at capacity use as a signal of how much "slack" remains in the economy and how much room there is for growth to accelerate before it becomes inflationary. (Reporting By Lucia Mutikani; Editing by Andrea Ricci)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-economy-output-idUKKBN16O1OB'|'2017-03-17T20:18:00.000+02:00'
'd8f6d97716252f0980ed47e2c2d32c671f718884'|'Euro zone exports rise in January, but trade balance in deficit'|'Business  10am GMT Euro zone exports rise in January, but trade balance in deficit Containers are pictured at a loading terminal in the port of Kiel, Germany, January 25, 2017. REUTERS/Fabian Bimmer BRUSSELS The euro zone recorded in January a trade deficit for the first time in three years as a rise in exports from a year earlier was more than offset by a larger increase of imports, the European Union statistics office said on Friday. Eurostat said the 19-country currency area recorded a 0.6 billion euro ($646.4 million) deficit in January in its trade balance with states outside the bloc. It is the first deficit, unadjusted for seasonal factors, since January 2014. Deficits are not unusual in January, when winter demand for energy can peak and export of other products, such as food and drink, slow. Euro zone exports grew by 13 percent in January on the year to 163.9 billion euros, but the rise was counterbalanced by a 17 percent increase of imports, which totalled 164.5 billion euros, unadjusted figures showed. Compared with December, figures adjusted for seasonal factors showed a 0.6 percent drop of exports in January and a 4.1 percent rise of imports. Over the whole of last year, euro zone exports to the rest of the world were stable at a volume of around 2 trillion euros, Eurostat data showed. Imports went down 2 percent from 2015, while trade among euro zone countries was up 1 percent to a volume of 1.7 trillion euros. ($1 = 0.9282 euros) (Reporting by Francesco Guarascio and Philip Blenkinsop) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-economy-trade-idUKKBN16O15C'|'2017-03-17T17:10:00.000+02:00'
'dd406738711968ade65494c487cd0b7831608c16'|'BOJ seen holding fire as protectionism overshadows signs of recovery'|'By Leika Kihara - TOKYO TOKYO The Bank of Japan is expected to keep monetary policy steady on Thursday, as rising global protectionist sentiment and an expected series of U.S. interest rate hikes overshadow budding signs of recovery in the trade-reliant economy.While a rebound in fuel costs is set to accelerate price growth in coming months, BOJ Governor Haruhiko Kuroda is likely to stress that no immediate rate hike is on the horizon with inflation still nowhere near his ambitious 2 percent target.But he may leave open the chance of raising the BOJ''s target for the 10-year bond yield if the economic recovery gathers enough momentum to push prices steadily higher, analysts say."I see no change in policy, but the key is Kuroda''s message at the press conference. If asked, I think Kuroda will say that if the situation merits he is willing to adjust the 10-year yield target in the future. I think he will be flexible," said Masamichi Adachi, senior economist at JPMorgan Securities."I think the BOJ will raise the 10-year yield target in October, because inflation would be around 1 percent by then."At the two-day rate review ending on Thursday, the BOJ is widely expected to maintain its short-term interest rate target of minus 0.1 and a pledge to guide the 10-year government bond yield JP10YT=RR at around zero percent via aggressive asset purchases.Analysts also expect the BOJ to keep intact a loose pledge to maintain the pace of its annual increase in Japanese government bond (JGBs) holdings, which is 80 trillion yen ($696.62 billion).Kuroda, who will attend this week''s Group of 20 finance leaders'' meeting in Germany, may also shed light on how the BOJ will defend its ultra-loose policy from any U.S. criticism it is exploiting a weak yen to gain a competitive trade advantage.Japan''s long-stagnant economy has shown signs of life in recent months, with exports and factory output benefitting from a recovery in global demand.Core consumer prices rose for the first time in over a year in January and many analysts expect inflation to accelerate toward 1 percent later this year, due largely to a rebound in energy costs and rising import prices from a weak yen.That has led to a dramatic shift in market expectations with a majority of analysts polled by Reuters predicting the BOJ''s next move would be to start scaling back its ultra-easy policy. [nL3N1GQ1PR]Some analysts say the BOJ may be forced to raise its yield target to avoid ramping up bond purchases if Japanese long-term interest rates track global bond yield rises, which are being driven by expectations of higher U.S. interest rates.The BOJ hopes to dispel such speculation and stress it won''t raise its yield target unless the economy strengthens enough to accelerate inflation stably toward 2 percent, say sources familiar with its thinking. [nL3N1GQ1AE]Many BOJ officials say while they are more confident about prospects for Japan''s economic recovery, they see more to fret about on inflation due to slow wage growth, which is holding back consumer spending.A rising global tide of protectionism is adding to concerns for Japanese policymakers, given the economy''s heavy reliance on exports and free trade.A draft communique of the G20 finance leaders'' meeting appeared to accommodate U.S. President Donald Trump''s protectionist views on trade by watering down a commitment to "reject all forms of protectionism." [nL5N1GK5BZ]Trump also criticised Japan for using "money supply" to weaken the yen and gain an unfair trade advantage. Japanese policymakers have argued that they were playing by G20 rules to use monetary policy only for domestic purposes.Kuroda may offer clues on how Japan will defend its policies and how strongly it would push back against attempts to water down the G20 commitment on free trade, analysts say.($1 = 114.8400 yen)(Additional reporting by Stanley White; Editing by Kim Coghill)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/japan-economy-boj-idINKBN16M31O'|'2017-03-15T18:51:00.000+02:00'
'fce109b89410b150afb41c1a6706bd06971a836b'|'UPDATE 1-HeidelbergCement raises Italcementi synergy target'|' 32am EDT UPDATE 1-HeidelbergCement raises Italcementi synergy target * Company cut 1,870 jobs by end-2016 vs planned 500 * Proposes dividend of 1.60 eur/shr vs Rtrs poll avg 1.54 eur * Trading update disappointed market last month (Adds details on guidance) BERLIN, March 16 Germany''s HeidelbergCement raised its target for cost savings from the acquisition of Italcementi after cutting jobs almost four times as fast as planned in 2016 and proposed to raise its 2016 dividend by a better-than-expected 23 percent. The maker of cement, aggregates and ready-mixed concrete, said it had cut 1,870 jobs by the end of 2016 versus the 500 originally planned, and raised its synergy target to 470 million euros ($504 million) from 400 million euros. The proposed dividend of 1.60 euros per share is above the average estimate of 1.54 euros in a Reuters poll. HeidelbergCement disappointed the market last month with a trading update in which it blamed bad weather and a weak Indonesian market for a 4 percent slide in fourth-quarter sales, and said it would now focus on raising prices. On Thursday, the company forecast a moderate increase in 2017 revenue and pro forma result from current operations, as well as a significant rise in net profit before one-offs. By moderate, HeidelbergCement means medium single-digit to low double-digit growth. "We remain cautiously optimistic about 2017," Chief Executive Bernd Scheifele said in a statement. "HeidelbergCement will benefit from the good and stable economic development in the industrial countries." These countries - the United States, Canada, Britain, Germany, the northern European countries and Australia - generate 60 percent of HeidelbergCement''s revenue. ($1 = 0.9323 euros) (Reporting by Georgina Prodhan; Editing by Maria Sheahan)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/heidelbgcement-results-idUSL5N1GT0OY'|'2017-03-16T13:32:00.000+02:00'
'9e72900ae0b8d6892be3e5d3996d4e7814abdb10'|'Hunting unicorns, Singapore Exchange turns to dual share system'|' 33am GMT Hunting unicorns, Singapore Exchange turns to dual share system A view of the SGX signage outside their office in Singapore March 2, 2017. Picture taken March 2, 2017. REUTERS/Edgar Su By Anshuman Daga - SINGAPORE SINGAPORE Singapore''s plans to become the first Asian bourse to allow dual class share listings is catching the attention of tech entrepreneurs and could help turn a staid market into a buzzing tech hub, as the city-state looks to rebrand its image. Singapore Exchange''s ( SGXL.SI ) boldest move in years is designed to make it the go-to-place for potential IPOs for Southeast Asian start-ups, such as ride-hailing services Grab and GO-JEK, and online retailers Tokopedia and India''s Flipkart. Such a change, if approved, would support the Southeast Asian financial hub, which is battling the impact of cooling global trade, a downturn in its key offshore support services sector, and a spate of delistings. Singapore could by the end of this year implement a split share system that allows entrepreneurs to retain control even with minority stakes, by giving some shares more weight. "It''s a game changer," said Vinnie Lauria, a founding partner at Golden Gate Ventures, a Southeast Asian venture capital firm which has invested in over 30 companies across more than seven Asian countries. "These companies want to have the voting power and the controlling shares within a small group of people who have been really involved since the beginning." Dual class share listings (DCS), which are allowed on the New York Stock Exchange and Nasdaq, give extra voting power to protect executives from shareholders obsessed with short-term gains. The structure has been embraced by companies such as Facebook ( FB.O ), LinkedIn, and high-valued tech startups known as unicorns. Bankers and lawyers say the changes would put Singapore on the Asian tech industry''s short-list, especially given that local exchanges typically offer richer valuations to regional firms when compared to U.S. exchanges. Patrick Grove, co-founder and CEO of Southeast Asian internet firm Catcha Group, has been favouring a U.S. IPO but said he would "strongly consider" SGX if it launched the dual share system. "We''ve been impressed with what SGX has done to become a more favourable financial tech hub in the region," said Grove, who has taken five companies from start-up to IPO in Australia and Malaysia. He declined to give details of the planned IPO. The share structure got attention in Singapore in 2012 when Manchester United jilted the city state over efforts by the Glazer family to retain control through an IPO using this system. TRAIL BLAZERS In Asia, such share structures are almost unheard of, although technically possible in particular cases in Tokyo and Sydney. The Hong Kong bourse proposed weighted voting rights in 2015 but failed to get regulatory support. SGX, a global centre for business trusts and real estate investment trusts, is seeing an opportunity to fill the void and broaden its appeal to tech and other new economy companies. This chimes in with the city-state''s moves to provide funding and light-touch regulation, as it seeks to reinvent itself as a fintech and disruption hub. A key Singapore advisory panel last month recommended the new share system with appropriate safeguards to widen public financing options. SGX is closing in on a public consultation that is open till mid-April. Based on feedback, it will then launch a second consultation. If regulators give this a green light, the new rules could be in place as early as end-2017. Chew Sutat, SGX''s head of equities and fixed income, said that any actual implementation will depend on responses received in the consultations. The new system could inject some much-needed vitality to an exchange that has seen a decline in turnover, and fewer company listings due to low valuations and insufficient liquidity. Fund raising via IPOs at SGX, where about 40 percent of its over 700 listed companies originate outside the country, slumped to its lowest in 17 years to just $335 million in 2015 before rebounding last year. "It''s a step in the right direction. But it still boils down to liquidity and valuation," said Chua Kee Lock, CEO of Temasek''s Vertex Venture Holdings, adding that the next step would be to attract tech investors who trade in public stocks to Singapore. One of the main challenges SGX faces is opposition from corporate governance campaigners such as Aberdeen Asset Management, who say weighted voting rights sideline ordinary shareholders. "Whether these companies ultimately list here will come down to a multitude of factors," said Stefanie Yuen Thio, joint managing director at law firm TSMP. "But not allowing DCS effectively closes the door to such listings, which would be a disaster for the SGX." (Additional reporting by Clara Ferreira Marques, Marius Zaharia and Aradhana Aravindan; Editing by Randy Fabi)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-singapore-sgx-idUKKBN16N0KA'|'2017-03-16T13:33:00.000+02:00'
'3eb21f938be556c887e153e5f7513e41a8528bdd'|'Exclusive: Brazil''s BRF mulls options to halal unit IPO - sources'|'SAO PAULO Brazil''s BRF SA is analyzing other options instead of an initial public offering for halal food unit One Foods Holdings Ltd ( IPO-ONE.L ), and has engaged in talks for a private stake sale to sovereign wealth and buyout funds, four people familiar with the plan said on Wednesday.Momentum for One Foods'' IPO has lost steam in recent weeks in the light of parent company BRF''s management mishaps that led to disappointing fourth-quarter results, and competition from other upcoming Middle East-related capital markets transactions, the people said.Reuters reported on Jan. 5 that BRF ( BRFS3.SA ), the world''s largest poultry exporter, wanted to raise $1.5 billion from the One Foods IPO, which may take place by early April. The company confirmed a day later it was studying the IPO in London and also gauging a possible private placement.According to one of the people, sovereign wealth funds Qatar Investment Authority and the Abu Dhabi Investment Authority have signaled they would be more willing to participate in a private placement of stock than an IPO at this point.Two of the people said a private placement would help increase the value of One Foods, which is estimated to be around $6.5 billion. BRF hired the investment-banking units of Bank of America Corp ( BAC.N ) and Morgan Stanley & Co to underwrite the IPO, with Citigroup Inc ( C.N ) acting as an adviser.The situation highlights the extent of turmoil inside BRF, which has in recent weeks shown the door to a number of top executives. Failing to clinch a deal for One Foods risks slowing Chairman Abilio Diniz''s efforts to expand BRF''s halal operations across the Middle East and Muslim Asia.Citigroup is leading the private placement effort, two of the people said. Private equity funds have also been approached for the private placement deal, the people said.São Paulo-based BRF and the Abu Dhabi fund declined to comment, as did Morgan Stanley and Bank of America. Citigroup and QIA, as the Qatar wealth fund is known, did not have an immediate comment.The people asked for anonymity to discuss the issue freely. Some aspects of the talks are confidential.BRF wants proceeds from the sale of the One Foods stake to help propel the latter''s expansion into Asian Muslim nations. One Foods has 10 plants and 15,000 employees, and already controls 45 percent of the poultry market in Saudi Arabia, United Arab Emirates, Kuwait, Qatar and Oman.One Foods was formally launched as a standalone company in January, underscoring BRF''s wish to expand in the halal meat segment independently from other regions. The market for meat cuts that comply with Muslim dietary rules is expected to grow to $60 billion by 2020.TURMOILCompetition from other Islamic-linked deals could hamper the One Foods IPO, two of the people said.Saudi Arabia is expected to market an Islamic bond in coming days, while companies in Kuwait and other Gulf nations are working on several London offerings for this and next year.According to one of the people, the inability of BRF''s management to kickstart results is already irking some key shareholders. Singapore''s GIC Pte Ltd [GIC.UL] has already requested to exit a co-investment agreement it made with Brazilian private equity firm Tarpon Investimentos SA ( TRPN3.SA ) in BRF in 2013.Both GIC and Tarpon, BRF''s largest shareholder and which picked former partner Pedro Faria as BRF''s chief executive officer, are negotiating the former''s exit from the agreement, the person said.A decision may be reached in April, when the vehicle governing the co-investment expires, the person added.Many shareholders blame Tarpon-led management at BRF for the stock''s lackluster performance. Since Faria took the helm of the food processor in September 2014, shares are down 30 percent.Tarpon declined to comment and GIC did not immediately respond to an e-mail seeking comment.Shares of BRF rose on Wednesday for the first day in four days, adding 0.1 percent to 38.36 reais. The stock is down 21 percent this year.(Additional reporting by Hadeel Al Saiegh in Dubai; Editing by Bernard Orr)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-one-foods-holdings-ipo-idUSKBN16M2SV'|'2017-03-15T21:49:00.000+02:00'
'65c46d007bf372f128fe4446e22ef91076501b7d'|'Indigenous Purchasing Program: ''with a foot in the door, we proved ourselves'' - Guardian Sustainable Business'|'For Coolangatta businessman Paul Dodd, helping another Aboriginal family to get a business going is his way of “paying it forward”.“It is our social return on investment,” he says. The founder of Indigenous training provider Corporate Culcha and workwear company Geared Up Culcha, Dodd has helped two such families start businesses as “resellers” of his workwear and marketing goods business. “One worked and one didn’t,” he says. The business that did survive is now standing on its own two feet as a fully independent enterprise. “They are probably our competitor now,” he says. Geared Up Culcha is one of the 500 companies that have secured contracts through the 21-month-old Indigenous Purchasing Program (IPP), which aims to source 3% of its goods and services from Indigenous-owned and run enterprises by 2020. To qualify for an IPP contract, the businesses must be at least 51%Indigenous-owned, managed and controlled. The commonwealth spends a total $57bn every year on procurement.Dodd, a Bundjalung man, says the growth in the number of Indigenous-owned and run businesses has been “massive” since the days when he was one of only 20 such businesses first registered with the Australian Indigenous Minority Supplier Council in 2009.Indigenous Australia is open for business – but we need investment to realise our potential - Marcia Langton Read more In just eight years, the supplier council’s successor, the non-profit Supply Nation certifying organisation, has more than 1,100 businesses registered. However, the IPP has come under fire in recent weeks, with accusations from public service “whistle-blowers” and some of the Indigenous community that its $284m in contracts awarded in the 2015-16 financial year are enriching a small group of “already privileged and wealthy” Indigenous business people. Dodd’s view is that, while the IPP has some teething problems, it has helped his Geared Up Culcha business grow, alongside others. His business has secured $3.5m worth of business though the IPP in the last financial year, mostly from the Department of the Prime Minister and Cabinet. “Without the IPP, I don’t think many of these government departments would be approaching us,” he says. Facebook Twitter Pinterest Geared Up Culcha team Jamie Williams, Shani Dodd and Paul Dodd. Photograph: Geared Up Culcha Companies that were “black cladding” [pretending a level of Indigenous involvement they didn’t have] are being progressively identified and taken off the list of IPP-compliant businesses, he says. Dodd, whose company also has major corporate clients such as Wesfarmers and Lendlease, says the IPP guidelines have encouraged corporate customers to ensure their procurement policies are supporting companies that are genuinely Indigenous-owned and run.Geared Up Culcha employs eight people, four of whom are Indigenous. His other nine-year-old business, Corporate Culcha, has three full-time staff and about 14 consultants, 95% Indigenous, he says. PwC Indigenous Consulting is another company that has benefitted from the IPP, garnering $7.2m worth of contracts. This business is 51% owned by two Indigenous consultants, who teamed up with international professional services firm PricewaterhouseCoopers in 2013. Co-owner of PwC Indigenous Consulting Gavin Brown says the link with PwC gives the company the ability to compete for contracts that would have previously been beyond its capacity. Indigenous business has plenty to teach about values-led business Read more “I think the main thing was opening doors, to begin with … and have the right type of conversations. We got our foot in the door, but then we still had to prove ourselves,” he says.The business is also able to draw upon the expertise of PwC when required. “It provides the market some comfort about our scale and resourcing and robustness,” he says. “It is mutually beneficial.”Most of the company’s work is consulting in areas such as child protection, early childhood education, justice and social services. Around 70% of its activity is government, 20% with land councils and 10%corporate.A recent piece of work was redesigning the child protection services industry in Aboriginal and Torres Strait Islander communities in Queensland. PwC Indigenous Consulting employs 37 people, more than 60% of whom are Indigenous, says Brown, a Wiradjuri man. Brown says the IPP has been a trigger to get government departments to actively seek out Indigenous owned and run businesses, which may have been too small to get their attention previously.He would like to see the benefits of the IPP spread more widely by giving smaller businesses help to be able to better connect with government for access to the tender processes. Brown acknowledges the criticism of the IPP: “No policy is perfect and I am sure we can tweak things over time to help with that, but at this stage, if you look at pre-IPP spend with Indigenous businesses and post-IPP spending, it is pretty compelling.“It has catalysed that market for sure. But it is a pretty immature market and needs time to grow.”The commonwealth procured only $6.2m from Indigenous businesses in 2012-13, compared with $284m to almost 500 Indigenous businesses in 2015-16.The IPP is not a bonanza for everyone. Alice Springs-based building and construction company Ingkerreke Commercial won tenders worth a combined $1.7m for repair and maintenance on government employee housing and complexes in Central Australia and some solar repair and maintenance work.However, this is only a very small part of its existing business. “Other than that, we are not seeing much from the IPP,” says the Ingkerreke Commercial chief executive, Callum Mathison.The company has been going for almost 13 years and it was already sourcing about 50% of its business from state and federal government. The company employs nearly 70 full-time staff between Alice Springs and its Darwin office, and 50% of them are Indigenous.Mathison says that while Ingkerreke Commercial is Indigenous-owned and run, it competes on the open market on price and quality, while providing training for the people it employs in sometimes remote communities.“We don’t get out of bed and come into the office on Monday mornings and say ‘right, what are we going to do about Indigenous employment this week’. “It forms a part of every decision we make each day. It is a part of us doing business and, unless you are really invested in this space, it doesn’t work.”Topics Guardian sustainable business Social equality Business (Australia) Work & careers Australian education features  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/sustainable-business/2017/mar/16/indigenous-purchasing-program-with-a-foot-in-the-door-we-proved-ourselves'|'2017-03-16T05:29:00.000+02:00'
'51caae3ebe5cf4f9fe86fa39ccf547ca5a11f149'|'3M to buy Johnson Control''s safety gear business'|'3M Co ( MMM.N ) said on Thursday it would buy Johnson Control International Plc''s ( JCI.N ) safety gear business, Scott Safety, in deal with an enterprise value of $2 billion.Scott Safety manufactures respiratory and protective equipment and other safety products for firefighters, industrial workers, police squads and the military.The business had annual revenues of about $570 million in 2016, 3M said.Johnson Controls, which manufactures products ranging from car batteries to heating equipment, had been exploring a sale of the business, Reuters had reported last week.(Reporting by Arunima Banerjee in Bengaluru; Editing by Savio D''Souza)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-johnsoncontrols-scottsafety-3m-idINKBN16N1M8'|'2017-03-16T09:38:00.000+02:00'
'b754f4a1ec8ba63ba6040c7d43d0b68a2d0bf4aa'|'Food, drink giants plot fightback as India looks to tighten rules'|'Money   2:02pm IST Food, drink giants plot fightback as India looks to tighten rules FULL COVERAGE: left right A vendor waits for customers at his shop New Delhi, India, March 6, 2017. Picture taken on March 6, 2017. REUTERS/Adnan Abidi 1/4 left right Pawan Kumar Agarwal, Chief Executive Officer of the Food Safety and Standards Authority of India (FSSAI), speaks to Reuters during an interview in New Delhi, India, March 7, 2017. REUTERS/Cathal McNaughton 2/4 left right A vendor pours ''Paani Puri'', a traditional Indian snack, into a box after frying it at his home in Agartala, India, March 15, 2017. REUTERS/Jayanta Dey 3/4 left right People eat at a roadside stall in New Delhi, India, March 9, 2017. Picture taken on March 9, 2017. REUTERS/Adnan Abidi 4/4 By Aditya Kalra - NEW DELHI NEW DELHI Several food and drink multinationals and trade groups met in recent weeks to discuss how to lobby more effectively against Indian proposals for higher taxes and stricter labelling rules on fatty or sugary foods, sources familiar with the talks said. According to officials, Prime Minister Narendra Modi''s administration has begun to look closely at policy proposals under discussion since at least 2015, raising concerns over the possible impact on the $57 billion sector. Alarmed by rising rates of obesity and diabetes, India plans to frame draft rules within a month requiring manufacturers to display the fat, sugar and salt content of products on packaging. It is also considering a nationwide "fat tax" for so-called "junk foods", a senior government official said, although that is unlikely to be rolled out in the near term. Last month, executives from companies including PepsiCo, Nestle and Indian consumer firm ITC met trade groups in New Delhi to coordinate efforts and urge the government to resist pressure from health advocates, according to an industry source aware of the meeting. The attendees, who felt their efforts to push back had been too piecemeal, talked about forming a core group to unify their message when engaging the government, the source said. PepsiCo and Nestle in India did not comment directly on the meeting or its outcome. ITC did not respond to requests for comment. Trade group All India Food Processors'' Association (AIFPA), whose members range from street vendors to global conglomerates, said two industry-wide meetings were held in February. Its members, who also discussed ways to offer more nutritious products, plan to send a joint representation to the government and approach health and food officials to express concerns about stringent regulations. PROMISING GROWTH The stakes are high for companies like PepsiCo, Coca-Cola, Nestle and McDonald''s, which have collectively committed billions of dollars to expand in the world''s fastest growing major economy. India''s carbonated drinks sector is estimated to grow an average 3.7 percent annually between 2017 and 2021, while the packaged food sector will grow by 8 percent a year during the same period, Euromonitor International estimates. Government pressure comes in various forms. Modi recently told PepsiCo CEO Indra Nooyi that her company needed to focus more on public health, an aide to the prime minister said. Separately, the prime minister''s office asked PepsiCo to outline how it would reduce sugar in beverages sold in India, the aide added. PepsiCo did not comment on those remarks by Modi and his office. It referred Reuters to its October 2016 global commitment "to transform its portfolio and offer healthier options". Modi''s office did not respond to an email seeking comment. A Coca-Cola India representative referred questions on proposed regulatory changes to the Indian Beverage Association, which said their impact was "under evaluation". Nestle corporate affairs executive Sanjay Khajuria said the company was "working to improve the nutrient profile" of their products. "These are complex public health issues which require (a) holistic multi-stakeholder approach and we are committed to work with authorities," Khajuria said in an email. The CEO of the Food Safety and Standards Authority of India (FSSAI), Pawan Kumar Agarwal, welcomed industry concerns about tougher rules. "It is a good thing if it helps in providing healthier options," he told Reuters in an interview. PLANNED REGULATIONS The number of obese men and women in India rose to about 30 million by 2014 from 1.2 million in 1975, according to a study by British medical journal The Lancet, although the comparative figure for China was around 90 million. (GRAPHICS: Carbonated drinks, package food industry, click reut.rs/2mwiA31 - Deaths due to diebetes, click reut.rs/2nHywzF ) Concerns about the health effects of fast food and soda drinks have been growing globally in recent years. Mexico imposed higher taxes on sugar-sweetened beverages, for example, while South Korea placed television advertising restrictions on specific food items. But India has been slow to finalise rules on products high in fat, sugar and salt, whose consumption health advocates say urgently needs to be checked to safeguard public health. Agarwal denied industry pressure was affecting the implementation of tighter regulations, adding that India was nudging companies to make healthier products while working on new rules. The FSSAI is considering advertising norms to check on health claims made by companies and is working on educating consumers about the health effects of foods containing high levels of sugar or fat. One government official said the regulator was deliberating whether disclosures about the nutritional value of food should be placed on the front of packages. Another labelling proposal under review was a "traffic light" system, where red, yellow and green colours depict nutritional value, similar to one used in the United Kingdom. "Traffic light is making (reading labels) simple," Agarwal said. "Red people associate with danger, green is okay". But trade body AIFPA said such labelling was of no use. "Most Indian foods will be red. So what purpose does it serve?" said the group''s president, Subodh Jindal. Potentially more significant for major brands would be a nationwide "fat tax", which authorities are discussing and was last year announced by the southern state of Kerala. There, branded restaurants like McDonald''s and Domino''s Pizza face a 14.5 percent tax, higher than that applied to smaller, indigenous outlets serving the same fare or Indian cuisine often high in sugar and fat. "It makes the larger players nervous," said an industry executive, calling the discourse on "junk food" in India discriminatory and unscientific. McDonald''s India did not comment on the government''s discussions on a nationwide "fat tax". Domino''s India said its spokesman was not available. (Additional reporting by Rupam Jain and Sudarshan Varadhan; Editing by Mike Collett-White and Paritosh Bansal) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-fastfood-modi-health-idINKBN16N0UG'|'2017-03-16T15:32:00.000+02:00'
'0ab173a77f5f5dcbbbd3f621a1d8dd209d3effc6'|'G20 trade wording considered a setback for export champion Germany'|'Sun Mar 19, 2017 - 8:49am GMT G20   German Finance Minister Wolfgang Schaeuble addresses a news conference at the G20 Finance Ministers and Central Bank Governors Meeting in Baden-Baden, Germany, March 18, 2017. REUTERS/Kai Pfaffenbach By Michael Nienaber - BADEN-BADEN   Acquiescing to an increasingly protectionist United States after a two-day meeting in the German town of Baden-Baden, the finance ministers and central bank governors of the 20 biggest economies dropped a pledge to keep global trade free and open. Instead, they only made a token reference to trade in their main communique by saying the G20 would work together to strengthen the contribution of trade to their economies. "The weak wording on trade is a defeat for the German G20 presidency," Ifo economist Gabriel Felbermayr told Reuters. "This is particularly true in the light of the fact that Germany is one of the world''s strongest export nations and relies on open markets to maintain its prosperity like hardly any other country." Private consumption and state spending have become the main growth drivers of Europe''s biggest economy, but exports still account for roughly 45 percent of its gross domestic product. "The lack of a rejection of protectionism is a clear breach of tradition. Now everything is possible," Felbermayr said. The future would probably bring a weakening of the World Trade Organization (WTO) and a more aggressive use of protectionist policies, he added. The Association of German Chambers of Commerce and Industry (DIHK) said the token reference to trade was a serious setback for the multilateral trade order. "The result is a warning shot for every trading nation and this means also for the German economy," DIHK foreign trade economist Volker Treier told Reuters. "The German economy has to adapt itself to the fact that ''America First'' will also mean a loss for us. So instead of a win-win situation, there will probably be a lose-lose situation." German Vice Chancellor Sigmar Gabriel has suggested that the European Union should refocus its economic policy toward Asia, should the Trump administration pursue protectionism. German Finance Minister Wolfgang Schaeuble tried to play down the lack of a clear rejection of protectionism on Saturday, saying some delegations did not have a mandate to support far reaching commitments on commerce. U.S. President Donald Trump has already pulled out of a key trade agreement and proposed a new tax on imports, arguing that certain trade relationships need to be reworked to make them fairer for U.S. workers. Germany managed to rescue some of the previously common G20 language supporting free trade and open markets in a separate document adopted by policymakers in Baden-Baden. The list of principles summarizes reform recommendations for governments to boost the resilience of their economies against future shocks, including the advice to strengthen policy frameworks to reap the benefits of open markets. A senior G20 official said the resilience principles were probably more important than the main communique because the list would also be adopted at the G20 leaders summit in Hamburg in July while Baden-Baden was only a "snapshot of today". "The German G20 presidency is not over yet. Now it''s up to the state and government leaders at the G20 summit in Hamburg to send a clear signal," Treier said. (Reporting by Michael Nienaber; Editing by Elaine Hardcastle) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-g20-germany-idUKKBN16Q09D'|'2017-03-19T15:47:00.000+02:00'
'61f066d70a9028da82ee61ca74f81c05603eb5d2'|'The learners who are out of pocket as Drive Dynamics stalls over lessons - Money'|'When Nicole Dunn paid for 10 lessons with driving school franchise Drive Dynamics the company took £111.50 and told her she would be contacted by an instructor. She heard nothing more.Two weeks later she called to find out what was happening. “I was told that the individual assigned to me no longer worked for the company, and that they would pass my details on to another instructor who would contact me,” Dunn says. “Again this never happened. I called customer services and was advised the original instructor does in fact still work for the company and they would get him to contact me. He didn’t.”Dunn, 21, who is from Sunderland, requested a refund but was refused as she was outside the company’s 14-day cooling-off period. Over the ensuing weeks she made 14 calls asking to speak to a manager but was told none were available. Her attempts to make contact via the company’s webform also failed. Exactly a year on she has received neither lessons nor her money back.Dunn is one of scores of customers who have been left out of pocket by Drive Dynamics, which describes itself as “the UK’s most liked driving school on Facebook”. After The Observer featured a similar case featuring the firm in April last year , more than 100 would-be learners complained, all with the same problem: the promised lessons never took place and the refunds didn’t materialise. Web forums tell a similar story.Bradford-based Drive Dynamics, which offers 10 beginner lessons for £99, is a franchise with a network of self-employed instructors who pay a monthly fee to use the name, plus a commission for each pupil referred to them. Given that the average cost of a driving lesson in the UK is £24, the firm’s cut-price deals and national reach are a lure for learners on a tight budget. Equally appealing is the suggestion made by sales staff that lessons can be swiftly arranged since a national shortage of qualified instructors means waiting lists at most driving schools are long.“We are in the perfect storm,” says Blaine Walsh, an industry adviser who runs the support and training website Driving-Instructor.tv. “The number of instructors has decreased by nearly 15% over the past four years, while there has been an increase of nearly 7% of pupils sitting the test.”''I was promised an instructor, which never happened, then a refund which never came''Linda Worger The trouble is that Drive Dynamics can’t cope with the demand it generates. Its website claims it has more than 400 instructors, but spokesman David Simister puts the number at just under 300. With 6,000 customers currently on its books, rising to 15,000 at peak times (its automated customer service line boasts that the number is 115,000), it is unsurprising that many of them never get the lessons they pay for, especially with a customer service team that has only recently increased from four to nine staff.Linda Worger of New Malden, Surrey, bought the £99 package for her son’s birthday present in December. Eighteen days later, after she had chased the company three times, she was texted a list of dates, but when she replied she was told they were all unavailable. That was the last she heard. “I rang numerous times in January and was promised an instructor, which never happened, then promised a refund which never came, and then told that I couldn’t have my money back,” she says. “I have had to pay another instructor at a time when I can’t really afford it.”Abdi Duale from Hull did finally get his money back, but only after hours on the phone and a string of false promises. He paid £312 in November and was promised that his lessons would start the following weekend. “I was surprised because the other driving schools I’d tried had waiting times of up to six weeks, but the sales adviser was so cheery and confident that I was sold,” he says. But when his instructor got in touch he was told he would have to wait nine weeks. He demanded a refund from Drive Dynamics and was told it would take 14 days. A month later he was still waiting.Facebook Twitter Pinterest Abdi Duale spent hours on the phone before he finally got his money back. Photograph: Gary Calton for the Observer Drive Dynamics’ terms and conditions state that although it handles payments, a customer’s contract is with the instructor assigned to them, and it is the instructor who is responsible for issuing refunds. A payment will only be refunded by Drive Dynamics if it fails to allocate an instructor within 14 days. The small print makes no provision for customers who never hear from their instructor. Moreover, staff can’t easily tell who has and hasn’t got lessons arranged because, as Simister admits to The Observer , there’s no incentive for instructors to use the centralised online diary.The company acknowledges it has a problem. In 2015, following exposure by BBC Watchdog, the then 10-year-old business, registered as Kan Kan Ltd, went into liquidation owing more than £500,000 to creditors. In the same year a company with the same directors was registered under the name Dynamic Franchises Ltd. Although it is legally a different company, its website, which looks indistinguishable from the old one, declares that the family-run business was founded in 2005, the date Kan Kan Ltd was launched. The Kan Kan name lives on as a website for “one of the UK’s largest all-female driving schools” with the same phone number as Drive Dynamics, and with equally dismal reviews. The customer service operative who answered The Observer’s call claimed it no longer exists. Simister insists it does.We are a month away from launching a new centralised diary that will help iron out a lot of issuesDavid Simister, Drive Dynamics When Watchdog investigated Drive Dynamics the firm blamed its appalling customer service on its computer system. Nearly two years on the excuse is the same. “We invested a lot of time and money into a bespoke customer relationship management system, but before it was completed the company we had paid to deliver the project went into administration,” Simister says. “We are now just a month away from launching a new centralised diary system that will help iron out a lot of the issues we have been experiencing.”The problems experienced by Drive Dynamics customers expose a loophole in the law. Individual professional driving instructors must be on the Approved Driving Instructor (ADI) register or licensed by the ADI Registrar, which are regulated by the Driver & Vehicle Standards Agency (DVSA), but anyone can set up a driving school provided they use qualified instructors. It’s an issue that damages the reputation of the profession, according to the Driving Instructors Association . “There is merit in considering how we regulate driving school businesses,” says spokeswoman Carly Brookfield. “When companies act in an unprofessional manner clearly it impacts the customer, but it also impacts the professional reputation of the instructors working for them who are not necessarily part of the problem.”However unsatisfactory a driving school, the regulator’s hands are tied. “The agency is only empowered to regulate the conduct of individual driving instructors, and is not empowered to regulate the conduct of corporate bodies,” says a DVSA spokesperson. Instead, complaints often fall to overstretched Trading Standards offices run by local councils. West Yorkshire Trading Standards says it is aware of Drive Dynamics. “We’ve been trying to work with them to resolve some of the ongoing issues that continue to generate complaints,” a spokesperson says.Drive Dynamics says those customers whose complaints were passed on by The Observer have since been refunded, but many more are still waiting. Anyone who has received neither lessons nor a refund should also complain to their local Trading Standards office, which can take enforcement action.THE KEY TO FINDING A GOOD INSTRUCTOR Cheap lessons and availability should not determine which instructor to use, according to Carly Brookfield of the Driving Instructors Association. “Make sure you choose a fully qualified and licensed approved driving instructor (ADI). Some schools use trainees known as PDIs (provisional driving instructors) who have less experience,” she says. “Check what grade they are. Driving instructors are assessed by the Driving & Vehicle Standards Agency every four years. Grade A signifies the top performers.”Instructors should have signed up to the ADI code of conduct, which governs all aspects of their business from teaching practices to financial management. “Ask the trainer about their ongoing training. Continuing professional development is something good instructors invest in to update their skills and knowledge. It’s a worrying sign if they are not doing this.”Training instructor Blaine Walsh says the best instructors tend to have long waiting lists, so the first lesson should be booked several months before the driver wants to start.“Don’t pay upfront for a block booking until you have had a couple of lessons to see if the teaching style suits you,” he advises.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/2017/mar/19/learner-drivers-out-of-pocket-drive-dynamics-lessons-failed'|'2017-03-19T02:00:00.000+02:00'
'842709d38135ad67e9d3d6ef7ca2671473bb2ea3'|'Exclusive: Libya''s NOC says expects to regain Es Sider, Ras Lanuf oil ports'|'Global Energy News   7:50pm IST Exclusive: Libya''s NOC says expects to regain Es Sider, Ras Lanuf oil ports The building housing Libya''s oil state energy firm, the National Oil Corporation (NOC), is seen in Tripoli, Libya February 22, 2016. REUTERS/Ismail Zitouny/Files By Aidan Lewis - TUNIS TUNIS Libya''s National Oil Corporation (NOC) has been coordinating with military forces from eastern Libya and has "no reason to believe" it will not regain control of the Es Sider and Ras Lanuf oil ports, NOC''s chairman said. The loss and recapture of the ports this month by the eastern-based Libyan National Army (LNA) had raised doubts over its willingness to let the Tripoli-based NOC manage the ports. Revenue from the sites is controlled by a central bank and U.N.-backed government in the capital which pro-LNA factions oppose. Eastern officials accuse rivals in Tripoli and the western city of Misrata of supporting a March 3 attack on the ports by a faction known as the Benghazi Defence Brigades (BDB). An oil guard commander appointed by the U.N.-backed government was deployed to secure them. After they were retaken, the head of a Benghazi NOC office appointed by Libya''s eastern government, Naji al-Maghrabi, said he was pulling out of an NOC unification deal signed in July and an LNA spokesman said there would be no immediate decision on a handover. But in written responses provided to Reuters, Mustafa Sanalla, the Tripoli-based NOC chairman, said his staff had already been working with the LNA. "We have been coordinating our assessment of the facilities with them," Sanalla said, in his first public comments since the ports were retaken. "We have no reason to believe control of the ports will not be handed back to NOC." Es Sider and Ras Lanuf have a combined potential capacity of 600,000 barrels per day (bpd). Operations there and at two other ports southwest of Benghazi are crucial to the NOC''s efforts to revive Libya''s output, which has been crippled by years of conflict and political chaos. The LNA took over the ports in September, ending a two-year blockade at three of them and quickly inviting the NOC to resume exports. Es Sider and Ras Lanuf were badly damaged in previous rounds of fighting and have been operating well below normal levels. The latest clashes, which included ground battles and more than a week of LNA air strikes, had dented the LNA''s claim it could defend the ports and led to fears that facilities would suffer further damage. But Waha Oil Company resumed pumping to Es Sider on Saturday and Sanalla said the NOC had decided to restart operations at the ports based on technical assessments and a review by military engineers. "For the most part, the facilities are not damaged. In one or two locations, some work needs to be done by the military engineers. Our workers are returning to their terminals gradually." Reuters journalists observed little apparent additional damage to the ports during a visit on Thursday. An engineer at the Waha oil field said on Sunday it was pumping 25,000 bpd to Es Sider as it restarted production. The NOC said 13,000 bpd were being pumped from Defah field, and that Waha''s production should reach 80,000 bpd by the end of March. Sanalla said the NOC was hoping to raise overall production to 800,000 bpd by the end of April from 611,000 bpd currently. Libya along with Nigeria has been exempted from production cuts recently agreed by the Organization of the Petroleum Exporting Countries (OPEC). However, any gains in Libya remain fragile as long as the political turmoil that has fractured the country since its 2011 uprising continues. Oil accounts for nearly all of Libya''s income and pipelines and ports have been repeatedly blockaded by local groups seeking political and financial gain. Eastern authorities have attempted to sell oil independently, but have been blocked by international sanctions which remain in place. Oil facilities are protected by the Petroleum Facilities Guard (PFG) but PFG units often operate independently or for a particular political faction. Sanalla said he was not concerned by Maghrabi''s rejection of the NOC unification deal, which he said had been signed to clear up uncertainty in the markets. "I don''t think that uncertainty exists anymore," he said. "No respectable oil company or ship owner will touch (the eastern NOC) ... To export oil independently would risk the integrity of the state of Libya." Sanalla said a neutral PFG should have a role, "but under the authority and real management of NOC". "Putting the PFG under the NOC would, we think, go a long way to removing Libya''s oil assets as an object of military competition," he said. "Unless oil assets are taken off the table as an object of conflict, unless the oil industry is ring-fenced from our political conflict, then the possibility of more fighting remains." (Additional reporting by Ayman al-Warfalli in Benghazi; editing by Jason Neely) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/libya-security-oil-idINKBN16Q0LN'|'2017-03-19T21:20:00.000+02:00'
'e027527a2004fa6741e35b412128453e8110b801'|'EU should aim to maintain London''s financial hub status - Schaeuble'|'  1:26pm GMT EU should aim to maintain London''s financial hub status - Schaeuble left right Workers walk to work during the morning rush hour in the financial district of Canary Wharf in London, Britain, January 26, 2017. REUTERS/Eddie Keogh 1/2 left right German Finance Minister Wolfgang Schaeuble speaks during an interview with Reuters at the Finance Ministry in Berlin, Germany, March 15, 2017. REUTERS/Fabrizio Bensch 2/2 FRANKFURT The European Union will need time to firm up its own financial services sector so it needs to ensure that London''s role in the sector is not compromised even after Brexit, German finance minister Wolfgang Schaeuble said on Thursday. "I am totally aware and convinced that Europe as a whole... we have our own interest, even after Brexit, to have a strong financial centre in London," Schaeuble, speaking English, told a conference in Frankfurt. (Reporting by Balazs Koranyi and Andreas Framke; Editing by Alison Williams) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-germany-idUKKBN16N1TF'|'2017-03-16T20:26:00.000+02:00'
'5f06a9938ff80767d33afec0d7349aecc0f4adda'|'Head of French retailer Vivarte says has reached deal on debt'|'PARIS Private-equity backed French clothing retailer Vivarte, in talks to restructure more than 1.3 billion euros ($1.4 billion) of debt, has sealed a deal with its lenders, chairman and chief executive Patrick Puy told French newspaper Les Echos.Vivarte, which has put up several of its brands for sale under the restructuring, could announce the sale of its Pataugas shoe brand to a private investor within two weeks, he added.The debt restructuring plan, which was agreed by all of the retailer''s 172 creditors, calls for the conversion of 846 million euros of debt into equity.This leaves Vivarte with 572 million euros of debt, whose maturity has been extended to 2021, and which creditors have agreed to waive if this became necessary."The matter of Vivarte''s debt is definitively settled," Puy said in the interview with Les Echos.Vivarte, whose brands include Kookai, La Halle, Caroll, Minelli and Chevignon, has been owned since 2014 by a group led by investment funds Alcentra, Babson, Oaktree and GLG Partners.The company, whose profits and sales have fallen amid competition from larger clothing retail chains such as H&M ( HMb.ST ), Kiabi and Primark, has been trying to restructure its business for several years.It is currently seeking to sell Kookai, Chevignon, Pataugas, Andre, Naf Naf and Spanish shoe brand Merkal.Chevignon was drawing interest from private buyers and Kookai from industrial investors and private equity groups, while the sale of Merkal to an industrial investor could be sealed soon, Puy said.(Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-vivarte-debt-idINKBN16N16Y'|'2017-03-16T07:23:00.000+02:00'
'89dd849fa46b228d97ef6b20d3185cc9d6998dd5'|'PRESS DIGEST- British Business - March 16'|' 53pm EDT PRESS DIGEST- British Business - March 16 March 16 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Times * The British government''s stake in Lloyds Banking Group has been reduced to below three percent. bit.ly/2muOHjj * British Prime Minister Theresa May signed off a humiliating retreat over planned tax rises on the self-employed after finance minister Philip Hammond conceded, in a private meeting on Wednesday, that they breached the "spirit" of their party''s manifesto pledge. bit.ly/2ntOGwT The Guardian * Theresa May is expected to refuse a new Scottish independence referendum unless it is held after the UK has quit the European Union. Britain''s Scotland minister David Mundell and other UK government sources indicated on Wednesday that the prime minister was prepared for a drawn-out battle with Nicola Sturgeon''s government over the referendum''s timing and the question that will be asked. bit.ly/2muenf2 * Welsh-based international media company Tinopolis is for sale with a price of up to 300 million pounds. Tinopolis is understood to have circulated a memorandum to a number of media owners and private equity companies that says the firm is considering a range of options, including a sale of the company. bit.ly/2nGojmL The Telegraph * Sports Direct International Plc said that a report by Pensions and Investment Research Consultants "incorrectly claims that Sports Direct had a chief executive-to-average employee pay ratio of 400:1, the second highest in the FTSE 350". bit.ly/2muP1yB * The board of Bowleven Plc has been ousted from an African oil explorer with immediate effect following a bitter boardroom battle with an activist shareholder. bit.ly/2npi1vR Sky News * Sky News has learnt that British engineering group GKN''s board has appointed headhunters to identify a successor to Chief Executive Nigel Stein, who has run the company since 2012. bit.ly/2n15SMN * A fresh deal to resolve the long-running dispute between Southern rail and train drivers'' union ASLEF over driver-only trains has been agreed. bit.ly/2nc6OhE The Independent * Rolls-Royce''s decision to award Warren East, its chief executive officer, a bonus of 916,000 pounds even after the aero-engine maker''s full-year earnings plunged was ill advised, according to the Institute of Directors, which represents UK business leaders. ind.pn/2mMKvhp (Compiled by Kanishka Singh in Bengaluru; Editing by Sandra Maler)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-business-idUSL3N1GT08R'|'2017-03-16T07:53:00.000+02:00'
'e0de2a41ddc0f8d72a06d49b45a020eb02fbf39d'|'Jack Ma to launch Alibaba''s regional distribution hub in Malaysia: sources'|'By Liz Lee - KUALA LUMPUR KUALA LUMPUR Chinese e-commerce giant Alibaba Group Holding Limited plans to set up a regional distribution hub in Malaysia to cater to its fast-growing business in the region, two sources aware of the discussions said.The hub would be sited within KLIA Aeropolis, a 24,700-acre development led by airport operator Malaysia Airports Holdings Bhd (MAHB) that is expected to generate more than 7 billion ringgit ($1.58 billion) worth of domestic and foreign investments.Alibaba executive chairman Jack Ma and Malaysian Prime Minister Najib Razak are expected to announce the plans at an event in Kuala Lumpur next week, the sources said.The hub will be set up with the help of Malaysian state-linked agencies. It was not clear whether Alibaba would invest any funds in the project."Kuala Lumpur International Airport (KLIA) has existing facility for Alibaba Group to pilot their distribution services here, and if (Alibaba) decide to expand in the future, there is the option to build more on other (undeveloped) sites in KLIA Aeropolis," one source said.Alibaba and the Malaysian prime minister''s office did not respond immediately to requests for comment.Najib appointed Ma as his government''s digital economy adviser during an official trip to China in November.Malaysian media reported that Ma, whose Alibaba owns Chinese online shopping business Taobao, would help steer Malaysia''s e-economy development with the implementation of online payment and banking."Many people see Malaysia as an emerging hub next to Singapore. Malaysia may not be able to take all of Singapore''s business but it is a good choice (logistically)," one source said.This would mark Alibaba''s first investment in Malaysia. The company invested $1 billion last year to control Singapore-based e-commerce platform Lazada, Southeast Asia''s largest online shopping platform. It also increased its shareholding in Singapore Post to 14.4 percent from the 10.2 percent acquired in 2014 and bought a 20-percent stake in Thai e-payment service, Ascend Money.Ties between Malaysia and Beijing have blossomed in recent months with a surge of investments from China.China agreed to buy assets of troubled state fund 1MDB for $2.3 billion in December 2015.Najib returned from November''s Beijing visit with 14 agreements amounting to $34.4 billion, which included an agreement to buy four Chinese naval vessels and collaboration to build rail projects in Malaysia.Sources said the distribution hub would be part of Malaysia''s Digital Free Trade Zone (DFTZ), also slated to be launched during Ma''s visit next week."KLIA Aeropolis includes many components and the DFTZ is likely a new component to be added into the development," one source said.Plans to establish the DFTZ were announced in the national budget last October.(Reporting by Liz Lee; Additional reporting by Anshuman Daga in SINGAPORE and Adam Jourdan in SHANGHAI; Editing by Paul Tait)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-malaysia-alibaba-idINKBN16P041'|'2017-03-18T00:28:00.000+02:00'
'5cb50125a73d9cc52c6ccb68ba6aca2c5bda257f'|'G20 trade wording considered a setback for export champion Germany'|'Business   4:06pm IST G20 trade wording considered a setback for export champion Germany A general view shows the G20 Finance Ministers and Central Bank Governors Meeting in Baden-Baden, Germany, March 17, 2017. REUTERS/Kai Pfaffenbach By Michael Nienaber - BADEN-BADEN BADEN-BADEN The failure of the world''s financial leaders to agree on resisting protectionism and support free trade marks a setback in the G20 process and poses a risk for growth of export-driven economies such as host Germany, economists said on Sunday. Acquiescing to an increasingly protectionist United States after a two-day meeting in the German town of Baden-Baden, the finance ministers and central bank governors of the 20 biggest economies dropped a pledge to keep global trade free and open. Instead, they only made a token reference to trade in their main communique by saying the G20 would work together to strengthen the contribution of trade to their economies. "The weak wording on trade is a defeat for the German G20 presidency," Ifo economist Gabriel Felbermayr told Reuters. "This is particularly true in the light of the fact that Germany is one of the world''s strongest export nations and relies on open markets to maintain its prosperity like hardly any other country." Private consumption and state spending have become the main growth drivers of Europe''s biggest economy, but exports still account for roughly 45 percent of its gross domestic product. "The lack of a rejection of protectionism is a clear breach of tradition. Now everything is possible," Felbermayr said. The future would probably bring a weakening of the World Trade Organization (WTO) and a more aggressive use of protectionist policies, he added. The Association of German Chambers of Commerce and Industry (DIHK) said the token reference to trade was a serious setback for the multilateral trade order. "The result is a warning shot for every trading nation and this means also for the German economy," DIHK foreign trade economist Volker Treier told Reuters. "The German economy has to adapt itself to the fact that ''America First'' will also mean a loss for us. So instead of a win-win situation, there will probably be a lose-lose situation." German Vice Chancellor Sigmar Gabriel has suggested that the European Union should refocus its economic policy toward Asia, should the Trump administration pursue protectionism. German Finance Minister Wolfgang Schaeuble tried to play down the lack of a clear rejection of protectionism on Saturday, saying some delegations did not have a mandate to support far reaching commitments on commerce. U.S. President Donald Trump has already pulled out of a key trade agreement and proposed a new tax on imports, arguing that certain trade relationships need to be reworked to make them fairer for U.S. workers. Germany managed to rescue some of the previously common G20 language supporting free trade and open markets in a separate document adopted by policymakers in Baden-Baden. The list of principles summarizes reform recommendations for governments to boost the resilience of their economies against future shocks, including the advice to strengthen policy frameworks to reap the benefits of open markets. A senior G20 official said the resilience principles were probably more important than the main communique because the list would also be adopted at the G20 leaders summit in Hamburg in July while Baden-Baden was only a "snapshot of today". "The German G20 presidency is not over yet. Now it''s up to the state and government leaders at the G20 summit in Hamburg to send a clear signal," Treier said. (Reporting by Michael Nienaber; Editing by Elaine Hardcastle) Next In Business News Markets welcome G20''s FX stance, wary on trade split LONDON Financial leaders from the world''s biggest economies found common ground on foreign exchange at a G20 meeting on Saturday but failed to agree on trade, highlighting a global shift towards protectionism and setting a cautious tone for financial markets next week. Post-Fed boost for small-cap stocks may be limited NEW YORK Small-cap stocks benefited from a dovish lining to the U.S. Federal Reserve''s decision to raise interest rates this past week, but strategists warn it will take more to make these pricey stocks outperform their larger brethren in the long haul. BEIJING China opposes various forms of trade protectionism and supports free trade, Vice Premier Zhang Gaoli said on Sunday, reaffirming Beijing''s stance amid worries over weak global demand. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-g20-germany-idINKBN16Q09D'|'2017-03-19T15:52:00.000+02:00'
'e96597bb9a5b0b8a3922640bbff8d8ef95149cc4'|'A ‘jobs miracle’ that leaves millions worse off - Observer editorial - Opinion'|'The former prime minister David Cameron two years ago coined the phrase “jobs miracle” to describe Britain’s economic recovery: an expression that has stuck among defenders of Conservative economic policy. On the surface of it, last Wednesday’s employment figures were just the latest round of good news: unemployment is now at its lowest level since 1975 .But as welcome as falling unemployment is, it is just one indicator of labour market health. The reality is that Britain’s economic recovery will be feeling far from miraculous to millions of low-paid workers. Since the financial crisis, the growth in jobs has come at the price of little growth in average earnings, with many workers finding themselves materially worse off. The Institute for Fiscal Studies expects average real earnings will be no higher in 2022 than they were in 2007 ; a dire situation its director has described as “completely unprecedented”.Moreover, there is a small but growing group of low-paid workers who face deepening insecurity as they are denied access to basic employment rights. There has been much focus on the new gig economy: digital platforms such as Uber and Deliveroo that allow supposedly self-employed workers to sell services. Their prevalence is likely to grow, but today the bulk of labour market exploitation is of a more analogue nature. Sports Direct is perhaps the most infamous example of modern exploitation: workers on zero-hours and agency contracts subjected to dreadful working conditions more akin to a Victorian factory than a modern workplace.But Sports Direct is only the tip of the iceberg. The Trades Union Congress estimates that precarious low-paid work – low-paid self-employment, agency working and zero-hours contracts – affects one in 10 workers . This represents a huge increase of more than 80% in the last decade. Precarious employment accounts for a big chunk of jobs growth since the financial crisis: the growth in self-employment alone accounts for 45%.These forms of employment can bring sometimes welcome flexibility. But for the low-paid, that flexibility can quickly tip into insecurity and exploitation. Millions who are self-employed, or working on agency or zero-hours contracts, do not enjoy sickness pay, parental leave, protection against unfair dismissal and pension entitlements. These types of work should therefore command a premium to compensate for the greater insecurity and costs they involve. But some businesses are using these practices to shift risk from the company to the individual, and even to pay less than the legal minimum . Rates of self-employment are two-and-a-half times greater for the lowest-paid workers compared with the highest-paid; and one in four low-paid workers is self-employed.This insecurity means that many families are living an incredibly precarious existence: if economic growth were to dip, there are millions of workers who could effectively be laid off at a moment’s notice. This is playing out against a backdrop of declining living standards for low-income families, as sluggish earnings growth is being compounded by significant cuts to tax credits and benefits in the coming years. While work has never been a guaranteed route out of poverty, low-paid work is increasingly associated with living in poverty: new figures out last week show two thirds of children in poverty are living in working families : a shocking statistic in one of the world’s richest economies. Insecure employment also carries huge costs for the state. The TUC estimates the cost of low-paid self-employment and zero-hours contracts to be £4bn a year in foregone tax revenue and spending on tax credits and benefits.The government has at least recognised there is a growing problem: Theresa May last year appointed Matthew Taylor to lead a review into modern employment practices. In terms of remedies, most attention thus far has focused on the chancellor’s ill-fated attempt to tackle the tax advantages of self-employment for the higher-paid. But far more important for those in exploitative, low-paid self employment would be ending the much bigger tax advantage that accrues to companies in using self-employed workers. The proceeds should be used to fund the expansion of rights such as paid parental leave for the self-employed.Taylor’s review must also look beyond the tax system. Employment rights need a radical overhaul to reflect modern working practices. It should explore the options recommended by the TUC that include putting the onus on employers rather than employees to prove someone is legitimately self-employed; ensuring that those working flexibly on low-hours contracts get properly remunerated, as happens in Australia and New Zealand; and giving agency workers the right to get paid the same as permanent employees.But employment rights are only useful to workers to the extent that they get enforced. Enforcement currently relies too heavily on individuals taking exploitative employers to tribunal. Yet since fees were introduced in 2013, the cost of doing this is prohibitive for many low-paid workers, denying them access to justice. There has been far too little proactive enforcement of minimum wage legislation in social care, retail, logistics and low-value manufacturing, where there are large numbers employed on rates below the minimum wage.Unions also need to do much more to represent workers in insecure work. It is true that organising in these kinds of workplaces is more challenging; and last year’s Trade Union Act made this more difficult still. But unions have done too little to address declining membership: fewer than one in 10 of the low paid are members, and membership rates among young workers are at existence-threatening levels . They need to be far more innovative, for example deploying smart technology to help organise workers in insecure jobs or spinning off not-for-profit employment agencies that can be used by scrupulous employers.Yes, the British economy has more jobs than ever before. But for too many workers, conditions are moving backwards, not forwards. The prime minister has made positive noises about tackling exploitation. But they run at odds to hints from her chancellor that a post-Brexit Britain may go for a Singapore-style economy, with even lower corporate tax rates and a scaled-back welfare state that would create even greater insecurity for low-paid workers. The government faces a choice between siding with low-paid workers or exploitative employers. It must choose workers.Topics Unemployment Opinion Conservatives Sports Direct International Retail industry editorials  '|'theguardian.com'|'http://www.theguardian.com/business/retail/rss'|'https://www.theguardian.com/commentisfree/2017/mar/19/observer-view-government-employment-policy'|'2017-03-19T07:05:00.000+02:00'
'7295d0050639f268b5cb6441d29886e4995a7d55'|'In China, brands scramble ahead of "315" consumer day show'|' 44am EDT In China, brands scramble ahead of "315" consumer day show By Adam Jourdan and Jackie Cai - SHANGHAI, March 15 SHANGHAI, March 15 Chinese and global firms steeled themselves on Wednesday ahead of the country''s annual consumer rights day TV show, an evening gala from China''s state broadcaster that can have brands and their corporate PR teams scurrying to take evasive action. Similar to CBS network''s "60 Minutes" in the United States, the China Central Television (CCTV) show known as "315" in reference to global consumer rights day on March 15, has previously named and shamed firms from Apple Inc to Volkswagen AG. The two-hour gala - a mix of undercover reports and song-and-dance - can hit a firm''s reputation if singled out for bad corporate behaviour. Apple was forced into a rare apology in 2013 after criticism on the show of its after-sales service. "The days that a big company would be completely caught with its pants down are largely past," said James Feldkamp, Shanghai-based CEO of independent China consumer watchdog Mingjian. "Pretty much all the big corporations have their PR machines ready to jump into action because they''ve seen what happens when companies are not prepared." The day itself often sees a flurry of goodwill gestures by firms - from free apple pies to give-away iPads - to help soften any blow from being named and shamed. It has also ballooned beyond the CCTV show with smaller events around the country. South Korean businesses, especially, may fear being singled out this year amid pressure from Beijing on companies in apparent retaliation for the deployment in South Korea of the THAAD anti-missile system. China sees the system''s powerful radar as a threat to its security. "The period around 315 is certainly when everyone''s bow strings get a bit more tense," said Wei Wei, Shanghai-based marketing manager at communications firm MSLGroup China. She said the firm would monitor the show for clients, create reports to lay out the impact if a sector was targeted, or prepare an emergency response if a client was snagged. "If our client is really named on 315 then we have to take immediate action, you can''t wait," she said. "The golden period for crisis response is the first three days, and you have to come up with a very clear response." The programme has lost some of its bite in recent years, with some viewers jumping to defend targeted companies and younger audiences simply switching channels. Chatter online about the event has dipped sharply since 2014, according to a Reuters analysis of posts on China''s Sina Weibo. Last year''s show criticised local food delivery apps, fake online sales and dodgy false teeth, but didn''t take aim at any major international firms. Chinese shoppers Reuters spoke to said they weren''t likely to stay up to watch the show, but would check the next day who was targeted. Some sectors were more sensitive than others. "What I pay attention to is food safety. After all, what you eat has a direct affect on your health," said Maple Zhu, a 27-year-old media professional in Shanghai. "But the impact on consumers is usually short-lived, after a little while most people just forget." (Reporting by Adam Jourdan and Jackie Cai; Editing by Ian Geoghegan) Next In Company News Munich prosecutors investigate emissions cheating in Audi cars FRANKFURT, March 15 Munich prosecutors said they have launched an investigation of unknown persons in connection with the sale of around 80,000 Audi diesel vehicles in the United States on suspicion that they were fitted with devices to cheat on emissions tests.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/china-consumerday-idUSL3N1GS2NZ'|'2017-03-15T16:44:00.000+02:00'
'db6aba52d382736384f9f81fda27fb8e3ca2f9a1'|'Weed killer?: America’s pot industry shrugs off Donald Trump’s harder line on legal drugs'|'THESE are high times for America’s marijuana-industrial complex. More than half the country’s states have legalised medical cannabis, often rather loosely defined. Eight have voted to legalise the drug for recreational purposes. The industry was worth about $6bn last year, a figure that is likely to rise sharply in 2018 when recreational sales begin in California.Yet in Washington, DC, the mellow mood has been harshed. Donald Trump may have said in 1990 that “You have to legalise drugs to win that war.” But after entering politics he became more conservative. While campaigning for the presidency he called Colorado’s legal cannabis market a “real problem”. Last month his press secretary, Sean Spicer, said he expected to see “greater enforcement” of the laws that still ban cannabis at the federal level. 9 hours ago The That worries pot peddlers. The fact that they are in breach of federal law means that in theory their profits are criminal proceeds, subject to forfeiture. In 2013 the deputy attorney-general of the day, James Cole, published a memo reassuring states that had legalised cannabis that federal agents would not interfere unless the states allowed the industry to cross certain red lines, such as selling to minors, funding crime or leaking their product into jurisdictions that had not chosen to legalise.Mr Trump’s attorney-general, Jeff Sessions, has made clear that he sees things differently. During his confirmation hearings before the Senate in January he refused to endorse the Cole memo, saying: “I won’t commit to never enforcing federal law.” A letter from the Department of Justice is all it would take to shut down any cannabis firm.This has given some investors an attack of paranoia. An index of 50 cannabis stocks kept by Viridian Capital Advisors, a pot-industry consultancy, slid by about a tenth in the week after Mr Spicer issued his warning on February 23rd. The worst-hit were those companies dealing directly with the drug, which are on shakier legal ground than those providing ancillary products and services, such as chemical-extraction machinery or security.But most investors have kept calm. Viridian’s index is still up by 18% this year. Medical marijuana, which accounts for the bulk of the industry, is expressly protected by a federal law that bans federal agents from interfering in states where it is legal. Mr Trump backs medical cannabis “100%”, as do most Americans. And although only a smallish majority of people favour legalising recreational weed, a large one (including most Republicans) support the right of states to set their own policy on the matter, says a poll by Quinnipiac University.For now the main impact of Mr Trump’s harder line may be to make entrepreneurs stick extra-carefully to state regulations, rather than “pushing the boundaries” of the law, says Sam Kamin, a professor of marijuana law and policy at the University of Denver. Some have bypassed rules outlawing interstate commerce, for instance, by trading as intellectual-property companies. That sort of thing looks riskier now. But cannabis backers are hardly strangers to risk, Mr Kamin notes. “If you’ve invested your personal fortune in a product that’s prohibited by the federal government, you’re comfortable with a certain amount of uncertainty.”'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business-and-finance/21718826-business-well-used-risk-sees-greater-opportunities-ahead-americas-pot-industry?fsrc=rss'|'2017-03-14T07:00:00.000+02:00'
'f3040917ef670dd01f72bd2d9ed78120c3c3f228'|'Britain would be foolish to leave EU without deal says law specialist'|'Money News - Wed Mar 15, 2017 - 6:01pm IST Britain would be foolish to leave EU without deal says law specialist FULL COVERAGE: INDIA ELECTIONS 2017 Part of a pro-Brexit protester''s placard is held up outside the Supreme Court on the third day of the challenge against a court ruling that Theresa May''s government requires parliamentary approval to start the process of leaving the European Union, in Parliament Square,... REUTERS/Peter Nicholls/File Photo By Kirsten Donovan LONDON - Britain would be foolish to walk away from the European Union without an agreed deal, an EU law specialist said on Wednesday, despite Brexit minister David Davis saying earlier that such a scenario would not be as frightening as some people think. Speaking in the Reuters Global Markets Forum, Michael Dougan, Professor of European Law at Liverpool University, said it was in the UK''s and EU''s mutual interest to sort out questions about commitments and liabilities, the position of current migrants, and international agreements where UK interests are dependent on the EU. Here are excerpts from the conversation: Question: What happens if there is no deal? Answer: If we walk away with no deal, we would be inflicting a massive dislocation upon our international relations across a wide range of sectors and interests, now and into the future... The government claims that it wants to be a global power and champion of free trade. If we cannot even negotiate with our closest partners and allies in good faith to resolve key issues what message does it send to the rest of the world about the UK as a serious/credible/reliable partner? Q: Is it realistic for the British province of Northern Ireland and EU-member the Irish Republic not to have border checks if the UK leaves the single market? A: The EU applies a single customs approach to the entire customs frontier. There can be special deals on cooperation between the EU and a third country to maximise cooperation and minimise disruption but, as things stand, it seems inevitable that there will be some form of customs control between Ireland and the UK, including Northern Ireland. Ireland - and the UK - will seek as good a deal as possible. But it will be a customs border and customs borders have checks. Q: Are there any estimates of how much damage could be done to Ulster''s economy if there is no agreement? A: (The views) are pretty unanimous. The Northern Irish economy is especially vulnerable. Not just because of the border, or even general trade disruption from leaving the single market, also because of, for example, reliance upon EU funding for agriculture; reliance upon public sector employment etc. Q: Playing devil''s advocate - maybe (walking away without a deal) sends a message about the EU rather than about the UK? A: That depends on who does the walking and why. At the moment, the (UK) government is making unrealistic demands within unfeasible timescales. If we continue on that path, the blame for failure should lie squarely with the UK government. Q: Everything you''ve said makes me think there''s rather a disconnect between politics and the law... A: Much of the UK political debate is detached from understanding the constitutional, legal and regulatory issues which face both the UK and the EU - issues which impose serious constraints upon what is feasible and indeed what is even possible. (This interview was conducted in the Reuters Global Markets Forum, a chat room hosted on the Eikon platform. For more information on the forum or to join the conversation, follow this link: here ) (Editing by Ken Ferris)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/forum-britain-eu-dougan-idINKBN16M1P6'|'2017-03-15T19:31:00.000+02:00'
'fa1a8e839fc7a90201ed9519c18f7bbcb4044bae'|'US STOCKS-Wall St up as Fed raises rates, flags no changes to path'|'Company News - Wed Mar 15, 2017 - 3:46pm EDT US STOCKS-Wall St up as Fed raises rates, flags no changes to path * Fed raises rates as job gains, inflation stoke confidence * Twitter falls after prominent accounts hacked * Dow up 0.6 pct, S&P 500 up 0.95 pct, Nasdaq up 0.87 pct (Updates with reaction to Fed''s Yellen) By Rodrigo Campos NEW YORK, March 15 U.S. stocks were near session highs in afternoon trading on Wednesday after the Federal Reserve raised interest rates for the second time in three months, as expected. The Fed, which raised its target rate by 25 basis points to 0.75 to 1.00 percent, did not however flag any plan to accelerate the pace of monetary tightening, a concern that had lingered among some market participants. Markets were expecting the Fed''s decision and traders had priced in more than a 90 percent chance of a quarter-point rate increase, according to federal funds futures. "The concern heading into this meeting was that the Fed would show more urgency in increasing interest rates beyond three rate hikes. The statement and the forecast ... imply that they''re staying the course," said Frances Donald, senior economist at Manulife Asset Management in Toronto. "The additional risk of moving more hawkishly doesn''t seem to be present here." The Dow Jones Industrial Average rose 124.5 points, or 0.6 percent, to 20,961.87, the S&P 500 gained 22.5 points, or 0.95 percent, to 2,387.95 and the Nasdaq Composite added 50.81 points, or 0.87 percent, to 5,907.63. Financials on the S&P 500 were the worst-performing sector while real estate, up 2.2 percent, was on track to post its largest daily gain since branching out as the 11th S&P sector last September. U.S. retail sales recorded their smallest gain in six months in February, setting U.S. gross domestic product on track to grow at a 0.8 percent annualized pace in the first quarter, according to the Atlanta Fed''s latest forecast. Energy stocks boosted the S&P 500 as oil prices rose for the first time in more than a week on a surprise drawdown in U.S. crude inventories. U.S. crude gained 2.4 percent to $48.84 per barrel and Brent added 1.8 percent to $51.85. Exxon shares rose 1.2 percent and Chevron added 1.4 percent. Apple was up 1.2 percent at $140.70 after RBC raised its price target on the stock. Twitter was down 1.7 percent at $15.07 after a number of prominent accounts on the microblogging website were hacked. Advancing issues outnumbered declining ones on the NYSE by a 7.91-to-1 ratio; on Nasdaq, a 2.68-to-1 ratio favored advancers. The S&P 500 posted 74 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 121 new highs and 41 new lows. (Additional reporting by Sam Forgione and Sinead Carew; Editing by James Dalgleish and Nick Zieminski) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL2N1GS1X1'|'2017-03-16T02:46:00.000+02:00'
'a9b449c9eb66bae50dabae6760974624fab4d4d1'|'Mobileye on the road: Mobileye and Intel join forces'|'CARMAKING in Israel has amounted to little more than some unstylish models put together in the latter half of the last century and a few rugged off-roaders still assembled for the country’s security forces. A reluctance to make them, however, has not stopped Israel from becoming a thriving centre for the high-tech kit with which cars now bristle, and also for mobility services such as ride-hailing.The latest evidence of Israel’s pre-eminence in the field came on March 13th, when Intel, a giant American chipmaker, paid $15.3bn for Mobileye, a Jerusalem-based firm that is at the forefront of autonomous-car technology. With the acquisition, Intel joins the ranks of technology companies that are trying to outmanoeuvre carmakers and auto-parts suppliers to develop the brains of vehicles of the future.  9   Mobileye is an attractive target because of what it does now and what it will soon be capable of. Its EyeQ software is already used by most of the world’s carmakers to help their vehicles stay in their lanes and brake in emergencies, precisely what will also be required in autonomous vehicles. This system, which is currently fitted in over 15m vehicles but is set to be used by many millions more, can also collect information from installed cameras to continuously update the incredibly detailed maps that self-driving cars will require.Israeli politicians are cock-a-hoop that the country’s prowess in technology had made headlines around the world. Yigal Erlich, a former chief scientist of the Israeli government, called it “a great achievement that a company like Intel is building its future on Israeli technology”. There was further delight that Intel will relocate its existing car-technology business, which is sizeable, to the country.Mobileye is not the first Israeli car-technology firm to attract a foreign buyer. Waze, a driving-navigation app, was snapped up by Google in 2013 for $1.1bn. Last year Volkswagen paid $300m for a share of Gett, a ride-hailing startup. But this is by far the biggest deal.Though not a vast sum by technology-industry standards, some analysts reckon that Intel has overpaid. The firm is under pressure. Its main business, of providing chips for PCs, is past its peak. Its record with deals to make up for that is unenviable. Intel has proved willing to write enormous cheques to chase growth. Last year it sold McAfee, a cyber-security business, for some $4.2bn, around half what it had paid for it six years earlier.Having largely missed out on the transition to mobile devices, Intel may fear doing the same in autonomous cars. Competitors are beefing up. Last year Qualcomm, another big chipmaker, announced a deal worth $47bn for NXP Semiconductors, a firm that makes chips for cars. Nvidia, better known for chips used by the gaming industry, is developing them for cars, too.Setting price aside, marrying Mobileye’s camera and mapping expertise with Intel’s chip and computing skills makes sense as the battle to establish predominance in the field of autonomous vehicles heats up. The priority for tech companies such as Intel and Google is to get their hands on the prodigious amounts of data that cars generate. Data are a vital commodity for perfecting the algorithms that underpin autonomy. Established car firms already have access to data from billions of miles of driving. Google’s self-driving vehicles throw off data of their own. For Intel, too, Mobileye’s value will be as a source of data as well as revenue and profit.Tech firms have also tried striking alliances with carmakers to secure more data. Last year, in fact, both Intel and Mobileye teamed up with BMW to develop self-driving cars. Carmakers have at last caught on to the value of data and know that they should guard it jealously. The problem they face is that they are also under pressure to share their data in return for the new technology they badly need. Intel and Mobileye have recognised that becoming large and powerful gives technology firms more leverage in this relationship. As the battle for data heats up it would be no surprise if both tech and automotive companies were to come shopping for more of Israel’s car-tech wizardry.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21718941-israeli-firm-and-tech-giant-team-up-shape-future-cars-mobileye-and-intel-join?fsrc=rss'|'2017-03-16T22:54:00.000+02:00'
'b9693b8bd25d00d14d4d0fd97a208bbedc1300d3'|'nears deal to buy'|' at $1 that completing a deal with the U.S. oil major.If the deal is finalised, it will be Sinopec''s first refinery asset in Africa, forming a part of the Chinese major''s global fuel distribution network.Sinopec declined to comment.Chevron first announced plans in January 2016 to sell the stake in the business unit, which includes a 110,000-barrels-per-day refinery in Cape Town, South Africa. ongoing." A second bidding round closed on Sept. 30, additional sources said. Pullin)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-chevron-m-a-sinopec-idINKBN16O0NU'|'2017-03-17T04:10:00.000+02:00'
'30f8811c2a61fd6e392631edbe948be74c9ee921'|'McDonald''s shareholders to weigh giving franchisees board seat'|'Business News  45pm EDT McDonald''s shareholders to weigh giving franchisees board seat The sign outside a McDonalds restaurant is seen in Westminster, Colorado, U.S. January 23, 2017. REUTERS/Rick Wilking By Lisa Baertlein - LOS ANGELES LOS ANGELES McDonald''s Corp ( MCD.N ) investors will vote soon on whether to give the franchisees who operate most of the fast-food chain''s restaurants the opportunity to elect a board member, the proponent of a shareholder proposal said on Friday. The proposal, which faces long odds of success, is believed to be the first of its kind and has attracted great interest in the franchise community, which includes not only restaurants but also hotels and convenience stores among other businesses. Roughly 85 percent of the company''s restaurants are operated by franchisees, who pay rent and royalties to McDonald''s. McDonald''s long-term goal is to raise that to 95 percent. "We think franchisees should be in the room when the company''s most important decisions about operating and strategy are being made," said Maureen O''Brien, director of corporate governance at Segal Marco Advisors, which provides advice to pension plans and oversees a trust owning more than 5,000 McDonald''s shares. O''Brien said the proposal was being made on behalf of investors, not franchisees. McDonald''s, which petitioned regulators to omit the proposal from the ballot at its upcoming shareholder meeting, did not immediately comment. But the company, which has been in turnaround mode for two years, recently said that franchisee cash flow growth is at or near all-time highs in many markets around the world. Franchisees recently have tangled with McDonald''s over everything from restaurant renovations to the popular but margin-squeezing Dollar Menu. O''Brien said the U.S. Securities and Exchange Commission rejected McDonald''s request, meaning the proposal will appear on the McDonald''s proxy due in the coming weeks. Under the proposal, McDonald''s would create a new class of stock that does not have monetary value but would allow franchisees to elect one director, O''Brien said. The proposal is a long shot, but it could mark a big change in the board dynamic at McDonald''s and other heavily franchised U.S. restaurant chains if adopted, restaurant analysts and consultants said. "If you put a franchisee on the board, it could potentially have a major impact on the direction of the company. It''s a really significant role," said Bob Goldin, partner and co-founder of food industry strategy firm Pentallect Inc. "If this happens, it won''t just be McDonald''s," Goldin added, noting that McDonald''s is a bellwether for business. McDonald''s has not yet set a date for its annual shareholder meeting. The event was held on May 26 last year. (Additional reporting by Ross Kerber in Boston; Editing by Tom Brown) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-mcdonalds-board-franchisees-idUSKBN16O2UR'|'2017-03-18T05:38:00.000+02:00'
'46d9d5c5290751984c958073c413cb6629433b29'|'EU mergers and takeovers (March 14)'|'BRUSSELS, March 14 The following are mergers under review by the European Commission and a brief guide to the EU merger process:APPROVALS AND WITHDRAWALS-- Private equity firm Bain Capital to acquire Italian tyre maker Fintyre (approved March 13)NEW LISTINGSNoneEXTENSIONS AND OTHER CHANGESNoneFIRST-STAGE REVIEWS BY DEADLINEMARCH 16-- Australian investment bank Macquarie Group and the UK''s National Grid to acquire joint control of National Grid''s gas distribution business (notified Feb. 9/deadline March 16)MARCH 17-- U.S. wireless carrier AT&T to acquire U.S. broadcaster and TV studio Time Warner (notified Feb. 10/deadline March 17/simplified)MARCH 20-- General Electric Co to acquire rotor blade maker LM Wind Power Holding'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eu-mergers-idINL5N1GR3EZ'|'2017-03-14T08:33:00.000+02:00'
'2bf15e34cd1de1843f03e705c2c3e23fe1388b32'|'UK Stocks-Factors to watch on March 14'|'Company News  32am EDT UK Stocks-Factors to watch on March 14 March 14 Britain''s FTSE 100 index is seen opening up 4.7 points on Tuesday, according to financial bookmakers. * BHP BILLITON: BHP Billiton on Monday invited striking workers at its Escondida copper mine in Chile, the world''s largest, to return to the negotiating table, after they rejected a similar approach on Saturday. * AMEC FOSTER WHEELER-JOHN WOOD: Oil services company Wood Group has agreed to buy rival Amec Foster Wheeler for 2.2 billion pounds ($2.7 billion), seeking rewards from the fast-growing U.S. shale energy sector. * MISYS : U.S. investment firm Vista Equity Partners said on Monday it would buy Canada''s DH Corp in a deal valued at C$4.8 billion ($3.6 billion), highlighting the growing interest in companies specializing in financial technology. Vista will combine DH with one of its portfolio companies, UK-based financial software firm Misys ( IPO-MISY.L ), which scrapped a planned London listing last year. * IPO: Iran''s top cargo shipping company has held meetings in London to discuss a possible listing on the London Stock Exchange, but has so far been thwarted by U.S. sanctions that still scare banks off Iranian business, four Iranian and two Western sources said. * BANK OF ENGLAND: Bank of England''s incoming deputy governor Charlotte Hoggs''s future is in the balance with the treasury committee set to release a report about her suitability for the post, the Financial Times reported. on.ft.com/2mT64xA * OIL: Crude oil prices hovered near three-month lows on Tuesday in Asian trading, with investors waiting for key reports and data that may shed light on a supply overhang in the global market. * BREXIT: Prime Minister Theresa May has won the right to launch divorce proceedings with the European Union and begin two years of talks that will shape the future of Britain and Europe. * The UK blue chip FTSE 100 index ended up 0.3 percent at 7,367.08 points on Monday, as mining stocks rallied, with deal-making helping the mid cap index to a record high. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Kalibrate Technologies KLBT.L Half Year 2017 Crossrider PLC CROSC.L Full Year 2016 Close Brothers Group CBRO.L Half Year 2017 SIG PLC SHI.L Full Year 2016 French Connection Group FCCN.L Full Year 2016 Gresham Technologies GHT.L Full Year 2016 TP ICAP PLC TCAPI.L Full Year 2016 Antofagasta PLC ANTO.L Full Year 2016 Prudential PLC PRU.L Full Year 2016 TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Siju Varghese; Editing by Sunil Nair) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1GR2DO'|'2017-03-14T13:32:00.000+02:00'
'737d290eeec2c57e4cc6c2592f3842366b353b29'|'EnQuest reports small rise in annual profit despite weak oil price'|' 20am GMT EnQuest reports small rise in annual profit despite weak oil price LONDON North Sea-focused oil producer EnQuest ( ENQ.L ) reported a small rise in annual core earnings on Tuesday, despite weak oil prices, as it brought down costs and raised production. The British company said full-year earnings before interest, tax, depreciation and amortisation (EBITDA) rose to $477 million, up from $474 million in 2015 and ahead of the $469 million estimated by analysts polled by Reuters. The oil producer said its huge Kraken field remained on track to deliver first oil in the second quarter, an event that is expected to boost its production to 45,000-51,000 barrels per day (bpd) this year. EnQuest said it had reduced its unit operating cost to $24.6 a barrel, down from $29.7/bbl in 2015. (Reporting by Karolin Schaps, editing by Louise Heavens)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-enquest-results-idUKKBN16S0LU'|'2017-03-21T14:20:00.000+02:00'
'51de8951c8d57306b0c6b59b5fdd2d5865cf27d0'|'Indonesia tax amnesty nets $330 bln - now for reform'|'By Gayatri Suroyo and Hidayat Setiaji - JAKARTA JAKARTA Southeast Asia''s biggest economy this month is winding up one of world''s most successful tax amnesties, with at least 745,000 taxpayers declaring more than $330 billion of assets so far. President Joko Widodo has cited higher tax revenue as the key to boosting infrastructure spending and growth. But if the amnesty is to avoid being just a one-off windfall, Indonesia needs to improve a tax collection ratio well below many of its peers, international agencies and local officials have said.To that end, Indonesia''s finance minister Sri Mulyani Indrawati has set up a special tax reform team to boost collection. It faces an immense task in a country where tens of millions of people - both the wealthy and the poor - remain outside the tax system.Parliament is considering draft legislation that would overhaul an institution the public views as one of Indonesia''s most corrupt, according to global corruption watchdog Transparency International."People don''t pay taxes because they believe they won''t get caught," said Darussalam (like many Indonesians, he goes by one name), a partner at consultancy Danny Darussalam Tax Centre.The amnesty has provided the government with more revenue than similar plans in countries such as India, Chile, Italy or South Africa, Indrawati said.The amnesty has been criticised for benefiting mostly the rich. The World Bank blames poor tax compliance amongst high income earners in Indonesia for hampering poverty reduction and maintaining inequality. The richest one percent of Indonesia''s 250 million people control nearly half the wealth, charity organization Oxfam said. ( bit.ly/2kRgrlK )TAX REFORM TEAMThe tax bureau as of 2016 employed about 38,000 people to collect taxes from a workforce of 118.41 million. Less than a third of the workforce is registered at the tax office and even fewer file annual tax reports.A visit to the tax office in Jakarta provides a window into the challenges the government faces.Tax inspector Jeffry Martino sometimes works a 12-hour day just to keep tabs on a small portion of the hundreds of companies under his watch.He has 661 taxpayers under his watch, but focuses on the biggest 100 companies that contribute the most to his target of collecting 495 billion rupiah ($37.02 million) this year."We are the spearhead of state revenue collection," said Martino, at his temporary office with a misfiring air conditioner.His job would be easier if tax auditors had far fewer clients and more access to third-party data, such as banking information, he said.He might get that wish under proposed legislation to reform the tax system.The draft in Indonesia''s parliament calls for giving tax collectors wider access to bank data in line with Indonesia''s pledge to join a global effort to share tax-related financial data."HUNTING IN THE ZOO"Andreas Eddy Susetyo, a member of the commission overseeing the bill, said it may take up to a year to finish discussions and even then progress may be interrupted because politicians would be distracted by campaigning ahead of 2019 elections.Widodo has vowed to bypass parliament if necessary by issuing an emergency regulation before mid-year giving the tax office access to bank data.In the meantime, Finance Minister Indrawati''s tax reform team aims to increase the tax ratio to 15 percent of GDP in 2020 from about 11 percent now. That compares with a global average of 14.8 percent in 2014, according to the World Bank.The team, consisting of finance ministry officials and advisers from the World Bank and other agencies, intends to act as a brainstorming think-tank to push through reforms of everything from the tax office''s business model to tariffs.Hestu Yoga Saksama, a tax office spokesman, said the team would redeploy thousands of tax officers to auditing once the amnesty period ends this month."We are preparing to take legal action against people we found non-compliant but have not taken part in the amnesty," said Saksama, describing it as a potential quick win.But the World Bank still estimates Indonesia will miss its 2017 total revenue target by 70 trillion rupiah ($5.23 billion), while the tax ratio will likely stay below 11 percent of GDP.Rosan Roslani, chairman of Indonesia''s chamber of commerce and industry, said that the tax office should not just monitor those already in the system, but go after tax evaders."When our tax base is low, there will be some ''hunting in the zoo'' because you only have so many people in the system," said Roeslani, who is also advising the reform team. He advocates creating an Indonesian social security number system, similar to that of the United States, to help boost the number of taxpayers.($1 = 13,385.0000 rupiah)(Editing by Ed Davies and Bill Tarrant)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/indonesia-economy-tax-idINKBN16S0GX'|'2017-03-21T03:16:00.000+02:00'
'f30e34e05710b182303b73eb57460b09dbbdc788'|'DONG Energy wins order to sell onshore wind power in the UK'|'Business News - Tue Mar 21, 2017 - 12:02pm GMT DONG Energy wins order to sell onshore wind power in the UK A general view shows the DONG Energy turbines in Hvidovre near Copenhagen, Denmark February 1, 2017. Scanpix Denmark/Ida Guldbaek Arentsen/via REUTERS COPENHAGEN Danish utility and wind farm developer DONG Energy ( DENERG.CO ) has signed an agreement with Britain''s Banks Renewables, in what would be its first move into distributing onshore wind in the UK, the company said on Tuesday. The 15-year order includes buying power from three onshore wind farms under development by Banks Renewables, a unit within UK land developer Banks Group, and reselling it on the UK''s power market. "This is the first time DONG will manage the production of onshore wind farms and the biggest PPA (Power Purchase Agreement), we''ve entered... We consider the order an important milestone," a DONG Energy spokesman told Reuters. DONG Energy declined to provide financial details about the order, which will enter into force when the wind farms in northeast England and Scotland have come online, due to be by early 2019. DONG Energy''s Distribution and Customer Solutions accounted for around 37 percent of the company''s 2016 core profit (EBITDA). (Reporting by Nikolaj Skydsgaard; Editing by Victoria Bryan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-dong-energy-power-idUKKBN16S1CF'|'2017-03-21T19:02:00.000+02:00'
'71c50332ad2e93e6e94d573d2c59afd8ca59f7da'|'Indians leave bankers in the cold in $23 billion telecoms mega-deal'|'Money   9:11pm IST Indians leave bankers in the cold in $23 billion telecoms mega-deal A hotel employee clears a table after Vodafone Group and Idea Cellular news conference in Mumbai, India March 20, 2017. REUTERS/Danish Siddiqui By Sumeet Chatterjee and Devidutta Tripathy - HONG KONG/MUMBAI HONG KONG/MUMBAI Investment banking business in India should be enjoying bumper fees after a record year of dealmaking. It''s not, and big banks blame in-house teams of advisers that have proliferated as the country''s top family-owned conglomerates tighten their grip. This week''s $23 billion tie-up between Idea Cellular, controlled by the Aditya Birla Group, and the Indian business of Vodafone Group, is the latest example of a trend that is squeezing major international investment banks. Many are struggling in a market that has long been difficult, thanks to messy deals, paltry fees and local challengers. Bankers had been circling both sides of the telecoms mega-merger since it was first mooted late last year, when competition in the sector accelerated dramatically. In India, deals worth more than $1 billion are rare. In the event, Vodafone hired six advisers: Morgan Stanley, Robey Warshaw, Bank of America Merrill Lynch, Kotak Investment Banking, Rothschild and UBS. Idea hired none. Instead of tapping bankers, the Aditya Birla Group relied on their in-house team, which includes Saurabh Agrawal, a former South Asia head of corporate finance at Standard Chartered, whom it hired last year as head of corporate strategy, and former Morgan Stanley banker Ashish Adukia, who joined nearly three years ago. Earlier this year, it also hired Ankur Dalwani, a former managing director at Jefferies in India, according to a source familiar with the move. "Investment banking is monthly tracking of revenue that you''ve made, investment banking in corporate is monthly tracking of ideas that you have generated. That''s the difference," Adukia said in an emailed comment. The trend, say bankers, is about bringing back control for Indian tycoons behind some of its biggest companies. One source with direct knowledge of this deal said Birla took a direct role in the deal, assisted by Agrawal. "In some cases, the company in the middle of a transaction won''t even copy the bank advising on the deal when sending mails finalizing the details. It''s all about keeping control of each and every decision," said one banker who has worked with big Indian conglomerates, including Birla. "Increasingly you will see the large companies roping in external advisers only in those cases where they can''t bridge the gap. It will mainly involve the markets where they have no presence or no knowledge." DOING IT YOURSELF Birla and Idea did not immediately respond to requests for comment on the decision to leave out advisers, although one separate source familiar with the deal said the company felt its team to be "adequately equipped". Elsewhere in India''s corporate landscape, high-profile banker appointments have proliferated. Bank of America dealmaker Ankur Verma joined Tata Group''s holding company last month. Former RBS and CIMB banker Viral Gathani last year joined Vedanta Resources as head of corporate finance strategy. A Tata spokesman said Verma will have diverse responsibilities. Gathani did not respond to a request for comment. Large western companies also assemble in-house M&A experts, but they mostly continue to use external advisers while executing large takeovers, and in-house teams in the United States and Europe tend to be modest in size. Asia, led by China and increasingly India, is challenging that order. The pain of losing top talent and fees is acutely felt in markets like India, already one of the industry''s toughest regions, where many have pulled back or out altogether. Compliance demands are rising and competition for talent is increasing, but fees are going in the opposite direction. Indian companies struck a record $72 billion in M&A deals last year, doubling from the previous year. However, total fees for investment banking, including M&A, debt and equity, declined to $463 million last year from $491 million a year ago, and was sharply lower than $682 million in 2014. Bankers said many Indian companies no longer wanted deal-specific advisory services, but were looking for advice across due diligence, M&A, debt and equity raising, and did not want to deal with multiple banks for corporate finance services. "The corporates think they can have a much better control over a transaction if they keep it close to themselves, and can avoid any conflict situation that some of the foreign banks may have," said one M&A banker with a U.S. bank. India Inc''s bet is not without risks, especially for more complex international deals, or where companies require considerable fundraising. But for many, that''s not yet. "Most of the top Indian corporates are very cash rich and they don''t need balance sheet support, so they would say why waste a few million dollars on purely advisory services?" said one of the bankers with a foreign bank in Mumbai. "They can get two, three bankers at a fraction of that cost," he said, referring to their annual salary. (Reporting by Sumeet Chatterjee in HONG KONG and Devidutta Tripathy in MUMBAI; Writing by Anshuman Daga; Editing by Clara Ferreira Marques and Mike Collett-White) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/vodafone-m-a-banks-idINKBN16S1YT'|'2017-03-21T22:40:00.000+02:00'
'02186f47c5b0c3378f74d03cff11df817a9d73b4'|'Fed''s Dudley, citing Wells, calls for better bank incentives'|'Tue Mar 21, 2017 - 8:28am GMT Fed''s Dudley, citing Wells, calls for better bank incentives New York Fed President William Dudley takes part in a panel convened to speak about the health of the U.S. economy in New York, U.S. on November 18, 2015. REUTERS/Lucas Jackson/File Photo LONDON A top Federal Reserve regulator on Tuesday cited Wells Fargo & Co''s accounts scandal as evidence that incentives to drive performance remain a problem on Wall Street, saying that banks have "a long way to go" in reforming internal culture. William Dudley, president of the New York Fed branch that acts as the U.S. central bank''s eyes and ears on Wall Street, has complained about rotten bank culture for years. In a speech to bankers and regulators in London, he said the Wells ( WFC.N ) case showed that "compensation, once again, seems to be at the center of a scandal." It was revealed last year that thousands of employees at the U.S.-based bank had opened perhaps millions of unauthorized customer accounts, a scandal that rocked the bank and led its chief executive, John Stumpf, to resign. Dudley - who did not discuss monetary policy or the state of the economy - said the Wells case appeared to involve "widespread fraud." He added: "Incentives shape behavior, and behavior drives culture." (Reporting by David Milliken; Writing by Jonathan Spicer; Editing by Leslie Adler) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-fed-dudley-culture-idUKKBN16S0RW'|'2017-03-21T15:24:00.000+02:00'
'f6b7634c6ee107f83870b6931de28013d67b0f9e'|'Off the pulse: India farmers switch crops as lentil prices plunge'|'  8:23am GMT Off the pulse: India farmers switch crops as lentil prices plunge left right FILE PHOTO: A labourer marks the sacks filled with pulses before loading them into a truck as others wait in a queue to load at a wholesale market in Kolkata, India May 16, 2016. REUTERS/Rupak De Chowdhuri/File photo 1/2 left right FILE PHOTO: A labourer carries a sack filled with pulses at a wholesale pulses market in Kolkata, India, July 31, 2015. REUTERS/Rupak De Chowdhuri/File photo 2/2 By Rajendra Jadhav and Mayank Bhardwaj - LATUR, India/NEW DELHI LATUR, India/NEW DELHI Millions of Indian farmers look set to switch from growing pulses and oilseeds after a government campaign to boost output became a victim of its own success by flooding markets with the crops, used in everything from fragrant curries to sticky desserts. Storehouses are overflowing with commodities such as lentils and soybeans after waves of farmers answered Prime Minister Narendra Modi''s call last summer to ramp up local production to cut a hefty import bill, driving prices sharply lower. A shift to planting crops such as sugarcane and wheat Wv1 could drag on global prices in those markets as supply swells, while raising the spectre of a swing to a shortage further down the line of the oilseeds and protein-rich pulses that are a staple of Indian cuisine. "If farmers keep getting lower prices then they will shift to other crops and the entire cycle of shortages, price rises and higher imports will get repeated," said Pravin Dongre, chairman of industry body the India Pulses and Grains Association. Local prices for oilseeds NSBc1 have plunged around 40 percent in the last six months, while pulses have dropped by nearly a third. That came after farmers lifted pulse production to what is expected to be a record of around 22 million tonnes in the 2016/17 crop year that ends in June, up 35 percent from a year earlier. Oilseed output is seen soaring 33 percent to nearly 34 million tonnes. Farmers and industry officials said a government plan to buy 2 million tonnes of pulses at guaranteed prices was not enough to support the market, adding that the volume was too small and that oilseeds should be included as well. The government declined to make official comment on the issue, although some staff told Reuters that New Delhi could not do more due to factors such as cost, limited warehousing and a lack of transportation. They asked not to be identified as they were not authorised to speak with media. And the programme doesn''t appear to have helped Bapurao Suryawanshi, who owns 36 acres of land in the western state of Maharashtra. "I was waiting in a queue outside a government procurement centre for six days to sell my pigeon peas," said Suryawanshi, who stopped growing sugarcane to churn out the peas. "As luck would have it, just before my turn came, they suspended the procurement operation citing the shortage of gunny bags." Jute packaging is compulsory for most commodities in India as the government looks to protect jobs in jute factories. Left with no choice, Suryawanshi, 61, sold his 3 tonnes of peas to private traders at 46,000 rupees ($704) a tonne against last year''s price of 110,000 rupees. The state-guaranteed price was 50,500 rupees. He has decided to switch back to growing sugarcane, a crop that environmentalists say stokes water shortages in Maharashtra. SOWING THE SEEDS OF SHORTAGE? Boosting local production of crops such as sugarcane and wheat will likely stifle demand for imports from one of the world''s top buyers of those commodities. It purchases most of its wheat from Australia, while also importing sugar from that country as well as from Thailand and Brazil. Lower Indian imports could drag on global wheat and sugar markets that are facing swelling global inventories. Benchmark wheat prices Wc1 have slipped roughly 3.6 percent this month, while sugar futures SBcv1 have dropped nearly 5 percent to nine-month lows. And further down the road, the looming plunge to a shortage of pulses and oilseeds will likely deal a major blow to the government''s push to become self-sufficient in these crops by the end of the decade. Future price rises of such popular foodstuffs in a nation of over 1.3 billion people would also like stoke inflation, that rose to around 2 percent last month. The country in the 2015/16 fiscal year spent nearly $10 billion importing vegetable oils from places such as Malaysia, Indonesia, Brazil and Argentina and $2-$5 billion buying pulses from Austria, Canada and Myanmar. But many farmers remain convinced they should switch to other crops. "I have made a mistake by cultivating pulses and oilseeds," said Satish Patil, a farmer who had produced pigeon peas on his 25 acres land. "I am now going to rectify the mistake in the coming season by replacing the area with sugarcane." (Reporting by Rajendra Jadhav and Mayank Bhardwaj; Editing by Joseph Radford)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-india-farm-idUKKBN16S0RG'|'2017-03-21T15:23:00.000+02:00'
'ca80e920afcaacc3231cffd705b31afd830386e5'|'Italy continues talks with EU on Monte Paschi rescue, no deadline seen'|' 46pm GMT Italy continues talks with EU on Monte Paschi rescue, no deadline seen The main entrance of the Monte dei Paschi bank headquarters is seen in Siena, Italy March 13, 2012. REUTERS/Max Rossi/File photo BRUSSELS Italy''s finance minister said he had had a good discussion with EU competition chief Margrethe Vestager on Tuesday on plans to support ailing bank Monte dei Paschi di Siena ( BMPS.MI ) with public money, but indicated there was no date set to reach a deal. "The meeting with Commissioner Vestager went very well", Pier Carlo Padoan said after the talks in Brussels. "We keep working on how to apply the measure of precautionary recapitalization launched by the government" for Monte Paschi, Padoan told reporters, stressing that no deadline is foreseen to reach a deal with Brussels. The Commission has to assess whether Italy''s public support for Monte Paschi, the country''s fourth largest bank, is in line with EU state aid rules. Padoan said that a similar request of public aid from two non-listed smaller Veneto banks, Banca Popolare di Vicenza and Veneto Banca, being scrutinized by the European Central Bank, which has to assess the viability of the two lenders. (Reporting by Francesco Guarascio; editing by Philip Blenkinsop)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-italy-banks-eu-montepaschi-idUKKBN16S1GQ'|'2017-03-21T19:34:00.000+02:00'
'7b3b134aa5d999a97f5ff240e810dc30b5eb4117'|'Dollar General''s sales jump 13.7 percent'|'  7:07am EDT Dollar General''s sales jump 13.7 percent A sign is seen inside a Dollar General store in Chicago, Illinois, U.S. May 23, 2016. REUTERS/Jim Young U.S. discount retailer Dollar General Corp ( DG.N ) reported a 13.7 percent increase in quarterly sales on Thursday, helped by higher spending at its stores driven by strong demand for home products. Net income rose to $414.2 million or $1.49 per share, in the fourth quarter ended Feb. 3, from $376.2 million or $1.30 per share a year earlier. Net sales rose to $6.01 billion from $5.29 billion. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Sai Sachin Ravikumar)  '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-dollar-general-results-idUSKBN16N1BO'|'2017-03-16T18:07:00.000+02:00'
'810248fd95a47cbac8c1ef5a95365f0df9449ec3'|'Shenzhen-listed shares of China''s ZTE surge 10 percent in resumed trade'|' 40am GMT Shenzhen-listed shares of China''s ZTE surge 10 percent in resumed trade A ZTE smartphone Grand S is displayed   in Taipei October 12, 2013. REUTERS/Pichi Chuang HONG KONG Shenzhen-listed shares of Chinese telecom equipment maker ZTE Corp ( 000063.SZ ) jumped 10 percent on Thursday, resuming trading after a nine-day halt and catching up with gains in its Hong Kong shares that were sparked by the settlement of a U.S. sanctions case. ZTE said earlier this month that it had agreed to pay nearly $900 million in the U.S. sanctions case and on Tuesday said its chairman had resigned "in order to improve the company''s management by differentiating the role of chairman and president". The company''s Shenzhen-listed shares were suspended on March 7, pending the announcement on the U.S. fine. Its Hong Kong-listed shares ( 0763.HK ) continued to trade and have jumped nearly 16 percent over that period. A five-year investigation found ZTE conspired to evade U.S. embargoes by buying U.S. components, incorporating them into ZTE equipment and illegally shipping them to Iran. In addition, it was charged in connection with 283 shipments of telecommunications equipment to North Korea. On Tuesday, it named Yin Yimin as its new chairman. Its Shenzhen-listed shares surged 10 percent, the maximum allowed daily limit, on Thursday to 16.81 yuan, their highest level in three months. The Hong Kong-listed shares were flat, lagging a 1.3 percent gain for the benchmark Hang Seng Index .HSI . ZTE relies on U.S. suppliers for 25 percent to 30 percent of its components, many of which are key to its goods. As part of the U.S. agreement, the Commerce Department will recommend ZTE be removed from a list of entities that U.S. firms cannot supply without a license if it lives up to its deal and a court approves its agreement with the Justice Department. (Reporting By Anne Marie Roantree; Editing by Muralikumar Anantharaman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-zte-stocks-shenzhen-idUKKBN16N0H0'|'2017-03-16T12:40:00.000+02:00'
'df1042dd144b675c645f3d8c6ce3e65e51246e18'|'VW''s MAN sees significant rise in 2017 operating profit'|'Business News - Thu Mar 16, 2017 - 7:36am GMT VW''s MAN sees significant rise in 2017 operating profit Signs of VW and MAN are pictured at a truck service centre in Dortmund July 4, 2011. REUTERS/Ina Fassbender Volkswagen ( VOWG_p.DE ) division MAN ( MANG.DE ) expects operating profit to rise significantly in the fiscal year 2017, as the company continues its diesel-engine unit restructuring, which started in September. The German truck maker said on Thursday its operating profit rose to 204 million euros (178 million pounds) in 2016, up from 92 million in the previous year. ($1 = 0.9317 euros) (Reporting by Bartosz Dabrowski; Editing by Maria Sheahan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-results-man-idUKKBN16N0R4'|'2017-03-16T14:36:00.000+02:00'
'68a5e44309d41ab77b4c431e0eb1d210206736a2'|'UPDATE 4-South Africa''s top court orders end to welfare grants fiasco'|'* One in three South Africans receive welfare benefits* Court issues scathing ruling against welfare minister* ANC calls for heads to roll over scandal* Allan Gray signals Net1 shareholder revolt over debacle (Adds Desmond Tutu comment)By Tanisha HeibergJOHANNESBURG, March 17 South Africa''s Constitutional Court ordered the government on Friday to pay social grants on April 1 via its current service provider, seeking to end a fiasco that had threatened the payment of benefits to 17 million people.The court also sharply censured Social Development Minister Bathabile Dlamini, calling her inaction to resolve the crisis incomprehensible.The saga is the latest example of allies of President Jacob Zuma being called to account for incompetence or poor performance since he took office in 2009. It has prompted scathing criticism of the government, including from Nobel Peace Prize winner Desmond Tutu."The fact that it has come to this underlines the moral bankruptcy of the Zuma regime," Tutu said in an opinion piece published on Business Live.Pauline Masiq, a 74-year old mother of six who walks with a crutch and lives in Johannesburg welcomed the court ruling. She receives 1,600 rand ($125) a month in social grants."I''m very much pleased," she said. "It means a lot to me because I have to pay for burials, pay food, pay rent and buy water and electricity... it helps me a lot."The chaos over the grants stems from the social welfare department failing to take responsibility for social service payments or find a new provider after the Constitutional Court ruled in 2014 that the tender won by Cash Paymaster Services (CPS), a unit of technology company Net1, was illegal.Net1 and CPS on Thursday expressed concern at government comments that they had acted arrogantly."The sole reason for this litigation is ... the minister''s failure to keep its promise to the people of South Africa," Justice Johan Froneman said on behalf of the court.APOLOGYThe court gave Dlamini until March 31 to show why she should not pay the costs of the case from her own pocket.The minister, who this week denied the welfare system was in crisis, said she was sorry for the fiasco."I apologise to the grant beneficiaries," Dlamini was Quote: d as saying by ANN7 News channel.She told the South African government''s news agency: "This judgment will ensure that there''s no interruption in the provision of social grants."The court said it would take oversight over the welfare payments and ordered the grant-paying company to continue distributing the grants under the terms of its current contract for 12 months before a new arrangement could be adopted.Zuma has said he does not intend to sack Dlamini, who heads the Women''s League in the ruling African National Congress party.But his stance jarred with the tone of the ANC, which in a statement called for an investigation and action "against those responsible for this embarrassing and undesirable situation".Tutu called Zuma''s defence of Dlamini "incomprehensible".He said Dlamini had "shown by her inaction that she has no regard for the poor," Tutu said.The grants are a lifeline for the country''s most vulnerable and includes more than 11 million child support grants, many of whom would go hungry without the monthly payment.The welfare scandal threatened to instigate a shareholder revolt with investment firm Allan Gray saying could call a meeting for the removal of the board over the service provider''s handling of the crisis. ($1 = 12.7622 rand) (Additional reporting by Ed Stoddard and TJ Strydom; Writing by James Macharia; Editing by Alison Williams and Richard Lough)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/safrica-welfare-court-idINL5N1GU0ZK'|'2017-03-17T11:02:00.000+02:00'
'1ca13fb16b220978cd2ed4040ea0e61787b0ec2b'|'Exclusive: Brazil''s Cemig to cut Light stake by more than half - source'|'SAO PAULO Cia Energética de Minas Gerais SA ( CMIG4.SA ) plans to sell more than half the 52 percent stake it holds in electricity company Light Energia SA ( LIGT3.SA ), the latest in a series of planned asset sales aimed at helping Brazil''s No. 3 power utility reduce debt, a person with direct knowledge of the plan said on Thursday.The source said Cemig would sell 11 percent of the 26 percent direct participation it holds in Light''s capital in the market within 60 days, leaving it with a 15 percent direct stake. Cemig will keep about a third of the 26 percent indirect stake it has in Light and put the rest up for sale, the person added.Assuming Cemig will keep about 24 percent of Light and based on a price of 25 reais per share, the deal could raise about 3.6 billion reais ($1.2 billion) for Cemig, the source said. Shares of Light were down 2.8 percent at 21.00 reais on Thursday afternoon.Brazil-based Cemig and Rio de Janeiro-based Light did not have an immediate comment. Efforts to reach representatives for Minas governor Fernando Pimentel were not immediately successful.State-controlled Cemig is quickly exiting some business segments and trying to turn around core business such as power generation, renewable energy and transmission. The group''s debt has tripled since 2012, following a spree of takeovers that failed to yield the expected returns and in part because of a government-led power contract renegotiation that same year.The decision comes less than a week after Reuters reported that Cemig is also working on a plan to sell a majority stake in power generation and transmission company Cemig GT and power distribution firm Cemig D, and then list the units in São Paulo and New York this year. Cemig is controlled by Brazil''s Minas Gerais state, which signed off on the plan last week.With the move on Light, Cemig would end a shareholder accord that controls that company and take a step toward making its ownership more dispersed, said the person, who spoke on condition of anonymity because the plans are private. Light''s controlling bloc includes Cemig, conglomerate Andrade Gutiérrez ( CANT4B.SO ) SA and investment vehicles Luce Participações SA and RME Rio Minas Energia.Proceeds from the sale of Light stock will be used to reduce Cemig''s 13.7 billion-real debt burden, the person said.Banks including Grupo BTG Pactual SA ( BBTG11.SA ), JPMorgan Chase & Co ( JPM.N ), Banco Santander Brasil SA ( SANB11.SA ) and Citigroup Inc ( C.N ) are in talks to oversee the transaction, which should be concluded by the end of June, the person said.The investment-banking units of Itaú Unibanco Holding SA and state-controlled Banco do Brasil SA, Brazil''s top two banks by assets, are also participating in the talks, the person noted.The banks did not have an immediate comment.Pimentel''s decision to partially exit Light and surrender control of Cemig GT and Cemig D adds to a flurry of merger and acquisition deals in Brazil''s electricity industry over the past year. The largest was State Grid Corp of China''s $21 billion purchase of CPFL Energia SA ( CPFE3.SA ) last year.Cemig remains active on that front, disposing of assets it considers nonessential or too problematic to run, while finding partners for some debt-laden subsidiaries like renewable power firm Renova Energia SA ( RNEW11.SA ).Reuters reported on March 1 that a unit of Brookfield Asset Management Inc ( BAMa.TO ) was close to buying a 30 percent stake in Renova.(Additional reporting by Luciano Costa de Paula and Tatiana Bautzer in São Paulo; Editing by Lisa Von Ahn and Matthew Lewis)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-cemig-divestiture-light-idUSKBN16N2AC'|'2017-03-16T20:33:00.000+02:00'
'64210f0da063dad6e165f94c598fcf27f74a3c31'|'Enel sees M&A opportunities in Europe after votes in France, Germany'|'Business News - Fri Mar 17, 2017 - 9:03am GMT Enel sees M&A opportunities in Europe after votes in France, Germany The logo of Italy''s utility company Enel is seen in Milan, Italy, April 17, 2016. REUTERS/Stefano Rellandini/File Photo By Stephen Jewkes - MILAN MILAN Italy''s biggest utility, Enel ( ENEI.MI ), sees M&A opportunities in Europe after elections in France and Germany are out of the way and new European power sector regulations agreed. Earlier this week, German peer RWE ( RWEG.DE ) raised the prospect of big merger deals in Europe''s crisis-hit utility sector, saying it was mulling options including tie-ups with rivals and a stake sale in its Innogy ( IGY.DE ) renewables unit. "There will be some opportunities in Europe after the French and German elections and when Europe''s new regulatory framework is in place," Enel Chief Executive Francesco Starace said in a call on 2016 results. Falling power prices and a boom in renewable energy have prompted traditional utilities to change their business models, fuelling the need for consolidation. Enel, Europe''s biggest utility in terms of customers, is looking to its grids and green power businesses to drive growth, especially in emerging markets and North America. In November, it said it would sell 3 billion euros (2.5 billion pounds) of assets in the next three years while at the same time reinvesting about 2 billion euros in bolt-on acquisitions. It expects to spend 1.2 billion euros on acquisitions in the first half of 2017, mainly its purchase of Brazilian power distribution company Celg-D. "It''s not just Europe. We''re interested in assets globally," Starace said. The CEO said he did not expect U.S. President Donald Trump''s energy policies to affect the growth of renewable energy in North America over the next two to three years. Enel, which controls Spanish utility Endesa ( ELE.MC ), raised its dividend on Friday and confirmed its targets for this year after posting a 12.3 percent rise in net profit for 2016. Net ordinary profit for last year came in at 3.243 billion euros, in line with an analyst consensus and its own target. At 0827 GMT, Enel shares were down 1.8 percent while the European utility index .SX6P was down 0.6 percent. (Reporting by Stephen Jewkes; Editing by Dale Hudson and Giulia Segreti) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-enel-results-idUKKBN16O0Y5'|'2017-03-17T16:03:00.000+02:00'
'796eb3347ca8270a3d8db7d4ffbee7a098b359ad'|'Volkswagen''s Osterloh backs reform plans and brand chief Diess - Handelsblatt'|'Business   9:00pm GMT Volkswagen''s Osterloh backs reform plans and brand chief Diess - Handelsblatt Bernd Osterloh, head of Volkwagen''s works council, addresses a news conference at the company''s headquarters in Wolfburg, Germany October 6, 2015. REUTERS/Hannibal Hanschke FRANKFURT Volkswagen''s ( VOWG_p.DE ) powerful labour chief Bernd Osterloh told German newspaper Handelsblatt that a dispute with embattled VW brand chief Herbert Diess over how to implement reforms at the carmaker''s core brand, has been laid to rest. A truce between Diess and Osterloh would mark an end to months of infighting at the world''s biggest carmaker, which is struggling to regain its footing after a damaging diesel emissions cheating scandal. In recent months talks with management over how to implement a turnaround plan were broken off by the company''s labour leaders, who control nine out of 20 seats on VW Group''s board of directors, leaving in limbo a deal on cost-cutting. "There was a fundamental dispute between works council and the brand chief. That''s history," Osterloh told the paper. "All participants now have the goal to enter calmer waters." Osterloh said the company''s core brand could implement a 3.7 billion euros (3.21 billion pounds) savings programme by working together with Diess, in what amounts to a marked change of tone for the labour chief. "Herbert Diess is a good technician who has mastered purchasing, development and production. I have always said we have a lot in common and analyse many topics in a similar manner. Now we have consensus that we want to do this together, management, IG Metall and the works council," Osterloh said. VW already has around 2,000 fewer staff than at the beginning of 2015, in line with a staff attrition plan, Osterloh said. In addition to VW overhaul plans agreed upon in November 2016, there are ideas to hike efficiency by a further 10 million euros, he said. And by implementing VW''s current turnaround proposals VW has saved 40 million euros more than planned, he told the paper. Osterloh further said he continued to see Volkswagen''s supervisory board backing Audi Chief Executive Rupert Stadler even after prosecutors stepped up an investigation of the premium brand''s role in a diesel cheating scandal. (Reporting by Edward Taylor)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-volkswagen-reforms-diess-idUKKBN16N2X7'|'2017-03-17T04:00:00.000+02:00'
'f2b136d539defa70ed492f84b50532bc43caa39e'|'Music Broadcast shares rise on debut after $75 million IPO'|'MUMBAI Shares of Music Broadcast Ltd rose as much as 24.6 percent in their trading debut on Friday, after the radio station operator''s initial public offering of shares raised $75 million.Music Broadcast shares were at 397.55 rupees by 0431 GMT on the National Stock Exchange, having risen to as high as 415 rupees, compared with their issue price of 333 rupees.(Reporting by Swati Bhat and Sankalp Phartiyal; Editing by Subhranshu Sahu)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/music-broadcast-listing-idINKBN16O0JR'|'2017-03-17T03:22:00.000+02:00'
'0e1de1f85e0859d9fa17f2ffecde61782b475a7c'|'Schumpeter: Citigroup’s decade of agony is almost over'|'IF YOU ask financial types in New York for their views on the world’s big banks, they usually come up with similar vignettes for each one. They agree that JPMorgan Chase is an unstoppable force under its boss, Jamie Dimon. Goldman Sachs is on a roll, with its shares up by 36% since the election (even if some worry that its Darwinian culture is going soft given all the regulation it faces). Across the pond Deutsche Bank is struggling to keep its head above water; its leader, John Cryan, embarked on a capital-raising and cost-cutting plan on March 5th. Yet one big bank elicits shrugs of bafflement: Citigroup. Its managers are anonymous and they get paid about a fifth less than their peers at other financial groups. No one is quite sure what Citi is up to or what it exists for. Once too big to fail, it is now too drab to mention.That Citi has become the world’s half-forgotten bank is surprising. It was America’s biggest firm before the financial crisis, measured by size of assets; it is now the fourth-largest. After suffering huge losses on loans and subprime securities, in 2008-09 it received the biggest bail-out of any American bank. Citi can still lay claim to being the most important firm in the global financial system. It operates in 97 countries, from Kenya to South Korea to Kuwait. Soon it will confront its next strategic dilemma: when should it start growing again?  8   Citi’s roots go back to 1812, but it came of age in the 20th century, organising loans and cross-border payments for American companies abroad. In the decade to 2007 it tripled in size as it tried to be a financial supermarket that offered everything to everyone, everywhere. The government sold its last Citi shares in 2011. The men appointed in 2012 to clear up the mess, Michael O’Neill, its chairman, and Michael Corbat, its chief executive, were given three goals: to make Citi safe, to make it profitable and to return cash to shareholders. They have almost finished the job.Consider safety first. Since the nadir in 2009, the bank’s core capital has risen by 59%, and its cash reserves by 28%. Citi’s assets have fallen by 3%, its holdings of “Level-3” (ie, hard-to-value) securities by 80%, and its short-term debts by 78%. Mr Dimon likes to say that JPMorgan’s balance-sheet is a fortress. If so, Citi’s is a nuclear-bomb shelter. If another crisis hit, it has enough capital and earnings to absorb four times the losses it suffered in 2008-09. Mr Corbat is shutting down the bad bank that was created in 2009, which has disposed of $650bn of toxic exposures—think of steaming piles of subprime bonds and Greek mortgages.The second goal is profitability. The bank has made relatively slow progress here, but its headline figures understate returns. An accounting rule means that its balance-sheet appears bloated by tax breaks relating to its losses during the crisis. Its return on tangible equity, a measure which adjusts for this, was 9% in 2016. If the last dregs of its legacy assets are sold this year, the ratio should reach 10%. That is below JPMorgan, at 13%, but acceptable.With its capital base restored, Citi can meet its third goal, of returning cash to shareholders. Its share price has fallen by 88% over the past decade, so they could do with some payback. The bank is producing especially strong cashflows because its former losses can be set against tax bills. It should be able to pay out $17bn-18bn in dividends and share buybacks a year, which would make it one of the seven most generous American firms for the absolute amount of cash returned. Citi shareholders should soon receive a dollar of cash a year for each $10 of stock that they own.If life were fair, Citi’s bosses would each be given a Martini and a medal for years of gruelling work. But investors’ expectations are seldom static. By as soon as the end of this year, Citi will be under pressure to show that it can grow again. Its revenues fell by 2% in 2016 (excluding the sales made by the bad bank). By contrast, Wells Fargo and JPMorgan Chase expanded revenues at a rate of 3-4%. With a third of its business in emerging markets, where growth is picking up, Citi should be doing better.The idea of the bank expanding again is not as mad as it may appear. It has room to grow without upsetting regulators (who still fret about banks being too big). Citi is 28% smaller than Bank of America and 27% smaller than JPMorgan Chase, measured by the risk-adjusted assets of its core business. Unlike European basket-cases such as Deutsche and Royal Bank of Scotland (which recently reported its ninth consecutive annual loss), Citi’s international business is viable. It ships cash globally for big firms and is entrusted with $430bn of deposits abroad—more than in 2006 and almost twice what JPMorgan Chase has. Citi’s bond-trading unit is ranked first in the world. It has a powerful presence in Asia, the only region where it hasn’t lost money in the past decade.Nervous in 97 countriesSo far, though, Citi’s managers have focused on modest projects. In 2016 the bank bought a credit-card portfolio in America. It is bulking up in equities and is investing more in its Mexican business. The risk is that excessive caution causes the bank’s global position to deteriorate. Citi’s main customer base, of American multinationals, is probably mature. Their profits doubled between 2003 and 2013, but are now falling. Citi needs to find more local corporate customers abroad, but its loan books in the two biggest emerging economies, China and India, stagnated in 2016. As Citi has been recovering, China’s big banks, ICBC, CCB and Bank of China, have built formidable networks across Asia.It is easy to understand why Citi’s top brass are treading gingerly. The urge to make far more of the bank’s global footprint was behind the disastrous expansion of 1997-2007. Of the bank’s 17 directors, 15 are American: a global bank should have more of a mix of nationalities. And the real sign that a company is recuperating is not that it is locked in a permanent state of contrition and austerity. Rather it is that it can grow at a measured and rational pace in its core areas. Over the next couple of years, that’s what Citi needs to become well-known for.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21718924-recipient-americas-biggest-bank-bail-out-has-overhauled-its-capital-base-and-its-profits?fsrc=rss'|'2017-03-16T22:54:00.000+02:00'
'fb839b6e51ce7acd389fc73524e8a6e18da709f3'|'Cevian''s stake in Bilfinger rises to nearly 30 percent'|'FRANKFURT Activist investor Cevian''s stake in German industrial services group Bilfinger ( GBFG.DE ) grew to 29.5 percent from 25.6 percent, a regulatory filing by Bilfinger showed on Friday.That brings it close to the 30 percent threshold at which investors are forced under German law to make a full takeover offer.Cevian, which has a policy of buying stakes in companies whose parts it sees as being more valuable than the whole, started buying shares in Bilfinger in 2011.It instigated a management overhaul in 2015, after the group issued six profit warnings in a year, having run into difficulties in a shift from construction into services.(Reporting by Maria Sheahan; Editing by Christoph Steitz)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-bilfinger-m-a-cevian-idINKBN16O255'|'2017-03-17T12:57:00.000+02:00'
'86b4eafba100ec93f802411ed3c7f130515200ce'|'Exclusive: China''s LeEco, Tesla wannabe, to sell Silicon Valley site amid cash crunch - sources'|'Fri Mar 17, 2017 - 5:41am GMT Exclusive: China''s LeEco, Tesla wannabe, to sell Silicon Valley site amid cash crunch - sources left right FILE PHOTO: LeEco''s new Le Pro3 phone is on display during a press event in San Francisco, California, U.S. October 19, 2016. RETUERS/Beck Diefenbach/File Photo 1/2 left right FILE PHOTO: The LeSee Pro electric concept vehicle by LeEco is displayed during the 2017 CES in Las Vegas, Nevada January 5, 2017. REUTERS/Steve Marcus/File Photoste 2/2 By Sijia Jiang - HONG KONG HONG KONG Chinese technology conglomerate LeEco is looking to sell a 49-acre U.S. Silicon Valley property less than a year after buying it from Yahoo Inc, sources said, in what is the latest effort by the firm to ride out a cash crunch. LeEco, one of China''s most ambitious companies that grew from a Netflix-like video website to a business empire spanning consumer electronics to cars within 13 years, is struggling to support its goals that include beating Elon Musk''s Tesla Motors in premium electric vehicle making. LeEco''s billionaire founder and CEO Jia Yueting admitted in a letter to staff in November that the firm was facing a "big company disease" and battling a cash crunch after expanding at an unprecedented rate. But less than a month prior to the letter, amid much fanfare at LeEco''s official U.S. launch at the Palace of Fine Arts in San Francisco, Jia had outlined plans to build its North America headquarters at the Silicon Valley site. "This property will be an EcoCity that houses 12,000 employees," Jia said at the time. Now cash-strapped and struggling to repay a pile of debts to suppliers and business partners, LeEco plans to sell the U.S. site to little-known Chinese developer Genzon Group for $260 million, $10 million more than what the firm paid for it in June, said a source with direct knowledge of the deal who did not want to be named due to rules on talking to media. Genzon confirmed it was in talks to buy the site, but declined to comment on the deal size or whether it was teaming up with any partners as the discussions were still ongoing. Genzon also declined to elaborate on why it was interested in the property, but according to its website, the Shenzhen-based firm founded in 2003 is erecting a 140,000-square meter office building in Silicon Valley in a project called Burlingame Point - its first in the United States. LeEco, in an emailed response to Reuters on the sale talks, said it was "working on securing a development partner" but that it was unable to share any further details. "We are not yet ready to share plans for the land as we are still in the initial planning phase." HEADCOUNT CHANGES According to sources in and outside the company, workforce has been downsized across LeEco US, with some estimating numbers had at least halved in its current Silicon Valley office alone. Jia, in October, said LeEco US employs "more than 500". LeEco was cited by Chinese media as saying in May last year that the company had 1,000 employees in the United States, including research personnel for its "super car". The firm on Friday declined to comment on these reports or its current employee number. It is company policy not to quote numbers upon request as "headcount changes routinely due to additions and/or departures", LeEco said. LeEco has seen headcount reduction in various units of its business in China since its financial problems deepened. The company said earlier this month that it had also cut almost 80 percent of its workforce in India. Jia in January said LeEco''s financing problems would be solved in three to four months, before the firm got a much-needed capital injection of $2.2 billion from property developer Sunac China Holdings. But the Sunac investment was for LeEco''s entertainment units and not its car-making business, which analysts say is very expensive to sustain. LeEco is developing luxury electric vehicles with Faraday Future in the United States, a startup Jia funds and controls. However, the outlook remains unclear after Faraday said it was scaling back production plan at a factory it has yet to build in Nevada. Shares of LeEco''s flagship unit Leshi Internet Information and Technology Corp Beijing have plunged around 25 percent over five months. (Reporting by Sijia Jiang; Editing by Himani Sarkar) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-leeco-property-sale-idUKKBN16O0GL'|'2017-03-17T12:41:00.000+02:00'
'ff107ab85a99355b8e4efa9266c811f8d49f7c3b'|'Commission cracks the whip on creditor hierarchy harmonisation'|'* Commission urges Council to speed up proposal adoption* Council to clarify status of existing and future legislationBy Alice GledhillLONDON, March 17 (IFR) - There could be a light at the end of the tunnel for European lenders waiting to issue billions in loss-absorbing debt as rulemakers ramp up the pressure to accelerate the requisite legislation.The European Commission endorsed a new form of senior unsecured debt in November 2016 in an attempt to harmonise the increasingly fragmented European bank debt market, the result of diverging national approaches to meeting post-crisis regulation.At the time, it provisionally indicated a June 2017 deadline for the amendments to the Bank Recovery and Resolution Directive (BRRD), though whether such a deadline was feasible immediately met with broad scepticism.However, in a working paper from earlier this month seen by IFR, the Commission underlined the need to expedite the adoption of its proposal tackling the harmonisation of the bank creditor hierarchy.It warned that failure by the European Council to fast-track the adoption of the proposal could prompt member states to adopt their own national rules on creditor hierarchy."This means that banks would issue subordinated instruments under different legal regimes to cover TLAC/MREL shortfalls," it wrote in the paper."This would create market uncertainty and no clear view on ranking in creditor hierarchy for investors, especially in the case of cross-border issuing institutions."Signs have already started to emerge that banks are getting around the lack of legislation by coming up with idiosyncratic solutions.Santander, for example, inserted a contractual clause into a new issue priced in January giving it a "second ranking senior" status, allowing it to chip away at one of the largest issuance targets of any bank in Europe.THE NEED FOR SPEEDBut for many other lenders, the lack of legislation permitting the issuance of loss-absorbing senior debt in many major European jurisdictions has thwarted issuance.This is a severe handicap as they square up to a new standard known as minimum requirement for own funds and eligible liabilities.In the paper published earlier this month, the Commission recommended that the Council Working Party should aim at a general approach for May 2017.According to a market source, the Maltese presidency of the Council has prepared a new version of the relevant BRRD article containing certain concessions should that May deadline not been met.Such concessions would come as a relief to lenders who until now have been constrained by the bureaucratic tussles in Brussels.BREATHING SPACE?The new version includes an additional clause allowing for member states "to proceed with an ''anticipated transposition'' of the Directive and start accumulating the necessary buffers as well as signal to markets the necessary legal certainty."It proposes that "Member States may, after 31 December 2016 and before the date of application of this Directive, adapt their national laws governing the ranking in normal insolvency proceedings of debt instruments issued after the date of application of such laws only in order to comply with the conditions laid down in this Directive."Its introductory statement said issuance should start as soon as possible due to possible limitations in the capacity of the market to absorb new eligible debt, the source added.A Council spokesman confirmed that the presidency has drafted some proposals to clarify the status of existing legislation or legislation to be adopted, on which member states have been invited to comment."The issue of transposition is one of the issues being discussed, in a situation where a number of member states have amended or are in the process of amending the insolvency ranking of unsecured senior debt under their national insolvency laws to allow their banking institutions to comply with the subordination requirement," he said. (Reporting by Alice Gledhill, Additional reporting by Helene Durand, editing by Julian Baker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/banks-bonds-idINL5N1GU2SH'|'2017-03-17T13:32:00.000+02:00'
'e1965746f8f063d40b0449400a72ce585893a4cf'|'Kering picks Fabrizio Malverdi as CEO of Italy''s Brioni'|'Business News - Fri Mar 17, 2017 - 8:58am GMT Kering picks Fabrizio Malverdi as CEO of Italy''s Brioni FILE PHOTO - The logo of Kering is seen during the company''s 2015 annual results presentation in Paris, France, February 19, 2016. REUTERS/Charles Platiau/File Photo PARIS French luxury and sports group Kering ( PRTP.PA ) said on Friday it has picked Fabrizio Malverdi as chief executive of Italian menswear label Brioni. Malverdi, who has held management positions in luxury groups including Dior Homme, Givenchy, John Galiano, and Agent Procateur, will replace Gianluca Flore who left the group in February, the statement said. (Reporting by Dominique Vidalon)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/kering-brioni-ceo-idUKKBN16O0XM'|'2017-03-17T15:58:00.000+02:00'
'6d44ba1feedf28360b10cf17bed8d52169797d46'|'UPDATE 1-Tesla raises $1.2 bln, tapping market again for funding'|'(Recasts; adds company details, analyst comment, background, dateline)By Alexandria SageSAN FRANCISCO, March 17 Tesla Inc''s $1.2 billion share and convertible debt offering on Friday demonstrates once again the unflagging ability by the luxury electric carmaker and its high-profile head, Elon Musk, to tap Wall Street for sorely needed cash.In its second such capital raise in the past 12 months, the Silicon Valley company offered stock and convertible notes, roughly 20 percent more than it planned but less than what investors had generally been expecting, ahead of the launch of its crucial Model 3 sedan,Tesla''s stock was up slightly to $262.42 in afternoon trade on the Nasdaq.The capital raise removed "an overhang on the stock," in the eyes of investors, wrote analyst Jamie Albertine of Consumer Edge Research, given uncertainty over how Tesla would meet its robust spending needs, from the Model 3 to its massive battery factory in Nevada.More broadly, the successful offering underscores the ability of Musk to convince Wall Street over and over of his long-term vision - that Tesla will someday become a carbon-free energy and transportation heavyweight.Despite facing major financial hurdles, and the dilutive nature of stock sales, the triumphant offering confounds Tesla skeptics, who point to the loss-marking company''s $42.37 billion market capitalization - greater than that of Nissan Motor Co Ltd , which reported a profit of $4.7 billion last year.Tesla''s plan to spend $2 billion-$2.5 billion in the first half of 2017 in capital expenditures ahead of the July Model 3 launch left little cushion with $3.39 billion on the books in cash and cash equivalents at the end of 2016."Liquidity and cash burn remain key near-term risks, and investors may grow weary of continued raises as this is the second capital raise in a year," wrote UBS analyst Colin Langan.The bulk of Friday''s offering, or $850 million, came from convertible senior notes due 2022, with $350 million raised from the sale of 1.3 million common shares at $262 apiece. ( bit.ly/2n5Bf8C )That was higher than the $250 million in stock and $750 million in notes the company said it expected to sell.Musk, already the company''s top shareholder with a stake of about 21 percent as of December, bought 95,420 common shares for $25 million in the latest stock sale, Tesla said.The 1.3 million shares sold represents about 0.8 percent of Tesla''s outstanding shares as of Dec. 31. (Reporting by Alexandria Sage in San Francisco and Rishika Sadam in Bengaluru; Editing by Savio D''Souza, Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/tesla-offering-idINL3N1GU4JR'|'2017-03-17T16:27:00.000+02:00'
'27b3a4fdf7b4024abd0a6e825405b0ad3315bed1'|'BA owner IAG to launch low-cost flights from Barcelona in June'|'  6:24pm GMT BA owner IAG to launch low-cost flights from Barcelona in June British Airways owner IAG ( ICAG.L ) said it will launch a new low-cost, long-haul airline with flights from Barcelona to the Americas, in response to rising budget competition on transatlantic routes. Long-established airlines like American Airlines Group Inc ( AAL.O ) and Delta Air Lines Inc ( DAL.N ) are finding their formerly lucrative transatlantic routes tougher amid rising competition from budget newcomers like fast-expanding Norwegian Air Shuttle ASA ( NWC.OL ), WestJet Airlines Ltd ( WJA.TO ) and Wow Air. IAG''s new airline, Level, will start in June with flights from Barcelona to Los Angeles, San Francisco, Buenos Aires and Punta Cana, it said in a statement on Friday. ( bit.ly/2mQ9mPO ) As well as British Airways and Vueling, IAG also owns Spain-based Iberia and Ireland-based Aer Lingus. Level will start flying with two new Airbus A330 aircraft and initially will be operated by Iberia''s flight and cabin crew. (Reporting By Justin George Varghese in Bengaluru; Editing by Shounak Dasgupta) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-iag-lowcost-idUKKBN16O2H5'|'2017-03-18T01:24:00.000+02:00'
'75d789a8b147a3fa2f7f76876fd078bd99e44996'|'We could file suit against Trump at WTO over border tax, German econmin says'|'Economic News  58pm IST We could file suit against Trump at WTO over border tax, German econmin says FULL COVERAGE: INDIA ELECTIONS 2017 New appointed Economy Minister Brigitte Zypries attends the weekly cabinet meeting at the Chancellery in Berlin, Germany, February 1, 2017. REUTERS/Fabrizio Bensch/File Photo BERLIN German Economy Minister Brigitte Zypries said on Deutschlandfunk radio on Friday that Germany could file a suit against U.S. President Donald Trump over a proposed border tax. Trump has warned that the United States will impose a border tax of 35 percent on cars that German carmaker BMW plans to build at a new plant in Mexico and export to the U.S. market. Asked how Germany would react to the proposed tax, Zypries said it was very difficult because it was possible to adjust such a tax system, but it would then be necessary to change it around the world and that would not be possible from one day to the next. "The other option is that we file a suit against him at the WTO - there are procedures laid out there because in the WTO agreements it is clearly laid out that you''re not allowed to take more than 2.5 percent taxes on imports of cars," Zypries   Michelle Martin; Editing by Nick Macfie) Next In Economic News Bank of England''s Forbes votes for rate hike, others may follow soon LONDON A Bank of England policymaker surprised investors by breaking ranks and voting to raise interest rates and some others said it would not take much for them to follow suit, the BoE said on Thursday, signalling a potentially bigger split soon.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-trump-germany-idINKBN16O0PU'|'2017-03-17T14:28:00.000+02:00'
'2c0d8adf31ee4d7698cf6cd213a2e3754bd4175a'|'Can budget 2017 fix housing affordability? Here are seven options - Business'|'Housing affordability is battling with energy and penalty rates to be the hot button issue in Australian politics. There was a time rising house prices was seen as a political win, but now the issue is big enough that the government is making noises about making it a key part of the May budget.The latest housing finance figures served to highlight that the issue of housing affordability remains unsolved. After a period of relative easing of investor borrowing, the past six months has seen an explosion in investors getting loans.Investor lending has grown by more in the past year than it has since September 2014. Such growth invariably leads to increases in house prices, so any a cooling in the market appears a ways off:So what to do? As with any policy there is no one solution but here are a few of the proposals around at the moment. Let first home buyers access superannuation for a deposit This idea was giving a push by Joe Hockey back in 2015, and it is now being mooted as a possibility in the May budget. Back in 2015 I suggested it was pretty harebrained , and nothing has made me change my mind. A big problem with housing affordability is there is too much demand for houses – from first home buyers, people looking to buy a bigger house and by investors. This just adds to the demand. It will invariably raise house prices, as it is designed to allow first home buyers more capital with which to compete with investors – effectively just putting more money into the hands of more buyers. The measure only makes sense if you view housing as part of a retirement policy and that you are better off owning a home – and then selling it once you have retired – than building up your superannuation. That might be true, but is a different issue to housing affordability.The government is reportedly considering a tweak on the policy of allowing people to use their superannuation, but as part of equity – so when/if the property is sold the proportion of the property value that was purchased using the superannuation would then return to the superannuation balance. This makes it more like an equity financing scheme rather than just eating into your superannuation balance.The politics? The policy has a few roadblocks. The ALP is against it, and the prime minister and finance minister are both on the record as having been against the plan when it was raised by Hockey. Malcolm Turnbull at the time said it was a “ thoroughly bad idea ”. That’s a pretty tough road to walk back – but if the policy is different enough it’s a road he might be able to travel.Stamp duty The Victorian government has recently instituted a policy of axing stamp duty for first home buyers of properties under $600,000, and a sliding scale to $750,000. The hope is that it will help first home buyers compete with investors or non-first home buyers. Stamp duty is a tax paid when buying a home, so potentially having to pay $15,535 less upfront on $600,000 property certainly is an advantage.But it’s an advantage sellers will be aware of.It’s why Saul Eslake for example suggests all it will do is raise the price of properties paid for by first home buyers – because sellers (and buyers) will know they now have up to $15,535 more dollars to play with. It in effect means just transferring the money from the government to sellers and doing little to make it the cost of a first-home cheaper. But what it would do is at least reduce the upfront cost.The problem with stamp duty isn’t so much that it is a burden for first-home buyers, but that it is a disincentive to selling. It is a tax you avoid if you don’t move. So it creates an incentive to buy a home that is too big for your current needs so you don’t have to sell and buy a bigger home later in life. Similarly it is a disincentive to sell your home and move into something smaller. Housing affordability? Scott Morrison''s solution leaves us with more questions than answers - Kristina Keneally Read more That reduces the supply of homes – and crucially in areas that are closer to the CBD.That is why the major recommendations for stamp duty are not about exempting first-home buyers, but getting rid of it completely. A much more efficient tax is a broad based land tax that taxes ownership and not the transfer of ownership.The politics? It’s a big ask. Only the ACT has gone down the land tax route. Stamp duty is a big money spinner for state governments, but it is a tax that you choose to pay. A land tax hits everyone and even if done in a staggered manner as is the case in the ACT, it’s a tough political sell.Equity financing The Victorian government has also announced a plan to allow 400 first home buyers to go into partnership with the state government when buying their home. Rather than buy 100% ownership of a home, the buyer would purchase (and thus pay) only 75% of the value of the property with the government picking up and holding the rest. This means that when the house is sold, the owners would only receive 75% of the sale – the government would get the rest.The plan is limited to couples earning up to $95,000, and singles earning up to $75,000, who will need to have a 5% deposit.Unlike the stamp duty policy, this does have the approval of the federal government, with Scott Morrison being quite positive about it – although preferring the private sector (ie banks).Is it a solution? Well yes and no. Western Australia South Australia already have such schemes place, but there is a risk of having too much of a good thing. The key is keeping it very tightly means tested; as soon as you broaden it, it will just fuel demand.The politics? It’s a pretty easy sell.Increasing the supply of public housing If the issue is housing affordability for the poorest, then one area that could be address is public housing supply, which has fallen to next to bugger all.Prior to the 1990s public sector houses accounted for never less than 4% of all houses built; now they make up just 1.2%.Scott Morrison is proposing a scheme whereby the government raises finance (or bonds) that it then loans to either the community sector or private sector to build low-cost housing.This won’t have a great impact on the ability for people to buy homes per se, but 30% of households are renters, so we’re talking an important segment.''Bank of Mum and Dad'' can''t fix housing affordability, says Reserve Bank chief Read more The politics? Politically it is a pretty easy sell. The Greens have had a similar , but more expansive policy. And as it is loan it doesn’t add to the budget deficit. Cut negative gearing and capital gains tax Ahh the big one. Negative gearing allows investors to claim a loss and use it to reduce their taxable income. It’s not a new policy, but one that was axed in the 1980s, before political heat saw the Hawke government reinstate it despite the cabinet papers stating that it was “a generally recognised tax shelter”.The big criticism is getting rid of negative gearing will push up rental prices. The old canard is that this happened in the 1980s. It didn’t. Rents in Sydney and Perth rose, but nowhere else. As the cabinet papers at the time noted, “local influences [rental vacancy rates] rather than tax measures dominate in metropolitan rental markets”:One suggestion is that getting rid of negative gearing caused drop in the building of houses – and thus a reduction in the supply, which in turn could hurt affordability:And while there was a drop during the period in which negative gearing was abolished, economic activity during that period also fell off – GDP growth fell from 5.7% in the quarter it was abolished to just 1.1% in September 1986 – so it wasn’t a period particularly conducive to building activity.Australian housing market crash could lead to broader downturn, OECD warns Read more One difference is that at the time half of investor financing went into the construction of new homes, now less than 10% does so it’s not like people negative gearing are doing so to build. But even if you love negative gearing, the real issue was in the change of the capital gain tax discount in 1999. The shift from taxing capital gains by accounting first for inflation to providing a straight 50% discount made negative gearing suddenly very attractive. You could buy a property, negative gear it, and then sell it and pay 50% less tax than you would for your income.Very quickly people went from investing in rental properties to make a profit, to instead run a loss for tax purposes:Either reducing the discount, as proposed by the ALP , or getting rid of it completely, as the Greens want to, would take out a great deal of demand in the market even if negative gearing were retained.The politics? There was a time when mucking about with either negative gearing or capital gains tax was political poison. But the ALP nearly won an election with their policy, and given it is the most visible tax policy related to housing, the political hit is less scary than it once was. It’s almost reached the point where not doing anything on this is seen as failing to address the issue in any meaningful way.But given the statements by Malcolm Turnbull and Scott Morrison on the issue last year it would be a great shock to see any changes in the May budget.Zoning changes In the past, new housing developments were much easier because the size of the cities were smaller – there was more free land to play with, and the outskirts of the city were closer to the CBD than now. Victoria to tax investors who leave properties vacant for more than six months Read more This brings with it a couple issues. The new developments need much more infrastructure than previously because of the distances involved and the need to attract businesses to those parts of the city. And secondly those areas nearer to the CBD that could be used for housing development – such as car parks – remain undeveloped due to zoning laws, which restrict high and medium density housing.As Matt Cowgill wrote some years ago on the issue, “you can’t restrict rising density in established suburbs, prevent sprawl on the urban fringes, and prevent housing from being unaffordable” – you have to pick two.But to increase housing density in areas near where the jobs are, you have to overcome zoning laws that in effect protect the housing values of the current residents.The politics? The politics of Nimbys is tough and local. It’s not just opening up blocks of housing development that is an issue – increased density brings with it a requirement for better infrastructure and, not surprisingly, not everyone wants an expressway going past their house. It’s one area federal politicians are very happy to comment on, and equally happy to not have any control over. Foreign ownership/immigration There are those who see this as the big issue – arguing that our increased migration intake has caused demand to outstrip supply and that foreign buyers are pushing up prices.The NSW government , for example, is looking at increasing the stamp duty paid by foreigners purchasing properties. But according to the RBA , the Chinese demand is a small part of the market, and most concentrated in off-the-plan apartments. The issue is less about housing affordability than it is stability – the worry is that this has fuelled a glut in apartment building in Melbourne and Brisbane.To tackle housing affordability Scott Morrison must get more homes built - Stephen Koukoulas Read more The politics You might argue that immigration has an impact on housing prices, but cutting immigration as a housing policy is a pretty silly way to go in my opinion, and the politics is completely awful.The slope towards racism is incredibly slippery, and it doesn’t take long before you find yourself standing next to Pauline Hanson – never a good sign that your policy is worth championing. Far better to acknowledge that migration and an increasing population requires governments to address these issues of demand and supply and of infrastructure, and steer clear of the xenophobia. Topics Housing affordability Grogonomics Australian politics Australian economy Business (Australia) Tax Superannuation comment  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/grogonomics/2017/mar/17/can-budget-2017-fix-housing-affordability-here-are-seven-options'|'2017-03-17T02:00:00.000+02:00'
'444c7c740b1e3fa72c57f49548b35d92e68a4fe1'|'Brazil''s Camargo selling cement unit -Globo newspaper'|'Company News - Sun Mar 19, 2017 - 10:23am EDT Brazil''s Camargo selling cement unit -Globo newspaper RIO DE JANEIRO, March 19 Camargo Correa SA, the Brazilian family-owned conglomerate that exited several businesses over the past year, has put a cement unit up for sale, a column in newspaper O Globo said on Sunday. According to Globo columnist Lauro Jardim, Camargo Correa values the unit known as InterCement SA at around 20 billion reais ($6.47 billion). The conglomerate has received offers from Mexico''s Cemex SAB and another, unnamed Latin America-based cement producer, the column said. Jardim''s column did not specify if the bids for InterCement were non-binding or how advanced the process may be. A Camargo spokesman declined to confirm the report and said in an emailed statement that "the group is not pursuing any asset divestitures." The spokesman said that its sale last June of a controlling stake in power holding company CPFL Energia SA was "the end of a process of repositioning the group''s asset portfolio." Cemex''s press office could not be immediately reached. In order to reduce debt, the billionaire family that controls Camargo Correa has been quickly disposing of business lines it no longer wants. As part of those efforts, the Camargos in recent years have discussed fully or partially selling InterCement. The CPFL sale and a December 2015 sale of fashion brand Alpargatas SA raised about $2.8 billion for the group. Reuters reported on Dec. 8 that Camargo Correa was considering disposing of a partial stake in Loma Negra Cia Industrial SA, Argentina''s No. 1 cement producer and part of InterCement. InterCement is Brazil''s No. 2 cement producer and a leading producer in Portugal, Mozambique and Cape Verde. Two people familiar with Camargo Correa''s strategy told Reuters in August that the conglomerate tried to sell a minority stake in InterCement a couple of years ago and also considered a listing of the company outside Brazil. Camargo Correa, whose engineering unit was one of several big Brazilian builders ensnared in a massive corruption probe related to business with state companies, has been recovering rapidly from the adverse effects of the scandal, in which it sought a plea deal. (Reporting by Guillermo Parra-Bernal; Editing by Phil Berlowitz) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/camargo-brazil-cement-idUSL2N1GW0A6'|'2017-03-19T21:23:00.000+02:00'
'b9af2c7803980f7715d6a59f287c35433b5e51a8'|'RPT-UPDATE 1-Last RBS investor group held settlement talks over 2008 cash call -sources'|'Company   6:04am EDT RPT-UPDATE 1-Last RBS investor group held settlement talks over 2008 cash call -sources (Repeats story that ran late Friday) * Talks over settlement with hold-out shareholder group * Four groups have settled with RBS over 2008 cash call * Millionaire businessman Hemmings backs claimants * Case scheduled to come to court in May By Andrew MacAskill, Kirstin Ridley and Lawrence White LONDON, March 17 Lawyers representing tens of thousands of Royal Bank of Scotland (RBS) shareholders have held tentative talks to settle a 1.2 billion pound ($1.5 billion) damages claim over the lender''s 2008 rights issue that was launched shortly before a state bailout, two sources said. The sources, who are familiar with the situation, said RBS and the RBoS Shareholder Action group, which includes 27,000 private investors, former and current RBS staff and about 100 institutions, had discussed an out-of-court deal. In a move highlighting the difficulties of rallying such a vast group -- the last of five shareholder claims yet to settle with the bank -- one source warned that some retail investors were determined to take the case to trial in May. One of the investors backing those retail claimants is multimillionaire businessman Trevor Hemmings, according to court documents seen by Reuters. His involvement will go some way to answering questions by RBS and a judge as to whether the claimants have adequate funding. The bank has been applying pressure on the shareholder group to reveal its backers and sources of funding after it switched legal teams three times and some institutions broke away in 2015 to launch separate litigation. A settlement would end one of the most complex and costly litigation battles in English legal history. It would also spare RBS, which is still more than 70 percent owned by the state, a lengthy and potentially embarrassing court case that would put its disgraced former chief executive Fred Goodwin and other former senior staff in the witness box. A spokesman confirmed that Hemmings is part-funding the litigation through his private vehicle London and Northern Capital Partners. SEEKING REDRESS “Mr Hemmings was a supportive investor in RBS for many years and backed the rights issue. However, like many other investors, he feels the basis on which he participated in the rights issue was misleading and is rightfully seeking redress," the spokesman added. "Mr Hemmings stands shoulder to shoulder with thousands of private shareholders seeking to hold the company to account.” Hemmings lost "a considerable amount of money" as a result of the collapse in RBS''s share price in 2009, according to comments made by his spokesman to the Lancashire Post newspaper at the time, though he denied it was as much as the 700 million pound ($868 million) reported by the Sunday Times. With net wealth estimated at 725 million pounds, Hemmings owns Preston North End FC, which plays in the second tier of English soccer, as well as pub company Trust Inns and property investment business Northern Trust Group. His horses have won the prestigious Grand National race on three occasions. RBS last year struck an out-of-court deal with four other investor groups, who also accused the bank of omissions and misrepresentations about its financial strength when it launched the 12 billion pound rights issue at the height of the credit crisis. But the RBoS Shareholder Action Group rejected its share of RBS''s 800 million pound offer. RBS, which has said it would welcome a deal with the action group, declined to comment on any talks. When asked by Reuters at the end of February, Chief Executive Ross McEwan there had been "some conversations" but no resolution. RBoS Shareholder Action Group declined to comment, while Signature Litigation, the legal firm representing the claimants, referred requests to the action group. QUESTIONS ASKED In a move described by claimants as bullying, the group was forced to reveal the names of its latest third-party litigation funders after RBS asked for details of its After The Event (ATE) insurance while threatening to file an application for security for costs. ATE insurance policies cover the risk of losing and paying the other side''s costs in litigation. High Court Judge Robert Hildyard last week warned claimants against the "serious consequences" of a funding gap or shortfall. He was also "increasingly troubled" by inconsistent statements about ATE cover and other statements by the group. The action group has told the court that its current third-party litigation funders include asset recovery and private equity firm Hunnewell Partners (BVI), which says on its website it has a separate and ring-fenced litigation funding business. Hunnewell, which did not respond to requests for comment, is not listed as a member of the Association of Litigation Funders, an independent body that ensures members abide by a code of conduct and maintains a complaints-handling procedure. RBS has estimated its legal costs, from the December settlements to the end of the May trial, at 25 million pounds. Shareholders lost about 80 percent of their investments when RBS collapsed only months after the 2008 cash call, forcing the government to step in with a 45 billion pound-plus bailout. Former RBS chief executive Goodwin was stripped of his knighthood but kept an annual pension of 342,500 pounds. ($1 = 0.8068 pounds) (Editing by Keith Weir and David Goodman) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/rbs-lawsuit-investors-idUSL5N1GV08R'|'2017-03-18T17:04:00.000+02:00'
'48f490b5f38a9cc1128ea88588cbf4eda6a27d04'|'UPDATE 1-Brazil detains meatpacking executive after raids in rotten meat probe'|'Company News - Sat Mar 18, 2017 - 2:51pm EDT UPDATE 1-Brazil detains meatpacking executive after raids in rotten meat probe (Recasts, adds details of arrest) RIO DE JANEIRO, March 18 Police detained an executive of BRF SA on Saturday, as the meat company and rival JBS SA took out full-page advertisements to burnish their image after raids to investigate alleged bribes paid to cover up unsanitary conditions in Brazil''s meatpacking facilities. Roney Nogueira, a government relations executive with BRF , turned himself into police for questioning at Guarulhos airport in Sao Paulo, according to a BRF spokesman. The company, along with JBS, is part of a massive meatpacking industry that in recent years made Brazil one of the world''s top exporters of meat. Police sought Nogueira, who was returning to Brazil from South Africa, because he allegedly discussed bribing health inspectors, including one who helped prevent the closure of a plant in the state of Goiás, according to court documents. Police said Friday''s raids were prompted by evidence that some meatpackers had paid inspectors and politicians to overlook the processing of rotten meat and exports with fraudulent documentation and even traces of salmonella. Also on Saturday, JBS and BRF launched a public relations offensive to defend the integrity of their practices and deflect a crisis that threatens an industry with $12 billion in annual exports "Quality is the foremost priority of JBS and its brands," read an advertisement by JBS, the world''s largest meat producer, in publications that included the major dailies of São Paulo and Rio de Janeiro. In 10 bullet points, the company touted its role as an exporter to more than 150 countries and certificates earned and audits passed at facilities throughout Brazil. In an email, a JBS spokeswoman said the advertisements, which also include radio and television spots, would run across 27 different media outlets through Monday. The company did not respond to a request about the cost of the campaign. BRF, for its part, ran ads addressing "the millions of consumers whose confidence we have earned," vowing to adhere to the principles of "truth, respect, quality and transparency." Officials at BRF did not immediately respond to requests for details about its campaign. Investors on Friday hammered shares of both companies after news of the raids. JBS plunged 11.0 percent, while BRF fell 7.0 percent at the Sao Paulo stock exchange. In their advertisements, and in communiques following the raids, both companies denied systematic fraud or abuse within their operations and condemned any wrongdoing that may be uncovered by the probe. (Reporting by Paulo Prada; Editing by Marguerita Choy and Tom Brown) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-corruption-food-idUSL2N1GV0FM'|'2017-03-19T01:51:00.000+02:00'
'6d46ffd5e6506b086266c5cf06bb9ca44101fbe2'|'Caixa Geral de Depositos to court investors for AT1 sale'|'LONDON, March 16 (IFR) - Portugal''s Caixa Geral de Depositos will meet investors from next Monday ahead of a planned Additional Tier 1 transaction, part of a package designed to nurse the state-rescued lender back to health.Caixa Geral de Depositos confirmed to IFR last month that it had mandated banks for a deal, also the first AT1 trade out of Portugal.On Thursday it announced investor meetings starting Monday March 20 via Barclays, Caixa - Banco de Investimento, Citigroup, Deutsche Bank and JP Morgan ahead of a €500m no-grow perpetual non-call five.The trade will gauge the extent to which investors are willing to stomach debt from a low rated peripheral issuer after a period when much stronger credits, such as Intesa, Credit Suisse and Barclays, have dominated AT1 supply.UniCredit sold a BB- rated €500m AT1 last December but opted for a private placement to mitigate execution risk. Bankinter sold a €200m perp NC5 (Ba3) last April at 8.625%, but only in a €200m size.Market access for Portuguese banks has been completely untested since 2015, even in a covered format - considered the safest type of bank debt. Though Portugal''s largest bank by assets, CGD is a blind spot for many international investors and posted a net loss of €189m in the first nine months of 2016.The bond is part of a recapitalisation plan agreed in August last year after months of negotiations with Brussels. The bank plans to issue €1bn in subordinated debt in total.Portugal''s finance minister said in November that the government planned to inject up to €2.7bn at the time of the first €500m of subordinated debt issuance, with the remaining €500m to be launched up to 18 months later.The bonds will be written down on a temporary basis should the bank''s Common Equity Tier 1 fall below 5.125%. Its CET1 ratio took a knock last year, slipping to 10.2% on a phased-in basis as of September 2016, from 10.7% in September 2015. (Reporting by Alice Gledhill, editing by Helene Durand, Julian Baker)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/caixa-geralde-depositos-bonds-idUSL5N1GT41V'|'2017-03-16T16:27:00.000+02:00'
'f0ab5d9631d0ff3721881d93761c601524398302'|'Nikkei ekes out small gains after Fed; Fast Retailing falls - Reuters'|'TOKYO, March 16 Japanese stocks eked out small gains in choppy trade on Thursday after the U.S. Federal Reserve hiked U.S. interest rates, but signalled no pick-up in the pace of tightening.The Nikkei rose 0.1 percent to 19,590.14 points, after trading in negative territory earlier in the session.Financial stocks languished as U.S. yields fell after the Fed raised interest rates for the second time in three months, but did not flag any plans to accelerate the pace of monetary tightening. Exporters were also weak after the dollar fell against the yen.Fast Retailing, the operator of Uniqlo clothing chain, fell 1.9 percent after the Nikkei Business Daily reported that its rivals were planning to expand aggressively to new markets.The loss contributed a hefty 27 negative points to the benchmark index.On the other hand, mining shares rose after crude oil prices extended gains from the previous session after official government data showed U.S. stockpiles had eased from record highs. Inpex Corp rose 1.0 percent and Japan Petroleum Exploration Co gained 0.8 percent.The market largely shrugged off the Bank of Japan''s decision on Thursday to keep its monetary policy steady, an announcement widely expected.The broader Topix gained 0.1 percent to 1,572.69 and the JPX-Nikkei Index 400 added 0.1 percent to 14,087.07. (Reporting by Ayai Tomisawa; Editing by Randy Fabi)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-stocks-closer-idINL3N1GT2LP'|'2017-03-16T03:43:00.000+02:00'
'5dfac06f19e7b7dc15600f9cf377899045f29aa4'|'Lone Star seeks to inject $1 billion into Novo Banco for 75 percent stake: sources'|'By Sergio Goncalves and Arno Schuetze - LISBON LISBON U.S. private equity firm Lone Star is closer to taking control of Portugal''s Novo Banco with an offer to inject up to 1 billion euros ($1.07 billion) into the bank in return for a 75 percent stake, sources told Reuters.Lone Star had initially sought to take control of all of the state-owned bank''s capital as well as requesting a state guarantee covering up to 2.5 billion euros in potential losses on its non-performing assets and assets slated for sale.Although Lisbon is desperate to offload Novo Banco, which it rescued in 2014, the government turned down Lone Star''s initial offer as it refused to provide any guarantees. The proposal envisaged an immediate 750 million euro injection plus 750 million at a later stage."Under a new agreement that is being finalised and is likely to be sealed this month, Lone Star will inject 1 billion euros of capital into the bank, giving them a 75 percent ownership, while the remaining 25 percent should stay with the (Portuguese) resolution fund," one of the sources told Reuters.The bidding price itself "is almost irrelevant as the main action will be the 1 billion euro capital injection".Portugal injected 4.9 billion euros in Novo Banco, which was carved out of Banco Espirito Santo, which collapsed under a mountain of debt built up by its founding family.The money was injected via the country''s bank resolution fund, meaning that it is the common responsibility of all banks operating in Portugal, who have to foot the bill for any difference between the rescue funds and the selling price.Last year, the government agreed to extend the maturities of the loan to the resolution fund for as long as needed so as to guarantee that banks keep paying what they currently pay in fund contributions regardless of the final Novo Banco deal.The finance ministry and Bank of Portugal officials declined to comment. Lone Star also declined to comment.Finance Minister Mario Centeno said last week the sale of Novo Banco should be concluded in coming weeks.Aside from the Portuguese authorities, the negotiations now involve the European Central Bank and the European Commission, particularly Directorate-General for Competition."The negotiations with DG Comp are intensive and evolving well," another source familiar with the talks said.Under the revised offer, Lone Star has no firm obligation to inject further capital in Novo Banco, but one of the sources said they may possibly inject more capital at a later stage, "as any shareholder looking after their investment would do".Both sources said that Lone Star is negotiating with some Portuguese entities, who could take 5 to 10 pct of Novo Banco, lowering Lone Star’s investment by that amount, to help Lone Star understand the Portuguese market and manage relationships with various local players.One of the sources said talks with Brussels were needed to specify where to park the remaining 25 percent stake - the resolution fund or some public entity - while avoiding any impact on public accounts or competition in the banking sector.The 25 percent stake should later be sold off to private investors, to meet Portugal''s commitments taken at the time of the rescue to fully offload its stake in the bank.(Writing by Andrei Khalip; Editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-portugal-novobanco-lonestar-idINKBN16N1D6'|'2017-03-16T08:17:00.000+02:00'
'8e89298327bdc078bd88ee2e7d1343cc59b7b9f6'|'Post-Fed boost for small-cap stocks may be limited'|'Business News - Fri Mar 17, 2017 - 7:21pm EDT Post-Fed boost for small-cap stocks may be limited FILE PHOTO: A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S. December 28, 2016. REUTERS/Andrew Kelly/File Photo By Caroline Valetkevitch - NEW YORK NEW YORK Small-cap stocks benefited from a dovish lining to the U.S. Federal Reserve''s decision to raise interest rates this past week, but strategists warn it will take more to make these pricey stocks outperform their larger brethren in the long haul. The Fed on Wednesday raised rates by a quarter of a percentage point, as expected, but did not flag any plan to accelerate the pace of monetary tightening. A less aggressive monetary policy may benefit small-caps, which tend to get hit harder as borrowing costs increase when rates rise. Stocks in the small-cap space rallied after the Nov. 8 election that put Donald Trump in the White House as investors bet Trump''s plans to cut back on regulations and taxes would especially help small companies. That hasn''t panned out in the new year, as they have underperformed the S&P 500 year-to-date. Their near-term performance hinges on how much the profit picture improves, but so far small-cap earnings have yet to rebound in the same way that large caps have. Investors consider small-cap stocks comparatively expensive. "We''re in a show-me state for small caps," said Steve DeSanctis, equity strategist at Jefferies. "We''ve gotten (price-to-earnings) multiple expansion, so you need earnings growth." Fourth-quarter earnings for companies in the small-cap S&P 600 .SPCY were down 1.0 percent from a year ago, while the benchmark S&P 500''s earnings .SPX rose 7.8 percent, Thomson Reuters data show. Analysts expect profit growth for the S&P 600 in the first quarter of 2017, but at a rate still well below that of the S&P 500. The S&P 600 is up just 1.4 percent since Dec. 31, after rising 24.7 percent in 2016. The S&P 500 by comparison has gained 6.2 percent since the start of the year. At 20.4 times forward earnings estimates, the S&P 600 looks expensive compared with its long-term average of 17, Thomson Reuters data showed. The S&P 500 trades at about 17.8 times forward earnings, also above its long-term average. The Russell 2000 , a widely used gauge for small-caps, has a forward price-to-earnings ratio of 25.4, brushing against its highest level since 2009. Its 10-year average sits at 20.7. "Growth and the interest rate trajectory are going to be two key factors," said Dan Suzuki, senior U.S. equity strategist at Bank of America Merrill Lynch in New York. He thinks small caps may have more room to gain in the short run, especially if earnings surprise to the upside, but that valuations remains a negative. On the flip side, rising rates also tend to boost the U.S. dollar, which would have a bigger negative impact on large-cap multinationals as a stronger dollar weighs on offshore revenues when they are translated into the U.S. currency. Investors also worry that any tax reductions under the Trump administration may not come for many months, or even until 2018. "Small-caps generally pay more in terms of U.S. corporate taxes," said Nicholas Colas, chief market strategist at Convergex, a global brokerage company based in New York. "You can somewhat view small-caps as a bit of a proxy for confidence in the tax reduction piece of the Trump economic plan." (Reporting by Caroline Valetkevitch; Editing by Daniel Bases and Leslie Adler) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-stocks-weekahead-idUSKBN16O2VF'|'2017-03-18T06:21:00.000+02:00'
'9fedf3d8eedaabcf668980f7bc49b9b82e3dc76b'|'Japan Aso calls on G20 to reconfirm warning vs excess FX volatility'|'BADEN BADEN, Germany Japanese Finance Minister Taro Aso said on Friday it was "very important" for the Group of 20 economies to reconfirm its warning that excess currency volatility was undesirable for economic stability."I told my G20 counterparts that while the global economy was recovering gradually, downside risks existed so it was important to reconfirm a G20 commitment to use all available tools, individually and collectively, to ensure economic stability," Aso said.Aso said he also told the G20 finance leaders that Japan was ready to mobilise monetary and fiscal policy tools to end deflation.On global trade, Aso said he stressed the importance of having "free and fair rules" on global trade, which have brought prosperity to many economies.Aso made the remarks to reporters after the first day of a two-day gathering of the Group of 20 finance leaders in Baden Baden, Germany.(Reporting by Leika Kihara; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/g20-germany-japan-aso-idINKBN16O2UP'|'2017-03-17T19:56:00.000+02:00'
'72fa2228fa31c22c7d2f793ebddbec7edd97c560'|'Buffett''s pay rises; Berkshire urges rejection of shareholder proposals'|'Business News   6:09pm EDT Buffett''s pay rises; Berkshire urges rejection of shareholder proposals FILE PHOTO - Berkshire Hathaway CEO Warren Buffett plays bridge during the Berkshire annual meeting weekend in Omaha, Nebraska, U.S. on May 3, 2015. REUTERS/Rick Wilking/File Photo By Jonathan Stempel Warren Buffett''s compensation for running Berkshire Hathaway Inc ( BRKa.N ) edged up 4.0 percent last year to $487,881 reflecting the higher cost of keeping the world''s second-richest person safe. Buffett''s pay was disclosed in a Friday regulatory filing, in which Berkshire also recommended the rejection of three shareholder proposals at its May 6 annual meeting, including that it disclose its political contributions twice a year. Berkshire said Buffett''s salary in 2016 was $100,000, the same amount he has received for more than a quarter century, while the cost of providing him with home and personal security services rose to $387,881 last year from $370,244. Buffett, 86, has run Omaha, Nebraska-based Berkshire since 1965, building it into a conglomerate with more than 90 units including Geico insurance, Dairy Queen ice cream and the BNSF railroad. Despite being worth $77.4 billion according to Forbes magazine, Buffett avoids some trappings associated with the rich. For example, he has lived for nearly 60 years in the same Omaha home, on less than three-quarters of an acre, bordering a well-traveled street. Berkshire billionaire Vice Chairman Charlie Munger also drew a $100,000 salary last year, while Chief Financial Officer Marc Hamburg''s pay rose 15 percent to $1.56 million. Executives who run some of Berkshire''s units make more money. They include Berkshire Hathaway Energy Chief Executive Gregory Abel, who made $17.5 million last year. Berkshire said adopting the shareholder proposal from Tom Beers and Mary Durfee on political contributions could expose it to "reputational and business risks" and hurt shareholders. It also said Berkshire units make less than $10 million of such contributions a year, while the parent makes none. Buffett himself was a strong supporter of Democrat Hillary Clinton in last year''s U.S. presidential election. The other shareholder proposals, respectively from Marcia Sage and the Nebraska Peace Foundation, call on Berkshire to report on its efforts to reduce methane emissions, and divest stakes in companies involved in fossil fuels. Berkshire said its gas pipeline and other units already recognize the environmental and cost benefits of minimizing methane emissions, and that it should not restrict its investments "based upon complex social and moral issues." Buffett controls 32.7 percent of Berkshire''s voting power, making it difficult for shareholder proposals to pass without his support. He still owns 17.9 percent of Berkshire''s stock, despite having donated more than $24.3 billion of it since 2006. (Reporting by Jonathan Stempel in New York) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-berkshire-buffett-pay-idUSKBN16O2SW'|'2017-03-18T05:09:00.000+02:00'
'9123fedb3c9c7d7a6c3c79200d72818af73205ca'|'Balfour Beatty returns to annual profit'|' 52am GMT Balfour Beatty returns to annual profit A Balfour Beatty worker walks onto a site in London August 10, 2009. REUTERS/Luke MacGregor Balfour Beatty ( BALF.L ) on Thursday said it returned to annual profit on the back of strong growth in its U.S. construction division and an improved performance from its British business in the second half. The company reported pretax profit from continuing operations before one-off items of 60 million pounds for the year to Dec. 31, marking a rebound from a loss of 123 million a year earlier. Balfour has spent two years overhauling its operations after losses at its construction division in Britain led to multiple profit warnings. The company had to scrap its 2015 dividend, cancel a share buy back and reorganise pension payments. The group reinstated its dividend last summer. "Having simplified the group, we are focussed on our core markets in the UK and US, where governments are committed to large scale expenditure on infrastructure," Chief Executive Leo Quinn said in a statement. Balfour said on Thursday it had reached its target of achieving practical completion on 90 percent of its "challenging" contracts by the end of 2016. Its order book from continuing operations at constant exchange rates rose 15 percent to 12.7 billion pounds. Following the reinstatement of the dividend, the company said it recommended a final dividend of 1.8 pence per share. (Reporting by Esha Vaish in Bengaluru; editing by Jason Neely and Jane Merriman)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-balfour-beatty-results-idUKKBN16N0QE'|'2017-03-16T14:52:00.000+02:00'
'2978d008ce8796ed06777f9c2376d6d6e55d9fc1'|'EnBW buys Engie''s stake in German local utility MVV Energie'|'FRANKFURT German utility EnBW on Thursday said it struck a deal to buy a 6.28 percent stake in local peer MVV Energie from French energy group Engie, which is worth 91 million euros ($97 million) based on MVV''s current market value.The purchase of the stake increases EnBW''s holding in MVV to 28.76 percent, which means it remains the group''s second-largest shareholder after the German city of Mannheim, which hold 50.1 percent in the group.The parties decided not to disclose a purchase price, EnBW said in a statement, adding the transaction was still subject to antitrust authorities.Thinly-traded shares in MVV Energie, whose shareholders also include local utility RheinEnergie were up 1.2 percent following the news. They have gained more than 5 percent so far this year.(Reporting by Christoph Steitz; Editing by Maria Sheahan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-mvv-energie-m-a-enbw-energie-idINKBN16N11F'|'2017-03-16T06:37:00.000+02:00'
'366ea86996b47be62c69cf7566ee4589b68f28e5'|'South Africa''s top court to rule on grants payments case on Friday'|'Company News   12:25pm EDT South Africa''s top court to rule on grants payments case on Friday JOHANNESBURG, March 16 South Africa''s Constitutional Court said it will rule on Friday in a case concerning the unlawful tender of a contract to manage welfare benefits to 17 million people. The Constitutional Court in 2014 ruled that the tender won by Cash Paymaster Services (CPS), a unit of technology company Net1 unit, was illegal. The government had until April 1 of this year to take responsibility for social service payments or find a new provider, but failed to do so. The plaintiffs want the court to take oversight of a new contract, which needs to be settled urgently if April''s benefit payments are to be made on time. (Reporting by Ed Stoddard; editing by Richard Lough) Next In Company News Swatch to launch Swiss smartwatch operating system by 2018 BIEL, Switzerland, March 16 Swatch Group is developing a Swiss-made operating system as it seeks to offer a smaller, more flexible alternative to the dominant systems which connect items such as smartwatches to the internet, its chief executive said on Thursday.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/safrica-welfare-idUSJ8N1GE00C'|'2017-03-16T23:25:00.000+02:00'
'efaeabdbde958fbbbff3ee94bff0553d4661dc5b'|'Brazil''s BR Malls net income falls 464 pct in Q4'|'SAO PAULO, March 15 Brazilian mall operator BR Malls Participações on Wednesday reported an annual 464 percent fall in net income to a negative 147.6 million reais in the fourth quarter as an economic downturn weighed on results.The figure was well below a consensus estimate of a 68.81 million reais net profit compiled by Thomson Reuters. For the first time in history, BR Malls reported a fall in same-store-sales, it said.Earnings before interest, tax, depreciation and amortization (EBITDA), a gauge of operating profitability, fell sharply by 330 percent to a negative 542.3 million reais, missing an estimate of 296.4 million reais positive EBITDA. (Reporting by Ana Mano; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/br-malls-results-idINE6N1FM00O'|'2017-03-15T21:50:00.000+02:00'
'e562f1faeebb652d9dd63095510a1cdad5842792'|'Nikkei slips, thanks to strong yen on Fed view, Fast Retailing''s fall'|' 53pm EDT Nikkei slips, thanks to strong yen on Fed view, Fast Retailing''s fall * Fast Retailing contributes hefty negative points to Nikkei * Financials lower after U.S. yields fall By Ayai Tomisawa TOKYO, March 16 Japanese stocks declined on Thursday, hurt by the dollar''s fall against the yen as the   signalled fewer future rate hikes than many expected and by Fast Retailing Co''s tumble on a media report. The Nikkei shed 0.1 percent to 19,557.35 in midmorning trade. It was mostly pulled down by index heavyweight Fast Retailing, hit by a Nikkei Business Daily report highlighting aggressive global expansion plans of the company''s global rivals. Fast Retailing, the operator of Uniqlo clothing chain, tumbled 1.9 percent and contributed a hefty negative 27 points to the benchmark index. Exporters were dented on a stronger yen, with Toyota Motor Corp falling 0.7 percent, Honda Motor Co dropping 1.0 percent and Panasonic Corp shedding 0.5 percent. The dollar took a hit after the Fed ended its two-day policy meeting on Wednesday by increasing interest rates but stuck to its projections of three total rate hikes in 2017, instead of the four some expected. The dollar, which went as high as 115.195 yen earlier this week, last stood at 113.36. "The Fed was calm, sticking to what it said in its statement in December, but the market went too far expecting a more hawkish stance," said Norihiro Fujito, a senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities. Banking and insurance stocks underperformed, with their sector indexes slipping 0.9 percent and 1.9 percent, respectively, after U.S. Treasury yields fell sharply in reaction to the Fed''s stance. Mitsubishi UFJ Financial Group shed 1.0 percent, Sumitomo Mitsui Financial Group dropped 0.6 percent, Dai-ichi Life Holdings stumbled 3.5 percent, Sompo Holdings declined 1.6 percent and T&D Holdings 3 percent. The broader Topix declined 0.2 percent to 1,568.15 and the JPX-Nikkei Index 400 shed 0.2 percent to 14,048.02. (Editing by Richard Borsuk)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-midday-idUSL3N1GT1B9'|'2017-03-16T09:53:00.000+02:00'
'16c6344b48ae30a0afc0594fe9dc52635e3db2e5'|'LATAM Airlines posts $69 million net profit in 2016 on Brazil gains'|'Company  27pm EDT LATAM Airlines posts $69 million net profit in 2016 on Brazil gains SANTIAGO, March 15 Regional carrier LATAM Airlines posted a net profit of $69 million for all of 2016 and $54 million for the fourth quarter on Wednesday, saying that currency appreciation in key market Brazil boosted its bottom line. The Chile-based operator added that it was reducing its 2016-2018 fleet commitment by $2.2 billion, and maintained its guidance for its 2017 operating margin of between 6 and 8 percent. (Reporting by Gram Slattery; Editing by Sandra Maler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/latam-airlines-results-idUSC0N1FM01T'|'2017-03-16T06:27:00.000+02:00'
'bdc07d04fd82695f574567fdb23ff717f1485b37'|'VTB says Rosneft-led deal to acquire Essar to be completed this month'|'Money   1:42pm IST VTB says Rosneft-led deal to acquire Essar to be completed this month FULL COVERAGE: INDIA ELECTIONS 2017 MOSCOW The acquisition of Indian refiner Essar Oil, led by Russian oil company Rosneft, is set to be completed "in the nearest future, this month", VTB Chief Executive Andrei Kostin told Reuters on Thursday. Rosneft will acquire a 49 percent stake in Essar and another 49 percent will be shared between commodities trader Trafigura and Russian private investment group United Capital Partners. VTB is involved in the financing of the deal. Two Russian sources close to the deal told Reuters last month that the deal was set to be completed on March 15. (Reporting by Denis Pinchuk,; writing by Katya Golubkova,; editing by Dasha Afanasieva) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/russia-essar-vtb-idINKBN16N0U5'|'2017-03-16T15:12:00.000+02:00'
'571704e55dadeacab96df5fd726897d6a454afff'|'GLOBAL MARKETS-Dollar crunched, bonds boosted as Fed goes gradual'|'Business  27pm EDT Dollar crunched, bonds boosted as Fed goes gradual Four thousand U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009. REUTERS/Rick Wilking/File Photo By Wayne Cole - SYDNEY SYDNEY The dollar nursed bitter losses in Asia on Thursday while sovereign bonds savored their biggest rally in nine months after the Federal Reserve hiked interest rates as expected but signaled no pick up in the pace of tightening. The euro got an added bonus when exit polls showed the anti-EU party of Geert Wilders won fewer seats than expected in Dutch elections, soothing fears that public opinion was swinging inexorably toward a break-up of the union. The sigh of relief was heard across Asia as investors had feared faster U.S. hikes and more political upheaval in Europe could spook funds out of emerging markets. "The Fed makes the world safe for risk until June," said CitiFX strategist Steven Englander. "Buy emerging market FX, equities, commodities." Somebody seemed to be listening as gold, copper and oil all rallied as the dollar dropped. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.7 percent to its highest since mid-2015. The Dow .DJI had ended Wednesday with gains of 0.54 percent, while the S&P 500 .SPX added 0.84 percent and the Nasdaq .IXIC 0.74 percent. Japan''s Nikkei .N225 looked set to go the other way as a jump in the yen pressured exporters. Futures pointed to an opening drop of more than 100 points JNIc1. The Fed lifted its funds rate by 25 basis points to a range of 0.75 percent to 1.00 percent, but said further increases would only be "gradual." Crucially, officials stuck to their outlook for two more hikes this year and three more in 2018, when many had expected an accelerated spate of moves. Rather, the Fed said its inflation target was "symmetric," indicating that after a decade of below-target inflation it could tolerate a quicker pace of price rises. That was painful news for bond bears who had built up huge short positions in Treasuries in anticipation of a hawkish Fed. DOLLAR DOLDRUMS Yields on two-year notes US2YT=RR were down at 1.30 percent, having fallen 8 basis points overnight in the biggest daily rally since June last year. They had been at their highest since June 2009. The drop pulled the rug out from the dollar, which sank to a three-week low of 100.540 against a basket of currencies .DXY. The euro was taking in the view at $1.0735 EUR= , having climbed 1.2 percent overnight in its steepest rise since June. The dollar suffered similar losses on the yen to huddle at 113.37 JPY= in early trade. Richard Franulovich, a forex analyst at Westpac, noted history showed a strong positive correlation between the dollar and yields one week after a Fed meeting and the direction and magnitude of the change in the dots from meeting to meeting. "The absence of any overt hawkish guidance from the Fed and their dots should leave the dollar trading on the back foot over the next month," he said. The yen and the Swiss franc tended to move the most in the first week, he added, but the impact tended to be longer lasting on the Australian and Canadian dollars. Indeed, the Aussie currency rose a rousing 2 percent on Wednesday to stand at $0.7710 AUD=D4 . A protracted bout of weakness for the U.S. dollar would be seen as positive for commodities priced in the currency. Spot gold XAU= was up at $1,218.46 an ounce, after enjoying its biggest daily jump since September. U.S. crude futures CLc1 rose 25 cents to $49.11 per barrel, adding to a 2.4 percent gain on Wednesday. Brent LCOc1 stood at $52.00, after rising more than a dollar overnight. (Editing by Richard Borsuk)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-global-markets-idUSKBN16M3C9'|'2017-03-16T06:21:00.000+02:00'
'76dc3b3f626f6376db9a16812c0b720c7e300bc6'|'Bank of England''s Forbes cast sole vote for rate hike, first split since July 2016'|'Business News - Thu Mar 16, 2017 - 12:08pm GMT Bank of England''s Forbes cast sole vote for rate hike, first split since July 2016 A bus passes the Bank of England in the City of London, Britain, February 14, 2017. REUTERS/Hannah McKay By William Schomberg and Andy Bruce - LONDON LONDON A Bank of England policymaker unexpectedly voted to raise interest rates this week and some among the majority who kept them at a record low felt it would not take much for them to follow suit, the BoE said. Kristin Forbes, who is due to leave the British central bank in June, cast the sole vote in favour of raising Bank Rate to 0.5 percent, representing the first split on the Monetary Policy Committee since July of last year. The other eight members of the MPC opted to keep rates at 0.25 percent, signalling no immediate hurry on the part of the BoE to emulate the U.S. Federal Reserve which raised interest rates on Wednesday for the third time since the global financial crisis. Economists taking part in a Reuters poll had expected all nine MPC members to vote to keep rates unchanged. The BoE expects Britain''s economy to grow by a relatively strong 2.0 percent this year after withstanding the Brexit shock in 2016, but then to slow due to uncertainty about the country''s exit from the European Union. Most economists have predicted that the BoE will leave interest rates unchanged until 2019 at the earliest. At their meeting this week, its policymakers mostly felt there were signs that consumers were turning more cautious as wage growth slowed and inflation rose, pushed up by the post-referendum fall in the value of the pound. "Pay growth had remained subdued, consistent with the Committee''s view that some slack remained in the labour market, and there had been some signs that the squeeze in households'' real income growth was feeding through into spending, as expected," the Bank said in minutes of the March MPC meeting. Data published on Wednesday showed annual pay growth slowing to 2.2 percent in the three months to January, heading in the opposite direction to the Bank''s forecast of an increase to 3 percent in 2017 as a whole. However, among the eight-strong majority, "some members noted that it would take relatively little further upside news on the prospects for activity or inflation for them to consider that a more immediate reduction in policy support might be warranted," the minutes said. The BoE''s nine policymakers voted unanimously to make no changes to its bond-buying stimulus programme, in line with the expectations in the Reuters poll. The BoE said in February that some of its rate-setters had "moved a little closer" to their limits for tolerating an overshoot of the Bank''s inflation target, caused by sterling''s slide since June''s Brexit vote. Forbes, who is due to return to her career as a U.S. academic after leaving the BoE in June, had signalled she was getting uncomfortable with keeping rates on hold. Thursday''s minutes showed she felt measures of domestically generated inflation - and not just price pressure from the slump in the value of sterling since last June''s Brexit vote - had increased notably and the expected post-referendum slowdown in the economy had not materialised. Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-boe-idUKKBN16N1IY'|'2017-03-16T19:08:00.000+02:00'
'485a37f9747b3bdc9da545ad6d5aab93a997ec60'|'Money transfer firm could take on Orange mobiles in Senegal - Reuters'|'* Deal gives Wari access to mobiles for money transfer* New company could challenge Orange''s mobile money dominance* Wari to list on West Africa stock exchange after Tigo dealBy Nellie PeytonDAKAR, March 19 When Senegalese money transfer firm Wari agreed to buy the local mobile arm of Luxembourg-based Millicom International Cellular last month, it set the stage to challenge Orange''s hold on mobile phones in French-speaking West Africa.Wari plans to list on the West Africa stock exchange (the BRVM) in Ivory Coast this year, after the $129 million deal to buy mobile operator Tigo from Millicom is done, its CEO told Reuters in an interview.Wari is Senegal''s top money transfer service, a low-cost alternative to Western Union that allows customers to transfer cash and pay bills at gas stations, banks and even roadside stands.The deal will give Wari the capability to transfer money on mobile phones, a rapidly-expanding service that is dominated in the region by French company Orange. Orange has nearly 8 million mobile users in Senegal, twice as many as runner-up Tigo.While the deal will only give Wari a telecoms license in Senegal, it could use it as a starting point for a push for greater competition in other French-speaking countries in West Africa such as Mali, Guinea and Ivory Coast."For the last mile, we needed to be able to connect the population. This is where the idea came from of looking for a telecom vehicle, and we found (it) ... with Tigo," Wari Chief Executive Kabirou Mbodje said.He brushed off a question about Orange."At the end of the day what''s important is do we offer the best services to the population, do we meet their needs, do we design the service to be the most cost-effective. These are the kind of things we''re thinking about, not competition, and then the public will decide," he said.An Orange spokesman declined to comment about competition in West Africa.Mobile money is a sector with deep potential: millions of people in West Africa lack bank accounts and use cash transfers or mobile money for everything from utility bills to receiving pension payments and receiving remittances from families abroad.The number of mobile money transaction points in West Africa grew twice as fast in 2015 as in any other region in the world.Mbodje estimated the company will be worth "a couple of billion dollars" when listed, a process he said he has started.An official at the BRVM told Reuters it had not yet received an application. The Tigo deal, announced last month, must still be approved by Senegalese authorities.CHANGING MARKETMbodje has a relevant background for trying to capture some market share from Orange. He studied telecommunications in France and then launched several digital start-ups before creating Wari in Senegal in 2008.Wari has grown rapidly and now operates in 62 countries including 40 in Africa, with a particularly strong presence in Senegal and its West African neighbours.Orange, formerly France''s national network France Telecom, has dominated telecoms in Senegal and other former French colonies in Africa for years. It is still expected to stay the market leader for home internet and fixed line phones which Tigo does not offer.But experts say it could lose ground in mobile phones."Orange should be worried," said West Africa IDC analyst Oluwole Babatope. "The market is changing. You need to be very strategic and understand the terrain."Orange''s mobile market share fell from 56 to 52 percent in 2016, according to the Senegalese telecoms regulator, while Tigo''s grew from 22 to 26 percent. A third player, West African company Expresso, a subsidiary of Sudan''s Sudatel, also gained ground. A deputy Orange CEO told Reuters last month that revenue growth had halved last year across the Middle East and Africa and he expects slow growth this year.Nevertheless, the company is still growing in Africa. Orange completed its rebranding of Bharti Airtel''s mobile business in Burkina Faso last week after buying it last year. It also completed an acquisition of Tigo in the Democratic Republic of Congo last year."WARI ME MONEY"Orange highlights Orange Money, the rival to Tigo Cash, as a new business driver. It was almost 30 percent of turnover growth for its West African partner firm Sonatel in 2016, Sonatel''s latest report says." is not thinking about a telco in terms of voice and data. They see mobile money as where the growth is," said Moussa Dabo, a Dakar-based investment officer at AFIG Funds.He said Orange''s hold on the market will be hard to beat because it has better infrastructure even though Tigo will likely be strengthened by the acquisition.Adding to its challenges, Orange Money had to suspend transfers between France and three West African countries in February, when West Africa''s central bank said it was not authorised to transfer money outside the currency zone, the bank said this week.Mbodje said the Wari brand will be Tigo''s main strength. "Wari me money" is a common phrase in Senegal, where many professionals send money back home to poorer rural relatives.Boubacar Ndiaye, a 45-year-old taxi driver in Dakar, said he uses both Orange Money and Wari for money transfers in the capital, but Wari is the only one present in his home village."Orange is the good network," he said. But when he learned that Tigo was Senegalese-owned, he said he would buy a sim card and use both."A man has to be proud of his country," he said. (Reporting by Nellie Peyton; Additional reporting by Mathieu Rosemain in Paris and Loucoumane Coulibaly in Abidjan; Editing by Edward McAllister, Tim Cocks and Anna Willard)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/africa-telecoms-idINL5N1GN13B'|'2017-03-19T05:00:00.000+02:00'
'855a18ed0223def189e53d2c3cabe6513a9065d1'|'UPDATE 1-Brazil''s Camargo selling cement unit -Globo newspaper'|'(Adds Cemex declining comment, paragraph 7)RIO DE JANEIRO, March 19 Camargo Correa SA, the Brazilian family-owned conglomerate that exited several businesses over the past year, has put a cement unit up for sale, a column in newspaper O Globo reported on Sunday.According to Globo columnist Lauro Jardim, Camargo Correa values the unit known as InterCement SA at about 20 billion reais ($6.47 billion).The conglomerate has received offers from Mexico''s Cemex SAB and another, unnamed Latin America-based cement producer, the column said.Jardim''s column did not specify if the bids for InterCement were non-binding or how advanced the process may be.A Camargo spokesman declined to confirm the report and said in an emailed statement that "the group is not pursuing any asset divestitures."The spokesman said its sale last June of a controlling stake in power holding company CPFL Energia SA was "the end of a process of repositioning the group''s asset portfolio."A Cemex spokesman said the company did not comment on speculation.In order to reduce debt, the billionaire family that controls Camargo Correa has been quickly disposing of business lines it no longer wants.As part of those efforts, the Camargos in recent years have discussed fully or partially selling InterCement. The CPFL sale and a December 2015 sale of fashion brand Alpargatas SA raised about $2.8 billion for the group.Reuters reported on Dec. 8 that Camargo Correa was considering disposing of a partial stake in Loma Negra Cia Industrial SA, Argentina''s No. 1 cement producer and part of InterCement.InterCement is Brazil''s No. 2 cement producer and a leading producer in Portugal, Mozambique and Cape Verde.Two people familiar with Camargo Correa''s strategy told Reuters in August that the conglomerate tried to sell a minority stake in InterCement a couple of years ago and also considered a listing of the company outside Brazil.Camargo Correa, whose engineering unit was one of several big Brazilian builders ensnared in a massive corruption probe related to business with state companies, has been recovering rapidly from the adverse effects of the scandal, in which it sought a plea deal. (Reporting by Guillermo Parra-Bernal in Sao Paulo; Additional reporting by Gabriel Stargardter in Mexico City; Editing by Phil Berlowitz and Peter Cooney)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/camargo-brazil-cement-idUSL2N1GW0HP'|'2017-03-19T22:32:00.000+02:00'
'a74604b5949a0b607ac59414861015ac2eb05aeb'|'China calls on Brazil to take stricter safety measures on food shipments'|'Health  23pm GMT China calls on Brazil to take stricter safety measures on food shipments A veterinarian analyses a piece of meat collected by Public Health Surveillance agents during an inspection of supermarkets, at a veterinary laboratory with the public health department in Rio de Janeiro, Brazil, March 20, 2017. REUTERS/Ricardo Moraes By Dominique Patton - BEIJING BEIJING China on Tuesday called on Brazil to take stricter safety measures in its food shipments, as Brazilian officials scrambled to limit the fallout from a corruption scandal that led Beijing to suspend meat imports from its top supplier. China this week suspended imports of all Brazilian meat following a scandal in the South American country over the alleged bribery of health officials to allow the sale of tainted meat. "China is concerned by the quality problems of some meat products in Brazil," foreign ministry spokeswoman Hua Chunying told reporters. "We hope that the Brazilian side will conduct a thorough investigation of the case...and take more stringent measures to ensure safe and reliable food exports to China." She declined to comment on when the temporary ban on Brazilian meat imports might be lifted. That decision will be made by China''s Administration of Quality Supervision, Inspection and Quarantine (AQSIQ). Senior Brazilian government officials spoke with AQSIQ''s vice minister about the issue in a video conference on Tuesday, said a source briefed on the matter. The meeting was the highest level discussion yet between the two nations, underscoring the urgency with which Brazil and China want to avoid further disruption in trade. The source, who asked not to be named because of the sensitivity of the information, did not elaborate on the meeting. AQSIQ did not immediately respond to a request for comment. Brazil is the top supplier of beef to China, accounting for about 31 percent of its imports in the first half of last year. The second supplier, Australia, is still rebuilding its herd after drought and is not seen to be able to meet China''s fast-growing demand. The South American country also supplies more than 85 percent of China''s poultry meat imports, according to the United States agriculture department. Other major producers, such as the United States and some smaller European markets, are banned from supplying to China due to bird flu outbreaks. (Reporting by Dominique Patton; Editing by Randy Fabi) Next In Health News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-brazil-corruption-food-china-idUKKBN16S1EL'|'2017-03-21T19:22:00.000+02:00'
'f6e6df13a55b247867c9513d1b059d40bd047078'|'Anglo American readies bond market return'|'LONDON, March 21 (IFR) - Anglo American is poised to sell its first public bond since it was stripped of its investment-grade status last year following the shock capitulation of global commodity prices.The mining company, rated Ba1/BB+, is expected to sell a US dollar and/or euro-denominated bond on Wednesday, after holding investor calls this week.It is actually seeking to reduce its net debt and will also conduct a liability management exercise to buy back some of its euro, sterling and US dollar notes.Anglo American''s euro bonds lost as much as 48 points when its relegation to junk in February 2016 triggered a wave of forced selling from investment-grade accounts.But some investors say they are ready to rebuild a position in anticipation that the company will soon regain its investment-grade status."We like the credit, but it''s a tricky one to pinpoint because it''s looking less like high yield and more like IG again," one investor said."We''ve been gradually building a position in our HY portfolio and are ready to take on more for our IG/crossover bucket on expectations of it being upgraded to investment-grade by year-end," the investor said.The company was upgraded by Moody''s to Ba1 with positive outlook in earlier this month, from Ba2, to reflect its improving credit profile and accelerated debt reduction, the agency said."Anglo''s ability to affirm its financial policies, including the dividend policy, will play a key part in sustaining the improved financial profile and higher ratings," said Elena Nadtotchi, senior credit officer and the lead analyst for Anglo at Moody''s, earlier this month.S&P also has a positive outlook on its BB+ rating.COMMODITY COMEBACKAnglo American paper has recovered strongly over the last year following a rebound in global mining prices. Its €750m 3.25% Apr 2023 bond is bid at a cash price of 107.06 compared with lows of 59 in January 2016, according to Tradeweb.A lead banker said this recovery boosted the rationale for them to return to the market."We''ve seen a bigger bid for the commodity names lately, so Anglo saw the LM exercise as a great way to bring investors up to date on their funding strategy."Last September, Glencore attracted €5.8bn of orders, its biggest ever book, for its first euro deal after concerns in September 2015 over the company''s financial health caused its bonds and stock to plummet.The commodity trader is selling a 10-year bond in the US dollar market on Tuesday, its first US dollar issue in two years, according to IFR data.Investors and bankers working on the Anglo American deal are looking at Glencore, rated Baa3/BBB (Moody''s/S&P), as a pricing comparable.Glencore''s 1.875% Sept 2023 paper is bid at 115bp over mid-swaps, versus Anglo''s Apr 2023s, bid at plus 156bp."There''s a good 40bp pick up in buying Anglo versus Glencore, which you would partly expect because the latter is better rated," the investor said."But if Anglo is on that IG trajectory, and we think it is, you will soon see a further spread compression, so it could be a good buying opportunity."Anglo has been de-leveraging its balance sheet since early 2016. In February of that year, it bought back around €1.6bn-equivalent of short-dated euro, sterling and US dollar bonds, which cut its debt pile by US$190m.The borrower has mandated Citigroup and Morgan Stanley as joint global coordinators to arrange the investor calls.Citigroup, Credit Suisse, Goldman, Sachs, Morgan Stanley, and UBS were hired for the potential US dollar transaction, and Barclays, BBVA, Citigroup, Morgan Stanley, Santander for the potential euro-denominated part.Any US dollar notes will be five- to 10-years, while any euro portion will be an intermediate tenor and a single tranche transaction. (Reporting By Laura Benitez, editing by Sudip Roy and Alex Chambers)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/anglo-american-bond-bonds-idUSL5N1GY24C'|'2017-03-21T18:05:00.000+02:00'
'956e67875b61c91efeecb7de8dfe05967d5a5fe4'|'Puerto Rico''s defaulted debt at record low as recovery rate, legal battle weigh'|'NEW YORK Puerto Rico''s benchmark government bond slumped to an all-time low on Monday after competing groups of bondholders stepped up their legal battle over who should be paid first out of a smaller-than-expected pool of cash.Benchmark Puerto Rico general obligation (GO) debt maturing in 2035 and carrying an 8 percent coupon, fell 5.15 points in price to 61.35 on Monday, according to Thomson Reuters data. 74514LE86=MSRB.The U.S. commonwealth is in the midst of trying to pull itself out of a financial quagmire that leaves it with $70 billion in debt it cannot pay without a massive restructuring.It is also fighting a 45 percent poverty rate and islanders fleeing for the mainland in search of a better life.The debt, which has been in default since last year when the U.S. Congress passed a rescue law known as PROMESA that suspended debt payments, has dropped 11.4 points in price since a new fiscal rescue plan was accepted on March 13. Defaulted debt trades more like an equity and is not typically Quote: d with a yield.Investor sentiment turned more negative when so-called COFINA bondholders, whose debt is backed by sales tax revenue, asked a federal judge in San Juan on Sunday to deny the GO bondholder group''s effort to stop the island''s government from making payments on COFINA debt.GO debt traditionally is considered senior to all other debt obligations as it is backed by the good faith and credit of a municipality. A larger amount of COFINA debt is held on the island than GO debt, which is held widely in U.S. municipal bond portfolios.The Financial Oversight and Management Board for Puerto Rico, established by the PROMESA law, certified a revised fiscal turnaround plan on March 13 that set aside less money for servicing debt payments than originally planned.A lower-than-expected amount of money set aside to service debt under the new plan, $800 million per year versus $1.2 billion a year over a 10-year period, puts the recovery rate for bondholders, in aggregate, around 30 cents on the dollar, according to analysts."The most liquid bond prices have dropped after the acceptance of the fiscal plan by the PROMESA board and the recovery rate being on the low side," said Joe Rosenblum, director of municipal credit research at AllianceBernstein in New York. "I''m not making a comment on whether it is correct or final, but at least sets up from Puerto Rico''s side a much lower recovery rate.""That is carrying forward and over the weekend the COFINA creditors committee went hard against the GO bondholders. We knew all along that was going to be a tough battle," he added.Municipal analysts at Barclays Capital estimated that even if 100 percent of the additional revenue and expense measures are met, "the debt stack would need to be reduced to about 31 percent in order to achieve a stable debt-to-GNP ratio.""We assume exit yields of $4.9 percent post restructuring, consistent with where 10 year single-B high yield municipal bonds trade," Barclays said in a March 15th research note.(Editing by Bernadette Baum and Chizu Nomiyama)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-puertorico-debt-idUSKBN16R2B3'|'2017-03-20T22:20:00.000+02:00'
'103ceabe725e2e5d87dca29e025fbeab58899962'|'Israel''s Ratio secures $400 mln to fund Leviathan natgas project'|'JERUSALEM, March 21 (Reuters) -* Ratio Oil said on Tuesday it has secured up to $400 million to finance its share in the development of the large Leviathan natural gas field offshore Israel.* Ratio holds a 15 percent stake in Leviathan, together with Israel''s Delek Group, which has a 45.34 percent share and operator Noble Energy, which holds a 39.66 percent stake.* The partners have approved a first-phase budget of $3.75 billion dollars.* Ratio said it signed financing agreements with a consortium of local and foreign groups, including HSBC and BNP Paribas. (Reporting by Ari Rabinovitch)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/ratio-oil-expl-funding-leviathan-idINL5N1GY38C'|'2017-03-21T09:02:00.000+02:00'
'ddc5d26741073d7efc4206bb116a8d64581c078a'|'Fiat Chrysler boss says waiting in anticipation to meet VW chief'|'GENEVA, March 21 Fiat Chrysler Chief Executive Sergio Marchionne said on Tuesday he was looking forward to meeting Volkswagen boss Matthias Mueller to discuss a possible tie-up between the two carmakers but added he hadn''t seen his counterpart in six to seven months.Marchionne has long advocated car industry mergers to share the costs of making cleaner and more technologically advanced vehicles and has repeatedly relayed his desire via the media.His comments on Tuesday came in response to a question about Mueller''s suggestion last week that he did not rule out merger talks between the German and Italian-American car manufacturers."We are waiting with anticipation," Marchionne told journalists on the sidelines of a meeting in Geneva."There are 4-5 of us (carmakers) at the global level, if something needs to be done, it will be done. I haven''t seen Mueller in 6-7 months, but I will go find him at the first opportunity."The manager said his company''s first quarter was going in line with expectations. He added the group was working with the authorities in the United States to understand how the new system for emissions regulations will work. (Reporting by Stefano Rebaudo, writing by Agnieszka Flak)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/fiatchrysler-volkswagen-idINI6N1GT00N'|'2017-03-21T11:53:00.000+02:00'
'307a490eac9fd981d439557b96f7633ba5b466bd'|'Porsche SE has no information about Piech''s stake sale talks'|'STUTTGART, Germany Porsche SE ( PSHG_p.DE ), Volkswagen''s majority shareholder, said it has no information about former VW chairman Ferdinand Piech''s talks with the carmaker''s controlling families about a possible sale of his stake."We are only informed about the fact that talks are happening," Porsche SE chief executive Hans Dieter Poetsch said on Tuesday at the company''s earnings press conference."We cannot even say whether there will be a result."Should the negotiations of the Porsche and Piech families to buy a substantial part of Piech''s 14.7 percent stake in Porsche SE succeed, such a move would have no impact on the holding company''s ownership structure, Poetsch said."There will be no change to the fact that the voting shares will be held by the Porsche and Piech families," the CEO said.Porsche SE is the group through which the billionaire Porsche and Piech families control 52.2 percent of the voting shares in Volkswagen (VW), which is still dealing with the effects of its diesel emissions scandal.Separately, VW chief executive Matthias Mueller said he has had no discussions to date with Fiat Chrysler Automobiles ( FCHA.MI ) boss Sergio Marchionne about a possible tie-up.Last week, the VW CEO left the door open to a potential merger with Fiat Chrysler, saying Europe''s biggest automotive group was more open to partnerships than in the past.(Reporting by Andreas Cremer; Editing by Harro ten Wolde)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-porschese-piech-idINKBN16S17I'|'2017-03-21T08:19:00.000+02:00'
'4b8d48c931e4c3acdfb55380026ce1faef6a054f'|'StanChart keeps best lending rate at 5.25 percent in Hong Kong'|'Business News - Thu Mar 16, 2017 - 4:34am GMT StanChart keeps best lending rate at 5.25 percent in Hong Kong A Standard Chartered logo at its headquarters is seen through a window with raindrops, in Hong Kong, China August 4, 2016. REUTERS/Tyrone Siu/File Photo HONG KONG Standard Chartered ( 2888.HK ) ( STAN.L ) said on Thursday it would keep its best lending rate unchanged at 5.25 percent in Hong Kong, even after the central bank raised its benchmark interest rate by a quarter point for the second time in three months. The Hong Kong Monetary Authority earlier on Thursday raised the base rate charged through its overnight discount window by 25 basis points to 1.25 percent, following a similar move by the U.S. Federal Reserve. HSBC Holdings ( 0005.HK ) ( HSBA.L ) also said it would maintain its best lending rate at 5 percent in Hong Kong. (Reporting by Sumeet Chatterjee; Editing by Sherry Jacob-Phillips) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-stanchart-hongkong-fed-idUKKBN16N0EF'|'2017-03-16T11:34:00.000+02:00'
'ba8a8dc68c3501bbe5d01c71e3e4cf06ef78848f'|'Futures flat ahead of economic data'|' 33am EDT Futures flat ahead of economic data Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 8, 2017. REUTERS/Brendan McDermid By Anya George Tharakan U.S. stock index futures were little changed on Friday as investors looked for fresh catalysts after the U.S. Federal Reserve raised interest rates for the first time this year. Finance ministers and central bank heads from the Group of 20 major economies meet in Germany for two days to discuss the world economy. Members are likely to renounce competitive devaluations and warn against exchange rate volatility, but have not yet found a common stance on trade and protectionism, according to a draft statement of their meeting. Investors are now turning their attention to economic data, while seeking more clarity on President Donald Trump''s proposed policies such as tax cuts and looser regulations. A report from the Federal Reserve is expected to show that industrial production rebounded by 0.2 percent in February after falling 0.3 percent the previous month. The data is due at 9:15 a.m. ET (1315 GMT). Wall Street slipped on Thursday, pressured by healthcare shares as traders cashed in gains from one of the best performing sectors so far this year. Among stocks, Valeant ( VRX.N ) was up 4.5 percent at $11.70 in premarket trading after ValueAct Capital raised its stake in the drug company. Tiffany''s ( TIF.N ) shares rose 1.4 percent to $91.20, after the company posted its second straight rise in quarterly revenue, boosted by strong demand for its high-end jewelry in Japan and China. Adobe ( ADBE.O ) shares were up 5.6 percent at $129.15 after the company posted better-than-expected quarterly results, buoyed by demand for its Creative Cloud package of software tools, which includes Photoshop. Futures snapshot at 7:11 a.m. ET: Dow e-minis 1YMc1 were up 19 points, or 0.09 percent, with 1,785 contracts changing hands. S&P 500 e-minis ESc1 were up 0.25 points, or 0.01 percent, with 18,918 contracts traded. Nasdaq 100 e-minis NQc1 were up 5.25 points, or 0.1 percent, on volume of 2,001 contracts. (Reporting by Anya George Tharakan and Yashaswini Swamynathan in Bengaluru; Editing by Anil D''Silva) Next In Business News Last RBS investor group held settlement talks over 2008 cash call : sources LONDON Lawyers representing tens of thousands of Royal Bank of Scotland shareholders have held tentative talks to settle a 1.2 billion pound ($1.5 billion) damages claim over the lender''s 2008 rights issue that was launched shortly before a state bailout, two sources said. Exclusive: China''s LeEco, Tesla wannabe, to sell Silicon Valley site amid cash crunch - sources HONG KONG Chinese technology conglomerate LeEco is looking to sell a 49-acre U.S. Silicon Valley property less than a year after buying it from Yahoo Inc, sources said, in what is the latest effort by the firm to ride out a cash crunch. BRUSSELS Social media companies Facebook Inc, Alphabet Inc and Twitter Inc will have to amend their terms of service for European users within a month or face the risk of fines, a European Commission official said on Friday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-stocks-idUSKBN16O1DZ'|'2017-03-17T18:33:00.000+02:00'
'c9503cda14a7489823355e607524da6a748a1eb4'|'EU consumer authorities to take on Facebook, Google, Twitter'|'Business   9:39pm GMT EU consumer authorities to take on Facebook, Google, Twitter Facebook logo is seen at a start-up companies gathering at Paris'' Station F in Paris, France, January 17, 2017. REUTERS/Philippe Wojazer By Julia Fioretti - BRUSSELS BRUSSELS European consumer protection authorities will ask social media companies Facebook ( FB.O ), Google ( GOOGL.O ) and Twitter ( TWTR.N ) to amend their terms of service within one month or possibly face fines, a source familiar with the matter said on Thursday. The authorities sent letters to the companies in December telling them that some of their terms of service broke European Union consumer protection law and that they needed to do more to tackle fraud and scams on their websites. Some of the terms criticised by the authorities include not allowing users to go to court in their country of residence but requiring them to go to a California court where the companies are based, according to the letters seen by Reuters. Other examples include not identifying sponsored content clearly, requiring consumers to waive mandatory rights such as the right to cancel a contract, and an excessive power for the companies to determine the suitability of content generated by users, according to the letters. In the case of Google, the concerns were about its social network Google+. Google, Facebook and Twitter were not immediately available for comment. The companies proposed some solutions to solve the issues and discussed them with the authorities on Thursday, the person said, adding that the meeting was constructive. The authorities are being supported by the European Commission - the EU executive - and could impose fines if they are still not satisfied. U.S. tech companies have faced tight scrutiny in Europe for the way they do business, from privacy to removing illegal or hateful content quickly. The authorities also proposed setting up a standard communication channel with the companies whereby they could notify them of content deemed illegal and the action requested, according to the letters. (Reporting by Julia Fioretti; Editing by Robin Pomeroy) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-socialmedia-eu-consumersconsumers-idUKKBN16N2Z3'|'2017-03-17T04:39:00.000+02:00'
'a80e8e0e69ff2437a4b9e713a4c55fd7e365ed39'|'Japan minister agrees to share Toshiba case information with U.S. -Kyodo'|'Company News  15pm EDT Japan minister agrees to share Toshiba case information with U.S. -Kyodo WASHINGTON, March 16 Japan''s industry minister said on Thursday he had agreed with the U.S. energy and commerce secretaries to share information on developments involving Toshiba Corp and its troubled U.S. nuclear affiliate, Westinghouse Electric Co., Japan''s Kyodo news agency reported. Toshiba Corp said on Tuesday it was ''actively considering'' a sale and other strategic options for Westinghouse, as it expanded a probe into problems there that caused the parent group to miss an earnings deadline for a second time. The Japanese conglomerate said it believed it could find buyers for a majority stake in Westinghouse but sidestepped questions about a potential Chapter 11 filing for the unit, saying only there were various options. Sources have said bankruptcy lawyers have been hired as an exploratory step. Kyodo said Hiroshige Seko, Japan''s minister of economy, trade and industry, told Japanese reporters after talks in Washington with U.S. Energy Secretary Rick Perry and Commerce Secretary Wilbur Ross that he had agreed with them to share information about developments in the case. According to Kyodo, Seko said the U.S. Cabinet members had said they considered the fiscal stability of Toshiba extremely important. Kyodo said Seko had a separate meeting Thursday with Gary Cohn, director of the White House National Economic Council. The U.S. commerce and energy departments and the NEC did not respond to requests for comment. Seko was on a one-day visit to prepare for a high-level bilateral economic dialogue due to start next month led by Japanese Deputy Prime Minister Taro Aso and U.S. Vice President Mike Pence. A sale of Westinghouse would represent the latest in a series of steps Toshiba is taking to grapple with losses stemming from the nuclear unit''s ill-fated purchase of a U.S. nuclear power plant construction company in 2015. Toshiba has already put up most or even all of its memory chip business for sale to cope with an upcoming $6.3 billion writedown for the nuclear business and to create a buffer for potential losses down the road. Westinghouse has been plagued by huge cost overruns at two U.S. projects in Georgia and South Carolina and liabilities related to those projects mean it is unlikely to be an easy asset to sell, despite attractive technology. Westinghouse has been negotiating a multi-billion dollar deal to build six nuclear reactors in India after a 2008 civil nuclear accord, a deal supposed to showcase a new era of economic and strategic cooperation between the United States and India. (Reporting by David Brunnstrom; additional reporting by Timothy Gardner) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/toshiba-accounting-westinghouse-idUSL5N1GT7PF'|'2017-03-17T05:15:00.000+02:00'
'b958aad3fe01ca31d161876cb4554188c888bbd0'|'Germany''s DIHK says ''hard Brexit'' would severely hit German economy'|'  1:07pm GMT Germany''s DIHK says ''hard Brexit'' would severely hit German economy BERLIN The impact of a "hard Brexit" on Germany would be severe, the president of Germany''s DIHK Chambers of Industry and Commerce said in a media interview published on Saturday. Eric Schweitzer told the Funke media group that Britain was Germany''s third most important export partner and shipments had already dropped by nine percent in the fourth quarter. He said the European Union should take a tough line in Brexit negotiations with Britain. "EU membership is based on the free movement of services, goods, capital and workers ... Britain now wants to benefit from the first three but do away with the free movement of workers and that''s not possible, above all because there could then be copycats," Schweitzer said. Britain, which voted last June to quit the EU, is about to start two years of tough exit negotiations with the bloc. German Chancellor Angela Merkel has repeatedly said that post-Brexit Britain can only get access to the EU''s Single Market if it accepts the freedom of movement of workers. (Reporting by Michelle Martin; Editing by Stephen Powell) Next In Business News Beijing, Saudi Arabia agree to more oil cooperation, exports to China BEIJING China and Saudi Arabia will increase their cooperation in the oil sector, including in Saudi oil exports to China, the two countries said in a joint communique issued on Saturday at the end of Saudi Arabian King Salman''s visit to Beijing. No free trade endorsement likely in G20 communique: G20 officials BADEN BADEN, Germany The world''s financial leaders are unlikely to endorse free trade and reject protectionism in their communique on Saturday because they have been unable to find a wording that would suit a more protectionist United States, G20 officials said. BERLIN European Commission President Jean-Claude Juncker warned in a newspaper interview that a trade war between the United States and Europe would not be good for either. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-eu-germany-idUKKBN16P0G3'|'2017-03-18T20:06:00.000+02:00'
'0725bdee38bf283b70a56c77b408c8a783631c10'|'Argument with Ikea about its strange logistics come to a head - Money'|'I went to Ikea’s Croydon store in December to buy a £20 shower head. I ordered it, paid for it at the check-out, then went to collections – but was told there that the order is only activated when paid for, so I had to wait 20 minutes for it to be brought out. I then found there would be a further delay. I asked to cancel and was told this was not possible. I returned to the till to ask for the sum to be refunded to my credit card. This was also refused and I was directed to the returns counter. Here I was told that there would be a 35-minute wait so I decided to email a request for my £20. Nothing happened. After Christmas I phoned customer service and was told that a refund could only be issued if I made the long journey to the store. I can only think that it must be a deliberate policy to make a simple operation so difficult that customers give up. CM, London This reminds me of the reader who tried to order three Ikea footstools. He was told he would have to make two trips to buy them because, although 21 were in stock, only two were allowed to be on the shelves at any one time and pre-ordering wasn’t possible.It would appear that logistics haven’t changed. Ikea investigates only when I involve the press office which tells me: “We naturally want all of our customers to be happy with the service they receive and we have been in direct contact with the customer to apologise. We have since resolved this to their satisfaction.”In fact its contrition – or could that be fear of bad publicity – ends up far outweighing your loss. Not only does it fathom a way to refund you remotely, it also returns the £29 you spent on other goods that day and sends a £30 gift card with no expiry date so you don’t need to hurry back to Croydon.This might be heartwarming except you would never have got this far if you hadn’t gone to the press, and who knows how many others may have fallen victim to the store’s bizarre logic.If you need help email Anna Tims at your.problems@observer.co.uk or write to Your Problems, The Observer, Kings Place, 90 York Way, London N1 9GU. Include an address and phone number. Topics Consumer rights Your problems with Anna Tims Consumer affairs Ikea Retail industry features  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/mar/16/ikea-stock-order-cancel-refund'|'2017-03-16T14:00:00.000+02:00'
'b8726e4b484b3ece4988392020f71aaffe356a04'|'Slovenia says car parts firm Magna may invest up to $1.3 billion'|'By Marja Novak - LJUBLJANA LJUBLJANA Car parts maker Magna International ( MG.TO ) has submitted a plan to potentially invest up to 1.24 billion euros ($1.3 billion) in Slovenia and create around 6,000 jobs, the government said on Thursday."The final goal is the establishment of an entirely functional car plant in Slovenia with capacity of 100,000 to 200,000 vehicles per year," the government said in a statement.It said the proposed investment would be in four phases, without giving a timeframe or any indication of when a final investment decision might be made.Magna said in January it would build a new paint shop in Slovenia, creating around 400 jobs. A spokesman told Reuters on Thursday that investment had been confirmed, but did not comment on the rest of the plan.The Canadian firm, which makes parts for most of the world''s auto makers and also assembles vehicles under contract, said in December it was considering building a new plant in Europe as its Austrian factory runs out of capacity.Slovenia''s center-left government is eager to attract more foreign investment to reduce unemployment and boost growth.Data on Thursday showed Slovenia''s jobless rate rose to 11.2 percent in January from 10.8 percent the month before.The government said on Thursday it would provide a total of around 25 million euros of financial support to three industry investment projects, including Magna''s.It awarded 18.6 million euros to Magna and 5.7 million euros to Japanese electrical equipment firm Yaskawa ( 6506.T ), which is building a new robot factory in the country.It also announced 580,000 euros for a Slovenian unit of British engineer GKN ( GKN.L ) for a new production line of car parts for Mercedes and Volvo cars.($1 = 0.9321 euros)(Reporting by Marja Novak; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-slovenia-magna-idINKBN16N2F9'|'2017-03-16T13:49:00.000+02:00'
'687063ed88aa9fb9889c87611dc79af8549f23d1'|'UPDATE 1-Wells Fargo, RBS, Deutsche Bank in $165 mln NovaStar settlement'|'(Adds denial of wrongdoing, legal fees)By Jonathan StempelNEW YORK, March 15 Wells Fargo & Co, Royal Bank of Scotland Group Plc and Deutsche Bank AG have reached a $165 million class-action settlement over their underwriting for the now-bankrupt subprime lender NovaStar Mortgage Inc.It resolves claims that offering materials prepared by the banks misled investors into believing that loans underlying roughly $7.55 billion of NovaStar mortgage-backed securities they bought were properly underwritten, and were safe.The accord was made public on Wednesday, and requires approval by U.S. District Judge Deborah Batts in Manhattan.The defendants denied wrongdoing in agreeing to settle.NovaStar had specialized in lower-quality residential mortgages, including many packaged into what proved to be risky securities issued in 2006 and 2007.The company filed for Chapter 11 protection last July, and is not contributing to the payout.Steven Toll, a lawyer for investors led by the New Jersey Carpenters Health Fund, said participants in the settlement are expected to receive about 3.1 cents per dollar of face value.He said that exceeded recoveries in similar settlements involving Bank of America Corp, IndyMac Bancorp Inc, JPMorgan Chase & Co, Morgan Stanley and others."This is a significant recovery," Toll, a partner at lead counsel Cohen Milstein Sellers & Toll, said in an interview. "Thousands of workers associated with the New Jersey fund and others are going to benefit."Holders of $2.2 billion of the NovaStar securities are not expected to join in the settlement.The plaintiffs'' lawyers plan to seek legal fees of up to $46.2 million, or 28 percent of the settlement amount, plus up to $3.5 million for expenses, according to settlement papers.Hundreds of lawsuits have been filed nationwide against banks over mortgage securities sold prior to the 2008 financial crisis. The NovaStar settlement is one of the last remaining private class actions of this type to settle.The case is New Jersey Carpenters Health Fund vs Royal Bank of Scotland Group Plc et al, U.S. District Court, Southern District of New York, No. 08-05310. (Editing by Jonathan Oatis and Jeffrey Benkoe)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/novastar-decision-idINL2N1GS0MS'|'2017-03-15T10:57:00.000+02:00'
'1d60ac884a517a300d1373b671bbcf315ab65f41'|'Unilever prepares 6 billion pound sale of food brands: newspapers'|'Business News - Sat Mar 18, 2017 - 6:17pm EDT Unilever prepares 6 billion pound sale of food brands: newspapers The company logo for Unilever is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 17, 2017. REUTERS/Brendan McDermid LONDON Unilever ( ULVR.L ) ( UNc.AS ) is preparing a 6 billion pound ($7.44 billion) sale of some of its food brands, British newspapers reported on Saturday, without citing sources. The Anglo-Dutch company is planning to sell Flora margarine and Stork butter brands, the Sunday Times said. The Sunday Telegraph, which also cited a 6 billion pounds figure, said unnamed parties were preparing to buy the brands. The maker of Knorr soups, Dove soap and Ben & Jerry''s ice cream rebuffed a surprise $143 billion takeover offer from Kraft Heinz ( KHC.O ) last month. The company has launched a business review to consider returning cash to shareholders, making medium-sized acquisitions and more aggressive cost cuts, the Financial Times reported on Wednesday. (Reporting by Andy Bruce; Editing by James Dalgleish) Next In Business News Missing from Trump''s grand Navy plan: skilled workers to build the fleet WASHINGTON U.S. President Donald Trump says he wants to build dozens of new warships in one of the biggest peace-time expansions of the U.S. Navy. But interviews with ship-builders, unions and a review of public and internal documents show major obstacles to that plan.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-unilever-sale-idUSKBN16P0UH'|'2017-03-19T05:17:00.000+02:00'
'6a0318b0f3d7bdfe4f7823d759c4ad375b77706d'|'Interview: G20 review of banking rules no rollback of regulation - Weidmann'|'Money News   7:34pm IST Interview: G20 review of banking rules no rollback of regulation - Weidmann German Bundesbank President Jens Weidmann addresses a news conference at the G20 Finance Ministers and Central Bank Governors Meeting in Baden-Baden, Germany, March 18, 2017. REUTERS/Kai Pfaffenbach By Gernot Heller - BERLIN BERLIN Finance leaders of the world''s top economies have agreed to review banking rules, but this does not automatically mean hard-fought financial market regulation will be rolled back, Bundesbank President Jens Weidmann told Reuters on Sunday. The new U.S. administration has argued that excessive bank regulation is holding back lending and economic growth, raising the prospect that rules could be loosened, putting efforts to finalise a new global banking accord, known as Basel III, at risk. Answering questions after a two-day meeting of the G20 finance ministers and central bank governors in the German town of Baden-Baden, Weidmann said in written comments: "At our meeting we agreed to look more closely at the actual impact of the reforms after the comprehensive regulatory efforts in the financial sector." The G20 members would review whether intended goals had been achieved and whether there were any unintended side effects of the jointly agreed banking rules, Weidmann said. "But this is something quite different from rolling back the regulation," Weidmann said. The head of the German central bank said he had doubts that hopes would materialise that economic growth could be stimulated on a broad basis by rolling back financial market regulation. "The financial crisis has shown us painfully what great overall economic damage can be inflicted through insufficiently regulated financial markets," Weidmann said. Asked if the G20 gathering in Baden-Baden revealed more conflicts than at previous meetings, Weidmann said: "Especially when differences of opinion exist, a forum such as the G20 proves to be particularly valuable. In this respect I would speak less of conflicts than of an open, helpful exchange of opinions and an intense struggle for a common position." Weidmann said it was clear that the G20 members still had a lot of discussions about trade and its role for prosperity ahead of them. But he called it a success of the German G20 presidency that the financial leaders in Baden-Baden adopted a non-binding list of principles to boost the resilience of their economies against future shocks. [nL2N1GV0FI] Acquiescing to an increasingly protectionist United States, the G20 finance ministers and central bank governors dropped a pledge in the main communique to resist protectionism and keep global trade open. The failure of the world''s financial leaders to keep established language supporting free trade marks a setback for the G20 process and poses a risk for growth of export-driven economies such as host Germany. [nL5N1GW03T] [nL2N1GV096] (Reporting by Gernot Heller; Writing by Michael Nienaber. Editing by Jane Merriman) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/g20-germany-weidmann-idINKBN16Q0KX'|'2017-03-19T21:04:00.000+02:00'
'd6eb7129b683bda1d63a34e15d771f12d85f354b'|'Mega tweets and megawatts: Elon Musk supercharges progress on energy storage'|'HOW much power does a tweetstorm involving two tech tycoons, the prime minister of Australia and 8.5m Twitter followers generate? Enough, at least, to supercharge a debate about the future role of batteries in the world’s energy mix.Elon Musk, a Silicon Valley entrepreneur (pictured), may be best known for his gravity-defying ambition, but his core product is the battery: whether for his Tesla cars, for the home or for grid-scale electricity storage. He gave the last of these an unexpected jolt of publicity on March 10th, by responding to a blackout-inspired challenge on Twitter from an Australian software billionaire, Mike Cannon-Brookes. Mr Musk said he could install 100 megawatt hours (MWh) of battery storage in the state of South Australia in 100 days to help solve an energy crisis it faces, or it would be free of charge. “That serious enough for you?” he asked.  9   In response, Malcolm Turnbull, the prime minister, communicated with Mr Musk and appeared to turn from pro-coal sceptic into battery believer. On March 14th Jay Weatherill, the premier of South Australia, went further. Declaring that the national electricity market was “broken”, he said the state would launch its own A$550m ($415m) plan to build a 100MW battery system, as well as a gas-fired power station, with public funds. Mr Musk may have got what he wanted. He is “good at bringing nerdy subjects to a broad audience”, says Julia Attwood of Bloomberg New Energy Finance.Are batteries now cheap enough to be a cost-effective way of solving energy crises like that in southern Australia, brought on since July by storms, heatwaves, the intermittency of solar and wind power and the closure of coal- and gas-fired power stations? The answer, says Michael Ottaviano of Carnegie Clean Energy, which is hoping to sell its own grid-scale battery systems to the state, is “no”—especially under current market structures.True, battery prices have plummeted and Mr Musk’s price, of about $250 per kilowatt hour (kWh), is relatively cheap. But the total cost (including building the plant, for example) would be about $500 per kWh to hook the batteries up to the grid. A 100MWh facility would cost $50m. Only when power prices reach stratospheric levels would that investment make sense for a utility. That’s why the government of South Australia is having to stump up instead. Eventually, practitioners hope that changes to the power market will make battery storage viable without public funding. “This is a short-term Band-Aid until the regulatory process catches up,” Mr Ottaviano says.But it has all sparked a discussion about batteries that will keep going (and going). On March 13th GTM, a consultancy, and the Energy Storage Association, a trade body, said that battery installations in America, led by utility-scale storage, doubled to 336MWh by the end of 2016. Much was in California, reacting to the blowout of the Aliso Canyon gas plant in 2015. At least crises aren’t going to waste: an industry is emerging.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21718935-australia-attempts-stop-blackouts-using-batteries-elon-musk-supercharges-progress-energy?fsrc=rss'|'2017-03-16T22:54:00.000+02:00'
'8cd21ea85ae0968ab264b14f721111b890e1e8cb'|'Porsche invests in tech services to offset possible sales decline'|'Business   7:44pm GMT Porsche invests in tech services to offset possible sales decline The logo of German carmaker Porsche AG is seen before the company''s annual news conference in Stuttgart, Germany, March 17, 2017. REUTERS/Lukas Barth STUTTGART, Germany Porsche ( VOWG_p.DE ) will invest hundreds of millions of euros in digital services to generate the revenue needed to offset an expected decline in car sales in the coming years, its finance chief said on Friday. Growing demand for ride-hailing and car-sharing will make the part-time use of vehicles, including Porsches, as convenient as ownership in seven to 10 years and that could dent new car sales, Porsche CFO Lutz Meschke said. "To compensate for this decline, we have no choice but to develop new business models in the digital world to be able to keep growing," Meschke said at a news conference to present Porsche results. Porsche said on Friday it planned to spend 200 million to 300 million euros per year developing its digital businesses, services such as software designed to route drivers to free parking spaces. Last year, Porsche set up a related division near Stuttgart with dozens of staff that will eventually employ about 500 workers globally by adding outlets in overseas markets. Meschke said new mobility services would contribute a significant double-digit percentage share of revenue in the coming years. In 2016, the German sports-car maker''s overall revenue rose 4 percent to 22.3 billion euros ($24 billion). Stuttgart-based Porsche, Volkswagen''s (VW) second-biggest earnings contributor behind Audi, expects operating profit in 2017 to match last year''s record 3.9 billion euros, with sales and revenue both seen rising moderately. Separately, Porsche said it was targeting 100 million euros of annual cost savings from 2018 by deepening cooperation with fellow VW luxury brands Bentley and Bugatti, including platform-sharing, the carmaker said. (Reporting by Ilona Wissenbach; writing by Andreas Cremer; editing by David Clarke) Next In Business News World stocks at record highs, dollar slide deepens NEW YORK A global stock market index hovered near record highs on Friday, wrapping up a week when many of the world''s biggest economies either raised interest rates or signalled they might do so, underlining confidence about economic growth and inflation.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-porsche-strategy-idUKKBN16O2LA'|'2017-03-18T02:44:00.000+02:00'
'f1634ff46d8ce321e924340c4fbaeba1b2fb9a99'|'Food, drink giants plot fightback as India looks to tighten rules'|'  8:29am GMT Food, drink giants plot fightback as India looks to tighten rules left People eat at a roadside stall in New Delhi, India, March 9, 2017. REUTERS/Adnan Abidi 1/7 left right A vendor carries ''Paani Puri'', a traditional Indian snack in an auto rickshaw in New Delhi, India, March 9, 2017. REUTERS/Adnan Abidi 2/7 left right A man prepares ''Pav Bhaji'', a local street food at a roadside stall in Mumbai, India, March 6, 2017. REUTERS/Shailesh Andrade 3/7 left right A vendor waits for customers at his shop New Delhi, India, March 6, 2017. REUTERS/Adnan Abidi 4/7 left right Pawan Kumar Agarwal, Chief Executive Officer of the Food Safety and Standards Authority of India (FSSAI), speaks to Reuters during an interview in New Delhi, India, March 7, 2017. REUTERS/Cathal McNaughton 5/7 left right Pawan Kumar Agarwal, Chief Executive Officer of the Food Safety and Standards Authority of India (FSSAI), speaks to Reuters during an interview in New Delhi, India, March 7, 2017. REUTERS/Cathal McNaughton 6/7 left right A vendor pours ''Paani Puri'', a traditional Indian snack, into a box after frying it at his home in Agartala, India, March 15, 2017. REUTERS/Jayanta Dey 7/7 By Aditya Kalra - NEW DELHI NEW DELHI Several food and drink multinationals and trade groups met in recent weeks to discuss how to lobby more effectively against Indian proposals for higher taxes and stricter labelling rules on fatty or sugary foods, sources familiar with the talks said. According to officials, Prime Minister Narendra Modi''s administration has begun to look closely at policy proposals under discussion since at least 2015, raising concerns over the possible impact on the $57 billion sector. Alarmed by rising rates of obesity and diabetes, India plans to frame draft rules within a month requiring manufacturers to display the fat, sugar and salt content of products on packaging. It is also considering a nationwide "fat tax" for so-called "junk foods", a senior government official said, although that is unlikely to be rolled out in the near term. Last month, executives from companies including PepsiCo ( PEP.N ), Nestle ( NESN.S )( NEST.NS ) and Indian consumer firm ITC ( ITC.NS ) met trade groups in New Delhi to coordinate efforts and urge the government to resist pressure from health advocates, according to an industry source aware of the meeting. The attendees, who felt their efforts to push back had been too piecemeal, talked about forming a core group to unify their message when engaging the government, the source said. PepsiCo and Nestle in India did not comment directly on the meeting or its outcome. ITC did not respond to requests for comment. Trade group All India Food Processors'' Association (AIFPA), whose members range from street vendors to global conglomerates, said two industry-wide meetings were held in February. Its members, who also discussed ways to offer more nutritious products, plan to send a joint representation to the government and approach health and food officials to express concerns about stringent regulations. PROMISING GROWTH The stakes are high for companies like PepsiCo, Coca-Cola ( KO.N ), Nestle and McDonald''s ( MCD.N ), which have collectively committed billions of dollars to expand in the world''s fastest growing major economy. India''s carbonated drinks sector is estimated to grow an average 3.7 percent annually between 2017 and 2021, while the packaged food sector will grow by 8 percent a year during the same period, Euromonitor International estimates. Government pressure comes in various forms. Modi recently told PepsiCo CEO Indra Nooyi that her company needed to focus more on public health, an aide to the prime minister said. Separately, the prime minister''s office asked PepsiCo to outline how it would reduce sugar in beverages sold in India, the aide added. PepsiCo did not comment on those remarks by Modi and his office. It referred Reuters to its October 2016 global commitment "to transform its portfolio and offer healthier options". Modi''s office did not respond to an email seeking comment. A Coca-Cola India representative referred questions on proposed regulatory changes to the Indian Beverage Association, which said their impact was "under evaluation". Nestle corporate affairs executive Sanjay Khajuria said the company was "working to improve the nutrient profile" of their products. "These are complex public health issues which require (a) holistic multi-stakeholder approach and we are committed to work with authorities," Khajuria said in an email. The CEO of the Food Safety and Standards Authority of India (FSSAI), Pawan Kumar Agarwal, welcomed industry concerns about tougher rules. "It is a good thing if it helps in providing healthier options," he told Reuters in an interview. PLANNED REGULATIONS The number of obese men and women in India rose to about 30 million by 2014 from 1.2 million in 1975, according to a study by British medical journal The Lancet, although the comparative figure for China was around 90 million. Concerns about the health effects of fast food and soda drinks have been growing globally in recent years. Mexico imposed higher taxes on sugar-sweetened beverages, for example, while South Korea placed television advertising restrictions on specific food items. But India has been slow to finalise rules on products high in fat, sugar and salt, whose consumption health advocates say urgently needs to be checked to safeguard public health. Agarwal denied industry pressure was affecting the implementation of tighter regulations, adding that India was nudging companies to make healthier products while working on new rules. The FSSAI is considering advertising norms to check on health claims made by companies and is working on educating consumers about the health effects of foods containing high levels of sugar or fat. One government official said the regulator was deliberating whether disclosures about the nutritional value of food should be placed on the front of packages. Another labelling proposal under review was a "traffic light" system, where red, yellow and green colours depict nutritional value, similar to one used in the United Kingdom. "Traffic light is making (reading labels) simple," Agarwal said. "Red people associate with danger, green is okay". But trade body AIFPA said such labelling was of no use. "Most Indian foods will be red. So what purpose does it serve?" said the group''s president, Subodh Jindal. Potentially more significant for major brands would be a nationwide "fat tax", which authorities are discussing and was last year announced by the southern state of Kerala. There, branded restaurants like McDonald''s and Domino''s Pizza ( DPZ.N ) face a 14.5 percent tax, higher than that applied to smaller, indigenous outlets serving the same fare or Indian cuisine often high in sugar and fat. "It makes the larger players nervous," said an industry executive, calling the discourse on "junk food" in India discriminatory and unscientific. McDonald''s India did not comment on the government''s discussions on a nationwide "fat tax". Domino''s India said its spokesman was not available. (Additional reporting by Rupam Jain and Sudarshan Varadhan; Editing by Mike Collett-White and Paritosh Bansal)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-india-fastfood-idUKKBN16N0V1'|'2017-03-16T15:29:00.000+02:00'
'8951feb1d5d257c1f0163dc325b9fc769213db11'|'Exclusive: Activist investor Starboard exits Macy''s stock - sources'|'Business News - Wed Mar 15, 2017 - 6:57pm EDT Exclusive: Activist investor Starboard exits Macy''s stock - sources The Macy''s logo is pictured on the side of a building in down town Los Angeles, California, U.S., March 6, 2017. REUTERS/Mike Blake Starboard Value LP, the activist hedge fund that had pressured Macy''s Inc ( M.N ) to separate its real estate from its retail business, has sold its stake in the U.S. department store operator, people familiar with the matter said on Wednesday. The move gives Macy''s incoming Chief Executive Officer Jeff Gennette more space to execute on the company''s turnaround plan. It also comes after an acquisition approach by Canada''s Hudson''s Bay Co ( HBC.TO ), the owner of the Lord & Taylor and Saks Fifth Avenue retail chains, failed to materialize into a concrete offer for Macy''s. The sources asked not to be identified because the matter is not public. Starboard, which owned almost 1 percent of Macy''s as of the end of December, declined to comment. Macy''s did not immediately respond to a request for comment. (Reporting by Greg Roumeliotis and Michael Flaherty in New York; Editing by Bernard Orr) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-macy-s-starboard-idUSKBN16M3AB'|'2017-03-16T05:57:00.000+02:00'
'49755036ea0721a16bcde00d21617e1cbfa5e51d'|'Brazil''s Camargo selling cement unit -Globo newspaper'|'RIO DE JANEIRO, March 19 Camargo Correa SA, the Brazilian family-owned conglomerate that exited several businesses over the past year, has put a cement unit up for sale, a column in newspaper O Globo said on Sunday.According to Globo columnist Lauro Jardim, Camargo Correa values the unit known as InterCement SA at around 20 billion reais ($6.47 billion).The conglomerate has received offers from Mexico''s Cemex SAB and another, unnamed Latin America-based cement producer, the column said.Jardim''s column did not specify if the bids for InterCement were non-binding or how advanced the process may be.A Camargo spokesman declined to confirm the report and said in an emailed statement that "the group is not pursuing any asset divestitures."The spokesman said that its sale last June of a controlling stake in power holding company CPFL Energia SA was "the end of a process of repositioning the group''s asset portfolio."Cemex''s press office could not be immediately reached.In order to reduce debt, the billionaire family that controls Camargo Correa has been quickly disposing of business lines it no longer wants.As part of those efforts, the Camargos in recent years have discussed fully or partially selling InterCement. The CPFL sale and a December 2015 sale of fashion brand Alpargatas SA raised about $2.8 billion for the group.Reuters reported on Dec. 8 that Camargo Correa was considering disposing of a partial stake in Loma Negra Cia Industrial SA, Argentina''s No. 1 cement producer and part of InterCement.InterCement is Brazil''s No. 2 cement producer and a leading producer in Portugal, Mozambique and Cape Verde.Two people familiar with Camargo Correa''s strategy told Reuters in August that the conglomerate tried to sell a minority stake in InterCement a couple of years ago and also considered a listing of the company outside Brazil.Camargo Correa, whose engineering unit was one of several big Brazilian builders ensnared in a massive corruption probe related to business with state companies, has been recovering rapidly from the adverse effects of the scandal, in which it sought a plea deal. (Reporting by Guillermo Parra-Bernal; Editing by Phil Berlowitz)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/camargo-brazil-cement-idINL2N1GW0A6'|'2017-03-19T11:23:00.000+02:00'
'2ac80f382068a700ce0e2dc3394a881ab4fab262'|'Piech Porsche SE stake may be sold by end May - Bild am Sonntag'|'  11:26pm GMT Piech Porsche SE stake may be sold by end May - Bild am Sonntag The logo of German carmaker Porsche AG is seen before the company''s annual news conference in Stuttgart, Germany, March 17, 2017. REUTERS/Lukas Barth FRANKFURT A large Porsche SE ( PSHG_p.DE ) stake owned by former Volkswagen ( VOWG_p.DE ) chairman Ferdinand Piech may be bought by other members of the Porsche and Piech clans before May 30, German weekly Bild am Sonntag said. Porsche SE said on Friday that Piech wanted to sell his 14.7 percent stake in the family-controlled holding company, which is worth at least 1.1 billion euros ($1.2 billion). It said that although the Porsche and Piech families were in talks to buy much of that stake, it was not clear if a deal would go ahead. The Porsche and Piech families control 52 percent of Volkswagen Group''s common stock through their holding company Porsche SE, and have a right of first refusal to buy Piech''s stake, which equates to a 7.35 percent economic stake in Volkswagen. The share package could change hands before the Porsche SE annual general meeting on May 30, Bild am Sonntag said, citing a person familiar with the deliberations. If Piech, who turns 80 next month, were to sell his stake, it would mark the end of an era for Volkswagen which he dominated for decades. He transformed VW from a regional manufacturer into a global powerhouse, which owns the Audi, Bentley, Bugatti, Ducati, Lamborghini, Porsche, Seat and Skoda brands. ($1 = 0.9310 euros) (Reporting by Edward Taylor; editing by David Clarke) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-porsche-volkswagen-piech-idUKKBN16P0VW'|'2017-03-19T06:26:00.000+02:00'
'80a89507d503efc222cc3a4bf7fc957cb4cff94a'|'Toyota to invest 240 million pounds in UK car plant'|' 25am GMT Toyota to invest 240 million pounds in UK car plant The Toyota logo is seen at the company''s display during the North American International Auto Show in Detroit, Michigan, U.S., January 10, 2017. REUTERS/Mark Blinch LONDON Japanese carmaker Toyota ( 7203.T ) said it will invest 240 million pounds ($294 million) in its British car plant to allow it to build vehicles on a new platform, helping to boost competitiveness and promote the use of locally-built components. But the firm, which currently its Auris hatchback and family Avensis car at its Burnaston plant in the north of England, warned that continued tariff-free access to the European single market remained crucial as Britain leaves the EU. "Our investment demonstrates that, as a company, we are doing all we can to raise the competitiveness of our Burnaston plant in Derbyshire," President and CEO of Toyota Motor Europe Dr Johan van Zyl said. "Continued tariff-and-barrier free market access between the UK and Europe that is predictable and uncomplicated will be vital for future success." (Reporting by Costas Pitas, Editing by Paul Sandle)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-toyota-idUKKBN16N16T'|'2017-03-16T17:25:00.000+02:00'
'bc8aa4794b24d201877309172bef180ec63a96ba'|'Niger''s parliament to investigate uraniumgate sale'|'NIAMEY, March 17 Niger''s lower house of parliament voted unanimously on Friday to investigate accusations that President Mahamadou Issoufou''s former chief of staff improperly participated in the state mining company''s purchase of 5.5 million pounds of uranium.A Nigerien newspaper published documents last month showing a bank transfer in November 2011 for $320 million from an account belonging to state miner Sopamin to an account controlled by an offshore company called Optima Energy.The bank transfer was signed by Issoufou''s chief of staff at the time and current finance minister, Hassoumi Massaoudou, who lawmakers have said had no authority to do so.Local media has dubbed the affair "uraniumgate".At a news conference last month, Massaoudou acknowledged signing the bank transfer but said his involvement in a series of transactions involving the uranium rights, ending in its sale by Sopamin to French state-owned nuclear company Areva , ultimately earned the state a profit.He also denied suggestions by some lawmakers that some uranium could have been clandestinely sold in the process.Reuters was unable to contact Optima, whose address on the bank transfer published by the Nigerien newspaper was listed in Lebanon. Areva did not immediately respond to a request for comment.Niger is one of the world''s top producers of uranium but ranks at the bottom of the U.N. Human Development Index out of 188 countries.The commission of inquiry will have 45 days to conduct its investigation and will be composed of 10 deputies, lawmakers said. (Reporting By Boureima Balima; Writing by Aaron Ross; Editing by Toni Reinhold)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/niger-uranium-idUSL5N1GU5UE'|'2017-03-18T01:20:00.000+02:00'
'5011e3fee15ac657164057351236ff9dfd05e9ca'|'Piech Porsche SE stake may be sold by end May: Bild am Sonntag'|'FRANKFURT A large Porsche SE ( PSHG_p.DE ) stake owned by former Volkswagen ( VOWG_p.DE ) chairman Ferdinand Piech may be bought by other members of the Porsche and Piech clans before May 30, German weekly Bild am Sonntag said.Porsche SE said on Friday that Piech wanted to sell his 14.7 percent stake in the family-controlled holding company, which is worth at least 1.1 billion euros ($1.2 billion). It said that although the Porsche and Piech families were in talks to buy much of that stake, it was not clear if a deal would go ahead.The Porsche and Piech families control 52 percent of Volkswagen Group''s common stock through their holding company Porsche SE, and have a right of first refusal to buy Piech''s stake, which equates to a 7.35 percent economic stake in Volkswagen.The share package could change hands before the Porsche SE annual general meeting on May 30, Bild am Sonntag said, citing a person familiar with the deliberations.If Piech, who turns 80 next month, were to sell his stake, it would mark the end of an era for Volkswagen which he dominated for decades. He transformed VW from a regional manufacturer into a global powerhouse, which owns the Audi, Bentley, Bugatti, Ducati, Lamborghini, Porsche, Seat and Skoda brands.(Reporting by Edward Taylor; editing by David Clarke)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-porsche-volkswagen-piech-idINKBN16P0VN'|'2017-03-18T20:18:00.000+02:00'
'4898a460d50ee59813267869831b240c936ca575'|'Apple CEO Tim Cook calls for more global trade with China'|'BEIJING Apple Chief Executive Tim Cook expressed support for globalization and said China should continue to open its economy to foreign firms, while speaking at a forum in Beijing on Saturday."I think it''s important that China continues to open itself and widens the door if you will," said Cook, speaking at the government-sponsored China Development Forum.Cook''s comments come amid rising tensions between the U.S. and China, with protectionist rhetoric from U.S. President Donald Trump sparking concern of increased trade friction between the two countries."The reality is countries that are closed, that isolate themselves, it''s not good for their people," said Cook, in a rare public speech.Apple said on Friday it will set up two new research and development centers in Shanghai and Suzhou in China.It has pledged to invest more than 3.5 billion yuan ($508 million) in research and development in China.Apple has been singled out in Chinese media as a potential target for retaliation in the event of a trade war.The Global Times warned last November if Trump triggered a trade war with China, Beijing would then target firms from Boeing to Apple in a "tit-for-tat" approach.(Reporting by Shu Zhang and Matthew Miller; Writing by Elias Glenn; Editing by Julia Glover)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/us-china-forum-apple-idINKBN16P0BG'|'2017-03-18T07:47:00.000+02:00'
'1179569eb585216f07e9b2280056429fa164a2ef'|'Buffett''s pay rises; Berkshire urges rejection of shareholder proposals'|'Global Energy   10:14pm GMT Buffett''s pay rises; Berkshire urges rejection of shareholder proposals FILE PHOTO - Berkshire Hathaway CEO Warren Buffett plays bridge during the Berkshire annual meeting weekend in Omaha, Nebraska, U.S. on May 3, 2015. REUTERS/Rick Wilking/File Photo By Jonathan Stempel Warren Buffett''s compensation for running Berkshire Hathaway Inc ( BRKa.N ) edged up 4.0 percent last year to $487,881 reflecting the higher cost of keeping the world''s second-richest person safe. Buffett''s pay was disclosed in a Friday regulatory filing, in which Berkshire also recommended the rejection of three shareholder proposals at its May 6 annual meeting, including that it disclose its political contributions twice a year. Berkshire said Buffett''s salary in 2016 was $100,000, the same amount he has received for more than a quarter century, while the cost of providing him with home and personal security services rose to $387,881 last year from $370,244. Buffett, 86, has run Omaha, Nebraska-based Berkshire since 1965, building it into a conglomerate with more than 90 units including Geico insurance, Dairy Queen ice cream and the BNSF railroad. Despite being worth $77.4 billion according to Forbes magazine, Buffett avoids some trappings associated with the rich. For example, he has lived for nearly 60 years in the same Omaha home, on less than three-quarters of an acre, bordering a well-traveled street. Berkshire billionaire Vice Chairman Charlie Munger also drew a $100,000 salary last year, while Chief Financial Officer Marc Hamburg''s pay rose 15 percent to $1.56 million. Executives who run some of Berkshire''s units make more money. They include Berkshire Hathaway Energy Chief Executive Gregory Abel, who made $17.5 million last year. Berkshire said adopting the shareholder proposal from Tom Beers and Mary Durfee on political contributions could expose it to "reputational and business risks" and hurt shareholders. It also said Berkshire units make less than $10 million of such contributions a year, while the parent makes none. Buffett himself was a strong supporter of Democrat Hillary Clinton in last year''s U.S. presidential election. The other shareholder proposals, respectively from Marcia Sage and the Nebraska Peace Foundation, call on Berkshire to report on its efforts to reduce methane emissions, and divest stakes in companies involved in fossil fuels. Berkshire said its gas pipeline and other units already recognise the environmental and cost benefits of minimizing methane emissions, and that it should not restrict its investments "based upon complex social and moral issues." Buffett controls 32.7 percent of Berkshire''s voting power, making it difficult for shareholder proposals to pass without his support. He still owns 17.9 percent of Berkshire''s stock, despite having donated more than $24.3 billion of it since 2006. (Reporting by Jonathan Stempel in New York) Next In Global Energy News U.S. drillers add oil rigs for 9th week in a row -Baker Hughes March 17 U.S. drillers added oil rigs for a ninth week in a row, extending a recovery that is expected to boost shale production by the most in six-months in April. Drillers added 14 oil rigs in the week to March 17, bringing the total count up to 631, the most since September 2015, energy services firm Baker Hughes Inc said on Friday. During the same week a year ago, there were 387 active oil rigs. That rig count increase came despite'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-berkshire-buffett-pay-idUKKBN16O2T3'|'2017-03-18T05:14:00.000+02:00'
'42a366b6b91ba3f72443f66841859ba0c08adc90'|'CORRECTED-McDonald''s removes tweet criticizing Donald Trump'|'Company  25am EDT CORRECTED-McDonald''s removes tweet criticizing Donald Trump (Corrects headline to remove reference to the tweet being "purportedly fake") March 16 A tweet from McDonald''s Corp official Twitter handle said President Donald Trump was a "disgusting excuse of a president." It was not immediately clear if the company''s twitter account, @McDonaldsCorp, had been hacked. The tweet said "@realdonaldtrump You are actually a disgusting excuse of a President and we would love to have @BarackObama back, also you have tiny hands." The tweet has been removed. McDonald''s was not immediately available for comment. (Reporting by Sweta Singh in Bengaluru; Editing by Saumyadeb Chakrabarty) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mcdonalds-trump-tweet-idUSL3N1GT4WV'|'2017-03-16T21:25:00.000+02:00'
'f9d8bbb0adecdb3b94166c46145599c43477bc40'|'Wall Street to open higher on Fed''s ''gradual'' rate-hike outlook'|'By Yashaswini Swamynathan U.S. stocks looked set to open higher on Thursday, building on a day-earlier rally after the Federal Reserve for the first time this year and indicated it was in no hurry to increase the pace of tightening.The central bank on Wednesday raised rates by a quarter point to 0.75-1.00 percent, nodding to the continued strength in the labor market and a pick up in inflation.However, the Fed stuck to its outlook for two more rate hikes this year and three more in 2018. Shares of big U.S. banks, which slipped on the less hawkish-than-expected stance on Wednesday, were up between 0.5 and 1.5 percent in premarket trading."A less aggressive Fed was clearly the message the markets wanted to hear and indeed acted accordingly," Peter Cardillo, chief market economist at First Standard Financial wrote in a note."The Fed''s plan to stick to three rate hikes gave the green light for investors to focus on economic and corporate growth."Backing Fed Chair Janet Yellen''s optimism on the economy, a report from the Commerce Department showed homebuilding jumped in February as unseasonably warm weather boosted construction of single-family houses.Moreover, the number of Americans filing for unemployment benefits fell last week, pointing to a further tightening in the labor market, according to a report from the Labor Department.Dow e-minis were up 59 points, or 0.28 percent at 8:30 a.m. ET (1230 GMT), with 7,893 contracts changing hands.S&P 500 e-minis were up 2.75 points, or 0.12 percent, with 53,199 contracts traded.Nasdaq 100 e-minis were up 9.5 points, or 0.18 percent, on volume of 6,104 contracts.On Wednesday, Wall Street scored solid gains and the Nasdaq Composite index hit an all-time high.Shares of Tesla rose 2.8 percent to $262.94 after the electric carmaker said it would raise about $1.15 billion as the company speeds up the launch of its Model 3 sedan.Biogen was off 2.6 percent to $285.13 after Morgan Stanley and Leerink downgraded the drugmaker''s stock and cut price targets.Johnson Controls was up 1.4 percent after agreeing to sell its safety gear business to 3M for $2.0 billion.(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D''Silva & Shri Navaratnam)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/usa-stocks-idINKBN16N1O4'|'2017-03-16T09:55:00.000+02:00'
'd896588b3c03d1e681e6833c0973fcb2901bb4da'|'LPC-Tipico slashes pricing on increased €700m loan'|'By Claire Ruckin - LONDON, March 16 LONDON, March 16 Germany’s largest sports betting group Tipico has managed to secure the largest pricing reduction in Europe’s leveraged loan market, shaving 300bp off of the interest, banking sources said.CVC acquired a majority stake in Tipico last year, backed with a €645m debt financing raised in May, including a €620m term loan that paid 550bp over Euribor with a 1% floor, according to Thomson Reuters LPC data.Since then, pricing in Europe’s liquid leveraged loan market has tightened significantly and sponsors have been conducting repricings, refinancings and dividend recapitalisations across the board to make portfolio companies more attractive.However, the 300bp reduction secured by Tipico outstrips the recent reductions achieved in Europe’s leveraged loan market, as investors accept increasingly aggressive terms amid a lack of new deals, in a bid to keep cash invested.Tipico’s latest financing has increased the term loan by €80m to €700m and managed to knock 200bp off the interest margin to 350bp over Euribor and removed the 1% Euribor floor to 0%. The repricing cuts deeper than initial launch guidance of 375bp-400bp.The loan is set to allocate shortly on Europe’s secondary loan market at par.Morgan Stanley was sole global coordinator, alongside bookrunners Bank of Ireland, Credit Agricole, Nomura and UniCredit.“It just shows how much you can do in this market. Maybe they paid too much when they first raised it, but it is a tricky credit given the sector. Maybe the market is just stupid,” a senior loan banker said.Tipico operates online and mobile portals, as well as more than 1,000 betting shops. (Editing by Christopher Mangham)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/tipico-loans-idINL5N1GT46X'|'2017-03-16T09:33:00.000+02:00'
'4d6da929000dfe308451783bfb5acdf7e6c3352c'|'BMW says self-driving car to be level 5 capable by 2021'|'  2:02pm GMT BMW says self-driving car to be level 5 capable by 2021 The logo of BMW is seen during the 87th International Motor Show at Palexpo in Geneva, Switzerland March 8, 2017. REUTERS/Arnd Wiegmann BERLIN German carmaker BMW ( BMWG.DE ) is on track to deliver a self-driving car by 2021, the company''s senior vice president for Autonomous Driving, Elmar Frickenstein, said on Thursday. "We are on the way to deliver a car in 2021 with level 3, 4 and 5," Frickenstein told a panel discussion in Berlin, explaining the vehicle will have different levels of autonomy, depending on how and where it is used. A level 5 vehicle is capable of navigating roads without any driver input, while a level 3 car still needs a steering wheel and a driver who can take over if the car encounters a problem. In July last year, BMW announced a partnership with Intel ( INTC.O ) and Mobileye ( MBLY.N ) to develop self-driving by around 2021. (Reporting by Georgina Prodhan; Writing by Edward Taylor; Editing by Christoph Steitz) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bmw-autonomous-self-driving-idUKKBN16N1Y8'|'2017-03-16T21:02:00.000+02:00'
'dae33c5c48c334e6d674af0e487d36d9674d84e7'|'Caixa Geral de Depositos to court investors for AT1 sale'|'By Alice Gledhill LONDON, March 16 (IFR) - Portugal''s Caixa Geral de Depositos will meet investors from next Monday ahead of a planned Additional Tier 1 transaction, part of a package designed to nurse the state-rescued lender back to health.Caixa Geral de Depositos confirmed to IFR last month that it had mandated banks for a deal, also the first AT1 trade out of Portugal.On Thursday it announced investor meetings starting Monday March 20 via Barclays, Caixa - Banco de Investimento, Citigroup, Deutsche Bank and JP Morgan ahead of a €500m no-grow perpetual non-call five.The trade will gauge the extent to which investors are willing to stomach debt from a low rated peripheral issuer after a period when much stronger credits, such as Intesa, Credit Suisse and Barclays, have dominated AT1 supply.UniCredit sold a BB- rated €500m AT1 last December but opted for a private placement to mitigate execution risk. Bankinter sold a €200m perp NC5 (Ba3) last April at 8.625%, but only in a €200m size.Market access for Portuguese banks has been completely untested since 2015, even in a covered format - considered the safest type of bank debt. Though Portugal''s largest bank by assets, CGD is a blind spot for many international investors and posted a net loss of €189m in the first nine months of 2016.The bond is part of a recapitalisation plan agreed in August last year after months of negotiations with Brussels. The bank plans to issue €1bn in subordinated debt in total.Portugal''s finance minister said in November that the government planned to inject up to €2.7bn at the time of the first €500m of subordinated debt issuance, with the remaining €500m to be launched up to 18 months later.The bonds will be written down on a temporary basis should the bank''s Common Equity Tier 1 fall below 5.125%. Its CET1 ratio took a knock last year, slipping to 10.2% on a phased-in basis as of September 2016, from 10.7% in September 2015. (Reporting by Alice Gledhill, editing by Helene Durand, Julian Baker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/caixa-geralde-depositos-bonds-idINL5N1GT41V'|'2017-03-16T10:27:00.000+02:00'
'5a1081c9bca704601d8f15de517a80bd99a5e57c'|'China''s Sinopec nears deal to buy Chevron''s South African oil assets - sources'|'Money News  48pm IST China''s Sinopec nears deal to buy Chevron''s South African oil assets - sources FULL COVERAGE: left right The Chevron Oil Refinery is seen in Cape Town, South Africa, June 30, 2016. REUTERS/Mike Hutchings/File Photo 1/2 left right A Sinopec sign displayed at its gas station is seen behind a Chinese New Year lantern installation in Hong Kong February 5, 2013. REUTERS/Bobby Yip/File Photo 2/2 NEW YORK/SINGAPORE China Petroleum and Chemical Corp (Sinopec) is nearing an agreement to buy a majority stake in Chevron Corp''s South African assets, which are estimated at $1 billion, two people familiar with the transaction said. The sources said that Sinopec, Asia''s largest oil refiner, was the last bidder remaining, and close to completing a deal with the U.S. oil major. If the deal is finalised, it will be Sinopec''s first refinery asset in Africa, forming a part of the Chinese major''s global fuel distribution network. Sinopec declined to comment. Chevron first announced plans in January 2016 to sell the stake in the business unit, which includes a 110,000-barrels-per-day refinery in Cape Town, South Africa. Chevron spokesman Braden Reddall said "the process of soliciting expressions of interest in the 75 percent shareholding is ongoing." The remaining 25 percent interest is held by a consortium of Black Economic Empowerment shareholders and an employee trust. A second bidding round closed on Sept. 30, additional sources   Jessica Resnick-Ault in NEW YORK and Florence Tan in SINGAPORE; Additional reporting by Ron Boussa in NEW YORK, Dmitry Zhdannikov in LONDON, Joe Brock in JOHANNESBURG and Chen Aizhu in BEIJING; Writing by Anshuman Daga; Editing by Richard Pullin) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/chevron-m-a-sinopec-idINKBN16O0OS'|'2017-03-17T14:18:00.000+02:00'
'9897f2e5330ccc7c21dea31102cb20113ab02dd0'|'Paris airport terminal may stay shut till late Saturday - CEO'|'PARIS, March 18 The south terminal of Paris'' Orly airport may remain closed until Saturday evening following an incident in which soldiers shot dead a man who had tried to seize a soldier''s weapon, the head of airport operator ADP < said.The airport''s other terminal could reopen sooner, chief executive Augustin de Romanet told reporters.(Reporting by Gus Trompiz; editing by Richard Balmforth)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/france-shooting-flights-idINL9N1GD00J'|'2017-03-18T08:30:00.000+02:00'
'a2d775a7dcbac48930d558bd874eb1fcf5133776'|'Unilever is safe, but we need better defences against short-term capitalism - Business - The Guardian'|'T he best defence against a bid is a high share price. So congratulations to Unilever, whose shares have improved by 20% since the day before Kraft Heinz turned up offering to buy the maker of Hellmann’s mayonnaise and Magnum ice creams .In the event, Unilever blew Kraft Heinz’s £115bn proposal out of the water within 48 hours. Fury from the boardroom, plus Kraft’s belated realisation that it was walking into a storm, did the trick. But Unilever has wasted little time in moving to protect itself better. It has pledged to “capture more quickly the value we see” – which usually means running the business harder and ensuring the backdoor is not left ajar for opportunistic bidders.One way of looking at this is to say Unilever would have won anyway. If it can improve its share price by a fifth just by promising to hurry up, expectations for a fair takeover price might have run beyond Kraft’s ability to pay. Yet that is surely naive. If Kraft, egged on by banks willing to lend colossal sums, had pushed the premium to 35%-40%, Unilever’s 100-year-long independence would probably have been over.Fund managers would have declared their admiration for Unilever chief Paul Polman and his social responsibility agenda. But then they would have explained that their own fiduciary duties obliged them not to look gift horses in the mouth. In no time, Unilever’s shareholder register would have been populated by merger arbitrage funds. The target could have been served up neatly, as Cadbury was to Kraft in 2010.Just capitalism in action, it might be argued – no point being squeamish. Kraft may be an unlovely maker of processed cheese backed a Brazilian billionaire with an overdeveloped appetite for ripping out costs, but Unilever is a commercial enterprise too.Yet that line is too simplistic, for the reasons Theresa May gave in her speech launching her leadership campaign last summer. “As we saw when Cadbury’s – that great Birmingham company – was bought by Kraft, or when AstraZeneca was almost sold to Pfizer, transient shareholders, who are mostly companies investing other people’s money, are not the only people with an interest when firms are sold or close,” she said. “Workers have a stake, local communities have a stake, and often the whole country has a stake.”After a statement like that, it would have been hard for May to be agnostic about Kraft’s offer. Jorge Paulo Lemann, founder of 3G Capital, Kraft’s principal shareholder, runs a takeover machine that extracts short-term value then looks for its next target. Unilever prizes long-term investment, sustainability and protection of the environment. The cultures are polar opposites. For anyone who believes “transient shareholders” should not monopolise the debate, a takeover would have been a disaster.But May could have done virtually nothing: the government’s powers are limited to areas of financial stability, national security and media plurality. She needs to understand that if even well-run companies like Unilever can be seen as vulnerable, the takeover game has changed. Debt is cheap, fund managers are judged on quarterly performance and 3G’s style of short-termism is fashionable and formidable.The UK, with the world’s most open takeover regime, will be an obvious port of call. That is not a Brexit point, just a recognition that shareholder-first capitalism has rarely enjoyed such favourable conditions.May does not need to go so far as offering protected status for “national champions,” as Polman seemed to suggest last week. But she must realise that merely extending the government’s reach to areas of “critical infrastructure,” as ministers have suggested, is too weak. She should order a full review of the UK’s takeover rules and consider a public interest test. It is not anti-capitalist to say so; rather, it is to recognise that companies operate within society.Sometimes the long-term interests of society must be able to trump the short-term interests of here-today-gone-tomorrow shareholders.'|'theguardian.com'|'http://www.guardian.co.uk/theobserver/news/business/rss'|'https://www.theguardian.com/business/2017/mar/18/unilever-is-safe-but-we-need-better-defences-against-short-term-capitalism'|'2017-03-18T02:00:00.000+02:00'
'3c6bf2edb228bbd022f4591a574e028b6ee4c67f'|'U.S. coal miner Peabody strikes deals in push for bankruptcy exit'|'By Tracy Rucinski - ST. LOUIS ST. LOUIS Peabody Energy Corp, the world''s largest private sector coal miner, struck a series of last-minute deals with some opponents of its plan to exit an $8 billion Chapter 11 bankruptcy, lawyers said in court on Thursday.One of the settlements was with a group of individual investors who had argued they were wrongly blocked from a private stock sale meant to raise financing for the company.The investors will drop a lawsuit against Peabody and other parties involved in the bankruptcy following a deal reached late Wednesday, Peabody lawyer Heather Lennox said at hearing in U.S. Bankruptcy Court in St. Louis to approve the broader reorganization plan.Peabody''s plan, which envisions cutting debt to about $2 billion, is still facing objections from a small group of creditors who have complained about Peabody''s estimated valuation and the terms of its $750 million private stock sale.U.S. Bankruptcy Judge Barry Schermer, who is overseeing the case, will also hear objections from shareholders, whose stock will be wiped out in the reorganization, environmental group Sierra Club and a U.S. bankruptcy watchdog.Peabody settled earlier objections over its environmental liability policy by agreeing to cover $1.14 billion of future mine cleanups with third-party bonds.The reorganization plan also includes a big stock bonus for Peabody''s top management.(Reporting by Tracy Rucinski; Editing by Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-peabody-energy-bankruptcy-idINKBN16N2GR'|'2017-03-16T14:08:00.000+02:00'
'c532e49cfbc77534c318f68b100c8c4a42a5ac90'|'RPT-North Korean hacking group behind recent attacks on banks -Symantec'|'Company   2:05am EDT RPT-North Korean hacking group behind recent attacks on banks -Symantec (Repeats with no changes in text) By Jim Finkle BOSTON, March 15 A North Korean hacking group known as Lazarus was likely behind a recent cyber campaign targeting organizations in 31 countries, following high-profile attacks on Bangladesh Bank, Sony and South Korea, cyber security firm Symantec Corp said on Wednesday. Symantec said in a blog that researchers have uncovered four pieces of digital evidence suggesting the Lazarus group was behind the campaign that sought to infect victims with "loader" software used to stage attacks by installing other malicious programs. "We are reasonably certain" Lazarus was responsible, Symantec researcher Eric Chien said in an interview. The North Korean government has denied allegations it was involved in the hacks, which were made by officials in Washington and Seoul, as well as security firms. U.S. Federal Bureau of Investigation representatives could not immediately be reached for comment. Symantec did not identify targeted organizations and said it did not know if any money had been stolen. Nonetheless, Symantec said the claim was significant because the group used a more sophisticated targeting approach than in previous campaigns. "This represents a significant escalation of the threat," said Dan Guido, chief executive of Trail of Bits, which does consulting to banks and the U.S. government. Lazarus has already been blamed for a string of hacks dating back to at least 2009, including last year''s $81 million heist from Bangladesh''s central bank, the 2014 hack of Sony Pictures Entertainment that crippled its network for weeks and a long-running campaign against organizations in South Korea. Guido, who reviewed Symantec''s finding, said that it was troubling to see a hacking group focus on attacking banks using increasingly sophisticated techniques. "This is a dangerous development," he said. Symantec, which has one of the world''s largest teams of malware researchers, regularly analyzes emerging cyber threats to help can defend businesses, governments and consumers that use its security products. The firm analyzed the hacking campaign last month when news surfaced that Polish banks had been infected with malware. At the time, Symantec said it had "weak evidence" to blame Lazarus. Reuters has been unable to ascertain what happened in that attack. Poland’s biggest bank lobbying group, ZBP, in February said the sector was targeted in a cyber attack, but did not provide further details. Government authorities declined comment on the incident. Authorities in Poland could not be reached for comment late on Wednesday. Symantec said the latest campaign was launched by infecting websites that intended victims were likely to visit, which is known as a "watering hole" attack. The malware was programmed to only infect visitors whose IP address showed they were from 104 specific organizations in 31 countries, according to Symantec. The largest number were in Poland, followed by the United States, Mexico, Brazil and Chile. (Reporting by Jim Finkle; Additional reporting by Pawel Florkiewicz in Warsaw; Editing by David Gregorio) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cyber-northkorea-symantec-idUSL2N1GT09O'|'2017-03-16T13:05:00.000+02:00'
'55cf0ec7e6ff3c3c9bcf4c1c62b1195ae11e3de4'|'South Korean prosecutors call in SK Group officials for questioning'|'By Joyce Lee - SEOUL SEOUL Prosecutors questioned three officials linked to South Korea''s third-largest conglomerate, SK Group, on Thursday as part of a widening corruption scandal that led to the dismissal of President Park Geun-hye.The Constitutional Court dismissed Park on Friday last week when it upheld a December parliamentary impeachment vote.An election for a successor will be held on May 9.Park, South Korea''s first democratically elected president to be removed from office, has been accused of colluding with a friend, Choi Soon-sil, to pressure big businesses to contribute to non-profit foundations backing the president''s initiatives.Both denied wrongdoing.The Samsung Group [SAGR.UL], South Korea''s largest conglomerate, is already embroiled in the scandal and its head, Jay Y. Lee, is in jail on trial on bribery, embezzlement and other charges.Lee denies all charges and Samsung denies wrongdoing.A spokesman for the Lotte Group said on Wednesday it was cooperating with the prosecutors'' investigation.The three officials linked to the SK group include Kim Chang-geun, the former chairman of the semiconductor-to-telecom group''s top decision-making committee, an SK Group spokesman confirmed."We will actively straighten out suspicions that are different from facts," the spokesman said.Park has been summoned for questioning next Tuesday.PRIVATE MEETINGSKim had a private meeting with Park in July 2015, around the time Park was holding a series of meetings with heads of conglomerates, the Yonhap news agency reported.The SK Group controls companies such as the world''s second-biggest memory-chip maker, SK Hynix Inc, and South Korea''s biggest telecoms company, SK Telecom.Prosecutors have not said how long they think their investigation would last.The political turmoil comes at a time of rising tension with North Korea over its nuclear and missile programs, and with China over the deployment of a U.S. anti-missile system in South Korea that China sees as a threat to its security.U.S. Secretary of State Rex Tillerson will visit South Korea, as well as Japan and China, this week.The scandal has undermined support for the ruling conservatives and bolstered the chances of a prominent liberal, Moon Jae-in, who is leading in opinion polls.The prospect of an opposition election victory has raised questions about the future in South Korea of the U.S.-made Terminal High Altitude Area Defense (THAAD) anti-missile system, which China opposes because it says its radar can penetrate its territory.Tillerson will meet Prime Minister Hwang Kyo-ahn, who has been acting president since the impeachment vote, and Foreign Minister Yun Byung-se in Seoul on Friday.He is not scheduled to see opposition figures, a U.S. State Department official said, raising questions about the durability of any agreements.The aircraft carrier the USS Carl Vinson is in South Korean waters this week for exercises with South Korean forces.(Reporting by Joyce Lee; Editing by Robert Birsel and Bill Tarrant)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-southkorea-politics-sk-group-idINKBN16N01U'|'2017-03-16T02:15:00.000+02:00'
'9f594e71b642101fee71de3db73bfd1102b01199'|'S.Korea bars sales of Brazil''s BRF chicken, steps up inspections'|'Company  39am EDT S.Korea bars sales of Brazil''s BRF chicken, steps up inspections SEOUL, March 20 South Korea will tighten inspections of imported Brazilian chicken meat and temporarily bar sales BRF SA''s chicken products following a scandal in Brazil over tainted meat, the agriculture ministry said in a statement on Monday. The South Korean ministry said that in future suppliers of Brazilian chicken will be required to submit a health certificate issued by the Brazilian government. More than 80 percent of the 107,400 tonnes of chicken imported by South Korea last year came from Brazil, and almost half of that was supplied by BRF. Police in Brazil raided some of the country''s meatpackers on Friday in an investigation into whether some companies were paying bribes to conceal unsanitary conditions, and alleged that some producers had sold rotten and adulterated meat products. A senior Brazilian agriculture ministry official said, however, that the issues raised did not pose a risk to consumers or exports. A BRF executive turned himself in for questioning by police investigating alleged bribery on Saturday, and the company issued a statement saying some allegations made by police were false or based on faulty understanding. "BRF never sold rotten meat," the company said, adding that mentions of spoiled or contaminated products by police were specifically tied to smaller meatpackers unrelated to BRF. Battling its worst outbreak of bird flu, South Korea has banned U.S. poultry imports after a case of bird flu was detected at a chicken farm in Tennessee. (Reporting By Jane Chung; Editing by Simon Cameron-Moore) Next In Company News Citi abandons call for euro fall through parity with dollar LONDON, March 20 Citi is the latest major bank to abandon its headline forecast for a fall in the euro to below parity with the dollar, upping its prediction for the single currency over the next six to 12 months to $1.04 from $0.98 previously.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/southkorea-chicken-brazil-idUSL3N1GX2C3'|'2017-03-20T15:39:00.000+02:00'
'3dcb12f9830a09414527f08d33b9f943a38a38ae'|'IBM launches enterprise-ready blockchain service'|'By Anna Irrera - NEW YORK, March 20 NEW YORK, March 20 International Business Machines Corp has launched a service that will allow businesses to build applications on its cloud using blockchain code from the Hyperledger Project, the cross-industry group led by the Linux Foundation.The U.S. technology company said on Monday its new product called IBM Blockchain was the first service for developers to build enterprise-grade technology using Hyperledger Fabric, the first code set to be released by the open source group.The Fabric blockchain can process more than 1,000 transactions per second and has the necessary features to be used by large enterprises to build their applications, IBM said.It added it was working with technology company SecureKey Technologies and a group of Canadian banks to build a digital identity network using its new blockchain services.The network, set for launch later this year, is aimed at making it easier for consumers to prove their identities when accessing services such as new bank accounts, driver''s licenses or utilities. Banks involved include Bank of Montreal, Royal Bank of Canada, Bank of Nova Scotia, Canadian Imperial Bank of Commerce and Toronto-Dominion Bank.Blockchain, which emerged as the system running cryptocurrency bitcoin, is a digital shared record of transactions that is maintained by a network of computers on the internet, without the need of a centralized authority.Big businesses, including many of the world''s largest banks, have been increasing their investment in the technology in hopes it can help them reduce the complexity and costs of some of their most burdensome processes, such as the settlement of securities or international payments.Technology companies and professional services firms have also been ramping up their investment in blockchain, as they race to capture the nascent market.IBM has been one of the most aggressive large technology companies on blockchain and has several large clients developing applications with the technology, including Northern Trust Corp , Wal-Mart Stores Inc and the Depository Trust & Clearing Corporation.IBM said it had also tested a blockchain-based asset management platform for carbon assets with Chinese company Energy-Blockchain Labs. The companies aim to release the platform, built using the new IBM Blockchain, later this year. (Reporting by Anna Irrera; Editing by Peter Cooney)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/ibm-blockchain-launch-idINL2N1GX018'|'2017-03-20T01:01:00.000+02:00'
'0c2870be02446764fb4fe96aa0b691184e603daf'|'Nike reports lower-than-expected quarterly revenue'|' 30pm GMT Nike reports lower-than-expected quarterly revenue FILE PHOTO: The logo of Nike (NKE) is seen in Los Angeles, California, United States, April 12, 2016. REUTERS/Lucy Nicholson/File Photo Nike Inc ( NKE.N ), the world''s largest footwear maker, reported lower-than-expected quarterly revenue on Tuesday amid intense competition from a resurgent Adidas AG ( ADSGn.DE ) and Under Armour Inc ( UAA.N ) in North America. Shares of the Dow component were down 1.7 percent at $57.00 in after-market trading on Tuesday. Nike''s net income rose to $1.14 billion, or 68 cents per share, in the third quarter ended Feb. 28, from $950 million, or 55 cents per share, a year earlier. Revenue climbed 5 percent to $8.43 billion. Analysts on average had expected revenue of $8.47 billion, according to Thomson Reuters I/B/E/S. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Sriraj Kalluvila and Saumyadeb Chakrabarty)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-nike-results-idUKKBN16S2OU'|'2017-03-22T03:30:00.000+02:00'
'9052c479d5a0a794c3ce3683862f6266f3d16976'|'Germany, U.S. risk worsening trade ties - business chamber'|'Business  42am GMT Germany, U.S. risk worsening trade ties - business chamber FILE PHOTO - Bernhard Mattes (R) gestures as German Chancellor Angela Merkel makes an opening tour of the Frankfurt Motor Show (IAA) in Frankfurt, Germany September 17, 2015. REUTERS/Ralph Orlowski BERLIN Germany and the United States must work hard to prevent a deterioration of trade relations between the two countries, the head of the American Chamber of Commerce in Germany said on Friday. AmCham Germany President Bernhard Mattes made the comments ahead of a meeting between U.S. President Donald Trump and German Chancellor Angela Merkel later on Friday, which is expected to be overshadowed by Trump''s plan to impose a border tax on German cars. "Even though we currently see the likelihood of a trade war between the United States and Europe as small, the topic is still present and not completely off the table," Mattes wrote in a column in the Handelsblatt business daily. "We call on those responsible to do everything possible to avoid a standstill or even a worsening of our trade relations. In a trade war, there can be no winners as the global economy is too networked and our supply chains too international." Mattes noted that the United States has had a trade deficit for much of the last 35 years with the deficit growing tenfold during the fastest period of U.S. growth of the last 50 years, from 1983 to 1987. "Protectionist measures like punitive customs, import taxes or the termination of international trade treaties would therefore only help the U.S. economy temporarily," he wrote. Germany''s 50 billion euro trade surplus with the United States has been a source of tension between Washington and Berlin. Trump has warned that the United States will impose a border tax of 35 percent on cars that German carmaker BMW plans to build at a new plant in Mexico and export to the U.S. market. That could prompt Germany to file a suit against the United States at the World Trade Organization, Economy Minister Brigitte Zypries told Deutschlandfunk radio. (Reporting by Emma Thomasson; Editing by Toby Davis) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-trump-germany-business-idUKKBN16O18J'|'2017-03-17T17:42:00.000+02:00'
'22b15ae41362eb500656b1835e049b45b9aee958'|'Japan court rules government liable over Fukushima - media'|' 58am GMT Japan court rules government liable over Fukushima - media FILE PHOTO: An aerial view shows Tokyo Electric Power Co.''s Fukushima Daini nuclear power plant in Naraha town, Fukushima prefecture, Japan, in this photo taken by Kyodo November 22, 2016. Kyodo/via REUTERS TOKYO A court in Japan on Friday ruled that Tokyo Electric Power (Tepco) ( 9501.T ) and the government are liable for negligence in a case involving compensation for the Fukushima nuclear disaster, the first time the judiciary has ruled the state has liability, Japanese media reported. The district court in Maebashi, north of Tokyo, ruled in favour of 137 evacuees seeking damages for the emotional distress of fleeing their homes as radiation spread from the meltdowns at Tepco''s Fukushima Daiichi plant after an earthquake and tsunami six years ago, the Mainichi newspaper and other media reported. While courts have ruled in favour of plaintiffs and awarded damages arising from the disaster, it was the first time a court has recognized that the government was liable, the Mainichi said. Tepco has long been criticised for ignoring the threat posed by natural disasters to the Fukushima plant and both the company and government were lambasted for their handling of the crisis. Tepco said in a statement it would review the contents of the ruling before making a response. In December, the government nearly doubled its projections for costs related to the disaster to 21.5 trillion yen (152 billion pounds), increasing pressure on Tepco to step up reform and improve its performance. In the world''s worst nuclear calamity since Chernobyl in 1986, three reactors at Tepco''s Fukushima plant suffered meltdowns after a magnitude 9 earthquake in March 2011 triggered a tsunami that devastated a swathe of Japan''s northeastern coastline and killed more than 15,000 people. (Reporting by Osamu Tsukimori and Aaron Sheldrick; Editing by Simon Cameron-Moore)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-tepco-fukushima-liability-idUKKBN16O0S6'|'2017-03-17T14:59:00.000+02:00'
'855ad03120c38a7b708edb197f991f65da2edd8d'|'BRIEF-T. Rowe Price CEO William Stromberg''s FY 2016 compensation $9.1 mln vs $8.45 mln'|' 32pm EDT BRIEF-T. Rowe Price CEO William Stromberg''s FY 2016 compensation $9.1 mln vs $8.45 mln March 17 T. Rowe Price Group Inc * Ceo william stromberg''s fy 2016 total compensation $9.1 million versus $8.45 million in fy 2015 - sec filing * Vice chairman edward bernard''s fy 2016 total compensation $7.2 million versus $6.9 million in fy 2015 - sec filing Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-t-rowe-price-ceo-william-stromberg-idUSFWN1GU0PR'|'2017-03-18T03:32:00.000+02:00'
'97ef8275681ccf12fa33f09499c27f98603f70f5'|'UPDATE 2-Italy proposes Profumo as new Leonardo CEO, confirms Eni, Enel chiefs - Reuters'|'(Adds proposed new CEO of Terna)By Gavin JonesROME, March 18 The Italian Treasury on Saturday proposed that veteran banker Alessandro Profumo be named the new chief executive of defence and aerospace company Leonardo , in a round of new appointments at state-controlled firms.Profumo, who stepped down as chairman of troubled lender Monte dei Paschi di Siena in August 2015, takes over from Mauro Moretti, who has cut debt and streamlined the company''s business to focus on core activities.However, Moretti''s position was undermined when he was sentenced in January to seven years in prison after being held responsible for one of Italy''s worst train accidents while he was head of the state railways.The CEOs of oil firm Eni and utility Enel , respectively Claudio Descalzi and Francesco Starace, were both confirmed for a new mandate, while Roberta Neri was also confirmed as the head of air traffic controller Enav .The Treasury proposed that Matteo Del Fante, head of power grid company Terna, be appointed CEO of the Post Office , replacing Francesco Caio.Caio, a former McKinsey manager, was appointed as CEO of the Post Office in May 2014 to orchestrate the turnaround and privatisation of the company as part of the reform agenda of former prime minister Matteo Renzi.However, while the government sold a 35 percent stake in October 2015, plans to sell another minority stake, initially due in autumn last year, have made no progress due to disagreements within the ruling Democratic Party.Sources also told Reuters the government was unhappy that a consortium led by Poste Italiane pulled out of the race to buy UniCredit''s asset manager Pioneer, which has big holdings of Italian government debt and ended up being sold to France''s Amundi.Del Fante will be replaced as CEO of Terna by Luigi Ferraris, who is currently the chief financial officer at the Post Office and previously held the same position at Enel.Most of the appointments were widely expected after leaks to the press, and will all need to be confirmed by upcoming shareholder meetings at the companies, but this is considered a formality. (Editing by Silvia Aloisi and Stephen Powell)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/italy-treasury-chiefexecutives-idINL5N1GV0DR'|'2017-03-18T15:59:00.000+02:00'
'eb45aa427326c7a9bd5eda8c1cde6337da5f2b1b'|'Italy proposes Profumo as new Leonardo CEO, confirms Eni, Enel chiefs'|'ROME, March 18 The Italian Treasury on Saturday proposed that veteran banker Alessandro Profumo be named the new chief executive of defence and aerospace company Leonardo , in a round of new appointments at state-controlled firms.Profumo, who stepped down as chairman of troubled Monte dei Paschi di Siena in August 2015, takes over from Mauro Moretti, who has cut debt and streamlined the company''s business to focus on core activities.The Treasury proposed that Matteo Del Fante, the former head of power grid company Terna, be appointed CEO of the Post Office, replacing Francesco Caio.The CEOs of oil firm Eni and utility Enel , respectively Claudio Descalzi and Francesco Starace, were both confirmed for a new mandate, while Roberta Neri was also confirmed as the head of air traffic controller Enav .All the appointments will need to be confirmed by upcoming shareholder meetings at the companies, but this is considered a formality. (Reporting By Gavin Jones, editing by Silvia Aloisi)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/italy-treasury-chiefexecutives-idINR1N1FF00G'|'2017-03-18T09:37:00.000+02:00'
'4112042092694b159617c4fe036f21777cafa673'|'G20 ministers give Mnuchin space to define Trump trade agenda'|'  5:07am GMT G20 ministers give Mnuchin space to define Trump trade agenda FILE PHOTO - U.S.Treasury Secretary Steven Mnuchin speaks at a press briefing at the White House in Washington, U.S. on February 14, 2017. REUTERS/Kevin Lamarque/File Photo By David Lawder - BADEN BADEN, Germany BADEN BADEN, Germany Wary of their first official encounter with U.S. President Donald Trump''s blustery trade agenda, the world''s top finance officials were relieved to find new Treasury Secretary Steven Mnuchin polite and business-like over the weekend. But they yielded ground to the newcomer''s push for the Group of 20 major economies to abandon a decade-old pledge to resist protectionism and to delete communique language on financing the fight against climate change. According to G20 officials who interacted with Mnuchin at the meeting in the spa and casino town of Baden-Baden, Germany, many opted not to challenge Mnuchin on protectionism language. Instead they chose to give some space to him and Trump''s new administration to refine their trade views in the hopes for moderation by the time Germany hosts a G20 leader''s summit in July. Five weeks into his new job, the former Goldman Sachs and commercial banker is currently the only Senate-confirmed Trump appointee working at Treasury. And the Trump administration has not yet decided on the specific policies it will use to make good on campaign pledges to shrink U.S. trade deficits and grow American manufacturing jobs. Options under consideration range from more aggressive anti-dumping enforcement efforts to renegotiating trade deals and enacting a proposed border tax levied on imports. During his campaign, Trump threatened unilateral tariffs on Mexican and Chinese goods and said he would quit the North American Free Trade agreement unless it is renegotiated to his liking. "We have a new administration in Washington which still has to define precisely its narrative, especially in the context of what was said in the campaign," said Pierre Moscovici, European Commission Economic Affairs Minister. "I think Mnuchin is an articulate, constructive and pragmatic man," Moscovici said. "More work needs to be done to find common ground. It was not ready here. It is not a total surprise." FIRST IMPRESSIONS Japanese Finance Minister Taro Aso, who tangled with Mnuchin''s predecessor, Jack Lew, last year over dollar-yen exchange rate volatility, said he was impressed with Mnuchin''s understanding of economics and financial markets. "That’s why I think we can do good business together," Aso told reporters. In the G20 plenary sessions, Mnuchin took to the floor only once, reading from a prepared statement, according to a G20 official, while counterparts from China and France argued forcefully in favor of keeping the anti-protectionism pledge. While Mnuchin concentrated on making good first impressions with his G20 counterparts, U.S. negotiators behind the scenes insisted that they could no longer accept previous language vowing "to resist all forms of protectionism." This was replaced with a watered-down pledge to "strengthen the contribution of trade to our economies" - language viewed by some participants as preserving U.S. flexibility on trade policy. German Finance Minster Wolfgang Schaeuble, who met with Mnuchin in Berlin before the Baden Baden meeting, said consensus could not be reached on the meaning of protectionism.. He suggested at a news conference that Mnuchin may not have had a clear mandate to negotiate on trade issues. Asked about this, Mnuchin said he knows Trump''s desires on trade and negotiated them from Baden Baden, adding: "the new language makes sense." RITUALISTIC PHRASE The deletion of a "ritualistic phrase" in the G20''s core language could over time diminish U.S. influence, said Eswar Prasad, a former International Monetary Fund official and trade policy professor at Cornell University. "The U.S. may have won this battle by forcefully imposing its will on the rest of the G20, but the outcome represents a step backward in U.S. global leadership on issues such as the promotion of free trade and tackling climate change," said Prasad. But the Baden Baden meeting established Mnuchin as a pragmatic operator in the Trump administration''s drive for a more level playing field on trade, said Domenico Lombardi, another former IMF official now with the Centre for International Governance Innovation, a Canadian think-tank. "It''d be in the interest of Germany and Europe to establish a strong, bilateral relationship with the new Treasury secretary rather than questioning his authority," Lombardi said. "The alternative for them would be to negotiate directly with Trump and that would be worse." (Additional reporting by Jan Strupczewski and Leika Kihara; Editing by Mary Milliken)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-g20-germany-usa-analysis-idUKKBN16R09Y'|'2017-03-20T12:04:00.000+02:00'
'277168d604778c1ecced35ace689162a282af432'|'Czech Republic - Factors To Watch on March 20'|'Company News  16am EDT Czech Republic - Factors To Watch on March 20 PRAGUE, March 20 Here are news stories, press reports and events to watch which may affect Czech financial markets on Friday. ALL TIMES GMT (Czech Republic: GMT + 1 hours) ECONOMIC DATA Real-time economic data releases Summary of economic data and forecasts Recently released economic data Previous stories on Czech data **For a schedule of corporate and economic events: here #/2E/events-overview NEWS TORAH: Prague''s medieval Old-New Synagogue received two new Torah scrolls on Sunday, the first ones since World War Two shattered the country''s once-thriving Jewish community. Story: Related stories: CEE MARKETS: Central European currencies and stocks mostly firmed on Friday, supported by increasing demand for riskier assets since the Federal Reserve suggested this week that future U.S. rate rises will be gradual. Story: Related stories: MARKET SNAPSHOT Index/Crown Currency Latest Prev Pct change Pct change close on day in 2017 vs Euro 27.02 27.002 -0.07 -0.05 vs Dollar 25.081 25.138 0.23 2.21 Czech Equities 980.79 980.79 0 6.42 U.S. Equities 20,914.62 20,934.55 -0.1 5.83 Pvs close or current levels vs prior domestic close at 1600 GMT PRESS DIGEST'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/czech-factors-idUSL5N1GX0UT'|'2017-03-20T14:16:00.000+02:00'
'79425fea61a3869f6a992bea0de80f0228bcb639'|'In China, brands scramble ahead of "315" consumer day show'|'Entertainment News - Wed Mar 15, 2017 - 3:54pm IST In China, brands scramble ahead of "315" consumer day show FULL COVERAGE: By Adam Jourdan and Jackie Cai - SHANGHAI SHANGHAI Chinese and global firms steeled themselves on Wednesday ahead of the country''s annual consumer rights day TV show, an evening gala from China''s state broadcaster that can have brands and their corporate PR teams scurrying to take evasive action. Similar to CBS network''s "60 Minutes" in the United States, the China Central Television (CCTV) show known as "315" in reference to global consumer rights day on March 15, has previously named and shamed firms from Apple Inc to Volkswagen AG. The two-hour gala - a mix of undercover reports and song-and-dance - can hit a firm''s reputation if singled out for bad corporate behaviour. Apple was forced into a rare apology in 2013 after criticism on the show of its after-sales service. "The days that a big company would be completely caught with its pants down are largely past," said James Feldkamp, Shanghai-based CEO of independent China consumer watchdog Mingjian. "Pretty much all the big corporations have their PR machines ready to jump into action because they''ve seen what happens when companies are not prepared." The day itself often sees a flurry of goodwill gestures by firms - from free apple pies to give-away iPads - to help soften any blow from being named and shamed. It has also ballooned beyond the CCTV show with smaller events around the country. South Korean businesses, especially, may fear being singled out this year amid pressure from Beijing on companies in apparent retaliation for the deployment in South Korea of the THAAD anti-missile system. China sees the system''s powerful radar as a threat to its security. "The period around 315 is certainly when everyone''s bow strings get a bit more tense," said Wei Wei, Shanghai-based marketing manager at communications firm MSLGroup China. She said the firm would monitor the show for clients, create reports to lay out the impact if a sector was targeted, or prepare an emergency response if a client was snagged. "If our client is really named on 315 then we have to take immediate action, you can''t wait," she said. "The golden period for crisis response is the first three days, and you have to come up with a very clear response." The programme has lost some of its bite in recent years, with some viewers jumping to defend targeted companies and younger audiences simply switching channels. Chatter online about the event has dipped sharply since 2014, according to a Reuters analysis of posts on China''s Sina Weibo. Last year''s show criticised local food delivery apps, fake online sales and dodgy false teeth, but didn''t take aim at any major international firms. Chinese shoppers Reuters spoke to said they weren''t likely to stay up to watch the show, but would check the next day who was targeted. Some sectors were more sensitive than others. "What I pay attention to is food safety. After all, what you eat has a direct affect on your health," said Maple Zhu, a 27-year-old media professional in Shanghai. "But the impact on consumers is usually short-lived, after a little while most people just forget." (Reporting by Adam Jourdan and Jackie Cai; Editing by Ian Geoghegan) Next In Entertainment News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-consumerday-idINKBN16M1A5'|'2017-03-15T17:02:00.000+02:00'
'102ccba223a0beb5b3835c8ebb0384aa73066d57'|'Toshiba shares slide as crisis deepens, fate of Westinghouse unclear'|'Technology   7:47am GMT Toshiba shares slide as crisis deepens, fate of Westinghouse unclear FILE PHOTO: The logo of Toshiba Corp is seen behind a traffic signal at its headquarters in Tokyo, Japan January 27, 2017. REUTERS/Toru Hanai/File Photo TOKYO Shares in Toshiba Corp tumbled on Wednesday after it said it would consider a sale of Westinghouse but did not offer any clarity on whether it would proceed with a Chapter 11 filing for the U.S. nuclear unit - a move that could stem losses. Toshiba''s failure to submit audited third-quarter earnings on Tuesday and its announcement of an expanded probe into Westinghouse also contributed to broad disappointment as did the Tokyo Stock Exchange''s placing of the stock on its supervision list. While the bourse''s move was an automatic one that follows Toshiba''s failure to clear up concerns about its internal controls a year and a half after a 2015 accounting scandal, it increases the risk of a delisting. Market participants said the bourse''s action meant that the shares were now "untouchable" for institutional investors who cannot invest due to compliance reasons. Toshiba would be delisted if the bourse is not satisfied with a report on internal controls that Toshiba submitted on Wednesday. The report, required since the 2015 accounting scandal, must also address internal control lapses since then. "Crucial details about Westinghouse won''t be there. Toshiba is already in trouble for delaying the filing of its quarterly earnings twice, and without the complete report, the exchange is unlikely to find its report satisfactory," said Fumio Matsumoto, a senior fund manager at Dalton Capital Japan. Chief Executive Satoshi Tsunakawa sidestepped questions about a potential Chapter 11 filing for Westinghouse on Tuesday, saying only there were various options. Sources have said bankruptcy lawyers have been hired as an exploratory step. Shares in the TVs-to-construction conglomerate slid 7.5 percent in early trade. They have plunged by more than half since December, slashing the company''s market value to $7.4 billion. Masayuki Doshida, senior market analyst at Rakuten Securities, said too much uncertainty surrounded the firm. "For how much can it sell the chip business? When will it release its earnings? Will it remain listed? And can it sell Westinghouse? We are just getting more questions," he said. Toshiba will meet with creditor banks later on Wednesday to explain the situation, sources familiar with the matter said. (This story has been refiled to correct paragraph 4 to add dropped word ''shares'') (Reporting by Ayai Tomisawa and Hideyuki Sano; Writing by Naomi Tajitsu; Editing by Edwina Gibbs) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-toshiba-accounting-idUKKBN16M01O'|'2017-03-15T12:23:00.000+02:00'
'04487cc2241b8fd62ee51468586326664acce6ec'|'Global oil stocks rise, but IEA sees deficit in first half if OPEC keeps curbs'|'Business   9:03am GMT Global oil stocks rise, but IEA sees deficit in first half if OPEC keeps curbs An Iranian man works on an oil production platform at the Soroush oil fields in the Persian Gulf, south of the capital Tehran, July 25, 2005. REUTERS/Raheb Homavandi/File Photo Global oil inventories rose for the first time in six months in January, despite OPEC''s production cuts, but if the group maintains its output limits, the market may tilt into deficit in the first half of 2017, the International Energy Agency said on Wednesday. The IEA said crude stocks in the world''s richest nations rose in January for the first time since July by 48 million barrels to 3.03 billion barrels "The actual build in OECD stocks in January reminds us that it may be some time before global stocks start to fall," the agency said. Compliance by the Organization of the Petroleum Exporting Countries with its agreed output cut of 1.2 million barrels per day in the first half of this year was 91 percent in February and, if the group maintains its supply limit to June, the market could show an implied deficit of 500,000 bpd, the IEA said. "If current production levels were maintained to June when the output deal expires, there is an implied market deficit of 500,000 bpd for 1H17, assuming, of course, nothing changes elsewhere in supply and demand," the IEA said. "For those looking for a re-balancing of the oil market the message is that they should be patient, and hold their nerve." (Reporting by Amanda Cooper; Editing by Susan Thomas) Next In Business News Exclusive - Germany to press G20 to sign off on free trade amid worries about U.S. stance: sources TOKYO/BERLIN Germany will press G20 members to sign off on a set of principles including free trade at this week''s meeting of the group''s financial leaders, in what the Trump administration may perceive as a challenge to its more protectionist stance.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-iea-oil-idUKKBN16M11H'|'2017-03-15T16:03:00.000+02:00'
'b2e23d8e03fd5fe935787dfcc7e356583901f02b'|'Instagram - Banned! 11 things you won''t find in China - CNNMoney'|'China''s leaders have promised a decisive role for markets in its huge economy, and a litany of economic reforms are underway. But in many areas, the country is still relatively closed off.Try using Instagram, for example. No snaps allowed!China banned the photo-sharing platform after pro-democracy protests rocked Hong Kong in 2014.The social media platform now can''t be accessed from anywhere within the so-called Great Firewall of China, a censorship project operated for more than a decade by the Communist Party.NEXT: Twitter'|'cnn.com'|'http://rss.cnn.com/rss/money_technology.rss'|'http://money.cnn.com/gallery/technology/2016/05/23/banned-china-10/index.html'|'2017-03-18T02:00:00.000+02:00'
'828874bdc2800eb4467cd726487f64886a6d8997'|'French advertising group Havas denies it wants to pull adverts from Google'|'Technology News - Fri Mar 17, 2017 - 8:57pm GMT French advertising group Havas denies it wants to pull adverts from Google PARIS French advertising group Havas denied on Friday that it would pull advertising from Google platforms, contradicting comments attributed to the head of its British business after Britain raised concerns over government advertising on the U.S. company''s YouTube website. The British government had been expected to question Google executives on Friday over why advertisements marketing the government''s services were appearing alongside videos carrying hate speech and extremist content on its YouTube website. The Guardian newspaper reported that Havas had decided to pull all its advertising spend from Google and YouTube, citing Havas UK chief Paul Frampton. A spokeswoman for the French group told Reuters that pulling advertising from Google was not the group''s position, and Havas CEO Yannick Bollore said on Twitter that he had been unaware of its British unit''s decision. "I will investigate what happened before making an official statement," he added. Google said in a statement that it worked hard to prevent advertisements from appearing on pages or videos with "hate speech, gory or offensive content" and said it had launched a review to give brands more control over where their advertisements appeared. (Reporting by Gwenaelle Barzic and Michel Rose; Editing by David Goodman) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-google-havas-idUKKBN16O2OY'|'2017-03-18T03:46:00.000+02:00'
'951219811b56485fd05177497a0b0715a0e5378a'|'Wall Street bonuses may show first uptick since 2009, firm says'|' 00pm GMT Wall Street bonuses may show first uptick since 2009, firm says A souvenir license plate is seen outside the New York Stock Exchange in Manhattan, New York City, U.S., December 21, 2016. REUTERS/Andrew Kelly By Olivia Oran Wall Street bonuses this year may climb as much as 15 percent in their first meaningful uptick since 2009, compensation firm Johnson Associates Inc said on Friday. An increase in market volatility since the election of U.S. President Donald Trump may boost trading profits, the firm said in a presentation to an industry group. It described the forecast for financial services pay as "upbeat." The improved outlook for the banking industry is a shift from 2016, when bankers and traders received slightly lower bonuses on average. Bankers may also see more creativity with their pay packages as a result of less financial regulation. While today, most bankers are paid heavily in restricted stock, Johnson Associates expects a move to more stock options and unique products. (Reporting by Olivia Oran in New York; Editing by Lisa Von Ahn)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-banks-bonus-idUKKBN16O1YH'|'2017-03-17T22:00:00.000+02:00'
'de4bed9634cec76eb5fb60327faeb51b460daee6'|'Alitalia plans to cut 2,037 staff, pilots'' salaries in new revamp plan - union'|' 28pm GMT Alitalia plans to cut 2,037 staff, pilots'' salaries in new revamp plan - union An Alitalia airplane takes off at the Fiumicino International airport in Rome, Italy February 12, 2016. REUTERS/Tony Gentile MILAN Alitalia''s new restructuring plan envisages cutting 2,037 ground staff and reducing pilots'' salaries by between 22-28 percent in a last-ditch attempt at getting the troubled Italian airline back to profitability, a union official told Reuters. Unions, which met with Alitalia''s management on Friday, have responded to the airline''s cost-cutting plan by calling a 24-hour strike for April 5, the official added. Alitalia was not immediately available for comment. The loss-making carrier, in which Abu Dhabi-based Etihad Airways has a 49 percent stake, said this week it expects to return to profit by end-2019 by cutting operating and labour costs by 1 billion euros (887.8 million pounds) over the next three years and revamping its business model for short and medium-haul flights. (Reporting by Agnieszka Flak, editing by Silvia Aloisi)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-alitalia-restructuring-idUKKBN16O1UL'|'2017-03-17T21:28:00.000+02:00'
'f2e366341c379311ab348693b6abd6d2a96c3105'|'Australia threatens gas majors with ''action'' to avert domestic shortage'|'By Harry Pearl - SYDNEY, March 19 SYDNEY, March 19 Australia’s minister for resources said on Sunday that the government would take action to avert an energy shortage if big gas producers did not boost supply for the country’s domestic market.Australia is on track to become the world''s largest exporter of liquefied natural gas (LNG), yet its energy market operator has warned of a domestic gas crunch from 2019 that could trigger industry supply cuts and broad power outages.Major gas producers, including Exxon Mobil Corp and Royal Dutch Shell, who have large export contracts, guaranteed to ensure gas was available for the domestic market during crisis talks with the government this week.“If the commitments are not met, if we don''t see more gas, we''ll act, we''ll take decisions in our national interest to secure our nation''s energy supplies,” Resources Minister Matt Canavan, who was at the talks, told The ABC on Sunday.Australia''s power supply problems made international headlines last week when Tesla Inc boss Elon Musk offered to save South Australia, the country''s most renewable-energy dependent state, from blackouts by installing large-scale battery storage.Manufacturers have long complained of tight gas supplies and soaring prices as producers have focused on supplying gas to LNG plants that have locked in 20-year export contracts. Restrictions on drilling coal seam gas have added to supply constraints.Producers blame state drilling bans, uncertainty over Australia''s climate policy and, more recently, potential increases in petroleum producer taxes, for deterring development of new gas fields.Canavan, who did not elaborate on what action would be taken, said the companies had given strong commitments to the government.“This is what every nation around the world would do. The gas industry understand that. That''s what we need to see delivered,” he said. (Reporting by Harry Pearl; Editing by Mary Milliken)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/australia-energy-gas-idINL3N1GW001'|'2017-03-18T21:23:00.000+02:00'
'bee1920cb8bc6338034af80de682447e2174b4f2'|'RPT-Wall St Week Ahead-Post-Fed boost for small-cap stocks may be limited'|'(Repeats March 17 column with no changes to headline or text)By Caroline ValetkevitchNEW YORK, March 17 Small-cap stocks benefited from a dovish lining to the U.S. Federal Reserve''s decision to raise interest rates this past week, but strategists warn it will take more to make these pricey stocks outperform their larger brethren in the long haul.The Fed on Wednesday raised rates by a quarter of a percentage point, as expected, but did not flag any plan to accelerate the pace of monetary tightening. A less aggressive monetary policy may benefit small-caps, which tend to get hit harder as borrowing costs increase when rates rise.Stocks in the small-cap space rallied after the Nov. 8 election that put Donald Trump in the White House as investors bet Trump''s plans to cut back on regulations and taxes would especially help small companies.That hasn''t panned out in the new year, as they have underperformed the S&P 500 year-to-date. Their near-term performance hinges on how much the profit picture improves, but so far small-cap earnings have yet to rebound in the same way that large caps have.Investors consider small-cap stocks comparatively expensive."We''re in a show-me state for small caps," said Steve DeSanctis, equity strategist at Jefferies. "We''ve gotten (price-to-earnings) multiple expansion, so you need earnings growth."Fourth-quarter earnings for companies in the small-cap S&P 600 were down 1.0 percent from a year ago, while the benchmark S&P 500''s earnings rose 7.8 percent, Thomson Reuters data show.Analysts expect profit growth for the S&P 600 in the first quarter of 2017, but at a rate still well below that of the S&P 500.The S&P 600 is up just 1.4 percent since Dec. 31, after rising 24.7 percent in 2016. The S&P 500 by comparison has gained 6.2 percent since the start of the year.At 20.4 times forward earnings estimates, the S&P 600 looks expensive compared with its long-term average of 17, Thomson Reuters data showed. The S&P 500 trades at about 17.8 times forward earnings, also above its long-term average.The Russell 2000, a widely used gauge for small-caps, has a forward price-to-earnings ratio of 25.4, brushing against its highest level since 2009. Its 10-year average sits at 20.7."Growth and the interest rate trajectory are going to be two key factors," said Dan Suzuki, senior U.S. equity strategist at Bank of America Merrill Lynch in New York. He thinks small caps may have more room to gain in the short run, especially if earnings surprise to the upside, but that valuations remains a negative.On the flip side, rising rates also tend to boost the U.S. dollar, which would have a bigger negative impact on large-cap multinationals as a stronger dollar weighs on offshore revenues when they are translated into the U.S. currency.Investors also worry that any tax reductions under the Trump administration may not come for many months, or even until 2018."Small-caps generally pay more in terms of U.S. corporate taxes," said Nicholas Colas, chief market strategist at Convergex, a global brokerage company based in New York."You can somewhat view small-caps as a bit of a proxy for confidence in the tax reduction piece of the Trump economic plan." (Reporting by Caroline Valetkevitch; Editing by Daniel Bases and Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-stocks-weekahead-idINL2N1GU22P'|'2017-03-19T16:00:00.000+02:00'
'1224e4b012adc60b0ee94ac8db9ec3d1919e355d'|'Buyout funds line up bids for The Body Shop amid pricing challenges: sources'|'By Pamela Barbaglia and Martinne Geller - LONDON LONDON L''Oreal''s ( OREP.PA ) sale of British retailer The Body Shop has drawn interest from a series of private equity investors who are lining up indicative bids ahead of a mid-April deadline, sources familiar with the matter said on Monday.L''Oreal, which bought the company in 2006, sent out information packages earlier this month to a large number of bidders, hoping for a valuation of close to 1 billion euros ($1.1 billion). Yet most investors have valued The Body Shop at less than 700 million euros, two of the sources said.Bain Capital, BC Partners, CVC and Advent are among those planning to make an offer for the business which prides itself on offering "naturally-inspired products," the sources said.The Body Shop pioneered the ethical beauty products industry four decades ago, but has recently been challenged by weakening sales and profits, making it tricky for large buyout funds to match L''Oreal''s price expectations, sources said.Spokesmen for L''Oreal, Bain Capital, BC Partners, Advent and CVC declined to comment.Other heavyweight buyout funds including KKR, CD&R and PAI Partners are also currently exploring a possible bid for the maker of beauty products such as Body Butter and white musk perfumes.Last year The Body Shop, which has more than 3,000 stores across the world, saw its operating profit fall to 33.8 million euros from 54.8 million euros in 2015 while its revenues dropped to 920.8 million euros in 2016 from 967.2 million in 2015.CD&R and PAI declined to comment while KKR was not immediately available.Most industry players have snubbed the auction, led by investment bank Lazard, the sources said, while Chinese investors have signaled interest in making an offer for the business which has yet to crack the Chinese market.One source said the Chinese practice of animal testing would clash with the company''s position.When Dame Anita Roddick launched The Body Shop in 1976, a stance against animal testing, and strong support of environmental and animal protection were unusual.But several decades later, that unique positioning has become commonplace with a raft of competitors including Lush and Origins. The Body Shop, which employs more than 22,000 people in over 60 countries, has struggled to grow, prompting L''Oreal''s decision to sell it.Private equity funds are best placed to revamp its brand and boost global growth, but they are wary about how much to pay, saying turnaround work is required, the sources said.Companies such as CVC and Advent have all recently invested in large European retailers. In 2015 CVC bought a majority stake in German beauty retailer Douglas from Advent in a deal worth almost 3 billion euros.(Reporting by Pamela Barbaglia; Editing by Anjuli Davies/Ruth Pitchford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-l-oreal-the-body-shop-m-a-idINKBN16R28W'|'2017-03-20T15:45:00.000+02:00'
'da0aac304a5543fccaa5563ebcc78199b3ffc5d4'|'LVMH buys Maison Francis Kurkdjian stake in luxury perfume push'|'Business News   5:25pm GMT LVMH buys Maison Francis Kurkdjian stake in luxury perfume push The logo of French luxury group Louis Vuitton is seen at a store in Paris, France, February 6, 2017. REUTERS/Jacky Naegelen PARIS French luxury group LVMH ( LVMH.PA ) has agreed to buy a majority stake in French independent perfume house Maison Francis Kurkdjian as it expands in fast-growing niche luxury fragrances. LVMH did not disclose financial terms of the deal with Maison Francis Kurkdjian, which was created in 2009 by perfumer Francis Kurkdjian and its chief executive officer Marc Chaya. The company has a presence in over 500 ultra select retail locations in more than 40 countries, LVMH said in a statement announcing the purchase on Monday. "The acquisition by LVMH of a majority interest in Maison Francis Kurkdjian will allow the fragrance house to pursue its growth, in particular in international markets," it added. Chaya and Kurkdjian will continue in their existing roles and will remain shareholders in the company. (Reporting by Dominique Vidalon; Editing by Alexander Smith) Next In Business News Vodafone, Idea in $23 billion deal to create new Indian telecom leader MUMBAI Britain''s Vodafone Group and Idea Cellular agreed on Monday to merge their Indian operations in a $23 billion (18.55 billion pounds) deal, creating the country''s biggest telecoms business after the entry of a new rival sparked a brutal price war. Trump''s net worth dwindled to $3.5 billion, Forbes says NEW YORK While Donald Trump''s political fortunes were rising, his net worth was dropping to a mere $3.5 billion, or roughly a third of what he claimed during his successful campaign for the U.S. presidency, according to the latest Forbes list of the world''s billionaires. Exclusive - Iran struggles to coax Bank of England to open clearing accounts: sources LONDON/ANKARA Iran has asked the Bank of England to set up special clearing accounts for its banks, but has so far been rebuffed in its effort to resolve an impasse that has left it excluded from banking in London more than a year after sanctions were lifted. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-lvmh-perfume-idUKKBN16R23J'|'2017-03-21T00:25:00.000+02:00'
'3e135eeca6352a5a2346647c1076c460b194e931'|'Buyout funds line up bids for The Body Shop amid pricing challenges - sources'|'  6:53pm GMT Buyout funds line up bids for The Body Shop amid pricing challenges - sources The logo of British cosmetics and skin care company The Body Shop is seen outside a store in Vienna, Austria, June 4, 2016. REUTERS/Leonhard Foeger By Pamela Barbaglia and Martinne Geller - LONDON LONDON L''Oreal''s ( OREP.PA ) sale of British retailer The Body Shop has drawn interest from a series of private equity investors who are lining up indicative bids ahead of a mid-April deadline, sources familiar with the matter said on Monday. L''Oreal, which bought the company in 2006, sent out information packages earlier this month to a large number of bidders, hoping for a valuation of close to 1 billion euros (877 million pounds). Yet most investors have valued The Body Shop at less than 700 million euros, two of the sources said. Bain Capital, BC Partners, CVC and Advent are among those planning to make an offer for the business which prides itself on offering "naturally-inspired products," the sources said. The Body Shop pioneered the ethical beauty products industry four decades ago, but has recently been challenged by weakening sales and profits, making it tricky for large buyout funds to match L''Oreal''s price expectations, sources said. Spokesmen for L''Oreal, Bain Capital, BC Partners, Advent and CVC declined to comment. Other heavyweight buyout funds including KKR, CD&R and PAI Partners are also currently exploring a possible bid for the maker of beauty products such as Body Butter and white musk perfumes. Last year The Body Shop, which has more than 3,000 stores across the world, saw its operating profit fall to 33.8 million euros from 54.8 million euros in 2015 while its revenues dropped to 920.8 million euros in 2016 from 967.2 million in 2015. CD&R and PAI declined to comment while KKR was not immediately available. Most industry players have snubbed the auction, led by investment bank Lazard, the sources said, while Chinese investors have signalled interest in making an offer for the business which has yet to crack the Chinese market. One source said the Chinese practice of animal testing would clash with the company''s position. When Dame Anita Roddick launched The Body Shop in 1976, a stance against animal testing, and strong support of environmental and animal protection were unusual. But several decades later, that unique positioning has become commonplace with a raft of competitors including Lush and Origins. The Body Shop, which employs more than 22,000 people in over 60 countries, has struggled to grow, prompting L''Oreal''s decision to sell it. Private equity funds are best placed to revamp its brand and boost global growth, but they are wary about how much to pay, saying turnaround work is required, the sources said. Companies such as CVC and Advent have all recently invested in large European retailers. In 2015 CVC bought a majority stake in German beauty retailer Douglas from Advent in a deal worth almost 3 billion euros. (Reporting by Pamela Barbaglia; Editing by Anjuli Davies/Ruth Pitchford)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-l-oreal-the-body-shop-m-a-idUKKBN16R298'|'2017-03-21T01:53:00.000+02:00'
'b12918dbed688d6fa52dc58a0e02a04c249b4802'|'Saudi king''s Asia tour trumpets Aramco''s moves downstream'|'Commodities - Mon Mar 20, 2017 - 4:08am EDT Saudi king''s Asia tour trumpets Aramco''s moves downstream left right Saudi King Salman bin Abdulaziz Al-Saud waves as he attends Saudi-Japan Vision 2030 Business Forum in Tokyo, Japan, March 14, 2017. REUTERS/Toru Hanai 1/2 left right Amin H. Nasser, president and chief executive officer of Saudi Arabian Oil Company (Saudi Aramco), speaks at the China Development Forum in Beijing, China, March 19, 2017. REUTERS/Shu Zhang 2/2 By Henning Gloystein - SINGAPORE SINGAPORE Saudi King Salman''s lavish tour of Asia, arriving in each country on a golden escalator with 400 tonnes of luggage, had a hardnosed marketing mission - to cement the kingdom''s place as leading oil supplier to the world''s biggest consumer region. The string of deals inked on his three-week tour to Malaysia, Indonesia, Japan and China also point to a fresh strategy, one to increase Saudi leverage over refined product and petrochemical markets, known as the downstream sector. "Our strategy is about growth in the downstream," said Amin Nasser, chief executive officer of state oil company Aramco, told Reuters on Sunday. "The growth in that sector is very important, and anything integrated between refining, petrochemical, with marketing and distribution, is of interest to us." Saudi Arabia''s main influence on oil markets has been via the Organization of the Petroleum Exporting Countries (OPEC), of which it is the de-facto leader. But OPEC''s ability to control prices by turning the oil pumping spigots on and off has waned as non-OPEC producers like Russia and, more recently, U.S. shale drillers, have ramped up output and eroded its grip on market share. One indication of a shift in Saudi strategy came on the first leg of the tour in Kuala Lumpur. Aramco signed a deal to take a $7 billion investment, in a joint venture with Malaysia''s state oil company Petronas in a refinery and petrochemical project known as RAPID (Refinery and Petrochemical Integrated Development). ''THE WINDOW'' Under construction in Malaysia''s southern Johor state, RAPID is just across a narrow strait from Singapore, Asia''s oil trading hub. Some 70 percent of the oil for the project, set to start in 2019, will come from Saudi Arabia, giving the kingdom a key outlet for its crude in Asia, the world''s fastest growing market. It is Armaco''s largest refinery project outside the kingdom. Aramco also recently made a deal with Indonesia''s Pertamina over a $5 billion expansion of the country''s largest oil refinery, for which Armaco will supply the crude. "The investments are intended to enhance Aramco''s competitive position in Southeast Asia," said Ihsan Buhulaiga, a Saudi economist. The Malaysian investment also allows the Saudis to join the hub of refineries in and around Singapore that help determine fuel prices in the region. Price agency S&P Global Platts ( SPGI.N ) assesses dozens of fuel products during a set time every day, based on deliveries in and out of this region. Platts calls it Market-on-Close, but traders dub it "the window", and it influences pricing of oil products worth billions of dollars each day. While crude and fuel products by many companies flow in and out of the pricing region, known as FOB Straits. But the only refineries now in this price region are operated by U.S. Exxon ( XOM.N ), Anglo-Dutch Royal Dutch Shell ( RDSa.L ), and Singapore Petroleum Corp (SPC), owned by PetroChina ( 601857.SS ). "When you control refining capacity with the capability to deliver petroleum products into the window, you have access to a physical outlet which also plays a key role in daily price discovery," said John Driscoll, director of consultancy JTD Energy in Singapore. ARAMCO IPO The Saudi move deeper into refineries and petrochemical plants would likely help the potential valuation of Aramco in what could be the world''s largest-ever initial public offering. Deputy Crown Prince Mohammed bin Salman, who oversees the kingdom''s economic policy, has said the sale is expected to value Aramco at $2 trillion or more. Analysts have estimated a valuation between $1 trillion and $1.5 trillion. Singapore, along with Hong Kong and Tokyo have been mentioned as possible exchanges where Aramco''s shares would be traded. The primary listing will be on Saudi Arabia''s domestic exchange, and Riyadh is also looking at New York or London for the secondary listing. Aramco''s joint ventures in Malaysia, Indonesia and elsewhere are not only aimed at increasing its refining capacity. Its new deals in the region would also greatly increase its participation in the petrochemical sector, which involves all forms of plastics and where profits have soared thanks to strong demand. "We have capacity of about 5.4 million barrels per day of participated refining capacity, and our target is to reach 10 million barrels by 2030," Aramco''s Nasser said. Ultimately, the big prize is China, where the Saudis signed deals that could be worth as much as $65 billion during the last leg of the king''s Asian tour, covering energy, manufacturing and even a theme park in the kingdom. The deals included a memorandum of understanding between Aramco and China North Industries Group Corp (Norinco) to look into building refining and petrochemical plants in China. John Sfakianakis, director of the Riyadh-based Gulf Research Centre, said that the trip was "the beginning of a long-term strategy of Saudi Arabia to open itself to Asian investors and vice versa" as part of its Vision 2030 policy to diversify its economy beyond crude exports. (Reporting by Matthew Miller in BEIJING, Reem Shamseddine in RYADH, Rania El Gamal in DUBAI, and Florence Tan in SINGAPORE; Editing by Bill Tarrant) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-saudi-asia-oil-idUSKBN16R0J6'|'2017-03-20T15:08:00.000+02:00'
'cdb165b0470bdef6b45b63838288b32d980b50a0'|'White House tax reform may begin in late spring - Spicer'|'Business News - Sun Mar 19, 2017 - 9:29am GMT White House tax reform may begin in late spring - Spicer White House Press Secretary Sean Spicer holds his daily press briefing at the White House in Washington, U.S. March 16, 2017. REUTERS/Jonathan Ernst DUBLIN President Donald Trump may begin his overhaul of the U.S. tax code as early as late spring, White House spokesman Sean Spicer has told Ireland''s Sunday Independent newspaper. "We are going to have tax reform after we get healthcare completed... I think we are looking at late spring to summer," Spicer told the newspaper in an interview during Irish Prime Minister Enda Kenny''s visit to Washington late last week. Trump has vowed to deliver major tax cuts to the middle-class and the business community this year but deepening Republican divisions over a House Republican healthcare bill which has spawned concern that action on tax reform may be delayed. In a survey released last week, only 16 percent of about 1,000 business, tax and financial executives polled by accounting and advisory firm KPMG said they expected to see tax reform in 2017. (Reporting by Conor Humphries; editing by Jason Neely) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-trump-tax-idUKKBN16Q0AD'|'2017-03-19T16:29:00.000+02:00'
'c704cc77a44d6d1aa4c0fc51b9129c978adfe57c'|'Albertsons held preliminary merger talks with Sprouts -Bloomberg'|'Company  49pm EDT Albertsons held preliminary merger talks with Sprouts -Bloomberg NEW YORK, March 19 Grocery business Albertsons Cos. held preliminary talks to merge with Sprouts Farmers Market Inc., Bloomberg reported on Sunday, citing people familiar with the situation. Bloomberg said that the early-stage discussions took place in recent weeks and have involved a plan to take Sprouts private. Doing so would add the natural and organic foods-focused business to the Albertsons suite of supermarket brands, which includes Safeway, Vons and Shaw''s. Albertsons is backed by private equity firm Cerberus Capital Management. Representatives for Albertsons and Sprouts did not immediately respond to requests for comment, while a spokeswoman for Cerberus declined to comment. (Reporting by Lawrence Delevingne; Editing by Mary Milliken) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/albertsons-cos-sprouts-idUSL2N1GW0MA'|'2017-03-20T05:49:00.000+02:00'
'95369b6adf261b4e021e56de180c52fe6b5f9d4a'|'Crooked business as usual in Angola, activists say, after Brazil firm admits bribes'|'* Odebrecht admitted paying bribes to local authorities* Payments made to secure large infrastructure contracts* Corruption also recorded in MozambiqueBy David Lewis and Brad BrooksNAIROBI/SAO PAULO, March 20 Angola''s authorities have ignored the admission by a Brazilian firm that it paid $50 million in bribes to secure contracts in the country, activists say, despite demands from watchdogs that it join international investigations into the corruption.Brazilian engineering conglomerate Odebrecht admitted to the illegal payments in Angola as one part of a guilty plea in December in New York court, in which it confessed to paying $788 million in bribes, mostly across Latin America.The company has been at the centre of vast corruption investigations in its home country and eight other Latin American states where it has admitted making the illegal payments. CEO Marcelo Odebrecht was jailed for 19 years in 2016 for paying bribes.But in Angola, which along with Mozambique is the only country outside of Latin America on the list of places where it has admitted paying bribes, "there has been absolute silence," said anti-corruption campaigner Rafael Marques de Morais.Marques de Morais demanded an investigation in Angola in January after the U.S. court published the plea deal detailing the company''s admissions, but said he was not surprised to receive no response from the authorities."The point is that there is no official interest in fighting corruption. Or even pretending that there is an interest in fighting corruption. The Angolan judicial system wants this to go away because of the involvement of senior officials."Over the past two decades Angola has experienced some of the fastest economic growth in the world thanks to an offshore oil boom. But most of its 21.5 million people remain in abject poverty, while a small elite have prospered.Odebrecht grew to become Angola''s largest private-sector employer as it won contracts for projects ranging from construction and agro-processing to mining, including the 2,000 MW Lauca hydroelectric project on the Kwanza river.In Angola, it employs 7,300 people directly and a further 3,500 sub-contractors. The company said the bribery case had no impact on its operations in Angola."Odebrecht continues operating normally in the country," a spokesman in Brazil said.Angola has no government spokesman. Attempts to obtain comment from the office of President Jose Eduardo dos Santos were unsuccessful.When asked to for comment, Norberto Garcia, head of the UTIP government agency that handles major private investments in the country, said he didn''t know anything about the issue."I barely heard references about it somewhere," he told Reuters."BENEFITS"Global anti-corruption watchdog Transparency International describes Angola as one of the most corrupt states on earth, ranked 164th out of 176 countries on its index of perceived corruption.The watchdog has called upon the 11 countries where Odebrecht admitted paying bribes -- nine in Latin America plus Angola and Mozambique -- to work together to establish a joint investigation into the company''s confessed crimes.In one example cited in the plea agreement filed with a court in the Eastern District of New York, someone identified only as "Odebrecht Employee 6" was responsible for the company paying one Angolan official $8 million to secure an infrastructure project. The Angolan official was not named.In another example, a top official in an Angolan state-owned and state-controlled firm received $1.19 million from Odebrecht to push business the company''s way.In return, Odebrecht secured some $261.7 million in "benefits" from the payments, the document said.The plea agreement also detailed bribery in Mozambique, another former Portuguese colony in southern Africa, but the amounts described were far smaller: $900,000 in corrupt payments made by Odebrecht officials between 2011 and 2014. As in Angola, the case is little discussed in Mozambique. Government officials there declined to comment.Paula Cristina Roque, an Oxford University-based Angola analyst, said Odebrecht projects in Angola were often secured without having to go through a public tender process."Many Angolans believe the company enjoyed close ties to President dos Santos," she said.Odebrecht is seeking plea agreements with various Latin American governments aggressively investigating its activities after details of the plea agreement were made public in December. Brazil''s former president Luiz Inacio Lula da Silva is facing five separate trials related to the investigations.One accuses him of corruption charges related to Odebrecht winning Angola contracts and receiving low-interest loans from Brazil''s state development bank to finance the work.Angola''s leader Dos Santos, a Soviet-trained oil engineer, has been in charge since 1979 but is not running in a presidential election this year.However, his family is expected to maintain considerable influence over politics and the economy. His daughter Isabel was appointed chairwoman of the state oil firm last year, while his son Jose Filomeno runs Angola''s sovereign wealth fund. (Additional reporting by Joe Brock in Johannesburg, Herculano Coroado in Luanda, Manuel Mucari in Maputo and Tatiana Bautzer in Sao Paulo; Editing by Ed Cropley and Peter Graff)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/odebrecht-angola-idINL3N1GT4I7'|'2017-03-20T07:49:00.000+02:00'
'1b3121debbc26b7468a33d5fc77a8cca4c923883'|'VW clan aims for quick deal over Ferdinand Piech''s shares - source'|'Deals   2:51pm GMT VW clan aims for quick deal over Ferdinand Piech''s shares: source FILE PHOTO - Ferdinand Piech (2L), chairman of the supervisory board of German carmaker Volkswagen and his wife Ursula, member of the board of VW, arrive at the annual shareholders meeting in Hanover on May 13, 2014. REUTERS/Fabian Bimmer/File Photo HAMBURG The Porsche and Piech families are looking to strike a swift deal to buy shares in Porsche SE ( PSHG_p.DE ) from Volkswagen''s ( VOWG_p.DE ) former chairman Ferdinand Piech, a person familiar with the matter said on Monday. "The negotiations are serious," the person said. Porsche SE, the holding company which controls 52 percent of VW''s shares, said on Friday that the families were in negotiations to buy a substantial part of Ferdinand Piech''s 14.7 percent stake in Porsche SE, which is worth just over 1.1 billion euros ($1.2 billion) based on current market prices. Talks are to be completed in the coming weeks, possibly even before the end of March, the source said. German daily Handelsblatt had earlier cited sources as saying that any deal, which could come within days, was likely to shift the balance of power at Porsche SE more toward the Porsche side of the clan. The source familiar with the matter dismissed speculation that the families might not put up the money to fund a purchase of Ferdinand Piech''s shares, saying: "The Porsche and Piech families know how they''re going to finance this." If Piech were to sell his stake, it would mark the end of an era for Volkswagen which he dominated for decades. Piech, who turns 80 next month, transformed VW from a regional volume manufacturer into a global powerhouse, which owns the Bentley, Bugatti, Skoda, Lamborghini, Porsche, Seat and Audi brands. But since resigning as chairman in April 2015 following a showdown with former CEO Martin Winterkorn, he has proved to become something of a recluse. (Reporting by Jan Schwartz; Writing by Maria Sheahan; Editing by Kathrin Jones, Greg Mahlich) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-volkswagen-piech-idUKKBN16R1OB'|'2017-03-20T21:44:00.000+02:00'
'1f876d4ab1404a9268b6550fc36a3416f39767c0'|'After strategy shifts, Deutsche Bank taps investors again'|'Business   1:03pm EDT After strategy shifts, Deutsche Bank taps investors again The logo of Germany''s largest business bank, Deutsche Bank is seen in front of one of the bank''s office buildings in Frankfurt, Germany, October 27, 2016. REUTERS/Kai Pfaffenbach FRANKFURT Deutsche Bank ( DBKGn.DE ) announced details of its latest bid for cash on Sunday, as it turned for the fourth time to investors, many of whom have privately expressed exasperation with its strategic shifts and heavy losses in recent years. Here are key points in Deutsche Bank''s strategy shifts since 2010: tmsnrt.rs/2mMpPUl The rights issue represents an increase of about 50 percent in Deutsche Bank''s current shares and puts the bank on course to have raised more than its 25 billion euro ($27 billion) market value in the last seven years. Since the financial crisis, the lender has been forced to change tack on strategy, most conspicuously in the case of Postbank, a German retail lender it bought in 2010, the same year it tapped investors for more than 10 billion euros. Less than five years later, management announced that Postbank would be sold, unveiling what they described as the "next milestone in the journey". Roughly two years later, under new Chief Executive John Cryan the sale has been canceled. Deutsche also announced in 2015 a reorganization to separate its markets and investment banking business, only to recombine them two years later. (Writing by John O''Donnell; editing by Susan Thomas) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-deutsche-bank-strategy-idUSKBN16R20T'|'2017-03-21T00:03:00.000+02:00'
'ea5dd3fa5060edcf099232d4e445d573fbc6e7e3'|'UPDATE 1-French ad group Havas says only UK unit pulling adverts from Google'|'Company News  34pm EDT UPDATE 1-French ad group Havas says only UK unit pulling adverts from Google (Adds Havas statement) PARIS, March 17 French advertising group Havas said on Friday that it would not pull advertising from Alphabet Inc''s Google platforms on a global basis, after its British business suspended activity with the U.S. company over concerns about its YouTube website. The British government had been expected to question Google executives on Friday on why ads marketing government services were appearing alongside videos carrying hate speech and extremist content on YouTube. The Guardian newspaper reported that Havas had decided to pull all its advertising from Google and YouTube, citing Havas UK chief Paul Frampton. However, Havas Chief Executive Yannick Bollore tweeted that he had been unaware of its British unit''s decision. A spokeswoman later said the rest of the group would not follow suit. "The decision of our UK team to pause activity with our partner Google is a temporary move made by the local team on behalf of our UK clients and their specific needs," she said in an emailed statement. "We are working with Google to resolve the issues so that we can return to using this valuable platform in the UK." Google said early on Friday in a statement that it worked hard to prevent ads from appearing on pages or videos with "hate speech, gory or offensive content" and that it had launched a review to give brands more control over where their ads appeared. (Reporting by Gwenaelle Barzic and Michel Rose; Editing by David Goodman and Richard Chang) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-google-havas-idUSL5N1GU5UH'|'2017-03-18T05:34:00.000+02:00'
'd9c3cb957e9a4d99efc85bc5f3eb7e03c1db9b0b'|'Brexit costly in trade terms whatever deal reached with EU - former WTO head'|'Business News - Thu Mar 16, 2017 - 4:05pm GMT Brexit costly in trade terms whatever deal reached with EU - former WTO head Pascal Lamy, former World Trade Organization Director-General, speaks during an interview at the Reuters Russia Investment summit in Moscow, Russia, September 30, 2015. REUTERS/Maxim Shemetov By Kylie MacLellan - LONDON LONDON Britain''s departure from the European Union will be costly for both sides in trade terms, however good the exit deal reached, former head of the World Trade Organization Pascal Lamy said on Thursday. Prime Minister Theresa May has said Britain will be leaving the EU''s single market and will instead seek a "comprehensive, bold and ambitious" free trade agreement with the bloc. "Whatever deal we succeed in making, and I am pitching for the best deal, the most open, the most simple, the most efficient and the most pragmatic, the greatest deal we can have, is going to be complex and costly," said Lamy, a former European trade commissioner who headed the WTO from 2005 to 2013. "In trade terms, there is no way switching from the internal market to any other arrangement, including the best, won''t be costly," he told an audience at the Institute for Government think tank in London. Lamy said that even though reaching a tariff-free agreement for trade in goods was a "no brainer", regulations and customs procedures would add a layer of costs for both sides. "Anything that has a cost for the UK has a cost for the continent because of the deep integration of our production systems," he said. May is due to trigger Article 50 of the EU''s Lisbon Treaty, beginning two years of divorce talks, by the end of this month. Lamy said it would not be possible to reach a deal in this time, with just the trade agreement element likely to take five to six years, and that a transitional period would be needed. May has also said she is prepared to walk away from negotiations without a deal if she doesn''t like what is on offer. In the absence of an agreement, trade between Britain and the other 27 EU members would default to WTO rules and tariffs. Lamy, who was also chief of staff to former European Commission president Jacques Delors, rejected May''s suggestion that no deal could be better than a bad deal, saying trading on WTO terms "would be worse than a bilateral agreement". But he added that he believed both sides would strive to avoid this situation. "For such a thing to happen this would have been mishandled on either one side or both sides. I cannot see this as a sort of likely scenario." (Editing by Stephen Addison)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-trade-idUKKBN16N2BS'|'2017-03-16T23:05:00.000+02:00'
'f61ddf849235e33cc3a873988a6c6d011791df96'|'BOJ seen holding fire as protectionism overshadows signs of recovery'|'Business News - Wed Mar 15, 2017 - 9:06pm GMT BOJ seen holding fire as protectionism overshadows signs of recovery FILE PHOTO - A Japanese flag flutters atop the Bank of Japan building in Tokyo, Japan, September 21, 2016. REUTERS/Toru Hanai/File Photo By Leika Kihara - TOKYO TOKYO The Bank of Japan is expected to keep monetary policy steady on Thursday, as rising global protectionist sentiment and an expected series of U.S. interest rate hikes overshadow budding signs of recovery in the trade-reliant economy. While a rebound in fuel costs is set to accelerate price growth in coming months, BOJ Governor Haruhiko Kuroda is likely to stress that no immediate rate hike is on the horizon with inflation still nowhere near his ambitious 2 percent target. But he may leave open the chance of raising the BOJ''s target for the 10-year bond yield if the economic recovery gathers enough momentum to push prices steadily higher, analysts say. "I see no change in policy, but the key is Kuroda''s message at the press conference. If asked, I think Kuroda will say that if the situation merits he is willing to adjust the 10-year yield target in the future. I think he will be flexible," said Masamichi Adachi, senior economist at JPMorgan Securities. "I think the BOJ will raise the 10-year yield target in October, because inflation would be around 1 percent by then." At the two-day rate review ending on Thursday, the BOJ is widely expected to maintain its short-term interest rate target of minus 0.1 and a pledge to guide the 10-year government bond yield JP10YT=RR at around zero percent via aggressive asset purchases. Analysts also expect the BOJ to keep intact a loose pledge to maintain the pace of its annual increase in Japanese government bond (JGBs) holdings, which is 80 trillion yen ($696.62 billion). Kuroda, who will attend this week''s Group of 20 finance leaders'' meeting in Germany, may also shed light on how the BOJ will defend its ultra-loose policy from any U.S. criticism it is exploiting a weak yen to gain a competitive trade advantage. Japan''s long-stagnant economy has shown signs of life in recent months, with exports and factory output benefiting from a recovery in global demand. Core consumer prices rose for the first time in over a year in January and many analysts expect inflation to accelerate toward 1 percent later this year, due largely to a rebound in energy costs and rising import prices from a weak yen. That has led to a dramatic shift in market expectations with a majority of analysts polled by Reuters predicting the BOJ''s next move would be to start scaling back its ultra-easy policy. Some analysts say the BOJ may be forced to raise its yield target to avoid ramping up bond purchases if Japanese long-term interest rates track global bond yield rises, which are being driven by expectations of higher U.S. interest rates. The BOJ hopes to dispel such speculation and stress it won''t raise its yield target unless the economy strengthens enough to accelerate inflation stably toward 2 percent, say sources familiar with its thinking. Many BOJ officials say while they are more confident about prospects for Japan''s economic recovery, they see more to fret about on inflation due to slow wage growth, which is holding back consumer spending. A rising global tide of protectionism is adding to concerns for Japanese policymakers, given the economy''s heavy reliance on exports and free trade. A draft communique of the G20 finance leaders'' meeting appeared to accommodate U.S. President Donald Trump''s protectionist views on trade by watering down a commitment to "reject all forms of protectionism." Trump also criticized Japan for using "money supply" to weaken the yen and gain an unfair trade advantage. Japanese policymakers have argued that they were playing by G20 rules to use monetary policy only for domestic purposes. Kuroda may offer clues on how Japan will defend its policies and how strongly it would push back against attempts to water down the G20 commitment on free trade, analysts say. (Additional reporting by Stanley White; Editing by Kim Coghill) Next In Business News U.S. retail sales weakest in six months, inflation firming WASHINGTON U.S. retail sales recorded their smallest gain in six months in February amid delays in tax refunds, but the biggest rise in the annual inflation rate in nearly five years pointed to rising price pressures that could support further interest rate hikes. Global stocks surge, dollar fades as Fed sees gradual tightening NEW YORK U.S. stocks surged on Wednesday, while Treasury yields fell and the dollar weakened, after the Federal Reserve raised interest rates for the second time in three months but did not flag any plan to accelerate the pace of monetary tightening. NEW YORK The dollar posted steep losses against major currencies on Wednesday after the Federal Reserve raised interest rates as expected but signaled a more gradual pace of monetary tightening this year than many in the market anticipated. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-japan-economy-boj-idUKKBN16M30W'|'2017-03-16T04:05:00.000+02:00'
'07407aa0d600b04b48559518d19cc5ab615ef429'|'Italian fashion group Valentino not expected to list in 2017 - source'|'Business News - Wed Mar 15, 2017 - 9:12am GMT Italian fashion group Valentino not expected to list in 2017 - source The logo of Valentino is seen in a shop in downtown Rome, Italy February 10, 2016. REUTERS/Tony Gentile MILAN Italian fashion house Valentino is not expected to launch its long-awaited listing this year, a source close to the matter told Reuters on Wednesday. Earlier on Wednesday Italian financial daily Il Sole 24 Ore said an initial public offering for the brand that became famous for its trademark bright red dresses could happen between end-2017 and beginning of 2018. In December 2015 the Qatari owners of the fashion house asked Rothschild ROT.UL to involve a number of banks in the listing, but the operation has been regularly postponed. "The listing could be in 2018, but I can rule out that an IPO will happen in 2017," the source said. In October, the chief executive of Valentino said the group still aimed to list on the stock market but that there were uncertainties on the timing of the operation. Founded in 1960 by designer Valentino Garavani, the fashion brand was sold to Mayhoola for Investments, an investment vehicle with close ties to Sheikha Mozah, the second wife of Qatar''s former emir, in 2012 for around 700 million euros. (Reporting by Eliza Anzolin, writing by Giulia Segreti) Next In Business News Exclusive - Germany to press G20 to sign off on free trade amid worries about U.S. stance: sources TOKYO/BERLIN Germany will press G20 members to sign off on a set of principles including free trade at this week''s meeting of the group''s financial leaders, in what the Trump administration may perceive as a challenge to its more protectionist stance.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-italy-valentino-ipo-idUKKBN16M123'|'2017-03-15T16:12:00.000+02:00'
'a48595e7de2a82a552bf4b613c657c845d818b16'|'China''s premier says no hard landing, but growth target not easy'|'Business News - Wed Mar 15, 2017 - 5:02am GMT China''s premier says no hard landing, but growth target not easy China''s Premier Li Keqiang arrives for a news conference after the closing ceremony of China''s National People''s Congress (NPC) at the Great Hall of the People in Beijing, China, March 15, 2017. REUTERS/Jason lee BEIJING Premier Li Keqiang said on Wednesday that forecasts of a hard landing for the world''s second largest economy should stop, though domestic and external risks remain and meeting the target of 6.5 percent growth for this year won''t be easy. "Almost every year I have heard a prediction of the Chinese economy having a hard landing," Li said at his annual news conference at the end of the annual meeting of China''s parliament. "But I believe that our economic performance in the past several years...should suffice to put a full stop to such prophesies of a hard landing." China has cut its economic growth target this year to around 6.5 percent from its 2016 goal of 6.5 to 7 percent, while pushing through reforms to tackle rising debt and guard against financial risks. "As for the projected target of GDP growth this year at about 6.5 percent, I have read some foreign media describing it as a move by the Chinese government for moderate downward adjustment of GDP growth," Li said. "I should point out that 6.5 percent growth is not low speed and will not be easy for us to meet." China''s gross domestic product grew 6.7 percent last year, supported by record bank loans, a speculative housing boom and billions in government investment. Looking ahead, the head of a government research centre said the risk of a steep slide in China''s economy has reduced, adding that the country had moved through an "L-shaped" pattern of slowing to now "horizontal" growth. But China continues to pump large amounts of credit into the economy, with bank lending this January the second highest on record and new credit not slowing as much as expected in February. Li said the economy faces risks this year, but added the country has many policy tools to cope with them. "We need to take very seriously the risks we are facing on the domestic front, especially in the financial sector...We will take prompt and targeted measures to prevent them from further spreading," Li said. "China''s financial system is generally stable and there are no systemic risks. We still have a good reserve of policy options and instruments at our disposal." (Reporting by Ryan Woo, Kevin Yao and Sue-Lin Wong; Writing by Elias Glenn; Editing by Kim Coghill & Simon Cameron-Moore) Next In Business News Toshiba shares slide as crisis deepens, fate of Westinghouse unclear TOKYO Shares in Toshiba Corp tumbled on Wednesday after it said it would consider a sale of Westinghouse but did not offer any clarity on whether it would proceed with a Chapter 11 filing for the U.S. nuclear unit - a move that could stem losses.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-parliament-economy-idUKKBN16M0BA'|'2017-03-15T12:02:00.000+02:00'
'ce5524c713779e4edb6aa6bc8a62009c809897cb'|'U.S. favours free but fair and balanced trade - Mnuchin'|'BADEN BADEN, Germany The United States continues to believe in free trade but wants to re-examine certain agreements and correct some excesses, U.S. Treasury Secretary Steven Mnuchin said on Saturday after G20 finance chiefs backtracked on past commitments about trade."What was in the past communique is not necessarily relevant from my standpoint," Mnuchin told a news conference in Baden Baden after his first meeting with the finance chiefs of the world''s 20 biggest economies."We believe in free trade, we are in one of the largest markets in the world, we are one of the largest trading partners in the world, trade has been good for us, it has been good for other people," Mnuchin said. "Having said that, we want to re-examine certain agreements."(Reporting by Balazs Koranyi and David Lawder; editing by David Clarke)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/g20-germany-mnuchin-idINKBN16P0MS'|'2017-03-18T13:17:00.000+02:00'
'49b5ffe855fe0f1b1d5ab70971c367628bbcee6c'|'Letter to my younger self: what would you do if you couldn''t fail? - Guardian Small Business Network - The Guardian'|'Dear James,As you stand on the brink of graduation, I know you are apprehensive about the challenges ahead. But contrary to the advice of everyone around you – to get a job and gain some experience first – you already know you want to start your own business. You’re not interested in being a small cog in a big wheel. You want to make a difference. Besides which, you’re not sure you’re employable. But starting a business at 22 will be a double-edged sword. In between finishing your exams and attending your graduation ceremony, you will have to knock on door after door, trying to convince brands to partner with you to offer student discounts. There will be no time to stop. It’s fantastically exhilarating. Your brother Michael will come along for the ride as your co-founder, despite only being 24 when the business was born. The aim was for Student Beans , a discount app, to become a staple part of student life, just like the tinned food we had relied on at university. It will be hard for your peer group to relate to what you’re doing. During the first three years, you’ll feel isolated because you’re travelling so much and friends will stop inviting you to join them on nights out. While bootstrapping the business, there really won’t be much money for socialising anyway, but you’ll sometimes feel like you’ve missed something fundamental about being in your 20s. Accept that there will be sacrifices along the way. You’re building a legacy that will stay with you forever. In time, your business will grow. But with growth comes new responsibilities, systems, processes, questions around scaling, the need to manage a team. You will always find it hard to balance the internal running of the organisation with what comes naturally – focusing on the external partnerships that created the company in the first place. That’s OK. Play to your strengths. In the early days, it’s you generating the sales and deals to fund the 14 employees you’ve brought on. You’re aware that if you don’t, the business won’t survive. It will feel like a huge amount of pressure. You will sometimes wish you were more like Michael, who is much more operational and can look after the day-to-day details. Letter to my younger self: you''ll be called a little girl with an idea Read more The highs and lows of your business journey will be so extreme. The online world is a moving beast and changes almost daily. You will believe in your original business model, but it will become clear there are too many parts that aren’t scalable. You’ll have to pivot. When the challenges feel insurmountable and are keeping you awake at night, remember – if it was easy, everyone would be doing it. On your 29th birthday, you will reflect that things need to change and by the time you turn 32, you’ll move on from Student Beans and will pass over control to your brother and the team. It’s a hard step to take. You’re not used to giving up on anything, but you have a new idea to set up Causr , an app and platform that facilitates connections. Launching a startup the second time around will come with different challenges. Some of the basic housekeeping is easier and there are tried-and-tested tactics that will help, but the fear and uncertainty of starting again is still overwhelming at times. You have big ambitions, but that means there’s further to fall.There is still so much to do and learn but you’ll never wonder what might have been. Remember to be authentic and remain true to yourself. The biggest buzz isn’t coming up with the idea but seeing it come to reality, so be brave. And ask yourself: “What would you do if you knew you couldn’t fail?”JamesJames Eder is the former co-founder of Student Beans and the founder of Causr. Are you an entrepreneur who would like to write a letter to your younger self? Email us at smallbusinessnetwork@theguardian.com to take part in this series. Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/small-business-network/2017/mar/18/letter-to-my-younger-self-student-beans-causr-james-eder'|'2017-03-18T02:00:00.000+02:00'
'c28c149d9af776fe5ddbd3498cf3888b23cda80d'|'Post-Fed boost for small-cap stocks may be limited - Reuters'|'By Caroline Valetkevitch - NEW YORK NEW YORK Small-cap stocks benefited from a dovish lining to the U.S. Federal Reserve''s decision to raise interest rates this past week, but strategists warn it will take more to make these pricey stocks outperform their larger brethren in the long haul.The Fed on Wednesday raised rates by a quarter of a percentage point, as expected, but did not flag any plan to accelerate the pace of monetary tightening. A less aggressive monetary policy may benefit small-caps, which tend to get hit harder as borrowing costs increase when rates rise.Stocks in the small-cap space rallied after the Nov. 8 election that put Donald Trump in the White House as investors bet Trump''s plans to cut back on regulations and taxes would especially help small companies.That hasn''t panned out in the new year, as they have underperformed the S&P 500 year-to-date. Their near-term performance hinges on how much the profit picture improves, but so far small-cap earnings have yet to rebound in the same way that large caps have.Investors consider small-cap stocks comparatively expensive."We''re in a show-me state for small caps," said Steve DeSanctis, equity strategist at Jefferies. "We''ve gotten (price-to-earnings) multiple expansion, so you need earnings growth."Fourth-quarter earnings for companies in the small-cap S&P 600 .SPCY were down 1.0 percent from a year ago, while the benchmark S&P 500''s earnings .SPX rose 7.8 percent, Thomson Reuters data show.Analysts expect profit growth for the S&P 600 in the first quarter of 2017, but at a rate still well below that of the S&P 500.The S&P 600 is up just 1.4 percent since Dec. 31, after rising 24.7 percent in 2016. The S&P 500 by comparison has gained 6.2 percent since the start of the year.At 20.4 times forward earnings estimates, the S&P 600 looks expensive compared with its long-term average of 17, Thomson Reuters data showed. The S&P 500 trades at about 17.8 times forward earnings, also above its long-term average.The Russell 2000 , a widely used gauge for small-caps, has a forward price-to-earnings ratio of 25.4, brushing against its highest level since 2009. Its 10-year average sits at 20.7."Growth and the interest rate trajectory are going to be two key factors," said Dan Suzuki, senior U.S. equity strategist at Bank of America Merrill Lynch in New York. He thinks small caps may have more room to gain in the short run, especially if earnings surprise to the upside, but that valuations remains a negative.On the flip side, rising rates also tend to boost the U.S. dollar, which would have a bigger negative impact on large-cap multinationals as a stronger dollar weighs on offshore revenues when they are translated into the U.S. currency.Investors also worry that any tax reductions under the Trump administration may not come for many months, or even until 2018."Small-caps generally pay more in terms of U.S. corporate taxes," said Nicholas Colas, chief market strategist at Convergex, a global brokerage company based in New York."You can somewhat view small-caps as a bit of a proxy for confidence in the tax reduction piece of the Trump economic plan."(Reporting by Caroline Valetkevitch; Editing by Daniel Bases and Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/usa-stocks-weekahead-idINKBN16O2VH'|'2017-03-17T20:32:00.000+02:00'
'894c98223bf0d41a65fa8b1201371b90956f0c71'|'U.S.-Israeli data storage firm Reduxio raises $22.5 million'|'TEL AVIV U.S.-Israeli Reduxio Systems, a provider of storage and data management technology, said on Monday it has secured $22.5 million of funding in an investment round expected to total up to $32 million.The round was led by London-based C5 Capital, an investment manager focused on cyber security, data analytics and cloud computing, and more than doubles the amount invested in Reduxio. The money will fund continued development and marketing of the company''s software-based storage platform.All previous investors, including Jerusalem Venture Partners, Carmel Ventures, Intel Capital ( INTC.O ) and Seagate Technology ( STX.O ) participated in this fundraising round.(Reporting by Tova Cohen)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-tech-reduxio-fundraising-idINKBN16R12Q'|'2017-03-20T08:39:00.000+02:00'
'7e27b8a0924ae5171911387c54c4d952d2b7648b'|'Finnish airport workers settle pay dispute, call off strikes'|'Business News - Mon Mar 20, 2017 - 8:34pm GMT Finnish airport workers settle pay dispute, call off strikes HELSINKI The Finnish aviation employees'' trade union IAU and business representatives reached a deal on airport workers'' wages and benefits after a final, 30-hour round of negotiations, Finnish National Conciliator Minna Helle said late on Monday. The settlement averts another round of strikes at Helsinki airport that the union had threatened to start on Wednesday. The Finnish Aviation Union IAU implemented work stoppages at Helsinki airport in early March, saying the service company Airpro''s collective agreement fell short of benefits that workers in the sector get on average. According to the national conciliator, the parties reached a three-year deal giving collective agreement contracts to service workers in Finland''s two biggest airports, Helsinki and the northern city of Oulu. Finland''s state-controlled airline Finnair ( FIA1S.HE ), which was not a party to the dispute, had to cancel more than 200 flights during the work stoppages. (Reporting by Tuomas Forsell; Editing by Hugh Lawson) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-finland-airport-strike-idUKKBN16R2FC'|'2017-03-21T03:34:00.000+02:00'
'8445f15f2708d008e7007433cd4951df837a034a'|'Deutsche Bank benefits from strong bond trading in early 2017'|'Mon Mar 20, 2017 - 8:19am GMT Deutsche Bank benefits from strong bond trading in early 2017 The head quarters of Germany''s Deutsche Bank are photographed early evening in Frankfurt, Germany, January 31, 2017. REUTERS/Kai Pfaffenbach FRANKFURT Deutsche Bank ( DBKGn.DE ) has benefited from a continuously strong bond trading market since the start of the year and expects 2017 growth for its investment bank to come mainly from this business, it said in its annual report published on Monday. As equities markets were relatively stable in early 2017, the lender said its equities business proved sluggish. Banks generally benefit from volatile markets, which leads to higher client activity. "Across our Debt and Equities platforms, we are hopeful that (Deutsche Bank''s unit) Global Markets will recapture market share in 2017 given Deutsche Bank’s enhanced financial strength following the capital increase announced," it said. (Reporting by Arno Schuetze; Editing by Maria Sheahan) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-deutsche-bank-outlook-idUKKBN16R0JV'|'2017-03-20T15:17:00.000+02:00'
'4e24e17f144ca606e29513fd2d2ef3f856649bca'|'BRIEF-Lilly says phase 3 breast cancer study meets primary endpoint'|' 03am EDT BRIEF-Lilly says phase 3 breast cancer study meets primary endpoint March 20 Eli Lilly And Co * Lilly announces phase 3 monarch 2 breast cancer study of abemaciclib met primary endpoint of progression-free survival * Eli Lilly And Co - its monarch 2 trial of abemaciclib met primary endpoint of progression-free survival (pfs) * Eli Lilly And Co- intends to submit a new drug application (nda) for single-agent abemaciclib in q2 of 2017 * Plans to submit an additional application for monarch 2 in q3 of this year  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-lilly-says-phase-3-breast-cancer-s-idUSFWN1GX0BL'|'2017-03-20T18:03:00.000+02:00'
'8e4bf1e050733d670b43149583a953d9304f9f4f'|'LVMH buys Maison Francis Kurkdjian stake in luxury perfume push'|'PARIS French luxury group LVMH ( LVMH.PA ) has agreed to buy a majority stake in French independent perfume house Maison Francis Kurkdjian as it expands in fast-growing niche luxury fragrances.LVMH did not disclose financial terms of the deal with Maison Francis Kurkdjian, which was created in 2009 by perfumer Francis Kurkdjian and its chief executive officer Marc Chaya.The company has a presence in over 500 ultra select retail locations in more than 40 countries, LVMH said in a statement announcing the purchase on Monday."The acquisition by LVMH of a majority interest in Maison Francis Kurkdjian will allow the fragrance house to pursue its growth, in particular in international markets," it added.Chaya and Kurkdjian will continue in their existing roles and will remain shareholders in the company.(Reporting by Dominique Vidalon; Editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-lvmh-perfume-idINKBN16R22R'|'2017-03-20T14:22:00.000+02:00'
'df3e9b39b16df83d5f0c79a9c696ed2decc5eee4'|'EU clears GE acquisition of Danish rotor blade maker LM Wind Power'|'Money News  34pm IST EU clears GE acquisition of Danish rotor blade maker LM Wind Power BRUSSELS The European Commission said on Monday it had cleared General Electric Co''s $1.65 billion acquisition of Danish rotor blade maker LM Wind Power as the merged entity would continue to face effective competition in Europe. General Electric produces onshore and offshore wind turbines, but only has a relatively small market share, the Commission said in a statement. LM Wind Power designs and manufactures blades that are sold to General Electric and competitors as a component for the wind turbines. GE would continue to face competition from rivals such as Siemens, Vestas, Nordex and Senvion, who would either make their own blades or find suppliers other than LM Wind Power, the Commission said. (Reporting By Philip Blenkinsop)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/lm-wind-power-m-a-ge-eu-idINKBN16R1VN'|'2017-03-20T23:04:00.000+02:00'
'8de007472cd3c39a2b36fdeb0c928024558b0402'|'Tesco promotes UK executives to lead international business'|' 59am GMT Tesco promotes UK executives to lead international business A woman walks past a Tesco supermarket in central London, December 9, 2014. REUTERS/Toby Melville LONDON Tesco ( TSCO.L ), Britain''s largest retailer, said on Monday its long-standing international boss Trevor Masters would step down and two executives who have played key roles in the firm''s turnaround at home would take over his responsibilities. Since Dave Lewis joined as chief executive in 2014 Tesco has been simplifying its international business and has left several countries including South Korea and Turkey. Tesco said Masters, CEO of Tesco International, would leave the business at the end of May, drawing a close to a 38-year career at the firm. Masters has been in his current role for two and a half years and before that led Tesco''s Asia business. Tesco said that from April 1 Tony Hoggett will become Tesco''s CEO Asia and Matt Simister will become CEO Central Europe. Hoggett is a 27-year Tesco veteran and is currently UK Chief Operating Officer. Simister has been with the company for 21 years and is currently food sourcing director. "Tony and Matt''s work has been at the heart of Tesco''s turnaround over the last two years and I''m delighted that they will join our executive committee," said Lewis. "Their new roles will allow us to focus on the different opportunities presented in Asia and Central Europe." Tesco, which agreed a surprise 3.7 billion pound takeover of food supplier Booker ( BOK.L ) in January, is due to publish 2016-17 results on April 12. (Reporting by James Davey; editing by David Clarke)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-tesco-moves-idUKKBN16R15M'|'2017-03-20T18:59:00.000+02:00'
'0c97cf758c063ade3be804fd9b9bb436ced399ea'|'UPDATE 1-EU to block any firms involved in Brazil meat scandal'|'Commodities  50am EDT EU to block any firms involved in Brazil meat scandal BRUSSELS The European Commission is monitoring meat imports from Brazil and any companies found to be involved in a meat scandal there will be denied access to the European Union market, a spokesman said on Monday. Brazilian police raided global meatpacking companies JBS SA ( JBSS3.SA ) and BRF SA ( BRFS3.SA ) as well as dozens of smaller rivals on Friday in a crackdown on alleged payments to health officials to conceal unsanitary conditions. "The Commission will ensure that any of the establishments implicated in the fraud are suspended from exporting to the EU," a spokesman for the European Commission told a press briefing. The Commission said the scandal would have no impact on negotiations between the European Union and South American bloc Mercosur about free trade agreements. Any deal would include a chapter on sanitary measures and food safety standards, a spokesman said. "The future EU/Mercosur free trade agreement will not lower but will reinforce our high regulatory requirements and food safety standards for agriculture imports," he said. Brazil exported $6.9 billion of poultry and $5.5 billion of beef worldwide last year, according to industry groups. (Reporting by Robert-Jan Bartunek; editing by David Clarke) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-brazil-corruption-food-eu-idUSKBN16R17Y'|'2017-03-20T19:49:00.000+02:00'
'7a9e9c6eb4ea73cf04c50b462284f73980aff358'|'Fed''s Dudley, citing Wells, calls for better bank incentives'|'Business  28am EDT Fed''s Dudley, citing Wells, calls for better bank incentives New York Fed President William Dudley takes part in a panel convened to speak about the health of the U.S. economy in New York, U.S. on November 18, 2015. REUTERS/Lucas Jackson/File Photo LONDON A top Federal Reserve regulator on Tuesday cited Wells Fargo & Co''s accounts scandal as evidence that incentives to drive performance remain a problem on Wall Street, saying that banks have "a long way to go" in reforming internal culture. William Dudley, president of the New York Fed branch that acts as the U.S. central bank''s eyes and ears on Wall Street, has complained about rotten bank culture for years. In a speech to bankers and regulators in London, he said the Wells ( WFC.N ) case showed that "compensation, once again, seems to be at the center of a scandal." It was revealed last year that thousands of employees at the U.S.-based bank had opened perhaps millions of unauthorized customer accounts, a scandal that rocked the bank and led its chief executive, John Stumpf, to resign. Dudley - who did not discuss monetary policy or the state of the economy - said the Wells case appeared to involve "widespread fraud." He added: "Incentives shape behavior, and behavior drives culture." (Reporting by David Milliken; Writing by Jonathan Spicer; Editing by Leslie Adler) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-fed-dudley-culture-idUSKBN16S0RW'|'2017-03-21T15:20:00.000+02:00'
'43fcb2ebbb0ed5a018284efd21294712000a8105'|'Marriott to add up to 300,000 rooms by 2019'|'Business News - Tue Mar 21, 2017 - 8:12am EDT Marriott to add up to 300,000 rooms by 2019 Signage for the New York Marriott Marquis is seen in Manhattan, New York, November 16, 2015. REUTERS/Andrew Kelly Marriott International Inc ( MAR.O ) said on Tuesday it planned to add up to 300,000 rooms worldwide by 2019, as part of a three-year growth plan, ahead of the No. 1 hotel chain''s investor day. The owner of Ritz-Carlton and St. Regis luxury hotel brands said it would earn $675 million in stabilized fees from hotel rooms added to its system. Earlier this month, Marriott said it would speed up expansion of its Starwood brand in Europe by 2020. Marriott bought Starwood for about $12.41 billion in September, adding names such as Sheraton, W and Aloft to create the world''s largest hotel chain with more than 6,000 properties in 122 countries. The hotel chain said it expects non-property related franchisee fees, mainly credit card branding fees, to increase by $100 million by 2019. (Reporting by Rachit Vats in Bengaluru; Martina D''Couto) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-marriott-intnl-outlook-idUSKBN16S1DP'|'2017-03-21T19:12:00.000+02:00'
'a36db4d504ee25c77bf316285a9bad69e0bf209f'|'Shippers subpoenaed in U.S. price-fixing investigation - WSJ'|'Company News -  23pm EDT Shippers subpoenaed in U.S. price-fixing investigation - WSJ March 21 U.S. Justice Department investigators have subpoenaed top executives of several container shipping companies as part of an investigation into price fixing, the Wall Street Journal reported, citing people with knowledge of the matter. Maersk Line, a unit of Danish shipping and oil group A.P. Moller-Maersk, confirmed that it was issued a subpoena related to a probe into the container shipping industry on March 15. "The subpoena does not set out any specific allegations against Maersk Line," a Maersk Line spokesman said, adding that the company will fully cooperate with the authorities in their investigations. The subpoenas were issued during a meeting of the world''s 20 biggest container shipping operators in San Francisco, the Journal reported. German container shipping line Hapag-Lloyd AG also confirmed it was given a subpoena by Justice Department investigators, the report said. ( on.wsj.com/2mMnQyJ ) Hapag Lloyd could not be immediately reached for comment. (Reporting by Komal Khettry in Bengaluru; Editing by Saumyadeb Chakrabarty) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-shippers-idUSL3N1GY4S8'|'2017-03-22T02:23:00.000+02:00'
'5938cc46a6b943bb83591ac7ff43f2684b650125'|'Australia''s Downer launches $1 billion bid for struggling Spotless Group'|'SYDNEY Australia''s Downer EDI Ltd ( DOW.AX ) on Tuesday offered to buy cleaner-caterer Spotless Group Holdings Ltd ( SPO.AX ) for A$1.27 billion ($982 million), almost a third below the price it was listed at after a private equity turnaround three years ago.Downer offered A$1.15 for each share of Spotless it does not already own, a premium to its last trade of A$0.78. However, the offer is nearly a third below Spotless''s A$1.60 issue price when private equity firm Pacific Equity Partners (PEP) listed it in 2014.The buyout would give engineering contractor Downer another income stream after its main mining-related business was hit by falling commodity prices. In February, it posted a rise in half-year profit and upped its earnings guidance after a diversification strategy paid off. nL4N1FM4QD"The acquisition of Spotless is a significant investment in Downer''s strategy to expand its capabilities and strengthen its position as a leading provider of services to customers in Australia and New Zealand," Downer Chief Executive Grant Fenn said in a statement.Spotless said in a statement that it would evaluate Downer''s offer and shareholders should take no action until it made a recommendation. It added that the offer was "highly conditional" including a minimum shareholder acceptance of 90 percent.In February, Spotless said first-half net profit fell by a third after it took a restructure and impairment charge, which it said reflected a weak performance in the business, construction and resources sectors.Spotless has meanwhile been served with a class-action lawsuit on behalf of shareholders in relation to changes in its earnings guidance since listing.PEP listed Spotless less than two years after taking it off the market, with promises to boost its earnings by stripping costs and selling underperforming divisions.Downer, which acquired a 19.9 percent stake in its target late on Monday, said it would fund the deal mostly through the sale of A$1 billion worth of new shares to its existing shareholders.Shares in Downer and Spotless were in a trading halt in Tuesday.(Reporting by Byron Kaye and Sonali Paul; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-spotless-group-m-a-downer-edi-idINKBN16R2OH'|'2017-03-20T21:03:00.000+02:00'
'77b1f968c9555f15fbef0e9bf9dc487966cfd99d'|'Scandal roils Brazil meat sector; China, EU, South Korea suspend imports'|'  9:20pm GMT Scandal roils Brazil meat sector; China, EU, South Korea suspend imports left right Members of the Public Health Surveillance Agency collect sausages to analyse in their laboratory, at a supermarket in Rio de Janeiro, Brazil, March 20, 2017. REUTERS/Ricardo Moraes 1/2 left right A meatpacking company BRF SA''s logo is pictured in Sao Paulo, Brazil March 17, 2017. Picture taken March 17, 2017. REUTERS/Paulo Whitaker 2/2 By Brad Brooks and Dominique Patton - SAO PAULO/BEIJING SAO PAULO/BEIJING Fallout from a meatpacking industry scandal in Brazil, the world''s biggest exporter of beef and poultry, widened on Monday as China, the EU, South Korea and Chile curtailed meat imports from the country after inspectors were accused of taking bribes to allow sales of tainted food. With other import curbs expected to follow, the scandal stemming from a Brazilian police operation code named "Weak Flesh" could deal a heavy blow to one of the few sectors of Latin America''s largest economy that has thrived during a two-year recession. The police investigation of Brazil''s meatpacking industry is the latest to cast a spotlight on unsavoury business practices in the country. Brazil is still reeling from massive graft scandals involving state-controlled oil company Petrobras ( PETR4.SA ) and construction and engineering firm Odebrecht. [ODBES.UL] Police on Friday named BRF SA ( BRFS3.SA ) and JBS SA ( JBSS3.SA ), along with dozens of smaller rivals, in a two-year probe into how meatpackers allegedly paid off inspectors and politicians to overlook practices including processing rotten meat and shipping exports with traces of salmonella. JBS is the world’s largest meat producer and BRF the biggest poultry exporter. The companies have denied any wrongdoing, and authorities have said no cases of death or illness have been linked to the tainted meat investigation. Brazil''s President Michel Temer has sought to downplay the scandal, saying it involved only 21 of Brazil''s more than 4,800 meat processing units. But Francisco Turra, head of Brazilian beef producers association ABPA, told reporters it had put the entire meat industry in jeopardy and "destroyed" a hard-won image of quality products. China, which accounted for nearly one-third of the Brazilian meatpacking industry''s $13.9 billion in exports last year, suspended imports of all meat products from Brazil as a precautionary measure. The European Union suspended imports from four Brazilian meat processing facilities, ABPA said Monday, citing the nation''s agriculture ministry. Ricardo Santin, ABPA''s vice president of markets, said two of the suspended plants process poultry, one beef and the other horse meat. One of the poultry plants is operated by BRF, said Santin. In a statement, BRF said the company has not received any formal notice from Brazilian or foreign authorities related to the suspension of its plants. Brazil''s agriculture ministry did not immediately respond to requests for comment. South Korea''s agriculture ministry said in a statement that it would tighten inspections of imported Brazilian chicken meat and temporarily bar sales of chicken products by BRF. More than 80 percent of the 107,400 tonnes of chicken that South Korea imported last year came from Brazil, and BRF supplied almost half of that. SHARES SLIDE Common shares of BRF and JBS fell as much as 10 percent early on Monday after posting heavy losses on Friday. JBS was down 0.2 percent at 4:30 p.m. (1930 GMT) as investors bet the scandal would have less effect on the world''s largest meatpacker, while BRF was still down 2 percent. BRF could prove more vulnerable to the scandal since a larger share of its operations are physically based in Brazil, while JBS derives most of its sales from abroad, according to a report by Goldman Sachs analysts led by Luca Cipiccia. Shares of Minerva SA ( BEEF3.SA ) and Marfrig Global Foods SA ( MRFG3.SA ), which are not involved in the investigations, also fell as traders fretted over the possibility of further import bans. The scandal "could be enough to compromise temporarily Brazilian protein''s acceptance worldwide," Credit Suisse Securities analyst Victor Saragiotto wrote in a Monday note to clients. Chile is temporarily banning imports of all Brazilian meat products, the agriculture ministry said on Monday. The European Commission said the scandal would not affect negotiations between the European Union and South American bloc Mercosur about agreements on free trade. On the streets of Rio de Janeiro, Brazil''s second-largest city, the scandal left many consumers in doubt. "My freezer at home is full of meat, and I don''t know what to do," said Maria Fonseca, a saleswoman. "Should I eat it or just throw it all away? "It is an enormous waste. If I lived in the countryside, I''d start raising my own cows and chickens!" (Reporting by Brad Brooks and Bruno Federowski in Sao Paulo, Dominique Patton in Beijing, Robert-Jan Bartunek in Brussels, Jane Chung in Seoul and Jo Winterbottom in Chicago.; Editing by Daniel Flynn and Tom Brown) Next In Business News Protectionism worry drags on stocks, dollar hits six-week low NEW YORK The U.S. dollar slumped to a six-week low on Monday on worries over a dovish Federal Reserve, while U.S. and European stock markets dipped amid concerns about G20 financial leaders'' decision to drop a pledge to keep global trade free and open.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-brazil-corruption-food-idUKKBN16R2H4'|'2017-03-21T04:20:00.000+02:00'
'197712374b114f8a12cab87dc168f20b9ff2d80b'|'No show for Viagogo at MPs'' inquiry into ticket abuse – video - Money'|'No show for Viagogo at MPs'' inquiry into ticket abuse – video Ticket resale website Viagogo fails to send a spokesperson to a Commons select committee hearing on Tuesday, despite an advance request from MPs asking the company to answer questions as part of an inquiry into ticket-sales abuse. Committee chair Damian Collins says MPs are disappointed that Viagogo failed to send a representative, despite having offices nearby in LondonViagogo snubs MPs’ inquiry into online ticket reselling   View more sharing options   Close Source: Parliament TVTuesday 21 March 2017 14.47 GMT Last modified on Tuesday 21 March 2017 14.52 GMT Topics Ticket prices Consumer affairs House of Commons'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/video/2017/mar/21/no-show-for-viagogo-at-mps-inquiry-into-ticket-abuse-video'|'2017-03-21T21:47:00.000+02:00'
'f77985201de04f1ea8e1f6922e63cf6e7301faa5'|'U.S. must stick to WTO rules when overhauling tax code - EU, German officials'|'  7:09pm GMT U.S. must stick to WTO rules when overhauling tax code - EU, German officials A woman walks past the European flag outside the EU Commission headquarters in Brussels, Belgium March 1, 2017. REUTERS/Yves Herman BERLIN The new U.S. administration should keep its international obligations and common trade rules in mind when overhauling its tax code to favour exports over imports, senior European and German government officials said on Tuesday. Seeking to put "America first", U.S. President Donald Trump has already pulled out of one major trade agreement and proposed a border tax on imports, arguing that certain trade relationships need to be reshaped to make them fairer for U.S. workers. "The European Commission expects all trade partners to stick to international rules and obligations to which they committed, especially under the framework of the World Trade Organisation," a senior European Union official said, referring to U.S. proposals to introduce a border adjustment tax. The EU official, who spoke on condition of anonymity, pointed to the WTO requirement to avoid any form of discrimination in trade relations. Germany Deputy Economy Minister Matthias Machnig urged the new U.S. administration to abide by the rules under the WTO framework. "The mechanism of dispute settlement within the WTO is a crown jewel which is worth protecting and without which the ''law of the jungle'' would become more important in international trade," Machnig told the Frankfurter Allgemeine Zeitung newspaper. "We hope that the important advocate of free trade, the United States, will not fail," Machnig added. Economy Minister Brigitte Zypries has told the United States that Berlin could file a suit against Washington at the WTO over Trump''s proposed border tax on certain imports. Reflecting the new U.S. administration''s biggest point of friction yet with the international community, the world''s financial leaders on Saturday failed to reaffirm a joint pledge in their final G20 communique to resist all protectionism. Most G20 members made clear during the discussions in the German town of Baden-Baden that they supported a free, multi-lateral and rules-based trade order, according to participants. U.S. Treasury Secretary Steven Mnuchin had suggested a looser wording supporting a free and fair trade order. The final communique included only a token reference to trade and its importance for economies. (Reporting by Michael Nienaber and Gernot Heller; Editing by Hugh Lawson)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-usa-trade-rules-idUKKBN16S2HK'|'2017-03-22T02:09:00.000+02:00'
'7cd8ff0e1cb03bd6cd80d742f225d24468fe120c'|'BRIEF-Teledyne Technologies enters into an amendment to restated credit agreement'|' 16am EDT BRIEF-Teledyne Technologies enters into an amendment to restated credit agreement March 21 Teledyne Technologies Inc * Co entered into an amendment to its amended and restated credit agreement dated as of March 1, 2013- SEC filing * Amendment to increases priority indebtedness that may be incurred by units of Co from 15 pct of consolidated net worth to 20 pct of consolidated net worth * Also, on March 17, 2017, Co and units , entered into a term loan credit agreement * Pursuant to term loan credit agreement, lenders have committed to make unsecured term loans of up to $100 million Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-teledyne-technologies-enters-into-idUSFWN1GY07I'|'2017-03-21T17:16:00.000+02:00'
'6244da35dd6a504853589eb3e1c54060acb03a0c'|'UPDATE 1-Dominion Diamond should open books to potential suitors -top shareholder'|'Company  47pm EDT UPDATE 1-Dominion Diamond should open books to potential suitors -top shareholder (Adds comment from Washington Cos president, share reaction, context) By Nicole Mordant March 21 Dominion Diamond , target of a $1.1 billion unsolicited bid, should run a formal sales process for the company and open its books to what could be several interested parties, Dominion''s biggest shareholder told Reuters on Tuesday. The board of Dominion, the world''s third-largest diamond producer by value, has a responsibility toward its shareholders to consider the proposal from U.S.-based The Washington Companies, as well as possible other bids, Jamie Horvat, fund manager at M&G Investments said. M&G owns around 11 percent of Dominion, Horvat said. "The best outcome for the owners right now is to do a proper strategic review, have people sign up who are interested," London-based Horvat said by phone. "Maybe others will come out of the woodwork," he said. Dominion was not immediately available for comment. On Sunday, The Washington Companies, a group of privately held North American mining, industrial and transportation businesses founded by billionaire Dennis Washington, revealed it had made a $1.1 billion all-cash proposal for Dominion. In response, Dominion said its board had considered Washington''s proposal, but that the terms of the proposed talks were unacceptable. Dominion shares were up 2.0 percent at $12.45 on the New York Stock Exchange on Tuesday, still below the $13.50 a share offer price that Washington proposed. Washington said on Sunday that the talks with Dominion had ended. On Tuesday, Larry Simkins, Washington''s president, told Reuters it was up to Dominion and its shareholders to make the next move. "We''re absolutely waiting for the board of directors and the shareholders on determining what our next steps are," Simkins said in an interview. He declined to say whether Washington may take a formal bid directly to shareholders. Washington currently owns no shares in Dominion, Simkins said. M&G''s Horvat said Dominion should allow Washington and others to do due diligence on the miner under proper terms and then "go ahead with the best offer." He said he expected this would happen. "I think the board is going to do the right thing. They have good advisors, they are smart people," he said. Analysts said on Monday that there were several "logical" potential suitors for Dominion including global mining giant Rio Tinto and Anglo American-owned diamond giant De Beers. Anglo and Rio declined to comment late on Monday. Reuters reported on Monday that smaller Canadian diamond miner Stornoway Diamond Corp had held merger talks with Dominion in recent months (Reporting by Nicole Mordant in Vancouver; Editing by Denny Thomas and Leslie Adler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/dominion-diamond-ma-shareholder-idUSL2N1GY1F2'|'2017-03-22T02:47:00.000+02:00'
'0268c18da02d31199357a3be0a80b5cfdb31fab3'|'Investors add to bullish U.S. bond bets after Fed meeting -JPM'|'Business News  26am EDT Investors add to bullish U.S. bond bets after Fed meeting: JPM NEW YORK Investors picked up their bullish bets on longer-dated U.S. Treasuries as Federal Reserve signaled it will remain on a gradual path in raising interest rates after its two-day policy meeting last week. The share of "long" investors, who said they were holding more longer-dated Treasuries than their benchmarks, increased to 23 percent in the week of March 20 from 18 percent in the preceding week, J.P. Morgan showed in its latest Treasury client survey. J.P. Morgan surveyed clients, including bond fund managers, central banks and sovereign wealth funds. U.S. policymakers, as expected, increased key borrowing costs by a quarter percentage point to a range of 0.75 percent to 1.00 percent. Meanwhile, their outlook on growth and inflation was unchanged from December and showed no upward shift in the median view on three rate increases for 2017. In the days prior to the March 14-15 policy meeting, the perceived hawkish rhetoric from a group of Fed officials including Chair Janet Yellen stoked speculation the U.S. central bank might consider raising rates four times this year. U.S. yields have fallen in reaction to the Fed''s "dovish hike" last week as investors have moved money back into Treasuries, analysts said. The benchmark 10-year Treasury''s yield US10YT=RR was 2.488 percent early Tuesday, down from 2.595 percent a week ago. The share of "short" investors who said they were holding fewer longer-dated U.S. government securities than their portfolio benchmarks held at 23 percent for a second week. Short investors equaled long investors on Monday, compared with net shorts of five percentage points last week. The share of "neutral" investors, who said on Monday they were holding amounts of longer-dated Treasuries that match their benchmarks, fell to 54 percent from 59 percent the previous week, the survey showed. Active clients that include market makers and hedge funds, who are seen to take on speculative bets in Treasuries, dialed back their bullish bets, the latest J.P. Morgan survey showed. Thirty percent of them said they were long, unchanged from the prior week, while 20 percent said they were short, also unchanged on the week. The share of active neutrals remained at 50 percent. (Reporting by Richard Leong; Editing by Nick Zieminski) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-treasuries-jpmorgan-idUSKBN16S1KL'|'2017-03-21T20:21:00.000+02:00'
'749ccd59ae435045a74290d16fb7c8edc675cd71'|'Rocket launch startup Rocket Lab snags $75 million new funding'|'By Irene Klotz - CAPE CANAVERAL, Fla. CAPE CANAVERAL, Fla. Privately owned Rocket Lab, a Los Angeles- and New Zealand-based startup poised to begin small satellite launch services this year, has closed a Series D financing round of $75 million, company officials said on Tuesday.Data Collective, a venture capital fund based in San Francisco, led the round, with additional investment from Promus Ventures, an undisclosed investor, and existing investors Bessemer Venture Partners, Khosla Ventures and K1W1, said Rocket Lab founder and chief executive Peter Beck.The money will be used to expand manufacturing facilities in California and New Zealand for Rocket Lab’s small launch vehicle, known as Electron. The booster is designed to put satellites weighing about 330 pounds (150 kg) into orbits a few hundreds miles (km) above Earth.The liquid-fueled Rocket Labs booster features 3-D-printed engines and battery-operated electric motors. It is designed to be manufactured at a rate of one per week and sell for about $5 million per flight, Beck said.The first of three Electron test flights is expected within the next few weeks from a newly built commercial spaceport in New Zealand. Commercial flights are slated to follow in the second half of the year.The market for launching small satellites is expected to boom. Companies such as the privately owned OneWeb and Space Exploration Technologies have raised billions from investors to develop satellite constellations for global internet and broadband services. Some of the new systems are expected to feature more than 1,000 satellites.Filings with the Federal Communications Commission, which handles radio spectrum allocation for non-federal users, show “massive growth in the number of systems that have put their marker down to say ‘We’re interested,’” said Carissa Bryce Christensen, chief executive of Bryce Space and Technology, a Washington D.C.-area consultancy.If all the projects came to fruition, some 12,000 small satellites would be launched in the next 10 years, Christensen said. “Of course, nowhere near that is going to happen,” but the number is an indication of the market’s potential, she added.Rocket Lab is among about 30 companies and agencies worldwide developing small satellite launchers. The company said in a statement it has now received $148 million in funding and is valued in excess of $1 billion.Rocket Lab''s customers include NASA, Planet and startups Spire and Moon Express.(Reporting by Irene Klotz; Editing by Jonathan Weber and Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usa-space-rocketlab-idINKBN16S1IK'|'2017-03-21T10:04:00.000+02:00'
'7fdad10405740a06b1e2ecb43bd616ee69e4d5a1'|'China approves fewer GMO crop imports, hampering trade-US industry group'|'Commodities  51am EDT China approves fewer GMO crop imports, hampering trade: U.S. industry group By Dominique Patton - BEIJING BEIJING China is approving fewer new biotech crops for import than before, hampering the launch of new products globally and hurting trade, an American industry group said on Tuesday. China does not permit the planting of any genetically modified varieties of staple food crops amid deep-seated consumer opposition. But it does allow the import of GMO crops, such as soybeans for use in its huge animal feed industry. The number of annual approvals has fallen to just one last year, down from three in previous years, according to China''s agriculture ministry. "The trend is moving in the wrong direction in terms of the product being approved in the past few years," said Gao Yong, co-chairman of the agriculture group at the American Chamber of Commerce in China. Gao, who is also China president at global biotech giant Monsanto Co, told reporters he was not sure why there were fewer approvals. Chinese government officials were not immediately available for comment. The United States is the biggest producer of GMO crops and one of China''s top suppliers of soybeans. It has long been a pioneer in technology aiming to protect crops against insects or allow them to resist herbicides. China has said it supports biotechnology to raise the efficiency of its agriculture sector and that it plans to commercialize new GMO varieties of corn and soybeans in coming years. But public acceptance of biotechnology is a key challenge for the future introduction of GM crops in China, and despite attempts by the government to persuade consumers of the safety of such foods, opinions remain highly polarized. In a paper on China''s agricultural policy, the American Chamber of Commerce said the government and academics have helped to improve public understanding of biotech products. But Gao said the industry was "extremely disappointed" that China only approved one new biotech product for import in 2016, a Bayer CropScience Ltd soybean. Eight other products were seeking approval. There were also nine products waiting for approval for local field trials, the step prior to applying for a safety certificate and full import approval. One of those - a Monsanto soybean product - was approved, said Gao. Other products seeking China market access include GMO corn and cotton. Approvals of imported biotech products currently takes about six years in China, compared with up to three in other major markets, Gao said. Beijing has reduced the number of times its expert committee meets to review applications from three to "at least two". Decisions to approve the applications were only made once a year. (Reporting by Dominique Patton; Editing by Randy Fabi) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-china-agriculture-usa-idUSKBN16S0UL'|'2017-03-21T15:45:00.000+02:00'
'acbe16679db85b991b5e47ba93b3d4713bd72d89'|'BRIEF-Invivo Therapeutics reports FDA submission'|' 13am EDT BRIEF-Invivo Therapeutics reports FDA submission March 21 Invivo Therapeutics Holdings Corp : * Invivo Therapeutics announces submission to the FDA of its nonclinical studies module for the neuro-spinal scaffold(tm) * Expect to receive acceptance of nonclinical module in q3 of this year * Plan to submit manufacturing module in second half of 2017 and clinical module in 2018 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-invivo-therapeutics-reports-fda-su-idUSASB0B6C4'|'2017-03-21T19:13:00.000+02:00'
'389b8ad5081f75cb31f66fcdba244bf1b8095ecd'|'Porsche SE has no information about Piech''s stake sale talks'|'Tue Mar 21, 2017 - 11:19am GMT Porsche SE has no information about Piech''s stake sale talks left right A logo is seen on a wheel of a Porsche car during the company''s annual meeting in Stuttgard, Germany, May 13, 2015. REUTERS/Ralph Orlowski 1/2 left right FILE PHOTO: Ferdinand Piech, chairman of the supervisory board of German carmaker Volkswagen, gives a thumbs-up during his visit to the IAA truck show in Hanover, Germany September 18, 2012. REUTERS/Fabian Bimmer/Files 2/2 STUTTGART, Germany Porsche SE ( PSHG_p.DE ), Volkswagen''s majority shareholder, said it has no information about former VW chairman Ferdinand Piech''s talks with the carmaker''s controlling families about a possible sale of his stake. "We are only informed about the fact that talks are happening," Porsche SE chief executive Hans Dieter Poetsch said on Tuesday at the company''s earnings press conference. "We cannot even say whether there will be a result." Should the negotiations of the Porsche and Piech families to buy a substantial part of Piech''s 14.7 percent stake in Porsche SE succeed, such a move would have no impact on the holding company''s ownership structure, Poetsch said. "There will be no change to the fact that the voting shares will be held by the Porsche and Piech families," the CEO said. Porsche SE is the group through which the billionaire Porsche and Piech families control 52.2 percent of the voting shares in Volkswagen (VW), which is still dealing with the effects of its diesel emissions scandal. Separately, VW chief executive Matthias Mueller said he has had no discussions to date with Fiat Chrysler Automobiles ( FCHA.MI ) boss Sergio Marchionne about a possible tie-up. Last week, the VW CEO left the door open to a potential merger with Fiat Chrysler, saying Europe''s biggest automotive group was more open to partnerships than in the past. (Reporting by Andreas Cremer; Editing by Harro ten Wolde) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-porschese-piech-idUKKBN16S17I'|'2017-03-21T18:13:00.000+02:00'
'5ea7b0237b184e54dc43460c63b3ca66a9202053'|'PRESS DIGEST- New York Times business news - March 21'|'March 21 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.- Walmart is expanding its e-commerce ambitions, and has tapped a Jet executive to help it build new start-ups within the company. Walmart announced on Monday that it had formed Store No 8, an internal venture meant to hatch new online retail businesses. nyti.ms/2nEN1YG- Bank of America has poached a top rainmaker for financial services companies from Morgan Stanley. Eric Bischof, who helped advise the Federal Reserve Bank of New York on matters related to the American International Group, will join Bank of America as co-head of its global financial institutions group, serving alongside Jim O''Neil in New York. nyti.ms/2mK8PNX- The British government said on Monday that it intended to formally notify the European Union on March 29 of its intention to leave the bloc, putting the country on track to complete a withdrawal by early 2019. nyti.ms/2mK7EOp (Compiled by Parikshit Mishra in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-nyt-idINL3N1GY1YI'|'2017-03-21T01:18:00.000+02:00'
'a50291c85bd687d6a55db3a2d9dd4b993862e024'|'Head in the cloud: What Satya Nadella did at Microsoft'|'A DECADE ago, visiting Microsoft’s headquarters near Seattle was like a trip into enemy territory. Executives would not so much talk with visitors as fire words at them (one of this newspaper’s correspondents has yet to recover from two harrowing days spent in the company of a Microsoft “brand evangelist”). If challenged on the corporate message, their body language would betray what they were thinking and what Bill Gates, the firm’s founder, used often to say: “That’s the stupidest fucking thing I’ve ever heard.”Today the mood at Microsoft’s campus, a sprawling collection of more than 100 buildings, is strikingly different. The word-count per minute is much lower. Questions, however ignorant or critical, are answered patiently. The firm’s boss, Satya Nadella (pictured), strikes a different and gentler tone from Mr Gates and Steve Ballmer, his immediate predecessor (although he, too, has a highly competitive side).  9   Both these descriptions are caricatures. But they point to an underlying truth: how radically the world’s biggest software firm has changed in the short time since Mr Nadella took charge in early 2014. Back then everything at Microsoft revolved around Windows, the operating system that powered most computers. It was a franchise the company believed needed to be extended and defended at almost any price.Windows has since retreated into a supporting role; sometimes it is little more than a loss-leader to push other products. At the heart of the new Microsoft is Azure, a global computing cloud. It is formed of more than 100 data centres around the world, dishing up web-based applications, bringing mobile devices to life and crunching data for artificial-intelligence (AI) services. Along with this shift in strategy has come a less abrasive, more open culture.Microsoft’s transformation is far from complete. Windows, Office—the once equally dominant package of applications for personal computers—and other PC-related products together still generate about two-fifths of its revenues and three-quarters of its profits. But even those who have watched Mr Nadella’s actions with a high degree of scepticism reckon the firm is moving on from its cash-cows.The firm’s transformation did not begin with Mr Nadella. It launched Azure and started to rewrite its software for the cloud under Mr Ballmer. But Mr Nadella has given Microsoft a new Gestalt , or personality, that investors appear to like. The firm’s share price has nearly doubled since he took over (see chart).Dethroning Windows was the first task. Previously, new products were held back or shorn of certain features if these were thought to hurt the program (something known internally as the “strategy tax”). One of Mr Nadella’s early decisions was to allow Office to run on mobile devices that use competing operating systems. He went so far as to use a slide that read “Microsoft loves Linux”. Mr Ballmer had called the open-source operating system a “cancer”.The downgrading of Windows made it easier for Mr Nadella to change the firm’s culture—which is so important, he believes (along with Peter Drucker), that it “eats strategy for breakfast”. Technologies come and go, he says, so “we need a culture that allows you to constantly renew yourself”. Whereas Mr Ballmer was known for running across the stage and yelling “I love this company”, Mr Nadella can often be seen sitting in the audience, listening. When, in 2016, internet trolls manipulated Tay, one of Microsoft’s AI-powered online bots, into spewing racist comments, people waited for heads to roll. Mr Nadella sent around an e-mail saying “Keep pushing, and know that I am with you…(the) key is to keep learning and improving.”Employees are no longer assessed on a curve, with those ending up at the lower end often getting no bonus or promotion. For the firm’s annual executive retreat in 2015, Mr Nadella included the heads of companies Microsoft had recently acquired, such as Mojang, the maker of Minecraft, a video game, and Acompli, an e-mail app, breaking with the tradition that only longtime executives can attend.The book of NadellaSending such signals matters more than ever in the tech industry. Well-regarded firms find it easier to recruit top-notch talent, which is highly mobile and has its pick of employers. A reputation for aggression can attract the attention of regulators and lead to a public backlash, as Microsoft itself knows from experience and Uber, a ride-hailing unicorn, is finding out.Mr Nadella has changed the firm’s organisation as well as its culture. It is now more of a vertically integrated technology firm—“full stack”, in the jargon. It not only writes all kinds of software, but builds its own data centres and designs its own hardware. Mr Nadella points out that it now even develops some of the chips for its data centres.His imprint can be seen on three businesses in particular: the cloud, hardware and AI. Microsoft does not break out by how much it has increased investment in the cloud, but building data centres is expensive and its capital expenditure is soon expected nearly to double, to $9bn a year, from when Mr Nadella took over. If you take only basic services, such as data storage and computing, Microsoft’s cloud is much smaller than Amazon Web Services, the leader in cloud computing, which is owned by Amazon, an e-commerce giant. But if you add Microsoft’s web-based services, such as Office 365 and other business applications, which are only a negligible part of AWS’s portfolio, the two firms are of comparable size. Both AWS’s and Microsoft’s cloud businesses boast an annual run rate (the latest quarterly revenues multiplied by four) of $14bn. Microsoft hopes to reach $20bn by its 2018 financial year, a fifth of total expected revenues.In terms of scale, then, there has been much progress. Yet in stark contrast to AWS, which supplies the bulk of Amazon’s profits, Azure is still loss-making. Some analysts are optimistic that this could change. Mark Moerdler of Sanford C. Bernstein, a research firm, thinks that once Microsoft tapers its investments in data centres and their utilisation goes up, it could approach the margins enjoyed by AWS, which reached more than 30% in the last quarter.Scott Guthrie, who heads Azure, admits that the margins for cloud-based services will probably be lower than for conventional software. But when applications are delivered online, he points out, Microsoft can capture a bigger slice of the overall pie. As well as offering its existing software as services in the cloud, it also takes care of components of IT systems, such as storage and networking, that used to be provided by other vendors. The firm’s addressable market is far bigger, he says.Perhaps. But however well Microsoft performs, life in the cloud will always be far tougher than it was in the realm of personal computers, argues David Mitchell Smith of Gartner, a consultancy. Microsoft will not only have to compete with Amazon, but with Google, which intends to go after business customers.Although the cloud is the core of the new Microsoft, hardware is another important bet. The firm has shed its ailing mobile-phone division, which it had bought from Nokia, but on its campus in Redmond hundreds of employees are busy developing new devices. Its prototyping lab offers all that a designer of mobile gadgets could want, such as 3D printers to churn out overnight new models of a hinge, for example, or machines to cut the housing of a new laptop from a block of aluminium.“Failing faster” is the purpose of the new equipment, says Panos Panay, who is in charge of Microsoft’s hardware business. Designers can test ideas more quickly in pursuit of the firm’s goal to develop new categories of product. Hardware, software and online services are meant to be bundled into a single product to create what the firm gratingly calls an “experience”.One example is the Surface Book, a high-end laptop. It features a detachable screen which doubles as a computing tablet—a combination that has already found a following, and according to some, offers better value than comparable laptops from Apple. More daring still is HoloLens, an augmented-reality device in the form of a wireless head-mounted display. It is capable of mixing “real” and virtual reality for business purposes—for example, by projecting new parts on a motorcycle frame so a designer can easily see what works. (It is currently only available for developers.)HoloLens, its designers hope, will also be a device where people use artificial-intelligence services—Mr Nadella’s third big bet. In September Microsoft formed a new AI unit, combining all its efforts in the field, including its basic-research group of more than 1,000 people and the engineering team behind Bing, its search engine.Every single business application is going to be disrupted by AI, says Harry Shum, who is in charge of the new unit. Algorithms trained by reams of data could tell sales staff which leads to spend most time on, and help identify risky deals where, for instance, the customer might not fulfil contract terms. This, he explains, is also a big reason why Microsoft spent a whopping $26bn to buy LinkedIn, a professional social network that has 467m users. The deal adds to the data the firm needs to train its new AI applications.AI is a growing part of Azure, too. In recent months Microsoft has introduced two dozen “cognitive services” to Azure. Some understand language and can identify individual speakers, others recognise faces and can tap into academic knowledge. The idea is for other firms to be able to use these offerings to make their own products smarter, thus “democratising AI”. Schneider Electric, which makes gear to manage energy systems, for instance, uses some of Microsoft’s AI services to monitor its equipment.It is easy to be impressed by what Mr Nadella has achieved in only three years. But it is far from certain that his technology bets will play out as planned. To run a computing cloud profitably you need hyper-efficient operations; something that Amazon, in contrast to Microsoft, has grown up with. Although Microsoft has expertise in AI, others, such as Google and IBM, got a far earlier start. Nor is designing integrated devices part of Microsoft’s DNA in the way it is for Apple. Augmented reality is an extremely promising field but HoloLens may turn out to be no more than an expensive toy for developers.Success or failure in the new areas will of course continue to be cushioned for some time by the revenues and profits from Windows and Office. Yet there, too, lie risks. If the PC market, whose secular decline has slowed since last year, take another turn for the worse, the company’s finances would suffer badly, warns John DiFucci of Jefferies, an investment bank.Mr Nadella doesn’t seem to be worried by such unknowns, which are to be expected in a fast-changing industry. Instead, he frets about too much success. “When you have a core that’s growing at more than 20%, that is when the rot really sets in,” he says. It remains to be seen whether or not the firm can ever again achieve such velocity. For now, though, its share price is showing plenty of speed.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21718916-worlds-biggest-software-firm-has-transformed-its-culture-better-getting-cloud?fsrc=rss'|'2017-03-16T22:54:00.000+02:00'
'e984ce1dcd2fc825afde05904dcf08e8ccf754e2'|'UK government woos world''s housebuilders - Business'|'The housing minister, Gavin Barwell, has told the world’s housebuilders that if they cannot find enough land on which to build new homes they can “come and see me” and he will try to help. Barwell told developers at the world’s biggest property conference in Cannes on Thursday that he wanted to be “clear and unequivocal” that he was there to help them build hundreds of thousands of new homes to help fix the UK’s housing crisis. “If you’ve got parts of the country where you want to build homes and you’re struggling to find land, you come and see me and I will then raise those issues with the relevant local authorities,” he told investors at the UK government’s first promotional stand on the Cannes waterfront in France. “I don’t want people who want to build unable to do so because they can’t find the sites they want.“That’s an offer to anyone in this room – if you’re struggling to find sites you [can] come talk to me and I’ll try and do something about it.”Barwell said the government was committed to building more homes that families desperately need and to releasing enough land for 160,000 new homes. In promotional leaflets handed to developers and investors, the prime minister, Theresa May, said the UK was “open for business” and was “more committed than ever to creating the most business-friendly environment possible”. May said “attracting investors to the whole of the UK’s real estate” would be a key driver of the UK economy in the post-Brexit world. “As we leave the European Union, I am determined that we will seize the opportunity to forge a bold new role for a global Britain as the most outward-looking, free-trading nation in the world,” she said.Officials said Britain had its biggest presence yet at the Mipim conference , with its adverts dominating the entrance to the conference centre. Cities including London, Manchester, Leeds, the Midlands and dozens of other regions and local authorities spent hundreds of thousands of pounds on stands to try to attract investment from global developers and investment funds. Barwell told the property industry figures that he wanted to “change the politics” of housebuilding so that local people do not automatically protest at the suggestion of new construction. The Croydon MP also vowed to have “hard discussions” with local politicians who hold up development. Barwell said he would try to make sure housebuilding projects came with fresh infrastructure investments to allow communities to cope with additional residents. He also said more needed to be done to ensure newbuild homes were of good quality and design. “People welcome homes that are really innovative in design, or fit in with the local area,” he said. “What they don’t like are homes that look like they could have been plonked down in any area of the country.”Liam Fox, the secretary of state for international trade, said the creation of a dedicated UK government pavilion at Cannes was a recognition of the “great changes and opportunities that exist for the real estate sector following the British electorate’s decision to exit the European Union”. In prepared remarks, he said the Department for International Trade would help overseas investors by “facilitating flows of foreign capital into investment opportunities across the whole of the country”. “Mipim is an important opportunity to showcase the wide range of investment opportunities that exist across the UK, from Southampton to Edinburgh, Coventry to Swansea and key sectors from tech to creative,” Fox said. “It shows investors both within the UK and from overseas understand the scale of our ambition and the role they can play in achieving it.” Topics Housing market Real estate news  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/mar/16/uk-government-woos-worlds-housebuilders'|'2017-03-17T01:42:00.000+02:00'
'3e839cef17885f53163663abfd74e7c041a2cc0f'|'Fraport, Vinci, Zurich Airport win rights to four Brazil airports'|'SAO PAULO, March 16 German airport operator Fraport AG won the rights to operate Brazil''s Fortaleza and Porto Alegre airports on Thursday, beating out French group Vinci SA and Zurich Airport with bids of 425 million reais ($137 million) and 291 million reais, respectively, at a government auction.Zurich won the operating license for the Florianopolis airport with a bid of 83 million reais, beating out Vinci, which took the concession for the Salvador airport with the lone bid of 661 million reais.($1 = 3.1117 reais) (Reporting by Gabriela Mello; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brazil-infrastructure-airports-idINE6N1FG00L'|'2017-03-16T12:01:00.000+02:00'
'437ea5e910715183e8a04b6bdf665b0b1f6ed922'|'Australia''s Alinta Energy sold to Chow Tai Fook Enterprises for $3 billion: sources'|'By Jamie Freed - SYDNEY SYDNEY Australia''s Alinta Energy has been sold to Hong Kong''s Chow Tai Fook Enterprises for around A$4 billion ($3 billion), two sources familiar with the situation said on Thursday.Alinta, a natural gas and electricity retailer owned by a group of private equity companies including TPG, had been preparing for an initial public offering.Brokers had valued Alinta at an average of A$3.4 billion, making the Chow Tai Fook Enterprises offer attractive in comparison, one of the sources said.The two sources, who were not authorized to comment publicly, said the deal remained subject to approval from Australia''s Foreign Investment Review Board.The buyer is a private Hong Kong-based holding company owned and controlled by the Cheng family, which has a diverse set of investments including property development, aircraft leasing, department stores and Chow Tai Fook Jewelry Group ( 1929.HK ).Alinta Energy and Chow Tai Fook Enterprises could not immediately be reached for comment.(Reporting by Jamie Freed; Editing by Robin Pomeroy and Richard Lough)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-alinta-energy-m-a-chow-tai-fook-idINKBN16M32P'|'2017-03-15T18:53:00.000+02:00'
'e3d2f4a2d4dac9abb280f5e7fc451b8f9d7c1bc2'|'Vale to get $733 million by end of month from Moatize stake sale to Mitsui'|'SAO PAULO Brazilian mining company Vale SA said on Wednesday it is nearing conclusion of a deal to sell a stake in Mozambique''s Moatize coal project to Japan''s Mitsui & Co Ltd.Vale said it expects to receive by the end of this month an initial payment of $733 million from Mitsui from the sale. The company said it would receive $2.7 billion more after the financing for the project of the mine and the transportation system is concluded.(Reporting by Marcelo Teixeira; Editing by Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-vale-mitsui-co-moatize-idINKBN16M342'|'2017-03-15T18:48:00.000+02:00'
'e0c18064de0340a0b6183611616ce6c80f64c154'|'Albertsons held preliminary merger talks with Sprouts: Bloomberg'|'By Lawrence Delevingne - NEW YORK NEW YORK Grocery business Albertsons Cos held preliminary talks to merge with Sprouts Farmers Market Inc ( SFM.O ), Bloomberg reported on Sunday, citing situation.Bloomberg said the early stage discussions took place in recent weeks and involved a plan to take Sprouts private. Doing so would add the natural and organic foods-focused business to the Albertsons suite of supermarket brands, which includes Safeway, Vons and Shaw''s.Albertsons is backed by private equity firm Cerberus Capital Management. Representatives for Albertsons and Sprouts did not immediately respond to requests for comment, while a spokeswoman for CerberusShares of Sprouts spiked to a four-month high on Thursday and Friday amid a surge in stock options trading.(Reporting by Lawrence Delevingne; Editing by Mary Milliken and Peter Cooney)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-albertsons-cos-sprouts-idINKBN16Q0XG'|'2017-03-19T20:07:00.000+02:00'
'c7a66ec2900c2906c7fd165b1a3b9e54ee1833a7'|'UK city minister says regulators will look at money-laundering reports'|'Business News - Tue Mar 21, 2017 - 12:58pm GMT UK city minister says regulators will look at money-laundering reports FILE PHOTO: Offices in the financial district of Canary Wharf in London, Britain, January 19, 2017. REUTERS/Kevin Coombs/File Photo LONDON Britain said on Tuesday it would do whatever it takes to pursue anyone abusing its financial system, promising that regulators would look into allegations made in media reports that London''s banks were used in a global money laundering scheme. "The government is going to do what it takes to prevent and pursue anyone who might seek to abuse our financial system," city minister Simon Kirby said, responding to a question raised by the opposition Labour Party on allegations of money laundering. "The Financial Conduct Authority and the National Crime Agency take any such allegations seriously and will investigate closely whether recent information from the Guardian newspaper regarding money laundering from Russia, or indeed any other media source, would allow the progression of an investigation." (Reporting by William James and Kylie MacLellan, editing by Elizabeth Piper) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-banks-allegations-idUKKBN16S1HQ'|'2017-03-21T19:58:00.000+02:00'
'f9801bc69253183c2f83bc7610f0079fe5a428d9'|'Elderly founder of South Korea''s Lotte Group denies charges in dramatic start to graft trial'|'Business News - Mon Mar 20, 2017 - 5:38am EDT Elderly founder of South Korea''s Lotte Group denies charges in dramatic start to graft trial left right Lotte Group Founder Shin Kyuk-ho arrives for a trial at a court in Seoul, South Korea, March 20, 2017. REUTERS/Kim Hong-Ji 1/4 left right Lotte Group Founder Shin Kyuk-ho arrives for a trial at a court in Seoul, South Korea, March 20, 2017. REUTERS/Kim Hong-Ji 2/4 left right Former vice chairman of Tokyo-based Lotte Holdings Shin Dong-joo arrives for a trial at a court in Seoul, South Korea, March 20, 2017. REUTERS/Kim Hong-Ji 3/4 left right Lotte Group chairman Shin Dong-bin arrives for a trial at a court in Seoul, South Korea, March 20, 2017. REUTERS/Kim Hong-Ji 4/4 By Heekyong Yang - SEOUL SEOUL The 94-year-old founder of Lotte Group, South Korea''s fifth-largest conglomerate, threw his cane to the floor of a court on Monday and demanded to know where he was on the first day of a trial of him and family members. Shin Kyuk-ho appeared confused as he entered the court in a wheelchair, and tried to resist aides'' efforts to wheel him out, by dragging his feet. "Lotte is a company that I made, I have 100 percent of the shares, who indicted me?" the agitated Shin Kyuk-ho shouted upon his return to the court, throwing down his cane. His lawyer said he denied charges of embezzlement and breach of trust, as the first day of arguments got off to a dramatic start, with the judge asking the Lotte Group founder to be quiet and aides checking his blood pressure. The investigation behind the trial is separate from the one that led to the recent dismissal of President Park Geun-hye, over suspected corruption linked to dealings with other big conglomerates, including the Samsung Group and SK Group. In a courtroom packed with lawyers, reporters and members of the public, Lotte Group Chairman Shin Dong-bin, 62, his older brother Shin Dong-joo, and his father and Lotte founder, Shin Kyuk-ho, were in attendance as defendants on Monday. Prosecutors indicted 22 people at the end of an investigation over several months last year into suspected corruption at Lotte Group. The elderly group founder, Shin Kyuk-ho, has been indicted for tax evasion, embezzlement and breach of trust, involving a total 223.8 billion won ($200 million). His son, group chairman Shin Dong-bin, has been charged with embezzlement of about 50.8 billion won ($45 million) and breach of trust over about 124.9 billion won, concerning suspected irregular payments to family members and unlawful support of group companies. A lawyer for him said the payments in question were organized by the father, Shin Kyuk-ho, without Shin Dong-bin''s involvement. A lawyer for Shin Dong-bin''s older sister, Shin Young-ja, said she denied breach of trust, adding that a payment under suspicion, from Lotte Cinema to her company, was also organized by Shin Kyuk-ho, and she was not in a position to influence the founder. Shin Kyuk-ho''s lawyer said he denied all charges, without elaborating. Lotte Group had been preparing a $4.5-billion initial public offering (IPO) of Hotel Lotte Co Ltd [HTLOT.UL] last year, but shelved the plan after prosecutors'' investigation became public. South Korea holds a presidential election on May 9 to find a replacement for Park and reform of big family-run conglomerates, known as chaebol, is a campaign issue. (Reporting by Heekyong Yang; Writing by Joyce Lee; Editing by Robert Birsel and Clarence Fernandez) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-lotte-group-probe-idUSKBN16R0Q8'|'2017-03-20T16:38:00.000+02:00'
'd1903d9777c41d8c06fcae74c85cf201af9b637e'|'Berkshire''s Lubrizol to take majority stake in India joint venture'|'Lubrizol Corp, the specialty chemicals unit of Warren Buffett''s Berkshire Hathaway Inc ( BRKa.N ), said on Monday it plans to take majority control of its Indian joint venture with state-run Indian Oil Corp ( IOC.NS ), boosting its stake to 74 percent from 50 percent.India''s Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, last Wednesday approved in principle the sale to Lubrizol of 24 percent of Lubrizol India Private Ltd, Lubrizol said.The Mumbai-based venture makes chemical additives for automotive and industrial lubricants, and the treatment of fuels.Lubrizol did not disclose the terms of the transaction, but expects to complete the deal in a few weeks. The Wickliffe, Ohio-based company has had a presence in India since 1966.Berkshire bought Lubrizol for $9 billion in 2011. The Omaha, Nebraska-based parent has more than 90 business units, and Buffett normally lets managers handle day-to-day decisions, including acquisitions.(Reporting by Jonathan Stempel in New York; Editing by Jeffrey Benkoe)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-indian-oil-corpn-m-a-berkshire-lubriz-idINKBN16R1JX'|'2017-03-20T11:15:00.000+02:00'
'b7ea8dff9437a5092df23f95fd4e2ebe9e4a451c'|'The Ronald, the Donald – and a hamstrung Hammond - Business'|'F or the first few months after his election, Donald Trump was cast by many in the financial markets as the reincarnation of Ronald Reagan . His plans for deep and widespread tax cuts and a bonfire of regulations would, they said, spark a business renaissance akin to that credited to the stetson-wearing president who dominated the 1980s.Stock market investors lapped up Trump’s speeches and tweets, and sent the main New York share indices to fresh highs. Last October, before the US election, the Dow Jones Industrial Average was chugging sideways below 18,000. By the first week of March, its value had topped 21,000, a rise of almost 17%.Now the market is moving sideways again – and for the simple reason that, after watching and listening to Trump since his inauguration, it has priced in most of the gains investors believe he can make for them, which over the next few years will still be bountiful, but decidedly more modest than first predicted.That’s why America’s central banker, Janet Yellen, the head of the Federal Reserve, made it clear last week that US interest rates would rise to at most 1.5% this year. The Federal Reserve increased its base rate range to between 0.75% and 1% at its March meeting, and Yellen said there would probably be just two more quarter-point rises this year.She was under pressure from Republicans to signal a more rapid increase, but was clear in her view that a Trump boom is still just a twinkle in the former property developer’s eye.A study by consultancy Oxford Economics illustrates why the markets have joined the Fed in adopting a more cautious stance. It argues that Reagan entered office in a deeper hole and therefore had more room to expand. To boost growth, Reagan could also pull levers that are beyond Trump’s grasp.In 1981, the global economy was adjusting to the two oil price shocks of the 1970s. The US was in recession and unemployment and inflation were high. Reagan’s cabinet spent much of its time talking about tax cuts and a radical overhaul of corporate and labour laws to set business free, but, as Oxford Economics point out, they mostly switched on the public spending taps.It was a Keynesian boost that put money in people’s pockets and invited them to spend it. “From 1982 to 1986,” says the report, “the budget deficit rose from 1.8% of GDP to around 4.5% of GDP – an overall stimulus approaching 3% of GDP, which was sustained over four years. Government investment growth hit double digits in 1984-85, including a major rise in defence spending.”Jobs were created and imports rocketed. The budget deficit and the balance of trade worsened. The dollar soared. Paul Volker, Reagan’s Fed chief, increased interest rates to quell domestic inflation.To emphasise how different things are now, the Fed raised rates last week, aware that, like the stock markets, the dollar had already run out of steam. It hit a 14-year high against a basket of currencies in November, but has since tracked downwards.“The prospects for dollar gains on a similar scale to the 1980s look thin,” the report goes on. “The dollar was weak in 1980 but has seen strong gains since 2014 and may be moderately overvalued. And while we think the dollar is more sensitive to small rises in rate [differences with other economies] than previously, that sensitivity cuts both ways and quite a lot is arguably already priced into markets in terms of Fed rate hikes. So we expect dollar gains from here to be modest.”Oxford Economics argues that a cap on the dollar is not only a boon for US consumers, who will see imported inflation peak at a lower level, but will also help economies such as Brazil, Turkey and Indonesia, which must borrow in dollars at rates set by the Fed. Much of the pain created by Reagan’s policies was exported to countries that relied on selling commodities to the west. Turkey will still suffer from higher borrowing costs, but its finance ministry will be relieved to find that the extremes of the Reagan era can be avoided.The lesson for the UK is that Tory claims for deregulation as a route to riches have no precedent, not even from the Reagan era. Tax cuts can help, but both this government and the last have found themselves imposing more taxes than they cut, to a point where the ratio of tax income to GDP is at its highest in 30 years.Reagan borrowed to spend, much to the disappointment of his free market friends, adding 3% of GDP to the US budget deficit. Such generosity with borrowed money is not an option for Philip Hammond, at least not on the scale used in 1980s America.All Hammond can hope for is that the assessment of recent weeks that Trump is a benign force, who will neither emulate Reagan nor be a disaster, turns out to be true. Given the parlous state of the UK’s public finances after eight years of austerity, he needs all the help he can get.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/mar/19/ronald-reagan-donald-trump-us-economics-hammond'|'2017-03-19T02:00:00.000+02:00'
'ccb80dfe9a80cd5f1a380b4106b83560cfde17d2'|'After UK, France opens probe into Airbus jet deals'|'Business News - Thu Mar 16, 2017 - 11:43pm GMT After UK, France opens probe into Airbus jet deals The logo of Airbus group is pictured in Colomiers near Toulouse, France, January 11, 2017. REUTERS/Regis Duvignau By Tim Hepher and Cyril Altmeyer - PARIS PARIS Airbus''s ( AIR.PA ) legal entanglements deepened on Thursday when French authorities opened a preliminary investigation into suspected irregularities over the use of third-party agents to win jetliner contracts, expanding a UK corruption probe. The European planemaker said on Thursday it had been informed that France''s financial prosecutor, or Parquet National Financier, had teamed up with Britain''s Serious Fraud Office, which is investigating suspected fraud, bribery and corruption. "Airbus has now been informed ... that the two authorities will act in coordination going forward," the aerospace group said. "Airbus will cooperate fully with both authorities." The decision by the French and UK investigators to cooperate in their probes is unusual. It could provide a high-profile test of a 2016 anti-graft law which introduces for the first time into France the possibility of a "deferred prosecution agreement," a type of settlement often favoured in corruption probes and already used on occasion by Britain''s SFO. In January, UK engineering group Rolls-Royce Plc ( RR.L ) reached such a deal with the SFO and agreed to pay 497 million pounds plus interest plus SFO costs after a bribery probe. The SFO launched its Airbus investigation last August after the planemaker uncovered evidence of false declarations over the use of agents in its applications for UK export credits and reported its findings to UK Export Finance, a government agency. The UK agency last year suspended the issue of export credits to Airbus and France, and Germany followed suit, forcing Airbus to provide financing to some airlines in order to maintain aircraft deliveries. Earlier this month, the company''s sales chief told Reuters that some export credits could resume on a case-by-case basis this year. Airbus, Europe''s largest aerospace company, is headquartered in France. The company is shaking up its international marketing organisation amid the UK probe, people familiar with the matter said last month. The French and British investigations are separate from one initiated by Austrian prosecutors against Airbus and the Eurofighter consortium over alleged fraud. Airbus also faces a French probe over a helicopter deal with Kazakhstan and a longstanding UK probe over bribery allegations in a communications deal between its GPT unit and Saudi Arabia. (Additional reportnig by Kirsti Knolle and Mathieu Rosemain; Editing by Susan Thomas and Leslie Adler) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-airbus-group-france-investigation-idUKKBN16N353'|'2017-03-17T06:43:00.000+02:00'
'e113c227062136618898d94cf6a775bcf0a68f17'|'Lloyd Blankfein of Goldman Sachs takes a pay cut'|'Goldman Sachs chief on holding banks accountable Goldman Sachs might be flying high in the Trump era, but CEO Lloyd Blankfein''s paycheck has been trimmed. A filing made public on Friday shows that Blankfein took a 4% pay cut in 2016 due to the firm''s slumping revenue and a revamped compensation system that aims to hold senior executives more accountable. Goldman Sachs ( GS ) paid Blankfein $22 million for last year, down from $23 million in 2015. The longtime CEO''s salary remained at $2 million, but his cash bonus was cut to $4 million from $6.3 million. The drop-off in pay comes during a year that Goldman Sachs shares surged 33% amid a boom for bank stocks. However, Goldman''s compensation committee said it decided to reduce pay for senior executives specifically because the bank''s revenue fell by 9% last year. Goldman''s revenue slump was caused by investment-banking struggles amid a sharp drop in fees on IPOs and other stock deals. Blankfein himself acknowledged that the beginning of 2016 was "challenging," although the firm was able to rebound in the second half of the year. Still, Goldman Sachs credited Blankfein with reducing expenses and demonstrating "an unwavering commitment to the firm and its people." Related: Goldman Sachs CEO responds to ''Government Sachs'' criticism The more muted compensation for Blankfein also reflects a compensation overhaul at Goldman Sachs following criticism from shareholders. After its 2015 payouts received relatively low support from investors, Goldman Sachs met with shareholders to reform the compensation system. Goldman Sachs said that all of Blankfein''s stock bonus is now linked to the company''s performance, compared with just 50% in 2015. The other big change is that Goldman Sachs now rewards its executives based on how the firm performs relative to its rivals like JPMorgan Chase ( JPM ) and Morgan Stanley ( MS ) , not just compared to its own recent history. Goldman Sachs has also stopped giving senior executives long-term equity awards. Blankfein had made $7 million in long-term incentives in 2015, but none last year. Gary Cohn, who stepped down as Goldman''s president at the end of last year to become President Trump''s top economic adviser, also took a bit of a pay hit. Cohn made $20 million in total compensation last year, compared with $21 million the year before. But don''t feel too bad for Cohn, who walked away from Goldman Sachs with a stunning $285 million that raised eyebrows and sparked conflict of interest concerns.  32 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_companies.rss'|'http://money.cnn.com/2017/03/17/investing/lloyd-blankfein-goldman-sachs-pay-cut/index.html'|'2017-03-17T20:32:00.000+02:00'
'904cee1b6114bd1c0329375e32747424ea5c4456'|'BNP Paribas aims to expand European investment banking'|' 25am GMT BNP Paribas aims to expand European investment banking The logo of the BNP Paribas bank is seen in Paris, France, February 6, 2017. REUTERS/Jacky Naegelen PARIS BNP Paribas, France''s biggest bank, plans to expand its investment banking activity in Europe to boost profitability, it said on Monday, as part of its strategy to offset falling revenue in domestic retail markets. The French bank aims to grow the number of its clients in Northern Europe, including Germany, the United Kingdom and Scandinavia, and expects to add 350 new corporate customers by 2020, it said at an investor day in Paris, where it fleshed out its longer-term strategy announced in February. European investment banks have lost market share in recent years to their U.S. rivals, with Wall Street lenders holding the top three spots for investment banking fees in Europe in 2016. However, BNP has performed better than some of its regional peers, earning more fees than both Deutsche Bank ( DBKGn.DE ) and Barclays ( BARC.L ) in Europe last year, according to Thomson Reuters data. The bank reiterated its targets to boost dividend payouts and increase its return on equity to 10 percent from 9.4 percent as it presses ahead with a 3-billion-euro drive to build "the bank of the future". It plans to invest in digital technologies to improve efficiency and continue to adapt its branch network accordingly, which analysts have said could signal more closures. Like other French banks, BNP Paribas faces a weak domestic retail market and is looking at a year of political uncertainty, with presidential elections looming and far-right leader Marine Le Pen - who has advocated a retreat from the euro currency - performing strongly in polls. Shares in BNP Paribas fell 1 percent to 59.64 euros by 0952 GMT, against a broader market .FCHI down 0.4 percent. "BNP no longer has to prove to investors their solvency, this time, we are speaking about growth, investors want to be sure that its profitability target is out of danger," said Marc Renaud, Chief Executive of asset manager Mandarine Gestion, which holds BNP Paribas shares. (Reporting by Maya Nikolaeva; Editing by Laurence Frost and Louise Heavens)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bnp-paribas-strategy-idUKKBN16R0UO'|'2017-03-20T17:25:00.000+02:00'
'cb0bec1d0a3325b26c296bf923f532fc11d87be7'|'UPDATE 1-GTCR-backed Cision to merge with blank-check firm Capitol'|'Deals  44am EDT GTCR-backed Cision to merge with blank-check firm Capitol The parent of media communications firm Cision, and Capitol Acquisition Corp III ( CLAC.O ), a blank-check company, on Monday agreed to merge in a deal valuing the combined company at about $2.4 billion. Chicago-based Cision, which owns press release distributor PR Newswire and media communications firms Gorkana, PRWeb and Help a Reporter Out, will become publicly listed. Cision, which is controlled by U.S. private equity firm GTCR LLC, will become a unit of Capitol Acquisition. Cision shareholders will own about 68 percent of the new company while Capitol Acquisition will own the rest. Cision''s management and GTCR will retain all of their equity stake in the company. Citigroup, Deutsche Bank and Credit Suisse were financial and capital markets advisers to Capitol Acquisition, while PJT Partners was Cision''s financial adviser. (Reporting by Narottam Medhora in Bengaluru; Editing by Savio D''Souza and Sai Sachin Ravikumar) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-cision-m-a-capital-acquisition-idUSKBN16R11J'|'2017-03-20T18:42:00.000+02:00'
'c4a6cf2fd0b5ff6d0a7d78fe070ae02554aba002'|'VW trucks division targets significant profitability gain in 2017'|'Mon Mar 20, 2017 - 12:20pm GMT VW trucks division targets significant profitability gain in 2017 The Volkswagen logo is seen during the 87th International Motor Show at Palexpo in Geneva, Switzerland, March 7, 2017. REUTERS/Denis Balibouse MUNICH Volkswagen''s ( VOWG_p.DE ) truck division is targeting a significant increase in profitability this year as it benefits from rising demand in Europe and China and a slight rebound in the key Brazilian market, its finance chief said. After years of slumping demand for heavy-duty trucks and buses in Brazil, there is a possibility that growth will accelerate there next year, Matthias Gruendler told journalists on Monday. The division, which also includes heavy-duty commercial vehicle brands MAN ( MANG.DE ) and Sweden''s Scania, has a long-term operating margin target of 9 percent compared with 6.1 percent last year, chief executive Andreas Renschler said. (Reporting by Andreas Cremer and Irene Preisinger; Editing by Maria Sheahan) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-volkswagen-outlook-trucks-idUKKBN16R17C'|'2017-03-20T19:20:00.000+02:00'
'95b0332141664070001a50efaf18a3fb66dd4b70'|'French ad group Havas says only UK unit pulling adverts from Google'|'Business News - Sat Mar 18, 2017 - 12:57am GMT French ad group Havas says only UK unit pulling adverts from Google PARIS French advertising group Havas said on Friday that it would not pull advertising from Alphabet Inc''s Google platforms on a global basis, after its British business suspended activity with the U.S. company over concerns about its YouTube website. The British government had been expected to question Google executives on Friday on why ads marketing government services were appearing alongside videos carrying hate speech and extremist content on YouTube. The Guardian newspaper reported that Havas had decided to pull all its advertising from Google and YouTube, citing Havas UK chief Paul Frampton. However, Havas Chief Executive Yannick Bollore tweeted that he had been unaware of its British unit''s decision. A spokeswoman later said the rest of the group would not follow suit. "The decision of our UK team to pause activity with our partner Google is a temporary move made by the local team on behalf of our UK clients and their specific needs," she said in an emailed statement. "We are working with Google to resolve the issues so that we can return to using this valuable platform in the UK." Google said early on Friday in a statement that it worked hard to prevent ads from appearing on pages or videos with "hate speech, gory or offensive content" and that it had launched a review to give brands more control over where their ads appeared. (Reporting by Gwenaelle Barzic and Michel Rose; Editing by David Goodman and Richard Chang) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-google-havas-idUKKBN16O2OK'|'2017-03-18T07:57:00.000+02:00'
'ec74aafcf456509d1418ddbb0a4e2dafb3bef9c3'|'Union at Chile''s Escondida slams new offer from management'|'Company News   5:13pm EDT Union at Chile''s Escondida slams new offer from management By Felipe Iturrieta - SANTIAGO, March 19 SANTIAGO, March 19 The labor union at the world''s largest copper mine, BHP Billiton''s Escondida in Chile, called a fresh offer of talks by management to end a 39-day strike "manipulative." The union told Reuters on Sunday that it will decide whether to attend a meeting with the company after holding two assemblies for its 2,500 members on Sunday and early on Monday. The company has proposed talks for Monday afternoon. Escondida said on Friday that it had agreed to meet with the union and was offering better salaries, bonuses and benefits in response to workers'' three main demands. "We''re sorry to say that all of that is just manipulation and deceit," the union told its members in a statement late on Saturday about the new proposal to end the strike, which has put pressure on global copper prices. The union wants Escondida not to trim benefits in its existing contract, not to make shift patterns more taxing, and to offer the same benefits to new workers as existing ones. BHP, which owns a 57.5 percent stake in the mine, did not immediately respond to requests for comment. (Reporting By Felipe Iturrieta; Writing by Mitra Taj; Editing by Sandra Maler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/chile-copper-idUSL2N1GW0IO'|'2017-03-20T04:13:00.000+02:00'
'7aac33d64814d4d3631ae0e4431684358530e747'|'Abu Dhabi Commercial Bank issues $230 million Formosa bond'|'By Tom Arnold - DUBAI, March 19 DUBAI, March 19 Abu Dhabi Commercial Bank (ADCB), the emirate''s second largest bank by assets, raised $230 million through the sale of a five-year Formosa bond, its second issuance sold in Taiwan this quarter, sources told Reuters on Sunday.At least two other Gulf banks have made similar forays into the Formosa market in the past year as they look to diversify their funding sources.Formosa bonds are sold in Taiwan by foreign issuers and denominated in currencies other than the Taiwanese dollar.ADCB''s five-year issue, which was placed with institutional investors, was arranged by JPMorgan Chase & Co, the sources said.ADCB declined to comment when contacted by Reuters.Earlier this quarter, the bank raised around $750 million through a five-year Formosa bond, which was also placed with institutional investors, one of the sources said. That issue was arranged by Morgan Stanley.National Bank of Abu Dhabi raised $885 million through the sale of a 30-year Formosa bond in January after issuing a $696 million public Formosa bond in October.Qatar National Bank in July printed $330m of five-year Formosa floating-rate notes, two months after issuing three-year floating-rate notes of $1.1 billion.(Editing by Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/adcb-bonds-idINL5N1GW0DM'|'2017-03-19T09:37:00.000+02:00'
'b910ae1d117a9c108543ae5ff99cfcd83c0d1456'|'Temer reassures envoys of countries importing Brazilian meat'|'Company News   5:03pm EDT Temer reassures envoys of countries importing Brazilian meat BRASILIA, March 19 President Michel Temer on Sunday told diplomats of meat-importing countries that a corruption scandal at Brazilian meatpackers did not mean the country''s meat exports were unsafe. Brazil''s government "reiterates its confidence in the quality of a national product that has won over consumers and obtained the approval of the most rigorous markets," he said. His comments to diplomats from Europe, the United States, China and elsewhere followed police raids on Friday investigating whether meat companies bribed inspectors and politicians to overlook unsanitary practices. (Reporting by Anthony Boadle; Editing by Peter Cooney) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-corruption-food-temer-idUSL2N1GW0JK'|'2017-03-20T04:03:00.000+02:00'
'7c15d0c246b9cca78e2827a10cc82d8d4d282f2f'|'MoneyGram to give Euronet confidential info to firm up bid - sources'|' 32pm GMT MoneyGram to give Euronet confidential info to firm up bid - sources A Moneygram logo is seen outside a bank in Vienna, Austria, June 28, 2016. REUTERS/Heinz-Peter Bader By Greg Roumeliotis U.S. electronic payments company MoneyGram International Inc will share confidential information with peer Euronet Worldwide Inc, after the latter made a $1 billion acquisition offer, according to people familiar with the matter. MoneyGram has found that Euronet''s cash offer of $15.20 per share (12.27 pounds per share), which was unveiled last week, could be expected to result in a superior proposal compared to a deal it agreed to in January to sell itself to China''s Ant Financial Services Group for $13.25 per share in cash, the people said on Sunday. Euronet is now expected to take approximately a week going through MoneyGram''s books before firming up its offer, the people said. MoneyGram will also receive information from Euronet that will allow it to better assess potential antitrust risks to such a deal, the sources added. Should MoneyGram declare Euronet''s bid superior, Ant Financial will have four business days to decide whether it wants to improve its offer. The sources asked not to be identified because the deliberations are confidential. Euronet, MoneyGram and Ant Financial declined to comment. Based in Dallas, MoneyGram is one of the biggest players in the global remittance market. An acquisition would enable Euronet to better compete against digital startups which are transforming the money transfer business. Euronet has also argued that MoneyGram''s focus on large retailers and national post offices, combined with Euronet''s strong position with independent agents and its broad set of consumer payment solutions, would also create a more valuable business. While a deal with Euronet would bring cost synergies, a combination of Ant Financial''s technological expertise and MoneyGram''s brand had been seen as a game-changer for the international payments industry, with scope for more consumers to use online transfer services rather than taking cash to store fronts. Ant Financial, the financial services affiliate of Alibaba Group Holding Ltd, dominates China''s online payment market, and has been ramping up investment overseas amid fierce rivalry at home with peers such as Tencent Holdings Ltd''s popular WeChat Pay. Ant Financial''s acquisition of MoneyGram is currently being reviewed by the Committee on Foreign Investment in the United States, a government panel that scrutinizes deals over potential national security concerns. MoneyGram will have to pay Ant Financial $30 million as a termination fee if it abandons their deal for another bid. (Reporting by Greg Roumeliotis in New York; Editing by Phil Berlowitz)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-moneygram-intl-m-a-euronet-worldwid-idUKKBN16Q0WT'|'2017-03-20T05:32:00.000+02:00'
'67c5beada50a95804fa41b281fa16696c6dc4dd4'|'EU mergers and takeovers (March 20)'|'BRUSSELS, March 20 The following are mergers under review by the European Commission and a brief guide to the EU merger process:APPROVALS AND WITHDRAWALS-- General Electric Co to acquire rotor blade maker LM Wind Power Holding (approved March 20)-- Schweizerische Bundesbahnen SBB and current owner Schweizerische Post AG ("Swiss Post") to have joint control over SwissSign AG (approved March 15)NEW LISTINGS-- U.S. chemicals group Riechhold and Black Diamond Capital to acquire Italian polymers maker Polynt which is owned by Italian private equity group Investindustrial (notified March 17/deadline May 12/commitments offered March 17)-- Investment company Ardian to acquire control of French grocery store chain Groupe Prosol (notified March 17/deadline April 26/simplified)-- Singapore-based tech communications company Broadcom to acquire U.S. networking switches and software maker Brocade (notified March 17/ deadline April 26)-- Private equity firm CVC to acquire Polish retailer Zabka Polska (notified March 16/deadline April 25/simplified)-- Bollore Energy, which is part of French group Bollore , and Total Marketing France, which is part of French energy company Total, to set up a joint venture (notified March 15/deadline April 24/simplified)EXTENSIONS AND OTHER CHANGESNoneFIRST-STAGE REVIEWS BY DEADLINEMARCH 22-- French services and electrical engineering company Spie S.A. to acquire German cenergy infrastructure services ompany SAG Vermogensverwaltung GmbH from private equity firm EQT (notified Feb. 15/deadline March 22/simplified)-- Germany''s Thyssenkrupp Technologies ThyssenKrupp to acquire the remaining 49 percent of German maritime technology company Atlas Elektronik from Airbus (notified Feb. 15/deadline March 22/simplified)MARCH 24-- French utility EDF and French state bank Caisse des Depots to have joint control of French power grid operator RTE (notified Feb. 17/deadline March 24)MARCH 27-- Danish container shipping company Maersk to acquire German peer Hamburg Sud (notified Feb. 20/deadline March 27)-- French bank Credit Agricole subsidiary and French asset manager Amundi to acquire rival Pioneer Investments from UniCredit (notified Feb. 20/deadline March 27)-- U.S. conglomerate Standard Industries to acquire German roof tile maker Braas Monier (notified Feb. 20/deadline March 27)MARCH 28-- Qatar Airways to acquire a 49 percent stake in Italian carrier Meridiana (notified Feb. 21/deadline March 28)-- Indian car parts maker and engineering group Motherson Sumi Systems Ltd to acquire Finnish maker of wiring harnesses for trucks PKC Group (notified Feb. 21/deadline March 28)MARCH 29-- Buyout firm Lone Star to acquire German building materials maker Xella from private equity firm PAI Partners and funds managed by Goldman Sachs'' investment arm (notified Feb. 22/deadline March 29)-- AMC Entertainment Holdings, which is part of China''s Dalian Wanda Group, to acquire cinema operator Nordic Cinema Group (notified Feb. 22/deadline March 29/simplified)MARCH 30-- Private equity firm Bridgepoint to acquire British vehicle leasing company Zenith from private equity firm HgCapital Trust Plc (notified Feb. 23/deadline March 30/simplified)MARCH 31-- Canadian pension fund manager OTPP to acquire French funeral service provider OGF Group (notified Feb. 24/deadline March 31/simplified)-- Private equity firm Advent International to acquire biometrics and security business Morpho from French aerospace group Safran (notified Feb. 24/deadline March 31)-- Britain''s Rolls-Royce to acquire the remaining 53.1 percent stake in Spanish aircraft engine and components maker Industria de Turbo Propulsores (ITP) (notified Feb. 24/deadline March 31)-- German synthetic rubber maker Lanxess AG to acquire U.S. specialty chemical company Chemtura (notified FEb. 24/deadline March 31)-- Japanese trading company Sumitomo Corp to acquire a 25 percent stake in German auto parts maker Hay Holding GmbH from Japanese car parts maker Musashi Seimitsu Industry Ltd (notified Feb. 24/deadline March 31/simplified)APRIL 3-- Private equity firm Europa Capital, which is part of Mitsubishi Estate Co Ltd, and Danish hotel operator Rezidor, which is controlled by hotel group Carlson Holdings Inc, to jointly acquire Warsaw hotel operator PHD Polska (notified Feb. 27/deadline April 3/simplified)-- Deutsche Boerse and the London Stock Exchange to merge (notified Aug. 24/deadline extended to April 3 from March 13 after the companies offered concessions)APRIL 4-- U.S. computer and printer maker Hewlett Packard to acquire South Korean group Samsung Electronics'' printer business (notified Feb. 28/deadline April 4)-- Japan''s Mitsubishi Chemical Group and Thai state-owned oil and gas company PTT Public Company Group to set up a joint venture (notified Feb. 28/deadline April 4/simplified)-- U.S. chemicals company Dow Chemical to merge with DuPont (notified June 22/deadline extended to April 4 from March 14 after the companies offered concessions)APRIL 7-- Engie Group French banking group BPCE to acquire a 49.9 percent stake in renewable energy companies LCS 4 and LCS (notified March 3/deadline April 7/simplified)-- Twenty-First Century Fox to acquire the rest of European pay-TV company Sky it does not own (notified March 3/deadline April 7)APRIL 10-- French real estate asset management company Amundi Immobilier, which is part of French bank Credit Agricole , and French social protection services provider Malakoff Mederic to acquire joint control of German property developer TAS Kapstadtring (notified March 6/deadline April 10/simplified)-- UK property developer Segro and Canada''s Public Sector Pension Investment Board to jointly acquire three logistics operations in Italy (notified March 6/deadline April 10/simplified)APRIL 11-- Private equity firm Partners Group to acquire European operator of clinical pathology laboratory operator Cerba Healthcare from PAI Partners (notified March 7/deadline April 11/simplified)APRIL 12-- U.S. aircraft component maker Rockwell Collins to acquire aircraft interior maker B/E Aerospace (notified March 8/deadline April 12)-- U.S. car part supplier Lear to acquire Grupo Antolin''s automotive seating business (notified March 8/deadline April 12/simplified)-- Dutch insurer NN Group to acquire Dutch rival Group Delta Lloyd (notified Feb. 22/deadline extended to April 12 from March 29 after the Dutch competition regulator asked to examine the deal)-- Chinese state-owned company China National Chemical Corp (ChemChina) to acquire Swiss pesticides and seeds group Syngenta (notified Sept. 23/deadline extended to April 12)APRIL 18-- Megatrend European Holdings, which is part of property investment company TH Real Estate, and German insurer Allianz to jointly acquire Finnish company NRF which owns Helsinki-based Kamppi Shopping Centre (notified March 9/deadline April 18)-- German cement producers Heidelbergcement and Schwenk to jointly acquire Mexican peer Cemex''s Croatian unit (notified Sept. 5/deadline extended to April 18 from March 23)APRIL 19-- Private equity firm 3i, Dutch asset manager APG and Danish pension fund ATP to acquire a portfolio of European infrastructure companies from EISER (notified March 10/April 19/simplified)APRIL 21-- French utility Engie to acquire UK property developer Keepmoat Regeneration HOldings (notified March 14/deadline April 21/simplified)APRIL 24-- French media company Bollore to acquire control of French company Vivendi (notified March 15/deadline April 24)-- France''s Group Credit Mutuel and French bank BNP Paribas to set up a joint venture (notified March 15/deadline April 24)SUSPENDED-- Azerbaijan''s state energy company SOCAR to buy stakes in Greek natural gas grid operator DESFA from Greek natural gas utility DEPA (notified Oct. 1/deadline suspended on Jan. 21)GUIDE TO EU MERGER PROCESSDEADLINES:The European Commission has 25 working days after a deal is filed for a first-stage review. It may extend that by 10 working days to 35 working days, to consider either a company''s proposed remedies or an EU member state''s request to handle the case.Most mergers win approval but occasionally the Commission opens a detailed second-stage investigation for up to 90 additional working days, which it may extend to 105 working days.SIMPLIFIED:Under the simplified procedure, the Commission announces the clearance of uncontroversial first-stage mergers without giving any reason for its decision. Cases may be reclassified as non-simplified - that is, ordinary first-stage reviews - until they are approved. (Reporting by Waverly Colville)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eu-mergers-and-takeovers-idINL5N1GX4BJ'|'2017-03-20T14:34:00.000+02:00'
'f36f35c8065772157001eaad2ee652bd2f13d81f'|'Zimbabwe hopes tobacco sales will ease dollar crunch'|'Business News - Wed Mar 15, 2017 - 7:03pm GMT Zimbabwe hopes tobacco sales will ease dollar crunch Famers take a picture of the selling price of cured tobacco after the opening of the tobacco-selling season in Harare, Zimbabwe, March 15, 2017. REUTERS/Philimon Bulawayo. HARARE Zimbabwe is likely to produce 205 million kgs of tobacco this year, slightly more than 2016, with sales of its main export likely to improve dollar supplies in the cash-strapped economy, an industry official said on Wednesday. Marking the start of annual tobacco auctions in Harare, Tobacco Industry and Marketing Board spokesman Isheunesu Moyo said output would climb from 202 million kgs in 2016 after more farmers grew the crop. Tobacco earns more than gold and platinum. Moyo said tobacco buyers had borrowed $700 million offshore to purchase the crop from farmers. The merchants process the leaf before exporting it, mostly to China, the largest investor in the Southern African country. Zimbabwe is desperately short of dollars due to its moribund economy, although traditionally liquidity improves during the tobacco-selling season as cash is brought into the country. Agriculture Minister Joseph Made said tobacco farmers would be allowed to withdraw $1,000 from banks per day to allow them to purchase farming inputs for next season. Cash shortages in the last 12 months have forced banks to impose daily maximum withdrawal for most Zimbabweans of sometimes as little as $50 per day. President Robert Mugabe''s government blames the shortages on the illegal export of U.S. dollars, weak commodity prices and falling remittances from Zimbabweans in the diaspora. (Reporting by MacDonald Dzirutwe; Editing by Ed Cropley) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-zimbabwe-tobacco-idUKKBN16M2TX'|'2017-03-16T02:03:00.000+02:00'
'29037374b476d63a4c9000fbe4458395803897da'|'UK''s construction industry risks losing 200,000 EU workers - RICS'|'Business News - Wed Mar 15, 2017 - 12:04am GMT UK''s construction industry risks losing 200,000 EU workers - RICS Construction work is seen amongst residential and commercial buildings in east London, Britain, February 7, 2017. REUTERS/Toby Melville LONDON Britain''s construction industry could lose nearly 200,000 workers from European Union countries if the UK fails to keep access to the bloc''s single market, a leading property body said on Wednesday, as it called for help for the sector. Figures from the Royal Institution of Chartered Surveyors (RICS) showed that 8 percent of the workforce in Britain''s construction sector hail from the EU and RICS said losing them would threaten major infrastructure projects. The details of Britain''s new immigration system following its departure from the bloc remain unclear. Prime Minister Theresa May has made stricter controls on immigration a priority for Britain over continued membership of the EU''s single market for goods and workers. The government has not guaranteed the rights of EU citizens to stay as it prepares for a two-year Brexit negotiation period. But it has said it hopes to protect the status of EU nationals as part of a reciprocal deal for Britons and has suggested it will ensure employers are not left without workers they need. Data published in February showed a fall in the number of EU nationals employed in Britain. RICS said Britain''s construction sector is already facing a skills crisis and it called on the government to prioritise building workers for visas as it does for other professions. "A simple first step would be to ensure that construction professions such as Quantity Surveyors feature on the Shortage Occupations List," said Jeremy Blackburn, RICS Head of UK Policy. "Ballet dancers won’t improve our infrastructure or solve the housing crisis, yet their skills are currently viewed as essential," he said. (Reporting   William Schomberg)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-economics-rics-idUKKBN16M003'|'2017-03-15T07:04:00.000+02:00'
'20883c4459a5260e3b787cd7d6f07a957818bce5'|'Nikkei ekes out small gains after Fed; Fast Retailing falls'|' 43am EDT Nikkei ekes out small gains after Fed; Fast Retailing falls TOKYO, March 16 Japanese stocks eked out small gains in choppy trade on Thursday after the U.S. Federal Reserve hiked U.S. interest rates, but signalled no pick-up in the pace of tightening. The Nikkei rose 0.1 percent to 19,590.14 points, after trading in negative territory earlier in the session. Financial stocks languished as U.S. yields fell after the Fed raised interest rates for the second time in three months, but did not flag any plans to accelerate the pace of monetary tightening. Exporters were also weak after the dollar fell against the yen. Fast Retailing, the operator of Uniqlo clothing chain, fell 1.9 percent after the Nikkei Business Daily reported that its rivals were planning to expand aggressively to new markets. The loss contributed a hefty 27 negative points to the benchmark index. On the other hand, mining shares rose after crude oil prices extended gains from the previous session after official government data showed U.S. stockpiles had eased from record highs. Inpex Corp rose 1.0 percent and Japan Petroleum Exploration Co gained 0.8 percent. The market largely shrugged off the Bank of Japan''s decision on Thursday to keep its monetary policy steady, an announcement widely expected. The broader Topix gained 0.1 percent to 1,572.69 and the JPX-Nikkei Index 400 added 0.1 percent to 14,087.07. (Reporting by Ayai Tomisawa; Editing by Randy Fabi)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-closer-idUSL3N1GT2LP'|'2017-03-16T13:43:00.000+02:00'
'785b2c1a46556db2614774b1cd9ed6d86de425f7'|'Blackhawk adds two directors in deal with Jana Partners'|'Big Story 10  39am EDT Blackhawk adds two directors in deal with Jana Partners Blackhawk Network Holdings Inc, which sells gift and other payment cards, said on Monday it would add two new independent directors, following an agreement with activist investor Jana Partners LLC. The company said it would also form a cost savings committee with four members, including the two new directors, Robert Henske and Jeffrey Fox. Blackhawk also said Jerry Ulrich will retire as chief financial officer. Jana has a stake of about 4.7 percent in the company. (Reporting by Rishika Sadam in Bengaluru; Editing by Anil D''Silva) Next In Big Story 10'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-blackhawk-ntwrk-directors-jana-idUSKBN16R0W1'|'2017-03-20T17:33:00.000+02:00'
'25a45e3329d9e1055bcbf34de715299e04753765'|'China prepares to counter any U.S. trade penalties - sources'|'Business News - Mon Mar 20, 2017 - 10:27am GMT China prepares to counter any U.S. trade penalties - sources left right FILE PHOTO: China''s President Xi Jinping meets U.S. State of Secretary, Rex Tillerson at the Great Hall of the People in Beijing, China, March 19, 2017. REUTERS/Thomas Peter/File Photo 1/2 left right FILE PHOTO: China''s Premier Li Keqiang arrives for a news conference after the closing ceremony of China''s National People''s Congress (NPC) at the Great Hall of the People in Beijing, China, March 15, 2017. REUTERS/Damir Sagolj/File Photo 2/2 By Kevin Yao - BEIJING BEIJING China''s government has been seeking advice from its think-tanks and policy advisers on how to counter potential trade penalties from U.S. President Donald Trump, getting ready for the worst, even as they hope for business-like negotiations. The policy advisers believe the Trump administration is most likely to impose higher tariffs on targeted sectors where China has a big surplus with the United States, such as steel and furniture, or on state-owned firms. China could respond with actions such as finding alternative suppliers of agriculture products or machinery and manufactured goods, while cutting its exports of consumer staples such as mobile phones or laptops, they said. Other options include imposing tax or other restrictions on big U.S. firms operating in China, or limiting their access to China''s fast-growing services sector, they added. Beijing was a particular target of Trump''s rhetoric during last year''s election campaign, and officials see some friction as inevitable due to China''s large trade surplus, according to several sources involved in the internal discussions. China''s State Council Information Office, the government public relations arm, and the Ministry of Commerce did not return requests for comment. "There is still room for both sides to resolve problems through co-operation and consultation, rather than just resorting to retaliation," said a policy adviser who spoke on condition of anonymity. "But we should have plans in case things go wrong." Premier Li Keqiang said last week that Beijing did not want to see a trade war with the United States and urged talks between both sides to achieve common ground. U.S. Treasury Secretary Steven Mnuchin also said last week that the Trump administration did not want trade wars, but that certain trade relationships needed re-examining to make them fairer for U.S. workers. No major U.S. measures have been announced, and there were no public indications of Washington''s intentions on trade at the weekend when Secretary of State Rex Tillerson visited China. Trump is expected to host President Xi Jinping next month. A glimpse of the uncertain future, however, came on Saturday in a communique after a meeting of finance ministers at the G20 in Germany, which dropped a pledge to keep global trade free and open, acquiescing to an increasingly protectionist United States after the two-day meeting failed to yield a compromise. GOODWILL GESTURE The sources said China could step up some imports from the United States and boost its investment there to help create more jobs as a goodwill gesture, but would not meekly accept any unilateral U.S. action. "We will have contingency plans to cope with the worst policies from Trump," said a second policy adviser. Trump has previously threatened a 45 percent tariff on China''s exports and frequently said on the campaign trail that he would label China a currency manipulator, even though Beijing has not been actively weakening the yuan in recent years. In an interview with Reuters on Feb. 23, he declared China the "grand champions" of currency manipulation. "It''s hard to say his views have changed or he has become more pragmatic," said the first adviser. Mnuchin has pledged a more methodical approach to analysing Beijing''s foreign exchange practices. Under the three criteria set by the U.S. Treasury to determine whether a country is manipulating its currency for a trade advantage, China only meets one: running a trade surplus of more than $20 billion with the United States. The U.S. Treasury''s next report on the issue is due in April. China''s surplus with the United States fell by $20.1 billion to $347 billion in 2016, the U.S. Commerce Department said on Tuesday, while Chinese data put it somewhat lower. One of the sources said he thought it unlikely that Trump would label China a currency manipulator. "If he does that, China will let the yuan go, and the yuan will fall sharply," the source said. Weakening the yuan or dumping some of China''s massive holdings of U.S Treasuries could be considered only when trade relations deteriorate sharply, the sources said. Earlier this month, former commerce minister Gao Hucheng said during the annual meeting of parliament that China was not afraid of a trade war, though it hoped to avoid one. "We are willing to deal with it properly, but we are not afraid. Once the U.S. side take certain measures, we will evaluate and analyse such measures, and take actions when necessary," Gao said. (Additional reporting by Elias Glenn; Editing by Will Waterman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-usa-trade-idUKKBN16R0PQ'|'2017-03-20T16:32:00.000+02:00'
'5b2cf0d1e754f4d8c8594e198a743fbd4ddb19ee'|'UPDATE 1-Two Ohio coal-fired plants to close, deepening industry decline'|'Company News  45pm EDT UPDATE 1-Two Ohio coal-fired plants to close, deepening industry decline (Adds details about closures, quotes from Sierra Club, background on coal-fired power plants, byline) By Emily Flitter NEW YORK, March 20 Electricity company Dayton Power & Light said on Monday it would shut down two coal-fired power plants in southern Ohio next year for economic reasons, a setback for the ailing coal industry but a victory for environmental activists. The announcement came as Republican President Donald Trump follows through on a campaign promise to restore U.S. coal jobs that he says have been destroyed by green regulations ushered in by his Democratic predecessor Barack Obama. Dayton Power & Light, a subsidiary of The AES Corporation , said in an emailed statement that it planned to close the J.M. Stuart and Killen plants by June 2018 because they would not be "economically viable beyond mid-2018." Coal demand has flagged in recent years due to competition from cheap and plentiful natural gas. The plants, located along the Ohio River in Adams County, employ some 490 people and generate about 3,000 megawatts of power for coal. The closure follows negotiations between Dayton Power & Light, the Public Utilities Commission of Ohio and stakeholders like the environmental group the Sierra Club over whether the company should be allowed to raise electricity prices to pay for upgrades to keep the plants open. The Sierra Club, which has been advocating coal plant closures for years to help combat pollution and climate change, argued that the plants were a bad investment. The Sierra Club''s "Beyond Coal" campaign director, Bruce Nilles, cheered the closure plans, saying it brought the total number of U.S. coal plants scheduled to be retired to 250. "This milestone is a testament to the commitment Americans have to cleaner air and water - and the power of grassroots action to create healthier communities," Nilles said in an email. The plants sit at the heart of a region Trump vowed to revitalize with more jobs and greater economic security during his 2016 campaign. As part of his pledge to reinvigorate the area, Trump also said he would "bring back coal." A White House spokeswoman did not immediately respond to a request for comment. Cheap natural gas from record shale production over the past several years has kept power prices low, making it uneconomical for generators to upgrade older coal plants to meet increasingly strict environmental rules. As a result, U.S. power companies retired or converted over 14,000 MW of coal-fired plants in 2016 after shutting over 17,000 MW in 2015, the most in any year, according to Thomson Reuters data. In 2015, coal used to produce electricity fell to its lowest level since 1984, according to Federal Energy Regulatory Commission data. That year, coal-fired generators produced 33 percent of the nation''s total generation, down from over 50 percent in 2003. The Sierra Club said it would try to help the plant workers find new jobs. "We advocate for equitable transition when this type of thing happens," Sierra Club "Beyond Coal" campaigner Dan Sawmiller said in a telephone interview. (Reporting by Emily Flitter; Additional Reporting by Scott DiSavino in New York and Richard Valdmanis; Editing by Bernadette Baum and Richard Chang) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-coal-closures-idUSL2N1GX12Z'|'2017-03-21T02:45:00.000+02:00'
'e58e9b74bf392ac8b05b668539dda1895f9d31fa'|'Deals of the day-Mergers and acquisitions'|'March 20 The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Monday:** Britain''s Vodafone Group and Idea Cellular agreed to merge their Indian operations in a $23 billion deal, creating the country''s biggest telecoms business after the entry of a new rival sparked a brutal price war.** U.S. electronic payments company MoneyGram International Inc said that peer Euronet Worldwide Inc''s offer could result in a superior proposal compared to the one from China''s Ant Financial Services Group.** French IT consulting firm Atos denied that its Worldline payment terminals business was preparing an offer for Ingenico, after a report that Worldline was planning to propose an acquisition of Ingenico worth 7.5 billion euros to 8 billion euros ($8.1 billion-$8.6 billion).** Britain''s Hansteen Holdings has agreed to sell its German and Dutch property portfolios for 1.28 billion euros ($1.38 billion) to a venture between Blackstone Group LP and M7 Real Estate.** United Arab Emirates-based hospital operator NMC Health Plc plans to expand in Gulf markets with a debut bond issue to fund acquisitions, its new chief executive said.** Russia''s largest retailer Magnit denied on Monday that it planned to buy retail units from indebted Croatian food group Agrokor, after the Slovenian daily paper Finance reported its interest.** Public relations software provider Cision said it would go public as part of a merger with a blank-check company, as it seeks capital to double down on the fast-growing marketing software industry.Cision, which is controlled by U.S. private equity firm GTCR LLC, will become a unit of blank-check firm Capitol Acquisition Corp III, the companies said.** Brazil''s state-controlled oil producer Petróleo Brasileiro SA plans to resume planned asset sales as soon as possible following a state auditing court ruling validating the legality of the process, Chief Executive Officer Pedro Parente said.** Arcelik, the home appliances arm of Turkey''s biggest industrial conglomerate Koc Holding, is working on acquisitions to speed up its international expansion, particularly in Asia, its chief executive said.** Lubrizol Corp, the specialty chemicals unit of Warren Buffett''s Berkshire Hathaway Inc, said it plans to take majority control of its Indian joint venture with state-run Indian Oil Corp, boosting its stake to 74 percent from 50 percent.** The Porsche and Piech families are looking to strike a swift deal to buy shares in Porsche SE from Volkswagen''s former chairman Ferdinand Piech, a person familiar with the matter said.** Private equity firm BC Partners LLP is in advanced talks to acquire U.S. surgical center operator National Surgical Hospitals Inc, in a deal that could value it at close to $1 billion, including debt, people familiar with the matter said.** Chinese investment group CEFC has asked for regulatory approval for raising their stake in J&T Finance Group by acquiring shares from the Czech-Slovak financial group''s founders Ivan Jakabovic and Jozef Tkac, the anti-monopoly regulator UOHS.** Four Dutch provincial governments said they were opposed to a takeover of paints and coatings maker Akzo Nobel due to potential job losses, in a sign of the challenges facing the company''s U.S. suitor.** Borr Drilling, founded by former executives of financially troubled Seadrill, has snapped up Transocean''s fleet of shallow-water drilling rigs for $1.35 billion.** L''Oreal''s sale of British retailer The Body Shop has drawn interest from a series of private equity investors who are lining up indicative bids ahead of a mid-April deadline, sources familiar with the matter said.** French luxury goods company LVMH has agreed to buy a majority stake in French independent perfume house Maison Francis Kurkdjian as it expands in fast-growing niche luxury fragrances. ($1 = 0.9301 euros) (Compiled by John Benny and Aishwarya Venugopal in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL3N1GX2WH'|'2017-03-20T16:53:00.000+02:00'
'3fe0d893ef6e23128ffad36b2f573e942550033d'|'Gold holds firm as Fed rate hike guidance weighs on dollar'|'Money News - Mon Mar 20, 2017 - 8:03am IST Gold holds firm as Fed rate hike guidance weighs on dollar Gold bangles are on display as a woman makes choices at a jewellery showroom during Dhanteras, a Hindu festival associated with Lakshmi, the goddess of wealth, in Kolkata, India October 28, 2016. REUTERS/Rupak De Chowdhuri/File Photo Gold prices edged up on Monday as the dollar stayed on the defensive, finding support from the U.S. Federal Reserve''s conservative guidance on the path of rate hikes this year. FUNDAMENTALS * Spot gold was up 0.2 percent to $1,231.05 per ounce by 0100 GMT. * U.S. gold futures were mostly unchanged at $1,230.80. * The dollar index, which measures the greenback against a basket of currencies, was down 0.1 percent to 100.230. * Markets were bracing for a packed week of Fed messaging with no less than nine different policy makers set to speak, including Chair Janet Yellen on Thursday. * Yellen''s cautious guidance last week has investors pricing in almost no chance of another rate rise at the next policy meeting in May, rising to around 50-50 for June. [FEDWATCH] * Holdings of SPDR Gold Trust, the world''s largest gold-backed exchange-traded fund, fell 0.35 percent to 834.10 tonnes on Friday from 837.06 tonnes on Thursday. * Hedge funds and money managers slashed their net long position in COMEX gold for the second straight week in the week to March 14, and also cut long positions in silver, U.S. Commodity Futures Trading Commission data showed on Friday. * Money managers cut their net long position in bullion by 44,058 lots to 49,835 lots, the lowest since early January. During that week, prices dropped about 1.5 percent on firm expectations that the Federal Reserve would hike U.S. interest rates in March and as the dollar strenthened. * Gold premiums rose in China this week as traders said supply of the precious metal was limited due to tightening import restrictions to stem currency outflows. * Russia produced 14.69 tonnes of gold in January, up from 14.05 tonnes in the same period last year, the finance ministry said on Friday. * ANZ is scaling back its commodities market exposure by quitting trading activity in base metals, coal and iron ore and electricity, the bank confirmed. * Financial leaders of the world''s biggest economies dropped a pledge to keep global trade free and open, acquiescing to an increasingly protectionist United States after a two-day meeting failed to yield a compromise. * U.S. factory output increased for a sixth straight month in February while consumer sentiment rebounded in early March, underscoring the economy''s resilience even as growth appears to have slowed significantly in the first quarter. (Reporting By Nallur Sethuraman in Bengaluru; Editing by Richard Pullin) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-precious-idINKBN16R03K'|'2017-03-20T09:33:00.000+02:00'
'10d8e5a78ff5df643e48d7df227edbbeb2ddd3e0'|'Nektar''s opioid painkiller succeeds in key late-stage study'|'Nektar Therapeutics said its experimental opioid, designed to achieve pain relief without the high levels of euphoria that can lead to abuse and addiction with existing opioids, succeeded in a key late-stage study.U.S. regulators and lawmakers have taken a number of steps to control the supply of opioids as the country is engulfed in an epidemic of abuse, overdose and addiction.This is partly due to the unrestricted prescription of narcotic painkillers, as well as the paucity of access to substance-abuse treatment programs. Everyday, 91 Americans die of opioid overdose, the CDC estimates.Nektar''s drug, which by design reaches the brain slower than existing opioids to deter abuse, outperformed a placebo in over 600 patients with chronic lower back pain.Nektar''s NKTR-181 is as effective as existing long-acting opioids and was created drawing on science that suggests the euphoric effect of opioids is influenced by their rate of entry into the brain, Chief Scientific Officer Dr. Stephen Doberstein said.It is the same concept that underlies nicotine and cocaine addiction, he said. "The faster the drug enters the brain, across the blood-brain barrier, the more dopamine is released."NKTR-181''s characteristics are independent of the formulation, Doberstein added. "It doesn''t really matter if you snort it or inject it."A separate "human abuse liability" study showed the drug is "virtually indistiguishable" from placebo in subjects who are well versed in understanding what an opioid feels like from an abusers standpoint, he added.Existing opioids are considered the gold standard in treating chronic pain that persists despite other forms of therapy, but the rising wave of abuse is taking a toll on the healthcare system.Last week, an independent panel to the FDA concluded the benefits of a long-acting opioid painkiller, Opana ER, sold by Endo International Plc no longer outweighed its risks.The panel was asked to address the high abuse rate of the this variation of oxymorphine — and other related products.(Reporting by Natalie Grover in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-nektar-study-idINKBN16R137'|'2017-03-20T09:09:00.000+02:00'
'18ebb3d61e5c06da1994981dac0b37e5de14f97f'|'US STOCKS-Futures lower after G20 drops free-trade pledge'|'Business  37am EDT Stock futures lower after G20 drops free-trade pledge Traders work on the floor of the New York Stock Exchange (NYSE) shortly after the opening bell in New York, U.S., March 16, 2017. REUTERS/Lucas Jackson By Tanya Agrawal U.S. stock index futures were lower on Monday as investors treaded carefully following the G20''s decision to drop a pledge to avoid trade protectionism. * Financial leaders of the world''s biggest economies dropped a pledge to keep global trade free and open, acquiescing to an increasingly protectionist United States after a two-day meeting failed to yield a compromise. * Federal Reserve Bank of Chicago President Charles Evans is scheduled to speak on the economy at 1:30 p.m. ET (1530 GMT) and will participate in a live television interview at 8:30 a.m. ET. * The week is expected to see a host of Fed speakers, including Fed Chair Janet Yellen on Thursday. * The central bank raised interest rates for the first time this year by 25 basis points last week but stuck to its outlook for two more hikes this year, instead of three expected by the market. * U.S. stocks dipped on Friday as bank shares fell alongside Treasury yields, while Adobe helped buoy the S&P tech sector and the Nasdaq Composite. * Oil prices fell more than 1 percent as investors made record cuts to bets on rising prices after strong drilling data from the United States fed concerns about the effectiveness of OPEC-led production cuts to curb a supply glut. [O/R] * Shares of Array Biopharma ( ARRY.O ) fell 22 percent to $8.25 in premarket trading after J.P. Morgan cut its price target on the stock. * Sprouts Farmers Market <SFM.O,> was up 9 percent at $24 after Bloomberg reported that grocery business Albertsons Cos held preliminary talks to merge with natural and organic foods grocer. Futures snapshot at 7:10 a.m. ET: * Dow e-minis 1YMc1 were down 8 points, or 0.04 percent, with 12,987 contracts changing hands. * S&P 500 e-minis ESc1 were down 3 points, or 0.13 percent, with 69,745 contracts traded. * Nasdaq 100 e-minis NQc1 were down 1.5 points, or 0.03 percent, on volume of 15,415 contracts. (Reporting by Tanya Agrawal in Bengaluru; Editing by Anil D''Silva) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-stocks-idUSKBN16R12I'|'2017-03-20T18:32:00.000+02:00'
'4f062acf42216c59cf3a5311dfb2027d8f4d02df'|'Hyundai Motor shares rally on restructuring hope'|'Tue Mar 21, 2017 - 5:50am GMT Hyundai Motor shares rally on restructuring hope FILE PHOTO - Hyundai vehicles are lined up in the company''s presentation area during the North American International Auto Show in Detroit, Michigan, U.S., January 10, 2017. REUTERS/Mark Blinch/File Photo SEOUL Hyundai Motor Co ( 005380.KS ) shares extended their rally on Tuesday, rising nearly 9 percent on hopes the automaker and its affiliates will be restructured. Market speculation is that activist hedge fund Elliott Management Corp may have bought a share in Hyundai Motor, South Korea''s top automaker, analysts said. Elliott did not immediately comment. Hyundai Motor shares rose to their highest level since May 13, 2015. Its affiliates, Kia Motors Corp ( 000270.KS ) and Hyundai Mobis Co Ltd ( 012330.KS ), climbed more than 4 percent. (Reporting by Hyunjoo Jin, Dahee Kim and Se Young Lee; Editing by Stephen Coates) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-hyundai-motor-stocks-idUKKBN16S0F2'|'2017-03-21T12:46:00.000+02:00'
'7527ca7409dd83186510e75324407e9b4a565e49'|'European airports call on EU, Britain to agree back-up plan for aviation'|' 22pm GMT European airports call on EU, Britain to agree back-up plan for aviation A British Airways passenger aircraft flies through low cloud as it prepares to land at Heathrow airport in west London, Britain, January 7, 2017. REUTERS/Toby Melville By Julia Fioretti and Victoria Bryan - BRUSSELS/LONDON BRUSSELS/LONDON European airports on Tuesday called on Britain and the EU to agree a back-up plan for post-Brexit flying should they fail to agree a new relationship before Britain quits the bloc, saying a return to decades-old traffic rights deals should be avoided. European Union-based airlines have the right to fly to and from any country in the bloc or even within other member states thanks to the single aviation market created in the 1990s. Britain''s vote to leave the EU means it has to renegotiate that access, but the ruling out of sectoral deals by EU officials has rattled the aviation industry, which has to plan flight schedules well in advance and cannot rely on World Trade Organisation (WTO) rules, unlike other sectors. ACI Europe - the trade association representing Europe''sairports - said it was concerned about the lack of back-up or transitional plan should Britain and the EU fail to agree a new relationship within the two-year time frame provided for in EU treaties. British Prime Minister Theresa May has said that no deal is better than a bad deal with the EU, but for aviation, in the worst case scenario the uncertainty could ground planes. "As responsible businesses, at this stage we simply cannot rule out a cliff-edge scenario for Brexit and aviation," ACI Europe Director General Olivier Jankovec said in a statement. "This means that adequate contingencies need to be established promptly in case the UK would exit the EU without any agreement on its future relationship with the bloc." Airlines last week called on Britain to provide clarity on post-Brexit flying arrangements given that flight schedule planning for summer 2019, when Britain is due to be out of the EU, will begin in a year''s time. The absence of a deal governing flying rights between the EU and Britain after the 2-year negotiating period ends could mean airlines having to rely on older, more restrictive bilateral provisions between the United Kingdom and the other 27 EU member states, ACI Europe said. "We would prefer not to fall back on those bilaterals, but to get some sort of transition agreement that what we have today can be safeguarded. But what we are hearing is that if there is no agreement, there is also no transitional agreement," Jankovec told journalists in London. Britain said on Monday it would send Brussels its official exit notification on March 29, triggering two years of negotiations. (Editing by Ruth Pitchford)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-airports-idUKKBN16S27J'|'2017-03-22T00:22:00.000+02:00'
'b9abd64f460a9c2709b01043c440e17a80fc2a06'|'French prosecutor opens Fiat Chrysler emissions investigation - source'|' 40pm GMT French prosecutor opens Fiat Chrysler emissions investigation - source PARIS A French prosecutor has opened an investigation into Fiat Chrysler ( FCHA.MI ) over allegations that the carmaker cheated in diesel emission tests, a judicial source said on Tuesday. "I can confirm that a judicial investigation has been opened into aggravated cheating," the source said. (Reporting by Chine Labbe and Laurence Frost; Writing by Geert De Clercq; Editing by Greg Mahlich)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-france-fiat-chrysler-diesel-idUKKBN16S299'|'2017-03-22T00:40:00.000+02:00'
'c8ead877d315e85dcd28193c804c5bce17b37f76'|'China appoints banking regulator head to central bank monetary policy committee'|'Business News - Tue Mar 21, 2017 - 7:23am GMT China appoints banking regulator head to central bank monetary policy committee Guo Shuqing, China''s newly appointed banking regulator, attends a news conference ahead of China''s parliament in Beijing, March 2, 2017. REUTERS/Shu Zhang BEIJING China''s cabinet said on Tuesday it had appointed Guo Shuqing, the head of the country''s banking regulator, to the central bank''s monetary policy committee. The state council also appointed Ding Xuedong, deputy secretary-general of the cabinet, to the committee. Ding replaces Xiao Jie, the finance minister. (Reporting by Beijing Monitoring Desk; Editing by Kim Coghill) Next In Business News Best-paid former BHS executives gain most from Green''s pension deal - UK lawmakers LONDON British retail tycoon Philip Green''s deal with the regulator to plug a hole in the pension schemes of collapsed department store BHS will see a small number of the highest-paid former managers benefit the most, a parliamentary committee said on Tuesday. British online gaming company 888 Holdings said it would pay a special dividend of 10.5 cents per share for 2016 after posting a 82 percent surge in full-year pretax profit, driven by strong performance in its sportsbetting and casino businesses. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-policy-appointments-idUKKBN16S0MA'|'2017-03-21T14:23:00.000+02:00'
'8000600600df64e6bb7b55a59c28845e26bd2f63'|'Deutsche Bank launches tech startup lab in New York City'|'Business  09pm GMT Deutsche Bank launches tech startup lab in New York City FILE PHOTO - The headquarters of Germany''s Deutsche Bank are seen early evening in Frankfurt, Germany January 31, 2017. REUTERS/Kai Pfaffenbach/File Photo By Anna Irrera - NEW YORK NEW YORK Deutsche Bank AG ( DBKGn.DE ) has opened a new centre in New York to work with financial technology startups that can help it improve its technology. Based in Lower Manhattan''s Fulton Center, the lab''s team will help the bank deploy technology in artificial intelligence, cloud and cyber security and other areas, the German bank said on Tuesday. Financial terms were not disclosed. Deutsche Bank is Germany''s largest lender. Banks have been increasingly looking to startups for technology that can help them manage a stream of business and regulatory challenges. But entrepreneurs say one of the biggest challenges they still face is cutting through banks'' procurement processes, which are demanding and lengthy. It is also difficult for entrepreneurs to figure out whom to approach within a large organisation that might employ thousands. To facilitate collaboration, Deutsche and other banks have launched initiatives over the past few years, from corporate venture arms that back startups, to innovation centres. The Fulton Center site is the fourth innovation lab recently set up by Deutsche Bank in an attempt to provide points of entry for smaller companies looking to work with its various divisions. The other Deutsche Bank labs - based in Berlin, London and Silicon Valley - have so far led to deployments of technology that can help the bank improve the resilience of its network and enhance its ability to design digital interfaces, said Elly Hardwick, head of innovation at the bank. The move comes amid Deutsche Bank''s wider push to enhance its technology. As part of its Strategy 2020 initiative, the German banking group plans to spend up to 1 billion euros ($1.07 billion) in digital technology and is undergoing a significant IT transformation. This includes reducing 45 operational systems in its corporate and investment banking division to four by 2020 and quadrupling its use of cloud technology. On Sunday, Deutsche Bank announced details of its latest bid for cash, as it turned for the fourth time to investors, many of whom have privately expressed exasperation with its strategic shifts and heavy losses in recent years. (Editing by Matthew Lewis)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-deutsche-bank-tech-usa-idUKKBN16S1DJ'|'2017-03-21T19:09:00.000+02:00'
'79db89fab19877c7905b584df9f82291c770c5f8'|'Russia''s Sberbank ready to support indebted Croatia''s food concern'|' 29pm GMT Russia''s Sberbank ready to support indebted Croatia''s food concern People walk down stairs past the logo of Sberbank at its branch in Moscow, Russia, June 10, 2016. REUTERS/Maxim Shemetov ZAGREB Russia''s state bank Sberbank ( SBER.MM ) said on Monday it was ready to financially support the restructuring of indebted Croatian food concern Agrokor [AGROK.UL]. Agrokor, Croatia''s biggest private company and the biggest food producer and retailer in the Balkans, is underpressure from investors and the Zagreb government to clear up its debt problems, which could destabilise the local economy. Sberbank is one of its major creditors. "Despite current difficulties in (Agrokor''s) business operations, Sberbank continues to give financial support aimed at stabilising Agrokor''s business," Sberbank was quoted as saying by state news agency Hina. Agrokor said on Sunday it was working on a new business model to be presented soon. Sberbank also said that, after talks involving major creditors, a plan for the injection of liquidity to Agrokor for the next three months, the amount of which has yet to be determined, could be finalised as early as Tuesday. Agrokor employs nearly 60,000 people across the Balkans. It had annual revenue of 50 billion kuna (6 billion pounds) in 2015, around 15 percent of Croatia''s gross domestic product. It is not listed, but some of the companies it owns are traded on the Zagreb exchange. According to the latest data, from September, its debt amounted to 45 billion kuna against capital of around 7.5billion kuna. A major portion of that debt, some 500 million euros ($536.70 million) will mature early next year. Analysts say the company''s troubles came because it expanded its business too aggressively and relied on risky borrowing. One option for Agrokor might be the sale of some of its profitable assets or a change in ownership structure, analysts say. The Zagreb-based company is currently controlled by local businessman Ivica Todoric. Sberbank also said that it was ready, once liquidity problem has been resolved, to consider long-term restructuring plans, but added that it was not interested in becoming Agrokor''s owner. (Reporting by Igor Ilic; Editing by Jonathan Oatis)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-croatia-agrokor-idUKKBN16R2MM'|'2017-03-21T05:29:00.000+02:00'
'bd564b6058e89ddaff58913b900fdccf0b68f15f'|'Canada''s Endeavour Mining ends merger talks with Acacia'|'  6:57pm GMT Canada''s Endeavour Mining ends merger talks with Acacia Canadian gold miner Endeavour Mining Corp ( EDV.TO ) said on Tuesday it had ended discussions with London-based Acacia Mining Plc ( ACAA.L ) regarding a potential merger. Endeavour, which operates mines in West Africa, had held talks with Acacia earlier in January. Acacia, which is majority owned by Barrick Gold ( ABX.TO ), also said on Tuesday it had decided not to progress towards a combination of the companies. Acacia had said in March that it stopped gold and copper concentrate exports from Tanzania following a ban by the government on unprocessed ore, putting nearly a third of its revenue at risk. Tanzania is Africa''s fourth-largest gold producer and Acacia its largest miner. The miner also has operations in Kenya, Burkina Faso and Mali. (Reporting by John Benny in Bengaluru; Editing by Shounak Dasgupta)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-endeavour-mining-acacia-mining-idUKKBN16S2H8'|'2017-03-22T01:57:00.000+02:00'
'fe31b4fab8f4ec86947cfdd32e11f347018fa9e7'|'Markets fret as Trump agenda shows signs of cracks - Reuters'|'By Rodrigo Campos - NEW YORK NEW YORK Wall St glued to politics as correction fears returnThe steepest pullback in stocks since the U.S. presidential election reveals investor angst about President Donald Trump''s ability to push through major reforms, leaving stocks vulnerable to a long-anticipated correction.The S&P 500, in its second longest bull market ever, has risen close to 10 percent since the Nov. 8 election on optimism about Trump''s pro-growth agenda. With valuations at their highest in over a decade, investors have been expecting a pullback even if its catalysts haven''t been clear.Trump, looking to score the first major political win of his presidency, on Tuesday warned Republican lawmakers that if a healthcare bill he backs fails to pass, it would cause "political problems." Stocks fell alongside the U.S. dollar, while Treasuries and gold rallied."It''s like the Trump agenda getting kind of slapped in the face," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.Investors saw the health bill vote, expected on Thursday, as testing optimism that the Trump administration and Republican leaders will implement tax cuts, deregulation and infrastructure spending expected to boost economic growth.The muddled view on the healthcare bill "carries over to what will happen with the infrastructure plan and the tax reform plan and the reduced regulation plan," Tuz said.Adding to the angst, FBI Director James Comey on Monday confirmed that the bureau is investigating possible ties between Trump''s presidential campaign and Russia as Moscow sought to influence the 2016 U.S. election. The investigation, he said, could last for months.Comey''s testimony "pointed to the fact that there could be a lot of drawn-out political infighting that could delay some of the pro-business ideas from being passed," said Rick Meckler, president of LibertyView Capital Management in Jersey City, New Jersey.He said he doesn''t expect to see a correction unless the S&P 500, currently down about 2 percent from the record high set March 1, retreats another 1.5 to 2 percent in the next few days."That would cause investors to maybe take a pause in what has been a buy-the-dip mentality since the election," Meckler said.The S&P forward price to earnings ratio has jumped to above 18 from 16.6 on Election Day, making U.S. equities the most expensive level since 2004. At the same time, the index''s dividend yield sits just above 2 percent, losing some of its allure against the 10-year Treasury note.SKITTISH INVESTORSThe S&P 500 has not posted a daily decline of more than 1 percent since Oct. 11. Tuesday''s move in stocks underscores trends in other markets already pricing in a risk that the Trump administration''s plans could be delayed.The Mexican peso MXN= , which weakened during the presidential campaign with rising prospects of a Trump win, traded last week at its strongest versus the dollar since the November election. It had hit a historic low in mid-January.The yen JPY= , up against the dollar for a sixth straight session, was on track to close below 112 per $1 for the first time since Feb. 8.Junk bond investors also pounced earlier this month. The spread between the Bank of America Merrill Lynch U.S. High Yield index .MERH0A0 and benchmark Treasuries US10YT=RR bottomed on March 1 and has since widened by about 40 basis points.Ten-year Treasury yields fell below 2.43 percent Tuesday, the lowest in about three weeks, partly reflecting traders scaling back their view on the domestic economy in the absence of any fiscal stimulus this year."Republicans should have prioritised tax reform ahead of health care reform," said Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management in Menomonee Falls, Wisconsin."They’re coming across as a motley crew rather than a party that can get things done."(Additional reporting by Richard Leong, Lewis Krauskopf, Caroline Valetkevitch and Chuck Mikolajczak; Editing by Nick Zieminski)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/usa-stocks-analysis-idINKBN16S2LC'|'2017-03-21T16:40:00.000+02:00'
'ee125da1ecbbb0d2f6b95564527f77ec293dfe83'|'Dutch provinces oppose Akzo Nobel takeover, fear job losses'|'AMSTERDAM Four Dutch provincial governments said on Monday they were opposed to a takeover of paints and coatings maker Akzo Nobel ( AKZO.AS ) due to potential job losses, in a sign of the challenges facing the company''s U.S. suitor.On March 9, Akzo Nobel rejected a $22 billion takeover proposal from PPG Industries ( PPG.N ), which analysts now expect to return with a higher offer.Economic Affairs Minister Henk Kamp of the governing VVD Party - known as the most pro-business party in the country - said then the takeover would not be "in the interest of the Netherlands."That was shortly before elections on March 15 in which national identity and anti-foreign sentiment played a prominent role. The VVD Party is now expected to lead to a new government.In a joint statement published on Monday, the four provinces of Gelderland, Overijssel, Groningen and Zuid Holland - where Akzo has its biggest research and development facilities as well as several factories - said they expected a new proposal from PPG and that they would oppose it."This takeover would put 5,000 jobs at risk in the provinces," the four provincial governors said in a statement."Akzo belongs in the provinces."After its rejection, PPG said it was "still confident in its ability to execute and complete the proposed transaction."Jeroen Dijsselbloem of the Netherlands'' left-leaning Labour party, has called for expanding a proposed law giving the national government power to block telecommunications sector takeovers to include all industries.The country''s main business and employers'' association VNO-NCW said in a statement before the election it did not want "new far-reaching protective measures by the government".However, chairman Hans de Boer said the organization was "concerned" about proposals to take over Akzo Nobel and an offer in February by Kraft Heinz for Unilever, which was also rejected."The buying parties may pose a threat to the unique position Dutch companies hold at the forefront of sustainability and long term value creation," he said.The VNO-NCW wants to engage the country''s new cabinet - which may not be formed for several months - in a dialogue as to whether current protections from takeovers are sufficient.(Reporting by Toby Sterling; Editing by Mark Potter)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-akzo-nobel-m-a-ppg-idUSKBN16R20H'|'2017-03-20T19:59:00.000+02:00'
'e2302cb5fb00aed1926f5537d688b63c70345a8e'|'BRIEF-Robex Resources Inc continues commercial production at the Nampala Mine'|' 11am EDT BRIEF-Robex Resources Inc continues commercial production at the Nampala Mine March 21 Robex Resources Inc * Robex Resources Inc continues commercial production at the Nampala Mine * Confirm that start-up of commercial production at Nampala Mine is proceeding normally Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-robex-resources-inc-continues-comm-idUSFWN1GY0F5'|'2017-03-21T19:11:00.000+02:00'
'6a46f9d02cdabf2ad87d3b8206c4e21009a9f250'|'Japan''s Nikkei falls as yen steadies; focus on G20 meeting'|'  Japan''s Nikkei falls as yen steadies; focus on G20 meeting TOKYO, March 17 Japan''s Nikkei share average fell on Friday as the yen held steady against the dollar after the U.S. Federal Reserve signalled fewer interest rate hikes than some investors had expected. The Nikkei shed 0.4 percent to 19,521.59. For the week, the benchmark index dropped 0.4 percent, before Japan''s three-day weekend. Markets are closed on Monday for a national holiday. Markets are focused on the G20 gathering of finance ministers and central bankers in the German town of Baden-Baden on Friday and Saturday. The broader Topix dropped 0.4 percent to 1,565.85 and the JPX-Nikkei Index 400 declined 0.5 percent to 14,019.31. (Reporting by Ayai Tomisawa; Editing by Amrutha Gayathri)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-close-idUSL3N1GU2AD'|'2017-03-17T13:24:00.000+02:00'
'e1013577dbb834a7d98d284a4d5673599dee6f87'|'Dollar crunched, bonds boosted as Fed goes gradual'|'Business News - Wed Mar 15, 2017 - 11:27pm GMT Dollar crunched, bonds boosted as Fed goes gradual left right Federal Reserve Chair Janet Yellen speaks during a news conference after a two day Federal Open Market Committee (FOMC) meeting in Washington, U.S., March 15, 2017. REUTERS/Yuri Gripas 1/2 left right A man counts U.S dollars at a money exchange office in central Cairo, Egypt, March 7, 2017. REUTERS/Mohamed Abd El Ghany 2/2 By Wayne Cole - SYDNEY SYDNEY The dollar nursed bitter losses in Asia on Thursday while sovereign bonds savoured their biggest rally in nine months after the Federal Reserve hiked interest rates as expected but signalled no pick up in the pace of tightening. The euro got an added bonus when exit polls showed the anti-EU party of Geert Wilders won fewer seats than expected in Dutch elections, soothing fears that public opinion was swinging inexorably towards a break-up of the union. The sigh of relief was heard across Asia as investors had feared faster U.S. hikes and more political upheaval in Europe could spook funds out of emerging markets. "The Fed makes the world safe for risk until June," said CitiFX strategist Steven Englander. "Buy emerging market FX, equities, commodities." Somebody seemed to be listening as gold, copper and oil all rallied as the dollar dropped. MSCI''s broadest index of Asia-Pacific shares outside Japan rose 0.7 percent to its highest since mid-2015. The Dow had ended Wednesday with gains of 0.54 percent, while the S&P 500 added 0.84 percent and the Nasdaq 0.74 percent. Japan''s Nikkei looked set to go the other way as a jump in the yen pressured exporters. Futures pointed to an opening drop of more than 100 points. The Fed lifted its funds rate by 25 basis points to a range of 0.75 percent to 1.00 percent, but said further increases would only be "gradual." Crucially, officials stuck to their outlook for two more hikes this year and three more in 2018, when many had expected an accelerated spate of moves. Rather, the Fed said its inflation target was "symmetric," indicating that after a decade of below-target inflation it could tolerate a quicker pace of price rises. That was painful news for bond bears who had built up huge short positions in Treasuries in anticipation of a hawkish Fed. DOLLAR DOLDRUMS Yields on two-year notes were down at 1.30 percent, having fallen 8 basis points overnight in the biggest daily rally since June last year. They had been at their highest since June 2009. The drop pulled the rug out from the dollar, which sank to a three-week low of 100.540 against a basket of currencies. The euro was taking in the view at $1.0735, having climbed 1.2 percent overnight in its steepest rise since June. The dollar suffered similar losses on the yen to huddle at 113.37 in early trade. Richard Franulovich, a forex analyst at Westpac, noted history showed a strong positive correlation between the dollar and yields one week after a Fed meeting and the direction and magnitude of the change in the dots from meeting to meeting. "The absence of any overt hawkish guidance from the Fed and their dots should leave the dollar trading on the back foot over the next month," he said. The yen and the Swiss franc tended to move the most in the first week, he added, but the impact tended to be longer lasting on the Australian and Canadian dollars. Indeed, the Aussie currency rose a rousing 2 percent on Wednesday to stand at $0.7710. A protracted bout of weakness for the U.S. dollar would be seen as positive for commodities priced in the currency. Spot gold was up at $1,218.46 an ounce, after enjoying its biggest daily jump since September. U.S. crude futures rose 25 cents to $49.11 per barrel, adding to a 2.4 percent gain on Wednesday. Brent stood at $52.00, after rising more than a dollar overnight. (Editing by Richard Borsuk)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-markets-idUKKBN16M3CE'|'2017-03-16T06:27:00.000+02:00'
'd8220e3ef2adb16078e0f0e8fa73d2c782129cb3'|'UPDATE 2-Moody''s revises Brazil outlook to ''stable'' on economic hope'|'(Adds finance minister comments)By Bruno FederowskiSAO PAULO, March 15 Moody''s Investors Service on Wednesday revised upward the ratings outlook for Brazil''s sovereign rating to stable from negative, saying Latin America''s largest economy was poised to exit its deepest recession on record.In a statement, Moody''s Vice President Samar Maziad said a stabler macroeconomic outlook is likely to bolster the government''s reform agenda, supporting Brazil''s Ba2 rating.Concerns over potential spillovers from fiscal woes at state-controlled oil company Petróleo Brasileiro SA and at state governments have also abated, he added.President Michel Temer said in statement that the outlook change was recognition by Moody''s of his government''s "efforts to recover credibility in the Brazilian economy, reduce inflation and restore growth."Finance Minister Henrique Meirelles said Moody''s move reflected improved fundamentals in an economy that is beginning to turn around, the approval of a cap on federal spending and the advance of reforms of the pension system and labor laws.Some analysts have been turning slightly more optimistic about Brazil''s economic prospects amid fickle signs of a rebound as Temer advances with structural reforms.Still, many remain cautious due to corruption investigations ensnaring senior members of the administration and a larger-than-expected contraction in the economy at the end of last year.Front-month Brazilian real future contracts extended gains following Moody''s decision. Spot markets for the currency and stocks were closed at the time.Moody''s last cut Brazil''s sovereign debt in February 2016, downgrading it by two notches into junk territory as former President Dilma Rousseff struggled to shore up public finances.Now, the agency said it could upgrade it for the first time since 2011 if structural reforms, including a revamp of the country''s costly pension system, boost economic growth or lower government debt.Following the ouster of his leftist predecessor last year, Temer spearheaded a campaign to balance Brazil''s budget, amending the constitution to limit growth of government spending for two decades.A sovereign ratings upgrade will also hinge on signs of commitment to the spending ceiling after a highly uncertain 2018 presidential election, which Temer has pledged to abstain from, Moody''s said.On the other hand, threats to the "implementation of fiscal reforms and compliance with the spending cap -- particularly delays in passing social security reform -- would put negative pressure on the rating," Maziad wrote.Brazil is rated BB with a negative outlook by rival agencies Standard & Poor''s and Fitch Ratings. (Reporting by Bruno Federowski; Editing by Daniel Flynn and Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brazil-ratings-moodys-idINL2N1GS24D'|'2017-03-15T19:53:00.000+02:00'
'515d2ff177324f385c117e4a596f274493519860'|'UPDATE 1-Italy proposes Profumo as new Leonardo CEO, confirms Eni, Enel chiefs'|'Company   9:38am EDT UPDATE 1-Italy proposes Profumo as new Leonardo CEO, confirms Eni, Enel chiefs (Adds context, background) ROME, March 18 The Italian Treasury on Saturday proposed that veteran banker Alessandro Profumo be named the new chief executive of defence and aerospace company Leonardo , in a round of new appointments at state-controlled firms. Profumo, who stepped down as chairman of troubled lender Monte dei Paschi di Siena in August 2015, takes over from Mauro Moretti, who has cut debt and streamlined the company''s business to focus on core activities. However, Moretti''s position was undermined when he was sentenced in January to seven years in prison after being held responsible for one of Italy''s worst train accidents while he was head of the state railways. The CEOs of oil firm Eni and utility Enel , respectively Claudio Descalzi and Francesco Starace, were both confirmed for a new mandate, while Roberta Neri was also confirmed as the head of air traffic controller Enav . The Treasury proposed that Matteo Del Fante, head of power grid company Terna, be appointed CEO of the Post Office , replacing Francesco Caio. The new chief of Terna is to be announced later by its main shareholder, state lender Cassa Depositi e Prestiti (CDP). Caio, a former McKinsey manager, was appointed as CEO of the Post Office in May 2014 to orchestrate the turnaround and privatisation of the company as part of the reform agenda of former prime minister Matteo Renzi. However, while the government sold a 35 percent stake in October 2015, plans to sell another minority stake, initially due in autumn last year, have made no progress due to disagreements within the ruling Democratic Party. Sources also told Reuters the government was unhappy that a consortium led by Poste Italiane pulled out of the race to buy UniCredit''s asset manager Pioneer, which ended up being sold to France''s Amundi. All the appointments, which were widely expected after leaks to the press, will need to be confirmed by upcoming shareholder meetings at the companies, but this is considered a formality. (Reporting By Gavin Jones,; Editing by Silvia Aloisi and Stephen Powell) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/italy-treasury-chiefexecutives-idUSL5N1GV0DR'|'2017-03-18T20:38:00.000+02:00'
'd1736310a24f0d06302c4c34860303968300e71a'|'KKR clears way to mop up market researcher GfK''s minority shareholders'|'FRANKFURT Private equity firm KKR ( KKR.N ) has struck a deal with six shareholders of GfK ( GFKG.DE ) that clears the way to squeeze out the German market researcher''s minority shareholders.KKR said on Friday that it will hand over shares in Acceleratio -- the takeover vehicle used for its acquisition of GfK -- in return for a total of 10.8 percent of GfK, lifting KKR and majority shareholder GfK Verein''s combined stake to 96.7 percent.That would allow the enforced buyout of the remaining shareholders, though a KKR spokesman said that no final decision had been made.Shares in GfK rose 1.5 percent to 49.63 euros by 1312 GMT, 14 percent above the 43.50 euros KKR had offered in its takeover bid.(Reporting by Alexander Huebner; Writing by Maria Sheahan; Editing by David Goodman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-gfk-m-a-kkr-idINKBN16O1RT'|'2017-03-17T10:54:00.000+02:00'
'2404ee5eed6c8bbe254d9ea7cd49b0dc80eca83b'|'Wall Street bonuses may show first uptick since 2009, firm says'|'Business News - Fri Mar 17, 2017 - 10:59am EDT Wall Street bonuses may show first uptick since 2009, firm says A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S. December 28, 2016. REUTERS/Andrew Kelly By Olivia Oran Wall Street bonuses this year may climb as much as 15 percent in their first meaningful uptick since 2009, compensation firm Johnson Associates Inc said on Friday. An increase in market volatility since the election of U.S. President Donald Trump may boost trading profits, the firm said in a presentation to an industry group. It described the forecast for financial services pay as "upbeat." The improved outlook for the banking industry is a shift from 2016, when bankers and traders received slightly lower bonuses on average. Bankers may also see more creativity with their pay packages as a result of less financial regulation. While today, most bankers are paid heavily in restricted stock, Johnson Associates expects a move to more stock options and unique products. (Reporting by Olivia Oran in New York; Editing by Lisa Von Ahn) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-banks-bonus-idUSKBN16O1YD'|'2017-03-17T21:59:00.000+02:00'
'e5e67df15ce64cd9b615721a256ea76c8b4a575c'|'Monte dei Paschi says ECB loan audit ended, may affect its solvency'|'  9:05am GMT Monte dei Paschi says ECB loan audit ended, may affect its solvency A logo of Monte dei Paschi di Siena bank is seen on the ground in Siena, Italy, November 5, 2014. REUTERS/Giampiero Sposito/File Photo MILAN The European Central Bank completed in February a nine-month inspection of the loan book of Monte dei Paschi di Siena ( BMPS.MI ) and will take its outcome into account when assessing the Italian bank''s solvency, the lender said. Monte dei Paschi must fill an 8.8 billion euro ($9.5 billion) capital gap after failing to raise 5 billion euros in a share sale last year. The Tuscan bank has requested state support but it must be deemed solvent and have its restructuring plan approved by European authorities to tap public money. In documents published on its website late on Monday ahead of an April 12 shareholder meeting, Monte dei Paschi said the ECB''s inspection that started in May 2016 had looked at how loans were classed, provision levels and the value of collateral as of the end of 2015. Monte dei Paschi has the highest proportion of problem loans among Italian banks in relation to its capital and last year''s failed capital raising was aimed at covering losses from the planned disposal of 28 billion euro in bad debts. The bank said the ECB had not yet communicated results of the inspection. "The final outcome of the on-site inspection will be taken into account when assessing the bank''s solvency," Monte dei Paschi said. The possible impact on the bank''s solvency is an element of "significant uncertainty" regarding its ability to continue to operate, the bank said. Other risk factors are obtaining the necessary authorizations for a state recapitalization and the ability to carry out its restructuring plan, the bank said. (Reporting by Valentina Za; Editing by Mark Potter)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-italy-banks-monte-dei-paschi-idUKKBN16S0W9'|'2017-03-21T15:55:00.000+02:00'
'3b315116e3d8736ee403baf45f88cc695d4b9a8f'|'Brazil beef scandal leaves fewer options for global buyers'|'Company  40pm EDT Brazil beef scandal leaves fewer options for global buyers By Tom Polansek and Theopolis Waters - CHICAGO, March 20 CHICAGO, March 20 Global beef buyers will likely need to cobble together supplies from several nations if a scandal persists in Brazil''s meat sector because supply constraints and politics are already limiting trade flows, market analysts said on Monday. China suspended imports of all meat products from Brazil, the world''s top beef exporter, as a precautionary measure after inspectors there were accused of taking bribes to allow sales of tainted food. South Korea, the EU and Chile also curtailed meat imports from Brazil. Brazilian police on Friday named BRF SA and JBS SA, along with dozens of smaller rivals, in a two-year probe into how meat packers allegedly paid off the inspectors and politicians to overlook improper practices. China, which the U.S. Department of Agriculture calls the world''s fastest growing market for beef, accounted for nearly one-third of the Brazilian meat packing industry''s $13.9 billion in exports last year. Australia, Argentina and Canada could fill in the gap during the ban, said Mike Zuzolo, president of U.S. brokerage Global Commodity Analytics. However, each shipper faces its own challenges in the market. Much of the beef exported from Brazil is grass-fed, putting it in direct competition with New Zealand and Australia. Australia, the world''s second biggest exporter, is an unattractive replacement, though, because prices are high due to drought, said Derrell Peel, an agricultural economist at Oklahoma State University. "They''re under a production squeeze right now," he said. And in Argentina, producers are still rebuilding their beef industry after trade controls imposed under its former left-leaning government hurt exports, traders said. About 31 percent of China''s beef imports came from Brazil in the first half of last year, according to the U.S. Department of Agriculture. Australia had about 19 percent of China''s import market, while Argentina held about 8 percent. China, whose beef cattle industry is still dominated by small backyard farms, has not bought beef from the United States since a scare over mad cow disease in 2003. Its new ban on Brazil''s meat could accelerate talks to reopen trade, Peel said. Cargill Ltd, one of the world''s largest commodity trading houses, said it was too early to know how Brazil''s scandal may impact U.S. beef exports. Tyson Foods Inc declined to comment. Brazil''s scandal could provide an overall beef price lift if it limits the pool of globally traded beef and forces buyers to lean more heavily on other suppliers, said Ron Davidson, spokesman for Canadian Meat Council, whose members include Cargill and JBS. However, beef exported from Canada, the world''s sixth-biggest shipper, is largely fed with grain, not grass. "The Canadian product might look more competitive if the opportunity to import from Brazil is lessened," Davidson said. (Additional reporting by Rod Nickel in Winnipeg; Editing by Leslie Adler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-corruption-food-exports-idUSL2N1GX1SM'|'2017-03-21T06:40:00.000+02:00'
'9fb4aa21d82c7297099f449c7aa40b821e3b334c'|'GLOBAL MARKETS-Asian shares near 15-month high, dollar soft on less hawkish Fed'|'Business News - Mon Mar 20, 2017 - 9:02pm EDT Asian shares near 15-month high, dollar soft on less hawkish Fed Pedestrians are reflected on an electronic board showing Japan''s Nikkei average (top L), the Dow Jones average (top R) and the stock averages of other countries outside a brokerage in Tokyo, Japan, January 26, 2017. REUTERS/Kim Kyung-Hoon By Hideyuki Sano - TOKYO TOKYO Asian shares clung to their 15-month highs on Tuesday while the dollar and U.S. bond yields were on the back foot on the prospects of a less-hawkish Federal Reserve policy trajectory. In early trade, MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.1 percent, staying near a 15-month high it touched on Monday, with South Korean shares .KS11 hitting two-year highs. Japan''s Nikkei .N225 dropped 0.8 percent, weighed by financial stocks, which were hurt by lower U.S. yields and exporter stocks, which fell on the yen''s gains against the dollar. While Asian shares have been supported by signs of strong global economic growth, concerns about protectionism cast a shadow after financial leaders of the world''s biggest economies dropped a pledge to keep global trade free and open, acquiescing to an increasingly protectionist United States Wall Street shares drifted lower on Monday as investors worried that President Donald Trump''s plan to cut taxes and boost the economy could take longer than previously expected. "Any fiscal spending by the Trump administration will not come until August at earliest and probably much later. So any economic benefit of that will show up only next year," said a senior trader at a European bank. "So the markets are gradually pricing that in, winding back their initial rally after the elections." Although Trump promised in early February to deliver a "phenomenal" tax plan within a few weeks, no such details have been released yet. "U.S. stocks valuations are getting really expensive, so I expect the market to be capped for now. That also means Japanese shares are unlikely to gain further," said Tatsushi Maeno, senior strategist at Okasan Asset Management. Expectations that the Federal Reserve will have to step up rate hikes to counter inflationary pressure from Trump''s stimulus are also waning after the Fed dropped no hints of an acceleration in credit tightening last week. Chicago Federal Reserve President Charles Evans, in one of the first official comments after the Fed raised rates as expected last week, reiterated that message on Monday. He said that two more interest rate hikes this year are likely, disappointing investors who had anticipated a faster path of rate increases. His comments helped to bring down the 10-year U.S. Treasuries yield US10YT=RR to 2.463 percent, its lowest level in two weeks. Lower yields undermined the greenback''s allure, softening the dollar to three-week lows near 112.485 yen JPY= . The dollar''s index against a basket of six major currencies .DXY =USD stood at 100.37, after hitting a six-week low of 100.02 on Monday. The euro EUR= traded at $1.0737, off Friday''s high of $1.07825, which was its highest level since early February. The spectre of slower U.S. rate hikes has been helping high-yielding currencies. The Australian dollar AUD=D4 traded at $0.7725, after hitting a 4-1/2-month high of $0.7748 on Monday. It has risen 2.2 percent since the Fed''s policy meeting last week. The South African rand ZAR=D4 has gained 4.0 percent since then to a near 1-1/2-year high while the Brazilian real rose 3.2 percent BRL= . Oil prices stayed under pressure, though they hovered above their 3-1/2-month lows touched a week ago, as investors continue to grapple with worries about growing U.S. oil output and high inventories. Brent crude futures LCOc1 settled at $51.62 a barrel on Monday, down 14 cents but above last week''s low of $50.25. U.S. crude futures CLc1 traded at $48.30 per barrel in early Asian trade, up slightly from late U.S. levels but down 1.1 percent so far this week. (Editing by Sam Holmes)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-global-markets-idUSKBN16S030'|'2017-03-21T07:46:00.000+02:00'
'bf1edee9a05b774b372f6bcfa1507337ce550bae'|'Canada''s Endeavour Mining ends merger talks with Acacia'|'Commodities  23pm EDT Canada''s Endeavour Mining ends merger talks with Acacia Canadian gold miner Endeavour Mining Corp said on Tuesday it had ended discussions with London-based Acacia Mining Plc regarding a potential merger. Endeavour, which operates mines in West Africa, had held talks with Acacia earlier in January. (Reporting by John Benny in Bengaluru; Editing by Shounak Dasgupta) Next In Commodities Shell to drill new wells by end-2018 to shore up Australia gas supply MELBOURNE Royal Dutch Shell said on Tuesday it will drill 161 new gas wells at its Queensland operations by the end of 2018, helping to underpin its promise to continue supplying 10 percent of the domestic gas market to help prevent a shortage. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-endeavour-mining-acacia-mining-idUSKBN16S280'|'2017-03-22T00:22:00.000+02:00'
'225d5e7fa1cab2abd5d65114ceb1cf1e2988849b'|'World stocks seen as most overvalued in 17 years - BAML survey'|'  3:29pm GMT World stocks seen as most overvalued in 17 years - BAML survey Traders work on the floor of the New York Stock Exchange (NYSE) shortly after the opening bell in New York, U.S., March 21, 2017. REUTERS/Lucas Jackson By Jamie McGeever - LONDON LONDON World stocks are their most expensive in 17 years, but bond yields will need to be much higher than they are currently to trigger an equity bear market, a monthly fund manager survey showed on Tuesday. Bank of America Merrill Lynch''s (BAML) poll of investors managing $592 billion worldwide was conducted from March 10-16, a period that saw Wall Street''s recent string of record highs fizzle out and the Federal Reserve raise U.S. interest rates. Global investors'' allocation to stocks hit a two-year high, according to the poll, with a net 48 percent now overweight the market. A net 34 percent of fund managers now think equities are overvalued, the highest proportion since 2000, BAML said. Regionally, the U.S. stock market is the most overvalued, according to 81 percent of respondents. A net 44 percent think emerging market stocks are undervalued, while a net 23 percent say the same about euro zone equities. The biggest risk to the equity bull market will come from higher interest rates, reckon 35 percent of respondents, rather than weak company earnings (21 percent). A net 36 percent said the 10-year U.S. Treasury yield will have to rise above 3.5 percent US10YT=RR before a bear market in stocks ensues. The yield has risen sharply since mid-2016 but has struggled to rise above 2.5 percent. The last time it was higher than 3.5 percent was six years ago. The Fed raised rates last week and is on course to tighten further this year. But investors are sceptical growth and inflation will be strong enough to warrant a sustained series of hikes, and longer-fated yields have slipped as a result. The drift lower in yields has pulled the dollar down with it. A key measure of the dollar''s trade-weighted value hit a six-week low on Tuesday. According to BAML''s survey, the dollar is its most overvalued since June 2006 and long dollar positions were once again far and away the most ''crowded trade'' in world markets. Despite the extreme pricing in stocks and the dollar, investors are confident neither is in bubble territory, and that economic growth and profits will continue to rise. A net 57 percent of those polled said global profits will improve over the coming year, up from 55 percent in the last month''s poll and close to a seven-year high, BAML said. European elections leading to euro zone disintegration remained the biggest ''tail'' risk to world markets followed by a global trade war, although both risks diminished from February. The proportion of those polled who think a global bond market crash is the biggest risk rose to 18 percent from 13 percent. (Reporting by Jamie McGeever; Editing by Jeremy Gaunt) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-funds-survey-baml-idUKKBN16S1X6'|'2017-03-21T22:29:00.000+02:00'
'b09237f34dc6c0ae6c414948313c502f2a33cb11'|'Japan Aso - think G20 countries understand free trade importance'|' 14am GMT Japan Aso - think G20 countries understand free trade importance   Steve Mnuchin and Japan''s Finance Minister Taro Aso meet for bilateral talks at the G20 Finance Ministers and Central Bank Governors Meeting in Baden-Baden, Germany, March 17, 2017. REUTERS/Kai Pfaffenbach TOKYO Japanese Finance Minister Taro Aso said on Tuesday he felt that Group of 20 countries shared a common understanding that free trade is important. Aso also said that the agenda for the U.S.-Japan economic dialogue starting next month had not been decided, but he wanted to have constructive talks that are mutually beneficial to both sides in the areas of trade and economics. Aso''s comments on free trade, however, are unlikely to ease concerns about the threat of protectionism. Financial leaders of G20 economies dropped a pledge to keep global trade free and open at a summit over the weekend, acquiescing to an increasingly protectionist United States after a two-day meeting failed to yield a compromise. (Reporting by Stanley White; Editing by Chris Gallagher)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-economy-aso-idUKKBN16S00F'|'2017-03-21T07:14:00.000+02:00'
'e8d557e489a1caabced4a80151b0134760a01f6c'|'Emirates Global Aluminium plans IPO, banks pitch for role: sources'|'By Hadeel Al Sayegh and Stanley Carvalho - DUBAI DUBAI Emirates Global Aluminium (EGA), one of the world''s top five producers, has invited banks to pitch for a role in its planned initial public offering, sources told Reuters.The IPO could take place later this year, on either the Dubai or Abu Dhabi stock exchange, but the size of the offering has yet to be determined, the sources said.EGA was created in 2013 when state-owned companies Dubai Aluminium (Dubal) and Abu Dhabi''s Emirates Aluminium (Emal) merged. Its enterprise value was put at $15 billion at the time of the merger.It is owned by Abu Dhabi state fund Mubadala Investment Co and Investment Corporation of Dubai (ICD). Mubadala, which recently merged with International Petroleum Investment Co, has been reviewing its investments in the wake of low oil prices and could see more changes in its strategy, banking sources said.A request for proposals on the IPO was sent to banks, and submissions were due last week, according to three sources familiar with the matter, who spoke on condition of anonymity as the information is not yet public.Emirates NBD ENBD.DU, National Bank of Abu Dhabi NBAD.AD, and a U.S. bank have pitched for the role, according to a banking source.EGA is working with banks to determine the valuation of the company and the size of the IPO, with a listing in the United Arab Emirates, either the Dubai Financial Market or the Abu Dhabi Securities Exchange, two other sources said.Mubadala''s team is working on the offering, one of the two sources said.EGA, Mubadala, Emirates NBD and National Bank of Abu Dhabi declined to comment. ICD was not immediately available to comment.EGA, which supplies aluminum to 300 customers in more than 60 countries, reported last month a 10 percent rise in 2016 net profit to 2.1 billion dirhams ($572 million) despite a fall in revenue.(Additional reporting by Tom Arnold; Editing by Susan Fenton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-emirates-global-aluminium-ipo-idINKBN16S13H'|'2017-03-21T07:30:00.000+02:00'
'bd47f830d479fc7c950807832b53069ee58470a6'|'U.S. commercial drone use to expand tenfold by 2021 -govt agency'|'U.S.  18pm EDT U.S. commercial drone use to expand tenfold by 2021: government agency By David Shepardson - WASHINGTON WASHINGTON The number of unmanned aircraft, or drones, in the United States will jump dramatically over the next five years, the U.S. Federal Aviation Administration said on Tuesday. The increase comes after the Obama administration in 2016 implemented new rules that opened the skies to low-level small drones for education, research and routine commercial use. Policy makers are still debating whether to allow a sweeping expansion in drone use for activities like deliveries where aircraft would fly beyond the sight of an operator. The FAA said it estimates the fleet of small hobbyist drones will more than triple from an estimated 1.1 million vehicles in 2016 to more than 3.5 million by 2021. The agency also estimates the commercial drone fleet will grow from 42,000 at the end of 2016 to about 442,000 aircraft by 2021. The aviation safety agency said there could be as many as 1.6 million commercial drones in use by 2021. The FAA said Tuesday the key difference in its estimates of commercial drone growth is in "how quickly the regulatory environment will evolve, enabling more widespread routine uses of (drones) for commercial purposes." The FAA on Tuesday also predicted the number of pilots of drones is expected to increase from 20,000 in 2016 to a range of 10 to 20 times as many by 2021. Since August, the FAA has approved more than 300 waivers for drone use without some restrictions, including Union Pacific Railroad, BNSF Railway Co owned by Berkshire Hathaway, Intel Corp, Walt Disney Parks and Resorts, Time Warner''s HBO and CNN units. Transportation Secretary Elaine Chao told firefighters in a speech this month that "while drones have a lot of potential to assist responders, they can also pose a problem if not carefully monitored." Current drone regulations require a certified pilot to stand ready to intervene in any commercial drone flight and keep a line-of-sight view of the aircraft. Both Amazon.com Inc and Alphabet Inc''s Google unit have been exploring the use drones to deliver goods ordered online. The White House said last year unmanned aircraft could lead to $82 billion in economic growth by 2025 and support up to 100,000 jobs. The August rules were aimed at allowing drone use for agriculture, research and development, educational and academic use, and powerline, pipeline and antenna inspections, along with aiding rescue operations, bridge inspections, aerial photography and wildlife nesting area evaluations. (Reporting by David Shepardson; Editing by Andrew Hay) Next In U.S. South Carolina church shooter''s friend to serve time for lying, silence CHARLESTON, S.C. The South Carolina man who suspected his friend Dylann Roof was to blame for the June 2015 massacre at a historic black church but did not immediately call police and told others to stay silent was sentenced on Tuesday to more than two years in prison. Trump warns Republican lawmakers to get behind healthcare bill WASHINGTON U.S. President Donald Trump warned Republican lawmakers on Tuesday that voters could punish them if they do not approve a plan he favors to dismantle Obamacare, as pressure grew on the businessman-turned-politician to win the first major legislative battle of his presidency. NEW YORK A New York energy investor was sentenced to five years and 10 months in prison on Tuesday after he pleaded guilty to engaging in a years-long scheme to avoid more than $45 million in income and other taxes. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-drones-idUSKBN16S2NM'|'2017-03-22T03:16:00.000+02:00'
'2f1ef49920e170194119a2b0e3c56808cd7dade2'|'UPDATE 1-Omega''s Cooperman loses bid to dismiss SEC insider trading case'|'(Adds details from decision, comments, background, case citation)March 20 A federal judge on Monday rejected billionaire hedge fund manager Leon Cooperman''s bid to dismiss the U.S. Securities and Exchange Commission''s insider trading case accusing him and his firm Omega Advisors Inc of insider trading.Without ruling on the merits, U.S. District Judge Juan Sanchez in Philadelphia said the SEC had "pleaded a plausible claim" that Cooperman and Omega reaped about $4.09 million of illegal profit in 2010 through insider trading in Atlas Pipeline Partners LP.Cooperman and Omega were accused of trading in Atlas stock, bond and options based on nonpublic information from an Atlas executive about the partnership''s plan to sell a gas processing unit.Sanchez said the SEC''s allegations that Cooperman made the trades, despite having agreed with the executive not to do so, "sufficiently plead the ''who, what, when, where, and how'' concerning defendants'' insider trading, giving rise to a plausible misappropriation claim."The judge separately dismissed SEC claims that Cooperman failed to file required reports about his stakes in eight public companies, citing a lack of evidence that these claims belonged in the Philadelphia court.Cooperman and Omega have denied wrongdoing. Neither they nor their lawyers immediately responded to requests for comment.SEC spokeswoman Judith Burns declined to comment.The case is SEC v Cooperman et al, U.S. District Court, Eastern District of Pennsylvania, No. 16-05043. (Reporting by Jonathan Stempel, Suzanne Barlyn and Jennifer Ablan in New York; Editing by Jonathan Oatis, Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/sec-hedgefunds-omega-cooperman-idINL2N1GX1O9'|'2017-03-20T18:44:00.000+02:00'
'0d4e3fad6ffb2e38f9eab9ba9d420ca000c0669c'|'PRESS DIGEST- Financial Times - March 21'|'Company News   8:15pm EDT PRESS DIGEST- Financial Times - March 21 March 21 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headlines * Uber faces legal challenge on paying VAT on.ft.com/2nga8Il * Career spy Jeremy Fleming named head of UK''s GCHQ on.ft.com/2n1Rxxj * Vodafone opts to merge India unit amid price war on.ft.com/2nXSl5x * Elliott calls for probe into Arconic vote deal with Oak Hill on.ft.com/2mOmsMH * Google apologises to advertisers for extremist content on YouTube on.ft.com/2nCR2wZ Overview * Uber is facing a new legal challenge in London''s high court over its payment of value added tax. * Jeremy Fleming, the deputy director general of Britain''s internal security service, will become the new head of intelligence eavesdropping service GCHQ. * Britain''s Vodafone Group and Idea Cellular agreed on Monday to merge their Indian operations in a $23 billion deal, creating the country''s biggest telecoms business after the entry of a new rival sparked a brutal price war. * Hedge fund Elliott Management Corp, which is in the throes of a proxy battle with Arconic Inc, demanded on Monday an independent review of the company''s voting agreement with private equity firm Oak Hill Capital Partners. * Google apologised on Monday for allowing ads to appear alongside offensive videos on YouTube as more high-profile firms such as Marks & Spencer and HSBC pulled advertising for British markets from Google sites. (Compiled Kanishka Singh in Bengaluru; Editing by Sandra Maler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-ft-idUSL3N1GY024'|'2017-03-21T07:15:00.000+02:00'
'edeaf4ad43bda2e9d955b1464d5192e669510042'|'MOVES-Bank Of America, Alcentra Group, Crestline Investors'|'Company News  54pm EDT MOVES-Bank Of America, Alcentra Group, Crestline Investors March 20 The following financial services industry appointments were announced on Monday. To inform us of other job changes, email moves@thomsonreuters.com. BANK OF AMERICA CORP The second-largest U.S. bank by assets hired Eric Bischof from Morgan Stanley to co-head its global Financial Institutions Group (FIG), according to an internal memo seen by Reuters. CRESTLINE INVESTORS The alternative asset manager named Chris Golio managing director of its Business Development & Client Partnership Group. ALCENTRA GROUP The asset manager said Hiram Hamilton, the head of its structured credit unit, would relocate to New York to bolster the firm''s U.S. operations. Alcentra, which specializes in corporate debt, is owned by Bank of New York Mellon Corp. FIDELITY INTERNATIONAL LTD Asset manager appointed Ewan Montgomery as portfolio manager, real estate, UK. (Compiled by Aishwarya Venugopal in Bengaluru) Next In Company News   Alberta, March 20   UPDATE 1-Two Ohio coal-fired plants to close, deepening industry decline NEW YORK, March 20 Electricity company Dayton Power & Light said on Monday it would shut down two coal-fired power plants in southern Ohio next year for economic reasons, a setback for the ailing coal industry but a victory for environmental activists. UPDATE 1-FCC chairman does not believe media ''enemy of the American people'' WASHINGTON, March 20 The head of the Federal Communications Commission told the U.S. Congress he did not agree that "the media is the enemy of the American people" and said he would act independently of the White House on media-related matters. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/financial-moves-idUSL3N1GX4HP'|'2017-03-21T02:54:00.000+02:00'
'5176a5de80e980cb9dc9d695a102fa38c9ff2a20'|'Petrobras to resume asset sales as soon as possible after court ruling'|'Commodities  13pm EDT Petrobras to resume asset sales as soon as possible after court ruling The logo of state-run oil company Petrobras is pictured in the company headquarters in Vitoria, Espirito Santo, Brazil, February 10, 2017. REUTERS/Paulo Whitaker BRASILIA Brazil''s state-controlled oil producer Petróleo Brasileiro SA plans to resume planned asset sales as soon as possible following a state auditing court ruling validating the legality of the process, Chief Executive Officer Pedro Parente said on Monday. The sale of BR Distribuidora, as the company''s fuel distribution unit is commonly known, will have to start from scratch because of the ruling, Parente told reporters in Brasilia. The resumption of the BR Distribuidora sale depends on approval by Petrobras''s board first and will be launched when a notice is sent to interested parties, he added. (Reporting by Cesar Raizer; Writing by Guillermo Parra-Bernal) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-petrobras-divestiture-idUSKBN16R2AZ'|'2017-03-21T02:11:00.000+02:00'
'0e13be0ec821406042ef314460c3d2d0f7123e4f'|'Saudis to tighten curbs on foreign workers in local jobs push - sources'|'Business News - Mon Mar 20, 2017 - 7:43pm GMT Saudis to tighten curbs on foreign workers in local jobs push: sources An Asian labourer climbs a ladder as he works at the construction site of a building in Riyadh, Saudi Arabia August 4, 2016. REUTERS/Faisal Al Nasser By Marwa Rashad and Celine Aswad - RIYADH/DUBAI RIYADH/DUBAI Saudi Arabia plans to tighten restrictions on foreign workers to pressure companies into hiring more Saudi citizens and reduce unemployment among Saudis, government sources said on Monday. The new policy could help the conservative kingdom achieve one goal of economic reforms launched last year to ease joblessness among Saudis from the current 12.1 percent to 9 percent by 2020. But by making it harder for firms to employ low-paid foreign workers, thereby raising costs, the policy may complicate other aspects of the reform drive such as developing private sector businesses and diversifying the economy beyond oil. The new rules could potentially affect large numbers of people since about 12 million foreigners work in Saudi Arabia, doing many of the strenuous, dangerous and lower-paid jobs shunned by 20 million Saudi citizens. About two-thirds of Saudi workers are employed by the public sector. Under a program launched in 2011 and known as Nitaqat, the Labor Ministry grades firms according to the ratios of Saudis in their workforces. Companies with higher ratios get preferential treatment when obtaining visas for foreign workers or licenses; those in lower categories face penalties. Under the new policy, construction firms with between 500 and 2,999 workers would have to employ 100 percent Saudis to be in the top "platinum" category; if they employ 10 percent, they are rated "lower green". This compares to current levels of 16 percent for platinum and 6 percent for lower green. In the retail sector, a large company''s current percentages are 35 percent for platinum and 24 percent for lower green. This would rise to 100 percent for platinum and 35 percent for lower green, according to an official document seen by Reuters. Policy will also tightened in many other sectors, according to the document, which lists more than 60 industries in which restrictions will be applied. Some change is already occurring in Saudi employment practice, with many citizens now working as cashiers and sales people in retail shops - the sort of jobs previously seen as undesirable. But there is still a scarcity of Saudis willing and qualified to work in the construction sector. The tighter policy has been approved by Labor Minister Ali bin Nasser al-Ghafis, the sources said. It is scheduled to take effect on Sept. 3, one source said, declining to be named because an official announcement has not yet been made. (Editing by Andrew Torchia/Mark Heinrich) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-saudi-labour-quotas-idUKKBN16R2CN'|'2017-03-21T02:43:00.000+02:00'
'c5960e75b593a4c08a1869d2c36dcef433331d3c'|'ECB money piles up in Germany as investors wary of risk: Bundesbank - Reuters'|'FRANKFURT Money created by the European Central Bank to shore up euro zone growth and inflation is piling up in Germany as investors are reluctant to venture outside the bloc''s strongest economy, Bundesbank data showed on Monday.A large amount of the money printed by the ECB to buy bonds is landing in German bank accounts, often held by foreign investors, and staying there.This is pushing up the Bundesbank''s net credit with the ECB''s Target 2 system for settling cross-border payments in the euro zone, which rose to a record high of 814 billion euros ($875.13 billion) in February.In the same month, Italy''s Target 2 liabilities hit an all-time high of 386.1 billion euros, which the Bank of Italy blamed on factors including Italians investing their savings abroad and the ECB''s bond purchases.In its monthly report, the Bundesbank said this money does not then flow to other parts of the euro zone, even though bond yields tend to be there higher than in Germany.That showed investors'' reluctance to put their cash to work in weaker economies and raised questions about the effectiveness of the ECB''s stimulus program."It is remarkable ... that these second-round effects of the APP ... are not taking place in some countries, including Germany," the Bundesbank said in its monthly report.The ECB declined to comment. Last year, the central bank said growing Target 2 imbalances simply reflected purchases of bonds by central banks from sellers located in different euro zone countries.Before the euro zone debt crisis that peaked in 2012, money flowed out of Germany to seek higher returns in countries such as Greece, Spain or Italy.That trend reversed after 2010 as the crisis escalated and confidence in debt-laden countries has yet to be re-established despite the ECB''s efforts.The German economy has continued to expand and will do so in the near future, the Bundesbank said in its report, citing very strong industrial output driven by high demand from within the EU''s economic powerhouse and from abroad.Target 2 claims and liabilities of the national central banks in the euro zone are not a problem as long as the currency union exists.But if the euro zone should break up, debtors -- the national central banks of countries leaving the bloc -- would have to pay the money back.(Reporting by Andreas Framke; Editing by Catherine Evans)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/us-germany-economy-bundesbank-idINKBN16R16P'|'2017-03-20T09:11:00.000+02:00'
'b177bae3c9ad49323ce8752582f537c75a64e103'|'MoneyGram board says Euronet offer could result in superior proposal'|'Technology  15am EDT MoneyGram board says Euronet offer could result in superior proposal FILE PHOTO - A Moneygram logo is seen outside a bank in Vienna, Austria, June 28, 2016. REUTERS/Heinz-Peter Bader/File Photo U.S. electronic payments company MoneyGram International Inc said on Monday that peer Euronet Worldwide Inc''s offer could result in a superior proposal compared to the one from China''s Ant Financial Services Group. Euronet had offered $15.20 per share in cash to buy MoneyGram last week, topping the $13.25 per share offer from Ant Financial, the financial services affiliate of Alibaba Group Holding Ltd. However, MoneyGram said on Monday that its board continues to recommend the Ant Financial offer and that it is not making any recommendation with respect to the Euronet proposal. MoneyGram had offered to share confidential information with Euronet, Reuters reported on Sunday, citing people familiar with the matter, to help firm up its bid. Euronet has argued that MoneyGram''s focus on large retailers and national post offices, combined with Euronet''s strong position with independent agents and its broad set of consumer payment solutions, would create a more valuable business. While a deal with Euronet would bring cost synergies, a combination of Ant Financial''s technological expertise and MoneyGram''s brand had been seen as a game-changer for the international payments industry, with scope for more consumers to use online transfer services rather than taking cash to store fronts. (Reporting by Arunima Banerjee in Bengaluru; Editing by Shounak Dasgupta) Next In Technology News As part of Asia pivot, Netanyahu pushes Israeli hi-tech in China JERUSALEM/BEIJING China''s economy may be 35 times larger than Israel''s, but Prime Minister Benjamin Netanyahu is hoping to use that to advantage during a three-day visit to Beijing as he looks to reorient Israel''s economy toward Asia over Europe and the United States.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-moneygram-intl-m-a-euronet-worldwid-idUSKBN16R1R2'|'2017-03-20T22:09:00.000+02:00'
'04c277aa1bf2d9412b8a483c22a276aecc5426ff'|'French watchdog clears GM''s Opel of cheating on diesel emissions'|' 43am GMT French watchdog clears GM''s Opel of cheating on diesel emissions The logo of Opel car is seen during the 87th International Motor Show at Palexpo in Geneva, Switzerland, March 7, 2017. REUTERS/Denis Balibouse PARIS France''s consumer fraud watchdog said on Monday it had closed its investigation into diesel emissions by Opel cars and would take no further action against the General Motors brand. The DGCCRF investigation, part of a wider probe carried out in the wake of the Volkswagen ( VOWG_p.DE ) diesel test-cheating scandal, "did not bring to light any evidence of fraud", the government agency said in a statement. The watchdog has previously sent files to prosecutors detailing suspected emissions fraud by Fiat Chrysler, Renault and PSA Group. PSA, the maker of Peugeot and Citroen cars, agreed earlier this month to buy Opel in a deal valuing the business at 2.2 billion euros ($2.3 billion). (Reporting by Laurence Frost; Editing by GV De Clercq) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-france-opel-diesel-idUKKBN16R0M1'|'2017-03-20T15:40:00.000+02:00'
'6a6fafbd689db9d3aa30255eb3c507666db96e9c'|'Bailed out German bank HRE''s former CEO deceived markets, prosecutor alleges'|'Business News   5:21pm GMT Bailed out German bank HRE''s former CEO deceived markets, prosecutor alleges Georg Funke, former CEO of German lender Hypo Real Estate, awaits the start of his trial in a Munich courtroom, Germany, March 20, 2017. REUTERS/Michael Dalder MUNICH The former chief executive of German lender Hypo Real Estate (HRE) covered up liquidity problems just weeks before its near collapse almost a decade ago, a public prosecutor alleged in a Munich court on Monday. Georg Funke and former chief financial officer Markus Fell are both facing charges of falsifying the bank''s earnings reports in 2007 and 2008. Fell is also facing a charge of market manipulation. Fell denied the charges on Monday, and Funke will present his defence on Tuesday. Both former managers have previously denied any wrongdoing. Germany bailed out HRE in 2008 and nationalised it in 2009 after the bank faced huge writedowns on its mortage-backed securities exposure, which collapsed in the aftermath of Lehman Brothers bankruptcy. The ensuing global financial crisis also squeezed the bank''s liquidity position. The government injected capital of 10 billion euros (8.74 billion pounds) into the stricken bank and offered 145 billion euros in liquidity guarantees, of which it used 124 billion. Prosecutors alleged on Monday that Funke and Fell had known since 2007 the bank was facing liquidity problems and its state financing subsidiary Depfa, bought in the same year, had been nearly illiquid as early as September 2007. Despite some HRE staff and external auditors describing the bank''s liquidity as critical, the managers had assured up until just weeks before the bank''s near-collapse that there were no serious problems with its liquidity position, the prosecutors alleged in court. (Reporting by Jörn Poltz; Writing by Arno Schuetze; editing by Susan Thoma) Next In Business News Vodafone, Idea in $23 billion deal to create new Indian telecom leader MUMBAI Britain''s Vodafone Group and Idea Cellular agreed on Monday to merge their Indian operations in a $23 billion (18.55 billion pounds) deal, creating the country''s biggest telecoms business after the entry of a new rival sparked a brutal price war. Exclusive - Iran struggles to coax Bank of England to open clearing accounts: sources LONDON/ANKARA Iran has asked the Bank of England to set up special clearing accounts for its banks, but has so far been rebuffed in its effort to resolve an impasse that has left it excluded from banking in London more than a year after sanctions were lifted. BRUSSELS Greek Finance Minister Euclid Tsakalotos said on Monday he planned to stay in Brussels for further consultations with the country''s creditors towards finalising a bailout review. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hypo-real-estate-litigation-idUKKBN16R22T'|'2017-03-21T00:21:00.000+02:00'
'e92c3dbe3f8adba80c64de78d0c623cf26bd5c41'|'Oil prices edge up as drop in U.S. crude stocks eases glut worries'|'Commodities - Thu Mar 16, 2017 - 8:44pm EDT Oil prices edge up as drop in U.S. crude stocks eases glut worries An oil derrick and wind turbines stand above the plains north of Amarillo, Texas, U.S., March 14, 2017. REUTERS/Lucas Jackson SEOUL Oil prices edged up on Friday as a drawdown in U.S. crude inventory eased concerns about a global supply glut. Brent crude was up 7 cents, or 0.14 percent, at $51.81 per barrel at 8.21 p.m. ET, after closing the previous session down 7 cents at $51.74. U.S. West Texas Intermediate crude (WTI) was up 11 cents, or 0.23 percent, at $48.86 a barrel. Official data showed crude inventories in the United States, the world''s top oil consumer, fell last week as imports plunged, dropping after nine consecutive increases. [EIA/S] Crude stockpiles fell by 237,000 barrels in the week to March 10, beating analyst expectations for an increase of 3.7 million barrels. "Saudi Arabian Energy Minister Khalid Al-Falih continued to express concern about high global inventories," ANZ said in a note. "However, he did reiterate that the market is currently going in the right direction and fundamentals had improved." If crude inventories remain high, the Organization of Petroleum Exporting Countries (OPEC) could extend its oil output cut deal, the Saudi energy minister said on Thursday. OPEC and non-OPEC members including Russia reached a landmark agreement last year to cut output by almost 1.8 million barrels per day (bpd) in the first half of 2017. But OPEC''s monthly report showed global oil inventories increased in January to 278 million barrels above the five-year average. (Reporting by Jane Chung; Editing by Joseph Radford) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-global-oil-idUSKBN16O024'|'2017-03-17T07:44:00.000+02:00'
'302ffdbad27473249f2f3938b17a0f3b6f8f73a3'|'Japan not considering support for Toshiba - govt spokesman'|'Company News  40pm EDT Japan not considering support for Toshiba - govt spokesman TOKYO, March 17 The Japanese government is not considering steps to support embattled conglomerate Toshiba Corp , Chief Cabinet Secretary Yoshihide Suga said on Friday. Toshiba this week missed submitting audited third-quarter earnings for a second time and said it would consider selling a majority stake in the Westinghouse nuclear unit at the centre of its financial troubles. Sources have told Reuters that a fund backed by the government may invest as a minority stakeholder in Toshiba''s memory chip business, which the company is looking to sell to raise cash. (Reporting by Kaori Kaneko; Editing by Edwina Gibbs) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/toshiba-accounting-suga-idUST9N1FM01G'|'2017-03-17T08:40:00.000+02:00'
'0c41cc51b628b077ea269cf823ccdd8bc1d36e3c'|'British regulator to focus more on protecting insurance policyholders'|'Money News  33pm IST British regulator to focus more on protecting insurance policyholders Pedestrians walk past the Bank of England in the City of London, Britain, May 15, 2014. REUTERS/Luke MacGregor/Files By Huw Jones - LONDON LONDON The Bank of England said it will devote greater effort to ensuring more consistent protection for those who would suffer most if their insurance policies do not pay out as promised. The move follows a review by the central bank''s Independent Evaluation Office (IEO), published on Monday, which looked into how the BoE''s supervisory arm, the Prudential Regulation Authority (PRA), ensures that policyholders are properly protected. PRA work on the issue had been "crowded out" by "live supervisory issues" and the need to implement European Union capital rules known as Solvency II by January 2016, the IEO said in its report. The PRA''s "articulation of its policyholder protection responsibilities appears to be unfinished business", although there was no evidence that PRA supervisors were falling short of their duties, the IEO said. BoE Deputy Governor and PRA Chief Executive, Sam Woods, said the PRA does not seek to protect all policyholders equally and will direct more resources to those who would suffer greater financial hardship if their policies do not pay out as promised. "Some of the oldest and most vulnerable in our society have invested their life savings into long-term annuity contracts," Woods said in a speech to the London Business School. "So when we talk about promoting insurers’ safety and soundness, and protecting their policyholders, this is what we have in mind." Any reform to policy protection would be in place by the first quarter of next year. "I don''t expect this to lead to a radical change," Woods said. The Association of British Insurers said the PRA should consider the price and availability of insurance products, in addition to the solvency of provider firms when it comes to policy protection. "There is a trade-off and we do not believe that the right balance has been struck," Hugh Savill, the insurers'' association''s director of regulation, said. Britain''s exit from the European Union has raised hopes in the sector that Solvency II will be overhauled, but Woods reiterated there would be tweaks, but no wholesale changes. "We are expecting to begin post-Brexit with the same framework that we have now," Woods said. "We expect a framework of this kind for the foreseeable future." The debate about Solvency II has become a "cacophony of acronyms" emanating from a "magic circle of insurance enthusiasts", he said. "But strip this back and you’ll see there is an essential, irreducible human core to it all," Woods said, referring to the need to protect the most vulnerable. JPMorgan Cazenove analysts said Wood''s comments showed that the regulator was comfortable with capital levels at UK life insurers "and there aren''t any near-term headwinds for the insurers from a PRA regulation perspective". The IEO said the PRA should also ensure there is appropriate coordination with its sister regulator, the Financial Conduct Authority. (Reporting by Huw Jones; Editing by Alexander Smith and Susan Fenton) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/boe-insurance-regulations-idINKBN16R1VG'|'2017-03-20T23:03:00.000+02:00'
'1a53ddf2872b7c24410c84a7241476324ac12a82'|'Adidas takes the sweat out of sweater shopping with in-store machine'|'Technology News - Mon Mar 20, 2017 - 11:46am EDT Adidas takes the sweat out of sweater shopping with in-store machine A logo of Adidas company is seen on a building in Minsk, Belarus September 29, 2016. REUTERS/Vasily Fedosenko By Emma Thomasson - BERLIN BERLIN Adidas has been testing a store where shoppers can design a sweater, have a body scan to determine fit and get it knitted by a state-of-the-art machine within hours, as the German company looks at ways to respond more quickly to customer demands. The sportswear group is working on several initiatives to cut the time it takes to get new designs to stores from the 12 to 18 months now standard in the sneaker industry, including opening factories mainly operated by robots in Germany and the United States. It hopes the drive will help it adjust better to fickle fashion trends, allowing it to sell more products at full price as it seeks to meet a new goal to bring its operating profit margin closer to rival Nike''s by 2020. At a pop-up Adidas store in a mall in Berlin, customers designed their own merino wool sweaters for 200 euros ($215) each and then had them knitted in the store, finished by hand, washed and dried, all within four hours. Shoppers first entered a darkened room where swirling camouflage and spider web patterns were projected onto their chests, with options to shift the light using hand gestures picked up by sensors, like in an interactive video game. Dozens of possible options were recorded and the customers picked their favorite ones on a computer screen, where they could also experiment with different color combinations. Customers chose standard sizes or stripped down to their underwear for laser body scans. Then the personalized pattern was sent to an industrial knitting machines in the store. "It is very individual. It is like knitting your own sweater," said Christina Sharif, adding she ordered shorter arms on her electric blue sweater than the standard model. Adidas wants 50 percent of its products to be made in a faster time frame by 2020, double the rate in 2016, which it expects will increase the proportion of products sold at full price to 70 percent from less than half now. "If we can give the consumer what they want, where they want it, when they want it, we can decrease risk ... at the moment we are guessing what might be popular," Adidas brand chief Eric Liedtke told investors last week. The "Knit for You" store is part of a research project supported by the German government in cooperation with academics and industrial partners. A store assistant said it had sold up to 10 sweaters on busy days, particularly before Christmas. An Adidas spokeswoman said the data and feedback from the project were now being evaluated before the company decided whether to pursue the concept. (Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-adidas-manufacturing-idUSKBN16R1TO'|'2017-03-20T22:46:00.000+02:00'
'b67c94185e311e679a4334917c7de655213e8166'|'CANADA STOCKS-TSX futures lower after G20''s shift to protectionism'|'Company News  44am EDT CANADA STOCKS-TSX futures lower after G20''s shift to protectionism March 20 Stock futures pointed to a lower opening for Canada''s main stock index on Monday after financial leaders of the world''s biggest economies dropped a pledge to keep global trade free and open. Breaking a decade-long tradition of endorsing open trade, G20 finance ministers and central bankers made only a token reference to trade in their communique on Saturday, a clear defeat for host nation Germany, which fought the new U.S. government''s attempts to water down past commitments. June futures on the S&P TSX index were down 0.13 percent at 7:15 a.m. ET. Wholesale trade data is due at 8:30 a.m. ET. Canada''s benchmark stock index fell on Friday as financial stocks lost ground along with bond yields and as natural resource companies pulled back despite an uptick in commodity prices. Dow Jones Industrial Average e-mini futures were down 0.03 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were down 0.12 percent and Nasdaq 100 e-mini futures were down 0.02 percent. (Morning News Call newsletter here ; The Day Ahead newsletter here ) TOP STORIES The Washington Cos said on Sunday it had previously made a proposal to acquire all of the outstanding common stock of mining company Dominion Diamond Corp. for $13.50 a share. ANALYST RESEARCH HIGHLIGHTS AutoCanada Inc: CIBC cuts target price to C$20 from C$22 BCE Inc: CIBC raises target price to C$60 from C$59 Stella-Jones Inc: Desjardins cuts price target to C$43 from C$45 COMMODITIES AT 7:15 a.m. ET Gold futures: $1233.5; +0.3 percent US crude: $48.15; -1.29 percent Brent crude: $51.29; -0.91 percent LME 3-month copper: $5901; -0.57 percent U.S. ECONOMIC DATA DUE ON MONDAY 08:30 National Activity Index for Feb: Prior -0.05 FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report Reuters global stocks poll for Canada Canadian markets directory ($1= C$1.33) (Reporting by Nikhil Kumar in Bengaluru; Editing by Anil D''Silva) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL3N1GX3AC'|'2017-03-20T18:44:00.000+02:00'
'3f35a2cb3e8ec923d7b609e71b892e14e1b6903f'|'Bitcoin steadies after biggest three-day tumble in over two years'|' 56pm EDT Bitcoin steadies after biggest three-day tumble in over two years By Jemima Kelly - LONDON, March 20 LONDON, March 20 Bitcoin regained its footing on Monday, having suffered its heftiest falls since early 2015 between Thursday and Saturday as investors sold the digital currency on worries about its future. Having soared to an all-time high of $1,350 on the Bitstamp exchange on March 10, on speculation that regulators could approve the first U.S. bitcoin exchange traded fund the following day, the digital currency then slipped back. Its falls began accelerating on Thursday and it hit a five-week low of $944.36 on Saturday. But bitcoin recovered a little on Sunday and built on those gains on Monday, climbing around 2.5 percent to roughly $1,050 by 1815 GMT. Bitcoin experts said its steep losses were driven by a longstanding, and intensifying, row over whether - and how - to increase the capacity of the "blocks" that bitcoin transactions are processed in, so as to make sure there are no delays in transactions being finalised. "The bitcoin scaling debate is a risk for the network and highlights core issues in terms of governance and this is where more nimble crypto competitors see advantages in fleshing out their capabilities sooner," said Charles Hayter, CEO of digital currency analysis website Crytocompare, in London. At the same time that bitcoin was plunging, a newer, rival "cryptocurrency" was soaring: ether. The digital currency behind Ethereum - a project that some experts say holds more potential than bitcoin - has almost tripled in value this month, jumping to record highs of around $45. Some experts said traders were selling bitcoin and buying ether, which was exacerbating the falls in the original cryptocurrency. "Traders in the space are looking for better returns in the more risky and nascent cryptos such as Dash, Monero and Ethereum (and are) looking to replicate the extraordinary returns that bitcoin saw in its early days," added Hayter. U.S. regulators dashed Cameron and Tyler Winklevoss''s bitcoin ambitions earlier in the month by rejecting their application to list an exchange-traded fund linked to the digital currency. (Reporting by Jemima Kelly; Editing by Alison Williams)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-markets-bitcoin-idUSL5N1GX4PU'|'2017-03-21T01:56:00.000+02:00'
'bd87b818166d727855afa7b96589ea6ea64a8851'|'As part of Asia pivot, Netanyahu pushes Israeli hi-tech in China'|'Company News  51am EDT As part of Asia pivot, Netanyahu pushes Israeli hi-tech in China * Israel-China trade stands at $8 billion * China building ports, infrastructure in Israel * Netanyahu wants to pivot economy towards Asia By Yuval Ben-David and Michael Martina JERUSALEM/BEIJING, March 20 China''s economy may be 35 times larger than Israel''s, but Prime Minister Benjamin Netanyahu is hoping to use that to advantage during a three-day visit to Beijing as he looks to reorient Israel''s economy towards Asia over Europe and the United States. A week after U.S. chip giant Intel agreed to buy Israeli technology firm Mobileye for $15.3 billion, Netanyahu wants to enlarge Israel''s high-tech presence in China while encouraging further Chinese investment in Israel, where infrastructure and construction projects are growing apace. More than 100 technology executives have joined Netanyahu on the visit, with meetings planned with Chinese business leaders. Bilateral trade has been hovering at around $8 billion for the last few years, but over the past decade, Israel''s exports to China have tripled to $3.3 billion in 2016, with technology - from cybersecurity to agri-tech - leading the way. Half the investments in Israeli funds in 2015 involved at least one Chinese investor, and 40 percent of funds raised by Israeli venture capital firms came from Chinese backers, according to the Economy Ministry. "Israel is pivoting towards Asia in a very clear and purposeful way," Netanyahu said last month in Singapore, which he visited along with Australia. Indian President Narenda Modi will visit Israel in the summer, underpinning the Asia trend. While the European Union remains Israel''s largest trading partner, Asia is steadily closing the gap and politically it tends to put far fewer demands on Israel than the EU does. Matan Vilnai, Israel''s former ambassador to Beijing, said China''s interests in Israel were almost purely economic. The Chinese leadership seeks to learn from Israel''s culture of high-tech innovation and doesn''t push beyond that. "It''s very simple: technology, technology, technology," he told Reuters. Chinese firms are driving major infrastructure projects in Israel, including Tel Aviv''s metro system and new Mediterranean ports in Haifa and Ashdod. A deal for 6,000 Chinese construction workers to come to Israel was signed earlier this year, with the possibility of extending it to 20,000. Ilan Maor, Israel''s former consul-general in Shanghai and the managing partner of Sheng BDO, a business advisory firm, said he thinks China''s leadership is keen to limit discussions with the Israeli delegation to economics, even if Beijing has become more outspoken on Middle East issues. "The place (Netanyahu) can make a significant contribution is opening the door to more trade, moving forward to free trade, and making a clear message that we want Chinese investment," he said. The countries are negotiating a free-trade agreement, although it remains unclear how far advanced talks are. From Netanyahu''s point of view, while China and Israel may be vastly different in terms of population, physical size and resources, there is a strong fit: while Israel innovates, China concentrates on mass marketing and commercialisation. "Given the basic infrastructure of initial and secondary development - airports, sewage lines, water - once you''ve done that, the way to go up and up and up is to constantly improve your products and services and utilities with technology," Netanyahu told Chinese business leaders in Bejing. "We are your perfect junior partner for that effort." (Editing by Luke Baker and Alison Williams) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/israel-china-business-idUSL5N1GT5QR'|'2017-03-20T19:51:00.000+02:00'
'7c2145a565fda9bc1f249e644119bc443a885ce4'|'Nektar''s opioid painkiller succeeds in key late-stage study'|'Company  35am EDT Nektar''s opioid painkiller succeeds in key late-stage study March 20 Nektar Therapeutics said its experimental opioid, designed to achieve pain relief minus the high levels of euphoria that can lead to abuse and addiction with existing opioids, succeeded in a key late-stage study. The drug, which by design reaches the brain slower than existing opioids to deter abuse, outperformed a placebo in over 600 patients with chronic lower back pain. (Reporting by Natalie Grover in Bengaluru; Editing by Anil D''Silva) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/nektar-study-idUSL3N1GX3C0'|'2017-03-20T18:35:00.000+02:00'
'1f688741a4aafa00fcfa4988f1e5a23865375f47'|'Merkel hopes to address trade issues with Trump at G7 in May'|'Business News - Mon Mar 20, 2017 - 1:31pm GMT Merkel hopes to address trade issues with Trump at G7 in May U.S. President Donald Trump and German Chancellor Angela Merkel arrive to speak at a joint news conference at the White House in Washington, U.S., March 17, 2017. REUTERS/Jim Bourg HANOVER, Germany German Chancellor Angela Merkel said on Monday a G7 leaders'' summit of the world''s leading economies in May was a good opportunity to address differences with U.S. President Donald Trump on how to secure free trade while making commerce fairer. "Of course, the views are different and this will not change through one meeting," Merkel said of differences with the U.S. administration on trade issues that surfaced during her talks with Trump in Washington last week. "But the president said clearly during our talks that he is against isolationism and for free trade, but fair trade," Merkel told a news conference at the CeBIT technology fair with Japanese Prime Minister Shinzo Abe. "And now we need to spell out what this means for each of our countries. I think the G7 is a good opportunity but I can''t say whether we would be able to solve all problems." G7 leaders meet in Italy in May and trade is likely to be one of the thorniest issues at the table. Abe said Japan and the European Union must defend free trade and try to bring the United States on board. (Reporting by Andreas Rinke; Writing by Joseph Nasr; Editing by Paul Carrel) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-cebit-merkel-idUKKBN16R1EF'|'2017-03-20T20:31:00.000+02:00'
'343e2dda84a8796495684fa89444332888e217a6'|'Reinsurers design tailored deals in search of higher returns'|'Money News - Mon Mar 20, 2017 - 3:52pm IST Reinsurers design tailored deals in search of higher returns FILE PHOTO: U.S. dollar notes are seen in this November 7, 2016 picture illustration. REUTERS/Dado Ruvic/Illustration/File Photo By Brenna Hughes Neghaiwi and Paul Arnold - ZURICH ZURICH Reinsurer Swiss Re, usually involved in mega-deals on natural disaster coverage, is branching out on its own to do individually tailored schemes to boost returns, such as one in China to protect farmers against floods or drought. This tailor-made approach is part of Swiss Re''s response to fierce competition in the reinsurance industry, where companies are being forced to find new ways to make money as their traditional model of clubbing together to backstop risks generates increasingly slim returns. "We feel very strongly that our ability to figure out solutions to the problems that our clients have means they will give us opportunities," the head of Swiss Re''s core reinsurance business, Moses Ojeisekhoba, told Reuters in an interview. Reinsurers usually pool resources in syndicates to underwrite the risk taken on by front-line insurers. But low interest rates and competition from a host of so-called "alternative providers" such as pension funds has eaten into their profits. Up to 20 percent of the reinsurance market is now occupied by alternative providers, insurance industry experts estimate, a trend that began to take off in the years following the 2008 financial crisis. Insurance rating agency A.M. Best has estimated $75 billion in alternative - or so-called "convergence" - capital entered the business in 2016. This has put pressure on the market. Industry prices for the traditional property and casualty (P&C) business, for example, fell again in January, the important policy renewals season, albeit at a slower rate than in the past few years. To combat the difficult climate, Swiss Re, the industry''s number two, has pioneered the concept of tailor-made reinsurance, negotiating on its own with insurers to offer bespoke deals. Last year, for example, it set up deals with local Chinese insurers and provincial government to reinsure parts of two provinces against natural disaster risks. The schemes - which included China''s first anti-poverty insurance deal to protect farmers against flooding and drought - use a combination of satellite and weather data to trigger payouts of up to roughly $350 million in each province. Swiss Re devised the pilot schemes and acted as sole reinsurer, rather than working in a syndicate to spread the risks. COMPETITION But this specialised business is facing competition from rivals such as Munich Re, Hannover Re and Scor. "There are more people coming into this space," Ojeisekhoba said. Munich Re has emphasised tailor-made products in niche areas such as aerospace and cyber risk. It has also said it would step up investment into so-called "insurtech" start-ups like app provider Wrisk, which offers insurance via smart phones. Munich Re said this would help it to offer more customised products. Large, tailored transactions drove Munich Re''s P&C premium growth in 2016, representing 23 percent of just under 18 billion euros ($19.36 billion) in the P&C division''s gross written premiums, the German company said in annual results earlier this month. But Ojeisekhoba, who took over Swiss Re''s reinsurance business last July, said the tailored business was set to keep growing this year despite the competitive pressures. Reinsurers are also using bespoke deals to help insurance companies to manage tougher capital requirements under Europe''s new Solvency II regime. These deals allow the insurers to free up capital they must hold under the new rules to buffer against unexpected claims and financial losses. Demand for Hannover Re''s bespoke offerings, particularly capital relief, helped the group to book 7 percent premiums growth in January. Swiss Re does not break out figures for the amount of so-called large and tailored business it writes, but has said recent premiums growth was driven by such transactions. The reinsurer has committed $250 million in annual R&D spending to develop advanced risk models that help it to estimate risks ranging from the potential cost of heavy rainfall in Malaysia through to predicting what might become the industry''s next ''asbestos''. These modelling tools also enable Swiss Re to construct specialised deals to help a customer estimate exposure and locate new risks, protect against earnings volatility and free up capital to pay dividends or buy back shares. "It''s not something you simply take off the shelf and apply to a particular situation," Ojeisekhoba said. "You require deep skill sets. You require strong balance sheets. You require relationships and knowledge of the counterparty''s portfolio and their financials, and you clearly require an unambiguous understanding of the regulatory regimes." But with little disclosure from the reinsurers on how they define bespoke business, Mediobanca analyst Vinit Malhotra said it was hard to assess how it will help to shore up individual players'' profitability. Some relief may come from an inevitable uptick in standard business as prices drop below profitable levels. "I think we are not that far away from the bottom. Nobody wants to push their luck that much," Malhotra said. ($1 = 0.9300 euros) (Additional reporting by Carolyn Cohn in London. Editing by Jane Merriman) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/reinsurance-deals-idINKBN16R0SW'|'2017-03-20T17:22:00.000+02:00'
'260061d5b384a8f9b708b41bbce8e0d2119dceb5'|'Italy has no intention of selling stake in ENI - Treasury source'|'Business News - Mon Mar 20, 2017 - 12:39pm GMT Italy has no intention of selling stake in ENI - Treasury source FILE PHOTO: Eni''s logo is seen in front of its headquarters in San Donato Milanese, near Milan, Italy, April 27, 2016. REUTERS/Stefano Rellandini/File Photo ROME The Italian government has no plans to sell a stake in oil and gas group Eni ( ENI.MI ), an Italian Treasury source said on Monday, denying a report in Italian media. Rome daily Il Messaggero wrote that the Treasury was considering selling the 4.3 percent stake that it holds directly. State lender Cassa Depositi e Prestiti (CDP) holds nearly 26 percent. (Reporting by Giuseppe Fonte, writing by Gavin Jones) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eni-sale-denial-idUKKBN16R19L'|'2017-03-20T19:39:00.000+02:00'
'0a9f6c1a906d7325c56b9b1a86c9fa6a92bf15c5'|'A new breed of sovereign wealth fund - without the wealth'|'Business News - Mon Mar 20, 2017 - 9:55am GMT A new breed of sovereign wealth fund - without the wealth By Claire Milhench - LONDON LONDON Once the preserve of rich oil exporters or nations with trade surpluses, like Norway, Kuwait and Singapore, an unlikely new breed of sovereign wealth fund is emerging - in countries with large deficits and deep debt. Sovereign wealth funds (SWFs), which first emerged in the 1950s, are traditionally associated with huge financial firepower. They control about $6.5 trillion (5.23 trillion pounds), according to data provider Preqin, and have transformed the global investment landscape by snapping up stakes in multinational companies and landmark real estate in cities from London to Melbourne. Now Turkey, Romania, India and Bangladesh are launching sovereign funds - but for very different reasons than usual, and with very different methods. Traditionally, wealthy nations use SWFs to invest their surplus billions overseas to prevent inflation at home, diversify income streams and accumulate savings for the day when commodity revenues run out. In stark contrast, the countries launching the new funds, burdened by large current account deficits or external debt, are using them as vehicles to get their economies moving in the face of a global slowdown and lower trade volumes. And rather than splashing cash abroad, the plan is to attract finance from overseas and invest it at home to stimulate growth. "Sovereign wealth fund is a term that''s used very loosely in the labelling of some of these new entities, they are more like sovereign holding companies," said Elliot Hentov, head of research for official institutions at asset management firm SSgA. "They need to lever up – they need private sector co-investment to work." There are both potential benefits and risks to this strategy - and only time will tell whether it will be effective. One of the advantages of having an SWF, apart from the cachet it bestows, is the fact it opens the door to industry associations and peer group networks that offer guidance and - crucially - contacts in the investment world. SCRUTINY Turkey runs an annual external financing deficit of around $30 billion, so it must attract foreign money to plug the gap. By putting the government''s stakes in big companies into a sovereign fund, Turkey hopes to attract external funding, by borrowing against the companies and tapping other SWFs for money. Similarly, Romania plans to finance roads and hospitals by raising debt against the value of the government''s company stakes, or selling them via public listings. India and Bangladesh want to kick-start infrastructure projects via new sovereign funds, with India seeking co-investors amongst SWFs and pension funds for its National Investment and Infrastructure Fund (NIIF). Other funds have been mooted in countries like Lebanon Guyana, but have yet to be established. Such plans have had a varied reception depending on the country. Economists and industry experts have also warned of potential pitfalls that need to be avoided. Critics worry that domestic-focused funds in general can fall prey to a misallocation of resources or outright corruption, citing the example of Malaysia''s 1MDB, which is the focus of money-laundering probes in at least six countries. "The danger with (this model) is that in many cases normal budgetary procedures don''t apply, so they are a way of getting around parliamentary oversight and ministry scrutiny of projects," said Andrew Bauer, senior economic analyst at the Natural Resource Governance Institute. Any lack of transparency can mean there is little way to verify how the money is spent, he added. One risk is that unviable "vanity projects" get funded. PERFORMANCE However in many ways it is in the interests of countries to ensure funds are free of political interference, have a robust legal framework, a clear mandate and professional management - as these are likely to improve decision-making and, ultimately, returns. Grouping state company holdings into a professionally managed fund can improve the performance of the assets - with, for example, Bahrain''s Mumtalakat considered a success in this regard. Abu Dhabi''s Mubadala is also cited as a fund that has helped diversify the UAE economy by developing industries in different sectors. In Romania, separating company ownership from policy-making should improve transparency and accountability, said Greg Konieczny, fund manager of Fondul Proprietatea FP.BX, a Romanian investment fund created by the state to compensate those who lost property under the former communist regime. "Right now these companies are under line ministers that also set policy and strategy for the sectors they are responsible for - that never works," Konieczny said. Similarly, in India, where infrastructure projects are hobbled by red tape, a dedicated state fund may offer a way to accelerate the process, said Nikhil Salvi, a manager at Aranca, an investment research and analytics firm. A major sticking point will be assessing performance - railways and ports may boost economic growth, but won''t show up on the fund''s balance sheet. The social benefits of new schools and hospitals can take years to come through. "Many of these (inward-focused) funds do not publish a return benchmark," said Sven Behrendt, managing director of consultancy GeoEconomica. "Whether or not investments are profitable ... often remains unclear." The new funds also need to avoid the fate of those in poor countries such as Suriname and Zimbabwe, which failed to get off the ground due to a lack of capital. India''s NIIF has been allocated $150 million for the 2017/2018 fiscal year, and plans to tap strategic partners to raise $1.2 billion in the coming fiscal year. Bangladesh''s planned $10 billion fund will be seeded from foreign exchange reserves over the next five years. "The fund will be used for mega projects, including repayment of any loans taken by the government in dollars," said Jalal Ahmed, additional secretary at the ministry of finance. Turkish fund head Mehmet Bostan told Reuters last month he would finalise a strategy plan and present it to the cabinet soon. The government has already transferred company stakes worth billions to the fund, and hopes it will be managing $200 billion soon. (Additional reporting by Ruma Paul and Rajesh Kumar Singh) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-emerging-swf-investment-idUKKBN16R0RA'|'2017-03-20T16:55:00.000+02:00'
'53536790350d1a017011c288a5a64a3cecc1b659'|'ECB money piles up in Germany as investors wary of risk - Bundesbank'|'Money News - Mon Mar 20, 2017 - 4:49pm IST ECB money piles up in Germany as investors wary of risk - Bundesbank FILE PHOTO: The German Bundesbank presents the 50 euro banknote at its headquarters in Frankfurt, Germany, July 13, 2016. REUTERS/Ralph Orlowski/File Photo FRANKFURT Money created by the European Central Bank to shore up euro zone growth and inflation is piling up in Germany as investors are reluctant to venture outside the bloc''s strongest economy, Bundesbank data showed on Monday. A large amount of the money printed by the ECB to buy bonds is landing in German bank accounts, often held by foreign investors, and staying there. This is pushing up the Bundesbank''s claims on the ECB''s Target 2 payment system, which rose to a record high of 814 billion euros ($875.13 billion) in February. But in its monthly report, the Bundesbank said this money does not then flow to other parts of the euro zone, even though bond yields tend to be there higher than in Germany. That showed investors'' reluctance to put their cash to work in weaker economies and raised questions about the effectiveness of the ECB''s stimulus programme, it said. "It is remarkable ... that these second-round effects of the APP ... are not taking place in some countries, including Germany," the Bundesbank said in its monthly report. Before the euro zone debt crisis that peaked in 2012, money flowed out of Germany to seek higher returns in countries such as Greece, Spain or Italy. That trend reversed after 2010 as the crisis escalated and confidence in debt-laden countries has yet to be re-established despite the ECB''s efforts. The German economy has continued to expand and will do so in the near future, the Bundesbank said in its report, citing very strong industrial output driven by high demand from within the EU''s economic powerhouse and from abroad. Target 2 claims and liabilities of the national central banks in the euro zone are not a problem as long as the currency union exists. But if the euro zone should break up, debtors -- the national central banks of countries leaving the bloc -- would have to pay the money back. ($1 = 0.9282 euros) (Reporting by Andreas Framke; Editing by Catherine Evans) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/germany-economy-bundesbank-idINKBN16R10V'|'2017-03-20T18:19:00.000+02:00'
'bb9ad34a00e3420c83445bca17abf151dda38a2b'|'Greek finance minister to remain in Brussels to pursue a deal with lenders'|'  5:59pm GMT Greek Finance Minister to remain in Brussels to pursue a deal with lenders Greek Finance Minister Euclid Tsakalotos attends a eurozone finance ministers meeting in Brussels, Belgium February 20, 2017. REUTERS/Francois Lenoir BRUSSELS Greek Finance Minister Euclid Tsakalotos said on Monday he planned to stay in Brussels for further consultations with the country''s creditors towards finalizing a bailout review. Greece and its international lenders are still at odds over pension, labor and energy market reforms, necessary before new loans can be disbursed to Athens. Tsakalotos said ''most issues'' had been resolved, and that he hoped for a preliminary deal by April 7, when euro zone finance ministers are scheduled to meet in Malta. "Our intention is to stay here, to achieve significant progress and leave very few issues (unresolved) ...so if the institutions return to Athens, to have an agreement on a package of measures," Tsakalotos told journalists. The final details, he said, could be penciled in during the Spring meeting of the International Monetary Fund later in April. The Washington-based fund has yet to decide whether to participate in Greece''s 86 billion euro bailout, expressing deep concerns over debt sustainability in the crisis-hit nation. (Reporting By Michele Kambas and Renee Maltezou)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eurozone-greece-finmin-idUKKBN16R25V'|'2017-03-21T00:58:00.000+02:00'
'144f542c73b054b73a0ffb7673a2a8f90afb72dd'|'Revealed: what small businesses want from Brexit negotiations - Guardian Small Business Network'|'Research released by the Federation of Small Businesses (FSB) reveals a trade deal with Europe is top of the list for small businesses post Brexit. The survey, completed by 1,758 members, found 63% of exporters would prioritise a deal with Europe first, followed by the US (49%), Australia (29%) and China (28%). Nine out of 10 (92%) exporting small businesses and 85% of importers trade with the EU. It is also the first foreign market many small firms go to: exporters are twice as likely to have exported to the EU for the first time, than another market. More than half (58%) of exporting small firms say it is easier to trade with the EU, compared to non-EU countries. A small proportion (6%) find it harder. The poll also found small businesses are concerned about tariffs imposed once the UK leaves the single market. A third (34%) of exporting firms say they would be deterred from trading with the EU if a tariff of between 2-4% was applied. This has been the EU’s average range under World Trade Organisation rules over the past few years. Lord Marland: ‘People are obsessed with free trade agreements’ Read more A large proportion (39%) of those that trade exclusively with the EU (21% of small firms surveyed) say any tariff rate above 0% would deter them from doing business with the trading bloc. More than three quarters (76%) of potential exporters also expect tariffs to play a significant role in their future plans. The cost of increased administrative burdens are a concern for more than half of all small businesses surveyed. Small firms that operate a global supply chain are also considering changes. One in five (20%) say they are thinking about relocating more, or all, of their supply chain to the EU. Only 9% are thinking about a move to the UK.But there is some hope for expanding business opportunities in other markets. The majority (72%) of exporting small businesses and 53% of importers trade both inside and outside of the single market. Almost one in five (19%) of exporters trade with at least one of the top four emerging markets – China, India, United Arab Emirates and South Africa. China and India also feature in the top 10 global priority markets. Trading with emerging markets can be good for business – the average turnover of small firms that export to China is £1.5m. Those that export to the EU have an average turnover of £893,203. A number of UK small firms expect very little or no change to their levels of trade after the country leaves the single market (42% of exporters, and 55% of importers). However 49% of exporters expect material change – 20% believe they will export more and 29% expect to trade less. Only 7% of importers believe they will import more, compared to 31% who expect volumes to fall. FSB chair, Mike Cherry, said about the findings: “Small firms trade with countries based on ease, cost and value and any future trade deal must deliver on these key aspects both with the EU single market and non-EU markets.“The reality is that the EU single market is still a crucial market for smaller firms and cannot be undervalued. Compared to larger companies, small businesses typically work to tighter margins with limited resources, meaning changes to the trading landscape will hit them disproportionately hard. We call on the government to ensure that a sensible phased implementation arrangement is put in place to avoid a cliff edge, once we have left the EU.”Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox. Topics Guardian Small Business Network Small business Entrepreneurs Article 50 European Union news  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/small-business-network/2017/mar/21/revealed-what-small-businesses-want-from-brexit-negotiations'|'2017-03-21T14:00:00.000+02:00'
'989b2a921d3a8909922b2e083eeea9e128d1b055'|'Downer launches $1 bln bid for Spotless Group'|'Deals   7:01pm EDT Downer launches $1 billion bid for Spotless Group MELBOURNE Downer EDI Ltd ( DOW.AX ) launched a bid for Spotless Group ( SPO.AX ) on Tuesday valuing the cleaning and catering firm at A$1.27 billion ($981 million), in a move to expand its services beyond engineering and construction. Downer is offering A$1.15 a share in cash for stock it does not already own in Spotless, a 59 percent premium to its close on Monday. Downer, which acquired a 19.9 percent stake in its target in a raid late on Monday, said it would fund the deal mostly through the sale of A$1 billion worth of new shares to its existing shareholders. "The acquisition of Spotless is a significant investment in Downer''s strategy to expand its capabilities and strengthen its position as a leading provider of services to customers in Australia and New Zealand," Downer Chief Executive Grant Fenn said in a statement. (Reporting by Sonali Paul; Editing by Bernard Orr) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-spotless-group-m-a-downer-edi-idUSKBN16R2OH'|'2017-03-21T05:59:00.000+02:00'
'8ba37bf2eb980944da8b0d1a30bc6a2d36d64fed'|'UPDATE 1-Brazilian police raid offices in corruption probe'|'World  31am EDT Brazilian police raid offices in corruption probe BRASILIA Brazil''s federal police raided the offices of people close to several prominent senators on Tuesday in the latest phase of a sweeping, three-year-old corruption probe, according to authorities and local media. The 14 search and seizure warrants were issued by the Supreme Court based on information provided by executives of engineering conglomerate Odebrecht SA [ODBES.UL] in their plea bargain deals, police said in a statement. The raids took place in the cities of Brasília, Maceió, Recife, Rio de Janeiro and Salvador. Police did not provide details on the targets, nor did prosecutors in a similar statement. Globo News TV said the investigation targeted people closely associated with Senate President Eunício Oliveira and senators Renan Calheiros, Valdir Raupp and Humberto Costa. Oliveira, who is a key ally of President Michel Temer in his efforts to pass fiscal reforms, denied receiving illegal donations in his 2014 campaign for governor of Ceará. "The Senator is convinced the truth will prevail," a statement issued by his lawyer said, commenting on police raids in the morning. Other senators mentioned in the media did not immediately respond to requests for comment. In December, Odebrecht signed the world''s largest leniency deal with Brazilian, U.S. and Swiss prosecutors and admitted bribing politicians across Latin America and in Africa. The Supreme Court is expected to disclose details in coming weeks of the 950 depositions given by 77 Odebrecht executives. Carlos Lima, a federal prosecutor who has helped lead the probe, told Reuters this month he thinks upward of 350 new investigations could stem from the Odebrecht testimony. The scandal has reached into Temer''s inner circle and threatens the fate of proposed reforms to curb an untenable budget deficit and pull Brazil out of its worst recession. (Reporting by Silvio Cascione and Anthony Boadle; Editing by W Simon and Frances Kerry) Next In World News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-brazil-corruption-idUSKBN16S17G'|'2017-03-21T21:30:00.000+02:00'
'e6dbba371ff9a7bddc442b63ba8571dc3ee0e232'|'"Gay moment" stays put as Malaysia to release "Beauty and the Beast" without cuts'|'Entertainment  44am EDT ''Gay moment'' stays put as Malaysia to release ''Beauty and the Beast'' without cuts left right Director of the movie Bill Condon and composer Alan Menken pose with cast members Dan Stevens, Luke Evans, Emma Watson, Josh Gad, Audra McDonald and Gugu Mbatha-Raw at the premiere of ''Beauty and the Beast'' in Los Angeles, California, U.S. March 2, 2017. REUTERS/Mario Anzuoni 1/2 left right A Beauty and the Beast poster in downtown Kuala Lumpur, Malaysia March 14, 2017. REUTERS/Angie Teo 2/2 KUALA LUMPUR Walt Disney blockbuster "Beauty and the Beast" will be released in Malaysia this month without any cuts, the company said on Tuesday, after censors had earlier asked for the removal of a "gay moment" in the movie. Malaysia''s censor board last week barred the movie from screening in the Muslim-majority country if Disney did not remove the gay scene. Homosexuality is discouraged by religious leaders in Malaysia. Disney refused to make the cut and local distributors asked the censor board to review the decision. "We are pleased to announce that Disney''s ''Beauty and the Beast'' has now been approved to be released in Malaysia with no cuts, with a PG13 rating," the company said in a statement. PG13 rating means parental guidance is advisable for children under 13 years. The censor board was not immediately available for comment on the reversal of its decision. Starring Emma Watson as young Belle who falls in love with the Beast, the film features a gay character for the first time in Disney''s history. The character, LeFou, the sidekick to the film''s primary villain, Gaston, sparked calls among some ultra-conservative groups around the world for a boycott of the film. The movie made $170 million over the weekend in North America, setting a new record for a March opening. Malaysia has previously blocked the release of Hollywood movies deemed religiously insensitive, such as 1998''s "The Prince of Egypt", which depicted the Biblical story of Moses, and 1995''s "Babe", which featured a pig as the main character. Muslims consider pigs unclean. (Reporting by A. Ananthalakshmi; Editing by Nick Macfie) Next In Entertainment News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-disney-beautyandthebeast-censorship-idUSKBN16S1AN'|'2017-03-21T18:40:00.000+02:00'
'f373eb692e10f9b43968b008c31b70d36495141c'|'Business leaders urge G20 to put climate change back on agenda'|'  3:11pm GMT Business leaders urge G20 to put climate change back on agenda left right FILE PHOTO: Children play amid icebergs on the beach in Nuuk, Greenland, June 5, 2016. REUTERS/Alister Doyle 1/2 left right Buildings are seen in heavy smog during a polluted day in Jinan, Shandong province, China, December 20, 2016. REUTERS/Stringer 2/2 BERLIN Business executives and scientists on Tuesday urged the world''s leading economies to put global warming back on the G20 agenda after finance ministers and central bankers failed to reaffirm their readiness to finance measures against climate change. The G20''s outreach organizations for business (B20), think tanks (T20) and civil society groups (C20) urged the Group of 20 leading economies in a joint statement to take fast and fundamental action to counter rising temperatures. "Climate change represents one of the largest risks to sustainable development, inclusiveness, equitable economic growth and financial stability," the statement said. "We need to be sure that (G20 leaders) will fulfill existing international climate-related commitments, foremost the Paris Agreement," it said. The statement was signed by B20 chair Kurt Bock, who is also CEO of chemicals group BASF BASF.DE, and several leading scientists, including Ottmar Edenhofer from the Mercator Research Institute on Global Commons and Climate Change. It came after G20 financial leaders - under pressure from the United States - dropped from their communique a reference about willingness to finance measures to combat climate change as agreed in Paris in 2015. The business leaders and scientists welcomed Germany''s continued leadership on the issue as rotating president of the G20. U.S. President Donald Trump has suggested global warming is a "hoax" concocted by China to hurt U.S. industry and vowed during his election campaign to scrap the Paris climate accord aimed at curbing greenhouse gas emissions. Trump''s administration has proposed a 31 percent cut to the Environmental Protection Agency''s budget. (Reporting by Gernot Heller and Michael Nienaber; editing by Ralph Boulton) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-g20-climatechange-idUKKBN16S1W3'|'2017-03-21T22:09:00.000+02:00'
'22b307b2a8c5b050d3b97d2387d744f597fa692c'|'Indians leave bankers in the cold in $23 billion telecoms mega-deal'|'Internet  58pm GMT Indians leave bankers in the cold in $23 billion telecoms mega-deal A hotel employee clears a table after Vodafone Group and Idea Cellular news conference in Mumbai, India March 20, 2017. REUTERS/Danish Siddiqui By Sumeet Chatterjee and Devidutta Tripathy - HONG KONG/MUMBAI HONG KONG/MUMBAI Investment banking business in India should be enjoying bumper fees after a record year of dealmaking. It''s not, and big banks blame in-house teams of advisers that have proliferated as the country''s top family-owned conglomerates tighten their grip. This week''s $23 billion tie-up between Idea Cellular, controlled by the Aditya Birla Group, and the Indian business of Vodafone Group, is the latest example of a trend that is squeezing major international investment banks. Many are struggling in a market that has long been difficult, thanks to messy deals, paltry fees and local challengers. Bankers had been circling both sides of the telecoms mega-merger since it was first mooted late last year, when competition in the sector accelerated dramatically. In India, deals worth more than $1 billion are rare. In the event, Vodafone hired six advisers: Morgan Stanley, Robey Warshaw, Bank of America Merrill Lynch, Kotak Investment Banking, Rothschild and UBS. Idea hired none. Instead of tapping bankers, the Aditya Birla Group relied on their in-house team, which includes Saurabh Agrawal, a former South Asia head of corporate finance at Standard Chartered, whom it hired last year as head of corporate strategy, and former Morgan Stanley banker Ashish Adukia, who joined nearly three years ago. Earlier this year, it also hired Ankur Dalwani, a former managing director at Jefferies in India, according to a source familiar with the move. "Investment banking is monthly tracking of revenue that you''ve made, investment banking in corporate is monthly tracking of ideas that you have generated. That''s the difference," Adukia said in an emailed comment. The trend, say bankers, is about bringing back control for Indian tycoons behind some of its biggest companies. One source with direct knowledge of this deal said Birla took a direct role in the deal, assisted by Agrawal. "In some cases, the company in the middle of a transaction won''t even copy the bank advising on the deal when sending mails finalizing the details. It''s all about keeping control of each and every decision," said one banker who has worked with big Indian conglomerates, including Birla. "Increasingly you will see the large companies roping in external advisers only in those cases where they can''t bridge the gap. It will mainly involve the markets where they have no presence or no knowledge." DOING IT YOURSELF Birla and Idea did not immediately respond to requests for comment on the decision to leave out advisers, although one separate source familiar with the deal said the company felt its team to be "adequately equipped". Elsewhere in India''s corporate landscape, high-profile banker appointments have proliferated. Bank of America dealmaker Ankur Verma joined Tata Group''s holding company last month. Former RBS and CIMB banker Viral Gathani last year joined Vedanta Resources as head of corporate finance strategy. A Tata spokesman said Verma will have diverse responsibilities. Gathani did not respond to a request for comment. Large western companies also assemble in-house M&A experts, but they mostly continue to use external advisers while executing large takeovers, and in-house teams in the United States and Europe tend to be modest in size. Asia, led by China and increasingly India, is challenging that order. The pain of losing top talent and fees is acutely felt in markets like India, already one of the industry''s toughest regions, where many have pulled back or out altogether. Compliance demands are rising and competition for talent is increasing, but fees are going in the opposite direction. Indian companies struck a record $72 billion in M&A deals last year, doubling from the previous year. However, total fees for investment banking, including M&A, debt and equity, declined to $463 million last year from $491 million a year ago, and was sharply lower than $682 million in 2014. Bankers said many Indian companies no longer wanted deal-specific advisory services, but were looking for advice across due diligence, M&A, debt and equity raising, and did not want to deal with multiple banks for corporate finance services. "The corporates think they can have a much better control over a transaction if they keep it close to themselves, and can avoid any conflict situation that some of the foreign banks may have," said one M&A banker with a U.S. bank. India Inc''s bet is not without risks, especially for more complex international deals, or where companies require considerable fundraising. But for many, that''s not yet. "Most of the top Indian corporates are very cash rich and they don''t need balance sheet support, so they would say why waste a few million dollars on purely advisory services?" said one of the bankers with a foreign bank in Mumbai. "They can get two, three bankers at a fraction of that cost," he said, referring to their annual salary. (Reporting by Sumeet Chatterjee in HONG KONG and Devidutta Tripathy in MUMBAI; Writing by Anshuman Daga; Editing by Clara Ferreira Marques and Mike Collett-White) Next In Internet News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-vodafone-m-a-banks-idUKKBN16S20Z'|'2017-03-21T22:44:00.000+02:00'
'8bfcdf757f89c93d921a863e32077c041832f3d0'|'OECD sees China growth slowing to 6.5 percent in 2017, 6.3 percent in 2018'|'Tue Mar 21, 2017 - 6:10am GMT OECD sees China growth slowing to 6.5 percent in 2017, 6.3 percent in 2018 People walk in the financial district of Pudong in Shanghai, China March 9, 2017. REUTERS/Aly Song BEIJING China''s economic growth is likely to slow to 6.5 percent this year and cool further to 6.3 percent in 2018, the OECD said, though exports are set to pick up as global demand strengthens. The Organisation for Economic Co-operation and Development also warned of China''s ballooning corporate debt in its bi-annual economic outlook report released on Tuesday. "In terms of risk, we believe that internally the biggest risk is the accumulated and fast pace of growth of credit both in terms of shadow banking and the banking system," Alvaro Santos Pereira, director of the country studies branch of the OECD''s Economics Department, told reporters. "I think it''s important to intensify efforts to tackle this issue." China''s corporate debt is about 175 percent of GDP, one of the highest in emerging market economies, he said, with state-owned enterprises (SOEs) accounting for around 75 percent of that. "One of our top recommendations is to remove implicit guarantees to SOEs and other government and public entities," said Margit Molnar, head of the China desk at the OECD''s Economics Department. Such guarantees have enabled SOEs and local government investment vehicles to continue accumulating debt, she said. Financial risks in China are mounting because of indebted enterprises, growing non-bank activities and enormous overcapacity, the report said. The OECD''s forecast for 2017 is in line with the Chinese government''s growth target of around 6.5 percent this year, versus last year''s 6.5-7 percent range. The economy grew 6.7 percent in 2016, the slowest pace in 26 years. Some analysts believe the more modest target will give policymakers more room to tackle debt risks and push through painful reforms, though authorities are expected to proceed cautiously to avoid hurting growth. Economic growth remains high "but is gradually and appropriately moderating as the population ages and the economy rebalances from investment to consumption," the report said. Export volumes are expected to grow 3.4 percent this year and 3.3 percent next year, up from 2.3 percent in 2016, due to increasing global demand. Import volumes are set to grow 7.7 percent this year and 6.0 percent in 2018, down from 8.6 percent growth in 2016, as imports used to process exports fall. The world''s second-largest economy needs more innovation, entrepreneurship, effective corporate governance and reform of its state-owned sector, the OECD added. The report did not single out the threat of rising protectionism from the United States but noted that protectionism by some trading partners would hurt Chinese exports. However, it said China could mitigate this by signing free trade deals with other partners. "Rising protectionism to the level that some people are talking about - or reversing some of the gains of the last ten, fifteen years - is going to be extremely costly to everyone," Pereira said. China''s rapid economic growth has been accompanied by rising inequality which could be combated by reforming the tax system and the household registration system which limits labor movement, the OECD said. (Reporting by Sue-Lin Wong; Editing by Kim Coghill) Up Next Fed on track to raise U.S. rates twice more this year: Evans NEW YORK The Federal Reserve is on track to raise interest rates twice more this year after a policy tightening last week, and it could be more or less aggressive depending on inflation and fiscal policies from the Trump administration, a Fed rate-setter said on Monday.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-oecd-economy-china-idUKKBN16S0GA'|'2017-03-21T13:02:00.000+02:00'
'64e7175abe48bce2a0e018349db61384b07e98db'|'Google sister company Jigsaw offers free security tools to election groups'|'Technology  07am GMT Google sister company Jigsaw offers free security tools to election groups A Google search page is seen through a magnifying glass in this photo illustration taken in Berlin, August 11, 2015. REUTERS/Pawel Kopczynski/Files By Eric Auchard and Toby Sterling - FRANKFURT/AMSTERDAM FRANKFURT/AMSTERDAM Google and its sister company Jigsaw, are stepping up efforts to help keep elections free of online interference after helping to defend one of two important voter information websites that came under cyber attack during last week''s Dutch national election. As campaigns have moved online over the past decade, so too have online attacks escalated against civic institutions -- from candidates, parties, activist volunteers, election monitors and independent media - that are vital to fair elections. Google parent Alphabet Inc''s Jigsaw subsidiary, which supplies security tools to civic groups, is working with Google to safeguard elections globally. A Jigsaw spokesman said on Tuesday that it plans to offer a free suite of security tools called Protect Your Election for upcoming national votes in France, South Korea and Germany, then subsequent elections as they occur. (Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-cyber-election-idUKKBN16S166'|'2017-03-21T18:04:00.000+02:00'
'd12ff2f4f8972997e920b29778e47cf4c7d51642'|'The man who planted a tree and grew a whole family of forests - Global Development Professionals Network'|'W hen Antonio Vicente bought a patch of land in São Paulo state and said he wanted to use it to plant a forest, people called him crazy. It was 1973 and forests were seen by many as an obstacle to progress and profit.Brazil’s then military government encouraged wealthy landowners to expand by offering them generously subsidised credit to invest in modern farming techniques, a move the ruling generals hoped would boost national agriculture.But water, or an impending lack of it, was Vicente’s concern as he worriedly watched the expansion of cattle grazing and industry, the destruction of local forests, and the growth of the population and the rapid urbanisation of the state.One of 14 children, Vicente grew up on a farm where his father worked. He’d watched him cut down the trees at the owners’ orders, for use in charcoal production and to clear more land for grazing cattle. Eventually the farm’s water springs dried up and never returned.Maintaining forests are essential for water supplies because trees absorb and retain water in their roots and help to prevent soil erosion. So with some donkeys and a small team, he worked on his little patch – 31 hectares (77 acres) of land that had been razed for grazing cattle – and set about regenerating.“The area was totally stripped,” he says, demonstrating by pointing to a painting of the treeless land in 1976. “The water supplies had nearly dried up.”Facebook Twitter Pinterest There are now eight waterfalls on Vicente’s land. Photograph: Tommaso Protti/Tommaso Protti for The Guardian His neighbours, who were cattle and dairy farmers, used to tell him: “You are dumb. Planting trees is a waste of land. You won’t have income. If it’s full of trees, you won’t have room for cows or crops.” But what started off as a weekend gig has now become a full-time way of life. More than 40 years later, Vicente – now 84 – estimates he has replanted 50,000 trees on his 31 hectare Serra da Mantiqueira mountain range property.“If you ask me who my family are, I would say all this right here, each one of these that I planted from a seed,” he says.But Vicente is working against the national trend. After several years of successive falls in deforestation in Brazil’s Amazon – the world’s largest tropical forest – numbers are beginning to rise again.Nearly 8,000 hectares (19,770 acres) of rainforest were destroyed between August 2015 and July 2016, equivalent to an area 135 times the size of Manhattan, a 29% from the year before and the highest increase since 2008, according to Brazil’s National Institute for Space Research (INPE), and while deforestation levels are still nowhere near their peak in 2004 when more than 27,000 hectares (66,720 acres) were removed, the upward trend is still worrying.There are a number of reasons behind the rise, not least the introduction of the controversial 2012 Forest Code which gave amnesty to property owners who committed illegal deforestation.“This sends a very wrong signal, of impunity. People think: “If I get one amnesty, who knows? In another few years from now I might get another,” says Cristiane Mazzetti, Greenpeace Amazon campaigner.If you ask me who my family are, I would say all this right here, each one of these that I planted from a seedAntonio Vicente She also points out that: “The last government headed by Dilma Rousseff didn’t issue hardly any conservation areas of demarcated indigenous territory. These are good instruments for fighting deforestation.” In her last days in office, Rousseff issued a few conservation areas, but alarmingly, politicians from Brazil’s Amazon caucus have expressed interest in reducing these by 35%, a move experts say would open up the reserves to deforestation, land grabbing and illegal gold mining.And Brazil , reeling from economic and political crisis over the last few years, has had less capacity for monitoring due to budget constraints. Attention is being directed to the drama in Brasília where an unprecedented corruption investigation threatens the political establishment. Vicente’s own home state, São Paulo, has seen some of Brazil’s worst deforestation. The richest state in Brazil, São Paulo is responsible for a third of the country’s GDP and is the biggest economy in South America, with industry and agriculture being two of the biggest contributors. For many decades, as the region grew in economic importance, so did the destruction of the local environment.Facebook Twitter Pinterest A view of Antonio Vicente’s Pouso do Rechedo guesthouse. Photograph: Tommaso Protti for the Guardian During the last 30 years, while Vicente was planting his forest, 183,000 hectares (452,200 acres) of Atlantic forest in São Paulo state were cut down to make way for farming and expanding cities. According to a study by SOS Atlantic Forest Foundation and INPE, Atlantic forest originally covered 69% of São Paulo state, but only 14% of this total remains today. The deforestation may have been an aggravating factor in a two-year water crisis in São Paulo state that ended in 2016, alongside water-intensive industrial and agricultural production in the state and poor management of the state water company. We are destroying rainforests so quickly they may be gone in 100 years - John Vidal Read more Today, local government initiatives in the region give a small monthly payment to farmers who protect the water supplies by planting and maintaining trees. São Paulo is currently managing to achieve almost zero deforestation. (Although that is, at least partly, because there is so little forest left to be cut down.) Nationally, there are signs of a fightback. In 2015, Brazil committed to replanting 12m hectares (29.6m acres) of deforested land by 2030, as part of the Bonn challenge , a target that was derided by many as unrealistic.Much of this deforested land lies on private property and so engaging property owners like Vicente is fundamental to meeting the challenge. The Alliance for the Restoration of the Amazon, a collection of government bodies, NGOs, private sector initiatives and universities bodies, was launched in January to meet this monumental challenge and is undertaking studies in the field. “If everyone followed Vicente’s example, our task would be a lot easier,” says Rodrigo Medeiros, vice president of Conservation International Brazil, one of the organisations in the coalition. “The scale of restoration that we are dealing with here is unprecedented in the history of Brazil. Without forests, water, food and a pleasant climate are basically not possible.”However, Mazzetti from Greenpeace points out that from 1985 to 2015, while 219,735 hectares (542,977 acres) of Atlantic forest were regenerated across Brazil, much more, 1,887,596 hectares (4,664,351 acres) were cut down during the same period.“Regeneration is a slow process, we need zero deforestation now,” she says. Others have joined Vicente in his work. Brazil’s most famous reforestation advocate lives nearby – celebrity photographer and activist Sebastião Salgado , who with his wife Lélia, reforested nearly 7,000 hectares of Atlantic forest in the late 1990s on his childhood home.Facebook Twitter Pinterest POUSO DE ROCHEDO, BRAZIL - MARCH 04, 2017: Antonio Vicente in the forest. He has spent the last 40 years reforesting his land, bringing life back to an area that was razed for cattle grazing. Photograph: Tommaso Protti for the Guardian On Vicente’s own patch, there are now eight waterfalls. He takes me out on to his land, and we hike down one of the mountain trails beside a cascading waterfall, covered by a lush green Atlantic forest canopy, stopping to take gulps of fresh water with our hands. The trail is absolutely spotless, with no litter or cigarette butts, with a rich earthy smell and views in the distance of the Mantiqueira mountain range’s rolling green valleys, the only noise the trickle of the waterfall.Vicente has seen first-hand the devastating effects of mass deforestation. He travelled at one point to Rondonia, now one of Brazil’s most deforested Amazon states, in 1986 during a drive by the Brazilian government to settle the region which proved disastrous as following mass deforestation, the land yielded poor results.“The government were giving the land away for cheap, but the land didn’t serve for anything,” he says. “People cut down the trees but after 3 to 4 years, the soil turned into sand and nothing grows.”Speaking of his own project in the Mantiqueira mountain range: “I didn’t do it for money, I did it because when I die, what’s here will remain for everyone.” He adds: “People don’t call me crazy any more.”Join our community of development professionals and humanitarians. Follow @GuardianGDP on Twitter. Topics Global development professionals network Forests for climate and development Deforestation Conservation Trees and forests features  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/global-development-professionals-network/2017/mar/21/the-man-who-planted-a-tree-and-grew-a-whole-family-of-forests'|'2017-03-21T18:44:00.000+02:00'
'8c4a4570a57a6a5e9e7680443f1bb38ba094c528'|'Bank of England ''gets'' concerns around standards after Hogg resignation - Carney'|' 43am GMT Bank of England ''gets'' concerns around standards after Hogg resignation - Carney FILE PHOTO: Bank of England governor Mark Carney smiles during a news conference at the Bank of England in London, Britain, December 1,   Photo LONDON Bank of England Governor Mark Carney said on Tuesday he fully understood concerns about the BoE''s standards of accountability, after deputy governor Charlotte Hogg resigned for failing to disclose a potential conflict of interest. Hogg, one of Governor Mark Carney''s most trusted lieutenants, stepped down last week following criticism by lawmakers who said the episode raised "wider concerns" about accountability at the British central bank. Speaking in London on ethics and banking, Carney said the BoE would learn lessons from the "unfortunate events". "For those who have questioned whether we ''get it'', we do. We know this honest mistake was also a serious mistake – one that was compounded by the fact that Charlotte Hogg had overseen the development of our new Code (of conduct)." Carney said he fully respected the judgment of lawmakers who said Hogg was no longer suitable for the role of deputy governor for markets and banking. He added that the BoE had planned a tougher response to Hogg''s failings than would have been expected in the private sector. (Reporting by Andy Bruce; Editing by Robin Pomeroy)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-boe-carney-hogg-idUKKBN16S14H'|'2017-03-21T17:43:00.000+02:00'
'533fc8db35dc8053ea0c21c48572f8efc4ca817d'|'Snap snaps back after analyst assigns first ''buy'' rating'|'Business News   4:51pm GMT Snap snaps back after analyst assigns first ''buy'' rating A woman stands in front of the logo of Snap Inc. on the floor of the New York Stock Exchange (NYSE) while waiting for Snap Inc. to post their IPO, in New York City, NY, U.S. March 2, 2017. REUTERS/Lucas Jackson By Noel Randewich - SAN FRANCISCO SAN FRANCISCO Snap Inc stock rose on Monday after the Snapchat owner received its first "buy" rating from a Wall Street analyst following a $3.4 billion (2.75 billion pounds) public listing this month that raised the eyebrows of many on Wall Street. The social media company''s public listing on March 1 was the hottest by a technology firm in three years, but after two days of explosive gains, its stock has mostly fallen as investors worry about Snap''s high valuation and lack of profitability. Based on the average of analysts'' buy, sell and neutral recommendations, Snap is the worst-rated stock among 288 U.S. companies that have a market capitalisation of at least $20 billion, according to Thomson Reuters data. Crespi, Hardt & Co analyst James Cakmak on Monday gave Snap its first "buy" rating and a $25 target price. Its stock at midday was up 2.09 percent at $19.96. "We see a company with the potential to outpace revenue growth of peers by 7x, along with a steep margin trajectory, while peer margins have likely peaked," he said in a report. Cakmak''s recommendation stands out among reports by analysts concerned about Snap''s slowing user growth, widening losses and lack of voting rights for outside investors. Snap has warned it may never be profitable. Another five analysts have recommended selling Snap while four analysts have neutral ratings. In its first two days of trading, Snap surged 59 percent from its $17 IPO price. Since then, it has lost 26 percent. (Reporting by Noel Randewich; Editing by Cynthia Osterman) Next In Business News Vodafone, Idea in $23 billion deal to create new Indian telecom leader MUMBAI Britain''s Vodafone Group and Idea Cellular agreed on Monday to merge their Indian operations in a $23 billion (18.55 billion pounds) deal, creating the country''s biggest telecoms business after the entry of a new rival sparked a brutal price war. Exclusive - Iran struggles to coax Bank of England to open clearing accounts: sources LONDON/ANKARA Iran has asked the Bank of England to set up special clearing accounts for its banks, but has so far been rebuffed in its effort to resolve an impasse that has left it excluded from banking in London more than a year after sanctions were lifted. BRUSSELS Greek Finance Minister Euclid Tsakalotos said on Monday he planned to stay in Brussels for further consultations with the country''s creditors towards finalising a bailout review. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-snap-stocks-idUKKBN16R1ZQ'|'2017-03-20T23:51:00.000+02:00'
'd43367d1ac6e0e0d07d94d5860b58368940023c4'|'EU plans to relax rules on airlines'' transatlantic wet leasing deals'|' 29pm GMT EU plans to relax rules on airlines'' transatlantic wet leasing deals Contrails from a passenger plane is seen during the sunset in Berlin, November 2, 2014. REUTERS/Fabrizio Bensch By Julia Fioretti - BRUSSELS BRUSSELS The European Commission wants to scrap restrictions placed on EU airlines leasing planes and crew from U.S. carriers, to resolve a long-standing dispute between the two sides. The leasing of crewed planes from another airline - known as wet-leasing - is a common practice in the industry and the 10-year-old EU-U.S. Open Skies aviation services agreement envisaged a liberal regime for wet leasing. But a dispute arose after the EU separately in 2008 imposed a seven-month duration limit, renewable once, on European airlines wet-leasing from non-EU carriers. The United States retaliated by imposing similar duration limits on EU carriers wet-leasing from other EU carriers on their routes to and from the United States, making it hard for European airlines to plan routes as they would not know if the wet-leased crews and planes would have permission to fly. The Commission is now seeking a mandate from EU member states to negotiate an unrestricted wet-leasing agreement with the United States - the first such agreement the EU would have - to resolve the impasse, but that has raised fears among some critics that airlines could use wet-leasing as a way to operate regular services with cheaper crews. But supporters say this is unlikely to happen as pay levels are similar on both sides of the Atlantic and while Germany has opposed a liberalized wet-lease regime with the United States, most other member states are in favor. PILOT FEARS In December the Commission proposed introducing an exception to the duration limit on wet-leasing deals if negotiated in an international agreement, to pave the way for a liberalization with the United States. The European Cockpit Association (ECA), representing pilots, fears that change could open up the possibility of unrestricted wet-leasing agreements with other countries with whom the EU is currently negotiating aviation agreements, such as Qatar, Turkey and the countries forming the Association of Southeast Asian Nations. Low-cost airline Norwegian Air Shuttle ( NWC.OL ) has faced criticism for employing crew from Thailand, although it has made an effort recently to employ more Europeans. In the proposal the Commission said "other third countries may line up in the future to seek similar derogations, but each request would be dealt with on a case-by-case basis and exemptions should be granted only when adequately justified." The ECA cited Akbar Al Baker, chief executive of Qatar Airways, as saying in a negotiating round earlier this month with the EU on an aviation agreement that Qatar would not accept a less favorable regime on wet-leasing than those granted to other countries. (Additional reporting by Victoria Bryan; Editing by Greg Mahlich) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eu-aviation-leasing-usa-idUKKBN16R2BF'|'2017-03-21T02:26:00.000+02:00'
'6b89b2b1810be934fea556309f492e783b75ec2d'|'China prepares to counter any U.S. trade penalties: sources'|'Business News - Mon Mar 20, 2017 - 5:33am EDT China prepares to counter any U.S. trade penalties: sources U.S. President Donald Trump walks from Marine One upon his return to the White House in Washington, U.S., March 19, 2017. REUTERS/Joshua Roberts By Kevin Yao - BEIJING BEIJING China''s government has been seeking advice from its think-tanks and policy advisers on how to counter potential trade penalties from U.S. President Donald Trump, getting ready for the worst, even as they hope for business-like negotiations. The policy advisers believe the Trump administration is most likely to impose higher tariffs on targeted sectors where China has a big surplus with the United States, such as steel and furniture, or on state-owned firms. China could respond with actions such as finding alternative suppliers of agriculture products or machinery and manufactured goods, while cutting its exports of consumer staples such as mobile phones or laptops, they said. Other options include imposing tax or other restrictions on big U.S. firms operating in China, or limiting their access to China''s fast-growing services sector, they added. Beijing was a particular target of Trump''s rhetoric during last year''s election campaign, and officials see some friction as inevitable due to China''s large trade surplus, according to several sources involved in the internal discussions. China''s State Council Information Office, the government public relations arm, and the Ministry of Commerce did not return requests for comment. "There is still room for both sides to resolve problems through co-operation and consultation, rather than just resorting to retaliation," said a policy adviser who spoke on condition of anonymity. "But we should have plans in case things go wrong." Premier Li Keqiang said last week that Beijing did not want to see a trade war with the United States and urged talks between both sides to achieve common ground. U.S. Treasury Secretary Steven Mnuchin also said last week that the Trump administration did not want trade wars, but that certain trade relationships needed re-examining to make them fairer for U.S. workers. No major U.S. measures have been announced, and there were no public indications of Washington''s intentions on trade at the weekend when Secretary of State Rex Tillerson visited China. Trump is expected to host President Xi Jinping next month. A glimpse of the uncertain future, however, came on Saturday in a communique after a meeting of finance ministers at the G20 in Germany, which dropped a pledge to keep global trade free and open, acquiescing to an increasingly protectionist United States after the two-day meeting failed to yield a compromise. GOODWILL GESTURE The sources said China could step up some imports from the United States and boost its investment there to help create more jobs as a goodwill gesture, but would not meekly accept any unilateral U.S. action. "We will have contingency plans to cope with the worst policies from Trump," said a second policy adviser. Trump has previously threatened a 45 percent tariff on China''s exports and frequently said on the campaign trail that he would label China a currency manipulator, even though Beijing has not been actively weakening the yuan in recent years. In an interview with Reuters on Feb. 23, he declared China the "grand champions" of currency manipulation. "It''s hard to say his views have changed or he has become more pragmatic," said the first adviser. Mnuchin has pledged a more methodical approach to analyzing Beijing''s foreign exchange practices. Under the three criteria set by the U.S. Treasury to determine whether a country is manipulating its currency for a trade advantage, China only meets one: running a trade surplus of more than $20 billion with the United States. The U.S. Treasury''s next report on the issue is due in April. China''s surplus with the United States fell by $20.1 billion to $347 billion in 2016, the U.S. Commerce Department said on Tuesday, while Chinese data put it somewhat lower. One of the sources said he thought it unlikely that Trump would label China a currency manipulator. "If he does that, China will let the yuan go, and the yuan will fall sharply," the source said. Weakening the yuan or dumping some of China''s massive holdings of U.S Treasuries could be considered only when trade relations deteriorate sharply, the sources said. Earlier this month, former commerce minister Gao Hucheng said during the annual meeting of parliament that China was not afraid of a trade war, though it hoped to avoid one. "We are willing to deal with it properly, but we are not afraid. Once the U.S. side take certain measures, we will evaluate and analyze such measures, and take actions when necessary," Gao said. (Additional reporting by Elias Glenn; Editing by Will Waterman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-china-usa-trade-idUSKBN16R0PW'|'2017-03-20T16:33:00.000+02:00'
'9b7ee0e70df33bc26e88c8922ebaafad50bc1f11'|'China FX head says overseas M&A like ''a rose with thorns'' - paper'|'Business News - Mon Mar 20, 2017 - 3:16am GMT China FX head says overseas M&A like ''a rose with thorns'' - paper Pan Gongsheng, central bank vice governor of the People''s Bank of China, attends a news conference during the ongoing National People''s Congress (NPC), China''s parliament, in Beijing China March 10, 2017. REUTERS/Jason Lee BEIJING Chinese companies investing overseas need to be careful and invest rationally, the head of China''s foreign exchange regulator was quoted as saying by the official Shanghai Securities News on Monday. "Overseas mergers and acquisitions can sometimes resemble a rose with thorns, you must be careful and you must do your due diligence," said Pan Gongsheng, the head of the State Administration of Foreign Exchange (SAFE) who is also a vice governor of the central bank, was quoted as saying by the paper. "These deals can be like clasping a handful of sand at the beach, it looks like you''ve got it in your grasp but at the last moment it slips through your fingers." China has been clamping down on capital flight in recent months, eroding the confidence of domestic and foreign investors about getting deals done inside and outside of the world''s second-largest economy. "Last year Chinese firms bought lots of football clubs overseas. If these purchases help improve the standard of Chinese football, then I think that''s a good thing," Pan said. "But is that what''s really happening? A lot of Chinese companies already have high levels of debt and then borrow another large sum to make overseas purchases. Others pretend to be investing but are actually just moving their assets." It was irrational for a Chinese steel factory to acquire a food and beverage company or for a Chinese restaurant business to buy an online gaming company abroad, Pan said. Investment by Chinese firms in offshore properties in January tumbled 84.3 percent from a year earlier, while overseas direct investment (ODI) by Chinese in January fell 35.7 percent to 53.27 billion yuan, the weakest in 16 months. The data does not include investments by companies in the financial sector. (Reporting by Sue-Lin Wong; Editing by Jacqueline Wong) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-economy-odi-idUKKBN16R05T'|'2017-03-20T10:16:00.000+02:00'
'a23f14a3a6a1fd46cbafaaf13a8a227fbe4c021a'|'Bitcoin steadies after biggest three-day tumble in over two years'|'  7:03pm GMT Bitcoin steadies after biggest three-day tumble in over two years FILE PHOTO: A Bitcoin (virtual currency) paper wallet with QR codes and a coin are seen in an illustration picture taken at La Maison du Bitcoin in Paris, France May 27, 2015. REUTERS/Benoit Tessier/Illustration/File Photo By Jemima Kelly - LONDON LONDON Bitcoin regained its footing on Monday, having suffered its heftiest falls since early 2015 between Thursday and Saturday as investors sold the digital currency on worries about its future. Having soared to an all-time high of $1,350 on the Bitstamp exchange on March 10, on speculation that regulators could approve the first U.S. bitcoin exchange traded fund the following day, the digital currency then slipped back. Its falls began accelerating on Thursday and it hit a five-week low of $944.36 on Saturday. But bitcoin recovered a little on Sunday and built on those gains on Monday, climbing around 2.5 percent to roughly $1,050 by 1815 GMT. Bitcoin experts said its steep losses were driven by a longstanding, and intensifying, row over whether - and how - to increase the capacity of the "blocks" that bitcoin transactions are processed in, so as to make sure there are no delays in transactions being finalised. "The bitcoin scaling debate is a risk for the network and highlights core issues in terms of governance and this is where more nimble crypto competitors see advantages in fleshing out their capabilities sooner," said Charles Hayter, CEO of digital currency analysis website Crytocompare, in London. At the same time that bitcoin was plunging, a newer, rival "cryptocurrency" was soaring: ether. The digital currency behind Ethereum - a project that some experts say holds more potential than bitcoin - has almost tripled in value this month, jumping to record highs of around $45. Some experts said traders were selling bitcoin and buying ether, which was exacerbating the falls in the original cryptocurrency. "Traders in the space are looking for better returns in the more risky and nascent cryptos such as Dash, Monero and Ethereum (and are) looking to replicate the extraordinary returns that bitcoin saw in its early days," added Hayter. U.S. regulators dashed Cameron and Tyler Winklevoss''s bitcoin ambitions earlier in the month by rejecting their application to list an exchange-traded fund linked to the digital currency. (Reporting by Jemima Kelly; Editing by Alison Williams)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-markets-bitcoin-idUKKBN16R29S'|'2017-03-21T02:03:00.000+02:00'
'7d67421b8694d7375066f56937cf4e462e243fdb'|'Germany''s Merkel and Japan''s Abe urge free trade with jabs at U.S'|'  9:32pm GMT Germany''s Merkel and Japan''s Abe urge free trade with jabs at U.S German Chancellor Angela Merkel speaks during the opening ceremony of the CeBit computer fair, which will open its doors to the public on March 20, at the fairground in Hanover, Germany, March 19, 2017. REUTERS/Fabian Bimmer HANOVER, Germany German Chancellor Angela Merkel and Japan''s Prime Minister Shinzo Abe spoke up for free trade at a major technology fair on Sunday with jabs clearly pointed at an increasingly protectionist United States. Both called for a free trade deal to be reached quickly between Japan and the European Union, in comments made after G20 finance ministers and central bankers dropped a long-standing mention of open trade in their final communique after a two-day meeting in Germany. Neither leader named the U.S. government as they opened the CeBIT technology fair in Hanover, but both used the opportunity to distance themselves from protectionist tendencies coming from the Trump administration. "In times when we have to argue with many about free trade, open borders and democratic values, it''s a good sign that Japan and Germany no longer argue about this but rather are seeking to shape the future in a way that benefits people," Merkel said. As G20 president, Germany feels especially committed to these principles, she added. After meeting President Donald Trump in Washington on Friday for the first time, Merkel said she hoped the United States and the European Union could resume discussions on a trade agreement. Trump said he did not believe in isolationism but that trade policy should be fairer. Merkel stressed that Germany was strongly in favour of free trade and open markets. "We certainly don''t want any barriers but at a time of an ''Internet of things'' we want to link our societies with one another and let them deal fairly with one another, and that is what free trade is all about," she said. Speaking at the same event, Abe said: "Japan, having gone through reaping in abundance the benefits of free trade and investment, wants to be the champion upholding open systems alongside Germany." He added: "Of course to do so it will be necessary to have rules that are fair and can stand up to democratic appraisal." He also said the European Union and Japan should soon reach an economic deal. Merkel welcomed his comments, saying: "It''s very, very good that Japan says we want a free trade agreement, we want it soon because that could be the right statement and Germany would love to be a driving force behind this." European Commission President Jean-Claude Juncker told Bild am Sonntag newspaper he was pleased that he would be meeting Abe on Tuesday and said the bloc wanted to conclude a free trade deal with Japan this year. (Reporting by Reuters Television and Andreas Rinke; Writing by Michelle Martin; Editing by Tom Heneghan)   G20 trade wording considered a setback for export champion Germany BADEN-BADEN The failure of the world''s financial leaders to agree on resisting protectionism and support free trade marks a setback in the G20 process and poses a risk for growth of export-driven economies such as host Germany, economists said on Sunday.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-cebit-merkel-idUKKBN16Q0UV'|'2017-03-20T04:32:00.000+02:00'
'4eef6d69f54d0195d7ee76ab00c849eeea5a6289'|'UPDATE 1-Puerto Rico governor aims to pare cuts at public university'|'(Adds background on Puerto Rico crisis, detail on UPR''s financial situation)By Nick BrownNEW YORK, March 20 Puerto Rico''s governor proposed measures on Monday to reduce anticipated budget cuts at the University of Puerto Rico to $241 million by fiscal year 2021, from $450 million requested by the struggling U.S. territory''s fiscal oversight board.The measures, outlined by Governor Ricardo Rossello in a letter to the board, include transferring to the university some of the savings generated by upcoming cuts to healthcare spending; allowing the university to earn revenue by training public employees; and working with the island''s Science and Technology Trust to monetize the university''s patents, which UPR has historically struggled to do.The university''s troubles are entangled with broad economic troubles in Puerto Rico, where almost half the population lives in poverty and unemployment is more than twice the U.S. average. As the island buckles under $70 billion in debt owed to a wide range of institutional and local investors, public healthcare and pension systems are virtually insolvent, and locals are flocking to the mainland United States.The territory''s finances are under the oversight of a federally-appointed board, which some local critics condemn as an extension of its colonial legacy. The board''s recommended austerity measures have drawn protests on the island.The board has urged reduced government subsidies, staff cuts and tuition fee hikes at UPR, the 11-campus, 70,000-student university that has produced four of the island''s ex-governors.The university''s fate is a sensitive issue locally and student groups have threatened strikes. But some economists have said the school has room to trim fat.Arnaldo Cruz, co-founder of the San Juan-based think tank Center for Integrity and Public Policy, said UPR spends too much on non-faculty positions, and that its 11 campuses are too many on an island of 3.5 million. "We think that does not make sense on such a small island with a population in decline," Cruz said.(Reporting by Nick Brown; Editing by Frances Kerry)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/puertorico-debt-upr-idINL2N1GX0OA'|'2017-03-20T12:07:00.000+02:00'
'b94ba03ea75690fe00d545384ed0b623c326c61c'|'Google apologises to ad clients for YouTube content fiasco'|'Technology News  40am EDT Google apologizes to ad clients for YouTube content fiasco A man holds his smartphone which displays the Google home page, in this picture illustration taken in Bordeaux, Southwestern France, August 22, 2016. REUTERS/Regis Duvignau By Esha Vaish and Kate Holton Google apologized on Monday for allowing ads to appear alongside offensive videos on YouTube as more high-profile firms such as Mark''s & Spencer and HSBC pulled advertising for British markets from Google sites. The British government has suspended its advertising on YouTube after some public sector ads appeared next to videos carrying homophobic and anti-semitic messages, prompting a flood of major companies to follow suit. Britain is the largest market for Alphabet Inc''s Google outside the United States, generating $7.8 billion mainly from advertising in 2016, or nearly 9 percent of the U.S. giant''s global revenue. "I would like to apologize to our partners and advertisers who might have been affected by their ads appearing on controversial content," Google EMEA President Matt Brittin said at the annual Advertising Week Europe event in London. Besides well-known British brands pulling the plug, some of the world''s biggest advertising companies responsible for placing vast amounts of marketing material for clients, said they were reviewing how they worked with Google. The boycott is the latest clash between advertising companies and the internet giants that have built up dominant positions in digital advertising by offering not only huge audiences but also the ability to apply their user data to make ads more targeted and relevant. For big advertising groups such as WPP, internet firms are both a client and a competitor, while traditional media groups such as newspapers and general online news publishers are having to compete with them for online dollars. HOSTILE INDUSTRY "Google faces a hostile industry of media owners in Europe ... and we expect they will be all too happy to highlight future brand safety failings," said Brian Wieser, a senior analyst at Pivotal Research Group. "Overall, we think that the problems which have come to light will have global repercussions as UK marketers potentially adapt their UK policies to other markets and as marketers around the world become more aware of the problem," he said. WPP, the world''s largest advertising firm, said on Monday it was talking to clients and media partners such as Google, Facebook and Snapchat to find ways to prevent brands from being tarnished. "We have always said Google, Facebook and others are media companies and have the same responsibilities as any other media company. They cannot masquerade as technology companies, particularly when they place advertisements," said Martin Sorrell, the founder and head of the British firm. Publicis, the world''s third largest advertising firm, said in a statement on Monday that it was clear Google had fallen short of meeting advertising standards and that the French company was reviewing its relationship with Google. Google said on Friday it worked hard to remove ads appearing on pages or videos with hate speech, gory or offensive content but with 400 hours of video uploaded to YouTube every minute it did not always get it right. Brittin said Google had made a commitment to doing better and would simplify advertiser controls, add safer defaults and increase investment to enforce its ad policies faster. A spokeswoman for Google UK said it would look again at the way it defines incendiary commentary and hate speech to raise the bar on videos and sites allowed for advertising. On Friday, Google executives were called in to face questions from the advertising industry and Britain over the issue. Representatives for retailers Marks & Spencer, Sainsbury''s and Argos, British banks HSBC and RBS, McDonald''s, the UK branch of advertising group Havas and the BBC told Reuters their firms had stopped ads. A source at Lloyds Banking said the lender had pulled the plug as well. Others such as Vodafone, Barclays and Tesco were reviewing policies, their representatives said. (Additional reporting by Eric Auchard, Rahul B, Gwenaelle Barzic, James Davey and Lawrence White; editing by David Clarke) Next In Technology News As part of Asia pivot, Netanyahu pushes Israeli hi-tech in China JERUSALEM/BEIJING China''s economy may be 35 times larger than Israel''s, but Prime Minister Benjamin Netanyahu is hoping to use that to advantage during a three-day visit to Beijing as he looks to reorient Israel''s economy toward Asia over Europe and the United States.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-britain-google-idUSKBN16R1T8'|'2017-03-20T22:34:00.000+02:00'
'72f03ce1c616f61cf6ca54499494202050688c40'|'Prices rising like a homemade cake - or not - Business'|'T he expression “what’s that got to do with the price of [insert foodstuff here]?” is supposed to be a put-down riposte to some irrelevant statement, but it has become one of the pressing economic questions of the day.The Brexit vote has weakened the pound which, in turn, is pushing prices up as the cost of imports rise. Earlier this month, we learned that supermarket inflation doubled in February as shoppers had to pay more for basics such as butter and tea.This is all likely to hit the headlines again this week with interim results from Finsbury Food Group, maker of those Frozen , Paw Patrol and Ghostbusters cakes you never really want to buy, but are forced to after making a complete Horlicks of baking your child’s birthday sponge.Finsbury has already riffed on rising costs, which give the food industry three options: take a hit to margins, cut your own costs, or pass on the price rise to supermarkets. The last of these choices leaves retailers with a similar decision and increases the risk of price hikes being borne by the consumer.The added problem with all that is, if too many retail prices go up, there’s either a fall in living standards or a rise in pay claims and then (potentially) an inflationary spiral. None of which is ideal, but we may have to be prepared to put up with it. A bit like buying a branded birthday cake.A banker and her boss walk into a bar … If you don’t think financiers tell gags, please visit the website of the Banking Standards Board. There you will find boss Alison Cottrell regaling readers on ethics, as part of a series trailing a BSB event on that subject due to take place this week. It includes a very decent crack by Richard Breeden, a former chairman of the Securities and Exchange Commission, who said: “It is not an adequate ethical standard to aspire to get through the day without being indicted”. There is added humour in imagining Wall Street eyebrows arching.Cottrell continues: “[Having high standards] needs employees who are able and ready to exercise professional judgment, processes that align recognition and reward with the firm’s espoused values, and a culture in which mistakes are remedied and learned from, rather than ignored or associated with blame.”And what is the venue for the BSB event? The Bank of England, where last week Charlotte Hogg resigned as deputy governor over a compliance failure – despite being just a fortnight into the job and being backed by her boss. Who says these folk don’t have a sense of humour?FCA rule takes shine off spread betting’s future When it was founded by Stuart Wheeler in the 1970s, the Investors Gold Index allowed punters to bet on the price of gold bullion at a time when you could get banged up for buying the real thing. That clever idea grew into what we now know as spread-betting giant IG Group, and it made Wheeler so rich that he could afford restoration attempts on crumbling relics such as Kent’s Chilham Castle (2002) and the Conservative party (2001).Wheeler is no longer involved with IG, which, as we may hear at its trading statement this week, is lucky for him. The company’s 40 years of seemingly unbroken success now appears to have stalled.For starters, folk have finally started to notice what has always been financial spread betting’s dirty little secret – namely that only 20% of users actually make any money from products pitched as investments.This has become such a problem that even the Financial Conduct Authority has noticed and, in December, the regulator announced a clampdown to protect inexperienced retail customers, which knocked £1bn off the value of listed spread betting firms.The industry’s reaction to that devastating move? Supine acceptance, which rather suggests it knew what it had been getting away with for years.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/mar/19/food-prices-rising--like-homemade-cake-brexit'|'2017-03-19T02:00:00.000+02:00'
'7556d936ec0662fab10e3170546d952d985cb417'|'Peugeot family says Opel deal paves way for global expansion: paper'|'FRANKFURT PSA Group''s ( PEUP.PA ) acquisition of General Motors ( GM.N ) division Opel gives the French carmaker greater scale to pursue global expansion plans, Robert Peugeot, chairman of the company''s strategy committee, told German paper Welt am Sonntag.Earlier this month, PSA Group agreed to buy Opel from GM in a deal valuing the business at 2.2 billion euros ($2.3 billion), helping the French firm to become Europe''s second largest automaker by sales."This will allow the group to conquer the rest of the world step by step. This remains an important goal for PSA," Peugeot, who sits on the board of directors at PSA Group, told the paper.Although there are larger automotive companies measured by absolute annual sales, what counts is that you have at least three million vehicles produced in one core market to get real economies of scale, Peugeot said."All large carmakers have a volume of three million cars in one important market," Peugeot told the paper, explaining that the purchase of Opel will help PSA Group in this respect.Although the combination of the German and French carmakers increases the group''s overall exposure to Europe, the brands remain complementary."Opel is strong in markets where PSA is not so strong," Peugeot said, explaining that Opel sells more cars in Germany than Peugeot, DS and Citroen combined, while Vauxhall sells more cars in Great Britain than all of PSA''s brands together."There is very little cannibalisation between the brands," Peugeot said.A deal between the French and the Germans has been under consideration for years, even before 2012 when GM and Peugeot signed a deal to develop some passenger cars together, Robert Peugeot''s cousin Jean-Philippe told the paper."Our family thought about getting closer to Opel even before the agreement with General Motors," Jean-Philippe Peugeot said, adding that the time wasn''t right back then.The Peugeot family still control 22.19 percent of PSA Group''s voting rights, and 13.68 percent of the company''s capital.(Reporting by Edward Taylor and Gilles Gulliaume. Editing by Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-opel-m-a-psa-idINKBN16Q0IY'|'2017-03-19T10:24:00.000+02:00'
'3139e6169b5ce1e3d5011f92e860c96083056053'|'EXCLUSIVE: Dominion Diamond, Stornoway held merger talks - sources'|'Money News - Tue Mar 21, 2017 - 6:04am IST Dominion Diamond, Stornoway held merger talks - sources By Nicole Mordant and John Tilak - VANCOUVER/TORONTO VANCOUVER/TORONTO Dominion Diamond Corp ( DDC.TO ) ( DDC.N ) and fellow Canadian diamond miner Stornoway Diamond Corp ( SWY.TO ) have held talks about a potential merger in recent months, people familiar with the matter said on Monday. World No. 3 diamond miner Dominion, target of a $1.1 billion bid by U.S. billionaire Dennis Washington, and Stornoway, a small miner with a diamond mine in Quebec, declined to comment. The people declined to be named as the discussions are private. One of the people said the talks were still ongoing. The talks include Stornoway''s chief executive officer and president, Matt Manson, becoming CEO of the merged group, one source said, adding that the discussions on an all-share merger started in January. Dominion, which owns the Ekati diamond mine in Canada''s Northwest Territories and a 40 percent stake in the nearby Diavik mine, is looking for a new CEO after announcing on Jan. 30 that Brendan Bell had resigned. A union with Dominion would give Stornoway, which owns a single mine, an avenue for growth, the sources said. On Sunday, The Washington Companies, a group of privately held North American mining, industrial and transportation businesses founded by Dennis Washington, announced that it had made a $1.1 billion all-cash proposal for Dominion. Dominion said in a statement late Sunday that its board had considered Washington''s unsolicited proposal, but the terms of the proposed talks were unusual and unacceptable. The Washington offer comes at a time when some analysts are talking of diamond supply peaking as big new deposits become harder to find and mines, often in remote regions, take longer and are more expensive to build. Shares in Dominion surged as much as 26 percent on Monday on the Washington proposal to a session high of $12.53 on the New York Stock Exchange. They closed at $12.20 for a gain of 23 percent, below the $13.50 a share Washington offered. Lawrence Simkins, president of Missoula, Montana-based Washington, said in Sunday''s statement the group remained "fully committed to completing this transaction." The group declined to comment on Monday when asked if it would take its offer directly to Dominion shareholders. Washington''s proposal puts Dominion into play and brings the "long-awaited kickoff of Canadian diamond consolidation," brokerage Canaccord Genuity said in a note to clients. In addition to Washington, there are several other "logical" potential suitors for Dominion, including global mining giant Rio Tinto ( RIO.L ) ( RIO.AX ) and Anglo American-owned ( AAL.L ) diamond giant De Beers, Canaccord said. Rio is already a partner of Dominion, owning 60 percent of the Diavik mine. De Beers has diamond mines and exploration interests in Canada. Both Rio and Anglo declined to comment. "There is certainly the potential for lots of people to take a look at (Dominion). Whether that translates into meaningful action I would be somewhat more cautious on," BMO analyst Edward Sterck said. Large global miners are still slashing heavy debt loads as they emerge from a deep commodities downturn, he said. (Reporting by Nicole Mordant in Vancouver and John Tilak in Toronto;   Barbara Lewis in London and Susan Taylor in Toronto; Editing by Denny Thomas and Leslie Adler) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/dominion-diamond-m-a-stornoway-diamond-idINKBN16R2QD'|'2017-03-21T06:45:00.000+02:00'
'fffd69a1cf32d7659d81cc7d9df0ba996be7c886'|'PRESS DIGEST- British Business - March 20'|' 10pm EDT PRESS DIGEST- British Business - March 20 March 20 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Times * A senior director of MI5, Jeremy Fleming, is coming out of the shadows to become the new head of intelligence eavesdropping service GCHQ. bit.ly/2mKzkn2 * Shareholders could win the legal right to block excessive pay deals for company bosses, as part of British Prime Minister Theresa May''s attack on large executive pay. bit.ly/2mGtx0W The Guardian * Google executives are bracing for a two-pronged inquisition from the advertising industry and the government over the company''s plans to stop ads being placed next to extremist material. bit.ly/2nB4kde * Former British ambassador to Washington, Peter Westmacott, has issued a withering criticism of U.S. President Donald Trump and his inner circle, accusing them of making absurd claims about UK''s involvement in alleged wiretapping of Trump Tower that he warns could damage close ties between the two countries. bit.ly/2np3uQj The Telegraph * Billions of pounds'' worth of water contracts will be awarded to utilities in the coming weeks ahead of the opening of the business supply market. The first major framework contract is expected to be awarded by Crown Commercial Services on behalf of UK''s public sector which is understood to be worth between 800 million pounds to 900 million pounds. bit.ly/2mGqA0i * British housebuilder Crest Nicholson Holdings is facing an embarrassing investor backlash over generous share awards for its top executives as the government weighs radical reforms to rein in excessive pay. bit.ly/2n58Sr3 Sky News * A man named David Hempseed has been charged after a member of staff at a NatWest bank in Birmingham was held hostage, police say. bit.ly/2nTvmZt * Scottish First Minister Nicola Sturgeon has insisted to a rapturous crowd at her party''s conference that "there will be an independence referendum". bit.ly/2nTxJvu The Independent * Theresa May is expected to visit Wales this week as she commences a tour of the devolved nations ahead of triggering Article 50 within the next fortnight. ind.pn/2mY9cWP (Compiled by Kanishka Singh in Bengaluru)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-business-idUSL3N1GX07C'|'2017-03-20T08:10:00.000+02:00'
'0f6d58ccf4f6947140426674a42ee43051bdb5af'|'Global Markets - Asia stocks weaker, dollar slips as Fed continues to weigh'|'Money News - Mon Mar 20, 2017 - 7:59am IST Global Markets - Asia stocks weaker, dollar slips as Fed continues to weigh A dealer scratches his face at a foreign exchange trading company in Tokyo July 28, 2011. REUTERS/Yuriko Nakao/Files By Nichola Saminather - SINGAPORE SINGAPORE Asian stocks were slightly weaker early on Monday, following Wall Street''s declines and the G20''s decision to drop a pledge to avoid trade protectionism, while the Federal Reserve''s seemingly dovish stance last week continued to drag the dollar lower. MSCI''s broadest index of Asia-Pacific shares outside Japan was fractionally lower. Japan is closed for a holiday. On Friday, Wall Street was flat to negative, dragged lower by bank shares that fell along with Treasury yields. Financial leaders from the world''s biggest economies reiterated their warnings against competitive devaluations and disorderly foreign exchange markets at the meeting in the German town of Baden-Baden over the weekend. But they failed to agree on a commitment to keep global trade free and open, highlighting a global shift towards protectionism. "Essentially it''s a result of the U.S. protectionist stance, something (President Donald) Trump has been very clear on and the market is well aware of this," James Woods, global investment analyst at Rivkin Securities in Sydney, said. "Importantly we saw other leaders such as (Japanese Prime Minister) Shinzo Abe and (German Chancellor) Angela Merkel come out publicly supporting free trade, and for now the protectionist stance remains constrained to the U.S. It would be more concerning if this began spreading to other countries." The dollar, however, didn''t react to the statements from the meeting, hovering close to its near-three-week low touched on Friday. It traded 0.1 percent lower at 112.57 yen. The dollar index, which tracks the greenback against a basket of six trade-weighted peers, inched lower to 100.26, having touched a 5 1/2-week low on Friday. Markets are focused on a raft of speeches by Federal Reserve officials this week, including Chicago''s Charles Evans on Tuesday and Friday, Chair Janet Yellen on Thursday and Dallas'' Robert Kaplan and Minneapolis''s Neel Kashkari on Friday and New York''s William Dudley on Saturday. The euro climbed 0.1 percent to $1.0748 after riding the relief over the Netherlands election defeat of anti-European Union candidate Geert Wilders to hit a near-six-week peak on Friday. Attention now turns to the French election, with the first Presidential debate set to take place on Monday. Opinion polls show independent centrist Emmanuel Macron would lead far-right leader Marine Le Pen by a hair in first-round voting, before beating her in the run-off. In commodities, oil prices continued their downward trend as doubts grew about the effectiveness of OPEC cuts in containing a supply glut as U.S. inventories continue to climb. U.S. crude fell 0.6 percent to $48.50 a barrel. The weaker dollar boosted gold, which added 0.2 percent to $1,230.50 an ounce in early trade. (Reporting by Nichola Saminather; Editing by Sam Holmes) Next In Money News Hardline priest Yogi Adityanath''s elevation a sign Modi is moving toward Hindu India NEW DELHI A saffron-robed Hindu holy man was sworn in on Sunday to lead Uttar Pradesh, sealing what appears to be a shift in course by Prime Minister Narendra Modi that could redefine the world''s largest democracy as a Hindu nation. G20 trade wording considered a setback for export champion Germany BADEN-BADEN The failure of the world''s financial leaders to agree on resisting protectionism and support free trade marks a setback in the G20 process and poses a risk for growth of export-driven economies such as host Germany, economists said on Sunday. BERLIN Finance leaders of the world''s top economies have agreed to review banking rules, but this does not automatically mean hard-fought financial market regulation will be rolled back, Bundesbank President Jens Weidmann told Reuters on Sunday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-markets-idINKBN16R03B'|'2017-03-20T09:29:00.000+02:00'
'ec84a318921298b3098dc29739cbe00dfa1825a6'|'G20 ministers give Mnuchin space to define Trump trade agenda'|'BADEN BADEN, Germany Wary of their first official encounter with U.S. President Donald Trump''s blustery trade agenda, the world''s top finance officials were relieved to find new Treasury Secretary Steven Mnuchin polite and business-like over the weekend.But they yielded ground to the newcomer''s push for the Group of 20 major economies to abandon a decade-old pledge to resist protectionism and to delete communique language on financing the fight against climate change.According to G20 officials who interacted with Mnuchin at the meeting in the spa and casino town of Baden-Baden, Germany, many opted not to challenge Mnuchin on protectionism language.Instead they chose to give some space to him and Trump''s new administration to refine their trade views in the hopes for moderation by the time Germany hosts a G20 leader''s summit in July.Five weeks into his new job, the former Goldman Sachs and commercial banker is currently the only Senate-confirmed Trump appointee working at Treasury. And the Trump administration has not yet decided on the specific policies it will use to make good on campaign pledges to shrink U.S. trade deficits and grow American manufacturing jobs.Options under consideration range from more aggressive anti-dumping enforcement efforts to renegotiating trade deals and enacting a proposed border tax levied on imports. During his campaign, Trump threatened unilateral tariffs on Mexican and Chinese goods and said he would quit the North American Free Trade agreement unless it is renegotiated to his liking."We have a new administration in Washington which still has to define precisely its narrative, especially in the context of what was said in the campaign," said Pierre Moscovici, European Commission Economic Affairs Minister."I think Mnuchin is an articulate, constructive and pragmatic man," Moscovici said. "More work needs to be done to find common ground. It was not ready here. It is not a total surprise."FIRST IMPRESSIONSJapanese Finance Minister Taro Aso, who tangled with Mnuchin''s predecessor, Jack Lew, last year over dollar-yen exchange rate volatility, said he was impressed with Mnuchin''s understanding of economics and financial markets."That’s why I think we can do good business together," Aso told reporters.In the G20 plenary sessions, Mnuchin took to the floor only once, reading from a prepared statement, according to a G20 official, while counterparts from China and France argued forcefully in favor of keeping the anti-protectionism pledge.While Mnuchin concentrated on making good first impressions with his G20 counterparts, U.S. negotiators behind the scenes insisted that they could no longer accept previous language vowing "to resist all forms of protectionism."This was replaced with a watered-down pledge to "strengthen the contribution of trade to our economies" - language viewed by some participants as preserving U.S. flexibility on trade policy.German Finance Minster Wolfgang Schaeuble, who met with Mnuchin in Berlin before the Baden Baden meeting, said consensus could not be reached on the meaning of protectionism..He suggested at a news conference that Mnuchin may not have had a clear mandate to negotiate on trade issues.Asked about this, Mnuchin said he knows Trump''s desires on trade and negotiated them from Baden Baden, adding: "the new language makes sense."RITUALISTIC PHRASEThe deletion of a "ritualistic phrase" in the G20''s core language could over time diminish U.S. influence, said Eswar Prasad, a former International Monetary Fund official and trade policy professor at Cornell University."The U.S. may have won this battle by forcefully imposing its will on the rest of the G20, but the outcome represents a step backward in U.S. global leadership on issues such as the promotion of free trade and tackling climate change," said Prasad.But the Baden Baden meeting established Mnuchin as a pragmatic operator in the Trump administration''s drive for a more level playing field on trade, said Domenico Lombardi, another former IMF official now with the Centre for International Governance Innovation, a Canadian think-tank."It''d be in the interest of Germany and Europe to establish a strong, bilateral relationship with the new Treasury secretary rather than questioning his authority," Lombardi said. "The alternative for them would be to negotiate directly with Trump and that would be worse."(Additional reporting by Jan Strupczewski and Leika Kihara; Editing by Mary Milliken)'|'reuters.com'|'http://www.reuters.com/finance'|'http://www.reuters.com/article/us-g20-germany-usa-analysis-idUSKBN16R09Y'|'2017-03-20T08:07:00.000+02:00'
'8fff8922f729ede9e8fe1fc44df7204ea3f27a5c'|'MIDEAST STOCKS - Factors to watch - Mar 20'|' 27am EDT MIDEAST STOCKS - Factors to watch - Mar 20 DUBAI, March 20 Here are some factors that may affect Middle East stock markets on Monday. Reuters has not verified the press reports and does not vouch for their accuracy. INTERNATIONAL/REGIONAL * GLOBAL MARKETS-Asia stocks mixed, dollar slips as Fed continues to weigh * MIDEAST STOCKS-Insurance shares buoy Saudi, weak currency aids Egypt * Oil prices drop on rise in U.S. drilling * PRECIOUS-Gold hits 2-wk high as Fed rate hike guidance weighs on dollar * Air strike kills 42 refugees off Yemen, Somalia demands investigation * Hundreds of Lebanese protest proposed tax rise * EXCLUSIVE-Libya''s NOC says expects to regain Es Sider, Ras Lanuf oil ports * Iraqi forces close in on Mosul mosque as residents flee * Iran''s South Pars field has begun oil production -SHANA * Germany supports group behind Turkish coup attempt- Erdogan spokesman * U.S. base rises from the rubble for Mosul push * Egypt''s Sisi to visit Washington on April 3 - White House * UAE summons Swiss ambassador over UN Bahrain statement * Syrian forces and rebels fight fierce clashes in northeast Damascus * Saudi-led coalition calls for U.N. supervision of Yemen port * Lebanon''s Jumblatt affirms son as political heir EGYPT * Egypt targets around 5 pct growth rate in FY 2017-18 * BRIEF-Union National Bank Egypt board approves capital increase * Average yields rise on Egyptian three and nine-month T-bills * Egyptian budget to assume exchange rate of 16 pounds/dollar * Egypt received two cargoes of diesel fuel from Saudi Aramco SAUDI ARABIA * BRIEF-Saudi''s Chemanol says Saudi''s SIDF approves restructuring remaining installments of co''s loan UNITED ARAB EMIRATES * Abu Dhabi Commercial Bank issues $230 million Formosa bond * UAE’s Aster DM Healthcare seeks loan change to offset payment delays–sources * Top real estate tycoon appointed Dubai Holding chairman * UAE central bank foreign assets rise in February * MEDIA-Uber rivals from Dubai, China team up for ride-hailing alliance QATAR * Commercial Bank of Qatar considers international bond issue – sources * BRIEF-Ooredoo Qatar announces group chief strategy, M&A officers appointment * Deutsche Bank to issue 687.5 mln new shares at 11.65 euros each BAHRAIN * Bahrain''s GFH appoints new chairman, to focus on M&A (Reporting by Dubai Newsroom)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-factors-idUSL5N1GW0GX'|'2017-03-20T11:27:00.000+02:00'
'48314229e5bc25db5f7f6ce3db31c9fbf831754f'|'RPT-CORRECTED-UPDATE 1-MoneyGram offers to give Euronet confidential info to firm up bid-sources'|' 24am EDT RPT-CORRECTED-UPDATE 1-MoneyGram offers to give Euronet confidential info to firm up bid-sources (Corrects the name MoneyGram in paragraphs 4 and 8, Alibaba and WeChat in para 10; repeats to restore story to screens) By Greg Roumeliotis March 19 U.S. electronic payments company MoneyGram International Inc has offered to share confidential information with peer Euronet Worldwide Inc , after the latter made a $1 billion acquisition offer, people familiar with the matter said. MoneyGram has found that Euronet''s cash offer of $15.20 per share, which was unveiled last week, could be expected to result in a superior proposal compared with a deal it agreed to in January to sell itself to China''s Ant Financial Services Group for $13.25 a share in cash, the people said on Sunday. Before Euronet carries out its due diligence on MoneyGram, it will have to agree to the terms of a non-disclosure agreement, the people added. Negotiations on such a confidentiality pact may take several days, the people cautioned. Euronet is then expected to take about a week going through MoneyGram''s books before firming up its offer, the people said. MoneyGram will also receive information from Euronet that will allow it to better assess potential antitrust risks to such a deal, the sources added. Should MoneyGram declare Euronet''s bid superior, Ant Financial will have four business days to decide whether it wants to improve its offer. The sources asked not to be identified because the deliberations are confidential. Euronet, MoneyGram and Ant Financial declined to comment. Based in Dallas, MoneyGram is one of the biggest players in the global remittance market. An acquisition would enable Euronet to better compete against digital startups that are transforming the money transfer business. Euronet has also argued that MoneyGram''s focus on large retailers and national post offices, combined with Euronet''s strong position with independent agents and its broad set of consumer payment solutions, would create a more valuable business. While a deal with Euronet would bring cost synergies, a combination of Ant Financial''s technological expertise and MoneyGram''s brand had been seen as a game-changer for the international payments industry, with scope for more consumers to use online transfer services rather than taking cash to store fronts. Ant Financial, the financial services affiliate of Alibaba Group Holding Ltd, dominates China''s online payment market and has been ramping up investment overseas amid fierce rivalry at home with peers such as Tencent Holdings Ltd''s popular WeChat Pay. Ant Financial''s acquisition of MoneyGram is being reviewed by the Committee on Foreign Investment in the United States, a government panel that scrutinizes deals over potential national security concerns. MoneyGram will have to pay Ant Financial $30 million as a termination fee if it abandons their deal for another bid. (Reporting by Greg Roumeliotis in New York; Editing by Phil Berlowitz and Peter Cooney)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/moneygram-intl-ma-euronet-worldwid-idUSL3N1GX1P7'|'2017-03-20T11:24:00.000+02:00'
'53a1f75088f7f593527501a9746d2c822f5a68c7'|'UPDATE 1-Big banks back off calls for euro-dollar parity'|'Business News   10:16am EDT Big banks back off calls for euro-dollar parity A man counts U.S dollar and Euro banknotes at a money exchange office in central Cairo, Egypt, March 7, 2017. REUTERS/Mohamed Abd El Ghany By Patrick Graham - LONDON LONDON U.S. bank Citi has abandoned its prediction of a fall for the euro to below parity against the dollar, the latest major lender to capitulate on long-term forecasts for a historic change in one of the world''s big currency equilibriums. The shift, sent to clients in a strategy note late on Friday, follows revisions by other major dollar bulls including Deutsche Bank, who last week again pushed out their timetable for a fall to $0.95 for the euro. Reuters historic polling data shows all of the currency world''s top ten banks have now been forced substantially to back off the forecasts of a swift drop below parity which have been widespread since the dollar rallied strongly in late 2014. Barclays and Morgan Stanley analysts have both raised their 1-year forecast to 99 cents from 95 cents while other dollar bulls including Bank of America Merrill Lynch, BNP Paribas and Goldman Sachs are at $1 or above. JP Morgan has the euro at $1.15 at year''s end, while HSBC''s David Bloom has been forecasting a bounce to $1.10 or beyond for months. Cutting a number of its forecasts for the dollar, analysts from Citi, the world''s largest currency trader, raised its target for the euro over the next 6 months from $0.98 to $1.04. It cited factors ranging from signs President Donald Trump''s fiscal and tax plans may be delayed, to growing expectations of a tightening in European Central Bank monetary policy this year and the defeat of anti-euro candidate Marine Le Pen in France. "Our medium term forecasts still assume 3-4% $ upside globally with no little differentiation in spot terms between G10 and emerging market movements," the note said. "This is less than before reflecting the broadening of the reflation trade, expectations of tighter policies outside the US and some disappointment on the possible achievements of the Trump Administration." The euro gained for a fourth day running against the dollar on Monday to trade at $1.0753. TAIL RISK The big remaining risk to the euro is a political surprise from one or other of major national elections scheduled or expected across Europe this year. JP Morgan strategist Paul Meggyesi is among the most downbeat on the dollar''s prospects going forward but he points to French far-right candidate Marine Le Pen and others as having the potential to alter those. The dollar has been falling steadily since the U.S. Federal Reserve last week raised interest rates but stopped short of signaling a faster monetary tightening was in store. "We’re comfortable with the way that things are unfolding. Western European growth appears on balance to be improving and, conditioned on European political uncertainty, we have probably seen the lows in euro dollar," Meggyesi said. "The price action confirms a key thesis in our forecast that the Fed hiking is not sufficient for the dollar to rally." One element pointed to again by analysts over the past few weeks is the sheer weight of trade and central bank money favoring the euro month to month. Germany''s huge current account surplus has ballooned to more than 30 billion euros at month and data suggests the Czech and Swiss central banks have been accumulating around 13 billion euros a month each through market intervention. U.S. futures market data on Friday showed bets against the euro still total more than $5.4 billion, but they are also now at their lowest levels since May of last year. (Reporting by Patrick Graham; Editing by Jamie McGeever and Toby Chopra) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-euro-parity-forecasts-idUSKBN16R0K3'|'2017-03-20T21:13:00.000+02:00'
'e7297ad82a674b6512ecce02413bfed91fc2c940'|'Dutch provinces oppose Akzo Nobel takeover, fear job losses'|'AMSTERDAM Four Dutch provincial governments said on Monday they were opposed to a takeover of paints and coatings maker Akzo Nobel ( AKZO.AS ) due to potential job losses, in a sign of the challenges facing the company''s U.S. suitor.On March 9, Akzo Nobel rejected a $22 billion takeover proposal from PPG Industries ( PPG.N ), which analysts now expect to return with a higher offer.Economic Affairs Minister Henk Kamp of the governing VVD Party - known as the most pro-business party in the country - said then the takeover would not be "in the interest of the Netherlands."That was shortly before elections on March 15 in which national identity and anti-foreign sentiment played a prominent role. The VVD Party is now expected to lead to a new government.In a joint statement published on Monday, the four provinces of Gelderland, Overijssel, Groningen and Zuid Holland - where Akzo has its biggest research and development facilities as well as several factories - said they expected a new proposal from PPG and that they would oppose it."This takeover would put 5,000 jobs at risk in the provinces," the four provincial governors said in a statement."Akzo belongs in the provinces."After its rejection, PPG said it was "still confident in its ability to execute and complete the proposed transaction."Jeroen Dijsselbloem of the Netherlands'' left-leaning Labour party, has called for expanding a proposed law giving the national government power to block telecommunications sector takeovers to include all industries.The country''s main business and employers'' association VNO-NCW said in a statement before the election it did not want "new far-reaching protective measures by the government".However, chairman Hans de Boer said the organization was "concerned" about proposals to take over Akzo Nobel and an offer in February by Kraft Heinz for Unilever, which was also rejected."The buying parties may pose a threat to the unique position Dutch companies hold at the forefront of sustainability and long term value creation," he said.The VNO-NCW wants to engage the country''s new cabinet - which may not be formed for several months - in a dialogue as to whether current protections from takeovers are sufficient.(Reporting by Toby Sterling; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-akzo-nobel-m-a-ppg-idINKBN16R20H'|'2017-03-20T13:59:00.000+02:00'
'4fc19dfc05ac588adb1fff0632324a4d9d37dcfd'|'China central bank should clarify rate policy, improve communication - working paper'|' 34am GMT China central bank should clarify rate policy, improve communication - working paper FILE PHOTO: A Chinese national flag flutters outside the headquarters of the People''s Bank of China, the Chinese central bank, in Beijing, China April 3, 2014. REUTERS/Petar Kujundzic/File Photo BEIJING China''s central bank should clarify its new short-term policy rate and the target rate level as soon possible, according to a central bank working paper, as authorities in the world''s second-largest economy slowly shift to a tightening bias. These actions will help to stabilise expectations about the "interest rate corridor" framework, the paper published on the PBOC website on Monday said. The PBOC has raised primary money market interest rates in small increments several times since late January, most recently last week, while trying to reassure markets with hints that it is in no rush to hike benchmark lending and deposit rates soon. While the tightening ties in with one of the government''s top priorities this year - containing the risks from a mountain of debt - market watchers are also wondering if the central bank is keen to tailor policy more precisely to better support the yuan currency rate and reduce pressure from capital outflows. The working paper, authored by the head of the People''s Bank of China''s (PBOC) research bureau Xu Zhong, said the central bank has a lot of room to improve its communication with financial markets. "(The PBOC) should increase the frequency, clarity, accuracy and consistency of information disclosures, and explore multiple channels to express its economic and financial views and policy intentions," said the paper. The central bank has been developing an interest rate corridor, which is considered a step forward in financial liberalisation in which rates are set by the market within a band established by the PBOC using various short-term policy tools. Some economists say the seven-day reverse repurchase rate has become a de facto policy rate, though the PBOC said the recent rate hikes do not constitute a benchmark policy rate increase. The PBOC should also improve its open market operations (OMO) mechanism and expand the number of institutions eligible to receive funds through OMO and the standing lending facility (SLF) policy tool, the paper said. These changes would help reduce arbitrage opportunities in the funding market and cut down on liquidity pressures that are amplified by the structure of the interbank lending market, the paper said. (Reporting by Elias Glenn and Winni Zhou; Editing by Kim Coghill)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-cenbank-communication-idUKKBN16R0VL'|'2017-03-20T17:34:00.000+02:00'
'db088eb14dba4c4a13d74d30ac3b9b5e0a9f2bc1'|'Wall St. opens higher; Nasdaq hits intraday record'|'Business News - Tue Mar 21, 2017 - 9:34am EDT Wall St. opens higher; Nasdaq hits intraday record Traders work on the floor of the New York Stock Exchange (NYSE) shortly after the opening bell in New York, U.S., March 20, 2017. REUTERS/Lucas Jackson U.S. stocks opened higher on Tuesday, with the Nasdaq composite hitting a record intraday high, tracking buoyant European and Asian markets and as oil prices rebounded. The Dow Jones Industrial Average .DJI rose 48.58 points, or 0.23 percent, to 20,954.44, the S&P 500 .SPX gained 7.22 points, or 0.30 percent, to 2,380.69, and the Nasdaq Composite .IXIC added 24.72 points, or 0.42 percent, to 5,926.25. (Reporting by Tanya Agrawal; Editing by Sriraj Kalluvila) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-stocks-idUSKBN16S19H'|'2017-03-21T20:34:00.000+02:00'
'cd1f0843cc7d50d5772dfe0bcbe87d936c6c0db8'|'MOVES- Aurelius Equity, Standard Life Investments, JPMorgan Chase'|'Company News - Tue Mar 21, 2017 - 4:25pm EDT MOVES- Aurelius Equity, Standard Life Investments, JPMorgan Chase March 21 The following financial services industry appointments were announced on Tuesday. To inform us of other job changes, email moves@thomsonreuters.com. AURELIUS EQUITY OPPORTUNITIES SE & CO. KGAA The investment firm said it hired four people to its UK team. MARKEL INTERNATIONAL LTD The insurer, a unit of Markel Corp, appointed Monica Novella as assistant cargo underwriter in its marine, energy and property business. NORTHERN TRUST CORP The company announced five management changes following the appointment of Peter Cherecwich as president of its Corporate & Institutional Services (C&IS) unit. STANDARD LIFE INVESTMENTS Investment management firm Standard Life Investments, a unit of Standard Life Plc, named Larry Carlson director of strategic relationships. BTIG LLC Financial services firm appointed Dennis King managing director in its debt capital markets division in New York. JPMORGAN CHASE & CO The no.1 U.S. bank has named Andrew Kresse to head small business banking, succeeding Jennifer Piepszak who was put in charge of card services last month, the bank said. (Compiled by Divya Grover and Aishwarya Venugopal in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/financial-moves-idUSL3N1GY3LX'|'2017-03-22T03:25:00.000+02:00'
'f1bbcc3023454d6daa35720585b536117c189ce4'|'Markets fret as Trump agenda shows signs of cracks'|'Business   1:18am IST Markets fret as Trump agenda shows signs of cracks left right   1/2 left right Traders work on the floor of the New York Stock Exchange (NYSE) shortly after the opening bell in New York, U.S., March 21, 2017. REUTERS/Lucas Jackson 2/2 By Rodrigo Campos - NEW YORK NEW YORK The steepest pullback in stocks since the U.S. presidential election reveals investor angst about President Donald Trump''s ability to push through major reforms, leaving stocks vulnerable to a long-anticipated correction. The S&P 500, in its second longest bull market ever, has risen close to 10 percent since the Nov. 8 election on optimism about Trump''s pro-growth agenda. With valuations at their highest in over a decade, investors have been expecting a pullback even if its catalysts haven''t been clear. Trump, looking to score the first major political win of his presidency, on Tuesday warned Republican lawmakers that if a healthcare bill he backs fails to pass, it would cause "political problems." Stocks fell alongside the U.S. dollar, while Treasuries and gold rallied. "It''s like the Trump agenda getting kind of slapped in the face," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. Investors saw the health bill vote, expected on Thursday, as testing optimism that the Trump administration and Republican leaders will implement tax cuts, deregulation and infrastructure spending expected to boost economic growth. The muddled view on the healthcare bill "carries over to what will happen with the infrastructure plan and the tax reform plan and the reduced regulation plan," Tuz said. Adding to the angst, FBI Director James Comey on Monday confirmed that the bureau is investigating possible ties between Trump''s presidential campaign and Russia as Moscow sought to influence the 2016 U.S. election. The investigation, he said, could last for months. Comey''s testimony "pointed to the fact that there could be a lot of drawn-out political infighting that could delay some of the pro-business ideas from being passed," said Rick Meckler, president of LibertyView Capital Management in Jersey City, New Jersey. He said he doesn''t expect to see a correction unless the S&P 500, currently down about 2 percent from the record high set March 1, retreats another 1.5 to 2 percent in the next few days. "That would cause investors to maybe take a pause in what has been a buy-the-dip mentality since the election," Meckler said. The S&P forward price to earnings ratio has jumped to above 18 from 16.6 on Election Day, making U.S. equities the most expensive level since 2004. At the same time, the index''s dividend yield sits just above 2 percent, losing some of its allure against the 10-year Treasury note. SKITTISH INVESTORS The S&P 500 has not posted a daily decline of more than 1 percent since Oct. 11. Tuesday''s move in stocks underscores trends in other markets already pricing in a risk that   plans could be delayed. The Mexican peso MXN= , which weakened during the presidential campaign with rising prospects of a Trump win, traded last week at its strongest versus the dollar since the November election. It had hit a historic low in mid-January. The yen JPY= , up against the dollar for a sixth straight session, was on track to close below 112 per $1 for the first time since Feb. 8. Junk bond investors also pounced earlier this month. The spread between the Bank of America Merrill Lynch U.S. High Yield index .MERH0A0 and benchmark   bottomed on March 1 and has since widened by about 40 basis points. Ten-year Treasury yields fell below 2.43 percent Tuesday, the lowest in about three weeks, partly reflecting traders scaling back their view on the domestic economy in the absence of any fiscal stimulus this year. "Republicans should have prioritized tax reform ahead of health care reform," said Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management in Menomonee Falls, Wisconsin. "They’re coming across as a motley crew rather than a party that can get things done."   Richard Leong, Lewis Krauskopf, Caroline Valetkevitch and Chuck Mikolajczak; Editing   Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-usa-stocks-analysis-idINKBN16S2LR'|'2017-03-22T02:47:00.000+02:00'
'1c82f1dccb6f02b17caa285d534bbb4ccdb05548'|'Credit Suisse to disclose capital-raising plans soon, CEO tells FuW'|' 18pm GMT Credit Suisse to disclose capital-raising plans soon, CEO tells FuW The logo of Swiss bank Credit Suisse is seen at an office building in Zurich, Switzerland January 18, 2017. REUTERS/Arnd Wiegmann ZURICH Credit Suisse ( CSGN.S ) will say as soon as possible whether it will go ahead with plans to float a minority stake of its Swiss bank, Chief Executive Tidjane Thiam told Swiss paper Finanz und Wirtschaft, adding the bank still needs more capital. "We''re still analysing," Thiam said in the interview published late on Tuesday. "We have a broad palette of options after our settlement with the U.S. Department of Justice. We will communicate further details as soon as possible." Reuters reported on Friday that the bank''s board of directors was set to decide in April whether to go ahead with the IPO, citing two people familiar with the matter. A new rights issue or accelerated bookbuild have been cited as possible alternatives to the IPO. Zurich-based Credit Suisse announced plans to sell 20-30 percent of its highly profitable Swiss business back in October 2015, partly in an effort to raise up to 4 billion Swiss francs (3.3 million pounds) and bolster the group''s capital position. The chief executive said the bank''s decision over whether to go ahead with the IPO had always been linked to its settlement with U.S. authorities over claims it misled investors in residential mortgage-backed securities it sold in the run-up to the 2008 financial crisis, which was finalised when the bank formally agreed to pay $5.3 billion in January. While Credit Suisse still needs capital, its required bandwidth is now narrower than the 2 billion to 4 billion Swiss francs previously targeted, Thiam said, without providing a new figure. Management expects the negative effect of legacy issues that cost the bank two straight years of losses to be significantly reduced by end-2018, said Thiam, who joined the bank in mid-2015. (Reporting by Brenna Hughes Neghaiwi Editing by Ruth Pitchford)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-credit-suisse-ipo-idUKKBN16S2NC'|'2017-03-22T03:18:00.000+02:00'
'b7a5629848d01d02f32ad4e4b00b782748578a8c'|'OPEC will need to extend output curbs to sustain oil price recovery: Reuters poll'|'Global Energy   7:17am GMT OPEC will need to extend output curbs to sustain oil price recovery: Reuters poll FILE PHOTO - A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen before a news conference at OPEC''s headquarters in Vienna, Austria, December 10, 2016. REUTERS/Heinz-Peter Bader/File Photo By Vijaykumar Vedala OPEC will have to extend its oil output curbs in order to sustain a recovery in prices, as a revival in crude production outside the group may scupper its efforts to erode an overhang of unused inventory, a poll of market analysts showed on Friday. Six of the 10 analysts polled by Reuters said they believed OPEC will extend its output cuts beyond June this year, while two felt the group did not need to extend the deal and a further two were undecided. "If OPEC is genuinely pursuing an inventory target, then an extension to current supply restraint is needed," BNP Paribas analyst Harry Tchilinguirian said. "But given recent producer statements suggesting that a rollover of this policy is contingent on cooperation, OPEC will face a conundrum as to what to do next when it meets again in May," Tchilinguirian added. In its monthly report on Tuesday, the group said oil inventories rose in January despite a global deal to cut supply and raised its forecast of production in 2017 from outside the group, suggesting complications in the effort to clear a glut. But the group maintained that stockpiles will begin to fall thanks to the supply cut, and added that in the second half of the year "the market is expected to start balancing or even see the start of a drawdown in oil inventories." "If the group''s main ambition is to effectively reduce global crude stocks toward their five-years average, then OPEC must deepen its cuts and fix a quota for exempted members," said Intesa Paolo analyst Daniela Corsini. "Total OPEC production should be capped around the current level of about 32.1 million barrels per day, well below the 32.5 mb/d which would balance markets this year. If OPEC''s main goal is simply to sustain crude prices above $40-45 then an automatic roll-over of the existing agreement could be enough." The Organization of the Petroleum Exporting Countries is curbing its output by about 1.2 million barrels per day (bpd) from Jan. 1, the first cut in eight years. Russia and 10 other non-OPEC producers have agreed to jointly cut by an additional 600,000 bpd. Strong compliance by OPEC has helped the price of oil rally, but gains have been tempered by rising U.S. oil production. Brent crude LCOc1 has averaged about $55 this year but prices touched a three-month low earlier this week on concerns over excess supply in the market following an increase in U.S. output. Reuters last week reported senior Saudi energy officials had warned top independent U.S. oil firms not to assume OPEC would extend output curbs to offset rising production from U.S. shale fields. "The recovery (in shale production) may be a bit stronger than OPEC anticipated which may be a similar situation of the years up to 2015," ABN Amro analyst Hans Van Cleef said. "Whether the fight for market share will return will strongly depend on the future development of non-OPEC production/non-shale production in regions where investments were cut back significantly," Van Cleef added. Goldman Sachs said oil demand was set to overtake supply in the second quarter of this year and it was not in OPEC''s interest to extend the deal beyond six months as the group''s aim was to normalize inventories and not support prices. "In the short term, crude prices are likely to remain volatile. However, further down the road, we remain confident of meaningfully higher oil prices this year as they are required to bring the global oil market into balance," said Raymond James analyst Muhammed Ghulam. "In our view, we are currently in the early stages of a multi-year energy up-cycle, and the recent correction represents a buying opportunity for investors." (Reporting by Vijaykumar Vedala in Bengaluru; Editing by Amanda Cooper and Susan Thomas) Next In Global Energy News UPDATE 1-Trump seeks to ax Appalachia economic programs, causing worry in coal country PAINTSVILLE, Kentucky, March 16 President Donald Trump has proposed eliminating funding for economic development programs supporting laid-off coal miners and others in Appalachia, stirring fears in a region that supported him of another letdown on the heels of the coal industry’s collapse.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-oil-prices-idUKKBN16O0MW'|'2017-03-17T14:17:00.000+02:00'
'4ecbabf08d39ec15df244d3ae18ff544c9943d6d'|'G20 finance heads to repeat FX assurances, no deal yet on rejecting protectionism'|'Business News - Fri Mar 17, 2017 - 9:57am GMT G20 finance heads to repeat FX assurances, no deal yet on rejecting protectionism German Bundesbank President Jens Weidmann and German Finance Minister Wolfgang Schaeuble attend a Symposium at the G20 Finance Ministers and Central Bank Governors Meeting in Baden-Baden, Germany, March 17, 2017. REUTERS/Kai Pfaffenbach BADEN BADEN, Germany The world''s financial leaders will renounce competitive devaluations and warn against exchange rate volatility, a draft statement seen by Reuters showed, but they have not yet found a common stance on trade and protectionism. The draft communique of the finance ministers and central bank governors of the world''s 20 biggest top economies, which may still change and is to published only on Saturday, also said that monetary policy will keep supporting growth and price stability but cannot alone lead to balanced economic growth. (Reporting By Jan Strupczewski; Editing by Balazs Koranyi) Next In Business News OPEC will need to extend output curbs to sustain oil price recovery - Reuters poll OPEC will have to extend its oil output curbs in order to sustain a recovery in prices, as a revival in crude production outside the group may scupper its efforts to erode an overhang of unused inventory, a poll of market analysts showed on Friday.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-g20-germany-idUKKBN16O12Q'|'2017-03-17T16:57:00.000+02:00'
'c362ee5a8a8842b7c83a46485a4655ec9165e8f3'|'Bank of New York Mellon must face $1 billion Commerzbank lawsuit'|' 48pm GMT Bank   The Bank of New York Mellon Corp. building at 1 Wall St. is seen in New York''s financial district March 11, 2015. REUTERS/Brendan McDermid By Jonathan Stempel - NEW YORK   ( BK.N ) must   CBKGn.DE   U.S. District Judge George Daniels in Manhattan ruled on Tuesday that Commerzbank may pursue breach of contract and negligence claims, as well as a claim that Bank of New York Mellon violated the federal Trust Indenture Act. Bank of New York Mellon had no immediate comment. David Wollmuth, a lawyer for Commerzbank, declined to comment. Commerzbank had sued over Bank of New York Mellon''s role as trustee for 72 residential mortgage trusts and the Millstone II collateralised debt obligation, backed by home loans from lenders such as Countrywide Home Loans and NovaStar Mortgage. The lawsuit accused Bank of New York Mellon of having "sat idly" for years as losses piled up, rather than require lenders to buy back defective loans and press servicers to address defaulted loans faster. Daniels said Commerzbank could pursue arguments that Bank of New York Mellon failed to act prudently, and may have had a conflict of interest because taking action against lenders and servicers could imperil "lucrative business relationships." Three other claims were dismissed. Bond issuers appoint trustees to ensure that payments are funnelled to investors, and handle back-office work after securities are sold. Many trustees have in recent years been sued by investors who claim they shirked their responsibilities. Commerzbank sued Bank of New York Mellon in December 2015, and filed similar lawsuits that month against Deutsche Bank AG ( DBKGn.DE ), HSBC Holdings Plc ( HSBA.L ) and Wells Fargo & Co ( WFC.N ). Those lawsuits remain active. The cases in the U.S. District Court, Southern District of New York, are Commerzbank AG v. The Bank of New York Mellon et al, No. 15-10029; Commerzbank AG v. Deutsche Bank National Trust Co, No. 15-10031; Commerzbank AG v. HSBC Bank USA NA, National Association, No. 15-10032; and Commerzbank AG v. Wells Fargo Bank NA, No. 15-10033. (Reporting by Jonathan Stempel in New York; Editing by Tom Brown)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bank-of-new-york-mellon-commerzbank-idUKKBN16S2G8'|'2017-03-22T01:48:00.000+02:00'
'f1b09de52419e17fbd079dfb411d10913a60b191'|'Ex-Dean Foods chairman tells of using ''bat phone'' to tip Walters'|'Company   2:01pm EDT Ex-Dean Foods chairman tells of using ''bat phone'' to tip Walters By Brendan Pierson - March 21 March 21 Former Dean Foods Co Chairman Tom Davis on Tuesday told jurors in Manhattan federal court that he passed insider information to Las Vegas sports gambler William "Billy" Walters using a cell phone the two called the "bat phone." Davis, who has pleaded guilty to insider trading charges and is cooperating with prosecutors, began testifying on the third day of Walters'' criminal insider trading trial. Prosecutors say Walters was able to make more than $40 million thanks to tips from Davis, and that Walters passed insider information on to star golfer Phil Mickelson. Mickelson is not accused of wrongdoing. Walters has pleaded not guilty. His lawyer, Barry Berke, told jurors last week that Walters never received any inside information, and that he made money trading stocks using the same skills that made him a successful sports gambler. Davis, 68, told jurors on Tuesday during direct examination by Assistant U.S. Attorney Brooke Cucinella that Walters gave "very specific" instructions about how to use an assigned cell phone to talk about Dean Foods. "We called it the bat phone," Davis said. Walters asked him to refer to the dairy processing company in those communications as "the Dallas Cowboys," Davis testified. Davis said the insider information he gave Walters included advance notice of Dean Foods'' 2012 spinoff of part of its business, including the Silk and Horizon Organic brands, as WhiteWave Foods Co. Davis told jurors that when he was first visited by Federal Bureau of Investigation agents in 2014, he denied wrongdoing. After that, Davis said, he threw the bat phone in a creek near his home. He said he continued to deny wrongdoing when questioned by the U.S. Securities and Exchange Commission in 2015, but decided to start cooperating with authorities after suffering a stroke in late 2015 that he said prompted him to reflect on his conduct. Davis said that in subsequent meetings, prosecutors never pressured him to change his story. "Simply put, they asked me to tell the truth," he said. Walters, 70, was arrested in May 2016 in Las Vegas on charges of securities and wire fraud. Prosecutors say that in return for tips about Dean Foods, Walters made personal loans to Davis of almost $1 million. Walters is also accused of making $1 million trading on a tip about Darden Restaurants Inc. The case is U.S. v. Davis et al, U.S. District Court, Southern District of New York, No. 16-cr-00338. (Reporting By Brendan Pierson in New York; Editing by Richard Chang) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-insidertrading-walters-idUSL2N1GY141'|'2017-03-22T01:01:00.000+02:00'
'82370fd9cb8781f2b1ce44a4c93c98997e7d8840'|'GLOBAL MARKETS-Shares tumble on impatience over Trump policies; euro gains'|'Company News  23pm EDT GLOBAL MARKETS-Shares tumble on impatience over Trump policies; euro gains * Concerns that Trump policies on hold hurt stocks * U.S. financial shares plunge 2.8 pct * Benchmark Treasury yields hit nearly 3-week lows * Spot gold prices hit more than 2-week high * Euro hits more than 6-week high vs dollar * Centrist Macron seen as victor in French presidential TV debate (Updates to close of European markets) By Sam Forgione NEW YORK, March 21 U.S. and European shares tumbled on Tuesday on concerns that higher interest rates and pro-growth U.S. policies were on hold, boosting safe-haven Treasuries and gold prices, while the euro hit a more than six-week high against the dollar on soothed French election worries. The U.S. S&P 500 financial sector fell as much as 2.8 percent and was on track for its biggest daily plunge in nine months. Analysts attributed the selling to reduced confidence that U.S. President Donald Trump''s pro-growth policies, including financial deregulation, would occur soon, and to concerns of a dovish Federal Reserve. The Fed stuck to its outlook for two more hikes this year last week, instead of the three expected by many market participants. The tech-heavy U.S. Nasdaq Composite fell as much as 1.7 percent after hitting a record intraday high earlier on the back of Apple shares, which briefly touched a record $142.80 a share before falling. Europe''s broad FTSEurofirst 300 stock index also fell after earlier hitting a 15-month high. It closed down 0.50 percent, at 1,480.99. "Led by financials and industrials, the stock selloff suggests that investors may be less confident that the Trump administration’s pro-growth announcements will be translated into policy implementation soon," said Mohamed El-Erian, chief economic adviser at Allianz in Newport Beach, California. MSCI''s all-country world equity index was last down 2.72 points, or 0.6 percent, at 448.34. The Dow Jones Industrial Average was last down 193.85 points, or 0.93 percent, at 20,712.01. The S&P 500 was down 24.57 points, or 1.04 percent, at 2,348.9. The Nasdaq Composite was down 88.32 points, or 1.5 percent, at 5,813.21. The euro hit $1.0819, its highest level against the dollar since Feb. 2. Centrist Emmanuel Macron cemented his position as front-runner in the first televised French presidential debate on Monday versus anti-European Union contender Marine Le Pen. The euro gained on relief over the debate results, since a win by the far-right Le Pen is seen as posing a risk of euro zone break-up. "Any news between now and the French election next month that suggests fading risk of a Le Pen victory would probably be supportive of the euro," said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington. U.S. crude oil prices hit a one-week low of $47.27 a barrel as the market discounted the latest talk by OPEC that it would extend output cuts beyond June. Brent crude was last down 71 cents, or 1.38 percent, at $50.91 a barrel. U.S. crude was down 84 cents, or 1.74 percent, at $47.38 per barrel. Safe-haven spot gold and U.S. Treasuries benefited, with gold hitting a more than two-week high of $1,247.60 an ounce and benchmark 10-year U.S. Treasury yields touching a nearly three-week low of 2.421 percent. (Additional reporting by Dhara Ranasinghe in London and Saqib Iqbal Ahmed, Scott DiSavino and Jennifer Ablan in New York; Editing by Nick Zieminski) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-markets-idUSL2N1GY19S'|'2017-03-22T01:23:00.000+02:00'
'915fa3c327ae4497c6fc82b6340fad20c52913cc'|'French retailer Carrefour launches new online banking service'|'Business  06am GMT French retailer Carrefour launches new online banking service FILE PHOTO: The logo of France-based food retailer Carrefour is seen on the roof of Tbilisi Mall in Tbilisi, Georgia, April 22, 2016. REUTERS/David Mdzinarishvili/File Photo By Dominique Vidalon - PARIS PARIS French retailer Carrefour ( CARR.PA ) on Tuesday joined the crowded French online banking field with the launch of C-zam, a current account for anyone over 18 that can be opened on presentation of two identity cards and activated online in 10 minutes. The move comes as French telecoms operator Orange ( ORAN.PA ) and its partner Groupama also aim to launch Orange bank in mid-May in France, where the online banking market is dominated by ING Direct ING.AS, Societe Generale''s ( SOGN.PA ) Boursorama and Credit Mutuel Arkea''s Fortuneo. It is also part of Carrefour chief executive Georges Plassat''s ambition to step up the company''s online expansion, as he looks to cement a turnaround that was initially largely focused on revamping the group''s physical store network. Plassat said this month that Carrefour targeted a group business volume of 4 billion euros ($4.3 billion) from E-commerce by 2020 against 1.2 billion in 2016. "This service is fully in line with our digital transformation and Carrefour''s will to innovate," Carrefour France executive director Noel Prioux told a news conference. Under the offer, a client going to a Carrefour store can buy for 5 euros from April 18 onwards a box coupling a current account managed online to a Mastercard payment card. The account allows no overdraft and is accessible to all regardless of income level or resources. It will cost its user one euro per month. "We are launching the first current account distributed in France by a retailer, accessible to all with no income limitations," said Carrefour Banque CEO Julien Jaillon. Carrefour Banque, created in 1981 and 40 percent controlled by BNP Paribas ( BNPP.PA ), already offers consumer credit, savings, and insurance services to its 2.5 million clients. The new service, which is targeting tech-savvy people in their 20s and 30s as well as families, will initially be available in more than 3,000 Carrefour stores in France. Similar to the ''Nickel'' account launched in late 2014 former SocGen communication official by Hughes Le Bret, which offers consumers accounts that can be opened at tobacco stores with only an ID card and a telephone number, C-zam is also available to people otherwise unable to get mainstream accounts. Jaillon did not provide financial targets for C-zam but said he had "big ambitions in terms of volume" for a service which he said was "the most competitive" price-wise in France. Carrefour Banque is following in the tracks of the big traditional French banks, which have boosted their online business to counter both low-cost Internet competitors and a drop in the numbers of clients visiting branches, both of which are denting their profits and forcing them to close outlets. ($1 = 0.9264 euros) (Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-carrefour-bank-idUKKBN16S16A'|'2017-03-21T18:06:00.000+02:00'
'44d5acb360aa409c29bb2f2897aa3511f5ef4bd8'|'Goldman to move hundreds of staff from London pre-Brexit - Europe CEO'|'Money News - Tue Mar 21, 2017 - 5:42pm IST Goldman to move hundreds of staff from London pre-Brexit - Europe CEO FILE PHOTO - A Goldman Sachs sign is seen above the floor of the New York Stock Exchange shortly after the opening bell in the Manhattan borough of New York January 24, 2014. REUTERS/Lucas Jackson/File Photo By Anjuli Davies - LONDON LONDON Goldman Sachs will begin moving hundreds of people out of London before any Brexit deal is struck as part of its contingency plans for Britain leaving the European Union, the Wall Street firm''s Europe CEO said. "We are going to start to execute on those contingency plans," Richard Gnodde, chief executive officer of Goldman Sachs International, the European arm of the Wall Street bank, told CNBC on Tuesday. "For this first period, this is really the period as we put in place contingency plans, this is in the hundreds of people as opposed to anything greater than that," he said. British Prime Minister Theresa May will trigger EU divorce proceedings on March 29, launching two years of negotiations that will shape the future of Britain and Europe. Leading financial firms warned for months before last year''s June referendum that they would have to move some jobs if there was a leave vote, and have been working on plans for how they would do so for the past several months. More details are emerging after May confirmed Britain would leave the European single market, ending banks'' hopes they might retain "passporting" rights that let them sell services across the EU from their London hubs. The bulk of Goldman''s European operations are in Britain, where it has around 6,000 employees, providing services including broking and market-making in securities, foreign-exchange trading and corporate finance across Europe. Gnodde said that the big question for contingency planning is whether Britain and the EU will agree on transitional arrangements as they try to hammer out a Brexit deal, which some fear could last beyond the two-year negotiation period. "We can''t bank on them so we have to have contingency plans and that''s what are going to start to execute on." Initially, the Wall Street bank will start hiring people inside Europe and also moving some people out of London as well as investing in infrastructure and technology over the next 18 months to ensure that operations to service clients are up and running by the time Britain leaves the EU, said Gnodde. He declined to say which locations would benefit, though stated that the firm had banking licenses in France and Germany and offices in several European cities. "In the next 18 months we will upgrade those facilities, we will be taking extra space in a number of them, and we will be increasing headcount and capability and infrastructure around those facilities." "What our eventual footprint will look like depends on the outcome of negotiations and what we''re obliged to do because of them. Whatever the scenario, whatever the outcome, London will remain for us a very significant regional hub and a very significant global hub," he added. (Editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-eu-goldman-sachs-idINKBN16S1CB'|'2017-03-21T19:12:00.000+02:00'
'cb9e2a6b0e54d2c5adc1cd6998f568aa39c75f07'|'Turkey''s Arcelik working on deals to expand abroad'|'LONDON Arcelik ( ARCLK.IS ), the home appliances arm of Turkey''s biggest industrial conglomerate Koc Holding ( KCHOL.IS ), is working on acquisitions to speed up its international expansion, particularly in Asia, its chief executive said on Monday.The company, which sells washing machines, dryers and refrigerators under labels including Beko and Grundig, wants more such "white goods" brands, but could also look at small appliances such as coffee makers and food processors."(M&A) is important because we have global ambitions," CEO Hakan Bulgurlu told Reuters in an interview in London.He forecast "significant demand growth" in southeast Asia and the Indian subcontinent, including Indonesia, Vietnam and the Philippines, as well as Bangladesh, Pakistan and India."They''re all focus areas for us," he said.Geography is a much more important factor than price, Bulgurlu added. Arcelik could easily do another deal like last year''s roughly $250 million purchase of Pakistan''s Dawlance, but could also do something several times bigger, he said."We''re opportunistic. We''re not restricted on size in any way."Bulgurlu said international markets should account for 65 percent of Arcelik''s sales this year, up from 60 percent in 2016, reaching 80 percent in a few years.Europe currently accounts for the large majority of international sales, though the company has a growing presence in Africa through its 2011 purchase of South Africa''s Defy Appliances.GLOBAL UNCERTAINTYBulgurlu stood by Arcelik''s forecast for revenue to grow 20 percent this year from 16.10 billion Turkish lira ($4.43 billion) in 2016, even though its overall home market could grow faster than the 3 percent it had previously forecast.The stronger market in Turkey is due to a recent government move to reduce a tax on white goods in order to spur demand. Still, the weak lira has made raw materials such as oil, steel and plastic more expensive, impacting profitability."There''s a lot of uncertainty in the world," Bulgurlu said, also citing the weak pound that has caused inflationary pressure in Britain, which accounts for 10 percent of sales.The company had to raise prices on some UK products and expects that to temper demand, especially after there was a surge due to expectations of future price rises."I think demand will taper off a little," Bulgurlu said, noting however that Arcelik still aimed to double its business in Britain in the next five years, even as the country''s exit from the European Union raises questions about the economy and the future of foreign workers."It will continue to be our most important market outside Turkey," he said.Arcelik opened a research and development center in Cambridge, eastern England, last year, in an effort to take advantage of a British tradition for scientific innovation."We want to tap into that and take that pure research and make it applicable to appliances," Bulgurlu said, citing potential for smart appliances such as refrigerators that know when food is going bad and ovens that can keep food cool until its time to cook.(Reporting by Martinne Geller; Editing by Mark Potter)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-arcelik-strategy-idUSKBN16R202'|'2017-03-20T19:56:00.000+02:00'
'6040a9986a8124d1e260246a8dd9d6745f04563d'|'EBRD may buy 5-10 pct in Polish retail chain Dino'|'WARSAW, March 21 The European Bank for Reconstruction and Development (EBRD) may buy a 5 to 10 percent stake in Polish retail chain Dino''s initial public offering (IPO), Dino said on Tuesday.On Monday Dino set the IPO price at 33.5 zlotys per share, which values the offer at 1.6 billion zlotys ($405 million), potentially the biggest IPO in Warsaw in the past few years.The offer will include shares owned by private equity fund Enterprise Investors, which plans to sell its 49 percent stake through the IPO.Dino''s founder, Tomasz Biernacki, who owns the remaining 51 percent, signed agreements with the company and EBRD which may result in the EBRD buying 5 to 10 percent in Dino.($1 = 3.9442 zlotys) (Reporting by Agnieszka Barteczko; Editing by Ruth Pitchford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/poland-dino-idINL5N1GY4JJ'|'2017-03-21T12:06:00.000+02:00'
'25f9ab6bb5da45a11099ccede740ec594fb99dc5'|'UPDATE 1-UK to investigate any UK bank involvement in "Laundromat" case'|'Company  30am EDT UPDATE 1-UK to investigate any UK bank involvement in "Laundromat" case * Newspapers allege UK banks processed funds from Russia * Lawmakers table urgent parliamentary question * Case involves number of UK-established companies-NCA * Money did not move through the UK financial system-NCA (Adds fresh Kirby quotes, NCA, FCA and bank comments) By William James, Kirstin Ridley and Lawrence White LONDON, March 21 Britain said on Tuesday that authorities would investigate newspaper allegations that UK-based banks had been used in a global money laundering scheme. A Reuters report published earlier this month shone light on a Moldovan "Laundromat" probe into an alleged Russian-led money laundering scheme, in which $22.3 billion passed through Moldova using Russian shell companies and fictitious loans from offshore companies based in Britain in 2011-2014. The Organized Crime and Corruption Reporting Project (OCCRP), an East European media network, and Russian newspaper Novaya Gazeta have also shared documents and data with the Guardian newspaper and media partners about the alleged involvement of British banks. British lawmakers tabled an urgent parliamentary question after newspaper reports that banks including HSBC, the Royal Bank of Scotland, Coutts and Standard Chartered were named as among banks that did not turn away suspicious money transfers. "The Financial Conduct Authority (FCA) and the National Crime Agency (NCA) ... will investigate closely whether recent information from the Guardian newspaper regarding money laundering from Russia, or indeed any other media source, would allow the progression of an investigation," city minister Simon Kirby said in parliament on Tuesday. "What is important is that if these allegations are correct, if they present any new information, that both the NCA and the FCA act on it appropriately," added Kirby, responding to a question raised by the opposition Labour Party. The NCA said the case involved a number of UK-established companies and that, according to current information, the bank accounts involved were almost entirely held in non-UK jurisdictions. It said the money therefore did not "generally" move through the UK''s financial system. "The NCA remains willing to consider any formal request for assistance from the Moldovan authorities in connection with their investigation, and will consider whether information provided by the Guardian or other media sources would allow the progression of an investigation," it said in a statement. The FCA, tasked with ensuring that banks and financial services companies have adequate, proportionate and efficient safeguards to prevent them being used for financial crime, declined to comment. According to data compiled by the OCCRP and published by the Guardian, HSBC saw $545 million routed through its UK and foreign branches. HSBC is still subject to a five-year deferred prosecution agreement made in 2012 with U.S. authorities over lapses in its anti money laundering controls. "HSBC is strongly committed to fighting financial crime," the bank said in a statement. "The bank has systems and processes in place to identify suspicious activity and report it to the appropriate government authorities. This case highlights the need for greater information sharing between the public and private sectors, each of whom holds important information the other does not." RBS, which owns Coutts, and Standard Chartered also said they were committed to combatting financial crime and money laundering. Standard Chartered said it would investigate any indications of suspicious activity. The NCA said potential money laundering investigations were complicated when it was impossible to establish a criminal source for funds, such as drug supply, human trafficking or corruption without cooperation from the foreign jurisdictions. (Additional reporting by Kylie MacLellan; Editing by Alexander Smith) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-banks-allegations-idUSL5N1GY49N'|'2017-03-21T22:30:00.000+02:00'
'60cc068146137ba2f6c7c3babacb56557431cabb'|'Mears Group says profit up 13 percent, sees no Brexit impact'|'  8:02am GMT Mears Group says profit up 13 percent, sees no Brexit impact British housing and social care provider, Mears Group ( MERG.L ), reported a 13 percent increase in full-year profit and said it saw no significant impact from Britain''s vote to leave the European Union. The company, which scaled back some "unsustainable" care contracts last year, said on Tuesday there was significant momentum building for both housing and care policy in the UK this year, after the issues took a backseat following the referendum vote. It said its order book stood at 3.1 billion pounds at the end of 2016, down from a record 3.5 billion reported at the end of 2015. Pretax profit from continuing activities grew to 29.4 million pounds ($36.3 million) in the year ended Dec. 31, from 25.9 million pounds a year earlier, it added. "We have positioned ourselves to provide a broader service offering in housing to a market where we are seeing an increasing blurring of the boundaries between social, affordable and private rented housing," Chief Executive David Miles said. Although support services have weathered the initial impact of the Brexit vote better than feared, uncertainty is causing public and private clients to delay awarding new contracts, depressing the outlook for some types of outsourcing services. Earlier this year, peer Mitie ( MTO.L ) struck a deal to sell its home healthcare unit, exiting a sector where the UK government has cut spending over the past four years, causing firms to struggle with low-margin contracts. (Reporting by Esha Vaish in Bengaluru, editing by Louise Heavens)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-mears-grop-results-idUKKBN16S0PS'|'2017-03-21T15:02:00.000+02:00'
'270ae33029312149f23d4d6b5b6dbc0b142b04be'|'Germany''s economic advisers reject criticism of current account surplus'|'Business News - Mon Mar 20, 2017 - 10:05am GMT Germany''s economic advisers reject criticism of current account surplus A containership is loaded at a terminal at the harbour in Hamburg, late March 30, 2011. REUTERS/Fabian Bimmer BERLIN The German government''s panel of economic advisers on Monday rejected international criticism of the country''s large current account surplus and called U.S. President Donald Trump''s protectionist stance a threat to the global economy. "The German current account surplus is high, but this does not signal a macroeconomic imbalance," Christoph Schmidt, head of the panel of ''wise men'' said, adding that demands such as increasing public investment were misleading. The government should rather make Germany a more attractive investment location for the private sector which would help to reduce the current account surplus, Schmidt said. "The protectionist measures demanded by President Trump pose a threat to the international trading system and a risk to the global economy," the panel of economic advisers said. The ''wise men'' reiterated that they viewed the European Central Bank''s monetary policy as "too expansionary" in light of the economic development in the euro zone, adding that the resulting risks for financial stability were rising further. "The ECB should therefore start winding down the bond-buying program as soon as possible," the advisers said. The panel slightly revised up their growth forecast for this year by 0.1 percentage point to 1.4 percent. Adjusted for the fewer number of workdays this year, they expect Europe''s biggest economy to grow by 1.7 percent. For 2018, the panel predicts a growth rate of 1.6 percent. (Reporting by Michael Nienaber; Editing by Joseph Nasr) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-germany-economy-surplus-idUKKBN16R0SA'|'2017-03-20T17:04:00.000+02:00'
'7ba7c18d49dd27cf8aa7a15de17bf0ad977119ea'|'Champagne producers blame Brexit for 2016 sales decline'|' 32am GMT Champagne producers blame Brexit for 2016 sales decline Bottles of champagne are displayed December 21, 2016 at a Nicolas French wine specialist store in Paris, France. Picture taken December 21, 2016. REUTERS/Charles Platiau PARIS Sales of champagne fell last year as a weaker pound weighed on British demand in the wake of the Brexit referendum vote, France''s main champagne industry body said on Monday. Sales to Britain, still the biggest export market by volume, fell 8.7 percent to 31.2 million bottles, the CIVC industry association said. By value, British exports tumbled 14 percent to 440 million euros (381.16 million pounds). Britain''s June vote to leave the European Union caused sterling to fall against the euro and to its lowest level against the dollar since 1985, although it has since edged back from those lows. Global champagne sales fell 2.1 percent by volume to 306 million bottles in 2016, while order value fell 0.6 percent to 4.71 billion euros. The decline also reflected continued economic weakness in France, where sales fell 2.5 percent to 157 million bottles, the CIVC said. However, champagne shipments to the United States, the second-largest export market, rose 6.3 percent by volume and 4.9 percent by value. (Reporting by Dominique Vidalon; Editing by Laurence Frost)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-champagne-sales-idUKKBN16R0TP'|'2017-03-20T17:32:00.000+02:00'
'96c481806dc416c3a6fb4e215e76b9310464667b'|'UK Stocks-Factors to watch on March 20'|' 31am EDT UK Stocks-Factors to watch on March 20 March 20 Britain''s FTSE 100 index is seen opening 1 point higher at 7,426 on Monday, according to financial bookmakers. * The UK blue chip FTSE 100 index ended 0.1 percent higher at 7,424.96 points on Friday, closing at a record level but with a stronger sterling capping gains. * UNILEVER: Unilever is preparing a 6 billion pound ($7.44 billion) sale of some of its food brands, British newspapers reported on Saturday. * BHP BILLITON: The labor union at the world''s largest copper mine, BHP Billiton''s Escondida in Chile, called a fresh offer of talks by management to end a 39-day strike "manipulative." * RBS: Lawyers representing tens of thousands of Royal Bank of Scotland (RBS) shareholders have held tentative talks to settle a 1.2 billion pound damages claim over the lender''s 2008 rights issue that was launched shortly before a state bailout, two sources said. * PETROFAC/WOOD GROUP: Canada''s SNC-Lavalin and Petrofac are eyeing Wood Group and Amec Foster Wheeler with the aim of acquiring assets and contracts likely to be divested by the UK pair as a result of their 2.2 bln pounds merger, the Financial Times reported on Sunday. * ASTRAZENECA: A newer class of type 2 diabetes drugs significantly cut the risk of death and hospitalization for heart failure compared with other medicines for the disease, according to data released on Sunday from a so-called real world study sponsored by AstraZeneca. * MELROSE: Melrose Industries bosses are likely to be handed shares worth more than 150 mln pounds, Sky News reported on Sunday. * BRITAIN HOUSING: Asking prices for homes in England and Wales are showing above-average increases as a shortage of properties for sale outweighed any nervousness about Brexit, a survey published by property data firm Rightmove showed on Monday. * BREXIT: Prime Minister Theresa May will visit Wales on Monday as part of a plan to engage with all the nations of the United Kingdom before she formally launches Britain''s departure from the European Union. * OIL: Oil prices fell on Monday as rising U.S. drilling activity and steady supplies from OPEC countries despite touted production cuts pressured already-bloated markets. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Phoenix Group PHNX.L Full Year 2016 One Media IP Group OMIP.L Full Year 2016 MaxCyte Inc MXCT.L Full Year 2016 JKX Oil and Gas JKX.L Full Year 2016 TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Siju Varghese; Editing by Amrutha Gayathri)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1GX1SX'|'2017-03-20T13:31:00.000+02:00'
'5cc28e6005f730768b388c8399ef369f67c86d21'|'METALS-Copper eases in thin trade, traders eye fresh China property curbs'|'(Adds detail)MELBOURNE, March 20 London copper slipped on Monday on jitters that Beijing would set down tougher measures to cool its housing sector, although trade was thin as markets digested the results of a meeting of G20 financial leaders.* LME COPPER: Three-month copper on the London Metal Exchange had slipped 0.7 percent to $5,922 a tonne by 0712 GMT, erasing small gains from the previous session.* SHANGHAI COPPER: Shanghai Futures Exchange copper was barely changed at 47,920 yuan ($6,941) a tonne.* CHINA PROPERTY: China''s red-hot property market picked up pace in February after price gains had slowed in the previous four months, with average new home prices in 70 major cities edging up in spite of a raft of new government curbs aimed at tempering speculative demand.* SHANGHAI ZINC: ShFE zinc rallied 1.7 percent on Monday. In China, traders were expecting the import differential for zinc to turn positive after a steep draw from ShFE warehouses last week and a flurry smelters announcing maintenance plans, traders said.* SHANGHAI STOCKS: ShFE zinc stocks slumped by 8,490 tonnes, or 4.4 percent last Friday from the week before, while Shanghai aluminium stocks surged 47,513 tonnes, or 17.7 pct.* ESCONDIDA: The labour union at the world''s largest copper mine, BHP Billiton''s Escondida in Chile, called a fresh offer of talks by management to end a 39-day strike "manipulative".* G20: Financial leaders of the world''s biggest economies dropped a pledge to keep global trade free and open, acquiescing to an increasingly protectionist United States after a two-day meeting failed to yield a compromise.* COMEX SPECULATORS: Hedge funds and money managers trimmed their bullish position in copper by 4,700 lots to 52,449 lots, the lowest since early November, U.S. Commodity Futures Trading Commission data showed.* CHINA PRODUCTION: China will boost output of major non-ferrous metals this year by 4.8 percent, the industry ministry said on Friday, as the world''s top producer and consumer moves to boost efficiency in its metals industry. [nB9N1GL02M* MARKETS: Asian stocks were mixed on Monday in thin trade, following Wall Street''s declines and the G20''s decision to drop a pledge to avoid trade protectionism, while the Federal Reserve''s less hawkish-than-expected comments continued to drag the dollar lower.DATA/EVENTS0700 Germany Producer prices Feb1000 Euro zone Labour costs Q41230 U.S. National activity index FebPRICESThree month LME copperMost active ShFE copperThree month LME aluminiumMost active ShFE aluminiumThree month LME zincMost active ShFE zincThree month LME leadMost active ShFE leadThree month LME nickelMost active ShFE nickelThree month LME tinMost active ShFE tinARBS ($1 = 6.9041 Chinese yuan renminbi)(Reporting by Melanie Burton; Editing by Joseph Radford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/global-metals-idINL3N1GX1CW'|'2017-03-20T03:37:00.000+02:00'
'6b23460ee8d708e41fc191389fce99030f3617b9'|'SquareTwo Financial Corp files for Chapter 11'|'Colorado-based debt collector SquareTwo Financial Corp filed for Chapter 11 bankruptcy on Sunday in the U.S. Bankruptcy Court for the Southern District of New York, the company said in a statement.SquareTwo reached an agreement with Resurgent Holdings LLC to take ownership of the debt collector''s portfolio of assets, with Resurgent agreeing to invest $405 million, according to the filing.SquareTwo Chief Operating Officer J.B. Richardson said the proceeds from the agreement would result in a final purchase price of $264 million in exchange for 100 percent of the equity of the reorganized company.On completion of the transaction, SquareTwo will close its operations in the United States, with the closing expected to be completed by the end of 2017.SquareTwo said its Canadian operations would continue under Resurgent''s ownership.AlixPartners is serving as restructuring adviser and Keefe, Bruyette & Woods, Inc is serving as financial adviser to SquareTwo.SquareTwo is being provided legal counsel by Willkie Farr & Gallagher LLP in the United States and by Thornton Grout Finnigan in Canada. Resurgent Holdings is being provided legal counsel by Foley & Lardner LLP in the United States and by McCarthy Tétrault LLP in Canada.(Reporting by Kanishka Singh in Bengaluru; Editing by Peter Cooney)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-squaretwo-financial-bankruptcy-idINKBN16R01M'|'2017-03-19T21:55:00.000+02:00'
'07c2b269da25233e297fc541f8b7af5f0494c871'|'Red star over Hungary? Heineken may see trademark banned'|'Business News - Mon Mar 20, 2017 - 12:26pm GMT Red star over Hungary? Heineken may see trademark banned FILE PHOTO: A plastic container with empty bottles of Heineken beers are pictured among beer kegs outside a restaurant in Singapore August 29, 2012. REUTERS/Tim Chong/File Photo By Krisztina Than - BUDAPEST BUDAPEST Heineken beer''s trademark red star may be about to fall foul of Hungary''s attempts to purge itself of totalitarian symbols related to the years of Nazi occupation and, in this case, the 40 years of communist rule. The rightist government of Prime Minister Viktor Orban, which faces an election in April 2018, says it is a "moral obligation" to ban the commercial use of symbols such as the swastika, arrow cross, hammer and sickle, and the red star. Parliament began discussing the proposed ban on Monday. The measure would fit with Orban''s style of unorthodox policy making, which has seen specific, mostly foreign-owned business sectors, targeted with special taxes and regulation. Heineken has had a star logo on its beer for most of the years since it was first brewed in the second half of the 19th century, changing to a red one in the 1930s. The star is thought to represent a brewers symbol or the various stages of the brewing process. But the red star was also a major symbol of Soviet communism and used to appear on the crest of communist-era Hungary. Under the new law, businesses using these symbols could be fined up to 2 billion forints (5.63 million pounds) and jail sentence. A Heineken spokeswoman declined comment on the draft bill. Hungarian government spokesman Zoltan Kovacs also declined comment, but did not rule out the possibility that based on the law, Heineken beer with its current logo could be banned. Last week Deputy Prime Minister Zsolt Semjen, who jointly submitted the bill with Orban''s chief of staff Janos Lazar, was quoted as saying that the red star in Heineken''s logo was "obvious political content". At the same time, Semjen did not deny that the ban was linked to Heineken''s legal battle with a small, partly locally-owned beer maker in Romania''s Transylvania -- home to hundreds of thousands of ethnic Hungarians -- over the use of a popular brand name there. After the World War Two Heineken changed its star from red to white with only a small red border. Over the years the red border of the star of all export labels gradually became more prominent, until 1991, when it became completely red again. Unlike Nazi symbols, communist symbols are not banned in the Czech Republic or in Romania. In Poland, there was a discussion regarding communist symbols, but the Constitutional Tribunal ruled the symbols could be used. The red star also features in badges of famous football teams like French club Red Star FC or the famous Red Star Belgrade club. (Additional reporting by Peter Muller in Prague, Radu Marinas in Bucharest and Marcin Goclowski in Warsaw) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hungary-heineken-redstar-idUKKBN16R17A'|'2017-03-20T19:26:00.000+02:00'
'309adf5072b5574895baedf773bbe74099c2a92e'|'Brazil Agriculture Ministry confirms China beef suspension'|'Company  09am EDT Brazil Agriculture Ministry confirms China beef suspension SAO PAULO, March 20 The Brazilian Agriculture Ministry confirmed on Monday that China had temporarily banned beef imports following a police investigation that revealed health inspectors were bribed to overlook unsanitary conditions at several plants. Separately, Francisco Turra, head of Brazil''s ABPA beef producers association, said at a Monday news conference that the scandal had put the entire sector, one of the nation''s most vibrant, in a grave situation, adding that it had "destroyed" a hard-fought image of quality products. (Reporting by Paula Laier; Editing by Lisa Von Ahn) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-corruption-food-groups-idUSE6N1FM00X'|'2017-03-20T22:09:00.000+02:00'
'864a0fbc69f18e5c5ce5696a0563644f21c6f5d5'|'Uber president Jeff Jones quits as turmoil continues'|' 51pm GMT Uber president Jeff Jones quits as turmoil continues FILE PHOTO - A taxi is reflected in a window at the office of taxi-hailing service Uber Inc in Hong Kong, China August 12, 2015. REUTERS/Tyrone Siu/File Photo By Heather Somerville - SAN FRANCISCO SAN FRANCISCO Ride services company Uber Technologies Inc [UBER.UL] has been thrust deeper into turmoil with the departure of company president Jeff Jones, a marketing expert hired to help bolster its reputation. Jones quit less than seven months after joining the San Francisco company, an Uber spokesman said on Sunday. The reasons for his departure were not immediately clear, but Jones'' role was put into question after Uber earlier this month launched a search for a chief operating officer to help run the company alongside Chief Executive Travis Kalanick. Jones had been performing some of those COO responsibilities. He joined Uber from Target, where he was chief marketing officer and is credited with modernizing the retailer''s brand. "We want to thank Jeff for his six months at the company and wish him all the best," an Uber spokesman said in an emailed statement. Jones is the latest in a string of high-level executives to leave the company. Last month, engineering executive Amit Singhal was asked to resign amid a sexual harassment allegation stemming from his previous job at Alphabet Inc''s Google. Earlier this month, Ed Baker, Uber''s vice president of product and growth, and Charlie Miller, Uber''s top security researcher, departed. Technology news site Recode first reported Jones'' departure on Sunday. Uber, while it has long had a reputation as an aggressive and unapologetic startup, has been battered with multiple controversies over the last several weeks that have put Kalanick''s leadership capabilities and the company''s future into question. A former Uber employee last month published a blog post describing a workplace where sexual harassment was common and went unpunished. The blog post prompted an internal investigation that is being led by former U.S. Attorney General Eric Holder. Then, Bloomberg released a video that showed Kalanick berating a Uber driver who had complained about cuts to rates paid to drivers, resulting in Kalanick making a public apology. And earlier this month Uber confirmed it had used a secret technology program dubbed "Greyball," which effectively changes the app view for specific riders, to evade authorities in cities where the service has been banned. Uber has since prohibited the use of Greyball to target local regulators. Jones joined Uber in August and was widely expected to be Kalanick''s No. 2. Jones was tasked with overseeing the bulk of Uber''s global operations, including leading the ride-hailing program, running local Uber services in every city, marketing and customer service, and working with drivers. (Reporting by Heather Somerville; Editing by Alistair Bell)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-uber-jeffjones-idUKKBN16Q0X5'|'2017-03-20T05:51:00.000+02:00'
'f573f574b233066b2f5692664a23c3185d0e4316'|'Canada''s Endeavour Mining ends merger talks with Acacia'|'March 21 Canadian gold miner Endeavour Mining Corp said on Tuesday it had ended discussions with London-based Acacia Mining Plc regarding a potential merger.Endeavour, which operates mines in West Africa, had held talks with Acacia earlier in January. (Reporting by John Benny in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/endeavour-mining-acacia-mining-idINL3N1GY4NA'|'2017-03-21T14:22:00.000+02:00'
'bf50400c1489fbfcf0b9674d02b5ab0f5412454d'|'Elderly founder of South Korea''s Lotte Group denies charges in dramatic start to graft trial'|'Mon Mar 20, 2017 - 9:38am GMT Elderly founder of South Korea''s Lotte Group denies charges in dramatic start to graft trial left right Lotte Group Founder Shin Kyuk-ho arrives for a trial at a court in Seoul, South Korea, March 20, 2017. REUTERS/Kim Hong-Ji 1/4 left right Lotte Group Founder Shin Kyuk-ho arrives for a trial at a court in Seoul, South Korea, March 20, 2017. REUTERS/Kim Hong-Ji 2/4 left right Former vice chairman of Tokyo-based Lotte Holdings Shin Dong-joo arrives for a trial at a court in Seoul, South Korea, March 20, 2017. REUTERS/Kim Hong-Ji 3/4 left right Lotte Group chairman Shin Dong-bin arrives for a trial at a court in Seoul, South Korea, March 20, 2017. REUTERS/Kim Hong-Ji 4/4 By Heekyong Yang - SEOUL SEOUL The 94-year-old founder of Lotte Group, South Korea''s fifth-largest conglomerate, threw his cane to the floor of a court on Monday and demanded to know where he was on the first day of a trial of him and family members. Shin Kyuk-ho appeared confused as he entered the court in a wheelchair, and tried to resist aides'' efforts to wheel him out, by dragging his feet. "Lotte is a company that I made, I have 100 percent of the shares, who indicted me?" the agitated Shin Kyuk-ho shouted upon his return to the court, throwing down his cane. His lawyer said he denied charges of embezzlement and breach of trust, as the first day of arguments got off to a dramatic start, with the judge asking the Lotte Group founder to be quiet and aides checking his blood pressure. The investigation behind the trial is separate from the one that led to the recent dismissal of President Park Geun-hye, over suspected corruption linked to dealings with other big conglomerates, including the Samsung Group and SK Group. In a courtroom packed with lawyers, reporters and members of the public, Lotte Group Chairman Shin Dong-bin, 62, his older brother Shin Dong-joo, and his father and Lotte founder, Shin Kyuk-ho, were in attendance as defendants on Monday. Prosecutors indicted 22 people at the end of an investigation over several months last year into suspected corruption at Lotte Group. The elderly group founder, Shin Kyuk-ho, has been indicted for tax evasion, embezzlement and breach of trust, involving a total 223.8 billion won ($200 million). His son, group chairman Shin Dong-bin, has been charged with embezzlement of about 50.8 billion won ($45 million) and breach of trust over about 124.9 billion won, concerning suspected irregular payments to family members and unlawful support of group companies. A lawyer for him said the payments in question were organized by the father, Shin Kyuk-ho, without Shin Dong-bin''s involvement. A lawyer for Shin Dong-bin''s older sister, Shin Young-ja, said she denied breach of trust, adding that a payment under suspicion, from Lotte Cinema to her company, was also organized by Shin Kyuk-ho, and she was not in a position to influence the founder. Shin Kyuk-ho''s lawyer said he denied all charges, without elaborating. Lotte Group had been preparing a $4.5-billion initial public offering (IPO) of Hotel Lotte Co Ltd [HTLOT.UL] last year, but shelved the plan after prosecutors'' investigation became public. South Korea holds a presidential election on May 9 to find a replacement for Park and reform of big family-run conglomerates, known as chaebol, is a campaign issue. (Reporting by Heekyong Yang; Writing by Joyce Lee; Editing by Robert Birsel and Clarence Fernandez) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-lotte-group-probe-idUKKBN16R0Q8'|'2017-03-20T16:34:00.000+02:00'
'd0c5a096c34a799fac9dd12f0a5fdbe5f06e0797'|'Albertsons held preliminary merger talks with Sprouts: Bloomberg'|'Deals - Sun Mar 19, 2017 - 7:00pm EDT Albertsons held preliminary merger talks with Sprouts: Bloomberg left right Customers leave an Albertsons grocery store with their purchases in Burbank, California July 17, 2012. REUTERS/Fred Prouser 1/2 left right A billboard advertisement for Sprouts Farmers Market, a health food chain store, is shown in Encinitas, California September 9, 2014. REUTERS/Mike Blake 2/2 NEW YORK Grocery business Albertsons Cos. held preliminary talks to merge with Sprouts Farmers Market Inc. ( SFM.O ), Bloomberg reported on Sunday, citing people familiar with the situation. Bloomberg said that the early-stage discussions took place in recent weeks and have involved a plan to take Sprouts private. Doing so would add the natural and organic foods-focused business to the Albertsons suite of supermarket brands, which includes Safeway, Vons and Shaw''s. Albertsons is backed by private equity firm Cerberus Capital Management. Representatives for Albertsons and Sprouts did not immediately respond to requests for comment, while a spokeswoman for Cerberus declined to comment. (Reporting by Lawrence Delevingne; Editing by Mary Milliken) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-albertsons-cos-sprouts-idUSKBN16Q0XG'|'2017-03-20T06:00:00.000+02:00'
'b32069bf90daf1b02f2830704d2fe66eeabf7472'|'PRESS DIGEST- Financial Times - March 20'|'Company News - Sun Mar 19, 2017 - 8:50pm EDT PRESS DIGEST- Financial Times - March 20 March 20 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headlines May embarks on UK tour to extol Brexit benefits on.ft.com/2mGeyEn Britain and Germany set to sign defence co-operation deal on.ft.com/2mGm95G Rivals circle Wood and Amec assets on.ft.com/2mFCbNu TCI steps up campaign to block Zodiac takeover on.ft.com/2mG9HmF Overview British Prime Minister Theresa May will begin her tour of the UK in order to unite the country before she enters formal Brexit negotiations by the end of the month. The UK defence ministry has said it is in talks with Germany to sign a new defence co-operation agreement after the country launches Brexit. SNC-Lavalin of Canada and UK''s Petrofac Ltd are eyeing John Wood Group Plc and Amec Foster Wheeler Plc for picking up assets and contracts. The Children''s Investment Fund wrote a letter to Safran SA''s board in a push to its campaign to block Safran''s takeover bid for Zodiac Aerospace SA . (Compiled by Gaurika Juneja in Bengaluru; Editing by Peter Cooney) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-ft-idUSL3N1GX05O'|'2017-03-20T07:50:00.000+02:00'
'0b1232d63af93b6c027fbfb148e8378113cbd680'|'Oil prices drop on rise in U.S. drilling'|'Global Energy News  52am GMT Oil prices drop on rise in U.S. drilling FILE PHOTO: An oil tanker drives through desertified land in Hengshan county, northwest China''s Shaanxi province June 1, 2011. REUTERS/Rooney Chen/File Photo By Henning Gloystein - SINGAPORE SINGAPORE Oil prices fell on Monday as rising U.S. drilling activity and steady supplies from OPEC countries despite touted production cuts pressured already-bloated markets. Prices for front-month Brent crude futures LCOc1, the international benchmark for oil, were 20 cents below their last settlement at 0025 GMT, at $51.56 per barrel. U.S. West Texas Intermediate (WTI) crude futures were down 28 cents at $48.50 a barrel. Traders said that prices were under pressure due to rising U.S. drilling activity and ongoing high supplies by the Organization of the Petroleum Exporting Countries (OPEC) despite its pledge to cut output by almost 1.8 million barrels per day (bpd) together with some other producers like Russia. "Crude oil has attempted to break out of the trading range that formed last year ... However, this uptrend has stalled," futures brokerage CMC Markets said in a note on Monday. "Now there is good, strong momentum to the downside." U.S. drillers added 14 oil rigs in the week to March 17, bringing the total count up to 631, the most since September 2015, energy services firm Baker Hughes Inc ( BHI.N ) said on Friday, extending a recovery that is expected to boost shale production by the most in six-months in April. nL2N1GR0OP As a result, U.S. oil output has risen to over 9.1 million bpd from below 8.5 million bpd in June last year. C-OUT-T-EIA Reacting to the ongoing glut in markets, financial oil traders cut their net long U.S. crude futures and options positions in the week to March 14, the third consecutive cut, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. Defying rising sentiment that oil markets remain oversupplied, some analysts say markets will tighten soon, arguing that the OPEC-led cuts will only start to bite from April, just as demand picks up as refineries return from current maintenance outages. "The cuts in OPEC production from the start of 2017 should start to show up between mid-March (now) and mid-April. Over the coming weeks we expect a sharp reduction in imports and increase in refining runs which should lead to impressive crude inventory draws," analysts at AB Bernstein said on Monday in a note to clients. "The combination of falling imports and stronger crude runs should lead to substantial inventory cuts over the coming months," they said. (Reporting by Henning Gloystein; Editing by Joseph Radford) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN16R01D'|'2017-03-20T07:52:00.000+02:00'
'424ad3bd9ff8eddf5fc52197e4ba92976ac031c8'|'Brazil president seeks to calm fears over meat sales, exports'|'  10:28pm GMT Brazil president seeks to calm fears over meat sales, exports left right Brazil''s President Michel Temer (R) gestures near Brazil''s Agriculture Minister Blairo Maggi during a meeting with ambassadors of meat importing countries of Brazil at the Planalto Palace in Brasilia, Brazil March 19, 2017. REUTERS/Ueslei Marcelino 1/3 left right Brazil''s Agriculture Minister Blairo Maggi speaks with President Michel Temer during a meeting with ambassadors of meat importing countries of Brazil at the Planalto Palace in Brasilia, Brazil March 19, 2017. REUTERS/Ueslei Marcelino 2/3 left right Brazil''s Agriculture Minister Blairo Maggi speaks with Brazil''s President Michel Temer during a meeting with ambassadors of meat importing countries of Brazil at the Planalto Palace in Brasilia, Brazil March 19, 2017. REUTERS/Ueslei Marcelino 3/3 By Anthony Boadle - BRASILIA BRASILIA President Michel Temer, confronting a corruption scandal tarnishing Brazil''s lucrative meat industry, met on Sunday with executives and foreign diplomats to assuage health concerns tarnishing a sector responsible for $12 billion in annual exports. The hastily called meetings, following raids by police on Friday investigating whether companies paid bribes to conceal unsanitary conditions at meatpackers, come as Temer works to protect one of the few vibrant sectors in Latin America''s biggest economy, hit by two years of recession. Addressing diplomats from Europe, the United States, China and elsewhere, Temer said Brazil''s government "reiterates its confidence in the quality of a national product that has won over consumers and obtained the approval of the most rigorous markets." Temer, who even took some of the diplomats to a lakeside steakhouse after the meeting, portrayed the raids as isolated, if necessary, efforts against corruption. He sought to dispel fears of systemic flaws in a sector that is now the world''s largest exporter of beef and several other meat products. He said investigators would accelerate the probe and underscored that Friday''s raids affected just 21 of more than 4,800 meatpackers in operation. Only 33 of more than 11,000 inspectors, he added, are being investigated. Despite allegations by police that some producers had sold rotten and adulterated meat products, Luis Eduardo Rangel, a senior Agriculture Ministry official, said: "There is no sanitary risk." The allegations, he added, were "worrisome from a corruption and crime point of view," but "from a health perspective we are very confident that the sanitary issues alleged do not represent a risk for consumers or exports." As such, government officials after the meeting were quick to point out that Brazil''s success as a meat producer in part stems from what has been an efficient and highly-regarded system of sanitary controls. They noted that none of the more than 150 countries that already buy Brazilian meat has suspended imports. Still, some customers are wary. "You cannot play around with food," said André Regli, Switzerland''s ambassador to Brazil, adding the problems were "worrying." On Saturday, officials from the European Union said they sent two letters to Brazil''s government seeking details about any systemic risks to imports. China''s government asked for similar information. Brazilian officials said they would address E.U. and Chinese concerns on Sunday. On Friday, regulators from the United States, which recently began importing fresh beef from Brazil, said they were monitoring the issue but that inspections at import terminals there should prevent any health risks. After Sunday''s meeting, the head of Brazil''s powerful farm association said he hoped for fast and severe punishment for those caught breaking laws. "We producers are victims of this," said João Martins, president of the National Agriculture Confederation, speculating that the price of Brazilian beef could fall in the coming days. In damage-control efforts, Brazil''s two biggest meat companies launched a public relations campaign over the weekend to make clear they did not sell rotten beef. JBS SA, the world''s largest meat producer ( JBSS3.SA ), and rival BRF SA ( BRFS3.SA ), took out full-page ads in Brazilian newspapers and magazines on Saturday defending their business practices and internal controls. They condemned any wrongdoing uncovered by the probe. (Additional reporting by Paulo Prada; Editing by Peter Cooney and Sandra Maler)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-brazil-corruption-food-idUKKBN16Q0VP'|'2017-03-20T05:28:00.000+02:00'
'6a129aa1c640e5348252aca76bbba51222bf7aca'|'BRIEF-FS Investment and several banks enters into second amendment to senior secured revolving credit agreement'|' 21am EDT BRIEF-FS Investment and several banks enters into second amendment to senior secured revolving credit agreement March 21 Fs Investment Corp * On March 16, Co, several banks, entities entered into second amendment to senior secured revolving credit agreement, dated April 3, 2014 * Amendment increases lenders commitments under credit agreement to $327.5 million - SEC filing * Amendment extends term of revolving period to March 16, 2020 and final maturity date to March 16, 2021 * Amendment increases size of accordion provision to permit increases to lenders commitments under credit agreement up to $600 million Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-fs-investment-and-several-banks-en-idUSFWN1GY07K'|'2017-03-21T17:21:00.000+02:00'
'f674e836ebb05b777900a0da55cb78f242be3eab'|'Deals of the day-Mergers and acquisitions'|'March 21 The following bids, mergers, acquisitions and disposals were reported by 1030 GMT on Tuesday:** Telecom tower infrastructure company Bharti Infratel said Nettle Infrastructure Investments would buy about 21.63 percent of its stake from company''s promoter Bharti Airtel Ltd.** China''s Alibaba Group Holding Ltd has fully acquired online ticketing platform Damai.cn, the e-commerce giant said, marking a further push into entertainment by the firm as it expands beyond its core online retail business.** Market rumors that U.S. activist hedge fund Elliott Management Corp has acquired a stake in South Korea''s Hyundai Motor Co are not true, a person familiar with the matter told Reuters.** Japan''s Panasonic Corp said it has agreed to become majority owner of Spanish auto parts maker Ficosa International SA as it bolsters its push into the automotive field.** Egypt aims to raise 6 billion pounds ($329 million) from the sale of stakes in state companies in the 2017/18 financial year, Finance Minister Amr El Garhy told Reuters, part of government efforts to generate revenue and attract investors.** Polyus, Russia''s largest gold producer, has agreed to sell its 82.34 percent stake in a joint venture with Polymetal which holds rights to develop the Nezhdaninskoye gold deposit, Polyus said in a statement. (Compiled by Divya Grover in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL3N1GY325'|'2017-03-21T07:27:00.000+02:00'
'c74dc1b2444c5a9edf66e5edff2b59060bee3334'|'ICE delays launch of clearing for London gold benchmark - sources'|' 13pm GMT ICE delays launch of clearing for London gold benchmark - sources A trader passes by a screen displaying the trading info for Intercontinental Exchange Inc. (ICE) on the floor of the New York Stock Exchange (NYSE) March 1, 2016. REUTERS/Brendan McDermid By Peter Hobson and Pratima Desai - LONDON LONDON Intercontinental Exchange (ICE) ( ICE.N ) has delayed the launch of clearing for London''s benchmark gold price because not all participants in the auction will be ready, two sources involved in the process said on Tuesday. The delay could weaken its bid to become the dominant exchange in London''s $5 trillion-a-year bullion market, sources say. ICE had already pushed back the start of clearing to April 3 to allow the 14 banks and brokers that participate in the auction time to get necessary IT and back-office systems in place. However, the two sources told Reuters that ICE had again delayed and there was now no set start date. "They''ve had to delay it for a couple of weeks. All the big players aren''t ready," one of the sources said. "They may have to push the timetable out again." The sources did not say which participants were not ready. ICE declined to comment. ICE, the London Metal Exchange (LME) and CME Group ( CME.O ) are all launching cleared London gold contracts this year, hoping to gather new business as tighter regulation raises the cost of trading off-exchange. With trading activity expected to concentrate on one exchange, market sources say ICE plans to use clearing of the LBMA Gold Price auction, which it administers, to funnel business to its contracts and give it a head start over rivals. CME launched a contract in January but it has so far struggled to attract business. The LME, owned by Hong Kong Exchanges and Clearing Ltd ( 0388.HK ), will launch its own contracts, backed by a group of gold-trading banks, on June 5. Sources earlier told Reuters that Societe Generale ( SOGN.PA ), Standard Chartered ( STAN.L ), ICBC Standard Bank ( 601398.SS ) and China Construction Bank would not be ready to clear the LBMA auction in time for April 3. (Editing by Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-gold-ice-clearing-idUKKBN16S26V'|'2017-03-22T00:13:00.000+02:00'
'bb5ba20210925204f0304b1e89c0800cb4cf7c61'|'Russian tax plan could put pressure on budget and inflation - audit chief'|'Business News - Tue Mar 21, 2017 - 10:27am GMT Russian tax plan could put pressure on budget and inflation - audit chief left right Tatiana Golikova, the head of Russia''s Audit Chamber, speaks during an interview with Reuters in Moscow, Russia March 15, 2017. Picture taken March 15, 2017. REUTERS/Sergei Karpukhin 1/2 left right Tatiana Golikova, the head of Russia''s Audit Chamber, speaks during an interview with Reuters in Moscow, Russia March 15, 2017. Picture taken March 15, 2017. REUTERS/Sergei Karpukhin 2/2 By Darya Korsunskaya and Polina Nikolskaya - MOSCOW MOSCOW A Russian finance ministry proposal to overhaul the tax system could create a budget shortfall and put upward pressure on inflation, Tatiana Golikova, the head of Russia''s Audit Chamber, told Reuters in an interview. The ministry has proposed cutting employers'' mandatory social security contributions with the aim of enticing businesses out of the shadow economy. To offset that, it proposes increasing value added tax (VAT) to 22 percent from 18 percent. The ministry wants the combined change to take effect from 2019. But the intervention from Golikova, an influential former government minister and deputy finance minister, indicates the proposal could face resistance from some quarters in ruling circles. Golikova, whose audit chamber is responsible for monitoring whether the government is using budget spending effectively, said the changes would force the government to increase its support for the pension fund. The finance ministry''s proposal is to cut employers'' social security contributions to 22 percent of a worker''s salary from their current level of 30 percent. A part of the contributions goes into the state pension fund to help keep it topped up. The fund is already in deficit, a problem the finance ministry itself says needs to be addressed, and the drop in social security contributions will mean that less money is going into the fund, she said. Asked if the proposed tax changes would increase the burden on the budget, Golikova said: "In this conception, in this construction, yes." The Russian budget had to provide around 3.4 trillion roubles ($17.40 billion) to cover the Pension Fund''s liabilities last year, an extra burden on a budget already straining under low tax revenues. According to the Chamber''s calculations, under the finance ministry''s proposal social security payments would go down by 1.5 trillion roubles while revenues from VAT would increase by only 1.3 trillion roubles. In the interview, Golikova said the other consequence of the proposed tax changes would be on inflation, which the central bank is seeking to get under its target of 4 percent by the end of 2017. The finance ministry has acknowledged that the VAT increase may result in a one-off 2-percentage-point increase in inflation. Golikova said that would have far-reaching consequences for monetary policy and for ordinary people. "This (proposal) means that a half or even more of that 4 percent (of inflation)... would be made by our own hands... This means that the central bank will have to make additional efforts to maintain the inflation level," Golikova said. "This is a significant factor affecting social policy." Prices rose 4.6 percent in the year to February. Upward pressure on inflation could force the central bank to keep interest rates higher for longer than it would otherwise have done, constraining an economic recovery. Golikova said the Audit Chamber had yet to calculate how the proposal would affect economic growth. The Russian economy shrank 0.2 percent in 2016 and the economy ministry expects it to grow by 2 percent this year. (Additional reporting and writing by Katya Golubkova; Editing by Christian Lowe and Mark Trevelyan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-russia-budget-taxes-idUKKBN16S10V'|'2017-03-21T17:27:00.000+02:00'
'5ba653f2432e2cc39a6abdfb8b089dcad56d0216'|'SoftBank invests $300 million in shared-office startup WeWork: source'|'By Heather Somerville - SAN FRANCISCO SAN FRANCISCO SoftBank Group Corp has invested $300 million in shared-office space company WeWork, the first installment of a multi-billion-dollar bet, according to a source familiar with the matter.SoftBank, the Japanese telecommunications and internet company, has made bold and wide-ranging bets in the technology industry, including India ride-service company Ola, San Francisco-based financial services startup SoFi and Virginia-based satellite communications startup OneWeb.The WeWork investment is just the first tranche of a much larger funding round that is expected to total about $3 billion, according to the person familiar with the matter, who spoke on condition of anonymity.While this first round of funding comes from SoftBank itself, the remainder of the cash is expected to come from SoftBank''s $100 billion Vision Fund, a massive tech-focused investment vehicle led by CEO Masayoshi Son.WeWork and SoftBank declined to comment.New York-based WeWork leases office space and divvies it up to rent out to individuals and small companies, namely startups. It encourages people to share offices and common space.SoftBank''s investment was reported earlier Monday by the Wall Street Journal.(Reporting by Heather Somerville; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-softbank-group-wework-idINKBN16S072'|'2017-03-20T23:35:00.000+02:00'
'0911f7c95848f9c95a69c4312351c16157acff28'|'Another Arab ban: America restricts large electronic devices on all flights from the Arab world'|'PASSENGERS flying nonstop to America from anywhere in the Arab world are now banned from bringing large electronic devices on to planes in their carry-on luggage. The Associated Press, citing American government officials, says the restriction applies to eight countries: Egypt, Jordan, Kuwait, Morocco, Qatar, Turkey, Saudi Arabia and the United Arab Emirates. But the only other Middle Eastern or North African country with passenger flights to America is Israel (which is also the country in the region that American carriers fly to). Excluding Turkey, that makes the measure, in effect, an Arab ban. All devices larger than a mobile phone must be checked in under the new rules, including laptops, Kindles, cameras and portable DVD players.The reason for the sweeping measure is not yet fully clear, but Reuters quoted officials as saying it relates to a terror threat uncovered several weeks ago. CNN has gone further, directly linking the ban to a US Special Forces raid targeting Al Qaeda in the Arabian Peninsula, the Yemeni wing of the Islamist terror group. Its master bomb-maker, Ibrahim al-Asiri, is believed to have orchestrated at least three plots to detonate explosives aboard commercial airliners. In two of those attempts—the 2009 underpants bomb plot, and the 2010 printer-cartridge bomb plot—his devices were successfully smuggled through airport security, before either failing to explode or being discovered and disarmed. Intelligence officials have repeatedly said Mr al-Asiri is a creative and highly skilled bomb-maker who poses a clear danger to commercial aviation. His chemical explosives are particularly unnerving because they lack metallic components, making them harder to detect with conventional airport screening methods.  39   This is not the first time that America-bound passengers have been hit by carry-on restrictions. Three years ago, fears of bombs in battery compartments led to a directive from Washington that all electronic devices must be powered on before being allowed in aircraft cabins. Since 2006, passengers have also been limited to carrying liquids, aerosols and gels in containers no larger than 100ml. As annoying as these restrictions may be, most travellers willingly defer to the higher wisdom of intelligence agencies whose primary purpose is keeping them safe.Nonetheless, the geographical limitation of this ban poses uncomfortable questions that will eventually need to be addressed. Let us accept, for the time being, that specific intelligence points to an imminent danger in allowing large electronic devices in passenger cabins. In this scenario, America’s decision to ban the items on nonstop flights from the Arab world—home to most Islamist terrorist groups—seems logical. But allowing such gadgets on flights from Europe, Asia, South America and other parts of Africa does not. Having breached security in a Middle Eastern airport, a suicide bomber could surely now transit through a foreign country before continuing his journey to America. At the time of writing just one European nation, Britain, has voiced a willingness to follow America’s lead with the electronics ban. As long as the measure is applied inconsistently around the world, neither the global air transport infrastructure nor America’s skies can be presumed to be safe.Given what passengers know about the nihilistic motivations of Islamist terrorists, it is best to give America’s intelligence agencies the benefit of the doubt, for now. They are well-placed to asses Al Qaeda’s operational capabilities and the concomitant weaknesses in airports around the world; we are not. Perhaps there is top-secret evidence showing how hubs like Paris Charles de Gaulle Airport are immune to threats that imperil ones like Dubai International Airport. But it is doubtful. As time drags on, this ban should either be extended to all countries, or allowed to expire. Anything else would be prejudicial and ineffectual.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/blogs/gulliver/2017/03/another-arab-ban-1?fsrc=rss'|'2017-03-21T23:40:00.000+02:00'
'3f15c1289a2dbcdd9474fb24262c7d2d0d975553'|'New World Bank ceo defends globalisation, warns against protectionism'|'Business  56am GMT New World Bank CEO defends localization, warns against protectionism Kristalina Georgieva, CEO of the World Bank attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 20, 2017. REUTERS/Ruben Sprich By Matthew Miller - BEIJING BEIJING The World Bank''s newly appointed chief executive gave a spirited defense of globalization during her first official visit to China, saying it had helped richer and poorer countries, and economic integration made it hard for any nation to walk away. Kristalina Georgieva, a Bulgarian who took up her post at the multilateral development lender at the start of this year, also praised China for its commitment to economic reforms and open markets. "Open markets, trade, division of labor has worked extremely well for the poorer countries," she told Reuters in an interview late on Monday. But wealthier countries also have benefited from rising middle classes, which are demanding more exports from advanced economies, said Georgieva, a former vice president of the European Commission. In Germany over the weekend, finance ministers and central bankers from 20 rich nations dropped a former pledge in their communique to keep global trade free and open, acquiescing to an increasingly protectionist U.S. administration. Georgieva called for an "intelligent, calm conversation" about sharing the benefits of globalization more broadly. Warning against protectionist policies, she said every country would be hurt if decades of integration and interdependence were unraveled. "It''s impossible to say, now we are in this boat, but it is only your end of the boat that is sinking," said Georgieva. Rather than erect trade barriers, economies should encourage competition which boosts innovation and raises productivity, she said. Georgieva called for China''s government to continue opening up the domestic market to competition, and move forward with reforms to create "a more dynamic economy". "In 2016, 35 percent of growth in the world came from China," she said. "While this contribution is going to gradually decline somewhat, it is very significant." China has said it is targeting economic growth of about 6.5 percent, after it reported growth of 6.7 percent last year. The World Bank, through the International Bank for Reconstruction and Development, is now providing about $2 billion annually in lending to China, and is involved in projects ranging from pollution controls to urban and rural development. Georgieva said the biggest challenges facing the World Bank remain in those countries torn apart by conflict and facing famine. "It is horrible to have the shadow of famine in the 21st century," she said, pointing to situations in South Sudan, Somalia, Yemen and northern Nigeria. "Our biggest fear is related to that kind of devastation combining the force of nature with the evil of men." (Reporting by Matthew Miller; Editing by Ryan Woo and Simon Cameron-Moore) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-china-worldbank-idUKKBN16S0V3'|'2017-03-21T15:53:00.000+02:00'
'83d7210db2e246568dbfa2b7195ed3a41afe5eea'|'BRIEF-C-Com satellite systems Q4 revenue rises 29.2% to $2.9 mln'|' 13am EDT BRIEF-C-Com satellite systems Q4 revenue rises 29.2% to $2.9 mln March 21 C-Com Satellite Systems Inc * Results for Q4 saw revenues increase by 29.2% to $2.9 million when compared with results from same period last year * Qtrly net after tax profit increased 59.0% to $666,296 compared with same period last year Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-c-com-satellite-systems-q4-revenue-idUSFWN1GY0F4'|'2017-03-21T19:13:00.000+02:00'
'b602f9ed7cb6206c4018b1697bcff4792df055e0'|'Standard Life''s CEO to run day-to-day business after Aberdeen merger'|'LONDON Standard Life ( SL.L ) Chief Executive Keith Skeoch will oversee its day-to-day running after it merges with Aberdeen Asset Management ( ADN.L ), while Aberdeen boss Martin Gilbert will handle external matters like marketing, the companies said.Analysts have expressed concern that the co-chief executive structure proposed by the firms when they announced the 11 billion-pound ($13.6 billion) merger deal two weeks ago will be unwieldy."Both boards have thought carefully about the key responsibilities and believe that the proposals play well to Keith’s and Martin’s respective leadership strengths," Gerry Grimstone, Standard Life chairman and chairman of the proposed firm, said in a statement on Monday."This blend of complementary skills and experience will serve the company well”.Skeoch said in an emailed statement that the structure would "provide clear leadership and stability".Skeoch''s responsibilities will include investments and pensions, while Gilbert''s will involve marketing and distribution, the two firms said, adding that a chairman''s committee will be set up to ensure co-ordination is effective, chaired by Grimstone.The terms of the merger valued Aberdeen at 3.8 billion pounds in a deal which gives Standard Life shareholders just over two thirds of the combined group, although the board will comprise equal numbers of Standard Life and Aberdeen directors.Analysts say the merger is defensive, as active fund managers face increasing regulatory scrutiny and competition from lower-cost index tracking funds, and could lead to outflows from both firms.Following an initial rally, the shares of both firms have fallen below their closing prices on March 3, shortly before the deal was announced.Peter Lenardos, analyst at RBC, said that while the statement was helpful in soothing concerns about the co-CEO structure, "investors'' primary concerns relate to ongoing net outflows at each business, and the potential for further disruption as the businesses integrate".Lenardos has a "perform" rating on Aberdeen and "underperform" on Standard Life.Standard Life''s shares were trading at 363.4 pence at 1246 GMT, up 1 percent on the day but down 4 percent from March 3.Aberdeen''s shares were up 1.2 percent at 364 pence by 1458 GMT, when Aberdeen''s shares were up 0.45 percent at 267.8 pence, valuing the company at 3.53 billion pounds.(Editing by Alexander Smith, Greg Mahlich)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-standard-life-m-a-aberdeen-asset-idUSKBN16R1QW'|'2017-03-20T18:17:00.000+02:00'
'5be3fe3ab054e1a1855c4d87a936f7eb3ce73bee'|'Azure Midstream Partners says on March 20 debtors filed a joint plan of liquidation'|'March 21 Azure Midstream Partners Lp* Azure Midstream Partners LP - on March 20, 2017, debtors filed a joint plan of liquidation* Azure Midstream Partners - pursuant to plan,all existing azure interests shall be deemed cancelled,azure plan interest shall be issued to Azure custodian* Azure Midstream Partners - on or before effective date of plan, general partner shall form a subsidiary limited liability co to serve as Azure custodian Source text: ( bit.ly/2nHn6Q9 ) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-azure-midstream-partners-says-on-m-idINFWN1GY0QH'|'2017-03-21T18:09:00.000+02:00'
'd8fecddfd9762ab91137f544f94e2be204e8c237'|'Morgan Stanley president Kelleher says trading activity has improved'|'Business News - Tue Mar 21, 2017 - 12:34pm EDT Morgan Stanley president Kelleher says trading activity has improved The logo of Morgan Stanley is seen at an office building in Zurich, Switzerland September 22, 2016. REUTERS/Arnd Wiegmann/File Photo Morgan Stanley ( MS.N ) president Colm Kelleher said trading activity for the first three months of the year has felt "slightly better" than the end of 2016. Kelleher, speaking at a European financials conference on Tuesday, said bond trading is "doing well" while client volumes in stock trading are down across Wall Street. (Reporting by Olivia Oran in New York; Editing by Chizu Nomiyama) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-morgan-stanley-outlook-idUSKBN16S241'|'2017-03-21T23:34:00.000+02:00'
'1df270565f6bb28c870896ab0a23af4d965db8a7'|'VW clan aims for quick deal over Ferdinand Piech''s shares: source'|'HAMBURG The Porsche and Piech families are looking to strike a swift deal to buy shares in Porsche SE ( PSHG_p.DE ) from Volkswagen''s ( VOWG_p.DE ) former chairman Ferdinand Piech, a person familiar with the matter said on Monday."The negotiations are serious," the person said.Porsche SE, the holding company which controls 52 percent of VW''s shares, said on Friday that the families were in negotiations to buy a substantial part of Ferdinand Piech''s 14.7 percent stake in Porsche SE, which is worth just over 1.1 billion euros ($1.2 billion) based on current market prices.Talks are to be completed in the coming weeks, possibly even before the end of March, the source said.German daily Handelsblatt had earlier cited sources as saying that any deal, which could come within days, was likely to shift the balance of power at Porsche SE more toward the Porsche side of the clan.The source familiar with the matter dismissed speculation that the families might not put up the money to fund a purchase of Ferdinand Piech''s shares, saying: "The Porsche and Piech families know how they''re going to finance this."If Piech were to sell his stake, it would mark the end of an era for Volkswagen which he dominated for decades. Piech, who turns 80 next month, transformed VW from a regional volume manufacturer into a global powerhouse, which owns the Bentley, Bugatti, Skoda, Lamborghini, Porsche, Seat and Audi brands.But since resigning as chairman in April 2015 following a showdown with former CEO Martin Winterkorn, he has proved to become something of a recluse.(Reporting by Jan Schwartz; Writing by Maria Sheahan; Editing by Kathrin Jones, Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-volkswagen-piech-idINKBN16R1OB'|'2017-03-20T11:51:00.000+02:00'
'caf16601b6a53e747bc9d3a27ac0df44eed8e389'|'CEE MARKETS-Assets retreat ahead of Romanian bond auction'|'* Zloty, forint off multi-week highs * Leu near multi-year low, IMF warns over budget deficit * Romania holds bond auction, two previous auctions failed * Equities also retreat after post-Fed gains By Sandor Peto BUDAPEST, March 20 Central European currencies and stocks gave up ground on Monday after Friday''s warning from the International Monetary Fund about a rise in Romania''s budget deficit and ahead of a government bond auction in Bucharest. Regional assets had firmed last week as risk appetite rose after the Federal Reserve suggested that future U.S. rate hikes will not come as quickly as expected. That change mainly helped regional currencies and stocks, while the prospect of rising U.S. interest rates keeps bond yields in Central Europe near their highest levels for months. The leu and Romanian government bonds have underperformed regional peers this year due to huge protests against corruption last month and concerns that the budget deficit will overshoot targets under the new leftist government. The IMF warned on Friday that the shortfall could far exceed targets this year and next, bloated by tax cuts and wage hikes, unless the government takes adjustment measures. The leu fell 0.2 percent against the euro on Monday to 4.562, piercing the 4.56 line at which the central bank intervened several times in the past years to defend the currency. The forint and the zloty eased 0.1 percent, but they stayed near the multi-week highs, which they reached on Friday, while the leu is near its weakest levels for almost 4 years. Romania, which rejected all bids at two bond tenders earlier this month, offers 10-year bonds at an auction on Monday. A long-duration paper like that may not be the best offer amid expectations for a global yield rise, but its high coupon and the relatively good liquidity of the bond may counterbalance the duration risk somewhat, Raiffeisen analyst Stephan Imre said in a note. "Verbal interventions by the central bank – hinting at its readiness to defend the RON in line with its earlier practice when the currency was breaking levels slightly above 4.55/EUR –would be definitely a catalyst for a successful auction," he added. Hungarian and Polish government bonds were treading water near their highest levels for months. "Inflation figures released in the region recently may have shifted expectations for the yield trajectories towards higher levels," one Budapest-based fixed income trader said. Hungarian short-term debt and money market yields, meanwhile, hover near zero, kept low by the policy of the Hungarian central bank which will hold a meeting next week. "Due to the improving growth and inflation trends, it will become difficult for the central bank to justify loose monetary policy," said Monika Kiss, analyst of Equilor brokerage. CEE SNAPS AT 1047 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 27.02 27.02 +0.0 -0.05 00 35 1% % Hungary 308.6 308.4 -0.05 0.06% forint 500 850 % Polish 4.285 4.282 -0.06 2.77% zloty 0 6 % Romanian 4.562 4.554 -0.17 -0.59 leu 0 1 % % Croatian 7.407 7.410 +0.0 2.00% kuna 0 2 4% Serbian 123.8 123.9 +0.1 -0.38 dinar 200 900 4% % Note: daily calculate previ close 1800 change d from ous at CET STOCK S Lates Previ Daily Chang t ous e close chang in e 2017 Prague 979.4 980.7 -0.14 +6.2 5 9 % 8% Budapest 32434 32778 -1.05 +1.3 .87 .00 % 5% Warsaw 2278. 2296. -0.82 +16. 18 97 % 95% Bucharest 7966. 7969. -0.03 +12. 95 41 % 45% Ljubljana 801.8 801.7 +0.0 +11. 2 2 1% 74% Zagreb 2163. 2177. -0.64 +8.4 31 24 % 5% Belgrade <.BELEX15 745.7 744.2 +0.1 +3.9 > 2 9 9% 5% Sofia 635.6 634.9 +0.1 +8.3 2 8 0% 9% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.43 0.11 +033 +13b > 7 bps ps 5-year <CZ5YT=RR 0.171 -0.00 +048 -2bps > 2 bps 10-year <CZ10YT=R 0.975 0.02 +052 +0bp R> bps s Poland 2-year <PL2YT=RR 2.116 -0.00 +289 +1bp > 3 bps s 5-year <PL5YT=RR 3.077 0.004 +339 -2bps > bps 10-year <PL10YT=R 3.735 0 +328 -2bps R> bps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep < 0.29 0.32 0.42 0 PRIBOR=> Hungary < 0.32 0.42 0.59 0.23 BUBOR=> Poland < 1.78 1.81 1.87 1.73 WIBOR=> Note: FRA are for Quote: s ask prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL5N1GX1XQ'|'2017-03-20T07:35:00.000+02:00'
'6244254874ebbd905cab3d21b909ff64a896bd9d'|'France, Japan back free navigation in Asia-Pacific, Abe says'|'World News  50pm EDT France, Japan back free navigation in Asia-Pacific, Abe says French President Francois Hollande and Japan''s Prime Minister Shinzo Abe attend a joint declaration at the Elysee Palace in Paris, France, March 20, 2017. REUTERS/Philippe Wojazer PARIS France and Japan support a "free and open maritime order" in the Asia-Pacific region, Japanese Prime Minister Shinzo Abe said after talks with French President Francois Hollande on Monday. The message seemed aimed at China, which claims almost all the South China Sea and which has fueled concern in Japan and the West with its growing military presence in the waterway. "Francois and I agreed on the importance of ensuring a free and open maritime order in the Indo-Pacific region (and) of continuing to support the stability and prosperity of this region," Abe told reporters after the talks. Japan plans to dispatch its largest warship on a three-month tour through the South China Sea beginning in May, three sources said last week, in its biggest show of naval force in the region since World War Two. China pledged a firm response if Japan stirred up trouble in the South China Sea. Abe underlined the importance of separate naval exercises involving personnel or equipment from Japan, France, Britain and the United States to be held around Tinian island in the western Pacific in May. Hollande said France reaffirmed its support for an increased Japanese peace-keeping role and said the two countries would work together to improve the ability of their forces to cooperate. He assured Abe of France''s support after North Korea this month fired four ballistic missiles into the sea off Japan''s northwest coast. He also denounced the development of North Korea''s nuclear and ballistic programs, which he said violated all its international obligations. Reflecting concerns over rising protectionist sentiment in the United States and elsewhere, Abe said Japan and France wanted to continue to be "champions of free trade" and said an agreement on a free-trade pact with the European Union would send an important message. Hollande also voiced support for the proposed EU-Japan trade accord which is being negotiated. France and Japan also signed an agreement on reinforced cooperation on nuclear energy. Two Japanese firms, Japan Nuclear Fuel Limited and Mitsubishi Heavy Industries, agreed in February to buy a combined 10 percent stake in a new company being split off from Areva for 500 million euros ($537 million), helping a state-backed rescue of the French nuclear group. Abe earlier met German Chancellor Angela Merkel in Hanover. ($1 = 0.9308 euros) (Reporting by Bate Felix and Adrian Croft, editing by larry King) Next In World News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-france-japan-abe-hollande-idUSKBN16R2KR'|'2017-03-21T04:41:00.000+02:00'
'af7c5cf40ccaf667ed24d7d73eda0577932cc9b9'|'Saudi king''s Asia tour trumpets Aramco''s moves downstream'|'Global Energy News -  37am GMT Saudi king''s Asia tour trumpets Aramco''s moves downstream left right Saudi King Salman bin Abdulaziz Al-Saud waves as he attends Saudi-Japan Vision 2030 Business Forum in Tokyo, Japan, March 14, 2017. REUTERS/Toru Hanai 1/3 left right Saudi King Salman bin Abdulaziz Al-Saud (C bottom) attends Saudi-Japan Vision 2030 Business Forum in Tokyo, Japan, March 14, 2017. REUTERS/Toru Hanai 2/3 left right China''s President Xi Jinping (R) and Saudi Arabia''s King Salman bin Abdulaziz Al-Saud shake hands during a signing ceremony at the Great Hall of the People in Beijing, China March 16, 2017. REUTERS/Lintao Zhang/POOL 3/3 By Henning Gloystein - SINGAPORE SINGAPORE Saudi King Salman''s lavish tour of Asia, arriving in each country on a golden escalator with 400 tonnes of luggage, had a hardnosed marketing mission - to cement the kingdom''s place as leading oil supplier to the world''s biggest consumer region. The string of deals inked on his three-week tour to Malaysia, Indonesia, Japan and China also point to a fresh strategy, one to increase Saudi leverage over refined product and petrochemical markets, known as the downstream sector. "Our strategy is about growth in the downstream," said Amin Nasser, chief executive officer of state oil company Aramco, told Reuters on Sunday. "The growth in that sector is very important, and anything integrated between refining, petrochemical, with marketing and distribution, is of interest to us." Saudi Arabia''s main influence on oil markets has been via the Organization of the Petroleum Exporting Countries (OPEC), of which it is the de-facto leader. But OPEC''s ability to control prices by turning the oil pumping spigots on and off has waned as non-OPEC producers like Russia and, more recently, U.S. shale drillers, have ramped up output and eroded its grip on market share. One indication of a shift in Saudi strategy came on the first leg of the tour in Kuala Lumpur. Aramco signed a deal to take a $7 billion investment, in a joint venture with Malaysia''s state oil company Petronas in a refinery and petrochemical project known as RAPID (Refinery and Petrochemical Integrated Development). ''THE WINDOW'' Under construction in Malaysia''s southern Johor state, RAPID is just across a narrow strait from Singapore, Asia''s oil trading hub. Some 70 percent of the oil for the project, set to start in 2019, will come from Saudi Arabia, giving the kingdom a key outlet for its crude in Asia, the world''s fastest growing market. It is Armaco''s largest refinery project outside the kingdom. Aramco also recently made a deal with Indonesia''s Pertamina over a $5 billion expansion of the country''s largest oil refinery, for which Armaco will supply the crude. "The investments are intended to enhance Aramco''s competitive position in Southeast Asia," said Ihsan Buhulaiga, a Saudi economist. The Malaysian investment also allows the Saudis to join the hub of refineries in and around Singapore that help determine fuel prices in the region. Price agency S&P Global Platts ( SPGI.N ) assesses dozens of fuel products during a set time every day, based on deliveries in and out of this region. Platts calls it Market-on-Close, but traders dub it "the window", and it influences pricing of oil products worth billions of dollars each day. While crude and fuel products by many companies flow in and out of the pricing region, known as FOB Straits. But the only refineries now in this price region are operated by U.S. Exxon ( XOM.N ), Anglo-Dutch Royal Dutch Shell ( RDSa.L ), and Singapore Petroleum Corp (SPC), owned by PetroChina ( 601857.SS ). "When you control refining capacity with the capability to deliver petroleum products into the window, you have access to a physical outlet which also plays a key role in daily price discovery," said John Driscoll, director of consultancy JTD Energy in Singapore. ARAMCO IPO The Saudi move deeper into refineries and petrochemical plants would likely help the potential valuation of Aramco in what could be the world''s largest-ever initial public offering. Deputy Crown Prince Mohammed bin Salman, who oversees the kingdom''s economic policy, has said the sale is expected to value Aramco at $2 trillion or more. Analysts have estimated a valuation between $1 trillion and $1.5 trillion. Singapore, along with Hong Kong and Tokyo have been mentioned as possible exchanges where Aramco''s shares would be traded. The primary listing will be on Saudi Arabia''s domestic exchange, and Riyadh is also looking at New York or London for the secondary listing. Aramco''s joint ventures in Malaysia, Indonesia and elsewhere are not only aimed at increasing its refining capacity. Its new deals in the region would also greatly increase its participation in the petrochemical sector, which involves all forms of plastics and where profits have soared thanks to strong demand. "We have capacity of about 5.4 million barrels per day of participated refining capacity, and our target is to reach 10 million barrels by 2030," Aramco''s Nasser said. Ultimately, the big prize is China, where the Saudis signed deals that could be worth as much as $65 billion during the last leg of the king''s Asian tour, covering energy, manufacturing and even a theme park in the kingdom. The deals included a memorandum of understanding between Aramco and China North Industries Group Corp (Norinco) to look into building refining and petrochemical plants in China. John Sfakianakis, director of the Riyadh-based Gulf Research Centre, said that the trip was "the beginning of a long-term strategy of Saudi Arabia to open itself to Asian investors and vice versa" as part of its Vision 2030 policy to diversify its economy beyond crude exports. (Reporting by Matthew Miller in BEIJING, Reem Shamseddine in RYADH, Rania El Gamal in DUBAI, and Florence Tan in SINGAPORE; Editing by Bill Tarrant) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-saudi-asia-oil-idUKKBN16R0JC'|'2017-03-20T15:37:00.000+02:00'
'218ad99597cffbbcbd99684e07ac4d349ae0c503'|'Borr Drilling to buy 15 Transocean rigs in $1.35 billion deal'|'OSLO Oslo-listed rig operator Borr Drilling has agreed to buy 15 drilling rigs from Swiss-based Transocean in a $1.35 billion deal, Borr said in a statement on Monday.The letter of intent comprises 10 rigs from Transocean''s current fleet and five that are currently under construction, it added.Borr also said a group of investors had agreed to an $800 million share issue, and that the proceeds will be used to fund the Transocean deal.The new shares will be sold at $3.5 each, a discount to the 32.5 Norwegian crowns ($3.85) that Borr currently trades at.(Reporting by Terje Solsvik, editing by Nerijus Adomaitis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/uk-transocea-borr-drilling-idINKBN16R0KB'|'2017-03-20T05:23:00.000+02:00'
'79e32d684e9a7cabba6c990749b8cfad1b33cdfd'|'World bank disburses another $1 billion loan to Egypt'|'  6:05pm GMT World bank disburses another $1 billion loan to Egypt CAIRO The World Bank has disbursed another $1 billion (822 million pounds) in financial assistance to Egypt out of its $3 billion loan programme with the country, the bank said in a statement on Monday. Egypt has been negotiating billions of dollars in aid from various lenders to help revive an economy hit by political upheaval since a 2011 revolt and to ease a dollar shortage that has crippled imports and hampered its recovery. "The government has taken important steps in implementing key policy and institutional reforms that are laying down the foundations for accelerated job creation and inclusive growth," said Dr. Asad Alam, World Bank Country Director for Egypt, Yemen and Djibouti in the statement. The World Bank issued the first $1 billion tranche of the loan in 2015, with two more instalments of the same size to follow, linked to additional reforms that the government planned. Faced with a gaping budget deficit, Egypt began a series of painful economic reforms and has taken steps to lower fuel subsidies, introduced a new value-added tax (VAT) and let its currency float freely in the foreign exchange market in November to attract foreign inflows. Hafez Ghanem, the World Bank''s vice president for the Middle East and North Africa, told Reuters this month that Cairo''s next set of economic reforms should focus on making its bureaucracy more transparent for investors. Egypt expects to receive the second tranche of a $12 billion International Monetary Fund loan in May or June, Finance Minister Amr El-Garhy told Reuters last week. (Reporting by Lin Noueihed; Writing by Amina Ismail; Editing by Hugh Lawson)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-egypt-economy-loans-idUKKBN16R265'|'2017-03-21T01:05:00.000+02:00'
'1eb4e43159b8d26deda3b66d42115f84e7f6e1ae'|'METALS-Copper eases in thin trade, traders eye fresh China property curbs'|'Company  37am EDT METALS-Copper eases in thin trade, traders eye fresh China property curbs (Adds detail) MELBOURNE, March 20 London copper slipped on Monday on jitters that Beijing would set down tougher measures to cool its housing sector, although trade was thin as markets digested the results of a meeting of G20 financial leaders. * LME COPPER: Three-month copper on the London Metal Exchange had slipped 0.7 percent to $5,922 a tonne by 0712 GMT, erasing small gains from the previous session. * SHANGHAI COPPER: Shanghai Futures Exchange copper was barely changed at 47,920 yuan ($6,941) a tonne. * CHINA PROPERTY: China''s red-hot property market picked up pace in February after price gains had slowed in the previous four months, with average new home prices in 70 major cities edging up in spite of a raft of new government curbs aimed at tempering speculative demand. * SHANGHAI ZINC: ShFE zinc rallied 1.7 percent on Monday. In China, traders were expecting the import differential for zinc to turn positive after a steep draw from ShFE warehouses last week and a flurry smelters announcing maintenance plans, traders said. * SHANGHAI STOCKS: ShFE zinc stocks slumped by 8,490 tonnes, or 4.4 percent last Friday from the week before, while Shanghai aluminium stocks surged 47,513 tonnes, or 17.7 pct. * ESCONDIDA: The labour union at the world''s largest copper mine, BHP Billiton''s Escondida in Chile, called a fresh offer of talks by management to end a 39-day strike "manipulative". * G20: Financial leaders of the world''s biggest economies dropped a pledge to keep global trade free and open, acquiescing to an increasingly protectionist United States after a two-day meeting failed to yield a compromise. * COMEX SPECULATORS: Hedge funds and money managers trimmed their bullish position in copper by 4,700 lots to 52,449 lots, the lowest since early November, U.S. Commodity Futures Trading Commission data showed. * CHINA PRODUCTION: China will boost output of major non-ferrous metals this year by 4.8 percent, the industry ministry said on Friday, as the world''s top producer and consumer moves to boost efficiency in its metals industry. [nB9N1GL02M * MARKETS: Asian stocks were mixed on Monday in thin trade, following Wall Street''s declines and the G20''s decision to drop a pledge to avoid trade protectionism, while the Federal Reserve''s less hawkish-than-expected comments continued to drag the dollar lower. DATA/EVENTS 0700 Germany Producer prices Feb 1000 Euro zone Labour costs Q4 1230 U.S. National activity index Feb PRICES'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL3N1GX1CW'|'2017-03-20T13:37:00.000+02:00'
'b30813b30aa4ead5f31195b53c35126c6241f6de'|'MoneyGram to give Euronet confidential info to firm up sources'|'By Greg Roumeliotis U.S. electronic payments company MoneyGram International Inc ( MGI.O ) will share confidential information with peer Euronet Worldwide Inc ( EEFT.O ), after the latter made a $1 billion acquisition offer, according to people familiar with the matter.MoneyGram has found that Euronet''s cash offer of $15.20 per share, which was unveiled last week, could be expected to result in a superior proposal compared to a deal it agreed to in January to sell itself to China''s Ant Financial Services Group for $13.25 per share in cash, the people said on Sunday.Euronet is now expected to take approximately a week going through MoneyGram''s books before firming up its offer, the people said. MoneyGram will also receive information from Euronet that will allow it to better assess potential antitrust risks to such a deal, the sources added.Should MoneyGram declare Euronet''s bid superior, Ant Financial will have four business days to decide whether it wants to improve its offer.The sources asked not to be identified because the deliberations are confidential. Euronet, MoneyGram and Ant Financial declined to comment.Based in Dallas, MoneyGram is one of the biggest players in the global remittance market. An acquisition would enable Euronet to better compete against digital startups which are transforming the money transfer business.Euronet has also argued that MoneyGram''s focus on large retailers and national post offices, combined with Euronet''s strong position with independent agents and its broad set of consumer payment solutions, would also create a more valuable business.While a deal with Euronet would bring cost synergies, a combination of Ant Financial''s technological expertise and MoneyGram''s brand had been seen as a game-changer for the international payments industry, with scope for more consumers to use online transfer services rather than taking cash to store fronts.Ant Financial, the financial services affiliate of Alibaba Group Holding Ltd ( BABA.N ), dominates China''s online payment market, and has been ramping up investment overseas amid fierce rivalry at home with peers such as Tencent Holdings Ltd''s ( 0700.HK ) popular WeChat Pay.Ant Financial''s acquisition of MoneyGram is currently being reviewed by the Committee on Foreign Investment in the United States, a government panel that scrutinizes deals over potential national security concerns.MoneyGram will have to pay Ant Financial $30 million as a termination fee if it abandons their deal for another bid.(Reporting by Greg Roumeliotis in New York; Editing by Phil Berlowitz)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-moneygram-intl-m-a-euronet-worldwid-idINKBN16Q0W9'|'2017-03-19T18:47:00.000+02:00'
'585e2b88f874eda1aae5c6820d9467a55fd9e56e'|'Missing from Trump''s grand Navy plan - skilled workers to build the fleet'|'  6:15pm GMT Missing from Trump''s grand Navy plan: skilled workers to build the fleet left right President Trump tours the pre-commissioned U.S. Navy aircraft carrier Gerald R. Ford at Huntington Ingalls Newport News Shipbuilding facilities in Newport News, Virginia. REUTERS/Jonathan Ernst 1/4 left right President Trump takes the stage in the flight hangar to deliver remarks aboard the pre-commissioned U.S. Navy aircraft carrier Gerald R. Ford. REUTERS/Jonathan Ernst 2/4 left right President Trump and Defense Secretary James Mattis receive a briefing with Commanding Officer U.S. Navy Captain Rick McCormack (2nd R) and Susan Ford Bales (R) aboard the pre-commissioned U.S. Navy aircraft carrier Gerald R. Ford. REUTERS/Jonathan Ernst 3/4 left right President Trump gets a briefing before he tours the pre-commissioned U.S. Navy aircraft carrier Gerald R. Ford. REUTERS/Jonathan Ernst 4/4 By Mike Stone - WASHINGTON WASHINGTON U.S. President Donald Trump says he wants to build dozens of new warships in one of the biggest peace-time expansions of the U.S. Navy. But interviews with ship-builders, unions and a review of public and internal documents show major obstacles to that plan. The initiative could cost nearly $700 billion in government funding, take 30 years to complete and require hiring tens of thousands of skilled shipyard workers - many of whom don''t exist yet because they still need to be hired and trained, according to the interviews and the documents reviewed. Trump has vowed a huge build-up of the U.S. military to project American power in the face of an emboldened China and Russia. That includes expanding the Navy to 350 warships from 275 today. He has provided no specifics, including how soon he wants the larger fleet. (For graphics on projected strength of U.S. Navy, shipyard employment see: tmsnrt.rs/2n3vOr0 ) The Navy has given Defense Secretary Jim Mattis a report that explores how the country''s industrial base could support higher ship production, Admiral Bill Moran, the vice chief of Naval Operations with oversight of the Navy’s shipbuilding outlook, told Reuters. He declined to give further details. But those interviewed for this story say there are clearly two big issues - there are not enough skilled workers in the market, from electricians to welders, and after years of historically low production, shipyards and their suppliers, including nuclear fuel producers, will struggle to ramp up for years. To be sure, the first, and biggest, hurdle for Trump to overcome is to persuade a cost-conscious Congress to fund the military buildup. The White House declined to comment. A Navy spokeswoman said increases being considered beyond the current shipbuilding plan would require “sufficient time” to allow companies to ramp up capacity. The two largest U.S. shipbuilders, General Dynamics Corp ( GD.N ) and Huntington Ingalls Industries Inc ( HII.N ), told Reuters they are planning to hire a total of 6,000 workers in 2017 just to meet current orders, such as the Columbia class ballistic missile submarine. General Dynamics hopes to hire 2,000 workers at Electric Boat this year. Currently projected order levels would already require the shipyard to grow from less than 15,000 workers, to nearly 20,000 by the early 2030s, company documents reviewed by Reuters show. Huntington Ingalls, the largest U.S. military shipbuilder, plans to hire 3,000 at its Newport News shipyard in Norfolk, Virginia, and another 1,000 at the Ingalls shipyard in Mississippi this year to fulfill current orders, spokeswoman Beci Brenton said. Companies say they are eager to work with Trump to build his bigger Navy. But expanding hiring, for now, is difficult to do until they receive new orders, officials say. "It’s hard to look beyond" current orders, Brenton said. Smaller shipbuilders and suppliers are also cautious. "You can’t hire people to do nothing," said Jill Mackie, spokeswoman for Portland, Oregon-based Vigor Industrial LLC, which makes combat craft for the Navy’s Special Warfare units. "Until funding is there ... you can’t bring on more workers." SCALING UP WORKFORCE Because companies won''t hire excess workers in advance, they will have a huge challenge in expanding their workforces rapidly if a shipbuilding boom materializes, said Bryan Clark, who led strategic planning for the Navy as special assistant to the chief of Naval Operations until 2013. Union and shipyard officials say finding skilled labor just for the work they already have is challenging. Demand for pipeline welders is so strong that some can make as much as $300,000 per year, including overtime and benefits, said Danny Hendrix, the business manager at Pipeliners Local 798, a union representing 6,500 metal workers in 42 states. Much of the work at the submarine yards also requires a security clearance that many can’t get, said Jimmy Hart, president of the Metal Trades Department at the AFL-CIO union, which represents 100,000 boilermakers, machinists, and pipefitters, among others. To help grow a larger labor force from the ground up, General Dynamics'' Electric Boat has partnered with seven high schools and trade schools in Connecticut and Rhode Island to develop a curriculum to train a next generation of welders and engineers. “It has historically taken five years to get someone proficient in shipbuilding," said Maura Dunn, vice president of human resources at Electric Boat. It can take as many as seven years to train a welder skilled enough to make the most complex type of welds, radiographic structural welds needed on a nuclear-powered submarine, said Will Lennon, vice president of the shipyard''s Columbia Class submarine program. The Navy envisioned by Trump could create more than 50,000 jobs, the Shipbuilders Council of America, a trade group representing U.S. shipbuilders, repairers and suppliers, told Reuters. The U.S. shipbuilding and repairing industry employed nearly 100,000 in 2016, Labor Department statistics show. The industry had as many as 176,000 workers at the height of the Cold War in the early 1980s as the United States built up a fleet of nearly 600 warships by the end of that decade. SUBMARINE CRUNCH Apart from the labor shortage, there are also serious capacity and supply chain issues that would be severely strained by any plan to expand the Navy, especially its submarine fleet. Expanding the Navy to 350 ships is not as simple as just adding 75 ships. Many ships in the current 275-vessel fleet need to be replaced, which means the Navy would have to buy 321 ships between now and 2046 to reach Trump''s goal, the Congressional Budget Office said in a report in February. The shipyards that make nuclear submarines - General Dynamics'' Electric Boat in Groton, Connecticut, and Huntington''s Newport News - produced as many as seven submarines per year between them in the early 1980s. But for more than a decade now, the yards have not built more than two per year. The nuclear-powered Virginia class and Columbia class submarines are among the largest and most complex vessels to build. The first Columbia submarine, which is set to begin construction in 2021, will take seven years to build, and two to three additional years to test. Retooling the long-dormant shipyard space will take several years and significant capital investments, but a bigger problem is expanding the supply chain, said Clark, the former strategist for the Navy and now a senior fellow at the Center for Strategic and Budgetary Assessments. Makers of submarine components such as reactor cores, big castings, and forgers of propellers and shafts would need five years to double production, said a congressional official with knowledge of the Navy’s long-term planning. "We have been sizing the industrial base for two submarines a year. You can’t then just throw one or two more on top of that and say, ''Oh here, dial the switch and produce four reactor cores a year instead of two.'' You just can''t," the official said. In his first budget proposal to Congress on Thursday, Trump proposed boosting defense spending by $54 billion for the fiscal 2018 year – a 10 percent increase from last year. He is also seeking $30 billion for the Defense Department in a supplemental budget for fiscal 2017, of which at least $433 million is earmarked for military shipbuilding. A 350-ship Navy would cost $690 billion over the 30-year period, or $23 billion per year - 60 percent more than the average funding the Navy has received for shipbuilding in the past three decades, the Congressional Budget Office said. Senator John McCain, chairman of the Senate Armed Services Committee, who will have a major say in approving the defense budget, said in a statement to Reuters that he supported Trump''s vision to increase the size of the Navy to deter adversaries. "However, this is not a blank check," he said. (Click here for a graphic on ''Fleet expansion'' here ) (Additional reporting by Luciana Lopez in New York, Editing by Soyoung Kim and Ross Colvin) Next In Business News Dollar continues slump, but outlook still upbeat NEW YORK The dollar fell to a five-week low on Friday, remaining under pressure for a third straight session after the Federal Reserve quashed hopes for a further bull run in the currency by keeping a gradual pace to its monetary tightening policy.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-trump-shipbuilding-insight-idUKKBN16O142'|'2017-03-17T18:04:00.000+02:00'
'e4e5f680cc1ce0de80b19887ad9d1a7f978b76f1'|'China prepares to counter any U.S. trade penalties - sources'|'Mon Mar 20, 2017 - 9:33am GMT China prepares to counter any U.S. trade penalties: sources U.S. President Donald Trump walks from Marine One upon his return to the White House in Washington, U.S., March 19, 2017. REUTERS/Joshua Roberts By Kevin Yao - BEIJING BEIJING China''s government has been seeking advice from its think-tanks and policy advisers on how to counter potential trade penalties from U.S. President Donald Trump, getting ready for the worst, even as they hope for business-like negotiations. The policy advisers believe the Trump administration is most likely to impose higher tariffs on targeted sectors where China has a big surplus with the United States, such as steel and furniture, or on state-owned firms. China could respond with actions such as finding alternative suppliers of agriculture products or machinery and manufactured goods, while cutting its exports of consumer staples such as mobile phones or laptops, they said. Other options include imposing tax or other restrictions on big U.S. firms operating in China, or limiting their access to China''s fast-growing services sector, they added. Beijing was a particular target of Trump''s rhetoric during last year''s election campaign, and officials see some friction as inevitable due to China''s large trade surplus, according to several sources involved in the internal discussions. China''s State Council Information Office, the government public relations arm, and the Ministry of Commerce did not return requests for comment. "There is still room for both sides to resolve problems through co-operation and consultation, rather than just resorting to retaliation," said a policy adviser who spoke on condition of anonymity. "But we should have plans in case things go wrong." Premier Li Keqiang said last week that Beijing did not want to see a trade war with the United States and urged talks between both sides to achieve common ground. U.S. Treasury Secretary Steven Mnuchin also said last week that the Trump administration did not want trade wars, but that certain trade relationships needed re-examining to make them fairer for U.S. workers. No major U.S. measures have been announced, and there were no public indications of Washington''s intentions on trade at the weekend when Secretary of State Rex Tillerson visited China. Trump is expected to host President Xi Jinping next month. A glimpse of the uncertain future, however, came on Saturday in a communique after a meeting of finance ministers at the G20 in Germany, which dropped a pledge to keep global trade free and open, acquiescing to an increasingly protectionist United States after the two-day meeting failed to yield a compromise. GOODWILL GESTURE The sources said China could step up some imports from the United States and boost its investment there to help create more jobs as a goodwill gesture, but would not meekly accept any unilateral U.S. action. "We will have contingency plans to cope with the worst policies from Trump," said a second policy adviser. Trump has previously threatened a 45 percent tariff on China''s exports and frequently said on the campaign trail that he would label China a currency manipulator, even though Beijing has not been actively weakening the yuan in recent years. In an interview with Reuters on Feb. 23, he declared China the "grand champions" of currency manipulation. "It''s hard to say his views have changed or he has become more pragmatic," said the first adviser. Mnuchin has pledged a more methodical approach to analyzing Beijing''s foreign exchange practices. Under the three criteria set by the U.S. Treasury to determine whether a country is manipulating its currency for a trade advantage, China only meets one: running a trade surplus of more than $20 billion with the United States. The U.S. Treasury''s next report on the issue is due in April. China''s surplus with the United States fell by $20.1 billion to $347 billion in 2016, the U.S. Commerce Department said on Tuesday, while Chinese data put it somewhat lower. One of the sources said he thought it unlikely that Trump would label China a currency manipulator. "If he does that, China will let the yuan go, and the yuan will fall sharply," the source said. Weakening the yuan or dumping some of China''s massive holdings of U.S Treasuries could be considered only when trade relations deteriorate sharply, the sources said. Earlier this month, former commerce minister Gao Hucheng said during the annual meeting of parliament that China was not afraid of a trade war, though it hoped to avoid one. "We are willing to deal with it properly, but we are not afraid. Once the U.S. side take certain measures, we will evaluate and analyze such measures, and take actions when necessary," Gao said. (Additional reporting by Elias Glenn; Editing by Will Waterman) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-china-usa-trade-idUKKBN16R0PW'|'2017-03-20T16:32:00.000+02:00'
'5e1e65a3779905db5be57281a898459b5406289c'|'Exclusive - Iran struggles to coax Bank of England to open clearing accounts: sources'|' 20pm GMT Exclusive     Commuters walk past the Bank of England in London, Britain, October 7, 2016. REUTERS/Peter Nicholls/File Photo 1/3   Iranian President Hassan Rouhani speaks at a news conference near the United Nations General Assembly in New York, U.S., September 22, 2016. REUTERS/Lucas Jackson/File Photo 2/3   offices of international finance companies are seen in the financial district of Canary Wharf in London, Britain, January 26, 2017. REUTERS/Eddie Keogh/File Photo - RTSZLSX/File Photo 3/3 By Jonathan Saul and Parisa Hafezi - LONDON/ANKARA   Tehran has been hoping for swift reintegration into global trade after its deal in 2015 aimed at curbing Tehran''s nuclear programme in return for the lifting of international sanctions. Its failure to persuade Western banks to accept its business has been one of the main choke points preventing its rehabilitation. Banking sources from both Iran and the West, and Iranian political sources close to the talks, said Tehran has approached the Bank of England to seek clearing accounts directly with the UK central bank. Such accounts, for Iran''s own Central Bank or for the British subsidiaries of Iranian banks, would allow them to make and receive payments in sterling, business so far rejected by commercial banks. "That would send a huge message to the market. What commercial bank is practically going to stop Bank of England payments? None," said one Western source. However, the sources said the BoE seems uninterested in resolving the problem for now. "The Bank of England has proved resistant to intervening in any kind of positive way in order to assist trade between Iran and UK," said the Western source. A senior Iranian banking official in Tehran said: "The Bank of England has suspended anything related to Iran, even the latest scheduled meeting was cancelled. Everything has been put on hold." A Bank of England spokesman declined to comment. Iran''s Central Bank officials were not available to comment. The sources all spoke on condition of anonymity as talks between Iran and the bank have not officially been made public. Although EU and United Nations sanctions over Iran''s nuclear programme were lifted a year ago, the United States still has separate measures in place over Iran''s missile programme, and the new U.S. administration has promised a hard line. The risk of falling afoul of U.S. measures has been enough to persuade Western banks to steer clear, including in London, where Iran is particularly keen for a presence in the main global financial centre outside of the United States. Even Iran''s embassy in London has so far been unable to open a British bank account. Three Iranian banks have subsidiaries with licenses to operate in Britain: Melli Bank Plc, Bank Sepah International Plc and Persia International Bank Plc. But none has been able to persuade a commercial bank to clear its payments in sterling, the British currency. "TOTALLY UNACCEPTABLE" "It is totally unacceptable that a UK bank which has a banking licence, which is in good standing with its regulators, is unable to access the sterling system," said Sue Millar, partner with law firm Stephenson Harwood that represents those three UK-based arms of Iranian banks, as well as Bank Saderat Plc, which remains on the U.S. blacklist. Iran considers the failure of Western countries to allow it back into the international financial system to violate the spirit of the 2015 nuclear deal. It says Britain in particular, given its large capital markets, should do more to ensure Iranian banks operating there legally are treated fairly. The issue is particularly sensitive within Iran for the future of the nuclear deal''s architect, President Hasan Rouhani, a pragmatist elected in a landslide in 2013 on a promise to reduce Iran''s economic isolation. He faces re-election in May against hardliners who say his deal has never yielded the promised economic benefits. The UK government, eager to boost trade with new markets like Iran after last year''s vote to leave the European Union, has struggled to convince British banks to boost trade with Iran, sources have told Reuters. British trade minister Liam Fox told a parliamentary committee last week he had commissioned work from his department to look at how to normalise "effective payment channels" with Iran to try to open up trading opportunities. An official close to Rouhani said while the British government had promised to do more, so far there had been no progress. The senior Iranian banking official added that meetings between Iranian and British government officials had yielded no change in the commercial banks'' policies. "They (banks) are worried about Trump''s Iran approach - and now that Iran has been ''put on notice'', the process will be much more difficult," the official said, referring to remarks made in Washington last month by then U.S. national security advisor Michael Flynn threatening an unspecified response after an Iranian ballistic missile test. In response to questions from Reuters, the British government said it was committed to working closely with all parties, including UK banks and industry groups, to help open opportunities for trade between Britain and Iran. "This will be a vital part of Iran''s re-integration into the international community and we will continue to work to strengthen and expand our trading relationship for mutual benefit," said a statement attributed to a government spokesperson. "IRANOPHOBIA" In April last year, Iran''s Supreme Leader Ayatollah Ali Khamenei accused Washington of undermining the nuclear deal by scaring investors away from Iran. "On paper America lets foreign banks deal with Iran, but in practise they create Iranophobia so no one does business with Iran," Khamenei said at the time. In addition to concern over the remaining U.S. sanctions, banks are wary of business with Iran because of the high cost of ensuring that any transactions comply with rules. Iran is one of just two countries, along with North Korea, declared "high risk and non-cooperative jurisdictions" by the Financial Action Task Force (FATF), a global group of nations that monitors money laundering. Iran is implementing an "action plan" to have that designation lifted, and the watchdog has set a June 2017 deadline to evaluate its progress. Meanwhile, the FATF still advises countries to tell their banks to impose extra due diligence on transactions with Iranians. The FATF''s guidance cites in particular the risk of funding terrorism. Banking officials said reintegrating Iranian banks into the financial system would take time, and may require support from the government to help allay the cost to commercial banks of taking on added risk and performing additional checks. "When you have had such broad ranging sanctions over such a long period of time, it is completely unrealistic to re-enter this space without considerable risk analysis. That may involve creative risk sharing," said Justine Walker, director financial crime with industry lobby the British Bankers'' Association. "So, industry will be looking at some kind of tie up with government." For Iranians hoping to trade abroad, that means waiting. "As a businessman, I cannot open an account in Britain''s major banks. How am I supposed to do business with the world?" said the chief executive of an import-export company in Tehran, who asked not to be identified. (Editing by Peter Graff)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-iran-britain-banks-exclusive-idUKKBN16R1WT'|'2017-03-20T23:20:00.000+02:00'
'5f5de453888fea52a0e5d9da3fdce164cd99ba95'|'Fed to wait at least until June to decide next hike - Evans'|'  6:44pm GMT Fed to wait at least until June to decide next hike - Evans Chicago Federal Reserve Bank President Charles Evans takes a question during a round table with the media in Shanghai, China March 23, 2010. REUTERS/Nir Elias/File Photo NEW YORK The Federal Reserve will likely wait at least until a June policy meeting to decide whether to lift U.S. interest rates again, giving it time to digest economic and financial market data as well as any clarity on the Trump administration''s fiscal policy plans, a top rate-setter said on Monday. "June is a time where we will obviously have two meetings to assess how financial markets have evolved, everything happening in Washington and the likelihood of that, and the data evolving (including) whether or not prices are going up," Chicago Fed President Charles Evans told reporters. (Reporting by Jonathan Spicer; Editing by Chizu Nomiyama)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-fed-evans-june-idUKKBN16R28Q'|'2017-03-21T01:44:00.000+02:00'
'1db0a2548409dafeec4356d05247915fc5c4e76e'|'BRIEF-I.D. Systems enters purchase deal with Avis Budget Group'|' 59am EDT BRIEF-I.D. Systems enters purchase deal with Avis Budget Group March 20 Avis Budget Group Inc * I.D. Systems- co, Avis Budget Group executed purchase agreement for deployment of i.d. Systems'' proprietary wireless rental fleet management systems * I.D. Systems - first phase of new purchase agreement will incorporate i.d. Systems'' technology into 50,000 avis budget vehicles * I.D. Systems inc - received upfront payment, which it will allocate toward development of additional system enhancements as well as ramping production * I.D. Systemsinc - exclusive agreement also provides avis budget an option to extend system deployment across its global fleet of vehicles * I.D. Systems- agreement provides avis budget with limited term of exclusivity for use of i.d. Systems'' technology in car and truck rental industry  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-id-systems-enters-purchase-deal-wi-idUSFWN1GX0FC'|'2017-03-20T19:59:00.000+02:00'
'ad5e4b90cb1d00e0f3923c2963312b6adf4d7ef1'|'Exclusive: Iran struggles to coax Bank of England to open clearing accounts - sources'|'Business News - Mon Mar 20, 2017 - 10:00pm IST Exclusive: Iran struggles to coax Bank of England to open clearing accounts - sources A general view of the Central Bank of Iran building in Tehran, Iran, January 23, 2006. REUTERS/Morteza Nikoubazl/File Photo By Jonathan Saul and Parisa Hafezi - LONDON/ANKARA LONDON/ANKARA Iran has asked the Bank of England to set up special clearing accounts for its banks, but has so far been rebuffed in its effort to resolve an impasse that has left it excluded from banking in London more than a year after sanctions were lifted. Tehran has been hoping for swift reintegration into global trade after its deal in 2015 aimed at curbing Tehran''s nuclear program in return for the lifting of international sanctions. Its failure to persuade Western banks to accept its business has been one of the main choke points preventing its rehabilitation. Banking sources from both Iran and the West, and Iranian political sources close to the talks, said Tehran has approached the Bank of England to seek clearing accounts directly with the UK central bank. Such accounts, for Iran''s own Central Bank or for the British subsidiaries of Iranian banks, would allow them to make and receive payments in sterling, business so far rejected by commercial banks. "That would send a huge message to the market. What commercial bank is practically going to stop Bank of England payments? None," said one Western source. However, the sources said the BoE seems uninterested in resolving the problem for now. "The Bank of England has proved resistant to intervening in any kind of positive way in order to assist trade between Iran and UK," said the Western source. A senior Iranian banking official in Tehran said: "The Bank of England has suspended anything related to Iran, even the latest scheduled meeting was canceled. Everything has been put on hold." A Bank of England spokesman declined to comment. Iran''s Central Bank officials were not available to comment. The sources all spoke on condition of anonymity as talks between Iran and the bank have not officially been made public. Although EU and United Nations sanctions over Iran''s nuclear program were lifted a year ago, the United States still has separate measures in place over Iran''s missile program, and the new U.S. administration has promised a hard line. The risk of falling afoul of U.S. measures has been enough to persuade Western banks to steer clear, including in London, where Iran is particularly keen for a presence in the main global financial center outside of the United States. Even Iran''s embassy in London has so far been unable to open a British bank account. Three Iranian banks have subsidiaries with licenses to operate in Britain: Melli Bank Plc, Bank Sepah International Plc and Persia International Bank Plc. But none has been able to persuade a commercial bank to clear its payments in sterling, the British currency. "TOTALLY UNACCEPTABLE" "It is totally unacceptable that a UK bank which has a banking license, which is in good standing with its regulators, is unable to access the sterling system," said Sue Millar, partner with law firm Stephenson Harwood that represents those three UK-based arms of Iranian banks, as well as Bank Saderat Plc, which remains on the U.S. blacklist. Iran considers the failure of Western countries to allow it back into the international financial system to violate the spirit of the 2015 nuclear deal. It says Britain in particular, given its large capital markets, should do more to ensure Iranian banks operating there legally are treated fairly. The issue is particularly sensitive within Iran for the future of the nuclear deal''s architect, President Hasan Rouhani, a pragmatist elected in a landslide in 2013 on a promise to reduce Iran''s economic isolation. He faces re-election in May against hardliners who say his deal has never yielded the promised economic benefits. The UK government, eager to boost trade with new markets like Iran after last year''s vote to leave the European Union, has struggled to convince British banks to boost trade with Iran, sources have told Reuters. British trade minister Liam Fox told a parliamentary committee last week he had commissioned work from his department to look at how to normalize "effective payment channels" with Iran to try to open up trading opportunities. An official close to Rouhani said while the British government had promised to do more, so far there had been no progress. The senior Iranian banking official added that meetings between Iranian and British government officials had yielded no change in the commercial banks'' policies. "They (banks) are worried about Trump''s Iran approach - and now that Iran has been ''put on notice'', the process will be much more difficult," the official said, referring to remarks made in Washington last month by then U.S. national security advisor Michael Flynn threatening an unspecified response after an Iranian ballistic missile test. In response to questions from Reuters, the British government said it was committed to working closely with all parties, including UK banks and industry groups, to help open opportunities for trade between Britain and Iran. "This will be a vital part of Iran''s re-integration into the international community and we will continue to work to strengthen and expand our trading relationship for mutual benefit," said a statement attributed to a government spokesperson. "IRANOPHOBIA" In April last year, Iran''s Supreme Leader Ayatollah Ali Khamenei accused Washington of undermining the nuclear deal by scaring investors away from Iran. "On paper America lets foreign banks deal with Iran, but in practice they create Iranophobia so no one does business with Iran," Khamenei said at the time. In addition to concern over the remaining U.S. sanctions, banks are wary of business with Iran because of the high cost of ensuring that any transactions comply with rules. Iran is one of just two countries, along with North Korea, declared "high risk and non-cooperative jurisdictions" by the Financial Action Task Force (FATF), a global group of nations that monitors money laundering. Iran is implementing an "action plan" to have that designation lifted, and the watchdog has set a June 2017 deadline to evaluate its progress. Meanwhile, the FATF still advises countries to tell their banks to impose extra due diligence on transactions with Iranians. The FATF''s guidance cites in particular the risk of funding terrorism. Banking officials said reintegrating Iranian banks into the financial system would take time, and may require support from the government to help allay the cost to commercial banks of taking on added risk and performing additional checks. "When you have had such broad ranging sanctions over such a long period of time, it is completely unrealistic to re-enter this space without considerable risk analysis. That may involve creative risk sharing," said Justine Walker, director financial crime with industry lobby the British Bankers'' Association. "So, industry will be looking at some kind of tie up with government." For Iranians hoping to trade abroad, that means waiting. "As a businessman, I cannot open an account in Britain''s major banks. How am I supposed to do business with the world?" said the chief executive of an import-export company in Tehran, who asked not to be identified. (Editing by Peter Graff) Trade protectionism worry drags on global stocks, dollar at six-week low NEW YORK U.S. and European stock markets were little changed on Monday amid investor concerns as world financial leaders at a G20 meeting dropped a pledge to keep global trade free and open, while the dollar hit a six-week low on worries over a dovish Federal Reserve.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-iran-britain-banks-exclusive-idINKBN16R1WV'|'2017-03-20T23:23:00.000+02:00'
'ec2fc5ff84671c2a903ce301b161073c8178cea7'|'Exclusive: Venezuela taps small banks to handle dollar deals'|' 54pm IST Exclusive: Venezuela taps small banks to handle dollar deals left right People walk past a branch of Italcambio currency exchange in Caracas, Venezuela January 20, 2017. Picture taken January 20, 2017. REUTERS/Marco Bello 1/3 left right The logo of Citi is seen atop a building in Caracas, Venezuela February 8, 2017. Picture taken February 8, 2017. REUTERS/Marco Bello 2/3 left right People line up to withdraw cash from an automated teller machine (ATM) outside a Banco de Venezuela branch in Caracas, Venezuela March 14, 2017. Picture taken March 14, 2017. REUTERS/Marco Bello 3/3 By Corina Pons and Ana Isabel Martinez - CARACAS/MEXICO CITY CARACAS/MEXICO CITY Venezuela''s government is using little-known banks, including a small Puerto Rican lender, as intermediaries for some international trade operations after Citigroup last year stopped providing such services, according to the owner of one of the banks and government officials. The government has turned to relatively unknown institutions to provide a service known as correspondent banking, as international banks are increasingly concerned about the risks of doing business with socialist-ruled Venezuela amid investigations into corruption and drug trafficking. It also coincides with complaints by President Nicolas Maduro that Venezuela is struggling to obtain financial services amid a severe economic crisis characterized by triple-digit inflation and chronic shortages. Government officials call the drug allegations a campaign against their administration by ideological adversaries in the United States, and insist Venezuela''s problems are being caused by an "economic war." The situation does not affect payment of state oil company PDVSA''s high-yielding bonds, which continue to be serviced by Citi due to contractual obligation, according to a 2016 letter from Citi to PDVSA bondholders seen by Reuters. The country''s relationship with global banks is also complicated by a 14-year-old currency control system that requires businesses to acquire dollars through the government rather than private banks. Correspondent banks provide an essential service that allows countries to import goods and maintain links to the global financial system. Italbank, the Puerto Rican lender owned by Venezuelan entrepreneur Carlos Dorado, has served as one for Venezuela since 2016. Dorado told Reuters that Italbank offers correspondent services to state-owned Banco de Venezuela, which is the country''s largest bank, and handles part of the government''s offshore business transactions. "Our clients include private sector banks and state-run banks. One of those clients is Banco de Venezuela," said Dorado, who also owns Venezuelan currency exchange house Italcambio and a fashion business that distributes high-end clothing. He said about 10 or 15 percent of the dollar transfers from Banco de Venezuela go through Italbank. He added that another bank being used for correspondent services include southern Florida-based Eastern National Bank, partly owned by Venezuelan bank regulator Sudeban. A government official with knowledge of the transactions, who asked not to be identified, confirmed Eastern National was providing such services. Eastern National did not respond to emails and phone calls seeking comment. Nor did Sudeban, Venezuela''s central bank, or its Information Ministry, which handles queries on behalf of the Finance Ministry. It was not immediately evident how much of the transactions Eastern National was responsible for, or which banks were carrying out the remainder of the transactions. "THANKS TO DORADO" Italbank''s involvement has been crucial to ensuring basic imports following Citi''s exit, the sources said. "Thanks to Dorado we have been able to pay for food imports," said a person close to the Venezuelan government who asked not to be identified, adding that the bank "has processed hundreds of millions of dollars in payments." Citi said last year it had halted correspondent services following a "periodic risk management review." Citi declined to comment for this story. Italbank opened in 2008 and says on its website it is focused on the Latin American market. It has a single office in San Juan and largely carries out operations online or by telephone. It operates under an offshore banking license in Puerto Rico, a U.S. territory. That gives it access to U.S. Federal Reserve payment services, allowing it to channel Venezuelan payments to foreign providers. Dorado said Italbank has an account with the Fed, but has to conduct transactions manually rather than electronically, which limits the volume of operations it can handle. He says the bank''s procedures comply with U.S. financial regulations. The Fed declined to comment. PDVSA did not use Citi as a paying agent for a new bond issue last year, relying instead on Law Debenture Trust Company of New York, a provider of fiduciary services, according to the bond''s prospectus. Wall Street banks worry that providing services to Venezuela could leave them with indirect financial links to the nation''s commercial and political allies such as Cuba and Iran, which face various international sanctions, according to finance industry experts consulted by Reuters. They added that scandals - including U.S. authorities'' designating Venezuelan Vice President Tareck El Aissami as a "drug kingpin" and the drug-related arrests of two nephews of the first lady - have boosted the perceived risk of doing business with Venezuela. (Additional reporting by Eyanir Chinea and Brian Ellsworth; Editing by Christian Plumb and Edward Tobin) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/venezuela-banks-idINKBN16R1L0'|'2017-03-20T21:24:00.000+02:00'
'0a60767dacbca1529692f3ffbf4773ed73bbf070'|'BoE to focus more on protecting insurance policyholders'|'Money   11:15am GMT BoE to focus more on protecting insurance policyholders The Bank of England is seen in the City of London, Britain, February 14, 2017. REUTERS/Hannah McKay By Huw Jones - LONDON LONDON The Bank of England will spell out more clearly what insurers should be doing to protect policyholders such as the elderly after a report called for clearer safeguards. The BoE''s Independent Evaluation Office (IEO) looked at how the central bank''s supervisory arm, the Prudential Regulation Authority (PRA), ensures policyholders are properly protected. The IEO said on Monday that the PRA''s "articulation of its policyholder protection responsibilities appears to be unfinished business". PRA work on policyholder protection had been "crowded out" by "live supervisory issues" and the need to implement European Union capital rules known as Solvency II by January 2016, the IEO said in a report. The BoE''s supervisors need to articulate fully their approach to protecting policyholders, though there was no evidence that PRA supervisors were falling short of their duties, the IEO said. The PRA should also ensure there is appropriate coordination with its sister regulator, the Financial Conduct Authority. BoE Deputy Governor and PRA Chief Executive, Sam Woods, said the IEO''s assessment was informative and balanced, and that the PRA has agreed a set of actions in response. The PRA will be clear that it does not seek to protect all policyholders equally, but will direct more of its resources to those who would suffer greater financial hardship if their policies did not pay out as promised, Woods told the London Business School in a speech. Britain''s exit from the EU has also raised hopes in the sector that Solvency II will be overhauled, but Woods reiterated there would be tweaks, rather than a broad overhaul. Woods said the debate about Solvency II has become a "cacophony of acronyms" emanating from a "magic circle of insurance enthusiasts". "But strip this back and you’ll see there is an essential, irreducible human core to it all," Woods said. "Some of the oldest and most vulnerable in our society have invested their life savings into long-term annuity contracts," Woods said. "So when we talk about promoting insurers’ safety and soundness, and protecting their policyholders, this is what we have in mind." (Reporting by Huw Jones; Editing by Alexander Smith) Next In Money'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-boe-insurance-regulations-idUKKBN16R0YO'|'2017-03-20T18:15:00.000+02:00'
'b350d42a35b1a9e3cc4d828572fa5b802919cdea'|'French watchdog clears GM''s Opel of cheating on diesel emissions'|'PARIS, March 20 France''s consumer fraud watchdog said on Monday it had closed its investigation into diesel emissions by Opel cars and would take no further action against the General Motors brand.The DGCCRF investigation, part of a wider probe carried out in the wake of the Volkswagen diesel test-cheating scandal, "did not bring to light any evidence of fraud", the government agency said in a statement.The watchdog has previously sent files to prosecutors detailing suspected emissions fraud by Fiat Chrysler, Renault and PSA Group.PSA, the maker of Peugeot and Citroen cars, agreed earlier this month to buy Opel in a deal valuing the business at 2.2 billion euros ($2.3 billion).(Reporting by Laurence Frost; Editing by GV De Clercq)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/france-opel-diesel-idINL5N1GX1CR'|'2017-03-20T05:39:00.000+02:00'
'5e54fec9983c6e66862b40ed43bf533df1600d6b'|'France''s Lactalis doesn''t reach threshold to delist Parmalat-filing'|' 50pm GMT France''s Lactalis doesn''t reach threshold to delist Parmalat-filing Logo of the dairy group Lactalis are seen at the food exhibition Sial in Villepinte, near Paris, France, October 17, 2016. REUTERS/Charles Platiau MILAN France''s Lactalis failed to reach the 90 percent stake in Parmalat ( PLT.MI ) it required to proceed to delist the Italian food company in the last day of a buyout offer, a filing by the Milan bourse showed on Tuesday. Lactalis, the world''s largest dairy firm, bought 15.11 percent of the shares on offer or just under 1.85 of Parmalat, the filing showed. This would give them a total of 89.6 percent in Parmalat when added to their previous holding in the Italian group. Parmalat was relaunched in 2005 after going bankrupt following a financial scandal and Lactalis won control of it in 2011. The French company said in December it sought to buy the 12.26 percent of Parmalat it did not already own with the aim of delisting the group. Earlier this month Lactalis had raised the price of the shares on offer to 3 euros per share after complaints from some investors that its previous bid undervalued the Italian group. (Reporting by Elisa Anzolin, writing by Giulia Segreti)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lactalis-parmalat-buyout-idUKKBN16S29R'|'2017-03-22T00:50:00.000+02:00'
'227b61bc271f698ed7a695b463196eef37ca2770'|'Exclusive - Brexit banks set to avoid lengthy euro zone entry test: sources'|'Business News - Tue Mar 21, 2017 - 4:31pm GMT Exclusive - Brexit banks set to avoid lengthy euro zone entry test: sources left right FILE PHOTO: The headquarters of Germany''s Deutsche Bank are seen in Frankfurt, Germany, January 31, 2017. REUTERS/Kai Pfaffenbach/File Photo 1/2 left right FILE PHOTO: The headquarters of the European Central Bank (ECB) in Frankfurt, Germany, June 28, 2015. REUTERS/Ralph Orlowski/File Photo 2/2 By John O''Donnell - FRANKFURT FRANKFURT Banks in London that relocate operations to the euro zone after Brexit are likely to be spared a lengthy entry test by regulators, making it easier for them to shift, according to two officials with knowledge of the matter. The European Central Bank, the euro zone''s banking supervisor, has had many inquiries from British-based banks wanting to come under its watch, prompting it to look at fast-tracking licence applications, according to the sources. (Graphic on banks'' Brexit dilemma: here It is set to temporarily waive an examination of the financial models that big retail lenders and investment banks use to determine the risk of a default on a mortgage or derivative - as long as the banks meet the standards of British regulators, they said. Any such decision by the ECB would be chiefly for practical rather than political reasons and would, said one of the people, to minimise disruption to European finance after Britain leaves the EU. "Resources are limited. We would find a way of doing it (applications) quickly," said the official, talking on condition of anonymity because of the sensitivity of the matter. "The European financial system wants to continue to function." Such a waiver would nonetheless serve to speed up banks'' relocation plans and help reshape Europe''s financial landscape by expediting the process of Frankfurt, Paris, Luxembourg and Dublin winning business from London. The ECB declined to comment. British Prime Minister Theresa May will trigger divorce proceedings with the European Union on March 29, launching two years of negotiations that will help determine the future of Britain and Europe. While the final terms for doing business with the EU from Britain are uncertain, May has made it clear that Britain will leave the single market which allows banks in London to sell their services across the bloc. Finance executives say privately they expect Brexit to isolate London, currently Europe''s financial capital, and want to establish bases inside the EU from where they can access its market. Dublin has received 80 such inquiries from financial institutions including banks, according to IDA Ireland, an agency that attracts foreign investment, while about 50 envoys from foreign banks met Germany''s watchdog earlier this year about a possible move. GRACE PERIOD The final decision in granting a banking licence in the euro zone is taken by the ECB, which looks at the strength of a bank''s capital as well as that of its management when it comes to granting approval. But, according to the sources, it is set to waive the immediate examination of the financial models which contain the basic assumptions underpinning a bank''s business and are essential to understanding their riskiness - a process that can take more than a year. The waiver would be based on the principle that the Bank of England''s checks are good enough. It would only be a temporary reprieve, however, to smooth the relocation process, and banks would eventually have to face testing of their models. The sources said the period of grace could last several months. "It is reasonable to decide that there is an interim period where these models are accepted," said the second official. A decision by ECB officials on the waiver is expected in the coming months. Leading financial firms in Britain warned for months before last June''s Brexit referendum that they would have to move some jobs if there was a leave vote, and have been working on plans for how they would do so for the past several months. Senior European officials have also become increasingly nervous, privately warning of a "cliff-edge" departure of Britain from the bloc. The EU is heavily dependent on London for trillions of euros of finance and a massive pool of investors. France and Germany are keen to establish alternatives to London, while smaller countries, such as Ireland and Luxembourg, are also vying for their share of the spoils. Flexibility in terms of entry requirements could help a bank such as Goldman Sachs ( GS.N ), which sources have said want to build up its business in Frankfurt. The Wall Street firm''s European CEO said on Tuesday it will begin moving hundreds of people out of London as it prepares for Britain to leave the European Union. (Reporting By John O''Donnell; Editing by Pravin Char) Next In Business News Not oil but trade - the economic case for Scottish independence EDINBURGH While the economic case for Scottish independence once centred on oil, people like company director Niall McLean now argue that trade is the way to ensure their country''s future prosperity - and avoid the damage of the United Kingdom leaving the EU.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-banks-move-exclusive-idUKKBN16S23P'|'2017-03-21T23:31:00.000+02:00'
'f586043ec3969c369fc278cba189b0e4c2dbb7da'|'CORRECTED-Brazil''s Estácio hires ICTS to probe data leak -source'|' 39pm EDT CORRECTED-Brazil''s Estácio hires ICTS to probe data leak -source (Corrects name of company to ICTS Global Serviços de Consultoria Ltda from ICTS International NV in paragraph 1) By Ana Mano SAO PAULO, March 21 Brazilian education firm Estácio Participações SA has hired ICTS Global Serviços de Consultoria Ltda to investigate a security breach that exposed emails exchanged between a top company executive and a legal adviser, a person briefed on the matter said. ICTS, which is working alongside security consultancy firm Control Risks, was hired on Feb. 18, immediately after Estácio learned about the leaked messages between Chief Executive Officer Pedro Thompson and a lawyer at São Paulo-based law firm Demarest Advogados, the person said. Sources with knowledge of the content of the emails said the exchange suggested Thompson was discussing with the lawyer alternative scenarios if antitrust watchdog Cade blocked Estácio''s takeover by Kroton Educacional SA. Estácio denied Thompson was trying to find ways to derail the deal, but removed him from a group discussing the terms of the tie-up. Estácio declined to comment. The company said in a securities filing on Friday that it remains committed to completing the 27 billion real ($8.8 billion) combination with Kroton, which has been approved by the majority of its shareholders. Competitors and consumer advocacy groups have been critical of a deal that will create an entity 10 times larger than the industry''s No. 2 player. Kroton also refuted claims of interference in Estácio''s management ahead of regulatory approval of the takeover, a practice known as "gun jumping," after newspaper Valor Econômico revealed the email conversation on Friday. Claims that Kroton could be meddling with Estácio''s management are not new to Cade. On Sept. 12, the authority asked both companies about information it had received that Kroton could be involved in the dismissal of 180 Estácio executives after the takeover was announced. In a response a week later, Demarest confirmed 73 executives had been fired, but denied the staff reduction was dictated by Kroton. Estácio''s legal adviser said they were linked to a business decision unrelated to the tie-up with Kroton, according to Cade filings. Cade is expected to finalize analysis of the takeover by the end of July, using the maximum 330-day limit to rule on mergers. In February, a Cade unit made a non-binding recommendation that the takeover be blocked. A ruling by the watchdog''s five-strong board is pending. Cade declined to comment on whether it will require the parties to clarify gun jumping claims during analysis of the deal. ($1 = 3.0715 reais) (Reporting by Ana Mano; Editing by Guillermo Parra-Bernal and Leslie Adler)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/estacio-part-ma-kroton-ceo-idUSL2N1GX1V7'|'2017-03-22T00:39:00.000+02:00'
'f3af9588aff74ea8c967c1cd4870ef46829c3e28'|'METALS-Copper hits 1-week low as Chile, Indonesia supply woes fade'|'Company  47am EDT METALS-Copper hits 1-week low as Chile, Indonesia supply woes fade (Recasts, updates prices, adds details/quote; changes dateline) By Maytaal Angel LONDON, March 21 Copper hit a one-week low on Tuesday as talks to resolve a strike at the world''s biggest copper mine in Chile were set to resume and as a giant copper mine in Indonesia restarted production. Benchmark copper on the London Metal Exchange was down 0.8 percent at $5,835 a tonne at 1131 GMT, all but erasing the previous session''s 0.9 percent gain. Earlier, the metal fell to $5,781 a tonne, its lowest since March 14. "Once (the strike) is over there could be quite a sharp fall in prices given demand seems quite subdued. China is growing reasonably strongly but this is as good as it gets and we will be slowing over the course of the year," said Caroline Bain, senior commodities economist at Capital Economics. *RESUMPTIONS: The union for striking workers at BHP Billiton''s Escondida mine in Chile said on Monday it was open to further conversations that could lead to reopening negotiations. *RESUMPTIONS: Freeport McMoRan''s Indonesian unit has resumed copper concentrate production at its Grasberg mine, ending a more than one-month stoppage. *DOLLAR: The euro hit a six-week high versus the dollar on expectations French centrist candidate Emmanuel Macron would win the presidency. A weaker dollar lent some support to metals as it makes dollar-priced metals cheaper for non-U.S. investors. *SPREADS: Cash copper was trading at a discount of $27 a tonne to the three month price CMCU0-3, its weakest since mid-January, and indicating ample nearby supply. *BALANCES: The global refined copper market showed a 17,000 tonne surplus in December, compared with a 3,000 tonne deficit in November, industry data showed. *ZINC: Heavy rains in Peru have disrupted train transport of minerals, and the train line could take at least 15 days to fix. The region is home to Chinalco''s 300,000 tonne-per-year Toromocho copper mine, and a zinc and silver mine owned by Volcan . *PRICES: Zinc , the best performing LME metal last year, was up 0.6 percent at $2,882, while sister metal lead was up 0.8 percent at $2,292.50. *NICKEL: The global market for refined nickel started the year with a 1,100-tonne deficit in the month of January due to robust demand growth from Asia and the Americas, industry data showed. *ALUMINIUM: Daily average primary aluminium output in China fell to 90,500 tonnes in February from 95,200 tonnes the month earlier, industry data showed. * For the top stories in metals and other news, click or DATA AHEAD (GMT) 1230 U.S. Current account Q4 PRICES Three month LME copper Most active ShFE copper Three month LME aluminium Most active ShFE aluminium Three month LME zinc Most active ShFE zinc Three month LME lead Most active ShFE lead Three month LME nickel Most active ShFE nickel Three month LME tin Most active ShFE tin ARBS ($1 = 6.8989 Chinese yuan) (Additional reporting by Melanie Burton; Editing by Susan Fenton) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL5N1GY348'|'2017-03-21T18:47:00.000+02:00'
'f2085cc3cf09da3fa27b6c586fbc4f85a9721a7d'|'Indians leave bankers in the cold in $23 bln telecoms mega-deal'|'Company  33am EDT Indians leave bankers in the cold in $23 bln telecoms mega-deal By Sumeet Chatterjee and Devidutta Tripathy - HONG KONG/MUMBAI, March 21 HONG KONG/MUMBAI, March 21 Investment banking business in India should be enjoying bumper fees after a record year of dealmaking. It''s not, and big banks blame in-house teams of advisers that have proliferated as the country''s top family-owned conglomerates tighten their grip. This week''s $23 billion tie-up between Idea Cellular , controlled by the Aditya Birla Group, and the Indian business of Vodafone Group, is the latest example of a trend that is squeezing major international investment banks. Many are struggling in a market that has long been difficult, thanks to messy deals, paltry fees and local challengers. Bankers had been circling both sides of the telecoms mega-merger since it was first mooted late last year, when competition in the sector accelerated dramatically. In India, deals worth more than $1 billion are rare. In the event, Vodafone hired six advisers: Morgan Stanley, Robey Warshaw, Bank of America Merrill Lynch, Kotak Investment Banking, Rothschild and UBS. Idea hired none. Instead of tapping bankers, the Aditya Birla Group relied on their in-house team, which includes Saurabh Agrawal, a former South Asia head of corporate finance at Standard Chartered, whom it hired last year as head of corporate strategy, and former Morgan Stanley banker Ashish Adukia, who joined nearly three years ago. Earlier this year, it also hired Ankur Dalwani, a former managing director at Jefferies in India, according to a source familiar with the move. "Investment banking is monthly tracking of revenue that you''ve made, investment banking in corporate is monthly tracking of ideas that you have generated. That''s the difference," Adukia said in an emailed comment. The trend, say bankers, is about bringing back control for Indian tycoons behind some of its biggest companies. One source with direct knowledge of this deal said Birla took a direct role in the deal, assisted by Agrawal. "In some cases, the company in the middle of a transaction won''t even copy the bank advising on the deal when sending mails finalizing the details. It''s all about keeping control of each and every decision," said one banker who has worked with big Indian conglomerates, including Birla. "Increasingly you will see the large companies roping in external advisers only in those cases where they can''t bridge the gap. It will mainly involve the markets where they have no presence or no knowledge." DOING IT YOURSELF Birla and Idea did not immediately respond to requests for comment on the decision to leave out advisers, although one separate source familiar with the deal said the company felt its team to be "adequately equipped". Elsewhere in India''s corporate landscape, high-profile banker appointments have proliferated. Bank of America dealmaker Ankur Verma joined Tata Group''s holding company last month. Former RBS and CIMB banker Viral Gathani last year joined Vedanta Resources as head of corporate finance strategy. A Tata spokesman said Verma will have diverse responsibilities. Gathani did not respond to a request for comment. Large western companies also assemble in-house M&A experts, but they mostly continue to use external advisers while executing large takeovers, and in-house teams in the United States and Europe tend to be modest in size. Asia, led by China and increasingly India, is challenging that order. The pain of losing top talent and fees is acutely felt in markets like India, already one of the industry''s toughest regions, where many have pulled back or out altogether. Compliance demands are rising and competition for talent is increasing, but fees are going in the opposite direction. Indian companies struck a record $72 billion in M&A deals last year, doubling from the previous year. However, total fees for investment banking, including M&A, debt and equity, declined to $463 million last year from $491 million a year ago, and was sharply lower than $682 million in 2014. Bankers said many Indian companies no longer wanted deal-specific advisory services, but were looking for advice across due diligence, M&A, debt and equity raising, and did not want to deal with multiple banks for corporate finance services. "The corporates think they can have a much better control over a transaction if they keep it close to themselves, and can avoid any conflict situation that some of the foreign banks may have," said one M&A banker with a U.S. bank. India Inc''s bet is not without risks, especially for more complex international deals, or where companies require considerable fundraising. But for many, that''s not yet. "Most of the top Indian corporates are very cash rich and they don''t need balance sheet support, so they would say why waste a few million dollars on purely advisory services?" said one of the bankers with a foreign bank in Mumbai. "They can get two, three bankers at a fraction of that cost," he said, referring to their annual salary. (Reporting by Sumeet Chatterjee in HONG KONG and Devidutta Tripathy in MUMBAI; Writing by Anshuman Daga; Editing by Clara Ferreira Marques and Mike Collett-White) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/vodafone-ma-banks-idUSL3N1GY3K6'|'2017-03-21T22:33:00.000+02:00'
'7ad668ba92911854b63db1f882e91278662b3015'|'Tighten your belt and prepare for take off: Donald Trump’s proposed budget cuts would have serious implications for travellers'|'THREE months into his presidency, Donald Trump has engendered little but despair among among travel-industry types. Restrictions announced today on taking laptops and iPads aboard airlines originating from eight Middle Eastern countries are probably reasonable ( see Gulliver ). But an ill-considered attempt in January to ban travellers from seven mostly-Muslim countries seems to have affected visitor numbers. When that order was shot down by the courts, and a revised one proposed, it turned out that it might cause longer waits for foreigners leaving the country. Then last week in his budget blueprint, Mr Trump proposed big cuts to domestic spending to help fund the military. Several of the programmes on the chopping block have implications for business travellers.One such is a call to privatise the country’s air traffic control system. The budget outline says privatisation would make air traffic control “more efficient and innovative while maintaining safety”. Given how slow the Federal Aviation Administration has been to modernise the system, that claim may well have some merit. But other safety and security savings are also in Mr Trump’s sights. One idea is to reduce the presence of “Visible Intermodal Prevention and Response” teams, which sweep airports and other transit centres, often with bomb-sniffing dogs (pictured). These act as a conspicuous reminder to would-be attackers of what they are up against. In addition, the budget suggests cutting the Behavior Detection Officer programme, which aims to catch malicious travellers by reading body cues, but came in for criticism when its officers were found to ridicule passengers . Mr Trump would also like to reduce funding for state and local airport patrols, suggesting that these jurisdictions pay for the service themselves.  39   To compensate for the bulk of the funding cuts to the Transportation Security Administration, the budget calls for an increased TSA fee on all United States flights. Currently, flyers pay an extra $5.60 on all one-way tickets; that would increase by $1 per flight leg. Most business travellers will not blanch at such a rise. But they will object if cuts lead to longer lines at airport security. Dreadful queues last year were attributed in part to low morale among officers, many of whom worked part-time for low salaries and benefits. That lead to frequent turnover. The situation improved significantly when 3,000 of those workers were given full-time contracts. The worry is that, if the TSA is again feeling a pinch, it might revert to its older practices.Those flying to New York or Boston will no doubt cope with such hardships. But anyone visiting more rural areas could find life more complicated. Mr Trump wants to end a $175m programme that helps fund flights to such communities; without it, many of these services are likely to disappear. Getting to Michigan’s expansive Upper Peninsula, for example, could require an eight-hour drive from a larger airport.Rail travel could face bigger cuts. Again, travellers to New York or Boston will be fine. Mr Trump’s budget calls for Amtrak to focus on its Northeast Corridor train service between those two cities. But it would end federal subsidies for Amtrak’s long-distance train routes, which often operate at a loss. The result could be the end of the nationwide service that once formed the backbone of America’s transcontinental expansion. The budget would also cut nearly $500m from a programme that provides grants to states for transportation projects, including rail transit. The could cripple some systems, such as Washington, DC’s Metro, the nation’s second-largest rapid transit network, which relies on federal funds.Overall, Mr Trump’s financial blueprint—which is not yet a final proposal, but rather a “skinny budget” outlining the president’s fiscal priorities—would cut Transportation Department funding by 13%. But that is not the end of the story. The president has also called for a $1trn investment in infrastructure. That could mean a boost to transit projects across the country. Or it could mean that travellers just face more tolls , in addition to longer airport lines and fewer rail options.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/blogs/gulliver/2017/03/tighten-your-belt-and-prepare-take?fsrc=rss'|'2017-03-22T02:09:00.000+02:00'
'6f58966a7b59e1ed56def00994ffa077d3cbbbbd'|'Recycling robots: AI could reverse the UK''s decline - Guardian Sustainable Business'|'A team of robots scans objects on a recycling line, sorting wood from concrete at a rate of 4,000 pieces an hour. The footage is part of a promotional video for Helsinki-based firm ZenRobotics, which believes its technology can help boost recycling rates and divert valuable resources away from landfill.It reflects an emerging view among some companies that more sophisticated sorting technology has a role to play in bringing our waste crisis under control. The UK, for example, sent £3.8bn worth of resources to the dump in 2014, according to environmental charity the Green Alliance. In a recent company report (pdf), Apple said it had started using teams of robots, each with 29 arms, to take apart iPhone 6s in California and the Netherlands, a process it says is more efficient at preserving materials than traditional methods like shredding.Facebook Twitter Pinterest Apple’s robot, Liam, dissembles iPhones. In theory, humans could be used for all types of recycling, says David Peck, professor in critical materials and circular cities at Delft University of Technology, but they are not necessarily jobs to wish on people. “This is dirty, dangerous and difficult work,” he says.The Apple machines are currently used for deconstructing water-damaged headsets. For every 10,000 units they take apart, up to 190kg of aluminium, 80kg of copper and smaller amounts of platinum, silver, tin and gold, are extracted, the company report says. “There is room for thousands and thousands of robots,” says ZenRobotics’ chief executive Timo Taalas. The company has sold 32 robotic arms globally to date, he says. Customers include Australia’s Sunshine Groupe, and Jiangsu LVHE Environmental Technology, which is building China’s first robotic recycling plant for construction waste.Unlike traditional sorting technology, which relies on an engineer’s code to tell it the difference between different materials, robotic systems can learn by example, says Taalas. ZenRobotics’ system uses scanners to measure each object’s surface structure, shape and material composition, and customers can “teach” it to recognise new materials by feeding it 200 samples, he says.This ability to learn provides flexibility in a rapidly changing sector, adds Taalas. “If you build a traditional sorting plant, you make a huge investment but it’s a fixed configuration. In this business, the legislation changes, the material values change – our system can be easily reconfigured.”Currently ZenRobotics’ system is mostly used for sorting construction, commercial and industrial materials, where the value of the waste is great enough to justify the expense of intelligent robotics systems, says Taalas. But he says the technology can be trained to work on other materials too: “We have tested it with different plastics, and it can detect the difference.”Improving UK recycling rates One big question is whether artificial intelligence could be used to push up household recycling levels and stem the flow of domestic waste – including plastic packaging – to landfill, or into our waterways.Recycling rates in England drop for first time Read more In the UK, household recycling rates dropped for the first time on record in 2015 and some campaigners have blamed the country’s complex and confusing recycling rules, which vary widely between different local authorities and can see one misplaced item send a whole bag of rubbish to landfill.Centralised sorting is the direction of travel for household waste, says Rob van Dalen, from Bollegraaf Recycling Solutions – whose robotic system, Robb 2.0, is used at the massive Sims recycling plant in New York.“If you can collect everything together and then sort it in a central station with the right equipment, that would be the optimal way to [recycle] it as it limits transport movement and complexity for people at home,” he says. However, while robots play a role in this scenario, they are not the holy grail, says Van Dalen – even the smartest systems can’t get around the fact that some materials don’t mix well, so there will always be some sorting by hand. “If you mix wet waste organics with paper-based waste, you get a mess and paper is devalued if it is dirty,” he says.Others have raised economic concerns around the use of recycling robots, which carry high upfront costs – ZenRobotics system, for example, costs €700,000-€800,000 (£600,000-£700,000) for a two-armed system.Dirk Balthasar, a technical director at TOMRA Sorting Solutions, which manufactures reverse vending machines for customers to deposit cans, glass and plastic bottles for recycling, says the figures don’t yet stack up for applications beyond sorting bulky material.“For almost all sorting applications, robots are not capable of handling the high throughputs that are required to operate sorting plants profitably and achieving high quality,” he says.Taalas agrees that domestic waste presents economic challenges, but still sees scope for robotic systems to ease the complexity of the process of household collection – and save local authorities money.Households could use colour-coded bags for organic and dry waste (as already happens in some parts of the country) and then robots could sort the bags, he says. This would mean that the same rubbish truck could collect all waste, cutting the requirement for separate recycling vehicles.Sign up to be a Guardian Sustainable Business member and get more stories like this direct to your inbox every week. You can also f ollow us on Twitter . Topics Guardian sustainable business Innovation Robots Waste Ethical and green living Artificial intelligence (AI) features  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/sustainable-business/2017/mar/21/recycling-robots-ai-uks-decline-waste'|'2017-03-21T13:30:00.000+02:00'
'0ffa714d19ea22b047d865e4507361203e3a6f92'|'GRAINS-Chicago wheat climbs over 1 pct on U.S. dryness, weaker dollar'|'SINGAPORE, March 20 Chicago wheat hit its highest in a week on Monday, buoyed by a weaker dollar and concerns over a lack of moisture for the U.S. winter crop. Corn and soybean prices rose in early Asian trade, although gains were limited by bumper South American supplies. FUNDAMENTALS * Dry weather for hard red winter wheat growing regions in the United States is supporting wheat prices with forecast rains later this week unlikely to provide much moisture, analysts said. * The dollar stayed on the defensive in Asia with bulls still nursing a grudge after the Federal Reserve''s rate guidance last week proved to be less "hawkish" than many had wagered on. * A weakening U.S. dollar, which makes U.S. commodities more attractive to overseas buyers as well as investors looking for a hedge against inflation, provided some support to grains and oilseeds. * Abundant supplies and the prospects for strong South American harvests of soybeans and corn limited gains. * Argentine corn and soybeans should benefit from high yields brought by good weather, the Buenos Aires Grains Exchange said last week, adding it might increase its soybean harvest estimate. * Workers at Argentina''s biggest agricultural port hub, Rosario, have voted to hold a 24-hour strike on March 30 to demand better wages and an end to dismissals, a union leader said Saturday. * The stoppage will likely affect the shipment of grains and their by-products from global food supplier Argentina, where companies such as Cargill , Bunge and Louis Dreyfus <BG.N > have their own terminals. * Large speculators switched to a net short position in Chicago Board of Trade corn futures in the week to March 14, regulatory data released on Friday showed. * The Commodity Futures Trading Commission''s weekly commitments of traders report also showed that noncommercial traders, a category that includes hedge funds, increased their net short position in CBOT wheat and cut their net long position in soybeans. MARKET NEWS * Asian stocks were slightly weaker early on Monday, following Wall Street''s declines and the G20''s decision to drop a pledge to avoid trade protectionism. DATA/EVENT AHEAD (GMT) 0700 Germany Producer prices Feb 1000 Euro zone Labour costs Q4 1230 U.S. National activity index Feb Grains prices at 0108 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 441.50 5.25 +1.20% +1.26% 449.71 65 CBOT corn 369.75 2.25 +0.61% +1.02% 373.48 59 CBOT soy 1003.50 3.50 +0.35% +0.20% 1033.53 44 CBOT rice 9.93 $0.01 +0.15% +1.02% $9.71 82 WTI crude 48.33 -$0.45 -0.92% -0.86% $51.98 28 Currencies Euro/dlr $1.075 $0.002 +0.16% -0.10% USD/AUD 0.7709 0.001 +0.14% +0.42% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; Editing by Joseph Radford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/global-grains-idINL3N1GX0CA'|'2017-03-19T22:32:00.000+02:00'
'9fce0ca8b0ec4a3723e3d4e7dcba1f65bad1deae'|'Head of China''s industry ministry says country right to limit market access'|'Business News - Sun Mar 19, 2017 - 2:09am EDT Head of China''s industry ministry says country right to limit market access BEIJING A senior minister said on Sunday China''s policy of restricting market access is important for domestic growth, even as President Xi Jinping seeks to project the country as a world leader in fighting protectionism. The comment came as Xi painted China as a defender of globalization, while repeatedly maintaining that it would keep its trade door wide open. "In some areas, we determine that a certain percentage of the market share must be controlled by domestic players, this is a last resort," Miao Wei, who heads China''s Ministry of Industry and Information Technology, said at the China Development Forum in Beijing. Other countries have policies restricting the import of some of China''s equipment and products, while there is demand for those products in China, said Miao. "So we must resolve this on our own, or else it will have a major impact on our growth," Miao said. More than 80 percent of members of a U.S. business lobby in China say foreign companies are less welcome than in the past, a survey released in January showed, with most saying they have little confidence in China''s vows to open its markets. (Reporting by Matthew Miller and Zhang Shu in Beijing; Writing by Engen Tham; Editing by Paul Tait) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-china-forum-miit-idUSKBN16Q05O'|'2017-03-19T13:06:00.000+02:00'
'8c4cddfaba4e14ea34e6516aca13f970f949a1ba'|'Money transfer firm could take on Orange mobiles in Senegal'|'DAKAR When Senegalese money transfer firm Wari agreed to buy the local mobile arm of Luxembourg-based Millicom International Cellular last month, it set the stage to challenge Orange''s hold on mobile phones in French-speaking West Africa.Wari plans to list on the West Africa stock exchange (the BRVM) in Ivory Coast this year, after the $129 million deal to buy mobile operator Tigo from Millicom is done, its CEO told Reuters in an interview.Wari is Senegal''s top money transfer service, a low-cost alternative to Western Union that allows customers to transfer cash and pay bills at gas stations, banks and even roadside stands.The deal will give Wari the capability to transfer money on mobile phones, a rapidly-expanding service that is dominated in the region by French company Orange. Orange has nearly 8 million mobile users in Senegal, twice as many as runner-up Tigo.While the deal will only give Wari a telecoms license in Senegal, it could use it as a starting point for a push for greater competition in other French-speaking countries in West Africa such as Mali, Guinea and Ivory Coast."For the last mile, we needed to be able to connect the population. This is where the idea came from of looking for a telecom vehicle, and we found (it) ... with Tigo," Wari Chief Executive Kabirou Mbodje said.He brushed off a question about Orange."At the end of the day what''s important is do we offer the best services to the population, do we meet their needs, do we design the service to be the most cost-effective. These are the kind of things we''re thinking about, not competition, and then the public will decide," he said.An Orange spokesman declined to comment about competition in West Africa.Mobile money is a sector with deep potential: millions of people in West Africa lack bank accounts and use cash transfers or mobile money for everything from utility bills to receiving pension payments and receiving remittances from families abroad.The number of mobile money transaction points in West Africa grew twice as fast in 2015 as in any other region in the world.Mbodje estimated the company will be worth "a couple of billion dollars" when listed, a process he said he has started.An official at the BRVM told Reuters it had not yet received an application. The Tigo deal, announced last month, must still be approved by Senegalese authorities.CHANGING MARKETMbodje has a relevant background for trying to capture some market share from Orange. He studied telecommunications in France and then launched several digital start-ups before creating Wari in Senegal in 2008.Wari has grown rapidly and now operates in 62 countries including 40 in Africa, with a particularly strong presence in Senegal and its West African neighbors.Orange, formerly France''s national network France Telecom, has dominated telecoms in Senegal and other former French colonies in Africa for years. It is still expected to stay the market leader for home internet and fixed line phones which Tigo does not offer.But experts say it could lose ground in mobile phones."Orange should be worried," said West Africa IDC analyst Oluwole Babatope. "The market is changing. You need to be very strategic and understand the terrain."Orange''s mobile market share fell from 56 to 52 percent in 2016, according to the Senegalese telecoms regulator, while Tigo''s grew from 22 to 26 percent. A third player, West African company Expresso, a subsidiary of Sudan''s Sudatel, also gained ground.A deputy Orange CEO told Reuters last month that revenue growth had halved last year across the Middle East and Africa and he expects slow growth this year.Nevertheless, the company is still growing in Africa. Orange completed its rebranding of Bharti Airtel''s mobile business in Burkina Faso last week after buying it last year. It also completed an acquisition of Tigo in the Democratic Republic of Congo last year."WARI ME MONEY"Orange highlights Orange Money, the rival to Tigo Cash, as a new business driver. It was almost 30 percent of turnover growth for its West African partner firm Sonatel in 2016, Sonatel''s latest report says."[Wari] is not thinking about a telco in terms of voice and data. They see mobile money as where the growth is," said Moussa Dabo, a Dakar-based investment officer at AFIG Funds.He said Orange''s hold on the market will be hard to beat because it has better infrastructure even though Tigo will likely be strengthened by the acquisition.Adding to its challenges, Orange Money had to suspend transfers between France and three West African countries in February, when West Africa''s central bank said it was not authorized to transfer money outside the currency zone, the bank said this week.Mbodje said the Wari brand will be Tigo''s main strength. "Wari me money" is a common phrase in Senegal, where many professionals send money back home to poorer rural relatives.Boubacar Ndiaye, a 45-year-old taxi driver in Dakar, said he uses both Orange Money and Wari for money transfers in the capital, but Wari is the only one present in his home village."Orange is the good network," he said. But when he learned that Tigo was Senegalese-owned, he said he would buy a sim card and use both."A man has to be proud of his country," he said.(Reporting by Nellie Peyton; Additional reporting by Mathieu Rosemain in Paris and Loucoumane Coulibaly in Abidjan; Editing by Edward McAllister, Tim Cocks and Anna Willard)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-africa-telecoms-idUSKBN16Q086'|'2017-03-19T12:40:00.000+02:00'
'01cff101b70e86227bd5576bd361d4760766c8fc'|'Peugeot family says Opel deal paves way for global expansion - paper'|'Business News - Sun Mar 19, 2017 - 1:39pm GMT Peugeot family says Opel deal paves way for global expansion - paper Robert Peugeot, director of the board of French carmaker PSA Peugeot Citroen, attends a news conference in Paris, March 26, 2014. REUTERS/Charles Platiau FRANKFURT PSA Group''s ( PEUP.PA ) acquisition of General Motors ( GM.N ) division Opel gives the French carmaker greater scale to pursue global expansion plans, Robert Peugeot, chairman of the company''s strategy committee, told German paper Welt am Sonntag. Earlier this month, PSA Group agreed to buy Opel from GM in a deal valuing the business at 2.2 billion euros (1.85 billion pounds), helping the French firm to become Europe''s second largest automaker by sales. "This will allow the group to conquer the rest of the world step by step. This remains an important goal for PSA," Peugeot, who sits on the board of directors at PSA Group, told the paper. Although there are larger automotive companies measured by absolute annual sales, what counts is that you have at least three million vehicles produced in one core market to get real economies of scale, Peugeot said. "All large carmakers have a volume of three million cars in one important market," Peugeot told the paper, explaining that the purchase of Opel will help PSA Group in this respect. Although the combination of the German and French carmakers increases the group''s overall exposure to Europe, the brands remain complementary. "Opel is strong in markets where PSA is not so strong," Peugeot said, explaining that Opel sells more cars in Germany than Peugeot, DS and Citroen combined, while Vauxhall sells more cars in Great Britain than all of PSA''s brands together. "There is very little cannibalisation between the brands," Peugeot said. A deal between the French and the Germans has been under consideration for years, even before 2012 when GM and Peugeot signed a deal to develop some passenger cars together, Robert Peugeot''s cousin Jean-Philippe told the paper. "Our family thought about getting closer to Opel even before the agreement with General Motors," Jean-Philippe Peugeot said, adding that the time wasn''t right back then. The Peugeot family still control 22.19 percent of PSA Group''s voting rights, and 13.68 percent of the company''s capital. (Reporting by Edward Taylor and Gilles Gulliaume. Editing by Jane Merriman) Next In Business News Markets welcome G20''s FX stance, wary on trade split LONDON Financial leaders from the world''s biggest economies found common ground on foreign exchange at a G20 meeting on Saturday but failed to agree on trade, highlighting a global shift towards protectionism and setting a cautious tone for financial markets next week.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-opel-m-a-psa-idUKKBN16Q0JO'|'2017-03-19T20:39:00.000+02:00'
'bca7aafd769a97301bcd433f6f5a5ec66a6e9536'|'Singapore''s Ezra Holdings files for U.S. bankruptcy'|'Deals   1:50pm EDT Singapore''s Ezra Holdings files for U.S. bankruptcy By Tom Hals Oilfield services firm Ezra Holdings Ltd ( EZRA.SI ) of Singapore filed for U.S. Chapter 11 bankruptcy on Saturday, blaming a prolonged slump in the energy industry. The company had been trying to restructure and said in February it faced a "going concern issue" if it did achieve a favorable outcome. Ezra is one of several Singapore offshore and marine services firms that have been hit by a downturn in oil prices since in 2014. The company''s stock lost a fifth of its value in early March after it disclosed it had provided guarantees on nearly $900 million in liabilities and loans of Emas Chiyoda Subsea Ltd, an affiliate the also filed for U.S. bankruptcy. "Oversupply of offshore supply vessels along with the influx of newly built vessels resulting in low competitive charter rates compounded the financial difficulties of Ezra’s business divisions," said Robin Chiu, the company''s chief restructuring officer, in a court filing. The company said it had unsecured loans of $272 million, owed to DBS Bank Ltd ( DBSM_pc.SI ), $184 million owed to Oversea-Chinese Banking Corp Ltd ( OCBC.SI ) and $108 million to a Singapore affiliate of HSBC Plc ( HSBA.L ). The company said in a court filing in the U.S. Bankruptcy Court in New York that it had up to $1 billion in assets and up to $500 million in liabilities. (Reporting by Tom Hals in Wilmington, Delaware;   Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ezra-hldgs-bankruptcy-idUSKBN16P0PT'|'2017-03-19T00:45:00.000+02:00'
'e2b7fbff3b4617f647107f5b1a6b84dfe5fc8d12'|'Vodafone to merge India operations with Idea Cellular'|'  4:10am GMT Vodafone to merge India operations with Idea Cellular left right FILE PHOTO: A man casts silhouette onto an electronic screen displaying logo of Vodafone India after a news conference to announce the half year results in Mumbai, India, November 10, 2015. REUTERS/Shailesh Andrade/File Photo 1/2 left right FILE PHOTO: A man speaks on his mobile phone as he sits in front of a shop displaying the Idea Cellular Ltd''s logo on its shutter in Mumbai, India, April 28, 2014. REUTERS/Danish Siddiqui/File Photo 2/2 MUMBAI Britain''s Vodafone Group ( VOD.L ) will merge its Indian subsidiary with local rival Idea Cellular ( IDEA.NS ) within two years, Idea said on Monday. Vodafone will own 45.1 percent of the merged entity, after it transfers about 4.9 percent to promoters of Idea and/or their affiliates for 38.74 billion rupees ($592.15 million) in cash, Idea said. Idea will have the sole right to appoint the chairman Shares in Idea rose as much as 14.25 percent immediately after the merger news but gave up gains to be trading up 3.8 percent at 0355 GMT. (Reporting by Swati Bhat; Editing by Stephen Coates)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-vodafone-m-a-idea-idUKKBN16R07N'|'2017-03-20T11:10:00.000+02:00'
'430990b999668430f63481742d915465e55164f0'|'U.S. bank stocks fall as investor hope wanes for policy boosts'|'Money   4:55pm EDT U.S. bank stocks fall as investor hope wanes for policy boosts Traders work on the floor of the New York Stock Exchange (NYSE) shortly after the opening bell in New York, U.S., March 21, 2017. REUTERS/Lucas Jackson By Sinead Carew Shares in U.S. banks tumbled on Tuesday as investors shrunk back from a post-election rally on worries that President Donald Trump would not be able to live up to his promises for large-scale relief on tax and regulation. Bank of America Corp shares fell 5.8 percent making it the biggest driver for a 3.9 percent sell-off in the S&P''s bank subsector and compared with a 5.5 percent drop in the KBW regional bank index and a 1.2 percent drop in the benchmark S&P 500. JPMorgan Chase & Co was the second-biggest drag on the banking index on Tuesday with a roughly 3 percent drop while KeyCorp was the biggest percentage decliner, down 6.5 percent. Investors were worried that if the Trump administration cannot pass a healthcare bill that is up for vote this week, it will be harder to deliver on the promises for tax and regulatory reform, which helped propel bank stocks to their highest levels since November 2007, before the financial crisis. “Financials are a very crowded long trade with Bank of America probably being the most crowded," said RJ Grant, head of trading at Keefe, Bruyette & Woods in New York. "The market is starting to get a little fed up with the lack of progress in healthcare because everything else is being put on the backburner." The S&P bank index had its biggest one-day percentage decline since June 27. The index also broke below its key 50-day moving average, likely intensifying selling by technical investors, according to Grant. Among the S&P 500 banks, Bank of America has been the biggest beneficiary of the so-called Trump rally with a 43.7 percent gain between Nov. 8 and March 20, well above the bank sector''s 28.6 percent jump, the KBW regional index''s 24.4 percent rise and the S&P 500''s 10.9 percent rise in the same timeframe. While the regional index has not risen as much as its bigger rivals, investors were pulling out faster on Tuesday as a cut back in regulation would have a bigger impact on these banks as compliance costs make up a bigger percentage of their costs. "People are starting to look at who would suffer the most if regulatory change doesn''t go through," said Rick Meckler, president of investment firm LibertyView Capital Management in Jersey City, New Jersey. While Trump''s regulatory reform and tax cuts would help many industries, investors had particularly high hopes for banks which have been weighed down by onerous regulations aimed at preventing a replay of the recent financial crisis. Banks have also been hurt by trading in U.S. Treasuries around the U.S. Federal Reserve''s rate hike announcement last week. Bank investors watch the difference between yields in short-term bonds and long-dated bonds as a narrowing of this gap shrinks bank profits. U.S. Treasury yields fell to three-week lows on Tuesday. "Since the Fed meeting we''ve generally seen the 10-year pull back. We''ve seen the yield curve flatten. Some of the underlying mechanics that have helped financials have slowly started to slow the cracks," said KBW''s Grant. (Reporting by Sinead Carew; Additional reporting by Lewis Krauskopf, Chuck Mikolajczak, Rodrigo Campos in New York and Diptendu Lahiri in Bengaluru; Editing by Lisa Shumaker) Next In Money NBA''s Chris Paul, other celebrity athletes, invest for a cause NEW YORKGiving back to their communities has always been a challenge for pro athletes who get rich quick because they tend to lose the money even more quickly. But even those who manage to build a substantial amount of wealth have a hard time using it charitably in a way that truly has a long-term effect.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-stocks-banks-idUSKBN16S2QY'|'2017-03-22T03:55:00.000+02:00'
'4da807026679085fb49821c1d5c9d866c1fc7453'|'Goldman building robo-adviser to give investment advice to the masses'|'  10:16pm GMT Goldman building robo-adviser to give investment advice to the masses A sign is displayed in the reception of Goldman Sachs in Sydney, Australia, May 18, 2016. REUTERS/David Gray/File Photo Goldman Sachs Group Inc ( GS.N ), known for advising the world''s richest and most powerful, is building a so-called robo-adviser geared to mass affluent customers, according to a job listing posted Monday on the bank''s website. A Goldman spokesman declined to comment. The job posting for employees to help build the platform( here ) comes as Goldman is looking at ways to broaden its customer base outside the super wealthy, including making deeper inroads into new consumer-focused businesses. The bank last year launched Marcus, its first major foray into consumer lending, as well as a complementary deposit-taking platform after acquiring GE Capital''s online bank. It also acquired Honest Dollar, an online retirement savings platform for small businesses and startups. The robo platform would sit within the bank''s rapidly growing investment management division, according to the ad. The unit, which Goldman has been trying to build out in recent years to diversify its revenue, posted a record $1.38 trillion in assets under supervision at the end of 2016. Goldman has for years grappled with how to tap into the mass affluent segment, broadly defined as those with less than $1 million in investable assets, without diluting the brand of its private wealth business which is considered a jewel within the bank, according to people familiar with the matter. Goldman''s U.S. private wealth business typically advises clients with an account size of around $50 million. Goldman has in the past considered expanding Ayco, a wealth advisory firm it purchased in 2003, as a way to push more deeply into the mass affluent segment, the people added. While the robo-advice market was initially developed by startups such as Wealthfront and Betterment with ambitions of upending the traditional financial advice sector, large firms such as Charles Schwab Corp ( SCHW.N ) and Vanguard have launched similar services. Other large firms are partnering with or buying existing players. UBS Group AG ( UBSG.S ) and Wells Fargo & Co ( WFC.N ) are partnering with online financial adviser SigFig Wealth Management, while BlackRock Inc ( BLK.N ) acquired FutureAdvisor. Morgan Stanley is launching its own robo-advisor later this year, primarily for the children of its existing clients. CEO James Gorman has said that firms which combine digital and human advice will be more successful in the future. (Reporting by Olivia Oran; additional reporting by Anna Irrera in New York; Editing by Cynthia Osterman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-goldman-sachs-wealth-idUKKBN16R2M1'|'2017-03-21T05:16:00.000+02:00'
'6350110e34e9a8304323dd1209cd2d3457d03758'|'Fiat Chrysler boss says ''waiting in anticipation'' to meet VW chief'|'Business   11:03am EDT Fiat Chrysler boss says ''waiting in anticipation'' to meet VW chief Fiat Chrysler Automobiles CEO Sergio Marchionne speaks during the North American International Auto Show in Detroit, Michigan, U.S., January 9, 2017. REUTERS/Rebecca Cook GENEVA Fiat Chrysler Chief Executive Sergio Marchionne said on Tuesday he was looking forward to meeting Volkswagen boss Matthias Mueller to discuss a possible tie-up between the two carmakers but added he hadn''t seen his counterpart in six to seven months. Marchionne has long advocated car industry mergers to share the costs of making cleaner and more technologically advanced vehicles and has repeatedly relayed his desire via the media. His comments on Tuesday came in response to a question about Mueller''s suggestion last week that he did not rule out merger talks between the German and Italian-American car manufacturers. "We are waiting with anticipation," Marchionne told journalists on the sidelines of a meeting in Geneva. "There are 4-5 of us (carmakers) at the global level, if something needs to be done, it will be done. I haven''t seen Mueller in 6-7 months, but I will go find him at the first opportunity." The manager said his company''s first quarter was going in line with expectations. He added the group was working with the authorities in the United States to understand how the new system for emissions regulations will work. (Reporting by Stefano Rebaudo, writing by Agnieszka Flak) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-fiatchrysler-volkswagen-idUSKBN16S1VD'|'2017-03-21T22:03:00.000+02:00'
'295e38bfeb687d46bbbce8d76c8c519da1f74d91'|'BRIEF-Ally Financial expects 5 to 15 pct adj. EPS growth in 2017'|' 09am EDT BRIEF-Ally Financial expects 5 to 15 pct adj. EPS growth in 2017 March 21 Ally Financial Inc: * Ally Financial Inc - expect 5 - 15 pct adjusted EPS growth in 2017 * Ally Financial Inc says near-term will be impacted by lease and used vehicle price declines and provision build - sec filing * Ally Financial Inc - do not expect material 2017 impact from tax and regulatory changes * Ally Financial Inc - "tax and regulatory changes could be long term positive" * Sees Q1 non-gaap net financing revenue to be fairly flat quarter over quarter * Ally Financial Inc - sees Q1 other revenue to be fairly flat QOQ * Ally Financial - sees Q1 provision expense $280 million-$290 million Source text - bit.ly/2ni0vZK  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-ally-financial-expects-5-to-15-pct-idUSFWN1GY0GY'|'2017-03-21T19:09:00.000+02:00'
'000dc3f11c44dba61be9ef4c02d141476c7badd5'|'Porsche SE targets profit jump as shareholder shake-up looms'|' 39pm GMT Porsche SE targets profit jump as shareholder shake-up looms By Andreas Cremer - STUTTGART, Germany STUTTGART, Germany Porsche SE ( PSHG_p.DE ), the majority shareholder in Volkswagen (VW), expects its profits to jump this year as the world''s biggest carmaker presses on with a revamp of its business following a diesel emissions scandal. Porsche SE, which represents VW''s ( VOWG_p.DE ) founding Porsche and Piech families and controls 52.2 percent of the automaker''s voting shares, said on Tuesday it made a 1.37 billion-euro ($1.48 billion) net profit last year and expected earnings to climb to between 2.1-3.1 billion euros in 2017. At the same time, the holding company faces a major shake-up as patriarch Ferdinand Piech negotiates with other family members over the potential sale of a major part of his 14.7 percent stake in Porsche SE. Porsche SE CEO Hans Dieter Poetsch, who is also the chairman of VW''s supervisory board, said he had no update on the talks. "We have absolutely no idea where the talks stand," he told journalists at a news conference. "We cannot even say whether there will be a result." If Piech were to sell his stake, it would mark the end of an era for VW where the 79-year-old spent almost 22 years at the helm, including nine as CEO, before resigning as chairman in 2015 following a power struggle with then CEO Martin Winterkorn. An industrial scion and engineer, Piech transformed VW from a regional player into a global powerhouse that owns the Bentley, Bugatti, Skoda, Lamborghini, Porsche, Seat and Audi brands. Poetsch said the VW group - which last month posted a record underlying annual profit - was in a robust state, which would help Porsche SE this year. The holding firm''s net liquidity - cash and cash equivalents - should come in between 1.0 billion and 1.5 billion euros in 2017, after 1.3 billion last year, and the company said it could also borrow capital to fund investments in other companies. It bought a 10-percent stake in U.S. traffic intelligence company Inrix in 2014 for $55 million, but said on Tuesday the value of that investment was cut to 21 million euros last year after Inrix missed 2016 business targets. Prior to the investment in Inrix, Porsche also purchased a stake in Suzuki Motor Corp ( 7269.T ). But these represent rare deals among the 1,200 investment opportunities it has examined over the past five years. "We are no speculators," said Poetsch. (Reporting by Andreas Cremer; Editing by Maria Sheahan and Mark Potter)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-porschese-results-idUKKBN16S0X3'|'2017-03-21T21:34:00.000+02:00'
'21ff64a5a77d5b1e671b961fd79c28d2c9b701ed'|'DEALTALK-Record outbound Canadian M&A gives foreign banks an upper hand'|'(For more Reuters DEALTALKS, click on)By John TilakTORONTO, March 21 A push by Canadian companies and pension funds to aggressively pursue overseas acquisitions is helping global investment banks to win a bigger share of M&A advisory mandates and prompting once-dominant domestic rivals to beef up their international operations.Canada''s outbound M&A volume hit a record $128 billion last year. Bankers expect the trend to continue as sluggish economic growth at home, and a highly-concentrated market, make domestic M&A less appealing.Enbridge''s $28-billion acquisition of U.S.-based Spectra, announced last year, was the biggest outbound deal ever by a Canadian company.In two of the last three years, international banks grabbed four of the top five spots in the M&A advisory rankings, according to Thomson Reuters data. Their share of M&A advisory fees climbed to 47 percent of total fees in 2016 from 35 percent five years ago, estimates from Freeman & Co show.Morgan Stanley, Bank of America Corp, Barclays, RBC and JPMorgan rounded up the top five spots in M&A advisory in 2016, a shift from a decade ago when domestic banks dominated the top rankings."There was a time when it was unusual for global banks to be in the top three for Canadian M&A advisory because M&A activity was dominated by domestic deals," said Dougal Macdonald, head of Morgan Stanley Canada. "It''s now unusual if they aren''t because of the volume of cross-border deals."Global investment banks have topped the M&A league tables rankings in each of the last three years, ending a nine-year winning streak for Canadian investment banks RBC, BMO and CIBC. RBC took the No. 1 spot six times in the last 20 years.Macdonald added that international banks benefit from better knowledge of the target; having staff on the ground; understanding of local laws; and the expertise to finance acquisitions in local currency.JPMorgan and Goldman Sachs were the No. 1 M&A advisers in 2015 and 2014, respectively.Robust share prices have made Canadian companies willing to strike overseas deals."When you take the fact that many Canadian companies have strong currencies, have ready access to low-cost debt, and are feeling more confident about their sectors and prospects, M&A is clearly on the radar screen again in 2017," said Trond Lossius, head of Canadian M&A at Barclays.HOME ADVANTAGEMeanwhile, Canadian banks, which look to take advantage of deep relationships with Canadian clients, are expanding into global markets and strengthening some coverage areas."We''re doing a number of things to capitalize on this trend," said Mike Boyd, head of M&A at CIBC. In the past year, CIBC has added investment bankers to serve its pension fund and private equity clients, he said.Both RBC and BMO have more investment bankers in the United States than in Canada as a result of their recent expansion. TD is also boosting its U.S. capital markets unit.Moves such as BMO''s acquisition of U.S. M&A advisory firm Greene Holcomb Fisher last year can help Canadian banks establish niches, said Jeffrey Nassof, director at Freeman & Co."The cross-border acquisitions space is an under-served market," Nassof said. "There''s not a lot of firms that have global capabilities and local coverage of the middle market."Canadian pension funds are among the world''s biggest dealmakers as they look at ways to put their capital to work. CPPIB bought 40 percent of Glencore Plc''s agricultural unit in 2016 and GE Capital''s private equity lending portfolio for $12 billion in 2015."The universe of opportunities for them to deploy capital of scale is really outside of the borders," said John Armstrong, head of Canadian M&A, BMO Capital Markets. "I don''t see that dynamic changing in the near future."Canadian banks are betting on a rebound in energy and mining deals to work in their favor, as they have been historically strong in those areas."For the most part, the (energy) industry has got itself back on level footing and now people are looking to grow again," said Peter Buzzi, co-head of Canadian M&A at RBC. "We''re quite optimistic in terms of the outlook for energy M&A."(Reporting by John Tilak; Editing by Denny Thomas and Nick Zieminski)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/canada-outbound-ma-idINL2N1GY0DB'|'2017-03-21T15:17:00.000+02:00'
'43b92bf669b1eea1697bcf75435c65d9c1e450f1'|'Wall Street set to open higher, tracking European markets'|'By Tanya Agrawal U.S. stocks looked set to open higher on Tuesday, reversing losses from a day earlier, tracking buoyant European and Asian markets and as oil prices rebounded.French centrist Emmanuel Macron''s performance in a television debate raised expectations that he would win the presidential election over the far-right''s Marine Le Pen, boosting sentiment across Europe, with shares edging up towards 15-month highs.Global investors have been worried about increasing protectionism, following the Brexit vote and President Donald Trump''s election. Last week, the G20 leaders dropped a pledge to keep global trade free and open."U.S. equity markets are expected to open a little higher on Tuesday, tracking broad gains in Europe," said Craig Erlam, senior market analyst at online forex broker Oanda in London.Investors will keep an eye on speeches by several Federal Reserve officials for clues on the path of future interest rate hikes after the central bank last week raised rates for the first time this year.The Fed stuck to its outlook for two more hikes this year, instead of the three expected by the market.Bank of Kansas City President Esther George and Cleveland Fed chief Loretta Mester are scheduled to speak later in the day, while Boston Fed head Eric Rosengren will release the text of his speech.The Fed is on track to raise interest rates twice more this year and it could be more or less aggressive depending on inflation and fiscal policies from the Trump administration, Chicago Fed President Charles Evans said on Monday."Investors continue to expect two more rate hikes this year, although the odds have slipped slightly since last week. That said, I still expect the Federal Reserve tightening cycle to be much more aggressive than other central banks over the next couple of years," said Erlam.Dow e-minis were up 10 points, or 0.05 percent, with 17,182 contracts changing hands at 8:27 a.m. ET (1227 GMT).S&P 500 e-minis were up 3.5 points, or 0.15 percent, with 97,235 contracts traded.Nasdaq 100 e-minis were up 10.25 points, or 0.19 percent, on volume of 20,677 contracts.Oil prices climbed on Tuesday, helped by expectations that an OPEC-led output cut would be extended beyond June but gains were pegged back by concerns about persistently high crude inventories.Wall Street drifted lower on Monday as investors worried that Trump''s plan to cut taxes and boost the economy could take longer than previously expected.The U.S. stock market has been on a record-setting spree since the election of Trump, but the rally has faltered in recent weeks as investors fret about a lack of clarity on his proposals to reform taxes and cut regulation.Shares of General Mills fell 1.8 percent to $59.20 in premarket trading after the Cheerios maker''s quarterly sales missed expectations.Apple rose 0.45 percent to $142.09 after the company unveiled a new version of its iPad tablet.Esperion Therapeutics was up 3.1 percent at $42.50 and Nektar Therapeutics gained 3.4 percent to $22.80 after J.P. Morgan raised its price targets on the stocks.FedEx and Dow-component Nike, which are due to report quarterly results after markets close, both edged up.(Reporting by Tanya Agrawal; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-stocks-idINKBN16S1JJ'|'2017-03-21T10:09:00.000+02:00'
'd01a913c96f70930dc3c8f502eed7d0f882b9697'|'EU finance ministers worried about free trade after ''surreal'' G20'|'Business  25am GMT EU finance ministers worried about free trade after ''surreal'' G20 German Bundesbank President Jens Weidmann (C) arrives for the family picture during the G20 Finance Ministers and Central Bank Governors Meeting in Baden-Baden, Germany, March 17, 2017. REUTERS/Kai Pfaffenbach BRUSSELS European Union finance ministers expressed concern on Tuesday over the future of free trade after what one of them called a "surreal" meeting of finance chiefs of the world''s 20 biggest economies at the weekend. Breaking a decade-long tradition of endorsing open trade, G20 finance ministers and central bankers made only a token reference to trade in their communique, acquiescing to an increasingly protectionist United States after a two-day meeting in Germany failed to yield a compromise.. "The atmosphere ... wasn''t negative or acrimonious. However, it was surreal because the G20 is meant to find overall cooperation," said Finance Minister Edward Scicluna of Malta, current holder of the European Union presidency, on his arrival at a regular meeting of EU finance ministers in Brussels. But he added: "I''m ... modestly optimistic that it served for countries to prepare themselves for the July summit (of the G20 nations) and then we''ll see the outcome." Some of his colleagues were less upbeat. Belgian Finance Minister Johan Van Overtveldt said the G20 confirmed "a worrying trend" toward protectionism. "We should do everything we can to stop it and reverse it back to the good direction," he told reporters. Luxembourg''s Finance Minister Pierre Gramegna raised similar concerns. "We are all worried in Europe that open trade and globalization with its good sides have been put into question," he said, adding that this did not mean protectionism was inevitable. European Commission Vice President Valdis Dombrovskis reiterated EU''s commitment to free trade. (Reporting by Francesco Guarascio; Editing by Gareth Jones) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-g20-ecofin-trade-idUKKBN16S0Y1'|'2017-03-21T16:23:00.000+02:00'
'be2969a8db4fd95b9e55cd6b792aa7604ca9af48'|'JGBs edge higher on BOJ buying, stronger Treasuries'|'TOKYO, March 21 Japanese government bond prices edged higher on Tuesday, lifted by a regular debt-purchasing operation by the Bank of Japan and overnight gains by U.S. Treasuries.The benchmark 10-year yield and the 30-year yield were both half a basis point lower at 0.065 percent and 0.830 percent, respectively.June 10-year futures added 0.13 point to 150.26.The BOJ on Tuesday bought a total of 1.15 trillion yen ($10.2 billion) of JGBs ranging from the short-end to the super-long maturities as part of its regular debt-buying scheme.In a move that could reduce risk for bond brokers, Japan''s Ministry of Finance is considering shortening the period between the auction and the issuance of some JGBs, sources with knowledge of the matter said.JGB brokers have long wanted such a step because the BOJ, by far the largest buyer of JGBs because of its massive bond purchase scheme, does not accept the bonds that have been auctioned but are yet to be issued, compelling brokers to hold a large number of bonds over the interim period."It has been the case that some new JGBs, like the 10-year maturities, auctioned at the end of each quarter, were not eligible to be sold at the BOJ''s ''rinban'' outright buying operations," said Takafumi Yamawaki, chief bond strategist at JP Morgan Securities in Tokyo."The change, if realised, would help reduce risk for the bond holder."A large amount of JGBs reached maturity on Tuesday, and the market was also supported by investors reinvesting their funds back into government debt.Treasuries gained on Monday as Chicago Federal Reserve President Charles Evans reiterated the U.S. central bank''s view that two more interest rate hikes this year are likely, disappointing investors who had anticipated a faster path of rate increases.($1 = 112.7300 yen) (Reporting by the Tokyo markets team; Editing by Sherry Jacob-Phillips)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-bonds-idINL3N1GY1YB'|'2017-03-21T01:37:00.000+02:00'
'e94740826c9ae03dbae6f58bf90119264f848cd7'|'Credit Suisse to disclose capital-raising plans soon, CEO tells FuW'|'ZURICH Credit Suisse ( CSGN.S ) will say as soon as possible whether it will go ahead with plans to float a minority stake of its Swiss bank, Chief Executive Tidjane Thiam told Swiss paper Finanz und Wirtschaft, adding the bank still needs more capital."We''re still analyzing," Thiam said in the interview published late on Tuesday. "We have a broad palette of options after our settlement with the U.S. Department of Justice. We will communicate further details as soon as possible."Reuters reported on Friday that the bank''s board of directors was set to decide in April whether to go ahead with the IPO, citing two people familiar with the matter.A new rights issue or accelerated bookbuild have been cited as possible alternatives to the IPO.Zurich-based Credit Suisse announced plans to sell 20-30 percent of its highly profitable Swiss business back in October 2015, partly in an effort to raise up to 4 billion Swiss francs ($4 billion) and bolster the group''s capital position.The chief executive said the bank''s decision over whether to go ahead with the IPO had always been linked to its settlement with U.S. authorities over claims it misled investors in residential mortgage-backed securities it sold in the run-up to the 2008 financial crisis, which was finalised when the bank formally agreed to pay $5.3 billion in January.While Credit Suisse still needs capital, its required bandwidth is now narrower than the 2 billion to 4 billion Swiss francs previously targeted, Thiam said, without providing a new figure.Management expects the negative effect of legacy issues that cost the bank two straight years of losses to be significantly reduced by end-2018, said Thiam, who joined the bank in mid-2015.(Reporting by Brenna Hughes Neghaiwi Editing by Ruth Pitchford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-credit-suisse-ipo-idINKBN16S2N9'|'2017-03-21T17:15:00.000+02:00'
'd4638fcdf692e2b91f9e2bc9b34bdc15de52e39f'|'BRIEF-Imaflex reports Q4 preliminary unaudited revenues'|' 06am EDT BRIEF-Imaflex reports Q4 preliminary unaudited revenues March 21 Imaflex Inc: * Imaflex announces preliminary unaudited revenues for the fourth quarter and year ended 2016 and provides 2017 revenue guidance * Sees FY 2017 revenue up about 10 percent * Sees FY 2016 revenue up about 6 percent * Sees Q4 2016 revenue up 10 percent * Imaflex Inc - estimates unaudited revenue of approximately $19 million for Q4 of 2016 * Imaflex Inc - for full year 2016, unaudited revenues are expected to be over $73 million Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-imaflex-reports-q4-preliminary-una-idUSASB0B6BV'|'2017-03-21T19:06:00.000+02:00'
'3cf2c8588848aaa8b4df4437e144ff7e6e2dc7fb'|'Wall Street should avoid cutting foreign bank ties: U.S. regulator'|'  2:06pm EDT Wall Street should avoid cutting foreign bank ties: U.S. regulator A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S. December 28, 2016. REUTERS/Andrew Kelly By Patrick Rucker and Brett Wolf - WASHINGTON/ST LOUIS WASHINGTON/ST LOUIS U.S. banks should not cut ties with foreign clients over money- laundering worries unless officials have concrete cause for concern, a leading U.S. regulator is telling staff and lenders. The message has come through phone calls, speeches and an uncommon notice from the Office of the Comptroller of the Currency, the top regulator for national banks, banking and regulatory sources said. A four-page memorandum sent to bank examiners last month said foreign lenders and their customers are hurt when Wall Street turns its back. "Customers that cannot make alternative banking arrangements elsewhere may effectively be cut off from the regulated financial system altogether," according to the "supervision tips" memo obtained by Reuters. The OCC typically issues only a few such memos each year to help examiners navigate complex banking issues. Policymakers have become increasingly concerned that banks are ejecting broad swaths of customers from the financial system out of fear of being penalized over money-laundering violations. For example, customers with ties to Yemen or Syria have a harder time maintaining accounts and banks have ended such relationships, according to a senior compliance officer at a major U.S. bank. To steer clear of violations, JPMorgan Chase & Co stopped doing business with 18,000 customers in 2015 and pulled back from 500 foreign partner banks, CEO Jamie Dimon told investors in a letter last year. Regulators want to prevent terrorists from swapping cash through U.S. banks or their foreign partners. Banks must file an "activity report" when they encounter a transaction that could be criminal - like a series of small-dollar transfers. But the rules can hamper ordinary money transfers or charitable giving. U.S. firms have warned that they cannot vouch for the customers of their foreign partner banks. That is one reason fewer banks will handle transfers of funds Somalis living in the United States want to send to relatives at home. More Somalis live in Minnesota than anywhere else in the United States and Rep. Keith Ellison of Minneapolis is among leading Democrats who have called for easing banking rules. The "know your customer" standard expects banks to understand their clients'' business. But there are limits. "There is no general requirement to know your customers'' customer," Thomas Curry, the OCC chief, said in September. The OCC conveyed that message to examiners in a January conference call, as well as the "tips" memo. On the call, "we were told we would no longer be asking for customer lists for foreign correspondent banking relationships for the banks we oversee," said one official who was on the call but not authorized to speak to the media. Foreign firms that partner with U.S. lenders are known as "correspondent" banks. A spokesman for the OCC declined to comment on the examiner phone call or the "supervision tips" sheet. Banks waste billions of dollars each year satisfying money- laundering rules, a leading Wall Street trade group said last month, asking for a complete overhaul of the "know your customer" rules. [L1N1G100Y] The number of special activity reports rose to almost a million last year from 669,000 three years earlier, according to the U.S. Treasury''s Financial Crimes Enforcement Network, which collects such data. (Additional reporting by Joel Schectman in Washington; Editing by Dan Grebler)  '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-banking-moneylaundering-idUSKBN16S2C4'|'2017-03-22T01:06:00.000+02:00'
'4b67cea1b596d53afb429e0917b8450bc2c76554'|'FedEx quarterly revenue rises 18.5 percent'|' 34pm GMT FedEx quarterly revenue rises 18.5 percent A Federal Express (FedEx) van on delivery is pictured in Paris, France, August 23, 2016. REUTERS/Jacky Naegelen Package delivery company FedEx Corp ( FDX.N ) reported an 18.5 percent rise in quarterly revenue, helped by the TNT Express acquisition and strength in its ground business, its second biggest unit. The company''s net income rose to $562 million, or $2.07 cents per share, in the third quarter ended Feb. 28, from $507 million, or $1.84 per share, a year earlier. Excluding acquisition integration costs, FedEx earned $2.35 per share. The year-earlier profit included expenses related to acquisition and certain legal matters. Total revenue rose to $15.00 billion from $12.65 billion. (Reporting by Ankit Ajmera in Bengaluru; Editing by Shounak Dasgupta)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-fedex-results-idUKKBN16S2PC'|'2017-03-22T03:34:00.000+02:00'
'e61e0560c401c71e4a40bbafaaf3fb42705b737c'|'Exclusive: Dominion Diamond, Stornoway held merger talks - sources - Reuters'|'Dominion Diamond Corp ( DDC.TO ) ( DDC.N ) and fellow Canadian diamond miner Stornoway Diamond Corp ( SWY.TO ) have held talks for a potential merger in recent months, people familiar with the matter said on Monday.World No. 3 diamond miner Dominion, which is being targeted by U.S. billionaire Dennis Washington, and Stornoway, a small miner with a diamond mine in Quebec, declined to comment. The people declined to be named as the discussions are private.One of the people said the talks were still ongoing.(Reporting by Nicole Mordant in Vancouver and John Tilak in Toronto; Editing by Denny Thomas and Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-dominion-diamond-m-a-stornoway-diamon-idINKBN16R2QJ'|'2017-03-20T20:48:00.000+02:00'
'37411d674bc27888e72cc65590a939de2ca2b7e8'|'Porsche SE has no information about Piech''s stake sale talks'|'Deals - Tue Mar 21, 2017 - 7:31am EDT Porsche SE has no information about Piech''s stake sale talks left right A logo is seen on a wheel of a Porsche car during the company''s annual meeting in Stuttgard, Germany, May 13, 2015. REUTERS/Ralph Orlowski 1/2 left right FILE PHOTO: Ferdinand Piech, chairman of the supervisory board of German carmaker Volkswagen, gives a thumbs-up during his visit to the IAA truck show in Hanover, Germany September 18, 2012. REUTERS/Fabian Bimmer/Files 2/2 STUTTGART, Germany Porsche SE ( PSHG_p.DE ), Volkswagen''s majority shareholder, said it has no information about former VW chairman Ferdinand Piech''s talks with the carmaker''s controlling families about a possible sale of his stake. "We are only informed about the fact that talks are happening," Porsche SE chief executive Hans Dieter Poetsch said on Tuesday at the company''s earnings press conference. "We cannot even say whether there will be a result." Should the negotiations of the Porsche and Piech families to buy a substantial part of Piech''s 14.7 percent stake in Porsche SE succeed, such a move would have no impact on the holding company''s ownership structure, Poetsch said. "There will be no change to the fact that the voting shares will be held by the Porsche and Piech families," the CEO said. Porsche SE is the group through which the billionaire Porsche and Piech families control 52.2 percent of the voting shares in Volkswagen (VW), which is still dealing with the effects of its diesel emissions scandal. Separately, VW chief executive Matthias Mueller said he has had no discussions to date with Fiat Chrysler Automobiles ( FCHA.MI ) boss Sergio Marchionne about a possible tie-up. Last week, the VW CEO left the door open to a potential merger with Fiat Chrysler, saying Europe''s biggest automotive group was more open to partnerships than in the past. (Reporting by Andreas Cremer; Editing by Harro ten Wolde) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-porschese-piech-idUSKBN16S17I'|'2017-03-21T18:19:00.000+02:00'
'358578fb43c6b17f9e06d0ed02494ce74420ddd3'|'Canada''s energy regulator says no injuries, fire from Enbridge leak'|'Environment  29pm EDT Canada''s energy regulator says no injuries, fire from Enbridge leak Canada''s energy regulator said there were no injuries, fire or evacuations from an oil leak that occurred on Monday at Enbridge Inc''s storage facility in Strathcona County, Alberta. The oil from the leak flowed into a storm pond on an adjacent industrial site and then into a creek, the National Energy Board said. The regulator also added that the leak had been controlled, all of the oil contained and there was no estimate of the volume of oil leaked. (Reporting by Ahmed Farhatha in Bengaluru; Editing by Martina D''Couto) Next In Environment'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-enbridge-inc-storage-idUSKBN16S28P'|'2017-03-22T00:27:00.000+02:00'
'c009760a14e70f8eefd3bf9d6b48b853cbd7c07a'|'City minister in right and proper pickle over financial crime - Business'|'C ometh the hour, cometh the man. With Philip “the Undertaker” Hammond still sulking about his budget and refusing to talk to anyone, it was left to Simon Kirby, the city minister who looks like a cross between Swiss Toni and Geert Wilders – though without the gravitas – to take the hit for the government.Kirby was on a warning. Having recently been relieved of any involvement in Brexit after everyone realised he was hopelessly out of his depth, the Treasury was conducting a process of elimination to discover if there was anything he could do well. On the basis of his answers to an urgent question from Labour on the Guardian’s allegations about British banks laundering billions of pounds of dirty Russian money , the answer might well be nothing. Kirby is a man who likes to keep his talents well hidden.“We want our financial institutions to lead the way in money laundering,” Kirby announced, inadvertently sounding disappointed that our banks had yet to compete with Switzerland and the Cayman Islands for handling crime proceeds. “We will do what it takes,” he continued, his finger moving over the relevant lines in the statement what he had wrote. The government was doing lots and lots. So much, that he couldn’t quite remember any of it.The shadow chancellor, John McDonnell, began by accusing Kirby of complacency – this was harsh; Kirby might be stupid, but that doesn’t necessarily make him complacent – before going on to point out that, of the banks implicated in the scandal, HSBC had form , RBS was three-quarters owned by the government and Barclays had been involved in Libor rigging . Was this not cause for concern about the stability of the financial system?Not really, shrugged Kirby. He was sure that the Financial Conduct Authority and the National Crime Agency were doing a fine job and if anyone was capable of sniffing out wrongdoing it was them. Besides which, he was in the process of consulting on something, though he couldn’t say what as he would have to kill everyone if he did. But make no mistake, the something he would be consulting on would be a big step forward.Conservative David Nuttall tried to help the minister by pointing out that he had been made to fill in loads of money laundering forms to open a personal bank account. Good point, observed Kirby. It was precisely because the rules about money laundering were so comprehensive and complicated that the banks were struggling. What was needed was a relaxation of the laws.After that, the Labour benches went for Kirby. Angela Eagle said that he had no idea of the scale of the scandal while John Mann observed: “You appear to have been promoted beyond your competence.” No one disagreed. Could the minister say which banks had been prosecuted for money laundering in the last five years and what he had learned from those judgments? Give me a break, Kirby pleaded. He had only heard about the Global Laundromat story that morning – and he hadn’t got further than the first few paragraphs, as it was all terribly complicated.“Right and proper,” Kirby jabbered desperately. “Everything is right and proper.” Apart from the things that weren’t right and proper, and he wouldn’t rest until they were right and proper. Just please stop asking him difficult questions as he didn’t know any of the answers.Could he say how many money launderers had been sent to prison in the past five years? No chance. Would he like to have a guess? Not really. Oh go on, think of a number. “I’m not aware of the exact number,” he said, though he was convinced that he took everything very seriously and it was right and proper that money launderers should go to prison if they were bang to rights.Kirby was no clearer on whether Russian dosh had influenced the Brexit vote but frankly he wasn’t that bothered. “I should imagine the Foreign Office is dealing with that,” he said. Would he like to check on that? Nah. Imagining was just fine.“You’re appalling at this, are you?” said Labour’s Rushanara Ali. “Can we have the chancellor next time?” Kirby sobbed. If only. Topics Banking The politics sketch Financial sector Banking reform House of Commons Economic policy Brighton comment  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/mar/21/simon-kirby-city-minister-right-and-proper-pickle-money-laundering-global-laundromat'|'2017-03-21T23:53:00.000+02:00'
'9913f94f0a1adff67a872f8f62e5fad1bf6f8905'|'Goldman to move hundreds of staff from London pre-Brexit - Europe CEO'|'  12:00pm GMT Goldman to move hundreds of staff from London pre-Brexit - Europe CEO FILE PHOTO - A Goldman Sachs sign is seen above the floor of the New York Stock Exchange shortly after the opening bell in the Manhattan borough of New York January 24, 2014. REUTERS/Lucas Jackson/File Photo By Anjuli Davies - LONDON LONDON Goldman Sachs ( GS.N ) will begin moving hundreds of people out of London before any Brexit deal is struck as part of its contingency plans for Britain leaving the European Union, the Wall Street firm''s Europe CEO said. "We are going to start to execute on those contingency plans," Richard Gnodde, chief executive officer of Goldman Sachs International, the European arm of the Wall Street bank, told CNBC on Tuesday. "For this first period, this is really the period as we put in place contingency plans, this is in the hundreds of people as opposed to anything greater than that," he said. British Prime Minister Theresa May will trigger EU divorce proceedings on March 29, launching two years of negotiations that will shape the future of Britain and Europe. Leading financial firms warned for months before last year''s June referendum that they would have to move some jobs if there was a leave vote, and have been working on plans for how they would do so for the past several months. More details are emerging after May confirmed Britain would leave the European single market, ending banks'' hopes they might retain "passporting" rights that let them sell services across the EU from their London hubs. The bulk of Goldman''s European operations are in Britain, where it has around 6,000 employees, providing services including broking and market-making in securities, foreign-exchange trading and corporate finance across Europe. Gnodde said that the big question for contingency planning is whether Britain and the EU will agree on transitional arrangements as they try to hammer out a Brexit deal, which some fear could last beyond the two-year negotiation period. "We can''t bank on them so we have to have contingency plans and that''s what are going to start to execute on." Initially, the Wall Street bank will start hiring people inside Europe and also moving some people out of London as well as investing in infrastructure and technology over the next 18 months to ensure that operations to service clients are up and running by the time Britain leaves the EU, said Gnodde. He declined to say which locations would benefit, though stated that the firm had banking licenses in France and Germany and offices in several European cities. "In the next 18 months we will upgrade those facilities, we will be taking extra space in a number of them, and we will be increasing headcount and capability and infrastructure around those facilities." "What our eventual footprint will look like depends on the outcome of negotiations and what we''re obliged to do because of them. Whatever the scenario, whatever the outcome, London will remain for us a very significant regional hub and a very significant global hub," he added. (Editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-goldman-sachs-idUKKBN16S1C2'|'2017-03-21T19:00:00.000+02:00'
'6886e4878b8fc58df5bb77cce769f298b46b21cd'|'Greece won''t last in euro zone in long-run - Bavarian finance minister'|'  8:59am GMT Greece won''t last in euro zone in long-run: Bavarian finance minister FILE PHOTO:A Greek national flag flutters as the moon rises in Athens, Greece February 9, 2017. REUTERS/Alkis Konstantinidis/File Photo BERLIN Greece will not last in the eurozone in the long run and officials working on a review of its bailout package should prepare for such a possibility, a senior member of the Bavarian sister party of Chancellor Angela Merkel''s conservatives said. Greece has lost a quarter of its national output since it first sought financial aid in 2010. Its current bailout package is the third in seven years. "Greece is unlikely to survive in the eurozone over the long term," Bavarian Finance Minister Markus Soeder told the Handelsblatt newspaper in an interview published on Tuesday. Soeder urged officials working on the bailout review to develop a "Plan B" or alternative plan. "We''ll see if Greece meets the conditions. I''m very skeptical," Soeder said, adding that the participation of the International Monetary Fund was essential. Soeder''s Christian Social Union is the Bavarian sister party of Merkel''s Christian Democrats and has long accused Greece of failing to implement reforms promised under its bailout packages. Germany faces a national election in September and the anti-euro Alternative for Germany party (AfD), which has been particularly critical of euro zone bailouts, is expected to perform well. Greek Finance Minister Euclid Tsakalotos said on Monday he planned to stay in Brussels for further consultations with his country''s creditors towards finalizing the latest bailout review. He said he hoped for a preliminary deal by April 7. Greece and its international lenders are still at odds over pension, labor and energy market reforms that are needed before new loans can be disbursed to Athens. The Washington-based IMF has yet to decide whether to participate in Greece''s 86 billion euro bailout, expressing deep concerns over debt sustainability in the crisis-hit nation. (Reporting by Andrea Shalal; Editing by Gareth Jones)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eurozone-greece-germany-idUKKBN16S0VK'|'2017-03-21T15:58:00.000+02:00'
'95e059fd91700149653f7d9df3e549936548a9ff'|'METALS-London copper slips on hopes for end to Chile strike'|'(Adds detail)By Melanie BurtonMELBOURNE, March 21 London copper prices fell on Tuesday on technical selling sparked by hopes unions and miner BHP Billiton would hold further talks that could lead to the restart of output at the world''s biggest copper mine.FUNDAMENTALS* LME: Three-month copper on the London Metal Exchange fell 0.9 percent to $5,829 a tonne by 00239 GMT, erasing a 0.9-percent gain from the previous session.* SHFE: Shanghai Futures Exchange copper was down 1.4 percent at 47,410 yuan ($6,864) a tonne. A break below the 100-day moving average around 47,286 yuan a tonne triggered more technical selling, a trader said.* ESCONDIDA: The union for striking workers at BHP Billiton''s Escondida copper mine in Chile said after meeting with the company on Monday that it was open to further conversations that could lead to reopening negotiations.* PERU: A strike at Peru''s top copper mine, Cerro Verde, is set to end by government order on Thursday, but workers said the stoppage would start right back up on Friday if no deal over their demands is reached with management.* INDONESIA: Freeport McMoRan Inc''s Indonesian unit has resumed production of copper concentrate at its giant Grasberg mine, a spokesman told Reuters on Tuesday, ending a more than one-month stoppage.* U.S. RATES: The Federal Reserve is on track to raise interest rates twice more this year after a policy tightening last week, and it could be more or less aggressive depending on inflation and fiscal policies from the Trump administration, a Fed rate-setter said on Monday.* CHINA: Chinese Premier Li Keqiang said the country would further open its services, manufacturing and mining sectors to the outside world, the official Xinhua news agency reported on Tuesday, even as foreign enterprises struggle with protectionist policies.* NICKEL: The global market for refined nickel started the year with a 1,100-tonne deficit in the month of January due to robust demand growth from Asia and the Americas, a report from the International Nickel Study Group showed on Tuesday.* COPPER: The global world refined copper market showed a 17,000-tonne surplus in December, compared with a 3,000-tonne deficit in November, the International Copper Study Group (ICSG) said in its latest monthly bulletin.* MARKETS: Asian shares clung to their 15-month highs on Tuesday, while the dollar and U.S. bond yields were on the back foot on the prospects of a less-hawkish Fed policy trajectory.* For the top stories in metals and other news, click orDATA AHEAD (GMT)0930 Britain Consumer prices Feb1230 U.S. Current account Q4PRICESThree month LME copperMost active ShFE copperThree month LME aluminiumMost active ShFE aluminiumThree month LME zincMost active ShFE zincThree month LME leadMost active ShFE leadThree month LME nickelMost active ShFE nickelThree month LME tinMost active ShFE tinARBS ($1 = 6.9072 Chinese yuan renminbi)(Reporting by Melanie Burton; Editing by Joseph Radford and Richard Pullin)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/global-metals-idINL3N1GY1JF'|'2017-03-20T23:57:00.000+02:00'
'89a2ddffcda57301d0635e034531fb9bc77860d2'|'Apple unveils new iPad starting at $329'|'Technology  57am EDT Apple unveils new iPad starting at $329 An Apple logo is seen in the window of an authorised apple reseller store in Galway, Ireland August 30, 2016. REUTERS/Clodagh Kilcoyne Apple Inc unveiled an updated version of its iPad tablet on Tuesday, starting at $329 and available to order from Friday. Apple also said its smaller iPhone SE model will be available in 32 and 128 gigabyte (GB) versions, replacing the 16 GB and 64 GB models. (Reporting by Anya George Tharakan in Bengaluru; Editing by Sai Sachin Ravikumar) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-apple-ipad-idUSKBN16S1H0'|'2017-03-21T19:45:00.000+02:00'
'd6e308aab58c8fb3de7629d09e0a608219545b65'|'UK wants to be China''s leading Western financial partner - official says'|' 05pm GMT UK wants to be China''s leading Western financial partner - official says FILE PHOTO: A worker adjusts British and China (R) national flags on display for a signing ceremony at the seventh UK-China Economic and Financial Dialogue ''''Roundtable on Public-Private Partnerships'''' at Diaoyutai State Guesthouse in Beijing, China September 21, 2015. REUTERS/Andy Wong/Pool/File Photo LONDON The United Kingdom wants to be China''s leading Western partner as the Asian power regains its place as the world''s biggest economy, a top official at Britain''s finance ministry said on Tuesday. "China is well on the way to reclaiming its position as the world''s largest economy and the UK government firmly believes it is in our interest, as home to the world''s leading financial centre, to be by China''s side as it makes that journey," said Katherine Braddick, director general for financial services at the finance ministry. "The UK''s financial markets are perfectly positioned to act as China''s leading Western partner as it continues on its journey of economic transformation and financial reform," she told a London conference. (Reporting by Guy Faulconbridge; editing by Stephen Addison)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-china-idUKKBN16S1PU'|'2017-03-21T21:05:00.000+02:00'
'3d8d2eab2d397254a2b39a2cf6374687fea2f79b'|'Apple CEO visits China bike-sharing start-up ofo'|'Technology   4:01am EDT Apple CEO visits China bike-sharing start-up ofo Apple CEO Tim Cook attends the China Development Forum in Beijing, China, March 18, 2017. REUTERS/Thomas Peter By Sijia Jiang - HONG KONG HONG KONG Apple Inc ( AAPL.O ) chief executive Tim Cook paid a visit to Chinese bike-sharing company ofo on Tuesday, as the country''s ride-sharing start-ups fight aggressively for investor dollars and market share. Cook visited the office of the Beijing-based start-up, known for its yellow bikes, and met with founding members including CEO Dai Wei, according to Cook''s microblog and ofo. "Thanks for welcoming me today, ofo team! Great energy behind your mission to make commuting greener, more efficient and fun!" Cook said in his official Sina Weibo post, along with pictures of him riding an ofo bike. Cook''s visit comes amid a fierce contest for users and investors among China''s bike-sharing start-ups, which has drawn in large global tech investors. The competition is frequently compared to a similar battle for the ride-sharing market between Uber Technologies [UBER.UL] and local rival Didi Chuxing a year ago. Ofo, which counts Didi as an investor, said Cook came for a company visit on Tuesday and did not discuss investment or collaboration. It raised $450 million earlier this month and saw its valuation pass the $1 billion mark. Ofo and its main rival Mobike are among a growing number of bike-sharing services that have sprung up in China that allow users to find, unlock and pay to rent trackable bicycles through smartphone apps. It targets younger consumers seeking to get around congested roads and public transport. Ofo says it operates in 43 cities in China with 2.2 million bikes. It also claims pilot schemes in Singapore, London and California. Shanghai-based Mobike, which has raised more than $300 million so far this year from investors including Tencent Holdings ( 0700.HK ), Warburg Pincus, and Singapore state investor Temasek Holdings, said on Tuesday it was fully launching in Singapore. (Reporting by Sijia Jiang; Editing by Sam Holmes) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-apple-ofo-idUSKBN16S0PM'|'2017-03-21T15:01:00.000+02:00'
'9b5bfa3e8819a91ad7b4577fe0772a7689c428a2'|'World stocks seen as most overvalued in 17 years - BAML survey'|'By Jamie McGeever - LONDON LONDON World stocks are their most expensive in 17 years, but bond yields will need to be much higher than they are currently to trigger an equity bear market, a monthly fund manager survey showed on Tuesday.Bank of America Merrill Lynch''s (BAML) poll of investors managing $592 billion worldwide was conducted from March 10-16, a period that saw Wall Street''s recent string of record highs fizzle out and the Federal Reserve raise U.S. interest rates.Global investors'' allocation to stocks hit a two-year high, according to the poll, with a net 48 percent now overweight the market.A net 34 percent of fund managers now thing equities are overvalued, the highest proportion since 2000, BAML said.Regionally, the U.S. stock market is the most overvalued, according to 81 percent of respondents. A net 44 percent think emerging market stocks are undervalued, while a net 23 percent say the same about euro zone equities.The biggest risk to the equity bull market will come from higher interest rates, reckon 35 percent of respondents, rather than weak company earnings (21 percent).A net 36 percent said the 10-year U.S. Treasury yield will have to rise above 3.5 percent before a bear market in stocks ensues. The yield has risen sharply since mid-2016 but has struggled to rise above 2.5 percent. The last time it was higher than 3.5 percent was six years ago.The Fed raised rates last week and is on course to tighten further this year. But investors are sceptical growth and inflation will be strong enough to warrant a sustained series of hikes, and longer-fated yields have slipped as a result.The drift lower in yields has pulled the dollar down with it. A key measure of the dollar''s trade-weighted value hit a six-week low on Tuesday.According to BAML''s survey, the dollar is its most overvalued since June 2006 and long dollar positions were once again far and away the most ''crowded trade'' in world markets.Despite the extreme pricing in stocks and the dollar, investors are confident neither is in bubble territory, and that economic growth and profits will continue to rise.A net 57 percent of those polled said global profits will improve over the coming year, up from 55 percent in the last month''s poll and close to a seven-year high, BAML said.European elections leading to euro zone disintegration remained the biggest ''tail'' risk to world markets followed by a global trade war, although both risks diminished from February. The proportion of those polled who think a global bond market crash is the biggest risk rose to 18 percent from 13 percent.(Reporting by Jamie McGeever; Editing by Jeremy Gaunt)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/funds-survey-baml-idINKBN16S1X7'|'2017-03-21T12:57:00.000+02:00'
'7a98683ece9963e8f1fb97bf74b65194caf50600'|'EU plans to slow scramble to win financial firms from UK'|'Business News - Tue Mar 21, 2017 - 5:18pm GMT EU plans to slow scramble to win financial firms from UK A traffic sign is seen in front of European and Union flags in London, Britain, March 20, 2017. REUTERS/Stefan Wermuth By Francesco Guarascio and Huw Jones - BRUSSELS/LONDON BRUSSELS/LONDON The European Commission is seeking to crack down on states using regulatory shortcuts to lure business from Britain and said on Tuesday it is considering a more powerful securities watchdog to counter fragmentation after Brexit. As Britain, now the European Union''s biggest financial center, prepares to leave the bloc, its major continental rivals are scrambling to attract relocating firms and staff. Ireland complained to the EU executive that it was being undercut by centers competing to host financial firms looking for an EU base outside London after Brexit. "It would be important to avoid ... member states blaming each other," Commission vice president Valdis Dombrovskis told reporters on Tuesday, announcing a consultation on reforming the powers of EU bodies that supervise finance. The EU executive wants to put an end to "the perception that member states may be using supervisory practices as a competition tool," he said, noting that a stronger mandate for supervisors would help in applying similar rules across the EU. Although banks face strict supervision under the European Central Bank in the euro zone, there is no similarly powerful regulator for insurers and other financial players, leaving decisions on factors such as the size of a local operation to individual countries. POWER EXTENSION The EU''s system of financial supervision is mainly based on three agencies covering securities, banking and insurance. The European Securities and Markets Authority''s (ESMA), which supervises only credit rating agencies and trade reporting bodies, may be the first agency to see its powers boosted. It is already considering ways to stop unfair competition among regulators ahead of Brexit. "A possible extension of ESMA''s powers could be considered in market segments in which there is a strong need to support more integrated, efficient and well-functioning financial instruments markets," the consultation paper said. Consultation will take two months and the commission will make legislative proposals by the end of 2017, Dombrovskis said. Brexit has sped up plans to carry out the overhaul, the commission said in its paper. As part of the process, the London-based European Banking Authority will have to find another home inside the EU, a move that Dombrovskis said should happen before the end of two-year Brexit negotiations due to start on March 29. The move could be bundled together with a merger of EBA and the European Insurance and Occupational Pensions Authority (EIOPA), Dombrovskis said. EIOPA is based in Frankfurt, meaning that the merged authority could be relocated in the German city, beating competition from other EU financial centers, such as Paris. (Editing by Keith Weir and Alexander Smith) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eu-markets-regulations-idUKKBN16S1OW'|'2017-03-22T00:15:00.000+02:00'
'14b146b889db5a9d1880be221481d9e4e6df3d6a'|'Toshiba''s Westinghouse seeks U.S. bankruptcy financing - sources'|'Global Energy  44pm GMT Toshiba''s Westinghouse seeks U.S. bankruptcy financing - sources Toshiba Corp President and CEO Masashi Muromachi leaves a news conference at the company headquarters in Tokyo, Japan, March 18, 2016. REUTERS/Thomas Peter By Jessica DiNapoli Westinghouse Electric Co LLC, the nuclear power plant developer owned by Japanese electronics company Toshiba Corp ( 6502.T ), is taking offers for a financing package to help it go through U.S. bankruptcy, people familiar with the matter said on Monday. Toshiba is reviewing proposals from financial institutions and investment firms about a so-called debtor-in-possession loan, which would carry the company through a potential bankruptcy, said two people familiar with the situation. The size of this financing package is expected to exceed $500 million, the people added. Should it file for bankruptcy, the money would allow Westinghouse to continue to pay employees and build four nuclear power plants in Georgia and South Carolina, commissioned by local utility companies. These would be the first nuclear power plants built in the United States in more than 30 years. The sources cautioned that the move is preparatory and that no decision has yet been made for Westinghouse to file for bankruptcy. They asked not to be identified because the deliberations are confidential. Reuters reported earlier this month that Westinghouse was working with bankruptcy attorneys and a turnaround expert. Toshiba has so far said it was considering several options for Westinghouse, including selling the unit. Toshiba and Westinghouse did not immediately respond to requests for comment. Toshiba has said it would take a $6.3 billion writedown related to Westinghouse, and gained an extension from Japanese regulators until April 11 to submit financial results or face having its public shares delisted from the Tokyo Stock Exchange. The power plants Westinghouse is building are called the Virgil C. Summer Nuclear Generating Station in Fairfield County, South Carolina and the Vogtle Electric Generating Plant in Burke County, Georgia. Scana Corp ( SCG.N ) and Santee Cooper own the plants in South Carolina, and Georgia Power leads a consortium that commissioned the Georgia plants. "We will continue to hold (Westinghouse) accountable for their responsibilities under our agreement," Georgia Power said in a statement. "Work continues to progress at the Vogtle site, we are monitoring the situation and prepared for any potential outcome." A spokeswoman for Scana said that "with approximately 5,700 contractor and subcontractor personnel on site today, we continue to make progress with construction of these new units." In a potential Westinghouse bankruptcy, the utility companies would be among the largest creditors of the developer, owed the work that has yet to be completed and potential penalties, according to the sources. The exploding population in the southeastern United States spurred the development of the plants, which were first approved by regulators in 2012. Nuclear power fell out of favour in the United States after a partial nuclear meltdown at Three Mile Island in central Pennsylvania in the late 1970s. Toshiba''s acquisition of Westinghouse about 10 years ago for $5.4 billion represented a major bet on a renaissance of the fuel. But the projects now face long construction delays and billions of dollars in cost overruns. (Reporting by Jessica DiNapoli in New York; Additional reporting by Tom Hals in Wilmington, Delaware and Clara Ferreira-Marques in Singapore; Editing by Lisa Shumaker) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-toshiba-westinghouse-restructuring-idUKKBN16R2NJ'|'2017-03-21T05:44:00.000+02:00'
'f1868b1389aa9b21726749b1bb5032e902456c9a'|'Oil advances on talk of extension to OPEC cuts, inventories weigh'|' 07pm GMT Oil advances on talk of extension to OPEC cuts, inventories weigh FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford/File Photo By Edmund Blair - LONDON LONDON Oil prices edged higher on Tuesday, helped by expectations that OPEC-led output cuts would be extended beyond June, though gains were capped by persistently high crude inventories. The Organization of the Petroleum Exporting Countries and some non-OPEC producers agreed to curb production from Jan. 1 by 1.8 million barrels per day (bpd) for six months to drain crude from record stockpiles. But inventories remain stubbornly large. Investors were awaiting U.S. inventories data at 2030 GMT, with the American Petroleum Institute (API) expected to reveal rising stocks after a surprise drop in the week to March 10. Benchmark Brent crude gained 21 cents to $51.83 a barrel by 1336 GMT, having touched a three-month low of $50.25 last week. However, prices remain well below the $58 spike in January after the production cuts deal. U.S. West Texas Intermediate (WTI) crude rose 21 cents to $48.43. OPEC sources have indicated that its members increasingly favor extended production cuts but want the backing of non-OPEC oil producers, such as Russia, which have yet to deliver fully on existing reductions. "We think it is very unlikely that Russia will actively take part in any extension of the production cuts that goes beyond paying lip service to the agreement," Commerzbank said in a note, adding that it would be premature for investors to "pin their hopes" on an extension. Commerzbank said that OPEC cuts would need to last into the fourth quarter to achieve the group''s goal of reducing record oil stockpiles in industrialized nations to their five-year average. The WTI delivery hub in Cushing, Oklahoma, could be a particular focus in Tuesday''s API data. Stocks at Cushing rose in the week to March 10, helping to widen the premium for Brent over WTI. That gap now stands at about $2.70 for May delivery. "Another increase would be generally bearish for WTI-related spreads," said Tamas Varga, analyst at London broker PVM Oil Associates. If supply restraints stay in place, analysts said that rising global demand could help rebalance the market. Jeremy Baker, senior commodities strategist at Vontobel Asset Management, said global demand for crude in 2017 is rising faster than the long-term average of 1.2 million bpd. (Additional reporting by Henning Gloystein in Singapore; Editing by Dale Hudson and David Goodman)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-oil-idUKKBN16S040'|'2017-03-21T21:06:00.000+02:00'
'b802be8026d78a27a02b82f6af0f8b6b9ecabd9c'|'Panasonic to take control of Spanish auto parts maker Ficosa'|'TOKYO Japan''s Panasonic Corp ( 6752.T ) on Tuesday said it has agreed to become majority owner of Spanish auto parts maker Ficosa International SA [FICOS.UL] as it bolsters its push into the automotive field.Panasonic will buy an additional 20 percent of Ficosa - which has strengths in electronic automotive mirrors and other advanced safety systems - from main shareholder Ficosa Inversion SL to raise its stake to 69 percent.Panasonic, which bought 49 percent of Ficosa in 2015, did not disclose the value of the deal, which it said would be complete by the end of April pending regulatory approval.Panasonic said it does not expect any substantial impact on earnings from the deal.The move comes as Panasonic shifts focus to corporate clients to escape price competition in lower-margin consumer electronics.Rival electronics makers are also moving further into the automotive industry. Samsung Electronics Co Ltd ( 005930.KS ) agreed in November to buy Harman International Industries in an $8 billion deal.Panasonic is targeting annual sales of 2 trillion yen ($17.76 billion) for its automotive business in the year ending March 2019, from 1.3 trillion yen in the year ended March last year.(Reporting by Makiko Yamazaki; Editing by Christopher Cushing)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-ficosa-m-a-panasonic-idUSKBN16S0LO'|'2017-03-21T10:17:00.000+02:00'
'39a76f94e536f8db339457d492c329b0cdf072a6'|'Activism may be fashionable, but is it good for business? - Guardian Small Business Network'|'E very International Day of Peace, the team at Bangor-based Dr Zigs head to London armed with bubble mix kits and wave their wands to create gigantic bubbles, hoping to inject a burst of happiness into the crowds.Whether it’s the Women’s March or the rally against Donald Trump’s travel ban, participating in protests is part of the company’s ethos. “When I set up Dr Zigs, it had to have a social conscience and a voice, and be a vehicle for me to talk about social justice in a positive way,” says Paola Dyboski-Bryant, Dr Zigs founder.Dyboski-Bryant encourages her six-strong team and extended crew of 40 casual staff to show their support at demonstrations. “While attending protests is voluntary, I cover travel and accommodation costs for the crew.”Against the backdrop of divisive politics in Europe and the US, it is becoming more common for big business to stand up against social injustices, including policies that can be bad for business such as cutting off the talent supply.Craft entrepreneurs express anti-Trump sentiment with protest products Read more In February, for example, tech giants Apple, Google, Facebook and Microsoft joined together to file a legal brief opposing Trump’s travel ban . This protest spirit is also evident among small companies such as Dr Zigs. “We have to take a stance against pollution, poverty and social injustice,” says Dyboski-Bryant. “It is part of our very fabric.”Jason Foo, CEO of advertising agency BBD Perfect Storm says that through activism businesses can show that they care about the same things as their customers and potentially create a core of loyalists. Foo, whose clients include the Australian sportswear brand SKINS which campaigned against corruption at Fifa, believes standing up for a good cause is desirable at a time when brand loyalty is low. “Society is seeing a huge shift – consumers are at best indifferent, at worst ambivalent towards organisations,” he says. “There is a fascinating risk-reward equation [in activism]. But it is likely to generate more attention for your small business.”Communications agency Kin&Co was founded two years ago with a mission to create a positive change in society. Rosie Warin, founder and chief executive, felt strongly that businesses should be partisan about the EU referendum and so she co-founded We are Europe , a pro-EU campaign specifically targeted at millennial voters, with three of her friends.Warin says: “We were actually advised by people in the sustainability community not to be partisan [on the EU referendum]. People told us we’d lose business or put staff off, it turns out the opposite has been true.”The entire team threw its weight behind We are Europe, with its nine staff managing communications for the campaign. “It attracted a number of new staff to the team, we won awards for our work on the campaign and clients have explicitly told us that they respect how clear and strong our convictions were,” says Warin.As a company, Kin&Co has donated to charities affected by Trump’s executive orders and to domestic violence charities working in Russia following the Russian government’s recent move to decriminalise some domestic abuse .However, Julie Logan, emeritus professor of entrepreneurship at Cass Business School, warns that small businesses should proceed carefully before becoming political. “Some causes are fine and your client group will buy from you if they care about your cause of ‘saving the planet’ for example. Those who don’t care but also like your product will probably still buy from you.” She cites Lush as a good example of a successful product whose founder has a strong message. On the other hand, she adds: “If [there is a chance people will] see your cause as unethical or morally wrong you should probably not link your business to your crusade.” Warin says that while she understood that the company’s pro-remain stance might alienate some clients, she’s firmly of the thinking that if you believe in something you should stand up for it. “We may have missed opportunities as a result, but that’s fine – there have been plenty more customers who have been attracted to working with us because of what we stand for,” she adds.Lucy Coleman is another business owner whose enterprise provides a platform for her views. She set up online homewares and gift shop Postcards Home two years ago when she was part of a female entrepreneur collective in Kerala, India. It influenced how she wanted to position her company. “I knew from the outset that I wanted to use the company to give a voice to marginalised communities across the world, and if that came at the cost of isolating or challenging customers who didn’t believe in equality, I was perfectly happy with that.”Refugees turned entrepreneurs: ‘I needed to think about the future’ Read more Coleman sought to work with designers and social enterprises that champion the rights of marginalised communities to both employ and empower them. The company uses social media and email marketing to communicate its political stance to customers. “It leads to a greater brand affinity, and that drives sales,” says Coleman. She says Postcards Home receives high levels of engagement and click throughs on social posts using popular hashtags such as #PurchasewithPurpose .For other small businesses keen to make a difference, Jason Foo has some advice. To begin with, only back causes that genuinely fit with your brand. “People will quickly see through a business jumping on the bandwagon or greenwashing. Also, don’t be afraid to find appropriate, relevant partners [such as charities] that will help with the legitimacy of what you’re doing and provide advice on how to tackle the issue more successfully.”In times of political uncertainty, people are far more likely to buy from a company that upholds their beliefs, Coleman says. But, she adds: “The reason our politics are so fundamental to our brand is because without equality, diversity and freedom of speech, the makers we are lucky enough to work with simply wouldn’t be able to do what they do best.”Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox. Topics Accessing expertise Small business Entrepreneurs Activism features  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/small-business-network/2017/mar/21/activism-fashionable-good-business-protest-inspiring-entrepreneurs'|'2017-03-21T19:00:00.000+02:00'
'87aa77dd8a490fcc3480ceb81e2ba2a8b418bf26'|'Goldman building robo-adviser to give investment advice to the masses - Reuters'|'By Olivia Oran Goldman Sachs Group Inc ( GS.N ), known for advising the world''s richest and most powerful, is building a so-called robo-adviser geared to mass affluent customers, according to a job listing posted Monday on the bank''s website.A Goldman spokesman declined to comment.The job posting for employees to help build the platform( here ) comes as Goldman is looking at ways to broaden its customer base outside the super wealthy, including making deeper inroads into new consumer-focused businesses.The bank last year launched Marcus, its first major foray into consumer lending, as well as a complementary deposit-taking platform after acquiring GE Capital''s online bank. It also acquired Honest Dollar, an online retirement savings platform for small businesses and startups.The robo platform would sit within the bank''s rapidly growing investment management division, according to the ad. The unit, which Goldman has been trying to build out in recent years to diversify its revenue, posted a record $1.38 trillion in assets under supervision at the end of 2016.Goldman has for years grappled with how to tap into the mass affluent segment, broadly defined as those with less than $1 million in investable assets, without diluting the brand of its private wealth business which is considered a jewel within the bank, according to people familiar with the matter. Goldman''s U.S. private wealth business typically advises clients with an account size of around $50 million.Goldman has in the past considered expanding Ayco, a wealth advisory firm it purchased in 2003, as a way to push more deeply into the mass affluent segment, the people added.While the robo-advice market was initially developed by startups such as Wealthfront and Betterment with ambitions of upending the traditional financial advice sector, large firms such as Charles Schwab Corp ( SCHW.N ) and Vanguard have launched similar services.Other large firms are partnering with or buying existing players.UBS Group AG ( UBSG.S ) and Wells Fargo & Co ( WFC.N ) are partnering with online financial adviser SigFig Wealth Management, while BlackRock Inc ( BLK.N ) acquired FutureAdvisor.Morgan Stanley is launching its own robo-advisor later this year, primarily for the children of its existing clients. CEO James Gorman has said that firms which combine digital and human advice will be more successful in the future.(Reporting by Olivia Oran; additional reporting by Anna Irrera in New York; Editing by Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/goldman-sachs-wealth-idINKBN16R2LM'|'2017-03-20T19:06:00.000+02:00'
'2319fee6e287f73d40ccb60fc3c50c3ef136a097'|'LVMH buys Maison Francis Kurkdjian stake in luxury perfume push'|'PARIS French luxury goods company LVMH ( LVMH.PA ) has agreed to buy a majority stake in French independent perfume house Maison Francis Kurkdjian as it expands in fast-growing niche luxury fragrances.LVMH did not disclose financial terms of the deal with Maison Francis Kurkdjian, which was founded in 2009 by perfumer Francis Kurkdjian and its Chief Executive Officer Marc Chaya."The acquisition by LVMH of a majority interest in Maison Francis Kurkdjian will allow the fragrance house to pursue its growth, in particular in international markets," LVMH said in a statement announcing the purchase on Monday.Chaya told a conference call the perfume label, whose largest market is the United States, wanted to develop in China and Russia, and accelerate its digital expansion. Chaya and Kurkdjian will continue in their roles and remain shareholders.Maison Francis Kurkdjian, with estimated annual sales of between 15 and 20 million euros, has two stores in Paris, four in Taiwan, one in Malaysia and another in Dubai.Its perfumes, which cost up to 1,200 euros ($1,290) for 70 millimeters, are sold in more than 500 select locations in more than 40 countries, including Bergdorf Goodman, Aedes Perfumery, C.O. Bigelow Apothecary and Neiman Marcus in New York.The global perfume market is growing at an annual rate of 2 percent to 3 percent, but sales of niche perfume brands have surged 15 percent as consumers increasingly favor rare and upmarket fragrances.Estee Lauder, which bought labels such as By Killian and Editions de Parfums Federic Malle, and L''Oreal ( OREP.PA ), which bought IT Cosmetics, have been very active in snapping up these fast-growing brands in recent years.The perfume and cosmetics brands division at LVMH had 2016 sales of 4.953 billion euros, a reported year-on-year rise of 6 percent. The division notably includes Parfums Christian Dior, Guerlain, Givenchy Parfums, Acqua di Parma and Kenzo Parfums.(Editing by David Clarke)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-lvmh-perfume-idUSKBN16R22R'|'2017-03-20T21:27:00.000+02:00'
'0b781fb24bf313917037f344993dbdc8df372dc5'|'Trump''s proposal to scrap Chemical Safety Board draws criticism'|'Politics - Fri Mar 17, 2017 - 1:10am EDT Trump''s proposal to scrap Chemical Safety Board draws criticism U.S. President Donald Trump speaks at the annual Friends of Ireland St. Patrick’s Day lunch honoring Irish Taoiseach Enda Kenny in the U.S. Capitol in Washington, U.S., March 16, 2017. REUTERS/Kevin Lamarque By Gary McWilliams President Donald Trump''s proposal to do away with the federal agency that investigates chemical accidents drew sharp criticism from environmental, labor and safety advocates, who said that eliminating the watchdog would put American lives at risk. Christine Todd Whitman, the former U.S. Environmental Protection Agency head, on Thursday called the proposal to get rid of Chemical Safety Board (CSB) and cut EPA funding short-sighted, saying both have long been an industry target for advocating greater public information on chemicals. "If you want to put the American people in danger this is the way to do it," she said of the president''s proposal to cut the CSB''s funding entirely from the 2018 federal budget. "The chemical industry has fought back from the beginning." The CSB investigates major chemicals accidents to search for their causes and makes recommendations that could prevent a recurrence. It has no regulatory power, but is influential because its recommendations are often adopted by industry, labor, government officials, the EPA and Occupational Safety and Health Administration. The president on Thursday outlined a plan for fiscal 2018 discretionary spending, which exclude programs like Social Security, that removes allocations for 19 independent bodies, including the CSB and Corporation for Public Broadcasting. The CSB, which has an annual budget of about $12 million, defended its work, saying its work has broadly improved safety. "As this process moves forward, we hope that the important mission of this agency will be preserved," the agency said in a statement. Chemical and energy industry officials offered limited comment on the proposal. Petroleum and refining industry groups, Exxon Mobil Corp, BP plc and Tesoro Corp did not respond or declined to comment directly on the potential phase out. The American Chemistry Council, a trade group that represents major chemicals producers, said in a statement it would work with the administration and Congress to "ensure EPA has funding to carry out essential responsibilities." It did not comment directly on the CSB. The American Petroleum Institute, the oil industry trade group, said it looked "forward to working with the administration and Congress as all of these issues work their way through the budget process." Michael Wright, director of health, safety and environment at the United Steelworkers union, said the CSB''s recommendations generally have been welcome by labor and industry. One such recommendation that stemmed from a fatal 2005 refinery incident included barring portable trailers that cannot withstand an explosion. The board''s reviews of major accidents have proved significant. Its probes have led to industry standards on worker fatigue, greater reporting of hazardous chemicals to first responders, and have prompted companies to keep workers not directly involved in projects out of harm''s way. In California, many of the board’s safety recommendations have been drafted into law. For example, the state worker safety agency, known as Cal/OSHA, has doubled its investigative staff based on CSB recommendations. "This is one of the best bargains in Washington," said the USW''s Wright. "If it has prevented even one accident, it has saved far more money than its budget over its entire history." Its probe of the fatal Deepwater Horizon rig explosion was controversial because of its two-year length and extensive need for outside help. The work led to new standards for safety in the offshore oil industry and in well equipment. But some recommendations have not been yet been implemented. After a fatal 2013 explosion in West, Texas, that killed 12 first responders the CSB proposed facilities that store large amounts of fertilizer be covered by emergency planning laws that give first responders more information. That remains open. Beth Rosenberg, a former CSB board member and now an assistant professor at Tufts University School of Medicine, said the CSB "does excellent work; other countries admire this agency." She said opponents "don''t know what they''re doing here or how useful this board is." (Additional reporting by Liz Hampton and Erwin Seba; Editing by Ernest Scheyder and Diane Craft) Next In Politics'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-trump-budget-csb-idUSKBN16O0FK'|'2017-03-17T12:01:00.000+02:00'
'ddae90cfa86a69f449adef1d891b7486d4e89a28'|'India''s IndiGo says no financial impact yet over grounding of A-320 NEO planes'|' 29am GMT India''s IndiGo says no financial impact yet over grounding of A-320 NEO planes The tail fin of an IndiGo Airlines A320 aircraft is pictured at Rajiv Gandhi International Airport in Hyderabad March 7, 2012. REUTERS/Vivek Prakash NEW DELHI India''s IndiGo airline said on Friday there was no financial impact yet from the grounding of Airbus A-320 NEO planes following issues that arisen with the Pratt and Whitney engines fitted on them. The airline''s chief financial officer Rohit Philip declined to comment on whether the airline would seek compensation from Airbus Group ( AIR.PA ) for the engine issues. India''s aviation regulator said late last month that at least two incidents involving A320 NEO planes fitted with the engines flown by IndiGo - owned by InterGlobe Aviation ( INGL.NS ) - and privately-held GoAir - were under investigation. Philip said IndiGo is still considering the choice of engine for a pending order of 250 A-320 NEO planes. He said he didn''t expect delivery schedules to be affected by the engine issues. The model accounts for only a small part of the IndiGo and GoAir fleets at present, but numbers are set to grow rapidly with IndiGo having over 400 of the jets on order and GoAir set to add more than 100. (Reporting by Aditi Shah; Writing by Sanjeev Miglani; Editing by Malini Menon)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-india-airbus-indigo-idUKKBN16O0K9'|'2017-03-17T13:29:00.000+02:00'
'3fe46e6b5b41edab5613ed7509bb9412f960f469'|'Wal-Mart to launch investment arm in e-commerce push'|'Internet  45pm EDT Wal-Mart to launch investment arm in e-commerce push FILE PHOTO -- Shopping carts are seen outside a new Wal-Mart Express store in Chicago July 26, 2011. REUTERS/John Gress/File Photo By Nandita Bose Wal-Mart Stores Inc, the world''s largest retailer, will launch its first investment arm to expand its e-commerce business in partnership with retail start-ups, venture capitalists and entrepreneurs, the company said on Monday. The plan is being spearheaded by Marc Lore, Wal-Mart''s e-commerce chief, who joined the Bentonville, Arkansas-based company from retail upstart Jet.com, which it acquired for more than $3 billion in August. Since then, Wal-Mart has acquired three small web retailers to add urban and millennial shoppers. The venture, called Store No. 8, will work with startups that specialize in areas that include robotics, virtual and augmented reality, machine learning and artificial intelligence, Lore said at Shoptalk, a retail conference in New York. It will be based in California''s Silicon Valley, he added. Wal-Mart will keep the startups separate from the broader organization so that they will not affect the retailer''s bottom line in the near term, Seth Beal, senior vice-president, incubation and strategic partnerships, said in an interview. He declined to give a timeframe for the launch. (Reporting by Nandita Bose in Chicago; Editing by Richard Chang) Next In Internet News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-walmart-ecommerce-idUSKBN16R2Q9'|'2017-03-21T06:41:00.000+02:00'
'093f8ae4c137b181bfde670ae16753bcf8e83aac'|'Russian bank VTB says to shut only office in India'|'MOSCOW Russian bank VTB has decided to close its only office in India to cut costs but will continue to work in India, the bank said on Tuesday."The decision to shut the branch in India was taken as part of a strategy of VTB Group aimed at optimising costs. We will continue to work on the Indian market, expanding our cooperation with local partners," the bank said in a statement.While closing its office in New Delhi, VTB added that it saw commodities and investment banking as priority areas for the bank in India.VTB is also planning to cut costs in Europe by slimming down its operations to focus on Frankfurt.(Reporting by Alexander Winning and Kira Zavyalova; Editing by Andrey Ostroukh)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/russia-vtb-india-idINKBN16S0MU'|'2017-03-21T04:29:00.000+02:00'
'4c596fa51ea271a97a6591de28db56af26cdafbf'|'UPDATE 1-French prosecutor opens Fiat Chrysler emissions investigation-source'|'(Adds background)PARIS, March 21 A French prosecutor has opened an investigation into Fiat Chrysler over allegations that the carmaker cheated in diesel emission tests, a judicial source said on Tuesday."I can confirm that a judicial investigation has been opened into aggravated cheating," the source said.The source said the Paris prosecutor had opened the investigation on March 15, after the finance ministry''s DGCCRF consumer affairs and anti-fraud body had referred the case to the courts.Following Volkswagen''s admission in 2015 of cheating on U.S. diesel emission tests, several European countries launched their own tests on vehicle emissions.They found on-road nitrogen oxide (NOx) emissions more than 10 times above regulatory limits - for some GM, Renault and Fiat Chrysler models - and widespread use of devices that reduce exhaust treatment in some conditions.The French test programme has so far led to four carmakers so far to be referred for possible prosecution by the consumer fraud agency - Volkswagen, Renault, Fiat Chrysler and PSA Group. (Reporting by Chine Labbe and Laurence Frost; Writing by GV De Clercq; Editing by Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/france-fiat-chrysler-diesel-idINL5N1GY5KI'|'2017-03-21T15:23:00.000+02:00'
'33132bb7c0476f67622f8e94a1ac40520261e9fc'|'Turkey''s Arcelik working on deals to expand abroad'|'By Martinne Geller - LONDON LONDON Arcelik ( ARCLK.IS ), the home appliances arm of Turkey''s biggest industrial conglomerate Koc Holding ( KCHOL.IS ), is working on acquisitions to speed up its international expansion, particularly in Asia, its chief executive said on Monday.The company, which sells washing machines, dryers and refrigerators under labels including Beko and Grundig, wants more such "white goods" brands, but could also look at small appliances such as coffee makers and food processors."(M&A) is important because we have global ambitions," CEO Hakan Bulgurlu told Reuters in an interview in London.He forecast "significant demand growth" in southeast Asia and the Indian subcontinent, including Indonesia, Vietnam and the Philippines, as well as Bangladesh, Pakistan and India."They''re all focus areas for us," he said.Geography is a much more important factor than price, Bulgurlu added. Arcelik could easily do another deal like last year''s roughly $250 million purchase of Pakistan''s Dawlance, but could also do something several times bigger, he said."We''re opportunistic. We''re not restricted on size in any way."Bulgurlu said international markets should account for 65 percent of Arcelik''s sales this year, up from 60 percent in 2016, reaching 80 percent in a few years.Europe currently accounts for the large majority of international sales, though the company has a growing presence in Africa through its 2011 purchase of South Africa''s Defy Appliances.GLOBAL UNCERTAINTYBulgurlu stood by Arcelik''s forecast for revenue to grow 20 percent this year from 16.10 billion Turkish lira ($4.43 billion) in 2016, even though its overall home market could grow faster than the 3 percent it had previously forecast.The stronger market in Turkey is due to a recent government move to reduce a tax on white goods in order to spur demand. Still, the weak lira has made raw materials such as oil, steel and plastic more expensive, impacting profitability."There''s a lot of uncertainty in the world," Bulgurlu said, also citing the weak pound that has caused inflationary pressure in Britain, which accounts for 10 percent of sales.The company had to raise prices on some UK products and expects that to temper demand, especially after there was a surge due to expectations of future price rises."I think demand will taper off a little," Bulgurlu said, noting however that Arcelik still aimed to double its business in Britain in the next five years, even as the country''s exit from the European Union raises questions about the economy and the future of foreign workers."It will continue to be our most important market outside Turkey," he said.Arcelik opened a research and development center in Cambridge, eastern England, last year, in an effort to take advantage of a British tradition for scientific innovation."We want to tap into that and take that pure research and make it applicable to appliances," Bulgurlu said, citing potential for smart appliances such as refrigerators that know when food is going bad and ovens that can keep food cool until its time to cook.(Reporting by Martinne Geller; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-arcelik-strategy-idINKBN16R202'|'2017-03-20T13:56:00.000+02:00'
'bb1919005d830f56fb1f50bf1bd9c7141f23271c'|'Lloyds appoints businessman to review HBOS fraud compensation claims'|' 54am GMT Lloyds appoints businessman to review HBOS fraud compensation claims A woman uses a cash machine at a Lloyds Bank branch in central London, Britain February 25, 2016. REUTERS/Paul Hackett LONDON Lloyds Banking Group ( LLOY.L ) on Monday said it appointed a businessman to review the cases of British companies which lost out in a 245 million pound fraud for which six people were jailed earlier this year. Professor Russel Griggs will decide the outcome of customer cases and agree the scope and methodology of the review after considering relevant evidence and new details that emerged during the trial. Lloyds has been under pressure to compensate victims of the fraud, who allege it reacted too slowly to their complaints. The fraud involved two former bankers at HBOS, once Britain''s biggest mortgage lender, which was rescued in a state-engineered takeover by Lloyds in 2008. They helped siphon off money from struggling businesses which were HBOS clients. "Griggs was selected for his experience in overseeing high profile reviews of a complex nature...as well as his track-record in ensuring the principles of fairness are followed," the bank said in a statement. Griggs previously led a review of protocol of branch closures for the British Bankers'' Association aimed at minimising the impact of closures. The protocol was criticised by some politicians for failing to do enough to prevent lenders cutting their branch networks too fast, particularly in places where people are less able to fall back on digital banking services. (Reporting By Andrew MacAskill, Editing by Lawrence White)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-lloyds-fraud-idUKKBN16R159'|'2017-03-20T18:54:00.000+02:00'
'ee7bab0c47aa009f31b21ab4eb2b4fc7cc42faef'|'OPEC leans towards oil cut extension, but non-members need to be in - sources'|'Global Energy News - Mon Mar 20, 2017 - 2:56pm GMT OPEC leans towards oil cut extension, but non-members need to be in - sources FILE PHOTO - A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen before a news conference at OPEC''s headquarters in Vienna, Austria, December 10, 2016. REUTERS/Heinz-Peter Bader/File Photo By Rania El Gamal and Alex Lawler - DUBAI/LONDON DUBAI/LONDON OPEC oil producers increasingly favour extending beyond June a pact on reducing crude supply to balance the market, sources within the group said, although Russia and other non-members need to remain part of the initiative. The Organization of the Petroleum Exporting Countries is curbing its output by about 1.2 million barrels per day (bpd) from Jan. 1 for six months, the first reduction in eight years. Russia and other non-OPEC producers agreed to cut half as much. The deal has lifted oil prices LCOc1, but inventories in industrial nations are rising and higher returns have encouraged U.S. companies to pump more. A growing number of OPEC officials believe it may take longer than six months to reduce stocks. "An extension is needed to balance the market," an OPEC delegate said. "Any extension of the cut agreement should be with non-OPEC." OPEC sources told Reuters in February that the group could extend the supply-reduction pact, or even apply deeper cuts from July, if inventories fail to drop to a targeted level. The group wants stocks in the industrialised world to fall to the average of the past five years. According to the most recent data, for January, inventories of crude and refined products stood 278 million barrels above this level. Five other OPEC sources said it was increasingly clear that the market needed more than six months to stabilise but added that all producers - in OPEC plus non-members - had to agree. "The ministers will meet in May to decide, but everyone has to be on board," an OPEC source from a major producer said. OPEC next meets to decide output policy on May 25 in Vienna. There will also be a gathering in May of OPEC and non-OPEC producers, OPEC Secretary-General Mohammad Barkindo said last month. "Hard negotiations are on the way," another one of the sources said. Russia, the largest of the 11 outside producers working with OPEC, has not publicly said whether it supports extending the supply cut, but is wary about the revival of U.S. shale output due to higher oil prices. "It''s too early to know whether everyone will agree to this," a source from a non-OPEC participant in the deal said, referring to prolonging the output curb. The revival of shale oil production - whose growth added to the oversupply that battered oil prices in mid-2014 - has restrained the rally this year and may worry OPEC leaders. OPEC ministers and sources, however, have said they don''t see a large rebound in 2017. One OPEC source said shale production was expected to grow by about 300,000 bpd this year - a level the market could accommodate. "OPEC heavyweights such as Saudi Arabia are not happy with the return of shale oil in full force and have to make a hard choice between losing part of their market share or steady income," said a source from a major non-Gulf OPEC producer. "They will more likely opt for income and will push to get help from non-OPEC." (Editing by Dale Hudson) Saudi king''s Asia tour trumpets Aramco''s moves downstream SINGAPORE Saudi King Salman''s lavish tour of Asia, arriving in each country on a golden escalator with 400 tonnes of luggage, had a hardnosed marketing mission - to cement the kingdom''s place as leading oil supplier to the world''s biggest consumer region.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-opec-cuts-extension-idUKKBN16R1PC'|'2017-03-20T21:56:00.000+02:00'
'c1acd4012a30124a48f3e5fe13c1482f8a49e160'|'Adidas takes the sweat out of sweater shopping with in-store machine'|'Technology Photos  38pm IST Adidas takes the sweat out of sweater shopping with in-store machine FILE PHOTO: A shop assistant works at the Adidas flagship store in Berlin, Germany, January 20, 2016. REUTERS/Hannibal Hanschke/File Photo By Emma Thomasson - BERLIN BERLIN Adidas has been testing a store where shoppers can design a sweater, have a body scan to determine fit and get it knitted by a state-of-the-art machine within hours, as the German company looks at ways to respond more quickly to customer demands. The sportswear group is working on several initiatives to cut the time it takes to get new designs to stores from the 12 to 18 months now standard in the sneaker industry, including opening factories mainly operated by robots in Germany and the United States. It hopes the drive will help it adjust better to fickle fashion trends, allowing it to sell more products at full price as it seeks to meet a new goal to bring its operating profit margin closer to rival Nike''s by 2020. At a pop-up Adidas store in a mall in Berlin, customers designed their own merino wool sweaters for 200 euros ($215) each and then had them knitted in the store, finished by hand, washed and dried, all within four hours. Shoppers first entered a darkened room where swirling camouflage and spider web patterns were projected onto their chests, with options to shift the light using hand gestures picked up by sensors, like in an interactive video game. Dozens of possible options were recorded and the customers picked their favorite ones on a computer screen, where they could also experiment with different color combinations. Customers chose standard sizes or stripped down to their underwear for laser body scans. Then the personalized pattern was sent to an industrial knitting machines in the store. "It is very individual. It is like knitting your own sweater," said Christina Sharif, adding she ordered shorter arms on her electric blue sweater than the standard model. Adidas wants 50 percent of its products to be made in a faster time frame by 2020, double the rate in 2016, which it expects will increase the proportion of products sold at full price to 70 percent from less than half now. "If we can give the consumer what they want, where they want it, when they want it, we can decrease risk ... at the moment we are guessing what might be popular," Adidas brand chief Eric Liedtke told investors last week. The "Knit for You" store is part of a research project supported by the German government in cooperation with academics and industrial partners. A store assistant said it had sold up to 10 sweaters on busy days, particularly before Christmas. An Adidas spokeswoman said the data and feedback from the project were now being evaluated before the company decided whether to pursue the concept. (Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-adidas-manufacturing-idINKBN16R1TO'|'2017-03-20T22:54:00.000+02:00'
'9c77d4f8209fceb519bcbabbc5f2eb34d1f39e21'|'Alitalia plans to cut 2,037 staff, pilots'' salaries in new revamp plan: union'|'MILAN Alitalia''s new restructuring plan envisages cutting 2,037 ground staff and reducing pilots'' salaries by between 22-28 percent in a last-ditch attempt at getting the troubled Italian airline back to profitability, a union official told Reuters.Unions, which met with Alitalia''s management on Friday, have responded to the airline''s cost-cutting plan by calling a 24-hour strike for April 5, the official added.Alitalia was not immediately available for comment.The loss-making carrier, in which Abu Dhabi-based Etihad Airways has a 49 percent stake, said this week it expects to return to profit by end-2019 by cutting operating and labor costs by 1 billion euros ($1.1 billion) over the next three years and revamping its business model for short and medium-haul flights.(Reporting by Agnieszka Flak, editing by Silvia Aloisi)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-alitalia-restructuring-idINKBN16O1T9'|'2017-03-17T11:16:00.000+02:00'
'e0f98f04473fda1cb0dfe700d0a1244419dd6887'|'Brazil president seeks to calm fears over meat sales, exports'|'Money News - Mon Mar 20, 2017 - 8:14am IST Brazil president seeks to calm fears over meat sales, exports left right Brazil''s President Michel Temer eats barbecue in a steak house after a meeting with ambassadors of meat importing countries of Brazil, in Brasilia, Brazil March 19, 2017. REUTERS/Ueslei Marcelino 1/4 left right Brazil''s President Michel Temer eats barbecue in a steak house after a meeting with ambassadors of meat importing countries of Brazil, in Brasilia, Brazil March 19, 2017. REUTERS/Ueslei Marcelino 2/4 left right Brazil''s President Michel Temer eats barbecue in a steak house after a meeting with ambassadors of meat importing countries of Brazil, in Brasilia, Brazil March 19, 2017. REUTERS/Ueslei Marcelino TPX IMAGES OF THE DAY 3/4 left right An Agriculture Ministry label reading ''Inspected'' is seen attached to a piece of meat at a butchery in Sao Paulo, Brazil October 10, 2014. Picture taken October 10, 2014. REUTERS/Nacho Doce 4/4 By Anthony Boadle - BRASILIA BRASILIA President Michel Temer, confronting a corruption scandal tarnishing Brazil''s lucrative meat industry, met on Sunday with executives and foreign diplomats to assuage health concerns tarnishing a sector responsible for $12 billion in annual exports. The hastily called meetings, following raids by police on Friday investigating whether companies paid bribes to conceal unsanitary conditions at meatpackers, come as Temer works to protect one of the few vibrant sectors in Latin America''s biggest economy, hit by two years of recession. The inspection scandal throttled the share prices of JBS SA, the world''s largest meat producer, and poultry exporter BRF SA, after both were targeted in "Operation Weak Flesh" along with dozens of smaller rivals. Addressing diplomats from Europe, the United States, China and elsewhere, Temer said Brazil''s government "reiterates its confidence in the quality of a national product that has won over consumers and obtained the approval of the most rigorous markets." Temer, who even took some of the diplomats to a lakeside steakhouse after the meeting, portrayed the raids as isolated, if necessary, efforts against corruption. He sought to dispel fears of systemic flaws in a sector that is now the world''s largest exporter of beef and several other meat products. He said investigators would accelerate the probe and underscored that Friday''s raids affected just 21 of more than 4,800 meatpackers in operation. Only 33 of more than 11,000 inspectors, he added, are being investigated. Despite allegations by police that some producers had sold rotten and adulterated meat products, Luis Eduardo Rangel, a senior Agriculture Ministry official, said: "There is no sanitary risk." The allegations, he added, were "worrisome from a corruption and crime point of view," but "from a health perspective we are very confident that the sanitary issues alleged do not represent a risk for consumers or exports." As such, government officials after the meeting were quick to point out that Brazil''s success as a meat producer in part stems from what has been an efficient and highly-regarded system of sanitary controls. They noted that none of the more than 150 countries that already buy Brazilian meat has suspended imports. Still, some customers are wary. "You cannot play around with food," said André Regli, Switzerland''s ambassador to Brazil, adding the problems were "worrying." On Saturday, officials from the European Union said they sent two letters to Brazil''s government seeking details about any systemic risks to imports. China''s government asked for similar information. Brazilian officials said they would address E.U. and Chinese concerns on Sunday. On Friday, regulators from the United States, which recently began importing fresh beef from Brazil, said they were monitoring the issue but that inspections at import terminals there should prevent any health risks. After Sunday''s meeting, the head of Brazil''s powerful farm association said he hoped for fast and severe punishment for those caught breaking laws. "We producers are victims of this," said João Martins, president of the National Agriculture Confederation, speculating that the price of Brazilian beef could fall in the coming days. In damage-control efforts, Brazil''s two biggest meat companies launched a public relations campaign over the weekend to make clear they did not sell rotten beef. JBS and rival BRF took out full-page ads in Brazilian newspapers and magazines on Saturday defending their business practices and internal controls. They condemned any wrongdoing uncovered by the probe. (Additional reporting by Paulo Prada; Editing by Sandra Maler and Mary Milliken) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/brazil-corruption-food-idINKBN16R044'|'2017-03-20T09:44:00.000+02:00'
'df1f0777c035ea0d6a1ec02b2fb2bf59cec7dc6d'|'Reinsurers design tailored deals in search of higher returns'|'* Reinsurers seek higher returns via customised business* Large, private deals sidestep standard industry model* Swiss Re expects tailored business growthBy Brenna Hughes Neghaiwi and Paul ArnoldZURICH, March 19 Reinsurer Swiss Re, usually involved in mega-deals on natural disaster coverage, is branching out on its own to do individually tailored schemes to boost returns, such as one in China to protect farmers against floods or drought.This tailor-made approach is part of Swiss Re''s response to fierce competition in the reinsurance industry, where companies are being forced to find new ways to make money as their traditional model of clubbing together to backstop risks generates increasingly slim returns."We feel very strongly that our ability to figure out solutions to the problems that our clients have means they will give us opportunities," the head of Swiss Re''s core reinsurance business, Moses Ojeisekhoba, told Reuters in an interview.Reinsurers usually pool resources in syndicates to underwrite the risk taken on by front-line insurers. But low interest rates and competition from a host of so-called "alternative providers" such as pension funds has eaten into their profits.Up to 20 percent of the reinsurance market is now occupied by alternative providers, insurance industry experts estimate, a trend that began to take off in the years following the 2008 financial crisis.Insurance rating agency A.M. Best has estimated $75 billion in alternative - or so-called "convergence" - capital entered the business in 2016.This has put pressure on the market. Industry prices for the traditional property and casualty (P&C) business, for example, fell again in January, the important policy renewals season, albeit at a slower rate than in the past few years.To combat the difficult climate, Swiss Re, the industry''s number two, has pioneered the concept of tailor-made reinsurance, negotiating on its own with insurers to offer bespoke deals.Last year, for example, it set up deals with local Chinese insurers and provincial government to reinsure parts of two provinces against natural disaster risks. The schemes - which included China''s first anti-poverty insurance deal to protect farmers against flooding and drought - use a combination of satellite and weather data to trigger payouts of up to roughly $350 million in each province.Swiss Re devised the pilot schemes and acted as sole reinsurer, rather than working in a syndicate to spread the risks.COMPETITIONBut this specialised business is facing competition from rivals such as Munich Re, Hannover Re and Scor."There are more people coming into this space," Ojeisekhoba said.Munich Re has emphasised tailor-made products in niche areas such as aerospace and cyber risk. It has also said it would step up investment into so-called "insurtech" start-ups like app provider Wrisk, which offers insurance via smart phones. Munich Re said this would help it to offer more customised products.Large, tailored transactions drove Munich Re''s P&C premium growth in 2016, representing 23 percent of just under 18 billion euros ($19.36 billion) in the P&C division''s gross written premiums, the German company said in annual results earlier this month.But Ojeisekhoba, who took over Swiss Re''s reinsurance business last July, said the tailored business was set to keep growing this year despite the competitive pressures.Reinsurers are also using bespoke deals to help insurance companies to manage tougher capital requirements under Europe''s new Solvency II regime. These deals allow the insurers to free up capital they must hold under the new rules to buffer against unexpected claims and financial losses.Demand for Hannover Re''s bespoke offerings, particularly capital relief, helped the group to book 7 percent premiums growth in January.Swiss Re does not break out figures for the amount of so-called large and tailored business it writes, but has said recent premiums growth was driven by such transactions.The reinsurer has committed $250 million in annual R&D spending to develop advanced risk models that help it to estimate risks ranging from the potential cost of heavy rainfall in Malaysia through to predicting what might become the industry''s next ''asbestos''.These modelling tools also enable Swiss Re to construct specialised deals to help a customer estimate exposure and locate new risks, protect against earnings volatility and free up capital to pay dividends or buy back shares."It''s not something you simply take off the shelf and apply to a particular situation," Ojeisekhoba said."You require deep skill sets. You require strong balance sheets. You require relationships and knowledge of the counterparty''s portfolio and their financials, and you clearly require an unambiguous understanding of the regulatory regimes."But with little disclosure from the reinsurers on how they define bespoke business, Mediobanca analyst Vinit Malhotra said it was hard to assess how it will help to shore up individual players'' profitability.Some relief may come from an inevitable uptick in standard business as prices drop below profitable levels. "I think we are not that far away from the bottom. Nobody wants to push their luck that much," Malhotra said. ($1 = 0.9300 euros) (Additional reporting by Carolyn Cohn in London. Editing by Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/reinsurance-deals-idINL5N1GS55F'|'2017-03-19T08:00:00.000+02:00'
'1aa7b0340a5c80c1ba9501d4f78df32c027493a8'|'Reinsurers design tailored deals in search of higher returns'|'Business News - Mon Mar 20, 2017 - 6:03am GMT Reinsurers design tailored deals in search of higher returns The logo of Swiss insurer Swiss Re is seen in front of its headquarters in Zurich, Switzerland, September 23, 2015. REUTERS/Arnd Wiegmann/File Photo By Brenna Hughes Neghaiwi and Paul Arnold - ZURICH ZURICH Reinsurer Swiss Re ( SRENH.S ), usually involved in mega-deals on natural disaster coverage, is branching out on its own to do individually tailored schemes to boost returns, such as one in China to protect farmers against floods or drought. This tailor-made approach is part of Swiss Re''s response to fierce competition in the reinsurance industry, where companies are being forced to find new ways to make money as their traditional model of clubbing together to backstop risks generates increasingly slim returns. "We feel very strongly that our ability to figure out solutions to the problems that our clients have means they will give us opportunities," the head of Swiss Re''s core reinsurance business, Moses Ojeisekhoba, told Reuters in an interview. Reinsurers usually pool resources in syndicates to underwrite the risk taken on by front-line insurers. But low interest rates and competition from a host of so-called "alternative providers" such as pension funds has eaten into their profits. Up to 20 percent of the reinsurance market is now occupied by alternative providers, insurance industry experts estimate, a trend that began to take off in the years following the 2008 financial crisis. Insurance rating agency A.M. Best has estimated $75 billion in alternative - or so-called "convergence" - capital entered the business in 2016. This has put pressure on the market. Industry prices for the traditional property and casualty (P&C) business, for example, fell again in January, the important policy renewals season, albeit at a slower rate than in the past few years. To combat the difficult climate, Swiss Re, the industry''s number two, has pioneered the concept of tailor-made reinsurance, negotiating on its own with insurers to offer bespoke deals. Last year, for example, it set up deals with local Chinese insurers and provincial government to reinsure parts of two provinces against natural disaster risks. The schemes - which included China''s first anti-poverty insurance deal to protect farmers against flooding and drought - use a combination of satellite and weather data to trigger payouts of up to roughly $350 million in each province. Swiss Re devised the pilot schemes and acted as sole reinsurer, rather than working in a syndicate to spread the risks. COMPETITION But this specialised business is facing competition from rivals such as Munich Re ( MUVGn.DE ), Hannover Re ( HNRGn.DE ) and Scor ( SCOR.PA ). "There are more people coming into this space," Ojeisekhoba said. Munich Re has emphasised tailor-made products in niche areas such as aerospace and cyber risk. It has also said it would step up investment into so-called "insurtech" start-ups like app provider Wrisk, which offers insurance via smart phones. Munich Re said this would help it to offer more customised products. Large, tailored transactions drove Munich Re''s P&C premium growth in 2016, representing 23 percent of just under 18 billion euros ($19.36 billion) in the P&C division''s gross written premiums, the German company said in annual results earlier this month. But Ojeisekhoba, who took over Swiss Re''s reinsurance business last July, said the tailored business was set to keep growing this year despite the competitive pressures. Reinsurers are also using bespoke deals to help insurance companies to manage tougher capital requirements under Europe''s new Solvency II regime. These deals allow the insurers to free up capital they must hold under the new rules to buffer against unexpected claims and financial losses. Demand for Hannover Re''s bespoke offerings, particularly capital relief, helped the group to book 7 percent premiums growth in January. Swiss Re does not break out figures for the amount of so-called large and tailored business it writes, but has said recent premiums growth was driven by such transactions. The reinsurer has committed $250 million in annual R&D spending to develop advanced risk models that help it to estimate risks ranging from the potential cost of heavy rainfall in Malaysia through to predicting what might become the industry''s next ''asbestos''. These modelling tools also enable Swiss Re to construct specialised deals to help a customer estimate exposure and locate new risks, protect against earnings volatility and free up capital to pay dividends or buy back shares. "It''s not something you simply take off the shelf and apply to a particular situation," Ojeisekhoba said. "You require deep skill sets. You require strong balance sheets. You require relationships and knowledge of the counterparty''s portfolio and their financials, and you clearly require an unambiguous understanding of the regulatory regimes." But with little disclosure from the reinsurers on how they define bespoke business, Mediobanca analyst Vinit Malhotra said it was hard to assess how it will help to shore up individual players'' profitability. Some relief may come from an inevitable uptick in standard business as prices drop below profitable levels. "I think we are not that far away from the bottom. Nobody wants to push their luck that much," Malhotra said. (Additional reporting by Carolyn Cohn in London. Editing by Jane Merriman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-reinsurance-deals-idUKKBN16R0BB'|'2017-03-20T13:03:00.000+02:00'
'ca7683a64cfed9bddab610695c29e443df4073e9'|'Calumet retains bank for potential sale of Wisconsin refinery'|'By Ron Bousso and Jessica Resnick-Ault - NEW YORK, March 16 NEW YORK, March 16 Calumet Specialty Products Partners has retained advisors for a potential sale of its refinery in Superior, Wisconsin, according to two people familiar with the matter.The refinery is relatively small by the standards of U.S. plants, with the ability to process 45,000 barrels of crude oil per day. Still, a deal could fetch as much as $500 million, according to one of the sources, who spoke on the condition of anonymity as the talks are private.Calumet has retained Tudor, Pickering, Holt & Co to advise on a possible transaction, the sources said.They did not suggest who might buy the plant. A spokesman for Calumet declined to comment immediately on the company''s plans for the plant.Potential bidders may include Par Pacific Holdings Inc , HollyFrontier and Suncor Energy, according to two other people familiar with refinery transactions. The companies did not immediately respond to requests for comment.The refinery''s location, which provides access to domestic crude produced in North Dakota, could provide a cost advantage relative to other refineries. The plant is supplied primarily by crude carried through an Enbridge pipeline and railcars, according to Calumet''s website. The company bought the refinery from Murphy Oil Corp in 2011 for just over $200 million.The plant produces gasoline, diesel, asphalt and other refined products. The refined fuels produced are distributed by a Magellan pipeline as well as by tank trucks and railcars.Last year, Calumet tried to bolster its balance sheet with a $400 million secured note offering.Calumet has been shedding assets not related to producing specialty chemicals products. It already has sold its stake in the Dakota Prairie refinery joint venture.The company has increased volumes of Canadian crude at its refineries to try to boost profit margins. "We remain focused on continuing to run more heavy crude in our northern refineries," said Calumet Chief Executive Officer Timothy Go, who took the helm a year ago.Canadian sour grades of crude were significantly discounted to benchmark West Texas Intermediate crude in 2016.The company plans to upgrade the Superior refinery in 2017, spending as much as $20 million for improvements that are expected by the first half of 2018. The work is focused on optimizing product yields and overall performance at the refinery, Go said on a conference call with investors last month. (Reporting by Ron Bousso in Houston and Jessica Resnick-Ault in New York; Editing by Paul Simao)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/calumet-splty-refinery-sale-idINL2N1GJ1T2'|'2017-03-16T14:28:00.000+02:00'
'4a3dc2830608fa28d524e7c7ca40729d8dd11a2f'|'Albertsons held preliminary merger talks with Sprouts - Bloomberg'|'Deals  54am GMT Albertsons held preliminary merger talks with Sprouts: Bloomberg left right Customers leave an Albertsons grocery store with their purchases in Burbank, California July 17, 2012. REUTERS/Fred Prouser 1/2 left right A billboard advertisement for Sprouts Farmers Market, a health food chain store, is shown in Encinitas, California September 9, 2014. REUTERS/Mike Blake 2/2 By Lawrence Delevingne and Lauren Hirsch - NEW YORK NEW YORK Grocery business Albertsons Cos held preliminary talks to merge with Sprouts Farmers Market Inc ( SFM.O ), Bloomberg reported on Sunday, citing people familiar with the situation. Bloomberg said the early stage discussions took place in recent weeks and involved a plan to take Sprouts private. Doing so would add the natural and organic foods-focused business to the Albertsons suite of supermarket brands, which includes Safeway, Vons and Shaw''s. Albertsons is backed by private equity firm Cerberus Capital Management. Representatives for Albertsons and Sprouts did not immediately respond to requests for comment, while a spokeswoman for Cerberus declined to comment. Shares of Sprouts spiked to a four-month high on Thursday and Friday amid a surge in stock options trading. SUPERMARKET CONSOLIDATION An acquisition of Sprouts would underscore the consolidation sweeping the U.S. grocery industry, as regional chains struggle to compete against online retailers such as Amazon.com Inc ( AMZN.O ), big box stores such as Wal-Mart Stores Inc ( WMT.N ), and discount chains such as ALDI Inc. Albertsons is one of the two most active industry acquirers along with The Kroger Co. ( KR.N ). A planned initial public offering for Albertsons'' has been delayed since October 2015. At the same time, Krogers stock is up more than 140 percent over the last five years despite falling 23 percent over the previous 12 months. Sprouts is among the niche retailers such as Fresh Market Inc and Whole Foods Market Inc ( WFM.O ) facing pressure from Albertsons and Kroger, who now sell some of the same specialty and organic products at lower prices. Fresh Market was acquired by another private equity firm, Apollo Global Management LLC ( APO.N ), for about $1.36 billion in cash in 2016. (Reporting by Lawrence Delevingne and Lauren Hirsch; Editing by Peter Cooney and Alistair Bell) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-albertsons-cos-sprouts-idUKKBN16Q0XG'|'2017-03-20T07:53:00.000+02:00'
'26bb8346cd439042706f1555e917645b3679173f'|'MIDEAST STOCKS - Factors to watch - Mar 20'|'DUBAI, March 20 Here are some factors that may affect Middle East stock markets on Monday. Reuters has not verified the press reports and does not vouch for their accuracy.INTERNATIONAL/REGIONAL* GLOBAL MARKETS-Asia stocks mixed, dollar slips as Fed continues to weigh* MIDEAST STOCKS-Insurance shares buoy Saudi, weak currency aids Egypt* Oil prices drop on rise in U.S. drilling* PRECIOUS-Gold hits 2-wk high as Fed rate hike guidance weighs on dollar* Air strike kills 42 refugees off Yemen, Somalia demands investigation* Hundreds of Lebanese protest proposed tax rise* EXCLUSIVE-Libya''s NOC says expects to regain Es Sider, Ras Lanuf oil ports* Iraqi forces close in on Mosul mosque as residents flee* Iran''s South Pars field has begun oil production -SHANA* Germany supports group behind Turkish coup attempt- Erdogan spokesman* U.S. base rises from the rubble for Mosul push* Egypt''s Sisi to visit Washington on April 3 - White House* UAE summons Swiss ambassador over UN Bahrain statement* Syrian forces and rebels fight fierce clashes in northeast Damascus* Saudi-led coalition calls for U.N. supervision of Yemen port* Lebanon''s Jumblatt affirms son as political heirEGYPT* Egypt targets around 5 pct growth rate in FY 2017-18* BRIEF-Union National Bank Egypt board approves capital increase* Average yields rise on Egyptian three and nine-month T-bills* Egyptian budget to assume exchange rate of 16 pounds/dollar* Egypt received two cargoes of diesel fuel from Saudi AramcoSAUDI ARABIA* BRIEF-Saudi''s Chemanol says Saudi''s SIDF approves restructuring remaining installments of co''s loanUNITED ARAB EMIRATES* Abu Dhabi Commercial Bank issues $230 million Formosa bond* UAE’s Aster DM Healthcare seeks loan change to offset payment delays–sources* Top real estate tycoon appointed Dubai Holding chairman* UAE central bank foreign assets rise in February* MEDIA-Uber rivals from Dubai, China team up for ride-hailing allianceQATAR* Commercial Bank of Qatar considers international bond issue – sources* BRIEF-Ooredoo Qatar announces group chief strategy, M&A officers appointment* Deutsche Bank to issue 687.5 mln new shares at 11.65 euros eachBAHRAIN* Bahrain''s GFH appoints new chairman, to focus on M&A (Reporting by Dubai Newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mideast-factors-idINL5N1GW0GX'|'2017-03-20T01:27:00.000+02:00'
'b2854eb68f07722ca2c4c62e4a9f391efd628902'|'Vodafone to merge India operations with Idea Cellular'|'Technology   4:36am GMT Vodafone to merge India operations with Idea Cellular left right FILE PHOTO: A man casts silhouette onto an electronic screen displaying logo of Vodafone India after a news conference to announce the half year results in Mumbai, India, November 10, 2015. REUTERS/Shailesh Andrade/File Photo 1/2 left right FILE PHOTO: A man speaks on his mobile phone as he sits in front of a shop displaying the Idea Cellular Ltd''s logo on its shutter in Mumbai, India, April 28, 2014. REUTERS/Danish Siddiqui/File Photo 2/2 MUMBAI Britain''s Vodafone Group ( VOD.L ) will merge its Indian subsidiary with local rival Idea Cellular ( IDEA.NS ) within two years, Idea said on Monday, creating a new market leader better able to contest a brutal new price war. Vodafone will own 45.1 percent of the merged entity, after it transfers about 4.9 percent to promoters of Idea and/or their affiliates for 38.74 billion rupees ($592.15 million) in cash, Idea said. The combined Vodafone-Idea group would India''s largest telecom operation with almost 400 million customers, or 35 percent market share. The merger comes after India''s mobile industry was thrown into turmoil with the launch last year of Reliance Jio Infocomm, the new 4G mobile broadband network built at a cost of more than $20 billion by India''s richest businessman, Mukesh Ambani, as part of his Reliance Industries ( RELI.NS ) conglomerate. Jio has made an impact with free voice calls and cut-price data services, forcing India''s three biggest operators - Bharti Airtel ( BRTI.NS ), Vodafone and Idea - to slash prices and accept lower profits. Idea said the companies expected cost and capex synergies of about $10 billion in net present value after integration costs and spectrum payments. Idea will have the sole right to appoint the chairman, while Vodafone will appoint the chief financial officer, it said. The appointment of a chief executive officer and a chief operating officer would require the approval of both companies, which would get the right to nominate three board members each. Vodafone, the world''s second-largest cellphone operator, has endured a tumultuous ride since it entered India in 2007, with fierce competition and a high-profile tax battle making a business contributing more than 10 percent of its revenues and profits its most unpredictable by far. Shares in Idea rose as much as 14.25 percent immediately after the merger news but gave up gains to be trading up 3.2 percent at 0432 GMT. (Reporting by Rafael Nam; Additional reporting by Swati Bhat; Editing by Stephen Coates) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-vodafone-m-a-idea-idUKKBN16R07R'|'2017-03-20T11:10:00.000+02:00'
'3d37f31eaa7ede1dbecaa74da61117e8baa58eb9'|'Washington Companies reveals stalled $1.1 billion for Dominion Diamond'|'By Lawrence Delevingne - NEW YORK NEW YORK The Washington Companies said on Sunday it had previously made a proposal to acquire all of the outstanding common stock of mining company Dominion Diamond Corp. ( DDC.TO ) for $13.50 a share.The all-cash $1.1 billion offer was sent to the Dominion board of directors on Feb. 21, according to the statement, but subsequent discussions broke down."We are disappointed that Dominion''s board has thus far prevented Washington from moving ahead with its proposal under which shareholders would receive a substantial premium and immediate liquidity," Lawrence Simkins, president of Missoula, Montana-based Washington, said in a statement on Sunday."We remain fully committed to completing this transaction," he added.Yellowknife, Canada-based Dominion did not immediately respond to a request for comment.The offer price of $13.50 represents a 36 percent premium to Dominion''s closing stock price on March 17 and a 54 percent premium to the price when discussions ended on March 15, according to Washington, a group of privately held North American mining, industrial and transportation businesses founded by Dennis Washington.(Reporting by Lawrence Delevingne; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-dominion-diamond-washington-idINKBN16Q0WJ'|'2017-03-19T19:02:00.000+02:00'
'c2f8c0c24728c295d64db6795fd20ead5bce3147'|'RPT-Reinsurers design tailored deals in search of higher returns'|'(Repeats story from Sunday)* Reinsurers seek higher returns via customised business* Large, private deals sidestep standard industry model* Swiss Re expects tailored business growthBy Brenna Hughes Neghaiwi and Paul ArnoldZURICH, March 19 Reinsurer Swiss Re, usually involved in mega-deals on natural disaster coverage, is branching out on its own to do individually tailored schemes to boost returns, such as one in China to protect farmers against floods or drought.This tailor-made approach is part of Swiss Re''s response to fierce competition in the reinsurance industry, where companies are being forced to find new ways to make money as their traditional model of clubbing together to backstop risks generates increasingly slim returns."We feel very strongly that our ability to figure out solutions to the problems that our clients have means they will give us opportunities," the head of Swiss Re''s core reinsurance business, Moses Ojeisekhoba, told Reuters in an interview.Reinsurers usually pool resources in syndicates to underwrite the risk taken on by front-line insurers. But low interest rates and competition from a host of so-called "alternative providers" such as pension funds has eaten into their profits.Up to 20 percent of the reinsurance market is now occupied by alternative providers, insurance industry experts estimate, a trend that began to take off in the years following the 2008 financial crisis.Insurance rating agency A.M. Best has estimated $75 billion in alternative - or so-called "convergence" - capital entered the business in 2016.This has put pressure on the market. Industry prices for the traditional property and casualty (P&C) business, for example, fell again in January, the important policy renewals season, albeit at a slower rate than in the past few years.To combat the difficult climate, Swiss Re, the industry''s number two, has pioneered the concept of tailor-made reinsurance, negotiating on its own with insurers to offer bespoke deals.Last year, for example, it set up deals with local Chinese insurers and provincial government to reinsure parts of two provinces against natural disaster risks. The schemes - which included China''s first anti-poverty insurance deal to protect farmers against flooding and drought - use a combination of satellite and weather data to trigger payouts of up to roughly $350 million in each province.Swiss Re devised the pilot schemes and acted as sole reinsurer, rather than working in a syndicate to spread the risks.COMPETITIONBut this specialised business is facing competition from rivals such as Munich Re, Hannover Re and Scor."There are more people coming into this space," Ojeisekhoba said.Munich Re has emphasised tailor-made products in niche areas such as aerospace and cyber risk. It has also said it would step up investment into so-called "insurtech" start-ups like app provider Wrisk, which offers insurance via smart phones. Munich Re said this would help it to offer more customised products.Large, tailored transactions drove Munich Re''s P&C premium growth in 2016, representing 23 percent of just under 18 billion euros ($19.36 billion) in the P&C division''s gross written premiums, the German company said in annual results earlier this month.But Ojeisekhoba, who took over Swiss Re''s reinsurance business last July, said the tailored business was set to keep growing this year despite the competitive pressures.Reinsurers are also using bespoke deals to help insurance companies to manage tougher capital requirements under Europe''s new Solvency II regime. These deals allow the insurers to free up capital they must hold under the new rules to buffer against unexpected claims and financial losses.Demand for Hannover Re''s bespoke offerings, particularly capital relief, helped the group to book 7 percent premiums growth in January.Swiss Re does not break out figures for the amount of so-called large and tailored business it writes, but has said recent premiums growth was driven by such transactions.The reinsurer has committed $250 million in annual R&D spending to develop advanced risk models that help it to estimate risks ranging from the potential cost of heavy rainfall in Malaysia through to predicting what might become the industry''s next ''asbestos''.These modelling tools also enable Swiss Re to construct specialised deals to help a customer estimate exposure and locate new risks, protect against earnings volatility and free up capital to pay dividends or buy back shares."It''s not something you simply take off the shelf and apply to a particular situation," Ojeisekhoba said."You require deep skill sets. You require strong balance sheets. You require relationships and knowledge of the counterparty''s portfolio and their financials, and you clearly require an unambiguous understanding of the regulatory regimes."But with little disclosure from the reinsurers on how they define bespoke business, Mediobanca analyst Vinit Malhotra said it was hard to assess how it will help to shore up individual players'' profitability.Some relief may come from an inevitable uptick in standard business as prices drop below profitable levels. "I think we are not that far away from the bottom. Nobody wants to push their luck that much," Malhotra said. ($1 = 0.9300 euros) (Additional reporting by Carolyn Cohn in London. Editing by Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/reinsurance-deals-idINL5N1GU59O'|'2017-03-20T03:00:00.000+02:00'
'476ed99eb49bd466258784067ac62dd7815e05ab'|'UPDATE 1-Hansteen to sell German, Dutch industrial properties for $1.4 bln'|'Company News - Mon Mar 20, 2017 - 5:01am EDT UPDATE 1-Hansteen to sell German, Dutch industrial properties for $1.4 bln (Adds details, background, share movement) March 20 Britain''s Hansteen Holdings has agreed to sell its German and Dutch industrial property portfolios for 1.28 billion euros ($1.38 billion) to a venture between Blackstone Group LP and M7 Real Estate. The price represents a premium of about 6 percent, or roughly 76 million euros, to the assets'' valuations at the end of 2016, Hansteen said in a statement on Monday. Hansteen''s shares rose more than 6 percent, before paring gains to trade up 3 percent at 125.55 pence at 0850 GMT. They were the top gainers on London''s midcap index. "This is a compelling opportunity to crystallise both the revaluation gains from these German and Dutch assets achieved by our active asset management and the gains from foreign exchange movements," Hansteen joint chief executives Morgan Jones and Ian Watson said. Last year, the industrial market outperformed all other European real estate sectors, including offices and retail, data from property consultant CBRE showed, as the sector benefited from higher demand for warehouses from retailers expanding their online operations. Over the fourth quarter, European commercial real estate deals reached a record high of 86.8 billion euros, boosted largely by a buoyant Germany market and growth in the Netherlands, according to the data. Hansteen, a UK real estate investment trust, said that the sale was expected to complete before the end of June and that it was advised by property consultant JLL. The sale leaves Hansteen with its UK business, where the market has seen some turbulence after Britain voted to leave the European Union. However, Hansteen said it had not noticed any significant effect on demand for industrial space following the June 23 vote. "Across the UK, we are experiencing pockets of rental growth and shorter incentives being offered to tenants as demand intensifies," the company said. ($1 = 0.9288 euros) (Reporting by Esha Vaish in Bengaluru; Editing by Jason Neely and Alexander Smith) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/hansteen-divestiture-idUSL5N1GX0ZS'|'2017-03-20T16:01:00.000+02:00'
'4eef07fe60657e43d6976a0d752cf7e416e4cedc'|'BRIEF-Capitol Acquisition to combine with Cision'|' 05am EDT BRIEF-Capitol Acquisition to combine with Cision March 20 Capitol Acquisition Corp III: * Capitol Acquisition Corp III to combine with Cision * Capitol Acquisition Corp III - Cision will become a publicly listed company with an anticipated initial enterprise value of approximately $2.4 billion * Capitol Acquisition Corp III - net cash proceeds from this transaction are expected to be used to pay down Cision''s existing second lien debt * Capitol Acquisition Corp III - boards of directors of both capitol and Cision have unanimously approved proposed transaction * Capitol Acquisition-at deal closing, current Cision shareholders & current stockholders of capitol will hold about 68% and 32%, respectively of new co * Capitol Acquisition Corp III - Cision''s management team, led by CEO Kevin Akeroyd and CFO Jack Pearlstein, will continue to run combined co post-transaction * Capitol Acquisition Corp III - Capitol chairman and CEO, Mark Ein, will join combined company''s board of directors and serve as vice chairman * Capitol Acquisition Corp III - Capitol''s president and CFO, Dyson Dryden, will also join board  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-capitol-acquisition-to-combine-wit-idUSASB0B65Z'|'2017-03-20T18:05:00.000+02:00'
'14888bd7f94559b79b3ae429755d8f902b44eea6'|'Austria joins up charging points to boost electric car usage'|'Environment   2:56pm GMT Austria joins up charging points to boost electric car usage VIENNA Austria is creating a nationwide network of charging stations for electric cars, making it easier for drivers to charge up as part of the country''s efforts to promote the vehicles to reduce CO2 emissions. From April, 11 electricity suppliers will combine their charging stations into one network of 1,300 public points throughout the Alpine republic, Transport Minister Joerg Leichtfried said at a news conference on Monday. Majority state-owned hydropower producer Verbund, working with Germany''s Siemens, is the country''s largest provider of charging points, with around 400. The move means drivers can sign up with any one of the 11 suppliers and use all the stations within the combined network, rather than have separate contracts with each company. Austria has been supporting the use of electric cars with various initiatives over the last six years and saw a 130 percent jump in new registrations of electric cars last year, the biggest increase within the European Union. Since the beginning of the month, buyers in Austria can receive up to 4,000 euros ($4,300) in rebates to help offset the higher price of an electric vehicle. Neighboring Germany introduced a comparable premium last year. The share of electric cars is three times higher in Austria than the EU average and four times as high as in Germany. As well as investing in electric cars, auto manufacturers BMW, Volkswagen ( VOWG_p.DE ), Ford and Daimler are planning to build about 400 next-generation charging stations in Europe that can reload an electric car in minutes instead of hours. Transport Minister Leichtfried said Austria''s network will comprise 2,000 stations by the end of the year, rising to 5,000 in 2020, adding the network will be connected with others in Europe within months. The new network will not cover all charging stations available in Austria but Juergen Halasz, the head of the federal electromobility association, said he expected others to join in the future. (Reporting by Kirsti Knolle; Editing by Victoria Bryan) Next In Environment'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-austria-environment-autos-idUKKBN16R1PJ'|'2017-03-20T21:53:00.000+02:00'
'ae0061d27efd6b38321f9b066d5ca75bf809114c'|'ICE delays launch of clearing for London gold benchmark - sources'|'Commodities  12pm EDT ICE delays launch of clearing for London gold benchmark: sources A screen displays the ticker symbol and logo for Intercontinental Exchange Inc. (ICE) on the floor of the New York Stock Exchange (NYSE) March 1, 2016. REUTERS/Brendan McDermid By Peter Hobson and Pratima Desai - LONDON LONDON Intercontinental Exchange (ICE) has delayed the launch of clearing for London''s benchmark gold price because not all participants in the auction will be ready, two sources involved in the process said on Tuesday. The delay could weaken its bid to become the dominant exchange in London''s $5 trillion-a-year bullion market, sources say. ICE had already pushed back the start of clearing to April 3 to allow the 14 banks and brokers that participate in the auction time to get necessary IT and back-office systems in place. However, the two sources told Reuters that ICE had again delayed and there was now no set start date. "They''ve had to delay it for a couple of weeks. All the big players aren''t ready," one of the sources said. "They may have to push the timetable out again." The sources did not say which participants were not ready. ICE declined to comment. ICE, the London Metal Exchange (LME) and CME Group are all launching cleared London gold contracts this year, hoping to gather new business as tighter regulation raises the cost of trading off-exchange. With trading activity expected to concentrate on one exchange, market sources say ICE plans to use clearing of the LBMA Gold Price auction, which it administers, to funnel business to its contracts and give it a head start over rivals. CME launched a contract in January but it has so far struggled to attract business. The LME, owned by Hong Kong Exchanges and Clearing Ltd, will launch its own contracts, backed by a group of gold-trading banks, on June 5. Sources earlier told Reuters that Societe Generale, Standard Chartered, ICBC Standard Bank and China Construction Bank would not be ready to clear the LBMA auction in time for April 3. (Editing by Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-gold-ice-clearing-idUSKBN16S26P'|'2017-03-22T00:09:00.000+02:00'
'7fe2aa029eeefe8cbac3e32a3ec0de086beb5465'|'Lockheed CEO optimistic about growth prospects'|' 31pm EDT Lockheed CEO optimistic about growth prospects By Mike Stone Lockheed Martin Corp ( LMT.N ) CEO Marillyn Hewson said on Tuesday she is "more optimistic than ever" about the company''s growth outlook because affordable defense products align with the Trump administration''s goals. Hewson also highlighted additional growth could come from continued high demand from international customers, the F-35 jet fighter program and the company''s innovations in 21st century weapons including directed energy. She made the remarks to reporters at the company''s media day in Arlington, Virginia. (Reporting by Mike Stone in Arlington, Va.; Editing by Matthew Lewis) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-lockheed-outlook-idUSKBN16S2KD'|'2017-03-22T02:27:00.000+02:00'
'438ad58932b15eaeb969c6e6d38107030649e3a4'|'EBRD expects to start operating in Lebanon in second quarter'|'  EBRD expects to start operating in Lebanon in second quarter The headquarter of the European Bank for Reconstruction and Development (EBRD) is seen in London, Britain, November 22, Britain 2016. REUTERS/Stefan Wermuth CAIRO The European Bank for Reconstruction and Development expects to begin operating in Lebanon in the second quarter of 2017, nearly two years after the country applied for membership, a senior EBRD official said on Tuesday. Lebanon has seen refugees flood across its border to escape the war in Syria, putting a heavy strain on resources in a country already struggling to overcome internal divisions and long periods of political paralysis. It applied in July 2015 to become a member of the EBRD, saying that the bank''s support would help it boost sustainable growth and strengthen the economy. "Lebanon will probably become a country of operation by the time of our annual meeting in Cyprus in May. The move has already been approved by the Lebanese parliament. The next step is they need to pay for membership shares," Janet Heckman, the new EBRD managing director for the southern and eastern Mediterranean, told Reuters in Cairo. "Lebanon has a very dynamic private sector." Established in 1991 after the collapse of communism in eastern Europe, the EBRD''s goal is to support market economies and the development of the private sector. It expanded its remit to the southern and eastern Mediterranean in the wake of the Arab uprisings of 2011, which swept away four long-time autocrats and saw some countries slip into war. It began initially by investing in Egypt, Jordan, Morocco and Tunisia. (Reporting by Lin Noueihed; Editing by Hugh Lawson)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ebrd-lebanon-idUKKBN16S22V'|'2017-03-21T23:22:00.000+02:00'
'daa0ebf2c95f415b22e44d5d141b43a43afca74b'|'GLOBAL MARKETS-Shares tumble on impatience over Trump policies; euro gains'|' 09pm EDT GLOBAL MARKETS-Shares tumble on impatience over Trump policies; euro gains * Concerns that Trump policies on hold hurt stocks * U.S. financial shares plunge more than 2 pct * Benchmark Treasury yields hit nearly 3-week lows * Spot gold prices hit more than 2-week high * Euro hits more than 6-week high vs dollar * Centrist Macron seen as victor in French presidential TV debate (Updates to open of U.S. trading; changes byline, dateline, pvs LONDON) By Sam Forgione NEW YORK, March 21 U.S. and European shares tumbled on Tuesday on concerns that higher interest rates and pro-growth U.S. policies were on hold, boosting safe-haven Treasuries and gold prices, while the euro hit a more than six-week high against the dollar on soothed French election worries. The U.S. S&P 500 financial sector fell more than 2 percent and was on track for its biggest daily plunge in two months. Analysts attributed the selling to reduced confidence that U.S. President Donald Trump''s pro-growth policies, including financial deregulation, would occur soon, and to concerns of a dovish Federal Reserve. The Fed stuck to its outlook for two more hikes this year last week, instead of the three expected by many market participants. The tech-heavy U.S. Nasdaq Composite fell more than 1.3 percent after hitting a record intraday high earlier on the back of Apple shares, which briefly touched a record $142.80 a share. Europe''s broad FTSEurofirst 300 stock index also fell after earlier hitting a 15-month high. "Led by financials and industrials, the stock selloff suggests that investors may be less confident that the Trump administration’s pro-growth announcements will be translated into policy implementation soon," said Mohamed El-Erian, chief economic adviser at Allianz in Newport Beach, California. MSCI''s all-country world equity index was last down 1.81 points, or 0.4 percent, at 449.25. The Dow Jones Industrial Average fell 157.17 points, or 0.75 percent, to 20,748.69. The S&P 500 lost 18.33 points, or 0.77 percent, to 2,355.14. The Nasdaq Composite dropped 62.08 points, or 1.05 percent, to 5,839.45. Europe''s broad FTSEurofirst 300 index dropped 0.54 percent to 1,480.27. The euro hit $1.0819, its highest level against the dollar since Feb. 2. Centrist Emmanuel Macron cemented his position as front-runner in the first televised French presidential debate on Monday versus anti-European Union contender Marine Le Pen. The euro gained on relief over the debate results, since a win by the far-right Le Pen is seen as posing a risk of euro zone break-up. "Any news between now and the French election next month that suggests fading risk of a Le Pen victory would probably be supportive of the euro," said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington. U.S. crude oil prices hit a one-week low of $47.50 a barrel as the market discounted the latest talk by OPEC that it would extend output cuts beyond June. Brent crude was last down 31 cents, or 0.6 percent, at $51.31 a barrel. U.S. crude was down 50 cents, or 1.04 percent, at $47.72 per barrel. Safe-haven spot gold and U.S. Treasuries benefited, with gold hitting a more than two-week high of $1,243.80 an ounce and benchmark 10-year U.S. Treasury yields touching a nearly three-week low of 2.425 percent. (Additional reporting by Dhara Ranasinghe in London and Saqib Iqbal Ahmed, Scott DiSavino and Jennifer Ablan in New York; Editing by Nick Zieminski)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-markets-idUSL5N1GY4EO'|'2017-03-21T23:09:00.000+02:00'
'29e3e7060870748f7166763603e7c6194125aa95'|'Fonterra profit rises but guidance cut on forecast volatility'|'  8:51pm GMT Fonterra profit rises but guidance cut on forecast volatility A Fonterra milk tanker drives along a road as it arrives at Fonterra''s Te Rapa plant, located near the town of Hamilton, New Zealand, August 6, 2013. REUTERS/Nigel Marple/File photo WELLINGTON New Zealand dairy giant Fonterra ( FCG.NZ )( FSF.NZ ) reported a 2.2 percent rise in half-year profit on Wednesday, lifted by earnings gains for its high-value consumer products. But the world''s largest dairy exporter cut its guidance for the full year because of dairy market volatility, reducing forecast earnings per share to 45 to 50 cents per share, from a range of 50 to 60 cents. "The impact of more volatility in product stream returns in our ingredients business, some tightening of margins in the coming months, and the potential for extra milk in the autumn could result in some pressure on our earnings in the second half," chairman John Wilson said in a statement. A recovery in global dairy prices has been welcome relief for Fonterra''s farmer-shareholders since prices plummeted in 2015. However, the turnaround has been bumpy, and the rise has also eaten into margins by pushing up ingredient costs. Fonterra said it was also hit in the first half by poor spring weather, which dampened New Zealand milk collection. Cost cutting, improved weather since and rising consumer product sales supported the profit line. Net profit after tax for the six months to Jan. 31 rose to NZ$418 million (241 million pounds), compared with NZ$409 million a year ago. A 30 percent rise in earnings for Fonterra''s consumer and food service showed benefits from its strategy of expanding from milk powder wholesaling to products from cheese to yogurt sold under brands such as Anchor, Anlene and Fresh n'' Fruity. Sales volumes for China and Hong Kong rose by a third, boosting earnings for that region 41 percent to NZ$96 million. "We are looking to channel ... our milk into products that create the most value for our farmers as well as optimising the farmgate milk price," Chief Executive Officer Theo Spierings said in a statement. Fonterra held its forecast farmgate price to NZ$6 per kilogram. It announced an interim dividend of 20 New Zealand cents, the same as last year. (Reporting by Tom Westbrook; Editing by Ruth Pitchford)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-fonterra-results-idUKKBN16S2QQ'|'2017-03-22T03:51:00.000+02:00'
'4aaf9a848c29ce95c8cf993d26dae2e904387468'|'Statoil confirms Sverdrup oilfield cost estimate'|'Business  45am GMT Statoil confirms Sverdrup oilfield cost estimate The company logo of Statoil is seen during a company results presentation in London February 6, 2015. REUTERS/Toby Melville/File Photo OSLO Statoil ( STL.OL ) confirmed on Tuesday its cost estimate for developing Norway''s Johan Sverdrup oilfield, the largest North Sea discovery in decades, and announced contract awards for the second and final construction phase. The overall field development investment is now seen at 137 billion-152 billion Norwegian crowns ($16.2 billion-$18 billion), in line with a Feb. 7 forecast and down from a previous range of 140 billion to 170 billion seen in August. At an earlier stage Statoil had said it could cost up to 220 billion crowns to develop the field, which is expected to have peak production of 660,000 barrels of oil per day. Germany''s Siemens ( SIEGn.DE ) and Norwegian engineering firms Kvaerner ( KVAER.OL ) and Aker Solutions ( AKSOL.OL ) won contracts for the second phase on Tuesday, although a formal investment decision will not be made until the second half of 2018, Statoil said. Statoil''s partners in the field are Lundin Petroleum ( LUPE.ST ), A.P. Moeller-Maersk ( MAERSKb.CO ) and Aker BP ( AKERBP.OL ). (This story corrects headline and text to show estimate was cut on Feb. 7, not on Tuesday) (Reporting by Terje Solsvik and Stine Jacobsen, editing by Gwladys Fouche) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-norway-oil-statoil-idUKKBN16S0PI'|'2017-03-21T16:45:00.000+02:00'
'8f60fe7eb22c2b585e5381d879d63042aa791006'|'Washington Companies reveals stalled $1.1 bln bid for Dominion Diamond'|'Deals   6:02pm EDT Washington Companies reveals stalled $1.1 billion bid for Dominion Diamond By Lawrence Delevingne - NEW YORK NEW YORK The Washington Companies said on Sunday it had previously made a proposal to acquire all of the outstanding common stock of mining company Dominion Diamond Corp. ( DDC.TO ) for $13.50 a share. The all-cash $1.1 billion offer was sent to the Dominion board of directors on Feb. 21, according to the statement, but subsequent discussions broke down. "We are disappointed that Dominion''s board has thus far prevented Washington from moving ahead with its proposal under which shareholders would receive a substantial premium and immediate liquidity," Lawrence Simkins, president of Missoula, Montana-based Washington, said in a statement on Sunday. "We remain fully committed to completing this transaction," he added. Yellowknife, Canada-based Dominion did not immediately respond to a request for comment. The offer price of $13.50 represents a 36 percent premium to Dominion''s closing stock price on March 17 and a 54 percent premium to the price when discussions ended on March 15, according to Washington, a group of privately held North American mining, industrial and transportation businesses founded by Dennis Washington. (Reporting by Lawrence Delevingne; Editing by Sandra Maler) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-dominion-diamond-washington-idUSKBN16Q0WJ'|'2017-03-20T04:57:00.000+02:00'
'd5d1604f7b8d32bf0694a06662369a6f6b995cc5'|'MOVES-Bank of America hires Bischof from Morgan Stanley to co-head unit'|'Company  48am EDT MOVES-Bank of America hires Bischof from Morgan Stanley to co-head unit March 20 Bank of America Corp has hired Eric Bischof from Morgan Stanley to co-head its global Financial Institutions Group (FIG), according to an internal memo seen by Reuters. Bischof will be based in New York and will partner with fellow BoA co-head Jim O''Neil to implement the bank''s global strategy as well as deepen client relationships and drive increased growth and market share, according to the memo attributed to Diego De Giorgi, head of global investment banking. No start date for Bischof was given in the statement, the contents of which was confirmed by the bank. Bischof has spent the last 20 years at Morgan Stanley, most recently as co-head of global FIG. (Reporting by Greg Roumeliotis; Writing by David French; Editing by Jeffrey Benkoe) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/bank-of-america-moves-bischof-idUSL2N1GX0UF'|'2017-03-20T22:48:00.000+02:00'
'c0e14ee895431874d8a81ac420c872223aae73bf'|'Builder Bellway to raise dividend as half-year profits rise'|' 15am GMT Builder Bellway to raise dividend as half-year profits rise A Bellway sign is seen at a housing construction site in London, Britain, February 5, 2017. REUTERS/Toby Melville LONDON British housebuilder Bellway ( BWY.L ) said on Tuesday it would raise its dividend after posting a nearly 10 percent rise in half-year pre-tax profits, although it warned that labour shortages were pushing up costs in the sector. Bellway, which builds around half of its homes in London and the south of England, posted profits of 248 million pounds ($307 million) in the six months to the end of January and said it would raise its interim dividend in line with earnings by over 10 percent to 37.5p per share. The firm said that the cost of employing workers was rising in the sector but that it was well-placed to deal with the trend, which some builders fear could be exacerbated by any immigration curbs imposed as part of Brexit. "Labour shortages continue to place upward pressure on build costs throughout the construction sector, however, a strong operational focus and an embedded culture of cost control has helped Bellway minimise any dilutive effect on the gross margin," the firm said. (Reporting by Costas Pitas; editing by Kate Holton)   Best-paid former BHS executives gain most from Green''s pension deal - UK lawmakers LONDON British retail tycoon Philip Green''s deal with the regulator to plug a hole in the pension schemes of collapsed department store BHS will see a small number of the highest-paid former managers benefit the most, a parliamentary committee said on Tuesday.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bellway-results-idUKKBN16S0LK'|'2017-03-21T14:15:00.000+02:00'
'814a33d97d71fe270b03437603e0f507aa0c6150'|'Apple unveils new iPad starting at $329'|'Technology News - Tue Mar 21, 2017 - 1:08pm GMT Apple unveils new iPad starting at $329 The 9.7-inch iPad Pro. REUTERS/Courtesy Apple Apple Inc unveiled an updated version of its iPad tablet on Tuesday, starting at $329 and available to order from Friday. Apple also said its smaller iPhone SE model will be available in 32 and 128 gigabyte (GB) versions, replacing the 16 GB and 64 GB models. (Reporting by Anya George Tharakan in Bengaluru; Editing by Sai Sachin Ravikumar) Next In Technology News Google sister company Jigsaw offers free security tools to election groups FRANKFURT/AMSTERDAM Google and its sister company Jigsaw, are stepping up efforts to help keep elections free of online interference after helping to defend one of two important voter information websites that came under cyber attack during last week''s Dutch national election.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-apple-ipad-idUKKBN16S1H0'|'2017-03-21T19:47:00.000+02:00'
'87983a626daebe07896827c8478ed9ca0324fb90'|'Best-paid former BHS executives gain most from Green''s pension deal - UK lawmakers'|'Business News - Tue Mar 21, 2017 - 12:06am GMT Best-paid former BHS executives gain most from Green''s pension deal - UK lawmakers left right A woman walks past the Wood Green branch of department store chain BHS, after its final closure, in London, Britain August 28, 2016. REUTERS/Peter Nicholls 1/2 left right FILE PHOTO:British billionaire and CEO of the Arcadia Group Philip Green smiles as he attends the opening ceremony of a Topshop flagship store in Hong Kong June 6, 2013. REUTERS/Bobby Yip/File Photo 2/2 LONDON British retail tycoon Philip Green''s deal with the regulator to plug a hole in the pension schemes of collapsed department store BHS will see a small number of the highest-paid former managers benefit the most, a parliamentary committee said on Tuesday. A report by the lower House of Commons'' Work and Pensions Committee also found billionaire Green could receive a 15 million pound ($18.6 million) refund from the 363 million pounds payment he made to the BHS pension schemes last month. Green owned BHS for 15 years before he sold the loss-making 180-store chain to Dominic Chappell, a serial bankrupt with no retail experience, for one pound in 2015. BHS went into administration in April 2016. Some 11,000 jobs were lost. In a July report, lawmakers accused Green of greed and disregard for corporate governance that led to the collapse of BHS. Green said the report was biased and unfair. Green''s deal with the pensions regulator gave the 19,000 members of the BHS pension schemes the option of the same starting pension they were originally promised by BHS, and higher benefits than they would get from the lifeboat scheme, the Pension Protection Fund (PPF). Alternatively, scheme members could opt for a lump sum payment if eligible or remain in their current scheme and receive benefits from the PPF. The lump sum option is available to members with small pots of up to 18,000 pounds in value. On Tuesday, lawmakers said their analysis showed those who did best were the 16 people with the best pensions, while some pensioners would receive less than 80 percent of what they would have received under BHS scheme rules. They also found that, if there was a 90 percent take-up of the lump sum payment option, Green gets a 15 million pound refund. “I hope Sir Philip will recycle any refund back into the scheme as BHS pensioners will still be facing cuts in the benefits for which they paid," said Frank Field, chair of the committee and long time critic of Green. “It is also clear that Sir Philip prioritised his loyal senior managers, who have had the PPF cap on high pension benefits completely removed," he said. A spokesman for Green declined to comment on the report. ($1 = 0.8078 pounds) (Reporting by James Davey; Editing by Edmund Blair)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-retail-bhs-pensions-idUKKBN16S001'|'2017-03-21T07:06:00.000+02:00'
'6fb9321eb644e5987ddbc7211e0e0f7f38addc1c'|'Optimism in UK factories surges to 22-year high as exports rebound - CBI survey'|'Business  09am GMT Optimism in UK factories surges to 22-year high as exports rebound - CBI survey FILE PHOTO: A man works on the production line at the Toyota factory in Derby, central England, March 7, 2011. REUTERS/Darren Staples/File Photo LONDON, March 21 Optimism among British factories surged to a 22-year high in March as exports rebounded, a survey showed on Tuesday, adding to signs manufacturing has benefited from sterling''s fall after the Brexit vote. The Confederation of British Industry''s monthly balance of output expectations in the coming three months rose to +36 from +33 in February, its highest level since February 1995. The survey also showed export orders growing at the fastest pace since December 2013. However, the total order book balance held steady at +8 in March, which may suggest a slightly weaker influx of domestic orders given the large improvement in exports. "The past fall in the pound seems finally to be helping lift demand for UK manufactured exports, which rose at one of the fastest paces in this survey''s history," said Anna Leach, CBI head of economic intelligence. Official data earlier this month showed British factories enjoyed their strongest growth in nearly seven years in late 2016 and early 2017 and exports rose quickly, likewise suggesting a boost for manufacturers from sterling''s fall after the Brexit vote. But sharply rising inflation has been one side-effect from the pound''s plunge. "(Cost) pressures are widespread, and manufacturers expect factory-gate prices to continue to rise strongly over the next three months. And this will also put pressure on prices generally." Data earlier on Tuesday showed British factory gate prices rose 3.7 percent in February, the biggest increase since December 2011. (Reporting by Andy Bruce, editing by Alistair Smout) ((+44 20 7542 7748; uk.economics@reuters.com) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-industrialoutput-cbi-idUKKBN16S16F'|'2017-03-21T18:09:00.000+02:00'
'f0e0e30a04e8015f30424a0eb25621d7dffbbab2'|'Exclusive - Dominion Diamond, Stornoway held merger talks: sources'|'Business News - Mon Mar 20, 2017 - 11:52pm GMT Exclusive - Dominion Diamond, Stornoway held merger talks: sources Dominion Diamond Corp ( DDC.TO ) ( DDC.N ) and fellow Canadian diamond miner Stornoway Diamond Corp ( SWY.TO ) have held talks for a potential merger in recent months, people familiar with the matter said on Monday. World No. 3 diamond miner Dominion, which is being targeted by U.S. billionaire Dennis Washington, and Stornoway, a small miner with a diamond mine in Quebec, declined to comment. The people declined to be named as the discussions are private. One of the people said the talks were still ongoing. (Reporting by Nicole Mordant in Vancouver and John Tilak in Toronto; Editing by Denny Thomas and Sandra Maler)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-dominion-diamond-m-a-stornoway-diamon-idUKKBN16R2QR'|'2017-03-21T06:52:00.000+02:00'
'e9c4b6c7a03d3e54b89cb199b243b34e4ee9110e'|'BNP Paribas to cut investment bank staff in France, UK and Luxembourg'|' 22pm GMT BNP Paribas to cut investment bank staff in France, UK and Luxembourg A man walks past a BNP Paribas bank sign on an office building in Paris, March 3, 2016. REUTERS/Christian Hartmann PARIS France''s BNP Paribas ( BNPP.PA ) plans to cut investment banking staff in France, the United Kingdom and Luxembourg by the end of 2018, although staffing levels at the business should remain stable in Europe overall, it said in its annual report. Many European banks from HSBC ( HSBA.L ) to Deutsche Bank ( DBKGn.DE ) are cutting costs to boost profitability, with mounting compliance and regulatory pressures weighing on higher risk activities such as investment banking. In Europe, BNP Paribas'' corporate and institutional banking (CIB) workforce should remain stable up to the end of 2018, France''s largest bank said, as it hires in lower cost countries, such as Poland, Portugal and Spain. "In France, the United Kingdom and Luxembourg, reductions in employment levels are planned," the bank added, citing a presentation made to its European Works Council in May and November 2016. BNP Paribas added in the report that its overall headcount rose to 192,419 by the end of 2016 from 189,077 a year earlier. The bank said that the number of employees overseeing internal control rose 47 percent to 9,786, as banks around the world beef up their compliance departments to meet onerous regulatory demands aimed at fighting financial fraud. BNP planned to cut its investment banking staff in Britain by around 5 percent in 2016, according to a source familiar with the matter. (Reporting by Maya Nikolaeva, editing by Louise Heavens)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bnp-paribas-redundancies-idUKKBN16S1R2'|'2017-03-21T21:22:00.000+02:00'
'69e8e3244a4ed5f1b5969f805a5dff57b9a04ca7'|'China Premier Li says will further open services, industries - Xinhua'|' 21am GMT China Premier Li says will further open services, industries - Xinhua FILE PHOTO: China''s Premier Li Keqiang arrives for a news conference after the closing ceremony of China''s National People''s Congress (NPC) at the Great Hall of the People in Beijing, China, March 15, 2017. REUTERS/Damir Sagolj/File Photo SHANGHAI Chinese Premier Li Keqiang said the country will further open its services, manufacturing and mining sectors to the outside world, the official Xinhua news agency reported on Tuesday, even as foreign enterprises struggle with protectionist policies. The premier''s comments come as President Xi Jinping seeks to project China as the world''s leading free trade advocate and despite recent observations from some foreign firms that they are less welcome in China now than they were in the past. Li said on Monday China will streamline administrative procedures for foreign investments and ensure a level playing field for companies registered in the country, Xinhua reported the premier saying at a meeting held during the China Development Forum in Beijing. China supports foreign-funded firms to list and issue bonds in the country and participate in national science and technology programs and infrastructure projects, said Li. He invited more foreign companies to invest in China, co-operate with Chinese enterprises and engage in development opportunities, said Xinhua. Li said he hopes other countries overcome issues and friction caused by globalisation by communicating effectively, according to Xinhua. Among the attendees were HSBC Chief Executive Stuart Gulliver, former   Lawrence Summers and Apple CEO Tim Cook. Li''s comments contrast with those of a senior minister on Sunday who said China''s policy of restricting market access is important for domestic growth. (Reporting by Engen Tham; Editing by Sam Holmes)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-forum-markets-idUKKBN16S014'|'2017-03-21T07:21:00.000+02:00'
'9d905cf3f6b4cb148d872569a02af1fd8ad7d395'|'Indonesia police say Interpol issues red notices for 3 Sinopec execs'|'JAKARTA Indonesian police said on Tuesday Interpol has issued red notices, the closest to an international arrest warrant, for three Chinese executives suspected of fraud linked to a more than $800 million Sinopec oil terminal development in Indonesia."The three red notices have been published for those wanted people," National Police spokesman Boy Rafli Amar said.He said Indonesian authorities filed the request for Interpol assistance on Feb. 21 and identified the Sinopec executives named in the red notices as Zhang Jun, Feng Zhigang, and Ye Zhijun.A Sinopec spokesman declined to comment.The West Point Terminal was touted to be Southeast Asia''s largest and was initially expected to be operational by mid-2016, but has faced a series of setbacks including a lawsuit filed by Indonesian shareholders in November.The project in Indonesia''s Batam free trade zone to the south of Singapore is 95-percent owned by Sinopec Kantons Holdings, a subsidiary of Sinopec.Sinopec Kantons bought into the project in January 2012, aiming to develop a 2.6 million-tonne storage facility worth more than $800 million.The project was delayed by several years due to slow demand for tank space, Reuters reported.Sinopec''s only other Indonesian asset is an 18-percent stake in Chevron''s deep water project, bought in 2010.Sinopec Kantons, which is one of Sinopec''s smallest subsidiaries, was not immediately available for comment.(Reporting by Fergus Jensen and Meng Meng in BEIJING; Writing by Ed Davies; Editing by Paul Tait)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/sinopec-corp-indonesia-idINKBN16S063'|'2017-03-20T23:10:00.000+02:00'
'4a602fbf77d9f0f62b61e8db394bebd237bebccd'|'EM ASIA FX-Some Asian currencies slip as investors look for new positives after Fed hike'|'Company News - Tue Mar 21, 2017 - 2:47am EDT EM ASIA FX-Some Asian currencies slip as investors look for new positives after Fed hike * Some Asian currencies take breather after last week''s gains * Technical indicator suggests some Asia FX may be overbought * Won hits highest since October as local equities gain (Adds detail, updates prices) By Patturaja Murugaboopathy March 21 Some Asian currencies weakened slightly on Tuesday as investors looked for fresh cues following the currencies'' big gains last week on the U.S. Federal Reserve''s moderately dovish stance. There was not much reaction to comments by Chicago Fed President Charles Evans, who reinforced the perception that the U.S. central bank would not accelerate the pace of its interest rate hikes. The Taiwan dollar saw slight gains on the back of strong equity markets, while the Philippine peso declined because of a rise in importer dollar demand. The Thai baht and the Singapore dollar also traded weaker against the U.S. dollar. "Markets are hard-pressed to look for new and enduring themes. And none emerge; at least not compellingly so," Mizhuo Senior Economist Vishnu Varathan said in a note. Technical indicators such as the relative strength index showed that some Asian currencies were near over-bought levels. Ever since the Fed''s interest rate projections released last week showed that it was sticking to its outlook for a total of three rate hikes this year, rather than increasing the projection to four hikes, the won has risen more than 2 percent. The Taiwan dollar and baht are up more than 1 percent. "The USD may rebound intermittently as some regional currencies such as the TWD and THB have been technically overbought." Qi Gao, FX strategist for Scotiabank in Singapore, said in a research note. The reversal in U.S Treasury yields after two days of declines did not help emerging Asian currencies either. The 10-year U.S. Treasury yield stood at 2.4789 percent on Tuesday, slightly up from Monday''s U.S. close of 2.472. A steady fall in the U.S Treasury yields drove investors to the emerging markets last week. Analysts said Asian currencies were also cautious amid some Brexit uncertainty, the French presidential election, and next month''s European Central Bank policy meeting. SOUTH KOREAN WON The South Korean won rose to 1,114.0 per dollar at one point, the won''s highest level since October 11, 2016. The won''s rise came as domestic equities rose, with the main index hitting a two-year high on expectations of upbeat first-quarter earnings. Foreigners have bought a net $2.8 billion of South Korean equities so far this month, about 10 times their level of investment in February, the exchange data showed. The won is Asia''s best performer against the dollar this year, with an 8 percent gain. CURRENCIES VS U.S. DOLLAR Change on the day at 0640 GMT Currency Latest bid Previous Pct Move day Japan yen 112.720 112.55 -0.15 Sing dlr 1.398 1.3965 -0.14 Taiwan dlr 30.417 30.527 +0.36 Korean won 1120.300 1120.1 -0.02 Baht 34.740 34.71 -0.09 Peso 50.175 50.09 -0.17 Rupiah 13318.000 13312 -0.05 Rupee 65.280 65.36 +0.12 Ringgit 4.427 4.425 -0.05 Yuan 6.899 6.9090 +0.15 Change so far Currency Latest bid End 2016 Pct Move Japan yen 112.720 117.07 +3.86 Sing dlr 1.398 1.4490 +3.62 Taiwan dlr 30.417 32.279 +6.12 Korean won 1120.300 1207.70 +7.80 Baht 34.740 35.80 +3.05 Peso 50.175 49.72 -0.91 Rupiah 13318.000 13470 +1.14 Rupee 65.280 67.92 +4.04 Ringgit 4.427 4.4845 +1.30 Yuan 6.899 6.9467 +0.70 (Reporting by Patturaja Murugaboopathy) Next In Company News UK Stocks-Factors to watch on March 21 March 21 Britain''s FTSE 100 index is seen opening up 3.5 points on Tuesday, according to financial bookmakers. * SHELL: Royal Dutch Shell said on Tuesday it will drill 161 new gas wells at its Queensland operations by the end of 2018, helping to underpin its promise to continue supplying 10 percent of the domestic gas market to help prevent a shortage. * BHP BILLITON: The union for striking workers at BHP Billiton''s Escondida in Chile, the world''s largest copper mine'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/asia-forex-emerging-idUSL3N1GY29I'|'2017-03-21T13:47:00.000+02:00'
'd210d498b148b32f26bb8684d327a6caa6952ec2'|'Fed approves Cathay General Bank buyout of SinoPac Bancorp'|'WASHINGTON The Federal Reserve on Monday approved Cathay General Bancorp purchase of SinoPac Bancorp, allowing the tie-up between the two California lenders.The two banks are relatively small with less than $16 billion in combined assets.Through the deal, Cathay General indirectly acquired Far East National Bank.Last week, the Fed made it easier for bigger lenders to merge by waiving the required review of bank business for lenders with assets of less than $100 billion.(Reporting By Patrick Rucker; Editing by David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-fenb-m-a-cathay-gnrl-banc-idINKBN16R2HU'|'2017-03-20T18:14:00.000+02:00'
'ed727e75cf60ffa71688093109aa14a1b68b1a4c'|'Deals of the day-Mergers and acquisitions'|' 27am EDT Deals of the day-Mergers and acquisitions March 21 The following bids, mergers, acquisitions and disposals were reported by 1030 GMT on Tuesday: ** Telecom tower infrastructure company Bharti Infratel said Nettle Infrastructure Investments would buy about 21.63 percent of its stake from company''s promoter Bharti Airtel Ltd. ** China''s Alibaba Group Holding Ltd has fully acquired online ticketing platform Damai.cn, the e-commerce giant said, marking a further push into entertainment by the firm as it expands beyond its core online retail business. ** Market rumors that U.S. activist hedge fund Elliott Management Corp has acquired a stake in South Korea''s Hyundai Motor Co are not true, a person familiar with the matter told Reuters. ** Japan''s Panasonic Corp said it has agreed to become majority owner of Spanish auto parts maker Ficosa International SA as it bolsters its push into the automotive field. ** Egypt aims to raise 6 billion pounds ($329 million) from the sale of stakes in state companies in the 2017/18 financial year, Finance Minister Amr El Garhy told Reuters, part of government efforts to generate revenue and attract investors. ** Polyus, Russia''s largest gold producer, has agreed to sell its 82.34 percent stake in a joint venture with Polymetal which holds rights to develop the Nezhdaninskoye gold deposit, Polyus said in a statement. (Compiled by Divya Grover in Bengaluru)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/deals-day-idUSL3N1GY325'|'2017-03-21T17:27:00.000+02:00'
'bc34a69aa12cbaa613827069745c3f51492f2d39'|'South Africa''s Zuma says no crisis over grants payment system'|'CAPE TOWN, March 16 South African President Jacob Zuma said on Thursday there was no "crisis" as doubts mount over the government''s ability to make welfare payments in April to 17 million needy people because of a service-provider dispute."There is no crisis," Zuma said in response to a question from the opposition. South Africa''s top court on Wednesday blamed Social Development Minister Bathabile Dlamini for the saga, which it described as a crisis. (Reporting by Wendell Roelf; Writing by Ed Stoddard; Editing by James Macharia)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/safrica-zuma-welfare-idINJ8N1GE00P'|'2017-03-16T10:00:00.000+02:00'
'd434a2d285099570c03d0a5ad64a09a903764791'|'China raises short-term interest rates for third time in as many months'|'Business News   2:37am GMT China raises short-term interest rates for third time in as many months FILE PHOTO: A Chinese national flag flutters outside the headquarters of the People''s Bank of China, the Chinese central bank, in Beijing, China April 3, 2014. REUTERS/Petar Kujundzic/File Photo SHANGHAI China''s central bank raised short-term interest rates for the third time in as many months on Thursday, a day after the end of the annual session of parliament where leaders warned that tackling debt risks would be a top policy priority this year. The move came hours after the U.S. Federal Reserve raised its benchmark policy rate, as had been widely expected. The People''s Bank of China (PBOC) raised interest rates by 10 basis points on both medium-term lending facility (MLF) loans and its open market operation reverse repurchase agreements. Some analysts had expected such a move in coming months as authorities look to contain raises from a rapid build-up in debt. The move brought the rate on MLF loans to 3.05 percent and 3.20 percent, respectively, the PBOC said in an online statement. The PBOC also said it had lent 113.5 billion yuan ($16.47 billion) of six-month MLF loans and 189.5 billion yuan of one-year MLF loans to 17 financial institutions on Thursday. The MLF is a supplementary policy tool the central bank uses to manage conditions and medium-term interest rates in the banking system and money markets. The central bank also raised the rate on open market operation reverse repos for seven-day, 14-day and 28-day tenors, bringing them to 2.45 percent, 2.60 percent and 2.75 percent, respectively. China has cut its economic growth target this year as the world''s second-largest economy pledges to push through painful reforms to address a rapid build-up in debt, and erects a "firewall" against financial risks. (Reporting by Winni Zhou and John Ruwitch; Editing by Kim Coghill) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-china-economy-rates-idUKKBN16N08F'|'2017-03-16T09:30:00.000+02:00'
'f34c1281fdc3f96824819cef706e7501f5b74053'|'Brexit to shape rethink of EU financial supervision'|' 00pm GMT Brexit to shape rethink of EU financial supervision A Union flag flutters near the Houses of Parliament in London, Britain, March 20, 2017. REUTERS/Stefan Wermuth LONDON A more powerful securities watchdog may be needed in the European Union to counter market fragmentation after Britain, its biggest financial centre, leaves the bloc, an EU consultation paper said on Tuesday. The EU''s executive European Commission paper looks at revamping the bloc''s system of financial supervision, which is mainly based on three agencies covering securities, banking and insurance. Clearing houses, banks and insurers use Britain as a base to serve clients across the EU, but this will likely end in its current form given that the UK intends to leave the single market in two years. "The vote of the United Kingdom to leave the EU, the position of the government of the United Kingdom that it will not be seeking membership of the single market, and the expected impact on the market of those decisions also underline the need to reflect carefully about supervisory arrangements," the commission''s paper said. The euro zone has already centralised banking supervision under the European Central Bank, and in the meantime the bloc has launched a capital markets union project to spur more funding for the economy from securities such as stocks and bonds. The commission noted that the European Securities and Markets Authority''s (ESMA) powers are currently limited to credit rating agencies and trade reporting bodies. The EU executive said it wanted to identify specific areas where stronger European supervision will help overcome market fragmentation. "A possible extension of ESMA''s powers could be considered in market segments in which there is a strong need to support more integrated, efficient and well-functioning financial instruments markets," it said. The European Banking Authority is based in London and will have to find another home inside the EU after Brexit, triggering industry speculation that it could be merged with the Frankfurt based European Insurance and Occupational Pensions Authority. (Reporting by Huw Jones; Editing by Keith Weir)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-markets-regulations-idUKKBN16S1PE'|'2017-03-21T21:00:00.000+02:00'
'44d72c9b507e0911204ba92d03dea825085a3fbd'|'Gold is marooned between U.S. rates and India demand - Russell'|'By Clyde Russell - LAUNCESTON, Australia LAUNCESTON, Australia It''s not unusual for a financial market to be pulled in different directions simultaneously by competing influences, but what is notable for gold currently is the apparent inability of the contradictory factors to gain momentum.History and logic suggest that when the United States starts a monetary tightening cycle, gold will underperform, since as a non-yielding asset it loses out to instruments that will enjoy higher yields from the rising rates.The Federal Reserve lifted interest rates on March 15 for the second time in three months, with expectations that it will raise at least twice more this year and perhaps three times in 2018.But spot gold didn''t drop when the Fed pulled the rates lever, gaining 1.7 percent the day of the increase, and closing at $1,233.15 an ounce on Monday, up almost 3 percent since the day before the Fed move and 9.9 percent since the recent low in mid-December.So, why is the gold market being sanguine about rising U.S. interest rates?Part of the answer may be that investors are taking a view that the rise in real yields may not be as dramatic given U.S. inflation is also on an upward trend.There also may be a U.S. dollar effect, with analysts at JP Morgan noting that it''s likely that the greenback has already seen the bulk of its rally in this tightening cycle."In the current cycle, the broad U.S. dollar has so far appreciated by 22 percent, and we see the dollar rallying another 2 percent higher into midyear before retracing to current levels by the first quarter of 2018," JP Morgan said in a note published March 15."In short, the lion''s share of this cycle''s U.S. dollar appreciation could potentially be behind us," the note said.Rising U.S. inflation and a peak in U.S. dollar strength may mean that the traditional impact of a U.S. monetary tightening cycle may be less than usual.What the gold market is currently signalling is that while U.S. interest rate rises are still a bit of a headwind, they may not be enough to offset some compelling tailwinds.INDIA IS GOLD''S BEST HOPEThe main boost to gold prices in 2017 may well come from India, formerly the world''s top consumer of the precious metal.Indian gold demand was pummelled in 2016, falling 21 percent to 675.5 tonnes from 857.2 tonnes the prior year, the biggest yearly decline in volume terms recorded by the World Gold Council.One of the main factors driving the slump was the government''s ongoing efforts to attack the informal economy, culminating in the removal of high denomination 500 and 1,000 rupee notes in November, a demonetisation that effectively removed some 86 percent of bank notes by value.In an economy where most transactions are still cash, the impact was to crimp retail gold demand as liquidity dried up.But there are positive signs that India is recovering, with imports jumping to 50 tonnes in February, up more than 82 percent from the same month in 2016, according to data provided by GFMS.While some of this was likely due to what GFMS called the release of pent-up demand, it''s also possible that stronger economic conditions will lift Indian demand for jewellery, the main driver of that market.While India is looking more positive for gold, it''s worth noting that China, the world''s largest buyer, is less constructive, with soft jewellery demand and the lack of a clear price trend deterring investment appetite.It''s likely that the best-case scenario for China this year is one of steady demand, with the main X-factor being the value of the yuan, as a depreciating local currency may spur Chinese investor appetite for gold as a hedge.Another potential positive for gold is the usual suspect of geopolitical risk, although if elections in France and Germany follow the recent Dutch vote, where anti-European populists did less well than expected, it may not add much to gold demand from a risk perspective.Overall, it appears there is no clear price trend for gold, and looking at a cross-section of forecasts from analysts shows hat those who are bearish are only mildly so, while those bullish are also expecting modest gains at best.While the ebb and flow of news events will drive daily price movements in gold, it would appear that a driver to move the price away from the $1,100 to $1,300 an ounce range is lacking.(Editing by Joseph Radford)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/column-russell-gold-idINKBN16S0AD'|'2017-03-21T01:01:00.000+02:00'
'443e091ce4e26360c9bcef2991150d5890cfd124'|'Japan ponders closing gap between JGB auctions and issuance - sources'|'TOKYO, March 21 Japan''s Ministry of Finance is considering shortening the period between the auction and the issuance of some Japanese Government Bonds, sources with knowledge of the matter said, a move that is expected to reduce risk for bond brokers.JGB brokers have long wanted such a step because the Bank of Japan, by far the largest buyer of JGBs because of its massive bond purchase scheme, does not accept the bonds that have been auctioned but are yet to be issued, compelling brokers to hold a large number of bonds over the interim period.The BOJ buys bonds in the secondary market and not at auction to avoid directly monetising Japanese government debt.The proposed shortening of issue times would come as market players grow more wary of the growing risks of holding bonds.Global bond prices have come under pressure partly because the U.S. Federal Reserve is raising interest rates and also because the European Central Bank is on course to scale back its bond-buying stimulus campaign.The MOF plans to bring forward the issue date of all the JGBs that are currently issued more than two business days after auction.That includes the JGBs that are issued in March, June, September and December as well as all two-year bonds. Some of them are issued weeks after auction.That means brokers are burdened with considerable risk, given that in many cases there are few buyers except the BOJ -- because BOJ policy has kept yields too low.Since the BOJ started massive easing in 2013, many bond traders have been engaged in the so-called BOJ trade, in which they buy JGBs at the MOF auction and flip them to the BOJ very quickly.The Ministry plans to float the idea in an upcoming meeting with market players this week, the sources said. (Reporting by Takaya Yamaguchi, writing by Hideyuki Sano; Editing by Eric Meijer)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-bonds-mof-idINL3N1GY1IN'|'2017-03-21T01:00:00.000+02:00'
'dc70d4a36431911d062a77f3edd369820b24b8fe'|'Puerto Rico offers new PREPA debt restructuring, bond insurers suffer'|'By Nick Brown and Daniel Bases - NEW YORK NEW YORK Puerto Rico Electric Power Authority, the island''s ailing power utility, on Tuesday reopened a long-agreed debt restructuring deal that drew ire from bondholders and put the stock of credit insurers under further selling pressure.The new restructuring proposal alters the 15 percent reduction in creditor principal, removes the requirement for an investment grade credit rating on restructured debt and decreases the size of a reserve fund put in place to insure payments are made on the bonds."That (investment grade) was never a realistic ask. I would love to say that we would have investment grade bonds, but it is just not true," Elias Sanchez, an official in Governor Ricardo Rossello''s office, told Reuters on Tuesday.Puerto Rico has struggled to pull itself out of a financial death spiral for several years, burdened by unsustainable debt, a 45 percent poverty rate and citizens leaving for the mainland.In 2015, PREPA hammered out a restructuring deal with creditors that was seen as a potential roadmap for a broader restructuring of the U.S. commonwealth''s crippling $70 billion debt load. PREPA alone has more than $8 billion in debt to restructure.The new proposal comes a day before a U.S. congressional hearing on the PREPA restructuring plan. Rossello is scheduled to testify as are the chairman of the federally appointed Financial Oversight and Management Board created under the PROMESA law last June, the chairman of PREPA and a representative of major creditors.Under the new deal 80 percent of the original debt would move into securitization bonds backed by a dedicated charge on customer bills. This essentially keeps the debt ringfenced from PREPA''s operations.In addition, creditors will receive 5 percent of their original investment in the form of a new bond backed by PREPA. That brings them to their 15 percent cut in principal.One group of PREPA creditors said the new proposal fundamentally changes the terms of the original deal."The modifications would undermine the value and structural integrity of the new PREPA securitization debt," the group said in a statement on Tuesday.BROADER FALLOUTPREPA''S original deal served as a bellwether. Its potential unraveling dovetails with the acceptance of a revised island-wide financial restructuring plan by the oversight board that sets aside less money for paying out debt.Under the newly certified plan, debt service would be $800 million per year versus $1.2 billion a year over a 10-year period. That puts the recovery rate for bondholders, in aggregate, around 30 cents on the dollar, according to analysts.Benchmark Puerto Rico general obligation (GO) debt has suffered in the wake of the decision. GO bonds maturing in 2035 and carrying an 8 percent coupon, traded at 61.575 on Tuesday, down from Monday''s closing price of 63.3, according to Thomson Reuters data..The bond is down 11.175 points in price since the plan was certified on March 13 and hit an all-time low on Monday at 61.35 before rising. Defaulted debt trades more like an equity and is not typically Quote: d with a yield.The debt has been in default since last year when U.S. Congress passed the PROMESA rescue law that suspended debt payments.Compounding the negative sentiment is a brewing civil war between various camps of Puerto Rico''s creditors.On Sunday, so-called COFINA bondholders, whose debt is backed by sales tax revenue, asked a federal judge in San Juan to deny the GO bondholder group''s effort to stop the island''s government from making payments on COFINA debt.Late Monday, a federal appeals court in Boston ordered that lawsuit frozen under PROMESA, which bars litigation over Puerto Rico debt defaults until May 1, to give the island and creditors time to work out a consensual restructuring without worry about lawsuits.GO debt traditionally is considered senior to all other debt obligations as it is backed by the good faith and credit of a municipality, but COFINA creditors have argued that the tax revenue stream guaranteeing their debt is off limits to the government.Bond insurers involved in Puerto Rico have seen their stock prices hammered by the uncertainty created by the lower debt service, growing legal rancor between creditor groups and now the reopening of the PREPA restructuring. The last element is particularly hard on Assured Guaranty Ltd and MBIA Inc which have exposure to PREPA.On Tuesday afternoon, Assured''s stock was down 1.9 percent at $37.05 and MBIA shares were down 1.8 percent at $8.28. Since March 13, Assured shares are down nearly 9 percent while MBIA''s are off more than 12 percent."All of these names had been performing well since PROMESA because there was an expectation of what would come from the deal," said Mark Palmer, financial equity analyst at BTIG in New York."Now with the PREPA deal being renegotiated ... there is a question about whether a higher level of losses for the insurers is going to occur. If it does occur, a lot of the pain is now baked in to the share price," he said.(Editing by Matthew Lewis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-puertorico-debt-prepa-idINKBN16S2MD'|'2017-03-21T17:06:00.000+02:00'
'8db62976717e91034b31fe546ab8350c0fc3ec38'|'Japan Aso - think G20 countries understand free trade importance'|'TOKYO Japanese Finance Minister Taro Aso said on Tuesday he felt that Group of 20 countries shared a common understanding that free trade is important.Aso also said that the agenda for the U.S.-Japan economic dialogue starting next month had not been decided, but he wanted to have constructive talks that are mutually beneficial to both sides in the areas of trade and economics.Aso''s comments on free trade, however, are unlikely to ease concerns about the threat of protectionism.Financial leaders of G20 economies dropped a pledge to keep global trade free and open at a summit over the weekend, acquiescing to an increasingly protectionist United States after a two-day meeting failed to yield a compromise.(Reporting by Stanley White; Editing by Chris Gallagher)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/japan-economy-aso-idINKBN16S022'|'2017-03-20T21:32:00.000+02:00'
'a0e1756948f65424da17d2935fd4bdfb3ea68983'|'FTSE slips from record high as banks, oil drag'|' 37am GMT FTSE slips from record high as banks, oil drag FILE PHOTO - People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photo GLOBAL BUSINESS WEEK AHEAD PACKAGE - SEARCH BUSINESS WEEK AHEAD 27 FEB FOR ALL IMAGES By Kit Rees - LONDON LONDON Britain''s top share index retreated from record levels on Monday, weighed down by falling energy stocks and banks. The blue chip FTSE 100 .FTSE index was down 0.2 percent at 7,410.95 points by 1025 GMT, slipping from 7,447.00 points reached in the previous session, leaving it set to break a three-day winning streak. Energy stocks .FTNMX0530 were the biggest drag on the large caps, with BP ( BP.L ) falling 1.1 percent and Royal Dutch Shell ( RDSa.L ) down 0.6 percent as oil prices came under pressure from rising U.S. drilling and ongoing high supplies from OPEC. [O/L] Overall, the energy sector took around 8.4 points off the FTSE 100. Mining stocks FTNMX1770 also contributed to losses, with Antofagasta ( ANTO.L ), BHP Billiton ( BLT.L ) and Anglo American ( AAL.L ) down between 0.9 and 1.2 percent. British banks .FTNMX8350 were led lower by Royal Bank of Scotland ( RBS.L ), which fell 1.6 percent. “The financial stocks have all been on a pretty good push over recent sessions, so we are starting to see some short-term profit-taking come in," Dafydd Davies, partner at Charles Hanover Investments, said. "We could start to see, as Brexit uncertainty builds, a bit more de-risking on the financials that are particularly exposed to the direct state of affairs in question.” Last week, British banking shares came under pressure on the prospect of a new Scottish independence referendum and as the trigger of Article 50 came into sight. Associated British Foods ( ABF.L ) was the top FTSE gainer, however, up 2 percent after Goldman Sachs upgraded the Primark-owner to "buy" from "neutral". "We conclude that Primark''s market positioning remains differentiated and, unlike peers, higher input costs are baked into FY17E GM%," analysts at Goldman said, adding that success with a potential Click & Collect model could offer upside. British mid cap stocks .FTMC fared slightly better, down just 0.1 percent. Shares in real estate investment trust (REIT) Hansteen Holdings ( HSTN.L ) rose 2.6 percent to their highest level since June 2007 after it agreed to sell its German and Dutch industrial property portfolios for 1.28 billion euros ($1.38 billion). "The deal displays the group’s strategy at work, and has allowed it to crystallise the revaluation gains and recent currency movement following the depreciation of sterling against the euro," analysts at Patronus Partners said in a note. (Reporting by Kit Rees; Editing by Andrew Heavens)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN16R0VT'|'2017-03-20T17:37:00.000+02:00'
'c5f63fcc24bca82f7affe9591421236fe2b0992c'|'Atos-owned Wordline preparing bid Ingenico: report'|'PARIS Worldline, a maker of payment terminals owned by Atos ( ATOS.PA ), is preparing an offer for rival Ingenico ( INGC.PA ), La Lettre de L''Expansion reported on Monday, without citing sources.According to the business newsletter, Worldline intends to propose an agreed acquisition worth 7.5 billion euros to 8 billion euros ($8.1 billion-$8.6 billion).Atos and Ingenico spokespeople could not be reached and did not immediately return calls and messages seeking comment.(Reporting by Laurence Frost; Editing by GV De Clercq)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-m-a-ingenico-group-atos-idINKBN16R0H4'|'2017-03-20T04:24:00.000+02:00'
'77ec8edb13008630519762b175f952e7a3382f4e'|'UK''s Phoenix Group raises cash generation target'|'  7:51am GMT UK''s Phoenix Group raises cash generation target Phoenix Group Holdings ( PHNX.L ), Britain''s largest owner of life assurance funds closed to new customers, raised its long-term cash generation target due to benefits of acquisitions made last year. The insurer, which makes money by buying European life insurers that are closed to new customers and running them more efficiently, said it now expected to generate 2.8 billion pounds ($3.5 billion) of cash from operating companies between 2016 and 2020. This is higher than an earlier target of 2.0 billion pounds as Phoenix benefits from its acquisitions of British assets from French insurer AXA ( AXAF.PA ) and Deutsche Bank AG ( DBKGn.DE ) last year. Phoenix said 1 billion to 1.2 billion pounds of this cash would be generated between 2017 and 2018. In 2016, Phoenix bagged AXA''s UK investment and pensions business as the French firm completed an exit from a mature life assurance market, and Deutsche Bank''s British insurance business Abbey Life as the German firm shed non-core assets. However, the British insurer lost out last year on buying Guardian Financial Services, which was bought by reinsurer Swiss Re AG SRENH.VX for about 1.6 billion pounds. Phoenix was scouting for acquisitions to help gain scale in a challenging, low interest rate environment after Britain voted to leave the European Union, its Chief Executive Clive Bannister told Reuters in August last year. "We believe there will be further consolidation in the UK life industry. We continue to explore opportunities as they arise," Bannister said in a statement on Monday. Phoenix''s operating profit rose about 8 percent to 351 million pounds in the year ended Dec. 31, from 324 million pounds a year ago. The firm generated 486 million pounds in cash last year from operating companies, exceeding its target of 350-450 million pounds. (Reporting by Esha Vaish and Noor Zainab Hussain in Bengaluru; Editing by Amrutha Gayathri)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-phoenix-group-results-idUKKBN16R0H8'|'2017-03-20T14:51:00.000+02:00'
'890e5bd6986afd0748f5910f468d8fcada74e853'|'Volkswagen trucks division targets strong profitability gain in 2017'|'MUNICH Volkswagen''s truck division aims to significantly increase its profitability this year as deepening cooperation between the MAN and Scania brands and improving overseas markets spur business, it said on Monday.Volkswagen (VW), which launched a new truck & bus division in 2015 to challenge global rivals Daimler and Volvo, is targeting a long-term operating margin target of 9 percent, up from 6.1 percent last year."We are not striving to become a volume champion, we want to be the most profitable ones," chief executive Andreas Renschler told journalists, referring to improving markets in Western Europe, Russia and China.But finance chief Matthias Gruendler made clear a financial results requires a rebound in the key Brazilian market where the VW division commands a 37-percent share of the country''s commercial-vehicles market.Overall truck and bus sales in Brazil have been falling for four years but demand is expected to rebound slightly in the second half of the year amid the improving economy with a chance for stronger growth in 2018, Gruendler said."Brazil has always been an important market and is characterized by a high degree of cyclicality," chief executive Andreas Renschler said.Under Renschler, who ran Daimler Trucks before joining VW in February 2015, Europe''s largest automotive group has also been seeking to expand its footprint in international truck markets.Last year, VW announced a stake purchase in U.S. truck maker Navistar International Corp which may earn the German group access to the vast North American truck market, and is also in talks about finding a new partner in China."We are currently in discussions about different opportunities," Renschler said. "All options are open" including a possible increase in MAN''s stake in China''s Sinotruk and finding a new partner.(Reporting by Andreas Cremer and Irene Preisinger; Editing by Maria Sheahan)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/volkswagen-outlook-trucks-idINKBN16R1K5'|'2017-03-20T11:17:00.000+02:00'
'0eb29b9c3a815fdecf42c759680e5d31060b0b65'|'UPDATE 1-Hansteen to sell German, Dutch industrial properties for $1.4 bln'|'(Adds details, background, share movement)March 20 Britain''s Hansteen Holdings has agreed to sell its German and Dutch industrial property portfolios for 1.28 billion euros ($1.38 billion) to a venture between Blackstone Group LP and M7 Real Estate.The price represents a premium of about 6 percent, or roughly 76 million euros, to the assets'' valuations at the end of 2016, Hansteen said in a statement on Monday.Hansteen''s shares rose more than 6 percent, before paring gains to trade up 3 percent at 125.55 pence at 0850 GMT. They were the top gainers on London''s midcap index."This is a compelling opportunity to crystallise both the revaluation gains from these German and Dutch assets achieved by our active asset management and the gains from foreign exchange movements," Hansteen joint chief executives Morgan Jones and Ian Watson said.Last year, the industrial market outperformed all other European real estate sectors, including offices and retail, data from property consultant CBRE showed, as the sector benefited from higher demand for warehouses from retailers expanding their online operations.Over the fourth quarter, European commercial real estate deals reached a record high of 86.8 billion euros, boosted largely by a buoyant Germany market and growth in the Netherlands, according to the data.Hansteen, a UK real estate investment trust, said that the sale was expected to complete before the end of June and that it was advised by property consultant JLL.The sale leaves Hansteen with its UK business, where the market has seen some turbulence after Britain voted to leave the European Union.However, Hansteen said it had not noticed any significant effect on demand for industrial space following the June 23 vote."Across the UK, we are experiencing pockets of rental growth and shorter incentives being offered to tenants as demand intensifies," the company said. ($1 = 0.9288 euros) (Reporting by Esha Vaish in Bengaluru; Editing by Jason Neely and Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/hansteen-divestiture-idINL5N1GX0ZS'|'2017-03-20T06:01:00.000+02:00'
'59f9097540a7646114c8c516434c893a340966d2'|'BRIEF-Corium reports progress in Corplex Donepezil candidate study'|' 52am EDT BRIEF-Corium reports progress in Corplex Donepezil candidate study March 20 Corium International Inc * Corium reports positive progress in pilot bioequivalence study of once-weekly Corplex™ Donepezil patch * Reported that pilot study is on track for completion of third and final treatment period in april * Expects to report on results from entire study in may  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-corium-reports-progress-in-corplex-idUSFWN1GX0FE'|'2017-03-20T19:52:00.000+02:00'
'c3f29edd789ed9baf57074cc429c99419cf4bff2'|'Oil drops on rising U.S. drilling, steady OPEC supply'|'  7:04am GMT Oil drops on rising U.S. drilling, steady OPEC supply A pump jack operates at a well site leased by Devon Energy Production Company near Guthrie, Oklahoma September 15, 2015. REUTERS/Nick Oxford By Henning Gloystein - SINGAPORE SINGAPORE Oil prices fell on Monday, with already-bloated markets pressured by rising U.S. drilling activity and steady supplies from OPEC countries despite touted production cuts. Prices for benchmark Brent crude futures were 35 cents, or 0.68 percent, below their last settlement at 0646 GMT, at $51.41 per barrel. U.S. West Texas Intermediate (WTI) crude futures were down 46 cents, or 0.94 percent, at $48.32 a barrel. Traders said that prices came under pressure from rising U.S. drilling and ongoing high supplies by the Organization of the Petroleum Exporting Countries (OPEC) despite its pledge to cut output by almost 1.8 million barrels per day (bpd) together with some other producers like Russia. "There is good, strong momentum to the downside," futures brokerage CMC Markets said in a note on Monday. U.S. drillers added 14 oil rigs in the week to March 17, bringing the total count up to 631, the most since September 2015, energy services firm Baker Hughes Inc said on Friday, extending a recovery that is expected to boost shale production by the most in six-months in April. Sukrit Vijayakar of energy consultancy Trifecta said the rising drilling activity was "reinforcing the expectation of higher U.S. production offsetting (OPEC''s) supply cuts". U.S. oil output has risen to over 9.1 million bpd from below 8.5 million bpd in June last year. Reacting to the ongoing glut in markets, financial oil traders cut their net long U.S. crude futures and options positions in the week to March 14, the third consecutive reduction, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. "This unwinding of position is both a cause and reflection of the big fall in crude oil prices when the cracks in the OPEC/non-OPEC deal emerged and when it seems like it became evident shale oil is back and the new swing player," said Greg McKenna, chief market strategist at brokerage AxiTrader. Defying rising sentiment that oil markets remain oversupplied, some analysts say markets will tighten soon, arguing that the OPEC-led cuts will only start to bite from April, just as demand picks up as refineries return from current maintenance outages. "The cuts in OPEC production from the start of 2017 should start to show up between mid-March (now) and mid-April. Over the coming weeks we expect a sharp reduction in imports and increase in refining runs which should lead to impressive crude inventory draws," analysts at AB Bernstein said on Monday in a note to clients. "The combination of falling imports and stronger crude runs should lead to substantial inventory cuts over the coming months," they said. (Reporting by Henning Gloystein; Editing by Joseph Radford)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-oil-idUKKBN16R017'|'2017-03-20T14:03:00.000+02:00'
'a86b2450ee5dcf90edd729b5f1f3ef8c890a16d9'|'Hansteen to sell German, Dutch industrial properties $1.4 billion'|'Britain''s Hansteen Holdings ( HSTN.L ) has agreed to sell its German and Dutch property portfolios for 1.28 billion euros ($1.38 billion) to entities owned by funds advised by affiliates of the Blackstone Group LP ( BX.N ) and M7 Real Estate, the company said on Monday.The price represents a premium of about 6 percent, or roughly 76 million euros, to the assets'' valuations at end of 2016, Hansteen said in a statement.(Reporting by Esha Vaish in Bengaluru; editing by Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-hansteen-divestiture-idINKBN16R0I6'|'2017-03-20T04:39:00.000+02:00'
'bd67a44c8f2ffab09beefafde4ad398e620f2526'|'CANADA STOCKS-TSX falls with oil as energy and financials decline'|' 11pm EDT CANADA STOCKS-TSX falls with oil as energy and financials decline TORONTO, March 20 Canada''s benchmark stock index retreated on Monday as oil prices fell and heavyweight energy and financial shares lost ground, while the prospect of higher U.S. interest rates pressured defensive sectors, such as telecoms. The Toronto Stock Exchange''s S&P/TSX composite index unofficially closed down 48.17 points, or 0.31 percent, at 15,442.32. Eight of the index''s 10 main groups ended lower. (Reporting by Fergal Smith)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL2N1GX1HA'|'2017-03-21T03:11:00.000+02:00'
'69247ae8824ae39ca4bd0f951c7b04c6d05e5ce9'|'UK''s gaming firm 888 to pay special dividend as 2016 profit jumps'|'  7:47am GMT UK''s gaming firm 888 to pay special dividend as 2016 profit jumps British online gaming company 888 Holdings said it would pay a special dividend of 10.5 cents per share for 2016 after posting a 82 percent surge in full-year pretax profit, driven by strong performance in its sportsbetting and casino businesses. The group, which operates 888 casino, poker, sport and bingo brands, said it was recommending a final dividend of 5.1 cents per share along with an additional one-off 10.5 cents per share bringing the total dividend to 19.4 cents per share. The company announced an interim dividend of 3.8 cents in August. Revenue at its casino and sports divisions rose 21 percent and 49 percent, respectively, with total group revenue increasing 13 pct to $520.8 million. Pretax profit rose to $59.2 million from $32.5 million a year ago. (Reporting by Rahul B in Bengaluru; Editing by Amrutha Gayathri)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-888-holdings-results-idUKKBN16S0OU'|'2017-03-21T14:47:00.000+02:00'
'851a046fe448907925f09c224a14053562277614'|'PRESS DIGEST- Financial Times - March 20'|'March 20 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.HeadlinesMay embarks on UK tour to extol Brexit benefits on.ft.com/2mGeyEnBritain and Germany set to sign defence co-operation deal on.ft.com/2mGm95GRivals circle Wood and Amec assets on.ft.com/2mFCbNuTCI steps up campaign to block Zodiac takeover on.ft.com/2mG9HmFOverviewBritish Prime Minister Theresa May will begin her tour of the UK in order to unite the country before she enters formal Brexit negotiations by the end of the month.The UK defence ministry has said it is in talks with Germany to sign a new defence co-operation agreement after the country launches Brexit.SNC-Lavalin of Canada and UK''s Petrofac Ltd are eyeing John Wood Group Plc and Amec Foster Wheeler Plc for picking up assets and contracts.The Children''s Investment Fund wrote a letter to Safran SA''s board in a push to its campaign to block Safran''s takeover bid for Zodiac Aerospace SA .(Compiled by Gaurika Juneja in Bengaluru; Editing by Peter Cooney)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-ft-idINL3N1GX05O'|'2017-03-19T21:50:00.000+02:00'
'fa2ba3c6c930548cd18f8de376bd8d6a86da31b7'|'EU''s Tusk says committed to complete trade agreement with Japan very soon'|'  11:32am GMT EU''s Tusk says committed to complete trade agreement with Japan very soon Japanese Prime Minister Shinzo Abe meets with EU Commission President Jean-Claude Juncker (R) and EU Council President Donald Tusk at the EU headquarters in Brussels, Belgium, March 21, 2017. REUTERS/Yves Herman BRUSSELS The European Union is committed to completing the negotiations for a free trade agreement and a strategic partnership agreement with Japan very soon, EU Council President Donald Tusk said on Tuesday. "Let me assure that the European Union is fully committed to concluding the negotiations for both agreements very soon," Tusk said ahead of a meeting with Japanese Prime Minister Shinzo Abe in Brussels. (Reporting by Robert-Jan Bartunek, editing by Julia Fioretti) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-japan-trade-idUKKBN16S18J'|'2017-03-21T18:32:00.000+02:00'
'5e317b1df254688b016c3828c8c05b2abae5ec4c'|'Fracking and coal seam gas is no solution to an energy crisis of our own making - Greg Jericho - Business'|'T he current gas crisis is a prime example of how energy policy has been mishandled in this country. But it should not be an excuse for continuing the bad policy. Using talk of a gas shortage to increase fracking and coal seam gas exploration would be a bad solution to a problem of our own making.The latest statement by the Australian Energy Market Operator (Aemo) on the gas industry seems to makes it pretty clear that we are about to suffer a gas shortage.It notes at the top of its executive summary that “declining gas production may result in insufficient gas to meet projected demand by GPG for supply of electricity from summer 2018-19”.The statement includes estimates of which states will suffer shortages out to 2036:That would make it seem like a pretty open and shut case for needing to increase gas exploration and remove the moratorium on fracking that exists in Victoria and the Northern Territory. Surely a gas shortage means we need to increase the gas supply.But the shortage figures hide the fact that Australia is not suffering from a lack of gas at all. It’s one of the more odd things that, while Aemo is predicting a gas shortage in 2019, Aemo also notes that demand for gas in Australia has actually fallen since 2012.It also seems weird to talk of a shortage of supply when we are also hearing about the massive boom in the gas industry in Queensland. And it is here that we get to the crux of the problem. We are producing more gas than ever before but it is not for Australian consumers, it is for exports:By 2020, 73% of gas production in Australia will head overseas. The problem is that when the Gladstone LNG plants and port opened, for the first time the eastern gas market was linked with the world market. At the time, the price of selling LNG to Japan was much higher than gas prices here, even accounting for the cost of conversion and transportation. It meant that the prices of gas in the south-eastern states rose but also that selling gas overseas became a more attractive option than selling it to domestic users.But since the Gladstone port and LNG plants came online, due to the massive increase in supply and demand not growing as fast as expected, the price has crashed and there is now a glut of LNG:And when the cost of coal seam gas turned out to be more than expected – due to, as Aemo notes, “geological challenges” – it meant that in order to achieve a profit for these large and long-term export contracts for LNG, rather than use expensive gas, suppliers sought to use gas that previously went to domestic supply.It saw big export contracts that effectively sucked up as much of Australia’s gas as possible. But, as Aemo notes, the lower prices in Japan have not led to lower prices here.In 2016 – coinciding with the first winter where LNG supply was in full swing – Aemo notes that spot prices increased from an average of around $5 a gigajoule (GJ) across gas markets in April 2016 to an average of $12/GJ in July 2016.None of this is a surprise.I first wrote of the looming gas price hike in March 2014 and about calls for a reservation of gas for local use in October that year. That three years later I could pretty much rewrite the same article says a bit about how energy policy in the country has been handled.We need the government to fix this unconscionable energy mess – they owe us that much - Katharine Murphy Read more The issue of cost and supply remains – although it is somewhat changed.Back in 2014 the view was that Japanese LNG prices would pull up our gas prices, so that we were in effect paying the world price. Except now we have the absurd case where Japan prices have fallen so low that there is talk of importing Australian LNG for domestic use .So do we need to unlock the gate – and allow fracking? Not particularly.We already have enough gas production to meet Australia’s demands three times over and developing more fracking sites may not actually do much to lower prices. As Aemo notes: “The increased cost of sourcing new gas supply means additional gas in the market may not translate to lower prices.”Arguing for new fracking exploration and production is effectively suggesting that the way to meet Australia’s demand for gas and lower prices is to develop more costly sites and allow the low-cost production to be exported.That’s a pretty odd policy to follow.Back in 2014, I was against moves to reserve gas supply because while doing so might guarantee electricity generation it is not a guarantee that prices will remain low. Western Australia has a gas reserve policy and, over the past 10 and 20 years, consumers in Perth have seen their gas prices increase faster than those living on the east coast:But my main issue against reserving gas for domestic use is doing so is a perverse incentive against the use of renewable energy. I was in 2014, however, perhaps rather too naive about how bad our energy policy would be handled and how strongly the government would be against renewable energy.Aemo argues that to remove all gas shortfalls from 2019 to 2024 all that is needed is to reserve “5% of supply currently earmarked for LNG export”. There is, however, some suggestion that the Aemo projections of shortage might be overstated. A report in 2015 by the Melbourne Energy Institute notes that Aemo has consistently overstated projections of demand for gas. Even since 2013 the amount of gas Aemo expects Australians to use has fallen:Better efficiency and consumers reducing use due to increased gas prices has seen gas demand fall by more than expected.Ironically, a gas reservation would likely reverse that trend and move consumers away from more energy efficient methods for heating and cooking.The issue of gas supply is not about a lack of gas in Australia but where that gas is going. A reserve of gas might now be a least worst policy but we certainly should not be using the current situation to move towards more costly – and environmentally dubious – methods of gas production. Topics Energy Grogonomics Australian politics Business (Australia) Coalition Energy (Environment) Labor party comment   Share   Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/grogonomics/2017/mar/21/fracking-and-coal-seam-gas-is-no-solution-to-an-energy-crisis-of-our-own-making'|'2017-03-21T06:49:00.000+02:00'
'16cea624e822e3e621f306ddd81a42aecd7fa742'|'Goldman Sachs to move hundreds of staff out of London due to Brexit - Business'|'Goldman Sachs is to start moving hundreds of staff out of London before a Brexit deal is struck, the bank’s European boss has confirmed.Richard Gnodde, chief executive of Goldman Sachs International, said on Tuesday the decision to relocate staff was part of the bank’s contingency plan for the UK leaving the EU. “We are going to start to execute on those contingency plans”, he told CNBC.Gnodde said the bank, which currently employs 6,000 staff in London, would take extra office space in Frankfurt and Paris . Speaking a week before Theresa May will formally being the UK’s exit from the EU by triggering article 50, Gnodde said: “We start with a significant European footprint, we are licensed with banks in Germany and in France.”“Over the next 18 months or so we are going to upgrade those facilities, we’ll be take extra space in a number of them and be increasing our headcount and infrastructure around those facilities,” said Gnodde.He s aid the numbers involved were “in the hundreds of people as opposed to anything much greater than that”.Gnodde added that no final decisions had yet been made about how many staff would eventually work in which locations. “This is all in the context of continency planning,” he said. “What our eventual footprint will look like will depend on the outcome of [the Brexit] negotiations and what we are obliged to do because of them.”In January, the bank was the subject of speculation it could shift half of its 6,000-strong workforce out of London , with 1,000 of the jobs relocated to Frankfurt.At the time Goldman insisted no decisions had been made and on Tuesday Gnodde did not indicate which of the EU hubs might be the greatest beneficiary of any moves out of London. Goldman currently has some 200 staff in Frankfurt and about 100 in Paris.He said: “Whatever the outcome [of the Brexit talks], London will remain for us a very significant regional hub and a significant global hub. London will remain a very significant important centre.”Other banks have also warned that roles will have to go as a result of Brexit. HSBCboss Stuart Gulliver has said that 1,000 roles will move to Paris “in about two years’ time, when Brexit becomes effective”. Swiss bank UBS has acknowledged that 1,000 of its 5,000 staff could shift, possibly to Frankfurt or Madrid. US bank JP Morgan hassaid that 4,000 UK jobs are at risk . Estimates of the impact of Brexit on the City vary widely. Xavier Rolet, chief executive of the London Stock Exchange, has warned that 230,000 finance jobs could disappear while Mark Carney, governor of the bank of England, has played down the risks. He described the City as “Europe’s investment banker” and said European economies could be damaged if their access is disrupted after Britain leaves the EU. Goldman Sachs’ chief executive, Lloyd Blankfein, admitted in January that the bank was holding back from moving new activities into London, as had been previously planned. However, the bank is continuing to press on with building its new nine-storey London HQ, with the aim of moving in in 2019. The bank could take all the floors or subletto tenants. Topics Goldman Sachs Banking Financial sector EU referendum and Brexit European Union news  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/mar/21/goldman-sachs-staff-london-brexit-frankfurt-paris'|'2017-03-22T00:26:00.000+02:00'
'eac6af61880f2f7cdb323c584f07aaada311b860'|'BoE to focus more on protecting insurance policyholders'|'  11:08am GMT BoE to focus more on protecting insurance policyholders The Bank of England is seen in the City of London, Britain, February 14, 2017. REUTERS/Hannah McKay By Huw Jones - LONDON LONDON The Bank of England will spell out more clearly what insurers should be doing to protect policyholders such as the elderly after a report called for clearer safeguards. The BoE''s Independent Evaluation Office (IEO) looked at how the central bank''s supervisory arm, the Prudential Regulation Authority (PRA), ensures policyholders are properly protected. The IEO said on Monday that the PRA''s "articulation of its policyholder protection responsibilities appears to be unfinished business". PRA work on policyholder protection had been "crowded out" by "live supervisory issues" and the need to implement European Union capital rules known as Solvency II by January 2016, the IEO said in a report. The BoE''s supervisors need to articulate fully their approach to protecting policyholders, though there was no evidence that PRA supervisors were falling short of their duties, the IEO said. The PRA should also ensure there is appropriate coordination with its sister regulator, the Financial Conduct Authority. BoE Deputy Governor and PRA Chief Executive, Sam Woods, said the IEO''s assessment was informative and balanced, and that the PRA has agreed a set of actions in response. The PRA will be clear that it does not seek to protect all policyholders equally, but will direct more of its resources to those who would suffer greater financial hardship if their policies did not pay out as promised, Woods told the London Business School in a speech. Britain''s exit from the EU has also raised hopes in the sector that Solvency II will be overhauled, but Woods reiterated there would be tweaks, rather than a broad overhaul. Woods said the debate about Solvency II has become a "cacophony of acronyms" emanating from a "magic circle of insurance enthusiasts". "But strip this back and you’ll see there is an essential, irreducible human core to it all," Woods said. "Some of the oldest and most vulnerable in our society have invested their life savings into long-term annuity contracts," Woods said. "So when we talk about promoting insurers’ safety and soundness, and protecting their policyholders, this is what we have in mind." (Reporting by Huw Jones; Editing by Alexander Smith)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-boe-insurance-regulations-idUKKBN16R0Z9'|'2017-03-20T18:03:00.000+02:00'
'0858f5c003f281925f65e4558f0274e9134388f2'|'Lilly''s breast cancer drug combination succeeds in key study'|'Health   7:04am EDT Lilly''s breast cancer drug combination succeeds in key study U.S. drugmaker Eli Lilly and Co said on Monday a combination of its experimental breast cancer drug and chemotherapy slowed disease progression in patients who had relapsed or did not derive enough benefit from prior treatment. Lilly''s drug is from the same new class of breast cancer treatments as Pfizer Inc''s recently approved drug, Ibrance. (Reporting by Natalie Grover in Bengaluru; Editing by Sai Sachin Ravikumar) Next In Health News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-lilly-syudy-idUSKBN16R0YS'|'2017-03-20T17:58:00.000+02:00'
'8c731412489821aa2b1ef54b7d6bddb6698805a2'|'Indonesia tax amnesty nets $330 billion - now for reform'|'Business News - Tue Mar 21, 2017 - 4:06am GMT Indonesia tax amnesty nets $330 billion - now for reform left right An employee at a government tax office sits behind a desk in Jakarta Indonesia February 23, 2017. REUTERS/Fatima Elkarim 1/3 A woman enters a government tax office in Jakarta Indonesia February 23, 2017. REUTERS/Fatima Elkarim 2/3 left right Indonesian President Joko Widodo speaks about the tax amnesty program to members of the business community in Jakarta, Indonesia February 28, 2017 in this photo taken by Antara Foto. Antara Foto/Akbar Nugroho Gumay/via REUTERS 3/3 By Gayatri Suroyo and Hidayat Setiaji - JAKARTA JAKARTA Southeast Asia''s biggest economy this month is winding up one of world''s most successful tax amnesties, with at least 745,000 taxpayers declaring more than $330 billion of assets so far. President Joko Widodo has cited higher tax revenue as the key to boosting infrastructure spending and growth. But if the amnesty is to avoid being just a one-off windfall, Indonesia needs to improve a tax collection ratio well below many of its peers, international agencies and local officials have said. To that end, Indonesia''s finance minister Sri Mulyani Indrawati has set up a special tax reform team to boost collection. It faces an immense task in a country where tens of millions of people - both the wealthy and the poor - remain outside the tax system. Parliament is considering draft legislation that would overhaul an institution the public views as one of Indonesia''s most corrupt, according to global corruption watchdog Transparency International. "People don''t pay taxes because they believe they won''t get caught," said Darussalam (like many Indonesians, he goes by one name), a partner at consultancy Danny Darussalam Tax Centre. The amnesty has provided the government with more revenue than similar plans in countries such as India, Chile, Italy or South Africa, Indrawati said. For a graphic on Indonesia tax amnesty, click here The amnesty has been criticized for benefiting mostly the rich. The World Bank blames poor tax compliance amongst high income earners in Indonesia for hampering poverty reduction and maintaining inequality. The richest one percent of Indonesia''s 250 million people control nearly half the wealth, charity organization Oxfam said. ( bit.ly/2kRgrlK ) TAX REFORM TEAM The tax bureau as of 2016 employed about 38,000 people to collect taxes from a workforce of 118.41 million. Less than a third of the workforce is registered at the tax office and even fewer file annual tax reports. A visit to the tax office in Jakarta provides a window into the challenges the government faces. Tax inspector Jeffry Martino sometimes works a 12-hour day just to keep tabs on a small portion of the hundreds of companies under his watch. He has 661 taxpayers under his watch, but focuses on the biggest 100 companies that contribute the most to his target of collecting 495 billion rupiah ($37.02 million) this year. "We are the spearhead of state revenue collection," said Martino, at his temporary office with a misfiring air conditioner. His job would be easier if tax auditors had far fewer clients and more access to third-party data, such as banking information, he said. He might get that wish under proposed legislation to reform the tax system. The draft in Indonesia''s parliament calls for giving tax collectors wider access to bank data in line with Indonesia''s pledge to join a global effort to share tax-related financial data. "HUNTING IN THE ZOO" Andreas Eddy Susetyo, a member of the commission overseeing the bill, said it may take up to a year to finish discussions and even then progress may be interrupted because politicians would be distracted by campaigning ahead of 2019 elections. Widodo has vowed to bypass parliament if necessary by issuing an emergency regulation before mid-year giving the tax office access to bank data. In the meantime, Finance Minister Indrawati''s tax reform team aims to increase the tax ratio to 15 percent of GDP in 2020 from about 11 percent now. That compares with a global average of 14.8 percent in 2014, according to the World Bank. The team, consisting of finance ministry officials and advisers from the World Bank and other agencies, intends to act as a brainstorming think-tank to push through reforms of everything from the tax office''s business model to tariffs. Hestu Yoga Saksama, a tax office spokesman, said the team would redeploy thousands of tax officers to auditing once the amnesty period ends this month. "We are preparing to take legal action against people we found non-compliant but have not taken part in the amnesty," said Saksama, describing it as a potential quick win. But the World Bank still estimates Indonesia will miss its 2017 total revenue target by 70 trillion rupiah ($5.23 billion), while the tax ratio will likely stay below 11 percent of GDP. Rosan Roslani, chairman of Indonesia''s chamber of commerce and industry, said that the tax office should not just monitor those already in the system, but go after tax evaders. "When our tax base is low, there will be some ''hunting in the zoo'' because you only have so many people in the system," said Roeslani, who is also advising the reform team. He advocates creating an Indonesian social security number system, similar to that of the United States, to help boost the number of taxpayers. (Editing by Ed Davies and Bill Tarrant) Next In Business News Fed on track to raise U.S. rates twice more this year: Evans NEW YORK The Federal Reserve is on track to raise interest rates twice more this year after a policy tightening last week, and it could be more or less aggressive depending on inflation and fiscal policies from the Trump administration, a Fed rate-setter said on Monday.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-indonesia-economy-tax-idUKKBN16S0AS'|'2017-03-21T11:05:00.000+02:00'
'1b92e07c9b1fe9fa4919fdc798dc5c166177f9a1'|'Mozambique to get $350 mln in tax from Eni-Exxon deal'|'MAPUTO, March 21 Mozambique will get $350 million in capital gains tax from Eni after the Italian oil and gas company agreed to sell a stake in a gas field to Exxon Mobil Corp, senior tax official Anibal Mbalango said on Tuesday.Exxon, the world''s biggest publicly traded oil producer, agreed earlier this month to pay Eni $2.8 billion for a 25 percent stake in a Mozambican gas field.Eni is currently the operator of Mozambique''s Area 4 licence which, with 85 trillion cubic feet of gas, is one of the world''s largest gas discoveries in recent years.The deal offers Mozambique the chance to transform itself from one of the world''s poorest countries into a global LNG exporter. (Reporting by Manuel Mucari; Writing by Olivia Kumwenda-Mtambo; Editing by Ruth Pitchford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mozambique-eni-tax-idINL5N1GY4ZR'|'2017-03-21T15:18:00.000+02:00'
'946bc27a5a2e8b0e46291bdc3507a9a2a24a7416'|'CORRECTED-GLOBAL MARKETS-Asian shares at 21-month high, dollar soft on less hawkish Fed'|'Company  28am EDT CORRECTED-GLOBAL MARKETS-Asian shares at 21-month high, dollar soft on less hawkish Fed (Corrects milestone in story and headline to 21-month highs, not 15-month highs) * U.S. bond yields ease, taking dollar with them * Chicago Fed Evans says two more rate hikes likely this year * Asia shares hit 15-month high * Oil prices tick up on hopes of extended OPEC-led output curb By Hideyuki Sano TOKYO, March 21 Asian shares hit 21-month highs on Tuesday while the dollar and U.S. bond yields were on the back foot on the prospect of a less-hawkish Federal Reserve policy trajectory. MSCI''s broadest index of Asia-Pacific shares outside Japan rose 0.4 percent to 21-month highs, with tech-heavy Seoul and Taipei shares hitting two-year highs while Hong Kong''s Hang Seng scaled 1 1/2-year highs. Japan''s Nikkei dropped 0.3 percent, weighed by financial stocks, which were hurt by lower U.S. yields and exporter stocks, which fell on the yen''s gains against the dollar. While Asian shares have been supported by signs of strong global economic growth, concerns about protectionism cast a shadow after financial leaders of the world''s biggest economies dropped a pledge to keep global trade free and open, acquiescing to an increasingly protectionist United States. Wall Street shares drifted lower on Monday as investors worried that President Donald Trump''s plan to cut taxes and boost the economy could take longer than earlier expected. "Any fiscal spending by the Trump administration will not come until August at earliest and probably much later. So any economic benefit of that will show up only next year," said a senior trader at a European bank. "So the markets are gradually pricing that in, winding back their initial rally after the elections." Although Trump promised in early February to deliver a "phenomenal" tax plan within a few weeks, no such details have been released yet. "U.S. stocks valuations are getting really expensive, so I expect the market to be capped for now. That also means Japanese shares are unlikely to gain further," said Tatsushi Maeno, senior strategist at Okasan Asset Management. Expectations that the Federal Reserve will have to step up rate hikes to counter inflationary pressure from Trump''s stimulus are also waning after the Fed dropped no hints of an acceleration in credit tightening last week. Chicago Federal Reserve President Charles Evans, in one of the first official comments after the Fed raised rates as expected last week, reiterated that message on Monday. He said that two more interest rate hikes this year were likely, disappointing investors who had anticipated rates to be increased more quickly. Evans''s comments helped to bring down the 10-year U.S. Treasuries yield to 2.461 percent, its lowest level in two weeks. It last stood at 2.479 percent. Lower yields undermined the greenback''s allure, softening the dollar to three-week lows near 112.26 yen in early Asian trade. The euro ticked up to $1.0758, near Friday''s six-week high of $1.07825, maintaining its gains made last week after a election defeat for Dutch far-right leader Geert Wilders, which eased broader fears of a populist drift in European politics. In France, centrist Emmanuel Macron solidified his status as front-runner in the presidential election in a televised debate on Monday. "At the moment, worries about the election have subsided a bit after the Dutch elections. But I expect the market to become more nervous near the election, given last year''s experiences (with Brexit and the U.S. elections)," said Kazushige Kaida, head of foreign exchange at State Street. The dollar''s index against a basket of six major currencies stood at 100.26, after hitting a six-week low of 100.02 on Monday. The spectre of slower U.S. rate hikes has been helping high-yielding currencies. The Australian dollar traded at $0.7706, after hitting a 4-1/2-month high of $0.7748 on Monday. It has risen 2.0 percent since the Fed''s policy meeting last week. The South African rand has gained 4.0 percent since then to a near 1-1/2-year high while the Brazilian real rose 3.2 percent. Oil prices rose in Asia on expectations that an OPEC-led production cut to prop up the market could be extended. Prices for front-month Brent crude futures, the international benchmark for oil, gained 0.4 percent to $51.83 per barrel. OPEC members increasingly favour extending the output curb beyond June to balance the market, sources within the group said, although they added that this would require non-OPEC members such as Russia to also step up their efforts. (Reporting by Hideyuki Sano; Editing by Sam Holmes and Eric Meijer) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-markets-idUSL3N1GY04W'|'2017-03-21T13:28:00.000+02:00'
'a582bf25c25bf4273009a7ea8e5b35bf7d3feaa7'|'RBS says to close more than 150 bank branches in Britain'|'Thu Mar 23, 2017 - 3:27pm GMT RBS says to close more than 150 bank branches in Britain People walk past a Royal Bank of Scotland office in London, Britain, February 6, 2013. REUTERS/Neil Hall/File Photo By Andrew MacAskill State-backed Royal Bank of Scotland ( RBS.L ) said on Thursday it plans to close more than 150 bank branches in Britain and 770 roles are at risk in the latest round of cuts and closures at the lender. The bank said in a statement it plans to close about 128 NatWest and 30 Royal Bank of Scotland branches. RBS said there may be a net reduction of about 360 jobs when newly created roles are included. Chief Executive Officer Ross McEwan has been cutting thousands of jobs to reduce expenses in a bid to boost earnings after nine years of straight annual losses. RBS, which is more than 70 percent owned by the government, said the job cuts and branch closures were due to customers increasingly banking online. "As customers change the way they bank with us, we must change the way we serve them," the bank said in a statement. RBS is struggling to return to health nine years after requiring the world''s largest bank bailout at the height of the financial crisis. (Reporting by Andrew MacAskill; Editing by Lawrence White) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-royal-bank-scot-branches-idUKKBN16U22Y'|'2017-03-23T22:23:00.000+02:00'
'1bb99c64222bb7631fe81eefae15f03bb56c9d97'|'Major oil companies open their wallets in Gulf of Mexico bidding'|'Commodities - Wed Mar 22, 2017 - 9:34pm EDT Major oil companies open their wallets in Gulf of Mexico bidding Logos of Shell is pictured at a gas station in the western Canakkale province, Turkey April 25, 2016. REUTERS/Murad Sezer By Ruthy Munoz - HOUSTON HOUSTON Royal Dutch Shell plc, Chevron Corp and Exxon Mobil Corp signaled the oil industry''s return to the Gulf of Mexico''s deep waters with high bids in a government auction up 76 percent over a year ago. The auction of offshore oil and gas parcels received nearly $275 million in high bids, compared with $156.4 million a year ago. The year-ago auction drew the fourth lowest total bids for leases in the central Gulf. The oil industry had moved away from deep water projects as oil prices fell and regulatory scrutiny increased following the Deepwater Horizon disaster in April 2010, the largest accidental marine oil spill. The five-month-long spill, which spewed some 210 million U.S. gallons (780,000 m3) into the Gulf, caused extensive damage to marine and wildlife habitats, as well as to the area''s fishing and tourism industries, forcing BP to sell assets worth of billions of dollars. Wednesday''s auction was the first under President Donald Trump, who has promised to cut permitting and regulatory hurdles in support of energy exploration. Shell and Chevron each had 20 high bids, and Shell''s $55.8 million total was the largest among the 26 companies submitting offers. Norway''s Statoil ASA was the second-largest total bidder with $44.5 million, followed by Hess Corp, Chevron and Exxon. "Today''s strong sale reflects continued industry optimism and interest in the Gulf''s Outer Continental Shelf, Department of Interior Secretary Ryan Zinke said in a statement. The highest bid on a single block this year, from Shell, was for $24 million, almost twice last year''s $13.6 million top offer. Among other top bidders, Exxon submitted 19 high bids totaling nearly $22 million, and Anadarko Petroleum had 16 high bids totaling nearly $19 million. The bids will be evaluated for the next 90 days by the Bureau of Ocean Energy Management and winners disclosed following the review. Interest in new deep-water projects is heating up with more favorable costs for drilling rigs, services and production equipment. Shell has cut its well costs by at least 50 percent and reduced logistics costs by three quarters, helping make deep-water projects affordable at crude prices under $50 a barrel. Last month, the Anglo-Dutch oil giant gave final approval to go ahead with its Kaikias deep-water project in the Gulf. In December, BP said it planned to move ahead with a previously delayed expansion project known as Mad Dog Phase 2, the first new platform sanctioned for the Gulf in a year and a half. (Reporting by Ruthy Munoz; Editing by Gary McWilliams and Sandra Maler) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-gulf-idUSKBN16U05D'|'2017-03-23T08:29:00.000+02:00'
'dd9ffb4d0c004488c3b0f18e850bae166413d0d5'|'RPT-U.S. Senate panel to weigh confirmation for SEC nominee Clayton'|'(Repeats with no change in text)By Sarah N. LynchWASHINGTON, March 23 Jay Clayton, the Wall Street attorney tapped by President Donald Trump to lead the U.S. Securities and Exchange Commission, will face questions on his vision for the agency at his confirmation hearing on Thursday before the Senate Banking Committee.A partner at Sullivan & Cromwell who is not registered with any political party, Clayton has worked on high-profile initial public offerings like Alibaba Group Holding Inc and is widely expected to focus his efforts on ways the SEC can foster economic growth and help companies raise capital.Clayton will pledge to be tough on fraudsters in his opening statement to the committee, according to his prepared remarks."Bad actors undermine the hard-earned confidence that is essential to the efficient operation of our capital markets," he plans to say.The SEC enforces securities laws and regulates U.S. stock, options and bond markets.Clayton is expected to win confirmation easily. But he can expect sharp questioning from Democrats such as Senator Elizabeth Warren of Massachusetts, who is expected to ask about his professional ties to Wall Street, particularly with Goldman Sachs, a bank he represented during the financial crisis and that employs his wife, Gretchen.Clayton''s client list has included Barclays, Deutsche Bank and the Royal Bank of Canada, as well as Bill Ackman''s hedge fund Pershing Square Capital Management, and William Erbey, former executive chairman of mortgage servicer Ocwen Financial Corp, who was forced to resign as part of a settlement stemming from an investigation into improper foreclosures.Clayton will recuse himself from matters in which he has a financial interest, according to his disclosures with the Office of Government Ethics.His wife is expected to resign her post at Goldman if he is confirmed by the full Senate.Committee Republicans led by Chairman Mike Crapo of Idaho are likely to press Clayton for some of his ideas on how to engender capital formation, a goal the Trump administration has embraced.Cindy Fornelli, executive director at the Center for Audit Quality, a nonprofit whose board includes corporate chief executives and audit firms, said she hoped Clayton would continue a project started by his predecessor, Mary Jo White, to streamline corporate disclosures."I would be surprised if he didn''t," she told Reuters in an interview before the hearing. "He is a transactional lawyer and knows very well the complexities and arcane nature of our disclosure regime."(Reporting by Sarah N. Lynch; Editing by Linda Stern and Peter Cooney)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-sec-clayton-idINL2N1GZ1SJ'|'2017-03-23T08:00:00.000+02:00'
'53c71013d2439e0f2d3db11eec6754199448ea98'|'Accenture''s net revenue rises 4.7 percent'|'Technology   7:13am EDT Accenture''s net revenue rises 4.7 percent Visitors look at devices at Accenture stand at the Mobile World Congress in Barcelona, February 26, 2013. REUTERS/Albert Gea/File Photo Consulting and outsourcing services provider Accenture Plc reported a 4.7 percent increase in quarterly net revenue, helped by strong demand for its digital and cloud services. Net income attributable to Accenture fell to $838.8 million or $1.33 per share in the second quarter ended Feb. 28, from $1.33 billion or $2.08 per share, a year earlier. Net revenue rose to $8.32 billion from $7.95 billion. Accenture''s digital, cloud and security-related services make up more than 40 percent of total revenue. (Reporting by Rishika Sadam in Bengaluru; Editing by Sai Sachin Ravikumar) Next In Technology News Verizon, AT&T suspend ads from Google over offensive videos U.S. wireless carriers Verizon Communications Inc and AT&T Inc said on Wednesday they have suspended digital advertising on Google''s YouTube and other advertising platforms not related to search over concerns that their ads may have run next to extremist videos. Google adds audio-only calls to Duo, file sharing to Allo SAO PAULO Google said on Wednesday it would offer an audio-only option on its Duo video calls service to help users communicate using poor-quality connections, and was adding a feature to permit file sharing in group chats on its Allo messaging App. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-accenture-results-idUSKBN16U1B1'|'2017-03-23T18:09:00.000+02:00'
'491b564f0c4969e260f96c30e80240574f2048ad'|'Verizon, AT&T suspend ads from Google over offensive videos'|'Technology   1:09am GMT Verizon, AT&T suspend ads from Google over offensive videos The Verizon logo is seen on the side of a truck in New York City, U.S., October 13, 2016. REUTERS/Brendan McDermid By Anjali Athavaley , Jessica Toonkel and Julia Love U.S. wireless carriers Verizon Communications Inc and AT&T Inc said on Wednesday they have suspended digital advertising on Google''s YouTube and other advertising platforms not related to search over concerns that their ads may have run next to extremist videos. Verizon and AT&T joined a list of well-known British brands such as retailer Marks and Spencer Group Plc deserting Alphabet Inc''s Google. Google is under fire in Europe from politicians and brands angered by ads appearing alongside videos on its YouTube platform carrying homophobic or anti-Semitic messages. Google on Tuesday vowed an overhaul of its practices. The company must act swiftly to ensure that more advertisers do not pile on, analysts say. As advertisers revolt, the search giant faces both a short-term loss of revenue and a long-term danger that companies will lose faith in the automated placement of ads upon which Google has built its empire, said analyst Jan Dawson of Jackdaw Research. "The bigger risk is this seems to be a backlash against programmatic advertising in general," Dawson said. "There''s this worry that you no longer have control over where ads appear." AT&T is removing ads from the non-search inventory on Google because its "ads may have appeared alongside YouTube content promoting terrorism and hate," the company wrote in an email. Verizon said it had suspended all digital advertising not related to search after saying earlier on Wednesday that it had only suspended advertising on Google''s non-search platforms. It took the action after its ads were appearing on "non-sanctioned websites," a spokeswoman wrote in an email. "We are working with all of our digital advertising partners to understand the weak links so we can prevent this from happening in the future," the spokeswoman said. Google declined to comment on individual customers but said it has begun a review of its advertising policies. The news that AT&T and Verizon were suspending Google ads was first reported by Britain''s Times newspaper. Other big brands, such as Mondelez International Inc , were keeping an eye on the situation. While Mondelez has not seen evidence that its ads have appeared alongside inappropriate content, it is in “constant discussion with both Google and YouTube and will be monitoring the issue closely,” a spokeswoman said. YouTube has been a key driver of growth for Google as its traditional business of search advertising matures. Google’s net ad revenue worldwide from YouTube was $5.58 billion last year, according to New York-based research firm eMarketer. It is expected to hit $7 billion in 2017, according to a forecast by eMarketer made before the recent controversy. One question many people are asking is whether advertisers will reallocate the marketing dollars they have devoted to YouTube to other platforms, said Brian Wieser, an analyst at Pivotal Research. Wieser, however, thinks that if the boycott is widespread enough, no one else will benefit. “If you know all of your competitors are reducing their spending too, then you don’t need to spend more,” he said. Google must walk a fine line between giving advertisers more control and alienating the massive community of content creators who have made the site a top destination for coveted young viewers. One likely path forward for Google is to tighten controls on which videos are eligible for advertising, perhaps by the channel''s track record or number of viewers, said Dawson. But any such restrictions risk hurting artists with small followings. "Google is caught between a rock and a hard place here between its creators and its advertisers," Dawson said. (Reporting by Anjali Athavaley and Jessica Toonkel in New York and Julia Love in San Francisco.; Editing by Jonathan Oatis and Lisa Shumaker) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-verizon-digital-idUKKBN16T2VO'|'2017-03-23T07:58:00.000+02:00'
'1f18c9dcd460f0efdcf87f542759490d0b31882b'|'Singapore-based Effissimo Capital owns 8.1 percent in Toshiba-filing'|'TOKYO Singapore-based fund Effissimo, established by former colleagues of Japan''s most famous activist investor, Yoshiaki Murakami, has become the largest shareholder in Toshiba Corp ( 6502.T ) with an 8.14 percent stake, a regulatory filing showed on Thursday.Effissimo Capital Management is closely watched in Japan because of its passing connection with Murakami.The fund is the largest shareholder in shipper Kawasaki Kisen Kaisha Ltd ( 9107.T ), office equipment maker Ricoh Co Ltd ( 7752.T ) and electronics retailer Yamada Denki Co Ltd ( 9831.T ).Effissimo''s purchase of Toshiba shares is worth about 65 billion yen ($584.3 million), based on its closing price on March 15, the date of ownership shown in the filing.The activist fund''s sudden emergence as the biggest shareholder came as the electronics conglomerate is trying to survive through the huge losses stemming from its U.S. nuclear business.Earlier this month, it missed submitting audited third-quarter earnings for a second time and said it would consider selling a majority stake in Westinghouse which is at the center of its financial troubles.Prior to the filing, Toshiba shares closed up 6.9 percent at 207.3 yen.(Reporting by Taiga Uranaka; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-toshiba-shareholders-idINKBN16U0I0'|'2017-03-23T04:02:00.000+02:00'
'0b8843b216ebd6f46ea9521d985d8148077722b1'|'GVC to pay second special dividend for 2016 on favourable trading, refinancing'|' 47am GMT GVC to pay second special dividend for 2016 on favourable trading, refinancing Online gambling firm GVC Holdings ( GVC.L ) said it would pay a second special dividend for 2016 on the back of strong underlying trading and favourable refinancing. GVC, which bought Bwin for 1.1 billion pounds in September 2015 after a heated bidding war with 888 Holdings Plc ( 888.L ), declared a second special dividend of 15.1 euro cents, taking the total payout for the year to 30 euro cents. In November the company had said it would pay a special dividend of 10 euro cents per share for 2016, before bumping it up to 14.9 euro cents in December. GVC, whose brands include Sportingbet and Betboo, said its group clean EBITDA rose 26 percent to 205.7 million euros ($222.09 million) while revenue was up 8 percent to 873.2 million euros for the full year. Headquartered in the Isle of Man, GVC is a constituent of the FTSE 250 index and has licences in more than 16 countries. GVC recently raised a 320 million euros leveraged loan, marking its first foray into the syndicated debt market to get cheaper, longer term financing. (Reporting by Rahul B in Bengaluru; Editing by Sunil Nair)   Most UK employers do not plan to raise pay to match rising inflation - XpertHR LONDON Most British companies do not expect to offer more generous pay deals to employees this year compared with 2016, adding to signs that higher inflation will gnaw at Britons'' living standards in the months ahead, a survey showed on Thursday. LONDON British car production hit a 17-year high in February, extending a recent trend of surging output as a strong rise in exports once again compensated for a slump in demand at home, an industry body said on Thursday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-gvc-holdings-dividend-idUKKBN16U0NO'|'2017-03-23T14:47:00.000+02:00'
'401beb033d430454f1e799933708c38e108d076c'|'CANADA STOCKS-TSX rises as financials gain ground'|'Company News   12:02pm EDT CANADA STOCKS-TSX rises as financials gain ground * TSX rises 81.65 points, or 0.53 percent, to 15,430.11 * Nine of the TSX''s 10 main groups gain TORONTO, March 23 Canada''s main stock index rose on Thursday as gains for heavyweight financial sector shares offset losses for gold mining stocks, while investors awaited a vote on a U.S.   replacement later in the day. Gains for the Toronto Stock Exchange''s S&P/TSX composite index came one day after Canada''s Liberal government unveiled a stay-the-course budget. Businesses had feared higher capital gains taxes would harm their competitiveness just as U.S. rivals benefit from a break in taxes and regulation under U.S. President Donald Trump. Republican leaders hoped to vote on a healthcare replacement on Thursday but there were signs the deadline could be pushed back. Losing or delaying it would bruise investors'' confidence in Trump''s ability to deliver on his promises of tax cuts and infrastructure spending. At 11:50 a.m. ET (1550 GMT), TSX rose 81.65 points, or 0.53 percent, to 15,430.11. The index had touched a three-month low intraday on Wednesday at 15,241.55 before ending higher. On Thursday, the financials group rose 1.2 percent as a recent decline in bond yields lost some momentum. Higher bond yields would reduce the value of insurance companies'' liabilities and increase net interest margins of banks. The energy group rose 0.2 percent even as oil prices struggled to recover from four-month lows because of investor concerns that OPEC-led supply cuts were not yet reducing record U.S. crude inventories. U.S. crude prices were down 0.6 percent to $47.77 a barrel. Enbridge Inc fell 0.6 percent to C$54.77. On Wednesday the company said it would cut about 1,000 positions, or 6 percent of its work force, after buying Spectra Energy Corp of Houston, the first layoffs for the combined energy infrastructure company, the biggest in North America. Nine of the index''s 10 main groups rose, with industrials gaining 0.9 percent as railroad stocks climbed, and consumer staples advancing 0.7 percent. The materials group, which includes precious and base metals miners and fertilizer companies, lost 1.3 percent. Silver Wheaton Corp fell 5 percent to C$27.13, while Barrick Gold Corp was down 1.7 percent at C$25.55. Gold futures fell 0.2 percent to $1,246.4 an ounce. (Reporting by Fergal Smith; Editing by James Dalgleish) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL2N1H013P'|'2017-03-23T23:02:00.000+02:00'
'063490fcf8afdda68dba388beab5604e3ac0d6b1'|'Siemens says failure to publish company history not a cover-up'|'Business News - Sat Mar 18, 2017 - 4:19pm GMT Siemens says failure to publish company history not a cover-up FILE PHOTO: People covered with umbrellas walk next to a Siemens building in Munich, Germany, November 13, 2008. REUTERS/Michaela Rehle/File Photo FRANKFURT Germany industrial and engineering giant Siemens ( SIEGn.DE ) said a decision not to publish a manuscript about the company''s recent history, including some findings about a corruption scandal, did not amount to a cover-up. German weekly Der Spiegel said Siemens had failed to honour an agreement with two historians to publish a book manuscript which has been completed since 2014. Siemens was involved in one of Germany''s biggest corporate bribery scandals. The company was exposed as having run an elaborate bribery network, paying more than $1 billion in kickbacks to win contracts worldwide. In a written statement, Siemens emphatically denied allegations raised in Der Spiegel about potentially withholding relevant information about the bribery scandal. "The company comprehensively researched the corruption affair 10 years ago, giving authorities and internal investigators full access to relevant information," it said, adding that privacy and corporate confidentiality considerations prohibited a more full disclosure of transcripts from management and supervisory board minutes. (Reporting by Edward Taylor; Editing by Stephen Powell) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-siemens-corruption-history-idUKKBN16P0MV'|'2017-03-18T23:19:00.000+02:00'
'dad09351c151ceb2b2f5e645e3339898c9411812'|'Chinese growth prospects improved, policy still prudent - PBOC''s Zhou'|'Business News - Sat Mar 18, 2017 - 3:40pm GMT Chinese growth prospects improved, policy still prudent - PBOC''s Zhou Zhou Xiaochuan, Governor of the People''s Bank of China, attends a news conference during the ongoing National People''s Congress (NPC), China''s parliament, in Beijing China March 10, 2017. REUTERS/Jason Lee BEIJING Chinese central bank governor Zhou Xiaochuan said growth prospects have improved in the world''s second-largest economy, but its monetary policy remains prudent and neutral. Earlier this week, China published upbeat data showing its economy got off to a strong start to 2017, supported by bank lending, a government infrastructure spree and a long-sought resurgence in private investment. "China''s economic growth rate is stable overall, with growth prospects improving," Zhou said, according to a post on the People''s Bank of China''s website on Saturday. "China will continue to implement active fiscal policy, and prudent and neutral monetary policy." The People''s Bank of China (PBOC) on Thursday raised short-term interest rates for the third time in as many months, in what economists saw as a bid to curb capital outflows and keep the yuan currency stable after the Federal Reserve raised U.S. interest rates this week. The PBOC has said specifically that Thursday''s action should not be seen as full-blown policy tightening like the Fed''s. The Chinese central bank has left its benchmark lending rate unchanged since an October 2015 cut. The government has promised to contain debt and property market risks in 2017 following years of credit-fuelled expansion. Data on Saturday showed China''s red-hot property market picked up pace in February after price gains had slowed in the previous four months. Efforts will be made to contain debt levels, including restructuring of firms with heavy debt burdens, alongside a push to reduce excess industrial capacity, Zhou said in Beijing last week. "In terms of macroeconomic policies, China is currently focussed on structural adjustments to the economy and pushing forward supply-side reform," Zhou said. He was speaking to other central bank governors and finance ministers from the major BRICS emerging economies in Baden-Baden, Germany, during G20 meetings. On Wednesday, the Fed raised interest rates for the third time since the global financial crisis in a widely anticipated move, and set the stage for roughly two more hikes this year as the U.S. economy strengthens. Central banks in Saudi Arabia, the United Arab Emirates, Kuwait and Bahrain tightened policies within 90 minutes of the Fed''s announcement. Zhou met U.S. Treasury Secretary Steven Mnuchin at the G20 meetings on Saturday, the PBOC said on its website. (Reporting by Elias Glenn and Ryan Woo; editing by David Clarke/Ruth Pitchford) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-g20-germany-china-idUKKBN16P0LC'|'2017-03-18T22:40:00.000+02:00'
'315bd93710db2ac80d5f0b53ab67becb2f986ea8'|'Berkshire''s Lubrizol to take majority stake in India joint venture - Reuters News'|' 55pm IST Berkshire''s Lubrizol to take majority stake in India joint venture - Reuters News Lubrizol Corp, the specialty chemicals unit of Warren Buffett''s Berkshire Hathaway Inc BRKa.N, said on Monday it plans to take majority control of its Indian joint venture with state-run Indian Oil Corp IOC.NS, boosting its stake to 74 percent from 50 percent. India''s Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, last Wednesday approved in principle the sale to Lubrizol of 24 percent of Lubrizol India Private Ltd, Lubrizol said. (Full Story) The Mumbai-based venture makes chemical additives for automotive and industrial lubricants, and the treatment of fuels. Lubrizol did not disclose the terms of the transaction, but expects to complete the deal in a few weeks. The Wickliffe, Ohio-based company has had a presence in India since 1966. Berkshire bought Lubrizol for $9 billion in 2011. The Omaha, Nebraska-based parent has more than 90 business units, and Buffett normally lets managers handle day-to-day decisions, including acquisitions. (Reporting by Jonathan Stempel in New York; Editing by Jeffrey Benkoe) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/lubrizol-stake-india-idINKBN16R1LK'|'2017-03-20T21:25:00.000+02:00'
'07b69fc6c2c210d3b6005e4d7ee3cfdba16df04c'|'Standard Life''s Skeoch to run day-to-day business in Aberdeen deal'|'Business News - Mon Mar 20, 2017 - 1:27pm GMT Standard Life''s Skeoch to run day-to-day business in Aberdeen deal British & Irish Lions 2017 Tour Media Briefing - The Gherkin, London - 11/1/16Keith Skeoch CEO of Standard Life PLC during the press conference Action Images via Reuters / Andrew BoyersLivepic By Carolyn Cohn - LONDON LONDON Standard Life ( SL.L ) chief executive Keith Skeoch will oversee its day-to-day running after it merges with Aberdeen Asset Management ( ADN.L ), while Aberdeen boss Martin Gilbert will handle external matters, the companies said. Analysts have expressed concern that the co-chief executive structure proposed by the firms when they announced an 11 billion pound tie-up two weeks ago will be unwieldy. "Both boards have thought carefully about the key responsibilities and believe that the proposals play well to Keith’s and Martin’s respective leadership strengths," Gerry Grimstone, Standard Life chairman and chairman of the proposed firm, said in a statement on Monday. "This blend of complementary skills and experience will serve the company well”. Skeoch''s responsibilities will include investments and pensions, while Gilbert''s will involve marketing and distribution, the two firms said, adding that a chairman''s committee will be set up to ensure co-ordination is effective, chaired by Grimstone. The merger values Aberdeen at 3.8 billion pounds in a deal in which Standard Life will take over two-thirds of the combined group and both sets of company directors will split power on the board. Analysts say the merger is defensive, as active fund managers face increasing regulatory scrutiny and competition from lower-cost index tracking funds, and could lead to outflows from both firms. Following an initial rally, the shares of both firms have fallen below their closing prices on March 3, shortly before the deal was announced. Standard Life''s shares were trading at 361.5 pence at 1246 GMT, up 0.5 percent on the day but down 4.5 percent from March 3. Aberdeen''s shares were at 267.7 pence, up 0.4 percent on the day but down 6.5 percent from March 3. (Editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-standard-life-m-a-aberdeen-asset-idUKKBN16R1DT'|'2017-03-20T20:27:00.000+02:00'
'3675fc183b9fc1e7eb90070f2e90b213ca461a71'|'Newcomer Borr scoops up Transocean rigs for $1.4 billion as dealmaking heats up'|'By Terje Solsvik and Jonathan Saul - OSLO/LONDON OSLO/LONDON Borr Drilling, founded by former executives of financially troubled Seadrill, has snapped up Transocean''s fleet of shallow-water drilling rigs for $1.35 billion.The rig market deal is Borr''s biggest since it was set up last year by Tor Olav Troeim and other executives who had left Seadrill, once the jewel in the crown of Norwegian-born shipping tycoon John Fredriksen but now battling with $14 billion in debt and liabilities.After years at Fredriksen''s side, Troeim split with him in 2014.Since then Troeim has re-established himself as an independent player in the global shipping market with a high profile and a reputation for successful capital raising.Transocean, executives at Borr Drilling and Troeim were not immediately available for comment.Fredriksen''s private investment vehicle Seatankers bought the new West Mira rig from the Hyundai Samho Heavy Industries shipyard for an undisclosed sum just a week ago.As the price of crude has fallen by more than 50 percent since 2014, oil firms have cut back on rig hires, leaving many vessels idle and prompting owners to restructure operations to preserve cash.Transocean shares were down 4.8 percent at 1403 GMT, lagging a European oil and gas index down 1 percent.Borr, founded with the aim of picking up cheap assets as rig firms sell during the industry downturn, said it would issue $800 million in new shares to help finance the purchase of the 15 rigs.The deal comprises 10 high-specification jack-up rigs and five more that are under construction, Borr said in a statement. Swiss-based Transocean will retain a fleet of about 50 larger rigs used for exploration in deeper waters.Borr, which currently owns just two rigs, will pay $90 million on average for each of the 15 Transocean rigs."That''s half the construction cost, so it''s a pretty attractive deal," said Carnegie brokerage analyst Frederik Lunde.Borr, which is listed on Oslo''s over-the-counter board, said a group of investors had agreed to the $800 million share issue to help fund the deal. The new shares will be sold at $3.5 each, a discount to Borr''s current share price of 35 Norwegian crowns ($4).Boor says it expects the acquisition to be completed by the end of May.In addition to the 15 shallow-water rigs, Transocean owns 30 ultra-deepwater units and has four more under construction, as well as seven harsh-environment rigs, three deepwater rigs and six mid-water units, according to its website. Keppel Corporation, which is building the five rigs that are under construction, said in a separate statement it had agreed to transfer the ownership to Borr from Transocean.Transocean had originally agreed to pay $219 million for each of the five rigs, Keppel said, adding that this would be only slightly reduced, to $216 million per unit under the amended deal.(Additional reporting by Nerijus Adomaitis and Ole Petter Skonnord; Writing by Gwladys Fouche; Editing by Susan Fenton/Ruth Pitchford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-transocea-borr-drilling-idINKBN16R0KB'|'2017-03-20T12:58:00.000+02:00'
'60b2b6677728504e17ab300d3a741bf59465ca4e'|'Intesa sets April 4 deadline for bad loan sale, expects 3 bids-sources'|'Company  50am EDT Intesa sets April 4 deadline for bad loan sale, expects 3 bids-sources MILAN, March 20 Intesa Sanpaolo has set an April 4 deadline to submit binding offers for a bad loan portfolio worth 2.5 billion euros ($2.7 billion) it has put up for sale and for which it expects to receive three bids, two sources familiar with the matter said. The portfolio, dubbed "Beyond the clouds", is made up of corporate loans and backed by real estate assets for about 30 percent. The sources said the bank was expected to receive three binding bids from the following teams of investors and servicers: Christofferson Robb & Company and Bayview Asset Management, Apollo Global Management and Credito Fondiario, Cerberus Capital Management and Cerved. All the interested parties declined to comment. ($1 = 0.9301 euros) (Reporting by Massimo Gaia, writing by Valentina Za,) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/intesa-sp-bad-loans-bids-idUSI6N1GT00I'|'2017-03-20T22:50:00.000+02:00'
'253a216834cdc7fd4300444a951374c594f4ea47'|'EU clears GE acquisition of Danish rotor blade maker LM Wind Power'|'Deals  35am EDT EU clears GE acquisition of Danish rotor blade maker LM Wind Power The logo of General Electric is pictured at the 26th World Gas Conference in Paris, France, June 2, 2015. REUTERS/Benoit Tessier BRUSSELS The European Commission said on Monday it had cleared General Electric Co''s ( GE.N ) $1.65 billion acquisition of Danish rotor blade maker LM Wind Power as the merged entity would continue to face effective competition in Europe. General Electric produces onshore and offshore wind turbines, but only has a relatively small market share, the Commission said in a statement. LM Wind Power designs and manufactures blades that are sold to General Electric and competitors as a component for the wind turbines. GE would continue to face competition from rivals such as Siemens ( SIEGn.DE ), Vestas ( VWS.CO ), Nordex ( NDXG.DE ) and Senvion ( SENG.DE ), who would either make their own blades or find suppliers other than LM Wind Power, the Commission said. (Reporting By Philip Blenkinsop)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-lm-wind-power-m-a-ge-eu-idUSKBN16R1SL'|'2017-03-20T22:30:00.000+02:00'
'011d523a14747ee83dc259af3b4b5268a2a6ad5d'|'Lilly''s breast cancer drug combination succeeds key study'|'By Natalie Grover Eli Lilly and Co''s combination of its experimental breast cancer drug and another widely used treatment slowed disease progression in patients who relapsed or did not benefit enough when treated with the anti-estrogen therapy.In August, an independent data monitoring committee recommended the late-stage study continue without modification, even though interim evaluation suggested the combination treatment was not delaying cancer progression.Lilly''s drug, abemaciclib, is part of the same new class of breast cancer treatments as Pfizer Inc''s Ibrance, and Novartis AG''s newly approved Kisqali.The study, named Monarch-2, compared combined use of abemaciclib and anti-estrogen therapy fulvestrant with fulvestrant alone.Lilly said on Monday that data showed the addition of abemaciclib, which is also being evaluated for lung cancer, resulted in a statistically progression-free survival.The U.S. drugmaker is also evaluating the drug as a single agent in breast cancer patients who have not derived enough benefit from prior treatments, and multiple other studies are testing abemaciclib in combination with other drugs.Lilly said it planned to submit an application to market abemaciclib as a monotherapy in the second quarter, and as a combination therapy in the third quarter.If approved, abemaciclib will be the third entrant to the U.S. market, more than two years after Ibrance, and just over six months behind Kisqali.With Monarch-2 supportive of the drug''s effectiveness and/or assuring on its long-term safety profile, the odds of monotherapy approval have improved, Bernstein''s Timothy Anderson wrote in a client note.Lilly said it would provide detailed data from the study at a future medical conference, which analysts predict is likely at the American Society of Clinical Oncology (ASCO) meeting in June.Abemaciclib could steal a march over its rivals, should data show a higher relative response rate and longer duration of response, as well as good tolerability despite the frequent diarrhea, Anderson added.Bernstein''s forecast of abemaciclib sales of $1.3 billion in 2021 assumes it would enter the market third with no real differentiation, he said, noting if detailed data showed the drug is more competitive, estimates would rise substantially.After skin cancer, breast cancer is the most common cancer in women in the United States, according to the U.S. Centers for Disease Control and Prevention.About 40,610 women will die from breast cancer in 2017, the American Cancer Society estimates.Lilly''s shares were little changed at $84.68 in morning trading.(Reporting by Natalie Grover in Bengaluru; Editing by Sai Sachin Ravikumar and Martina D''Couto)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/lilly-study-idINKBN16R1JK'|'2017-03-20T11:14:00.000+02:00'
'e98afe0d3b779fbb5a7838cf6fdff66bd84e3676'|'UPDATE 2-Algerian state energy firm Sonatrach replaces CEO'|'* CEO replaced by U.S.-educated engineer* Algeria increasing oil, gas production* Sonatrach seeks more flexibility with deals (Adds more details)By Lamine ChikhiALGIERS, March 20 Algerian state energy firm Sonatrach has replaced Chief Executive Amine Mazouzi after less than two years in the job with Abdelmoumen Ould Kadour, the energy ministry said on Monday.The surprise decision comes at a sensitive time for Sonatrach and Algeria, which began to increase oil and gas production last year after a prolonged period of stagnation and a lack of major foreign investment.A statement from the ministry gave no reason for the change. Ould Kadour is an engineer who graduated from the Massachusetts Institute of Technology and headed U.S.-Algerian firm Brown & Root Condor in the 1990s.Before Mazouzi''s appointment in May 2015, the energy giant went through turbulent times with five CEOs in five years, shaken by a corruption scandal, weak foreign oil interest in energy bids and pressure from the drop on crude prices.Just a day before the announcement, Mazouzi hosted the CEO of Eni at a southern oilfield where the two discussed the Italian company''s commitment to Algerian investment.Algeria remains dependent on oil and gas earnings which provide 60 percent of the state budget and Sonatrach''s performance is key to the health of the economy.The North African OPEC member nation had struggled to attract oil investment because of tough terms that made foreign firms wary, but in 2016 Sonatrach began to take a more flexible approach to bilateral talks with foreign partners.But there have been divergent views within Algeria''s ruling elite over how hard to push for foreign investment and domestic economic reform to boost revenues and spur growth.In the statement, Energy Minister Noureddine Boutarfa called on Ould Kadour to "act with full responsibility and confidence to put in place the qualitative changes that allow Sonatrach to evolve and prosper in a calm business climate".The sharp fall in oil prices hit Algeria hard, prompting the government to look at more flexible ways to improve revenues. Algeria''s energy revenues were $27.5 billion in 2016, less than half the $60 billion it earned in 2014. (Writing by Aidan Lewis; editing by Dale Hudson and David Clarke)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/algeria-energy-idINL5N1GX2G2'|'2017-03-20T12:24:00.000+02:00'
'95e383857b387136bbb74778072509595ce274c7'|'U.S.-Israeli data storage firm Reduxio raises $22.5 mln'|'Company  35am EDT U.S.-Israeli data storage firm Reduxio raises $22.5 mln TEL AVIV, March 20 U.S.-Israeli Reduxio Systems, a provider of storage and data management technology, said on Monday it has secured $22.5 million of funding in an investment round expected to total up to $32 million. The round was led by London-based C5 Capital, an investment manager focused on cyber security, data analytics and cloud computing, and more than doubles the amount invested in Reduxio. The money will fund continued development and marketing of the company''s software-based storage platform. All previous investors, including Jerusalem Venture Partners, Carmel Ventures, Intel Capital and Seagate Technology participated in this fundraising round. (Reporting by Tova Cohen) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/tech-reduxio-fundraising-idUSL5N1GX2GZ'|'2017-03-20T18:35:00.000+02:00'
'2e4fb41308f5c139d2b366374fe4d5111def8b7f'|'China''s Sinopec to buy stake in Chevron''s S.African oil assets for $900 mln'|' 24am EDT China''s Sinopec to buy stake in Chevron''s S.African oil assets for $900 mln BEIJING, March 22 China Petroleum and Chemical Corp (Sinopec) said it reached an agreement to buy a 75 percent stake in Chevron Corp''s South African assets for around $900 million. The assets include a 5 million tonne per year oil refinery in Cape Town as well as 820 petrol stations and other oil storage facilities, Sinopec said in press release on Wednesday. The transaction marked Sinopec''s first refinery asset in Africa. (Reporting by Meng Meng and Beijing Monitoring Desk; Editing by Himani Sarkar)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/chevron-ma-sinopec-corp-idUSB9N1GS014'|'2017-03-22T17:24:00.000+02:00'
'38b2b72a1036b4556b56a6903d8d30d0dac96265'|'FACTBOX - Finance bill: India curbs cash transactions after demonetisation'|'INWire - Wed Mar 22, 2017 - 9:29pm IST FACTBOX - Finance bill: India curbs cash transactions after demonetisation A security guard closes the shutter of State Bank of India ATM after it stopped dispensing cash in Agartala, India, November 15, 2016. REUTERS/Jayanta Dey/Files By Manoj Kumar - NEW DELHI NEW DELHI The Lok Sabha on Wednesday approved a ban on cash transactions above 200,000 rupees ($3,055), enacting tax measures from last month annual budget aimed at boosting investment in the country. After scrapping high-value currency notes in November, Prime Minister Narendra Modi is pushing a raft of measures to boost cashless transactions and curb tax evasion. The lowering of the cap on cash transactions was among some 40 amendments introduced by Finance Minister Arun Jaitley on Tuesday. These will be effective after a customary approval by the Rajya Sabha and the president. Following are the highlights of the Finance bill: CASH TRANSACTIONS The bill lowers the maximum size of cash transactions to 200,000 rupees from 300,000 rupees, proposed earlier in the budget. Revenue Secretary Hasmukh Adhia tweeted that anyone who accepts cash transactions above that limit will face a penalty. It is not clear whether the fine will be equal to the entire transaction value or will be equal to the amount exceeding the permissible limit. In November, Modi decided to scrap high-value currency notes of 500 and 1,000 rupees, accounting for 86 percent of the cash in circulation. TAX EVASION The bill makes it mandatory for income tax returns to be filed along with Aadhaar -- a 12-digit identity number issued to more than 1 billion people. The government has already decided to link payouts such as welfare benefits to the Aadhaar database as a means to rein in fraud and corruption. ELECTORAL BONDS: The government proposes incentives for political donations to be paid through digital payments and cheques as part of its efforts to clean up funding in Indian politics. Cash donations have been capped at 2,000 rupees. Reserve Bank of India will be able to authorise smaller banks to issue electoral bonds -- which can be bought by cheque or digital payments -- for funding political parties and election campaigns. LOWERING TAX: Corporate tax has been cut by 5 percent to 25 percent for small firms with annual turnover of up to 500 million rupees to boost investment. The rate of personal income tax on annual incomes of 250,000 to 500,000 rupees is lowered to 5 percent from 10 percent. A 15 percent surcharge will be imposed on tax on annual income of over 1 million rupees. PRIVATE INVESTMENT: The bill proposes tax exemptions for real estate developers if they complete their projects in five years -- up from the previous three years. The Finance Bill will exempt start-ups from paying income tax for any three consecutive years out of initial seven years after incorporation.The government also plans to merge eight quasi-judicial tribunals covering cyber security, telecom, aviation, industrial disputes and copyright into one, cutting administrative flab. ($1 = 65.4575 Indian rupees) (Reporting by Manoj Kumar; Editing by Douglas Busvine and Vin Shahrestani) Next In INWire'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-budget-idINKBN16T26D'|'2017-03-22T20:55:00.000+02:00'
'17167c236cd8eb8176211f775d303b0b6740870a'|'Savills beats profit expectations as UK business holds up despite Brexit'|'Business News - Wed Mar 22, 2017 - 7:23am GMT Savills beats profit expectations as UK business holds up despite Brexit A Savills property estate agent sign is displayed outside a home in south London, Britain September 20, 2016. REUTERS/Stefan Wermuth LONDON International estate agent Savills ( SVS.L ) reported a 12 percent rise in underlying profits last year as demand for property in Britain held up, helped by the Brexit-induced slump in the pound boosting investor interest. Underlying profit for 2016 was 135.8 million pounds ($170 million), ahead of expectations in a Thomson Reuters poll of analysts, helped by overall revenue rising 3 percent in Britain, which accounts for Savills'' biggest proportion of turnover. "We benefited from the scale of our operations across the globe, which have grown substantially over recent years, as well as a highly resilient performance in the UK," Chief Executive Jeremy Helsby said. (Reporting by Costas Pitas; editing by David Clarke) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-savills-results-idUKKBN16T0NY'|'2017-03-22T14:23:00.000+02:00'
'ad70994ab75fdbcef1b98c9bfa729a01e46ab7ec'|'Audi board to discuss prosecutor raids, CEO''s actions on March 29: sources'|'Business News - Tue Mar 21, 2017 - 6:05pm EDT Audi board to discuss prosecutor raids, CEO''s actions on March 29: sources Audi CEO, Rupert Stadler gestures during the company''s annual news conference in Ingolstadt, Germany, March 15, 2017. REUTERS/Lukas Barth BERLIN/FRANKFURT Top officials at Volkswagen''s luxury division Audi ( NSUG.DE ) will meet next week to discuss a raid by German prosecutors on the carmaker''s premises last week and the situation of its embattled chief executive, sources said. Munich prosecutors last week searched the offices of Audi''s Ingolstadt factory, a plant in Neckarsulm and other locations. Audi, its parent company Volkswagen ( VOWG_p.DE ) and Jones Day, the U.S. law firm hired by Audi and VW to investigate the emissions scandal that has rocked both companies, were also targeted in separate raids. Audi''s supervisory board will convene on March 29 to question executives about the extent and possible consequences of the searches, three people familiar with the matter told Reuters on Tuesday. But the main topic of discussion will be whether the 20-member board should recommend to shareholders at their May 18 annual general meeting that they ratify the actions of Audi Chief Executive Rupert Stadler in 2016, the sources said. Such shareholder votes are common at German companies, but in the wake of the emissions scandal the vote on whether to sign off on CEO Stadler''s decisions will be no formality. There has been speculation in the German media as to when Stadler found out about the emissions cheating. A previous meeting of the Audi board in late February did not pass a resolution on recommending a vote to clear the CEO. Audi declined to comment regarding the March 29 meeting. VW''s main earnings contributor admitted in November 2015 that its 3.0 liter V6 diesel engines were fitted with an auxiliary control device deemed illegal in the United States that enabled vehicles to evade U.S. emission limits. (Reporting by Andreas Cremer, Ilona Wissenbach and Irene Preisinger; Editing by Hugh Lawson) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-audi-emissions-board-idUSKBN16S2VG'|'2017-03-22T05:05:00.000+02:00'
'b3a8ce478f13b0a50c8376f166e5c913d82a5c39'|'PRESS DIGEST- Financial Times - March 22'|'March 22 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.HeadlinesCharlotte Hogg made "honest mistake" at BoE, says Carney on.ft.com/2nPPBrIUK authorities explore "Laundromat" money-laundering claims on.ft.com/2o2cKqbU.S. and UK bar electronic devices on some Middle East flights on.ft.com/2n23Cm6Italy calls for G7 to challenge Donald Trump on trade on.ft.com/2nQ6vqlOverviewBank of England Governor Mark Carney, in response to Charlotte Hogg''s resignation, said on Tuesday that cases of "honest mistakes" should not inadvertently lead to tighter rules for bankers.Britain said on Tuesday that its authorities would investigate newspaper allegations that UK-based banks had been used in a global money laundering scheme.The United States and Britain on Tuesday imposed restrictions on carry-on electronic devices on planes coming from certain airports in Muslim-majority countries in the Middle East and North Africa in response to unspecified security threats.Italian Prime Minister Paolo Gentiloni said on Tuesday that he wants to send a strong message in favour of free trade when he welcomes U.S. President Donald Trump and other world leaders in Italy in May.(Compiled by Kanishka Singh Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-ft-idINL3N1GZ06Z'|'2017-03-21T21:49:00.000+02:00'
'483e6283cc8cfaef2a3c5f82088f953f484b834b'|'Canada''s Trican to buy Canyon Services in C$637 mln deal'|'Deals  17am EDT Canada''s Trican to buy Canyon Services in C$637 million deal Canadian oilfield services provider Trican Well Service Ltd ( TCW.TO ) said it would buy smaller rival Canyon Services Group Inc ( FRC.TO ) in a deal valued at about C$637 million ($475.5 million), including debt. Canyon shareholders will receive 1.7 shares of Trican for each share they own. That translates to an offer price of C$6.63 per Canyon share, representing a 32 percent premium to the stock''s Tuesday close. (Reporting by Vishaka George in Bengaluru; Editing by Sai Sachin Ravikumar) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-canyon-services-m-a-trican-well-idUSKBN16T1AO'|'2017-03-22T18:16:00.000+02:00'
'9c57931718157aea42542b42f36dfb5b7a485131'|'Uber board backs CEO Kalanick, still looking for chief operating officer'|'Technology   10:47pm GMT Uber board backs CEO Kalanick, still looking for chief operating officer Uber CEO Travis Kalanick, addresses a gathering at an event in New Delhi, India, December 16, 2016. REUTERS/Adnan Abidi By Heather Somerville - SAN FRANCISCO SAN FRANCISCO Uber Technologies Inc [UBER.UL] plans to keep co-founder Travis Kalanick as chief executive following a series of damaging events at the ride services company, a member of its board said on Tuesday in a rare call with reporters. "The board has confidence in Travis," said Arianna Huffington, co-founder of news site Huffington Post and one of seven voting Uber board members. The possibility of him resigning has not "come up and we don''t expect it to come up," she said. But she added that Kalanick, 40, needed to change his leadership style from that of a "scrappy entrepreneur" to be more like a "leader of a major global company." The privately held company, valued at $68 billion, is pushing ahead in its search for a chief operating officer to help Kalanick run the business, but gave no hints on possible candidates or timing of an appointment. Huffington and three Uber executives on the call said they were working on repairing the company''s tarnished image and improving its culture and leadership after a series of embarrassing setbacks, including allegations of sexual harassment from a former employee and the recent departure of its president, Jeff Jones, who cited deep misgivings about the company. Kalanick was not on the call. Uber expects to conclude an internal investigation into the sexual harassment allegations by the end of April, Huffington said The investigation was prompted by a former Uber employee who last month published a blog post describing a workplace where sexual harassment was common and went unpunished. Huffington is part of a committee - along with Uber board members David Bonderman of TPG Capital and Bill Gurley, a venture capitalist at Benchmark and close adviser to Kalanick - that will review the findings of the investigation. Huffington pledged to make those findings public. Meanwhile, the search for a COO - announced two weeks ago by Kalanick - is continuing, Huffington said, without mentioning any candidates by name or saying when the job would be filled. She said the COO, a role that has not previously existed at Uber, will be a "true partner" to Kalanick. "This is the first time that Travis has really understood the importance of having a partner," said Liane Hornsey, Uber''s chief human resources officer, on the call. News service Bloomberg last month released a video that showed Kalanick berating an Uber driver who had complained about cuts to rates paid to drivers, resulting in Kalanick making a public apology and admitting he needed leadership training. (Reporting by Heather Somerville; Editing by Bill Rigby) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-uber-ceo-idUKKBN16S2Y0'|'2017-03-22T05:48:00.000+02:00'
'654343800524bad24a309889987431c808a628ed'|'Amazon to expand counterfeit removal program in overture to sellers - Reuters'|'LAS VEGAS Amazon.com Inc ( AMZN.O ) is expanding a program to remove counterfeit goods from its website this spring as part of a broader push to assure brand owners that the online retailer is an ally rather than a threat.As early as next month, any brand can register its logo and intellectual property with Amazon so the e-commerce company can take down listings and potentially seller accounts when counterfeits are flagged, Peter Faricy, vice president of Amazon Marketplace, said in an interview on Monday.The so-called brand registry, which had been in a test phase, will be widely available for free in North America, Faricy said ahead of his presentation on Tuesday at the Shoptalk commerce conference in Las Vegas.The move reflects Amazon''s efforts to court increasingly important third-party sellers. The Seattle-based company takes a commission for retail transactions it enables, and it sells lucrative fulfillment and advertising services to third parties.Counterfeiters have sold faulty or discounted versions of authentic goods on Amazon, prompting lawsuits, including one from Apple Inc ( AAPL.O ), against merchants on the site.Other retailers have said they fear Amazon controls too much of the sales process and creates its own private-label copies of top-selling items to sell to customers at a lower price."The data doesn''t support it," Faricy said of the allegation that Amazon is jeopardizing sellers. Third parties have grown to account for about 50 percent of units sold on Amazon, he said.Access to Amazon''s more than 300 million customers allowed 100,000 sellers to generate at least $100,000 each through the company last year, Faricy said, and its fulfillment services have made once costly daily delivery affordable for small retailers.Shoppers, brands or Amazon itself can flag counterfeit goods via the brand registry, which the company developed in 2016.Amazon is also offering brands a program called "Transparency," which lets them label packages with a code so shoppers can cross-check their purchase against official information.Faricy said efforts against counterfeit products are at an early stage."I don’t think it’s the kind of thing where you ever feel like there’s a clear ending," he said. "It’s a journey.”(Reporting by Jeffrey Dastin in Las Vegas; Editing by Lisa Von Ahn)'|'reuters.com'|'http://www.reuters.com/finance'|'http://www.reuters.com/article/us-amazon-com-counterfeit-idUSKBN16S2EU'|'2017-03-21T21:31:00.000+02:00'
'79cf31229433a1ea638c1e35b4e3ac5c2ed49376'|'Cheerios maker General Mills'' sales miss estimates'|'Business News - Tue Mar 21, 2017 - 7:12am EDT Cheerios maker General Mills'' sales miss estimates A box of Cheerios breakfast cereal made by General Mills is shown in this illustration photograph taken in Encinitas, California, U.S. June 27, 2016. REUTERS/Mike Blake/File Photo Food maker General Mills Inc ( GIS.N ) reported a bigger-than-expected 5.2 percent fall in quarterly sales on Tuesday, hurt by weak sales of yogurt and baking products in the United States, its biggest market. The maker of Cheerios breakfast cereal said net sales slipped to $3.79 billion in the third quarter ended Feb. 26, from $4 billion a year earlier, marking the seventh straight quarterly decline. Analysts on average had expected revenue of about $3.8 billion, according to Thomson Reuters I/B/E/S. Net income attributable to General Mills fell to $357.8 million or 61 cents per share, from $361.7 million or 59 cents per share, a year earlier. (Reporting by Richa Naidu and Sruthi Ramakrishnan in Bengaluru; Editing by Sai Sachin Ravikumar) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-general-mills-results-idUSKBN16S16Y'|'2017-03-21T18:12:00.000+02:00'
'2b4b9d33b221185cf5a1f1dd8b5a0b395ca2c2cc'|'French prosecutor opens Fiat Chrysler emissions investigation-source'|'Company News  35pm EDT French prosecutor opens Fiat Chrysler emissions investigation-source PARIS, March 21 A French prosecutor has opened an investigation into Fiat Chrysler over allegations that the carmaker cheated in diesel emission tests, a judicial source said on Tuesday. "I can confirm that a judicial investigation has been opened into aggravated cheating," the source said. (Reporting by Chine Labbe and Laurence Frost; Writing by Geert De Clercq; Editing by Greg Mahlich) Next In Company News UPDATE 1-Brazil strives to quell meat scandal as Hong Kong bans imports LAPA, Brazil, March 21 Brazilian authorities on Tuesday began scouring meat plants closed after a probe into corruption by health inspectors and the alleged sale of rotten products, as Hong Kong dealt a blow to the world''s top beef and poultry exporter with an import ban.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/france-fiat-chrysler-diesel-idUSP6N1EW00L'|'2017-03-22T00:35:00.000+02:00'
'cfa2ecbacb8948328424ac46d3ac8105f658efdb'|'Danske Bank, Nordea say cooperating with authorities in money laundering probe'|' 35pm GMT Danske Bank, Nordea say cooperating with authorities in money laundering probe left right Danske bank logo is seen on a branch office in Riga August 1, 2013. REUTERS/Ints Kalnins/File Photo 1/2 left right The Nordea bank logo is seen outside their corporate headquarters in Stockholm February 2, 2011. REUTERS/Bob Strong/File Photo 2/2 COPENHAGEN Denmark''s Danske Bank ( DANSKE.CO ) and Sweden''s Nordea ( NDA.ST ) said on Monday they were cooperating with authorities over possible incidents of money laundering via their overseas branches from 2011 to 2014. Danish newspaper Berlingske reported on Monday that the two banks were being investigated by authorities in Moldova and Latvia over money laundering. More than 7 billion Danish crowns (822 million pounds) was transferred to accounts in the two banks from 2011 through 2014, the newspaper said citing data it had accessed in cooperation with the journalist organisation Organized Crime and Corruption Reporting Project. Danske Bank said in a press release that the transactions were almost exclusively carried out at its Estonian branch, and that the bank had already discussed them with Danish and Estonian authorities. The Danish Financial Supervisory Authority reprimanded it over the matter last year, it said. "At the time, our systems and procedures in Estonia were insufficient to ensure that we could not be used for money laundering," Group General Counsel at Danske Bank Flemming Pristed said in the press release. "We have taken the measures necessary to remedy this," he said. A Nordea spokesman said the bank would "never tolerate" being used as a base for money laundering. He said that the transactions in the Swedish bank took place between 2012 and 2014 and that the bank had since begun an extensive programme against money laundering. "We will of course cooperate fully with the authorities," the Nordea spokesman said. (Reporting by Teis Jensen, additional reporting by Johan Sennero and Johan Ahlander in Stockholm; Editing by Hugh Lawson)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-denmark-banking-idUKKBN16R2N0'|'2017-03-21T05:35:00.000+02:00'
'613ef048c0ddff26b103d3cb0a27f422c833e21c'|'UPDATE 1-Enbridge oil leak in Canada contained, volume unknown -regulator'|'Company News  55pm EDT UPDATE 1-Enbridge oil leak in Canada contained, volume unknown -regulator (Adds comment from company and federal agency, background) March 21 Crude oil that leaked into a creek in the Canadian province of Alberta from an Enbridge Inc storage facility has been contained but there is no estimate yet of its volume, the National Energy Board regulator said on Tuesday. The regulator said no injuries, fire or evacuations resulted from Monday''s leak at the terminal in Strathcona County, near the provincial capital Edmonton. The oil flowed into a storm pond on an adjacent industrial site and then into a creek, the board said. There was no immediate word on the cause of the spill. Enbridge said late on Monday the material which leaked was synthetic crude and that it was responding. The Edmonton Terminal is one of two delivery points for its Athabasca Regional Oil Sands gathering system, and moves an average of 1.25 million barrels of oil a day, according to the company''s website. An Enbridge pipeline in the area, Line 2A, leaked about 1,300 barrels late last month after it was damaged during unrelated construction activity in the area. Canada''s federal Transportation Safety Board said it has sent investigators to a "pipeline occurrence at a storage facility" in the Edmonton area. The board did not specify the facility or company involved and did not immediately have additional information when asked. (Reporting by Ahmed Farhatha in Bengaluru and Ethan Lou in Calgary, Alberta; Editing by Martina D''Couto and James Dalgleish) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/enbridge-inc-storage-idUSL3N1GY4NP'|'2017-03-22T00:55:00.000+02:00'
'1fb014a705e0c9a55bf379e85bf252f2ca72de37'|'PRESS DIGEST- British Business - March 21'|'March 21 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The TimesNearly 15 years after Tesco Plc bought One Stop it is still paying staff at the convenience chain less and charging customers more for products than in its Tesco Express outlets. bit.ly/2n7PSIfAberdeen Asset Management Plc and Standard Life have given more details about how the joint chief executives of the enlarged business will split their roles in an attempt to head off investors'' concern. bit.ly/2n84RlBThe GuardianHSBC Holdings Plc , the Royal Bank of Scotland Plc , Lloyds Banking Group Plc , Barclays Plc and Coutts are among 17 banks based in the UK, or with branches here, that are facing questions over vast money-laundering operation run by Russian criminals with links to the Russian government and the KGB. bit.ly/2n7GFQ8Theresa May has informed the European council that she will trigger article 50 on Wednesday 29 March, but European sources have made clear that Britain could be forced to wait until June to embark on formal talks. bit.ly/2n7KYeiThe TelegraphArcadia Group chairman Philip Green "prioritised his loyal senior managers" with his 363 million pounds ($449.21 million)deal to help plug the BHS pension black hole, MPs scrutinising the agreement have concluded. on.wsj.com/2n7StSNSports Direct International Plc has lost a trademark battle against a small online business despite claiming that the company, run by a husband and wife team, would confuse consumers about its burgeoning gym business. bit.ly/2n7QjSUSky NewsJapan Tobacco International (JTI) and Imperial Brands Plc are examining whether to pump tens of millions of pounds into P&H in return for an equity stake. bit.ly/2n1fbtWGeorge Osborne has defended his shock appointment as the new London Evening Standard editor after facing criticism for saying he will stay on as an MP while also heading up the newspaper from this May. bit.ly/2n7GzrTThe IndependentUK''s ambassador to Europe Tim Barrow has warned that the EU will push for Britain to pay a hefty Brexit "divorce bill" after Theresa May triggers Article 50 on March 29. ind.pn/2n7O8yM($1 = 0.8081 pounds) (Compiled by)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-business-idINL3N1GY09E'|'2017-03-20T21:49:00.000+02:00'
'2e5d2c5b6fc35370cf6749532a516f25805a693f'|'BRIEF-Eagle Pharmaceuticals reports 3 new patents issued for bendeka'|' 15am EDT BRIEF-Eagle Pharmaceuticals reports 3 new patents issued for bendeka March 21 Eagle Pharmaceuticals Inc: * Eagle Pharmaceuticals announces three new patents issued for bendeka * Eagle Pharmaceuticals Inc- continues to pursue obtaining a grant of orphan drug exclusivity which would provide bendeka exclusivity through Dec 2022 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-eagle-pharmaceuticals-reports-3-ne-idUSFWN1GY0H3'|'2017-03-21T19:15:00.000+02:00'
'e82d5525506ad79bfc6cf2d54a4434d19ae66854'|'TREASURIES-Prices gain as falling stocks boost safety buying'|'(Recasts with price change, adds Quote: ) * Stock decline increases demand for bonds * U.S. 10-year yields lowest since March 1 By Karen Brettell NEW YORK, March 21 U.S. Treasury yields fell to three-week lows on Tuesday as stock markets tumbled, raising demand for low-risk U.S. government debt. Stocks dropped with the S&P 500 financial sector losing 1.7 percent, on track for its largest daily percent loss since Jan. 17. “Stocks are down, and bonds are reacting to that,” said Lou Brien, a market strategist at DRW Trading in Chicago. The U.S. dollar also tumbled against the euro and Japanese yen . Benchmark 10-year U.S. Treasuries were last up 10/32 in price to yield 2.44 percent, the lowest yield since March 1 and down from 2.50 percent earlier on Tuesday. (Reporting by Karen Brettell; Editing by Andrea Ricci) )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL2N1GY0VQ'|'2017-03-21T12:38:00.000+02:00'
'bb420ffd7addf570dcc54e392a9ad1bbbe59e611'|'Venezuela indicts two PDVSA subcontractors in Jose port graft case'|'Commodities   6:23pm EDT Venezuela indicts two PDVSA subcontractors in Jose port graft case CARACAS Venezuela has charged the presidents of two subcontractors with corruption for overbilling in equipment sales at the OPEC country''s main oil-exporting port, the public prosecutor''s office said on Monday. The former manager of state oil company PDVSA''s Jose terminal has already been jailed over the purchase of two monobuoys costing $76.2 million. A monobuoy is a floating platform where vessels, especially oil tankers, too large to get into port can moor and unload. The presidents of Venezuela-based Castillo Max and Guevara Training, Miguel Castillo and Hernan Guevara respectively, have been arrested and charged with graft over equipment sales in a tribunal in the eastern oil-producing state of Anzoategui, according a statement from the public prosecutor''s office. Further information was not immediately available. Caracas-based Petroleos de Venezuela SA [PDVSA.UL] and Castillo Max did not immediately respond to a request for comment. It was not immediately possible to contact Guevara Training, which is not registered in Venezuela''s register of government contractors and does not appear to have a website. PDVSA has said repeatedly that it was taking steps to combat corruption, which has affected Venezuela and its oil industry for decades. Opposition parties have long maintained that PDVSA has been crippled by financial malfeasance under the current socialist government. They have also said that corruption during a major oil boom has worsened the brutal economic recession in Venezuela. A congressional probe in October said $11 billion had gone missing from PDVSA. Union leaders said they had denounced Castillo Max to PDVSA bosses for at least three years due to poor maintenance of loading arms at Jose. "We had said that Castillo Max should be investigated because it is responsible for the destruction of this terminal due to maintenance ... that wasn''t being done," said Eudis Girot, a PDVSA union leader in Anzoategui, on Monday. "We want these investigations to deepen," Girot told Reuters. Three separate industry sources, who requested anonymity because they had not been authorized to speak about the matter to the media, said Castillo Max was relatively unknown before it emerged as a major PDVSA contractor a few years ago. (Reporting by Alexandra Ulmer; Editing by Tom Brown) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-venezuela-pdvsa-idUSKBN16R2MK'|'2017-03-21T05:05:00.000+02:00'
'9244537e8c22188229d819e4807b2932e29b5cd0'|'EU to decide on relocation of banking body from London before Brexit'|'  2:56pm GMT EU to decide on relocation of banking body from London before Brexit European Commission Vice-President Valdis Dombrovskis addresses a news conference on the European Semester Winter Package in Brussels, Belgium February 22, 2017. REUTERS/Francois Lenoir BRUSSELS The European Commission wants a decision on the relocation of the European Banking Authority from London before the end of Britain''s EU divorce talks, the EU executive vice president said on Tuesday. "We need to take this decision relatively quickly, and not to wait for the end of the (Brexit) negotiations, because it takes quite a lot of time of practical preparations for the movement from London to another place," Valdis Dombrovskis told reporters. (Reporting by Francesco Guarascio)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-regulations-eba-idUKKBN16S1U2'|'2017-03-21T22:28:00.000+02:00'
'2dcd857a5d1c7889055b1242410fceb5aa4b4d54'|'Spain trade deficit rises 31.3 percent in January - Economy Ministry'|'Business News - Tue Mar 21, 2017 - 8:26am GMT Spain trade deficit rises 31.3 percent in January - Economy Ministry Containers are carried next to cargo boat at Barcelona''s Port, Spain, January 24, 2017. REUTERS/Albert Gea MADRID Spain''s trade deficit rose 31.3 percent in January from the same period last year to 3.13 billion euros ($3.38 billion), the Economy Ministry reported on Tuesday. Spanish exports grew 17.4 percent to a record high of 21.44 billion euros, while imports grew 19 percent to 24.57 billion euros. (Reporting By Sonya Dowsett; Editing by Maria Vega Paul) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-spain-trade-idUKKBN16S0RS'|'2017-03-21T15:26:00.000+02:00'
'997ffbb95776738e262c62682a49c1dc7b627f00'|'Alibaba buys online ticketing platform Damai'|'Company   12:17am EDT Alibaba buys online ticketing platform Damai SHANGHAI, March 21 China''s Alibaba Group Holding Ltd has fully acquired online ticketing platform Damai.cn, the e-commerce giant said on Tuesday, marking a further push into entertainment by the firm. "Ali announces its acquisition of Damai, part of our big entertainment strategy," the firm said on its Sina Weibo platform. "This continues an earnest three-year romance." In a separate post Damai said it was happy to join the "Alibaba family". It also reposted a statement from a senior Alibaba executive saying this meant Alibaba now owned 100 percent of the firm. Alibaba did not immediately respond to requests for comment. (Reporting by Adam Jourdan; Editing by Stephen Coates) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/damai-ma-alibaba-idUSB9N1GS00B'|'2017-03-21T11:17:00.000+02:00'
'da09927f5858e1c9a68c271e0ab2db1c816587dc'|'Goldman to move hundreds of staff from London pre-Brexit: Europe CEO'|'By Anjuli Davies - LONDON LONDON Goldman Sachs will begin moving hundreds of people out of London before any Brexit deal is struck as part of its contingency plans for Britain leaving the European Union, the Wall Street firm''s Europe CEO said."We are going to start to execute on those contingency plans," Richard Gnodde, chief executive officer of Goldman Sachs International, the European arm of the Wall Street bank, told CNBC on Tuesday."For this first period, this is really the period as we put in place contingency plans, this is in the hundreds of people as opposed to anything greater than that," he said.British Prime Minister Theresa May will trigger EU divorce proceedings on March 29, launching two years of negotiations that will shape the future of Britain and Europe.Leading financial firms warned for months before last year''s June referendum that they would have to move some jobs if there was a leave vote, and have been working on plans for how they would do so for the past several months.More details are emerging after May confirmed Britain would leave the European single market, ending banks'' hopes they might retain "passporting" rights that let them sell services across the EU from their London hubs.The bulk of Goldman''s European operations are in Britain, where it has around 6,000 employees, providing services including broking and market-making in securities, foreign-exchange trading and corporate finance across Europe.Gnodde said that the big question for contingency planning is whether Britain and the EU will agree on transitional arrangements as they try to hammer out a Brexit deal, which some fear could last beyond the two-year negotiation period."We can''t bank on them so we have to have contingency plans and that''s what are going to start to execute on."Initially, the Wall Street bank will start hiring people inside Europe and also moving some people out of London as well as investing in infrastructure and technology over the next 18 months to ensure that operations to service clients are up and running by the time Britain leaves the EU, said Gnodde.He declined to say which locations would benefit, though stated that the firm had banking licenses in France and Germany and offices in several European cities."In the next 18 months we will upgrade those facilities, we will be taking extra space in a number of them, and we will be increasing headcount and capability and infrastructure around those facilities.""What our eventual footprint will look like depends on the outcome of negotiations and what we''re obliged to do because of them. Whatever the scenario, whatever the outcome, London will remain for us a very significant regional hub and a very significant global hub," he added.(Editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-britain-eu-goldman-sachs-idINKBN16S1C5'|'2017-03-21T08:59:00.000+02:00'
'acba60d03557c8345e4981f6eca644f3590f2873'|'OECD sees China growth slowing to 6.5 pct in 2017, 6.3 pct in 2018 - Reuters'|'BEIJING China''s economic growth is likely to slow to 6.5 percent this year and cool further to 6.3 percent in 2018, the OECD said, though exports are set to pick up as global demand strengthens.The Organisation for Economic Co-operation and Development also warned of China''s ballooning corporate debt in its bi-annual economic outlook report released on Tuesday."In terms of risk, we believe that internally the biggest risk is the accumulated and fast pace of growth of credit both in terms of shadow banking and the banking system," Alvaro Santos Pereira, director of the country studies branch of the OECD''s Economics Department, told reporters."I think it''s important to intensify efforts to tackle this issue."China''s corporate debt is about 175 percent of GDP, one of the highest in emerging market economies, he said, with state-owned enterprises (SOEs) accounting for around 75 percent of that."One of our top recommendations is to remove implicit guarantees to SOEs and other government and public entities," said Margit Molnar, head of the China desk at the OECD''s Economics Department.Such guarantees have enabled SOEs and local government investment vehicles to continue accumulating debt, she said.Financial risks in China are mounting because of indebted enterprises, growing non-bank activities and enormous overcapacity, the report said.The OECD''s forecast for 2017 is in line with the Chinese government''s growth target of around 6.5 percent this year, versus last year''s 6.5-7 percent range. The economy grew 6.7 percent in 2016, the slowest pace in 26 years.Some analysts believe the more modest target will give policymakers more room to tackle debt risks and push through painful reforms, though authorities are expected to proceed cautiously to avoid hurting growth.Economic growth remains high "but is gradually and appropriately moderating as the population ages and the economy rebalances from investment to consumption," the report said.Export volumes are expected to grow 3.4 percent this year and 3.3 percent next year, up from 2.3 percent in 2016, due to increasing global demand.Import volumes are set to grow 7.7 percent this year and 6.0 percent in 2018, down from 8.6 percent growth in 2016, as imports used to process exports fall.The world''s second-largest economy needs more innovation, entrepreneurship, effective corporate governance and reform of its state-owned sector, the OECD added.The report did not single out the threat of rising protectionism from the United States but noted that protectionism by some trading partners would hurt Chinese exports.However, it said China could mitigate this by signing free trade deals with other partners."Rising protectionism to the level that some people are talking about - or reversing some of the gains of the last ten, fifteen years - is going to be extremely costly to everyone," Pereira said.China''s rapid economic growth has been accompanied by rising inequality which could be combated by reforming the tax system and the household registration system which limits labour movement, the OECD said.(Reporting by Sue-Lin Wong; Editing by Kim Coghill)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/oecd-economy-china-idINKBN16S0GC'|'2017-03-21T03:12:00.000+02:00'
'fda911dcb1f4d55fb33903859efd265c19ade082'|'Disney stole ''Zootopia,'' writer claims in U.S. lawsuit'|'Entertainment News - Tue Mar 21, 2017 - 4:25pm EDT Disney stole ''Zootopia,'' writer claims in U.S. lawsuit FILE PHOTO - The characters of Judy Hopps and Nick Wilde pose at the premiere of ''''Zootopia'''' at El Capitan theatre in Hollywood, California February 17, 2016. REUTERS/Mario Anzuoni/File Photo By Jonathan Stempel Walt Disney Co was sued on Tuesday by a longtime Hollywood screenwriter and producer who accused the studio of copying its blockbuster, Oscar-winning animated film "Zootopia" from his work without permission. Gary Goldman, whose credits include the Arnold Schwarzenegger film "Total Recall" and Tom Cruise film "Minority Report," filed his copyright infringement lawsuit in the U.S. District Court in Los Angeles. He said Disney replicated, sometimes "virtually verbatim," the themes, settings, plot, characters and dialogue, as well as the title, of his "Zootopia" concept, which he had pitched to the studio in 2000 and 2009. Disney and its affiliates embrace "a culture that not only accepts the unauthorized copying of others'' original material, but encourages it," the lawsuit said. "They did it with ''Zootopia,'' too, when they copied Gary L. Goldman''s ''Zootopia.''" In a statement, Disney said: "Mr. Goldman''s lawsuit is riddled with patently false allegations. It is an unprincipled attempt to lay claim to a successful film he didn''t create, and we will vigorously defend against it in court." "Zootopia" has grossed more than $1 billion worldwide since its release a year ago, and last month won the Academy Award for best animated feature film. The film explores bias through the comedic story of a rabbit, voiced by the actress Ginnifer Goodwin, who leaves her rural hometown to join a big-city police force in an animal metropolis where prejudice and fear divide residents. Byron Howard, the film''s co-director, said in accepting the Oscar that the development of "Zootopia" had begun about five years earlier, "in hopes when the film came out it would make the world just a slightly better place." Goldman, through his company Esplanade Productions Inc, is seeking unspecified compensatory and punitive damages, including from merchandise sales, reflecting what he called Disney''s "wanton, deliberate, malicious, and willful misconduct." Jeffery McFarland, a lawyer for Goldman, declined additional comment, as did an outside spokesman for Goldman. The case is Esplanade Productions Inc v Walt Disney Co et al, U.S. District Court, Central District of California, No. 17-02185. (Reporting by Jonathan Stempel in New York; Additional reporting by Lisa Richwine in Los Angeles; Editing by Tom Brown) Next In Entertainment News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-walt-disney-zootopia-idUSKBN16S2OF'|'2017-03-22T03:23:00.000+02:00'
'de69f3602b0dbd939b3015e4f6b089299548b106'|'UPDATE 1-Brazil''s Estácio hires ICTS to conduct probe of email leaks'|'Company  37pm EDT UPDATE 1-Brazil''s Estácio hires ICTS to conduct probe of email leaks (Adds company confirmation, hiring of law firm, share performance) By Ana Mano SAO PAULO, March 21 Brazil''s Estácio Participações SA, the target of a takeover attempt that would create the world''s No. 1 for-profit education firm, has launched a probe into leaked emails about the deal that added to rising tensions with bidder Kroton Educacional SA . The friction between the two companies over the emails reported by a local newspaper has added to the challenges facing the tie-up, which include intense regulatory scrutiny and the impact of a recession that triggered a surge in student defaults. Estácio said Tuesday that risk consultants ICTS Global Serviços were hired on Feb. 18 to investigate the email security breach. The company learned around that date that emails between Chief Executive Officer Pedro Thompson and a lawyer advising about antitrust issues related to Kroton''s takeover proposal had been leaked. Reuters reported the hiring of ICTS earlier, citing a person briefed on the matter. In a statement, Estácio reaffirmed a plan to investigate the breaches, adding that the emails between Thompson and the lawyer at São Paulo-based law firm Demarest Advogados "were taken out of context." Valor Econômico newspaper on Friday said that in the emails Thompson asked the lawyer about the possibility of telling antitrust watchdog Cade that Kroton was meddling in Estácio''s management before the deal was approved, which would be illegal. Kroton got hold of the emails from an anonymous source and drew the conclusion that Estacio was undermining the deal, Valor said. By hiring ICTS, Estácio is signaling that it wants to find out what led to the disclosure of internal communications and show full commitment to completing a 27 billion-real ($8.8 billion) asset combination with Kroton, people with direct knowledge of the situation told Reuters. Law firm Mattos Filho Advogados was brought in to investigate Thompson''s conduct as well as the breach, another person said. Risk consultancy Control Risks has also been advising Estácio on the matter, the first person said. The people asked for anonymity due to the sensitivity of the issue. Estácio, Kroton and law firms Demarest and Mattos Filho declined to comment. Competitors and consumer advocacy groups have been critical of the transaction, which if approved will create an entity 10 times larger than the industry''s No. 2 player. Shares of Kroton fell for the second day in three on Tuesday, shedding 2.8 percent to 13.26 reais, while Estácio dipped 3.5 percent to 15.07 reais. CLAIMS OF MEDDLING Two of the people told Reuters that Thompson wanted to learn about alternative scenarios if Cade blocked the combination. Estácio has repeatedly denied that Thompson sought to boycott the deal and removed him from a group discussing terms of the combination. Kroton has also disputed claims of interference in Estácio''s management ahead of regulatory approval of the takeover, a practice known as "gun jumping," after Valor revealed the email conversation last week. However, claims that Kroton could be meddling with Estácio''s management are not new to antitrust watchdog Cade. In September, the watchdog asked both companies about information it received that Kroton was involved in the firing of 180 Estácio executives after the companies submitted the takeover plan for regulatory approval in August. In response, Estacio told Cade that 73 executives had been fired to reduce costs, not at Kroton''s direction. Cade has until the end of July to conduct its review. In February, a Cade unit made a non-binding recommendation that the takeover be blocked. A ruling by the watchdog''s five-strong board is pending. Cade declined to comment. ($1 = 3.0715 reais) (Reporting by Ana Mano; Additional reporting by Tatiana Bautzer and Gabriela Mello in São Paulo; Editing by Guillermo Parra-Bernal and Cynthia Osterman) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/estacio-part-ma-kroton-ceo-idUSL2N1GY0Q1'|'2017-03-22T02:37:00.000+02:00'
'386f410cb4841cc6460b6964296d65bec628f041'|'China appoints banking regulator head to c.bank monetary policy committee'|'Money News - Tue Mar 21, 2017 - 1:44pm IST China appoints banking regulator head to c.bank monetary policy committee Guo Shuqing, China''s newly appointed banking regulator, attends a news conference ahead of China''s parliament in Beijing, March 2, 2017. REUTERS/Shu Zhang BEIJING China''s cabinet said on Tuesday it had appointed Guo Shuqing, the head of the country''s banking regulator, to the central bank''s monetary policy committee, in a routine reshuffle. Guo, who was named as chairman of the China Banking Regulatory Commission (CBRC) this month, will replace his predecessor Shang Fulin as a member of the monetary policy committee. The State Council also appointed Ding Xuedong, deputy secretary-general of the cabinet, to the committee, replacing his predecessor Xiao Jie, who is now finance minister. The 15-member policy panel, chaired by central bank governor Zhou Xiaochuan, includes Lian Weiliang, a vice head of the National Development and Reform Commission, Shi Yaobin, a vice finance minister, and heads of banking, securities and insurance regulators. Influential Chinese economists Fan Gang, Huang Yiping and Bai Chongen also sit on the policy panel. The policy committee meets once every quarter to discuss economic and policy issues and would recommend any changes or action when necessary, but its influence is limited given that key currency and interest rate decisions must be signed off by senior cabinet and party leaders. (Reporting by Beijing Monitoring Desk and Kevin Yao; Editing by Jacqueline Wong) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-economy-policy-appointments-idINKBN16S0QU'|'2017-03-21T15:14:00.000+02:00'
'b024e999979eb04b13176fc6d0b62b5fcc1659ba'|'Shareholders in British builder Crest Nicholson vote down executive pay report'|'Business News - Thu Mar 23, 2017 - 4:58pm GMT Shareholders in British builder Crest Nicholson vote down executive pay report Shareholders in British housebuilder Crest Nicholson ( CRST.L ) voted down the directors'' pay report at the company''s annual general meeting on Thursday, another sign of growing discontent about executive pay levels in Britain. The vote, however, was only advisory and will not change the remuneration. Investors'' concerns about executive pay at UK companies are growing, but have had little public success so far in forcing company boards to change pay arrangements by accepting their guidance. Often their complaints about excessive handouts have fallen on deaf ears. Crest Nicholson, which operates in London, southern and eastern England and south Wales, said in a statement that it was "disappointed" by the results of Thursday''s vote. Around 58 percent of votes cast opposed the pay report for the year ended October 2016, its statement showed. British Prime Minister Theresa May, on taking office last June, vowed to bridge the gap between those at the top of society and those at the bottom by forcing companies to disclose pay ratios and put workers on boards to curb excessive behaviour. But she has been forced to tone down her initial plans as she works to keep big business on side during Brexit. A report this week showed that the heads of Britain''s top 100 listed companies earn on average almost 400 times more than a worker on the minimum wage. Institutional Shareholder Services, the world''s largest proxy voting adviser, had recommended that investors vote down Crest Nicholson''s remuneration plans over concerns that its profit targets increasingly were becoming too easy to meet. The builder, a mid-cap company, defended its pretax profit per share targets for achieving its long-term share incentive plan (LTIP) for 2017-2019, which it said had been investors'' main concern in talks ahead of the AGM. "The committee believes that this combination of measures presents a sufficiently stretching LTIP," the company said. It cited an uncertain economic backdrop and competitive environment against which to deliver its target of pretax profit per share growth of 5 percent to 8 percent by 2019. Shareholders in other housebuilders have raised concerns over LTIP pay for senior executives in the past. Rival Persimmon Plc ( PSN.L ) was called on to scale back an executive pay plan last year by fund manager Royal London Asset Management. (Reporting by Esha Vaish in Bengaluru; Editing by Susan Fenton) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-crest-hold-pay-idUKKBN16U2CG'|'2017-03-23T23:58:00.000+02:00'
'882bdea1250482166e5f07178c48e8530dc2ee8d'|'Oil bounces off November lows, but bloated U.S. stockpiles pressure market'|'Global Energy News - Thu Mar 23, 2017 - 6:21am IST Oil bounces off November lows, but bloated U.S. stockpiles pressure market A section of the BP Eastern Trough Area Project (ETAP) oil platform is seen in the North Sea, around 100 miles east of Aberdeen in Scotland, Britain, February 24, 2014. REUTERS/Andy Buchanan/Pool/File Photo By Henning Gloystein - SINGAPORE SINGAPORE Oil prices on Thursday recovered from losses chalked up the session before, but the market remains under pressure as bloated U.S. crude inventories and rising output dampen OPEC-led efforts to curb global production. Prices for front-month Brent crude futures LCOc1, the international benchmark for oil, were at $50.95 per barrel at 0033 GMT, up 31 cents from their last close. That came after Brent briefly dipped below $50 a barrel the previous session for the first time since November. [nL3N1GZ1KO] In the United States, West Texas Intermediate (WTI) crude futures CLc1 were up 33 cents at $48.38 a barrel, after testing support at $47 a barrel overnight. Despite the bounce on Thursday, traders said that prices remained under pressure, largely due to a bloated U.S. market and doubts that an effort led by the Organisation of the Petroleum Exporting Countries (OPEC) to cut output were having the desired effect of reining in a global fuel supply overhang. [nL3N1GU1GS] Greg McKenna, chief market strategist at futures brokerage AxiTrader, said OPEC was "underwriting the investment plans and returns of their competition in U.S. shale oil". McKenna said there was a risk of oil prices dropping further due to U.S. output and a lack of compliance by some producers who said they would cut production. The Energy Information Administration (EIA) said U.S. inventories climbed almost 5 million barrels to a record 533.1 million last week, far outpacing forecasts of a 2.8 million-barrel build. [nL2N1GZ0R4] The high inventories come as U.S. oil production C-OUT-T-EIA has risen over 8 percent since mid-2016 to more than 9.13 million barrels per day (bpd) to levels comparable in late 2014, when the oil market slump started. (Reporting by Henning Gloystein; Editing by Joseph Radford) Next In Global Energy News Oil drops to lowest since Nov as U.S. inventories swell NEW YORK Oil prices slipped on Wednesday to their lowest since late November, with Brent testing the $50 per barrel support, after data showed record high U.S. crude inventories rising faster than expected, raising doubts over the viability of OPEC-led output cuts.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-oil-idINKBN16U036'|'2017-03-23T07:51:00.000+02:00'
'764f134888c52e6633eee45bb7d18144d6446bef'|'HSBC confident of filling Birmingham HQ roles on time'|'  HSBC confident of filling Birmingham HQ roles on time LONDON, March 23 HSBC is on track to fill 1000 vacancies at the new headquarters of its British retail bank in Birmingham it said on Thursday, with people hired for nearly 450 of the roles. The bank''s newly separated high street lender HSBC UK is set to open its headquarters in a 10 storey office block in the city in the heart of Britain''s Midlands region in January 2018. HSBC has said it will move 1000 jobs from its head office in London, but reports last year in British newspapers said that an independent monitor tasked with overseeing the bank criticised the pace of its progress in filling the roles. "More than 40 percent of the head office roles we are moving from London to Birmingham are now accounted for and we''re recruiting internally and externally for the remaining roles," Antonio Simoes, Chief Executive of HSBC Bank plc, said. The bank said 447 of the roles have been accounted for, through a combination of staff moving from London and new hires in Birmingham, and more than 2000 staff internally have registered interest in the remaining jobs. The creation of HSBC UK is in response to laws set out in 2013 that require British banks to separate high street business from investment banking in order to protect savers'' money. HSBC has estimated the cost of this "ringfencing" project at 1.5-2 billion pounds, including the construction of the new headquarters, moving staff and separating and testing HSBC UK''s IT infrastructure and systems. The bank previously named Ian Stuart as the Chief Executive of HSBC UK, while former London Stock Exchange Chief Executive Clara Furse will chair the unit. ($1 = 0.8027 pounds) (Reporting by Lawrence White; editing by Alexander Smith)   Malaysia     * Keysight Technologies announces pricing of public offering of common shares in connection with pending acquisition of ixia MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/hsbc-birmingham-idUSL3N1GY3VU'|'2017-03-23T07:01:00.000+02:00'
'1346ddce9a2ee454f3bf5080fa97c622ce732cac'|'Asia stocks rise, but gains for dollar, oil capped by jitters'|'Business News - Thu Mar 23, 2017 - 3:52am GMT Asia stocks rise, but gains for dollar, oil capped by jitters left right A woman walks past electronic board showing stock prices and Japanese Yen''s exchange rate outside a brokerage at a business district in Tokyo, Japan, January 23, 2017. REUTERS/Kim Kyung-Hoon 1/2 left right People are seen in front of an electronic board showing stock prices outside a brokerage at a business district in Tokyo, Japan, January 4, 2017. Picture taken on January 4, 2017. REUTERS/Kim Kyung-Hoon 2/2 By Nichola Saminather - SINGAPORE SINGAPORE Asian stocks, taking some cues from a steady Wall Street, edged up on Thursday while the path for the dollar, which crawled up from a four-month low, remained clouded by concerns about the prospects for U.S. President Donald Trump''s pro-growth agenda. Sterling GBP=D3 was steady at $1.2483 following a decline of as much as 0.4 percent on Wednesday, after an attack close to Britain''s Parliament left five people dead, including the attacker and a police officer, and injured 40. Police said they believed the attacker was inspired by Islamist-related terrorism. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS advanced 0.2 percent. Japan''s Nikkei .N225 was flat despite a weaker yen, as a political scandal dented investor sentiment. The subject is the relationship of Prime Minister Shinzo Abe and his wife with a Japanese nationalist education group that bought state-owned land at a fraction of its appraised price to build an elementary school. China''s CSI 300 .CSI300 gained 0.4 percent, while Hong Kong''s Hang Seng .HSI added 0.1 percent. Overnight, the Nasdaq .IXIC jumped 0.5 percent and the S&P 500 .SPX closed 0.2 percent higher, while the Dow Jones Industrial Average .DJI was flat, after all three touched their lowest levels in about five weeks earlier in the session. The dollar advanced 0.3 percent to 111.44 yen JPY=D4 , after dropping to 110.75, its lowest since Nov. 22 overnight. The dollar index .DXY, which tracks the greenback against a basket of six trade-weighted peers, recovered about 0.1 percent to 99.81, after touching a seven-week low overnight. Trump has been trying to rally support for his plan to repeal the 2010 Affordable Care Act, Democratic former President Barack Obama''s signature healthcare legislation. On Wednesday, Trump and Republican leaders of the House of Representatives said they were making progress in their efforts to win over conservative Republicans who have demanded changes to the legislation. They plan a vote on the bill, Trump''s first major legislation since he took office, later on Thursday. "The vote on Obamacare is a litmus test for Trump," said Masafumi Yamamoto, chief forex strategist at Mizuho Securities in Tokyo. "If he can''t push through the bill, it would further damage stocks. It also raises the risk of his other policies, like tax cuts, being delayed." Investors in Asia are awaiting a rate decision from Taiwan''s central bank, which is expected to remain on hold. Following a more than 6 percent jump in the Taiwanese dollar, the central bank is asking some custodian banks to advise their clients not to remit new funds, two people with direct knowledge of the matter told Reuters on Wednesday. The central bank said the reported comments "do not match the facts" but did not elaborate. On Thursday morning, the U.S. dollar slipped about 0.1 percent to 30.477 Taiwan dollars TWD=TP . The New Zealand dollar NZD= was 0.1 percent lower at $0.7036 after the central bank held interest rates at a record low 1.75 percent, and reiterated it would remain there for a "considerable" period of time, citing global volatility and U.S. protectionism. In commodities markets, oil prices rebounded, after touching their lowest level since November overnight on data that showed U.S. inventories, already at a record high, grew by far more than forecast. Analysts said oil had found technical support and was being pushed up as traders took new long positions after the overnight low, but supply concerns kept the gains in check. U.S. crude CLc1 added 0.7 percent to $48.38 a barrel on Thursday. Global benchmark Brent LCOc1 climbed 0.6 percent to $50.96. The dollar''s recovery weighed on gold XAU=, which retreated 0.3 percent to $1,245.59 after hitting a three-week high overnight. ($1 = 111.4600 yen) (Reporting by Nichola Saminather; Additional reporting by Shinichi Saoshiro; Editing by Sam Holmes and Richard Borsuk) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-markets-idUKKBN16U03X'|'2017-03-23T13:57:00.000+02:00'
'dc540e93fc205353b91de78e0d2c15748cdb6a2d'|'U.S. judge will not certify Deutsche Bank mortgage class action'|'Business News   5:04pm EDT U.S. judge will not certify Deutsche Bank mortgage class action FILE PHOTO: The headquarters of Germany''s Deutsche Bank are seen in Frankfurt, Germany, January 31, 2017. REUTERS/Kai Pfaffenbach/File Photo NEW YORK A federal judge on Tuesday said investors seeking to hold Deutsche Bank AG ( DBKGn.DE ) liable for causing $3.1 billion of losses by failing to properly monitor 10 trusts backed by toxic residential mortgages cannot pursue their claims as a group. U.S. District Judge Alison Nathan in Manhattan said Belgium''s Royal Park Investments SA/NV failed to show it was more likely than not that the proposed class was "sufficiently ascertainable" to justify class-action status. The two-page denial was without prejudice, meaning Royal Park and its law firm Robbins Geller Rudman & Dowd may seek class certification later. Nathan kept a decision outlining her reasoning under seal, saying it may contain material that Royal Park believes should not be made public. She asked both sides to advise within two weeks whether all or part of that decision can be made public. Class certification can make it easier for plaintiffs to obtain higher recoveries at lower cost than if they sued individually. Royal Park accused Deutsche Bank National Trust Co, in its role as bond trustee, of ignoring "widespread" deficiencies in how loans underlying the trusts were underwritten and serviced, and failing to require that lenders buy back defective loans. The 10 trusts date from 2006 and 2007. Many investors have in recent years sued trustees, as well as lenders and underwriters, over losses on badly underwritten mortgages. The case is Royal Park Investments SA/NV v. Deutsche Bank National Trust Co, U.S. District Court, Southern District of New York, No. 14-04394. (Reporting by Jonathan Stempel in New York; editing by Grant McCool) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-deutsche-bank-lawsuit-idUSKBN16S2RR'|'2017-03-22T04:04:00.000+02:00'
'317d27f66abbb9b8ed28302578b69f3a2522c3bd'|'China''s Geely set to post earnings jump as Volvo tech boosts sales'|'Tue Mar 21, 2017 - 5:11am GMT China''s Geely set to post earnings jump as Volvo tech boosts sales FILE PHOTO - The Geely Automobile Holdings logo is pictured at the Auto China 2016 auto show in Beijing, China April 25, 2016. REUTERS/Kim Kyung-Hoon/File Photo By Jake Spring and Norihiko Shirouzu - BEIJING BEIJING China''s Geely Automobile Holdings Ltd ( 0175.HK ) is set to post its biggest profit growth in eight years on Wednesday, as improved product design and engineering following its 2010 purchase of Sweden''s Volvo helped propel it to record sales. Geely, which also owns the maker of London''s black cabs, has already forecast a 31 percent jump in sales for the current year as affordable models introduced after the Volvo acquisition, such as its GC9 sedan and Boyue sport-utility vehicle, exceed initial estimates. Long seen as a no-frills brand, Geely has transformed itself into an automaker with up-market aspirations, using its Volvo research-and-development advantage to climb the sales table in the world''s largest auto market where it ranks around seventh. Come next year, Geely plans its next phase of expansion as it aims to become China''s first automaker to market its own brand - new Volvo collaboration Lynk & Co - in developed markets, beginning with Europe and the United States. Entering major markets with an unknown Chinese brand is an expensive risk, analysts say, but investors are unperturbed: Geely''s share price has trebled over the past 12 months. "It''s a total turnaround story," said a fund manager at a Taiwan-based investment firm that bought a significant amount of Geely stock last year. "Before it was just a normal domestic brand, but after several new product launches it successfully elevated its brand image," said the person who was not authorized to speak publicly on the firm''s investments and so declined to be identified. Geely''s China sales grew 50 percent last year to 766,000 vehicles, powered by the GC9 and Boyue, as well as small cars featuring Volvo technology. It aims to top 1 million this year, though could sell far more depending on market conditions, a Geely official with direct knowledge of the matter told Reuters. For 2016, net profit likely doubled to 4.6 billion yuan ($666 million), its strongest growth since 2008, showed a Reuters poll of 31 analyst estimates. The figure is set to rise 52 percent to 7 billion yuan in 2017, the poll showed. To be sure, growth has come at a cost. Geely and parent Zhejiang Geely Holding Group Co Ltd [GEELY.UL] have spent 10 billion yuan on R&D in each of the past three to four years, or about 15 percent of current revenue, said spokesman Victor Yang. That compared with 2 billion yuan in 2015 at domestic rival BYD Co Ltd ( 002594.SZ ), showed Thomson Reuters data. But Geely''s domestic growth spurts could lessen as expansion in China''s overall passenger car market slows following the reduction of subsidies for small-engine vehicles, adding impetus to any international push. "The current focus of our work is firstly the pace of development in China and increasing our share of the Chinese auto market, then next we can focus our work abroad," Geely Chairman Li Shufu told reporters in Beijing earlier this month. But entering markets where the brand is unknown is a gamble, and it could take years to gain traction, said James Chao, Asia-Pacific chief of consultancy IHS Markit Automotive. As there is plenty of room for growth in China, however, there is no need to be concerned about the move abroad, said fund managers at two investment firms that hold Geely stock. "If they do well abroad it''s a bonus, and if they don''t then it''s not a big reason to worry," one of the managers said. (Reporting by Jake Spring and Norihiko Shirouzu; Editing by Adam Jourdan and Christopher Cushing) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-geely-results-idUKKBN16S0DD'|'2017-03-21T12:01:00.000+02:00'
'61e7f292b73bcd1a7276a2d42479479d5e3985e8'|'Panasonic to take control of Spanish auto parts maker Ficosa'|'TOKYO Japan''s Panasonic Corp ( 6752.T ) on Tuesday said it has agreed to become majority owner of Spanish auto parts maker Ficosa International SA [FICOS.UL] as it bolsters its push into the automotive field.Panasonic will buy an additional 20 percent of Ficosa - which has strengths in electronic automotive mirrors and other advanced safety systems - from main shareholder Ficosa Inversion SL to raise its stake to 69 percent.Panasonic, which bought 49 percent of Ficosa in 2015, did not disclose the value of the deal, which it said would be complete by the end of April pending regulatory approval.Panasonic said it does not expect any substantial impact on earnings from the deal.The move comes as Panasonic shifts focus to corporate clients to escape price competition in lower-margin consumer electronics.Rival electronics makers are also moving further into the automotive industry. Samsung Electronics Co Ltd ( 005930.KS ) agreed in November to buy Harman International Industries in an $8 billion deal.Panasonic is targeting annual sales of 2 trillion yen ($17.76 billion) for its automotive business in the year ending March 2019, from 1.3 trillion yen in the year ended March last year.(Reporting by Makiko Yamazaki; Editing by Christopher Cushing)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ficosa-m-a-panasonic-idINKBN16S0LO'|'2017-03-21T04:17:00.000+02:00'
'f10bf5258c8ac8c7d6a208824199f415ed8bb729'|'Vivendi, Mediaset seek damages from each other for defamation - source'|' 39pm GMT Vivendi, Mediaset seek damages from each other for defamation - source The Mediaset tower is seen at the headquarter in Cologno Monzese, near Milan, Italy, April 8, 2016. REUTERS/Stefano Rellandini MILAN French media group Vivendi ( VIV.PA ) and Italian broadcaster Mediaset ( MS.MI ) are suing each other for alleged defamation, a legal source involved in the case said on Tuesday, escalating a dispute over a failed pay-TV accord. A trial opened in Milan on Tuesday over the collapsed deal, after Mediaset sought court enforcement of an April 2015 contract to sell its Premium pay-TV unit to Vivendi. The French group pulled out of the accord in July and went on to build a 28.8 percent stake in Mediaset in a move that angered both the media group controlled by former Prime Minister Silvio Berlusconi and the Italian government. The source said that in the course of the trial on Tuesday Vivendi filed a suit against Mediaset for alleged defamation, without quantifying the damages sought. In turn Mediaset is also now seeking damages for comments made in the media by Vivendi''s Chief Executive Arnaud de Puyfontaine, the source said. Representatives for Vivendi and Mediaset declined to comment on the matter. (Reporting by Giulia Segreti and Giancarlo Navach; Editing by Paola Arosio, Greg Mahlich)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-mediaset-vivendi-damagesrequest-idUKKBN16S1G9'|'2017-03-21T19:39:00.000+02:00'
'a60d713be5538a4cd2588b0a2e63e423c7b832ed'|'Oil prices rise on talk that OPEC could extend supply cut'|'Global Energy News - Tue Mar 21, 2017 - 4:09am GMT Oil prices rise on talk that OPEC could extend supply cut A general view shows an drilling rig at the Lukoil company owned Imilorskoye oil field, as the sun rises, outside the West Siberian city of Kogalym, Russia, January 25, 2016. REUTERS/Sergei Karpukhin By Henning Gloystein - SINGAPORE SINGAPORE Oil prices rose on Tuesday on expectations that an OPEC-led production cut to prop up the market could be extended, while strong demand would also work to slowly erode a global fuel supply overhang. Prices for front-month Brent crude futures LCOc1, the international benchmark for oil, were at $51.86 per barrel at 0401 GMT, up 24 cents, or 0.5 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 13 cents, or 0.3 percent, at $48.35 a barrel. The Organization of the Petroleum Exporting Countries (OPEC), together with other producers including Russia, has pledged to cut its output by almost 1.8 million barrels per day (bpd) between January and June in an effort to prop up prices and rein in a global supply glut that has dogged markets for almost three years. Yet so far the cutback has not had the desired effect as compliance by involved exporters is patchy and as other producers, including the United States, have stepped up to fill the gap, resulting in crude prices falling more than 10 percent since the beginning of the year. To halt the decline, OPEC members increasingly favour extending the pact beyond June to balance the market, sources within the group said, although they added that this would require non-OPEC members like Russia to also step up their efforts. Traders also said that healthy oil demand would help rebalance markets and support prices. "Global demand for 2017 is expected to remain healthy and surpass long-term average growth in demand of 1.2 million barrels per day by between 0.2 and 0.4 million barrels per day. As such, the combination of robust demand and weaker global supply leading to rebalanced markets will not be de-railed by U.S. shale oil," said Jeremy Baker, Senior Commodity Strategist, at Vontobel Asset Management. Baker said this would "support the case for a shift from contango to backwardation in the crude markets during the second-half 2017." Contango describes a market structure in which prices for future delivery of a product are higher than current ones, while backwardation is price curve in which spot prices are more expensive than future deliveries. The Brent futures forward curve <0#LCO:> currently shows a slight contango shape, in which prices for May delivery are 62 cents below those for delivery in January 2018. Traders said that U.S. crude storage data, due to be published later on Tuesday by the American Petroleum Institute (API), would likely be the next significant price driver. (Reporting by Henning Gloystein; Editing by Richard Pullin) Next In Global Energy News UPDATE 3-TransCanada seeks pipe approval linked to Petronas LNG terminal CALGARY, Alberta, March 20 Transcanada Corp has secured shippers'' commitment for a pipeline associated with Malaysian state-owned oil company Petronas'' pending Pacific NorthWest liquefied natural gas (LNG) terminal in western Canada and targets 2018 for construction, the company said on Monday.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN16S03Z'|'2017-03-21T11:09:00.000+02:00'
'e4fe991c6a9f30741392cb71ef49e888193b2fd1'|'EMERGING MARKETS-Brazil stocks slump on political concerns, falling iron ore prices'|'  3:07pm EDT EMERGING MARKETS-Brazil stocks slump on political concerns, falling iron ore prices By Bruno Federowski SAO PAULO, March 21 Brazilian stocks fell sharply on Tuesday as traders feared widening corruption investigations could hamper government efforts to balance its budget. Federal police raided the offices of people close to several prominent senators in the latest phase of a three-year graft probe. The 14 search and seizure warrants were based on information provided by executives of engineering conglomerate Odebrecht SA . A top Brazilian prosecutor told Reuters more than 350 new investigations will spring from the testimonies, ensnaring top congressmen, senior members of the executive branch and other powerful figures. Traders worry that the investigations could make it harder for President Michel Temer''s administration to approve painful structural reforms aimed at recovering investor trust. Brazil''s benchmark Bovespa stock index fell 2.8 percent, the biggest decliner in the region. Miner Vale SA and key shareholder Bradespar SA fell the most, tracking a sharp drop in iron ore prices. Shares of JBS SA and Marfrig Global Foods SA were among the only gainers, after a federal investigation of alleged bribery of food safety officials by Brazilian meatpackers triggered a sell-off in the sector this week. Analysts said the slump drove prices to attractive territory, with both JBS and Marfrig able to focus on foreign subsidiaries to sidestep potential bans on imports of Brazilian meat. Most Latin American currencies weakened on profit-taking following recent gains. The Brazilian real and the Mexican peso weakened around 0.5 percent after firming on Monday to the highest levels in months. Indications that the U.S. Federal Reserve will increase interest rates slowly in coming months have stoked demand for high-yielding assets in recent weeks. Key Latin American stock indexes and currencies at 1900 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 972.02 -0.03 12.77 MSCI LatAm 2594.00 -1.78 12.83 Brazil Bovespa 63005.16 -2.9 4.61 Mexico IPC 48680.05 0.18 6.65 Chile IPSA 4664.01 0.04 12.35 Chile IGPA 23374.41 0.02 12.73 Argentina MerVal 19512.56 -1.41 15.34 Colombia IGBC 9967.66 0.53 -1.58 Venezuela IBC 37410.66 -1.16 18.00 Currencies daily % YTD % change change Latest Brazil real 3.0857 -0.49 5.30 Mexico peso 19.0900 -0.46 8.66 Chile peso 659 0.18 1.78 Colombia peso 2918.5 -0.38 2.84 Peru sol 3.25 -0.22 5.05 Argentina peso (interbank) 15.5900 0.29 1.83 Argentina peso (parallel) 16.08 0.75 4.60 (Reporting by Bruno Federowski; Editing by Dan Grebler)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/latam-emergingmarkets-idUSL2N1GY1EX'|'2017-03-22T02:07:00.000+02:00'
'b6fa65e655ed90a6143e3f6d90c8d25f70a1f012'|'BRIEF-Sabina Gold & Silver Q4 net loss $2.0 million'|' 16am EDT BRIEF-Sabina Gold & Silver Q4 net loss $2.0 million March 21 Sabina Gold & Silver Corp * Sabina Gold & Silver announces financial results for the year ended 2016 * Sabina gold & silver - for three-month period ended Dec 31, 2016, co reported net loss of $2.0 million, favourable by $2.7 million versus same period of 2015 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-sabina-gold-silver-q4-net-loss-idUSASB0B6C1'|'2017-03-21T19:16:00.000+02:00'
'd88be89b948e57586c1652c7c567d9e9c04fa6c0'|'UK Stocks-Factors to watch on March 21'|'Company   2:24am EDT UK Stocks-Factors to watch on March 21 March 21 Britain''s FTSE 100 index is seen opening up 3.5 points on Tuesday, according to financial bookmakers. * SHELL: Royal Dutch Shell said on Tuesday it will drill 161 new gas wells at its Queensland operations by the end of 2018, helping to underpin its promise to continue supplying 10 percent of the domestic gas market to help prevent a shortage. * BHP BILLITON: The union for striking workers at BHP Billiton''s Escondida in Chile, the world''s largest copper mine, said after meeting with the company on Monday that it was open to further conversations that could lead to reopening negotiations. * SHELL: A hydrocracking unit remained shut on Monday at Royal Dutch Shell Plc''s joint-venture 285,500 barrel per day (bpd) refinery in Deer Park, Texas, said a source familiar with plant operations. * IMPERIAL BRANDS: Imperial Brands and Japan Tobacco International are considering taking a stake in Palmer & Harvey, Sky News reported on Monday. * BRITAIN BANKS: HSBC Holdings Plc, Royal Bank of Scotland Plc , Lloyds Banking Group Plc, Barclays Plc and Coutts are among 17 banks that are facing questions over money-laundering operations run by Russian criminals with links to the Russian government and the KGB, The Guardian reported on Monday. bit.ly/2n7GFQ8 * BRITISH AIRWAYS: British Airways is set to give out 400 pounds to staff members plus a free return flight to make up for lower bonus payments, Bloomberg reported on Monday, as it bids to keep staff happy while an industrial dispute rumbles on. * BREXIT: Sterling fell from a three-week high against the dollar on Monday, on news Prime Minister Theresa May will trigger Britain''s divorce proceedings with the European Union on March 29, launching two years of negotiations. * OIL: Oil prices rose on Tuesday on expectations that an OPEC-led production cut to prop up the market could be extended, while strong demand would also work to slowly erode a global fuel supply overhang. * The UK blue chip FTSE 100 index closed 0.1 percent higher at 7,429.81 points on Monday, as falling energy stocks and banks were outweighed by rising consumer staples stocks. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Fevertree Drinks PLC FEVR.L Full Year 2016 Bellway PLC BWY.L Half Year 2017 Earthport PLC EPO.L Half Year 2017 Faroe Petroleum PLC FPM.L Full Year 2016 Judges Scientific PLC JDG.L Full Year 2016 Vectura Group PLC VEC.L Full Year 2017 Coca-Cola European Partners CCE.N Q4 2016 EnQuest PLC ENQ.L Full Year 2016 Mears Group MERG.L Full Year 2016 TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Siju Varghese; Editing by Sunil Nair) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1GY27O'|'2017-03-21T13:24:00.000+02:00'
'44830b943caa420e095fdd60b7af950b25609c85'|'Credit Suisse considers stock sale instead of Swiss unit IPO - sources'|'Deals  43pm GMT Credit Suisse considers stock sale instead of Swiss unit IPO: sources Credit Suisse logo is pictured on their office in Warsaw Poland, March 15, 2017. REUTERS/Kacper Pempel By John O''Donnell and Pamela Barbaglia - FRANKFURT/LONDON FRANKFURT/LONDON Credit Suisse ( CSGN.S ) is considering an accelerated bookbuilding to raise capital instead of selling a minority stake in its Swiss banking division, two sources familiar with the matter told Reuters. Chief Executive Tidjane Thiam said last month the bank was examining alternatives to the IPO, which was penciled in for the second half of this year. "They need more capital," said one of the people. "They realise they can do this without doing an IPO." Credit Suisse declined to comment. Its shares fell more than 3 percent by 1418 GMT, the biggest decliner in the Stoxx European bank sector index .SX7P. The likelihood of the IPO going ahead is now low but the team behind it is continuing work on the project because there has not yet been an official decision, the second person said, adding a rights issue was another possible option. Reuters reported on Friday that the bank''s board of directors was set to decide in April whether to go ahead with the IPO. Through an accelerated bookbuilding, a company can sell shares in a short period of time to institutional investors. The sale can be launched overnight with a tight timetable. Under Swiss securities law, companies are not required to draw up a listing prospectus if it is increasing its share capital by less than 10 percent. In the case of Credit Suisse, that would allow the bank to raise around 3 billion Swiss francs ($3 billion). ($1 = 0.9928 Swiss francs) (Writing by Joshua Franklin; Editing by Michael Shields) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-credit-suisse-gp-ipo-swiss-idUKKBN16U1VX'|'2017-03-23T21:41:00.000+02:00'
'b71b782fa0dbc810d777690dfc2e1d611e355f2d'|'China''s Chery files trademark complaint against Mercedes over green car brand'|'Business News - Thu Mar 23, 2017 - 5:09am GMT China''s Chery files trademark complaint against Mercedes over green car brand left right FILE PHOTO: A Chery EQ electric car is displayed at a electric car dealership in Shanghai, China, January 11, 2017. REUTERS/Aly Song/File Photo 1/2 left right FILE PHOTO: The Mercedes EQ concept car is displayed on media day at the Paris auto show, in Paris, France, September 30, 2016. REUTERS/Benoit Tessier/File Photo 2/2 By Jake Spring - BEIJING BEIJING Chinese automaker Chery Automobile Co Ltd [CHERY.UL] has filed a complaint with the country''s trademark regulator over Mercedes-Benz''s use of the "EQ" name for a line of green-energy vehicles, throwing up a potential road block for the Daimler AG ( DAIGn.DE ) unit in the world''s largest electric car market. A Chery spokeswoman told Reuters on Thursday that the automaker had filed a complaint with the Trademark Office of the State Administration for Industry and Commerce, which it hopes will bar Mercedes from using the name in China. She said Chery has used the name "eQ" for its two-door battery electric car for two years. Mercedes showed off a concept car for its forthcoming line of electric vehicles last year, saying it would build its first EQ car in a German factory by the end of the decade. The automaker said last year it could make EQ in China but did not give a launch date. A Mercedes spokeswoman declined to immediately comment on Thursday. A ruling in Chery''s favour would be a blow to Mercedes in a key market for new-energy vehicles as more electric cars are sold in China than the rest of the world combined, thanks in part to government initiatives targeting air pollution. "If it entered the Chinese market, it would impact our trademark rights," the Chery spokeswoman said. "Mercedes Benz EQ and our (eQ) are extremely similar. Their product is also an electric car." China''s central government aggressively promotes green cars to fight intense urban smog and is urging its domestic industry to leap forward in automotive technology. (Reporting by Jake Spring and Beijing newsroom; Editing by Christopher Cushing) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-chery-automobile-daimler-idUKKBN16U0DN'|'2017-03-23T12:09:00.000+02:00'
'a321c847490dbaadc9e9d1d4665f239da3c094f3'|'Board of Brazil''s Oi approves changes to recovery plan'|'SAO PAULO The board of Oi SA ( OIBR3.SA ), the Brazilian phone carrier currently under bankruptcy protection, approved changes to its recovery plan, according to a Wednesday securities filing.The changes included reducing the grace period on several classes of bonds to a maximum six years and giving creditors rights half of revenue from asset sales and operational cash flow, while guaranteeing a minimum cash position for the company equal to a fifth of net revenue.(Reporting by Brad Haynes; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-oi-sa-restructuring-idINKBN16T3AF'|'2017-03-22T20:44:00.000+02:00'
'7132072fc1510c5056c3b9e529d3b7d79beaebdc'|'German gummy bear maker Haribo plans to produce candy in U.S.'|' 42pm GMT German gummy bear maker Haribo plans to produce candy in U.S. Picture shows jelly babies (Gummibaerchen) made by the German manufacturer Haribo in Dortmund August 25, 2013. Ina Fassbender / Reuters BERLIN German candymaker Haribo, famous for its fruit-flavoured gummy bears, plans to build its first production facility in the United States and start making confectionery there from 2020. Family-owned Haribo, which employs 7,000 people worldwide at 16 sites in ten countries, said on Thursday it has decided to acquire property in Wisconsin for the factory. Haribo, a model of Germany''s successful "Mittelstand" firms which make up the backbone of Europe''s largest economy, was founded in 1920. It gave Germany one of its most famous advertising slogans, promising to make kids and adults happy. Expansion in the U.S. pits the Bonn-based company against North America''s top candymakers, including Mars Chocolate, Mondelez International ( MDLZ.O ) and Hershey Foods Corp. "Haribo of America is the fastest-growing candymaker in the U.S.," Hans Guido Riegel, Haribo''s managing partner said in an emailed statement. "That is why the step to start with local production from 2020 is important to us," Riegel said, adding the firm has been looking for a U.S. manufacturing site for several years. (Reporting by Andreas Cremer and Matthias Inverardi. Editing by Alexander Smith)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-haribo-usa-idUKKBN16U2MX'|'2017-03-24T01:42:00.000+02:00'
'847a1a4131f1f3cc2b81f8a5e80a3d37938390a8'|'Statoil ''resets'' exploration in U.S. Gulf of Mexico'|'Business News - Thu Mar 23, 2017 - 7:10am GMT Statoil ''resets'' exploration in U.S. Gulf of Mexico The company logo of Statoil is seen during a company results presentation in London February 6, 2015. REUTERS/Toby Melville/File Photo OSLO Norway''s Statoil ( STL.OL ) has "reset" its exploration campaign in the U.S. Gulf of Mexico by placing top bids for 13 offshore deepwater oil and gas leases there in the latest auction, the company said Thursday. The majority state-owned company said in January it was considering whether to end its costly search for oil and gas in the region following a series of exploration failures. Statoil made total bids of $44.5 million in the auction, second only to Shell ( RDSa.L ) and ahead of Hess Corp ( HES.N ), Chevron ( CVX.N ) and Exxon ( XOM.N ). The outcome will now be subject to a 90-days formal review and final approval. "We continue to believe in the potential of the Gulf of Mexico," Statoil''s Tore Loeseth, head of exploration in the U.S. and Mexico, said in a statement. Statoil said it expected its offshore U.S. production to nearly double by 2020 from about 60,000 barrels per day in 2016. (Reporting by Nerijus Adomaitis, editing Terje Solsvik) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-gulf-statoil-idUKKBN16U0KN'|'2017-03-23T14:10:00.000+02:00'
'a7b734af6df166931493e53a6ebca424a35c9aa8'|'Disney extends CEO Iger''s contract by a year to July 2019'|'Business News - Thu Mar 23, 2017 - 3:39pm GMT Disney extends CEO Iger''s contract by a year to July 2019 Walt Disney Company President and Chief Executive Officer Bob Iger (R) and wife Willow Bay (L) pose at the Los Angeles County Museum of Art (LACMA) Art+Film Gala in Los Angeles, October 29, 2016. REUTERS/Danny Moloshok Walt Disney Co ( DIS.N ) said on Thursday it extended Chief Executive Bob Iger''s term by a year to July 2, 2019 and said he would serve as a consultant for three years after that. This is the third time Iger''s contract has been extended. Iger first said he would retire in April 2015, before agreeing to stay on through June 2016 and then later agreed to remain until June 2018. Investor favourite Iger said last month he was open to extending his term. Disney''s stock was up 0.5 percent at $112.68 (90 pounds) in late morning trading, having extended gains with a spike in trading volume after the company''s statement. Iger, who became Disney''s CEO in 2005, won over shareholders after the successful acquisitions of Pixar Animation Studios, Marvel Studios and "Star Wars" producer Lucasfilm. He also oversaw the building of Shanghai Disney Resort in China and expansions at Disney''s U.S. theme parks. However, Disney has recently faced questions about the future of sports network ESPN, which has lost subscribers as younger viewers move away from traditional pay television packages. Disney Chief Operating Officer Tom Staggs had been seen as the likely successor to Iger, but he unexpectedly left the company in 2016. The company said at the time that its board was searching for Iger''s successor, a statement the company repeated on Thursday. Disney said in a filing that Iger''s annual compensation for the extended employment period remained unchanged. bit.ly/2mwc3Jn (Reporting by Lisa Richwine in Los Angeles and additional reporting by Aishwarya Venugopal in Bengaluru; Editing by Savio D''Souza) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-disney-ceo-idUKKBN16U23M'|'2017-03-23T22:39:00.000+02:00'
'99941c42f0b147ad24cf03e6be1de3845db20158'|'Libor Mastermind Tom Hayes Deserves a Lot of Company in Prison'|'For anyone burning to see financial wrongdoers put behind bars, Tom Hayes might seem like an ideal white-collar villain. As a superstar derivatives trader at a series of investment banks in London and Tokyo, Hayes masterminded a conspiracy to manipulate a benchmark interest rate that underlies hundreds of trillions of dollars’ worth of loans. British prosecutors—armed with gigabytes of evidence showing Hayes caught in the act, plus his own taped confessions—put him on trial in 2015; he’s now serving an 11-year sentence. It was an epic downfall, and David Enrich, an editor at the Wall Street Journal , recounts it well in The Spider Network: The Wild Story of a Math Genius, a Gang of Backstabbing Bankers, and One of the Greatest Scams in Financial History (HarperCollins, $29.99). One thing readers won’t get out of this exhaustively reported tale, however, is schadenfreude.In Enrich’s telling, Hayes is more of a pitiable figure than a master fiend. He certainly never looked the part of a smooth operator: Carelessly dressed and shabbily groomed, Hayes had difficulty interacting with people, preferring the cold logic of spreadsheets. He didn’t party or jet-set like a typical overpaid banker, opting for juice or hot chocolate on the occasions he was forced to socialize outside of work. More substantially, Hayes wasn’t a top executive, and when he acted to rig the interest rate in question—the London interbank offered rate, aka Libor—he often did so with the knowledge of his bosses. The reason Hayes is in jail and his superiors aren’t seems to have more to do with his personality, and maybe his mild case of autism, than the severity of his crimes.Don’t get me wrong—as Enrich makes clear, those crimes were pretty severe. Libor is a set of numbers, published every business day, that reflects what London banks charge each other to borrow money. A handy barometer of risk, it’s baked into a vast range of financial instruments, including complicated derivatives contracts as well as more mundane mortgages, car loans, and credit cards. Hayes colluded to nudge Libor higher or lower to benefit his trading positions; when he did, he made ordinary people’s interest payments go up and deprived municipalities and businesses of income. What sticks in the mind after reading The Spider Network is not that Hayes doesn’t belong in jail, but that he deserves a lot of company.Enrich opens his book with an annotated cast of 80 characters from 16 organizations. It’s overwhelming, but it’s necessary to demonstrate just how many people were involved in the Libor scheme, which went on for longer than a decade and was a more-than-open secret. Enrich describes it as a “systemic racket.” It was common for traders at banks in London and other financial capitals to give hints, if not explicit instructions, to colleagues in charge of managing Libor. The industry’s meek self-monitor, the British Bankers’ Association, ignored all signs that the benchmark was skewed on the regular. When the 2008 financial crisis hit and a few academics, journalists, and regulators at the U.S. Commodity Futures Trading Commission caught on, the banks were so obviously guilty of abusing Libor that one of them, UBS Group AG, decided the best way to wind up with a survivable penalty was to offer to the government its most prominent offender: Hayes. (He also distorted Libor at Citigroup Inc., where he worked from 2009 to 2010.) Why was he singled out? Few people were better at reading numbers than Hayes, whom Enrich describes as “by all accounts one of the best at his craft on the planet,” but it’s hard to imagine anyone reading people much worse. Never a popular guy on the trading floor, he earned nicknames such as Rain Man and Kid Asperger—armchair diagnoses of a condition that a psychologist would confirm at Hayes’s trial. Hayes missed social cues that might have led him to temper his Libor manipulation, making it no more detectable than anyone else’s. But he was so unpleasant to deal with—he abused underlings and avoided videoconferencing software because he disliked eye contact—that he conducted most of his work over instant message, creating a damning trove of evidence.Ultimately, Hayes botched his interactions with U.S. and U.K. regulators as they closed in. He copped to his role in the conspiracy and then entered a plea of not guilty, incapable of understanding who his allies and enemies were. Even then, the jury needed a week to deliberate Hayes’s guilt. He wasn’t the perfect banker to punish. He was just the one they were given.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'http://www.bloomberg.com/news/articles/2017-03-22/libor-mastermind-tom-hayes-deserves-a-lot-of-company-in-prison'|'2017-03-22T11:01:00.000+02:00'
'f90ce44ed3d97213e624bd25ee82fffe60ab4e05'|'Trading in Sprouts Farmers Market ahead of report on merger raises eyebrows'|'By Saqib Iqbal Ahmed - NEW YORK NEW YORK Trading in Sprouts Farmers Market Inc''s ( SFM.O ) shares and options surged last week ahead of a report that the natural-foods retailer was the subject of merger talks, raising questions about whether news of a possible deal was leaked.On Sunday, Bloomberg reported that the Cerberus Capital-backed food and drug retailer Albertsons Cos had held preliminary merger talks with Sprouts in recent weeks. Sprouts shares rose about 5 percent on Monday, before reversing course to trade down 1 percent at $21.79.The swings Monday in trading of Sprouts shares come on the heels of a surge in its stock price on Thursday and Friday, and a record-breaking rush of trading in its options.Representatives for Albertsons and for Sprouts did not immediately respond to requests for comment, while a spokeswoman for Cerberus declined to comment."I expect regulators will look into the (options) activity," said Henry Schwartz, president at options analytics firm Trade Alert.Sprouts shares, which touched an 18-month low on March 7, rallied 11 percent on Thursday, with roughly half the gains coming in the last hour of trading. Nearly 9 million shares changed hands in the final hour of trading on Thursday, making it the busiest hour of trading in at least a year.At the same time in the options market, the last hour of trading saw roughly 15,000 contracts, or about 14 times Sprouts'' average daily trading volume, change hands, Trade Alert said.By Monday, the number of open call contracts on Sprouts'' shares jumped to 31,687, a 16-month high, per Trade Alert."When open interest increases like this it does lend credence to questions about who knew what when,” said Kevin Kelly, chief investment officer at Recon Capital Partners, a Stamford, Connecticut-based investment firm.Sprouts has seen bursts of bullish call flow before, and with peer Whole Foods Market Inc ( WFM.O ) having been mentioned as a potential candidate for a deal in the recent past, it''s likely traders were on the lookout for any signs of unusually well-informed call buying, Schwartz said.Still, the activity gave options traders a strong belief in a near-term catalyst for Sprouts shares, Recon''s Kelly said."It''s not normal that just because the shares price were up that people would then start getting into the calls," Kelly said.The sharp spike in Sprouts share price made for big gains for some timely options trades.For example, on Thursday, while Sprouts shares were at $19.93, a trader bought 408 calls betting on the shares climbing above $20 by April 21. These calls, which were bought for 70 cents on Thursday, traded for an average price of $2.34 on Monday, per Thomson Reuters data.The U.S. Securities and Exchange Commission declined to comment on the trading activity.(Editing by Daniel Bases and Bernadette Baum)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-albertsons-cos-sprouts-options-idINKBN16R27X'|'2017-03-20T15:39:00.000+02:00'
'7e1c7d09ea84d56b42204e693f962fbe370b191f'|'Iceland''s Kaupthing to sell part of Arion stake for more than $450 mln'|'March 19 Iceland''s Arion Bank said Kaupskil ehf, a unit of Kaupthing, has agreed to sell 582.9 million shares of Arion Bank for more than 48.8 billion kronas ($450.7 million).Arion said the private placement reduces Kaupthing''s stake to 57.9 percent of Arion''s issued share capital.Proceeds from the transaction will be used for prepaying the 84 billion kronas secured note held by the Icelandic Treasury, the company said. bit.ly/2mYyXpPIceland''s government had confirmed its plans last month to sell its minority stake in Arion Bank in an initial public offering.Kaupthing, now a holding company that owns 87 percent of Arion Bank, has been working on plans for a stock market listing of Arion which could take place as early as April, people close to the matter told Reuters in January.The domestic operations of Kaupthing, once a major international bank, were separated in 2009 into Arion Bank, which has insurance, asset management and retail banking assets. ($1 = 108.2700 Icelandic Crowns) (Reporting by Gaurika Juneja in Bengaluru; Editing by Gopakumar Warrier)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/arion-banki-kaupthing-idINL3N1GX19E'|'2017-03-19T23:36:00.000+02:00'
'42b4a7f8cccb60c2cedc0033aca34b7d068acb35'|'European shares hit 2-week low as banks, miners and Gemalto tumble'|'Company  05am EDT European shares hit 2-week low as banks, miners and Gemalto tumble * STOXX 600 down 0.8 pct * Banks, miners weigh * ING falls after disclosing criminal probe * Gemalto plummets after results (Recasts, adds quote and detail, updates prices) By Kit Rees LONDON, March 22 European shares fell to a two-week low on Wednesday, extending losses from the previous session as weighed down by basic resources stocks and banks. The pan-European STOXX 600 index was down 0.8 percent as global markets were hit by worries that U.S. President Donald Trump could struggle to deliver on his reflationary economic policies. These doubts hit mining stocks, with a 1.7 percent fall across the sector as the price of copper reached a two-week low. The banking sector dropped 1.8 percent. "Bank stocks were the biggest losers in U.S. markets, just because they had been doing the best, and they were epitomising the reflation trade with higher interest rates and higher inflation with Trump-led spending," Jasper Lawler, senior market analyst at London Capital Group, said. "As the market''s been questioning itself, or at least unwinding ... that''s been a sector that''s been hit the most.” Dutch lender ING Groep was among the biggest fallers, down 5.7 percent after disclosing a criminal investigation which could result in significant fines. "It is at this stage hard to assess ING’s exact role in the alleged wrongdoing, let alone estimate the size of any penalties the group might face," analysts at KBC Securities said in a note. "Penalties by U.S. authorities on similar criminal proceedings have been very high in the past and we therefore expect investors to react nervously to ING''s involvement in this case." Raiffeisen Bank also dropped 6.4 percent after Immigon completed the sale of 9.92 million shares in the Austrian bank. The biggest individual faller was Gemalto, which plunged more than 20 percent, on track for its biggest one-day loss on record. The Dutch digital security services firm plummeted after cutting its profit forecasts, blaming a weak U.S. payments business. Transactions system firm Ingenico also fell 4 percent. Individual moves higher were relatively muted, though safe-haven precious metals miners Randgold Resources and Polymetal International were in demand, rising 0.4 percent and 1.1 percent respectively. The broad risk-off sentiment likewise helped defensive stocks such as Portuguese electric utility EDP and Spain''s Endesa, which were among top gainers. Europe''s utilities sector and telcos were both down just 0.2 percent. (Reporting by Kit Rees; Editing by Andrew Heavens) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL5N1GZ1QX'|'2017-03-22T17:05:00.000+02:00'
'1ab9f8c2329cbfb3db78e57302fcdaa708b2316a'|'Judge asks Mediaset, Vivendi to settle defamation suits - source'|' 43pm GMT Judge asks Mediaset, Vivendi to settle defamation suits - source FILE PHOTO - The Mediaset tower in Cologno Monzese, near Milan, Italy, April 8, 2016. REUTERS/Stefano Rellandini/File Photo MILAN An Italian judge has asked the country''s biggest private broadcaster Mediaset ( MS.MI ) and France''s Vivendi ( VIV.PA ) to try to find an agreement over defamation suits they have launched against each other, a judicial source told Reuters. The lawsuits are part of an ongoing dispute stemming from the French media group''s decision in July last year to pull out of an April 2016 agreement to buy Mediaset''s pay-TV unit. The legal battle between the two groups escalated on Tuesday as they both sued each other for defamation on the opening day of a trial over the collapsed deal. "The judge has decided that there must be an attempt to mediate (on the defamation suits), as envisaged by Italian law... and has given the parties time to do that," the source said. The Milan-based judge scheduled in October the next hearing of the trial, which is expected to run for a long time. The two groups have until then to settle the defamation dispute. (Reporting by Manuela D''Alessandro, writing by Giulia Segreti, editing by Silvia Aloisi and Valentina Za)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-mediaset-vivendi-court-idUKKBN16T1IO'|'2017-03-22T19:43:00.000+02:00'
'49061a85b7cd9c8fd17bbf0ed5b5725b25609e00'|'Starwood Capital agrees to raise bid for Milestone Apartments REIT'|'Investment firm Starwood Capital Group said it would buy Canada''s Milestone Apartments Real Estate Investment Trust ( MST_u.TO ) at a higher price than its previous offer.The new offer comes weeks after proxy advisory firm ISS recommended Milestone unitholders vote against a deal in which the real estate firm agreed to be acquired by Starwood for about C$1.7 billion ($1.3 billion).Starwood on Wednesday raised its offer to $16.25 per Milestone unit from $16.15 per unit.Based on current exchange rates, Starwood''s new offer represents a 2.1 percent premium to Milestone''s Tuesday closing price of C$21.30.Reuters reported late last month that Milestone was in talks with Starwood for a higher offer price.Dallas-based Milestone, which went public in Toronto in 2013, owns and manages apartment properties targeting blue-collar workers across the southern United States.(Reporting by Ahmed Farhatha in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-milestone-starwood-idINKBN16T1IY'|'2017-03-22T09:47:00.000+02:00'
'425481dd0fe33aa21337014a9464ab368bb35c52'|'BM&FBovespa-Cetip deal ups entry barriers to Brazil, official says'|'Company News   10:48am EDT BM&FBovespa-Cetip deal ups entry barriers to Brazil, official says SAO PAULO, March 22 BM&FBovespa SA''s planned takeover of rival clearinghouse Cetip SA Mercados Organizados makes it tougher for rivals to enter Brazil''s financial trading and clearing markets, and requires changes to gain approval, a member of antitrust watchdog Cade said on Wednesday. In a meeting to discuss the antitrust implications of the takeover, Cade councilor Cristiane Alkmin recommended the watchdog''s board implement remedies to approve the 12 billion-real ($3.9 billion) deal. ($1 = 3.0949 reais) (Reporting by Leonardo Goy; Writing by Guillermo Parra-Bernal) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cetip-ma-bmf-bovespa-antitrust-idUSE6N1D200A'|'2017-03-22T21:48:00.000+02:00'
'64df4d615441bb29b8ca27f5b873f5b26ad36c94'|'Hotel booking platform HotelTonight raises $37 million'|'By Lauren Hirsch - March 22 March 22 Last-minute U.S. hotel booking app HotelTonight said on Wednesday it raised $37 million in a funding round as it seeks to expand its international hotel network and invest in marketing campaigns.The Series E funding round, which was led by venture capital firm Accel Partners and valued the San Francisco-based company at roughly $500 million, brings it one step forward to an eventual initial public offering, though the company has yet to outline such plans.HotelTonight had $500 million in sales last year and is turning a profit.Users of HotelTonight can use the app to book hotels up to a week in advance, often at a discount. It has 25,000 hotel partners in more than 30 countries, which unload their unused rooms onto the platform.HotelTonight is counting on its sleek mobile interface to compete against its much larger booking competitor, Expedia Inc .Earlier this year, HotelTonight secured a partnership with U.K. soccer team Chelsea F.C.The company''s other investors include Battery Ventures, US Venture Partners, GGV Capital, Coatue Management and First Round Capital, which also invested in the most recent round. (Reporting by Lauren Hirsch in New York; Editing by James Dalgleish)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/hoteltonight-fundraise-idINL2N1GX14K'|'2017-03-22T08:00:00.000+02:00'
'5f2b25b0470315ec1cdfb1126d9d223fa634cb45'|'EU''s Vestager says analysing Facebook reply to WhatsApp probe'|'Technology   4:08pm GMT EU''s Vestager says analyzing Facebook reply to WhatsApp probe left right European Competition Commissioner Margrethe Vestager holds a news conference at the EU Commission''s headquarters in Brussels, Belgium March 13, 2017. REUTERS/Francois Lenoir 1/2 left right A 3D printed Whatsapp logo is seen in front of a displayed stock graph in this illustration taken April 28, 2016. REUTERS/Dado Ruvic/Illustration 2/2 BRUSSELS EU antitrust chief Margrethe Vestager said on Wednesday she was reviewing Facebook''s response to charges the U.S. social network provided misleading information during its bid for messaging service WhatsApp which may result in a hefty fine for the company. The European Commission in December last year said Facebook''s statements during the regulator''s scrutiny of the $22 billion deal in 2014 were incorrect when it said that it was unable reliably to match the two companies'' user accounts. However, this was technically possible at that time, the EU Competition Commissioner said, giving Facebook until Jan. 31 to defend itself. "We have now got the reply from Facebook and we are now analysing it," Vestager told lawmakers during a European Parliament hearing. The company faces a fine of as much as 1 percent of its global turnover, or about $179 million based on 2015 revenues. Microsoft was hit with a 561 million euro ($606.44 million)penalty in 2013 for breaking an antitrust promise to regulators, underlining how serious the Commission views procedural breaches. (Reporting by Foo Yun Chee; Editing by Ken Ferris) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-whatsapp-m-a-facebook-eu-idUKKBN16T275'|'2017-03-22T22:57:00.000+02:00'
'a83418fb0e29d0c446a1510bfc37c0bb1172486e'|'RPT-Mobileye deal to fuel investment in late-stage Israeli start-ups'|'(Repeats Wednesday item)* Israeli start-ups raised nearly $5 billion in 2016, up 11 pct* Auto start-ups raised $681 mln in 2016, nearly doubled from 2015* GM, Daimler, Volvo, Honda have opened R&D centres in Israel* GRAPHIC: Israeli hi-tech raising tmsnrt.rs/2n3GCTYBy Tova Cohen and Steven ScheerTEL AVIV, March 22 Intel''s $15.3 billion acquisition of Mobileye has catapulted Israeli hi-tech into the global league, and is likely to stimulate investment in the sector''s other late-stage startups, where funds are most needed.Fundraising in late-stage startups - more mature firms that are already selling products rather than just the bright but unexploited ideas of entrepreneurs - has begun to increase. According to the Israel Venture Capital (IVC) Research Center, it rose to $2.9 billion in 2016 from $2.4 billion in 2015 as investors search for a higher yield on their investments.Venture capitalists believe the U.S. semiconductor giant''s purchase last week of Mobileye, which specialises in technology for driverless cars, should accelerate the trend."A concern over the years has been that compared to the U.S., Israel cannot produce outsized returns," said Adam Fisher, a partner who manages the Israel office for California-based venture capital fund Bessemer."Mobileye is a perfect example of how a big business can be built in Israel and how a large corporate will not hesitate to pay a strategic premium for the business despite its location."The price was about 21 times Mobileye''s expected 2017 revenue, or more than six times more expensive than the semiconductor industry''s three-year deal average.Until recently, many Israeli tech firms failed to grow enough to stay independent. Global companies, keen to tap into the skills of workers trained in the military and intelligence sectors, often bought them before they floated on the share market or when they were still small-cap stocks on the Nasdaq exchange.This was the case with Waze, the Israeli map app, which Google bought in 2013 for $1.15 billion. That same year, Wix , an Israeli startup which helps people build websites, made its market debut on New York''s Nasdaq, raising $127 million seven years after the company was founded.Only a few, such as cyber security firm Check Point Software Technologies, which has a market valuation of almost $18 billion, have succeeded in remaining independent. Defence tech specialists such as Elbit Systems are largely off limits to foreign investors for Israeli national security reasons.Michael Eisenberg, a partner at the Aleph VC, said the Mobileye sale signalled to late-stage financiers that they can expect much more significant returns on their investments."It''s an accelerant and a belief that there is no glass ceiling for Israeli companies," said Eisenberg, who also manages the portfolio of U.S. VC Benchmark in Israel.Autotalks, a provider of vehicle-to-vehicle communication for improving road safety, said on Wednesday it raised $30 million in late-stage funding from investors including Samsung''s Catalyst Fund, bringing to $70 million its total raised to date.Venture capitalists typically seek returns of 3-10 times their overall investment over time, with those investing at an early stage expecting a higher multiple than at the later stage.Long known as the "startup nation", Israel is maturing into a "scale-up nation", said Steven Schoenfeld, founder of BlueStar Indexes, which develops indexes and exchange traded-funds (ETF) that track Israeli stocks.However, Israelis are largely missing out on their own success as local institutions shy away from investing in technology companies, especially those listed abroad. Israeli institutions, which are typically conservative, tend to stick with indexes and benchmarks from the Tel Aviv exchange, he said.Mobileye now accounts for 16 percent of BlueStar''s Israeli technology index. The ETF that tracks the index has gained 13.8 percent so far this year to an all-time high, while the Nasdaq is up 9.6 percent.Schoenfeld pointed to software provider Amdocs and Wix as examples of other companies "going the distance" by staying independent for longer.Cyber security firm CyberArk, which is traded on Nasdaq, is another with strong growth potential.AUTOMOTIVE CENTREMobileye understood it could grow only so much on its own.The company has expanded rapidly in the two years since its New York share offering into mapping, systems building and intelligence of driving."All of these take time to build and time to get resources and Intel already has these resources," said Mobileye co-founder Amnon Shasuha. "If we want to ... be the key player in autonomous driving, we need to think about it as an industry and not as a product."With more than 200 startups Israel is a growing centre for automotive technology. Last year startups in the sector raised $681 million, nearly double the amount in 2015, according to the IVC.Due to Mobileye, car manufacturers and their suppliers have been "making the pilgrimage" to Israel for the last several years and met with other startups, Fisher said.The sector is already enjoying robust pricing for M&A and the Mobileye deal will continue that, he said.Potential acquirers "will more likely be the traditional tech companies that have a declared interest in the automotive sector rather than car companies themselves, but the latter wouldn’t surprise me either," Fisher said.Bessemer has invested in depth sensor technology company Oryx Vision as well as Otonomo, which developed a connected car data exchange, and Vayyar, a provider of 3D imaging sensors.Argus Cyber Security, which has raised $30 million and collaborates with Qualcomm, is linking the automotive sector with another of Israel''s most vibrant sectors - cyber security - helping to prevent connected cars from being hacked.The Mobileye deal, said Argus CEO Ofer Ben-Noon, could accelerate his company''s growth. "There is no doubt there will be more investments in Israel for automotive, and a lot more M&A," he said.Car makers General Motors, Daimler, Volvo and Honda have all opened research and development centres in Israel.Josh Kram, senior director for Middle East Affairs at the U.S. Chamber of Commerce, noted that about 300 American companies have R&D centres in Israel, including Intel."Now they are moving into the autonomous space and purchasing Mobileye has catapulted them to the next level," he said. "It''s a win-win for both companies."(editing by David Stamp)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/tech-israel-idINL5N1GZ5CB'|'2017-03-23T04:00:00.000+02:00'
'67c9df6e8e58adc3352ff1c2ed97cafc4c4d83a3'|'VW finance arm makes record 2016 profit despite dieselgate'|'  2:36pm GMT VW finance arm makes record 2016 profit despite dieselgate The Volkswagen logo is seen at the company''s display during the North American International Auto Show in Detroit, Michigan, U.S., January 10, 2017. REUTERS/Mark Blinch FRANKFURT Volkswagen''s ( VOWG_p.DE ) finance division reported record earnings last year, despite the carmaker''s emissions scandal, and held out the prospect of another strong result in 2017. Operating profit at Volkswagen Financial Services, which handles dealer and customer financing as well as the group''s banking and leasing business, jumped 10 percent to 2.1 billion euros (2 billion pounds). This compares with group underlying operating profit of 14.6 billion euros last year. Volkswagen (VW) admitted in September 2015 to cheating U.S. emissions tests on diesel engines, prompting speculation the resale, or residual, value of its vehicles might fall. However, the finance division said on Thursday the residual values of leased cars had held up, thanks in part to its inclusion of more servicing and maintenance in its contracts. Frank Fiedler, the division''s finance chief, told a news conference its ability to match last year''s performance would depend in part on the outcome of the group''s planned return to bond markets to reduce its reliance on more costly bank loans. Europe''s largest automaker is expected to raise more than 7.5 billion euros on Thursday through its first euro unsecured bond issue since the emissions scandal. The Braunschweig-based finance division, whose operations exclude the Scania and Porsche brands and the Porsche Holding Salzburg distributor, also plans to issue bonds this year, likely before the end of June, to help refinance between 3-5 billion euros of borrowings this year, Fiedler said. Separately, the company plans to join its European lending and deposit operations from the autumn to Volkswagen Bank, whose total assets will increase to about 80 billion euros from 50 billion as a result. (Reporting by Alexander Huebner; Writing by Andreas Cremer; Editing by Arno Schuetze and Mark Potter)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-volkswagen-financing-idUKKBN16U1U5'|'2017-03-23T21:01:00.000+02:00'
'184d62e3be29080bb7d77d7bf7bb482fc3e79baa'|'Vale to get $733 million by end of month from Moatize stake sale to Mitsui'|'SAO PAULO Brazilian mining company Vale SA said on Wednesday it is nearing conclusion of a deal to sell a stake in Mozambique''s Moatize coal project to Japan''s Mitsui & Co Ltd.Vale said it expects to receive by the end of this month an initial payment of $733 million from Mitsui from the sale. The company said it would receive $2.7 billion more after the financing for the project of the mine and the transportation system is concluded.(Reporting by Marcelo Teixeira; Editing by Bernard Orr)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-vale-mitsui-co-moatize-idUSKBN16M342'|'2017-03-16T00:48:00.000+02:00'
'7f6e56cd661b7694fdd6563af22331607fbc5134'|'Chairman of China''s Anbang bullish on Europe''s "cheap assets"'|'Business News - Sat Mar 18, 2017 - 5:53am EDT Chairman of China''s Anbang bullish on Europe''s ''cheap assets'' Chairman of Anbang Insurance Group Wu Xiaohui attends the China Development Forum in Beijing, China March 18, 2017. REUTERS/Thomas Peter BEIJING The chairman of China''s privately-held Anbang Insurance Group said at the China Development Forum on Saturday he is bullish on investing in Europe despite great uncertainty over issues including refugees, economic challenges and rising populism. Europe has "very cheap assets" and Chinese investors can take advantage of cheap funding to acquire companies with good technology, said Anbang Chairman Wu Xiaohui. Regarding the chances of a "black swan" event in Europe, "if we combine Europe with China, I believe the chance of a black swan will be very small," Wu told the forum. A "black swan" event is one that occurs outside of expected patterns or norms of a given situation and that is extremely difficult to predict. Anbang, established in 2004 as an auto insurer, has emerged as one of China''s most aggressive buyers of overseas assets in the past two years, spending more than $30 billion buying luxury hotels, insurers and other property assets. Based in Beijing, Anbang manages some 1.65 trillion yuan ($240 billion) worth of assets, and has been involved in some high-profile deals, including buying control of Fidea, a Belgium-based insurer, and the Belgian banking operations of Dutch insurer Delta Lloyd. Wu declined to comment on a potential plan for an initial public offering when asked by Reuters. (Reporting by Shu Zhang and Matthew Miller; Writing by Elias Glenn; Editing by Tom Hogue) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-china-anbang-europe-idUSKBN16P09G'|'2017-03-18T16:49:00.000+02:00'
'c560481eff4c51706776102eb6da529fe3423a37'|'McDonald''s shareholders to weigh giving franchisees board seat'|'By Lisa Baertlein - LOS ANGELES, March 17 LOS ANGELES, March 17 McDonald''s Corp investors will vote soon on whether to give the franchisees who operate most of the fast-food chain''s restaurants the opportunity to elect a board member, the proponent of a shareholder proposal said on Friday.The proposal, which faces long odds of success, is believed to be the first of its kind and has attracted great interest in the franchise community, which includes not only restaurants but also hotels and convenience stores among other businesses.Roughly 85 percent of the company''s restaurants are operated by franchisees, who pay rent and royalties to McDonald''s. McDonald''s long-term goal is to raise that to 95 percent."We think franchisees should be in the room when the company''s most important decisions about operating and strategy are being made," said Maureen O''Brien, director of corporate governance at Segal Marco Advisors, which provides advice to pension plans and oversees a trust owning more than 5,000 McDonald''s shares.O''Brien said the proposal was being made on behalf of investors, not franchisees.McDonald''s, which petitioned regulators to omit the proposal from the ballot at its upcoming shareholder meeting, did not immediately comment.But the company, which has been in turnaround mode for two years, recently said that franchisee cash flow growth is at or near all-time highs in many markets around the world. Franchisees recently have tangled with McDonald''s over everything from restaurant renovations to the popular but margin-squeezing Dollar Menu.O''Brien said the U.S. Securities and Exchange Commission rejected McDonald''s request, meaning the proposal will appear on the McDonald''s proxy due in the coming weeks.Under the proposal, McDonald''s would create a new class of stock that does not have monetary value but would allow franchisees to elect one director, O''Brien said.The proposal is a long shot, but it could mark a big change in the board dynamic at McDonald''s and other heavily franchised U.S. restaurant chains if adopted, restaurant analysts and consultants said."If you put a franchisee on the board, it could potentially have a major impact on the direction of the company. It''s a really significant role," said Bob Goldin, partner and co-founder of food industry strategy firm Pentallect Inc."If this happens, it won''t just be McDonald''s," Goldin added, noting that McDonald''s is a bellwether for business.McDonald''s has not yet set a date for its annual shareholder meeting. The event was held on May 26 last year. (Additional reporting by Ross Kerber in Boston; Editing by Tom Brown)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mcdonalds-board-franchisees-idINL2N1GU1SS'|'2017-03-17T19:38:00.000+02:00'
'14d647f53168400a6d81ac1fc9d4f3494417e1da'|'G20 ministers give Mnuchin space to define Trump trade agenda'|'  6:08am GMT G20 ministers give Mnuchin space to define Trump trade agenda left right U.S. Treasury Secretary Steve Mnuchin addresses a news conference at the G20 Finance Ministers and Central Bank Governors Meeting in Baden-Baden, Germany, March 18, 2017. REUTERS/Kai Pfaffenbach 1/2 left right A general view shows the G20 Finance Ministers and Central Bank Governors Meeting in Baden-Baden, Germany, March 17, 2017. REUTERS/Kai Pfaffenbach 2/2 By David Lawder - BADEN BADEN, Germany BADEN BADEN, Germany Wary of their first official encounter with U.S. President Donald Trump''s blustery trade agenda, the world''s top finance officials were relieved to find new Treasury Secretary Steven Mnuchin polite and business-like over the weekend. But they yielded ground to the newcomer''s push for the Group of 20 major economies to abandon a decade-old pledge to resist protectionism and to delete communique language on financing the fight against climate change. According to G20 officials who interacted with Mnuchin at the meeting in the spa and casino town of Baden-Baden, Germany, many opted not to challenge Mnuchin on protectionism language. Instead they chose to give some space to him and Trump''s new administration to refine their trade views in the hopes for moderation by the time Germany hosts a G20 leader''s summit in July. Five weeks into his new job, the former Goldman Sachs and commercial banker is currently the only Senate-confirmed Trump appointee working at Treasury. And the Trump administration has not yet decided on the specific policies it will use to make good on campaign pledges to shrink U.S. trade deficits and grow American manufacturing jobs. Options under consideration range from more aggressive anti-dumping enforcement efforts to renegotiating trade deals and enacting a proposed border tax levied on imports. During his campaign, Trump threatened unilateral tariffs on Mexican and Chinese goods and said he would quit the North American Free Trade agreement unless it is renegotiated to his liking. "We have a new administration in Washington which still has to define precisely its narrative, especially in the context of what was said in the campaign," said Pierre Moscovici, European Commission Economic Affairs Minister. "I think Mnuchin is an articulate, constructive and pragmatic man," Moscovici said. "More work needs to be done to find common ground. It was not ready here. It is not a total surprise." FIRST IMPRESSIONS Japanese Finance Minister Taro Aso, who tangled with Mnuchin''s predecessor, Jack Lew, last year over dollar-yen exchange rate volatility, said he was impressed with Mnuchin''s understanding of economics and financial markets. "That’s why I think we can do good business together," Aso told reporters. In the G20 plenary sessions, Mnuchin took to the floor only once, reading from a prepared statement, according to a G20 official, while counterparts from China and France argued forcefully in favour of keeping the anti-protectionism pledge. While Mnuchin concentrated on making good first impressions with his G20 counterparts, U.S. negotiators behind the scenes insisted that they could no longer accept previous language vowing "to resist all forms of protectionism." This was replaced with a watered-down pledge to "strengthen the contribution of trade to our economies" - language viewed by some participants as preserving U.S. flexibility on trade policy. German Finance Minster Wolfgang Schaeuble, who met with Mnuchin in Berlin before the Baden Baden meeting, said consensus could not be reached on the meaning of protectionism.. He suggested at a news conference that Mnuchin may not have had a clear mandate to negotiate on trade issues. Asked about this, Mnuchin said he knows Trump''s desires on trade and negotiated them from Baden Baden, adding: "the new language makes sense." RITUALISTIC PHRASE The deletion of a "ritualistic phrase" in the G20''s core language could over time diminish U.S. influence, said Eswar Prasad, a former International Monetary Fund official and trade policy professor at Cornell University. "The U.S. may have won this battle by forcefully imposing its will on the rest of the G20, but the outcome represents a step backward in U.S. global leadership on issues such as the promotion of free trade and tackling climate change," said Prasad. But the Baden Baden meeting established Mnuchin as a pragmatic operator in the Trump administration''s drive for a more level playing field on trade, said Domenico Lombardi, another former IMF official now with the Centre for International Governance Innovation, a Canadian think-tank. "It''d be in the interest of Germany and Europe to establish a strong, bilateral relationship with the new Treasury secretary rather than questioning his authority," Lombardi said. "The alternative for them would be to negotiate directly with Trump and that would be worse." (Additional reporting by Jan Strupczewski and Leika Kihara; Editing by Mary Milliken)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-g20-germany-usa-analysis-idUKKBN16R09F'|'2017-03-20T13:08:00.000+02:00'
'e66bf91d0d4a96e2a5a95c932cc25a40db9c0138'|'Container shippers ordered to testify in U.S. probe'|'Business News - Tue Mar 21, 2017 - 10:00pm GMT Shippers subpoenaed in U.S. price-fixing investigation - WSJ U.S. Justice Department investigators have subpoenaed top executives of several container shipping companies as part of an investigation into price fixing, the Wall Street Journal reported, citing people with knowledge of the matter. Maersk Line, a unit of Danish shipping and oil group A.P. Moller-Maersk ( MAERSKb.CO ), confirmed that it was issued a subpoena related to a probe into the container shipping industry on March 15. "The subpoena does not set out any specific allegations against Maersk Line," a Maersk Line spokesman said, adding that the company will fully cooperate with the authorities in their investigations. The subpoenas were issued during a meeting of the world''s 20 biggest container shipping operators in San Francisco, the Journal reported. German container shipping line Hapag-Lloyd AG ( HLAG.DE ) also confirmed it was given a subpoena by Justice Department investigators, the report said. ( on.wsj.com/2mMnQyJ ) Hapag Lloyd could not be immediately reached for comment. (Reporting by Komal Khettry in Bengaluru; Editing by Saumyadeb Chakrabarty) Next In Business News Bank of New York Mellon must face $1 billion Commerzbank lawsuit NEW YORK Bank of New York Mellon Corp must face a Commerzbank AG lawsuit seeking to hold it liable for toxic mortgage-backed securities that the German lender bought before the financial crisis, resulting in more than $1 billion (822 million pounds) of losses.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-shippers-idUKKBN16S2UZ'|'2017-03-22T11:20:00.000+02:00'
'31c0d9ebeaca3c4f90f1dccf1338839432873f52'|'China''s ANTA Sports plans $488 million share sale to fund acquisition'|'HONG KONG ANTA Sports Products Ltd ( 2020.HK ) said on Wednesday it plans to raise HK$3.79 billion ($488 million) in a share sale to fund tie-ups and acquisitions of international sportswear brands.The China home-grown sports brand said it would sell 175 million new shares to major shareholders at HK$21.67 apiece, representing a 7.98 percent discount to the previous close. Proceeds also would be used as general working capital.The major shareholders, comprising Anda Holdings International Ltd, Anda Investments Capital Ltd and Anta International Group Holdings Ltd would subscribe for the new shares on completion of placing the same amount of existing shares at the same price to third-party investors.The aggregate holding of the major shareholders would be reduced to 61.62 percent following the deal, from 65.93 percent.Last month, China''s biggest sportswear retailer by market value saw its 2016 net profit jump 17 percent to a record high, buoyed by growth in children''s product lines and a strong e-commerce business as the country''s sports sector continued to strengthen.(Reporting by Donny Kwok; Editing by Stephen Coates)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-anta-sports-equity-idUSKBN16T04W'|'2017-03-22T04:19:00.000+02:00'
'4816506d5fbbcc1f39cf89acada0bd9894ebbd60'|'Airbnb makes growth push in China with plans to double investment'|'By Heather Somerville - SAN FRANCISCO, March 21 SAN FRANCISCO, March 21 Airbnb, the online marketplace for short-term lodging, is expanding its business in China, hoping to spur growth in the world''s most populous country and a major tourist destination.Fresh off a $1 billion fundraising round, Airbnb announced plans on Tuesday to expand its services in China and increase its staff there. Airbnb said it would more than triple its local workforce this year and double its investment in the region. The company did not provide specific numbers.The company has an engineering center in Beijing and about 60 employees in the country.Airbnb is also bringing its latest product, Trips, which was unveiled in November, to China. Trips is Airbnb''s effort to expand beyond home and apartment rentals and offer travelers experiences that expose them to local music, art, food and traditions. Trips options in Shanghai include learning about 4,000-year-old Chinese folk art and attending a traditional opera.San Francisco-based Airbnb connects hosts, who want to rent their homes or a room in their houses or apartments, with short-term renters who may stay a night or a few weeks. The company has been locked in a global battle with regulators who say the service takes affordable housing off the market and drives up rental prices.Airbnb has more than 3 million homes listed on its site in 191 countries.The service has become popular in China, where there are roughly 80,000 Airbnb listings that have housed nearly 1.6 million travelers, the company said.Airbnb''s recent tranche of $448 million in funding, which rounded out a $1 billion financing this month, provides new resources for the company to expand its global footprint. Airbnb executives told Reuters this month they expected the number of guests using the home rental service in Africa to double this year to 1.5 million. (Reporting by Heather Somerville; Editing by Peter Cooney)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/airbnb-china-idINL2N1GY1GZ'|'2017-03-22T01:00:00.000+02:00'
'8e86150103eced31b56bd0a326d2c782aff842d7'|'ING discloses criminal probe, says ''significant'' penalties possible'|'Wed Mar 22, 2017 - 7:33am GMT ING discloses criminal probe, says ''significant'' penalties possible FILE PHOTO: The logo of ING bank is seen at the entrance of the group''s office in Brussels, Belgium, October 3, 2016. REUTERS/Francois Lenoir/File Photo AMSTERDAM ING ( INGA.AS ) disclosed in its annual report published last week that it is being targeted by Dutch prosecutors in a criminal investigation into money laundering and corruption that could result in significant fines. A company spokesman on Wednesday confirmed the investigation, which was disclosed on page 232 of the company''s annual report. But he could not confirm a report in Dutch newspaper Het Financieele Dagblad that the investigation is linked to a case in which prosecutors said bribes were paid to the daughter of the former president of Uzbekistan by several telecommunications companies, including Vimpelcom, which is based in Amsterdam. The paper cited a Dutch prosecution spokeswoman. ING Spokesman Raymond Vermeulen said the bank could not comment beyond the annual report statement. "ING Bank is the subject of criminal investigations by Dutch authorities regarding various requirements related to the on-boarding of clients, money laundering, and corrupt practices," the statement said. It said it had also received requests for information from U.S. authorities and is cooperating. The bank said it could not predict the outcome of the investigation but it is possible it will result in significant penalties. (Reporting by Toby Sterling; Editing by Muralikumar Anantharaman) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-ing-groep-corruption-idUKKBN16T0OQ'|'2017-03-22T14:33:00.000+02:00'
'79b36897c13587bff32fe501fb4cadf4b251a36e'|'TREASURIES-Bonds gain as fiscal stimulus seen unlikely near term'|'(Adds Quote: s, updates prices) * Bonds gain as fiscal stimulus seen delayed * Investors focusing on Washington reforms * Oil price declines lowers inflation expectations By Karen Brettell NEW YORK, March 22 U.S. Treasury yields fell on Wednesday as investors reduced expectations that the Federal Reserve is likely to adopt a faster path in raising interest rates and any new fiscal stimulus is seen as unlikely in the near-term. President Donald Trump and Republican congressional leaders appeared on Wednesday to be losing the battle to get enough support in the House of Representatives to pass their Obamacare rollback bill. Delays in passing domestic reforms including healthcare are seen as likely to push back any new fiscal stimulus, which investors had anticipated would boost growth and possibly lead to faster than previously expected rate increases. “People are losing confidence in a swift moving set of congressional reform,” said Ian Lyngen, head of U.S. rates strategy at BMO Capital Markets in New York. Benchmark 10-year notes gained 11/32 in price to yield 2.40 percent, down from 2.43 percent on Tuesday. The 10-year yields earlier dropped to 2.37 percent, the lowest since Feb. 28. They have fallen from 2.63 percent on March 14. “The bond market had repriced higher in terms of yields looking at what the Fed reaction function might be given that we might have fiscal stimulus down the road,” said Chirag Mirani, head of U.S. rates strategy at UBS. Now, “the market is going through a realization that this may take some time or that it may not be the version it was expecting,” Mirani said. Oil prices also dipped on Wednesday as rising crude stocks in the United States underscored an ongoing global fuel supply overhang despite an OPEC-led effort to cut output. That has also reduced inflation expectations, which is also seen as delaying further Fed tightening. “Oil prices have been declining and that’s helped push market-based inflation expectations lower,” said Mirani. Speeches by Fed officials are in focus this week for any new indications about future interest rate policy. Fed Chair Janet Yellen is due to speak at a community development conference on Thursday. Durable goods data and manufacturing data on Friday will also be a focus for investors. (Editing by Nick Zieminski) )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL2N1GZ1J4'|'2017-03-22T16:17:00.000+02:00'
'22930b12024870d170ebfc1d98159573fea3f158'|'Emo Is Alive and Well'|'One evening in January, just before midnight, more than 300 people—most in old band T-shirts and ripped, black jeans—stood in line outside a bar in Manhattan’s SoHo neighborhood. Empty Bud Light cans littered the sidewalk, and The Anthem by Good Charlotte thumped softly from speakers inside. “What’s everyone waiting for?” a passerby asked. “ Hamilton! ” a girl with purple lipstick shouted back, snickering. She moved ahead in line and swept her bangs under her hat, which read, in big, bold letters, “Make Emo Great Again.”They were actually waiting to get into Emo Night BK, a semiregular series of DJ nights. It’s held mostly in Brooklyn but occasionally goes on tour to cities such as Denver, Detroit, and Las Vegas. Emo—short for “emotive hardcore music”—is a loosely defined subgenre of rock characterized by pop-punk hooks and sentimentally fraught lyrics. In other words, it’s hardly the soundtrack of a Trump rally. “This is for everyone who wants to relive their high school years”—specifically the late ’90s and early 2000s, emo’s peak—“when they didn’t have a care in the world,” says Ethan Maccoby, 26, one of Emo Night BK’s founders. He and Alex Badanes, 27, who host the parties, started throwing them while undergraduates at Tufts University and Berklee College of Music, respectively. Their original goal was simply to chill with friends and listen to great music, but since they graduated and moved to New York, the shindig has evolved into the largest emo night on the East Coast, with as many as a dozen parties a month.Ethan Maccoby and Alex Badanes at Emo Night BK.Photographer: Zak Krevitt for Bloomberg Businessweek Emo Night BK routinely sells out midsize concert spaces, including New York’s Irving Plaza and Brooklyn Bowl, whose talent buyer, Lucas Sacks, was one of the first to approach Maccoby and Badanes for a major venue. Sacks learned about Emo Night BK from a friend who attended one of the early events in 2015, at a small basement bar in Brooklyn’s Williamsburg neighborhood. “They had to turn people away within 30 minutes,” he says. “As soon as I heard that, my promoter brain kicked in.”Other cities have their own, unrelated events; there’s Emo Night Nashville and Emo Nite LA, which celebrated its two-year anniversary in December with a birthday bash that featured 20 guest acts, including the All-American Rejects and an emo-playing marching band. A livestream of the event reached 100,000 people. Last year, Emo Nite LA spun off Emo Nite Bawltimore, its first regional offshoot.The most important business stories of the day. Get Bloomberg&apos;s daily newsletter. Sign Up Tickets to most emo nights are just $10, allowing fans to reexperience old bands, songs, and youthful emotions for cheap. “People like the nostalgia appeal,” says Andrew Mumm, a talent buyer at the Bell House in Brooklyn, which often hosts the Sons & Heirs, a popular tribute band to ’80s alt rockers the Smiths, considered emo predecessors by some. “We get a lot of 25- to 40-year-olds coming out,” he says. “These shows give them a shared interest and a way to express themselves.”Matty McCloud at Emo Night BK.Photographer: Zak Krevitt for Bloomberg Businessweek Maccoby and Badanes always DJ the opening set of Emo Night BK, but they also frequently invite emo celebrities like Yellowcard frontman Ryan Key to man the tables and draw the crowds. “We don’t want to admit we’re getting older, but we are,” says Key, 37. After two decades, Yellowcard is playing its last concert on March 25. “I don’t know if I’ll be looking for a record deal or touring again,” he says, “but this has been a way to connect with fans like I never have before.”At Emo Night BK, the partygoers typically stay late—usually past 4 a.m.—and return often, according to Maccoby, who’s started to recognize familiar faces. Friends Emanuel Natera, a construction project coordinator, and Tess Smith, a hairstylist, both 31, met at an Emo Night BK and have missed only a few shows since 2015. “You meet people from all walks of life,” Natera says, “from fresh undergrads all the way down to couples with kids.” For Smith, the events are a way to revisit her youthful freedom. “Sometimes I meet people my own age with kids,” she says. “I could be a mom, but at emo night, I get to listen to music and drink beer instead. That’s the dream.”'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'http://www.bloomberg.com/news/articles/2017-03-15/emo-is-alive-and-well'|'2017-03-15T19:00:00.000+02:00'
'fe4a9cf34ad3dcc51235bf385de6945b048298fc'|'Shell to drill new wells by end-2018 to shore up Australia gas supply'|'Business News - Tue Mar 21, 2017 - 5:38am GMT Shell to drill new wells by end-2018 to shore up Australia gas supply Filled oil drums are seen at Royal Dutch Shell Plc''s lubricants blending plant in the town of Torzhok, north-west of Tver, November 7, 2014. REUTERS/Sergei Karpukhin/File Photo MELBOURNE Royal Dutch Shell ( RDSa.L ) said on Tuesday it will drill 161 new gas wells at its Queensland operations by the end of 2018, helping to underpin its promise to continue supplying 10 percent of the domestic gas market to help prevent a shortage. The project at its QGC operations in the Surat Basin in southeast Queensland has been planned for some time as existing wells decline, with the new wells due to be drilled this year and next. The wells will help sustain Shell''s 75 petajoules of gas supplies a year to eastern Australia''s gas market. The new drilling will not affect exports from Shell''s Queensland Curtis liquefied natural gas (LNG) plant. The announcement came a week after Prime Minister Malcolm Turnbull hauled in Australia''s gas producers, led by Shell Australia and ExxonMobil Corp ( XOM.N ), to discuss how to boost supplies in face of warnings from the nation''s energy market operator of a looming shortage within the next two years. Gas supply has become a hot issue, following blackouts and brownouts in Australia''s eastern states over the past year, and as growth in LNG exports has led to soaring gas prices for manufacturers. Thanks to onshore production in Queensland, businesses there will pay less than rivals further south, where onshore drilling has been banned or restricted due to opposition from landowners and green groups, said Shell Australia Chairman Andrew Smith. "This is a competitive advantage for Queensland business in attracting manufacturing jobs from Victoria, where gas customers will be forced to pay more for political reasons," Smith said. (Reporting by Sonali Paul; Editing by Randy Fabi) Next In Business News Best-paid former BHS executives gain most from Green''s pension deal - UK lawmakers LONDON British retail tycoon Philip Green''s deal with the regulator to plug a hole in the pension schemes of collapsed department store BHS will see a small number of the highest-paid former managers benefit the most, a parliamentary committee said on Tuesday.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-australia-gas-shell-idUKKBN16S0EC'|'2017-03-21T12:38:00.000+02:00'
'fd0fa6a0212e7ed042279b772ef72bb2ee6a10b4'|'New World Bank CEO defends globalisation, warns against protectionism'|'Money News  27pm IST New World Bank CEO defends globalisation, warns against protectionism Kristalina Georgieva, CEO of the World Bank attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 20, 2017. REUTERS/Ruben Sprich/Files By Matthew Miller - BEIJING BEIJING The World Bank''s newly appointed chief executive gave a spirited defence of globalisation during her first official visit to China, saying it had helped richer and poorer countries, and economic integration made it hard for any nation to walk away. Kristalina Georgieva, a Bulgarian who took up her post at the multilateral development lender at the start of this year, also praised China for its commitment to economic reforms and open markets. "Open markets, trade, division of labour has worked extremely well for the poorer countries," she told Reuters in an interview late on Monday. But wealthier countries also have benefited from rising middle classes, which are demanding more exports from advanced economies, said Georgieva, a former vice president of the European Commission. In Germany over the weekend, finance ministers and central bankers from 20 rich nations dropped a former pledge in their communique to keep global trade free and open, acquiescing to an increasingly protectionist U.S. administration. Georgieva called for an "intelligent, calm conversation" about sharing the benefits of globalisation more broadly. Warning against protectionist policies, she said every country would be hurt if decades of integration and interdependence were unravelled. "It''s impossible to say, now we are in this boat, but it is only your end of the boat that is sinking," said Georgieva. Rather than erect trade barriers, economies should encourage competition which boosts innovation and raises productivity, she said. Georgieva called for China''s government to continue opening up the domestic market to competition, and move forward with reforms to create "a more dynamic economy". "In 2016, 35 percent of growth in the world came from China," she said. "While this contribution is going to gradually decline somewhat, it is very significant." China has said it is targeting economic growth of about 6.5 percent, after it reported growth of 6.7 percent last year. The World Bank, through the International Bank for Reconstruction and Development, is now providing about $2 billion annually in lending to China, and is involved in projects ranging from pollution controls to urban and rural development. Georgieva said the biggest challenges facing the World Bank remain in those countries torn apart by conflict and facing famine. "It is horrible to have the shadow of famine in the 21st century," she said, pointing to situations in South Sudan, Somalia, Yemen and northern Nigeria. "Our biggest fear is related to that kind of devastation combining the force of nature with the evil of men." (Reporting by Matthew Miller; Editing by Ryan Woo and Simon Cameron-Moore) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-worldbank-idINKBN16S0VN'|'2017-03-21T15:57:00.000+02:00'
'a0baef76b16a7ed8f751ba077dd39ffb178adaa9'|'Akzo Nobel CEO - won''t meet with PPG to talk about bid'|'Business News - Wed Mar 22, 2017 - 7:15pm GMT Akzo Nobel CEO - won''t meet with PPG to talk about bid FILE PHOTO: Akzo Nobel''s logo is seen in Amsterdam, Netherlands, February 16, 2012. REUTERS/Robin van Lonkhuijsen/United Photos/File Photo AMSTERDAM Akzo Nobel''s ( AKZO.AS ) Chief Executive Ton Buechner said on Wednesday he was not planning to meet or talk with Michael McGarry, his counterpart at U.S. suitor PPG Industries ( PPG.N ), when McGarry visits Amsterdam this week. Akzo rejected an improved 22.7 billion-euro (19.64 billion pounds)takeover offer from PPG as insufficient on Wednesday, prompting calls from several shareholders for the companies to enter talks. Asked whether he would be willing to meet with McGarry when he travels to Amsterdam to lobby for the deal, Buechner said he is not planning to do so. "The present proposal does not warrant Akzo Nobel''s engagement with PPG," Buechner said in an interview with Reuters. (Reporting by Toby Sterling; Editing by Greg Mahlich) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-akzo-nobel-m-a-ceo-idUKKBN16T2RH'|'2017-03-23T02:15:00.000+02:00'
'048c3b6875d9cf744c6b1ae8374719d51f6e2177'|'French watchdog wants tighter market access rules for UK'|'  3:18pm GMT French watchdog wants tighter market access rules for UK Gerard Rameix, Secretary General of the Autorite des marches financiers (AMF), France''s market regulatory authority, poses in front of the building which used to house the Bourse (stock market) in Paris November 6, 2008. REUTERS/Benoit Tessier (FRANCE) LONDON The European Union''s system for granting market access to banks outside the bloc will not work for a financial centre the size of Britain after Brexit, a top European regulator said on Thursday. Gerard Rameix, chairman of France''s AMF markets watchdog, said the "equivalence" regime - whereby Brussels grants access to firms from non-EU countries with similar rules - must be adapted specifically for Britain. The equivalence regime "won''t be appropriate" for the UK as it will become a "very particular third country", Rameix said in a speech at Chatham House in London. The EU''s equivalence regime "must be carefully reassessed. This would require a more granular assessment of equivalence" compared with the current system based on outcomes, he said. The bloc must also be able to supervise the clearing of euro-denominated transactions, Rameix said. Such clearing is currently largely based in London. (Reporting by Huw Jones; Editing by Alexander Smith) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-markets-idUKKBN16U23S'|'2017-03-23T22:18:00.000+02:00'
'194efd3709c2ccef68a116359584f6be4e185e98'|'UK car production hit 17-year high in February'|'  UK car production hit 17-year high in February LONDON, March 23 British car production hit a 17-year high in February, extending a recent trend of surging output as a strong rise in exports once again compensated for a slump in demand at home, an industry body said on Thursday. Overall production rose 8 percent to 153,041 cars last month, according to the Society of Motor Manufacturers and Traders (SMMT), boosted by a 13 percent increase in sales to overseas markets. The roughly 15 percent fall in the pound against the euro since the Brexit vote has helped to make British exports cheaper to many foreign buyers, although it has increased the cost of importing parts from the continent for UK-assembled models. Britain''s overwhelmingly foreign-owned car industry backed remaining in the European Union and is worried about the possible end to tariff-free business with Europe, its biggest export market, despite reassurances from Prime Minister Theresa May. "We must avoid barriers to trade, whether tariff, customs or other regulatory obstacles, at all costs," said SMMT Chief Executive Mike Hawes. "To do otherwise would damage our competitiveness and threaten the continued success of UK automotive manufacturing," he added. (Reporting by Costas Pitas; Editing by Keith Weir)   Malaysia     * Keysight Technologies announces pricing of public offering of common shares in connection with pending acquisition of ixia MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-autos-production-idUSL5N1GZ49C'|'2017-03-23T07:01:00.000+02:00'
'41d908ea2a0130660cc6cf50377655cf466c07ab'|'China''s ZTE Corp pleads guilty in U.S. court in sanctions case'|'Technology News   5:58pm EDT China''s ZTE Corp pleads guilty in U.S. court in sanctions case FILE PHOTO: ZTE''s logo on its R&D center is seen in Beijing, China, in this March 22, 2016 file photo. REUTERS/Kim Kyung-Hoon/File Photo By Karen Freifeld - NEW YORK NEW YORK Chinese telecom equipment maker ZTE Corp on Wednesday pleaded guilty in U.S. federal court in Texas for illegally shipping U.S. goods and technology to Iran. The guilty plea was part of an agreement the company reached earlier this month with U.S. authorities that also called for nearly $900 million in fines and other penalties. The company admitted to three charges: conspiring to export American-made items to Iran without a license from the U.S. government, obstructing justice, and making a material false statement. A five-year investigation had found ZTE conspired to evade U.S. embargoes by buying U.S. components, incorporating them into ZTE equipment and illegally shipping them to Iran. ZTE, which devised elaborate schemes to hide the illegal activity, agreed to the guilty plea after the U.S. Commerce Department took actions that threatened to cut off the gear maker''s global supply chain. The investigation, spearheaded by the U.S. Department of Commerce, followed reports by Reuters in 2012 that ZTE had signed contracts to ship millions of dollars worth of hardware and software from some of the best-known U.S. technology companies to Iran''s largest telecoms carrier. (Reporting by Karen Freifeld; Editing by Lisa Shumaker) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-china-zte-idUSKBN16T33Y'|'2017-03-23T04:58:00.000+02:00'
'3e4075de076851901280aa82b2cbd2529223065e'|'Dubai airport chief says electronics ban will have minimal impact on passenger numbers'|'Company News - Thu Mar 23, 2017 - 1:36am EDT Dubai airport chief says electronics ban will have minimal impact on passenger numbers DUBAI, March 23 A ban on most carry-on electronics on flights to the United States will not significantly affect passenger numbers at Dubai International, where flights depart to 12 U.S. cities daily, the airport''s chief executive said on Thursday. The U.S. announced on Tuesday new restrictions on flights from airports in eight Muslim-majority countries, including the United Arab Emirates, affecting international airline Emirates which flies from Dubai. The restrictions apply to any device larger than a mobile phone, according to U.S. officials, such as a laptop, tablet and portable DVD player. Industry experts say the ban starting this Saturday could see business travellers who use laptops to work during flights switch to unaffected carriers. "If we are very, very diligent in both communicating exactly what the restrictions are and actually have an efficient process to deal with the situation, I don''t suggest it will have an impact on numbers," Dubai Airports Chief Executive Paul Griffiths told DubaiEye radio, adding that a "very tiny proportion" may choose to switch airlines. Dubai International, the world''s busiest international airport, is targeting 89 million passengers this year. Emirates, the only airline to fly direct to the U.S. from Dubai International, will allow passengers to hand over their devices as they board, allowing them to continue to use the gadgets until the last possible moment and minimise disruption, President Tim Clark told Reuters on Wednesday. Clark, who called the ban disruptive, said the airline was "closely monitoring the business impact of this new security measure, and we will decide on our strategies and interventions accordingly." The U.K. followed suit with a similar ban on Tuesday that does not include the UAE. (Reporting by Alexander Cornwell; Editing by Nick Macfie) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-airlines-electronics-demand-idUSL5N1H00DD'|'2017-03-23T12:36:00.000+02:00'
'784c96750ee5b04cd0839beb5e01ca991b69ee9c'|'PricewaterhouseCoopers settles with MF Global over collapse'|'Business News - Thu Mar 23, 2017 - 1:29pm GMT PricewaterhouseCoopers settles with MF Global over collapse The logo of PricewaterhouseCoopers is seen in front of the local offices building of the company in Luxembourg, April 26, 2016. REUTERS/Vincent Kessler NEW YORK PricewaterhouseCoopers LLP has settled a $3 billion (2 billion pound) lawsuit in which the bankruptcy administrator of MF Global Holdings Ltd accused the auditor of malpractice that led to the collapse of the brokerage run by former New Jersey governor Jon Corzine. Terms were not disclosed, but the case was "settled to the mutual satisfaction of the parties," representatives for PwC and the administrator said in separate statements on Thursday. The accord ends a trial that had begun on March 7 in the U.S. District Court in Manhattan. (Reporting by Jonathan Stempel in New York; Editing by Jeffrey Benkoe) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-mf-global-hldg-pricewaterhouse-idUKKBN16U1QV'|'2017-03-23T20:29:00.000+02:00'
'3bdbc8ccb4cfd24019fa45c916de50956cc0e671'|'Peabody''s adversary creditors to appeal bankruptcy exit approval'|'Commodities   2:26pm EDT Peabody''s adversary creditors to appeal bankruptcy exit approval Peabody''s St. Louis headquarters seen from the steps of the Thomas F. Eagleton U.S. Courthouse, where hearings on the coal producer''s plan to exit its Chapter 11 bankruptcy began in St. Louis, Missouri, U.S., March 16, 2017. REUTERS/Tracy Rucinski By Tracy Rucinski - CHICAGO CHICAGO Rebel creditors of Peabody Energy Corp''s reorganization plan have said they intend to appeal a bankruptcy judge''s decision to allow the world''s largest private sector coal producer to exit Chapter 11 protection. U.S. Bankruptcy Judge Barry Schermer in St. Louis approved last week a plan by Peabody, which has valuable coal assets both in the United States and Australia, to emerge from bankruptcy in early April with about $2 billion of debt. In a notice of appeal filed with the Bankruptcy Court in St. Louis, about a dozen money managers who voted against the plan asked an appellate court to review six issues decided by Schermer in approving Peabody''s reorganization. Their complaints mostly center around the terms of a private stock sale that formed part of Peabody''s plan to slash more than $5 billion of debt and exit bankruptcy. To participate in the private offering, Peabody required creditors to support the reorganization plan. The objecting creditors have said this "premature" buy-in violated the U.S. bankruptcy code. In an e-mailed statement, Peabody said its reorganization plan had received a creditor approval rate of 93 percent and that it did not expect this appeal to derail its plans to emerge from Chapter 11. "The bar for appeals in these types of cases is typically very high. Absent a court-ordered stay, we continue to expect to emerge in early April," Peabody said. A group of hedge funds, including Elliott Management and Aurelius Capital Management, is expected to reap hundreds of millions of dollars in gains from Peabody''s $750 million private placement of new shares at a 35 percent discount to the estimated value of its reorganized stock. (Reporting by Tracy Rucinski; Editing by Noeleen Walder and Leslie Adler) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-peabody-energy-bankruptcy-appeal-idUSKBN16U2LP'|'2017-03-24T01:18:00.000+02:00'
'860272e3770ac6749ba834940c3f001a2198dfaf'|'Platts considers adding Indonesia''s Karimun terminal to pricing process'|' 56am EDT Platts considers adding Indonesia''s Karimun terminal to pricing process * Will be Platts'' first Indonesian delivery point * To reflect assessments for gasoil, jet fuel and gasoline By Jessica Jaganathan SINGAPORE, March 23 Oil price agency S&P Global Platts said on Thursday it was considering a proposal to reflect deliveries from Indonesia''s Oiltanking Karimun Terminal in its Singapore pricing assessments for gasoil, jet fuel and gasoline from July 3. This will be the first Indonesian delivery point in Platts'' Singapore assessment process, the agency said in a note to subscribers, and will be in addition to approved loading points outside of Singapore such as Malaysia''s Tanjung Langsat, Tanjung Bin and a few floating storage units. Platts, a unit of S&P Global, proposes to publish offer prices for oil loading from Karimun on a free-on-board (FOB) Indonesia basis. The move is expected to offer traders more flexibility in loading cargoes and improve market liquidity, traders said. Oiltanking Karimun is a joint venture between Oiltanking, which is a subsidiary of Hamburg-based Marquard & Bahls , and trader Gunvor Group. The Karimun terminal, with a total storage capacity of 730,000 cubic metres, was commissioned in mid-2016 and is aimed to serve the growing demand for oil products in Asia, according to Oiltanking''s website. It is supported by four jetties and is able to accommodate vessels up to 320,000 deadweight tonne. With Singapore unable to commit more land to commercial storage to serve trading companies, Indonesia and Malaysia have stepped up their investments in oil and chemicals storage infrastructure. Platts, which provides Asian benchmark assessments for most oil products traded in the region, introduced a FOB Straits benchmark in July, 2015 to include ports in Malaysia. (Reporting by Jessica Jaganathan; Editing by Himani Sarkar)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/singapore-platts-idUSL3N1H02TT'|'2017-03-23T14:56:00.000+02:00'
'5745f85a56be3b587a66d739d84313cb0ee055b1'|'Ireland finance ministry appoints bookrunners for AIB IPO'|'Ireland''s finance ministry said on Thursday it has appointed five banks to act as bookrunners for a potential share sale of state-owned Allied Irish Banks ( ALBK.I ), in a further signal it could launch an initial public offering in the coming weeks.In January, finance minister Michael Noonan raised the possibility that the government could try to return part of the bank to private ownership as early as May as markets improve.The government said on Thursday that Citigroup ( C.N ), Goldman Sachs ( GS.N ), Goodbody Stockbrokers, JPMorgan ( JPM.N ) and UBS ( UBSG.S ) have now been appointed as bookrunners for a potential sale.They will join Bank of America Merrill Lynch ( BAC.N ), Deutsche Bank ( DBKGn.DE ) and Davy Stockbrokers who were appointed as global coordinators in December.Last year, Ireland pushed back the timetable for selling its stake, citing unfavorable market conditions, but Noonan has said rising bank share prices suggest he might get the value needed.The 99.9 percent state-owned bank became the first domestic-owned Irish lender to restart dividends since the financial crash almost a decade ago, when it proposed a 250 million euro payment earlier this month after reporting strong margin and capital growth during 2016.(Reporting by Rachel Armstrong; editing by Carolyn Cohn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-aib-ipo-bookrunners-idINKBN16U2JB'|'2017-03-23T15:03:00.000+02:00'
'062a58324f4d5f9e6a84dd5b5925df8ac72ac284'|'Reinsurers design tailored deals in search of higher returns'|'By Brenna Hughes Neghaiwi and Paul Arnold - ZURICH ZURICH Reinsurer Swiss Re ( SRENH.S ), usually involved in mega-deals on natural disaster coverage, is branching out on its own to do individually tailored schemes to boost returns, such as one in China to protect farmers against floods or drought.This tailor-made approach is part of Swiss Re''s response to fierce competition in the reinsurance industry, where companies are being forced to find new ways to make money as their traditional model of clubbing together to backstop risks generates increasingly slim returns."We feel very strongly that our ability to figure out solutions to the problems that our clients have means they will give us opportunities," the head of Swiss Re''s core reinsurance business, Moses Ojeisekhoba, told Reuters in an interview.Reinsurers usually pool resources in syndicates to underwrite the risk taken on by front-line insurers. But low interest rates and competition from a host of so-called "alternative providers" such as pension funds has eaten into their profits.Up to 20 percent of the reinsurance market is now occupied by alternative providers, insurance industry experts estimate, a trend that began to take off in the years following the 2008 financial crisis.Insurance rating agency A.M. Best has estimated $75 billion in alternative - or so-called "convergence" - capital entered the business in 2016.This has put pressure on the market. Industry prices for the traditional property and casualty (P&C) business, for example, fell again in January, the important policy renewals season, albeit at a slower rate than in the past few years.To combat the difficult climate, Swiss Re, the industry''s number two, has pioneered the concept of tailor-made reinsurance, negotiating on its own with insurers to offer bespoke deals.Last year, for example, it set up deals with local Chinese insurers and provincial government to reinsure parts of two provinces against natural disaster risks. The schemes - which included China''s first anti-poverty insurance deal to protect farmers against flooding and drought - use a combination of satellite and weather data to trigger payouts of up to roughly $350 million in each province.Swiss Re devised the pilot schemes and acted as sole reinsurer, rather than working in a syndicate to spread the risks.COMPETITIONBut this specialised business is facing competition from rivals such as Munich Re ( MUVGn.DE ), Hannover Re ( HNRGn.DE ) and Scor ( SCOR.PA )."There are more people coming into this space," Ojeisekhoba said.Munich Re has emphasized tailor-made products in niche areas such as aerospace and cyber risk. It has also said it would step up investment into so-called "insurtech" start-ups like app provider Wrisk, which offers insurance via smart phones. Munich Re said this would help it to offer more customized products.Large, tailored transactions drove Munich Re''s P&C premium growth in 2016, representing 23 percent of just under 18 billion euros ($19.36 billion) in the P&C division''s gross written premiums, the German company said in annual results earlier this month.But Ojeisekhoba, who took over Swiss Re''s reinsurance business last July, said the tailored business was set to keep growing this year despite the competitive pressures.Reinsurers are also using bespoke deals to help insurance companies to manage tougher capital requirements under Europe''s new Solvency II regime. These deals allow the insurers to free up capital they must hold under the new rules to buffer against unexpected claims and financial losses.Demand for Hannover Re''s bespoke offerings, particularly capital relief, helped the group to book 7 percent premiums growth in January.Swiss Re does not break out figures for the amount of so-called large and tailored business it writes, but has said recent premiums growth was driven by such transactions.The reinsurer has committed $250 million in annual R&D spending to develop advanced risk models that help it to estimate risks ranging from the potential cost of heavy rainfall in Malaysia through to predicting what might become the industry''s next ''asbestos''.These modeling tools also enable Swiss Re to construct specialized deals to help a customer estimate exposure and locate new risks, protect against earnings volatility and free up capital to pay dividends or buy back shares."It''s not something you simply take off the shelf and apply to a particular situation," Ojeisekhoba said."You require deep skill sets. You require strong balance sheets. You require relationships and knowledge of the counterparty''s portfolio and their financials, and you clearly require an unambiguous understanding of the regulatory regimes."But with little disclosure from the reinsurers on how they define bespoke business, Mediobanca analyst Vinit Malhotra said it was hard to assess how it will help to shore up individual players'' profitability.Some relief may come from an inevitable uptick in standard business as prices drop below profitable levels. "I think we are not that far away from the bottom. Nobody wants to push their luck that much," Malhotra said.(Additional reporting by Carolyn Cohn in London. Editing by Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-reinsurance-deals-idINKBN16Q0E1'|'2017-03-19T08:06:00.000+02:00'
'6f3d694885e48eba0dba865bd5e021396ba6601f'|'Walmart announces plan to invest $800 million in Chile'|'Deals   10:53am EDT Walmart announces plan to invest $800 million in Chile Shopping carts are seen outside a new Walmart Express store in Chicago July 26, 2011. REUTERS/John Gress SANTIAGO The Chilean unit of Wal-Mart Stores Inc ( WMT.N ) will invest $800 million in the country over the next three years and will open 55 to 60 new supermarkets, the company said in a press release on Wednesday. "We are confident in the future potential of the country, and we are convinced that spaces exist to continue expanding our low-cost model," Walmart Chile general manager Horacio Barbeito said in a statement. (Reporting by Gram Slattery; Editing by Chizu Nomiyama) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-walmart-chile-idUSKBN16T1XI'|'2017-03-22T21:48:00.000+02:00'
'dcf5a59983cc20772715576e7af0605b3744dd50'|'The Wizard of Lies trailer: see Robert de Niro in HBO’s Bernard Madoff drama – video - Television & radio'|'The Wizard of Lies trailer: see Robert de Niro in HBO’s Bernard Madoff drama – video Play Video Watch the trailer for HBO’s latest TV drama The Wizard of Lies , starring Robert De Niro and Michelle Pfeiffer. De Niro plays Bernard Madoff, the former stockbroker and fraudster as his Ponzi scheme slowly unravels around him, dragging his family into the spotlight. The Wizard of Lies premieres on HBO on 20 May  View more sharing options Share   Close Wednesday 22 March 2017 10.57 GMT Last modified on Wednesday 22 March 2017 11.04 GMT Topics Television Bernard Madoff HBO Robert De Niro Television industry US television industry'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/video/2017/mar/22/the-wizard-of-lies-trailer-hbos-bernard-madoff-drama-video'|'2017-03-22T17:57:00.000+02:00'
'757f4b897c614d951f3fb15856777341f218f8bd'|'Carbon fibre: the wonder material with a dirty secret - Guardian Sustainable Business'|'C arbon fibre is increasingly celebrated as a wonder material for the clean economy. Its unique combination of high strength and low weight has helped drive the wind power revolution and make planes more fuel efficient.Carbon fibre turbine blades can be longer and more rigid than traditional fibreglass models, making them more resilient at sea and more efficient in less breezy conditions.Auto makers are also waking up to the material’s potential to make lighter and more efficient vehicles. McLaren recently announced plans to open a factory in Sheffield to manufacture carbon fibre sports cars, and BMW’s i3 is fitted with a carbon fibre passenger unit – the first such mass-produced car.But carbon fibre has a dirty secret: the hi-tech material is wasteful to produce and difficult to recycle.Excess waste for landfill To become the strong, light composite material industries love, carbon fibre is combined with a plastic polymer resin. But the manufacturing process, in which sheets of composite material are often laid up by hand, is wasteful.A carbon fibre bicycle made for one Read moreBy the time they’ve been trimmed to size, almost a third of these carbon fibre sheets end up on factory floors, according to recycling company ELG Carbon Fibre . Where the material does make it into products, most of it will ultimately end up in landfill, the firm says.A report (pdf) in February from the environmental charity Green Alliance listed carbon fibre as one of several novel materials that could create waste problems in the future unless swift action is taken to make it ready for recycling and reuse.Researchers and startups are racing to solve this conundrum. If they can divert carbon fibre from landfill, they could open the gates for use of recycled carbon fibre in cars, bikes and for dozens of other applications. They could also save a lot of energy since the production of virgin material is the most energy-intensive part of the process.The key problem is that carbon fibre cannot simply be melted down and reformed like aluminium. Carbon fibre composites get their strength from long, precisely aligned carbon fibres, fixed within a glue-like polymer that is cured at high temperatures and pressures. Once cured, most of these tough polymers will not melt and have to be burned off or chemically dissolved to reclaim the valuable fibres.In its facility near Dudley, west Midlands, ELG Carbon Fibre has been recycling carbon fibre since 2009 by burning off the polymers. Vartega , a startup based in Colorado, which is emerging as a carbon fibre tech hub, does something similar with chemicals.Both result in fibres that are shorter and more jumbled up than new ones, reducing their ability to bear heavy loads, says Steve Pickering, head of mechanical, materials and manufacturing engineering at the University of Nottingham.Recycled carbon fibre often ends up in tennis rackets and golf clubs, where low weight (and the cachet of carbon fibre) is more important than strength, says Pickering. “It’s still a good material but it’s not that much better than other cheap materials out there like aluminium and other composites,” he adds.Recycling robots: AI could reverse the UK''s decline Read more Future of carbon fibrePickering’s research team is working on a way to disperse recycled fibres in liquid and realign them by forcing it through a tiny nozzle. He thinks the process will ultimately lead to recycled carbon fibre that is strong enough for automotive use.More efficient recycling could have big implications for cost too, he says. As a material for car parts, carbon fibre currently costs 20 times more than steel and 10 times more than aluminium, according to research (pdf) from Jaguar Land Rover.Chris Kaffer, CEO of Colorado-based Mallinda, a startup working on carbon fibre, agrees there is scope to bring down costs. The company has developed a new polymer that can be remoulded and repaired at lower temperatures and – because it is easy to reshape – would allow carbon fibre car parts to be stamped out in less than a minute rather than the several hours the process can currently take.“We envision dropping the cost of carbon fibre by creating a secondary market for the incorporation of recycled fibres into new products,” says Kaffer.That will not happen overnight. The major car makers have in the past proved slow to embrace new materials: changing the F-150 pickup’s chassis from steel to aluminium, for example, took Ford six years and cost a billion dollars.“Plus, we have 50 years of traditional carbon fibre chemistry and development to catch up with,” says Kaffer.The good news is that carbon fibre products last a long time: the current generation of wind turbine blades and electric vehicles won’t be heading to the wrecking yard for at least another decade. Perhaps by the time the second generation retires, we will have somewhere better to put their precious carbon fibres than a hole in the ground.Sign up to be a Guardian Sustainable Business member and get more stories like this direct to your inbox every week. You can also f ollow us on Twitter .Topics Guardian sustainable business Innovation Automotive industry Recycling Waste Renewable energy Wind power features Share '|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/sustainable-business/2017/mar/22/carbon-fibre-wonder-material-dirty-secret'|'2017-03-22T12:00:00.000+02:00'
'e97e1f419456021185ff752f6756994cdb25eb0d'|'About 17,000 AT&T workers in California and Nevada go on strike'|'U.S.  52pm EDT About 17,000 AT&T workers in California and Nevada go on strike Signage for an AT&T store is seen in New York October 29, 2014. REUTERS/Shannon Stapleton/File Photo By Anjali Athavaley About 17,000 AT&T Inc workers in California and Nevada went on strike on Wednesday, alleging that the company violated contract terms by forcing employees to do work outside their areas of expertise. The employees, who work in the company''s phone, landline and cable services businesses, have been working without a contract for almost a year. Last year, the workers, who are represented by the Communications Workers of America, voted to authorize a strike. AT&T had 268,000 employees as of Jan. 31, according to a filing. The company said it was prepared to continue serving customers. "A walkout is not in anybody’s best interest, and it’s unfortunate that the union chose to do that," AT&T said in a statement. "We’re engaged in discussion with the union to get these employees back to work as soon as possible." (Reporting by Anjali Athavaley; Editing by Marguerita Choy) Next In U.S.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-at-t-strike-idUSKBN16T2PJ'|'2017-03-23T01:48:00.000+02:00'
'895ea4071a45b968c2ec5cb2c5b7cb1bef454836'|'Italy to test EU rules again with Veneto banks bailout'|'  6:07am GMT Italy to test EU rules again with Veneto banks bailout left right FILE PHOTO: The logo of Veneto Banca bank is seen in Venice, Italy, January 31 2016. REUTERS/Alessandro Bianchi/File Photo 1/2 left right FILE PHOTO: Banca Popolare di Vicenza headquater is seen in Vicenza, Italy, March 5, 2016. REUTERS/Stefano Rellandini/File Photo 2/2 By Stefano Bernabei and Francesco Guarascio - ROME/BRUSSELS ROME/BRUSSELS Italy''s plans to bail out two regional banks pose a tough dilemma to European regulators, who are still considering whether Monte dei Paschi qualifies for state aid, three months after giving a preliminary green light. Banca Popolare di Vicenza and Veneto Banca said on Friday they had requested a so-called precautionary recapitalization by the state - a mechanism that exploits an exception to European rules meant to prevent the use of taxpayer money to save banks. Italy is already seeking to use the scheme for its fourth biggest bank Monte dei Paschi ( BMPS.MI ), where the state is expected to inject 6.6 billion euros to fill an 8.8 billion euro capital shortfall. The rest of the money needed by the Tuscan bank is due to come from holders of its junior debt, but retail investors in its subordinated bonds will be compensated by the government, on the grounds that they were mis-sold the securities. Rome wants to replicate that framework to inject an estimated 5 billion euros in the two unlisted Veneto-based banks, already rescued once, last year, by government-sponsored, privately funded bank bailout fund Atlante. The government is keen to avoid imposing unpopular losses on tens of thousands of ordinary Italians who put their savings in the banks. It also wants to spare senior bond investors and big current account holders - who would otherwise have to take a hit under a strict interpretation of European bail-in rules. Those rules say state aid can be allowed on a temporary basis to banks that have failed regulatory stress tests but are still deemed solvent, if refusal would risk seriously disturbing the economy and financial stability of a member state. The European Central Bank decided not to disclose the outcome of stress tests on smaller banks - so there is a question mark over the Veneto banks'' exact state of health. The ECB will have to assess whether they are viable and determine the size of their capital shortfall, while the European Commission will decide whether Italy''s public support for the two banks is in line with EU state aid rules. Some analysts question whether the two banks can be considered systemic, given that their combined assets are around 70 billion euros - less than half Monte dei Paschi''s total. GERMAN CONCERN Two sources familiar with Italy''s position said Rome argues in private that the two banks'' failure would send shock waves through the wider Italian financial industry. It would also boost anti-euro political forces such as the 5-Star Movement at the next national election, scheduled for 2018. The Italian treasury declined to comment. The ECB and the European Commission that governs the bloc are under pressure not to allow Italy to sidestep the rules, which critics say would undermine their credibility. Germany, the euro zone''s largest economy, raised concerns about the Monte dei Paschi plan in December. After weeks of negotiations, Italian Finance Minister Pier Carlo Padoan said on Tuesday there was no date set for a final decision by European regulators on whether it ticked all the boxes. Asked whether the request for state aid by the Veneto banks was stretching EU rules, an EU source said overuse of the precautionary recapitalization scheme could set an unhealthy precedent for countries seeking to avoid winding down weak banks. "If the instrument is used often, and therefore loses its extraordinary nature, as foreseen by the rules, that could be interpreted as an attempt to avoid banking resolution," the source said. A European Commission spokesman said only that the commission had ongoing contacts with Italy over its banking sector. The ECB declined to comment. SHAREHOLDERS DECIDE A further problem for the Veneto lenders is that government bailouts cannot cover losses already incurred or likely in the near future - such as those stemming from bad loan writedowns. In Italy, lenders are saddled with 360 billion euros of gross problematic debts, a third of the euro zone''s total. The market is pricing in doubts over whether the two Veneto banks fit the bill. Senior bonds in both lenders fell last week on concerns they could be hit should the state aid scheme not come to pass, although they partly rebounded this week. As neither bank has published full-year results for 2016, investors are in the dark about their real capital needs. Based on the latest available figures for the first half of last year, problematic loans at the two lenders after writedowns totaled 10.2 billion euros at end-June, almost double their combined equity capital of 5.7 billion euros. Last October the head of Atlante, which owns more than 97 percent of each bank, said their cost-income ratio stood at around 100 percent, a level which he said would make it impossible for any bank to stand on its feet. A source close to the two banks said they should just about be able to offset expected loan loss charges by using their existing capital, imposing losses on junior debt holders and selling assets. The source however said this course of action still needed to be discussed with regulators. Spokespeople for both banks declined to comment. With a criminal investigation underway over fraud allegations, the banks are offering to settle with around 170,000 shareholders who were in many cases persuaded to buy their shares in exchange for loans. The aim is to shield the banks from future lawsuits and further losses. The two lenders said initially they were aiming for an 80 percent take-up. As of Friday both stood at around 50 percent. The source close to the two banks said that if they can reach a take-up of 60-70 percent by the time the offer ends on Wednesday, this should be enough to convince European authorities that legal risks have been greatly reduced. (additional reporting by Giselda Vagnoni in Rome and Valentina Za in Milan, writing Silvia Aloisi, editing by Philippa Fletcher) Next In Business News Fed''s Kaplan sees three rate hikes in 2017, no rush on balance sheet SAN FRANCISCO With the U.S. workforce nearly fully employed and inflation heading toward 2 percent, the Federal Reserve should raise interest rates two more times this year and continue work on a plan to gradually trim its massive balance sheet, Dallas Federal Reserve Bank President Robert Kaplan said.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-eurozone-banks-italy-veneto-idUKKBN16T0HE'|'2017-03-22T13:02:00.000+02:00'
'e78330b15a1d6cb696afd9415e85d0f9db4c0685'|'Andrew Puzder to step down as CKE fast-food CEO in April -company'|'Company  37pm EDT Andrew Puzder to step down as CKE fast-food CEO in April -company March 21 Andrew Puzder, who withdrew as nominee for U.S. Labor Secretary in the new Trump administration, is stepping down as chief executive of CKE Restaurants Holdings Inc in April, the parent of the Carl''s Jr and Hardee''s restaurant chains said on Tuesday. Puzder will be succeeded by Jason Marker, who most recently was president of Yum Brands Inc''s KFC chain. (Reporting by Lisa Baertlein; editing by Grant McCool) Next In Company News Uber board backs CEO Kalanick, still looking for chief operating officer SAN FRANCISCO, March 21 Uber Technologies Inc plans to keep co-founder Travis Kalanick as chief executive following a series of damaging events at the ride services company, a member of its board said on Tuesday in a rare call with reporters.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cke-restaurants-puzder-idUSL2N1GY23K'|'2017-03-22T05:37:00.000+02:00'
'bc45fc549f7b3b41caad121460daafacb044aaa3'|'Toyota Industries buys Vanderlande for 1.2 billion euros'|'AMSTERDAM Japan''s Toyota Industries Corp ( 6201.T ) said on Thursday it had agreed to buy privately-held Vanderlande Industries of the Netherlands, a maker of package and baggage handling equipment and software, for about 1.2 billion euros ($1.3 billion).Toyota said the acquisition would strengthen its materials handling business.(Reporting by Toby Sterling; editing by David Clarke)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-vanderlande-m-a-toyota-inds-idINKBN16U0OE'|'2017-03-23T04:53:00.000+02:00'
'f77d5534ebf044863dff78f719cfa397231ecb28'|'U.S. new home sales hit seven-month high; jobless claims rise'|'Business News  42pm GMT U.S. new home sales hit seven-month high; jobless claims rise Jobseekers stand in line to attend the Dr. Martin Luther King Jr. career fair held by the New York State department of Labor in New York April 12, 2012. REUTERS/Lucas Jackson/File Photo By Lucia Mutikani - WASHINGTON WASHINGTON New U.S. single-family home sales jumped to a seven-month high in February, suggesting the housing market recovery continued to gain momentum despite the challenges of high prices and tight inventories. Other data on Thursday showed an unexpected increase in the number of Americans filing for unemployment benefits last week. Still, the labour market continues to tighten, which together with the strength in housing, should underpin economic growth. The Commerce Department said new home sales increased 6.1 percent to a seasonally adjusted annual rate of 592,000 units last month, the highest level since July 2016. Sales have now recouped the sharp drop suffered in December. Economists had forecast new home sales, which account for about 9.7 percent of the overall market, rising 0.7 percent to a rate of 565,000 units in February. Sales were up 12.8 percent compared to the same month last year, showing the housing market''s resilience. Last month''s sales were likely partially buoyed by unseasonably warm weather. Although mortgage rates have risen and may go higher, most economists see a limited impact on housing because a tightening labour market is improving employment opportunities for young adults. In a separate report, the Labor Department said initial claims for state unemployment benefits increased 15,000 to a seasonally adjusted 258,000 for the week ended March 18. Claims have now been below 300,000, a threshold associated with a healthy labour market for 80 straight weeks. That is the longest stretch since 1970 when the labour market was smaller. The job market is currently near full employment. The four-week moving average of claims, considered a better measure of labour market trends as it irons out week-to-week volatility, rose only 1,000 to 240,000 last week. U.S. stocks were mostly flat as investors focused on whether the House of Representatives would pass a Republican-sponsored bill to begin dismantling Obamacare, which is seen as the first significant policy test for President Donald Trump. Prices of U.S. Treasuries were trading lower while the dollar .DXY was stronger against a basket of currencies. LABOR MARKET FIRMING The claims data covered the period during which the government surveyed employers for March''s nonfarm payrolls report. The four-week average of claims fell 7,750 between the February and March survey weeks, suggesting another month of strong job gains. Job growth has averaged 209,000 per month over the past three months and the unemployment rate is at 4.7 percent, close to the nine-year low of 4.6 percent hit last November. Tightening labour market conditions and rising inflation enabled the Federal Reserve to raise interest rates last week. The market for new houses is benefiting from a shortage of properties for sale. A report on Wednesday showed a 3.7 percent drop in sales of existing homes in February amid tight inventories and rising house prices. The 30-year fixed mortgage rate is currently around 4.30 percent. Last month, new single-family homes sales surged 30.9 percent to their highest level since November 2007 in the Midwest and increased 3.6 percent in the South. They jumped 7.5 percent in the West but slumped 21.4 percent in the Northeast. The inventory of new homes on the market increased 1.5 percent to 266,000 units last month, still less than half of what it was at its peak during the housing boom in 2006. At February''s sales pace it would take 5.4 months to clear the supply of houses on the market, down from 5.6 months in January. A six-month supply is viewed as a healthy balance between supply and demand. The median price for a new home fell 4.9 percent to $296,200 in February from a year ago. (Reporting by Lucia Mutikani; Editing by Paul Simao) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-economy-idUKKBN16U1PE'|'2017-03-23T21:42:00.000+02:00'
'6ca4a2edf20e416ac68d7bccd14cc6428cacb9db'|'Dubai Duty Free expects $2 million sales hit from electronics ban'|'  10:02am GMT Dubai Duty Free expects $2 million sales hit from electronics ban FILE PHOTO: A general view of the departure gates and duty free area at the Emirates'' terminal (Terminal 3) in Dubai International Airport, October 9, 2008. REUTERS/Jumana El Heloueh/File Photo DUBAI Dubai International Airport''s duty free operator estimates that it will lose about $2 million (1.60 million pounds) in sales this year from the ban on carrying most electronic devices on United States-bound flights, a senior executive said on Thursday. Under new security measures announced this week, electronics larger than a mobile phone will be banned from passenger cabins on direct flights to the United States from airports in eight Muslim-majority nations, including the United Arab Emirates, starting Saturday. "We estimate that the ban will cost us around $2 million in revenue for the year," Dubai Duty Free''s Chief Operating Officer Ramesh Cidambi told Reuters in an emailed statement. The estimate is based on sales of electronics to U.S.-bound passengers, excluding mobile phones and accessories, for 2016 and if the ban runs until the end of the year. U.S. officials have said the ban is indefinite. Dubai Duty Free made $1.85 billion in total sales last year, Cidambi said. The chief executive of Dubai Airports, Paul Griffiths, had earlier told DubaiEye radio that the ban on electronics covers goods sold in the airport, including duty free stores. The regulations, prompted by reports that militant groups want to smuggle explosive devices in electronic gadgets, state that electronics larger than a mobile phone -- including laptops and tablets -- must be stowed with checked baggage on U.S.-bound passenger flights. Emirates [EMIRA.UL], the only airline operating direct flights to the United States from Dubai, will allow passengers to hand over electronic devices at boarding to minimise disruption, President Tim Clark told Reuters on Wednesday. However, analysts warn that travellers, especially those who want to use laptops to work during flights, could switch to airlines and airports not affected by the new regulations. Griffiths said he does not expect a significant impact to Dubai airport''s passenger numbers, while Clark said that Emirates will monitor the commercial impact. Britain followed the United States by introducing a similar ban on Tuesday, though the UK restrictions do not include the UAE. (Reporting by Alexander Cornwell; Editing by David Goodman)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-airlines-electronics-dubai-idUKKBN16U128'|'2017-03-23T17:02:00.000+02:00'
'925121bc77710c566a0fc1445400e1123a95958f'|'Car production hit 17-year high in February'|' 20am GMT Car production hit 17-year high in February FILE PHOTO: Cars are inspected at the end of the production line at the Toyota factory in Derby, central England, March 7, 2011. REUTERS/Darren Staples/File Photo LONDON British car production hit a 17-year high in February, extending a recent trend of surging output as a strong rise in exports once again compensated for a slump in demand at home, an industry body said on Thursday. Overall production rose 8 percent to 153,041 cars last month, according to the Society of Motor Manufacturers and Traders (SMMT), boosted by a 13 percent increase in sales to overseas markets. The roughly 15 percent fall in the pound against the euro since the Brexit vote has helped to make British exports cheaper to many foreign buyers, although it has increased the cost of importing parts from the continent for UK-assembled models. Britain''s overwhelmingly foreign-owned car industry backed remaining in the European Union and is worried about the possible end to tariff-free business with Europe, its biggest export market, despite reassurances from Prime Minister Theresa May. "We must avoid barriers to trade, whether tariff, customs or other regulatory obstacles, at all costs," said SMMT Chief Executive Mike Hawes. "To do otherwise would damage our competitiveness and threaten the continued success of UK automotive manufacturing," he added. (Reporting by Costas Pitas; Editing by Keith Weir)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-autos-production-idUKKBN16U01C'|'2017-03-23T07:20:00.000+02:00'
'9d7f4763cf82a573fd0c7af5358be990c7b2f0e4'|'BRIEF-Keysight Technologies announces pricing of public offering of common shares'|' 48pm EDT BRIEF-Keysight Technologies announces pricing of public offering of common shares March 22 Keysight Technologies Inc * Keysight Technologies announces pricing of public offering of common shares in connection with pending acquisition of ixia * Keysight Technologies - priced its registered public offering of 11.4 million common shares at a public offering price of $35.00 per share * Keysight Technologies- intends to use net proceeds from offering to finance in part consideration for its previously announced acquisition of Ixia  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-keysight-technologies-announces-pr-idUSASB0B6OD'|'2017-03-23T06:48:00.000+02:00'
'316fae5e18c3a16af6e5fbe61d59fcfd53cf4ad7'|'Ian and Greg Chappell call on Adani to abandon Carmichael mine project - Business'|'Australian cricketing greats Ian and Greg Chappell have signed an open letter calling on Indian billionaire Gautam Adani to abandon his company’s proposed Queensland coalmine. The Chappells, well-known through their sporting exploits in India where the Australian team is currently playing, joined 90 prominent Australians in the letter, which will be delivered to Adani’s head office on Thursday.Signatories include former Labor federal environment minister Peter Garrett; authors Richard Flanagan, Tim Winton and Helen Garner; Telstra chair John Mullen; investment banker Mark Burrows; and former Australian of the Year, Prof Fiona Stanley.Carmichael coal mine: politics, activism and the search for truth - Lenore Taylor Read more The letter will be hand-delivered by Geoff Cousins, the businessman, environmental activist and former adviser to then Australian prime minister John Howard, who hopes to appeal to the Adani family’s concern for their business reputation.Ian Chappell told the ABC that opposition to the mine in Australia could affect sporting ties with India.“Cricket has a bit to do with the feeling between India and Australia,” he said. “The thought that this [mine] could affect the relationship, hopefully that’ll get through.”Cousins is leading an “alternate delegation” to India, where the Queensland premier, Annastacia Palaszczuk , and six regional Queensland mayors are on a trade mission to build support for Adani’s mine.“The Queensland premier and mayors are on a dangerous junket to promote a damaging project. We are in India to tell Adani that Australians do not want this coalmine and will continue to fight it tooth and nail,” Cousins said. “We would welcome Adani’s investment in solar instead.”Cousins told the ABC that “the Adani family, one can see from all their published material, is very proud of their reputation.”“What often makes the coin turn is [if] the company can see the project will have such a bad influence on their reputation.”His delegation includes a Great Barrier Reef tourism operator, a grazier near Adani’s mine site and an Australian Marine Conservation Society campaigner, who all warn of the damaging impacts of what would be one of the world’s largest coal projects.The AMCS campaigner, Imogen Zethoven, said the mine would “lock in the death” of the reef in coming decades, as it suffers another mass bleaching event after its worst-ever bleaching in 2016 which killed nearly a quarter of its coral .Adani Carmichael mine opponents join Indigenous climate change project Read more One of Australia’s foremost experts on the reef, Terry Hughes, has also called for the scrapping of the Adani mine, saying it would compound risks to the reef in its weakened state. Palaszczuk said last month the meeting in India with the mining company would be “critical ahead of Adani making its final investment decision in April”.She said the mine proposal was closely scrutinised and “offered the potential for thousands of new jobs across regional Queensland”.Palaszczuk said her government had remained true to its 2015 election commitment to protect the reef and sensitive wetlands from dredging as part Adani’s planned port expansion.It had also delivered on its promise not to use taxpayer funds to subsidise Adani’s infrastructure.However, the state government holds veto power over Adani’s application for a $1b federal government loan to build a railway to link the mine to its port hundreds of kilometres away.The Northern Australia Infrastructure Facility says it “will not proceed with making an investment decision, and further consideration of an investment proposal will cease if at any time the relevant state or territory government provides written notification that financial assistance should not be provided to the project”.Cousins said that “polls show the majority of Australians are appalled that Adani [would get] a $1bn handout of public money to finance a project banks won’t touch”.The rail company Aurizon has lodged a rival bid for NAIF funding for a railway line to the Galilee basin, it was reported on Thursday .Aurizon’s proposal rail line would cost up to $1b less than Adani’s, the Courier-Mail reported . Topics Adani Group Carmichael coalmine Cricket India Annastacia Palaszczuk Queensland news Share  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/mar/16/ian-and-greg-chappell-call-on-adani-to-abandon-carmichael-mine-project'|'2017-03-16T08:46:00.000+02:00'
'4fed58add345eadb1ac61393a5788c957b21d8c5'|'Egypt aims to resume Saudi Aramco oil product imports'|'Business News - Thu Mar 16, 2017 - 10:58am GMT Egypt aims to resume Saudi Aramco oil product imports A Saudi Aramco employee sits in the area of its stand at the Middle East Petrotech 2016, an exhibition and conference for the refining and petrochemical industries, in Manama, Bahrain, September 27, 2016. REUTERS/Hamad I Mohammed/Files CAIRO Egypt aims to resume importing oil products from Saudi Aramco by the end of March or early April, the country''s petroleum minister told Reuters on Thursday. Tarek El Molla said that a deal to import crude from Iraq would remain in place as it was not a replacement for Saudi oil shipments which were halted late last year. Saudi Arabia agreed in April 2016 to provide Egypt with 700,000 tonnes of refined oil products per month for five years but the cargoes stopped arriving in early October. Saudi Aramco declined to comment on the report. Egypt''s Petroleum Ministry said on Wednesday that it was working with Aramco on a timetable for the resumption of imports and that the reasons behind the October cut-off were purely commercial. Though officials from both sides have denied the existence of tensions or disagreements between the two countries, the two have been at odds on a number of political issues. Egypt voted in favour of a Russian-backed but Saudi-opposed U.N. resolution on Syria in October, which excluded calls to stop bombing Aleppo. In January an Egyptian court rejected a government plan to transfer two uninhabited Red Sea islands to Saudi Arabia. (Reporting by Ehab Farouk; writing by Asma Alsharif; editing by Jason Neely) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-egypt-saudi-oil-idUKKBN16N1AG'|'2017-03-16T17:58:00.000+02:00'
'b03452d4132223a55bf08e35efabd39d74a8132f'|'Brazil''s Oi burns through $49 mln in cash in January'|'SAO PAULO, March 15 Oi SA, the Brazilian phone carrier operating under bankruptcy court protection, burned through 153 million reais ($49 million) in cash in January, according to a securities filing on Wednesday.Oi said the negative free cash flow was due to seasonal factors, which caused receivables from clients to fall by 12 percent to 1.8 billion reais in the period. The company also reported an 18 percent rise in payments, to 2.5 billion reais, citing more disbursements to service providers in January.The information was compiled by PricewaterhouseCoopers Assessoria Empresarial Ltda and law firm Advocacia Arnoldo Wald, which are the trustees of the bankruptcy proceeding.Oi will release fourth-quarter results on March 22 after the market''s close.Rio de Janeiro-based Oi, which made Brazil''s largest bankruptcy filing last June, ended January with 7.095 billion reais of cash on hand, a 2.7 percent drop from December.($1 = 3.103 reais) (Reporting by Ana Mano; Editing by Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/oi-sa-debt-idINL2N1GS2FS'|'2017-03-15T20:11:00.000+02:00'
'cd6e53504685a0ced783e7891d5aaf70bd0243af'|'European car sales rise in February amid volume brand slump'|' 06am GMT European car sales rise in February amid volume brand slump VW Golf cars are pictured in a production line at the plant of German carmaker Volkswagen in Wolfsburg, March 9, 2017. REUTERS/Fabian Bimmer FRANKFURT European new car registrations rose 2.1 percent in February, even as large markets like Germany and volume brands like VW, Opel, Vauxhall and Peugeot posted lower sales, the Association of European Carmakers (ACEA) said on Thursday. Car sales in the European Union and the countries of the European Free Trade Association reached 1,114,443 vehicles last month thanks to 6.2 percent rise in sales in Italy, a 15 percent increase in the Netherlands, and a 0.2 percent gain in demand for cars in Spain. Large markets including Germany, France and Britain saw sales fall 2.6 percent, 2.9 percent and 0.3 percent respectively in what is traditionally a slow sales month. Volkswagen''s ( VOWG_p.DE ) VW brand saw February sales fall 7 percent, while Peugeot ( PEUP.PA ) saw sales drop 3.7 percent and Opel/Vauxhall ( GM.N ) recorded a fall of 1.2 percent in deliveries. Among the top gainers was Fiat ( FCHA.MI ), with an 8.3 percent sales rise and Renault ( RENA.PA ), which saw a 5.3 percent increase in registrations. Among the premium brands, Mercedes-Benz ( DAIGn.DE ) recorded a 3.4 percent sales gain, outpacing rival Audi ( NSUG.DE ), which saw a 2.2 percent rise, while rival BMW ( BMWG.DE ) saw registrations fall by 0.5 percent, ACEA figures showed. While demand for passenger cars in the European Union alone increased only modestly by 2.2 percent, the 1,078,503 registrations comes close to February 2008 levels, just before the economic crisis hit, ACEA said. (Reporting by Edward Taylor; Editing by Maria Sheahan)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-vehicleregistrations-february-idUKKBN16N0NV'|'2017-03-16T14:06:00.000+02:00'
'963b3e315ef940026db64e23459bef16bb094ddb'|'Oil prices drop on rise in U.S. drilling'|'Business  52pm EDT Oil prices drop on rise in U.S. drilling A pump jack operates at a well site leased by Devon Energy Production Company near Guthrie, Oklahoma September 15, 2015. REUTERS/Nick Oxford By Henning Gloystein - SINGAPORE SINGAPORE Oil prices fell on Monday as rising U.S. drilling activity and steady supplies from OPEC countries despite touted production cuts pressured already-bloated markets. Prices for front-month Brent crude futures, the international benchmark for oil, were 20 cents below their last settlement at 0025 GMT (8:25 p.m. ET on Sunday), at $51.56 per barrel. U.S. West Texas Intermediate (WTI) crude futures were down 28 cents at $48.50 a barrel. Traders said that prices were under pressure due to rising U.S. drilling activity and ongoing high supplies by the Organization of the Petroleum Exporting Countries (OPEC) despite its pledge to cut output by almost 1.8 million barrels per day (bpd) together with some other producers like Russia. "Crude oil has attempted to break out of the trading range that formed last year ... However, this uptrend has stalled," futures brokerage CMC Markets said in a note on Monday. "Now there is good, strong momentum to the downside." U.S. drillers added 14 oil rigs in the week to March 17, bringing the total count up to 631, the most since September 2015, energy services firm Baker Hughes Inc said on Friday, extending a recovery that is expected to boost shale production by the most in six-months in April. As a result, U.S. oil output has risen to over 9.1 million bpd from below 8.5 million bpd in June last year. Reacting to the ongoing glut in markets, financial oil traders cut their net long U.S. crude futures and options positions in the week to March 14, the third consecutive cut, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. Defying rising sentiment that oil markets remain oversupplied, some analysts say markets will tighten soon, arguing that the OPEC-led cuts will only start to bite from April, just as demand picks up as refineries return from current maintenance outages. "The cuts in OPEC production from the start of 2017 should start to show up between mid-March (now) and mid-April. Over the coming weeks we expect a sharp reduction in imports and increase in refining runs which should lead to impressive crude inventory draws," analysts at AB Bernstein said on Monday in a note to clients. "The combination of falling imports and stronger crude runs should lead to substantial inventory cuts over the coming months," they said. (Reporting by Henning Gloystein; Editing by Joseph Radford) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-global-oil-idUSKBN16R017'|'2017-03-20T07:41:00.000+02:00'
'c69e4144277815aac35b01e8ec9355cb10aa4318'|'ECB money piles up in Germany as investors wary of risk - Bundesbank'|'Business News   11:25am GMT ECB money piles up in Germany as investors wary of risk - Bundesbank The European Central Bank (ECB) headquarters is pictured in Frankfurt, Germany, December 8, 2016. REUTERS/Ralph Orlowski - RTSV8VR FRANKFURT Money created by the European Central Bank to shore up euro zone growth and inflation is piling up in Germany as investors are reluctant to venture outside the bloc''s strongest economy, Bundesbank data showed on Monday. A large amount of the money printed by the ECB to buy bonds is landing in German bank accounts, often held by foreign investors, and staying there. This is pushing up the Bundesbank''s claims on the ECB''s Target 2 payment system, which rose to a record high of 814 billion euros (705.04 billion pounds) in February. But in its monthly report, the Bundesbank said this money does not then flow to other parts of the euro zone, even though bond yields tend to be there higher than in Germany. That showed investors'' reluctance to put their cash to work in weaker economies and raised questions about the effectiveness of the ECB''s stimulus programme, it said. "It is remarkable ... that these second-round effects of the APP ... are not taking place in some countries, including Germany," the Bundesbank said in its monthly report. Before the euro zone debt crisis that peaked in 2012, money flowed out of Germany to seek higher returns in countries such as Greece, Spain or Italy. That trend reversed after 2010 as the crisis escalated and confidence in debt-laden countries has yet to be re-established despite the ECB''s efforts. The German economy has continued to expand and will do so in the near future, the Bundesbank said in its report, citing very strong industrial output driven by high demand from within the EU''s economic powerhouse and from abroad. Target 2 claims and liabilities of the national central banks in the euro zone are not a problem as long as the currency union exists. But if the euro zone should break up, debtors -- the national central banks of countries leaving the bloc -- would have to pay the money back. (Reporting by Andreas Framke; Editing by Catherine Evans) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-economy-bundesbank-idUKKBN16R119'|'2017-03-20T18:25:00.000+02:00'
'e247a190ff335459315430c2a5da158bcd7d172b'|'Baidu''s chief scientist, who led firm''s AI push, to resign'|'Technology News - Wed Mar 22, 2017 - 12:55am EDT Baidu''s chief scientist, who led firm''s AI push, to resign SHANGHAI Baidu Inc chief scientist Andrew Ng said on Wednesday he will resign from the Chinese search engine company after three years of leading its drive into artificial intelligence (AI) and augmented reality (AR) projects. Ng, who announced his departure in a blog post on online publishing platform Medium, did not say where he would be heading to next, but said he would continue to be involved in entrepreneurship and research in the artificial intelligence space. "As the principal architect of Baidu''s AI strategy, I am proud to have led the incredible rise of AI within the company," he said in the post. "I will continue my work to shepherd in this important societal change." His resignation comes as Baidu has been ramping up its focus on cutting edge technology to revitalize the company''s shrinking profits, and after the company hired former top Microsoft executive, Qi Lu, to oversee the shift to AI. Baidu last month reported a second straight drop in quarterly revenue, hurt by a government crackdown on healthcare advertising. The company in 2014 hired Ng, who was a former Stanford University computer science professor and founder of Google''s elite Deep Learning team. He also co-founded online learning startup Coursera. In January, Baidu opened an AR lab in Beijing that was fronted by Ng. (Reporting by Brenda Goh; Editing by Randy Fabi) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-baidu-augmentedreality-resignation-idUSKBN16T0EJ'|'2017-03-22T11:53:00.000+02:00'
'78cc8bc072b8f1678d99e9d13653036cf58698d7'|'Time to make a noise over Rias’s silent calls - Money'|'Please help to get insurer Rias to stop hassling me with silent phone calls. My home insurance is up for renewal and, in the past, I have contacted the company to get a quote. But now it seems to think it is perfectly reasonable to leave its calls silent. Last week I got three calls all on the same day. They were all silent when I picked up the phone. I know it was Rias as I checked the number. The Financial Conduct Authority said it has nothing to do with them and gave me Ofcom’s number. It, too, was unable to help other than to give me a complaint number and suggest I contact my phone provider and request it blocks calls. This would have done nothing to protect other people who are also being pestered and appears to make a nonsense of the legislation and the ability to use it. DM, Wheathampstead Silent calls happen when companies use automatic dialing machines to call up customers but don’t have enough call handlers to take the call.They can be quite distressing to some recipients. Your tale is all the more surprising given that Rias’s owner, Ageas, was fined £10,000 by Ofcom for this very problem in 2014.I asked the firm about your case and it confirmed that you had received the calls. However, it has now taken you off its systems so that you won’t receive any more. Ofcom says it “monitors complaints to identify companies who are breaking our rules, and will take action where needed to protect consumers”.We welcome letters but cannot answer individually. Email us at consumer.champions@theguardian.com or write to Consumer Champions, Money, the Guardian, 90 York Way, London N1 9GU. Please include a daytime phone number Topics Nuisance calls Consumer champions Consumer affairs Consumer rights Insurance Ofcom features  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/mar/22/insurer-rias-silent-calls-stop'|'2017-03-22T14:00:00.000+02:00'
'0bd17c6999c0d335501478ca8794a57b04076c24'|'Inflation bites into German 2016 real wages'|'Business News - Wed Mar 22, 2017 - 8:38am GMT Inflation bites into German 2016 real wages left right People walk through the Mall of Berlin shopping centre during its opening night in Berlin, September 24, 2014. REUTERS/Thomas Peter/File Photo 1/2 left right A woman checks vegetables at the Biocompany organic supermarket in Berlin, January 31, 2013. REUTERS/Fabrizio Bensch 2/2 BERLIN Real wages in Germany rose by 1.8 percent last year, weaker than 2015, the Statistics Office said on Wednesday, as prices accelerated at a slightly higher rate. The third yearly increase in a row is still good news for private consumption, which has become the main driver of growth in Europe''s biggest economy. Moderate inflation and relatively strong increases in nominal wages, of 2.3 percent, were cited by the Office as the main reasons for the rise. The increase in real wages last year was weaker that the 2.4-percent rise in 2015 as prices accelerated faster. The consumer price index rose by 0.3 percent in 2015 and by 0.5 percent last year. Economists expect rising inflation to slightly dent private consumption, which along with construction and government spending, has replaced exports as the main growth driver. (Reporting by Joseph Nasr; Editing by Alison Williams) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-economy-wages-idUKKBN16T0U7'|'2017-03-22T15:38:00.000+02:00'
'10e3c72e0dc85b9b02482eacadad5355203abe2f'|'UK group expanding campaign to curb antibiotics in meat production'|'Health News - Tue Mar 21, 2017 - 7:05pm EDT UK group expanding campaign to curb antibiotics in meat production By Lisa Baertlein - LOS ANGELES LOS ANGELES A shareholder coalition founded in the U.K. is recruiting investors for a campaign to convince KFC parent Yum Brands Inc and other food companies to protect public health and corporate profits by reducing the use of antibiotics in the meat they serve in the United States and around the world. Scientists warn that the routine use of antibiotics to promote growth and prevent illness in healthy farm animals contributes to the rise of dangerous infections from antibiotic-resistant bacteria known as superbugs, which kill at least 23,000 Americans each year and pose a major threat to global health. "It''s the kind of risk that doesn''t discriminate. An illness that is resistant to antibiotics could happen anywhere, poor or rich," Natalie Beinisch, engagement manager at Aegon Asset Management, said by telephone from the Hague. Members noted that chains like Chipotle Mexican Grill Inc and McDonald''s USA have used strict antibiotic policies to elevate their brands. "There is the potential for significant opportunity for those food companies that get the recipe for sustainable food production right," said Jeremy Coller, founder of the Farm Animal Investment Risk & Return Initiative (FAIRR) and chief investment officer at Coller Capital in London. This year the coalition plans to keep up the pressure on Yum, whose policy lags those of major chains such as McDonald''s Corp, whose U.S. restaurants last year stopped serving chicken raised with antibiotics important to human medicine. The coalition also is pressing large food companies to set clear timelines for phasing out the routine use of antibiotics in chicken, pork and beef in all markets where they operate. ShareAction and the FAIRR Initiative lead the group, whose members include Aviva Investors, Aegon Asset Management and Green Century Capital Management. The mostly European and U.S. coalition debuted last year with 54 investors representing about $1 trillion under management. It since has added 17 new members and doubled assets under management. A broad campaign to curb antibiotics has been gaining steam in recent years with help from rising consumer interest, pressure from doctors and non-profit groups, and meaningful responses from companies such as McDonald''s and Tyson Foods Inc, the world''s second-largest poultry company. "It''s a domino effect. Once suppliers move ... there''s no excuse not to move," said Leslie Samuelrich, president of Boston''s Green Century Capital Management, who spoke at a coalition event for investors at BlackRock''s New York City offices on Monday. (Reporting by Lisa Baertlein in Los Angeles; Editing by Cynthia Osterman) Next In Health News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-antibiotics-shareholders-idUSKBN16S2ZH'|'2017-03-22T06:03:00.000+02:00'
'09e730d7988cc0f2422c06a5b6de8ca38a8ee0b7'|'Future EU-UK ties should be based on enhanced Canada deal - Dutch council'|'Business News - Wed Mar 22, 2017 - 12:08pm GMT Future EU-UK ties should be based on enhanced Canada deal - Dutch council A traffic sign is seen in front of European and Union flags in London, Britain, March 20, 2017. REUTERS/Stefan Wermuth AMSTERDAM Britain''s future relationship with the European Union should be based on the bloc''s free trade agreement with Canada but enhanced with services-related elements from its association agreements with neighbours, a Dutch advisory council said. The Advisory Council on International Affairs said in a report on Wednesday that rules on financial services equivalence should be applied to ensure that Britain''s vote to leave the EU would have the smallest possible impact on the financial system within the EU. The council, which advises the Dutch government and parliament on foreign relations, said that despite the British government''s promised end to free movement between the EU and the UK, citizens on both sides should continue to have preferential access "superior to that of third countries". (Reporting by Thomas Escritt; Editing by Alison Williams) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-netherlands-idUKKBN16T1FN'|'2017-03-22T19:08:00.000+02:00'
'2a5dbb9b3044f5560c5b19b42e829289a8a8d77d'|'MOVES-Lazard taps Dimension Fund exec for activist defense team -sources'|'By Michael Flaherty - NEW YORK, March 23 NEW YORK, March 23 Lazard Ltd has tapped a portfolio manager at investment firm Dimensional Fund Advisors (DFA) to bolster its expanding activist shareholder defense team, according to people familiar with the matter.Lazard has hired DFA''s Sunil Suri, who played a key role in the firm''s committee that decided how it voted on proposals at portfolio companies'' annual meetings, the sources said on Thursday. Investment banking defense teams are hired by companies that are being targeted by activist hedge funds.The sources asked not to be identified because the move has not been announced. DFA declined to comment. Lazard spokeswoman Judi Mackay did not return a message seeking comment.DFA, based in Austin, Texas, managed $445 billion in assets as of last September, and has a large portfolio of index funds. The influence of proxy voting teams at passive managers such as DFA is growing as they put more pressure on corporate management teams and boards to demonstrate strong performance results.Suri''s move to Lazard is the latest high-profile hire by the bank''s activist defense team, known formally as the corporate preparedness group.In November, the group, led by managing director Jim Rossman, hired Mary Ann Deignan, who was previously the co-head of global equity capital markets at Bank of America.Lazard also said at the time it had hired Andrew Whittaker, the founder of a merger arbitrage hedge fund who previously worked at Goldman Sachs Asset Management.The building of Rossman''s team follows a five-year surge in activist shareholder campaigns amid a wave of investor agitation over poor stock returns and corporate strategies.Activist investors launched 429 campaigns aimed at U.S. companies last year, according to Thomson Reuters data, a nearly fivefold increase from a decade earlier. (Editing by Jeffrey Benkoe)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/moves-lazard-activist-idINL3N1H04Q6'|'2017-03-23T16:04:00.000+02:00'
'b0e3cee03b230e487fe0f76f4170201b0f8da3d2'|'Cost of U.S. car fuel standards could be 40 percent lower - report'|'  10:33pm GMT Cost of U.S. car fuel standards could be 40 percent lower - report Rush-hour traffic passes through Washington, U.S., December 20, 2016. REUTERS/Joshua Roberts By Nick Carey - DETROIT DETROIT The cost to implement tough fuel-efficiency standards for cars imposed by the Obama administration for the first half of the next decade could be up to 40 percent lower than previously estimated using existing conventional technologies, according to a report from a nonprofit group released on Wednesday. If accurate, the report could present a challenge to automakers which have lobbied strongly against the implementation of the standards largely on the grounds of excessive cost. Technologies like turbo-chargers, advanced transmissions and use of lighter weight materials - such as aluminium instead of steel - could reduce compliance costs by 34 percent to 40 percent per vehicle from 2022 through 2025, according to the report by the International Council on Clean Transportation (ICCT), an independent research group. "All of those evolutionary changes, just getting a few percent here and a few percent there from those allow more cost-effective implementation of the regulations, said the report''s principal author Nic Lutsey. Instead of an average cost of $875 per vehicle for incremental technology needed to meet the new standards, as compared with 2021 standards, estimated by the U.S. Environmental Protection Agency (EPA), the ICCT''s analysis of available data is for an additional cost of $551. Under former Democratic President Barack Obama the EPA and the National Highway Traffic Safety Administration, in cooperation with the California Air Resources Board (CARB), negotiated the rules with automakers in 2012. They were aimed at doubling average fleet-wide fuel efficiency to 54.5 miles per gallon (mpg) by 2025, although the real-world mileage figures would be much lower - the ICCT report assumes 35 mpg in 2025 versus a fleet average of 26 mpg today. Republican U.S. President Donald Trump, who took office in January, last week ordered a review of those standards which many in the industry expect will lead to a relaxation of the fuel-efficiency targets or a slowdown in their implementation. Automakers, through their lobbying groups, have said the Obama rules were too expensive and could cost American jobs. California is expected to press forward with the Obama administration rules at a CARB meeting being held this Thursday and Friday. The ICCT, which has offices in Washington, San Francisco and Berlin, has worked closely with CARB and the EPA before and played a key role in revealing that German automaker Volkswagen AG ( VOWG_p.DE ) installed secret software in vehicles to beat diesel emissions tests. The new ICCT report also finds that further emissions reductions are possible on a similar pace from 2025 to 2030, assuming a higher percentage of electric and plug-in hybrid vehicles on the road. (Reporting by Nick Carey; Editing by Bill Rigby) Next In Business News Verizon,  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-autos-emissions-idUKKBN16T36W'|'2017-03-23T05:33:00.000+02:00'
'6f650a1df9b073321cddb98d0af20d4e1b721ce6'|'Erdogan says to meet U.S. leadership in May, urges reversal of laptop ban'|'Company News  44pm EDT Erdogan says to meet U.S. leadership in May, urges reversal of laptop ban ISTANBUL, March 23 Turkish President Tayyip Erdogan said on Thursday he would have "face to face" talks with the new U.S. administration in May and that Syria and Fethullah Gulen, the U.S.-based cleric he blames for July''s failed coup, were the top bilateral issues. In an interview with CNN Turk, Erdogan said talks with Washington continued on Gulen, whom Turkey wants to see extradited. Erdogan said a planned operation to drive Islamic State from their Syrian stronghold of Raqqa, and the fate of the Syrian town of Manbij were "very important regional decisions we have to take," and said Turkey was saddened by the U.S. and Russian readiness to work with the Kurdish YPG militia in Syria. He also said a U.S. and British ban on devices bigger than a cellphone in the cabin on flights from several countries including Turkey had damaged mutual confidence and said he hoped the mistake would be corrected soon. (Reporting by Ece Toksabay; Writing by Nick Tattersall) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/turkey-usa-erdogan-idUSI7N1G200H'|'2017-03-24T01:44:00.000+02:00'
'5f4b7e42ba3b05a7649b5fc3afb1e2a0c33f6bd8'|'EU regulators to clear Dow and ChemChina deals next week -sources'|'Deals  44pm EDT EU regulators to clear Dow and ChemChina deals next week: sources The company logo of China National Chemical Corp, or ChemChina, is seen at its headquarters in Beijing, China February 3, 2017. REUTERS/Thomas Peter By Foo Yun Chee - BRUSSELS BRUSSELS EU antitrust regulators are set to clear the $130 billion Dow Chemical ( DOW.N ) and DuPont ( DD.N ) merger and ChemChina''s [CNNCC.UL] $43 billion bid for Syngenta ( SYNN.S ) next week, people familiar with the matter said on Thursday. The European Commission could announce its approvals for both companies at the same time either on Monday or Tuesday, the people said. It is rare for the Commission to announce joint merger decisions but it probably makes sense in this case as both companies are in the agrochemicals sector, the sources said. Both mega deals in the agrochemicals industry and another one involving Bayer ( BAYGn.DE ) and Monsanto ( MON.N ) have triggered fears among regulators and farmers that the merged companies may slow down the pipeline of new herbicides and pesticides. Commission spokesman Ricardo Cardoso declined to comment. Dow did not immediately respond to an email for comment. A Syngenta spokesman said the Swiss company and ChemChina were confident of closing the deal in the second quarter of the year. The EU antitrust enforcer has set an April 4 deadline for the Dow and DuPont deal, and April 12 for the ChemChina and Syngenta deal. U.S. chemical companies Dow and DuPont managed to address EU competition concerns with a revised package of concessions which included asset sales and transfer of research and development activities to a rival, sources told Reuters last month. ChemChina, which is making the largest foreign acquisition by a Chinese company, won over regulators with its pledge to divest a couple of national product registrations, including existing products and a few in the pipeline, in more than a dozen EU countries, other sources have told Reuters. (Additional reporting by Michael Shields in Zurich, editing by David Evans) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-eu-m-a-dow-chemchina-idUSKBN16U2N1'|'2017-03-24T01:39:00.000+02:00'
'7b531ba31f57edfff61188262f1b0616751f9446'|'PRESS DIGEST - Wall Street Journal - March 23'|' 12am EDT PRESS DIGEST - Wall Street Journal - March 23 March 23 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy. - Elliott Management Corp, one of the biggest activist investors in the U.S., is pushing Dutch paint and chemicals giant Akzo Nobel NV — which traces its roots in part to dynamite inventor Alfred Nobel—to enter into talks with PPG Industries Inc, a Pittsburgh-based rival. on.wsj.com/2muLioW - AT&T Inc and Verizon Communications Inc joined a growing number of companies pulling much of their advertising from Google, expanding a controversy over the internet giant''s ad placements on objectionable content and deepening the financial impact on the company even after it announced measures to assuage concerns. on.wsj.com/2muPa9x - Sears Holdings Corp''s raised doubts in a securities filing about its ability to keep operating after seven years of losses, sending the retailer''s share price tumbling and spooking some of its landlords. on.wsj.com/2muElUF - Nike Inc said a sneaker homage to the cult classic film "Space Jam" was a smash hit, but the retro shoes were a rare highlight in otherwise troubling results for the world''s largest athletic company. on.wsj.com/2muLnce - Nick Denton will leave bankruptcy having weathered a multimillion-dollar judgment from an invasion-of-privacy lawsuit that forced the chapter 11 sale of his Gawker media business. on.wsj.com/2muB9bW - Starbucks Corp plans to hire more U.S. military veterans and their spouses after facing backlash over its promise to hire refugees. Presiding over his last annual shareholders meeting as chief executive, Howard Schultz said Starbucks will hire 15,000 veterans and their spouses by 2025, on top of more than 10,000 hired since a pledge he made four years ago. on.wsj.com/2muFDiB - General Electric Co said it would double its planned cost cuts in industrial operations over two years and more closely tie top executives'' bonuses to profit in its core business. on.wsj.com/2muJEUe - China Petroleum & Chemical Corp said it would acquire controlling stakes in Chevron Corp''s businesses in South Africa and Botswana, in a roughly $900 million deal that underscores the ambition of China''s struggling oil companies to earn more money abroad as profits shrink at home. on.wsj.com/2muLfJw (Compiled by Subrat Patnaik in Bengaluru) Next  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-wsj-idUSL3N1H01MP'|'2017-03-23T11:12:00.000+02:00'
'1170d10fb8f7b843e21986a1d280b461255d3dd7'|'Germany says its current account surplus will shrink in coming years'|'Business News - Wed Mar 22, 2017 - 11:18pm GMT Germany says its current account surplus will shrink in coming years FILE PHOTO: Germany''s Chancellor Angela Merkel and U.S. President Donald Trump glance at one another during their joint news conference in the East Room of the White House in Washington, U.S., March 17, 2017. REUTERS/Joshua Roberts/File Photo BERLIN Germany''s large current account surplus is the result of the competitiveness of the German economy and the government has no influence over it, the finance ministry said in a report on Thursday, adding that the surplus will shrink in coming years. The new U.S. administration has accused Germany of exploiting a weak euro EUR= to gain a trade advantage and called for bilateral discussions to reduce the $65 billion U.S. trade deficit with Germany. The finance ministry said in its monthly report that rising private consumption, an eventual normalisation of the European Central Bank''s expansionary monetary policy and demographic factors in Germany are likely to narrow the surplus. "The German current account surplus is the result of many factors. Above all it is the result of the exceptional competitiveness of the German economy," the ministry said. It added: "The current account in Germany is not controlled by the state. In any case, possible economic and political actions (to influence the account) would be very limited." Germany has been relying on private consumption and increased state spending for growth as exports weaken. The finance ministry said the current account, which stood at 8.3 percent of output in 2016, would fall to 8 percent by 2018. It stood at 8.6 percent of gross domestic product in 2015. The European Commission and the International Monetary Fund have urged Germany to take advantage of record-low borrowing costs and increase investment to reduce the country''s large trade and current account surpluses. In 2016, the German trade surplus hit a fresh record at 253 billion euros (219.19 billion pounds). The wider current account surplus, which measures the flow of goods, services and investments into and out of a country, rose to an all-time high of 266 billion euros. (Reporting by Joseph Nasr Editing by Jeremy Gaunt) Next In Business News Verizon, AT&T suspend ads from Google over offensive videos U.S. wireless carriers Verizon Communications Inc and AT&T Inc said on Wednesday they have suspended digital advertising on Google''s YouTube and other advertising platforms not related to search over concerns that their ads may have run next to extremist videos. Euro zone banks under scrutiny but none in danger watchdog says LONDON Several European banks are being closely monitored by the agency responsible for closing lenders which go bust in the euro zone, but none are failing or about to fail, the head of the Single Resolution Board (SRB) said on Wednesday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-economy-surplus-idUKKBN16T38Y'|'2017-03-23T06:10:00.000+02:00'
'd7d12b6cc0e99933267c4ad06310a26b18173872'|'Swiss National Bank committed to expansive policy'|'Business News - Thu Mar 23, 2017 - 7:58pm GMT Swiss National Bank committed to expansive policy Swiss National Bank (SNB) Governing Board member Andrea Maechler attends their annual news conference in Bern, Switzerland December 15, 2016. REUTERS/Ruben Sprich ZURICH The Swiss National Bank is watching the unfolding European political situation but is convinced it has the correct tools to deal with any potential uncertainties that could arise, governing board member Andrea Maechler said on Thursday. “We are looking at all situations, and we have come to the conclusion that the current monetary policy of negative interest rates and the readiness to intervene when needed in the currency markets are the best policy for Switzerland," Maechler told an event in Zurich. Negative rates, designed to temper the allure of the safe haven Swiss franc but which have come under fire as a charge on banks, remained "very important," Maechler said. (Reporting John Reville, editing by John Miller) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-swiss-snb-idUKKBN16U2T1'|'2017-03-24T03:58:00.000+03:00'
'a761eb284db95e95cd35c7238778f46ad73bbdb4'|'MOVES-RBC names Jim Pettigrew chairman of its European board'|'March 23 Royal Bank of Canada (RBC) named Jim Pettigrew chairman of the board of RBC Europe Ltd, replacing John Roberts, who retired after holding the position for eight years.Polly Williams will replace Pettigrew as senior non-executive director, the bank said on Thursday.Pettigrew joined RBC in 2009 as a non-executive director of its European business.Williams, who joins the bank in April, currently serves as a non-executive director on the boards of XP Power Ltd, Jupiter Fund Management Plc, TSB Banking Group Plc and Daiwa Capital Markets Europe Ltd. (Reporting by Divya Grover in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/rbc-moves-jim-pettigrew-idUSL3N1H03IJ'|'2017-03-23T13:04:00.000+02:00'
'fbdeb9ce69c42719b6f48add93119312dfbf302b'|'Accenture''s full-year profit forecast disappoints, shares fall'|'Business News - Thu Mar 23, 2017 - 8:07pm GMT Accenture''s full-year profit forecast disappoints, shares fall Visitors look at devices at Accenture stand at the Mobile World Congress in Barcelona, February 26, 2013. REUTERS/Albert Gea/File Photo By Rishika Sadam Consulting and outsourcing services provider Accenture Plc ( ACN.N ) slightly raised its full-year profit forecast, but the revised outlook was still largely below market expectations, sending the company''s shares down as much as 4.5 percent. Accenture has invested heavily in its fast-growing businesses, such as digital and cloud services, amid stiff competition from Cognizant Technology Solutions Corp ( CTSH.O ) and IBM Corp ( IBM.N ). Revenue in its consulting unit, which has a higher profit margin than its outsourcing business, increased 2.6 percent in the second quarter ended Feb. 28, the slowest growth in more than a year. "The consulting business tends to provide a higher profit profile and so if you''ve got greater contribution from areas like outsourcing, it is more difficult for the company to continue to raise margins over time," said Edward Jones analyst Bill Kreher. Accenture plans to spend about $1.5 billion on acquisitions in the year ending August, Chief Financial Officer David Rowland said on a call with analysts on Thursday. Up to Wednesday''s close, the company''s shares had risen 8 percent this year and hit record levels earlier this week, as investors awaited the quarterly report. "High investor optimism was met with just ho-hum results. I do not think it is more than that. It is a natural pause," Kreher said. Accenture said it expects adjusted profit of $5.70 to $5.87 per share for its year ending August, slightly higher than its prior forecast of $5.64 to $5.87 per share. However, the company narrowed its full-year revenue forecast growth range to 6 percent to 8 percent in local currency, from its previous 5 percent-8 percent range. The new forecast points to revenue of between $34.86 billion to $35.51 billion. Analysts on average are expecting a profit of $5.87 per share and revenue of $34.60 billion according to Thomson Reuters I/B/E/S. Accenture said second-quarter net revenue rose 4.7 percent to $8.32 billion, as it benefited from strong demand for its digital, cloud and security-related services, which made up more than 45 percent of revenue. Net income attributable to Accenture fell to $838.8 million or $1.33 per share in the quarter, from $1.33 billion, or $2.08 per share, a year earlier. Profit in the year-ago quarter benefited from a $553.6 million gain on the sale of some businesses. The company''s profit in the second quarter was hurt in part by a higher tax rate and increased operating costs, up 4.3 percent to $7.62 billion. Analysts on average had expected a profit of $1.30 per share and revenue of $8.34 billion. Dublin, Ireland-domiciled Accenture''s shares were down 4.5 percent at $120.71 on the New York Stock Exchange. (Reporting by Rishika Sadam in Bengaluru; Editing by Sai Sachin Ravikumar) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-accenture-results-idUKKBN16U2U4'|'2017-03-24T04:07:00.000+03:00'
'63eef1791cdeac6601b5a61c07b926e60bb210ab'|'PwC settles with MF Global over Corzine brokerage''s collapse'|'Thu Mar 23, 2017 - 4:03pm GMT PwC settles with MF Global over Corzine brokerage''s collapse left right FILE PHOTO - Former MF Global Chief Jon Corzine listens as he testifies before a House Financial Services Committee Oversight and Investigations Subcommittee hearing on the collapse of MF Global, at the U.S. Capitol in Washington, DC, U.S. on December 15, 2011. REUTERS/Jonathan Ernst/File Photo 1/2 left right FILE PHOTO - Jon Corzine, former CEO of MF Global Holdings and former U.S. Senator and New Jersey Governor, arrives at the Manhattan federal court house in New York City, U.S. on March 9, 2017. REUTERS/Brendan McDermid/File Photo 2/2 NEW YORK PricewaterhouseCoopers LLP has settled a $3 billion negligence lawsuit over the October 2011 collapse of MF Global Holdings Ltd, the futures and commodities brokerage once run by former New Jersey governor Jon Corzine. Terms were not disclosed, but the malpractice case was "settled to the mutual satisfaction of the parties," representatives for PwC and MF Global''s bankruptcy administrator said in separate statements on Thursday. The accord ends the last major piece of litigation that the administrator, hedge fund founder Nader Tavakoli, has been pursuing on behalf of MF Global creditors. It also ends a trial that began on March 7 in the U.S. District Court in Manhattan, where several witnesses including Corzine had already testified. PwC has denied wrongdoing. It blamed Corzine''s business strategy and the market''s reaction to it for MF Global''s demise. In April 2015, PwC reached a separate $65 million settlement with MF Global investors, but denied wrongdoing there too. Lawyers for both sides on Thursday declined to comment or were not immediately available for comment. MF Global filed for Chapter 11 protection on Oct. 31, 2011 as news about Corzine''s $6.3 billion wager on European sovereign debt, a surprise tax writedown, and credit rating downgrades fueled worries about its survival. Investors became upset when MF Global moved the European debt onto its balance sheet on Oct. 25, 2011, after previously discussing it more generally in regulatory filings. The administrator faulted PwC over the accounting for "repurchase-to-maturity" transactions through which Corzine bet on the European debt, and for changing its advice on deferred tax assets, causing the writedown. Corzine, also a former New Jersey senator and Goldman Sachs ( GS.N ) co-chairman, testified that he had trusted PwC because of its strong reputation. He also called the European debt a low-risk investment that ultimately paid in full. In January, Corzine agreed to pay $5 million and accept a lifetime U.S. Commodity Futures Trading Commission ban to settle claims by that agency. Corzine, 70, now runs an office focused on charitable giving and his family''s investments, and has taught at Fairleigh Dickinson University. (Reporting by Jonathan Stempel in New York; Editing by Jeffrey Benkoe and Marguerita Choy) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-mf-global-hldg-pricewaterhouse-idUKKBN16U1QZ'|'2017-03-23T23:03:00.000+02:00'
'51d7d9e420a30090b5aeab08cffe8f53cca3b276'|'PRESS DIGEST - Wall Street Journal - March 23'|'March 23 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- Elliott Management Corp, one of the biggest activist investors in the U.S., is pushing Dutch paint and chemicals giant Akzo Nobel NV — which traces its roots in part to dynamite inventor Alfred Nobel—to enter into talks with PPG Industries Inc, a Pittsburgh-based rival. on.wsj.com/2muLioW- AT&T Inc and Verizon Communications Inc joined a growing number of companies pulling much of their advertising from Google, expanding a controversy over the internet giant''s ad placements on objectionable content and deepening the financial impact on the company even after it announced measures to assuage concerns. on.wsj.com/2muPa9x- Sears Holdings Corp''s raised doubts in a securities filing about its ability to keep operating after seven years of losses, sending the retailer''s share price tumbling and spooking some of its landlords. on.wsj.com/2muElUF- Nike Inc said a sneaker homage to the cult classic film "Space Jam" was a smash hit, but the retro shoes were a rare highlight in otherwise troubling results for the world''s largest athletic company. on.wsj.com/2muLnce- Nick Denton will leave bankruptcy having weathered a multimillion-dollar judgment from an invasion-of-privacy lawsuit that forced the chapter 11 sale of his Gawker media business. on.wsj.com/2muB9bW- Starbucks Corp plans to hire more U.S. military veterans and their spouses after facing backlash over its promise to hire refugees. Presiding over his last annual shareholders meeting as chief executive, Howard Schultz said Starbucks will hire 15,000 veterans and their spouses by 2025, on top of more than 10,000 hired since a pledge he made four years ago. on.wsj.com/2muFDiB- General Electric Co said it would double its planned cost cuts in industrial operations over two years and more closely tie top executives'' bonuses to profit in its core business. on.wsj.com/2muJEUe- China Petroleum & Chemical Corp said it would acquire controlling stakes in Chevron Corp''s businesses in South Africa and Botswana, in a roughly $900 million deal that underscores the ambition of China''s struggling oil companies to earn more money abroad as profits shrink at home. on.wsj.com/2muLfJw (Compiled by Subrat Patnaik in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-wsj-idINL3N1H01MP'|'2017-03-23T01:12:00.000+02:00'
'884893cc1d9619cf992ccccf1055ba2f3eb4932f'|'Trump Tantrum looms on Wall Street if healthcare effort stalls'|'By Megan Davies and Rodrigo Campos - NEW YORK NEW YORK The Trump Trade could start looking more like a Trump Tantrum if the new U.S. administration''s healthcare bill stalls in Congress, prompting worries on Wall Street about tax cuts and other measures aimed at promoting economic growth.Investors are dialing back hopes that U.S. President Donald Trump will swiftly enact his agenda, with a Thursday vote on a healthcare bill a litmus test which could give stock investors another reason to sell."If the vote doesn’t pass, or is postponed, it will cast a lot of doubt on the Trump trades," said the influential bond investor Jeffrey Gundlach, chief executive at DoubleLine Capital.U.S. stocks rallied after the November presidential election, with the S&P 500 posting a string of record highs up to earlier this month, on bets that the pro-growth Trump agenda would be quickly pushed by a Republican Party with majorities in both chambers of Congress.The S&P 500 ended slightly higher on Wednesday, the day before a floor vote on Trump''s healthcare proposal scheduled in the House of Representatives.On Tuesday, stocks had the biggest one-day drop since before Trump won the election, on concerns about opposition to the bill.Investors extrapolated that a stalling bill could mean uphill battles for other Trump proposals. Trump and Republican congressional leaders appeared to be losing the battle to get enough support to pass it.Any hint of further trouble for Trump''s agenda, especially his proposed tax cut, could precipitate a stock market correction, said Byron Wien, veteran investor and vice chairman of Blackstone Advisory Partners.“The fact that they are having trouble with (healthcare repeal) casts a shadow over the tax cut and the tax cut was supposed to be the principal fiscal stimulus for the improvement in real GDP," Wien said. "Without that improvement in GDP, earnings aren’t going to be there and the market is vulnerable."Strategists have been cautioning for weeks that markets are pricing in a scenario where nothing goes wrong with Trump''s agenda. Investors are paying $18.10 for every dollar in earnings expected on the S&P 500 over the next 12 months, near the most expensive U.S. stocks have been since 2004."This is really about the fact that the market is pricing in too much certainty on a number of accounts," said Julian Emanuel, executive director of U.S. equity and derivatives strategy at UBS Securities. "Even if you got the positive vote, there''s still the residual knowledge that the agenda will be difficult to get through the Senate."While investors and strategists have said they do not see an immediate threat to the eight-year-old bull market, there is a risk of a 5-to-10 percent drop. Only a bear market -a 20 percent decline- would put an end to the bull."It looked like a mini tantrum," said David Kotok, chief investment officer of Cumberland Advisors. "Trump has made the House vote his own now so he has a lot at stake. My guess it will pass the House. If not, markets will be shocked and it won''t be pleasant."Michael Arone, chief investment strategist at the US SPDR Business at State Street Global Advisors in New York said that it the healthcare bill fails, "a correction of 5 percent is not unreasonable given how far we’ve come in such a short period of time."FOCUS ON LEGISLATIONInvestors are now more focused on the actual mechanics of the legislative process, said Brian Daingerfield, Macro Strategist at NatWest Markets."I noticed this was the first day (on Tuesday) I was getting inquiries about the healthcare law and the vote count," Daingerfield said. Wall Street views the healthcare vote "as a test of Trump''s ability to unify the party," he said. "It has a symbolic significance."After the healthcare bill, the market will look for movement on tax and infrastructure. The president has said he wants the health bill passed by the mid-April Easter holiday and a schedule from the administration aims for tax reform being passed by August. Only then will they begin to tackle infrastructure spending."U.S. equities have been priced for perfection since the start of 2017 and (Tuesday) was a rude reminder that the legislative process is imperfect on even its best days," said in a research note Nicholas Colas, chief market strategist at Convergex, a global brokerage company based in New York. Jennifer Ablan, Chuck Mikolajczak, Caroline Valetkevitch, Sinead Carew, Richard Leong, Lewis Krauskopf, Saqib Ahmed; Editing by David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-usa-markets-trump-analysis-idINKBN16T2YH'|'2017-03-22T18:13:00.000+02:00'
'ffacb757296401647aecfef9653625cd01877a5c'|'GLOBAL MARKETS-Asia stocks advance, dollar, oil recover from multi-month lows'|' 58pm EDT GLOBAL MARKETS-Asia stocks advance, dollar, oil recover from multi-month lows * Asia higher but markets nervous about U.S. growth prospects * Sterling lower after London attack By Nichola Saminather SINGAPORE, March 23 Asian stocks rose on Thursday, taking their cues from a Wall Street bounce, while the dollar crawled up from a four-month low but remains clouded by concerns about U.S. President Donald Trump''s pro-growth policies. Sterling was about 0.1 percent lower at $1.247 in early trade but had fallen as much as 0.4 percent on Wednesday, after an attack close to Britain''s Parliament killed five people, including the attacker and a police officer, and injured 40. Police said they believed the attacker was inspired by Islamist-related terrorism. MSCI''s broadest index of Asia-Pacific shares outside Japan advanced 0.1 percent. Japan''s Nikkei gained 0.25 percent, thanks to a weaker yen. Overnight, the Nasdaq jumped 0.5 percent and the S&P 500 closed higher, while the Dow Jones Industrial Average was flat, after all three touched their lowest levels in about five weeks earlier in the session. "Investors with a lot of cash used yesterday''s downturn and the morning’s weakness today as a buying opportunity," said Alan Lancz, president of investment advisory firm Alan B. Lancz & Associates in Toledo, Ohio. He said, however, that U.S. stocks could slip again if Trump''s healthcare bill fails to progress. The dollar advanced 0.15 percent to 111.32 yen in early trade, after dropping to 110.71, its lowest since Nov. 22 overnight. The dollar index also recovered about 0.1 percent to 99.77, after touching a seven-week low overnight. Trump has been trying to rally support for his plan to repeal the 2010 Affordable Care Act, Democratic former President Barack Obama''s signature healthcare legislation. Republican leaders of the House of Representatives plan a vote on the bill, Trump''s first major legislation since he took office, later on Thursday. "Failure to push ahead with this legislation will be seen as a defeat for Trump and the market may react negatively in the short-term; however this should be seen as a buying opportunity," James Woods, global investment analyst at Rivkin Securities in Sydney, wrote in a note. Investors in Asia are awaiting a rate decision from Taiwan''s central bank, which is expected to remain on hold. The central bank is asking some custodian banks to advise their clients not to remit new funds, two people with direct knowledge of the matter told Reuters on Wednesday. The U.S. dollar was up 0.15 percent at 30.503 Taiwan dollars . The New Zealand dollar was 0.1 percent lower after the central bank held interest rates at a record low 1.75 percent, and reiterated it would remain there for a "considerable" period of time, citing global volatility and U.S. protectionism. In commodities markets, oil prices inched higher having touched their lowest level since November overnight, after data showed U.S. inventories, already at a record high, grew by far more than forecast. U.S. crude gained 0.4 percent to $48.26 a barrel in early trade on Thursday. The dollar''s recovery weighed on gold, which retreated 0.2 percent to $1,246.20 after hitting a three-week high overnight. (Reporting by Nichola Saminather; Additional reporting by Sam Forgione; Editing by Sam Holmes)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-markets-idUSL3N1H005R'|'2017-03-23T07:58:00.000+02:00'
'88a9359b62151d6b93c801a9c72b8753163bf644'|'MOVES-Twin Brook Capital names Garrett Ryan head of capital markets'|'Company News  34am EDT MOVES-Twin Brook Capital names Garrett Ryan head of capital markets March 23 Twin Brook Capital Partners, the middle-market direct lending unit of private equity firm Angelo Gordon & Co, appointed Garrett Ryan as a partner and head of capital markets, effective immediately. Ryan joins Twin Brook from Fifth Third Bank, where he served as managing director, Debt Capital Markets. He will be based in Chicago. (Reporting by Divya Grover in Bengaluru; Editing by Savio D''Souza) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/angelo-gordon-moves-idUSL3N1H04E4'|'2017-03-23T20:34:00.000+02:00'
'14be7e206b59e8d22d365cd758de82913fcfd018'|'U.S. Senate panel presses SEC nominee Clayton on conflicts'|'Money News - Thu Mar 23, 2017 - 11:00pm IST U.S. Senate panel presses SEC nominee Clayton on conflicts Jay Clayton is sworn in to testify at a Senate Banking, Housing and Urban Affairs Committee hearing on his nomination of to be chairman of the Securities and Exchange Commission (SEC) on Capitol Hill in Washington, U.S. March 23, 2017. REUTERS/Jonathan Ernst/Files By Sarah N. Lynch and Lisa Lambert - WASHINGTON WASHINGTON Jay Clayton, the Wall Street attorney tapped by President Donald Trump to lead the U.S. Securities and Exchange Commission, on Thursday defended himself against Democrats'' charges that multiple conflicts of interest would force him to miss too many SEC votes. Clayton, a partner at elite commercial law firm Sullivan & Cromwell, is expected to win confirmation easily, but Democrats on the Senate Banking Committee raised concerns about his professional ties to Wall Street, particularly with Goldman Sachs, a bank he represented during the financial crisis and that employs his wife, Gretchen. His wife plans to resign from the bank if Clayton is confirmed, and Clayton''s ethics agreement requires him to recuse himself on certain matters. In his testimony, Clayton said his Wall Street legal experience is a "strength," adding he did not think conflicts of interest will impede his ability to lead the agency that enforces federal securities laws and regulates U.S. stock, options and bond markets. "As far as the extent of my practice and whether the recusals that would be required for potential conflicts will impair my ability to act as chair of the Securities and Exchange Commission, I do not believe they will do so," he said. Clayton, who is not registered with any political party, also told the committee the Dodd-Frank financial reform law should be "looked at" to determine if it has achieved its goals. He added he did not have "any specific plans for attack" of the law. Both the senior Democrat on the committee, Sherrod Brown of Ohio, and Massachusetts Senator Elizabeth Warren, expressed concerns that Clayton''s Wall Street relationships posed a host of conflicts that may cause him to recuse himself. Clayton told the panel that, if confirmed, he would not be able to vote on matters involving Sullivan & Cromwell clients for two years. Clayton''s client list has included Barclays, Deutsche Bank and the Royal Bank of Canada, as well as Bill Ackman''s hedge fund Pershing Square Capital Management. He also represented William Erbey, former executive chairman of mortgage servicer Ocwen Financial Corp, who was forced to resign as part of a settlement stemming from an investigation into improper foreclosures. Clayton’s potential recusals could be significant because the commission currently only has two sitting members: Democrat Kara Stein and Republican Michael Piwowar. Without two additional nominees to round out the commission, every Clayton recusal could set up a situation where the two remaining commissioners would not be able to agree on passing regulatory or enforcement actions. But Clayton stressed he did not see this as a major concern, saying most enforcement votes are "unanimous." He also stressed he strongly believes in holding individuals accountable, saying it could be a greater deterrent to wrongdoing than coming down on corporations. The SEC only has civil jurisdiction and cannot bring criminal charges or prosecutions. The nominee said he would not show favoritism to Trump or anyone else in enforcing SEC rules. Trump, a real estate magnate in his private life, has had issues come before the commission and interacted with a previous chair, Harvey Pitt, Brown said. Warren, a leader of the Democratic Party''s liberal wing, pressed Clayton about potential information that billionaire investor Carl Icahn could receive in his role advising Trump on regulation. Icahn owns a controlling stake in a refinery that could benefit from a change he has proposed to the U.S. biofuels program and has a 24.57 percent stake in Herbalife Ltd, which has been under federal regulatory scrutiny. While Clayton acknowledged meeting with Icahn after he was nominated to discuss the role of activist investors, he was careful not to judge Icahn''s roles as investor and White House adviser. Violations of insider trading laws in general, he said, entail a "fact and circumstances analysis." Committee Republicans led by Chairman Mike Crapo of Idaho pressed on how to engender capital formation, a goal the Trump administration has embraced. Clayton laid out an overall vision of clear and lean regulation, saying complexity creates confusion and drives up compliance costs for companies. (Reporting by Sarah N. Lynch and Lisa Lambert; Editing by Linda Stern and Jeffrey Benkoe) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-sec-clayton-idINKBN16U2FV'|'2017-03-24T00:30:00.000+02:00'
'076a09e0fd7a1fa55cc055d4e388d4799843c86c'|'EMERGING MARKETS-Brazil stocks up as BM&FBovespa, Cetip tie-up wins antitrust approval'|'Company News   5:06pm EDT EMERGING MARKETS-Brazil stocks up as BM&FBovespa, Cetip tie-up wins antitrust approval March 22 Brazilian stocks rose on Wednesday as shares of BM&FBovespa SA and Cetip SA gained after regulators approved a tie-up between the companies, while Mexico''s peso gained. Bourse BM&FBovespa SA will create a committee to monitor product and pricing and allow rival access to proprietary clearing and settlements platforms, as part of an accord that grant approval to its takeover of rival clearinghouse Cetip. Shares of BM&FBovespa rose 3 percent, their biggest daily increase in a year, before paring back gains to around 5 percent. Cetip rose more than 1 percent. The rally helped lift Brazil''s benchmark Bovespa stock index despite persistent concerns that widening corruption investigations could hamper the approval of fiscal austerity measures, which drove it to a three-month low on Tuesday. President Michel Temer said on Tuesday a planned revamp of Brazil''s costly pension system would only apply to federal employees, in an apparent attempt to dilute an unpopular reform. The Mexican peso firmed as the dollar weakened and as U.S. stocks fell as investors focused on President Donald Trump''s struggle to push through a healthcare bill. Some think Trump could have trouble pushing through other initiatives, such as a tax reform. The peso has rallied this year on expectations Trump may not push for tariffs on U.S.-bound Mexican goods. Emerging markets currencies have also been supported by remarks by U.S. Federal Reserve officials have fostered expectations that any policy tightening will be slow. Latin American stock indexes and currencies at 2040 GMT: Stock indexes daily YTD % % change Latest change MSCI Emerging Markets 966.97 -0.63 12.14 MSCI LatAm 2605.26 0.42 11.3 Brazil Bovespa 63521.33 0.86 5.47 Mexico IPC 48487.30 -0.21 6.23 Chile IPSA 4689.78 0.39 12.97 Chile IGPA 23486.43 0.38 13.27 Argentina MerVal 19666.59 0.67 16.25 Colombia IGBC 10052.15 0.71 -0.75 Venezuela IBC 36988.71 -1.13 153.55 Currencies daily YTD % % change change Latest Brazil real 3.0902 -0.2 27.52 Mexico peso 19.0265 0.39 -9.44 Chile peso 662.7 -0.56 7.09 Colombia peso 2915.6 0.07 8.70 Peru sol 3.244 0.18 5.24 Argentina peso (interbank) 15.6175 -0.08 -16.87 Argentina peso (parallel) 16.03 0.62 -10.98 Turkish lira 3.617 0.50 South African rand 12.5568 0.90 Russian rouble 57.7717 -0.15 (Reporting by Bruno Federowski; and Michael O''Boyle; Editing by Sandra Maler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/latam-emergingmarkets-idUSL2N1GZ1YC'|'2017-03-23T04:06:00.000+02:00'
'94d60b4f3b623d5948fb40cc1aa6039f3270cc00'|'Brazil approves $3.9 billion BM&FBovespa-Cetip tie-up'|'By Leonardo Goy and Guillermo Parra-Bernal - BRASILIA/SAO PAULO BRASILIA/SAO PAULO Brazil''s antitrust watchdog Cade on Wednesday approved BM&FBovespa SA''s takeover of rival Cetip SA Mercados Organizados, and will not require any antitrust measures beyond those the exchange and clearinghouse firms proposed themselves.Three of four Cade board members decided to endorse the 12 billion-real ($3.9 billion) deal, which will involve independent pricing monitoring and platform access to rivals in terms previously proposed by the companies to the agency. Cristiane Alkmin, the case''s rapporteur, had sought tougher restrictions beyond those the companies agreed to.Ultimately, the plenary of Cade voted four-to-nil on approval to the deal, with the self-imposed restrictions. Shares of both companies surged.The spike in shares was "mainly due to the approval of the deal with remedies that were not very onerous," said Tito Labarta, an analyst with Deutsche Bank Securities in New York.The deal will give BM&FBovespa control of Cetip ( CTIP3.SA ), Latin America''s largest securities clearinghouse, with almost full control of Brazil''s market for registration and custody of local fixed-income instruments and over-the-counter derivatives.Currently BM&FBovespa enjoys a near monopoly on all trading, clearing and settlement services for locally traded shares and bourse-traded derivatives. Trading transactions in Brazil are settled through a central counterparty clearinghouse, a complex and capital-intensive venture that for years has helped drive newcomers away from BM&FBovespa''s turf.The so-called concentration control accord that BM&FBovespa presented to Cade agreed to create a committee to monitor pricing on some products and analyze requests from potential market newcomers to pay for the use of clearing and payment settlement platforms within the next 120 days.Terms of self-imposed remedies will remain in place for five years.Shares of BM&FBovespa ( BVMF3.SA ) closed 3.1 percent higher at 18.94 reais, after jumping as much as 7.1 percent during the session. Cetip''s stock added 1.4 percent to 48.30 reais.BM&FBovespa announced the deal in April, following repeated attempts to buy Cetip. The transaction would create the largest market structure player in Latin America, with stakes in Mexican, Colombian, Peruvian and Chilean counterparts.The accord has four main legs: implementing rules to access the combined entity''s post-trading capabilities in the equities segment; rules to treat clients equally; a compliance code for pricing for products and services, and; terms of access to the clearings and payment settlement platform.COMPETITORSPotential rivals demanded close monitoring of fulfillment of approval terms."Today''s historic ruling by Cade approves the BM&FBovespa-Cetip agreement but imposes important obligations on the firms that must be fulfilled in order to finalize their merger," exchange operator ATS Brasil said in a statement.ATS Brasil, which is still waiting for regulatory permission to start operations, said Cade''s ruling recognizes the shortcomings of Brazil''s market structure, such as high transactions costs. In September, ATS Brasil and parent company Americas Trading Group filed a complaint before Cade, alleging BM&FBovespa cut fees on cash equities trading and raised them for clearing and settlement services to discourage competition.Alkmin argued against BM&Bovespa''s self-imposed remedies for the deal."The problem is not competition, but the significant entry barriers that the deal poses," Alkmin said as she prepared to cast her vote on the deal in Brasilia. "By eliminating a competitor in a different market, in this case Cetip in the fixed income market, entry barriers will rise as a whole."The entity resulting from the combination of BM&FBovespa and Cetip is expected to generate some of the best operating readings among global exchanges, with margins and profit growth surpassing 70 percent and 10 percent a year, respectively, according to UBS Securities estimates.Fee-related income at the combined entity could rise to 50- percent of revenues, from BM&FBovespa''s current 20 percent, with trading-related income representing the other 50 percent, UBS analyst Frederic de Mariz said in a February client note.BM&FBovespa''s takeover of Cetip still requires regulatory approval by securities and exchange industry watchdog CVM, a decision that is highly expected.($1 = 3.0949 reais)(Additional reporting by Alberto Alerigi Jr and Bruno Federowski in São Paulo; Editing by David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cetip-m-a-bm-f-bovespa-antitrust-idINKBN16T35M'|'2017-03-22T19:11:00.000+02:00'
'8ea521fd7c04e760f771bd8ada3287ca7c56abe0'|'ECB says survey data point to robust first quarter euro zone growth'|'Thu   ECB says survey data point to robust first quarter euro zone growth Factory worker assambles car on the assembly line at Daimler''s Mercedes factory in Kecskemet, Hungary, April 29, 2016. REUTERS/Laszlo Balogh FRANKFURT The economic recovery in the euro zone is steadily firming and survey results point to robust growth in the first quarter, despite ample global uncertainty, the European Central Bank said in a regular economic bulletin on Thursday. "Incoming data, notably survey results, have increased the Governing Council’s confidence that the ongoing economic expansion will continue to firm and broaden," the ECB said. "Surveys point to a robust growth momentum in the first quarter of 2017." But uncertainty remains "elevated" because of lack of clarity regarding the new U.S. administration''s policies, the gradual rebalancing of the Chinese economy and the impact of Brexit on growth inside and outside the European Union, the ECB added. (Reporting by Balazs Koranyi,   Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-eurozone-economy-ecb-idUKKBN16U0WR'|'2017-03-23T16:11:00.000+02:00'
'f04d2be118c5ba42df0e593bb2081f01c272ecc4'|'Britain awards 25 oil exploration licences in frontier tender'|' 32am GMT Britain awards 25 oil exploration licences in frontier tender LONDON Britain has awarded 25 licences for oil and gas exploration in previously untapped waters and announced a new licensing round for mature areas to be held in late May or June, the Oil and Gas Authority (OGA) said on Thursday. Seventeen companies received exploration licences in a tender that closed in October. The tender attracted the lowest interest in 14 years as appetite for finding new oil in the North Sea has waned amid high costs and weak oil prices. In a bid to boost interest the OGA had cut rental fees by up to 90 percent. The upcoming licensing round for mature areas will be the "most significant" in decades, the OGA said, because companies will be able to bid for licences relinquished since the previous tender for the area in 2014. It will be the 30th licensing round offering acreage in those areas and other mature parts of the basin. Despite being an old basin, Britain''s North Sea is estimated to have billions of barrels of oil left for extraction, worth around 200 billion pounds ($250 billion) to British government coffers. However, drilling activity in Britain''s North Sea has been at a record low for two years due to high costs and the fall in oil prices, which forced companies to focus on producing assets. This year, Britain''s oil lobby group expects 16 exploration wells to be drilled, a slight uptick from 14 last year. Analysts at Wood Mackenzie expect exploration costs to fall another 10 percent this year because of oversupply in equipment, which could help make exploration work more economic. (Reporting by Karolin Schaps; Editing by Susan Fenton)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-oil-exploration-idUKKBN16U01Y'|'2017-03-23T07:32:00.000+02:00'
'ca43934c98d357da4c77e3344259bf7a824044b9'|'U.S. Senate panel to weigh confirmation for SEC nominee Clayton'|'By Sarah N. Lynch - WASHINGTON, March 23 WASHINGTON, March 23 Jay Clayton, the Wall Street attorney tapped by President Donald Trump to lead the U.S. Securities and Exchange Commission, will face questions on his vision for the agency at his confirmation hearing on Thursday before the Senate Banking Committee.A partner at Sullivan & Cromwell who is not registered with any political party, Clayton has worked on high-profile initial public offerings like Alibaba Group Holding Inc and is widely expected to focus his efforts on ways the SEC can foster economic growth and help companies raise capital.Clayton will pledge to be tough on fraudsters in his opening statement to the committee, according to his prepared remarks."Bad actors undermine the hard-earned confidence that is essential to the efficient operation of our capital markets," he plans to say.The SEC enforces securities laws and regulates U.S. stock, options and bond markets.Clayton is expected to win confirmation easily. But he can expect sharp questioning from Democrats such as Senator Elizabeth Warren of Massachusetts, who is expected to ask about his professional ties to Wall Street, particularly with Goldman Sachs, a bank he represented during the financial crisis and that employs his wife, Gretchen.Clayton''s client list has included Barclays, Deutsche Bank and the Royal Bank of Canada, as well as Bill Ackman''s hedge fund Pershing Square Capital Management, and William Erbey, former executive chairman of mortgage servicer Ocwen Financial Corp, who was forced to resign as part of a settlement stemming from an investigation into improper foreclosures.Clayton will recuse himself from matters in which he has a financial interest, according to his disclosures with the Office of Government Ethics.His wife is expected to resign her post at Goldman if he is confirmed by the full Senate.Committee Republicans led by Chairman Mike Crapo of Idaho are likely to press Clayton for some of his ideas on how to engender capital formation, a goal the Trump administration has embraced.Cindy Fornelli, executive director at the Center for Audit Quality, a nonprofit whose board includes corporate chief executives and audit firms, said she hoped Clayton would continue a project started by his predecessor, Mary Jo White, to streamline corporate disclosures."I would be surprised if he didn''t," she told Reuters in an interview before the hearing. "He is a transactional lawyer and knows very well the complexities and arcane nature of our disclosure regime."(Reporting by Sarah N. Lynch; Editing by Linda Stern and Peter Cooney)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-sec-clayton-idINL2N1GY1OO'|'2017-03-23T02:00:00.000+02:00'
'bd6bc00793a03fe465110d9cbd7f202e6a634c09'|'PRESS DIGEST- New York Times business news - March 23'|'March 23 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.- Federal prosecutors are investigating North Korea''s possible role in the theft of $81 million from the central bank of Bangladesh in what security officials fear could be a new front in cyberwarfare. nyti.ms/2nfjR11- AT&T and Johnson & Johnson, among the biggest advertisers in the United States, were among several companies to say on Wednesday that they would stop their ads from running on YouTube and other Google properties amid concern that Google is not doing enough to prevent brands from appearing next to offensive material, like hate speech. nyti.ms/2nEPwKs- Akzo Nobel, the Dutch paint and chemicals company that makes Dulux paint, said on Wednesday that it had rejected a second takeover bid from PPG Industries, turning away a $24 billion deal that would have created an industry behemoth. nyti.ms/2mSvzeG- President Trump''s second pick to lead the Labor Department told senators on Wednesday that he would not allow partisan political considerations or conservative ideologues to shape his department, pushing back against accusations by Democrats that he had looked away as subordinates at the Justice Department stacked his office with ideological allies during the George W. Bush administration. nyti.ms/2npSNwr (Compiled by Parikshit Mishra in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-nyt-idINL3N1H020B'|'2017-03-23T01:35:00.000+02:00'
'eafe4211743ae44bd80ac299df1a4b5054a901de'|'Santander will improve consumer protections in Fed agreement'|'WASHINGTON Santander has agreed to improve its consumer protections in an agreement with the Federal Reserve announced on Thursday that did not include any penalties.Santander has been under fire since 2015 when regulators faulted the bank for charging unfair rates for auto loans.Last month, the Office of the Comptroller of the Currency failed Santander on a test of community lending.Under the agreement with the Fed, Santander has two months to improve management controls that would better protect consumers.(Reporting By Patrick Rucker; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-santander-fed-idINKBN16U255'|'2017-03-23T12:31:00.000+02:00'
'9e76b103b3835a1171858a62385d0b0f653c7a50'|'JGBs supported on U.S. bonds, waning BOJ policy expectations'|'TOKYO, March 23 Japanese government bonds were supported on Thursday by the firmness in U.S. bonds and waning expectations that the Bank of Japan could raise its bond yield target later this year.The benchmark 10-year JGB futures rose 0.06 point to 150.48, while the yield on the benchmark 10-year cash JGBs stood flat at 0.055 percent.U.S. bond yields hit a three-week low on Wednesday as investors reduced expectations that the Federal Reserve is likely to adopt a faster path in raising interest rates.Investors also think any new fiscal stimulus from U.S. President Donald Trump is seen as unlikely in the near-term.The expectations that the BOJ may have to notch up its 10-year bond yield target in line with the rise in global bond yields are also diminishing, supporting JGBs."I thought it was far-fetched to think that the BOJ will change its bond yield target any time soon. It seems like that thinking is sinking in among market players," said a fund manager at a U.S. asset management firm.The five-year yield dipped 0.5 basis point to minus 0.16 percent.Bucking the trend were maturities around 20-year bonds, which saw fairly big selling interest in the BOJ''s bond-buying operation on Thursday.The 20-year yield rose 0.5 basis point to 0.640 percent . (Reporting by Tokyo Markets Team; Editing by Sherry Jacob-Phillips)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-bonds-idINL3N1H02E0'|'2017-03-23T03:15:00.000+02:00'
'ffdab31316f03f160b24f6eca01ce76da25107da'|'Largest Dutch construction group prepares for pre-summer IPO - sources'|'FRANKFURT/AMSTERDAM, March 23 VolkerWessels, the largest Dutch construction company, is preparing a stock market listing which may value the family-owned business at more than 2 billion euros ($2.15 billion) including debt, people close to the matter said.The company''s main shareholders are expected to offer a stake of 20 to 49 percent of the company in the initial public offering, depending on investor demand, the people said.VolkerWessels has already held analyst presentations and is working with Morgan Stanley, Bank of America, ING and ABN Amro as global coordinators on the deal, while Kempen is acting as IPO advisor, the sources said.The target date for an IPO would be May or June."We are exploring an IPO and when it is appropriate, we will make further announcements", Chairman Jan de Ruiter said at the company''s annual news conference last week.The banks declined to comment or were not immediately available for comment.The company was founded in 1854, when Adriaan Volker started business as an independent building contractor in the town of Sliedrecht. The company merged with peer Kondor Wessels in 1997 and rebranded as VolkerWessels five years later.VolkerWessels posted earnings before interest, tax, depreciation and amortization of 254 million euros on a turnover of 5.5 billion euros last year.Peers such as Oranjewoud, Vinci, ACS , Strabag and Porr trade at 6 to 9 times their expected annual core earnings.The Dutch building industry is benefiting from a surging property market after years of deep recession following the 2008 financial crisis. Turnover in the sector as a whole rose a solid 6.3 percent in 2016, but remains 8 percent below pre-crisis levels.A construction boom, mainly in housing and utilities projects, has led to a shortage of workers, although there are 100,000 fewer people employed in the sector than in 2008, according to Statistics Netherlands. ($1 = 0.9285 euros) (Reporting by Arno Schuetze and Anthony Deutsch; Editing by Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/volkerwessels-ipo-idUSL5N1H02F1'|'2017-03-23T13:13:00.000+02:00'
'a2427b53f5165b730f06583ba7b3cdd28d1113c8'|'CGD begins marketing Portugal''s first AT1'|'By Alice Gledhill LONDON, March 23 (IFR) - Portugal''s Caixa Geral de Depositos is marketing a €500m no-grow perpetual non-call five-year Additional Tier 1 bond at an 11% to 11.5% coupon, according to a lead.The deal, expected to be rated B- by Fitch, will price later on Thursday via joint leads managers Barclays, Caixa - Banco de Investimento, Citigroup, Deutsche Bank and JP Morgan.The bonds will be written down on a temporary basis should the bank''s Common Equity Tier 1 fall below 5.125%.(Reporting by Alice Gledhill, Editing by Helene Durand)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/caixa-geral-dep-bonds-idINL5N1H01TV'|'2017-03-23T06:24:00.000+02:00'
'54a73da991657497267a85865153f589e49f65c7'|'Trumpcare Has Seniors Rethinking Early Retirement'|'After decades of saving diligently, Dan Maize, 53, of Williamsburg, Va., made the decision last year to retire early. He stayed at his job, managing a grocery chain, until February—just before Republicans in the U.S. House of Representatives unveiled a health-care bill that could make his early retirement much harder to afford.Under the American Health Care Act, the Obamacare overhaul that faced a congressional vote on March 23 , costs could fall for many younger Americans. The majority of older people would pay much more, according to the nonpartisan Congressional Budget Office and others who analyzed an early version of the legislation. “People who are thinking about retiring may need to give serious thought to whether they can find affordable health insurance,” says Tricia Neuman, director of the Kaiser Family Foundation’s program on Medicare policy.Being able to afford health care has always been a concern for older people, who are far more expensive to insure than the young. That’s why Medicare, which covers Americans 65 and older, was created in the 1960s. Nevertheless, millions of older Americans face a gap in health coverage between the time they stop working and when they become eligible for Medicare. According to Boston College’s Center for Retirement Research, about half of women retire by age 62 and half of men do by 64. “Our government needs to do something to provide some kind of a bridge between retirement and Medicare,” Maize says.Under Obamacare, retirees under 65 had new insurance options, including access to state marketplaces that sell policies with government-mandated minimum levels of coverage, as well as subsidies to defray the cost of those plans. In addition, insurers can charge older customers no more than three times what they charge younger ones.Under so-called Trumpcare , insurers could charge their oldest customers as much as five times what they charge the young. The legislation would also change subsidies from a sliding scale— based on income and how much premiums cost in different parts of the country—to a flat credit based on age. The result is a “double whammy” for Americans age 50 to 64, says David Certner, legislative counsel for AARP, which opposes the House bill. “The older you are, the bigger the premium increases will be.”The AHCA could change substantially before it becomes law. One big area of debate among Republicans is how generous to make health-care subsidies and whether they should be aimed primarily at low-income or middle-income Americans.In the CBO’s analysis of the original proposal, the annual premium for a 21-year-old would fall from $5,100 to $3,900 by 2026 (the base year the agency chose for its calculations). The yearly premium for a 64-year-old would jump to $19,500 from $15,300.That’s before subsidies. With Obamacare, a 64-year-old earning $26,500 a year would pay $1,700 annually for premiums in 2026, or 11 percent of the total cost. Under the AHCA, that same person would have to cover 75 percent of the premium, an annual bill of $14,600.Greg Ledbetter, a 66-year-old retiree in Redmond, Wash., figures premiums for his 63-year-old wife could double under Trumpcare and cost an extra $8,000 a year. “It will be really devastating,” he says. “It could even come to the point where I would have to consider selling our home and moving into something else that I could afford.” An elite group of retirees could be better off under the AHCA. The bill lifts the income limits for tax credits. Single people 60 and older still would be eligible for at least a small credit up to an income of $115,000. The bill also repeals a 3.8 percent tax on investments for singles earning $200,000 or more, enacted in 2013 to help pay for the Obamacare subsidies. Of course, very few retirees have that kind of income. According to the U.S. Census Bureau, 13.2 million Americans age 55 to 64 aren’t working. Their median income is $12,699 per year.Starting in April, Maize and his family will be covered by a policy he purchased on the national Obamacare exchange, with subsidies that make his premiums affordable. But he knows that planning for his future health-care expenses would be just a “wild guess.” Says Maize: “I wanted to retire on our own terms, not Trump’s terms.”The bottom line: The health-care overhaul will likely make it more expensive for Americans to retire before they’re eligible for Medicare.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'http://www.bloomberg.com/news/articles/2017-03-23/trumpcare-has-seniors-rethinking-early-retirement'|'2017-03-23T17:00:00.000+02:00'
'5c531a66be9452e0854d2f1085766f1180e31a11'|'NY jury convicts ex-law firm partner of insider trading on Pfizer-King deal'|'By Brendan Pierson and Jonathan Stempel - NEW YORK NEW YORK A former partner at a major law firm was convicted on Wednesday of insider trading charges for having tipped a Long Island, New York investment adviser about Pfizer Inc''s ( PFE.N ) plan to buy King Pharmaceuticals Inc in 2010.Robert Schulman, who worked at the time at Hunton & Williams in Washington, D.C., was convicted of securities fraud and conspiracy jurors in Brooklyn federal court after about 4-1/2 hours of deliberations.Prosecutors said Schulman, who had represented King in patent litigation since 2009, tipped his friend Tibor Klein, the owner of Valley Stream-based Klein Financial Services, about the $3.6 billion Pfizer takeover in advance.Klein then allegedly bought King securities for himself, Schulman and clients, and passed the tip to his friend Michael Shechtman, a Florida stockbroker, resulting in more than $400,000 of overall illegal profit, prosecutors have said.A lawyer for Schulman was not immediately available for comment.Schulman, of McLean, Virginia, was a partner at the law firm Arent Fox in Washington, D.C. at the time of his arrest last August, and was later put on leave."Robert Schulman is no longer a member of this firm," an Arent Fox spokesman said on Wednesday after the conviction. "Arent Fox is committed to exceeding the industry standards for ethical and professional conduct."Klein, of Melville, New York, was arrested with Schulman, and faces a Sept. 18 trial.Shechtman, a former Ameriprise Financial Inc ( AMP.N ) stockbroker, pleaded guilty in Brooklyn in November 2014 to a conspiracy charge, and has cooperated with prosecutors. He has not been sentenced.The U.S. Securities and Exchange Commission filed a related civil lawsuit in September 2013 against Klein and Shechtman in the federal court in West Palm Beach, Florida. That case was later put on hold until the criminal case was resolved.Though the SEC did not sue Schulman, it alleged that he became intoxicated on several glasses of wine while dining at home with his wife and Klein in August 2010, and blurted out, "It would be nice to be King for a day."Klein took the hint and bought 60,600 King shares, including 800 for himself and 3,000 for Schulman, on the next trading day, the SEC said.(Reporting By Brendan Pierson and Jonathan Stempel in New York; Editing by Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usa-insidertrading-pfizer-idINKBN16M31Y'|'2017-03-15T18:21:00.000+02:00'
'c32ef82be25f5b19a9499f17ec784c670ace7499'|'Lower pension costs could drive Brazil rates to record lows -economists'|'Company   9:00am EDT Lower pension costs could drive Brazil rates to record lows -economists By Luiz Gerbelli and Claudia Violante SÃO PAULO, March 16 Interest rates in Brazil could drop to record lows as soon as next year if inflation keeps slowing and Congress passes fiscal austerity measures, providing relief for a nation struggling to emerge from recession, some economists said. While record-low rates are not yet a majority view, an increasing number of economists have started to consider that possibility, provided President Michel Temer gets congressional approval of a pension cost cuts this year to plug a widening budget gap. Passage is far from assured, however, since the measure would set a minimum retirement age for the first time and reduce payouts in one of the world''s most generous pension systems. Brazil’s benchmark interest rate of 12.25 percent is far above an all-time low of 7.25 percent set between October 2012 and April 2013. A weekly central bank survey of more than 100 economists shows expectations that policymakers will accelerate the pace of cuts at their next meeting in April and drive rates down to an average 8.75 percent by the end of 2018. Itaú Unibanco Holding SA economist Felipe Salles said he expected interest rates to fall to 8.25 percent by then, although he did not rule out a drop to as low as 7.25 percent. With inflation expectations anchored and high unemployment because of Brazil''s harshest recession ever, "the passage of the pension reform should help rates go to single digits and stay there for a long time," Salles added. Some economists already have record-low rates as their likeliest scenario for 2019 and 2020, according to the weekly survey. The lowest forecasts for Brazil''s benchmark Selic rate are 7 percent for 2019, two percentage points below the consensus forecast, and 6.50 percent for 2020, versus a consensus view of 8.75 percent, according to the survey. "We are optimistic about monetary policy," said BNP Paribas SA economist Gustavo Arruda. "Inflation is reacting well, and we would not be surprised to see interest rates going below 8 percent." Inflation has fallen rapidly, in part because of the severity of Brazil''s recession. Price rises have undershot market expectations for seven straight months, according to Reuters polls. As a result, most economists expect the government to reduce its inflation target later this year for the first time in more than a decade. The approval of new pension laws is a crucial condition for that scenario, economists say, because it would assuage investors'' fears over a potential debt crisis. However, workers unions and some lawmakers from Temer''s coalition have demanded changes to the proposal, which Temer hopes will pass later this year. "If Congress does not approve (the plan), there will be a significant reversal in the Selic rate this year," said economist José Márcio Camargo of asset management firm Opus Gestão de Recursos. "Reforms are a necessary condition for a continued drop in interest rates." (Writing by Silvio Cascione; Editing by Lisa Von Ahn) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-rates-idUSL2N1GS1EE'|'2017-03-16T20:00:00.000+02:00'
'd66ce94624fd781f7236a5b78295922fba2da747'|'Deals of the day-Mergers and acquisitions'|'(adds 3M, Lonestar, Toyota, Anglo American, Sky, Rocket Internet, Eurasia Drilling)March 16 The following bids, mergers, acquisitions and disposals were reported by 1320 GMT on Thursday:** 3M Co said it would buy Johnson Control International Plc''s safety gear business, Scott Safety, in deal with an enterprise value of $2 billion.** U.S. private equity firm Lone Star is closer to taking control of Portugal''s Novo Banco with an offer to inject up to 1 billion euros ($1.07 billion) into the bank in return for a 75 percent stake, sources told Reuters.** Japanese carmaker Toyota said it plans to invest 240 million pounds ($294 million) to upgrade its car plant in central England for futureoutput, but retaining tariff-free access to EU markets after Brexit remained crucial.** The British government said it would refer Rupert Murdoch''s planned takeover of European pay-TV group Sky to regulators to decide if the deal was in the public interest.** Indian billionaire Anil Agarwal said he was buying a 2 billion pound ($2.45 billion) stake in Anglo American, sending the global miner''s shares sharply higher and signaling a possible return to large-scale dealmaking in the sector.** Qatar''s sovereign wealth fund has taken a stake in Rocket Internet''s recipe and ingredients business HelloFresh as part of a previously announced fundraising, the German company said.** State-backed Russian Direct Investment Fund is potentially interested in acquiring a stake in Eurasia Drilling Co, the fund''s head Kirill Dmitriev said.** Virtu Financial Inc has made a bid to buy rival trading firm KCG Holdings Inc that could help Virtu bolster its businesses that have softened under reduced market volatility.** Hong Kong''s Chow Tai Fook Enterprises said it had agreed to purchase Australian gas and electricity retailer Alinta Energy, in a deal two sources familiar with the matter said was valued at about A$4 billion ($3 billion).** Italy''s biggest insurer Generali played down the prospects of a takeover as it reported its highest ever full-year operating profit and said it would raise dividends and speed up cost cuts.** Saudi Arabia''s King Salman oversaw the signing of deals worth potentially $65 billion as he began a visit to Beijing on Thursday, as the world''s largest oil producer looks to cement ties with the world''s second-largest economy.** Japan''s Daishi Bank and Hokuetsu Bank are in the final stages of agreeing to integrate operations, public broadcaster NHK said, in another move that would consolidate regional lenders as the nation''s population shrinks.** German utility EnBW said it struck a deal to buy a 6.28 percent stake in local peer MVV Energie from French energy group Engie, which is worth 91 million euros ($97 million) based on MVV''s current market value.** Hedge fund investor Rainer-Marc Frey has built a 7.5 percent stake in Swiss derivatives specialist Leonteq, the company said.** The acquisition of Indian refiner Essar Oil, led by Russian oil company Rosneft, is set to be completed "in the nearest future, this month", VTB Chief Executive Andrei Kostin told Reuters.** Brazilian mining company Vale SA said on Wednesday it is nearing conclusion of a deal to sell a stake in Mozambique''s Moatize coal project to Japan''s Mitsui & Co Ltd .** Starboard Value LP, the activist hedge fund that had pressured Macy''s Inc to separate its real estate from its retail business, has sold its stake in the U.S. department store operator, people familiar with the matter said on Wednesday. (Compiled by Ahmed Farhatha in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL3N1GT3R9'|'2017-03-16T10:40:00.000+02:00'
'ef7a8c29cd194b67adb261ce15338ed50a88d43c'|'Union at BHP Billiton''s Escondida will meet with company - document'|'Business News -  31pm GMT Union at BHP Billiton''s Escondida will meet with company - document Workers from BHP Billiton''s Escondida, the world''s biggest copper mine, demonstrate during a strike, in Antofagasta, Chile March 1, 2017. REUTERS/Juan Ricardo SANTIAGO Striking workers at BHP Billiton''s Escondida mine in Chile have decided to accept an invitation by the company to restart negotiations, but the meeting will only concern the union''s three key points, according to a document seen by Reuters on Monday. Union members have also given union leaders authority to walk away from negotiations and force a temporary, 18-month contract, as permitted under Chilean law, the document said. (Reporting by Fabian Cambero; Writing by Gram Slattery; Editing by Chizu Nomiyama) Next In Business News Fed to wait at least until June to decide next hike - Evans NEW YORK The Federal Reserve will likely wait at least until a June policy meeting to decide whether to lift U.S. interest rates again, giving it time to digest economic and financial market data as well as any clarity on the Trump administration''s fiscal policy plans, a top rate-setter said on Monday. Vodafone, Idea in $23 billion deal to create new Indian telecom leader MUMBAI Britain''s Vodafone Group and Idea Cellular agreed on Monday to merge their Indian operations in a $23 billion (18.55 billion pounds) deal, creating the country''s biggest telecoms business after the entry of a new rival sparked a brutal price war. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-chile-copper-escondida-idUKKBN16R2C0'|'2017-03-21T02:31:00.000+02:00'
'0839cc9017c20fa75e58baaff14d20028a219611'|'Euro zone current account surplus falls to one-year low'|'Business News - Wed Mar 22, 2017 - 9:07am GMT Euro zone current account surplus falls to one-year low FILE PHOTO: Cars and containers are pictured at a shipping terminal in the harbour of the German northern town of Bremerhaven, late October 8, 2012. REUTERS/Fabian Bimmer FRANKFURT The euro zone''s current account surplus fell to its lowest in a year in January as exports fell and transfer payments to outside the bloc rose slightly, data from the European Central Bank showed on Wednesday. The euro zone recorded a current account surplus of 24.1 billion euros in the first month of this year after adjusting for seasonal and other calendar affects. This was down from 30.8 billion euros one month earlier and the lowest reading since January 2016. (Reporting By Francesco Canepa; Editing by Balazs Koranyi) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-currentaccount-idUKKBN16T0WN'|'2017-03-22T16:07:00.000+02:00'
'4bdd064f1a3ddc5356f8e6abb9bb2d8180a3c649'|'U.S. investment banks strengthen global lead over Europe'|'Money News   5:58pm IST U.S. investment banks strengthen global lead over Europe FILE PHOTO: A J.P. Morgan logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith/File Photo By Jamie McGeever - LONDON LONDON JP Morgan retained its place atop the global investment banking league table last year, with the top five places now firmly in the hands of U.S. banks, reflecting their domination over struggling European peers, data on Wednesday showed. JP Morgan''s revenues from trading, mergers and acquisitions and other investment banking activity rose 11 percent to $25.2 billion last year from $22.7 billion in 2015, according to industry analytics firm Coalition. That strong increase was mirrored by U.S. peer Citi, which rose in the overall ranking to joint second from joint third, a performance that far exceeded the average 3 percent decline across the 12 banks surveyed. JP Morgan retained its crown in fixed income, currencies and commodities (FICC) trading, its position solidified by dominance in G10 rates and foreign exchange trading. JP Morgan held the top two spots in all but one - municipal finance - of the seven FICC categories, Coalition said. Morgan Stanley secured fifth place in the ranking by consolidating its leadership position in equities, meaning all top five spots are held by U.S. banks. In 2015 Morgan Stanley shared fifth spot with Germany''s Deutsche Bank. U.S. banks now take in around a two-thirds share of the investment banking revenue pie, the gap widening consistently since 2011 when the U.S.-European split was roughly 50-50. But that may be about to reverse. "European banks had some significant trading underperformance last year, which we don''t see repeating," said Amrit Shahani, research director at Coalition. "They should improve, albeit from a low base. We expect them to maintain and build on their market share this year." Shahani said banks at the top and bottom ends of the ranking are taking market share from those in the middle. H2 TRUMPS H1 The world''s big banks had a tough start to last year as worries over China and plunging commodity prices threatened to send world markets into a tailspin. Revenue fell 15 percent in the first six months, the worst first-half-year performance since the 2008 financial crisis. But trading surged in the second half of 2016 thanks to the twin shocks of Britain voting to leave the European Union and Donald Trump''s U.S. presidential election victory, and revenues followed suit as market volatility rose. U.S. banks'' total for the second half of last year jumped 37 percent to $24.6 billion. Deutsche Bank and Credit Suisse, still in the throes of restructuring programmes, were particularly hard hit, and both slipped in the overall rankings to 6th and 8th place, respectively. As well as Morgan Stanley, the winners included Citi, Barclays and HSBC, which each rose a notch to 2nd, 7th and equal 9th, respectively. Most of JP Morgan''s revenue was accrued on its home turf, with the $14.3 billion from its U.S. operations up 10 percent from the year before. The bank also posted a 10 percent revenue increase in its Europe, Middle East and Africa (EMEA) operations to $7.7 billion, Coalition said. Deutsche was forced to share its 2nd place in EMEA with Goldman Sachs, which edged up from 3rd the year before. The biggest shift at the top was in the Asia Pacific (APAC) region, where JP Morgan stormed up from joint 5th last year to take the top spot outright. Its revenue of $3.3 billion was the same as Deutsche and Citi''s joint leadership total in 2015. Coalition tracks Bank of America Merrill Lynch, Barclays, BNP Paribas, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, Societe Generale and UBS. (Reporting by Jamie McGeever and Anjuli Davies; editing by Mark Heinrich) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-banks-ranking-idINKBN16T1HC'|'2017-03-22T19:28:00.000+02:00'
'98de289b6d4362165ad920677ac92acdc30e7cff'|'UBS to introduce charge on accounts with more than 1 million euros'|'Business News  53am GMT UBS to introduce charge on accounts with more than 1 million euros FILE PHOTO: The offices of Swiss bank UBS are seen in the financial district of the City of London, Britain October 31, 2012. REUTERS/Chris Helgren/File Photo ZURICH UBS ( UBSG.S ) will impose a charge on wealthy clients for cash they hold in euros, a reaction to the negative interest rate environment in the euro zone. The Swiss bank, the world''s largest wealth manager, will introduce from May an annual fee of 0.6 percent on accounts with more than 1 million euros ($1.1 mln). The charge will apply to total amounts held by individual customers and be calculated on a daily basis. It comes in response to the ultra-low or negative European Central Bank rates, in the wake of the financial crisis, which have eaten into banks'' margins. UBS currently imposes an individual deposit charge for large account balances held in Swiss francs by corporate, institutional and certain very wealthy clients, as it deals with negative interest rates charged by the Swiss National Bank. "UBS will apply an individual deposit charge on large euro cash balances for European clients," a UBS spokesman said, confirming an earlier report by Bloomberg. "This charge reflects the increasing costs seen across the industry of re-investing cash from deposits in money and capital markets, the continued extraordinarily low and negative interest rates in the euro area and increased liquidity regulations." (Reporting by John Revill; Editing by Susan Fenton) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ubs-charges-idUKKBN16T17Q'|'2017-03-22T17:53:00.000+02:00'
'07b007f5c7dc1a6474de8bada1bd0228fb37ac73'|'The Case for Saving Less for Retirement'|'In 2016, I finally paid off my student debt. Practically every other cent left over after rent and other living expenses went into my retirement account. Was it a mistake to load up my 401(k)? Thomas Anderson thinks so. This is our story.Compared with the average American, I’m doing all right. I have a good job, I’m saving regularly, and I’m debt-free for the first time since graduate school. That doesn’t feel like nearly enough, though, not in Manhattan anyway, where everybody else seems to be enjoying $200 monthly gym memberships, $500 Broadway tickets, and $800 parkas.Those of us not born into money, or likely to stumble into it, are stuck building wealth the old-fashioned way, over decades of hard work, good luck, and hundreds of smart choices about our careers, our investments, and even our romantic lives. There are plenty of rules to help guide you in making these choices. The one I’ve been sticking with is pay down debt as quickly as possible while saving as much as possible for retirement.Turns out that rule is wrong—at least according to The Value of Debt in Building Wealth , a new book by Anderson. A former Morgan Stanley financial adviser, he now heads Supernova Cos., a firm that sells educational materials and tools to advisers. With an MBA from the University of Chicago, the 42-year-old is also the kind of guy who names his dog after a Nobel Prize-winning economist (Harry, for Harry Markowitz) and harbors a healthy obsession with mathematical concepts such as the Fibonacci sequence. “In our anti-debt world, most people are taking on too much debt too early in life and paying down that debt too aggressively,” he writes. “As a result, they are not saving until later in life,” when they have lost much of the power of compounding.So maybe I shouldn’t have paid off my student debt last year after all? Luckily, I could ring up Anderson in Chicago and ask him. I know him from writing about one of his previous books, which argued that individuals, especially the wealthy, should be more sophisticated in wielding debt as a financial tool.Anderson doesn’t seem to think zeroing out the student loans I’d been dragging behind me for 14 years was such a bad idea, especially compared with other far more serious mistakes I’m making—namely, locking up way too much money in my retirement accounts and investing too heavily in stocks.The Value of Debt contains several nuggets of pithy advice: Aim to save at least 15 percent of your income. Also, “the best way to feel rich is to live in a less expensive home than you can afford.” Yet Anderson mostly steers clear of one-size-fits-all prescriptions. Instead, he divides readers into four financial profiles, from those just starting out all the way to the very rich. The key criterion isn’t how much money you have. What matters—and what determines your progress from one end of the wealth spectrum to the other—is how you balance the various components of your financial life: income, savings, and debt.It’s all about getting the proportions right. If your net worth is less than half your annual income, for example, you should “avoid taking on any new debt” at all. If you’re in Anderson’s second phase, more or less where I land, you should aim for: no “oppressive” debt; a cash reserve six times your monthly gross income; retirement savings six times your monthly income; and last but not least, you should have a separate pot, for “big life changes,” like marriage or buying a home, equal to nine times your monthly income.Filling out the book’s worksheets, I was surprised to learn I’m woefully short of cash, with less than half of the money recommended. Most surprising was seeing that I had in my 401(k) and individual retirement accounts three times what Anderson recommends.“I need Ben to have more flexibility,” he says, referring to me. That means more cash and more after-tax investments that I can sell during an emergency. What if I lose my job during an economic downturn? “You’re not going to want to take just the first job that comes up,” Anderson says. “You’re going to need to ride it out” for three months, six months, or even longer.Liquidity, the ability to access your money when you absolutely need it, is a key concept for Anderson. A thousand dollars in the bank is more useful than $1,000 tied up in a retirement account that charges a penalty for withdrawals—or in collectible figurines. It isn’t just about riding out a crisis. Liquidity is also important for smart investing and homeownership decisions. I tell Anderson that I, unlike my younger siblings, don’t own my home. And I have 100 percent of my investments in stocks. While criticizing my investing philosophy, calling it “dangerous,” he endorses my decision to rent, for now. His reasons for each are similar. Stocks and real estate are at record prices. At some point, those markets will crash. “Then you have the flexibility and liquidity to step in and buy,” he says.I’ve started to take Anderson’s advice. I moved some of my investments out of stocks just as, luckily, equities were hitting new highs. I haven’t gotten around to lowering my 401(k) contribution yet. Would the extra money in my paycheck simply inspire me to spend more? Maybe. I really should buy a warmer coat, donate more to charity, and finally see Hamilton .The bottom line: A new book cautions against paying down debt too aggressively, telling readers to build up their rainy day savings instead.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'http://www.bloomberg.com/news/articles/2017-03-23/the-case-for-saving-less-for-retirement'|'2017-03-23T17:00:00.000+02:00'
'f7445991469d6740bbeaff32f4d97439b011cf9f'|'Kabbage looks to raise money for acquisitions -sources'|' 59pm EDT Kabbage looks to raise money for acquisitions -sources By David French and Anna Irrera - March 22 March 22 Small U.S. business online lender Kabbage Inc is in talks to raise a new round of equity funding that could be used for potential acquisitions at a time when many of its peers face funding challenges, people familiar with the matter said. The move comes as online lenders are increasingly encroaching on the turf of traditional banks. However, growth in the industry has slowed as some online lenders have struggled to offload loans many institutional investors view as risky. Privately held Kabbage is holding talks with investment firms about raising a few hundred million dollars in the new round, the sources said this week. Kabbage, based in Atlanta, could not immediately be reached for comment. One of the acquisition targets under consideration by Kabbage is rival On Deck Capital Inc, which has market capitalization of $321 million, according to one of the sources. The sources cautioned that no decisions have been taken and asked not to be identified because the deliberations are confidential. New York-based On Deck Capital declined to comment. Kabbage runs a platform that provides loans to small businesses in minutes. Its existing investors include Reverence Capital Partners, SoftBank Capital, Thomvest Ventures, Mohr Davidow Ventures, BlueRun Ventures, the UPS Strategic Enterprise Fund, ING, Santander InnoVentures, Scotiabank and TCW/Craton. Banco Santander SA partnered with Kabbage last year to provide loans to small businesses in Britain, while JPMorgan Chase & Co works with On Deck. On Deck shares have fallen more than 80 percent since it went public in December 2014. On Deck posted its fifth consecutive quarterly loss last month, and said it had to set aside more money for future losses after determining its calculations in its internal models were off. As a private company, Kabbage does not report earnings publicly. Earlier this month, it said it priced the largest asset-backed securitization of small business loans in the online lending industry, packaging and selling $525 million worth of loans to investors. Kabbage said this would allow its volume of lending to exceed $2.7 billion. On Deck said earlier on Wednesday that it had amended its asset-backed revolving credit facility with Deutsche Bank to extend its maturity date to March 2019 and to increase its borrowing capacity by $52 million, to a total of up to $214 million. (Reporting by David French and Anna Irrera in New York)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/kabbage-funding-idUSL2N1GZ2AH'|'2017-03-23T07:59:00.000+02:00'
'52aea885331eae7b6145a826701bdae2ac85ffb0'|'Disney extends CEO Iger''s contract to July 2019'|'  11:14am EDT Disney extends CEO Iger''s contract to July 2019 left right Disney''s Chief Executive Officer Bob Iger holds a news conference at Shanghai Disney Resort as part of the three-day Grand Opening events in Shanghai, China, June 15, 2016. REUTERS/Aly Song 1/2 left right Walt Disney Company President and Chief Executive Officer Bob Iger (R) and wife Willow Bay (L) pose at the Los Angeles County Museum of Art (LACMA) Art+Film Gala in Los Angeles, October 29, 2016. REUTERS/Danny Moloshok 2/2 Walt Disney Co ( DIS.N ) said on Thursday it extended Chief Executive Bob Iger''s term by more than a year to July 2, 2019. Iger''s previous contract was due to end in June 2018. Iger became CEO of Disney in 2005. (Reporting by Lisa Richwine in Los Angeles and additional reporting by Aishwarya Venugopal   Savio D''Souza)  '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-disney-ceo-idUSKBN16U23I'|'2017-03-23T22:14:00.000+02:00'
'744127d6a05ae581a2b5d43bb77aeb79db58c16c'|'China''s ANTA Sports plans $488 million share sale to fund acquisition'|'HONG KONG ANTA Sports Products Ltd ( 2020.HK ) said on Wednesday it plans to raise HK$3.79 billion ($488 million) in a share sale to fund tie-ups and acquisitions of international sportswear brands.The China home-grown sports brand said it would sell 175 million new shares to major shareholders at HK$21.67 apiece, representing a 7.98 percent discount to the previous close. Proceeds also would be used as general working capital.The major shareholders, comprising Anda Holdings International Ltd, Anda Investments Capital Ltd and Anta International Group Holdings Ltd would subscribe for the new shares on completion of placing the same amount of existing shares at the same price to third-party investors.The aggregate holding of the major shareholders would be reduced to 61.62 percent following the deal, from 65.93 percent.Last month, China''s biggest sportswear retailer by market value saw its 2016 net profit jump 17 percent to a record high, buoyed by growth in children''s product lines and a strong e-commerce business as the country''s sports sector continued to strengthen.(Reporting by Donny Kwok; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-anta-sports-equity-idINKBN16T04W'|'2017-03-21T22:19:00.000+02:00'
'7c67ca17e550a029f4f725d35744ecd5b5de419e'|'Shell signs three-year contract to lease oil tanks in Panama - sources'|'Business News   3:05pm GMT Shell signs three-year contract to lease oil tanks in Panama - sources A Shell logo is seen reflected in a car''s side mirror at a petrol station in west London, Britain, January 29, 2015. Picture taken January 29, 2015. REUTERS/Toby Melville/File Photo PANAMA CITY/SAN ANTONIO Oil company Royal Dutch Shell ( RDSa.L ) has signed a three-year contract to lease storage tanks at a large terminal in Panama that had been used by U.S. refining company Tesoro Corp ( TSO.N ), sources involved in the deal told Reuters. The facility, designed for storage and transshipment of crude oil to tankers, is owned by Petroterminal de Panama (PTP) and includes up to 14 million barrels of storage capacity on the Atlantic and the Pacific shores. "We have signed a contract with Shell for a three-year period involving all the available space we have," said an official from the Panamanian government. The contract still needs final approval by the country''s Finance Ministry. (Reporting by Elida Moreno and Marianna Parraga; Editing by Gary McWilliams) Next In Business News Britain-based banks moving to Europe may get easier entry, ECB says FRANKFURT Banks looking to move from Britain to the euro zone after Brexit may be given an expedited entry, with supervisors willing to spare them from a lengthy initial test of their risk models, a top European Central Bank official said on Wednesday. UK economy growing solidly despite inflation hit - BoE report LONDON Britain''s economy looks set to defy a slowdown again this year as the country moves closer to leaving the European Union, with the hit to shoppers from surging inflation partly offset by more investment and exports, a Bank of England report suggested. Barclays     MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-panama-oil-storage-idUKKBN16T201'|'2017-03-22T22:05:00.000+02:00'
'7232b4b3413e6e35571c221e72e1249c181e87a3'|'CORRECTED-Brazil''s Kroton reports 19 pct rise in adjusted Q4 net income'|'(Corrects to say net income, not net income excluding one-time items, was 377.7 million reais in paragraph 2)SAO PAULO, March 22 Brazil''s largest education firm Kroton Educacional SA on Wednesday reported a 19.3 percent rise in adjusted fourth-quarter net income, to 487.6 million reais, above a consensus estimate of 427.9 million reais compiled by Thomson Reuters.Net income came in at 377.7 million reais last quarter, according to a statement. Adjusted net income excludes the effects of the sale of unit Uniasselvi in the final quarter of 2015 and other one-time items.Adjusted earnings before interest, tax, depreciation and amortization, a gauge of operating profitability known as EBITDA, rose 2 percent to 528.7 million reais, in line with an estimate of 530.8 million reais. (Reporting by Ana Mano; Editing by Daniel Flynn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/kroton-results-idINE6N1FM00Z'|'2017-03-22T11:11:00.000+02:00'
'689b109f0bbd2be81b43155867659ea96398a764'|'U.S. investment banks scout Frankfurt office space market - Helaba'|'Business News - Thu Mar 23, 2017 - 1:53pm GMT U.S. investment banks scout Frankfurt office space market - Helaba The famous skyline with its banking district is pictured in early evening next to the Main River in Frankfurt, Germany, January 19, 2016. REUTERS/Kai Pfaffenbach FRANKFURT Several U.S. investment banks are scouting the market for available Frankfurt office space to shift parts of their business from London, the real estate executive of a large German bank said on Thursday. Several concrete requests for vacant office space have been logged, Juergen Fenk real estate executive at German lender Helaba said at the bank''s annual press conference. The European Central Bank expects London-based banks to seek ways to retain access to the European Union''s single market after Britain leaves the common trading bloc, the ECB''s top supervisor said on Thursday. Hubertus Vaeth, who heads lobby group Frankfurt Main Finance, last month said he was confident that of the five leading U.S. investment banks, three will move some operations to Germany next year. According to financial sources in Frankfurt, Citi ( C.N ), Goldman Sachs ( GS.N ) and Morgan Stanley ( MS.N ) are on the lookout for office space in Germany''s financial centre. (Reporting by Andreas Kroener; Writing by Arno Schuetze; Editing by Edward Taylor) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-helaba-landesbk-brexit-idUKKBN16U1T9'|'2017-03-23T20:53:00.000+02:00'
'595a7bdac43edd185da638e161e2884272e4d736'|'UPDATE 1-CGD begins marketing Portugal''s first AT1'|'(Adds detail, context)By Alice GledhillLONDON, March 23 (IFR) - Caixa Geral de Depositos is hoping initial price thoughts upwards of 11% will be enough to entice investors into buying an Additional Tier 1 bond, a crucial component of a restructuring package aimed at restoring the bank to health.The €500m perpetual non-call five-year note - the first AT1 trade out of Portugal and the most deeply subordinated debt that a bank can sell - is being marketed with an 11% to 11.5% coupon.Market access for Portuguese banks has been completely untested since 2015, even in a covered format - considered the safest type of bank debt.The bond is expected to be rated B- by Fitch. The agency has a negative outlook on the Portuguese banking sector, reflecting intensified pressure on capital from weak profitability and asset quality amid a highly indebted economy with low growth prospects.The shock transfer of senior bonds in late 2015 from state-rescued Novo Banco to Banco Espirito Santo, which left bondholders nursing severe losses, also continues to cast a shadow over the sector.An investor told IFR on Wednesday that bondholders were demanding a coupon of more than 10% to compensate for taking a position in the state-rescued lender, while the issuer is aiming for a result inside 10%.Portugal''s finance minister said in November that the government planned to inject up to €2.7bn at the time of the first €500m of subordinated debt issuance, with the remaining €500m to be launched up to 18 months later.The bonds will be written down on a temporary basis should the bank''s Common Equity Tier 1 ratio fall below 5.125%.The deal is expected to price later today via joint leads managers Barclays, Caixa - Banco de Investimento, Citigroup, Deutsche Bank and JP Morgan. (Reporting by Alice Gledhill, Editing by Helene Durand, Julian Baker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/caixa-geral-dep-bonds-idINL5N1H027G'|'2017-03-23T06:49:00.000+02:00'
'cd77e106da964cc28f5087790d89bd595c9c5bec'|'Investors find some relief in Next''s chilly outlook'|'Thu Mar 23, 2017 - 1:36pm GMT Investors find some relief in Next''s chilly outlook FILE PHOTO: Pedestrians walk past a Next shop in Oxford Street in London, Britain, January 6, 2009. REUTERS/Andrew Winning/File Photo By James Davey - LONDON LONDON British clothing retailer Next ( NXT.L ) reported its first drop in annual profit since 2009 and said it was "extremely cautious" about the year ahead but its battered shares rose on hopes its management has got to grips with its problems. Britain''s most successful clothing store chain this century has faltered over the last two years, saying it is suffering from a broader slowdown in spending on clothing and footwear that it first identified in late 2015. It has also cautioned that sales could be depressed this year by a squeeze in consumer spending as inflation erodes real earnings growth, and by price rises on garments due to the pound''s devaluation. However, its shares rose as much as 9.3 percent on Thursday, paring year-on-year losses to 38 percent, as investors took comfort from Next maintaining the guidance it issued in January when it warned that profit would fall again in 2017-18. "There are pockets of good news in this set of results," Chief Executive Simon Wolfson told Reuters. "One of them is what happened to the credit customer base, which has definitely stabilized." He also highlighted "corrective action" on clothing ranges that will put them "exactly where we want them to be" in the third quarter, as well as further work to modernize Next''s Directory online and catalogue business, whose once leading position has been eroded by rivals such as Marks & Spencer ( MKS.L ). Analysts have raised concerns about the size of Next''s UK store estate, some 540 stores, and its track record of underlying sales declines. However, Wolfson said Next had "stress tested" its store portfolio and concluded that opening new space was still a sound strategy - a further 150,000 square feet (14,000 square meters) is targeted for 2017-18 and 250,000 sq ft in the following year. "Although the move of spending away from the high street (to online) will detract from our retail profit, the retail stores themselves are an enormous asset and the risk is that they become less productive, not that they become loss making," he said. "ECONOMIC PAIN" Wolfson also said that pricing pressure should ease in the second half of 2018, assuming the pound does not devalue again next year. "It looks like the external economic pain will last into the first half of next year. When there’ll be a shift back into interest in clothing is a much harder one to call," he said. Shares in Next were up 8.3 percent at 4,209 pence at 1233 GMT. "(Next''s) valuation now offers support, despite the challenges," said Investec Securities analyst Alistair Davies, who upgraded his stance from "sell" to "hold". Others highlighted the surplus cash Next is still generating, noting four special dividend payments it plans to make in 2017 give it one of the best dividend yields in the FTSE 100 index. Next made underlying profit before tax of 790.2 million pounds ($990 million) in the year to January 2017, in line with January guidance but down from 821.3 million pounds in 2015-16. For 2017-18, Next forecast full price sales, at constant currency, in a range of down 4.5 percent to up 1.5 percent and pretax profit of 680-780 million pounds. It has also highlighted inflationary pressures on its cost base, including the government mandated National Living Wage, business rates, apprenticeship levy and energy taxes. Separately on Thursday official data showed British retail sales in the three months to February recorded their biggest slide in nearly seven years. (Editing by Keith Weir and Ruth Pitchford) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-next-results-idUKKBN16U1RF'|'2017-03-23T20:35:00.000+02:00'
'188c499d890dbbf64de90dcc1b38ef1039968c3c'|'PRECIOUS-Gold below 3-wk peak as dollar recovers; Trump policy in focus'|' 06pm EDT PRECIOUS-Gold below 3-wk peak as dollar recovers; Trump policy in focus March 23 Gold prices on Thursday held below a 3-week peak hit in the prior session, as the dollar recovered from seven-week lows and markets looked to see if U.S. President Donald Trump could push through a healthcare bill. FUNDAMENTALS * Spot gold was down 0.2 percent at $1,245.80 per ounce by 0048 GMT. On Wednesday, it touched its strongest since Feb. 28 at $1,251.26. * U.S. gold futures were down 0.3 percent at $1,246. * The dollar index , which measures the greenback against a basket of currencies, was up 0.1 percent at 99.742. It fell to a near seven-week low of 99.547 on Wednesday. * Financial markets'' immediate focus is on whether Trump can gather enough support at a vote later in the day to pass a bill to rollback Obamacare, a first major test of his legislative ability. * Trump and House of Representatives leaders were pushing for votes for their plan to overhaul Obamacare and said they were making progress in their efforts to win over conservative Republicans who have demanded changes to the legislation. * The gold market was not affected by what police called a "marauding terrorist attack" in London on Wednesday. * U.S. home resales fell more than expected in February amid a persistent shortage of houses on the market that is pushing up prices and sidelining prospective buyers. * With the U.S. workforce nearly fully employed and inflation heading toward 2 percent, the Federal Reserve should raise interest rates two more times this year and continue work on a plan to gradually trim its massive balance sheet, Dallas Federal Reserve Bank President Robert Kaplan said. * Britain''s economy looks set to defy a slowdown again this year as the country moves closer to leaving the European Union, with the hit to shoppers from surging inflation partly offset by more investment and exports, a Bank of England report suggested. * Ivory Coast''s government has approved the sale of state miner Sodemi''s 30 percent stake in the Ity gold project to Canada''s Endeavour Mining and a group of investors led by former national soccer star Didier Drogba, a government spokesman said. DATA AHEAD (GMT) 0700 Germany GfK consumer sentiment Apr 0745 France Business climate Mar 0930 Britain Retail sales Feb 1200 Federal Reserve Chair Janet Yellen gives opening remarks at event 1230 U.S. Weekly jobless claims 1400 U.S. New home sales Feb 1500 Euro zone Consumer confidence Feb (Reporting By Nallur Sethuraman in Bengaluru; Editing by Richard Pullin)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-precious-idUSL3N1H0079'|'2017-03-23T08:06:00.000+02:00'
'021b836a4ab8eda946c7efdb0175aa237fe0dea9'|'EMERGING MARKETS-Emerging markets held back by Trump stimulus doubts'|'Company News  40am EDT EMERGING MARKETS-Emerging markets held back by Trump stimulus doubts By Claire Milhench - LONDON, March 23 LONDON, March 23 Emerging equities steadied on Thursday, helped by modest gains in Asia as investors waited to see if U.S. President Donald Trump could push through a health bill to replace "Obamacare", opening the way for tax cuts. Emerging assets have rallied hard this year on the back of Trump''s promised fiscal splurge but stumbled on Wednesday after his healthcare bill stalled in Congress, raising doubts about his ability to implement the pledges. "That called into question all the other relevant reforms that the market was pricing in," said Alejandro Alvaro, a global emerging market bond fund manager at Jupiter Asset Management. MSCI''s emerging equity index edged slightly higher, rising for the ninth day in the last 10, helped by gains in Asia and Russia as oil prices rebounded. Emerging sovereign dollar bond spreads over U.S. Treasuries have narrowed by 56 basis points (bps) since the start of the year, and are currently trading at around 310 bps. After Wednesday''s sell off they are at a one-week high. "It''s a moment for the asset class to have a reality check in terms of how much spreads have been driven by technicals and not fundamentals," Alvaro added. Emerging markets remain broadly supported by economic data. South African government bond yields touched the lowest since October 2015, after data showed inflation slowing and the current account deficit at six-year lows While most currencies stayed on the back foot against the dollar, the rouble gained 0.4 percent before Friday''s central bank meeting that is expected by 15 out of 25 analysts in a Reuters poll to hold rates at 10 percent. "We think the CBR will choose between a ''dovish on-hold'' and a ''cautious 25 basis points cut'', seemingly with nearly equal probability," ING Bank analyst Dmitry Polevoy told clients. Other emerging European markets struggled, with Polish stocks down 0.25 percent, led by a 3.5 percent loss in the shares of utility PZU after the sacking of its chief executive. Earlier, mainland Chinese stocks rose 0.35 percent as hopes resurfaced that MSCI would include A-shares in its emerging index. The Czech crown''s implied euro rate in the three-month forward market continued to retreat from the multi-year highs it hit earlier this week. Nigeria''s naira meanwhile weakened in the non-deliverable forwards market, after central bank sold dollars at a weaker naira rate to boost liquidity on the official market and narrow the naira''s spread at the black market.. The six-month contract was at one-month lows, though it approached 400 per dollar a month ago. For GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5 For CENTRAL EUROPE market report, see For TURKISH market report, see For RUSSIAN market report, see) Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chg on year Morgan Stanley Emrg Mkt Indx 967.38 +0.41 +0.04 +12.19 Czech Rep 975.87 -3.04 -0.31 +5.89 Poland 2218.78 -5.06 -0.23 +13.91 Hungary 31941.07 +113.94 +0.36 -0.19 Romania 7958.63 -10.62 -0.13 +12.33 Greece 641.44 +0.79 +0.12 -0.34 Russia 1126.60 +3.43 +0.31 -2.23 South Africa 44815.38 -40.34 -0.09 +2.08 Turkey 89854.87 +45.77 +0.05 +14.99 China 3248.91 +3.69 +0.11 +4.68 India 29264.47 +96.79 +0.33 +9.91 Currencies Latest Prev Local Local close currency currency'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-idUSL5N1H01OD'|'2017-03-23T17:40:00.000+02:00'
'1edf88650a2fa5bb960bcae215b402e4a219de57'|'Verizon, AT&T suspend ads from Google over offensive videos'|'Business News - Wed Mar 22, 2017 - 10:02pm GMT Verizon, AT&T suspend ads from Google over offensive videos The Verizon logo is seen on the side of a truck in New York City, U.S., October 13, 2016. REUTERS/Brendan McDermid By Anjali Athavaley and Jessica Toonkel U.S. wireless carriers Verizon Communications Inc ( VZ.N ) and AT&T Inc ( T.N ) said on Wednesday they have suspended some digital advertising from Google ( GOOGL.O ) and YouTube because of concerns that their ads may have run next to offensive content. AT&T said it was removing ads from Google''s non-search platforms specifically over concerns that its ads were running next to extremist videos. "We are deeply concerned that our ads may have appeared alongside YouTube content promoting terrorism and hate," the company said in a statement. Verizon said it has suspended digital advertising on Google outside of spots that show up in searches after it was notified that ads were appearing on "non-sanctioned websites." "We are working with all of our digital advertising partners to understand the weak links so we can prevent this from happening in the future," a company spokeswoman wrote in an email. Google declined to comment on individual customers but said it has begun a review of its advertising policies. "We''re also raising the bar for our ads policies to further safeguard our advertisers’ brands," the company said. (This version of the story corrects to show suspension limited to Google, not all digital partners) (Reporting by Jessica Toonkel; Editing by Sandra Maler and Marguerita Choy) Next In Business News Euro zone banks under scrutiny but none in danger watchdog says LONDON Several European banks are being closely monitored by the agency responsible for closing lenders which go bust in the euro zone, but none are failing or about to fail, the head of the Single Resolution Board (SRB) said on Wednesday. U.S. may accuse North Korea in Bangladesh cyber heist - WSJ NEW YORK U.S. prosecutors are building potential cases that would accuse North Korea of directing the theft of $81 million from Bangladesh Bank''s account at the Federal Reserve Bank of New York last year, the Wall Street Journal reported on Wednesday, citing people familiar with the matter. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-verizon-digital-idUKKBN16T2Y7'|'2017-03-23T05:02:00.000+02:00'
'4f2d966393e15130648bd07a0de30114c2809afd'|'Britain''s financial watchdog revisits Barclays'' Qatari cashcall probe'|'Business News - Thu Mar 23, 2017 - 12:45pm GMT Britain''s financial watchdog revisits Barclays'' Qatari cashcall probe A Barclays sign is seen outside a branch of the bank in London, Britain, February 23, 2017. REUTERS/Stefan Wermuth By Kirstin Ridley and Lawrence White - LONDON LONDON Britain''s markets watchdog has resumed its investigation into payments made by Barclays ( BARC.L ) in the course of a 2008 emergency fundraising, after reviewing new evidence that could see it reconsider a 50 million-pound ($62 million) fine imposed in 2013. Two sources familiar with the situation said the Financial Services Authority (FCA) was taking a fresh look at the case, four years after it accused Barclays of being "reckless" for not disclosing all its fees and arrangements with Qatari investors. A disclosure of new documentary evidence has prompted the bank to launch a fresh round of interviews, one of the sources said on Thursday. No further details were immediately available. The move comes as a separate criminal investigation by the Serious Fraud Office (SFO) into the multi-billion pound 2008 fundraising, which allowed Barclays to avoid a state bailout at the height of the credit crisis, is reaching a conclusion. The FCA said in 2013 that Barclays failed to disclose payments of 322 million pounds in advisory fees to Qatari investors and said it intended to fine the bank 50 million pounds. Barclays has said it would contest the findings and the case has been on hold pending the outcome of the SFO investigation. The bank recently released fresh documents to SFO investigators which it originally claimed were confidential because they were protected by legal professional privilege. Barclays and the FCA declined to comment. The FCA''s case centres in part on whether the bank adequately disclosed the so-called advisory services agreements to Qatari investors. The Financial Times first reported the re-opening of the FCA probe on Thursday. (Story refiled to remove extraneous word ''ago'' in second paragraph) (Editing by Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-barclays-probe-idUKKBN16U1DP'|'2017-03-23T19:45:00.000+02:00'
'b990ac1bbda495eebf9bb1383c90ba6e39406dde'|'German companies interested in train crossing South America - officials'|' 51am GMT German companies interested in train crossing South America - officials Rainer Bomba (C), State Secretary at the Federal Ministry of Transport and Digital Infrastructure of Germany, waves as he leaves the presidential palace in La Paz, Bolivia March 22, 2017. REUTERS/David Mercado By Daniel Ramos - LA PAZ LA PAZ Dozens of German companies including Siemens ( SIEGn.DE ) attended meetings in Bolivia this week to discuss building a coast-to-coast railway through Brazil, Bolivia and Peru that could speed up the export of corn and soybeans to Asia, German and Bolivian officials said on Wednesday. The massive, $10 billion project would involve building a 3,700-kilometer (2,299-miles) rail line across the continent, linking the Atlantic and Pacific oceans, through mountains and jungles. "This is the project of the century," said Germany''s State Secretary of German Transport, Building and Urban Development Rainer Bomba. Representatives from Brazil, Peru, Paraguay, Uruguay and Bolivia as well as Germany and Switzerland are still studying the feasibility of the train route, which would drastically shorten shipping routes from Brazil''s coast to Asian markets for key commodities. Siemens, Europe''s top engineering group, participated in the meetings "to get more information about the project," spokesman Dennis Hofmann said in an email. "The project is at an early stage and questions have to be clarified," he wrote. The discussions, on Tuesday and Wednesday, come after a similar, Chinese-led project build a trans-South America railway ran into roadblocks late last year due to cost and environmental concerns. Bolivian and German officials did not name other companies that attended the meetings, but Bomba said: "The presence of 40 German companies here demonstrates that Germany is not only in the planning phase, but also in the realization phase." Bolivia''s Public Works Minister Milton Claros told Reuters Bolivia and Germany had signed agreements for technical assistance and financing for the project. The ministry said the project would connect the Brazilian port of Santos to the Peruvian port of Ilo and had a preliminary cost estimate of $10 billion. Brazil is expected to export 28 million tonnes of corn and 61 million tonnes of soybeans in the 2016/17 crop year according to the USDA. It is the world''s largest soybean exporter and second-largest corn exporter. China and Peru agreed in 2015 to study a 3,000-mile-long railway through the Andes, but Peru balked when China estimated its cost at $60 billion. Peru''s President Pedro Pablo Kuczynski later said the rail should go through Bolivia. Land-locked Bolivia has long pined for a corridor to the Pacific, blasting Chile for taking its coastline in a war in the late 19th century and maintaining its Navy on Lake Titicaca. Brazil had also questioned the Chinese project and would likely back the Bolivian route, a member of the Brazilian delegation said. "We identified problems in the reports made by the Chinese group. We communicated the points of disagreement to Chinese authorities and we are seeing how we can continue the studies," said Joao Carlos Parkinson, coordinator of economic affairs at Brazil''s Foreign Ministry, who attended the meetings. Brazil''s Ambassador to Bolivia Raymundo Santos said talks would continue. "Our delegation confirmed Brazil''s interest in participating," he said. "The political side has been resolved, but now the technical work has to move forward." (Writing by Caroline Stauffer; Editing by Luc Cohen and Sandra Maler)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bolivia-railways-idUKKBN16U02U'|'2017-03-23T07:51:00.000+02:00'
'17b0d06e99daed61acf7d9f2d43633222e98e970'|'BRIEF-Kimco Realty announces pricing of $400 mln 3.800 pct notes due 2027'|' 45pm EDT BRIEF-Kimco Realty announces pricing of $400 mln 3.800 pct notes due 2027 March 22 Kimco Realty Corp * Kimco Realty announces pricing of $400 million 3.800 pct notes due 2027 * Kimco Realty Corp - offering of $400 million aggregate principal amount of notes due 2027 at coupon of 3.800 pct per annum with an effective yield of 3.844 pct  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-kimco-realty-announces-pricing-of-idUSASB0B6O4'|'2017-03-23T06:45:00.000+02:00'
'b7a15cbc5036a1020d957db5552970e1fce3bdf5'|'China rebuffs South Korea WTO complaint, says respects rules'|'Business News - Thu Mar 23, 2017 - 7:06am GMT China rebuffs South Korea WTO complaint, says respects rules FILE PHOTO: South Korean and Chinese national flags hang from a pole in front of the giant portrait of former Chinese chairman Mao Zedong at Beijing''s Tiananmen Square January 9, 2012. REUTERS/David Gray BEIJING China values trade with South Korea and is abiding by World Trade Organization (WTO) rules, the Commerce Ministry said on Thursday, after Seoul complained to the WTO about retaliation against South Korean firms over the planned deployment of a U.S. anti-missile system. South Korea and the United States say the sole purpose of the Terminal High Altitude Area Defense (THAAD) system is to guard against missile launches from North Korea, but China says that its powerful radar could penetrate into its territory. China is South Korea''s largest trading partner and the dispute over THAAD has resulted in a sharp decline in Chinese tourists in the South''s shopping districts. Chinese authorities have also closed nearly two dozen retail stores of South Korea''s Lotte Group amid the diplomatic standoff. Chinese Commerce Ministry spokesman Sun Jiwen said that on March 17 at the WTO a South Korean representative had talked about South Korean companies in China being impacted. "The Chinese representative said that China pays great attention to developing economic and trade relations between China and South Korea," Sun told a regular news briefing. China has noted comments from a South Korean minister that there is no evidence to show China is taking "policy measures", Sun added. "I want to add that, as a responsible member of the WTO, China has consistently and will continue to respect WTO rules and relevant promises," he added, without elaborating. South Korea''s trade minister said on Monday that the country had complained to the WTO. Beijing has never explicitly linked the restrictions to the THAAD deployment. The South Korean government has offered cheap loans and extended deadlines on existing debt to help businesses that have been affected and has pushed to diversify trade markets. (Reporting by Yawen Chen and Ben Blanchard; Editing by Simon Cameron-Moore) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-southkorea-trade-idUKKBN16U08T'|'2017-03-23T14:04:00.000+02:00'
'c9e265bff2fb578d701d3f8ec8d2e24d15500126'|'Trump Tantrum looms on Wall Street if healthcare effort stalls'|'Money News - Thu Mar 23, 2017 - 2:37am IST Trump Tantrum looms on Wall Street if healthcare effort stalls Traders work on the floor of the New York Stock Exchange (NYSE) shortly after the opening bell in New York, U.S., March 22, 2017. REUTERS/Lucas Jackson By Megan Davies and Rodrigo Campos - NEW YORK NEW YORK The Trump Trade could start looking more like a Trump Tantrum if the new U.S. administration''s healthcare bill stalls in Congress, prompting worries on Wall Street about tax cuts and other measures aimed at promoting economic growth. Investors are dialing back hopes that U.S. President Donald Trump will swiftly enact his agenda, with a Thursday vote on a healthcare bill a litmus test which could give stock investors another reason to sell. "If the vote doesn’t pass, or is postponed, it will cast a lot of doubt on the Trump trades," said the influential bond investor Jeffrey Gundlach, chief executive at DoubleLine Capital. U.S. stocks rallied after the November presidential election, with the S&P 500 posting a string of record highs up to earlier this month, on bets that the pro-growth Trump agenda would be quickly pushed by a Republican Party with majorities in both chambers of Congress. The S&P 500 ended slightly higher on Wednesday, the day before a floor vote on Trump''s healthcare proposal scheduled in the House of Representatives. On Tuesday, stocks had the biggest one-day drop since before Trump won the election, on concerns about opposition to the bill. Investors extrapolated that a stalling bill could mean uphill battles for other Trump proposals. Trump and Republican congressional leaders appeared to be losing the battle to get enough support to pass it. Any hint of further trouble for Trump''s agenda, especially his proposed tax cut, could precipitate a stock market correction, said Byron Wien, veteran investor and vice chairman of Blackstone Advisory Partners. “The fact that they are having trouble with (healthcare repeal) casts a shadow over the tax cut and the tax cut was supposed to be the principal fiscal stimulus for the improvement in real GDP," Wien said. "Without that improvement in GDP, earnings aren’t going to be there and the market is vulnerable." Strategists have been cautioning for weeks that markets are pricing in a scenario where nothing goes wrong with Trump''s agenda. Investors are paying $18.10 for every dollar in earnings expected on the S&P 500 over the next 12 months, near the most expensive U.S. stocks have been since 2004. "This is really about the fact that the market is pricing in too much certainty on a number of accounts," said Julian Emanuel, executive director of U.S. equity and derivatives strategy at UBS Securities. "Even if you got the positive vote, there''s still the residual knowledge that the agenda will be difficult to get through the Senate." While investors and strategists have said they do not see an immediate threat to the eight-year-old bull market, there is a risk of a 5-to-10 percent drop. Only a bear market -a 20 percent decline- would put an end to the bull. "It looked like a mini tantrum," said David Kotok, chief investment officer of Cumberland Advisors. "Trump has made the House vote his own now so he has a lot at stake. My guess it will pass the House. If not, markets will be shocked and it won''t be pleasant." Michael Arone, chief investment strategist at the US SPDR Business at State Street Global Advisors in New York said that it the healthcare bill fails, "a correction of 5 percent is not unreasonable given how far we’ve come in such a short period of time." FOCUS ON LEGISLATION Investors are now more focused on the actual mechanics of the legislative process, said Brian Daingerfield, Macro Strategist at NatWest Markets. "I noticed this was the first day (on Tuesday) I was getting inquiries about the healthcare law and the vote count," Daingerfield said. Wall Street views the healthcare vote "as a test of Trump''s ability to unify the party," he said. "It has a symbolic significance." After the healthcare bill, the market will look for movement on tax and infrastructure. The president has said he wants the health bill passed by the mid-April Easter holiday and a schedule from the administration aims for tax reform being passed by August. Only then will they begin to tackle infrastructure spending. "U.S. equities have been priced for perfection since the start of 2017 and (Tuesday) was a rude reminder that the legislative process is imperfect on even its best days," said in a research note Nicholas Colas, chief market strategist at Convergex, a global brokerage company based in New York. (Additional reporting by Jennifer Ablan, Chuck Mikolajczak, Caroline Valetkevitch, Sinead Carew, Richard Leong, Lewis Krauskopf, Saqib Ahmed; Editing by David Gregorio) Next In Money News Asia firms'' confidence hits near 2-year high on U.S., China pick-up - Thomson Reuters/INSEAD BEIJING Business sentiment at Asia''s top companies rose to its highest in almost two years in the first quarter of 2017, buoyed by positive economic signs from the United States and China that underpinned improved global demand, a Thomson Reuters/INSEAD survey showed.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-markets-trump-analysis-idINKBN16T2ZG'|'2017-03-23T04:07:00.000+02:00'
'2faa7e8781e446c04e009da5337efad08cabe887'|'GSK and Regeneron to mine gene data from 500,000 Britons'|'  GSK and Regeneron to mine gene data from 500,000 Britons * Drugmakers to sequence DNA from UK Biobank participants * Project to deliver first genetic data within a year * Gene variations could point way to new medicines By Ben Hirschler LONDON, March 23 Britain''s GlaxoSmithKline and U.S.-based Regeneron Pharmaceuticals are embarking on a joint project with UK Biobank, the world''s most detailed biomedical database, to hunt for new clues linking genes and disease. By analysing genetic variations and health in 500,000 middle-aged and older Britons, the partners said on Thursday they hoped to identify promising leads for new medicines. The aim is to analyse DNA from an initial 50,000 samples by the end of 2017, using Regeneron''s large gene sequencing centre in New York. Completing a gene sweep for all 500,000 participants is expected to take three to five years. The move marks an acceleration of investment by drugmakers in genetic science, as industrial-scale sequencing and falling costs allow research teams to quickly test for the effect of gene variations across thousands of individuals. GSK''s British rival AstraZeneca signed a similar deal with genome pioneer Craig Venter a year ago to sequence genes from up to 2 million people over 10 years. Volunteers aged between 40 and 69 first checked into the UK Biobank between 2006 and 2010, donating blood and other biological samples and agreeing to have their health followed through medical records over many years. Lon Cardon, head of target sciences at GSK R&D, said the database was now coming into its own as an information source as growing numbers of participants start to develop conditions from cancer to dementia, which can be cross-checked against genes. GSK and Regeneron will get nine months exclusivity to pore over the initial trawl of data before the information is made openly available to other scientists. Any research findings will also be put back into the public domain. Both drug companies hope the information throws up new opportunities for drug development, but they view the exercise as "pre-competitive". Apart from paying the cost of sample retrieval and shipping, GSK and Regeneron will not be charged by UK Biobank. Instead, they will effectively make a "payment in kind" by sequencing the DNA for future use by the wider scientific community. Sequencing all the protein-encoding parts of all the genes from the project''s 500,000 participants will cost an estimated $150 million. Such so-called exome sequencing costs about $300 per individual, against $1,000 for whole genome sequencing. All the genetic and other medical data collected by UK Biobank has been anonymised and participants will not get any feedback on their individual circumstances. (Editing by Susan Thomas)   Malaysia     * Keysight Technologies announces pricing of public offering of common shares in connection with pending acquisition of ixia MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/health-genes-gsk-regeneron-pharms-idUSL5N1GZ4H7'|'2017-03-23T07:01:00.000+02:00'
'7489580b8d96f73100e9cf6d07d2531958752a50'|'MOVES-Egan set to leave Barclays'|'By Claire Ruckin - LONDON, March 23 LONDON, March 23 Barclays'' head of EMEA leveraged capital markets, Thomas Egan, is set to leave the bank, banking sources said on Thursday.Egan took on the role as head of EMEA high-yield and leveraged loan syndicate in July 2011. Prior to that he was a director in leveraged finance at Barclays in the US and before that he worked at Lehman Brothers from 2006.Egan is expected to return to the market after some time out, either in London or the US, the sources said.His role is expected to be filled shortly, the sources said. (Editing by Christopher Mangham)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/move-barclays-egan-idINL5N1H05MU'|'2017-03-23T13:27:00.000+02:00'
'04f5c7d2a2e05ea50dba0004c4899db869bc56ab'|'PPG''s McGarry in Amsterdam to promote ''compelling'' Akzo offer'|'AMSTERDAM Paint maker PPG ( PPG.N ) has made a "very compelling" offer for Akzo Nobel ( AKZO.AS ) and was shocked when its Dutch rival turned it down, PPG''s chief executive Michael McGarry said on Thursday on a visit to Amsterdam to drum up support for a proposed tie-up.McGarry said he would meet Akzo shareholders during the visit and was prepared to meet Akzo''s boards "any time, any place" to discuss its 22.7 billion euro ($24.47 billion) takeover offer. He disputed Akzo''s view that the two companies'' cultures were ill-matched.Asked to comment on a possible hostile bid, McGarry said he wanted to "work together" with Akzo.(Reporting By Toby Sterling, writing by Thomas Escritt. Editing by Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-akzo-nobel-m-a-ppg-idINKBN16U17Z'|'2017-03-23T07:47:00.000+02:00'
'aa7761b2a54c52cf9e4de7e75122f73f1ddaaeec'|'Judge orders Exxon to confer with New York AG on Tillerson emails'|'Politics   2:29pm EDT Judge orders Exxon to confer with New York AG on Tillerson emails FILE PHOTO - U.S. Secretary of State Rex Tillerson speaks in Washington, U.S., March 6, 2017. REUTERS/Kevin Lamarque/File Photo NEW YORK A New York state judge on Wednesday ordered ExxonMobil Corp to work with the New York attorney general''s office to try to recover lost emails from an alias account used by U.S. Secretary of State Rex Tillerson when he was the oil company’s chairman and chief executive. Justice Barry Ostrager, who is overseeing a probe by New York Attorney General Eric Schneiderman into whether Exxon misled the public and shareholders about the impact of climate change, also ordered the company to turn over management documents by March 31. In a letter to the judge last week, Schneiderman said Exxon had failed to disclose Tillerson used the alias "Wayne Tracker" for certain communications at the company. The company has said Tillerson used the alias because his main email was too full, but said it may not have preserved all of his messages from the Tracker account. (Reporting by Karen Freifeld; Editing by Anthony Lin and Matthew Lewis) Next In Politics Democrats grill U.S. high court nominee over Trump concerns WASHINGTON Supreme Court nominee Neil Gorsuch said on Wednesday presidents must obey court orders and expressed uncertainty about language in the Constitution barring U.S. government officials from taking payments from a foreign country as Democrats grilled him on issues involving President Donald Trump.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-tillerson-email-idUSKBN16T2N0'|'2017-03-23T01:16:00.000+02:00'
'07e2d47da6cddb7c77714295a1b69ebc72d405d8'|'SoftBank-backed Snapdeal in deal talks with rivals Flipkart, Paytm - Mint'|'Indian online marketplace Snapdeal is in talks with domestic rivals Paytm E-Commerce Pvt Ltd and Flipkart ( IPO-FLPK.N ) for a potential sale, Indian daily business newspaper Mint reported on Wednesday, citing sources.However, a Snapdeal spokesperson denied the report of sale talks with Paytm and Flipkart, according to the newspaper."Your information is incorrect and without basis. We are making decisive progress in our journey towards profitability and all our efforts are aligned in this direction", the spokesperson said in an email to Mint.Japan''s Softbank Group ( 9984.T ), an investor in Snapdeal, is leading the sale talks, and the deal could value the online retailer at less than the total equity raised by parent Jasper Infotech Pvt Ltd, the newspaper reported. bit.ly/2nPJKmaSoftbank is expected to inject up to $50 million in bridge financing until a deal is finalised, the newspaper reported.Snapdeal, Flipkart and Paytm were not immediately available for comment after regular business hours in India.In a bid to turn a profit in the intensely competitive market, which is dominated by homegrown Flipkart and U.S. internet giant Amazon ( AMZN.O ), Snapdeal said last month that it would lay off 600 employees and its founders would forego their salaries.Snapdeal reported a loss of 29.6 billion rupees ($14.93 million) in the financial year to March 31, 2016, according to regulatory filings.Indian e-commerce, which is one of the world''s fastest growing internet services market, has largely been driven by steep discounts, resulting in investor markdowns due to concerns about profitability.(Reporting by Vishal Sridhar Michael Perry)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/snapdeal-m-a-idINKBN16T01D'|'2017-03-21T21:25:00.000+02:00'
'd72260883c5f9e82b609566344af1014aade37c0'|'German drugmaker Stada CEO''s car was bugged: Manager Magazin'|'FRANKFURT The chief executive of German drugmaker Stada, which has faced activist pressure to overhaul its strategy and has received two takeover approaches, was bugged, Germany''s Manager Magazin said on Thursday.Manager Magazin said Matthias Wiedenfels, who became CEO last summer, found a bugging device in his car and received anonymous letters containing photographs that depicted him in private or confidential business situations. The magazine, which did not cite sources or say who was behind the bugging, said the incidents took place in the second half of last year.Stada declined to comment.Public prosecutors in the city of Giessen, who cover the city of Bad Vilbel where Stada is based, were not immediately available to comment.The drugmaker is the subject of takeover approaches from two private equity consortia but has postponed the structured auction to give the bidders a chance to improve their offers.Investors including Active Ownership Capital (AOC) have criticized Stada''s management through a high-pressure campaign which culminated in long-serving CEO Hartmut Retzlaff''s resignation last year. Retzlaff was replaced by Wiedenfels in June 2016.(Reporting by Edward Taylor and Patricia Weiss; Editing by Susan Fenton)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-stada-wiretap-idUSKBN16U1BV'|'2017-03-23T14:17:00.000+02:00'
'259db4d3aa2f4a32081bcd6c7fc05cb1aa4a34a9'|'Apparel chain Bebe Stores to explore strategic alternatives'|'Deals   5:01pm EDT Apparel chain Bebe Stores to explore strategic alternatives Apparel retailer Bebe Stores Inc ( BEBE.O ) said it is exploring strategic alternatives following four years of losses, sending the shares of the company up about 16 percent after market. The company, which has a market cap of about $29 million, said on Wednesday it has retained B. Riley & Co as its financial adviser. Bebe Stores also engaged a real estate adviser to help decide on options related to its lease holdings. The fashion store, which in 2010 hosted a limited edition Kardashian fashion line, is planning to shut stores and seek a turnaround as an online brand to avoid filing for bankruptcy, Bloomberg had reported on Tuesday, citing people familiar with the situation. ( bloom.bg/2n4oCJi ) (Reporting by Gayathree Ganesan in Bengaluru; Editing by Shounak Dasgupta) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-bebe-stores-restructuring-idUSKBN16T2YT'|'2017-03-23T03:56:00.000+02:00'
'ff555822c61652b68a0aeb362b1239bdeeb08b6a'|'Retailer Next ''extremely cautious'' about year ahead'|' 52am GMT Retailer Next ''extremely cautious'' about year ahead Shoppers pass a branch of Next retail in London, Britain, September 15, 2016. REUTERS/Toby Melville LONDON British clothing retailer Next ( NXT.L ) is "extremely cautious" about prospects for the year ahead, it said on Thursday, as it reported a 3.8 percent fall in annual profit. The company, which issued a profit warning in January, said it made underlying earnings before tax of 790.2 million pounds ($988.2 million) in the year to January 2017. That compared with Next''s latest guidance of 785-799 million pounds, analysts'' average forecast of 793 million pounds and 821.3 million pounds in 2015-16. "The clothing sector faces three potential threats: a sectoral shift away from spending on clothing, price inflation as a result of sterling’s devaluation and potentially weaker growth in real incomes in the wider economy," Next said. "These headwinds are likely to be felt most acutely in our retail business, as sales continue to migrate away from the high street to online shopping." Next did, however, maintain the guidance it issued in its January trading statement for the 2017-18 year - full price sales, at constant currency, in a range of down 4.5 percent to up 1.5 percent and pretax profit of 680-780 million pounds. Long Britain''s most successful clothing store chain, Next has faltered over the last two years. Its shares, which have slumped 41 percent over the last year, closed on Wednesday at 3,885 pence, valuing the business at 5.71 billion pounds. The company has also highlighted inflationary pressures on its cost base, including the government mandated National Living Wage, business rates, apprenticeship levy and energy taxes. Analysts are concerned too about a declining number of credit customers at Next''s online Directory business as rivals step up investment and eat into its once leading position. (Reporting by James Davey; Editing by Jane Merriman and Mark Potter)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-next-results-idUKKBN16U0MY'|'2017-03-23T14:52:00.000+02:00'
'3ecd10c569bf1f19bbf139a0874a25047cf11ab3'|'Profiting from the wall: The battle to build Donald Trump’s wall'|'FEW slogans were chanted with as much passion by Donald Trump’s supporters in the presidential campaign as “Build that wall!”. The construction industry is almost as enthusiastic. Last week America’s Customs and Border Protection agency (CBP) issued two invitations for companies to bid to build the wall on the border with Mexico, which is expected to cost anywhere between $12bn and $25bn. The deadline for designs falls on March 29th. One request is for a solid concrete border wall, and the other for a wall using “alternatives” to reinforced solid concrete, suggesting the government has yet to decide what the barrier should be made of.More than 700 companies, from big general contractors to firms selling materials to niche providers of lighting and surveillance systems, have registered to try to become suppliers. To the surprise of some, about one in ten of the firms bidding are local ones with Hispanic owners, drawn by the scale of the earnings on offer. Cemex, a Mexican cement giant that has plants on both sides of the border, said it would not sell cement for the project, though it had earlier expressed interest in joining the bidding. Another, tiny, Mexican firm has offered lighting. 4 14 Other foreign firms muscling in include SA Fence & Gate from South Africa and Quickfence from Spain, although they may not get far: the government’s tender mentions a “Buy American” preference. Skanska, a Swedish firm that is one of the construction industry’s largest, publicly snubbed the project. “We believe in openness and equality,” declared its chief executive, Johan Karlstrom.The big American bidders try to downplay the politics. Howard Nye, the boss of Martin Marietta, a materials giant based in North Carolina, says simply that his company has “a general interest in large infrastructure projects”. Its shares and that of other construction firms have risen as a result of Mr Trump’s pledge to lavish $1trn on infrastructure across the country. Those plans may be delayed, but not, it seems, the wall. For some smaller bidders, business and personal views are aligned. Michael McLaughlin of Greenfield Fence, a contractor based near San Diego, says the barrier is needed to keep “dangerous drug dealers” out of the country.The general requirement is for a wall that is at least 5.5 metres high, preferably 9 metres, with anti-climb and anti-tunnelling features, and which—on the American side, at least—is “aesthetically pleasing”. The few dozen firms that make it to the second round will later present detailed drawings and technical specifications as well as their best price. At the end of the process a still unknown number of winners will each be awarded a contract with a maximum value of $300m.The rules of the game clearly favour large engineering and construction firms such as KBR, which helped build the detention camp at Guantánamo Bay and which will probably bid, or Kiewit, from Nebraska. These companies have the best design expertise, top-notch construction-management teams and the ability to strong-arm materials suppliers. But smallish players could still turn a profit by signing up to be subcontractors to bigger, prime contractors. Andrew Dorfschmidt of McDirt Excavation, a family-owned business in South Dakota, hopes to sell digging services to whichever companies are awarded the government contract.Other firms are not interested in building the wall itself but are looking to sell border-wall accessories that are known as “tactical infrastructure and technology”. These include lighting, standing platforms and remote video-surveillance systems. One such firm, 2020 Surveillance, assumes there will be cameras placed every 60 metres along the wall. At a licensing fee of a few hundred dollars per camera per year it would expect to make $10m in revenue every year the wall is in place, if it supplied surveillance for the whole length required, or about 1,000 miles (1,610km).Despite the strong expression of interest from potential bidders, the construction schedule could be unpredictable. For one thing, company bosses note that the wall will run through many parcels of private land. Although eminent-domain laws, which force the transfer of private property into public hands, may be invoked by the government, agreeing on adequate compensation for evicted landowners often becomes a legal headache.Receiving payment could also take time. Only a small fraction of the estimated total cost of building the wall has been ring-fenced under Mr Trump’s “skinny” budget proposal. Mexico has disobligingly ruled out paying for it. Delay may not matter to everyone, however. Working on Mr Trump’s pet project is probably a good way to get a slice of a broader infrastructure splurge, if and when it comes.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21719520-more-700-companies-are-vying-business-many-them-are-local-hispanic-owners?fsrc=rss'|'2017-03-23T22:43:00.000+02:00'
'e0cf5591e834b50db9729a797c87f561505e470e'|'Brazil scandal tests JBS, BRF push for overseas units IPOs'|'By Guillermo Parra-Bernal and Paula Arend Laier - SAO PAULO SAO PAULO Brazil''s two largest food processors are striving to restore confidence in their quality controls as they pursue plans to list overseas units after a scandal over alleged bribery of health officials that triggered bans on Brazilian meat exports.On Friday, police named Brazil''s JBS SA ( JBSS3.SA ), the world''s top meatpacker, and BRF SA ( BRFS3.SA ), the largest poultry producer, alongside dozens of smaller peers in a probe into alleged payments to officials to forgo inspections and overlook practices including processing rotten meat.The scandal broke weeks before JBS and BRF were due to launch the initial public offerings of their foreign-based units JBS Foods International and One Foods Holdings Inc - which is BRF''s halal meats unit. The deals could fetch a combined $2.5 billion and help accelerate expansion outside Brazil.While JBS ( JBSS3.SA ) and BRF ( BRFS3.SA ) have denied wrongdoing, the reputation of one of Brazil''s flagship industries has been hard hit. Exports of Brazilian meat fell to $74,000 on Tuesday from a daily average of $63 million before the scandal.China, the largest consumer of Brazilian meat, suspended shipments from the South American country at the weekend, with Hong Kong following suit and the European Union halting purchases from four Brazil-based facilities.Still, four people involved in the deals said JBS and BRF would press ahead with the IPOs while seeking to shore up investor confidence with a campaign arguing the police probe misstated facts. JBS has no intention to delay the $1 billion IPO of JBS Foods in New York, which it hopes to finalise in May or June, one of the people said.BRF continues to analyse selling a $1.5 billion stake in One Foods through a London IPO or a private placement, another person said.Sovereign wealth funds are in talks with BRF over a private stake sale in One Foods. Bank of America Corp and Morgan Stanley & Co are advising BRF on the deal, Reuters reported last week.Neither firm has seen a pushback from potential investors, said the people, who spoke under the condition of anonymity, because of the sensitivity of the matter. JBS and BRF, both based in São Paulo, declined to comment.SEEKING CLARITYThe scandal has slashed about $2.2 billion worth of market value from JBS and BRF since Friday, according to Thomson Reuters data.JBS shares tumbled nearly 11 percent on Friday, the day the scandal broke, the biggest daily plunge since Oct. 26, when a government agency vetoed a plan to move some operations outside Brazil.BRF is near its lowest level in more than four years. This week, stocks of both firms have slowly recovered, suggesting Friday''s selloff might have been overdone.According to two New York-based and three London-based fund managers, investors are likely to seek more clarity about the facts surrounding "Operation Weak Flesh.""The future prospects for any transaction like this, anywhere, will be unclear until all the parties involved remove the overhang on the matter," said Nick Field, who helps manage $26 billion in emerging market equities for London-based Schroder Investment Management.Field, like the other fund managers, declined to say whether his firm might participate in either IPO.Both companies and industry groups have launched public relations campaigns to repair the damage.BRF rejected allegations by police that it mixed cardboard in its products and said there was no evidence it sold rotten meat. JBS said all exporting plants in Brazil followed strict international procedures.CONFERENCE CALLSJBS executives plan to hold conference calls with banks working on the JBS Foods IPO as early as this week, allowing them to verify information on the probe with third-party sources, the first person said.While BRF is the more exposed to Brazil - with 55 percent of its sales and most of its poultry production there - none of its halal plants are suspended as part of the probe.Analysts like Ronaldo Kasinsky of Santander Investment Securities remained wary, saying the ongoing investigation could deal a real setback to both deals. Investors could fret over valuation, undertake a closer look at operational and safety standards or stretch out due diligence procedures, he said.Others like Carlos Laboy of HSBC Securities were confident the deals would go through.The IPO of JBS Foods, which serves 350,000 clients around the world, could help parent company JBS morph from a meatpacker into a highly-valued, global food processing player.JBS will name the banks underwriting the IPO in a filing with the U.S. Securities and Exchange Commission, one of the people said.For BRF, the One Foods deal should propel expansion into Asian Muslim nations. One Foods already controls 45 percent of the halal poultry market in Saudi Arabia, United Arab Emirates, Kuwait, Qatar and Oman.(Reporting by Guillermo Parra-Bernal, Paula Arend Laier; Editing by Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brazil-corruption-food-deals-analysis-idINKBN16T2UK'|'2017-03-22T16:49:00.000+02:00'
'32e1477780c403c50fd4a1641aa6f7f9ec3be712'|'UK credit rating hinges on agreeing trade deals - Moody''s'|'  4:52pm GMT UK credit rating hinges on agreeing trade deals - Moody''s FILE PHOTO - A general view of the financial district of London is seen in London, Britain, October 19, 2016. REUTERS/Hannah McKay/File Photo LONDON Moody''s credit rating agency said on Tuesday the path of Britain''s sovereign credit rating would depend on whether it agrees trade deals as it leaves the EU, along the lines espoused by   May''s government. But Moody''s said there were "clear downside risks". "These include the possibility that no new or temporary trade arrangements will be agreed before the expiration of the two-year withdrawal period outlined in Article 50, or - even more detrimental - that there will be an unexpected collapse of the negotiations," Moody''s said in a statement. (Reporting by Andy Bruce; Editing by Toby Chopra)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-moody-s-idUKKBN16T2CK'|'2017-03-22T23:52:00.000+02:00'
'2920bc52ffad2c28ea8d4e37998a964be9ceeaba'|'EBA''s Enria confident of agreement on bank models soon'|' 35am GMT EBA''s Enria confident of agreement on bank models soon Chairperson of European Banking Authority (EBA) Andrea Enria attends a debate with the European Parliament''s Economic and Monetary Affairs Committee in Brussels, Belgium September 26, 2016. REUTERS/Yves Herman FRANKFURT Europe''s top bank regulator expects a global agreement "soon" over the models that large banks use to measure risk, the main hurdle to finalising global rules designed to avoid a repeat of the 2008 financial crisis, he said on Wednesday. "We’ve done a lot of work (on internal models), we’re very close to an agreement and I’m confident we’ll get there soon," Andrea Enria, the chairman of the European Banking authority, said at an event in Frankfurt. (Reporting by Francesco Canepa; Editing by Alison Williams)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-banks-regulation-idUKKBN16T1CA'|'2017-03-22T18:35:00.000+02:00'
'5afe357ddbc612d083a2eef016ed75aa76b0cc8e'|'Brazil''s Angra III nuclear project to be auctioned by 2018 -deputy minister'|'Company   11:54am EDT Brazil''s Angra III nuclear project to be auctioned by 2018 -deputy minister RIO DE JANEIRO, March 21 Brazil''s government wants to auction the Angra III nuclear plant project by 2018, its deputy energy minister said on Tuesday, adding that Russian and Chinese investors are interested in finishing it. The deputy minister, Paulo Pedrosa, expects Angra III to be completed by 2023. He also announced that the government has decided to retake Cia Energética de Minas Gerais''s power dams and put them up for auction. The contracts on the dams expired in 2015. (Reporting by Rodrigo Viga Gaier; Writing by Tatiana Bautzer; Editing by Paul Simao) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-auction-angra-iii-idUSL2N1GY0V1'|'2017-03-21T22:54:00.000+02:00'
'c7ce82e6cf8151004be32f00f43be9dfb5b8c29a'|'Former Greens leader Bob Brown to launch coalition to oppose Adani coalmine - Business'|'The former Greens leader Bob Brown will launch a new alliance of 13 environmental groups opposed to the Adani coalmine on Wednesday in Canberra.The Stop Adani Alliance will lobby against the coalmine in Northern Queensland, citing new polling that shows three-quarters of Australians oppose subsidies for the mine when told the government plans to loan its owners $1bn.The alliance’s declaration argues the mine will “fuel catastrophic climate change”, because burning 2.3bn tonnes of coal from the mine over 60 years of operation would create 4.6bn tonnes of carbon dioxide. It states the project would “trash Indigenous rights”, citing the fact Adani does not have the consent of the Wangan and Jagalingou people.Most voters in Peter Dutton''s electorate oppose subsidising Adani coalmine, poll says Read more The alliance’s members include the Bob Brown Foundation, the Australian Conservation Foundation, 350.org , Get Up, the Australian Youth Climate Coalition, the Seed Indigenous Youth Climate Network and the Australian Marine Conservation Society.The alliance will call for:Urgent and serious action to cut carbon pollution; A complete withdrawal of the Adani Carmichael mine, rail and port project; A ban on new coalmines and expansions in Australia; and An end to public subsidies for polluting projects.Brown said the groups were “drawing a line in the sand with Adani, just as previous generations did with the Franklin River dam”, a campaign of which he was a leader.“Adani’s coalmine will be the most dangerous in our history, ramping up global carbon pollution precisely when emissions need to be drastically cut,” he said.Brown will be joined at the launch in Canberra by alliance spokesman and president of the Australian Conservation Foundation, Geoff Cousins, and Seed Indigenous Youth Climate Network codirector Amelia Telford.According to a new ReachTel poll taken on 14 March, 74.8% of voters agree that “Adani should fund its own project” rather than rely on a proposed $1bn loan from the federal government.The poll replicates results in January that showed three-quarters of respondents were opposed to loaning $1bn for a train line to the Adani coalmine.The government’s Northern Australia Infrastructure Fund granted Adani “conditional approval” for a $1bn loan in December 2016.Ian Chappell stands by Adani mine letter despite being called ''elitist'' by Coalition MP Read more The March poll of 2,134 voters found that 64.1% of respondents thought the government should wait for consent of Aboriginal traditional owners if they opposed the Adani coalmine.“Australians don’t want this dangerous coal mine,” Cousins said. “It’s clear from new polling that the community are with us – they know coal is a dirty, dying industry.“The government and the Labor party must categorically rule out any public funding for the mine.”The federal government has argued there is no definite link between the coal from the Adani mine being burned and climate change and the resources minister, Matt Canavan, has said the mine would “ be a good thing for the environment ”.Analysis from Greenpeace has suggested the rail project does not meet the requirements for a loan under the infrastructure scheme, since it will not be “of public benefit” and it is not clear Adani will be able to repay the loan.Topics Adani Group Coal Energy Business (Australia) Fossil fuels Australian Greens news  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/mar/22/former-greens-leader-bob-brown-to-launch-coalition-to-oppose-adani-coalmine'|'2017-03-22T00:30:00.000+02:00'
'8d4212ae1b4755b3515349f8e190b5acd28823bf'|'Maersk reaches key North Sea tax deal with Denmark'|'Business News - Wed Mar 22, 2017 - 7:32pm GMT Maersk reaches key North Sea tax deal with Denmark A man walks past empty Maersk shipping containers at Peel Ports container terminal in Liverpool northern England, December 9, 2016. REUTERS/Phil Noble By Teis Jensen - COPENHAGEN COPENHAGEN Shipping and oil company A. P. Moller-Maersk ( MAERSKb.CO ) on Wednesday reached an agreement with the Danish state that means it will pay less tax on its North Sea oil and gas activities through 2025. The deal, which has been under negotiation for months, makes it viable to redevelop the Tyra field through which 90 percent of Denmark''s gas production is processed, and it is seen as crucial for the Danish company that is seeking to spin off its energy assets via a listing or merger. Maersk and its partners in the Danish Underground Consortium (DUC) -- Shell ( RDSa.L ), Chevron CXN.N and state-owned Nordsofonden -- with whom it owns Tyra, will decide on the redevelopment of the field by the end of the year, Maersk said. "We will now issue tenders and progress engineering work towards detailed plans in preparation of a final investment decision by end 2017," Maersk Oil''s Chief Operating Officer, Martin Rune Pedersen said in a statement. "Pending a final investment decision, production from Tyra is now expected to shut in December 2019 and restart in March 2022," Maersk Oil said. The deal means the tax allowance on oil and gas production will be increased gradually over the next six years to 6.5 percent from 5 percent now, the finance ministry said. The tax allowance will be withdrawn if the oil price rises to above $75 per barrel, the ministry said. Tyra''s platforms have sunk 5 metres since production began 30 years ago but Maersk has earlier said it would not be viable to redevelop it given the conditions offered by Denmark. The deal will support investments of more than 10 billion Danish crowns (1.2 billion pounds) in oil and gas production in the North Sea, and could increase tax revenues by 26 billion crowns through 2042, the finance ministry said. (Additional reporting by Erik Matzen and Nikolaj Skydsgaard, editing by David Evans) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-maersk-oil-denmark-idUKKBN16T2SS'|'2017-03-23T02:32:00.000+02:00'
'5ffdb6c5e8e998a294545625d4d1594d038642cf'|'Comcast''s Fandango Media to launch online merchandise store'|'Entertainment   9:05am EDT Comcast''s Fandango Media to launch online merchandise store Fandango Media LLC, a Web-based movie ticketing platform owned by Comcast Corp, said it would launch an online merchandise store next month. Fandango FanShop will offer curated wearables, collectibles, "experiences and events" tied to theatrical releases and movie franchises. FanShop''s initial offerings will feature gear from upcoming movies "Guardians of the Galaxy Vol. 2", "Wonder Woman", "Despicable Me 3", Fandango Media said on Thursday. (Reporting by Ankit Ajmera in Bengaluru; Editing by Maju Samuel) Next In Entertainment News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-fandango-fanshop-idUSKBN16N1Q7'|'2017-03-16T20:03:00.000+02:00'
'e719a5b2cd99875fb3ae8681daa5c370379853ce'|'Audi board to discuss prosecutor raids, CEO''s actions on March 29 - sources'|'Business   10:11pm GMT Audi board to discuss prosecutor raids, CEO''s actions on March 29 - sources Audi cars are parked in front of the company''s headquarters in Ingolstadt, Germany, March 15, 2017. REUTERS/Lukas Barth BERLIN/FRANKFURT Top officials at Volkswagen''s luxury division Audi ( NSUG.DE ) will meet next week to discuss a raid by German prosecutors on the carmaker''s premises last week and the situation of its embattled chief executive, sources said. Munich prosecutors last week searched the offices of Audi''s Ingolstadt factory, a plant in Neckarsulm and other locations. Audi, its parent company Volkswagen ( VOWG_p.DE ) and Jones Day, the U.S. law firm hired by Audi and VW to investigate the emissions scandal that has rocked both companies, were also targeted in separate raids. Audi''s supervisory board will convene on March 29 to question executives about the extent and possible consequences of the searches, three people familiar with the matter told Reuters on Tuesday. But the main topic of discussion will be whether the 20-member board should recommend to shareholders at their May 18 annual general meeting that they ratify the actions of Audi Chief Executive Rupert Stadler in 2016, the sources said. Such shareholder votes are common at German companies, but in the wake of the emissions scandal the vote on whether to sign off on CEO Stadler''s decisions will be no formality. There has been speculation in the German media as to when Stadler found out about the emissions cheating. A previous meeting of the Audi board in late February did not pass a resolution on recommending a vote to clear the CEO. Audi declined to comment regarding the March 29 meeting. VW''s main earnings contributor admitted in November 2015 that its 3.0 litre V6 diesel engines were fitted with an auxiliary control device deemed illegal in the United States that enabled vehicles to evade U.S. emission limits. (Reporting by Andreas Cremer, Ilona Wissenbach and Irene Preisinger; Editing by Hugh Lawson) Next In Business News Bank of New York Mellon must face $1 billion Commerzbank lawsuit NEW YORK Bank of New York Mellon Corp must face a Commerzbank AG lawsuit seeking to hold it liable for toxic mortgage-backed securities that the German lender bought before the financial crisis, resulting in more than $1 billion (822 million pounds) of losses.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-audi-emissions-board-idUKKBN16S2VW'|'2017-03-22T05:11:00.000+02:00'
'f40e4f0e28873466fb1fb7bbfdc4317299d22fed'|'Greece eyes bailout deal with lenders within April'|'Business News   6:01pm IST Greece eyes bailout deal with lenders within April People are silhouetted under a fluttering Greek national flag atop the archaeological site of the Athens Acropolis, Greece, March 20, 2015. REUTERS/Alkis Konstantinidis/File Photo ATHENS Greece said on Wednesday it hopes for a deal with its international lenders within the month of April and is working to bridge differences on labor, pension and energy reforms. The onus for an agreement was not only on the Greek government, but on its European Union and International Monetary Fund lenders too, government spokesman Dimitris Tzanakopoulos told reporters. Three Greek ministers, including its finance minister, are in Brussels this week in an attempt to thrash out a deal with creditors on reforms, necessary for lenders to sign off on a bailout review needed for disbursement of a fresh tranche of aid. The officials decided to stay on after an inconclusive meeting of euro zone finance ministers in Brussels on March 20. Athens is eyeing what it calls a "comprehensive deal" with lenders which would also address the intentions of creditors vis-a-vis debt restructuring for the crisis-hit country. It wants a deal on "technical reforms" covering pending energy and labor issues before moving on to discussions on medium-term measures for debt and agreeing on levels of primary surpluses. "(Our aim) is to reach a comprehensive agreement the soonest, and if possible, within April," Tzanakopoulos said. The IMF has yet to decide whether to participate in Greece''s latest bailout, worth 86 billion euros, expressing deep concerns over debt sustainability. (Reporting by Lefteris Papadimas Editing by Jeremy Gaunt) Next In Business News Asia firms'' confidence hits near two-year high on U.S., China pick-up: Thomson Reuters/INSEAD BEIJING Business sentiment at Asia''s top companies rose to its highest in almost two years in the first quarter of 2017, buoyed by positive economic signs from the United States and China that underpinned improved global demand, a Thomson Reuters/INSEAD survey showed.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-eurozone-greece-bailout-idINKBN16T1HJ'|'2017-03-22T19:31:00.000+02:00'
'6035ef9fbece53099fcbafc2211413cfdc61f54f'|'BRIEF-Cintas Corp says G&K Services enters amended and restated note purchase agreement'|' 06pm EDT BRIEF-Cintas Corp says G&K Services enters amended and restated note purchase agreement March 21 Cintas Corp : * 3.73% series a senior notes due April 15,2023, 3.88% series B senior notes due April 15,2025 were deemed to be amended,restated * On March 21, 2017, G&K Services, Inc. entered into an amended and restated note purchase agreement * Interest on each tranche of notes is payable semiannually - SEC filing * Effective March 21, 2017, note purchase agreement, dated april 15, 2013, among G&K Services and Purchasers, replaced by A&R purchase agreement Source text - ( bit.ly/2nHaDfw    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-cintas-corp-says-gk-services-enter-idUSL5N1GY6JG'|'2017-03-22T05:06:00.000+02:00'
'ae7824a7ed81ba5622a7d603cd788819854de0d9'|'Kabbage looks to raise money for acquisitions: sources'|'By David French and Anna Irrera Small U.S. business online lender Kabbage Inc is in talks to raise a new round of equity funding that could be used for potential acquisitions at a time when many of its peers face funding challenges, people familiar with the matter said.The move comes as online lenders are increasingly encroaching on the turf of traditional banks. However, growth in the industry has slowed as some online lenders have struggled to offload loans many institutional investors view as risky.Privately held Kabbage is holding talks with investment firms about raising a few hundred million dollars in the new round, the sources said this week.Kabbage, based in Atlanta, could not immediately be reached for comment.One of the acquisition targets under consideration by Kabbage is rival On Deck Capital Inc, which has market capitalization of $321 million, according to one of the sources.The sources cautioned that no decisions have been taken and asked not to be identified because the deliberations are confidential.New York-based On Deck Capital declined to comment.Kabbage runs a platform that provides loans to small businesses in minutes. Its existing investors include Reverence Capital Partners, SoftBank Capital, Thomvest Ventures, Mohr Davidow Ventures, BlueRun Ventures, the UPS Strategic Enterprise Fund, ING, Santander InnoVentures, Scotiabank and TCW/Craton.Banco Santander SA partnered with Kabbage last year to provide loans to small businesses in Britain, while JPMorgan Chase & Co works with On Deck.On Deck shares have fallen more than 80 percent since it went public in December 2014. On Deck posted its fifth consecutive quarterly loss last month, and said it had to set aside more money for future losses after determining its calculations in its internal models were off.As a private company, Kabbage does not report earnings publicly.Earlier this month, it said it priced the largest asset-backed securitization of small business loans in the online lending industry, packaging and selling $525 million worth of loans to investors. Kabbage said this would allow its volume of lending to exceed $2.7 billion.On Deck said earlier on Wednesday that it had amended its asset-backed revolving credit facility with Deutsche Bank to extend its maturity date to March 2019 and to increase its borrowing capacity by $52 million, to a total of up to $214 million.(Reporting by David French and Anna Irrera in New York)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-kabbage-funding-idINKBN16U042'|'2017-03-22T22:04:00.000+02:00'
'ee1e28608ed5acca78da7948cec671701fbeddd1'|'TREASURIES-Bonds steady before vote on U.S. healthcare law'|'* House healthcare vote in focus * Fed''s Yellen doesn''t address monetary policy * Treasury to sell $11 bln, 10-year TIPS By Karen Brettell NEW YORK, March 23 U.S. Treasuries were steady on Thursday as investors waited for a vote by lawmakers on a healthcare proposal, which is seen as a gauge of the Trump administration’s ability to implement near-term goals. U.S. President Donald Trump faces a vote in the House of Representatives on a plan that would roll back the signature healthcare law of former President Barack Obama. Delays in passing domestic legislation, including healthcare, are seen as likely to push back any new fiscal stimulus, which investors had anticipated would boost growth and possibly lead to faster than previously expected interest rate increases. Concerns about delays in fiscal reform helped send stocks lower this week while increasing demand for safe-haven bonds. “There is a growing consensus of people who perhaps think that the healthcare bill might not pass, and maybe the market got a little ahead of itself with the expectations of what Trump could get accomplished right away,” said Dan Mulholland, head of Treasuries trading at Credit Agricole in New York. Benchmark 10-year notes were last up 1/32 in price to yield 2.40 percent. The 10-year yields fell to 2.375 percent on Wednesday, their lowest since Feb. 28. They are down from a three-month high of 2.63 percent on March 14. Investors have lowered expectations of a more aggressive Federal Reserve as doubts about the pace of change in Washington increase. The U.S. central bank raised interest rates last week as expected but took a more dovish tone on future hikes than some investors had anticipated. Investors who held back from taking new positions before the Fed meeting have also returned to the market since the rate hike, helping bonds rally. “Money was sidelined waiting for the Fed to hike rates,” said Mulholland. "Then once they did, we saw a bit of money come into the market." Fed Chair Janet Yellen did not address monetary policy or the economic outlook in prepared remarks for a childhood education conference in Washington on Thursday. The Treasury Department will sell $11 billion in 10-year Treasury Inflation-Protected Securities on Thursday. Durable goods data and manufacturing data on Friday will be a focus for investors. )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL2N1H00KU'|'2017-03-23T10:41:00.000+02:00'
'f0ac21dd6ac1935743ac288b7388bc1eefc031a4'|'HSBC confident of filling Birmingham headquarters roles on time'|'Business News - Thu Mar 23, 2017 - 12:09am GMT HSBC confident of filling Birmingham headquarters roles on time FILE PHOTO - The headquarters of HSBC bank in London''s Canary Wharf financial district, Britain, March 11, 2016. REUTERS/Russell Boyce/File Photo LONDON HSBC is on track to fill 1000 vacancies at the new headquarters of its British retail bank in Birmingham it said on Thursday, with people hired for nearly 450 of the roles. The bank''s newly separated high street lender HSBC UK is set to open its headquarters in a 10 storey office block in the city in the heart of Britain''s Midlands region in January 2018. HSBC has said it will move 1000 jobs from its head office in London, but reports last year in British newspapers said that an independent monitor tasked with overseeing the bank criticised the pace of its progress in filling the roles. "More than 40 percent of the head office roles we are moving from London to Birmingham are now accounted for and we''re recruiting internally and externally for the remaining roles," Antonio Simoes, Chief Executive of HSBC Bank plc, said. The bank said 447 of the roles have been accounted for, through a combination of staff moving from London and new hires in Birmingham, and more than 2000 staff internally have registered interest in the remaining jobs. The creation of HSBC UK is in response to laws set out in 2013 that require British banks to separate high street business from investment banking in order to protect savers'' money. HSBC has estimated the cost of this "ringfencing" project at 1.5-2 billion pounds, including the construction of the new headquarters, moving staff and separating and testing HSBC UK''s IT infrastructure and systems. The bank previously named Ian Stuart as the Chief Executive of HSBC UK, while former London Stock Exchange Chief Executive Clara Furse will chair the unit. (Reporting by Lawrence White; editing by Alexander Smith)   Verizon, AT&T suspend ads from Google over offensive videos U.S. wireless carriers Verizon Communications Inc and AT&T Inc said on Wednesday they have suspended digital advertising on Google''s YouTube and other advertising platforms not related to search over concerns that their ads may have run next to extremist videos. Euro    '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hsbc-birmingham-idUKKBN16U004'|'2017-03-23T07:09:00.000+02:00'
'24f872201047ad0ffcaff26550d55a5b7ba192bf'|'HSBC confident of filling Birmingham HQ roles on time'|'LONDON, March 23 HSBC is on track to fill 1000 vacancies at the new headquarters of its British retail bank in Birmingham it said on Thursday, with people hired for nearly 450 of the roles.The bank''s newly separated high street lender HSBC UK is set to open its headquarters in a 10 storey office block in the city in the heart of Britain''s Midlands region in January 2018.HSBC has said it will move 1000 jobs from its head office in London, but reports last year in British newspapers said that an independent monitor tasked with overseeing the bank criticised the pace of its progress in filling the roles."More than 40 percent of the head office roles we are moving from London to Birmingham are now accounted for and we''re recruiting internally and externally for the remaining roles," Antonio Simoes, Chief Executive of HSBC Bank plc, said.The bank said 447 of the roles have been accounted for, through a combination of staff moving from London and new hires in Birmingham, and more than 2000 staff internally have registered interest in the remaining jobs.The creation of HSBC UK is in response to laws set out in 2013 that require British banks to separate high street business from investment banking in order to protect savers'' money.HSBC has estimated the cost of this "ringfencing" project at 1.5-2 billion pounds, including the construction of the new headquarters, moving staff and separating and testing HSBC UK''s IT infrastructure and systems.The bank previously named Ian Stuart as the Chief Executive of HSBC UK, while former London Stock Exchange Chief Executive Clara Furse will chair the unit. ($1 = 0.8027 pounds) (Reporting by Lawrence White; editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/hsbc-birmingham-idINL3N1GY3VU'|'2017-03-22T21:01:00.000+02:00'
'3f126f8313039bb0802a71c59527403075ffedc5'|'Brazil''s Oi loss narrows on cost-cutting, EBITDA slumps'|'Company   7:11pm EDT Brazil''s Oi loss narrows on cost-cutting, EBITDA slumps SAO PAULO, March 22 Oi SA, the Brazilian phone carrier currently under bankruptcy protection, posted a narrower net loss in the fourth quarter due to cost cutting and lower financial expenses. In a Wednesday securities filing, Oi said it lost 3.306 billion reais ($1.07 billion) last quarter, a shortfall about 30 percent smaller than the same period a year earlier. The carrier has been working to contain costs and recover market share in the country''s worst recession on record. Net revenue fell 6 percent as pre-paid mobile users dropped sharply amid rising unemployment and consumer debt. Earnings before interest, taxes, depreciation and amortization fell 10 percent from a year earlier to 1.531 billion reais. The indicator was mainly affected by an asset impairment related to Oi''s Africa-based investments. Net debt slipped to 40.342 billion reais at the end of December, from 41.184 billion reais at the end of September. Capital spending rose 28 percent, part of Chief Executive Marco Schroeder''s efforts to rebuild Oi''s slipping subscriber base. Oi reported in court documents last week that it had negative free cash flow of 153 million reais in January, due in part to a rise in payments to service providers. ($1 = 3.09 reais) (Reporting by Brad Haynes; Editing by Bernard Orr) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/oi-sa-results-idUSL2N1GZ28T'|'2017-03-23T06:11:00.000+02:00'
'069947b78bade380f0021821b7dfbec2c2bcae9b'|'Diamond group De Beers buys out retail partner LVMH'|' 42am GMT Diamond group De Beers buys out retail partner LVMH The logo of French luxury group Louis Vuitton is seen at a store in Paris, France, January 26, 2017. REUTERS/Jacky Naegelen PARIS Anglo American''s ( AAL.L ) diamond specialist De Beers has bought the 50 percent stake held by French luxury goods group LVMH ( LVMH.PA ) in De Beers Diamond Jewellers for an undisclosed amount, taking full ownership of the retail operation. "More fully integrating the De Beers Diamond Jewellers brand and store network will enable us to deliver an even more differentiated diamond offering, alongside our fast-growing diamond brand Forevermark," De Beers Group chief executive Bruce Cleaver said in a statement. De Beers Diamond Jewellers'' retail network comprises 32 stores in 17 countries. This includes a growing business in greater China, an established presence in London and Paris, and a new flagship location in New York, the company added. LVMH had no comment to make on the transaction. (Reporting by Dominique Vidalon and Pascale Denis; Editing by Sudip Kar-Gupta)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-diamonds-debeers-lvmh-idUKKBN16U171'|'2017-03-23T17:42:00.000+02:00'
'4e13f24a4781c9bcc2367cdaaaded5a6215958a7'|'U.S. may accuse North Korea in theft last year at N.Y. Fed - WSJ'|'  9:15pm GMT U.S. may accuse North Korea in theft last year at N.Y. Fed: WSJ Federal Reserve and New York City Police officers stand guard in front of the New York Federal Reserve Building in New York, October 17, 2012. REUTERS/Keith Bedford/File Photo WASHINGTON U.S. prosecutors are building potential cases that would accuse North Korea of directing the theft of $81 million from Bangladesh’s account at the Federal Reserve Bank of New York last year, the Wall Street Journal, citing people familiar with the matter. The charges, if filed, would target alleged Chinese middlemen who prosecutors believed help North Korea orchestrate the theft, the Journal said. The current cases being pursued may not include charges against North Korean officials, but would likely implicate North Korea, the Journal reported, with the United States accusing a foreign government of orchestrating one of the biggest bank robberies of modern times. (Writing by Eric Beech; Editing by Eric Walsh)   Hospital, Medicaid insurer shares set for volatility as health vote nears NEW YORK The slumping U.S. healthcare stocks at the center of efforts to dismantle the Affordable Care Act are expected to stay volatile as Republican legislation heads into a vote on Thursday that could signal how protracted their battle to repeal the law will be. If healthcare vote fails, would jeopardize ''Trump trades'': Gundlach NEW YORK If the U.S. healthcare legislation overhaul is not passed, or is postponed, it will put "a lot of doubt" on the "Trump trades," which include higher U.S. equities and bond yields, DoubleLine Capital Chief Executive Jeffrey Gundlach said on Wednesday.  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-cyber-heist-bangladesh-northkorea-idUKKBN16T2Z3'|'2017-03-23T04:08:00.000+02:00'
'45aa4a0166099008eaabcc1934d25482183049ed'|'S.Korea c.bank chief says Daewoo bailout inevitable'|'SEOUL, March 23 South Korea''s central bank governor said on Thursday the fresh bailout plan for Daewoo Shipbuilding & Marine Engineering Co Ltd was "inevitable" when considering the consequences of letting the company go under."There are many varying opinions, but when we look at the economic loss that could occur as a result of the company going bankrupt, there is an element of inevitability to the (bailout plan)," Bank of Korea Governor Lee Ju-yeol told journalists at the central bank headquarters in Seoul."We will be looking at this from here on out, but whether the creditors will agree to change the debt and what Daewoo does to save itself will be very important."South Korean state banks are preparing a fresh $2.6 billion bailout for floundering Daewoo, which has built up huge losses from offshore projects and risks missing debt repayments.Without the infusion of funds, Daewoo is not expected to be able to redeem 940 billion won ($840.49 million) in corporate bonds maturing this year - starting with 440 billion won due in April, the Financial Services Commission said on Thursday.Bondholders and other creditors, however, will have to agree to painful debt-for-equity swaps for the 2.9 trillion won bailout to go through. (Reporting by Christine Kim; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/southkorea-economy-daewoo-cenbank-idINL3N1H02AA'|'2017-03-23T04:00:00.000+02:00'
'c9bc0b74e8cfbfffb5697b87f68f03d0c7a0848e'|'Britain''s financial watchdog revisits Barclays'' Qatari cashcall probe'|'Business News  52am EDT Britain''s financial watchdog revisits Barclays'' Qatari cashcall probe FILE PHOTO: A Barclays logo is pictured outside the Barclays towers in Johannesburg, South Africa, December 16, 2015. REUTERS/Siphiwe Sibeko/File Photo By Kirstin Ridley and Lawrence White - LONDON LONDON Britain''s markets watchdog has resumed its investigation into payments made by Barclays ( BARC.L ) in the course of a 2008 emergency fundraising, after reviewing new evidence that could see it reconsider a 50 million-pound ($62 million) fine imposed in 2013. Two sources familiar with the situation said the Financial Services Authority (FCA) was taking a fresh look at the case, four years ago after it accused Barclays of being "reckless" for not disclosing all its fees and arrangements with Qatari investors. A disclosure of new documentary evidence has prompted the bank to launch a fresh round of interviews, one of the sources said on Thursday. No further details were immediately available. The move comes as a separate criminal investigation by the Serious Fraud Office (SFO) into the multi-billion pound 2008 fundraising, which allowed Barclays to avoid a state bailout at the height of the credit crisis, is reaching a conclusion. The FCA said in 2013 that Barclays failed to disclose payments of 322 million pounds in advisory fees to Qatari investors and said it intended to fine the bank 50 million pounds. Barclays has said it would contest the findings and the case has been on hold pending the outcome of the SFO investigation. The bank recently released fresh documents to SFO investigators which it originally claimed were confidential because they were protected by legal professional privilege. Barclays and the FCA declined to comment. The FCA''s case centers in part on whether the bank adequately disclosed the so-called advisory services agreements to Qatari investors. The Financial Times first reported the re-opening of the FCA probe on Thursday. (Editing by Greg Mahlich) PPG''s McGarry in Amsterdam to promote ''compelling'' Akzo offer AMSTERDAM Paint maker PPG has made a "very compelling" offer for Akzo Nobel and was shocked when its Dutch rival turned it down, PPG''s chief executive Michael McGarry said on Thursday on a visit to Amsterdam to drum up support for a proposed tie-up. PARIS Anglo American''s diamond specialist De Beers has bought the 50 percent stake held by French luxury goods group LVMH in De Beers Diamond Jewellers for an undisclosed amount, taking full ownership of the retail operation. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-barclays-probe-idUSKBN16U18C'|'2017-03-23T17:39:00.000+02:00'
'9efa4e088489e5ac2defe1bbae00bac2a675dd42'|'BRIEF-Detour Gold posts Q4 adjusted loss per share $0.03'|' 46pm EDT BRIEF-Detour Gold posts Q4 adjusted loss per share $0.03 March 22 Detour Gold Corp * Detour Gold reports fourth quarter and full-year 2016 results * Q4 adjusted loss per share $0.03 * Q4 loss per share $0.08 * Q4 earnings per share view $0.04 -- Thomson Reuters I/B/E/S * Quarterly gold production of 143,512 ounces * Says company plans to arrange up to $450 million in financing in 2017 to ensure its future liquidity needs are well managed * Qtrly revenues of $176.6 million versus $145.7 million * Detour gold corp - co is in discussions with its mobile fleet equipment vendor to assess availability of obtaining a debt facility of up to $100 million  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-detour-gold-posts-q4-adjusted-loss-idUSASB0B6O5'|'2017-03-23T06:46:00.000+02:00'
'b051be1270a137e54e11c75d3df5b04425bdc3c7'|'Top Asian LNG buyers form alliance to push for flexible contracts'|'SEOUL Three of Asia''s top buyers of liquefied natural gas (LNG) have agreed to work together to secure more flexible contracts when buying the commodity.Korea Gas Corp (KOGAS) said in a statement on Thursday that it had signed a memorandum of understanding in mid-March with Japan''s JERA and China National Offshore Oil Corp (CNOOC) to exchange information and "cooperate in the joint procurement of LNG".The alliance, which has been touted for the last year or so, comes as LNG buyers around the world push to move away from contracts that restrict them from reselling or swapping excess cargoes."Through this MOU deal, Korean, Chinese and Japanese LNG buyers are expected to play an active role in the LNG market," Lee Seung-hoon, KOGAS chief executive officer, said in the statement. KOGAS is the world''s No.2 LNG buyer.South Korea, Japan and China accounted for over half of global LNG trade in 2015, according to the BP Statistical Review of World Energy.Lee said in a recent interview with Reuters that the company would look for flexible LNG contracts.JERA is joint venture between Chubu Electric Power and Tokyo Electric Power.(Reporting by Jane Chung; Editing by Joseph Radford)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/southkorea-lng-kogas-idUSKBN16U0LB'|'2017-03-23T10:16:00.000+02:00'
'a42ea04fdb1790b4cb6718e0ab3d5cd4e2f7c7ce'|'Slide in U.S. infrastructure stocks sign of ''Trump trade'' weakness'|'By Chuck Mikolajczak and Caroline Valetkevitch - NEW YORK NEW YORK If the swoon this week in financials was one sign of the Trump trade running out of fuel, recent weakness in transportation and infrastructure shares is another.The Dow Jones Transportation Average .DJT, seen as a barometer of economic health, rose after the election and closed at a record high on March 1 but is now down nearly 5 percent for the month so far.Steel shares, which soared just after the Nov. 8 election, fell sharply this week and are down for the month of March. Also, the S&P 1500 construction and engineering index .SPCOMCSE is down 3.6 percent so far for March.Along with financials, those names helped lead a post-election U.S. stock market rally, fueled by Republican Donald Trump''s promises of increased infrastructure spending, tax reform and reduced regulations. The S&P 500 .SPX remains up 9.8 percent since the vote.But signs that Republicans are facing difficulties uniting their majority behind a bill to replace Obamacare have caused investors to question how soon Trump''s pro-growth policies may be implemented."Transports are the lifeblood of the economy; they are the unsung heroes of the bull market," said Peter Kenny, senior market strategist at Global Markets Advisory Group, in New York."They need to hold up in order to continue to provide validation to the broader trade, to the trade higher," he said, adding that he saw more room on the downside for transports and infrastructure stocks, largely because of the run up.The transportation average on Wednesday held above the key 8,970 area, a Fibonacci retracement of its move from October to early March. A decided break below 8,970 would leave support at 8,900 and then open for a drop to the 8,760 area, another Fibonacci retracement."The transports are broken right now," said Andre Bakhos, managing director at Janlyn Capital LLC in Bernardsville, New Jersey."We will be biding time along the way to create a consolidation or support level. Whether that starts around here or in the transports around 8,500 I don’t know."Helping the transports on Wednesday, however, was FedEx ( FDX.N ), which gained 2.1 percent after it reported mostly upbeat results late Tuesday.The transportation average ended up 0.6 percent on Wednesday after falling 1.9 percent in the market selloff Tuesday.Steel shares also managed to rebound from Tuesday''s selloff but were still down for the month. The S&P 1500 steel index .SPCOMSTEEL was down 5 percent for March so far, while U.S. Steel ( X.N ) was down nearly 11 percent for month.Their decline may be tied to a combination of profit-taking and other factors, though many investors likely have overestimated the infrastructure benefit to these stocks, said Charles Bradford, president of Bradford Research, a research firm."Some of the stocks that ran up the most get almost no benefit from construction, like U.S. Steel... Yet that was one of the big names that some people are promoting as infrastructure plays," he said."There''s an awful lot of bad information floating out, and a lot of it comes from Washington."(Reporting by Chuck Mikolajczak and Caroline Valetkevitch; Editing by Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usa-stocks-infrastructure-idINKBN16T38F'|'2017-03-22T19:59:00.000+02:00'
'c11e7996b5e287e506ab4c814ed29661ee361b7b'|'IG Group''s revenue falls 3.8 percent on weakness in UK, Ireland'|' 41am GMT IG Group''s revenue falls 3.8 percent on weakness in UK, Ireland IG Group Holdings Plc ( IGG.L ), a British online trading company, reported a 3.8 percent fall in quarterly revenue as it earned less per client, especially in the United Kingdom and Ireland. The company, which provides online stockbroking and trading services to retail investors, said revenue fell to 117.4 million pounds ($146.84 million) for the three months ended Feb. 28, from 122 million pounds a year earlier. Average revenue per client fell 15 percent with the United Kingdom and Ireland down 23 percent, partly as current clients traded less, IG said. However, IG''s active client numbers rose 13 percent in the quarter. The company, which was founded in 1974 as the world''s first spread-betting firm, said the fourth quarter had started better and that client recruitment remains strong. (Reporting by Arathy S Nair in Bengaluru; Editing by Sunil Nair)   Most UK employers do not plan to raise pay to match rising inflation - XpertHR LONDON Most British companies do not expect to offer more generous pay deals to employees this year compared with 2016, adding to signs that higher inflation will gnaw at Britons'' living standards in the months ahead, a survey showed on Thursday. LONDON British car production hit a 17-year high in February, extending a recent trend of surging output as a strong rise in exports once again compensated for a slump in demand at home, an industry body said on Thursday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ig-grp-hldgs-results-idUKKBN16U0NC'|'2017-03-23T14:41:00.000+02:00'
'e9cba8db6b3ef504719c2b89da0db78928e0950d'|'UK CEOs ''earn 386 times more than workers on national living wage'''|'The average FTSE chief executive earns 386 times more than a worker on the national living wage, according to an analysis published by the Equality Trust as it steps up its campaign for new government rules to expose pay gaps. The charity used annual reports from 2015 for all the companies in the FTSE 100 to calculate that their CEOs pocket an average of £5.3m each year, compared with £13,662 for someone on the national living wage of £7.20 an hour.The trust issues its findings amid growing worries over a squeeze on living standards from sluggish pay growth and rising inflation. The pressures on households stem partly from Brexit worries knocking the pound lower and raising the price of imports to the UK. Those factors underscore the challenge for Theresa May to take the UK out of the EU while vowing to cut inequality and create an economy that “works for everyone”.Chiming with research by other groups that suggests the squeeze will accentuate inequality , the trust found more than two thirds (67%) of FTSE 100 CEOs were paid more than 100 times the average UK salary. It is calling on the government to force large and medium firms to report the pay gap between their highest and average paid employee.“We need far greater transparency on company pay practices to challenge poverty pay and executive excess at the same time,” said equality trust executive director Wanda Wyporska.“Only then can we create a sense of trust and common purpose essential to build an economy and society that works for all.”The trust’s “pay tracker” report highlights the big gaps between FTSE bosses such as Sir Martin Sorrell of advertising firm WPP, who was awarded more than £40m in 2016 , and public sector workers, who have seen their incomes squeezed by years of austerity. The Equality Trust analysis found that FTSE 100 chief executives are now paid 165 times more than a nurse, 140 times more than a teacher, 132 times more than a police officer and 312 times more than a care worker.“The people who educate our children, look after our grandparents, and keep our families safe have seen their pay frozen, while fat cat CEOs continue to gorge themselves on obscene and undeserved rewards,” said Wyporska. “Pay inequality drives wider inequality, and we know this is bad for businesses, bad for our economy and bad for our health, our education and our wider society.”Topics Executive pay and bonuses Economics Pay Family finances  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/mar/22/uk-ceos-national-living-wage-equality-trust-pay-gap'|'2017-03-22T13:30:00.000+02:00'
'afc553ce54398bec77ecfe13440019ffa6386e5b'|'No talks planned to end 5-1/2-week Quebec zinc plant strike -union'|'Commodities  23pm EDT No talks planned to end 5-1/2-week Quebec zinc plant strike: union No meetings are planned between management and striking workers at Noranda Income Fund''s ( NIF_u.TO ) zinc refinery in Quebec, the second biggest in North America, a union official said on Wednesday, as the work stoppage dragged through a sixth week. The two sides last met, along with a mediator, on March 3 but failed to break an impasse over proposed changes to the workers'' pension plan in a new contract, said Manon Castonguay, the president of United Steelworkers of America Local 6486. A Quebec provincial court judge denied the union''s March 15 request for an emergency injunction to halt the limited production taking place at the plant, Castonguay said. Plant management representatives did not respond to requests for comment. The strike, which began Feb. 12, is being closely watched by traders as prices for zinc, a metal used for galvanizing iron or steel, continue to rise after surging 60 percent last year on supply concerns. The union has accused NIF, in which global mining giant and trader Glencore Plc has a 25 percent stake, of using strikebreakers to operate the plant. NIF has insisted it is using "eligible" staff like managers. It has declined to say how much the plant is producing, but the union, which represents 371 workers, has said it is likely below 25 percent of normal capacity. The Quebec judge had denied the injunction request on grounds it was not an emergency, Castonguay said, adding that the union is proceeding with its legal action and that a court date was set for May. (Reporting by Nicole Mordant in Vancouver; Editing by Paul Simao) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-noranda-income-strike-zinc-idUSKBN16T2SF'|'2017-03-23T02:21:00.000+02:00'
'9a7927f5c2e7b8d42a8afa047247ecf5866fef37'|'Bank of England reports stronger investment plans, weaker retail'|'Business News - Wed Mar 22, 2017 - 10:04am GMT Bank of England reports stronger investment plans, weaker retail FILE PHOTO: Commuters walk past the Bank of England in London, Britain, October 7, 2016. REUTERS/Peter Nicholls/File Photo LONDON British businesses are becoming more willing to invest, offering some support for the economy as the fall in the value of the pound since the Brexit vote erodes consumer demand, a Bank of England survey showed on Wednesday. The report from the BoE''s regional agents tallied with forecasts made by the central bank last month which pointed to solid growth this year despite last year''s Brexit referendum shock, with stronger business investment and exports expected to fill much of the gap left by a slowing of retail spending. "Investment intentions had picked up. That reflected continued steady demand growth and some reduction in uncertainty about economic prospects, particularly in the near term," the BoE said, though it noted uncertainty about Britain''s long-run relations with the European Union hurt some longer-term plans. Labour cost growth remained subdued, with businesses mostly offering staff annual pay deals of 2.0-2.5 percent. (Reporting by David Milliken; Editing by William Schomberg) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-economy-boe-idUKKBN16T11A'|'2017-03-22T17:04:00.000+02:00'
'5d651fc55360f978c9d1185d36c9de6d0a03d277'|'PPG says Akzo offer good for staff, shareholders'|'Business News  34pm GMT PPG says Akzo offer good for staff, shareholders FILE PHOTO: AkzoNobel''s logo is seen in Amsterdam, Netherlands, February 16, 2012. REUTERS/Robin van Lonkhuijsen/United Photos/File Photo By Thomas Escritt and Toby Sterling - AMSTERDAM AMSTERDAM U.S. paint maker PPG Industries ( PPG.N ) said on Wednesday that its takeover bid for Akzo Nobel ( AKZO.AS ) would benefit shareholders and staff after its Dutch rival rejected its 22.7 billion euro (19.71 billion pounds) offer as too low and too risky. The statement came as investors piled pressure on Akzo to hold talks with its rival after PPG''s Monday bid of $88.72 per share. PPG said its deal was worth 90 euros a share if Akzo''s dividend payments were included -- the level at which one investor told Reuters a sale would become attractive. In a nod to the political sensitivity of any deal, PPG said its cash and share offer would reflect the interests of "shareholders, employees, customers and the communities" served by Akzo and that regulatory approval could be obtained. Pittsburgh-based PPG''s dogged pursuit of Akzo has raised hackles at the paints and coatings maker, which, like many Dutch companies, is ringed with defences designed to make hostile takeovers difficult. "PPG''s first proposal came during an election campaign, at a time of high sensitivity," said Akzo Chief Executive Ton Buechner in a media call earlier on Wednesday, highlighting cultural differences that he said would hamper a merger. Akzo said it had considered and rejected PPG''s second proposal as not good enough even to merit engaging with the bidder. PPG''s initial offer of 83 euros per share on March 9 valued the company at 21 billion euros. "It created tremendous uproar," Buchner said of the bid, which came before a March 15 election in which nationalist sentiment played a prominent role. "That''s just one example of cultural differences." PPG urged Akzo to sit down and negotiate a deal, adding the latest bid was a 40 percent premium compared to before the first approach was announced. "A combination of PPG and AkzoNobel would result in enhanced financial growth prospects for the combined company in the coming years, which will also accrue to the benefit of all stakeholders of the combined business," said PPG Chairman and CEO Michael McGarry. TIME TO TALK? Several of the company''s shareholders have said they see merit in a deal and encouraged management to enter talks. "A price in the 90s would represent a chunky multiple and could be tempting," one top 20 investor told Reuters. "At this price we would believe it is up to management to convince us not to sell." Elliott Advisors, which has a more than 3 percent shareholding in Akzo, said that while it considered PPG''s first and second bids "inadequate", Akzo had not adequately consulted shareholders before rejecting them. Shareholder Columbia Threadneedle also said a takeover made sense and the Akzo board should engage in talks. PPG said its bid valued Akzo''s equity at around 22.7 billion euros. Factoring in net debt and minority interests, it said the valuation was 24.5 billion euros (21.27 billion pounds). Akzo said any bid would bring job losses and substantial divestitures. PPG disagreed, saying the two companies'' cultures were a good match, while employees would benefit from improved career opportunities inside a larger company. Shares in the Dutch company, known for Dulux paint and advanced coatings that make submarines go faster, were down 2.1 percent at 75 euros at 1335 GMT after Akzo''s rejection. Akzo acquired the Dulux brand when it bought Britain''s ICI in 2008. POLITICAL OPPOSITION Dutch politicians including Economic Affairs Minister Henk Kamp publicly opposed PPG''s first bid, saying it was not in the Dutch national interest. Four provincial governors also oppose a takeover, saying it would cost Dutch jobs. Akzo employed more than 45,000 people as of the end of 2015 and PPG has a similar workforce. Politicians have voiced concerns about possible foreign takeovers of Dutch companies, especially after Kraft''s failed bid for totemic Anglo-Dutch consumer giant Unilever, where many of the country''s top business leaders trained. Akzo''s anti-takeover defences include a foundation with the power to appoint company officers. Buchner said the foundation was not consulted on the bid, though its board, composed of Akzo supervisory board members, were "part of what''s going on". Akzo has said it wants to pursue its own strategy of selling or floating the company''s chemicals division. (Additional reporting by Anthony Deutsch and Simon Jessop; Editing by Keith Weir/Susan Thomas) Next In Business News Britain-based banks moving to Europe may get easier entry, ECB says FRANKFURT Banks looking to move from Britain to the euro zone after Brexit may be given an expedited entry, with supervisors willing to spare them from a lengthy initial test of their risk models, a top European Central Bank official said on Wednesday. UK economy growing solidly despite inflation hit - BoE report LONDON Britain''s economy looks set to defy a slowdown again this year as the country moves closer to leaving the European Union, with the hit to shoppers from surging inflation partly offset by more investment and exports, a Bank of England report suggested. Barclays aims for bigger share of euro clearing business in Middle East DUBAI Barclays aims to increase its share of the euro clearing business in the Middle East and North Africa region (MENA) from low double-digits to 25 percent in the next three years, a senior Barclays executive said, capitalising on growing demand from companies for transactions in euros. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-akzo-nobel-m-a-ppg-idUKKBN16T16Y'|'2017-03-22T21:34:00.000+02:00'
'33bd9e3f6a82abc01c11790d15dcbb18fbfb86aa'|'Nike''s revenue misses estimates as rivals gain ground'|'Business  50pm EDT Nike''s revenue misses estimates as rivals gain ground File photo: Shoes are displayed in the Nike store in Santa Monica, California, September 25, 2013. REUTERS/Lucy Nicholson By Gayathree Ganesan Nike Inc ( NKE.N ) reported lower-than-expected quarterly revenue on Tuesday as the world''s largest footwear maker battles for market share in North America with a resurgent Adidas AG and a fast-growing Under Armour Inc. Shares of the Dow component were down 3.6 percent at $55.91 in post-market trading on Tuesday, after the company also forecast a key metric on orders below analysts'' expectations. Nike and its Jordan brand have been dominant in the U.S. footwear market for years, but Adidas ( ADSGn.DE ) and Under Armour ( UAA.N ) are gaining ground by revamping their brands and introducing new products. Nike has lost basketball sales to Under Armour since its rival poached the NBA''s Golden State Warriors star Stephen Curry in 2013. Germany''s Adidas has also been successful in its efforts to muscle back into the U.S. market, with fashion shoes made popular by collaborations with celebrities such as Kanye West, Pharrell Williams and Rita Ora. "A lot of the concern about Nike is its growth in a competitive environment. Three to five years ago, a competitive environment (for Nike) was almost non-existent and the market was moving towards athleisure," said Edward Jones analyst Brian Yarbrough. Nike said its worldwide orders for delivery, a demand gauge it calls "futures orders", fell 1 percent on a currency-neutral basis. Analysts on average had expected it to rise 3.5 percent, according to research firm Consensus Metrix. On a reported basis, futures orders fell about 4 percent. Nike''s sales in North America, the company''s biggest market, rose 3 percent in the quarter ended Feb. 28. Sales in Greater China were up 9 percent in the quarter, falling short of double-digit growth for the first time in at least nine quarters. However, excluding the impact of currency moves, sales in the Greater China region were up 15 percent. Nike was criticized at China''s annual consumer rights day television show earlier this month, where it was said to have mislead consumers over high-tech air cushions in some of its "Hyperdunk" basketball shoes. Gross margins contracted 140 basis points to 44.5 percent during the quarter, hurt by a strong dollar and more off-price sales. Nike reported a third-quarter profit of 68 cents per share, compared with the average analyst estimate of 53 cents per share. Revenue rose 5 percent to $8.43 billion in the quarter, versus the average estimate of $8.47 billion, according to Thomson Reuters I/B/E/S. Excluding currency fluctuations, revenue rose 7 percent. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Sriraj Kalluvila and Saumyadeb Chakrabarty) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-nike-results-idUSKBN16S2OJ'|'2017-03-22T05:50:00.000+02:00'
'54251973237aae6f4f39c050b4f7f02553e73240'|'HNA raises Deutsche Bank stake to 4.76 percent'|'FRANKFURT Chinese conglomerate HNA Group ( 0521.HK ) has hiked its stake in Deutsche Bank ( DBKGn.DE ), which is in the midst of an 8 billion euro ($8.62 billion) capital increase, to 4.76 percent from 3.04 percent, Germany''s flagship lender said on Thursday.HNA, which holds the stake via investment vehicle C-Quadrat, is the bank''s third-biggest shareholder after Qatar, which has close to 10 percent of stock, and BlackRock ( BLK.N ), which owns 6.1 percent.Although HNA has said that its investment in Deutsche Bank is passive, the desire to boost its holding suggests HNA may have strategic ambitions.The Chinese group has been on a acquisition spree that has seen it expand from its traditional business of aviation and logistics into financial services, betting on asset managers and consumer finance for growth at home and overseas.The moves reflect a broader push by China into financial services globally as Beijing encourages its corporate sector to expand overseas, although it faces increased regulatory scrutiny in the United States and Europe.(Reporting by Arno Schuetze; Editing by Harro ten Wolde)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-deutsche-bank-hna-idINKBN16U26Y'|'2017-03-23T12:50:00.000+02:00'
'1722f85899c1295c02e3633c8b643bda74fb61bf'|'BMW says chases volume growth in large cars, less so in small ones'|' 28am GMT BMW says chases volume growth in large cars, less so in small ones Harald Krueger, Chief Executive of German luxury carmaker BMW addresses the company''s annual news conference in Munich, southern Germany, March 21, 2017. REUTERS/Michael Dalder FRANKFURT BMW ( BMWG.DE ) is chasing volume growth mainly in the large car and sports utility vehicle segments, while the less profitable small car segment is not being pushed as hard, Chief Executive Harald Krueger said on Wednesday. "We would like to grow in the top segments where you earn more money," Krueger told analysts gathered in Munich to discuss full-year earnings. "We are not pushing in the UKL segments," Krueger said, referring to vehicles like the Mini and BMW 1 series, which are based on the UKL vehicle platform. Smaller cars in very competitive segments where little growth is expected going forward, may not have successor models, Krueger said. (Reporting by Edward Taylor; Editing by Arno Schuetze)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bmw-results-idUKKBN16T1BP'|'2017-03-22T18:28:00.000+02:00'
'c2ad2162eaec3a85f9ea3b6b95d089de4dd9e0b5'|'Li Ka-shing''s CK Hutchison says 2016 profit up 6 pct, above view'|'Business News   5:01am EDT Li Ka-shing''s CK Hutchison says 2016 profit up 6 percent, above view FILE PHOTO: The company logo of CK Hutchison Holdings is displayed at a news conference in Hong Kong, China March 17, 2016. REUTERS/Bobby Yip/File Photo HONG KONG CK Hutchison Holdings Ltd ( 0001.HK ), the ports-to-telecoms arm of billionaire businessman Li Ka-shing, said on Wednesday net profit rose 6 percent in 2016, helped by stable earnings from its infrastructure, telecommunications and retail units. January-December profit reached HK$33.01 billion ($4.25 billion), slightly higher than the HK$32 billion average of 11 estimates from analysts polled by Reuters. It posted a profit of HK$31.17 billion in 2015. Total revenue fell 6 percent to HK$372.69 billion from HK$396.09 billion a year ago. CK Hutchison has significant investments in Britain and the European Union (EU). In February, it had agreed to buy PCCW Ltd''s ( 0008.HK ) British broadband internet business for 300 million pounds. (Reporting by Donny Kwok; Editing by Muralikumar Anantharaman) Next In Business News Fed''s Kaplan sees three rate hikes in 2017, no rush on balance sheet SAN FRANCISCO With the U.S. workforce nearly fully employed and inflation heading toward 2 percent, the Federal Reserve should raise interest rates two more times this year and continue work on a plan to gradually trim its massive balance sheet, Dallas Federal Reserve Bank President Robert Kaplan said.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ckh-holdings-results-idUSKBN16T0VU'|'2017-03-22T15:55:00.000+02:00'
'0935d51ef793796ce0700e9b4121e1aaac075de2'|'EXCLUSIVE :Advent pulls bid for Pfizer''s Brazil venture - sources'|'By Tatiana Bautzer - SAO PAULO SAO PAULO U.S. private equity firm Advent International Corp has withdrawn from a bidding process to acquire Pfizer Inc''s Brazilian generic drugs joint venture, leaving rival Bain Capital LP as the only contender for the company, two people with direct knowledge of the matter said on Thursday.Last November, Advent and a number of companies placed non-binding offers to buy Laboratório Teuto Brasileiro SA, commonly known as Teuto - Pfizer, the people said. Still, Advent failed to place a binding offer, for reasons the people declined to discuss.Bain Capital, which has also participated in the eight-month old process to sell Teuto - Pfizer, has not yet presented a final, binding offer for the company, which owns Latin America''s largest generic drugs plant. Pfizer ( PFE.N ) owns 40 percent of the venture, with the Melo family still owning the remaining stake.Reuters reported in October that the shortlist of suitors included Advent, Bain and Torrent Capital Investment Corp. Buyout firms presented more attractive terms than other drugmakers initially contacted, including Israel''s Teva Pharmaceutical Industries Ltd and Mylan NV.Pfizer and the Melos put the company up for sale last July and hired the investment banking units of Goldman Sachs Group Inc and Grupo BTG Pactual SA as advisers. Shareholders had expected to fetch between 1 billion reais and 1.5 billion reais ($324 million and $486 million) for the venture.Advent, Bain Capital, Pfizer and Teuto, which is located in the midwestern Brazilian city of Anápolis, declined to comment, as well as the banks involved.The people, who requested anonymity since the process remains private, said that a failure to find a buyer could rekindle a dispute between Pfizer and the Melos. The rift stems from an option to buy out the family between 2014 and 2016, taking into account a pre-defined valuation of 14.4 times operational profit for Teuto - Pfizer, the people said.Pfizer backpedaled on previous plans to exit the generic drugs segment late last year. Still, performance of the business in Brazil, the world''s No. 3 market for generics, has hammered rivals like France''s Sanofi SA ( SASY.PA ), which has dealt with excess inventory at a local unit.In addition, Brazil''s harshest recession ever has put the brakes on the sale of medicines, which expanded 11.5 percent last year. That number compared with 15 percent growth two years ago.(Editing by Guillermo Parra-Bernal and Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/pfizer-divestiture-brazil-idINKBN16T2UY'|'2017-03-22T16:53:00.000+02:00'
'a3ae69c48a7dce37fc1988d27df0a20272362fb2'|'Sears warns of ''going concern'' doubts'|'By Ankit Ajmera and Nathan Layne Sears Holdings Corp ( SHLD.O ), once the largest U.S. retailer, warned on Tuesday about its ability to continue as a going concern after years of losses and declining sales."Our historical operating results indicate substantial doubt exists related to the company''s ability to continue as a going concern," Sears said in the annual report for the fiscal year ended Jan. 28. ( bit.ly/2mRUcce )The company said an inability to generate additional liquidity might limit its access to new merchandise or its ability to procure services. Continued operating losses also could restrict access to new funds under its domestic credit agreement, according to the filing.The warning comes less than six weeks after the company announced what it called the "next phase of its strategic transformation," in which it hoped this year to reduce costs by $1 billion and cut its debt and pension obligations by at least $1.5 billion. Sears also is considering selling some of its businesses, such as the Kenmore appliances and DieHard car battery brands.The Sears catalog was an emblem of the post-World War II consumer boom in the United States but the company was unable to adjust the changing retail landscape and rising competition from Wal-Mart Stores ( WMT.N ), Target Corp. ( TGT.N ) and others.The company lost $2.22 billion in the year ended Jan. 28.Since 2013 it has accumulated $7.4 billion in losses and seen revenue fall 44 percent to $22.1 billion. During that time, Sears cut the number of its U.S. stores by nearly a third, reduced holdings in Sears Canada, and spun off the Lands'' End clothing chain.Its total liabilities stand at $13.19 billion.In recent years, Sears has placed some of its stores into a real estate investment trust, sold its Craftsman line of tools, and repeatedly raised debt from billionaire Chief Executive Edward Lampert''s hedge fund.Lampert owned nearly 10 percent of the real-estate investment trust that paid Sears $2.6 billion in 2015 for stores that it purchased, many of which were then leased back to the retailer.The announcement of Sears'' potential demise is a blow to Lampert, a hedge fund investor who took control of Sears after merging it with Kmart, which he controlled, in 2004. He soon published a 15-page manifesto, in which he stated that conventional measures of retail success, such as same-store sales, were no longer relevant. Sears would regain its health by closing struggling stores and focusing instead on profitable sales, he wrote.Sears last turned an annual profit in 2011.The company said last month it would cut costs by $1 billion and reduce debt and pension obligations by at least $1.5 billion this year.Sears said on Tuesday actions taken during the year to boost liquidity, including the $900 million sale of the Craftsman tool brand to power tool maker Stanley Black & Decker Inc ( SWK.N ) early this year, could satisfy its capital needs for the current fiscal year.But the filing also makes clear that additional asset sales could prove problematic.As part of the Craftsman sale, Sears Holdings reached an agreement with the Pension Benefit Guarantee Corp. That puts a claim on some Sears'' assets in an effort to protect pensions of retired employees.The agreement "contains certain limitations on our ability to sell assets, which could impact our ability to complete asset sale transactions or our ability to use proceeds from those sales to fund our operations," the company said.Already, the pension board agreement requires Sears to make a $250 million cash payment to its pension plan by March of 2020, and the pension board has a 15-year lien on revenue owed to Sears from future sales of Craftsman products. Sears Holdings Corp ( SHLD.O ), once the largest U.S. retailer, warned on Tuesday about its ability to continue as a going concern after years of losses and declining sales."Our historical operating results indicate substantial doubt exists related to the company''s ability to continue as a going concern," Sears said in the annual report for the fiscal year ended Jan. 28. ( bit.ly/2mRUcce )The company said an inability to generate additional liquidity might limit its access to new merchandise or its ability to procure services. Continued operating losses also could restrict access to new funds under its domestic credit agreement, according to the filing.The warning comes less than six weeks after the company announced what it called the "next phase of its strategic transformation," in which it hoped this year to reduce costs by $1 billion and cut its debt and pension obligations by at least $1.5 billion. Sears also is considering selling some of its businesses, such as the Kenmore appliances and DieHard car battery brands.The Sears catalog was an emblem of the post-World War II consumer boom in the United States but the company was unable to adjust the changing retail landscape and rising competition from Wal-Mart Stores ( WMT.N ), Target Corp. ( TGT.N ) and others.The company lost $2.22 billion in the year ended Jan. 28.Since 2013 it has accumulated $7.4 billion in losses and seen revenue fall 44 percent to $22.1 billion. During that time, Sears cut the number of its U.S. stores by nearly a third, reduced holdings in Sears Canada, and spun off the Lands'' End clothing chain.Its total liabilities stand at $13.19 billion.In recent years, Sears has placed some of its stores into a real estate investment trust, sold its Craftsman line of tools, and repeatedly raised debt from billionaire Chief Executive Edward Lampert''s hedge fund.Lampert owned nearly 10 percent of the real-estate investment trust that paid Sears $2.6 billion in 2015 for stores that it purchased, many of which were then leased back to the retailer.The announcement of Sears'' potential demise is a blow to Lampert, a hedge fund investor who took control of Sears after merging it with Kmart, which he controlled, in 2004. He soon published a 15-page manifesto, in which he stated that conventional measures of retail success, such as same-store sales, were no longer relevant. Sears would regain its health by closing struggling stores and focusing instead on profitable sales, he wrote.Sears last turned an annual profit in 2011.The company said on Tuesday actions taken during the year to boost liquidity, including the $900 million sale of the Craftsman tool brand to power tool maker Stanley Black & Decker Inc ( SWK.N ) early this year, could satisfy its capital needs for the current fiscal year.But the filing also makes clear that additional asset sales could prove problematic.As part of the Craftsman sale, Sears Holdings reached an agreement with the Pension Benefit Guarantee Corp. That puts a claim on some Sears'' assets in an effort to protect pensions of retired employees.The agreement "contains certain limitations on our ability to sell assets, which could impact our ability to complete asset sale transactions or our ability to use proceeds from those sales to fund our operations," the company said.Already, the pension board agreement requires Sears to make a $250 million cash payment to its pension plan by March of 2020, and the pension board has a 15-year lien on revenue owed to Sears from future sales of Craftsman products.(Reporting by Ankit Ajmera in Bengaluru and Nathan Layne in New York; editing by Jason Neely and Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sears-going-concern-idINKBN16S2WG'|'2017-03-22T08:59:00.000+02:00'
'56bad91fec2b58cebc4eabc43f701ba683cbc395'|'Barclays aims for bigger share of euro clearing business in Middle East'|'Foreign Exchange Analysis   2:45pm GMT Barclays   A Barclays sign is seen outside a branch of the bank in London, Britain, February 23, 2017. REUTERS/Stefan Wermuth By Tom Arnold and Saeed Azhar - DUBAI   Barclays is already one of the largest clearers of transactions in sterling and has stepped up efforts in euro clearing in the past few years. "It is about gaining market share in the euro clearing right now," KP Sunil Rao, director of the financial institutions group in MENA, said. "We are in lower double digit. I think it could increase to 25 percent market share, hopefully in the next three years." Rao also said the bank had reassured clients in the region that the bank would retain the capacity to clear euros after Brexit. In Britain, there is uncertainty over whether London will be able to clear euros after Brexit but big British banks like Barclays will continue to be able to clear euros through their offices in the euro zone. Clearing is the process of settling transactions between banks and is big business for large global lenders. Barclays'' share of the sterling clearing business within its targeted countries in MENA has risen to 40 percent from 9 percent in 2009, a time when some other British banks such as Royal Bank of Scotland and Lloyds Banking Group have scaled back in the region. Some international banks have cut correspondent banking ties to lenders in the region as they seek to shed risks. "We have 40 percent of the market share for sterling clearing and our market share for euro clearing is growing, so we have not backed away from this region," David Scola, global head of financial institutions at Barclays, said. Barclays last year trimmed nearly 150 staff from its corporate banking arm in Dubai as part of a wide-ranging restructuring following the appointment of Jes Staley as chief executive in December 2015. (Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-barclays-forex-idUKKBN16T1X2'|'2017-03-22T21:45:00.000+02:00'
'391a9844d46f0cb3aab4709287b2b6bd34d678ca'|'Former Monte Paschi chairman Profumo to stand trial in usury case - document'|'Business News  57am GMT Former Monte Paschi chairman Profumo to stand trial in usury case - document Banca Monte dei Paschi di Siena Chairman Alessandro Profumo (L) and Chief Executive Officer Fabrizio Viola attend a news conference at the company''s headquarters in Siena May 10, 2012. REUTERS/Giampiero Sposito/File Photo MILAN An Italian judge has ordered former chairman of Monte dei Paschi di Siena ( BMPS.MI ) to face trial in a case of alleged usury, a court document said. The decision by a judge in the southern Italian town of Lagonegro relates to interest rates that the bank applied to loans granted to a car dealer between 2001 and 2013 and that according to prosecutors were higher than the maximum level allowed by Italian legislation. The judge said in the document, dated March 1, that Profumo was being indicted in his role as the legal representative of the Tuscan bank in 2013. Profumo''s lawyers, Adriano Raffaelli and Francesco Mucciarelli, told Reuters they were confident that he would be cleared of all charges. Last week, the Italian Treasury proposed appointing Profumo as new chief executive of state-controlled defence group Leonardo ( LDOF.MI ). (Reporting by Sara Rossi and Stefano Bernabei, writing by Silvia Alosi) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-italy-montepaschi-profumo-idUKKBN16T17Y'|'2017-03-22T17:57:00.000+02:00'
'ee6b57848fc4d68fae770c541223ab368a8e4cde'|'Oil prices hit three-month low on expanding U.S. inventories'|'Wed Mar 22, 2017 - 9:59am GMT Oil prices slide on bulging U.S. crude inventories An oil pump jack can be seen in Cisco, Texas, August 23, 2015. REUTERS/Mike Stone By Edmund Blair - LONDON LONDON Oil prices slipped back to three-month lows on Wednesday after data showed U.S. crude inventories rising faster than expected, piling pressure on OPEC to extend output cuts beyond June. A deal between the Organization of the Petroleum Exporting Countries and some non-OPEC producers to reduce output by 1.8 million barrels per day (bpd) in the first half of 2017 has had little impact on bulging global stockpiles of oil. Benchmark Brent crude was down 82 cents at $50.14 per barrel at 0936 GMT (5:36 a.m. ET), after dropping to $50.05, its lowest level since OPEC announced on Nov. 30 its plan for cuts. The deal with non-OPEC states was reached in December. U.S. light crude was down 70 cents at $47.54 a barrel, also slipping toward a three-month low. "The lower the price goes, the higher the pressure on OPEC to extend cuts," Commerzbank analyst Carsten Fritsch said. Sources have said OPEC is inclined to extend but wants backing from non-OPEC producers, including Russia, even though such countries have yet to deliver fully on existing cuts. On Tuesday, the American Petroleum Institute reported U.S. inventories climbed by 4.5 million barrels to 533.6 million last week, a bigger rise than the 2.8 million analysts forecast. Investors now want to see whether Wednesday''s figures from the Energy Information Administration, a unit of the Department of Energy (DoE), confirm the rise. "A look below $50 (for Brent) is quite possible today if DoE data show a similar pattern, but it''s impossible to say how far below $50," Commerzbank''s Fritsch said. U.S. shale oil producers have been adding rigs, pushing up the country''s oil production to about 9.1 million bpd, from around 8.5 million bpd in late 2016. "OPEC''s market intervention has not yet resulted in significant visible inventory drawdowns, and the financial markets have lost patience," U.S. bank Jefferies said in a note. The bank said OPEC-led cuts would start having an impact in the second half of 2017, but added that U.S. crude production was expected to grow by 360,000 bpd in 2017 and 1 million bpd in 2018. U.S. bank Goldman Sachs warned its clients in a note this week that a U.S. shale-led production surge "could create a material oversupply in 2018-19". (Additional reporting by Henning Gloystein in Singapore; Editing by Dale Hudson) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-oil-idUKKBN16T03H'|'2017-03-22T18:22:00.000+02:00'
'f2f24cff24ab006b5bb5e82496fc5a2c4c2a374c'|'Luxury goods group Hermes delivers record 2016 profit margin'|'Business News - Wed Mar 22, 2017 - 7:39am GMT Luxury goods group Hermes delivers record 2016 profit margin The front of the Hermes store is seen along Madison Avenue in New York, U.S., March 20, 2017. REUTERS/Shannon Stapleton By Dominique Vidalon - PARIS PARIS French luxury goods group Hermes ( HRMS.PA ) said on Wednesday it was starting 2017 on a solid footing after delivering record 2016 profits, providing further evidence of a broader recovery in the luxury goods industry. Chief Executive Axel Dumas nevertheless struck a cautious note for the year given underlying global political and economic uncertainties. "We did better than we expected in 2016 and we are entering 2017 on a solid base but remain cautious in view of an uncertain environment," Dumas told a conference call. Hermes, known for its $10,000 Birkin bags and $400 printed silk scarves, said net profits had risen by 13 percent rise to a record 1.1 billion euros ($1.19 billion). Its operating margin hit an historic high of 32.6 percent of sales against 31.8 percent in 2015, while the company also increased its dividend by 12 percent. Hermes added it was keeping an "ambitious" medium-term goal for revenue growth at constant exchange rates. The company''s sales growth had mainly stemmed from a strong performance at its leather goods arm, which makes 50 percent of group sales, while other divisions also performed well although its watches unit lagged. Hermes joined other luxury companies such as LVMH ( LVMH.PA ) and Kering ( PRTP.PA ) in reporting an improvement in the sector, which has suffered from slowing demand in China, while Islamist militant attacks in France have also deterred tourists from Europe. Several analysts expect the luxury goods sector to benefit in 2017 from improved consumer sentiment in China, tax cuts under the new U.S. administration and robust Middle Eastern demand due to firmer oil prices. (Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-hermes-intl-results-idUKKBN16T0MU'|'2017-03-22T14:39:00.000+02:00'
'6a5e7ec5c7989b15e28f1f0b85afb463b2430652'|'Brazil scandal tests JBS, BRF push for overseas units IPOs'|'Business News - Wed Mar 22, 2017 - 7:58pm GMT Brazil scandal tests JBS, BRF push for overseas units IPOs left right Employees are seen during a technical visit of Brazil''s Agriculture Minister Blairo Maggi at the Brazilian meatpacker JBS SA in the city of Lapa, Parana state, Brazil, March 21, 2017. REUTERS/Ueslei Marcelino 1/2 left right A meatpacking company BRF SA''s logo is pictured in Sao Paulo, Brazil March 17, 2017. REUTERS/Paulo Whitaker 2/2 By Guillermo Parra-Bernal and Paula Arend Laier - SAO PAULO SAO PAULO Brazil''s two largest food processors are striving to restore confidence in their quality controls as they pursue plans to list overseas units after a scandal over alleged bribery of health officials that triggered bans on Brazilian meat exports. On Friday, police named Brazil''s JBS SA, the world''s top meatpacker, and BRF SA, the largest poultry producer, alongside dozens of smaller peers in a probe into alleged payments to officials to forgo inspections and overlook practices including processing rotten meat. The scandal broke weeks before JBS and BRF were due to launch the initial public offerings of their foreign-based units JBS Foods International and One Foods Holdings Inc - which is BRF''s halal meats unit. The deals could fetch a combined $2.5 billion and help accelerate expansion outside Brazil. While JBS and BRF have denied wrongdoing, the reputation of one of Brazil''s flagship industries has been hard hit. Exports of Brazilian meat fell to $74,000 on Tuesday from a daily average of $63 million before the scandal. China, the largest consumer of Brazilian meat, suspended shipments from the South American country at the weekend, with Hong Kong following suit and the European Union halting purchases from four Brazil-based facilities. Still, four people involved in the deals said JBS and BRF would press ahead with the IPOs while seeking to shore up investor confidence with a campaign arguing the police probe misstated facts. JBS has no intention to delay the $1 billion IPO of JBS Foods in New York, which it hopes to finalize in May or June, one of the people said. BRF continues to analyze selling a $1.5 billion stake in One Foods through a London IPO or a private placement, another person said. Sovereign wealth funds are in talks with BRF over a private stake sale in One Foods. Bank of America Corp and Morgan Stanley & Co are advising BRF on the deal, Reuters reported last week. Neither firm has seen a pushback from potential investors, said the people, who spoke under the condition of anonymity, because of the sensitivity of the matter. JBS and BRF, both based in São Paulo, declined to comment. SEEKING CLARITY The scandal has slashed about $2.2 billion worth of market value from JBS and BRF since Friday, according to Thomson Reuters data. JBS shares tumbled nearly 11 percent on Friday, the day the scandal broke, the biggest daily plunge since Oct. 26, when a government agency vetoed a plan to move some operations outside Brazil. BRF is near its lowest level in more than four years. This week, stocks of both firms have slowly recovered, suggesting Friday''s selloff might have been overdone. According to two New York-based and three London-based fund managers, investors are likely to seek more clarity about the facts surrounding "Operation Weak Flesh." "The future prospects for any transaction like this, anywhere, will be unclear until all the parties involved remove the overhang on the matter," said Nick Field, who helps manage $26 billion in emerging market equities for London-based Schroder Investment Management. Field, like the other fund managers, declined to say whether his firm might participate in either IPO. Both companies and industry groups have launched public relations campaigns to repair the damage. BRF rejected allegations by police that it mixed cardboard in its products and said there was no evidence it sold rotten meat. JBS said all exporting plants in Brazil followed strict international procedures. CONFERENCE CALLS JBS executives plan to hold conference calls with banks working on the JBS Foods IPO as early as this week, allowing them to verify information on the probe with third-party sources, the first person said. While BRF is the more exposed to Brazil - with 55 percent of its sales and most of its poultry production there - none of its halal plants are suspended as part of the probe. Analysts like Ronaldo Kasinsky of Santander Investment Securities remained wary, saying the ongoing investigation could deal a real setback to both deals. Investors could fret over valuation, undertake a closer look at operational and safety standards or stretch out due diligence procedures, he said. Others like Carlos Laboy of HSBC Securities were confident the deals would go through. The IPO of JBS Foods, which serves 350,000 clients around the world, could help parent company JBS morph from a meatpacker into a highly-valued, global food processing player. JBS will name the banks underwriting the IPO in a filing with the U.S. Securities and Exchange Commission, one of the people said. For BRF, the One Foods deal should propel expansion into Asian Muslim nations. One Foods already controls 45 percent of the halal poultry market in Saudi Arabia, United Arab Emirates, Kuwait, Qatar and Oman. (Reporting by Guillermo Parra-Bernal, Paula Arend Laier; Editing by Andrew Hay) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-brazil-corruption-food-deals-analysis-idUKKBN16T2U0'|'2017-03-23T02:56:00.000+02:00'
'5165c96f8e28968035aa3115fe278c4bd6fa918f'|'UPDATE 1-Italy to test EU rules again with Veneto banks bailout'|'Company News  21am EDT UPDATE 1-Italy to test EU rules again with Veneto banks bailout * Popolare Vicenza, Veneto Banca have requested state aid * Italy wants to spare senior bonds, retail investors from losses * EU authorities need to ensure credibility of banking rules (Adds likely extension of banks'' settlement offer) By Stefano Bernabei and Francesco Guarascio ROME/BRUSSELS, March 22 Italy''s plans to bail out two regional banks pose a dilemma for European regulators, who are still considering whether Monte dei Paschi qualifies for state aid, three months after giving a preliminary green light. Banca Popolare di Vicenza and Veneto Banca said on Friday they had requested a so-called precautionary recapitalisation by the state - a mechanism that exploits an exception to European rules meant to prevent the use of taxpayer money to save banks. Italy is already seeking to use the scheme for its fourth biggest bank, Monte dei Paschi, where the state is expected to inject 6.6 billion euros to fill an 8.8 billion euro capital shortfall. The rest of the money needed by the Tuscan bank is due to come from holders of its junior debt, but retail investors in its subordinated bonds will be compensated by the government, on the grounds that they were mis-sold the securities. Rome wants to replicate that framework to inject an estimated 5 billion euros in the two unlisted Veneto-based banks, already rescued last year, by government-sponsored, privately funded bank bailout fund Atlante. The government is keen to avoid imposing unpopular losses on tens of thousands of ordinary Italians who put their savings in the banks. It also wants to spare senior bond investors and big current account holders - who would otherwise have to take a hit under a strict interpretation of European bail-in rules. Those rules say state aid can be allowed on a temporary basis to banks that have failed regulatory stress tests but are still deemed solvent, if refusal would risk seriously disturbing the economy and financial stability of a member state. The European Central Bank decided not to disclose the outcome of stress tests on smaller banks - so there is a question mark over the Veneto banks'' exact state of health. The ECB will have to assess whether they are viable and determine the size of their capital shortfall, while the European Commission will decide whether Italy''s public support for the two banks is in line with EU state aid rules. Some analysts question whether the two banks can be considered systemic, given that their combined assets are around 70 billion euros - less than half Monte dei Paschi''s total. GERMAN CONCERN Two sources familiar with Italy''s position said Rome argues in private that the two banks'' failure would send shock waves through the wider Italian financial industry. It would also boost anti-euro political forces such as the 5-Star Movement at the next national election, scheduled for 2018. The Italian treasury declined to comment. The ECB and the European Commission that governs the bloc are under pressure not to allow Italy to sidestep the rules, which critics say would undermine their credibility. Germany, the euro zone''s largest economy, raised concerns about the Monte dei Paschi plan in December. After weeks of negotiations, Italian Finance Minister Pier Carlo Padoan said on Tuesday there was no date set for a final decision by European regulators on whether it ticked all the boxes. Asked whether the request for state aid by the Veneto banks was stretching EU rules, an EU source said overuse of the precautionary recapitalisation scheme could set an unhealthy precedent for countries seeking to avoid winding down weak banks. "If the instrument is used often, and therefore loses its extraordinary nature, as foreseen by the rules, that could be interpreted as an attempt to avoid banking resolution," the source said. A European Commission spokesman said only that the commission had ongoing contacts with Italy over its banking sector. The ECB declined to comment. SHAREHOLDERS DECIDE A further problem for the Veneto lenders is that government bailouts cannot cover losses already incurred or likely in the near future - such as those stemming from bad loan writedowns. In Italy, lenders are saddled with 360 billion euros of gross problematic debts, a third of the euro zone''s total. The market is pricing in doubts over whether the two Veneto banks fit the bill. Senior bonds in both lenders fell last week on concerns they could be hit should the state aid scheme not come to pass, although they partly rebounded this week. As neither bank has published full-year results for 2016, investors are in the dark about their real capital needs. Based on the latest available figures for the first half of last year, problematic loans at the two lenders after writedowns totalled 10.2 billion euros at end-June, almost double their combined equity capital of 5.7 billion euros. Last October the head of Atlante, which owns more than 97 percent of each bank, said their cost-income ratio stood at around 100 percent, a level which he said would make it impossible for any bank to stand on its feet. A source close to the two banks said they should just about be able to offset expected loan loss charges by using their existing capital, imposing losses on junior debt holders and selling assets. The source however said this course of action still needed to be discussed with regulators. Spokespeople for both banks declined to comment. With a criminal investigation underway over fraud allegations, the banks are offering to settle with around 170,000 shareholders who were in many cases persuaded to buy their shares in exchange for loans. The aim is to shield the banks from future lawsuits and further losses. The two lenders said initially they were aiming for an 80 percent take-up. As of Friday both stood at around 50 percent. The source close to the two banks said that if they can reach a take-up of 60-70 percent, this should be enough to convince European authorities that legal risks have been greatly reduced. The offer was due to expire on Wednesday but is likely to be extended until March 25 or March 27, another source close to the matter said. (additional reporting by Giselda Vagnoni in Rome and Valentina Za in Milan, writing Silvia Aloisi, editing by Philippa Fletcher) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/eurozone-banks-italy-veneto-idUSL5N1GZ2F1'|'2017-03-22T18:21:00.000+02:00'
'7a318ec321c62c58a63dfd7a80f8e370d66dac04'|'Kohl''s Corp CEO says retailer needs to change faster - Reuters'|'LAS VEGAS, March 21 Kohl''s Corp''s chief executive officer said on Tuesday the department store operator needs to "change faster" in order to remain a strong competitor to online and brick-and-mortar retailers."We aren''t as agile as we need to be in order to be a better competitor," CEO Kevin Mansell said at retail conference Shoptalk.Mansell does not see a smaller store footprint making Kohl''s more productive in the future but he does expect stores to become smaller in size over time."Having a bigger physical presence is a much better strategy than having less," he said.Kohl''s sales during the holiday quarter fell for the fourth straight quarter. The company has been hurt by a steady rise in online shopping and the growing popularity of off-price retail chains like T.J. Maxx and Marshalls stores, operated by TJX Companies Inc. (Reporting by Nandita Bose in Las Vegas; Editing by Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-retail-kohls-idINL3N1GY5FX'|'2017-03-21T19:29:00.000+02:00'
'0e5d607e7d3f45e0f7afaa57cfe59bb20a01e8da'|'Sweden''s Munters prepares for summer IPO -sources'|'STOCKHOLM/FRANKFURT, March 22 Private equity firm Nordic Capital''s Swedish air treatment group Munters is preparing a stock market listing that could value the business at more than 10 billion Swedish crowns ($1.1 billion) including debt, two people close to the matter said.Munters held presentations for analysts this week and is likely to publish its intention to float in late April or early May, the sources said, having abandoned a bidding process for the company last year.Initial public offerings (IPOs) usually take place four weeks after notifying potential investors.Goldman Sachs and Carnegie are organising the listing as global coordinators with the help of Danske Bank, Nordea, Jefferies and Swedbank, the sources said.Representatives of Nordic Capital and the banks declined to comment.Munters is one of the world''s largest makers of climate control systems and one of the sources said it could achieve earnings before interest, tax, depreciation and amortisation of more than 900 million crowns this year and be valued at more than 11 billion crowns including debt.Nordic Capital took Munters private in 2010, paying 5.7 billion crowns for its shares after a bidding war with Swedish engineering group Alfa Laval.Since then, Munters has sold a non-core asset to private equity firm Triton and acquired several companies, including Rotem and Reventa, two manufacturers of control systems for farms. ($1 = 8.7965 Swedish crowns)(Reporting by Johannes Hellstrom and Arno Schuetze; Editing by David Goodman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/munters-ipo-idINL5N1GZ4HN'|'2017-03-22T12:29:00.000+02:00'
'941d2fc555e6425719735b1bd1fa919c9c7e7713'|'UK markets regulator wins ''London Whale'' identity case in top court'|'Business   11:09am GMT UK markets regulator wins ''London Whale'' identity case in top court LONDON The UK''s markets regulator did not wrongfully identify a former JPMorgan ( JPM.N ) executive in a landmark case over what details it can publish when it fines banks for breaching rules, the Supreme Court ruled on Wednesday. The ruling will set a precedent for seven similar cases in which traders say they were criticised in Financial Conduct Authority (FCA) penalty notices and were not given the chance to contest findings before they were published. "The FCA is pleased that there is now a final ruling and is considering the impact of the Supreme Court''s judgment on other third party (cases) currently before the tribunal," a FCA spokeswoman said. The FCA had challenged lower court rulings that it identified Greek national Achilles Macris, without naming him, when it fined JPMorgan 138 million pounds ($172 million) in 2013 over the "London Whale" scandal. Macris was the former chief investment officer of JPMorgan''s synthetic credit portfolio team in London, which ran up $6.2 billion in losses in 2012 in the "London Whale" trades, so-called because of their magnitude. The bank was fined $1.0 billion by U.S. and UK regulators for management failings. (Reporting by Kirstin Ridley; Editing by Elaine Hardcastle) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-court-fca-londonwhale-idUKKBN16T19O'|'2017-03-22T18:09:00.000+02:00'
'190256e56273a996ff1f4f0bfea4c6c431c1796a'|'Canada''s Amaya posts fourth-quarter profit as costs drop'|'Company News  51am EDT Canada''s Amaya posts fourth-quarter profit as costs drop March 22 Amaya Inc , the owner of online gambling sites PokerStars and Full Tilt, reported a fourth-quarter profit, compared with loss a year-ago loss, as it added more customers and cut costs. The company''s net income from continuing operations was about $45 million, or 23 cents per share, compared with a loss of $15.2 million, or 11 cents per share, a year earlier. Amaya''s revenue rose nearly 6 percent to $310.4 million in the quarter ended Dec. 31. (Reporting by John Benny in Bengaluru; Editing by Savio D''Souza) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/amaya-results-idUSL3N1GZ3RG'|'2017-03-22T17:51:00.000+02:00'
'bb87c207c409eb6d9d4dc5816d0ecb8447878a10'|'PRESS DIGEST- New York Times business news - March 22'|' 18am EDT PRESS DIGEST- New York Times business news - March 22 March 22 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy. - U.S. President Donald Trump is poised in the coming days to announce his plans to dismantle the centerpiece of President Barack Obama''s climate change legacy, while also gutting several smaller but significant policies aimed at curbing global warming. nyti.ms/2mS9RZ7 - Intelligence showing that the Islamic State is developing a bomb hidden in portable electronics spurred the United States and Britain on Tuesday to bar passengers from airports in a total of 10 Muslim-majority countries from carrying laptop computers, iPads and other devices larger than a cellphone aboard direct inbound flights, two senior American counter-terrorism officials said. nyti.ms/2n5HRlw - Google moved on Tuesday to protect its lucrative advertising business by giving marketers greater control over where their ads appear online, after major clients withdrew spots that were shown next to hate speech and other offensive material. nyti.ms/2mR2T6y - The board of Uber is confident in its chief executive, Travis Kalanick, board member Arianna Huffington said on Tuesday, providing a show of support as the embattled ride-hailing company seeks to repair its reputation. nyti.ms/2mSPkU8 - The fast-food magnate Andrew Puzder, who last month withdrew his nomination to be President Trump''s secretary of labor amid bipartisan opposition, is now giving up the top job at his restaurant company CKE Restaurants Holdings as well. nyti.ms/2nQlf8u (Compiled by Parikshit Mishra in Bengaluru)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-nyt-idUSL3N1GZ21R'|'2017-03-22T11:18:00.000+02:00'
'e1e851f4a43fe8d6c016558fda29b234c792c688'|'Akzo Nobel rejects improved bid from U.S. rival PPG'|'AMSTERDAM Dutch paints and coatings maker Akzo Nobel ( AKZO.AS ) rejected on Wednesday a second takeover proposal from U.S. rival PPG Industries ( PPG.N ) saying the offer was too low and too risky.Akzo said in a statement the new non-binding PGG proposal made on March 20 was worth 88.72 euros ($95.84) per share in cash and shares, up from a first offer worth 83 euros per share.The Dutch company''s shares were trading down 2.5 percent at 74.67 euros at 0815 GMT.Akzo said the second unsolicited proposal did not address its concerns which included the valuation, risks the deal might not be accepted by regulators, the leverage of the merged company and job losses.Akzo''s boards unanimously rejected the new offer and reiterated that they would prefer to pursue their own strategy of selling or floating the company''s chemicals division.(Reporting by Toby Sterling; editing by David Clarke)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-akzo-nobel-m-a-ppg-idINKBN16T0TH'|'2017-03-22T05:29:00.000+02:00'
'2b271db99b24d357dee6a550ad4c87f3ede307bb'|'If healthcare vote fails, would jeopardize ''Trump trades'' - Gundlach'|'Money  57pm EDT If healthcare vote fails, would jeopardize ''Trump trades'': Gundlach File photo: Jeffrey Gundlach, chief executive and chief investment officer of DoubleLine Capital, speaks during the Sohn Investment Conference in New York May 4, 2015. REUTERS/Brendan McDermid By Jennifer Ablan - NEW YORK NEW YORK If the U.S. healthcare legislation overhaul is not passed, or is postponed, it will put "a lot of doubt" on the "Trump trades," which include higher U.S. equities and bond yields, DoubleLine Capital Chief Executive Jeffrey Gundlach said on Wednesday. "Surveys show that people believe the (Obamacare) repeal is the most likely part of Trump’s agenda to be passed," said Gundlach, who oversees more than $101 billion in assets at DoubleLine, told Reuters. "So if you can’t pass the repeal, everything else is in doubt for sure." Investors have been bracing for Thursday''s floor vote scheduled in the U.S. House of Representatives, with safe-haven securities including Treasuries and gold seeing price gains on Wednesday. Trump and Republican congressional leaders appeared on Wednesday to be losing the battle to get enough support to pass the Obamacare rollback bill. Gundlach repeated his recommendation that investors would do better selling U.S. equities into any kind of stock rally and diversifying into emerging markets. He noted that the iShares MSCI Emerging Markets ETF ( EEM.P ) has outperformed the Standard & Poor''s Index by over 4 percentage points since early March. Gundlach said Tuesday''s stock-market slump illustrated how "investors are questioning whether the pro-growth U.S. policies are really going to happen." (Reporting by Jennifer Ablan; Editing by James Dalgleish) Next In Money'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-funds-doubleline-gundlach-idUSKBN16T2V0'|'2017-03-23T02:51:00.000+02:00'
'0b9e712f988e28ca98ec813394f6f74e1982a28a'|'Lactalis extends offer on Parmalat shares'|'MILAN Lactalis said on Wednesday it extended a buyout offer on Parmalat ( PLT.MI ) for a further five days, after the French dairy group failed to reach a 90 percent stake it needed in the Italian food company to request its delisting.Lactalis, the world''s largest dairy firm, said in a statement it would reopen the offer on Parmalat shares from March 29 to April 4."The group, as majority shareholder in Parmalat, will continue to invest to add value to the company with a long-term industrial approach," Lactalis said.The French group bought 15.11 percent of Parmalat shares on offer, or 1.85 of the group, giving it a total of 89.6 percent in the company. But it did not reach the 90 percent threshold required to proceed, as intended, to delist the company.(Reporting by Giulia Segreti, editing by Isla Binnie)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-lactalis-parmalat-buyout-idINKBN16T0PA'|'2017-03-22T04:41:00.000+02:00'
'f96b6a514bdf083eed9bf87bb6d4ccb97eee5894'|'PRESS DIGEST- British Business - March 22'|'March 22 ( Reuters ) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The TimesGovernment borrowing has fallen to its lowest level since the financial crisis as the public finances continued their better-than-expected run in February. bit.ly/2nblRaFThe GuardianGoldman Sachs Group Inc is to start moving hundreds of staff out of London before a Brexit deal is struck, the bank''s European boss has confirmed. bit.ly/2nblFIsMembers of the Rail, Maritime and Transport (RMT) union at Southern, Merseyrail and Arriva Trains North will walk out on 8 April, causing travel misery for hundreds of thousands of commuters. bit.ly/2nbhgFaThe TelegraphThe 3 billion pounds ($3.74 billion) gold mining merger talks between Acacia Mining Plc and Canada''s Endeavour Mining Corp have been brought to a halt. bit.ly/2nbcFmxSafestore Holdings Plc has become the latest company to drop changes to its directors'' pay and benefits after coming under pressure from its shareholders. bit.ly/2nbiOPISky NewsLaptops, tablets and phones above a certain size will not be allowed in cabin luggage on UK-bound flights from six countries. bit.ly/2nbjW5XA candlelit vigil was held in the republican heartland of west Belfast to mourn Martin McGuinness. bit.ly/2nbbHXrThe IndependentBMW hinted it may move production of the Mini from England to continental Europe as a result of the UK''s decision to leave the EU. ind.pn/2nbm5hSA United Nations committee has asked the UK to suspend work on the Hinkley Point C nuclear power plant, pending assessment of the environmental impact. ind.pn/2nbdFqN($1 = 0.8013 pounds) (Compiled by Gaurika Juneja Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-business-idINL3N1GZ05Y'|'2017-03-21T21:41:00.000+02:00'
'7322cb6d287c38a420712bbbbd839c70235124da'|'Chinese automaker Geely doubles profit on next-gen car sales boost'|'Business  45am GMT Chinese automaker Geely doubles profit on next-gen car sales boost The logo of Geely Automobile Holdings is pictured at the Auto China 2016 auto show in Beijing, China April 25, 2016. REUTERS/Kim Kyung-Hoon/File Photo BEIJING China''s Geely Automobile Holding Ltd ( 0175.HK ), whose unlisted parent owns Sweden''s Volvo, on Wednesday said net profit more than doubled in 2016, the biggest rise in eight years as sales of its next-generation of vehicles outstripped expectations. The Hangzhou-based automaker said in a stock exchange filing that net profit for 2016 rose 126 percent to 5.1 billion yuan ($741.15 million), beating consensus expectations of 4.6 billion yuan in a Reuters poll of analysts. Geely''s revenue rose 78 percent to 53.7 billion yuan from a year earlier. It previously reported sales increased 49 percent to 765,851 vehicles for the year. Geely has transformed itself from a no-frills domestic brand into an automaker with upmarket aspirations, using its 2010 acquisition of Volvo to up its game with models such as the recently launched GC9 sedan and Boyue sport-utility vehicle. Geely will launch the first cars on a jointly-developed platform with Volvo under new brand name Lynk & Co later this year with plans for the marque to go on sale in Europe next year and the U.S. in 2019. (Reporting by Jake Spring; Editing by Christopher Cushing) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-geely-results-idUKKBN16T0DU'|'2017-03-22T11:45:00.000+02:00'
'a3969f2f0c2bff29959240b69066741812d44f71'|'Keep it in the family: running a business with mum - Guardian Small Business Network'|'We’d be lying if we said we’d never had an argument When Katy Alston’s husband bought her an ice cream van for Christmas, she thought he’d gone mad. She’d taken time out of a 15-year-long nursing career to look after her son and was debating what her next career move would be. “He sounds like he’s really exciting and creative but he’s actually not,” Katy says of her husband. “I wasn’t happy. But he said, don’t look at this like an old van, look at this as a business.” So she did. She’s now spent as long running Pinks Vintage Ice Cream as Mrs Whippy, as she did working as a nurse. Five years ago, her daughter Georgia (aka Little Miss Whippy) came on board after leaving university. But Katy didn’t give her an easy ride. “Mum requested a full business plan demonstrating how I could grow the business to increase profit margins,” Georgia says. “Think Dragons’ Den meets The Apprentice, but to your mum. I worked very hard to prove myself.”Katy admits she had conflicting views on the best thing to do for her business and her daughter. “As a mother you go through real guilt that you should be encouraging your children to fly, so that was why I put Georgia through that grilling. My heart knew there was no one better to work with me but my head was saying I should be encouraging her to go off and do amazing things. “But it was the best thing I could ever have done – both for the business and as a mother,” she adds. There have been disagreements in the past (“we’d be lying if we said we’d never had an argument,” Georgia admits), but both say defining their roles with a business coach was a key step towards harmony as co-directors. Both still go out in the ice cream vans but Georgia also spends time working on PR and marketing.“When you work with anyone, you have ups and downs and clashes of personalities and ideas but when you’re mother and daughter, you purposefully work through them early on,” Katy says. “To begin with, I thought I had to carry on doing everything, or if I wasn’t doing it, I had to check what Georgia was doing. But actually, once you start to let other people do things, that’s when the growth occurs.” Facebook Twitter Pinterest Scott McMullan set up Maid Up North so his mum Kerry Patton could slow down a bit. It’s been quite a journey When Kerry Patton’s sons were just seven, three and a year old, she was diagnosed with Hodgkin’s disease (a type of lymphoma, a cancer of the immune system). Kerry survived and her sons grew up and moved away from home in Northern Ireland. But five years ago, her health deteriorated again. “I’d noticed a definite decline. I’d reached that point in my life where I thought ‘where am I going?’” says Kerry. Meanwhile, Scott McMullan, Kerry’s eldest son, had been encouraging her to move to Newcastle, where he lived. “Scott phoned me one day and said, ‘mum, I have created a business plan that will allow you to lead a lifestyle where you can live at your own pace’.” The plan was Maid Up North , a cleaning service that was quick to book online and would fit around customers’ busy lifestyles. Scott, who has a computing degree, built the platform and would look after the technical side while Kerry would hire and oversee the cleaners. She was taken with the idea. Scott says: “I was sitting in an Uber one night and I thought, I wonder what else you can do with this [model]? We wanted to make it really easy and convenient for anyone to use.”As Kerry’s health fluctuates and another of her sons has had to step in to run Maid Up North at times (Scott still has a full-time marketing job elsewhere), Kerry and Scott are enjoying working on their joint enterprise and have learned a lot from each other. “It’s been quite a journey,” says Kerry. For Scott, it’s been a lesson in soft skills. “Mum is much more personable than I would be. I’ve learned that side of things is important. I’m more straight to the point.” The business is performing well, with both mother and son keen to take on more staff. The only point of contention is Scott not wanting his mum to work too much. But they’ll be taking a break from business for Mother’s Day. “I usually take her somewhere,” says Scott. “She enjoys going out into the countryside for a good ramble.” Kerry adds: “I intend to make a lot more memories, that’s all I want.”Facebook Twitter Pinterest Surinder Bellamy and Safia Hothi-Bellamy have grown the business to know offer online cookery courses. Photograph: Jay Williams My big motivation is my daughter’s future When Safia Hothi-Bellamy found herself without a job in 2013 after working as an international conference producer in London, her mother Surinder Bellamy offered her two products and £5,000 to see what she could do with them. Surinder, who already owned a post office and fine food shop, had made her own garam masala and tandoori masala a few years before under the Pure Punjabi brand. Other than stocking them in the shop, she had not done any real marketing. “Within a year, she’d won us a Gold Taste award for the tandoori masala,” Surinder says about daughter Safia. “She was also in the top three finalists for the young entrepreneur awards, run by Enterprise Wiltshire.”The business has diversified into offering Indian cookery lessons online and in person, as well as running a pop-up restaurant. Surinder is still involved in the strategy and administrative side of the business – she has since sold the shop and also works as a personal trainer.But she says her aim for the business is to secure financial independence for her daughter. “I’m always looking to Safia’s future, that’s my big motivation. You want to work and you want to have a career but maybe you want to stay home and raise the children. I think it’s nice as a woman to give that gift to your daughter, to know that if we can get [the business] to a good position before Safia is a mum herself, she will hopefully be free to have those choices.” Safia, who does a lot of networking, events and marketing for the business, says people are always curious about what it’s like to work with her mother. “It’s often the first thing people ask me. It always confuses me – I think they expect me to say it’s really difficult but it’s quite nice. We’ve always been very close. We’ve had to learn to change the way we interact so we’re a little bit more productive. We chat like friends, it’s easy to slip into that. We now have two separate offices because we distract each other.”On Mother’s Day, the pair will be away in Cyprus with Surinder’s other two children. Surinder says she’s trying to make more of an effort to take regular time off from work. “It’s important that if you have a family business, you don’t flog yourselves into the ground.”Facebook Twitter Pinterest Joanna and Jo Hansford run Jo’s London salon together. It’s lovely to see how admired she is In 1993, while men were dominating the hairdressing business, Jo Hansford set up a salon in her name in London’s Mayfair. “There were the John Friedas, Charles Worthingtons and Nicky Clarkes of the world, to compete with, but I felt I had a niche in the market.” Jo is a specialist in hair colour. Over her time in business – she started as a hairdressing apprentice aged 15 and worked in top salons including Vidal Sassoon’s – she’s built up a strong customer base, including celebrity clients. At the time, her daughter, Joanna, was 17 and uninterested in her mum’s business. “Initially, I probably felt a bit resentful towards it,” she says. “Why did they [Jo’s husband also worked on the management side of the business] need to [launch a business]. I felt it was taking my family away from me – I was probably being a bit of a spoiled teenager.”After college, Joanna wanted to go travelling. To save some money, she did a stint as a receptionist at her mum’s salon. “I suddenly realised what it was all about,” says Joanna. “It then started to get under my skin a bit.” In between her travels Joanna returned to the salon and found she had a knack for managing products, HR and PR. Then, Jo’s husband and Joanna’s dad, David, who oversaw the business’s finances, was diagnosed with cancer. He brought in an ex-bank manager to help out, who stayed on when David sadly died. Joanna worked alongside him, eventually taking over as managing director.Over almost 20 years of working together, she and Jo have formed a solid partnership. They live near one another and Jo picks up Joanna on the way to work each morning, which gives them time to chat about how things are going. “The most important thing we have for each other is respect,” says Jo.Joanna says of her mum: “It’s lovely to see how admired she is in the industry and how fantastic she is at what she does.” Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/small-business-network/2017/mar/22/keep-it-in-the-family-running-a-business-with-mum'|'2017-03-22T02:00:00.000+02:00'
'8e1f3d7db3be517e28827af25c3701b9918b746a'|'Amazon.com agrees in principle to buy Middle East''s Souq.com: sources'|'DUBAI Amazon.com Inc has agreed in principle to buy 100 percent of Middle Eastern online retailer Souq.com from its shareholders, sources familiar with the deal told Reuters on Wednesday.Amazon declined to comment and a spokesperson for Souq.com could not immediately be reached for comment. Goldman Sachs helped to arrange the deal, the sources said.(Reporting by Hadeel Al Sayegh and Tom Arnold; Writing by Andrew Torchia; editing by David Clarke)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-souq-com-m-a-amazon-com-idINKBN16T1XA'|'2017-03-22T11:47:00.000+02:00'
'a6286b5d6e0bb02d60b801a23c3d13f959463ae1'|'Top British bosses earn nearly 400 times more than minimum wage'|' 37am GMT Top British bosses earn nearly 400 times more than minimum wage Martin Sorrell, chairman and chief executive officer of WPP, the world''s largest advertising company, speaks at the Confederation of British Industry''s (CBI) annual conference in   21, 2016. REUTERS/Stefan Wermuth LONDON The heads of Britain''s top 100 listed companies earn on average almost 400 times more than a worker on the minimum wage, according to analysis that will add fuel to the fire of a debate about inequality in the country. In the wake of Britain''s vote to leave the European Union, Prime Minister Theresa May vowed to bridge the gap between those at the top of society and those at the bottom by forcing companies to disclose pay ratios and put workers on boards to curb excessive behaviour. But May has since been forced to tone down her initial plans as she works instead to keep big business on side during Brexit. The outcome of a public consultation on encouraging better corporate behaviour is due to be published in the coming weeks. According to the Equality Trust, a campaign group set up to reduce economic inequality, the chief executives of companies in the FTSE 100 share index take home on average 5.3 million pounds, 386 times more than a worker on the minimum wage and 190 times the average salary in Britain. "The result is that the UK is one of the most unequal countries in the developed world and there is, rightly, great concern about excessive rewards at the top end of the pay scale compared to the amounts most people take home," it said. The average FTSE 100 CEO pay is 165 times more than the salary of a nurse, or 140 times the salary of a teacher. The company with the biggest pay gap is WPP ( WPP.L ), the world''s biggest advertising group, which gave its CEO and founder Martin Sorrell 70 million pounds in 2015 through pay, bonuses and share plans, 5,154 times greater than the minimum wage. Sorrell, who regularly features among the list of best paid executives, responded to a 2016 investor rebellion over pay by saying that during his 30 years in charge he has invested his own money in the firm and reinvested nearly all his income in WPP stock, meaning his interests are tied completely to the company. Other companies at the top of the list include consumer goods group Reckitt Benckiser ( RB.L ), European pay-TV group Sky ( SKYB.L ), pharmaceuticals firm Shire ( SHP.L ) and oil giant BP ( BP.L ). The Equality Trust said it wanted all medium and large companies to disclose their top-to-median and top-to-bottom pay ratios to increase transparency around corporate pay. "We believe this will be a great incentive for companies to bear down on their pay differentials," it said. (Reporting by Kate Holton; Editing by Mark Trevelyan)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-pay-idUKKBN16T142'|'2017-03-22T17:37:00.000+02:00'
'8fd286d12d1a4dd45e3f11a8be55de7234fce102'|'Ukraine says sanctions on Russian banks to start from Thursday'|'World News  50pm EDT Ukraine says sanctions on Russian banks to start from Thursday KIEV Ukraine''s central bank said sanctions against subsidiaries of Russian banks will take effect from Thursday, and will include prohibitions on financial operations that benefit the banks'' parent structures. The central bank has previously said the restrictions will ban the banks from taking money out of Ukraine. Five Russian state-owned banks are present in Ukraine with a combined market share of 8.6 percent and liabilities of 36 billion hryvnia ($1.3 billion). Sberbank, VEB and VTB are among the top 20 largest lenders. The banks have already been banned from increasing their assets and deposits following a breakdown in relations between Ukraine and Russia in 2014 due to Moscow''s annexation of Crimea and support for pro-Russian separatists. (Reporting by Natalia Zinets; writing by Matthias Williams; Editing by Catherine Evans) Next In World News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ukraine-crisis-sanctions-idUSKBN16T2PH'|'2017-03-23T01:46:00.000+02:00'
'70cc8e2a6f5c536eda9906eaab4aa1e1cc7f258f'|'Akzo Nobel rejects improved bid from U.S. rival PPG'|'Deals - Europe   4:29am EDT Akzo Nobel rejects improved bid from U.S. rival PPG FILE PHOTO: AkzoNobel''s logo is seen in Amsterdam, Netherlands, February 16, 2012. REUTERS/Robin van Lonkhuijsen/United Photos/File Photo AMSTERDAM Dutch paints and coatings maker Akzo Nobel ( AKZO.AS ) rejected on Wednesday a second takeover proposal from U.S. rival PPG Industries ( PPG.N ) saying the offer was too low and too risky. Akzo said in a statement the new non-binding PGG proposal made on March 20 was worth 88.72 euros ($95.84) per share in cash and shares, up from a first offer worth 83 euros per share. The Dutch company''s shares were trading down 2.5 percent at 74.67 euros at 0815 GMT. Akzo said the second unsolicited proposal did not address its concerns which included the valuation, risks the deal might not be accepted by regulators, the leverage of the merged company and job losses. Akzo''s boards unanimously rejected the new offer and reiterated that they would prefer to pursue their own strategy of selling or floating the company''s chemicals division. (Reporting by Toby Sterling; editing by David Clarke) Next In Deals - Europe'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-akzo-nobel-m-a-ppg-idUSKBN16T0TH'|'2017-03-22T15:16:00.000+02:00'
'264cefd39bb2d0c3dd1469f3d70ace0ff0c41c40'|'UPDATE 1-U.S. mortgage activity fades from near four-month high'|'Business  40am EDT U.S. mortgage activity fades from near four-month high NEW YORK U.S. mortgage application activity fell from a nearly four-month peak as borrowing costs on 30-year home loans held at their highest level almost three years, Mortgage Bankers Association data released on Wednesday showed. The Washington-based industry group said its measure on mortgage applications fell 2.7 percent to 406.8 in the week ended on March 17. Last week, it was 418.1, which was the highest level since 460.30 in the week ended on Nov. 18. Average interest rates on 30-year, fixed-rate conforming mortgages, the most widely held type of U.S. home loan, held for a second week at 4.46 percent, a level last seen in April 2014. Conforming loans are those with balances of $424,100 or less and that qualify for guarantees from federal mortgage agencies Fannie Mae ( FNMA.PK ) and Freddie Mac ( FMCC.PK ). Rates on conforming 30-year loans were steady despite a decline in benchmark U.S. Treasury yields US10YT=RR following the Federal Reserve''s assurance after a two-day policy meeting that it still planned to raise rates gradually. Mortgage rates on some fixed-rate home loans that the MBA tracks increased from the preceding week. The 30-year rate on loans backed by the Federal Housing Administration averaged 4.33 percent, the highest since January 2014. The group''s seasonally adjusted gauge of applications to refinance an existing home loan fell 3.3 percent to 1,366.1. Last week, it reached 1,413.3, the highest since the week ended on Dec. 16. The share of refinancing applications slipped to 45.1 percent from 45.6 percent the previous week, MBA said. The MBA''s seasonally adjusted gauge of purchase application activity, a proxy for future home sales, decreased 2.1 percent to 235.3. Last week, it was 240.3, the highest since the week ended on Jan. 20. The share of applications for adjustable-rate mortgages grew to 9.0 percent, its largest since October 2014. (Reporting by Richard Leong; Editing by Lisa Von Ahn) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-mortgages-idUSKBN16T1KS'|'2017-03-22T20:38:00.000+02:00'
'989df5cf51053d84ccba30ec987ee504232dfaaa'|'China''s Sinopec nears deal to buy Chevron''s South African oil assets: sources'|'NEW YORK/SINGAPORE China Petroleum and Chemical Corp (Sinopec) is nearing an agreement to buy a majority stake in Chevron Corp''s South African assets, which are estimated at $1 billion, two people familiar with the transaction said.The sources said that Sinopec, Asia''s largest oil refiner, was the last bidder remaining, and close to completing a deal with the U.S. oil major.If the deal is finalised, it will be Sinopec''s first refinery asset in Africa, forming a part of the Chinese major''s global fuel distribution network.Sinopec declined to comment.Chevron first announced plans in January 2016 to sell the stake in the business unit, which includes a 110,000-barrels-per-day refinery in Cape Town, South Africa.Chevron spokesman Braden Reddall said "the process of soliciting expressions of interest in the 75 percent shareholding is ongoing."The remaining 25 percent interest is held by a consortium of Black Economic Empowerment shareholders and an employee trust. A second bidding round closed on Sept. 30, additional sources said.(Reporting by Jessica Resnick-Ault in NEW YORK and Florence Tan in SINGAPORE; Additional reporting by Ron Boussa in NEW YORK, Dmitry Zhdannikov in LONDON, Joe Brock in JOHANNESBURG and Chen Aizhu in BEIJING; Writing by Anshuman Daga; Editing by Richard Pullin)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-chevron-m-a-sinopec-idUSKBN16O0NU'|'2017-03-17T10:10:00.000+02:00'
'f9208a207ec2ffb89a7ec58cdca99f6033695e08'|'Software maker MuleSoft soars in debut'|'March 17 MuleSoft Inc''s shares jumped as much as 49.7 percent in their debut, giving the enterprise software company a market capitalization of $3.21 billion.The offering of 13 million shares was priced at $17 each on Thursday - above the expected range of $14-$16 - and raised about $221 million.MuleSoft''s shares opened at $24.25 and hit a high of $25.45 on the New York Stock Exchange in early trading.The San Francisco-based company makes software that automatically integrates disparate data, devices and applications to help businesses networks run faster.The company has more than 1,000 customers, including Coca-Cola Co, McDonald''s Corp, Salesforce.com Inc, Spotify and Unilever.MuleSoft''s total revenue jumped 70 percent to $188 million in 2016, according to its IPO filings. The company is not profitable, but its losses narrowed to $50 million last year from $65 million in the previous year.However, profitability has not really been a requirement for joining the so-called "unicorn" club - venture-backed private companies worth $1 billion or more.Shares of software maker Twilio Inc, which is also not profitable, are trading at twice their IPO price. (Reporting by Sweta Singh in Bengaluru and Heather Somerville in San Francisco; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mulesoft-ipo-idINL3N1GT69M'|'2017-03-17T12:20:00.000+02:00'
'd458a3b66e91761903d408022d82b2dc267fe901'|'Brazil minister suspends all officials involved in bribery case'|'Company  12pm EDT Brazil minister suspends all officials involved in bribery case SAO PAULO, March 17 Brazil''s Agriculture Minister Blairo Maggi ordered on Friday the suspension of all officials involved in a federal police investigation of alleged bribery of food inspectors and politicians. "The important thing now is separating the wheat from the chaff," he said on his Facebook page. Brazilian federal police raided on Friday the offices of dozens of meatpackers including industry giants JBS SA and BRF SA. (Reporting by Brad Haynes; Writing by Bruno Federowski) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-corruption-food-maggi-idUSE6N1FG00P'|'2017-03-17T23:12:00.000+02:00'
'2e45d56e338189e46cc2971ba008540a9213e80b'|'Fraport expects Lufthansa to grow long-haul at Frankfurt'|' 28am GMT Fraport expects Lufthansa to grow long-haul at Frankfurt A logo of German airline Lufthansa is seen before the company''s annual news conference at the airport in Munich, Germany, March 16, 2017. REUTERS/Michaela Rehle FRANKFURT The operator of Frankfurt airport, Fraport ( FRAG.DE ), said on Friday it expects Lufthansa ( LHAG.DE ) to grow its long-haul business at the hub despite a row over a foray by budget airlines into the airport. "I expect that long-haul will continue to grow at Frankfurt, and concretely at Lufthansa," Fraport Chief Executive Stefan Schulte told journalists at a news conference after the group published its 2016 financial results. Fraport last year signed up Ryanair ( RYA.I ) for routes from Frankfurt, which has unleashed a row with Lufthansa, Fraport''s biggest customer, over incentives for new routes from which Lufthansa says the Irish low-cost carrier is benefiting disproportionately. Lufthansa has threatened it could route more transfer flights through Munich or Vienna instead of Frankfurt. Fraport CEO Schulte said talks with Lufthansa over airport fees in Frankfurt were constructive and would continue into April. "We have a very intensive, deep, broad business relationship with Lufthansa. In such a relationship there are always some days that are more difficult," he said. (Reporting by Maria Sheahan; Editing by Arno Schuetze) Next In Business News  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-fraport-results-lufthansa-idUKKBN16O1DF'|'2017-03-17T18:28:00.000+02:00'
'18b1b9f83735e42ed3b6195ae3f60c9c9c227772'|'KKR, CDPQ to buy insurance brokerage USI'|'Private equity firm KKR ( KKR.N ) and Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ) agreed to buy USI Insurance Services from Onex Corp ( ONEX.TO ) in a $4.3 billion deal, including debt.USI delivers property and casualty, employee benefits, personal risk and retirement solutions.The Valhalla, New York-based company had net debt of about $1.82 billion as of Dec. 31 and generated earnings before interest, taxes, depreciation and amortization of $353 million in 2016.Private equity firm Onex acquired USI in December 2012 for $2.3 billion from Goldman Sachs Group Inc''s ( GS.N ) private equity arm, funding $702 million of that through equity and borrowing the rest with debt placed on the company.Onex will receive proceeds of about $2.1 billion after the deal closes.(Reporting by Sweta Singh in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usiinsuranceservices-m-a-kkr-idINKBN16O1FT'|'2017-03-17T09:24:00.000+02:00'
'f2cc27c4442386423d541e4dc11bcdeb969abc24'|'BASF, on the sidelines of merger wave, eyes generic pesticides'|'Business News   3:00pm GMT BASF, on the sidelines of merger wave, eyes generic pesticides FILE PHOTO - Flags of the German chemical company BASF are pictured in Monheim, Germany April 20, 2012. REUTERS/Ina Fassbender/File Photo By Patricia Weiss and Ludwig Burger - FRANKFURT FRANKFURT With rivals joining forces all around, Germany''s BASF ( BASFn.DE ) has been eyeing a surprise foray into generic pesticides, although the issue is on hold while it looks to snap up assets being spun off in those mergers. With an internal debate raging about how to react to the mega-mergers, the world''s third-largest crop chemicals supplier last year looked into acquiring U.S. pesticides peer FMC Corp ( FMC.N ), according to three people familiar with the deliberations. While considerations did reach a concrete stage, BASF for now feels such a move would needlessly complicate its examination of several billions in assets put on the block by rivals to allay antitrust concerns. But the strategic rationale is intact and can be revisited, the sources told Reuters. BASF is the only player left among the top six in a global seeds and pesticides market worth over $100 billion that has not paired up with a major peer. Like most of its large rivals in crop protection, it has mostly focussed on developing new patent- protected compounds to command premium prices. One reason to branch out into cheaper pesticides that have lost patent protection would be faster access to emerging markets such as Africa and China, where most farmers cannot afford the latest generation of Western crop chemicals, the sources said. "In some of these markets, the prices of patent-protected products are beyond what''s affordable by a factor of 10," said one source. Companies such as FMC primarily use off-patent active ingredients or acquire the rights to novel substances from others. They focus development efforts on improving the application of a given compound in the field, or identifying new crops or geographic regions that can benefit. This could, for instance, mean preventing spray from evaporating or drifting away with the wind to harm wildlife or neighbouring fields; it can take the form of making sure droplets stick to the target leaves and are absorbed or released at the optimum rate. MARKET INSIGHT AND ACCESS FMC declined to comment. A BASF spokeswoman said in a written statement that the group - which is also active in areas such as oil and gas, industrial petrochemicals, engineering plastics and vitamins - was constantly looking into possible takeovers and divestments. Meanwhile, Bayer ( BAYGn.DE ) and Monsanto ( MON.N ), Dow ( DOW.N ) and DuPont ( DD.N ), and ChemChina and Syngenta ( SYNN.S ) are all seeking regulatory approval for mergers. The sources said that FMC''s market insight could help BASF compete better as the industry rushes to bypass wholesale trade and sell direct to growers with the help of digital tools. FMC''s sales to farmers - expected to be around $2.2-2.4 billion this year - would help BASF to spread the costs of new direct-marketing channels across a wider revenue base. Even though BASF Chief Executive Kurt Bock has said "big and fancy" deals do not always create value, discussions are in full swing at the 152-year-old company about how to cope with the emergence of much larger rivals in agriculture, the sources said. With a considerable premium required on top of FMC''s stock market value of about $8 billion, the mooted transaction would be the largest in BASF''s history. A foray into generic chemicals would offer investors an alternative strategic vision from that of its major rivals, which seek to link up seed and crop protection offerings. BASF has taken the view that the benefits do not justify the tens of billions going into the mega-mergers. So far, it has avoided seed assets and instead pursued research into plant characteristics such as drought tolerance, which it sells or licenses out to seed breeders. But investors are still keen for reassurance. "It is good to have somebody at the helm who doesn''t feel pressured to follow just any trend. But if everyone around BASF is consolidating, there is a risk that, over the long term, the question will be: Why didn''t it join in?" said one fund manager holding shares in BASF, who asked not to be named. NEW USES FOR OLD CHEMICALS Other players in the off-patent industry are ChemChina''s Adama, with about $3.1 billion in sales; and Platform Specialty Products Corp''s ( PAH.N ) Agricultural Solutions unit with about $1.8 billion in sales, made up mainly of Arysta LifeScience Corp. FMC in 2014 boosted its off-patent crop chemicals operations with the $1.8 billion acquisition of Denmark''s Cheminova, paying about 13 times core earnings. But the sub-sector has received little attention during last year''s unprecedented slew of major deals. Still, growing consumer concerns about toxicity have prompted environmental regulators around the globe gradually to raise the bar for approving new crop protection substances. This has encouraged the industry to find new uses for decades-old substances. The discovery of a genetic tweak that makes field crops survive the generic weed killer dicamba, for instance, has prompted the industry to develop more environmentally friendly dicamba versions that evaporate less when sprayed. BASF''s executive directors have for their part pointed to the opportunities to snap up assets being sold off in the course of the mega-mergers. Sources familiar with the process say BASF is primarily eyeing herbicides and insecticides businesses from Dow and DuPont''s planned $130 billion merger and three-way split, but also seeds and herbicides businesses expected to be sold by Bayer as part of its $66 billion takeover of Monsanto. CEO Bock said a month ago that, even though the crop protection unit was performing very well, he would like it to be bigger. Excluding expected asset sales, the Monsanto-Bayer deal will create an undisputed market leader with 27 percent of global seeds and pesticides business. Even the 17 percent accounted for by Dow and DuPont, before asset sales, would dwarf BASF''s 7 percent share. FMC derives about two-thirds of its sales from crop protection, with food and drug ingredients and lithium chemicals accounting for the rest. BASF''s spokeswoman said that its acquisition strategy focussed on businesses that meet criteria such as innovative strength, above-average growth, a focus on attractive regions such as emerging markets, and shielding the portfolio against cyclical swings. (Additional reporting by Arno Schuetze; Editing by Kevin Liffey) Next In Business News Britain-based banks moving to Europe may get easier entry, ECB says FRANKFURT Banks looking to move from Britain to the euro zone after Brexit may be given an expedited entry, with supervisors willing to spare them from a lengthy initial test of their risk models, a top European Central Bank official said on Wednesday. UK economy growing solidly despite inflation hit - BoE report LONDON Britain''s economy looks set to defy a slowdown again this year as the country moves closer to leaving the European Union, with the hit to shoppers from surging inflation partly offset by more investment and exports, a Bank of England report suggested. Barclays     MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-basf-genericpesticides-idUKKBN16T1YD'|'2017-03-22T22:00:00.000+02:00'
'98f06a72b83f6a4ddfd5d0d699edd0e156b63c2f'|'EU''s Vestager says analyzing Facebook reply to WhatsApp probe'|'Technology News   12:08pm EDT EU''s Vestager says analyzing Facebook reply to WhatsApp probe left right European Competition Commissioner Margrethe Vestager holds a news conference at the EU Commission''s headquarters in Brussels, Belgium March 13, 2017. REUTERS/Francois Lenoir 1/2 left right A 3D printed Whatsapp logo is seen in front of a displayed stock graph in this illustration taken April 28, 2016. REUTERS/Dado Ruvic/Illustration 2/2 BRUSSELS EU antitrust chief Margrethe Vestager said on Wednesday she was reviewing Facebook''s response to charges the U.S. social network provided misleading information during its bid for messaging service WhatsApp which may result in a hefty fine for the company. The European Commission in December last year said Facebook''s statements during the regulator''s scrutiny of the $22 billion deal in 2014 were incorrect when it said that it was unable reliably to match the two companies'' user accounts. However, this was technically possible at that time, the EU Competition Commissioner said, giving Facebook until Jan. 31 to defend itself. "We have now got the reply from Facebook and we are now analysing it," Vestager told lawmakers during a European Parliament hearing. The company faces a fine of as much as 1 percent of its global turnover, or about $179 million based on 2015 revenues. Microsoft was hit with a 561 million euro ($606.44 million)penalty in 2013 for breaking an antitrust promise to regulators, underlining how serious the Commission views procedural breaches. (Reporting by Foo Yun Chee; Editing by Ken Ferris) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-whatsapp-m-a-facebook-eu-idUSKBN16T275'|'2017-03-22T23:08:00.000+02:00'
'3d3784cf2b4cc719d4ad836ce9f81deb5551dc65'|'UK lawmakers demand more answers from VW over diesel scandal'|'Money  04pm IST UK lawmakers demand more answers from VW over diesel scandal A Volkswagen logo is pictured at the newly opened Volkswagen factory in Wrzesnia, Poland, September 9, 2016. REUTERS/Kacper Pempel/File Photo LONDON British lawmakers have written to Volkswagen seeking more answers from the German carmaker over the diesel emissions scandal, after criticising the firm for failing to adequately respond to their queries so far. Paul Willis, the brand''s British boss, has appeared before several British parliamentary committees since September 2015 when the firm admitted to using software to cheat diesel emission tests in the United States. Around 1.2 million cars are affected by the scandal in Britain with fewer than half repaired so far, prompting anger from politicians and drivers who argue it is unfair that they have not received compensation offered to U.S. motorists. During his most recent appearance before the transport committee last month, Willis was pressed on the nature of the remedy and whether Britain had been fully repaid by VW for the cost of retesting models. In a letter published on Wednesday, chairwoman Louise Ellman asked Willis to respond to eight points including on whether the firm will look into every complaint that the fix had affected vehicle performance, an issue at the heart of attempts by some law firms to take legal action against the company. "Please confirm that Volkswagen will investigate all existing and future cases where the customer is concerned that the fix has impaired the performance of their vehicle and that this investigation will be carried out free of charge," Ellman wrote. VW, which declined to comment on Wednesday, has previously said that there had been no adverse effects from software changes made. Willis has said he has been consistent and honest in his replies to the committee on a range of issues. (Reporting by Costas Pitas; Editing by Keith Weir) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/volkswagen-emissions-britain-idINKBN16T1C6'|'2017-03-22T18:34:00.000+02:00'
'd1db98e5d15b3f3cb6d4b6d4ee92f84cf4bbb321'|'South Korea''s Daewoo Shipbuilding to get new, conditional, $2.6 billion bailout - regulator'|'Business News - Thu Mar 23, 2017 - 2:17am GMT South Korea''s Daewoo Shipbuilding to get new, conditional, $2.6 billion bailout - regulator Daewoo Shipbuilding & Marine Engineering’s shipyard is seen in Geoje, South Korea, May 25, 2016. REUTERS/Staff /File Photo By Joyce Lee - SEOUL SEOUL State banks will extend South Korea''s foundering Daewoo Shipbuilding & Marine Engineering Co Ltd ( 042660.KS ) a new 2.9 trillion won ($2.6 billion) bailout, but only if bondholders and other creditors agree to swingeing debt-equity swaps, the country''s financial regulator said on Thursday. The Financial Services Commission (FSC) said Daewoo Shipbuilding was not expected to be able to redeem 940 billion won in corporate bonds maturing this year - starting with 440 billion won due in April - without a new infusion of funds. Daewoo Shipbuilding''s financials have deteriorated rapidly since 2015 because of losses from delays and difficulties in building complex offshore facilities. It reported a record net loss of 3.3 trillion won in 2015. Additional delays in the delivery of a drillship due to low oil prices bogging down negotiations, and the shipbuilder winning far fewer orders in 2016 than expected, have reduced liquidity to critical levels, the FSC said. "A liquidity crunch is expected in April, and without additional measures Daewoo Shipbuilding will not be able to meet its obligations and bankruptcy cannot be avoided," the FSC said in a statement. In the event of a bankruptcy about 50,000 people would be expected to lose their jobs and about 1,300 sub-contractors could also go under. Additionally, Daewoo''s creditor banks would be liable for massive refund guarantees of pre-paid construction fees and would have to set aside bad-loan provisions of up to 14 trillion won, the FSC added. The regulator estimated that the South Korean economy would take a 48.4 trillion won hit if Daewoo Shipbuilding were to go bankrupt this year. The FSC''s plan requires corporate bondholders, which hold about 1.5 trillion won of Daewoo debt, to agree to a 50 percent debt-to-equity swap and a 3-year repayment grace period on the remaining 50 percent. South Korean non-state-owned creditor banks, which hold about 700 billion in unsecured loans, must agree to a 80 percent debt-to-equity swap and a 5-year grace period on the remaining 20 percent. Daewoo''s two largest state creditors, Korea Development Bank and the Export-Import Bank of Korea, will also accept a debt-to-equity swap of 1.6 trillion won on their unsecured loans. This is separate from the 2.9 trillion won the two banks will inject into Daewoo if all stakeholders agree to the plan. Trading in Daewoo shares is currently halted. South Korea''s top three shipbuilders, including Daewoo Shipbuilding, submitted plans last year to sell up to 4.8 trillion won in combined assets and find 3.6 trillion won through cost cuts as part of government-led efforts to restructure the industry. ($1 = 1,116.3500 won) (Reporting by Joyce Lee; Editing by Eric Meijer) Next In Business News Verizon, AT&T suspend ads from Google over offensive videos U.S. wireless carriers Verizon Communications Inc and AT&T Inc said on Wednesday they have suspended digital advertising on Google''s YouTube and other advertising platforms not related to search over concerns that their ads may have run next to extremist videos. LONDON British car production hit a 17-year high in February, extending a recent trend of surging output as a strong rise in exports once again compensated for a slump in demand at home, an industry body said on Thursday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-southkorea-economy-daewoo-idUKKBN16U06Q'|'2017-03-23T09:17:00.000+02:00'
'f3f6757b6bde91a98c76299505d87e2887b25401'|'PRESS DIGEST- British Business - March 23'|' 53pm EDT PRESS DIGEST- British Business - March 23 March 23 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Times Centrica Plc gave its chief executive a 37 per cent pay rise last year, to 4.2 million pounds ($5.24 million), despite freezing its payouts to investors. bit.ly/2n95IRq Geely, the Chinese carmaker, has revealed plans to launch Britain''s first dedicated electric van manufacturing plant in the factory it built in Coventry to assemble battery-driven black cabs. bit.ly/2n8YU6n The Guardian Several of Heineken N.V.''s brands have been absent from Tesco Plc shelves for six weeks after annual talks over pricing ended in a stalemate. bit.ly/2ndKqUc More than 1,000 jobs are at risk after shoe retailer Brantano collapsed into administration. bit.ly/2n93zVD The Telegraph First Utility ( IPO-FRUT.L ) has set its sights on the broadband sector in an attempt to widen its consumer appeal as retail competition heats up. bit.ly/2n97HFs The owner of The Guardian and The Observer newspapers is to make compulsory redundancies for the first time in its history as management attempts to stem years of financial losses. bit.ly/2ndYxZC Sky News An unarmed police officer who was among four victims of a terror attack in Westminster has been named as PC Keith Palmer. bit.ly/2n98zd4 The Independent Amer Sajed, one of Barclays Plc''s senior-most executives, is retiring to fight for civil liberties in U.S. ind.pn/2n91RDG Thames Water has been fined 20.3 million pounds for polluting the River Thames with 1.4 billion litres of raw sewage. ind.pn/2n98HJz ($1 = 0.8017 pounds) (Compiled by Gaurika Juneja in Bengaluru; Editing by Peter Cooney)   Nikkei hits 1-1/2 month low ahead of school-scandal testimony TOKYO, March 23 The Nikkei share average fell to a 1-1/2 month low in choppy trade on Thursday morning as investors became cautious before the testimony in parliament by the head of a Japanese nationalist school at the heart of a political scandal. * Alaska Airlines and Virgin America share vision for the future MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-business-idUSL2N1H001X'|'2017-03-23T07:53:00.000+02:00'
'7d8ba29de9f28cc216a2cff7696c4c2fff8b15e3'|'UPDATE 3-Escondida workers to end strike as they opt for old contract'|'(Adds detail on legal provision, comments from worker, analyst)By Felipe IturrietaANTOFAGASTA, Chile, March 23 The strike at Chile''s Escondida, the world''s largest copper mine, is ending after workers decided to invoke a rarely used legal provision that allows them to extend their old contract, the union said on Thursday.Hours earlier, talks between the two sides failed, and Escondida, which is operated by BHP Billiton , said it would attempt to restart production. The workers said they would present their decision to the government on Friday and return to work on Saturday.A swift restart of Escondida, which produced about 5 percent of the world''s copper last year, may bring some relief to the Chilean economy after a strike that has lasted 43 days.But there was little immediate effect on copper prices , with industry experts saying the two sides will still have to tackle major issues in 18 months, when talks must resume.The stoppage by the union''s 2,500 workers began on Feb. 9 after initial talks with the company to set new wage and benefit contracts failed. Negotiations take place when the former contract expires, typically every three to four years.The legal provision, Article 369, allows workers to revert to their previous contract for 18 months, after which both sides must try to reach a new agreement. The company is legally obligated to comply.Returning to their former contract means workers will enjoy existing benefits and working conditions and hold the next talks under an upcoming labor law that strengthens their hand. But they will also lose out on a bonus typically paid when the contract is signed and on any pay raise."The money is important," a truck worker who requested anonymity said outside the union meeting, "but the benefits that we have fought for over years are good for us."The use of Article 369 would be "complex" for Escondida, mine President Marcelo Castillo said earlier on Thursday."Having collective talks in 18 months ... would require us to revise our plan, our operating model, our structure in order to allow us to make our mining business viable," he said.BHP declined to comment further on the union''s decision.Throughout the dispute, the union has said it would not budge on three key points: giving new workers the same benefits as existing workers, maintaining current benefits and keeping shift patterns from becoming more taxing.Both sides see the uniform benefits issue as particularly important. The new labor law that takes effect in April requires a company to offer the minimum benefits in a previous contract as the negotiating floor.Industry veteran and analyst Juan Carlos Guajardo said he thought Thursday''s outcome of the dispute was "very bad.""It just prolonged it for a year and half without resolving any major points," he said. " ... This could affect other negotiations."Escondida is majority-controlled by BHP with minority participation by Rio Tinto and Japanese companies including Mitsubishi Corp. It produced slightly more than 1 million tonnes of copper in 2016. (Reporting by Felipe Iturrieta in Antofagasta, Additional reporting by Gram Slattery and Fabian Cambero in Santiago; Writing by Rosalba O''Brien; Editing by Chizu Nomiyama and Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/chile-copper-escondida-idINL2N1H00O1'|'2017-03-23T14:43:00.000+02:00'
'a90bc01b78aca253865ddf8d0dc444bbc8cba385'|'Schumpeter: America’s shale firms don’t give a frack about financial returns'|'INSIDE the boardrooms and bars of Houston, the spiritual capital of America’s energy industry, the swagger is back. The oil price may only be at $48, or half the level it was three years ago. But shale fracking—the business of getting oil and gas out of rocks by blasting them with water and sand—is booming once again after the crash of 2014-16. Exploration and production (E&P) companies are about to go on an investment spree. Demand is soaring for the industry’s raw materials: sand, other people’s money, roughnecks and ice-cold beer.Shale’s second coming is testament to Texan grit. But the industry’s never-say-die spirit may explain why it has done next to nothing about its dire finances. The business has burned up cash for 34 of the last 40 quarters, according to figures on the top 60 listed E&P firms collected by Bloomberg, a data provider. With the exception of airlines, Chinese state enterprises and Silicon Valley unicorns—private firms valued at more than $1bn—shale firms are on an unparalleled money-losing streak. About $11bn was torched in the latest quarter, as capital expenditures exceeded cashflows. The cash-burn rate may well rise again this year.Meanwhile, the prospect of rapidly rising production is rattling global energy markets. In particular it worries OPEC, a cartel of producers led by Saudi Arabia that aims to restrain output and keep prices stable and fairly high. Khalid al-Falih, Saudi’s energy minister, warned of “irrational exuberance” on March 7th during an energy-industry conference in Houston. When oil prices halved in just 16 weeks starting in late 2014, panic hit Texas, followed—for a while—by grim austerity. The number of drilling rigs in America dropped by 68% from peak to trough. Companies slashed investment. Over 100 firms went bankrupt, defaulting on at least $70bn of debt. Shale’s retrenchment helped to stabilise the global oil price. Production in the lower 48 states (ie, excluding Alaska and Hawaii), and excluding federal waters in the Gulf of Mexico, has dropped by 15% over the past 21 months, equivalent to 1m bpd, or 1% of global output.The partial recovery in the oil price, which at one point fell as low as $26, is only one factor behind renewed enthusiasm for shale. Houston’s optimists also argue that the full geological potential of Texas’s Permian basin has only just become apparent. Some experts think it could in time produce more barrels each day than Saudi Arabia does. That has offset gloom about falling production from other shale basins, such as the Bakken formation in western North Dakota. The industry has also lifted productivity. Drilling is faster, more selective and more accurate, and leakage rates are lower. Wells are being designed to penetrate multiple layers of oil that are stacked on top of each other.But the fact that the industry makes huge accounting losses has not changed. It has burned up cash whether the oil price was at $100, as in 2014, or at about $50, as it was during the past three months. The biggest 60 firms in aggregate have used up $9bn per quarter on average for the past five years. As a result the industry has barely improved its finances despite raising $70bn of equity since 2014. Much of the new money got swallowed up by losses, so total debt remains high, at just over $200bn.Oil bosses like to show off their newest wells in the Permian basin, which, they say, can now make internal rates of return of more than 50% over their working lives. But most firms have mediocre wells too, as well as corporate overheads, so their overall efficiency improvement has not been great. For the ten largest listed E&P firms, aggregate cash operating costs per barrel fell by $13 between 2014 and 2016; not enough to offset a $50 drop in the oil price. Because shale-energy fields run out far faster than traditional ones, firms must reinvest heavily to keep production flat.It is instructive to compare shale with another natural-resources business that has had to cope with a collapse in commodity prices. In 2016 the mining industry’s biggest companies ground out profits, produced cashflow after capital investments and made a decent return on capital. Yet despite this unflattering contrast, capital investment by American E&P companies will probably soar over the next year, by perhaps 50% or more.There are two theories for why this is happening. One is that the way in which executives are paid, together with lenders’ incentives, means that Houston is always vulnerable to investment mania. Not one of the ten biggest E&P firms, for example, puts significant emphasis in its pay scheme on how much return on capital it produces. Low interest rates make it easy for shale firms to borrow, and fee-hungry banks cheer on the spectacle. But the only way that the mania will end well is if oil prices rise sharply, bailing out the industry, or if E&P firms are bought by bigger energy firms. That is possible, but companies such as Exxon and Shell are too seasoned to pay a lot for small, unprofitable firms.Houston, we still have a problem The second explanation is oil executives’ belief in increased output from the Permian, and higher productivity. Most E&P firms reckon they can expand production at an annual rate of 10-20% over the next few years. But to justify their market values, and make an adequate return on their cumulative capital invested, listed E&P firms would over time need to make about $60bn of free cashflow each year. Assuming that both energy prices and capital spending stay flat, that would require them roughly to double production from current levels.The trouble is that this is a circular argument. If achieved across the whole shale industry it would mean that output would be twice as high as it is now, leading to a 5% increase in global supply, which might in turn lower the oil price. There is something heroic—and baffling—about America’s shale firms. They are the marginal producer in a cyclical industry, and that is usually an unpleasant place to be. The oil bulls of Houston have yet to prove that they can pump oil and create value at the same time.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business-and-finance/21719436-exploration-and-production-companies-are-poised-go-another-investment-spree-americas?fsrc=rss'|'2017-03-22T07:00:00.000+02:00'
'cac6e7e2f2246f6247a93bf2e64931c78843e187'|'UPDATE 1-Canada unveils wait-and-see budget amid U.S. policy uncertainty'|'Company News  26pm EDT UPDATE 1-Canada unveils wait-and-see budget amid U.S. policy uncertainty (Adds opposition reaction) By Andrea Hopkins OTTAWA, March 22 Canada''s Liberal government unveiled a stay-the-course budget on Wednesday that targeted export growth and some measure of tax reform but did little to whittle away at deficits even as it backed off from an explicit pledge to improve the debt outlook. Finance Minister Bill Morneau''s second budget contained few surprises, in line with expectations that Ottawa wants to wait to see what impact U.S. President Donald Trump’s still-evolving policies will have on Canadian competitiveness and trade before committing to further stimulus or tax reform. The budget blueprint, which is bound to be implemented given the Liberal’s parliamentary majority, reinstated a fiscal cushion, effectively a rainy day reserve set at C$3 billion a year to guard against any unexpected event that could hurt the government books, a move economists praise as prudent. Bringing back the cushion widened the projected deficit in 2017-2018 to C$28.5 billion from C$27.8 billion forecast in November, nearly three times the C$10 billion annual deficit targeted by the Liberals during their 2015 election campaign. But, combined with modest economic assumptions that look easy to beat, the cushion should allow the government to trumpet a better-than-expected performance as it nears the 2019 federal election. Still, the opposition Conservatives said the budget would make life more expensive for Canadians at a time when Trump wants to move in the opposite direction in the United States. "(It) misses a critical opportunity to respond to Trump''s aggressive move forward to reduce taxes on both businesses and individuals," interim party leader Rona Ambrose told reporters. The move to drop an explicit goal of improving the debt-to-GDP ratio over the course of the government’s four-year mandate disappointed economists concerned that Canada is not prepared to rein in deficits after trying to stimulate tepid growth with infrastructure spending and tax cuts for families. "In terms of ‘stay the course’ and ‘do no harm,’ I think the budget achieved those goals, but I would have preferred they’d left an explicit target some sort in terms of debt to GDP declining or ideally a balanced budget,” said Craig Wright, chief economist at RBC. The Liberals had previously promoted the ratio, which at about 31.5 percent of GDP is low compared with many G7 rivals, as a better measure of the nation’s debt burden than the deficit, which had been eliminated under the previous Conservative government. Morneau repeatedly referred to the benefits of free trade, pushing back on U.S. protectionism just a week after a pledge to promote free trade was removed from the concluding statement of the G20 meeting in Germany at the insistence of the United States, Canada’s largest trading partner. The finance minister touted the budget as “ambitious but responsible" and laid out a plan to grow Canada’s goods and services exports by 30 percent by 2025, a lofty goal given the slow pace of export growth since the 2009 recession. In continuing the Liberal’s pledge to increase taxes on the wealthiest Canadians to help the middle class, the budget promised to close a loophole that allowed high-income earners to use private corporations to reduce income taxes. It also pledged to tax ride-sharing programs, such as Uber, at the same rate as taxi corporations. While the budget did not contain any measures aimed at cooling Canada’s hot housing market, Morneau promised additional money to gather housing data, seen as a possible first step to reining in foreign investment or speculation that observers say has created a bubble in Toronto, Canada’s largest city. (Additional reporting by Leah Schnurr and David Ljunggren; Editing by Dan Burns and Lisa Shumaker) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-budget-idUSL2N1GZ1Y5'|'2017-03-23T04:26:00.000+02:00'
'129b429eed5c35714b97da9a381b70f8e582ef67'|'U.S. judge will not certify Deutsche Bank mortgage class action'|'  9:08pm GMT U.S. judge will not certify Deutsche Bank mortgage class action FILE PHOTO - The headquarters of Germany''s Deutsche Bank are seen early evening in Frankfurt, Germany January 31, 2017. REUTERS/Kai Pfaffenbach/File Photo NEW YORK A federal judge on Tuesday said investors seeking to hold Deutsche Bank AG ( DBKGn.DE ) liable for causing $3.1 billion (2.6 billion pounds) of losses by failing to properly monitor 10 trusts backed by toxic residential mortgages cannot pursue their claims as a group. U.S. District Judge Alison Nathan in Manhattan said Belgium''s Royal Park Investments SA/NV failed to show it was more likely than not that the proposed class was "sufficiently ascertainable" to justify class-action status. The two-page denial was without prejudice, meaning Royal Park and its law firm Robbins Geller Rudman & Dowd may seek class certification later. Nathan kept a decision outlining her reasoning under seal, saying it may contain material that Royal Park believes should not be made public. She asked both sides to advise within two weeks whether all or part of that decision can be made public. Class certification can make it easier for plaintiffs to obtain higher recoveries at lower cost than if they sued individually. Royal Park accused Deutsche Bank National Trust Co, in its role as bond trustee, of ignoring "widespread" deficiencies in how loans underlying the trusts were underwritten and serviced, and failing to require that lenders buy back defective loans. The 10 trusts date from 2006 and 2007. Many investors have in recent years sued trustees, as well as lenders and underwriters, over losses on badly underwritten mortgages. The case is Royal Park Investments SA/NV v. Deutsche Bank National Trust Co, U.S. District Court, Southern District of New York, No. 14-04394. (Reporting by Jonathan Stempel in New York; editing by Grant McCool)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-deutsche-bank-lawsuit-idUKKBN16S2RT'|'2017-03-22T04:08:00.000+02:00'
'f5dc814993cff461fb0a4baa17753b7c718996d6'|'FedEx quarterly revenue rises 18.5 percent'|'Tue Mar 21, 2017 - 4:28pm EDT FedEx quarterly revenue rises 18.5 percent Package delivery company FedEx Corp ( FDX.N ) reported an 18.5 percent rise in quarterly revenue, helped by the TNT Express acquisition and strength in its ground business, its second biggest unit. The company''s net income rose to $562 million, or $2.07 cents per share, in the third quarter ended Feb. 28, from $507 million, or $1.84 per share, a year earlier. Excluding acquisition integration costs, FedEx earned $2.35 per share. The year-earlier profit included expenses related to acquisition and certain legal matters. Total revenue rose to $15.00 billion from $12.65 billion. (Reporting by Ankit Ajmera in Bengaluru; Editing by Shounak Dasgupta) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-fedex-results-idUSKBN16S2OS'|'2017-03-22T03:24:00.000+02:00'
'89ec6ee06f0dec170166e2fe0d150ab0465f008e'|'Uber expands international headquarters in Amsterdam'|'Business News   5:04am EDT Uber expands international headquarters in Amsterdam FILE PHOTO: The Uber app logo is seen on a mobile telephone in this October 28, 2016 photo illustration. REUTERS/Toby Melville/Illustration/File Photo AMSTERDAM The U.S. ride-hailing firm Uber Technologies Inc [UBER.UL] said on Wednesday it will move its international headquarters in Amsterdam to a larger building ahead of plans to increase staff to 1,000 from 400. Uber came to Amsterdam in October 2012 and it houses various parts of its operations, research, marketing and sales departments in the Dutch capital city. Amsterdam also hosts a team of engineers working on UberEATS food delivery software. (Reporting by Toby Sterling; editing by David Clarke) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-uber-tech-europe-headquarters-idUSKBN16T0WD'|'2017-03-22T15:58:00.000+02:00'
'ef58615cc344a777335df6089b230d5c1fc77c0d'|'South Korea''s KEPCO in talks to buy Toshiba''s stake in UK nuclear project NuGen'|'SEOUL Korea Electric Power Corp (KEPCO) ( 015760.KS ) is in talks to buy a stake in the Toshiba-Engie British nuclear joint venture NuGen, chief executive of the South Korean utility said.Media reports late last year had said KEPCO was in talks with Japan''s Toshiba ( 6502.T ) and France''s Engie ( ENGIE.PA ) for a stake in NuGen, which plans to build three reactors at the Moorside site on the coast of Cumbria and expects electricity generation to start in 2025.Korea Electric Power Corp, or KEPCO, is interested in taking over the 60 percent stake owned by the troubled Japanese company Toshiba and has been negotiating informally, CEO Cho Hwan-eik told local media reporters late on Tuesday."We will jump into (the deal) most quickly once its debt, equity structure is determined," Cho said, adding that nothing had been formalized yet as negotiations between the Japanese and UK governments were not done.KEPCO is also seen by industry executives as a potential buyer of Toshiba''s U.S. nuclear unit Westinghouse. The South Korean firm has said it would consider an approach by Toshiba.The TVs-to-construction Japanese conglomerate is currently grappling with a multibillion dollar financial maelstrom stemming from Westinghouse''s ill-fated purchase of a U.S. nuclear power plant construction company in 2015.Toshiba has already put up most or even all of its prized memory chip business for sale to cope with an upcoming $6.3 billion writedown related to cost overruns at the nuclear business and to create a buffer for potential losses down the road.South Korea, the world''s fifth-biggest user of nuclear power, has developed its own nuclear technology through KEPCO and is keen to export its nuclear reactors. A KEPCO-led consortium in 2009 won a contract to build four nuclear reactors in the United Arab Emirates, which are under construction.(Reporting By Jane Chung; Editing by Himani Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-southkorea-kepco-nugen-idINKBN16T0IL'|'2017-03-22T03:24:00.000+02:00'
'f95ff50808e884b32064da7a14ce46c776dac137'|'U.S. investment banks strengthen global lead over Europe'|'Business News - Wed Mar 22, 2017 - 12:17am GMT U.S. investment banks strengthen global lead over Europe A J.P. Morgan logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith By Jamie McGeever - LONDON LONDON JP Morgan ( JPM.N ) retained its place atop the global investment banking league table last year, with the top five places now firmly in the hands of U.S. banks, reflecting their domination over struggling European peers, data on Wednesday showed. JP Morgan''s revenues from trading, mergers and acquisitions and other investment banking activity rose 11 percent to $25.2 billion last year from $22.7 billion in 2015, according to industry analytics firm Coalition. That strong increase was mirrored by U.S. peer Citi ( C.N ), which rose in the overall ranking to joint second from joint third, a performance that far exceeded the average 3 percent decline across the 12 banks surveyed. JP Morgan retained its crown in fixed income, currencies and commodities (FICC) trading, its position solidified by dominance in G10 rates and foreign exchange trading. JP Morgan held the top two spots in all but one - municipal finance - of the seven FICC categories, Coalition said. Morgan Stanley ( MS.N ) secured fifth place in the ranking by consolidating its leadership position in equities, meaning all top five spots are held by U.S. banks. In 2015 Morgan Stanley shared fifth spot with Germany''s Deutsche Bank ( DBKGn.DE ). U.S. banks now take in around a two-thirds share of the investment banking revenue pie, the gap widening consistently since 2011 when the U.S.-European split was roughly 50-50. But that may be about to reverse. "European banks had some significant trading underperformance last year, which we don''t see repeating," said Amrit Shahani, research director at Coalition. "They should improve, albeit from a low base. We expect them to maintain and build on their market share this year." Shahani said banks at the top and bottom ends of the ranking are taking market share from those in the middle. H2 TRUMPS H1 The world''s big banks had a tough start to last year as worries over China and plunging commodity prices threatened to send world markets into a tailspin. Revenue fell 15 percent in the first six months, the worst first-half-year performance since the 2008 financial crisis. But trading surged in the second half of 2016 thanks to the twin shocks of Britain voting to leave the European Union and Donald Trump''s U.S. presidential election victory, and revenues followed suit as market volatility rose. U.S. banks'' total for the second half of last year jumped 37 percent to $24.6 billion. Deutsche Bank and Credit Suisse ( CSGN.S ), still in the throes of restructuring programs, were particularly hard hit, and both slipped in the overall rankings to 6th and 8th place, respectively. As well as Morgan Stanley, the winners included Citi, Barclays ( BARC.L ) and HSBC ( HSBA.L ), which each rose a notch to 2nd, 7th and equal 9th, respectively. Most of JP Morgan''s revenue was accrued on its home turf, with the $14.3 billion from its U.S. operations up 10 percent from the year before. The bank also posted a 10 percent revenue increase in its Europe, Middle East and Africa (EMEA) operations to $7.7 billion, Coalition said. Deutsche was forced to share its 2nd place in EMEA with Goldman Sachs, which edged up from 3rd the year before. The biggest shift at the top was in the Asia Pacific (APAC) region, where JP Morgan stormed up from joint 5th last year to take the top spot outright. Its revenue of $3.3 billion was the same as Deutsche and Citi''s joint leadership total in 2015. Coalition tracks Bank of America Merrill Lynch ( BAC.N ), Barclays, BNP Paribas BNP.PA, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, Societe Generale ( SOGN.PA ) and UBS ( UBSG.S ). (Reporting by Jamie McGeever and Anjuli Davies; editing by Mark Heinrich) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-banks-ranking-idUKKBN16T009'|'2017-03-22T07:15:00.000+02:00'
'71ab00e16db4b13d657296679883707a0beac1d8'|'Britain may have big Brexit bill to settle with EU Investment Bank'|' 53pm GMT Britain may have big Brexit bill to settle with EU Investment Bank FILE PHOTO: European Investment Bank (EIB) President Werner Hoyer presents the EIB Group annual results at a news conference in Brussels, Belgium, January 24, 2017. REUTERS/Francois Lenoir/File Photo By Francesco Guarascio - BRUSSELS BRUSSELS Britain''s bill for settling its financial position with the European Investment Bank after Brexit may be costly, the EIB''s chairman said on Wednesday, calling for "civilised" divorce talks that could avoid such an outcome. The cost could amount to as much as 65 billion euros (56.44 billion pounds), by some estimates. That would be be above and beyond any other monies due to the European Union. Britain is one of the four main shareholders of the bank, which provides finance and expertise for projects that contribute to European Union policy objectives. It holds 16.1 percent of EIB shares, the same as Germany, France and Italy. But only EU member states can be EIB shareholders, meaning Britain must quit when it leaves the bloc. Britain has in theory a right to receive a 16.1 percent share of the bank''s capital once it leaves the EU, a report of the British House of Lords said in March, estimating that the British claim could be 10.19 billion euros (8.85 billion pounds), out of the bank''s 63.3 billion euros (54.97 billion pounds) of funds. But Britain is also liable to cover its portion of the bank''s debt, which amounts to 469 billion euros, EIB President Werner Hoyer said in a hearing at the economic affairs committee of the European Parliament. "Britain has 16 percent of the shares and probably will want to have a countervalue of these shares when they leave. On the other hand, we also have contingency liabilities of (half a trillion) euros in which the United Kingdom participates with 16 percent," Hoyer told lawmakers. If the 16.1 percentage rate was simply applied to the liabilities, Britain would end up with a 75.5 billion euro tab, from which its share of the bank''s capital should be deducted, leaving a 65.3 billion euros bill with the EIB. EU officials preparing to negotiate a Brexit treaty once Prime Minister Theresa May files for a formal divorce on March 29 cite a working hypothesis that London may have to pay up to 60 billion euros to cover outstanding commitments before leaving in 2019. This hypothesis does not include the potential EIB bill. CIVIL APPROACH The EIB also has outstanding loans of 457 billion euros, which could give Britain a claim on future profits, but Hoyer made no comment on this. He urged negotiators to conduct talks "in a civilised way" and made clear that no figure is on the table at the moment, because talks will first focus on the "methodology" of the settlement rather than on concrete numbers. Hoyer also said that the bank has a "huge number of assets" in Britain which will lose their legal protection once the country leaves the EU, causing the bank a big concern. Over the past five years, the EIB has invested more than 30 billion euros in the British economy, mostly to finance infrastructure development in the energy, transport and telecommunications sectors. In past weeks, Hoyer had hinted at the possibility of a change to the EIB statute to allow Britain to remain a member even after Brexit, but this option would need approval from London and the other 27 EU capitals. He told lawmakers he will regret Britain''s departure from the EU. "We will all look miserable after Brexit, the United Kingdom in particular." (Editing by Jeremy Gaunt) Britain-based banks moving to Europe may get easier entry, ECB says FRANKFURT Banks looking to move from Britain to the euro zone after Brexit may be given an expedited entry, with supervisors willing to spare them from a lengthy initial test of their risk models, a top European Central Bank official said on Wednesday. UK economy growing solidly despite inflation hit - BoE report LONDON Britain''s economy looks set to defy a slowdown again this year as the country moves closer to leaving the European Union, with the hit to shoppers from surging inflation partly offset by more investment and exports, a Bank of England report suggested.   MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-eib-idUKKBN16T259'|'2017-03-22T22:53:00.000+02:00'
'41326175172bc8b7412442c1ecf00c317eb61c74'|'METALS-LME copper hits lowest in more than a week on Trump policy doubts'|'MELBOURNE, March 22 London copper dropped with other commodities on Wednesday as investors shunned risk on doubts over the economic agenda of U.S. President Donald Trump.FUNDAMENTALS* LONDON COPPER: Three-month copper on the London Metal Exchange had slipped 0.6 percent to $5,740 a tonne by 0118 GMT, extending losses from the previous session. Prices earlier touched their weakest since March 10 at $5,733 a tonne, but found support at the 100-day moving average.* SHANGHAI COPPER: Shanghai Futures Exchange copper fell 2.2 percent to 46,640 yuan ($6,776) a tonne.* CHINA ECONOMY: China''s economic growth is likely to slow to 6.5 percent this year and cool further to 6.3 percent in 2018, the OECD said, though exports are set to pick up as global demand strengthens.* U.S. INTEREST RATES: Cleveland Federal Reserve President Loretta Mester said on Tuesday that she currently envisages more than three U.S. interest rate hikes for this year.* PERU METALS OUTPUT: Peru''s copper production rose by 24.8 percent in January from the same month a year earlier, while zinc output increased by 11.3 percent and gold slipped slightly, official data showed on Tuesday.* PERU DISRUPTION: Peruvian zinc and silver miner Volcan said it had declared force majeure on its mineral deliveries after heavy flooding disrupted transportation from the country''s central region to the Pacific coast.* For the top stories in metals and other news, click orMARKETS NEWS* Asian stocks fell on Wednesday as a sharp pullback in Wall Street on doubts about Trump''s economic agenda prompted investors to rush to safe-haven assets such as gold and government bonds.DATA/EVENTS0900 Euro zone Current account Jan1300 U.S. Monthly home price index Jan1400 U.S. Existing home sales Feb Wednesday, 22 March 2017PRICESThree month LME copperMost active ShFE copperThree month LME aluminiumMost active ShFE aluminiumThree month LME zincMost active ShFE zincThree month LME leadMost active ShFE leadThree month LME nickelMost active ShFE nickelThree month LME tinMost active ShFE tinARBS ($1 = 6.8830 Chinese yuan renminbi)(Reporting by Melanie Burton; Editing by Joseph Radford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/global-metals-idINL3N1GZ19I'|'2017-03-21T22:50:00.000+02:00'
'd6e048bfa2bafcadb0506354e8fd6f6cf08f52f3'|'GE cuts cost outlook for industrial unit after talks with Trian'|'Company  29am EDT GE cuts cost outlook for industrial unit after talks with Trian March 22 General Electric Co said it lowered its target for structural costs at its industrial business for this year and the next, after discussions with activist shareholder Nelson Peltz''s Trian Fund Management. The company also forecast a 10.5 percent increase in operating profit for the unit in 2017. GE now expects a profit of $17.2 billion. GE cut its outlook for 2017 industrial structural costs - selling, general and administrative costs, adjusted corporate operating profit and other costs - to $23.9 billion from $24.9 billion last year, and to $22.9 billion in 2018. (Reporting by Rachit Vats in Bengaluru; Editing by Saumyadeb Chakrabarty) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ge-outlook-idUSL3N1GZ4B0'|'2017-03-22T20:29:00.000+02:00'
'795f7f54e3d5f87ab6e26324d72e9dda064705bc'|'Euro zone banks under scrutiny but none in danger watchdog says'|'Business News - Wed Mar 22, 2017 - 7:04pm GMT Euro zone banks under scrutiny but none in danger watchdog says Elke Koenig, Chair of the Single Resolution Board, speaks during an interview with Reuters in Brussels, Belgium, August 10, 2016. REUTERS/Francois Lenoir By Huw Jones - LONDON LONDON Several European banks are being closely monitored by the agency responsible for closing lenders which go bust in the euro zone, but none are failing or about to fail, the head of the Single Resolution Board (SRB) said on Wednesday. Elke Koenig did not mention any EU country by name but told the European Parliament''s economic affairs committee the SRB was studying a number of banks in "shaky waters". Since the 2007-09 financial crisis, the EU has adopted rules to shield taxpayers from having to bail out lender again and attention in the single currency bloc has been focussed on Italy''s plans to bail out two regional banks. This has posed a dilemma for European regulators who are still considering whether another, bigger Italian lender, Monte dei Paschi ( BMPS.MI ), qualifies for state aid. "So far we are in a position that we have to conclude that banks might be having... quite some challenges ahead of them, but they are not failing or likely to fail," Koenig said. German Green Party lawmaker Sven Giegold said there were doubts that the European Central Bank (ECB), which supervises euro zone lenders on a day-to-day basis, was being tough enough in dealing with banks struggling with poorly performing loans. Italian lenders in particular are burdened by large amounts of so-called non-performing loans. Koenig declined to comment on individual banks, but said: "There are a number of situations where we have a very close eye on... It''s a number of cases. It''s not just one or two." Earlier she said most banks across the sector were not in such a position that their failure would endanger financial stability. Koenig also called for banks to be given time to issue debt that can be written down to replenish capital that has been burnt out in a crisis, and thus shield taxpayers. The biggest banks, such as Deutsche Bank, HSBC, and BNP Paribas must begin building up this debt from 2019. However, the total shortfall for euro zone lenders is between 100 and 200 billion euros, and the bloc''s European Banking Authority has said markets won''t be able to absorb such amounts of new debt issuance quickly. "There needs to be sufficient time," Koenig said. (Editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-banks-regulations-idUKKBN16T2QI'|'2017-03-23T02:04:00.000+02:00'
'9081d841333c0c4db8c4a1a914e9acd6d33f1e0a'|'Japan''s Tepco set to announce revised business plan: media'|'TOKYO Tokyo Electric Power Co (Tepco) ( 9501.T ) will announce the main points of a revised business restructuring plan on Wednesday, Japanese media reported, as it looks to speed reforms and boost earnings to meet the costs of the Fukushima nuclear disaster.The plan would likely involve an expansion of Tepco''s business overseas to help it earn 500 billion yen ($4.5 billion) in annual profits in coming decades to pay for decommissioning and compensation related to the 2011 disaster, the Nikkei business daily said.A Tepco spokesman said the company has not yet set a schedule for announcement.The plan would also aim to combine the domestic fossil fuel plants of Tepco and Chubu Electric Power Co ( 9502.T ) under their joint fuel venture JERA Co, the Sankei newspaper said, in line with recommendations by the trade ministry''s committee on Tepco reform.Tepco and Chubu Electric have said they plan to make a final decision on whether to merge their fossil fuel plants by around May 2017.Japan''s government in December nearly doubled its projections for costs related to the Fukushima disaster to 21.5 trillion yen ($192 billion), increasing pressure on Tepco to step up reform and improve its performance.(Reporting by Osamu Tsukimori; Editing by Richard Pullin)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-japan-tepco-idINKBN16T049'|'2017-03-21T22:09:00.000+02:00'
'd9f7a5d1096e189d5fef3bfa4f2ebcf624ae307d'|'Gina Rinehart''s daughter Bianca gets go-ahead to sue mother'|'Bianca Rinehart has been given the go-ahead to sue her mining-magnate mother over her handling of the family’s multibillion-dollar trust.Rinehart’s eldest daughter – who was granted control of the trust in 2015 after a lengthy legal battle – sought judicial advice from the NSW supreme court about whether she could take action regarding the alleged underpayment of dividends.In a judgement released on Wednesday, Justice Nigel Rein advised Rinehart she would be justified in starting the proceedings, in which she claims her mother’s company Hancock Prospecting failed to pay dividends to the trust.Gina Rinehart''s eldest daughter Bianca made trustee of $4bn trust fund Read more It will also be alleged Gina Rinehart breached fiduciary duties when she was the trustee by failing to ensure dividends were paid to the trust and actively taking steps to deny appropriate payments.Rinehart further claims her mother, Australia’s richest woman, breached her duties to Hancock Prospecting by “improperly spending company money on personal expenses”.It is claimed that company executives Ted Watroba and Jay Newby were complicit in some of the alleged breaches.In handing down his judgement, Justice Rein said he was not expressing a view as to whether any of the allegations would be made out.He also found Rinehart would be justified in defending a federal court proceeding brought against her in relation to the long-running dispute.The application is one of a multitude of legal battles involving the daughter of mining magnate Lang Hancock and her four adult children over the Hope Margaret Hancock Trust, which is thought to be worth more than $4bn.Gina Rinehart has long argued she managed the trust appropriately and her children’s claims are invalid.Topics Gina Rinehart New South Wales Business (Australia)  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/mar/22/gina-rineharts-daughter-bianca-gets-go-ahead-to-sue-mother'|'2017-03-22T09:45:00.000+02:00'
'0fedabfe26f9b5f68857f02d76b2d3863f9672bb'|'SocGen plans to spend more on French retail bank business'|'Business News   3:02pm GMT SocGen plans to spend more on French retail bank business The logo of the French bank Societe Generale is seen in front of the bank''s headquarters building at La Defense business and financial district in Courbevoie near Paris, France, April 21, 2016. REUTERS/Gonzalo Fuentes/File Photo PARIS Societe Generale ( SOGN.PA ) plans to spend an extra 250 million euros (217.09 million pounds) this year on its French retail banking business, its deputy CEO said, as it fortifies itself against increasing competition from online rivals. The bank has cut overheads at its French retail arm where net interest income fell more than 5 percent in 2016. It is investing to bolster online and mobile banking while cutting back-office centres. It closed 92 bank branches last year. SocGen had said in February that it was planning to spend more on its online retail services. Deputy Chief Executive Severin Cabannes also reiterated at a webcast on Wednesday that SocGen''s French retail banking revenues would weaken in 2017 at the same pace as in 2016, indicating a decline of up to 3.5 percent. Rock-bottom interest rates have hurt European banks, but the U.S. Federal Reserve''s decision on March 15 to raise interest rates has increased the likelihood of higher European lending rates in the not too distant future. ECB President Mario Draghi reaffirmed on Thursday that the euro zone''s central bank would first stop adding to its 2.3 trillion euro bond-buying programme and only afterwards consider any increase in its interest rates. But investors are already assessing how much European banks could make in a higher rate environment. Cabannes estimated that a 100 basis point shift up in the European yield curve could have a positive impact of 1 billion euros to SocGen''s earnings over three years. (Reporting by Maya Nikolaeva, editing by Louise Heavens) Next In Business News Britain-based banks moving to Europe may get easier entry, ECB says FRANKFURT Banks looking to move from Britain to the euro zone after Brexit may be given an expedited entry, with supervisors willing to spare them from a lengthy initial test of their risk models, a top European Central Bank official said on Wednesday. UK economy growing solidly despite inflation hit - BoE report LONDON Britain''s economy looks set to defy a slowdown again this year as the country moves closer to leaving the European Union, with the hit to shoppers from surging inflation partly offset by more investment and exports, a Bank of England report suggested. Barclays     MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ste-generale-investment-idUKKBN16T1ZE'|'2017-03-22T22:02:00.000+02:00'
'05c801eecfc43a0ea81fc0f263bb5bb85e51faaf'|'UPDATE 1-UK regulator wins landmark Supreme Court identity case'|'Company  14am EDT UPDATE 1-UK regulator wins landmark Supreme Court identity case * FCA "pleased" as ruling overturns Court of Appeal decision * Decision could have ramifications for seven similar cases * Macris disappointed with "technical interpretation" of law * Regulatory efficiency trumps individual reputation-lawyer (Adds lawyer comments, details) By Kirstin Ridley LONDON, March 22 Britain''s markets watchdog did not wrongfully identify a former JPMorgan executive in the "London Whale" scandal, the Supreme Court ruled on Wednesday in a landmark case that endorses a regulatory policy of speedy corporate settlements. The majority ruling by the UK''s highest court overturned a Court of Appeal decision that the Financial Conduct Authority (FCA) identified Achilles Macris, without naming him, when it fined JPMorgan 138 million pounds ($172 million) in 2013. It could also have ramifications for seven other cases in which traders say they were criticised in FCA penalty notices but not given the chance to contest findings before these were published. However, each case turns on its own facts. "(This) will do little to check the perceived tendency on the part of the regulator and firms to reach swift settlements in which the underlying facts are not subject to rigorous challenge, at the expense of procedural rights for individuals caught up in regulatory investigations," said Hannah Laming, a lawyer at Peters & Peters. But the ruling is a relief for the FCA, which faced either the prospect of publishing blander penalty notices or longer and costlier investigations that allowed individuals to make legal representations before publishing the facts of a case. "The FCA is pleased that there is now a final ruling and is considering the impact of the Supreme Court''s judgment on other third party (prejudice cases) currently before the tribunal," a FCA spokeswoman said. The case hinges on the legal definition of identification. Individuals who are identified in penalty notices have a right to respond before notices are published, can refer adverse comment to a tribunal and ask the FCA to disclose relevant material. So FCA enforcement notices often refer to individuals as "Trader A" or "Manager B" to illustrate wrongdoing. Former Deutsche Bank trader Christian Bittar is among those to argue he was also wrongfully identified when the FCA fined the German bank in a rate rigging investigation in 2015. Bittar''s lawyer said he was still considering the judgment and declined to comment further. "NATURALLY DISAPPOINTED" Macris was the former chief investment officer of JPMorgan''s synthetic credit portfolio team in London, which ran up $6.2 billion in losses in 2012 in the "London Whale" trades, so-called because of their magnitude. The bank was fined $1.0 billion by U.S. and UK regulators for management failings. The Greek national, who has spent more than four years trying to clear his name, argued that the FCA''s reference in its JPMorgan penalty notice to "CIO London management" referred to a particular individual and not to a body of people. Macris said he was "naturally disappointed" and that the FCA had won its case on a technical interpretation of the law. The case turned partly on whether the principle of identification should be broadened beyond the use of proper names or unique job titles, as financial services employees can be more easily identified by peers than ordinary people. Defence lawyers say the regulatory policy of publicly criticising unnamed individuals in speedy corporate settlements means people who face later investigation are often already defined by a process that can be unfair or unbalanced. "The judgment is a triumph of regulatory efficiency over individual reputation," said Harvey Knight, a lawyer at Withers Worldwide. ($1 = 0.8009 pounds) (Reporting by Kirstin Ridley; Editing by Elaine Hardcastle and Susan Thomas) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/court-fca-londonwhale-idUSL5N1GZ2V9'|'2017-03-22T20:14:00.000+02:00'
'43079c40a0bcb6660290fa859570a5f7d11bab6b'|'Nikkei withers, whipped by strong yen and Wall Street losses'|'Company News - Tue Mar 21, 2017 - 10:40pm EDT Nikkei withers, whipped by strong yen and Wall Street losses * Shares further undermined by report of N. Korean missile launch * U.S. stocks wilt on fears of delays to tax reform, fiscal steps * Safe-haven yen surges to strongest levels since November TOKYO, March 22 Japan''s Nikkei share average skidded on Wednesday, taking its cue from a sell-off on Wall Street and a rise in the perceived safe-haven yen. Japanese shares extended losses after Kyodo News, citing a Japan government source, reported that North Korea may have launched several missiles on Wednesday morning. The Nikkei was down 2 percent at 19,065.37 at the end of morning trade, plumbing its lowest intraday levels since late February. "Tokyo market shows weakness overall, owing largely to recent U.S. stock price declines and relative yen strength," said Hiroki Allen, chief representative of Superfund Japan in Tokyo. The U.S. dollar wallowed below the 112-yen level in troughs not seen since November, after Wall Street tumbled on Tuesday as investors'' fears grew that President Donald Trump might have trouble delivering his promised tax cuts that helped propel U.S. shares to record highs in recent months. "People are now questioning the rollout for the Trump growth package, and part of that is because we''re assuming there''s going to be a delay in the tax reform measures," said Gavin Parry, managing director of Parry International Trading in Hong Kong. "The next catalyst people were looking for, for cash equities, was the reform measures to come out on the fiscal side," he said. "Now that''s all been put on the back burner, and internationally, it''s making people re-weight their expectations." Markets largely shrugged off Japanese economic data earlier in the session showing exports in February grew 11.3 percent from a year earlier, led by shipments of car parts and electronics parts to Asia, taking the seasonally-adjusted trade surplus to its highest since April 2010. Banking and securities shares took a significant hit on the market downturn, with the Tokyo Stock Exchange''s bank subindex shedding 3.1 percent and the securities subindex dropping 3.4 percent. Tokyo Electric Power Co (Tepco) shares fell 0.5 percent. The utility will announce the main points of a revised business restructuring plan on Wednesday, Japanese media reported, as it looks to speed reforms and boost earnings to meet the costs of the Fukushima nuclear disaster. The broader Topix slipped 1.9 percent to 1,533.90, while the JPX-Nikkei Index 400 was down 2 percent at 13,712.86. (Reporting by Tokyo markets team; Editing by Jacqueline Wong) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-midday-idUSL3N1GZ1KC'|'2017-03-22T09:40:00.000+02:00'
'cab9baf2d2ba88b72e1ef775aa51c59b5b700340'|'UK banks moving to Europe may get expedited entry, ECB says'|'  11:53am GMT UK banks moving to Europe may get expedited entry, ECB says Workers walk to work during the morning rush hour in the financial district of Canary Wharf in London, Britain, January 26, 2017. REUTERS/Eddie Keogh FRANKFURT Banks looking to relocate from Britain to the euro zone after Brexit may face an easier entry process, a European Central Bank board member said on Wednesday. The ECB may be ready to temporarily waive an examination of the financial models that banks use to determine the risk of a default, as long as the banks meet the standards of British regulators, Sabine Lautenschlaeger told bank executives in Frankfurt. "With a view to internal models, we would aim to be accommodating regarding the timing," Lautenschlaeger said. "There will be a transitional period in which new euro area entities might use internal models that have not yet been approved by the ECB." (Reporting by Balazs Koranyi and Andreas Framke, editing by Larry King)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-banks-idUKKBN16T1E6'|'2017-03-22T18:53:00.000+02:00'
'bd55d1767cb9f20d0e03fea7624bbf587d30a8cb'|'Creditors, investors raise concerns over Sears going-concern warning'|'Company News  16am EDT Creditors, investors raise concerns over Sears going-concern warning By Nathan Layne and Sruthi Ramakrishnan - March 22 March 22 Bondholders and investors on Wednesday turned their attention to questions about just how long Sears Holdings Corp can remain in business, a day after the company''s surprise disclosure it may not survive as a going concern. The disclosure raised concerns over the retailer''s debt load and its ability to stock inventory heading into the crucial 2017 holiday season. "While I don''t think the new disclosure means they will definitely file BK in 2017, it does seem to signal that the next 12 months are even more crucial than has been the case in recent years, as their margin of error is getting slim," said Chad Brand, president of Peridot Capital Management, a Sears bondholder. BK is a shorthand for bankruptcy - a prospect raised after Sears flagged doubts about its ability to stay in business in the "risk factors" section of its annual report. "Our historical operating results indicate substantial doubt exists related to the company''s ability to continue as a going concern," Sears said in the report. Sears spokesman Howard Reif said the company hopes the actions it is taking will keep it in business. Sears'' shares were down 13 percent at about $7.90 in early trading on Wednesday. The company, which has $13.19 billion in liabilities, noted that it could have difficulty procuring merchandise from vendors. Bondholders are watching to see whether the company will have the cash and credit needed to stock its shelves for the 2017 holiday season. Retailers typically book orders for merchandise for the vital fourth quarter from now through mid-summer. Continued operating losses also could restrict access to new funds under its domestic credit agreement, according to the filing. ( bit.ly/2mRUcce ) "Sears has repeatedly engaged in wishful thinking in earnings release after earnings release over the last several years that they could turn the business around," said Ken Perkins, president of industry research firm Retail Metrics. "In today''s highly competitive retail environment, which requires sizeable investments to compete with Amazon and off-price chains they no longer have the resources to do so." Sears, which lost $2.22 billion in the year ended Jan. 28, has $286 million in cash on hand. Retailers in distress often use their accounts receivable. Sears has $466 million in receivables, down substantially from 2012, when the company had $635 million in receivables and $609 million in cash. Since 2012, Sears accumulated $10.54 billion in losses while revenue fell 47 percent to $22.1 billion. During that time, Sears cut the number of its U.S. stores by nearly a third, reduced holdings in Sears Canada, and spun off the Lands'' End clothing chain. BLOW TO LAMPERT In recent years, Sears has placed some of its stores into a real estate investment trust (REIT), sold its Craftsman line of tools, and repeatedly raised debt from billionaire Chief Executive Edward Lampert''s hedge fund. Lampert owned nearly 10 percent of the REIT that paid Sears $2.6 billion in 2015 for the stores it purchased, many of which were then leased back to the retailer. The announcement of Sears'' potential demise is a blow to Lampert, a hedge fund investor who took control of Sears after merging it with Kmart, which he controlled, in 2004. He soon published a 15-page manifesto, in which he stated that conventional measures of retail success, such as same-store sales, were no longer relevant. Sears would regain its health by closing struggling stores and focusing instead on profitable sales, he wrote. Sears last turned an annual profit in 2011. The company said on Tuesday actions taken during the year to boost liquidity, including the $900 million sale of the Craftsman tool brand to power tool maker Stanley Black & Decker Inc early this year, could satisfy its capital needs for the current fiscal year. But the filing also makes clear that additional asset sales could prove problematic. As part of the Craftsman sale, Sears Holdings reached an agreement with the Pension Benefit Guarantee Corp. That puts a claim on some Sears'' assets in an effort to protect pensions of retired employees. The agreement "contains certain limitations on our ability to sell assets, which could impact our ability to complete asset sale transactions or our ability to use proceeds from those sales to fund our operations," the company said. Already, the pension board agreement requires Sears to make a $250 million cash payment to its pension plan by March of 2020, and the pension board has a 15-year lien on revenue owed to Sears from future sales of Craftsman products. (Reporting By David Greising; Editing by Saumyadeb Chakrabarty) Next In Company News Kinder Morgan secures commitments for Trans Mountain after dip March 22 Kinder Morgan Inc said it had booked all of the 22,000 barrels per day of capacity it had offered to the oil industry on its Canadian Trans Mountain pipeline expansion project earlier this month, following a dip in shipper commitments.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/sears-restructuring-idUSL2N1GZ0P3'|'2017-03-22T22:16:00.000+02:00'
'ab3115cbdd450cd812a37f86f967bfa4b78656cb'|'Canada''s Trican to buy Canyon Services in C$637 million deal'|'Canadian oilfield services provider Trican Well Service Ltd ( TCW.TO ) said it would buy smaller rival Canyon Services Group Inc ( FRC.TO ) in a deal valued at about C$637 million ($475.5 million), including debt.Canyon shareholders will receive 1.7 shares of Trican for each share they own. That translates to an offer price of C$6.63 per Canyon share, representing a 32 percent premium to the stock''s Tuesday close.Trican will also assume about $40 million in debt.A more than 50 percent fall in global crude prices since 2014 has triggered a wave of consolidation in the oilfield services industry, which has been battered by a sharp drop in service prices.General Electric Co ( GE.N ) has agreed to merge its oil and gas business with Baker Hughes Inc ( BHI.N ) to create the world''s No. 2 oilfield services business, while other large players such as Schlumberger NV ( SLB.N ) and Technip TECF.PA have bought smaller rivals.Trican shareholders are expected to own about 56 percent of the combined company, while Canyon shareholders will own the rest.RBC and Scotiabank were financial advisers to Trican while Blake, Cassels & Graydon LLP provided legal counsel.Peters & Co Ltd was Canyon''s financial adviser. Burnet, Duckworth & Palmer LLP was its legal adviser.(Reporting by Vishaka George and Ahmed Farhatha in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-canyon-services-m-a-trican-well-idINKBN16T1AO'|'2017-03-22T09:04:00.000+02:00'
'3854aac533f4a61f556af85e52732f9bc6c5168c'|'Profits rise six percent at Li Ka-shing''s CK Hutchison, beats forecast'|' 18pm GMT Profits rise six percent at Li Ka-shing''s CK Hutchison, beats forecast Hong Kong tycoon Li Ka-shing smiles at he attends a news conference announcing CK Hutchison Holdings company results in Hong Kong, China March 17, 2016. REUTERS/Bobby Yip By Donny Kwok and Venus Wu - HONG KONG HONG KONG CK Hutchison Holdings Ltd ( 0001.HK ), the ports-to-telecoms arm of billionaire businessman Li Ka-shing, beat forecasts on Wednesday with a 6 percent rise in 2016 net profit and said it was cautiously optimistic about the group''s prospects. Li has increased the pace of overseas acquisitions in recent years, which has helped lift group profits, with growth in its European telecoms business providing a significant boost despite the impact on the value of its British business from the country''s decision to leave the European Union. Looking ahead, the outlook was uncertain due to the political changes but Li said whatever the impact it would be manageable and the group''s fundamentals remained solid. "The impact of Brexit negotiations, new U.S. presidential policies and upcoming elections across Europe remain unknown and could affect the economic environment of countries in which the group operates," he said in the results statement. Net profits last year rose to HK$33.01 billion ($4.25 billion), ahead of the HK$32 billion average of 11 estimates given by analysts in a Reuters poll and up from the HK$31.17 billion made in 2015. Total revenue fell 6 percent to HK$372.69 billion. CK Hutchison has significant investments in Britain and elsewhere in the European Union. Most recently its Hutchison 3G UK (Three) subsidiary agreed to buy fixed wireless Internet service provider UK Broadband for 300 million pounds ($370 million) from PCCW Ltd ( 0008.HK ), which is controlled by Li''s son Richard. Last year the European Commission blocked Hutchison''s deal to buy UK rival O2 UK from Spain''s Telefonica ( TEF.MC ) for 10.3 billion pounds due to competition concerns. But in September it won EU approval to merge its Italian mobile business 3 Italia, with VimpelCom''s ( VIP.O ) Wind, after pledging to help French maverick Iliad SA ( ILD.PA ) bring new competition to the Italian market. RETAIL Regarding CK Hutchison''s separate retail business division, Li said at a results news conference that the group did not plan to spin off the division in the next two years. The division had more than 13,300 stores across 25 markets as of Dec. 31, 2016. Net additions for the year were 931 stores. The retail division plans net openings of more than 1,000 stores in 2017, with 65 percent under the health and beauty format in mainland China and Asia, the company said. Also on Wednesday, Li''s Cheung Kong Property Holdings Ltd ( 1113.HK ) reported a 16 percent rise in 2016 full-year core profit due to a solid performance across the group''s property businesses. Hong Kong property prices hit a record high in January despite government attempts to cool the market. Li told the news conference he did not expect Hong Kong property prices to fall in the next one to two years. Mainland Chinese developers have been aggressively bidding for land sold in the financial hub, and the buying frenzy is set to drive property prices up even further. On the political front, Li spoke of his concerns of political tensions weighing on Hong Kong''s economy. He said that Hong Kong''s next leader that will be chosen on Sunday by a 1200-person election committee stacked with pro-Beijing loyalists, would be someone able to foster closer co-operation and communication with Beijing. In a veiled reference to the turbulence seen over the past five years under unpopular and pro-Beijing leader Leung Chun-ying, including massive pro-democracy protests in 2014, Li said there couldn''t be a repeat of this period. "If the new chief executive can have better communication as well as cooperation, and is trusted by the central government, there can be a miracle (to turn around Hong Kong)," Li added. Li, however, declined to name which candidate he supported, with the frontrunners being former top officials John Tsang and Carrie Lam. (Reporting by Donny Kwok and Venus Wu, James Pomfret, Anne Marie Roantree; Editing by Greg Mahlich)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ckh-holdings-results-idUKKBN16T0X1'|'2017-03-22T20:18:00.000+02:00'
'257ae3ca770aee3dbc43034391c65281bd295b1e'|'China''s ANTA Sports plans $488 million share sale to fund acquisition'|'Business  21am GMT China''s ANTA Sports plans $488 million share sale to fund acquisition HONG KONG ANTA Sports Products Ltd ( 2020.HK ) said on Wednesday it plans to raise HK$3.79 billion (401 million pounds) in a share sale to fund tie-ups and acquisitions of international sportswear brands. The China home-grown sports brand said it would sell 175 million new shares to major shareholders at HK$21.67 apiece, representing a 7.98 percent discount to the previous close. Proceeds also would be used as general working capital. The major shareholders, comprising Anda Holdings International Ltd, Anda Investments Capital Ltd and Anta International Group Holdings Ltd would subscribe for the new shares on completion of placing the same amount of existing shares at the same price to third-party investors. The aggregate holding of the major shareholders would be reduced to 61.62 percent following the deal, from 65.93 percent. Last month, China''s biggest sportswear retailer by market value saw its 2016 net profit jump 17 percent to a record high, buoyed by growth in children''s product lines and a strong e-commerce business as the country''s sports sector continued to strengthen. (Reporting by Donny Kwok; Editing by Stephen Coates) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-anta-sports-equity-idUKKBN16T05H'|'2017-03-22T08:21:00.000+02:00'
'8fb8d772984632971aba6ed65613858cdba097d4'|'Romania bids to host EU drug agency after Brexit'|'Health News - Wed Mar 22, 2017 - 1:18pm GMT Romania bids to host EU drug agency after Brexit BUCHAREST Romania wants the European Union to relocate its pan-European drug regulator EMA to Bucharest from London after Brexit, the government said on Wednesday. "We are bidding for the agency''s move to Romania. It''s going to be a tough race but we''re prepared for that. The government just approved a memorandum in this sense," EU Affairs Minister Ana Birchall told reporters after a cabinet meeting. The European Medicines Agency (EMA) employs 890 staff and acts as a one-stop-shop for drug approvals across the EU, but its future location is unclear after Britain''s decision to leave the bloc. Other countries vying to host the agency include Denmark, Sweden, Spain, France, Ireland and Poland. As well as creating jobs, the EMA also has the potential to act as a hub for pharmaceuticals, one of Europe''s most important industries. (Reporting by Radu Marinas Editing by Jeremy Gaunt) Next In Health News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-romania-eu-pharmaceuticals-idUKKBN16T1NG'|'2017-03-22T20:05:00.000+02:00'
'9c9567f5f0f796226781cdc1c537d768ebf1bd11'|'Mexico warns firms not in their interest to build border wall'|' 26am EDT Mexico warns firms not in their interest to build border wall By Anthony Esposito - MEXICO CITY, March 21 MEXICO CITY, March 21 Mexico''s government on Tuesday warned Mexican companies that it would not be in their best "interests" to participate in the construction of U.S. President Donald Trump''s border wall, though there will be no legal restrictions or sanctions to stop them if they tried. While some Mexican companies stand to potentially benefit from the controversial infrastructure project, residents south of the border view the wall and Trump''s repeated calls to have Mexico pay for it as offensive. That is putting public pressure on firms to abstain from participating. "We''re not going to have laws to restrict (companies), but I believe considering your reputation it would undoubtedly be in your interest to not participate in the construction of the wall," said Mexican Economy Minister Ildefonso Guajardo. "There won''t be a law with sanctions, but Mexicans and Mexican consumers will know how to value those companies that are loyal to our national identity and those that are not," Guajardo added. His comments echo those of Mexico''s foreign minister Luis Videgaray, who said on Friday that Mexican companies that see a business opportunity in the wall should "check their conscience" first. Mexico''s Cemex, one of the world''s largest cement producers, has said it is open to providing quotes to supply the raw materials for the border wall. Competitor Grupo Cementos de Chihuahua has also signaled a readiness to work on the project. Both companies have a strong presence in the United States. Commenting on a media report published last week that stated Cemex will not participate in construction of the border wall, company spokesman Jorge Perez told Reuters: "I confirmed that we will not participate in the bidding process. That is all we have said." Asked if Cemex would be willing to provide raw materials, such as cement, to the companies eventually selected to build the wall, Perez said he could not comment. The only Mexican company, out of some 720 in total, to put its name down on the U.S. government''s website for business opportunities as an interested vendor for the wall construction, is a small, four-member concern from the central city of Puebla that wants to provide LED lights that it imports mostly from China. Mexican activists have called on consumers and local government officials to boycott that company, Ecovelocity. (Reporting by Anthony Esposito; Editing by Randy Fabi)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-mexico-wall-idUSL2N1GZ05C'|'2017-03-22T11:26:00.000+02:00'
'db31cda2907772b780ccff32d828b03cc3e0f1ed'|'Greece eyes bailout deal with lenders within April'|' 36pm GMT Greece eyes bailout deal with lenders within April FILE PHOTO:A Greek national flag flutters as the moon rises in Athens, Greece February 9, 2017. REUTERS/Alkis Konstantinidis/File Photo ATHENS Greece said on Wednesday it hopes for a deal with its international lenders within the month of April and is working to bridge differences on labour, pension and energy reforms. The onus for an agreement was not only on the Greek government, but on its European Union and International Monetary Fund lenders too, government spokesman Dimitris Tzanakopoulos told reporters. Three Greek ministers, including its finance minister, are in Brussels this week in an attempt to thrash out a deal with creditors on reforms, necessary for lenders to sign off on a bailout review needed for disbursement of a fresh tranche of aid. The officials decided to stay on after an inconclusive meeting of euro zone finance ministers in Brussels on March 20. Athens is eyeing what it calls a "comprehensive deal" with lenders which would also address the intentions of creditors vis-a-vis debt restructuring for the crisis-hit country. It wants a deal on "technical reforms" covering pending energy and labour issues before moving on to discussions on medium-term measures for debt and agreeing on levels of primary surpluses. "(Our aim) is to reach a comprehensive agreement the soonest, and if possible, within April," Tzanakopoulos said. The IMF has yet to decide whether to participate in Greece''s latest bailout, worth 86 billion euros, expressing deep concerns over debt sustainability. (Reporting by Lefteris Papadimas Editing by Jeremy Gaunt)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-greece-bailout-idUKKBN16T1HX'|'2017-03-22T19:36:00.000+02:00'
'2f1db7143cbdf677a6c6dddaed326bb8169cd2e7'|'Brazil''s agriculture minister says meat industry may lose 10 percent market share'|'  6:18pm GMT Brazil''s agriculture minister says meat industry may lose 10 percent market share Brazil''s Agriculture Minister Blairo Maggi inspects sausages at a supermarket in Brasilia, Brazil March 22, 2017. REUTERS/Adriano Machado BRASILIA Brazil''s meatpacking industry has been badly damaged by a police investigation into alleged unsanitary and corrupt practices, and could lose upward of 10 percent of its global market share, Agriculture Minister Blairo Maggi said on Wednesday. Maggi told a Senate Committee that the main concern was with the China and Hong Kong not having taken a definitive stance on their bans of meat from Brazil, the world''s biggest producer of beef and poultry. The minister added that unless quick action is taken by the government, it could take Brazil up to five years to recoup its market share. (Reporting by Marina Carolina Marcello; Writing by Brad Brooks; Editing by Daniel Flynn)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-brazil-corruption-food-idUKKBN16T2LQ'|'2017-03-23T01:18:00.000+02:00'
'f2adfac9057f0a499e8f930fb1f1242ee77aaf95'|'Britain''s telecom watchdog fines BT''s Plusnet for billing ex-customers'|'Business News - Wed Mar 22, 2017 - 9:46am GMT Britain''s telecom watchdog fines BT''s Plusnet for billing ex-customers Britain''s telecom watchdog said on Wednesday it fined BT Group Plc''s ( BT.L ) Plusnet division 880,000 pounds ($1.10 million) for continuing to bill more than a thousand ex-customers. The investigation by regulator Ofcom found that Plusnet broke a billing rule by continuing to charge a group of customers for landlines or broadband after they had cancelled their service, the regulator said. Ofcom said that the 1,025 customers were overcharged by more than £500,000 in total. Plusnet, which provides broadband, landline, digital TV and mobile services, has refunded 356 customers a total of £212,140, which included interest at a rate of 4 percent for each customer, Ofcom said. Plusnet has also made clear to Ofcom the action it has taken to prevent any future billing errors of this kind. ($1 = 0.8025 pounds) (Reporting by Arathy S Nair in Bengaluru. Editing by Jane Merriman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bt-plusnet-fine-idUKKBN16T10B'|'2017-03-22T16:46:00.000+02:00'
'e5134dfb6a2325ccf502f0972ad263967d9c4a9f'|'Euro zone current account surplus falls to one-year low'|'Business News - Wed Mar 22, 2017 - 9:22am GMT Euro zone current account surplus falls to one-year low A picture illustration taken with the multiple exposure function of the camera shows a one Euro coin and a map of Europe, January 9, 2013. REUTERS/Kai Pfaffenbach FRANKFURT The euro zone''s current account surplus fell to its lowest in a year in January as exports fell and transfer payments to outside the bloc rose slightly, data from the European Central Bank showed on Wednesday. The euro zone recorded a current account surplus of 24.1 billion euros in the first month of this year after adjusting for seasonal and other calendar affects. This was down from 30.8 billion euros one month earlier and the lowest reading since January 2016. (Reporting By Francesco Canepa; Editing by Balazs Koranyi) Next In Business News Fed''s Kaplan sees three rate hikes in 2017, no rush on balance sheet SAN FRANCISCO With the U.S. workforce nearly fully employed and inflation heading toward 2 percent, the Federal Reserve should raise interest rates two more times this year and continue work on a plan to gradually trim its massive balance sheet, Dallas Federal Reserve Bank President Robert Kaplan said.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-eurozone-currentaccount-idUKKBN16T0Y1'|'2017-03-22T16:07:00.000+02:00'
'0fd85933eb9d41e4a13b92c67216bb4b28a6bc37'|'Asia stocks advance, dollar, oil recover from multi-month lows'|'Business   1:00am GMT Asia stocks advance, dollar, oil recover from multi-month lows People walk past an electronic board showing Japan''s Nikkei average outside a brokerage in Tokyo, Japan, November 18, 2016. REUTERS/Toru Hanai By Nichola Saminather   Asian stocks rose on Thursday, taking their cues from a Wall Street bounce, while the dollar crawled up from a four-month low but remains clouded by concerns about U.S. President Donald Trump''s pro-growth policies. Sterling was about 0.1 percent lower at $1.247 in early trade but had fallen as much as 0.4 percent on Wednesday, after an attack close to Britain''s Parliament killed five people, including the attacker and a police officer, and injured 40. Police said they believed the attacker was inspired by Islamist-related terrorism. MSCI''s broadest index of Asia-Pacific shares outside Japan advanced 0.1 percent. Japan''s Nikkei gained 0.25 percent, thanks to a weaker yen. Overnight, the Nasdaq jumped 0.5 percent and the S&P 500 closed higher, while the Dow Jones Industrial Average was flat, after all three touched their lowest levels in about five weeks earlier in the session. "Investors with a lot of cash used yesterday''s downturn and the morning’s weakness today as a buying opportunity," said Alan Lancz, president of investment advisory firm Alan B. Lancz & Associates in Toledo, Ohio. He said, however, that U.S. stocks could slip again if Trump''s healthcare bill fails to progress. The dollar advanced 0.15 percent to 111.32 yen in early trade, after dropping to 110.71, its lowest since Nov. 22 overnight. The dollar index also recovered about 0.1 percent to 99.77, after touching a seven-week low overnight. Trump has been trying to rally support for his plan to repeal the 2010 Affordable Care Act, Democratic former President Barack Obama''s signature healthcare legislation. Republican leaders of the House of Representatives plan a vote on the bill, Trump''s first major legislation since he took office, later on Thursday. "Failure to push ahead with this legislation will be seen as a defeat for Trump and the market may react negatively in the short-term; however this should be seen as a buying opportunity," James Woods, global investment analyst at Rivkin Securities in Sydney, wrote in a note. Investors in Asia are awaiting a rate decision from Taiwan''s central bank, which is expected to remain on hold. The central bank is asking some custodian banks to advise their clients not to remit new funds, two people with direct knowledge of the matter told Reuters on Wednesday. The U.S. dollar was up 0.15 percent at 30.503 Taiwan dollars. The New Zealand dollar was 0.1 percent lower after the central bank held interest rates at a record low 1.75 percent, and reiterated it would remain there for a "considerable" period of time, citing global volatility and U.S. protectionism. In commodities markets, oil prices inched higher having touched their lowest level since November overnight, after data showed U.S. inventories, already at a record high, grew by far more than forecast. U.S. crude gained 0.4 percent to $48.26 a barrel in early trade on Thursday. The dollar''s recovery weighed on gold, which retreated 0.2 percent to $1,246.20 after hitting a three-week high overnight. (Reporting by Nichola Saminather; Additional reporting by Sam Forgione; Editing by Sam Holmes) Next In Business News Euro zone banks under scrutiny but none in danger watchdog says LONDON Several European banks are being closely monitored by the agency responsible for closing lenders which go bust in the euro zone, but none are failing or about to fail, the head of the Single Resolution Board (SRB) said on Wednesday. LONDON British car production hit a 17-year high in February, extending a recent trend of surging output as a strong rise in exports once again compensated for a slump in demand at home, an industry body said on Thursday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-markets-idUKKBN16U040'|'2017-03-23T08:00:00.000+02:00'
'c90166524e1954d4ef6ee6db825bb826c546df71'|'Arbuthnot Banking FY profit up on gains from Secure Trust stake sale'|'Business News - Thu Mar 23, 2017 - 8:59am GMT Arbuthnot Banking FY profit up on gains from Secure Trust stake sale Britain''s Arbuthnot Banking Group ( ARBB.L ) said on Thursday full-year profit jumped, helped by gains from the sale of a stake in its retail bank Secure Trust Bank Plc ( STBS.L ). Arbuthnot said profit rose to 228 million pounds ($285.1 million) for 2016, from 27 million pounds a year earlier. This included a 228 million pounds gain from the sale of Everyday Loans Group and the sale of a 33 percent stake in Secure Trust Bank. The bank posted a pretax profit from continuing operations of 0.2 million pounds, compared with a loss of 2.6 million pounds year ago. Arbuthnot said it remained well capitalised and was optimistic for the future, despite global economic and geopolitical headwinds, including the Brexit referendum vote. "The vast majority of the Group''s income and expenditure is based in the UK. It is therefore anticipated that the financial impact would be minimal assuming there were to be no significant macro economic shock on the UK," the company said in a statement. (Reporting by Justin George Varghese and Noor Zainab Hussain in Bengaluru; Editing by Gopakumar Warrier) Next In Business News Most UK employers do not plan to raise pay to match rising inflation - XpertHR LONDON Most British companies do not expect to offer more generous pay deals to employees this year compared with 2016, adding to signs that higher inflation will gnaw at Britons'' living standards in the months ahead, a survey showed on Thursday. LONDON British car production hit a 17-year high in February, extending a recent trend of surging output as a strong rise in exports once again compensated for a slump in demand at home, an industry body said on Thursday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-arbuthnot-bnkng-results-idUKKBN16U0UG'|'2017-03-23T15:59:00.000+02:00'
'98443782583158e59ce8f444d93b4ebe2aca0472'|'EU antitrust regulators want more power for national watchdogs'|'Business   11:30am GMT EU antitrust regulators want more power for national watchdogs The European Union flag is seen flying, at the border of Gibraltar with Spain, in the British overseas territory of Gibraltar, historically claimed by Spain, June 27, 2016, after Britain voted to leave the European Union in the EU Brexit referendum. REUTERS/Jon Nazca By Foo Yun Chee - BRUSSELS BRUSSELS EU antitrust regulators outlined a proposal on Wednesday aimed at giving national watchdogs in the 28-country bloc more power to crack down on anti-competitive practices and also ward off political interference. The move by the European Commission came after a study it commissioned found shortcomings in the way competition agencies were equipped and structured, preventing them from doing their work effectively. Antitrust experts say the EU enforcer was also concerned by the ousting of several high level officials at some national agencies by their governments in the last two years. "We want all national competition authorities to be able to take decisions fully independently and have effective tools at their disposal to stop and sanction infringements," European Competition Commissioner Margrethe Vestager said in a statement. The proposal also aims to ensure that national agencies have the necessary funding and staff, and the right to search mobile phones, laptops and tablets for evidence of wrongdoing. The Commission''s study showed that Austria, Germany, Estonia, Finland, France, Ireland, Sweden and Slovakia, for example, have limited powers in this respect. The proposal needs the green light from EU member states and the European Parliament before it can become law. (Reporting by Foo Yun Chee; editing by Philip Blenkinsop) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eu-antitrust-idUKKBN16T1BW'|'2017-03-22T18:15:00.000+02:00'
'05d22c33592e3e650306a5381113a6627ba20d0f'|'Sears shares sink as creditors, investors fret over going-concern risk'|'By Nathan Layne and Sruthi Ramakrishnan Sears Holdings Corp''s ( SHLD.O ) shares slumped 16 percent on Wednesday as bondholders and investors questioned how long the retailer could remain in business, a day after the company flagged going-concern doubts.The disclosure raised concerns over the retailer''s ability to restructure its debt load and stock inventory heading into the crucial 2017 holiday season.The drop in the stock, down at $7.64 in midday trade, is the largest one-day percentage decline since a 18.79 percent tumble on Nov. 16, 2012."While I don''t think the new disclosure means they will definitely file BK in 2017, it does seem to signal that the next 12 months are even more crucial than has been the case in recent years, as their margin of error is getting slim," said Chad Brand, president of Peridot Capital Management, a Sears bondholder.BK is a shorthand for bankruptcy - a prospect raised after Sears flagged doubts about its ability to stay in business in the "risk factors" section of its annual report."Our historical operating results indicate substantial doubt exists related to the company''s ability to continue as a going concern," Sears said in the report.Sears spokesman Howard Reif said the company hopes the actions it is taking will keep it in business.The company, which has $13.19 billion in liabilities, noted that it could have difficulty procuring merchandise from vendors. Bondholders are watching to see whether the company will have the cash and credit needed to stock its shelves for the 2017 holiday season.Retailers typically book orders for merchandise for the vital fourth quarter from now through mid-summer.Continued operating losses also could restrict access to new funds under its domestic credit agreement, according to the filing. ( bit.ly/2mRUcce )"Sears has repeatedly engaged in wishful thinking in earnings release after earnings release over the last several years that they could turn the business around," said Ken Perkins, president of industry research firm Retail Metrics."In today''s highly competitive retail environment, which requires sizeable investments to compete with Amazon and off-price chains they no longer have the resources to do so."Sears, which lost $2.22 billion in the year ended Jan. 28, has $286 million in cash on hand.Retailers in distress often use their accounts receivable. Sears has $466 million in receivables, down substantially from 2012, when the company had $635 million in receivables and $609 million in cash.Since 2012, Sears accumulated $10.54 billion in losses while revenue fell 47 percent to $22.1 billion.During that time, Sears cut the number of its U.S. stores by nearly a third, reduced holdings in Sears Canada, and spun off the Lands'' End clothing chain.BLOW TO LAMPERTIn recent years, Sears has placed some of its stores into a real estate investment trust (REIT), sold its Craftsman line of tools, and repeatedly raised debt from billionaire Chief Executive Edward Lampert''s hedge fund.Lampert owned nearly 10 percent of the REIT that paid Sears $2.6 billion in 2015 for the stores it purchased, many of which were then leased back to the retailer.The announcement of Sears'' potential demise is a blow to Lampert, a hedge fund investor who took control of Sears after merging it with Kmart, which he controlled, in 2004.He soon published a 15-page manifesto, in which he stated that conventional measures of retail success, such as same-store sales, were no longer relevant. Sears would regain its health by closing struggling stores and focusing instead on profitable sales, he wrote.Sears last turned an annual profit in 2011.The company said on Tuesday actions taken during the year to boost liquidity, including the $900 million sale of the Craftsman tool brand to power tool maker Stanley Black & Decker Inc ( SWK.N ) early this year, could satisfy its capital needs for the current fiscal year.But the filing also makes clear that additional asset sales could prove problematic.As part of the Craftsman sale, Sears Holdings reached an agreement with the Pension Benefit Guarantee Corp. That puts a claim on some Sears'' assets in an effort to protect pensions of retired employees.The agreement "contains certain limitations on our ability to sell assets, which could impact our ability to complete asset sale transactions or our ability to use proceeds from those sales to fund our operations," the company said.Already, the pension board agreement requires Sears to make a $250 million cash payment to its pension plan by March of 2020, and the pension board has a 15-year lien on revenue owed to Sears from future sales of Craftsman products.(Reporting By David Greising; Editing by Saumyadeb Chakrabarty, Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sears-restructuring-idINKBN16T23P'|'2017-03-22T13:31:00.000+02:00'
'98974478bb90be7cd366834f532be7f424a55c0c'|'Finland''s Fortum vows to keep a cool head in M&A pursuit'|'By Jussi Rosendahl and Tuomas Forsell - HELSINKI HELSINKI Finland''s largest utility Fortum ( FORTUM.HE ), on the look-out for deals for years, is striving to clinch a sizable acquisition this year, its chief executive said on Wednesday.The utility firm, 51-percent-owned by the state, sold its Nordic power distribution grids for 9.3 billion euros ($10 billion) in 2014 and 2015 and since then has announced only a handful of small acquisitions while the competition for Europe''s power generation assets gets tougher.In November, Fortum said it aimed to spend a couple of billion euros quickly in Europe''s power generation and "city solutions" assets, including waste-to-energy and biomass business."Our first priority is generation consolidation in Europe... 2017 remains our target (for a deal), no doubt about that," CEO Pekka Lundmark told Reuters in the company''s high-rise head office by the Baltic Sea.Some investors are growing impatient for the cash to be put to use while others are worried that as time ticks on, Fortum is more likely to rush into an overpriced deal.Lundmark said the company would be careful in its choice and was not welded to the end of the year deadline."There is a lot of money around looking for these kind of assets, and it is clear that the most attractive targets are expensive... If no good deals come in sight, we will consider other alternatives."Analysts have said that German firm Uniper''s ( UN01.DE ) Swedish hydro power assets might be of interest to Fortum, but Lundmark declined to name any specific targets."There are lots of interesting assets out there... The fact that a big deal is yet to come should indicate that... we are prepared to wait for a suitable one."Fortum last year generated 28 percent of its power through hydro plants, 32 percent by nuclear units and 33 percent with natural gas, putting its carbon exposure among the lowest in Europe compared to other utilities.Lundmark said Fortum was particularly looking for hydro power assets - seen as one of the most valuable renewable energy sources worldwide - but he did not rule out increasing Fortum''s nuclear portfolio either.For the long term, Fortum is simultaneously looking for smaller investments in future technologies, Lundmark added."A watched pot never boils... It''s good that they are not in a rush with a big deal, but something should be done with the cash," said Mika Heikkila, portfolio manager at Taaleri Wealth Management who counts Fortum as one of his fund''s largest investments."One must have trust in the management to hold this stock."Lundmark was hired in 2015 from crane maker Konecranes ( KCRA.HE ). In his first year at Fortum, the company''s core operating profit dropped 20 percent to 644 million euros due to high Nordic water reservoirs that pressured power prices.($1 = 0.9274 euros)(Editing by Elaine Hardcastle)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-fortum-m-a-idINKBN16T2FX'|'2017-03-22T14:30:00.000+02:00'
'c14e7c8ed14a3f4f1833188f91795959010075f8'|'UPDATE 1-Puerto Rico governor grilled by lawmakers on power utility deal'|'(Adds details and Quote: s from governor at congressional hearing)By Nick BrownWASHINGTON, March 22 Puerto Rico''s governor told U.S. lawmakers on Wednesday that the island''s debt-laden power utility, PREPA, could undergo an in-court restructuring process akin to U.S. bankruptcy if a consensual deal with creditors cannot be carried out.Governor Ricardo Rossello said at a U.S. House Natural Resources subcommittee hearing that his administration would prefer a consensual deal to a bankruptcy, as lawmakers questioned him about delays in completing a nearly $9 billion debt restructuring at PREPA.Government officials are meeting with PREPA creditors on Thursday, Rossello said.The U.S. territory''s utility and its creditors reached a tentative debt restructuring in December 2015 before Rossello took office. The deal would see bondholders accept 15 percent cuts to repayment.When Rossello took office in January 2017 many expected him to rubber-stamp the deal, but he has said he would seek more concessions from bondholders. On Monday, his administration made public a revised offer to creditors."If PREPA was pushed into (bankruptcy), do you expect that outcome would be better for Puerto Rico?" asked Representative Doug LaMalfa, a Republican from California.Rossello replied that "I champion and value" consensual renegotiation efforts, but that "doesn''t take a back seat" to seeking the best terms for PREPA.The utility is seen as a bellwether for Rossello''s approach to restructuring $70 billion in public debt that is pushing Puerto Rico''s economy toward collapse. The island has a 45 percent poverty rate, near-insolvent public health and pension systems, and a shrinking population.At another point in the hearing, Rossello was asked about whether he would use a provision that allows for agencies such as PREPA to be pushed into bankruptcy."If a deal is not able to be executed, then those provisions would be executed," Rossello replied. It’s been my strong view...that we want to engage in consensual efforts. So what we’re asking for is that opportunity."He said the current deal does not seek enough concessions from creditors, and could hurt consumers because of added charges. A better deal, he said, would focus on sustainable growth and include public-private partnerships to help modernize PREPA.Rossello said he supports extending a forbearance agreement that shields PREPA from lawsuits, set to expire on March 31, to give sides more time to negotiate a restructuring consensually.While the focus was on PREPA on Wednesday, the public health systems kept coming up. Rossello''s administration wants Congress to increase the island''s federal Medicare reimbursements, which are proportionately lower than those of U.S. states."Congress really needs to act in the next coming weeks" to help bolster Puerto Rico''s health funding, he said. (Reporting by Nick Brown; editing by Grant McCool)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/puertorico-debt-prepa-idINL2N1GZ0WJ'|'2017-03-22T13:50:00.000+02:00'
'abf3498b7b6184988d69a4fbc0e389d96683150c'|'UK lawmakers demand more answers from VW over diesel scandal'|'Business News - Wed Mar 22, 2017 - 6:52am EDT UK lawmakers demand more answers from VW over diesel scandal Volkswagen cars are parked outside a VW dealership in London, Britain November 5, 2015. REUTERS/Suzanne Plunkett LONDON British lawmakers have written to Volkswagen ( VOWG_p.DE ) seeking more answers from the German carmaker over the diesel emissions scandal, after criticizing the firm for failing to adequately respond to their queries so far. Paul Willis, the brand''s British boss, has appeared before several British parliamentary committees since September 2015 when the firm admitted to using software to cheat diesel emission tests in the United States. Around 1.2 million cars are affected by the scandal in Britain with fewer than half repaired so far, prompting anger from politicians and drivers who argue it is unfair that they have not received compensation offered to U.S. motorists. During his most recent appearance before the transport committee last month, Willis was pressed on the nature of the remedy and whether Britain had been fully repaid by VW for the cost of retesting models. In a letter published on Wednesday, chairwoman Louise Ellman asked Willis to respond to eight points including on whether the firm will look into every complaint that the fix had affected vehicle performance, an issue at the heart of attempts by some law firms to take legal action against the company. "Please confirm that Volkswagen will investigate all existing and future cases where the customer is concerned that the fix has impaired the performance of their vehicle and that this investigation will be carried out free of charge," Ellman wrote. VW, which declined to comment on Wednesday, has previously said that there had been no adverse effects from software changes made. Willis has said he has been consistent and honest in his replies to the committee on a range of issues. (Reporting by Costas Pitas; Editing by Keith Weir) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-volkswagen-emissions-britain-idUSKBN16T17L'|'2017-03-22T17:52:00.000+02:00'
'2bce785ea3bfdf106ccb01f2b60a8d5382c36229'|'TREASURIES-Bonds gain as concerns about Washington gridlock grow'|'* Stock jitters boost demand for bonds * Investors focusing on Washington reforms By Karen Brettell NEW YORK, March 22 U.S. Treasury yields fell to three-week lows on Wednesday as concerns about delays in passing Washington fiscal reforms weighed on stock markets and increased demand for safe-haven bonds. U.S. stock index futures were lower on Wednesday, a day after Wall Street posted its biggest one-day fall since the November election. Analysts attributed the market moves to reduced confidence that U.S. President Donald Trump''s pro-growth policies would be implemented soon. “People are losing confidence in a swift moving set of congressional reform,” said Ian Lyngen, head of U.S. rates strategy at BMO Capital Markets in New York. Trump is facing opposition from lawmakers on his plan to dismantle Obamacare, with any new fiscal stimulus likely to be delayed as the administration prioritizes domestic issues including healthcare. Benchmark 10-year notes were last up 8/32 in price to yield 2.41 percent, down from 2.43 percent on Tuesday. The yields fell to 2.396 percent in overnight trading, the lowest since February 28. The notes have technical resistance at around 2.40 percent. Speeches by Federal Reserve officials are also in focus this week for any new indications about future interest rate policy. Fed Chair Janet Yellen is due to speak at a community development conference on Thursday. Expectations of a less aggressive Fed have added to bond gains this week. Yields have fallen since the U.S. central bank last Wednesday raised interest rates, as expected. Some investors had anticipated the Fed would also take a more hawkish tone on future rate hikes on expectations of stronger growth. (Editing by Nick Zieminski) )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL2N1GZ0HF'|'2017-03-22T10:05:00.000+02:00'
'dedd541961c631ed615149de7f37e27c756febf5'|'German consumer sentiment unexpectedly falls heading into April - GfK'|'German consumer sentiment unexpectedly fell to its lowest level in five months going into April, a survey showed on Thursday, partly due to people''s concerns that rising inflation will erode their purchasing power.The consumer sentiment indicator, published by the Nuremberg-based GfK institute and based on a survey of around 2,000 Germans, fell to 9.8 going into April. Economists polled by Reuters had on average expected the headline figure to remain unchanged at 10.0.GfK said people''s economic expectations and propensity to buy picked up, while the third component of the index - personal income expectations - fell for the second month in a row."A rise in inflation in Germany and the resultant intensified concerns over income buying power have obviously hindered full recovery of consumer sentiment," GfK researcher Rolf Buerkl said in a statement.Germany''s inflation rate rose to 2.2 percent in February from 1.9 percent a month earlier, driven mainly by rising energy and food costs.Citing a 10 percent fall in the price of crude in the first half of March, GfK said it expected inflation to fall below 2 percent in the coming months.It expects rising shale oil production in the United States to add to downward pressure on crude prices."Experience shows that Germans react sensitively to changes in certain signal prices, such as petrol, diesel or heating oil," Buerkl said. "In particular, they see the purchasing power of their income impaired by rising energy prices."Despite the slight fall in sentiment, the survey showed that the people remained ready to spend.The propensity to buy rose, making up for most of the losses in previous months, largely thanks to the robust labour market."The stable employment market trend is obviously of greater importance, since it reduces the fear of job losses, thus providing for a higher level of planning security, especially when it comes to larger purchases," Buerkl said.The index measuring economic expectations also rose after falling in February on fears that protectionist policies pursued by U.S. President Donald Trump could hurt the economy."Uncertainty amongst many consumers with regards to the policies of the new U.S. president has given way to a greater level of economic optimism again," Buerkl added.()((Joseph.Nasr@thomsonreuters.com; +49 172 678 5836; ReutersMessaging: joseph.nasr.thomsonreuters.com@reuters.net))(Reporting by Joseph Nasr; Editing by Hugh Lawson)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/germany-economy-gfk-idINKBN16U0TS'|'2017-03-23T05:59:00.000+02:00'
'f4200b6529414ba2f1755629a4e5f61da8f96d6f'|'REFILE-Philip Morris to invest 300 millon euros in Greece for smoke-free product'|'Deals  22am EDT Philip Morris to invest 300 million euros in Greece for smoke-free product A customer tries a Philip Morris'' ''''iQOS'''' smokeless tobacco e-cigarette at an iQOS store in Tokyo, Japan on March 3, 2016. REUTERS/Toru Hanai/File Photo ATHENS Marlboro maker Philip Morris ( PM.N ) will invest 300 million euros ($323.76 million) in its Greek unit Papastratos to convert the cigarette plant into a maker of tobacco sticks for its smokeless IQOS product, executives said on Thursday. Launched in 2014, the IQOS device heats real tobacco refills to produce tobacco-flavored vapor instead of burning it, which produces hazardous smoke and tar. It is effectively hybrid real and electronic cigarettes. "We are implementing what Greece needs right now, investments, new jobs and exports," Papastratos Chief Executive Christos Harpantidis told reporters. "We will be making a product that will be exported to more than 30 countries in the world." Greece''s economy, battered after a seven-year debt crisis, is thirsty for investments to help bring down an unemployment rate of 23 percent. Papastratos, with annual sales of 1.3 billion euros, has a 40 percent share of the domestic market and employs 800 workers. Philip Morris International makes six of the world''s top 15 international brands and products sold in more than 180 markets. The project will entail three new buildings at Papastratos'' facility in Aspropyrgos, outside Athens, with new lines of tobacco processing and production of refills for IQOS. Executives said it will create 400 new jobs. Papastratos, which currently manufactures 12 billion cigarettes annually and exports 60 percent, will be turning out 20 billion refills a year, absorbing a significant amount of Greek tobacco production. (Reporting by George Georgiopoulos Editing by Jeremy Gaunt) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-greece-tobacco-philipmorris-idUSKBN16T1GU'|'2017-03-22T19:24:00.000+02:00'
'62b3a7fde62b87107d8c3a27e7bd35804eca3bc8'|'EU''s Vestager says analysing Facebook reply to WhatsApp probe'|' 57pm GMT EU''s Vestager says analysing Facebook reply to WhatsApp probe A 3D printed Whatsapp logo is seen in front of a displayed stock graph in this illustration taken April 28, 2016. REUTERS/Dado Ruvic/Illustration   The European Commission in December last year said Facebook''s statements during the regulator''s scrutiny of the $22 billion (17.65 billion pounds) deal in 2014 were incorrect when it said that it was unable reliably to match the two companies'' user accounts. However, this was technically possible at that time, the EU Competition Commissioner said, giving Facebook until Jan. 31 to defend itself. "We have now got the reply from Facebook and we are now analysing it," Vestager told lawmakers during a European Parliament hearing. The company faces a fine of as much as 1 percent of its global turnover, or about $179 million based on 2015 revenues. Microsoft was hit with a 561 million euro (487.15 million pounds) penalty in 2013 for breaking an antitrust promise to regulators, underlining how serious the Commission views procedural breaches. (Reporting by Foo Yun Chee; Editing by Ken Ferris) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-whatsapp-m-a-facebook-eu-idUKKBN16T25S'|'2017-03-22T22:57:00.000+02:00'
'dc1ca8b5aabcc242ff14f42e36fc6118fca5628d'|'Uber board backs CEO Kalanick, still looking for chief operating officer'|'Technology Photos - Wed Mar 22, 2017 - 4:27am IST Uber board backs CEO Kalanick, still looking for chief operating officer Uber CEO Travis Kalanick, addresses a gathering at an event in New Delhi, India, December 16, 2016. REUTERS/Adnan Abidi By Heather Somerville - SAN FRANCISCO SAN FRANCISCO Uber Technologies Inc [UBER.UL] plans to keep co-founder Travis Kalanick as chief executive following a series of damaging events at the ride services company, a member of its board said on Tuesday in a rare call with reporters. "The board has confidence in Travis," said Arianna Huffington, co-founder of news site Huffington Post and one of seven voting Uber board members. The possibility of him resigning has not "come up and we don''t expect it to come up," she said. But she added that Kalanick, 40, needed to change his leadership style from that of a "scrappy entrepreneur" to be more like a "leader of a major global company." The privately held company, valued at $68 billion, is pushing ahead in its search for a chief operating officer to help Kalanick run the business, but gave no hints on possible candidates or timing of an appointment. Huffington and three Uber executives on the call said they were working on repairing the company''s tarnished image and improving its culture and leadership after a series of embarrassing setbacks, including allegations of sexual harassment from a former employee and the recent departure of its president, Jeff Jones, who cited deep misgivings about the company. Kalanick was not on the call. Uber expects to conclude an internal investigation into the sexual harassment allegations by the end of April, Huffington said The investigation was prompted by a former Uber employee who last month published a blog post describing a workplace where sexual harassment was common and went unpunished. Huffington is part of a committee - along with Uber board members David Bonderman of TPG Capital and Bill Gurley, a venture capitalist at Benchmark and close adviser to Kalanick - that will review the findings of the investigation. Huffington pledged to make those findings public. Meanwhile, the search for a COO - announced two weeks ago by Kalanick - is continuing, Huffington said, without mentioning any candidates by name or saying when the job would be filled. She said the COO, a role that has not previously existed at Uber, will be a "true partner" to Kalanick. "This is the first time that Travis has really understood the importance of having a partner," said Liane Hornsey, Uber''s chief human resources officer, on the call. News service Bloomberg last month released a video that showed Kalanick berating an Uber driver who had complained about cuts to rates paid to drivers, resulting in Kalanick making a public apology and admitting he needed leadership training. (Reporting by Heather Somerville; Editing by Bill Rigby) Next In Technology Photos'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-uber-ceo-idINKBN16S2Y0'|'2017-03-22T05:49:00.000+02:00'
'd7bdddb4fa1353095e21124e0e657bc28b182837'|'UPDATE 1-Indians leave bankers in the cold in $23 bln telecoms mega-deal'|'(Adds comment from former RBS banker Viral Gathani)By Sumeet Chatterjee and Devidutta TripathyHONG KONG/MUMBAI, March 22 Investment banking business in India should be enjoying bumper fees after a record year of dealmaking. It''s not, and big banks blame in-house teams of advisers that have proliferated as the country''s top family-owned conglomerates tighten their grip.This week''s $23 billion tie-up between Idea Cellular , controlled by the Aditya Birla Group, and the Indian business of Vodafone Group, is the latest example of a trend that is squeezing major international investment banks.Many are struggling in a market that has long been difficult, thanks to messy deals, paltry fees and local challengers.Bankers had been circling both sides of the telecoms mega-merger since it was first mooted late last year, when competition in the sector accelerated dramatically. In India, deals worth more than $1 billion are rare.In the event, Vodafone hired six advisers: Morgan Stanley, Robey Warshaw, Bank of America Merrill Lynch, Kotak Investment Banking, Rothschild and UBS.Idea hired none.Instead of tapping bankers, the Aditya Birla Group relied on their in-house team, which includes Saurabh Agrawal, a former South Asia head of corporate finance at Standard Chartered, whom it hired last year as head of corporate strategy, and former Morgan Stanley banker Ashish Adukia, who joined nearly three years ago.Earlier this year, it also hired Ankur Dalwani, a former managing director at Jefferies in India, according to a source familiar with the move."Investment banking is monthly tracking of revenue that you''ve made, investment banking in corporate is monthly tracking of ideas that you have generated. That''s the difference," Adukia said in an emailed comment.The trend, say bankers, is about bringing back control for Indian tycoons behind some of its biggest companies. One source with direct knowledge of this deal said Birla took a direct role in the deal, assisted by Agrawal."In some cases, the company in the middle of a transaction won''t even copy the bank advising on the deal when sending mails finalizing the details. It''s all about keeping control of each and every decision," said one banker who has worked with big Indian conglomerates, including Birla."Increasingly you will see the large companies roping in external advisers only in those cases where they can''t bridge the gap. It will mainly involve the markets where they have no presence or no knowledge."DOING IT YOURSELFBirla and Idea did not immediately respond to requests for comment on the decision to leave out advisers, although one separate source familiar with the deal said the company felt its team to be "adequately equipped".Elsewhere in India''s corporate landscape, high-profile banker appointments have proliferated.Bank of America dealmaker Ankur Verma joined Tata Group''s holding company last month. A Tata spokesman said Verma will have diverse responsibilities.Former RBS and CIMB banker Viral Gathani last year joined Vedanta Resources as head of corporate finance strategy. "The financial sector''s position in the global economy is being somewhat curtailed following the various financial crises that we have seen, and the resultant increased regulations on the sector," Gathani said, in response to a query on his move.Large Western companies also assemble in-house M&A experts, but they mostly continue to use external advisers while executing large takeovers, and in-house teams in the United States and Europe tend to be modest in size.Asia, led by China and increasingly India, is challenging that order.The pain of losing top talent and fees is acutely felt in markets like India, already one of the industry''s toughest regions, where many have pulled back or out altogether.Compliance demands are rising and competition for talent is increasing, but fees are going in the opposite direction.Indian companies struck a record $72 billion in M&A deals last year, doubling from the previous year. However, total fees for investment banking, including M&A, debt and equity, declined to $463 million last year from $491 million a year ago, and was sharply lower than $682 million in 2014.Bankers said many Indian companies no longer wanted deal-specific advisory services, but were looking for advice across due diligence, M&A, debt and equity raising, and did not want to deal with multiple banks for corporate finance services."The corporates think they can have a much better control over a transaction if they keep it close to themselves, and can avoid any conflict situation that some of the foreign banks may have," said one M&A banker with a U.S. bank.India Inc''s bet is not without risks, especially for more complex international deals, or where companies require considerable fundraising. But for many, that''s not yet."Most of the top Indian corporates are very cash rich and they don''t need balance sheet support, so they would say why waste a few million dollars on purely advisory services?" said one of the bankers with a foreign bank in Mumbai."They can get two, three bankers at a fraction of that cost," he said, referring to their annual salary. (Reporting by Sumeet Chatterjee in HONG KONG and Devidutta Tripathy in MUMBAI; Writing by Anshuman Daga; Editing by Clara Ferreira Marques, Mike Collett-White and Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/vodafone-ma-banks-idINL3N1GZ07F'|'2017-03-21T22:46:00.000+02:00'
'c40b40863baebbd39a90a9a84ab94e73e9b79d3a'|'Maersk Line, Hamburg Sud offer merger concessions to gain EU approval'|'  12:02pm GMT Maersk Line, Hamburg Sud offer merger concessions to gain EU approval FILE PHOTO: A man walks past empty Maersk shipping containers at Peel Ports container terminal in Liverpool, Britain, December 9, 2016. REUTERS/Phil Noble/File Photo COPENHAGEN Maersk Line, the world''s biggest container shipping firm and part of Danish conglomerate A.P. Moller-Maersk ( MAERSKb.CO ), has offered concessions to EU antitrust regulators in an attempt to get approval for the takeover of German rival Hamburg Sud. A ruling on the deal, one of several in an industry seeking consolidation to offset low freight rates and oversupply, will now be given by the European Commission by April 10, according to the commission''s website on Wednesday. The deadline was initially set for March 27 but the EC said it has extended its review as the firms have now offered concessions to address regulatory concerns. (Reporting by Stine Jacobsen; Editing by Greg Mahlich)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hamburgsud-maersk-eu-idUKKBN16T1DR'|'2017-03-22T18:48:00.000+02:00'
'da38e53a646ddfb1c1b9a2fddff5129629d95e38'|'UPDATE 1-Lockheed sees growth after reshuffling business mix -CEO'|'(Adds CEO comments, company and industry background, details on initiatives)By Mike StoneARLINGTON, Va., March 21 Lockheed Martin Corp''s chief executive said on Tuesday she is "more optimistic than ever" about growth prospects because refocusing the company on its core defense business has helped make weaponry more affordable for cost-conscious governments, including the Trump administration.The F-35 jet fighter, Lockheed''s largest program, which constitutes 20 percent of the company''s revenue, has drawn fire from U.S. President Donald Trump, who made lowering prices for military equipment a pillar of his transition into office.CEO Marillyn Hewson told reporters that Lockheed''s sale of its services business and purchase of helicopter maker Sikorsky from United Technologies Corp helped reshape the company. Its growth will now come, she said, through a combination of core defense products like the F-35, continued high demand from international customers and innovations in next-generation weapons including lasers.Lockheed sold the bulk of its government services businesses last year to Leidos Holdings Inc.Hewson said Lockheed has held "constructive dialogues over the past few months" with the Trump administration, which has driven home the point that the U.S. government is a "smart buyer" focused on value."Lockheed Martin is fully aligned with this effort," she said, adding, "nowhere has this commitment to affordability been more visible than on the F-35 program."She made the remarks at the company''s media day in Arlington, Virginia.The stealthy F-35 Joint Strike Fighter costs $95 million to $123 million per plane, depending on the model. Despite $728 million in savings after Trump complained about its "tremendous cost and cost overruns," it remains the most expensive weapons system ever built.Lockheed and its suppliers have been working to reduce the cost of the jet through creating a more efficient supply chain for components.Hewson said the F-35 will also be "the largest driver" of Lockheed''s international growth. She expects that 50 percent of F-35 orders will come from international customers in the next five years.Lockheed has previously said it is aiming for 30 percent of total sales to come from international customers in the next few years.Hewson said other growth drivers for Lockheed include ongoing programs to develop lasers and other weapons that use directed energy to destroy a target.In 2016, Lockheed invested $988 million to research and develop new technologies including directed energy, autonomy, hypersonics and advanced materials. (Editing by Matthew Lewis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/lockheed-outlook-idINL2N1GY1H8'|'2017-03-21T19:13:00.000+02:00'
'7aa254d17d7feee424d3aaef345edb4bdde724aa'|'UPDATE 1-UK Stocks-Factors to watch on March 22'|'Company News - Wed Mar 22, 2017 - 3:29am EDT UPDATE 1-UK Stocks-Factors to watch on March 22 (Adds company news items, futures) March 22 Britain''s FTSE 100 index is seen opening 42 points lower on Wednesday, according to financial bookmakers, with futures down 0.5 percent ahead of the cash market open. * KINGFISHER: Home improvement retailer Kingfisher beat forecasts with an 8.3 percent rise in annual profit, with a resilient sales performance in Britain outweighing a softer French market which it remains cautious about. * Savills: International estate agent Savills reported a 12 percent rise in underlying profit last year as demand for property in Britain held up, helped by the Brexit-induced slump in the pound boosting investor interest. * VODAFONE: New Zealand pay television provider Sky Network TV on Wednesday filed an appeal against the Commerce Commission''s decision to bar its purchase of Vodafone''s local unit. * ACACIA MINING: Canadian gold miner Endeavour Mining Corp said on Tuesday it had ended discussions with London-based Acacia Mining Plc regarding a potential merger. * SHOE ZONE: Shoe Zone is among the final bidders for rival footwear chain Brantano, Sky News reported on Tuesday. * BHP BILLITON: The striking union at BHP Billiton''s Escondida copper mine in Chile, the world''s largest, will meet with the company on Wednesday to resume conversations, both parties said on Tuesday night. * BRITAIN AIRLINES: The United States and Britain on Tuesday imposed restrictions on carry-on electronic devices on planes coming from certain airports in Muslim-majority countries in the Middle East and North Africa in response to unspecified security threats. * BRITAIN BANKS: Britain said on Tuesday that its authorities would investigate newspaper allegations that UK-based banks had been used in a global money laundering scheme. * BREXIT: Banks in London that relocate operations to the euro zone after Brexit are likely to be spared a lengthy entry test by regulators, making it easier for them to shift, according to two officials with knowledge of the matter. * BREXIT: Failing to reach a comprehensive free trade deal with the European Union risks significant damage to Britain''s trade in non-financial services, a committee of members of the upper house of parliament said in a report published on Wednesday. * OIL: Oil prices dipped on Wednesday as rising crude stocks in the United States underscored an ongoing global fuel supply overhang despite an OPEC-led effort to cut output. * The UK blue chip FTSE 100 index closed 0.7 percent lower at 7,378.34 points on Tuesday, as sterling strengthened after British inflation shot past the central bank''s target for the first time in three years. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Siju Varghese; Editing by Amrutha Gayathri) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1GZ2TL'|'2017-03-22T14:29:00.000+02:00'
'ef33455099937d0535ee11922183a6e1c5ef4132'|'BRIEF-Baidu''s chief scientist Andrew Ng says he is resigning from Baidu- blog post'|' 14am EDT BRIEF-Baidu''s chief scientist Andrew Ng says he is resigning from Baidu- blog post March 22 (Reuters) - * Baidu''s chief scientist Andrew Ng says he is resigning from Baidu- blog post Source bit.ly/2nQGebh   Morning News Call - India, March 22 To access the newsletter, copy the following link and paste it in a web browser: http://share.thomsonreuters.com/assets/newsletters/Indiamorning/MNC_IN_03222017.pdf If you would like to receive this newsletter via email, please register at: https://forms.thomsonreuters.com/india-morning/ FACTORS TO WATCH 9:30 am: Finance Minister Arun Jaitley to speak at 23rd conference of Auditor Generals of Commonwealth Nations in New Delhi 10:30 am: DIPP Secretary Ramesh Abh MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-baidus-chief-scientist-andrew-ng-s-idUSFWN1GY0SF'|'2017-03-22T11:14:00.000+02:00'
'84173fe49e6ce4ffc96c19b655aaf65db3ca96cb'|'Abu Dhabi''s Aabar top investor in UniCredit with 5 pct after cash call'|'Company News   2:19pm EDT Abu Dhabi''s Aabar top investor in UniCredit with 5 pct after cash call ROME, March 22 Abu Dhabi''s investment firm Aabar is the top investor in UniCredit with a stake of 5.04 percent after the Italian bank raised 13 billion euros in a share sale earlier this year, the lender''s website showed on Wednesday. Prior to the share issue, UniCredit''s top shareholder was Los Angeles-based fund Capital Research and Management Company with a stake of 6.7 percent. Italian press had reported Capital Research had boosted its position as top investor by buying into the cash call. However, a regulatory filing dated Feb. 28 showed the U.S. fund had cut its stake to 4 percent outside of the cash call. Investors are obliged to disclose significant holdings, but sometimes do not provide frequent updates. (Reporting by Valentina Za, editing by Isla Binnie) Next In Company News UPDATE 2-Canada''s Enbridge to cut 1,000 jobs after buying Spectra CALGARY, Alberta, March 22 Canada''s Enbridge Inc said on Wednesday it would cut about 1,000 positions, or 6 percent of its work force, after buying Spectra Energy Corp of Houston, the first layoffs for the combined energy infrastructure company, the biggest in North America.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/unicredit-shareholding-aabar-idUSL5N1GZ5WP'|'2017-03-23T01:19:00.000+02:00'
'971f6c8e7120374e527f956bd1213bda216068f2'|'South Korea''s KEPCO in talks to buy Toshiba''s stake in UK nuclear project NuGen'|'Deals - Wed Mar 22, 2017 - 6:24am GMT South Korea''s KEPCO in talks to buy Toshiba''s stake in UK nuclear project NuGen FILE PHOTO: A company logo is seen outside the office of NuGen in Whitehaven, Britain February 13, 2017. REUTERS/Phil Noble SEOUL Korea Electric Power Corp (KEPCO) ( 015760.KS ) is in talks to buy a stake in the Toshiba-Engie British nuclear joint venture NuGen, chief executive of the South Korean utility said. Media reports late last year had said KEPCO was in talks with Japan''s Toshiba ( 6502.T ) and France''s Engie ( ENGIE.PA ) for a stake in NuGen, which plans to build three reactors at the Moorside site on the coast of Cumbria and expects electricity generation to start in 2025. Korea Electric Power Corp, or KEPCO, is interested in taking over the 60 percent stake owned by the troubled Japanese company Toshiba and has been negotiating informally, CEO Cho Hwan-eik told local media reporters late on Tuesday. "We will jump into (the deal) most quickly once its debt, equity structure is determined," Cho said, adding that nothing had been formalized yet as negotiations between the Japanese and UK governments were not done. KEPCO is also seen by industry executives as a potential buyer of Toshiba''s U.S. nuclear unit Westinghouse. The South Korean firm has said it would consider an approach by Toshiba. The TVs-to-construction Japanese conglomerate is currently grappling with a multibillion dollar financial maelstrom stemming from Westinghouse''s ill-fated purchase of a U.S. nuclear power plant construction company in 2015. Toshiba has already put up most or even all of its prized memory chip business for sale to cope with an upcoming $6.3 billion writedown related to cost overruns at the nuclear business and to create a buffer for potential losses down the road. South Korea, the world''s fifth-biggest user of nuclear power, has developed its own nuclear technology through KEPCO and is keen to export its nuclear reactors. A KEPCO-led consortium in 2009 won a contract to build four nuclear reactors in the United Arab Emirates, which are under construction. (Reporting By Jane Chung; Editing by Himani Sarkar) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-southkorea-kepco-nugen-idUKKBN16T0IL'|'2017-03-22T13:22:00.000+02:00'
'2793940f9704a665d8aef51b16b6368078eda7e1'|'Oil prices fall on bloated U.S. crude storage'|'Global Energy  07am GMT Oil prices fall on bloated U.S. crude storage A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. REUTERS/Richard Carson By Henning Gloystein - SINGAPORE SINGAPORE Oil prices dipped on Wednesday as rising crude stocks in the United States underscored an ongoing global fuel supply overhang despite an OPEC-led effort to cut output. Prices for front-month Brent crude futures LCOc1, the international benchmark for oil, were at $50.92 per barrel at 0051 GMT, down 4 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures were down 8 cents at $48.16 a barrel. "Crude oil prices fell as concerns over rising U.S. inventories resurfaced... Rising exports in Libya also weighed on prices," ANZ bank said on Wednesday. U.S. crude oil inventories rose by 4.5 million barrels in the week to March 17 to 533.6 million, the American Petroleum Institute (API) said late on Tuesday. The bloated storage comes as U.S. oil production C-OUT-T-EIA has risen over 8 percent since mid-2016 to more than 9.1 million barrels per day (bpd) to levels comparable in late 2014, when the oil market slump started. Rising production in the United States and elsewhere, and bloated inventories, are undermining efforts led by the Organization of the Petroleum Exporting Countries (OPEC) to cut output and prop up prices. "2017-19 is likely to see the largest increase in mega projects production in history," Goldman Sachs said in a note to clients on Tuesday. "Led by U.S. shales, (this) could create a material oversupply in 2018-19. As OPEC prepares for its May 25 meeting, it is likely to weigh the relative benefit of stability (extend the cut) vs. the risk of long-term (market) share loss," the bank added. (Reporting by Henning Gloystein; Editing by Richard Pullin) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN16T03Z'|'2017-03-22T08:07:00.000+02:00'
'2f79bb4c0809935db7f277b9e185c3ffaf16c37f'|'UPDATE 1-Myanmar praises China for suspending rebels'' bank account'|'(Adds Chinese Foreign Ministry comment)By Wa Lone and Yimou LeeYANGON, March 22 Myanmar''s government praised China on Wednesday for suspending a Chinese bank account used by ethnic rebels fighting Myanmar troops, in a move to prevent potential damage to diplomatic ties.Reuters has revealed that an ethnic rebel armed group fighting Myanmar forces near the Chinese border had been openly soliciting funds via China''s giant state-owned lender Agricultural Bank Of China (AgBank).Myanmar''s peace process - started under the previous semi-civilian administration - has lost momentum after Nobel Peace Prize winner Aung San Suu Kyi came to power in 2016, with some of the militias accusing her of a one-sided approach and refusing to join a major peace conference.Relations with China have been strained by the ethnic conflicts spilling over the border, and some observers say Beijing uses ethnically Chinese insurgent groups as a means of leverage over Myanmar.The decision to suspend AgBank was welcomed by Suu Kyi''s government."We appreciated this action. Stability and peace in border area is common interest for both sides," Myanmar''s presidential spokesman, Zaw Htay, told Reuters. "(It was a) very positive move from China."Zaw Htay shared the Reuters story on his widely-followed Facebook page and Twitter accounts, tagging key negotiators in Myanmar''s peace process.In Beijing, Chinese Foreign Ministry spokeswoman Hua Chunying said she was not aware of the specifics about the decision on AgBank."We consistently persevere in not interfering in other countries internal affairs and respect the entirety of Myanmar''s sovereign rights and territory. We will not allow any group or individual to use China''s territory to undermine China-Myanmar relations and the border regions'' stability," she said."For any illegal activity, we will deal with it according to law."Over nearly two years, the Myanmar National Democratic Alliance Army (MNDAA) raised more than $500,000, deposited directly in an AgBank account or sent it via two mobile payment services - Tencent Holdings'' WeChat Pay and Alipay, part of Ant Financial, which is affiliated with U.S.-listed Chinese e-commerce giant Alibaba.The account was suspended over the weekend, shortly after Reuters had sent AgBank a list of questions regarding the transactions, which compliance experts said could point to a weakness in controls aimed at stopping the global financial system being used to fund terrorism or facilitate crime.There is no evidence that Agbank, or other financial entities that handled transactions for the MNDAA, have broken Chinese law.Earlier this month, insurgents from the predominantly ethnic Chinese MNDAA attacked government troops in northeastern Myanmar. Some 20,000 people fled across the border to China to escape the fighting, prompting Beijing to call for a ceasefire.In a rare move, Myanmar army chief Senior General Min Aung Hlaing disclosed on his official Facebook page that he had summoned the Chinese ambassador and defence attaché on Tuesday to discuss the conflict, and how to cooperate to bring about peace and stability. (Additional reporting by Christian Shepherd in Beijing; Editing by Simon Cameron-Moore)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/myanmar-insurgency-china-idINL3N1GZ2ZL'|'2017-03-22T05:43:00.000+02:00'
'ec0d85b6c5b3a760f0c736ef432c753675c9c64a'|'Kingfisher beats forecasts for year profit, cautious on France'|'  7:18am GMT Kingfisher beats forecasts for year profit, cautious on France Signs outside the B&Q and Screwfix stores in Loughborough, Britain March 23, 2016. REUTERS/Darren Staples LONDON Home improvement retailer Kingfisher ( KGF.L ) beat forecasts with an 8.3 percent rise in annual profit, with a resilient sales performance in Britain outweighing a softer French market which it remains cautious about. The firm, which trades as B&Q and Screwfix in Britain and Castorama and Brico Depot in France and other markets, said on Wednesday it made an adjusted pretax profit of 743 million pounds ($928 million) in the year to Jan. 31 2017. That compares to analysts'' average forecast of 714 million pounds and 686 million pounds made in 2015-16. Total adjusted sales rose 8.7 percent to 11.2 billion pounds. "Looking forward, the EU referendum has created uncertainty for the UK economic outlook and we remain cautious on the outlook for France, especially in light of the forthcoming presidential elections," said Chief Executive Véronique Laury. The firm did, however, reaffirm its five year financial targets. (Reporting by James Davey; editing by Kate Holton) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-kingfisher-results-idUKKBN16T0NI'|'2017-03-22T14:18:00.000+02:00'
'171a7184270b367246070b48ed1fadde5e22319c'|'BRIEF-Sears says historical operating results raise doubt over co''s going concern ability - SEC filing'|' 04pm EDT BRIEF-Sears says historical operating results raise doubt over co''s going concern ability - SEC filing March 21 Sears Holdings Corp: * Historical operating results indicate substantial doubt exists related to the company''s ability to continue as a going concern- SEC filing * If co continues to experience operating losses, co may not be able to access additional funds under amended domestic credit agreement * "Failure to generate additional liquidity could negatively impact our access to inventory or services" - SEC filing Source text: ( bit.ly/2n5avn3   (Bengaluru Newsroom: +91 806 749 1136)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-sears-says-historical-operating-re-idUSFWN1GY0R4'|'2017-03-22T05:04:00.000+02:00'
'8551b276c5fb564500303e889ae755929d1c3985'|'UPDATE 1-BM&FBovespa-Cetip deal heads for Brazil approval with limits'|'(New throughout, adds details, comments, background)By Leonardo Goy and Guillermo Parra-BernalBRASILIA/SAO PAULO, March 22 BM&FBovespa SA''s takeover of rival Cetip SA Mercados Organizados seemed headed for antitrust approval with restrictions on Wednesday, as the board of the regulator Cade leaned toward approving the deal based on terms originally proposed by both financial firms.At a meeting, Cade councilor Cristiane Alkmin - also the case''s rapporteur - recommended the watchdog''s board implement remedies to approve the 12 billion-real ($3.9 billion) deal including a close monitoring of pricing charged to potential users of the combined company''s trading and clearing platforms.Alkmin shunned a prior accord presented by BM&Bovespa and Cetip, in which they agreed to self-impose remedies to get the deal approved. After she said her proposal would be defeated by Cade''s plenary, a fellow board member called on his colleagues to side with the companies'' accord for approval.Shares of both companies soared as the ballot took place, suggesting confidence among investors that a deal creating Latin America''s largest market structure and exchange player will pass without serious impediments. Councilors Paulo Burnier and Alexandre Cordeiro voted to approve the companies'' accord, with another Cade board member still to cast a ballot.Independently from the diverging ballots, "the indication is clear that the transaction will go through," said Vitor Suzaki, an equities analyst with São Paulo-based Lerosa Corretora. "Her vote already cleared the biggest hurdle possible, denying it approval."Currently BM&FBovespa enjoys a near monopoly on all trading, clearing and settlement services for most locally traded shares and bourse-traded derivatives. Trading transactions in Brazil are settled through a central counterparty clearinghouse, a complex, capital-intensive venture that has for years helped drive newcomers away from BM&FBovespa''s turf."The problem is not competition, but the significant entry barriers that the deal poses," Alkmin told Cade''s board at the meeting. "By eliminating a competitor in a different market, in this case Cetip, entry barriers to the industry rise as a whole."Shares of BM&FBovespa jumped as much as 6.6 percent - the stock''s biggest intraday gain in almost a year - in noon trading in São Paulo. Cetip gained as much as 2.4 percent, the biggest intraday jump for the stock since May.($1 = 3.0949 reais) (Additional reporting by Alberto Alerigi Jr and Bruno Federowski in São Paulo; Editing by David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/cetip-ma-bmf-bovespa-antitrust-idINL2N1GZ0TF'|'2017-03-22T13:23:00.000+02:00'
'93248c18f370458cf567d82fbb5380848dc02d3b'|'Mitsubishi says it may sell stakes in Australia thermal coal mines'|'Global Energy  47am GMT Mitsubishi says it may sell stakes in Australia thermal coal mines The logo of Mitsubishi Corporation is displayed at the entrance of the company headquarters building in Tokyo, Japan, April 26, 2016. REUTERS/Issei Kato/File Photo TOKYO Japanese trading company Mitsubishi Corp ( 8058.T ) may sell stakes in Australia thermal coal mines as it presses on with a switch to core assets such as coking coal after slumping to its first-ever annual loss last year, a spokesman said on Wednesday. The Nikkei business daily reported earlier on Wednesday that Mitsubishi is looking to unload its 31.4 percent stake in the Clermont mine, and may also sell stake in the Hunter Valley operation. The firm plans to raise its stake in Canada''s Montney shale gas field, the paper said, buying more shares from partner Japan Oil, Gas and Metals National Corp. "We are considering all options including selling a stake in the Clermont coal mine and we have hired Rothschild as financial advisor for the deal," a spokesman said. The spokesman didn''t say how much of the mine it might sell, nor how much it might seek for it. Mitsubishi is also considering whether or not to sell its 32.4 percent stake in Hunter Valley thermal coal mine in Australia after its partner Rio Tinto ( RIO.L ) ( RIO.AX ) decided to sell its Australian coal assets to China''s Yancoal, the spokesman said. After a commodity slump squeezed Mitsubishi into losses in the year ended March 2016, it has been reshuffling its natural resources portfolio to focus on three core assets: coking coal, copper, and liquefied natural gas (LNG). The Tokyo-based company is also considering a sale of its 50.1 percent stake in South Africa''s chrome ore company Hernic Ferrochrome, according to the industry sources. Mitsubishi''s reshaping of its portfolio comes as other Japanese trading houses move to cut or freeze thermal coal investments, citing the impact of environmental concerns after the U.N. climate agreement in Paris in 2015. Mitsui & Co ( 8031.T ) said last year that it plans to cut its exposure to coal by a third within three years, while Sojitz ( 2768.T ) said it will limit investments in coal. (Reporting by Yuka Obayashi; Editing by Kenneth Maxwell) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-mitsubishi-coal-australia-idUKKBN16T0E0'|'2017-03-22T11:47:00.000+02:00'
'7e1de9c4283d906d76093a55c23436beccb3c804'|'UPDATE 1-Petrobras raises asset sale goal to $21 bln for 2017-2018 period'|'Company  51pm EDT UPDATE 1-Petrobras raises asset sale goal to $21 bln for 2017-2018 period (Adds details on divestment program, comments from Petrobras directors) SAO PAULO, March 22 Petróleo Brasileiro SA on Wednesday raised a goal for asset divestitures and partnerships for 2017 and 2018 to $21 billion from $19.5 billion, a sign Brazil''s state-controlled oil company plans to expand ventures with peers in segments from refining to oil exploration. In a presentation detailing fourth-quarter results, Petrobras Chief Financial Officer Ivan Monteiro said a recent ruling by Brazil''s auditing court TCU regarding the plan will speed up its execution, not slow it down. "The court ruling will demand some additional administrative work, but now we have a method validated by Justice and have ways to speed up the program," Monteiro told market analysts and investors. The auditing court imposed some additional phases to any asset sale process, saying it wanted to increase transparency and allow for a larger participation of interested companies. . Petrobras agreed to the proposed changes. The Brazilian firm is particularly keen on restarting the sale process of fuels distribution unit BR Distribuidora, the country''s largest distributor and fuel retailer with 7,500 gas stations natiowide. Petrobras downstream director Jorge Celestino said the company remains very interested in finding partners for its refining business. Differently from other areas of the industry in Brazil, such as exploration and distribution, where many companies compete with Petrobras, the refining sector is basically exclusively operated by the state-controlled company. "If you look at the oil industry chain in Brazil, it makes a lot of sense for us to seek partners in refining," Celestino said. Petrobras cut debt by 20 percent and had positive free cash flow for the seventh straight quarter on the fourth quarter, according to earnings report released on Tuesday. (Reporting by Marcelo Teixeira, Guillermo Parra-Bernal and Gustavo Bonato Editing by W Simon and David Gregorio) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/petrobras-results-outlook-idUSL2N1GZ10M'|'2017-03-22T23:51:00.000+02:00'
'853d976d96469ffefc52c83afac5a369e6a0f691'|'U.S. business borrowing for equipment falls 3 pct in Feb -ELFA'|'Business   3:08pm EDT U.S. business borrowing for equipment falls 3 percent in February: ELFA U.S. companies'' borrowing to spend on capital investment fell in February, the Equipment Leasing and Finance Association (ELFA) said. Companies signed up for $5.9 billion in new loans, leases and lines of credit last month, down 3 percent from a year earlier. Their borrowing fell 5 percent from January. "This slow start belies the business-friendly environment that many business and economic commentators point to in characterizing the new administration in Washington," ELFA Chief Executive Ralph Petta said in a statement. Washington-based ELFA, a trade association that reports economic activity for the $1 trillion equipment finance sector, said credit approvals totaled 74.8 percent in February, down from 75.4 percent in January. ELFA''s leasing and finance index measures the volume of commercial equipment financed in the United States. It is designed to complement the U.S. Commerce Department''s durable goods orders report, which it typically precedes by a few days. ELFA''s index is based on a survey of 25 members that include Bank of America Corp ( BAC.N ), BB&T Corp ( BBT.N ), CIT Group Inc ( CIT.N ) and the financing affiliates or subsidiaries of Caterpillar Inc ( CAT.N ), Deere & Co ( DE.N ), Verizon Communications Inc ( VZ.N ), Siemens AG ( SIEGn.DE ), Canon Inc ( 7751.T ) and Volvo AB ( VOLVb.ST ). The Equipment Leasing & Finance Foundation, ELFA''s non-profit affiliate, said its confidence index fell to 71.1 in March from 72.2 in February. A reading of above 50 indicates a positive outlook. (Reporting by Radhika Rukmangadhan in Bengaluru; Editing by Anil D''Silva) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-economy-elfa-idUSKBN16T2QQ'|'2017-03-23T02:00:00.000+02:00'
'af99e9aa3f8ab534a5fe49f7793a8861ace98533'|'Japan February exports jump 11.3 percent year-on-year - MOF'|'Business News - Wed Mar 22, 2017 - 12:00am GMT Japan February exports jump 11.3 percent year-on-year - MOF FILE PHOTO - Containers are seen at an industrial port in Yokohama, Japan, January 16, 2017. REUTERS/Kim Kyung-Hoon/File Photo TOKYO Japan''s exports rose 11.3 percent in February from a year earlier, marking the third straight month of increases in a reflection of rising global demand, Ministry of Finance data showed on Wednesday. The result compares with a 10.6 percent increase expected by economists in a Reuters poll, reviving after a slowdown in January due to the Lunar New Year holidays in China and other parts of Asia. Exports rose just 1.3 percent in January. Imports rose 1.2 percent in the year to February, versus the median estimate of a 0.6 percent increase. The trade balance came to a surplus of 813.4 billion yen ($7.3 billion), versus the median estimate of a 822.0 billion yen surplus. To view full tables, go to the MOF website: (Reporting by Tetsushi Kajimoto; Editing by Chris Gallagher) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-trade-idUKKBN16S30V'|'2017-03-22T07:00:00.000+02:00'
'cf3d1e64ea5714c1d6418603e35e6768da82620a'|'Airbnb makes growth push in China with plans to double investment'|'Business News - Wed Mar 22, 2017 - 12:06am EDT Airbnb makes growth push in China with plans to double investment Brian Chesky, CEO and Co-founder of Airbnb, speaks to the Economic Club of New York at a luncheon at the New York Stock Exchange (NYSE) in New York, U.S. March 13, 2017. REUTERS/Mike Segar By Heather Somerville - SAN FRANCISCO SAN FRANCISCO Airbnb, the online marketplace for short-term lodging, is expanding its business in China, hoping to spur growth in the world''s most populous country and a major tourist destination. Fresh off a $1 billion fundraising round, Airbnb announced plans on Tuesday to expand its services in China and increase its staff there. Airbnb said it would more than triple its local workforce this year and double its investment in the region. The company did not provide specific numbers. The company has an engineering center in Beijing and about 60 employees in the country. Airbnb is also bringing its latest product, Trips, which was unveiled in November, to China. Trips is Airbnb''s effort to expand beyond home and apartment rentals and offer travelers experiences that expose them to local music, art, food and traditions. Trips options in Shanghai include learning about 4,000-year-old Chinese folk art and attending a traditional opera. San Francisco-based Airbnb connects hosts, who want to rent their homes or a room in their houses or apartments, with short-term renters who may stay a night or a few weeks. The company has been locked in a global battle with regulators who say the service takes affordable housing off the market and drives up rental prices. Airbnb has more than 3 million homes listed on its site in 191 countries. The service has become popular in China, where there are roughly 80,000 Airbnb listings that have housed nearly 1.6 million travelers, the company said. Airbnb''s recent tranche of $448 million in funding, which rounded out a $1 billion financing this month, provides new resources for the company to expand its global footprint. Airbnb executives told Reuters this month they expected the number of guests using the home rental service in Africa to double this year to 1.5 million. (Reporting by Heather Somerville; Editing by Peter Cooney) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-airbnb-china-idUSKBN16T0CE'|'2017-03-22T11:06:00.000+02:00'
'f84d3a40ba14ed98458c271cc335b50aa10d0728'|'MOVES-Colliers promotes Davoud Amel-Azizpour as EMEA CFO'|'March 22 Real estate services company Colliers International Group Inc named Davoud Amel-Azizpour as its chief financial officer for EMEA.Azizpour, who will be based in London, joined Colliers in 2013 from DTZ where he worked as UK financial controller. (Reporting by Divya Grover in Bengaluru; Editing by Savio D''Souza)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/colliers-intl-gr-moves-emea-cfo-idINL3N1GZ39Y'|'2017-03-22T06:51:00.000+02:00'
'15110af2bc1513980d7ee906e2505fe99640dd6a'|'Asian shares drop as investors fear Trump won''t deliver on promises - Business - The Guardian'|'Concerns about the Trump administration’s ability to push through key reforms and deliver on a promised fiscal boost turned share markets across the Asia Pacific region into a sea of red on Wednesday.As investors dumped risky assets and rushed to safe havens such as gold and government bonds, the worries were amplified by a strongly worded editorial in the Wall Street Journal published on Wednesday.Will Donald Trump be impeached – or is it just a liberal fantasy? Read more The newspaper, which is owned by Rupert Murdoch’s media empire, said the US president’s unsubstantiated claims that he was bugged by his predecessor Barack Obama had undermined his credibility, a situation worsened by his failure to back down.“Yet the President clings to his assertion like a drunk to an empty gin bottle, rolling out his press spokesman to make more dubious claims,” the editorial said.The editorial board concluded: “If he doesn’t show more respect for the truth, most Americans may conclude he’s a fake president.”On Tuesday, Wall Street shares suffered their biggest fall for five months and the selling frenzy continued in Asia with Japan and Australia the biggest losers.The Nikkei was down nearly 2% while the ASX200 in Sydney fell 1.6%, its sharpest one day fall since the day of Trump’s election in November, with the big banks and miners among the worst performers.Investors view the Trump administration’s struggles to push through its healthcare overhaul through congress as a bad omen for promised tax cuts.Ric Spooner of CMC markets in Sydney said: “Nervousness in international markets was driven by concerns over whether the US administration will be able to achieve the planned wind back of Obamacare and if not, what this means for its broader fiscal strategy.”US interest rate rise signals end of ultra-low borrowing costs Read more With investor mood decidedly risk-averse, the Japanese yen scored some chunky gains against the US dollar, rising to a four-month high of 111.63. The greenback fell below a key level of 100 against a trade-weighted basket of its peers.Bonds gained with yields on two-year U.S. debt falling to 1.27% in overnight trades, retreating further from a 7-1/2 year high of 1.38% hit last Wednesday when the US Federal Reserve raised interest rates.Gold was on track to extend its overnight strong performance with the precious commodity perched comfortably at a two-week high of $1,248 per ounce.Commodities other than gold, however, have had a rough outing with copper and iron ore prices down by more than one percent each.Oil prices declined as concerns about new supply overshadowed the latest talk by OPEC that it was looking to extend output cuts.Topics Stock markets Global economy Trump administration Donald Trump Economics Wall Street Journal news Share on Facebook Share on Twitter Share via Email Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/mar/22/asian-shares-drop-investors-fear-trump-wont-deliver-promises'|'2017-03-22T13:23:00.000+02:00'
'bfbb066b465ec38383cbaa6a236f5d3488889f2a'|'European shares stumble as banks, miners, Gemalto fall'|'Company News   4:26am EDT European shares stumble as banks, miners, Gemalto fall LONDON, March 22 European shares fell in early deals, extending losses from the previous session as basic resources stocks and banks came under pressure. The pan-European STOXX 600 index was down 0.7 percent at a one-week low as global markets were hit by worries that U.S. President Donald Trump could struggle to deliver on his reflationary economic policies. These doubts weighed on mining stocks, with the sector falling 1.5 percent as the price of copper hit a two-week low, while banking shares also declined, with the sector down 1.5 percent. Dutch lender ING Groep was among the biggest fallers, down around 3 percent after disclosing a criminal probe which could result in significant fines. ING was also joined by Austrian peer Raiffeisen Bank , which dropped 6.3 percent. Individual moves higher were relatively muted, though safe-haven precious metals miners Randgold Resources and Polymetal International were in demand. The biggest individual faller was Gemalto, which plunged more than 22 percent. The Dutch digital security services firm plummeted after cutting its profit forecasts, blaming a weak U.S. payments business. (Reporting by Kit Rees; Editing by Alison Williams) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL5N1GZ1E2'|'2017-03-22T15:26:00.000+02:00'
'53b90812c23a26b93c95c457f90a8bf606658abc'|'UPDATE 1-Andrew Puzder to step down as CKE fast-food CEO in April -company'|'Business  52pm EDT Andrew Puzder to step down as CKE fast-food CEO in April: company File photo: Andrew Puzder takes part in a panel discussion titled ''''Understanding the Post-Recession Consumer'''' at the Milken Institute Global Conference in Beverly Hills, California April 30, 2012. REUTERS/Fred Prouser Andrew Puzder, who withdrew as nominee for U.S. Labor Secretary in the new Trump administration, is stepping down as chief executive of CKE Restaurants Holdings Inc in April, the parent of the Carl''s Jr and Hardee''s restaurant chains said on Tuesday. "I expressed my desire to have CKE plan for succession approximately a year ago," said Puzder, 66, who has served as chief executive officer since 2000. Puzder will be succeeded by Jason Marker, who most recently was president of Yum Brands Inc''s ( YUM.N ) KFC chain. Puzder pulled his name from consideration for labor secretary in February, amid concerns that he could not garner enough U.S. Senate votes to be confirmed following a swirl of controversies, complaints and potential conflicts. Puzder admitted that he and his wife had employed an undocumented person as a housekeeper. He also faced a flurry of complaints and legal cases brought by workers against his business and its franchises. And, a decades-old Oprah Winfrey tape raising allegations of domestic abuse by his ex-wife resurfaced, although those allegations had been withdrawn. (Reporting by Lisa Baertlein; editing by Grant McCool) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-cke-restaurants-puzder-idUSKBN16S2XE'|'2017-03-22T05:50:00.000+02:00'
'ed3777a1848660e9922fc5fdd60faf81127b7dd2'|'UK households most downbeat about outlook since 2013 - Markit'|' 32am GMT UK households most downbeat about outlook since 2013 - Markit A customer shops for vegetables at a Tesco Extra supermarket in Watford, north of London August 8, 2013. REUTERS/Suzanne Plunkett LONDON British households are more downbeat about the outlook for their finances than at any time since late 2013 as rising inflation squeezes their disposable income, a survey showed on Wednesday. Official figures on Tuesday showed inflation in February jumped to its highest level in over three years at 2.3 percent, as sterling''s fall since Britain voted to leave the European Union last year pushed up the cost of imports. Financial data company Markit said on Wednesday its monthly Household Finance Index showed Britons'' expectations for their finances over the next 12 months dropped sharply to 45.3 from 48.1, its lowest level since November 2013. "A combination of rising inflation and subdued pay trends has forced households to recalibrate their expectations for the year ahead," said Tim Moore, an economist at IHS Markit. Markit''s headline household finance index improved slightly from February but remained close to its weakest level in the past two years, rising to 43.2 from 42.5. The survey - conducted between March 15 and 19 - showed 58 percent of households expect the Bank of England to raise interest rates from a record low 0.25 percent over the next 12 months, up slightly from February''s 56 percent but below the one-year high of 62 percent seen in January. On March 16, minutes of the BoE''s latest policy meeting showed a split among Bank officials on rates with external policymaker Kristin Forbes calling for a 25 basis-point rate hike. The Markit survey was based on an online poll of 1,500 Britons aged 18-64, conducted by polling company Ipsos MORI. (Reporting by David Milliken; Editing by William Schomberg) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-economy-markit-idUKKBN16T0YZ'|'2017-03-22T16:32:00.000+02:00'
'b495a4d83009381e8437f2aed9ade90fb2f5c62d'|'Walmart announces plan to invest $800 million in Chile'|'SANTIAGO The Chilean unit of Wal-Mart Stores Inc ( WMT.N ) will invest $800 million in the country over the next three years and will open 55 to 60 new supermarkets, the company said in a press release on Wednesday."We are confident in the future potential of the country, and we are convinced that spaces exist to continue expanding our low-cost model," Walmart Chile general manager Horacio Barbeito said in a statement.(Reporting by Gram Slattery; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-walmart-chile-idINKBN16T1XI'|'2017-03-22T11:53:00.000+02:00'
'5fb75467b4c989484e0dbbc5cd3bc62a4d732884'|'S.Korea''s KEPCO in talks to buy Toshiba''s stake in UK nuclear project NuGen'|'Deals  24am EDT South Korea''s KEPCO in talks to buy Toshiba''s stake in UK nuclear project NuGen FILE PHOTO: A company logo is seen outside the office of NuGen in Whitehaven, Britain February 13, 2017. REUTERS/Phil Noble SEOUL Korea Electric Power Corp (KEPCO) ( 015760.KS ) is in talks to buy a stake in the Toshiba-Engie British nuclear joint venture NuGen, chief executive of the South Korean utility said. Media reports late last year had said KEPCO was in talks with Japan''s Toshiba ( 6502.T ) and France''s Engie ( ENGIE.PA ) for a stake in NuGen, which plans to build three reactors at the Moorside site on the coast of Cumbria and expects electricity generation to start in 2025. Korea Electric Power Corp, or KEPCO, is interested in taking over the 60 percent stake owned by the troubled Japanese company Toshiba and has been negotiating informally, CEO Cho Hwan-eik told local media reporters late on Tuesday. "We will jump into (the deal) most quickly once its debt, equity structure is determined," Cho said, adding that nothing had been formalized yet as negotiations between the Japanese and UK governments were not done. KEPCO is also seen by industry executives as a potential buyer of Toshiba''s U.S. nuclear unit Westinghouse. The South Korean firm has said it would consider an approach by Toshiba. The TVs-to-construction Japanese conglomerate is currently grappling with a multibillion dollar financial maelstrom stemming from Westinghouse''s ill-fated purchase of a U.S. nuclear power plant construction company in 2015. Toshiba has already put up most or even all of its prized memory chip business for sale to cope with an upcoming $6.3 billion writedown related to cost overruns at the nuclear business and to create a buffer for potential losses down the road. South Korea, the world''s fifth-biggest user of nuclear power, has developed its own nuclear technology through KEPCO and is keen to export its nuclear reactors. A KEPCO-led consortium in 2009 won a contract to build four nuclear reactors in the United Arab Emirates, which are under construction. (Reporting By Jane Chung; Editing by Himani Sarkar) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-southkorea-kepco-nugen-idUSKBN16T0IL'|'2017-03-22T13:15:00.000+02:00'
'e3ed4834893983f417fa7cd80e68a8d6db9c2c4c'|'Italy to test EU rules again with Veneto banks bailout'|'By Stefano Bernabei and Francesco Guarascio - ROME/BRUSSELS ROME/BRUSSELS Italy''s plans to bail out two regional banks pose a tough dilemma to European regulators, who are still considering whether Monte dei Paschi qualifies for state aid, three months after giving a preliminary green light.Banca Popolare di Vicenza and Veneto Banca said on Friday they had requested a so-called precautionary recapitalization by the state - a mechanism that exploits an exception to European rules meant to prevent the use of taxpayer money to save banks.Italy is already seeking to use the scheme for its fourth biggest bank Monte dei Paschi ( BMPS.MI ), where the state is expected to inject 6.6 billion euros to fill an 8.8 billion euro capital shortfall.The rest of the money needed by the Tuscan bank is due to come from holders of its junior debt, but retail investors in its subordinated bonds will be compensated by the government, on the grounds that they were mis-sold the securities.Rome wants to replicate that framework to inject an estimated 5 billion euros in the two unlisted Veneto-based banks, already rescued once, last year, by government-sponsored, privately funded bank bailout fund Atlante.The government is keen to avoid imposing unpopular losses on tens of thousands of ordinary Italians who put their savings in the banks. It also wants to spare senior bond investors and big current account holders - who would otherwise have to take a hit under a strict interpretation of European bail-in rules.Those rules say state aid can be allowed on a temporary basis to banks that have failed regulatory stress tests but are still deemed solvent, if refusal would risk seriously disturbing the economy and financial stability of a member state.The European Central Bank decided not to disclose the outcome of stress tests on smaller banks - so there is a question mark over the Veneto banks'' exact state of health.The ECB will have to assess whether they are viable and determine the size of their capital shortfall, while the European Commission will decide whether Italy''s public support for the two banks is in line with EU state aid rules.Some analysts question whether the two banks can be considered systemic, given that their combined assets are around 70 billion euros - less than half Monte dei Paschi''s total.GERMAN CONCERNTwo sources familiar with Italy''s position said Rome argues in private that the two banks'' failure would send shock waves through the wider Italian financial industry. It would also boost anti-euro political forces such as the 5-Star Movement at the next national election, scheduled for 2018.The Italian treasury declined to comment.The ECB and the European Commission that governs the bloc are under pressure not to allow Italy to sidestep the rules, which critics say would undermine their credibility.Germany, the euro zone''s largest economy, raised concerns about the Monte dei Paschi plan in December. After weeks of negotiations, Italian Finance Minister Pier Carlo Padoan said on Tuesday there was no date set for a final decision by European regulators on whether it ticked all the boxes.Asked whether the request for state aid by the Veneto banks was stretching EU rules, an EU source said overuse of the precautionary recapitalization scheme could set an unhealthy precedent for countries seeking to avoid winding down weak banks."If the instrument is used often, and therefore loses its extraordinary nature, as foreseen by the rules, that could be interpreted as an attempt to avoid banking resolution," the source said.A European Commission spokesman said only that the commission had ongoing contacts with Italy over its banking sector. The ECB declined to comment.SHAREHOLDERS DECIDEA further problem for the Veneto lenders is that government bailouts cannot cover losses already incurred or likely in the near future - such as those stemming from bad loan writedowns.In Italy, lenders are saddled with 360 billion euros of gross problematic debts, a third of the euro zone''s total.The market is pricing in doubts over whether the two Veneto banks fit the bill. Senior bonds in both lenders fell last week on concerns they could be hit should the state aid scheme not come to pass, although they partly rebounded this week.As neither bank has published full-year results for 2016, investors are in the dark about their real capital needs.Based on the latest available figures for the first half of last year, problematic loans at the two lenders after writedowns totaled 10.2 billion euros at end-June, almost double their combined equity capital of 5.7 billion euros.Last October the head of Atlante, which owns more than 97 percent of each bank, said their cost-income ratio stood at around 100 percent, a level which he said would make it impossible for any bank to stand on its feet.A source close to the two banks said they should just about be able to offset expected loan loss charges by using their existing capital, imposing losses on junior debt holders and selling assets. The source however said this course of action still needed to be discussed with regulators.Spokespeople for both banks declined to comment.With a criminal investigation underway over fraud allegations, the banks are offering to settle with around 170,000 shareholders who were in many cases persuaded to buy their shares in exchange for loans. The aim is to shield the banks from future lawsuits and further losses.The two lenders said initially they were aiming for an 80 percent take-up. As of Friday both stood at around 50 percent.The source close to the two banks said that if they can reach a take-up of 60-70 percent by the time the offer ends on Wednesday, this should be enough to convince European authorities that legal risks have been greatly reduced.(additional reporting by Giselda Vagnoni in Rome and Valentina Za in Milan, writing Silvia Aloisi, editing by Philippa Fletcher)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-eurozone-banks-italy-veneto-idINKBN16T0HE'|'2017-03-22T03:07:00.000+02:00'
'ccd36c94ffa8c8d23f1c01865b96f45ea407ec99'|'Hot U.S. real estate a potential red flag: Fed''s Rosengren'|'Business News - Tue Mar 21, 2017 - 10:05pm EDT Hot U.S. real estate a potential red flag: Fed''s Rosengren FILE PHOTO: Construction is seen in the Hudson Yards area of the West Side of Manhattan in New York U.S., November 21, 2016. REUTERS/Shannon Stapleton By Jonathan Spicer The run-up in U.S. real estate prices could potentially amplify any future economic downturn, a Federal Reserve official said on Tuesday, urging regulators globally to consider tools beyond interest rates that could help cool the sector. A sharp downturn in U.S. residential and commercial property prices in 2007 and 2008 rocked banks that were highly leveraged in the sector, sparking the global financial crisis and deep recession. With the economic recovery now well under way, bank holdings of commercial and apartment mortgages rose 9 percent and 12 percent, respectively, in the past year. Eric Rosengren, president of the Boston Fed and an influential financial regulator at the U.S. central bank, said the "sharp" rise in apartment prices in particular may signal financial instabilities that interest rates, which are only gradually rising, may not be able to contain. "Because real estate holdings are widespread, and the monetary and macroprudential tools for handling valuation concerns are somewhat limited, I believe we must acknowledge that the commercial real estate sector has the potential to amplify whatever problems may emerge when we at some point face an economic downturn," Rosengren said in prepared remarks for delivery to a banking supervision conference in Bali, Indonesia. He noted that real estate has repeatedly played a big role in episodes of financial instability, and that prices are now outpacing growth in building owners'' operating income. Since equilibrium interest rates - the Fed''s traditional tool to guide the economy - could remain lower than decades past, Rosengren said, "this would require a greater emphasis on macroprudential tools if valuations became a source of concern." Such tools include rules and restrictions on bank holdings. "It is prudent to keep a healthy, ongoing focus on the sufficiency of these tools and their ongoing enhancement," he added. (Reporting by Jonathan Spicer; Editing by Leslie Adler) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-fed-rosengren-idUSKBN16T06T'|'2017-03-22T09:05:00.000+02:00'
'2e5b65d9ce67c2969ff25051f3f00af54913ccd5'|'MOVES-Royal Bank of Canada, Lazard, Barclays'|'Company   7:52am EDT MOVES-Royal Bank of Canada, Rockfire Capital, Edison, EY, AXA IM March 23 The following financial services industry appointments were announced on Thursday. To inform us of other job changes, email moves@thomsonreuters.com. ROYAL BANK OF CANADA The bank named Jim Pettigrew chairman of the board of RBC Europe Ltd, replacing John Roberts, who retired after holding the position for eight years. ROCKFIRE CAPITAL LTD The investment management firm named Steve Croucher its chief operating officer. EDISON The equity research firm appointed Dean Richardson director and head of Australasia. ERNST & YOUNG LLP The accounting firm appointed Dennis Layton as global deputy leader of people advisory services. AXA INVESTMENT MANAGERS The unit of AXA SA named Andrew Douglas as an associate director to its UK institutional sales team. (Compiled by Divya Grover in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/financial-moves-idUSL3N1H040A'|'2017-03-24T04:11:00.000+03:00'
'31e172c45351899f16507b33b2e840da1e2efdd1'|'UPDATE 1-Credit Suisse considers stock sale instead of Swiss unit IPO -sources'|'(Adds stock price)By John O''Donnell and Pamela BarbagliaFRANKFURT/LONDON, March 23 Credit Suisse is considering an accelerated bookbuilding to raise capital instead of selling a minority stake in its Swiss banking division, two sources familiar with the matter told Reuters.Chief Executive Tidjane Thiam said last month the bank was examining alternatives to the IPO, which was penciled in for the second half of this year."They need more capital," said one of the people. "They realise they can do this without doing an IPO."Credit Suisse declined to comment.Its shares fell more than 3 percent by 1418 GMT, the biggest decliner in the Stoxx European bank sector index.The likelihood of the IPO going ahead is now low but the team behind it is continuing work on the project because there has not yet been an official decision, the second person said, adding a rights issue was another possible option.Reuters reported on Friday that the bank''s board of directors was set to decide in April whether to go ahead with the IPO.Through an accelerated bookbuilding, a company can sell shares in a short period of time to institutional investors. The sale can be launched overnight with a tight timetable.Under Swiss securities law, companies are not required to draw up a listing prospectus if it is increasing its share capital by less than 10 percent.In the case of Credit Suisse, that would allow the bank to raise around 3 billion Swiss francs ($3 billion).($1 = 0.9928 Swiss francs)(Writing by Joshua Franklin; Editing by Michael Shields)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/credit-suisse-gp-ipo-swiss-idINL5N1H04PW'|'2017-03-23T11:18:00.000+02:00'
'6c39e4688a647fb73ebfff94dc8b8c1f7b75e099'|'Morning News Call - India, March 23'|'Company News - Wed Mar 22, 2017 - 11:22pm EDT Morning News Call - India, March 23 To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 09:30 am: Trade Minister Nirmala Sitharaman at an event in New Delhi 09:45 am: Junior Finance Minister Arjun Ram Meghwal at an event in New Delhi 11:00 am: Budget session of Parliament continues in New Delhi LIVECHAT- CHINESE BANK EARNINGS Agricultural Bank of China will be the first of the country''s biggest lenders to report 2016 full-year earnings starting next week. Reuters senior correspondent Sumeet Chatterjee will discuss the market expectations of the results and outlook of the sector amid a gradual tightening environment engineered by the Pboc, at 09.00 am. To join the conversation, click on the link: here INDIA TOP NEWS • India eases rules for old oil, gas blocks; to unlock $21 bln reserves India approved a policy on Wednesday allowing extra time to contractors of old blocks to unlock oil and gas reserves of more than 426 million barrels, worth over $21 billion, as it seeks to cut its dependence on imports. • Indian e-commerce firm Snapdeal says not in talks for sale Indian e-commerce marketplace Snapdeal on Wednesday denied it was in talks for a potential sale, after the Mint newspaper reported the company was in discussions with domestic rivals for a potential sale. • Indian regulator says Dow, duPont deal likely to hurt competition India''s competition regulator said the proposed merger between Dow Chemical and duPont was likely to hurt competition, a government statement said on Wednesday. • India tries to fix Iran trade payments as Trump hardens line India is exploring setting up a new payments mechanism for trade with Iran, after its old sanctions workaround broke down, as state banks remain fearful of handling payments from Tehran in case the United States imposes a fresh financial embargo. • U.S. bans Indian drugmaker Divi''s factory, shares hit 3-year low U.S. health regulators have banned a drug production site in India belonging to Divi''s Laboratories Ltd due to manufacturing violations, sending the company''s shares down to a near three-year low on Wednesday. GLOBAL TOP NEWS • Five dead, around 40 injured in UK parliament ''terrorist'' attack Five people were killed and about 40 injured in London on Wednesday after a car ploughed into pedestrians and a suspected Islamist-inspired attacker stabbed a policeman close to Britain''s parliament. • Private placement curbs set to raise corporate China''s debt risks New rules to rein in a surge in private share sales by Chinese companies are pushing more cash-strapped firms to borrow instead, bankers and analysts say, adding to a corporate debt burden already at its highest since the global financial crisis. • Trump Tantrum looms on Wall Street if healthcare effort stalls The Trump Trade could start looking more like a Trump Tantrum if the new U.S. administration''s healthcare bill stalls in Congress, prompting worries on Wall Street about tax cuts and other measures aimed at promoting economic growth. LOCAL MARKETS OUTLOOK (As reported by NewsRise) The SGX Nifty Futures were trading at 9,081.00, trading up 0.36% from its previous close. The Indian rupee will likely open little changed to slightly higher against the dollar, helped by gains across regional indices after a rebound on Wall Street, even as uncertainty about U.S. President Donald Trump’s economic growth agenda dominates sentiment. Indian government bonds will likely rise in early trade, as U.S. Treasury yields fell for a fourth consecutive session yesterday, making emerging-market debt attractive for investors. The yield on the benchmark 6.97 pct bond maturing in 2026 is likely to trade in a 6.78 pct-6.83 pct band today. The bond had closed at 101.09 rupees, yielding 6.81 pct, yesterday -NewsRise. GLOBAL MARKETS • Wall Street ended mixed after a choppy session on Wednesday as investors focused on President Donald Trump''s struggle to push through a healthcare bill and snapped up stocks after a steep drop the day before. • Asian stocks rose, taking their cues from a Wall Street bounce, while the dollar crawled up from a four-month low but remains clouded by concerns about U.S. President Donald Trump''s pro-growth policies. • The dollar nudged up from four-month lows against the yen early, although U.S. President Donald Trump''s struggle to push through a healthcare bill could weigh on any recovery in the greenback. • U.S. Treasury yields fell on Wednesday as investors reduced expectations that the Federal Reserve is likely to adopt a faster path in raising interest rates and any new fiscal stimulus is seen as unlikely in the near-term. • Oil prices recovered from losses chalked up the session before, but the market remained under pressure as bloated U.S. crude inventories and rising output dampen OPEC-led efforts to curb global production. • Gold prices held below a 3-week peak hit in the prior session, as the dollar recovered from seven-week lows and markets looked to see if U.S. President Donald Trump could push through a healthcare bill. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 65.36/65.39 March 22 $3.78 mln $679.40 mln 10-yr bond yield 7.13 pct Month-to-date $3.01 bln $2.43 bln Year-to-date $4.56 bln $3.75 bln For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 65.4500 Indian rupees) (Reporting by Pradip Kakoti in Bengaluru) )) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/india-morningcall-idUSL3N1H019W'|'2017-03-23T10:22:00.000+02:00'
'bc50cc466fe3a8ef1d9b967b4a76f3cac0c4badc'|'Kier reports higher profit, forms residential JV'|' 41am GMT Kier reports higher profit, forms residential JV Britain''s Kier Group ( KIE.L ) is on track to meet its full-year expectations, the construction and support services company said on Thursday, as it reported a 4 percent rise in first-half profit and a larger order book. The company also announced a joint venture with CKH Developments Ltd, an east England-focused housing association and care services provider, which it said would free up funds to invest in other parts of its business. Kier, whose activities range from building power stations to outsourcing work for local councils, said it would transfer land and residential developments worth 97 million pounds ($121 million) to the joint venture, while receiving a cash payment of up to 64 million pounds. The company''s underlying operating profit rose to 56.5 million pounds in the six months ended Dec. 31, up from 54.4 million a year earlier. Helped by demand in its regional building and highway services businesses, it reported an order book of about 9 billion pounds, up from 8.7 billion at the end of June. "The group''s breadth provides some resilience against economic uncertainty and we continue to shape Kier to focus on our core competencies," CEO Haydn Mursell said in a statement. (Reporting by Esha Vaish in Bengaluru; Editing by Mark Potter)   Most UK employers do not plan to raise pay to match rising inflation - XpertHR LONDON Most British companies do not expect to offer more generous pay deals to employees this year compared with 2016, adding to signs that higher inflation will gnaw at Britons'' living standards in the months ahead, a survey showed on Thursday. LONDON British car production hit a 17-year high in February, extending a recent trend of surging output as a strong rise in exports once again compensated for a slump in demand at home, an industry body said on Thursday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-kier-group-results-idUKKBN16U0NI'|'2017-03-23T14:41:00.000+02:00'
'008303e21de69448c33a7a6d8dde60b43b63d3d2'|'France not ruling out reducing Renault stake, but must be at right price: Sapin'|'PARIS French finance minister Michel Sapin on Thursday did not rule out France reducing its stake in Renault ( RENA.PA ), but added any sale would have to take place at the best possible market conditions.France has increased its stake in Renault in recent years, currently holding just under 20 percent of the company''s share capital, but Sapin told BFM radio station that the state had not raised its holding in the company "for eternity."Asked about a future possible sale or reduction of that stake, Sapin replied: "I look at what was the price at the moment when we bought it and where the price is now, and I don''t want to make French people lose money.""There will be moments when we need to move to buy or recapitalize, which is what we did with EDF ( EDF.PA ) and Areva ( AREVA.PA ), and then there are other stakes which could be put on the market, but it would have to be done in the best possible conditions in order to protect the interest of the state," he added.Renault shares are down by around 6 percent so far in 2017.(Reporting by Sudip Kar-Gupta and Gilles Guillaume; Editing by Dominique Vidalon)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-france-renault-sapin-idINKBN16U0LR'|'2017-03-23T04:23:00.000+02:00'
'b161be11dd73fdaf4c34f12881f19621e2dca3a6'|'Argentina says demand for swiss franc bonds exceeded amount sold'|'BUENOS AIRES, March 23 Argentina''s Finance Minister Luis Caputo said demand for swiss franc bonds had exceeded the 400 million Swiss francs ($402.94 million) it sold on Thursday.He said a return to the bond market in currencies other than dollars would depend on the recommendation of banks. ($1 = 0.9927 Swiss francs) (Reporting by Luc Cohen; Writing by Caroline Stauffer; editing by Diane Craft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/argentina-bonds-idINE6N1AD01Y'|'2017-03-23T16:52:00.000+02:00'
'167cec470c0a93e534fbc2aa0a824925da7bbbe6'|'MIDEAST STOCKS - Factors to watch - Mar 23'|'Company News  00pm EDT MIDEAST STOCKS - Factors to watch - Mar 23 DUBAI, March 23 Here are some factors that may affect Middle East stock markets on Thursday. Reuters has not verified the press reports and does not vouch for their accuracy. INTERNATIONAL/REGIONAL * GLOBAL MARKETS-Asia stocks advance, dollar, oil recover from multi-month lows * MIDEAST STOCKS-Oil near $50 hurts Gulf, but Kuwait jumps * Oil bounces off November lows, but bloated US stockpiles pressure market * PRECIOUS-Gold below 3-wk peak as dollar recovers; Trump policy in focus * Middle East Crude-Dubai hits lowest level since December * Tillerson pledges safe areas for refugees, more pressure on Islamic State * Erdogan warns Europeans "will not walk safely" if attitude persists, as row carries on * Libyan oil output rises to 700,000 bpd after port fighting ends - NOC * Iranian navy endangering international navigation in Gulf -US commanders * Iraqi PM sees $50 billion in post-war reconstruction-US senator * Moody''s takes action on seven Turkish corporates following sovereign outlook change * World has just months to stop starvation in Yemen, Somalia - Red Cross * Morocco inflation rises to 1.6 pct annual in Feb - agency * Iran steps up support for Houthis in Yemen''s war - sources * EMERGING MARKETS-Emerging assets retreat after Wall Street slide EGYPT * Egypt to keep higher wheat moisture limit till November -French exporters * Saudi retail property developer shows faith in Egypt * Egypt targeting $9 bln in foreign financing in FY 2017-18 SAUDI ARABIA * Fitch downgrades Saudi Arabia, doubts prospects of reform * Saudi Arabia spends money to make money in foreign investment drive * ACWA Power expects Saudi Electricity to sell first asset by year-end * Saudi Binladin creditors agree to $1.1 bln financing extension * Saudi Aramco starts meeting investors before debut sukuk issue -sources * Saudi Aramco weighs rolling bank mandates for record IPO- Bloomberg * Islamic Development Bank says sukuk issue to be $1-1.5 bln in size * Saudi Arabia''s deflation eases in February UNITED ARAB EMIRATES * Amazon to buy Middle Eastern online retailer Souq.com -sources * Abu Dhabi''s Aabar top investor in UniCredit with 5 pct after cash call * Laptop ban hits Gulf airlines in battle for business travellers * UAE''s Fujairah oil inventory data for week ended March 20 * NBAD, FGB pick investment banking team for merged bank- Bloomberg * UAE''s Dana Gas board recommends non-distribution of dividend for 2016 QATAR * Fitch says Qatari Banks overcome liquidity crunch * Qatar''s Commercial Bank calls OGM to approve launch of a global medium term notes programme KUWAIT * Moody''s assigns (P)A2 rating to Al Ahli Bank of Kuwait''s EMTN programme BAHRAIN * Bahrain Middle East Bank says AN Investment to acquire 33.1 pct of bank (Reporting by Dubai Newsroom) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-factors-idUSL5N1GZ755'|'2017-03-23T09:00:00.000+02:00'
'dcf8eac5c39c955e1d6f59dd7b233828767b7f55'|'Tesco pulls Heineken brands from shelves'|'Business News - Wed Mar 22, 2017 - 9:11pm GMT Tesco pulls Heineken brands from shelves Grey clouds hang over a Tesco Extra store in New Malden in southwest London, Britain June 4, 2014. REUTERS/Luke MacGregor/File Photo LONDON Tesco ( TSCO.L ), Britain''s biggest supermarket, has pulled eight Heineken ( HEIN.AS ) brands, including Amstel, Sol and Kingfisher beer from its shelves, as part of a move to refine its alcoholic beverages offer, it said on Wednesday. A spokeswoman for the grocer confirmed media reports that Tesco has for over a month also been stocking fewer pack sizes for 16 other Heineken brands, meaning that in total 24 out of 53 of the Dutch brewer''s brands are affected by the range re-set. "It''s very much part of the way we review our ranges ... as we''ve done across the rest of the business," she said, noting that Tesco was keen to avoid duplication and find space for innovation, such as increasingly popular craft beers. She denied that Tesco''s move was a response to an attempt by Heineken to push through price rises following the depreciation of sterling in the wake of last year''s Brexit vote. "For us it''s about making sure we have the right offer and range for our customers," she said. Heineken was not immediately available for comment. Last October Tesco had a spat with Unilever ( ULVR.L ), dubbed "Marmitegate", over who should take the hit from the weaker pound. (Reporting by James Davey and Philip Blenkinsop, editing by David Evans) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-tesco-heineken-brands-idUKKBN16T2ZI'|'2017-03-23T04:11:00.000+02:00'
'a77b15166125e5860e8fbf4b42116f97bcc68f7e'|'Board of Brazil''s Oi approves changes to recovery plan'|'Deals  44pm EDT Board of Brazil''s Oi approves changes to recovery plan People walk in front of the headquarters of the Brazil''s largest fixed-line telecoms group Oi, in Rio de Janeiro, Brazil, June 22, 2016. REUTERS/Sergio Moraes SAO PAULO The board of Oi SA ( OIBR3.SA ), the Brazilian phone carrier currently under bankruptcy protection, approved changes to its recovery plan, according to a Wednesday securities filing. The changes included reducing the grace period on several classes of bonds to a maximum six years and giving creditors rights half of revenue from asset sales and operational cash flow, while guaranteeing a minimum cash position for the company equal to a fifth of net revenue. (Reporting by Brad Haynes; Editing by Sandra Maler) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-oi-sa-restructuring-idUSKBN16T3AF'|'2017-03-23T06:41:00.000+02:00'
'cf51f75dd2602a2dd47530b19fe3ff921210f075'|'ECB''s Nouy says some banks may need to be unwound'|'Business  21am EDT ECB''s Nouy says some banks may need to be unwound Daniele Nouy, chair of the Supervisory Board of the European Central Bank, speaks at a Thomson Reuters newsmaker event at Canary Wharf in London November 28, 2014. REUTERS/Neil Hall FRANKFURT Some euro zone banks may need to be unwound if they become unviable, the European Central Bank''s top supervisor said on Thursday, just as the Italian government seeks to bail out two regional lenders. "In specific cases consolidation may also take the form of the unwinding of banks if they become unviable," Daniele Nouy told a committee of the European Parliament. Nouy also called for the ECB''s supervisors to be given greater discretion when deciding how much capital banks must hold. (Reporting By Francesco Canepa; Editing by Balazs Koranyi) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ecb-banks-bailout-idUSKBN16U0QT'|'2017-03-23T15:12:00.000+02:00'
'8565b03b0c90c7a8f886be832ad407de045a7cc4'|'EMERGING MARKETS-Brazil stocks up as BM&FBovespa, Cetip tie-up wins antitrust approval'|' 10pm EDT EMERGING MARKETS-Brazil stocks up as BM&FBovespa, Cetip tie-up wins antitrust approval By Bruno Federowski SAO PAULO, March 22 Brazilian stocks rose on Wednesday as shares of BM&FBovespa SA and Cetip SA rallied after antitrust watchdog Cade approved a tie-up between the companies. Bourse BM&FBovespa SA will create a committee to monitor product and pricing and allow rival access to proprietary clearing and settlements platforms, as part of an accord that grant approval to its takeover of rival clearinghouse Cetip. Shares of BM&FBovespa rose as much as 7 percent, their biggest daily increase in a year, before paring back gains to around 5 percent. Cetip rose 1.8 percent. The rally helped lift Brazil''s benchmark Bovespa stock index despite persistent concerns that widening corruption investigations could hamper the approval of fiscal austerity measures, which drove it to a three-month low on Tuesday. President Michel Temer said on Tuesday a planned revamp of Brazil''s costly pension system would only apply to federal employees, in an apparent attempt to dilute an unpopular reform. The Brazilian real was nearly flat, in line with the moves in other key Latin American currency markets. The Mexican peso firmed 0.1 percent, while the Colombian peso weakened 0.2 percent. Falling prices of commodities have stalled a rally in emerging market assets as traders stand pat for further clues over the pace of U.S. interest rate increases in coming months. Remarks by U.S. Federal Reserve officials have fostered expectations that any policy tightening will be slow, supporting demand for high-yielding assets. Latin American stock indexes and currencies at 1700 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 967.00 -0.62 12.85 MSCI LatAm 2600.63 0.24 10.84 Brazil Bovespa 63475.64 0.79 5.39 Mexico IPC 48304.79 -0.59 5.83 Chile IPSA 4681.98 0.23 12.78 Chile IGPA 23446.56 0.21 13.08 Argentina MerVal 19578.10 0.21 15.72 Colombia IGBC 10008.01 0.26 -1.19 Venezuela IBC 36988.71 -1.13 16.66 Currencies daily % YTD % change change Latest Brazil real 3.0853 0.12 5.31 Mexico peso 19.0825 0.09 8.71 Chile peso 662.7 -0.56 1.21 Colombia peso 2923.2 -0.19 2.68 Peru sol 3.247 0.09 5.14 Argentina peso (interbank) 15.5800 0.16 1.89 Argentina peso (parallel) 16.05 0.50 4.80 (Reporting by Bruno Federowski; editing by Grant McCool)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/latam-emergingmarkets-idUSL2N1GZ18E'|'2017-03-23T00:10:00.000+02:00'
'027ce6cff144efd5799258030cea85898b917748'|'UPDATE 1-U.S. appeals court revives Fosamax warning claims against Merck'|'Company  32am EDT UPDATE 1-U.S. appeals court revives Fosamax warning claims against Merck (Adds details from decision, background, case citation) March 22 A federal appeals court on Wednesday revived hundreds of claims by plaintiffs who accused Merck & Co of failing to adequately warn about the risks of thigh bone fractures associated with its osteoporosis drug Fosamax. The 3rd U.S. Circuit Court of Appeals in Philadelphia said the plaintiffs may proceed to trial and a lower court judge erred in finding their state law claims pre-empted by federal law, based on actions of the U.S. Food and Drug Administration. Circuit Judge Julio Fuentes said the plaintiffs produced sufficient evidence for a jury to conclude that the FDA would have approved "a properly worded warning about the risk of thigh fractures - or at the very least, to conclude that the odds of FDA rejection were less than highly probable." Merck and its law firm did not immediately respond to requests for comment. A lawyer for the plaintiffs did not immediately respond to a similar request. The decision overturned a March 2014 ruling by U.S. District Judge Joel Pisano, who has since retired from the bench. Pisano had ruled that all claims by plaintiffs who were injured prior to Sept. 14, 2010, were pre-empted, leaving only about 20 active cases. Fosamax has been prescribed to treat or prevent bone loss in post-menopausal women since 1995. Merck''s sales of the drug totaled $3.05 billion in 2007, the last year before the Kenilworth, New Jersey-based company lost patent exclusivity. Fosamax is now available as a generic. The plaintiffs claimed to suffer thigh fractures stemming from long-term use of Fosamax and said Merck knew about the risk for more than a decade before adding a warning label. The case is In re: Fosamax (Alendronate Sodium) Products Liability Litigation, 3rd U.S. Circuit Court of Appeals, No. 14-1900. (Reporting by Jonathan Stempel; Editing by Chizu Nomiyama and Bill Trott) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/merck-fosamax-idUSL2N1GZ0FW'|'2017-03-22T20:32:00.000+02:00'
'3e07aaca4ea594626d39c4d23853547643d46a33'|'Fiat Chrysler shares fall after news of French emissions probe'|'Business News - Wed Mar 22, 2017 - 8:19am GMT Fiat Chrysler shares fall after news of French emissions probe A woman walks past a logo of Fiat Chrysler Automobiles (FCA) in Turin March 31, 2014. REUTERS/Giorgio Perottino MILAN Shares in Fiat Chrysler ( FCHA.MI ) fell as much as 4 percent on Wednesday, pushed lower by news that French prosecutors have opened a formal investigation into the carmaker over allegations that it cheated in diesel emission tests. By 0810, the stock shed 2.3 percent to 9.9250 euros. A judicial source said on Tuesday the Paris prosecutor had opened the investigation on March 15, after the finance ministry''s DGCCRF consumer affairs and anti-fraud body had referred the case to the courts. A Fiat spokesman said the company took note of the investigation and reiterated that its diesel vehicles fully comply with emission regulations. The spokesman said the company would continue to collaborate with the authorities on all investigations and was confident the matter would be fully resolved. (Reporting by Silvia Aloisi, editing by Giulia Segreti) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-fiatchrysler-stocks-idUKKBN16T0T7'|'2017-03-22T15:19:00.000+02:00'
'2eaaee04adc8b85a5be8b78576c1bc9ca3976d46'|'UK Stocks-Factors to watch on March 22'|'Company News  27am EDT UK Stocks-Factors to watch on March 22 March 22 Britain''s FTSE 100 index is seen opening 42 points lower on Wednesday, according to financial bookmakers. * VODAFONE: New Zealand pay television provider Sky Network TV on Wednesday filed an appeal against the Commerce Commission''s decision to bar its purchase of Vodafone''s local unit. * ACACIA MINING: Canadian gold miner Endeavour Mining Corp said on Tuesday it had ended discussions with London-based Acacia Mining Plc regarding a potential merger. * SHOE ZONE: Shoe Zone is among the final bidders for rival footwear chain Brantano, Sky News reported on Tuesday. * BHP BILLITON: The striking union at BHP Billiton''s Escondida copper mine in Chile, the world''s largest, will meet with the company on Wednesday to resume conversations, both parties said on Tuesday night. * BRITAIN AIRLINES: The United States and Britain on Tuesday imposed restrictions on carry-on electronic devices on planes coming from certain airports in Muslim-majority countries in the Middle East and North Africa in response to unspecified security threats. * BRITAIN BANKS: Britain said on Tuesday that its authorities would investigate newspaper allegations that UK-based banks had been used in a global money laundering scheme. * BREXIT: Banks in London that relocate operations to the euro zone after Brexit are likely to be spared a lengthy entry test by regulators, making it easier for them to shift, according to two officials with knowledge of the matter. * BREXIT: Failing to reach a comprehensive free trade deal with the European Union risks significant damage to Britain''s trade in non-financial services, a committee of members of the upper house of parliament said in a report published on Wednesday. * OIL: Oil prices dipped on Wednesday as rising crude stocks in the United States underscored an ongoing global fuel supply overhang despite an OPEC-led effort to cut output. * The UK blue chip FTSE 100 index closed 0.7 percent lower at 7,378.34 points on Tuesday, as sterling strengthened after British inflation shot past the central bank''s target for the first time in three years. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Softcat PLC Half Year 2017 Savills PLC Preliminary 2016 Kingfisher PLC Full Year 2016 Ferrexpo PLC Preliminary 2016 TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Siju Varghese; Editing by Amrutha Gayathri) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1GZ2BV'|'2017-03-22T13:27:00.000+02:00'
'e8e947c5df49de66a5f7d122e23975f8e231f05a'|'Dutch bank ING sells Dakota pipeline loan share to ''send message'''|'Global Energy   9:44pm GMT Dutch bank ING sells Dakota pipeline loan share to ''send message'' A pedestrian walks past the logo of ING bank by the group''s main office in Brussels, Belgium, October 3, 2016. REUTERS/Francois Lenoir By Valerie Volcovici - WASHINGTON WASHINGTON Dutch bank ING Groep on Tuesday said it has agreed to sell its $120 million share of the loan for the Dakota Access Pipeline, the first bank to offload its debt from the project, which faced fierce opposition from Native Americans and environmental groups. The announcement came one month after ING''s head of business ethics met with a representative of the Standing Rock Sioux tribe, which had led a months-long protest to stop completion of the $3.8 billion, 1,172-mile (1,885-km) pipeline. At that meeting, ING said it would either continue to "positively influence" the course of the project, or to distance itself by selling its stake in the loan," the company said in a press release. With oil set to start flowing through the pipeline as soon as this week, after a U.S. judge last week ruled against the tribes seeking to stop its completion, ING said there was less room for lenders to influence the project. ING was one of 17 banks financing the Energy Transfer Partners LP ( ETP.N ) pipeline, which will move crude from the Northern Plains to the Midwest and then on to the Gulf of Mexico. ING said it would send "a valuable message" by selling its loan and calling for "respectful dialogue" with tribes in major infrastructure project transactions. “We are heartened that ING has made the conscious decision to remove itself from a project that tramples on the rights of sovereign nations,” Standing Rock Sioux Chairman Dave Archambault said in a statement. Under the agreement, the undisclosed buyer of the ING loan said it would "support the importance of a respectful dialogue with the Tribe and other affected groups." "ING is grateful to the buyer for playing an important role in enabling a solution that allows ING not to breach its contractual obligations under the loan while at the same time delivering a valuable message in support of the Tribe," ING said in a statement. ING was one of 17 banks financing the Dakota pipeline, led by Citibank, for a total of $2.5 billion in credit. Law enforcement late last month swept through an encampment occupied since August on U.S. Army Corps of Engineers property at the edge of the Standing Rock Sioux Reservation near Cannon Ball, North Dakota, after President Donald Trump had issued an executive order directing the Corps to grant an easement allowing the project to proceed. Some protesters have turned their focus to divestment campaigns targeting banks with a stake in the pipeline. Cities such as Seattle and San Francisco have divested from Dakota-invested banks. (Reporting By Valerie Volcovici; Editing by Dan Grebler) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-north-dakota-pipeline-banks-idUKKBN16S2UF'|'2017-03-22T04:44:00.000+02:00'
'f161af9298108002f8941445a33cb478c631409b'|'Siemens labour reps criticise Kaeser''s reform plans'|'Business News - Thu Mar 23, 2017 - 3:38pm GMT Siemens labour reps criticise Kaeser''s reform plans Siemens CEO Joe Kaeser addresses a news conference before the company''s annual shareholders meeting in Munich, southern Germany, February 1, 2017. REUTERS/Michael Dalder FRANKFURT Labour representatives at German industrial giant Siemens ( SIEGn.DE ) have warned Chief Executive Joe Kaeser not to restructure the conglomerate into a holding company, on fears that further spin-offs could damage the brand. "Precisely because Siemens has a broad footing as an integrated technology company it has been able to position itself as an industrial flagship company," IG Metall trade union officer Birgit Steinborn said in a letter to labour representatives. "Further dismantling the group would endanger Siemens as a brand and as a company," Steinborn wrote. Siemens has split off a number of businesses as part of a deep-seated reform drive under Kaeser, most recently separating a $2 billion (1.59 billion pound) Mechanical Drives unit, and is exploring a listing of its healthcare business. Kaeser has several times raised the prospect of possibly allowing investors to invest directly in major divisions, although his predecessors had previously rejected the idea of a holding structure. Other Siemens divisions that have been separated off include semiconductor unit Infineon ( IFXGn.DE ) and lighting unit Osram ( OSRn.DE ). "We need a long-term perspective and cannot be held hostage to the mood of the financial markets," Steinborn said. Germany''s Manager Magazin was first to report the trade union letter. (Reporting by Edward Taylor; Editing by Victoria Bryan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-siemens-restructuring-labour-idUKKBN16U261'|'2017-03-23T22:38:00.000+02:00'
'f83ac2472927f455a5592ed056b9cf8b73c20971'|'Ex-Dean Foods chairman''s story in Walters trial comes under fire'|'U.S. -  26pm EDT Ex-Dean Foods chairman''s story in Walters trial comes under fire By Brendan Pierson A lawyer defending Las Vegas sports gambler William "Billy" Walters against insider trading charges on Wednesday sought to discredit former Dean Foods Chairman Tom Davis, who told jurors he used a special "bat phone" to give Walters confidential tips. Lawyer Barry Berke''s cross-examination, which began on the fourth day of trial in Manhattan federal court, sought to undermine Davis''s testimony on topics including his own admitted history of marital infidelity and soliciting prostitutes. Davis has pleaded guilty to insider trading charges and is cooperating with prosecutors. Prosecutors say Walters was able to make more than $40 million thanks to tips from Davis, and that he passed insider information on to star golfer Phil Mickelson. Mickelson is not accused of wrongdoing. Over the preceding two days, under direct examination by Assistant U.S. Attorney Brooke Cucinella, Davis told jurors that over a period of several years he gave Walters valuable information about Dean Foods, a leading dairy company, including advance notice of its earnings announcements and its plan to spin off part of its business in 2012. Davis said Walters told him to use the code name "the Dallas Cowboys" for Dean Foods, and use a specially assigned phone, called the "bat phone," to pass on information. Under Berke''s cross-examination, Davis admitted that he was aware of no document in which the "Dallas Cowboys" code was used. When Berke asked what color the bat phone was, Davis said it was maroon. But he conceded that he previously described it to prosecutors as black. Berke also probed for inconsistencies in Davis''s testimony about his personal life. During direct examination, Davis had admitted that he had a history of infidelity in his first two marriages, and that he had paid for sex. In response to Berke''s questioning, Davis confirmed he had told prosecutors he never paid for sex after marrying his third wife in 2007. When Berke presented him with phone records showing later calls to escort services in several cities, he said he did not recall them, and that he did not pay for sex. During the preceding two days of direct examination, Davis already admitted to stealing from a charity he helped run and committing tax fraud. He said Walters arranged loans for him when he was in financial distress, which he never fully repaid. Davis also said Walters once recommended he invest in a company on the advice of billionaire investor Carl Icahn. Icahn has not been accused of wrongdoing. The case is U.S. v. Davis et al, U.S. District Court, Southern District of New York, No. 16-cr-00338. (Reporting By Brendan Pierson in New York; Editing by Tom Brown) Next In U.S.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-insidertrading-walters-idUSKBN16T39S'|'2017-03-23T06:24:00.000+02:00'
'681f52b8e13349e7c343ac3bccf4df8bc5d0e7d5'|'Ford says profit will fall 50%'|'Ford CEO: 35% tariff would impact U.S. workers Ford Motor said its profit will fall by about 50% in the current quarter, due to weakness in the auto industry that''s already been reported by rivals such as General Motors. The guidance sent Ford ( F ) shares down about 1.1% in early trading. Shares of Ford rivals GM ( GM ) , Fiat Chrysler ( FCAU ) and Toyota ( TM ) were also lower. Ford said it expects sales to decline worldwide. Ford had reported a slight increase in global sales last year, as gains in the Asia-Pacific region offset declines in the U.S. market and elsewhere. But now it expects a decline in sales in Asia Pacific and weaker pricing in many other markets. It''s also expects Brexit to hurt its European operations, which finally moved from a loss to a profit in 2016. GM recently announced plans to sell its Vauxhall and Opel brands and exit Europe, partly due to costs associated with Brexit and political uncertainty there. Related: Ford trying 3D printing for car parts Ford did say will maintain its full-year forecast of only a modest decline in profits, anticipating earnings of about $9 billion this year after a $10.4 billion profit for 2016. And the automaker says it believes it will be able to weather any change in costs if the Trump administration moves to put a tariff or some other kind of tax on imports from Mexico. All major automakers in the U.S. market make some of their vehicles in Mexico. Ford estimates that 13% of the cars and trucks it sells in the United States are made in Mexico. While it recently dropped plans to build a new Mexican assembly plant , it is moving ahead with plans to shift its remaining small car production from the U.S. to an existing Mexican plant.   10:37 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_companies.rss'|'http://money.cnn.com/2017/03/23/investing/ford-profit-fall/index.html'|'2017-03-23T17:39:00.000+02:00'
'081794f5d6cb8773b4d452da13d0a4d3504ddd37'|'SSE increases stake in UK Dogger Bank offshore wind development'|'  9:49am GMT SSE increases stake in UK Dogger Bank offshore wind development LONDON British energy supplier SSE ( SSE.L ) said on Thursday it had increased its share in the Dogger Bank offshore wind development to 37.5 percent after it acquiring a stake from former consortium partner Statkraft. SSE bought a 12.5 percent stake from Statkraft, while Statoil ( STL.OL ) has acquired the other 12.5 percent of Statkraft''s share, meaning it also now has 37.5 percent ownership, SSE said. Innogy ( IGY.DE ) owns the other 25 percent. The Dogger Bank offshore wind development is made up of four projects in the North Sea off the east coast of England. The wind farms have a potential generating capacity of 4.8 gigawatts. (Reporting by Nina Chestney; editing by David Clarke)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-sse-windfarm-idUKKBN16U119'|'2017-03-23T16:49:00.000+02:00'
'd43e9c1ef8e686856012ddfa96f03a454623f55a'|'Chinese supermarkets pull Brazil meat from shelves as food safety fears grow'|'Commodities - Wed Mar 22, 2017 - 5:33am EDT Chinese supermarkets pull Brazil meat from shelves as food safety fears grow left right FILE PHOTO: A customer unloads his shopping goods from a shopping cart at Sun Art Retail Group''s Auchan hypermarket store in Beijing, China, November 9, 2015. REUTERS/Kim Kyung-Hoon/File Photo 1/2 left right FILE PHOTO: A customer pushes a shopping cart at Sun Art Retail Group''s Auchan hypermarket store in Beijing, China, November 9, 2015. REUTERS/Kim Kyung-Hoon/File Photo 2/2 BEIJING Some of China''s largest food suppliers have pulled Brazilian beef and poultry from their shelves in the first concrete sign that a deepening scandal over Brazil''s meat processing industry is hitting business in its top export market. Graphic: tmsnrt.rs/2o3yvWW The moves by Sun Art Retail Group ( 6808.HK ), China''s biggest hypermarket chain, and the Chinese arms of global retail giants Wal-Mart Stores Inc ( WMT.N ) and Metro AG ( MEOG.DE ) come days after China temporarily suspended Brazilian meat imports. Safety fears over Brazilian meat have grown since police accused inspectors in the world''s biggest exporter of beef and poultry of taking bribes to allow sales of rotten and salmonella-tainted meats. A spokeswoman for Sun Art Retail, which operates 400 Chinese hypermarkets, said on Wednesday the chain had removed beef supplied by top Brazilian exporters BRF SA ( BRFS3.SA ) and JBS SA ( JBSS3.SA ) from its shelves from Monday. Brazilian beef accounts for less than 10 percent of Sun Art''s beef supply, she said. Wal-Mart has also removed Brazilian meat products from its stores, said a person familiar with the matter. He declined to be quoted because of the sensitivity of the matter. Germany''s Metro has withdrawn Brazilian chicken legs and wings from its Chinese stores, said a manager, who declined to be named as he was not allowed to speak to media. The retailer, with 84 stores in China, does not sell Brazilian beef. While Brazilian officials sought late on Tuesday to reassure consumers that the investigation had revealed only isolated incidents of sanitary problems, the reaction by Chinese retailers suggests that the probe could have far-reaching repercussions for the world''s top meat exporter. Hong Kong, the second-biggest buyer of Brazilian meat last year, has also issued a ban on imports, following similar steps by Japan, Canada, Mexico and Switzerland. (Reporting by Beijing Newsroom and Dominique Patton; Editing by Kenneth Maxwell) Next In Commodities Beset by delays, Myanmar-China oil pipeline nears start-up YANGON/BEIJING Nearly a decade in the making, a project to pump oil 770 km (480 miles) across Myanmar to southwest China is set for imminent start-up, with a supertanker nearing the port of Kyauk Phyu, marking the opening of a new oil trading route.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-brazil-corruption-food-china-idUSKBN16T0YX'|'2017-03-22T16:33:00.000+02:00'
'be68bc30e8b109b85c8c78f66705acdf996b896a'|'European shares hit 2-week low as banks, Gemalto tumble'|' 21pm EDT European shares hit 2-week low as banks, Gemalto tumble * STOXX 600 down 0.4 pct, weighed by banks * ING falls after disclosing criminal probe * Akzo drops as investors urge takeover talks * Gemalto plummets after warning (Adds details, closing prices) By Kit Rees LONDON, March 22 European shares hit a two-week low on Wednesday, extending losses from the previous session, weighed down by weaker banks and a plunge in security services firm Gemalto following a profit warning. The pan-European STOXX 600 index ended down 0.4 percent, little affected by an attack in London near the British parliament which left several people injured. The index fell as much as 1 percent to its lowest since March 9 as global markets were hit by worries that U.S. President Donald Trump could struggle to deliver on his reflationary economic policies. These doubts hit bank stocks with their sectoral index falling 0.8 percent. "Bank stocks .. were epitomising the reflation trade with higher interest rates and higher inflation with Trump-led spending," Jasper Lawler, senior market analyst at London Capital Group, said. "As the market''s been questioning itself, or at least unwinding ... that''s been a sector that''s been hit the most." Dutch lender ING Groep was among the biggest fallers, down 4 percent after disclosing a criminal investigation which could result in significant fines. "It is at this stage hard to assess ING''s exact role in the alleged wrongdoing, let alone estimate the size of any penalties the group might face," analysts at KBC Securities said in a note. "Penalties by U.S. authorities on similar criminal proceedings have been very high in the past and we therefore expect investors to react nervously to ING''s involvement in this case." Raiffeisen Bank also dropped 5.6 percent after Immigon completed the sale of 9.92 million shares in the Austrian bank. Akzo Nobel fell 1 percent, as shareholders piled on pressure to open talks with U.S. rival PPG Industries after the Dutch paint maker rejected a revised 22.7 billion euro takeover offer. The biggest individual faller was Gemalto, which plunged 17 percent, its second biggest one-day loss on record. The Dutch digital security services firm plummeted after cutting its profit forecasts, blaming a weak U.S. payments business. Transactions system firm Ingenico also fell 3.8 percent. Individual moves higher were relatively muted, though safe-haven precious metals miners Randgold Resources and Polymetal International were in demand, rising 1.4 percent and 2.6 percent respectively. The broad risk-off sentiment likewise helped defensive stocks such as Portuguese electric utility EDP and Spain''s Endesa, which were among top gainers. Europe''s utilities sector rose 0.3 percent. (Reporting by Kit Rees; Additional reporting by Danilo Masoni; Editing by Andrew Heavens and Toby Davis)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL5N1GZ5FS'|'2017-03-23T00:21:00.000+02:00'
'b19c5b49523019e437c148a8761f3f2f016f4f78'|'Luxury goods group Hermes delivers record 2016 profit margin'|'Business   3:06am EDT Luxury goods group Hermes delivers record 2016 profit margin The front of the Hermes store is seen along Madison Avenue in New York, U.S., March 20, 2017. REUTERS/Shannon Stapleton PARIS French luxury goods group Hermes ( HRMS.PA ) posted on Wednesday a 13 percent increase in 2016 net profit, providing further evidence of a broader recovery in the luxury goods industry, and reported a record operating profit margin. Hermes, known for its $10,000 Birkin bags and $400 printed silk scarves, said its operating margin had reached a record 32.6 percent of sales against 31.8 percent in 2015, while the company also increased its dividend by 12 percent. Hermes said it was keeping an "ambitious" medium-term goal for revenue growth at constant exchange rates, despite growing economic and geopolitical uncertainties around the world. (Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-hermes-intl-results-idUSKBN16T0M4'|'2017-03-22T14:06:00.000+02:00'
'98f4d9c454176e2541e6d50c1cfb2d919715d96f'|'Clearly no time for ECB to stop easy monetary policy: Villeroy'|'Wed Mar 22, 2017 - 9:08am GMT Clearly no time for ECB to stop easy monetary policy: Villeroy FILE PHOTO: A photo illustration shows Euro banknotes, January 26, 2015. REUTERS/Dado Ruvic/File Photo FRANKFURT It is clearly not yet time for the European Central Bank to stop pursuing accommodative monetary policies, even as inflation is moving towards its target, French central bank chief Francois Villeroy de Galhau said on Wednesday. Still, ECB policy is not predetermined based on a split between doves and hawks, so it will evolve based on economic circumstances, Villeroy, who sits on the ECB''s Governing Council, told a business conference in Frankfurt. "We are reasonably confident that both headline and underlying inflation will converge, close to our target in 2019," Villeroy said. "Given this progress, should we stop pursuing an accommodative monetary policy? At this stage, the answer is clearly no," Villeroy added. After years of unprecedented stimulus, the ECB is now facing calls to tighten policy, especially as inflation is rising sharply on the back of rebounding energy costs. But the ECB has pushed back on critics, arguing that the inflation spike is only temporary and its super easy policies, including negative rates and trillions of euros worth of asset buys, are still necessary to achieve lasting inflation. (Reporting by Balazs Koranyi and Francesco Canepa) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-ecb-policy-villeroy-idUKKBN16T0WT'|'2017-03-22T15:58:00.000+02:00'
'6de9ffbc8c280930e5ee87104356c7174e5384eb'|'EU to formally veto Deutsche Boerse LSE merger shortly: sources'|'FRANKFURT/BRUSSELS The European Commission will veto a proposed combination between Deutsche Boerse ( DB1Gn.DE ) and the London Stock Exchange ( LSE.L ) shortly, three sources familiar with the matter said on Wednesday, scuppering plans to create Europe''s biggest exchange.The European Commission and Deutsche Boerse declined comment.The veto will be published within a matter of days, three people familiar with the deliberations told Reuters.One of the people said that the ruling was expected for March 29.A plan to combine the Frankfurt and London exchanges had only a slim chance of getting regulatory clearance after LSE last month declined to follow a demand from European Union antitrust regulators to sell an Italian trading platform.(This story was refiled to correct day of week to Wednesday in paragraph 1)(Reporting by Andreas Kroener in Frankfurt and Foo Yun Chee in Brussels; writing by Edward Taylor, editing by David Evans)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-deutsche-boerse-m-a-lse-idINKBN16T1R1'|'2017-03-22T11:31:00.000+02:00'
'c488d75ee1533ab1dc5ff28fed9ca6f4e67fb1c8'|'MOVES-Principal Global names Stuart Lawrence senior equities trader'|' 14am EDT MOVES-Principal Global names Stuart Lawrence senior equities trader March 22 Principal Global Investors, the asset management arm of Principal Financial Group Inc, named Stuart Lawrence as senior equities trader to its global trading team. Lawrence will co-manage European dealing alongside fellow senior equity trader, Rogier Van de Grift, and report to Gayle Wageman, who manages the global trading desk. Lawrence previously worked as an equity sales trader at Instinet for more than six years. (Reporting by Divya Grover in Bengaluru; Editing by Savio D''Souza)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/principal-fincl-moves-stuart-lawrence-idUSL3N1GZ3MB'|'2017-03-22T17:14:00.000+02:00'
'ea07b0e3f1046e28e4bbfa052481ed447392358c'|'Philip Morris to invest 300 millon euros in Greece for smoke-free product'|'Deals   12:22pm GMT Philip Morris to invest 300 million euros in Greece for smoke-free product A customer tries a Philip Morris'' ''''iQOS'''' smokeless tobacco e-cigarette at an iQOS store in Tokyo, Japan on March 3, 2016. REUTERS/Toru Hanai/File Photo ATHENS Marlboro maker Philip Morris ( PM.N ) will invest 300 million euros ($323.76 million) in its Greek unit Papastratos to convert the cigarette plant into a maker of tobacco sticks for its smokeless IQOS product, executives said on Thursday. Launched in 2014, the IQOS device heats real tobacco refills to produce tobacco-flavored vapor instead of burning it, which produces hazardous smoke and tar. It is effectively hybrid real and electronic cigarettes. "We are implementing what Greece needs right now, investments, new jobs and exports," Papastratos Chief Executive Christos Harpantidis told reporters. "We will be making a product that will be exported to more than 30 countries in the world." Greece''s economy, battered after a seven-year debt crisis, is thirsty for investments to help bring down an unemployment rate of 23 percent. Papastratos, with annual sales of 1.3 billion euros, has a 40 percent share of the domestic market and employs 800 workers. Philip Morris International makes six of the world''s top 15 international brands and products sold in more than 180 markets. The project will entail three new buildings at Papastratos'' facility in Aspropyrgos, outside Athens, with new lines of tobacco processing and production of refills for IQOS. Executives said it will create 400 new jobs. Papastratos, which currently manufactures 12 billion cigarettes annually and exports 60 percent, will be turning out 20 billion refills a year, absorbing a significant amount of Greek tobacco production. (Reporting by George Georgiopoulos Editing by Jeremy Gaunt) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-greece-tobacco-philipmorris-idUKKBN16T1GU'|'2017-03-22T19:20:00.000+02:00'
'7fac25ba730a0dd35a83513b65bcc940468677ef'|'Centrica CEO''s annual remuneration package rises nearly 40 percent'|' 28pm GMT Centrica CEO''s annual remuneration package rises nearly 40 percent LONDON Iain Conn, chief executive of Britain''s largest energy supplier Centrica ( CNA.L ), received a nearly 40 percent rise in annual remuneration to more than 4 million pounds, the company''s yearly report showed on Wednesday. Conn, who joined Centrica in January 2015 after a career at oil major BP, will take home 4.151 million pounds ($5.2 million) for his work in 2016, up from 3.025 million pounds for 2015. Most of the increase is due to a share award he was granted when he joined the company, to compensate for long-term BP share awards he forfeited when he left the oil company, Centrica said. His remuneration package has previously come under attack from shareholders, a third of whom voted against his reward at the company''s annual general meeting in 2015. Support improved last year but about 15 percent of shareholders still remained opposed. "The awards were a critical part of securing his employment in the face of significant competition for his services," said Lesley Knox, chairman of Centrica''s remuneration committee, in the company''s annual report. Conn''s 1.402 million pound recruitment award for 2016 will vest in April 2018 and its final value will depend on Centrica''s share price at that time, Centrica said. The heads of Britain''s top 100 listed companies earn on average almost 400 times more than a worker on minimum wage, a report from the Equality Trust, a campaign group set up to reduce economic inequality, said on Wednesday. Centrica returned to profit growth in 2016 thanks to volatile energy prices and colder weather but it disappointed investors when it failed to announce a dividend increase last month. Centrica cut its dividend two years ago and again last year as earnings were hit hard by weak energy prices. It said that, despite a rise in profits, it did not have enough capital available to return to shareholders now as historically low interest rates meant its pension liabilities had increased significantly. (Reporting by Karolin Schaps; Editing by Ken Ferris)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-centrica-ceo-pay-idUKKBN16T1OK'|'2017-03-22T20:28:00.000+02:00'
'5d4b68d22e0bb7e93d95a008bdd18719496c5fb3'|'Nikkei skids to more than 3-week lows on strong yen, Wall Street losses'|'Company News  21am EDT Nikkei skids to more than 3-week lows on strong yen, Wall Street losses TOKYO, March 22 Japan''s Nikkei share average tumbled on Wednesday to its lowest close since late February, taking its cue from a sell-off on Wall Street and a strengthening of the perceived safe-haven yen. The Nikkei ended down 2.1 percent at 19,041.38, plumbing its lowest levels since Feb. 27. The U.S. dollar wallowed below the 112-yen level in troughs not seen since November, after Wall Street tumbled on Tuesday as investors'' fears grew that President Donald Trump might have trouble delivering his promised tax cuts that helped propel U.S. shares to record highs in recent months. Banking and securities shares took a significant hit on the market downturn, with the Tokyo Stock Exchange''s bank subindex shedding 3.2 percent and the securities subindex dropping 3.8 percent. The broader Topix slipped 2.1 percent to 1,530.20, while the JPX-Nikkei Index 400 finished 2.2 percent lower at 13,679.58. (Reporting by Tokyo markets team; Editing by Richard Borsuk) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-close-idUSL3N1GZ2J5'|'2017-03-22T13:21:00.000+02:00'
'0586ea7f8860df8990ce99ed00279d546166d3fe'|'Kohl''s Corp CEO says retailer needs to change faster'|' 35pm EDT Kohl''s Corp CEO says retailer needs to change faster A sign marks a Kohl''s store in Medford, Massachusetts, U.S., February 21, 2017. REUTERS/Brian Snyder LAS VEGAS Kohl''s Corp''s ( KSS.N ) chief executive officer said on Tuesday the department store operator needs to "change faster" in order to remain a strong competitor to online and brick-and-mortar retailers. "We aren''t as agile as we need to be in order to be a better competitor," CEO Kevin Mansell said at retail conference Shoptalk. Mansell does not see a smaller store footprint making Kohl''s more productive in the future but he does expect stores to become smaller in size over time. "Having a bigger physical presence is a much better strategy than having less," he said. Kohl''s sales during the holiday quarter fell for the fourth straight quarter. The company has been hurt by a steady rise in online shopping and the growing popularity of off-price retail chains like T.J. Maxx and Marshalls stores, operated by TJX Companies Inc ( TJX.N ). (Reporting by Nandita Bose in Las Vegas; Editing by Lisa Shumaker)  '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-retail-kohls-idUSKBN16S2WY'|'2017-03-22T05:35:00.000+02:00'
'90b489679b6364de9a0c8e72b4894cf008a720ea'|'Currency fallout seen as Israel closes in on Citi''s main bond index'|'* Potential cash windfall could add to shekel appreciation* Foreign ownership of local Israeli gov''t bonds is 5 pct* Israel bond market has been strong while stock market slumps* Graphic: Israel''s shekel strengthens bit.ly/2nATbbWBy Ari Rabinovitch and Tova CohenTEL AVIV, March 22 Investment bank Citi is expected to include Israel in its influential World Government Bond Index in coming months, a boost for the local bond market but a potential headache for the central bank as it fights to contain the surging shekel.An estimated $3 trillion of assets track Citi''s index (WGBI). Israel would account for less than 0.5 percent, but it nonetheless could mean an influx of up to $4 billion of foreign money.That may add to the appreciation of the shekel, which is already near a 15-year high versus the euro, a 2-1/2 year peak against the dollar and its strongest level ever against a basket of foreign currencies.Further strengthening could be a big problem for a trade-focused economy like Israel''s.Israel is now $1-$2 billion short of the $50 billion index eligibility threshold for outstanding government bonds, a gap Citi''s analysts believe will close within a few months.An analysis this month from Bank of America Merrill Lynch said inclusion could come as early as June, while Citi emerging markets strategist Luis Costa estimates 5-6 months."The fact that there would be more demand for Israeli securities is a good thing. It will help liquidity, tradability of the securities ... it could lower the yields needed to issue government bonds," said a senior Israeli government official, who spoke anonymously due to the issue''s sensitivity."The weight of Israel in the index will be very, very small. It is supposed to cause an inflow, but it will be gradual," he said.The impact could be particularly strong with Israel because current foreign ownership of local bonds is small, around 5 percent, meaning there is a lot of room for new money. Plus, real yields in Israel are attractive.For long-term Israeli government bonds, yields are around 2 percent, compared with flat and negative yields in many developed countries.Bank of America Merrill Lynch, meanwhile, said the Bank of Israel might need to begin a dedicated currency intervention programme to balance out the bond inflow.The central bank, which has been buying on average $830 million of foreign currency a month to keep the exchange rate in check, declined to comment.BONDS VS STOCKSJoining the group of 23 developed countries already on WGBI would be a step up for Israel, which mostly appears on emerging market indices.Israel''s stock market enjoyed a similar upgrade in 2010 when it was promoted to the MSCI''s World Index from the emerging markets index, but that had an adverse effect when emerging market passive investors pulled out money.As daily trade volume in Tel Aviv stocks dropped 40 percent since 2010 to $330 million, corporate bonds became the saving grace for local companies to raise funds, with the stock exchange recovering slowly.The value of Tel Aviv''s corporate bond market has nearly tripled since 2006 to 358 billion shekels ($99 billion).Last year companies raised 66.5 billion shekels in bonds, nearly double the 2013 level. The market has even attracted U.S. real estate firms seeking to raise money at lower rates than at home."Israel is one of most developed markets in terms of bonds," said Hani Shitrit Bach, head of the listing and economics department at the Tel Aviv bourse. "Here the market is open to everyone, it''s not an over the counter market like overseas."But gains in corporates have come at the expense of government bonds, as Israeli institutional investors shifted sharply. With interest rates near zero, daily trade volumes for government bonds are down 18 percent since 2013.Tal Levi, fixed income director at Halman-Aldubi investment house, reckons WGBI inclusion could mean low interest rates for longer.Bond trade volumes may rise substantially, he said, but a stronger shekel would further hurt exporters and leave Israel "trapped" at near zero interest rates.(Additional reporting by Steven Scheer Editing by Jeremy Gaunt)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/markets-israel-bonds-idINL5N1GW06Q'|'2017-03-22T08:39:00.000+02:00'
'9cc0b4e296915816ac4ab59368386438e7a8e508'|'UPDATE 1-Board of Brazil''s Usiminas removes CEO Souza -sources'|' 21pm EDT UPDATE 1-Board of Brazil''s Usiminas removes CEO Souza -sources (Recasts to add details on ouster, replacement, background, share performance throughout) By Guillermo Parra-Bernal and Alberto Alerigi Jr SAO PAULO, March 23 The board of Brazilian steelmaker Usinas Siderúrgicas de Minas Gerais SA removed Chief Executive Officer Rômel de Souza on Thursday after several board members accused him of breaching company policy during negotiations with a subsidiary last year, three people with knowledge of the matter said. Seven of Usiminas'' 11-member board voted to fire Souza and replace him with Sérgio Leite, a longtime executive who had a brief stint as CEO last year, said the people, who requested anonymity due the sensitivity of the matter. Leite''s appointment has immediate effect, two of the people said. This is the second time in two years the board has voted to fire Souza as head of Brazil''s largest listed flat steelmaker. Last May, the board ousted him and appointed Leite as his replacement. Souza was reinstated weeks later, following a court injunction. A spokesman for Belo Horizonte, Brazil-based Usiminas did not return calls or messages seeking comment on the matter. Neither Souza nor Leite were available for comment. Reuters reported on Wednesday that the board had convened an extraordinary meeting to discuss Souza''s unilateral decision to tap excess cash from mining subsidiary Musa Mineração Usiminas SA in November. One of the people said Souza''s alleged breach of the company''s compliance rules was linked to the Musa negotiations. The original plan collapsed on Jan. 11, but a March 3 accord between the companies allowed Usiminas to tap about 700 million reais ($223 million) of Musa''s excess cash. Souza''s dismissal has the potential of extending a 2-1/2-year rift between the steelmaker''s two top shareholders, Nippon Steel & Sumitomo Metal Corp and Ternium SA , one of the people said. Ternium and Nippon Steel are battling over control of Usiminas, which is wrestling with Brazil''s worst-ever recession and high debt. Reuters had reported on Jan. 13 that Souza and Musa President Wilfred Brujin had agreed to the use of the unit''s excess capital without the steelmaker''s board permission. The document that Souza, who is also the chairman of Musa, signed was a non-binding memorandum of understanding. Preferred shares, Usiminas'' most widely traded class of stock, shed 0.5 percent to 4.18 reais in late afternoon trading in São Paulo. The stock is up 2 percent this year. ($1 = 3.1358 reais) (Additional reporting by Brad Haynes in São Paulo; Editing by Lisa Shumaker)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usiminas-ceo-idUSL2N1H01P7'|'2017-03-24T04:21:00.000+03:00'
'5ffe0c5eed2ecc07e04067adefc616d6ca9733f9'|'RPT-Mobileye deal to fuel investment in late-stage Israeli start-ups'|'Company News   3:00am EDT RPT-Mobileye deal to fuel investment in late-stage Israeli start-ups (Repeats Wednesday item) * Israeli start-ups raised nearly $5 billion in 2016, up 11 pct * Auto start-ups raised $681 mln in 2016, nearly doubled from 2015 * GM, Daimler, Volvo, Honda have opened R&D centres in Israel * GRAPHIC: Israeli hi-tech raising tmsnrt.rs/2n3GCTY By Tova Cohen and Steven Scheer TEL AVIV, March 22 Intel''s $15.3 billion acquisition of Mobileye has catapulted Israeli hi-tech into the global league, and is likely to stimulate investment in the sector''s other late-stage startups, where funds are most needed. Fundraising in late-stage startups - more mature firms that are already selling products rather than just the bright but unexploited ideas of entrepreneurs - has begun to increase. According to the Israel Venture Capital (IVC) Research Center, it rose to $2.9 billion in 2016 from $2.4 billion in 2015 as investors search for a higher yield on their investments. Venture capitalists believe the U.S. semiconductor giant''s purchase last week of Mobileye, which specialises in technology for driverless cars, should accelerate the trend. "A concern over the years has been that compared to the U.S., Israel cannot produce outsized returns," said Adam Fisher, a partner who manages the Israel office for California-based venture capital fund Bessemer. "Mobileye is a perfect example of how a big business can be built in Israel and how a large corporate will not hesitate to pay a strategic premium for the business despite its location." The price was about 21 times Mobileye''s expected 2017 revenue, or more than six times more expensive than the semiconductor industry''s three-year deal average. Until recently, many Israeli tech firms failed to grow enough to stay independent. Global companies, keen to tap into the skills of workers trained in the military and intelligence sectors, often bought them before they floated on the share market or when they were still small-cap stocks on the Nasdaq exchange. This was the case with Waze, the Israeli map app, which Google bought in 2013 for $1.15 billion. That same year, Wix , an Israeli startup which helps people build websites, made its market debut on New York''s Nasdaq, raising $127 million seven years after the company was founded. Only a few, such as cyber security firm Check Point Software Technologies, which has a market valuation of almost $18 billion, have succeeded in remaining independent. Defence tech specialists such as Elbit Systems are largely off limits to foreign investors for Israeli national security reasons. Michael Eisenberg, a partner at the Aleph VC, said the Mobileye sale signalled to late-stage financiers that they can expect much more significant returns on their investments. "It''s an accelerant and a belief that there is no glass ceiling for Israeli companies," said Eisenberg, who also manages the portfolio of U.S. VC Benchmark in Israel. Autotalks, a provider of vehicle-to-vehicle communication for improving road safety, said on Wednesday it raised $30 million in late-stage funding from investors including Samsung''s Catalyst Fund, bringing to $70 million its total raised to date. Venture capitalists typically seek returns of 3-10 times their overall investment over time, with those investing at an early stage expecting a higher multiple than at the later stage. Long known as the "startup nation", Israel is maturing into a "scale-up nation", said Steven Schoenfeld, founder of BlueStar Indexes, which develops indexes and exchange traded-funds (ETF) that track Israeli stocks. However, Israelis are largely missing out on their own success as local institutions shy away from investing in technology companies, especially those listed abroad. Israeli institutions, which are typically conservative, tend to stick with indexes and benchmarks from the Tel Aviv exchange, he said. Mobileye now accounts for 16 percent of BlueStar''s Israeli technology index. The ETF that tracks the index has gained 13.8 percent so far this year to an all-time high, while the Nasdaq is up 9.6 percent. Schoenfeld pointed to software provider Amdocs and Wix as examples of other companies "going the distance" by staying independent for longer. Cyber security firm CyberArk, which is traded on Nasdaq, is another with strong growth potential. AUTOMOTIVE CENTRE Mobileye understood it could grow only so much on its own. The company has expanded rapidly in the two years since its New York share offering into mapping, systems building and intelligence of driving. "All of these take time to build and time to get resources and Intel already has these resources," said Mobileye co-founder Amnon Shasuha. "If we want to ... be the key player in autonomous driving, we need to think about it as an industry and not as a product." With more than 200 startups Israel is a growing centre for automotive technology. Last year startups in the sector raised $681 million, nearly double the amount in 2015, according to the IVC. Due to Mobileye, car manufacturers and their suppliers have been "making the pilgrimage" to Israel for the last several years and met with other startups, Fisher said. The sector is already enjoying robust pricing for M&A and the Mobileye deal will continue that, he said. Potential acquirers "will more likely be the traditional tech companies that have a declared interest in the automotive sector rather than car companies themselves, but the latter wouldn’t surprise me either," Fisher said. Bessemer has invested in depth sensor technology company Oryx Vision as well as Otonomo, which developed a connected car data exchange, and Vayyar, a provider of 3D imaging sensors. Argus Cyber Security, which has raised $30 million and collaborates with Qualcomm, is linking the automotive sector with another of Israel''s most vibrant sectors - cyber security - helping to prevent connected cars from being hacked. The Mobileye deal, said Argus CEO Ofer Ben-Noon, could accelerate his company''s growth. "There is no doubt there will be more investments in Israel for automotive, and a lot more M&A," he said. Car makers General Motors, Daimler, Volvo and Honda have all opened research and development centres in Israel. Josh Kram, senior director for Middle East Affairs at the U.S. Chamber of Commerce, noted that about 300 American companies have R&D centres in Israel, including Intel. "Now they are moving into the autonomous space and purchasing Mobileye has catapulted them to the next level," he said. "It''s a win-win for both companies." (editing by David Stamp)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/tech-israel-idUSL5N1GZ5CB'|'2017-03-23T14:00:00.000+02:00'
'915b967c2a0d1fa67d282af057060e4b54852d08'|'Ackman''s Pershing Square Holdings seeks London listing'|'March 23 Billionaire investor William Ackman''s Pershing Square Holdings Ltd said on Thursday it planned to list its shares in London as it seeks to improve liquidity and valuation.The company, which has a listing on the Euronext Amsterdam stock exchange, said it plans to apply for a premium listing on the London Stock Exchange and that it would be eligible for inclusion in the FTSE UK Index Series following the admission.The firm has appointed Jefferies International Ltd to act as the sole sponsor and financial adviser on the deal.Investors will be able to trade on both London and Amsterdam markets, the company said. (Reporting by Sruthi Shankar in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/pershing-sq-hldg-ipo-idINL3N1H04X1'|'2017-03-23T15:31:00.000+02:00'
'478179615309f57e28cac8ef5498239758d738a4'|'Statoil resets exploration in U.S. Gulf of Mexico'|'OSLO, March 23 Norway''s Statoil has "reset" its exploration campaign in the U.S. Gulf of Mexico by placing top bids for 13 offshore deepwater oil and gas leases there in the latest auction, the company said Thursday.The majority state-owned company said in January it was considering whether to end its costly search for oil and gas in the region following a series of exploration failures.Statoil made total bids of $44.5 million in the auction, second only to Shell and ahead of Hess Corp, Chevron and Exxon.The outcome will now be subject to a 90-days formal review and final approval."We continue to believe in the potential of the Gulf of Mexico," Statoil''s Tore Loeseth, head of exploration in the U.S. and Mexico, said in a statement.Statoil said it expected its offshore U.S. production to nearly double by 2020 from about 60,000 barrels per day in 2016. (Reporting by Nerijus Adomaitis, editing Terje Solsvik)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-gulf-statoil-idINL5N1H00RR'|'2017-03-23T04:08:00.000+02:00'
'071cd9d659e40d20c59d87128d88fc62fb45961a'|'Plan for $7.5 bln Kushner family New York tower faces hurdles-report'|'NEW YORK, March 22 The family-owned company that until recently was headed by U.S. President Donald Trump''s son-in-law hopes to turn an aging New York office tower into a signature development that could be worth up to $12 billion, a report said on Wednesday.Chinese insurer Anbang Insurance Group is in advanced talks to provide as much as half of $2.5 billion in equity for the planned redevelopment of 666 Fifth Avenue, the Wall Street Journal reported.The overall project for the flagship 39-story building, which is controlled by Kushner Cos, is valued at $7.5 billion. The company was run by Jared Kushner, who is married to Trump''s daughter Ivanka. He sold his stake to a family trust in January.Extensive talks are under way between Kushner Cos., its partners in the building, potential investors, lenders and tenants who would have to be paid to move for the project to go forward, the Journal said, citing people close to the deal.Plans call for stripping the structure down to its steel columns and adding about 40 floors to the building, which was built in 1957. The project was designed by Zaha Hadid, a Pritzker Prize award winner for architecture, before she died last year.Concerns about a conflict of interest given Jared Kushner''s role as an advisor to Trump could halt Anbang from taking part. Anbang last week said it was not investing in the project after Bloomberg News named the firm as a potential investor.Kushner Cos believes it could gain the necessary equity from other investors if Anbang decides to exit the transaction, the Journal said. The project faces other hurdles.The Kushners would have to buy out the building''s current tenants to allow for domolition to start and an existing $1.15 billion in debt would need to be refinanced.Talks are under way with Vornado Realty Trust, a real estate investment trust that owns 49.5 percent of the building''s office space and much of the property''s retail space, to buy out its interests, the Journal said.The need to sell the luxury condo units at near record prices and the overall financing for the project could raise the eyes of the U.S regulators, a banking source said.(Reporting by Herbert Lash)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-property-kushners-anbang-group-idINL2N1GZ1SL'|'2017-03-22T17:34:00.000+02:00'
'b63ce60e2a1abd8e508b6e4de0b805325b3dc9cb'|'France not ruling out reducing Renault stake, but must be at right price - Sapin'|'Deals   7:23am GMT France not ruling out reducing Renault stake, but must be at right price: Sapin left right The logo of Renault is seen during the 87th International Motor Show at Palexpo in Geneva, Switzerland March 8, 2017. REUTERS/Arnd Wiegmann 1/2 left right French Finance Minister Michel Sapin attends a news conference with his Portuguese counterpart Mario Centeno (not pictured) in Lisbon, Portugal March 7, 2017. REUTERS/Rafael Marchante 2/2 PARIS French finance minister Michel Sapin on Thursday did not rule out France reducing its stake in Renault ( RENA.PA ), but added any sale would have to take place at the best possible market conditions. France has increased its stake in Renault in recent years, currently holding just under 20 percent of the company''s share capital, but Sapin told BFM radio station that the state had not raised its holding in the company "for eternity." Asked about a future possible sale or reduction of that stake, Sapin replied: "I look at what was the price at the moment when we bought it and where the price is now, and I don''t want to make French people lose money." "There will be moments when we need to move to buy or recapitalize, which is what we did with EDF ( EDF.PA ) and Areva ( AREVA.PA ), and then there are other stakes which could be put on the market, but it would have to be done in the best possible conditions in order to protect the interest of the state," he added. Renault shares are down by around 6 percent so far in 2017. (Reporting by Sudip Kar-Gupta and Gilles Guillaume; Editing by Dominique Vidalon) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-france-renault-sapin-idUKKBN16U0LR'|'2017-03-23T14:22:00.000+02:00'
'f2884d87ca446d5aab7fb83b382bcd7584577d01'|'Petrobras foresees $5.5 bln in investments for Libra find'|'Company  18am EDT Petrobras foresees $5.5 bln in investments for Libra find RIO DE JANEIRO, March 22 Developing the first phase of Brazil''s giant deepsea offshore oil region Libra will require about $5.5 billion in investments for the next five years, state-controlled Petróleo Brasileiro SA''s Chief Executive Officer Pedro Parente said on Wednesday. Parente did not specify whether the investments will come from Petrobras, or from all members of the consortium in charge of developing Libra, which include France''s Total SA , Royal Dutch Shell Plc, CNPC and CNOOC. (Reporting by Rodrigo Viga Gaier; Writing by Guillermo Parra-Bernal) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/petrobras-oil-outlook-idUSE6N1D200B'|'2017-03-22T20:18:00.000+02:00'
'e2d2dafdff42d1d77d0c9a10acebc17404f6d18f'|'BRIEF-Moody''s says UK insurers'' asset management firms set to capitalize on pensions expertise'|'Company News  21am EDT BRIEF-Moody''s says UK insurers'' asset management firms set to capitalize on pensions expertise March 22 Moody''s: * UK insurers'' asset management firms set to capitalize on pensions expertise * Higher dependence on asset management revenues will increase UK insurers'' exposure to tough conditions in the asset management industry, * Believes insurers and fund managers in UK are increasingly competing for same pool of assets and leading to cost convergence in some cases Source bit.ly/2nI0dft Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-moodys-says-uk-insurers-asset-mana-idUSFWN1GY0T6'|'2017-03-22T13:21:00.000+02:00'
'21ab5c0145121e8c250b75ae70377d442d603c42'|'FTSE drops as Trump trade sours, ''fiscal frustration'' takes hold'|' 18am GMT FTSE drops as Trump trade sours, ''fiscal frustration'' takes hold Britain''s Chancellor of the Exchequer Philip Hammond (3rd L), opens the London Stock Exchange with Xavier Rolet, CEO (L) and joined by a banking and financial delegation from China,   10, 2016. REUTERS/Peter Nicholls - RTX2SYXC By Helen Reid - LONDON LONDON British shares pulled back on Wednesday, weighed by bankers and miners as a global risk-off mood combined with a stronger pound conspired against the UK stock market. Britain''s blue-chip FTSE 100 index .FTSE was down 0.9 percent, hitting a two-week low and set for its biggest daily drop since late January. Investors globally were growing concerned that much-anticipated reflationary policies from the new U.S. administration would take longer to materialise than hoped. Banking and mining, which had seen the greatest gains from the ''Trump trade'' as investors bet on reflation and infrastructure spending, were the biggest sector fallers. "There''s a degree of fiscal frustration - what''s been driving markets is the hope and promise of fiscal stimulus, tax cuts and deregulation, and investors were expecting many more details than what we have by this point," said Alex Dryden, global market strategist at JP Morgan Asset Management. "Markets have been very tranquil so far this year, and that suggests to me that any sort of move was going to cause some shockwaves," he added. A pound strengthened by a jump in inflation was also putting pressure on Britain''s major index, whose constituents mainly earn foreign currency. Rio Tinto ( RIO.L ), BHP Billiton ( BLT.L ) and Ashtead ( AHT.L ) were among top fallers, down 2.6 to 3.5 percent, as lower copper prices dragged on the miners. Barclays ( BARC.L ), Standard Chartered ( STAN.L ) and RBS ( RBS.L ) were down 2.7 to 3.3 percent, Home improvement retailer Kingfisher ( KGF.L ) was the top faller, down 5.4 percent after it said it was cautious on demand in its markets. Kingfisher said it was concerned uncertainty around French and British politics could hit future demand, after it beat 2016 profit forecasts thanks to solid performance in its home market. As investors turned to safe haven assets and dividend-yielding stocks, gold miners Randgold Resources ( RRS.L ) and Fresnillo ( FRES.L ) were among a handful of companies making timid gains, along with telecoms group BT ( BT.L ) and consumer giant Unilever UKVR.L. "This is a classic risk-off move - people fly to safety, to the names that they know, as they reprice their fiscal policy outlook," said Dryden. British Airways owner International Consolidated Air ( ICAG.L ) was also among top fallers, along with Easyjet ( EZJ.L ). Both airlines would be affected by Britain joining the U.S. in imposing restrictions on carry-on electronic devices on planes coming from certain airports in the Middle East and North Africa. The mid-caps index .FTMC was set for its biggest fall since early November, down 1.2 percent and set for its second day of losses. Miners were the top fallers among mid-caps too, with Vedanta Resources ( VED.L ) and Acacia Mining ( ACAA.L ) down 5.4 and 5.3 percent. (Reporting by Helen Reid; Editing by Tom Heneghan)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN16T134'|'2017-03-22T17:18:00.000+02:00'
'879e42921115cbb5ec3886b5c7215cb67dc06df9'|'UPDATE 1-Maersk reaches key North Sea tax deal with Denmark'|'Commodities  19pm EDT Maersk reaches key North Sea tax deal with Denmark By Teis Jensen - COPENHAGEN COPENHAGEN Shipping and oil company A. P. Moller-Maersk on Wednesday reached an agreement with the Danish state that means it will pay less tax on its North Sea oil and gas activities through 2025. The deal, which has been under negotiation for months, makes it viable to redevelop the Tyra field through which 90 percent of Denmark''s gas production is processed, and it is seen as crucial for the Danish company that is seeking to spin off its energy assets via a listing or merger. Maersk and its partners in the Danish Underground Consortium (DUC) -- Shell, Chevron and state-owned Nordsofonden -- with whom it owns Tyra, will decide on the redevelopment of the field by the end of the year, Maersk said. "We will now issue tenders and progress engineering work towards detailed plans in preparation of a final investment decision by end 2017," Maersk Oil''s Chief Operating Officer, Martin Rune Pedersen said in a statement. "Pending a final investment decision, production from Tyra is now expected to shut in December 2019 and restart in March 2022," Maersk Oil said. The deal means the tax allowance on oil and gas production will be increased gradually over the next six years to 6.5 percent from 5 percent now, the finance ministry said. The tax allowance will be withdrawn if the oil price rises to above $75 per barrel, the ministry said. Tyra''s platforms have sunk 5 metres since production began 30 years ago but Maersk has earlier said it would not be viable to redevelop it given the conditions offered by Denmark. The deal will support investments of more than 10 billion Danish crowns ($1.5 billion) in oil and gas production in the North Sea, and could increase tax revenues by 26 billion crowns through 2042, the finance ministry said. (Additional reporting by Erik Matzen and Nikolaj Skydsgaard, editing by David Evans) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-maersk-oil-denmark-idUSKBN16T2S1'|'2017-03-23T02:11:00.000+02:00'
'0cda77dffe554ee9276e4befbd43e91ef7678d83'|'Generali picks Rothschild to sell three Latam units: sources'|'By Pamela Barbaglia and Carolyn Cohn - LONDON LONDON Generali ( GASI.MI ) has asked advisory bank Rothschild to find a new owner for its subsidiaries in Colombia, Ecuador and Panama, sources told Reuters, as Italy''s biggest insurer seeks to leave markets where it lacks scale.Generali''s French boss Philippe Donnet aims to raise about 1 billion euros ($1.1 billion) by exiting 13 to 15 countries across the world in a bid to cut costs and improve returns.Representatives of Generali declined to comment while Rothschild was not immediately available for comment.Generali''s exit roadmap also includes a handful of European countries such as the Netherlands, Belgium and Portugal where it has a marginal presence, the sources said.It is using different banks in each market, the sources said, adding Deutsche Bank has recently been tasked with reviewing options in Belgium.They said a sale process could start after Generali wraps up the sale of its Dutch business, which generated 5.4 million euros in net profit in 2015. This process is led by French lender BNP Paribas and may attract interest from private equity investors among others.Meanwhile Generali, which has more than 500 billion euros in invested assets, will continue investing in core Latin American markets such as Brazil and Argentina, the sources said, while operations in Colombia, Ecuador and Panama are deemed too small to justify its presence.Rothschild is in the process of sounding out potential bidders for the three Latam countries, the sources said, adding information packages have been sent out to interested parties.Local players are expected to submit offers for the three units which are being sold in separate auctions, one of the sources said.Local firm Seguros de Vida Suramericana ranked as Colombia''s largest insurer in 2015, according to data from insurance ratings agency A.M. Best, while Panama''s Compania Internacional de Seguros and Ecuador''s Seguros Sucre dominated 2015 league tables in Panama and Ecuador, respectively.Generali recently came under pressure as it tried to fend off a takeover attempt by Italy''s biggest retail bank, Intesa Sanpaolo ( ISP.MI ), which was hoping to create a financial giant with a market value of around 60 billion euros.On Feb. 24 Intesa decided against launching a takeover bid for Generali, arguing the deal would not create enough value for its investors.The Italian insurer, whose biggest shareholder is investment bank Mediobanca ( MDBI.MI ), recently played down the prospects of a takeover as it reported its highest ever full-year operating profit and said it would raise dividends to boost value for shareholders.(Reporting By Pamela Barbaglia; Editing by Elaine Hardcastle)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-generali-m-a-idINKBN16T2LI'|'2017-03-22T15:15:00.000+02:00'
'955427aa7532d9d3f0c5c023677928c92012e61a'|'Italy to test EU rules again with Veneto banks bailout'|'Business News   11:24am GMT Italy to test EU rules again with Veneto banks bailout left right The logo of Veneto Banca bank is seen in Venice, Italy, January 31 2016. REUTERS/Alessandro Bianchi/File Photo 1/2 left right FILE PHOTO: The logo of Veneto bank is seen Verona, Italy, April 11, 2016. REUTERS/Stefano Rellandini/File Photo 2/2 By Stefano Bernabei and Francesco Guarascio - ROME/BRUSSELS ROME/BRUSSELS Italy''s plans to bail out two regional banks pose a dilemma for European regulators, who are still considering whether Monte dei Paschi qualifies for state aid, three months after giving a preliminary green light. Banca Popolare di Vicenza and Veneto Banca said on Friday they had requested a so-called precautionary recapitalisation by the state - a mechanism that exploits an exception to European rules meant to prevent the use of taxpayer money to save banks. Italy is already seeking to use the scheme for its fourth biggest bank, Monte dei Paschi ( BMPS.MI ), where the state is expected to inject 6.6 billion euros to fill an 8.8 billion euro capital shortfall. The rest of the money needed by the Tuscan bank is due to come from holders of its junior debt, but retail investors in its subordinated bonds will be compensated by the government, on the grounds that they were mis-sold the securities. Rome wants to replicate that framework to inject an estimated 5 billion euros in the two unlisted Veneto-based banks, already rescued last year, by government-sponsored, privately funded bank bailout fund Atlante. The government is keen to avoid imposing unpopular losses on tens of thousands of ordinary Italians who put their savings in the banks. It also wants to spare senior bond investors and big current account holders - who would otherwise have to take a hit under a strict interpretation of European bail-in rules. Those rules say state aid can be allowed on a temporary basis to banks that have failed regulatory stress tests but are still deemed solvent, if refusal would risk seriously disturbing the economy and financial stability of a member state. The European Central Bank decided not to disclose the outcome of stress tests on smaller banks - so there is a question mark over the Veneto banks'' exact state of health. The ECB will have to assess whether they are viable and determine the size of their capital shortfall, while the European Commission will decide whether Italy''s public support for the two banks is in line with EU state aid rules. Some analysts question whether the two banks can be considered systemic, given that their combined assets are around 70 billion euros - less than half Monte dei Paschi''s total. GERMAN CONCERN Two sources familiar with Italy''s position said Rome argues in private that the two banks'' failure would send shock waves through the wider Italian financial industry. It would also boost anti-euro political forces such as the 5-Star Movement at the next national election, scheduled for 2018. The Italian treasury declined to comment. The ECB and the European Commission that governs the bloc are under pressure not to allow Italy to sidestep the rules, which critics say would undermine their credibility. Germany, the euro zone''s largest economy, raised concerns about the Monte dei Paschi plan in December. After weeks of negotiations, Italian Finance Minister Pier Carlo Padoan said on Tuesday there was no date set for a final decision by European regulators on whether it ticked all the boxes. Asked whether the request for state aid by the Veneto banks was stretching EU rules, an EU source said overuse of the precautionary recapitalisation scheme could set an unhealthy precedent for countries seeking to avoid winding down weak banks. "If the instrument is used often, and therefore loses its extraordinary nature, as foreseen by the rules, that could be interpreted as an attempt to avoid banking resolution," the source said. A European Commission spokesman said only that the commission had ongoing contacts with Italy over its banking sector. The ECB declined to comment. SHAREHOLDERS DECIDE A further problem for the Veneto lenders is that government bailouts cannot cover losses already incurred or likely in the near future - such as those stemming from bad loan writedowns. In Italy, lenders are saddled with 360 billion euros of gross problematic debts, a third of the euro zone''s total. The market is pricing in doubts over whether the two Veneto banks fit the bill. Senior bonds in both lenders fell last week on concerns they could be hit should the state aid scheme not come to pass, although they partly rebounded this week. As neither bank has published full-year results for 2016, investors are in the dark about their real capital needs. Based on the latest available figures for the first half of last year, problematic loans at the two lenders after writedowns totalled 10.2 billion euros at end-June, almost double their combined equity capital of 5.7 billion euros. Last October the head of Atlante, which owns more than 97 percent of each bank, said their cost-income ratio stood at around 100 percent, a level which he said would make it impossible for any bank to stand on its feet. A source close to the two banks said they should just about be able to offset expected loan loss charges by using their existing capital, imposing losses on junior debt holders and selling assets. The source however said this course of action still needed to be discussed with regulators. Spokespeople for both banks declined to comment. With a criminal investigation underway over fraud allegations, the banks are offering to settle with around 170,000 shareholders who were in many cases persuaded to buy their shares in exchange for loans. The aim is to shield the banks from future lawsuits and further losses. The two lenders said initially they were aiming for an 80 percent take-up. As of Friday both stood at around 50 percent. The source close to the two banks said that if they can reach a take-up of 60-70 percent, this should be enough to convince European authorities that legal risks have been greatly reduced. The offer was due to expire on Wednesday but is likely to be extended until March 25 or March 27, another source close to the matter said. (additional reporting by Giselda Vagnoni in Rome and Valentina Za in Milan, writing Silvia Aloisi, editing by Philippa Fletcher) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-banks-italy-veneto-idUKKBN16T0HA'|'2017-03-22T18:24:00.000+02:00'
'3e42d2ed18ff005e7b6cd45ba16314cefb2be655'|'PPG says Akzo offer good for staff, shareholders'|'Deals - Wed Mar 22, 2017 - 11:45am GMT Akzo Nobel rejects improved bid from U.S. rival PPG FILE PHOTO: AkzoNobel''s logo is seen in Amsterdam, Netherlands, February 16, 2012. REUTERS/Robin van Lonkhuijsen/United Photos/File Photo By Thomas Escritt and Toby Sterling - AMSTERDAM AMSTERDAM Dutch paints and coatings maker Akzo Nobel ( AKZO.AS ) rejected an improved 22.4 billion euro ($24.1 billion) takeover proposal from PPG Industries ( PPG.N ) on Wednesday, but faced investor pressure to start talks with its U.S. rival Akzo said the new PPG proposal made on Monday, worth 88.72 euros per share in cash and shares, was not good enough even to merit engaging with the bidder. An earlier, March 9 offer of 83 euros per share valued the company at $22 billion. Several of the company''s shareholders have said they see merit in a deal and encouraged management to enter talks. Like many Dutch companies, Akzo has strong defenses against hostile takeovers and politicians have voiced concerns over the bid. Pressed by reporters on shareholders'' views, Chief Executive Ton Buechner said: "The issue is we have a number of stakeholders. It''s also not in the interests of shareholders." Elliott Advisors, which has a more than 3 percent shareholding in Akzo, said that while it considered PPG''s second bid "inadequate, it views such level of bid price to be a credible basis for engagement". "It is only through engagement that Akzo Nobel can determine if PPG is prepared to bid at a level that provides adequate consideration to shareholders. Secondly, it does not appear that Akzo Nobel has adequately consulted with shareholders before rejecting both bids," it said. Disadvantages of the bid included the risk of significant job losses and substantial divestitures, Akzo said, adding it saw differences in corporate culture. Shares in the Dutch company, best known for its Dulux paint brand, were trading down 3 percent at 74.2 euros at 1005 GMT. One top 20 Akzo investor indicated that the bid price could soon start to look attractive. "We are at the moment undecided/ambivalent on a deal. Certainly a price in the 90s would represent a chunky multiple and could be tempting," said the investor, who did not want to be named. "Certainly at this price we would believe it is up to management to convince us not to sell as Akzo has been ‘cheap’ for a long time." POLITICAL OPPOSITION Dutch politicians including Economic Affairs Minister Henk Kamp publicly opposed PPG''s first bid, saying it was not in the Dutch national interest. Four provincial governors also oppose a takeover, saying it would cost Dutch jobs. Akzo employed more than 45,000 people as of the end of 2015. The first proposal was made on the eve of a March 15 national election in which nationalist sentiment played a prominent role. Politicians have voiced concerns about possible foreign takeovers of Dutch companies, especially after Kraft''s failed bid for totemic Anglo-Dutch consumer giant Unilever, where many of the country''s top business leaders trained. Akzo''s anti-takeover defenses include a foundation with the power to appoint company officers. Buchner said the foundation was not consulted on the bid, though its board, composed of Akzo supervisory board members, were "part of what''s going on". Pittsburgh-based PPG, which said after its initial rejection it was confident it could reach a deal with Akzo, could not immediately be reached for comment on Wednesday. Akzo said the second unsolicited proposal did not address other initial concerns including the risks the deal might not be accepted by regulators and the debt of the merged company. Akzo''s boards unanimously rejected the new offer and reiterated that they would prefer to pursue their own strategy of selling or floating the company''s chemicals division. Akzo Nobel officials went on the road last week to shore up support from investors. Buechner said Akzo would "provide updated financial guidance and hold an upcoming investor event soon." ($1 = 0.9265 euros) (Additional reporting by Anthony Deutsch and Simon Jessop; Editing by David Clarke/Keith Weir/Susan Thomas) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-akzo-nobel-m-a-ppg-idUKKBN16T0TH'|'2017-03-22T21:05:00.000+02:00'
'52606bf42ec122acb6317c72dc49abe75101b78f'|'Hotel booking platform HotelTonight raises $37 million'|'By Lauren Hirsch Last-minute U.S. hotel booking app HotelTonight said on Wednesday it raised $37 million in a funding round as it seeks to expand its international hotel network and invest in marketing campaigns.The Series E funding round, which was led by venture capital firm Accel Partners and valued the profitable San Francisco-based company at roughly $500 million, brings it one step forward to an eventual initial public offering, though the company has yet to outline such plans.Users of HotelTonight can use the app to book hotels up to a week in advance, often at a discount. It has 25,000 hotel partners in more than 30 countries, which unload their unused rooms onto the platform.HotelTonight is counting on its sleek mobile interface to compete against its much larger booking competitor, Expedia Inc ( EXPE.O ).Earlier this year, HotelTonight secured a partnership with U.K. soccer team Chelsea F.C.The company''s other investors include Battery Ventures, US Venture Partners, GGV Capital, Coatue Management and First Round Capital, which also invested in the most recent round.(This story was corrected to remove incorrect revenue line in original paragraph 3)(Reporting by Lauren Hirsch in New York; Editing by James Dalgleish)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-hoteltonight-fundraise-idINKBN16T1C5'|'2017-03-22T13:35:00.000+02:00'
'e3d838ff51618b33d7d8fe78a1bf3bbf6c949cd6'|'Italy to test EU rules again with Veneto banks bailout'|'Deals   2:07am EDT Italy to test EU rules again with Veneto banks bailout left right FILE PHOTO: The logo of Veneto Banca bank is seen in Venice, Italy, January 31 2016. REUTERS/Alessandro Bianchi/File Photo 1/2 left right FILE PHOTO: Banca Popolare di Vicenza headquater is seen in Vicenza, Italy, March 5, 2016. REUTERS/Stefano Rellandini/File Photo 2/2 By Stefano Bernabei and Francesco Guarascio - ROME/BRUSSELS ROME/BRUSSELS Italy''s plans to bail out two regional banks pose a tough dilemma to European regulators, who are still considering whether Monte dei Paschi qualifies for state aid, three months after giving a preliminary green light. Banca Popolare di Vicenza and Veneto Banca said on Friday they had requested a so-called precautionary recapitalization by the state - a mechanism that exploits an exception to European rules meant to prevent the use of taxpayer money to save banks. Italy is already seeking to use the scheme for its fourth biggest bank Monte dei Paschi ( BMPS.MI ), where the state is expected to inject 6.6 billion euros to fill an 8.8 billion euro capital shortfall. The rest of the money needed by the Tuscan bank is due to come from holders of its junior debt, but retail investors in its subordinated bonds will be compensated by the government, on the grounds that they were mis-sold the securities. Rome wants to replicate that framework to inject an estimated 5 billion euros in the two unlisted Veneto-based banks, already rescued once, last year, by government-sponsored, privately funded bank bailout fund Atlante. The government is keen to avoid imposing unpopular losses on tens of thousands of ordinary Italians who put their savings in the banks. It also wants to spare senior bond investors and big current account holders - who would otherwise have to take a hit under a strict interpretation of European bail-in rules. Those rules say state aid can be allowed on a temporary basis to banks that have failed regulatory stress tests but are still deemed solvent, if refusal would risk seriously disturbing the economy and financial stability of a member state. The European Central Bank decided not to disclose the outcome of stress tests on smaller banks - so there is a question mark over the Veneto banks'' exact state of health. The ECB will have to assess whether they are viable and determine the size of their capital shortfall, while the European Commission will decide whether Italy''s public support for the two banks is in line with EU state aid rules. Some analysts question whether the two banks can be considered systemic, given that their combined assets are around 70 billion euros - less than half Monte dei Paschi''s total. GERMAN CONCERN Two sources familiar with Italy''s position said Rome argues in private that the two banks'' failure would send shock waves through the wider Italian financial industry. It would also boost anti-euro political forces such as the 5-Star Movement at the next national election, scheduled for 2018. The Italian treasury declined to comment. The ECB and the European Commission that governs the bloc are under pressure not to allow Italy to sidestep the rules, which critics say would undermine their credibility. Germany, the euro zone''s largest economy, raised concerns about the Monte dei Paschi plan in December. After weeks of negotiations, Italian Finance Minister Pier Carlo Padoan said on Tuesday there was no date set for a final decision by European regulators on whether it ticked all the boxes. Asked whether the request for state aid by the Veneto banks was stretching EU rules, an EU source said overuse of the precautionary recapitalization scheme could set an unhealthy precedent for countries seeking to avoid winding down weak banks. "If the instrument is used often, and therefore loses its extraordinary nature, as foreseen by the rules, that could be interpreted as an attempt to avoid banking resolution," the source said. A European Commission spokesman said only that the commission had ongoing contacts with Italy over its banking sector. The ECB declined to comment. SHAREHOLDERS DECIDE A further problem for the Veneto lenders is that government bailouts cannot cover losses already incurred or likely in the near future - such as those stemming from bad loan writedowns. In Italy, lenders are saddled with 360 billion euros of gross problematic debts, a third of the euro zone''s total. The market is pricing in doubts over whether the two Veneto banks fit the bill. Senior bonds in both lenders fell last week on concerns they could be hit should the state aid scheme not come to pass, although they partly rebounded this week. As neither bank has published full-year results for 2016, investors are in the dark about their real capital needs. Based on the latest available figures for the first half of last year, problematic loans at the two lenders after writedowns totaled 10.2 billion euros at end-June, almost double their combined equity capital of 5.7 billion euros. Last October the head of Atlante, which owns more than 97 percent of each bank, said their cost-income ratio stood at around 100 percent, a level which he said would make it impossible for any bank to stand on its feet. A source close to the two banks said they should just about be able to offset expected loan loss charges by using their existing capital, imposing losses on junior debt holders and selling assets. The source however said this course of action still needed to be discussed with regulators. Spokespeople for both banks declined to comment. With a criminal investigation underway over fraud allegations, the banks are offering to settle with around 170,000 shareholders who were in many cases persuaded to buy their shares in exchange for loans. The aim is to shield the banks from future lawsuits and further losses. The two lenders said initially they were aiming for an 80 percent take-up. As of Friday both stood at around 50 percent. The source close to the two banks said that if they can reach a take-up of 60-70 percent by the time the offer ends on Wednesday, this should be enough to convince European authorities that legal risks have been greatly reduced. (additional reporting by Giselda Vagnoni in Rome and Valentina Za in Milan, writing Silvia Aloisi, editing by Philippa Fletcher) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-eurozone-banks-italy-veneto-idUSKBN16T0HE'|'2017-03-22T13:00:00.000+02:00'
'e23f5b0947ca88fee94b1ecf192d036a126c973c'|'UK MPs demand more answers from VW over diesel scandal'|'Environment  52am GMT UK lawmakers demand more answers from VW over diesel scandal Volkswagen cars are parked outside a VW dealership in London, Britain November 5, 2015. REUTERS/Suzanne Plunkett LONDON British lawmakers have written to Volkswagen ( VOWG_p.DE ) seeking more answers from the German carmaker over the diesel emissions scandal, after criticizing the firm for failing to adequately respond to their queries so far. Paul Willis, the brand''s British boss, has appeared before several British parliamentary committees since September 2015 when the firm admitted to using software to cheat diesel emission tests in the United States. Around 1.2 million cars are affected by the scandal in Britain with fewer than half repaired so far, prompting anger from politicians and drivers who argue it is unfair that they have not received compensation offered to U.S. motorists. During his most recent appearance before the transport committee last month, Willis was pressed on the nature of the remedy and whether Britain had been fully repaid by VW for the cost of retesting models. In a letter published on Wednesday, chairwoman Louise Ellman asked Willis to respond to eight points including on whether the firm will look into every complaint that the fix had affected vehicle performance, an issue at the heart of attempts by some law firms to take legal action against the company. "Please confirm that Volkswagen will investigate all existing and future cases where the customer is concerned that the fix has impaired the performance of their vehicle and that this investigation will be carried out free of charge," Ellman wrote. VW, which declined to comment on Wednesday, has previously said that there had been no adverse effects from software changes made. Willis has said he has been consistent and honest in his replies to the committee on a range of issues. (Reporting by Costas Pitas; Editing by Keith Weir) Next In Environment'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-volkswagen-emissions-britain-idUKKBN16T17L'|'2017-03-22T17:51:00.000+02:00'
'bd7ed0e0917bf303779bd8540fa10a517fcb7dd7'|'Canada''s Enbridge to cut 1,000 positions after buying Spectra'|'CALGARY, Alberta Canada''s Enbridge Inc said on Wednesday it would cut about 1,000 positions, or 6 percent of its work force, after buying Spectra Energy Corp of Houston.The takeover, the most significant energy deal since oil and natural gas prices crashed in mid-2014, had highlighted how pipeline companies were under pressure to merge as they grappled with overcapacity and sliding tariffs that had slowed dividend growth and unnerved investors.(Reporting by Ethan Lou in Calgary, Alberta; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-canada-energy-enbridge-idINKBN16T20H'|'2017-03-22T12:13:00.000+02:00'
'ff268f49bcd006adf0948f6da4a8ed0b67bd4fba'|'Sears raises doubts about ability to continue as going concern'|'Business News -  25pm EDT Sears raises doubts about ability to continue as going concern A Sears department store is seen in New Hyde Park, New York, U.S., January 5, 2017. REUTERS/Shannon Stapleton Beleaguered retailer Sears Holdings Corp ( SHLD.O ) on Tuesday warned about its ability to continue as a going concern. "Our historical operating results indicate substantial doubt exists related to the company''s ability to continue as a going concern," Sears said in the annual report for the fiscal year ended Jan. 28. ( bit.ly/2mRUcce ) However, Sears said actions taken to boost liquidity during the year, including the sale of the Craftsman tool brand to power tool maker Stanley Black & Decker Inc ( SWK.N ), could mitigate the going concern doubt. (Reporting by Ankit Ajmera in Bengaluru; Editing by Shounak Dasgupta) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-sears-going-concern-idUSKBN16S2WG'|'2017-03-22T05:12:00.000+02:00'
'f4fcea5ee8275ed1ef568c8a546c4a9a680a0e3a'|'Protectionism may raise, not cut, trade deficits - ECB'|' 21am GMT Protectionism may raise, not cut, trade deficits - ECB European Central Bank (ECB) headquarters in Frankfurt, Germany, July 29, 2016. REUTERS/Ralph Orlowski By Balazs Koranyi - FRANKFURT FRANKFURT Protectionist trade policies may increase, rather than reduce, a country''s trade deficit, the European Central Bank said in a study on Wednesday, just days after finance chiefs of the world''s top 20 economies dropped their pledge for open trade. Seeking to reduce a large trade deficit, Donald Trump''s U.S. administration has proposed a series of protectionist measures, such as new import duties. The White House also wants to revisit some of its trade relationships, including with key partners Germany and China, which both sell more goods to the United States than they buy from it. Indeed, the United States has already pulled out of the Trans-Pacific trade deal, asked for a review of the North American Free Trade Agreement and refused to reaffirm its pledge for open and free trade at the G20 meeting last weekend, raising fears that global trade will take a hit. Yet the authors of the ECB paper -- published in its regular Economic Bulletin - believe the opposite recipe is needed. They said liberalising global trade and importing cheaper intermediate goods improves competitiveness, helping firms keep their cutting edge over international rivals and lifting the country''s exports. "Adopting policies that facilitate innovation and reduce protectionist barriers may help to improve an economy''s competitiveness," the ECB paper said. "Multilateral initiatives aimed at trade and financial liberalisation may also reduce an economy''s external imbalances." "Participating in global value chains may give an economy a temporary competitive edge that results –- in order to smooth consumption over time –- in a rise in its current account balance," the ECB added. The study also appeared to dismiss the U.S. administration''s claim that countries running big current account surpluses may be using unfair trade practices. Instead, it argued that countries will view their competitive edge as temporary, behaving with caution as they expect others to liberalise trade to improve their own efficiency and restore competitiveness. "As a consequence, in order to smooth consumption over time, part of the income gain in the domestic economy will be saved, which improves the current account balance," the ECB added. It added that if the advantage is perceived as permanent, then the current account balance is likely to deteriorate as consumption and imports rise to match what income levels. (Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-economy-protectionism-idUKKBN16T0WJ'|'2017-03-22T16:21:00.000+02:00'
'e8f25b7bad5c7ecd4e146097d23495f8fd570442'|'Italy watchdog to decide on Vivendi stakebuilding in Mediaset by April: source'|'MILAN Italy''s communications authority (AGCOM) will make a decision with regards to Vivendi''s ( VIV.PA ) stakebuilding in Italian broadcaster Mediaset ( MS.MI ) by the end of April, a source at the regulator told Reuters on Thursday.AGCOM opened an investigation into the French media company in December after the TV group filed a complaint regarding Vivendi rapidly accumulating a 28.8 percent share in Mediaset.The authority is deciding whether Vivendi, which also holds a 24 percent share in phone incumbent Telecom Italia ( TLIT.MI ), breaches Italian anti-trust regulations which prevent companies from having an excessive share in both the domestic telecommunications and media markets.(Reporting by Francesca Piscioneri, editing by Stefano Bernabei)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-mediaset-vivendi-regulator-idINKBN16U1TM'|'2017-03-23T11:04:00.000+02:00'
'40b56386c85d449af1bc4eb056f39b628a60dc16'|'Sensex rises; financials, autos bounce back'|'By Aby Jose Koilparambil Sensex rose on Thursday tracking a recovery in global markets with energy shares leading the gains while financial and auto shares bounced back.Key indexes had on Wednesday recorded their highest intraday loss in over two months, triggered by a slump on the Wall Street due to a lack of clarity in U.S President Donald Trump''s economic policies.U.S. shares recovered on Wednesday while Asian stocks rose on Thursday, taking cues from gains on Wall Street."The bounce-back is due to both global and local factors. Mutual funds are getting record-high inflows everyday. Flows have been very strong on both domestic and FII (Foreign Institutional Investors) fronts," said Miraj Vora, derivative analyst at Prabhudas Lilladher Pvt Ltd.As per the provisional data available on the NSE website, FIIs were net buyers of stocks worth 3.57 billion rupees on Wednesday.The broader NSE Nifty was up 0.47 percent at 9,072.50 by 0610 GMT, while the benchmark BSE Sensex was 0.46 percent higher at 29,300.41."We are heading into the expiry week. So there would be pressure on that front. It''s looking very difficult for the Nifty to cross the 9,150-9,200 levels on the upside or break 9,000 on the lower side for this expiry," added Vora.Energy sector topped the gains on the NSE index while the S&P BSE Oil & Gas index gained 1.42 percent. Major oil marketing companies, including Bharat Petroleum Corp Ltd, Hindustan Petroleum Corp Ltd and Indian Oil Corp Ltd, were all up more than 2 percent each even as oil prices remained under pressure.The finance and the auto sector recovered from the previous day''s fall.ICICI Bank gained 1 percent and Tata Motors was trading 2.4 percent higher, after falling 2.6 percent and 2.9 percent, respectively, on Wednesday."Banks have recovered today, but a meeting to discuss waiver of farm loans is scheduled on Friday and if something drastic comes out of that meeting, we may see banks facing some pressure," added Vora.(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Vyas Mohan)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/india-sensex-nifty-markets-idINKBN16U0IW'|'2017-03-23T03:57:00.000+02:00'
'650ccb137f0e0b6fb850b7b6a56ece0a15d47e26'|'ECB''s Nouy says some banks may need to be unwound'|'Thu Mar 23, 2017 - 8:21am GMT ECB''s Nouy says some banks may need to be unwound Daniele Nouy, chair of the Supervisory Board of the European Central Bank, speaks at a Thomson Reuters newsmaker event at Canary Wharf in London November 28, 2014. REUTERS/Neil Hall FRANKFURT Some euro zone banks may need to be unwound if they become unviable, the European Central Bank''s top supervisor said on Thursday, just as the Italian government seeks to bail out two regional lenders. "In specific cases consolidation may also take the form of the unwinding of banks if they become unviable," Daniele Nouy told a committee of the European Parliament. Nouy also called for the ECB''s supervisors to be given greater discretion when deciding how much capital banks must hold. (Reporting By Francesco Canepa; Editing by Balazs Koranyi) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-ecb-banks-bailout-idUKKBN16U0QT'|'2017-03-23T15:17:00.000+02:00'
'585eed50b9d18689226de28291de500249febf7d'|'German drugmaker Stada CEO''s car was bugged -Manager Magazin'|'FRANKFURT, March 23 The chief executive of German drugmaker Stada, which has faced activist pressure to overhaul its strategy and has received two takeover approaches, was bugged, Germany''s Manager Magazin said on Thursday.Manager Magazin said Matthias Wiedenfels, who became CEO last summer, found a bugging device in his car and received anonymous letters containing photographs that depicted him in private or confidential business situations. The magazine, which did not cite sources or say who was behind the bugging, said the incidents took place in the second half of last year.Stada declined to comment.Public prosecutors in the city of Giessen, who cover the city of Bad Vilbel where Stada is based, were not immediately available to comment.The drugmaker is the subject of takeover approaches from two private equity consortia but has postponed the structured auction to give the bidders a chance to improve their offers.Investors including Active Ownership Capital (AOC) have criticised Stada''s management through a high-pressure campaign which culminated in long-serving CEO Hartmut Retzlaff''s resignation last year. Retzlaff was replaced by Wiedenfels in June 2016. (Reporting by Edward Taylor and Patricia Weiss; Editing by Susan Fenton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/stada-wiretap-idINL5N1H02GS'|'2017-03-23T08:04:00.000+02:00'
'78f10372cf82513c00460076b528736a4d9ff58e'|'Statoil "resets" exploration in U.S. Gulf of Mexico'|'Big Story 11   3:18am EDT Statoil ''resets'' exploration in U.S. Gulf of Mexico The company logo of Statoil is seen during a company results presentation in London February 6, 2015. REUTERS/Toby Melville OSLO Norway''s Statoil has "reset" its exploration campaign in the U.S. Gulf of Mexico by placing top bids for 13 offshore deepwater oil and gas leases there in the latest auction, the company said Thursday. The majority state-owned company said in January it was considering whether to end its costly search for oil and gas in the region following a series of exploration failures. Statoil made total bids of $44.5 million in the auction, second only to Shell and ahead of Hess Corp, Chevron and Exxon. The outcome will now be subject to a 90-days formal review and final approval. "We continue to believe in the potential of the Gulf of Mexico," Statoil''s Tore Loeseth, head of exploration in the U.S. and Mexico, said in a statement. Statoil said it expected its offshore U.S. production to nearly double by 2020 from about 60,000 barrels per day in 2016. (Reporting by Nerijus Adomaitis, editing Terje Solsvik) Next In Big Story 11'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-gulf-statoil-idUSKBN16U0LF'|'2017-03-23T14:08:00.000+02:00'
'cc3cc0f42aaa04ed32a3c25005f5cd4c74e68ca3'|'UPDATE 1-A look at U.S. healthcare spending as Obamacare repeal looms'|'Company  40pm EDT UPDATE 1-A look at U.S. healthcare spending as Obamacare repeal looms (Adds related content graphic link) NEW YORK, March 23 U.S. President Donald Trump and fellow Republicans in the House of Representatives have proposed a healthcare law to kick off their promise to repeal and replace Obamacare. Following are some questions and answers about healthcare spending and health insurance coverage in the United States as Republicans try to throw out President Barack Obama''s signature piece of domestic policy, the 2010 Affordable Care Act. Who is covered by what insurance? The majority of America’s 323 million people are covered by either government or private insurance. Less than half of U.S. spending on healthcare is publicly financed, a contrast to the 72 percent average among member countries of the Organisation for Economic Co-operation and Development. A core goal of Obamacare was to cut into the numbers of uninsured and some 20 million people gained coverage under the law. - 155 million people are covered by employer-based health plans - 70 million people are in the publicly funded Medicaid program for the poor, including 32 million children - 56 million older or disabled people receive Medicare - 15 million people are covered by military healthcare - 12 million people buy individual insurance on the online shopping exchanges created by Obamacare - 9 million people purchase unsubsidized health insurance directly - 6 million people are covered by the Indian Health Service, student health plans and other sources - About 28 million Americans remain uninsured The figures are government estimates. They do not add up to a total of 323 million because some people have more than one type of coverage. How much does the country spend? Spending on healthcare in the United States is about $3.5 trillion a year, representing about 18 percent of U.S. gross domestic product. Current U.S. government estimates are for that spending to outpace economic growth and rise to 20 percent of GDP by 2025. Healthcare spending has been rising faster than inflation. The government estimated it to have risen 4.8 percent in 2016 and that it will increase at an average rate of 5.6 percent through 2025. What does America get for its money? While U.S. healthcare spending as a percentage of GDP ranks higher than for any other OECD country, Americans’ life expectancy is near the bottom in a ranking of other OECD countries, behind countries such as France, Germany and Britain. The country''s obesity rate is the highest. What was the impact of Obamacare? As the Affordable Care Act was implemented over the past six years, it made sweeping changes to the health insurance system and implemented new taxes, so gutting the law will affect most Americans at some point. The law set a series of minimum standards. It introduced free preventive care coverage, mandated most employers to offer insurance and individuals to buy it, expanded the Medicaid program to include people with higher incomes and created income-based subsidies for individuals to draw them into buying insurance. It prevented insurers from denying coverage to people based on their health status and allowed young adults to stay on their parents'' health insurance policies. What sectors are feeling the impact now? Republicans will tackle repealing Obamacare in multiple steps because while they control both chambers in Congress, they do not have the 60 seats in the 100-seat Senate needed to simply undo the law. The first step focuses on insurance sold to individuals and the Medicaid expansion, which could mean diminished payments to hospitals and doctors who benefited from the 20 million people covered by the ACA. They now face uncertain revenues and the possibility of increased bad debt as they lose paying patients. The impact on insurers is twofold: uncertainty over who will buy insurance could lead to them mispricing insurance plans and suffering financially as soon as this year. In the longer term, the retrenchment is changing the outlook for the growth rate of publicly backed healthcare. Which publicly traded companies does this affect? There are only a handful of publicly traded hospital companies, and the biggest one, HCA Holdings Inc, is not focused on states where Medicaid expanded, so it tends not to be involved. Tenet Healthcare Corp and Community Health Systems Inc are smaller hospital chains with high debt loads and their shares do tend to be affected by news about potential cuts to the numbers of Americans with publicly funded healthcare. The insurers that specialize in Medicaid and government healthcare such as WellCare Health Plans, Molina Healthcare Inc and Centene Corp are small but tend to move on news that the Medicaid expansion may be repealed and on proposed changes in how the federal government pays its share of all Medicaid costs to the states. Anthem Inc is one of the biggest insurers selling plans on the individual exchanges and may see shares affected by news of rules that could affect who enrolls in insurance. Sources - Congressional Budget Office, U.S. Census Bureau, Centers for Medicare and Medicaid Services (Reporting by Caroline Humer; Editing by Frances Kerry and Bill Trott) Next In Company News U.S. settles AT&T''s DirecTV case on talks with rivals over baseball WASHINGTON, March 23 The Justice Department reached a settlement with AT&T unit DirecTV, which it had accused of illegally swapping information with rival pay-TV providers about negotiations to show Los Angeles Dodgers baseball games in southern California, according to court filings on Thursday. * Ignyta announces exploration of strategic options for Taladegib, enabled by amendment of Taladegib license agreement with Lilly MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-obamacare-idUSL2N1GX105'|'2017-03-24T04:40:00.000+03:00'
'99ba38580faca38ab7e02153ccb4ff9628baa00d'|'Bridgepoint picks Solebury as Pret a Manger listing adviser - sources'|'Business News -  53pm GMT Bridgepoint picks Solebury as Pret a Manger listing adviser - sources Messages referencing food preparation hang inside of a Pret A Manger store in New York August 7, 2015. REUTERS/Lucas Jackson By Dasha Afanasieva , Lauren Hirsch and Arno Schuetze - LONDON/NEW YORK LONDON/NEW YORK Fast food chain Pret a Manger''s private equity owners have chosen Solebury Capital to advise on a planned New York stock market listing, people close to the situation said. The U.S. capital markets advisory firm will also help Bridgepoint select investment banks for an initial public offering, which could come before the end of the year, they added. "Our longstanding investment in Pret regularly prompts speculation about our intentions. We expect to remain a significant investor for the foreseeable future," a spokesman for Bridgepoint said. Solebury declined to comment. Launched more than three decades ago, Pret A Manger has around 400 branches globally, serving fast food made onsite to more than 300,000 customers in Britain, the United States, Paris, Hong Kong and Shanghai. It is aiming to expand store numbers by around 15 percent per year. Bridgepoint bought the chain, best known for its coffee, pastries and sandwiches, at the height of the buyout boom in 2008 for 500 million euros (431 million pounds). Although the majority of Pret a Manger''s stores are in Britain, the company is expected to pursue a listing in the U.S., where the pool of investors is deeper and valuations potentially higher. Pret generated 84 million pounds in earnings before interest, tax, depreciation and amortisation on sales of 676 million in 2015, according to the company''s latest financial results. (Editing by Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-pretamanger-ipo-idUKKBN16U27A'|'2017-03-23T22:53:00.000+02:00'
'04563538438cfb207f9a61bde489aa3441934440'|'Malaysia Airlines seeks new widebody planes as jets fill up'|'  Malaysia   By Victoria Bryan - LONDON, March 23   Peter Bellew said load factors - or how full its planes are - were 81 percent in January and 80 percent in February and that bookings for April, May and June were looking solid. "My problem now is I don''t have enough seats and I don''t have big enough aircraft," Bellew said in an interview in London, where he was meeting with an airline to discuss options to lease planes. The national carrier is emerging from a turnaround after twin tragedies since 2014, when flight MH370 disappeared in what remains a mystery, and flight MH17 was shot down over eastern Ukraine. He said Malaysia Airlines wanted to lease six A330s or 777s for use from 2018 and a further six for 2019 and that the carrier saw a good chance to get some good rates. "Some airlines in the Middle East and Turkey have grounded aircraft so it''s a good time for Malaysia Airlines to be looking for these type of aircraft," he said. Bellew also said he planned to make a decision on an order for 25-30 new A330neo or 787 widebody planes by the end of the first half of this year to replace its A330s from the end of 2019. The 787 would allow it to resume non-stop flights to Europe, but the pricing of either jet is not yet where Malaysia would like it to be, he said. The restrictions announced this week on bringing larger consumer electronic devices into plane cabins on some routes from Middle Eastern and North African countries could also push some carriers to cancel aircraft orders, Bellew said, saying that it could impact business travel bookings. "If you''re not getting the business class seats filled up, you will end up not operating flights over time and then you won''t need as many planes," he said. Bellew said he expected the restrictions to create chaos for the first few days, but also impact demand for travel to the United States. "In a strange way, it could benefit us. There is no hassle coming to Malaysia," he added. (Reporting by Victoria Bryan, editing by David Evans)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/malaysia-airline-orders-idUSL5N1GZ6AF'|'2017-03-23T07:01:00.000+02:00'
'bc7e2490fdc417a1704aea8529aa7d46067bb4f6'|'EU regulators to clear Dow and ChemChina deals next week: sources'|'By Foo Yun Chee - BRUSSELS BRUSSELS EU antitrust regulators are set to clear the $130 billion Dow Chemical ( DOW.N ) and DuPont ( DD.N ) merger and ChemChina''s [CNNCC.UL] $43 billion bid for Syngenta ( SYNN.S ) next week, people familiar with the matter said on Thursday.The European Commission could announce its approvals for both companies at the same time either on Monday or Tuesday, the people said.It is rare for the Commission to announce joint merger decisions but it probably makes sense in this case as both companies are in the agrochemicals sector, the sources said.Both mega deals in the agrochemicals industry and another one involving Bayer ( BAYGn.DE ) and Monsanto ( MON.N ) have triggered fears among regulators and farmers that the merged companies may slow down the pipeline of new herbicides and pesticides.Commission spokesman Ricardo Cardoso declined to comment. Dow did not immediately respond to an email for comment. A Syngenta spokesman said the Swiss company and ChemChina were confident of closing the deal in the second quarter of the year.The EU antitrust enforcer has set an April 4 deadline for the Dow and DuPont deal, and April 12 for the ChemChina and Syngenta deal.U.S. chemical companies Dow and DuPont managed to address EU competition concerns with a revised package of concessions which included asset sales and transfer of research and development activities to a rival, sources told Reuters last month.ChemChina, which is making the largest foreign acquisition by a Chinese company, won over regulators with its pledge to divest a couple of national product registrations, including existing products and a few in the pipeline, in more than a dozen EU countries, other sources have told Reuters.(Additional reporting by Michael Shields in Zurich, editing by David Evans)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-eu-m-a-dow-chemchina-idINKBN16U2N1'|'2017-03-23T15:44:00.000+02:00'
'63fb0a3b820e5c137478f9aab76fc2168550e435'|'UPDATE 1-German companies interested in train crossing South America -officials'|'Commodities  34pm EDT German companies interested in train crossing South America: officials By Daniel Ramos - LA PAZ LA PAZ Dozens of German companies including Siemens attended meetings in Bolivia this week to discuss building a coast-to-coast railway through Brazil, Bolivia and Peru that could speed up the export of corn and soybeans to Asia, German and Bolivian officials said on Wednesday. The massive, $10 billion project would involve building a 3,700-kilometer (2,299-miles) rail line across the continent, linking the Atlantic and Pacific oceans, through mountains and jungles. "This is the project of the century," said Germany''s State Secretary of German Transport, Building and Urban Development Rainer Bomba. Representatives from Brazil, Peru, Paraguay, Uruguay and Bolivia as well as Germany and Switzerland are still studying the feasibility of the train route, which would drastically shorten shipping routes from Brazil''s coast to Asian markets for key commodities. Siemens, Europe''s top engineering group, participated in the meetings "to get more information about the project," spokesman Dennis Hofmann said in an email. "The project is at an early stage and questions have to be clarified," he wrote. The discussions, on Tuesday and Wednesday, come after a similar, Chinese-led project build a trans-South America railway ran into roadblocks late last year due to cost and environmental concerns. Bolivian and German officials did not name other companies that attended the meetings, but Bomba said: "The presence of 40 German companies here demonstrates that Germany is not only in the planning phase, but also in the realization phase." Bolivia''s Public Works Minister Milton Claros told Reuters Bolivia and Germany had signed agreements for technical assistance and financing for the project. The ministry said the project would connect the Brazilian port of Santos to the Peruvian port of Ilo and had a preliminary cost estimate of $10 billion. Brazil is expected to export 28 million tonnes of corn and 61 million tonnes of soybeans in the 2016/17 crop year according to the USDA. It is the world''s largest soybean exporter and second-largest corn exporter. China and Peru agreed in 2015 to study a 3,000-mile-long railway through the Andes, but Peru balked when China estimated its cost at $60 billion. Peru''s President Pedro Pablo Kuczynski later said the rail should go through Bolivia. Land-locked Bolivia has long pined for a corridor to the Pacific, blasting Chile for taking its coastline in a war in the late 19th century and maintaining its Navy on Lake Titicaca. Brazil had also questioned the Chinese project and would likely back the Bolivian route, a member of the Brazilian delegation said. "We identified problems in the reports made by the Chinese group. We communicated the points of disagreement to Chinese authorities and we are seeing how we can continue the studies," said Joao Carlos Parkinson, coordinator of economic affairs at Brazil''s Foreign Ministry, who attended the meetings. Brazil''s Ambassador to Bolivia Raymundo Santos said talks would continue. "Our delegation confirmed Brazil''s interest in participating," he said. "The political side has been resolved, but now the technical work has to move forward." (Writing by Caroline Stauffer; Editing by Luc Cohen and Sandra Maler) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-bolivia-railways-idUSKBN16U00M'|'2017-03-23T07:33:00.000+02:00'
'48c9d68eca0b0369ef5f94232bb0b6cb71e01e05'|'Housing market could get a bump from Trump 23,'|'The cost of the American Dream Donald Trump was most famous for being a real estate developer before he became a reality TV star and then wound up Leader of the Free World. So it may not be a huge shock to find out that homebuilders have been on fire since he was inaugurated. Pulte ( PHM ) , DR Horton ( DHI ) and Lennar are all up more than 10% in the past two months and are among the top 25 stocks in the S&P 500 since President Trump took office. Even though mortgage rates could climb if the economy continues to pick up steam (with or without a Trump stimulus package this year) and as the Federal Reserve hikes short-term interest rates, builders are confident more people will be buying homes. Stuart Miller, the CEO of Lennar ( LEN ) , said in the company''s earnings release this week that there was an "improving macroeconomic environment following last year''s election." He pointed to "renewed optimism, wage and job growth, and consumer confidence." Miller added that "as a result, our homebuilding operations have gone from slow and steady to a faster than expected sales pace throughout our first quarter." The hope is that the economy, which already had started to pick up some steam in the past year before Trump''s victory, will continue to gain momentum. If that happens, prospective homebuyers may not be scared off by higher rates because their wages are also going up. Related: Donald Trump wants 4% GDP growth. 3% will do just fine And so far, that appears to be the case. New home sales surged more than 6% in February, to their highest levels in seven months. This could be just the beginning of an upturn. "Taking into account a wide variety of indicators, the housing market continues its march higher. We expect further gains this year," said Barclays economist Rob Martin in a report about the new home sales figures Thursday. Other companies that benefit from a stronger housing market have indicated that they are seeing signs of an uptrend too. Pablo Vegas, executive vice president with the Indiana-based natural gas and electric utility NiSource ( NI ) said in an analyst day presentation earlier this month, that the company was benefiting from a solid housing market that shows no signs of overheating. "We''re not at the peaks of 2007, we''re not at the lows of 2010, we''re actually on an upswing. And the current economic conditions as they look, we think there''s a lot of good opportunity to continue to take advantage of the new construction market," Vegas said. And Jonathan Painter, CEO of Westford, Mass.-based pulp and wood products company Kadant ( KAI ) , said during his company''s earnings call last month that "the outlook for housing is still quite excellent in North America." "If I look back at what our expectations were for the housing market versus which they turned out, it''s a slower and steadier and basically a longer housing recovery, which is totally fine with me," he added. Related: How Trump''s budget cuts could hurt low-income Americans Still, not everyone in the housing market will benefit from the recovery. There are legitimate concerns that an uptrend in housing will only benefit wealthier and upper middle class homeowners and prospective buyers. Trump is proposing to cut the budget of the Department of Housing and Urban Development, which is now run by Trump''s one-time GOP presidential rival Ben Carson. What''s more, Trump''s plans to lower corporate taxes could make the current low-income housing tax credit less of an incentive for builders and developers. The low-income housing tax credit helps entice people to invest in affordable housing. But for the time being though, investors clearly think the broader housing market will remain in an upswing. Homebuilders aren''t the only stocks doing well. The SPDR S&P Homebuilders ETF ( XHB ) , a somewhat erroneously named fund that also owns Home Depot ( HD ) and Lowe''s ( LOW ) , appliance maker Whirlpool ( WHR ) and cabinets/plumbing/security company Fortune Brands ( FBHS ) , is up 8% since Inauguration Day. CNNMoney (New York)   23, 2017: 2:18 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_economy.rss'|'http://money.cnn.com/2017/03/23/investing/housing-boom-trump-homebuilders/index.html'|'2017-03-23T21:18:00.000+02:00'
'dae3f514e6cf287a7f5c14f758bf815cb17a060d'|'Shell reluctant to part with California refinery amid asset sale'|'By Jessica Resnick-Ault and Ron Bousso - NEW YORK NEW YORK Royal Dutch Shell ( RDSa.L ) is in talks with several potential buyers for its refinery outside of San Francisco, but the Anglo-Dutch oil giant is reluctant to part with its last asset in California, three people familiar with the process say.The company is in the midst of a massive asset sale, shedding properties from Thailand to the North Sea to pay down debt following its $54 billion purchase of smaller British rival BG Group last year.Shell, Europe''s largest oil company, has sold around $15 billion of assets over the past year as part of a planned $30 billion in asset sales to trim debt incurred from the transaction.Bidders for Shell''s 158,000 barrel-per-day Martinez refinery, located 30 miles (48 km) northeast of San Francisco, include PBF Energy ( PBF.N ) and NTR Partners III LLC.Still, sources familiar with the issue say the company wants to sell for a higher price, with one saying the plant could be valued at about $900 million.Shell, which barred potential buyers from hiring advisors during a first round of the auction, has since allowed third parties to review materials related to a sale, according to one person familiar with the negotiations.Shell declined to comment. PBF referenced its quarterly calls with analysts, where it has said it considers all refining and logistics assets that come on the market, but declined to comment on interest in the specific plant. NTR did not respond to requests for comment.Shell retained Lazard last year to advise on the overall asset sale program. In the fall, Shell retained Deutsche Bank to find a buyer for the Martinez facility.EXIT FROM CALIFORNIA?Over the past 15 years, Shell has sold refineries in Bakersfield and Wilmington, California. Selling the Martinez plant would mark its exit from the state.While state-specific emissions regulations and fuel standards make it more expensive to operate a refinery in California, the plant still drew interest because of its location and ability to process local crude.Among the bidders, PBF bought a refinery in Torrance, California last year, while privately held NTR Partners has bid on other California plants.California''s environmental regulations and pipeline connections make the state an island, with few sources for gasoline imports.As a result, when one plant in California is shuttered, margins at other refineries in the state surge.Most operators in the state own more than one plant. PBF, one of the only California refiners with a single operation, would consider buying a second to hedge against disruptions at its troubled Torrance refinery, Jeff Dill, PBF''s president for West Coast operations said last month.The Martinez refinery, which has been operating since 1915, processes crude into gasoline, jet fuel, diesel and other refined products and has a coker unit for processing heavy crude.The potential sale would include a pipeline that brings crude produced in California''s San Joaquin Valley to the refinery.(Reporting By Jessica Resnick-Ault in New York and Ron Bousso in London; Additional reporting by Jarrett Renshaw and David French in New York and Liz Hampton in Houston; Editing by Bernadette Baum)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-shell-refinery-sale-idINKBN16U1GJ'|'2017-03-23T08:56:00.000+02:00'
'471ed86740e65df66fb20ef5f5bf9c37f44fe25e'|'US STOCKS SNAPSHOT-Wall St open lower as focus firmly on healthcare vote'|'Company News  32am EDT US STOCKS SNAPSHOT-Wall St open lower as focus firmly on healthcare vote March 23 Wall Street opened slightly lower on Thursday amid signs that President Donald Trump is struggling to get enough votes to pass a healthcare bill in Congress. The Dow Jones Industrial Average fell 36.29 points, or 0.18 percent, to 20,625.01, the S&P 500 lost 4.21 points, or 0.18 percent, to 2,344.24 and the Nasdaq Composite dropped 12.47 points, or 0.21 percent, to 5,809.17. (Reporting by Tanya Agrawal; Editing by Anil D''Silva) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL3N1H04EZ'|'2017-03-23T20:32:00.000+02:00'
'170162d6bd17bce466920bda7fc479027973f39e'|'EU says considering lower requirements for fintech services'|' 49am GMT EU says considering lower requirements for fintech services BRUSSELS The European Commission is considering lowering regulatory requirements for emerging financial technology services in a bid to spur innovation and cut costs, the EU executive''s vice president suggested on Thursday. "Fintech" firms use modern technology to compete with traditional financial services providers, offering banking products such as payments or deposits more cheaply online. Lower legal or capital requirements would reduce costs for fintech companies, but are likely to increase pressure on banks that are already squeezed in Europe by low interest rates and stiff competition. The Commission is considering how to regulate the fintech sector to encourage its development in Europe, while protecting consumers from risks that may emerge. "We will have to answer many fundamental questions," Commission vice-president Valdis Dombrovskis told a conference in Brussels. "For instance, shall we introduce new licensing categories for fintech activities?" A special licence would imply lower capital requirements for fintech firms providing less risky services. Regulators in other regions have said they are considering similar measures. A three-month-long public consultation launched by the Commission on Thursday will gather information on the subject from market actors and other interested parties, and will be followed by possible legislative proposals. (Reporting by Francesco Guarascio; Editing by Catherine Evans)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-fintech-regulations-idUKKBN16U184'|'2017-03-23T17:49:00.000+02:00'
'317f1c6028054aab2307e2e5acb4a56ef2407a66'|'Swiss watchmakers expect challenging U.S. market this year'|'Company  14pm EDT Swiss watchmakers expect challenging U.S. market this year By Silke Koltrowitz - BASEL, Switzerland, March 23 BASEL, Switzerland, March 23 Swiss watchmakers expect the market to stay challenging this year with the United States, their second-biggest market, showing no signs of recovering, executives told Reuters at an industry fair in Basel. Swiss watchmakers are grappling with declining sales in their biggest markets -- Hong Kong and the United States -- and have been hit by tourist shoppers avoiding Europe for fear of extremist attacks. The trend for shopping online has also kept buyers out of stores, said Efraim Grinberg, chairman and chief executive of Movado Group Inc. (MGI). "We see a significant retail shift, especially in the U.S. The acceleration of the digital shift over the last five years has led to less traffic to retailers," he told Reuters in an interview on Thursday. "You''re seeing some adjustments, but they''ll take time to materialise. Retailers have to up their game to make venues more exciting and there''s also a shift to online sales," he said, adding he didn''t see that resolving very quickly. Shipments of Swiss watches fell 8 percent in January and February, dragged down notably by a 12.4 percent decline in the United States, where shipments also dropped 9 percent last year. U.S.-based MGI, whose brands include Swiss labels Movado and Ebel, on Monday reported a decline in sales and profits for the fiscal year to Jan. 31 and said it expected a mid single-digit drop in sales this year. Ricardo Guadalupe, head of LVMH''s Hublot brand, said U.S. sales were flat for the brand so far this year. "The Americans don''t have the same luxury watch culture, it''s not like in China where people love mechanical watches," he said. Laurent Dordet, at the helm of Hermes'' watch business, said sales were improving at Hermes boutiques, but multibrand retailers were still facing difficulties in many markets, notably the United States, due to excess stock. Industry major Swatch Group gave a more optimistic forecast last week, forecasting a 7-9 percent rise in sales for 2017. (Reporting by Silke Koltrowitz; Editing by Victoria Bryan) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/swiss-watches-idUSL5N1GZ1PA'|'2017-03-24T00:14:00.000+02:00'
'2ab49a0f221841f8f43c562fa24cc2817e771083'|'Massimo Zanetti looking to buy Brazilian coffee brand'|'Company News   10:58am EDT Massimo Zanetti looking to buy Brazilian coffee brand MILAN, March 22 Italian coffee roaster Massimo Zanetti aims to boost its presence in the Brazilian market by acquiring a local coffee brand, Chief Operating Officer Pascal Heritier told Reuters on Wednesday. The group, which owns the Segafredo, Chock full o''Nuts and Puccino''s coffee brands, went public in June 2015 to raise fund expansion plans at the company founded by the Zanetti family of coffee merchants in northeastern Italy. The group has been growing through acquisitions since the 1970s and last year bought Portugal''s Nutricafes for about 75 million euros ($80.5 million). "We want to expand in Latin America ... we are looking for a strong brand to buy in Brazil," Heritier said on the sidelines of a conference in Milan. Heritier said the group was looking for a brand with a good distribution network that it could use to boost sales of its own Segafredo brand in the Latin American country, the world''s biggest green coffee producer. He declined to give details on possible targets. Massimo Zanetti generates more than 60 percent of its revenue in the United States, with Brasil accounting for less than 5 percent of its 918 million euro turnover. The group, which sells products ranging from mass-market packs to coffee pods, is also studying smaller acquisitions in the Asia Pacific region, Heritier said. ($1 = 0.9252 euros) (Reporting by Francesca Landini and Elisa Anzolin; Editing by David Goodman) Next In Company News Shell signs 3-year contract to lease oil tanks in Panama -sources PANAMA CITY/SAN ANTONIO, March 22 Oil company Royal Dutch Shell has signed a three-year contract to lease storage tanks at a large terminal in Panama that had been used by U.S. refining company Tesoro Corp, sources involved in the deal told Reuters.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/massimo-zanetti-ma-idUSL5N1GZ3ZU'|'2017-03-22T21:58:00.000+02:00'
'68f012eb7f5c23f21517b134dac344616ade64d1'|'JGBs gain, taking cue from U.S. Treasuries, strong 40-year sale'|'TOKYO, March 22 Japanese government bonds rose on Wednesday, taking their cue from rising U.S. Treasuries and bolstered by strong demand at an auction of 40-year bonds.The benchmark 10-year JGB yield fell 0.5 basis point (bp) to 0.055 percent, while the 10-year JGB futures ended up 0.15 point at 150.42.In the superlong zone, the 20-year JGB yield fell 1 bp to 0.635 percent, while the 40-year JGB yield also fell 1 bp to 1.025 percent.The Ministry of Finance''s sale of 500 billion yen ($4.48 billion) worth 40-year JGBs with a 0.4 percent coupon produced a highest yield of 0.9350 percent, with only 13.6363 percent of the bids accepted at the lowest price.The sale drew bids at 2.95 times the amount offered, not far from the previous sale''s bid-to-cover ratio of 2.99 times.U.S. Treasury yields fell to three-week lows on Tuesday as stock markets tumbled, raising demand for U.S. government debt. Japan''s stocks also skidded on Wednesday, with the Nikkei stock index plumbing to its lowest levels since late February.JGBs often take their directional cues from U.S. Treasuries.Bank of Japan board members have however rejected suggestions the central bank should raise its 10-year government bond yield target to match expected gains in Treasury yields, minutes of their January monetary policy meeting released on Wednesday showed."Although some market participants speculated that the Bank might consider raising the target level of the long-term interest rate in response to such factors as a rise in the U.S. long-term interest rates, its monetary policy decisions should be made solely based on the viewpoint of aiming to achieve the 2 percent price stability target," some members said.BOJ Governor Haruhiko Kuroda said in parliament on Wednesday that the BOJ''s government debt purchases are for monetary easing and do not lower the government''s debt burden.Kuroda said that if the BOJ exits its quantitative and qualitative easing policy, it would also need to raise the interest rate it applies to excess commercial bank reserves and reduce the money supply.The Ministry of Finance will hold a meeting later on Wednesday with primary dealers.The ministry is considering shortening the period between the auction and the issuance of some JGBs, sources with knowledge of the matter said.The move could reduce risk for bond brokers who now have to hold a large number of bonds over the interim period between auction and issuance, before which they cannot sell them to the central bank.Separately, government sources told Reuters that the MOF was considering raising the minimum bidding requirement of primary dealers in government bond auctions to ensure the stability of the bond market. ($1 = 111.5200 yen) (Reporting by Tokyo markets team; Editing by Biju Dwarakanath)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-bonds-idINL3N1GZ2Q7'|'2017-03-22T04:16:00.000+02:00'
'd2ed1edd48621940a8e6cd04b759da1e710dd58b'|'UK millionaires think Brexit will make them even richer, survey finds'|'Most of Britain’s millionaires reckon Brexit will make them even richer, according to a survey by wealth managers at Swiss bank UBS .A poll of more than 400 Britons with at least $1m (£800,000) in liquid assets in addition to their homes found that 78% thought Britain’s decision to leave the EU would have a “positive effect” on their financial plans.Nick Tucker, UK head of UBS Wealth Management, said many of the bank’s clients were anxious about the effects of Brexit on their finances but most of the richest of the rich were “now taking a more positive view”. Viagogo snubs MPs'' inquiry into online ticket reselling Read more “UBS Wealth Management doesn’t take a political view on Brexit,” Tucker said. “But our client conversations around the country have revealed significant levels of anxiety. This latest data of UK millionaires suggests a more complex picture. Over the longer term, most are now taking a positive view.”The survey, published a week before Theresa May will pull the trigger on article 50 – the two-year process of Britain exiting the EU – found that young millionaires are even more bullish on Britain’s future outside of the bloc. UBS found that 83% of millionaires aged 18 to34 thought Brexit would have a positive impact on their long-term financial planning. This compared with 70% of 35- to 44-year-olds feeling positive about the impact of Brexit on their finances, and 74% of over-64-year-olds. According to polling data from YouGov, 75% of 18- to 24-year-olds voted to remain in the EU. Three-quarters of the millionaires surveyed by UBS said they thought Brexit would have a positive impact on the overall UK economy in the long term, despite the collapse in the value of the pound since the referendum and concerns that it may be more difficult for the UK to trade goods and service after it leaves the EU. However, Tucker said that despite being bullish about their personal finances in a post-EU world, rich people are holding an increasing amount of their wealth in cash to give them more flexibility in case of any financial shocks. “We still see many investors holding on to cash, rather than investing,” he said. “This is especially true of younger investors. In an environment of returning inflation and low interest rates, we recommend looking for investments with a higher return – whether in the UK or around the world.“UK assets have proven more resilient than feared and we expect this trend to continue in the coming months. Even with this positive picture, and the bullish confidence we see on Brexit, investors should still look for a balanced portfolio, rather than sticking all their eggs in this one British basket.” The global super-rich are expected to continue to flock to London despite Brexit, according to a recent report by property consultants Knight Frank. The number of UK-based ultra high-net-worth individuals – those with more than $30m (£24.2m) in assets – is expected to increase by 30% to 12,310 over the next decade. Liam Bailey, Knight Frank’s head of research, said London would remain “the city of choice” for the super-rich from Asia and the Middle East despite concerns over Brexit.“In a European context, London is without doubt the dominant city for the wealthy,” he said. “London is just more accessible for more wealthy people, it is more convenient, more connected and more open than other cities. London attracts talent from around the world, and it will continue to do so.”Bailey said Brexit may have some impact on London’s global appeal, but the UK’s membership of the EU was less important for the world’s richest people than the general population.Topics UBS Banking EU referendum and Brexit  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/mar/22/uk-millionaires-brexit-eu-ubs-wealth-management'|'2017-03-22T13:35:00.000+02:00'
'6d9774919a454af06c6e2e01c35f057b9457afaf'|'Swiss watchmakers expect challenging U.S. market this year'|'Business News - Thu Mar 23, 2017 - 4:18pm EDT Swiss watchmakers expect challenging U.S. market this year left right A Raymond Weil Maestro Beatles watch is displayed at the Baselworld Watch and Jewellery Show in Basel, Switzerland March 23, 2017. REUTERS/Arnd Wiegmann 1/2 left right A Chopard Imperiale watch is displayed at the Baselworld Watch and Jewellery Show in Basel, Switzerland March 23, 2017. REUTERS/Arnd Wiegmann 2/2 By Silke Koltrowitz - BASEL, Switzerland BASEL, Switzerland Swiss watchmakers expect the market to stay challenging this year with the United States, their second-biggest market, showing no signs of recovering, executives told Reuters at an industry fair in Basel. Swiss watchmakers are grappling with declining sales in their biggest markets -- Hong Kong and the United States -- and have been hit by tourist shoppers avoiding Europe for fear of extremist attacks. The trend for shopping online has also kept buyers out of stores, said Efraim Grinberg, chairman and chief executive of Movado Group Inc. (MGI) ( MOV.N ). "We see a significant retail shift, especially in the U.S. The acceleration of the digital shift over the last five years has led to less traffic to retailers," he told Reuters in an interview on Thursday. "You''re seeing some adjustments, but they''ll take time to materialize. Retailers have to up their game to make venues more exciting and there''s also a shift to online sales," he said, adding he didn''t see that resolving very quickly. Shipments of Swiss watches fell 8 percent in January and February, dragged down notably by a 12.4 percent decline in the United States, where shipments also dropped 9 percent last year. U.S.-based MGI, whose brands include Swiss labels Movado and Ebel, on Monday reported a decline in sales and profits for the fiscal year to Jan. 31 and said it expected a mid single-digit drop in sales this year. Ricardo Guadalupe, head of LVMH''s ( LVMH.PA ) Hublot brand, said U.S. sales were flat for the brand so far this year. "The Americans don''t have the same luxury watch culture, it''s not like in China where people love mechanical watches," he said. Laurent Dordet, at the helm of Hermes'' ( HRMS.PA ) watch business, said sales were improving at Hermes boutiques, but multibrand retailers were still facing difficulties in many markets, notably the United States, due to excess stock. Industry major Swatch Group ( UHR.S ) gave a more optimistic forecast last week, forecasting a 7-9 percent rise in sales for 2017. (Reporting by Silke Koltrowitz; Editing by Victoria Bryan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-swiss-watches-idUSKBN16U2UR'|'2017-03-24T04:18:00.000+03:00'
'98d7d434d0c6040c171fb4f1fa244cad344fe083'|'BOJ Funo - Trump policy uncertainty a risk to Japan''s economy'|'  5:46am GMT BOJ Funo - Trump policy uncertainty a risk to Japan''s economy FILE PHOTO: Bank of Japan (BOJ) board member Yukitoshi Funo arrives at his inauguration news conference at the BOJ headquarters in Tokyo, July 1, 2015. REUTERS/Toru Hanai SHIZUOKA, Japan Bank of Japan board member Yukitoshi Funo said on Wednesday uncertainty over the new U.S. administration''s trade, industrial and fiscal policies was among the risks to Japan''s economy. But the former Toyota executive said he was more confident about global economic prospects than a year ago, with U.S. and Chinese economies showing signs of strength. "It''s true there are risks we need to be mindful of. But (global economic) conditions are somewhat brighter now," Funo said in a news conference after meeting business leaders in Shizuoka, eastern Japan. (Reporting by Leika Kihara; Editing by Chang-Ran Kim) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-economy-boj-funo-idUKKBN16T0GN'|'2017-03-22T12:46:00.000+02:00'
'9a14eb284a0c3cdb318edd444a208b87baebf977'|'Elliot Advisors urges Akzo Nobel to ''engage'' with PPG, has built 3 percent stake'|'AMSTERDAM Investor Elliot Advisors Ltd on Wednesday said it was urging Akzo Nobel ( AKZO.AS ) on behalf of itself and other shareholders to "engage" with U.S. rival PPG Industries ( PPG.N ) on a possible takeover.Earlier on Wednesday, Akzo rejected a second takeover bid from PPG as inadequate.Elliott said it had accumulated a stake of more than 3 percent of Akzo''s shares."Although Elliott views PPG’s second bid of EUR 90 per share (cum dividend) as inadequate, it views such level of bid price to be a credible basis for engagement, representing a 39.7 percent premium to Akzo Nobel’s" price before PPG''s initial bid was made known on March 9."Elliott said it believes an "overwhelming majority" of Akzo shareholders agree, citing a survey by Sanford C. Bernstein.(Reporting by Toby Sterling; editing by Jason Neely)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-akzo-nobel-m-a-ppg-inds-elliot-idUSKBN16T1BL'|'2017-03-22T14:25:00.000+02:00'
'f9abeb7221f38bd6c3b915201cbdf640268d6c7f'|'BHP''s Escondida mine says negotiations dissolved; will return to production'|'Company News  45am EDT BHP''s Escondida mine says negotiations dissolved; will return to production SANTIAGO, March 23 The negotiation process between BHP Billiton and striking workers at its Escondida mine in Chile has ended unsuccessfully, Escondida mine president Marcelo Castillo said on Thursday, and the company will try to restart operations. The company will also evaluate an option of the Chilean labor code that would allow miners to work under the previous contract for 18 months, if miners present the option, Castillo said. He added that that option, known as Article 369, would create a complex scenario for both parties. (Reporting by Felipe Iturrieta; Writing by Gram Slattery; Editing by Chizu Nomiyama) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/chile-copper-escondida-idUSC0N1FM02H'|'2017-03-23T20:45:00.000+02:00'
'd8437d79315ac2a1f806b84cb137ce079c8d8db6'|'Exclusive: Westinghouse''s clients gear up for bankruptcy fight - sources'|'Technology News - Wed Mar 22, 2017 - 10:45pm EDT Exclusive: Westinghouse''s clients gear up for bankruptcy fight - sources FILE PHOTO - Visitors look at a nuclear power plant station model by American company Westinghouse at the World Nuclear Exhibition 2014, the trade fair event for the global nuclear energy sector, in Le Bourget, near Paris October 14, 2014. REUTERS/Benoit Tessier/File Photo By Jessica DiNapoli The U.S. utilities that are clients of Toshiba Corp''s nuclear power plant construction subsidiary, Westinghouse Electric Co LLC, have hired advisers to prepare for its potential bankruptcy, according to people familiar with the matter. The move comes as Toshiba sees Westinghouse''s bankruptcy as increasingly likely. The Japanese conglomerate has hired restructuring consulting firm Berkeley Research Group LLC and law firm Skadden, Arps, Slate, Meagher & Flom LLP to help defend it against bankruptcy claims, the people said on Wednesday. Scana Corp and Southern Co, the power utilities which hired Westinghouse to build the first nuclear power plants in the United States in more than 30 years, have also hired restructuring advisers, the people said. This is because, in a potential Westinghouse bankruptcy, Scana and Southern Co would be among Westinghouse''s largest creditors, owed the cost overruns on the projects, which tally in the billions of dollars, one of the people added. The utilities are hoping to recover these costs in a bankruptcy process for Westinghouse, according to the sources. Scana has hired restructuring experts from advisory firm Ducera Partners LLC, while Southern Co is working with investment bank Rothschild & Co, the people said. Scana owns the South Carolina plant under construction, while Georgia Power, a subsidiary of Southern Co, will own plants in Georgia. "Whether or not Westinghouse files for Chapter 11 (bankruptcy) is ultimately a decision for its board, and must take into account the various interests of all of its stakeholders, including Toshiba and its creditors," Toshiba said in a prepared statement. "It is not appropriate for Toshiba to comment prematurely." The conglomerate has also said bankruptcy is one of several options for Westinghouse, which it acquired for $5.4 billion about 10 years ago. The sources asked not to be identified because preparations for a potential Westinghouse bankruptcy are confidential. "We''re continuing to monitor the situation with Westinghouse and are prepared for any potential outcome," Georgia Power said in a prepared statement. Spokespeople for Berkeley Research Group, Scana and Skadden did not immediately respond to requests for comment. Ducera and Rothschild declined to comment. Toshiba has said it would take a $6.3 billion writedown related to Westinghouse, and gained an extension from Japanese regulators until April 11 to submit its latest quarterly financial results or face having its public shares delisted from the Tokyo Stock Exchange. Reuters reported earlier this week that Westinghouse was reviewing proposals for a debtor-in-possession loan exceeding $500 million to help finance its potential bankruptcy. Westinghouse has already hired restructuring counsel, Reuters reported earlier this month. (Reporting by Jessica DiNapoli in New York; Editing by Stephen Coates) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-westinghouse-bankruptcy-idUSKBN16U07Y'|'2017-03-23T09:45:00.000+02:00'
'8b9f6843b2d4d2107c1f5c26cc535541e32147b7'|'UPDATE 2-UK Stocks-Factors to watch on March 23'|' 54am EDT UPDATE 2-UK Stocks-Factors to watch on March 23 (Adds company news items) March 23 Britain''s FTSE 100 futures were flat ahead of the cash market open on Thursday. * NEXT: British clothing retailer Next is "extremely cautious" about prospects for the year ahead, it said on Thursday, as it reported a 3.8 percent fall in annual profit. * GVC HOLDINGS: Online gambling firm GVC Holdings said it would pay a second special dividend for 2016 on the back of strong underlying trading and favourable refinancing. * IG GROUP: IG Group Holdings Plc, a British online trading company, reported a 3.8 percent fall in quarterly revenue as it earned less per client, especially in the United Kingdom and Ireland. * KIER GROUP: Britain''s Kier Group is on track to meet its full-year expectations, the construction and support services company said on Thursday, as it reported a 4 percent rise in first-half profit and a larger order book. * GLAXOSMITHKLINE: Britain''s GlaxoSmithKline and U.S.-based Regeneron Pharmaceuticals are embarking on a joint project with UK Biobank, the world''s most detailed biomedical database, to hunt for new clues linking genes and disease. * SHELL: Royal Dutch Shell agreed to lease capacity at a large oil terminal in Panama that has been used by U.S. refiner Tesoro Corp, sources involved in the deal told Reuters, gaining much-needed storage for its crude operations. * SHELL: Royal Dutch Shell plc, Chevron Corp and Exxon Mobil Corp signalled the oil industry''s return to the Gulf of Mexico''s deep waters with high bids in a government auction up 76 percent over a year ago. * BARCLAYS: UK''s Financial Conduct Authority has relaunched probe into Barclays'' emergency cash call during the financial crisis, the Financial Times reported on Thursday. * HSBC: HSBC is on track to fill 1000 vacancies at the new headquarters of its British retail bank in Birmingham it said on Thursday, with people hired for nearly 450 of the roles. * TESCO: Tesco, Britain''s biggest supermarket, has pulled eight Heineken brands, including Amstel, Sol and Kingfisher beer from its shelves, as part of a move to refine its alcoholic beverages offer, it said on Wednesday. * BHP BILLITON: Leaders of the striking union at BHP Billiton''s Escondida mine in Chile will meet with the rank-and-file before making any additional decisions about negotiations, a union spokesman said after exiting a meeting with BHP on Wednesday. * BRITAIN AUTOS: British car production hit a 17-year high in February, extending a recent trend of surging output as a strong rise in exports once again compensated for a slump in demand at home, an industry body said on Thursday. * BRITAIN WAGES: Most British companies do not expect to offer more generous pay deals to employees this year compared with 2016, adding to signs that higher inflation will gnaw at Britons'' living standards in the months ahead, a survey showed on Thursday. * EX-DIVS: No FTSE 100 companies will go ex-dividend on Thursday, although several mid-caps will go ex-div, after which investors will no longer qualify for the latest dividend payout. * OIL: Oil prices recovered on Thursday from losses chalked up the session before, but the market remained under pressure as bloated U.S. crude inventories and rising output dampen OPEC-led efforts to curb global production. * The UK blue chip FTSE 100 index closed down 0.7 percent at 7,324.72 points on Wednesday, weighed by banks and miners, as investors repriced expectations for fiscal easing from the U.S. and a stronger outlook for sterling compounded weakness in the UK stock market. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Siju Varghese; Editing by Sherry Jacob-Phillips)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1H02SQ'|'2017-03-23T14:54:00.000+02:00'
'0279d6e1509e23e2cd75ba1fd7fb9940f018c8ce'|'Deutsche Bank strategists ''underweight'' on Germany, France; ''overweight'' UK, Switzerland'|'Business News - Thu Mar 23, 2017 - 6:24am GMT Deutsche Bank strategists ''underweight'' on Germany, France; ''overweight'' UK, Switzerland Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, March 22, 2017. REUTERS/Staff/Remote PARIS Deutsche Bank''s European equity strategists on Thursday said they had "overweight" positions on the UK and Switzerland and "underweight" positions on Germany and France, with political risks one of the negative factors for the French market. "Improving macro momentum has been the key driver of the European equity market over the past eight months, leading cyclical country indexes, such as Germany and France, to outperform," Deutsche Bank''s team said in a research note. "We expect both to underperform going forward, as the recent surge in global growth momentum starts to fade," added the note. Deutsche Bank added that the key negative risk for the Paris stock market .FCHI was a victory for far-right National Front leader Marine Le Pen in the French presidential election, although current opinion polls show Le Pen as likely to lose to centrist candidate Emmanuel Macron. (Reporting by Sudip Kar-Gupta; Editing by Amrutha Gayathri) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-stocks-germany-france-idUKKBN16U0H9'|'2017-03-23T13:24:00.000+02:00'
'1a28a4ae2ae644878111ec2987e039454b27f00e'|'A laptop ban will hit Middle Eastern airlines and passengers: America and Britain prohibit large electronic devices in aircraft cabins on some routes'|'NEW intelligence appears to have prompted the decision of the authorities in both America and Britain to prevent the carrying of large electronic devices into the passenger cabins of aircraft flying from several Middle Eastern and North African countries. However, the announcements, which both came on March 21st, raise several unanswered questions. Passengers, and the affected airlines, may be concerned that there is an element of politics behind the new measure, coming as it does in the wake of Donald Trump’s second attempt to ram through a highly controversial executive order restricting travel to America from some Muslim countries.Some speculate that the intelligence may have been gathered by a raid carried out by American special operations forces on al-Qaeda’s affiliate in Yemen, known as al-Qaeda in the Arabian Peninsula (AQAP). One such raid took place on January 29th and left a Navy SEAL and up to 30 civilians dead. Some reports suggested that the botched operation yielded no actionable intelligence. But administration officials maintained that material indicating future AQAP targets was seized. 4 15 AQAP has proved itself in the past to be technically innovative in finding new ways to plant explosives on airliners. There is also some evidence that it is spreading its expertise to other terrorist groups in the region, such as al-Shabab in Somalia, which managed to get an exploding laptop onto a plane leaving Mogadishu in February last year. It is possible that information has only recently become available about new AQAP plans to hide explosives in devices such as laptops, tablets and DVD players.One oddity of the new cabin ban is that America and Britain do not agree on which airports the new measure should apply to. The American version affects departing flights from Saudi Arabia, Jordan, Kuwait, Turkey, Egypt, Morocco, Qatar and the United Arab Emirates (UAE). The British have added Tunisia and Lebanon to their list, while subtracting Kuwait, Morocco, Qatar and the UAE airports. There will be suspicion that America’s inclusion of the UAE and Qatar may not be entirely unconnected with complaints from Delta, American and United about unfair competition from the big Gulf carriers, Emirates, Etihad and Qatar Airways. The three have grown rapidly over the past decade by building up their local hubs and flying anywhere in the world from them.Emirates operates 17 daily flights to 11 American cities, carrying about 7,000 passengers. Between them, Qatar and Etihad have more than 5,500 daily seats to America. A vital part of their model is providing a high-quality business-class service. Firms pay for their employees to fly business class in the expectation that they will get some work done. Taking away their passengers’ laptops will place the affected airlines at a competitive disadvantage. They are already hit by reduced tourism and passenger traffic due to terrorism fears.Economy-class passengers will also suffer. Airlines increasingly charge passengers for baggage they place in the hold. From now on, if they fly from any of the listed airports, they will have no choice other than to pay up. The Gulf hub airports, which compete for international transit passengers, will lose some of their appeal. Passengers in all classes will inevitably have more possessions of high value either pilfered or damaged.A further concern is whether measures against terrorists are being pursued at the expense of basic safety. Most of the devices now destined for the hold are powered by lithium-ion batteries. Safety experts say that luggage acts as an insulator, increasing the likelihood of a faulty battery bursting into flames, igniting other batteries and generating explosive hydrogen gas. A self-immolating laptop in the cabin can be quickly extinguished by the crew. A fire that breaks out in the hold is far harder to deal with. Passengers will want to know whether proper risk analysis was carried out before these decisions were made.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21719514-america-and-britain-ban-large-electronic-devices-aircraft-cabins-some-routes-america-and?fsrc=rss'|'2017-03-23T22:43:00.000+02:00'
'2379af55d793c241d91e53f089348c2731fb136a'|'Trucking business Eddie Stobart seeks listing on London''s AIM'|'Business News - Thu Mar 23, 2017 - 8:22am GMT Trucking business Eddie Stobart seeks listing on London''s AIM Eddie Stobart, known for its fleet of green and red lorries, is seeking to raise about 130 million pounds ($163 million) through a listing on London''s junior market, its investors'' holding company said on Thursday. The money raised from the initial public offering will allow Eddie Stobart to pursue both organic and acquisition-led growth in a highly fragmented market that is flourishing on the back of the booming European e-commerce sector, holding company Greenwhitestar UK said. Eddie Stobart is targeting a market capitalisation in excess of 550 million pounds and expects its shares to start trading on the Alternative Investment Market in April. The listing comes a little more than three years after the trucking and distribution business was taken private with Stobart Group''s ( STOB.L ) sale of 51 percent of the company for 239.7 million pounds to a group then led by William Stobart, son of the parent company''s founder Eddie Stobart. The group was backed by asset management firm DBAY Advisors. The AIM listing will also allow Greenwhitestar UK -- which is 51 percent owned by funds advised by DBAY Advisors and its co-investors and 49 percent by the Stobart Group -- to reduce its stake in Edddie Stobart to no more than 30 percent. Cenkos Securities ( CNKS.L ) is acting as broker to the company. (Reporting by Esha Vaish in Bengaluru; Editing by David Goodman) Next In Business News Most UK employers do not plan to raise pay to match rising inflation - XpertHR LONDON Most British companies do not expect to offer more generous pay deals to employees this year compared with 2016, adding to signs that higher inflation will gnaw at Britons'' living standards in the months ahead, a survey showed on Thursday. LONDON British car production hit a 17-year high in February, extending a recent trend of surging output as a strong rise in exports once again compensated for a slump in demand at home, an industry body said on Thursday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eddie-stobart-ipo-idUKKBN16U0R3'|'2017-03-23T15:22:00.000+02:00'
'86a55332240d4eb62204687d604a982f38aafee6'|'Caixa Geral de Depositos to price €500m AT1 at 10.75%'|'By Alice Gledhill LONDON, March 23 (IFR) - Caixa Geral de Depositos will price a €500m no-grow perpetual non-call five-year Additional Tier 1 bond at 10.75%, according to a lead.Books have passed €2bn. Leads started marketing the deal earlier on Thursday at an 11% to 11.5% coupon.The deal, expected to be rated B- by Fitch, will price later today via joint leads managers Barclays, Caixa - Banco de Investimento, Citigroup, Deutsche Bank and JP Morgan.The bonds will be written down on a temporary basis should the bank''s Common Equity Tier 1 fall below 5.125%. (Reporting by Alice Gledhill, Editing by Helene Durand)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/caixa-geral-dep-bonds-idINL5N1H03R9'|'2017-03-23T09:19:00.000+02:00'
'80498fb7cd371e36776ebc4fddf375c2e796c8e2'|'World’s Biggest Meat Producer Struggles With Bad Beef Allegations'|'Not long ago, JBS SA was in the vanguard of Brazil’s global ambitions, transforming itself into the world’s largest meat producer by snagging overseas rivals in a decade-long, $20 billion acquisition spree. Now, just as Brazil is mired in recession and a seemingly endless corruption scandal, JBS is facing a crisis of its own.Authorities in Brazil said on March 17 they’re investigating evidence that employees of JBS and at least 20 other companies bribed government officials to approve the sale of tainted meat . Federal police raided slaughterhouses and alleged some operators stuffed sausages with cardboard, used acid to mask the smell of spoiled steaks, or knowingly shipped salmonella-tainted cold cuts. In a statement, JBS says it “is not accused of selling tainted or rotten meat,” nor have any actions been taken against JBS executives or managers.Although the accusations involved only a small part of JBS’s operations in Brazil, they add to a series of allegations over the past 14 months that have been piling up against the company’s controlling shareholders, the billionaire Batista family and its holding company , J&F Investimentos. Federal police raided the parent company’s São Paulo headquarters twice last year in other corruption probes , and the federal budget court is investigating injections of capital into JBS by a state development bank.J&F has repeatedly denied any wrongdoing, and longtime investors to a large extent have stood firm behind them. However, the barrage of accusations is the biggest blow to JBS’s reputation and could undo years of hard-won growth. The latest crisis “could actually be quite serious,” because it not only raises doubts about the safety of the company’s key product but involves claims of bribery, says David Tawil, a co-founder of Maglan Capital in New York. What troubles investors most is that the scandal could further delay plans for an initial public offering in New York of JBS’s non-Brazilian assets and its Brazilian processed-food unit. JBS had been expected to carry out the sale by midyear, but “if there’s any truth to these allegations, then the IPO won’t even be a possibility,” Tawil says.Beyond imperiling the company’s stock offering, the tainted meat scandal complicates Brazil’s efforts to emerge from a two-year recession that’s the worst on record . The fallout was swift when an investigation was announced. China, the European Union, and Singapore were among major importers that rushed to set limits on supplies from Brazil, the world’s top exporter of beef and chicken. A temporary ban in Asia could be particularly painful: China and Hong Kong consume about a third of the Latin American nation’s $5.5 billion in annual beef exports.The crackdown and investigation, called Operation Weak Flesh, is looking into the role of 33 federal food-safety inspectors; more than 30 arrest warrants have been issued. Police have also released transcripts of recorded conversations in which alleged bribes—sometimes in the form of prime cuts of beef—were discussed. In one instance, police videotaped a JBS employee arriving at an inspector’s house with a Styrofoam cooler so heavy it took two people to carry it inside. In a joint statement, the federal police and the agriculture ministry said the alleged actions of the meat inspectors don’t “represent a generalized malfunction of Brazil’s inspection system.”Since the scandal broke, JBS and BRF SA, Brazil’s biggest chicken producer, also named in the investigation, have been bombarding Brazilian consumers with full-page ads and prime-time TV spots extolling the safety of their products. Brazilian President Michel Temer tried to calm international anxieties by taking ambassadors from China and other importing nations to an all-you-can-eat steakhouse on March 19.Key buyers of Brazilian meat may have little choice but to stay the course. The U.S. Department of Agriculture says Brazil accounted for almost 40 percent of the world’s broiler-meat exports in 2016. The U.S., the world’s second-largest exporter, has been banned from shipping its chicken to China and other countries since 2015, when an outbreak of bird flu in the American Southeast wiped out more than 48 million birds. As bird flu spreads, “the world doesn’t have many supply alternatives left,” says Ricardo Santin, a director at Brazil’s chicken and exporter group, ABPA . The outlook for JBS’s stock and bonds is less certain. Until the recent raids and allegations, JBS hadn’t been directly accused of any wrongdoing in investigations involving the Batistas’ holding company. Now it can’t escape the spotlight. “Selling proteins that aren’t fit for human consumption generates horrible headlines,” says Ray Zucaro, chief investment officer of Miami-based RVX Asset Management LLC. “I don’t think this scandal is the one that will blow them up, but it’s another scratch in their armor.”— With Aline OyamadaThe bottom line: Corruption scandals and a raid on slaughterhouses could singe JBS, the world’s largest meat producer.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'http://www.bloomberg.com/news/articles/2017-03-23/world-s-biggest-meat-producer-struggles-with-bad-beef-allegations'|'2017-03-23T16:00:00.000+02:00'
'f4de36b0c2ee2d19b87ca3628a994c5d4b3529c0'|'Stuttgart prosecutor probes Daimler employees for potential fraud'|'Business News   3:18pm GMT Stuttgart prosecutor probes Daimler employees for potential fraud FRANKFURT The public prosecutor''s office has launched an investigation against employees at German carmaker Daimler ( DAIGn.DE ), on suspicion of fraud and misleading advertising, it said on Wednesday. "We are investigating known and unknown employees at Daimler," said the public prosecutor in Stuttgart, Germany, declining to comment further, because it is an ongoing matter. The probe is tied to vehicle emissions. Stuttgart-headquartered Daimler said it is fully cooperating with the authorities, declining to comment further given the ongoing nature of the investigation. Daimler however said that Germany''s Transport Ministry and Vehicle Type Approval authority had conducted emissions tests on its cars and had found no violations. German weekly Die Zeit earlier on Wednesday reported that some diesel powered Daimler cars may have been manipulated to pass emissions tests. Daimler declined to comment on the report. (Reporting by Edward Taylor; Editing by Arno Schuetze) Next In Business News Britain-based banks moving to Europe may get easier entry, ECB says FRANKFURT Banks looking to move from Britain to the euro zone after Brexit may be given an expedited entry, with supervisors willing to spare them from a lengthy initial test of their risk models, a top European Central Bank official said on Wednesday. UK economy growing solidly despite inflation hit - BoE report LONDON Britain''s economy looks set to defy a slowdown again this year as the country moves closer to leaving the European Union, with the hit to shoppers from surging inflation partly offset by more investment and exports, a Bank of England report suggested. Barclays     MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-daimler-emissions-prosecutor-idUKKBN16T21W'|'2017-03-22T22:18:00.000+02:00'
'9fe221af49007447631f0cf17fe5780b26ef69b4'|'Asia firms'' confidence hits near two-year high on U.S., China pick-up - Thomson Reuters/INSEAD'|'Business News - Wed Mar 22, 2017 - 3:25am GMT Asia firms'' confidence hits near two-year high on U.S., China pick-up - Thomson Reuters/INSEAD left right Motorists ride to work on a bridge during morning rush hour in Taipei, Taiwan March 14, 2016. REUTERS/Tyrone Siu 1/2 left right A man walks along a wall overlooking the central Mumbai''s financial district skyline, India, March 9, 2017. REUTERS/Danish Siddiqui 2/2 By Yawen Chen and Ryan Woo - BEIJING BEIJING Business sentiment at Asia''s top companies rose to its highest in almost two years in the first quarter of 2017, buoyed by positive economic signs from the United States and China that underpinned improved global demand, a Thomson Reuters/INSEAD survey showed. The Thomson Reuters/INSEAD Asian Business Sentiment Index .TRIABS RACSI, representing the six-month outlook of 96 firms, rebounded to 70 for January-March from 63 three months prior. A reading over 50 indicates a positive view. During the quarter, the United States and China - two top destinations for Asian exporters - reported a slew of upbeat economic data that was far better than market expectations. "Optimism about the U.S. economy, lack of immediate crisis in China, lack of bad news in Europe ... have reduced some of the immediate risks," said Singapore-based economics professor Antonio Fatas at global business school INSEAD. Sentiment in export-oriented Malaysia rebounded the most, with its subindex jumping 20 points to a three-year high of 75, as most respondents reported an increase in business volume and a third said staffing had risen in the past three months. Sentiment also surged in the Philippines by 18 points, with a subindex of 88 making the country the most optimistic in Asia. In other export-driven Asian countries too, such as Taiwan, Singapore and Thailand, corporate sentiment improved significantly, while China and India recorded a slight decline from the previous quarter. "Stronger-than-expected export numbers have provided quite a relief for those economies, at least more than they have for China or India which are more domestically oriented," said Santitarn Sathirathai, head of emerging Asia economics at Credit Suisse in Singapore. But for Chinese companies such as beauty app Meitu ( 1357.HK ), strong domestic appetite for new services and goods in the country also points to a brighter business outlook that will see user traffic translate into profit. "The fact that Chinese consumers are demanding upgraded products and services for beauty and entertainment is the basis of our confidence in business outlook in the next six months," a spokesman said. While the United States remains a powerful player in Asia, Asian economies have stepped up trade with China, whose growing presence was highlighted after the U.S. withdrawal earlier this year by President Donald Trump from the 12-nation Trans Pacific Partnership. Fearing trade retaliation by China over the deployment of a new missile system, on top of a political crisis that led to the ouster of President Park Geun-hye, South Korean firms'' business sentiment - the weakest of 11 economies polled - tumbled 32 points to a subindex of 25, the lowest in almost five years. China is South Korea''s largest trading partner. OVERLY OPTIMISTIC? Economists say the current high level of optimism may have been built on shaky ground as a series of risk events are expected to re-emerge soon. "There''s a lot of positive sentiment around but there''s a risk that people are simply extrapolating forward the recent better news," said Capital Economics'' chief Asia economist Mark Williams. Despite the broader improvement in sentiment in the region, uncertainty over Trump''s policies, U.S dollar rate and demand from China were still seen as the biggest risks to Asian companies'' outlooks. "The same confidence in the U.S. is met by many respondents worried about Trump policies," INSEAD''s Fatas noted, adding that Europe will be "back in the risk lists" as French elections, whose results could fuel growing global trade protectionism sentiments, are just around the corner. Credit Suisse''s Sathirathai said China''s focus on stability this year ahead of a major power reshuffle also means Beijing is less keen to splurge on stimulus, which could potentially impact trade-dependent Asian nations. China concluded its annual parliament meeting last week, at which policymakers set a more modest growth target in 2017 as it turns to tackling financial risks. Thomson Reuters and INSEAD polled companies from March 3 to 17. Of 96 respondents, 48 percent rated their six-month outlook as positive, 43 percent were neutral and 8 percent were negative. The Asia Pacific branch of British publishing company Taylor & Francis Group, part of Informa Plc ( INF.L ), was cautious about its outlook. Barry Clarke, managing director of Asia Pacific at the group, said that was partly because last year was much better than expected. "We wouldn''t expect the same kind of growth." FINANCIAL FIRMS MOST UPBEAT By sector, companies engaged in financial services were the most upbeat with the subindex rising to a near four-year high of 75 from 61 in the previous quarter, driven by optimism about a normalisation of monetary policy globally and a rollback in onerous regulations. The auto industry recorded the biggest jump in sentiment by increasing 27 points to 67 in the quarter. Sentiment was the lowest in the metals and chemical sector, falling to negative territory for the first time with a subindex at 40. The sector mentioned U.S dollar rate among its biggest concerns. Respondents included Australia''s Medibank ( MPL.AX ), India''s Reliance Industries ( RELI.NS ), Bank Rakyak Indonesia ( BBRI.JK ), Japan''s Suzuki Motor ( 7269.T ) and SoftBank ( 9984.T ), Malaysia''s Kossan Rubber ( KRIB.KL ), Union Bank of the Philippines ( UBP.PS ) and Thailand''s Intouch Holdings ( INTUCH.BK ). The index started in 2009 with a record low of 45, but has largely hovered between 60 and 70 since hitting a record high of 80 at the beginning of 2011. Note: Companies surveyed can change from quarter to quarter. For a graphic on ''Business sentiment index'', click: tmsnrt.rs/2mnCKQD For a graphic on '' Biggest perceived risks'', click: tmsnrt.rs/2gU9mL9 For a PDF of the survey, click: tmsnrt.rs/2modp93 (Reporting by Yawen Chen and Ryan Woo; Editing by Muralikumar Anantharaman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-asia-businesssentiment-idUKKBN16T09K'|'2017-03-22T10:12:00.000+02:00'
'fdf44ce81331d63744a20026c002b9e72efd288f'|'Staff levels at BMW''s Dutch Mini assembly plant to overtake UK''s'|'  5:24pm GMT Staff levels at BMW''s Dutch Mini assembly plant to overtake UK''s left right FILE PHOTO: Workers assemble cars at the plant for the Mini range of cars in Cowley, near Oxford, Britain June 20, 2016. REUTERS/Leon Neal/Pool/File Photo 1/3 left right FILE PHOTO: Visitors pass by a booth with long wheelbase BMW X1 xDrive25Li displayed during Auto China 2016 auto show in Beijing April 25, 2016. REUTERS/Kim Kyung-Hoon/File Photo 2/3 left right FILE PHOTO: A sign is seen on a long wheelbase BMW X1 xDrive25Li after it was presented during the Auto China 2016 auto show in Beijing April 25, 2016. REUTERS/Damir Sagolj/File Photo 3/3 FRANKFURT BMW''s ( BMWG.DE ) X1 model will be built in the Netherlands, it said on Wednesday, boosting staff levels at Mini''s contract manufacturer VDL Nedcar beyond those at the German carmaker''s plant in Oxford, England, where the Mini hatch is made. Harald Krueger, BMW''s Chief Executive, said on Tuesday that more production could move to the Netherlands depending on the outcome of Britain''s negotiations to leave the European Union. BMW has 4,600 staff working in Oxford, while VDL currently employs 4,500 staff. Both plants produce the Mini. Adding production of the X1 in August will boost Dutch staff numbers to more than 5,000, marking a sharp rise from only 1,500 in 2012. British   May said this week she will trigger EU divorce proceedings on March 29 and Krueger''s comment comes as BMW decides where to build an electric Mini this year. "The UK remains an important location for us. Much will depend on how Brexit is ultimately negotiated. At the BMW Group, we are preparing for different scenarios. Our production network offers us flexibility," Krueger said at the company''s annual results conference. While Oxford still builds more cars, having produced 210,971 vehicles last year compared with 87,609 cars made by VDL in the same period, the Dutch plant at Born could produce up to 200,000 if it operated a two shift system. BMW is deciding where to make an electric version of its Mini this year, with factories in England, the Netherlands and Germany vying for the business. VDL said it started making a plug-in hybrid version of the Mini countryman this month, adding some electric vehicle expertise to its production site, which already makes the Mini 3-door, the Mini Convertible and the Mini Countryman BMW said the electric motors installed in the Mini Countryman are supplied from BMW''s factory in Dingolfing, Bavaria. VDL said it won the contract to build the X1 because extra capacity was needed to supplement the BMW plant in Regensburg. Because the X1 and the Mini are both based on BMW''s UKL platform, production of the X1 could theoretically have been shifted to Oxford, BMW executives have said. (Reporting by Edward Taylor; Editing by Alexander Smith)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-bmw-idUKKBN16T2FA'|'2017-03-23T00:20:00.000+02:00'
'de9936fb4a528d62cc2f9fbec55cd79e8dd61f3a'|'Japan''s Tepco set to announce revised business plan: media'|'TOKYO Tokyo Electric Power Co (Tepco) ( 9501.T ) will announce the main points of a revised business restructuring plan on Wednesday, Japanese media reported, as it looks to speed reforms and boost earnings to meet the costs of the Fukushima nuclear disaster.The plan would likely involve an expansion of Tepco''s business overseas to help it earn 500 billion yen ($4.5 billion) in annual profits in coming decades to pay for decommissioning and compensation related to the 2011 disaster, the Nikkei business daily said.A Tepco spokesman said the company has not yet set a schedule for announcement.The plan would also aim to combine the domestic fossil fuel plants of Tepco and Chubu Electric Power Co ( 9502.T ) under their joint fuel venture JERA Co, the Sankei newspaper said, in line with recommendations by the trade ministry''s committee on Tepco reform.Tepco and Chubu Electric have said they plan to make a final decision on whether to merge their fossil fuel plants by around May 2017.Japan''s government in December nearly doubled its projections for costs related to the Fukushima disaster to 21.5 trillion yen ($192 billion), increasing pressure on Tepco to step up reform and improve its performance.(Reporting by Osamu Tsukimori; Editing by Richard Pullin)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-japan-tepco-idUSKBN16T049'|'2017-03-22T04:09:00.000+02:00'
'fc6b3c49c42cfd3e52c4d911bafa994cb9a41a9f'|'Hospital, Medicaid insurer shares set for volatility as health vote nears'|'Aerospace & Defense   4:35pm EDT Hospital, Medicaid insurer shares set for volatility as health vote nears Traders work on the floor of the New York Stock Exchange (NYSE) shortly after the opening bell in New York, U.S., March 21, 2017. REUTERS/Lucas Jackson By Lewis Krauskopf and Michael Erman - NEW YORK NEW YORK The slumping U.S. healthcare stocks at the center of efforts to dismantle the Affordable Care Act are expected to stay volatile as Republican legislation heads into a vote on Thursday that could signal how protracted their battle to repeal the law will be. In the two weeks since Republicans unveiled their plan to overhaul the law, known as Obamacare, shares of hospital operators and Medicaid-focused health insurers have struggled - with some stocks falling more than 10 percent - due to concerns the benefits the companies gained from coverage expansion will diminish. Investors and analysts expect more sharp moves in reaction to new developments with the bill as the process evolves, starting with Thursday''s expected vote on the legislation in the House of Representatives. "They definitely are trading off of headlines and that’s mainly because the situation is very fluid currently," said Mark D’Cruz, senior investment analyst at Key Private Bank in Cleveland. D''Cruz manages investment strategies that hold shares of large diversified health insurer Aetna ( AET.N ) but no hospitals or smaller Medicaid insurers. "I don’t think there’s much upside right now from trying to guess what the final outcome of the legislation will be," D''Cruz said. Hospital shares have slumped since House Republican leaders unveiled their Obamacare repeal plan on March 6. Shares of HCA Holdings ( HCA.N ), by far the most valuable publicly traded hospital operator, have fallen about 7 percent while shares of Tenet Healthcare ( THC.N ) tumbled 22 percent. Concerns about the stocks heightened after congressional researchers estimated 24 million people will lose healthcare by 2026, which could mean a return to massive unpaid patient bills for hospitals. "Hospitals benefited dramatically from Obamacare, simply because all of a sudden they had more people with insurance and less bad debt expense," said Scott Schermerhorn, chief investment officer with Granite Investment Advisors, which does not own hospitals. "And now it looks like it’s going the other way." The recent declines blunted momentum in hospital stocks, which had been rising to start 2017. The enterprise values of hospital companies are generally around 6.5 times to 7 times their expected operating earnings, which is still above their historic low of about 6 times, according to Jefferies analyst Brian Tanquilut, suggesting the stocks could have more room to fall. "A lot of investors are asking the question: Do I need to be in the hospital group right now when I know there’s going to be a lot of volatility?" Tanquilut said. Shares of health insurers that specialize in managed care for the Medicaid program for low income Americans have also been pressured, with the legislation set to roll back an expansion of Medicaid. Since the bill''s introduction, shares of insurers Centene ( CNC.N ) and WellCare Health Plans ( WCG.N ) have declined about 4 percent each. Shares of Molina Healthcare ( MOH.N ), which also issued disappointing financial results in mid February, have tumbled 11 percent. Larger insurers, which derive a smaller portion of business from Medicaid, have seen less impact to their shares. "On the insurer side, it’s a little bit more complicated," said John Nolan, portfolio manager at WBB Asset Management, noting that he would avoid insurers with heavy Medicaid exposure. (Reporting by Lewis Krauskopf) Wednesday Morning Briefing Donald Trump is trying to win the first major legislative battle of his presidency – an overhaul of his predecessor’s healthcare plan. Pressure is growing on the businessman-turned politician to deliver as investors become worried that a failed healthcare push could also portend trouble for promised tax cuts and relaxed regulation that have propelled the market to record highs in recent months. U.S. stock markets showed their worst one-day performance since the November election Tuesday.http://w Top British bosses earn nearly 400 times more than minimum wage LONDON The heads of Britain''s top 100 listed companies earn on average almost 400 times more than a worker on the minimum wage, according to analysis that will add fuel to the fire of a debate about inequality in the country. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-obamacare-stocks-idUSKBN16T2X4'|'2017-03-23T03:35:00.000+02:00'
'4892b44536cdca74127881c697a6766fb11e044e'|'Mobileye deal to fuel investment in late-stage Israeli start-ups'|'Technology News - Wed Mar 22, 2017 - 12:25pm EDT Mobileye deal to fuel investment in late-stage Israeli start-ups The logo Israeli driverless technology firm Mobileye is seen on the building of their offices in Jerusalem March 13, 2017. REUTERS/Ronen Zvulun By Tova Cohen and Steven Scheer - TEL AVIV TEL AVIV Intel''s $15.3 billion acquisition of Mobileye has catapulted Israeli hi-tech into the global league, and is likely to stimulate investment in the sector''s other late-stage startups, where funds are most needed. Fundraising in late-stage startups - more mature firms that are already selling products rather than just the bright but unexploited ideas of entrepreneurs - has begun to increase. According to the Israel Venture Capital (IVC) Research Center, it rose to $2.9 billion in 2016 from $2.4 billion in 2015 as investors search for a higher yield on their investments. Venture capitalists believe the U.S. semiconductor giant''s purchase last week of Mobileye, which specializes in technology for driverless cars, should accelerate the trend. "A concern over the years has been that compared to the U.S., Israel cannot produce outsized returns," said Adam Fisher, a partner who manages the Israel office for California-based venture capital fund Bessemer. "Mobileye is a perfect example of how a big business can be built in Israel and how a large corporate will not hesitate to pay a strategic premium for the business despite its location." The price was about 21 times Mobileye''s expected 2017 revenue, or more than six times more expensive than the semiconductor industry''s three-year deal average. Until recently, many Israeli tech firms failed to grow enough to stay independent. Global companies, keen to tap into the skills of workers trained in the military and intelligence sectors, often bought them before they floated on the share market or when they were still small-cap stocks on the Nasdaq exchange. This was the case with Waze, the Israeli map app, which Google bought in 2013 for $1.15 billion. That same year, Wix, an Israeli startup which helps people build websites, made its market debut on New York''s Nasdaq, raising $127 million seven years after the company was founded. Only a few, such as cyber security firm Check Point Software Technologies, which has a market valuation of almost $18 billion, have succeeded in remaining independent. Defense tech specialists such as Elbit Systems are largely off limits to foreign investors for Israeli national security reasons. Michael Eisenberg, a partner at the Aleph VC, said the Mobileye sale signaled to late-stage financiers that they can expect much more significant returns on their investments. "It''s an accelerant and a belief that there is no glass ceiling for Israeli companies," said Eisenberg, who also manages the portfolio of U.S. VC Benchmark in Israel. Autotalks, a provider of vehicle-to-vehicle communication for improving road safety, said on Wednesday it raised $30 million in late-stage funding from investors including Samsung''s Catalyst Fund, bringing to $70 million its total raised to date. Venture capitalists typically seek returns of 3-10 times their overall investment over time, with those investing at an early stage expecting a higher multiple than at the later stage. Long known as the "startup nation", Israel is maturing into a "scale-up nation", said Steven Schoenfeld, founder of BlueStar Indexes, which develops indexes and exchange traded-funds (ETF) that track Israeli stocks. However, Israelis are largely missing out on their own success as local institutions shy away from investing in technology companies, especially those listed abroad. Israeli institutions, which are typically conservative, tend to stick with indexes and benchmarks from the Tel Aviv exchange, he said. Mobileye now accounts for 16 percent of BlueStar''s Israeli technology index. The ETF that tracks the index has gained 13.8 percent so far this year to an all-time high, while the Nasdaq is up 9.6 percent. Schoenfeld pointed to software provider Amdocs and Wix as examples of other companies "going the distance" by staying independent for longer. Cyber security firm CyberArk, which is traded on Nasdaq, is another with strong growth potential. AUTOMOTIVE CENTRE Mobileye understood it could grow only so much on its own. The company has expanded rapidly in the two years since its New York share offering into mapping, systems building and intelligence of driving. "All of these take time to build and time to get resources and Intel already has these resources," said Mobileye co-founder Amnon Shasuha. "If we want to ... be the key player in autonomous driving, we need to think about it as an industry and not as a product." With more than 200 startups Israel is a growing center for automotive technology. Last year startups in the sector raised $681 million, nearly double the amount in 2015, according to the IVC. Due to Mobileye, car manufacturers and their suppliers have been "making the pilgrimage" to Israel for the last several years and met with other startups, Fisher said. The sector is already enjoying robust pricing for M&A and the Mobileye deal will continue that, he said. Potential acquirers "will more likely be the traditional tech companies that have a declared interest in the automotive sector rather than car companies themselves, but the latter wouldn’t surprise me either," Fisher said. Bessemer has invested in depth sensor technology company Oryx Vision as well as Otonomo, which developed a connected car data exchange, and Vayyar, a provider of 3D imaging sensors. Argus Cyber Security, which has raised $30 million and collaborates with Qualcomm, is linking the automotive sector with another of Israel''s most vibrant sectors - cyber security - helping to prevent connected cars from being hacked. The Mobileye deal, said Argus CEO Ofer Ben-Noon, could accelerate his company''s growth. "There is no doubt there will be more investments in Israel for automotive, and a lot more M&A," he said. Car makers General Motors, Daimler, Volvo and Honda have all opened research and development centers in Israel. Josh Kram, senior director for Middle East Affairs at theU.S. Chamber of Commerce, noted that about 300 American companies have R&D centers in Israel, including Intel. "Now they are moving into the autonomous space and purchasing Mobileye has catapulted them to the next level," he said. "It''s a win-win for both companies." (editing by David Stamp)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-tech-israel-idUSKBN16T29E'|'2017-03-22T23:25:00.000+02:00'
'a44b0b91d74d32ecc2c20de22bbb34d1b27aa0a0'|'Brazil''s Andrade Gutierrez tries to sell Cemig, other stakes - report'|'Business News - Sun Mar 26, 2017 - 5:20pm BST Brazil''s Andrade Gutierrez tries to sell Cemig, other stakes - report SAO PAULO Brazilian conglomerate Andrade Gutierrez is looking to sell stakes in power utility Cemig, hydroelectric dam Santo Antonio and call centre group Contax as it tries to cut debt and expand abroad after a corruption scandal, its chief executive officer said in a newspaper interview published on Sunday. CEO Ricardo Sena told Folha de S.Paulo the group is negotiating acquisitions in the U.S. and British construction sectors as it turns away from public works in Brazil that dragged it into the country''s biggest-ever graft investigation. Andrade Gutierrez was one of the major engineering groups to reach a leniency deal with antitrust agency Cade in November, but Sena said progress has been slow in talks with federal auditing authorities that hold power over public contracts. Without enough private-sector contracts to make up for lost government business, Andrade Gutierrez is eyeing the sale of nearly all of its Brazilian holdings, except for its construction division and a stake in toll road operator CCR SA ( CCRO3.SA ), Sena told Folha. That includes stakes in state-controlled power utility Cia Energetica de Minas Gerais ( CMIG4.SA ), or Cemig, call centre operator Contax Participações SA ( CTAX3.SA ) and the Beira Rio stadium, home to soccer club Internacional, he said. The asset sales could bring the group''s debt down to 1.6 billion reais (413 million pounds) from 4 billion reais currently, Sena told the paper. Press representatives for Andrade Gutierrez did not immediately respond to questions about the interview. (Reporting by Brad Haynes; Editing by Jeffrey Benkoe) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-andrade-gutierrez-divestiture-idUKKBN16X0SH'|'2017-03-27T00:20:00.000+03:00'
'3c10df37d88e60cd9872b080a079991220699240'|'Largest Dutch construction group prepares for pre-summer IPO - sources'|'FRANKFURT/AMSTERDAM, March 23 VolkerWessels, the largest Dutch construction company, is preparing a stock market listing which may value the family-owned business at more than 2 billion euros ($2.15 billion) including debt, people close to the matter said.The company''s main shareholders are expected to offer a stake of 20 to 49 percent of the company in the initial public offering, depending on investor demand, the people said.VolkerWessels has already held analyst presentations and is working with Morgan Stanley, Bank of America, ING and ABN Amro as global coordinators on the deal, while Kempen is acting as IPO advisor, the sources said.The target date for an IPO would be May or June."We are exploring an IPO and when it is appropriate, we will make further announcements", Chairman Jan de Ruiter said at the company''s annual news conference last week.The banks declined to comment or were not immediately available for comment.The company was founded in 1854, when Adriaan Volker started business as an independent building contractor in the town of Sliedrecht. The company merged with peer Kondor Wessels in 1997 and rebranded as VolkerWessels five years later.VolkerWessels posted earnings before interest, tax, depreciation and amortization of 254 million euros on a turnover of 5.5 billion euros last year.Peers such as Oranjewoud, Vinci, ACS , Strabag and Porr trade at 6 to 9 times their expected annual core earnings.The Dutch building industry is benefiting from a surging property market after years of deep recession following the 2008 financial crisis. Turnover in the sector as a whole rose a solid 6.3 percent in 2016, but remains 8 percent below pre-crisis levels.A construction boom, mainly in housing and utilities projects, has led to a shortage of workers, although there are 100,000 fewer people employed in the sector than in 2008, according to Statistics Netherlands. ($1 = 0.9285 euros) (Reporting by Arno Schuetze and Anthony Deutsch; Editing by Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/volkerwessels-ipo-idINL5N1H02F1'|'2017-03-23T07:13:00.000+02:00'
'6f0335da129c2d0d09272153544ac646ec6c3be1'|'CEE MARKETS-Stocks rebound, shrug off Polish PM''s warning to EU'|'* Regional stocks dip initially on news about PZU, OTP Bank * PZU fires CEO, Groupama places OTP shares at low price * Polish PM says may block the EU''s Rome declaration * Polish bonds firm slightly ahead of auction By Sandor Peto BUDAPEST, March 23 Central European stocks rebounded on Thursday, tracking Western European peers and shrugging off a warning from Polish Prime Minister Beata Szydlo that her country may block a political roadmap for the European Union. Regional share indices dipped in early trade after eastern Europe''s biggest insurer, Warsaw-listed PZU fired its chief executive, and OTP Bank shares were sold at a low price in a private placement. Regional indexes quickly rebounded as Western European stocks held steady. PZU shares fell by more than 3 percent after the company fired CEO Michal Krupinski without giving any reason. The fall pushed Warsaw''s bluechip equities index only slightly into the red as the shares of oil group PKN Orlen and refiner Lotos firmed after some rise in oil prices. Hungarian oil group MOL shares also rebounded following an early dip after the company announced plans for a 1:8 split in its shares which trade around 20,500 forints ($71.58), a price too high from some retail investors. The split will lift the turnover of MOL shares and their weight in various stock indices, Erste analysts said in a note. "MOL is one of the cheapest oil stocks in the region," they said. The shares of the region''s biggest independent bank, OTP fell to a 4-month low of 8,044 forints due to news that Groupama sold stocks equivalent to about 3 percent of OTP''s capital at 7,800 forints in a private placement. But the shares quickly rebounded to 8,216 forints, above Wednesday''s close. "Only big-size institutional investors could take part (in Groupama''s sale), therefore the stocks probably got into steady hands," Erste said in the note. Regional currencies were also steady, with the Polish zloty rebounding from an early fall, shrugging off renewed tension between Warsaw and the European Commission. In Poland, Szydlo said Warsaw may not accept the coming Rome declaration which will chart the EU''s course after Britain leaves, if Warsaw''s claims -- including the strengthening of national governments -- are ignored. Polish government bonds firmed slightly ahead of an auction, with the yield on the 10-year paper dropping 2 basis points to 3.57 percent. CEE SNAPS AT 1009 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 27.02 27.02 +0.0 -0.05 10 00 0% % Hungary 309.0 308.8 -0.05 -0.07 forint 500 850 % % Polish 4.273 4.273 +0.0 3.05% zloty 5 6 0% Romanian 4.550 4.557 +0.1 -0.33 leu 0 6 7% % Croatian 7.417 7.410 -0.09 1.86% kuna 0 2 % Serbian 123.7 123.9 +0.1 -0.33 dinar 600 600 6% % Note: daily calculate previ close 1800 change d from ous at CET STOCK S Lates Previ Daily Chang t ous e close chang in e 2017 Prague 977.6 978.9 -0.13 +6.0 1 1 % 8% Budapest 31905 31827 +0.2 -0.30 .48 .13 5% % Warsaw 2221. 2223. -0.11 +14. 41 84 % 04% Bucharest 7964. 7969. -0.06 +12. 43 25 % 41% Ljubljana 793.0 792.9 +0.0 +10. 0 0 1% 51% Zagreb 2067. 2081. -0.68 +3.6 14 26 % 2% Belgrade <.BELEX15 738.3 745.8 -1.01 +2.9 > 1 8 % 2% Sofia 639.2 639.7 -0.08 +9.0 3 2 % 0% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.45 -0.04 +031 -5bps > 8 8 bps 5-year <CZ5YT=RR 0.222 0.066 +055 +7bp > bps s 10-year <CZ10YT=R 0.994 -0.00 +059 +0bp R> 6 bps s Poland 2-year <PL2YT=RR 2.074 0.008 +284 +1bp > bps s 5-year <PL5YT=RR 2.954 -0.01 +328 -1bps > 2 bps 10-year <PL10YT=R 3.578 -0.02 +318 -2bps R> 8 bps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep < 0.3 0.33 0.4 0 PRIBOR=> Hungary < 0.3 0.38 0.52 0.22 BUBOR=> Poland < 1.755 1.787 1.83 1.73 WIBOR=> 5 Note: FRA are for Quote: s ask prices'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/easteurope-markets-idUSL5N1H02C0'|'2017-03-23T13:09:00.000+02:00'
'a9654a0a0a6ca1b607fc9e8610dac65c5f19e01b'|'Exclusive: Westinghouse''s clients gear up for bankruptcy fight - sources'|'Thu Mar 23, 2017 - 2:45am GMT Exclusive: Westinghouse''s clients gear up for bankruptcy fight - sources FILE PHOTO - Visitors look at a nuclear power plant station model by American company Westinghouse at the World Nuclear Exhibition 2014, the trade fair event for the global nuclear energy sector, in Le Bourget, near Paris October 14, 2014. REUTERS/Benoit Tessier/File Photo By Jessica DiNapoli The U.S. utilities that are clients of Toshiba Corp''s nuclear power plant construction subsidiary, Westinghouse Electric Co LLC, have hired advisers to prepare for its potential bankruptcy, according to people familiar with the matter. The move comes as Toshiba sees Westinghouse''s bankruptcy as increasingly likely. The Japanese conglomerate has hired restructuring consulting firm Berkeley Research Group LLC and law firm Skadden, Arps, Slate, Meagher & Flom LLP to help defend it against bankruptcy claims, the people said on Wednesday. Scana Corp and Southern Co, the power utilities which hired Westinghouse to build the first nuclear power plants in the United States in more than 30 years, have also hired restructuring advisers, the people said. This is because, in a potential Westinghouse bankruptcy, Scana and Southern Co would be among Westinghouse''s largest creditors, owed the cost overruns on the projects, which tally in the billions of dollars, one of the people added. The utilities are hoping to recover these costs in a bankruptcy process for Westinghouse, according to the sources. Scana has hired restructuring experts from advisory firm Ducera Partners LLC, while Southern Co is working with investment bank Rothschild & Co, the people said. Scana owns the South Carolina plant under construction, while Georgia Power, a subsidiary of Southern Co, will own plants in Georgia. "Whether or not Westinghouse files for Chapter 11 (bankruptcy) is ultimately a decision for its board, and must take into account the various interests of all of its stakeholders, including Toshiba and its creditors," Toshiba said in a prepared statement. "It is not appropriate for Toshiba to comment prematurely." The conglomerate has also said bankruptcy is one of several options for Westinghouse, which it acquired for $5.4 billion about 10 years ago. The sources asked not to be identified because preparations for a potential Westinghouse bankruptcy are confidential. "We''re continuing to monitor the situation with Westinghouse and are prepared for any potential outcome," Georgia Power said in a prepared statement. Spokespeople for Berkeley Research Group, Scana and Skadden did not immediately respond to requests for comment. Ducera and Rothschild declined to comment. Toshiba has said it would take a $6.3 billion writedown related to Westinghouse, and gained an extension from Japanese regulators until April 11 to submit its latest quarterly financial results or face having its public shares delisted from the Tokyo Stock Exchange. Reuters reported earlier this week that Westinghouse was reviewing proposals for a debtor-in-possession loan exceeding $500 million to help finance its potential bankruptcy. Westinghouse has already hired restructuring counsel, Reuters reported earlier this month. (Reporting by Jessica DiNapoli in New York; Editing by Stephen Coates) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-westinghouse-bankruptcy-idUKKBN16U07Y'|'2017-03-23T09:43:00.000+02:00'
'daf99350dc0829b3528069f1abffeab0cc3aab3a'|'METALS-Copper steady despite Escondida strike ending'|'Company  55pm EDT METALS-Copper steady despite Escondida strike ending * Work to resume at world''s top copper mine * Strike lasted 43 days, copper steady (Updates throughout, changes dateline from MELBOURNE) By Zandi Shabalala LONDON, March 23 Copper steadied on Thursday, but was still near one-week lows on news that operations at the world''s top producing copper mine in Chile would resume. Workers at BHP Billiton''s Escondida mine agreed to go back to work on Saturday, ending a 43-day stoppage. Supply disruptions have underpinned copper as two other large mines had shut due to labour disputes. "There might have been some anticipation to this outcome as talks started this week, so it was largely already in the price," said Nitesh Shah, base metals analyst at ETF Securities. FUNDAMENTALS * COPPER: Copper up 0.1 percent at $5,815 a tonne at 1616 GMT, after briefly touching a session low of $5,768. It hit the lowest since March 10 at $5,715 the previous session. * ZINC touched a one-week low, down 1.4 percent at $2,818.50 a tonne despite a spate of mine disruptions. * CHINA PREMIUMS: Premiums for copper and zinc deliveries in Shanghai fell. Zinc premiums fell $10 to $105-$115, the lowest since August 2015, while Shanghai copper premiums have fallen to around $45, traders and analysts said, the lowest in around a year. * PERU: Brazilian group Votorantim has halted operations at its zinc smelter Cajamarquilla in Peru while miner Milpo , declared force majeure on Wednesday due to the floods. * ZINC STRIKE: A 3-1/2-week strike at Noranda Income Fund''s zinc processing facility in Quebec is showing no signs of ending, with no talks set between workers and management. * LEAD: eased 0.2 percent, after touching its highest in more than five weeks, adding to the previous sessions gains following a large draw in stocks. * NICKEL: added 0.2 percent to $10,045 a tonne, while aluminium firmed 0.1 percent to $1,924.50 * TIN: was down 0.5 percent at $20,330 a tonne. PRICES'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL3N1H04M9'|'2017-03-23T23:55:00.000+02:00'
'5e2e1859cf8d61ebff7cd396ae23e900eaa0a201'|'METALS-London copper steady; zinc disruptions climb'|'Company News  08pm EDT METALS-London copper steady; zinc disruptions climb MELBOURNE, March 23 London copper was steady on Thursday, holding above two-week lows hit the previous session as broader investor sentiment revived, while disruptions piled up in the zinc market. FUNDAMENTALS * LME COPPER: London Metal Exchange copper edged up 0.1 percent to $5,818 a tonne at 0154 GMT, adding to a 0.6 percent gain from the previous session when prices plumbed their lowest since March 10 at $5,715 a tonne. * SHANGHAI COPPER: Shanghai Futures Exchange copper rose 0.6 percent to 47,150 yuan ($6,844) a tonne. * LME ZINC traded down 0.1 percent at $2,854 a tonne, while LME lead fell 0.4 percent, having rallied more than 4 percent on Wednesday following a large draw in LME stocks. * PERU: A railway used by copper, zinc and silver mines to transport their concentrates from Peru''s central Andes to port is likely be out of action for at least two to three weeks following "important" damage from floods and mudslides, the transportation minister said on Wednesday. * PERU: Brazilian group Votorantim has halted operations at its zinc smelter Cajamarquilla in Peru as a precaution amid flooding and mudslides that have disrupted transportation and restricted running water in the Andean country. * PERU: Peruvian zinc, copper and lead miner Milpo, controlled by Brazilian group Votorantim, declared force majeure on Wednesday after roads to its mines El Porvenir and Atacocha in the Andes were blocked by the deadly downpours. * ZINC STRIKE: A 3-1/2-week strike at Noranda Income Fund''s zinc processing facility in Quebec is showing no signs of ending, union officials said on Wednesday, with no talks set between workers and management. * For the top stories in metals and other news, click or MARKETS NEWS * Asian stocks rose on Thursday, taking their cues from a Wall Street bounce, while the dollar crawled up from a four-month low but remains clouded by concerns about U.S. President Donald Trump''s pro-growth policies. DATA/EVENT AHEAD (GMT) 0700 Germany GfK consumer sentiment Apr 0745 France Business climate Mar 0930 Britain Retail sales Feb 1200 Federal Reserve Chair Janet Yellen gives opening remarks at event 1230 U.S. Weekly jobless claims 1400 U.S. New home sales Feb 1500 Euro zone Consumer confidence Feb PRICES'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL3N1H01C6'|'2017-03-23T09:08:00.000+02:00'
'270601399677858d1bd462afda88c9b1ef0ce82a'|'OPEC investigating if output cut deal should be extended - Iraq'|'Business News - Sun Mar 26, 2017 - 8:07am BST OPEC investigating if output cut deal should be extended - Iraq FILE PHOTO - Flames emerge from flare stacks at the oil fields in Basra, southeast of Baghdad, Iraq January 17, 2017. REUTERS/Essam Al-Sudani KUWAIT OPEC''s secretary-general is investigating whether the global deal among oil producers to cut output needs to be extended, Iraqi Oil Minister Jabar Ali al-Luaibi told reporters on Sunday. He also said there were some encouraging elements which suggested the oil market was improving, and that if all OPEC measures agreed to measures to help the stability of prices, Iraq would support those measures. Iraq''s oil production is running at 4.31 million barrels per day in March, he added. (Reporting by Rania El Gamal and Vladimir Soldatkin; Writing by Andrew Torchia) Next In Business News Chinese court rules in favour of Apple in local design patent disputes BEIJING A Chinese court has ruled in favour of Apple in design patent disputes between the Cupertino, California company and a domestic phone-maker, overturning a ban on selling iPhone 6 and iPhone 6 Plus phones in China, Xinhua news agency reported. KUWAIT Iraqi Oil Minister Jabar Ali al-Luaibi said on Saturday the market is a decisive factor in deciding whether to extend into the second half of this year a global agreement on reducing oil output. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-oil-opec-idUKKBN16X07X'|'2017-03-26T15:07:00.000+03:00'
'2359eb9210f190471e05e84a7eb245f3d9db7696'|'Wall Street’s love affair with Trump cools as healthcare bill sows welcome doubts - Business'|'W all Street’s uncritical love affair with Donald Trump is over. For five months, traders have swallowed whole the idea that the president would swiftly get a package of tax cuts through a Republican-dominated Congress, giving a boost to growth and corporate profits in the process.Yet the first real test of Trump’s ability to get lawmakers to do his bidding – the repeal of Obamacare – has been a disaster. The resistance on Capitol Hill has left the financial markets wondering when – and indeed whether – Trump will be able to deliver on his fiscal boost.This dose of reality is long overdue. The initial market reaction to Trump was negative but brief. Within 24 hours, Wall Street banished all its doubts and bet everything on the notion that the new man in the White House would lift the US economy out of its low-growth rut.Yet the initial doubts were valid. Trump lacks political experience and so does the team around him. The new president’s bully-boy tactics have gone down badly on Capitol Hill and not just with Democrats. There are plenty of Republicans who find Trump and his methods odious.So, when it became clear last week that the repeal of Obamacare was not going to be legislative plain sailing, there was a predictable response on Wall Street: traders dumped shares. The relentless rise in the stock market since last November’s election – the “Trump bump” – came to an abrupt halt. Up until now, the markets have taken on trust that the president will deliver on his election pledges. And after Trump’s humiliating defeat in Congress on Friday, there is no doubt the mood has changed.That’s not to say Wall Street is going to see all the gains of the past few months wiped out. But while shares could continue to rise, markets look certain to be a lot more volatile than they have been since November.There are three reasons for this. The first is that it may be some time before Trump gets agreement for tax cuts and infrastructure spending. It could easily be delayed until 2018.The second is that the president’s ambitions may well have to be scaled down. Trump wants to use the savings from replacing Obamacare with something cheaper to fund his fiscal boost, but the Congressional Budget Office said last week that the impact on the budget deficit would be substantially less than originally estimated: a reduction of $150bn (£120bn), rather than $336bn. Fiscal conservatives in Congress will probably demand that Trump finds savings elsewhere.Finally, corporate profits are set to be squeezed by a combination of rising wages, higher interest rates and a stronger dollar. Trump’s fiscal package – assuming it is approved – would reinforce those pressures, because stronger growth would lead to greater demand for labour.With unemployment below 5%, earnings are already starting to pick up. The Federal Reserve, America’s central bank, has raised interest rates twice since Trump’s victory and will accelerate the pace of future increases if there is evidence that tax cuts are leading to wage inflation.Higher US interest rates at a time when no other major central bank – the European Central Bank, the Bank of Japan or the Bank of England – is contemplating a move will make it more attractive for investors to hold dollars. The US currency will go up, making American exports dearer.Until now, the markets have focused solely on the upside from Trump’s economic strategy – the stronger growth – without taking into consideration any of the potential downsides: higher inflation, dearer borrowing costs and an overvalued currency.Those downsides will become more evident as time goes by. It is too early to say that Wall Street has fallen out of love with Donald Trump . But the whirlwind romance is over. The relationship is entering a new and more difficult phase.We still need the Co-op Bank Hundreds of staff in high street banks have had a challenging few days. Royal Bank of Scotland announced that it was closing 158 branches, mostly NatWest sites, while the Co-operative Bank is battling to find a buyer amid fears about its future. Customers are shifting from banking in high-street branches to organising payments and direct debits on the internet and via smartphones, which is obviously putting pressure on traditional bricks-and-mortar sites. However, despite this, it is essential that a place is found for Co-op Bank.The bank has been riddled with problems since its disastrous takeover of Britannia building society in 2009, which saddled it with bad loans. It nearly collapsed in 2013 when a £1.5bn black hole was discovered in its balance sheet, but was eventually bailed out through a deal with hedge funds.This bailout never looked like a permanent solution to Co-op Bank’s problems, and so it has proved. The hedge funds have put the bank up for sale to raise more capital, with a deadline of mid-April for preliminary expressions of interest. Banking sources are now talking about the possibility of a break-up of Co-op Bank, and the Bank of England is understood to be monitoring the situation carefully.It would send an unfortunate message about British banking if the Co-op brand, which still maintains its ethical policy, were to disappear from the market. This ethical policy means, among other rules, that the bank does not invest in companies selling arms to oppressive regimes, does not support organisations offering payday loans, and has a strict approach to gambling.Despite its problems, the bank still has about 4 million customers and 105 branches. It remains a substantial player. Unfortunately, its financial problems are also substantial. It slumped to a £477m loss for 2016, its fifth consecutive year in the red. A rescue deal will not be easy, so the Co-op’s owners and Bank of England must do all they can to help. A break-up would be bad for the industry.A bonus for the Pearson boss who got it wrong? Consider these facts about Pearson , world’s biggest educational publisher and 47% owner of Penguin Random House books.• Last year it crashed £2.6bn into the red, the biggest loss in its history.• It has issued five profit warnings in two years, the last of which, in January, wiped £2bn off its value.• It has scrapped its profit targets and put its stake in Penguin up for sale in the hope of bolstering its balance sheet. Its net debt climbed from £654m to £1.1bn last year.• 4,000 jobs were axed last year and the company is “rebasing” – which means cutting – its dividend payout to shareholders.Chief executive John Fallon said earlier this year: “I am accountable ... I fully accept that accountability for the fact that we got two big calls wrong last year.” So why has Fallon (paid £6m in his four years in the job) just been handed a £345,000 bonus? On top of his £780,000 salary. Could be because executive pay is truly in la la land.Topics US economy Business leader Economics Donald Trump Pearson Co-operative Group Republicans comment   Share   Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/mar/26/wall-street-love-affair-trump-healthcare-sows-doubts'|'2017-03-26T16:02:00.000+03:00'
'b181012330ee368ea94f2baca513ca8d5a335005'|'French court takes financial penalty from law protecting workers safety'|' 27pm GMT French court takes financial penalty from law protecting workers safety PARIS France''s constitutional court took the financial sting out of a new law requiring big companies to make sure their subsidiaries and subcontractors around the world respect human rights and environmental rules, striking down its power to levy fines. The law was intended to improve factory conditions and workers'' rights after the collapse of the Rana Plaza factory complex in Bangladesh four years ago, when 1,136 people were killed. The disaster brought demands for greater safety in the world''s second-largest exporter of readymade clothes and put pressure on companies buying clothes from Bangladesh to enforce standards. The French law, passed this year after years of negotiation, requires companies with more than 5,000 employees, or 10,000 including their foreign subsidiaries, to publish plans to prevent violations of human rights and environmental regulations in their supply chains. They could have been fined up to 30 million euros (25.61 million pounds) if they failed to put the plans in place. The court on Thursday left intact the requirement for companies to draw up the plans, but ruled that the law was too vague to require fines. Socialist lawmakers pushed the law through parliament in the face of opposition from conservatives and then economy minister Emmanuel Macron, who feared it could make French companies less competitive. Macron, running as an independent, is now favourite to win presidential elections held over two rounds in April and May. Economy Minister Michel Sapin said in a statement that the law should be revised to be made clearer. However, parliament is out of session until a June legislative election in which the ruling Socialists are likely to lose their majority. (Reporting by Emile Picy; writing by Leigh Thomas; Editing by Adrian Croft and Elaine Hardcastle)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-france-business-idUKKBN16U2QZ'|'2017-03-24T03:27:00.000+03:00'
'831c4b954dd6a30f109e2234ff56e9cbf29c0731'|'U.S. 10-year TIPS sold to strong investor demand'|'NEW YORK, March 23 The U.S. Treasury Department on Thursday sold $11 billion of 10-year Treasury Inflation Protected Securities to solid investor demand at a yield of 0.466 percent, which was the highest yield at a 10-year TIPS auction since January 2016.The Treasury awarded large fund managers, small bond dealers and other direct bidders 15.58 percent of the 10-year TIPS supply, which was their largest share at a 10-year TIPS auction since November 2013, according to Treasury data. (Reporting by Richard Leong; Editing by Nick Zieminski)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-auction-tips-idINL2N1H01A4'|'2017-03-23T14:24:00.000+02:00'
'a5c55aa373e4b0fd00d297bd384da6d77a2c3abc'|'Teva Pharm may fire 6,000 workers: Israeli media report'|'Business News  30am EDT Teva Pharm may fire 6,000 workers: Israeli media report A building belonging to Teva Pharmaceutical Industries, the world''s biggest generic drugmaker and Israel''s largest company, is seen in Jerusalem February 8, 2017. REUTERS/Ronen Zvulun JERUSALEM Teva Pharmaceutical Industries ( TEVA.TA ) may fire as many as 6,000 workers worldwide as part of a multi-year efficiency plan, Israel''s Calcalist news website reported on Thursday. A Teva spokesperson declined to comment on the report. Teva ( TEVA.N ), the world''s biggest generic drug maker, employs around 57,000 people globally and is Israel''s largest public company. It has had a rough year, though, with a serious of costly acquisitions, along with delayed drug launches, sending its stock plummeting 72 percent to $32.61. The crisis of confidence forced former chief executive Erez Vigodman to step down in February, with Chairman Yitzhak Peterburg replacing him on a temporary basis. Calcalist, one of Israel''s leading financial media outlets, reported that Teva has already reduced its workforce in Israel by around 100 people as part of the efficiency plan. (Reporting by Ari Rabinovitch and Steven Scheer) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-teva-pharm-ind-workers-idUSKBN16U0RI'|'2017-03-23T15:30:00.000+02:00'
'80cab2ab3f00325be9c84c0640ec87eb58250710'|'UPDATE 2-Votorantim says it has halted zinc smelting in Peru amid floods'|'Commodities  09pm EDT Votorantim says it has halted zinc smelting in Peru amid floods LIMA Brazilian group Votorantim has halted operations at its zinc smelter Cajamarquilla in Peru after floods and mudslides disrupted transport and restricted the availability of running water in the Andean country. The company said in an email that the halt was a precautionary measure and it was carrying out maintenance work to restart operations as soon as weather conditions allow. Deadly downpours in recent weeks have led to floods and mudslides in the world''s second-largest copper producer and third-biggest zinc producer, damaging a railway used to send concentrates to port. Zinc, copper and lead miners Milpo and Volcan ( VOL_pb.LM ) have declared force majeure, citing the extreme weather, and the country is bracing for another month of flooding after a sudden warming of Pacific waters. The Cajamarquilla smelter, which processed about 340,000 tonnes of zinc in 2016, stopped operating on Friday due to damage in the area where it is located on the outskirts of Lima, said Deputy Mines Minister Ricardo Labo. Peruvian miner Buenaventura has been stockpiling zinc concentrates at its polymetallic mine Brocal in the central Andes instead of sending them to port while it waits for the railway to be repaired, the company''s chief financial officer Carlos Galvez told Reuters. Brocal can keep building up its concentrates for another 15 days without having to curb output, Galvez said. Tin miner Minsur and Peruvian copper and zinc miner Antamina, controlled by BHP Billiton and Glencore, have said their operations have not been affected. (Reporting by Mitra Taj and Teresa Cespedes; Editing by James Dalgleish and Richard Pullin) Next In Commodities Peru''s minerals railway to take 2-3 weeks to resume: government LIMA A railway used by copper, zinc and silver mines to transport concentrates from Peru''s central Andes to port is likely be out of action for at least two to three weeks following deadly floods and mudslides, a minister said on Wednesday. SAO PAULO Brazil''s two largest food processors are striving to restore confidence in their quality controls as they pursue plans to list overseas units after a scandal over alleged bribery of health officials that triggered bans on Brazilian meat exports. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-votorantim-zinc-peru-idUSKBN16U09D'|'2017-03-23T09:59:00.000+02:00'
'628255d1547fc5557beeb1408a6a9af1c1d7e918'|'Deals of the day-Mergers and acquisitions'|'(Adds PPG)March 23 The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Thursday:** Abu Dhabi investment firm Waha Capital PJSC is in talks with potential partners in Saudi Arabia as it looks to diversify investment in some key sectors outside the United Arab Emirates (UAE), its chairman said.** French finance minister Michel Sapin did not rule out France reducing its stake in Renault, but added any sale would have to take place at the best possible market conditions.** Japan''s Toyota Industries Corp said it agreed to buy privately-held Vanderlande Industries of the Netherlands, a maker of package and baggage handling equipment and software, for about 1.2 billion euros ($1.3 billion).** Singapore-based fund Effissimo, established by former colleagues of Japan''s most famous activist investor, Yoshiaki Murakami, has become the largest shareholder in Toshiba Corp with an 8.14 percent stake, a regulatory filing showed.** British energy supplier SSE said it had increased its share in the Dogger Bank offshore wind development to 37.5 percent after acquiring a stake from former consortium partner Statkraft.** U.S. aluminium wheel maker Superior Industries International has launched an offer to buy Uniwheels for around $715 million after winning the support of the Warsaw-listed company''s biggest shareholder.** Anglo American''s diamond specialist De Beers has bought the 50 percent stake held by French luxury goods group LVMH in De Beers Diamond Jewellers for an undisclosed amount, taking full ownership of the retail operation.** The chief executive of U.S. paint maker PPG won the backing of Akzo Nobel''s largest shareholder after flying to Amsterdam to press the Dutch company to open talks on a 22.7 billion euro ($24.5 billion)takeover.** Fund manager Elliott Advisors, which owns 3.2 percent of Akzo Nobel, criticized the Dutch paint maker for disregarding the views of an "overwhelming margin" of its shareholders by refusing to meet with U.S. suitor PPG.** Telecommunications company Bharti Airtel said it would buy internet services provider Tikona Digital Networks'' 4G business in a deal worth 16 billion rupees ($244.20 million).** Royal Dutch Shell is in talks with several potential buyers for its refinery outside of San Francisco, but the Anglo-Dutch oil giant is reluctant to part with its last asset in California, three people familiar with the process said.** Liberty House, the industrial and commodities group that is buying up steel assets around the world, is considering investing in the troubled Italian Piombino mill as the global market picks up from a slump, two sources close to the matter said.** Czech downstream oil group Unipetrol said its acquisition of Spolana chemicals company would support achieving its strategic aims and add shareholder value.** Indian online retailer Snapdeal is seeking investment to shore up its finances after unsuccessful talks with Chinese funds and Alibaba Group Holding Ltd as it battles to remain competitive, sources with direct knowledge of the matter said.** South African hotelier Tsogo Sun said it could increase its stake in Hospitality Property Fund to as much as 60 percent as part of an exchange if it reaches agreement to sell more hotel assets to the fund.** Italy''s communications authority (AGCOM) will make a decision with regards to Vivendi''s stakebuilding in Italian broadcaster Mediaset by the end of April, a source at the regulator told Reuters.** Bulgaria''s Socialist party will look at options for the country to buy back the Bulgarian assets of Czech power utility CEZ if it wins the national election on Sunday, its leader Kornelia Ninova said.** Privately-owned shipping firm BW Group became the top shareholder in tanker firm DHT Holdings, in a surprise move that will probably end Frontline''s ambitions to take full control of DHT. (Compiled by Divya Grover and Aishwarya Venugopal in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL3N1H039C'|'2017-03-23T17:06:00.000+02:00'
'5e278382a6a0f65d66993460cc73a3158db4dddb'|'German stocks - Factors to watch on March 24'|'Company News - Fri Mar 24, 2017 - 2:14am EDT German stocks - Factors to watch on March 24 BERLIN/FRANKFURT, March 24 The following are some of the factors that may move German stocks on Friday: DEUTSCHE BANK Germany''s largest lender has chosen a new office for its London headquarters, signalling a vote of confidence in Britain''s capital despite the country''s decision to leave the European Union. DEUTSCHE BOERSE The company plans strong cost cuts after its failed tie-up with the London Stock Exchange, Sueddeutsche Zeitung reported, citing underperformance in some business areas in the first two months of 2017. MERCK U.S. health regulators on Thursday approved a drug developed by Merck and Pfizer Inc that helps the immune system to fight a rare form of skin cancer once it has spread to other parts of the body. VONOVIA The property group has won support from more than 90 percent of Conwert shareholders for its takeover offer. SALZGITTER Full Q4 results due. The group reported preliminary figures on Feb. 28 and said it expects profit to rise in 2017 after years of restructuring. ADLER REAL ESTATE Q4 results due. HAPAG-LLOYD Annual report due. The group published preliminary results on Feb. 28, with 2016 operating profit down 66 percent as freight rates fell significantly. ZEAL NETWORK Annual news conference due. The group published preliminary results on March 1 and slashed its guidance on March 9 after a player won a prize of around 15 million euros. AUMANN Flotation on Frankfurt stock exchange due. The machine builder set the IPO price at 42 euros per share. OVERSEAS STOCK MARKETS Dow Jones unchanged, S&P 500 -0.1 pct, Nasdaq -0.1 pct at close. Nikkei +0.9 pct, Shanghai stocks +0.5 pct. Time: 6.14 GMT. GERMAN ECONOMIC DATA German March Markit PMI due at 0830 GMT. Manufacturing PMI seen at 56.5 points vs 56.8, services PMI at 54.6 vs 54.4, compositive flash PMI at 56.0 vs 56.1. EUROPEAN FACTORS TO WATCH REUTERS TOP NEWS (Reporting by Andreas Cremer and Harro ten Wolde) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/germany-stocks-factors-idUSL5N1H02AA'|'2017-03-24T14:14:00.000+03:00'
'2008455d53395e8412c8858aa6b1dc81cfcc4084'|'US STOCKS-Futures higher; all eyes on healthcare vote'|'Company  25am EDT US STOCKS-Futures higher; all eyes on healthcare vote * Futures up: Dow 24 pts, S&P 1.5 pts, Nasdaq 6.25 pts By Tanya Agrawal March 24 U.S. stock index futures edged higher on Friday, helped by higher oil prices, and ahead of a closely watched vote on a healthcare bill seen as a test of President Donald Trump''s ability to pass his legislative agenda through Congress. * It was not clear late on Thursday evening that Trump and Republican leaders had enough support to pass the bill, with Trump warning lawmakers from his party that he will leave Obamacare in place if they do not rally around him. * Investors fear that if Trump fails to get the bill through the Republican-controlled Congress, it would mean his pro-growth agenda of tax reform, infrastructure spending and capital repatriation will face setbacks. * Those fears pushed Wall Street on Tuesday to its worst one-day loss since before the U.S. presidential election. All three major indexes are on track to post their first monthly declines since October. * The CBOE Volatility index, Wall Street''s "fear gauge", closed at its highest level since Jan. 19 on Thursday. * The S&P has risen about 10 percent since Trump''s election as U.S. president. * Chicago Fed President Charles Evans and St. Louis Fed Chief James Bullard are scheduled to make appearances later this morning and their comments will be closely watched for clues on the future path of interest rate hikes. The U.S. central bank raised rates by 25 basis points last week. * Economic data expected on Friday includes durable goods orders for February that is expected to dip to 1.2 percent from a 2.0 percent rise in the previous month. The data is expected at 8:30 a.m. ET (1230 GMT). * Markit is scheduled to release its PMI numbers for March at 9:45 a.m. ET. * Shares of Micron Technology jumped 11.9 percent to $29.61 in premarket trading, a day after the chipmaker''s current-quarter revenue and profit forecast beat expectations. * Twitter was up 1.1 percent at $15.10 after the company said it is considering whether to build a premium version of its popular Tweetdeck interface aimed at professionals. Futures snapshot at 6:56 a.m. ET: * Dow e-minis were up 24 points, or 0.12 percent, with 18,920 contracts changing hands. * S&P 500 e-minis were up 1.5 points, or 0.06 percent, with 95,163 contracts traded. * Nasdaq 100 e-minis were up 6.25 points, or 0.12 percent, on volume of 18,080 contracts. (Reporting by Tanya Agrawal in Bengaluru; Editing by Anil D''Silva) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL3N1H140P'|'2017-03-24T19:25:00.000+03:00'
'aa011923b0145686015798c794a92c8a3e440665'|'RBS to close 180 branches due to dramatic online shift'|'  8:28pm GMT RBS to close 180 branches due to dramatic online shift left right People walk past a Royal Bank of Scotland office in London, Britain, February 6, 2013. REUTERS/Neil Hall/File Photo 1/2 left right FILE PHOTO: A woman uses an ATM at a Royal Bank of Scotland (RBS) branch in London, Britain, February 25, 2010. REUTERS/Toby Melville/File Photo 2/2 By Andrew MacAskill State-backed Royal Bank of Scotland ( RBS.L ) said on Thursday it planned to close about 180 bank branches in Britain and Ireland and about 1,000 roles were at risk in the latest round of cuts and closures at the lender. The Edinburgh-based said in a statement the changes were due to a "dramatic shift" in retail banking with more customers increasingly banking online. RBS said about 770 roles may be eliminated in Britain and about 220 roles in the Republic of Ireland. The bank said there may be a net reduction of about 480 jobs when newly created roles are included. It plans to close about 128 NatWest, 30 Royal Bank of Scotland and 22 Ulster Bank branches. "We''re frustrated to see RBS show so little loyalty to our high streets," the Federation of Small Businesses in Scotland said. "Branch closures put pressure on local economies and make it harder for local firms to access banking services." RBS said the number of people going into branches had dropped by about half on average since 2010, while the number of people making transactions online had jumped fourfold. "As customers change the way they bank with us, we must change the way we serve them," the bank said in the statement. Chief Executive Officer Ross McEwan has cut thousands of jobs partly in response to low interest rates and slowing economic growth which have pushed RBS and several of its UK rivals to reduce expenses. RBS is struggling to return to health after requiring the world''s largest bank bailout at the height of the 2007-2009 financial crisis and after nine years of straight annual losses. The bank warned of more jobs and branch closures when it announced a 7 billion pound annual loss last month. At the time, it said it planned to cut 2 billion pounds of costs from the business over the next four years to help improve profits. RBS will be left with just over 1,000 branches across Britain following the closures. (Additional reporting by Padraic Halpin and Elisabeth O''Leary. Editing by Lawrence White and David Evans)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-royal-bank-scot-branches-idUKKBN16U22T'|'2017-03-24T04:28:00.000+03:00'
'b9380ddf1d598085ff95acf21d28dd3168d8653b'|'Bharti Airtel to buy Tikona''s 4G business for $244 million'|'Telecommunications company Bharti Airtel said it would buy internet services provider Tikona Digital Networks'' 4G business in a deal worth 16 billion rupees ($244.20 million).The deal includes acquisition of Tikona''s Broadband Wireless Access spectrum and 350 sites in five telecom circles, Airtel said in an exchange filing. ( bit.ly/2o81hpk )($1 = 65.5200 Indian rupees)(Reporting by Samantha Kareen Nair in Bengaluru; Editing by Biju Dwarakanath)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/tikona-m-a-bhartiairtel-idINKBN16U1G7'|'2017-03-23T08:52:00.000+02:00'
'71cbc3b93c3ce9b5e1fe2013eeef8af2ed70d6d2'|'Trump Tantrum looms on Wall Street if healthcare effort stalls'|'Business News - Wed Mar 22, 2017 - 5:00pm EDT Trump Tantrum looms on Wall Street if healthcare effort stalls Traders work on the floor of the New York Stock Exchange (NYSE) shortly after the opening bell in New York, U.S., March 22, 2017. REUTERS/Lucas Jackson By Megan Davies and Rodrigo Campos - NEW YORK NEW YORK The Trump Trade could start looking more like a Trump Tantrum if the new U.S. administration''s healthcare bill stalls in Congress, prompting worries on Wall Street about tax cuts and other measures aimed at promoting economic growth. Investors are dialing back hopes that U.S. President Donald Trump will swiftly enact his agenda, with a Thursday vote on a healthcare bill a litmus test which could give stock investors another reason to sell. "If the vote doesn’t pass, or is postponed, it will cast a lot of doubt on the Trump trades," said the influential bond investor Jeffrey Gundlach, chief executive at DoubleLine Capital. U.S. stocks rallied after the November presidential election, with the S&P 500 posting a string of record highs up to earlier this month, on bets that the pro-growth Trump agenda would be quickly pushed by a Republican Party with majorities in both chambers of Congress. The S&P 500 ended slightly higher on Wednesday, the day before a floor vote on Trump''s healthcare proposal scheduled in the House of Representatives. On Tuesday, stocks had the biggest one-day drop since before Trump won the election, on concerns about opposition to the bill. Investors extrapolated that a stalling bill could mean uphill battles for other Trump proposals. Trump and Republican congressional leaders appeared to be losing the battle to get enough support to pass it. Any hint of further trouble for Trump''s agenda, especially his proposed tax cut, could precipitate a stock market correction, said Byron Wien, veteran investor and vice chairman of Blackstone Advisory Partners. “The fact that they are having trouble with (healthcare repeal) casts a shadow over the tax cut and the tax cut was supposed to be the principal fiscal stimulus for the improvement in real GDP," Wien said. "Without that improvement in GDP, earnings aren’t going to be there and the market is vulnerable." Strategists have been cautioning for weeks that markets are pricing in a scenario where nothing goes wrong with Trump''s agenda. Investors are paying $18.10 for every dollar in earnings expected on the S&P 500 over the next 12 months, near the most expensive U.S. stocks have been since 2004. "This is really about the fact that the market is pricing in too much certainty on a number of accounts," said Julian Emanuel, executive director of U.S. equity and derivatives strategy at UBS Securities. "Even if you got the positive vote, there''s still the residual knowledge that the agenda will be difficult to get through the Senate." While investors and strategists have said they do not see an immediate threat to the eight-year-old bull market, there is a risk of a 5-to-10 percent drop. Only a bear market -a 20 percent decline- would put an end to the bull. "It looked like a mini tantrum," said David Kotok, chief investment officer of Cumberland Advisors. "Trump has made the House vote his own now so he has a lot at stake. My guess it will pass the House. If not, markets will be shocked and it won''t be pleasant." Michael Arone, chief investment strategist at the US SPDR Business at State Street Global Advisors in New York said that it the healthcare bill fails, "a correction of 5 percent is not unreasonable given how far we’ve come in such a short period of time." FOCUS ON LEGISLATION Investors are now more focused on the actual mechanics of the legislative process, said Brian Daingerfield, Macro Strategist at NatWest Markets. "I noticed this was the first day (on Tuesday) I was getting inquiries about the healthcare law and the vote count," Daingerfield said. Wall Street views the healthcare vote "as a test of Trump''s ability to unify the party," he said. "It has a symbolic significance." After the healthcare bill, the market will look for movement on tax and infrastructure. The president has said he wants the health bill passed by the mid-April Easter holiday and a schedule from the administration aims for tax reform being passed by August. Only then will they begin to tackle infrastructure spending. "U.S. equities have been priced for perfection since the start of 2017 and (Tuesday) was a rude reminder that the legislative process is imperfect on even its best days," said in a research note Nicholas Colas, chief market strategist at Convergex, a global brokerage company based in New York. (Additional reporting by Jennifer Ablan, Chuck Mikolajczak, Caroline Valetkevitch, Sinead Carew, Richard Leong, Lewis Krauskopf, Saqib Ahmed; Editing by David Gregorio) Next In Business News If healthcare vote fails, would jeopardize ''Trump trades'': Gundlach NEW YORK If the U.S. healthcare legislation overhaul is not passed, or is postponed, it will put "a lot of doubt" on the "Trump trades," which include higher U.S. equities and bond yields, DoubleLine Capital Chief Executive Jeffrey Gundlach said on Wednesday. SAN FRANCISCO Shares of Snap Inc jumped 9 percent on Wednesday after the owner of messaging app Snapchat received a second analyst "buy" rating following a red-hot public listing this month and with Wall Street skeptical about its lofty valuation. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-markets-trump-analysis-idUSKBN16T2YH'|'2017-03-23T04:00:00.000+02:00'
'27f699f32ba88652c101c89ef54f0e08bd152440'|'Puncture repair: Big tyremakers are regaining their grip'|'CARS can be objects of desire and the bonnet badge an indicator of wealth and status. Yet the four small patches of rubber that do the vital job of attaching them to the road stir little emotion. A third of drivers cannot name the make of tyre on their car. Nor do they know that the dominant global brands have been fighting a losing battle for 15 or so years against Chinese competitors and now have a chance of winning back ground.The established tyremakers have advantages over the industry they serve. They have margins that outstrip even Germany’s luxury carmakers. Supplying manufacturers accounts for only a third of revenues of a typical tyre firm and even less of the profits. The rest comes from replacing tyres on vehicles on the road, which wear out every four years or so. 38 minutes ago How Republicans’ new health plan would affect American incomes Graphic detail an hour ago Terrorist atrocities in western Europe Graphic detail 2 hours ago “Life” owes much of its existence to other films Prospero 2 hours ago How Republicans in Iowa are using their new strength Democracy in America 2 hours ago Why Catholic priests practise celibacy The Economist explains 9 The expansion of the global vehicle fleet, forecast to grow by around 3.5% a year, helps gradually to reduce firms’ dependence on the cyclical market for new cars. Tyremakers also benefit by selling most of their wares to thousands of distributors. They are fragmented and weak compared with carmakers, and less inclined to drive hard bargains.Once, the big tyremakers could divvy up this growing pie. In 2000 the top five—Bridgestone, Michelin, Continental, Goodyear and Pirelli—accounted for over two-thirds of the market. Their share has since deflated to under half (see chart) as China’s domestic tyre industry grew as rapidly as its carmakers. Some estimates reckon there are 250 Chinese family-owned or state-run businesses (the biggest is Hangzhou Zhongce Rubber). Jean-Claude Kihn, Goodyear’s boss for Europe, Middle East and Africa, reckons there could be many more. The lure of a trophy asset also tempted ChemChina, a Chinese chemicals giant, to acquire Pirelli, the sole supplier of tyres to Formula 1 motor racing, for €7.1bn ($7.7bn) in 2015.Chinese tyres are cheap but lack the performance or longevity of pricier brands. But as David Lesne of UBS, a bank, points out, distributors had an incentive to push them. Though selling for as little as half the price of premium tyres, distributors made margins of up to 20% (compared with as little as 5% for established brands).The premium manufacturers have cut costs and shifted production to cheaper places. Another helpful trend, oddly, is rising raw-material prices. After three or four years of oversupply of natural rubber and low oil prices, the main ingredients of synthetic rubber, these costs are rising. This will cause short-term pain for the big tyremakers. But as these account for 30% of costs for big firms and 60% for China’s newcomers, the latter will have much less scope to avoid putting up prices, eventually eroding their price advantage.Bigger wheels are also pumping up the old guard. Those over 17 inches in diameter require the premium tyres mostly made by established firms. The clamour to drive SUVs, which accounted for two-thirds of car sales in America in 2016, and a vogue for putting larger rims on humdrum cars means the appetite for these, which are at least twice as profitable as smaller ones, is growing fast. The big tyremakers are making the largest investments in new capacity to meet the need. Larger Chinese tyremakers are also spending to make bigger tyres but most of China’s minnows, after years of competing furiously on price, have precious little spare cash for such investment.Tyremaking should also be largely immune from all the disruption in carmaking. Electric and autonomous cars, after all, will still need tyres. Fleets of robotaxis and shared vehicles will favour the established firms, says Mr Lesne. Fleet managers tend to go for their harder-wearing, safer tyres. For big tyremakers the pressure applied by Chinese incomers is easing.'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21719515-clamour-drive-suvs-good-established-tyre-manufacturers?fsrc=rss%7Cbus'|'2017-03-23T22:43:00.000+02:00'
'09fceb112b2edbf6b88611c85127ee2acd14b1c6'|'Brazil''s Oi sees vote on updated debt plan by end of June: CEO'|'By Ana Mano - SAO PAULO SAO PAULO Brazilian telephone operator Oi SA ( OIBR4.SA ) expects a new in-court reorganization plan to go to a creditor vote by the end of June, Chief Executive Officer Marco Schroeder said on Thursday.Changes to the plan revealed late on Wednesday would offer Oi''s financial creditors 25 percent of its equity and convertible bonds to be called in three years, at which point they could own up to 38 percent of the company''s shares.A proposal submitted in September did not include an immediate debt-for-equity swap.In a conference call with investors and analysts, Schroeder said the updated plan has not yet been submitted to the Rio de Janeiro court where the debt-laden company filed in June for relief on 65 billion reais ($21 billion) of debt. It was Brazil''s biggest-ever bankruptcy protection case.Oi''s common shares ( OIBR3.SA ) rose 11 percent in midday trading on Thursday, on track for their biggest intraday gain in nearly three weeks.The updated proposal is part of Oi''s efforts to fight off proposals from outside bidders, some of whom have the backing of key creditors."Though we are happy investors are interested in Oi, showing the company has value, we feel our proposal is a balanced one," Schroeder said, adding that the plan should be submitted to the court in its current form.In December, Oi received a binding proposal from a group of bondholders supported by Orascom TMT Holdings SAE to inject up to $1.25 billion into the carrier.The Orascom-backed option also entails a debt-for-equity swap involving 24.82 billion reais worth of bond debt, which would be exchanged for a 95 percent stake in the carrier.On March 1, the group gave Oi another month to respond to the offer. Schroeder said alternative reorganization strategies are welcome as long as they have the support of current stakeholders in the company.Cerberus Capital Management and Paul Singer''s Elliott Management Corp are also said to be in talks with Oi.A court-appointed administrator for Oi will publish an updated list of claims by the end of April, Schroeder said.Creditors will have 30 days to challenge the revised claims list, after which the judge may call a creditor assembly to vote on the plan, Schroeder added.Oi lost 3.3 billion reais in the final quarter of 2016, a narrower loss from the comparable quarter in 2015 due to cost cutting and lower financial expenses.(Reporting by Ana Mano; Editing by Paul Simao)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-oi-sa-restructuring-idINKBN16U22M'|'2017-03-23T13:20:00.000+02:00'
'074128324fb83fb7451347c79a45359b91900c21'|'Deals of the day-Mergers and acquisitions'|'Company News  36am EDT Deals of the day-Mergers and acquisitions March 23 The following bids, mergers, acquisitions and disposals were reported by 1030 GMT on Thursday: ** Abu Dhabi investment firm Waha Capital PJSC is in talks with potential partners in Saudi Arabia as it looks to diversify investment in some key sectors outside the United Arab Emirates (UAE), its chairman said. ** French finance minister Michel Sapin did not rule out France reducing its stake in Renault, but added any sale would have to take place at the best possible market conditions. ** Japan''s Toyota Industries Corp said it agreed to buy privately-held Vanderlande Industries of the Netherlands, a maker of package and baggage handling equipment and software, for about 1.2 billion euros ($1.3 billion). ** Singapore-based fund Effissimo, established by former colleagues of Japan''s most famous activist investor, Yoshiaki Murakami, has become the largest shareholder in Toshiba Corp with an 8.14 percent stake, a regulatory filing showed. ** British energy supplier SSE said it had increased its share in the Dogger Bank offshore wind development to 37.5 percent after acquiring a stake from former consortium partner Statkraft. ** U.S. aluminium wheel maker Superior Industries International has launched an offer to buy Uniwheels for around $715 million after winning the support of the Warsaw-listed company''s biggest shareholder. ** Anglo American''s diamond specialist De Beers has bought the 50 percent stake held by French luxury goods group LVMH in De Beers Diamond Jewellers for an undisclosed amount, taking full ownership of the retail operation. (Compiled by Divya Grover in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/deals-day-idUSL3N1H039C'|'2017-03-23T17:36:00.000+02:00'
'8f3541a407a89fc217281d4d0e026666026258fe'|'CANADA STOCKS-TSX rises after budget holds off from tax increases'|'Company   4:08pm EDT CANADA STOCKS-TSX rises after budget holds off from tax increases TORONTO, March 23 Canada''s main stock index rose on Thursday, led by heavyweight financial sector shares a day after the federal budget held off from raising taxes on investors. The Toronto Stock Exchange''s S&P/TSX composite index unofficially closed up 85.15 points, or 0.55 percent, at 15,433.61. Nine of the index''s 10 main groups ended higher. (Reporting by Fergal Smith; Editing by Leslie Adler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL2N1H01VI'|'2017-03-24T04:08:00.000+03:00'
'fc0c7c541ecabbfba8d55fbc4cc7a997a822e25b'|'ECB''s Nouy says some banks may need to be unwound'|'FRANKFURT Some euro zone banks may need to be unwound if they become unviable, the European Central Bank''s top supervisor said on Thursday, just as the Italian government seeks to bail out two regional lenders."In specific cases consolidation may also take the form of the unwinding of banks if they become unviable," Daniele Nouy told a committee of the European Parliament.Nouy also called for the ECB''s supervisors to be given greater discretion when deciding how much capital banks must hold.(Reporting By Francesco Canepa; Editing by Balazs Koranyi)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ecb-banks-bailout-idINKBN16U0QT'|'2017-03-23T05:21:00.000+02:00'
'b60414198e993b138868aec565ab1355be9b4968'|'BRIEF-Shareholders of Eco Oro filed petition with British Columbia supreme court to prevent further entrenchment of board'|' 44pm EDT BRIEF-Shareholders of Eco Oro filed petition with British Columbia supreme court to prevent further entrenchment of board March 22 Eco Oro Minerals Corp * Shareholders of Eco Oro-filed petition with British Columbia supreme court to prevent further entrenchment of board which has no support from minority shareholders * Shareholders of Eco Oro-petition seeks remedies including holding 10.6 million shares issued to insiders by co be cancelled, or not allowed to be voted at meeting  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-shareholders-of-eco-oro-filed-peti-idUSFWN1GZ0SM'|'2017-03-23T06:44:00.000+02:00'
'cf8fd9f26afac6b888d9993186e999259862019a'|'SEC charges two Israeli residents with Mobileye insider trading'|'Business News  28pm EDT SEC charges two Israeli residents with Mobileye insider trading The U.S. Securities and Exchange Commission logo adorns an office door at the SEC headquarters in Washington, June 24, 2011. REUTERS/Jonathan Ernst NEW YORK Two Israeli residents have been charged by the U.S. Securities and Exchange Commission with insider trading in Mobileye NV ( MBLY.N ) before the maker of sensors and cameras for driverless vehicles agreed to be acquired by Intel Corp ( INTC.O ) for $15.3 billion. The SEC said on Thursday that Ariel Darvasi and Amir Waldman made more than $4.9 million of profit by trading in Mobileye stock and options ahead of the March 13 merger announcement. Both defendants were connected to Mobileye insiders through the scientific academic community at the Hebrew University of Jerusalem, where Darvasi is a genetics professor, the SEC said. (Reporting by Jonathan Stempel in New York; Editing by Paul Simao) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-sec-insidertrading-mobileye-idUSKBN16U2R3'|'2017-03-24T03:21:00.000+03:00'
'6c275685ffa4b9b0837f701b2cf5d03f49ee867f'|'South Korea finance minister asks for cooperation on fresh Daewoo Shipbuilding bailout plan'|'SEOUL South Korean Finance Minister Yoo Il-ho asked creditors on Thursday to cooperate on a fresh bailout plan for Daewoo Shipbuilding & Marine Engineering Co Ltd ( 042660.KS ) as state banks plan to inject fresh liquidity into the shipbuilder."I would ask for cooperation from stakeholders so that Daewoo Shipbuilding does not miss their last chance to voluntarily reschedule their debt," Yoo told other ministers at a policy meeting in Seoul.Yoo said main creditors have suggested they would inject fresh liquidity into the company if bondholders and other creditors agreed to a "haircut" reduction in the value of their Daewoo Shipbuilding debt holdings.He declined to offer details on the bailout amount, and said state banks including the Korea Development Bank and the Export Import Bank of Korea would provide briefings later in the day.(Reporting by Cynthia Kim; Editing by Eric Meijer)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-southkorea-economy-restructuring-idINKBN16U020'|'2017-03-22T21:37:00.000+02:00'
'db6a38fd438590f952456e3d10b34c3db0707743'|'Caixa Geral de Depositos to price €500m AT1 at 10.75%'|'LONDON, March 23 (IFR) - Caixa Geral de Depositos will price a €500m no-grow perpetual non-call five-year Additional Tier 1 bond at 10.75%, according to a lead.Books have passed €2bn. Leads started marketing the deal earlier on Thursday at an 11% to 11.5% coupon.The deal, expected to be rated B- by Fitch, will price later today via joint leads managers Barclays, Caixa - Banco de Investimento, Citigroup, Deutsche Bank and JP Morgan.The bonds will be written down on a temporary basis should the bank''s Common Equity Tier 1 fall below 5.125%. (Reporting by Alice Gledhill, Editing by Helene Durand)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/caixa-geral-dep-bonds-idUSL5N1H03R9'|'2017-03-23T15:19:00.000+02:00'
'a8837ec6e88dfeb5c1b567de9ad76298ec9af25e'|'Planning for a Low-Tax, High-Deficit World'|'It isn’t often that rushing makes sense in retirement planning. But when it comes to converting your tax-deferred IRA to a tax-free Roth one, Ed Slott thinks now may be the exception. “Tax rates may never get lower in your lifetime than in 2017,” says the accountant and creator of the personal finance website irahelp.com. “Now would be the time to strike.”Donald Trump has said he wants to lower the top income tax rate from 39.6 percent to 33 percent. However, if history is any guide, the change won’t be permanent, creating a potentially narrow window of opportunity. Savers can take a number of actions this year to cash in.“If you have a healthy retirement account, taxes become the single biggest factor that will separate you from your retirement dreams,” Slott says. If you’re in the top income bracket, taxes on converting a $1 million traditional IRA to a Roth would drop from $390,600 to $330,000 if the top rate falls to 33 percent—a $60,600 immediate savings. But the savings would be even greater thereafter because assets in a Roth IRA compound tax-free, while in a traditional IRA you’d have to pay even more upon withdrawal if that $1 million grew to $2 million.Of course, with health-care and trade overhauls on the new administration’s front burner, there’s no guarantee the White House and Congress will also serve up the promised tax revamp this year. “I think Republicans will do corporate tax reform this year and individual tax reform next year,” says Brian Jacobsen, Wells Fargo Asset Management Corp.’s chief portfolio strategist. “They’ll take care of what’s possible in 2017—corporate tax reform, regulatory relief, repealing Obamacare—then leave the other stuff that’s more politically popular, individual tax cuts and infrastructure spending, to right before 2018’s midterm election, so it’s more salient in voters’ minds.”The timing of the individual tax cut won’t matter as much if you’ve already converted to a Roth IRA this year. That’s because IRA rules allow you to reverse or “recharacterize” your Roth back into a regular IRA. “If you convert today or anytime in 2017, you have until Oct. 15, 2018, to change your mind and undo it for any reason at all,” Slott says. “It’s like getting to bet on a horse after the race is over. It’s a no-risk scenario.”If you’re in the top income tax bracket, you should also consider accelerating your itemized tax deductions to claim them this year, while delaying other forms of income until the promised tax cuts come through. This won’t only lessen the tax bite of the IRA conversion, it could prevent you from losing those deductions down the road. Trump’s tax plan would cap itemized deductions, including those on mortgage interest and charitable donations, at $100,000 for single filers and $200,000 for married couples.Even if those caps don’t make it into the final legislation, deductions will be less valuable when tax rates are lower, points out Wendy Diamond, a tax adviser for high-net-worth clients at Deloitte Tax LLP. “If we do think rates are going down,” she says, “the client should defer recognition of income and accelerate deductions, because those deductions may be worth less in a future year.”It’s also worth thinking about how Republican policies might affect retirement portfolios, so you can overweight sectors and asset classes that will benefit and underweight those that will suffer from them. “A straight corporate tax cut would tend to favor small- to mid-cap companies rather than large-cap,” says Jacobsen. That’s because those businesses have a higher effective tax rate than large multinationals that shelter much of their taxable profits overseas. Jacobsen favors mid-caps over small. “Only about two-thirds of small-cap companies are profitable,” he says. “To benefit from a tax cut, you need to be profitable. Mid-cap stocks are about 80 percent profitable.”Stocks of domestic-oriented businesses that are heavily regulated also stand to benefit more than global, lightly regulated ones under Trump’s agenda. “From a sector perspective, the most heavily taxed and regulated sectors tend to be financial services, utilities, and telecom companies,” Jacobsen says. These sectors, plus industrials, tend to fall on the value side of the investment spectrum, their stocks cheaper than lightly regulated peers. Deregulation may make their businesses more profitable by shielding them from consumer lawsuits and federal prosecution for fraud, safety violations, and pollution.The outlook for bonds is mixed. Lower personal income taxes combined with greater military and infrastructure spending could spark inflation, causing interest rates to rise. That would be bad for Treasuries, whose prices, like all debt instruments, move inversely with rates.If income tax rates decline, muni bonds could also suffer, as their tax-adjusted yields will look less attractive for investors in the top brackets. But it’s unlikely that such low tax rates will last indefinitely. By comparison, top federal tax rates were 50 percent in the 1980s, 70 percent in the 1970s, and 91 percent in the 1960s. The U.S. federal deficit continues to expand, so it seems unlikely that the 33 percent rate Trump is aiming for would hold for long. According to analysis by the nonpartisan Tax Policy Center, his plan would cause a $6.15 trillion decrease in federal tax receipts by the end of 2026. “All of this stuff Trump’s planning takes money,” Slott says. “At some point the bills have to get paid and taxes will snap back, maybe to 40 percent, 50 percent.” When they do, you’ll be glad the assets in your Roth IRA are already tax-free.The bottom line: Act fast to Trump-proof your retirement strategy, because history shows that tax cuts often don’t stick.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'http://www.bloomberg.com/news/articles/2017-03-23/planning-for-a-low-tax-high-deficit-world'|'2017-03-23T17:00:00.000+02:00'
'939c7058370598ec17391d7a11e6026b518fc3ed'|'U.S. Senate votes to overturn Obama broadband privacy rules'|'Technology  22pm EDT Senate votes to overturn Obama broadband privacy rules A man uses a smartphone in New York City, in this picture taken November 6, 2013. REUTERS/Mike Segar WASHINGTON The U.S. Senate on Thursday voted 50 to 48 to repeal regulations requiring internet service providers to do more to protect customers'' privacy than websites like Alphabet Inc''s Google ( GOOGL.O ) or Facebook Inc ( FB.O ). Under the rules approved by the Federal Communications Commission in October under then-President Barack Obama, internet providers would need to obtain consumer consent before using precise geolocation, financial information, health information, children''s information and web browsing history for advertising and internal marketing. The vote is a victory for internet providers such as AT&T Inc ( T.N ) Comcast Corp ( CMCSA.O ) and Verizon Communications Inc ( VZ.N ) that had strongly opposed the rules. (Reporting by David Shepardson; Editing by Chris Reese) Next In Technology News China''s Chery files trademark complaint against Mercedes over green car brand BEIJING Chinese automaker Chery Automobile Co Ltd [CHERY.UL] has filed a complaint with the country''s trademark regulator over Mercedes-Benz''s use of the "EQ" name for a line of green-energy vehicles, throwing up a potential road block for the Daimler AG unit in the world''s largest electric car market. BOAO, China India''s top software services exporter Tata Consultancy Services will step up local hiring in the United States and has no plans to cut investments there as it continues to expect robust growth from its biggest overseas market. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-internet-idUSKBN16U2ER'|'2017-03-24T00:13:00.000+02:00'
'5f1d6f1570f2f00d6421abb2a941baf1041830ad'|'German consumer sentiment unexpectedly falls heading into April - GfK'|'Thu Mar 23, 2017 - 7:12am GMT German consumer sentiment unexpectedly falls heading into April - GfK Shoppers walk in a Karstadt hot deal department store in Frankfurt/Oder October 24, 2014. REUTERS/Fabrizio Bensch BERLIN, German consumer sentiment unexpectedly fell to its lowest level in five months going into April, a survey showed on Thursday, partly due to people''s concerns that rising inflation will erode their purchasing power. The consumer sentiment indicator, published by the Nuremberg-based GfK institute and based on a survey of around 2,000 Germans, fell to 9.8 going into April. Economists polled by Reuters had on average expected the headline figure to remain unchanged at 10.0. GfK said people''s economic expectations and propensity to buy picked up, while the third component of the index - personal income expectations - fell for the second month in a row. "A rise in inflation in Germany and the resultant intensified concerns over income buying power have obviously hindered full recovery of consumer sentiment," GfK researcher Rolf Buerkl said in a statement. Germany''s inflation rate rose to 2.2 percent in February from 1.9 percent a month earlier, driven mainly by rising energy and food costs. Citing a 10 percent fall in the price of crude in the first half of March, GfK said it expected inflation to fall below 2 percent in the coming months. It expects rising shale oil production in the United States to add to downward pressure on crude prices. "Experience shows that Germans react sensitively to changes in certain signal prices, such as petrol, diesel or heating oil," Buerkl said. "In particular, they see the purchasing power of their income impaired by rising energy prices." Despite the slight fall in sentiment, the survey showed that the people remained ready to spend. The propensity to buy rose, making up for most of the losses in previous months, largely thanks to the robust labor market. "The stable employment market trend is obviously of greater importance, since it reduces the fear of job losses, thus providing for a higher level of planning security, especially when it comes to larger purchases," Buerkl said. The index measuring economic expectations also rose after falling in February on fears that protectionist policies pursued by U.S. President Donald Trump could hurt the economy. "Uncertainty amongst many consumers with regards to the policies of the new U.S. president has given way to a greater level of economic optimism again," Buerkl added. (Reporting by Joseph Nasr; Editing by Hugh Lawson) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-germany-economy-gfk-idUKKBN16U0KS'|'2017-03-23T14:07:00.000+02:00'
'11557ecd150ca6f5e27b615f289ef0ceb1a6c129'|'Peabody''s adversary creditors to appeal bankruptcy exit approval'|'By Tracy Rucinski - CHICAGO CHICAGO Rebel creditors of Peabody Energy Corp''s ( BTUUQ.PK ) reorganization plan have said they intend to appeal a bankruptcy judge''s decision to allow the world''s largest private sector coal producer to exit Chapter 11 protection.U.S. Bankruptcy Judge Barry Schermer in St. Louis approved last week a plan by Peabody, which has valuable coal assets both in the United States and Australia, to emerge from bankruptcy in early April with about $2 billion of debt.In a notice of appeal filed with the Bankruptcy Court in St. Louis, about a dozen money managers who voted against the plan asked an appellate court to review six issues decided by Schermer in approving Peabody''s reorganization.Their complaints mostly center around the terms of a private stock sale that formed part of Peabody''s plan to slash more than $5 billion of debt and exit bankruptcy. To participate in the private offering, Peabody required creditors to support the reorganization plan. The objecting creditors have said this "premature" buy-in violated the U.S. bankruptcy code.In an e-mailed statement, Peabody said its reorganization plan had received a creditor approval rate of 93 percent and that it did not expect this appeal to derail its plans to emerge from Chapter 11."The bar for appeals in these types of cases is typically very high. Absent a court-ordered stay, we continue to expect to emerge in early April," Peabody said.A group of hedge funds, including Elliott Management and Aurelius Capital Management, is expected to reap hundreds of millions of dollars in gains from Peabody''s $750 million private placement of new shares at a 35 percent discount to the estimated value of its reorganized stock.(Reporting by Tracy Rucinski; Editing by Noeleen Walder and Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-peabody-energy-bankruptcy-appeal-idINKBN16U2LP'|'2017-03-23T15:30:00.000+02:00'
'c1f02be35ac767eae2682040d60ee29ad8c1e6c3'|'CANADA STOCKS-TSX rises after budget holds off from tax increases'|'TORONTO, March 23 Canada''s main stock index rose on Thursday, led by heavyweight financial sector shares a day after the federal budget held off from raising taxes on investors.The Toronto Stock Exchange''s S&P/TSX composite index unofficially closed up 85.15 points, or 0.55 percent, at 15,433.61. Nine of the index''s 10 main groups ended higher. (Reporting by Fergal Smith; Editing by Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/canada-stocks-idINL2N1H01VI'|'2017-03-23T17:08:00.000+02:00'
'a9fa8baf8ce417f62b63fee1b56837cd8c728895'|'French watchdog wants tighter market access rules for UK'|'Company News - Thu Mar 23, 2017 - 11:07am EDT French watchdog wants tighter market access rules for UK LONDON, March 23 The European Union''s system for granting market access to banks outside the bloc will not work for a financial centre the size of Britain after Brexit, a top European regulator said on Thursday. Gerard Rameix, chairman of France''s AMF markets watchdog, said the "equivalence" regime - whereby Brussels grants access to firms from non-EU countries with similar rules - must be adapted specifically for Britain. The equivalence regime "won''t be appropriate" for the UK as it will become a "very particular third country", Rameix said in a speech at Chatham House in London. The EU''s equivalence regime "must be carefully reassessed. This would require a more granular assessment of equivalence" compared with the current system based on outcomes, he said. The bloc must also be able to supervise the clearing of euro-denominated transactions, Rameix said. Such clearing is currently largely based in London. (Reporting by Huw Jones; Editing by Alexander Smith) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-eu-markets-idUSL5N1H0503'|'2017-03-23T22:07:00.000+02:00'
'2d497913cc34940c5b541c01b917ecd1091796ba'|'Oil edges up as Saudis cut supplies to U.S., but global glut remains'|'Commodities  44pm EDT Oil edges up as Saudis cut supplies to U.S., but global glut remains A worker at an oil field owned by Bashneft, Bashkortostan, Russia, January 28, 2015. REUTERS/Sergei Karpukhin/File Photo By Henning Gloystein - SINGAPORE   Prices for front-month Brent crude futures LCOc1, the international benchmark for oil, were at $50.66 per barrel at 0027 GMT, up 10 cents from their last close. In the United States, West Texas Intermediate (WTI) crude futures CLc1 were up 12 cents at $47.82 a barrel. Traders said the slight lift in prices came as a report that Saudi Arabia''s crude exports to the United States in March would fall by around 300,000 barrels per day (bpd) from February, in line with OPEC''s agreement to reduce supply. The United States imported about 1.3 million bpd of Saudi oil in February, according to U.S. Energy Information Administration data. In the United States, overseas oil suppliers like Saudi Arabia have to compete against rising shale drilling, which has pushed up U.S. oil production C-OUT-T-EIA by over 8 percent since mid-2016 to more than 9.1 million bpd. To other major consumer regions, however, Saudi exports remain high despite an effort led by the Organization of the Petroleum Exporting Countries (OPEC), and supported by other producers including Russia, to cut output by almost 1.8 million bpd during the first half of the year to rein in a global supply glut. Ship chartering and trading data in Thomson Reuters Eikon shows that OPEC shipments to Asia, the world''s biggest and fastest growing oil consuming region, were at 17.6 million bpd in March, up over 5 percent since January, when the cuts officially started, in a sign that OPEC is shielding its main customers from the supply reductions. Unless OPEC extends the curbs beyond June or makes bigger supply reductions, traders say oil prices are at risk of falling further. "The market is keen to see further progress on production cuts to alleviate the still growing stockpiles," ANZ bank said on Friday. (Reporting by Henning Gloystein; Editing by Joseph Radford) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-global-oil-idUSKBN16V03M'|'2017-03-24T08:44:00.000+03:00'
'b239f9963cf924ddacb50d633dc413da185a155b'|'Exclusive - EIB asks French diesel inquiry to probe Renault''s use of loans'|'Fri Mar 24, 2017 - 2:01pm GMT EIB asks French diesel inquiry to probe Renault''s use of loans FILE PHOTO: An entrance sign is seen at French car manufacturer Renault''s research centre, the Technocentre, in Guyancourt, near Paris, France, January 14, 2016. REUTERS/Philippe Wojazer/File Photo By Laurence Frost and Gilles Guillaume - PARIS PARIS The European Investment Bank has asked French investigators to find out whether 800 million euros ($863 million) of EU-backed loans to Renault ( RENA.PA ) could have been used to develop test-cheating diesel engines, according to documents seen by Reuters. The European Union lending arm wrote to judges leading a fraud investigation into preliminary findings that Renault diesel engines - like Volkswagen''s ( VOWG_p.DE ) - had been configured to manipulate nitrogen oxide (NOx) emissions tests. Renault, which has consistently denied breaking any laws or emissions rules, had no immediate comment on Friday. The Paris prosecutor''s office did not respond to requests for comment. Since 2009, the European Investment Bank (EIB) has granted more than 8 billion euros in preferential loans to back development of vehicles with lower carbon dioxide (CO2) emissions by carmakers including VW, exposed in 2015 for using software "defeat devices" to dupe U.S. regulatory tests. Technologies funded by the EIB have included diesel engines, because they emit less CO2 than gasoline equivalents. More recently, however, diesels have been shown to produce many times the legal limit of toxic NOx in real driving. "The EIB has granted Renault several loans to finance projects including research and development to reduce vehicle CO2 emissions (amounting to more than 800 million euros)," the bank''s chief fraud investigator told the French judges. The Jan. 30 letter also proposes a follow-up meeting "in order to establish whether our financing is implicated in your investigations and to offer you all possible assistance." It adds: "The EIB enforces a zero-tolerance policy towards fraud and corruption and strives to ensure that no illegal activity tarnishes its business." A spokeswoman for the Luxembourg-based bank declined to comment on the contact with French prosecutors. Two 400 million-euro loans granted to Renault in 2009 and 2013 have since been reimbursed, she said, and a third outstanding 180 million-euro facility did not cover any diesel development. MARKET FALLOUT Renault shares fell 7.8 percent in three days to end last week at 78.65 euros after excerpts of a November report by France''s DGCCRF consumer fraud watchdog appeared in newspapers, wiping 2 billion euros off the company''s value. The stock has since recovered some ground to 80.68 euros, as of 1235 GMT. Based on the agency''s findings, prosecutors opened an investigation in January into fraud allegations against Renault and its Chief Executive Carlos Ghosn. If found guilty, the group could be fined up to 10 percent of annual revenue, or 3.58 billion euros. The DGCCRF report, also seen by Reuters, cites engine software parameters from Renault''s own technical documentation that partially or entirely deactivate anti-pollution functions such as exhaust gas recirculation (EGR) and "lean NOx traps" (LNT) outside predictable regulatory test conditions. "The use of software in the (engine) calculator to limit the effectiveness of anti-pollution devices mainly or exclusively to vehicle approval tests is a strategy that Renault has implemented," the DGCCRF concluded. Renault has argued in press briefings that the limits on emissions control were necessary to protect its engines while maintaining driving performance and fuel efficiency, and therefore allowed under current EU rules. The carmaker has nonetheless recalled almost 11,500 cars to tweak engine calibrations and reduce NOx emissions - a handful of the 900,000 sold in France with the controversial software. Changes will include extending the narrow range of air intake temperatures within which the EGR is programmed to work. In France''s climate, the calibration renders the anti-pollution device virtually useless for seven months of the year, Renault itself concedes in company documents also seen by Reuters. The EIB, the world''s biggest multilateral lender with almost 80 billion euros granted each year, has faced scrutiny over its funding to carmakers in light of the "dieselgate" scandal and subsequent investigations in France and other countries. VW, which has set aside 22.6 billion euros to cover its U.S. criminal settlement and other costs, was awarded 400 million euros by the bank in 2009 to develop "green technologies". The German carmaker''s use of EIB funds has been "very thoroughly" investigated, bank President Werner Hoyer was quoted as saying at a January news conference. "We have not found any indication that our loans might have been used for fraudulent purposes." ($1 = 0.9270 euros) (Reporting by Laurence Frost; Editing by Mark Potter) Up Next Markets hanging on U.S. healthcare bill fallout LONDON All eyes in financial markets were fixed on stuttering Republican efforts to pass a replacement for Obamacare on Friday, the result of the vote and Donald Trump''s response seen as crucial to his promise to deliver a "phenomenal" tax reform. All drill, no frack: U.S. shale leaves thousands of wells unfinished NEW YORK U.S. shale producers are drilling at the highest rate in 18 months but have left a record number of wells unfinished in the largest oilfield in the country – a sign that output may not rise as swiftly as drilling activity would indicate. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-renault-diesel-eib-idUKKBN16V1MR'|'2017-03-24T21:58:00.000+03:00'
'cd744e126edff7f3178b880cf059f2d58d93f240'|'UK retail sales suffer biggest three-monthly drop since 2010 as fuel costs bite'|'British retail sales in the three months to February recorded their biggest slide in nearly seven years as higher fuel prices eroded shoppers'' disposable income, official data showed on Thursday.British inflation is starting to climb rapidly in the wake of the hefty slide in sterling seen after June''s vote to leave the European Union - something economists expect to eat into consumer demand, the main motor of British economic growth.Sales volumes in February alone beat all economists'' expectations in a Reuters poll, jumping by 1.4 percent from January, but this was too little to offset a drag from weak demand in previous months, the Office for National Statistics said.Looking at the three months to February as a whole, sales volumes were down by 1.4 percent after a 0.5 percent decline in the three months to January, their biggest fall since March 2010. A drag on overall first-quarter economic growth now looks all but certain unless March sees an unprecedentedly large jump in sales, the ONS said.Official data earlier this week showed consumer price inflation jumped to 2.3 percent, its highest in more than three years, and the narrower measure of inflation used by the ONS to calculate retail sales growth rose to its highest since March 2012 at 2.8 percent."The underlying trend suggests that rising petrol prices in particular have had a negative effect on the overall quantity of goods bought over the last three months," ONS statistician Kate Davies said.Compared with a year earlier, February sales volumes were up 3.7 percent - beating forecasts for a 2.6 percent rise - after growing just 1.0 percent on the year in January.The outlook for consumer spending is key for policymakers gauging the outlook for Britain''s economy as it gears up to leave the European Union.Spending by shoppers was robust in the months following June''s Brexit vote, but more recently there have been signs retail spending is starting to wilt as inflation rises - fuelled partly by the pound''s plunge since the referendum.Retailers have reported shoppers were buying less in response to higher prices, though the picture is mixed and other areas of consumer spending such as eating out have been growing robustly, a Bank of England report showed on Wednesday.On Thursday one of Britain''s biggest clothing retailers, Next, said it was "extremely cautious" about the year ahead after it reported a 4 percent fall in annual profits.The retailer blamed a long-term shift in Britons'' appetite for new clothing, as well as cost pressures and shoppers having less disposable income.By contrast, a day earlier the finance chief of home improvements retailer Kingfisher, Karen Witts, said she had not yet seen any big change in customer behaviour, despite concerns about the outlook.Lead indicators of demand such as the number of tradesmen buying costly power tools and work wear were holding up "very well", Witts said after Kingfisher released annual earnings on Wednesday.(Reporting by David Milliken and Alistair Smout)((uk.economics@reuters.com, Tel: +44 20 7542 5109))'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/britain-economy-retail-idINKBN16U13T'|'2017-03-23T07:11:00.000+02:00'
'9157acde5f4407ca8c46bed8d7d2432c465ee9a9'|'Teva Pharm may fire 6,000 workers -Israeli media report'|'Company  19am EDT Teva Pharm may fire 6,000 workers -Israeli media report JERUSALEM, March 23 Teva Pharmaceutical Industries may fire as many as 6,000 workers worldwide as part of a multi-year efficiency plan, Israel''s Calcalist news website reported on Thursday. A Teva spokesperson declined to comment on the report. Teva, the world''s biggest generic drug maker, employs around 57,000 people globally and is Israel''s largest public company. It has had a rough year, though, with a serious of costly acquisitions, along with delayed drug launches, sending its stock plummeting 72 percent to $32.61. The crisis of confidence forced former chief executive Erez Vigodman to step down in February, with Chairman Yitzhak Peterburg replacing him on a temporary basis. Calcalist, one of Israel''s leading financial media outlets, reported that Teva has already reduced its workforce in Israel by around 100 people as part of the efficiency plan. (Reporting by Ari Rabinovitch and Steven Scheer) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/teva-pharm-ind-workers-idUSL5N1H01LN'|'2017-03-23T15:19:00.000+02:00'
'6e6244eb99849c1f5393155b18238be254246d90'|'Board of Brazil''s Usiminas votes to remove CEO Souza -sources'|'Company News  24pm EDT Board of Brazil''s Usiminas votes to remove CEO Souza -sources SAO PAULO, March 23 The board of Usinas Siderúrgicas de Minas Gerais SA voted to remove Chief Executive Officer Rômel de Souza in a meeting on Thursday, two people with knowledge of the matter said. (Reporting by Guillermo Parra-Bernal and Alberto Alerigi Jr.) Next In Company News UPDATE 2-Hedge fund manager Eric Mindich shuts down Eton Park BOSTON, March 23 Thirteen years ago Eric Mindich set an industry record when he raised $3 billion for his new hedge fund Eton Park. Now the fund is being shut down, becoming the year''s most prominent casualty in an increasingly tough trading and fund raising environment. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usiminas-ceo-idUSE6N1FG00X'|'2017-03-24T03:24:00.000+03:00'
'121c683d54894d9316d9deb623eb3dca7044904d'|'Profiting from the wall: The battle to build Donald Trump’s wall'|'FEW slogans were chanted with as much passion by Donald Trump’s supporters in the presidential campaign as “Build that wall!”. The construction industry is almost as enthusiastic. Last week America’s Customs and Border Protection agency (CBP) issued two invitations for companies to bid to build the wall on the border with Mexico, which is expected to cost anywhere between $12bn and $25bn. The deadline for designs falls on March 29th. One request is for a solid concrete border wall, and the other for a wall using “alternatives” to reinforced solid concrete, suggesting the government has yet to decide what the barrier should be made of.More than 700 companies, from big general contractors to firms selling materials to niche providers of lighting and surveillance systems, have registered to try to become suppliers. To the surprise of some, about one in ten of the firms bidding are local ones with Hispanic owners, drawn by the scale of the earnings on offer. Cemex, a Mexican cement giant that has plants on both sides of the border, said it would not sell cement for the project, though it had earlier expressed interest in joining the bidding. Another, tiny, Mexican firm has offered lighting. 42 minutes ago How Republicans’ new health plan would affect American incomes Graphic detail an hour ago Terrorist atrocities in western Europe Graphic detail 2 hours ago “Life” owes much of its existence to other films Prospero 2 hours ago How Republicans in Iowa are using their new strength Democracy in America 2 hours ago Why Catholic priests practise celibacy The Economist explains 9 Other foreign firms muscling in include SA Fence & Gate from South Africa and Quickfence from Spain, although they may not get far: the government’s tender mentions a “Buy American” preference. Skanska, a Swedish firm that is one of the construction industry’s largest, publicly snubbed the project. “We believe in openness and equality,” declared its chief executive, Johan Karlstrom.The big American bidders try to downplay the politics. Howard Nye, the boss of Martin Marietta, a materials giant based in North Carolina, says simply that his company has “a general interest in large infrastructure projects”. Its shares and that of other construction firms have risen as a result of Mr Trump’s pledge to lavish $1trn on infrastructure across the country. Those plans may be delayed, but not, it seems, the wall. For some smaller bidders, business and personal views are aligned. Michael McLaughlin of Greenfield Fence, a contractor based near San Diego, says the barrier is needed to keep “dangerous drug dealers” out of the country.The general requirement is for a wall that is at least 5.5 metres high, preferably 9 metres, with anti-climb and anti-tunnelling features, and which—on the American side, at least—is “aesthetically pleasing”. The few dozen firms that make it to the second round will later present detailed drawings and technical specifications as well as their best price. At the end of the process a still unknown number of winners will each be awarded a contract with a maximum value of $300m.The rules of the game clearly favour large engineering and construction firms such as KBR, which helped build the detention camp at Guantánamo Bay and which will probably bid, or Kiewit, from Nebraska. These companies have the best design expertise, top-notch construction-management teams and the ability to strong-arm materials suppliers. But smallish players could still turn a profit by signing up to be subcontractors to bigger, prime contractors. Andrew Dorfschmidt of McDirt Excavation, a family-owned business in South Dakota, hopes to sell digging services to whichever companies are awarded the government contract.Other firms are not interested in building the wall itself but are looking to sell border-wall accessories that are known as “tactical infrastructure and technology”. These include lighting, standing platforms and remote video-surveillance systems. One such firm, 2020 Surveillance, assumes there will be cameras placed every 60 metres along the wall. At a licensing fee of a few hundred dollars per camera per year it would expect to make $10m in revenue every year the wall is in place, if it supplied surveillance for the whole length required, or about 1,000 miles (1,610km).Despite the strong expression of interest from potential bidders, the construction schedule could be unpredictable. For one thing, company bosses note that the wall will run through many parcels of private land. Although eminent-domain laws, which force the transfer of private property into public hands, may be invoked by the government, agreeing on adequate compensation for evicted landowners often becomes a legal headache.Receiving payment could also take time. Only a small fraction of the estimated total cost of building the wall has been ring-fenced under Mr Trump’s “skinny” budget proposal. Mexico has disobligingly ruled out paying for it. Delay may not matter to everyone, however. Working on Mr Trump’s pet project is probably a good way to get a slice of a broader infrastructure splurge, if and when it comes.'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21719520-more-700-companies-are-vying-business-many-them-are-local-hispanic-owners?fsrc=rss%7Cbus'|'2017-03-23T22:43:00.000+02:00'
'43f6898cf163c1bdd91a9864b901c173404be41c'|'Higher investments, sales drop to weigh on Ford Q1 earnings'|'Money News - Thu Mar 23, 2017 - 9:00pm IST Higher investments, sales drop to weigh on Ford Q1 earnings The Ford logo is pictured at the Ford Motor Co plant in Genk December 17, 2014. In 2012 Ford announced that production of the models made in Genk would move to Valencia, Spain, with the loss of 4,300 jobs at the Belgian site. REUTERS/Francois Lenoir/Files By Nick Carey - DETROIT DETROIT Ford Motor Co said on Thursday it expects lower earnings per share in the first quarter and lower pretax profit in 2017 due to higher spending on commodities, warranties and investments and a drop in sales volumes especially fleet sales. Ford shares were down nearly 1 percent at $11.66 in late morning trading after the announcement, which preceded an investor presentation by the company''s chief financial officer, Bob Shanks. The presentation comes as the U.S. auto industry continues to see cars lose market share to trucks and SUVs, as low fuel prices have encouraged consumers to opt for larger vehicles that have become more fuel efficient in recent years. "We think we can do more with trucks, we think we can do more with utility vehicles, we can do more with performance and we''ve got plans in place to do that," Shanks said. "We think this can lead to an even stronger position for us in the years ahead." Ford said U.S. auto industry sales in 2017 should dip slightly to 17.7 million units, down from a record of 17.9 million in 2016. The company said sales should hit 17.5 million in 2018. After a strong run in sales since emerging from the Great Recession earlier this decade, investors are watching to see whether the current boom cycle is losing steam. Ford said it expects auto sales in China, the world''s largest car market, to dip to 27.2 million this year from 27.5 million in 2016. "We believe Ford''s announcement today is the initial confirmation of our investment thesis that pricing is deteriorating in North America and in select international markets, particularly China," Buckingham Research Group analyst Joseph Amaturo wrote in a client note. This will "cause earnings and cash flow for Ford and GM to deteriorate and fall short of investor expectations and more importantly company guidance," he wrote. CFO Shanks said despite the expected dip in industry sales, "we''re very comfortable that our overall business will improve." Ford said it expects to earn between 30 cents and 35 cents per share in the first quarter. Analysts, on average, have expected earnings per share of 47 cents, according to Thomson Reuters I/B/E/S. The company said its pretax profit forecast for 2017 was unchanged at $9 billion, against $10.4 billion in 2016, "driven by our planned investments in emerging opportunities, and to improve in 2018." The company also maintained its forecast for a pretax profit of about $1.5 billion for Ford Credit, its financial services arm, in 2017 and said that profit would improve in 2018. Analysts expect Ford to post pretax profit of $9.2 billion. Ford said as of February it had 79 days of gross supply of vehicles on hand, down from 84 days of inventory a year earlier. (Editing by Bernadette Baum)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/ford-outlook-idINKBN16U24K'|'2017-03-23T22:30:00.000+02:00'
'8e612ac79437770e9e12f4f8432d0fdf6a2e1aad'|'PRESS DIGEST- Financial Times - March 23'|'Company News  46pm EDT PRESS DIGEST- Financial Times - March 23 March 23 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headlines London Taxi Company opens 325-mln-pound electric car plant in Coventry on.ft.com/2o6wgBR Thames Water fined record 20 mln pounds for sewage dump on.ft.com/2n8RkZj Two of the UK''s biggest teaching unions merge on.ft.com/2mWn0QN UK financial watchdog wins "London Whale" identity case on.ft.com/2np5cRe Overview The London Taxi Company said on Wednesday that it opened a 325-million-pound ($405.5-mln) electric plant in Coventry. One of Britain''s biggest water companies, Thames Water, was handed a record 20 million pound ($25 million) fine on Wednesday for pumping sewage into the River Thames. Two of UK''s biggest teaching unions, the National Union of Teachers and the Association of Teachers and Lecturers, will merge to form the National Education Union with more than 450,000 members. Britain''s markets watchdog did not wrongfully identify a former JPMorgan executive in the "London Whale" scandal, the Supreme Court ruled on Wednesday in a landmark case that endorses a regulatory policy of speedy corporate settlements. ($1 = 0.8012 pounds) (Compiled by Kanishka Singh in Bengaluru; Editing by Sandra Maler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-ft-idUSL3N1H006R'|'2017-03-23T07:46:00.000+02:00'
'19ab35aa2383f65eb5f47cc16ee9cfcb57050b93'|'Tata Consultancy says plans to step up local hiring in U.S.'|'Money News - Thu Mar 23, 2017 - 8:43pm IST Tata Consultancy says plans to step up local hiring in U.S. Logos of Tata Consultancy Services (TCS) are displayed at the venue of the annual general meeting of the software services provider in Mumbai, June 29, 2012. REUTERS/Vivek Prakash/Files By Elias Glenn - BOAO, China BOAO, China India''s top software services exporter Tata Consultancy Services will step up local hiring in the United States and has no plans to cut investments there as it continues to expect robust growth from its biggest overseas market. "In the last four or five years, we have been recruiting heavily in the U.S.," Girish Ramachandran, head of Asia Pacific region of TCS, told Reuters in an interview on the sidelines of the Boao Forum for Asia in China''s Hainan province. "We are planning to increase the number of recruitments we have in these markets." TCS, which earns about 50 percent of its revenue from the United States, continues to remain bullish about its prospects in the country as the consumption of IT services remains very high. "U.S. is the largest market and we expect that to continue to be the largest market," Ramachandran said. India''s $150 billion information technology (IT) sector has been bracing for a reform of the distribution of H1-B visas required for the United States under President Donald Trump''s administration. Indian IT firms use H-1B visa to fly engineers and developers to the United States temporarily to service clients. Companies see increased local hiring and acquisitions as way to beat any immigration challenge. On China, Ramachandran said large Chinese enterprises with global ambitions presented a good opportunity for software services companies such as TCS as they scout for IT partners. Traditionally TCS has worked for China''s multinationals but domestic businesses have given the company good business, he said, without giving details. "The last few years, China has had growth rates that are better that what we’ve been doing globally," Ramachandran said. "And we expect that trend to continue." (Writing by Sankalp Phartiyal. Editing by Jane Merriman) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-boao-tcs-idINKBN16U23E'|'2017-03-23T22:13:00.000+02:00'
'34271b235eec3f01b57761f9ea86a58d9efe34c6'|'China''s Chery files trademark complaint against Mercedes over green car brand'|'Technology News - Thu Mar 23, 2017 - 1:09am EDT China''s Chery files trademark complaint against Mercedes over green car brand left right A Mercedes-Benz Concept EQ car is seen during the 87th International Motor Show at Palexpo in Geneva, Switzerland March 8, 2017. REUTERS/Arnd Wiegmann 1/2 left right A Chery EQ electric car is displayed at a electric car dealership in Shanghai, China, January 11, 2017. REUTERS/Aly Song 2/2 By Jake Spring - BEIJING BEIJING Chinese automaker Chery Automobile Co Ltd [CHERY.UL] has filed a complaint with the country''s trademark regulator over Mercedes-Benz''s use of the "EQ" name for a line of green-energy vehicles, throwing up a potential road block for the Daimler AG ( DAIGn.DE ) unit in the world''s largest electric car market. A Chery spokeswoman told Reuters on Thursday that the automaker had filed a complaint with the Trademark Office of the State Administration for Industry and Commerce, which it hopes will bar Mercedes from using the name in China. She said Chery has used the name "eQ" for its two-door battery electric car for two years. Mercedes showed off a concept car for its forthcoming line of electric vehicles last year, saying it would build its first EQ car in a German factory by the end of the decade. The automaker said last year it could make EQ in China but did not give a launch date. A Mercedes spokeswoman declined to immediately comment on Thursday. A ruling in Chery''s favor would be a blow to Mercedes in a key market for new-energy vehicles as more electric cars are sold in China than the rest of the world combined, thanks in part to government initiatives targeting air pollution. "If it entered the Chinese market, it would impact our trademark rights," the Chery spokeswoman said. "Mercedes Benz EQ and our (eQ) are extremely similar. Their product is also an electric car." China''s central government aggressively promotes green cars to fight intense urban smog and is urging its domestic industry to leap forward in automotive technology. (Reporting by Jake Spring and Beijing newsroom; Editing by Christopher Cushing) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-chery-automobile-daimler-idUSKBN16U0DP'|'2017-03-23T12:09:00.000+02:00'
'1788b6ddeefab864909d3d0815dd5720182a8e73'|'Shell sells onshore Gabon oil assets to Carlyle for $587 mln'|'* Assets include 60,000 boed of production* Carlyle''s Assala Energy to operate onshore assets* Deal expected to complete summer 2017By Ron BoussoLONDON, March 24 Carlyle Group has bought Royal Dutch Shell''s onshore assets in Gabon for $587 million as the world''s largest private equity fund expands in the global oil and gas sector.For Shell, the deal marks a further step in a $30 billion asset disposal programme to help cut debt after its $54 billion acquisition of BG Group last year. The Anglo-Dutch oil company has sold assets for more than $15 billion since 2016.Shell''s Gabon assets will be incorporated into Carlyle-backed Assala Energy, which is led by former Tullow Oil executive David Roux and will focus on energy opportunities in sub-Saharan Africa, Carlyle said in a statement on Friday.The assets operated by Shell produce approximately 60,000 barrels of oil equivalent per day, of which 40,000 boed go to the company. Under the deal, which is expected to close in the summer, Assala Energy will assume a debt of $285 million.For Shell, the transaction will result in an impairment charge of $53 million after tax which will be taken in the first quarter of 2017, it said in a separate statement. About 430 local Shell employees will become part of Assala Energy.The capital for the investment will come from Carlyle International Energy Partners (CIEP), a $2.5 billion fund that invests in global oil and gas exploration and production, and the $698 million Carlyle Sub-Saharan Africa Fund (SSA).Private equity funds have increased their presence in oil exploration and production companies outside the United States since the collapse in oil prices in 2014, snapping up assets from oil companies seeking to reduce debt and narrow operations.CIEP has invested $500 million in Mazarine Energy to make bolt-on acquisitions in southern Europe and North Africa.It also set up, together with private equity fund CVC Partners, North Sea investment vehicle Neptune, headed by former Centrica boss Sam Laidlaw, which is expected to make an investment in the near future. (Reporting by Ron Bousso; editing by Alexander Smith)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/shell-carlyle-gabon-idUSL5N1H069W'|'2017-03-24T14:04:00.000+03:00'
'312f640f3590162bfb92f69e76239a06e185a33d'|'What Trump Got Right About the UN'|'“The United Nations has such great potential but right now it is just a club for people to get together, talk and have a good time. So sad!” Donald Trump proclaimed over Twitter as 2016 came to a close.That tweet sent proponents of the global institution into paroxysms of more tweeting and op-ed writing. The frenzy grew with the leak in late January of a draft executive order titled “Auditing and Reducing U.S. Funding of International Organizations.” That document called for a 40 percent decrease in financial support to international organizations, including the UN. On March 16, Budget Director Mick Mulvaney confirmed that the Trump administration would be “reducing funding to the UN and to various foreign aid programs”—though specific numbers have yet to be announced.Many defenders of the UN all but predict global calamity should the U.S. take a big step back from the organization. However, that assumes both the superpower and the UN have been genuinely committed to addressing world poverty, government brutality, and armed conflict. The reality is the organization has been in a state of crisis that began long before Trump’s entrance onto the world stage. His tweet expresses a view shared by those who support the UN’s goal of promoting international peace yet see it failing to live up to its promises.While the UN has been struggling to deliver on its agenda for more than a decade, only in recent years have the scandals epitomizing that failure spilled into the press—including peacekeepers being involved in sexual abuse cases in the Central African Republic and in the spreading of cholera in Haiti. The idealized images of blue-helmeted peacekeepers and aid workers handing out bags of rice to poor people are now things of the past.“Accountability has been selective, and the focus has been on low-level people and not high-level people, who may also be culpable,” says Louisa Lombard, an anthropologist and assistant professor at Yale, who’s written a book on the violent conflict in the Central African Republic. “The head of the UN human-rights council knew about allegations of sexual abuse by peacekeepers in CAR but stayed silent. Why has there been no accounting for that? And don’t even get me started on Haiti, small steps toward cholera accountability notwithstanding.”Peacekeeping missions, most of which are in Africa, cost billions of dollars to run, yet they lack financial and institutional transparency and often fail to protect victims of war and rebuild deeply divided societies. According to a report in Foreign Policy , UN bureaucrats have wasted half a billion dollars on administrative software programs that few know how to use. The bureaucracy is plagued by “colossal mismanagement” and lacks accountability, according to Anthony Banbury, a former UN assistant secretary-general for field support who led the organization’s response to the Ebola epidemic that devastated West Africa in 2014 and 2015.I covered that epidemic as a journalist based in Liberia, home to what was once one of the largest UN peacekeeping missions in the world. The juxtaposition of the hardship and poverty of the country against the perks and privileges of the UN staff is disturbing. I was among expatriates enjoying themselves in the evening at Monrovia’s finest new restaurant, the Living Room , months after the regional epidemic ended. Outside, the city was dark but for the lights at the port and the tall UN compound beyond. We were perched atop Monrovia’s grandest hotel, bathed in golden light, eating Thai food—with the option of Japanese—and sipping French wine, paying $7 for bottled water in a country where the majority of people live on less than a dollar a day. Whether we were humanitarian workers, journalists, members of the local elite, peacekeepers, spies, or mining magnates, we all shared in this thoughtless decadence.Photographer: Tommy Trenchard/Alamy In many countries, UN and foreign aid workers glide around in luminous white 4x4s and live in plush apartments with monthly rentals on a par with prices in London and New York. Comfortable and secure compounds are important when the situation is dire. But in Liberia, where expatriates enjoy a great deal of freedom, the UN and aid world within the city is “Funrovia,” a well-oiled, climate-controlled zone of swimming pools and deck chairs—surrounded by barbed wire. The hum of appliances is interrupted only when the generators are refueled.Outside, few Liberians have access to electricity, and running water is a dream. Expats pay monthly apartment rents that can reach more than 50 times the average monthly salary of $60 to $150 for Liberians with full-time employment, itself a rare situation. The security guards and maids who staff these residences must commute from the far outskirts of the capital, because they can no longer afford to live in the city where they work.That’s become the status quo since the peacekeeping mission arrived in Liberia in 2003, at the end of the country’s civil war. Little has improved in more than a decade. Electricity is scarce and the most expensive in the world. Only the most privileged of Liberians have water running through their taps; the rest are left to haul it from rivers, wells, and pumps. Much of the country is underemployed. The few who had full-time jobs in iron ore mines and rubber plantations—Liberia’s primary exports—have been laid off because of the decline of the global commodities market.The meal I shared with two friends at the Monrovia hotel cost 127 times more than the rice and soup most Liberians buy from a cookshop. And that kind of disparity isn’t limited to Liberia. We could have been in almost any post-conflict country in the world with a UN peacekeeping mission. These missions cost billions of dollars to run, are monstrously bureaucratic, and, once launched, take on a life of their own, refusing to end as their expatriate bureaucracies suck in funding. Similar missions—in the Democratic Republic of the Congo, Haiti, and the Republic of South Sudan, for example—have been called failures, and yet that hasn’t resulted in their reform or withdrawal.At its height, the United Nations Mission in Liberia played host to 15,000 troops; it’s spent more than $7 billion in a nation of 4 million people. Liberia has been lauded as a success . Most of the mission’s peacekeepers will depart a few months after presidential elections in October, handing responsibility for security back to the Liberian government. But the mission’s legacy remains murky. Many diplomatic officials and observers, including the former head of mission, Karin Landgren, have expressed concerns that the economic inequality and culture of impunity that led to Liberia’s civil war, which lasted from 1989 to 2003 and claimed at least 250,000 lives, haven’t changed.The UN as an institution rarely considers the impact of its peacekeeping missions or “interventions” on local economies. Nor does it measure the effects of its presence or work. Most of the money that goes into these missions is spent on foreign contractors, consultants, and staff, with only a small portion trickling down to local businesses. In nations where structural inequality and the plundering of natural resources remain key causes of conflict, the UN does little to stimulate the economy or buy from local suppliers or traders.It’s the same story, be it Goma in the Democratic Republic of the Congo, Juba in South Sudan, or Bamako in Mali, says Kathleen Jennings , a researcher who’s studying the economic impact of peacekeeping missions. “The danger is that this [kind of] economy is essentially locking in hierarchies that were underlying the conflict in the first place, that is the people who had the most at the end of the war,” she says. Jennings adds that locals often see the UN as fundamentally corrupt and ineffective. The UN’s wastefulness and sclerosis doesn’t mean the U.S. can claim some moral high ground. Washington, like every major power, has always played its own games within the organization. The Security Council has long been a cynical playground for the U.S., Russia, China, and others as they pursue their own interests. Furthermore, Trump’s emerging policies regarding refugees, Muslims, and immigrants are likely to affect global stability, as is the possibility that his administration could flout more international agreements and conventions than the U.S. already does.But that means it’s even more imperative for the UN to find a way to restore its floundering raison d’être —because it may have to pursue its agenda without the same amount of U.S. donor dollars . At the moment, Washington contributes about 22 percent of the UN’s regular budget. In addition, it pays almost 30 percent of the organization’s peacekeeping costs. U.S. Ambassador to the UN Nikki Haley says she intends to work with Secretary-General António Guterres “on the efficiencies that are needed in peacekeeping reform, which we spent a ton of money on.” Perhaps a substantial defunding may finally force the UN to reform.MacDougall is a journalist based in Monrovia, Liberia.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'http://www.bloomberg.com/news/articles/2017-03-23/what-trump-got-right-about-the-un'|'2017-03-23T15:30:00.000+02:00'
'a91d60ad924450b7a765b43e9a237f6a4a496575'|'The death of the mortgage salesman is unfortunately premature - Money'|'W e thought the “commission hungry salesman” had been consigned to the museum of financial horrors, next to the exhibits on Equitable Life and endowment mortgages. But are these relics in fact still alive and crawling back into the mainstream?On the quiet the major mortgage lenders have begun making “retention” payouts to brokers, alongside the “procuration” fees they have long paid. If you have no idea what this means then that’s probably the idea – to keep you in the dark.The procuration fee is the commission a lender pays to the mortgage broker who procures the business of a first-time buyer or mover. Historically, the fee has been around 0.35%-0.4% of the sum borrowed, which means bonuses all round as house prices (and mortgage sizes) have gone up. On a £200,000 mortgage, for example, it means the broker pockets around £800. Some firms, such as London & Country, consider that enough, but other brokers will additionally charge either a flat-rate fee of around £500, or a percentage-based fee of around 0.25%, which means they make a total of around £1,300 from you.On buy-to-let mortgages the commission rates paid by the banks and building societies are higher, usually around 0.5%, which may explain why they are promoted so heavily. And remember, you have to pay the separate “arrangement fee” (aka the booking or completion fee) to the lender as well, which is usually around £500-£1,000 on a fixed-rate deal. All in all it means you are parting with as much as £2,300 in fees when you take out a mortgage – and then face paying it all again when the deal period comes to an end.Around 60% of mortgages in the UK go through brokers, so the commission sums paid out by the lenders are vast. Last year, according to the Council of Mortgage Lenders, new lending was around £245bn, so we can assume the brokers’ cut is at least £500m.But none of this is new, if barely understood by most homebuyers. What has emerged in recent months is the number of lenders who have introduced “retention fees”. Until now, commissions have largely only been paid to brokers arranging new mortgages for first-time buyers and landlords, or for existing homeowners and landlords remortgaging to a new lender.Now, however, lenders are paying commissions to brokers who simply roll you over from one two-year deal to another at the same lender. This month, Santander starting paying them, with a minimum cost of £400. Nationwide, which had long held out against them, is introducing them from this summer. NatWest and TSB have also agreed to start paying retention fees.The commission rate is lower than for standard business – mostly around 0.2% – but brokers are rubbing their hands in glee. Retention business is huge – at £80bn-£100bn a year it is the largest slice of the mortgage market. If half of that goes through brokers it’s worth around £200m a year. That’s £200m that wasn’t being paid out in the past, and will have to be found from somewhere. Will it (a) mean shareholders of the banks will receive lower dividends; or (b) be passed on to the customer? I’ll leave you to work that one out.Brokers argue the commission should be seen as an administration fee, as they now carry out a lot of the legwork traditionally done by the lender – from affordability checks to regulatory and compliance paperwork. They also say Halifax has always paid retention fees, which hasn’t distorted the market.But commissions always create incentives to behave in particular ways. Should a mortgage broker recommend you take a five-year fix or a 10-year fix? Or will they say that a two-year fix is in your best interest – when it might actually be in the best interests of the broker, who can earn commission again in 24 months’ time?Topics Mortgages On reflection Financial advisers Family finances comment  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/blog/2017/mar/25/death-salesman-premature-mortgage-lenders-brokers-retention-fees'|'2017-03-25T15:00:00.000+03:00'
'45e8ac7123dd94da8a85442e82128b6b60a7ce5d'|'Bank of Ireland CEO Boucher to retire before year-end'|'Business News   3:38pm GMT Bank of Ireland CEO Boucher to retire before year-end Richie Boucher, gestures during an interview with Reuters at the company''s head office in Dublin, Ireland June 12,2009. REUTERS/Cathal McNaughton By Padraic Halpin - DUBLIN DUBLIN Bank of Ireland ( BKIR.I ) Chief Executive Richie Boucher will retire before the end of the year after almost a decade in charge of the lender he guided from the brink of nationalisation to lead a revival across the sector. Boucher, who joined Ireland''s largest lender by assets in 2003, headed its corporate banking and retail divisions before being appointed CEO in February 2009, shortly after the bank, like all other Irish lenders, sought a state bailout. The bank, 14 percent owned by the state, did not name a new boss but said the succession process was under way. Under the matter-of-fact, Zambian-born banker, the bank became the only domestically owned lender to stay out of state control when it attracted 1.1 billion euros (1 billion pounds) of private investment at the height of the euro zone debt crisis in 2011. The bank returned to profitability three years later and after handing the state a profit on its rescue funds, it recently embarked on a four-year technology investment that Boucher said he would leave to someone else. "I will be 59 in August and I feel it best for the group that someone else leads the next stage of development," Boucher said in a statement, adding he would continue to lead the group while facilitating the transition to his successor. The bank has a former CEO of a major Irish stock market company among its ranks, deputy chairman Patrick Kennedy, who led bookmaker Paddy Power ( PPB.I ) from 2006 to 2014. Boucher, once described by an Irish lawmaker and current government minister as having "a hide like a rhino", had an egg flung at him in 2011 by an irate shareholder, one of many who lost out when Irish bank shares collapsed. He told a 2015 parliamentary inquiry that he had made mistakes in the run-up to the crash but that in the six-and-a-half years that followed had "put action behind words." Boucher, who joined Greek lender Eurobank ( EURBr.AT ) as a non-executive director in January, said last month that Bank of Ireland expected to pay its first dividend in a decade next year after Brexit forced it to delay plans by 12 months. "Mr Boucher assumed his role as Chief Executive Officer at a time of severe stress for the Bank of Ireland Group and indeed for the Irish banking sector in general," Irish Finance Minister Michael Noonan said in a statement. "Under his stewardship, Bank of Ireland navigated its way successfully through these difficult times. I wish to thank him for his commitment, professionalism and drive." (Reporting by Padraic Halpin; Editing by Mark Potter/Keith Weir) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bankofireland-ceo-idUKKBN16V1WI'|'2017-03-24T23:38:00.000+03:00'
'bfb585690b7e00b5c08d4bb61225f8a070d38310'|'Activism is mainstream again … how can protests create change? - Global Development Professionals Network'|'P rotesting is back. People have woken up to the undeniable fact that power ultimately lies with them. We can’t change what’s already happened, but we can organise to ensure that the huge progress we have made tackling some of the world’s greatest problems is not lost.We are returning to the traditional and most effective form of protest – marching, with placards, bull-horns and a collective, defiant voice.The fragmenting of political systems across the globe has worrying implications for democracy. But it has also sparked greater determination. A visible, protesting public is one of the most effective ways to hold political leaders to account and push the agendas that matter. In Romania, it’s estimated that 500,000 people recently took to the streets to protest about corruption. A friend, Bea, who took part in the protests, described them as driven by anger, but that people were left with a sense of community, hope and solidarity. Those protesting included families, professionals, creatives, journalists, students and more. They exchanged tea, snacks and water. Reminiscent of the days of Jubilee 2000 , a human chain of 30,000 people was formed around parliament.Activism must become as much a part of our civic duty as paying council tax or dividing rubbish for recyclingBea believes the protests have produced a mindshift, people now understanding that we can only drive positive change together. That in itself is an incredible outcome.Anyone who has been on a protest can attest to the exhilaration that people power provides. This renewed protest zeitgeist offers a golden opportunity to reawaken those causes. But how can this new found vigour have the most impact?It would intensify impact if we link protests to the UN’s sustainable development goals , aiming to make the world a safer, fairer, cleaner and more peaceful place by 2030. In 2015, 193 countries signed up to the SDGs and it’s up to the people to hold their governments to account to achieve them.How women''s health advocates can win in 2017 - Ruth Landy Read more Reminding our leaders of their duties requires everyone who cares to take action. With renewed purpose, activism must become as much a part of our civic duty as paying council tax or dividing rubbish up for recycling.We at One campaign are marching all the way to 2030, armed with pens and placards, bull horns, biros and banners. We urge you join us to capitalise on the re-energised protest movement and join fellow global citizens to push for the SDGs to do as they are intended – make us all safer and the world a fairer place.Five tips for making the most impact Clarity of message and a clear end goal are crucial. Think of Make Poverty History – a simple, clear ask. Balance political and news agenda opportunity with public zeitgeist – for example, the UK’s anti-corruption summit and perfect timing of the Panama Papers . Make it as easy as possible for people to get involved; they’re busy, they have other things going on, but with the right information and support they will join in. Make sure your protest targets know what’s happening and why. There’s no point in thousands of people taking to the streets if the targets don’t hear about it. That just making noise, not making change.Know that change is possible. We were was part of the campaign that secured legislation to enshrine in law that 0.7% of UK gross national incomegoes to overseas aid – the UN’s aid spending target.There’s a saying: if you want to build a ship, don’t ask people to collect wood and assign them tasks, but teach them to long for the endless immensity of the sea.It’s the same same principle for campaigning – if people care about an issue, they will take action.Saira O’Mallie is the UK director (interim) at One Campaign . Join our community of development professionals and humanitarians. Follow @GuardianGDP on Twitter. Join the conversation with the hashtag #Dev2030 . Topics Global development professionals network Development 2030 Protest comment  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/global-development-professionals-network/2017/mar/25/activism-mainstream-protests-create-change'|'2017-03-25T18:00:00.000+03:00'
'86e270ad84929e300c117706f14a84c604faadfb'|'German environmental lobby sues motor authority over VW scandal'|' 28pm GMT German environmental lobby sues motor authority over VW scandal A Volkswagen (VW) logo covered with dust is seen at a car in Grafenwoehr, Germany, October 26, 2016. REUTERS/Michaela Rehle HAMBURG/BERLIN German environmental group Deutsche Umwelthilfe (DUH) has filed a suit against German motor authority KBA, accusing it of failing to act robustly enough over Volkswagen''s ( VOWG_p.DE ) diesel emissions scandal. Volkswagen (VW) admitted in September 2015 to using software to rig U.S. diesel emissions tests and said the software could be in up to around 11 million vehicles worldwide. KBA approved plans for VW to refit affected vehicles in Europe, which included software updates on pollution control systems and some technical fixes. DUH''s suit alleges the removal of illegal software from the cars was unlawful because the KBA''s original approval for the vehicles did not include any mention of the software, DUH Managing Director Juergen Resch said on Friday. German daily Bild reported the lawsuit earlier. It said DUH had filed the suit with an administrative court in the German state of Schleswig-Holstein, where KBA is based. KBA and VW declined comment on the report. While VW has faced billions of dollars of fines in the United States over the scandal, its costs in Europe have been much lower. Analysts say this is partly because of a loophole in EU legislation which gives carmakers greater leeway on emissions control systems. But critics suggest governments may also be bowing to pressure from powerful car industry lobby groups. (Reporting by Jan Schwartz, Maria Sheahan and Andreas Cremer; Editing by Mark Potter)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-volkswagen-emissions-lawsuit-idUKKBN16V1J4'|'2017-03-24T20:28:00.000+03:00'
'08468ab7c40d836d1892441bca68ecdd2fd90be7'|'RPT-Emerging markets land top of managers'' portfolios with rising rates'|'(Repeats earlier story with no changes to text)By David RandallNEW YORK, March 24 Rising short-term interest rates in the United States are prompting Lipper Award-winning bond fund managers to add emerging-market debt and non-agency backed residential mortgages that they say offer more potential for gains in the year ahead.Managers from firms including AllianceBernstein, BlackRock Inc and Thornburg Investment Management are bracing for further rate increases by the Federal Reserve, making U.S. high-yield debt unattractive as highly-leveraged companies and municipalities have a more difficult time rolling over their debt costs.Instead, managers say, emerging-market debt in countries like Brazil and Mexico that have slowly-stabilizing economies and are undertaking structural reforms, as well as municipal debt issued by cities like Dallas that are in the center of strong regional economies, look more promising."We are in a phase where diversification is going to be a big strategy" because there are fewer attractive assets given rising rates, said Gershon Distenfeld, portfolio manager of the AllianceBernstein High Income fund. "Our fund was up 15 percent last year and we don''t see that happening again."Distenfeld said that he now has about 40 percent of his portfolio invested in the United States, compared with 75 percent at this time last year. He has been moving chiefly into both dollar and local-currency denominated securities in Brazil.U.S. high yield, by comparison, is "on the rich side now," he said. High-yield debt, for instance, suffered steep losses as investors moved to safer assets during Tuesday''s stock market sell-off, while emerging-market debt retained more of its value.The Fed raised short-term interest rates for the second time in three months on March 15, and is widely expected to tighten again at least two more times this year. Rising interest rates push down the price of older bonds with lower rates, eating into the returns of bond funds.Mexico looks attractive given its economic reforms, said Bob Miller, the lead portfolio manager of the BlackRock Total Return fund. The peso is regaining value following a steep decline after the unexpected victory of U.S. President Donald Trump, Miller said.He added that concern about more aggressive trade negotiations between the United States and Mexico "seems to have calmed down to a reasonable degree."Miller remained optimistic about the strength of the U.S. economy. "There''s no obvious imbalance" that could point to a coming recession, he said.Not every Lipper Award-winning bond fund manager is so upbeat, however. Steve Kane, portfolio manager of TCW Core Fixed Income fund, said that he has just 2 percent of his fund in high-yield debt, and near zero of his fund in emerging-market debt, because he expects that the U.S. economy is near the end of its expansion and a recession is becoming more likely.He is still finding value in non-agency residential mortgages, however, because he sees "continuing improving fundamentals even if we reach an economic downturn" thanks to rising home prices and wage growth, he said. He has also been buying triple-A rated commercial mortgage-backed securities that have been hurt by concerns about declining mall traffic in the age of online shopping."We are concerned like a lot of folks with the decimation of bricks and mortar retail, but we don''t think we will see significant losses at the triple-A level," he said.Chris Ryon, co-portfolio manager of the Thornburg Intermediate Municipal Funds, said that he had been buying shorter-duration bonds and focusing on higher-quality issues as interest rates rise.He has been buying general-obligation bonds issued by some lower-rated cities such as Dallas and Chicago, however, because he sees the issues that have led to their lower credit ratings as more political than economic in nature."They have strong economies and an ability to pay," he said. (Reporting by David Randall; Editing by Jennifer Ablan and Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/lipperawards-bonds-idINL2N1GZ1HP'|'2017-03-24T09:00:00.000+03:00'
'e42b3680520ae421d6842f82023e6f58fdf7eedc'|'BMW China venture''s vehicle sales to rise 20 percent in 2017'|'Business   12:17pm GMT BMW China venture''s vehicle sales to rise 20 percent in 2017 A man takes a look at BMW cars at a dealer shop in Beijing, China, September 11, 2015. REUTERS/Kim Kyung-Hoon By Raffaele Huang - HONG KONG HONG KONG Sales for German automaker BMW AG''s ( BMWG.DE ) China venture are expected to rise at least 20 percent year-on-year in 2017, the premium automaker''s local joint venture partner said on Friday. The full-year estimate is based on a 44 percent year-on-year rise in the first two months of 2017, Chairman Wu Xiaoan of Brilliance China Automotive Holdings ( 1114.HK ), BMW''s 50-50 joint venture partner, told reporters in Hong Kong. Global automakers must form local JVs in order to manufacture cars in China. In 2017, premium vehicle sales are predicted to outperform China''s overall auto market, which is expected to slow as a tax cut on small-engined cars is rolled back and the economy continues to slow. China''s auto market, the world''s largest, is entering a "tiny growth era", Brilliance Chief Executive Qi Yumin said at the briefing. He estimated the overall market would grow more than 5 percent. BMW, whose China sales grew 11.3 percent last year, is the country''s second-largest premium brand after Volkswagen AG''s ( VOWG_p.DE ) Audi AG and is racing to stay ahead of third-place Daimler''s ( DAIGn.DE ) Mercedes-Benz, which recorded 26.6 percent growth in 2016 China sales thanks to a fresher model lineup. (Reporting by Raffaele Huang; Writing by Jake Spring; Editing by Susan Thomas) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-brilliance-china-bmw-idUKKBN16V1I3'|'2017-03-24T20:17:00.000+03:00'
'baef135c7d4dbc8e2e89054d69d5846cbfeb220a'|'Keys to the future? How to read EU''s Rome declaration'|'  5:51pm GMT Keys to the future? How to read EU''s Rome declaration FILE PHOTO: European Council President Donald Tusk takes part in a news conference after being reappointed chairman of the European Council during a EU summit in Brussels, Belgium, March 9, 2017. REUTERS/Yves Herman/File Photo BRUSSELS/ROME "Europe is our common future," European Union leaders will declare in Rome on Saturday, in a grand statement of ambition they hope can hold the bloc together following the shock loss of major power Britain. The declaration will be issued to mark the 60th anniversary of the EU founding treaty. The latest draft seen by Reuters is 935 words long - far wordier than a 50th birthday text issued in Berlin a decade ago. Nearly 100 words have been added this week, notably to address concerns in ex-communist eastern members about a "multi-speed Europe" and to adjust a balance between calls for economic growth and social welfare guarantees. Below are extracts from the text, accompanied by a Reuters interpretation. Greece has withheld formal approval of the draft, but diplomats do not expect changes in wording. "We, the Leaders of 27 Member States... take pride in the achievements of the European Union..." That "27" in the first line has a poignant significance, the only, indirect, nod to Brexit. There are currently 28 EU members, though that is about to change. Prime Minister Theresa May will not be in Rome and will trigger Britain''s withdrawal process on March 29, four days after the summit. "... a community of peace, freedom, democracy, human rights and the rule of law, a major economic power with unparalleled levels of social protection and welfare." The preamble offers a positive version of the EU''s achievements, which leaders think has been drowned out by nationalisms sweeping the continent. Most Europeans are too young to remember the 20th century wars the founders aimed to consign to history, and many have grown up since the end of the Cold War. The welfare mention has been added this week. Mention of "rule of law" will remind some of Brussels'' fears of authoritarian tendencies in Hungary and Poland. "... unprecedented challenges ..." At Berlin, challenges were just "major". At Rome, "regional conflicts" are back, in Ukraine and Syria. "Terrorism" is up the agenda, with attacks since 2015 in France, Belgium and Germany. "Migratory pressures" didn''t figure in 2007; in the past two years, over a million people have arrived, dividing EU leaders and prompting talk of an existential crisis. "Protectionism" appears as a threat, now Donald Trump is U.S. president -- in Berlin it was Europe''s ability to compete in global markets that seemed the problem. "Social and economic inequalities" nods to the ravages of the euro zone debt crisis on Greece and other countries, as well as a persistent gulf between eastern and western Europe. "... make the European Union stronger ... through even greater unity and solidarity ... Taken individually, we would be sidelined by global dynamics. Standing together is our best chance to influence them..." The message of Rome is "unity", after British voters opened what many fear is a Pandora''s box of secession. "Solidarity" is a buzzword amid a simmering row over who should take in refugees and who pays the bills for the Union and the euro. "We will act together, at different paces and intensity where necessary, while moving in the same direction, as we have done in the past, in line with the Treaties and keeping the door open to those who want to join later." Addresses a row over calls for a "multi-speed Europe" that the eastern, ex-communist members fear could be a way to cut off subsidies and power. The founding six members and the EU executive think faster integration can deliver the prosperity and security that disillusioned voters want. "Our Union is undivided and indivisible." Rings rather hollow as Brexit becomes real. Risks a hubristic echo of another "unbreakable union" -- the Soviet one, which survived barely a decade beyond its 60th birthday. "... a Union which remains open to those European countries that respect our values and are committed to promoting them." An olive branch to those, notably in the Balkans, who feel the EU is backpedalling on promises of membership. "A safe and secure Europe ..." The first of four broad goals set out. At Berlin, borders were "open"; the Rome draft says that is true within the Union, but stresses "our external borders are secured" to prevent a repeat of chaotic irregular immigration. "A prosperous and sustainable Europe ..." The euro must be "further strengthened". The 2007 text said the single currency made Europe strong. A decade of crisis has left its mark. "A social Europe: a Union which, based on sustainable growth, promotes economic and social progress as well as cohesion and convergence, while upholding the integrity of the internal market ...." Among the trickiest areas. Easterners see western insistence on wage and benefit levels as a protectionist bid to keep them from using lower pay to compete and grow in the single market. Greece won mention of "a Union which fights unemployment". "A stronger Europe on the global scene ..." Highlights efforts to bolster EU defence cooperation now that the sceptical British are leaving. But takes pains to say this will be complementary to the U.S.-led NATO alliance. "... listen and respond to the concerns expressed by our citizens ..." After Britons voted out, and with anti-EU nationalist Marine Le Pen mounting a strong challenge in France''s presidential election in April and May, listening is the least they can do. The word ''respond'' was added to the draft this week. "...work together at the level that makes a real difference ... in line with the principle of subsidiarity." Some inelegant Eurospeak. But "subsidiarity" - taking decisions at the most local level possible - means getting out of the way of democratically elected national governments, which is very much in the spirit of these Brexit-dominated times. "We have united for the better. Europe is our common future." A signoff that repeats two phrases from 2007: the first from the preamble, the second echoing leaders'' final words in Berlin. (Editing by Mark Trevelyan)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-summit-declaration-analysis-idUKKBN16U2HP'|'2017-03-24T00:51:00.000+02:00'
'6f909008cd386f553f96468317272faad4b1be17'|'FTSE dips on sterling strength after retail sales surprise'|' 59am GMT FTSE dips on sterling strength after retail sales surprise A red London bus passes the Stock Exchange in London, Britain, February 9, 2011. REUTERS/Luke MacGregor/File Photo By Helen Reid - LONDON LONDON Britain''s FTSE 100 .FTSE edged down on Thursday after an unsteady start, with surprisingly strong retail sales data boosting the pound and triggering a move lower for the index whose constituents mainly earn foreign currency. British retail sales for February beat all economists'' expectations in a Reuters poll, jumping by 1.4 percent from January, and triggering a jump in sterling. Clothing retailer Next ( NXT.L ) was up 7.2 percent and the top FTSE gainer in heavy volume. It was set for its best day in nine months after its results. It kept its guidance for 2017-18 from January when it issued a profit warning. "The absence of fresh bad news is one source of support today for a share price which has fallen from 80 pounds to 42 pounds and a stock which has de-rated from an 18 times multiple of all-time high profits to barely ten times depressed profits," said Russ Mould, investment director at AJ Bell. The stock has been the worst-performing large cap over the last three months, down 21.5 percent to Wednesday''s close. Peer M&S ( MKS.L ) was also a top gainer, up 3.4 percent. The mid-cap index .FTMC was up 0.2 percent. Results drove big moves in individual stocks. Online trading company IG Group ( IGG.L ) was down 4.4 percent, a top faller after posting a 3.8 percent drop in quarterly revenue as it earned less per client especially in the United Kingdom and Ireland. IG said regulatory uncertainty has had no impact on its business so far. Britain''s financial watchdog has been seeking to tighten controls on the fast-growing spread-betting market. "We continue to see the outcome of the FCA''s consultation as the biggest risk to IG," said analysts at Liberum. "In the absence of any clarity about what new regulation looks like, the business is impossible to forecast at this stage and therefore we maintain our unrated rating." Safety and medical company Halma ( HLMA.L ) was also among top European gainers, up 5.7 percent after it posted strong order growth. Its shares were set for their biggest one-day gains since November 2015. Investec analysts said the results were good enough to see a re-rating in the stock which has suffered as investors rotated to cyclicals. Analysts at Liberum, however, saw the stock being further pressured: "Halma remains at an elevated premium to the sector [...] despite a wobble in the Trump rally in recent days, we believe reflation is a multi-year cycle and see further compression of Halma''s defensive premium." Dixons Carphone ( DC.L ) was also among top mid-cap gainers. The stock joined the FTSE 250 .FTMC on Monday after being demoted from the blue-chip index. Demoted stocks tend to see increased trading in the days after transitioning as passive index-tracking funds modify their positions to adapt to new constituents. (Reporting by Helen Reid; Editing by Toby Davis)   Most UK employers do not plan to raise pay to match rising inflation - XpertHR LONDON Most British companies do not expect to offer more generous pay deals to employees this year compared with 2016, adding to signs that higher inflation will gnaw at Britons'' living standards in the months ahead, a survey showed on Thursday. PARIS Anglo American''s diamond specialist De Beers has bought the 50 percent stake held by French luxury goods group LVMH in De Beers Diamond Jewellers for an undisclosed amount, taking full ownership of the retail operation. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN16U18N'|'2017-03-23T17:59:00.000+02:00'
'dfe95b23f15e6de314030098bb798c6466ca8e28'|'UPDATE 2-Shell gets access to oil hub in Panama -sources'|'Commodities  37pm EDT Shell gets access to oil hub in Panama: sources Logos of Shell is pictured at a gas station in the western Canakkale province, Turkey April 25, 2016. REUTERS/Murad Sezer By Elida Moreno and Marianna Parraga - PANAMA CITY/SAN ANTONIO PANAMA CITY/SAN ANTONIO Royal Dutch Shell agreed to lease capacity at a large oil terminal in Panama that has been used by U.S. refiner Tesoro Corp, sources involved in the deal told Reuters, gaining much-needed storage for its crude operations. The facility, designed for storage and transshipment of oil, is owned by Petroterminal de Panama and provides up to 14 million barrels of storage capacity, a pipeline network that connects the Atlantic and Pacific oceans, and docks for very large tankers. "We have signed a contract with Shell for a three-year period involving all the available space we have," said an official from the Panamanian government. It remained unclear when the contract would start and the capacity involved, but the source said the deal will soon be submitted to the Finance Ministry''s board of directors for approval. Shell did not respond to requests for comment. Tesoro said it does not comment on contract agreements. Access to oil facilities in Central America or the Caribbean is important for producers along the Atlantic basin because a saturated storage network has forced some to sell crude at very low prices in recent years during the oil-price crash. Petroterminal de Panama in 2008 announced it would reverse the flow of its 81-mile (130-km) trans-Panamanian pipeline. After the completion of the project in 2010, Tesoro started shipping more than 100,000 barrels per day (bpd) of crude through the line under a seven-year agreement. The contract, which also included leasing existing facilities and building dedicated storage tanks for Tesoro, allowed the San Antonio, Texas-based firm to manage crude grades from Africa, South America and the North Sea for its Pacific refineries. For Shell, having access to Panama would expand its current network in the Atlantic. After buying BG Group, it became the largest gas player in the Caribbean island of Trinidad and Tobago, where it also has blending and lubricant facilities. Shell also participates in exploration and production projects in Brazil, Venezuela, Colombia, Guyana, Peru and Argentina, and has a trading unit in Barbados. (Reporting by Elida Moreno in Panama City and Marianna Parraga in San Antonio; Editing by Gary McWilliams, Jonathan Oatis and David Gregorio) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-panama-oil-storage-idUSKBN16T379'|'2017-03-23T05:35:00.000+02:00'
'1a805efe49c8da3d0184e91e1da16e43b8915e57'|'Superior Industries offers $715 million for Uniwheels'|'WARSAW U.S. aluminum wheel maker Superior Industries International ( SUP.N ) has launched an offer to buy Uniwheels UNW.WA for around $715 million after winning the support of the Warsaw-listed company''s biggest shareholder.Superior Industries said on Thursday it had agreed to buy the 61.3 stake in Uniwheels held by Uniwheels Holding Malta for 226.50 zlotys per share and was offering 235.83 zlotys each for the remaining shares - below the current stock price.Uniwheels shares, which surged 74 percent last year and have risen around another 17 percent this year, were down 4.8 percent to 243.6 zlotys at 0945 GMT (5:45 a.m. ET).Superior Industries, the largest supplier of aluminum wheels for light vehicles in North America, said the deal would create one of the world''s largest suppliers of such wheels to the automotive industry.Germany-headquartered Uniwheels ( UWH.F ) supplies aluminum wheels to carmakers including BMW, Mercedes, PSA and Volkswagen.Uniwheels shareholders can subscribe to sell their shares between April 12 and May 25. The settlement of the tender offer is due on May 30.Uniwheels shares debuted on the Warsaw stock exchange in May 2015 at 105 zlotys apiece in one of the bourse''s biggest share offerings of recent years.(Reporting by Agnieszka Barteczko; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-uniwheels-m-a-superior-inds-idINKBN16U14D'|'2017-03-23T07:14:00.000+02:00'
'31dabfd072a5ecbafaa86ee8e3e442220577bebe'|'Healthcare bill woes could cause stocks correction: Blackstone''s Wien'|'Business News - Wed Mar 22, 2017 - 6:43pm EDT Healthcare bill woes could cause stocks correction: Blackstone''s Wien left right Demonstrators hold signs during a protest against the repeal of the Affordable Care Act outside the Capitol Building in Washington, U.S., March 22, 2017. REUTERS/Aaron P. Bernstein 1/2 left right Demonstrator lay on the ground during a ''die in'' protest over the repeal and replacement of Obamacare, outside the offices of Republican congressman Darryl Issa, in Vista, California, U.S., March 21, 2017. REUTERS/Mike Blake 2/2 By Megan Davies and Rodrigo Campos - NEW YORK NEW YORK Hurdles to getting a key U.S. healthcare bill approved could precipitate a correction for stocks, said Byron Wien, veteran investor and vice chairman of Blackstone Advisory Partners. Equities on Tuesday posted their biggest one-day drop since the Nov. 8 presidential election on concerns that President Donald Trump would struggle to get his healthcare reform passed, leading to problems getting the rest of his agenda through, including tax reform. "The fact that they are having trouble with (healthcare) casts a shadow over the tax cut and the tax cut was supposed to be the principal fiscal stimulus for the improvement in real GDP," Wien told Reuters on Wednesday. "Without that improvement in GDP, earnings aren’t going to be there and the market is vulnerable.” Trump had campaigned on a promise of 4 percent economic growth. Gross domestic product growth for 2016 fell to 1.6 percent from 2.6 percent in 2015. "His objective was from going from 2 percent growth to 4 percent," Wien said in an earlier interview on Monday. "Now the market is wondering whether 3 percent is even attainable in 2017. Maybe in 2018, but maybe not this year." He said the market was "overbought and valuations are extended so it can correct" but stressed he predicted "a correction, not a bear market." Traditionally, a correction is defined as a 10 percent drop from a recent high. A decrease of 20 percent or more is considered a bear market. Investors are currently paying more than $18 per every $1 in expected earnings on the S&P 500 over the next 12 months, near the most expensive since 2004, according to Thomson Reuters Datastream data. Wien cautioned of the risk of boosting growth by fiscal stimulus and said "growth is limited by population expansion and productivity." He said productivity hasn''t improved this millennium because there hasn''t been a major breakthrough in innovation. "If you don''t get increases in productivity, earnings will be disappointing and the standard of living will rise very slowly." Productivity and population have grown slightly under 1 percent each over the last three years. Wien said that the natural growth rate of the United States is around 2 percent or less which is "OK but it''s not what the administration promised." "If it''s going to be 3 percent or more it''s only going to happen because of fiscal stimulus. The likelihood of that being revenue neutral is very small, therefore the budget deficit will increase, ... rates will trend higher and inflation will trend higher and there are negatives associated with both." (Reporting by Megan Davies and Rodrigo Campos; Editing by James Dalgleish) Next In Business News If healthcare vote fails, would jeopardize ''Trump trades'': Gundlach NEW YORK If the U.S. healthcare legislation overhaul is not passed, or is postponed, it will put "a lot of doubt" on the "Trump trades," which include higher U.S. equities and bond yields, DoubleLine Capital Chief Executive Jeffrey Gundlach said on Wednesday. Verizon, AT&T suspend ads from Google over offensive videos U.S. wireless carriers Verizon Communications Inc and AT&T Inc said on Wednesday they have suspended digital advertising on Google''s YouTube and other advertising platforms not related to search over concerns that their ads may have run next to extremist videos. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-stocks-wien-idUSKBN16T32F'|'2017-03-23T05:43:00.000+02:00'
'd481626d04b84263964cc22775b0b4715bdcec7f'|'UK exporters in ''sweet spot'' before Brexit, may not last - BoE''s Broadbent'|'Business News - Thu   UK exporters in ''sweet spot'' before Brexit, may not last - BoE''s Broadbent Deputy Governor of the Bank of England Ben Broadbent speaks at a Reuters Newsmaker event at Canary Wharf in London, Britain, November 18, 2015. REUTERS/Neil Hall/File Photo LONDON British exporters, who have been boosted by sterling''s fall but are still able to trade as before the Brexit vote, are in a "sweet spot" that is unlikely to last indefinitely, a top Bank of England official said on Thursday. Deputy Governor Ben Broadbent said the fall in sterling - down around 16 percent against the dollar since June''s vote to leave the European Union - ought to provide a powerful incentive to invest among companies that trade internationally. But businesses are "probably" already tempering their decisions to invest because of uncertainty about Britain''s trading prospects after it leaves the European Union, Broadbent said. He described the current situation for the economy - which has held up to last year''s Brexit vote better than the BoE expected - as "post-referendum" but "pre-Brexit". "The result is something of a sweet spot for exporters," Broadbent said in a speech at Imperial College in London. However, sterling''s weakness most likely reflected the foreign exchange market''s belief that when Brexit actually takes place, leaving the EU will raise costs for companies that trade internationally - whether through tariffs, non-tariff barriers or lower productivity, he said. "Barring some other source of exchange rate weakness, such as a sharp rise in the household saving rate (which would have its own implications for the economy), the sweet spot is unlikely to last indefinitely," Broadbent said. "Either the currency market is right about the consequences of Brexit, in which case the UK''s trading relationships will become less favourable; or it''s wrong, in which case sterling is likely to recover." Broadbent added that the impact of the squeeze on households'' real income since sterling''s fall may be starting to appear in the form of weak retail spending. (Reporting by Andy Bruce,   Next In Business News Most UK employers do not plan to raise pay to match rising inflation - XpertHR LONDON Most British companies do not expect to offer more generous pay deals to employees this year compared with 2016, adding to signs that higher inflation will gnaw at Britons'' living standards in the months ahead, a survey showed on Thursday. LONDON British car production hit a 17-year high in February, extending a recent trend of surging output as a strong rise in exports once again compensated for a slump in demand at home, an industry body said on Thursday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-boe-broadbent-idUKKBN16U0UU'|'2017-03-23T16:16:00.000+02:00'
'425820bdb440749d4277767ae7bbb89f848ab664'|'BOJ''s Kuroda says there''s no reason to withdraw monetary stimulus now'|' 17am GMT BOJ chief Kuroda says no reason to withdraw monetary stimulus now left right Bank of Japan (BOJ) Governor Haruhiko Kuroda speaks during a Reuters Newsmaker event in Tokyo, Japan March 24, 2017. REUTERS/Toru Hanai 1/5 left right Bank of Japan (BOJ) Governor Haruhiko Kuroda speaks during a Reuters Newsmaker event in Tokyo, Japan March 24, 2017. REUTERS/Toru Hanai 2/5 left right Bank of Japan (BOJ) Governor Haruhiko Kuroda speaks during a Reuters Newsmaker event in Tokyo, Japan March 24, 2017. REUTERS/Toru Hanai 3/5 left right Bank of Japan (BOJ) Governor Haruhiko Kuroda speaks during a Reuters Newsmaker event in Tokyo, Japan March 24, 2017. REUTERS/Toru Hanai 4/5 left right Bank of Japan (BOJ) Governor Haruhiko Kuroda speaks during a Reuters Newsmaker event in Tokyo, Japan March 24, 2017. REUTERS/Toru Hanai 5/5 By Leika Kihara and Stanley White - TOKYO TOKYO Bank of Japan Governor Haruhiko Kuroda said on Friday there is "no reason" to withdraw the bank''s massive monetary stimulus now as inflation remains far from its 2 percent target. Kuroda also dismissed financial market concerns that at some point in the future the BOJ will lose its ability to control long-term interest rates under its yield-curve-control framework. "While some improvements have been observed in economic and price developments, there is still a long way to go to achieve our price target," Kuroda said in a speech at a Reuters Newsmaker event. Kuroda added that the BOJ won''t increase its bond yield target just because overseas long-term interest rates are rising, a scenario some traders believe is inevitable. The BOJ maintained its short-term interest rate target of minus 0.1 and a pledge to guide the 10-year government bond yield JP10YT=RR at around zero percent after a policy meeting on March 16. It also kept intact a loose pledge to maintain the pace of its annual increase in Japanese government bond (JGBs) holdings, which is 80 trillion yen ($718.78 billion). Japan''s long-stagnant economy has shown signs of life in recent months, with exports and factory output benefiting from a recovery in global demand. Core consumer prices rose for the first time in over a year in January and analysts expect them to continue to pick up slowly but steadily. That has led to a dramatic shift in market expectations, with a majority of analysts polled by Reuters predicting the BOJ''s next move would be to start scaling back its ultra-easy policy, likely beginning by raising its bond yield target. Japan''s domestic demand remains sluggish, however. Household spending fell 1.2 percent in January from a year earlier. (Reporting by Leika Kihara and Stanley White; Editing by Chris Gallagher and Kim Coghill)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-economy-boj-kuroda-idUKKBN16V0FH'|'2017-03-24T12:13:00.000+03:00'
'08518e57c70a9d7a84c2e16965047edc03021e14'|'Whistleblower in Brazil meat scandal takes on powerful industry'|' 17pm GMT Whistleblower in Brazil meat scandal takes on powerful industry left right Brazilian health inspector and whistleblower of the investigation, dubbed ''Operation Weak Flesh,'' Daniel Gouveia Teixeira, poses for picture in Brasilia, Brazil, March 22, 2017. REUTERS/Adriano Machado 1/3 left right Brazilian health inspector and whistleblower of the investigation, dubbed ''Operation Weak Flesh,'' Daniel Gouveia Teixeira, gestures as he poses for a picture in Brasilia, Brazil, March 22, 2017. REUTERS/Adriano Machado 2/3 left right Brazilian health inspector and whistleblower of the investigation, dubbed ''Operation Weak Flesh,'' Daniel Gouveia Teixeira, poses for picture in Brasilia, Brazil, March 22, 2017. REUTERS/Adriano Machado 3/3 By Stephen Eisenhammer - CURITIBA, Brazil CURITIBA, Brazil When government health inspector Daniel Gouveia Teixeira confronted a Brazilian processed meat plant with what he says was evidence of excess use of marrow, bone and other slaughterhouse by-products in food for human consumption, he was suddenly removed as the plant''s inspector. The incident, nearly three years ago at the Peccin Agro Industrial Ltda plant in Brazil''s rural Parana state, led Teixeira to tell police he suspected he was being undermined by corrupt superiors. It also prompted friends to start calling him "crazy" for taking on one of the country''s most powerful industries. "Being honest and doing my job makes me crazy?" he asked in an interview this week. "That''s crazy!" Teixeira, 39, is the agriculture ministry whistleblower credited by Brazil''s Federal Police with triggering an investigation into alleged bribes paid by meat companies to government food-sanitation inspectors in the world''s top exporter of beef and poultry. Police say in court documents the bribes were paid to cover up serious health violations by some companies in the meat industry, including the sale of rotten and salmonella-contaminated products. Their probe, dubbed "Operation Weak Flesh," has caused some of Brazil''s biggest export markets to ban its meats. Police have accused more than 100 people, mostly inspectors, of taking bribes for allowing the sale of rancid products, falsifying export documents or failing to inspect meatpacking plants at all. Prosecutors have yet to present charges and the police allegations have not been proven. BRF SA ( BRFS3.SA ) and JBS ( JBSS3.SA ), two of the world''s biggest food companies, are among dozens of firms targeted in the investigation. Both have denied any wrongdoing. The anticorruption probe has led to the arrests of 33 sanitation officials and industry employees so far, with federal agents finding violations in at least 21 meatpacking plants across the country. Industry officials in the sector, which generates over $130 billion annually, have sought to portray the meatpacking arrests as isolated incidents. Luciano Inacio da Silva, an auditor at the Agriculture Ministry who reviews internal procedures, said the ministry was still investigating Teixeira''s allegations but had not yet come to any conclusions. He cited a lack of resources as a reason for the ministry''s investigation to lag behind that of the police. Teixeira worked as an inspector for five years in the state of Santa Catarina before moving to Parana in 2012. He said he repeatedly cited plants run by various companies in Parana, which is at the epicenter of the police investigation, but was routinely reassigned to other plants by his boss, Maria do Rocio Nascimento, each time he did. Nascimento was arrested by police on March 17 on suspicion of taking bribes from meatpacking companies to move inspectors away from certain plants, according to court documents. Her lawyer, who has not commented publicly, could not be reached for comment. In early 2014, Teixeira began inspecting the processed meat plant operated by Peccin Agro. After a month of biweekly visits, he said he noticed that one of the production lines was always down. "People were just standing around," he said, adding that he suspected they were just waiting for him to leave to restart the line. OVER THE LIMIT Teixeira then asked the company for documents outlining the raw materials it bought and used for sausage and other processed meat products. He concluded the documents showed the plant was using an excess of MSM or "mechanically separated meat." MSM is a paste of marrow, bone, skin, nerves, blood vessels and other scraps. Its use for human consumption is limited, due to concerns over the intake of certain components. In Brazil, a government document posted online states that MSM cannot exceed 60 percent of the content in hams and sausages. "They were using more than 85 percent MSM," Teixeira said. Authorities have not confirmed the amount of MSM used by Peccin and Reuters was unable to verify Teixeira''s allegation independently. In September 2014, on the same day he confronted the company about his findings, investigators said owner Idair Peccin called Gil Bueno de Magalhaes, the agriculture ministry superintendent in Parana. Magalhaes, who like other such supervisors is a political appointee, removed Teixeira as Peccin''s inspector. Magalhaes and Peccin, who have been in custody since their arrests on March 17, could not be reached for comment. Their lawyers have not made any public comments and also could not be reached for comment. A receptionist at Peccin headquarters, which also houses the plant, said no company officials were available to discuss the matter. The plant was shut last week. In a statement posted on the website for one of its brands, Italli Alimentos, Peccin said the accusations against it were false. Feeling that his work was being undermined by superiors, Teixeira said he went to the federal police shortly after his removal from the plant. In November 2014, two months after his Peccin discovery, Teixeira said he was removed from inspecting meatpacking plants altogether by his boss Nascimento. He was assigned instead to his current post -- inspecting veterinary medicines. (Reporting by Stephen Eisenhammer; Additional reporting by Thais Skodowski in Curitiba; Editing by Paulo Prada and Tom Brown)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-brazil-corruption-food-whistleblower-idUKKBN16V2FO'|'2017-03-25T04:05:00.000+03:00'
'59c221c7e62a7a8df728506083f5817f1ff0685a'|'ECB''s next policy moves are in flux - Bundesbank'|'Business News - Sat Mar 25, 2017 - 3:59pm GMT ECB''s next policy moves are in flux - Bundesbank FRANKFURT The European Central Bank''s next policy moves and the order they come in are still up in the air and might even include a rate hike or sales of bonds, a director at Germany''s central bank said. Joachim Wuermeling''s comments signal Germany''s impatience with the ECB''s ultra-easy policy as inflation in the bloc rebounds and raise new questions about the bank''s policy plan, which was reiterated by its chief economist on Friday. The ECB has said it would keep buying bonds until at least the end of the year and keep interest rates at current record low levels or even cut them until "well past" that point. "The forward guidance of the ECB council now presumes that interest rate hikes are currently to be expected at the earliest after the end of net monetary policy purchases," Wuermeling told an audience in Frankfurt. "But here too, everything is in flux." The Bundesbank director emphasised that this included the option of raising the ECB''s deposit rate, essentially a charge on banks'' excess cash, before its bond-buying programme ends, echoing comments by Austrian central bank governor Ewald Nowotny a week earlier. Wuermeling also hinted at "liquidity absorption", a likely reference to selling down the pile of assets the ECB has bought since 2015 to stimulate lending by flooding the euro zone with cash. "Liquidity absorption is also possible at any time," he said. "In principle, there is no prior operational or technical order for dialling back the various measures." ECB chief economist Peter Praet stood by the bank''s guidance in an interview published on Friday and said any talk of exiting its very easy policy was premature. (Reporting By Francesco Canepa, editing by David Evans) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-policy-bundesbank-idUKKBN16W0NF'|'2017-03-25T23:59:00.000+03:00'
'bdee03bfaad6d0932a3ba32c23c000e7d178d0bb'|'German private sector growth strongest in 70 months in March - PMI'|'Fri Mar 24, 2017 - 8:39am GMT German private sector growth strongest in 70 months in March: PMI A steel-worker is pictured at a furnace at the plant of German steel company Salzgitter AG in Salzgitter, Lower Saxony late November 10, 2011. REUTERS/Fabian Bimmer Germany''s private sector grew at the fastest pace in nearly six years in March, a survey showed on Friday, driven mainly by strong demand for manufactured goods from the United States, China, Britain, and the Middle East. The reading suggests that growth in Europe''s largest economy will accelerate in the first quarter. Markit''s flash composite Purchasing Managers'' Index (PMI), which tracks activity in the manufacturing and services sectors that account for more than two-thirds of the economy, rose to 57.0 from 56.1 in February. The reading, a 70-month high, overshot the consensus forecast in a Reuters poll of economists and was above the 50 mark that separates growth from contraction. The survey showed that activity among manufacturers accelerated to a 71-month high and in the services sector it was the highest rate of growth in 15 months. "The PMI data strongly suggest that economic growth will accelerate in the first quarter," said Markit economist Trevor Balchin. Companies responded to the rising demand by speeding up hiring: the rate of job creation almost matched a record set six years ago. Inflationary pressures rose again with steel, oil and the strong U.S. dollar cited as key sources of cost pressures, Markit said, forcing companies to partially pass on the higher costs to customers. Germany''s inflation rate rose to 2.2 percent in February from 1.9 percent a month earlier, driven mainly by rising energy and food costs. Markit said it forecasted headline inflation to reach 2.1 percent in 2017. Output expectations also strengthened in March and in the services sector sentiment was strongest in more than six years. "The March flash PMI results rounded off a strong first quarter for the Germany economy," Balchin said. Detailed PMI data are only available under license from Markit and customers need to apply to Markit for a license. To subscribe to the full data, click on the link below: www.markit.com/Contact-Us Up Next   Exclusive:   HONG KONG HSBC    '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-germany-economy-pmi-idUKKBN16V0WB'|'2017-03-24T16:34:00.000+03:00'
'5f7b95795a9bfb68b52d792ebb7f539ce7d726ce'|'From crepes to cocktails: can Grand Marnier''s new owner make the leap?'|'Business News - Fri Mar 24, 2017 - 11:44am EDT From crepes to cocktails: can Grand Marnier''s new owner make the leap? left right Bartender Isaac Flores mixes a cocktail at Dick & Janes bar in the Brooklyn borough of New York City, U.S., March 22, 2017. Picture taken March 22, 2017. REUTERS/Brendan McDermid 1/4 left right Bartender Isaac Flores poses at Dick & Janes bar in the Brooklyn borough of New York City, U.S., March 22, 2017. Picture taken March 22, 2017. REUTERS/Brendan McDermid 2/4 left right Bartender Isaac Flores mixes a cocktail at Dick & Janes bar in the Brooklyn borough of New York City, U.S., March 22, 2017. Picture taken March 22, 2017. REUTERS/Brendan McDermid 3/4 left right A bartender serves cocktails at Dick & Janes bar in the Brooklyn borough of New York City, U.S., March 22, 2017. Picture taken March 22, 2017. REUTERS/Brendan McDermid 4/4 By Francesca Landini and Maria Pia Quaglia - MILAN MILAN Italian drinks group Davide Campari ( CPRI.MI ) has a tall order to fulfill: take a neglected old liqueur out of the kitchen, where it is used as a dessert topping, and turn it into a hot new cocktail trend. Grand Marnier, a 137-year-old French brand that Davide Campari bought for 652 million euros ($700 million) last year, was once a drink for the wealthy, a meld of cognac and oranges that was sipped by first-class passengers on the Titanic. Today, in its European home market, it is more often tucked away in kitchen cabinets than featured prominently in trendy bars, and its return to the cocktail circuit is not assured, even for a company that has a record of reviving faded brands. Grand Marnier sales have fallen around 2 percent in the past three years and Davide Campari expects them to flatline for two years before picking up in 2019. Based on the latest six-month data, annual sales of the brand are running at around 160 million euros, making it the company''s fifth biggest brand. The stakes are high for the world''s sixth largest premium spirit maker, which bought the French liqueur last June in its biggest-ever acquisition. The price included assumed debt and represented more than a tenth of Davide Campari''s market value. Industry analysts say they are confident the company can restore Grand Marnier''s fortunes but say it could be costly and take time, a brake on profit margins. A prolonged stagnation of Grand Marnier sales could also slow down the company''s acquisition strategy, vital to compete with much bigger rivals. The group''s debts, in proportion to core earnings, are manageable but higher than the average of its main rivals after making more than 2 billion euros in acquisitions in 22 years. Euromonitor analyst Jeremy Cunnington thinks it should take a break from acquisitions and develop its newly acquired brands. That all adds up to pressure to revive Grand Marnier, the biggest challenge yet for Chief Executive Bob Kunze-Concewitz. He must shake off the liqueur''s reputation in Europe as a fancy dessert topping and introduce it to more drinkers in America, its biggest market even though it is relatively little known there. "In Europe the challenge is making the leap from the kitchen to the glass, while in the Unites States the issue is more of increasing the glasses drunk," Kunze-Concewitz told Reuters. The CEO declined to give his target for Grand Marnier but the company aims to grow sales across all its brands by 5 percent in the medium term. Investment bank Barclays says that implies Grand Marnier reaching around 5 percent growth by 2020. However, it took Kunze-Concewitz six years to shift the group''s signature red aperitif, Campari, up a gear and accelerate the drink''s growth from 3.5 percent in 2007, when he took the helm, to the high single digits by 2013. "Someone says Grand Marnier is an old brand but ... three out of four consumers have never tasted it. This is a great opportunity, like it was for the re-launch of Campari," he told Reuters, adding that the company''s last brand makeover, of Appleton rum, took just three years. Kunze-Concewitz, a multi-lingual Austrian who was actually born in Turkey, expects Grand Marnier''s sales to rise in value but not in volumes this year in the United States, while a return to growth in Europe will take longer. BANKING ON THE B-52 Davide Campari will start its offensive in America''s biggest cities this year, with young drinkers and also bar managers such as 32-year-old Isaac Flores of Dick & Janes, a trendy cocktail bar in Brooklyn, New York. Flores rarely uses Grand Marnier and says brand recognition is just one of the problems to tackle. Retailing at $47 a bottle, it makes for an expensive cocktail. "Cocktails including it should cost at least $15-16 compared to $13 I charge the cocktails I craft," said Flores. "Grand Marnier is a beautiful liqueur, which is best drunk on its own." Since he was appointed CEO at the family-controlled spirit company, CEO Kunze-Concewitz has bought 14 brands, boosting sales by 80 percent in 10 years. But debt has trebled over that time to more than 1 billion euros, or 2.9 times its core profit against an average of 2.6 for Campari''s main rivals. The company plans to launch new long drinks and capitalize on the revival of classic cocktails that feature the liqueur, such as Grand Margarita and B-52. It has tightened its grip on Grand Marnier''s distribution, strengthening ties with Southern Glazer''s Wine and Spirits in the United States, and dropping third-party distributors and rivals Moet Hennessy ( LVMH.PA ) and Diageo ( DGE.L ). Davide Campari did not say how much it would spend on marketing Grand Marnier but the CEO said, overall, advertising and promotion expenses would rise by 20-25 basis points to just over 18 percent of sales, a level above the sector average. Grand Marnier''s main rival in the United States is Remy Cointreau''s ( RCOP.PA ) eponymous liqueur which has a smaller market share but has long set a faster pace in terms of sales. Davide Campari plans to hold tasting events in bars to show drinkers the difference between the two. But food and beverage expert Vittoria Veronesi, of Milan''s Bocconi University, says it should not take Grand Marnier out of the kitchen altogether. "It would be fun to create new dishes and match them to a Grand Marnier-based aperitif, putting together the work of the chef with that of the barman." (Editing by Mark Bendeich/Keith Weir) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-campari-marnier-analysis-idUSKBN16V208'|'2017-03-24T23:44:00.000+03:00'
'b7179bc8cac601e7119bf15c847382749627c3e0'|'Blackstone sells stake in SeaWorld to China''s Zhonghong Zhuoye'|'China-based Zhonghong Zhuoye Group Co Ltd will buy Blackstone Group LP''s ( BX.N ) 21 percent stake in SeaWorld Entertainment Inc ( SEAS.N ), the embattled U.S.-based marine park operator said on Friday.SeaWorld said Zhonghong Group would buy the stake for $23 per share, a premium of nearly 33 percent to the stock''s close on Thursday.Zhonghong Group – a diversified holding company for investments in real estate, leisure and tourism – will pay about $429 million for the stake, according to Reuters calculations.Blackstone will no longer have any interests or board seats at SeaWorld after the deal closes in the second quarter of 2017.Private equity firm Blackstone, which bought SeaWorld in 2009 for $2.3 billion, has been reducing its stake in the company since taking it public in 2013.SeaWorld faced criticism after the release of the 2013 documentary "Blackfish", which depicted the captivity and public exhibition of killer whales as inherently cruel. The company said last year it would stop breeding killer whales in captivity.The company, which has reported falling revenue for the last three years and a loss last year, suspended dividend payments last year.As part of the deal, SeaWorld will provide advisory services and support for developing theme parks, water parks and family entertainment centers in China, Taiwan, Hong Kong and Macau, which would be operated by Zhonghong Holding ( 000979.SZ ), an affiliate of Zhonghong Group.SeaWorld will also increase the size of its board to 11, including two executives from Zhonghong Group.The agreement also contains restrictions on Zhonghong Group''s ability to sell its interest in SeaWorld for a period of two years or acquire more than 24.9 percent of its outstanding shares.(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Savio D''Souza and Martina D''Couto)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-seaworld-entrnmt-stake-zhonghong-hldg-idINKBN16V1DU'|'2017-03-24T09:51:00.000+03:00'
'13b3301d8608d8ddc660db31c4d1705609cc0ec7'|'Trump''s U.S. jobs push may open doors to China in Mexico: ICBC bank'|'By Anthony Esposito , Dan Freed and Noe Torres - ACAPULCO, Mexico ACAPULCO, Mexico U.S. President Donald Trump''s push to force U.S. industry to bring jobs home is opening investment avenues for Chinese companies in Mexico, an executive with Industrial and Commercial Bank of China (ICBC), the country''s largest lender, said on Friday.Fears of a hit to foreign investment ran high when Ford Motor Co ( F.N ) cancelled a $1.6 billion plant in Mexico''s central state of San Luis Potosi in January.Trump, who had railed against U.S. manufacturers investing in Mexico, hailed the decision as a major victory, but Ford put it down to declining demand for small cars.Yaogang Chen, head of ICBC''s ( 601398.SS )( 1398.HK ) Mexico unit, said U.S. industry''s loss could be China''s gain."If some U.S. investment projects don''t (happen), there has to be somebody to invest. ... If Chinese companies think it is profitable, they will invest," he said in an interview on the sidelines of a banking conference in the resort of Acapulco.In February, China''s Anhui Jianghuai Automobile Group Co Ltd (JAC Motor) ( 600418.SS ) and Mexico''s Giant Motors, along with distributor Chori Co Ltd ( 8014.T ), said they would invest over $210 million in an existing plant to build SUVs in the central state of Hidalgo.Prior to Trump''s campaign against U.S. manufacturers shipping jobs overseas, Chinese companies were making tentative inroads into Mexico.China''s BAIC Motor Corp Ltd ( 1958.HK ) in June 2016 started selling in Mexico its own cars imported from China and has said that it will look into building an industrial plant in Mexico to produce cars and electric vehicles.BAIC is already a client of ICBC''s in Mexico.ICBC, one of the world''s top banks by market capitalisation and assets, received its banking license in Mexico in 2014 and started operations there in mid-2016."JAC, we think, will be a client of ours in Mexico too," Chen said.Still, Chinese foreign direct investment in Mexico is a tiny fraction of what U.S. firms have plowed in over the years.State-controlled ICBC expects to grow its assets and loan portfolio in Mexico tenfold over the next three years to some 10 billion pesos ($533 million), Chen said.The executive said ICBC aims to offer a service to allow clients to convert Mexican pesos to Chinese renminbi and vice versa, and make cross-border transactions cheaper.(Reporting by Anthony Esposito, Dan Freed and Noe Torres; Editing by Richard Chang)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/mexico-china-investment-idINKBN16V2ZT'|'2017-03-24T21:55:00.000+03:00'
'bc73e6bb92f8c7b24380184e707c83bea6a9e38f'|'Hedge fund manager Friedman to list investment fund in London'|'LONDON U.S. hedge fund manager Emanuel ''Manny'' Friedman plans to list a fund in London to invest in asset-backed securities and real estate assets put up for sale as a result of regulatory change in the financial sector.Forty-year industry veteran Friedman, co-founder of Friedman Billings Ramsey Group, is well known for being a buyer of distressed securities in the depths of the financial crisis.EJF Investments Ltd said in a statement it would look to list on April 7, with assets worth a net 68.1 million pounds and then raise additional capital through a placing programme over the next 12 months.EJF Investments will aim for annual risk-adjusted returns of 8-10 percent and be managed by EJF Investments Manager, a unit of EJF Capital, the $7.4 billion hedge fund which Friedman runs and which invests across debt, equity and securitisation assets.The new fund will invest in an existing portfolio including legacy real estate-related collateralised debt obligations, a passive stake in a CDO manager and positions in several speciality loans, including litigation funding.It will also look to invest in similar opportunities, including debt securitisations and other speciality finance assets, the company said."Continuing regulatory upheaval in the financial industry offers a unique set of investment opportunities," said Neal Wilson, Chief Executive of EJF Investments Manager said."The combination of attractive legacy assets, shifting regulatory requirements and changing balance sheet strategies at the major banks has allowed us to assemble a portfolio offering diversification, stable cashflows and attractive yields."(Reporting by Simon Jessop and Lawrence Delevingne; Editing by Greg Mahlich)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/uk-hedgefunds-ejf-idUSKBN16U2SD'|'2017-03-24T16:21:00.000+03:00'
'e479fe6bbb12ecd22e0e0d37141b9c06913f5204'|'Saudi Aramco picks Samba Capital as local IPO adviser - sources'|'By Tom Arnold , Davide Barbuscia and Hadeel Al Sayegh - DUBAI DUBAI Oil giant Saudi Aramco IPO-ARMO.SE has selected Samba Capital as one of two banks to work as an adviser on its planned share sale in Riyadh, banking sources told Reuters on Thursday.At least six investment banks pitched for a role advising the world''s largest oil producer on its listing on the Saudi stock exchange in Riyadh, the Tadawul.Saudi authorities are aiming to list a total of up to 5 percent of Aramco - on the Tadawul and one or more international markets - in an initial public offering that could raise $100 billion.Saudi Aramco said it did not comment on rumor or speculation. Samba Financial Group 1090.SE, the parent of Samba Capital, did not immediately respond to a request for comment.JPMorgan ( JPM.N ) and Morgan Stanley ( MS.N ) have been asked to work on Saudi Aramco''s global listing, alongside independent boutique bank Michael Klein and New York-based boutique investment bank Moelis & Co ( MC.N ), sources familiar with the matter have told Reuters.HSBC ( HSBA.L ) is also a leading contender for a role, sources have said.The fees the local advisers are likely to earn will be dwarfed by those taken by their global counterparts, but should still be lucrative given the deal would be the largest local listing in Saudi Arabia''s history."The government will negotiate aggressively on the fees and their size will depend on how much of Aramco the government decides to list," said a banker familiar with the matter.The local role will entail working with regulators at Saudi''s Capital Market Authority to prepare for the Tadawul listing, which is expected to be smaller than the international portion.Samba Capital, the investment arm of Saudi Arabia''s third-largest bank by assets, is one of the more active local investment banks.Saudi Arabian sports and fitness business Leejam Sports Co was expected to hire Samba Capital to advise it on a stock market flotation in the kingdom, Reuters reported in May 2016.(Additional reporting by Reem Shamseddine in Khobar; Editing by David Clarke and Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-aramco-ipo-samba-financial-idINKBN16U1S5'|'2017-03-23T11:04:00.000+02:00'
'99f62900468df6b27ff3a660ff0049dab384a031'|'Ackman''s Pershing Square Holdings seeks London listing'|'Company News  31pm EDT Ackman''s Pershing Square Holdings seeks London listing March 23 Billionaire investor William Ackman''s Pershing Square Holdings Ltd said on Thursday it planned to list its shares in London as it seeks to improve liquidity and valuation. The company, which has a listing on the Euronext Amsterdam stock exchange, said it plans to apply for a premium listing on the London Stock Exchange and that it would be eligible for inclusion in the FTSE UK Index Series following the admission. The firm has appointed Jefferies International Ltd to act as the sole sponsor and financial adviser on the deal. Investors will be able to trade on both London and Amsterdam markets, the company said. (Reporting by Sruthi Shankar in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/pershing-sq-hldg-ipo-idUSL3N1H04X1'|'2017-03-24T01:31:00.000+02:00'
'a1fd329213c00912cdbe5645e9841582fe150fb5'|'UK''s Lamprell cuts 20 percent staff; sees 2017 as toughest year yet'|'  7:40am GMT UK''s Lamprell cuts 20 percent staff; sees 2017 as toughest year yet Oil-rig builder Lamprell Plc ( LAM.L ) said it cut about 20 percent of its administrative staff and expects 2017 to probably be the toughest year to date, despite early signs of recovery. Lamprell has been cutting costs as oil explorers have cut their spending and cancelled contracts to counter a more-than-2-year rout in oil prices. Lamprell, which runs three rig building yards in the UAE, said it expects the overhead cuts to contribute annualised savings of $23.4 million in 2017. The company said it expects 2017 revenue to be in the lower half of its previous forecast of $400 million to $500 million in the absence of large project deliveries in the second half of this year. The company''s 2016 revenue fell 19.1 percent to $705 million for the year ended Dec. 31. (Reporting by Arathy S Nair in Bengaluru; Editing by Sunil Nair) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-lamprell-outlook-idUKKBN16V0RR'|'2017-03-24T15:40:00.000+03:00'
'64585cfc1e9d306f6f49aebe6cc400c3b250fc9e'|'Core capital goods orders dip, but shipments surge'|'Business News - Fri Mar 24, 2017 - 8:41am EDT Core capital goods orders dip, but shipments surge Containers are seen stacked up at the ports of Los Angeles and Long Beach, California February 6, 2015 in this aerial image. REUTERS/Bob Riha Jr WASHINGTON, March 24 - New orders for key U.S.-made capital goods unexpectedly fell in February, but a surge in shipments amid demand for machinery and electrical equipment supported expectations for an acceleration in business investment in the first quarter. The Commerce Department said on Friday that non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, dipped 0.1 percent last month after rising 0.1 percent in January. Shipments of these so-called core capital goods jumped 1.0 percent after declining 0.3 percent in January. Core capital goods shipments are used to calculate equipment spending in the government''s gross domestic product measurement. Economists polled by Reuters had forecast core capital goods orders rising 0.6 percent last month. Orders for machinery inched up 0.1 percent while shipments increased 0.9 percent. Orders for electrical equipment, appliances and components advanced 2.2 percent, the biggest increase in seven months, and shipments rose 1.5 percent. A recovery in oil prices from multi-year lows is driving demand for equipment in the energy sector, helping to lift the manufacturing sector. Manufacturing, which accounts for about 12 percent of the U.S. economy is also being underpinned by a burst of confidence amid promises by the Trump administration to slash taxes for businesses, boost infrastructure spending and repeal some regulations. The Federal Reserve last week escribed business investment as appearing to have "firmed somewhat." Economists expect business spending on equipment to pick up in the first quarter after a 1.9 percent annualized growth pace in the fourth quarter. Still, that will likely be insufficient to offset the drag on GDP from slower consumer spending and a wider trade deficit. The Atlanta Fed is forecasting the economy growing at a 0.9 percent rate in the first quarter after expanding at a 1.9 percent pace in the final three months of 2016. Last month, a 4.3 percent jump in demand for transportation equipment offset the dip in core capital goods bookings, and hoisted overall orders for durable goods, items ranging from toasters to aircraft that are meant to last three years or more, 1.7 percent. Durable goods orders had increased 2.3 percent in January. Civilian aircraft orders soared 47.6 percent in February. Boeing reported on its website that it had received orders for 43 aircraft last month, up from 26 in January. Orders for motor vehicles and parts fell 0.8 percent in February, while orders for defense aircraft declined 12.8 percent. (Reporting by Lucia Mutikani; Editing by Andrea Ricci) Next In Business News All drill, no frack: U.S. shale leaves thousands of wells unfinished NEW YORK U.S. shale producers are drilling at the highest rate in 18 months but have left a record number of wells unfinished in the largest oilfield in the country – a sign that output may not rise as swiftly as drilling activity would indicate. AMSTERDAM The chief executive of U.S. paint maker PPG meets Dutch government officials on Friday to make the case for its proposed 22.7 billion euro ($24.5 billion) takeover of Dutch peer AkzoNobel . MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-economy-idUSKBN16V1JS'|'2017-03-24T20:41:00.000+03:00'
'6585fb5fba347f533d7c6aae5f98dad1fe2a7478'|'Saudi in ''serious discussions'' with NYSE for Aramco IPO listing: foreign minister'|'WASHINGTON Saudi Arabia is having "serious discussions" with the New York Stock Exchange about having the NYSE as one of the exchanges for state oil giant Saudi Aramco''s IPO, the Saudi foreign minister told Fox News on Thursday."Our objective is to try to complete the IPO sometime in 2018. There are serious discussions with the New York Stock Exchange about having the NYSE be one of the exchanges for the Aramco IPO and I believe the decision will be made on the financial merits," Adel al-Jubeir told Fox News.(Reporting by Eric Walsh; Writing by Yara Bayoumy; Editing by James Dalgleish)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-saudi-aramco-idINKBN16U35D'|'2017-03-23T20:02:00.000+02:00'
'5b377ed16969225714ea64a4370852c9e0598389'|'Vectrus wins $522 mln U.S. defense contract -Pentagon'|'Company News  27pm EDT Vectrus wins $522 mln U.S. defense contract -Pentagon WASHINGTON, March 23 Vectrus Systems Corp, a unit of Vectrus Inc, was awarded a $522 million modification to a contract for services for Kuwait base operations and security support services in the Kuwait area of responsibility, the Pentagon said on Thursday. (Reporting by Eric Beech; Editing by Eric Walsh) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/vectrus-pentagon-idUSW1N1GM00T'|'2017-03-24T05:27:00.000+03:00'
'3ad282629cad9856a5760862829562b233d89fc8'|'Euro zone businesses growing at fastest rate in nearly six years -PMI'|'Business News - Fri Mar 24, 2017 - 9:16am GMT Euro zone businesses growing at fastest rate in nearly six years: PMI Lights are on as people work in their offices in a skyscraper in downtown Milan, February 17, 2015. REUTERS/Stefano Rellandini/File Photo By Jonathan Cable - LONDON, LONDON, Businesses across the euro zone marked the end of the first quarter by ramping up activity at the fastest pace in almost six years to meet burgeoning demand that came despite sharper price rises, a survey found. IHS Markit''s Flash Composite Purchasing Managers'' Index - seen as a good guide to growth - climbed to 56.7 from February''s 56.0, its highest reading since April 2011. Anything above 50 indicates growth. It was above all forecasts in a Reuters poll and confounded median expectations for a fall to 55.8. That, coupled with a sub-index measuring prices charged which rose to a near six-year high of 53.3, will be welcomed by the European Central Bank which is still purchasing 80 billion euros a month of mostly government bonds to boost inflation. "There is a nice broad-based strengthening of the euro zone economy, this is a really solid rate of expansion. It''s an economy firing on all cylinders," said Chris Williamson, chief business economist at IHS Markit. Earlier this month the ECB pledged to extend its bond buying program to at least the end of the year, citing weak underlying inflation and lackluster growth in the euro zone. It will, however, reduce its monthly spend from April. But inflation was 2.0 percent in February - around the Bank''s target - and Williamson said the PMI pointed to first quarter GDP growth of around 0.6 percent, above the forecast in a March 8 Reuters poll for 0.5 percent. [ECILT/EU] "What we are picking up is an increase in suppliers'' ability to hike prices due to strong demand. If that continues to intensify the ECB should become more worried," Williamson said. After years of unprecedented stimulus, the ECB is facing calls to tighten policy, especially as inflation is now rising on the back of rebounding energy costs. But the ECB has pushed back, arguing the inflation spike is only temporary and its super easy policies, including negative rates and trillions of euros of asset purchases, are still necessary to achieve lasting inflation. Suggesting the upturn will continue into April, the new business index for the bloc''s dominant service industry climbed to 56.2 from 55.6, a near six-year high. The headline PMI jumped to 56.5 from 55.5, its highest since April 2011. Manufacturers ended the quarter on a similar high note, with their PMI coming in at 56.2, easily surpassing February''s 55.4 and the highest in almost six years. Economists in a Reuters poll had predicted the manufacturing and services PMIs would both fall to 55.3 but instead they were above even the most optimistic forecasts. A sub-index measuring factory output, which feeds into the composite PMI, dipped to 57.2 from 57.3 but factories built up a backlog of work at a more rapid rate. Indicating their confidence about the coming month, factories increased headcount at the fastest rate in nearly six years. The employment index rose to 55.1 from 54.3. Detailed PMI data are only available under license from Markit and customers need to apply to Markit for a license. (Editing by Toby Chopra) BOJ chief Kuroda says ''no reason'' to withdraw stimulus now TOKYO Bank of Japan Governor Haruhiko Kuroda said there is "no reason" to raise the bank''s bond yield targets now with inflation so far from its 2 percent target, offering his strongest denial to date of the chance of withdrawing its massive stimulus any time soon. Exclusive: HSBC to boost China staff by up to 1,000 in 2017, mostly in Pearl River Delta HONG KONG HSBC plans to add as many as 1,000 new employees to its Chinese retail banking and wealth management arm this year, the business''s regional head said, most of them in the Pearl River Delta, the heart of the bank''s growth strategy in China. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eurozone-economy-pmi-idUKKBN16V0ZA'|'2017-03-24T17:08:00.000+03:00'
'f5d5cb0ca01fba619ff036aeb478522c07291d7e'|'M&A scrutiny dampens China lending'|'By Carol Zhong and Yan Jiang - LONDON LONDON Chinese companies have completed only US$1.1bn of merger-and-acquisitions loans so far this year, as government efforts to curb capital outflows and "irrational" overseas takeovers have taken a toll on event-driven lending, Thomson Reuters LPC data shows.This year''s tally consists of only two relatively small loans, in sharp contrast to the first quarter of 2016, when 15 facilities totaling US$12.3bn were completed.One of the 2017 loans is a US$800m five-year facility for a Chinese consortium’s US$2.75bn purchase of Netherlands-based chipmaker NXP Semiconductors. The other is a US$282m five-year financing for state-owned food processing holding company Cofco’s [CNCOF.UL] buyout of Dutch grain trader Nidera.“Our deal flow has been limited and the loans we are working on are rather small as the regulators are strictly screening overseas acquisitions,” a senior M&A loan banker at a Chinese commercial bank said.The extra scrutiny is lengthening the time it takes for M&A deals and the loans backing them to close, bankers say.In the whole of last year, Chinese companies borrowed US$39.1bn through acquisition loans supporting 21 deals, helping fund a record US$222bn of outbound M&A deals as the borrowers doubled down on overseas expansion to offset the effect of renminbi depreciation.China’s State Administration of Foreign Exchange started vetting bank transfers of US$5m or more last November and increased its scrutiny of outbound acquisitions to stop capital flight.The clampdown has been effective. In the first quarter of 2017, Chinese companies announced US$21.6bn of outbound acquisitions, roughly a quarter of the US$85.7bn total seen a year earlier.Banks are now more cautious about providing commitment letters for loans backing outbound M&A deals because there is a high risk that domestic regulatory clearance will be refused.Earlier this year, China National Chemical Corp (ChemChina) [CNNCC.UL] obtained lenders’ consent to postpone a deadline to register as a guarantor with SAFE on a US$12.7bn recourse loan backing its US$43bn acquisition of Swiss pesticides and seeds group Syngenta.( SYNN.S ) China Citic Bank is the global coordinator and underwriter on the deal signed last September 2016.Parent-company guarantees are used to enhance credits when Chinese companies raise offshore M&A financing through offshore-incorporated special purpose vehicles or shell companies, as mainland-based parents are closer to revenues.However, securing parent-company guarantees for M&A loans is getting harder, as SAFE reviews them more strictly, bankers and lawyers said."The registration is more like an approval now and the process is slowing,” a Beijing-based senior loan banker said.NOT ENTIRELY CLOSEDState-owned companies are finding it easier to register as guarantors for offshore loans due to their closer ties with the government, but the door is not entirely closed for others, some bankers said.“We are currently working with state-owned companies and privately owned companies, all have successfully completed the registrations. They are not banning all the deals,” a Hong Kong-based leveraged finance banker said.One M&A loan currently in the market is a €980m (US$1bn) facility led by Bank of China backing the £1.4bn (US$1.7bn) purchase of online travel search company Skyscanner Holdings by Ctrip.com ( CTRP.O ), China’s biggest online travel company, which was announced last November.Other Hong Kong-based bankers and lawyers are expecting to see a healthy pipeline of Chinese event-driven loans despite the restrictions.“As the capital controls have made it difficult for Chinese companies with primarily domestic sources of revenues to transfer funds overseas, many of these companies have turned to offshore borrowings to support outbound acquisitions,” said Lewis Wong, head of North Asia in Credit Suisse''s APAC financing group.Acquisitions that require large amounts of foreign exchange to be transferred offshore, investments outside buyers’ primary business areas and real-estate investments are most at risk, according to a report by law firm White & Case.Transactions by over-leveraged companies or entities that rely heavily on domestic debt financing, take-private deals of Chinese companies listed on overseas exchanges, and investments by limited partnerships are also at risk.(Editing by Tessa Walsh)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-china-m-a-loans-idINKBN16V2BA'|'2017-03-24T15:11:00.000+03:00'
'08dc1cd7bd0e4de4835463b75add8c918fab18de'|'BRIEF-Dalmac Energy reports Q3 revenues of $4.3 million'|' 16pm EDT BRIEF-Dalmac Energy reports Q3 revenues of $4.3 million March 24 Dalmac Energy Inc * Dalmac Energy reports Q3’17 financial results * Qtrly loss per share $0.01 * Qtrly revenues $4.3 million versus $ 6.1 million     AAR unit wins $909.4 mln U.S. defense contract -Pentagon WASHINGTON, March 24 AAR Supply Chain Inc, a subsidiary of AAR Corp, has been awarded a $909.4 mln supply chain management contract for the U.S. Air Force''s Landing Gear Performance Based Logistics One program, the Pentagon said on Friday.   MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-dalmac-energy-reports-q3-revenues-idUSASB0B6YX'|'2017-03-25T05:16:00.000+03:00'
'7b366a6d5610fa55ab883a68564efb9d9fe4ea56'|'The CommBank contradiction: support for cricket and fossil fuels - Guardian Sustainable Business - The Guardian'|'C ontrary to most expectations, the Australia-India Test series is proving to be an absolute cracker, with the teams locked together 1-1 going into the decider that begins on Saturday in Dharamsala.Australian commercial sponsors of sport must always be delighted when the results are close, wherever they are played. Excitement means more viewers, leading to greater brand recognition for the “ proud sponsor ”. One of only two “ platinum partners ” of Cricket Australia, the Commonwealth Banksponsors the national game at all levels.But if the Commonwealth Bank is really so “proud” of its association with Cricket Australia, why is it investing in projects that endanger the health of Australian cricketers?Ian Chappell stands by Adani mine letter despite being called ''elitist'' by Coalition MP Read more CommBank is the most structurally significant private investor in fossil fuels in Australia. It is Australia’s biggest bank by market capitalisation and loaned more money to fossil-fuel projects in 2016 than any other Australian bank. These are the same fossil fuels – coal, oil and gas – that are the major drivers of global warming, leading to shocking increases in extreme weather, including heatwaves . Although cricket is a summer sport, extreme heat is no joke for cricketers, as anyone who has played the game in such conditions can confirm. There are well-known examples of the effect of extreme heat on cricketers. After compiling an extraordinarily brave double century against India in the tied Test at Chennai in 1985, Australian batsman Dean Jones described what it was like to bat in infernal conditions: “When you’re urinating in your pants and vomiting 15 times, you’ve got massive problems.” When finally dismissed for 210, Jones was taken to hospital on a saline drip.Physical activity in extreme heat can lead to severe health problems, including fatalities. According to the Climate Council , heatwaves have killed more Australians than any other natural hazards and have caused more deaths since 1890 than bushfires, cyclones, earthquakes, floods and severe storms combined.Although they have always been with us in Australia, extremely hot days are now far more frequent. Just a couple of weeks ago, all grade cricket matches in Sydney were cancelled for what was reported to be the first time in the competition’s history, in order to protect the welfare of players, umpires and volunteers from the extreme heat which scientists say was driven by global warming. As Cricket NSW doctor John Orchard noted, “grade cricket does not have the infrastructure in place to safely monitor and manage heatstroke in what is essentially an amateur, volunteer-run organisation”.The disproportionate impact of extreme heat on amateur cricket is particularly ironic, given CommBank’s recent “realignment” of its sponsorship of Cricket Australia (explained here in a briefing by Saatchi) to a greater focus on support for the game at a community level. Elon Musk, meet Port Augusta: four renewable energy projects ready to go Read more The Commonwealth Bank’s group environment policy publicly supports the 2015 Paris Agreement and its goal of limiting global warming to well below 2C. Yet CommBank remains the most structurally important private investor in fossil fuels in Australia. Commonwealth Bank chief executive officer, Ian Narev, in giving evidence before the parliamentary inquiry into the banks on 7 March 2016, was not able to give a single example of a project that had been refused finance because of the bank’s commitment to the emissions targets in the Paris Agreement. CommBank has not even ruled out providing finance to Adani’s Carmichael coalmine , which is incompatible with both a 2C target and the survival of the Great Barrier Reef.According to Saatchi, the brand promise of CommBank is “enablement for all Australians”, but global warming threatens the mass disabling of our human potential. If CommBank doesn’t want its brand to be associated with cricket matches being cancelled and players collapsing or pissing in their pants from heatstroke – quite apart from the bleaching of the Great Barrier Reef and all the broader impacts of global warming – then it is time to get out of investing in fossil fuels.Last week two former Australian cricket captains – Ian and Greg Chappell – were among 91 prominent signatories to a letter calling on Adani to abandon the Carmichael mine project. In explaining his opposition to Adani’s plans, Ian Chappell said “you don’t need to be Einstein when you see the frequency and the ferocity of some of the weather events that we’ve been having”.If CommBank wants the trust of cricketers and cricket lovers of Australia, it needs to rule out any future involvement with the Carmichael mine and stop investing in the fossil fuel projects which threaten the health and enjoyment of all those who play and support our national game. Topics Guardian sustainable business Innovations in renewables Cricket Adani Group Climate change Energy (Australia news) Energy (Environment) comment Share on Facebook Share on Twitter Share via Email Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/sustainable-business/2017/mar/24/the-commbank-contradiction-support-for-cricket-and-fossil-fuels'|'2017-03-24T09:20:00.000+03:00'
'aa8dc204ae019cbc06db70848961515265b5a1c5'|'Speculators cut net short bets on Mexican peso to lowest since Nov. 3 -CFTC, Reuters'|'Company News  04pm EDT Speculators cut net short bets on Mexican peso to lowest since Nov. 3 -CFTC, Reuters By Dion Rabouin NEW YORK, March 24 Currency speculators decreased the number of net short bets on the Mexican peso for the fifth straight week, bringing the number of contracts against the peso to the lowest since a week before the U.S. presidential election, data from the Commodity Futures Trading Commission released on Friday showed. The number of net short contracts against the peso moved to 3,122 at a value of $85.9 million. That was the lowest since the week of Nov. 3. The peso has been one of the hottest currencies in the world in 2017, rising by around 17 percent against the U.S. dollar since the inauguration of U.S. President Donald Trump. After touching an all-time high of 22.03 pesos to the dollar on Jan. 19, on Friday the dollar fell to 18.74 pesos, its lowest since Nov. 9. Speculators and investors have taken note of the peso''s turnaround. UBS on Friday released a note to clients saying they had moved to an overweight position in the peso. The peso''s rise has been "mainly due to a more dovish Fed and moderating statements from U.S. officials on important issues such as NAFTA, the trade agreement paramount to the Mexican economy," UBS analysts said in the note. "This in combination with the orthodox policy stance of the Mexican central bank," said Alejo Czerwonko, director of emerging markets investment strategy at UBS. "Importantly, long-term valuations still indicate the peso as attractive, despite the rally in recent weeks.'' Speculators raised their net-long positions in the dollar overall, the CFTC data showed, increasing bullish bets on the greenback for the third straight week and pushing net longs to their highest since Jan. 31. The Reuters calculation for the aggregate U.S. dollar position is derived from net positions of International Monetary speculators in the yen, euro, British pound, Swiss franc and Canadian and Australian dollars. Japanese Yen (Contracts of 12,500,000 yen) $7.768 billion 21 Mar 2017 Prior week week Long 35,039 35,563 Short 102,026 106,860 Net -66,987 -71,297 EURO (Contracts of 125,000 euros) $5.437 billion 21 Mar 2017 Prior week week Long 159,590 148,272 Short 179,252 189,299 Net -19,662 -41,027 POUND STERLING (Contracts of 62,500 pounds sterling) $8.136 billion 21 Mar 2017 Prior week week Long 32,586 42,367 Short 140,430 149,484 Net -107,844 -107,117 SWISS FRANC (Contracts of 125,000 Swiss francs) $1.114 billion 21 Mar 2017 Prior week week Long 9,089 12,950 Short 21,068 21,947 Net -11,979 -8,997 CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars) $-1.592 billion 21 Mar 2017 Prior week week Long 30,293 74,620 Short 54,696 53,162 Net -24,403 21,458 AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars) $-3.27 billion 21 Mar 2017 Prior week week Long 85,397 73,553 Short 40,442 30,288 Net 44,955 43,265 MEXICAN PESO (Contracts of 500,000 pesos) $0.139 billion 21 Mar 2017 Prior week week Long 57,730 51,271 Short 61,011 56,738 Net -3,281 -5,467 NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars) $0.388 billion 21 Mar 2017 Prior week week Long 16,599 19,509 Short 29,209 25,114 Net -12,610 -5,605 (Reporting by Dion Rabouin; Editing by Chizu Nomiyama) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cftc-forex-peso-idUSL2N1H11XI'|'2017-03-25T05:04:00.000+03:00'
'd256c15841a7106f2b37a47605011fd43e06a34e'|'RPT-Rothschild wins mandate to study options for French food chain Picard'|'(Repeats to add reporter''s name)PARIS, March 24 Rothschild & Co will study strategic options, including a possible flotation or sale, for French frozen food retailer Picard after winning the mandate from its owners, sources close to the matter told Reuters.Picard was bought in 2010 by Lion Capital, which later sold a 49 percent stake to Swiss frozen baked goods maker Aryzta . It has about 920 shops across France with annual sales of 1.4 billion euros ($1.5 bln)."A mandate was given to Rothschild," said one source.A second source confirmed the information and said the bank would now assess the various options available for the chain."There is nothing concrete at this stage. Everything is possible. An IPO (initial public offering) is not excluded," the source said, adding that a sale was also an option.Aryzta has said it plans to evaluate alternatives for its 49 percent stake in Picard, bought less than two years ago, saying any proceeds would go to strengthening its balance sheet.Neither Rothschild, Lion Capital or Arytza were immediately available for comment. (Reporting by Mathieu Protard and Julien Ponthus; writing by John Irish; editing by Susan Fenton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/picard-rothschild-idINL5N1H1551'|'2017-03-24T16:45:00.000+03:00'
'c04c6936e380bc15fec8bd09121a796de3ef4d4b'|'Daseke on the prowl for multiple trucking acquisition targets: CEO'|'NEW YORK Trucking company Daseke Inc ( DSKE.O ) plans to double its pretax earnings over the next three years as it seeks aggressive growth through acquisitions to consolidate a fragmented area of the industry, the company’s president, chief executive and founder said on Wednesday."We can be several times larger in five to 10 years from now," Don Daseke told Reuters. "There are over 400 companies that have over 100 trucks that would be prospects for us to discuss consider acquiring, merging with them, over the next several years."The company’s trucking fleet includes more than 3,000 tractors and 6,000 open deck specialized trailers operating in the United States, Canada and Mexico. Freight transported on flatbed trucks can include oversized loads such as manufacturing or building materials like wind turbine blades to steel girders.When acquired, Daseke has said he tells these family-run businesses that their names will stay on their trucks and that no jobs will be lost in the transaction – a nod to preserving legacies sometimes built across generations.Daseke’s acquisition targets typically range in revenue from $40 million to $250 million with around 200 to 1,500 employees, the company’s founder said."We''ve got ... non-disclosure agreements signed with 24 companies, and so we''re exchanging confidential information with them," Daseke said. But he cautioned the acquisition process can take a long time because the potential targets are typically not on the market."Our strategy is to look for companies that are not for sale," he said, courting successful regional companies with solid management teams and customer relationships.That strategy is not unlike the process employed by perhaps the world''s most famous company buyer, Warren Buffett, Daseke said. Over the past five decades Buffett has built Berkshire Hathaway ( BRKa.N ) into a sprawling conglomerate with businesses from insurance to ice cream.But while Daseke and Buffett both look for solidly run companies, Daseke said his company is unlikely to seek targets outside the core industry of open-deck trucking.The company went public in late February through a merger with Hennessy Capital Acquisition Corp II. Daseke had estimated revenue of more than $650 million in 2016.Daseke says he wants to build a national company serving large manufacturers with operations across the country."There today is no national carrier to take care of them (manufacturers) all around the country," he said. "We want to be that national carrier."(Reporting by Luciana Lopez; editing by Nick Carey and Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-daseke-acquisitions-idINKBN16T37F'|'2017-03-22T19:39:00.000+02:00'
'ff52ee9b53c742946e5d6264b9bfbc39f1157d0c'|'Books over €1.5bn for Caixa Geral de Depositos AT1 bond'|'By Alice Gledhill LONDON, March 23 (IFR) - Books have passed €1.5bn for Caixa Geral de Depositos'' €500m no-grow perpetual non-call five-year Additional Tier 1 bond, according to a market source.Initial price thoughts remain at 11% to 11.5% coupon.The deal, expected to be rated B- by Fitch, will price later on Thursday via joint leads managers Barclays, Caixa - Banco de Investimento, Citigroup, Deutsche Bank and JP Morgan.The bonds will be written down on a temporary basis should the bank''s Common Equity Tier 1 fall below 5.125%. (Reporting by Alice Gledhill; editing by Sudip Roy)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/caixa-geral-dep-bonds-idINL5N1H02OI'|'2017-03-23T08:06:00.000+02:00'
'159689d35bd0008ffd915749192bb66238732ea8'|'China''s ZTE Corp pleads guilty in U.S. court in sanctions case - Reuters'|'By Karen Freifeld - NEW YORK NEW YORK Chinese telecom equipment maker ZTE Corp ( 000063.SZ ) ( 0763.HK ) on Wednesday pleaded guilty in U.S. federal court in Texas for conspiring to violate U.S. sanctions by illegally shipping U.S. goods and technology to Iran.The guilty plea was part of an agreement the company reached earlier this month with U.S. authorities that also called for nearly $900 million in fines and other penalties.U.S. District Judge Ed Kinkeade in Dallas accepted the company''s plea to three charges: conspiring to export American-made items to Iran without a license, obstructing justice, and making a material false statement.Shenzhen-based ZTE has a U.S. subsidiary in Richardson, Texas.A five-year investigation found ZTE conspired to evade U.S. embargoes by buying U.S. components, incorporating them into ZTE equipment and illegally shipping them to Iran.ZTE, which devised elaborate schemes to hide the illegal activity, agreed to the guilty plea after the U.S. Department of Commerce took actions that threatened to cut off the gear maker''s global supply chain.The investigation followed reports by Reuters in 2012 that ZTE had signed contracts to ship millions of dollars'' worth of hardware and software from some of the best-known U.S. technology companies to Iran''s largest telecoms carrier.As part of the deal, ZTE will be under probation for three years and agreed to cooperate with authorities in any investigation of the company or third parties. The judge appointed a former Texas judge to monitor ZTE''s compliance.The company settled with the U.S. Department of Justice, the U.S. Department of Treasury and the Commerce Department in early March.In addition to $892 million it agreed to pay in fines and penalties, an additional penalty of $300 million could be imposed if it does not comply with its agreement with the Commerce Department over the next seven years.One of the world''s biggest telecommunications gear makers, ZTE purchases some $2.6 billion worth of components a year from U.S. firms, according to a company spokesman. Qualcomm ( QCOM.O ), Microsoft ( MSFT.O ) and Intel ( INTC.O ) are among its suppliers.It also sells handset devices to U.S. mobile carriers AT&T Inc ( T.N ), T-Mobile US Inc ( TMUS.O ) and Sprint Corp ( S.N ).(Reporting by Karen Freifeld; Editing by Lisa Shumaker and James Dalgleish)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-usa-china-zte-idINKBN16T33Y'|'2017-03-22T19:53:00.000+02:00'
'bb8feb9826887e6ca27695a68cf5e56dc630cb16'|'U.S. may accuse North Korea in theft last year at N.Y. Fed - WSJ'|'Internet  45am IST U.S. may accuse North Korea in theft last year at N.Y. Fed: WSJ Federal Reserve and New York City Police officers stand guard in front of the New York Federal Reserve Building in New York, October 17, 2012. REUTERS/Keith Bedford/File Photo WASHINGTON U.S. prosecutors are building potential cases that would accuse North Korea of directing the theft of $81 million from Bangladesh’s account at the Federal Reserve Bank of New York last year, the Wall Street Journal, citing people familiar with the matter. The charges, if filed, would target alleged Chinese middlemen who prosecutors believed help North Korea orchestrate the theft, the Journal said. The current cases being pursued may not include charges against North Korean officials, but would likely implicate North Korea, the Journal reported, with the United States accusing a foreign government of orchestrating one of the biggest bank robberies of modern times. (Writing by Eric Beech; Editing by Eric Walsh) Next In Internet News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-cyber-heist-bangladesh-northkorea-idINKBN16T2Z3'|'2017-03-23T04:10:00.000+02:00'
'bf3060a897771ed5a7be1edffab62e2904ab951e'|'Deutsche Bank signs up new London headquarters in show of faith in Brexit Britain'|' 38pm GMT Deutsche Bank signs up new London headquarters in show of faith in Brexit Britain FILE PHOTO - The headquarters of Germany''s Deutsche Bank are seen early evening in Frankfurt, Germany January 31, 2017. REUTERS/Kai Pfaffenbach/File Photo By Anjuli Davies - LONDON LONDON Deutsche Bank ( DBKGn.DE ) has chosen a new office for its London headquarters, signalling a vote of confidence in Britain''s capital despite the country''s decision to leave the European Union. The German lender has entered into exclusive negotiations with developer Land Securities ( LAND.L ) over a 25-year lease on a new building to be constructed at 21 Moorfields in the City of London, according to a memo sent to staff on Thursday and seen by Reuters. "The move underlines the bank''s commitment to the City of London and the importance it attaches to being an employer of choice in the capital," the memo, sent by Garth Ritchie, Deutsche Bank''s UK chief executive and head of its corporate and investment bank, said. Deutsche Bank, which employs around 7,000 people in London, is due to begin transferring staff to the new building, which will house its corporate and investment bank, in the second half of 2023. "The site will provide a long-term, sustainable location for the Corporate & Investment Bank (CIB) and infrastructure colleagues who need to be situated alongside CIB. Locating these staff in one building will increase productivity and strengthen controls and communication between functions," the memo said. As Britain prepares to trigger Article 50 on March 29 and begin divorce talks with the EU, some financial firms have stepped up contingency plans on how to deal with any disruption that might ensue. This week Goldman Sachs ( GS.N ) said it would begin moving hundreds of people out of London as part of contingency planning to retain access to the single market even before Britain officially leaves the bloc. Deutsche Bank, which employs around 9,000 people in Britain, currently has 15 buildings scattered across London, including its current CIB HQ at Winchester House in the City of London financial district. In June 2015, the bank said it would move about 4,000 back office workers from five buildings in the City to one in Canary Wharf in the east of the capital, where much of Britain''s financial sector is now based. In March, Deutsche Bank also started relocating employees from its asset management and wealth management divisions into a new building in Victoria, South-West London called the Zig Zag building. Deutsche Bank on Sunday announced details of its latest bid for cash, as it turned for the fourth time to investors, many of whom have privately expressed exasperation with its strategic shifts and heavy losses in recent years. (Reporting By Anjuli Davies; Editing by Victoria Bryan)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-deutsche-bank-london-idUKKBN16U2RV'|'2017-03-24T03:38:00.000+03:00'
'7676a9bc09d7717edd46834c3365051126dd9365'|'Nikkei hits 1-1/2 month low ahead of school-scandal testimony'|' 58pm EDT Nikkei hits 1-1/2 month low ahead of school-scandal testimony TOKYO, March 23 The Nikkei share average fell to a 1-1/2 month low in choppy trade on Thursday morning as investors became cautious before the testimony in parliament by the head of a Japanese nationalist school at the heart of a political scandal. The Nikkei was down 0.3 percent at 18,983.97 in early trade, its lowest intraday level since Feb. 9, after opening a tad higher. Yasunori Kagoike will appear before the budget committees of the upper and lower houses to give sworn testimony, the latest twist in a crisis that is chipping away at Prime Minister Shinzo Abe''s popularity. The broader Topix dropped 0.1 percent to 1,528.19 and the JPX-Nikkei Index 400 declined 0.1 percent to 13,662.71. (Reporting by Ayai Tomisawa; Editing by Chris Gallagher)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-morning-idUSL3N1H002G'|'2017-03-23T07:58:00.000+02:00'
'aa8a7fb7d2399553787743d11268b4f4d76b9b3d'|'Trump to nominate businessman Hagerty as Japan ambassador-White House'|'WASHINGTON, March 23 U.S. President Donald Trump intends to nominate businessman William Hagerty as the next U.S. ambassador to Japan, the White House said on Thursday.Hagerty is a Tennessee native who founded a private equity firm, Hagerty Peterson. He spent several years in Japan with the Boston Consulting Group management consultancy and later served in the White House of former President George H.W. Bush.If his nomination is approved by the U.S. Congress, he will replace Caroline Kennedy, who has held the position since 2013. (Reporting by David Brunnstrom; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-japan-hagerty-idINL5N1H104X'|'2017-03-23T22:32:00.000+02:00'
'a9816205ed2549672039d7142f48a9ac0402874c'|'CANADA FX DEBT-C$ dips as inflation data support Bank of Canada''s dovish stance'|'* Canadian dollar at C$1.3374, or 74.77 U.S. cents * Bond prices higher across yield curve TORONTO, March 24 The Canadian dollar weakened on Friday against its U.S. counterpart as tame domestic inflation data dampened pressure on the Bank of Canada to turn more hawkish, offsetting the impact of higher oil prices. Canada''s annual inflation rate dipped to 2.0 percent in February from 2.1 percent in January, Statistics Canada said. Analysts in a Reuters poll had expected the inflation rate to remain at 2.1 percent. Three new measures established by the Bank of Canada late last year showed core inflation below its target. "The fact that the average of the central tendency core measures is largely unchanged, on average well beneath the Bank of Canada''s 2 percent target, will keep them dovish," said Derek Holt, head of capital markets economics at Scotiabank. The central bank has left interest rates unchanged since cutting its policy rate to 0.50 percent in July 2015. Prices of oil, one of Canada''s major exports, were boosted by hopes that an Organization of the Petroleum Exporting Countries output cut was beginning to balance a long-oversupplied market. U.S. crude prices were up 0.40 percent at $47.89 a barrel. At 9:12 a.m. EDT (1312 GMT), the Canadian dollar was trading at C$1.3374 to the greenback, or 74.77 U.S. cents, weaker than Thursday''s close of C$1.3351, or 74.90 U.S. cents. The currency traded in a range of C$1.3348 to C$1.3385. The U.S. dollar edged lower against a basket of major currencies as investors braced for a vote in Congress on Friday on a bill to begin dismantling the Obamacare healthcare law. The vote is seen as a test of President Donald Trump''s ability to deliver on his promises of tax cuts and infrastructure spending. New orders for key U.S.-made capital goods unexpectedly fell in February, but a surge in shipments amid demand for machinery and electrical equipment supported expectations for an acceleration in business investment in the first quarter. TransCanada Corp said the U.S. Department of State has issued a presidential permit for the construction of the Keystone XL oil pipeline, which would bring more than 800,000 barrels of heavy crude per day from Canada''s oil sands to U.S. refineries and ports along the Gulf of Mexico. Canadian government bond prices were higher across the yield curve, with the two-year up 1 Canadian cent to yield 0.767 percent and the 10-year rising 13 Canadian cents to yield 1.672 percent. The 2-year yield fell 1.9 basis points further below its U.S. equivalent to a spread of -49.4 basis points as Canadian bonds outperformed. (Reporting by Fergal Smith; Editing by Paul Simao)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/canada-forex-idINL2N1H10M2'|'2017-03-24T11:38:00.000+03:00'
'96611b9a49577850e26ca92a4d571f47199a0e89'|'China will open more to investors, but others must be fair - central bank chief'|'Business News - Sun Mar 26, 2017 - 11:33am BST China will open more to investors, but others must be fair - central bank chief FILE PHOTO: A Chinese national flag flutters outside the headquarters of the People''s Bank of China, the Chinese central bank, in Beijing, China April 3, 2014. REUTERS/Petar Kujundzic/File Photo By Elias Glenn - BOAO, China BOAO, China China will substantially cut the number of sectors closed to foreign investment, its central bank governor said on Sunday. But Zhou Xiochuan of the People''s Bank of China (PBOC) also said that as his country opens wider, "we want China to get fair treatment overseas". Among financial sectors targeted for further opening in China were banking, insurance, investment banking, securities firms, and payments, he told the Boao Forum for Asia. Zhou said Beijing is in talks with Japan and European and ASEAN countries about bilateral trade and investment agreements, but is "waiting for the U.S. new administration to decide" how to move forward on agreements. The governor also said that he expects to see more countries start to emphasize fiscal policy and structural reform as the period of loose monetary policy ends. Chinese policymakers have emphasized the need to focus on structural reform over purely high-speed growth. The PBOC has moved to a tightening bias in an effort to squeeze speculators and control asset bubbles, raising primary money market rates several times since late January. Zhou said China''s reforms need to include streamlining the fiscal relationship between central and local governments. "We need to figure out the central and local government relationship," he said. "Different provinces have different fiscal indicators. Some provinces are already over-indebted but some still have room." Zhou added that China''s central government debt-to-GDP ratio is not very high. Beijing tightened controls in recent years on local government debt to contain risks from an earlier borrowing binge aimed at softening the impact of the global financial crisis. This year, China has capped the size of outstanding local government debt at 18.8 trillion yuan (2 trillion pounds), up from the 17.2 trillion ceiling in 2016, excluding bonds issued under a debt swap scheme. Chinese vice finance minister Liu Wei on Friday told the forum that China''s debt risks are under control. Zhou added that China''s central government debt-to-GDP ratio is not very high. (Reporting by Elias Glenn; Writing by Dominique Patton; Editing by Richard Borsuk) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-boao-cenbank-idUKKBN16X0ET'|'2017-03-26T18:33:00.000+03:00'
'4192c20662ee544c29a3c644a5d0e48e306bb1ae'|'A US-style Nightly chat show wasn’t a bad idea. Picking the 10pm slot was - Media'|'S ilver linings? Only, perhaps, that the hapless Nightly Show must soon be put out of its misery. Its ratings have already sunk below the old News at Ten level.When there is compelling news – as there was last week – the entertainment series gets shunted into outer space. And the return a day later seemed uneasy, as Dermot O’Leary offered a relentlessly crafted panegyric to London and then turned gratefully to Ant and Dec.News isn’t light entertainment, a tap that can be turned off or on. It’s a separate service. You can’t begin constructing league tables of awful events that rejig the schedules over and over again. No one minds ITV trying to concoct a US-style daily chat show. But not – bong! – at 10pm, where you need to find out what’s going on.Board games at the BBC Don’t treat the membership of the new BBC executive board as some kind of Paddy Power guide to the next DG when Tony Hall retires. Charlotte Moore, head of TV content, James Harding, head of news, and James Purnell, head of radio, are still the three to beat. You couldn’t, it seems, choose one for pole position without pre-empting a decision for the whole board. Therefore they all wait in the lobby of ambition. But no one, looking at the two aspiring BBC executives who did make the unitary jump – Anne Bulford, deputy DG, and Tim Davie, head of BBC Worldwide – should think they’ve got some special advantage. This is a race that can’t be won early.'|'theguardian.com'|'http://www.guardian.co.uk/theobserver/news/business/rss'|'https://www.theguardian.com/media/2017/mar/26/itv-nightly-show-not-bad-idea-time-slot-was'|'2017-03-26T03:00:00.000+03:00'
'd2bfa160e44ecd3fefe7e1a3c0051e94832270f8'|'South Korea to boost communication with U.S., examine China measures - finance minister'|' 15am GMT South Korea to boost communication with U.S., examine China measures - finance minister South Korean Finance Minister Yoo Il-ho speaks during an interview in Manhattan, New York, U.S., January 11, 2017. REUTERS/Shannon Stapleton SEOUL South Korea plans to actively explain Seoul''s policies regarding trade and foreign exchange rates to the U.S. Donald Trump administration, the country''s finance minister said on Friday. "The new U.S. government is continuously pointing out issues like trade deficits with key trade countries," said Finance Minister Yoo Il-ho in opening remarks at a meeting with other government officials in Seoul. "Our government will not only continue to explain our foreign exchange rate policy but also actively relay our efforts to effectively carry out the bilateral free trade agreement and form a balanced trade structure." Yoo added the government is also examining whether China''s recent actions in retaliation of the deployment of a U.S. anti-missile radar system is in violation of international trade standards. Beijing has vehemently criticized the deployment of the Terminal High Altitude Area Defense (THAAD) system, saying the radar can penetrate its territory, but has not said its actions to curb South Korean businesses in China are linked to the diplomatic spat with South Korea. (Reporting by Christine Kim; Editing by Sam Holmes)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-southkorea-economy-finmin-idUKKBN16V05Z'|'2017-03-24T09:15:00.000+03:00'
'c39917c35dc06598838998c30eb4f4a0d009140b'|'UPDATE 1-Glencore bond tanks and scuppers Anglo''s return'|'(UPDATES to reflect Moody''s upgrade)By Will Caiger-SmithNEW YORK, March 24 - Anglo-Swiss miner Glencore sold its first US dollar bond in two years on Tuesday, but the deal tumbled after pricing as a global sell-off added to a backlash against the deal''s tight spread.The US$1bn 10-year trade is the company''s first since April 2015, and follows a recovery in commodity prices since the global decline that began that year.But while Glencore raised relatively cheap money, investors were unimpressed, with some dropping out of the transaction when the spread was tightened and others dumping the bonds after pricing.The bonds widened 4bp in the grey market after launching at Treasuries plus 170bp - 10bp inside initial price thoughts - and were 9bp wider on Wednesday morning.Glencore had offered a new-issue concession of about 8bp on the trade, but the book was less than twice covered, with final demand of US$1.75bn.The issuer was caught out by growing investor discontent over dwindling new-issue premiums, as well as a broader sell-off triggered by concerns around President Trump''s reforms."It was a trade where investors didn''t feel we left much on the table for them," said a syndicate banker involved in the deal."Some investors took the view that the level we started with was pretty close to fair value with a minimal NIC. Some wanted a higher NIC, so they stayed away. But it got done comfortably."The deal priced around 12bp wider than where Glencore''s 4% 2025 bonds were trading before the new issue was announced.Another banker on the deal said lots of investors drew "a line in the sand", dropping out of the book after price guidance was pulled in 10bp from initial price thoughts they already judged tight."It was something you knew was bound to happen at some point," he said. "Investors still have cash, but they''ve bought a lot of bonds over the last couple of months.""They are not going to jump through hoops to buy bonds anymore. If you tighten pricing too much, you''re going to be out of a deal."Bank of America Merrill Lynch, JP Morgan, Mizuho, Santander and Standard Chartered were bookrunners on the deal.Fellow miner Anglo American was meant to come to market later in the week in euros and US dollars, but the poor performance of Glencore''s deal spoiled those plans.Anglo is monitoring the market for an entry point but is in no rush, said bankers on the deal, which will be the company''s first since it was stripped of its high-grade status last year.GLENCORE RECOVERYGlencore''s bond spreads and credit default swaps have rallied sharply over the past few months, in part because of the company''s commitment to reducing debt.Its €1bn seven-year bond issued last September - its first in euros since the sell-off - was six times oversubscribed.Glencore said towards the end of last year it was on target to lower its net debt to US$16.5bn-$17.5bn by the end of 2016. In the previous 18 months, it had already slashed net debt by US$12.5bn.The company announced a buyback in December, targeting several bonds that were part of a similar offering in October, and has prioritised maintaining a strong Triple B rating.Moody''s upgraded Glencore''s rating by one notch to Baa2 on Friday, putting it two notches above junk status."Glencore has reduced debt, strengthened its leverage profile and re-set its financial framework in 2016," the agency said.S&P also rates Glencore two notches above junk, at BBB.The issuer was downgraded in late 2015 and early 2016 on the heels of the commodity rout.ANGLO RETURNAnglo, meanwhile, is rated Ba1/BB+, just below investment grade.It has also been de-leveraging its balance sheet. In February 2016, it bought back around €1.6bn-equivalent of short-dated euro, sterling and US dollar bonds, which cut its debt pile by US$190m.The borrower has mandated Citigroup and Morgan Stanley as joint global coordinators to arrange investor calls.Citigroup, Credit Suisse, Goldman Sachs, Morgan Stanley and UBS were hired for the potential US dollar transaction, and Barclays, BBVA, Citigroup, Morgan Stanley and Santander for the potential euro-denominated part.But while prospects are now looking rosier for the mining industry, some market participants suggested investors were wary of how much the sector''s spreads had tightened."A lot of investors think the spread tightening has happened already," said the second banker on Glencore''s deal."They want to buy them cheaper." (Reporting by Will Caiger-Smith; Additional reporting by Laura Benitez and Natalie Harrison; Edited by Matthew Davies; This story will appear in the March 25 issue of IFR Magazine)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/uscorpbonds-glencore-bonds-idINL2N1H11IG'|'2017-03-24T16:47:00.000+03:00'
'2cc343d813ee23e192d07f7e3808ff97a89e214d'|'Dec. North Dakota crude spill larger than initially estimated -report'|'Company News   12:10pm EDT Dec. North Dakota crude spill larger than initially estimated -report March 24 A crude oil spill in western North Dakota in December is now believed to have leaked about 530,000 gallons of oil, much larger than initially anticipated, according to an Associated Press report published on a local news website on Friday. This is among the biggest spills in the state''s history, the AP report said quoting Health Department environmental scientist, Bill Seuss. ( bit.ly/2nMkb8B ) A crude transmission line was shut after a leak was discovered in a six-inch pipeline operated by Belle Fourche Pipeline Company. The spill was earlier estimated to have leaked 4,200 barrels of crude. The incident led to U.S. pipeline regulators ordering the company to improve leak detections, along with other actions. (Reporting by Nithin Prasad in Bengaluru; Editing by James Dalgleish) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/north-dakota-pipeline-idUSL3N1H14YJ'|'2017-03-25T00:10:00.000+03:00'
'1c1f648c8363f6957f6deef7a58f12a485b4f6bb'|'UPDATE 1-China lifts suspension on Brazilian meat imports'|'Company News - Sat Mar 25, 2017 - 10:28am EDT UPDATE 1-China lifts suspension on Brazilian meat imports (Adds background on suspension, Brazil''s meat scandal) By Lisandra Paraguassu and Dominique Patton BRASILIA/BEIJING, March 25 China lifted its suspension on imports of Brazilian meat on Saturday following clarification of inspection irregularities uncovered in a police investigation into alleged bribery of health officials, Brazil''s Agriculture Minister Blairo Maggi said. Chinese authorities will keep the ban in place for only one chicken processing plant in the southern Brazilian state of Parana operated by Seara Alimentos Ltda, another senior Brazilian agriculture official said. Sources in China also said that Beijing had forbidden the entry of meat approved by seven Brazilian veterinary experts. Brazilian meat imports have already started being cleared in Shanghai, one of the sources said. “Lifting the suspension was the result of a giant effort by Brazil to explain that the investigation targeted the conduct of individuals and not the quality of the meat," Maggi told Reuters. "China has accepted our explanations and we will continue sending products there without restrictions except for the plants that we ourselves decided to suspend." Brazil is the top supplier of beef to China, accounting for about 31 percent of its imports in the first half of last year. The second supplier, Australia, is still rebuilding its herd after drought and is not seen as able to meet China''s fast-growing demand. The South American country also supplies more than 85 percent of China''s poultry meat imports, according to the United States agriculture department. Other major producers, such as the United States and some smaller European markets, are banned from supplying to China due to bird flu outbreaks. Brazil President Michel Temer plans to call Chinese leader Xi Jinping in the coming days, an aide to Temer aide told Reuters. Brazil suspended exports from 21 meat processing plants following the federal police investigation in alleged bribery of health inspectors made public last week. Only one is authorized to export directly to mainland China - the plant operated by Seara Alimentos Ltda, which is owned by Brazil''s JBS SA , the world''s biggest meatpacking company. On March 20, China suspended imports of all meat products from Brazil, the world''s top beef exporter, as a precautionary measure after inspectors there were accused of taking bribes to allow sales of tainted food. (Reporting by Lisandra Paraguassú and Anthony Boadle in Brasilia, Tatiana Bautzer in Sao Paulo and Dominique Patton in Beijing; Editing by Daniel Flynn and Bernard Orr) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-corruption-food-china-idUSL2N1H209N'|'2017-03-25T22:28:00.000+03:00'
'd184e0ca1fedc6190497cdf453ce2a2265946152'|'Carlyle extends private equity oil rush with $587 million Shell deal'|'By Ron Bousso - LONDON LONDON Carlyle Group ( CG.O ) has bought Royal Dutch Shell''s ( RDSa.L ) onshore oil fields in Gabon for $587 million, continuing the growing trend of private equity investors looking to squeeze extra profit from oil majors'' unloved assets.Private equity funds have increased their presence in oil exploration and production outside the United States since the 2014 collapse in oil prices, snapping up assets from oil companies seeking to reduce debt and narrow operations.For Shell, which last year sold North Sea assets to private equity-backed Chrysaor for $3.8 billion, the deal marks a further step in a $30 billion disposal program after last year''s $54 billion acquisition of BG Group turned it into a major gas and deepwater oil producer.Carlyle, meanwhile, has set up a team of oil experts to run its new business and plans to restructure Shell''s Gabon operations to strip out excess costs and minimize red tape."Our edge is that we can focus," said Marcel van Poecke, head of Carlyle International Energy Partners (CIEP)."All these acquisitions are small compared with the majors. So you create much smaller entities, but very focused entities which helps with capital allocation and costs."Anish Kapadia, of investment bank Tudor, Pickering, Holt & Co, agrees that Carlyle is likely to extract more from the Gabon fields than Shell, for which they are just one asset in a very large portfolio."Private equity can increase margins by both cutting costs and increasing what you get out of assets," he said, citing the potential to increase production and reserves with more so-called infill wells around existing operations -- an exercise unlikely to appeal to an oil major with bigger fish to fryShell, which has sold $20 billion of assets since 2015, said the disposal program will allow it to focus on its core business."The decision to divest was not taken lightly, but it is consistent with Shell''s strategy to concentrate our upstream footprint where we can be most competitive," said Shell’s upstream director, Andy Brown.ROOM TO GROWWith little track record in operations outside North America, Carlyle and other funds -- including Blackstone ( BX.N ) and CVC partners -- have hired management teams to run operations in countries that often lack the transparency and strong financial framework found in western economies.Carlyle invested in Assala Energy, led by former Tullow ( TLW.L ) executive David Roux, to run the new operations. Also at Assala are Eric Faillenet and Paddy Spink, who both worked in Gabon for independent oil and gas producer Perenco.Van Poecke said that Carlyle plans to increase production in Gabon and could later expand to other parts of sub-Saharan Africa."Shell has been in Gabon for a very long time and we''ve had experience with different transactions in Gabon. We think the investment climate is good," he said."We will allocate more capital for infill drilling in Gabon itself and there is room to grow."The Gabon fields currently produce about 60,000 barrels of oil equivalent per day.The company has already set up two other oil and gas vehicles for investments outside North America. In the North Sea, its Neptune business, headed by former Centrica ( CNA.L ) boss Sam Laidlaw and co-funded by CVC Partners, is expected to make an investment in the near future.It has also invested $500 million in Mazarine Energy to make bolt-on acquisitions in southern Europe and North Africa.The capital for the investment will come from CIEP, which earmarked $2.5 billion for investments in global oil and gas exploration and production, and the $698 million Carlyle Sub-Saharan Africa Fund (SSA).For Shell, the transaction will result in an impairment charge of $53 million after tax in the first quarter of 2017, it said. About 430 local Shell employees will be taken on by Assala Energy.Assala will assume a debt of $285 million under the deal, which is expected to close in the summer.(Editing by David Goodman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-shell-carlyle-gabon-idINKBN16V1ZF'|'2017-03-24T13:02:00.000+03:00'
'dc752c6dc88ed4897a0e0092f4387db5269e819f'|'Exclusive: HSBC to boost China staff by up to 1,000 in 2017, mostly in Pearl River Delta'|'Business News   4:29am EDT Exclusive: HSBC to boost China staff by up to 1,000 in 2017, mostly in Pearl River Delta left right People walk past a major branch of HSBC at the financial Central district in Hong Kong, China February 21, 2017. REUTERS/Bobby Yip 1/2 left right Logos of HSBC are displayed at a major branch at the financial Central district in Hong Kong, China February 21, 2017. REUTERS/Bobby Yip 2/2 By Sumeet Chatterjee - HONG KONG HONG KONG HSBC ( HSBA.L ) plans to add as many as 1,000 new employees to its Chinese retail banking and wealth management arm this year, the business''s regional head said, most of them in the Pearl River Delta, the heart of the bank''s growth strategy in China. If that target is hit, the new additions will mean HSBC will have hired twice as many people as it did last year for this part of the business. They will join an existing team for this unit of 2,400 employees in the world''s second-largest economy. HSBC has made the southern Pearl River Delta region - home to 11 industrial cities that are set to fuse into one megalopolis - its focus in China, betting on its growth and its own Hong Kong heritage. This region already has an economy larger than Indonesia''s and is shifting from a manufacturing base to a tech powerhouse. But since the strategy to reinvigorate profit growth after years of restructuring was announced in 2015, China''s economic growth has slowed, delaying the bank''s plans. HSBC makes more than half of its profit in Asia, the bulk of it in Hong Kong and China. "As of this point, we are very pleased with the progress in the Pearl River Delta. We certainly aren''t taking any backward steps," Kevin Martin, HSBC''s Asia Pacific head of retail banking and wealth management, told Reuters. HSBC''s latest numbers for China retail and wealth management business suggest growth remained strong, with its customer base as well as mortgage volume expanding by 51 percent in the Pearl River Delta last year. It issued over 100,000 credit cards since launching it in December across all cities in the Pearl River Delta and 30 other cities in the country, Martin said. "We have done a lot of things in the Pearl River Delta ... It remains one of the key opportunities for us." Of the total 2,400 staff for retail and wealth management in China, about 800 are in the Pearl River Delta, the bank said, adding 60 percent of the hiring last year was for the southern region that counts Shenzhen and Guangzhou among its biggest cities. HSBC Group Finance Director Iain Mackay said last month the bank''s operating profit in China in 2016 was about $200 million lower than the previous year. That was mainly due to investments to grow the Pearl River Delta business and in financial-crime risk-management standards in China, he said. CHINA CALLING The bank''s outgoing top management campaigned heavily to promote the region and its role in HSBC''s China strategy. Chief Executive Stuart Gulliver, took analysts and investors on a tour of its operations there a year ago, promoting the region''s role as a gateway to tech businesses like Alibaba Group Holding Ltd ( BABA.N ) and Tencent Holdings Ltd ( 0700.HK ) as well as new start-ups. Although investors have supported the plan, there has been increasing concern over the last few months about risks the lender faces in its Asia "pivot" strategy, due to the sluggish pace of China''s economic recovery and the patchy pace of development in the Pearl River Delta. Some sectors have struggled in the face of falling exports and tighter credit conditions. Gulliver said in February 2016 that the bank, which is facing downward pressure on its revenue in 2017 due to regulatory costs and lower rates in Britain, planned to hire 4,000 new staff in the region over five years instead of its initial three-year target. But Martin brushed aside concerns that HSBC''s investment could be scaled back as China''s economic growth slows, saying the bank remained committed to the region. HSBC''s newly appointed chairman, Mark Tucker, has also had an intense focus on Asia, most recently as head of insurer AIA Group Ltd ( 1299.HK ). "We will see and we have seen it already even at 6.5 percent growth rate, (there is) massive underlying growth for China," Martin said. "Clearly there''s real upside on that for us." (Reporting by Sumeet Chatterjee; Editing by Randy Fabi) Next In Business News All drill, no frack: U.S. shale leaves thousands of wells unfinished NEW YORK U.S. shale producers are drilling at the highest rate in 18 months but have left a record number of wells unfinished in the largest oilfield in the country – a sign that output may not rise as swiftly as drilling activity would indicate. SEATTLE A U.S. tax overhaul proposed by Republican leaders in Congress would deepen divisions between big manufacturers like Boeing Co and the thousands of smaller companies that supply them, according to suppliers and tax and trade experts. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-hsbc-china-exclusive-idUSKBN16V0VN'|'2017-03-24T16:29:00.000+03:00'
'e1734633024c5c9402e5ef286d0d4c6ee3ced1da'|'A laptop ban will hit Middle Eastern airlines and passengers: America and Britain prohibit large electronic devices in aircraft cabins on some routes'|'NEW intelligence appears to have prompted the decision of the authorities in both America and Britain to prevent the carrying of large electronic devices into the passenger cabins of aircraft flying from several Middle Eastern and North African countries. However, the announcements, which both came on March 21st, raise several unanswered questions. Passengers, and the affected airlines, may be concerned that there is an element of politics behind the new measure, coming as it does in the wake of Donald Trump’s second attempt to ram through a highly controversial executive order restricting travel to America from some Muslim countries.Some speculate that the intelligence may have been gathered by a raid carried out by American special operations forces on al-Qaeda’s affiliate in Yemen, known as al-Qaeda in the Arabian Peninsula (AQAP). One such raid took place on January 29th and left a Navy SEAL and up to 30 civilians dead. Some reports suggested that the botched operation yielded no actionable intelligence. But administration officials maintained that material indicating future AQAP targets was seized. 35 minutes ago How Republicans’ new health plan would affect American incomes Graphic detail an hour ago Terrorist atrocities in western Europe Graphic detail 2 hours ago “Life” owes much of its existence to other films Prospero 2 hours ago How Republicans in Iowa are using their new strength Democracy in America 2 hours ago Why Catholic priests practise celibacy The Economist explains 9 AQAP has proved itself in the past to be technically innovative in finding new ways to plant explosives on airliners. There is also some evidence that it is spreading its expertise to other terrorist groups in the region, such as al-Shabab in Somalia, which managed to get an exploding laptop onto a plane leaving Mogadishu in February last year. It is possible that information has only recently become available about new AQAP plans to hide explosives in devices such as laptops, tablets and DVD players.One oddity of the new cabin ban is that America and Britain do not agree on which airports the new measure should apply to. The American version affects departing flights from Saudi Arabia, Jordan, Kuwait, Turkey, Egypt, Morocco, Qatar and the United Arab Emirates (UAE). The British have added Tunisia and Lebanon to their list, while subtracting Kuwait, Morocco, Qatar and the UAE airports. There will be suspicion that America’s inclusion of the UAE and Qatar may not be entirely unconnected with complaints from Delta, American and United about unfair competition from the big Gulf carriers, Emirates, Etihad and Qatar Airways. The three have grown rapidly over the past decade by building up their local hubs and flying anywhere in the world from them.Emirates operates 17 daily flights to 11 American cities, carrying about 7,000 passengers. Between them, Qatar and Etihad have more than 5,500 daily seats to America. A vital part of their model is providing a high-quality business-class service. Firms pay for their employees to fly business class in the expectation that they will get some work done. Taking away their passengers’ laptops will place the affected airlines at a competitive disadvantage. They are already hit by reduced tourism and passenger traffic due to terrorism fears.Economy-class passengers will also suffer. Airlines increasingly charge passengers for baggage they place in the hold. From now on, if they fly from any of the listed airports, they will have no choice other than to pay up. The Gulf hub airports, which compete for international transit passengers, will lose some of their appeal. Passengers in all classes will inevitably have more possessions of high value either pilfered or damaged.A further concern is whether measures against terrorists are being pursued at the expense of basic safety. Most of the devices now destined for the hold are powered by lithium-ion batteries. Safety experts say that luggage acts as an insulator, increasing the likelihood of a faulty battery bursting into flames, igniting other batteries and generating explosive hydrogen gas. A self-immolating laptop in the cabin can be quickly extinguished by the crew. A fire that breaks out in the hold is far harder to deal with. Passengers will want to know whether proper risk analysis was carried out before these decisions were made.'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21719514-america-and-britain-ban-large-electronic-devices-aircraft-cabins-some-routes-america-and?fsrc=rss%7Cbus'|'2017-03-23T22:43:00.000+02:00'
'f451ed7528e084f47ed567e753879236672cfba4'|'MOVES-UBS hires Hersch for loan trading'|'Company News  32pm EDT MOVES-UBS hires Hersch for loan trading By Kristen Haunss - March 23 March 23 UBS has hired Chad Hersch as a loan trader, according to sources. A UBS spokesperson confirmed the hire. Hersch, who joins from Natixis, will report to Barry Zamore, head of loan trading in the Americas at UBS, the sources said. The pair previously worked together at Credit Suisse. Hersch returns to UBS, where he worked from 2009 to 2014, after stints at Natixis and Guggenheim, according to FINRA BrokerCheck. Hersch declined to comment. A Natixis spokesperson also declined to comment. (Reporting by Kristen Haunss; Editing by Lynn Adler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ubs-hersch-idUSL2N1H01AL'|'2017-03-24T01:32:00.000+02:00'
'643ca5449e0d94368a54b37a652c731cb2c146d9'|'COLUMN-In brave new world, all companies are Sears: James Saft'|' 59pm EDT COLUMN-In brave new world, all companies are Sears: James Saft (The opinions expressed here are those of the author, a columnist for Reuters) By James Saft March 23 That retail stocks face an ever-dimmer future is now something of an investing truism. That the internet retailers which are displacing them are also vulnerable to many of the same forces is also true, but much less well understood. Shares in Sears Holding Corp tumbled as much as 15 percent on Wednesday after the once-ubiquitous retailer said that "substantial doubt exists related to the company''s ability to continue as a going concern." While some of Sears, and indeed any company’s, problems are idiosyncratic, the simple narrative of internet displacement is both substantially true and gaining velocity. Clothing retailer Gap Inc is down more than 23 percent since November, outdoor specialist Cabela’s is down about 30 percent and many others have been similarly hit. Companies that own or invest in malls are also on the slide. HHGregg Inc and RadioShack have filed for bankruptcy in recent months. All trace their problems, in significant part, to pressures brought on by internet retailing, which makes price competition more intense, requires new systems and processes which traditional retailers have been slow in implementing, and which make physical stores a heavier relative cost and declining source of sales. All this is true, and retail does face a diminished, and diminishing, future, but it is not safe to extrapolate that once the Amazons of the world have displaced retail that history will end. These internet-oriented companies, to varying degrees, are vulnerable to the very forces which allowed them to gain market share from brick-and-mortar retailers. The very fact that customers are acquired, and retained, digitally, and that a company need not rely simply on those in its geographic area means that internet retailers, having seen off those which principally sell through stores, will face a state of constant and heightened competition unprecedented in investment history. There is a case that Amazon and certain other very large internet retailers will have an effective defensive moat through the sheer application of scale and technology to their distribution and fulfillment functions. That process of investment to stay ahead may never slow, much less end, thus precluding the expected massive profits down the road. This implies lower margins, not the big increase in profits some expect once the bricks-and-mortar types have been cut down to size. OVERPRICED NEW-AGE STOCKS? None of this is to say that internet retailers such as Amazon or eBay are over-priced at levels they currently trade, only that applying the kinds of assumptions about client stickiness to them that we would have to Sears in 1990 would be very foolish. Steef Bergakker, a portfolio manager at Dutch asset manager Robeco, has done a study which finds that high multiples for stocks are justified in the “vast majority of cases.” ( here ) He makes the good point that comparing an individual stock’s price-earnings multiple to the market as a whole is meaningless, because stock p/e ratios follow a life cycle, starting high during periods of strong growth and settling into a more tepid middle age. But paying a high multiple only makes sense when returns on incremental investments are particularly high, the market it can serve is particularly big, or its competitive advantage will last an unusually long time. “The longer a competitive advantage lasts, the higher the justified multiple,” Bergakker writes. “The competitive advantage period is a function of the nature of the competitive advantage; industry characteristics; and management’s agility to create and capture strategic options for new growth initiatives.” This is exactly what worries me about internet-based retailers, indeed about the future of investing in a more digitized world generally. Our sense of proportion about how long the income stream from a given competitive advantage may last has been conditioned by decades of stable growth and displacement in many industries, and not just retail. There are two aspects to this: One, that the world may just have become more competitive now that geography matters less in retail and other distribution. That may allow for new competitors to spring up, or more likely, to pin incumbents like Amazon down towards forever plowing the lion’s share of its profits into defensive investment in better technology and processes. Shareholder payouts may be thin on the ground, and multiples ultimately suffer. Second, the pace of technological change may have sped up, or may increase further, which would make existing franchises of less value and more vulnerable. In the brave new world all companies may be Sears and Radio Shack. (Editing by James Dalgleish) ) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/markets-saft-idUSL2N1GZ1HR'|'2017-03-24T01:59:00.000+02:00'
'364a5310f2e469462982f55b9eb320424c068500'|'Oil bounces off November lows, but bloated U.S. stockpiles pressure market'|'Global Energy   12:56am GMT Oil bounces off November lows, but bloated U.S. stockpiles pressure market An oil rig (rear) and infrastructure of D Island, the main processing hub, are pictured at the Kashagan offshore oil field in the Caspian sea in western Kazakhstan August 21, 2013. REUTERS/Stringer/File Photo By Henning Gloystein   Oil prices on Thursday recovered from losses chalked up the session before, but the market remains under pressure as bloated U.S. crude inventories and rising output dampen OPEC-led efforts to curb global production. Prices for front-month Brent crude futures LCOc1, the international benchmark for oil, were at $50.95 per barrel at 0033 GMT, up 31 cents from their last close. That came after Brent briefly dipped below $50 a barrel the previous session for the first time since November. In the United States, West Texas Intermediate (WTI) crude futures CLc1 were up 33 cents at $48.38 a barrel, after testing support at $47 a barrel overnight. Despite the bounce on Thursday, traders said that prices remained under pressure, largely due to a bloated U.S. market and doubts that an effort led by the Organization of the Petroleum Exporting Countries (OPEC) to cut output were having the desired effect of reining in a global fuel supply overhang. Greg McKenna, chief market strategist at futures brokerage AxiTrader, said OPEC was "underwriting the investment plans and returns of their competition in U.S. shale oil". McKenna said there was a risk of oil prices dropping further due to U.S. output and a lack of compliance by some producers who said they would cut production. The Energy Information Administration (EIA) said U.S. inventories climbed almost 5 million barrels to a record 533.1 million last week, far outpacing forecasts of a 2.8 million-barrel build. The high inventories come as U.S. oil production C-OUT-T-EIA has risen over 8 percent since mid-2016 to more than 9.13 million barrels per day (bpd) to levels comparable in late 2014, when the oil market slump started. (Reporting by Henning Gloystein; Editing by Joseph Radford) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN16U03O'|'2017-03-23T07:56:00.000+02:00'
'172c1079db5816c9e04c0bac60029ace84874a5a'|'Howard University campus opening at Google in diversity push'|'Melinda Gates: We need ''more diverse teams'' Google is trying something new to boost diversity. The tech giant is partnering with Howard University to launch "Howard West," a three-month summer program open to rising juniors and seniors studying computer science. The 25 to 30 students selected for this summer''s program will be taught by senior Google engineers and Howard faculty on Google''s Mountain View campus and will receive a stipend for housing and other expenses in Silicon Valley. To improve diversity, go outside Silicon Valley Alanna Walton, a junior majoring in computer science at Howard, said students are excited about the program. "There are no HBCUs (historically black colleges and universities) on the West Coast. To bring a whole bunch of black students to the West Coast to learn is a great experience," she told CNNTech. "Pretty much the whole campus understands how big this is." Google ( GOOG ) plans to expand the program to other historically black colleges and universities in the "near future." Howard called the move a "major step forward" for Google''s efforts to recruit and keep diverse talent. How diverse is Silicon Valley? "Howard West will produce hundreds of industry-ready black computer science graduates, future leaders with the power to transform the global technology space into a stronger, more accurate reflection of the world around us," Howard president Wayne Frederick said in a statement. Google has continued to struggle with lack of diversity. Google''s most recent annual diversity report showed that the company has not made any progress increasing the percentage of black, Hispanic and multiracial workers in its ranks. Only 2% of Google''s total workforce was black, while 3% were Hispanic at the end of 2015. The results were the same as the year before, when the company first released its internal numbers. In 2015, Google announced a $150 million plan to boost diversity internally and in the tech industry in general.   3:28 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_companies.rss'|'http://money.cnn.com/2017/03/23/technology/howard-university-google-campus/index.html'|'2017-03-23T22:28:00.000+02:00'
'9c47a96813d17459569445393afbdc46bb2b17d8'|'Credit Suisse considers stock sale instead of Swiss unit IPO: sources'|'By John O''Donnell and Pamela Barbaglia - FRANKFURT/LONDON FRANKFURT/LONDON Credit Suisse ( CSGN.S ) is considering an accelerated bookbuilding to raise capital instead of selling a minority stake in its Swiss banking division, two sources familiar with the matter told Reuters.Chief Executive Tidjane Thiam said last month the bank was examining alternatives to the IPO, which was penciled in for the second half of this year."They need more capital," said one of the people. "They realise they can do this without doing an IPO."Credit Suisse declined to comment.The likelihood of the IPO going ahead is now low but the team behind it is continuing work on the project because there has not yet been an official decision, the second person said, adding a rights issue was another possible option.Reuters reported on Friday that the bank''s board of directors was set to decide in April whether to go ahead with the IPO.Through an accelerated bookbuilding, a company can sell shares in a short period of time to institutional investors. The sale can be launched overnight with a tight timetable.Under Swiss securities law, companies are not required to draw up a listing prospectus if it is increasing its share capital by less than 10 percent.In the case of Credit Suisse, that would allow the bank to raise around 3 billion Swiss francs ($3 billion).($1 = 0.9928 Swiss francs)(Writing by Joshua Franklin; Editing by Michael Shields)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-credit-suisse-gp-ipo-swiss-idINKBN16U1VX'|'2017-03-23T11:12:00.000+02:00'
'de799fdc632ad4db4670e6fe682b9680a543ee42'|'LATAM Airlines taps new CEO for Brazilian operations'|'Big Story 10  33pm EDT LATAM Airlines taps new CEO for Brazilian operations SAO PAULO LATAM Airlines Group SA, the biggest carrier in South America, on Wednesday named a new chief executive of its shrinking operation in Brazil, where a deep recession has battered profitability in recent years. Brazilian Jerome Cadier, currently senior vice president of marketing for the Chile-based airline group, will take over LATAM''s operations in Brazil starting on May 1, the company said in a statement. The unit''s current CEO, Claudia Sender, has been in charge since 2013, about a year after the Brazilian airline then known as TAM merged with Chile''s LAN. She will keep the title of president of LATAM Brasil and assume responsibilities for marketing, services and client experience for the larger group. LATAM slashed capacity in Brazil by nearly 12 percent last year and could cut up to 2 percent again in 2017, the company said last week. Yet the group''s CEO Enrique Cueto told Reuters on Monday he expected the Brazilian market to recover in the second half of the year. (Reporting by Brad Haynes; Editing by Bernard Orr) Next In Big Story 10'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-latam-airlines-moves-brazil-idUSKBN16T31E'|'2017-03-23T04:22:00.000+02:00'
'0f95cd3dfb6ebe806f647c8424bd69accddd5ce0'|'TIMELINE-How Canyon Bridge''s deal with Lattice was put together'|'Company   10:00am EDT TIMELINE-How Canyon Bridge''s deal with Lattice was put together By Liana B. Baker and AteeqUr Shariff - March 24 March 24 Canyon Bridge Capital Partners LLC refiled its proposed $1.3 billion acquisition of Lattice Semiconductor Corp with the Committee on Foreign Investment in the United States (CFIUS), sources said on Friday. Here is how the deal was put together: April 8, 2016: Financial advisers for China Reform Fund Management Co contact Lattice’s advisers to express interest in discussing "a strategic transaction involving Lattice." May 5, 2016: Lattice CEO Darin Billerbeck and the company''s financial adviser Morgan Stanley meet with Benjamin Chow, a representative of China Reform to discuss a potential deal. August 22, 2016: Lattice and China Reform discuss China Reform’s most recent deal proposal. During those talks, Chow states that, after discussions with China Reform, he was considering leaving China Reform to form a new private equity fund, which one of China Reform’s affiliates, CVC, had agreed to invest in. This fund eventually became Canyon Bridge. October 2016: Cypress Semiconductor Corp executive chairman Ray Bingham reaches an understanding with Ben Chow about how they would work together, according to a statement by Canyon Bridge. November 2, 2016: Lattice''s board holds a meeting with its advisers where they discuss the proposed merger agreement at length, including the experience and reputations of Canyon Bridge’s co-founders, Bingham and Chow. Morgan Stanley informs Lattice that the $8.30 per share offer from Canyon Bridge is a fair price to the company’s shareholders. November 3, 2016: Deal is announced. Bingham is quoted in the press release as a co-founder of Canyon Bridge praising the transaction. December 2016: Bingham joins Canyon Bridge as a partner, according to the letter by Skadden attorney Kenton King on behalf of Cypress. January 27, 2016: T.J. Rodgers, founder and former CEO of Cypress, files a lawsuit against Bingham alleging he had an "irreconcilable conflict of interest" in joining Canyon Bridge, which he says competes "head-to-head" with it. March 24, 2017: Lattice and Canyon Bridge seek more time to secure U.S. approval of the deal with CFIUS beyond the standard period of 75 days. Source unless otherwise specified: Lattice''s proxy statement to shareholders. (Reporting by Liana B. Baker in San Francisco; editing by Edward Tobin) Next In Company News CANADA STOCKS-TSX rises as TransCanada climbs after Keystone approval TORONTO, March 24 Canada''s main stock index rose on Friday, led by financial and energy shares as oil prices gained and after TransCanada Corp said the U.S. Department of State issued a presidential permit for the construction of the Keystone XL oil pipeline. * Sphere 3D announces registered direct equity offering and concurrent private placement MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/lattice-ma-canyonbridge-idUSL2N1H01GJ'|'2017-03-24T22:00:00.000+03:00'
'c6dc0cb68bd6fc5170717b9f8dfe2e57428b2c87'|'CANADA STOCKS-TSX futures higher as oil price gains'|'Company  23am EDT CANADA STOCKS-TSX futures higher as oil price gains March 24 Stock futures pointed to a higher opening for Canada''s main stock index on Friday as oil prices rose, supported by a fall in Saudi crude exports to the United States in March. Saudi Arabia''s exports cut, in line with OPEC''s agreement to reduce supply, is the largest cut in production after the agreement reached last year by both OPEC and non-OPEC producers to reduce output. June futures on the S&P TSX index were up 0.11 percent at 7:10 a.m. ET. Inflation data for February is due at 8:30 a.m. ET. Canada''s main stock index closed higher on Thursday, led by heavyweight financial sector shares a day after the federal budget held off from raising taxes on investors. Dow Jones Industrial Average e-mini futures were up 0.2 percent at 7:10 a.m. ET, while S&P 500 e-mini futures were up 0.17 percent and Nasdaq 100 e-mini futures were up 0.21 percent. (Morning News Call newsletter here ; The Day Ahead newsletter here ) TOP STORIES The Canadian budget released this week added little stimulus spending, but recent signs of economic strength and federal funds already in the pipeline have boosted expectations that the Bank of Canada may have to shed its doom-and-gloom outlook. Canada''s BRP Inc reported a better-than-expected quarterly profit on Friday, helped by strong demand for its snowmobiles, watercraft and other recreational vehicles. Uber Canada on Thursday urged the Canadian government to retain a tax advantage available to ride-services companies, a day after the country''s Liberal administration proposed removing the measure. ANALYST RESEARCH HIGHLIGHTS Detour Gold Corp: CIBC cuts target price to C$17 from C$21 COMMODITIES AT 7:10 a.m. ET Gold futures: $1,243.8; -0.27 pct US crude: $47.95; +0.52 pct Brent crude: $50.76; +0.4 pct LME 3-month copper: $5,818.00; -0.12 pct U.S. ECONOMIC DATA DUE ON FRIDAY 08:30 Building permits R number mm for Feb: Prior 1.213 mln 08:30 Building permits R change mm for Feb: Prior -6.2 pct 08:30 Durable goods for Feb: Expected 1.2 pct; Prior 2.0 pct 08:30 Durables ex-transport for Feb: Expected 0.5 pct; Prior 0.0 pct 08:30 Durables ex-defense mm for Feb: Prior 1.6 pct 08:30 Nondefense cap ex-air for Feb: Expected 0.6 pct; Prior -0.1 pct 09:45 Markit Composite Flash PMI for Mar: Prior 54.10 09:45 Markit Services PMI Flash for Mar: Expected 54.2; Prior 53.8 10:30 ECRI Weekly Index : Prior 145.5 10:30 ECRI weekly annualized: Prior 9.6 pct 10:45 Markit Manufacturing PMI Flash for Mar: Expected 54.8; Prior 54.2 FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report Reuters global stocks poll for Canada Canadian markets directory ($1= C$1.34) (Reporting by Astha Rawat in Bengaluru; Editing by Savio D''Souza) Next In Company News US STOCKS-Futures higher; all eyes on healthcare vote March 24 U.S. stock index futures edged higher on Friday, helped by higher oil prices, and ahead of a closely watched vote on a healthcare bill seen as a test of President Donald Trump''s ability to pass his legislative agenda through Congress. Bank of England to charge banks for additional "Brexit" costs LONDON, March 24 The Bank of England is to increase the fees it levies on the banks it regulates to meet additional costs resulting from Britain''s move to leave the European Union - and may have to ask for more cash later on. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL3N1H13VB'|'2017-03-24T19:23:00.000+03:00'
'a78daf2fcab2668a1065185d77cb17ef76adf080'|'Bank of England to charge banks for additional ''Brexit'' costs'|'Fri Mar 24, 2017 - 11:45am GMT Bank of England to charge banks for additional ''Brexit'' costs Pedestrians walk past the Bank of England in the City of London, Britain, May 15, 2014. REUTERS/Luke MacGregor/File Photo By Huw Jones - LONDON LONDON The Bank of England is to increase the fees it levies on the banks it regulates to meet additional costs resulting from Britain''s move to leave the European Union - and may have to ask for more cash later on. The central bank''s Prudential Regulation Authority (PRA) published a consultation paper on Friday on its annual funding requirement (AFR) for the financial year starting in April. The proposed total requirement is 266.5 million pounds ($332.8 million), up 9.2 million on the current year, a rise of 4 percent. Brexit is expected to reshape Britain''s financial markets, Europe''s biggest, given that banks based in London are likely to lose their unfettered access to the bloc''s single market. Central bankers across the EU want to contain any threats to financial stability, such as from ruptures in cross-border customer links. "A new element of the PRA AFR is being proposed for 2017/18 for the recovery of certain costs associated with EU withdrawal," the PRA said in its consultation paper. The extra costs are due to its work on regulatory issues concerning Brexit and reviewing current rules to ensure they still work after withdrawal,. "The PRA’s estimated costs associated with EU withdrawal activity in 2017/18 are 5.4 million pounds." Activity in relation to Brexit "will require a significant amount of work to be undertaken by the PRA over a number of years". And due to "uncertainty" surrounding the terms of withdrawal, the PRA said it may have to ask for more money from firms. Other changes are also making demands on the PRA purse. From 2019 banks in Britain must turn their retail arms into legally separate units with their own capital buffers. The aim is to shield customers and avoid taxpayer bailouts if a bank''s riskier investment operations go bust. The PRA said it wants to increase its "ring-fencing implementation fee" as supervisory costs are set to increase to 23.6 million pounds in the next financial year, compared with 7.9 million pounds this year. It is also proposing a new fee to cover the 3.6 million-pound cost of implementing a new accounting standards rule, known as IFRS9, which forces banks to recognize bad loans in their provisioning far earlier than at present. Banks in the past have been too slow in reserving for soured loans, forcing taxpayers to bail out lenders during the 2007-09 financial crisis. From January they will have to set aside some capital on the first day of the loan. "Increasing levels of preparation work mean that it is now appropriate to move to an implementation fee," the PRA said. (Editing by Greg Mahlich) All drill, no frack: U.S. shale leaves thousands of wells unfinished NEW YORK U.S. shale producers are drilling at the highest rate in 18 months but have left a record number of wells unfinished in the largest oilfield in the country – a sign that output may not rise as swiftly as drilling activity would indicate. BOJ chief Kuroda says ''no reason'' to withdraw stimulus now TOKYO Bank of Japan Governor Haruhiko Kuroda said there is "no reason" to raise the bank''s bond yield targets now with inflation so far from its 2 percent target, offering his strongest denial to date of the chance of withdrawing its massive stimulus any time soon. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-boe-banks-regulator-idUKKBN16V1FG'|'2017-03-24T19:25:00.000+03:00'
'2c79c570251cb47a73926935a6caa22296459112'|'Free WiFi and meditation as airlines grapple with laptop ban'|' 04pm GMT Free WiFi and meditation as airlines grapple with laptop ban A Turkish Airline plane stands on the runway at JFK International Airport in New York, U.S., March 21, 2017. REUTERS/Lucas Jackson ISTANBUL/DUBAI Turkish and Gulf airlines are touting free WiFi and better in-flight connectivity for smart phones as they scramble to mitigate the impact of a ban on laptops in plane cabins bound for the United States. The restrictions could deal a blow to fast-growing Gulf airlines, which depend on business-class flyers stopping over in Dubai or Doha for far-flung destinations, and to Turkish Airlines ( THYAO.IS ) with its high volume of transit passengers. A Turkish Airlines official said it was working on rolling out a system to allow passengers to use 3G data roaming on mobile phones to connect to the Internet in-flight, and planned to make WiFi freely available on some aircraft from next month. "We''ve sped up infrastructure work after the latest developments ... If the work is complete, we''re planning on switching to free WiFi services in our Boeing 777 and Airbus 330 aircraft in April," the official told Reuters. Emirates [EMIRA.UL] said on Thursday it was introducing a "laptop and tablet handling service" for U.S.-bound flights which would allow passengers to use their devices until just before they board. The devices would be "carefully packed into boxes" and returned on arrival in the United States, it said. Emirates passengers can access limited free WiFi or pay $1 (0.80 pounds) for 500 MB. Fellow Gulf carrier Etihad encouraged passengers to pack their electronics in check-in luggage but said it would also allow devices to be handed over at boarding, a spokesman said. Turkish said it had introduced a similar measure. Qatar Airways did not respond to questions on how it planned to mitigate the impact of the new security measures, but in a Facebook posting this week it said its in-flight entertainment was "the only entertainment you''ll need on board". Royal Jordanian also took a tongue-in-cheek approach, listing on Twitter "12 things to do on a 12-hour flight with no laptop or tablet", including reading, meditating, saying hello to your neighbour, or "reclaiming territory on your armrest." (Reporting by Ceyda Caglayan in Istanbul and Alexander Cornwell in Dubai; Writing by Nick Tattersall; Editing by Tuvan Gumrukcu and Mark Potter)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-airlines-electronics-measures-idUKKBN16V1SU'|'2017-03-24T22:04:00.000+03:00'
'2b5ca4aba207097dc9ff68dc627aba30bcd9f748'|'Trump preparing orders to review trade deals, procurement - officials'|'Business News - Fri Mar 24, 2017 - 12:23am GMT Trump preparing orders to review trade deals, procurement: officials FILE PHOTO: U.S. President Donald Trump faces a news conference at the White House in Washington, U.S., February 16, 2017. REUTERS/Kevin Lamarque By David Lawder and David Shepardson - WASHINGTON WASHINGTON The Trump administration is preparing new executive orders to re-examine all 14 U.S. free trade agreements and review government procurement policies to aid American companies, two administration officials said. The North American Free Trade Agreement (NAFTA) with Mexico and Canada will top the list of trade deals to be reviewed, which affect 20 countries from the Americas to Asia, the officials told Reuters. They spoke on condition of anonymity because the orders were still being developed. They said on Wednesday that the trade deal and procurement review orders were among several executive actions that the Trump administration is preparing on trade. The timing of the orders is unclear, but they could start to be rolled out next week, the officials said. Politico first reported the plan for the two orders, quoting a senior administration official as saying the trade orders would help shift the White House narrative "to a place where the president can really shine." The fate of Trump''s first major legislative effort in Congress, a measure to replace the 2010 Obamacare health law, remains uncertain amid stiff opposition from conservative Republicans. The House of Representatives had to delay a vote on the bill on Thursday due to insufficient support for the legislation. The orders to review existing trade deals and public procurement policies would be largely symbolic, as the administration has already announced its intention to renegotiate NAFTA, with plans to formally notify Congress of its intention to launch talks in the coming weeks. Early last month, White House spokesman Sean Spicer said, "We''re going to re-examine all the current trade deals, figure out if we can improve them." The U.S. bilateral and multilateral trade deals cover these countries: Australia, Bahrain, Canada, Chile, Colombia, Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Israel, Jordan, Mexico, Morocco, Nicaragua, Oman, Panama, Peru, Singapore and South Korea. Media representatives for the White House and the U.S. Trade Representatives'' office declined to comment on any forthcoming executive orders. Senator Orrin Hatch, the Utah Republican who chairs the Senate Finance Committee, said he would welcome orders to review trade deals if that means it accelerated negotiations on changing them. "I think we''ve got to start moving," Hatch told reporters on Wednesday. "If he wants to do these unilaterally or bilaterally, he''s got to get going on them." Trump''s trade officials, including White House adviser Peter Navarro, and Commerce Secretary Wilbur Ross, have long said that NAFTA''s rules-of-origin provisions need to be tightened to exclude more components from outside the trading bloc. NAFTA requires cars and trucks to have only 62.5 percent North American content, providing significant opportunities for Asian manufacturers to provide parts. The procurement review would be in line with Trump''s "Buy American, Hire American" campaign push and could win some allies among Democrats in Congress. These include Senators Tammy Baldwin of Wisconsin and Jeff Merkley of Oregon, who urged the White House in a recent letter to exclude U.S. government contracts from NAFTA and restrict waivers that allow more foreign companies to bid on public procurements. But news of the potential trade orders did not impress Republican Senate Agriculture Committee Chairman Pat Roberts of Kansas. "I''m more interested in getting our trade representative passed on the Senate floor," Roberts told reporters, referring to Robert Lighthizer, Trump''s choice for U.S. trade representative, whose nomination has been stalled in the Senate. Roberts also said he wanted to impress upon the White House the importance of trade deals to boost agricultural exports, including a glut of Kansas wheat, amid what he views as a preoccupation with manufactured exports in the administration. (Reporting by David Lawder and David Shepardson; Editing by Jonathan Oatis) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-trump-trade-idUKKBN16U34K'|'2017-03-24T06:51:00.000+03:00'
'850649cd97269b3246c3fed5097d1c7facfa9a02'|'Bombardier''s CSeries jet nears approval for London City airport'|'Business News - Fri Mar 24, 2017 - 11:39am GMT Bombardier''s CSeries jet nears approval for London City airport A Bombardier C Series aircraft is displayed at the Singapore Airshow at Changi Exhibition Center February 18, 2016. REUTERS/Edgar Su/File Photo By Allison Lampert - MONTREAL MONTREAL Bombardier Inc ( BBDb.TO ) said its CSeries will soon become the largest commercial aircraft capable of landing at London City Airport, a feat the Canadian planemaker expects will whet buyer interest at a time of sluggish market demand for new jets. Bombardier, which this week completed a series of dedicated flight trials, expects to receive "steep approach" certification in the second quarter so that airlines can land the 110-seat CS100 variant at the urban airport, which has the challenge of a shorter runway, spokesman Bryan Tucker said. The certification would allow CSeries customer Swiss Airlines ( LHAG.DE ) to operate at London City, which is a four-mile drive from the capital''s main financial district. "We expect this to generate interest from other operators as the aircraft demonstrates its capabilities," Tucker said. The arrival of the lightweight, carbon-composite CSeries at London City could boost Bombardier in the run-up to the industry''s showcase Paris Air Show in June. It comes as planemakers are bracing for another bout of softer sales in 2017 after a prolonged order boom peaked in 2014. Planemakers are having to battle harder for business amid a glut of new planes and concerns over the economy. "We''ve been binging on orders," said Teal Group aerospace analyst Richard Aboulafia, who expects muted demand in 2017. Because of its lighter weight than most aircraft of its size, the Canadian jet can fly direct to New York from London City when carrying about 40 passengers in exclusively business-class seating. UK startup Odyssey Airlines and Geneva-based private charter operator PrivatAir have both announced plans to operate the plane out of the airport, with Odyssey planning services to North America and the Middle East. A number of operators have tried and failed to make money on banker-friendly London City-New York services, which until now have had to stop in Ireland for fuel on the westbound journey due to prevailing headwinds. Although it has won accolades for fuel savings and a smooth entry into service with Swiss in 2016, the CSeries has not received a substantial order since the sale of 75 CS100 jets to Delta Air Lines nearly a year ago. An earlier order for 45 130-seat CS300 versions to Air Canada ( AC.TO ) was completed in June. After relaunching the programme with steep discounts to boost sales following production delays, Bombardier is coming under pressure to secure profitable new sales in the run up to the Paris show. "We are comfortable where we are at this point," Tucker said of CSeries'' existing sales. As of December 2016, the CSeries had recorded 360 firm orders and most capacity is sold out through 2020, he said. (Editing by Tim Hepher and David Clarke) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bombardier-cseries-idUKKBN16V1EP'|'2017-03-24T19:39:00.000+03:00'
'04998d18af66131a9df5ada0beea87b4d0d57e79'|'UPDATE 1-Trump to nominate businessman Hagerty as Japan ambassador-White House'|'(Adds details, background on Hagerty and U.S.-Japan relationship)WASHINGTON, March 23 U.S. President Donald Trump intends to nominate businessman William Hagerty as the next U.S. ambassador to Japan, the White House said on Thursday.Hagerty is a Tennessee native who founded a private equity firm, Hagerty Peterson. He spent several years in Japan with the Boston Consulting Group management consultancy and later served in the White House of former President George H.W. Bush.If his nomination is approved by the U.S. Congress, he will replace Caroline Kennedy, who held the position from 2013 until January.Japan is a key U.S. security ally in Asia in the face of a rising China and Japanese Prime Minister Shinzo Abe became the first world leader to visit Trump after his Nov. 8 election victory. The two then held summit talks in Washington and Florida in February.However, Trump has criticized Japan, along with China and Germany, for having large trade imbalances with the United States and has worried Tokyo by calling on allies to pay more for their defense.Trump also disappointed Japan by withdrawing the United States from a 12-nation Trans Pacific Partnership trade pact that was the main economic pillar of former President Barack Obama''s "pivot" of U.S. focus to Asia.Trump and Abe agreed last month to launch a bilateral economic dialogue, which is due to start next month, to discuss issues such as macroeconomic policies, trade and infrastructure investment, but friction is likely over autos and agriculture.This month, U.S. Secretary of State Rex Tillerson visited Tokyo and underscored the important of the alliance with Japan and of working together to counter the threat posed by North Korea''s nuclear and missile programs.Koichi Hori, the chairman of consulting firm Dream Incubator Inc and a former president of Boston Consulting in Japan, who worked with Hagerty in the early 1990s, described him to Reuters in January as a pragmatist who might not always toe Trump''s conservative line on trade.Japanese companies play a key role in the U.S. economy, employing more than 800,000 American workers. They contributed $78 billion to U.S. exports in 2014, according to U.S. figures. (Reporting by David Brunnstrom; Editing by Sandra Malera and Michael Perry)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-japan-hagerty-idINL2N1H103R'|'2017-03-23T23:35:00.000+02:00'
'9b4d1f6e145122b159bb6cff75f50f21175a1ccb'|'EU recommends suspending hundreds of drugs tested by Indian firm'|'  9:29am GMT EU recommends suspending hundreds of drugs tested by Indian firm FILE PHOTO: A person holds pharmaceutical tablets and capsules in this picture illustration taken in Ljubljana September 18, 2013. REUTERS/Srdjan Zivulovic LONDON Europe''s medicines regulator has recommended the suspension of more than 300 generic drug approvals and drug applications due to "unreliable" tests conducted by Indian contract research firm Micro Therapeutic Research Labs. The decision, announced by the European Medicines Agency (EMA) on its website, is the latest blow for India''s drug-testing industry, which has run into a series of problems with international regulators in recent years. Nobody at the Chennai-based company was immediately available to comment. The EMA said European officials had been investigating Micro Therapeutic''s compliance with good clinical practice after Austrian and Dutch authorities raised concerns in February 2016. "The inspections identified several concerns at the company’s sites regarding misrepresentation of study data and deficiencies in documentation and data handling," the agency said. However, there is no evidence of harm or lack of effectiveness of the medicines, which include generic versions of many common prescription pharmaceuticals, including blood pressure tablets and painkillers. The EMA''s recommendation on the suspension of the medicines tested by Micro Therapeutic will now be sent to the European Commission for a legally binding decision valid throughout the European Union. Drug tests carried out at Indian contract research organisations (CROs) have been key in getting a huge array of generic medicines approved for sale around the world over many years. In 2015, Europe banned around 700 medicines that had been approved based on clinical trial data provided by GVK Biosciences, then India’s largest CRO. Other smaller Indian CROs have also been found to have fallen short of required standards. In the wake of such trial data scandals, many large drugmakers have been shifting more critical trials back to the United States and Europe over the last three years, according to consultants and industry executives. (Reporting by Ben Hirschler; Editing by Dale Hudson)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-pharmaceuticals-europe-india-idUKKBN16W0AB'|'2017-03-25T17:29:00.000+03:00'
'd6a1be0978033f7db03fde2a45497176747d2680'|'Spanish bank Unicaja eyes listing amid flurry of IPOs'|'  10:49am GMT Spanish bank Unicaja eyes listing amid flurry of IPOs Women use ATM machines at a Unicaja bank branch at La Bola street in downtown Ronda, near Malaga January 29, 2014. REUTERS/Jon Nazca MADRID Mid-sized Spanish lender Unicaja is moving ahead with a long-mooted stock market listing, joining a rush of initial public offerings (IPO) in Spain in the first few months of the year. Unicaja, which put off listing its shares last year when market conditions were tougher and Spain was mired in political instability, said in a statement late Friday it would ask for shareholder approval on April 26 to issue new stock. It said it aimed to issue 625 million new shares with a nominal value of one euro each, with the final price of the offer depending on demand. Unicaja added the timing of its listing was not yet set in stone. A stock market rally this year has encouraged more Spanish companies to go public after a hiatus for much of 2016 when the country was without a proper government for 10 months following two inconclusive elections. The Ibex .IBEX index of blue chip Spanish companies is up 10.4 percent so far in 2017. Earlier in March, cash-in-transit security firm Prosegur Cash ( CASHP.MC ) became the first Spanish company to list on the country''s main exchange since shares in Coca Cola European Partners were admitted for trading last June. Home builder Neinor is due to list next Wednesday, and car parts maker Gestamp is due to make its stock market debut in early April in one of the biggest IPOs in Europe this year. Unicaja''s looming listing also adds to signs of life in Spain''s banking sector as the government tries to recoup some of the funds spent on bailing out lenders crippled by a real estate crash, which forced it to request a European aid package for the weakest banks in 2012. Unicaja was not rescued but benefited from funding injected into smaller CEISS bank, which it bought in 2014. It had been due to list as a condition of its merger with CEISS, but obtained a grace period from Europe. State-controlled lender Bankia ( BKIA.MC ), the biggest beneficiary of the European bailout funds, is now due to be merged with a smaller rescued bank, BMN. A privatisation of those banks, which together hold 230 billion euros (196 billion pounds) of assets, would mark one of the final steps in cleaning up Spain''s banking sector. (Reporting by Sarah White; Editing by Mark Potter)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-unicaja-ipo-spain-idUKKBN16W0EG'|'2017-03-25T18:49:00.000+03:00'
'abd727984a92aa080b964bd28bb5860e26412ced'|'Tesla to take orders for solar roof tiles starting April'|'Tesla Motors Inc ( TSLA.O ) will start taking orders for its solar roof tiles in April, Chief Executive Elon Musk said in a Tweet on Friday.The solar-powered roof shingles were unveiled in October last year to show the benefits of combining his electric car maker with solar installer SolarCity Corp ( SCTY.O ).There was no detail on cost. ( bit.ly/2n32HB8 )Tesla has said previously the cost of the roof would be less than a conventional roof plus solar.By incorporating solar modules into rooftops, Tesla is hoping to succeed with a solar technology that to date has had little success.(Reporting by Nikhil Subba in Bengaluru; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-tesla-solar-tiles-idINKBN16V2ZB'|'2017-03-24T21:41:00.000+03:00'
'139ce98d8f28b2e5060d51bf6246fe1fd2983bb7'|'AC Milan deal closing pushed to April 14 after further payment: source'|'MILAN Former Prime Minister Silvio Berlusconi, owner of Italian storied soccer club AC Milan, has agreed to postpone the closing of the deal by an extra six weeks after being granted a further 100 million euros in cash and securities, a source told Reuters.The accord - originally inked in August and expected to be signed off first in December and then in March - is now due to be finalised on April 14, two sources said.The Chinese consortium which has committed to buying AC Milan has, in exchange for the delay, paid 50 million euros in cash to Berlusconi''s family investment vehicle Fininvest this week, the first source said. A further 50 million euros have been guaranteed through securities, the source added.The investors have already paid 200 million euros and are now due to pay a final 220 million euro instalment. They have also committed to inject a further 100 million euros into the team.The full composition of the Chinese group is still unknown and is due to be revealed at the closing.The agreement values the club at 740 million euros ($780 million) including 220 million euros of debt.($1 = 0.9252 euros)(Reporting by Elvira Pollina, writing by Giulia Segreti, editing by Paola Arosio and Valentina Za)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-acmilan-m-a-closing-idINKBN16V275'|'2017-03-24T14:17:00.000+03:00'
'ba1583567606f6b3a916732f2081fcd36f105bf7'|'Trump greenlights Keystone XL pipeline, but other obstacles loom'|'Global Energy   8:58pm IST Trump greenlights Keystone XL pipeline, but other obstacles loom U.S. President Donald Trump announces a permit for the TransCanada Corp''s Keystone XL oil pipeline in the Oval Office of the White House in Washington, U.S., March 24, 2017. REUTERS/Kevin Lamarque By Jeff Mason and Ethan Lou - WASHINGTON/CALGARY WASHINGTON/CALGARY U.S. President Donald Trump''s administration approved TransCanada Corp''s Keystone XL pipeline on Friday, cheering the oil industry and angering environmentalists who had sought for years to block it. The approval reverses a decision by former President Barack Obama to reject the project, but fresh obstacles loom: To get built, TransCanada will need to win financing, acquire local permits, and fend off likely legal challenges. "It''s not done yet," said Michael Wojciechowski, vice president of Americas, oil and refining markets research at consultancy Wood Mackenzie. Trump announced the presidential permit for Keystone XL at an event at the White House attended by TransCanada ( TRP.TO ) Chief Executive Officer Russell Girling and Sean McGarvey, president of North America''s Building Trades Unions. "TransCanada will now be able to complete this long overdue pipeline with efficiency and speed," Trump said, saying the decision was "part of a new era in America" to lower consumer fuel prices, create jobs and achieve energy independence. TransCanada''s U.S.-listed shares ( TRP.N ) rose 0.77 percent to $46.62, after having surged as much as 7 percent in premarket trading. The pipeline linking Canadian oil sands to U.S. refiners had been blocked for years by former President Barack Obama, who said it would do nothing to reduce fuel prices for U.S. motorists and would contribute to emissions linked to global warming. Trump, however, campaigned on a promise to approve it, saying it would create thousands of jobs and help the oil industry. He signed an executive order soon after taking office in January to advance the project. JOBS Trump has claimed the project would create 28,000 jobs in the United States. But a 2014 State Department study predicted just 3,900 construction jobs and 35 permanent jobs. The White House has said the pipeline is exempt from a Trump executive order requiring new pipelines to be made from U.S. steel, because much of the pipe for the project has already been built and stockpiled. Environmental groups vowed to fight it. Greenpeace said it would pressure banks to withhold financing for the multi-billion dollar project, and others said they would fight the pipeline in court. "We''ll use every tool in the kit," said Rhea Suh, president of the Natural Resources Defense Council. Since Obama had nixed the pipeline based on an environmental assessment commissioned by the State Department in early 2014, opponents will likely argue in court that Trump can’t reverse the decision without conducting a new assessment. Fred Jauss, partner at the international law firm Dorsey & Whitney and a former attorney with the Federal Energy Regulatory Commission, said local permitting would also be a challenge. "The Presidential Permit is only one part of a web of federal, state, and local permits that must be obtained prior to starting construction," he said. "Other federal agencies, such as the Army Corps of Engineers, state regulatory commissions, and even local planning boards may have requirements that need to be fulfilled by Keystone prior to construction." "In addition, TransCanada may still need to reach deals with hundreds of potentially affected landowners on the pipeline’s route. There is a lot of work ahead for TransCanada.” BOON FOR CANADA The multibillion-dollar Keystone XL pipeline would bring more than 800,000 barrels per day of heavy crude from Canada''s oil sands in Alberta into Nebraska, linking to an existing pipeline network feeding U.S. refineries and ports along the Gulf of Mexico. The project could be a boon for Canada, which has struggled to get its vast oil reserves to market. "Our Government has always been supportive of the Keystone XL pipeline and we are pleased with the U.S. decision," a spokesman for Canada''s minister of natural resources said. "The importance of a common, continental energy market cannot be overstated." The president of the American Petroleum Institute, Jack Gerard, said the approval was "welcome news" and would bolster U.S. energy security. Expedited approval of projects is part of Trump''s approach to a 10-year, $1 trillion infrastructure package he promised on the campaign trail. The White House is looking for ways to speed up approvals and permits for other infrastructure projects, which can sometimes take years to go through a regulatory maze. TransCanada tried for more than five years to build the 1,179-mile (1,897-km) pipeline, until Obama rejected it in 2015. The company resubmitted its application for the project in January, after Trump signed the executive order smoothing its path. (Additional reporting by Timothy Gardner in Washington, Luciana Lopez in New York, Ahmed Farhatha in Bengaluru, and Denny Thomas in Toronto; Writing by Richard Valdmanis; Editing by Bernadette Baum) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-pipeline-keystone-idINKBN16V230'|'2017-03-24T23:28:00.000+03:00'
'56723c6749591b1df350d4442fcc7f01652baf51'|'UPDATE 2-Acacia Mining: Tanzania ban costs $1 mln daily in revenue'|'(New throughout with analyst comments, background, merger talk collapse; adds byline)By Susan TaylorTORONTO, March 24 Acacia Mining is losing more than $1 million in revenue each day at two mines in Tanzania because of the country''s ban on exports of gold and copper concentrates, the London-listed company said on Friday.Acacia, majority owned by Barrick Gold, said it can produce and store concentrate at its Bulyanhulu and Buzwagi mines beyond the end of April, but must assess how long that can continue if the ban remains."We are taking a range of actions to help manage this financial impact," Acacia said in a statement, without specifying any measures.Acacia, the largest miner in Tanzania, said talks with government officials have failed to result in the ban being lifted.Tanzania''s energy and minerals ministry halted the export of unprocessed ore on March 3, following President John Magufuli''s call for the construction of more gold smelters in the country, Africa''s fourth-largest gold producer.Acacia said it has offered to partner with the government on a new study assessing the economic potential of building a smelter in Tanzania.Earlier this week, Acacia and Canada''s Endeavour Mining Corp said merger talks had ended. Endeavour, which operates four mines in West Africa, announced in January that it was discussing a deal with Acacia.It is unlikely Acacia will emerge from the ban unscathed, said Panmure Gordon analyst Kieron Hodgson."The ultimate resolution will probably contain a commitment to the government for a smelter or an additional processing step to be implemented at each of the operations, as well as a possible change in the company''s advantageous taxation arrangements, or a bit of both," he said in a note to clients.More than 99 percent of gold mined in Tanzania is already processed there. Concentrate that is exported - mixed silver, copper and gold - is challenging to separate and needs complex technology, the chairman of industry body Tanzania Chamber of Energy and Minerals has said.Like other African nations, Tanzania is on a drive to add value to its exports rather than send raw materials abroad. (Reporting by Susan Taylor in Toronto and Rahul B in Bengaluru; Editing by Gopakumar Warrier and Grant McCool)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/acacia-mining-tanzania-idINL3N1H136Z'|'2017-03-24T16:02:00.000+03:00'
'ed09a0479081d80366c3a7c1e0d13b570f20536c'|'BRIEF-Sanchez Production Partners says Q4 revenue totaled $15.3 mln vs $26.1 mln in Q4''15'|' 49pm EDT BRIEF-Sanchez Production Partners says Q4 revenue totaled $15.3 mln vs $26.1 mln in Q4''15 March 24 Sanchez Production Partners Lp * Sanchez production partners lp - partnership’s revenue totaled $15.3 million during the fourth quarter 2016 versus $26.1 million in q4''15 * Sanchez production partners lp- on a gaap basis, partnership recorded a net loss of $12.9 million for q4 2016 - sec filing Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-sanchez-production-partners-says-q-idUSFWN1H10NL'|'2017-03-25T05:49:00.000+03:00'
'04b4b90c3b388017ed256d9384cce92d5c5bf815'|'German engineering group Aumann rise in stock market debut'|'Company News - Fri Mar 24, 2017 - 4:34am EDT German engineering group Aumann rise in stock market debut FRANKFURT, March 24 German engineering group Aumann rose 15 percent in its stock market debut on Friday, in the country''s first initial public offering this year. The maker of parts for electric car and bicycle engines reaped 63 million euros ($67.94 million) in proceeds from the sale of new shares, which it wants to spend on additional production capacity. Private equity owner MBB reduced its stake to 53.6 from 93.5 percent in the flotation, which valued Aumann at 588 million euros. It had bought Aumann only last year and merged it with its portfolio company Claas. Aumann, founded in 1936 and specialising in winding technology needed in building electric motors, posted sales of 156 million euros and an adjusted EBIT margin of 12.4 percent last year. Berenberg, Citi and Hauck & Aufhaeuser organised the deal. ($1 = 0.9273 euros) (Reporting by Arno Schuetze; Editing by Harro ten Wolde) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/aumann-ipo-idUSF9N1GT007'|'2017-03-24T16:34:00.000+03:00'
'72d87eafe2b0bfd1048ce7a0e3b909363941febf'|'Toshiba plans Westinghouse Chapter 11 filing, expects $9 billion in charges - sources'|'Business News - Fri Mar 24, 2017 - 9:22am GMT Toshiba plans Westinghouse Chapter 11 filing, expects $9 billion in charges - sources FILE PHOTO: Visitors look at a nuclear power plant station model by American company Westinghouse at the World Nuclear Exhibition 2014, the trade fair event for the global nuclear energy sector, in Le Bourget, near Paris October 14, 2014. REUTERS/Benoit Tessier TOKYO Japan''s Toshiba Corp ( 6502.T ) has informed its main lenders it is planning for its U.S. nuclear unit Westinghouse Electric Co LLC to file for bankruptcy on March 31, people briefed on the matter said on Friday. Toshiba expects a Chapter 11 filing for Westinghouse would expand charges related to the U.S. unit in the current financial year to around 1 trillion yen (7.21 billion pounds) from publicly flagged estimates of 712.5 billion yen, the sources told Reuters. The sources declined to be identified as they were not authorised to speak to media on the matter. Toshiba said on Friday it was not appropriate to comment prematurely. "Whether or not Westinghouse files for Chapter 11 is ultimately a decision for its board, and must take into account the various interests of all of its stakeholders, including Toshiba and its creditors," it said in a statement. Toshiba is seeking to limit future losses at Westinghouse with a Chapter 11 filing. Westinghouse has been plagued by huge cost overruns at two U.S. nuclear projects. (Reporting by Taro Fuse; Writing by Makiko Yamazaki; Editing by Edwina Gibbs) Next In Business News Schaeuble - Trying to keep disadvantages for Britain as small as possible in Brexit BERLIN German Finance Minister Wolfgang Schaeuble said on Friday that the European Union was trying to limit the negative effects of Brexit for Britain but stressed that countries wanting to get the benefits related to the bloc had to make commitments, too. LONDON Deutsche Bank has chosen a new office for its London headquarters, signalling a vote of confidence in Britain''s capital despite the country''s decision to leave the European Union. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-toshiba-accounting-westinghouse-idUKKBN16V108'|'2017-03-24T17:22:00.000+03:00'
'02c24e5229b4c02066c28539a7bad167ec4c7697'|'Saudi retains top oil supplier to China despite yr/yr drop - customs'|'Money   12:45pm IST Saudi retains top oil supplier to China despite yr/yr drop - customs FILE PHOTO: Buildings are seen in Riyadh, Saudi Arabia, March 1, 2017. REUTERS/Faisal Al Nasser/File Photo BEIJING Saudi Arabia maintained its spot as China''s top oil supplier in February, two months into the first OPEC output cuts in almost a decade, despite a near 13 percent fall in shipments from a year ago, data showed on Thursday. China imported 4.77 million tonnes of crude oil from Saudi Arabia, or about 1.24 million barrels per day, according to data from the Chinese General Administration of Customs Russia was China''s second-biggest supplier with shipments of 4.29 million tonnes, or 1.12 million bpd, a gain of 4.5 percent on a year earlier. Angola ranked third with supplies falling 32 percent to a daily rate of just under 850,000 bpd, the data showed. The   is curbing its output by about 1.2   from Jan. 1 for six months, the first reduction in eight years. Russia and other non-OPEC producers agreed to cut half as much. (tonne=7.3 barrels for crude conversion) (Reporting by Chen Aizhu; Editing by Richard Pullin) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-crude-imports-idINKBN16U0KY'|'2017-03-23T14:15:00.000+02:00'
'7bdb4e0316ba8c00b1203b92d82d1dc4099f958e'|'UPDATE 1-Brazil''s Cemig ups planned Light stake sale -source'|'(Adds details of planned divestment, hydropower dam proposal, Light declining to comment)By Guillermo Parra-BernalSAO PAULO, March 23 Cia Energética de Minas Gerais SA plans to sell a bigger stake than initially planned in subsidiary Light Energia SA, which wants to speed up the process to help reduce its debt, a person with direct knowledge of the plan said on Thursday.According to the source, the company, known as Cemig, plans to sell about 36 percent of Light at an auction instead of the roughly 27 percent initially considered. Cemig currently has a 26 percent direct stake in Light, plus another 26 percent held indirectly through an investment vehicle.Assuming Cemig keeps 16 percent of Light and based on a price of 25 reais per share, the deal could raise about 4.4 billion reais ($1.4 billion), the source said. About 70 percent of proceeds would go toward reducing Cemig''s debt of 13.7 billion reais, with Light getting the rest, said the source, who did not elaborate on the structure of the sale.Cemig, which is Brazil''s No. 3 power utility and is controlled by the state of Minas Gerais, is exiting some business segments and trying to turn around core operations such as power generation, renewable energy and transmission. Its debt has tripled since 2012, following a series of takeovers that failed to yield expected returns due in part to government-led renegotiations of power contracts.Reuters reported on March 16 that Cemig was considering the Light stake sale as well as selling majority stakes in power generation and transmission company Cemig GT and power distributor Cemig D. The moves would involve the engagement of partners and then a listing of Cemig GT and Cemig D in São Paulo and New York as early as this year.According to the source, Light Chief Executive Officer Ana Marta Horta Veloso wants Cemig to accelerate the stake sale, which could take place within weeks. Cemig has hired the investment banking units of Itaú Unibanco Holding SA and Banco do Brasil SA to work on the plan, the person said.Media representatives for Rio de Janeiro-based Light directed questions to Cemig, which did not immediately respond to requests for comment.Itaú and Banco do Brasil did not have immediate comments.Last week, Reuters reported Grupo BTG Pactual SA , JPMorgan Chase & Co and Citigroup Inc were vying for slots in the underwriting group. The banks declined to comment.The stake sale would end Light''s controlling shareholder accord, said the source, who spoke on condition of anonymity because the plans are private.That would create a more dispersed ownership structure and improve corporate governance, offering a premium to Cemig''s current share price, the source said, adding that 25 reais was not necessarily an indication of how the offering would price.Light''s controlling bloc includes Cemig, engineering conglomerate Andrade Gutiérrez SA and investment vehicles Luce Participações SA and RME Rio Minas Energia.Shares of Light slipped 1.7 percent to 20.28 reais in midday trading, while Cemig rose 3.3 percent to 10.15 reais.Minas Gerais and Cemig also plan to ask the federal government to renew contracts for operating hydropower dams that expired in recent years in exchange for a reduction in debt that the federal government owes to the state for non-payment of export tax exemptions, the person said.Brazilian Deputy Energy Minister Paulo Pedrosa said on Tuesday that the federal government would take back all Cemig power dams whose licenses expired in recent years, having failed to reach a deal with the company to extend them.Efforts to reach officials at Minas Gerais state for comment were not immediately unsuccessful.($1 = 3.13 reais) (Reporting by Guillermo Parra-Bernal; Additional reporting by Brad Haynes; Editing by Bernadette Baum and Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/cemig-divestiture-light-idINL2N1H00X5'|'2017-03-23T13:15:00.000+02:00'
'd1b2b423b2a2a44c164c73147c729b0c7ca1d88d'|'German gummy bear maker Haribo plans to produce candy in U.S.'|'U.S.  39pm EDT German gummy bear maker Haribo plans to produce candy in U.S. left right FILE PHOTO: Sweets from german manufacturer HARIBO are ready to be eaten by guests at an art workshop for children in Hanau, Germany, March 20, 2016. REUTERS/Kai Pfaffenbach/File Photo 1/2 left right FILE PHOTO: Jelly babies made by German manufacturer Haribo in Dortmund, Germany, August 25, 2013 REUTERS/Ina Fassbender/File Photo 2/2 BERLIN German candymaker Haribo, famous for its fruit-flavored gummy bears, plans to build its first production facility in the United States and start making confectionery there from 2020. Family-owned Haribo, which employs 7,000 people worldwide at 16 sites in ten countries, said on Thursday it has decided to acquire property in Wisconsin for the factory. Haribo, a model of Germany''s successful "Mittelstand" firms which make up the backbone of Europe''s largest economy, was founded in 1920. It gave Germany one of its most famous advertising slogans, promising to make kids and adults happy. Expansion in the U.S. pits the Bonn-based company against North America''s top candymakers, including Mars Chocolate, Mondelez International and Hershey Foods Corp. "Haribo of America is the fastest-growing candymaker in the U.S.," Hans Guido Riegel, Haribo''s managing partner said in an emailed statement. "That is why the step to start with local production from 2020 is important to us," Riegel said, adding the firm has been looking for a U.S. manufacturing site for several years. (Reporting by Andreas Cremer and Matthias Inverardi. Editing by Alexander Smith) Next In U.S.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-haribo-usa-idUSKBN16U2MN'|'2017-03-24T01:23:00.000+02:00'
'1e790ecea4fc52753cf5a45aab6aab788a46e2ec'|'Brazil approves $3.9 billion BM&FBovespa-Cetip tie-up'|'BRASILIA/SAO PAULO Brazil''s antitrust watchdog Cade on Wednesday approved BM&FBovespa SA''s takeover of rival Cetip SA Mercados Organizados, and will not require any antitrust measures beyond those the exchange and clearinghouse firms proposed themselves.Three of four Cade board members decided to endorse the 12 billion-real ($3.9 billion) deal, which will involve independent pricing monitoring and platform access to rivals in terms previously proposed by the companies to the agency. Cristiane Alkmin, the case''s rapporteur, had sought tougher restrictions beyond those the companies agreed to.Ultimately, the plenary of Cade voted four-to-nil on approval to the deal, with the self-imposed restrictions. Shares of both companies surged.The spike in shares was "mainly due to the approval of the deal with remedies that were not very onerous," said Tito Labarta, an analyst with Deutsche Bank Securities in New York.The deal will give BM&FBovespa control of Cetip ( CTIP3.SA ), Latin America''s largest securities clearinghouse, with almost full control of Brazil''s market for registration and custody of local fixed-income instruments and over-the-counter derivatives.Currently BM&FBovespa enjoys a near monopoly on all trading, clearing and settlement services for locally traded shares and bourse-traded derivatives. Trading transactions in Brazil are settled through a central counterparty clearinghouse, a complex and capital-intensive venture that for years has helped drive newcomers away from BM&FBovespa''s turf.The so-called concentration control accord that BM&FBovespa presented to Cade agreed to create a committee to monitor pricing on some products and analyze requests from potential market newcomers to pay for the use of clearing and payment settlement platforms within the next 120 days.Terms of self-imposed remedies will remain in place for five years.Shares of BM&FBovespa ( BVMF3.SA ) closed 3.1 percent higher at 18.94 reais, after jumping as much as 7.1 percent during the session. Cetip''s stock added 1.4 percent to 48.30 reais.BM&FBovespa announced the deal in April, following repeated attempts to buy Cetip. The transaction would create the largest market structure player in Latin America, with stakes in Mexican, Colombian, Peruvian and Chilean counterparts.The accord has four main legs: implementing rules to access the combined entity''s post-trading capabilities in the equities segment; rules to treat clients equally; a compliance code for pricing for products and services, and; terms of access to the clearings and payment settlement platform.COMPETITORSPotential rivals demanded close monitoring of fulfillment of approval terms."Today''s historic ruling by Cade approves the BM&FBovespa-Cetip agreement but imposes important obligations on the firms that must be fulfilled in order to finalize their merger," exchange operator ATS Brasil said in a statement.ATS Brasil, which is still waiting for regulatory permission to start operations, said Cade''s ruling recognizes the shortcomings of Brazil''s market structure, such as high transactions costs. In September, ATS Brasil and parent company Americas Trading Group filed a complaint before Cade, alleging BM&FBovespa cut fees on cash equities trading and raised them for clearing and settlement services to discourage competition.Alkmin argued against BM&Bovespa''s self-imposed remedies for the deal."The problem is not competition, but the significant entry barriers that the deal poses," Alkmin said as she prepared to cast her vote on the deal in Brasilia. "By eliminating a competitor in a different market, in this case Cetip in the fixed income market, entry barriers will rise as a whole."The entity resulting from the combination of BM&FBovespa and Cetip is expected to generate some of the best operating readings among global exchanges, with margins and profit growth surpassing 70 percent and 10 percent a year, respectively, according to UBS Securities estimates.Fee-related income at the combined entity could rise to 50- percent of revenues, from BM&FBovespa''s current 20 percent, with trading-related income representing the other 50 percent, UBS analyst Frederic de Mariz said in a February client note.BM&FBovespa''s takeover of Cetip still requires regulatory approval by securities and exchange industry watchdog CVM, a decision that is highly expected.($1 = 3.0949 reais)(Additional reporting by Alberto Alerigi Jr and Bruno Federowski in São Paulo; Editing by David Gregorio)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-cetip-m-a-bm-f-bovespa-antitrust-idUSKBN16T35M'|'2017-03-23T01:11:00.000+02:00'
'c65fd3829ad10dd4f732ab55a38a6ec4ae2f55d4'|'Retailer Ted Baker''s profit rises on strong UK, Europe sales'|'Business News - Thu Mar 23, 2017 - 8:18am GMT Retailer Ted Baker''s profit rises on strong UK, Europe sales Ted Baker goods are displayed in a store in London, Britain October 06, 2015. REUTERS/Neil Hall Fashion retailer Ted Baker ( TED.L ) reported on Thursday a 4.4 percent rise in annual pretax profit, as retail sales surged in Britain and the rest of Europe by more than 10 percent. The company, which trades from 490 stores and concessions globally, said group pretax profit rose to 61.3 million pounds ($76.5 million), with retail sales in its UK and Europe business rising 10.7 percent to 279.5 million pounds. Total retail sales jumped 15 percent to 400.7 million pounds for the 52 weeks ended Jan. 28, while group revenues - including wholesale sales - were up 16.4 percent to 531 million pounds. The company, which opened its first store in Glasgow in 1988, sells suits, shirts and dresses, often sporting quirky details, helping it to stand out from rivals. Retail sales in its U.S. and Canada business jumped 28.3 percent to 103.4 million pounds, the company said. (Reporting by Rahul B in Bengaluru; Editing by Mark Potter) Next In Business News Most UK employers do not plan to raise pay to match rising inflation - XpertHR LONDON Most British companies do not expect to offer more generous pay deals to employees this year compared with 2016, adding to signs that higher inflation will gnaw at Britons'' living standards in the months ahead, a survey showed on Thursday. LONDON British car production hit a 17-year high in February, extending a recent trend of surging output as a strong rise in exports once again compensated for a slump in demand at home, an industry body said on Thursday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ted-baker-results-idUKKBN16U0QR'|'2017-03-23T15:18:00.000+02:00'
'63a1c1701fd12f7ab968aa53f1931054d16500df'|'EU regulators to clear Dow and ChemChina deals next week - sources'|'Global Energy News - Thu Mar 23, 2017 - 7:54pm GMT EU regulators to clear Dow and ChemChina deals next week - sources The company logo of China National Chemical Corp, or ChemChina, is seen at its headquarters in Beijing, China February 3, 2017. REUTERS/Thomas Peter By Foo Yun Chee - BRUSSELS BRUSSELS EU antitrust regulators are set to clear the $130 billion (104.07 billion pounds) Dow Chemical ( DOW.N ) and DuPont ( DD.N ) merger and ChemChina''s [CNNCC.UL] $43 billion bid for Syngenta ( SYNN.S ) next week, people familiar with the matter said on Thursday. The European Commission could announce its approvals for both companies at the same time either on Monday or Tuesday, the people said. It is rare for the Commission to announce joint merger decisions but it probably makes sense in this case as both companies are in the agrochemicals sector, the sources said. Both mega deals in the agrochemicals industry and another one involving Bayer ( BAYGn.DE ) and Monsanto ( MON.N ) have triggered fears among regulators and farmers that the merged companies may slow down the pipeline of new herbicides and pesticides. Commission spokesman Ricardo Cardoso declined to comment. Dow did not immediately respond to an email for comment. A Syngenta spokesman said the Swiss company and ChemChina were confident of closing the deal in the second quarter of the year. The EU antitrust enforcer has set an April 4 deadline for the Dow and DuPont deal, and April 12 for the ChemChina and Syngenta deal. U.S. chemical companies Dow and DuPont managed to address EU competition concerns with a revised package of concessions which included asset sales and transfer of research and development activities to a rival, sources told Reuters last month. ChemChina, which is making the largest foreign acquisition by a Chinese company, won over regulators with its pledge to divest a couple of national product registrations, including existing products and a few in the pipeline, in more than a dozen EU countries, other sources have told Reuters. (Additional reporting by Michael Shields in Zurich, editing by David Evans) Next In Global Energy News UPDATE 4-U.S. State Dept to approve Keystone pipeline permit Friday -sources WASHINGTON, March 23 The U.S. State Department will approve on Friday the permit needed to proceed with construction of the Canada-to-United States Keystone XL oil pipeline, a project blocked by former President Barack Obama, according to two government sources familiar with the process. BOSTON President Donald Trump’s White House has said his plans to slash environmental regulations will trigger a new energy boom and help the United States drill its way to independence from foreign oil. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-m-a-dow-chemchina-idUKKBN16U2SX'|'2017-03-24T03:54:00.000+03:00'
'81caa1e7cc6f4a380d6cdd18862b5415b73b650c'|'Bridgepoint picks Solebury as Pret a Manger listing adviser: sources'|'By Dasha Afanasieva , Lauren Hirsch and Arno Schuetze - LONDON/NEW YORK LONDON/NEW YORK Fast food chain Pret a Manger''s private equity owners have chosen Solebury Capital to advise on a planned New York stock market listing, people close to the situation said.The U.S. capital markets advisory firm will also help Bridgepoint select investment banks for an initial public offering, which could come before the end of the year, they added."Our longstanding investment in Pret regularly prompts speculation about our intentions. We expect to remain a significant investor for the foreseeable future," a spokesman for Bridgepoint said.Solebury declined to comment.Launched more than three decades ago, Pret A Manger has around 400 branches globally, serving fast food made onsite to more than 300,000 customers in Britain, the United States, Paris, Hong Kong and Shanghai. It is aiming to expand store numbers by around 15 percent per year.Bridgepoint bought the chain, best known for its coffee, pastries and sandwiches, at the height of the buyout boom in 2008 for 500 million euros ($539 million).Although the majority of Pret a Manger''s stores are in Britain, the company is expected to pursue a listing in the U.S., where the pool of investors is deeper and valuations potentially higher.Pret generated 84 million pounds in earnings before interest, tax, depreciation and amortization on sales of 676 million in 2015, according to the company''s latest financial results.(Editing by Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-pretamanger-ipo-idINKBN16U26L'|'2017-03-23T13:17:00.000+02:00'
'a09c4c6833a25318dd19255d30290ab6347bc5fb'|'PRESS DIGEST- New York Times business news - March 23'|'Company News - Thu Mar 23, 2017 - 12:35am EDT PRESS DIGEST- New York Times business news - March 23 March 23 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy. - Federal prosecutors are investigating North Korea''s possible role in the theft of $81 million from the central bank of Bangladesh in what security officials fear could be a new front in cyberwarfare. nyti.ms/2nfjR11 - AT&T and Johnson & Johnson, among the biggest advertisers in the United States, were among several companies to say on Wednesday that they would stop their ads from running on YouTube and other Google properties amid concern that Google is not doing enough to prevent brands from appearing next to offensive material, like hate speech. nyti.ms/2nEPwKs - Akzo Nobel, the Dutch paint and chemicals company that makes Dulux paint, said on Wednesday that it had rejected a second takeover bid from PPG Industries, turning away a $24 billion deal that would have created an industry behemoth. nyti.ms/2mSvzeG - President Trump''s second pick to lead the Labor Department told senators on Wednesday that he would not allow partisan political considerations or conservative ideologues to shape his department, pushing back against accusations by Democrats that he had looked away as subordinates at the Justice Department stacked his office with ideological allies during the George W. Bush administration. nyti.ms/2npSNwr (Compiled by Parikshit Mishra in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-nyt-idUSL3N1H020B'|'2017-03-23T11:35:00.000+02:00'
'de226f58ed0527c34248805baf7509f7524579a2'|'Fed research signals inflation overshoot possible, but is it tolerable?'|'  4:04am GMT Fed research signals inflation overshoot possible, but is it tolerable? The United States Federal Reserve Board building is shown in Washington October 28, 2014. REUTERS/Gary Cameron By Howard Schneider - WASHINGTON WASHINGTON The Federal Reserve has begun preparing the public and markets for higher inflation, but has left unanswered the question of how high inflation might go and for how long? A new research paper from economists at the Fed''s Washington-based Board of Governors suggests that policymakers should allow prices to rise by around 3.0 percent annually during periods of high economic growth, so that the long-run average annual target of 2.0 percent inflation is achieved after several years of lower inflation. "Achieving an inflation target of 2.0 percent hinges on policymakers pursuing inflation levels that are notably above 2.0 percent," when the economy is recovering, board economists Michael Kiley and John Roberts wrote in a paper presented Thursday at the Brookings Institution. Keeping interest rates low while inflation spikes, presumably with output and wages also rising above potential, would "make up" for the accumulated effects of the long downturn in growth and inflation in the past decade. Fed staff research does not necessarily reflect the views of board members or directly impact policy, but in this case it is relevant to an ongoing debate over how the Fed should react as inflation nears the central bank''s target. The personal consumption expenditure index, the Fed''s preferred inflation measure, has averaged just 1.6 percent over the last decade, prompting some support for a period of higher inflation in hopes that wages and interest rates may rise as well. Fed Chair Janet Yellen last week, and a group of regional reserve bank presidents this week, signalled the Fed would not try to halt inflation at 2.0 percent, but only shift gears if above-target prices rises appear "persistent." "Two percent is not a ceiling," Chicago Federal Reserve bank president Charles Evans said in New York this week. "If you always worry about spending time above 2.0 percent, that’s smelling and tasting and looking like a ceiling – and I think that’s something you have to actively fight.” The papers on inflation and other topics, prepared by top Fed and other economists for an annual Brookings research conference, showed that even as economic conditions become more normal the Fed is continuing with a deep re-evaluation of economic conditions following the 2007-2009 financial crisis. The papers outlined the likely persistence of slow economic growth in an ageing society, countering the notion that a faster economy is just a tax cut away, and the likelihood that global interest rates will remain lower than usual for a long time to come. In the current Fed debate, acceptance of 3.0 percent inflation is unlikely. The 2.0 percent goal is a global norm for central banks, a recognition that a modest but steady rise in prices is actually healthy for the economy overall. Prices that rise too fast can trigger a public outcry, and may risk changing household and business psychology in a way that fuels even faster price increases and which can be hard to tame. However the Fed did change its policy language slightly, but significantly, last week when it said that the 2.0 percent annual inflation target was "symmetric." After years of low inflation, officials said, an overshoot will not lead them to change course and raise interest rates faster than the "gradual" path they currently intend. Under current Fed forecasts, that means interest rates will remain low enough to encourage borrowing and spending for perhaps three more years as the Fed slowly climbs back to a "neutral" interest rate estimated at around 3.0 percent. In an economy that is near or below full employment, wages should rise as firms compete for workers, one of the possible benefits of a "hot" economy that Yellen last fall suggested researchers should try to analyse. Policymakers have not set a path for how "hot" the economy might be allowed to run, but Minneapolis Fed President Neel Kashkari, in a public Twitter conversation this week, said an extended inflation overshoot of 2.3 percent would be tolerable "if we really believe 2 percent is a target". (Reporting by Howard Schneider)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-fed-inflation-idUKKBN16U0B7'|'2017-03-23T11:04:00.000+02:00'
'ab862ed4909f4900b31551f98866e6a071f10551'|'ECB won''t accept ''empty shells'' from banks leaving London'|'Business News - Thu Mar 23, 2017 - 10:19am GMT ECB won''t accept ''empty shells'' from banks leaving London Daniele Nouy, chair of the Supervisory Board of the European Central Bank, attends the 2016 Institute of International Finance (IIF) Spring Membership meeting in Madrid, Spain May 24, 2016. REUTERS/Susana Vera FRANKFURT The European Central Bank will not authorize "empty shells" created by London banks seeking to keep access to the European Union once Britain leaves, its chief watchdog said on Thursday, demanding that key functions, branches and dealing operations be put under its watch. "We don''t want to authorize empty shells," Daniele Nouy, the head of the ECB''s Single Supervisory Mechanism, told a European parliamentary hearing. "We want what is needed to be domiciliated in the (euro zone), so internal control, risk management and so forth," she said. (Reporting By Francesco Canepa)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-eu-banks-ecb-idUKKBN16U14M'|'2017-03-23T17:14:00.000+02:00'
'df6f5d7fdecdf26ca81de52144fe13d2830202db'|'PPG''s McGarry in Amsterdam to promote "compelling" Akzo offer'|'Deals  47am EDT PPG''s McGarry in Amsterdam to promote ''compelling'' Akzo offer FILE PHOTO: AkzoNobel''s logo is seen in Amsterdam, Netherlands, February 16, 2012. REUTERS/Robin van Lonkhuijsen/United Photos/File Photo AMSTERDAM Paint maker PPG ( PPG.N ) has made a "very compelling" offer for Akzo Nobel ( AKZO.AS ) and was shocked when its Dutch rival turned it down, PPG''s chief executive Michael McGarry said on Thursday on a visit to Amsterdam to drum up support for a proposed tie-up. McGarry said he would meet Akzo shareholders during the visit and was prepared to meet Akzo''s boards "any time, any place" to discuss its 22.7 billion euro ($24.47 billion) takeover offer. He disputed Akzo''s view that the two companies'' cultures were ill-matched. Asked to comment on a possible hostile bid, McGarry said he wanted to "work together" with Akzo. (Reporting By Toby Sterling, writing by Thomas Escritt. Editing by Jane Merriman) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-akzo-nobel-m-a-ppg-idUSKBN16U17Z'|'2017-03-23T17:39:00.000+02:00'
'f8f73ebe88c938f12009e159ed6674941059adc9'|'Puncture repair: Big tyremakers are regaining their grip'|'CARS can be objects of desire and the bonnet badge an indicator of wealth and status. Yet the four small patches of rubber that do the vital job of attaching them to the road stir little emotion. A third of drivers cannot name the make of tyre on their car. Nor do they know that the dominant global brands have been fighting a losing battle for 15 or so years against Chinese competitors and now have a chance of winning back ground.The established tyremakers have advantages over the industry they serve. They have margins that outstrip even Germany’s luxury carmakers. Supplying manufacturers accounts for only a third of revenues of a typical tyre firm and even less of the profits. The rest comes from replacing tyres on vehicles on the road, which wear out every four years or so. 6 16 The expansion of the global vehicle fleet, forecast to grow by around 3.5% a year, helps gradually to reduce firms’ dependence on the cyclical market for new cars. Tyremakers also benefit by selling most of their wares to thousands of distributors. They are fragmented and weak compared with carmakers, and less inclined to drive hard bargains.Once, the big tyremakers could divvy up this growing pie. In 2000 the top five—Bridgestone, Michelin, Continental, Goodyear and Pirelli—accounted for over two-thirds of the market. Their share has since deflated to under half (see chart) as China’s domestic tyre industry grew as rapidly as its carmakers. Some estimates reckon there are 250 Chinese family-owned or state-run businesses (the biggest is Hangzhou Zhongce Rubber). Jean-Claude Kihn, Goodyear’s boss for Europe, Middle East and Africa, reckons there could be many more. The lure of a trophy asset also tempted ChemChina, a Chinese chemicals giant, to acquire Pirelli, the sole supplier of tyres to Formula 1 motor racing, for €7.1bn ($7.7bn) in 2015.Chinese tyres are cheap but lack the performance or longevity of pricier brands. But as David Lesne of UBS, a bank, points out, distributors had an incentive to push them. Though selling for as little as half the price of premium tyres, distributors made margins of up to 20% (compared with as little as 5% for established brands).The premium manufacturers have cut costs and shifted production to cheaper places. Another helpful trend, oddly, is rising raw-material prices. After three or four years of oversupply of natural rubber and low oil prices, the main ingredients of synthetic rubber, these costs are rising. This will cause short-term pain for the big tyremakers. But as these account for 30% of costs for big firms and 60% for China’s newcomers, the latter will have much less scope to avoid putting up prices, eventually eroding their price advantage.Bigger wheels are also pumping up the old guard. Those over 17 inches in diameter require the premium tyres mostly made by established firms. The clamour to drive SUVs, which accounted for two-thirds of car sales in America in 2016, and a vogue for putting larger rims on humdrum cars means the appetite for these, which are at least twice as profitable as smaller ones, is growing fast. The big tyremakers are making the largest investments in new capacity to meet the need. Larger Chinese tyremakers are also spending to make bigger tyres but most of China’s minnows, after years of competing furiously on price, have precious little spare cash for such investment.Tyremaking should also be largely immune from all the disruption in carmaking. Electric and autonomous cars, after all, will still need tyres. Fleets of robotaxis and shared vehicles will favour the established firms, says Mr Lesne. Fleet managers tend to go for their harder-wearing, safer tyres. For big tyremakers the pressure applied by Chinese incomers is easing.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21719515-clamour-drive-suvs-good-established-tyre-manufacturers?fsrc=rss'|'2017-03-23T22:43:00.000+02:00'
'c167cf5b95d55c6858f9840f72d95f3b1e17de46'|'UK retail sales suffer biggest three-monthly drop since 2010 as fuel costs bite'|' 39am GMT UK retail sales suffer biggest three-monthly drop since 2010 as fuel costs bite Customers shop at a Primark store on Oxford Street in London June 20, 2014. REUTERS/Luke MacGregor LONDON, British retail sales in the three months to February recorded their biggest slide in nearly seven years as higher fuel prices eroded shoppers'' disposable income, official data showed on Thursday. British inflation is starting to climb rapidly in the wake of the hefty slide in sterling seen after June''s vote to leave the European Union - something economists expect to eat into consumer demand, the main motor of British economic growth. Sales volumes in February alone beat all economists'' expectations in a Reuters poll, jumping by 1.4 percent from January, but this was too little to offset a drag from weak demand in previous months, the Office for National Statistics said. Looking at the three months to February as a whole, sales volumes were down by 1.4 percent after a 0.5 percent decline in the three months to January, their biggest fall since March 2010. A drag on overall first-quarter economic growth now looks all but certain unless March sees an unprecedentedly large jump in sales, the ONS said. Official data earlier this week showed consumer price inflation jumped to 2.3 percent, its highest in more than three years, and the narrower measure of inflation used by the ONS to calculate retail sales growth rose to its highest since March 2012 at 2.8 percent. "The underlying trend suggests that rising petrol prices in particular have had a negative effect on the overall quantity of goods bought over the last three months," ONS statistician Kate Davies said. Compared with a year earlier, February sales volumes were up 3.7 percent - beating forecasts for a 2.6 percent rise - after growing just 1.0 percent on the year in January. The outlook for consumer spending is key for policymakers gauging the outlook for Britain''s economy as it gears up to leave the European Union. Spending by shoppers was robust in the months following June''s Brexit vote, but more recently there have been signs retail spending is starting to wilt as inflation rises - fuelled partly by the pound''s plunge since the referendum. Retailers have reported shoppers were buying less in response to higher prices, though the picture is mixed and other areas of consumer spending such as eating out have been growing robustly, a Bank of England report showed on Wednesday. On Thursday one of Britain''s biggest clothing retailers, Next ( NXT.L ), said it was "extremely cautious" about the year ahead after it reported a 4 percent fall in annual profits. The retailer blamed a long-term shift in Britons'' appetite for new clothing, as well as cost pressures and shoppers having less disposable income. By contrast, a day earlier the finance chief of home improvements retailer Kingfisher ( KGF.L ), Karen Witts, said she had not yet seen any big change in customer behaviour, despite concerns about the outlook. Lead indicators of demand such as the number of tradesmen buying costly power tools and work wear were holding up "very well", Witts said after Kingfisher released annual earnings on Wednesday. (Reporting by David Milliken and Alistair Smout)   Most UK employers do not plan to raise pay to match rising inflation - XpertHR LONDON Most British companies do not expect to offer more generous pay deals to employees this year compared with 2016, adding to signs that higher inflation will gnaw at Britons'' living standards in the months ahead, a survey showed on Thursday. UK exporters in ''sweet spot'' before Brexit, may not last - BoE''s Broadbent LONDON British exporters, who have been boosted by sterling''s fall but are still able to trade as before the Brexit vote, are in a "sweet spot" that is unlikely to last indefinitely, a top Bank of England official said on Thursday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-economy-retail-idUKKBN16U0YT'|'2017-03-23T16:35:00.000+02:00'
'9cd4c33496d363661018792725f1148f2dbd2337'|'China Southern Airlines in talks over American Airlines cooperation deal'|'SHANGHAI China Southern Airlines ( 600029.SS )( 1055.HK )( ZNH.N ) is negotiating a potential strategic tie-up with American Airlines ( AAL.O ) that could involve a share issue and other forms of business cooperation, it said on Sunday.A stock exchange filing from China''s largest carrier by passenger numbers said the proposed cooperation is subject to approval by shareholders and government authorities and no binding agreement has yet been made.The company''s U.S.-listed shares jumped 6.9 percent on Friday after it halted trading in its China and Hong Kong-listed shares and said it was negotiating a possible cooperation with a third party.Trading in the shares will resume on Monday, the company said.(Reporting by Brenda Goh; Editing by David Goodman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-china-southern-american-airline-idINKBN16X0S5'|'2017-03-26T14:12:00.000+03:00'
'829d94b8b780b8cfba9be2770b27b804dfe9c62a'|'J&J, JPMorgan suspend YouTube ads over offensive videos'|' 56am GMT J&J, JPMorgan suspend YouTube ads over offensive videos left right A picture illustration shows a YouTube logo reflected in a person''s eye, in central Bosnian town of Zenica, early June 18, 2014. REUTERS/Dado Ruvic 1/2 A Johnson & Johnson building is shown in Irvine, California, U.S., January 24, 2017. REUTERS/Mike Blake 2/2 U.S. healthcare conglomerate Johnson & Johnson ( JNJ.N ) and JPMorgan Chase & Co ( JPM.N ) became the latest big U.S. companies to suspend all digital advertising on Google''s YouTube, over concerns that its ads may have appeared on channels that broadcast offensive videos. Wireless carriers Verizon Communications Inc ( VZ.N ) and AT&T Inc ( T.N ) said on Wednesday they would suspend digital ads on YouTube, joining a list of well-known British brands such as retailer Marks and Spencer Group Plc ( MKS.L ) that are deserting Alphabet Inc''s ( GOOGL.O ) Google. Google has come under intense scrutiny for ads appearing alongside videos on YouTube carrying homophobic or anti-Semitic messages. The company vowed an overhaul of its practices and said on Wednesday it has started an extensive review of its advertising policies. Shares of Google parent Alphabet ended down 1.2 percent, or $10.15 per share, at $839.65 on the New York Stock Exchange. Control over online ad placement has become a hot-button issue for advertisers, with social networks and news aggregators coming under fire during and after the U.S. presidential election for spreading fake news reports. Advertisers have also sought to avoid having their brands appear beside content that they categorize as hate speech. J&J said on Thursday it wanted to ensure that its product advertising did not appear on channels that promote "offensive content." ( bit.ly/2nqZNJD ) JPMorgan, the biggest U.S. bank by assets and the biggest issuer of general purpose credit cards, suspended all of its ads from YouTube on Thursday, according to spokeswoman Trish Wexler. The bank spends about $3 billion on marketing each year. YouTube has been a key driver of growth for Google as its traditional business of search advertising matures. Google''s net ad revenue worldwide from YouTube was $5.58 billion last year, according to New York-based research firm eMarketer. While major brands suspending advertising on YouTube is a public relations pain for Google, the suspensions do not affect Google’s biggest ad product, search. According to eMarketer, Google’s 2017 global ad revenue is projected to be $73.75 billion, grabbing 62 percent of the $99.62-billion search market. Search accounts for 83 percent of Google’s overall ad revenue. The financial hit is also less certain because digital platforms tend to collect the bulk of their revenue from small-to-medium sized companies who cannot afford to buy on TV. “Digital dependence on the long-tail of advertising clients means that while major advertisers like P&G or agencies like Havas can publicly protest, they do not have the same impact on a Google or a Facebook as they have on a CBS or NBC," analysts at MoffettNathanson wrote on Thursday. "In other words, if a major brand marketer or agency moves money to TV and out of digital, the TV industry will see the benefit whereas the digital industry might not truly feel it.” (Reporting by Natalie Grover in Bengaluru and Tim Baysinger, Anjali Athavaley, David Henry and Jessica Toonkel in New York; Editing by Sai Sachin Ravikumar and Saumyadeb Chakrabarty; Editing by Nick Zieminski and Lisa Shumaker) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-google-youtube-idUKKBN16U1O3'|'2017-03-24T08:56:00.000+03:00'
'c6dbe46858d175fe90fea1dffabf1f80c72d2497'|'Trump''s U.S. jobs push may open doors to China in Mexico: ICBC bank'|'Business News - Fri Mar 24, 2017 - 7:50pm EDT Trump''s U.S. jobs push may open doors to China in Mexico: ICBC bank U.S. President Donald Trump attends a meeting with the Congressional Black Caucus Executive Committee at the White House in Washington, DC, U.S., March 22, 2017. REUTERS/Carlos Barria By Anthony Esposito , Dan Freed and Noe Torres - ACAPULCO, Mexico ACAPULCO, Mexico U.S. President Donald Trump''s push to force U.S. industry to bring jobs home is opening investment avenues for Chinese companies in Mexico, an executive with Industrial and Commercial Bank of China (ICBC), the country''s largest lender, said on Friday. Fears of a hit to foreign investment ran high when Ford Motor Co ( F.N ) canceled a $1.6 billion plant in Mexico''s central state of San Luis Potosi in January. Trump, who had railed against U.S. manufacturers investing in Mexico, hailed the decision as a major victory, but Ford put it down to declining demand for small cars. Yaogang Chen, head of ICBC''s ( 601398.SS )( 1398.HK ) Mexico unit, said U.S. industry''s loss could be China''s gain. "If some U.S. investment projects don''t (happen), there has to be somebody to invest. ... If Chinese companies think it is profitable, they will invest," he said in an interview on the sidelines of a banking conference in the resort of Acapulco. In February, China''s Anhui Jianghuai Automobile Group Co Ltd (JAC Motor) ( 600418.SS ) and Mexico''s Giant Motors, along with distributor Chori Co Ltd ( 8014.T ), said they would invest over $210 million in an existing plant to build SUVs in the central state of Hidalgo. Prior to Trump''s campaign against U.S. manufacturers shipping jobs overseas, Chinese companies were making tentative inroads into Mexico. China''s BAIC Motor Corp Ltd ( 1958.HK ) in June 2016 started selling in Mexico its own cars imported from China and has said that it will look into building an industrial plant in Mexico to produce cars and electric vehicles. BAIC is already a client of ICBC''s in Mexico. ICBC, one of the world''s top banks by market capitalization and assets, received its banking license in Mexico in 2014 and started operations there in mid-2016. "JAC, we think, will be a client of ours in Mexico too," Chen said. Still, Chinese foreign direct investment in Mexico is a tiny fraction of what U.S. firms have plowed in over the years. State-controlled ICBC expects to grow its assets and loan portfolio in Mexico tenfold over the next three years to some 10 billion pesos ($533 million), Chen said. The executive said ICBC aims to offer a service to allow clients to convert Mexican pesos to Chinese renminbi and vice versa, and make cross-border transactions cheaper. (Reporting by Anthony Esposito, Dan Freed and Noe Torres; Editing by Richard Chang) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-mexico-china-investment-idUSKBN16V2ZI'|'2017-03-25T07:50:00.000+03:00'
'2dc6952aaa4b6f340448a3d7438572e14ac14fec'|'US STOCKS-Wall St set to open higher; healthcare bill vote awaited'|' 56am EDT US STOCKS-Wall St set to open higher; healthcare bill vote awaited * Healthcare bill vote delayed * Bill seen as litmus test of Trump on legislation * Feb durable orders dip, but shipments surge * Micron jumps after rev, profit forecasts beat estimates * Futures up: Dow 46 pts, S&P 4 pts, Nasdaq 13 pts (Adds details, comment, updates prices) By Tanya Agrawal March 24 U.S. stocks looked set to open higher on Friday, helped by higher oil prices and ahead of a closely watched vote on a healthcare bill seen as a test of President Donald Trump''s ability to pass his legislative agenda through Congress. It was not clear late on Thursday evening that Trump and Republican leaders had enough support to pass the bill, with Trump warning lawmakers from his party that he will leave Obamacare in place if they do not rally around him. Investors fear that a failure to pass the bill could endanger Trump''s promises of tax cuts and stimulus. On Tuesday, Wall Street recorded its worst one-day loss since before the U.S. presidential election due to these concerns. All three major indexes are now on track to post their first monthly declines since October. "Yes, the delay is a disappointment but the bill hasn''t failed," said Art Hogan, chief market strategist at Wunderlich Securities in New York. "Unfortunately, we are going to get bogged down by this a little bit which does push out the timing of tax reform though we can still have the framework for the tax reform by October and still have it in 2018. I think the market is starting to digest that a little with the selloff we had on Tuesday." The CBOE Volatility index, Wall Street''s "fear gauge", closed at its highest level in more than two months on Thursday. The S&P has risen about 10 percent since Trump''s election as U.S. president on Nov. 8. Dow e-minis were up 46 points, or 0.22 percent, with 22,231 contracts changing hands at 8:32 a.m. ET (1232 GMT). S&P 500 e-minis were up 4 points, or 0.17 percent, with 113,737 contracts traded. Nasdaq 100 e-minis were up 13 points, or 0.24 percent, on volume of 22,115 contracts. St Louis Fed Chief James Bullard is scheduled to make an appearance later this morning and his comments will be closely watched for clues on the future path of interest rate hikes. The U.S. central bank raised rates by 25 basis points last week. Data on Friday showed new orders for key U.S.-made capital goods unexpectedly fell in February, but shipments surged. The Commerce Department said non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, dipped 0.1 percent last month after rising 0.1 percent in January. Shares of Micron Technology jumped 13.7 percent to $30.08 in premarket trading, a day after the chipmaker''s current-quarter revenue and profit forecasts beat expectations. GameStop fell 10.7 percent to $21.35 after the company''s full-year profit forecast fell far below estimates. (Reporting by Tanya Agrawal in Bengaluru; Editing by Anil D''Silva)   RPT-How Thrivent hopes to grow beyond its base of religious investors NEW YORK, March 24 Little-known Thrivent Financial, a Minneapolis-based asset manager that offers financial services to Lutherans, is hoping its recent streak of outperformance will make it stand apart at a time when steep investor outflows are prompting a wave of mergers throughout the mutual fund industry. Fed gives Northern Trust ''living will'' extension along with four foreign banks WASHINGTON, March 24 Northern Trust Corp had shortcomings in its ''living will'' plans and will have until year-end to update its plan on how to unwind in bankruptcy, U.S. regulators said on Friday as they granted a similar extension to four foreign banks. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL3N1H14EE'|'2017-03-24T20:56:00.000+03:00'
'403eba13ad9c3c0a72229197172e5a3b1077b7af'|'Venezuela plant to begin assembly of Hyundai cars in 2018'|'By Deisy Buitrago - CARACAS, March 24 CARACAS, March 24 A Venezuelan auto assembly plant, MMC, hopes to restart output of Hyundai Motor Co vehicles by 2018 after a five-year halt due to a lack of dollars from the government to import parts, a company executive said in an interview.Vehicle assembly has nearly ground to a halt in the crisis-stricken OPEC nation for lack of parts of assembly. The socialist-run country''s currency controls require businesses to obtain dollars through the government, but low oil prices have left it without enough hard currency to disburse.MMC, which assembles and sells Hyundai and Mitsubishi Motors Corp vehicles in Venezuela, plans to sell imported autos in the coming months as it brings the factory back online."The automotive industry is cyclical; it seems like we''ve hit the bottom and we want to be ready for better times," MMC Vice President Jose Gomez said in an interview on Thursday."We''re not going to wait for the good times to arrive to start getting ready."Venezuela''s economic crisis, characterized by triple-digit inflation and chronic product shortages, has decimated the spending power of a population that for years had the means to buy new cars.Auto assembly in 2016 sank to a historic low of 2,849 cars, nearly 75 percent less than the year before, according to Venezuela''s automotive industry group.Assembly plants have also struggled with labor disputes, which have forced a number of plants to halt operations over the last six months.Hyundai''s director for Central and South America, Chenny Park, said the company was hoping to become a favorite in the Venezuelan market."We are beginning a new era for the Hyundai brand in Venezuela," said Park via an interpreter.Seoul-based Hyundai is Korea''s largest automaker and the fifth-largest world wide. (Writing by Brian Ellsworth; Editing by Matthew Lewis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/venezuela-autos-hyundai-motor-idINL2N1H10WW'|'2017-03-24T13:49:00.000+03:00'
'b5ee656c8ab3c14c6529541e4819e0556063412b'|'SVB Financial shares could jump 25 percent in next year-Barron''s'|'Company News   1:34pm EDT SVB Financial shares could jump 25 percent in next year-Barron''s March 26 Shares of SVB Financial Group, the parent of Silicon Valley Bank, could rise 25 percent in the next year due to higher interest rates, lower taxes and a revived initial public offering market, according to Barron''s. Shares of Santa Clara, California-based SVB have risen 78 percent in the past year and are trading around $178. (Reporting By Jessica Toonkel; editing by Diane Craft) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/svbfinancial-barrons-idUSL2N1H30CK'|'2017-03-27T01:34:00.000+03:00'
'90343646a157a780c921a2473d72ed10c2e7cff5'|'Liquid gold: Companies are racing to add value to water'|'PRESENTED in an unusually-shaped heavy glass bottle with outsized black lettering, it could be a fine vodka. On sale for £80 ($99) in Harrods, an upmarket department store in London, it has a price tag to match. In fact, it is a bottle of water. Harvested directly from Norwegian icebergs that are up to 4,000 years old, Svalbardi is one of hundreds of water brands that are sourced from exotic places and marketed as luxury products.From the basic to the expensive, the market for bottled water is an attractive place to be. According to Zenith Global, a consulting firm, the global market has grown by 9% annually in recent years and is worth $147bn. The main reason is changing lifestyles. People are spending more time, and eating more of their meals, away from home. They are also switching from soft drinks and alcohol to healthier fare. Data from Beverage Marketing Corporation (BMC), another consultancy, show that consumption of bottled water overtook that of sugary soft drinks in America in 2016 (see chart). 13 Basic brands, such as Aquafina from PepsiCo, compete on price and have slim margins. (The cost of the raw material, which comes from either natural or municipal sources, is next to nothing; the main costs are packaging, distribution and marketing.) At the other end of the scale, convincing customers to pay a lot should be hard when your product doesn’t have a distinctive taste and an alternative is freely available from the tap in most rich countries. But “premiumisation” is working. Though still a small part of the American market, really high-cost bottled water (selling for more than $1.30 a litre) has been one of its fastest-growing areas, says BMC.Premium water is hardly a new idea. The Perrier brand, which is owned by Nestlé, a Swiss consumer-goods giant, and Evian, owned by Danone, a French one, have long emphasised the uniqueness of their natural sources to sell water. But the newest offerings are promoting a lifestyle. Coca-Cola’s premium water brand, which is advertised by Jennifer Aniston, is marketed as “inspirational” water for successful people. That is also the buzzword for PepsiCo’s LIFEWTR, launched in America with a 30-second ad during last month’s Super Bowl. For the fashion crowd, one range of Evian bottles features artwork from Christian Lacroix.Adding flavour is another way to dress up water. Grocery stores stock fruit-flavoured waters and “plant” waters, such as coconut, maple or birch. Water that has been fortified with vitamins and minerals is a hit with exercise junkies. The market is small but lucrative: sales of flavoured water amount to only 4% of the volume of plain water sold, according to Zenith, but bring in 15% of the total revenue.At the luxury end of the market, water has become more like wine, argues Michael Mascha, the author of a guide to fine water. In expensive restaurants the precise origin of water is what matters; many eateries offer water lists along with the wine selection. For power-lunchers in health-conscious Los Angeles, says Mr Mascha, buying an expensive bottle of water is a way to signal status.High prices can be controversial, given that many people in poor countries have limited access to drinking water and environmental worries dog the industry. Transporting water from exotic places is costly; most plastic bottles languish in landfill sites; and some firms, such as Nestlé, have been accused by environmental groups of monopolising water sources at the expense of local communities, for instance during periods of drought in California. (Nestlé says it monitors environmental conditions around its source springs and that it adheres to sustainable practices.) Many brands address such concerns head-on. Svalbardi water is certified as carbon-neutral, for example; Coca-Cola funds drinking-water projects in Africa.The thirst for posh water will only deepen, predicts Euromonitor, a market-research firm, as middle-class consumption in poorer countries catches up and as Westerners continue shunning unhealthy soft drinks. If so, the ingenuity seen so far in the bottled-water industry may be just a drip from the iceberg.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21719511-sales-bottled-water-overtook-those-soft-drinks-america-last-year-companies-are-racing?fsrc=rss'|'2017-03-25T08:00:00.000+03:00'
'18a74b78431ef6430ce8046b5f8a582998cd1a75'|'BP makes third gas discovery in Egypt''s North Damietta Concession'|'Business   2:55pm BST BP makes third gas discovery in Egypt''s North Damietta Concession A BP logo is seen at a petrol station in London, Britain January 15, 2015. REUTERS/Luke MacGregor/File Photo CAIRO BP ( BP.L ) has made a gas discovery in the North Damietta Offshore Concession in Egypt''s East Nile Delta, its third in the block, it said on Sunday. The Qattameya Shallow-1 exploration well was drilled to a total depth of 1,961 metres in water depth of around 108 metres, the company said. "This latest discovery confirms our belief that the Nile Delta is a world-class basin," BP Chief Executive Bob Dudley said in a statement. The well is 60 kilometres (37 miles) north of Damietta city in northern Egypt. BP has 100 percent equity in the discovery. BP produces around 40 percent of Egypt''s total gas. (Reporting by Ahmed Aboulenein; editing by Susan Thomas) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bp-egypt-idUKKBN16X0NN'|'2017-03-26T21:55:00.000+03:00'
'fbaa532c8bc33fd90f581291cd1a183e4c064f9f'|'Whatever the rhetoric, Masood was just a deluded loser - UK news'|'Y ou know what Margaret Thatcher would have said about Westminster Bridge. She’d have delivered her “oxygen of publicity” diatribe. She’d have told assembled editors that reporting terrorist atrocities – spreading fear and alarm – was doing the terrorists’ job for them. We once pondered the problem of a Belgrave Square bomb blanketed in silence. It would have been the same for parliament’s gates. (Oh, and turn off the sound when Martin McGuinness does a TV interview.)Like many effusions from Mrs T, this was all a tad overdone, not to say ludicrous. How could the massed ranks of media pretend that central London wasn’t a chaos of gridlock and screaming ambulances? But there was – and always is – a countervailing argument for balance and self-restraint. Silence is one thing; hysteria is quite another.How did Wednesday’s horrors fare, then? They could naturally be portrayed as an attack on democracy. Prime-ministerial speechwriters and legions of editorialists took care of that. Parliament found a residual well of goodwill. But – with Millbank’s TV studios only a few metres away, the new New Scotland Yard a few strides in the other direction and dozens of political journalists looking down from their offices – there was also an obvious risk of airwaves overdose. Throw in the HQs of MI5 and MI6 just down the road and this was an actual metropolitan media bubble.Dozens of tweeters seemed to register that special status almost instinctively. The pleas not to exaggerate or show death agonies came thick and heartfelt. But there was a real problem: too many MPs and journalists, swarming all over the scene. Every one had their story to tell, even if it was much the same as the one before. Everyone felt to some extent part of the story.Meanwhile there were curiously few pictures to go with the words: the same bodies being loaded on to ambulances, the same middle-aged terrorist breathing his last. So the snatched images of total distress came round and round again. And oxygen? Available in abundance. The sheer volume of coverage saw to that. Of course, in the real post-Thatcher world of 24/7 news and Facebook, that was inevitable. But you still felt the lack of a guiding production hand. You still turned to channels with rather fewer resources to worry about.For hydrogen – the gas that fills balloons – is also a problem here. I’m a long-term Londoner too. We can set the strength of history and 8.6 million souls against murderous rampages. Emotion natural and guaranteed. But if we’d seen what a pathetic loser Khalid Masood seemed to be, would we have dignified him by lofty rhetoric? The bridge was yet another brutal, grisly incident inflicted by a handful of deluded inadequates. It’s not Agincourt or the blitz. And perhaps Thatcher would have been right if in the end if she’d tried to make us see that.Life and death in Dublin and London From terrorism present to terrorism past. You may naturally agree with the Daily Mail that “Our world is cleaner without this butcher.” Indeed, you can let the Mail’s bitter obsequies for Martin McGuinness run on and on. “In a tweeted eulogy, Mr Blair’s liar-in-chief, Alastair Campbell, describes the Bogside Butcher as a ‘great guy’. Try telling that to the widows, orphans and maimed he leaves behind in the province he terrorised.”But before agreeing too enthusiastically, turn to the Irish Daily Mail on the day after his death. Mail London has some blood-soaked old pictures of Guildford and Enniskillen on its front page. Mail Dublin has a glowing picture of the young McGuinness and the legend “Brought Home”.And Sun lovers, unsurprisingly, will find exactly the same gambit on display. Here’s the Irish version with the headline, “It’s not how you begin… it’s how you end”, plus a winsome young portrait of McGuinness and an image of him shaking hands with Queen.Meanwhile the word from Bun Central is encapsulated in one word, “Unforgiven”. Apparently, “the Sun will not join in the revolting orgy of pious praise for Martin McGuinness. It sickens us to hear so many people casually downplaying the psychopathic evil of his campaign of murder, to talk up the good he belatedly did.”Much of the same shifting was on display a few days ago over indyref2. Print principles turn turtle when they reach Berwick-upon-Tweed. But the McGuinness cavortings go lower than that: on matters of life, hope, death and sorrow. OK: there are degrees of editorial separation here. But who says high-minded rage matters a damn when it dips its toes in the Irish Sea?'|'theguardian.com'|'http://www.guardian.co.uk/theobserver/news/business/rss'|'https://www.theguardian.com/uk-news/2017/mar/26/westminster-attack-terrorism-thatcher-mcguinness'|'2017-03-26T03:00:00.000+03:00'
'af20af8438e9a6c2a75a096d6dc4d5dcc38abb8d'|'Greece''s primary surplus in 2016 higher than forecast - EU official'|'Business News - Fri Mar 24, 2017 - 2:21pm GMT Greece''s primary surplus in 2016 higher than forecast - EU official A Greek national flag flutters as the moon rises in Athens, Greece February 9, 2017. REUTERS/Alkis Konstantinidis By Matthias Sobolewski - BRUSSELS BRUSSELS Euro zone lenders estimate Greece had a primary surplus between 2 and 3 percent of its gross domestic product last year, much higher than the target set under its bailout programme and more than previously forecast, an EU official told Reuters on Friday. The size of Greece''s primary surplus - the budget balance before debt-servicing costs - is a source of contention between euro zone governments and the International Monetary Fund, which believes the surplus in 2016 was only 0.9 percent. Better-than-expected figures could smooth bailout talks, which have been stalling for months on Greek pension and labour market reforms required by creditors in exchange for the disbursement of new loans to pay debt due in July. Under Greece''s 86 billion euro (69 billion pound) bailout programme, the third since 2010, Athens was supposed to reach a primary surplus of 0.5 percent of GDP last year. The EU official said the Greek authorities estimate now that last year''s primary surplus will be "around 3.5 percent of GDP", although the final figures will be known only in April. This would be already in line with Greece''s target for 2018, when the programme ends. "The Commission and the institutions are still assessing the data and have so far given a more cautious estimate of between 2 percent and 3 percent of GDP," the official said, noting this would be "a massive overachievement." In its last economic forecasts released in February, the European Commission had estimated a primary surplus for 2016 of 2 percent. The official also said the proceeds from Greek privatisations, including the port of Thessaloniki and Athens international airport, were expected to reach 2.4 billion euros this year and 1.9 billions euros in 2018. The Greek government had expected revenues of 2.7 billion euros this year. Pension reforms already enacted by the Greek government are also expected to generate savings of 1.5 percent of GDP by 2018 and 2.5 percent of GDP by 2025, the official said. (Writing by Francesco Guarascio; editing by Philip Blenkinsop) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-greece-bailout-idUKKBN16V1TI'|'2017-03-24T22:21:00.000+03:00'
'299c2d760ab087e88de77f798934a289ec1125e6'|'Saving is now up to Trump'|'Trump''s health care plan that won''t be Next move on Obamacare? It''s up to President Trump. Minutes after House Republicans shelved their bill that was supposed to save the nation''s health care, Trump repeated that Obamacare was on the verge of collapse. "Bad things are going to happen to Obamacare," said Trump, calling out the large premium increases and insurer defections that plagued the exchanges this year. "There''s not much you can do about it. It''s not sustainable." While Trump is trying to shift the responsibility to the Democrats, it''s his administration that will largely have to decide whether 20 million people who gained coverage under the sweeping 2010 health reform law will remain insured.   It''s not at all clear that Obamacare is in a death spiral, but there''s no question the program is troubled. Insurers have found themselves with sicker and costlier customers than they expected, forcing them to raise rates and exit certain markets. But carriers say it''s now largely in the hands of the Trump administration and Republican lawmakers as to whether they will participate next year. Over the past several months, insurers have urged officials to provide clarity on several key measures that they say will help shore up the exchanges. "If Republicans want to stabilize the market, they have the tools to do so," Dr. Mario Molina, chief executive of Molina Healthcare ( MOH ) , which has just under 1 million exchange enrollees in nine states, told CNNMoney. "If they don''t act, they can''t say Obamacare exploded. They made the decisions that led to people losing their coverage. They can''t shift the blame anymore." Insurers must decide in coming weeks whether they''ll participate on the exchanges next year. At least one, Humana ( HUM ) , has already said it won''t. Molina said he will decide in May. Among the top priorities is having Congress fund the cost-sharing subsidies that reduce the deductibles for millions of low-income enrolleee. Lawmakers have delayed their decision at least until April. Related: Insurers worry GOP bill will leave low-income Americans without coverage Also, insurers want the Department of Health & Human Services to clamp down on special enrollment periods so that people can''t sign up when they become sick. And carriers want the agency to continue the Obama administration''s efforts to bolster the risk programs that insulate them from costly policyholders. "There''s still a lot that can be done for market stability," said Kristine Grow, spokeswoman for America''s Health Insurance Plans, a main trade association for insurers. Trump officials have already started taking steps to stabilize the market, which they have had to do to fulfill their pledge not to have millions of people lose coverage as they tried to move to the Republican plan. At the same time, some of their moves -- and certainly their rhetoric -- have damaged Obamacare. Enforcing the individual mandate, which remains the law of the land since the GOP repeal bill failed, is one of the keys to keeping younger, healthier consumers in the market. The Internal Revenue Service has loosened its oversight slightly, citing Trump''s executive order to lift Obamacare''s financial burdens on Americans where possible. Whether to step back more on the mandate is up to Trump. "It''s a decision that can be traced directly to the White House," said Molina, whose company is one of the few to have prospered in the exchanges.  58 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_economy.rss'|'http://money.cnn.com/2017/03/24/news/economy/trump-obamacare-collapse/index.html'|'2017-03-25T02:58:00.000+03:00'
'f28f7f925ffc35442ceb9fd445eb4df868e5dbef'|'Samsung Electronics says difficult to adopt holding company structure'|'Business News - Fri Mar 24, 2017 - 12:47am GMT Samsung Electronics says difficult to adopt holding company structure The logo of Samsung Electronics is seen in front of its building in Seoul, South Korea, February 28, 2017. Picture taken February 28, 2017. REUTERS/Kim Hong-Ji By Se Young Lee - SEOUL SEOUL Samsung Electronics Co Ltd said on Friday it will be difficult to adopt a holding company structure at this time, giving investors their first insight into how the South Korean tech giant is approaching a potential restructuring. Investors have long speculated that the global leader in smartphones and memory chips will adopt a holding company structure, as the founding Lee family heirs seek to solidify their control of the flagship unit of Samsung Group [SAGR.UL]. But Chief Executive Kwon Oh-hyun told the annual shareholder meeting in Seoul that this was unlikely at this stage. "There are negative effects that would arise from transitioning to a holding company so it does not appear it will be easy to do so at present," he said. The comments sent shares of Samsung C&T Corp, seen as a likely beneficiary if Samsung Electronics adopted a holding structure, down nearly 7 percent in early trade. Samsung in November began reviewing whether to adopt a holding company structure following a proposal by U.S. activist hedge fund Elliott Management and pressure from investors to improve its corporate governance. The firm said at the time of the announcement its review would take at least six months, and until now it has been taciturn about how any restructuring may proceed. An Elliott spokesman declined to comment. Investors have long complained that Samsung shares trade at steep discounts to global peers due to what they say is a complex ownership structure, poor corporate governance and inefficient cash management. The hope is that a major restructuring would address those concerns and boost the company''s value. (Reporting by Se Young Lee; Editing by Stephen Coates) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-samsung-elec-agm-idUKKBN16V01B'|'2017-03-24T08:25:00.000+03:00'
'69f3f9f6eaf0ae126c045e084addca6ab16ef422'|'Britain to fire starting gun on Brexit talks'|' 35am GMT Britain to fire starting gun on Brexit talks Britain''s Prime Minister Theresa May delivers her keynote ''''Brexit speech'''' in Lancaster House in London, 17 January 2017. REUTERS/Facuno Arrizabalaga/Pool By Padraic Halpin - DUBLIN DUBLIN The nine-month Brexit "phoney war" is set to come to an end next week when British Prime Minister Theresa May notifies the European Union of Britain''s intention to leave, starting two years of unprecedented negotiations. May will send a letter to European Council President Donald Tusk on Wednesday to trigger Article 50 of the Lisbon Treaty. Tusk will then send draft negotiating guidelines to the 27 other member states within 48 hours. That means it will finally be down to business after an at times painstakingly slow drawing of battle lines. Britain appears to have set its course for a "hard Brexit", where a clean break is favoured to regain control over immigration, while the EU''s chief negotiator this week spelled out its need for early agreements on citizens'' rights, money and borders. But May has revealed little of her strategy to secure what she calls "the best possible deal" for the world''s fifth-largest economy. Her letter next week and Tusk''s reply may offer markets keen for details some hints at how rocky the path ahead may be. "The tone of this process might have implications for sterling markets," said Investec economist Chris Hare. May has other domestic political issues to tackle as well, including Monday''s deadline to form a new regional government in Northern Ireland or risk having its decision-making moved back to London, and a Scottish Parliament vote on Tuesday on whether to second a second independence referendum. On Friday, revised fourth-quarter GDP data will outline how Britain will come to the Brexit negotiating table with a far healthier economy than most predicted last June. After retail sales suffered their biggest squeeze in nearly 7 years on Thursday as higher inflation begins to bite, timelier indicators next week including mortgage approvals, house prices and consumer confidence may be worth watching more closely. TRUMP''S TEST The potential economic implications of 2016''s other major earthquake at the ballot box - the election of U.S. President Donald Trump - could play out at a much faster pace with Friday''s do-or-die rescheduled vote on a new healthcare bill. The vote has been billed   crucial test of Trump''s   pro-growth policies like tax   spending. Leaders from Trump''s Republican party postponed what was supposed to have been his first legislative victory because of opposition from two flanks in the party on Thursday. Even if it gets approval from the House, the legislation could face an even tougher fight in the Senate, the other chamber of Congress. A raft of speeches from top Federal Reserve officials - ten days after the bank raised interest rates for the second time in three months - may pale in comparison to the political drama, as could GDP revisions and key manufacturing surveys. In a date-heavy week around the world, euro zone flash inflation readings for March stand out after annual price rises surged to a four-year high of 2.0 percent in February, zooming up to the European Central Bank''s target of "below but close to 2 percent". Rising inflation across the 19-country bloc has put pressure on rate setters to say when and how extraordinary stimulus measures could be scaled back, although still weak underlying figures have limited discussions so far. "We expect that run to have come to an end this month," wrote economists at RBC Capital Markets, referring to the six consecutive months of year-on-year headline inflation rate rises. "With the oil price effect abating and underlying inflation still weak, we see headline inflation continuing to moderate from here and falling to 1.5 percent year-on-year by year-end." Next week also brings a string of emerging central bank policy meetings with Czech rate setters set to hold their last meeting before the bank''s self-imposed deadline for lifting a 3-1/2-year old currency cap. Mexico''s central bank meets on Thursday after a spike in inflation to an eight-year high prompted its chief to hint at more interest rate hikes following one just last month. Mexican rates are now at their highest in almost eight years. (Editing by Hugh Lawson) Schaeuble - Trying to keep disadvantages for Britain as small as possible in Brexit BERLIN German Finance Minister Wolfgang Schaeuble said on Friday that the European Union was trying to limit the negative effects of Brexit for Britain but stressed that countries wanting to get the benefits related to the bloc had to make commitments, too. Britain''s Co-operative Bank , up for sale after struggling to meet UK regulatory capital requirements, said it had received multiple expressions of interest. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-economy-weekahead-idUKKBN16V17A'|'2017-03-24T18:35:00.000+03:00'
'26258b3a430d9a52363b887d3ab1f9afb8a575a5'|'Up in smoke: the VW emissions ‘fix’ has left our car undriveable - Money'|'M ysterious rattles, poor fuel consumption, difficulties in starting, low power, weak acceleration. It has emerged that many drivers who have been through the dealer “upgrade” following the Volkswagen scandal are complaining that their once-trusty vehicles are a shadow of their former selves.So far almost 500,000 of the 1.2m affected VW, Audi, Seat and Skoda diesel cars have been returned as part of the official dealer recall. Most require a simple software upgrade, but some – those with the 1.6 litre diesel engine – have required major work.With growing numbers of returnees complaining their cars have since suffered serious problems, others are questioning whether they want to take the risk and have the work done too.Volkswagen says the number of affected drivers is tiny, although with reports of problems on some websites growing fast, the drivers argue that it can’t just be a coincidence.Some owners yet to do the recall are questioning if they can avoid having to do it, and whether it is a legal requirement. But this week the Department for Transport confirmed that the emissions recall is entirely voluntary, and there are no personal ramifications for not having the work done. Environmentalists, though, are likely to disagree.The four brands within the Volkswagen group (VAG) are collectively recalling 20,000 cars a week, but drivers may first want to examine a long thread on the HonestJohn motoring website in which owners have chronicled their experience. In a vast stream of comments, VW, Audi, Skoda and Seat owners complain about problems following the upgrade. There is a similar thread on Facebook . Many owners say their cars were working perfectly before the recall; others that their vehicles broke down soon after their visit to the dealer. Some drivers have significant repairs bills and are furious at their treatment. Many say this will be their last VAG vehicle. One poster on the HonestJohn thread, who claims to be an ex-VW service manager, advises owners to take their cars to a specialist to reverse the software update with a re-map.This week Guardian Money was contacted by reader James Harrison who says the recall has ruined his car. His family’s 2010 Golf 1.6 diesel required a significant change to the engine. However, Harrison claims the car, which has done 50,000 miles, has become almost undriveable since the work was done. “The car has begun to stall intermittently, and is difficult to restart. It used to go into ‘regeneration mode’ [whereby soot collected in a filter is burnt off at high temperature to leave only a tiny ash residue] a few times a year, but now does it on almost every journey. This is my wife’s car and is used to transport our two children. As far as I can see they have ruined a perfectly working car.”Facebook Twitter Pinterest The four brands in the VW group are collectively recalling 20,000 cars a week. Photograph: Armin Weigel/EPA The Sheffield-based electronics engineer says he was given to understand that the work was mandatory, but has since learned this is not the case. Some dealers have even been automatically doing the work on any car brought in to be serviced – sometimes against the owner’s explicit instructions. “I am concerned at the long-term impact this will have. If the car is regenerating every day, what will this do to the lifespan of the EGR [exhaust gas recirculation] valve and the rest of the exhaust system, which cost thousands to fix if they go wrong?” Harrison says. “I am in the process of fighting with the dealership that completed the modification to get it to accept that there is a fault with the car – but all I’m getting is denials. We have a Skoda that is also affected by the recall. At the moment I won’t be taking it anywhere near the dealer when the recall letter arrives,” he says.HonestJohn has became a focal point for affected owners. The website says VW engineers have assured it, at a specially arranged meeting, that problems persist only for a tiny number of owners that had the work done. “VAG says that out of 480,000 fixes applied, there have only been 3,600 complaints. It says that only 150 cases of problems after the fix remain outstanding. All we can now do is monitor the situation,”says the man behind HonestJohn. Asked whether he would recommend that others accept the recall, he said: “I wouldn’t have it done unless I had to”.Thousands join UK legal case against VW over emissions scandal Read more All this will only heap more pressure on VAG to end what critics say is a culture of denial, and to start compensating affected owners. This week it emerged that more than 35,000 motorists have joined a class action lawsuit against VW in England and Wales over the emissions scandal. The size of the group is increasing at a rate of 500 drivers a day, and lawyers are confident the action will eventually involve 100,000. Lawyers claim British drivers should be compensated because they paid more for what they thought were clean diesel cars. Each motorist is seeking thousands of pounds in compensation.Earlier this month VW pleaded guilty to criminal charges in the US, admitting to a scheme to sidestep pollution rules on around 600,000 vehicles. It admitted conspiracy and obstruction of justice in a scheme which used software called a “defeat device” to suppress emissions of nitrogen oxide during tests. The firm has agreed to pay $4.3bn (£3.5bn) in civil and criminal penalties in the US, but in the UK the government has not taken the carmaker to court over the scandal.A spokesman for VW denied there is a problem, restating that the number of complaints is less than 0.02% of the 540,000 completed cases. “We have engaged constructively with our customers. They are our top priority, and the vast majority are satisfied.” He said the firm would not compensate owners on the basis that the issue hasn’t caused “any loss of engine performance, fuel economy or an increase in running costs”. In response to Harrison’s claims he said: “We’ve advised the customer to arrange to have his concerns investigated, which is taking place at his local dealer. We will continue to offer support.”Driven to distraction Facebook Twitter Pinterest Photograph: Simon Stuart-Miller (commissioned) • Had the emissions update on my Audi A4 2.0 TDi and wish I hadn’t! The judder from the engine when cold was appalling. The dealer’s had it for three weeks and done numerous tests, but Audi said there’s no way the update could have caused this, as it only removes a piece of software! Apparently it’s pure coincidence my car drives like an old tank when the engine is cold! • Had the software update, our Passat spluttered and died on us . • After the update my 2012 Passat Estate 2.0 TDI is a sluggish, underpowered donkey . VW becomes world''s No 1 carmaker despite diesel emissions scandal Read more • My 2 litre 140BHP Seat Exeo had the update a couple of weeks ago. I’ve not noticed any difference in the way it drives but the MPG is down 5%-10% . • The DPF [diesel particulate filter] is regenerating three or four times a week and filling the car with fumes. Also lots of smoke coming from the exhaust … didn’t happen before the upgrade . • Our 2012 Tiguan 2.0 TDi BlueMotion was returned with obvious loss of power at 1,000-2,000 RPM. First (VW) mechanic that tested it confirmed the motor lacked power.• After the update our car was returned with the engine light on. At first they couldn’t figure out why, then said an air intake actuator would need to be replaced and would cost me £600.• This is the reason I left Volkswagen. My conscience would not let me carry on telling loyal customers that the new version of engine management software was not causing the problems you all seem to be suffering. If any of the customers who I had contact with are reading this forum I can only apologise. You don’t legally have to get the recall done, it is not safety related. It causes more harm than it cures . Source: HonestJohn.co.uk . All postings since September 2016 Topics Money Consumer rights Volkswagen (VW) features  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/mar/25/vw-volkswagen-audi-skoda-seat-emissions-fix-left-car-undriveable'|'2017-03-25T15:00:00.000+03:00'
'23b9b8b891e05879dd2916e006f00a948bf72541'|'Shell sells onshore Gabon oil assets to Carlyle for $587 million'|'Business News - Fri Mar 24, 2017 - 10:27am GMT Shell sells onshore Gabon oil assets to Carlyle for $587 million Filled oil drums are seen at Royal Dutch Shell Plc''s lubricants blending plant in the town of Torzhok, north-west of Tver, November 7, 2014. REUTERS/Sergei Karpukhin/File Photo By Ron Bousso - LONDON LONDON Carlyle Group ( CG.O ) has bought Royal Dutch Shell''s ( RDSa.L ) onshore assets in Gabon for $587 million (470 million pounds) as the world''s largest private equity fund expands in the global oil and gas sector. For Shell, the deal marks a further step in a $30 billion asset disposal programme to help cut debt after its $54 billion acquisition of BG Group last year. The Anglo-Dutch oil company has sold assets for more than $15 billion since 2016. Shell''s Gabon assets will be incorporated into Carlyle-backed Assala Energy, which is led by former Tullow Oil executive David Roux and will focus on energy opportunities in sub-Saharan Africa, Carlyle said in a statement on Friday. The assets operated by Shell produce approximately 60,000 barrels of oil equivalent per day, of which 40,000 boed go to the company. Under the deal, which is expected to close in the summer, Assala Energy will assume a debt of $285 million. For Shell, the transaction will result in an impairment charge of $53 million after tax which will be taken in the first quarter of 2017, it said in a separate statement. About 430 local Shell employees will become part of Assala Energy. The capital for the investment will come from Carlyle International Energy Partners (CIEP), a $2.5 billion fund that invests in global oil and gas exploration and production, and the $698 million Carlyle Sub-Saharan Africa Fund (SSA). Private equity funds have increased their presence in oil exploration and production companies outside the United States since the collapse in oil prices in 2014, snapping up assets from oil companies seeking to reduce debt and narrow operations. CIEP has invested $500 million in Mazarine Energy to make bolt-on acquisitions in southern Europe and North Africa. It also set up, together with private equity fund CVC Partners, North Sea investment vehicle Neptune, headed by former Centrica boss Sam Laidlaw, which is expected to make an investment in the near future. (Reporting by Ron Bousso; editing by Alexander Smith) Next In Business News Schaeuble - Trying to keep disadvantages for Britain as small as possible in Brexit BERLIN German Finance Minister Wolfgang Schaeuble said on Friday that the European Union was trying to limit the negative effects of Brexit for Britain but stressed that countries wanting to get the benefits related to the bloc had to make commitments, too. Britain''s Co-operative Bank , up for sale after struggling to meet UK regulatory capital requirements, said it had received multiple expressions of interest. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-shell-carlyle-gabon-idUKKBN16V16M'|'2017-03-24T18:27:00.000+03:00'
'9fbb2a2d7ba0d9163eed04592d3df74f9b279a08'|'German firms doubt good business conditions will last - Ifo chief'|'Business News - Sun Mar 26, 2017 - 3:46pm BST German firms doubt good business conditions will last - Ifo chief The famous skyline with its banking district is pictured in early evening next to the Main River in Frankfurt, Germany, January 19, 2016. REUTERS/Kai Pfaffenbach BERLIN Many German companies doubt the good conditions in Europe''s largest economy will last as they fear disruption from new technologies, the head of the Munich-based Ifo economic institute told the Suedkurier newspaper. German business morale was buoyant in February, Ifo''s survey of business sentiment showed. Ifo is due to release the results of the March survey on Monday and no change is expected in the reading, supporting expectations for a robust start to 2017. Yet Ifo chief Clemens Fuest said businesses saw disruption on the horizon. "Many firms doubt whether the current good situation will last," Fuest told the Suedkurier, adding that businesses believed new technologies like electric cars and digitalisation would lead to "structural upheaval". He said the German economy was growing well and that Ifo expects it to expand by 1.5 percent in real terms this year. (Writing by Paul Carrel; Editing by Catherine Evans) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-economy-ifo-idUKKBN16X0PR'|'2017-03-26T22:46:00.000+03:00'
'a8a827f5c70f6d465cf81d0dc2e2835a46783558'|'Old Mutual sells U.S. fund arm stake to China''s HNA'|'Deals - Sun Mar 26, 2017 - 12:20pm BST Old Mutual sells U.S. fund arm stake to China''s HNA The Cape Town headquarters of Anglo-South African financial services company Old Mutual are shown in this picture taken March 7, 2016. REUTERS/Mike Hutchings LONDON Anglo-South African financial services firm Old Mutual ( OML.L ) said it has sold a 25 percent stake in its U.S. fund management arm ( OMAM.N ) to China''s HNA ( 0521.HK ) for $446 million, as part of its plan to split itself into four companies. Old Mutual, which says regulatory change has made its business too complex to run in its current form, is aiming to break into four parts by the end of next year. It has said it plans to dual-list its UK asset management and African emerging markets businesses in London and Johannesburg and reduce stakes in U.S. firm Old Mutual Asset Management (OMAM) and South Africa''s Nedbank ( NEDJ.J ). It had already started cutting its stake in OMAM. The sale to HNA Capital US, part of conglomerate HNA''s financial services unit, cuts Old Mutual''s remaining stake in OMAM ( OMAM.N ) to 26 percent, the firm said in a statement late on Saturday. HNA has been building up stakes in a series of companies across Europe and the United States. It is now the third biggest shareholder in Deutsche Bank ( DBKGn.DE ), raising its stake last week to 4.76 percent. The two-stage OMAM deal involves the sale to HNA of a 10 percent tranche at $15.30 per share and 15 percent tranche at $15.75 per share, at an approximate $1 premium to Friday''s closing price. Two HNA Capital US directors are expected to join OMAM''s board, replacing Old Mutual directors, Old Mutual said. (Reporting by Carolyn Cohn and Rachel Armstrong; Editing by Elaine Hardcastle) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-oldmutual-m-a-hna-idUKKBN16X0H5'|'2017-03-26T19:18:00.000+03:00'
'5ebaf12376acd382b48803bd734e5f913b35c11c'|'South Africa''s Gordhan to court investors in Britain, U.S'|'  5:22pm GMT South Africa''s Gordhan to court investors in Britain, U.S Finance Minister Pravin Gordhan in Cape Town, South Africa, February 22, 2017. REUTERS/Mike Hutchings JOHANNESBURG South African Finance Minister Pravin Gordhan embarks on a week-long non-deal investor roadshow in Britain and the United States on Monday as weak economic growth and ruling party tensions put the country''s investment grade at risk. Africa''s most industrialised economy escaped being downgraded to junk status last year. S&P Global Ratings and Fitch Ratings both rank the sovereign one level above junk, while Moody''s puts it two notches higher. Moody''s, which put South Africa on negative watch in its latest review, is due to revisit that on April 7, followed by S&P at the beginning of June. Gordhan, his deputy Mcebisi Jonas and Treasury director general Lungisa Fuzile will lead a team to London, Boston and New York that will include executives from the private sector and union officials, a Treasury statement said on Saturday. The aim of the trip "is to provide an update on the most recent developments, engage constructively with investors and share government''s thinking behind its'' latest policy proposals," it said. In February, Gordhan spelt out measures to help boost the economy, plug a budget deficit and tackle stubbornly high unemployment. Gordhan said the Treasury forecast growth this year of just 1.3 percent. The economy expanded by 0.3 percent in 2016 but still well below the government''s 5 percent target. Investors are also concerned about rising political tensions in the ruling African National Congress, which is due to vote in December to elect a new party leader in place of President Jacob Zuma. Prior to Gordhan''s budget speech last month, financial markets had been rattled by media reports that the minister -- seen by investors as a guarantor of stability -- might be moved from the Treasury in a cabinet reshuffle. Gordhan has said it was Zuma''s prerogative to fire him. (Reporting by James Macharia; Editing by Helen Popper)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-safrica-economy-roadshow-idUKKBN16W0QB'|'2017-03-26T01:22:00.000+03:00'
'ffea9c6f02de3a6ae01822de366d765c712cf102'|'Carlyle Group takes minority stake in Indian logistics firm Delhivery'|'NEW DELHI, March 24 The Carlyle Group has acquired a minority stake in Indian logistics firm Delhivery, while existing investor hedge fund Tiger Global also raised its stake, for a combined investment of more than $100 million, the buyout fund said on Friday.The investment comes amid expectations India''s logistics sector is set to expand strongly as the country unveils a new unified national sales tax and through growing online retail sales.Delhivery was founded in 2011 as a food delivery company but has since shifted to providing logistics services in more than 600 Indian cities through 12 fulfilment centres."We see significant potential for technology-enabled logistics in the country with the growth of e-commerce," Neeraj Bharadwaj, managing director of the Carlyle Asia buyout team, said in the statement.Carlyle has invested more than $1.4 billion of equity in more than 30 transactions in India across all its funds as of Dec. 31. (Reporting by Aditi Shah; Editing by Sunil Nair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/carlyle-group-india-idINL3N1H12II'|'2017-03-24T04:34:00.000+03:00'
'cbe4749f1243f81f84b83fd6f9d30bca5bb4ea2b'|'China''s AgBank says building anti-money laundering centre after $215 million fine'|'Business News - Fri Mar 24, 2017 - 4:16am GMT China''s AgBank says building anti-money laundering centre after $215 million fine A view outside an Agricultural Bank of China building in Beijing, China, August 26, 2016. REUTERS/Thomas Peter/File Photo By Shu Zhang and Engen Tham - SHANGHAI SHANGHAI Agricultural Bank of China (AgBank) 601288.HK( 1288.HK ), the country''s third-biggest lender, said it will spend three years building an anti-money laundering (AML) centre to improve and centralize AML control, according to a statement circulated late on Thursday. The move comes after U.S. regulators fined the lender $215 million for inadequate compliance and days after Reuters revealed an AgBank account had been used by Myanmar rebels to collect funds. "Compliance management for anti-money laundering, counter-terrorist financing and sanctions-related work has become increasingly important for all countries around the world," AgBank said in a press statement emailed late on Thursday. AgBank suspended an account used to fund ethnic rebels fighting government troops in Myanmar. The suspension came after Reuters sent AgBank a list of questions about its rebel-linked transactions, which compliance experts said could point to weakness in financial controls aimed at stopping terrorism. AgBank said it will spend three years building a team of AML professionals, a set of effective AML tools, and a complete AML internal control system to bring AgBank''s compliance management up to a "first-class level by international standards". The AML centre will be the "hub and core" for AgBank''s AML strategy, planning and management for its headquarters and branches at home and abroad, the bank said. AgBank Governor Zhao Huan said at a recent AML training session that employees should increase their monitoring of reports of suspicious transactions and fully implement the rules to "avoid touching the red line of international sanctions" its statement said. (Reporting by Shu Zhang in Beijing and Engen Tham in Shanghai; Editing by Eric Meijer) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-agbank-compliance-idUKKBN16V0FZ'|'2017-03-24T12:16:00.000+03:00'
'cd2e18cd71e20e18e29131be74709fc23e0f4ef0'|'UK mortgage approvals dip in February, consumer lending slows - BBA'|'Business News - Fri Mar 24, 2017 - 9:45am GMT UK mortgage approvals dip in February, consumer lending slows - BBA Workers walk to work during the morning rush hour in the financial district of Canary Wharf in London, Britain, January 26, 2017. REUTERS/Eddie Keogh - LONDON British banks approved the fewest mortgages in three months in February and consumer credit growth slowed slightly despite a jump in credit card borrowing, industry figures showed on Friday. Britain''s economy grew strongly last year, but rising inflation since June 2016''s Brexit vote means most economists expect consumer demand to weaken through this year, while house prices are predicted to rise more slowly. Banks approved 42,613 mortgages for house purchase last month, down from 44,142 in January and 4.6 percent less than in February 2016, the British Bankers'' Association said. "Elevated approval volumes for house purchases and re-mortgaging experienced during the winter months fell back in February, to average levels seen throughout most of last year," said Eric Leenders, the BBA''s managing director for retail banking. Annual consumer lending growth slowed to 6.6 percent from 6.7 percent, easing further from October''s 10-year high of 7.2 percent, despite a pick-up in net credit card lending to an 11-month high of 301 million pounds. Lending to businesses, which is frequently volatile, dropped by 1.6 billion pounds last month after rising by 3.4 billion pounds in January. "Businesses continue to exercise a cautious approach to borrowing, using cash reserves and alternative lending sources to finance their operations," Leenders said. The BBA data cover Barclays ( BARC.L ), HSBC ( HSBA.L ), Lloyds Banking Group ( LLOY.L ), RBS ( RBS.L ), Santander ( SAN.MC ), TSB ( SABE.MC ) and Virgin Money ( VM.L ), but not building societies, which account for a big chunk of mortgage lending. More comprehensive data from the Bank of England will be released on March 29. ((Reporting by David Milliken, editing by William Schomberg)) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-lending-bba-idUKKBN16V11Y'|'2017-03-24T17:45:00.000+03:00'
'8043c356d25e66734cd0d8dc175313c45ca2c182'|'Air Products drops $1.5 billion bid for China''s Yingde Gases'|'HONG KONG Air Products and Chemicals Inc ( APD.N ) said on Friday it would drop a proposed $1.5 billion bid for China''s largest producer of industrial gases, leaving the door open for a competing offer from Hong Kong-based private equity firm PAG.The U.S. industrial gas maker said in a securities filing it would not pursue the purchase of Yingde Gases Group Co Ltd ( 2168.HK ) because "it is not in the best interests of Air Products'' shareholders."It gave no further reasons for its decision, which came less than a day after Yingde said its financial position could be "materially adversely impacted" following a management reshuffle.Yingde''s profit warning sent its shares down 4.4 percent on Friday to close at HK$6.26.The U.S. firm had approached Yingde in December, offering as much as $1.5 billion in cash, pending an examination of the Chinese company''s finances. PAG had matched the Air Products offer of as much as HK$6 per share of Yingde.Yingde had been the subject of a rare public Chinese boardroom battle, with co-founders Sun Zhongguo, Trevor Strutt and Zhao Xiangti jostling for control of the board.The company had also received a takeover approach from asset manager StellarS Capital (Hong Kong) Ltd worth $1.1 billion, while PAG agreed to buy the combined 42.1 percent stakes of Zhao, Sun and Strutt for $616 million.(Reporting by Elzio Barreto; Editing by Edmund Blair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-air-prdcts-yingde-gases-m-a-idINKBN16V1FC'|'2017-03-24T09:43:00.000+03:00'
'c758c5ae74a054593cb17a44c38007b8c9069d20'|'All drill, no frack: U.S. shale leaves thousands of wells unfinished'|'Business News - Fri Mar 24, 2017 - 10:46am IST All drill, no frack: U.S. shale leaves thousands of wells unfinished FILE PHOTO -- A pump jack stands idle in Dewitt County, Texas January 13, 2016. REUTERS/Anna Driver/File Photo By Devika Krishna Kumar - NEW YORK NEW YORK U.S. shale producers are drilling at the highest rate in 18 months but have left a record number of wells unfinished in the largest oilfield in the country – a sign that output may not rise as swiftly as drilling activity would indicate. Rising U.S. shale output has rattled OPEC''s most influential exporter Saudi Arabia and pushed oil prices to a near four-month low on Wednesday. U.S. production gains are frustrating Saudi-led attempts by the world''s top oil exporters to cut supply, drain record-high inventories and lift prices. Investors watch data on the number of rigs deployed in North American oil and gas fields as a leading indicator for output. But the rising rig count and frenetic drilling activity in the Permian Basin in West Texas is not all about pumping oil. [RIG/U] During the 2014-2016 downturn in global oil prices, the number of wells left incomplete grew as companies shut down rigs, laid off workers and retreated from the fields. When prices picked up, operators were expected to pump the oil from those incomplete wells before spending money on drilling new ones. Instead, the number of incomplete wells has risen. A record 1,764 wells were left unfinished in the Permian in February, according to U.S. government data going back to December 2013. In February alone, 395 wells were drilled and only 300 completed. That was the highest drilling rate in the Permian in two years. The surprise surge in unfinished wells indicates that investors, traders and oil market players may need to reinterpret rig count data. "You would now be looking at the number of wells drilled and the uncompleted wells and not necessarily the rig count," said Bruce Bullock, director of the Maguire Energy Institute at Southern Methodist University in Dallas. Reuters interviews with more than a dozen well completion service providers, oil and gas lawyers and industry experts show that some operators are drilling because their leases require them to do so within a specified time limit to keep their leases. But they may not be required to actually pump the oil immediately after they have drilled the hole. See a graphic on the number of incomplete wells here: tmsnrt.rs/2mYJlgN To complete a well, shale producers stuff the hole with sand, water and chemicals at high pressure until the rock fractures and releases the oil contained in its pores. There is typically a lag of a few months between drilling and completion in government data, so some of the increase in unfinished wells can be explained by rising activity. Some leases do require firms to produce a minimum volume of oil. On those leases, many firms will frack one well and leave others incomplete. That allows them to meet their contracts with land holders but gives them flexibility to come back and pump the oil later. LEASE VALUES JUMP The value of land in the Permian has rocketed as oil prices recovered to around $50 a barrel, so oil firms are now scrambling to do the required drilling to keep leases they had left dormant. "During the period where we had the downturn in price, there were a lot of leases that were in danger of being lost ... they had to drill a well to maintain it," said Michael Stoltz, an attorney who represents energy firms in Texas for Stubbeman, McRae, Sealy, Laughlin & Browder Inc. A new lease could cost the operator as much as five times more than a few years ago, said Joe Dancy, an oil and gas lawyer, who helps negotiations on such deals. Drilling costs are also on the rise, adding to the rush by producers trying to stay ahead of price inflation. Fracking is more expensive than drilling and is time consuming. As much as 70 percent of well completion costs are tied to fracking, while 30 percent is for drilling, experts say. Fracking crews are in short supply, which is another reason that oil firms have delayed completion. As activity has picked up in the Permian, the labor market has tightened. Many oil workers found jobs elsewhere during the downturn, so rebuilding the workforce is taking time. "There were a number of completions that were originally scheduled in first quarter and you''ve seen those slide to Q2 and that''s really being driven by ... access to service crews and things like that," said Tom Stoelk, the CFO and interim CEO of Northern Oil & Gas Inc, a producer focused on the Williston Basin in North Dakota and Montana. MORE INVENTORIES The number of incomplete wells could complicate OPEC''s attempt to balance markets, as they could be completed relatively quickly if the oil price rises. Saudi Arabia is targeting a $60 per barrel price, and that could trigger those well completions and bring a new wave of supply to the market. If all the incomplete wells in the Permian pump instantaneously, output from the field could jump as much as 300,000 barrels per day (bpd), according to consultancy Wood Mackenzie. In February, the field accounted for about 2.1 million bpd, or about 23 percent of total U.S. crude output of about 9 million bpd, according to U.S. government data. LOCKING IN LEASES AND COSTS Landowners lease their land to energy companies for an upfront lump sum or signing bonus and subsequent royalty payments. A standard lease lasts three years, with an option to extend for another two years, said sources who work with companies on such agreements. Leases vary greatly. Some require drilling but no production, others require production, and some require a well every six months. None of them require firms to complete all the wells they drill. Continental Resources Inc, which has about 185 such drilled but uncompleted wells (DUCs) in the Bakken in North Dakota, says that innovation during the downturn meant it could now complete those wells more cost efficiently. "We''re glad we saved all those wells," CEO Harold Hamm said at an industry conference this month. (Additional reporting by Ernest Scheyder in Houston and Swetha Gopinath in Bengaluru; Editing by Simon Webb and Paul Thomasch) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-usa-shale-insight-idINKBN16V0IL'|'2017-03-24T13:03:00.000+03:00'
'4242003ba915bcb14e86b7bc43bd44eb0d35b7c1'|'Toshiba banks push for quick Westinghouse bankruptcy filing - Nikkei'|'Global Energy  22am GMT Toshiba banks push for quick Westinghouse bankruptcy filing - Nikkei FILE PHOTO: The logo of Toshiba Corp. is seen at the company''s facility in Kawasaki, Japan February 13, 2017. REUTERS/Issei Kato/File Photo TOKYO Toshiba Corp''s ( 6502.T ) main lenders are asking it to submit a bankruptcy filing for U.S. nuclear unit Westinghouse Electric Co LLC by the end of this month, the Nikkei business daily reported on Friday, without citing sources. Such a move would pile further pressure on the embattled conglomerate to make a quick decision over a Chapter 11 filing after Finance Minister Taro Aso also called for a decision to be made by the end of this month. Toshiba is grappling with a multibillion dollar financial maelstrom stemming from Westinghouse''s ill-fated purchase of a U.S. nuclear power plant construction company in 2015. It has flagged a $6.3 billion writedown and is also looking at selling a majority stake in Westinghouse, in addition to the sale of its memory chip unit. Shares in Toshiba, however, rose 8 percent in Friday morning trade after Singapore-based fund Effissimo, established by former colleagues of Japan''s most famous activist investor, became its largest shareholder with an 8.14 percent stake. Separately the Japanese government said it would conduct rigorous screening of any potential buyer of Toshiba''s chip unit based on foreign exchange and trade laws if needed. "Toshiba''s chip business is highly competitive globally and it plays a key role for the nation''s employment," Trade Minister Hiroshige Seko said at a media briefing on Friday. "The seller needs to consider these issues before the buyer is decided if the business is going to be sold to foreigners," he added. Reuters reported earlier the Japanese government is prepared to block the sale to bidders it deems a risk to national security. (Reporting by Junko Fujita and Ami Miyazaki; Editing by Edwina Gibbs) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-toshiba-accounting-idUKKBN16V05J'|'2017-03-24T10:22:00.000+03:00'
'493111f7b7fe1f8aeb66fca71105c71945440b9a'|'Japan Finance Minister - G20 shared need for free trade'|' 23am GMT Japan Finance Minister - G20 shared need for free trade U.S. Treasury Secretary Steve Mnuchin and Japan''s Finance Minister Taro Aso meet for bilateral talks at the G20 Finance Ministers and Central Bank Governors Meeting in Baden-Baden, Germany, March 17, 2017. REUTERS/Kai Pfaffenbach TOKYO The Group of 20 major economies, including the United States, agreed on the importance of free trade at a finance leaders'' gathering in Baden-Baden, Germany, last week, Japanese Finance Minister Taro Aso said on Friday. "It''s true some countries persisted on the wording (of the communique) such as ''free'' and ''fair'' trade," Aso told parliament. "But no country favoured protectionism, or called for abandoning free trade." Aso also said an upcoming bilateral economic dialogue between the United States and Japan won''t debate currency policy, which will be overseen separately by the finance ministers of each country. (Reporting by Leika Kihara; Editing by Simon Cameron-Moore)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-aso-idUKKBN16V06F'|'2017-03-24T09:23:00.000+03:00'
'02f9a1631db4ca89098186b8c14585da159194e0'|'Tired but satisfied, Escondida miners pack up after historic strike'|' 25pm GMT Tired but satisfied, Escondida miners pack up after historic strike left right A graffiti that reads ''Till die'' is seen at a workers'' camp outside BHP Billiton''s Escondida, the world''s biggest copper mine, at the company''s gates after a strike, in Antofagasta, Chile March 24, 2017. REUTERS/Magaly Visedo 1/6 left right A banner that reads ''First the people. To BHP we only are a number'' is seen at a workers'' camp outside BHP Billiton''s Escondida, the world''s biggest copper mine, at the company''s gates after a strike, in Antofagasta, Chile March 24, 2017. REUTERS/Magaly Visedo 2/6 left right Bonfire remains are seen at a workers'' camp outside BHP Billiton''s Escondida, the world''s biggest copper mine, at the company''s gates after a strike, in Antofagasta, Chile March 24, 2017. REUTERS/Magaly Visedo 3/6 left right Miners pick up the workers'' camp outside BHP Billiton''s Escondida, the world''s biggest copper mine, at the company''s gates after a strike, in Antofagasta, Chile March 24, 2017. REUTERS/Magaly Visedo 4/6 left right A structure of the workers'' camp is burned outside BHP Billiton''s Escondida, the world''s biggest copper mine, at the company''s gates after a strike, in Antofagasta, Chile March 24, 2017. REUTERS/Magaly Visedo 5/6 left right Miners carry bags at the workers'' camp outside BHP Billiton''s Escondida, the world''s biggest copper mine, at the company''s gates after a strike, in Antofagasta, Chile March 24, 2017. REUTERS/Magaly Visedo 6/6 By Felipe Iturrieta - ESCONDIDA MINE, Chile ESCONDIDA MINE, Chile With no bonus, and no salary rise, it was not the ending the 2,500 workers at Chile''s Escondida, the world''s largest copper mine, wanted. But keeping their benefits was still a victory of sorts for them after the longest strike in the country''s mining history. As they packed up the camp on the mine''s outskirts in the dusty, high altitude desert that has been their home for the last 44 days, workers said in interviews on Friday they were satisfied with the outcome. "It''s been tiring, the showers were cold and obviously we missed home comforts, but here we were all the same, standing firm," supply operator Luis Varas said, as he took down his tent and shook out the dust. The strike at Escondida, which produced over 1 million tonnes of copper, or 5 percent of the world''s supply, last year, began on Feb. 9, after mine operator BHP Billiton ( BLT.L ) ( BHP.AX ) and the union failed to agree on new contract terms. Key points of disagreement focussed on changes the company wanted to make to benefits and work shifts and whether new employees should earn the same benefits, such as comprehensive private healthcare, as existing ones. A two-tier benefits system might have wound up weakening the union, one of Chile''s most powerful. On Thursday, after repeated attempts at returning to negotiations failed, the workers ended the deadlock after they triggered a rarely used legal provision that will allow them to extend their old contract for 18 months. That means they will enjoy existing benefits and working conditions and hold the next talks under an upcoming labour law that strengthens their hand. But they will also lose out on any pay raise and on a bonus typically paid when the contract is signed. The union had asked for a bonus of $38,000. "You can spend the bonus in a few days, but we have some people with health problems. ... That (health insurance) benefit is much more important and it wasn''t lost," said equipment maintenance worker Jorge Salinas. "It''s not all about money." On Saturday, miners will return to their posts, with initial work focussing on safety procedures and rehabilitation of shared spaces. Escondida President Marcelo Castillo said on Thursday that it could take as long as eight months to get operations back to how they were before the strike began. The miners striking camp said it was a dignified exit. "We''re happy to be going home, to be with our families," said Varas. "Now a new stage begins." (Reporting by Felipe Iturrieta; Writing by Rosalba O''Brien; Editing by Richard Chang)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-chile-copper-escondida-idUKKBN16V2TA'|'2017-03-25T05:25:00.000+03:00'
'b5379391fac2a78927c99676877b809a5acd66f9'|'FTSE edges lower ahead of U.S. healthcare vote; Smiths Group jumps'|' 38am GMT FTSE edges lower ahead of U.S. healthcare vote; Smiths Group jumps A worker shelters from the rain under a Union Flag umbrella as he passes the London Stock Exchange in London, Britain, October 1, 2008. REUTERS/Toby Melville/File Photo - RTSS1IU By Kit Rees - LONDON LONDON Britain''s top share index dipped on Friday ahead of a delayed U.S. vote on a key healthcare bill, though gains among Smiths Group ( SMIN.L ) and Provident Financial ( PFG.L ) capped losses. The vote has been seen   test of President Donald Trump''s   his other priorities such as tax   spending, the promise of which have boosted shares since his election. The blue chip FTSE 100 .FTSE index was down 0.1 percent at 7,334.50 points by 1007 GMT, slightly outperforming a broader decline among European indexes. The FTSE 100 was set to post its biggest weekly decline in two months. Engineering firm Smiths Group ( SMIN.L ) was the top gainer, rising 3.3 percent and hitting a record high after posting higher first-half profit and maintaining its full-year outlook. "Profits are almost 12% above our forecast (helped by R&D capitalisation) and guidance remains for a stronger 2H17. It is still arguably early days," Sandy Morris, equity analyst at Jefferies, said. Shares in Provident Financial ( PFG.L ) were also among top gainers, up almost 2 percent after RBC raised its rating on the stock to "outperform" from "sector perform", citing the likelihood of consensus upgrades on expected increases in forward forecasts as well as "sector-leading" capital returns. Overall gains were muted among blue chips as caution set in ahead of the vote on Trump''s healthcare bill. Trump and his fellow Republicans have pledged to scrap Obamacare, but have failed to close the deal on time for the planned Thursday vote. "This is the first real hurdle (Trump) faces, and any resistance could suggest that (he) would face similar resistance to other policies down the road," Mike van Dulken, head of research at Accendo Markets, said. "The current rally has gone so far on promises, the markets are starting to ask for a lot more proof." So far the FTSE 100 has gained more than 7 percent since Trump won the U.S. presidential election, with stocks driven by a global reflation trade on hopes of increased fiscal spending and tax reforms. Oil stocks .FTNMX0530 were the biggest weights among the large caps, with BP ( BP.L ) and Royal Dutch Shell ( RDSa.L ) down 0.7 percent and 0.3 percent respectively. Outside of the blue chips, shares in Restaurant Group ( RTN.L ) declined 1.4 percent after Berenberg cut its rating on the Frankie and Benny''s operator to "sell" from "hold", saying that it is difficult to have confidence that management''s strategy will lead to a strong recovery. (Reporting by Kit Rees; Editing by Toby Chopra) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN16V17X'|'2017-03-24T18:38:00.000+03:00'
'219d642e828e6124be66913de5fec5c1e68b0bdb'|'Hedge fund manager Friedman to list investment fund in London'|'LONDON U.S. hedge fund manager Emanuel ''Manny'' Friedman plans to list a fund in London to invest in asset-backed securities and real estate assets put up for sale as a result of regulatory change in the financial sector.Forty-year industry veteran Friedman, co-founder of Friedman Billings Ramsey Group, is well known for being a buyer of distressed securities in the depths of the financial crisis.EJF Investments Ltd said in a statement it would look to list on April 7, with assets worth a net 68.1 million pounds and then raise additional capital through a placing programme over the next 12 months.EJF Investments will aim for annual risk-adjusted returns of 8-10 percent and be managed by EJF Investments Manager, a unit of EJF Capital, the $7.4 billion hedge fund which Friedman runs and which invests across debt, equity and securitisation assets.The new fund will invest in an existing portfolio including legacy real estate-related collateralised debt obligations, a passive stake in a CDO manager and positions in several speciality loans, including litigation funding.It will also look to invest in similar opportunities, including debt securitisations and other speciality finance assets, the company said."Continuing regulatory upheaval in the financial industry offers a unique set of investment opportunities," said Neal Wilson, Chief Executive of EJF Investments Manager said."The combination of attractive legacy assets, shifting regulatory requirements and changing balance sheet strategies at the major banks has allowed us to assemble a portfolio offering diversification, stable cashflows and attractive yields."(Reporting by Simon Jessop and Lawrence Delevingne; Editing by Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/uk-hedgefunds-ejf-idINKBN16U2SD'|'2017-03-24T10:21:00.000+03:00'
'bd99d36cc4a82ad8754f0102a09c33bdacc49b5f'|'Toshiba shares rise 6 percent after Effissimo increases stake'|'Business News - Fri Mar 24, 2017 - 12:32am GMT Toshiba shares rise 6 percent after Effissimo increases stake People look on at the Toshiba booth during preparations at the CeBit computer fair, which will open its doors to the public on March 20, at the fairground in Hanover, Germany, March 18, 2017. REUTERS/Fabian Bimmer TOKYO Shares in Toshiba Corp ( 6502.T ) rose as much as 6 percent on Friday morning trade after Singapore-based fund Effissimo, established by former colleagues of Japan''s most famous activist investor, became its largest shareholder. Effissimo Capital Management, set up by Yoshiaki Murakami, owns an 8.14 percent stake in Toshiba, according to a regulatory filing showed on Thursday. The activist fund''s emergence as the biggest shareholder came as the electronics conglomerate struggles with huge losses stemming from its U.S. nuclear business. (Reporting by Junko Fujita; Editing by Richard Pullin) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-toshiba-shareholders-idUKKBN16V022'|'2017-03-24T08:32:00.000+03:00'
'f0ead2984cc889a4311bb9ae315a23d801a0f3af'|'Effissimo says Toshiba stake purchase aimed at longer term price gain'|'TOKYO Singapore-based fund Effissimo said on Friday it had bought its 8.14 percent stake in Toshiba Corp ( 6502.T ) because it expects its share price to gain and produce returns though a longer-term increase in corporate value.Effissimo, established by former colleagues of Japan''s most famous activist investor, Yoshiaki Murakami, has become the largest shareholder in Toshiba with its stake, a regulatory filing showed on Thursday.Effissimo''s purchase of Toshiba shares is worth about 65 billion yen ($584 million), based on its closing price on March 15, the date of ownership shown in the filing.(Reporting by Makiko Yamazaki; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-toshiba-accounting-effissimo-idINKBN16V0IT'|'2017-03-24T03:21:00.000+03:00'
'4b4166974e67d9b00a3239c398396314e437c76d'|'Tesla to take orders for solar roof tiles starting April'|'Company News - Fri Mar 24, 2017 - 7:35pm EDT Tesla to take orders for solar roof tiles starting April March 24 Tesla Motors Inc will start taking orders for its solar roof tiles in April, Chief Executive Elon Musk said in a Tweet on Friday. The solar-powered roof shingles were unveiled in October last year to show the benefits of combining his electric car maker with solar installer SolarCity Corp. There was no detail on cost. ( bit.ly/2n32HB8 ) Tesla has said previously the cost of the roof would be less than a conventional roof plus solar. By incorporating solar modules into rooftops, Tesla is hoping to succeed with a solar technology that to date has had little success. (Reporting by Nikhil Subba in Bengaluru; Editing by Sandra Maler) Next In Company News Brazil''s Vale says U.S. court annuls class action over dam disaster SAO PAULO, March 24 Brazilian miner Vale SA said on Friday the United States District Court for the Southern District of New York annulled nearly all parts of a class action lawsuit against the company and executives over the collapse of a tailings dam in Brazil in 2015. UPDATE 2-Judge finds UPS liable to New York over cigarette shipments NEW YORK, March 24 A federal judge on Friday held United Parcel Service Inc liable for having illegally shipped hundreds of thousands of cartons of untaxed cigarettes in New York, depriving the state and New York City of millions of dollars of taxes. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/tesla-solar-tiles-idUSL2N1H129I'|'2017-03-25T07:35:00.000+03:00'
'2aa685c3b8fddb53dcc6a6f88eadd30c0b35bfa3'|'Penalty rates cut could cost budget $650m over four years, thinktank says - Business'|'Penalty rate cuts could cost the commonwealth budget $650m over four years, according to progressive thinktank the Australia Institute.Last month the Fair Work Commission decided to cut Sunday and public holiday penalty rates for workers covered by four awards (fast food, retail, pharmacy and hospitality).The impact on workers will be diverse, with different workers employed at different levels under each award, though not all workers will be affected.Why Scott Morrison needs to ignore armchair treasurers before the budget - Greg Jericho Read more But the Australia Institute warns the cut in penalty rates will see personal income tax receipts decline – and a rise in claims for welfare payments – with the budgetary impact worth hundreds of millions of dollars a year.The institute’s chief economist, Richard Denniss, has written a briefing note, seen by Guardian Australia, estimating the budgetary impact of the decision.He has modelled different scenarios, but his central scenario assumes 285,000 workers will lose an average of $2,744 a year from Sunday penalty rate cuts (the impact of lower penalty rates on public holidays has not been estimated).He assumes those workers will be in the 19% tax bracket (where they earn between $18,201 and $37,000 a year, and get taxed 19 cents for every dollar earned over $18,200).He choose the figure of 285,000 workers to match the government’s lowest estimate.“To simplify the estimate of the impact of the FWC decision on the budget, the scenarios used assume that a smaller number of people experience all of the loss of income rather than the more realistic assumption that a larger group of people share some of the loss of income,” Denniss says in the report.Denniss warns the Sunday penalty rate cuts will necessarily flow through to income tax receipts, with a reduction in tax revenue for the government worth $164.2m per year, or $656.8m over four years.He says the cutting of wages for low paid workers may also lead to a significant increase in welfare spending.He estimates if 20% of those 285,000 workers already receive welfare payments, the increase in welfare spending could be $78.2m a year. He said his estimates of the budgetary impact could be conservative because they did not include a number of possible economic effects, such as: state government payroll tax revenues declining with lower wage payments; a possible fall in consumer spending in line with the cut in disposable income and the related decline in GST revenue; and a fall in labour productivity.Jim Chalmers, the shadow minister for finance, told the ABC’s Insiders on Sunday morning that he knew the Australia Institute was going to be releasing an analysis of the penalty rate cuts.“These penalty rate cuts won’t just cost people up to $77 a week, they will also cost the budget hundreds of millions of dollars,” Chalmers said.“I think it speaks volumes about Malcolm Turnbull that he is so keen to attack the take-home pay of ordinary people around Australia, that he is prepared to smash the budget to do it,” he said.Labor attacks Coalition''s abolition of deficit levy as a tax cut for millionaires Read more Malcolm Turnbull has repeatedly reiterated the government’s support for the independent FWC, saying it is “reckless” for parliament to set penalty rates.He said he supported the FWC’s decision because it supported small business. “I have been very clear about that,” he told radio 3AW interviewer Neil Mitchell this month. “The Fair Work Commission decided to back small business and we back small business.“It is important to remember this was not a decision from the government, it was an independent considered decision of the independent umpire of the Fair Work Commission, every member of which was appointed by a Labor government, three of who were appointed by Bill Shorten.”Topics Australian economy Australian budget 2017 Australian politics Business (Australia) Australian trade unions Scott Morrison news   Share   Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/mar/26/penalty-rates-cut-could-cost-budget-650m-over-four-years-thinktank-says'|'2017-03-26T15:57:00.000+03:00'
'e99f7675dc2558d94a582ed704559945a57421f1'|'AAR unit wins $909.4 mln U.S. defense contract -Pentagon'|' 18pm EDT AAR unit wins $909.4 mln U.S. defense contract -Pentagon WASHINGTON, March 24 AAR Supply Chain Inc, a subsidiary of AAR Corp, has been awarded a $909.4 mln supply chain management contract for the U.S. Air Force''s Landing Gear Performance Based Logistics One program, the Pentagon said on Friday. Work will be performed at Wood Dale, Illinois; Miami; and Ogden, Utah, and is expected to be complete by March 31, 2032, the Pentagon said in a statement. (Reporting by Eric Walsh; Editing by Eric Beech)   BRIEF-Dalmac Energy reports Q3 revenues of $4.3 million * Qtrly revenues $4.3 million versus $ 6.1 million     MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/aar-pentagon-idUSL2N1H121N'|'2017-03-25T05:18:00.000+03:00'
'7ab914df6e57c43b04ddb8ba9d3f50234ef859b1'|'How Thrivent hopes to grow beyond its base of religious investors'|'By David Randall - NEW YORK, March 24 NEW YORK, March 24 Little-known Thrivent Financial, a Minneapolis-based asset manager that offers financial services to Lutherans, is hoping its recent streak of outperformance will make it stand apart at a time when steep investor outflows are prompting a wave of mergers throughout the mutual fund industry.The firm, which collectively manages $15 billion across its 23 funds, received its second consecutive Lipper Award for best overall company in the small company division, and its third consecutive win in the Mixed Assets, Small Company division, at an award ceremony Thursday night in New York.While other firms struggle to retain assets as more investors opt for low-priced index funds and exchange-traded funds, Thrivent has received net inflows of $57 million since the beginning of 2017, making it one of the few bright spots in the active management industry.Its challenge now is how to grow outside its base of current customers, mainly Christians in the U.S. Upper Midwest who have average account balances of $38,000 invested with the firm.Unlike other religiously affiliated mutual fund firms, Thrivent''s funds do not feature any screens that prevent it from investing in companies in industries like alcohol or firearms, making its funds more directly comparable with secular firms that offer funds at much lower costs."We are never going to be competitive with BlackRock or Vanguard on price", said David Royal, president of Thrivent Mutual Funds. "Rich people can afford to be in a hedge fund, but regular people shouldn''t be forced into index product they may not understand," he said.Overall, Thrivent gives its managers wide leeway to invest as they see fit. "There’s not a Thrivent way of managing money that we pass out," said David Francis, vice president of investment equities.The Thrivent Mid Cap Stock fund, its best-performing fund, is up 30.8 percent over the last year, and up an average of 11.4 percent over the last three years, putting it among the best U.S. focused mid-cap funds. Its largest holdings include regional bank Zions Bancorp, Southwest Airlines Co, and Applied Materials Inc.The Thrivent Large Cap Value fund, meanwhile, is up 20.1 percent over the last year, in part because of large positions in Cisco Systems Inc, Microsoft Corp and Citigroup Inc.Last March, the firm began airing its first ever television commercials, attacking the notion of index-based investing by depicting robots in suits mismanaging money. The long bull market in U.S. stocks, which began in 2009, has falsely convinced investors that active management is unnecessary, Royal said, adding that "at some point it will flip, and I worry what happens to the average investor then."Investors in some of Thrivent''s funds pay above average annual fees. Investors in its Thrivent Large Cap fund, for instance, will pay $1.20 per $100 invested, compared with the $0.14 per $100 invested in the Vanguard 500 Index fund. The Thrivent fund has lagged the S&P 500 over the last 1 and 3 years.ATTRACTIVE TARGETThe firm''s religious affiliation is an asset as it grows because its customers may be less likely to pull dollars from a fund that is underperforming, said Todd Rosenbluth, director of ETF and mutual fund research at CFRA. That sort of sticky customer base may make it an acquisition target, he said."Asset managers that can retain assets are particularly appealing in this environment when traditional products are facing fee compression," Rosenbluth said.Eaton Vance Corp, for instance, acquired $12.3 billion Calvert Investment Management in 2016, in large part because of the firm''s long history of socially responsible investing. The terms were not disclosed.Royal said that Thrivent has no plans to sell itself."We would not be a seller, we would be a buyer," he said. "Certainly there''s not any interest around here in selling our funds business. We are here to grow it." (Reporting by David Randall; Editing by Jennifer Ablan and David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/lipperawards-thrivent-idINL2N1H00V1'|'2017-03-24T09:00:00.000+03:00'
'5d5caefb3912be43ece6969e39065f72bbe988a9'|'OPEC, non-OPEC committee recommends extending output cut by six months'|'Business News - Sun Mar 26, 2017 - 11:52am BST OPEC, non-OPEC committee recommends extending output cut by six months left right Oman Oil Minister Mohammed bin Hamad Al Rumhy shakes hand with a representive of Kuwait Oil Company during OPEC 2nd Joint Ministerial Monitoring Committee meeting in Kuwait City, Kuwait, March 26, 2017. REUTERS/Stephanie McGehee 1/4 left right Kuwait Oil Minister Ali Al-Omair opens OPEC 2nd Joint Ministerial Monitoring Committee meeting in Kuwait City, Kuwait, March 26, 2017. REUTERS/Stephanie McGehee 2/4 left right Kuwait Oil Minister Ali Al-Omair gives his opening speech during OPEC 2nd Joint Ministerial Monitoring Committee meeting as Russian Energy Minister Alexander Novak and OPEC Secretary General Mohammad Barkindo attend the meeting in Kuwait City, Kuwait, March 26, 2017. REUTERS/Stephanie McGehee 3/4 left right Kuwait''s Oil Minister Ali Al-Omair speaks to media during OPEC 2nd Joint Ministerial Monitoring Committee meeting in Kuwait City, Kuwait, March 26, 2017. REUTERS/Stephanie McGehee 4/4 KUWAIT A joint committee of ministers from OPEC and non-OPEC oil producers recommended extending by six months a global deal to reduce oil output, a draft press release from their meeting on Sunday showed. OPEC and rival oil producers are meeting in Kuwait to review progress with their global pact to cut supplies. The Organization of the Petroleum Exporting Countries and 11 other leading oil producers including Russia agreed in December to cut their combined output by almost 1.8 million barrels per day in the first half of the year. The committee "expressed its satisfaction with the progress made towards full conformity with the voluntary production adjustments and encouraged all participating countries to press on towards 100 percent conformity," said the draft seen by Reuters. (Reporting by Rania El Gamal, Vladimir Soldatkin, Ahmed Hagagy; Editing by Dale Hudson) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-oil-opec-draft-idUKKBN16X0EX'|'2017-03-26T18:52:00.000+03:00'
'486fd901c8e0a6ef382e139b1d095c5a5d039352'|'CANADA FX DEBT-C$ dips as inflation data support Bank of Canada''s dovish stance'|'Company   9:38am EDT CANADA FX DEBT-C$ dips as inflation data support Bank of Canada''s dovish stance * Canadian dollar at C$1.3374, or 74.77 U.S. cents * Bond prices higher across yield curve TORONTO, March 24 The Canadian dollar weakened on Friday against its U.S. counterpart as tame domestic inflation data dampened pressure on the Bank of Canada to turn more hawkish, offsetting the impact of higher oil prices. Canada''s annual inflation rate dipped to 2.0 percent in February from 2.1 percent in January, Statistics Canada said. Analysts in a Reuters poll had expected the inflation rate to remain at 2.1 percent. Three new measures established by the Bank of Canada late last year showed core inflation below its target. "The fact that the average of the central tendency core measures is largely unchanged, on average well beneath the Bank of Canada''s 2 percent target, will keep them dovish," said Derek Holt, head of capital markets economics at Scotiabank. The central bank has left interest rates unchanged since cutting its policy rate to 0.50 percent in July 2015. Prices of oil, one of Canada''s major exports, were boosted by hopes that an Organization of the Petroleum Exporting Countries output cut was beginning to balance a long-oversupplied market. U.S. crude prices were up 0.40 percent at $47.89 a barrel. At 9:12 a.m. EDT (1312 GMT), the Canadian dollar was trading at C$1.3374 to the greenback, or 74.77 U.S. cents, weaker than Thursday''s close of C$1.3351, or 74.90 U.S. cents. The currency traded in a range of C$1.3348 to C$1.3385. The U.S. dollar edged lower against a basket of major currencies as investors braced for a vote in Congress on Friday on a bill to begin dismantling the Obamacare healthcare law. The vote is seen as a test of President Donald Trump''s ability to deliver on his promises of tax cuts and infrastructure spending. New orders for key U.S.-made capital goods unexpectedly fell in February, but a surge in shipments amid demand for machinery and electrical equipment supported expectations for an acceleration in business investment in the first quarter. TransCanada Corp said the U.S. Department of State has issued a presidential permit for the construction of the Keystone XL oil pipeline, which would bring more than 800,000 barrels of heavy crude per day from Canada''s oil sands to U.S. refineries and ports along the Gulf of Mexico. Canadian government bond prices were higher across the yield curve, with the two-year up 1 Canadian cent to yield 0.767 percent and the 10-year rising 13 Canadian cents to yield 1.672 percent. The 2-year yield fell 1.9 basis points further below its U.S. equivalent to a spread of -49.4 basis points as Canadian bonds outperformed. (Reporting by Fergal Smith; Editing by Paul Simao) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-forex-idUSL2N1H10M2'|'2017-03-24T21:38:00.000+03:00'
'1ed7153ff1920a514f9111924727c33b5a410051'|'U.S. business spending picking up, but may slow in second quarter'|' 24pm GMT U.S. business spending picking up, but may slow in second quarter FILE PHOTO - Shipping containers are stacked in the Port of Miami in Miami, Florida, U.S. on May 19, 2016. REUTERS/Carlo Allegri/File Photo By Lucia Mutikani - WASHINGTON WASHINGTON New orders for U.S.-made capital goods unexpectedly fell in February, but a surge in shipments amid demand for machinery and electrical equipment supported expectations for an acceleration in business investment in the first quarter. Manufacturing is recovering from a prolonged slump, driven by the energy sector, bucking a slowdown in the broader economy. The Federal Reserve last week described business investment as appearing to have "firmed somewhat." "The evidence is building that manufacturing activity is on something of an upswing and that capital spending on business equipment is poised to advance for the second consecutive quarter," said John Ryding, chief economist at RDQ Economics in New York. The Commerce Department said on Friday that non-defence capital goods orders excluding aircraft, a closely watched proxy for business spending plans, dipped 0.1 percent last month after rising 0.1 percent in January. That suggested a slowdown in business spending in the second quarter. Shipments of these so-called core capital goods jumped 1.0 percent after declining 0.3 percent in January. Core capital goods shipments are used to calculate equipment spending in the government''s gross domestic product measurement. Last month''s jump reflected increases in orders at the end of 2016. Economists polled by Reuters had forecast core capital goods orders rising 0.6 percent last month. Orders for machinery inched up 0.1 percent while shipments increased 0.9 percent. Orders for electrical equipment, appliances and components advanced 2.2 percent, the biggest increase in seven months, and shipments rose 1.5 percent. U.S. financial markets were little moved by the data amid drama surrounding efforts by Republicans to repeal Democratic President Barack Obama''s 2010 Affordable Care Act and overhaul the healthcare system. Republican leaders in the U.S. House of Representatives called off a planned vote late on Friday because of a lack of support despite desperate lobbying by the White House and its allies in Congress, dealing a stiff setback to President Donald Trump. Stocks on Wall Street ended down, while the dollar was little changed. Prices for U.S. government bonds rose. "What the healthcare bill does is serve as the first litmus test of the Trump/Republicans'' ability to deliver on important legislative initiatives," said Steven Ricchiuto, chief U.S. economist at Mizuho Securities in New York. "If they fail at this then the prospects for tax reform, infrastructure and defences spending will need to be rethought." MANUFACTURING RECOVERING A recovery in oil prices from multi-year lows is driving demand for equipment in the energy sector, helping to lift the manufacturing sector. Manufacturing, which accounts for about 12 percent of the U.S. economy is also being underpinned by a burst of confidence amid promises by the Trump administration to slash taxes for businesses, boost infrastructure spending and repeal some regulations. Details of the fiscal stimulus package, however, remain vague, resulting in a moderation in orders for equipment in the last couple of months. Economists say business spending could slow in the second quarter even as they expect an acceleration this quarter. A separate report on Friday from data firm Markit showed its U.S. manufacturing sector index fell in March to a five-month low. "Business optimism has been at cycle highs since the start of the year, but has yet to translate into commensurate strength in real activity," said Sarah House, an economist at Wells Fargo Economics in Charlotte, North Carolina. Spending on equipment is expected to pick up after a 1.9 percent annualised growth pace in the fourth quarter. Still, that will likely be insufficient to offset the drag on GDP from slower consumer spending and a wider trade deficit. The Atlanta Fed is forecasting the economy growing at a 1.0 percent rate in the first quarter after expanding at a 1.9 percent pace in the final three months of 2016. Last month, a 4.3 percent jump in demand for transportation equipment offset the dip in core capital goods bookings, and hoisted overall orders for durable goods, items ranging from toasters to aircraft that are meant to last three years or more, 1.7 percent. Durable goods orders rose 2.3 percent in January. Civilian aircraft orders soared 47.6 percent in February, driven by an increase in plane orders at Boeing ( BA.N ). Orders for motor vehicles and parts fell 0.8 percent in February, while orders for defences aircraft declined 12.8 percent. There were increases in orders for primary metals, but orders for fabricated metal products fell as did those for computers and electronic products. Unfilled orders for core capital goods increased 0.2 percent last month after rising 0.5 percent in January. Inventories of overall durable goods rose 0.2 percent last month. (Reporting by Lucia Mutikani; Editing by Andrea Ricci)   Fed not playing catch-up in push for higher inflation - Williams WASHINGTON The Federal Reserve''s willingness to accept higher inflation is not an effort to "make up" for weak price increases in recent years, but to ensure its 2 percent target is viewed credibly, San Francisco Fed President John Williams said on Friday. LONDON British banks approved the fewest mortgages in three months in February and consumer credit growth slowed slightly despite a jump in credit card borrowing, industry figures showed on Friday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-economy-idUKKBN16V2PP'|'2017-03-25T04:20:00.000+03:00'
'd2b10c35204f9a4a5296f99aab9f2a36a5f13390'|'TransCanada gets presidential permit for Keystone XL'|'Business News   7:18am EDT TransCanada gets presidential permit for Keystone XL A depot used to store pipes for Transcanada Corp''s planned Keystone XL oil pipeline is seen in Gascoyne, North Dakota, January 25, 2017. REUTERS/Terray Sylvester TransCanada Corp ( TRP.TO ) said on Friday the U.S. Department of State issued a presidential permit for the construction of the Keystone XL Pipeline. The pipeline linking Canadian oil sands to U.S. refiners had been blocked by former U.S. President Barack Obama, who said the pipeline would do nothing to reduce fuel prices for U.S. motorists and would contribute emissions linked to global warming. (Reporting by Ahmed Farhatha in Bengaluru; Editing by Sai Sachin Ravikumar) Next In Business News All drill, no frack: U.S. shale leaves thousands of wells unfinished NEW YORK U.S. shale producers are drilling at the highest rate in 18 months but have left a record number of wells unfinished in the largest oilfield in the country – a sign that output may not rise as swiftly as drilling activity would indicate. AMSTERDAM The chief executive of U.S. paint maker PPG meets Dutch government officials on Friday to make the case for its proposed 22.7 billion euro ($24.5 billion) takeover of Dutch peer AkzoNobel . MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-pipeline-keystone-transcanada-idUSKBN16V1CN'|'2017-03-24T19:18:00.000+03:00'
'97999bb3140ed82e44500d95a39afb493d678642'|'U.S. drillers add most rigs in a week since January -Baker Hughes'|'Commodities   1:13pm EDT U.S. drillers add most rigs in a week since January: Baker Hughes U.S. drillers added oil rigs for a tenth week in a row, doubling the rig count in a ten-month recovery as energy companies boost spending on new production to take advantage of a recovery in crude prices. Drillers added 21 oil rigs in the week to March 24, the biggest weekly increase since the week to Jan. 20, bringing the total count up to 652, up from a six-year low of 316 in May, energy services firm Baker Hughes Inc said on Friday. During the same week a year ago, there were 372 active oil rigs. That rig count increase came despite a collapse in U.S. crude futures over the past two weeks down to levels seen when the Organization of the Petroleum Exporting Countries (OPEC) agreed to cut production on Nov. 30. U.S. crude futures steadied around $48 a barrel on Friday as rising domestic production and inventories offset hopes OPEC output cuts were beginning to balance the global glut. [O/R] U.S. crude inventories have been growing since the start of the year and hit a fresh record high last week as steadily rising production climbed to over 9.1 million barrels per day. Production was projected to rise from an average of 8.9 million bpd in 2016 to 9.2 million bpd in 2017 and a record high of 9.6 million bpd in 2018, according to federal energy data. [EIA/S] Even though U.S. shale producers were drilling at the highest rate in 18 months, they have left a record number of wells unfinished in the Permian basin, the largest oilfield in the country, a sign that output may not rise as swiftly as drilling activity would indicate. Since crude prices first topped $50 a barrel in May after recovering from 13-year lows in February 2016, drillers have added a total of 336 oil rigs in 39 of the past 43 weeks, the biggest recovery in rigs since a global oil glut crushed the market over two years starting in mid 2014. Baker Hughes oil rig count plunged from a record 1,609 in October 2014 to 316 in May 2016 as U.S. crude collapsed from over $107 in June 2014 to near $26 in February 2016. Analysts projected U.S. energy firms would boost spending on drilling and pump more oil and natural gas from shale fields in coming years with energy prices expected to climb higher. Futures for the balance of 2017 were trading about $49 a barrel, while calendar 2018 was fetching around $50 a barrel. Analysts at Simmons & Co, energy specialists at U.S. investment bank Piper Jaffray, this week forecast the total oil and gas rig count would average 831 in 2017, 953 in 2018 and 1,064 in 2019. Most wells produce both oil and gas. That compares with an average of 736 so far in 2017, 509 in 2016 and 978 in 2015, according to Baker Hughes data. Analysts at U.S. financial services firm Cowen & Co said in a note this week that its capital expenditure tracking showed 57 exploration and production (E&P) companies planned to increase spending by an average of 50 percent in 2017 over 2016. That expected spending increase in 2017 followed an estimated 48 percent decline in 2016 and a 34 percent decline in 2015, Cowen said according to the 64 E&P companies it tracks. (Reporting by Scott DiSavino; Editing by Marguerita Choy) Next In Commodities All drill, no frack: U.S. shale leaves thousands of wells unfinished NEW YORK U.S. shale producers are drilling at the highest rate in 18 months but have left a record number of wells unfinished in the largest oilfield in the country – a sign that output may not rise as swiftly as drilling activity would indicate. NEW YORK Oil was little changed in thin trade on Friday, but prices remained on track for weekly losses of about 2 percent as concerns persisted over an excess of crude.  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-rigs-baker-hughes-idUSKBN16V2BU'|'2017-03-25T01:07:00.000+03:00'
'bf5dd7b8c6377e5ff8550f2335835885f8522cbd'|'British engineer Smiths posts higher first-half profit, reaffirms FY outlook'|'  7:37am GMT British engineer Smiths posts higher first-half profit, reaffirms FY outlook British engineering firm Smiths Group ( SMIN.L ) stuck to its full-year outlook as growth in its detection unit, which makes security sensors, offset declines in other areas of its business and boosted first-half profit. The diversified supplier of hospital equipment, industrial services and sensors to detect explosives, said headline operating profit rose 27 percent to 277 million pounds ($346 million) in the six months ended Jan. 31. On an underlying basis, profit rose 8 percent. Six-month headline revenue grew 18 percent to 1.62 billion pounds, Smiths said, adding that it was flat on an underlying basis, in-line with expectations. "Overall, the outlook for 2017 is unchanged," Chief Executive Andy Reynolds Smith said in a statement. (Reporting by Esha Vaish in Bengaluru; Editing by Amrutha Gayathri) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-smiths-group-results-idUKKBN16V0R5'|'2017-03-24T15:37:00.000+03:00'
'ae438ad7ad98740531e30615328105fa68c5a6b6'|'Credit Suisse says CEO Thiam paid 11.9 million Sfr in 2016'|'Business News - Fri Mar 24, 2017 - 6:48am GMT Credit Suisse says CEO Thiam paid 11.9 million Sfr in 2016 CEO Tidjane Thiam (R) of Swiss bank Credit Suisse awaits a news conference to present the bank''s halfyear results in Zurich, Switzerland July 28, 2016. REUTERS/Arnd Wiegmann ZURICH Credit Suisse ( CSGN.S ) Chief Executive Tidjane Thiam received 11.9 million Swiss francs (9.58 million pounds) in 2016, Switzerland''s second-biggest bank disclosed in its annual report on Friday. This compared to the 4.57 million francs he earned in 2015 after joining Credit Suisse on June 22. UBS Chief Executive Sergio Ermotti received 13.7 million francs for 2016. Zurich-based Credit Suisse also said it had reached a settlement in principle to resolve a residential mortgage-backed securities (RMBS) case with the National Credit Union Administration Board (NCUA), deepening its 2016 net loss to 2.71 billion francs from 2.44 billion. (Reporting by Joshua Franklin)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-credit-suisse-gp-ceo-salary-idUKKBN16V0OB'|'2017-03-24T14:48:00.000+03:00'
'd6c2e5fba13ec3287dd851c6bc414fe618840e0a'|'All drill, no frack: U.S. shale leaves thousands of wells unfinished'|'Commodities - Fri Mar 24, 2017 - 1:22am EDT All drill, no frack: U.S. shale leaves thousands of wells unfinished FILE PHOTO -- A pump jack stands idle in Dewitt County, Texas January 13, 2016. REUTERS/Anna Driver/File Photo By Devika Krishna Kumar - NEW YORK NEW YORK U.S. shale producers are drilling at the highest rate in 18 months but have left a record number of wells unfinished in the largest oilfield in the country – a sign that output may not rise as swiftly as drilling activity would indicate. Rising U.S. shale output has rattled OPEC''s most influential exporter Saudi Arabia and pushed oil prices to a near four-month low on Wednesday. U.S. production gains are frustrating Saudi-led attempts by the world''s top oil exporters to cut supply, drain record-high inventories and lift prices. Investors watch data on the number of rigs deployed in North American oil and gas fields as a leading indicator for output. But the rising rig count and frenetic drilling activity in the Permian Basin in West Texas is not all about pumping oil. [RIG/U] During the 2014-2016 downturn in global oil prices, the number of wells left incomplete grew as companies shut down rigs, laid off workers and retreated from the fields. When prices picked up, operators were expected to pump the oil from those incomplete wells before spending money on drilling new ones. Instead, the number of incomplete wells has risen. A record 1,764 wells were left unfinished in the Permian in February, according to U.S. government data going back to December 2013. In February alone, 395 wells were drilled and only 300 completed. That was the highest drilling rate in the Permian in two years. The surprise surge in unfinished wells indicates that investors, traders and oil market players may need to reinterpret rig count data. "You would now be looking at the number of wells drilled and the uncompleted wells and not necessarily the rig count," said Bruce Bullock, director of the Maguire Energy Institute at Southern Methodist University in Dallas. Reuters interviews with more than a dozen well completion service providers, oil and gas lawyers and industry experts show that some operators are drilling because their leases require them to do so within a specified time limit to keep their leases. But they may not be required to actually pump the oil immediately after they have drilled the hole. For a graphic on the number of incomplete wells, click: tmsnrt.rs/2mYJlgN To complete a well, shale producers stuff the hole with sand, water and chemicals at high pressure until the rock fractures and releases the oil contained in its pores. There is typically a lag of a few months between drilling and completion in government data, so some of the increase in unfinished wells can be explained by rising activity. Some leases do require firms to produce a minimum volume of oil. On those leases, many firms will frack one well and leave others incomplete. That allows them to meet their contracts with land holders but gives them flexibility to come back and pump the oil later. LEASE VALUES JUMP The value of land in the Permian has rocketed as oil prices recovered to around $50 a barrel, so oil firms are now scrambling to do the required drilling to keep leases they had left dormant. "During the period where we had the downturn in price, there were a lot of leases that were in danger of being lost ... they had to drill a well to maintain it," said Michael Stoltz, an attorney who represents energy firms in Texas for Stubbeman, McRae, Sealy, Laughlin & Browder Inc. A new lease could cost the operator as much as five times more than a few years ago, said Joe Dancy, an oil and gas lawyer, who helps negotiations on such deals. Drilling costs are also on the rise, adding to the rush by producers trying to stay ahead of price inflation. Fracking is more expensive than drilling and is time consuming. As much as 70 percent of well completion costs are tied to fracking, while 30 percent is for drilling, experts say. Fracking crews are in short supply, which is another reason that oil firms have delayed completion. As activity has picked up in the Permian, the labor market has tightened. Many oil workers found jobs elsewhere during the downturn, so rebuilding the workforce is taking time. "There were a number of completions that were originally scheduled in first quarter and you''ve seen those slide to Q2 and that''s really being driven by ... access to service crews and things like that," said Tom Stoelk, the CFO and interim CEO of Northern Oil & Gas Inc ( NOG.A ), a producer focused on the Williston Basin in North Dakota and Montana. MORE INVENTORIES The number of incomplete wells could complicate OPEC''s attempt to balance markets, as they could be completed relatively quickly if the oil price rises. Saudi Arabia is targeting a $60 per barrel price, and that could trigger those well completions and bring a new wave of supply to the market. If all the incomplete wells in the Permian pump instantaneously, output from the field could jump as much as 300,000 barrels per day (bpd), according to consultancy Wood Mackenzie. In February, the field accounted for about 2.1 million bpd, or about 23 percent of total U.S. crude output of about 9 million bpd, according to U.S. government data. LOCKING IN LEASES AND COSTS Landowners lease their land to energy companies for an upfront lump sum or signing bonus and subsequent royalty payments. A standard lease lasts three years, with an option to extend for another two years, said sources who work with companies on such agreements. Leases vary greatly. Some require drilling but no production, others require production, and some require a well every six months. None of them require firms to complete all the wells they drill. Continental Resources Inc ( CLR.N ), which has about 185 such drilled but uncompleted wells (DUCs) in the Bakken in North Dakota, says that innovation during the downturn meant it could now complete those wells more cost efficiently. "We''re glad we saved all those wells," CEO Harold Hamm said at an industry conference this month. (Additional reporting by Ernest Scheyder in Houston and Swetha Gopinath in Bengaluru; Editing by Simon Webb and Paul Thomasch) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-shale-insight-idUSKBN16V0IL'|'2017-03-24T13:22:00.000+03:00'
'0312f58bc5585e9312ca1e5a1e292b6a6e0c644d'|'UPDATE 1-Canada''s Saskatchewan province reviews pipeline rules after Husky spill'|' 18pm EDT UPDATE 1-Canada''s Saskatchewan province reviews pipeline rules after Husky spill (Adds Husky comment, paragraph 9) By Rod Nickel WINNIPEG, Manitoba, March 23 The western Canadian province of Saskatchewan will review regulations and engineering standards for pipelines around bodies of water following a Husky Energy Inc oil spill last year into a major river. Husky''s July 2016 spill into the North Saskatchewan River forced the cities of Prince Albert and North Battleford to find alternative temporary sources of drinking water. In total, 225 cubic meters of oil blended with distillates leaked, with 60 percent contained on land, Saskatchewan''s ministry of economy said on Thursday. “Since the Husky spill in July, we’ve recognized that we need to do better when it comes to preventing incidents,” Energy and Resources Minister Dustin Duncan said in a statement. Pipeline safety is a sensitive issue in Canada, where Prime Minister Justin Trudeau''s government in November approved a new Kinder Morgan Inc pipeline. Pipelines are viewed by the oil-rich provinces of Alberta and Saskatchewan as critical to move crude oil, but they have drawn fierce opposition from environmental and indigenous groups. On Monday, the Alberta Energy Regulator said it was responding to a Husky crude oil spill in that province. Saskatchewan''s economy ministry said the province would strengthen regulatory standards for pipelines around water to deal with risks such as slope movement. It will also review the design of existing pipelines near water. The Husky pipeline that leaked was built in 1997. The government concluded that a buckle in the pipeline cracked and caused the spill due to ground movement on a slope of land over many years, mirroring the company''s earlier conclusion. "Husky accepts full responsibility and is using what we’ve learned from this incident to improve our systems and operating procedures," company spokesman Mel Duvall said in an email. The findings will be reviewed by Saskatchewan justice officials for possible charges against Husky, government spokeswoman Karen Hill said. In its 2017/18 budget, released on Wednesday, Saskatchewan said it would hire more inspectors for the oil and gas industry. (Reporting by Rod Nickel in Winnipeg, Manitoba; Editing by Andrew Hay and Dan Grebler)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/pipeline-operations-husky-idUSL2N1H022G'|'2017-03-24T05:18:00.000+03:00'
'432a61a88222d283497305be45fd8375e4462aad'|'UPDATE 1-Co-op in talks with multiple bidders but break-up seen inevitable- sources'|'* Bidders keen to pick assets rather than full takeover - sources* Virgin Money, OneSavings Bank among industry bidders - sources* Cerberus, Apollo among investors eyeing assets - sources (Adds details on bidders, context)By Pamela Barbaglia and Rahul BMarch 24 Britain''s Co-operative Bank said on Friday its ongoing sales process has drawn interest from multiple bidders after the ailing British lender put itself up for sale in February.Sources close to the process told Reuters that most bidders are interested in specific assets only as they see little value in buying the whole group. Others like Spain''s Banco Sabadell have ruled out making a move for Co-op.The lender, which has four million customers, urgently needs to raise capital to avoid the risk of being wound down. It has not made a profit since 2011 and needs to repay 400 million pounds worth of bonds that mature in September.On Feb. 13 it announced plans to find a new owner after it struggled to meet regulatory capital requirements.Its advisers Bank of America and UBS have asked interested parties to submit non-binding offers ahead of a deadline of Apr. 3, one of the sources said.The bidding field includes rival lender Virgin Money as well as private equity-backed OneSavings Bank, which is held by JC Flowers, the sources said.A spokesman at Virgin Money declined to comment, while OneSavings Bank could not immediately be reached.A plethora of investment firms have set their sights on Co-op''s bad debt and are hoping for a break-up of the Manchester-based lender into a good and bad bank.These investors, often dubbed "vulture funds", include Cerberus, Fortress and Apollo among others, the sources said.Cerberus declined to comment while representatives at Fortress and Apollo were not immediately available for comment.Co-Op Bank, rescued from the brink of collapse by a group of hedge funds in 2013, said it would provide additional information to selected parties to proceed with their offers.But sources said there''s lukewarm interest in buying the whole bank and bidders are fairly confident that the ailing lender will be chopped up and sold in pieces."The upcoming round of bids is irrelevant because no one will come close to matching price expectations," one of the sources said. "A break-up of the bank is inevitable."The bank, which is being closely watched by UK regulators, said it would continue to negotiate an equity raising plan from existing and new capital providers as an alternative to the sale process.It expects to make a "significant loss" for last year despite making progress in implementing a turnaround plan and cutting its cost base by a fifth since 2014. (Additional reporting by Lawrence White; Editing by Susan Thomas and Elaine Hardcastle)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/co-operativ-bank-sale-idINL5N1H11W5'|'2017-03-24T11:35:00.000+03:00'
'cabe9c551ada856696a5b45b66520c1b3dea6206'|'Wall St Week Ahead-Bull market not dead as tax reform takes spotlight'|'Company News - Fri Mar 24, 2017 - 7:20pm EDT Wall St Week Ahead-Bull market not dead as tax reform takes spotlight By Rodrigo Campos and Chuck Mikolajczak - NEW YORK, March 24 NEW YORK, March 24 The death of the Republican healthcare reform may not prove to be the knife to the heart of the bull market some had feared, but to keep the Trump Trade alive investors should temper expectations for the breadth of expected tax cuts. Anxiety over prospects for the healthcare bill gave stocks their largest weekly drop since the November presidential election. But its failure to pass could also force the Trump administration to come up with a palatable tax reform that could deliver this year some of the stimulus Wall Street has rallied on. The S&P 500 rose as much as 12 percent since the surprise Nov. 8 election win President Donald Trump, mostly on bets that lower taxes, deregulation and fiscal stimulus would boost economic growth and corporate earnings. As he acknowledged defeat for the healthcare bill, Trump said Republicans would likely pivot to tax reform. Bets on that shift in focus were seen in stocks late on Friday, as the market cut its day losses when news of the health bill being pulled emerged. "The market believes it raises the probability of a tax cut later this year since Trump is showing more strategic behavior. (It) puts the market a little more at ease," said Paul Zemsky, chief investment officer of multi-asset strategies and solutions at Voya Investment Management in New York. On the campaign trail Trump promised to lower the corporate tax to 15 percent. In order to make the tax reform revenue-neutral, and agreeable to the most money-sensitive wing of his party, his administration counted on savings from the health bill that will no longer materialize. "If we want to get something passed by the August break, it’s going to look a lot like tax reform light,” said Art Hogan, chief market strategist at Wunderlich Securities in New York. "If we settle somewhere between the 25-30 percent corporate tax rate, that is far from the 15 percent offered in the campaign trail and the 20 percent currently in the House plan, (and) I think that’s where we end up." Softer cuts in corporate taxes leave stocks vulnerable after a rally on hopes for more, he said. "It’s not a negative, it’s just not the positive the market had priced in." Aside from Trump''s pro-growth agenda some investors have pointed to an improving global economy and expectations for double-digit growth in corporate earnings as support for the lofty valuations in stocks. "The evidence suggests to me that there is some Trump fairy dust sprinkled on this rally. That said, the underlying fundamentals do look better," said Alan Gayle, director of asset allocation at RidgeWorth Investments in Atlanta, Georgia. A survey on Friday showed Germany''s private sector grew at the fastest pace in nearly six years in March, suggesting an acceleration in growth for Europe''s largest economy in the first quarter. Stocks could also turn to earnings to justify their price. First quarter earnings are expected to grow by more than 10 percent, according to Thomson Reuters data. In another sign of investor bullishness, February''s reading on consumer confidence touched its highest level since July 2001. If earnings fail to deliver double-digit growth, stocks could again be seen as too expensive. At $18 per dollar of expected earnings over the next 12 months, investors are paying near the most since 2004 for the S&P 500. "The advance we’ve had and the large spike in confidence, the expectations on the economy and earnings expectations - we continue to believe it is too high," said Julian Emanuel, executive director of U.S. equity and derivatives strategy at UBS Securities in New York. (Additional reporting by Lewis Krauskopf; Editing by Cynthia Osterman) Next In Company News UPDATE 2-Judge finds UPS liable to New York over cigarette shipments NEW YORK, March 24 A federal judge on Friday held United Parcel Service Inc liable for having illegally shipped hundreds of thousands of cartons of untaxed cigarettes in New York, depriving the state and New York City of millions of dollars of taxes. NEW YORK, March 24 American International Group Inc executives have been meeting with investors and analysts to build confidence in the insurer and its turnaround plan amid uncertainty over a replacement for outgoing Chief Executive Officer Peter Hancock. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-weekahead-idUSL2N1H11OT'|'2017-03-25T07:20:00.000+03:00'
'024b9c260275c4d499a45efc159522842d4f4439'|'Brazil''s BM&FBovespa to release new guidance after Cetip takeover'|'SAO PAULO, March 23 BM&FBovespa SA, which has received Brazil regulatory clearance to take over a rival clearinghouse, will issue new operational targets for this year, discontinuing prior guidance as a standalone company.In a Thursday securities filing, Chief Financial Officer Daniel Sonder said BM&FBovespa sees about 100 million reais in cost savings stemming from the integration of Cetip SA Mercados Organizados on a recurring basis within three years. (Reporting by Guillermo Parra-Bernal)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/bmf-bovespa-outlook-idINL2N1H028O'|'2017-03-23T19:03:00.000+02:00'
'8864f8455b3ec643e0a3d2c053b364703913849f'|'Chinese court rules in favour of Apple in local design patent disputes'|'  2:49pm GMT Chinese court rules in favour of Apple in local design patent disputes A man holds Apple smartphone outside an Apple store in Beijing, China, September 16, 2016. REUTERS/Thomas Peter BEIJING A Chinese court has ruled in favour of Apple ( AAPL.O ) in design patent disputes between the Cupertino, California company and a domestic phone-maker, overturning a ban on selling iPhone 6 and iPhone 6 Plus phones in China, Xinhua news agency reported. Last May, a Beijing patent regulator ordered Apple''s Chinese subsidiary and a local retailer Zoomflight to stop selling the iPhones after Shenzhen Baili Marketing Services lodged a complaint, claiming that the patent for the design of its mobile phone 100c was being infringed by the iPhone sales. Apple and Zoomflight took the Beijing Intellectual Property Office''s ban to court. The Beijing Intellectual Property Court on Friday revoked the ban, saying Apple and Zoomflight did not violate Shenzhen Baili''s design patent for 100c phones. The court ruled that the regulator did not follow due procedures in ordering the ban while there was no sufficient proof to claim the designs constituted a violation of intellectual property rights. Representatives of Beijing Intellectual Property Office and Shenzhen Baili said they would take time to decide whether to appeal the ruling, according to Xinhua. In a related ruling, the same court denied a request by Apple to demand stripping Shenzhen Baili of its design patent for 100c phones. Apple first filed the request to the Patent Reexamination Board of State Intellectual Property Office. The board rejected the request, but Apple lodged a lawsuit against the rejection. The Beijing Intellectual Property Court on Friday ruled to maintain the board''s decision. It is unclear if Apple will appeal. (Reporting by Ryan Woo, editing by David Evans)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-apple-china-idUKKBN16W0KX'|'2017-03-25T22:49:00.000+03:00'
'53eb70380ba2aa5e980d755bbc184ab56e15bd17'|'Ireland finance ministry appoints bookrunners for AIB IPO'|'Ireland''s finance ministry said on Thursday it has appointed five banks to act as bookrunners for a potential share sale of state-owned Allied Irish Banks ( ALBK.I ), in a further signal it could launch an initial public offering in the coming weeks.In January, finance minister Michael Noonan raised the possibility that the government could try to return part of the bank to private ownership as early as May as markets improve.The government said on Thursday that Citigroup ( C.N ), Goldman Sachs ( GS.N ), Goodbody Stockbrokers, JPMorgan ( JPM.N ) and UBS ( UBSG.S ) have now been appointed as bookrunners for a potential sale.They will join Bank of America Merrill Lynch ( BAC.N ), Deutsche Bank ( DBKGn.DE ) and Davy Stockbrokers who were appointed as global coordinators in December.Last year, Ireland pushed back the timetable for selling its stake, citing unfavorable market conditions, but Noonan has said rising bank share prices suggest he might get the value needed.The 99.9 percent state-owned bank became the first domestic-owned Irish lender to restart dividends since the financial crash almost a decade ago, when it proposed a 250 million euro payment earlier this month after reporting strong margin and capital growth during 2016.(Reporting by Rachel Armstrong; editing by Carolyn Cohn)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-aib-ipo-bookrunners-idUSKBN16U2JB'|'2017-03-23T21:03:00.000+02:00'
'7bdacd641100cd6ae0f3ab268262dd44c4978cc3'|'New £1 coin: Tesco to unlock every trolley as it misses deadline - Money'|'Every supermarket trolley at Tesco – estimated to number hundreds of thousands – are to be unlocked after the grocery giant revealed it has not converted all its carts in time for the launch of the 12-sided £1 coin on Tuesday.A Tesco spokesperson said: “We’re replacing the locks on our trolleys to accept old and new pound coins as well as existing trolley tokens. We will unlock all our trolleys while this process takes place so customers will not be affected by the changes.”Councils across the country are already dealing with a surge in abandoned carts discarded on streets and canals following the introduction of the plastic bag tax, as some shoppers take trolleys home rather than pay the charge. The unlocking of Tesco’s trolleys at its 2,500 stores across the UK could provoke a fresh surge of trolley abuse, with shoppers having no financial incentive to return them. How much will the new £1 coin cost the UK? Read more Other supermarket groups contacted by the Guardian, including Sainsbury’s, Asda, Morrisons, Aldi and Lidl, said their trolleys are fully converted. The new £1 coin could also pose serious problems for drivers, with an estimated one in ten meters and parking machines around Britain not yet ready. KitKat chaos also looms, with 15% of Britain’s 500,000 vending machines unable to accept the new coin, despite the industry spending £32m to upgrade machines. However, all parking meters and vending machines will continue to accept the old £1 coins until they are withdrawn from circulation and cease to be legal tender on 15 October. Jonathan Hart of the Automatic Vending Association said: “On 28 March, when the new £1 coin goes into circulation, we estimate that 85% of machines will be able to accept the new £1 coin while all will still accept the original £1 coin which remains in circulation until 15 October.“Vending engineers are working hard to complete the upgrades as fast as possible and prioritising vending machines that are most visible to the public, such as those on retail sites,” he said.Dave Smith of the British Parking Association said some parking meters are more than 20 years old and are still waiting to be converted or replaced. “The majority will be updated in time for the launch of the new £1 coin, but a few of the older ones cannot be converted. It will be up to councils to replace them or go cashless.” Quids in: why it’s time to get rid of your £1 coins Read more He added that the changeover has been “a massive programme” but that around 10% of machines will not be fully readyDrivers should keep a mix of the old and new £1 coins in their cars while the changeover takes place, said Smith. The rollout of the new coins begins on 28 March, with the Royal Mint already distributing the first of the £1.5bn worth of coins to secret distribution centres around the UK. The switch has happened because the old round one has grown increasingly vulnerable to counterfeiters . The Royal Mint reckons one in 30 £1 coins is fake. “You should continue to spend any of the current £1 coins you carry as normal,” says the Mint. In fact, the public will be urged to spend their round pounds “as soon as possible” before 15 October, as they will be melted down to make the new coins. Families who have lots of £1 coins saved in a money box , jam jar or giant whisky bottle, should spend them or take them to a bank before 15 October. But the Mint says that after that deadline most high street banks will continue to allow people to pay round pounds into their account. The deadline for the withdrawal of the paper £5 note also looms in just six weeks’ time. The paper £5 note will cease to be legal tender status from 5 May. Despite the rise of the cashless society, coins remain popular and mintage figures are stable. There are nearly 29bn coins (of all denominations) in circulation in the UK, with a face value of more than £4bn. Topics Money Retail industry Supermarkets Motoring news  '|'theguardian.com'|'http://www.theguardian.com/business/tesco/rss'|'https://www.theguardian.com/money/2017/mar/24/new-1-pound-coin-tesco-unlock-every-trolley-misses-deadline'|'2017-03-24T21:37:00.000+03:00'
'cb90202d617298943fa5187576902f8ea306921a'|'BoE''s Vlieghe says inflation rise does not mean rate hike - The Times'|'  1:06am GMT BoE''s Vlieghe says inflation rise does not mean rate hike - The Times FILE PHOTO: City workers walk past the Bank of England in the City of London, Britain, March 29, 2016. REUTERS/Toby Melville/File Photo Bank of England policy maker Gertjan Vlieghe said a rise in inflation would not make him consider raising interest rates, The Times reported on Friday. Vlieghe told The Times inflationary pressure is the result of sterling''s devaluation and the consequent rise in prices of products such as fuel and food. ( bit.ly/2niweJB ) The dovish BoE member said that if "pass-through of exchange rate to inflation" is faster than the BoE''s estimate, it would mean that inflation may go higher to 3 percent or 3.5 percent. Vlieghe, however, also said that it meant inflation "might come down faster afterwards" as it is not obvious what the impact for the monetary policy will be or whether it will have any impact at all. (Reporting by Kanishka Singh in Bengaluru; Editing by Bill Rigby) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-boe-vlieghe-idUKKBN16V057'|'2017-03-24T09:06:00.000+03:00'
'72127710fe08b112b4052899cde02018909230cd'|'UPDATE 1-EU antitrust regulators clear $130 bln Dow, DuPont merger'|' 34am EDT UPDATE 1-EU antitrust regulators clear $130 bln Dow, DuPont merger (Updates with details) By Foo Yun Chee BRUSSELS, March 27 Dow Chemical and DuPont gained conditional EU antitrust approval on Monday for their $130 billion merger by agreeing to significant asset sales, one of a trio of mega mergers that will redraw the agrochemicals industry. The European Commission had been concerned that the merger of two of the biggest and oldest U.S. chemical producers would have few incentives to produce new herbicides and pesticides in the future. It said the asset sales would ensure competition in the sector and benefit European farmers and consumers. "We need effective competition in this sector so companies are pushed to develop products that are ever safer for people and better for the environment," European Competition Commissioner Margrethe Vestager said in a statement. "Our decision today ensures that the merger between Dow and DuPont does not reduce price competition for existing pesticides or innovation for safer and better products in the future." In return for the EU green light, DuPont will divest large parts of its global pesticides business, including its global research and development organisation. Dow in turn will sell two acid co-polymer manufacturing facilities in Spain and the United States, as well as a contract with a third party through which it buys ionomers. The company has already found a buyer South Korea''s SK Innovation . Antitrust experts said regulator''s demand to sell large swatches of R&D facilities could set the benchmark for future deals. Sources said last week that ChemChina''s $43 billion bid for Syngenta could be approved this week but the timing could slip. Bayer and Monsanto are set to ask for EU approval in the coming months. (Reporting by Foo Yun Chee, editing by Robin Emmott)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/du-pont-ma-dow-eu-idUSL5N1H42GE'|'2017-03-27T18:34:00.000+03:00'
'6a32a8b3d032976b6888202869afbc3949343361'|'Germany''s Knorr-Bremse could make further acquisitions'|'MUNICH German car parts maker Knorr-Bremse [STELLG.UL] could make further acquisitions worth around 500 million euros ($543 million) each, after making a bid for Sweden''s Haldex ( HLDX.ST ), the group''s chief executive told Reuters."We are not yet finished with the expansion and revamp of the company," Klaus Deller said in an interview on Monday, without providing details on possible targets.Knorr-Bremse has offered 5.53 billion Swedish crowns ($630 million) for Swedish brake systems maker Haldex but is still waiting for clearances from competition authorities.Deller said Knorr-Bremse had received positive feedback from the authorities and said he was convinced the takeover would largely be approved."Even if we had to divest some parts, it wouldn''t change the rationale," he said.(Reporting by Irene Preisinger; Writing by Maria Sheahan; Editing by Victoria Bryan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-haldex-ab-m-a-knorr-bremse-idINKBN16Y0YZ'|'2017-03-27T07:42:00.000+03:00'
'76767b3ba63b69b5ac7ff4dc1c872ead56d1e814'|'Dominion Diamond puts itself up for sale after $1.1 billion approach'|'Dominion Diamond Corp ( DDC.TO ) ( DDC.N ), the target of an unsolicited $1.1 billion approach by U.S. billionaire Dennis Washington, said on Monday that it will launch a formal sales process for the company, boosting the company''s share price.The stock rose 3.4 percent on market speculation that global miners including Rio Tinto ( RIO.L ) ( RIO.AX ) and Anglo American''s ( AAL.L ) De Beers unit may now enter the fray and make a bid for Dominion, the world''s third-largest diamond producer by value.Neither Rio, which is a partner of Dominion''s in the Diavik mine in northern Canada with a 60 percent stake, nor Anglo, immediately responded to a request for comment.A source close to Rio said last week that the diversified miner was not interested in selling its stake in Diavik, if Washington was interested in acquiring it.Dominion said earlier that it had formed a special committee to explore, review and evaluate a range of alternatives, including the sale of the company.Four company directors - Trudy Curran, David Smith, Josef Vejvoda and Chairman Jim Gowans - would sit on the committee.Dominion said on March 19 that it had considered and rebuffed a $13.50 a share takeover proposal from The Washington Companies as the terms to advance talks were unacceptable and the "opportunistic" bid undervalued the company.Montana-based Washington is a group of privately held North American mining, industrial and transportation businesses founded by Dennis Washington.M&G Investments, Dominion''s biggest shareholder with a stake of about 11 percent, told Reuters last week that in the wake of the Washington approach Dominion should run a formal sales process, opening its books to other potential suitors.Small Canadian producer Stornoway Diamond Corp ( SWY.TO ) has also held merger talks with Dominion in recent months, and one source told Reuters last week that those talks were ongoing.Analysts have also speculated that Russian diamond producer Alrosa and private equity players could be interested in Dominion, which owns the Ekati diamond mine in Canada''s Northwest Territories.Dominion''s stock was last up 3.4 percent at $13.15 on the New York Stock Exchange.(Reporting by John Benny in Bengaluru. Additional reporting by Nicole Mordant in Vancouver.; Editing by Sriraj Kalluvila and Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-dominion-diamond-m-a-strategic-option-idINKBN16Y138'|'2017-03-27T14:06:00.000+03:00'
'3c80a552adaded4bbe51e02705b114487e312168'|'Viagogo: who runs it and who owns it? - Money'|'The bosses Eric Baker is Viagogo’s charismatic but reclusive founder and chief executive. Born to a wealthy business dynasty in Los Angeles, he was educated at Harvard and Stanford, going on to co-found ticket resale business StubHub with classmate Jeff Fluhr.Fluhr, who owned more shares than his partner, parted company with Baker after the pair fell out, but both became multimillionaires when the company was sold to eBay for $307m (£246m) in 2007.Baker founded Viagogo as a European version of StubHub and moved to London, working out of an expensive apartment in Knightsbridge.One former employee, who worked with him closely, remembers a larger-than-life character: “He’s a very forceful American who says, ‘Let’s go make a billion dollars.’ He sees himself as a consumer champion.”Viagogo''s shady reputation grows as it shuns critics Read moreIn a series of videos on YouTube , the brash but funny entrepreneur can be seen recounting his success in business and advising students on how to follow suit.He owns the Viagogo network through a company called Pugnacious Endeavors, based in Delaware, the US state that is synonymous with financial secrecy.Bakeris rarely seen in public any more, especially since Viagogo started receiving heavy criticism for its practices.His right-hand man in the UK is Ed Parkinson. Far less is known about Parkinson, but he did make a series of television appearances in 2011 and 2012. In one interview with BBC London he was asked if self-regulation in the ticketing industry works. “Absolutely,” he replied.The investors Viagogo’s rapid growth has also attracted some well-known investors, among them the golden couple of tennis, Andre Agassi and Steffi Graf. The pair invested in 2009, taking part in a fund-raising that valued the business at $300m. It is likely to be worth much more than that today, meaning investors are sitting on huge gains. AgassiGraf Holdings , which houses the couple’s business and philanthropic interests, did not return requests for comment.Another major investor is Lord Jacob Rothschild, the Eton-educated member of the famous banking dynasty . He too declined a request for comment.Another major investor who did not want to discuss Viagogo is billionaire Bernard Arnault, chief executive of Louis Vuitton Moet Hennessy, the luxury brands company based in France.Venture capital group Index Ventures ploughed money into Viagogo, under the direction of investment guru Danny Rimer . Index did not return requests for comment. The team of investors is completed by Herbert Kloiber, chairman of German media group Tele Muenchen.Topics Ticket prices Travel & leisure Consumer affairs news '|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/money/2017/mar/24/viagogo-who-runs-it-and-who-owns-it'|'2017-03-25T02:03:00.000+03:00'
'd41400639fabee822510e1164dbb63be6741f417'|'LPC: Price cuts extend to lowest rated B3 US leveraged loans'|' 41am EDT LPC: Price cuts extend to lowest rated B3 US leveraged loans By Jonathan Schwarzberg - NEW YORK, March 24 NEW YORK, March 24 Low-rated US buyout loans are pricing with razor thin margins not seen since the financial crisis of 2008 as a dearth of new deals allows companies to dictate terms in a borrower’s market. B3-rated data center operator Cologix priced a US$300m seven-year first-lien term loan and a US$60m delayed draw term loan at 300bp over Libor on March 10 to help finance its buyout by private equity firm Stonepeak in addition to a $135m second-lien loan at 700bp over Libor. The deal is being seen as a new pricing benchmark for the credit rating, which is Moody’s lowest credit rating for a first lien loan. S&P rated the Cologix loan at B. The current round of price cutting, which started in mid 2016 and totaled US$208bn for this year on March 13, started with stronger credits but is now extending to lower-rated companies - which is making some investors nervous. B3 loans can price as high as 775bp to compensate investors for higher risk, as seen on a US$175m B3/B- loan for automotive supplier Diversified Machine Inc’s buyout in November 2011. The slump in pricing has erased the pricing differential between B3 credits and higher-rated B2 loans, which is leaving investors questioning why they would lend to riskier lower-rated loans. "A year ago you could build a portfolio with a spread of 375bp for B2 ratings,” said Farboud Tavangar, a founder of LCM Asset Management. “That 375bp is now really heading toward 275bp. If you were going to go to a B3 profile, you aren''t going to get much more spread, so you have to ask what you are getting for that additional risk." Cologix’s deal is yielding only around 4.15%, well below average levels. Primary yields on B3/B deals in the last three years have averaged 5.8% and 6.1% for B3/B- deals. The yield includes Libor or Libor floors, which generally adds about 75-100bp to coupons. Despite the slump in pricing, loans are currently valued close to historical averages, taking pricing, Libor and default rates into account, said Beth MacLean, executive vice president and bank loan portfolio manager at PIMCO. “If you look back in time - and especially when you factor in that we are in a very low default environment - we view the market today as pretty fair,” MacLean said. The asset class is still attractive to investors as leveraged loans are secured, unlike high-yield bonds, which have seen an even bigger pricing reduction that has closed the spread gap between the two instruments. The yield differential between leveraged loans and high-yield bonds climbed to 32bp from only 14bp on March 1, according to JP Morgan. The difference was 80bp in early November. “If you are only getting 25bp more yield, then the loan looks a lot better,” MacLean said. “You get just about the same yield with the protection of secured assets. If I can move up in the capital structure and only give up a bit of spread, that makes a lot of sense.” Before 2008, loans rated B3 by Moody’s or B/B- by S&P regularly priced at 300bp over Libor or below. Teen clothing retailer Claire’s Stores priced a US$1.45bn term loan in May 2007 at 275bp over Libor to support its buyout by private equity firm Apollo Group. Silicone based-products maker Momentive Performance Material went even lower and priced a US$525m term loan at 225bp over Libor in December 2006 to back is purchase by Apollo. B3 pricing soared after the credit crisis. Only one buyout loan has priced below 300bp since then - a US$1.085bn term loan backing third-party claim manager Sedgwick Claims Management Services’ acquisition by private equity firm KKR which priced at 275bp over Libor in 2014. At that time, investors were piling into loan funds as fears about increasing interest rates spurred demand amid more than a year of consecutive inflows. The Federal Reserve increased interest rates for the third time in March which is driving investors into the asset class again and prompted the rapid collapse in loan pricing. Loan funds have now seen inflows every week since August 2016 barring one week in November and inflows have averaged US$920.5m in the last four weeks. "I don''t think surprise is the right word,” said Tavangar, referring to the slump in pricing. “It reflects the fact that there is a lot of demand out there." (Reporting by Jonathan Schwarzberg; Editing By Tessa Walsh)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/loans-b3ratings-idUSL2N1H10QY'|'2017-03-24T23:41:00.000+03:00'
'810e94197a595674de2fc8bb772da3ca99aaebbe'|'Hedge fund firm Brevan Howard granted injunction to block Reuters story'|' 21pm GMT Hedge fund firm Brevan Howard granted injunction to block Reuters story LONDON Brevan Howard Asset Management, a British hedge fund firm, has been granted an injunction to prevent Reuters publishing a story it says is based on confidential information. A High Court judge ruled on Thursday after a private hearing that there were not sufficient grounds of public interest for the story to be published. "I found that the information in question was confidential and that the public interest in the maintenance of confidentiality outweighed the public interest in disclosure," judge Andrew Popplewell said in a statement issued on Friday. He added that he would provide fuller reasons for the judgement in the near future. A Reuters spokeswoman said: "Our objective is to publish news and information which is in the public interest, which we believe outweighs the confidentiality concerns put forward in this matter. "We are therefore deeply disappointed by this ruling and are reviewing the court''s decision." A spokesman for Brevan Howard said the firm "highly values its ability to engage with its investor base on a candid and confidential basis". "In order to protect the integrity of its communications, the firm successfully sought and obtained an injunction to restrain the use of a report based on confidential information made available to investors that was obtained by Reuters in breach of confidence," it added in a statement. Under Britain''s legal system, individuals and companies can file for privacy or confidentiality injunctions to try to stop the media publishing information that they say is confidential. Reuters news agency is part of the Thomson Reuters media and information group. (Reporting by Rachel Armstrong; Editing by Pravin Char)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-brevan-howard-injunction-idUKKBN16V1OQ'|'2017-03-24T21:21:00.000+03:00'
'eb4a77d2930c20b1dd47a1400fe918d0c2223715'|'Letter to my younger self: believe in your own quirky vision - Guardian Small Business Network'|'Bonjour Laure,You’re 25, chatting with friends, when one will predict you’ll start your own business one day. You’ll scoff at the idea. That can’t be right. Your own business? You wouldn’t know where to start. You don’t even know where you fit in, a lot of the time.Before that happens, you will build a career that’s really varied. An office job in Lyon; training polo ponies in Paris; market research in China; selling cakes at Maison Blanc – your first role in the UK, which you move to on a whim. You’ll create marketing campaigns. You’ll manage a startup French deli in Guildford. You’ll head web teams for a global insurance firm. Let life lead you. Learn. Store knowledge, experiences and skills. Make the most of every day. It’s all building a bigger picture you can’t quite see yet. After you have two children, you’ll make a hard phone call to your boss. You’re in your best and biggest job yet but it’s making family life crack at the seams. And you want to show your kids that if you have a dream, you should make it happen. Letter to my younger self: what would you do if you couldn''t fail? Read more Your passion is patisserie and chocolate. You’ll set up your own bespoke cake business in West Sussex, where you live. Your kids will call it Pudding Fairy. You feel so lucky to do what you love for a living (even if you’re not quite living off the proceeds yet). It’s exhilarating. But three weeks on, you’re standing in your kitchen, pulling your hair out in front of a half-finished fondant toadstool that you’ve been commissioned to make for someone’s birthday. It’s a lovely cake. So why do you feel so stuck and frustrated, wondering if you should have stuck with your previous job? You’ve done your market research. You know people want fondant cakes in the UK. Not dainty French-inspired patisserie and pretty chocolate work, like where you come from near Lyon. So that’s what you make, following everyone else. But the truth is, you dislike fondant so much. You think it tastes sweet. You don’t like working with it at all. But you believe it’s more important to focus on what customers want than trust your inner instinct and your own creativity. On the toadstool day, you will have had enough. You’ll decide it will be your last ever fondant cake. And you’ll worry you’ll never be asked to make a bespoke cake again.You tentatively pitch your first real design idea to a customer. And they say yes. As does another. But you lack the confidence to really push something different. Sales are slow – less than £300 a month – and your savings are plummeting. You worry you’ll have to go back to the fondant cakes, or work for someone else. Worse, your kids will realise dreams don’t come true. But you are about to meet someone who will unlock your business puzzle. You will rope in your cousin to take part in the first Great British Bake Off spin-off, Bake Off: Crème de la Crème. It’s another “why not” moment of yours. Cherish Finden is one of the stern-looking judges and will become an inspiration; a mentor. Cherish’s creations are unique. She loves working with chocolate, studied art, and sees patisserie as an art too. She follows no obvious market trends, Pinterest boards or Pantone shades. Her chocolate displays are out of this world, including a huge 3D chocolate steam train for Christmas, with chocolate wagons and presents. Her creations are colourful and fun. But she also uses classic techniques and recipes. And precision. This will be the moment you’ll look up and think: “Yes”. You don’t have to follow anyone. You can nurture your own quirky style and be successful. Meeting her will give that boost of confidence you needed to believe in yourself. Eighteen months after you meet her, customers will come to you specifically because they love your style and your chocolate work. They will describe your cakes as works of art. There are times you will still worry about cashflow and growing your business, but have patience. Rome wasn’t built in a day. Whenever your vision crumbles a little, just take another look at that chocolate train to get right back on track. Keep letting life take you where it wants to. It will all fall into place. Carpe Diem.LaureLaure Moyle is the founder of Pudding Factory . Are you an entrepreneur who would like to write a letter to your younger self? Email us at smallbusinessnetwork@theguardian.com to take part in this series. Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox. Topics Guardian Small Business Network Entrepreneurs Cake   Share   Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/small-business-network/2017/mar/25/letter-to-my-younger-self-believe-quirky-vision-pudding-fairy'|'2017-03-25T17:00:00.000+03:00'
'5e7d0b921a490c43ba471d8f3d967e5d747df04e'|'Old Mutual sells U.S. fund arm stake to China''s HNA'|' 02am EDT Old Mutual sells U.S. fund arm stake to China''s HNA LONDON, March 26 Anglo-South African financial services firm Old Mutual said it has sold a 25 percent stake in its U.S. fund management arm to China''s HNA for $446 million, as part of its plan to split itself into four companies. Old Mutual, which says regulatory change has made its business too complex to run in its current form, is aiming to break into four parts by the end of next year. It has said it plans to dual-list its UK asset management and African emerging markets businesses in London and Johannesburg and reduce stakes in U.S. firm Old Mutual Asset Management (OMAM) and South Africa''s Nedbank. It had already started cutting its stake in OMAM. The sale to HNA Capital US, part of conglomerate HNA''s financial services unit, cuts Old Mutual''s remaining stake in OMAM to 26 percent, the firm said in a statement late on Saturday. HNA has been building up stakes in a series of companies across Europe and the United States. It is now the third biggest shareholder in Deutsche Bank, raising its stake last week to 4.76 percent. The two-stage OMAM deal involves the sale to HNA of a 10 percent tranche at $15.30 per share and 15 percent tranche at $15.75 per share, at an approximate $1 premium to Friday''s closing price. Two HNA Capital US directors are expected to join OMAM''s board, replacing Old Mutual directors, Old Mutual said. (Reporting by Carolyn Cohn and Rachel Armstrong; Editing by Elaine Hardcastle)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/oldmutual-ma-hna-idUSL5N1H30EK'|'2017-03-26T19:02:00.000+03:00'
'7f5b3d7ac5de514fc2c7bd6560fd2a1879e29c88'|'Hershey and its trust tap new board members'|'By Lauren Hirsch Hershey Co ( HSY.N ) and the trust that control it disclosed on Thursday they would fill positions on their respective boards following a year marked by an acquisition overture from Mondelez International Inc ( MDLZ.O ) and a series of resignations.Chocolate maker Hershey rejected a $23 billion bid last summer from Oreo cookie owner Mondelez, as the Hershey Trust, which can veto a deal, was embroiled in a row with its overseer that resulted in departures at the trust and Hershey''s board.The Hershey Trust is adding James Katzman, a retired Goldman Sachs Group Inc ( GS.N ) partner, to its ranks, bringing onboard a seasoned investment banking professional at a time when investors are speculating over whether Hershey would entertain a new offer in the near term following Mondelez''s approach.Also joining as Hershey trustees are Melissa Peeples-Fullmore, a Milton Hershey School alumnus and education professional, and Jan Loeffler Bergen, a trained social worker and chief executive officer of non-profit health provider Lancaster General Health.Hershey disclosed it was nominating two new members to its board, Diane Koken and James Brown, who also sit on the Hershey Trust board. Michele Buck became Hershey''s new CEO on March 1.The Hershey Trust was set up by Hershey founder Milton Hershey over a century ago to fund and run a school for underprivileged children. After being criticized by its overseer, the Pennsylvania attorney general, for poor governance and excessive expenses and compensation, it struck an accord that led to three board resignations last year.Two of the retiring Hershey Trust board members - Robert Cavanaugh and James E. Nevels - also held positions on the Hershey board and were not nominated for reelection this year. [L1N1A81UM]In its agreement with the attorney general, the Hershey Trust said it will use its "best effort" to increase board size to 13, up from nine at the time of the accord. With two more board members set to retire at the end of this year, that leaves a total of six potential slots left to be filled.The Hershey trust owns close to a third of Hershey, but the company accounts for more than two-thirds of its investment holdings.It put up Hershey up for sale in 2002, citing a need to diversify its investments. The process attracted a $12.5 billion offer by chewing gum maker Wm. Wrigley Jr. Co. But that deal was abandoned after the Pennsylvania attorney general successfully petitioned a court to block the offer amid opposition from the local community.(Reporting by Lauren Hirsch in New York; Editing by Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-hershey-trust-idINKBN16U36H'|'2017-03-23T20:26:00.000+02:00'
'4209a89ea618e413dc297617f8b2ee7ecaa875f5'|'Hard driving: Uber is facing the biggest crisis in its short history'|'AS A teenager, Travis Kalanick’s first job was to knock on strangers’ doors and sell them knives. Now he is trying to dodge the daggers aimed at him and at Uber, a ride-hailing firm that is the world’s most valuable startup. On March 19th Jeff Jones, the company’s president, stepped down after six months, declaring that “the beliefs and approach to leadership that have guided my career are inconsistent with what I saw and experienced at Uber.” At least six key executives and high-ranking employees have left in the past nine weeks. They include Uber’s head of mapping, a former head of self-driving car technology, and an artificial-intelligence (AI) expert who had been put in charge of the firm’s AI research lab only three months ago.Aggressive and unrelentingly ambitious, Mr Kalanick built his eight-year-old company into America’s largest privately owned technology firm by treading on the toes of different groups, including traditional taxi drivers, other tech companies and regulators. He pushed into new markets abroad and raised an unprecedented amount of capital, to the tune of around $12.5bn, including debt. The firm has a valuation of close to $70bn (see chart). 13 Yet a remarkable run of bad news for Mr Kalanick, combined with some setbacks for Uber itself, threatens to halt the firm’s momentum. “I have never seen someone have such a bad couple of months,” commiserates the boss of a large, public tech firm. Politics struck first: in January Mr Kalanick was widely criticised for serving on Donald Trump’s businessadvisory committee and for apparently intervening in a strike by taxi drivers opposed to Mr Trump’s ban on refugees. A campaign, called #DeleteUber, took off, encouraging users to stop using the Uber app.Then worries about Uber’s culture mounted. A former employee wrote a blog post on how Uber’s human-resources department failed to act on her sexual-harassment complaint. Next, an Uber driver filmed Mr Kalanick arguing with him about fare cuts and uploaded the material, including the boss lamenting that “some people don’t like to take responsibility for their own shit”. The latest embarrassment was the revelation that Uber had secretly designed and used a software feature, called Greyball, to evade city officials attempting sting operations to catch Uber drivers violating local regulations.Two questions face the company. One is whether Uber will continue prospering under Mr Kalanick’s leadership. Silicon Valley and its denizens may celebrate his type, but his public words and actions have made people close to the firm squirm. Bill Gurley, a venture capitalist and early Uber backer who sits on the board, is helping direct a search for a chief operating officer to keep Mr Kalanick in check and bring experience and discipline to the firm. It is certainly hard to keep on top of the firm’s growth: last year, its headcount doubled.If Mr Gurley and the rest of the board cannot find an experienced candidate willing to work with Mr Kalanick, calls for him to step down may grow louder. But that is his decision to take. Uber is a prominent example of founders’ power at fast-growing tech firms. On its own, Uber’s board does not have the clout to change the CEO, because of his super-voting shares and those of his co-founder, Garrett Camp: together they control a majority of the voting stock.The second question concerns Uber’s longer-term business prospects. One of the firm’s early-stage investors says that recent events have been a series of “body blows”, but he worries that there could be a “knockout blow” that would permanently damage Uber’s momentum. So far, he says, it looks as if Uber is merely bruised.From the start of the year to the first week in March, Uber’s market share in America has fallen from around 80% to 74%, according to 7Park Data, which tracks the industry. Lyft, a smaller ride-hailing firm, seems to have been the chief beneficiary. The dip in market share for Uber could reverse, though the firm is unlikely to grow as effortlessly as in the past. There is, at least, still plenty of room to expand at home. Only around 6% of American mobile-phone users hail a ride through Uber and Lyft once a month or more.Yet Uber’s enormous valuation also depends on the firm pulling off a harder task: dominating most markets for ride-hailing around the world. Fortunately, there is little evidence that Mr Kalanick’s antics have dented its prospects outside America. But the goal of worldwide dominion remains distant, even though no other private technology firm has ever spent so much money to gain a global foothold. It is competing against a strong competitor, Grab, in South-East Asia and was spending billions to compete against its Chinese rival, Didi, until it struck a deal last year to withdraw from the country in exchange for a 20% stake in that firm.Investors particularly want to see the ride-hailing giant reach profitability in developed markets. Its sales, of around $5.5bn in 2016, are growing rapidly, but it has to spend a lot in American cities where there are rival local firms such as Lyft and (smaller) ones such as Juno and Via. For every dollar that Lyft spends in subsidising fares, it costs Uber four times the amount to hold onto customers and drivers, because of its far larger size. Foreign expansion adds still more expense, and it is unclear whether the competition at home and abroad, which hurts Uber’s chance of becoming profitable, will ever ease up.There are other threats to watch out for. Uber’s performance depends on its software working smoothly and not being hit by outages, and this could suffer if more executives on the technical side leave. It may also struggle to hire talented engineers during this rough patch.Another looming problem is regulation. Later this year the European Court of Justice, the European Union’s highest court, will decide on whether Uber is a transport company or just a digital service; if it is judged to be the former, it will need to comply with stricter licensing, insurance and safety rules, lifting its costs significantly in Europe. Last week an American court upheld a law from Seattle allowing Uber drivers a vote to unionise. Other cities are expected to follow suit. A British court will soon need to rule on whether Uber has to pay value-added tax.As for Uber’s race to move away from human drivers to autonomous driving, obstacles lie ahead. In February Waymo, a self-driving car unit that is owned by Google’s parent company, sued Uber, claiming that former employees of Google had stolen some of Waymo’s proprietary technology when they set up their own autonomous-driving startup, Otto. Last year Uber bought Otto, which makes self-driving kit for lorries, for around $700m.Patent disputes are common in the tech industry and can take years to play out, but Waymo is being particularly aggressive. It has asked a judge to ban Uber’s use of its lidar technology, which uses lasers to scan a vehicle’s surroundings and is employed in self-driving cars. Uber may settle for a large sum, but the affair adds uncertainty.Some people close to Uber ask whether all the difficulties will force Mr Kalanick, who has said he never wants to take the firm public, to consider doing just that. It will now be far harder to raise money in the private markets at Uber’s stratospheric valuation. But it is possible to argue the opposite: Mr Kalanick will need the clouds of controversy to clear before going public.His company’s problems could occur at many startups, but the fact that they have all struck at once suggests its immaturity and a lack of professional management. Given the sums at stake and the blow to the prestige of many in Silicon Valley if Uber failed, there will be no shortage of pressure on Mr Kalanick to prove that he is the right person to stay at the wheel.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21719509-can-ride-hailing-giant-stay-fast-lane-uber-facing-biggest-crisis-its-short?fsrc=rss'|'2017-03-25T08:00:00.000+03:00'
'5a64c262cb13c4607119522a0975f52e81ed1855'|'MIDEAST STOCKS - Factors to watch - Mar 26 - Reuters'|'DUBAI, March 26 Here are some factors that may affect Middle East stock markets on Sunday. Reuters has not verified the press reports and does not vouch for their accuracy.INTERNATIONAL/REGIONAL* GLOBAL MARKETS-U.S. shares, dollar pare losses after healthcare bill pulled* MIDEAST STOCKS-Most Gulf bourses recover, Egypt rebounds as foreign funds buy* Oil rises in late trade, still down on the week as glut weighs* PRECIOUS-Gold rises for 2nd week as dollar hampered by healthcare vote* Middle East Crude-Steady; May trade tails off* U.S. confirms air strike in Mosul district where dozens were killed* Iraqi oil minister: market is decisive factor in possible cut extension* Saudi Arabia says London attacker not on security radar there* Syrian army pushing back insurgent offensive, military source says* Third plane bought under sanctions deal arrives in Iran* First tanker docks at Libya''s Es Sider terminal since oil port fighting - official* Push for trade with Turkey risks UK''s human rights reputation - lawmakers* U.S.''s Tillerson to visit Turkey as Raqqa operation heats up* Link seen between Russia and Libyan commander Haftar -U.S. general* Russia, Turkey, Iran must hold talks to stop Syria violence - UN* U.S. charges Lebanese businessman with sanctions busting* U.S. sanctions 30 firms, individuals for aiding Iran, N. Korea arms programs* INTERVIEW-Pakistan''s airline calls for government help in Gulf price war* Islamic finance aims for easier sukuk investment with proposed new standards* Israel ignores U.N. demand for end to settlement building -U.N.* Pro-Houthi court sentences Yemen president to death for treason* Decline of ancient trade route deepens Yemeni food crisisEGYPT* Four Egyptian soldiers killed by explosion in Sinai* Mubarak, Egypt''s toppled Pharaoh, is free after final charges dropped* Egyptian court suspends jail sentence against journalists* Egypt says resumes Brazilian meat imports* Creditors of Brazil''s Oi balk at revised debt restructuring plan* Explosion in Cairo suburb kills one, injures three - security sources* Egypt doubles ticket price on Cairo metro, angering commuters* A dozen Egyptian security personnel killed in Sinai fighting* Average yields fall on Egyptian six-month and one-year T-billsSAUDI ARABIA* Saudi Arabia faces $6 bln U.S. lawsuit by Sept. 11 insurers* Saudi bourse to start new settlement period, short-selling on April 23* RPT-COLUMN-Saudi Arabia tries to drain oil stocks while protecting customer relationships: Kemp* Saudi in ''serious discussions'' with NYSE for Aramco IPO listing -foreign min* EXCLUSIVE-Saudi exports to U.S. to fall by 300,000 bpd in March - official* BREAKINGVIEWS-Citi''s Saudi comeback hangs on friendly oil prices* BRIEF-DHL says to deliver 47 Bombardier train sets to Saudi Arabia for Riyadh''s new metro line* Saudi Aramco picks Samba Capital as local IPO adviser - sources* Saudi Aramco chooses hybrid sukuk structure for first debt issue* Saudi shipments to China up 5 pct in Feb vs Jan, remains top oil supplier* Saudi Arabia sees crude supply stable around 10 mln bpd - sources* Saudi pledges stable oil supply as market confused by dataUNITED ARAB EMIRATES* Greece gets three bids for Thessaloniki Port* MEDIA-Emaar Malls bid for Dubai''s Souq.com to challenge Amazon- Bloomberg* Dubai airport chief says electronics ban will have minimal impact on passenger numbers* Free WiFi and meditation as airlines grapple with laptop ban* UAE says surprised by U.S. laptop ban but will cooperate* Abu Dhabi''s Waha Capital seeking to invest in Saudi Arabia -chairman* Dubai Duty Free expects $2 mln sales hit from electronics ban* 1MDB-hit Swiss bank Falcon posts $130 mln loss for 2016QATAR* MEDIA-Barclays Qatar investigation said to be re-opened by U.K. FCA - Bloomberg* MEDIA-Qatar to move $100 bln portfolio to finance ministry- BloombergOMAN* Oman says it could cut crude exports by 15 pct from June for Sohar refinery -sourcesBAHRAIN* Young Bahraini dies after being shot outside Shi''ite leader''s house - activists* Bahrain sentences three to death for "terrorism", bomb attacks* Former AFP photographer released in Bahrain, agency says (Reporting by Dubai Newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mideast-factors-idINL5N1H20JU'|'2017-03-26T02:27:00.000+03:00'
'1417861bfaecc4bcc6a22e359154130956d23e82'|'M&A scrutiny dampens China lending'|'LONDON Chinese companies have completed only US$1.1bn of merger-and-acquisitions loans so far this year, as government efforts to curb capital outflows and "irrational" overseas takeovers have taken a toll on event-driven lending, Thomson Reuters LPC data shows.This year''s tally consists of only two relatively small loans, in sharp contrast to the first quarter of 2016, when 15 facilities totaling US$12.3bn were completed.One of the 2017 loans is a US$800m five-year facility for a Chinese consortium’s US$2.75bn purchase of Netherlands-based chipmaker NXP Semiconductors. The other is a US$282m five-year financing for state-owned food processing holding company Cofco’s [CNCOF.UL] buyout of Dutch grain trader Nidera.“Our deal flow has been limited and the loans we are working on are rather small as the regulators are strictly screening overseas acquisitions,” a senior M&A loan banker at a Chinese commercial bank said.The extra scrutiny is lengthening the time it takes for M&A deals and the loans backing them to close, bankers say.In the whole of last year, Chinese companies borrowed US$39.1bn through acquisition loans supporting 21 deals, helping fund a record US$222bn of outbound M&A deals as the borrowers doubled down on overseas expansion to offset the effect of renminbi depreciation.China’s State Administration of Foreign Exchange started vetting bank transfers of US$5m or more last November and increased its scrutiny of outbound acquisitions to stop capital flight.The clampdown has been effective. In the first quarter of 2017, Chinese companies announced US$21.6bn of outbound acquisitions, roughly a quarter of the US$85.7bn total seen a year earlier.Banks are now more cautious about providing commitment letters for loans backing outbound M&A deals because there is a high risk that domestic regulatory clearance will be refused.Earlier this year, China National Chemical Corp (ChemChina) [CNNCC.UL] obtained lenders’ consent to postpone a deadline to register as a guarantor with SAFE on a US$12.7bn recourse loan backing its US$43bn acquisition of Swiss pesticides and seeds group Syngenta.( SYNN.S ) China Citic Bank is the global coordinator and underwriter on the deal signed last September 2016.Parent-company guarantees are used to enhance credits when Chinese companies raise offshore M&A financing through offshore-incorporated special purpose vehicles or shell companies, as mainland-based parents are closer to revenues.However, securing parent-company guarantees for M&A loans is getting harder, as SAFE reviews them more strictly, bankers and lawyers said."The registration is more like an approval now and the process is slowing,” a Beijing-based senior loan banker said.NOT ENTIRELY CLOSEDState-owned companies are finding it easier to register as guarantors for offshore loans due to their closer ties with the government, but the door is not entirely closed for others, some bankers said.“We are currently working with state-owned companies and privately owned companies, all have successfully completed the registrations. They are not banning all the deals,” a Hong Kong-based leveraged finance banker said.One M&A loan currently in the market is a €980m (US$1bn) facility led by Bank of China backing the £1.4bn (US$1.7bn) purchase of online travel search company Skyscanner Holdings by Ctrip.com ( CTRP.O ), China’s biggest online travel company, which was announced last November.Other Hong Kong-based bankers and lawyers are expecting to see a healthy pipeline of Chinese event-driven loans despite the restrictions.“As the capital controls have made it difficult for Chinese companies with primarily domestic sources of revenues to transfer funds overseas, many of these companies have turned to offshore borrowings to support outbound acquisitions,” said Lewis Wong, head of North Asia in Credit Suisse''s APAC financing group.Acquisitions that require large amounts of foreign exchange to be transferred offshore, investments outside buyers’ primary business areas and real-estate investments are most at risk, according to a report by law firm White & Case.Transactions by over-leveraged companies or entities that rely heavily on domestic debt financing, take-private deals of Chinese companies listed on overseas exchanges, and investments by limited partnerships are also at risk.(Editing by Tessa Walsh)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-china-m-a-loans-idUSKBN16V2BA'|'2017-03-24T21:11:00.000+03:00'
'c927f86f3d492a12735d12f8e1a6f3411a164c32'|'Amazon.com wins $1.5 billion tax dispute over IRS'|'Amazon.com Inc on Thursday won a more than $1.5 billion tax dispute with the Internal Revenue Service over transactions involving a Luxembourg unit more than a decade ago.Judge Albert Lauber of the U.S. Tax Court rejected a variety of IRS arguments, and found that on several occasions the agency abused its discretion, or acted arbitrarily or capriciously.Amazon''s ultimate tax liability from the decision was not immediately clear.The world''s largest online retailer has said the case involved transactions in 2005 and 2006, and could boost its federal tax bill by $1.5 billion plus interest. It also said a loss could add "significant" tax liabilities in later years.Amazon made just $2.37 billion of profit in 2016, four times what it made in the four prior years combined, on revenue of $136 billion.Lauber''s decision "should shield Amazon from potentially significant tax obligations to the IRS covering years beyond the ones covered in the lawsuit," said Colin Sebastian, an analyst at Baird Equity Research.The IRS declined to comment. Amazon and its lawyer John Magee, a partner at Morgan, Lewis & Bockius, also declined to comment.Before entering the White House, President Donald Trump contended that Amazon, run by billionaire Jeff Bezos, failed to pay enough taxes, once accusing it on Fox News of "getting away with murder tax-wise."The IRS case involved "transfer pricing," which arises when different units of multinational companies transact with each other.Amazon argued that the IRS overestimated the value of "intangible" assets, such as software and trademarks, it had transferred to a Luxembourg unit, Amazon Europe Holding Technologies SCS.Lauber said Amazon did this through a plan called "Project Goldcrest," to have the "vast bulk" of income from its European businesses taxed in Luxembourg at a "very low rate."The IRS countered that Amazon''s dealings were not all done at "arm''s length," or else improperly lowered its domestic tax bill."This is good for everybody, not just Amazon," said Michael Pachter, a Wedbush Securities analyst who has practiced tax law. "It reaffirms that the tax law permits wholly-owned subsidiaries can license intellectual property" as Amazon did. "Totally legal, totally legal."Amazon has said it may face additional tax bills in Europe if authorities in Brussels conclude that prior rulings by Luxembourg tax officials amounted to improper "state aid" that gave it an unfair advantage over rivals.A formal probe into those rulings began in October 2014, Amazon has said.(Reporting by Dena Aubin and Jonathan Stempel in New York, and Jeffrey Dastin in San Francisco; Editing by Richard Chang)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-amazon-com-irs-idUSKBN16U369'|'2017-03-24T03:16:00.000+03:00'
'384f1c48e71512e54013ef834d9a1991be32ba96'|'Nikkei rises as yen strength wanes but still poised for weekly loss'|'Company News  03pm EDT Nikkei rises as yen strength wanes but still poised for weekly loss * Nikkei on track to shed more than 1 percent for the week * Abe''s school controversy had weighed on sentiment this week * Toshiba jumps as filing shows Effissimo is largest shareholder TOKYO, March 24 Japan''s Nikkei share average gained on Friday as the yen took a breather from its recent strength, but the Nikkei was still poised for a weekly loss. The Nikkei was up 1 percent at 19,275.18 at the end of morning trade, shrugging off early weakness and moving decisively away from the previous session''s 1-1/2-month lows. It was still on track to shed 1.3 percent for the week. The dollar rose 0.4 percent to 111.39 yen, moving away from the previous session''s four-month lows, as signs a delayed vote on President Donald Trump''s healthcare bill would go ahead later in the day. It was unclear whether the bill would pass, after Trump failed on Thursday to reach a deal with Republican lawmakers. "The day started out with dollar and stock weakness, but after news that there would be a vote later today after all, tail risk was seen as diminishing," said Norihiro Fujito, a senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities. The market came under pressure this week from a political scandal involving Prime Minister Shinzo Abe''s wife, undermining support for the Japanese premier. Abe repeated denials on Friday that he or his wife had made donations to the head of a Japanese nationalist school at the heart of a controversy. Shares in Toshiba Corp rose 8.2 percent after Singapore-based fund Effissimo Capital Management, established by former colleagues of Japan''s most famous activist investor, became its largest shareholder, according to a regulatory filing. Banking shares rose, buoyed by the broader market upturn, with the Tokyo Stock Exchange''s bank subindex adding 2 percent. The broader Topix percent added 1 percent to 1,545.73, while the JPX-Nikkei Index 400 also rose 1 percent to 13,822.67. (Reporting by Tokyo markets team; Editing by Simon Cameron-Moore) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-midday-idUSL3N1H11QK'|'2017-03-24T11:03:00.000+03:00'
'acdcc522e65724ca98ccf339ed0b0f1b4919b025'|'China debt risk ''very much under control'' - vice fin min'|'Fri Mar 24, 2017 - 6:12am GMT China debt risk ''very much under control'': vice fin min BOAO, China China''s debt risk is "very much under control", Vice Finance Minister Liu Wei said at the Boao Forum for Asia in southern Hainan province. Liu was appointed the vice finance minister post in late February. Chinese leaders have pledged to contain debt risks after years of credit-fueled expansion. Corporate debt has soared to 169 percent of gross domestic product, data from the Bank for International Settlements shows. (Reporting by Elias Glenn; Writing by Ryan Woo; Editing by Simon Cameron-Moore) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-boao-debt-idUKKBN16V0L6'|'2017-03-24T14:10:00.000+03:00'
'3e5440ca3d920b8e03966a42c88f33aaeb371750'|'Daewoo Shipbuilding sees order cancellations if enters court receivership'|'SEOUL South Korea''s Daewoo Shipbuilding & Marine Engineering Co Ltd 0042660.KS is expected to receive considerable calls from shipowners for "builder''s default" if the company goes into court receivership, its CEO Jung Sung-leep said on Friday.Shipowners can call builder''s default, which is cancelling existing orders for ships, in the event of a shipyard entering court receivership.South Korean state banks on Thursday said they were preparing a fresh $2.6 billion bailout for Daewoo Shipbuilding, which has built up huge losses from offshore projects and risks missing debt repayments.(Reporting by Joyce Lee; Editing by Himani Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-southkorea-economy-daewoo-idINKBN16V0L0'|'2017-03-24T04:10:00.000+03:00'
'd859aa144a768ef8a8664a606bec74b4e60ec5ac'|'Commodities trader Trammo shedding East Coast LPG assets'|'By Liz Hampton - HOUSTON, March 24 HOUSTON, March 24 Commodities trader Trammo Inc is continuing to shed its liquefied petroleum gas (LPG) assets, putting its Newington, New Hampshire, propane terminal on the block and selling a Tampa, Florida, facility, the company told Reuters on Friday.The shakeup comes as the large energy and fertilizer trader is winding down its LPG trading desk following steep losses last year, sources familiar with the matter have said.The New-York based firm in November said it would seek to maximize the value of its waterborne propane terminals across the United States, including the Tampa propane terminal and the one in Newington.In February, it sold the Tampa facility to Plains LPG Services, a unit of Houston-based Plains All American Pipeline LP, for an undisclosed amount.The trader has retained investment bank Houlihan Lokey Inc to explore alternatives for the New Hampshire terminal that include a sale or continued ownership, said William Markstein, Trammo''s senior vice president - corporate, deputy general counsel.The bank is currently marketing the facility through a formal sale process, Markstein said in an email.Sea-3, a division of Trammo, operated the Tampa terminal and currently operates the New Hampshire facility.The company has also experienced key personnel changes in the last year, which may have altered its strategic direction.Brent Hart recently became chief executive officer of the company, not long after the death of founder and Chairman Emeritus Ronald Stanton in September.Trammo''s Newington terminal is positioned to receive propane from the liquids-rich Marcellus and Utica shale regions, but an expansion project at the facility has been criticized by some local residents who are concerned about rail shipments to the terminal.The expansion, which would allow for additional rail cars shipments and more storage, was approved in 2015. (Editing by Gary McWilliams and Matthew Lewis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/trammo-ma-idINL2N1GZ26D'|'2017-03-24T14:31:00.000+03:00'
'd23c623002cf32222f600c5d38dbbd7872154fa4'|'Uber suspends self-driving car program after Arizona crash'|'  8:53pm GMT Uber suspends self-driving car program after Arizona crash left right A self-driven Volvo SUV owned and operated by Uber Technologies Inc. is flipped on its side after a collision in Tempe, Arizona, U.S. on March 24, 2017. Picture taken on March 24, 2017. Courtesy FRESCO NEWS/Mark Beach/Handout via REUTERS 1/2 left right A self-driven Volvo SUV owned and operated by Uber Technologies Inc. is flipped on its side after a collision in Tempe, Arizona, U.S. on March 24, 2017. Courtesy FRESCO NEWS/Mark Beach/Handout via REUTERS 2/2 By Gina Cherelus Uber Technologies Inc [UBER.UL] suspended its pilot program for driverless cars on Saturday after a vehicle equipped with the nascent technology crashed on an Arizona roadway, the ride-hailing company and local police said. The accident, the latest involving a self-driving vehicle operated by one of several companies experimenting with autonomous vehicles, caused no serious injuries, Uber said. Even so, the company said it was grounding driverless cars involved in a pilot program in Arizona, Pittsburgh and San Francisco pending the outcome of investigation into the crash on Friday evening in Tempe. "We are continuing to look into this incident," an Uber spokeswoman said in an email. The accident occurred when the driver of a second vehicle "failed to yield" to the Uber vehicle while making a turn, said Josie Montenegro, a spokeswoman for the Tempe Police Department. "The vehicles collided, causing the autonomous vehicle to roll onto its side," she said in an email. "There were no serious injuries." Two ''safety'' drivers were in the front seats of the Uber car, which was in self-driving mode at the time of the crash, Uber said in an email, a standard requirement for its self-driving vehicles. The back seat was empty. Photos and a video posted on Twitter by Fresco News, a service that sells content to news outlets, showed a Volvo SUV flipped on its side after an apparent collision involving two other, slightly damaged cars. Uber said the images appeared to be from the Tempe crash scene. When Uber launched the pilot program in Pittsburgh last year, it said that driverless cars "require human intervention in many conditions, including bad weather." It also said the new technology had the potential to reduce the number of traffic accidents in the country. The accident is not the first time a self-driving car has been involved in a collision. A driver of a Tesla Motors Inc ( TSLA.O ) Model S car operating in autopilot mode was killed in a collision with a truck in Williston, Florida in 2016. A self-driving vehicle operated by Alphabet Inc''s ( GOOGL.O ) Google was involved in a crash last year in Mountain View, California, striking a bus while attempting to navigate around an obstacle. The collision comes days after Uber''s former president Jeff Jones quit less than seven months after joining the San Francisco-based company, the latest in a string of high-level executives who have departed in recent months. In February, Alphabet''s Waymo self-driving car unit sued Uber and its Otto autonomous trucking subsidiary, alleging theft of proprietary sensor technology. (Reporting by Gina Cherelus in New York; Editing by Frank McGurty and Bill Rigby)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-uber-tech-crash-idUKKBN16W0V1'|'2017-03-26T04:53:00.000+03:00'
'a04689c26b03933bb85237a48c2435ef175ab741'|'Brazil court rules in favour of Petrobras in tax deduction case'|'Commodities  44am EDT Brazil court rules in favor of Petrobras in tax deduction case The logo of Brazil''s state-run Petrobras oil company is seen on a tank in Sao Caetano do Sul, Brazil, September 28, 2016. REUTERS/Paulo Whitaker/File Photo SAO PAULO A Brazilian tax court ruled that state-controlled oil company Petróleo Brasileiro SA did not break the law by deducting expenses related to the development of oil and gas field from its 2009 income taxes. According to a Friday securities filing, the Finance Ministry could still appeal against the ruling by the tax auditing court, known as CARF. The Finance Ministry is seeking 5.1 billion reais ($1.6 billion) from Petrobras in compensation for the deduction, newspaper Valor Econômico reported on Thursday. (Reporting by Gabriela Mello; Writing by Bruno Federowski; Editing by Daniel Flynn) Next In Commodities All drill, no frack: U.S. shale leaves thousands of wells unfinished NEW YORK U.S. shale producers are drilling at the highest rate in 18 months but have left a record number of wells unfinished in the largest oilfield in the country – a sign that output may not rise as swiftly as drilling activity would indicate. MANILA The Philippines'' environment ministry has allowed eight suspended nickel ore miners to ship out stockpiles of mined ore, sources told Reuters, temporarily boosting supply from the world''s top exporter of the raw metal after a major crackdown. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-petrobras-tax-idUSKBN16V1KD'|'2017-03-24T20:30:00.000+03:00'
'1adb42fe3d8bf4a4d82e1ab0af545fa0933b6d20'|'Britain to fire starting gun on Brexit talks'|'  11:02am GMT Britain to fire starting gun on Brexit talks left right FILE PHOTO: A traffic sign is seen in front of European and Union flags in London, Britain, March 20, 2017. REUTERS/Stefan Wermuth/File Photo 1/3 left right FILE PHOTO: Britain''s Prime Minister Theresa May is seen on a television screen next to a mounted bull''s head during a prime time news broadcast at a restaurant in Fuengirola, southern Spain, delivering her keynote speech on Brexit at Lancaster House in London, January 17, 2017. REUTERS/Jon Nazca/File Photo 2/3 left right FILE PHOTO: A journalist poses with a copy of the Brexit Article 50 bill, introduced by the government to seek parliamentary approval to start the process of leaving the European Union, in front of the Houses of Parliament in London, Britain, January 26, 2017. REUTERS/Toby Melville/File Photo 3/3 By Padraic Halpin - DUBLIN DUBLIN The nine-month Brexit "phoney war" is set to come to an end next week when British Prime Minister Theresa May notifies the European Union of Britain''s intention to leave, starting two years of unprecedented negotiations. May will send a letter to European Council President Donald Tusk on Wednesday to trigger Article 50 of the Lisbon Treaty. Tusk will then send draft negotiating guidelines to the 27 other member states within 48 hours. That means it will finally be down to business after an at times painstakingly slow drawing of battle lines. Britain appears to have set its course for a "hard Brexit", where a clean break is favored to regain control over immigration, while the EU''s chief negotiator this week spelled out its need for early agreements on citizens'' rights, money and borders. But May has revealed little of her strategy to secure what she calls "the best possible deal" for the world''s fifth-largest economy. Her letter next week and Tusk''s reply may offer markets keen for details some hints at how rocky the path ahead may be. "The tone of this process might have implications for sterling markets," said Investec economist Chris Hare. May has other domestic political issues to tackle as well, including Monday''s deadline to form a new regional government in Northern Ireland or risk having its decision-making moved back to London, and a Scottish Parliament vote on Tuesday on whether to second a second independence referendum. On Friday, revised fourth-quarter GDP data will outline how Britain will come to the Brexit negotiating table with a far healthier economy than most predicted last June. After retail sales suffered their biggest squeeze in nearly 7 years on Thursday as higher inflation begins to bite, timelier indicators next week including mortgage approvals, house prices and consumer confidence may be worth watching more closely. TRUMP''S TEST The potential economic implications of 2016''s other major earthquake at the ballot box - the election of U.S. President Donald Trump - could play out at a much faster pace with Friday''s do-or-die rescheduled vote on a new healthcare bill. The vote has been billed by financial markets as a crucial test of Trump''s ability to work with Congress to deliver on pro-growth policies like tax cuts and infrastructure spending. Leaders from Trump''s Republican party postponed what was supposed to have been his first legislative victory because of opposition from two flanks in the party on Thursday. Even if it gets approval from the House, the legislation could face an even tougher fight in the Senate, the other chamber of Congress. A raft of speeches from top Federal Reserve officials - ten days after the bank raised interest rates for the second time in three months - may pale in comparison to the political drama, as could GDP revisions and key manufacturing surveys. In a date-heavy week around the world, euro zone flash inflation readings for March stand out after annual price rises surged to a four-year high of 2.0 percent in February, zooming up to the European Central Bank''s target of "below but close to 2 percent". Rising inflation across the 19-country bloc has put pressure on rate setters to say when and how extraordinary stimulus measures could be scaled back, although still weak underlying figures have limited discussions so far. "We expect that run to have come to an end this month," wrote economists at RBC Capital Markets, referring to the six consecutive months of year-on-year headline inflation rate rises. "With the oil price effect abating and underlying inflation still weak, we see headline inflation continuing to moderate from here and falling to 1.5 percent year-on-year by year-end." Next week also brings a string of emerging central bank policy meetings with Czech rate setters set to hold their last meeting before the bank''s self-imposed deadline for lifting a 3-1/2-year old currency cap. Mexico''s central bank meets on Thursday after a spike in inflation to an eight-year high prompted its chief to hint at more interest rate hikes following one just last month. Mexican rates are now at their highest in almost eight years. (Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-economy-weekahead-idUKKBN16V169'|'2017-03-24T19:02:00.000+03:00'
'724f1531c505abe511e070916b1cab4b113daf0a'|'PRESS DIGEST- New York Times business news - March 24'|'March 24 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.- Republican senators moved Thursday to dismantle landmark internet privacy protections for consumers in the first decisive strike against telecommunications and technology regulations created during the Obama administration, and a harbinger of further deregulation. nyti.ms/2mWZmTz- Ride-sharing service Lyft became the latest company, along with AT&T and Johnson & Johnson, to remove their advertisements from YouTube following ads appearing next to racist videos on YouTube. nyti.ms/2n0nMw4- A lawyer for the Las Vegas sports gambler William Walters, who is on trial in Manhattan on insider trading charges, attacked the credibility of one of the government''s main witnesses on Thursday, saying that the witness had lied repeatedly to investigators. nyti.ms/2ndjSky- The C.I.A. developed tools to spy on Mac computers by injecting software into the chips that control the computers'' fundamental operations, according to the latest cache of classified government documents published on Thursday by WikiLeaks. nyti.ms/2n04jvw(Compiled by Parikshit Mishra in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-nyt-idINL3N1H125G'|'2017-03-24T01:17:00.000+02:00'
'ec5435ec775d30a685ebb1670c5ac6cdb5540508'|'EU stalls Russian gas pipeline, but probably won''t stop it'|'Commodities - Fri Mar 24, 2017 - 11:11am EDT EU stalls Russian gas pipeline, but probably won''t stop it left right A handout by Nord Stream 2 claims to show the first pipes for the Nord Stream 2 pipeline being delivered by rail to the German logistics hub Mukran on the island of Rugen, Germany, in this undated photo provided to Reuters on March 23, 2017. Axel Schmidt/Courtesy of Nord Stream 2/Handout via REUTERS 1/4 left right A handout by Nord Stream 2 claims to show the first steel pipes for the Nord Stream 2 pipeline arriving from a plant of OMK, which is one of the three pipe suppliers selected by Nord Stream 2 AG, to a coating plant in Kotka, Finland, in this undated photo provided to Reuters on March 23, 2017. Axel Schmidt/Courtesy of Nord Stream 2/Handout via REUTERS 2/4 left right A handout by Nord Stream 2 claims to show the first pipes for the Nord Stream 2 project at a plant of OMK, which is one of the three pipe suppliers selected by Nord Stream 2 AG, in Vyksa, Russia, in this undated photo provided to Reuters on March 23, 2017. Nord Stream 2/Handout via REUTERS 3/4 left right A handout by Nord Stream 2 claims to show the first pipes for the Nord Stream 2 pipeline being delivered by rail to the German logistics hub Mukran on the island of Rugen, Germany, in this undated photo provided to Reuters on March 23, 2017. Axel Schmidt/Courtesy of Nord Stream 2/Handout via REUTERS 4/4 By Alissa de Carbonnel and Vera Eckert - BRUSSELS/FRANKFURT BRUSSELS/FRANKFURT Russia has the European Union in a bind. The bloc is divided between eastern European and Baltic Sea countries that see a new pipeline carrying Russian gas across the Baltic making the EU a hostage to Moscow - and those in northern Europe, most especially the main beneficiary Germany, for whom the economic benefits take priority. The result, EU sources say, is that the EU executive, the Commission, sensing that there may ultimately be no legal basis to block approval of Nord Stream 2, is delaying it as long as possible, hoping to get past 2019 - the date when Russia must renegotiate a gas transit deal with Ukraine. "There''s a difference between not supporting the project and having a legal basis to stop it," said one EU diplomat, adding that the aim for now was "a break to avoid the project going anywhere in 2019". And for now, that means doing nothing, to the intense frustration of members such as Denmark, whose prime minister challenged the Commission at a summit of EU leaders this month to make good on strong words criticizing the pipeline. Last summer, seven eastern member states, all formerly dominated by Moscow and at the center of an EU antitrust case accusing Gazprom of abusing its market dominance, sent a letter of protest to Commission President Jean-Claude Juncker. They too are still waiting for a clear response. EU sources say the Commission is in fact cultivating uncertainty by hinting that the pipeline may fall foul of EU rules, in the hope of scaring off Western investors, for a time at least. And in fact, last July, Gazprom''s Western partners - Uniper ( EONGn.DE ), Wintershall ( BASFn.DE ), Shell ( RDSa.L ), OMV ( OMVV.VI ) and Engie ( ENGIE.PA ) - did withdraw from pledges to provide 1.2 billion euros of equity for the pipeline, a twin to Nord Stream 1, which began pumping in 2011. DEEP DIVISIONS Germany is also not actively promoting the pipeline for now, with a parliamentary election looming this autumn. "The feeling is: ''Why use up political capital to defend it?" said one EU diplomat. Broadly, the plan to bring more Russian gas to Europe plays into deep divisions between EU nations over whether to do more business with Moscow while countering its military power plays in Ukraine and Syria. Germany itself has taken a firm stance on maintaining economic sanctions against Russia over its annexation of Crimea and its support for rebels in eastern Ukraine. But it also argues that EU market rules guarantee that the pipeline remains a purely commercial project, while eastern and Baltic states accuse President Vladimir Putin of exploiting energy exports as a geopolitical tool. Meanwhile, littoral states that feel increasingly threatened by Moscow''s military posturing in and around the Baltic Sea want clarity from Brussels before going ahead with routine environmental assessments of Nord Stream 2. "This has lots of geopolitical questions and it is not fair that one country should answer alone whether this is an good idea," Danish Foreign Minister Anders Samuelsen said last month. "This is not a question only for Denmark but for the European Union." Russia already accounts for one-third of EU gas imports, and that could rise with the help of Nord Stream 2, as Gazprom fights for market share with the EU''s domestic supplies decreasing. It would also sharply reduce the need for Russia to export gas through Ukraine, where the EU is trying to support stumbling economic reforms. This would deprive Kiev of lucrative transit fees, and of a lever in its tortured relations with Moscow. Hence the Commission''s desire to at least stall approval until 2019. STALLING, NOT STOPPING But sooner or later, EU sources grudgingly admit that Russia''s determined push for Nord Stream 2 looks set to carry it over the numerous legal and financial hurdles in its path. Gazprom''s Western partner firms say they are looking for new ways to share the financial burden, notwithstanding the uncertainty. "If it isn''t stopped politically, its commercial logic will prevail," one industry source said. Gazprom is busily ordering steel pipes, renting facilities in Sweden, Finland and Germany and applying for permits to lay the 1,225 km (760 mile) pipe. And Germany, by hosting the end-point of the 55 billion cubic meter a year pipeline, stands to grow into a gas hub for central, eastern and southern Europe, alongside the Dutch and British markets. "What Germany wants, Germany gets," said one official in Brussels. In an opinion seen by Reuters, it the Commission argued last January for EU gas market liberalization rules to be applied to Nord Stream 2, citing "serious diversification and security of supply concerns". But that was rejected by the EU''s own lawyers as well as the German energy regulator, the Bundesnetzagentur. Responding this month to a missive from Brussels, the Bundesnetzagentur said Nord Stream 2 should simply be treated as an import pipeline like Nord Stream 1, Algeria''s Medgaz and Libya''s Greenstream. To subject it to internal EU energy market rules would be "just as inappropriate as it would be improper", the agency''s president, Jochen Homann, wrote in the March 3 letter, seen by Reuters. "MONEY TALKS" Commission Vice President Maros Sefcovic said on Tuesday that talks with the agency were far from over, insisting that EU rules to promote competition passed since Nord Stream 1 was built should apply to the new pipeline. "Key EU legal principles must also be respected in the offshore part of the pipeline," he told Reuters. "We''ll negotiate with the German regulator how to secure that." He said the legal tussle should be dealt with via an intergovernmental agreement between Putin and German Chancellor Angela Merkel - which both sides have eschewed. That would give the EU a chance to vet the deal under new rules, adopted on Tuesday, that give Brussels the power to vet oil and gas deals with outside countries to guard against anti-competitive practices and supply disruptions. There are also legal questions over Eugal, a smaller pipeline intended to feed gas from the offshore Nord Stream 2 to Germany and beyond. German regulatory sources say they will not approve Eugal until Europe''s highest court decides whether to uphold a deal between EU regulators and Germany to remove limits on Gazprom''s access to a similar pipeline running from Nord Stream 1. That ruling could take up to two years, although an interim ruling is expected to give a signal within weeks. Ultimately, the pipeline means big business. Building up a case to comply with German regulation, five pipeline operators ran an auction this month that indicated demand from shippers for almost the full capacity of the Eugal pipeline over 20 years from 2019. When Sweden''s government voiced national security concerns over Gazprom using the island of Gotland as a base for construction, several other ports stepped forward hoping to win the business. The chosen site, Karlshamn, stands to benefit from 100 million SEK ($11.3 million) worth of business. "Money talks," said one EU diplomat. "If it''s not illegal, then politically there''s little we can do." One senior German industry source put it bluntly: "I don''t care where the gas comes from as long as they are pumping more." (Writing by Alissa de Carbonnel; Additional reporting by Tatiana Jancarikova in Bratislava and Stine Jacobsen in Copenhagen; Editing by Kevin Liffey) Next In Commodities All drill, no frack: U.S. shale leaves thousands of wells unfinished NEW YORK U.S. shale producers are drilling at the highest rate in 18 months but have left a record number of wells unfinished in the largest oilfield in the country – a sign that output may not rise as swiftly as drilling activity would indicate. MANILA The Philippines'' environment ministry has allowed eight suspended nickel ore miners to ship out stockpiles of mined ore, sources told Reuters, temporarily boosting supply from the world''s top exporter of the raw metal after a major crackdown. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-eu-gazprom-nordstream-analysis-idUSKBN16V20S'|'2017-03-24T23:11:00.000+03:00'
'1fc52aa2f368fadd8c44342d45aa8cdce90b058f'|'French corporate margins, household income growth ease in fourth-quarter - INSEE'|' 54am GMT French corporate margins, household income growth ease in fourth-quarter - INSEE A customer chooses vegetables on a stall of a greengrocer in Marseille, France, February 9, 2017. REUTERS/Jean-Paul Pelissier PARIS French corporate margins and households income fell in the fourth quarter of last year, the INSEE statistics agency said on Friday, while INSEE also confirmed previous estimates that the economy grew 0.4 percent from the previous quarter. INSEE said that corporate profit margins slipped to 31.5 percent from 31.6 percent in the previous quarter as real wages rose slightly faster than productivity gains. Meanwhile, growth in households real disposable income fell to 0.1 percent in the quarter from 0.6 percent in the previous month due to higher inflation and taxes. With consumer spending up 0.6 percent in the quarter but growth in purchasing power nearly stagnant, the household savings rate fell to 14.5 percent from 14.9 percent in the previous quarter, INSEE added. (Reporting by Leigh Thomas; Editing by Sudip Kar-Gupta)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-france-economy-gdp-idUKKBN16V0TA'|'2017-03-24T15:54:00.000+03:00'
'7676277130d073db7e2925d5edbd5db482ac7834'|'Germany urges U.S. to rethink finding on EU steel dumping'|'  4:51pm GMT Germany urges U.S. to rethink finding on EU steel dumping Steel rolls are pictured at the plant of German steel company Salzgitter AG in Salzgitter, Lower Saxony, Germany March 3, 2016. REUTERS/Fabian Bimmer/File Photo BERLIN Germany urged the United States on Friday to rethink a report, commissioned under Barack Obama''s administration, that said some European Union countries were dumping steel. Global steel prices have slumped as Chinese producers, which account for about half of worldwide steel supply, have flooded export markets, bringing protests and anti-dumping complaints by the United States and the European Union among others. In November, the U.S. Commerce Department said in a preliminary finding that nine exporters, including Germany and four other EU member states, had dumped certain imports of carbon and alloy steel cut-to-length (CTL) plate. German steel producers were assigned dumping margin of 6.56 percent by the U.S. Commerce Department while companies from other countries face anti-dumping duties of up to 130.63 percent. Among the German companies accused of dumping were Dillinger Huette [AGD.UL] and Salzgitter ( SZGG.DE ). The November preliminary report has been criticised for appearing to use alternative methods for calculating dumping margins, which breaks World Trade Organization (WTO) rules. Germany''s Foreign Minister Sigmar Gabriel is worried the report, which is expected to be finished soon, will be used by U.S. President Donald Trump''s administration to disrupt international trade. "It is to be feared that ... the new U.S. government might be prepared to allow U.S. firms to conduct unfair dumping competition, even if this violates international law," Gabriel said on Friday. "We Europeans must not accept this," Gabriel said, adding that he underlined his concerns in a letter to European Union trade commissioner Cecilia Malmstrom and urged her to take a firm stance in talks with U.S. counterparts on the matter. The European Commission, the EU''s executive arm, is in charge of trade matters in the 28-member bloc. Gabriel said both Europe and Germany wanted the U.S. to stick to established WTO rules when calculating dumping margins, adding companies could have a disadvantage when other calculation methods were applied. He said German officials had contacted U.S. counterparts on various levels to insist that "established, fair rules" had to be applied in the case. The dumping case is likely to be the first to be concluded in the steel sector under Trump who has said he will bring back manufacturing jobs by putting "America first" and punishing imports through a border tax. (Reporting by Michael Nienaber,; Editing by Vin Shahrestani) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-steel-germany-eu-idUKKBN16V2A6'|'2017-03-25T00:51:00.000+03:00'
'9c55183cd0dd9c5c83db5d855f7f59c15a7685ae'|'Shankara Building Products up to $53 million IPO sees strong demand'|'India''s Shankara Building Products Ltd''s initial public offering (IPO) to raise up to 3.45 billion rupees ($53 million) was subscribed more than 41 times, stock exchange data showed on Friday.The retailer of home improvement and building products received bids for 218.7 million shares against 5.3 million shares on offer, according to data available as of 1245 GMT.The shares were being sold in a price range of 440 rupees to 460 rupees apiece.Education services provider CL Educate Ltd''s up to 2.4 billion-rupee IPO that closed on Wednesday was subscribed nearly two times.($1 = 65.3750 Indian rupees)(Reporting By Darshana Sankararaman in Bengaluru; Editing by Biju Dwarakanath)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/shankara-building-ipo-idINKBN16V1P8'|'2017-03-24T11:23:00.000+03:00'
'ff9509942ebd4c668512164a4b88e1883e6af55d'|'Dollar hangs on for U.S. healthcare vote, Asia shares muted'|' 54am GMT Dollar hangs on for U.S. healthcare vote, Asia shares muted Pedestrians walk pass an electronic board showing the Japan''s Nikkei average (R) and other stock market indices outside a brokerage in Tokyo, Japan, February 29, 2016. REUTERS/Yuya Shino By Wayne Cole - SYDNEY SYDNEY The dollar was living on borrowed time on Friday after U.S. lawmakers delayed a vote on a healthcare bill seen as crucial to President Donald Trump''s policy credibility. Asian share markets were in limbo as a vote on the American Health Care Act might not happen until later Friday or Monday, as it meets opposition from warring factions within the Republicans themselves. Some in the markets suspect a failure to pass such a high-stakes bill could endanger Trump''s promises of tax cuts and stimulus so beloved by Wall Street and U.S. corporates. "The Trump reflation trade - particularly the equity leg of it, which has seen U.S. equity indexes roar to record highs – has arguably been long on optimism and short on substance for some time now," said analysts at ANZ in a note. "It comes at a sensitive time for the market, with the initial post-election exuberance having waned and as it weighs up political uncertainty, a strong U.S. economy and an increasingly hawkish Federal Reserve." Adding to the unease was a Reuters report that the Trump administration is preparing new executive orders to re-examine all 14 U.S. free trade agreements, including those in Asia, to aid American companies. All of this kept stock markets muted. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS edged up 0.2 percent, while South Korea .KS11 barely moved. Japan''s Nikkei .N225 added 0.3 percent. A Reuters poll published on Friday showed confidence among Japanese manufacturers rose for a seventh straight month to a three-year high. After falling sharply mid-week, Wall Street had lapsed into waiting mode on Thursday with the Dow .DJI down 0.02 percent. The S&P 500 .SPX lost 0.11 percent and the Nasdaq .IXIC 0.07 percent. DOLLAR STRUGGLES As stocks stalled, bonds rallied. Two-year Treasury yields US2YT=RR have fallen 15 basis points in the past week or so to stand at 1.256 percent. At the same time, German yields have risen on speculation the European Central Bank might begin the long process of rate normalisation this year. The central bank issued an upbeat outlook on the Euro zone economy overnight. The net result was a contraction in the dollar''s yield advantage over the euro, which has seen the single currency steady at $1.0777 EUR= after scoring a six-week top of $1.0828 earlier this week. The dollar was a fraction firmer on the yen at 111.11 JPY= , having hit a four-month low of 110.62. Against a basket of currencies, it was crouched at 99.843 .DXY having shed 1.5 percent in the past two weeks. "The dollar is likely to struggle as global investors gradually realise that the U.S, can still produce policy gridlock even with one party holding the White House, Senate and House," said Sean Callow, a senior currency analyst at Westpac. "Moreover, the euro is looking more appealing, with the growth gap with the U.S. not as wide as previously thought and the euro having lost some of its political risk premium as European voters edge away from local Trump wannabes." In commodity markets, safe-haven spot held at $1,245.61 an ounce after hitting three-week high of $1,253.12 XAU=. Oil prices idled near four-month lows on investor concerns that OPEC-led supply cuts were not yet reducing record U.S. crude inventories. U.S. crude CLc1 inched up 14 cents to $47.84 in early trade, while Brent crude LCOc1 added 12 cents to $50.68. [O/R] (Editing by Sam Holmes)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-markets-idUKKBN16V042'|'2017-03-24T08:54:00.000+03:00'
'ce7b65b5651acd5ef111d5857a9ac28afb3c01b9'|'Europe''s financial lifeline from London in doubt'|'Business   7:04am EDT Europe''s financial lifeline from London in doubt Canary Wharf is seen at sunrise from the Sky Garden of 20 Fenchurch Street, nicknamed the Walkie-Talkie building, in the financial district of the City of London, February 19, 2016. REUTERS/Eddie Keogh By John O''Donnell - FRANKFURT FRANKFURT For companies in the European Union, London is the chief gateway to finance. Rerouting the financial lines that run through London will be complex, experts say. London dominates wholesale banking in Europe, a 5.8 trillion euro ($6.2 trillion) industry that includes financing for companies from big multinationals to family-owned firms that are the backbone of Germany''s economy. London is also the first port of call for companies, such as Italian lender UniCredit, selling shares or raising debt. This is because many fund managers and asset managers have a base in Britain. The Bank of England estimates that half of the debt and equity issued by EU borrowers involves financial groups in Britain. This could be a London bank organizing a sale of European company bonds, for example. And London houses the bulk of Europe''s derivatives market, where car makers buy protection against swings in the U.S. dollar or airlines guard themselves against a spike in the price of oil. More than 7 trillion euros of trading in such instruments is processed in London daily. Experts expect EU firms and banks gradually to reduce their reliance on London. Governments in France and Germany want to establish alternatives to London in Paris and Frankfurt. Over time, some of London''s wholesale funding will move to other centers in Europe. Thinktank Bruegel predicts that London''s share of this market will eventually shrink from 90 percent to 60 percent. If mismanaged, however, the migration could raise the cost of funding for European companies, the thinktank said. Bruegel''s Dirk Schoenmaker said that if wholesale funding operations are spread across several locations that could lift costs by between 6 billion and 12 billion euros each year because of the expense of using multiple financial centers. That is equivalent to up to 0.1 percent of the remaining 27 EU countries'' economic output. Shifting the multi-trillion euro derivatives business would be difficult, regulators and bankers said. Some derivatives have a term of many decades. It is unclear, bankers said, what will happen when Britain, where the contracts were drafted, leaves the European Union. They said that the cost of holding such instruments could rise sharply for European banks if a clearing house in London that processes the deal, for example, is not recognized in the European Union. A transition period, after initial exit talks of two years, could win extra time. But many bank executives, speaking privately, have said they are working on the assumption that there will be no transition. EU officials familiar with the bloc''s preparations for negotiations have told Reuters that they too fear a "cliff-edge" departure of Britain from the bloc. They are pinning their hopes on banks moving to the continent in time and believe this will minimize any fallout for their economies. (Edited by Janet McBride and Richard Woods) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-britain-eu-banks-financing-idUSKBN16V1B1'|'2017-03-24T19:04:00.000+03:00'
'492ad4527599fc04e2861da3887b945d794b2524'|'BRIEF-Triangle Petroleum Corp says TUSA, its units filed with bankruptcy court certain third amended joint Chapter 11 plan of reorganization'|'United States  15pm EDT BRIEF-Triangle Petroleum Corp says TUSA, its units filed with bankruptcy court certain third amended joint Chapter 11 plan of reorganization March 24 Triangle Petroleum Corp   * Triangle Petroleum Corp - reorganization plan provides for payment in full in cash of TUSA debtors'' revolving credit facility - SEC filing * Triangle Petroleum - reorganization plan provides for distribution of stock of new holding co of reorganized TUSA to TUSA''s 6.75% senior notes due 2022 * Triangle Petroleum - on March 10, court entered findings of fact, conclusions of law, order confirming third amended joint Chapter 11 plan of reorganization * Triangle Petroleum - bankruptcy court adjourned confirmation hearing with respect to plan participation for Ranger, its units who were removed from plan * Triangle Petroleum Corp - reorganization plan does not provide for any recovery to company on account of its equity interest in TUSA * Triangle Petroleum - on March 24 plan became effective, co''s equity interest in TUSA was extinguished, TUSA debtors emerged from Chapter 11 as Nine Point Energy    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-triangle-petroleum-corp-says-tusa-idUSFWN1H10NC'|'2017-03-25T05:15:00.000+03:00'
'465a57e0c14c19f4f01722d65ff28e9184167691'|'Novomatic CEO says company is considering an IPO'|'VIENNA, March 24 Austrian gambling group Novomatic is considering an initial public offering (IPO), its chief executive said in an interview published on Friday, two weeks after sources told Reuters it was working on a potential listing."We have been active on the capital market with bonds for some time and are currently evaluating several financing options, including a listing on the stock market," Harald Neumann told Trend magazine.When asked whether Vienna was an option for the IPO, Neumann said Novomatic would look at the location if and when the time came, adding: "Even if Austria as a financial hub is very small, the Vienna Stock Exchange is certainly among Europe''s professional stock markets." (Reporting by Francois Murphy; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/novomatic-ipo-idINV9N1FL004'|'2017-03-24T05:14:00.000+03:00'
'dfc010a67968aa909de242939a9867857372bdfa'|'Number of newly-minted millionaires at Europe''s big banks is shrinking'|'Business News   1:03pm EDT Number of newly-minted millionaires at Europe''s big banks is shrinking File photo of the skyline of the banking district in Frankfurt, September 18, 2014. REUTERS/Kai Pfaffenbach /Files By Jamie McGeever and Anjuli Davies - LONDON LONDON The number of employees earning more than a million euros or pounds at Europe''s biggest banks fell sharply last year, another sign of the clout they have lost to U.S. rivals since the financial crisis. Early indications from four big European institutions show that the number of "material risk-takers" (MRTs) on their books who earned more than the 1 million threshold last year was 32 percent lower in 2016 than the year before. Even though the interest rate, economic and trading environment appears to be improving for banks, the trend for lower banker pay seems unlikely to reverse any time soon in Europe, as banks keep a tight grip on costs and have to adhere to a cap which limits bonuses to two times fixed salaries. Contrasting with that, Wall Street bonuses could climb as much as 15 percent this year, the first meaningful uptick since 2009, compensation firm Johnson Associates Inc estimates. The 2016 MRT figures for Europe are skewed by Deutsche Bank ( DBKGn.DE ), where a massive restructuring has seen 9,000 job cuts announced and the freezing of bonuses for many staff. Deutsche Bank, Europe''s largest investment bank, also said this year that it would stop benchmarking its compensation packages against Wall Street firms Goldman Sachs ( GS.N ) and Morgan Stanley ( MS.N ) because they are too "investment banking-centric". The post-crisis attrition that has seen tens of thousands of jobs slashed across the industry has further diminished employees'' bargaining power. "Higher earners in the banking world have been there for 10-15 years, so now they are risk-managing their jobs and sacrificing their pay. It''s capital preservation," said Jason Kennedy, chief executive of recruitment firm Kennedy Group. The number of front office staff, including trading and investment banking employees, at the world''s 12 biggest U.S. and European banks fell 4 percent last year to 53,200. That''s down 20 percent from five years earlier. Kennedy says morale among bankers is low, particularly at European firms, so they no longer go that extra mile that might help secure a big bonus, like working weekends. There are also fewer avenues for promotion than there used to be, all of which keeps a lid on pay rises. "The hunger to push forward is no longer there, the hunger from the employers is no longer there. So it''s ''steady Eddie''. And steady Eddie doesn''t get an increase in pay. He gets stable pay," Kennedy said. MILLIONAIRE ROSTER According to a Reuters analysis, there were 1,183 million-plus earning MRTs at four European banks - HSBC ( HSBA.L ), Deutsche Bank ( DBKGn.DE ), Standard Chartered ( STAN.L ) and Barclays ( BARC.L ) - last year, down from 1,740 in 2015. Those figures comprise the MRTs whose overall compensation packages including fixed pay and bonuses were at least 1 million euros ($1.08 million) or 1 million pounds ($1.25 million). Deutsche''s bonus pool plunged nearly 80 percent to 500 million euros. But that masked the 1.1 billion euros in special ''retention packages'' it paid out to more than 5,500 staff. The biggest single earner at Europe''s biggest bank HSBC, an unnamed senior manager, pulled in 10-11 million euros. The biggest single earner in 2015 at the bank, also an unnamed senior manager, pulled in 9-10 million euros. The number of MRTs at HSBC raking in between 1 and 2 million euros fell 21 percent to 266. French banks Societe Generale ( SOGN.PA ) and BNP Paribas ( BNPP.PA ) are expected to release their MRT compensation figures by the end of May. Credit Suisse ( CSGN.S ) published its 2016 annual report on Friday. It said the number of MRTs rose 12 percent to 939 from 856, but it didn''t give any detail on the compensation thresholds. The minimum threshold for MRTs - or staff whose activities have a material impact on an institution''s risk profile - is 500,000 euros. In 2015, the number of high earners in banking across the European Union hit 5,142, up from 3,865 in 2014, with 80 percent of those who were paid above a million euros based in London, data compiled by the European Banking Authority (EBA) showed. EBA banker pay figures for 2016 are due in early 2018 and will likely reflect a slump in sterling in the immediate aftermath of Britain''s vote to quit the EU last June. (Reporting By Anjuli Davies and Jaime McGeever; Editing by Victoria Bryan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-investment-banks-millionaires-analysi-idUSKBN16V261'|'2017-03-25T01:03:00.000+03:00'
'2584d7e99d8975b1468a5522a8e64ddc13591295'|'China''s C919 passenger jet moves closer to maiden flight - Xinhua'|'BEIJING, March 25 China''s C919 passenger jet, the symbol of its lofty aviation ambitions, has passed a major technical assessment, and has moved closer to its first flight, the official Xinhua news agency reported on Saturday.A committee of 63 aviation specialists from across China had agreed the C919 is technically ready for its maiden flight, Xinhua reported, citing the aircraft''s Shanghai-based maker Commercial Aircraft Corp of China (COMAC).The C919''s first flight has been delayed at least twice since 2014 because of production issues. State media reported last month that the jet could take to the skies in the first half of this year.The committee had proven that the C919 was technically airworthy, but the jet was still subject to electromagnetic compatibility and taxiing tests before it could make its first flight, according to Xinhua.The narrow-body aircraft, capable of carrying up to 168 passengers, would be competing with Boeing''s new generation 737 and Airbus''s updated A320. The C919 has a standard range of 4,075 km.COMAC previously said it had received 570 orders for the C919 passenger jet from 23 customers. (Reporting by Ryan Woo; Editing by Robert Birsel)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/china-comac-c-idINL3N1H205A'|'2017-03-25T06:36:00.000+03:00'
'c242e536da725162cc6207edc7521cf92d7456fc'|'How one council is beating Britain''s housing crisis - Money'|'I n 2015, England’s local authorities built fewer than 3,000 new homes, just a tiny fraction of the estimated 250,000 new homes needed every year to meet demand. But one council has begun building again in volume, in what some see as a model for tackling the housing crisis.On the outskirts of Sheffield , hundreds of new homes are springing up, built by the council to space standards that have all but disappeared in the private sector. New residents – the majority are 25-35 year olds – say they are impressed by the designs and spaciousness, and enjoy their close proximity to the city.But this is not a return to the era of 1950s and 1960s council building. What Sheffield Housing Company (SHC) is doing is partnering with contractors to build low-cost homes for first-time buyers and families alongside houses and flats to rent at affordable prices, and with tenants better protected.People have already moved into homes at Cutler’s View, and Brearley Springs and Brearley Forge, named after Harry Brearley, the inventor of stainless steel. Of 325 completed homes, 237 have been sold so far. The semi-detached houses – all with gardens – are selling from £99,995 for a two-bed, £152,00 for a three-bed and just over £200,000 for a four-bed, with 88 of them for affordable rent or shared ownership. There are plans for 24 apartments.Affordable rent is based on 80% of market value – for example, a three-bedroom semi-detached house with drive and large back garden is around £115 per week. There are no letting fees, and tenants’ rights are the same as for traditional council tenants. Allocation is based on housing needs.Sheffield has managed to do what the private sector, on its own, failed to do: build low-cost housing in areas that until now have been regarded as derelict or run-down.Facebook Twitter Pinterest The Brearley Forge development. Photograph: Persuasion PR SHC sprang out of a 2007 initiative by then housing minister Yvette Cooper, who had a vision of councils partnering with private developers to build on local council land. She named 14 councils that would open schemes, building 35,000 homes. But only three have been successfully established, with Sheffield leading the way on volume.SHC is a partnership between Sheffield council, housebuilder Keepmoat and Great Places Housing Group, which will manage the affordable rented homes. It wants to restore publicly funded housing to areas that thrived during the 1950s public-sector housing boom but suffered when the steel and coal industries went into decline and unemployment rose in the 1970s and 80s.John Clephan, project director at SHC, says: “The private sector didn’t want to come in because the land value was low and because of the risk – no one else was building or selling in these areas.”The council didn’t want to go it alone either, because it lacked the expertise to build and sell homes on the open market, and was wary of taking on all the risk. The joint venture suited the council because it was able to retain control over the quality of the housing and the speed at which it was built, says Clephan.Set up in 2011, SHC lost no time and began building the following year, with plans to construct 2,300 homes across the city by 2025. Once one batch of homes is finished, the company reviews it with feedback from residents and tweaks the design of the next batch where needed. It says homes are on average 11% larger than those of comparable price elsewhere in the city.Shirley Eckhardt, 71, lives in one of the new council homes in Cutler’s View, not far from the now-demolished council home where she lived for 19 years with her late husband. She pays a discounted rent of £46.46 a week.Facebook Twitter Pinterest The Brearley Forge development. Photograph: Persuasion PR “I’ve lived in Sheffield all my life,” she says. “The house is very large, very spacious, it’s a beautiful house and it’s brand new, I just love it. It’s just marvellous. It’s so modern – all the units are fitted, the cooker, freezer. The back garden is very large. You walk out through a glass door on to the patio.”Her neighbours – a family with three children and another lady who lives on her own – have bought their properties. “Every other house is bought – it’s a right mix,” Eckhardt says.Why are Britain’s new homes built so badly? Read more Rhiannon Parry, who bought a house at Cutler’s View, said at the time: “From initially looking at houses to moving in it was 26 days, so that was obviously a very quick turnaround. You’ve got large corridors and extra headroom. Even my dad, he is hard to please, and he couldn’t actually fault the house at all, which surprised me.”Other councils are understood to be closely watching Sheffield’s experience. Council building peaked in the late 1960s at more than 425,000, but collapsed to a low of 130 new units in 2004, according to official data. However, housing associations have filled some of the gap in recent years, completing 34,890 in 2015: the most since 1995.Several factors are encouraging councils to build homes again. Housing for rent constructed by development companies is not classified as council housing and therefore not subject to Right To Buy, so councils will not be forced to sell off these homes . For many, the prospect of steady rental revenues to help fund services is the main driver, as shown by a survey by the regeneration marketing firm 3Fox International .Nearly half of 112 councils that took part in the 2015 poll had either set up or were considering creating their own housing company. Fourteen had already set one up, and 38 were considering it.Facebook Twitter Pinterest Cutler’s View interior. Photograph: Persuasion PR Of those, 11 have since created a company or are about to do so, says Huub Nieuwstadt, author of the survey. They include Bournemouth, South Northamptonshire and Wolverhampton.While the cap on council borrowing for housing has not been relaxed, other recent changes mean that some local authorities got more headroom. Another reason for councils building is that the Affordable Housing Grant rules were changed in the later years of the Labour government, allowing councils to get grants to build again.Let the councils build homes again and fix our broken housing market Read more Croydon council created Brick by Brick last year – an independent development company that plans to build 1,100 homes in the next two years, half of which will be affordable.Managing director Colm Lacey says that, as an independent company, Brick by Brick does not have to go through the public procurement process , but is able to buy land and borrow cheaply from the council. Profits from homes built and sold, as well as income from rents, will go to the council, as 100% shareholder in the company.Lacey says: “We don’t have to go out and compete, and don’t overpay for land or mezzanine financing, and can afford more affordable housing.” Profit-driven private developers tend to “overpay for land and assume they won’t have to deliver 50% affordable housing”.Toby Lloyd, head of housing development at the homeless charity Shelter, says: “If public land is sold on the open market, the highest bidder is likely to be the one that makes the most aggressive assumptions about the amount of affordable housing they will have to provide. So competitive bidding for land tends to mean that the worst possible scheme will be the one that gets built.”However councils still struggle with the national political restraint on local authority borrowing to build homes because it counts towards public sector deficit and national debt figures. The UK is almost unique in this among major economies, says Lloyd. Along with other experts, he believes the UK should join international standard accounting practice.The history makers Facebook Twitter Pinterest Buildings of the Boundary Estate in Bethnal Green, east London. Photograph: Mark Phillips/Alamy Arguably Britain’s oldest council estate is the Grade II listed Boundary Estate centred around Arnold Circus in east London. Influenced by the Arts and Crafts movement, it was built by London County Council in 1890 to replace a notorious slum, and a century later remains a sought-after, high-density urban environment of the type planners say Britain’s cities desperately need. However, Liverpool can probably lay claim to the first ever council-built dwelling, with the city corporation behind the 1869 construction of St Martin’s Cottages, tenement housing that was demolished in 1977. However the modern era of mass council house building did not really take off until after the first world war.• 1919 Lloyd George’s Liberal government passes the Housing Act, the first law requiring councils to provide housing. It promised 500,000 “Homes for Heroes” within three years, although by the early 1920s only 213,000 had been completed.• 1930 A fresh Housing Act gave grants to councils to clear local slums and re-house the poor, with around 700,000 new homes built. However austerity cuts that followed the economic depression saw subsidies withdrawn and council building slowed. This was the era when building societies expanded rapidly, financing the first boom in owner-occupation, led by the Abbey Road building society (now Santander).• 1939 Outbreak of the second world war. In total, 1.1m council homes were built during the 21-year-long inter-war period, compared with fewer than 30,000 in the past two decades since 1995.• 1942 The Beveridge Report promises a huge post-war council house building programme and rent control in the private rented sector.• 1945-51 Clement Atlee’s Labour government oversees the construction of 1m homes, 80% of them council, to replace housing lost from bombing.Graph: rise and fall of council house building in Britain • 1951 Conservatives return to power, but successive post-war governments compete to build more housing. Local authority building hits a peak of 239,580 in 1954.• 1968 The first major backlash against prefabricated cheap high-rise council housing, after a gas explosion partially destroys Ronan Point, a tower block in Newham, east London, killing four.• 1979 Margaret Thatcher becomes prime minister, at a time when two fifths of the British population are living in local authority housing.• 1980 Thatcher introduces the right to buy, prompting many tenants to buy their council homes. Grants for council house building are scrapped, and limits put on the ability of councils to borrow.• 1985 The new Housing Act facilitates the large-scale transfer of council-owned properties to housing associations • 2004 Building by councils drops to an all time low of just 130 units across the entire country.• 2017 Asking prices on former council flats in the Boundary Estate reach £950,000.Patrick Collinson Topics Property House prices Construction industry Housing Sheffield Local government features  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/mar/25/how-one-council-is-beating-britain-housing-crisis-sheffield'|'2017-03-25T15:00:00.000+03:00'
'f45e7e0f38e296f1d54596376aa3d2d9776a80f1'|'This Tiny Drone Can Pollinate Flowers Like a Bee'|'Innovator Eijiro MiyakoAge 37Senior researcher at the National Institute of Advanced Industrial Science and Technology in Tsukuba, JapanForm and functionMiyako has invented an adhesive gel that collects flowers’ pollen grains and deposits them on other flowers upon contact. His goal is to offer farmers a tool to complement, not replace, bees and other natural pollinators.The drone gently touches down on a flower.Source: National Institute of Advanced Industrial Science and Technology StickThe gel is applied to a small patch of horsehair anchored to the underside of a butterfly-size commercial drone. The water-resistant gel is durable but soft enough to avoid damaging the flowers.MoveMiyako pilots the drone from flower to flower, rubbing the horsehair against pistils and stamens. Like the adhesive in a Post-It note, the gel is tacky but not sticky, so it releases some of the pollen grains on contact.OriginConcerned by the crisis that’s killed billions of bees in the past decade, Miyako in 2015 started repurposing conductive gels he’d invented to collect pollen.SafetyMiyako says experiments he’s done on mouse cells show the gel is harmless and could be tweaked to be made biodegradable.An operator pilots the drone from flower to flower.Source: National Institute of Advanced Industrial Science and Technology FundingTo his wife’s chagrin, Miyako paid for the drones himself. Last year he received a $32,000 grant from the Japan Society for the Promotion of Science to further develop them.Next StepsMiyako’s team published the results of its pollination gel research in the scientific journal Chem in February. He’s seeking a $1 million grant to conduct further experiments with farmers and hire a roboticist to develop autonomous drones. Guido de Croon, scientific coordinator of the Micro Air Vehicle Lab at Delft University of Technology in the Netherlands, which has built the world’s lightest driverless drone to date, says self-directed pollinators are probably a couple of years away from lab testing but will be a hot commodity once they’re ready. “You could sell systems all over the world,” he says.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'http://www.bloomberg.com/news/articles/2017-03-23/this-tiny-drone-can-pollinate-flowers-like-a-bee'|'2017-03-24T07:00:00.000+03:00'
'8d66daeccce90d96d31167f6cd08d1fb40d7677f'|'European shares recover, boosted by results and deal-making'|'Company News - Tue Mar 28, 2017 - 5:23am EDT European shares recover, boosted by results and deal-making (ADVISORY- Follow European and UK stock markets in real time on the Reuters Live Markets blog on Eikon - see cpurl://apps.cp./cms/?pageId=livemarkets) * STOXX 600 up 0.4 pct * Wolseley hits near 10-yr high on strong H1 * EDP gains on plan to buy out renewables subsidiary * Dufry rises on media report HNA seeks stake * Booker dips as Tesco takeover under fire By Helen Reid LONDON, March 28 European shares rose on Tuesday, boosted by strong results and deal-making across the region, recovering from the previous session''s sentiment-fuelled dip. The pan-European STOXX 600 index was up 0.3 percent, with deals in focus as rumours of stake sales moved individual stocks, while criticism of the Tesco takeover dented wholesaler Booker. Basic resource stocks led gains, up 0.8 percent after suffering their worst daily losses in more than four months on Monday. Wolseley was the top European gainer, up 6.3 percent and hitting almost a decade high, after posting a 25 percent rise in profit for its first half, driven by strong growth in its main market, the United States. Portuguese oil company EDP rose 4.2 percent after it said it would buy the rest of its renewable energy subsidiary EDP Renovaveis. Portugal''s largest company also agreed the sale of its Spanish gas distribution network Naturgas to Nature Investments, a special purpose vehicle owned by a consortium of institutional investors. EDPR jumped 9.4 percent on the news, helping Portugal''s stock index outperform European peers, up 2.2 percent. Dufry, the Swiss airport retailer, gained 3.5 percent after a report said Chinese conglomerate HNA was in talks to buy a stake, a move which would extend Dufry''s reach in China. Banco Popular was up 3 percent, the top gainer among banks, after a Spanish newspaper report said the bank''s new head Emilio Saracho was in talks to sell the lender''s property portfolio and a stake to Libra Group. Neither party said it would comment on market rumours. Credit Agricole, meanwhile, rose 2.8 percent, to the top of France''s blue-chip index after Barclays switched its preference to it from Societe Generale. Among the few fallers in early trading, Recordati was the worst-performing, down 2.4 percent after Goldman Sachs cut its rating on the stock to "sell". The Italian pharmaceuticals company''s premium to peers is excessive, Goldman analysts said, given a slightly more risky research and development profile due to early-stage clinical partnerships, and their belief that mergers and acquisitions could be less pronounced ahead. Recordati plans around 40 percent of sales growth to come from reinvestment in M&A in 2017-2019. But Goldman said the company''s market cap of 6.6 billion euros made it harder for bolt-on acquisitions to move the needle. Wholesaler Booker was also among top fallers, down 1.9 percent after two major Tesco shareholders opposed a $4.7 billion deal by the retailer to take it over, saying it would destroy value. Tesco''s CEO said he was "completely committed" to the deal. (Editing by Ed Osmond) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL5N1H524Z'|'2017-03-28T17:23:00.000+03:00'
'b070d7197769a8ce07c5149c70e096d4150c79a2'|'China Southern Airlines set to open 5.3 pct up in HK on tie-up talks'|'  9:28pm EDT China Southern Airlines set to open 5.3 pct up in HK on tie-up talks HONG KONG, March 27 Hong Kong shares of China Southern Airlines are set to open up 5.3 percent on Monday after the Chinese carrier said it was negotiating a potential strategic tie-up with American Airlines . The stock is set to open at HK$5.74, the highest open since Jan. 4, 2016. (Reporting by Donny Kwok; Editing by Stephen Coates)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/china-southern-american-airline-stocks-idUSH9N0NE01Q'|'2017-03-27T09:28:00.000+03:00'
'f72fc66b4599bb5f6ca4da6d5a1e54a1d59cbcda'|'Siemens pledges commitment to post-Brexit UK'|'Business News - Mon Mar 27, 2017 - 1:37pm BST Siemens pledges commitment to post-Brexit UK FILE PHOTO: People covered with umbrellas walk next to a Siemens building in Munich, Germany, November 13, 2008. REUTERS/Michaela Rehle/File Photo FRANKFURT German engineering group Siemens ( SIEGn.DE ) said it was committed for the long term to Britain, which will begin the formal process of leaving the European Union on Wednesday. The trains-to-turbines group employs more than 15,000 people in Britain, has played an important role in London''s Thameslink and Crossrail rail projects and is investing 160 million pounds ($201 million) in a wind turbine-blade factory in Hull. "While the exact terms of the UK''s exit from the European Union are unclear, we are committed to London in the long-term," Siemens'' UK Chief Executive Juergen Maier said in a statement. Deutsche Bank ( DBKGn.DE ) also gave a vote of confidence in Britain''s capital by choosing a new office for its London headquarters last week. Google GOOGL.L, Facebook ( FB.O ), Apple ( AAPL.O ), Snap ( SNAP.N ) and Amazon ANZN.O have also announced investments in London, although entrepreneurs have warned that the city risks its status as a start-up destination if the government does not clarify how it plans to keep the best talent. Siemens did not detail its UK investment plans on Monday. ($1 = 0.7942 pounds) (Reporting by Georgina Prodhan, editing by Louise Heavens) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-eu-siemens-idUKKBN16Y1EJ'|'2017-03-27T20:34:00.000+03:00'
'78cd2d4c4a00ed72d040f61c66f667bfd4b86d58'|'Cost of wide access to EU single market not yet clear - Rudd'|'Business News - Sun Mar 26, 2017 - 10:21am BST Cost of wide access to EU single market not yet clear - Rudd FILE PHOTO: Britain''s Home Secretary Amber Rudd arrives at 10 Downing Street for a cabinet meeting ahead of the budget in London, March 8, 2017. REUTERS/Neil Hall LONDON Interior minister Amber Rudd said on Sunday the British government did not yet know what kind of cost there may be for trying to get the "widest possible access" to the European Union''s single market. Prime Minister Theresa May will trigger Article 50 of the EU''s Lisbon Treaty on Wednesday, hoping to secure what she calls a "good deal" of close cooperation on the economy and security while being able to control immigration. "I certainly do think that we should try to have the widest possible access to the single market ... we don''t know what that cost would be, we don''t know that at all, that is going to be part of the negotiations," Rudd told the BBC''s Andrew Marr show. "We have a lot to offer in this negotiation as well so we must not ever forget that it is going to be two-way." (Reporting by Elizabeth Piper; editing by Susan Thomas) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-market-idUKKBN16X0C9'|'2017-03-26T17:21:00.000+03:00'
'7f1c07a6a14c7793949e6d1daf0a6ff30ca6bba6'|'METALS-Copper faces weekly drop as supply concerns ease'|' 21am EDT METALS-Copper faces weekly drop as supply concerns ease (Adds official prices) By Zandi Shabalala LONDON, March 24 Copper steadied on Friday but was set to end the week almost 2 percent lower as workers agreed to resume work at the world''s top copper mine in Chile. Investors this week were also jittery about the possibility President Donald Trump''s healthcare bill might not pass, suggesting he may struggle to muster the backing needed to push through fiscal measures central to the U.S. government''s economic agenda. "The market is beginning to price out the probability that we could get this big infrastructure spend from Trump," said Jens Pedersen, commodities analyst at Danske Bank. "If he had such a difficult time getting this through, how will it go when things turn to the budget, infrastructure spending and tax." Commodity markets have soared since November on expectations Trump will increase spending on infrastructure. Regarding supply, news the strike at BHP Billiton''s Escondida mine had ended saw the price of copper in London dip briefly on Thursday before stabilising. "The fundamentals of copper were sound enough for this to not make much of an impact," Pedersen said. * COPPER: London Metal Exchange copper slipped 0.2 percent to $5,815 a tonne in official open outcry trading, erasing a small gain in the previous session. The metal was on track for a 2 percent weekly drop, trimming 2017 gains to near 5 percent. * STOCKS: Copper stocks in LME approved warehouses have shot up 63 percent since March 2 to 312,525 tonnes while on warrant inventories have doubled. * TECHNICALS: Copper faces resistance at its 200-day moving average on the weekly chart at $5,959 a tonne. * ESCONDIDA: The strike at Chile''s Escondida, the world''s largest copper mine, is ending after workers decided to invoke a rarely used legal provision that allows them to extend their old contract, the union said on Thursday. * PHILIPPINES NICKEL: The Philippines'' environment agency has allowed eight suspended nickel ore miners to ship out stockpiles of mined ore, sources told Reuters, temporarily boosting supply from the world''s top exporter of the raw metal after a major mining crackdown. * CHINA IMPORTS: China''s refined metals imports were sharply lower in February, by 29 pct on the year for copper to 66 pct down for zinc, also spooking the market over the strength of demand. * ZINC STRIKE: Noranda Income Fund said on Thursday zinc output at its Quebec plant, the second-largest in North America, was at 50-60 percent of normal operating levels as a five-and-a-half week long strike dragged on. * FREEPORT: Freeport-McMoRan Inc said Thursday that a nearly two-week strike has not materially impacted production levels at its Cerro Verde copper mine in Peru, the country''s biggest, although the union said output has been cut in half. * PRICES: Aluminium rose 0.2 percent to $1,929 in official activity; zinc fell 0.9 percent to $2,830; lead ceded 0.3 percent to $2,360; nickel fell 0.9 percent to $9,940; tin lost 0.8 percent to $20,105. PRICES'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL3N1H13N4'|'2017-03-24T21:21:00.000+03:00'
'811b70b3fbc914011c6e0d1def2c1cb70424e28d'|'Dollar hangs on for U.S. healthcare vote, Asia shares muted'|'Business News - Thu Mar 23, 2017 - 8:50pm EDT Dollar hangs on for U.S. healthcare vote, Asia shares muted People walk past an electronic board showing stock prices outside a brokerage at a business district in Tokyo, Japan, January 4, 2017. REUTERS/Kim Kyung-Hoon By Wayne Cole - SYDNEY SYDNEY The dollar was living on borrowed time on Friday after U.S. lawmakers delayed a vote on a healthcare bill seen as crucial to President Donald Trump''s policy credibility. Asian share markets were in limbo as a vote on the American Health Care Act might not happen until later Friday or Monday, as it meets opposition from warring factions within the Republicans themselves. Some in the markets suspect a failure to pass such a high-stakes bill could endanger Trump''s promises of tax cuts and stimulus so beloved by Wall Street and U.S. corporates. "The Trump reflation trade - particularly the equity leg of it, which has seen U.S. equity indexes roar to record highs – has arguably been long on optimism and short on substance for some time now," said analysts at ANZ in a note. "It comes at a sensitive time for the market, with the initial post-election exuberance having waned and as it weighs up political uncertainty, a strong U.S. economy and an increasingly hawkish Federal Reserve." Adding to the unease was a Reuters report that the Trump administration is preparing new executive orders to re-examine all 14 U.S. free trade agreements, including those in Asia, to aid American companies. All of this kept stock markets muted. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS edged up 0.2 percent, while South Korea .KS11 barely moved. Japan''s Nikkei .N225 added 0.3 percent. A Reuters poll published on Friday showed confidence among Japanese manufacturers rose for a seventh straight month to a three-year high. After falling sharply mid-week, Wall Street had lapsed into waiting mode on Thursday with the Dow .DJI down 0.02 percent. The S&P 500 .SPX lost 0.11 percent and the Nasdaq .IXIC 0.07 percent. DOLLAR STRUGGLES As stocks stalled, bonds rallied. Two-year Treasury yields US2YT=RR have fallen 15 basis points in the past week or so to stand at 1.256 percent. At the same time, German yields have risen on speculation the European Central Bank might begin the long process of rate normalization this year. The central bank issued an upbeat outlook on the Euro zone economy overnight. The net result was a contraction in the dollar''s yield advantage over the euro, which has seen the single currency steady at $1.0777 EUR= after scoring a six-week top of $1.0828 earlier this week. The dollar was a fraction firmer on the yen at 111.11 JPY= , having hit a four-month low of 110.62. Against a basket of currencies, it was crouched at 99.843 .DXY having shed 1.5 percent in the past two weeks. "The dollar is likely to struggle as global investors gradually realize that the U.S, can still produce policy gridlock even with one party holding the White House, Senate and House," said Sean Callow, a senior currency analyst at Westpac. "Moreover, the euro is looking more appealing, with the growth gap with the U.S. not as wide as previously thought and the euro having lost some of its political risk premium as European voters edge away from local Trump wannabes." In commodity markets, safe-haven spot held at $1,245.61 an ounce after hitting three-week high of $1,253.12 XAU=. Oil prices idled near four-month lows on investor concerns that OPEC-led supply cuts were not yet reducing record U.S. crude inventories. U.S. crude CLc1 inched up 14 cents to $47.84 in early trade, while Brent crude LCOc1 added 12 cents to $50.68. [O/R] (Editing by Sam Holmes) SEC charges two Israeli residents with Mobileye insider trading NEW YORK Two Israeli residents have been charged by the U.S. Securities and Exchange Commission with insider trading in Mobileye NV before the maker of sensors and cameras for driverless vehicles agreed to be acquired by Intel Corp for $15.3 billion. SINGAPORE Oil prices edged up on Friday, supported by a fall in Saudi exports to the United States, but overall markets remained under pressure on the back of a world market awash with fuel. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-global-markets-idUSKBN16V040'|'2017-03-24T08:50:00.000+03:00'
'771bc6f7f5720453212ca7fc102fbc6975732e3a'|'EU has asked Brazil to suspend meat shipments - sources'|'Business News - Thu Mar 23, 2017 - 9:24pm GMT EU has asked Brazil to suspend meat shipments - sources Members of the Public Health Surveillance Agency collect meats to analyse in their laboratory, at a supermarket in Rio de Janeiro, Brazil, March 20, 2017. REUTERS/Ricardo Moraes BRASILIA The European Union asked Brazil to voluntarily suspend all shipments of meat to its member countries to avoid imposing a ban that would take time to lift but the Brazilian government did not agree, EU diplomats in Brasilia told Reuters on Thursday. EU ambassadors have been seeking more information on the irregularities discovered in Brazil''s meat industry and they criticized the Brazilian government for failing to deal with the problem as a public health issue, according to one diplomat who attended an EU ambassadors meeting in Brasilia on Wednesday. (Reporting by Anthony Boadle; Editing by Daniel Flynn; Editing by Sandra Maler) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-brazil-corruption-meat-eu-idUKKBN16U2ZF'|'2017-03-24T05:24:00.000+03:00'
'682657d6af6cbb6cee5fa1b9fa16e9a6fea1b176'|'BRIEF-Santacruz Silver reports 2016 annual production results and 2017 update'|'  6:01pm EDT BRIEF-Santacruz Silver reports 2016 annual production results and 2017 update March 24 Santacruz Silver Mining Ltd * Santacruz Silver reports 2016 annual production results and 2017 update * Santacruz Silver Mining Ltd - Q4 production of 242,048 silver equivalent ounces from its two operating projects * Santacruz Silver Mining - Production levels for Q4 impacted by ongoing development, optimization activities at both Rosario and Veta Grande Projects Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-santacruz-silver-reports-2016-annu-idUSASB0B6Z7'|'2017-03-25T06:01:00.000+03:00'
'8c4cad17fe03eaa3ef0e69eb117eaac7a496d473'|'Judge finds UPS liable to New York over cigarette shipments'|'U.S.  35pm EDT Judge finds UPS liable to New York over cigarette shipments FILE PHOTO - United Parcel Service (UPS) aircraft are loaded and unloaded with air containers full of packages at the UPS Worldport All Points International Hub in Louisville, Kentucky, U.S. on December 9, 2016. REUTERS/John Sommers II/File Photo NEW YORK A federal judge on Friday said United Parcel Service Inc is liable for having illegally shipped hundreds of thousands of cartons of untaxed cigarettes in New York, depriving the state and New York City of millions of dollars of taxes. U.S. District Judge Katherine Forrest in Manhattan said the state and city are entitled to compensatory damages and fines, in amounts to be determined later. She also said they are not entitled to injunctive relief or the appointment of a monitor. Forrest issued her 218-page decision after a non-jury trial held in September. (Reporting by Jonathan Stempel in New York; Editing by James Dalgleish) Next In U.S.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-united-parcel-lawsuit-idUSKBN16V2QR'|'2017-03-25T04:27:00.000+03:00'
'83acab73d11adbf842f02c78b5c093d07e35a87a'|'Bonus for Pearson chief despite biggest loss in company''s history - Business'|'The total pay of John Fallon, the chief executive of Pearson, increased by 20% last year, despite the FTSE 100 company reporting the biggest loss in its history and the prime minister, Theresa May, criticising boardroom excess .The world’s largest educational publisher reported a pre-tax loss of £2.6bn for 2016 , but awarded Fallon £1.5m including a £343,000 bonus.“Shareholders will be worried that despite the prime minister’s call rethinking rewards for failure that the board has recommended this award,” said Sarah Wilson, chief executive of investor advisory service Manifest. “Many shareholders are automatically voting against any increased awards and so this will just ratchet up tension.”In January almost £2bn was wiped from Pearson’s stock market value after it issued fifth profit warning in two years. The company said Fallon had received a cash bonus for hitting lower-end targets relating to operating profits.Fallon hit the operating profit target that triggered his bonus because Pearson had fared so poorly that it paid £55m less than expected in overall management bonus payments.Fallon, who has pledged to use the bonus to buy shares in Pearson as a display of faith in the company, received 44% of his target bonus and just under a quarter of his maximum potential bonus.His total remuneration was up 20% on 2015’s £1.2m, a year when no bonus payouts were made to senior management because they failed to hit targets.Elizabeth Corley, chairman of Pearson’s remuneration committee, said that, in light of the company’s struggling performance, Fallon’s £780,000 salary would be frozen for the second year running.In addition, the committee has substantially reduced the number of shares it will award to Fallon this year under its long-term incentive plan (LTIP), which will pay out in three years.“In acknowledgement of the value erosion in the Pearson share price, the remuneration committee intends to reduce the volume of 2017 LTIP awards to the executive directors such that their value is materially lower than prior practice,” said Corley. “If current share price conditions were to continue, the committee might judge that the economic value of the 2017 LTIP grant would be reduced by in the region of 20-25%.”Pearson’s operating profit target was £630m-£670m including the positive boost from the drop in the value of sterling after the Brexit vote – its struggling North American higher education business accounts for about 45% of profits – with Fallon achieving £635m. This was 21% down year-on-year.“The Pearson board has decided John Fallon will receive a limited bonus, in line with the company’s broader bonus policy, and reflecting Pearson achieving its 2016 profit and earnings per share guidance, delivering strong operating cash flow, and delivering a major restructuring successfully,” said a spokesman.Fallon also cut 4,000 jobs , 10% of Pearson’s global workforce, making more than £350m in cost savings.He has pocketed £6.37m and delivered five profit warnings since taking over as chief executive from Marjorie Scardino in 2013, including £1.8m in bonuses and incentive payments.. He was previously head of Pearson’s international division.Alan MacDougall, managing director, of investor advisory Pirc, said: “With Pearson’s poor, 10 year, 5 year and 1 year performance, the Pearson remuneration underscores PIRC’s consistent position that remuneration policy is not working.”In January the company slashed its profit forecast for this year by £180m to £570m-£630m, and scrapped its target of £800m for next year. It also said it was “rebasing” its dividend policy.The company enjoyed a 24-year run of dividend increases between 1991 and 2015. Freezing the 2016 dividend and the cut to future payouts is a major blow to Fallon and senior management.The company is also selling its 47% stake in the world’s largest book publisher, Penguin Random House, to strengthen its balance sheet.Fallon’s pay increase came as the total pay of Mike Wells, chief executive of Prudential , dropped 30% to £6.9m last year.The insurance group said the fall, which included a £1.8m drop in payment to Wells under its LTIP, was due to a lower level of vesting of shares that date back to 2014 business performance.Anthony Nightingale, chairman of Prudential’s remuneration committee, said the drop in pay came despite a “strong business performance” and Wells’s “exceptional leadership and personal performance”.Prudential’s operating profit, its primary measure of performance, rose 7% to £4.25bn, with double-digit growth in Asia.Topics Executive pay and bonuses Pearson news '|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/business/2017/mar/24/bonus-for-pearson-chief-despite-biggest-loss-in-companys-history'|'2017-03-25T01:07:00.000+03:00'
'3d1d3890b2f9b4df5c065c81e8569ac3ae006f11'|'Brazil court rules in favour of Petrobras in tax deduction case'|'SAO PAULO, March 24 A Brazilian tax court ruled that state-controlled oil company Petróleo Brasileiro SA did not break the law by deducting expenses related to the development of oil and gas field from its 2009 income taxes.According to a Friday securities filing, the Finance Ministry could still appeal against the ruling by the tax auditing court, known as CARF.The Finance Ministry is seeking 5.1 billion reais ($1.6 billion) from Petrobras in compensation for the deducation, newspaper Valor Econômico reported on Thursday.($1 = 3.1336 reais) (Reporting by Gabriela Mello; Writing by Bruno Federowski; Editing by Daniel Flynn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/petrobras-tax-idINL2N1H10HE'|'2017-03-24T10:30:00.000+03:00'
'822ea1d094c85effbccb5fd3dab91e1f0cf9c0ca'|'German engineering group Aumann rise in stock market debut'|'FRANKFURT, March 24 German engineering group Aumann rose 15 percent in its stock market debut on Friday, in the country''s first initial public offering this year.The maker of parts for electric car and bicycle engines reaped 63 million euros ($67.94 million) in proceeds from the sale of new shares, which it wants to spend on additional production capacity.Private equity owner MBB reduced its stake to 53.6 from 93.5 percent in the flotation, which valued Aumann at 588 million euros. It had bought Aumann only last year and merged it with its portfolio company Claas.Aumann, founded in 1936 and specialising in winding technology needed in building electric motors, posted sales of 156 million euros and an adjusted EBIT margin of 12.4 percent last year.Berenberg, Citi and Hauck & Aufhaeuser organised the deal. ($1 = 0.9273 euros) (Reporting by Arno Schuetze; Editing by Harro ten Wolde)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/aumann-ipo-idINF9N1GT007'|'2017-03-24T06:34:00.000+03:00'
'5ba7327c3de26d3d51bf83bf5a6b6d028b327a9c'|'Deutsche Boerse extends finance head''s contract'|'FRANKFURT German exchange operator Deutsche Boerse ( DB1Gn.DE ) has extended the contract of finance head Gregor Pottmeyer by five years until 2022, it said on Friday.The move comes amid the company''s failure to merge with the London Stock Exchange ( LSE.L ), which the European Commission is expected to shortly veto, after the companies declined to accede to its demands.While keeping Pottmeyer on board provides stability needed to convince investors about an alternative strategy after the failed deal, Deutsche Boerse''s board is expected to see some changes later this year.The contract of Jeffrey Tessler, who heads the company''s cash cow derivatives trading, clearing and settlement business, expires at year-end. The manager, aged 62, is not expected to seek an extension of his contract, people close to the company said.The contract of Chief Executive Carsten Kengeter expires in March 2018, while that of his deputy Andreas Preuss runs until Mai 2018.(Reporting by Andreas Kröner; Writing by Arno Schuetze; Editing by Harro ten Wolde)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-deutsche-boerse-management-idUSKBN16V13S'|'2017-03-24T14:02:00.000+03:00'
'915438e51aeec66311fcd37c3836285b89e87b74'|'Lords call for the banks to get back to basics - Money'|'T here are almost 8m basic bank accounts open in the UK, and most of the big banks offer them, but they are arguably the Cinderella of the financial services world. You won’t find sports stars appearing in multimillion-pound TV adverts to plug them, or billboard posters extolling the virtues of these no-frills accounts. But perhaps that could be set to change.In a report on tackling financial exclusion, a House of Lords committee says banks must be “much more proactive” in promoting their basic accounts. It claims that in some cases, even branch staff are unfamiliar with them, and recommends that the government should “require” banks to properly promote them, in branches and via advertising.So what exactly is a basic bank account, who are they aimed at, and what about some of the alternatives to a traditional current account suitable for the people the big banks don’t want or struggle to cater for, such as migrants and those with a poor credit history?A basic account is a simplified form of current account. They provide day-to-day banking services – you usually get a debit card and access to cash machines, plus you can set up direct debits and standing orders. However, it is impossible to go overdrawn, which means no nasty charges if you go into the red. They can therefore be offered to people with poor credit ratings and those who might not qualify for other products, as well as people who don’t want a conventional account.Just over two years ago the government struck an agreement with 14 of the biggest banks to “improve” basic accounts. This has meant that since January 2016 they are completely fee-free for all “standard operations”. This means they might appeal to people who want to be sure they won’t run up any charges. But usually they don’t come with a cheque book or pay credit interest.Lloyds Banking Group, which includes Halifax and Bank of Scotland, dominates this sector –it has a 49% market share and has been opening around 25,000 basic accounts a month.The Lloyds , Halifax and Bank of Scotland products are all simply called the Basic Account. Meanwhile, the Co-operative Bank says its basic Cashminder account makes up around 20% of all its current accounts.Other providers include Barclays (Basic Current Account), HSBC (Basic Bank Account), Nationwide (FlexBasic), NatWest (Foundation Account), Royal Bank of Scotland (Basic Account), Santander (Basic Current Account), TSB (Cash Account) and Yorkshire Bank / Clydesdale Bank (Readycash).Norwich & Peterborough building society offered a basic bank account up until a few years ago, and those who still hold it will have to bank somewhere else because it is closing all of its current accounts by 31 August.The banks typically argue that they don’t make any money from their basic accounts – in fact, they say they end up making a loss. There are the costs associated with setting them up – and, of course, customers won’t be paying overdraft charges. This is probably why some banks don’t offer them at all, and may help explain why they are arguably not very well promoted. In its report, the House of Lords committee says it was told that “even branch staff were sometimes unaware of them”.Some people holding older basic accounts are still not benefiting from completely fee-free banking. The vast majority of these are operated by the Lloyds group, and one of the accounts affected is the no-longer-available Halifax Easycash, where a customer can be hit with up to three £10 “returned item fees” a day when there is not enough money in the account to make a payment. However, the good news is that by the end of this year, all the group’s basic bank accounts, including those opened years ago, will be completely fee-free. The group adds that it had written to existing basic account customers who were eligible for its new product and gave them the option to move.Available alternatives Some credit unions offer current accounts. In January, the Guardian told how the Engage current account was being offered by several, including Lewisham Plus Credit Union in south-east London. It works in exactly the same way as a high street account, but there is no overdraft facility.However, there are big downsides: Engage carries a management fee (Lewisham Plus charges £5.95 a month), plus other fees, and it is also not covered by the Financial Services Compensation Scheme.There is also the Post Office Card Account , which you have to apply for by phone and is described as “an easy way to receive state pensions, benefits and tax credits without a bank account”. There are no credit checks, you can take cash out at any post office, and there’s no overdraft facility “and no charges”. The account was originally going to be ditched in 2015 but will now be available until at least November 2021. However, the government has reportedly been writing to people holding it to request that they use a bank, building society or credit union account instead.Meanwhile, there are several players that aren’t banks but offer products that are similar to current accounts, though there is usually no overdraft. They include Pockit , whose account costs 99p, with a 99p fee for ATM withdrawals in the UK, and Monese , whose accounts costs £4.95 a month. Then there is eccount money at £12.50 a month, and the U Account , with a choice on fees.Topics Current accounts Banking Banks and building societies features  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/mar/25/banks-basic-account-promote-lords-report'|'2017-03-25T15:00:00.000+03:00'
'5c9dfd6cb21358afbdc780fc9ec74c0030739280'|'Exclusive - EIB asks French diesel inquiry to probe Renault''s use of loans'|' 12pm GMT Exclusive - EIB asks French diesel inquiry to probe Renault''s use of loans FILE PHOTO: An entrance sign is seen at French car manufacturer Renault''s research centre, the Technocentre, in Guyancourt, near Paris, France, January 14, 2016. REUTERS/Philippe Wojazer/File Photo By Laurence Frost and Gilles Guillaume - PARIS PARIS The European Investment Bank has asked French investigators to find out whether 800 million euros (693 million pounds) of EU-backed loans to Renault ( RENA.PA ) could have been used to develop test-cheating diesel engines, according to documents seen by Reuters. The European Union lending arm wrote to judges leading a fraud investigation into preliminary findings that Renault diesel engines - like Volkswagen''s ( VOWG_p.DE ) - had been configured to manipulate nitrogen oxide (NOx) emissions tests. Renault, which has consistently denied breaking any laws or emissions rules, had no immediate comment on Friday. The Luxembourg-based European Investment Bank (EIB) and Paris prosecutor''s office did not respond to requests for comment. Since 2009, the EIB has granted more than 8 billion euros in preferential loans to back development of vehicles with lower carbon dioxide (CO2) emissions by carmakers including VW, exposed in 2015 for using software "defeat devices" to dupe U.S. regulatory tests. Technologies funded by the EIB have included diesel engines, because they emit less CO2 than gasoline equivalents. More recently, however, diesels have been shown to produce many times the legal limit of toxic NOx in real driving. "The EIB has granted Renault several loans to finance projects including research and development to reduce vehicle CO2 emissions (amounting to more than 800 million euros)," the bank''s chief fraud investigator told the French judges. The Jan. 30 letter also proposes a follow-up meeting "in order to establish whether our financing is implicated in your investigations and to offer you all possible assistance." It adds: "The EIB enforces a zero-tolerance policy towards fraud and corruption and strives to ensure that no illegal activity tarnishes its business." MARKET FALLOUT Renault shares fell 7.8 percent in three days to end last week at 78.65 euros after excerpts of a November report by France''s DGCCRF consumer fraud watchdog appeared in newspapers, wiping 2 billion euros off the company''s value. The stock has since recovered some ground to 80.37 euros, as of 1210 GMT. Based on the agency''s findings, prosecutors opened an investigation in January into fraud allegations against Renault and its Chief Executive Carlos Ghosn. If found guilty, the group could be fined up to 10 percent of annual revenue, or 3.58 billion euros. The DGCCRF report, also seen by Reuters, cites engine software parameters from Renault''s own technical documentation that partially or entirely deactivate anti-pollution functions such as exhaust gas recirculation (EGR) and "lean NOx traps" (LNT) outside predictable regulatory test conditions. "The use of software in the (engine) calculator to limit the effectiveness of anti-pollution devices mainly or exclusively to vehicle approval tests is a strategy that Renault has implemented," the DGCCRF concluded. Renault has argued in press briefings that the limits on emissions control were necessary to protect its engines while maintaining driving performance and fuel efficiency, and therefore allowed under current EU rules. The carmaker has nonetheless recalled almost 11,500 cars to tweak engine calibrations and reduce NOx emissions - a handful of the 900,000 sold in France with the controversial software. Changes will include extending the narrow range of air intake temperatures within which the EGR is programmed to work. In France''s climate, the calibration renders the anti-pollution device virtually useless for seven months of the year, Renault itself concedes in company documents also seen by Reuters. The EIB, the world''s biggest multilateral lender with almost 80 billion euros granted each year, has faced scrutiny over its funding to carmakers in light of the "dieselgate" scandal and subsequent investigations in France and other countries. VW, which has set aside 22.6 billion euros to cover its U.S. criminal settlement and other costs, was awarded 400 million euros by the bank in 2009 to develop "green technologies". The German carmaker''s use of EIB funds has been "very thoroughly" investigated, bank President Werner Hoyer was quoted as saying at a January news conference. "We have not found any indication that our loans might have been used for fraudulent purposes." (Reporting by Laurence Frost; Editing by Mark Potter)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-renault-diesel-eib-exclusive-idUKKBN16V1N5'|'2017-03-24T21:12:00.000+03:00'
'af43240e1a0f38e56b9309ff2fa6e5dab7971d63'|'''Poster child'': why your Aboriginal colleague isn''t there to explain Indigenous culture - Guardian Sustainable Business - The Guardian'|'When Damian Shannon was looking for his first job as a graduate, he was on his guard. The last thing he wanted to be was a “poster child” for a corporate Aboriginal inclusion program.“You can get that vibe pretty quickly when you speak to recruiters and people within that organisation,” he says. “It is part of just trusting your gut. If it doesn’t feel right, chances are that it is not.”Shannon joined construction company John Holland three years ago and is employee relations and mobility co-ordinator in the human resources department.He says cultural safety has been an important factor in finding the right place to work: “It is about that ability to walk into a space and feel comfortable to be able to express yourself.”Indigenous Australia is open for business – but we need investment to realise our potential - Marcia Langton Read more Shannon says John Holland impressed him as a company that was serious about recruiting and supporting Aboriginal people. “It wasn’t a marketing exercise,” he says. “When I graduated, having conversations with some of those companies, you got the vibe that they wanted Indigenous employees to be their poster child.”According to the Australian Bureau of Statistics, around 3% of the population is Aboriginal and Torres Strait Islander . Around 4% of John Holland’s workforce and staff are of Aboriginal or Torres Strait Islander descent. For on-site workers, 11.8% have an Indigenous background, above the target of 10%. Feeling culturally unsafe is more than experiencing open or covert racism, or being made to feel conspicuously different from others. It can also come from being expected to be an explainer of Aboriginal culture to everyone who is curious , but can’t be bothered to Google.Dr Rae Cooper, associate professor in work and organisational studies at the University of Sydney Business School, says this can make Indigenous people feel scrutinised for all their behaviour and “otherness”. “That creates extra pressures on those individuals,” she says.Non-Aboriginal people are often shocked when they realise how much unwanted attention people of Aboriginal appearance get, says executive director for PricewaterhouseCooper’s Indigenous Consulting, Nareen Young.Public service ordered to increase number of Indigenous staff Read more “It is part of the fabric of life, as soon as they leave the house. It is being followed in shops. It is not being served, or being served rudely, not being able to hail cabs,” says Young, a former chief executive of Diversity Council Australia.And it seems everyone has a view about what Aboriginal people should do: “They say what they think, whether it is rude or not. There’s no manners framework when it comes to discussion about Aboriginal people. If you talk to other Aboriginal people, they’ll say it is not up to us to educate. It just gets tedious.”Young says the constant “being on show” at work should be named as bias: “It is not up to people to come to work and have to justify who they are or justify their community or explain their community. It is that constant negativity. It just wears people down.”The national Aboriginal engagement manager at John Holland, Sharon Gray, says her role is to make sure John Holland is culturally competent and to ensure everyone in the company understands the organisational culture and its values.Gray, a Kamilaroi woman, says practical steps include making cultural awareness training available, having a “buddy system” to check in on how the Indigenous employees are going, and having a mentoring system for them.Unpaid childcare is Australia''s largest industry – it needs to be acknowledged Read more Retention of those employees means finding new jobs for them when projects finish and providing opportunities to grow into supervisory, management or project roles. A major part of inclusion is the development of a Reconciliation Action Plan (RAP): a business plan to build respectful relationships and create opportunities for Indigenous people, supported by not-for-profit organisation Reconciliation Australia .Today, more than three million Australians work or study in an organisation that has developed a RAP, including 35,137 Aboriginal and Torres Strait Islander people. Employers include Qantas, Wesfarmers, Brisbane airport and government departments.Gray says John Holland’s RAP was introduced last year, after eight years of Aboriginal engagement strategies.The National Australia Bank launched its RAP in 2008, when there were between five and 10 indigenous employees across the entire organisation.“And most of us were here despite the system, not because of the system, so we had made our own way here,” says Glen Brennan, National Australia Bank’s head of Indigenous business.Today, 230 people of Indigenous background are working for the bank, says Brennan, a Gomeroi man, who is also state director Victoria of government, education, community and franchise banking, and the most senior Indigenous person at NAB.Australian women at work: underpaid, discriminated against and told to be ''more confident'' Read more Brennan says RAPs help corporate attitudes to evolve over time: “It becomes less about feeling sorry for Indigenous Australia and wanting to do something about that and actually seeing the potential of Indigenous Australia,” he says. “We see Indigenous Australia as a great source of talent. We want them to see themselves having a career in the bank because they are really good at what they do.”Brennan looks forward to the time when RAPs are no longer needed. “When does it just become business as usual? I’d like to see that happen sooner, rather than later”.A former public servant, Brennan says he has been fortunate to have always been treated with respect at work: “I’ve always run into people that have done nothing but want to help and the people who have treated me poorly are so rare I can’t remember them.“The truth is there is a tremendous amount of goodwill from good people in corporates that feel just as offended by the plight of Indigenous Australia as I do and want to help – and the RAPs provide a vehicle for corporates and those people to contribute to Indigenous affairs.”'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/sustainable-business/2017/mar/24/poster-child-why-your-aboriginal-colleague-isnt-there-to-explain-indigenous-culture'|'2017-03-24T03:00:00.000+03:00'
'c0743911e9d4bc30562aa0e89372f5009cf72f3f'|'PPG CEO leaves Netherlands, remains ready to meet with Akzo boards'|'AMSTERDAM The chief executive of PPG Industries ( PPG.N ) has left the Netherlands after meeting with Akzo Nobel ( AKZO.AS ) "stakeholders" to lobby for a merger of the two companies, a spokesman said Friday.CEO Michael McGarry remains ready to meet with Akzo Nobel''s leadership "anytime and anywhere" to discuss PPG''s rejected 22.7 billion euro ($24.5 billion) proposal to buy Akzo, PPG spokesman Bryan Iams said..(Reporting by Toby Sterling; Editing by Mark Potter)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-akzo-nobel-m-a-ppg-ceo-idUSKBN16V1SP'|'2017-03-24T20:41:00.000+03:00'
'219e77d7929e7a41011e5bca57fe09d0c81a4f16'|'Investors buoyed by Trump''s readiness to move on from Obamacare'|'Politics  27pm EDT Investors buoyed by Trump''s readiness to move on from Obamacare Wall Street''s predilection for a glass-half-full view of President Donald Trump was on full display Friday as investors backed off fears that a failure to repeal Obamacare would endanger Trump''s entire agenda in favor of optimism that he would simply get on with tax cuts and infrastructure spending. As the clock ticked down to a close vote in the House of Representatives set tentatively for Friday afternoon, U.S. stocks were little changed even as it appeared that the Republican leadership had yet to secure the support needed to pass the measure. That was in stark contrast with earlier in the week when equities suffered their biggest one-day drop since the November election on grounds that the shaky prospects for a successful repeal of the Affordable Care Act - known popularly as Obamacare - was a litmus test for everything championed by Trump. "I think investors are of the belief that Trump is just going to pivot to taxes," said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. "I think it''s a pivot from what we saw on Tuesday." Indeed, Trump delivered lawmakers an ultimatum late Thursday, saying the time for negotiation had ended and that he was willing to leave the ACA in place and get on with his other priorities. S&P E-mini futures rallied about 0.25 percent in overnight trading following the statement. "If this goes on the back burner, and they start addressing corporate tax rates or infrastructure, that would be a positive for the market because the administration is not going to look at this and say, ''Hey, this thing is going to take a while.'' They want to win," said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama. "So they will go on to something that they could get through more quickly, which will be beneficial to the market," Hellwig said. U.S. stocks have rallied hard since Trump was elected on Nov. 8, with the benchmark S&P 500 gaining around 10 percent in that span. Most of the gains have come as investors embraced prospects for the pro-growth and pro-business agenda Trump touted during his campaign. But more recently, doubts have arisen over Trump''s ability to deliver on the agenda as the effort to repeal Obamacare grew more rancorous. Stocks have drifted sideways for the last several weeks. Even amid the more sanguine mood on Friday as the vote approached, not all investors were ready to embrace the notion that a failure to repeal Obamacare could be so readily overlooked given how far the market has come since the election. "If the Republicans cannot settle their own conservative-moderate division on healthcare then that divide will be exacerbated for any other issue they attempt," said Joseph Trevisani, chief market strategist at Worldwide Markets in Woodcliff Lake, New Jersey. Still, with less than about 90 minutes to go to the House vote, there was little evidence of the angst evident earlier in the week when investors saw the vote as a clear pass-fail test for Trump''s agenda. "I think what Trump did by saying that they are going to take a vote and if it doesn''t go they will move on to the next item is kind of a positive thing, because I think the more important things are fiscal stimulus and tax reform," Tom Tucci, head of Treasuries trading at CIBC in New York said. "I know a lot of people are saying this will foreshadow the battle there, but I think there’s a lot more support on that end." (Reporting by Dion Rabouin, Karen Brettell, Caroline Valetkevitch and Sinead Carew; Writing by Dan Burns; Editing by Leslie Adler) Next In Politics'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-obamacare-markets-idUSKBN16V2IR'|'2017-03-25T02:27:00.000+03:00'
'08103151d9f091bc3708605170d3962047ae400f'|'Britain''s poorest, excluded from banking, turn to high-cost credit - report'|'Business News - Sat Mar 25, 2017 - 12:18am GMT Britain''s poorest, excluded from banking, turn to high-cost credit - report An English ten Pound note is seen in an illustration taken March 16, 2016. REUTERS/Phil Noble/Illustration/File Photo LONDON Poorer people in Britain are being excluded from the financial system and forced to rely on expensive and substandard banking products, according to a report by British lawmakers published on Saturday. There are 1.7 million adults in the country that do not have access to a bank account, the report said, raising the risk that they will turn to high-cost sources of credit such as payday loans, ''doorstep'' loans sold at a customer''s home, and a system known as rent-to-own. In the latter method, a company rents consumer goods to a customer at a high cost, with ownership not transferred until the final payment. Usage of rent-to-own has more than doubled in the last five years to over 400,000 households in Britain, according to Christine Allison, financial inclusion fellow at the Centre for the Study of Financial Innovation. StepChange Debt Charity estimates 2.6 million people in Britain are struggling with severe problem debt, and another 8.8 million show some signs of financial difficulty. Particularly at risk are those in the lowest income brackets, the report said, defined in British government data as having an average weekly household income of 130 pounds to 240 pounds. Regulation of short-term payday loan companies has been effective in curbing some of their practises such as exorbitant interest rates, but other forms of high-cost credit have flourished instead, according to Claire Tyler, a lawmaker in the House of Lords who chaired the committee on financial exclusion. "There is a poverty premium where the poor pay more for credit," Tyler told Reuters in an interview. The report called on the Financial Conduct Authority to establish new rules requiring banks to have a duty of care towards their customers to address some of these problems, but left the definition of that duty up to the regulator. Britain''s Treasury department and nine of the biggest banks in 2014 agreed new guidelines stipulating that so-called basic bank accounts should be fee-free, in an effort to widen access to banking. Tyler said data were not yet available to show the impact of those new rules. The report also said Britain''s poorer and more vulnerable people were hardest hit by bank branch closures, echoing a report by Reuters last June that showed banks were disproportionately closing branches in the lowest-income areas while expanding in wealthier ones. (Reporting By Lawrence White; Editing by Susan Fenton)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-banks-exclusion-idUKKBN16W001'|'2017-03-25T08:18:00.000+03:00'
'352cb44ea0ca57960acad66ea2252bc25840a0e4'|'US STOCKS SNAPSHOT-U.S. stocks at session lows as healthcare vote nears'|'Company News   3:18pm EDT US STOCKS SNAPSHOT-U.S. stocks at session lows as healthcare vote nears NEW YORK, March 24 Major U.S. stock indexes turned negative and sank to session lows on Friday as a highly anticipated vote in Congress on a healthcare bill neared. Republicans in Congress said they lacked the votes needed for passage of their U.S. healthcare system overhaul. The White House said the vote was set for about 3:30 p.m. (1930 GMT). Investors have been concerned about how the healthcare bill''s potential failure might affect President Donald Trump''s broader economic agenda, including tax reform. The Dow Jones Industrial Average fell 105.17 points, or 0.51 percent, to 20,551.41, the S&P 500 lost 7.79 points, or 0.33 percent, to 2,338.17 and the Nasdaq Composite dropped 4.41 points, or 0.08 percent, to 5,813.29. (Reporting by Lewis Krauskopf; Editing by Nick Zieminski) Next In Company News UPDATE 1-Astronauts complete spacewalk to retrofit space station CAPE CANAVERAL, Fla., March 24 Two spacewalking astronauts ventured outside the International Space Station on Friday for a 6-1/2-hour spacewalk, the first of three to prepare the orbiting laboratory for future commercial space taxis and to tackle maintenance chores, NASA TV showed. March 24 A U.S. appeals court in New York on Friday weighed arguments over whether Uber Technologies Inc customers gave up their right to sue the company when they registered for its popular taxi hailing service. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL2N1H11IM'|'2017-03-25T03:18:00.000+03:00'
'0acd0bedcf9995420a3ee70eefddb0359c472ed4'|'China''s C919 passenger jet moves closer to maiden flight: Xinhua'|'BEIJING China''s C919 passenger jet, the symbol of its lofty aviation ambitions, has passed a major technical assessment, and has moved closer to its first flight, the official Xinhua news agency reported on Saturday.A committee of 63 aviation specialists from across China had agreed the C919 is technically ready for its maiden flight, Xinhua reported, citing the aircraft''s Shanghai-based maker Commercial Aircraft Corp of China (COMAC) [CMAFC.UL].The C919''s first flight has been delayed at least twice since 2014 because of production issues. State media reported last month that the jet could take to the skies in the first half of this year.The committee had proven that the C919 was technically airworthy, but the jet was still subject to electromagnetic compatibility and taxiing tests before it could make its first flight, according to Xinhua.The narrow-body aircraft, capable of carrying up to 168 passengers, would be competing with Boeing''s new generation 737 and Airbus''s updated A320. The C919 has a standard range of 4,075 km.COMAC previously said it had received 570 orders for the C919 passenger jet from 23 customers.(Reporting by Ryan Woo; Editing by Robert Birsel)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-china-comac-c-idUSKBN16W09K'|'2017-03-25T13:06:00.000+03:00'
'31f31ef29d8a9120e0768fd33bb7057e0a366a75'|'Bank of England to charge banks for additional "Brexit" costs'|'Company  19am EDT Bank of England to charge banks for additional "Brexit" costs By Huw Jones - LONDON, March 24 LONDON, March 24 The Bank of England is to increase the fees it levies on the banks it regulates to meet additional costs resulting from Britain''s move to leave the European Union - and may have to ask for more cash later on. The central bank''s Prudential Regulation Authority (PRA) published a consultation paper on Friday on its annual funding requirement (AFR) for the financial year starting in April. The proposed total requirement is 266.5 million pounds ($332.8 million), up 9.2 million on the current year, a rise of 4 percent. Brexit is expected to reshape Britain''s financial markets, Europe''s biggest, given that banks based in London are likely to lose their unfettered access to the bloc''s single market. Central bankers across the EU want to contain any threats to financial stability, such as from ruptures in cross-border customer links. "A new element of the PRA AFR is being proposed for 2017/18 for the recovery of certain costs associated with EU withdrawal," the PRA said in its consultation paper. The extra costs are due to its work on regulatory issues concerning Brexit and reviewing current rules to ensure they still work after withdrawal,. "The PRA’s estimated costs associated with EU withdrawal activity in 2017/18 are 5.4 million pounds." Activity in relation to Brexit "will require a significant amount of work to be undertaken by the PRA over a number of years". And due to "uncertainty" surrounding the terms of withdrawal, the PRA said it may have to ask for more money from firms. Other changes are also making demands on the PRA purse. From 2019 banks in Britain must turn their retail arms into legally separate units with their own capital buffers. The aim is to shield customers and avoid taxpayer bailouts if a bank''s riskier investment operations go bust. The PRA said it wants to increase its "ring-fencing implementation fee" as supervisory costs are set to increase to 23.6 million pounds in the next financial year, compared with 7.9 million pounds this year. It is also proposing a new fee to cover the 3.6 million-pound cost of implementing a new accounting standards rule, known as IFRS9, which forces banks to recognise bad loans in their provisioning far earlier than at present. Banks in the past have been too slow in reserving for soured loans, forcing taxpayers to bail out lenders during the 2007-09 financial crisis. From January they will have to set aside some capital on the first day of the loan. "Increasing levels of preparation work mean that it is now appropriate to move to an implementation fee," the PRA said. ($1 = 0.8009 pounds) (Editing by Greg Mahlich) Next In Company News US STOCKS-Futures higher; all eyes on healthcare vote March 24 U.S. stock index futures edged higher on Friday, helped by higher oil prices, and ahead of a closely watched vote on a healthcare bill seen as a test of President Donald Trump''s ability to pass his legislative agenda through Congress. March 24 Stock futures pointed to a higher opening for Canada''s main stock index on Friday as oil prices rose, supported by a fall in Saudi crude exports to the United States in March. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/boe-banks-regulator-idUSL5N1H125A'|'2017-03-24T19:19:00.000+03:00'
'afb7201fdf2b545990e3ce46c0779dd8016b0278'|'Yingde Gases ''accidental win'' for minorities fans sparks of activism'|'By Elzio Barreto - HONG KONG HONG KONG The messy battle to control China''s largest producer of industrial gases has turned into a serendipitous victory for minority investors that could encourage more shareholder activism in Asia.Though far less common than in the United States, open campaigns seeking better returns or a change in business strategy have risen sharply in Asia, with the number of targeted companies rising to 77 in 2016 from 55 the previous year, according to data from research firm Activist Insight.That is still well short of the 456 cases in the United States, underscoring the room for further growth as investors feel more emboldened and markets in the region expand.The decision by Yingde Gases Group''s ( 2168.HK ) shareholders earlier in March to oust five directors ended a four-month battle for control of the $1.6 billion company''s board in a clash over how to improve its finances and business. It is expected to speed up a strategic review that could include an outright sale of the company.The increase in public activist campaigns also highlights how investors including Elliott Management Corp, BlackRock Inc ( BLK.N ) and Hong Kong-based hedge fund Oasis Management are becoming more public as they try to rally other minority shareholders to boost returns from laggard stocks."This case with Yingde had the potential of disenfranchising shareholders, but people went and they voted. It only happened because the insiders split and that gave a real voice to minority shareholders here," said Seth Fischer, chief investment officer at Oasis, which holds a 4.5 percent stake in Yingde. "It was a bit of an accidental win."As Yingde co-founders Sun Zhongguo and Trevor Strutt, who prevailed in the vote, battled with Zhao Xiangti, another co-founder and major shareholder, the company received takeover approaches from asset manager StellarS Capital (Hong Kong) Ltd and U.S. industrial gas maker Air Products and Chemicals Inc ( APD.N ) worth $1.1 billion and as much as $1.5 billion in cash, respectively. If successful, the Air Products purchase would be the biggest takeover by a U.S. company in China.The takeover battle took another twist when Hong Kong-based private equity firm PAG agreed to buy the combined 42.1 percent stakes of Zhao, Sun and Strutt for $616 million. The offer''s only condition was that PAG and parties acting in concert with the fund hold more than 50 percent of Yingde.Institutional Shareholder Services (ISS), which advises pension plans and mutual funds, had called in the beginning of March for a fully independent board, as that would give "the most objective assessment of any offers to acquire" Yingde. The call for more independence was also voiced by Oasis.Speaking to Reuters last week, Strutt and Sun said they believed Zhao had destroyed value for shareholders and were now focusing on trying to secure a higher bid for the company. They said they were also trying to bring in another board member with expertise in the gas sector to help the process go smoothly.While one UK fund manager described the Yingde case as a "somewhat unique situation, rather than the dawn of a brave new world of activism in Hong Kong," since it depended on a split among the top shareholders, there is nevertheless at least a noticeable whiff of change.In a region with many family-owned businesses and listed companies with few people holding the vast majority of shares, investors are increasingly asking boards to act in the interest of all shareholders, not just majority owners.In a rare public campaign last year, ultimately unsuccessful, BlackRock, the world''s largest asset manager, called on the board of Hong Kong-listed G-Resources Group Ltd ( 1051.HK ) to "honour its obligations to all shareholders".While the number of companies targeted by activist investors was unchanged at 14 in 2016 from 2015 in Hong Kong, it rose to 15 from nine in Japan and to 11 from eight in China, while also rising in South Korea, Singapore and Malaysia, according to Activist Insight.Asia has seen vast improvement in corporate governance over the past two years as regulators and securities exchanges tighten rules to boost company performance, raise investor confidence and guard their reputations.Markets including Hong Kong, Japan, Singapore, South Korea, Taiwan and Thailand have been getting tough on rogue firms and introduced stewardship codes to encourage engagement between companies and investors.Hong Kong and Singapore, two of the region''s largest financial centers, have tightened listing and takeover requirements, and stepped up enforcement after instances of erratic price movements sparked fear of manipulation.(Additional reporting by Michelle Price in Hong Kong and Anshuman Daga in Singapore; Editing by Will Waterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-yingde-gases-m-a-idINKBN16V142'|'2017-03-24T08:04:00.000+03:00'
'3aaf23a30ef3885bd9ecbb181acf86543e1bb8b9'|'Toshiba shares rise 6 percent after Effissmo increases stake'|'TOKYO Shares in Toshiba Corp ( 6502.T ) rose as much as 6 percent on Friday morning trade after Singapore-based fund Effissimo, established by former colleagues of Japan''s most famous activist investor, became its largest shareholder.Effissimo Capital Management, set up by Yoshiaki Murakami, owns an 8.14 percent stake in Toshiba, according to a regulatory filing showed on Thursday.The activist fund''s emergence as the biggest shareholder came as the electronics conglomerate struggles with huge losses stemming from its U.S. nuclear business.(Reporting by Junko Fujita; Editing by Richard Pullin)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-toshiba-shareholders-idINKBN16V01N'|'2017-03-23T21:27:00.000+02:00'
'abfd1d7e218cfacead03a0578c4b41bf93c1c404'|'Is an Isa the best home for your nest egg? - Money'|'Y ou only have until 5 April to take advantage of your £15,240 Isa allowance. So should you be investing your cash in an Isa? And if so, what type should go for – cash, investment or the more risky “innovative” option? Read on for the what, how, where and why of Isas…Isas are accounts on which you will never have to pay tax . During the current tax year you can put £15,240 into an Isa and leave it there forever, and the interest or capital gains are free from tax. In extreme cases, some husband-and-wife couples have been able to build up £1m in Isas , with all the money they generate being tax-free.There are three types of Isas – cash, investment, and innovative. The cash ones are deposit accounts paying interest; the investment ones allow you to put the money into shares or funds; while the innovative finance Isa is new and lets you put the money into higher-risk “peer-to-peer” platforms. You don’t have to put all the money with one provider, and you can save up to £15,240 in one type of Isa account or split the allowance across two or three types.Your money could be at risk . Cash Isas are the safest, with deposits up to £85,000 protected by the Financial Services Compensation Scheme (FSCS). If investment Isas go down in value it’s bad luck, there is no safety net. The innovative finance Isas, meanwhile, do not have any FSCS protection.If you are a first-time buyer aged 18-40, the new Lifetime Isa , launching on 6 April, is great news. You can put in up to £4,000 a year and the government will add a 25% bonus on top. So if you save the full £4,000 you’ll have £5,000. If you’re a couple that equates to £10,000 for an £8,000 deposit. Nothing beats it – but you can only spend the money on buying a home, and must never have owned a home before.You can open an Isa with a whole range of financial institutions – banks, building societies, fund managers and so on. You can take your money out of an Isa at any time, and with some you can take out cash then put it back in during the same tax year without reducing the current year’s allowance.You can transfer your Isa at any time. So if the bank where you opened a cash Isa a few years ago has cut its interest rates, you’re free to move the money – all or part of it – to another provider.One reason not to open a cash Isa is that interest on all savings is now automatically paid tax-free. You can earn up to £1,000 interest per year without paying tax if you are a 20% taxpayer, or £500 if you are a 40% taxpayer. So unless you are a very serious saver at the bank (with more than £20,000 to put away), cash Isas aren’t attractive in the way they once were.Interest rates on cash Isas are also (inexplicably) lower than rates on standard deposit accounts. For many people, the best rates of interest they will earn will be on money kept in a current account in one of the deals from the likes of Santander, Nationwide and Lloyds. But if you have a large amount of cash savings, or want to invest significant amounts in the stock market, Isas can still make sense.You can stash £70,000 away tax-free in the next fortnight alone, as the 2017-18 limit will be £20,000. Anyone aged over 16 (for cash Isas) and 18 (share Isas) can take out an Isa, so a couple can have one each and buy one each tax year.Best for cash Facebook Twitter Pinterest Coventry building society has the top-paying variable rate cash Isa. Photograph: Alamy Cash Isa rates may have been decimated in recent months, but there are still a few stand out deals for those wanting to keep their Isa money in cash. Coventry building society has the top-paying variable rate cash Isa which pays 1.05%.Bank of Cyprus , meanwhile, offers the highest rate for one-year fixed-rate bonds – 1.1%, while if you prefer a home-grown bank, Virgin Money is paying 1.05% – again fixed for a year.Principality has the highest-paying two-year bond – 1.26%, while Coventry is paying 1.7% if you are happy to lock your money away for five years. Be aware, tying your money up for that long could look like a mistake if and when interest rates finally start rising.All the above deals allow savers to transfer in previous Isa allowances held at other banks, which if you haven’t moved them recently could well be earning as little as 0.35%.Another option is the so-called “innovative finance Isa” which allow investors to offer peer-to-peer loans, which are held within the Isa “wrapper”. There are a host to choose from, but there is no protection if it all goes wrong and the lender defaults – although the rates are very attractive.LandlordInvest , which lets people invest in residential buy-to-let mortgages and bridging loans, is holding out the prospect of returns of up to 12%.  LendingCrowd , which matches investors with small- and medium-sized businesses seeking loans, is offering a “target rate of return of 6% a year”.Best for shares The choice is phenomenal – there are thousands of individual shares and investment funds to pick from, and with “exchange traded funds” (ETFs) you can track dozens of indices and commodities. Most beginners opt for a fund, which is a basket of shares, usually of 50-60 different companies, so if any one goes bust it doesn’t hit you too hard.But which fund? Index trackers, which promise to match the gains (and falls) of indices such as the FTSE 100, are the cheapest over the long term. Conventional funds charge at least 1% of your pot every year, often much more, while the trackers may take 0.1% or less.FTSE 100 trackers match the performance of the 100 biggest shares on the London stock exchange. The BlackRock 100 UK Equity fund charges 0.07% of your assets every year. L&G’s UK 100 index fund is 0.1%, but that’s discounted to 0.06% by some sellers.FTSE All Share trackers match the FTSE 100, but also include small- and medium-sized companies. BlackRock’s UK Equity Tracker costs 0.06%, while HSBC’s FTSE All Share Index is 0.07%. Fidelity’s Index UK costs 0.08%, but 0.06% if bought directly from Fidelity.Vanguard offer funds which invest in a range of trackers – such as its Life Strategy fund, which tracks bond and equity indices around the world, with a fee of 0.22%.Or you can choose to have your money managed “actively”, where the fund manager picks and chooses the shares, buying and selling when he or she thinks the time is right.Brokers TD Direct Investing recently issued its Best of British Fund Managers list, detailing which has performed most strongly over a 10-year period. The winner is Mark Slater, whose MFM Slater Growth fund has generated an average annual return of 12.6% a year over the past decade, compared to 5.6% on the FTSE. The fund is predominantly invested in small- and medium-sized companies rather than the giants that dominate the FTSE 100 index.Other top funds over 10 years include Lindsell Train UK Equity and Liontrust’s Special Situations fund. Schroders was the only group to have two funds in the top 10 over a 10-year period. Schroders says that a saver who put £1,000 into a cash Isa when they were launched in 1999 would now have £1,204. If the same £1,000 had been put into a stocks and shares Isa and invested in the UK stock market it would be worth £1,663, or 38% more.Where to buy Facebook Twitter Pinterest If you want to deposit cash into an Isa you can go direct to the bank or building society. But it’s not so simple when you want to invest in a stocks and shares Isa. You can’t just ring BP and say “Can I buy 100 shares in your company”, or go to Vanguard and say “Can I put £1,000 into your fund”. You have to use a broker, or to use the modern parlance a “platform”, where you buy the fund and can watch how it is getting along.Basically, you send your money to the platform, it puts it into a fund (or individual shares) and keeps you updated. For this they charge a fee, which is on top of the fee that goes to the underlying fund manager. For example, you pay 0.1% a year for the cheapest index fund, then another 0.5% a year to the platform, so that’s 0.6% in total. Or you pay 0.75% for an actively managed fund, plus the 0.5% fee to the platform provider, making a total of 1.25% a year. Then there are the hidden charges, such as for the turnover within the fund, which means you can easily be frittering away 2% a year of your investment.The Lang Cat consultancy, which monitors platform charges, has created a table of fees (see right) which show that it can cost as little as £13 to put £5,000 into an Isa. The full table can be found at langcatfinancial.co.uk/guardian . Steven Nelson from Lang Cat warns that what you pay reflects the amount of services on offer. The cheapest providers are almost entirely DIY, where you pick the funds yourself. Cavendish is probably the best-known, charging just 0.25% a year.Then there are the “do it with you” providers who offer loads of tools to help you choose, often with recommended fund lists, but which don’t make the choice for you – such as Hargreaves Lansdown, which charges 0.45% on a £5,000 investment.Alternatively, there are the “do it for you” providers who make the investment choices for you. Many are new digital offerings, which manage a range of funds tailored to your risk level, at a relatively low cost. Names here include Nutmeg, MoneyFarm and NetWealth. Nutmeg says a £5,000 Isa would cost from 0.7% to 1.1% a year, which includes the underlying fee for the funds it invests in.Case study: Not-so-filthy lucre Facebook Twitter Pinterest Wildlife cameraman Doug Allan invests with Triodos. Photograph: Triodos Bank Wildlife cameraman Doug Allan has filmed orca whales, polar bears and emperor penguins in some of the world’s most extreme environments, for BBC TV series including Blue Planet and Frozen Planet. And he is determined his own money doesn’t contribute to the destruction of the habitats he has spent his life filming.He recently finished a documentary called The Missing Fish, and is putting together a film on climate change at the poles – and says he invests with Triodos to make sure his money does not harm the oceans or other wildlife.“I do genuinely believe we need to change the world’s financial management. It’s not as if there are not plenty of money-making opportunities from investing in a sustainable way, especially in renewable energy.”A new Isa is offering tax-free returns of 12% – so what’s the catch? Read more Triodos is one of a number of providers that now offer an ethical option for your cash or shares Isa, and you don’t necessarily need to accept lower returns if you want to keep to your principles. Like every bank, interest rates are low – Triodos pays 0.75% on its cash Isa – but that’s actually double the rate paid by Lloyds Bank on its instant access cash Isa. What’s more, it accepts balances as low as £10. It also has an investment Isa, into which Allan has placed his money.When Triodos takes depositors’ money, it makes sure it is lent only to businesses having what it sees as a positive impact on society. It also invites customers to inspect the companies it is lending to – an opportunity taken up by Marion Mackonochie in Brighton. She visited hiSbe, an ethical supermarket, and spoke to founder and co-owner Ruth Anslow. Triodos Bank helped finance the shop with money from its Isa savers.“It’s important to me that my money is not used to finance arms, tobacco or the oil trade. I get a brochure twice a year telling me about the projects they are financing, and I can see the good my money is doing. When I first set up an account I did look around to make sure that I wasn’t being taken for a fool. I found that while the rates on offer weren’t the very best, they were certainly not the worst either.”There are numerous other ethical Isa providers. Abundance offers an Isa paying a projected 2% rate by investing in renewable energy. Ecology building society is currently not accepting new deposits due to high demand, but hopes to open again soon. Charity Bank has an ethical Isa paying 0.9%, while Co-operative Bank pays between 0.37% and 1.05% on its range of Isas.Topics Isas Savings Savings rates Banks and building societies Family finances features  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/mar/25/is-isa-best-home-nest-egg-shares-cash-doug-allan'|'2017-03-25T15:00:00.000+03:00'
'0de38e0ae8bed4b5343caa99245c3dd3f10b2250'|'All drill, no frack: U.S. shale leaves thousands of wells unfinished'|'  5:16am GMT All drill, no frack: U.S. shale leaves thousands of wells unfinished FILE PHOTO -- A pump jack stands idle in Dewitt County, Texas January 13, 2016. REUTERS/Anna Driver/File Photo By Devika Krishna Kumar - NEW YORK NEW YORK U.S. shale producers are drilling at the highest rate in 18 months but have left a record number of wells unfinished in the largest oilfield in the country – a sign that output may not rise as swiftly as drilling activity would indicate. Rising U.S. shale output has rattled OPEC''s most influential exporter Saudi Arabia and pushed oil prices to a near four-month low on Wednesday. U.S. production gains are frustrating Saudi-led attempts by the world''s top oil exporters to cut supply, drain record-high inventories and lift prices. Investors watch data on the number of rigs deployed in North American oil and gas fields as a leading indicator for output. But the rising rig count and frenetic drilling activity in the Permian Basin in West Texas is not all about pumping oil. [RIG/U] During the 2014-2016 downturn in global oil prices, the number of wells left incomplete grew as companies shut down rigs, laid off workers and retreated from the fields. When prices picked up, operators were expected to pump the oil from those incomplete wells before spending money on drilling new ones. Instead, the number of incomplete wells has risen. A record 1,764 wells were left unfinished in the Permian in February, according to U.S. government data going back to December 2013. In February alone, 395 wells were drilled and only 300 completed. That was the highest drilling rate in the Permian in two years. The surprise surge in unfinished wells indicates that investors, traders and oil market players may need to reinterpret rig count data. "You would now be looking at the number of wells drilled and the uncompleted wells and not necessarily the rig count," said Bruce Bullock, director of the Maguire Energy Institute at Southern Methodist University in Dallas. Reuters interviews with more than a dozen well completion service providers, oil and gas lawyers and industry experts show that some operators are drilling because their leases require them to do so within a specified time limit to keep their leases. But they may not be required to actually pump the oil immediately after they have drilled the hole. See a graphic on the number of incomplete wells here: tmsnrt.rs/2mYJlgN To complete a well, shale producers stuff the hole with sand, water and chemicals at high pressure until the rock fractures and releases the oil contained in its pores. There is typically a lag of a few months between drilling and completion in government data, so some of the increase in unfinished wells can be explained by rising activity. Some leases do require firms to produce a minimum volume of oil. On those leases, many firms will frack one well and leave others incomplete. That allows them to meet their contracts with land holders but gives them flexibility to come back and pump the oil later. LEASE VALUES JUMP The value of land in the Permian has rocketed as oil prices recovered to around $50 a barrel, so oil firms are now scrambling to do the required drilling to keep leases they had left dormant. "During the period where we had the downturn in price, there were a lot of leases that were in danger of being lost ... they had to drill a well to maintain it," said Michael Stoltz, an attorney who represents energy firms in Texas for Stubbeman, McRae, Sealy, Laughlin & Browder Inc. A new lease could cost the operator as much as five times more than a few years ago, said Joe Dancy, an oil and gas lawyer, who helps negotiations on such deals. Drilling costs are also on the rise, adding to the rush by producers trying to stay ahead of price inflation. Fracking is more expensive than drilling and is time consuming. As much as 70 percent of well completion costs are tied to fracking, while 30 percent is for drilling, experts say. Fracking crews are in short supply, which is another reason that oil firms have delayed completion. As activity has picked up in the Permian, the labor market has tightened. Many oil workers found jobs elsewhere during the downturn, so rebuilding the workforce is taking time. "There were a number of completions that were originally scheduled in first quarter and you''ve seen those slide to Q2 and that''s really being driven by ... access to service crews and things like that," said Tom Stoelk, the CFO and interim CEO of Northern Oil & Gas Inc, a producer focused on the Williston Basin in North Dakota and Montana. MORE INVENTORIES The number of incomplete wells could complicate OPEC''s attempt to balance markets, as they could be completed relatively quickly if the oil price rises. Saudi Arabia is targeting a $60 per barrel price, and that could trigger those well completions and bring a new wave of supply to the market. If all the incomplete wells in the Permian pump instantaneously, output from the field could jump as much as 300,000 barrels per day (bpd), according to consultancy Wood Mackenzie. In February, the field accounted for about 2.1 million bpd, or about 23 percent of total U.S. crude output of about 9 million bpd, according to U.S. government data. LOCKING IN LEASES AND COSTS Landowners lease their land to energy companies for an upfront lump sum or signing bonus and subsequent royalty payments. A standard lease lasts three years, with an option to extend for another two years, said sources who work with companies on such agreements. Leases vary greatly. Some require drilling but no production, others require production, and some require a well every six months. None of them require firms to complete all the wells they drill. Continental Resources Inc, which has about 185 such drilled but uncompleted wells (DUCs) in the Bakken in North Dakota, says that innovation during the downturn meant it could now complete those wells more cost efficiently. "We''re glad we saved all those wells," CEO Harold Hamm said at an industry conference this month.   Ernest Scheyder in Houston and Swetha Gopinath in Bengaluru; Editing by Simon Webb and Paul Thomasch)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-shale-insight-idUKKBN16V0IL'|'2017-03-24T13:09:00.000+03:00'
'ab5902631aaaf36f386c8d217ec7798999b81d87'|'Amazon.com wins $1.5 billion tax dispute over IRS'|'Business News - Thu Mar 23, 2017 - 11:19pm GMT Amazon.com wins $1.5 billion tax dispute over IRS FILE PHOTO - The logo of Amazon is seen at the company logistics center in Lauwin-Planque, northern France on February 20, 2017. REUTERS/Pascal Rossignol/File Photo By Jonathan Stempel and Jeffrey Dastin Amazon.com Inc ( AMZN.O ) on Thursday won a more than $1.5 billion (1.20 billion pounds) tax dispute with the Internal Revenue Service over transactions involving a Luxembourg unit more than a decade ago. Judge Albert Lauber of the U.S. Tax Court rejected a variety of IRS arguments, and found that on several occasions the agency abused its discretion, or acted arbitrarily or capriciously. Amazon''s ultimate tax liability from the decision was not immediately clear. The world''s largest online retailer has said the case involved transactions in 2005 and 2006, and could boost its federal tax bill by $1.5 billion plus interest. It also said a loss could add "significant" tax liabilities in later years. Amazon made just $2.37 billion of profit in 2016, four times what it made in the four prior years combined, on revenue of $136 billion. Lauber''s decision "should shield Amazon from potentially significant tax obligations to the IRS covering years beyond the ones covered in the lawsuit," said Colin Sebastian, an analyst at Baird Equity Research. The IRS declined to comment. Amazon and its lawyer John Magee, a partner at Morgan, Lewis & Bockius, also declined to comment. Before entering the White House, President Donald Trump contended that Amazon, run by billionaire Jeff Bezos, failed to pay enough taxes, once accusing it on Fox News of "getting away with murder tax-wise." The IRS case involved "transfer pricing," which arises when different units of multinational companies transact with each other. Amazon argued that the IRS overestimated the value of "intangible" assets, such as software and trademarks, it had transferred to a Luxembourg unit, Amazon Europe Holding Technologies SCS. Lauber said Amazon did this through a plan called "Project Goldcrest," to have the "vast bulk" of income from its European businesses taxed in Luxembourg at a "very low rate." The IRS countered that Amazon''s dealings were not all done at "arm''s length," or else improperly lowered its domestic tax bill. "This is good for everybody, not just Amazon," said Michael Pachter, a Wedbush Securities analyst who has practiced tax law. "It reaffirms that the tax law permits wholly-owned subsidiaries can license intellectual property" as Amazon did. "Totally legal, totally legal." Amazon has said it may face additional tax bills in Europe if authorities in Brussels conclude that prior rulings by Luxembourg tax officials amounted to improper "state aid" that gave it an unfair advantage over rivals. A formal probe into those rulings began in October 2014, Amazon has said. (Reporting by Dena Aubin and Jonathan Stempel in New York, and Jeffrey Dastin in San Francisco; Editing by Richard Chang) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-amazon-com-irs-idUKKBN16U36B'|'2017-03-24T07:19:00.000+03:00'
'9a29a1bf51eb397275b3848a889ff60840e33847'|'Co-op Bank attracts multiple expressions of interest'|'Business News - Fri Mar 24, 2017 - 9:58am GMT Co-op Bank attracts multiple expressions of interest A sign hangs outside of a branch of The Co-operative Bank in London, Britain, February 13, 2017. REUTERS/Hannah McKay Britain''s Co-operative Bank ( 42RQ.L ), up for sale after struggling to meet UK regulatory capital requirements, said it had received multiple expressions of interest. Co-Op Bank, rescued from the brink of collapse by a group of hedge funds in 2013, said it is evaluating information on the bank and would provide additional information to selected parties to proceed with the offer. It put itself up for sale in February. Co-op Bank, which has 4 million customers, said it would continue to negotiate an equity raising plan from existing and new capital providers, as an alternative to the sale process. (Reporting by Rahul B in Bengaluru; editing by Susan Thomas) Next In Business News Schaeuble - Trying to keep disadvantages for Britain as small as possible in Brexit BERLIN German Finance Minister Wolfgang Schaeuble said on Friday that the European Union was trying to limit the negative effects of Brexit for Britain but stressed that countries wanting to get the benefits related to the bloc had to make commitments, too. LONDON Deutsche Bank has chosen a new office for its London headquarters, signalling a vote of confidence in Britain''s capital despite the country''s decision to leave the European Union. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-co-operativ-bank-sale-idUKKBN16V12L'|'2017-03-24T17:58:00.000+03:00'
'4f7d5832537925c6c534f02e2ef61e94172b97ea'|'EU has asked Brazil to suspend meat shipments -sources'|' 16pm EDT EU has asked Brazil to suspend meat shipments -sources BRASILIA, March 23 The European Union asked Brazil to voluntarily suspend all shipments of meat to its member countries to avoid imposing a ban that would take time to lift but the Brazilian government did not agree, EU diplomats in Brasilia told Reuters on Thursday. EU ambassadors have been seeking more information on the irregularities discovered in Brazil''s meat industry and they criticized the Brazilian government for failing to deal with the problem as a public health issue, according to one diplomat who attended an EU ambassadors meeting in Brasilia on Wednesday. (Reporting by Anthony Boadle; Editing by Daniel Flynn; Editing by Sandra Maler)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-corruption-meat-eu-idUSL2N1H021S'|'2017-03-24T05:16:00.000+03:00'
'e74ca52b9e881b957800089220c93909bb8da610'|'Effissimo says expects long-term price gains with Toshiba stake purchase'|'TOKYO Singapore-based fund Effissimo, which has given embattled Toshiba Corp ( 6502.T ) a rare vote of confidence with its purchase of an 8 percent stake this month, on Friday said the holding was for pure investment purposes and it expected long-term price gains.The fund, established by former colleagues of Japan''s most famous activist investor - Yoshiaki Murakami, has now become the largest shareholder in Toshiba, which is caught up in a multibillion dollar financial maelstrom surrounding its U.S. nuclear unit Westinghouse.Effissimo''s unexpected purchase sent shares in the Japanese conglomerate soaring 7.6 percent on Friday, giving it a market value of 944 billion yen ($8.5 billion). The stock has halved in value since mid-December, hit by a growing list of financial woes that have put it at risk of delisting."Given the tumultuous background of what''s been going on, at least this brings a degree of something tangible to shareholders and investors, in relation to the probability of some stability going forward," said Gavin Parry, managing director of Parry International Trading in Hong Kong, who does not hold any Toshiba shares.Effissimo''s purchase of 8.14 percent of Toshiba is worth about 65 billion yen ($584 million), based on its closing price on March 15, the date of ownership shown in the filing.Its stake is "purely for investment", the fund said in an emailed statement.Effissimo is known for its proactive stance on corporate governance, but the fund is unlikely to make aggressive moves on Toshiba, focusing instead on potential gains from the sale of the conglomerate''s prized memory chip business, a person with direct knowledge of the fund said.Toshiba has put up most or even all of its memory chip business for sale to cope with an upcoming $6.3 billion writedown related to cost overruns at its U.S. nuclear business and to create a buffer for potential losses down the road. It is also looking at selling a majority stake in Westinghouse."It has bought this big stake in Toshiba when the crisis is at its worst, and will likely be thinking about how much its NAND business can be sold for," the source said, on condition of anonymity. "Even though this is a huge bet, I can''t see them making big demands as a shareholder."The fund is also the largest shareholder in shipper Kawasaki Kisen Kaisha Ltd ( 9107.T ), office equipment maker Ricoh Co Ltd ( 7752.T ) and electronics retailer Yamada Denki Co Ltd ( 9831.T ).Last year, Effissimo urged struggling Japanese electronics maker Sharp Corp ( 6753.T ) to better explain how it would decide between a bailout and a buyout.(Reporting by Makiko Yamazaki, Lisa Twaronite and Thomas Wilson; Editing by Edwina Gibbs and Himani Sarkar)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-toshiba-accounting-effissimo-idUSKBN16V0IT'|'2017-03-24T13:53:00.000+03:00'
'b8584e7dd1a44432f2c7a921a41b2719c90782d4'|'Spain growth may top 2.5 percent for next two to four years - minister'|'  8:46am BST Spain growth may top 2.5 percent for next two to four years - minister People walk past the El Corte Ingles department store in central Madrid, Spain, November 13, 2015. REUTERS/Andrea Comas MADRID Spain''s economy could grow at a rate of above 2.5 percent every year for the next two to four years, Economy Minister Luis de Guindos said on Tuesday. The government is expected to update its economic growth forecasts on Friday when it presents its 2017 budget proposal, though it will leave the current expectations of 2.5 percent growth for this year unchanged, de Guindos said. (Reporting by Jose Elias Rodriguez; Writing by Paul Day; Editing by Sonya Dowsett)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-spain-economy-idUKKBN16Z0QV'|'2017-03-28T15:46:00.000+03:00'
'93ed28552e761169f2eafd55c68ba0b5793dc27b'|'Tesco boss defends Booker deal, says many investors on board'|'  4:53pm BST Tesco boss defends Booker deal, says many investors on board left right A branded sign is displayed outside of a Booker Wholesale store in London, Britain January 27, 2017. REUTERS/Neil Hall 1/2 left right FILE PHOTO - A company logo is pictured outside a Tesco supermarket in Altrincham northern England, April 16, 2016. REUTERS/Phil Noble/File Photo 2/2 By James Davey - LONDON LONDON Tesco ( TSCO.L ), Britain''s biggest retailer, remains committed to its agreed 3.7 billion pound ($4.7 billion) takeover of wholesaler Booker ( BOK.L ) despite opposition from some big shareholders, its boss said on Tuesday. On Monday, Tesco''s third and fourth largest investors -- Schroders ( SDR.L ) and Artisan Partners, who together hold 9 percent of its equity -- called on the supermarket group to withdraw its offer, saying it was overpaying and the deal was a distraction from the company''s turnaround plan. "We’re absolutely, completely committed to the deal," Tesco CEO Dave Lewis told reporters on Tuesday. “Since we made the announcement (on Jan. 27) I’ve met tens of shareholders, here and in North America, and I’m really pleased with the response that we’ve got," he said. Lewis said support for the deal was borne out by investors buying Tesco stock over the last two months. "If you look what the buying has been in our top 10 register you see that a significant majority of our top 10 have increased their holding within Tesco," he said. He added those investors recognised the growth opportunity of the deal and the projected annual synergies of 200 million pounds -- well ahead of the earnings of Booker in 2016-17. Bruno Monteyne, a former senior Tesco executive who is now an analyst at Bernstein, does not think the Schroders/Artisan stance reflects majority opinion among Tesco shareholders. He said that although there was an element of "distraction risk" it was not sufficient to derail the deal. He believes shareholders are generally very supportive of Lewis'' turnaround plan. "If they were to vote down this Booker deal, this would be read as a big vote of no-confidence in this management team, even if that isn''t the issue at heart or the issue raised by the (dissenting) shareholders," he said. Simon Murphy, head of UK large cap at Old Mutual Global Investors -- a top-40 investor in both Tesco and Booker -- reckons the deal will accelerate growth at both companies. “We remain supportive of Tesco’s acquisition of Booker Group, believing it works well for both sets of shareholders," he said. Lewis also stressed Tesco was still in the early stages of the timetable for taking over Booker, with the deal still to be formally considered by competition authorities. If it crosses that hurdle, the deal will need to be approved by 50 percent of Tesco shareholders at an investor meeting. "This has got a long way to run," said Lewis. Shares in Tesco, down 7.6 percent this year, were up 0.7 percent at 191.2 pence at 1538 GMT, also influenced by news the firm is to pay 214 million pounds in fines and compensation for investors to settle a probe over a 2014 accounting fraud. Lewis also rejected criticism that Tesco''s engagement with shareholders over the deal had been inadequate. He said it was "not at all unusual" for Tesco not to consult shareholders before proposing the deal and that he had spoken to Schroders and Artisan on several occasions. "We offered both of them the opportunity to come and spend more time in the business and to understand why we felt so strongly about it," Lewis said. "One of them took it up and we spent six hours with them, walking it through, and the other declined to come." ($1 = 0.7957 pounds) (Editing by Mark Potter and Catherine Evans)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-booker-group-m-a-tesco-idUKKBN16Z1LQ'|'2017-03-28T23:53:00.000+03:00'
'fba782fbd77df4b331accda4c210393b0dd0fd21'|'British bonds buoyed by Brexit risks, but prone to inflation burn'|'Stocks News - Tue Mar 28, 2017 - 12:32pm BST British bonds buoyed by Brexit risks, but prone to inflation burn The Bank of England is seen in the City of London, Britain, February 14, 2017. REUTERS/Hannah McKay By Dhara Ranasinghe and Andy Bruce - LONDON LONDON Fast-rising inflation and growing talk of tighter monetary policy from the Bank of England may spell the end of a winning streak for British gilts, among the best performers in major government bond markets this year. Yields on 20- and 30-year gilts neared five-month lows on Monday, contrasting with short-dated yields which last week notched up their biggest one-week rise since early January as inflation sailed past the BoE''s 2 percent target. Such low yields -- resulting from bond price rises -- for long-dated paper in part reflect doubt about how Britain''s economy will perform after the country leaves the European Union and therefore the ultimate outlook for inflation and interest rates. Only Japan, still struggling to generate sustained inflation, has a flatter yield curve than Britain''s among major economies. Britain''s yield curve is at its flattest since October, with the gap between two- and 30-year gilt yields standing at around just 157 basis points. But many strategists think the inflation burn is being underestimated and that yields will rise. Real or inflation adjusted long-term yields, assuming the BoE meets its 2 percent target over that time, are negative out to 50 years. The latest Reuters poll of economists predicts consumer price inflation will near 3 percent late this year -- but previous bouts of high inflation in 2008 and 2011 suggest this may be a conservative estimate. "The gilts market is the biggest (yield) steepening trade we could bet on right now," Kevin Gaynor, head of international research at Nomura, told a fixed income roundtable earlier this month. "The inflation picture is going to be much worse than expected." Rising inflation is usually bad news for bonds, which fall in value as interest rates rise. A Reuters poll published last week suggested the 10-year gilt yield will rise to around 1.67 percent in a year''s time from 1.175 percent now. But some strategists thought 2.0 percent or higher is likely. [US/INT] One Bank of England policymaker, Kristin Forbes, voted to raise rates this month because of growing inflationary pressures and others said they were close to joining her -- although the majority view was to tolerate above-target inflation for now. Britain isn''t the only advanced economy where economic data and inflation numbers are prompting investors to reassess the monetary policy outlook. The European Central Bank has said its sense of urgency to prop up euro zone growth is over and money markets have started to factor in a rate rise in the bloc by year-end. The U.S. Federal Reserve hiked rates on March 15 after a string of hawkish comments from officials that triggered a rapid turnaround in expectations for a move this month. But the inflation outlook for Britain looks particularly acute, with a rise in energy prices compounded by the pound''s near-20 percent fall against the dollar since June''s Brexit vote. Last month consumer prices rose 2.3 percent year-on-year, faster than expected. VULNERABLE Gilts are one of the only major bond markets globally to deliver positive returns this year. Ten-year yields are down 7 basis points this year. That compares with a rise of almost 20 bps in German and Swiss yields, while U.S. and Japanese yields are little changed from where they ended 2016. For some bond fund managers, Brexit risks and the uncertainty hanging over the economy remain a reason to hold onto gilts. Bonds often benefit from an environment where investors view economic growth prospects as weak. "I do think they offer a good hedge to Brexit risks," said David Zahn, a portfolio manager who runs Franklin Templeton''s European fixed income strategies, which total around 2 billion euros ($2.2 billion). But some temporary factors that have supported gilt prices recently are likely to fade. The BoE has completed its gilt purchases as part of its "sledgehammer" stimulus plan designed to counter the shock of June''s Brexit vote. Overseas central banks and sovereign wealth funds devoured gilts late last year to top up sterling portfolios battered in dollar terms by the pound''s post-Brexit vote plunge, but BoE data for January hinted at a reversal of this trend. Pension funds have also been big buyers of gilts recently. Official data show gilt holdings by insurers and pension funds stood at about 28 percent of the total in the third quarter of 2016 - the highest proportion since the final quarter of 2011. But such funds, which need a fixed income stream to match payouts, typically make extra purchases of gilts to invest unallocated funds ahead of the end of the British financial year in April. "The BoE has finished buying and we''re coming out of Q1 - which potentially means (pension fund) buying is set to tail off," said Societe Generale rates strategist Jason Simpson. "This, to me, leaves long-dated gilts looking vulnerable". (Graphics by Nigel Stephenson and Alasdair Pal; Editing by Jeremy Gaunt) Next In Stocks News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-bonds-idUKKBN16Z1CY'|'2017-03-28T19:26:00.000+03:00'
'8ac528ce9f774d9e13260edc53db4ef6bbe25679'|'Tesco boss defends Booker deal, says many investors on board'|'Deals   1:59pm BST Tesco boss defends Booker deal, says many investors on board Dave Lewis, Group Chief Executive of Tesco speaks at the CBI annual conference in London, in this file photograph dated November 9, 2015. REUTERS/Toby Melville/files LONDON Tesco ( TSCO.L ), Britain''s biggest retailer, remains committed to its agreed 3.7 billion pound ($4.7 billion) takeover of wholesaler Booker ( BOK.L ) despite opposition from some big shareholders, its boss said on Tuesday. On Monday, Tesco''s third and fourth largest investors - Schroders ( SDR.L ) and Artisan Partners who together hold 9 percent of its equity - called on the supermarket group to withdraw its offer, saying it was overpaying and the deal was a distraction to the company''s turnaround plan. "We’re absolutely, completely committed to the deal," Tesco Chief Executive Dave Lewis told reporters on Tuesday. “Since we made the announcement (on Jan. 27) I’ve met tens of shareholders, here and in North America, and I’m really pleased with the response that we’ve got," he said. Lewis said support for the deal was borne out by investors buying Tesco stock over the last two months. "If you look what the buying has been in our top ten register you see that a significant majority of our top ten have increased their holding within Tesco," he said. He added those investors recognized the growth opportunity of the deal and projected annual synergies of 200 million pounds - well ahead of the earnings of Booker in 2016-17. Lewis also stressed Tesco was still in the early stages of the timetable for taking over Booker, with the deal still to be formally considered by competition authorities. If it crosses that hurdle, the deal will need to be approved by 50 percent of Tesco shareholders at an investor meeting. "This has got a long way to run," said the CEO. Shares in Tesco, down 8.5 percent this year, were down 0.3 percent at 189.4 pence at 1217 GMT (8:17 a.m. ET), also influenced by news on Tuesday the firm is to pay 214 million pounds in fines and compensation for investors to settle a probe over a 2014 accounting fraud. Bruno Monteyne, a former senior Tesco executive who is now an analyst at Bernstein, does not think the Schroders/Artisan stance reflects majority opinion among Tesco shareholders. "The element of distraction risk ... will find most resonance amongst investors but not sufficiently to derail the deal," he said. Lewis also rejected criticism that Tesco''s engagement with shareholders over the deal had been inadequate. He said it was "not at all unusual" for Tesco not to consult shareholders before proposing the deal. He said he had spoken to Schroders and Artisan on several occasions "We offered both of them the opportunity to come and spend more time in the business and to understand why we felt so strongly about it. "One of them took it up and we spent six hours with them, walking it through, and the other declined to come." (Reporting by James Davey; Editing by Mark Potter) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-booker-group-m-a-tesco-idUKKBN16Z1M4'|'2017-03-28T20:58:00.000+03:00'
'a8e10799429458c44a040a9643f8cd6006004c59'|'Shares slide and pound rallies as Trump''s healthcare failure rattles markets - business live - Business'|'The City of London, including Tower 42, The Cheesegrater and The Gherkin. Photograph: Tim Robberts/Getty Images Share on Facebook Share on Twitter Share via Email View more sharing options Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger Close Graeme Wearden Monday 27 March 2017 07.55 BST First published on Monday 27 March 2017 07.50 BST Key events Show 7.44am BST 07:44 The agenda: Is the Trump trade ailing? Live feed Show 7.44am BST 07:44 The agenda: Is the Trump trade ailing? Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. World stock markets are starting the new week on the back foot, after Donald Trump’s attempts to shake up America’s healthcare system faltered.Investors across the globe are disconcerted by the Republican party’s failure to get enough support for its proposal to repeal and replace Obamacare.A crucial vote on the American Health Care Act ( AHCA ) was dramatically postpone on Friday night, after it became clear that it didn’t have enough support from Republicans. That has left Trump lashing out at his own side, as well as Democrats, and forced financial traders to reconsider the president’s ability to force through other policies -- such as his pledge of tax cuts and infrastructure spending.Trump blames everyone but himself for failure of GOP healthcare legislation Read more Markets are “rattled” by the thought that Trump doesn’t have the political capital for a deficit-funded tax cuts, says Ben Gutteridge , head of fund research at Brewin Dolphin , on Bloomberg TV a moment ago.Shares have already suffered in Asia, where Japan’s Nikkei has fallen by 1.5% and Hong Kong’s Hang Sent has lost 0.75%.Safe-haven assets such as the Japanese yen, and precious metals, are in demand, as the US dollar takes a hit.The ‘Trump Trade’ -- bets on a strong US economic recovery and higher inflation -- are under pressure. And European and US stock markets are expected to follow suit today, adding to last Friday’s selloff (when the wheels started to come off AHCA).IGSquawk (@IGSquawk) Our European opening calls: $FTSE 7286 down 51$DAX 12007 down 57$CAC 4991 down 30 $IBEX 10260 down 49 $MIB 20081 down 107March 27, 2017 Joe Weisenthal (@TheStalwart) S&P futures are below the lows on Friday when it first started to look like the bill was doomed. https://t.co/dhmbBgMZhG pic.twitter.com/51U91lhbhd March 26, 2017 Also coming up today: We get a new healthcheck on the German economy at 9am, when the latest IFO business confidence survey is released.The European Central Bank is holding its annual press conference on banking supervisionIn the UK, telecoms group BT has just been fined £42m for failing to give its rivals fair access to its network, and for not fairly compensating them for delays:BT fined £42m over delays to high-speed cable installation Read more Updated at 7.55am BST Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close Topics Stock markets Business live Sterling Currencies  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/live/2017/mar/27/shares-slide-pound-rallies-us-dollar-trump-healthcare-failure-rattles-markets-business-live'|'2017-03-27T15:55:00.000+03:00'
'e958c55a475f4a63809bcbfe70e019a6b6cffad8'|'UPDATE 1-UBS names leaders in U.S., European wealth management product units'|'Company  17pm EDT UPDATE 1-UBS names leaders in U.S., European wealth management product units (Adds information from internal memos) ZURICH, March 27 UBS named new leaders of its European and U.S. divisions responsible for wealth management products, the world''s biggest private bank said on Monday, as the bank looks to increase collaboration among its global wealth business. UBS has made Christian Wiesendanger and Jason Chandler global co-heads of Wealth Management Investment Platforms and Solutions and Wealth Management Americas Investment Platforms and Solutions. The pair will report jointly to Juerg Zeltner, Wealth Management head in Europe, and Tom Naratil, head of UBS Wealth Management Americas in New York. The changes are effective April 3. Under Naratil, the Swiss bank''s former finance chief who took over as head of the wealth business in New York in January 2016, UBS has looked for structural ways to improve "alignment" across its business. Chandler replaces Paul Hatch, who will take on the job of northeast divisional director and chairman for the private bank. Wiesendanger takes over from the interim leader Jakob Stott, who will return full time to his role as Europe''s wealth management divisional vice chairman. (Reporting by Joshua Franklin; Editing by David Clarke and Leslie Adler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ubs-group-ag-wealth-idUSL5N1H45J0'|'2017-03-28T04:17:00.000+03:00'
'b3a9ce8cb90d430bef827424978d8f7325c36d68'|'German rate setters call for preparing end of ECB''s easy policy'|' 14pm BST German rate setters call for preparing end of ECB''s easy policy The headquarters of the European Central Bank (ECB) are illuminated with a giant euro sign at the start of the ''''Luminale, light and building'''' event   12, 2016. EUTERS/Kai Pfaffenbach/File Photo FRANKFURT Germany''s two representatives on the European Central Bank''s main policy-making body called on Monday for it to prepare to wind down its aggressive stimulus policy as soon as economic conditions allow it. The comments by Bundesbank president Jens Weidmann and by Sabine Lautenschlaeger, who represents the ECB''s supervisory arm on the bank''s executive board, highlight Germany''s impatience with the direction the ECB has taken under president Mario Draghi. They also reveal the rift between themselves and supporters of the ECB''s current policy of ultra-low interest rates and massive bond buying, which was defended on Monday separately by the central bank''s chief economist Peter Praet and by Belgian central bank governor Jan Smets. "I would like to see a less expansive stance," Jens Weidmann, who sits on the ECB''s Governing Council, said at an event in Dusseldorf. He and Lautenschlaeger said the ECB should start making plans for an eventual end to its stimulus once the recent, oil-fuelled rise in prices becomes sustainable. "We should prepare for a change in the policy, and as soon as the data is stable and we have a sustainable path towards our objective of price stability, then we are well prepared to do" that, Lautenschlaeger told CNBC. An outspoken policy conservative, Lautenschlaeger said that if economic data remain supportive, the ECB could discuss and decide on its next step after June. But Praet, a key ally of Draghi, argued that the euro zone still needs substantial stimulus as the inflation rise could stall or even reverse if the ECB removed stimulus too early. "Our conclusion that a very substantial degree of monetary accommodation is still needed for underlying inflation pressures to build up and support headline inflation in the medium term remains valid," Praet added. The ECB has pledged to buy bonds until the end of the year, keep interest rates at current or even lower levels until well after that and replace any government bonds in its holdings that expire until further notice. Belgium''s central bank governor Jan Smets dismissed any suggestion, floated by Austria''s central bank governor and other central bankers, of changing that guidance. "If other views have been expressed on this issue, they are reflecting a minority position," he told Reuters in an interview. "Our decision is clear and I would like to stick to that steady hand approach." The ECB''s policy-setting Governing Council next meets on April 27. (Reporting by Balazs Koranyi and Andreas Framke; Writing by Francesco Canepa; Editing by Hugh Lawson)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ecb-policy-praet-idUKKBN16Y29F'|'2017-03-28T02:14:00.000+03:00'
'0dcf4a544b53937110429935cc8b8830244bafb8'|'U.S. air travel at record high on U.S., foreign carriers in 2016'|'Business News   5:59pm BST U.S. air travel at record high on U.S., foreign carriers in 2016 An Etihad plane stands parked at a gate at JFK International Airport in New York, U.S., March 21, 2017. REUTERS/Lucas Jackson By Alana Wise - NEW YORK NEW YORK U.S. and foreign airlines in the United States carried a record number of passengers in 2016, according to the government office that tracks airline traffic, besting the previous all-time high by 3.5 percent. U.S.-serving airlines carried 928.9 million domestic and international passengers, topping the previous record of 897.9 million set in 2015, the U.S. Department of Transportation said on Monday. Air travel has risen steadily following several challenging years for the industry post-9/11, as cheaper fares and a strengthened U.S. economy have made affordable flights more widely accessible. Last year''s growth, the agency said, was the result of a 3.3 percent increase from 2015 in the number of passengers on domestic flights and a 4 percent jump in the number of travellers to and from the United States. Travel is also projected to hit a record high this spring, according to industry trade organization Airlines for America, with 145 million passengers expected to fly globally on U.S. carriers between March 1 and April 30. "While historically low fares, reliable operations and several consecutive years of reinvestment in the product are the primary factors underlying this growth, a boost in U.S. employment and personal incomes and the highest-ever level of household net worth are also fuelling the strong demand for air travel," said A4A Vice President and Chief Economist John Heimlich. (Reporting by Alana Wise)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-airlines-travel-traffic-idUKKBN16Y248'|'2017-03-28T00:59:00.000+03:00'
'3d2785f80c5a0b1505a381eda771d4c53dc0804d'|'Tuesday bankruptcy filing for Toshiba''s Westinghouse ideal option - source'|'Japan - Mon Mar 27, 2017 - 8:54am BST Tuesday bankruptcy filing for Toshiba''s Westinghouse ideal option: source FILE PHOTO - A logo of Toshiba Corp is seen outside an electronics retail store in Tokyo, Japan, February 14, 2017. REUTERS/Toru Hanai/File Photo By Kentaro Hamada and Taro Fuse - TOKYO TOKYO Toshiba Corp''s ( 6502.T ) U.S nuclear unit could file for Chapter 11 protection from creditors as early as Tuesday, according to a source with direct knowledge of the matter, hoping to ring fence losses ahead of the end of its financial year. But whether the complex bankruptcy filing, which threatens to involve both the Japanese and U.S. governments, can be achieved this week, remains to be seen. Separate sources with knowledge of the matter said last Friday Toshiba had informed its main banks that it was planning a March 31 filing for Westinghouse - the center of its multibillion dollar crisis. "A March 28 filing is one proposal. The thinking is that it would great if we could pull that off but whether it goes that well or not, is another issue," the source with direct knowledge said. Sources declined to be identified as they were not authorized to speak publicly about the matter. Toshiba reiterated a previous statement that it was premature to comment on a potential bankruptcy. Westinghouse has been plagued by huge cost overruns and the financial maelstrom has already caused Toshiba to put up its prized memory chip unit for sale, consider a sale of a majority stake in the U.S. nuclear unit and miss deadlines to file earnings that have put it at risk of a delisting. At Thursday''s shareholder meeting, Toshiba will seek approval for the sale of the chip unit. While a Chapter 11 filing for Westinghouse would be done by the U.S. unit''s board and would not require approval by Toshiba''s shareholders, a filing on the same day or directly before or after will increase the chances of contentious shareholder gathering. For that reason, Toshiba''s main banks would prefer the Chapter 11 filing not come before the shareholder meeting, a financial source with knowledge of the matter said. A Chapter 11 filing for Westinghouse is set to increase charges related to the unit to 1 trillion yen ($9 billion) from a publicly flagged 712.5 billion yen estimate, sources have said. While that would be a much bigger-than-expected hit in the short-term, the TVs-to-construction conglomerate wants to prioritize limiting the risk of future losses at two U.S. nuclear projects in Georgia and South Carolina. The power plants Westinghouse is building are called the Virgil C. Summer Nuclear Generating Station in Fairfield County, South Carolina and the Vogtle Electric Generating Plant in Burke County, Georgia. Scana Corp ( SCG.N ) and Santee Cooper own the plants in South Carolina, and Georgia Power leads a consortium that commissioned the Georgia plants. In any Westinghouse bankruptcy, the utility companies would be among the largest creditors of the developer, owed the work that has yet to be completed and potential penalties, sources have said. The Nikkei business daily reported on Monday that Toshiba has asked South Korea''s Korea Electric Power Corp (KEPCO) ( 015760.KS ) to sponsor its Westinghouse bankruptcy reorganization. A Seoul-based KEPCO spokesman said that no request had been made. (Reporting by Kentaro Hamada and Taro Fuse in Tokyo; Additonal reporting by Makiko Yamazaki in Tokyo and Jane Chung in Seoul; Writing by William Mallard; Editing by Edwina Gibbs) Next In Japan'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-toshiba-accounting-idUKKBN16X12P'|'2017-03-27T15:54:00.000+03:00'
'cf7bbb99a888332b5fe9f16b7df368015db4ff82'|'ECB''s Nouy sees Monte Paschi rescue soon, working on more'|'Business News - Mon Mar 27, 2017 - 3:46pm BST ECB''s Nouy sees Monte Paschi rescue soon, working on more The entrance of Monte dei Paschi di Siena bank''s headquarters in Siena, Italy, July 1, 2016. REUTERS/Stefano Rellandini/File Photo By Francesco Canepa - FRANKFURT FRANKFURT European authorities will soon decide on a public rescue plan for Italian bank Monte dei Paschi di Siena ( BMPS.MI ) and are working on similar requests from two smaller lenders, the European Central Bank''s top supervisor said on Monday. Struggling to raise capital to write off unpaid loans, Monte Paschi asked the Italian government for help three months ago but is still waiting for a green light. This involves being deemed solvent by the ECB and having its restructuring plan approved by the European Commission. "There will soon be a decision on Monte Paschi," the head of the ECB''s supervisory arm Daniele Nouy told a news conference. Asked by Reuters later whether the bank was solvent, Nouy said: "Yes, otherwise we wouldn’t be discussing about the precautionary recapitalisation." The ECB estimated in December that Monte Paschi must fill an 8.8 billion euro (7.55 billion pounds) capital gap, based on the results of its stress tests last year. Nouy said the figure also took into account the worsening of Monte Paschi''s position during months of uncertainty and a failed capital increase. "There was an update (of the figure) when we entered into a precautionary recapitalisation," she told Reuters. "This is not something that can be done several times. It’s normally a one-off." Nouy said the ECB had started sharing information with the Commission about similar rescues requested by Banca Popolare di Vicenza and Veneto Banca, two regional lenders which also could not source capital on the market. Before applying for help, Veneto and Vicenza had submitted a merger plan, which might be revived after the recapitalisation takes place, Nouy added. "The plan under the private recapitalisation was a merger and it might be the solution also for the restructuring," she told Reuters. "The solvency and capital shortfall have to be assessed bank per bank. Then the plan is only something coming later." (Editing by Ed Osmond)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-monte-dei-paschi-ecb-bailout-idUKKBN16Y1S9'|'2017-03-27T22:46:00.000+03:00'
'a6cb20305ca2d43a7ce78bd22d5b186808cc4ad0'|'Exclusive - South Korean group in advanced talks to buy stake in AirAsia leasing unit - sources'|' 13am GMT Exclusive - South Korean group in advanced talks to buy stake in AirAsia leasing unit - sources AirAsia airplanes sit on the tarmac at Soekarno-Hatta Airport in Jakarta, July 8, 2015. REUTERS/Beawiharta By Anshuman Daga and Hyunjoo Jin - SINGAPORE/SEOUL SINGAPORE/SEOUL A little-known South Korean group is in advanced talks to acquire a stake in AirAsia Bhd''s ( AIRA.KL ) aircraft leasing unit, according to three people familiar with the matter. Two of the people said a deal would value AirAsia''s fully-owned unit, Asia Aviation Capital, at roughly $900 million. Privately-owned KOTAM, or Korea Transportation Asset Management, has been picked as the preferred bidder, the people said, with one adding that state lender Korea Development Bank (KDB) was tapped to provide funding, though it was not clear whether the bank had agreed to back the deal. KOTAM is part of Kukje Maritime Investment Corp, known as KMarin, which was founded in 2005 and has a fleet of 46 ships, according to its website. KOTAM, KDB and AirAsia did not have immediate comment. A successful deal would mark South Korea''s biggest move into the $256 billion global aircraft leasing sector, which has attracted others in Asia, including Industrial and Commercial Bank of China ( 601398.SS ), BOC Aviation ( 2588.HK ), China''s acquisitive HNA Group, and Japanese banks. KOTAM and AirAsia are negotiating final terms of the purchase of a majority stake in the leasing unit, one of the sources said. Asia''s biggest budget airline has sought buyers for its subsidiary since last year, and has said it aimed to close a sale early this year. A deal with KOTAM could still fall through, and two sources said that AirAsia has not closed the door to a deal with a Chinese bidder. The sources declined to be identified as the negotiations are ongoing and confidential. CHINESE INTEREST South Korean insurers, asset managers and securities firms are attracted to aviation finance as aircraft leases offer fixed returns and are often seen as relatively safe transactions. Paid for in U.S. dollars, aircraft are comparatively easy to re-lease to various airline operators across the world. Reuters reported in December that AirAsia had received strong interest from North Asian firms, besides many Chinese companies. One of the sources said AirAsia was becoming concerned about Chinese buyers'' ability to close a deal due to China''s recent measures to tighten controls on money moving out of the country. Western firms, including AerCap Holdings ( AER.N ) and GE Capital Aviation Services have dominated the global leasing sector that underpins aviation - some 40 percent of carriers'' aircraft are leased to avoid the fixed costs of owning planes. But China, through its banks, is aiming to create its own global champions, while a booming middle class is set to catapult Asia Pacific past North America as the world''s biggest aviation market over the next two decades. The AirAsia sale process comes at a time when Dublin-based aircraft lessor AWAS has been put up for sale by its private equity owners in an auction that could value it at $7 billion, including debt, and has drawn interest from Chinese lessors and other Asian investors, sources have said. BOOMING INDUSTRY Co-founder Tony Fernandes, who has built AirAsia over more than a decade into a multi-billion dollar business from a two-plane operation, is cashing in on a booming leasing sector after the airline ordered hundreds of Airbus ( AIR.PA ) planes at bargain prices in recent years, emerging as one of the planemaker''s biggest customers. Industry publication Flightglobal estimates the world''s top 50 aircraft lessors have a total fleet valued at about $256 billion. AirAsia, which has pending orders for about 400 Airbus aircraft, has been allocating planes to its leasing subsidiary and has been seeking to diversify the unit''s customer base beyond AirAsia''s affiliates. (Reporting by Anshuman Daga in SINGAPORE and Hyunjoo Jin in SEOUL; Editing by Ian Geoghegan and Martin Howell)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-airasia-m-a-leasing-idUKKBN16V0FP'|'2017-03-24T12:13:00.000+03:00'
'b6e627f906a26d4afdcb945aca5b70578649ceec'|'EU''s Juncker pushes for preliminary deal on Greek bailout by April 7'|'Business News - Fri Mar 24, 2017 - 4:15pm GMT EU''s Juncker pushes for preliminary deal on Greek bailout by April 7 European Commission President Jean-Claude Juncker in Strasbourg, France, March 15, 2017. REUTERS/Vincent Kessler BRUSSELS The European Commission President Jean-Claude Juncker said on Friday euro zone lenders and Greece should reach a technical deal before a meeting of euro zone finance ministers on April 7. In a statement responding to a letter by Greek Prime Minister Alexis Tsipras criticising International Monetary Fund (IMF) demands for labour reforms, Juncker declined to take a clear position on the contentious issue. The IMF is pushing Greece to adopt such reforms as a condition to join an 86 billion euro (74 billion pound) bailout programme, so far funded only by euro zone creditors. In the letter, Tsipras had sought to link Greek support for a declaration marking the EU''s 60th birthday in Rome on Saturday to a recognition that the EU legal framework on social issues, known as acquis, also applied to Greece. "For me, there is no doubt that the EU social acquis applies to Greece as to any other EU member state," Juncker said. Athens is at odds with requests from the IMF to change rules to make it easier to fire workers by weakening trade union bargaining powers. Greece says this would go against EU principles. "There is no ''one-size-fit-all'' in the social acquis or in the economic textbook when it comes to organising collective bargaining. Let me add that there is no place for ideology either," Juncker said. He added that, although the issue was part of protracted talks between Athens and its lenders, this should not prevent a deal, leading to the disbursement of further funds. The next meeting of euro zone finance ministers is scheduled in Malta on April 7. "Ideally, we should be in a position to present a staff level agreement by then and we will continue to support you to that end," Juncker said. A staff level agreement is a technical deal, which would pave the way for a political compromise among ministers to unblock new funds to Athens and which might allow the IMF to consider joining the bailout programme. (Reporting by Francesco Guarascio)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-greece-bailout-juncker-idUKKBN16V267'|'2017-03-25T00:15:00.000+03:00'
'6a7d6bdbf519ad18795d3611be1766197e9739fe'|'ECB''s chief economist stands by pledge of keeping policy easy - Il Sole'|' 52am GMT ECB''s chief economist stands by pledge of keeping policy easy - Il Sole European Central Bank executive board member Peter Praet attends the 2016 Institute of International Finance (IIF) Spring Membership meeting in Madrid, Spain, May 25, 2016. REUTERS/Susana Vera FRANKFURT The European Central Bank''s chief economist stood by the ECB''s pledge to keep its policy easy in a newspaper interview published on Friday, after comments by other rate-setters raised questions about the bank''s next moves. The ECB has said it would keep buying bonds until at least the end of the year and keep interest rates at current record low levels or even cut them until "well past" that point. "Our forward guidance has served us well and led to financial conditions that are appropriate," Peter Praet told Il Sole 24 Ore. "We reiterated it. We had no discussion on sequencing in the Governing Council." Austrian governor Ewald Nowotny said the ECB would decide at a later time whether to raise rates before or after its bond-buying programme comes to an end. His Italian peer Ignazio Visco said the time between the end of the purchases and the first rate hike could be shortened. "We do not give a date for when that will be," Praet said. "The Governing Council will decide in due course how long that ''well past'' will be." Praet also emphasised slow wage growth and said the ECB would have to be "patient". "Wage evolutions... may reveal that there is more slack in the euro area labour markets than unemployment rates show," Praet said. "We have to be patient." (Reporting By Francesco Canepa; Editing by Hugh Lawson)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-policy-praet-idUKKBN16V0T1'|'2017-03-24T15:52:00.000+03:00'
'4f317486bdbb8c3e91ab66e35d8224ed9fc60814'|'Old Mutual sells U.S. fund arm stake to China''s HNA'|'LONDON Anglo-South African financial services firm Old Mutual ( OML.L ) said it has sold a 25 percent stake in its U.S. fund management arm ( OMAM.N ) to China''s HNA ( 0521.HK ) for $446 million, as part of its plan to split itself into four companies.Old Mutual, which says regulatory change has made its business too complex to run in its current form, is aiming to break into four parts by the end of next year.It has said it plans to dual-list its UK asset management and African emerging markets businesses in London and Johannesburg and reduce stakes in U.S. firm Old Mutual Asset Management (OMAM) and South Africa''s Nedbank ( NEDJ.J ).It had already started cutting its stake in OMAM.The sale to HNA Capital US, part of conglomerate HNA''s financial services unit, cuts Old Mutual''s remaining stake in OMAM ( OMAM.N ) to 26 percent, the firm said in a statement late on Saturday.HNA has been building up stakes in a series of companies across Europe and the United States. It is now the third biggest shareholder in Deutsche Bank ( DBKGn.DE ), raising its stake last week to 4.76 percent.The two-stage OMAM deal involves the sale to HNA of a 10 percent tranche at $15.30 per share and 15 percent tranche at $15.75 per share, at an approximate $1 premium to Friday''s closing price.Two HNA Capital US directors are expected to join OMAM''s board, replacing Old Mutual directors, Old Mutual said.(Reporting by Carolyn Cohn and Rachel Armstrong; Editing by Elaine Hardcastle)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-oldmutual-m-a-hna-idINKBN16X0H5'|'2017-03-26T09:20:00.000+03:00'
'851468ec84648e63dbe4b0f818d6dd73d30063f8'|'UPDATE 2-TransCanada gets presidential permit for Keystone XL pipeline'|' 45am EDT UPDATE 2-TransCanada gets presidential permit for Keystone XL pipeline (Adds timing of the announcement, comment from Canadian official, background) March 24 TransCanada Corp said on Friday the U.S. Department of State issued a presidential permit for the construction of the Keystone XL oil pipeline, a project blocked by former President Barack Obama. President Donald Trump will make an announcement on the pipeline at 10:15 a.m. (1415 GMT), White House spokesman Sean Spicer said in a post on Twitter. Trump signed an executive order to advance the project, which will link Canadian oil sands to U.S. refiners, soon after taking office in January, saying it would create thousands of jobs. Obama had said the pipeline would do nothing to reduce fuel prices for U.S. motorists and would contribute emissions linked to global warming. A senior administration official told Reuters that Trump will make the announcement alongside TransCanada Chief Executive Russell Girling and Sean McGarvey, president of North America''s Building Trades Unions. "Our Government has always been supportive of the Keystone XL pipeline and we are pleased with the U.S. decision," a spokesman for Canada''s minister of natural resources said. "The importance of a common, continental energy market cannot be overstated," he added. The move marks the beginning of lengthy process, which will involve getting approvals from state regulators. The project could also face legal challenges. TransCanada tried for more than five years to build the 1,179-mile (1,897-km) pipeline, until Obama rejected it in 2015. The company resubmitted its application for the project in January, after Trump signed the executive order smoothing its path. Expedited approval of projects is part of Trump''s approach for a 10-year, $1 trillion infrastructure package he promised on the campaign trail. The multibillion-dollar pipeline would bring more than 800,000 barrels per day of heavy crude from Canada''s oil sands in Alberta into Nebraska, linking to an existing pipeline network feeding U.S. refineries and ports along the Gulf of Mexico. (Reporting by Ahmed Farhatha in Bengaluru and Denny Thomas in Toronto; Editing by Sai Sachin Ravikumar and Saumyadeb Chakrabarty)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-pipeline-keystone-idUSL3N1H1431'|'2017-03-24T20:45:00.000+03:00'
'ca1009cd4a72f9a2535401925a6b3e0b0db81c44'|'Saudi bourse to start new settlement period, short-selling on April 23'|'Big Story 10 - Fri Mar 24, 2017 - 4:26am EDT Saudi bourse to start new settlement period, short-selling on April 23 Traders work at the Egyptian stock exchange in Cairo, May 28, 2015. REUTERS/Mohamed Abd El Ghany By Andrew Torchia - DUBAI DUBAI Saudi Arabia''s stock exchange said it would extend the period for settling trades and introduce short-selling on April 23, reforms that may help the market join international equity indexes, attracting billions of dollars of fresh investment. From April 23, trades will be settled within two working days of execution, the exchange said in a statement late on Thursday. That system is used by many big emerging markets. At present, trades must be settled on the same day, which inconveniences foreign investors as they need to have large amounts of money on hand before trading. This can be hard given Riyadh''s time zone and its Sunday-Thursday business week. Saudi authorities had previously said they would change the settlement period, a reform demanded by index compilers such as MSCI, sometime during the second quarter of 2017 but had not announced a date. MSCI is due to decide in June whether to begin reviewing Saudi Arabia for inclusion in its emerging market index. An April date for the settlement change would give MSCI time to evaluate its impact before making a decision. The exchange also said it would permit short-selling of stocks, and the borrowing and lending of securities, on April 23. This could make the market more attractive by giving investors flexibility to hedge. To limit the risk of destabilizing the market, the exchange will impose several restrictions; investors can only sell borrowed stocks short, the practice is limited to certain investors such as funds, and the exchange will specify which individual stocks can be sold short. Short-selling is banned around the Gulf but foreign investors have been able to get around the ban in some markets by using offshore swaps. In Saudi Arabia, though, banks have refused to offer swaps for fear of jeopardizing their business within the kingdom, said regional hedge fund MENA Capital. The Saudi exchange''s decision to allow the practice "will significantly expand our shorting universe", the fund said. After it starts reviewing whether to admit a country into an index, MSCI usually takes 11 months before deciding, and actual inclusion then tends to come a year later. This could mean Saudi Arabia entering MSCI''s emerging market index in mid-2019, though MSCI can move faster if it wishes. Rival index compiler FTSE has said it will decide this September whether to upgrade Saudi Arabia to a secondary emerging market. A smaller amount of emerging market funds are benchmarked to its index than MSCI''s. (Reporting by Andrew Torchia; Editing by Julia Glover) Next In Big Story 10'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-saudi-stocks-settlement-idUSKBN16V0UV'|'2017-03-24T16:11:00.000+03:00'
'859a3eceadc5f17b18791408d4cdda6c24ea1de1'|'UPDATE 1-EU asks Brazil to suspend meat shipments amid scandal -sources'|'  6:00pm EDT UPDATE 1-EU asks Brazil to suspend meat shipments amid scandal -sources (Adds quotes, impact on meat industry, EU farm groups call for action) By Anthony Boadle BRASILIA, March 23 The European Union has asked Brazil to voluntarily suspend all shipments of meat to its member countries to avoid imposing a ban that would take time to lift, but the Brazilian government has not agreed, EU diplomats in Brasilia told Reuters on Thursday. Brazilian meat exports have in any case ground almost to a halt following a police investigation into corruption involving food-sanitation inspectors and accusations rotten products were sold. The Brazilian government suspended meat shipments from the 21 meat packing plants under investigation by the federal police, while insisting the quality of Brazilian meat is not in doubt. But European farm groups called on the EU Commission on Thursday to take stronger action against Brazilian meat imports. due to the scandal. EU experts meet in Brussels on Friday to decide on possible further measures. The EU had already suspended imports from four Brazilian meat processing facilities earlier this week. EU ambassadors have been seeking more information on the irregularities discovered in Brazil''s meat industry and have criticized Brazil''s government for failing to deal with the problem as a public health issue, according to a European diplomat who attended a EU meeting on Wednesday. "We asked the Brazilians to suspend all exports but they refused," said the diplomat, who asked not to be named due to the sensitivity of the matter. "There is overall disappointment with the way Brazil is treating this as a public relations issue rather than from a public health point of view," the diplomat said. Another European diplomatic source confirmed the request that Brazil voluntarily suspend all meat shipments to the EU because a ban would take a long time to undo, whereas meat sales could resume at any time if Brazil held off shipments. The corruption scandal has hurt Brazil''s reputation as the world''s largest meat exporter, with sales of almost $14 billion last year. The industry employs 4 million workers. Brazil''s JBS S.A., the world''s largest meat processor, on Thursday said it suspended beef production at 33 of its 36 plants in Brazil for three days due to the lack of sales. A dozen countries, including its largest trading partner China, have suspended imports of Brazilian meat as a precaution and another eight have stopped imports from the plants under investigation. Brazil exported beef, chicken, pork and other meat products worth $1.76 billion to EU members in 2017, and an similar amount to China, where some of the largest Chinese food suppliers have pulled Brazilian beef and poultry from shelves. Brazil''s President Michel Temer said he would call his Chinese counterpart to urge China to review its import ban. Agriculture Minister Blairo Maggi said on Wednesday that Brazilian meat exports sank to $74,000 on Tuesday from a daily average of $63 million. He told a congressional hearing the scandal could cost the meatpackers $1.5 billion or 10 percent of annual meat exports. Maggi insisted on Thursday the police announcement of the corruption probe was exaggerated and wrongly suggested meat quality was being investigated instead of the individuals who violated sanitary rules. Still, European farm groups Copa and Cogeca said corruption cases were unacceptable. Brazil''s failure to apply EU-equivalent food safety standards raises "serious concerns" about ongoing trade talks between the EU and South American trade bloc Mercosur that Brazil is part of, they said in a letter to the EU Commission. (Reporting by Anthony Boadle; Editing by Tom Brown)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-corruption-food-eu-idUSL2N1H024G'|'2017-03-24T06:00:00.000+03:00'
'ed8ecc3d5a9a4da221d96cf4ec05309a4fc5318d'|'U.S. oil refiners push for biofuels overhaul at White House'|'NEW YORK U.S. oil refining executives met with a senior official in President Donald Trump''s administration at the White House last week to argue their position for an overhaul of the nation''s biofuels program, two people in the meeting told Reuters.While it is not unusual for the White House to meet with stakeholders on key issues, the meeting is a sign the Trump administration is actively considering possible changes to the wide-reaching program.Executives from Valero Energy Corp, Delta Airlines'' refiner Monroe Energy, CVR Energy Inc. and several others met with Michael Catanzaro, Trump''s senior energy policy aide, on March 16, the two attendees said.The executives argued that Trump should change the Renewable Fuel Standard (RFS) program to lift the onus of blending biofuels into gasoline away from refiners, placing it instead further down the supply chain to gasoline marketers. They said the program was costing the oil refining industry money and jobs."The policy needs to adapt to a changing market," said Roy Houseman, a legislative representative for the United Steelworkers union, who was in the meeting. "We wanted to highlight the larger issue: We represent 30,000 workers in the refining industry."It was not clear who initiated the meeting.The RFS, a 2005 policy ushered in by former Republican President George W. Bush, requires that energy companies use increasing volumes of biofuels like ethanol each year with gasoline and diesel. It was designed to boost the use of ethanol and other renewables in gasoline and diesel in a bid to reduce U.S. dependence on foreign oil and cut greenhouse gas emissions.The policy is a boon for the agriculture industry, particularly corn growers that produce the feedstock for biofuels like ethanol, but some independent oil refiners have said it is threatening their operations.The debate over shifting the point of obligation for blending fuels intensified in recent weeks after Trump''s informal adviser on regulatory issues, billionaire Carl Icahn, said in February that he believed Trump would issue an order revamping the biofuels policy. The White House has denied that any executive order on biofuels is in the works.Icahn owns a majority stake in CVR Energy.Bill Douglass, head of the Small Retailers Coalition, who was also at the meeting, said Catanzaro spoke with the group for about 40 minutes and spent half that time asking how fuel retailers are being affected by the biofuels program.Douglass, whose trade group represents small, independent petroleum retailers and convenience stores, said Catanzaro did not say what the White House was planning to do with the policy.Catanzaro could not be reached for comment.Other companies represented in the meeting included HollyFrontier Corp, Philadelphia Energy Solutions, PBF Energy, Douglass said.A spokeswoman for Philadelphia Energy Solutions declined to comment while the review process is underway. Officials for the other companies did not respond to requests for comment.Biofuels advocates, including ethanol producers and Senator Charles Grassley of Iowa - the country''s biggest corn-producing state - oppose changes to the program, saying they could overcomplicate it. Large, integrated oil companies also oppose the change, saying it would be more effective to reform or repeal the legislation.(Reporting by Chris Prentice; Editing by Leslie Adler)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-usa-biofuels-trump-idUSKBN16V2TQ'|'2017-03-25T01:29:00.000+03:00'
'341236ea89a321d4f3dbf399503eed75f3b53eb3'|'UK Stocks-Factors to watch on March 24'|'Company News  29am EDT UK Stocks-Factors to watch on March 24 March 24 Britain''s FTSE 100 index is seen opening up 6 points at 7,347 on Friday, according to financial bookmakers. * RBS: State-backed Royal Bank of Scotland said on Thursday it planned to close about 180 bank branches in Britain and Ireland and about 1,000 roles were at risk in the latest round of cuts and closures at the lender. * EXPERIAN: The Consumer Financial Protection Bureau said on Thursday it fined Experian and its subsidiaries $3 million for falsely telling customers its credit scores were used by lenders in making decisions. * BHP BILLITON: The strike at Chile''s Escondida, the world''s largest copper mine, is ending after workers decided to invoke a rarely used legal provision that allows them to extend their old contract, the union said on Thursday. * INTERMEDIATE CAPITAL: Fund manager Intermediate Capital Group''s chief executive and chief investment officer Christophe Evain is to retire in July 2017, the firm said in a statement on Thursday. * OIL: Oil prices edged up on Friday, supported by a fall in Saudi exports to the United States, but overall markets remained under pressure on the back of a world market awash with fuel. * The UK blue chip FTSE 100 index closed 0.2 percent higher at 7,340.71 points on Thursday, after a two-day losing streak as markets turned more bullish and retail sales data indicated more robust consumption. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Smiths Group Half Year 2017 Lamprell Full Year 2016 TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Siju Varghese; Editing by Sherry Jacob-Phillips) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1H12D3'|'2017-03-24T14:29:00.000+03:00'
'df13c9be058de1ddc64d5b4cbb187f3ccfe833f2'|'Fed not playing catch-up in push for higher inflation - Williams'|'Business News - Fri Mar 24, 2017 - 7:58pm GMT Fed not playing catch-up in push for higher inflation - Williams San Francisco Federal Reserve President John Williams speaks to Reuters in San Francisco, California, U.S. September 27, 2016. REUTERS/Stephen Lam WASHINGTON The Federal Reserve''s willingness to accept higher inflation is not an effort to "make up" for weak price increases in recent years, but to ensure its 2 percent target is viewed credibly, San Francisco Fed President John Williams said on Friday. After years of seeing inflation run below its target, the U.S. central bank wants to avoid any slippage in expectations, which would pose a risk to the economy and make it harder for the Fed to reach its goal, Williams said during an event at the Brookings Institution. "We want inflation to move back to 2 percent and stay around 2 percent, knowing that in any given year it will fluctuate up and down," Williams said. While the Fed said in its policy statement last week that the inflation goal is "symmetric," a phrase officials acknowledge may mean periods of inflation above 2 percent, Williams explained that should not be read as "a forceful attempt to make up for lost inflation in the past." Unless inflation stays around 2 percent on average, "there is a risk that people start thinking the Fed, ''well they say 2 percent but they are really going for one and a half.'' And then you miss on that, there is a fear it deteriorates further," he said. His comments add to the understanding of what a "symmetric" inflation target means - more a rough guide than any explicit promise to offset past inflation losses with future inflation gains. Williams spoke on Friday as part of a discussion of Fed staff research that advocated the central bank explicitly aim for much higher inflation during good times to compensate for the low interest rates and weak wage and price growth associated with downturns. The paper by Fed economists Michael Kiley and John Roberts foresees an extended period ahead when the central bank may have to cut rates to zero during even modest recessions. They argue that by boosting inflation and rates higher during the recovery, those trips to the "lower bound" may be made less frequent and less damaging. Their approach, or one of a number of similar policy strategies, is something that Williams personally favours as a way to allow the Fed''s short-term real policy rate to move higher. In setting policy, the Fed looks at "real rates" - its stated nominal rate less inflation - so higher inflation allows a higher nominal rate, all things being equal. But he said a shift in that direction would have to be carefully communicated to the public, and could not be developed "on the fly." (Reporting by Howard Schneider; Editing by Paul Simao) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-fed-williams-idUKKBN16V2OG'|'2017-03-25T03:58:00.000+03:00'
'8a5bf5379b05ac3f867b74409dc9399217ca737d'|'SVB Financial shares could jump 25 percent in next year: Barron''s'|'Shares of SVB Financial Group ( SIVB.O ), the parent of Silicon Valley Bank, could rise 25 percent in the next year due to higher interest rates, lower taxes and a revived initial public offering market, according to Barron''s.Shares of Santa Clara, California-based SVB have risen 78 percent in the past year and are trading around $178.(Reporting By Jessica Toonkel; editing by Diane Craft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-svbfinancial-barrons-idINKBN16X0W4'|'2017-03-26T15:45:00.000+03:00'
'8a492fc3b6d073b5d827d3928b4609d43ab2efb5'|'U.S. 2-year notes sold at highest yield since December'|'NEW YORK, March 27 The U.S. Treasury Department on Monday sold $26 billion of two-year notes at a yield of 1.261 percent, the highest at an two-year auction since December, Treasury data showed.The ratio of bids to the amount offered was 2.73, below the 2.82 at the prior two-year auction in February but above its 12-month average, Treasury data showed. (Reporting by Richard Leong; editing by Diane Craft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-auction-2year-idINL2N1H40XH'|'2017-03-27T15:15:00.000+03:00'
'a83ba92e6151f1dc451f6eeebd28ae7429da7711'|'Brazil miner Vale to name Klabin''s Schvartsman as CEO -newspaper'|'Big Story 10  19pm EDT Brazil miner Vale to name Klabin''s Schvartsman as CEO: newspaper SAO PAULO Brazilian miner Vale will name as chief executive Fabio Schvartsman, who currently heads wood pulp and paper producer Klabin SA, according to a report on the website of newspaper O Estado de S. Paulo on Monday. Schvartsman will replace Vale''s current CEO Murilo Ferreira in May, reported Estado columnist Sonia Racy, who commonly breaks corporate news, without saying how she obtained the information. A press representative for Vale in Rio de Janeiro declined to comment. (Reporting by Luciano Costa, Brad Haynes and Guillermo Parra-Bernal; Editing by Daniel Flynn) Next In Big Story 10'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-vale-sa-ceo-idUSKBN16Y2CQ'|'2017-03-28T03:16:00.000+03:00'
'9cbbd9e8bcfdc815183f20cd212c347ff308b188'|'Prudential CEO pay drops 30 percent to $8.6 million in 2016 - annual report'|'Business News - Fri Mar 24, 2017 - 11:04am GMT Prudential CEO pay drops 30 percent to $8.6 million in 2016 - annual report LONDON Prudential ( PRU.L ) Chief Executive Mike Wells'' pay fell 30 percent to 6.9 million pounds in 2016, the insurer''s annual report showed on Friday. The drop includes a 1.8 million pound decline in payment to Wells under the firm''s long-term incentive plan, the report showed. Prudential ( PRU.L ) said in the report three of the firm''s top five earners were below executive director level, earning collectively 22.3 million pounds. (Reporting by Carolyn Cohn; editing by Simon Jessop) Next In Business News Schaeuble - Trying to keep disadvantages for Britain as small as possible in Brexit BERLIN German Finance Minister Wolfgang Schaeuble said on Friday that the European Union was trying to limit the negative effects of Brexit for Britain but stressed that countries wanting to get the benefits related to the bloc had to make commitments, too. Britain''s Co-operative Bank , up for sale after struggling to meet UK regulatory capital requirements, said it had received multiple expressions of interest. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-prudential-insurance-pay-idUKKBN16V1B3'|'2017-03-24T19:04:00.000+03:00'
'f2a49a07193a5b9831f34775f6a2fc954630546b'|'TREASURIES-Bonds steady as U.S. healthcare vote in focus'|'* Dudley and other Fed officials speak on Friday By Karen Brettell NEW YORK, March 24 U.S. Treasuries were steady on Friday as investors waited on a highly anticipated vote in Washington on healthcare reform, which is being seen as an indicator of whether the Trump administration will be able to pass fiscal stimulus. U.S. Republican lawmakers struggling to overcome differences over new healthcare legislation confronted a stark choice after President Donald Trump delivered an ultimatum: pass the bill on Friday or keep Obamacare in place. Delays in passing domestic legislation, including healthcare, are seen as likely to push back any new fiscal stimulus, which investors had anticipated would boost growth and possibly spur a quicker pace of interest-rate hikes. “This is being seen as a good litmus test of the rest of Trump‘s agenda,” said Gennadiy Goldberg, an interest rate strategist at TD Securities in New York. Benchmark 10-year notes were unchanged in price to yield 2.42 percent. The 10-year yields fell to 2.375 percent on Wednesday, their lowest since Feb. 28. They are down from a three-month high of 2.63 percent on March 14. Speeches by Federal Reserve officials on Friday will also be in focus for investors hoping for clues on when the U.S. central bank is next likely to raise interest rates. Investors have lowered expectations for a more aggressive Federal Reserve as doubts about the pace of change in Washington increase. The U.S. central bank raised interest rates last week as expected but took a more dovish tone on future hikes than some investors had anticipated. The U.S. central bank should begin allowing its massive portfolio to run off, even as it keeps its target policy rate low to maintain inflation and unemployment at current levels, St. Louis Federal Reserve Bank President James Bullard said on Friday. New York Fed President William Dudley is due to speak later on Friday. Data on Friday showed that new orders for key U.S.-made capital goods unexpectedly fell in February, but a surge in shipments amid demand for machinery and electrical equipment supported expectations for an acceleration in business investment in the first quarter. (Editing by Bernadette Baum) )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL2N1H10LK'|'2017-03-24T11:29:00.000+03:00'
'6d2e31a438ca7bb6c3823b01b61d31a074739676'|'It feels as if I’ve been hung out to dry by John Lewis over discounted machine - Money - The Guardian'|'In January I bought an ex-display Siemens Avantgarde tumble dryer from John Lewis in Cheadle at a greatly reduced price – £499 compared with an RRP of £1,249 – but with the John Lewis two-year guarantee (written on the receipt) along with a five-year manufacturer’s warranty.When I plugged it in, none of the programmes would start. An engineer found that the door sensor was faulty and a new one was ordered.A few days later he fixed it, but the machine instantly developed another fault and a display panel was ordered. Nearly two weeks later these parts were installed but the same fault remained.The technician returned again and replaced further parts (he had now spent in excess of £600 on parts alone), but the machine would still not operate. He advised that it be condemned and that I contact John Lewis to arrange a replacement.Siemens confirmed it had issued John Lewis with an uplift number – the authority from the manufacturer to exchange the item. I rang John Lewis, which spoke with Siemens (I was on hold), and stated that Siemens had claimed the machine could still be fixed. I then had to agree a further visit from a technician, which meant another day off work. When he arrived he rechecked the machine and his only suggestion was to reorder all the parts as one of them might be faulty (a further £600). John Lewis had, by this stage, assigned me a customer care manager to resolve my case. He said John Lewis would not offer a like-for-like replacement due to the discounted price.It would seem that the level of warranty/guarantee that John Lewis offers is wholly dependent upon the purchase price, even if the manufacturer recognises their product has a fault and they are prepared to support the consumer.WJ, Macclesfield, CheshireWe first wondered how many people would spend £1,249 on a tumble dryer – this model apparently uses ground-breaking sensor technology, which is not much use when it doesn’t work.However, your complaint does raise some interesting issues, not least whether you were entitled to the same protection in the guarantee/warranty as if you had paid the full amount – and the gamble of buying shop-soiled products where the price may seem too good to be true. It’s also difficult to know exactly when the fault occurred. What seemed odd to us was the fact that the manufacturer had agreed to replace the machine, but John Lewis appeared to be blocking the process and could not explain why.John Lewis confirmed that the product was heavily marked down because it had been in the shop for some time. It said: “We provide a minimum two-year guarantee on all of our electrical appliances, including those sold at a significantly reduced price. The guarantee principally provides for a repair, and where that is not achievable we will always offer another option. In this circumstance a replacement – the same appliance at the same price paid – did not exist, due to the markdown.” You have been offered a refund for the price you paid and a £200 goodwill gesture for all the inconvenience. John Lewis also apologised for any confusion caused by the terms of its guarantee.We welcome letters but cannot answer individually. Email us at consumer.champions@theguardian.com or write to Consumer Champions, Money, the Guardian, 90 York Way, London N1 9GU. Please include a daytime phone numberTopics Money Consumer champions Consumer rights Retail industry John Lewis Siemens features Share on Facebook Share on Twitter Share via Email Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger Reuse this content'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/money/2017/mar/26/siemens-tumble-dryer-discounted-warranty-john-lewis-protection'|'2017-03-26T16:00:00.000+03:00'
'1f8ba4dc7fbf7c8ea200a1c610bc3d0b26e71603'|'Blackstone sells 21 pct stake in SeaWorld to China''s Zhonghong Zhuoye'|'March 24 China-based Zhonghong Zhuoye Group Co Ltd will buy Blackstone Group LP''s 21 percent stake in SeaWorld Entertainment Inc, the embattled U.S.-based marine park operator said on Friday.SeaWorld said Zhonghong will buy the stake for $23 per share, a premium of nearly 33 percent to the stock''s close on Thursday.Zhonghong – a diversified holding company for investments in real estate, leisure and tourism – will pay about $429 million for the stake, according to Reuters calculations.SeaWorld faced criticism after the release of the 2013 documentary "Blackfish," which depicted the captivity and public exhibition of killer whales as inherently cruel. The company said last year it would stop breeding killer whales in captivity. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Savio D''Souza)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/seaworld-entrnmt-stake-zhonghong-hldg-idINL3N1H140N'|'2017-03-24T09:07:00.000+03:00'
'a386e0b40a7c428376d2d756084501bcd799023e'|'Higher rates a doubled-edged sword for banks - ECB''s Angeloni'|' 33pm GMT Higher rates a doubled-edged sword for banks - ECB''s Angeloni European Central Bank (ECB) headquarters in Frankfurt, Germany, July 29, 2016. REUTERS/Ralph Orlowski - FRANKFURT An eventual increase in interest rates will bring both benefits and risks for banks, a senior European Central Bank supervisor said on Friday, as markets increasingly price in a phasing out of the ECB''s easy-money policy. "The prospect of a normalisation of the interest rate cycle will bring benefits but also some risks, depending on the timing and speed as well as the banks’ preparedness," Ignazio Angeloni, a senior official in the ECB''s supervisory arm, said in Milan. "Retail banks may look forward to higher revenues from traditional intermediation, but ... higher funding costs might accrue before banks are able to benefit on the asset side." He also defended the ECB from accusations in Italy that is not being even-handed by focussing more on unpaid loans, a key problem for the country, than on hard-to-value derivatives held by investment banks such as Germany''s Deutsche Bank ( DBKGn.DE ). (Reporting By Francesco Canepa, editing by Larry King)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-banks-rates-idUKKBN16V1JM'|'2017-03-24T20:33:00.000+03:00'
'2af7fd9af8f4b3220d564f976af1d8af06e3c418'|'Saudi in ''serious discussions'' with NYSE for Aramco IPO listing: foreign minister'|'WASHINGTON Saudi Arabia is having "serious discussions" with the New York Stock Exchange about having the NYSE as one of the exchanges for state oil giant Saudi Aramco''s IPO, the Saudi foreign minister told Fox News on Thursday."Our objective is to try to complete the IPO sometime in 2018. There are serious discussions with the New York Stock Exchange about having the NYSE be one of the exchanges for the Aramco IPO and I believe the decision will be made on the financial merits," Adel al-Jubeir told Fox News.(Reporting by Eric Walsh; Writing by Yara Bayoumy; Editing by James Dalgleish)'|'reuters.com'|'http://www.reuters.com/finance'|'http://www.reuters.com/article/us-saudi-aramco-idUSKBN16U35D'|'2017-03-24T01:59:00.000+02:00'
'bfd1c9aab953b1a060fdfa7410330b75b96be9ae'|'Rothschild wins mandate to study options for French food chain Picard'|'Business News - Fri Mar 24, 2017 - 6:50pm GMT Rothschild wins mandate to study options for French food chain Picard PARIS Rothschild & Co will study strategic options, including a possible flotation or sale, for French frozen food retailer Picard after winning the mandate from its owners, sources close to the matter told Reuters. Picard was bought in 2010 by Lion Capital, which later sold a 49 percent stake to Swiss frozen baked goods maker Aryzta ( ARYN.S ). It has about 920 shops across France with annual sales of 1.4 billion euros ($1.5 bln). "A mandate was given to Rothschild," said one source. A second source confirmed the information and said the bank would now assess the various options available for the chain. "There is nothing concrete at this stage. Everything is possible. An IPO (initial public offering) is not excluded," the source said, adding that a sale was also an option. Aryzta has said it plans to evaluate alternatives for its 49 percent stake in Picard, bought less than two years ago, saying any proceeds would go to strengthening its balance sheet. Neither Rothschild, Lion Capital or Arytza were immediately available for comment. (Reporting by Mathieu Protard and Julien Ponthus; writing by John Irish; editing by Susan Fenton) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-picard-rothschild-idUKKBN16V2JZ'|'2017-03-25T02:50:00.000+03:00'
'16732a18f430d1bd1b0d3e6e9601a03a34a99e11'|'Trump preparing orders to review trade deals, procurement - officials'|'  10:51pm GMT Trump preparing orders to review trade deals, procurement - officials U.S. President Donald Trump speaks during a listening session with the Retail Industry Leaders Association and member company CEOs in the Rosevelt Room of the White House in Washington, U.S., February 15, 2017. REUTERS/Joshua Roberts By David Lawder and David Shepardson - WASHINGTON WASHINGTON The Trump administration is preparing new executive orders to re-examine all 14 U.S. free trade agreements and review government procurement policies to aid American companies, two administration officials said. The North American Free Trade Agreement (NAFTA) with Mexico and Canada will top the list of trade deals to be reviewed, which affect 20 countries from the Americas to Asia, the officials told Reuters. They spoke on condition of anonymity because the orders were still being developed. They   the trade deal and procurement review orders were among several executive actions that the Trump administration is preparing on trade. The timing of the orders is unclear, but they could start to be rolled out next week, the officials said. Politico first reported the plan for the two orders, quoting a senior administration official as saying the trade orders would help shift the White House narrative "to a place where the president can really shine." The fate of Trump''s first major legislative effort in Congress, a measure to replace the 2010 Obamacare health law, remains uncertain amid stiff opposition from conservative Republicans. The House of Representatives had to delay a vote on the bill on Thursday due to insufficient support for the legislation. The orders to review existing trade deals and public procurement policies would be largely symbolic, as the administration has already announced its intention to renegotiate NAFTA, with plans to formally notify Congress of its intention to launch talks in the coming weeks. Early last month, White House spokesman Sean Spicer said, "We''re going to re-examine all the current trade deals, figure out if we can improve them." The U.S. bilateral and multilateral trade deals cover these countries: Australia, Bahrain, Canada, Chile, Colombia, Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Israel, Jordan, Mexico, Morocco, Nicaragua, Oman, Panama, Peru, Singapore and South Korea. Media representatives for the White House and the U.S. Trade Representatives'' office declined to comment on any forthcoming executive orders. Senator Orrin Hatch, the Utah Republican who chairs the Senate Finance Committee, said he would welcome orders to review trade deals if that means it accelerated negotiations on changing them. "I think we''ve got to start moving," Hatch told reporters on Wednesday. "If he wants to do these unilaterally or bilaterally, he''s got to get going on them." Trump''s trade officials, including White House adviser Peter Navarro, and Commerce Secretary Wilbur Ross, have long said that NAFTA''s rules-of-origin provisions need to be tightened to exclude more components from outside the trading bloc. NAFTA requires cars and trucks to have only 62.5 percent North American content, providing significant opportunities for Asian manufacturers to provide parts. The procurement review would be in line with Trump''s "Buy American, Hire American" campaign push and could win some allies among Democrats in Congress. These include Senators Tammy Baldwin of Wisconsin and Jeff Merkley of Oregon, who urged the White House in a recent letter to exclude U.S. government contracts from NAFTA and restrict waivers that allow more foreign companies to bid on public procurements. But news of the potential trade orders did not impress Republican Senate Agriculture Committee Chairman Pat Roberts of Kansas. "I''m more interested in getting our trade representative passed on the Senate floor," Roberts told reporters, referring to Robert Lighthizer, Trump''s choice for U.S. trade representative, whose nomination has been stalled in the Senate. Roberts also said he wanted to impress upon the White House the importance of trade deals to boost agricultural exports, including a glut of Kansas wheat, amid what he views as a preoccupation with manufactured exports in the administration. (Reporting by David Lawder and David Shepardson; Editing by Jonathan Oatis) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-trade-idUKKBN16U34S'|'2017-03-24T06:51:00.000+03:00'
'38337bc330af9abe1ef9ea695ff578ae20adc8be'|'China Jan-Feb industrial profits surge 32 percent as commodity prices rally'|'Economic News - Mon Mar 27, 2017 - 7:47am IST China Jan-Feb industrial profits surge 32 percent as commodity prices rally Labors work on a pile of iron ore at a steel factory in Tangshan in China''s Hebei Province November 3, 2015. REUTERS/Kim Kyung-Hoon/File Photo BEIJING Profits of Chinese industrial firms surged 31.5 percent in the first two months of 2017 from a year earlier as prices of commodities from coal to iron ore raced higher, while strong imports also pointed to a pick-up in activity. Total profits over the first two months of the year were 1.01 trillion yuan ($147 billion), the National Bureau of Statistics said in a statement on Monday. The profit increase was mostly due to faster growth in prices of coal, steel and crude oil, He Ping, a statistics bureau official, said in a note accompanying the statement. The pace of earnings growth picked up sharply from a 2.3 percent increase in December. Industrial profits rose 8.5 percent in 2016, snapping back from a slight drop in 2015, largely due to a sharp increase in prices of coal as well as raw materials such as iron ore which were needed to help feed a construction boom. China''s economy got off to a strong start to 2017, supported by robust bank lending, a government infrastructure spree and a much-needed resurgence in private investment. Industrial firms stand to benefit from fixed-asset investment that expanded more than expected in the first two months of the year, including a 27.3 percent increase in infrastructure spending. Shares of infrastructure companies have shot to a near 15-month high in Shanghai. But investors in China are being torn between data showing a resilient economy and fears that expected policy tightening, while gradual, will eventually lead to higher borrowing costs and stunt business activity. Producer prices rose at the fastest pace since 2008 in February on the back of stronger demand and government-mandated cuts in excess capacity. But most economists and even the statistics bureau believe producer price gains may soon start to slow. Steel and iron ore futures prices in China posted their biggest weekly drop in three months last week as high inventories raised concerns that demand in China is not picking up as much as had been expected. Liabilities of industrial firms rose 6.6 percent year-on-year as of end-February, according to the statistics bureau. The statistics bureau gives combined figures for the first two months of each year to smooth out seasonal distortions caused by the long Lunar New Year holidays, when most companies are closed for the celebrations. The profit figures cover large enterprises with annual revenues of more than 20 million yuan from their main operations. ($1 = 6.8719 Chinese yuan renminbi) (Reporting by Ryan Woo; Editing by Kim Coghill) Next In Economic News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-economy-industrial-profits-idINKBN16Y04Y'|'2017-03-27T10:17:00.000+03:00'
'4e0e377d09090468a380d92ecd10c5d91b55f530'|'Qatar Petroleum CEO says Brexit not a game-changer for UK investment'|'LONDON, March 27 The chief executive of Qatar Petroleum said on Monday that the firm felt comfortable with its investments in Britain and last year''s referendum decision to leave the European Union would not prompt a significant change in the company''s position."What happens with the economy of the UK long term with Brexit and so on really will not be a game-changer for us," Saad Sherida al-Kaabi told a conference in London. (Reporting by William James and Tom Finn; Writing by Costas Pitas; Editing by William Schomberg)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-qatar-energy-brexit-idINS8N1CH02B'|'2017-03-27T12:17:00.000+03:00'
'f590e60cdff0bafbbd14bc63b2afc991be32b0ed'|'Brazil''s Usiminas says appoints Sergio Leite new CEO'|'Company News   6:56pm EDT Brazil''s Usiminas says appoints Sergio Leite new CEO BRASILIA, March 23 Brazilian steelmaker Usiminas said on Thursday its board has appointed Sergio Leite as the company''s new Chief Executive Officer. Leite replaces Romel Erwin de Souza. (Reporting by Stephen Eisenhammer; Editing by Chris Reese) Next In Company News UPDATE 2-SEC charges two Israeli residents with Mobileye insider trading NEW YORK, March 23 Two Israeli residents have been charged by the U.S. Securities and Exchange Commission with insider trading in Mobileye NV before the maker of sensors and cameras for driverless vehicles agreed to be acquired by Intel Corp for $15.3 billion. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usiminas-ceo-idUSS0N1H002S'|'2017-03-24T06:56:00.000+03:00'
'c84518e9555267b7b2951a9638ddea05e7924726'|'Oil edges up as Saudis cut supplies to U.S., but global glut remains'|'Fri Mar 24, 2017 - 12:44am GMT Oil edges up as Saudis cut supplies to U.S., but global glut remains A worker at an oil field owned by Bashneft, Bashkortostan, Russia, January 28, 2015. REUTERS/Sergei Karpukhin/File Photo By Henning Gloystein - SINGAPORE SINGAPORE Oil prices edged up on Friday, supported by a fall in Saudi exports to the United States, but overall markets remained under pressure on the back of a world market awash with fuel. Prices for front-month Brent crude futures LCOc1, the international benchmark for oil, were at $50.66 per barrel at 0027 GMT, up 10 cents from their last close. In the United States, West Texas Intermediate (WTI) crude futures CLc1 were up 12 cents at $47.82 a barrel. Traders said the slight lift in prices came as a report that Saudi Arabia''s crude exports to the United States in March would fall by around 300,000 barrels per day (bpd) from February, in line with OPEC''s agreement to reduce supply. The United States imported about 1.3 million bpd of Saudi oil in February, according to U.S. Energy Information Administration data. In the United States, overseas oil suppliers like Saudi Arabia have to compete against rising shale drilling, which has pushed up U.S. oil production C-OUT-T-EIA by over 8 percent since mid-2016 to more than 9.1 million bpd. To other major consumer regions, however, Saudi exports remain high despite an effort led by the Organization of the Petroleum Exporting Countries (OPEC), and supported by other producers including Russia, to cut output by almost 1.8 million bpd during the first half of the year to rein in a global supply glut. Ship chartering and trading data in Thomson Reuters Eikon shows that OPEC shipments to Asia, the world''s biggest and fastest growing oil consuming region, were at 17.6 million bpd in March, up over 5 percent since January, when the cuts officially started, in a sign that OPEC is shielding its main customers from the supply reductions. Unless OPEC extends the curbs beyond June or makes bigger supply reductions, traders say oil prices are at risk of falling further. "The market is keen to see further progress on production cuts to alleviate the still growing stockpiles," ANZ bank said on Friday. (Reporting by Henning Gloystein; Editing by Joseph Radford) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-oil-idUKKBN16V03M'|'2017-03-24T08:42:00.000+03:00'
'424aaee837df87dfdb98b39e498b53c68e184f4b'|'Trump to make announcement on Keystone XL -White House spokesman'|'Company   7:40am EDT Trump to make announcement on Keystone XL -White House spokesman WASHINGTON, March 24 U.S. President Donald Trump will make an announcement on TransCanada Corp''s Keystone XL pipeline later on Friday morning, White House spokesman Sean Spicer said in a post on Twitter. Trump''s announcement, scheduled for 10:15 a.m. (1415 GMT), comes after the company earlier on Friday said the U.S. Department of State had issued a presidential permit for construction of the pipeline linking Canadian oil sands to U.S. refiners. (Reporting by Susan Heavey; Editing by Chizu Nomiyama) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-pipeline-keystone-trump-idUSL2N1H10F8'|'2017-03-24T19:40:00.000+03:00'
'79ab190d3f27608dcf9c3631fc9483ad701c8289'|'Yingde Gases "accidental win" for minorities fans sparks of activism'|'Deals   6:04am EDT Yingde Gases ''accidental win'' for minorities fans sparks of activism By Elzio Barreto - HONG KONG HONG KONG The messy battle to control China''s largest producer of industrial gases has turned into a serendipitous victory for minority investors that could encourage more shareholder activism in Asia. Though far less common than in the United States, open campaigns seeking better returns or a change in business strategy have risen sharply in Asia, with the number of targeted companies rising to 77 in 2016 from 55 the previous year, according to data from research firm Activist Insight. That is still well short of the 456 cases in the United States, underscoring the room for further growth as investors feel more emboldened and markets in the region expand. The decision by Yingde Gases Group''s ( 2168.HK ) shareholders earlier in March to oust five directors ended a four-month battle for control of the $1.6 billion company''s board in a clash over how to improve its finances and business. It is expected to speed up a strategic review that could include an outright sale of the company. The increase in public activist campaigns also highlights how investors including Elliott Management Corp, BlackRock Inc ( BLK.N ) and Hong Kong-based hedge fund Oasis Management are becoming more public as they try to rally other minority shareholders to boost returns from laggard stocks. "This case with Yingde had the potential of disenfranchising shareholders, but people went and they voted. It only happened because the insiders split and that gave a real voice to minority shareholders here," said Seth Fischer, chief investment officer at Oasis, which holds a 4.5 percent stake in Yingde. "It was a bit of an accidental win." As Yingde co-founders Sun Zhongguo and Trevor Strutt, who prevailed in the vote, battled with Zhao Xiangti, another co-founder and major shareholder, the company received takeover approaches from asset manager StellarS Capital (Hong Kong) Ltd and U.S. industrial gas maker Air Products and Chemicals Inc ( APD.N ) worth $1.1 billion and as much as $1.5 billion in cash, respectively. If successful, the Air Products purchase would be the biggest takeover by a U.S. company in China. The takeover battle took another twist when Hong Kong-based private equity firm PAG agreed to buy the combined 42.1 percent stakes of Zhao, Sun and Strutt for $616 million. The offer''s only condition was that PAG and parties acting in concert with the fund hold more than 50 percent of Yingde. Institutional Shareholder Services (ISS), which advises pension plans and mutual funds, had called in the beginning of March for a fully independent board, as that would give "the most objective assessment of any offers to acquire" Yingde. The call for more independence was also voiced by Oasis. Speaking to Reuters last week, Strutt and Sun said they believed Zhao had destroyed value for shareholders and were now focusing on trying to secure a higher bid for the company. They said they were also trying to bring in another board member with expertise in the gas sector to help the process go smoothly. While one UK fund manager described the Yingde case as a "somewhat unique situation, rather than the dawn of a brave new world of activism in Hong Kong," since it depended on a split among the top shareholders, there is nevertheless at least a noticeable whiff of change. In a region with many family-owned businesses and listed companies with few people holding the vast majority of shares, investors are increasingly asking boards to act in the interest of all shareholders, not just majority owners. In a rare public campaign last year, ultimately unsuccessful, BlackRock, the world''s largest asset manager, called on the board of Hong Kong-listed G-Resources Group Ltd ( 1051.HK ) to "honour its obligations to all shareholders". While the number of companies targeted by activist investors was unchanged at 14 in 2016 from 2015 in Hong Kong, it rose to 15 from nine in Japan and to 11 from eight in China, while also rising in South Korea, Singapore and Malaysia, according to Activist Insight. Asia has seen vast improvement in corporate governance over the past two years as regulators and securities exchanges tighten rules to boost company performance, raise investor confidence and guard their reputations. Markets including Hong Kong, Japan, Singapore, South Korea, Taiwan and Thailand have been getting tough on rogue firms and introduced stewardship codes to encourage engagement between companies and investors. Hong Kong and Singapore, two of the region''s largest financial centers, have tightened listing and takeover requirements, and stepped up enforcement after instances of erratic price movements sparked fear of manipulation. (Additional reporting by Michelle Price in Hong Kong and Anshuman Daga in Singapore; Editing by Will Waterman) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-yingde-gases-m-a-idUSKBN16V142'|'2017-03-24T17:59:00.000+03:00'
'bc4b3cf6488cafda70271607e89e7889358f4c1f'|'Healthcare scramble writes new chapter in Trump''s ''Art of the Deal'''|'Company News   6:00am EDT Healthcare scramble writes new chapter in Trump''s ''Art of the Deal'' By Yasmeen Abutaleb , David Morgan and Emily Stephenson - WASHINGTON, March 24 WASHINGTON, March 24 In the middle of a confused three-day scramble by U.S. Republicans to save their plan to dismantle Obamacare, President Donald Trump telephoned a former small-town sandwich shop owner from the North Carolina mountains on Wednesday afternoon. Representative Mark Meadows took the call during a meeting of the Freedom Caucus, a conservative faction of the House of Representatives he chairs. His talk with Trump thrust Meadows into the eye of a legislative storm that led to a pivotal vote on the bill being postponed. Then, late on Thursday after Trump demanded action by the House, a final vote was set for Friday. Through it all, Meadows has been a key player in Trump''s first major legislative initiative, an effort as chaotic and unpredictable as his campaign for the White House, with its ultimate outcome still in doubt late on Thursday night. After promising for months as a candidate to repeal and replace Obamacare, Trump has still not produced his own plan to do so, choosing instead to support a rollback bill drafted by senior House Republicans, including House Speaker Paul Ryan. Financial markets have watched the drama over the bill nervously, concerned that defeat or delay for it could undermine Trump''s ability to carry through on promises to cut taxes and reduce regulation that have lifted U.S. stocks for weeks. In a schism among Republicans who now control Congress and the White House, moderates oppose Ryan''s bill, saying it goes too far. The non-partisan Congressional Budget Office has estimated it would result in 24 million fewer Americans having insurance by 2026 than if Obamacare remained in place intact. Meadows and the Freedom Caucus don''t like it either, but for very different reasons, making a compromise challenging. They say it doesn''t go far enough to repeal the healthcare law put in place in 2010 by former Democratic President Barack Obama. To deal with this problem, Trump stepped in personally earlier this week to try to win over Meadows and his maverick conservative faction, according to interviews with dozens of lawmakers and congressional aides. But, even after marathon phone calls and meetings at the White House, Trump, who prides himself as a master negotiator, failed to secure the deal. Meadows told reporters on Thursday night he still opposed the bill, but was optimistic that a deal could be reached. "I am still a no," he said, taking basically the same position he took on Wednesday afternoon after his phone call with Trump. LEANING RIGHT When he embraced Ryan''s bill and then decided to intervene to try to save it, Trump opted for a strategy in which he would concentrate on winning over Meadows and the conservatives. Ryan and House leaders would deal with "everybody else," Republican Representative Tom Rooney said Thursday. That strategic approach soon had embarrassing consequences. Trump''s push began in earnest on Tuesday, when he visited Capitol Hill seeking support for the plan among Republicans. On Wednesday, the House Rules Committee held marathon meetings to finalize the bill that would go to the floor. After his Wednesday phone call with the president, Meadows spent much of Wednesday night negotiating with Trump, said a Republican lawmaker. "Mark Meadows has been at the White House more in the last 48 hours than any other times in his life combined," said one conservative lobbyist with knowledge of internal discussions. As Meadows and other Freedom Caucus members such as Representative Jim Jordan negotiated with Trump, more and more right-wing amendments were added to the bill to placate conservatives. The conservative concessions hurt moderates. "The vast majority of us in the Republican conference have been left out of these discussions," Representative Bradley Byrne said Thursday. "That is a growing problem for our leadership and I think it''s a growing problem for the chances of this bill." RYAN BALKS At some point, Ryan himself balked when he learned of the agreements struck between Trump and the conservatives, according to the conservative lobbyist, setting in motion a frantic push to save a vote on the bill that had been set for Thursday. By late afternoon, that rescue effort had collapsed and the vote was scrapped. Trump responded forcefully, dispatching top White House lieutenants to a meeting with lawmakers with a clear message: the president was done negotiating. The message was "it''s done tomorrow or Obamacare stays," said Republican Representative Chris Collins. With that, lawmakers announced that a decisive vote on the bill would be held on Friday afternoon. Earlier, even as the vote that had been set for Thursday was falling apart, Trump was meeting with trucking industry representatives and gleefully climbed into the cab of an 18-wheeler. He said then that everyone would find out in a couple of hours whether Republicans had enough votes to pass the healthcare bill, unaware that the vote had already been delayed. (Additional reporting by Roberta Rampton, Susan Cornwell, Julia Edwards Ainsley, Amanda Becker, Steve Holland and Richard Cowan; Editing by Kevin Drawbaugh and Paul Tait) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-obamacare-talks-idUSL2N1H101N'|'2017-03-24T18:00:00.000+03:00'
'038102e22d629be0d81f006b271e732d813c820b'|'Uber tells U.S. court customers must arbitrate disputes'|'Technology News - Fri Mar 24, 2017 - 3:27pm EDT Uber tells U.S. court customers must arbitrate disputes FILE PHOTO: The Uber app logo is seen on a mobile telephone in this October 28, 2016 photo illustration. REUTERS/Toby Melville/Illustration/File Photo By Brendan Pierson A U.S. appeals court in New York on Friday weighed arguments over whether Uber Technologies Inc [UBER.UL] customers gave up their right to sue the company when they registered for its popular taxi hailing service. The case could have wider implications for internet businesses, which often require customers to agree to bring disputes through private arbitration as part of long lists of terms and conditions when they register for services. Theodore Boutrous, arguing for Uber, urged the three-judge 2nd U.S. Circuit Court of Appeals panel to send a class action lawsuit by Connecticut Uber passenger Spencer Meyer over the company''s pricing practices to arbitration, which U.S. District Judge Jed Rakoff refused to do last year. When users register for Uber on their smartphones, Boutrous said, they are told on the registration screen that by registering, they are agreeing to terms and conditions. Boutrous said a typical smartphone user "can''t miss" the notice, and can easily read the terms and conditions by touching a link. Jeffrey Wadsworth, arguing for Meyer, said it was not reasonable to expect customers to know they were giving up their right to sue when they agreed to standard terms and conditions from an internet-based service. "To register means to put your name on an official list," he said. "It does not mean you''re engaging in some complex contractual transaction." However, Circuit Judge Susan Carney and Reena Raggi both pointed out that providing credit card information, as Uber users do when they sign up, goes beyond merely registering. In a short response, Boutrous said that no other court had ruled the way Rakoff did when faced with a registration agreement similar to Uber''s. He also said small differences in the way registration screens are set up should not make a difference. "We can''t have district judges going on immaterial distinctions here," he said. "It''s on the screen, right in front of the individual." Meyer''s lawsuit, filed in 2015, claims that Uber''s practice of "surge pricing" - raising prices when demand spikes at a particular time and place - violates federal antitrust laws. In his opinion refusing to send the case to arbitration, Rakoff took broad aim at onlines businesses'' practice of including arbitration agreements in their terms and conditions, saying it threatened consumers'' right to jury trials. "This most precious and fundamental right can be waived only if the waiver is knowing and voluntary," he said. (Reporting By Brendan Pierson in New York; editing by Grant McCool) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-uber-tech-lawsuit-idUSKBN16V2MI'|'2017-03-25T03:27:00.000+03:00'
'f5ba481966d2be841aa5d4a4b768a6e169bb86c3'|'Shell to start cleaning up 2008 Nigeria oil spills in April, says official'|'Business News - Fri Mar 24, 2017 - 5:11pm GMT Shell to start cleaning up 2008 Nigeria oil spills in April, says official A Shell logo is seen reflected in a car''s side mirror at a petrol station in west London, Britain, January 29, 2015. Picture taken January 29, 2015. REUTERS/Toby Melville/File Photo LONDON The head of a group helping organise Shell''s ( RDSa.L ) clean-up efforts in an oil Delta community in Nigeria said on Friday he was hopeful clean-up work after two spills in 2008 could start in April. Royal Dutch Shell agreed in 2015 on a 55 million pound settlement with the Bodo community after accepting liability for two pipeline leaks due to corrosion that contaminated their land. [ reut.rs/2hTxctf ] But progress to clean up the spill has been slow after Shell said members of the community had denied it access in August 2015 when work was set to begin. A community representative said they were unhappy with the contractor Shell picked. After months of wrangling, the parties have reached agreement and clean-up work is set to start in April, said the chairman of the Bodo Mediation Initiative (BMI), a programme started in 2013 by the Dutch ambassador to Nigeria. "Hopefully we should be able to go to site and start the clean-up next month," BMI Chairman Inemo Samiama told Reuters. The BMI is mediating between Shell''s Nigeria subsidiary Shell Petroleum Development Company of Nigeria (SPDC) and the Bodo community. It also includes representatives from the United Nations Environmental Programme, the local government, the Dutch embassy and several non-governmental organisations. "SPDC remains fully committed to ensuring clean-up takes place and will continue to work with the BMI to implement a remediation plan for Bodo area," said a spokesman for SPDC. Samiama said Shell had appointed international contractors to carry out the clean-up work. Once it commences, the first step would be to remove oil from the water surfaces before restoring landscapes that were damaged by the spill, he said. "We are hoping this time around we are going to start this clean-up once and for all and get this job done," Samiama said, adding the entire clean-up process will take several years. (Reporting by Karolin Schaps; Editing by Edmund Blair) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-shell-nigeria-spill-idUKKBN16V2BE'|'2017-03-25T01:11:00.000+03:00'
'07bda6ea797bcdef229b08b00fa0eb45ff4413b2'|'Tesco nearing deal with Serious Fraud Office over accounting scandal: Sky'|'Business News - Sat Mar 25, 2017 - 10:24am EDT Tesco nearing deal with Serious Fraud Office over accounting scandal: Sky FILE PHOTO - A company logo is pictured outside a Tesco supermarket in Altrincham northern England, April 16, 2016. REUTERS/Phil Noble/File Photo LONDON Britain''s biggest retailer Tesco ( TSCO.L ) is in advanced talks with the Serious Fraud Office (SFO) over a plea deal that would involve it paying a large fine over its 2014 profit overstatement, Sky news said on Saturday. Sky said it had learned that lawyers acting for Tesco are closing in on a deferred prosecution agreement (DPA) following months of discussions with the SFO. It cited unnamed sources as saying that a deal could be struck within weeks, although there was no certainty a final agreement would be reached. The amount of any fine would be well over 100 million pounds ($125 million) it added. No comment from Tesco was immediately available. Tesco issued a statement to the Stock Exchange in September 2014 saying that during its final preparations for an interim results announcement it had identified a 250 million pound overstatement of first-half profit, mainly because it booked commercial deals with suppliers too early. The discovery led to the suspension of eight senior members of staff, sent Tesco''s shares tumbling and plunged the company into the worst crisis in its near 100-year history. (Reporting by Stephen Addison, editing by David Evans) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-britain-tesco-idUSKBN16W0JR'|'2017-03-25T22:24:00.000+03:00'
'3cf0de1feaef01a4b94a04856e441c32de4caa3c'|'For Goldman Sachs, a rare pass from shareholder resolutions'|'Global Energy News - Thu Mar 23, 2017 - 8:43pm GMT For Goldman Sachs, a rare pass from shareholder resolutions A view of the Goldman Sachs stall on the floor of the New York Stock Exchange July 16, 2013.   By Olivia Oran and Ross Kerber - NEW YORK/BOSTON NEW YORK/BOSTON For the first time in more than a decade, Goldman Sachs Group Inc ( GS.N ) has managed to avoid any proxy battles with activist shareholders by convincing investors and securities regulators that voting on several proposed corporate policy changes were unnecessary. The Wall Street bank this year faced shareholder proposals on topics ranging from its corporate structure to its financial ties to a controversial oil pipeline, according to filings with the U.S. Securities and Exchange Commission. The issues would have been up for a vote at Goldman''s annual meeting in April. But in at least two cases, shareholders withdrew proposals after Goldman made concessions; in another three, the SEC sided with the bank''s view that the proposals were not worth including. A Goldman spokeswoman and SEC spokesman both declined to comment. The last time the bank had a proxy free of shareholder proposals was in 2006, which covered the prior year, said proxy adviser Institutional Shareholder Services. While Goldman may still face questions about its executive pay, it stands out among big U.S. banks that have so far filed proxies, all of which are facing battles at their upcoming annual meetings. "It''s unusual for a large company, particularly large financial institutions that attract public attention, to have no shareholders proposals on their proxy," said Yaron Nili, a law professor at the University of Wisconsin who focuses on corporate governance. For many years, management teams of big banks dismissed activist shareholders as nuisances and their issues as irrelevant. But after the 2008 financial crisis, their annual meetings and investor gatherings became circus-like events: Protesters shouted down executives over bailouts, decried societal failures and, in one case, a topless female began chanting on stage in front of a conference room. In 2010, Goldman faced seven proposals - its biggest number ever - addressing topics like climate change and executive compensation, according to ISS. Goldman management began making a greater effort to engage with small investors, looking to restore the bank''s reputation after critics cast it as the greediest on Wall Street. "As the financial crisis gets further in the mirror, Goldman Sachs seems to be less in the spotlight," said Patrick McGurn, special counsel for ISS. Last year the bank held 150 meetings focussed on corporate governance with 77 shareholders in total, according to its proxy. In interviews, some investor activists said Goldman deserves credit. "Their willingness to engage is meaningful," said Danielle Fugere, president of As You Sow, a California nonprofit that withdrew a resolution it had filed calling for Goldman to report on its financial involvement in a contentious Dakota pipeline project. In return, Goldman agreed to review policies on human rights and other issues. In other cases, Goldman won permission from regulators to leave measures off its proxy like a union-backed proposal that would have barred certain equity awards for executives leaving to enter government service. Bank of America Corp ( BAC.N ), Citigroup Inc ( C.N ) and Wells Fargo are each facing at least four proposals. JPMorgan Chase & Co ( JPM.N ) and Morgan Stanley ( MS.N ) have not yet filed their proxies, though SEC filings indicate that they successfully fought off several. The toughest job for Goldman this year may be to win shareholder backing for its executive pay, which won support from just 66 percent of votes cast last year. Support for executive pay among Russell 3000 companies averaged 91 percent last year, according to consulting firm Semler Brossy. After meeting with shareholders, Goldman made changes such as cutting a long-term award for Chief Executive Lloyd Blankfein amid concerns it was too complex. The board awarded Blankfein, who is also chairman, $20.2 million for his work last year. (Reporting by Olivia Oran in New York and Ross Kerber in Boston; Editing by Lauren Tara LaCapra and Bernard Orr) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-goldman-sachs-proxy-idUKKBN16U2WL'|'2017-03-24T04:43:00.000+03:00'
'b4f67456b412549227a16c8fcaf1d2226a99c493'|'Dubai''s Souq.com to make announcement on Amazon.com bid -sources'|'DUBAI, March 28 Middle Eastern online retailer Souq.com will make an announcement later on Tuesday about Amazon.com Inc''s bid to buy 100 percent of the company from its shareholders, two sources familiar with the deal told Reuters.One of the sources, declining to be identified ahead of the announcement, said the statement would say that Souq.com''s shareholders had accepted the bid.Souq.com declined to commemt. Amazon officials could not immediately be reached for comment.Dubai''s Emaar Malls, operator of some of the region''s most glitzy shopping malls, said on Monday it had made an $800 million offer for Souq.com. Sources said that bid was higher than what Amazon had offered. (Reporting by Hadeel Al Sayegh and Alex Cornwell; Writing by Saeed Azhar; Editing by Andrew Torchia)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/souqcom-ma-amazoncom-idINL5N1H5177'|'2017-03-28T05:09:00.000+03:00'
'f1879725d975acfc4c448da695c8240044c6c0de'|'Chinese tech giant Tencent takes 5 percent stake in Tesla'|'Tesla Inc said on Tuesday that Chinese tech giant Tencent Holdings Ltd has invested $1.78 billion in the electric carmaker for a 5 percent passive stake.Tencent, best known for its WeChat mobile app, has been investing in a number of sectors, including gaming, entertainment, cloud computing and online financing.Tencent now owns more than 8 million shares in the company as of March 24, Tesla said in a regulatory filing.(Reporting by Rishika Sadam in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/tesla-stake-tencent-holdings-idINKBN16Z1F8'|'2017-03-28T10:02:00.000+03:00'
'b13da98b392d9d7c1b7899173c1cf44617a6b2bc'|'Some Amazon deal proceeds will be reinvested in Souq.com: CEO'|'DUBAI At least some of the proceeds from the sale of Souq.com to Amazon.com will be invested back in the business, the co-founder of the Middle East online retailer said on Tuesday.Amazon and Souq.com announced earlier on Tuesday they had agreed to the takeover deal. Souq.com''s current shareholders include South Africa''s Naspers Ltd and Tiger Global Management."Today is a great day for the company. We are a company of builders. We''ve been on this journey for the last ten years and today (the) partnership with Amazon is an incredible and a great success story for the region," Souq.com Co-Founder Ronaldo Mouchawar told Reuters.Mouchawar, who will continue with the company, also said Souq.com would expand its more than 3,000-strong workforce following the deal.The value and terms of the agreement, which deal adviser Goldman Sachs called "the biggest-ever technology M&A transaction in the Arab world", were not disclosed.Mouchawar declined to comment on the valuation.(Reporting by Alexander Cornwell Editing by Hadeel Al Sayegh and Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-souq-com-m-a-amazon-com-ceo-idINKBN16Z1JA'|'2017-03-28T10:35:00.000+03:00'
'd3841a04959db3ea99158e1b3012077e38886968'|'Norton Rose Fulbright names Soliman chair of Canadian division'|'Company  06pm EDT Norton Rose Fulbright names Soliman chair of Canadian division By John Tilak - TORONTO, March 27 TORONTO, March 27 Law firm Norton Rose Fulbright has named well-known shareholder activism and mergers and acquisitions lawyer Walied Soliman chair of its Canadian division. Soliman succeeds Norman M. Steinberg, who held the position since 2009. Steinberg will be the firm''s chair emeritus in Canada. London-based Norton Rose has more than 3,500 employees in the Americas, Europe, Asia, Australia and Africa. It is one of the biggest law firms in Canada. Soliman, who has been involved with some of the most high-profile Canadian M&A deals in recent years, is advising Agrium Inc on its proposed merger with Potash Corp and advised the board of the Canadian Oil Sands on the hostile takeover attempt from Suncor Energy Inc. He has advised on some of the biggest activism battles in Canada, including Telus Corp against Mason Capital Management and Agrium in its defence against activist investor Jana Partners. Soliman will remain co-chair of the Canadian special situations team, which offers advice on shareholder activism and hostile M&A. (Reporting by John Tilak; editing by Grant McCool) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/nortonrose-chairman-canada-idUSL2N1H411H'|'2017-03-28T02:06:00.000+03:00'
'9b276851fbf82dc64563bcd80fb943db0c44dd10'|'Asia refiners snap up cheap light oil to reap higher fuel profits'|'Commodities - Mon Mar 27, 2017 - 4:06am EDT Asia refiners snap up cheap light oil to reap higher fuel profits A worker cycles past part of the structure of a ship at Hyundai Heavy Industries'' Shipyard in Ulsan, South Korea, May 13, 2015. REUTERS/Kim Hong-Ji By Florence Tan and Jane Chung - SINGAPORE/SEOUL SINGAPORE/SEOUL As the cost of light crude drops, some refiners in Asia are snapping up cargoes of the oil that is easier and cheaper to process than their usual diet of heavy crude, chasing profits from making diesel and gasoline. As a result of the OPEC production cuts, the world''s oil supply has become more light and those oil types yield more diesel and gasoline, the fuels that command the highest margins, when processed in a crude distillation unit, the most basic unit a refinery uses to make fuels. Since purchasing the lighter oil makes it easier to extract diesel and gasoline, Asian refiners have jumped on the crude supply trend by buying light oil from Russia, Africa and even from as far as the United States to bolster their profits. "Korean buyers are buying light crude because its price competitiveness is improving," a local South Korean refining source said on the condition of anonymity as he was not authorized to talk publicly about trading. "Light crude used to be pricey and now as it''s oversupplied, it''s great for refiners. We can buy it at cheaper prices, save costs and produce more high value-added products like light naphtha and gasoline. We''re hoping this trend will continue." South Korean refiner Hyundai Oilbank bought Sakhalin Blend crude for April and May, several market traders said, using the light oil to blend with its typically heavy crude slate. Taiwanese refiner CPC added up to two more light oil cargoes in the second quarter and bought Algeria''s Saharan Blend to partly replace heavier Angolan oil and for processing at its new splitter, said a company spokesman. Meanwhile, Thai Oil bought Sakhalin Blend and U.S. Eagle Ford crude for the first time ever in the second quarter, while Thailand''s PTT also bought the Russian grade. Refiners typically measure the relative difference between light and heavy oil grades by looking at the premium of Arab Light crude from Saudi Arabia to Arab Heavy. That spread is at $2.45 a barrel in April, according to the latest official selling prices the country has released, the narrowest in seven months. The production cuts by the Organization of the Petroleum Exporting Countries (OPEC) mainly reduced the supply of medium heavy crude grades from the Middle East that yield more residual fuel oil that needs further and more costly upgrading into light transportation fuels. "NICE PROBLEM TO HAVE" U.S. production of light oil has stepped in to fill the gap from the OPEC cuts and Asian refiners are buying light grades they have stayed away from in the past. U.S. output, mainly of light oil, is up by 670,000 barrels per day since October, data from the Energy Information Administration showed, with traders are moving some of the lighter supply to Asia. The turn to light crudes is a bit of a headache for many Asian refiners, who have spent millions of dollars installing cokers, crackers and other upgrading units that can process residual fuel oil into higher-value fuels. "The world has gotten awfully light. It''s a nice problem to have, but if you have a coker, the last thing you want is to have a stranded asset," said Jamie Webster, a fellow at Columbia University''s Center on Global Energy Policy. (Reporting by Florence Tan in SINGAPORE and Jane Chung in SEOUL; Additional reporting by Osamu Tsukimori in TOKYO; Editing by Christian Schmollinger) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-asia-oil-idUSKBN16Y0PQ'|'2017-03-27T16:01:00.000+03:00'
'f85e5e1a04e98afbddcb74aa872ff9e3a6db8ace'|'German Ifo business morale brightens unexpectedly in March'|' 34am BST German Ifo business morale brightens unexpectedly in March A man walks past a truck in the truck production plant of German truck and bus-maker MAN AG in Munich, Germany July 30, 2015. REUTERS/Michaela Rehle BERLIN German business morale brightened unexpectedly in March, a survey showed on Monday, suggesting company executives in Europe''s largest economy are brushing off concerns about the threat of rising protectionism. The Munich-based Ifo economic institute said its business climate index, based on a monthly survey of some 7,000 firms, rose to 112.3 from an upwardly revised reading of 111.1 in February. This was the highest reading since July 2011 and it came in stronger than a Reuters consensus forecast for 111.0. "The upswing in the German economy is gaining impetus," Ifo chief Clemens Fuest said in a statement, adding that the upwards trend in assessments of the current business situation continued unabated and the business outlook also improved. The rise in the headline figure was driven by improved sentiment in the manufacturing, construction and retailing sectors, while the business climate in wholesaling deteriorated. (Reporting by Michael Nienaber; Editing by Paul Carrel)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-economy-ifo-idUKKBN16Y0Q9'|'2017-03-27T16:34:00.000+03:00'
'c8ebdcc1a0f48c21a71daa0f520e05c6b4e91988'|'Exclusive: EIB asks French diesel inquiry to probe Renault''s use of loans'|'Business News - Fri Mar 24, 2017 - 9:06am EDT Exclusive: EIB asks French diesel inquiry to probe Renault''s use of loans Logo is seen at a Renault store in Minsk, Belarus June 9, 2016. REUTERS/Vasily Fedosenko By Laurence Frost and Gilles Guillaume - PARIS PARIS The European Investment Bank has asked French investigators to find out whether 800 million euros ($863 million) of EU-backed loans to Renault ( RENA.PA ) could have been used to develop test-cheating diesel engines, according to documents seen by Reuters. The European Union lending arm wrote to judges leading a fraud investigation into preliminary findings that Renault diesel engines - like Volkswagen''s ( VOWG_p.DE ) - had been configured to manipulate nitrogen oxide (NOx) emissions tests. Renault, which has consistently denied breaking any laws or emissions rules, had no immediate comment on Friday. The Luxembourg-based European Investment Bank (EIB) and Paris prosecutor''s office did not respond to requests for comment. Since 2009, the EIB has granted more than 8 billion euros in preferential loans to back development of vehicles with lower carbon dioxide (CO2) emissions by carmakers including VW, exposed in 2015 for using software "defeat devices" to dupe U.S. regulatory tests. Technologies funded by the EIB have included diesel engines, because they emit less CO2 than gasoline equivalents. More recently, however, diesels have been shown to produce many times the legal limit of toxic NOx in real driving. "The EIB has granted Renault several loans to finance projects including research and development to reduce vehicle CO2 emissions (amounting to more than 800 million euros)," the bank''s chief fraud investigator told the French judges. The Jan. 30 letter also proposes a follow-up meeting "in order to establish whether our financing is implicated in your investigations and to offer you all possible assistance." It adds: "The EIB enforces a zero-tolerance policy toward fraud and corruption and strives to ensure that no illegal activity tarnishes its business." MARKET FALLOUT Renault shares fell 7.8 percent in three days to end last week at 78.65 euros after excerpts of a November report by France''s DGCCRF consumer fraud watchdog appeared in newspapers, wiping 2 billion euros off the company''s value. The stock has since recovered some ground to 80.37 euros, as of 1210 GMT (8:10 a.m. ET). Based on the agency''s findings, prosecutors opened an investigation in January into fraud allegations against Renault and its Chief Executive Carlos Ghosn. If found guilty, the group could be fined up to 10 percent of annual revenue, or 3.58 billion euros. The DGCCRF report, also seen by Reuters, cites engine software parameters from Renault''s own technical documentation that partially or entirely deactivate anti-pollution functions such as exhaust gas recirculation (EGR) and "lean NOx traps" (LNT) outside predictable regulatory test conditions. "The use of software in the (engine) calculator to limit the effectiveness of anti-pollution devices mainly or exclusively to vehicle approval tests is a strategy that Renault has implemented," the DGCCRF concluded. Renault has argued in press briefings that the limits on emissions control were necessary to protect its engines while maintaining driving performance and fuel efficiency, and therefore allowed under current EU rules. The carmaker has nonetheless recalled almost 11,500 cars to tweak engine calibrations and reduce NOx emissions - a handful of the 900,000 sold in France with the controversial software. Changes will include extending the narrow range of air intake temperatures within which the EGR is programmed to work. In France''s climate, the calibration renders the anti-pollution device virtually useless for seven months of the year, Renault itself concedes in company documents also seen by Reuters. The EIB, the world''s biggest multilateral lender with almost 80 billion euros granted each year, has faced scrutiny over its funding to carmakers in light of the "dieselgate" scandal and subsequent investigations in France and other countries. VW, which has set aside 22.6 billion euros to cover its U.S. criminal settlement and other costs, was awarded 400 million euros by the bank in 2009 to develop "green technologies". The German carmaker''s use of EIB funds has been "very thoroughly" investigated, bank President Werner Hoyer was quoted as saying at a January news conference. "We have not found any indication that our loans might have been used for fraudulent purposes." (Reporting by Laurence Frost; Editing by Mark Potter) Next In Business News All drill, no frack: U.S. shale leaves thousands of wells unfinished NEW YORK U.S. shale producers are drilling at the highest rate in 18 months but have left a record number of wells unfinished in the largest oilfield in the country – a sign that output may not rise as swiftly as drilling activity would indicate. WASHINGTON, March 24 - New orders for key U.S.-made capital goods unexpectedly fell in February, but a surge in shipments amid demand for machinery and electrical MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-renault-diesel-eib-idUSKBN16V1MR'|'2017-03-24T21:06:00.000+03:00'
'81b3b0eaf5ee90c5aae99ddd83140c11027ea243'|'Brazil''s BM&FBovespa to release new guidance after Cetip takeover'|'  6:03pm EDT Brazil''s BM&FBovespa to release new guidance after Cetip takeover SAO PAULO, March 23 BM&FBovespa SA, which has received Brazil regulatory clearance to take over a rival clearinghouse, will issue new operational targets for this year, discontinuing prior guidance as a standalone company. In a Thursday securities filing, Chief Financial Officer Daniel Sonder said BM&FBovespa sees about 100 million reais in cost savings stemming from the integration of Cetip SA Mercados Organizados on a recurring basis within three years. (Reporting by Guillermo Parra-Bernal)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/bmf-bovespa-outlook-idUSL2N1H028O'|'2017-03-24T06:03:00.000+03:00'
'b2e6492684afa036cc01e79a48911ef662f7cb31'|'Bombardier''s CSeries jet nears approval for London City airport'|' 34am EDT Bombardier''s CSeries jet nears approval for London City airport By Allison Lampert - MONTREAL, March 24 MONTREAL, March 24 Bombardier Inc said its CSeries will soon become the largest commercial aircraft capable of landing at London City Airport, a feat the Canadian planemaker expects will whet buyer interest at a time of sluggish market demand for new jets. Bombardier, which this week completed a series of dedicated flight trials, expects to receive "steep approach" certification in the second quarter so that airlines can land the 110-seat CS100 variant at the urban airport, which has the challenge of a shorter runway, spokesman Bryan Tucker said. The certification would allow CSeries customer Swiss Airlines to operate at London City, which is a four-mile drive from the capital''s main financial district. "We expect this to generate interest from other operators as the aircraft demonstrates its capabilities," Tucker said. The arrival of the lightweight, carbon-composite CSeries at London City could boost Bombardier in the run-up to the industry''s showcase Paris Air Show in June. It comes as planemakers are bracing for another bout of softer sales in 2017 after a prolonged order boom peaked in 2014. Planemakers are having to battle harder for business amid a glut of new planes and concerns over the economy. "We''ve been binging on orders," said Teal Group aerospace analyst Richard Aboulafia, who expects muted demand in 2017. Because of its lighter weight than most aircraft of its size, the Canadian jet can fly direct to New York from London City when carrying about 40 passengers in exclusively business-class seating. UK startup Odyssey Airlines and Geneva-based private charter operator PrivatAir have both announced plans to operate the plane out of the airport, with Odyssey planning services to North America and the Middle East. A number of operators have tried and failed to make money on banker-friendly London City-New York services, which until now have had to stop in Ireland for fuel on the westbound journey due to prevailing headwinds. Although it has won accolades for fuel savings and a smooth entry into service with Swiss in 2016, the CSeries has not received a substantial order since the sale of 75 CS100 jets to Delta Air Lines nearly a year ago. An earlier order for 45 130-seat CS300 versions to Air Canada was completed in June. After relaunching the programme with steep discounts to boost sales following production delays, Bombardier is coming under pressure to secure profitable new sales in the run up to the Paris show. "We are comfortable where we are at this point," Tucker said of CSeries'' existing sales. As of December 2016, the CSeries had recorded 360 firm orders and most capacity is sold out through 2020, he said. (Editing by Tim Hepher and David Clarke)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/bombardier-cseries-idUSL2N1H025P'|'2017-03-24T18:34:00.000+03:00'
'cfca83e1b4e089c108a9afc8f7dbe38438c499bd'|'Elliott to help Chinese investors buy AC Milan with 300 million euros'|'MILAN U.S. private equity fund Elliott is helping a struggling Chinese consortium buy Italian storied soccer club AC Milan with a 253 million euro investment, lawyers representing Elliott said on Monday.In a statement, the lawyers said Elliott would provide 180 million euros to complete the acquisition, and another 73 million euros to help the club face short-term payments.A source close to the matter said Elliott would provide an additional 50 million euros to be invested in the club, bringing its total exposure to the deal to around 300 million euros ($326.49 million).In August a group of Chinese investors signed a deal to buy the Serie A team from former Italian prime minister Silvio Berlusconi - its owner for the last three decades - in what would be the biggest Chinese investment in a European club.The deal, which values the club at 740 million euros including 220 million in debt, was originally supposed to close in December. But that deadline has been postponed twice to April 14 as the Chinese investors - whose identity remains largely unknown - failed to gather the necessary funds for the deal.(Reporting by Giulia Segreti, Elvira Pollina, Maria Pia Quaglia)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-acmilan-m-a-elliott-idINKBN16Y1CC'|'2017-03-27T10:14:00.000+03:00'
'30dd96c03d972cb8b5097952a1764e7faaf6c16f'|'AstraZeneca wins approval for lung cancer pill in China'|'Health News - Mon Mar 27, 2017 - 7:26am BST AstraZeneca wins approval for lung cancer pill in China A sign is seen at an AstraZeneca site in Macclesfield, central England May 19, 2014. REUTERS/Phil Noble/File Photo LONDON AstraZeneca said on Monday it had won approval for its lung cancer pill Tagrisso in China, a key market for the potential blockbuster medicine. Tagrisso is designed to help cancer patients with certain genetic mutations that are very common in China and other parts of east Asia. (Reporting by Ben Hirschler; editing by Kate Holton) Next In Health News Saudi Arabia temporarily bans poultry imports from Tennessee over bird flu DUBAI Saudi Arabia has temporarily banned imports of live birds, hatching eggs and chicks from Tennessee after a form of bird flu that is highly lethal for poultry was found in the U.S. state, the Saudi ministry of agriculture said on Sunday. CARACAS Venezuelan President Nicolas Maduro said on Friday he has asked the United Nations to help the South American nation alleviate medicine shortages, which have become increasingly severe as the oil-producing nation''s economic crisis accelerates. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-astrazeneca-cancer-china-idUKKBN16Y0II'|'2017-03-27T14:22:00.000+03:00'
'148ab11bb7473d01e4f1de75ca4b0f109f142fcf'|'U.S. stock futures hit six-week low on failed healthcare bill'|'Business News   7:33am EDT U.S. stock futures hit six-week low on failed healthcare bill Traders work on the floor of the New York Stock Exchange (NYSE) shortly after the opening bell in New York, U.S., March 21, 2017. REUTERS/Lucas Jackson By Yashaswini Swamynathan U.S. stock index futures hit six-week lows on Monday after President Donald Trump failed to push through his healthcare bill, raising concerns about his ability to deliver on his economic agenda. A Congress controlled by Trump''s Republican party on Friday pulled a bill to overhaul the Affordable Care Act or Obamacare, in a stunning setback for the President''s first major legislative move since taking office. Investors took up defensive positions as the so-called "Trumpflation trade" looked to unravel. The dollar, which had found favor on the possibility of tax cuts and higher infrastructure spending, hit its lowest since Nov. 11, while prices of safe haven gold shot up to one-month highs. Banks, which had outperformed in the post-election rally on bets of simpler regulations and higher inflation, were down more than 1 percent premarket on Monday. Still, the drop in futures appeared to be kept in check on Trump''s comment to turn his attention to getting "big tax cuts" through Congress. Investors will look forward to comments from Chicago Federal Reserve President Charles Evans and his Dallas counterpart Robert Kaplan for clues on the timing of the next interest rate hike. Fed Chair Janet Yellen is scheduled to speak at a conference on Tuesday in Washington. Snap Inc ( SNAP.N ) was up 4.7 percent at $23.80 in premarket trading on Monday after multiple brokerages began coverage on the owner of Snapchat after the blackout period for its IPO underwriters ended. Amazon.com ( AMZN.O ) was off 0.96 percent at $837.50 after Dubai''s Emaar Malls EMAA.DU made an $800 million offer for online retailer Souq.com. Amazon has agreed in principle to buy Souq, according to sources. Steel stocks, including AK Steel ( AKS.N ) and United States Steel ( X.N ) were down about 4 percent. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D''Silva) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-stocks-idUSKBN16Y194'|'2017-03-27T19:33:00.000+03:00'
'98baa9d8682ce32137a71bf2d712004892d6a97e'|'UPDATE 1-Options exchanges resume routing to CBOE after connectivity issue'|'Business News   12:26pm EDT Options exchanges resume routing to CBOE after connectivity issue By Saqib Iqbal Ahmed - NEW YORK NEW YORK Several U.S. options exchanges, including those run by Nasdaq Inc ( NDAQ.O ) and the New York Stock Exchange, declared "self-help" alerts against CBOE Holdings Inc''s ( CBOE.O ) CBOE Options Exchange for a short time on Monday, signaling problems processing trades. A "self-help" alert is a notification issued by a trading exchange when another exchange is dealing with internal problems processing trades and orders are routed through alternate venues. CBOE, which opened on time at 9:30 a.m. EDT, faced connectivity issues with a number of firms, said Suzanne Cosgrove, a company spokeswoman. As of 10:08 a.m. EDT, connectivity was re-established, but CBOE was still working with some firms regarding their remaining individual issues, she said. Trading on CBOE was not halted, she said. MIAX Options and MIAX PEARL options exchanges declared "self-help" on the CBOE Options Exchange as of 9:38 a.m. EDT. These were soon followed by Nasdaq-operated options exchanges, including the NASDAQ Options Market and the PHLX. NYSE Amex Options and NYSE Arca Options suspended routing to the CBOE, the NYSE said in a status message. By 11:48 a.m. EDT, all the exchanges had resumed routing trades to the CBOE. The CBOE is the operator of the largest U.S. stock options market, and the CBOE Volatility Index .VIX and the S&P 500 Index .SPX options trade exclusively on the CBOE. Trading volume in VIX and SPX options did not appear to be affected, said Fred Ruffy, analyst at New York-based options analytics firm Trade Alert. (Editing by Dan Grebler and Matthew Lewis) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-options-cboe-idUSKBN16Y223'|'2017-03-28T00:22:00.000+03:00'
'6bc52e835eda1ba40a7195de2983818387e4d036'|'ABB replaces South Korean management after $100 million fraud'|'Business   3:03pm BST ABB replaces South Korean management after $100 million fraud FILE PHOTO - The logo of Swiss engineering group ABB is seen on a office building in Vienna, Austria, September 29, 2016. REUTERS/Leonhard Foeger/File Photo ZURICH Power transmission and industrial automation company ABB ( ABBN.S ) has replaced its senior management in South Korea after an executive disappeared from the business with $100 million (79.43 million pounds). The Swiss company has fired the managing director and chief financial officer in charge of South Korea in the wake of the scandal, which exposed a failure to maintain effective financial controls. The suspected fraud reduced ABB''s 2016 net income by $64 million after taxes and insurance recoveries. ABB''s headquarters in Zurich is reviewing weakness in internal controls which enabled the scandal, with Chief Executive Ulrich Spiesshofer determined to prevent the problems arising elsewhere, the company said on Monday. "We are reviewing the roles and responsibilities of our staff to ensure a proper segregation of duties and make sure something like this does not happen again," ABB spokesman Saswato Das said. "ABB continues to take corrective and disciplinary action where necessary," he added. As part of the shakeup SweeSeng Lee has been appointed managing director of ABB in South Korea, with immediate effect, succeeding MK Choi, who has left the company. Rajiv Malhotra has been appointed country CFO. The management overhaul comes after ABB last month said a South Korean treasurer had engaged in a "sophisticated criminal scheme" to embezzle millions before disappearing. The treasurer, identified as Oh Myeong-se, is still being sought by authorities. Auditor Ernst & Young concluded ABB had not maintained effective internal control over financial reporting, according to ABB''s annual report published this month. ABB acknowledged the shortcomings, citing inadequate management oversight of the Korean unit''s treasury activities. (Reporting by John Revill; Editing by Michael Shields) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-abb-korea-idUKKBN16Y1MR'|'2017-03-27T22:03:00.000+03:00'
'aeaa8a4653001db85a11c85cdcd53553db486168'|'London''s reputation slips on Brexit but European rivals lag - survey'|'Business News - Mon Mar 27, 2017 - 2:20pm BST London''s reputation slips on Brexit but European rivals lag - survey FILE PHOTO: The Canary Wharf financial district is seen at dusk in London, Britain November 7, 2014. REUTERS/Toby Melville/File Photo By John O''Donnell - FRANKFURT FRANKFURT London has seen its standing as a financial centre slip as Britain prepares to trigger its departure from the European Union, according to a survey released on Monday, although rival European cities still lag far behind. The Z/Yen global financial centres index (GFCI), which ranks 88 financial centres, still puts London in first place, followed by New York and three cities in economically powerful Asia - Singapore, Hong Kong and Tokyo. It also shows that banks and others are increasingly worried by Brexit and a drift towards protectionism in the United States and Europe. "Brexit is a major source of uncertainty for all centres - not just London," said the report''s authors, citing what they said was a common complaint among those surveyed. "London slipping is not to the benefit of continental Europe," said Michael Mainelli of Z/Yen Group. "That is largely due to perceptions of Europe. The notion that we are a tired old continent is raised quite a bit," he said, referring to the survey. London''s rating, based on answers from industry players on reputation, infrastructure or business environment, nonetheless fell sharply since last September. This may worsened further since then. The survey was conducted before Prime Minister Theresa May said in January that Britain would not remain in the single market, setting course for a clean break with the world''s largest trading bloc. Politicians in Germany and France would like to seize on Brexit to build up their own centres of Frankfurt and Paris. Frankfurt, where promoters have even sent a nightclub owner with a London delegation to vouch for the city''s often lacklustre night life, and Paris, where many banks have balked at strict labour laws, are still struggling. The global ranking of Paris, in 29th place, only held steady compared with September, while Frankfurt, Luxembourg and Dublin, in 23rd, 18th and 33rd place, received a lower position than in the earlier survey. (Reporting By John O''Donnell; editing by Richard Lough) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-london-idUKKBN16Y1IC'|'2017-03-27T21:20:00.000+03:00'
'2e9fcce288b40f45675ed5f2555a172115ec45e6'|'Syncrude brings forward maintenance at oil sands plant after fire'|'Commodities  32am EDT Syncrude brings forward maintenance at oil sands plant after fire Heavy earth moving machinery move raw tars sands at the Syncrude tar sands mining operations near Fort McMurray, Alberta, September 17, 2014. REUTERS/Todd Korol CALGARY, Alberta Syncrude Canada has brought forward an eight-week turnaround at its oil sands plant in northern Alberta after a fire two weeks ago damaged the facility and forced a cut in crude production, majority-owner Suncor Energy said on Monday. Shipments of synthetic crude are expected to restart at up to 50 percent of the 350,000 barrel-per-day plant''s capacity in mid-April and gradually ramp up to full rates once the maintenance is finished, the company said in a statement. Many industry players in Calgary were anticipating the turnaround would be brought forward as a result of the fire and there was no immediate impact on prices in the synthetic crude market, where prices soared earlier in the month when news of the outage first reached traders. Light synthetic crude from the oil sands for April delivery settled at $4.50 per barrel over the West Texas Intermediate benchmark on Friday, according to Shorcan Energy brokers, and there were no early morning trades on Monday. The fire at the Mildred Lake upgrader, which processes mined bitumen into refinery-ready synthetic crude, broke out on March 14 after a line failure caused a leak near one of the naphtha hydrotreating units. One worker was hospitalized and the fire burned under control for two days before being extinguished. Imperial Oil, which provides operational support to Syncrude and is a 25-percent owner in the joint venture, said in a separate statement there are currently no shipments of synthetic crude from the plant. "Efforts remain focused on safely assessing the extent of the damage and developing a recovery plan for a return to normal operations," Imperial said. Suncor said damage was largely isolated to a piperack adjacent to the hydrotreater, containing piping, cables, and electrical circuits. The company, which runs its own oil sands mining and upgrading plant around 20 kilometers (12 miles) away, said it will start handling some volumes of untreated Syncrude production to help manage inventories. Suncor also said it does not expect the Syncrude outage will affect its overall 2017 production guidance. (Reporting by Nia Williams; Editing by Marguerita Choy) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-canada-syncrude-turnaround-idUSKBN16Y1XE'|'2017-03-27T23:23:00.000+03:00'
'67afb64d9e805c35d7ac978c34e84c75ca3a0b72'|'Snap shares rise as underwriters start coverage with ''buy'''|'Business News - Mon Mar 27, 2017 - 2:05pm BST Snap shares rise as underwriters start coverage with ''buy'' A billboard displays the logo of Snapchat above Times Square in New York March 12, 2015. REUTERS/Lucas Jackson By Rishika Sadam Snap Inc ( SNAP.N ), owner of messaging app Snapchat, received top ratings from a number of its IPO underwriters on Monday, sending its shares up more than 3 percent in premarket trading. Snap had a red-hot debut on March 1 in what was the largest listing by a technology firm in three years. However, many investors have been critical of the company''s lack of profitability and decelerating user growth. At least six brokerages, including Morgan Stanley and Goldman Sachs, rated the stock "buy" or higher, citing the company''s long-term growth in a highly competitive market. As of Friday''s close, the stock had risen nearly 34 percent from its $17 initial public offering price. The stock was trading at $23.52 before the bell on Monday. The Los Angeles-based company''s app, which allows users to share short-lived messages and pictures, is popular with young people but faces intense competition from larger rivals such as Facebook Inc''s ( FB.O ) Instagram. Snap has warned it may never become profitable. "SNAP''s engaged/hard-to-reach millennial users and unique video offerings should attract significant ad dollars," said Morgan Stanley analysts, who started the stock with an "overweight" rating. The analysts also said that Snap''s ad monetization was still in its infancy. Among other underwriters, Jefferies, RBC, Cowen & Co and Credit Suisse rated the stock a "buy". RBC was the most bullish with a $31 price target. "The big question is whether SNAP''s user base can "age up"," analysts at Cowen & Co said in a note. However, JP Morgan, also an underwriter, started with a "neutral" rating. "(The) neutral rating is driven by an increasingly competitive social media landscape which includes Facebook and others implementing successful Snap features across a broader user base, potentially weighing on user growth, and lack of profit until 2019E," JP Morgan analysts said. Including the latest actions, Snap now has eight "buy" or higher ratings, six "sell" and seven "neutral" ratings, according to Thomson Reuters data. (Reporting by Rishika Sadam in Bengaluru; Editing by Saumyadeb Chakrabarty) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-snap-stocks-idUKKBN16Y1GV'|'2017-03-27T21:04:00.000+03:00'
'438ac6500f2387c55c3ae6bae908786687fced22'|'Dominion Diamond to explore strategic options, including sale'|'Deals  29am EDT Dominion Diamond to explore strategic options, including sale Canadian diamond miner Dominion Diamond Corp ( DDC.TO ) ( DDC.N ), target of a $1.1 billion unsolicited bid by privately held The Washington Cos, said on Monday it would explore strategic alternatives, including a potential sale. Last week, M&G Investments, Dominion''s largest shareholder, had advised the company to run a formal sales process and open its books to interested parties. TD Securities Inc is the company''s financial adviser. (Reporting by John Benny in Bengaluru; Editing by Anil D''Silva) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-dominion-diamond-m-a-strategic-option-idUSKBN16Y138'|'2017-03-27T18:22:00.000+03:00'
'47bbc4d5d682da948268ed8e948b02e612de5441'|'ZTE removed from U.S. trade blacklist'|'Technology   3:15pm EDT ZTE removed from U.S. trade blacklist The company name of ZTE is seen outside the ZTE R&D building in Shenzhen, China April 27, 2016. REUTERS/Bobby Yip WASHINGTON The U.S. Commerce Department will remove Chinese telecom equipment maker ZTE Corp ( 000063.SZ ) from a trade blacklist after the company admitted to violating sanctions on Iran,   a notice made public on Tuesday, At the same time, the Commerce Department said it would impose severe restrictions on former ZTE chief executive, Shi Lirong, who the agency accused of approving efforts to skirt sanctions rules and ship equipment to Iran. (Reporting by Joel Schectman; Editing by Bernard Orr) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-china-zte-idUSKBN16Z2O4'|'2017-03-29T03:15:00.000+03:00'
'dd6ece1df8e053340ebddecbf78b53dee56a29d9'|'Superannuation changes are always political but this one may be popular, too - Greg Jericho - Business'|'T he Productivity Commission is proposing a major shakeup to Australia’s $2tn superannuation industry that would introduce competition for employees’ default superannuation funds – including those covered by enterprise bargaining agreements.The commission’s draft report into the competitiveness and efficiency of Australia’s superannuation system proposes four models which seek to increase competition, end workers having multiple accounts, and also reduce fees. Such a move will be highly political given it could reduce the power of the union-backed industry funds despite the commission’s own research finding that such funds generally perform better than retail funds.Superannuation shakeup proposes one default fund for life Read more The review into the superannuation system came out of the Murray inquiry into Australia’s financial system and seeks to improve the competitiveness and efficiency of the system with a view to lowering fees. Crucially, however, the current stage of the review does not form a view on whether alternative models are better or worse than the current default arrangements, nor on the merits of the current default arrangements.The shift to a competitive process is a political one. The union-backed industry super funds are those that largely benefit from the current process which allows the default superannuation fund to be specified as part of an enterprise bargaining agreement.The commission notes that while, since 2005 workers have been able to have a choice of super funds, approximately 20% of workers covered by enterprise bargaining agreements do not have this choice. The commission also noted that around two-thirds of workers stick with the default super fund, and only around 5% switch afterwards. The commission argues that “if the system is going to rely on defaults, it needs to guide members to products that at a minimum seek to maximise long-term net returns”.For the commission, the path to this maximum return is through competition, and it proposes two stages.The first involves shifting from the current situation where there is a default superannuation fund for each worker when they change jobs to a “first-timer” model, where people have a default provider only when they first enter the workforce. Such workers would then “retain that account (including through a change in employer) unless they actively switch”.The commission estimates there are about 400,000 new workers entering the superannuation system each year worth about $800m in annual contributions – the current total default super market is worth $480bn.Such a shift would be a significant change given many people’s first-time entry into the workforce is in casual or part-time employment in an industry which they do not end up staying in for most of their working life.Karen Chester, the deputy chair of the Productivity Commission , argues the process involves people’s superannuation in the “accumulation stage” at which point they only need a “pretty vanilla product”. She says what such workers need is not “bells and whistles” – which bring with them higher fees – but “low-cost, top performers” with a “balanced investment strategy”.Chester argues people do generally get more engaged with their super funds as they get older, but the commission’s focus was on what’s needed for the default member who is likely to remain disengaged.The major benefit of this move would be to reduce the number of workers who hold multiple super accounts due to having had multiple jobs – a key issue given the era of the job-for-life is long gone. Chester notes the average young worker today will have 17 different jobs during their working life, with workers under the age of 25 turning over jobs every one-and-a-half years – a situation greatly different to that which was in place when the superannuation system began 25 years ago.The report cites the Murray inquiry, which estimates that moving from an average of two-and-a-half accounts to a single account over a person’s working life could increase superannuation balances by about $25,000.The commission also estimates that moving to a first-timer default model would reduce total administrative fees and insurance premiums by the order of $150m for every 500,000 to 600,000 of default accounts permanently removed from the system.Industry superannuation funds go on attack with ''banks aren''t super'' ad Read more The second stage of the proposed change is to implement one of four different “allocation models” for default superannuation funds.The first is an employee choice model which would see employees choose from a list of four to 10 of the best-performing super funds (chosen by an independent government body). The shortlist would be accompanied by simple information on key features of each product in a consistent and comparable format.Employees would still be able to chose from funds not on the list, but the commission argues this process would reward the best-performing funds, force other funds to improve their performance, lower their fees to get on the list (which would be reviewed every four years), and would also encourage poor-performing funds to leave the market.The commission argues this “would make it easier and simpler for employees to choose a good product that meets their needs – especially for those who have limited financial knowledge”.The second method is a similar process but one where the employer chooses funds for their employees from two lists – a mandatory light filter that ensures funds meet “mandatory minimum standards” that would be higher than the current standards for MySuper products; and a “heavier filter” which applies stricter criteria and employs higher performance benchmark hurdles.The third model is for multi-criteria tender process, similar to that proposed by the Grattan Institute . Under this system the government would require funds to compete for default fund status by making proposals against multiple assessment criteria including past performance on net returns, member satisfaction, investment strategy, fee levels and transparency and innovation in unspecified areas. Such a method is similar to that used by New Zealand to select its default superannuation providers.The final model is perhaps the most contentious as it would involve a fee-based auction process. Such a process is used in Chile, and the commission is somewhat ambivalent about the experience there. It notes that “Chile’s experience with a fee-based auction suggests that these incentives might be limited in their effect”, but it argues that because of the relatively large number of superannuation funds in Australia compared with the quite highly consolidated Chilean market, the benefits should be greater here.The commission will hold public hearings in May and finalise its report in August this year.The models will be highly political given the use of industry superannuation funds within enterprise bargaining agreements – and the desire of retail super funds to get access to that segment of the market.The report argues it is not just an issue of industry versus retail funds. It noted there was “near-universal agreement” among all funds – both industry and retail against both the tender and auction models. Rather archly, the report suggested that “given the massive flows of mandated contributions at stake”, funds of all types were protecting their own interests.Industry super funds have also repeatedly noted that, under the current system, those workers in such funds have done much better than those in retail funds:Data from the Australian Prudential Regulation Authority (Apra) shows that over the past 13 years, only once have retail funds delivered a higher average annual rate of return than industry super funds:The commission itself notes that the top quarter of MySuper products “is dominated by industry funds”. But it also found that the worst-performing quarter of funds “is populated by a roughly even number of industry, retail and corporate funds”. As one of the key aims of the model is to remove the lower-performing funds, however, the commission doesn’t take into account whether industry is better performing than retail (or vice versa). It is mostly concerned that under the current system, workers have little knowledge of which are the better-performing funds, and that they are just as likely to be in a poor-performing fund as a well-performing one.70% of people think all super funds should be not-for-profit, poll finds Read more Thus even though Apra also finds that in 2015-16 the bottom 25% of industry funds performed better than the bottom 25% of retail funds, the key for the commission is for workers to choose from the best performers:Moreover, retail funds account for a much larger slice of fees paid compared with the amount of funds they hold. The commission’s proposal would see default funds being low-fee, no-frills options:Using superannuation to pay for housing: a bad idea that refuses to die - John Daley for the Conversation Read more Excluding self-managed funds, retail funds account for 38% of funds held in the superannuation market, but for 57% of all fees paid by superannuation members.The commission’s report will inevitably be seen as a retail versus industry fight, and a political one at that. But given the on-average better performance of industry funds, it would seem to be a fight that industry funds should be up for. And given one of the biggest gripes about superannuation is the complexity – and workers having multiple accounts that are easily forgotten – the moves proposed by the commission could be quite popular. Topics Superannuation Grogonomics Business (Australia) Australian economy Productivity Commission Australian politics Australian trade unions comment  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/grogonomics/2017/mar/29/superannuation-default-fund-changes-political-industry-v-retail'|'2017-03-29T04:55:00.000+03:00'
'90605182b641731a314fb47b4d2bd1e5a656891e'|'France digs in as Peugeot shareholder with stake shift'|'Business News - Mon Mar 27, 2017 - 6:35pm BST France digs in as Peugeot shareholder with stake shift Carlos Tavares, Chairman of the Managing Board of French carmaker PSA Group addresses the media during the 87th International Motor Show at Palexpo in Geneva, Switzerland March 7, 2017. REUTERS/Arnd Wiegmann - RTX3160Y PARIS France''s state holdings agency sold its stake in carmaker PSA Group ( PEUP.PA ) to the Bpifrance sovereign wealth fund, the government said on Monday, in a move signalling the government''s intention to remain a shareholder for years to come. The Agence des Participations de l''Etat (APE) agreed to sell its 12.7 percent PSA stake for 1.92 billion euros (1.67 billion pounds), more than twice the 800 million euros it had paid during a 2014 bailout for the maker of Peugeot and Citroen cars. In a joint statement, the two state bodies said France would retain its two voting board seats and reclaim its statutory double voting rights two years after the change of ownership. "Through Bpifrance, the public sector will remain a major shareholder," they said. The transaction will take effect after PSA''s annual shareholder meeting on May 10, which is expected to approve the French carmaker''s acquisition of Opel from General Motors ( GM.N ), announced earlier this month. The value of the APE''s portfolio, heavily exposed to sagging energy stocks, has fallen by more than half in the last decade, challenging new investment plans including the imminent recapitalisation of power giant EDF ( EDF.PA ) and near-bankrupt nuclear firm Areva ( AREVA.PA ). The rare gains from the PSA sale will "strengthen the special purpose account ... and thereby finance state shareholder investments", the statement said. The state''s role as a major shareholder in both PSA and competitor Renault ( RENA.PA ) has been a source of friction between the government and Renault Chief Executive Carlos Ghosn. In a scathing Jan 25 submission to France''s Court of Auditors, Renault said the government had exhibited "conflicts of interest" and increased its stake from an "insider position" with privileged access to information. After APE chief Martin Vial protested publicly, Ghosn pledged on Feb. 10 to reexamine Renault''s submission, but the carmaker has yet to announce a retraction or any other conclusion of that process. (Reporting by Laurence Frost; Editing by Bate Felix) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-france-peugeot-idUKKBN16Y23M'|'2017-03-28T01:35:00.000+03:00'
'dfe3cb36290da5e75f7bd0577d5d0eb50ecb58b1'|'Carlyle Group takes minority stake in Indian logistics firm Delhivery'|'Deals  37am EDT Carlyle Group takes minority stake in Indian logistics firm Delhivery Passersby walk in front of video monitors announcing the Carlyle Group''s listing on the NASDAQ market site in New York''s Times Square after the opening bell for trading, U.S. May 3, 2012. REUTERS/Keith Bedford/File Photo NEW DELHI The Carlyle Group ( CG.O ) has acquired a minority stake in Indian logistics firm Delhivery, while existing investor hedge fund Tiger Global also raised its stake, for a combined investment of more than $100 million, the buyout fund said on Friday. The investment comes amid expectations India''s logistics sector is set to expand strongly as the country unveils a new unified national sales tax and through growing online retail sales. Delhivery was founded in 2011 as a food delivery company but has since shifted to providing logistics services in more than 600 Indian cities through 12 fulfillment centers. "We see significant potential for technology-enabled logistics in the country with the growth of e-commerce," Neeraj Bharadwaj, managing director of the Carlyle Asia buyout team, said in the statement. Carlyle has invested more than $1.4 billion of equity in more than 30 transactions in India across all its funds as of Dec. 31. (Reporting by Aditi Shah; Editing by Sunil Nair) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-carlyle-group-india-idUSKBN16V0N6'|'2017-03-24T14:34:00.000+03:00'
'2fbea0e3200ed2429be66531cba2b9296f007fa3'|'Greece gets three bids for Thessaloniki Port'|'ATHENS, March 25 Greece has received three binding bids for a majority stake in its second-largest port in Thessaloniki, the country''s privatisations agency said on Saturday.Phillipines-based International Container Terminal Services (ICTS), Dubai-based P&O Steam Navigation Company (DP World) and German private equity firm Deutsche Invest Equity Partners submitted offers, it said.The sale of a 67 percent stake in Thessaloniki Port , which was launched in 2014 and is a key part of the country''s international bailouts, has been beset by delays and political resistance. (Reporting by Karolina Tagaris; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/greece-privatisations-ports-idINL5N1H205D'|'2017-03-25T06:50:00.000+03:00'
'eed9cdc2826146d9ba177751b868180c00945839'|'Venezuela plant to begin assembly of Hyundai cars in 2018'|' 49am EDT Venezuela plant to begin assembly of Hyundai cars in 2018 By Deisy Buitrago - CARACAS, March 24 CARACAS, March 24 A Venezuelan auto assembly plant, MMC, hopes to restart output of Hyundai Motor Co vehicles by 2018 after a five-year halt due to a lack of dollars from the government to import parts, a company executive said in an interview. Vehicle assembly has nearly ground to a halt in the crisis-stricken OPEC nation for lack of parts of assembly. The socialist-run country''s currency controls require businesses to obtain dollars through the government, but low oil prices have left it without enough hard currency to disburse. MMC, which assembles and sells Hyundai and Mitsubishi Motors Corp vehicles in Venezuela, plans to sell imported autos in the coming months as it brings the factory back online. "The automotive industry is cyclical; it seems like we''ve hit the bottom and we want to be ready for better times," MMC Vice President Jose Gomez said in an interview on Thursday. "We''re not going to wait for the good times to arrive to start getting ready." Venezuela''s economic crisis, characterized by triple-digit inflation and chronic product shortages, has decimated the spending power of a population that for years had the means to buy new cars. Auto assembly in 2016 sank to a historic low of 2,849 cars, nearly 75 percent less than the year before, according to Venezuela''s automotive industry group. Assembly plants have also struggled with labor disputes, which have forced a number of plants to halt operations over the last six months. Hyundai''s director for Central and South America, Chenny Park, said the company was hoping to become a favorite in the Venezuelan market. "We are beginning a new era for the Hyundai brand in Venezuela," said Park via an interpreter. Seoul-based Hyundai is Korea''s largest automaker and the fifth-largest world wide. (Writing by Brian Ellsworth; Editing by Matthew Lewis)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/venezuela-autos-hyundai-motor-idUSL2N1H10WW'|'2017-03-24T23:49:00.000+03:00'
'ea0e68eb69f8c2e618cd11abf4e8cff26720f0f1'|'Samsung Electronics says difficult to adopt holding company structure'|'SEOUL Samsung Electronics Co Ltd ( 005930.KS ) said on Friday it will be difficult to adopt a holding company structure at this time."We will review various aspects including legal and tax-related issues and report the findings to shareholders," Samsung Chief Executive Kwon Oh-hyun said at the company''s annual shareholder meeting."But there are negative effects that would arise from transitioning to a holding company so it does not appear it will be easy to do so at present."(Reporting by Se Young Lee; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/samsung-elec-agm-idINKBN16V028'|'2017-03-23T21:30:00.000+02:00'
'19adeb7cc21a993406786e0efe4ac9e1344ae063'|'Deals of the day-Mergers and acquisitions'|'(Adds Air Products and Chemicals and SeaWorld Entertainment)March 24 The following bids, mergers, acquisitions and disposals were reported by 1330 GMT on Friday:** China-based Zhonghong Zhuoye Group Co Ltd will buy Blackstone Group LP''s 21 percent stake in SeaWorld Entertainment Inc, the embattled U.S.-based marine park operator said.** The chief executive of U.S. paint maker PPG meets Dutch government officials to make the case for its proposed 22.7 billion euro ($24.5 billion) takeover of Dutch peer AkzoNobel.** Management of Japan''s pearl retailer Tasaki & Co will buy out the company with private equity firm MBK Partners for 31.5 billion yen ($283 million), Tasaki said.** Britain''s Co-operative Bank, up for sale after struggling to meet UK regulatory capital requirements, said it had received multiple expressions of interest.** The Carlyle Group has acquired a minority stake in Indian logistics firm Delhivery, while existing investor hedge fund Tiger Global also raised its stake, for a combined investment of more than $100 million, the buyout fund said.** Air Products and Chemicals Inc said it would drop a proposed $1.5 billion bid for China''s largest producer of industrial gases, leaving the door open for a competing offer from Hong Kong-based private equity firm PAG.** The Carlyle Group has bought Royal Dutch Shell''s onshore assets in Gabon for $587 million as the world''s largest private equity fund expands in the global oil and gas sector.** Italian toll road operator Atlantia said media reports over the sale of a minority stake in its motorway unit were inaccurate. (Compiled by Divya Grover and Rishika Sadam in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL3N1H13IQ'|'2017-03-24T11:38:00.000+03:00'
'331422f20a4e4ed35c61692c694793f90337bbd9'|'Spanish car parts maker Gestamp sets price range in 3.5 billion euro IPO'|'MADRID Spanish car parts maker Gestamp will price its IPO at 5.6 to 6.7 euros per share, it said on Thursday, valuing the company at around 3.5 billion euros ($3.8 billion) in one of Europe''s biggest stock market listings so far this year.Gestamp, which makes car doors, pedal systems and other components in factories from Russia to Mexico, said in a prospectus to the market regulator that it aimed to list on the Spanish stock exchange on April 7.It will be Spain''s third initial public offering announced this year as European companies take advantage of buoyant stock markets. Cash-in-transit security firm Prosegur Cash ( CASHP.MC ) listed on Friday and home builder Neinor is due to list on Wednesday.Gestamp, owned by the Riberas family, said it aimed to distribute a dividend worth around 30 percent of net income every year, starting with a payout linked to 2017 next year.Gestamp reported core earnings of 841 million euros in 2016, a 10.6 percent increase on the previous year. The family will retain control of the company following the operation, owning over 50 percent of shares and voting rights.The family will raise gross proceeds of around 1.1 billion euros if the over-allotment option is exercised, the prospectus said. The deal will improve transparency and broaden the shareholder base, the company said. The funds raised will not be re-invested in Gestamp.Book building will start on March 23 and end on April 5.JP Morgan, Morgan Stanley and UBS are the joint global coordinators and joint bookrunners on the deal. Santander, Deutsche, Societe Generale are also bookrunners. The financial advisor is Lazard.(Editing by Ruth Pitchford)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-gestamp-ipo-idUSKBN16U2L1'|'2017-03-23T21:20:00.000+02:00'
'b7ef0335f9b2ff9d07c921e1de3343b4668a58e2'|'Schaeuble criticises foreign minister for saying Germany should pay more to EU'|'Money   1:29pm IST Schaeuble criticises foreign minister for saying Germany should pay more to EU German Finance Minister Wolfgang Schaeuble addresses a news conference at the G20 Finance Ministers and Central Bank Governors Meeting in Baden-Baden, Germany, March 18, 2017. REUTERS/Kai Pfaffenbach BERLIN German Finance Minister Wolfgang Schaeuble on Friday criticised Foreign Minister Sigmar Gabriel for saying Germany should provide more money for Greece and the European Union overall. Debt-laden Greece has struggled to implement reforms in return for financial support, much of which has come from the EU. Germany, a major contributor to the EU''s aid for Athens, holds elections in September. Gabriel, vice chancellor and a senior member of the Social Democrats (SPD) - junior partner in Chancellor Angela Merkel''s ruling coalition - said on Twitter: "In the next debate on Europe''s finances we could do something ''outrageous'' - namely signal willingness to pay more." And during a visit to Greece he held out the prospect of more aid for the troubled country. Schaeuble, a veteran member of Merkel''s Christian Democrats (CDU), told Deutschlandfunk radio that Gabriel''s suggestion to give the EU and Greece more cash "goes in the wrong direction completely" and sent the wrong message. "I was annoyed that while in Greece Mr Gabriel gave the Greeks a message that doesn''t help the Greeks but rather makes it more difficult for them to make the right decisions," Schaeuble said. He said that saying Germany must give more money to the EU would not solve the problem and would give countries the wrong incentive. He added that the problem in Europe, like in Greece, was not money but rather using it correctly. On whether Greece can stay in the euro zone, Schaeuble said: "Greece can only do that if it has a competitive economy." He said the country needed to carry out structural reforms and Greece would need time for that, which it would be granted. "But if the time is not used to carry out reforms because that''s uncomfortable, then that''s the wrong path," Schaeuble said. Disagreements among Greece, the EU and the IMF, which has yet to decide whether it will participate in the country''s current bailout, have delayed a crucial review of the aid programme. (Reporting by Michelle Martin and Gernot Heller; Editing by Hugh Lawson) Next In Money News Carlyle Group takes minority stake in logistics firm Delhivery NEW DELHI The Carlyle Group has acquired a minority stake in Indian logistics firm Delhivery, while existing investor hedge fund Tiger Global also raised its stake, for a combined investment of more than $100 million, the buyout fund said on Friday.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/eurozone-greece-germany-idINKBN16V0TN'|'2017-03-24T15:59:00.000+03:00'
'2b7bcb1b5e6c4fc920aa73eaa5b64b2b9862fc77'|'Saudi Aramco chooses hybrid sukuk structure for first debt issue'|'DUBAI Saudi Aramco has chosen a commonly used hybrid structure for a domestic offer of riyal-denominated Islamic bonds that will be the state-owned oil giant''s first debt sale, the prospectus for the offer showed.The debt issue is part of the state-owned oil giant''s plans to develop new sources of finance in an era of low oil prices. They include what could be the biggest ever stock market listing in history next year.At least 51 percent of the funds raised in the debt issue would be used in a mudaraba agreement, a form of Islamic investment management partnership, according to the prospectus. The money would be invested in Aramco''s business and used for general corporate purposes.No more than 49 percent would be used in a murabaha facility that would trade commodities with a special purpose vehicle. This could help to finance payments on the sukuk.Aramco began meeting with potential sukuk investors on Wednesday and the sale may take place as early as next week, banking sources said on Wednesday.It is part of a 37.5 billion riyal sukuk issuance program established by Aramco.Previously, the Saudi government and its companies easily financed themselves with oil income, but they are now being forced to issue debt.The prospectus gave no indication of the planned pricing or size of the sukuk sale. Bankers told Reuters in February that they expected a deal of roughly 3 to 6 billion riyals ($805 million to $1.6 billion).The prospectus said foreigners may own the sukuk, including those who are not resident in Saudi Arabia.The sukuk will be tradable through the stock exchange, the prospectus showed, although it warned that trading may not begin immediately after issue because a registry agreement with the exchange may not have been signed by then.Foreign ownership of riyal-denominated Saudi debt securities has so far been minimal, but the Capital Market Authority said in mid-2016 that it was amending its rules to let foreign institutional investors buy exchange-listed debt instruments.The prospectus gave previously announced figures for the size of Aramco''s oil and gas reserves and its production, but it contained no financial details of Aramco''s profits or the condition of its balance sheet, which have long been secret.Some of that information is likely to be revealed before Aramco conducts its planned global public offer of up to 5 percent of its shares next year, because foreign stock exchanges are expected to require more extensive disclosure.In the meantime, bankers said they did not expect the lack of information - or the fact that Aramco has not obtained a credit rating - to deter buyers of the sukuk, given the firm''s central role in the economy and ties to the government.Arrangers and joint lead coordinators of the Aramco sukuk are Alinma Investment, HSBC Saudi Arabia, NCB Capital and Riyad Capital. They are joined by GIB Capital, Samba Capital and Saudi Fransi Capital for dealer roles.(Writing by Andrew Torchia; Editing by Susan Fenton)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-saudi-aramco-sukuk-idUSKBN16U1T7'|'2017-03-23T16:50:00.000+02:00'
'b166e64b16dafbad559f54b7e57d21ff7697f95a'|'RPT-How Thrivent hopes to grow beyond its base of religious investors'|'(Repeats story published earlier on March 24, no changes)By David RandallNEW YORK, March 24 Little-known Thrivent Financial, a Minneapolis-based asset manager that offers financial services to Lutherans, is hoping its recent streak of outperformance will make it stand apart at a time when steep investor outflows are prompting a wave of mergers throughout the mutual fund industry.The firm, which collectively manages $15 billion across its 23 funds, received its second consecutive Lipper Award for best overall company in the small company division, and its third consecutive win in the Mixed Assets, Small Company division, at an award ceremony Thursday night in New York.While other firms struggle to retain assets as more investors opt for low-priced index funds and exchange-traded funds, Thrivent has received net inflows of $57 million since the beginning of 2017, making it one of the few bright spots in the active management industry.Its challenge now is how to grow outside its base of current customers, mainly Christians in the U.S. Upper Midwest who have average account balances of $38,000 invested with the firm.Unlike other religiously affiliated mutual fund firms, Thrivent''s funds do not feature any screens that prevent it from investing in companies in industries like alcohol or firearms, making its funds more directly comparable with secular firms that offer funds at much lower costs."We are never going to be competitive with BlackRock or Vanguard on price", said David Royal, president of Thrivent Mutual Funds. "Rich people can afford to be in a hedge fund, but regular people shouldn''t be forced into index product they may not understand," he said.Overall, Thrivent gives its managers wide leeway to invest as they see fit. "There’s not a Thrivent way of managing money that we pass out," said David Francis, vice president of investment equities.The Thrivent Mid Cap Stock fund, its best-performing fund, is up 30.8 percent over the last year, and up an average of 11.4 percent over the last three years, putting it among the best U.S. focused mid-cap funds. Its largest holdings include regional bank Zions Bancorp, Southwest Airlines Co, and Applied Materials Inc.The Thrivent Large Cap Value fund, meanwhile, is up 20.1 percent over the last year, in part because of large positions in Cisco Systems Inc, Microsoft Corp and Citigroup Inc.Last March, the firm began airing its first ever television commercials, attacking the notion of index-based investing by depicting robots in suits mismanaging money. The long bull market in U.S. stocks, which began in 2009, has falsely convinced investors that active management is unnecessary, Royal said, adding that "at some point it will flip, and I worry what happens to the average investor then."Investors in some of Thrivent''s funds pay above average annual fees. Investors in its Thrivent Large Cap fund, for instance, will pay $1.20 per $100 invested, compared with the $0.14 per $100 invested in the Vanguard 500 Index fund. The Thrivent fund has lagged the S&P 500 over the last 1 and 3 years.ATTRACTIVE TARGETThe firm''s religious affiliation is an asset as it grows because its customers may be less likely to pull dollars from a fund that is underperforming, said Todd Rosenbluth, director of ETF and mutual fund research at CFRA. That sort of sticky customer base may make it an acquisition target, he said."Asset managers that can retain assets are particularly appealing in this environment when traditional products are facing fee compression," Rosenbluth said.Eaton Vance Corp, for instance, acquired $12.3 billion Calvert Investment Management in 2016, in large part because of the firm''s long history of socially responsible investing. The terms were not disclosed.Royal said that Thrivent has no plans to sell itself."We would not be a seller, we would be a buyer," he said. "Certainly there''s not any interest around here in selling our funds business. We are here to grow it." (Reporting by David Randall; Editing by Jennifer Ablan and David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/lipperawards-thrivent-idINL2N1H029N'|'2017-03-24T11:00:00.000+03:00'
'15a35592d608aac69f7372995f17f4dabe08a051'|'Escondida outcome seen as disaster for BHP as workers return'|'Commodities  10pm EDT Escondida outcome seen as disaster for BHP as workers return Miners carry bags at the workers'' camp outside BHP Billiton''s Escondida, the world''s biggest copper mine, at the company''s gates after a strike, in Antofagasta, Chile March 24, 2017. REUTERS/Magaly Visedo By Gram Slattery and Fabian Cambero - SANTIAGO SANTIAGO The end of a historic strike at Chile''s Escondida copper mine, the world''s biggest, has left its owner, BHP Billiton, nursing an estimated $1 billion loss and probably in a weaker position for negotiations in a year or so, company and industry insiders said. On Thursday, the 2,500-member union at the mine decided to end the strike after 43 days by invoking a legal provision that allows it to extend the old contract by 18 months. Workers will begin the gradual job of getting Escondida up and running again from Saturday, in a tense atmosphere and with little resolved for either the union or BHP. The resolution will be a relief for the Chilean economy, which analysts say may contract this quarter for the first time since 2009 due to the strike. Escondida produced some 5 percent of the world''s copper last year and the resumption of output will also ease supply concerns. Workers told Reuters on Friday they were satisfied with the result. Although they lose out on any signing bonus or pay rise, the extension means they get to maintain current working conditions and benefits, which Escondida wanted to change. Their position in 2018 will also be stronger, thanks to new labor laws in Chile coming into practice next month. But Escondida is deeply disappointed, company insiders said. Negotiators underestimated the determination of the union to keep their benefits, and did not expect workers to trigger the legal provision and wind up losing out on their bonus, they said. The company has not given an estimate for the cost of the stoppage, but extrapolating from its usual production rhythm gives a loss of close to $1 billion. "We regret that the collective negotiation process ended in this way," Escondida President Marcelo Castillo said in a statement on Friday. "This new scenario obliges us to revise our plans, our operating model, and our structures to face this reality, which evidently was not what we wanted," said Castillo. The union rejected similar comments from Castillo on Thursday, calling them a veiled threat of layoffs, and saying that "if the company wants to lose another $1 billion, we are ready to fight." REFORM GIVES WORKERS NEW TOOLS When the two sides sit down next year, there will be one key difference. Legislation passed last year by the center-left government of President Michelle Bachelet and taking effect next month will likely give the union a number of useful legal tools they previously lacked. "This round of Escondida negotiations was very atypical because it was the last before the labor reform," said Juan Carlos Guajardo, president of Chilean mining consultancy Plusmining. The existing contract''s expiry at the end of January meant that Escondida workers just missed out on being covered by the incoming law, he said. From April, two of the union''s three core demands will be at least partially covered by the new rules, lawyers said. Reducing previous benefits would be largely illegal. And the company would be forced to use the previous contract''s minimum benefits as its negotiating floor. The labor reform will also prohibit the replacement of striking workers. Contract negotiations would need to be initiated in as soon as a year, a short time after the mine is back up and running. Castillo said on Thursday the mine would take up to eight months to resume full operations. Relations have become bitter after six weeks of recriminations and suspicion. "The relationship between the company and the union is probably going to stay as it is now and the negotiations ended poorly," said labor lawyer Luis Lizama. "So I doubt we''ll see good relations between the two sides going forward." (Reporting by Gram Slattery and Fabian Cambero, Writing by Rosalba O''Brien, Editing by Christian Plumb and Richard Chang) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-chile-copper-labor-idUSKBN16V2SL'|'2017-03-25T05:07:00.000+03:00'
'01d78f808f60a947f0fdbd836b94a17eb30b2104'|'India''s market regulator accuses Reliance of wrongful share trading'|'By Rafael Nam and Devidutta Tripathy - MUMBAI MUMBAI India''s market regulator accused Reliance Industries on Friday of having committed a "fraud" in taking a short trading position at the time of selling a stake in a subsidiary in 2007, ordering it to surrender 4.5 billion rupees ($69 million) plus interest in "unlawful gains".Reliance, the $64 billion conglomerate controlled by India''s richest man, Mukesh Ambani, rejected the ruling by the Securities and Exchange Board of India and said it would appeal to the Securities Appellate Tribunal.In its ruling SEBI alleged that before Reliance Industries sold a 5 percent stake in Reliance Petroleum in November 2007, when it was a separately listed company, it took derivative short positions through third parties in Reliance Petroleum shares, to profit from an ensuing fall in the price following the sale.SEBI, in a 54-page ruling, said Reliance had as a result made a profit of 5.1 billion rupees and ordered it to forfeit 4.5 billion rupees plus interest within 45 days.With the interest rate set by SEBI at 12 percent annually since Nov. 29, 2007, the total amount due to be paid could amount to more than 12 billion rupees, according to Reuters calculations.Besides imposing the fine, SEBI said it would bar Reliance and the third parties involved from trading in derivatives for one year.In imposing the penalty, SEBI said it rejected Reliance''s claim that the transactions were for hedging purposes, and said the company had instead sought to "earn undue extra profit"."I find that Noticee No. 1 (Reliance Industries) was not genuinely hedging the risk but was aiming at reaping huge speculative profits by cornering futures positions and playing a fraud on the general investors and the market," SEBI official G. Mahalingam said in its finding.Reliance said on Friday in rejecting SEBI''s finding that the trades in Reliance Petroleum shares which were examined by SEBI were "genuine and bona fide transactions"."These were carried out keeping the best interest of the company and its shareholders, in view," Reliance said."SEBI appears to have misconstrued the true nature of the transactions and imposed unjustifiable sanctions."Reliance''s sale of a stake in unit Reliance Petroleum has sparked years of investigation from SEBI and embroiled the energy conglomerate in legal cases.(Additional reporting by Sankalp Phartiyal and Abhirup Roy; Editing by Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/us-reliance-sebi-idINKBN16V2I0'|'2017-03-24T16:32:00.000+03:00'
'ef918dd06272b2b245459df29dbb91e2391f9d76'|'Oil steady but set for 2 percent weekly loss as glut weighs'|'Global Energy   4:23pm GMT Oil steady but set for 2 percent weekly loss as glut weighs An oil well pump jack is seen at an oil field supply yard near Denver, Colorado, U.S., February 2, 2015. REUTERS/Rick Wilking/File Photo By David Gaffen - NEW YORK NEW YORK Oil was little changed in thin trade on Friday, but prices remained on track for weekly losses of about 2 percent as concerns persisted over an excess of crude. U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 3 cents at $47.73 a barrel by 11:25 a.m. EDT (1725 GMT), set for a more than 2 percent loss on the week. About 225,000 WTI contracts had changed hands, lower than average. Brent crude LCOc1 was down 4 cents at $50.54, also down about 2 percent this week. Oil has been on the back foot for more than two weeks now, after a string of U.S. inventory reports suggested that output cuts by the Organization of the Petroleum Exporting Countries were not having the desired effect in reducing global oversupply. On Thursday, however, a Saudi energy ministry official told Reuters that crude exports to the United States in March would fall by around 300,000 barrels per day (bpd) from February and hold at those levels for the next few months. The official said the expected drop, in line with OPEC''s agreement, could help draw down U.S. inventories that stood at a record 533 million barrels last week - stocks that have in part remained buoyant because of reduced seasonal refining runs. The OPEC kingpin''s exports to other regions, notably Asia, remained elevated despite the OPEC-led deal that includes other producers like Russia to cut output by 1.8 million bpd during the first half of the year. Unless OPEC extends the curbs beyond June or makes bigger cuts, traders say oil prices are at risk of falling further. "OPEC''s goal of drawing down inventories to normal levels is not going to be reached before their agreement expires on June 30," said U.S. investment bank Jefferies in a note to clients. Many are now watching for whether OPEC, whose committee monitoring the cuts will meet over the weekend in Kuwait, will extend the deal. In Russia, private oil producers are ditching their skepticism and lining up behind an extension of output cuts after previous oil price increases compensated for lost income. In the United States, shale drilling has pushed up oil production C-OUT-T-EIA by more than 8 percent since mid-2016 to just above 9.1 million bpd, though producers have left a record number of wells unfinished in Permian, the largest oilfield in the country, a sign that output may not rise as swiftly as drilling activity would indicate. The latest U.S. drilling rig count, which has shown nine straight weekly rises, is due after 1 p.m. (1700 GMT). [RIG/U] (Additional reporting by Henning Gloystein; in Singapore, Libby George in London; Editing by Marguerita Choy and David Evans) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN16V03I'|'2017-03-25T00:23:00.000+03:00'
'7795bbb999fcffa7017cabddbebc8e6df3c0fe0e'|'BOJ''s Kuroda says there''s no reason to withdraw monetary stimulus now - Reuters'|'TOKYO Bank of Japan Governor Haruhiko Kuroda said on Friday there is "no reason" to withdraw the bank''s massive monetary stimulus now as inflation remains distant from its 2 percent target."While some improvements have been observed in economic and price developments, there is still a long way to go to achieve our price target," Kuroda said in a speech at a Reuters Newsmaker event.Kuroda added that the BOJ won''t increase its bond yield target just because overseas long-term interest rates are rising.(Reporting by Leika Kihara and Stanley White; Editing by Chris Gallagher)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/japan-economy-boj-kuroda-idINKBN16V0F9'|'2017-03-24T01:01:00.000+02:00'
'18187ad1c391ed4d2142ffbdcfe4a191fbe1a314'|'Bill Gross settles Pimco lawsuit for over $81 million: CNBC'|'Business News - Mon Mar 27, 2017 - 12:41pm EDT Bill Gross settles Pimco lawsuit for over $81 million: CNBC Bill Gross speaks at the Morningstar Investment Conference in Chicago, Illinois, June 19, 2014. REUTERS/Jim Young NEW YORK Pimco co-founder Bill Gross has settled his lawsuit against his former employer for just over $81 million, CNBC reported Monday, citing sources. Gross has filed for a request for dismissal of the suit, CNBC reported. Gross, who now runs the Janus Global Unconstrained Bond Fund for Janus Capital Group Inc ( JNS.N ), left Pimco in September 2014 amid negative reports about his leadership and weak returns at the Pimco Total Return Fund he managed. (Reporting by Sam Forgione; Editing by Chizu Nomiyama) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-investing-gross-pimco-idUSKBN16Y23C'|'2017-03-28T00:41:00.000+03:00'
'78bd6fb7a92bde858efdf0a38d72d2b9a3e57f51'|'Facebook''s Messenger app to allow live location-sharing'|'Technology News - Mon Mar 27, 2017 - 11:04am EDT Facebook''s Messenger app to allow live location-sharing The Facebook logo is displayed on their website in an illustration photo taken in Bordeaux, France, February 1, 2017. REUTERS/Regis Duvignau By David Ingram - MENLO PARK, Calif. MENLO PARK, Calif. Facebook Inc ( FB.O ) will add a feature to its Messenger app on Monday to allow users to share their locations, the company said, ramping up competition with tools offered by Apple Inc ( AAPL.O ) and Alphabet Inc''s ( GOOGL.O ) Google Maps. The company has found that one of the most used phrases on Messenger as people talk to friends and family is "How far away are you?" or some variation, Stan Chudnovsky, head of product for Messenger, said in an interview. "It happens to be what people are saying, what they''re interested in the most," he said. Sharing location information will be optional, he said, but it will also be live, so that once a user shares the information with a friend, the friend will be able to watch the user''s movement for up to 60 minutes. Messenger was once part of the core Facebook smartphone app, but the company broke it out as a separate app in 2014 and has since invested in frequent changes to build a service distinct from the massive social network. Google Maps said last week that it was adding a similar feature, an attempt to boost engagement on a product of increasing strategic importance to that company. The close proximity of the announcements tells Facebook "that we''re working on the right things," Chudnovsky said. The Messages app on Apple''s iPhone has such a feature, too. Facebook has been testing its change in Mexico, he said. It was ready as long ago as October, he added, but the company worked on it for five more months to minimize the impact on the battery life of phones. (Reporting by David Ingram; Editing by Cynthia Osterman) Next In Technology News Toshiba wants Westinghouse to file for bankruptcy as early as Tuesday: source TOKYO Toshiba Corp wants its U.S nuclear unit to file for Chapter 11 protection from creditors as early as Tuesday, according to a source with direct knowledge of the matter, seeking a quick ringfencing of losses before the Japanese parent''s financial year ends. NEW YORK Two activist hedge funds are pressing directors of Tangoe Inc. to sell the company, according to people familiar with the matter, citing a weakness in the IT company''s business and falling stock price. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-facebook-location-idUSKBN16Y1TV'|'2017-03-27T23:00:00.000+03:00'
'456a9182ee110e10119f1c266a020c0c760f20e4'|'UK materials testing firm Exova says gets proposals for cash offers'|'  8:09am BST UK materials testing firm Exova says gets proposals for cash offers UK-based materials testing company Exova Group ( EXO.L   received proposals for a possible cash offer, including one from Dutch firm Element Materials Technology. Exova, whose laboratories test the safety and performance of products used in industries ranging from aerospace to pharmaceuticals, said private equity fund PAI Partners, and Jacobs Holding AG, a Swiss investment firm, had also made similar proposals. "There can be no certainty that any firm offer will be made by any of the possible offerors," Exova said in a statement. The controlling shareholder, Clayton Dubilier & Rice LLC (CD&R), is poised to put up Exova for sale, the Sunday Times reported last week. (Reporting by Rahul B in Bengaluru; Editing by Amrutha Gayathri)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-exova-group-m-a-idUKKBN16Y0LW'|'2017-03-27T15:09:00.000+03:00'
'92cf1e7301f20248ad8bf788a459cb71a3fac579'|'Dubai''s Arqaam Capital launches global hedge fund in rare move'|'DUBAI, March 27 Dubai-based investment bank Arqaam Capital is launching a globally focused hedge fund, it said on Monday, becoming one of only a handful of local firms to offer such a product.Although Dubai has been growing rapidly as a banking centre, the local fund management industry has largely confined itself to traditional equity and fixed income funds which focus on the Middle East region.Areski Iberrakene, who will manage the new Cayman Islands-domiciled, British-regulated fund from London, said Arqaam was growing and wanted to diversify beyond the region.The fund has the capacity to grow gradually to around $2 billion in size, with initial clients including funds of funds, rich individuals and offices managing money for wealthy families, Iberrakene said. Pension and sovereign wealth funds may join later.Iberrakene previously founded his own firm, Areski Capital, which merged with Arqaam; former Areski employees will operate the new fund. He was global co-head of equity and credit derivatives at Dresdner Kleinwort before that investment bank was taken over in 2009. (Reporting by Andrew Torchia; Editing by Ruth Pitchford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/emirates-fund-arqaam-idINL5N1H458L'|'2017-03-27T15:09:00.000+03:00'
'2e2f4a5bd3815cc7d2471e283ff470990a0647cf'|'AstraZeneca wins approval for lung cancer pill in China'|'  7:22am BST AstraZeneca wins approval for lung cancer pill in China The logo of AstraZeneca is seen on a medication package in a pharmacy in London April 28, 2014. REUTERS/Stefan Wermuth LONDON AstraZeneca ( AZN.L   won approval for its lung cancer pill Tagrisso in China, a key market for the potential blockbuster medicine. Tagrisso is designed to help cancer patients with certain genetic mutations that are very common in China and other parts of east Asia. (Reporting by Ben Hirschler; editing by Kate Holton)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-astrazeneca-cancer-china-idUKKBN16Y0IG'|'2017-03-27T14:22:00.000+03:00'
'c7d8cb21af4bd51de83fdd92332ce14eef2c8630'|'ONS looks to big data as it explores new ways to measure UK economy'|'Office for National Statistics ONS looks to big data as it explores new ways to measure UK economy Office for National Statistics to harvest data from traffic sensors, mobile phones and satellite images at new campus in Wales The Office for National Statistics will explore the use of satellite images to estimate population. Photograph: The Guardian Office for National Statistics ONS looks to big data as it explores new ways to measure UK economy Office for National Statistics to harvest data from traffic sensors, mobile phones and satellite images at new campus in Wales View more sharing options Monday 27 March 2017 06.01 BST Last modified on Monday 27 March 2017 06.02 BST The UK’s official statistics office is looking into using traffic sensors, mobile photo data and satellite images as new ways of measuring the shape of the economy. The Office for National Statistics (ONS) is opening a new data science campus at its headquarters in Newport, south Wales, on Monday as part of a £17m investment in the way the UK collects and presents data. It will explore new ways of measuring the economy, including using traffic sensors to gauge activity, mobile phone data to track commuter patterns and satellite images to estimate populations. The ONS is under pressure to present more timely and broader insights into the economy following criticism that official statistics fail to capture the full picture of the modern lifestyle in Britain. A government-ordered review by the former Bank of England deputy governor Sir Charlie Bean last year called for the ONS to be more innovative and for economic statistics to be modernised. Number-crunchers at the new ONS hub have been tasked with harvesting information from the growing collection of big data that has been created by new technology and the internet. How statistics lost their power – and why we should fear what comes next - William Davies Read more Tom Smith, managing director of the new campus, said: “There is a recognition at ONS that there is a real opportunity and a real need to step up our game in terms of the way we use those data sources and the techniques and the capacity that we have across ONS and across government. “I want to take some of that expertise that is used to sell advertising in the commercial space and use that to understand the world for public and social good.” The ONS will work with universities, governments, charities and businesses on developing its use of data. At the opening on Monday, data scientists and apprentices at the new campus will hear from the non-profit foundation Flowminder about how it uses satellite images and mobile phone data to map populations and track migration. Smith said the ONS could also use “street level data”, such as the images on Google Street View , to track economic activity. “For example, can we say from the imagery that we have what this neighbourhood might look like in terms of deprivation levels, poverty levels, what businesses and economic growth is happening there. That brings in again a very different data source,” he said ahead of the launch. The ONS will not look at individual data from mobile phones, Smith added, but aggregated data from a collection of devices could be a useful source of information on the economy. “Mobile phone ownership and use during the day can tell you something about where people are moving to, so home-to-office migration patterns,” he said. “But also the amount the phone is used gives you something around economic usage indicators.” Another international partner presenting to the ONS on Monday is its counterpart in the Netherlands. Statistics Netherlands will explain how it has used data from about 60,000 road sensors around the country. “They give you a minute-by-minute readout of the amount of traffic passing and they are using that as an indicator of what’s happening in terms of patterns of economic activity,” Smith said. Topics'|'theguardian.com'|'http://www.guardian.co.uk/business/economics/rss'|'https://www.theguardian.com/uk-news/2017/mar/27/office-national-statistics-harvest-big-data-science-centre-newport'|'2017-03-27T13:01:00.000+03:00'
'9b279240f6a918d72ebe2e18790cac6e7ad4272c'|'EU''s competition watchdog says a few merger candidates may have misled'|'Business News   5:48pm BST EU''s competition watchdog says a few merger candidates may have misled European Competition Commissioner Margrethe Vestager holds a news conference after Dow Chemical gained conditional EU antitrust approval on Monday for their $130 billion merger by agreeing to significant asset sales, one of a trio of mega mergers that will redraw the... REUTERS/Yves Herman BRUSSELS A "small handful" of companies may have given misleading information when they sought approval for their mergers, Europe''s competition commissioner said on Monday, putting the companies at risk of sanctions and fines should regulators find proof of wrongdoing. The comments by Margrethe Vestager came as she weighs up Facebook''s ( FB.O ) response to charges of giving misleading data during its $22 billion (17.50 billion pounds) bid for phone messaging service WhatsApp in 2014. Facebook said that it was unable reliably to match the two companies'' user accounts but regulators said this was incorrect and that it was technically possible to do that. The European Commission has to date identified "a small handful, which is less than five but more than one and probably doesn''t qualify as several" companies which might have given misleading information, Vestager told a news conference. She said the cases were brought to her attention by people who spotted some inconsistencies in what merging companies said and what appeared in newspapers. It was not clear if the anomalies would trigger further investigations. Companies found to have given misleading information can be fined up to 1 percent of their global turnover. (Reporting by Foo Yun Chee; Editing by Greg Mahlich) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-m-a-vestager-idUKKBN16Y23U'|'2017-03-28T00:48:00.000+03:00'
'8b9c1e30f72a6f6cc5d6943500af7d380ef29b73'|'Brewdog accused of hypocrisy after forcing pub to change name - Business'|'Brewdog, the craft beer company that prides itself on a “punk” ethos, has been accused of acting like “just another multinational corporate machine” after forcing a family-run pub to change its name or face legal action.The aggressive, outrageous, infuriating (and ingenious) rise of BrewDog - Jon Henley Read more The fast-growing Scottish brewer, which has burnished its underdog credentials with vocal criticism of how major brewers operate , recently launched a vodka brand called Lone Wolf. But it threatened legal action against a pub in Birmingham that opened under the same name, prompting allegations of bullying and hypocrisy from within the pubs and brewing community.The brother and sister team behind the pub, Joshua and Sallie McFadyen, said they chose the name in 2015, before Brewdog unveiled its spirits brand. But they say they were too scared of the brewer’s financial muscle to fight back, deciding instead to change the name of their pub to the Wolf and adjust the signage and web page at their own expense.Sallie McFadyen told the Guardian: “We had an email one day from their solicitors – and that was the first we knew of it – saying they had a trademarked spirit coming out. All our money has gone into refurbishing this place and getting it open and we don’t have the same money as they have. We were told we might have to incur their legal costs so we were panic-stricken.”She said she and her brother chose the name the Lone Wolf because they had both previously worked for major pub companies and had decided to go it alone. They were also inspired by Sally’s dog, which “looks like a wolf”, echoing Brewdog’s own name, which is based on co-founder James Watt’s dog.But they have been left disappointed by Brewdog’s decision to pursue them with the threat of legal action.“It’s devastating because it was quite personal why we called it Lone Wolf,” Sallie McFadyen said. “We’ve come round to it now but it is a bit hypocritical because they make a lot of public statements saying how much they support independence and they don’t like a big corporate attitude. It seems to go against what they stand for and it was done in such a harsh way.”Brewers and beer-lovers denounced Brewdog on social media for threatening an independent pub with legal action over the Lone Wolf name:Ellie (@Ellie717774) @TheWolfBham @BrewDog you should be ashamed for bullying this superb independent business. Shame on you!March 4, 2017 Backyard Brewhouse (@backyardbeer) @TheWolfBham this is a simple demonstration that @BrewDog are just another multinational corporate machine. Not independent ''punk'' movementMarch 1, 2017 Brewdog has raised money through an “Equity for Punks” scheme that allows drinkers to invest in return for shares and benefits such as discounts in its bars.But its credentials as a challenger brand were called into question by beer industry figures, including brewers such as Wallsall-based microbrewery Backyard Brewhouse, which labelled the Scottish company “just another multinational corporate machine”.Brewdog declined to comment.The company’s aggressive protection of its trademark is particularly surprising given that its founders have previously scorned copyright complaints against them.Last year the company dismissed a trademarking claim from the estate of Elvis Presley, which took issue with Brewdog’s Elvis Juice beer. In a statement on the firm’s website , it said: “Here at BrewDog, we don’t take too kindly to petty pen pushers attempting to make a fast buck by discrediting our good name under the guise of copyright infringement.”Brewdog was also told it might face legal action from Wolverhampton Wanderers football club over claims that the branding for Lone Wolf is similar to the club’s own wolf’s head logo.Some drinkers vowed never to let a drop of Brewdog’s beer pass their lips again in protest at its actions:Mr4Stringz (@mr4stringz) Have decided there''ll be no more @brewdog now for me after its shitty corporate attitude towards an independent @TheWolfBham #whoneedspunk March 3, 2017 Drinkers who want to find Brewdog’s range won’t be able to do so at the Wolf. “To be honest it’s got nothing to do with that [the legal threat],” said Sallie McFadyen. “We try to keep to small breweries.”Brewdog recently told its Equity for Punks shareholders that it is in talks with a major new investor , amid speculation that it is preparing to float some of its shares on the stock market.Topics Food & drink industry Beer Food & drink Scotland news  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/mar/26/brewdog-lone-wolf-birmingham-pub-change-name'|'2017-03-27T01:42:00.000+03:00'
'ce5513f14336c0dd20ad9671c61cfc06f5f78d39'|'Thought Mike Ashley was hard to work for? Meet Jennifer Hardy - Law'|'W hile Sports Direct founder Mike Ashley was undoubtedly the stand-out performer at June’s business, innovation and skills select committee hearing into the retailer’s treatment of staff, the show put on by Transline’s Jennifer Hardy is often overlooked.She is the finance chief of the temporary employment agency whose performance prompted committee chairman Iain Wright to accuse her of deliberately misleading MPs, after Hardy claimed the firm lost its gangmaster licence following an “administrative error ... not a misdemeanour”.She denies the charge, of course, and the committee took things no further. But the history between the pair should ensure that relations remain frosty this week when Hardy is back in front of the same committee, now probing the future world of work.Hardy will no doubt have to talk through the way Transline has now refined some of its more controversial practices, including paying staff less than the minimum wage and the infamous “strikes” policy, where managers could sack workers for six “offences” such as spending too long in the toilet. When Hardy suffered a coughing fit at the last hearing, she paused for a glass of water. “If you ask for a glass of water outside your designated breaks, you would get a strike,” mused Wright.In for a poundWith the launch of the new pound coin on Tuesday, here’s a quick quiz question for you: when was the pound coin first introduced?Sorry, you get zero points if you answered 1983, which was when the present pound coin first came into circulation. But if anyone plumped for 1489, then please take a bow (and do get out more).Coinage website 24carat.co.uk expands: “The gold sovereign came into existence in 1489 under King Henry VII.“The pound sterling had been a unit of account for centuries. Now for the first time a coin denomination was issued with a value of one pound sterling.”Still, the upcoming switch means we will all be wrestling with problems such as finding the correct change to pay for a locker at your local swimming baths (same as now, then) to businesses like Tesco having to unlock thousands of supermarket trolleys because they’ve failed to convert them in time.History does not record if similar issues taxed the subjects of Henry VII – who were presumably left cursing vending machines that couldn’t take their sovereigns.Hold the sofa Do you feel like popping out to the shops and buying yourself a new sofa? How about a washing machine? A new set of coffee mugs?Your answer to those questions will, no doubt, depend on how confident you’re feeling about your financial prospects, and perhaps even on whether you actually need to buy any of those items. In any case, the buoyancy of the nation’s financial mood will be of some importance this week, when the GfK consumer confidence survey is unveiled. Currently, the figure is slightly more interesting than usual, as the Bank of England’s monetary policy committee seems to be paying attention to the topic, while Alan Clarke, head of European fixed income at Scotiabank, is relatively pessimistic about what might emerge.He says: “Confidence seems to have moved more closely in tandem with ... the inflation rate. The rationale is that higher prices leave consumers with less spare cash with which to purchase goods and services – making them less happy ... Given the continued rise in inflation it would not be unreasonable to expect consumer confidence to fall somewhat. We expect the index for fall from -6 in February, down towards -16 in the next two to three months.”The new sofa might have to wait a while, then.'|'theguardian.com'|'http://www.guardian.co.uk/theobserver/news/business/rss'|'https://www.theguardian.com/law/2017/mar/26/sports-direct-transline-select-committee-hardy'|'2017-03-26T03:00:00.000+03:00'
'8118eb990a830891eb0864be81e3f844a94ee35a'|'Why Scott Morrison needs to ignore armchair treasurers before the budget - Greg Jericho - Business - The Guardian'|'Who is under greater pressure – the coach of a footy team at the beginning of a season, or the treasurer putting together a budget?This weekend many across the nation will be filled with a sense of promise of things to come. The AFL men’s season has begun, and those like me who spend rather inordinate amounts of time thinking about footy now join their NRL and rugby brethren wondering if the hopes of summer will transform into reality by spring.For AFL fans, this off-season has been wonderfully amended. By the time you are reading this, the first AFL women’s grand final will have been decided. As an Adelaide Crows fan, I am for the first time ever hoping the Crows will be known as “March Premiers”.Are Turnbull''s Freedom™ warriors battling soft power – or settling old scores? - Katharine Murphy Read more But with the women’s final over, the switch to the men’s competition and with it desires for a premiership will begin again. With that desire comes the pressures on those running the clubs. Thre is already talk of which coaches are most in need of success. Does two years without playing in the finals mean Port Adelaide’s Ken Hinkley is in trouble? Can Nathan Buckley go six years without winning a premiership and survive? The pressure is on the coaches to deliver, and deliver soon. In the NRL, Wests Tigers coach Jason Taylor was dumped after just three rounds . Scott Morrison may not be under the pump to quite the same level, but you don’t see reports about looming cabinet reshuffles and talk of him being sidelined when all is going well. And it comes in the run up to a rather odd budget. It is Morrison’s second budget, so in a sense a continuation of his economic narrative, but it is the fourth of the Abbott-Turnbull government, so at a point where there should be signs of good progress being made. It is also the first budget of this election cycle.The standard tactic after winning an election is to deliver a “tough budget” – one that is full of “hard choices” that need to be made for the “good” of the economy, and which will deliver benefits before the government next faces the polls.But this was the formula Joe Hockey and Tony Abbott followed in 2014 and it ended disastrously. It was a budget so poorly designed, framed and argued that it set both Hockey and Abbott along the path to their demise.And this is the problem for governments when dealing with budgets. Too easily they (and indeed the media) can fall into the trap of seeing them as political statements which are supposed to conform with the narrative of being a “tough budget” or perhaps one that “brings home the bacon”.The narrative is a seductive thing – almost as seductive as footy fans reassuring themselves that early losses with a young team are fine because they are building for the future and all will come good eventually.Politicians and political journalists can be seduced by the budget narrative and get carried away with whether or not a budget has delivered the goods to set it on a path to re-election. But such thinking leads to the belief, such as that expressed by Joe Hockey in his valedictory speech about the 2014 budget, that “the Abbott government was good at policy but struggled with politics.”In reality, it struggled with politics because it was bad at policy.For Scott Morrison the pressure in this budget “pre-season” has been to deliver (as ever) for families, with the greatest focus on housing affordability.Already the waters have been tested with suggestions such as allowing first-home buyers dip into their superannuation – a policy that has met with rather tepid response (to say the least), and yet appears to still be a chance to feature in the budget .But as do footy coaches, treasurers also have to deal with armchair experts – those who played in years past and who still think the old ways are the best. Morrison has no shortage of advice from those on his side of politics such as former Howard government adviser, Niki Savva , who this week suggested the way to tackle housing affordability was to dump the $40bn worth of company tax cuts and instead cut income taxes.If there is one reason to have sympathy for Morrison it is that the conservative side of both politics and the media still believe that the style of budgets delivered by Howard and Costello during a mining boom remain good politics and policy. As such, he is set the task of cutting taxes and spending, reducing the deficit and also delivering a political win.To tackle housing affordability Scott Morrison must get more homes built - Stephen Koukoulas Read more But as even Donald Trump is finding out, talk of winning is all nice and well, but once you introduce a policy that affects people’s livelihoods, they don’t care so much about the sales job or the narrative.Cutting government services under the guise of cutting waste works a lot better when people’s incomes are rising and job security is high. At the moment, we have record low wage growth, full-time employment lower now than it was 12 months ago and the unemployment rate rising .The government will attempt to write a narrative for this budget, but it must be, above al,l focused on good policy. A housing affordability policy is no good if it is there only to fit the narrative rather than actually fix the problem.And it would do well to remember that the mining boom years are over, and what amounts to good policy – regardless of what the old warriors might think – has changed.A budget that treats growth as though that’s all that matters and ignores inequality is bad policy that will, as was the case for Joe Hockey, see Morrison quickly take on a new narrative – that of a coach under pressure to keep his job.Topics Business Grogonomics Australian politics comment Share on Facebook Share on Twitter Share via Email Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/grogonomics/2017/mar/26/why-scott-morrison-needs-to-ignore-armchair-treasurers-before-the-budget'|'2017-03-26T05:00:00.000+03:00'
'9613569dfaa3fdb68387a361728b8270519a2cea'|'End-to-end encryption on messaging services is unacceptable-UK minister'|'Technology News - Sun Mar 26, 2017 - 5:11am EDT End-to-end encryption on messaging services is unacceptable: UK minister A photo illustration shows a chain and a padlock in front of a displayed Whatsapp logo January 13, 2017. REUTERS/Dado Ruvic/Illustration LONDON British interior minister Amber Rudd said on Sunday end-to-end encryption of messages offered by services like Whatsapp are "completely unacceptable" and there should be no "secret place for terrorists to communicate". Local media have reported that shortly before launching an attack that killed four people including a policeman near Britain''s parliament in central London, Khalid Masood sent an encrypted message via Whatsapp. "That is my view - it is completely unacceptable, there should be no place for terrorists to hide. We need to make sure organizations like Whatsapp, and there are plenty of others like that, don''t provide a secret place for terrorists to communicate with each other," Rudd told the BBC''s Andrew Marr show. "We need to make sure that our intelligence services have the ability to get into situations like encrypted Whatsapp." (Reporting by Elizabeth Piper; editing by Susan Thomas) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-britain-security-rudd-idUSKBN16X0BE'|'2017-03-26T17:07:00.000+03:00'
'8abe5827c0d434edda1994347c99b86840cc41ec'|'Meet the entrepreneurs shaking up the art world - Guardian Small Business Network - The Guardian'|'A nother year, another record-breaking art auction. Just this month, Klimt’s Bauerngarten sold for £48m , making it the third most expensive painting ever to be sold in Europe. In 2016, a Picasso sold for £43.2m, the highest price ever paid for a Cubist work, and in 2015, Gerhart Richter’s Abstraktes Bild sold for £30.4m, a record for a living artist.Activism may be fashionable, but is it good for business? Read more The global art industry, valued at $63.8bn (£51.6bn), is still dominated by bricks-and-mortar auction houses and private sales through galleries or dealers. But like many other industries it is diversifying, presenting a major opportunity for a new generation of “artrepreneurs”.One company leading the charge is Rise Art . Set up in 2011 by Scott Phillips and Marcos Steverlynck, it is an online gallery offering new works largely from emerging artists. Unlike other industries which have been overtaken by e-commerce, online purchases make up just 7% of private art sales. But for Rise Art business is booming. “I’d say over the past eight months, we have been growing at about 30% month on month,” says Phillips.The business opens up the art world to people who might be limited by their location or the time they can spend looking for art. “It takes a lot of time, energy and research to immerse yourself in all the galleries to find something,” he says.Scott Phillips, Rise Art co-founder. Photograph: Rise Art So why aren’t more collectors buying online? “Art always looks better in the flesh,” Phillips says. “People have issues online with sizing, and knowing whether it will be perfect, an important factor when we consider the high-ticket value of art.”For this reason, Rise Art introduced an art rentals and flexible returns service, whereby you can live with art in your home before you purchase it. “If you love it, you can use the rental towards the purchase and if not, you can just return it,” he explains.A report from insurer Hiscox , released in June last year, showed that online art sales reached a record high of $3.27 billion in 2015, which would put the market on track for sales of $9.58 billion by 2020.Jeffrey Boloten, co-founder and managing director of ArtInsight Ltd and leader of the art and business semester programme at Sotheby’s Institute, says the online art world is seen by both the auction and dealer sectors as providing a much welcomed expansion of the global collecting community.Facebook Twitter Pinterest Ian and Joe Syer, co-founders, MyArtBroker. Photograph: MyArtBroker Boloten notes that while the expansion of the art market can present “challenging shifts in how the traditional art market has historically operated”, it has, he says, “increased the growth of innovative and creative new business models and relationships”.One of these new models is MyArtBroker , an online platform facilitating art dealer sales. Founded by Ian and Joey Syer, it focuses on the resale of art works, known as the secondary market. MyArtBroker connects owners of artworks directly with dealers actively looking to sell those pieces. It has sold work by Banksy, Picasso and Warhol.The idea for the business came to Ian Syer while he was working in a gallery. “We would sell artwork from our artists, but then at some point, someone would come back in to resell,” he recalls. As traditional high street galleries need to make a certain margin, art owners faced reselling at a loss. “We would end up just pointing people towards the internet but there’s not really anything out there other than eBay.”Facebook Twitter Pinterest Gyr King, co-founder, King & McGraw. Photograph: King & McGraw To help art owners avoid the drawbacks of selling on eBay and the steep fees of an auction house, Syer set up MyArtBroker. Sellers can upload their artwork to the platform and the company passes on the inquiries they get from interested buyers to a suitable broker. MyArtBroker works with a dedicated team of dealers who handle all aspects of the sale, including framing, authenticity checks and shipping. MyArtBroker takes an introduction fee of 12.5%, which alongside the broker’s fee of 12.5% brings the total deductions from the sale to 25%.Along with individual buyers, many businesses are looking for new ways to purchase art work affordably. King & McGaw is an art prints company supplying artwork for offices, stores, healthcare, hospitality and interior design companies, including prints of iconic paintings and movie posters.Prints can be seen as a ‘poor relation’ in the art world but the latest printing technology allows designs to be printed in smaller batches, meaning print sellers don’t have to stick to safe or inoffensive designs to ensure they sell them all and make a return. In this way, King & McGaw has been able to introduce the work of young, emerging print artists to market, much like a dealer in a gallery. The company even has its own artist-in-residence programme.Social media is key to King & McGraw’s operation. “Social media has become absolutely crucial for how we sell our work. It is perfect for attracting the audience we want - often young people interested in getting their first bit of art,” says co-founder Gyr King.Facebook Twitter Pinterest Emma Lanman, founder, Van Girls. Photograph: Nina Sologubenko Technology has brought the art world to a bigger and broader audience – but once you have found your perfect treasure, how do you get it delivered safely? Van Girls , an all-female removals company with a specialism in art transit, is among the companies springing up to service this expanding market.Founder Emma Lanman first started moving art on her days off from her former job as a firefighter. “One of my earliest customers was a street art print gallery in North London, called Jealous Gallery. And I did, in a former life, do a history of art degree and work in galleries, so immediately I was excited by the idea of art moving,” she says.In such a flourishing sector, Lanman says there is plenty of work to go around. “You don’t have to have giant, expensive art collections to have art anymore,” she says. “The Affordable Art Fair and others like it are for normal people who might spend £1000 on something that’s going to be in their living room. And, there’s definitely a whole world of moving for that.”Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/small-business-network/2017/mar/27/meet-the-entrepreneurs-shaking-up-the-art-world'|'2017-03-27T03:00:00.000+03:00'
'57e6b0fe7c8ba5b7f6893a6e08b5d1bd45da356f'|'CANADA STOCKS-TSX rises as gold-mining shares gain on safe-haven bets'|' 23pm EDT CANADA STOCKS-TSX rises as gold-mining shares gain on safe-haven bets * TSX up 63.55 points, or 0.41 percent, at 15,506.22 * Eight of the TSX''s 10 main groups rise (Updates prices to close) TORONTO, March 27 Canada''s main stock index advanced on Monday, helped by strength in gold-mining shares amid heightened demand for safe-haven assets like precious metals. On global markets, U.S. President Donald Trump''s failure to win enough congressional support for healthcare legislation reform was bearish for stocks but bullish for government bonds, whose yields fell. The Toronto Stock Exchange''s S&P/TSX composite index closed up 63.55 points, or 0.41 percent, at 15,506.22. Eight of the index''s 10 main groups were higher. The TSX had ended last week with two straight days of gains after Canada''s government held off from raising taxes on investors in its budget, and the United States approved TransCanada Corp''s Keystone XL pipeline. The materials group, which includes precious and base metals miners and fertilizer companies, rose 1.4 percent, with Barrick Gold Corp climbing 1.9 percent to C$26.20. Spot gold was up 0.9 percent at $1,254.76 an ounce, having touched a one-month high earlier in the session. The financials group added 0.1 percent. Bank of Nova Scotia gained 0.8 percent to C$78.36, but Toronto-Dominion Bank declined 0.1 percent to C$65.13. The energy group fell 0.1 percent as oil prices declined on uncertainty over whether an OPEC-led production cut will be extended beyond June in an effort to counter a glut of crude. U.S. crude prices were down 0.4 percent at $47.79 a barrel, while Suncor Energy Inc fell 0.9 percent to C$40.47. (Reporting by Fergal Smith and John Tilak; Editing by W Simon and James Dalgleish)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL2N1H418I'|'2017-03-28T04:23:00.000+03:00'
'f9b89b294e0e6316dfe062341e5d7221cb19659c'|'Total targets U.S. polyethylene market with $1.7 billion investment'|'PARIS French oil and gas major Total ( TOTF.PA ) said on Monday it had entered a joint venture with Borealis and Nova to build an ethane steam cracker, and a polyethylene unit on the United States Gulf Coast in an investment worth $1.7 billion.Total will hold a 50 percent stake in the venture."By joining forces with Borealis and Nova, we aim to create a major player in the US polyethylene market," Total''s Chief Executive Patrick Pouyanne, said in a statement.(Reporting by Bate Felix; Editing by Richard Balmforth)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-total-usa-idINKBN16Y1PK'|'2017-03-27T12:18:00.000+03:00'
'41681324d976300639bd23e3566f138fbf292025'|'Consumer advocates call for crackdown on irresponsible payday lending - Money'|'Consumer advocates have urged the government to stamp out irresponsible payday lending by strengthening financial counselling services, funding no-interest loan schemes and urgently acting on a promise to better regulate the sector.An alliance of consumer advocates – including Choice, the Consumer Action Law Centre, Financial Rights Legal Centre and Financial Counselling Australia – will begin a lobbying effort in Canberra on Monday morning, attempting to pressure the government to act on the controversial payday loan sector.The industry is regularly accused of unscrupulous lending practices over its issuing of high-fee, high-interest, short-term loans to those least able to repay them .One former student, who asked not to be named, told Guardian Australia of her experience taking out a $300 loan with a company formerly known as Tele Loans.   A screenshot of a payday loan statement showing the exorbitant fees a woman was charged on a $300 loan. Photograph: Guardian Australia The fees on the loan ended up totalling $1209. The woman said she later found herself in a debt spiral, taking out multiple loans just to afford repayments on others.“The way [payday loans] come across is a quick fix solution for peace of mind,” the woman said. “They really do prey on people who are at that point.“The vicious thing is that you get one, then you need to get another to pay it off and then another one.”A government commissioned review of the industry last year recommended tightening regulations on short-term lending. The reforms received bipartisan support but the government is yet to act .The alliance of consumer advocates, named the Consumers Federation of Australia, want legislation introduced immediately but are also calling for additional funding for financial counselling. Inaction on payday loans ''allowing lenders to exploit vulnerable'' Read more It also wants to see the government fund no-interest loan schemes, like that run by Good Shepherd, which offers affordable loans of between $300 and $1,200 for essential goods and services and medical procedures.The financial services minister, Kelly O’Dwyer, has committed to introducing the reforms this year.The Financial Rights Legal Centre’s principal solicitor, Alexandra Kelly, said further delays would have real consequences for vulnerable borrowers.“Every day the federal government delays this legislation is another day someone walks through our doors in financial distress because of the devastatingly poor practices within this industry,” Kelly said. The review’s recommendations included requiring equal repayments over the life of a short-term loan and preventing lenders from charging monthly fees if a loan is repaid early. The key recommendation was to tighten the cap on repayments from 20% of a consumer’s gross income to 10% of their net income, a measure that ensures loans are affordable to low-income borrowers.The Consumers’ Federation of Australia chairman, Gerard Brody, said the changes to the repayment cap were essential. “These industries prey on people on low incomes or in tough spots, trapping them in high-cost products even though they may be struggling to pay for the basics like rent or food,” Brody said.“It’s essential that payday lenders and consumer lease companies like radio rentals have to limit how much someone has to devote to these toxic products to 10% of their income.“This will see fewer people stuck with dodgy deals like paying over $3,000 for a clothes dryer worth $345.”'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/2017/mar/27/coalition-urged-to-crack-down-on-payday-loans-after-new-debt-cases'|'2017-03-27T03:00:00.000+03:00'
'a7e38a51571aac46ccf0e8a745f221fab6ba7e4a'|'Nikkei tumbles as safe-haven yen surges on Trump healthcare reform rout'|'* Dollar at weakest levels vs yen since November* Trump''s healthcare defeat weighs on greenbackTOKYO, March 27 Japan''s Nikkei share average skidded on Monday, battered by a resurgent yen and deepening last week''s 1.3 percent loss.The dollar came under pressure after the defeat of President Donald Trump''s healthcare package on Friday, raising concerns that his promised stimulus steps could face similar political roadblocks.The greenback fell as low as 110.42 yen against the perceived safe-haven Japanese currency, its weakest level since late November.The Nikkei was down 1.5 percent at the end of morning trade at 18,970.79. It is 0.8 percent lower for the month so far."At a time when there is some degree of policy uncertainty that has emerged in the United States, questions about the timing of when the Trump administration can implement its agenda may be all feeding through into a period of ''risk off,''" said Stefan Worrall, director of Japan equity sales at Credit Suisse in Tokyo."The end of the financial year is always a factor with regard to Japan to consider," he added, referring to Japan''s business year which closes at the end of this month. "The extent to which that may be contributing to yen strength is a possible factor."On the domestic side, Bank of Japan board members said easy monetary policy will be in place for some time because consumer price growth is far off the central bank''s 2 percent inflation target, a summary of opinions from their March 15-16 meeting showed on Monday.An overwhelming majority of Japanese companies said they will raise wages at a slower pace than they did last year, a Reuters poll found, frustrating Prime Minister Shinzo Abe''s attempts to boost the sluggish economy via higher wages and consumption.Shares in brokerage firms dropped in line with the broader market downturn, with the Tokyo Stock Exchange''s securities subindex down 2.7 percent.Shares in Toshiba Corp were down 5.7 percent at midday. They initially rose more than 3 percent in early trade after a report that U.S. unit Westinghouse Electric Co could file for bankruptcy protection as early as Tuesday and is seeking support from South Korea''s Korea Electric Power Corp 015760.KS.Dentsu Inc shares slipped 2.4 percent after notching one-month lows. The advertising group said on Friday that it will submit an internal control report to the finance ministry for the year ended December 2016, as it found that it overestimated fair value in acquisition of Merkle Group Inc.The broader Topix was down 1.4 percent at 1,522.84, while the JPX-Nikkei Index 400 also shed 1.4 percent to 13,612.58. (Reporting by Tokyo markets team; Editing by Eric Meijer)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-stocks-midday-idINL3N1H41L6'|'2017-03-27T01:06:00.000+03:00'
'20d4d72a00867f87e0448f7a1fe6e356a72273f0'|'South Africa union leader says expects to meet Gordhan at London roadshow'|' 49am EDT South Africa union leader says expects to meet Gordhan at London roadshow JOHANNESBURG, March 27 A South African union leader who is due to attend an investor roadshow with Finance Minister Pravin Gordhan denied reports on Monday that he had been ordered by President Jacob Zuma to return from the trip. "I spoke to him (Gordhan) five minutes ago and he said he was looking forward to seeing me in London tomorrow," Dennis George, the General Secretary of the Federation of Unions of South Africa (FEDUSA), told Reuters. (Reporting by Ed Stoddard; Editing by James Macharia)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/safrica-gordhan-union-idUSJ8N1GE02G'|'2017-03-27T17:49:00.000+03:00'
'ad37fa543b6daada844c5ee17e55da3131db4e13'|'Once golden, Robert Rubin''s hedge fund proteges lose some luster'|'Money News - Mon Mar 27, 2017 - 2:29pm IST Once golden, Robert Rubin''s hedge fund proteges lose some luster FILE PHOTO: A businessman looks at a screen displaying a photo of U.S. 100 dollar bank notes in Tokyo April 8, 2013. REUTERS/Toru Hanai/File Photo By Svea Herbst-Bayliss and Lawrence Delevingne - BOSTON/NEW YORK BOSTON/NEW YORK Learning to invest on Goldman Sachs'' risk arbitrage desk, made famous by leader Robert Rubin, was once seen as a fast track to fortune. But the band of hedge fund protégés who mastered their trade under the former Wall Street star and U.S. Treasury Secretary have stumbled in recent years. The latest to falter is Eric Mindich, who announced on Thursday that he would shut his hedge fund firm Eton Park Capital Management LP following a 9 percent loss in 2016 and a sharp decline in assets. Mindich is one of several ex-Goldman traders who worked on the bank''s ''risk arb'' desk, pioneered by Rubin in the 1970s and 1980s, who have fallen on hard times. Others include Richard Perry, who six months ago decided to shutter his 28-year-old enterprise, as well as Eddie Lampert, Daniel Och and Dinakar Singh, whose own firms have lost billions of dollars in assets. Their struggles are part of a broader dip in the hedge fund industry, marked by a slew of fund closures due to poor performance, controversies and fee pressure from investors. But they also represent the end of an era: Goldman, for decades Wall Street''s pre-eminent investment bank, no longer breeds such hedge fund scions because regulations brought in after the 2008 financial crisis - chiefly designed to reduce risk - have inhibited the type of trading it can do. Shakil Riaz, global chief investment officer for Rothschild Asset Management, said the faltering of Rubin acolytes is symptomatic of trends that have taken hold after the crisis. "The old ways of hedge funds taking money out of the markets just are not as effective anymore," said Riaz, a three-decade veteran of the industry. "It really is an evolve-or-die world." More investors chasing the same set of limited opportunities, persistently low interest rates and the rise of low-cost index funds delivering solid returns have combined to make it hard for Goldman''s former stars to stand out. Rubin, now 78, joined Goldman in 1966 and spent 26 years there, eventually co-managing the whole bank. He left in 1992 and went on to be U.S. Treasury Secretary between 1995 and 1999 under President Bill Clinton. On his way up the ladder, he turned the risk arb desk — which placed bets with Goldman''s own money on the likelihood that corporate actions, like mergers, would occur — into a money-making machine. Goldman is known for putting as much power into the hands of risk managers - who keep a tight rein on the bank''s exposures - as much as the traders making the bets, a rare situation on Wall Street, which tends to breed more balanced, rounded investors. Working at Goldman also helped members of the risk arb desk forge connections with investors and line up financing and clearing services, which every fund needs. But over the past several years, some of the savviest and best-connected hedge fund managers have hit hard times. The former Goldman arbitrage traders have been unable to successfully navigate the post-crisis financial world because they became too fixated on certain investments or simply did not want to deal with tougher fund-raising conditions and being more accountable to investors, longtime associates and observers told Reuters. "They were such big, sought-after names at the time and everyone was romanced by the Goldman-Rubin pedigree," said Michael Hennessy, co-founder of investment firm Morgan Creek Capital Management LLC. "But the markets have radically changed from that prior environment. Post-crisis, a lot of these people are struggling." Goldman declined to comment. Spokespeople for Rubin and the hedge fund managers either declined to comment or did not respond to requests. TOUGH TIMES Mindich worked on Rubin''s desk in the late 1980s and in 1994 became the youngest person to ever be named a partner at Goldman, at age 27. A decade later, he levered what he learned at Goldman to launch Eton Park with a record $3.5 billion. Its assets peaked at $14 billion in 2011, but now it manages about half of that. Perry''s firm closed similarly, after assets declined from a peak of $15 billion in 2007 to about $4 billion in September 2016. Perry attributed the closure to broad challenges in managing a hedge fund today. Singh''s TPG-Axon Capital Management LP had just $1.6 billion as of July 2016, a fraction of the $13 billion it managed in early 2008, because of market bets that went the wrong way. Singh was part of the Goldman risk arb operation after Rubin as co-head of the bank''s principal strategies investment unit. Lampert saw most of his outside investors exit years ago when he concentrated bets on troubled retailer Sears Holdings. At the end of December 2015, his ESL Investments listed $2.8 billion in assets, down from $15 billion at its peak. A number of pension funds have exited Och''s Och-Ziff Capital Management Group LLC after modest returns and a criminal investigation that ended with last year''s guilty plea by a subsidiary to conspiracy to commit bribery in Africa. Its overall assets have shrunk by 30 percent to $33.6 billion over the last two years. Defenders of the Goldman risk arb tribe point to the success of Farallon Capital Management LLC, launched in 1986 by Rubin protégé Thomas Steyer. Although Steyer retired in 2012, Farallon is now run by another Goldman alumnus, Andrew Spokes, and is performing well, with $22.1 billion under management at the end of 2016. Gregg Hymowitz, chief executive of hedge fund investor EnTrustPermal Management LLC, said Rubin and his former employees are "some of the smartest investors of our time." "It''s a mistake to extrapolate from recent disappointing performance their investment prowess," said Hymowitz, who also worked at Goldman and has invested with Och and has known Mindich and Singh for years. "I wouldn''t bet against any of them." (Reporting by Svea Herbst-Bayliss and Lawrence Delevingne; Editing by Lauren Tara LaCapra and Bill Rigby) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/hedgefunds-goldman-sachs-idINKBN16Y0TZ'|'2017-03-27T16:59:00.000+03:00'
'90ca8bf8204b6e7f3e114c35742bdc0d8d8d98e0'|'Portugal minister sees good deal with Lone Star for Novo Banco'|'LISBON Portugal''s negotiations to sell rescued lender Novo Banco to U.S. private equity firm Lone Star are progressing well and the government considers they will result in "a good deal", Finance Minister Mario Centeno said on Friday."The talks around the sale of Novo Banco are running at a good pace. We consider that there are conditions to have a good deal," he told reporters, declining to provide more details.The final stages of negotiating the sale involve not only Portuguese, but also European authorities. U.S. fund Lone Star has offered to inject up to 1 billion euros into the bank in return for a 75 percent stake, but with little or no money to be paid to the state, according to Reuters sources.(Reporting By Sergio Goncalves, writing by Andrei Khalip)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-portugal-novobanco-idINKBN16V1W8'|'2017-03-24T12:32:00.000+03:00'
'd60c3feebeeae315d80f087988239b6d9bbaa1d9'|'China central bank urges tighter mortgage checks, no fake divorces'|'Business News - Fri Mar 24, 2017 - 2:53am GMT China central bank urges tighter mortgage checks, no fake divorces left right People line up outside a real estate registration office center in Chaoyang district in Beijing, China, March 20, 2017. Picture taken March 20, 2017. REUTERS/Muyu Xu 1/3 left right Workers build scaffolding at a construction site on a hazy day in Beijing, China, December 31, 2016. REUTERS/Thomas Peter 2/3 left right People crowd at a real estate registration office center in Chaoyang district in Beijing, China, March 20, 2017. Picture taken March 20, 2017. REUTERS/Muyu Xu 3/3 BEIJING China''s central bank, wary of soaring property prices in Beijing, said on Friday that banks must strengthen mortgage risk management, and that includes cracking down on home buyers rushing to get divorced to skirt second-home purchase rules. Growth in prices of Beijing homes in the resale market was the third-fastest among Chinese cities in February, according to the latest official data, mostly driven by speculators. Individuals who have been divorced for less than a year should not qualify as first-home buyers, and banks should not extend property loans to such individuals under first-home policies, the People''s Bank of China (PBOC) said. Last week, the Beijing municipal government imposed an unprecedented series of curbs, including hiking the minimum down payment ratio on second-home purchases to 60-80 percent. It kept the rule on first-home buyers unchanged. First-home buyers need only pay a minimum of 35 percent. "Recently there have been more households that use divorces to enjoy first-home mortgage policies," the Beijing operations office of the PBOC said in a notice posted on its website. "This has not only affected policy effectiveness, but will also lead to problems such as financial disputes and add to credit risks borne by commercial banks." Under the PBOC guidelines for Beijing, effective immediately, banks were also told to strictly check the source of down payments by individuals purchasing property, carefully assess the ability of borrowers to repay loans, and improve on their residential property valuations. The PBOC and the Beijing branch of the banking regulator will conduct regular inspections and spot checks on how the measures are implemented by banks, the notice said, stressing that lenders that break the rules will be "dealt with seriously". (Reporting by Ryan Woo and Yawen Chen; Editing by Michael Perry) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-property-idUKKBN16V068'|'2017-03-24T10:53:00.000+03:00'
'efa956b94888e175b4c9beba95d05c3d9d192228'|'A home with a standing stone – in pictures - Money'|'A home with a standing stone – in pictures   View more sharing options Share   Close On the Isle of Man lies a Victorian town house with sea views and a menhir in the garden, perfect for those seeking a prehistoric period featureJill Papworth Friday 24 March 2017 07.00 GMT Innisfree, a huge Victorian town house in Port St Mary on the Isle of Man with five double bedrooms and four receptions, may not strike you as particularly unusual at first sight. Facebook Twitter Pinterest But what makes it really rock ’n’ roll is the 2.4m (8ft) prehistoric standing stone hidden away in an enclosed walled side garden that comes with the sale. Facebook Twitter Pinterest Also appealing are the property’s quarter acre of terraced gardens, starting at the bottom level with a pretty, block-paved, sheltered courtyard. Facebook Twitter Pinterest At the top of the tiered gardens is an elevated sun terrace with fabulous views of the surrounding countryside and over the rooftops to the sea. Facebook Twitter Pinterest Among the large rooms inside is a farmhouse-style kitchen with beamed ceiling, dual-aspect windows and solid wood work surfaces with a Belfast sink. Facebook Twitter Pinterest Cosy up in the study at Innisfree, which is on the market at £449,000, through Harmony Homes . Facebook Twitter Pinterest Topics Property Surreal estate Homes Isle of Man Archaeology Stonehenge'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/gallery/2017/mar/24/home-standing-stone-isle-of-man-in-pictures'|'2017-03-24T15:00:00.000+03:00'
'da69c2a8b5a34d863e30854437b095a4400639cc'|'Electroimpact to pay $485,000 over alleged hiring discrimination'|' 10pm GMT Electroimpact to pay $485,000 over alleged hiring discrimination Boeing Co ( BA.N ) and Airbus Group SE ( AIR.PA ) tooling supplier Electroimpact Inc has been fined $485,000 (388,546 pounds) after an investigation alleged that it had a discriminatory hiring policy, the Washington state Attorney General said on Friday. Boeing and Airbus use Electroimpact robotic machines throughout their jetliner factories, including to help make wings for their top-selling 737 and A320 single-aisle aircraft. An investigation by Attorney General Bob Ferguson''s office found evidence that Electroimpact and its founder refused to hire Muslim applicants and "engaged in religious and/or national origin harassment". ( bit.ly/2n26Cyi ) "The conduct outlined in our complaint is outrageous," Ferguson said in a statement on Friday. "Discriminating against workers and retaliating against anyone who questions it is illegal." Electroimpact founder Peter Zieve had the primary responsibility for screening applicants and conducting final interviews, according to the statement from Ferguson''s office. About 95 percent of Electroimpact''s 474 engineers are white, the statement said, citing a report to the U.S. Department of Labor. Electroimpact said on Friday that it did not conform to the personal views of its founder and that Zieve was no longer involved in the company''s hiring process. Boeing plans to use Electroimpact machines to help make wings for its forthcoming twin-aisle 777X aircraft. Other Electroimpact equipment is also used in construction and assembly of Boeing''s 787 Dreamliner carbon fibre composite fuselage sections. Boeing did not immediately respond to a request for comment. Airbus in a statement noted the diversity of its team around the world and said it values the benefits that different cultures bring. (Reporting by Alwyn Scott in New York and Ankit Ajmera in Bengaluru; Editing by Shounak Dasgupta)   Fed not playing catch-up in push for higher inflation - Williams WASHINGTON The Federal Reserve''s willingness to accept higher inflation is not an effort to "make up" for weak price increases in recent years, but to ensure its 2 percent target is viewed credibly, San Francisco Fed President John Williams said on Friday. LONDON British banks approved the fewest mortgages in three months in February and consumer credit growth slowed slightly despite a jump in credit card borrowing, industry figures showed on Friday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-electroimpact-fine-idUKKBN16V2OX'|'2017-03-25T04:10:00.000+03:00'
'34279b25f16b3bc8b217effac645bbe0942466a4'|'Tesco boss defends Booker deal, says many investors on board'|'LONDON Tesco ( TSCO.L ), Britain''s biggest retailer, remains committed to its agreed 3.7 billion pound ($4.7 billion) takeover of wholesaler Booker ( BOK.L ) despite opposition from some big shareholders, its boss said on Tuesday.On Monday, Tesco''s third and fourth largest investors - Schroders ( SDR.L ) and Artisan Partners who together hold 9 percent of its equity - called on the supermarket group to withdraw its offer, saying it was overpaying and the deal was a distraction to the company''s turnaround plan."We’re absolutely, completely committed to the deal," Tesco Chief Executive Dave Lewis told reporters on Tuesday.“Since we made the announcement (on Jan. 27) I’ve met tens of shareholders, here and in North America, and I’m really pleased with the response that we’ve got," he said.Lewis said support for the deal was borne out by investors buying Tesco stock over the last two months."If you look what the buying has been in our top ten register you see that a significant majority of our top ten have increased their holding within Tesco," he said.He added those investors recognized the growth opportunity of the deal and projected annual synergies of 200 million pounds - well ahead of the earnings of Booker in 2016-17.Lewis also stressed Tesco was still in the early stages of the timetable for taking over Booker, with the deal still to be formally considered by competition authorities.If it crosses that hurdle, the deal will need to be approved by 50 percent of Tesco shareholders at an investor meeting."This has got a long way to run," said the CEO.Shares in Tesco, down 8.5 percent this year, were down 0.3 percent at 189.4 pence at 1217 GMT (8:17 a.m. ET), also influenced by news on Tuesday the firm is to pay 214 million pounds in fines and compensation for investors to settle a probe over a 2014 accounting fraud.Bruno Monteyne, a former senior Tesco executive who is now an analyst at Bernstein, does not think the Schroders/Artisan stance reflects majority opinion among Tesco shareholders."The element of distraction risk ... will find most resonance amongst investors but not sufficiently to derail the deal," he said.Lewis also rejected criticism that Tesco''s engagement with shareholders over the deal had been inadequate.He said it was "not at all unusual" for Tesco not to consult shareholders before proposing the deal.He said he had spoken to Schroders and Artisan on several occasions"We offered both of them the opportunity to come and spend more time in the business and to understand why we felt so strongly about it."One of them took it up and we spent six hours with them, walking it through, and the other declined to come."(Reporting by James Davey; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-booker-group-m-a-tesco-idINKBN16Z1M4'|'2017-03-28T10:59:00.000+03:00'
'd9e3670ddf94f0f0cc4fe2de21d0a806cad1958c'|'Thomas Cook says tourists returning to Egypt and Turkey'|'Business News - Tue Mar 28, 2017 - 7:16am BST Thomas Cook says tourists returning to Egypt and Turkey A sign is seen outside a Thomas Cook shop in central London, November 26, 2014. REUTERS/Suzanne Plunkett/File Photo LONDON British tour operator Thomas Cook ( TCG.L ) said it expected to hit its full-year operating targets after seeing early signs that tourists were returning to troubled markets Turkey and Egypt. Thomas Cook, which unnerved investors in February when it issued a cautious outlook, said trading for the group was progressing in line with expectations. While it saw some margin pressure due to more competition, demand for summer holidays was strong. "After a slow start to the season and a tough year in 2016, we''re seeing early signs that customers are beginning to go back to Turkey and Egypt," it said. (Reporting by Kate Holton; editing by Costas Pitas) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-thomascook-outlook-idUKKBN16Z0JC'|'2017-03-28T14:16:00.000+03:00'
'6acde3962a8420ec9929adab5bac5e6faafe136d'|'Dubai''s Souq.com to make announcement on Amazon.com bid: sources'|'DUBAI Middle Eastern online retailer Souq.com will make an announcement later on Tuesday about Amazon.com Inc''s ( AMZN.O ) bid to buy 100 percent of the company from its shareholders, two sources familiar with the matter told Reuters.One of the sources, declining to be identified ahead of the announcement, said the statement would say that Souq.com''s shareholders had accepted the bid.Souq.com declined to comment. Amazon officials could not immediately be reached for comment.Dubai''s Emaar Malls EMAA.DU, operator of some of the region''s most glitzy shopping malls, said on Monday it had made an $800 million offer for Souq.com. Sources said that bid was higher than Amazon''s offer.Reuters reported last week that Amazon had agreed in principle to buy Souq.com, which was founded 12 years ago by Syrian-born entrepreneur Ronaldo Mouchawar.Souq.com has raised $425 million since its founding in 2005, according to CrunchBase. It was reported to be valued at $1 billion at the time of its latest funding round last year, but sources said at the time the deal was worth less than that.Amazon bid $580 million for Souq.com, a source familiar with the matter told Reuters on Monday. The Financial Times reported Amazon would pay between $650 and $750 million, quoting two sources familiar with the matter.Emaar Malls’ bid had so far not been accepted by Souq.com shareholders, the Dubai-listed firm said on Monday.Souq.com would have to break an exclusivity agreement with Amazon if it is to accept the Emaar Malls offer at this stage, a source said.(Reporting by Hadeel Al Sayegh and Alexander Cornwell; Editing by Andrew Torchia and Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-souq-com-m-a-amazon-com-idINKBN16Z0Q1'|'2017-03-28T05:30:00.000+03:00'
'9a68835eaf75a4f44ef94b551c3c14b070113d67'|'UK builder Redrow walks away from Bovis bid'|' 33am BST UK builder Redrow walks away from Bovis bid The company logo of construction company Redrow is pictured on a flag at a new housing development near Manchester northern England, April 7, 2016. REUTERS/Phil Noble LONDON British housebuilder Redrow ( RDW.L ) said on Tuesday it did not intend to make an offer to buy fellow builder Bovis ( BVS.L ) just over two weeks after its approach was rejected as too low. Bovis, whose CEO quit in January following a profit warning resulting from a failure to build enough homes on time, has been subject to takeover speculation since a major shareholder wrote to another builder suggesting a tie-up earlier this year. "The Board of Redrow has determined that it is not in its shareholders'' best interests to increase its proposal to Bovis above the level which was rejected by the Board of Bovis," the firm said in a statement. "Given this, Redrow confirms that it does not intend to make an offer for Bovis." Redrow''s withdrawal leaves a bid on the table from Galliford Try ( GFRD.L ) which was also rejected by Bovis although the firms are still carrying out discussions. (Reporting by Costas Pitas; editing by Kate Holton)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bovis-m-a-redrow-idUKKBN16Z0LD'|'2017-03-28T14:33:00.000+03:00'
'86d7cb3bc527248215dd09888d62faae8a216210'|'PRESS DIGEST- New York Times business news - March 28'|'Company News  38am EDT PRESS DIGEST- New York Times business news - March 28 March 28 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy. - President Trump on Monday named Makan Delrahim, a former government antitrust enforcer and corporate lobbyist, to lead the Justice Department''s review of mergers and acquisitions. nyti.ms/2nuIg2G - Carl Icahn, a billionaire investor and an unpaid adviser to President Trump, has been pulled into a high-profile insider trading trial taking place in federal court in Manhattan. nyti.ms/2nuIvuC - Saudi Arabia announced a sharp tax cut for its state oil company Saudi Arabian Oil Co IPO-ARMO.SE on Monday, part of an effort to make it more appealing to international investors in preparation for its promised initial public offering. nyti.ms/2nGAKCA - American Airlines is set to become the second big carrier in the United States to buy its way into capturing more of the big and growing business of flying to China. China Southern, the biggest airline in China, said on Tuesday morning in Hong Kong that it had reached a deal to sell a $200 million minority stake to American as the airlines move forward with a strategic cooperation. nyti.ms/2nGw27A (Compiled by Parikshit Mishra in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-nyt-idUSL3N1H520L'|'2017-03-28T12:38:00.000+03:00'
'60a37f7548d4c201946cdfdb3ee42bc119c4c47e'|'BRIEF-Delbrook Capital "continues to evaluate any and all options available to hold entrenched management & board to account for breach of fiduciary duty"'|'United States  01am EDT BRIEF-Delbrook Capital "continues to evaluate any and all options available to hold entrenched management & board to account for breach of fiduciary duty" March 27 Rapier Gold Inc: * Delbrook Capital- "continues to evaluate any and all options available to hold entrenched management & board to account for breach of fiduciary duty"  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-delbrook-capital-continues-to-eval-idUSFWN1H40HP'|'2017-03-27T21:01:00.000+03:00'
'fb10a0c1835134c1f571dfd65fbc0488f3f0fdef'|'ECB''s Nouy sees Monte Paschi rescue soon, working on more'|'Economic News - Mon Mar 27, 2017 - 8:12pm IST ECB''s Nouy sees Monte Paschi rescue soon, working on more Daniele Nouy, chair of the Supervisory Board of the European Central Bank, attends the 2016 Institute of International Finance (IIF) Spring Membership meeting in Madrid, Spain May 24, 2016. REUTERS/Susana Vera/Files By Francesco Canepa - FRANKFURT FRANKFURT European authorities will soon decide on a public rescue plan for Italian bank Monte dei Paschi di Siena and are working on similar requests from two smaller lenders, the European Central Bank''s top supervisor said on Monday. Struggling to raise capital to write off unpaid loans, Monte Paschi asked the Italian government for help three months ago but is still waiting for a green light. This involves being deemed solvent by the ECB and having its restructuring plan approved by the European Commission. "There will soon be a decision on Monte Paschi," the head of the ECB''s supervisory arm Daniele Nouy told a news conference. Asked by Reuters later whether the bank was solvent, Nouy said: "Yes, otherwise we wouldn’t be discussing about the precautionary recapitalisation." The ECB estimated in December that Monte Paschi must fill an 8.8 billion euro ($9.5 billion) capital gap, based on the results of its stress tests last year. Nouy said the figure also took into account the worsening of Monte Paschi''s position during months of uncertainty and a failed capital increase. "There was an update (of the figure) when we entered into a precautionary recapitalisation," she told Reuters. "This is not something that can be done several times. It’s normally a one-off." Nouy said the ECB had started sharing information with the Commission about similar rescues requested by Banca Popolare di Vicenza and Veneto Banca, two regional lenders which also could not source capital on the market. Before applying for help, Veneto and Vicenza had submitted a merger plan, which might be revived after the recapitalisation takes place, Nouy added. "The plan under the private recapitalisation was a merger and it might be the solution also for the restructuring," she told Reuters. "The solvency and capital shortfall have to be assessed bank per bank. Then the plan is only something coming later." (Editing by Ed Osmond) UK manufacturers urge PM May to drop threat of no Brexit deal LONDON Britain''s manufacturers told Prime Minister Theresa May on Monday to drop her threat that she might take the country out of the European Union without a new trade deal, saying they would bear the brunt of trade barriers with the EU.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/monte-dei-paschi-ecb-bailout-idINKBN16Y1S5'|'2017-03-27T22:42:00.000+03:00'
'f5de4bebfefb9a3da619bd5c7803575e6e647e3b'|'Emaar Malls confirms $800 million bid for Souq.com'|'DUBAI Dubai''s Emaar Malls EMAA.DU, a unit of Emaar Properties EMAR.DU, said on Monday it had submitted an $800 million bid for Middle Eastern online retailer Souq.com.The bid has so far not been accepted by Souq.com''s shareholders, Emaar Malls said in a bourse statement. Local business magazine Arabian Business had previously reported the bid.Last week, sources familiar with the matter told Reuters that Amazon.com Inc ( AMZN.O ) had agreed in principle to buy Souq.com. Amazon declined to comment, and a spokesperson for Souq.com did not respond to a request for comment.(Reporting by Alexander Cornwell; Editing by Andrew Torchia)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-emaar-malls-souq-com-acquisition-idINKBN16Y0GG'|'2017-03-27T03:37:00.000+03:00'
'92313d278271cf6519dc0a5fb0bfc0bab3a420a1'|'Babcock agrees termination of UK nuclear decommissioning deal'|'Global Energy News - Mon Mar 27, 2017 - 10:48am BST Babcock agrees termination of UK nuclear decommissioning deal Babcock International ( BAB.L ) reached a deal with Britain''s Nuclear Decommissioning Authority (NDA) on Monday to end a contract to clean up 12 Magnox nuclear sites, pulling 800 million pounds ($1.01 billion) from Babcock''s order book. The British engineering outsourcer said the contract will be scrapped at the end of August 2019 because the amount of work needed to decommission the sites is "materially different" from that specified in NDA''s 2012 tender. That mismatch puts the contract at risk of a legal challenge, it said. In response British energy secretary Greg Clark announced an inquiry, led by the former Chief Executive of National Grid ( NG.L ) Steve Holliday, into the NDA''s tender process. The inquiry will examine the conduct of the 2012 procurement process by the NDA as well as the reasons why the 2014 award to a joint venture led by Babcock International proved unsustainable, Clark said. Under these new terms, the Cavendish Flour Group -- in which Babcock has a 65 percent stake -- will now hold the Magnox contract for five years instead of the 14 initially envisaged to decommission the UK''s first fleet of nuclear power stations. Before it expires, the NDA will arrange for a replacement contract to pick up from where the existing one ends, Clark said. The move reduces Babcock''s annual revenue by 100 million pounds from financial year 2020/2021, or less than two percent of group revenue, but the group said it would expect to replace lost revenue over that time frame with new contracts. The company''s order book stands at 20 billion pounds, it said, cautioning investors not to expect any change in financial guidance due at the firm''s full-year results in May. Shares in Babcock were down 3 percent at 889 pounds by 0917 GMT, while the FTSE 100 .FTSE was down by just 0.7 percent. ($1 = 0.7952 pounds) (Reporting by Oleg Vukmanovic and Bengaluru Newsroom; Editing by Edmund Blair) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-babcock-intl-nuclear-idUKKBN16Y0ZE'|'2017-03-27T17:48:00.000+03:00'
'41822b6fe1a4f06080b53b3336e99d1ffd28ca70'|'Council tax bills to rise in nine out of 10 English local authorities - Money'|'Households across the country are facing inflation-busting council tax hikes with nine out of 10 local authorities in England expected to increase rates from April.Residents in some areas will see their bills go up by as much as 5%, with councils taking full advantage of new powers to top up their charges with fees ringfenced for social care.Only 22 of England’s 353 local authorities are to freeze council tax in the coming year and just one, East Hampshire, is to reduce the bill. The figures mark a stark contrast to rate changes five years ago, when 90% of local authorities froze or cut council tax and just 35 raised it. In 2015-16, seven councils cut their council tax rates. This is the first time that many councils have been able to add 3% to bills to help fund adult social care for their communities. The extra cash can only be spent on social care and cannot be used for other services. Last year the maximum councils could add was fixed at 2%.The government has said that raising the social care precept to 3% has given councils the ability to raise an additional £208m in 2017-18, but critics have called the levy a “sticking plaster” that is unlikely to meet even the basic needs of communities.Of the 152 local authorities able to raise bills by up to an extra 3% to fund social care, more than two-thirds are implementing the full amount. The Local Government Association said councils had found themselves “unable to turn down the chance to raise desperately needed money for local services” and warned that increases were unlikely to prevent further cutbacks.However, the Department for Communities and Local Government said councils had almost £200bn available to them over four years and should be able to deliver “sensible savings to protect frontline services and keep bills down”.In East Hampshire, where the local authority is due to reduce its charge from April by 2.6%, the leader of the council said he hoped the decision would encourage others to “think completely outside the box”. Ferris Cowper said the local authority had taken “balanced risks” in bucking the national trend and proving “there is a completely different way of running the public sector”.He said East Hampshire had been able to make savings in part by making large investment in commercial property including the pursuit of a £35m investment programme. Cowper said the council was also negotiating a further £200m loan with City brokers to increase its number of commercial properties.He said: “I really hope that what we’re doing here gives the government a head-scratching problem to solve. I want them to start noticing there is a completely different way of running the public sector.”Cowper said council tax could be scrapped altogether in East Hampshire by 2021 or at least reduced to a token amount to supplement wider public services such as social care. Meanwhile Breckland council in Norfolk reported the highest percentage rise of council tax in England at 6.6%.Among the 22 local authorities to freeze the rate of tax were South Oxfordshire, the London borough of Newham and Wyre Forest in Worcestershire, where the council leader, Marcus Hart, said putting up rates should be a “last resort”. He said the council was able to freeze the tax by increasing other fees and charges including car parking and bulky waste collections.“Our narrative is, broadly, council tax payers – we won’t just be using you by putting up council tax just to subsidise other services,” explained Hart. A lack of local provision to care for elderly residents is one of the causes of so-called “bed blocking” in NHS hospitals , which has been at record levels this winter. Now the majority of councils are hoping to help alleviate such pressures by adding the 3% social care precept to their bills.But Tim Roache, general secretary of the public sector GMB union, said the levy was “a sticking plaster on a gaping wound”. He added: “That almost every local authority is being forced to raise council tax to meet even the basic needs of communities up and down the country shows just how far the government have gone in abdicating responsibility for public services.”Claire Kober, chair of the Local Government Association resources board, said many councils found themselves unable to turn down the chance to raise desperately needed money for local services. She went on: “Council tax rises are unlikely to prevent the need for continued cutbacks to local services. Cost pressures associated with homelessness and temporary accommodation, and children’s and adult social care, remain particularly acute.” The chancellor, Philip Hammond, used his budget speech in March to announce a further £2bn additional funding for social care for councils in England between 2017-18 and 2019-20. The government has said it will also publish a green paper outlining proposals to “put the social care system on a more secure and sustainable long-term footing”.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/2017/mar/27/council-tax-bills-rise-english-local-authorities'|'2017-03-27T03:00:00.000+03:00'
'f155237660eae680b02cca43fe1d7defcc554fd8'|'CANADA STOCKS-TSX rises as TransCanada climbs after Keystone approval'|'Company   10:10am EDT CANADA STOCKS-TSX rises as TransCanada climbs after Keystone approval * TSX rises 35.46 points, or 0.23 percent, to 15,469.07 * Nine of the TSX''s 10 main groups gain TORONTO, March 24 Canada''s main stock index rose on Friday, led by financial and energy shares as oil prices gained and after TransCanada Corp said the U.S. Department of State issued a presidential permit for the construction of the Keystone XL oil pipeline. At 9:50 a.m. ET (1350 GMT), the Toronto Stock Exchange''s S&P/TSX composite index was up 35.46 points, or 0.23 percent, to 15,469.07. The gains came as investors awaited a vote on a U.S. healthcare bill, seen as a test of President Donald Trump''s ability to pass his legislative agenda, including tax cuts and infrastructure spending that could boost economic growth, through Congress. TransCanada''s shares rose 1.1 percent to C$62.44, while the overall energy group gained 0.3 percent. Prices of oil, one of Canada''s major exports, were boosted by hopes that an Organization of the Petroleum Exporting Countries output cut was beginning to balance a long-oversupplied market. U.S. crude prices were up 0.4 percent at $47.89 a barrel, while Brent crude added 0.4 percent to $50.77. Nine of the index''s 10 main groups rose, including a 0.2 percent gain for the heavyweight financials group, while industrials rose 0.4 percent as railroad stocks gained ground. The materials group, which includes precious and base metals miners and fertilizer companies, lost 0.2 percent, while spot gold was little changed. (Reporting by Fergal Smith) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL2N1H10PO'|'2017-03-24T22:10:00.000+03:00'
'23441a4af535ddf1cd7739c1e970767fb691b2d8'|'Dijsselbloem furore could trigger jostling for top euro zone posts'|' 07pm GMT Dijsselbloem furore could trigger jostling for top euro zone posts Dutch Finance Minister and Eurogroup President Jeroen Dijsselbloem takes part in a eurozone finance ministers meeting in Brussels, Belgium March 20, 2017. REUTERS/Yves Herman By Jan Strupczewski - BRUSSELS BRUSSELS By upsetting southern Europeans with remarks about drinking and womanising, Eurogroup president Jeroen Dijsselbloem has damaged his hopes of retaining his job and raised the possibility of a round of horse-trading over key economic posts in the euro zone. Dijsselbloem, the Dutch finance minister, chairs meetings of the 19 euro zone finance ministers who make decisions for the single currency area. Known for his firm line on bailout terms for Greece, he was clear favourite until this week to be renamed to the post once his current term ends in January. Then came the row over an interview in which Dijsselbloem suggested the southern EU states could not expect aid if they squandered their money on "booze and women", triggering a furious reaction from Portugal, Italy, Spain and Greece. Some euro zone officials said the affair would blow over and would not affect the decision on the Eurogroup chairman role. But others said it was a good excuse for some governments to push for replacing Dijsselbloem. "It is more than a storm in a teacup, because he has a lot of enemies in the South and they have just been waiting for something like this to use against him," one euro zone official said. With no obvious candidate to replace him, uncertainty over Dijsselbloem''s succession could disrupt difficult euro zone talks with Greece on terms for releasing more bailout funds. And if the role does become vacant, negotiations over a replacement would be complicated by national and political party interests as the EU also prepares to fill two other top jobs. Spanish Finance Minister Luis de Guindos has competed with Dijsselbloem for the Eurogroup role in the past, and Spain has long complained that despite being the euro zone''s number four economy it does not hold major posts in the EU at the moment. Madrid would welcome the Eurogroup job for de Guindos, although it might be more interested in securing the position of European Central Bank vice president next year, when the eight-year term of Portugal''s Vitor Constancio comes to an end. Spain has good candidates for the ECB - former senior IMF and Spanish central bank official Jose Vinals and the general manager of the Bank for International Settlements, Jaime Caruana. LEFT VS RIGHT One factor in favour of Dijsselbloem, a socialist, is that EU leaders want to review the sharing-out of top jobs. Socialists are the second-biggest force in the European Parliament, but nearly all the main EU posts are filled by centre-right politicians. De Guindos is centre-right, which would favour Spain''s bidding for the central bank role, where party backing is much less important then the nationality of the expert candidate. Other socialist finance ministers who could be considered instead of Dijsselbloem are Slovakia''s Peter Kazimir, Malta''s Edward Scicluna and Portugal''s Mario Centeno, but officials said for now none of them had backing as strong as the Dutchman. Another top economics job that could enter into the bargaining in January 2018 is the president of the European Investment Bank, the EU''s lending arm, as the six-year term of Germany''s Werner Hoyer comes to an end. To stay as head of the Eurogroup, Dijsselbloem needs a simple majority of votes among the 19 ministers. So far the custom has been to choose the president by consensus for a renewable 2-1/2-year term. Another complication is that Dijsselbloem''s party did poorly in this month''s Dutch election and he will be replaced as finance minister in a matter of weeks or months. Eurogroup regulations say the president must be a sitting minister. So if Dijsselbloem''s peers wanted him to stay on, they would have to change the rules and create a new permanent position. "The uproar about the remarks will surely have an impact on his chances of becoming the permanent Eurogroup president, if a decision on a permanent president is taken," a second euro zone official said. Under the rules, if Dijsselbloem was unable to fulfil his duties he could be replaced by the finance minister of the country that holds the EU presidency. That would mean Malta until the end of June and Estonia in the second half of the year, until a new Eurogroup president is chosen. Ministers have yet to discuss Dijsselbloem''s future, and he plans to call each of them over the coming weeks to find out their views. But some sources said the group was unlikely to go for the permanent option. "Ministers want one of their own, somebody who faces the same pressures and troubles as them," a third official said. "Advice on budgets from somebody who doesn''t have to make a budget does not go down well." (Reporting by Jan Strupczewski; Editing by Mark Trevelyan)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-eurogroup-idUKKBN16V1SI'|'2017-03-24T22:07:00.000+03:00'
'790b6d550bc388d27e8e2a15db12d3ac5bc5e6b9'|'AccorHotels, Edmond de Rothschild in talks to buy Potel & Chabot'|'PARIS AccorHotels ( ACCP.PA ) and French investment firm Edmond de Rothschild are in talks to buy Groupe Potel & Chabot, a company with sales of around 100 million euros ($105 million) which runs upmarket conference centers and hospitality events.The acquisition of Potel & Chabot will strengthen AccorHotels'' hospitality business, with Accor having recently made similar acquisitions such as its $2.7 billion takeover of FRHI Holdings, which owns the Fairmont, Raffles, and Swissotel brands."The combination of their knowledge with our leading positions in luxury hospitality, private rental and concierge services will provide our clients with unique services and expertise regarding tailor-made events," AccorHotels Deputy Chief Executive Sven Boinet said in a statement on Monday.(Reporting by Sudip Kar-Gupta, editing by Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-accor-potel-idINKBN16Y0IP'|'2017-03-27T04:32:00.000+03:00'
'62ac68501b8b34670569b06ca04bd7af80ff1892'|'Saudi Arabia sweetens huge Aramco IPO with tax cut'|'Deals - Mon Mar 27, 2017 - 8:18pm IST Saudi Arabia sweetens huge Aramco IPO with tax cut Oil tanks seen at the Saudi Aramco headquarters during a media tour at Damam city November 11, 2007. REUTERS/ Ali Jarekji/File Photo By Reem Shamseddine and Marwa Rashad - JEDDAH, Saudi Arabia/RIYADH JEDDAH, Saudi Arabia/RIYADH Saudi Arabia''s government has cut the income tax paid by national oil giant Saudi Aramco to smooth the company''s initial public offer of shares next year, which is expected to be the world''s largest equity sale. A royal decree on Monday, retroactive to Jan. 1, set a tax rate of 50 percent for the firm. Previously, Aramco had paid 85 percent tax, plus a 20 percent royalty levied at a different stage; the decree did not mention the royalty. The step appeared likely to reduce Aramco''s tax burden by as much as tens of billions of dollars, which could make the firm much more attractive to private investors. Saudi authorities had been considering such a change for months, sources told Reuters. "The royal order is a milestone in setting the stage for the world''s biggest IPO. I am sure there will be more such moves to follow in coming weeks and months," an oil industry executive said. "It shows the Saudi government is serious about the IPO of Saudi Aramco, and this is a very strong message to those who doubted that the government will follow through on taking Aramco public." The government aims to sell up to 5 percent of Aramco, listing the shares in Riyadh and at least one foreign exchange, to raise cash for investment in new industries, as the kingdom seeks to diversify its economy beyond oil exports in an era of cheap crude. Saudi officials have predicted the IPO will value the company at $2 trillion or more. Many private analysts have been skeptical, making estimates below $1 trillion, but a 50 percent tax rate could bring the offer closer to $2 trillion. “This move carries strategic benefits for Saudi Arabia, its citizens and future generations,” Finance Minister Mohammed al-Jadaan said in a statement about the tax cut. The government, which is struggling to close a budget deficit due to cheap oil that totaled $79 billion last year, obtains over 60 percent of its income from oil, so the tax change could affect its finances. However, analysts said the measure might not have a big impact since tax revenue was expected to be replaced by dividend payments from Aramco. The firm has not revealed its post-IPO dividend policy. “Any tax revenue reductions applicable to hydrocarbon producers operating in the kingdom are replaced by stable dividend payments by government-owned companies, and other sources of revenue including profits resulting from investments,” Jadaan said. He said in a later statement to Reuters that the 2017 state budget had been prepared with the tax change in mind, so government revenues and public services would not be affected. Industry executives have said the IPO will help Aramco, one of the country''s most efficient state enterprises, expand its business in line with market principles and form partnerships with private-sector companies around the world. Aramco chief executive Amin Nasser said in a statement that the tax cut would help Aramco develop by bringing the company in line with international benchmarks. (Writing by Andrew Torchia; Editing by Dale Hudson) Next In Deals Toshiba wants Westinghouse to file for bankruptcy as early as Tuesday: source TOKYO Toshiba Corp wants its U.S nuclear unit to file for Chapter 11 protection from creditors as early as Tuesday, according to a source with direct knowledge of the matter, seeking a quick ringfencing of losses before the Japanese parent''s financial year ends.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-saudi-oil-tax-idINKBN16Y1AG'|'2017-03-27T22:31:00.000+03:00'
'5905a8f4544b1b11f325d5e145f7ef876e963474'|'China Jan-Feb industrial profits surge 32 percent as commodity prices rally'|'Business News - Mon Mar 27, 2017 - 5:46am BST China Jan-Feb industrial profits surge 32 percent as commodity prices rally left right A statue of former Chinese leader Mao Zedong is seen in front of smoking chimneys at Wuhan Iron And Steel Corp in Wuhan, Hubei province, March 6, 2013. REUTERS/Stringer/File Photo 1/2 left right An employee works at the Huaxi Iron and Company in Huaxi village, China, December 2, 2010. REUTERS/Carlos Barria/File Photo 2/2 BEIJING Profits of Chinese industrial firms surged 31.5 percent in the first two months of 2017 from a year earlier as prices of commodities from coal to iron ore raced higher, while strong imports also pointed to a pick-up in activity. Stronger earnings could give a further boost to fixed-asset investment, which quickened early in the year, and give China''s "smokestack" industries more cash flow to start whittling away at a mountain of debt -- a key government priority this year. Total industrial profits over the first two months of the year were 1.01 trillion yuan ($147 billion), the National Bureau of Statistics said in a statement on Monday. The increase was mostly due to faster growth in prices of coal, steel and crude oil, He Ping, a statistics bureau official, said in a note accompanying the statement. The pace of profit growth picked up sharply from a 2.3 percent increase in December. Industrial profits rose 8.5 percent in 2016, snapping back from a slight drop in 2015, largely due to a sharp increase in prices of coal as well as raw materials such as iron ore which were needed to help feed a construction boom. China''s economy got off to a strong start to 2017, supported by robust bank lending, a government infrastructure spree and a much-needed resurgence in private investment. The government boosted spending at the start of the year, with outlays rising 17.4 percent in Jan-Feb, compared to 12 percent growth over the same period in 2016. Industrial firms stand to benefit from fixed-asset investment that expanded more than expected in the first two months of the year, including a 27.3 percent increase in infrastructure spending. Shares of infrastructure companies .CSI300II have shot to a near 15-month high in Shanghai. Asia''s largest oil refiner, state-owned China Petroleum and Chemical Corp (Sinopec) ( 600028.SS )( 0386.HK ), said on Sunday it expected a rise of about 150 percent in its first-quarter profit thanks to an increase in global crude prices. Sinopec plans to boost capital expenditure to 110.2 billion yuan this year, up 44 percent from last year. But investors in China are being torn between data showing a resilient economy and fears that expected policy tightening, while gradual, will eventually lead to higher borrowing costs and stunt business activity. Producer prices rose at the fastest pace since 2008 in February on the back of stronger demand and government-mandated cuts in excess capacity. However, most economists and even the statistics bureau believe producer price gains may soon start to slow. "The base effects are not going to be as flattering in coming quarters. We''re going to see a decline in profit growth and producer price inflation from now onwards," says Julian Evans-Pritchard, an economist at Capital Economics in Singapore. "We shouldn''t get too excited about some of these growth rates." Further clouding the outlook, steel and iron ore futures prices in China posted their biggest weekly drop in three months last week as high inventories raised concerns that demand in China is not picking up as much as had been expected. AS GOOD AS IT GETS? Evans-Pritchard says China is near a peak after a recovery from a cyclical downturn, with policy tightening and slower credit growth eventually going to drag on growth. "There is a real risk that by the end of the year the economy could be looking quite a bit weaker. I think all those signals suggest that this quarter is probably as good as its going to get," he said. Liabilities of industrial firms rose 6.6 percent year-on-year as of end-February. The statistics bureau gives combined figures for the first two months of each year to smooth out seasonal distortions caused by the long Lunar New Year holidays, when most companies are closed for the celebrations. The profit figures cover large enterprises with annual revenues of more than 20 million yuan from their main operations. (Reporting by Ryan Woo and Elias Glenn; Editing by Kim Coghill) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-industrial-profits-idUKKBN16Y0DJ'|'2017-03-27T12:46:00.000+03:00'
'5d82543e153bb4b64ababec448000280bbe7da16'|'Schroders urges Tesco to withdraw $4.7 billion Booker offer'|'Business News - Mon Mar 27, 2017 - 6:16pm BST Schroders urges Tesco to withdraw $4.7 billion Booker offer The head office of Tesco is seen in Cheshunt, Britain, January 8, 2015. REUTERS/Toby Melville/File Photo - RTSUOPU LONDON Schroders ( SDR.L ), one of Tesco''s ( TSCO.L ) largest investors, on Monday called on the supermarket group to withdraw its 3.7 billion pound agreed offer for wholesaler Booker ( BOK.L ), saying it was unlikely to create shareholder value. In a letter to Tesco Chairman John Allan, seen by Reuters, Schroders also called on other investors who shared its view to speak out. Schroders is Tesco''s third-largest investor with a 4.49 percent holding, according to Reuters data. The Financial Times, which first reported Schroders'' stance, said Artisan Partners, which holds 4.48 percent, also opposes the Booker deal. (Reporting by Carolyn Cohn and James Davey) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-booker-group-m-a-tesco-idUKKBN16Y255'|'2017-03-28T01:16:00.000+03:00'
'38e0cc93982c04ee39fc9ced5d2ccf878fdd8f42'|'Snap shares rise as underwriters start coverage with ''buy'''|'Technology News - Mon Mar 27, 2017 - 9:05am EDT Snap shares rise as underwriters start coverage with ''buy'' A billboard displays the logo of Snapchat above Times Square in New York March 12, 2015. REUTERS/Lucas Jackson By Rishika Sadam Snap Inc ( SNAP.N ), owner of messaging app Snapchat, received top ratings from a number of its IPO underwriters on Monday, sending its shares up more than 3 percent in premarket trading. Snap had a red-hot debut on March 1 in what was the largest listing by a technology firm in three years. However, many investors have been critical of the company''s lack of profitability and decelerating user growth. At least six brokerages, including Morgan Stanley and Goldman Sachs, rated the stock "buy" or higher, citing the company''s long-term growth in a highly competitive market. As of Friday''s close, the stock had risen nearly 34 percent from its $17 initial public offering price. The stock was trading at $23.52 before the bell on Monday. The Los Angeles-based company''s app, which allows users to share short-lived messages and pictures, is popular with young people but faces intense competition from larger rivals such as Facebook Inc''s ( FB.O ) Instagram. Snap has warned it may never become profitable. "SNAP''s engaged/hard-to-reach millennial users and unique video offerings should attract significant ad dollars," said Morgan Stanley analysts, who started the stock with an "overweight" rating. The analysts also said that Snap''s ad monetization was still in its infancy. Among other underwriters, Jefferies, RBC, Cowen & Co and Credit Suisse rated the stock a "buy". RBC was the most bullish with a $31 price target. "The big question is whether SNAP''s user base can "age up"," analysts at Cowen & Co said in a note. However, JP Morgan, also an underwriter, started with a "neutral" rating. "(The) neutral rating is driven by an increasingly competitive social media landscape which includes Facebook and others implementing successful Snap features across a broader user base, potentially weighing on user growth, and lack of profit until 2019E," JP Morgan analysts said. Including the latest actions, Snap now has eight "buy" or higher ratings, six "sell" and seven "neutral" ratings, according to Thomson Reuters data. (Reporting by Rishika Sadam in Bengaluru; Editing by Saumyadeb Chakrabarty) Next In Technology News Chinese court rules in favor of Apple in local design patent disputes BEIJING A Chinese court has ruled in favor of Apple in design patent disputes between the Cupertino, California company and a domestic phone-maker, overturning a ban on selling iPhone 6 and iPhone 6 Plus phones in China, Xinhua news agency reported. Uber Technologies Inc [UBER.UL] suspended its pilot program for driverless cars on Saturday after a vehicle equipped with the nascent technology crashed on an Arizona roadway, the ride-hailing company and local police said. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-snap-stocks-idUSKBN16Y1GV'|'2017-03-27T21:05:00.000+03:00'
'43287e5fe19d9235b184c6df85487bce09bc9ca5'|'Qatar to invest 5 billion pounds in UK in next 3-5 years - finance minister'|'Business News - Mon Mar 27, 2017 - 1:40pm BST Qatar to invest 5 billion pounds in UK in next 3-5 years - finance minister Qatar''s Minister of Finance Ali Sherif Al Emadi speaks at the Qatar UK Business and Investment Forum in London, Britain March 27, 2017 REUTERS/Neil Hall LONDON Qatar will invest 5 billion pounds in Britain over the next few years, the country''s minister of finance said during a visit to London on Monday. Earlier, the head of the Gulf Arab state''s sovereign wealth fund said he still saw opportunities to invest in Britain after it leaves the European Union. "Qatar will invest 5 billion pounds in the UK over the next 3-5 years," finance minister Ali Sherif al-Emadi told Reuters on the sidelines of a Qatar investment forum. (Reporting by Tom Finn, Writing by Kylie MacLellan; editing by Stephen Addison) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-qatar-investment-idUKKBN16Y1F1'|'2017-03-27T20:40:00.000+03:00'
'53637675d85614c9ade28bb4e3fb807460379bf8'|'UPDATE 1-Citigroup aims to double South Korea wealth assets by 2020'|'Company News  08am EDT UPDATE 1-Citigroup aims to double South Korea wealth assets by 2020 * Manages wealth assets worth about $3 billion now * Plans to boost banking deposits by 30 pct by 2020 * Has close to 3 mln consumer banking clients in South Korea (Adds details on Citi wealth business in Asia, executive comments) HONG KONG, March 27 Citigroup Inc plans to double its wealth management assets in South Korea to around $6 billion by 2020, setting up new offices and investing in digital technology to attract new customers. Asia has emerged as a key battleground for global wealth managers, with higher economic growth, rapidly rising wages and a thriving entrepreneurial ecosystem producing rich clients at a pace faster than in the west. U.S.-based Citi, which is marking its 50th anniversary in South Korea, said it plans to grow its target customer base in wealth management by 50 percent by 2020 with new offices in Seoul, Dogok and Bundang. The bank, which has close to 3 million consumer banking clients in South Korea, also aims to boost consumer banking deposits by 30 percent, up from $10 billion currently and will boost investments in technology. "The number of clients visiting branches has fallen dramatically," Brendan Carney, consumer banking head of Citi in South Korea, said in a statement. "We are responding to the changing preferences of our clients by investing further in digitization that allows us to serve customers wherever they want to bank with us." Citi said it aimed to acquire 80 percent of new credit card customers via digital platforms by 2020. A focus on rich young Asians and new products has helped Citi accelerate net new money growth at its Asia-Pacific consumer wealth business in 2016 to about 10 percent, and similar annual growth is expected over the next few years. Anand Selvakesari, its Asia-Pacific consumer banking head, said in January that growth in net new money, a key measure of profitability of the wealth business, improved in 2016 from around mid-single digit levels in the last four to five years. In 2015, the number of high net worth individuals - those with $1 million or more in investable assets - grew by 2.2 percent in South Korea, while Singapore saw a decline of 3.5 percent and India rose by 1.1 percent, according to the latest available Capgemini Financial Services Analysis report. (Reporting by Sumeet Chatterjee; Editing by Richard Pullin) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/citigroup-southkorea-wealth-idUSL3N1H41KT'|'2017-03-27T12:08:00.000+03:00'
'8357d390f20b489e9dd6f17e6ac6fe99490fead1'|'Israeli companies to set up Latin American cyber defence centre'|'Company  31am EDT Israeli companies to set up Latin American cyber defence centre JERUSALEM, March 27 A group of Israeli companies led by state-owned defence contractor Israel Aerospace Industry (IAI) has won a deal worth tens of millions of dollars to establish a national cyber centre in an unnamed Latin American country. The group will provide risk evaluation and establish an advanced monitor and defence centre against cyber-attacks, an information-sharing infrastructure, and a cyber-training program, IAI said on Monday. IAI unit Elta Systems will oversee the project''s implementation and will be joined by Check Point Software Technologies, CyberArk, Verint, Bynet, ECI, CyberX, ClearSky, BGProtect and Safebreach. "In light of cyber threats targeting nations and states, we are seeing a growing demand by countries to protect themselves with a holistic cyber infrastructure," said Check Point President Amnon Bar-Lev. (Reporting by Steven Scheer, Editing by Ari Rabinovitch) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cyber-israel-latam-idUSL5N1H42UP'|'2017-03-27T19:31:00.000+03:00'
'4b9b02a027e7e2a18e4686be613579bae56b0c03'|'PRESS DIGEST- New York Times business news - March 27'|'March 27 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.- Illinois legislators are considering a "right to know" bill that would let consumers find out what information about them is collected by companies like Google and Facebook, and what kinds of businesses they share it with. Such a right, which European consumers already have, has been a longtime goal of privacy advocates. nyti.ms/2nYcYTo- Even after hundreds of companies decided to block their advertisements from running on Breitbart News, the alt-right website closely tied to U.S. President Donald Trump''s administration, their advertisements have appeared on the site anyway, another example of how little control companies often have over where their ads are seen online. nyti.ms/2mGeV6x- Uber said it was suspending the testing of its self-driving vehicles, a day after one of the vehicles was involved in a collision in Tempe, Arizona. nyti.ms/2n5keJa (Compiled by Parikshit Mishra in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-nyt-idINL3N1H41ZQ'|'2017-03-27T02:15:00.000+03:00'
'b1e6d8dcc61995abea6669a05a6c61d8b3bfa08f'|'BRIEF-Nokia says smartphone malware infection rates rose nearly 400 pct in 2016'|' 10am EDT BRIEF-Nokia says smartphone malware infection rates rose nearly 400 pct in 2016 March 27 Nokia Corp * Says mobile device malware infection rates increased steadily in 2016, reaching an all-time high * Says smartphone infections rose nearly 400 percent in 2016, and accounted for 85 percent of all mobile device infections in the second half of 2016 Source   (Helsinki Newsroom)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-nokia-says-smartphone-malware-infe-idUSFWN1H305J'|'2017-03-27T15:10:00.000+03:00'
'be36d66524485a02663bfdbb388eaa1fbb6226fc'|'UK materials testing firm Exova says gets proposals for cash offers'|'March 27 UK-based materials testing company Exova Group said on Monday it had received proposals for a possible cash offer, including one from Dutch firm Element Materials Technology.Exova, whose laboratories test the safety and performance of products used in industries ranging from aerospace to pharmaceuticals, said private equity fund PAI Partners, and Jacobs Holding AG, a Swiss investment firm, had also made similar proposals."There can be no certainty that any firm offer will be made by any of the possible offerors," Exova said in a statement.The controlling shareholder, Clayton Dubilier & Rice LLC (CD&R), is poised to put up Exova for sale, the Sunday Times reported last week. bit.ly/2nDZqM2 (Reporting by Rahul B in Bengaluru; Editing by Amrutha Gayathri)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/exova-group-ma-idINL3N1H42MC'|'2017-03-27T05:07:00.000+03:00'
'ef5ed5a291d9d2c40ff3d74a6413c315bd3a92db'|'UPDATE 1-Yingde Gases "accidental win" for minorities fans sparks of activism'|'Company  14am EDT UPDATE 1-Yingde Gases "accidental win" for minorities fans sparks of activism (Adds Air Products decision to drop Yingde takeover bid in 8th paragraph) By Elzio Barreto HONG KONG, March 24 The messy battle to control China''s largest producer of industrial gases has turned into a serendipitous victory for minority investors that could encourage more shareholder activism in Asia. Though far less common than in the United States, open campaigns seeking better returns or a change in business strategy have risen sharply in Asia, with the number of targeted companies rising to 77 in 2016 from 55 the previous year, according to data from research firm Activist Insight. That is still well short of the 456 cases in the United States, underscoring the room for further growth as investors feel more emboldened and markets in the region expand. The decision by Yingde Gases Group''s shareholders earlier in March to oust five directors ended a four-month battle for control of the $1.6 billion company''s board in a clash over how to improve its finances and business. It is expected to speed up a strategic review that could include an outright sale of the company. The increase in public activist campaigns also highlights how investors including Elliott Management Corp, BlackRock Inc and Hong Kong-based hedge fund Oasis Management are becoming more public as they try to rally other minority shareholders to boost returns from laggard stocks. "This case with Yingde had the potential of disenfranchising shareholders, but people went and they voted. It only happened because the insiders split and that gave a real voice to minority shareholders here," said Seth Fischer, chief investment officer at Oasis, which holds a 4.5 percent stake in Yingde. "It was a bit of an accidental win." As Yingde co-founders Sun Zhongguo and Trevor Strutt, who prevailed in the vote, battled with Zhao Xiangti, another co-founder and major shareholder, the company received takeover approaches from asset manager StellarS Capital (Hong Kong) Ltd and U.S. industrial gas maker Air Products and Chemicals Inc worth $1.1 billion and as much as $1.5 billion in cash, respectively. Air Products said on Friday it was dropping its takeover bid because "it is not in the best interests" of its shareholders. The takeover battle took another twist when Hong Kong-based private equity firm PAG agreed to buy the combined 42.1 percent stakes of Zhao, Sun and Strutt for $616 million. The offer''s only condition was that PAG and parties acting in concert with the fund hold more than 50 percent of Yingde. Institutional Shareholder Services (ISS), which advises pension plans and mutual funds, had called in the beginning of March for a fully independent board, as that would give "the most objective assessment of any offers to acquire" Yingde. The call for more independence was also voiced by Oasis. Speaking to Reuters last week, Strutt and Sun said they believed Zhao had destroyed value for shareholders and were now focusing on trying to secure a higher bid for the company. They said they were also trying to bring in another board member with expertise in the gas sector to help the process go smoothly. While one UK fund manager described the Yingde case as a "somewhat unique situation, rather than the dawn of a brave new world of activism in Hong Kong," since it depended on a split among the top shareholders, there is nevertheless at least a noticeable whiff of change. In a region with many family-owned businesses and listed companies with few people holding the vast majority of shares, investors are increasingly asking boards to act in the interest of all shareholders, not just majority owners. In a rare public campaign last year, ultimately unsuccessful, BlackRock, the world''s largest asset manager, called on the board of Hong Kong-listed G-Resources Group Ltd to "honour its obligations to all shareholders". While the number of companies targeted by activist investors was unchanged at 14 in 2016 from 2015 in Hong Kong, it rose to 15 from nine in Japan and to 11 from eight in China, while also rising in South Korea, Singapore and Malaysia, according to Activist Insight. Asia has seen vast improvement in corporate governance over the past two years as regulators and securities exchanges tighten rules to boost company performance, raise investor confidence and guard their reputations. Markets including Hong Kong, Japan, Singapore, South Korea, Taiwan and Thailand have been getting tough on rogue firms and introduced stewardship codes to encourage engagement between companies and investors. Hong Kong and Singapore, two of the region''s largest financial centres, have tightened listing and takeover requirements, and stepped up enforcement after instances of erratic price movements sparked fear of manipulation. (Additional reporting by Michelle Price in Hong Kong and Anshuman Daga in Singapore; Editing by Will Waterman) Next In Company News Bank of England to charge banks for additional "Brexit" costs LONDON, March 24 The Bank of England is to increase the fees it levies on the banks it regulates to meet additional costs resulting from Britain''s move to leave the European Union - and may have to ask for more cash later on. * Finish Line reports fourth quarter and full fiscal year 2017 results MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/yingde-gases-ma-idUSL3N1H141S'|'2017-03-24T19:14:00.000+03:00'
'38688520b5ce680e9ccf712f69c6538a5a99106c'|'Iraqi oil minister - market is decisive factor in possible cut extension'|'Business News - Sat Mar 25, 2017 - 4:14pm GMT Iraqi oil minister: market is decisive factor in possible cut extension Iraq''s Oil Minister Jabar Ali al-Luaibi talks to journalists during a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, November 30, 2016. REUTERS/Heinz-Peter Bader KUWAIT Iraqi Oil Minister Jabar Ali al-Luaibi said on Saturday the market is a decisive factor in deciding whether to extend into the second half of this year a global agreement on reducing oil output. "The market will decide. The market is a decisive factor," Luaibi told reporters in Kuwait, where a committee set up to monitor the production cuts is convening on Sunday. He said Iraq was in full compliance with the output-cut agreement. The Organization of the Petroleum Exporting Countries and 11 other leading oil producers including Russia agreed in December to cut their combined oil output by almost 1.8 million barrels per day (bpd) in the first half of the year. The accord was aimed at reducing bloated global inventories and propping up weak oil prices. The agreement has elevated the price of crude to more than $50 a barrel but helped U.S. shale oil producers boost their output, hampering efforts to reduce global stockpiles. Russia said it would reduce production by 200,000 bpd in the first quarter, with cuts reaching 300,000 bpd thereafter. Russian Energy Minister Alexander Novak told reporters on Saturday that the country so far had reduced output by 185,000 bpd. He has said it is too early to decide whether prolonging the deal is warranted, and that the situation would be clearer in April-May. Algerian Energy Minister Nouredine Bouterfa told reporters an extension could benefit the market. "Perhaps an extension is good ... Algeria supports extending the deal." Kuwait heads the monitoring committee, whose members also include Algeria, Venezuela, Russia and Oman. (Reporting by Rania El Gamal and Vladimir Soldatkin; Editing by Dale Hudson) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-oil-opec-kuwait-idUKKBN16W0LC'|'2017-03-26T00:05:00.000+03:00'
'10cbba43c85db880ecd51ecf8bfe794362984a97'|'Once golden, Robert Rubin''s hedge fund proteges lose some luster'|'Business News   1:05am EDT Once golden, Robert Rubin''s hedge fund proteges lose some luster Eric Mindich, Founder and CEO of Eton Park Capital Management attends a session at the World Economic Forum (WEF) in Davos January 29, 2010. REUTERS/Christian Hartmann By Svea Herbst-Bayliss and Lawrence Delevingne - BOSTON/NEW YORK BOSTON/NEW YORK Learning to invest on Goldman Sachs'' risk arbitrage desk, made famous by leader Robert Rubin, was once seen as a fast track to fortune. But the band of hedge fund protégés who mastered their trade under the former Wall Street star and U.S. Treasury Secretary have stumbled in recent years. The latest to falter is Eric Mindich, who announced on Thursday that he would shut his hedge fund firm Eton Park Capital Management LP following a 9 percent loss in 2016 and a sharp decline in assets. Mindich is one of several ex-Goldman traders who worked on the bank''s ''risk arb'' desk, pioneered by Rubin in the 1970s and 1980s, who have fallen on hard times. Others include Richard Perry, who six months ago decided to shutter his 28-year-old enterprise, as well as Eddie Lampert, Daniel Och and Dinakar Singh, whose own firms have lost billions of dollars in assets. Their struggles are part of a broader dip in the hedge fund industry, marked by a slew of fund closures due to poor performance, controversies and fee pressure from investors. But they also represent the end of an era: Goldman, for decades Wall Street''s pre-eminent investment bank, no longer breeds such hedge fund scions because regulations brought in after the 2008 financial crisis - chiefly designed to reduce risk - have inhibited the type of trading it can do. Shakil Riaz, global chief investment officer for Rothschild Asset Management, said the faltering of Rubin acolytes is symptomatic of trends that have taken hold after the crisis. "The old ways of hedge funds taking money out of the markets just are not as effective anymore," said Riaz, a three-decade veteran of the industry. "It really is an evolve-or-die world." More investors chasing the same set of limited opportunities, persistently low interest rates and the rise of low-cost index funds delivering solid returns have combined to make it hard for Goldman''s former stars to stand out. Rubin, now 78, joined Goldman in 1966 and spent 26 years there, eventually co-managing the whole bank. He left in 1992 and went on to be U.S. Treasury Secretary between 1995 and 1999 under President Bill Clinton. On his way up the ladder, he turned the risk arb desk — which placed bets with Goldman''s own money on the likelihood that corporate actions, like mergers, would occur — into a money-making machine. Goldman is known for putting as much power into the hands of risk managers - who keep a tight rein on the bank''s exposures - as much as the traders making the bets, a rare situation on Wall Street, which tends to breed more balanced, rounded investors. Working at Goldman also helped members of the risk arb desk forge connections with investors and line up financing and clearing services, which every fund needs. But over the past several years, some of the savviest and best-connected hedge fund managers have hit hard times. The former Goldman arbitrage traders have been unable to successfully navigate the post-crisis financial world because they became too fixated on certain investments or simply did not want to deal with tougher fund-raising conditions and being more accountable to investors, longtime associates and observers told Reuters. "They were such big, sought-after names at the time and everyone was romanced by the Goldman-Rubin pedigree," said Michael Hennessy, co-founder of investment firm Morgan Creek Capital Management LLC. "But the markets have radically changed from that prior environment. Post-crisis, a lot of these people are struggling." Goldman declined to comment. Spokespeople for Rubin and the hedge fund managers either declined to comment or did not respond to requests. TOUGH TIMES Mindich worked on Rubin''s desk in the late 1980s and in 1994 became the youngest person to ever be named a partner at Goldman, at age 27. A decade later, he levered what he learned at Goldman to launch Eton Park with a record $3.5 billion. Its assets peaked at $14 billion in 2011, but now it manages about half of that. Perry''s firm closed similarly, after assets declined from a peak of $15 billion in 2007 to about $4 billion in September 2016. Perry attributed the closure to broad challenges in managing a hedge fund today. Singh''s TPG-Axon Capital Management LP had just $1.6 billion as of July 2016, a fraction of the $13 billion it managed in early 2008, because of market bets that went the wrong way. Singh was part of the Goldman risk arb operation after Rubin as co-head of the bank''s principal strategies investment unit. Lampert saw most of his outside investors exit years ago when he concentrated bets on troubled retailer Sears Holdings. At the end of December 2015, his ESL Investments listed $2.8 billion in assets, down from $15 billion at its peak. A number of pension funds have exited Och''s Och-Ziff Capital Management Group LLC after modest returns and a criminal investigation that ended with last year''s guilty plea by a subsidiary to conspiracy to commit bribery in Africa. Its overall assets have shrunk by 30 percent to $33.6 billion over the last two years. Defenders of the Goldman risk arb tribe point to the success of Farallon Capital Management LLC, launched in 1986 by Rubin protégé Thomas Steyer. Although Steyer retired in 2012, Farallon is now run by another Goldman alumnus, Andrew Spokes, and is performing well, with $22.1 billion under management at the end of 2016. Gregg Hymowitz, chief executive of hedge fund investor EnTrustPermal Management LLC, said Rubin and his former employees are "some of the smartest investors of our time." "It''s a mistake to extrapolate from recent disappointing performance their investment prowess," said Hymowitz, who also worked at Goldman and has invested with Och and has known Mindich and Singh for years. "I wouldn''t bet against any of them." (Reporting by Svea Herbst-Bayliss and Lawrence Delevingne; Editing by Lauren Tara LaCapra and Bill Rigby) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-hedgefunds-goldman-sachs-idUSKBN16Y0DX'|'2017-03-27T13:00:00.000+03:00'
'8703b103e0a8e109d042e3bd2a6f91534c6e62ab'|'RBS answering regulator questions about Russia money laundering claims'|'Business   RBS answering regulator questions about Russia money laundering claims FILE PHOTO - A man shelters under an umbrella as he walks past a branch of the Royal Bank of Scotland in London, Britain, September 17, 2013. REUTERS/Stefan Wermuth/File Photo LONDON Royal Bank of Scotland ( RBS.L ) said on Monday the Financial Conduct Authority (FCA) and other regulators have requested information about allegations the lender was involved in a global money laundering scheme. RBS said in a statement that it has responded to the FCA and is in the course of responding to other regulators. A Reuters report published earlier this month shone light on a Moldovan "Laundromat" probe into an alleged Russian-led money laundering scheme, in which $22.3 billion passed through Moldova using Russian shell companies and fictitious loans from offshore companies based in Britain in 2011-2014. British lawmakers last week asked the local regulator to investigate claims in newspaper reports that UK banks including RBS, HSBC ( HSBA.L ), and Standard Chartered ( STAN.L ) were among those that did not turn away suspicious money transfers. (Reporting By Andrew MacAskill, editing by Anjuli Davies) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-rbs-russia-idUKKBN16Y1VR'|'2017-03-27T23:19:00.000+03:00'
'd6edb7e4815bf2ea69265d124727cb28fb0a8802'|'REFILE-UPDATE 1-Buffalo Wild Wings nabs Marcato nominee for own director slate'|'(Removes extraneous language from final paragraph)By Michael FlahertyMarch 27 Buffalo Wild Wings Inc, battling activist hedge fund Marcato Capital Management LP in a proxy fight, escalated tension between the two sides on Monday by tapped one of Marcato''s own nominees for its director slate.The restaurant chain nominated Janice Fields, a veteran executive at McDonald''s Corp, and Sam Rovit, the CEO of CTI Foods and a former executive at Kraft Foods.In an unusual move, Rovit is also one of Marcato''s four nominees it is seeking for election to the board. Proxy voting rules allow one nominee to serve on two director slates as long as the person consents.Rovit''s dual-role provides added drama to one of this year''s most high-profile proxy fights, pitting Marcato founder Mick McGuire against Sally Smith, CEO of the $2.5-billion Minneapolis-based wings and beer chain.McGuire, a former Pershing Square partner, officially launched the proxy fight in February, though Marcato began to agitate for changes at the company last July. The San Francisco-based fund is Buffalo Wild Wings'' fourth largest shareholder with a 5.6 percent stake.Buffalo Wild Wings said on Monday that James Damian, who had previously served as board chairman, and Michael Johnson will retire from the board at the annual meeting.The company''s other nominees are Smith and six sitting directors."It is deeply troubling that the Company would take these steps without consulting us or other major shareholders, as we have continuously endeavored to engage in constructive dialogue," Marcato said in a statement on Monday.Marcato added that the company should address its suggested operational improvements.Buffalo Wild Wings'' annual meeting is expected in May.(Reporting by Michael Flaherty in New York and Gayathree Ganesan in Bengaluru; Editing by Sriraj Kalluvila and Nick Zieminski)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/buffalo-wild-marcato-idINL3N1H44EG'|'2017-03-27T12:04:00.000+03:00'
'bcb91dfabb63508d3fbf7bb8f10ab6d21b8ecf92'|'Toshiba shares rise after report Westinghouse may file bankruptcy Tuesday'|'TOKYO Shares in Toshiba Corp ( 6502.T ) rose on Monday morning after a report that U.S. unit Westinghouse Electric Co could file for bankruptcy protection as early as Tuesday and is seeking support from South Korea''s Korea Electric Power Corp ( 015760.KS ).Toshiba''s shares were last up 0.5 percent at 224 yen after earlier rising as high as 232 yen, against the backdrop of a broader market downturn. The Nikkei stock average .N225 was down 1 percent.Toshiba said on Monday that whether or not Westinghouse files for bankruptcy is ultimately a decision for its board.(Reporting by Tokyo markets team; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-toshiba-westinghouse-idINKBN16Y00R'|'2017-03-27T12:47:00.000+03:00'
'907eefeac874c086c7541078c2761be3aa8f8cf3'|'FTSE hits one-month low as miners, Babcock slide'|'Business News - Mon Mar 27, 2017 - 10:44am BST FTSE hits one-month low as miners, Babcock slide A worker shelters from the rain as he passes the London Stock Exchange in the City of London at lunchtime October 1, 2008. REUTERS/Toby Melville/File Photo By Kit Rees - LONDON LONDON Britain''s top share index hit a one-month low after the failure of U.S. President Donald Trump to push his healthcare reforms through Congress hit mining shares and Babcock ( BAB.L ) fell after exiting a contract. The blue chip FTSE 100 .FTSE index was down 0.8 percent at 7,281.58 points by 0908 GMT, in line with the broader negative European market. On Friday, Republican leaders pulled legislation to overhaul the U.S. healthcare system, a 2016 election campaign promise of Trump and his allies, which has put into question Trump''s ability to deliver on his other promises, such as tax reform. The rally in global equity markets since Trump''s election has been driven by a reflation trade, on the hope for increased infrastructure spending and tax cuts. "The agenda is quite badly dented now – (Trump has) got a lot of consensus building to do," Ken Odeluga, market analyst at City Index, said. "That’s going to delay his ability to be really, really effective in terms of pushing through tax reform and pharmaceuticals reform and certainly will delay coming back for another bite of this healthcare reform," City Index''s Odeluga added. British miners .FTNMX1770 were among the biggest fallers among the large caps, with Glencore ( GLEN.L ), BHP Billiton ( BLT.L ) and Antofagasta ( ANTO.L ) all dropping between 2 percent to 2.6 percent as the price of copper slipped for a second day. [MET/L] Among the dozen or so risers, precious metals miners were among the top gainers, with Polymetal International ( POLYP.L ), Randgold Resources ( RRS.L ) and Fresnillo ( FRES.L ) all up between 1.8 percent to 2 percent, benefiting from a rise in gold prices as investors bought safe-haven assets. [GOL] Shares in International Consolidated Airlines ( ICAG.L ) were the biggest fallers, however, down more than 4 percent after Bank of America Merrill Lynch cut its rating on the stock to "underperform" from "buy". Likewise Berenberg''s downgrade on Lloyds ( LLOY.L ) to "sell" from "hold" sent the shares 2.2 percent lower, with analysts saying the bank is riskier than perceived and that risks from cyclical loan losses are highly skewed. Babcock International ( BAB.L ) also declined, down 3.1 percent after the engineering outsourcer said it had reached a mutual agreement with the UK to terminate the Magnox nuclear decommissioning contract in 2019. Outside of the blue chips, shares in car dealer Inchcape ( INCH.L ) rose 4.5 percent after BNP Paribas upgraded its rating on the stock to "outperform" from "neutral". "The investment case has undergone a sharp U-turn over the past 6 months," analysts at BNP Paribas said in a note. "The macro backdrop has improved and there would now look to be upside risk to the demand environment. Currency has turned from a headwind to tailwind. Management have iterated a credible self-help programme to support earnings progression. M&A has moved from optionality to reality." (Reporting by Kit Rees; Editing by Janet Lawrence) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN16Y0YW'|'2017-03-27T17:44:00.000+03:00'
'a3bc96a2b1bfc72fd4068b5220c8cbcc0cba9add'|'Samsung Electronics says to sell refurbished Galaxy Note 7s'|'Technology News   10:06am EDT Samsung Electronics says to sell refurbished Galaxy Note 7s A customer tries out a Samsung Electronics'' Galaxy Note 7 at the company''s headquarters in Seoul, South Korea, October 10, 2016. REUTERS/Kim Hong-Ji SEOUL Tech giant Samsung Electronics Co Ltd said on Monday it plans to sell refurbished versions of the Galaxy Note 7 smartphones that were pulled from markets due to fire-prone batteries. Samsung said in a statement it will determine in which markets it will sell the refurbished Note 7s after discussions with relevant regulatory authorities and carriers. The near-$900 phones were scrapped about two months after their launch in one of the biggest product safety failures in tech history. The company also plans to recover and use or sell reusable components such as chips and camera modules and extract rare metals used in Note 7s such as copper, gold, nickel and silver. (Reporting by Se Young Lee; editing by David Clarke) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-samsung-elec-smartphones-idUSKBN16Y1NF'|'2017-03-27T22:06:00.000+03:00'
'359c514c15a6910033f3b70594bbbb507cb8018b'|'VW''s Audi halts A4, A5 production at Ingolstadt over parts shortage'|'Business News - Mon Mar 27, 2017 - 1:09pm BST VW''s Audi halts A4, A5 production at Ingolstadt over parts shortage The 2016 Audi A4 Quattro is displayed at the North American International Auto Show in Detroit, Michigan January 11, 2016. REUTERS/Rebecca Cook BERLIN German luxury carmaker Audi ( NSUG.DE ) will halt production of the A4 and A5 luxury models at its Ingolstadt base this week until Thursday due to a parts shortage after a fire at a supplier, it said on Monday. Audi produces 1,400 A4 and A5 models per day at the plant, its largest, so it will lose 5,600 vehicles this week. A fire at a supplier making front wall cladding had disrupted parts deliveries, a spokeswoman said on Monday. About 8,500 of the 43,000 workers Audi employs at the plant will be affected and will not be working between Monday and Thursday, she said. Production of A4 and A5 models at a plant in Neckarsulm had not been affected. German news agency Deutsche Presse-Agentur reported the stoppages earlier on Monday. (Reporting by Andreas Cremer; editing by Susan Thomas) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-audi-production-idUKKBN16Y1C2'|'2017-03-27T20:09:00.000+03:00'
'835f0194dcf81724f10b060d8701833be472741f'|'RPT-Yingde Gases accidental win for minorities fans sparks of activism'|'(Repeats story from late Friday with no changes)By Elzio BarretoHONG KONG, March 24 The messy battle to control China''s largest producer of industrial gases has turned into a serendipitous victory for minority investors that could encourage more shareholder activism in Asia.Though far less common than in the United States, open campaigns seeking better returns or a change in business strategy have risen sharply in Asia, with the number of targeted companies rising to 77 in 2016 from 55 the previous year, according to data from research firm Activist Insight.That is still well short of the 456 cases in the United States, underscoring the room for further growth as investors feel more emboldened and markets in the region expand.The decision by Yingde Gases Group''s shareholders earlier in March to oust five directors ended a four-month battle for control of the $1.6 billion company''s board in a clash over how to improve its finances and business. It is expected to speed up a strategic review that could include an outright sale of the company.The increase in public activist campaigns also highlights how investors including Elliott Management Corp, BlackRock Inc and Hong Kong-based hedge fund Oasis Management are becoming more public as they try to rally other minority shareholders to boost returns from laggard stocks."This case with Yingde had the potential of disenfranchising shareholders, but people went and they voted. It only happened because the insiders split and that gave a real voice to minority shareholders here," said Seth Fischer, chief investment officer at Oasis, which holds a 4.5 percent stake in Yingde. "It was a bit of an accidental win."As Yingde co-founders Sun Zhongguo and Trevor Strutt, who prevailed in the vote, battled with Zhao Xiangti, another co-founder and major shareholder, the company received takeover approaches from asset manager StellarS Capital (Hong Kong) Ltd and U.S. industrial gas maker Air Products and Chemicals Inc worth $1.1 billion and as much as $1.5 billion in cash, respectively.Air Products said on Friday it was dropping its takeover bid because "it is not in the best interests" of its shareholders.The takeover battle took another twist when Hong Kong-based private equity firm PAG agreed to buy the combined 42.1 percent stakes of Zhao, Sun and Strutt for $616 million. The offer''s only condition was that PAG and parties acting in concert with the fund hold more than 50 percent of Yingde.Institutional Shareholder Services (ISS), which advises pension plans and mutual funds, had called in the beginning of March for a fully independent board, as that would give "the most objective assessment of any offers to acquire" Yingde. The call for more independence was also voiced by Oasis.Speaking to Reuters last week, Strutt and Sun said they believed Zhao had destroyed value for shareholders and were now focusing on trying to secure a higher bid for the company. They said they were also trying to bring in another board member with expertise in the gas sector to help the process go smoothly.While one UK fund manager described the Yingde case as a "somewhat unique situation, rather than the dawn of a brave new world of activism in Hong Kong," since it depended on a split among the top shareholders, there is nevertheless at least a noticeable whiff of change.In a region with many family-owned businesses and listed companies with few people holding the vast majority of shares, investors are increasingly asking boards to act in the interest of all shareholders, not just majority owners.In a rare public campaign last year, ultimately unsuccessful, BlackRock, the world''s largest asset manager, called on the board of Hong Kong-listed G-Resources Group Ltd to "honour its obligations to all shareholders".While the number of companies targeted by activist investors was unchanged at 14 in 2016 from 2015 in Hong Kong, it rose to 15 from nine in Japan and to 11 from eight in China, while also rising in South Korea, Singapore and Malaysia, according to Activist Insight.Asia has seen vast improvement in corporate governance over the past two years as regulators and securities exchanges tighten rules to boost company performance, raise investor confidence and guard their reputations.Markets including Hong Kong, Japan, Singapore, South Korea, Taiwan and Thailand have been getting tough on rogue firms and introduced stewardship codes to encourage engagement between companies and investors.Hong Kong and Singapore, two of the region''s largest financial centres, have tightened listing and takeover requirements, and stepped up enforcement after instances of erratic price movements sparked fear of manipulation. (Additional reporting by Michelle Price in Hong Kong and Anshuman Daga in Singapore; Editing by Will Waterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/yingde-gases-ma-idINL3N1H30M0'|'2017-03-26T21:00:00.000+03:00'
'4fd59e9ec871a0695409f9f1db5716ca9042e629'|'Avianca Airlines files countersuit against No.2 shareholder over United deal'|'Deals - Mon Mar 27, 2017 - 4:07pm EDT Avianca Airlines files countersuit against No.2 shareholder over United deal A logo of aviation company Avianca is seen on the headquarters building Bogota, Colombia, June 3, 2016. REUTERS/John Vizcaino Colombian airline Avianca AVT_p.CN countersued its No. 2 shareholder on Monday, escalating a battle over a plan by top shareholder Synergy Group Corp to forge an alliance with United Continental Holdings Inc ( UAL.N ). Avianca''s motion seeks to dismiss claims in a lawsuit filed by Kingsland Ltd earlier this month and opposes Kingsland’s motion for an injunction to stop the United negotiations. "Avianca has at all times performed its role under the parties’ shareholder agreement, while Kingsland has explicitly breached its obligations," a statement issued by the company said. "Avianca points out that Kingsland’s legal maneuvers are a heavy-handed attempt to obtain greater rights in the courtroom than it previously negotiated for and agreed to in the parties’ shareholder agreement." The countersuit by Avianca asks the court for an order preventing Kingsland from any further dissemination of the company’s "confidential information, requiring Kingsland to comply with the dispute resolution section of the parties’ shareholder agreement, and requiring Kingsland’s representatives to cease interfering with the shareholder agreement." Kingsland and Avianca were set to meet in New York State Supreme Court on Tuesday so a judge could rule on Kingland''s petition for a preliminary injuction. However, a representative for Kingsland told Reuters the court date had been moved to April 2. Kingsland, which holds about 22 percent of Avianca''s voting shares and 14 percent of total shares, said in the suit it is seeking "injunctive relief to prevent the cabal of insiders that controls Avianca ... from proceeding with their unlawful attempt to ram through the egregiously one-sided United Transaction in order to divert hundreds of millions of dollars to themselves in violation of their fiduciary and contractual duties." Synergy holds 78 percent of Avianca voting shares. Kingsland did not immediately respond to a request for comment. (Reporting by Dion Rabouin; Editing by Marguerita Choy) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-colombia-avianca-holding-idUSKBN16Y2FE'|'2017-03-28T03:59:00.000+03:00'
'11f36eb26867d0755ec1bad949d0c77c7e970b43'|'Brazil''s JBS weighs suspending U.S. IPO: report'|'SAO PAULO Brazil''s JBS SA, the world''s biggest meatpacking company, will decide in coming days whether to suspend listing its overseas operations after a corruption scandal, newspaper Folha de S.Paulo said on Monday.A person involved in the deal told Reuters last week JBS had no intention of delaying the $1 billion initial public offering (IPO) of JBS Foods International in New York, which it hopes to finalize in May or June.Citing an unidentified JBS senior executive, Folha also reported that JBS is not considering firing workers after it temporarily suspended most its beef production in Brazil on weak demand after a scandal blocked exports to key foreign markets.JBS is among dozens of firms targeted in an investigation by the Brazilian federal police on alleged bribery of government health inspectors and politicians.A press representative for JBS declined to comment on the IPO plans, adding that the company is committed to preserving jobs in Brazil.The company suspended beef production at 33 of its 36 plants in Brazil last week after some of the country''s biggest export markets banned imports of Brazilian meats. It will restart production this week at about two thirds of capacity.On Saturday, China, Egypt and Chile lifted the suspensions, bringing hope of an end to a crisis that wiped off about one-fifth of the value of Brazilian pork and poultry exports last week.Common shares of JBS rose 2.5 percent on Monday after touching a 15-week low last week. They are still down 5.8 percent since police announced the investigation on March 17.JBS is awaiting new developments in export markets such as Hong Kong and the European Union, where import bans are still in place, before deciding whether to resume normal capacity in Brazil, according to the company''s press office.(Reporting by Bruno Federowski; Editing by Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-brazil-corruption-food-jbs-idINKBN16Y1LD'|'2017-03-27T11:49:00.000+03:00'
'ca8153bf5a135cc8b53841adcffcfc509fba5ec0'|'FDA approves Tesaro''s ovarian cancer drug'|'Health  16pm EDT FDA approves Tesaro''s ovarian cancer drug A view shows the U.S. Food and Drug Administration (FDA) headquarters in Silver Spring, Maryland August 14, 2012. REUTERS/Jason Reed/File Photo The U.S. Food and Drug Administration on Monday approved Tesaro Inc''s drug, niraparib, for the treatment of recurrent ovarian cancer. Epithelial ovarian, fallopian tube or primary peritoneal cancer affects the tissue covering the ovary or lining of the fallopian tube or abdominal wall. (Reporting by Akankshita Mukhopadhyay in Bengaluru) Next In Health News WHO demands access to Syria''s east Ghouta to bring medical aid GENEVA The health situation is deteriorating in Syria''s eastern Ghouta region near Damascus, where 300,000 people are besieged and none of the three hospitals is functioning, the World Health Organization said on Monday in a call for access to deliver aid. STOCKHOLM Sweden''s center-left government proposed legislation on Monday that would grant compensation to transgender men and women who had to undergo mandatory sterilization in order to have their sex legally reassigned. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-tesaro-fda-idUSKBN16Y2G2'|'2017-03-28T04:10:00.000+03:00'
'cd723dad712136a75a41304306782aad92ac082b'|'Bill Gross settles Pimco lawsuit for over $81 mln - CNBC'|'Company News   12:35pm EDT Bill Gross settles Pimco lawsuit for over $81 mln - CNBC NEW YORK, March 27 Pimco co-founder Bill Gross has settled his lawsuit against his former employer for just over $81 million, CNBC reported Monday, citing sources. Gross has filed for a request for dismissal of the suit, CNBC reported. Gross, who now runs the Janus Global Unconstrained Bond Fund for Janus Capital Group Inc, left Pimco in September 2014 amid negative reports about his leadership and weak returns at the Pimco Total Return Fund he managed. (Reporting by Sam Forgione; Editing by Chizu Nomiyama) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/investing-gross-pimco-idUSL2N1H40U0'|'2017-03-28T00:35:00.000+03:00'
'3a56a188e5af580d1d6bd9b7b3d37c33fb9c4cb4'|'MOVES-Deloitte names Scott Baret leader of U.S. banking and securities team'|'Company  00pm EDT MOVES-Deloitte names Scott Baret leader of U.S. banking and securities team March 27 Audit and tax services firm Deloitte named Scott Baret leader of its U.S. banking and securities practice. Baret was also named a vice chairman of Deloitte LLP, succeeding Kenny Smith. Baret has more than 26 years of experience advising Deloitte''s banking and securities clients. (Reporting by Komal Khettry in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/deloitte-moves-scott-baret-idUSL3N1H44Y0'|'2017-03-28T02:00:00.000+03:00'
'862c19976927cce1c259f2b4451ab12c4e22fb54'|'Samsung Electronics says to sell refurbished Galaxy Note 7s'|'Internet   3:06pm BST Samsung Electronics says to sell refurbished Galaxy Note 7s A customer tries out a Samsung Electronics'' Galaxy Note 7 at the company''s headquarters in Seoul, South Korea, October 10, 2016. REUTERS/Kim Hong-Ji SEOUL Tech giant Samsung Electronics Co Ltd said on Monday it plans to sell refurbished versions of the Galaxy Note 7 smartphones that were pulled from markets due to fire-prone batteries. Samsung said in a statement it will determine in which markets it will sell the refurbished Note 7s after discussions with relevant regulatory authorities and carriers. The near-$900 phones were scrapped about two months after their launch in one of the biggest product safety failures in tech history. The company also plans to recover and use or sell reusable components such as chips and camera modules and extract rare metals used in Note 7s such as copper, gold, nickel and silver. (Reporting by Se Young Lee; editing by David Clarke) Next In Internet News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-samsung-elec-smartphones-idUKKBN16Y1NF'|'2017-03-27T22:06:00.000+03:00'
'f97188ff23045727877aa2742c86d077459159db'|'UBS merges leadership in wealth management product factory'|'Business  27pm BST UBS merges leadership in wealth management product factory FILE PHOTO: Statues stand in front of the London office of Swiss bank UBS in London, Britain, November 20, 2012. REUTERS/Luke MacGregor/File Photo ZURICH UBS ( UBSG.S ) is merging the leadership of its two divisions responsible for wealth management products, the world''s biggest private bank said on Monday, as it tries to improve cooperation between its wealth management units. Under Tom Naratil, the Swiss bank''s former finance chief who took over as head of UBS Wealth Management Americas (WMA) in January 2016, UBS bank has tried to improve WMA''s collaboration with UBS Wealth Management (WM). In its latest attempt, UBS has made Christian Wiesendanger and Jason Chandler global co-heads of WM Investment Platforms and Solutions and WMA Investment Platforms and Solutions, reporting jointly to Wealth Management head Juerg Zeltner as well as Naratil. The changes are effective April 3. (Reporting by Joshua Franklin;   Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ubs-group-ag-wealth-idUKKBN16Y1QA'|'2017-03-27T22:27:00.000+03:00'
'f60e0ca40de5c515be96c1a76820ca4e308d22cc'|'EU''s Juncker pushes for preliminary deal on Greek bailout by April 7'|'  5:38pm GMT EU''s Juncker pushes for preliminary deal on Greek bailout by April 7 European Commission President Jean-Claude Juncker delivers a speech during a debate on the future of the E.U. to mark the upcoming 60th anniversary of the Treaty of Rome at the European Parliament in Strasbourg, France, March 15, 2017. REUTERS/Vincent Kessler BRUSSELS The European Commission President Jean-Claude Juncker said on Friday euro zone lenders and Greece should reach a technical deal before a meeting of euro zone finance ministers on April 7. In a statement responding to a letter by Greek Prime Minister Alexis Tsipras criticizing International Monetary Fund (IMF) demands for labor reforms, Juncker declined to take a clear position on the contentious issue. The IMF is pushing Greece to adopt such reforms as a condition to join an 86 billion euro ($93 billion) bailout program, so far funded only by euro zone creditors. In the letter, Tsipras had sought to link Greek support for a declaration marking the EU''s 60th birthday in Rome on Saturday to a recognition that the EU legal framework on social issues, known as acquis, also applied to Greece. "For me, there is no doubt that the EU social acquis applies to Greece as to any other EU member state," Juncker said. Athens is at odds with requests from the IMF to change rules to make it easier to fire workers by weakening trade union bargaining powers. Greece says this would go against EU principles. "There is no ''one-size-fit-all'' in the social acquis or in the economic textbook when it comes to organizing collective bargaining. Let me add that there is no place for ideology either," Juncker said. He added that, although the issue was part of protracted talks between Athens and its lenders, this should not prevent a deal, leading to the disbursement of further funds. The next meeting of euro zone finance ministers is scheduled in Malta on April 7. "Ideally, we should be in a position to present a staff level agreement by then and we will continue to support you to that end," Juncker said. A staff level agreement is a technical deal, which would pave the way for a political compromise among ministers to unblock new funds to Athens and which might allow the IMF to consider joining the bailout program. (Reporting by Francesco Guarascio)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-eurozone-greece-bailout-juncker-idUKKBN16V2E6'|'2017-03-25T00:15:00.000+03:00'
'bf73881e6e1461415199bdaac92b4446bee10cf2'|'''Operation Weak Flesh'' takes bite out of Brazil''s meat exports'|'Business News - Fri Mar 24, 2017 - 9:04pm GMT ''Operation Weak Flesh'' takes bite out of Brazil''s meat exports A member of the Public Health Surveillance Agency measures the temperature where the products are exposed at a supermarket after the Chilean government suspended all meat and poultry imports from Brazil, in Santiago, Chile March 23, 2017. REUTERS/Ivan Alvarado By Alberto Alerigi and Thais Freitas - SAO PAULO SAO PAULO Brazil''s meat exports have fallen sharply since a police investigation into alleged bribery of food-sanitation inspectors in the world''s top beef and poultry exporter sparked a wave of trade bans, an industry group said on Friday. Import restrictions by several key importers of Brazilian meat, ranging from China to Europe, caused a 22 percent drop in exports of pork and poultry since news of the federal police probe broke on March 17, the Brazilian Animal Protein Association said. The group did not provide beef export figures. But Brazil''s overall meat exports generate nearly $14 billion annually and any drop in foreign shipments could stir new headwinds for the country''s recession-hit economy. Police have accused more than 100 people, mostly inspectors, of taking bribes for allowing the sale of rancid products, falsifying export documents or failing to inspect meatpacking plants at all. Prosecutors have yet to present charges and the police allegations have not been proven. Meat industry officials have sought to downplay the impact of the probe, known as "Operation Weak Flesh," saying 33 arrests made so far pointed to only isolated cases of wrongdoing. But Planning Minister Dyogo Oliveira was less sanguine in comments to journalists in Sao Paulo on Friday. "It will clearly have some (economic) impact, but we still do not have a clear idea of the dimensions," Oliveira said. BRF SA ( BRFS3.SA ), the world''s biggest poultry exporter, and JBS ( JBSS3.SA ), the No. 1 beef producer, are among dozens of firms that have been targeted in the police probe. Both companies have denied wrongdoing and assured consumers that their products meet rigorous quality standards. Fallout from the investigation grew on Friday as officials in Hong Kong called on supermarkets to stop selling meat from 21 Brazilian plants targeted by police. China also agreed to lift restrictions on Australian beef imports, adding to competition for Brazil in one of the world''s fastest growing markets. Vytenis Andriukaitis, the European Union''s health and food safety commissioner, said a visit to Brazil next week would include a meeting with Agriculture Minister Blairo Maggi to discuss sanitary measures among other topics. Diplomats told Reuters on Thursday that the EU had asked Brazil to voluntarily suspend all shipments of meat to its member countries to avoid a more cumbersome formal ban. The probe into Brazil''s meat industry is a setback for its powerhouse farm sector, which has been a rare bright spot amid the country''s worst economic recession on record. Brazil, Latin America''s biggest economy, is one of the world''s leading exporters of staples from coffee and orange juice to sugar and soybeans. (Reporting by Alberto Alerigi and Thais Freitas; Additional reporting by Tatiana Bautzer in Sao Paulo, Pedro Fonseca in Rio de Janeiro; Writing by Brad Haynes; Editing by Daniel Flynn and Tom Brown) Next In Business News U.S. shares, dollar pare losses after healthcare bill pulled NEW YORK U.S. shares pared losses to end slightly lower on Friday after Republicans pulled their bill to overhaul the U.S. healthcare system due to a shortage of votes, dealing a blow to U.S. President Donald Trump, while European shares fell ahead of the decision. PARIS/LONDON French utility EDF''s oversight of Areva, which will supply Britain''s new Hinkley Point nuclear reactors, was brought into question in an internal document by Britain''s Office for Nuclear Regulation (ONR). MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-brazil-corruption-food-idUKKBN16V2S2'|'2017-03-25T05:04:00.000+03:00'
'5a2d0753a64f750e1b698b01b7d5db972410ee4a'|'UK regulator warns on EDF oversight of Hinkley Point supplier Areva - document'|'  6:14pm GMT UK regulator warns on EDF oversight of Hinkley Point supplier Areva - document The logo of France''s state-owned electricity company EDF is seen on the company''s headquarters in Paris, France, November 24, 2016. REUTERS/Charles Platiau By Geert De Clercq and Karolin Schaps - PARIS/LONDON PARIS/LONDON French utility EDF''s ( EDF.PA ) oversight of Areva ( AREVA.PA ), which is supplying Britain''s new Hinkley Point reactors, was brought into question in an internal document by Britain''s Office for Nuclear Regulation (ONR). Following the discovery of manufacturing irregularities and the falsification of documents at Areva''s Creusot Forge foundry last year, French nuclear regulator ASN and several other international regulators inspected the site in early December. In an ONR report about the visit dated Dec. 16, disclosed under a Freedom of Information request and seen by Reuters, the ONR said the nuclear safety culture at Creusot Forge fell short of expectations and warned about the implications for EDF''s Hinkley Point project, in southwest Britain. "ONR should consider the adequacy of EDF...HPC''s oversight and assurance arrangements for Areva as a key supplier to the HPC project, given the performance shortfalls at (Creusot Forge) and the associated risks to (nuclear) components manufacture," the regulator said. The ONR also warned about the continued use of correctional fluid on Creusot Forge documents, although it was prohibited. The ONR on Friday confirmed publication of the document and said that it has since decided to implement a series of additional inspections of EDF and the supply chain to ensure all components are manufactured to the required standard. An ONR spokeswoman said the regulator will also carry out a regulatory review before the end of the year to assess progress of EDF''s oversight of the quality of its supply chain. (Reporting by Geert De Clercq in Paris and Karolin Schaps in London; Editing by Elaine Hardcastle) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-areva-safety-creusot-idUKKBN16V2H4'|'2017-03-25T02:14:00.000+03:00'
'6901c38521832d365aa7345617a68028db47eaf1'|'London Metal Exchange hit by regulatory delay to plan to cut margins'|'Business News - Tue Mar 28, 2017 - 2:14pm BST London Metal Exchange hit by regulatory delay to plan to cut margins Men walk past the London Metal Exchange (LME) in London, July 22, 2011. REUTERS/Paul Hackett/File Photo By Eric Onstad - LONDON LONDON Regulatory delays to a proposal to slash initial clearing margins by the London Metal Exchange has dealt another blow to the exchange''s ability to fend off competition from U.S. rival CME Group ( CME.O ), whose margins are sharply lower. The LME, fighting declining volumes and complaints from its members about higher trading fees, has seen steep losses to the CME in the copper market early this year. In January alone the average daily volume (ADV) for CME copper futures contracts surged by 22 percent while the ADV for LME copper lots slid by 12 percent. The LME is the world''s oldest market for industrial metals and still hosts the majority of trading but has seen its dominance eroded in recent years. There are a host of reasons why speculators have gravitated to the CME in copper, including a more complex futures market structure at the LME, but initial margins is a major one, brokers and industry sources said. Customers trading on financial exchanges have to put down an initial margin, in cash as a guarantee that they will fulfil their contract obligations. "Everyone is fixated on costs these days, so that (a cut in margins) would be a material change to the market," said the head of metals at a top LME broker, who declined to be named. "For the LME, when you are competing with CME in copper that could be significant." It was unclear for the reason for delays in regulators approving the LME''s plans to cut margins, which the exchange had hoped to introduce last autumn. Both the Bank of England and the European Securities and Markets Authority (ESMA), which regulate the exchange''s clearing house, LME Clear, declined to comment. But two industry sources said progress on the proposal had stalled with European Union regulators. "With the current uncertainty about Brexit, the UK doesn''t seem to be at the top of their shopping list," one source said, referring to European regulators. SIGNIFICANT CUTS The LME said last August it had hoped to make "significant", cuts to initial margins, without giving exact figures. Those costs could be lowered by between 20 and 30 percent, industry sources said, which would be most important for top metals copper and aluminium. "It''s frustrating to us on this side of the fence," said Michael Overlander, chief executive at broker Sucden Financial, one of nine top-tier LME members allowed to trade in the open outcry ring. Initial margins for one lot of copper at the LME are $12,800 while for an equivalent amount of copper on the CME they are $6,834, according to the exchanges. A key reason why LME margins are high is it has to make calculations based on a two-day liquidation period while for the CME it is only one-day. But LME brokers have a partial advantage in that they can offset short and long positions when figuring how much cash they have to provide the clearing house. The LME, owned by Hong Kong Exchanges and Clearing Ltd. ( 0388.HK ), said in a statement that the changes were still subject to "final regulatory approval" but did not give details. The LME announced its plans to reduce initial margins at the same time last August when it said it would cut fees for short-dated trades, which market sources said was an attempt to halt a slide in trading volumes. Volumes on the 140-year-old LME have come under pressure since trading fees jumped an average of 31 percent in January 2015. LME trading volumes dropped an overall 7.7 percent in 2016 to 156.5 million lots while they are up 0.2 percent in the first two months of 2017. (Reporting by Eric Onstad; Editing by Veronica Brown, Greg Mahlich) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lme-margins-idUKKBN16Z1NT'|'2017-03-28T21:14:00.000+03:00'
'091f727991af4aa94706ac326d336fe76b2d41d2'|'Home prices rise faster than expected in January'|'Business News  08am EDT Home prices rise faster than expected in January Homes are seen for sale in the northwest area of Portland, Oregon March 20, 2014. REUTERS/Steve Dipaola NEW YORK U.S. single-family home prices accelerated at a faster pace than expected in January supported by a low inventory of housing stock, a survey showed on Tuesday. The S&P CoreLogic Case-Shiller composite index of 20 metropolitan areas rose 5.7 percent in January on a year-over-year basis, from a downwardly revised 5.5 percent increase in December. January''s result topped the estimate of a 5.6 percent increase from a Reuters poll of economists and was the biggest year-on-year increase since July 2014. David M. Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, said recent rate increases by the U.S. Federal Reserve are not lifting mortgage rates dramatically and so should not present a significant headwind to further price gains. The Fed raised rates a quarter percentage point at two of its last three meetings, most recently earlier in March. If the pace of Fed increases accelerates, however, "rising mortgage rates could become a concern," he said. On a monthly basis, prices in the 20 cities rose 0.9 percent in January on a seasonally adjusted basis, the survey showed, outpacing expectations for a 0.7 percent increase. On a non-seasonally adjusted basis, prices increased 0.2 percent from December. (Reporting by Dan Burns; Editing by Chizu Nomiyama) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-economy-idUSKBN16Z1MX'|'2017-03-28T21:08:00.000+03:00'
'ecd1c4fcd7e1a2adbad9499c6de994ad900c48bc'|'UPDATE 1-Brazil''s Vale sells stake in Moatize coal mine to Mitsui'|'(Adds details throughout)BRASILIA, March 27 Brazilian miner Vale SA said on Monday it has wrapped up the sale of a stake in Mozambique''s Moatize coal project to Japan''s Mitsui & Co Ltd and received an initial payment of $733 million, the company said in a security filing.The remainder of the $770 million transaction will be paid after the financing for the project is concluded, Vale said.The Japanese company acquired 15 percent of Vale''s 95 percent share in the coal mine. It is also buying 50 percent of Vale''s 70 percent stake in the Nacala logistics corridor, a railway system connecting production at the mine to the Nacala port in Mozambique.Vale said it expects to receive by the end of this month an initial payment of $733 million from Mitsui from the equity sale. The company said it would receive $2.7 billion more after the financing for the project of the mine and the transportation system is concluded.Vale has been in talks with Mitsui over the Moatize mine for almost three years. The firms previously had said any payments or the conclusion of the deal would only take place once financing for the mine and the transportation system was sealed.Mitsui will have an option to transfer back to Vale the stake in the project if financing is not completed by December. (Reporting by Anthony Boadle; Editing by Diane Craft and Bill Trott)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/vale-sa-mitsui-co-idINL2N1H41Q3'|'2017-03-27T20:47:00.000+03:00'
'2059205d06fadd63711cad2e81f45ad30a74a8e3'|'CVC launches sale of metering group Ista: sources'|'FRANKFURT Buyout group CVC [CVC.UL] is launching the sale of German metering group Ista, a deal potentially worth up to 4 billion euros ($4.3 billion), people close to the matter said.The investor plans to send out first information packets on the company around Easter, setting in motion what could become Germany''s largest sale of a private equity portfolio company this year, they added.Pension funds, insurers and infrastructure investors are expected to show interest in the group, they said, adding that bidders were likely to form consortia given the size of the asset.Canada Pension Plan Investment Board, which already owns a minority stake in Ista, is tying up with Borealis to make a bid, while Allianz ( ALVG.DE ), the Government of Singapore Investment Corp and Ontario Teachers Pension Plan, are also likely to show interest, they added.Ista posted earnings before interest, tax, depreciation and amortization of 364 million euros on sales of 843 million in the 12 months through end-September 2016.It is expected to reap a valuation of more 10 times its 2017 expected core earnings, the sources said.CVC and its sell-side advisor Goldman Sachs ( GS.N ) declined to comment. The prospective bidders also declined to comment or were not immediately available for comment.Before placing bids, potential buyers are awaiting a sector analysis on the metering industry by Germany''s competition authority, which is expected to be published at the end of April, the sources said.However, the report is not expected to challenge Ista''s business model, they added. The cartel office declined to comment.The bidders will also weigh potential bids against the possibility of an investment in Ista peer Techem, which Australian infrastructure investor Macquarie ( MQG.AX ) is expected to put on the market at the end of the year, the sources said.($1 = 0.9210 euros)(Reporting by Arno Schuetze and Alexander Hübner; Editing by Maria Sheahan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cvc-ista-sale-idINKBN16Z1PD'|'2017-03-28T11:32:00.000+03:00'
'ac4d9e0cfba5c387a58ea56f6bf57458a5768e48'|'UPDATE 2-China Jan-Feb industrial profits surge 32 pct as commodity prices rally'|'Commodities   12:45am EDT China Jan-Feb industrial profits surge 32 percent as commodity prices rally BEIJING Profits of Chinese industrial firms surged 31.5 percent in the first two months of 2017 from a year earlier as prices of commodities from coal to iron ore raced higher, while strong imports also pointed to a pick-up in activity. Stronger earnings could give a further boost to fixed-asset investment, which quickened early in the year, and give China''s "smokestack" industries more cash flow to start whittling away at a mountain of debt -- a key government priority this year. Total industrial profits over the first two months of the year were 1.01 trillion yuan ($147 billion), the National Bureau of Statistics said in a statement on Monday. The increase was mostly due to faster growth in prices of coal, steel and crude oil, He Ping, a statistics bureau official, said in a note accompanying the statement. The pace of profit growth picked up sharply from a 2.3 percent increase in December. Industrial profits rose 8.5 percent in 2016, snapping back from a slight drop in 2015, largely due to a sharp increase in prices of coal as well as raw materials such as iron ore which were needed to help feed a construction boom. China''s economy got off to a strong start to 2017, supported by robust bank lending, a government infrastructure spree and a much-needed resurgence in private investment. The government boosted spending at the start of the year, with outlays rising 17.4 percent in Jan-Feb, compared to 12 percent growth over the same period in 2016. Industrial firms stand to benefit from fixed-asset investment that expanded more than expected in the first two months of the year, including a 27.3 percent increase in infrastructure spending. Shares of infrastructure companies have shot to a near 15-month high in Shanghai. Asia''s largest oil refiner, state-owned China Petroleum and Chemical Corp (Sinopec), said on Sunday it expected a rise of about 150 percent in its first-quarter profit thanks to an increase in global crude prices. Sinopec plans to boost capital expenditure to 110.2 billion yuan this year, up 44 percent from last year. But investors in China are being torn between data showing a resilient economy and fears that expected policy tightening, while gradual, will eventually lead to higher borrowing costs and stunt business activity. Producer prices rose at the fastest pace since 2008 in February on the back of stronger demand and government-mandated cuts in excess capacity. However, most economists and even the statistics bureau believe producer price gains may soon start to slow. "The base effects are not going to be as flattering in coming quarters. We''re going to see a decline in profit growth and producer price inflation from now onwards," says Julian Evans-Pritchard, an economist at Capital Economics in Singapore. "We shouldn''t get too excited about some of these growth rates." Further clouding the outlook, steel and iron ore futures prices in China posted their biggest weekly drop in three months last week as high inventories raised concerns that demand in China is not picking up as much as had been expected. AS GOOD AS IT GETS? Evans-Pritchard says China is near a peak after a recovery from a cyclical downturn, with policy tightening and slower credit growth eventually going to drag on growth. "There is a real risk that by the end of the year the economy could be looking quite a bit weaker. I think all those signals suggest that this quarter is probably as good as its going to get," he said. Liabilities of industrial firms rose 6.6 percent year-on-year as of end-February. The statistics bureau gives combined figures for the first two months of each year to smooth out seasonal distortions caused by the long Lunar New Year holidays, when most companies are closed for the celebrations. The profit figures cover large enterprises with annual revenues of more than 20 million yuan from their main operations. ($1 = 6.8719 Chinese yuan renminbi) (Reporting by Ryan Woo and Elias Glenn; Editing by Kim Coghill) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-china-economy-industrial-profits-idUSKBN16Y05C'|'2017-03-27T12:43:00.000+03:00'
'0e649a73937b91ed8fd399c26502f40fae0b953e'|'Deutsche Bank reduces cheque clearing in euros in Middle East'|'Mon Mar 27, 2017 - 8:30am BST Deutsche Bank reduces check clearing in euros in Middle East FILE PHOTO: The headquarters of Germany''s Deutsche Bank are seen early evening in Frankfurt, Germany January 31, 2017. REUTERS/Kai Pfaffenbach/File Photo By Tom Arnold and Arno Schuetze - DUBAI/FRANKFURT DUBAI/FRANKFURT Deutsche Bank ( DBKGn.DE ) is to stop clearing checks denominated in euros for some banks in the Middle East, according to sources familiar with the matter, joining other big banks that cut services in the region. Check usage globally has been on the wane as consumers and businesses turn to faster, digital payment alternatives and in part because of regulator and bank concerns about their potential use in fraud, money laundering and terror financing. The move coincides with steps Germany''s biggest lender has taken to pare back its number of clients globally and become more stringent about compliance under a restructuring aimed at turning around its business and raising its capital. The bank has told those lenders in the Middle East that do not hold a Deutsche Bank account that it would no longer clear checks in euros from April, a service it had previously offered, one of the sources said. Deutsche Bank said that it had "reduced its check clearing services for customers with low activity levels" internationally. The bank said it was phasing out check clearing globally and setting up a new digital global payments platform instead, although it would keep up the check business with bank clients generating decent business, the source added. Checks accounted for just 6 percent of the total mix of global non-cash transactions in 2014, compared with 65 percent for cards, 12 percent for direct debits and 17 percent for credit transfers, according to Capgemini Financial Services and the Bank for International Settlements. But in the Middle East checks are a more common feature of commerce, are often used for big-ticket transactions such as housing and other payments. German rival Commerzbank ( CBKG.DE ) told customers in the Gulf in December it will no longer process their transactions in euros, sources said, joining other big banks that cut such services after being fined for dealings with Iran. (Editing by Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-deutsche-bank-payment-idUKKBN16Y0NC'|'2017-03-27T15:23:00.000+03:00'
'4c2f0cea0bf7717d9b53233d25975a656bd84d07'|'Honda faces long haul to recoup jet costs'|'Business News  08am EDT Honda faces long haul to recoup jet costs left right FILE PHOTO : Honda Motor''s HondaJet business airplane is seen at Honda Aircraft Company in Greensboro, North Carolina, U.S., November 11, 2016. REUTERS/Maki Shiraki/File Photo 1/2 left right FILE PHOTO : Honda Aircraft Company CEO Michimasa Fujino poses next to Honda Motor''s HondaJet business airplane at Honda Aircraft Company in Greensboro, North Carolina, U.S., November 11, 2016. REUTERS/Maki Shiraki/File Photo 2/2 By Naomi Tajitsu and Maki Shiraki - TOKYO TOKYO After three decades building an airplane from scratch, Michimasa Fujino, 56, chief engineer of the Hondajet, might have to reach a ripe old age to see Honda Motor Co''s ( 7267.T ) pet aviation project recoup its development costs. Honda has declined to reveal the costs, but the automaker has been researching aircraft development since 1986, and Richard Aboulafia, vice president of analysis at aerospace consulting firm Teal Group, thinks it has likely spent roughly $1 billion on the jet program since the early 2000s - more than double the $400 million typical for similar jets. A five-year delivery delay and developing its own engine bumped up the bill. The company that gave the world the Honda Civic, which revolutionized compact cars in the United States in the 1970s, is betting its $4.5 million dollar, six-seater light business jet, the first aircraft developed by an automaker since World War Two, will expand the fuel-efficient private jet market. The jet began deliveries in late 2015 and is priced slightly higher than competitors in the conservative light businessjet segment. "The biggest mistake people make when getting into the aircraft business is (thinking) that the cash hemorrhaging ends once you start delivering aircraft," said Aboulafia. "But very often, it increases," he said, citing marketing and production ramp-up costs. Fujino, CEO of Honda Aircraft Company, has said he expects it will take at least five years to start generating profits, and Aboulafia thinks it could take much longer to recoup sunk costs. "If they, miraculously, can generate $1 million in profit on each aircraft, then they need to sell 1,000 planes, after they build the (first 100 or so) aircraft that are unprofitable," he said. The project has depended on Honda''s deep pockets. The automaker''s net profit for the 2016 financial year was around $3 billion, more than triple that of Textron ( TXT.N ), maker of the rival Cessna Citation M2 jet. Honda hopes the project will have intangible benefits - varnishing its brand image to claw back automobile market share in North America, which has slipped below 10 percent in the past few years, and leveraging jet-engineering skills to raise the efficiency and performance of future car models. NO TRACK RECORD Fujino acknowledges that customers, particularly first-time buyers, may need convincing. "We want to show customers that even though we don''t have a history of selling aircraft, we''re in the market because we have something new to offer," he told Reuters in an interview. "For us that''s more important than having a track record." Businessjet operators have shown interest, as it would offer an upscale alternative to turbo prop jets, often used for small charter services. "The Hondajet would provide a new product for that segment, which is now mostly rattling around on old turbo props," said Richard Hodkinson, vice president of aircraft sales and acquisitions at aircraft services operator Clay Lacy Aviation in Van Nuys, California. "It wouldn''t be bigger than a turboprop in terms of the cabin, but it would be new, it would be quiet, it would be more efficient, and you''d be in a jet." To sell the jet, Honda, which is targeting wealthy individuals and business owners, has taken a page from the auto industry playbook, establishing a dealership network across the Americas and Europe, though it plans to sell directly to fleet operators. "The car dealership model works for achieving high-volume, localized sales. The model may not be perfect, but Honda U.S. car sales have expanded by leveraging the strengths of the dealer system," said Fujino. Some think that could be a mistake. Established makers often sell directly to customers and offer maintenance and parts services through their own sales outlets, which takes time and resources to establish, but enables them to control quality and consistency of service. "You can''t transfer the dealership model from the auto industry to aircraft," said Aboulafia. "You''re sending a message that you''re not going to be a big player ... If they want to develop a family of products and really get out there and be a force in the market, then it''s a missed opportunity." LABOR OF LOVE Unlike the cheap-and-cheerful Civic, the Hondajet is marketed like an expensive sports car, presented on a slowly rotating platform in the company''s delivery room, a pristine, high-ceilinged hangar at its headquarters in Greensboro, N.C. "The Hondajet is meant to evoke the image of being the sports car of business jets. We wanted it to have the ''wow'' factor of a beautiful car," Fujino said late last year. The jet has been a labor of love for Fujino, who confounded industry colleagues with the craft''s engineering masterstroke: engines mounted on the wings, not the fuselage, which reduces cabin noise and makes space for a full-sized washroom, a first in its segment. He also says he found an aerodynamic sweet spot for the engine placement, helping the jet use an average of roughly 15 percent less fuel than rivals, which include the Phenom 100, made by Brazil''s Embraer SA ( EMBR3.SA ), and the Citation M2, its biggest competitor. In the delivery room, Fujino obsesses over every detail of presentation, angling the lighting to highlight the contours of the aircraft''s softly pinched nose, inspired by a Ferragamo stiletto. He often personally hands over the keys to new owners and says he intends to keep that up even as annual production rises from around 25 now to perhaps 80 in the coming years, nearly double the Citation M2, according to Teal estimates. "I know the faces of all of our current customers," he said. (Reporting by Naomi Tajitsu and Maki Shiraki; Editing by Will Waterman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-honda-jet-idUSKBN16Y0CD'|'2017-03-27T11:55:00.000+03:00'
'b6c31d90bd760ec368ab6fbbc74877d853de81f1'|'EU''s competition watchdog says a few merger candidates may have misled'|'BRUSSELS A "small handful" of companies may have given misleading information when they sought approval for their mergers, Europe''s competition commissioner said on Monday, putting the companies at risk of sanctions and fines should regulators find proof of wrongdoing.The comments by Margrethe Vestager came as she weighs up Facebook''s ( FB.O ) response to charges of giving misleading data during its $22 billion bid for phone messaging service WhatsApp in 2014.Facebook said that it was unable reliably to match the two companies'' user accounts but regulators said this was incorrect and that it was technically possible to do that.The European Commission has to date identified "a small handful, which is less than five but more than one and probably doesn''t qualify as several" companies which might have given misleading information, Vestager told a news conference.She said the cases were brought to her attention by people who spotted some inconsistencies in what merging companies said and what appeared in newspapers.It was not clear if the anomalies would trigger further investigations. Companies found to have given misleading information can be fined up to 1 percent of their global turnover.(Reporting by Foo Yun Chee; Editing by Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-eu-m-a-vestager-idINKBN16Y215'|'2017-03-27T14:12:00.000+03:00'
'36eeb67718920e6046b1a976b6da00b64889ccde'|'Germany''s Knorr-Bremse could make further acquisitions'|'MUNICH German car parts maker Knorr-Bremse [STELLG.UL] could make further acquisitions worth around 500 million euros ($543 million) each, after making a bid for Sweden''s Haldex ( HLDX.ST ), the group''s chief executive told Reuters."We are not yet finished with the expansion and revamp of the company," Klaus Deller said in an interview on Monday, without providing details on possible targets.Knorr-Bremse has offered 5.53 billion Swedish crowns ($630 million) for Swedish brake systems maker Haldex but is still waiting for clearances from competition authorities.Deller said Knorr-Bremse had received positive feedback from the authorities and said he was convinced the takeover would largely be approved."Even if we had to divest some parts, it wouldn''t change the rationale," he said.(Reporting by Irene Preisinger; Writing by Maria Sheahan; Editing by Victoria Bryan)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-haldex-ab-m-a-knorr-bremse-idUSKBN16Y0YZ'|'2017-03-27T13:42:00.000+03:00'
'17e0c55d2fd66652a9a4c670dd2804652806bd16'|'UPDATE 1-Gilead hepatitis C drug patent faces European challenge'|'Health  54am EDT Gilead hepatitis C drug patent faces European challenge LONDON International groups representing doctors and patients have launched a fresh challenge to the patent on Gilead Sciences'' hepatitis C drug sofosbuvir at the European Patent Office in order to increase access to the treatment. Sofosbuvir is sold by the U.S. drugmaker as Sovaldi and is included in other hepatitis C medicines such as Harvoni and Epclusa. The treatment is transforming the fight against the liver-destroying viral disease by offering an effective cure, but Medecins Sans Frontieres (MSF) and Medecins du Monde (MdM) said its high cost was a serious barrier. The campaigners argue that the patent on the drug, which costs tens of thousands of dollars for a typical course, is open to challenge because the science behind sofosbuvir is not new. Previously, in 2015, MdM had accused Gilead of abusing its patent on sofosbuvir. If the latest patent challenge is successful, it could make cheaper generic versions of sofosbuvir available in Europe. MSF and MdM, who have been joined by 28 groups from across Europe, said key patents on sofosbuvir had already been revoked in China and Ukraine, and decisions were pending in other countries, including Argentina, India, Brazil, Russia and Thailand. Gilead said it was working to ensure patients had access to its hepatitis drugs and it had cured more people in the past 2-1/2 years than were cured in the previous 20 years combined. "This action has no immediate impact on Gilead’s patents or on our exclusive right to make and sell Sovaldi, Harvoni and Epclusa in the EU," a spokeswoman said of the patent challenge. (Editing by Keith Weir) WHO demands access to Syria''s east Ghouta to bring medical aid GENEVA The health situation is deteriorating in Syria''s eastern Ghouta region near Damascus, where 300,000 people are besieged and none of the three hospitals is functioning, the World Health Organization said on Monday in a call for access to deliver aid. Foamix Pharmaceuticals Ltd said its experimental acne drug failed to meet one of two main goals in a late-stage study, sending its shares down about 30 percent in premarket trading. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-gilead-europe-patent-idUSKBN16Y1T4'|'2017-03-27T22:52:00.000+03:00'
'5a9d56a6baa79342d53cb9ac44876976c17c8c1c'|'EU''s Vestager to announce merger decision at noon'|'BRUSSELS EU antitrust chief Margrethe Vestager will announce a decision on a merger case at around noon, the European Commission said on Monday, without giving further details.Last week, sources told Reuters that Vestager would give the green light to the $130 billion Dow Chemical ( DOW.N ) and DuPont ( DD.N ) merger this week.Approval could also be granted to ChemChina''s [CNNCC.UL] $43 billion bid for Syngenta ( SYNN.S ) at the same time although the timing could still change, the people said.Both deals gained EU antitrust clearance after pledges to sell assets to address competition concerns, the sources said.Vestager is also set this week to block the fifth attempt by Deutsche Boerse ( DB1Gn.DE ) and London Stock Exchange ( LSE.L ) to join forces and create Europe''s biggest exchange.(Reporting by Foo Yun Chee; editing by Philip Blenkinsop)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-eu-m-a-idINKBN16Y0TO'|'2017-03-27T06:56:00.000+03:00'
'f48f491ccc484ece1490acf8eb5837a1c3960765'|'Options exchanges resume routing to CBOE after connectivity issue'|'By Saqib Iqbal Ahmed - NEW YORK NEW YORK Several U.S. options exchanges, including those run by Nasdaq Inc ( NDAQ.O ) and the New York Stock Exchange, declared "self-help" alerts against CBOE Holdings Inc''s ( CBOE.O ) CBOE Options Exchange for a short time on Monday, signaling problems processing trades.A "self-help" alert is a notification issued by a trading exchange when another exchange is dealing with internal problems processing trades and orders are routed through alternate venues.CBOE, which opened on time at 9:30 a.m. EDT, faced connectivity issues with a number of firms, said Suzanne Cosgrove, a company spokeswoman.As of 10:08 a.m. EDT, connectivity was re-established, but CBOE was still working with some firms regarding their remaining individual issues, she said. Trading on CBOE was not halted, she said.MIAX Options and MIAX PEARL options exchanges declared "self-help" on the CBOE Options Exchange as of 9:38 a.m. EDT. These were soon followed by Nasdaq-operated options exchanges, including the NASDAQ Options Market and the PHLX.NYSE Amex Options and NYSE Arca Options suspended routing to the CBOE, the NYSE said in a status message.By 11:48 a.m. EDT, all the exchanges had resumed routing trades to the CBOE.The CBOE is the operator of the largest U.S. stock options market, and the CBOE Volatility Index .VIX and the S&P 500 Index .SPX options trade exclusively on the CBOE.Trading volume in VIX and SPX options did not appear to be affected, said Fred Ruffy, analyst at New York-based options analytics firm Trade Alert.(Editing by Dan Grebler and Matthew Lewis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usa-options-cboe-idINKBN16Y223'|'2017-03-27T14:26:00.000+03:00'
'0859b783e8cd4acaffe30fa944ca6121557d1ee1'|'BRIEF-Synchrony financial and Midas extend auto care consumer financing deal'|' 03am EDT BRIEF-Synchrony financial and Midas extend auto care consumer financing deal March 27 Synchrony Financial * Synchrony Financial and Midas extend auto care consumer financing agreement * Synchrony Financial and Midas extend auto care consumer financing agreement * Synchrony Financial - multi-year extension of its agreement to continue providing a private label credit card program for midas  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-synchrony-financial-and-midas-exte-idUSASB0B72I'|'2017-03-27T21:03:00.000+03:00'
'01e27d5a64885f1c7836f391567f4c8de85461a0'|'Citigroup plans to double South Korea wealth assets by 2020'|'Business News - Sun Mar 26, 2017 - 10:49pm EDT Citigroup plans to double South Korea wealth assets by 2020 A Citibank ATM is seen in Los Angeles, California, March 10, 2015. REUTERS/Lucy Nicholson HONG KONG Citigroup Inc ( C.N ) plans to double its wealth management assets in South Korea, currently at about $3 billion, by 2020, as the U.S. bank invests more in digital technology to expand its customer base in the country. Citi also aims to boost South Korea consumer banking deposits by 30 percent by 2020, up from $10 billion currently, it said in a statement about its expansion plans, as the bank mark its 50th anniversary in the country this year. (Reporting by Sumeet Chatterjee; Editing by Edwina Gibbs) Next In Business News Equities take a spill on Trump healthcare setback; bonds shine HONG KONG Asian stocks are set to start the week on a cautious note as President Donald Trump''s stunning failure to get healthcare reform passed raised concerns about the prospects for his plans to use fiscal stimulus to boost economic growth. SHANGHAI China Southern Airlines is negotiating a potential strategic tie-up with American Airlines that could involve a share issue and other forms of business cooperation, it said on Sunday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-citigroup-southkorea-wealth-idUSKBN16Y077'|'2017-03-27T10:41:00.000+03:00'
'e27d77b3313cc1de6bc89f3b6f15bf7a57a25bfa'|'United Airlines bars teenage girls in leggings from flight'|'U.S. - Sun Mar 26, 2017 - 6:30pm EDT United Airlines bars teenage girls in leggings from flight FILE PHOTO - A United Airlines Boeing 787 taxis as a United Airlines Boeing 767 lands at San Francisco International Airport, San Francisco, California, U.S. on February 7, 2015. REUTERS/Louis Nastro/File Photo At least two girls wearing leggings were barred from boarding a United Airlines flight on Sunday because they were not in compliance with a dress code for passengers, the company said in a statement on Twitter. According to a series of tweets by another passenger, who identified herself as the founder of a gun control advocacy group, the girls were required to change or put dresses on over their leggings before they were allowed to board their flight from Denver to Minneapolis. "The passengers this morning were United pass riders who were not in compliance with our dress code policy for company benefit travel," the airline said on Twitter as the incident Thanwent viral on social media. In another tweet made in response to a question from a social media user, the airline said: "Casual attire for ticketed passengers is fine. The passenger today was a United pass traveler and follow different guidelines." United pass travelers are company employees or family members of employees. The passenger who initiated the social media fire storm with her tweets, Shannon Watts, described one of the barred passengers as a 10-year-old girl wearing gray leggings. Watts said the girls were allowed to board their flight after changing or putting dresses over their leggings. "This behavior is sexist and sexualizes young girls," Watts said on Twitter. "Not to mention that the families were mortified and inconvenienced." Since leggings have become popular among women and girls in the United States, critics have raised complaints that they are inappropriate attire in some circumstances. Some schools have barred girls from wearing them to class. (Reporting by Dan Whitcomb)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-unitedairlines-leggings-idUSKBN16X13G'|'2017-03-27T06:25:00.000+03:00'
'0008f65f1a3fbb682bf07ea6a9acf50486f34408'|'BT fined record 42 million pounds for business-line installation errors'|'Internet   7:53am BST BT fined record 42 million pounds for business-line installation errors The logo for the British Telecom group is seen outside of offices in the City of London, Britain, January 16 , 2017. REUTERS/Toby Melville LONDON Britain''s BT has been fined a record 42 million pounds ($53 million) by the regulator for failing to install high-speed lines for businesses fast enough, in an error that is likely to cost the company around 300 million pounds in compensation. The company, which runs Britain''s major telecoms network, misused the terms of its contracts to reduce compensation payments to other providers for failing to deliver Ethernet services on time between January 2013 and December 2014, regulator Ofcom said on Monday. BT''s Chief Executive Gavin Patterson said the company took the issue very seriously, and had put in place measures, controls and people to prevent it happening again. (Reporting by Paul Sandle; editing by Kate Holton) Next In Internet News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-bt-ofcom-fine-idUKKBN16Y0KG'|'2017-03-27T14:51:00.000+03:00'
'be2d740b6b8edc67669fcc2d71ffc8542ab1feab'|'Facebook''s Messenger app to allow live location-sharing'|'Technology   Facebook''s Messenger app to allow live location-sharing The Facebook logo is displayed on their website in an illustration photo taken in Bordeaux, France, February 1, 2017. REUTERS/Regis Duvignau By David Ingram - MENLO PARK, Calif. MENLO PARK, Calif. Facebook Inc will add a feature to its Messenger app on Monday to allow users to share their locations, the company said, ramping up competition with tools offered by Apple Inc and Alphabet Inc''s Google Maps. The company has found that one of the most used phrases on Messenger as people talk to friends and family is "How far away are you?" or some variation, Stan Chudnovsky, head of product for Messenger, said in an interview. "It happens to be what people are saying, what they''re interested in the most," he said. Sharing location information will be optional, he said, but it will also be live, so that once a user shares the information with a friend, the friend will be able to watch the user''s movement for up to 60 minutes. Messenger was once part of the core Facebook smartphone app, but the company broke it out as a separate app in 2014 and has since invested in frequent changes to build a service distinct from the massive social network. Google Maps said last week that it was adding a similar feature, an attempt to boost engagement on a product of increasing strategic importance to that company. The close proximity of the announcements tells Facebook "that we''re working on the right things," Chudnovsky said. The Messages app on Apple''s iPhone has such a feature, too. Facebook has been testing its change in Mexico, he said. It was ready as long ago as October, he added, but the company worked on it for five more months to minimize the impact on the battery life of phones. (Reporting by David Ingram; Editing by Cynthia Osterman) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-facebook-location-idUKKBN16Y1TV'|'2017-03-27T23:02:00.000+03:00'
'9cddee4314d581fa14eb01dc57a182e6f054b99b'|'MOVES-Senior debt bankers to leave Bank of America Merrill Lynch'|' 12am EDT MOVES-Senior debt bankers to leave Bank of America Merrill Lynch By Alex Chambers and Helene Durand LONDON, March 27 (IFR) - Three senior debt capital markets bankers at Bank of America Merrill Lynch are expected to leave the US bank in the coming weeks, according to multiple sources. Martin Mills, head of Europe, Middle East and Africa (EMEA) product solutions, is leaving the bank, the sources said. He joined in 1999 from Moody''s. Before taking over the solutions business in 2015 he ran EMEA financial institutions ratings advisory and EMEA Green bond origination. Laurent Guyot, is also leaving the bank and will be taking time out of the business, the sources said. He is a managing director, responsible for the coverage of financial institution clients in the Benelux, France and parts of Switzerland. BAML hired Guyot in 2014 from UBS, where he headed coverage for France and Benelux FIG DCM. Gianluca Savelli, BAML''s head of debt capital markets and financial institutions corporate banking for Italy, is also leaving the bank. The trio are still employed by the bank until around the end of next month. (Reporting by Alex Chambers, Helene Durand)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/moves-bankofamericamerrilllynch-mills-idUSL5N1H12BV'|'2017-03-27T18:12:00.000+03:00'
'233b9c96c81975f5062d16706c551eebde7efc56'|'UPDATE 2-United Airlines bars teenage girls in leggings from flight'|'(Recasts with comment from United Airlines)By Dan WhitcombMarch 26 Two teenage girls wearing leggings were barred from boarding a United Airlines flight on Sunday because they did not meet a dress code for special pass travelers, a company spokesman said amid a furor on social media.The two girls, who were traveling with a companion, would not have been turned away for wearing leggings had they been paying customers, United spokesman Jonathan Guerin said as the airline responded to the backlash."(The two girls) were instructed that they couldn''t board until they corrected their outfit. They were fine with it and completely understood," Guerin said, adding that all three passengers missed the flight. He did not know if they had boarded a later plane or made alternate travel arrangements.Though the three passengers did not complain about their treatment, another traveler, Shannon Watts, who overheard the discussion touched off a firestorm on social media with a series of tweets describing a policy she suggested was unfairly targeting women and girls."This behavior is sexist and sexualizes young girls," Watts said on Twitter. "Not to mention that the families were mortified and inconvenienced."United pass travelers are typically company employees or their friends or family members.Watts'' tweets and United''s defense of it touched a raw nerve for many women and girls who have made leggings a staple in their wardrobes.The popularity of leggings has sparked criticism that they are inappropriate attire under certain circumstances. Some schools have barred girls from wearing them to class.Social media lit up with outrage against the policy and the airline for its response to the initial outcry. Celebrities chimed in with humorous protests."I have flown united before with literally no pants on. Just a top as a dress. Next time I will wear only jeans and a top," model Chrissy Teigen tweeted.United later put out a statement titled: "To our customers ... Your leggings are welcome!" that explained the policy for passholders in greater detail.That policy also bars midriff-baring tops, attire that reveals undergarments or is designated as sleepwear or swimwear, mini-skirts, shorts that fall less than 3 inches above the knee or dirty or torn clothing.Guerin conceded that the airline, in its initial response to the flap, could have done a better job of explaining the situation and countering apparently inaccurate information about the incident that appeared on Twitter."We''ll definitely take something away from today, but we''ll continue to engage with our customers (on social media)," he said. (Reporting by Dan Whitcomb; Edited by Mary Milliken)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/unitedairlines-leggings-idINL2N1H4005'|'2017-03-27T00:26:00.000+03:00'
'24c566b8a93bece44d5fd56f1a68b07f9642b476'|'Emirates Global Aluminium mandates U.S. banks for IPO: sources'|'By Dasha Afanasieva and Clara Denina - LONDON LONDON Emirates Global Aluminium (EGA) mandated Bank of America Merrill Lynch ( BAC.N ), Goldman Sachs ( GS.N ) and JP Morgan ( JPM.N ) to advise on its initial public offering, sources familiar with the situation said on Monday.The three banks, which were mandated as joint global coordinators, declined to comment.One source said the company had earnings before interest, tax, depreciation and amortization (EBITDA) of at least $1.5 billion and that its closest publicly traded comparison was Norsk Hydro which is trading at a forward looking enterprise value-EBITDA multiple of 6.1, according to Thomson Reuters data.Last week Reuters reported that the company, one of the world''s biggest producers, had invited banks to pitch but that the size of the offering was yet to be determined.EGA was created in 2013 when state-owned companies Dubai Aluminium (Dubal) and Abu Dhabi''s Emirates Aluminium (Emal) merged. Its enterprise value was put at $15 billion at the time of the merger.It is owned by Abu Dhabi state fund Mubadala Investment Co and Investment Corporation of Dubai (ICD).EGA, which supplies aluminum to 300 customers in more than 60 countries, has reported a 10 percent rise in 2016 net profit to 2.1 billion dirhams ($570 million) despite a fall in revenue.(Editing by Ruth Pitchford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-emirates-global-aluminium-ipo-mandate-idINKBN16Y24E'|'2017-03-27T14:58:00.000+03:00'
'6fff0d6c135bb784668931624c4b905534e970e9'|'UPDATE 1-Brazil suspends three more meat processing plants in bribery scandal'|'(Adds details, background)By Alberto AlerigiSAO PAULO, March 27 Brazil''s Agriculture Ministry said on Monday that it ordered three more food processing facilities to suspend production amid an investigation into alleged corruption of inspectors and unsanitary conditions in the world''s biggest meat producer.That brings to six the number of food processing plants that have been ordered temporarily closed by Brazilian authorities. A total of 21 plants are included in a police investigation, and are not allowed to export any product, although they can still produce for the domestic market.All three plants ordered closed on Monday are in Parana state, where the scandal has been centered. They include units of Souza Ramos, Industria de Laticinios SSPMA and Fabrica de Farinha de Carnes Castro.Several major meat importers issued bans after Brazilian federal police on March 17 unveiled an investigation into alleged payments to government health officials by meat processing companies to forgo inspections and ignore abuses, code-named "Operation Weak Flesh."The investigation hit hard at one of the few strong sectors in Brazil''s economy, which is experiencing its worst recession on record.But on Saturday, China, the biggest buyer of Brazilian meats, along with Egypt and Chile, lifted the suspensions, bringing hope of an end to a crisis.Hong Kong, Brazil''s No. 2 market, along with the European Union, have maintained full or partial bans. (Reporting by Alberto Alerigi; Writing by Brad Brooks; Editing by Daniel Flynn and Peter Cooney)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brazil-corruption-food-idINL2N1H41DO'|'2017-03-27T18:28:00.000+03:00'
'e7372cfad218056950960d3f880ad11d7d5578cb'|'Alexion Pharma names former Baxalta head Ludwig Hantson CEO'|' 43am EDT Alexion Pharma names former Baxalta head Ludwig Hantson CEO March 27 Alexion Pharmaceuticals Inc said it named former Baxalta head Ludwig Hantson chief executive officer as the rare-disease drug maker looks to steady the ship following the exit of its top management. David Brennan, former head of British drugmaker AstraZeneca Plc, has been Alexion''s interim CEO after David Hallal left the company in December amid speculation that the board had lost confidence in him. Brennan will remain on Alexion''s board, the company said on Monday. (Reporting by Natalie Grover in Bengaluru; Editing by Anil D''Silva)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/alexion-pharms-moves-ceo-idUSL3N1H43RK'|'2017-03-27T18:43:00.000+03:00'
'42c093cad29bf51c93264d96ae4b7e2e02656561'|'Israel''s Netafim hires Goldman Sachs to handle possible sale'|'JERUSALEM, March 27 Israeli irrigation specialist Netafim said on Monday it has hired Goldman Sachs to handle the possible sale or public offering of the company."Following Netafim''s good results from the past years, and given the positive forecast ahead, the company is exploring a number of strategic options including a share offering or sale," Netafim said in an emailed statement without elaborating.Netafim, which has 4,300 employees and 17 factories, said it hired Goldman at the start of the first quarter to lead the process, along with Bank of America Merrill Lynch and CenterView.Private equity firm Permira owns 61 percent of Netafim, a pioneer of drip irrigation. (Reporting by Ari Rabinovitch; Editing by Steven Scheer)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/netafim-goldman-sachs-idINL5N1H439N'|'2017-03-27T10:11:00.000+03:00'
'1385c39bf3c63c8dad3d31f7cf151def2946fac0'|'Exclusive: Evolent Health explores merger with Advisory Board - sources'|'Healthcare technology provider Evolent Health Inc ( EVH.N ) is exploring a potential combination with Advisory Board Co ( ABCO.O ), people familiar with the matter said on Friday.Evolent has held talks with private equity firms about getting financial backing for an offer, and there is no certainty that it will clinch a deal, the people said.Advisory Board has also attracted the interest of other companies, including healthcare data company Press Ganey Associates Inc, the people said. The company received preliminary offers this week, and will continue discussions with bidders in the coming weeks, the people added.A deal could involve the sale of the entire company or just a divestment of its healthcare division, the people said.The sources asked not to be identified because the negotiations are confidential. Advisory Board, Evolent and Press Ganey did not respond to requests for comment.(Reporting by Carl O''Donnell in New York; Editing by Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-advisoryboard-m-a-evolenthealth-idINKBN16V2O8'|'2017-03-24T17:53:00.000+03:00'
'105ecb4d114c98e6bf2800f62fbe7352316da448'|'BRIEF-Elliott Management sends letter to Arconic board in response to Co''s "refusal to comply with information request"'|'Company  02pm EDT BRIEF-Elliott Management sends letter to Arconic board in response to Co''s "refusal to comply with information request" March 27 Elliott Management Corp: * Elliott Management Corp sends letter to Arconic Inc board, management in response to company''s "refusal to comply with information request" Source text for Eikon: Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-elliott-management-sends-letter-to-idUSFWN1H40NB'|'2017-03-28T02:02:00.000+03:00'
'a1ffb79b05b019aabbdb915060db0b6eba596210'|'Moss Bros could jilt me at the altar over my groomsmen''s get-up - Money'|'I hired wedding outfits for myself and my seven groomsmen from Moss Bros in London’s Regent Street, and we were measured in early January. I selected a faded blue French Connection suit and was told it would be available for collection at my local branch in Ilford at the beginning of March, four weeks before the wedding. A month later, I received a call from the Ilford branch claiming that only my measurements were on the order form. When I examined the paperwork I found the suit ordered was bright blue and shirts that I had not requested had been added. I called in and was told the faded blue suit was not available for hire, that the groomsmen’s measurements had been lost and that the promised large-order discount had only been applied to one of the eight suits. I was back to square one. I then chose a faded blue Ted Baker suit. I was told it would arrive at the start of March, but when I rang on 1 March I was told it was unavailable. They had also ordered the wrong colour waistcoats and the discount had only been applied to three suits. I now have four weeks until my wedding and have no idea what is happening with my suit, despite ordering it three months in advance and paying a £340 deposit. RK, London Sadly, the saga does not end there. Silence met my alert to the Moss Bros press office for eight days, during which the Ted Baker suit arrived and turned out to be different to the one you had tried on, so you had to choose yet another option, which would only be ready two days before the wedding.When you lodged a formal complaint via the website you were told that, since the order had now been corrected, your complaint was closed.After chasing, the press office finally got things moving. It arranged for the suits to be ready three weeks earlier than agreed and replacements would be couriered to you if need be.“My sincerest apologies for the experience the customer has received,” says a spokesperson. You might expect such contrition to manifest itself in a generous discount. Sadly not. A £50 gift card and a bottle of champagne is all you’re getting for your weeks of hassle and suspense.One lesson to learn: check order forms before paying, so you can spot any mistakes at the outset.If you need help email Anna Tims at your.problems@observer.co.uk or write to Your Problems, The Observer, Kings Place, 90 York Way, London N1 9GU. Include an address and phone number. Topics Consumer rights Your problems with Anna Tims Consumer affairs Moss Bros Weddings Men''s fashion features   Share   Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/mar/29/moss-bros-would-jilt-me-altar-suits-groomsmen'|'2017-03-29T17:42:00.000+03:00'
'1db193faf30787ca3ce9df6730cbebc91acd10f2'|'Banks leaving UK to get time to comply with ECB rules: Lautenschlaeger'|'Mon Mar 27, 2017 - 10:45am BST Banks leaving UK to get time to comply with ECB rules: Lautenschlaeger Sabine Lautenschlaeger, executive board member of the European Central bank (ECB), looks on during the Bundesbank Banking Congress ''''Symposium on Financial Stability and the Role of Central Banks'''' in Frankfurt, February 28, 2014. REUTERS/Ralph Orlowski FRANKFURT Banks moving from Britain to Europe due to Brexit may be given time, possibly years, to fully comply with the European Central Bank''s rules, ECB executive board member Sabine Lautenschlaeger said on Monday. "In the case of Brexit, we have many banking groups coming in, probably." Lautenschlaeger, also a top ECB supervisor, told a press conference. "To enable banks to comprehensively comply with our requirements, we will grant bank-specific phase-in periods," she said, adding that such periods can last months, possibly years, depending on individual circumstances. (Reporting by Balazs Koranyi; Editing by Francesco Canepa) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-banks-brexit-ecb-idUKKBN16Y0Z8'|'2017-03-27T17:36:00.000+03:00'
'caa2cba5917a7b233d3849283a4001e7fc710b4d'|'Russia says satisfied oil cuts deal being adhered to - RIA'|'Business News - Mon Mar 27, 2017 - 9:17am BST Russia says satisfied oil cuts deal being adhered to - RIA left right Russia''s Energy Minister Alexander Novak addresses a news conference after a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, December 10, 2016. REUTERS/Heinz-Peter Bader 1/2 left right Kuwait Oil Minister Ali Al-Omair gives his opening speech during OPEC 2nd Joint Ministerial Monitoring Committee meeting as Russian Energy Minister Alexander Novak and OPEC Secretary General Mohammad Barkindo attend the meeting in Kuwait City, Kuwait, March 26, 2017. REUTERS/Stephanie McGehee 2/2 MOSCOW Energy Minister Alexander Novak said on Monday Russia was satisfied that OPEC and non-OPEC countries were committed to sticking to a global deal to cut oil output, the RIA news agency reported. Novak said those commitments had been reaffirmed at a ministerial meeting of OPEC and non-OPEC members in Kuwait. (Reporting by Maria Kiselyova; Writing by Andrew Osborn; Editing by Kevin O''Flynn) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-oil-opec-russia-idUKKBN16Y0QX'|'2017-03-27T16:17:00.000+03:00'
'cf8092ca54c667e6611cf9e80a1e09d7faede643'|'METALS-Copper slides after Trump setback on healthcare reform'|'Company News  19am EDT METALS-Copper slides after Trump setback on healthcare reform * Copper down 1.6 percent at $5,712 a tonne * Weaker dollar could yet provide price support * Nickel falls as supply worries recede (Adds official prices) By Pratima Desai LONDON, March 27 Copper prices slid on Monday as funds cut bets on higher prices after U.S. President Donald Trump''s failure to push through healthcare reform fuelled concern about his ability to implement his economic policies. Benchmark copper on the London Metal Exchange traded down 1.9 percent at $5,694 a tonne in official rings. "Trump''s election was seen as good for markets, but he is now being seen as potentially less effective than people were thinking," said SP Angel analyst John Meyer. "His failure on Obamacare has created uncertainty about whether he can push his policies through Congress." * U.S. HEALTHCARE: Trump suffered a political setback on Friday in a Congress controlled by his own party when Republican leaders pulled legislation to overhaul the U.S. healthcare system. * DOLLAR: A weaker dollar, at four-month lows against a basket of currencies, could yet support prices because it makes dollar-denominated metals cheaper for holders of other currencies. * TECHNICALS: A closing copper price below the 100-day moving average around $5,749 could prompt further losses. * ESCONDIDA: The union at Chile''s Escondida copper mine has ended its 43-day strike by invoking a legal provision to extend workers'' old contract by 18 months, leaving owner BHP Billiton in a weaker position for future negotiations. * ZINC: The market focus is on New Orleans, warehouses'' on-warrant stocks have dropped to 183,800 tonnes after a further 21,300 tonnes of cancellations or metal earmarked for delivery. MZNSTX-TOTAL On-warrant zinc stocks -- metal available to the market -- have fallen 42 percent this year to the lowest levels since November 2008. * VEDANTA: Indian mining company Vedanta Resources said on Friday that it will invest $1 billion in its Zambian mining unit Konkola Copper Mines (KCM). * NICKEL: Receding worries about supply shortages pushed nickel down 1.3 percent to $9,745 a tonne, having touched $9,655, its lowest since Jan. 30. * OTHER METALS: Aluminium was down 0.8 percent at $1,924 a tonne, zinc ceded 1.9 percent to $2,776, lead lost 1.5 percent to $2,317 and tin slid 1.7 percent to $19,515 a tonne. * LME/SHFE ARBITRAGE: LME copper trading was at a 511 yuan premium to prices on the Shanghai Futures Exchange at 1307 GMT, aluminium was at 1,696 yuan discount, zinc a 58 yuan premium, lead at a 1,386 yuan discount and nickel at a 2,679 yuan premium. PRICES'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL3N1H42W9'|'2017-03-27T20:19:00.000+03:00'
'655da3bb9bb8dafaf3e87e25509a0f09fad16afb'|'Brexit question draws U.S., Russian, Chinese interest at WTO'|'Business News   5:54pm BST Brexit question draws U.S., Russian, Chinese interest at WTO FILE PHOTO: An EU flag is seen through a British Union flag during a pro-EU referendum event at Parliament Square in London, Britain, June 19, 2016. REUTERS/Neil Hall/File Photo By Tom Miles - GENEVA GENEVA China, Russia and the United States said on Monday they were taking an interest in Brexit, a World Trade Organization source said, after a question about a tricky but vital reform required by Britain arose at the Geneva-based trade body. The question, posed at the WTO''s agriculture committee by Indonesia, was about how Britain would handle its agricultural tariff system and preferential trade scheme for poorer countries after Britain leaves the European Union. The United States, Argentina, China and Russia all registered their interest in the matter, the WTO source said. The European Union''s brief answer was that the EU common external policy still applied to Britain as an EU member state, and although it was not possible to answer immediately, a more substantive reply would be provided in due course. Trade diplomats say the agricultural tariff question is the stickiest problem facing Britain as it prepares to establish its own distinct terms of trade at the WTO. Britain is a member of the WTO in its own right but its terms of trade are not spelled out separately in its own "trade schedules", the WTO document setting out each member''s obligations. Instead, Britain uses the collective EU schedules. For the most part, creating its own schedules will simply mean copying and pasting from the EU. But agricultural tariffs and subsidies cannot simply be copied from the EU: Britain will need to get the rest of the 164-member WTO to agree on how much it can subsidise its farmers and how many tonnes of agricultural commodities such as beef or wheat it will import at a low tariff. Agricultural producers such as Argentina could try to use the negotiation to increase their exports to the newly independent British markets, which may be resisted by British farmers. Britain wants to smooth the way for its new WTO schedules by ensuring all other countries are happy with its plans before it officially proposes its new WTO terms. British Trade Minister Liam Fox said last December the process had begun. But diplomats say some WTO members can always be relied on to use even simple negotiations as bargaining chips. Henri Getaz, the Swiss diplomat in charge of Brexit negotiations for his country, said at the end of January that Switzerland regarded the negotiation of Britain''s new schedules as a potential win-win, but other countries might not. "Of course there are 160 or so more members in the organisation that might be tempted to take this as an opportunity to negotiate more market access, and I don’t know how this will work,” he said. (Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-wto-idUKKBN16Y23W'|'2017-03-28T00:54:00.000+03:00'
'ac5496e6278c45d6feacd467e849487177934286'|'Big Tesco shareholders oppose $4.7 billion Booker deal'|'LONDON Two of Tesco''s ( TSCO.L ) biggest shareholders have called on the supermarket group to withdraw its 3.7 billion pound ($4.7 billion) agreed offer for wholesaler Booker ( BOK.L ), potentially casting doubt on the deal''s progress.Schroder Investment Management ( SDR.L ) and Artisan Partners, Tesco''s third and fourth largest investors with stakes of 4.49 and 4.48 percent respectively, both said on Monday they were against the transaction.In a letter to Tesco Chairman John Allan, Schroders fund manager Nick Kirrage and the asset manager''s global head of stewardship Jessica Ground called on investors who share their view to speak out against the deal announced on Jan. 27."All management teams believe that their acquisitions will create value. However, there is compelling academic and empirical evidence that, on average, acquisitions destroy value for acquiring shareholders," they wrote in the letter, seen by Reuters."We believe that the high price being paid for Booker makes the destruction of value even more likely."No comment from Tesco was immediately available.Daniel O''Keefe, lead portfolio manager of Artisan''s Global Value funds, told Reuters buying Booker was a distraction for Tesco''s management and a risk not worth taking."Booker is a new business for Tesco, it''s going to involve a lot of distraction for management, unforeseen risk, and unforeseen issues," he said.O''Keefe said Artisan had expressed its concern over the merits of the deal to Tesco management."They are still in favor of the transaction, we''re not," he said.The stances of Schroders and Artisan were first reported by the Financial Times.Richard Cousins, CEO of Compass ( CPG.L ), the world''s biggest catering firm, resigned as Tesco''s senior independent director on Jan. 3 because he did not support the deal."This demonstration of integrity delivers a powerful message about his concerns around the merits of the deal," said Schroders.By buying Booker, Tesco is looking to increase its exposure to Britain''s 85 billion pound "out of home" food market, including cafes, restaurants and takeaways, which is growing at a greater pace than the 110 billion pounds "eat at home" market.Share prices in both companies rose sharply when the deal was announced. However, Tesco''s shares have since fallen on concerns the deal faces a lengthy competition investigation.Tesco shares are down 8 percent so far this year while Booker''s are up 14 percent.Though Tesco and Booker maintain they have a compelling competition case the deal is expected to face intense scrutiny from Britain''s antitrust authorities as it will add to Tesco''s more than 28 percent share of the overall UK grocery market and, more specifically, its influence in the convenience, confectionery and tobacco markets.(Reporting by Carolyn Cohn, James Davey and Rachel Armstrong; editing by William Schomberg and David Clarke)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-booker-group-m-a-tesco-idINKBN16Y251'|'2017-03-27T16:54:00.000+03:00'
'11cdfe3f3c096f9553b573a5b5cbbcfb480114a0'|'BRIEF-SANCHEZ PRODUCTION PARTNERS LP SAYS BOARD ELECTED PATRICIO SANCHEZ AS PRESIDENT'|' 17pm EDT BRIEF-SANCHEZ PRODUCTION PARTNERS LP SAYS BOARD ELECTED PATRICIO SANCHEZ AS PRESIDENT March 28 Sanchez Production Partners LP * BOARD OF DIRECTORS OF GENERAL PARTNER OF SPP HAS ELECTED PATRICIO SANCHEZ AS PRESIDENT   WASHINGTON, March 28 The U.S. Commerce Department will remove Chinese telecom equipment maker ZTE Corp from a trade blacklist after the company admitted to violating sanctions on Iran, the Commerce Department said in a notice made public on Tuesday, MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-sanchez-production-partners-lp-say-idUSFWN1H50P8'|'2017-03-29T03:17:00.000+03:00'
'957611d4f1cc184a197dd8f3d65ab3ffdd8292cf'|'UPDATE 1-Eni launches French power retail sales, targets 1 mln clients by year-end'|'* Italy''s Eni targets 2 mln customers by end 2020* Eni bets that state will allow more competition* EDF still has 86 pct electricity market share (Adds Eni comment on competition, detail on other players)By Benjamin MalletPARIS, March 28 Italy''s Eni, already France''s second-biggest gas retailer, said on Tuesday it will launch an electricity retail offer and is targeting 1 million French gas and power customers by year-end.The entrance of a major new competitor on the French residential power market will be another blow to former monopoly power vendor EDF, which is seeing its margins slide as new players win customers with sharply priced offers.Eni said in a statement that the French retail power market "offers incredible growth potential" as energy bills are a heavy burden for consumers.Eni in 2012 entered the French gas market - dominated by former monopoly player Engie - with its own brand and by the end of February had won 700,000 customers. It had 2016 sales of 1.2 billion euros ($1.30 billion) in France.In November 2016, Eni also started selling power to companies and now has some 1,500 client sites. By end 2017, it wants to add about 300,000 more customers and by 2020 Eni aims for 2 million clients, half in power, half in gas.Four years ago, as its gas sales in France started taking off, Eni said it had no plans to enter the French electricity market because it was too tightly controlled by EDF.Eni France Gas & Power head Daniel Fava said the power market in France, unlike most other big European countries, was highly political and that the state was putting a brake on free competition."We are betting that the market will become less politicised," he said.Eni expects that the scrapping of regulated tariffs for residential gas and power customers in France - on which the State Council must rule in the coming months - will facilitate the appearance of new power vendors. Regulated tariffs for business customers were scrapped at the start of 2016.EDF''s competitors say the government is artificially keeping regulated tariffs low, making it hard for them to compete with EDF.Eni will offer several formulas to its customers, competing on price with EDF, which at the end of 2016 had a market share of 85.8 percent of all client sites.Gas utility Engie has an 8 percent market share, followed by independent retailer Direct Energie, which has a 5 percent share. Direct Energie told Reuters in January that by 2020 it aims to nearly double its client base to 4 million and targets a market share of 10 percent.Last year, oil major Total bought Belgian power retailer Lampiris, which is also building up a retail client base in France. ($1 = 0.9206 euros) (Writing by Geert De Clercq; Editing by Sudip Kar-Gupta and Ed Osmond)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eni-france-power-idINL5N1H51M7'|'2017-03-28T13:15:00.000+03:00'
'b448b6ae3cabda4b893e664583c63f3002e58d5a'|'Argentina has ''very small'' budget to buy defense aircraft -minister'|'Company News - Tue Mar 28, 2017 - 3:29pm EDT Argentina has ''very small'' budget to buy defense aircraft -minister By Caroline Stauffer - BUENOS AIRES, March 28 BUENOS AIRES, March 28 Argentina has few funds available to replace an outdated military fleet beyond buying 12 Beechraft Texan aircraft to train pilots, Defense Minister Julio Martinez told Reuters on Tuesday. Martinez said actual plans were more modest than those reported by media in Argentina and Brazil in recent months, which said the government was interested in buying war planes from abroad, including from Brazil''s Embraer or Mig fighters from Russia. "For now, we do not have much budget capacity," Martinez said after an event commemorating the end of Argentina''s latest Antarctica mission. "We are only buying training aircraft, and just a few, 12." Argentina''s center-right President Mauricio Macri has set an ambitious goal to trim spending and narrow a budget deficit after two terms of free-spending populism under leftist leader Cristina Fernandez. Martinez did not say how much Argentina was spending on the training planes, only acknowledging that the budget was "very small." The Beechcraft Texan planes will help replace 24 Embraer EMB-312 Tucanos that have been used in the air force training school for decades. Beechcraft is a subsidiary of Textron Inc making Beechcraft T -6C Texan II planes that are used for training pilots in several countries. "We will need 12 more, and then we need a lot of other aircraft, medium-sized transport and other kinds of planes," Martinez said. A navy spokesman said in December Argentina was also in talks to buy four C-205 aircraft manufactured by Europe''s Airbus Group SA. Asked if Argentina would need new aircraft to achieve Macri''s goal of better patrolling borders with Paraguay and Brazil to stop drug flights, Martinez said the training aircraft could potentially also be used for that purpose. Macri''s government is also looking to restart manufacturing at cash-strapped state-run aircraft producer Fadea, which was previously operated by Lockheed Martin and nationalized under Fernandez. Martinez confirmed a report by state-run news agency Telam last week that said Fadea would manufacture three Pampa training planes this year. Martinez also said Argentina did not have any immediate plans to purchase arms from abroad, denying statements on Twitter from former President Fernandez who said on Monday that Argentina sought to buy $2 billion of "sophisticated weapons of war" from the United States. "For now no, no arms," Martinez said. (Reporting by Caroline Stauffer; editing by Grant McCool) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/argbntina-planes-idUSL2N1H51HL'|'2017-03-29T03:29:00.000+03:00'
'117d758d5735e869f2b94834346c7264d6a18dfa'|'Brazil''s Odebrecht O&G mulls out-of-court workout: sources'|'By Guillermo Parra-Bernal and Aluísio Alves - SAO PAULO SAO PAULO Odebrecht Óleo & Gás SA, the offshore oil drilling firm owned by Brazil''s Odebrecht SA [ODBES.UL], could seek an out-of-court reorganization with creditors to speed up the restructuring of $5 billion in debts, two people familiar with the plan said on Monday.According to the people, an out-of-court workout would help the company known as OOG bind minority creditors to a restructuring that is accepted by a relevant majority of banks, bondholders and suppliers. Filing for bankruptcy protection is not an option for OOG, the people said.The one-year-old process, which is in advanced stages, could drag on for longer because of OOG''s difficulty contacting hundreds of individual bondholders, the first person said. Sources told Reuters last month that parent Odebrecht hoped to conclude the driller''s restructuring plan in March.A workout usually sets a limit on the influence of those investors in the upcoming rounds of a company''s debt restructuring plan. The people spoke under condition of anonymity, because terms of the restructuring remain private.In a statement, OOG declined to confirm whether it is considering an out-of-court workout, noting that it "remains in constructive talks with creditors to bolster the company''s short- and long-term financial positions amid a challenging oil and gas industry environment."By opting for such a solution, OOG would aim to gain an edge in coordinating disparate groups of creditors, discussing contractual and default terms with them, and keeping all creditors engaged in a voluntary restructuring process, one of the people said.The price on OOG''s 6.625 percent dollar bond due in October 2022 BR103995655= shed 0.5 cent to 30.375 cents on the dollar on Monday. Since restructuring talks began in around April last year, price on the note have more than doubled from an all-time low of 12 cents.In recent months, OOG and bondholders discussed putting off payments on principal and interest, as well as amortization payments on OOG''s notes maturing in 2021 and 2022.OOG raised over $3 billion from bond sales to fund the construction of offshore drilling ships that are now leased to state-controlled Petróleo Brasileiro SA ( PETR4.SA ).Over the past few years, OOG has issued debt through special purpose vehicles such as Odebrecht Offshore Drilling Finance Ltd [OODF.UL], Odebrecht Drilling Norbe VIII/IX Ltd [ODBCT.UL] and Odebrecht Oil & Gas Finance Ltd [OOAG.UL].(Editing by Daniel Flynn and Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-odebrecht-oil-restructuring-idINKBN16Y2QZ'|'2017-03-27T21:34:00.000+03:00'
'ef2096ea68213524e0f62846b0fca3adddcbf2f0'|'Wall Street set to open slightly lower - Reuters'|'By Yashaswini Swamynathan U.S. stocks looked set to open slightly lower on Tuesday as investors assessed President Donald Trump''s first major policy stumble, while awaiting comments from several Federal Reserve officials, including Fed Chair Janet Yellen.Volatility spiked, while demand for risk assets fell after Republicans were forced to withdraw a bill to reform the American healthcare system on Friday.However, stocks pared most of their losses to end slightly lower on Monday as investors focused on Trump''s promise to lower taxes - a key driver of the record-setting rally on Wall Street after the November election.The White House said late Monday it would take a lead role in crafting legislation to reform the U.S. tax code, with an August target date."Yesterday''s move was actually quite a small unwind and was quickly opposed and it tells me that investor sentiment hasn''t been unduly damaged by the failure of that legislation," said James Athey, Investment Manager at Aberdeen Asset Management."We would see this volatility to be normal and healthy and not something to be overly concerned about at this stage."Investors are eyeing Federal Reserve Chair Janet Yellen''s speech at a conference in Washington later in the day, where she could provide some insight into the timing of the central bank''s next interest rate hike.Other Fed officials scheduled to speak at separate events include Fed Board Governor Jerome Powell, Dallas Fed President Robert Kaplan and his Kansas City counterpart, Esther George.Dow e-minis were down 27 points, or 0.13 percent, with 21,077 contracts changing hands.S&P 500 e-minis were down 3.25 points, or 0.14 percent, with 128,985 contracts traded.Nasdaq 100 e-minis were down 5.75 points, or 0.11 percent, on volume of 23,278 contracts.The Conference Board will issue a report, which is likely to show consumer confidence at 114.0 in March, slightly below 114.8 in February. The data is due at 10:00 a.m. ET (1600 GMT).Shares of Tesla rose 2.1 percent to $275.86 in premarket trading after the maker of electric cars said Chinese technology giant Tencent Holdings had paid $1.78 billion for a 5 percent passive stake in the company.Ford rose 0.8 percent to $11.55 after Trump tweeted that the U.S. automaker would make a major announcement regarding three plants in Michigan.Red Hat was up 4.7 percent at $86.10 after the Linux operating system distributor reported quarterly revenue that beat analysts'' expectations.(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/usa-stocks-idINKBN16Z1NL'|'2017-03-28T11:11:00.000+03:00'
'62bd5f3569728fa73f4819ca2a3dc5273fb7ce97'|'Barclays in talks to sell Zimbabwe bank to Malawi''s First Merchant Bank'|'Business News  54am BST Barclays in talks to sell Zimbabwe bank to Malawi''s First Merchant Bank A Barclays sign is seen outside a branch of the bank in London, Britain, February 23, 2017. REUTERS/Stefan Wermuth LONDON Barclays ( BARC.L ) is in exclusive talks to sell its stake in Barclays Bank of Zimbabwe ( BARC.ZI ) to Malawi''s First Merchant Bank FMB.MV, First Merchant Bank said in a statement on its website on Tuesday. A spokeswoman for Barclays confirmed the bank is in early discussions with a prospective buyer for its 68 percent stake in the Zimbabwe bank. Neither party disclosed a value for the prospective deal. Barclays Bank of Zimbabwe has a market capitalisation of $60 million, according to Thomson Reuters data. (Reporting By Lawrence White)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-barclays-zimbabwe-idUKKBN16Z12O'|'2017-03-28T17:54:00.000+03:00'
'78458a2d83f7e2fd218d5e7c6263f86b95f368d8'|'Europe''s financial lifeline from London in doubt'|'Business   11:58am GMT Europe''s financial lifeline from London in doubt A view of the London skyline shows the City of London financial district, seen from St Paul''s Cathedral in London, Britain February 25, 2017. REUTERS/Neil Hall By John O''Donnell - FRANKFURT FRANKFURT For companies in the European Union, London is the chief gateway to finance. Rerouting the financial lines that run through London will be complex, experts say. London dominates wholesale banking in Europe, a 5.8 trillion euro (5 trillion pound) industry that includes financing for companies from big multinationals to family-owned firms that are the backbone of Germany''s economy. London is also the first port of call for companies, such as Italian lender UniCredit, selling shares or raising debt. This is because many fund managers and asset managers have a base in Britain. The Bank of England estimates that half of the debt and equity issued by EU borrowers involves financial groups in Britain. This could be a London bank organising a sale of European company bonds, for example. And London houses the bulk of Europe''s derivatives market, where car makers buy protection against swings in the U.S. dollar or airlines guard themselves against a spike in the price of oil. More than 7 trillion euros of trading in such instruments is processed in London daily. Experts expect EU firms and banks gradually to reduce their reliance on London. Governments in France and Germany want to establish alternatives to London in Paris and Frankfurt. Over time, some of London''s wholesale funding will move to other centres in Europe. Thinktank Bruegel predicts that London''s share of this market will eventually shrink from 90 percent to 60 percent. If mismanaged, however, the migration could raise the cost of funding for European companies, the thinktank said. Bruegel''s Dirk Schoenmaker said that if wholesale funding operations are spread across several locations that could lift costs by between 6 billion and 12 billion euros each year because of the expense of using multiple financial centres. That is equivalent to up to 0.1 percent of the remaining 27 EU countries'' economic output. Shifting the multi-trillion euro derivatives business would be difficult, regulators and bankers said. Some derivatives have a term of many decades. It is unclear, bankers said, what will happen when Britain, where the contracts were drafted, leaves the European Union. They said that the cost of holding such instruments could rise sharply for European banks if a clearing house in London that processes the deal, for example, is not recognised in the European Union. A transition period, after initial exit talks of two years, could win extra time. But many bank executives, speaking privately, have said they are working on the assumption that there will be no transition. EU officials familiar with the bloc''s preparations for negotiations have told Reuters that they too fear a "cliff-edge" departure of Britain from the bloc. They are pinning their hopes on banks moving to the continent in time and believe this will minimize any fallout for their economies. (edited by Janet McBride and Richard Woods) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-banks-financing-idUKKBN16V1GJ'|'2017-03-24T19:58:00.000+03:00'
'03b2e1a6776991d53c2afc447e2d37de6afa10b7'|'Land of the short white feather: NZ''s unlikely bird flu success'|'  Land of the short white feather: NZ''s unlikely bird flu success By Dominique Patton and Charlotte Greenfield - BEIJING/WELLINGTON, March 27 BEIJING/WELLINGTON, March 27 The deadly bird flu that''s forced mass bird culls and roiled the global egg and poultry trade has spawned one unlikely success – New Zealand, a rare source of disease-free birds and supplier for China''s voracious chicken consumption. When Spain reported an outbreak of H5N8 bird flu last month, it left New Zealand as the only source, albeit a tiny one, of disease-free birds to replenish China''s white-feathered broiler chicken stock. China, the world''s second-largest poultry consumer, relies on imports for its supply of white feather chicken, which are favoured by fast-food chains for their more rapid development and plumper meat, compared with yellow-feathered birds, which are native to China and generally sold retail. New Zealand''s live chicken exports to China soared more than ten-fold last year and analysts expect rapid growth again this year. The world''s major poultry companies are looking to take advantage of the Pacific island''s clean credentials, which could create an upstream boon for local industry. "Geography''s a disadvantage from a freighting point of view, but it''s a big advantage because we''re not on the major flyways of any birds that are likely to carry the disease down here," said Brent Williams, general manager of Bromley Park Hatcheries, a New Zealand-based firm that raises pedigree stock for Cobb-Vantress. Century-old Cobb, headquartered in Arkansas, is one of the world''s top poultry breeders, selling pedigree "grandparent" day-old chicks to Chinese companies. Cobb-Vantress is seeking approval to build new breeding facilities in New Zealand, said Clark Baird, media relations director at the firm, though he declined to reveal the location or production volumes targeted by the new plant. Other major global poultry breeders which have operations in New Zealand include United States-based Aviagen, which raises great grandparent stock in the country to supply Asian markets with their offspring. Aviagen said it does not disclose information on its supply chain and production. FALLING SHORT It''s luck of geography that means New Zealand is now the sole supplier of breeder birds to China. Its isolated location away from birds'' flight paths means it has escaped an outbreak of the deadly viruses that have spread around the globe in recent months. However, it has always been a relative minnow in the live poultry export trade. Exports to China surged last year but to a mere NZ$9.8 million ($6.78 million). In 2016, New Zealand sold about 200,000 packages of grandparent chicks to China, according to industry sources. The packages, typically containing around 170 day-old chicks, currently sell for about $28 each. That compares with about 300,000 from Spain in 2016. The U.S. Department of Agriculture in a report warns the island can''t offset the loss in production from elsewhere, depleting China''s breeder stock and cutting China''s output of meat by 11 percent this year. The department said China''s lack of new grandparent breeding stock will be the "greatest obstacle" to increasing its poultry production, a problem for a country of 1.4 billion that has rapidly developed a hankering for fast food chicken. Meanwhile, ongoing disruptions from China''s main suppliers will only add to problems. A recent outbreak of bird flu in Tennessee in the United States suggests that Beijing is unlikely to lift a ban imposed in 2015 due to bird flu. Before that ban, the United State was China''s top supplier, providing 90 percent of its white-bird grandparent stock. There is also the risk that New Zealand loses its status as a pristine poultry producer. David Fyfe, Asia business director at Hubbard Breeders, another producer of broiler chicken breeds, owned by France''s Groupe Grimaud, warns it may be "just a matter of time" before New Zealand reports a case of avian influenza. His firm has "no immediate plans" to set up a breeding operation there, he added. For now, however, Pan Chenjun, an analyst at Rabobank, expects prices will be "strongly supported" by the fall in production in China. That might help offset the demand-side hit the industry has taken in recent years, with prices languishing at decade lows due to China''s own bird flu outbreaks and overproduction. And over the longer-term, higher prices could give a further boost to chicken exporters, like New Zealand. (Reporting by Dominique Patton in BEIJING and Charlotte Greenfield in WELLINGTON; editing by Josephine Mason and Sam Holmes)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/health-birdflu-china-idUSL4N1G22C7'|'2017-03-27T07:00:00.000+03:00'
'bba1d5ff248499e78b76df25d599ecc206a0675b'|'HIGHLIGHTS-The Trump presidency on March 28 at 2:40 p.m. EDT/March 28 1840 GMT'|'Politics   12:27pm EDT Highlights: The Trump presidency on March 28 at 12:23 p.m. EDT U.S. President Donald Trump talks to journalists at the Oval Office of the White House after the AHCA health care bill was pulled before a vote in Washington, U.S. March 24, 2017. REUTERS/Carlos Barria Highlights of the day for U.S. President Donald Trump''s administration on Tuesday: RUSSIA The top Republican in Congress stands by Devin Nunes, the head of the House of Representatives intelligence committee, who is under fire for his handling of an investigation into possible Russian ties to Trump''s election campaign. The Kremlin says that a meeting between Jared Kushner, Trump''s son-in-law, and Russian state development bank Vnesheconombank was a routine business encounter. G20 SUMMIT Trump will attend a G20 summit in Hamburg, Germany, on July 7 and 8, the White House said after Trump spoke by phone to German Chancellor Angela Merkel. CLIMATE CHANGE Trump will sign an executive order on Tuesday to undo a slew of Obama-era climate change regulations that his administration says is hobbling oil drillers and coal miners, a move environmental groups have vowed to challenge in court. HEALTHCARE House Republican leaders say they still intend to repeal and replace Obamacare after their White House-backed bill failed to get enough support and collapsed last week. CHINA Trump will meet April 6-7 with Chinese President Xi Jinping at the president''s Mar-a-Lago retreat in Florida, a source familiar with the meeting says. China has launched a charm offensive with the European Union since Trump took office, shifting its stance on trade negotiations and signaling closer cooperation on a range of other issues, European diplomats say. FORD Ford Motor Co says it will invest $1.2 billion in three Michigan facilities and create 130 jobs in projects largely in line with a previous agreement with the United Auto Workers union, hours after Trump touted a "major investment" by the automaker on Twitter. BRITAIN Britain''s relationship with the United States has not been harmed by unproven claims made on a U.S. television channel that it helped eavesdrop on Donald Trump, foreign minister Boris Johnson says. ATTORNEYS GENERAL Republican state attorneys general have abandoned a years-old agreement between them and their Democratic counterparts not to target the other party''s incumbent officeholders in elections, and have voted to spend money to help unseat Democrats in other states. (Compiled by Jonathan Oatis; editing by Grant McCool) Next In Politics'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-trump-highlights-idUSKBN16Z2BL'|'2017-03-29T02:42:00.000+03:00'
'1c747789c164b3e2165bab1d24418c3e1d345e0b'|'Car shopping site CarGurus hires banks for U.S. IPO -sources'|'Deals   2:42pm EDT Car shopping site CarGurus hires banks for U.S. IPO: sources By Liana B. Baker - SAN FRANCISCO SAN FRANCISCO CarGurus, a popular website where consumers go to browse cars, has tapped investment banks for an initial public offering later this year, according to people familiar with the matter. The Cambridge, Massachusetts-based company is aiming to go public in the fourth quarter of the year at a valuation of more than $1 billion, the people said on Tuesday. CarGurus has hired bookrunners to lead the IPO, said the people, who asked not to be identified because the matter is confidential. The timing of the IPO could still change, they added. Online news provider Axios, which first reported on the IPO plans earlier on Tuesday, said the company hired Goldman Sachs ( GS.N ) and Allen & Co to lead the offering. CarGurus and Allen & Co could not be reached for comment. Goldman Sachs declined to comment. Allen & Co investment banker Ian Smith sits on CarGurus'' board, according to its website.CarGurus joins a growing list of private tech companies looking to go public this year following the IPO of messaging app Snapchat''s owner, Snap Inc ( SNAP.N ). Enterprise software firms MuleSoft Inc ( MULE.N ) and Alteryx Inc ALYX.N have also made successful offerings in the past few weeks. The move comes as more consumers grow comfortable with online used-car purchases. Shares of one of CarGurus'' competitors, TrueCar Inc ( TRUE.O ), a car-shopping service that went public in 2014, have surged 184 percent in the last 12 months. Earlier this month, Reuters reported that Carvana LLC, which allows customers to pick up cars they buy on the internet from vending machine-like towers, has tapped investment banks for an initial public offering. Langley Steinert, who co-founded travel reviews website TripAdvisor, started CarGurus in 2006 with about $5 million in funding from individual investors. While it is mostly focused on the United States and Canada, it has started a push to expand into Europe. The company makes money from the network of car dealers who pay to post their inventory on the website. Demand for cars, sport utility vehicles and pickup trucks has remained robust among U.S. consumers, even as it dipped slightly in February to an annualized pace of 17.6 million vehicles, compared with 17.7 million a year earlier, according to Autodata Corp. (Reporting by Liana B. Baker in San Francisco; Editing by Matthew Lewis) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-cargurus-ipo-idUSKBN16Z2MR'|'2017-03-29T02:38:00.000+03:00'
'8a24755741300700853ee3042dec339eba6646af'|'Fresh funds, acquisition by Industrious give coworking a lift'|'By Herbert Lash - NEW YORK NEW YORK Industrious, the second-biggest U.S. coworking firm by number of locations, said on Tuesday it acquired a search website for spare office space and raised $25 million in fresh funds as investors bet the shared-office industry grows and goes mainstream.The announcement comes a week after industry leader WeWork Cos Inc raised $300 million from Japan''s SoftBank Group Corp, pushing money raised by the coworking behemoth to about $2 billion. The SoftBank funds are the first installment of what media reports suggest will be a multi-billion dollar funding round.Demand for coworking sites is on the rise and investors are taking notice as the pace of capital raising in the shared work space sector quickens, said Jamie Hodari, co-founder and chief executive of Industrious, based in Brooklyn, New York.The firm raised $37 million in September, and is likely to raise more capital in October, Hodari said in an interview.Private equity firm Riverwood Capital led this round and the previous round of investments.Terms of Industrious'' acquisition of PivotDesk, which allows companies to advertise their excess space, were not disclosed.A year ago it was hard to get a meeting with investors but now someone from private equity or venture capital reaches out almost daily to inquire about the industry, Hodari said."Every company in this space is either finishing a round or in the beginning stages of another round" of fundraising, he said. "We''re on the cusp of the dollar amounts getting much larger in our industry."Hodari is aware of eight companies, which he declined to name, that are seeking to raise between $20 million to $40 million each.Industrious operates 12 locations across 11 U.S. cities and expects to increase its footprint to 33 sites in 25 cities by year''s end, he said.Technology, cultural changes and connectivity have combined to unlock the workplace from the traditional office, according to Adaptive Office Resources (AOR) in Rancho Santa Fe, California.The ease of working off-site will reduce in the next decade the need for a traditional office to about 55 percent of space dedicated to office usage from more than 95 percent in the 2000s, the commercial real estate consultancy predicts.Driving this change is demand for offices that can grow or shrink as corporate needs evolve."You have a supply side that continues to try to promote a product that for the most part is becoming more archaic and obsolete," said Jeffrey Langdon, managing director of AOR.Commercial real estate has been slow to innovate and is in denial of an industry-wide shift in a generational turnover in the office that few outside of coworking have addressed, Langdon said.(Reporting by Herbert Lash; Editing by Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usa-property-coworking-industrious-idINKBN16Z228'|'2017-03-28T13:05:00.000+03:00'
'844d565ea45d049a999fb3a4ea84b21f8fef44c0'|'Qatar to invest 5 billion pounds in UK in next 3-5 years - finance minister'|' 39pm IST Qatar to invest 5 billion pounds in UK in next 3-5 years - finance minister Qatar''s Finance minister Ali Sherif al-Emadi speaks during a briefing on the financial outlook for Qatar, in Doha, Qatar, February 7, 2017. REUTERS/Naseem Zeitoon LONDON Qatar will invest 5 billion pounds ($6.3 billion) in Britain over the next few years, the country''s minister of finance said during a visit to London on Monday. Earlier, the head of the Gulf Arab state''s sovereign wealth fund said he still saw opportunities to invest in Britain after it leaves the European Union. "Qatar will invest 5 billion pounds in the UK over the next 3-5 years," finance minister Ali Sherif al-Emadi told Reuters on the sidelines of a Qatar investment forum. (Reporting by Tom Finn, Writing by Kylie MacLellan; editing by Stephen Addison) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-qatar-investment-idINKBN16Y1H2'|'2017-03-27T21:09:00.000+03:00'
'75936d7e08841bfdbdc2a8e3dd45e2d273e63672'|'Decision on Monte Paschi rescue soon; Vicenza and Veneto next: ECB'|'Business News - Mon Mar 27, 2017 - 6:01am EDT Decision on Monte Paschi rescue soon; Vicenza and Veneto next: ECB A Monte dei Paschi di Siena advertisement is seen on a screen in a bank window in downtown Milan, Italy, January 14, 2016. REUTERS/Stefano Rellandini/File Photo FRANKFURT European authorities will soon decide on a public rescue plan for Italian lender Monte dei Paschi di Siena ( BMPS.MI ) and are already working on similar requests from two smaller banks, the European Central Bank''s top supervisor said on Monday. "There will soon be a decision on Monte Paschi,” the head of the ECB''s supervisory arm Daniele Nouy said. Nouy added the ECB has already begun providing information to the European Commission on a "precautionary recapitalization" request for regional Italian lenders Banca Popolare di Vicenza and Veneto Banca. "We have already been in touch with European Commission," Nouy said. Asked whether this may involve a merger of the two banks, Nouy said: "The European Commission is in the driver''s seat on a restructuring plan." (Reporting by Francesco Canepa and Andreas Framke; editing by Balazs Koranyi) Next In Business News Once golden, Robert Rubin''s hedge fund proteges lose some luster BOSTON/NEW YORK Learning to invest on Goldman Sachs'' risk arbitrage desk, made famous by leader Robert Rubin, was once seen as a fast track to fortune. But the band of hedge fund protégés who mastered their trade under the former Wall Street star and U.S. Treasury Secretary have stumbled in recent years. LONDON A stronger-than-anticipated economic recovery, the return of inflation and the region''s financial sector in a "sweet spot" has spurred Morgan Stanley to lift its earnings forecasts and targets for European benchmark indexes. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-italy-banks-ecb-idUSKBN16Y10M'|'2017-03-27T18:01:00.000+03:00'
'ff2b94374cb7f0a9c6b341908e2c426d8dd1e31f'|'MOVES-Walker Crips names Clive Bouch non-executive director'|'Company News  17am EDT MOVES-Walker Crips names Clive Bouch non-executive director March 27 Financial services firm Walker Crips Group Plc appointed Clive Bouch as a non-executive director to its board. Bouch will join the board''s remuneration and nominations committees and also chair the company''s audit committee. Bouch is a non-executive director of the Steamship Mutual Underwriting Associations and chairs the audit committees at Invesco UK and Towergate Insurance. (Reporting by Laharee Chatterjee in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/walker-crips-grp-moves-clive-bouch-idUSL3N1H443J'|'2017-03-27T20:17:00.000+03:00'
'38e5a541cd1b57eec5b6e9aec67de360956ed462'|'Elliott to help Chinese investors buy AC Milan with 300 million euros'|'MILAN U.S. private equity fund Elliott is helping a struggling Chinese consortium buy Italian storied soccer club AC Milan with a 253 million euro investment, lawyers representing Elliott said on Monday.In a statement, the lawyers said Elliott would provide 180 million euros to complete the acquisition, and another 73 million euros to help the club face short-term payments.A source close to the matter said Elliott would provide an additional 50 million euros to be invested in the club, bringing its total exposure to the deal to around 300 million euros ($326.49 million).In August a group of Chinese investors signed a deal to buy the Serie A team from former Italian prime minister Silvio Berlusconi - its owner for the last three decades - in what would be the biggest Chinese investment in a European club.The deal, which values the club at 740 million euros including 220 million in debt, was originally supposed to close in December. But that deadline has been postponed twice to April 14 as the Chinese investors - whose identity remains largely unknown - failed to gather the necessary funds for the deal.(Reporting by Giulia Segreti, Elvira Pollina, Maria Pia Quaglia)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-acmilan-m-a-elliott-idUSKBN16Y1CC'|'2017-03-27T16:14:00.000+03:00'
'5e0c6c89fb0ab929be67a4d607f964e9ab6680b7'|'Asian currencies rise as dollar falls across the broad'|'By Patturaja Murugaboopathy Most Asian currencies hit multi-month highs on Monday as the dollar declined across the board after U.S. President Donald Trump failed to push through a healthcare reform bill.The collapse of the healthcare legislation has raised doubts about Trump''s ability to deliver on other key campaign pledges such as tax cuts and massive infrastructure spending.However, after his setback, Trump said he would turn his attention to getting "big tax cuts" through Congress.The Taiwan dollar surged to a 30-month high at 30.244 per dollar, while the Thai bhat rose to a 20-month high at 34.429 per dollar.The Indian rupee and the South Korean won also touched multi-month highs on Monday.Emerging Asian currencies were also supported by a fall in U.S. Treasury yields. The 10-year U.S Treasury yield stood at 2.3675 percent on Monday, the lowest in nearly a month."Generally (the healthcare defeat) is a disappointment for the ''Trump trade''. But in terms of impact on risk sentiment, it is mixed given the Trump administration now says it will move on and focus on tax reform, which is relevant to the market," said Sim Moh Siong, FX strategist at Bank of Singapore.He also said the fall in U.S treasury yields would encourage carry trades in the emerging Asian currencies."There is still desire to reach for yield, that''s keeping the Asian currencies supportive", Sim said.Reuters calculations showed the carry trade in Indian rupee has yielded more than 5 percent this year.However, most of the Asian currencies'' gains were linked to the region''s rallying equity markets this year.The MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS has risen around 12 percent so far in 2017. Hencem equity inflows into the region would determine the Asian currencies'' movements in the short term, some analysts said."Our sense is that caution creeping in via equity market impact will act as the initial backstop for USD/AXJ." Mizhuo Senior Economist Vishnu Varathan said in a note.CURRENCIES VS U.S. DOLLARChange on theday at 0633GMTCurrency Latest bid Previous Pct MovedayJapan yen 110.160 111.3 +1.03Sing dlr 1.394 1.3980 +0.31Taiwan dlr 30.246 30.488 +0.80Korean won 1112.800 1122.6 +0.88Baht 34.439 34.591 +0.44Peso 50.140 50.325 +0.37Rupiah 13308.000 13326 +0.14Rupee 65.080 65.41 +0.50Ringgit 4.410 4.423 +0.29Yuan 6.873 6.8850 +0.18Change so farCurrency Latest bid End 2016 Pct MoveJapan yen 110.160 117.07 +6.27Sing dlr 1.394 1.4490 +3.97Taiwan dlr 30.246 32.279 +6.72Korean won 1112.800 1207.70 +8.53Baht 34.439 35.80 +3.95Peso 50.140 49.72 -0.84Rupiah 13308.000 13470 +1.22Rupee 65.080 67.92 +4.36Ringgit 4.410 4.4845 +1.69Yuan 6.873 6.9467 +1.08(Reporting by Patturaja Murugaboopathy; Editing by Eric Meijer and Kim Coghill)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/asia-forex-emerging-idINKBN16Y0KA'|'2017-03-27T04:52:00.000+03:00'
'1e51c7564b86783bc32baa7a6b4fd945c6fa69bb'|'EU antitrust regulators clear $130 billion Dow, DuPont merger'|'Mon Mar 27, 2017 - 11:57am BST EU antitrust regulators clear $130 billion Dow, DuPont merger left right The Dow logo is seen on a building in downtown Midland, Michigan, in this May 14, 2015 file photograph. REUTERS/Rebecca Cook 1/2 left right A DuPont railcar is parked at a Burlington National Santa Fe (BNSF) train yard in Seattle, Washington, U.S., February 10, 2017. REUTERS/Chris Helgren 2/2 By Foo Yun Chee - BRUSSELS BRUSSELS Dow Chemical ( DOW.N ) and DuPont ( DD.N ) gained conditional EU antitrust approval on Monday for their $130 billion merger by agreeing to significant asset sales, one of a trio of mega mergers that will redraw the agrochemicals industry. The European Commission had been concerned that the merger of two of the biggest and oldest U.S. chemical producers would have few incentives to produce new herbicides and pesticides in the future. It said the asset sales would ensure competition in the sector and benefit European farmers and consumers. "We need effective competition in this sector so companies are pushed to develop products that are ever safer for people and better for the environment," European Competition Commissioner Margrethe Vestager said in a statement. "Our decision today ensures that the merger between Dow and DuPont does not reduce price competition for existing pesticides or innovation for safer and better products in the future." In return for the EU green light, DuPont will divest large parts of its global pesticides business, including its global research and development organization. Dow in turn will sell two acid co-polymer manufacturing facilities in Spain and the United States, as well as a contract with a third party through which it buys ionomers. The company has already found a buyer South Korea''s SK Innovation ( 096770.KS ). Antitrust experts said regulator''s demand to sell large swatches of R&D facilities could set the benchmark for future deals. Sources said last week that ChemChina''s [CNNCC.UL] $43 billion bid for Syngenta ( SYNN.S ) could be approved this week but the timing could slip. Bayer ( BAYGn.DE ) and Monsanto ( MON.N ) are set to ask for EU approval in the coming months. (Reporting by Foo Yun Chee, editing by Robin Emmott) Up Next Once golden, Robert Rubin''s hedge fund proteges lose some luster BOSTON/NEW YORK Learning to invest on Goldman Sachs'' risk arbitrage desk, made famous by leader Robert Rubin, was once seen as a fast track to fortune. But the band of hedge fund protégés who mastered their trade under the former Wall Street star and U.S. Treasury Secretary have stumbled in recent years. LONDON A stronger-than-anticipated economic recovery, the return of inflation and the region''s financial sector in a "sweet spot" has spurred Morgan Stanley to lift its earnings forecasts and targets for European benchmark indexes. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-du-pont-m-a-dow-eu-idUKKBN16Y16O'|'2017-03-27T18:46:00.000+03:00'
'9c91fb7f6c631d8691d98a6d3e47802369771dd1'|'U.S. air travel at record high on U.S., foreign carriers in 2016'|'Aerospace & Defense  56pm EDT U.S. air travel at record high on U.S., foreign carriers in 2016 Travelers pass through Los Angeles International Airport (LAX) on the day before Thanksgiving in Los Angeles, California, U.S. November 23, 2016. REUTERS/David McNew By Alana Wise - NEW YORK NEW YORK U.S. and foreign airlines in the United States carried a record number of passengers in 2016, according to the government office that tracks airline traffic, besting the previous all-time high by 3.5 percent. U.S.-serving airlines carried 928.9 million domestic and international passengers, topping the previous record of 897.9 million set in 2015, the U.S. Department of Transportation said on Monday. Air travel has risen steadily following several challenging years for the industry post-9/11, as cheaper fares and a strengthened U.S. economy have made affordable flights more widely accessible. Last year''s growth, the agency said, was the result of a 3.3 percent increase from 2015 in the number of passengers on domestic flights and a 4 percent jump in the number of travelers to and from the United States. Travel is also projected to hit a record high this spring, according to industry trade organization Airlines for America, with 145 million passengers expected to fly globally on U.S. carriers between March 1 and April 30. "While historically low fares, reliable operations and several consecutive years of reinvestment in the product are the primary factors underlying this growth, a boost in U.S. employment and personal incomes and the highest-ever level of household net worth are also fueling the strong demand for air travel," said A4A Vice President and Chief Economist John Heimlich. (Reporting by Alana Wise)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-airlines-travel-traffic-idUSKBN16Y246'|'2017-03-28T00:56:00.000+03:00'
'6e47023bb4b376a7e175be16202a868798dbcfa9'|'UK Stocks-Factors to watch on March 27'|'March 27 Britain''s FTSE 100 index is seen opening down 17 points at 7,294 on Monday, according to financial bookmakers. * SHELL: Royal Dutch Shell Plc and Anadarko Petroleum Corp may let a 10-year joint venture in the oil-rich Permian Basin of Texas expire and split their properties, hoping to speed up development, according to a senior Shell executive. * BT: UK''s Office of Communications said BT Group Plc would be fined 42 million pounds for breaching contracts with telecoms providers. * BARCLAYS: British bank Barclays PLC''s, credit-card issuer unit, Barclaycard sells $1.6 billion in risky credit-card balances to Credit Shop, the Wall Street Journal reported on Sunday. * BHP BILLITON: The end of a historic strike at Chile''s Escondida copper mine, the world''s biggest, has left its owner, BHP Billiton, nursing an estimated $1 billion loss and probably in a weaker position for negotiations in a year or so, company and industry insiders said. * BP: BP has made a gas discovery in the North Damietta Offshore Concession in Egypt''s East Nile Delta, its third in the block, it said on Sunday. * TESCO: Britain''s biggest retailer Tesco is in advanced talks with the Serious Fraud Office (SFO) over a plea deal that would involve it paying a large fine over its 2014 profit overstatement, Sky news said on Saturday. * SHELL: The head of a group helping organise Shell''s clean-up efforts in an oil Delta community in Nigeria said on Friday he was hopeful clean-up work after two spills in 2008 could start in April. * GLENCORE: Glencore said on Monday it was halting operations at its Collinsville and Newlands coal mines in Australia ahead of Cyclone Debbie''s arrival in northern Queensland on Tuesday. * BHP BILLITON: Mining giant BHP Billiton said on Monday it was suspending operations at its South Walker Creek coal mine in Queensland with Cyclone Debbie expected to bear down on Australia on Tuesday close to the site. * CO-OPERATIVE BANK: Britain''s Co-operative Bank said on Friday its ongoing sales process has drawn interest from multiple bidders after the ailing British lender put itself up for sale in February. * HURRICANE ENERGY: Hurricane Energy has made further oil discovery west of the Shetland Islands, the Financial Times reported. * ACACIA MINING: Acacia Mining is losing more than $1 million in revenue each day at two mines in Tanzania because of the country''s ban on exports of gold and copper concentrates, the London-listed company said on Friday. * BREXIT: Britain''s manufacturers told Prime Minister Theresa May on Monday to drop her threat that she might take the country out of the European Union without a new trade deal, saying they would bear the brunt of trade barriers with the EU. * BREXIT: Thousands of people marched through London on Saturday to protest against Britain leaving the European Union, just four days before Prime Minister Theresa May launches the start of the formal divorce process from the bloc it joined 44 years ago. * OIL: Oil prices dipped on Monday as rising U.S. drilling activity outweighed talks that an OPEC-led production cut initially due to end in mid-2017 may be extended. * The UK blue chip FTSE 100 index closed 0.1 percent lower at 7,336.82 points on Friday, ahead of a delayed U.S. vote on a key healthcare bill, though gains among Smiths Group and Provident Financial capped losses. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Spaceandpeople Full Year 2016 Inspired Energy Full Year 2016 TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Siju Varghese; Editing by Sherry Jacob-Phillips)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-stocks-factors-idINL3N1H426R'|'2017-03-27T03:28:00.000+03:00'
'458eca8511ef0b38642408b2bc83f2177b2eca67'|'Toshiba wants Westinghouse to file for bankruptcy as early as Tuesday: source'|'By Kentaro Hamada and Taro Fuse - TOKYO TOKYO Toshiba Corp wants its U.S nuclear unit to file for Chapter 11 protection from creditors as early as Tuesday, according to a source with direct knowledge of the matter, seeking a quick ringfencing of losses before the Japanese parent''s financial year ends.While a Westinghouse bankruptcy filing would help limit future losses for Toshiba, it still falls far short of drawing a line under its problems.Any filing would trigger complex negotiations between Toshiba, the nuclear unit and creditors, and could embroil the U.S and Japanese governments given the scale of the collapse and U.S. state loan guarantees for new reactors. A worry for Prime Minister Shinzo Abe is that a bankruptcy would give President Donald Trump cause to criticize Japanese firms operating in the United States."Westinghouse is a major employer and nuclear industry company with ongoing nuclear new build projects in two different states, one of which is supported by U.S. Department of Energy loan guarantees," said George Borovas, the global head of nuclear at law firm Shearman & Sterling.The future of Toshiba and Westinghouse has already been raised in bilateral talks, with Japan''s Trade Minister Hiroshige Seko agreeing to share information on developments during talks in Washington with his U.S. counterparts Energy Secretary Rick Perry and Commerce Secretary Wilbur.The source said Toshiba is keen on a Tuesday filing as it would prefer to avoid a day close to a shareholders meeting on Thursday that will seek approval for the sale of its prized memory chip unit."A March 28 filing is one proposal. The thinking is that it would great if we could pull that off but whether it goes that well or not, is another issue," said the source, who was not authorized to speak publicly on the matter and declined to be identified.The Japanese conglomerate wants to avoid upsetting investors as it seeks to sell more than half of its chips unit and gain funds that would allow it to remain viable as it absorbs losses at Westinghouse.Toshiba on Monday reiterated a previous statement that it was premature to comment on a potential bankruptcy.The company''s main lenders, including Sumitomo Mitsui Banking Corp and Mizuho Bank Ltd may also balk at a Tuesday filing. They favor an even more cautious approach to shareholders, said a financial source familiar with the matter."Lenders are aware that Toshiba wants to file by the end of the month, but if possible would like to see it after the meeting," the source said.Separate sources with knowledge of the matter said last Friday Toshiba had informed its main banks that it was planning a March 31 filing for Westinghouse.$9 BILLION CHARGEA Chapter 11 filing for Westinghouse would be decided by the U.S. unit''s board and would not require approval by Toshiba''s shareholders, It could increase charges related to the unit to 1 trillion yen ($9 billion) from a publicly flagged 712.5 billion yen estimate, sources have said.While that would be a much bigger-than-expected hit in the short-term, it could limit the risk of future losses at two U.S. nuclear projects in Georgia and South Carolina.The power plants Westinghouse is building are called the Virgil C. Summer Nuclear Generating Station in Fairfield County, South Carolina and the Vogtle Electric Generating Plant in Burke County, Georgia. Scana Corp and Santee Cooper own the plants in South Carolina, and Georgia Power leads a consortium that commissioned the Georgia plants.In any Westinghouse bankruptcy, the utility companies would be among the largest creditors of the developer, owed the work that has yet to be completed and potential penalties, sources have said.The Nikkei business daily reported on Monday that Toshiba has asked South Korea''s Korea Electric Power Corp (KEPCO) to sponsor its Westinghouse bankruptcy reorganization.A Seoul-based KEPCO spokesman said that no request had been made.(Reporting by Kentaro Hamada and Taro Fuse in Tokyo; Additonal reporting by Makiko Yamazaki in Tokyo and Jane Chung in Seoul; Writing by William Mallard; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-toshiba-accounting-idINKBN16X12P'|'2017-03-27T09:35:00.000+03:00'
'5320b4deaba0f203640ee3facca2e759f2357ca3'|'Toshiba''s Westinghouse may file bankruptcy Tuesday, seeks Kepco aid: Nikkei'|'Business News - Sun Mar 26, 2017 - 6:11pm EDT Toshiba''s Westinghouse may file bankruptcy Tuesday, seeks Kepco aid: Nikkei FILE PHOTO - A logo of Toshiba Corp is seen outside an electronics retail store in Tokyo, Japan, February 14, 2017. REUTERS/Toru Hanai/File Photo TOKYO Westinghouse Electric Co, the U.S. nuclear unit of Japan''s Toshiba Corp ( 6502.T ), could file for bankruptcy protection as early as Tuesday and is seeking support from South Korea''s Korea Electric Power Corp ( 015760.KS ), the Nikkei said on Monday. A Chapter 11 filing could help Toshiba limit damage from losses at Westinghouse, the report by the Japanese business daily said, without citing sources for its information. Sources told Reuters on Friday that Toshiba had told its main banks it planned to have Westinghouse file for bankruptcy on Friday, expanding charges related to the U.S. unit this business year to around 1 trillion yen ($9 billion) from its publicly flagged estimate of 712.5 billion yen. Nikkei said the Westinghouse board would meet as early as Tuesday to decide on a Chapter 11 petition, which it could file the same day. It said the U.S. firm had asked Korea Electric Power Corp, also known as Kepco, to be its sponsor in its bankruptcy reorganization. Toshiba officials could not be reached outside office hours. Officials answering Kepco''s phone said they had no information on the report, referring questions to the press office, which could not be reached outside office hours. (Writing by William Mallard; Editing by Andrew Hay) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-toshiba-accounting-idUSKBN16X12P'|'2017-03-27T06:11:00.000+03:00'
'a55442f96736d2fe58f0eb98680424f2b3da2436'|'Global stocks, dollar cut losses on hope Trump can move past healthcare'|' 21pm BST Global stocks, dollar cut losses on hope Trump can move past healthcare left right Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 27, 2017. REUTERS/Lucas Jackson 1/3 left right Traders work at their desks in front of the German share price index, DAX board, at the stock exchange   22, 2017. REUTERS/Staff/Remote 2/3 left right Investors look at computer screens showing stock information at a brokerage house in Shanghai, China, April 21, 2016. REUTERS/Aly Song/File Photo 3/3 By Saqib Iqbal Ahmed - NEW YORK NEW YORK Stocks, the dollar and U.S. long-dated Treasury yields slipped on Monday but recovered lost ground as investors hoped U.S. President Donald Trump will still be able to bolster the economy despite a defeat over healthcare reform. Trump''s failure to rally enough support from his own Republican party - which controls both houses of U.S. Congress - to repeal and replace Obamacare spurred a rush to safe-haven assets such as gold, the Japanese yen and the Swiss franc, before nerves steadied. A dip in risk appetite dominated Asian and European stock markets, and the MSCI''s all-country world equity index was down 0.17 percent. The index, which fell to a near two-week low after Wall Street stocks hit their lowest levels in about six weeks at the open, recovered ground as major U.S. stock indexes trimmed losses. The Nasdaq Composite turned positive. Investors appeared to be trading on the hope that the Trump administration will still be able to deliver on its promise of tax reform even though details remain scarce, said Brad McMillan, chief investment officer for Commonwealth Financial in Waltham, Massachusetts. "The beauty of it from a market perspective, is without the details we can all trade on hope. At this point we are still seeing the benefit of hope on the market side and we will see what happens on the details," he said. The Dow Jones Industrial Average fell 61.75 points, or 0.3 percent, to 20,534.97, the S&P 500 lost 5 points, or 0.21 percent, to 2,338.98 and the Nasdaq Composite added 5.29 points, or 0.09 percent, to 5,834.03. European shares were hit by losses among miners and banks. Europe''s broad FTSEurofirst 300 index closed down 0.37 percent at 1,479.05. The U.S. dollar slipped, briefly falling to its lowest since November against a basket of currencies, as investors lost confidence in prospects for a U.S. fiscal spending boost under the Trump administration. The dollar index had risen to a 14-year high near 104.00 in early January when expectations for inflation-boosting stimulus under the Trump presidency were at their peak. The index was down 0.45 percent at 99.175. The weaker dollar helped boost gold. Spot gold was up 0.91 percent at $1,255.13 an ounce, after hitting a 1-month high of $1,261.03 an ounce, earlier in the session. U.S. long-dated Treasury yields fell to one-month lows on Monday, knocked by growing uncertainty about whether the Trump administration could deliver on its campaign promise to bolster the economy. U.S. 30-year bond prices rose 12/32, yielding 2.9816 percent. Earlier, yields slid to 2.96 percent, their lowest since Feb. 28. "This is just follow-through from Friday. There is disappointment over the inability to pass the reform of Obamacare," said Gennadiy Goldberg, interest rates strategist at TD Securities in New York. Meanwhile, oil resumed its slide as investors remained uncertain whether producing nations will extend an OPEC-led output cut beyond the end of June in an effort to reduce a global glut of crude. Brent crude was down 21 cents, or 0.41 percent, at $50.59 a barrel. U.S. crude was down 37 cents, or 0.77 percent, at $47.60 per barrel. (Additional reporting by Chuck Mikolajczak and Gertrude Chavez-Dreyfuss in New York and Yashaswini Swamynathan in Bengaluru; Editing by Nick Zieminski)   Bank of England to check banks ready for range of Brexit outcomes LONDON Britain-based banks should take steps to ensure they do not have to curb lending suddenly if the country leaves the European Union in a disorderly way, the Bank of England said on Monday as Prime Minister Theresa May prepares to start Brexit talks. LONDON Schroders , one of Tesco''s largest investors, on Monday called on the supermarket group to withdraw its 3.7 billion pound agreed offer for wholesaler Booker , saying it was unlikely to create shareholder value. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-markets-idUKKBN16Y00Z'|'2017-03-28T02:21:00.000+03:00'
'c9eb5eaa759c6a40ddb74dc3e0b47b35d53878e2'|'VW''s Audi halts A4, A5 production at Ingolstadt over parts shortage'|' 18am EDT VW''s Audi halts A4, A5 production at Ingolstadt over parts shortage Audi cars are parked in front of the company''s headquarters in Ingolstadt, Germany, March 15, 2017. REUTERS/Lukas Barth BERLIN German luxury carmaker Audi ( NSUG.DE ) will halt production of the A4 and A5 luxury models at its Ingolstadt base this week until Thursday due to a parts shortage after a fire at a supplier, it said on Monday. Audi produces 1,400 A4 and A5 models per day at the plant, its largest, so it will lose 5,600 vehicles this week. A fire at a supplier making front wall cladding had disrupted parts deliveries, a spokeswoman said on Monday. About 8,500 of the 43,000 workers Audi employs at the plant will be affected and will not be working between Monday and Thursday, she said. Production of A4 and A5 models at a plant in Neckarsulm had not been affected. German news agency Deutsche Presse-Agentur reported the stoppages earlier on Monday. (Reporting by Andreas Cremer; editing by Susan Thomas) Next In Business News  '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-audi-production-idUSKBN16Y1CQ'|'2017-03-27T20:18:00.000+03:00'
'852bea9bb746fe320c7a2ad336618ceb3854a3da'|'Oil dips as rising U.S. drilling offsets talk of an OPEC-led cut extension'|'Business News - Mon Mar 27, 2017 - 3:16am BST Oil dips as rising U.S. drilling offsets talk of an OPEC-led cut extension Oil rig pumpjacks, also known as thirsty birds, extract crude from the Wilmington Field oil deposits area where Tidelands Oil Production Company operates near Long Beach, California July 30, 2013. REUTERS/David McNew By Henning Gloystein - SINGAPORE SINGAPORE Oil prices dipped on Monday as rising U.S. drilling activity outweighed talks that an OPEC-led production cut initially due to end in mid-2017 may be extended. Prices for front-month Brent crude futures LCOc1, the international benchmark for oil, eased 7 cents from their last close to $50.73 per barrel by 0145 GMT. In the United States, West Texas Intermediate (WTI) crude futures CLc1 were down 14 cents at $47.83 a barrel. Traders said that prices received some support from talks over the weekend between the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, aimed at extending a production cut beyond the middle of the year in order to prop up the market. "OPEC and non-OPEC decided to get ahead of the game this weekend, announcing they are reviewing whether the output curb deal should be extended," said Jeffrey Halley, senior market analyst at futures brokerage OANDA in Singapore, adding that this had given crude some support. But the OPEC-led cuts were offset by rising drilling activity and oil production in the United States, which traders said contributed to financial traders reducing their long positions in crude futures to the lowest level since early December. "The U.S. oil rig count continued its surge ... Since its trough on May 27, 2016, producers have added 336 oil rigs (+106 percent) in the U.S.," Goldman Sachs said in a note to clients. The U.S. bank said that should the rig count stay at the current levels and the impact of a backlog of previously closed rigs returning to production was considered, then U.S. oil production would rise by 235,000 bpd between the fourth quarter of 2016 and the first half of 2017. Since mid-2016, U.S. oil production has risen by 700,000 bpd, or 8.3 percent, to 9.13 million bpd, government data shows C-OUT-T-EIA. (Reporting by Henning Gloystein; Editing by Richard Pullin) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN16Y04U'|'2017-03-27T10:16:00.000+03:00'
'551ad3bb77b209458350753582e8ac879eb29819'|'China Southern in talks over American Airlines tie-up'|'Deals - Mon Mar 27, 2017 - 5:15am BST China Southern in talks over American Airlines tie-up left right An American Airlines Boeing 757 aircraft takes off at the Charles de Gaulle airport in Roissy, France, August 9, 2016. REUTERS/Jacky Naegelen 1/2 left right People stand near a booth of China Southern Airline at an air show, the China International Aviation and Aerospace Exhibition, in Zhuhai, Guangdong Province, China, November 2, 2016. REUTERS/Stringer 2/2 By Brenda Goh - SHANGHAI SHANGHAI China Southern Airlines ( 600029.SS )( 1055.HK )( ZNH.N ) is in talks over a tie-up with American Airlines ( AAL.O ) that could involve the U.S. carrier taking a stake in the state-owned airline, boosting routes between the world''s two largest travel markets. The potential deal would make American Airlines the second U.S. carrier to own part of a Chinese airline after Delta Air Lines Inc ( DAL.N ) bought 3.55 percent of China Eastern Airlines Corp 6000115.SS( 0670.HK ) for $450 million in 2015. China Southern, the country''s largest carrier by passenger numbers, said in a filing the tie-up could involve a share issue as well as other forms of cooperation, but that it was still subject to shareholder and government approval. The company''s Hong Kong-listed shares jumped as much as 5.3 percent in early morning trading on Monday, while its mainland-listed shares remained suspended. The tie-up comes as Beijing has vowed to shake up its airlines by implementing mixed-ownership reforms and introducing private capital and strategic investment into its state-owned enterprises in a bid to improve efficiency and competitiveness. BOCOM International analyst Geoffrey Cheng said the tie-up was the best way for the two companies to offer consumers more flights overseas given the lack of new flight slots available. He added any equity stake - expected to be similar in size to the Delta deal - would help cement ties between the airlines, but in reality would be little more than a glorified code-sharing arrangement by which airlines pool resources and share flights. "The rationale is probably like what Delta has been doing with China Eastern," he said, adding it would allow them to link up with more second-tier cities in China and the United States. "Essentially if there''s no voting rights, it''s just symbolic." Chinese airlines have been aggressively expanding their fleet and increasing the number of their international routes as they seek to capitalize on strong growth in outbound Chinese travel that has far outpaced tourism at home. China Southern has flights from its home base of Guangzhou to U.S. cities New York, Boston and Chicago as well as Hawaii. It is also a member of the SkyTeam airline alliance and has code-sharing agreements with Virgin America and Delta. For American Airlines, the deal could widen access to China, one of the biggest sources of tourists to the United States, and will help it compete with rival Delta, which has invested in foreign carriers in Mexico, Brazil and Britain in recent years. Delta, which also owns 49 percent of Virgin Atlantic Airways Ltd [VA.UL], gained an observer seat on China Eastern''s board as part of its deal in 2015. At the time, the two said they would cooperate on areas such as sales and market, frequent flyer plans and joint investments in lounges. (Reporting by Brenda Goh; Editing by David Goodman and Randy Fabi) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-china-southern-american-airline-idUKKBN16X0S5'|'2017-03-27T12:08:00.000+03:00'
'9f86cc98e27715b8fe78cad0b55ac6712ab8c0cb'|'Samsung launches Galaxy S8 and dreams of recovery from Note 7'|'Technology News   4:18pm BST Samsung launches Galaxy S8 and dreams of recovery from Note 7 FILE PHOTO: The logo of Samsung Electronic is seen at its headquarters in Seoul, South Korea, in this file photo taken on April 4, 2016. REUTERS/Kim Hong-Ji/File Photo By Se Young Lee Samsung Electronics Co Ltd ( 005930.KS ) unveiled its Galaxy S8 flagship smartphone as it battles to regain the market leadership it lost to Apple Inc ( AAPL.O ) after the embarrassing withdrawal of the fire-prone Note 7s. Boasting some of the largest wrap-around screens ever made, the long-awaited S8 is the South Korean tech giant''s first new premium phone since the Note 7 debacle in October, which wiped out $5.48 billion of profit and helped Apple overtake Samsung as the world''s top smartphone maker in the fourth quarter. Two versions of the Galaxy S8, code-named Dream internally, were launched at a media event in New York on Wednesday, with 6.2-inch (15.75 cm) and 5.8-inch curved screens - the largest to date for Samsung''s premium smartphones. The phones, which will go on sale on April 21, are slightly longer but comparable in width to their predecessors as Samsung has eliminated nearly all of the bezel borders around the face to maximize the screen surface area. The S8 features Samsung''s new artificial intelligence service, Bixby, with functions including a voice-commanded assistant system similar to Apple''s Siri. There is also a new facial recognition application that lets users unlock their phones by looking at them. Samsung is hoping the design update and the new features - nothing revolutionary but focused on making life easier for consumers - will be enough to revive sales in a year Apple is expected to introduce major changes to its iPhones for their 10th anniversary, including the very curved screens that have become staples of the Galaxy brand. The S8 is also crucial for Samsung''s image as a maker of reliable mobile devices. The self-combusting Galaxy Note 7s had to be scrapped in October just two months after their launch and a failed attempt to recall the Note 7s in September was particularly damaging, investors and analysts say, leading to questions about the firm''s credibility. Samsung responded by implementing new battery safety measures after an internal investigation identified battery problems from two different suppliers as the cause of the Note 7''s problems. Still, some analysts say consumers may be wary of potential safety problems with the S8. "Initial sales of the S8 may appear slow compared to what was typical for previous model releases," said Lux Research analyst Christopher Robinson. "In other words, smaller initial sales spike." Samsung''s early marketing of the S8 has eschewed the safety issue, which brand experts say is an attempt to avoid reminding consumers of the images of burnt Note 7s that spread throughout the world''s media late last year. (Reporting by Se Young Lee in Seoul; editing by Stephen Coates and David Clarke) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-samsung-elec-smartphones-idUKKBN17027R'|'2017-03-29T23:10:00.000+03:00'
'260fadfb7a5a03c15a937dd8ecb317101c5ab824'|'Profits near flat at two of China''s Big Five banks, pressures persist'|'SHANGHAI Two of China''s ''Big Five'' lenders, Bank of Communications (BoCom) and Agricultural Bank of China (AgBank), reported modest annual profit growth on Tuesday, as they battled operating pressures and the narrowest net interest margins since at least 2011.China''s central bank cut benchmark interest rates six times in 2014-15 in a bid to revive a slowing economy, but that dragged down margins - a key gauge of profitability for lenders.Analysts see this trend extending into 2017, adding to the challenges in a sector already grappling with a pile-up in bad debts to the highest level in a decade.The pressure on assets will be strong this year and there will be a rise in sour debts, Peng Chun, president of BoCom, China''s fifth-largest listed commercial bank by assets, said at an earnings briefing in Hong Kong.BoCom and AgBank, posted a 1 percent and 1.9 percent rise in 2016 profits, respectively, helped by loan growth and declining tax burdens, to just beat fourth-quarter consensus estimates.For the full year, BoCom earned 67.21 billion yuan, up from 66.53 billion yuan in 2015, while AgBank''s annual net profit grew to 183.94 billion yuan from 180.58 billion yuan.At AgBank, growth was supported by a 10 percent rise in net fee and commission income to 90.9 billion yuan, and a 15 percent drop in its tax expenses.Net interest margins - the difference between interest paid and earned - eased to 1.88 percent at BoCom and 2.25 percent at AgBank at the end of 2016, their lowest since at least end-2011.SOURED DEBTBoth BoCom and AgBank, China''s No.3 listed commercial bank by assets, saw a small reprieve in non-performing loan (NPL) growth last year, highlighting their efforts to clean up bad debt from their balance sheets.The lenders'' NPL ratios showed a slight improvement, with BoCom''s easing to 1.52 percent by end-December from 1.53 percent at end-September, and AgBank''s at 2.37 percent versus 2.39 percent."Asset quality is still the biggest problem for management. We couldn''t possibly place it as the second more serious concern," said Peng.Loan growth at both banks was driven in part by mortgage loans, despite Beijing''s continued clampdown on an overheated property market.At BoCom, mortgage loans grew 27.45 percent year-on-year to 770 billion yuan in 2016, while at AgBank they jumped by almost a third to 2.56 trillion yuan."Tightening regulation, fiercer competition, inadequate credit demand and continuing risk exposures," will continue to weigh on the banking industry, AgBank Chairman Zhou Mubing said in his earnings statement.($1 = 6.8850 Chinese yuan renminbi)(Reporting by Engen Tham in Shanghai and Matthew Miller in Beijing; Additional reporting by Shu Zhang in Beijing and Julie Zhu in Hong Kong; Editing by Himani Sarkar and Ian Geoghegan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/china-banks-results-idINKBN1700CB'|'2017-03-29T02:17:00.000+03:00'
'50b6f17a6f7d108aa6d671fd5a5341d207a1ea2a'|'BRIEF-Transportation Safety Board Of Canada says broken wheel led to Jan 2016 derailment of Canadian National Railway freight train'|'United States  43am EDT BRIEF-Transportation Safety Board Of Canada says broken wheel led to Jan 2016 derailment of Canadian National Railway freight train March 29 Transportation Safety Board Of Canada: * Broken wheel led to Jan 2016 derailment of Canadian National Railway Company freight train near Webster, Ontario * Determined that a broken wheel was caused by a service-related failure    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-transportation-safety-board-of-can-idUSFWN1H60R7'|'2017-03-29T23:43:00.000+03:00'
'a31677216f1cd696d0fd2011e34c896ed660f768'|'HIGHLIGHTS-Top trading houses at commodities conference'|'Company News   5:19am EDT HIGHLIGHTS-Top trading houses at commodities conference (Adds quotes) LAUSANNE, March 29 Top executives from the world''s largest commodity trading houses discuss trends in trading at the FT Commodities Global Summit in Lausanne, Switzerland, this week. For highlights from the first day: The following are highlights: ALISTAIR CROSS, GLOBAL HEAD OF OPERATIONS, MERCURIA Cross said it typically takes 30 days to process contracts prior to payment and can take longer depending on the product. "In our test case, within four days we got all electronic documents in and certainty of settlement ... It''s a significant number." Cross also sees blockchain technology as a way to reduce high-level fraud and cut back office costs. "Our industry is very paper based and we have the technology now that can solve the complete settlement cycle ... Back office costs are a focus for all the companies and an area where we can make significant savings." "A lot of instances of fraud -- it''s high tech. The information on the document looks real and recognizable by counterparts. With blockchain, you can have a verifiable, authenticated (document) and only a person with a secure login can send that document." ALAN HAYWOOD, CEO OF SUPPLY AND TRADING BP "The context for our strategy is laid out in fundamentals until 2035. We see energy demand increasing by about 30 percent, half from nuclear, hydro power and renewables ... half will be going to the power sector." "But we see 75 percent of energy demand still coming from oil, gas and coal. Gas demand will grow at approximately twice the rate of oil ... on the renewable side we will focus on our commitment to wind and Brazilian biofuels." MARCO ALVERA, CEO, SNAM Alvera sees emerging markets moving towards gas away from coal due to the cleaner advantage of gas. "A one percent switch from coal to gas, gives same benefit on carbon dioxide, as a ten percent shift to renewables." "In Europe, demand for gas has stabilised but production is declining. Faced with stable demand, imports need to grow ... we can only look east or southeast like the southern corridor. "Europe has huge opportunities for LNG storage due to huge depleted reserves. LNG will become hugely seasonal ... and very distressed in the summer. Italy is a unique position because has largest gas storage reserves so can be a hub for imports and exports." "In the United States, coal will be back, which potentially in the short term will benefit gas in Europe, and the price of coal will go up." "There''s a huge potential for biomethane in transport ... the beauty is that you can use existing infrastructure." MARK CRANDALL, CHAIRMAN, POSTSCRIPTUM "The switch from coal to gas is a bigger thing than any switch to renewables." "Batteries are about to happen. The first large scale delivery will start in July ... Whether they will live up to the hype is another thing. They still are not cheap enough." "You can see the grim reaper for fossil fuels in the rear view mirror. In Chile and Argentina ... in non-subsidised tenders, renewables win. That''s extraordinary compared to 5 years ago. Eventually it will catch up in the northern hemisphere." SAMUEL LEUPOLD, EXECUTIVE VP, DONG ENERGY "Coal needs to go, lignite needs to go but it needs to be politically led ... Batteries in my view are completely overhyped." "The influence of Washington D.C. is limited ... in terms of subsidies, it''s more about the state than D.C.," he said, when asked about U.S. President Donald Trump''s executive order undoing Obama-era climate change regulation. (Reporting by Julia Payne and Gus Trompiz, editing by Louise Heavens) Next In Company News UPDATE 3-Other Akzo shareholders also want talks with PPG - Elliott Advisors AMSTERDAM, March 29 Elliott Advisors, the activist investor with a 3.25 percent stake in Akzo Nobel , said on Tuesday other shareholders owning almost a quarter of the Dutch paints and chemicals group want it to enter into talks with spurned U.S. suitor PPG Industries. LONDON, March 29 Goldman Sachs sought to reassure London-based staff over potential disruption to its business as Britain prepares to leave the European Union, in a voicemail to staff sent by the Wall Street firm''s Europe CEO. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/commodities-summit-idUSL5N1H6295'|'2017-03-29T17:19:00.000+03:00'
'ae6ef8be9e255134ade1998d7b8deccb47e92595'|'Siemens CEO says has no plans to sell down Healthineers stake'|'Company  47am EDT Siemens CEO says has no plans to sell down Healthineers stake FRANKFURT, March 29 ** Siemens has no plans to gradually to sell down its stake in healthcare unit Healthineers after an IPO or spin-off, its chief executive tells Swiss newspaper Finanz und Wirtschaft in an interview ** "We will keep the majority. It is one of our most attractive businesses and will be the third pillar alongside renewable energy and the industrial Siemens," says Joe Kaeser ** Kaeser says he will have to think twice about whether he wants to list Healthineers in the United States under President Donald Trump - Frankfurt and Hong Kong are also options ** He says no further listings of parts of the company are currently on the agenda ** Kaeser says he uses five criteria to decide whether a business belongs in the Siemens portfolio: Is it in a growth field; is it profitable enough; is it doing better than the competition; are there synergies with other Siemens businesses; and are big changes in the value chain on the horizon? ** He says he believes global economic growth will be better this year than currently expected, thanks to Europe and China ** Asked whether he wants to sell Siemens'' 17.5 percent stake in Osram, Kaeser answers: "There is no inherent reason any more to remain invested. There is also the possibility to enable a strategic combination that would strengthen Osram." ** Asked whether he is interested in buying Toshiba''s smart grid and metering business Landis & Gyr, he says: "We have an adequate offering in smart meters and so we are not interested in buying Landis & Gyr" (Reporting by Georgina Prodhan; Editing by Jon Boyle) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/siemens-healthcare-idUSL5N1H6137'|'2017-03-29T14:47:00.000+03:00'
'e39a0c9b5bac0f7104efd006c7fec9ceaf01d7db'|'Hyundai Motor suspends another China plant amid political tension - report'|'Business News - Mon Mar 27, 2017 - 3:28am BST Hyundai Motor suspends another China plant amid political tension - report An employee sits in front of the logo of Hyundai Motor Co. at its dealership in Seoul, South Korea, October 22, 2015. REUTERS/Kim Hong-Ji SEOUL Hyundai Motor ( 005380.KS ) has suspended production at a fourth China factory for one week starting March 24, online media ChosunBiz reported on Sunday, fuelling worries about the impact of South Korea''s political tension with China on sales in the automaker''s top market. Shares of Hyundai Motor fell as much as 3 percent on Monday, while its affiliates Kia Motors ( 000270.KS ) and Hyundai Mobis also traded lower. Online media ChosunBiz reported on Sunday that Hyundai Motor''s China joint venture has told suppliers that it will idle the factory in Cangzhou, Hebei Province from March 24 to April 1, to check its production line. A Hyundai Motor spokesperson in Seoul did not have immediate comments. Industry officials and analysts said the reported suspension may aim to cut inventories stemming from slowing sales in China as a result of a political tension and rising competition from local players. South Korean firms say that they are being targeted in China because of Beijing''s objections to a planned deployment of a U.S. missile defence system in South Korea, which China sees as a threat to its security. Ko Tae-bong, an analyst at Hi Investment & Securities, said Hyundai Motor''s March sales in China may have fallen year-on-year due to the political spat, after gaining in January and February. (Reporting by Hyunjoo Jin; Editing by Michael Perry) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hyundai-china-idUKKBN16Y05R'|'2017-03-27T10:28:00.000+03:00'
'3d4bff2ff6a579556dab6d940dce0d45a23d9bf0'|'UK manufacturers tell May no EU deal is ''simply unacceptable'''|'Failing to secure a Brexit trading deal with the EU would be disastrous for Britain’s manufacturers and Theresa May’s claim that no deal would be better than a bad deal is “simply unacceptable”, industry leaders have warned.As the prime minister prepares to trigger article 50 on Wednesday , the EEF, the trade body for manufacturers, has warned a decision to walk away from the negotiating table would be a “lose-lose” outcome for both the UK and the EU. May warned European leaders in January that she would be prepared to walk away if negotiations did not go favourably.But in a new report EEF said the manufacturing sector would be badly affected by losing access to the single market and the customs union and that not having a new trade deal would leave it particularly exposed on day one. If there is no agreement between Britain and the EU then businesses could face World Trade Organisation tariffs of more than 5% on exports to the continent. The research described suggestions that the UK could walk away with no deal as “simply unacceptable to an industry that accounts for 45% of all UK exports”.Brexit: banks consider whether to start moving business out of UK Read more Terry Scuoler, chief executive of EEF, added: “Undermining the building blocks of this relationship [with the EU] – the single market and the customs union – without any other supportive structure in place would undoubtedly hurt our industry and condemn us to a painful and costly Brexit. “The idea of being able to walk away empty-handed might be a negotiating tactic, but it would in reality deliver a risky and expensive blow. The rhetoric from the UK government needs to focus instead on achieving a deal that will work for the UK and the EU. “Close consultation between government and industry is now vital if we are to successfully deliver a deal that supports trade and minimises costs and uncertainty. Brexit will be the most complex unravelling that any UK government is ever likely to have to undertake and the government will need the help of industry to identify, understand and mitigate the implications.”Britain’s manufacturing industry directly employs 2.7 million people as well as accounting for 45% of exports. The EU is UK manufacturing’s biggest trading partner and businesses have complex supply chains that span the continent. For example, car parts can cross the English Channel as many as four times before they end up in a finished vehicle . The average UK-built car has about 6,000 parts with just 41% built in the country. EEF said one of the government’s first priorities in the Brexit negotiations should be to secure the UK full membership of the WTO. It also wants the government to clearly set out its approach to the movement of goods and people and a commitment to a transition period so that firms can adapt to changes on a phased basis. Furthermore, it wants Britain to retain some key trading conditions from Europe such as harmonised product standards.A government spokesperson said: “The prime minister has been absolutely clear that we will pursue a bold and ambitious free trade agreement with the European Union as a priority – allowing for the freest possible movement of goods between Britain and the EU.Manufacturers feeling gloomy about future after Brexit vote Read more “On top of that, leaving the EU will present us with a unique opportunity to strike trade agreements with countries across the rest of the world while our industrial strategy will get the economy firing on all cylinders and prepare us for the future.”A separate report found UK households have become more downbeat about the economic consequences of Brexit. The proportion of people who feel the outlook for the economy over the next decade has worsened as a result of the Brexit vote rose to 53% in March according to a survey by Markit, up from 42% in July last year, immediately after the referendum. Just 29% of people asked now consider Brexit to be beneficial to the long-term health of the economy, down from 39% in July. Chris Williamson, chief business economist at IHS Markit, said pessimism had become more widespread across all age groups and income brackets.“Shortly after the referendum, the older generations and the very poorest families were the exceptions in considering Brexit to be beneficial to the long-term health of the economy. However, even these pockets of the population have now become pessimistic,” he added.“The most marked turnaround is evident among the poorest paid, who have switched from being the most optimistic to now being the most downbeat.”People in Scotland were the most pessimistic, followed by those in the north-east and London.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/mar/27/uk-manufacturers-tell-may-no-eu-deal-is-simply-unacceptable'|'2017-03-27T03:00:00.000+03:00'
'8450ab4c0bd6940800dc968bf25e02ce33645483'|'EU''s Vestager to announce merger decision at noon'|'Deals - Mon Mar 27, 2017 - 9:56am BST EU''s Vestager to announce merger decision at noon left right European Competition Commissioner Margrethe Vestager holds a news conference at the EU Commission''s headquarters in Brussels, Belgium March 13, 2017. REUTERS/Francois Lenoir 1/3 left right The Dow logo is seen on a building in downtown Midland, Michigan, in this May 14, 2015 file photograph. REUTERS/Rebecca Cook 2/3 left right A DuPont logo is pictured on the research center in Meyrin near Geneva August 4, 2009. REUTERS/Denis Balibouse 3/3 BRUSSELS EU antitrust chief Margrethe Vestager will announce a decision on a merger case at around noon, the European Commission said on Monday, without giving further details. Last week, sources told Reuters that Vestager would give the green light to the $130 billion Dow Chemical ( DOW.N ) and DuPont ( DD.N ) merger this week. Approval could also be granted to ChemChina''s [CNNCC.UL] $43 billion bid for Syngenta ( SYNN.S ) at the same time although the timing could still change, the people said. Both deals gained EU antitrust clearance after pledges to sell assets to address competition concerns, the sources said. Vestager is also set this week to block the fifth attempt by Deutsche Boerse ( DB1Gn.DE ) and London Stock Exchange ( LSE.L ) to join forces and create Europe''s biggest exchange. (Reporting by Foo Yun Chee; editing by Philip Blenkinsop) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eu-m-a-idUKKBN16Y0TO'|'2017-03-27T16:53:00.000+03:00'
'7ad8e4fa9c6647d06382af9b98ff608db52dae4e'|'Several options exchanges declare ''self-help'' against the CBOE'|'Company  55am EDT Several options exchanges declare ''self-help'' against the CBOE NEW YORK, March 27 Several U.S. options exchanges, including those run by Nasdaq Inc and The New York Stock Exchange, declared "self-help" alerts against CBOE Holdings Inc''s CBOE Options Exchange on Monday, signaling problems processing trades. A "self-help" alert is a notification issued by a trading exchange when another exchange is dealing with internal problems processing trades and orders are routed through alternate venues. The CBOE was facing connectivity issues, as of 9:10 a.m. ET (1310 UTC), according to a system status update on the CBOE website. The exchange did not immediately respond to a request for comment. The CBOE is the operator of the largest U.S. stock-options market, and the CBOE Volatility Index and the S&P 500 Index options trade exclusively on the CBOE. MIAX Options and MIAX PEARL options exchanges declared "self-help" on the CBOE Options Exchange as of 09:38 a.m, ET (1338 UTC). These were soon followed by Nasdaq-operated options exchanges, including the NASDAQ Options Market and the PHLX. NYSE Amex Options and NYSE Arca Options have suspended routing to the CBOE, the NYSE said in a status message. (Reporting by Saqib Iqbal Ahmed; Editing by Dan Grebler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-options-cboe-idUSL2N1H40MR'|'2017-03-27T22:55:00.000+03:00'
'cd25037bad939a762d7f77eb128a4323e4e0a1c7'|'Morgan Stanley ups European earnings forecasts, says financials in ''sweet spot'''|'Business News - Mon Mar 27, 2017 - 4:15am EDT Morgan Stanley ups European earnings forecasts, says financials in ''sweet spot'' FILE PHOTO -- A view of the Morgan Stanley London headquarters at Canary Wharf financial centre in London, Britain June 24, 2016. REUTERS/Russell Boyce/File Photo LONDON A stronger-than-anticipated economic recovery, the return of inflation and the region''s financial sector in a "sweet spot" has spurred Morgan Stanley to lift its earnings forecasts and targets for European benchmark indexes. The U.S. bank now sees earnings per share growth for 2017 coming in at 16 percent for the MSCI Europe with the index rising as much as 8 percent over the next 12 months. For the FTSE 100 .FTSE , the broker sees EPS growth of 24 percent and sees the index hitting 7,700 in a year. Politics and stretched sentiment indicators -- low volatility and technically overbought levels -- are risks to watch, Morgan Stanley said in a note to clients, but added that the improving fundamental backdrop bodes well for stocks. European equity markets are enjoying an earnings upgrade cycle unseen in recent years. CHART: reut.rs/2jMAOf4 Over the past decade, forecasts for European earnings had already come off about 5 percent, on average, by March. This year forecasts are up about 1 percent, Morgan Stanley noted. A key support to the firm''s view on regional markets is optimism about financials which remains an "overweight" among the bank''s recommendations. European financials have taken sharp hits to profitability over the past several years on the back of a sluggish economy, regulatory pressures and, more recently, ultra-low or even negative interest rates. Despite the rally since last summer, shares of European financials continue to offer an attractive mix of low valuations and trough profitability, Morgan Stanley said. "We believe they have entered a sweet spot where most, if not all, relevant factors are positive and/or improving," analysts at the U.S. broker said. Banks however do remain most vulnerable to any uncertainty over politics. "This being Europe, political risk invariably seems to play some role in a bear case scenario," they said. (Reporting by Vikram Subhedar; Editing by Danilo Masoni) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-europe-stocks-morgan-stanley-idUSKBN16Y0QN'|'2017-03-27T16:15:00.000+03:00'
'd2a5d7931ae605f633d0cb01a66bc762dc02d47b'|'MOVES-MUFG names new head of financial sponsors for EMEA'|' 53am EDT MOVES-MUFG names new head of financial sponsors for EMEA March 27 Mitsubishi UFJ Financial Group Inc named Louis L''Heureux head of financial sponsors for its leveraged finance division in the Europe, Middle East and Africa (EMEA) region. L''Heureux joins MUFG from RBC Capital, where he was director of the leveraged finance team. (Reporting by Laharee Chatterjee in Bengaluru)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mufg-moves-louis-lheureux-idUSL3N1H43A1'|'2017-03-27T17:53:00.000+03:00'
'19abd9793421025303fbdbcf60a905e94f077143'|'London''s reputation slips on Brexit but European rivals lag: survey'|'Business News - Mon Mar 27, 2017 - 9:15am EDT London''s reputation slips on Brexit but European rivals lag: survey The Canary Wharf business district is seen at dusk in London, Britain December 11, 2016. REUTERS/Toby Melville By John O''Donnell - FRANKFURT FRANKFURT London has seen its standing as a financial center slip as Britain prepares to trigger its departure from the European Union, according to a survey released on Monday, although rival European cities still lag far behind. The Z/Yen global financial centers index (GFCI), which ranks 88 financial centers, still puts London in first place, followed by New York and three cities in economically powerful Asia - Singapore, Hong Kong and Tokyo. It also shows that banks and others are increasingly worried by Brexit and a drift toward protectionism in the United States and Europe. "Brexit is a major source of uncertainty for all centers - not just London," said the report''s authors, citing what they said was a common complaint among those surveyed. "London slipping is not to the benefit of continental Europe," said Michael Mainelli of Z/Yen Group. "That is largely due to perceptions of Europe. The notion that we are a tired old continent is raised quite a bit," he said, referring to the survey. London''s rating, based on answers from industry players on reputation, infrastructure or business environment, nonetheless fell sharply since last September. This may worsened further since then. The survey was conducted before Prime Minister Theresa May said in January that Britain would not remain in the single market, setting course for a clean break with the world''s largest trading bloc. Politicians in Germany and France would like to seize on Brexit to build up their own centers of Frankfurt and Paris. Frankfurt, where promoters have even sent a nightclub owner with a London delegation to vouch for the city''s often lackluster night life, and Paris, where many banks have balked at strict labor laws, are still struggling. The global ranking of Paris, in 29th place, only held steady compared with September, while Frankfurt, Luxembourg and Dublin, in 23rd, 18th and 33rd place, received a lower position than in the earlier survey. (Reporting By John O''Donnell; editing by Richard Lough) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-britain-eu-london-idUSKBN16Y1HQ'|'2017-03-27T21:15:00.000+03:00'
'd225f736b233c7fcd68e40e2eb8c5585326158b0'|'RPT-Once golden, Robert Rubin''s hedge fund proteges lose some luster'|'Company News - Mon Mar 27, 2017 - 7:00am EDT RPT-Once golden, Robert Rubin''s hedge fund proteges lose some luster (Repeats story published earlier on Monday) By Svea Herbst-Bayliss and Lawrence Delevingne BOSTON/NEW YORK, March 27 Learning to invest on Goldman Sachs'' risk arbitrage desk, made famous by leader Robert Rubin, was once seen as a fast track to fortune. But the band of hedge fund protégés who mastered their trade under the former Wall Street star and U.S. Treasury Secretary have stumbled in recent years. The latest to falter is Eric Mindich, who announced on Thursday that he would shut his hedge fund firm Eton Park Capital Management LP following a 9 percent loss in 2016 and a sharp decline in assets. Mindich is one of several ex-Goldman traders who worked on the bank''s ''risk arb'' desk, pioneered by Rubin in the 1970s and 1980s, who have fallen on hard times. Others include Richard Perry, who six months ago decided to shutter his 28-year-old enterprise, as well as Eddie Lampert, Daniel Och and Dinakar Singh, whose own firms have lost billions of dollars in assets. Their struggles are part of a broader dip in the hedge fund industry, marked by a slew of fund closures due to poor performance, controversies and fee pressure from investors. But they also represent the end of an era: Goldman, for decades Wall Street''s pre-eminent investment bank, no longer breeds such hedge fund scions because regulations brought in after the 2008 financial crisis - chiefly designed to reduce risk - have inhibited the type of trading it can do. Shakil Riaz, global chief investment officer for Rothschild Asset Management, said the faltering of Rubin acolytes is symptomatic of trends that have taken hold after the crisis. "The old ways of hedge funds taking money out of the markets just are not as effective anymore," said Riaz, a three-decade veteran of the industry. "It really is an evolve-or-die world." More investors chasing the same set of limited opportunities, persistently low interest rates and the rise of low-cost index funds delivering solid returns have combined to make it hard for Goldman''s former stars to stand out. Rubin, now 78, joined Goldman in 1966 and spent 26 years there, eventually co-managing the whole bank. He left in 1992 and went on to be U.S. Treasury Secretary between 1995 and 1999 under President Bill Clinton. On his way up the ladder, he turned the risk arb desk — which placed bets with Goldman''s own money on the likelihood that corporate actions, like mergers, would occur — into a money-making machine. Goldman is known for putting as much power into the hands of risk managers - who keep a tight rein on the bank''s exposures - as much as the traders making the bets, a rare situation on Wall Street, which tends to breed more balanced, rounded investors. Working at Goldman also helped members of the risk arb desk forge connections with investors and line up financing and clearing services, which every fund needs. But over the past several years, some of the savviest and best-connected hedge fund managers have hit hard times. The former Goldman arbitrage traders have been unable to successfully navigate the post-crisis financial world because they became too fixated on certain investments or simply did not want to deal with tougher fund-raising conditions and being more accountable to investors, longtime associates and observers told Reuters. "They were such big, sought-after names at the time and everyone was romanced by the Goldman-Rubin pedigree," said Michael Hennessy, co-founder of investment firm Morgan Creek Capital Management LLC. "But the markets have radically changed from that prior environment. Post-crisis, a lot of these people are struggling." Goldman declined to comment. Spokespeople for Rubin and the hedge fund managers either declined to comment or did not respond to requests. TOUGH TIMES Mindich worked on Rubin''s desk in the late 1980s and in 1994 became the youngest person to ever be named a partner at Goldman, at age 27. A decade later, he levered what he learned at Goldman to launch Eton Park with a record $3.5 billion. Its assets peaked at $14 billion in 2011, but now it manages about half of that. Perry''s firm closed similarly, after assets declined from a peak of $15 billion in 2007 to about $4 billion in September 2016. Perry attributed the closure to broad challenges in managing a hedge fund today. Singh''s TPG-Axon Capital Management LP had just $1.6 billion as of July 2016, a fraction of the $13 billion it managed in early 2008, because of market bets that went the wrong way. Singh was part of the Goldman risk arb operation after Rubin as co-head of the bank''s principal strategies investment unit. Lampert saw most of his outside investors exit years ago when he concentrated bets on troubled retailer Sears Holdings. At the end of December 2015, his ESL Investments listed $2.8 billion in assets, down from $15 billion at its peak. A number of pension funds have exited Och''s Och-Ziff Capital Management Group LLC after modest returns and a criminal investigation that ended with last year''s guilty plea by a subsidiary to conspiracy to commit bribery in Africa. Its overall assets have shrunk by 30 percent to $33.6 billion over the last two years. Defenders of the Goldman risk arb tribe point to the success of Farallon Capital Management LLC, launched in 1986 by Rubin protégé Thomas Steyer. Although Steyer retired in 2012, Farallon is now run by another Goldman alumnus, Andrew Spokes, and is performing well, with $22.1 billion under management at the end of 2016. Gregg Hymowitz, chief executive of hedge fund investor EnTrustPermal Management LLC, said Rubin and his former employees are "some of the smartest investors of our time." "It''s a mistake to extrapolate from recent disappointing performance their investment prowess," said Hymowitz, who also worked at Goldman and has invested with Och and has known Mindich and Singh for years. "I wouldn''t bet against any of them." (Reporting by Svea Herbst-Bayliss and Lawrence Delevingne; Editing by Lauren Tara LaCapra and Bill Rigby) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/hedgefunds-goldman-sachs-idUSL2N1H30BP'|'2017-03-27T19:00:00.000+03:00'
'f86cb6822ced69cf4d8cec430e8aa9c4b5cd7d49'|'Stada CEO says bidding process fully intact'|'BAD VILBEL, Germany German drugmaker Stada ( STAGn.DE ), at the center of a takeover battle between two private equity consortia, said the bidding process was developing well, after delays earlier this month."The bidding process that we have initiated is intact in every respect," Chief Executive Matthias Wiedenfels told journalists at a press conference at the group''s Bad Vilbel headquarters after the release of detailed 2016 results.The takeover battle for Stada pits a combination of Advent and Permira against Bain and Cinven. Both have made takeover offers at 58 euros per share, valuing the company at 4.7 billion euros ($5.1 billion) including debt, according to people familiar with the matter.Stada postponed the bidding process this month to give the competing suitors a chance to improve their offers.(Reporting by Ludwig Burger; Editing by Victoria Bryan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-stada-results-bidding-idINKBN1700UM'|'2017-03-29T06:36:00.000+03:00'
'bf04518f60c66d7cc1ce81614c23b3c70e27f4f1'|'What a drag: Smoking rooms in airports are being stubbed out'|'IT IS about 15 years since Gulliver gave up the evil weed. Over time, many of the hardships of being a smoker have become mere embers in his memory. But a recollection was kindled after reading a recent report by Airports Council International, an industry group. In it, ACI listed the three current amenities that are most likely to disappear from American airports in the near future. It is an unsurprising triumvirate: payphones, banks and smoking rooms.There are good reasons to suppress memories of frantic searches for somewhere to have a final cough-and-a-drag before the forced abstinence of a long-haul flight. Even better cause to forget the disgusting rooms that awaited at the end of those searches. After reading the ACI report, a particular impression resurfaced of a tiny perspex pod in the departure lounge at Gatwick airport that used to pass as a smoking room. Standing in it, cheek to cheek with equally desperate souls, while fans thundered overhead, it felt as if your dignity were being sucked away alongside your smoke.  5 hours ago Jewellery’s   6   7   7   11   16 hours ago See all updates Those rooms have now gone. Instead, like in many airports across the world, smokers have been banished from terminals altogether and must instead cluster outside in a designated zone. But, talking with smoking colleagues, it seems that there are still places where the addicted can feed their habit in a civilised environment.Dublin airport, which has an area in which to light up inside a pub, probably comes closest to treating our pungent brothers like actual human beings. Meanwhile Helsinki has apparently devised a smoking room that is both roomy and does not reek of a stale ashtray, although taking in food and drink is forbidden (presumably so as not to sully the air). Moscow and Tokyo also got honourable mentions.One thing nearly all airports seem to lack is somewhere to light up between exiting the plane and queuing up for immigration. Gulliver admits that even at his puffing peak, it never occurred to him that this would be useful. Better, he always thought, just to get through customs and into the fresh air as fast as possible. But according to a fellow journalist, having somewhere to slink off before interrogation at passport control (“Why don''t you smile more?”) or while waiting for your baggage to appear on the carousel can be invaluable. Delhi is one of the few airports that still offers this important service.The same correspondent says that the most important airport smoking zones are found in transit airports. Finding somewhere to inhale during the dead time between long flights is an understandable godsend. After all, no one wants to have to pass through immigration and back again just to have a fag outside. And those with passports that do not grant visa-free access to the world do not even have this option. Such a facility, admits the colleague, is the first thing he considers when deciding where to connect. Fortunately the super hubs of Doha, Dubai (pictured above) and Istanbul were built with addicts firmly in mind, meaning his choice is not too restricted. That is just as well. In the month that America banned flyers from all three of these airports taking laptops and tablets onto planes, they need every competitive advantage they can find .'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/blogs/gulliver/2017/03/what-drag?fsrc=rss'|'2017-03-28T22:17:00.000+03:00'
'f3886fe5e23c1494e6e7ba4563257ef5de2984bc'|'South Africa''s Gordhan recalled from international roadshow, rand falls'|'Company News  22am EDT South Africa''s Gordhan recalled from international roadshow, rand falls JOHANNESBURG, March 27 South Africa''s Finance Minister Pravin Gordhan has been told to return home from an international roadshow by President Jacob Zuma, Talk Radio 702 said on Monday. The rand fell as much as 0.5 percent following the report, while bonds weakened sharply. Gordhan was in London for the first leg of a week-long non-deal investor roadshow in Britain and the United States as weak economic growth and ruling party tensions put the country''s investment grade at risk. (Reporting by Mfuneko Toyana; Editing by Mfuneko Toyana) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/safrica-gordhan-idUSJ8N1GE022'|'2017-03-27T17:22:00.000+03:00'
'14710feb1e366b243f606398ed5dc8d839f5e532'|'Zuma''s recall of Gordhan from roadshow risked rating - S.Africa bank group'|'Company News   12:04pm EDT Zuma''s recall of Gordhan from roadshow risked rating - S.Africa bank group JOHANNESBURG, March 27 South African banking industry lobby group on Monday criticised President Jacob Zuma''s order to call back home his finance minister from a roadshow abroad, saying the move risked a sovereign credit rating downgrade. Zuma asked Pravin Gordhan on Monday to return home "immediately" from an investor roadshow in Britain and the United States, reviving talk of a cabinet reshuffle and unnerving investors who see Gordhan as a emblem of stability. (Reporting by Tiisetso Motsoeneng; Editing by James Macharia) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/safrica-gordhan-banks-idUSJ8N1GY000'|'2017-03-28T00:04:00.000+03:00'
'91ecc8d461f2fc16bf0ca7cac93ccf32768e3052'|'BRIEF-Hudson Pacific Properties sells Santa Monica asset'|' 08am EDT BRIEF-Hudson Pacific Properties sells Santa Monica asset March 27 Hudson Pacific Properties Inc: * Hudson Pacific Properties sells Santa Monica asset * Hudson Pacific Properties- 50,687-square-foot office redevelopment and related development land sold for $35 million before credits, prorations and closing costs * Hudson Pacific Properties Inc - intends to use net proceeds from sale towards its pending acquisition of Hollywood center studios  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-hudson-pacific-properties-sells-sa-idUSASB0B72J'|'2017-03-27T21:08:00.000+03:00'
'6cec9abf005e250301ce06ef912fee4184234690'|'Deutsche Bank reduces cheque clearing in euros in Middle East'|' 23am BST Deutsche Bank reduces cheque clearing in euros in Middle East A statue is pictured next to the logo of Germany''s Deutsche Bank in Frankfurt, Germany September 30, 2016. REUTERS/Kai Pfaffenbach/File Photo By Tom Arnold and Arno Schuetze - DUBAI/FRANKFURT DUBAI/FRANKFURT Deutsche Bank ( DBKGn.DE ) is to stop clearing cheques denominated in euros for some banks in the Middle East, according to sources familiar with the matter, joining other big banks that cut services in the region. Cheque usage globally has been on the wane as consumers and businesses turn to faster, digital payment alternatives and in part because of regulator and bank concerns about their potential use in fraud, money laundering and terror financing. The move coincides with steps Germany''s biggest lender has taken to pare back its number of clients globally and become more stringent about compliance under a restructuring aimed at turning around its business and raising its capital. The bank has told those lenders in the Middle East that do not hold a Deutsche Bank account that it would no longer clear cheques in euros from April, a service it had previously offered, one of the sources said. Deutsche Bank said that it had "reduced its cheque clearing services for customers with low activity levels" internationally. The bank said it was phasing out cheque clearing globally and setting up a new digital global payments platform instead, although it would keep up the cheque business with bank clients generating decent business, the source added. Cheques accounted for just 6 percent of the total mix of global non-cash transactions in 2014, compared with 65 percent for cards, 12 percent for direct debits and 17 percent for credit transfers, according to Capgemini Financial Services and the Bank for International Settlements. But in the Middle East cheques are a more common feature of commerce, are often used for big-ticket transactions such as housing and other payments. German rival Commerzbank ( CBKG.DE ) told customers in the Gulf in December it will no longer process their transactions in euros, sources said, joining other big banks that cut such services after being fined for dealings with Iran. (Editing by Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-deutsche-bank-payment-idUKKBN16Y0MS'|'2017-03-27T15:23:00.000+03:00'
'f4dae5c33cd7788a4e925816febfe27f8217d06a'|'Santander to pay $22 million to resolve subprime auto loan probes'|'  12:29pm EDT Santander to pay $22 million to resolve subprime auto loan probes A woman walks past Santander bank branch in Rio de Janeiro October 7, 2009. REUTERS/Sergio Moraes BOSTON A unit of Banco Santander SA has agreed to pay $22 million in connection with what the attorney general in Massachusetts called a first-in-the-nation settlement involving subprime auto loan securitization. Santander Consumer USA Holdings Inc''s settlement was announced at a press conference in Boston by Massachusetts Attorney General Maura Healey on Wednesday. The accord marked the first settlement in United States in connection with investigations into how financial institutions packaged subprime auto loans into securities sold to investors. The U.S. Justice Department has also been investigating. (Reporting by Nate Raymond in Boston)  '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-banco-santander-settlement-idUSKBN1702EN'|'2017-03-30T00:29:00.000+03:00'
'80d69123489e0400f5ab6572848251bd01b1f463'|'"Incident" reported at Barrick gold mine in Argentina'|'Company News  36am EDT "Incident" reported at Barrick gold mine in Argentina BUENOS AIRES, March 29 An incident was reported at Barrick Gold''s Veladero mine in Argentina late on Tuesday, a spokesman for the San Juan provincial government said on Wednesday without offering details. Barrick declined to comment immediately. The provincial government spokesman said an official statement would be released soon. Veladero resumed operations in October after suspending operations in September due to a spill containing cyanide, the second such spill in just over a year. (Reporting by Maximilian Heath; Additional reporting by Susan Taylor in Toronto) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/barrick-gold-veladero-idUSE6N1AD026'|'2017-03-29T22:36:00.000+03:00'
'794be548dd665885a98cc6993a290f9fad6c16a7'|'Brexit''s cliff edge - ''business as usual'' not an option'|' 12pm BST Brexit''s cliff edge: ''business as usual'' not an option European Union and British Union flags are seen blowing in the wind in London, Britain, March 20, 2017. REUTERS/Toby Melville By Tom Miles - GENEVA GENEVA Failure to strike a trade deal with the European Union by a two-year deadline would force Britain to adopt World Trade Organization arrangements, bringing with it a host of new negotiations and complications. In a nutshell, Britain would have to treat everyone the same, whether it wanted to or not, from Russian exporters to Brazilian lawyers and U.S. advertising firms. And that includes its former colleagues, suppliers and clients in the EU. The British government sees the WTO as a default fall-back position if it cannot forge a new deal with the EU that would allow business ties to continue. But time is short, the negotiations are complex, and Prime Minister Theresa May has said no deal would be better than a bad deal. Adopting WTO rules, however, would open a whole new range of complexities. For one thing, countries now at a relative distance like China, Russia and India would suddenly be able to take legal action -- with a threat of sanctions -- should Britain allow some of its firms to keep trading with the EU as they have been. There would be a legal free-for-all, although the open skies deals underlying aviation between Britain and the continent would have vanished, while the lawyers trying to sort it out might encounter unaccustomed restrictions on their right to work seamlessly across the European continent. The prime reason is that without a new EU trade deal, Britain would not be allowed to be more open to the EU than it is to other World Trade Organization members. The WTO''s "most favoured nation" principle means offering the same deal to all comers, not only in terms of tariffs on imported goods but also in cross-border services such as insurance, telecoms, engineering and transport. "The UK would need to treat everybody the same," said Ingo Borchert, an economist at Sussex University''s UK Trade Policy Observatory. Only a new WTO-approved trade deal would remove the requirement for "most favoured nation". "If they don’t get the deal then the UK is free to implement its trade policy. Whatever that is, it could be very restricted or it could be very liberal, but whatever it is, it would need to be extended in the same way to French and American and Indian firms." The British -- or at least the Brexiters among them -- are bullish about getting a deal. "As it happens we would be perfectly okay if we weren''t able to get an agreement but I''m sure that we will," Foreign Minister Boris Johnson told Britain''s ITV earlier this month. And the government says it has no intention of not getting an EU deal. "We have been clear that we will pursue a bold and ambitious trade agreement with the European Union -- giving British companies the maximum freedom to trade with and operate within European markets, and letting European businesses do the same in Britain," a government spokeswoman said. But many trade experts think the challenge of getting unanimity between the Britain and the other 27 members means "no deal" is the most likely outcome -- especially as the Europeans want to first conclude discussions on Britain''s leaving terms before they even get around to negotiating future arrangements. “We are definitely heading towards the WTO option,” Richard Baldwin, professor of international economics at Geneva''s Graduate Institute and an expert on trade agreements, told an audience of academics and trade diplomats last week in Geneva. BOLD AND AMBITIOUS Britain''s post-Brexit WTO membership terms have yet to be finalised because it has to agree its own "schedules", a process that may require negotiations all its out outside of the Brexit ones. A one-size-fits-all global trade policy would be much less open than the terms of trade Britain now has within the EU -- comprising around 44 percent of British exports. "No agreement means there would be no legal basis for continued preferential treatment among us," said David Hartridge, senior WTO counselor at White & Case and a former head of the WTO''s services division. Meanwhile, some of the biggest potential shocks are in sectors that have no WTO safety net, such as aviation where Britain would have to fall back to its old pre-EU bilateral air service agreements. The WTO change would also not only affect Britain''s trade with the EU, but also all the countries with which the EU has agreements on trade in services, such as South Korea, Mexico and Chile. Britain could continue to recognize certain EU qualifications and licenses, but it would also have to recognize equivalent standards of other WTO members. (Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-eu-wto-idUKKBN1701ZB'|'2017-03-29T22:06:00.000+03:00'
'35c44c80d7c2aefe2b3d07fe2f0d136b1e8a919f'|'CEE MARKETS-Sofia, after elections, bucks U.S.-triggered stocks fall'|'* Pro-EU ruling party wins Bulgarian elections, Sofia stocks up * CEE stocks, bond yields fall as trust in Trump stimulus cracks * Romanian bonds buck firming ahead of budget figures By Sandor Peto BUDAPEST, March 27 Bulgarian stocks rose on Monday after the pro-EU governing party won a parliamentary election, bucking a fall in equities and bond yields elsewhere in Central Europe. Risk appetite declined, similarly to trends in Asia and Western Europe, after confidence in new U.S. President Donald Trump''s ability to deliver his agenda took a blow when he failed to push through a healthcare reform bill. But the index of the Bulgarian stock exchange, which often has low turnover, rose by almost half a percent by 0816 GMT. In preliminary results of Sunday''s elections, the pro-European Union centre-right GERB party led, scoring 32.58 percent, ahead of the pro-Russian Socialist party with 26.8 percent. "Therefore, fears about a change in the overall policy course and possibly a somewhat more pro-Russia stance should abate soon," said Raiffeisen analyst Gunter Deuber in a note. Warsaw led a decline of stocks elsewhere in the region. Its blue-chip index shed 1.5 percent, led by the country''s biggest lender PKO BP, which fell 1.7 percent. The forint and the zloty eased slightly against the euro. Bond yields fell across the region as yields in the EU mostly tracked U.S. Treasuries. Poland''s 10-year bond yield dropped 4 basis points to 3.52 percent, and Hungary''s corresponding yield was lower by 7 basis points from Friday''s fixing, at 3.35 percent. The yield of the two country''s long-term bonds are now back at levels around the year-end after rise in the past months due to expectations for economic stimulus and rising interest rates in the U.S. under president Trump. "The Trump course is being unwound as expectations for less bond-supportive monetary policies fade," one Budapest-based fixed income trader said. "Also there is an increasing feeling that reflation (in the world) could prove temporary." Romanian government bonds tracked the firming of bond prices. Mid-2026-expiry Romanian bonds were flat ahead of the publication of January-February government budget figures. The 10-year yield dropped in tandem with regional peers last week, but it is still near its highest level since mid-2015. Fears that the leftist government which rules since January will boost the budget deficit have weighed on Romanian assets. The Czech 10-year yield is also near its highest level since mid-2015. Foreign investors who speculated in the past months that the Czech central bank would remove its cap on the crown currency''s value soon, mainly bought short-term Czech bonds. The yield on the 2-year paper fell 9 basis points on Monday, to -0.48 percent. CEE SNAPS AT 1016 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 27.02 27.02 +0.0 -0.05 00 00 0% % Hungary 310.1 309.9 -0.04 -0.41 forint 000 700 % % Polish 4.265 4.261 -0.07 3.26% zloty 0 9 % Romanian 4.551 4.552 +0.0 -0.36 leu 2 0 2% % Croatian 7.431 7.419 -0.15 1.67% kuna 0 5 % Serbian 123.9 123.9 +0.0 -0.44 dinar 000 500 4% % Note: daily calculate previ close 1800 change d from ous at CET STOCK S Lates Previ Daily Chang t ous e close chang in e 2017 Prague 978.2 982.5 -0.43 +6.1 8 3 % 5% Budapest 31886 32097 -0.66 -0.37 .22 .09 % % Warsaw 2200. 2234. -1.53 +12. 56 82 % 97% Bucharest 7959. 7981. -0.27 +12. 82 01 % 35% Ljubljana 790.0 791.7 -0.21 +10. 1 1 % 09% Zagreb 2117. 2112. +0.2 +6.1 13 83 0% 3% Belgrade <.BELEX15 746.1 746.1 +0.0 +4.0 > 2 2 0% 1% Sofia 642.4 639.6 +0.4 +9.5 5 3 4% 5% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.48 -0.08 +026 -9bps > 1 8 bps 5-year <CZ5YT=RR 0.198 -0.03 +053 -1bps > 7 bps 10-year <CZ10YT=R 0.979 -0.02 +061 +1bp R> 6 bps s Poland 2-year <PL2YT=RR 2.039 0.023 +278 +3bp > bps s 5-year <PL5YT=RR 2.939 -0.01 +327 +1bp > 7 bps s 10-year <PL10YT=R 3.535 -0.03 +316 +1bp R> 3 bps s FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep < 0.29 0.32 0.4 0 PRIBOR=> Hungary < 0.25 0.32 0.44 0.21 BUBOR=> Poland < 1.77 1.785 1.83 1.73 WIBOR=> Note: FRA are for Quote: s ask prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL5N1H41PG'|'2017-03-27T07:07:00.000+03:00'
'df1dabccb588421960632253626500f43a4ddaaf'|'Iran sanctions 15 U.S. firms, citing human rights and Israel ties'|'DUBAI, March 26 Iran has imposed sanctions on 15 U.S. companies for alleged human rights violations and cooperating with Israel, the state news agency IRNA reported on Sunday.The agency Quote: d Iran''s foreign ministry as saying the companies had "flagrantly violated human rights" and cooperated with Israel against the Palestinians.It was not immediately clear if any of the companies, which included defence technology firm Raytheon, had any dealings with Iran or whether they would be affected in any way by Tehran''s action, which IRNA said would include seizure of their assets and a ban on contacts with them.The Iranian move came two days after the United States imposed sanctions on 30 foreign companies or individuals for transferring sensitive technology to Iran for its missile programme, or for violating export controls on Iran, North Korea and Syria. (Reporting by Dubai newsroom; Editing by Andrew Torchia)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/iran-usa-sanctions-idINL5N1H30CS'|'2017-03-26T07:56:00.000+03:00'
'65136b1ed66131f1aef5a02ac94535139da26462'|'VW board recommends discharging top management, supervisory panel'|'Business News - Tue Mar 28, 2017 - 12:07pm EDT VW board recommends discharging top management, supervisory panel The Volkswagen logo is seen at the company''s display during the North American International Auto Show in Detroit, Michigan, U.S., January 10, 2017. REUTERS/Mark Blinch BERLIN Volkswagen''s ( VOWG_p.DE ) supervisory board has recommended shareholders to discharge the carmaker''s top management and the supervisory panel from liability for actions taken last year. "The supervisory board is expressing its faith in the entire top management to continue to promote the comprehensive reorientation of the group," VW said on Tuesday. The carmaker said the recommendation to clear top executives from responsibility for actions does not imply waiving possible compensation claims against members of management. U.S. law firm Jones Day and fellow law firm Gleiss Lutz have been investigating the carmaker''s diesel emissions test-cheating scandal. (Reporting by Andreas Cremer; Editing by Michael Nienaber) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-volkswagen-board-idUSKBN16Z29E'|'2017-03-29T00:07:00.000+03:00'
'c02c53a3c570a8b3a8f2031bf59c52af457dce75'|'Brexit will hurt business for German firms, DIHK says'|'  8:51am BST Brexit will hurt business for German firms, DIHK says German, British and European Union flags fly in front of the Reichstag building in Berlin, Germany July 20, 2016.   BERLIN Britain''s departure from the European Union will significantly hurt German firms'' business with the United Kingdom and investment will decline strongly in the long term, the president of Germany''s DIHK Chambers of Commerce said on Tuesday. Four in ten companies expect business to weaken, DIHK President Eric Schweitzer said a day before Britain triggers divorce proceedings with the European Union. "We should expect further declines in trade in the coming months," he added. He said almost one in ten companies was already planning to withdraw investment from Britain even though the terms of Britain''s departure are not yet known. (Reporting by Gernot Heller; Writing by Michelle Martin; Editing by Madeline Chambers)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-germany-idUKKBN16Z0QZ'|'2017-03-28T15:51:00.000+03:00'
'7677831ece371342ef23bae26573c72d1c2fcb9a'|'Exxon to Trump: Don''t ditch Paris climate change deal 29,'|'Mulvaney: We''re not spending money on climate change ExxonMobil doesn''t want President Trump to abandon the global climate agreement reached in Paris. America''s biggest oil company told the White House it believes the Paris agreement is an "effective framework for addressing the risks of climate change" and the U.S. should remain a party to it . Exxon ( XOM ) said the country is "well positioned to compete" under the terms of the Paris deal, which was reached in late 2015 with the goal of slowing global warming. President Obama hailed the agreement as "the moment that we finally decided to save our planet." The Exxon letter was sent to the White House on March 22, just days before Trump took a massive swipe at environmental regulations implemented under Obama. The administration had asked Exxon for its views on the Paris accord. Trump signed an executive order on Tuesday to undo the Clean Power Plan, which aimed to slash carbon emissions by coal plans and other power utilities. Before taking office, Trump called climate change a "hoax" and blasted the Paris COP21 agreement as a "bad deal" for the U.S. However, after winning the election Trump told The New York Times he has an "open mind" about the Paris agreement and said he believes clean air and "crystal clear water" are important. Related: Trump move won''t bring back coal or mining jobs Exxon has a complex and controversial history with climate change . The energy giant is being investigated for allegedly misleading the public and shareholders about what it knew about the dangers of climate change. But in 2007 Exxon admitted publicly that climate change poses risks and said it''s responsible to begin working on ways to reduce emissions. Exxon has also been a consistent public supporter of the Paris agreement. "We welcomed the Paris Agreement when it was announced in December 2015, and again when it came into force in November 2016. We have reiterated our support on several occasions," Peter Trelenberg, Exxon''s environmental policy and planning manager, wrote to the White House. Last month Exxon CEO Darren Woods, who replaced Rex Tillerson when he left to become Trump''s secretary of state, wrote a blog post saying the company is "encouraged" that the Paris agreement creates a framework for "all countries" to address rising emissions. Exxon noted in its letter to the White House that unlike the Kyoto Agreement, the Paris deal is the first major international accord to feature pledges from developed nations like the U.S. and developing ones like China. Exxon pointed out that China is the world''s leading greenhouse gas emitted and India is likely to pass the U.S. as No. 2 before mid-century. Related: What if Trump dumps Paris climate deal? Even though Trump is a climate change skeptic, his secretary of state and leading emissary on climate issues , does not appear to be one. During his confirmation hearing in January, Tillerson said he came to the conclusion years ago that "the risk of climate change does exist and the consequences could be serious enough that action should be taken." But Tillerson ducked allegations that Exxon misled the public on climate change. He refused to answer repeated questions during the hearing about whether the company ignored internal research going back to the 1970s on the impact of burning fossil fuels. Earlier this month it emerged that Tillerson allegedly used the pseudonym "Wayne Tracker" to send emails related to climate change while serving as CEO of Exxon. -- CNNMoney''s Julia Horowitz contributed to this report. CNNMoney (New York)   29, 2017: 1:50 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_companies.rss'|'http://money.cnn.com/2017/03/29/investing/exxon-trump-paris-climate-change/index.html'|'2017-03-29T21:50:00.000+03:00'
'b48346770a5b5e60973f2eb39660896c5ea3d834'|'Nigeria''s AMCON recovers 682 bln naira of bad debt in six years'|'LAGOS, March 27 Nigeria''s state-owned AMCON has recovered 681.5 billion naira($2.2 bln) over the past six years from debtors in the form of cash, properties and shares, it said on Monday.The Asset Management Corporation of Nigeria (AMCON) was set up in 2010 to absorb banking sector-wide non-performing loans in exchange for government bonds, after the central bank rescued nine weak lenders from collapse in 2009.But pressure has been building up again, with loan books - nearly half of them in dollars - hammered by shrinkage in the economy, a sinking currency and acute foreign exchange shortages - all consequences of the slump in oil prices.The "bad bank" said it has around 1.7 trillion naira ($5.6 bln) worth of assets under litigations.In February AMCON took over the day-to-day running of Arik Air in an attempt to rescue the country''s largest airline, which was placed in receivership after it failed to pay workers or creditors.Last week it sold the nationalised Keystone Bank to a consortium of local investors. ($1 = 306.00 naira) (Reporting by Oludare Mayowa; writing by Chijioke Ohuocha; editing by Mark Heinrich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/nigeria-amcon-idINL5N1H44R8'|'2017-03-27T13:33:00.000+03:00'
'ba1de9fe9c9c6ef0ada419a8d5465052e65588d4'|'US STOCKS SNAPSHOT-Wall St falls as ''Trump Trade'' questioned'|'Company  07pm EDT US STOCKS SNAPSHOT-Wall St falls as ''Trump Trade'' questioned NEW YORK, March 27 The S&P 500 ended slightly lower on Monday, cutting earlier losses, while the Dow declined for an eighth consecutive session as investors assessed how the defeat of President Donald Trump''s first major legislative action would impact the rest of his agenda. The Dow Jones Industrial Average fell 45.74 points, or 0.22 percent, to 20,550.98, the S&P 500 lost 2.39 points, or 0.10 percent, to 2,341.59 and the Nasdaq Composite added 11.64 points, or 0.2 percent, to 5,840.37. (Reporting by Lewis Krauskopf; Editing by Nick Zieminski) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSZXN0RZA2I'|'2017-03-28T04:07:00.000+03:00'
'ffaf25c34eb29875e9b490330ac931a571bba591'|'Qatar Airways chief says laptop ban not designed to hurt Gulf carriers'|'Business News - Mon Mar 27, 2017 - 8:27pm BST Qatar Airways chief says laptop ban not designed to hurt Gulf carriers FILE PHOTO A Qatar Airways aircraft is seen at a runway of the Eleftherios Venizelos International Airport in Athens, Greece, May 16, 2016. REUTERS/Alkis Konstantinidis/File Photo By Tom Finn - LONDON LONDON Qatar Airways'' chief executive said on Monday he did not believe the ban on carrying most electronics in the cabins of passenger flights to the United States from eight Muslim majority countries was designed to hurt Gulf airlines. The U.S. introduced new security measures on March 25 banning electronics larger than a mobile phone from passenger cabins on direct flights to the U.S. from 10 airports in the Middle East, North Africa and Turkey, including Qatar. The announcement of the restrictions prompted media reports that the move, enacted by President Donald Trump''s administration, is to protect U.S. airlines by stifling the growth of the fast-expanding Gulf carriers and Turkish Airlines, a theory dismissed by U.S. officials and many experts. Gulf airlines Qatar Airways, Emirates and Etihad Airways have been battling a lobbying campaign in Washington by U.S. carriers that accuse them of receiving unfair subsidies, charges that the Gulf carriers deny. "I don''t think it is fair for me to say it is targeting Gulf airlines," Qatar Airways Chief Executive Akbar Al Baker told reporters in London on the sidelines of a Qatar investment forum. "As far as I am concerned it is a security measure and we have to comply with that." The regulations, prompted by reports that militant groups want to smuggle explosive devices in electronic gadgets, state that electronics larger than a mobile phone - including laptops and tablets - must be stowed with checked baggage on U.S.-bound passenger flights. Industry experts argue the ban could weaken passenger demand for the Gulf carriers on U.S. routes, especially among business travellers who use the long flying time to complete work on their laptops. "At the moment it is too early to say if it will affect our business," Al Baker said. Fellow Gulf carriers Emirates and Etihad said last week they would allow passengers to hand over electronics banned from the cabin to staff at the boarding gates who would then stow the devices. Al Baker said the airline has taken steps to mitigate the impact of the new restrictions on passengers by allowing them to hand over electronics "at the spot where they go through the screening process". It wasn''t immediately clear which process Al Baker was referring to. Passengers travelling to the U.S. from Doha, and other airports in the region, have to pass through a second security check immediately prior to boarding. (Writing by Alexander Cornwell in Dubai; Editing by Hugh Lawson) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-airlines-electronics-qatarairways-idUKKBN16Y2DQ'|'2017-03-28T03:27:00.000+03:00'
'ebdb87d71c5d42e54f23fe088f0df75bfe79588b'|'Apprenticeship levy will deepen north-south divide, IPPR says - Education'|'The government’s new £3bn apprenticeship levy threatens to deepen Britain’s north-south divide, according to a new analysis, with London and the south-east benefiting most from the government’s shakeup of staff training.The Institute for Public Policy Research (IPPR) has warned that the apprenticeship levy, which comes into force next month, will raise less money and have a smaller impact in the areas that need it most. These areas are those that have been hit by deindustrialisation and suffer from low levels of qualifications, low productivity and low pay.The new levy is designed to increase the number and quality of apprenticeships in the UK, with the government aiming to create 3 million new placements by 2020. It will be paid by employers in England with a payroll of more than £3m and charged at a rate of 0.5% of their annual wage bill. The Treasury has estimated it will raise nearly £3bn a year.Pattern-cutting to tattooing: amazing apprenticeships – in pictures Read more The government has championed its apprenticeship push as creating more opportunities for young people and for those people already in work who need new skills to progress. Justine Greening, the education secretary, has described apprenticeship schemes, where people earn and learn at the same time, as “ vital in making this a country that works for everyone ”.But the IPPR said its analysis of official figures suggested a disproportionate amount of investment would be stimulated in London and the south-east, where there was a relatively high number of big employers. Those areas have 38% of the UK’s large businesses that would be targeted by the levy, but higher levels of employment and only 27% of the population, IPPR’s research found.Clare McNeil, IPPR associate director for work and families, said: “The government has said that it wants to break down the barriers to social mobility faced by young people in this country. It is clear to see that young people outside of London and the south-east face a much harder time finding a first job or training opportunity – particularly those not going on to university.“It is extraordinary then that the government has not analysed the regional impact of its new apprenticeships policy, which is likely to boost investment in training precisely in those areas where employment is higher, such as in London and the south-east, leaving unemployment hotspots in the north-east or Yorkshire with proportionately less funding.”The government has sought to underscore how some of its funding will be targeted at young people most in need of help getting on a career path. Under the new system, employers that are too small to pay the levy – around 98% of those in England – will have 90% of the costs of training paid for by the state. Extra support will also be available for employers with fewer than 50 employees who take on 16- to 18-year-old apprentices or young care leavers. Responding to the IPPR report, the apprenticeships and skills minister, Robert Halfon, said: “I have been clear that everyone should benefit from our reforms to apprenticeships and there is no evidence of a north-south divide. We currently have the highest number of apprentices on record, with 900,000 this parliament and with numbers consistently high across the whole country.“We truly are investing in the whole of England by doubling funding for apprenticeships to £2.5bn by 2019-20 – twice what was spent in 2010-11 – and giving employers more power than ever before to design training that meets their needs. ” The IPPR is urging the government to change the apprenticeship levy system to redistribute some of the money collected to areas with the biggest training needs. It also wants a broader levy that would apply to all employers with 50 or more staff in order to raise more money. “Unless it changes the policy to ensure that investment is distributed more fairly between north and south, it will exacerbate existing regional disparities in opportunity for young people,” McNeil said.Topics Apprenticeships Economics Justine Greening Tax and spending news  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/education/2017/mar/27/uk-apprenticeship-levy-will-deepen-north-south-divide-ippr-warns'|'2017-03-27T08:01:00.000+03:00'
'597e9fab147942ab3be59caa339eb850cf50713a'|'PRESS DIGEST - Wall Street Journal - March 27'|'Company News - Mon Mar 27, 2017 - 12:36am EDT PRESS DIGEST - Wall Street Journal - March 27 March 27 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy. - South Korean prosecutors said they would seek an arrest warrant for former President Park Geun-hye, just 17 days after she was removed from office as part of a wide-ranging political scandal that caused her to be impeached. on.wsj.com/2olCJJw - Thousands of demonstrators took to the streets of cities across Russia on Sunday to protest official corruption in the most significant challenge to President Vladimir Putin in years. Sunday''s marches were called by leading opposition figure Alexei Navalny, who was detained during the protest in Moscow. on.wsj.com/2nXYUsS - The Iraqi military said Sunday a blast that killed scores of civilians in western Mosul was triggered by an Islamic State booby trap, contradicting local officials and residents who claimed a U.S.-led coalition airstrike caused the deaths. on.wsj.com/2nUJeGp - The White House sent a warning shot to congressional Republicans that it may increase its outreach to Democrats if it can''t get the support of hard-line conservatives, a potential shift in legislative strategy that could affect drug prices, the future of a tax overhaul and budgetary priorities. on.wsj.com/2nD0GPv - Hollywood studios are preparing to upend decades of tradition by releasing movies at home less than 45 days after they debut on the big screen, according to people with knowledge of their plans, a goal they have pursued unsuccessfully for years. on.wsj.com/2mEg2Ur - Barclaycard is shedding a chunk of its subprime card balances, in a deal that reflects diverging views in the card industry about the future of the U.S. economy and the wisdom of wagering on risky borrowers. The credit-card issuer sold $1.6 billion of credit-card balances owed by mostly near-prime and subprime borrowers to privately held personal-loan firm Credit Shop Inc. on.wsj.com/2nDIaGo (Compiled by Rama Venkat Raman in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-wsj-idUSL3N1H422U'|'2017-03-27T12:36:00.000+03:00'
'f65535a207c510e815441b39c43ff410fa4d2c6f'|'CANADA STOCKS-TSX ends higher as gold-mining shares jump'|'Company  07pm EDT CANADA STOCKS-TSX ends higher as gold-mining shares jump TORONTO, March 27 Canada''s main stock index advanced on Monday as strength in gold-mining shares amid heightened demand for safe-haven assets like precious metals helped offset a slight decline in the energy sector. The Toronto Stock Exchange''s S&P/TSX composite index closed up 63.55 points, or 0.41 percent, at 15,506.22. Eight of the index''s 10 main groups were higher. (Reporting by Fergal Smith and John Tilak; Editing by Leslie Adler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/markets-stocks-canada-idUSL2N1H41DH'|'2017-03-28T04:07:00.000+03:00'
'3117a385e59a29bbd568c6f6d7e4728cc314503b'|'Two Tesco shareholders oppose £3.7bn takeover of wholesaler Booker - Business'|'Tesco’s £3.7bn takeover of Booker , the grocery wholesaler, is in doubt after two major shareholders in the supermarket group expressed their opposition to the deal.Schroders and Artisan Partners, which between them own 9% of Tesco , have written separately to the chair of the retailer, John Allan, to ask him to pull out of the deal.Tesco needs a majority of shareholders to vote in favour of the deal at a meeting, so the opposition of two significant investors is a setback for the company.In its letter to Allan, Schroders, one of the City’s best-known fund managers, said the price Tesco was paying for Booker would make creating value for shareholders “extremely challenging”. Schroders said it would encourage other Tesco investors to oppose the deal.The letter is signed by Nick Kirrage, a Schroders fund manager, and Jessica Ground, the global head of stewardship at the firm. It was first reported by the Financial Times.The letter adds: “All management teams believe that their acquisitions will create value. However, there is compelling academic and empirical evidence that, on average, acquisitions destroy value for acquiring shareholders.“We believe the high price being paid for Booker makes the destruction of value even more likely.”It ends: “We will be encouraging other shareholders who share our views to voice them. Thus we urge you to reconsider and withdraw your offer.”The manager of Artisan’s Global Value funds, Daniel O’Keefe, told the FT that Tesco’s chief executive, Dave Lewis, was creating an unnecessary distraction for the business.Tesco and Serious Fraud Office within days of deal over accounting Read more“The company basically imploded before Dave Lewis began a journey of simplifying, refocusing on the UK. We just don’t understand, in a business as fragile as retail, why on earth would we risk distracting ourselves from that huge goal,” he added.Schroders also praised the resignation of Richard Cousins as the senior independent director of Tesco over his opposition to the deal. Cousins, the boss of catering group Compass, quit the board of Tesco in January just before the deal was announced. Lewis later revealed that Cousins stepped down because he was against buying Booker.Schroders said of Cousins’ resignation: “This demonstration of integrity delivers a powerful message about his concerns around the merits of the deal. We welcome Richard’s honest and forthright actions and would encourage other FTSE non-executive directors to follow his lead if they see fit.”Topics Tesco Mergers and acquisitions Supermarkets Retail industry '|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/business/2017/mar/27/two-tesco-shareholders-oppose-takeover-of-wholesaler-booker'|'2017-03-28T03:04:00.000+03:00'
'0d0c636e942258a5f5db2ddd5cbc6467817ad868'|'Avianca Airlines files countersuit against No.2 shareholder over United deal'|'Colombian airline Avianca AVT_p.CN countersued its No. 2 shareholder on Monday, escalating a battle over a plan by top shareholder Synergy Group Corp to forge an alliance with United Continental Holdings Inc ( UAL.N ).Avianca''s motion seeks to dismiss claims in a lawsuit filed by Kingsland Ltd earlier this month and opposes Kingsland’s motion for an injunction to stop the United negotiations."Avianca has at all times performed its role under the parties’ shareholder agreement, while Kingsland has explicitly breached its obligations," a statement issued by the company said. "Avianca points out that Kingsland’s legal maneuvers are a heavy-handed attempt to obtain greater rights in the courtroom than it previously negotiated for and agreed to in the parties’ shareholder agreement."The countersuit by Avianca asks the court for an order preventing Kingsland from any further dissemination of the company’s "confidential information, requiring Kingsland to comply with the dispute resolution section of the parties’ shareholder agreement, and requiring Kingsland’s representatives to cease interfering with the shareholder agreement."Kingsland and Avianca were set to meet in New York State Supreme Court on Tuesday so a judge could rule on Kingland''s petition for a preliminary injuction. However, a representative for Kingsland told Reuters the court date had been moved to April 2.Kingsland, which holds about 22 percent of Avianca''s voting shares and 14 percent of total shares, said in the suit it is seeking "injunctive relief to prevent the cabal of insiders that controls Avianca ... from proceeding with their unlawful attempt to ram through the egregiously one-sided United Transaction in order to divert hundreds of millions of dollars to themselves in violation of their fiduciary and contractual duties."Synergy holds 78 percent of Avianca voting shares.Kingsland did not immediately respond to a request for comment.(Reporting by Dion Rabouin; Editing by Marguerita Choy)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-colombia-avianca-holding-idINKBN16Y2FE'|'2017-03-27T18:07:00.000+03:00'
'9130f09e3a7eeee6a0be8eebc6bf4a0222efa87b'|'UPDATE 1-Alexion Pharma names former Baxalta head Ludwig Hantson CEO'|'Company News  28am EDT UPDATE 1-Alexion Pharma names former Baxalta head Ludwig Hantson CEO (Adds details) March 27 Alexion Pharmaceuticals Inc on Monday named former Baxalta head Ludwig Hantson chief executive officer as the rare-disease drug maker looks to steady the ship following the exit of its top management. Hantson will take over from David Brennan, who was named interim chief last year following the departure of Alexion''s top executives in the aftermath of a sales practices investigation. Hantson, who has also worked at Novartis AG, previously served as chief executive of rare disease drugs specialist Baxalta, which was bought by Shire Plc in a $32 billion deal last year. Alexion said in November it was probing allegations related to sales practices associated with its flagship drug, Soliris. Chief Executive David Hallal and Alexion''s finance chief Vikas Sinha stepped down in December amid speculation that the board had lost confidence in them. Alexion said in January its internal probe had found no instances of improper revenue recognition related to Soliris, but the company said it identified a material weakness in internal controls over financial reporting for previous quarters. New Haven, Connecticut-based Alexion''s 2017 revenue forecast reassured investors last month, even as Soliris'' slowing sales growth and looming competition had been causes for concern. Outgoing interim chief Brennan will remain on Alexion''s board, the company said. (Reporting by Natalie Grover in Bengaluru; Editing by Anil D''Silva and Sai Sachin Ravikumar) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/alexion-pharms-moves-ceo-idUSL3N1H43SE'|'2017-03-27T19:28:00.000+03:00'
'0bac8952567121b1aae372711419c26af98f6d04'|'Dyson plays down hard Brexit concerns as company posts £2.5bn record sales - Business'|'Sir James Dyson , the billionaire investor, has played down concerns that a “hard Brexit” could harm the UK economy by claiming that World Trade Organisation tariffs have not prevented his technology company from achieving record financial results.Dyson said that WTO tariffs – which range from 5% to 10% – had “not held us back at all” and were a “tiny penalty to pay” for trading with Europe.Other business leaders have warned that the UK economy would be hurt by a “hard Brexit” from the single market and the introduction of WTO tariffs on trading with Europe. They have claimed that the extra cost of importing and exporting goods would make businesses uncompetitive. Dyson was speaking as his technology company published record annual financial results for 2016. Sales rose 45% year-on-year to £2.5bn for 2016 while underlying profits rose 41% to £631m. The results include a 244% rise in sales in China while UK sales rose by a third. Popular products included Dyson’s new V8 cordless vacuum cleaner – its fastest-selling vacuum cleaner ever – and its first hairdryer, the supersonic, which was the second most sold item on John Lewis’s website before Christmas, behind chocolate coins.Dyson pays WTO tariffs because it manufactures products in Singapore then exports them around the world, including to Europe.Dyson, a prominent supporter of Brexit before last year’s referendum , said: “They have not held us back at all. It is clearly not a barrier to exporting into Europe.”The investor said that the tariffs were a “tiny penalty to pay” compared to other taxes such as corporation tax.However, he also said that he did not expect the UK to have to fall back on WTO tariffs. “I don’t believe it will get to that, it’s not in Europe’s interests,” he said.As part of any Brexit deal Dyson wants Theresa May, the prime minister, to remove foreign students from official immigration figures and particularly protect those studying maths, engineering and science.“I wouldn’t want the government to target that area. We should make maths, science and engineering students that come to stay in this country welcome here,” he said.The tycoon said that the drop in the value of sterling since the referendum has led to Dyson putting up the price of some of its products, although he said the increases varied product-by-product and declined to provide further details.“It [the drop in the value of sterling] is not good news for anyone who imports products,” he said.Dyson is planning further expansion by opening 25 new shops around the world, including one on Fifth Avenue in New York. The company, which employs 3,500 engineers and scientists, has also committed to a significant expansion in the UK by opening a new 517-acre campus near its base in Wiltshire. The campus is part of a £2.5bn investment into developing new battery technologies and robotics. The size of the campus and the company’s work on batteries, robotics and artificial intelligence, has increased speculation that Dyson is developing a driverless electric car , but Dyson has declined to comment on this.Topics Annual results Dyson Ltd James Dyson Retail industry EU referendum and Brexit news Share  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/mar/27/dyson-plays-down-hard-brexit-concerns-as-company-posts-25bn-record-sales'|'2017-03-27T14:00:00.000+03:00'
'2ee24b091fda5dd018651ebbe66474fb44d29884'|'Euro zone household lending grows at its best rate since late 2010: ECB'|'Business News - Mon Mar 27, 2017 - 9:22am BST Euro zone household lending grows at its best rate since late 2010: ECB European Union (EU) flags fly in front of the European Central Bank (ECB) headquarters in Frankfurt, Germany, December 3, 2015. REUTERS/Ralph Orlowski/File Photo FRANKFURT Lending to euro zone households grew at its fastest pace since late 2010 last month but corporate lending unexpectedly slowed, fresh data from the European Central Bank showed on Monday. Lending to households in the 19-member currency bloc picked up to 2.3 percent in February from 2.2 percent a month earlier, its best rate since December 2010 suggesting that the ECB''s cheap cash is slowly making its way to the household sector. Corporate lending growth meanwhile slowed to 2.0 percent from 2.3 percent a month earlier, its lowest rate since June and possibly breaking its recent trend for slow but steady acceleration. The annual growth rate of the M3 measure of money circulating in the euro zone, which has in the past often predicted economic activity, rose 4.7 percent last month, slowing from 4.8 percent in January and missing expectations for 4.9 percent in a Reuters poll. (Reporting by Balazs Koranyi; Editing by Francesco Canepa) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eurozone-lending-ecb-idUKKBN16Y0R3'|'2017-03-27T16:16:00.000+03:00'
'3fb092ded2e6b6c6ae8d6f72c15740b5c755d4dc'|'UK-based banks already knocking on Germany''s door: Bundesbank'|'Business News - Wed Mar 29, 2017 - 6:31am EDT UK-based banks already knocking on Germany''s door: Bundesbank Andreas Dombret, member of the board of the Deutsche Bundesbank speaks during a news conference at the Deutsche Bundesbank''s Regional Office in Hesse in Frankfurt October 26, 2014. REUTERS/Ralph Orlowski By Andreas Framke and Frank Siebelt - FRANKFURT FRANKFURT Banks seeking to leave London because of Brexit are already holding talks about moving to Frankfurt but they will not be offered any special exemption from the regulations, a senior board member of Germany''s central bank told Reuters. Banks moving to the continent will likely settle in a number of cities rather than create one new financial hub to rival London, Andreas Dombret said in an interview authorized for release on Wednesday, the day British Prime Minister Theresa May was due to formally launch two years of divorce negotiations. "Many banks interested in Frankfurt have knocked on our door and I’ve had a lot of interesting discussions," said Dombret, the Bundesbank''s top supervision expert. "I do not expect all banks to move to the same city on the continent. They will certainly spread out a little bit." Competing with other financial hubs such as Paris, Milan, Amsterdam or Dublin, Germany''s financial center hopes to attract banks currently based in London that move staff and some operations to continental Europe. But Dombret, 57, whose term at the Bundesbank ends next year, said Germany would not offer banks any favors to come to Frankfurt, which is home to the European Central Bank, Deutsche Bank ( DBKGn.DE ) and Commerzbank( CBKG.DE ), maintaining its strict standards. "We will not allow regulatory arbitrage. You may outperform the rules, but you must not underperform," Dombret said, adding that the Bundesbank would not be marketing Frankfurt. Banks seeking to operate in the European Union need regulatory permission - known as the ''EU passport'' - and must set up a regional headquarters in at least one EU member state. The European Central Bank, which oversees the biggest banks in the euro zone, has said that only a handful of banks have so far indicated that they plan to move some operations, but dozens have made inquiries. Dombret, a former investment banker who joined the Bundesbank''s board seven years ago, said he did not believe Brexit would kick-start a much-needed wave of consolidation in Germany''s fragmented financial industry, adding that he expected no increase in pressure on domestic banks from global players. "I do not believe that. Ninety-nine percent of German banks are not competing with the banks that may come here," he said, arguing that most of the 1,900 German lenders are smaller savings and cooperative banks mainly focused on retail business. (Reporting by Andreas Framke; Editing by Gareth Jones) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-britain-eu-bundesbank-banks-idUSKBN170171'|'2017-03-29T18:31:00.000+03:00'
'0b43be0b44c916f68bed25389998c771082a4b4e'|'UK car industry body says no Brexit deal is not an option'|'LONDON, March 29 No deal in Brexit talks between Britain and the European Union is not an option, the country''s car industry body said as Prime Minister Theresa May formally triggered divorce proceedings from the European Union.In January, May said: "I am equally clear that no deal for Britain is better than a bad deal for Britain", but carmakers fear that without a formal agreement, UK-built cars would face export tariffs of up to 10 percent, risking the future of plants."We will continue to work with government and our European counterparts but no deal is not an option," the Chief Executive of the Society of Motor Manufacturers and Traders Mike Hawes said on Wednesday. (Reporting by Costas Pitas, editing by Paul Sandle)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-eu-smmt-idINL9N1FN01C'|'2017-03-29T10:39:00.000+03:00'
'ee7be30c2e49d31fe5d46fe2a6b9a918b449927e'|'Brazil''s Petrobras pulls appeal of Karoon deal -court documents'|' 30pm EDT Brazil''s Petrobras pulls appeal of Karoon deal -court documents RIO DE JANEIRO, March 29 Brazil''s state-controlled oil company Petrobras has withdrawn its appeal to the Supreme Court of an injunction blocking the sale of oil fields to Australia''s Karoon Gas Australia Ltd, according to court documents reviewed by Reuters on Wednesday. The Brazilian oil giant, known formally as Petroleo Brasileiro SA, said in the documents that the deal with Karoon fell through after its partner Woodside Petroleum Ltd backed out. Petrobras officials declined to provide details of the case, which is sealed to the public. (Reporting by Marta Nogueira; Writing by Brad Haynes; Editing by Paul Simao)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/petrobras-divestiture-karoon-gas-aus-idUSE6N1FG01G'|'2017-03-30T01:30:00.000+03:00'
'15c36d26198ad656274b70503ab94e5f3c4b594b'|'Woodside CEO ''OK'' with LNG buyers'' club, hints at more flexibility'|' 17am EDT Woodside CEO ''OK'' with LNG buyers'' club, hints at more flexibility * Woodside''s Coleman sees no threat from LNG alliance * Buyers'' club, flexible contracts could create more liquidity * Buyers 2 yrs from more long-term contracts on megaprojects By Farah Master HONG KONG, March 29 Australian energy major Woodside Petroleum on Wednesday hinted it may in future be willing to allow buyers of liquefied natural gas (LNG) more flexibility as part of long-term contracts, saying that in time this could help create a more liquid market. Last week, the biggest buyers in the world''s top three LNG consuming countries - Japan, South Korea and China - clubbed together to secure greater supply flexibility. The move potentially shifts power to importers amid a growing surplus, adding pressure on producers like Woodside and peers Royal Dutch Shell, Chevron and Exxon Mobil to grant more flexible contracts. Speaking as one of the first executives of a major LNG producer to address the buyers'' alliance, Woodside''s Chief Executive Peter Coleman said on Wednesday he did not see a threat from the new grouping. "We are OK with it, we don''t see a threat from it at all," he told Reuters in Hong Kong. The main goal of the buyers'' alliance - made up Japan''s JERA, Korea Gas Corp (KOGAS) and China National Offshore Oil Corp (CNOOC) - is to rid themselves of long-term contracts that oblige them to take in a fixed amount of cargoes every month and which do not allow them to sell excess cargoes to third parties. Coleman did not specifically say Woodside was willing to grant buyers more flexibility in future, but said that to "cooperate and move things around" was a sensible thing to do for the big LNG buyers. "It actually helps create more liquidity in the market place, because you have a large volume of LNG moving through the three different market players," he said. MORE TRADING, LESS MEGA-PROJECTS The LNG industry is undergoing huge change as the biggest ever flood of new supply is hitting the market, with volumes coming mainly from Australia and the United States. The oversupply resulted in a more than 70 percent fall in Asian spot LNG prices LNG-AS from their 2014 peaks to around $5.50 per million British thermal unites (mmBtu). However, Woodside has come through the market rout in better shape than many rivals, with $2.7 billion in cash and undrawn debt, and sees itself well positioned. Woodside operates large LNG export facilities like Pluto and the North West Shelf, and is a partner in the $34 billion Wheatstone project, scheduled to start up later this year. It also has plans for another project, Browse, but for which it has not yet made a final investment decision (FID). Still, while oversupply will likely trigger more trading in LNG as producers sell uncontracted cargoes, Coleman said it made it difficult to develop large new production projects. "The challenge today is there is not a market you can go to and develop a mega project ... The mega projects - 15-20 million tonnes (annual capacity) - still require buyers in long-term contracts to finance," he said. Thanks to high spot prices of up to $20 per mmBtu over past years, producers and buyers were keen to sign long-term contracts that guaranteed supplies at stable prices. Now, with oil and gas prices much lower and abundant supplies, LNG importers are keener on freely trading LNG instead of entering fixed term deals. "Buyers are still two years away from being able to take out (new) long-term contracts for big projects," Coleman said. (Reporting by Farah Master; Writing by Henning Gloystein; Editing by Tom Hogue)   BRIEF-Infosonics corp enters into eighth amendment to loan and security agreement with Silicon Valley Bank * Infosonics Corp - on March 24, 2017, co entered into eighth amendment to loan and security agreement with Silicon Valley Bank * Egalet announces FDA does not object to distribution of materials,communications to healthcare professionals regarding abuse-deterrent properties of Arymo ER MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/woodside-ceo-idUSL5N1H624Q'|'2017-03-29T18:17:00.000+03:00'
'47de1dc483871f96f9bc89ead7b3fc5153212199'|'SK Hynix consortium bids over $9 billion for Toshiba chip unit - Maeil Business'|'Business News - Wed Mar 29, 2017 - 8:18am BST SK Hynix consortium bids over $9 billion for Toshiba chip unit - Maeil Business FILE PHOTO: The logo of SK Hynix is seen at its headquarters in Seongnam, South Korea, April 25, 2016. REUTERS/Kim Hong-Ji/File Photo SEOUL A consortium led by South Korea''s SK Hynix Inc has offered to pay more than $9 billion (£7.3 billion)for a majority stake in Toshiba Corp''s memory chip business, the Maeil Business Newspaper reported on Wednesday citing unnamed sources. The South Korean media report said SK Hynix has partnered with Japanese financial institutions to bid for the Toshiba business. The paper did not name those Japanese investors. SK Hynix could not be immediately reached for comment. (Reporting by Se Young Lee; Editing by Edwina Gibbs) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-toshiba-m-a-sk-hynix-bid-idUKKBN1700NH'|'2017-03-29T15:18:00.000+03:00'
'71e263db3a02668647d3564da6408706d8892bcb'|'HIGHLIGHTS-Top trading houses at commodities conference'|'LAUSANNE, March 29 Top executives from the world''s largest commodity trading houses discuss trends in trading at the FT Commodities Global Summit in Lausanne, Switzerland, this week.For highlights from the first day:The following are highlights:ALAN HAYWOOD, CEO OF SUPPLY AND TRADING BP"The context for our strategy is laid out in fundamentals until 2035. We see energy demand increasing by about 30 percent, half from nuclear, hydro power and renewables ... half will be going to the power sector.""But we see 75 percent of energy demand still coming from oil, gas and coal. Gas demand will grow at approximately twice the rate of oil ... on the renewable side we will focus on our commitment to wind and Brazilian biofuels."MARCO ALVERA, CEO, SNAMAlvera sees emerging markets moving towards gas away from coal due to the cleaner advantage of gas."A one percent switch from coal to gas, gives same benefit on carbon dioxide, as a ten percent shift to renewables.""In Europe, demand for gas has stabilised but production is declining. Faced with stable demand, imports need to grow ... we can only look east or southeast like the southern corridor."Europe has huge opportunities for LNG storage due to huge depleted reserves. LNG will become hugely seasonal ... and very distressed in the summer. Italy is a unique position because has largest gas storage reserves so can be a hub for imports and exports."MARK CRANDALL, CHAIRMAN, POSTSCRIPTUM"The switch from coal to gas is a bigger thing than any switch to renewables." (Reporting by Julia Payne and Gus Trompiz, editing by Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/commodities-summit-idINL5N1H61TF'|'2017-03-29T06:27:00.000+03:00'
'd48e102fd17f486ac72b671a8f4600962c0e8b03'|'BRIEF-Oceaneering International says "projecting a further decline in profitability for the full year 2017"'|'UPDATE 2-Wells Fargo to pay $110 mln to settle lawsuit over account abuses March 28 Wells Fargo & Co said it agreed in principle to pay $110 million to settle a lawsuit by customers challenging its opening of accounts without their permission, a practice that led to a scandal that cost the bank''s chief executive his job. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-oceaneering-international-says-pro-idUSFWN1H50O2'|'2017-03-29T05:36:00.000+03:00'
'aa3a39a233d968ce2833c4e7cc91f496b60fbdec'|'China state firms eye land around Panama Canal: waterway authority'|'Business News - Mon Mar 27, 2017 - 7:23am EDT China state firms eye land around Panama Canal: waterway authority A floating gate is opening to the Chinese COSCO container vessel named Andronikos navigating through the Agua Clara locks during the first ceremonial pass through the newly expanded Panama Canal in Agua Clara, on the outskirts of Colon City, Panama June 26, 2016. REUTERS/Carlos Jasso By Brenda Goh - SHANGHAI SHANGHAI Chinese state firms have expressed an interest to develop land around the Panama Canal, the chief executive of the vital trade thoroughfare said, underlining China''s outward push into infrastructure via railways and ports around the world. The Panama Canal Authority will officially open a tender to develop about 1,200 hectares of land - roughly the size of 1,200 football fields - around the waterway by the end of this year into a logistics park, after completing a five-year-long decontamination of the area, Chief Executive Jorge Quijano said. "We have been talking to people here in China," Quijano told Reuters on Monday ahead of a meeting with the canal''s advisory board in Shanghai. China Communications Construction Corp ( 601800.SS )( 1800.HK ), its subsidiary China Harbour Engineering Company and China Railway Group ( 601390.SS )( 0390.HK ) have shown interest in the project, he added. This comes at a time when China is urging its companies to invest in infrastructure overseas as part of Beijing''s "One Belt, One Road" initiative to improve global trade links. China''s state firms have in recent years already chalked up investments in key logistics nodes, including Piraeus in Greece and Bandar Malaysia, a major development project that is set to be the terminal for a proposed high-speed rail link between Kuala Lumpur and Singapore. China''s COSCO Shipping Corp ( 601919.SS )( 1919.HK ), which owns stakes in ports around the world including Piraeus ( OLPr.AT ), has in the past approached the Panama Canal Authority about the latter''s plans for the land, Quijano said. "There are opportunities there, definitely for some of these Chinese companies to participate as a concessionaire, not just as a contractor to build something, but they can actually bid for the concession and then build," he said. He did not say how much the authority expected to get by selling the concession to develop the land. China Communications Construction, China Railway Group and COSCO did not immediately respond to requests for comment. NEW REVENUE STREAM Quijano said the canal authority will parcel out the land and grant concession agreements of up to 40 years, with the aim to develop infrastructure and buildings on land previously used by the United States military for target practice. Also up for grabs is an operating agreement for a roll-on, roll-off terminal near the canal, the tender for which will be put out in the middle of 2017, he said, adding the authority expected interest from Japan, China, Norway and South Korea. He estimated the land and terminal would help bring in an annual revenue of "between $100-$125 million" after the first five years of operation. Overall, the Panama Canal is expected to bring in $2.8 billion in revenue this year, he said. Panama opened the long-delayed $5.4 billion expansion of the canal between the Atlantic and Pacific oceans last June, but it has since been roiled by claims of cost overruns and criticism after a series of incidents that saw ships hit the lane''s wall. Quijano said the canal had attracted 18.3 percent more tonnage between October to February, versus year-ago levels, driven by a jump in liquefied petroleum gas, liquefied natural gas and container shipments. (Additional Reporting by SHANGHAI Newsroom; Editing by Himani Sarkar) Next In Business News Once golden, Robert Rubin''s hedge fund proteges lose some luster BOSTON/NEW YORK Learning to invest on Goldman Sachs'' risk arbitrage desk, made famous by leader Robert Rubin, was once seen as a fast track to fortune. But the band of hedge fund protégés who mastered their trade under the former Wall Street star and U.S. Treasury Secretary have stumbled in recent years. Tuesday bankruptcy filing for Toshiba''s Westinghouse ideal option: source TOKYO Toshiba Corp''s U.S nuclear unit could file for Chapter 11 protection from creditors as early as Tuesday, according to a source with direct knowledge of the matter, hoping to ring fence losses ahead of the end of its financial year. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-panama-canal-land-idUSKBN16Y13J'|'2017-03-27T19:23:00.000+03:00'
'c36f048e468647c38893267725313dfa3d259b73'|'UK-based banks already knocking on Germany''s door - Bundesbank'|' 31am BST UK-based banks already knocking on Germany''s door: Bundesbank Andreas Dombret, member of the board of the Deutsche Bundesbank speaks during a news conference at the Deutsche Bundesbank''s Regional Office in Hesse in Frankfurt October 26, 2014. REUTERS/Ralph Orlowski By Andreas Framke and Frank Siebelt - FRANKFURT FRANKFURT Banks seeking to leave London because of Brexit are already holding talks about moving to Frankfurt but they will not be offered any special exemption from the regulations, a senior board member of Germany''s central bank told Reuters. Banks moving to the continent will likely settle in a number of cities rather than create one new financial hub to rival London, Andreas Dombret said in an interview authorized for release on Wednesday, the day British Prime Minister Theresa May was due to formally launch two years of divorce negotiations. "Many banks interested in Frankfurt have knocked on our door and I’ve had a lot of interesting discussions," said Dombret, the Bundesbank''s top supervision expert. "I do not expect all banks to move to the same city on the continent. They will certainly spread out a little bit." Competing with other financial hubs such as Paris, Milan, Amsterdam or Dublin, Germany''s financial center hopes to attract banks currently based in London that move staff and some operations to continental Europe. But Dombret, 57, whose term at the Bundesbank ends next year, said Germany would not offer banks any favors to come to Frankfurt, which is home to the European Central Bank, Deutsche Bank ( DBKGn.DE ) and Commerzbank( CBKG.DE ), maintaining its strict standards. "We will not allow regulatory arbitrage. You may outperform the rules, but you must not underperform," Dombret said, adding that the Bundesbank would not be marketing Frankfurt. Banks seeking to operate in the European Union need regulatory permission - known as the ''EU passport'' - and must set up a regional headquarters in at least one EU member state. The European Central Bank, which oversees the biggest banks in the euro zone, has said that only a handful of banks have so far indicated that they plan to move some operations, but dozens have made inquiries. Dombret, a former investment banker who joined the Bundesbank''s board seven years ago, said he did not believe Brexit would kick-start a much-needed wave of consolidation in Germany''s fragmented financial industry, adding that he expected no increase in pressure on domestic banks from global players. "I do not believe that. Ninety-nine percent of German banks are not competing with the banks that may come here," he said, arguing that most of the 1,900 German lenders are smaller savings and cooperative banks mainly focused on retail business. (Reporting by Andreas Framke; Editing by Gareth Jones)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-eu-bundesbank-banks-idUKKBN170171'|'2017-03-29T18:25:00.000+03:00'
'22be32b36ccc4202ad8397b57972fb12aef7105b'|'Weak sterling supports FTSE ahead of Brexit trigger, mid caps struggle'|'Business News - Wed Mar 29, 2017 - 10:21am BST Weak sterling supports FTSE ahead of Brexit trigger, mid caps struggle A worker shelters from the rain under a Union Flag umbrella as he passes the London Stock Exchange in London, Britain, October 1, 2008. REUTERS/Toby Melville/File Photo By Kit Rees - LONDON LONDON A fall in sterling ahead of the formal triggering of the Brexit divorce process helped to keep Britain''s index of leading shares on an even keel on Wednesday. The blue chip FTSE 100 .FTSE index was flat in percentage terms at 7,349.43 points by 0913 GMT, retreating slightly from a stronger open. The more domestically-focused British mid cap index .FTMC slipped 0.1 percent. British Prime Minister Theresa May is set to file formal divorce papers on Wednesday, notifying EU Council President Donald Tusk in a letter that the UK is leaving the bloc it joined in 1973. While last year''s June referendum vote to leave the European Union spurred a sharp sell-off in equities, Britain''s FTSE 100 recovered swiftly and is up more than 16 percent from pre-Brexit levels, and has also hit a series of record highs this year. The FTSE 100''s predominantly international, dollar-earning firms have received an accounting-related boost from the weaker pound, which sunk more than 8 percent in the immediate aftermath of the vote and remains down almost 17 percent from pre-Brexit levels. "It''s all about the pound. Any weakness in the pound will see the FTSE 100 push that bit higher," said Dafydd Davies, partner at Charles Hanover Investments. "The banks are a key sector to be keeping a very keen eye on, and of course also any inward-looking UK-listed companies stand to be particularly volatile in relation to the agreements or any guidance that we do get later on in the day." Though individual stock moves were relatively muted, shares in 3I Group ( III.L ) were the biggest gainers, up 2.7 percent after Morgan Stanley upgraded the private equity firm to "overweight". "We believe Action could be worth €10bn+ (more than 250p per 3i share). This is not reflected in 3i''s share price, so we upgrade to Overweight," analysts at Morgan Stanley said in a note. EU Antitrust regulators blocked a proposed merger of Deutsche Boerse ( DB1Gn.DE ) and the London Stock Exchange ( LSE.L ), saying that the deal would have harmed competition because of the companies'' combined market power. Shares in LSE rose 1.8 percent. Mining firms also provided support, with BHP Billiton ( BLT.L ) and Antofagasta ( ANTO.L ) gaining 1.2 percent and 0.8 percent respectively as the price of copper hit its highest level in more than a week. [MET/L] Gold miners Randgold Resources ( RRS.L ) and Fresnillo ( FRES.L ) were the biggest FTSE fallers as the price of gold slipped. [GOL] Outside of the blue chips, AA ( AAAA.L ) dropped 4 percent after brokers chewed over Tuesday''s full-year results, while shares in Acacia Mining ( ACAA.L ) also fell 3.4 percent after JP Morgan downgraded the gold miner to "neutral". (Reporting by Kit Rees; Editing by Keith Weir) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN1700Z3'|'2017-03-29T17:21:00.000+03:00'
'ea3acb19ad0240de72687f31d27c38a6323fb7fa'|'China''s first-quarter GDP growth seen at 6.8 percent: government think tank'|'Business News   11:05am EDT China''s first-quarter GDP growth seen at 6.8 percent: government think tank A Chinese flag is seen near a construction site in Beijing''s central business area, China, January 17, 2017. REUTERS/Jason Lee HONG KONG China''s economy, the world''s second largest, will likely expand 6.8 percent in the first quarter of 2017, the official Xinhua agency quoted a government think tank as saying on Wednesday. The expected pace is on par with the 6.8 percent growth logged in the fourth quarter, which was better than market expectations due to higher government spending and record bank lending. The National Academy of Economic Strategy attributed the first-quarter expansion to a strong rise in factory-gate prices, rebounding corporate profits and increasing imports, Xinhua said. "The focus of macro-economic policies should be in supply-side structural reforms to boost potential output in the long run," Wang Hongju, a researcher at the academy, was quoted by Xinhua as saying. In the first half of the year, GDP will grow by 6.7 percent. Industrial production is likely to increase moderately in the second quarter, while investment sees slightly slower growth, according to the think tank. It warned that the government should guard against risks in the property and financial sectors by properly managing monetary and land supply "floodgates", Xinhua said. (Reporting by Meg Shen in Hong Kong and Lee Chyen Yee in Singapore; editing by Andrew Roche) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-china-gdp-idUSKBN170275'|'2017-03-29T23:05:00.000+03:00'
'719bce61e13647c7dbf55e7e549890150d1fe906'|'BlackBerry, freed of handsets, looks to software for return to glory'|' 20pm BST BlackBerry, freed of handsets, looks to software for return to glory FILE PHOTO - A Blackberry smartphone is displayed in this illustrative picture taken in Bordeaux, Southwestern France, August 22, 2016. REUTERS/Regis Duvignau/File Photo By Alastair Sharp - TORONTO TORONTO Although BlackBerry Ltd has extricated itself from the smartphone handsets that weighed on its recent fortunes, the Canadian firm faces a tough slog to convince sceptics it can return to its glory days through an enlarged software business. The company, which will report fourth-quarter and full-year results on Friday, says it has no major gaps in its software portfolio, thanks to the integration of a string of recent acquisitions. It concedes, however, that more work is needed to get those offerings into the healthcare and automotive industries and other sectors that it hopes will power future growth. "The bottom line is: BlackBerry is a completely different beast than it was a decade ago," said Nicholas McQuire, a workplace IT analyst at CCS Insight, a consulting firm. "However, it still needs to educate enterprises, particularly prospects in markets outside its core regulated footprint on the ''new BlackBerry''," he said. Investors are unsure how to value the company, waiting for guidance from Chief Executive Officer John Chen, who needs a late bump in sales to hit the 30 percent growth in software revenue BlackBerry targeted for its recently completed fiscal year. BlackBerry''s enterprise-value-to-forward-revenue ratio is 3.14, according to Thomson Reuters data, lower than the roughly 4.5 ratio enjoyed by Oracle Corp and Microsoft Corp, two of its closest peers now that Blackberry focuses on enterprise software. The Waterloo, Ontario-based company is expected to barely break even in the fourth quarter and likely notch revenue of less than $1.4 billion in its fiscal year ended Feb. 28, 2017, according to Thomson Reuters I/B/E/S estimates. At its peak, the smartphone pioneer was raking in more than $5.5 billion a quarter. Blackberry''s Toronto-listed shares were trading down 0.4 percent at C$9.40, while the benchmark Canadian share index was up 0.3 percent. BlackBerry declined to comment ahead of its earnings release. The redesigned company has gone from selling its own phones with the servers and software that manage them for businesses and governments to securing an array of rival devices and the information that flows to and from them. CYBER SECURITY, AUTONOMOUS VEHICLES It is also targeting the burgeoning but fragmented market to connect sensors and other devices and has invested in other potentially high-growth areas including cyber security consulting and autonomous vehicles. "It has pivoted in the right direction with some new and promising areas ahead of it, but these are nascent markets which will take time to materializes in its bottom line," McQuire said. The company''s 2015 purchases of Good Technology and WatchDox helped it secure a leading position in the enterprise mobility market, and its QNX industrial operating system is key to its self-driving vehicle ambitions. However, there is tough competition in these and other areas of interest. "We have a no-moat rating for BlackBerry," said Ali Mogharabi, an analyst at Morningstar. "There''s still a lot of uncertainty on how well they are going to progress in autonomous driving and other growth markets." The company no longer has any responsibility for making or selling smartphones bearing its brand, after setting up late last year to take a cut on sales from the likes of Chinese smartphone maker TCL Communication, which will begin selling a BlackBerry-branded phone in April. But given TCL is going to rely on the BlackBerry name to sell the KeyOne device, which it announced at a major technology conference last month, the separation may yet prove difficult. Chen, who took over the helm of BlackBerry in late 2013, said in December the company would likely take another four or five quarters to halt the steady decline in its overall revenue, with software sales growth projected to slow to around 15 percent in the fiscal year that began in March. "What would help is if these guys actually standardize the type of guidance and/or the detailed information they provide on their calls," Morningstar''s Mogharabi said. "It''s pretty tough to get a clear picture of where they are in the turnaround mode and the potential upside or downside going forward." (Reporting by Alastair Sharp; Editing by Denny Thomas and Paul Simao)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-blackberry-results-idUKKBN1702UG'|'2017-03-30T03:20:00.000+03:00'
'9d83ece5127323aac69edd5ae2740793bcfd0993'|'Clouds over Trump tax plan may curb appetite for U.S. stocks'|'Business News   4:44pm EDT Clouds over Trump tax plan may curb appetite for U.S. stocks A trader wearing a Trump hat works at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., January 20, 2017. REUTERS/Stephen Yang By Megan Davies and David Randall - NEW YORK NEW YORK Wall Street has tempered its expectations for sweeping U.S. tax cuts in the wake of President Donald Trump''s stinging healthcare defeat, a move that could push investors to embrace cheaper global stocks after the heady U.S. rally of recent months. The White House turned its attention to an overhaul of the tax code after Republicans were forced on Friday to pull legislation that would have begun dismantling the Obama administration''s 2010 healthcare law. Trump made tax cuts, including a lowering of the rates paid by corporations, a pillar of his 2016 presidential campaign. His Nov. 8 victory whetted the appetite of business and investors who saw passage of a tax bill as a virtual slam dunk. But the Republican infighting that doomed the healthcare bill in the House of Representatives and the evaporation of the savings that it was seen generating have made the endeavor more problematic. "Now it appears some of the initiatives in the tax bill will have to be scaled back or even eliminated," said Robert Willens, an independent tax analyst. "It clearly has to be less ambitious." Others are even less optimistic. "Getting corporate tax relief done in 2017 has gone from a decent chance to remote," said Michael Purves, chief global strategist at Weeden & Co. "That''s a huge contributor to potential earnings." Economists at investment bank Goldman Sachs see "some downside risk" to their original expectation for a tax cut of around $1.75 trillion over 10 years, though they still see a deal passing. Trump has said he wants to cut corporate taxes to a range of 15 percent to 20 percent, from 35 percent. A watered-down version of his tax goals could rattle the concern among money managers that U.S. equities'' valuations are stretched. Analysts expect S&P 500 profit growth of 11 percent this year according to Thomson Reuters data - with many analysts not yet baking a tax cut into that estimate - a big increase over 1.4 percent growth in 2016. "What (the healthcare bill failure) does in my mind is further emphasize the case for international and emerging market equities," said Jack Ablin, chief investment officer at BMO Private Bank. ''SUBSTANTIALLY OVERVALUED'' On a forward price-to-earnings basis, the U.S. market is around the most expensive it has been in years compared with the United Kingdom, Europe and emerging markets. Against Japan, it is at its most expensive in at least six months. Investors in U.S. stocks are paying almost $18 for every dollar expected in earnings over the next 12 months, compared with just above $14 for stocks on the London, Tokyo and European exchanges, and near $12 for those on emerging market exchanges. More upside is seen in European markets this year. Reuters polls on Wednesday predicted a gain of under 3 percent in U.S. stocks between now and the end of the year versus a rise of between about 5 percent and 6 percent for the STOXX 600. and Euro STOXX 50 .STOXX50E . "Making an argument for Europe over the U.S. is very easy at this point," said Matt Burdett, a portfolio manager at Thornburg Investment Management, which has $49 billion in assets under management. Dave Wright, a co-portfolio manager of the Sierra Strategic Income fund, which manages $2.3 billion in assets, said the U.S. market looks "substantially overvalued." Reflecting the growing appetite U.S. investors have for overseas assets, U.S.-based European stock funds attracted $636 million over the latest week ended March 22, the largest inflows since December 2015, according to Lipper data. The four-week moving average of inflows for these funds totaled $328 million in the latest week, the highest amount since January 2016. For the same period, U.S.-based equity funds posted net cash withdrawals of more than $1 billion, Lipper data showed. Still, investors are unlikely to bail out of U.S. equities based on the fate of the Trump tax plan alone. Jason Ware, chief investment officer at Albion Financial Group, said "whether or not they hit 20 percent corporate tax rate or 25 percent is immaterial when you look at the big picture." (Additional reporting by Jennifer Ablan and Rodrigo Campos, Chuck Mikolajczak and Caroline Valetkevich; Editing by Paul Simao) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-tax-stocks-analysis-idUSKBN170306'|'2017-03-30T04:39:00.000+03:00'
'bbf3cc3fd140a2e53ab040ee0afc029a56c5564a'|'BUZZ-Coal India shares fall over 2 pct; dividend fails to cheer markets'|'** Coal India Ltd falls as much as 2.5 pct; stock among top pct losers on the broader NSE index** State-owned miner on Sunday announced second interim dividend of 1.15 rupees per share for current financial year bit.ly/2nqTViU** "Dividend amount declared slightly less than market expectations although fundamentally, core business of company remains intact," says Rahul Modi of Antique Stock Broking Ltd** Up to Friday''s close, stock had declined about 0.72 pct this year'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/buzz-coal-india-shares-fall-over-2-pct-d-idINL3N1H424N'|'2017-03-27T03:22:00.000+03:00'
'ad0f8db117a4ae79ba3a0f1189c6068cb1b30898'|'Peakon raises 6.1 mln euro in funding round led by EQT Ventures - Reuters'|'STOCKHOLM, March 27 Peakon, a provider of employee engagement and people analytics software, has completed a 6.1 million euro ($6.62 million) funding round led by EQT Ventures, the venture capital arm of Swedish private equity giant EQT, the company said on Monday.* Peakon, founded in 2014, will use the money primarily to triple staff to over 100 people over the next 12 months, expanding its teams in machine learning, data-science, and engineering.* “AI is tipped as one of the key tech sectors for investors this year, and the team have had an impressive start, demonstrating strong revenue growth and product adoption," said Lars Jornow, managing partner at EQT Ventures.* Other investors in the round were existing owners IDInvest and Sunstone, as well as angel investor Tommy Ahlers.* The company counts publisher Trinity Mirror and Delivery Hero among its clients.* It has offices in Copenhagen and London, as well as in Raleigh in the United States.* Peakon offers a product where the collection of employee feedback is automated and analysed using machine learning techniques to generate insights to improve the clients business* The funding brings Peakon''s total capital raised over the past year to 10.1 million euro.($1 = 0.9221 euros) (Reporting by Johannes Hellstrom; editing by Niklas Pollard)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/peakon-funding-eqt-idINL5N1H4158'|'2017-03-27T06:00:00.000+03:00'
'16890473022089025fa95f1677f3c996b48ef3cd'|'Buffalo Wild Wings nabs Marcato nominee for own director slate'|'Business News   9:59am EDT Buffalo Wild Wings nabs Marcato nominee for own director slate A pedestrian walks past a Buffalo Wild Wings restaurant in New York, U.S., February 6, 2017. REUTERS/Lucas Jackson By Michael Flaherty Buffalo Wild Wings Inc ( BWLD.O ), battling activist hedge fund Marcato Capital Management LP in a proxy fight, escalated tension between the two sides on Monday by tapped one of Marcato''s own nominees for its director slate. The restaurant chain nominated Janice Fields, a veteran executive at McDonald''s Corp ( MCD.N ), and Sam Rovit, the CEO of CTI Foods and a former executive at Kraft Foods. In an unusual move, Rovit is also one of Marcato''s four nominees it is seeking for election to the board. Proxy voting rules allow one nominee to serve on two director slates as long as the person consents. Rovit''s dual-role provides added drama to one of this year''s most high-profile proxy fights, pitting Marcato founder Mick McGuire against Sally Smith, CEO of the $2.5-billion Minneapolis-based wings and beer chain. McGuire, a former Pershing Square partner, officially launched the proxy fight in February, though Marcato began to agitate for changes at the company last July. The San Francisco-based fund is Buffalo Wild Wings'' fourth largest shareholder with a 5.6 percent stake. Buffalo Wild Wings said on Monday that James Damian, who had previously served as board chairman, and Michael Johnson will retire from the board at the annual meeting. The company''s other nominees are Smith and six sitting directors. "It is deeply troubling that the Company would take these steps without consulting us or other major shareholders, as we have continuously endeavored to engage in constructive dialogue," Marcato said in a statement on Monday. Marcato added that the company should address its suggested operational improvements. Buffalo Wild Wings'' annual meeting is expected in May. A Marcato spokesman did not immediately respond to a call seeking comment. (Reporting by Michael Flaherty in New York and Gayathree Ganesan in Bengaluru; Editing by Sriraj Kalluvila and Nick Zieminski) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-buffalo-wild-marcato-idUSKBN16Y1MB'|'2017-03-27T22:08:00.000+03:00'
'308f9835b592ccc18dfa0f28da7b50da75c270e9'|'BRIEF-Akcea Therapeutics files for initial public offering of up to $100 million'|'Company  45am EDT BRIEF-Akcea Therapeutics files for initial public offering of up to $100 million March 27 Akcea Therapeutics Inc * Akcea therapeutics inc files for initial public offering of up to $100 million - sec filing * Akcea therapeutics inc says intends to apply to list common stock on the nasdaq global market under the symbol "akca" * Akcea therapeutics inc -novartis pharma ag to purchase $50 million of co''s stock in a separate private placement concurrent with completion of offering * Akcea therapeutics inc says cowen and company, stifel, wells fargo securities are the joint book-running managers of the ipo Source text for Eikon: Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-akcea-therapeutics-files-for-initi-idUSFWN1H4077'|'2017-03-27T18:45:00.000+03:00'
'bf7ee3f02f09a00205ffd6a75292af8e170f5192'|'BRIEF-Dryships Inc announces acquisition of four modern Newcastlemax vessels'|' 04am EDT BRIEF-Dryships Inc announces acquisition of four modern Newcastlemax vessels March 27 Dryships Inc: * Dryships Inc announces acquisition of four modern newcastlemax vessels * Dryships Inc - company will finance total gross purchase price of approximately $124 million using cash on hand * Dryships Inc - company expects to take delivery of vessels before end of June 2017 * Dryships Inc - two of vessels will be employed under time charter contracts, while other two will trade in spot market  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-dryships-inc-announces-acquisition-idUSASB0B72D'|'2017-03-27T21:04:00.000+03:00'
'e750b485d8d902baa1f484fa2f0ccc7ea2acaca9'|'Factbox: Impact on banks from Britain''s vote to leave the EU'|'Global banks have warned they could move thousands of jobs out of Britain to prepare for the expected disruption caused by the country''s exit from the European Union, endangering London''s status as a major financial center.Leading financial firms warned for months before last June''s Brexit referendum that they would have to move some jobs if the "Leave" side won, and have been working on plans for how they would do so for the past six months.More details are starting to emerge after Prime Minister Theresa May confirmed Britain would leave the European single market, ending banks'' hopes they might retain "passporting" rights that let them sell their services across the EU out of their London hubs.Below are comments and reports on banks about their potential Brexit plansHSBCStuart Gulliver, CEO of HSBC ( HSBA.L ), Europe''s biggest bank, said it would relocate staff responsible for generating around a fifth of its UK-based trading revenue, or around 1,000 people, to Paris.BARCLAYSBarclays ( BARC.L ) Chief Executive Jes Staley told BBC Radio in an interview in Davos that the bank would keep the bulk of its activities in Britain after the UK leaves the EU, and said any changes to how the bank operates will be small and manageable.However, Barclays is preparing to make Dublin its EU headquarters for when Britain quits the EU, according to a source familiar with the matter.UBSSwiss bank UBS''s ( UBSG.S ) Chairman Axel Weber said at the World Economic Forum in Davos in January that about 1,000 of its 5,000 employees in London could be affected by Brexit.Separately, Chief Executive Sergio Ermotti said that UBS has a degree of flexibility if its UK outpost looks set to lose its ability to operate across the EU once Britain leaves the bloc.The world''s biggest wealth manager has also set up a bank in Frankfurt to consolidate most of its European wealth management operations, after the Brexit vote dashed London''s chances of being the host city.CREDIT SUISSECredit Suisse''s ( CSGN.S ) Chief Executive Tidjane Thiam said in September that his bank was relatively well placed to deal with the impact of Brexit and that only around 15-20 percent of volumes in the investment bank would be impacted.LLOYDSLloyds Banking Group ( LLOY.L ), Britain''s largest mortgage lender and the only major British retail bank without a subsidiary in another EU country, is close to selecting Berlin as a European base to secure market access to the EU after Britain withdraws.[nL8N1FY5HM]GOLDMAN SACHSU.S. bank Goldman Sachs ( GS.N ) is considering moving up to 1,000 staff from London to Frankfurt because of concerns over Brexit, Germany''s Handelsblatt newspaper reported in January, citing financial sources.Goldman Sachs will begin moving hundreds of people out of London before any Brexit deal is struck as part of its contingency plans, the Wall Street firm''s Europe CEO said in March.Three people familiar with the matter told Reuters in November that Goldman Sachs is considering shifting some of its assets and operations from London to Frankfurt.MORGAN STANLEYU.S. bank Morgan Stanley ( MS.N ) has identified many of the roles that will need to be moved from Britain after Brexit, sources involved in the processes told Reuters.Morgan Stanley, which bases the bulk of its European staff in Britain, will have to move up to 1,000 jobs in sales and trading, risk management, legal and compliance, as well as slimming the back office in favor of locations overseas, one source told Reuters.Morgan Stanley may initially shift 300 staff from Britain following its exit from the European Union, and is scouting for office space in Frankfurt and Dublin, Bloomberg News reported in February.CITIGROUPCitigroup ( C.N ), which has also identified roles that will need to be moved out of the UK and has a large banking unit in Dublin, will need to move 100 posts in its sales and trading business, sources with knowledge of the matter said.Separately, Citigroup''s European chief said the U.S. bank would make a decision on its Brexit contingency plans in the first half of the year and choose from a number of potential EU countries to relocate some investment banking business.JPMORGANChase & Co ( JPM.N ) could be forced to move 4,000 of its 16,000 staff currently based in Britain if the country loses access to the single market, bank CEO Jamie Dimon warned in June."It looks like there will be more job movement than we hoped for," Dimon told Bloomberg TV in an interview at the World Economic Forum in Davos in January.BOFABank of America Corp ( BAC.N ) said in August that its businesses and results could be adversely affected and it may have to incur additional costs if Brexit limits the ability of its UK entities to conduct business in the EU.Dublin is Bank of America''s default option for a new base within the EU, but other centers are on the table and no decision has yet been made, an executive said in Germany on March 14.(Compiled by Noor Zainab Hussain in Bengaluru; editing by Mark Heinrich)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-britain-eu-banks-factbox-idINKBN16Y1YM'|'2017-03-27T14:03:00.000+03:00'
'8a2d9b462df42b682d91ede5c2b050443212c4ff'|'German government worried a ''hard Brexit'' would cause market turbulence - report'|'Business News - Mon Mar 27, 2017 - 6:40pm BST German government worried a ''hard Brexit'' would cause market turbulence: report European Union and British Union flags are seen blowing in the wind in London, Britain, March 20, 2017. REUTERS/Toby Melville BERLIN The German Finance Ministry is worried there will be turbulence on the financial markets if there is a ''hard Brexit'', a German newspaper reported on Monday - two days before Britain triggers divorce proceedings with the European Union. Handelsblatt daily cited a risk analysis from the Finance Ministry as saying that if Britain and the EU do not strike a deal about Britain''s exit in time, it could threaten the stability of financial markets. The ministry is also worried that the two-year negotiation period between Britain and the EU will not suffice to conclude a free trade deal with Britain and that would mean there are "significant" risks for the financial markets, it said. For that reason, there should be interim solutions, said the analysis, which talked about "phasing out". An abrupt exit could "trigger dislocations", with British banks no longer able to offer their services in the EU and banks in the EU finding they no longer have access to the financial center in London, the report said. That would result in "grave economic and systemic consequences" for Europe, the newspaper added. It said that Germany had a strong interest in having an "integrated financial market" with Britain but for that London would need to fulfill conditions such as accepting the EU''s basic freedoms as well as strict regulatory standards. The German government is taking a tough line on the EU budget and wants Britain to promise, at the start of negotiations, that it will meet all of its obligations, including after quitting the EU, and Britain should pay to have access to the European Single Market, the newspaper said. (Reporting by Michelle Martin; Editing by Ken Ferris) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-eu-germany-idUKKBN16Y26W'|'2017-03-28T01:40:00.000+03:00'
'9df92cf0db16fbfc7bec54e7ead1ac7c96c0a3ab'|'MOVES-Nomura names Prabhat Awasthi head of India'|' 03am EDT MOVES-Nomura names Prabhat Awasthi head of India March 29 Nomura Holdings Inc appointed Prabhat Awasthi as its new head of India, replacing Vikas Sharma, who has been promoted to head of Asia ex-Japan. Awasthi currently leads Nomura''s India equities team and his new role will give him added responsibility of the firm''s fixed income and investment banking businesses in the country. Awasthi, who will report to Sharma in his new role, joined Nomura in October 2008 from Lehman Brothers. The appointments are effective April 1, Nomura said. (Reporting by Laharee Chatterjee in Bengaluru; Editing by Savio D''Souza)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/nomura-hldgs-moves-prabhat-awasthi-idUSL3N1H63D7'|'2017-03-29T18:03:00.000+03:00'
'4978bb14dd43ed9b84d040566488ac6bd0b2427e'|'UK financial sector proposes untested system to keep EU access'|'Business News - Wed Mar 29, 2017 - 9:11am EDT UK financial sector proposes untested system to keep EU access FILE PHOTO: The Canary Wharf financial district is seen at dusk in London, Britain November 7, 2014. REUTERS/Toby Melville/File Photo By Huw Jones - LONDON LONDON Britain''s financial sector is drawing up proposals on how it could still serve EU clients after Brexit, even as firms begin establishing new operations on the continent to keep access to the European market. Regulatory and banking experts working for the City of London and lobby group TheCityUK are basing their ideas on a ''mutual recognition'' system. Under this, the European Union and Britain would broadly accept firms in each other''s financial markets because their home regulatory systems apply similar standards. Such a system might limit what is likely to be a flow of business and jobs from the London financial center, by far Europe''s biggest, to countries that remain in the EU. However, skeptics say mutual recognition is largely untested globally and would struggle to win approval within the EU, where there are already calls to make it harder for British financial firms to operate in the bloc, not easier, after Brexit. Undaunted, the experts on the International Regulatory Strategy Group (IRSG) will set out their proposals in a forthcoming paper. This aims to provide ideas for British negotiators after Prime Minister Theresa May formally notified Brussels on Wednesday of her country''s intention to seek a divorce from the remaining 27 EU member states. "You are saying the outcomes from the UK and EU27 regulatory systems are broadly comparable and this is the way to go forward," IRSG Chairman Mark Hoban told Reuters. Some British financial firms - and foreign banks using London as a European base - are already working on plans to move jobs to centers such as Frankfurt, Dublin, Paris and Luxembourg for after Britain loses its blanket "passporting" rights to sell financial services in the EU single market. Germany, however, says they will not be offered any special exemption from regulations. GRAPHIC - Banks'' Brexit dilemma tmsnrt.rs/2mQI774 GRAPHIC - Britain''s banking economy tmsnrt.rs/2nrufUG A BETTER BASIS Firms from outside the EU are already allowed some access to the single market under an ''equivalence'' system, provided the European Commission deems their home rules and supervision to be equivalent in strictness. Britain could therefore technically qualify as a "third country" under this system after Brexit. In practice the system is cumbersome. It operates firm-by-firm, does not cover all activities, has no fixed timetable for approvals and authorizations can be canceled at short notice, bankers say. It took four years for the EU to deem just one set of U.S. derivatives clearing rules to be equivalent as talks got bogged down over technical details. "It''s very clear that the third country model doesn''t work for the UK. There has to be a new basis on which trade is done cross-border between the UK and EU27," said Hoban. "The focus on mutual recognition of regulatory outcomes is a much better basis for continuing to trade cross-border." The hope is that a mutual recognition deal with the EU would be much more comprehensive, encompassing large numbers of firms and business areas rather than the current piecemeal approach. May told parliament on Wednesday she wanted a "bold and ambitious" trade deal covering economic affairs with the bloc within the two-year period of negotiations. PILOT Hoban said mutual recognition would avoid Britain becoming a "rule taker", as equivalence in practice means cutting and pasting EU rules into domestic law without any say in their framing, as Switzerland has to do. It would also be flexible enough to cope with two evolving regulatory systems over time, said Hoban, a former junior finance minister. Past attempts at mutual recognition have achieved little. In 2008 the U.S. Securities and Exchange Commission struck a pilot deal with its Australian counterpart ASIC, but this expired after five years and has not been renewed. The EU opened talks on a similar Mutual Recognition Agreement (MRA) with the United States but these fizzled out without a deal after the global financial crisis. "We started exploring the legal complexities, which were considerable," said David Wright, a senior European Commission official at the time. "Many of the problems back then would be faced by a UK-EU MRA as well." Regulators and lawmakers in the EU say the focus should be on toughening up the equivalence system as this will need to cater for London, which will lie on its doorstep but outside its control, in contrast to smaller centers further afield. "For the EU27, the key question will be how to deal with relevant risks from what will have to be thought of as a very large offshore financial center," said Jakob von Weizsaecker, a German Social Democrat. "Controlling those risks will require a more robust third country equivalence regime," said von Weizsaecker, a member of the European Parliament which will have a veto on any new trade deal with Britain. Gerard Rameix, who chairs French markets regulator AMF, wants a more demanding equivalence system with Britain, given potentially huge volumes of financial transactions. "Thus the third country regime must be carefully re-assessed within the Brexit context," Rameix said. Hoban said there was an appetite in the EU to talk about financial services trading models like mutual recognition. European Commission President Jean-Claude Juncker has promised the Brexit negotiations will be conducted fairly, without seeking punishment of Britain for leaving. Dan Waters, managing director of ICI Global, a funds industry body, was optimistic Britain could get a special deal with the EU. But he said: "The worry is that the review of third country arrangements could be a smokescreen for introducing a more demanding third country regime to punish the UK." Kay Swinburne, a British Conservative member of the European Parliament, said that while there was no appetite in the EU for the terminology of mutual recognition in financial services, there was an interest in how to find a platform that encourages future regulatory convergence. "There is a need for a formal regulatory forum with possibly an arbitration service alongside," Swinburne said. (editing by David Stamp)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-britain-eu-banks-financial-idUSKBN1701RV'|'2017-03-29T21:11:00.000+03:00'
'5d5d59f02630d210bc723370976122b17ca2528d'|'Milestone Apartments REIT unitholders approve takeover by Starwood: sources'|'TORONTO Unitholders of Milestone Apartments Real Estate Investment Trust ( MST_u.TO ) have approved the takeover of the company by U.S. private investment firm Starwood Capital Group for about $1.3 billion, according to people familiar with the situation.The move comes after Starwood agreed with Milestone last week to a sweetened offer of $16.25 per Milestone unit. Milestone had initially, in January, agreed to be bought out by Starwood in an all-cash transaction.Close to 70 percent of Milestone unitholders who voted were in favor of the transaction, based on early voting figures, the people said, declining to be named as the matter is private. The transaction needed the approval of two-thirds of Milestone unitholders.Dallas-based Milestone declined comment.Milestone, which went public in Toronto in 2013, owns and manages apartment properties targeting blue-collar workers across the U.S. Southeast and Southwest.The news of the shareholder approval was first reported by Bloomberg.(Reporting by John Tilak; Editing by Himani Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-milestone-starwood-m-a-idINKBN16Z0BK'|'2017-03-28T01:46:00.000+03:00'
'fa27ee9fbcf120e877360f966a11e0d1f592bd19'|'The Old-School Mixtape Is Back'|'The 2014 blockbuster Guardians of the Galaxy opens in the year 1988 on planet earth with a small boy listening to a mixtape cassette on a Walkman. Cut to the next scene, “26 years later” on an “abandoned planet”: The boy has grown up to be Chris Pratt, still listening to the same old mixtape. It’s basically a sight gag—an intergalactic scavenger with a Walkman? Absurd! Except, suddenly, the cassette seems to be back.Alongside the decade-long resurgence of vinyl records, music sales on cassette increased 74 percent in 2016, from just 74,000 in 2015 to 129,000 last year, according to Nielsen’s yearend music report , after the industry all but stopped releasing tapes in about 2000. Most of these sales are familiar chart-topping albums by Justin Bieber and The Weeknd; but as the ranks of tape listeners swell, they’re beginning to return to the beloved mixtape as well.Eric Isaacson has seen the trend blossom as the owner of Mississippi Records, a defiantly independent record store and label in Portland, Ore. Around 2005, he says, “all these kids in the neighborhood started bringing in their own mixtapes,” asking if he would sell them. Once sales started to take off, his employees convinced him that Mississippi should record and sell its own compilations on cassette.Isaacson has created more than 115 mixtapes from Mississippi’s vast trove of obscure vinyl singles, which he told the Washington Post in January he also occasionally uses to press new records, tracking down the descendants of artists who’ve died to make sure they share in the proceeds. Many of his mixtapes are themed by musical genre ( Volume 45—Samba de Morro ) or by the emotions or situations that inspired them ( Volume 7—Trust Your Child: Difficult Children’s Music ). Runs of 200 copies typically sell out within a week: At $3 apiece, they’re priced just slightly above what they cost to make.While the appeal of mixtapes for buyers is partly financial—“the tape consumer is really poor,” Isaacson says—they’re also cool in a way that a Spotify playlist or downloaded mix will never be. “It’s the rawest, most junky product you can imagine,” he says. For others, some of the thrill may be in tempting fate: The commercial sale of unlicensed music can expose you to damages up to $150,000 per work used, says George Washington University law professor Roger Schechter, who specializes in intellectual property. Not to be left out, Urban Outfitters Inc. has aggressively cultivated the reemerging market, selling cassettes and players and creating limited-edition mixtapes featuring new music by the likes of Nadastrom, Larry Gus, and Childish Major, which it gives away to customers under promotional agreements with the artists. (If you’ve never heard of them, that’s the point.) It also stocks Guardians of the Galaxy: Awesome Mix Vol. 1 .“Nostalgia and music are both key brand pillars for Urban Outfitters,” says Stacey Britt Fitzgerald, the company’s director for global marketing, so “mixtapes are a natural fit for us.” Lucky for them: Guardians of the Galaxy Vol. 2 comes out in May.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'http://www.bloomberg.com/news/articles/2017-03-29/the-old-school-mixtape-is-back'|'2017-03-30T01:00:00.000+03:00'
'90f9c26e7f3f5be631d9a74610fe0794eded8a3a'|'Former Valeant CEO sues company over unmade compensation -WSJ'|'Company News - Mon Mar 27, 2017 - 6:42pm EDT Former Valeant CEO sues company over unmade compensation -WSJ March 27 Former Valeant Pharmaceuticals International Inc Chief Executive Michael Pearson has filed a lawsuit against the Canadian drugmaker, alleging it refused to pay him more than 3 million shares he is owed, the Wall Street Journal reported on Monday. Based on Valeant''s stock price of $10.81 at the close of trading Monday on the NYSE, the shares have a market value of about $32.43 million. Pearson filed the suit on Monday in the U.S. District Court of New Jersey, saying Valeant breached his contract by not paying him 580,676 shares and 2.5 million performance shares due in November under the terms of his separation agreement, the Journal reported. ( on.wsj.com/2nbssPP ) The report said the lawsuit alleges Valeant also owes $180,000 to Pearson for consultation fees. The company said last year in March that Pearson was stepping down from his role as billionaire investor William Ackman joined the company''s board in an attempt to clean up accounting problems. Valeant and a representative of Pearson were not immediately available for comment. (Reporting by Kanishka Singh in Bengaluru; Editing by Bill Trott) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/valeant-pharm-pearson-idUSL3N1H45RT'|'2017-03-28T06:42:00.000+03:00'
'a82332495381fb2fefbc30a57295d2a112770231'|'Aviva eyes sale of Friends Provident unit for $500-$700 million - source'|'Deals  51am BST Aviva eyes sale of Friends Provident unit for $500-$700 million: source A man walks past an AVIVA logo outside the company''s head office in the city of London March 5, 2009. REUTERS/Stephen Hird HONG KONG Aviva Plc ( AV.L ) is exploring a sale of its Friends Provident International unit, which offers life assurance and investment products, in a deal that could raise between $500 million and $700 million, a source with direct knowledge of the matter said. The British insurer has received preliminary interest from about half a dozen Chinese firms and European funds for the business, said the source, declining to be named as the process was not public. An Aviva spokeswoman declined to comment. The news was earlier reported by the Wall Street Journal. (Reporting by Sumeet Chatterjee; Editing by Clara Ferreira-Marques and Mark Potter) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-aviva-gb-m-a-friendsprovident-idUKKBN16Z12E'|'2017-03-28T17:43:00.000+03:00'
'5fe71422411a7fd189bb9c8f21e137a5ee3a60bb'|'BRIEF-Yext anticipates IPO price will be between $8-$10/shr'|' 23am EDT BRIEF-Yext anticipates IPO price will be between $8-$10/shr March 28 Yext Inc: * Anticipate that IPO price of common stock will be between $8.00 and $10.00 per share - SEC filing * Yext Inc - Yext Inc is offering 10.5 million shares of its common stock * Yext Inc - proposed IPO price is an estimate solely for purpose of calculating SEC registration fee Source text: ( bit.ly/2nqiZFb )  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-yext-anticipates-ipo-price-will-be-idUSFWN1H507E'|'2017-03-28T18:23:00.000+03:00'
'20effc0c46013eead7583f63523def2d36b7e161'|'Wolseley profit driven by U.S. growth, to change name to Ferguson'|'Tue Mar 28, 2017 - 2:39am EDT Wolseley profit driven by U.S. growth, to change name to Ferguson Heating and plumbing products supplier Wolseley ( WOS.L ) reported a 25 percent rise in first-half profit, as growth in the United States more than made up for tough trading conditions in the UK and the Nordics. The company plans to change its name to Ferguson Plc, subject to shareholder approval, its top brand in its largest market, the United States, where it makes about 84 percent of its profit. Group trading profit rose to 515 million pounds ($646 million) in the six months ended Jan. 31, from 412 million pounds a year ago. Revenue rose 24.5 percent to 8.461 billion pounds, while like-for-like revenue grew 3.2 percent year-on-year, and Wolseley said like-for-like revenue had grown about 4.5 percent since the end of the period. (Reporting by Esha Vaish in Bengaluru, editing by Louise Heavens) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-wolseley-results-idUSKBN16Z0LV'|'2017-03-28T14:28:00.000+03:00'
'1243d3fe69958efd3bd24359e080f2b530eecddd'|'Beijing holds meeting with steel execs to discuss overcapacity'|'Business News - Tue Mar 28, 2017 - 5:19am BST Beijing holds meeting with steel execs to discuss overcapacity FILE PHOTO: A labourer works at a cold-rolling mill on the outskirts of Wuhan, capital of central China''s Hubei province August 22, 2006. REUTERS/Alfred Cheng Jin/File Photo BEIJING Top Chinese government officials and steel executives met in Beijing on Monday to discuss the challenges in cutting overcapacity in the steel sector, according to a statement posted on the website of China''s state planner on Tuesday. The government will continue to implement measures to cut overcapacity, including tackling zombie firms and prohibiting low-grade steel production, it said. Government agencies present at the meeting included the National Development and Reform Commission (NDRC), the State-owned Assets Supervision and Administration Commission (SASAC) and the banking and securities regulators. (Reporting by Beijing Monitoring Desk; Editing by Richard Pullin) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-steel-overcapacity-idUKKBN16Z0DF'|'2017-03-28T12:19:00.000+03:00'
'f045fc3454cd4d99951a27b73ebb5c84e2b43592'|'We’re in a fine mess if George Osborne is our last hope of halting Brexit - Politics'|'T o adapt Dr Samuel Johnson’s famous saying: attacking the BBC for alleged bias is a last refuge of the scoundrel. In this case, the scoundrel is one Julian Knight MP, who last week assembled some 70 fellow Brexiters to attack the BBC for allegedly being biased in favour of the Remain camp.Yes, we Remainers still exist and, according to an interesting finding by Alastair Campbell, our numbers may well be growing, which could help to explain why the Leave camp, ostensibly monarch of all it surveys, is displaying increasing signs of insecurity, as the falsity of its prospectus becomes manifest to a more reflective audience.Campbell wrote in the New European that at speaking events, he asks for a show of hands in response to the question: “Are you broadly optimistic or pessimistic about Brexit?”When he put this recently to 250 people who recruit from universities for their companies or organisations, only one optimistic hand went up. As Campbell says: “For the other 249 or so … you get the picture. Pessimism by a landslide. These are people who feel they have no voice in the debate as May wishes to conduct it.”It is sad that the man for whom Campbell was once his master’s voice, namely Tony Blair, should have tainted his record over Iraq, because Blair – like Ken Clarke, Michael Heseltine and Sir John Major – has been quintessentially statesmanlike in warning of the dangers ahead for this country and the rest of Europe. They know that the Brexit tail is wagging the Conservative dog. Major, in particular, must find it bizarre that the obsessively anti-European group while he was prime minister – including John Redwood and Iain Duncan Smith, whom he once labelled “the bastards”, – seem to have taken over the asylum.One of the interesting things about the attack on the BBC is that, if anything, the corporation is so nervous of the combined forces of the Brexit press and the current Conservative leadership that it seems to bend over backwards not to offend the Leave camp – the amount of airtime devoted to the egregious Nigel Farage being a good example.The terrible truth is that the Conservative and Unionist party has become the Conservative and Ukip partyThere was a classic demonstration recently when a leading BBC interviewer was grilling a member of the government about the official excuse for the U-turn after the budget on national insurance contributions. The reason for the U-turn was that the prime minister was running scared in the face of criticism that not raising NICs had been a manifesto commitment. Why, then, the interviewer might have asked, are you now planning to leave the single market? Surely, remaining in it was a manifesto commitment?The terrible truth is that the once-proud Conservative and Unionist party has become the Conservative and Ukip party. The union is at risk, as is free movement between Northern Ireland and the Irish republic. And when the Brexiters threaten Nicola Sturgeon with dire warnings about Scotland losing its largest market, namely England, they seem unaware of the irony that the newly fashionable strategy of “no agreement is better than a bad agreement” involves England itself leaving its largest market.The furore over national insurance dominated coverage of the budget but, for me, the really interesting aspect, apart from Chancellor Philip Hammond’s choice to continue with George Osborne’s socially destructive austerity programme, was that the Office for Budget Responsibility (OBR) report on the economic and fiscal outlook contained a sober assessment of the consequences of Brexit for our economy – and it was hardly calculated to lift the spirits.The point about the OBR is that it is independent and thoroughly trustworthy. Its best assessment is that business investment will suffer from Brexit, as will trade, consumer spending and the quality of life generally, not to say the budgetary finances. This is quite apart from the potentially dire impact Brexit may have on centrifugal forces in the EU as a whole – forces, we learn from US intelligence agencies, that were being encouraged by President Putin and his sidekick Donald Trump in the run-up to the 23 June referendum.I gather that the trade secretary Liam Fox, who not so long ago had to have the definition of a customs union and the single market explained to him, was asked recently which economy he would like a “newly free England” to resemble, ruling out Hong Kong and Singapore, both of which seem to have an absurd attraction to extreme Brexiters as models for our rather different economy. Apparently Fox named Germany, seemingly oblivious that it is a leading EU member.Wednesday is the day that Theresa May plans to trigger article 50 of the Lisbon treaty to set Brexit in motion. This September will see the 25th anniversary of Black Wednesday, when the pound was ejected from the European exchange rate mechanism, the precursor of the single currency.Unless the religious May undergoes a Damascene conversion, this week will see another Black Wednesday. In her winning entry to the Times /Essex Court essay competition last week, Genevieve Woods, a pupil at a Gray’s Inn barristers’ chamber, argued convincingly that parliament had the constitutional right to overrule a referendum result if it chose.It is time our elected representatives stood up to be counted. Unfortunately, we have no effective opposition. We are now reduced to hoping that George Osborne, as editor of the London Evening Standard , will redeem himself by producing an effective counterblast to all of the Brexit nonsense.Back in 1983, when the Labour party was also letting down the nation, Gerald Kaufman MP famously described its manifesto as “the longest suicide note in history”. According to Labour peer David Lea, the 137-word article 50 bill – passed, to its eternal shame, by the House of Commons – is “the shortest suicide note in history”.'|'theguardian.com'|'http://www.guardian.co.uk/theobserver/news/business/rss'|'https://www.theguardian.com/politics/2017/mar/26/fine-mess-if-george-osborne-is-last-brexit-hope'|'2017-03-26T03:00:00.000+03:00'
'a311bd4c6e89f98da34ed82e737cdad1b91008eb'|'Activist hedge funds press Tangoe to sell itself: sources'|'NEW YORK Two activist hedge funds are pressing directors of Tangoe Inc. ( TNGO.PK ) to sell the company, according to people familiar with the matter, citing a weakness in the IT company''s business and falling stock price.Ancora Advisors and Engine Capital sent a letter to the company''s board of directors last week urging the company to resist the temptation to remain independent, and to do everything possible to seek a buyer, sources said. Ancora, Engine and a third investor are working as an investor group, and own more than 4 percent of the company, sources said.The identity of the third investor was not immediately clear.Tangoe, based in Orange, Connecticut, listed on the Nasdaq in 2011, trading at $10 per share. Its rivals at the time were U.S. billing firm CSG Systems and Amdocs, makers of phone-billing and customer-management software. Tangoe''s stock is currently trading at $5.04 per share and its market value is around $200 million.The company could not immediately be reached for comment.(Reporting by Michael Flaherty; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-tangoe-m-a-idINKBN16Y1HE'|'2017-03-27T11:11:00.000+03:00'
'b604c82f5113a80a447934c6a17122f13f195d88'|'Decision on Monte Paschi rescue soon; Vicenza and Veneto next: ECB'|'Business News - Mon Mar 27, 2017 - 11:07am BST Decision on Monte Paschi rescue soon; Vicenza and Veneto next: ECB The entrance of Monte dei Paschi di Siena bank''s headquarters in Siena, Italy, July 1, 2016. REUTERS/Stefano Rellandini/File Photo - RTX2JWWC FRANKFURT European authorities will soon decide on a public rescue plan for Italian lender Monte dei Paschi di Siena ( BMPS.MI ) and are already working on similar requests from two smaller banks, the European Central Bank''s top supervisor said on Monday. "There will soon be a decision on Monte Paschi,” the head of the ECB''s supervisory arm Daniele Nouy said. Nouy added the ECB has already begun providing information to the European Commission on a "precautionary recapitalisation" request for regional Italian lenders Banca Popolare di Vicenza and Veneto Banca. "We have already been in touch with European Commission," Nouy said. Asked whether this may involve a merger of the two banks, Nouy said: "The European Commission is in the driver''s seat on a restructuring plan." (Reporting by Francesco Canepa and Andreas Framke; editing by Balazs Koranyi) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-italy-banks-ecb-idUKKBN16Y116'|'2017-03-27T18:07:00.000+03:00'
'15070af9ee34bbab2e3018b4a908b1c51e93059a'|'UPDATE 1-U.S. equity futures drop 0.5 percent'|'Company News   6:20pm EDT UPDATE 1-U.S. equity futures drop 0.5 percent (Adds detail about healthcare bill failure and market activity) By Jessica Toonkel March 26 U.S. equity index futures dropped at the open on Sunday, after President Donald Trump''s stunning political setback on Friday when Republican leaders pulled legislation to overhaul the U.S. healthcare system. S&P 500 e-mini futures were down about 0.5 percent, shortly after electronic trading resumed on Sunday evening. Markets were unnerved last week by Trump''s inability to get enough support for legislation to overhaul the U.S. healthcare system, a major 2016 election campaign promise of the president and his allies. Trump suffered a stunning political setback on Friday in a Congress controlled by his own party when Republican leaders pulled the bill, just before the markets closed. Stocks ended slightly lower on Friday as they pared losses in late-afternoon trading. For the week, the S&P 500 fell 1.4 percent, its worst weekly decline of the year. Investors had worried that the difficulties with the health bill could delay other legislation such as tax reform. Trump said he would now turn his attention to getting "big tax cuts" through Congress. Speaking on "Fox News Sunday," White House chief of staff Rance Priebus said the administration was open to working with moderate Democrats and Republicans to pass other aspects of Trump''s agenda, such as revamping the tax code. (Reporting by Jessica Toonkel in New York; Editing by Peter Cooney) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL2N1H30I3'|'2017-03-27T06:20:00.000+03:00'
'e6ca280fe494759d7782ec11b25a4a0cd3c25b3b'|'Miner South32 to buy back $500 million of its shares'|'MELBOURNE South32 Ltd ( S32.AX ) said on Monday it would return $500 million to shareholders, rewarding investors who had been waiting for the company to use its strong balance sheet and cashflows on bigger payouts or acquisitions.The diversified miner, spun off by BHP Billiton ( BHP.AX )( BLT.L ) two years ago, said it would launch an on-market share buyback in Australia targeting 4.5 percent of its share base, which it expected to complete over 12 months, depending on market conditions."Our net cash balance continues to build giving us the financial strength and flexibility to invest in our existing operations, pursue opportunities where we can create value and return excess capital to shareholders," South32 Chief Executive Graham Kerr said in a statement.South32 shares last traded at A$2.72, about triple the value they were at in January 2016 and about 28 percent higher than their launch price in May 2015.(Reporting by Sonali Paul; Editing by Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-south32-buyback-idINKBN16X13W'|'2017-03-26T20:45:00.000+03:00'
'dd6edc1b0bbd6779a4c6c12f40745e4e53dbdfcb'|'Deals of the day-Mergers and acquisitions'|'March 28 The following bids, mergers, acquisitions and disposals were reported by 1015 GMT on Tuesday:** Barclays is in exclusive talks to sell its stake in Barclays Bank of Zimbabwe to Malawi''s First Merchant Bank, First Merchant Bank said in a statement on its website.** Aviva Plc is exploring a sale of its Friends Provident International unit, which offers life assurance and investment products, in a deal that could raise between $500 million and $700 million, a source with direct knowledge of the matter said.** Bain Capital Private Equity has decided not to proceed with the acquisition of Belgian packaging company Resilux due to an anti-trust ruling in Germany, the investment company said.** Amazon.com has agreed to buy Middle East online retailer Souq.com, thwarting a last minute bid by Dubai billionaire Mohamed Alabbar''s Emaar Malls.** Japanese beer maker Asahi Group Holdings Ltd said it will take on 7.4 billion euros ($8 billion) in bank loans to finance its acquisition of European assets from Anheuser-Busch InBev SAC NV.** China Southern Airlines Co Ltd said it will sell a small stake to American Airlines Group Inc in a $200 million deal that will give the carriers better access to the world''s two largest travel markets.** British housebuilder Redrow said it did not intend to make an offer for rival Bovis just over two weeks after its approach was rejected as too low, leaving one potential bidder for the ailing firm.** Tokyo Electric Power Company Holdings (Tepco) and Chubu Electric Power Co said they had signed an agreement to integrate their fossil fuel power plants under their JERA Co joint venture.** Akzo Nobel, the Dutch paints and coatings maker trying to avoid being taken over by larger U.S. rival PPG Industries, said it would detail its strategy to remain independent on April 19.** The new head of Spain''s Banco Popular, Emilio Saracho, is in talks to sell the lender''s property portfolio and also a stake to Libra Group, online newspaper El Confidencial reported.** Schlumberger, the world''s top oil services provider, has bought a stake in upstart rig operator Borr Drilling.** Strauss Coffee has agreed to buy back a 25.1 percent stake in the company held by buyout firm TPG Capital Management for 257 million euros ($279 million), its parent company Strauss Group said.** Australian sandalwood plantation group Quintis Ltd said its managing director has resigned and will consider making a takeover offer for the company together with an unnamed international group.** Brazilian miner Vale SA said on Monday it has wrapped up the sale of a stake in Mozambique''s Moatize coal project to Japan''s Mitsui & Co Ltd and received an initial payment of $733 million, the company said in a security filing.** Investment management firm Red Mountain Capital Partners LLC said in a letter on Monday that it is pushing apparel and accessories maker Deckers Outdoor Corp''s board to explore a sale of the company.** Russia''s biggest bank Sberbank is selling its subsidiary in Ukraine to a consortium of investors, which include Norvik Bank (Latvia) and a Belarussian private company, Sberbank said in a statement on Monday.** Olive Garden owner Darden Restaurants Inc said on Monday it would buy Cheddar''s Scratch Kitchen for $780 million in an all-cash transaction.** Bank holding company Home BancShares Inc said it would acquire regional lender Stonegate Bank in a cash-and-stock deal valued at about $778.4 million. ($1 = 0.9208 euros) (Compiled by Laharee Chatterjee in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL3N1H53HE'|'2017-03-28T08:19:00.000+03:00'
'fdc254ab73e64bafe6b7b02fae44ffa1a16e100d'|'Banks try to calm staff nerves with staggered Brexit shift'|' 19pm BST Banks try to calm staff nerves with staggered Brexit shift FILE PHOTO: Workers walk in the rain at the Canary Wharf business district in London, Britain November 11, 2013. REUTERS/Eddie Keogh/File Photo By Anjuli Davies - LONDON LONDON Banks are treading carefully, enacting two-stage contingency plans, to avoid losing nervous London-based staff as they work out how many jobs will have to move to continental Europe as Britain exits the European Union. British Prime Minister Theresa May will trigger formal EU divorce proceedings on Wednesday, launching two years of negotiations that will shape the future of Britain and Europe as well as London''s place as a global financial center. The move will also mark the point when investment banks, whose priority will be to ensure they can continue servicing their clients across Europe after March 29, 2019, begin taking concrete steps to prepare for Britain being outside the bloc. "Everybody is prepared for a cliff edge scenario, which means you need to more or less have, in a very short period of time, people on the ground making sure whatever happens you are set," Hubertus Vaeth, head of Frankfurt Main Finance, a group backed by local government to promote the city, said. This first phase involves relatively small numbers to make sure the requisite licenses, technology and infrastructure are in place, while the next requires longer term thinking on what the their European business will look like in the future, which is when bigger moves might take place. "We see a very short term dispersal of a small number of people ... in the next couple of months," Vaeth said. ANXIETY IN THE CITY Brexit is making many of Britain''s 2.2 million financial industry workers anxious about whether they risk losing their jobs or will have to consider relocating to Frankfurt, Dublin, Paris, Luxembourg or even Malta. "If I ... stand up in front of my staff in London and say ''I''m moving 1,000 of you to Frankfurt'', how many do you think will stick around?" a senior executive at a global bank said. Employers must decide whether to try to move London-based staff or pay them off and hire again where any foreign operation is set up. This means they need to identify which roles will be impacted, which is likely to take some time. Bank executives say moving significant numbers of jobs will likely form part of the final phase of adaptation to Brexit, but will not happen before any final deal is struck. "Don''t look for a ''big bang'' the day after Brexit in March 2019," another senior executive at an international bank said. "Banks will be looking to use what they have to be able to continue operating and servicing clients in the EU. The jobs that will move, the impact will be known in 2025 and 2030 not 2019," the executive added In this so-called initial phase, staff moves are expected to be in the low hundreds, with the majority not taking place until at least 2018, banking sources told Reuters. "It''s not staff moving, it''s jobs moving," said one source. "There will also be some natural attrition whereby roles will not filled in London. It won''t really be so noticeable and there likely won''t be any big announcement." Stuart Gulliver, chief executive of HSBC, has softened his tone on his bank''s plan to move 1,000 staff to Paris, saying that half are French people who would be returning home and the bank is nowhere near talking to staff about the move. "Within one to two years, the City of London will have completely replaced the jobs that will have moved," he said. Banks only need around 30 people to get a subsidiary in Europe up and running, including setting up the infrastructure, legal and technology systems, the Association of Foreign Banks in Germany says. DESTINATION UNKNOWN While Europe''s financial centers are fighting for the spoils of Brexit, banks are unlikely to converge on a single city at first and are likely to want to retain some flexibility. "There won''t be a single location – country teams will likely be based more in situ," another banking source familiar with contingency plans said. Goldman Sachs International ( GS.N ), the European arm of the Wall Street bank, said last week it would begin by moving hundreds of people out of London in what its chief Richard Gnodde called "contingency plans" for the first phase. Meanwhile, U.S. rival Morgan Stanley ( MS.N ), which one source told Reuters will ultimately have to move up to 1,000 jobs out of London, but may initially shift just 300 staff, according to reports in February. And although Dublin is Bank of America''s ( BAC.N ) default destination for a new base within the EU because it already has a fully licensed operation there, others are being examined. "We are playing through all the scenarios. Nothing has been decided. Dublin is an option, just as Frankfurt or Amsterdam," Nikolaus Naerger, Bank of America’s head of corporate banking in Germany said. (Editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-eu-banks-idUKKBN16Z1HK'|'2017-03-28T20:17:00.000+03:00'
'8235f9610a6ab702119ef8a128238d0fce52b54c'|'Investors pare bullish U.S. bond bets -JP Morgan survey'|'NEW YORK, March 28 Investors reduced bullish bets on longer-dated U.S. Treasuries on concerns that U.S. President Donald Trump and top Republican lawmakers may struggle to pass fiscal stimulus policies, J.P. Morgan''s latest Treasury client survey showed on Tuesday.Their nervousness intensified after House of Representatives Speaker Paul Ryan on Friday shelved a Republican-sponsored bill to overhaul the Obama administration''s 2010 healthcare law due to a lack of support, spurring bids for longer-dated Treasuries.Investors are worried the setback could hamper efforts for a broad restructuring of the tax code, including cuts to the rates paid by corporations. The anticipated tax cuts had underpinned the surge in bond yields and stock prices following Trump''s win in the Nov. 8 presidential election.The share of "long" investors who said they were holding more longer-dated Treasuries than their benchmarks fell to 16 percent in the week of March 27 from 23 percent in the prior week, J.P. Morgan''s survey showed.J.P. Morgan surveyed clients, including bond fund managers, central banks and sovereign wealth funds.The yield on the benchmark 10-year Treasury was 2.362 percent early on Tuesday, down from 2.434 percent a week ago. It hit a one-month low of 2.348 percent on Monday.The share of "short" investors who said they were holding fewer longer-dated U.S. government securities than their portfolio benchmarks fell to 20 percent from 23 percent the previous week.Short investors outnumbered long investors by 4 percentage points. A week ago they were equal.The share of "neutral" investors who said they were holding amounts of longer-dated Treasuries that match their benchmarks rose to 64 percent from 54 percent last week, the survey showed.Active clients that include market makers and hedge funds, who are seen to take on speculative bets in Treasuries, turned much more neutral in the latest week, the J.P. Morgan survey showed.Eighty percent of them said they were neutral, up from 50 percent the prior week. None of them said they were short, compared with 20 percent last week, while 20 percent of them said they were long, which was less than 30 percent last week. (Reporting by Richard Leong; Editing by Paul Simao)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/treasuries-jpmorgan-idINL2N1H50MT'|'2017-03-28T12:04:00.000+03:00'
'd8889b26142f732d06fadc6412e010d718a1cefa'|'From crepes to cocktails - can Grand Marnier''s new owner make the leap?'|'Business News - Fri Mar 24, 2017 - 3:12pm GMT From crepes to cocktails - can Grand Marnier''s new owner make the leap? left right A bartender mixes cocktails at Dick & Janes bar in the Brooklyn borough of New York City, U.S., March 22, 2017. Picture taken March 22, 2017. REUTERS/Brendan McDermid 1/8 left right Bartender Isaac Flores poses at Dick & Janes bar in the Brooklyn borough of New York City, U.S., March 22, 2017. Picture taken March 22, 2017. REUTERS/Brendan McDermid 2/8 left right A bartender mixes a cocktail at Dick & Janes bar in the Brooklyn borough of New York City, U.S., March 22, 2017. Picture taken March 22, 2017. REUTERS/Brendan McDermid 3/8 left right Bartender Isaac Flores poses at Dick & Janes bar in the Brooklyn borough of New York City, U.S., March 22, 2017. Picture taken March 22, 2017. REUTERS/Brendan McDermid 4/8 left right A bartender serves cocktails at Dick & Janes bar in the Brooklyn borough of New York City, U.S., March 22, 2017. Picture taken March 22, 2017. REUTERS/Brendan McDermid 5/8 left right Bartender Isaac Flores mixes a cocktail at Dick & Janes bar in the Brooklyn borough of New York City, U.S., March 22, 2017. Picture taken March 22, 2017. REUTERS/Brendan McDermid 6/8 left right Bartender Isaac Flores mixes a cocktail at Dick & Janes bar in the Brooklyn borough of New York City, U.S., March 22, 2017. Picture taken March 22, 2017. REUTERS/Brendan McDermid 7/8 left right Bartender Isaac Flores mixes a cocktail at Dick & Janes bar in the Brooklyn borough of New York City, U.S., March 22, 2017. Picture taken March 22, 2017. REUTERS/Brendan McDermid 8/8 By Francesca Landini and Maria Pia Quaglia - MILAN MILAN Italian drinks group Davide Campari ( CPRI.MI ) has a tall order to fulfil: take a neglected old liqueur out of the kitchen, where it is used as a dessert topping, and turn it into a hot new cocktail trend. Grand Marnier, a 137-year-old French brand that Davide Campari bought for 652 million euros (564 million pounds) last year, was once a drink for the wealthy, a meld of cognac and oranges that was sipped by first-class passengers on the Titanic. Today, in its European home market, it is more often tucked away in kitchen cabinets than featured prominently in trendy bars, and its return to the cocktail circuit is not assured, even for a company that has a record of reviving faded brands. Grand Marnier sales have fallen around 2 percent in the past three years and Davide Campari expects them to flatline for two years before picking up in 2019. Based on the latest six-month data, annual sales of the brand are running at around 160 million euros, making it the company''s fifth biggest brand. The stakes are high for the world''s sixth largest premium spirit maker, which bought the French liqueur last June in its biggest-ever acquisition. The price included assumed debt and represented more than a tenth of Davide Campari''s market value. Industry analysts say they are confident the company can restore Grand Marnier''s fortunes but say it could be costly and take time, a brake on profit margins. A prolonged stagnation of Grand Marnier sales could also slow down the company''s acquisition strategy, vital to compete with much bigger rivals. The group''s debts, in proportion to core earnings, are manageable but higher than the average of its main rivals after making more than 2 billion euros in acquisitions in 22 years. Euromonitor analyst Jeremy Cunnington thinks it should take a break from acquisitions and develop its newly acquired brands. That all adds up to pressure to revive Grand Marnier, the biggest challenge yet for Chief Executive Bob Kunze-Concewitz. He must shake off the liqueur''s reputation in Europe as a fancy dessert topping and introduce it to more drinkers in America, its biggest market even though it is relatively little known there. "In Europe the challenge is making the leap from the kitchen to the glass, while in the Unites States the issue is more of increasing the glasses drunk," Kunze-Concewitz told Reuters. The CEO declined to give his target for Grand Marnier but the company aims to grow sales across all its brands by 5 percent in the medium term. Investment bank Barclays says that implies Grand Marnier reaching around 5 percent growth by 2020. However, it took Kunze-Concewitz six years to shift the group''s signature red aperitif, Campari, up a gear and accelerate the drink''s growth from 3.5 percent in 2007, when he took the helm, to the high single digits by 2013. "Someone says Grand Marnier is an old brand but ... three out of four consumers have never tasted it. This is a great opportunity, like it was for the re-launch of Campari," he told Reuters, adding that the company''s last brand makeover, of Appleton rum, took just three years. Kunze-Concewitz, a multi-lingual Austrian who was actually born in Turkey, expects Grand Marnier''s sales to rise in value but not in volumes this year in the United States, while a return to growth in Europe will take longer. BANKING ON THE B-52 Davide Campari will start its offensive in America''s biggest cities this year, with young drinkers and also bar managers such as 32-year-old Isaac Flores of Dick & Janes, a trendy cocktail bar in Brooklyn, New York. Flores rarely uses Grand Marnier and says brand recognition is just one of the problems to tackle. Retailing at $47 a bottle, it makes for an expensive cocktail. "Cocktails including it should cost at least $15-16 compared to $13 I charge the cocktails I craft," said Flores. "Grand Marnier is a beautiful liqueur, which is best drunk on its own." Since he was appointed CEO at the family-controlled spirit company, CEO Kunze-Concewitz has bought 14 brands, boosting sales by 80 percent in 10 years. But debt has trebled over that time to more than 1 billion euros, or 2.9 times its core profit against an average of 2.6 for Campari''s main rivals. The company plans to launch new long drinks and capitalise on the revival of classic cocktails that feature the liqueur, such as Grand Margarita and B-52. It has tightened its grip on Grand Marnier''s distribution, strengthening ties with Southern Glazer''s Wine and Spirits in the United States, and dropping third-party distributors and rivals Moet Hennessy ( LVMH.PA ) and Diageo ( DGE.L ). Davide Campari did not say how much it would spend on marketing Grand Marnier but the CEO said, overall, advertising and promotion expenses would rise by 20-25 basis points to just over 18 percent of sales, a level above the sector average. Grand Marnier''s main rival in the United States is Remy Cointreau''s ( RCOP.PA ) eponymous liqueur which has a smaller market share but has long set a faster pace in terms of sales. Davide Campari plans to hold tasting events in bars to show drinkers the difference between the two. But food and beverage expert Vittoria Veronesi, of Milan''s Bocconi University, says it should not take Grand Marnier out of the kitchen altogether. "It would be fun to create new dishes and match them to a Grand Marnier-based aperitif, putting together the work of the chef with that of the barman." (Editing by Mark Bendeich/Keith Weir) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-campari-marnier-analysis-idUKKBN16V20D'|'2017-03-24T23:12:00.000+03:00'
'575d38c1cb8b01e298059b7b53aa2d5147106e0e'|'Healthcare scramble writes new chapter in Trump''s ''Art of the Deal'''|'By Yasmeen Abutaleb , David Morgan and Emily Stephenson - WASHINGTON, March 24 WASHINGTON, March 24 In the middle of a confused three-day scramble by U.S. Republicans to save their plan to dismantle Obamacare, President Donald Trump telephoned a former small-town sandwich shop owner from the North Carolina mountains on Wednesday afternoon.Representative Mark Meadows took the call during a meeting of the Freedom Caucus, a conservative faction of the House of Representatives he chairs. His talk with Trump thrust Meadows into the eye of a legislative storm that led to a pivotal vote on the bill being postponed. Then, late on Thursday after Trump demanded action by the House, a final vote was set for Friday.Through it all, Meadows has been a key player in Trump''s first major legislative initiative, an effort as chaotic and unpredictable as his campaign for the White House, with its ultimate outcome still in doubt late on Thursday night.After promising for months as a candidate to repeal and replace Obamacare, Trump has still not produced his own plan to do so, choosing instead to support a rollback bill drafted by senior House Republicans, including House Speaker Paul Ryan.Financial markets have watched the drama over the bill nervously, concerned that defeat or delay for it could undermine Trump''s ability to carry through on promises to cut taxes and reduce regulation that have lifted U.S. stocks for weeks.In a schism among Republicans who now control Congress and the White House, moderates oppose Ryan''s bill, saying it goes too far. The non-partisan Congressional Budget Office has estimated it would result in 24 million fewer Americans having insurance by 2026 than if Obamacare remained in place intact.Meadows and the Freedom Caucus don''t like it either, but for very different reasons, making a compromise challenging. They say it doesn''t go far enough to repeal the healthcare law put in place in 2010 by former Democratic President Barack Obama.To deal with this problem, Trump stepped in personally earlier this week to try to win over Meadows and his maverick conservative faction, according to interviews with dozens of lawmakers and congressional aides. But, even after marathon phone calls and meetings at the White House, Trump, who prides himself as a master negotiator, failed to secure the deal.Meadows told reporters on Thursday night he still opposed the bill, but was optimistic that a deal could be reached. "I am still a no," he said, taking basically the same position he took on Wednesday afternoon after his phone call with Trump.LEANING RIGHTWhen he embraced Ryan''s bill and then decided to intervene to try to save it, Trump opted for a strategy in which he would concentrate on winning over Meadows and the conservatives.Ryan and House leaders would deal with "everybody else," Republican Representative Tom Rooney said Thursday. That strategic approach soon had embarrassing consequences.Trump''s push began in earnest on Tuesday, when he visited Capitol Hill seeking support for the plan among Republicans.On Wednesday, the House Rules Committee held marathon meetings to finalize the bill that would go to the floor.After his Wednesday phone call with the president, Meadows spent much of Wednesday night negotiating with Trump, said a Republican lawmaker."Mark Meadows has been at the White House more in the last 48 hours than any other times in his life combined," said one conservative lobbyist with knowledge of internal discussions.As Meadows and other Freedom Caucus members such as Representative Jim Jordan negotiated with Trump, more and more right-wing amendments were added to the bill to placate conservatives.The conservative concessions hurt moderates. "The vast majority of us in the Republican conference have been left out of these discussions," Representative Bradley Byrne said Thursday. "That is a growing problem for our leadership and I think it''s a growing problem for the chances of this bill."RYAN BALKSAt some point, Ryan himself balked when he learned of the agreements struck between Trump and the conservatives, according to the conservative lobbyist, setting in motion a frantic push to save a vote on the bill that had been set for Thursday.By late afternoon, that rescue effort had collapsed and the vote was scrapped. Trump responded forcefully, dispatching top White House lieutenants to a meeting with lawmakers with a clear message: the president was done negotiating.The message was "it''s done tomorrow or Obamacare stays," said Republican Representative Chris Collins.With that, lawmakers announced that a decisive vote on the bill would be held on Friday afternoon.Earlier, even as the vote that had been set for Thursday was falling apart, Trump was meeting with trucking industry representatives and gleefully climbed into the cab of an 18-wheeler. He said then that everyone would find out in a couple of hours whether Republicans had enough votes to pass the healthcare bill, unaware that the vote had already been delayed. (Additional reporting by Roberta Rampton, Susan Cornwell, Julia Edwards Ainsley, Amanda Becker, Steve Holland and Richard Cowan; Editing by Kevin Drawbaugh and Paul Tait)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-obamacare-talks-idINL2N1H101N'|'2017-03-24T08:00:00.000+03:00'
'44461094cf96fc7fb945afd3adbab3ecdb1760fe'|'U.S. shares gain as healthcare vote awaited; gold edges higher'|'Money   9:04pm IST U.S. shares gain as healthcare vote awaited; gold edges higher The Wall Street bull is seen in the financial district in New York, U.S., March 7, 2017. REUTERS/Brendan McDermid/Files By Sam Forgione - NEW YORK NEW YORK U.S. shares edged higher and European shares slipped on Friday as investors were on tenterhooks awaiting the outcome of a vote in Washington on healthcare reform, seen as pivotal for U.S. President Donald Trump''s pro-growth agenda. All three major U.S. indexes gained modestly in morning U.S. trading despite uncertainty that Trump and the Republican leaders who crafted the healthcare bill had enough support to pass it, meaning they now risk defeat in their first attempt at major legislation and a key campaign pledge. Trump warned House Republican lawmakers that he will leave Obamacare in place and move on to tax reform if they do not get behind new healthcare legislation in a vote on Friday. The back-and-forth over the bill has led to some of the choppiest trading Wall Street has seen since Trump’s election in November. Investors had grown worried that a failure of the legislation would damage prospects for Trump’s pro-growth agenda items – tax reform and stimulus – and earlier this week that led to the biggest daily drop U.S. stocks have seen since the election. Some of that concern appeared to be ebbing on Friday ahead of the scheduled vote in the House, with some analysts and investors seeing a failure of the bill as a catalyst to bring forward action on tax reform in particular. Despite Friday''s gains, the Dow and S&P 500 were still on track to post their first monthly declines since October. "If this goes on the back burner and they start addressing corporate tax rates or infrastructure, that would be a positive for the market because the administration is not going to look at this and say ''Hey, this thing is going to take a while,''" said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama. MSCI''s all-country world equity index was last up 1.43 points, or 0.32 percent, at 448.91. The Dow Jones Industrial Average was last up 56.96 points, or 0.28 percent, at 20,713.54. The S&P 500 was up 9.6 points, or 0.41 percent, at 2,355.56. The Nasdaq Composite was up 38.98 points, or 0.67 percent, at 5,856.67. Europe''s broad FTSEurofirst 300 index was down 0.12 percent at 1,485.23. The U.S. dollar index, which measures the greenback against a basket of six major rivals, was little changed at 99.736, but that left it near a roughly seven-week low of 99.547 touched on Wednesday. That allowed safe-haven gold prices to edge higher. Spot gold prices, which hit a more than three-week high on Thursday of $1,253.12 an ounce, were up 0.12 percent at$1,246.33. U.S. Treasuries prices were steady ahead of the vote, with benchmark 10-year yields last at 2.411 percent, roughly unchanged from late Thursday''s yield. “This is being seen as a good litmus test of the rest of Trump‘s agenda,” said Gennadiy Goldberg, an interest rate strategist at TD Securities in New York. Oil prices were flat amid hopes that an OPEC output cut was beginning to balance a long-oversupplied market. Brent crude was last up 1 cent at $50.57 a barrel. U.S. crude was up 2 cents at $47.72 per barrel. (Additional reporting by Patrick Graham and Libby George in London, Tanya Agrawal in Bengaluru and Karen Brettell In New York; Editing by Nick Zieminski) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-markets-idINKBN16V23L'|'2017-03-24T23:34:00.000+03:00'
'd6eed0da199bd78edad226b5919397e7d2e75656'|'Creditors of Brazil''s Oi balk at revised debt restructuring plan'|'By Ana Mano - SAO PAULO SAO PAULO The two biggest bondholder groups in Brazilian telephone operator Oi SA ( OIBR4.SA ) said on Friday they "strongly oppose" the terms of a new debt restructuring plan the company intends to present in bankruptcy court.Claiming the proposed terms "were not previously negotiated with either of the Oi bondholder groups," the creditors said in a joint statement that Oi has "failed to engage" with them, nine months after filing for bankruptcy protection.The statement, the first joint communication since the two bondholder groups split over the fate of the company in November, indicates that Oi''s creditors and controlling shareholders are far from consensus.Oi is Brazil''s No. 4 wireless carrier. It declined to comment on Friday.Last June, the company sought court protection from creditors on about 65 billion reais ($21 billion) in Brazil''s biggest-ever bankruptcy filing. On Wednesday, Oi unveiled a revised version of its restructuring proposal, which was originally presented in September.Under the new terms, Oi''s financial creditors would receive 25 percent of the company''s equity and convertible bonds to be called in three years, giving them up to 38 percent of its shares.Oi shares ( OIBR3.SA ) fell 8.5 percent to close at 4.40 reais on Friday, after gaining 16 percent on Thursday.Oi Chief Executive Officer Marco Schroeder said on Thursday the new plan is an improvement as it offers a debt-for-equity option to accommodate feedback from creditors.He said the proposal should be submitted to the court in its current form, though technically it can be changed until the moment creditors formally vote on it.One of the bondholder groups, advised by Moelis & Co ( MC.N ) and supported by Orascom TMT Holdings SAE ( OTMT.CA ), calls for an alternative plan to inject up to $1.25 billion into Oi in return for a 95 percent stake.The other group, advised by G5 Evercore and including Aurelius Capital Management, is also prepared to inject new capital into the company, but does not see a need for a new strategic investor, according to a person with direct knowledge of the matter. The person spoke anonymously because negotiations with Oi are private.In the same joint statement, a third group of Oi creditors constituted of export credit agencies and banks also said the terms of the company''s proposal "were unacceptable."The two bondholder groups and the export credit agencies said they jointly have claims worth about $6 billion against Oi and subsidiaries.(Editing by Matthew Lewis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-oi-sa-restructuring-idINKBN16V2Q7'|'2017-03-24T18:25:00.000+03:00'
'16b7eefd65909ed620fcd758f89a39ea0c8be953'|'Head of Germany''s Stada confirms car was bugged last year'|'  2:50pm BST Head of Germany''s Stada confirms car was bugged last year FILE PHOTO: The logo of the pharmaceutical company Stada Arzneimittel AG is pictured at its headquarters in Bad Vilbel near Frankfurt, Germany March 14, 2012. REUTERS/Alex Domanski By Ludwig Burger and Patricia Weiss - BAD VILBEL, Germany BAD VILBEL, Germany The head of Stada ( STAGn.DE ), the German drugmaker at the centre of a takeover battle, confirmed his car had been bugged last year but reassured investors that the company had not suffered as a result. "I have no reason to assume that any confidential business information went into the wrong hands," Chief Executive Matthias Wiedenfels told a news conference on Wednesday after the group announced annual financial results. The disclosure comes at a sensitive time as Stada is the subject of a 4.7 billion euro ($5.1 billion) takeover fight between two rival private equity consortia. It was not clear who was responsible for the bugging and no suggestion that it was connected to the takeover battle. Germany''s Manager Magazin reported last week that Wiedenfels found a listening device in his car and that he was also anonymously sent photographs taken of him in confidential business situations and outside of the office. The chief executive said the issue occurred last summer and had been put to rest as far as he was concerned. He would not say whether police of state prosecutors had been informed at the time. Wiedenfels replaced long-serving Stada boss Hartmut Retzlaff last June after Retzlaff stepped down on health grounds. BIDDING PROCESS The takeover battle for Stada pits a combination of Advent and Permira against Bain and Cinven. Both have made takeover offers at 58 euros per share, valuing the company at 4.7 billion euros including debt, according to people familiar with the matter. Stada last week asked the competing suitors to improve their offers but Wiedenfels said the process remained on track. "The bidding process that we have initiated is intact in every respect," Wiedenfels told reporters at the group''s Bad Vilbel headquarters close to Frankfurt. When asked about rumours that non-executive Chairman Carl Ferdinand Oetker had proposed a takeover price of 70 euros per share to the bidders, Wiedenfels said he had not heard Oetker voice such a price. "Neither the supervisory board nor the management board have come forward with a price target," the chief executive said. Stada shares traded 0.5 percent lower at 56.84 euros on Wednesday afternoon. ($1 = 0.9270 euros) (Editing by Victoria Bryan and Keith Weir) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-stada-results-idUKKBN1701WG'|'2017-03-29T21:50:00.000+03:00'
'e1c4c5fcf4ecba3e603ef630f876484028041def'|'Canada''s TD Bank denies widespread problem with sales practices'|' 36am EDT Canada''s TD Bank denies widespread problem with sales practices TORONTO, March 30 Toronto-Dominion Bank''s chief executive officer told shareholders at the bank''s annual meeting on Thursday that it does not have a "widespread problem" with its sales practices, responding to a report staffers were pressured to meet targets. TD branch staff have said they moved customers to higher fee accounts and raised their overdraft and credit card limits without their knowledge, according to a report by CBC News, Canada''s public broadcaster, on March 10. "People behaving unethically in order to achieve these (sales) goals would be inconsistent with who we are as an institution, and I don''t believe we have a widespread problem with that type of behavior," CEO Bharat Masrani said. Masrani said the experiences described by some employees were against "the very fiber of our culture." "As always, if we can improve the way we do things, we will. Indeed, we routinely conduct reviews of our business for this very purpose," Masrani said. He said the bank was taking "objective advice" from an outside firm regarding the matter. CBC News reported later in March that staff at Canada''s other big banks had said they were put under similar pressures, raising questions about whether the industry is being properly scrutinized by regulators. Masrani also addressed protests over the bank''s role in funding the Dakota Access pipeline, which will bring more than 800,000 barrels per day of heavy crude from Canada''s oil sands to U.S. refineries but has been criticized by environmentalists. "TD believes conventional energy sources will sustain our economy, create jobs and support a standard of living that our customers and communities want for the foreseeable future," he said. (Reporting by Matt Scuffham; Editing by Jeffrey Benkoe)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/tdbank-accounts-idUSL2N1H70NE'|'2017-03-30T21:36:00.000+03:00'
'14928d707b8dd55d9f6d5db82aa8e5b61169922d'|'Deals of the day-Mergers and acquisitions'|'(Updates Creat Group; Adds CIBC, Aker Solutions, Luka Koper, Linde, Deutsche Boerse, Chase Bank)March 30 The following bids, mergers, acquisitions and disposals were reported by 1400 GMT on Thursday:** Canadian Imperial Bank of Commerce raised its offer for PrivateBancorp Inc ahead of a June deadline.** Aker Solutions Asa to acquire Norwegian oil-services provider Reinertsen to build on its position as a leading maintenance and modifications supplier offshore Norway.** Boston Scientific Corp said it would buy Swiss medical device maker Symetis SA for $435 million, a deal that will help the U.S. company expand in the European market.** Slovenia plans to invest about 1 billion euros ($1.1 billion) on a new railway line between its sole port, Luka Koper , and the city of Divaca, which will connect with the line that runs to the capital Ljubljana.** Linde''s works council chief will vote against the German industrial gases group''s planned $65 billion merger with U.S. rival Praxair when it comes up for approval by the supervisory board, he told Reuters.** Kenya''s central bank invited investors interested in buying a stake in Chase Bank to submit their bids, with the aim of concluding the transaction by the end of September.** U.S. stock exchanges should not attempt to buy Deutsche Boerse, the German exchange whose bid to merge with its London counterpart has just collapsed, a senior German politician said.** HSBC announced a strategic partnership with financial technology company Tradeshift, that will allow the bank''s clients to manage their supply chains and working capital requirements digitally.** Serbia invited investors to propose terms to buy three heavily indebted, state-owned petrochemical plants, part of a plan to boost growth and cut the national debt.** Israel''s Delek Group said its quarterly profit was boosted by the sale of two natural gas sites and higher income from its exploration and production operations as it seeks further international expansion.** Tsinghua Unigroup Ltd, China''s biggest state-owned semiconductor group, said media reports that it bid for Toshiba Corp''s chip business were groundless, reiterating a similar statement made in February.** German shipping finance provider HSH Nordbank has received more than 10 expressions of interest from potential buyers in the lender which seeks to be sold within a year.** Booker, the British wholesaler that has agreed to a 3.7 billion pound ($4.6 billion) takeover by Tesco, said quarterly sales growth had slowed, with tobacco sales hurt by a shop display ban and plain packaging restrictions.** Chinese investor Creat Group Corp has offered to buy German blood plasma products maker Biotest for about 1.2 billion euros ($1.3 billion) including debt following its purchase last year of British peer Bio Products Laboratory.** Toshiba Corp shareholders agreed to split off its prized NAND flash memory unit, paving the way for a sale to raise at least $9 billion to cover U.S. nuclear unit charges that threaten the conglomerate''s future.** Kushner Cos, the real estate firm headed by President Donald Trump''s son-in-law until recently, said on Wednesday it ended talks to redevelop its flagship New York office tower with China''s Anbang Insurance Group.** Synovus Financial Corp will buy the financial unit of outdoor goods retailer Cabela''s Inc, a source familiar with the matter told Reuters on Wednesday.** A consortium led by General Electric submitted the only bid for a Nigerian railway concession project worth around $2 billion for two lines connecting northern cities to others in the south, a procurement process adviser said on Wednesday.** Mexican mining, rail and infrastructure firm Grupo Mexico said on Wednesday its planned takeover of Florida East Coast Railway would allow it to expand its exposure to U.S. rail freight, increase dollar earnings and diversify revenue sources.** ConocoPhillips on Wednesday agreed to sell oil sands and western Canadian natural gas assets to Cenovus Energy Inc for C$17.7 billion ($13.3 billion), making it the latest international oil major to pull back from a region where high costs and low crude prices have made it hard for large companies to make an acceptable return. (Compiled by Laharee Chatterjee in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL3N1H73NC'|'2017-03-30T12:18:00.000+03:00'
'4f3bbbda3e10cfb11f0812092d97931209e59c87'|'BRIEF-Filament says received $15 mln in new venture financing'|'March 30 (Reuters) -* Filament - received $15 million in new venture financing, bringing its total funding to $21.8 million* Filament - new round was led by verizon ventures and bullpen capital* Filament - proceeds from round will be used to scale hardware manufacturing* Filament- director Patrick Walsh, who led investment for Intel Capital, is joining Filament''s board of directors with the transaction* Filament-New investors include Intel Capital, Jetblue Technology Ventures, CME Ventures, Flex Technology Accelerator Program Lab Ix, Backstage Capital Source text for Eikon:'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-filament-says-received-15-mln-in-n-idINFWN1H70K7'|'2017-03-30T09:50:00.000+03:00'
'258d5609f7de4e0582f3087f7f170140f9b4dbda'|'ECB policymakers want to stick to plan, one calls for flexibility'|'Business   5:56pm IST ECB policymakers want to stick to plan, one calls for flexibility The headquarters of the European Central Bank (ECB) are pictured in Frankfurt, Germany, September 8, 2016. REUTERS/Ralph Orlowski/File Photo By Thomas Escritt and Balazs Koranyi - AMSTERDAM/FRANKFURT AMSTERDAM/FRANKFURT The European Central Bank needs to stick to its already laid out policy path, several policymakers argued on Thursday, although a top conservative urged them to leave the door open to a more rapid reduction in stimulus. Economic growth is gaining momentum and the euro zone may be on its best economic run in a decade. But inflation is still not moving decisively higher, the policymakers argued, hinting at little appetite for now to amend the ECB''s policy stance. The comments gel with Reuters report on Wednesday that policymakers are wary of making any new change to their policy message after small tweaks this month upset investors and raised the specter of surging borrowing costs for the bloc''s indebted periphery. With inflation at a four-year high, critics of the ECB, particularly in Germany, have called on the bank to start winding down its unprecedented stimulus measures, including a 2.3 trillion euro asset-buying scheme designed to rekindle growth and inflation. "We are not yet sufficiently confident that inflation will converge to levels consistent with our aim in a durable manner," ECB chief economic Peter Praet said, referring to ECB''s 2 percent inflation objective. Although euro zone inflation was at 2 percent year-on-year in February, core inflation remains low. Early March inflation figures suggest a dip with Spain dipping to 2.1 percent from 3.0 percent and Germany at 1.5 percent from 2.2 percent. "Inflation dynamics still remain reliant on the very substantial degree of monetary accommodation which prevails," Praet added. The ECB next meets on April 27, before the final round of the French presidential election. A potentially contentious run-off could also encourage the bank to act with caution. Arguing for steady hand, Austrian central bank chief Ewald Nowotny said there was no need to deviate from the already charted course while Finnish central bank governor Erkki Liikanen expressed support for the ECB''s policy path expressed in its so-called forward guidance. "The strategy for 2017 has largely been set and from my point of view there is no reason to depart from this," Nowotny said in Vienna. The asset buys are set to run at least until the end of the year and talks about how and when to wind it down have not yet started. The sole dissent -- and relatively minor -- came from Klaas Knot, the Dutch Central bank chief who has opposed many of the ECB''s easing measures. He argued for flexibility, suggesting an earlier end, but only if the economy continues to outperform expectations. "Only if the economy does even better than we now expect in our estimates could we consider bringing the tapering forward,” Knot said, referring to the ECB''s plans to buy 60 billion euros worth of bonds each month until the end of the year. Knot, like Liikanen, meanwhile rejected a suggestion by some policymakers that the ECB could change its guidance, which now sees the first rate change only well after the end of the asset buys. "I think this sequence makes sense, the forward guidance makes sense and I don''t see a need to revisit that now,” Knot said. "The logic is one of a consistent communication message which is neutral along the yield curve and which prevents giving conflicting views as to the front end and the long end of the yield curve." (Additional reporting by Andreas Framke in Frankfurt, Francois Murphy in Vienna and Tuomas Forsell in Helsinki Editing by Jeremy Gaunt) Next In Business News Clouds over Trump tax plan may curb appetite for U.S. stocks NEW YORK Wall Street has tempered its expectations for sweeping U.S. tax cuts in the wake of President Donald Trump''s stinging healthcare defeat, a move that could push investors to embrace cheaper global stocks after the heady U.S. rally of recent months.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-ecb-policy-idINKBN1711M3'|'2017-03-30T20:18:00.000+03:00'
'b883f8cc55909108617a2ebf9b621ae521da0116'|'UPDATE 1-Canada''s TD Bank launches review of sales practices'|'Company  39pm EDT UPDATE 1-Canada''s TD Bank launches review of sales practices * Bank hires firm to help with review * CEO does not believe bank has widespread problem * Reports said staff under pressure to hit targets * Expects to conclude review in less than 6 months (Recasts, adds comments from CEO) By Matt Scuffham TORONTO, March 30 Toronto-Dominion Bank is reviewing its sales practices following reports that staffers were pressured to meet targets, Chief Executive Officer Bharat Masrani said on Thursday at the bank''s annual meeting. Canada''s financial watchdog is investigating sales practices at the country''s banks and expects to conclude its investigation by the end of the year. TD branch staffers have said they moved customers to higher fee accounts and raised their overdraft and credit card limits without their knowledge, CBC News, Canada''s public broadcaster, reported on March 10. Masrani told around 400 shareholders that the bank has hired a professional services firm, which was not named, to assist with the review. He expects it to be concluded in less six months. He maintained that he did not believe the bank had a widespread problem with its sales practices. "People behaving unethically in order to achieve these (sales) goals would be inconsistent with who we are as an institution, and I don''t believe we have a widespread problem with that type of behavior," Masrani said. He said experiences described by some TD employees of facing pressure to sell to customers "go against the very fiber of our culture." Employees at Canada''s other big banks have said they were similarly pressured, CBC News subsequently reported on March 15, raising questions about whether the industry was being properly scrutinized by regulators. The issue has prompted debate on television and radio call-in programs over the past three weeks. One TD shareholder raised the issue at the meeting, offering support to management and praising staff at his local TD branch in Hamilton, Ontario. "Whenever I enter that branch they say ''Welcome Mr. Saunders. Can we help you today?''... I think TD is doing a very good job, both as a shareholder and a depositor," the shareholder said, sparking a round of applause. Speaking to reporters after the meeting, Masrani declined to name the firm that would assist in the review. "If there are opportunities to enhance our existing processes we will do so," he said. "I want to make sure that it is done thoroughly and that we do it right but I also want to see it done over a reasonable period of time." Masrani said he was not sure if the bank would use ''mystery shopping'' exercises, using undercover checks where inspectors pose as regular customers to see if staffers were using questionable sales practices. (Editing by Jeffrey Benkoe) Next In Company News UPDATE 1-Mexico cenbank slows pace of hikes after peso surge MEXICO CITY, March 30 Mexico''s central bank raised its benchmark interest rate for the fifth time in a row on Thursday, taking borrowing costs to an eight-year high but policymakers slowed the pace of hikes on the back of a rally in the peso. March 30 The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Thursday: MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/tdbank-accounts-idUSL2N1H70QZ'|'2017-03-31T03:39:00.000+03:00'
'29839a3ef6324df07e4163b2ec0c08a18c8f4b8b'|'Bank of England to check banks ready for disorderly Brexit'|'  6:53pm IST Bank of England to check banks ready for disorderly Brexit FILE PHOTO: City workers walk past the Bank of England in the City of London, Britain, March 29, 2016. REUTERS/Toby Melville/File Photo By David Milliken and Huw Jones - LONDON LONDON Britain-based banks should take steps to ensure they do not have to curb lending suddenly if the country leaves the European Union in a disorderly way, the Bank of England said on Monday as Prime Minister Theresa May prepares to start Brexit talks. May has said she is prepared to walk away from the Brexit talks with no deal if only bad terms are offered, and the government has said it is making contingency plans for this "unlikely" scenario. BoE Governor Mark Carney said in January that the Brexit process was a bigger financial stability risk to EU countries whose businesses relied on raising finance via London than it was to Britain itself. Just two days before May formally notifies the EU that Britain wants to start two years of exit talks, the BoE asked banks to provide copies of contingency plans to reassure it that they are ready for "a range of possible outcomes". "Risks to financial stability will be influenced by the orderliness of the adjustment to the new relationship between the United Kingdom and the European Union," the BoE''s Financial Policy Committee said in its quarterly policy statement. Carney has said both Britain and the rest of the EU would benefit from a transitional period after Brexit when British-based banks could continue to serve clients elsewhere in Europe on broadly similar terms as at present. But many banks operating out of London fear they will lose easy access to the EU''s single market. Some like Goldman Sachs have already said they will beef up their presence in continental Europe. The central bank''s Financial Policy Committee is asking lenders to show how they can avoid their continental customers being abruptly cut off after Brexit, which could also damage the British economy. "Sudden adjustment could disrupt the provision of market liquidity and investment banking services," the BoE said. Longer-term changes to bank business models after Brexit - as well as more complex legal structures - could reduce the resilience of the UK financial system. Kirsty Barnes, a partner at law firm Gowling WLG, said Britain-based banks could face major restrictions if they did not achieve preferential access to the EU. "Banks will either have to shift certain operations or business units to the EU or we will see the closure of lines of business and products due to the increased costs or associated inefficiencies that may arise," she said. ROBUST RULES The BoE said it was launching a review into consumer lending standards, which it now believes pose a greater risk than buy-to-let lending to landlords, which has cooled recently. While unsecured consumer lending is not a big part of British banks'' activity, it could bring heavy losses and the BoE said it was growing particularly rapidly. The FPC also set out the scenario for this year''s annual stress tests of top lenders. For the first time, they face a biennial parallel ''exploratory'' test of their ability to cope with latent risks outside the usual financial cycle. The cyclical test covers a five-year period of shocks, while the exploratory version will span seven years. The BoE said this month the outlook for global economic growth had improved, partly due to market expectations of tax cuts and looser regulation in the United States. U.S. President Donald Trump has ordered a review of banking rules - many based on global standards - saying they hamper lending. The FPC said it would apply "robust" capital rules and if there was not consistent cooperation from other countries'' supervisors it would need to "assess how best to protect the resilience of the UK financial system". The committee has set a target for banks to have an aggregate Tier 1 capital buffer of 13.5 percent, versus an actual 15.1 percent last December. The FPC said the target will be reviewed in light of a new rule from January 2018 requiring banks to set money aside far sooner to cover possible loan defaults, and for refinements at the global level to how banks add up risks from loans. A more accurate system of adding up risks could even prompt the BoE to lower the aggregate target. (Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-boe-idINKBN16Y1IG'|'2017-03-27T21:23:00.000+03:00'
'2367806f40db6b9a210972b9d8400c0763db9f10'|'HSBC less dovish on Fed, now sees two more U.S. rate hikes this year'|'Mon Mar 27, 2017 - 10:12am BST HSBC less dovish on Fed, now sees two more U.S. rate hikes this year FILE PHOTO - The HSBC bank logo is seen at their offices in the Canary Wharf financial district in London, Britain, March 3, 2016. REUTERS/Reinhard Krause/File Photo LONDON Economists at HSBC changed their outlook for U.S. interest rates on Monday, and now expect the Federal Reserve to deliver another two rate hikes this year instead of the one previously anticipated. This brings them more in line with broader market consensus, although they are still on the dovish end of the spectrum and reckon that rates will rise no higher than 1.625 percent until at least the end of next year. "Given the change in sentiment among FOMC (Federal Open Market Committee) members, we change our forecasts to include another two rate rises this year, in June and September," they wrote in a note on Monday. Then the Fed will raise rates again in the first quarter of next year, as previously expected, before pausing to assess the effects of tighter monetary policy on the economy, the HSBC economists said. The Fed raised its federal funds rate earlier this month for only the third time since 2006 by a quarter of a percentage point to 0.875 percent, the mid-point of a 0.75-1.00 percent target range. (Reporting by Jamie McGeever; Editing by Abhinav Ramnarayan) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-fed-hsbc-idUKKBN16Y0US'|'2017-03-27T17:11:00.000+03:00'
'68729eaeef72924e15973153050e90c3750fcbb7'|'RPT-Yingde Gases "accidental win" for minorities fans sparks of activism'|'  RPT-Yingde Gases "accidental win" for minorities fans sparks of activism (Repeats story from late Friday with no changes) By Elzio Barreto HONG KONG, March 24 The messy battle to control China''s largest producer of industrial gases has turned into a serendipitous victory for minority investors that could encourage more shareholder activism in Asia. Though far less common than in the United States, open campaigns seeking better returns or a change in business strategy have risen sharply in Asia, with the number of targeted companies rising to 77 in 2016 from 55 the previous year, according to data from research firm Activist Insight. That is still well short of the 456 cases in the United States, underscoring the room for further growth as investors feel more emboldened and markets in the region expand. The decision by Yingde Gases Group''s shareholders earlier in March to oust five directors ended a four-month battle for control of the $1.6 billion company''s board in a clash over how to improve its finances and business. It is expected to speed up a strategic review that could include an outright sale of the company. The increase in public activist campaigns also highlights how investors including Elliott Management Corp, BlackRock Inc and Hong Kong-based hedge fund Oasis Management are becoming more public as they try to rally other minority shareholders to boost returns from laggard stocks. "This case with Yingde had the potential of disenfranchising shareholders, but people went and they voted. It only happened because the insiders split and that gave a real voice to minority shareholders here," said Seth Fischer, chief investment officer at Oasis, which holds a 4.5 percent stake in Yingde. "It was a bit of an accidental win." As Yingde co-founders Sun Zhongguo and Trevor Strutt, who prevailed in the vote, battled with Zhao Xiangti, another co-founder and major shareholder, the company received takeover approaches from asset manager StellarS Capital (Hong Kong) Ltd and U.S. industrial gas maker Air Products and Chemicals Inc worth $1.1 billion and as much as $1.5 billion in cash, respectively. Air Products said on Friday it was dropping its takeover bid because "it is not in the best interests" of its shareholders. The takeover battle took another twist when Hong Kong-based private equity firm PAG agreed to buy the combined 42.1 percent stakes of Zhao, Sun and Strutt for $616 million. The offer''s only condition was that PAG and parties acting in concert with the fund hold more than 50 percent of Yingde. Institutional Shareholder Services (ISS), which advises pension plans and mutual funds, had called in the beginning of March for a fully independent board, as that would give "the most objective assessment of any offers to acquire" Yingde. The call for more independence was also voiced by Oasis. Speaking to Reuters last week, Strutt and Sun said they believed Zhao had destroyed value for shareholders and were now focusing on trying to secure a higher bid for the company. They said they were also trying to bring in another board member with expertise in the gas sector to help the process go smoothly. While one UK fund manager described the Yingde case as a "somewhat unique situation, rather than the dawn of a brave new world of activism in Hong Kong," since it depended on a split among the top shareholders, there is nevertheless at least a noticeable whiff of change. In a region with many family-owned businesses and listed companies with few people holding the vast majority of shares, investors are increasingly asking boards to act in the interest of all shareholders, not just majority owners. In a rare public campaign last year, ultimately unsuccessful, BlackRock, the world''s largest asset manager, called on the board of Hong Kong-listed G-Resources Group Ltd to "honour its obligations to all shareholders". While the number of companies targeted by activist investors was unchanged at 14 in 2016 from 2015 in Hong Kong, it rose to 15 from nine in Japan and to 11 from eight in China, while also rising in South Korea, Singapore and Malaysia, according to Activist Insight. Asia has seen vast improvement in corporate governance over the past two years as regulators and securities exchanges tighten rules to boost company performance, raise investor confidence and guard their reputations. Markets including Hong Kong, Japan, Singapore, South Korea, Taiwan and Thailand have been getting tough on rogue firms and introduced stewardship codes to encourage engagement between companies and investors. Hong Kong and Singapore, two of the region''s largest financial centres, have tightened listing and takeover requirements, and stepped up enforcement after instances of erratic price movements sparked fear of manipulation. (Additional reporting by Michelle Price in Hong Kong and Anshuman Daga in Singapore; Editing by Will Waterman)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/yingde-gases-ma-idUSL3N1H30M0'|'2017-03-27T07:00:00.000+03:00'
'8e3f676ea48f731701c909dd4184308d4d33975f'|'METALS-London copper wobbles in wake of Trump healthcare setback'|'MELBOURNE, March 27 London copper slipped in low volumes on Monday as risk appetite fell after President Donald Trump''s failure to push through healthcare reform fanned concerns over his ability to realise his economic agenda.FUNDAMENTALS* London Metal Exchange copper slipped by 0.9 percent to $5,754.50 a tonne by 0211 GMT, erasing small gains from the previous session. London copper has found support at then 100-day moving average around $5,749 a tonne.* Shanghai Futures Exchange copper slid by 0.7 percent to 46,680 yuan ($6,785) a tonne. Shfe copper has broken below support on the monthly chart at the 100DMA.* Financial markets were unnerved on Friday by Trump''s inability to get enough support for legislation to "repeal and replace" the Obamacare health insurance reforms, a major 2016 election campaign promise.* New U.S. single-family home sales jumped to a seven-month high in February, suggesting the housing market recovery was gaining momentum despite higher prices and rising mortgage rates.* If the latest surveys of business intentions are to be believed, the euro zone economy is sparkling, growing at a pace that easily explains the hints from some European Central Bank policymakers of a pull-back from their easy-money regime.* Indian mining company Vedanta Resources said on Friday it will invest $1 billion in its Zambian mining unit Konkola Copper Mines (KCM), creating 7,000 jobs.* Hedge funds and money managers boosted their bullish position in copper futures and options by 2,231 lots to 54,680 in the week to March 21, U.S. Commodity Futures Trading Commission data showed on Friday.* SHFE copper stocks saw a large 12,694 draw from warehouses in the latest week, bringing stocks down to around 312,500 tonnes, the lowest since the start of the month. CU-STX-SGH* For the top stories in metals and other news, click orMARKETS NEWS* Asian stocks are set to start the week on a cautious note as President Donald Trump''s stunning failure to get healthcare reform passed raised concerns about the prospects for his plans to use fiscal stimulus to boost economic growth.DATA/EVENTS0800 Germany Ifo business climate Mar0900 Euro zone M3 annual growth Feb1430 U.S. Dallas Fed manufacturing index MarPRICESThree month LME copperMost active ShFE copperThree month LME aluminiumMost active ShFE aluminiumThree month LME zincMost active ShFE zincThree month LME leadMost active ShFE leadThree month LME nickelMost active ShFE nickelThree month LME tinMost active ShFE tinARBS ($1 = 6.8803 Chinese yuan renminbi)(Reporting by Melanie Burton; Editing by Richard Pullin)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/global-metals-idINL3N1H40ZT'|'2017-03-26T23:37:00.000+03:00'
'e5fad8e75e78c7340425af9eb37ed744986a8f26'|'German firms doubt good business conditions will last - Ifo chief'|'BERLIN Many German companies doubt the good conditions in Europe''s largest economy will last as they fear disruption from new technologies, the head of the Munich-based Ifo economic institute told the Suedkurier newspaper.German business morale was buoyant in February, Ifo''s survey of business sentiment showed. Ifo is due to release the results of the March survey on Monday and no change is expected in the reading, supporting expectations for a robust start to 2017.Yet Ifo chief Clemens Fuest said businesses saw disruption on the horizon."Many firms doubt whether the current good situation will last," Fuest told the Suedkurier, adding that businesses believed new technologies like electric cars and digitalisation would lead to "structural upheaval".He said the German economy was growing well and that Ifo expects it to expand by 1.5 percent in real terms this year.(Writing by Paul Carrel; Editing by Catherine Evans)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/germany-economy-ifo-idINKBN16X0NF'|'2017-03-26T11:54:00.000+03:00'
'cd8b08cc6da2f83e96639470ba9016a4212e94cd'|'Chevron suspends production at Gorgon Train Two LNG project'|'Commodities  32am EDT Chevron suspends production at Gorgon Train Two LNG project The logo of Dow Jones Industrial Average stock market index listed company Chevron (CVX) is seen in Los Angeles, California, United States, April 12, 2016. REUTERS/Lucy Nicholson/File Photo SINGAPORE Chevron has temporarily suspended production of liquefied natural gas (LNG) at its Gorgon Train Two production line in Australia, a company spokesman said in an email statement on Monday. "Production at Gorgon Train 2 is being temporarily suspended for a planned turnaround to enhance the train''s reliability in alignment with previously arranged strategies," he added, without saying when Chevron plans to restart the production line. "The remainder of the plant production continues to be steady," he added. (Reporting by Mark Tay; Editing by Clarence Fernandez) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-lng-chevron-gorgon-idUSKBN16Y13D'|'2017-03-27T18:21:00.000+03:00'
'469a58a5bf30abff0a7882de53d3952e1b1dbf00'|'Stocks, dollar recover as markets try to move past Trump''s policy stumble'|'  2:16am BST Stocks, dollar recover as markets try to move past Trump''s policy stumble Investors look at an electronic board showing stock information on the first trading day after the New Year holiday at a brokerage house in Shanghai, China, January 3, 2017. REUTERS/Aly Song - RTX2XB9T By Nichola Saminather - SINGAPORE SINGAPORE Asian stocks pulled ahead on Tuesday after Wall Street steadied and the dollar bounced from a four-month-low, as concern over Donald Trump''s setback on his healthcare reform bill gave away to tentative hopes for the U.S. President''s planned stimulus policies. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS added 0.3 percent in early trade. Japan''s Nikkei .N225 jumped 1.1 percent, its biggest one-day gain in more than two weeks, while Australian stocks advanced 0.9 percent. South Korean stocks .KS11 climbed 0.4 percent after data showed the domestic economy grew at a slightly faster pace than initially thought in the fourth quarter of 2016, supported by strong construction activity. Overnight, the S&P 500 .SPX and the Dow Jones Industrial Average .DJIA closed lower but had narrowed their losses from earlier in the session, when both hit near-six-week lows. The Nasdaq .IXIC ended higher. Risk appetite had evaporated after Trump''s failure to garner enough support last week to pass a bill repealing the Affordable Care Act, former President Barack Obama''s signature health care bill, even with a Republican-controlled Congress. That blow for Trump spooked global risk assets on concerns about the president''s ability to enact stimulus policies. The MSCI World index .MIWD PUS, which had stumbled last week, managed to recover, as confidence returned that the Trump administration will corral Congressional support for other pro-growth policies. "Markets appear reluctant to take the Trump disappointment too much further at this stage," Ric Spooner, chief market analyst at CMC Markets in Sydney, wrote in a note. "With U.S. economic growth showing signs of improvement and the (Federal Reserve) clearly embarked on a monetary tightening cycle, the significant correction that has already occurred in bonds and the U.S. dollar may already reflect an adequate wind-back of the market’s Trump exuberance." The U.S. 10-year bond yield US10YT=RR, which hit a one-month low on Monday, recovered to trade higher at 2.3782 on Tuesday. The dollar added 0.1 percent to 110.75 yen JPY=D4 after touching its lowest level since November on Monday. The dollar index .DXY inched up to 99.233 after slumping to a 4-1/2-month low on Monday. The euro EUR=EBS was steady at $1.08655 on Tuesday, after touching its highest level since November on Monday. In commodities, the return of risk appetite helped lift oil from a level close to the 3-1/2-month low seen last week, despite lingering concerns about whether producers will extend an OPEC-led output cut beyond the end of June to ease a global glut. U.S. crude CLc1 gained 0.5 percent to $47.96 a barrel, after dropping as much as 1.9 percent on Monday. Gold XAU= was little changed at 1,253.06 early on Tuesday, after pulling back from the one-month-high hit earlier on Monday. (Reporting by Nichola Saminather; Editing by Shri Navaratnam)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-markets-idUKKBN16Z04Q'|'2017-03-28T09:16:00.000+03:00'
'313c7860e38f1da0751e600800830664f9a12192'|'Exclusive - Bullying, bonuses and a red flag that BT missed in Italy: sources'|'Technology  15pm BST Exclusive: Bullying, bonuses and a red flag that BT missed in Italy - sources left right FILE PHOTO: The logo of BT is seen outside the headquarters in Milan, Italy January 24, 2017. REUTERS/Stefano Rellandini/File Photo 1/3 left right FILE PHOTO: The logo of BT is seen outside the headquarters in Milan, Italy January 24, 2017. REUTERS/Stefano Rellandini/File Photo 2/3 left right FILE PHOTO: A BT phone box is seen in London, Britain, January 24, 2017. REUTERS/Toby Melville/File Photo 3/3 By Emilio Parodi - MILAN MILAN Three employees of BT Group''s Italian unit warned their Madrid-based supervisor in November 2015 about possible accounting problems at BT Italy, one of the three said, a year before the phone company revealed financial irregularities at the division. The source''s disclosure, on condition of anonymity because Italian prosecutors are investigating the matter, raises questions about how promptly BT began investigating an accounting scam that has cost it 530 million pounds ($670 million) and hit its share price. BT, one of Britain''s oldest companies, said last October it had discovered "inappropriate management behavior" and "historical accounting errors" at its Italy unit, taking a 145 million pounds write-down. In January, it said in a statement it had identified improper accounting at BT Italy and expanded the write-down to a total of around 530 million pounds. BT Chief Executive Gavin Patterson told reporters at the time that BT could not have detected the problem sooner because Italian managers kept their London bosses in the dark. BT did not say how it believed managers were involved in this deception. Reuters was unable to verify BT''s allegation. The source told Reuters that he and two BT Italy colleagues had met the head of European sales, Jacinto Cavestany, on the sidelines of a company gathering in Munich in November 2015. The three told the sales chief that they were worried something was wrong with the unit''s financial results, though they did not provide evidence, the source said. They also complained to Cavestany of bullying by local management, especially then BT Italy Chief Executive Gianluca Cimini, and of pressure to meet tough bonus targets, the source said. The source added that the sales chief had replied that the three should help him to steer Cimini "in the right direction". BT said in response to questions by Reuters that it began an internal investigation after receiving allegations in late summer 2016 of "inappropriate behavior" at BT Italy - almost a year after the Munich meeting. It did not specify the allegations or say exactly when the probe began. Contacted by Reuters, Cavestany referred questions to BT. The company said in an email that "Jacinto has no recollection of these issues being raised with him at the conference". Cimini, in an email to Reuters, denied allegations of bullying. In relation to alleged financial irregularities, he said he knew of no illegal behavior and that BT Italy''s accounts were verified by head office during his time as CEO. BT declined to say exactly when it uncovered irregularities. "BT became aware of the financial irregularities after receiving allegations of inappropriate behavior in late summer 2016. This led to us carrying out an initial investigation of the alleged conduct as we announced in October," it told Reuters. As a listed firm, BT is obliged to make timely disclosure of price-sensitive information. BT''s shares fell 20 percent when it made its January disclosure on improper accounting at BT Italy. BT has publicly disclosed that it uncovered a complex set of improper sales, leasing transactions and factoring. Factoring is a way in which firms sell future income to financiers for cash. BT also said in response to Reuters'' questions that it had received complaints of what it called bullying at BT Italy earlier in 2016. It said senior company representatives had visited the Italian business and looked into the issue. According to a person familiar with BT''s internal investigation, the probe - codenamed Project Crane - began as an inquiry into bullying and interviewed about 40 employees. It concluded that Italian management had been responsible for "bullying and inappropriate behavior", according to a one-page summary of the findings reviewed by Reuters. It was not clear from the summary what the "inappropriate behavior" referred to. During or as a result of Project Crane, BT uncovered financial irregularities, current and former employees of BT said. BT then hired auditor KPMG to look at the irregularities. Neither the Project Crane report nor KPMG report has been released. In the United States, several BT shareholders have filed class-action lawsuits alleging the group misled investors and failed to promptly disclose the financial irregularities. In a suit filed by Rosen Law Firm on Jan. 25, a shareholder claims BT had failed to disclose improper accounting that was either known to the company or "recklessly disregarded by them" for four years until their first disclosure in October 2016. Rosen Law Firm spokesman Noel Chandonnet said the lawsuit would show that BT lacked effective internal controls. FAKING SALES The source involved in the Munich meeting, as well as four current employees not involved in that meeting, also laid out for the first time certain details of how they say the deception worked. The five sources said a network of people in the Italy unit had exaggerated revenues from certain BT-installed phone lines, faked contract renewals and invoices and invented bogus supplier transactions in order to meet bonus targets and disguise the unit''s true financial performance. All of these practices had been going on since at least 2013, they added. Two sources familiar with the KPMG report said it had found these same types of irregularities. For example, BT Italy earned income from toll-free hotlines provided to corporate clients. This income varied according to how much traffic a hotline carried: the busier the line, the more money a client paid to BT Italy. According to four of the sources, client-account managers exaggerated hotline traffic by misstating them in internal records. They did this in order to meet aggressive internal targets and collect their bonuses, they added. Clients were unaware of the deception and only paid revenues due on the actual traffic recorded, they said. BT Italy''s purchasing office also colluded to mask the true state of the business, making fake purchase orders to suppliers with no intention of receiving goods, four sources said. Reuters was unable to determine if any of the suppliers was aware of the scheme. No cash changed hands, but BT Italy would suddenly cancel the order and ask the supplier to issue a credit note by way of a refund, these sources said. Some bogus credit notes were then sold to a factoring company for cash, said one of the sources, a current client-account manager at BT. One current employee said multiple internal accounting systems, a legacy of BT acquisitions in Italy, enabled staff to inflate revenues by entering two duplicate invoices for the same client. The genuine invoices were entered into one system and mailed to clients; the duplicates went into another system, according to this source. A source familiar with the prosecutors'' investigation said the accounts of the former and current employees matched the prosecutors'' findings on the practice of faking income. BT annual reports show it examined Italy''s risk controls in 2013 and 2014. It said in its 2014 report that the unit had made significant progress to improve its control environment. BULLYING The deception took place in an atmosphere in which employees were criticized and shouted at by a few top managers in front of colleagues for failing to meet targets, all five BT Italy sources said. They said the pressure to hit targets rose after Cimini became the unit''s chief executive in April 2013. He was formerly its chief financial officer. For example, the current BT Italy client-account manager said his 2016-17 goals, set early last year, require him to more than double overall revenues from his clients. In a staff meeting in Milan, one eyewitness source said, Cimini spoke about the need to meet targets and demonstrated how no employee was indispensable. He dipped a finger into a glass of water and remarked: "What happens if I put my finger inside and take it out? Absolutely nothing - the same if you left the company." Cimini denied this incident took place. "The episodes of mobbing (bullying) that were reported (to Reuters) are absolute fantasy and falsehood, but evidently the sources can invent and speak of stuff they know nothing about when they think they are protected by anonymity," he said. BT suspended Cimini and some other managers late last year after its internal inquiry. It did not disclose the reason for their suspensions. The five BT sources offered no evidence that Cimini knew of the deception. Cimini said in his emailed comments to Reuters that the most recent company survey on BT Italy''s internal environment showed it was one of the best workplaces in Europe. Reuters could not verify this. BT declined to comment on employee surveys across different lines of business.   Valentina Consiglio in ROME, Paul Sandle, Simon Jessop and Kirstin Ridley in LONDON and Agnieszka Flak in MILAN; Editing by Mark Bendeich and Alessandra Galloni) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-bt-italy-idUKKBN1711J2'|'2017-03-30T20:13:00.000+03:00'
'e984606ec2fff78a2c839275fc8734886284339d'|'Exclusive - Bullying, bonuses and a red flag that BT missed in Italy: sources'|'Business News - Thu Mar 30, 2017 - 12:52pm BST Exclusive - Bullying, bonuses and a red flag that BT missed in Italy: sources FILE PHOTO: The logo for the British Telecom group is seen outside of offices in the City of London, Britain, January 16 , 2017. REUTERS/Toby Melville/File Photo By Emilio Parodi - MILAN MILAN Three employees of BT Group''s Italian unit warned their Madrid-based supervisor in November 2015 about possible accounting problems at BT Italy, one of the three said, a year before the phone company revealed financial irregularities at the division. The source''s disclosure, on condition of anonymity because Italian prosecutors are investigating the matter, raises questions about how promptly BT began investigating an accounting scam that has cost it 530 million pounds ($670 million) and hit its share price. BT, one of Britain''s oldest companies, said last October it had discovered "inappropriate management behaviour" and "historical accounting errors" at its Italy unit, taking a 145 million pounds write-down. In January, it said in a statement it had identified improper accounting at BT Italy and expanded the write-down to a total of around 530 million pounds. BT Chief Executive Gavin Patterson told reporters at the time that BT could not have detected the problem sooner because Italian managers kept their London bosses in the dark. BT did not say how it believed managers were involved in this deception. Reuters was unable to verify BT''s allegation. The source told Reuters that he and two BT Italy colleagues had met the head of European sales, Jacinto Cavestany, on the sidelines of a company gathering in Munich in November 2015. The three told the sales chief that they were worried something was wrong with the unit''s financial results, though they did not provide evidence, the source said. They also complained to Cavestany of bullying by local management, especially then BT Italy Chief Executive Gianluca Cimini, and of pressure to meet tough bonus targets, the source said. The source added that the sales chief had replied that the three should help him to steer Cimini "in the right direction". BT said in response to questions by Reuters that it began an internal investigation after receiving allegations in late summer 2016 of "inappropriate behaviour" at BT Italy - almost a year after the Munich meeting. It did not specify the allegations or say exactly when the probe began. Contacted by Reuters, Cavestany referred questions to BT. The company said in an email that "Jacinto has no recollection of these issues being raised with him at the conference". Cimini, in an email to Reuters, denied allegations of bullying. In relation to alleged financial irregularities, he said he knew of no illegal behaviour and that BT Italy''s accounts were verified by head office during his time as CEO. BT declined to say exactly when it uncovered irregularities. "BT became aware of the financial irregularities after receiving allegations of inappropriate behaviour in late summer 2016. This led to us carrying out an initial investigation of the alleged conduct as we announced in October," it told Reuters. As a listed firm, BT is obliged to make timely disclosure of price-sensitive information. BT''s shares fell 20 percent when it made its January disclosure on improper accounting at BT Italy. BT has publicly disclosed that it uncovered a complex set of improper sales, leasing transactions and factoring. Factoring is a way in which firms sell future income to financiers for cash. BT also said in response to Reuters'' questions that it had received complaints of what it called bullying at BT Italy earlier in 2016. It said senior company representatives had visited the Italian business and looked into the issue. According to a person familiar with BT''s internal investigation, the probe - codenamed Project Crane - began as an inquiry into bullying and interviewed about 40 employees. It concluded that Italian management had been responsible for "bullying and inappropriate behaviour", according to a one-page summary of the findings reviewed by Reuters. It was not clear from the summary what the "inappropriate behaviour" referred to. During or as a result of Project Crane, BT uncovered financial irregularities, current and former employees of BT said. BT then hired auditor KPMG to look at the irregularities. Neither the Project Crane report nor KPMG report has been released. In the United States, several BT shareholders have filed class-action lawsuits alleging the group misled investors and failed to promptly disclose the financial irregularities. In a suit filed by Rosen Law Firm on Jan. 25, a shareholder claims BT had failed to disclose improper accounting that was either known to the company or "recklessly disregarded by them" for four years until their first disclosure in October 2016. Rosen Law Firm spokesman Noel Chandonnet said the lawsuit would show that BT lacked effective internal controls. FAKING SALES The source involved in the Munich meeting, as well as four current employees not involved in that meeting, also laid out for the first time certain details of how they say the deception worked. The five sources said a network of people in the Italy unit had exaggerated revenues from certain BT-installed phone lines, faked contract renewals and invoices and invented bogus supplier transactions in order to meet bonus targets and disguise the unit''s true financial performance. All of these practices had been going on since at least 2013, they added. Two sources familiar with the KPMG report said it had found these same types of irregularities. For example, BT Italy earned income from toll-free hotlines provided to corporate clients. This income varied according to how much traffic a hotline carried: the busier the line, the more money a client paid to BT Italy. According to four of the sources, client-account managers exaggerated hotline traffic by misstating them in internal records. They did this in order to meet aggressive internal targets and collect their bonuses, they added. Clients were unaware of the deception and only paid revenues due on the actual traffic recorded, they said. BT Italy''s purchasing office also colluded to mask the true state of the business, making fake purchase orders to suppliers with no intention of receiving goods, four sources said. Reuters was unable to determine if any of the suppliers was aware of the scheme. No cash changed hands, but BT Italy would suddenly cancel the order and ask the supplier to issue a credit note by way of a refund, these sources said. Some bogus credit notes were then sold to a factoring company for cash, said one of the sources, a current client-account manager at BT. One current employee said multiple internal accounting systems, a legacy of BT acquisitions in Italy, enabled staff to inflate revenues by entering two duplicate invoices for the same client. The genuine invoices were entered into one system and mailed to clients; the duplicates went into another system, according to this source. A source familiar with the prosecutors'' investigation said the accounts of the former and current employees matched the prosecutors'' findings on the practice of faking income. BT annual reports show it examined Italy''s risk controls in 2013 and 2014. It said in its 2014 report that the unit had made significant progress to improve its control environment. BULLYING The deception took place in an atmosphere in which employees were criticised and shouted at by a few top managers in front of colleagues for failing to meet targets, all five BT Italy sources said. They said the pressure to hit targets rose after Cimini became the unit''s chief executive in April 2013. He was formerly its chief financial officer. For example, the current BT Italy client-account manager said his 2016-17 goals, set early last year, require him to more than double overall revenues from his clients. In a staff meeting in Milan, one eyewitness source said, Cimini spoke about the need to meet targets and demonstrated how no employee was indispensable. He dipped a finger into a glass of water and remarked: "What happens if I put my finger inside and take it out? Absolutely nothing - the same if you left the company." Cimini denied this incident took place. "The episodes of mobbing (bullying) that were reported (to Reuters) are absolute fantasy and falsehood, but evidently the sources can invent and speak of stuff they know nothing about when they think they are protected by anonymity," he said. BT suspended Cimini and some other managers late last year after its internal inquiry. It did not disclose the reason for their suspensions. The five BT sources offered no evidence that Cimini knew of the deception. Cimini said in his emailed comments to Reuters that the most recent company survey on BT Italy''s internal environment showed it was one of the best workplaces in Europe. Reuters could not verify this. BT declined to comment on employee surveys across different lines of business. ($1 = 0.7932 pounds) (Additional reporting by Valentina Consiglio in ROME, Paul Sandle, Simon Jessop and Kirstin Ridley in LONDON and Agnieszka Flak in MILAN; Editing by Mark Bendeich and Alessandra Galloni) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bt-italy-exclusive-idUKKBN1711HC'|'2017-03-30T19:52:00.000+03:00'
'f1b9ee8d8249502fd057af23b6967c3d7f8afe76'|'UPDATE 1-UAE state fund Mubadala nearly triples net profit in 2016'|'(adds detail on revenue, leverage)ABU DHABI, March 30 Abu Dhabi''s state-owned Mubadala Development Co, which is merging with fellow Abu Dhabi-owned International Petroleum Investment Company (IPIC), said on Thursday its net profit nearly tripled in 2016.Mubadala, which is focused on developing Abu Dhabi''s economy through local companies such as clean energy firm Masdar and stakes in international players such as General Electric, is among the few state-controlled firms to publish results.The company reported a net profit of 3.3 billion dirhams ($899 million) for 2016, compared to a net profit of 1.2 billion dirhams in 2015, while its total comprehensive income, which comprises all forms of income, was 4.1 billion dirhams in 2016, up from 1.3 billion dirhams the previous year.Its revenues grew to 31.5 billion dirhams in 2016 from 29.7 billion dirhams in the previous year, while income from financial investments, the main driver of its profit totalled 5.4 billion dirhams in 2016 versus 3.4 billion dirhams in 2015."It has been a strong year for Mubadala in terms of profits and revenue growth and managing our leverage," Khaldoon al-Mubarak, chief executive & managing director told Reuters."We reduced our leverage from 14 percent in 2015 to 11.2 percent end of 2016," he added.Mubadala''s merger with IPIC is due to be fully completed in May and the combined group will have assets of about $125 billion. ($1 = 3.6729 dirhams) (Reporting by Stanley Carvalho; Editing by Susan Fenton/David Evans/Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mubadala-results-idINL5N1H73R4'|'2017-03-30T10:33:00.000+03:00'
'0413f3d307b4e966374242e4c100a7d1739772c4'|'ZF CEO says expects further megamergers in auto supply industry'|'Big Story 10  51am EDT ZF CEO says expects further megamergers in auto supply industry FRIEDRICHSHAFEN, Germany The auto supplier industry will see further megamergers in the wake of ZF''s [ZFF.UL] acquisition of TRW [TRWTA.UL] and Intel''s acquisition of Mobileye, ZF Chief Executive Stefan Sommer said on Thursday. The complexity of self-driving cars is forcing high tech software and semiconductor companies to team up with auto suppliers and manufacturers, a dynamic that is likely to spur more takeovers and acquisitions going forward, ZF''s CEO said. "If you look at all of these megamergers, they have a clear deal rationale. As this is the case, and we still have companies that collaborate, and could still collaborate, I am expecting more megamergers," Sommer told journalists gathered at the company''s annual results press conference in Friedrichshafen, Germany on Thursday. (Reporting by Edward Taylor; Editing by Harro ten Wolde) Next In Big Story 10'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-zf-results-consolidation-idUSKBN17113D'|'2017-03-30T17:23:00.000+03:00'
'dde8cca6d39aa2b17b914467562b4786ab027591'|'Waymo self-driving unit sought arbitration over engineer now at Uber'|'Technology News  41pm EDT Waymo self-driving unit sought arbitration over engineer now at Uber SAN FRANCISCO Alphabet Inc''s Waymo self-driving unit sought to arbitrate claims last year against a former employee at the center of its lawsuit against Uber, court records released on Wednesday showed, in what Uber said strengthened its bid to get the case out of court and into arbitration. Waymo''s lawsuit, filed last month, set in motion what could be a long and acrimonious trade-secrets battle between the two tech rivals. Both companies are vying to be first to bring self-driving cars to the masses, which is considered one of the biggest opportunities for both the tech and auto sectors. But arbitration, which is a private process to resolve disputes, could keep the battle out of the public eye. Court documents filed by Uber Technologies [UBER.UL] on Wednesday said that Waymo sought arbitration on Oct. 28 for two claims against its former employee, engineer Anthony Levandowski. Those claims involved allegations that Levandowski used confidential information to recruit co-workers to his new rival company, the court records showed. Levandowski was a long-time employee of Google''s self-driving division - whose name later changed to Waymo - before leaving to co-found Otto, an autonomous driving start-up later acquired by Uber. Otto is also a defendant in the case. In its lawsuit, Waymo alleges that Levandowski downloaded and stole more than 14,000 confidential files, including details on light detection and ranging sensor technology, known as Lidar, a crucial element in most self-driving car systems, before leaving the company. Uber is seeking to get the high-profile case sent to arbitration, arguing that Waymo''s allegations against Uber are "inextricably bound up" with Levandowski''s employment agreement with Waymo. Uber said the revelation that Waymo itself sought arbitration bolstered its own case for arbitration. "There should be no dispute concerning the validity of the arbitration agreements themselves in view of Waymo''s arbitration demand against Levandowski based on those agreements," wrote Uber in its motion filed in federal court in San Francisco. Waymo has not yet replied in court to Uber''s motion to compel arbitration. (Reporting by Alexandria Sage and Dan Levine in San Francisco; Writing by Alexandria Sage; Editing by Matthew Lewis) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-uber-tech-alphabet-lawsuit-idUSKBN170367'|'2017-03-30T06:33:00.000+03:00'
'6ef36b632acec375185d6490115999796d917fdb'|'Escondida names new mine head following failure of wage talks'|'  10:33pm BST Escondida names new mine head following failure of wage talks left right FILE PHOTO - Trucks travel along a road in the La Escondida copper mine near Antofagasta, about 1545 km (980 miles) north of Santiago city and 3100 meters (10,170 feet) above sea level in Chile on March 31, 2008. REUTERS/Ivan Alvarado/File Photo 1/2 left right Workers from BHP Billiton''s Escondida, the world''s biggest copper mine, gather outside the company gates during a strike, in Antofagasta, Chile. REUTERS/Juan Ricardo 2/2 SANTIAGO Chile''s Escondida named a new president to run the BHP Billiton-operated mine on Thursday, days after the company failed to clinch a wage deal with workers after an historically long strike. Mauro Neves, a Brazilian who has worked in Vale ( VALE5.SA ) and Australian logistics firm Aurizon ( AZJ.AX ), will take over the role from April 17, the company said in a statement. It praised Neves for his knowledge of "how to mobilize teams with strategic reasoning and operational agility". The job had been occupied since August on an interim basis by Marcelo Castillo, who will now become responsible for integrated operations at Escondida. The outcome of the Escondida wage dispute was seen as heavily negative for BHP, which has been left with an estimated $1 billion loss, will need months to ramp up to full output again, and will have to return to talks in a year or so in a likely weaker position. BHP ( BHP.AX ) ( BLT.L ) has a controlling interest in Escondida, the world''s biggest copper mine. Rio Tinto ( RIO.L ) ( RIO.AX ) and Japanese companies hold smaller stakes. (Reporting by Rosalba O''Brien; Editing by James Dalgleish)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-chile-copper-escondida-idUKKBN17033D'|'2017-03-30T05:33:00.000+03:00'
'17f67803c4bae68473109d0a1677e42b35cea950'|'Russia''s Yamal LNG plant expected to be launched in Oct - Total'|'Company News - Thu Mar 30, 2017 - 6:13am EDT Russia''s Yamal LNG plant expected to be launched in Oct - Total SABETTA, Yamal, March 30 Yamal LNG, Russia''s second liquefied natural gas plant, is expected to be launched in early October, the chief executive of France''s Total , Patrick Pouyanne, told reporters on Thursday. Total is a shareholder of Yamal LNG, which will produce a total of 16.5 million tonnes of LNG per year, split between three production trains with 5.5 million tonnes per year of capacity each. Leonid Mikhelson, chief executive of Novatek, the leading shareholder in the project, said that this year the plant planned to sell LNG on the spot market, with supplies under long-term deals to be started in 2018. (Reporting by Olesya Astakhova; Writing by Katya Golubkova; Editing by Alexander Winning) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/novatek-lng-start-idUSR4N1G703L'|'2017-03-30T18:13:00.000+03:00'
'24572bedd78615e6fe02aa4d176cf54882210823'|'UPDATE 1-Germany says timetable damn narrow for tough Brexit talks'|'* Germany says negotiations won''t be easy for either side* Says innumerable issues need to be clarified* Says uncertainty "poison" for economic and trade ties (Adds details, Quote: s)BERLIN, March 29 Germany said on Wednesday it expected difficult negotiations over Britain''s exit from the European Union and warned London that the timeframe for the talks was "damn narrow".Speaking in Berlin after British Prime Minister Theresa May formally triggered the two-year countdown to Brexit, Foreign Minister Sigmar Gabriel made clear the unity of the other 27 EU member states would be Germany''s highest priority in the talks."The negotiations will surely not be easy for either side," he said. "Bad feelings are understandable. For many it is difficult to understand, especially in these turbulent times, how anyone can believe they would be better off alone. But this can''t be the basis for defining our future relationship."Nine months after Britons backed Brexit by 52-48 percent, May told EU Council President Donald Tusk in a letter that the UK is quitting the bloc it joined more than 40 years ago, launching two years of negotiations."The time-frame is damn narrow and all of the participants know that, including the Brits," German Foreign Ministry spokesman Martin Schaefer told a regular government news conference in Berlin."There are innumerable issues that need to be clarified to prevent uncertainty on both sides of the English Channel as uncertainty is poison for people, the EU citizens, the Germans who live in Britain and don''t know what their future status might be and vice-versa for British citizens in the EU," he said.Schaefer said uncertainty was "poison" for economic and trade ties as well as investment and added that there was a whole stack of issues that needed to be tackled in negotiations in the coming months."Sometimes you wonder if everyone in London has understood what consequences that has, especially for the British economy," he said.BDI industry association president Dieter Kempf called for "maximum damage limitation" after Britain filed its application to leave the EU, adding that this was largely up to Britain.He said it would be very difficult to avoid major negative consequences, especially for companies in Britain. He urged Brussels and Berlin to focus on keeping Europe together and strengthening the bloc during Brexit negotiations.German government spokeswoman Ulrike Demmer said May''s letter to Tusk would provide more clarity on Brexit and said Berlin was well-prepared to cope with the negotiations on Britain''s exit from the EU. (Reporting by Joseph Nasr, Madeline Chambers and Noah Barkin; Writing by Michelle Martin; Editing by Paul Carrel)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/britain-eu-germany-idUSL5N1H63U6'|'2017-03-29T16:42:00.000+03:00'
'2b504357bb08ea3bdb8c35617eb54cdd48682657'|'BRIEF-Crown Resorts enters equity swap for its shareholding in Melco Crown Entertainment'|' 26pm EDT BRIEF-Crown Resorts enters equity swap for its shareholding in Melco Crown Entertainment March 29 Crown Resorts Ltd * Entered into a cash-settled equity swap in respect of its shareholding in Melco Crown Entertainment Limited * Cash-settled equity swap referencing 12.0 MLN MCE ADSs * Price hedge under swap transaction has been set at US$18.05 per MCE ADS * Swap transaction provides price hedge in respect of any future sale of MCE shares equivalent to number of MCE ADSs referenced in swap transaction Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-crown-resorts-enters-equity-swap-f-idUSFWN1H50QV'|'2017-03-29T06:26:00.000+03:00'
'a954aca77235210fe55da154ce9d21f678aa33be'|'Board of Brazil''s Fibria approves share buyback plan'|'Company   6:01pm EDT Board of Brazil''s Fibria approves share buyback plan SAO PAULO, March 27 The board of Brazilian wood pulp producer Fibria SA has approved an 18-month share buyback plan to acquire up to 0.24 percent of its shares in circulation, according to a securities filing on Monday. (Reporting by Brad Haynes; Editing by Daniel Flynn) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/fibria-buyback-idUSE6N1FG016'|'2017-03-28T06:01:00.000+03:00'
'0925f34e5e02d28e05da9c599c21dc1e4eff3e3f'|'Spain''s Banco Popular in talks with Libra Group for possible asset sale: report'|'MADRID The new head of Spain''s Banco Popular ( POP.MC ), Emilio Saracho, is in talks to sell the lender''s property portfolio and also a stake to Libra Group ( LIGL.SI ), online newspaper El Confidencial reported on Tuesday.The talks with the Greek conglomerate, which has its origins in shipping, are at an advanced stage, the paper said, citing unnamed sources close to the bank. bit.ly/2osPbY2Libra could invest at least between 350 million and 400 million euros ($380-435 million) in cash.Banco Popular and Libra Group officials were not immediately available for comment.Popular, considered a weak link in Spanish banking due to its high exposure to troubled real estate assets, posted a record 3.5 billion-euro loss in 2016 while soured property loans eroded the bank''s capital position.(Reporting by Paul Day; Editing by Vyas Mohan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-popular-m-a-libra-idINKBN16Z0KB'|'2017-03-28T04:24:00.000+03:00'
'da26d6c762aaeba1466284d1778f12eaebda1874'|'SEC denies second application to list a Bitcoin product'|'Technology News - Tue Mar 28, 2017 - 1:23pm EDT SEC denies second application to list a Bitcoin product A Bitcoin (virtual currency) paper wallet with QR codes and a coin are seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, May 27, 2015. REUTERS/Benoit Tessier/File Photo NEW YORK The U.S. Securities and Exchange Commission on Tuesday issued an order denying a request by the NYSE Arca exchange to list and trade the SolidX Bitcoin Trust, according to an SEC regulatory filing. The decision comes under three weeks after the regulator said it would not let investors Cameron Winklevoss and Tyler Winklevoss bring their Bitcoin ETF to market. (Reporting by Trevor Hunnicutt; editing by Diane Craft) Next In Technology News With new phone due, Samsung dials down on safety message SEOUL After the damaging recall of its fire-prone Note 7 smartphone, you could be forgiven for thinking Samsung Electronics Co Ltd would make a song and dance about battery safety in its new flagship phones, due to be launched in the United States on Wednesday. SAN FRANCISCO Facebook Inc is giving the camera a central place on its smartphone app for the first time, encouraging users to take more pictures and edit them with digital stickers that show the influence of rival Snapchat. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-bitcoin-etp-idUSKBN16Z2HH'|'2017-03-29T01:23:00.000+03:00'
'17e56d7feee17892981ffb75deca6e3d84558a21'|'With new phone due, Samsung dials down on safety message'|'Technology News - Tue Mar 28, 2017 - 3:31pm BST With new phone due, Samsung dials down on safety message left right People are silhouetted as they pose with mobile devices in front of a screen projected with a Samsung logo, in this picture illustration taken in Zenica October 29, 2014. REUTERS/Dado Ruvic/Illustration/File Photo 1/2 left right A customer tries out a Samsung Electronics'' Galaxy Note 7 at the company''s headquarters in Seoul, South Korea, October 10, 2016. REUTERS/Kim Hong-Ji 2/2 By Se Young Lee - SEOUL SEOUL After the damaging recall of its fire-prone Note 7 smartphone, you could be forgiven for thinking Samsung Electronics Co Ltd would make a song and dance about battery safety in its new flagship phones, due to be launched in the United States on Wednesday. But in the run-up to the launch, crucial to the South Korean technology giant winning back consumer confidence, it''s marketing effort so far makes little mention of safety. "If you talk about safety, it presupposes a rationale for why, unconsciously, and they know this; and they also know the media will pick up that narrative," said Los Angeles-based Eric Schiffer, a brand strategy expert and chairman of Reputation Management Consultants. "Highlighting the safety issue at this point will cause the other narrative to be recycled, so they have elected to suppress and hope." Samsung declined to comment ahead of the launch. To be sure, Samsung announced a comprehensive safety plan after concluding in January that faulty batteries from two suppliers caused some Note 7s to catch fire. It now has an eight-point safety check protocol that includes x-raying the batteries. And, at the design level, phones have more room to properly house the battery. Such steps have been reflected in the S8''s development, the company says. Executives have said there will be no repeat of the Note 7 debacle, and one person familiar with the matter told Reuters the S8 launch was pushed back to ensure it is safe to use. "The additional measures Samsung has taken should certainly improve battery safety and durability," said Lewis Larsen, president of Chicago-based battery technology consultancy Lattice Energy LLC. "These are most definitely not just cosmetic steps ''for show.''" The company has also this month put a long-time mobile executive in charge of a new product quality improvement office, and affiliate Samsung SDI Co Ltd has invested 150 billion won ($135 million) on improving battery safety. "NEEDLE IN A HAYSTACK" Samsung recalled the Note 7 last September to replace faulty Samsung SDI batteries, but replacement batteries from Amperex Technology Ltd also proved faulty due to different problems - an embarrassment for a company that prides itself on product quality, analysts say. The Note 7 was eventually pulled from the market in October. The company said earlier this week it plans to sell refurbished versions of the Note 7 smartphones, equipped with new batteries that have gone through new safety measures. Downplaying the battery safety issue may also be a sensible marketing option as the new quality measures can''t guarantee there will be no future problems. Any failure rate would likely be very low at first. Samsung said last year it confirmed just 140 faulty batteries in more than 3 million Note 7s it sold - fewer than five in every 100,000. "How confident are they that they can actually find a faulty cell with these additional checks," said Venkat Viswanathan, assistant professor at Carnegie Mellon and a battery technology expert. "It''s sort of finding a needle in a haystack." And safety is still on the minds of potential buyers of the new phone. In one poll asking people what features they were looking forward to most in the S8, one Twitter user quipped: "A non exploding phone." And at last week''s annual shareholder meeting, one young boy stood up and asked Samsung to double down on safety. "In future, even if it takes time, I hope there will be no incidents like the Galaxy Note 7 explosions," he said. Some analysts expect the S8, expected to go on sale next month, to outsell the Galaxy S7, which was Samsung''s best seller in its first year from launch. Others, though, say consumers may prefer to wait a few months before buying, just to be sure the new phones are safe. (Reporting by Se Young Lee, with additional reporting by Joyce Lee and Hyunjoo Jin in SEOUL and Jeremy Wagstaff in SINGAPORE; Editing by Ian Geoghegan) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-samsung-elec-smartphones-idUKKBN16Z1WH'|'2017-03-28T22:26:00.000+03:00'
'9563cc188b9e1ea5a7056a0c021a087f0b9fd0a3'|'Brazil''s GPA denies reports Via Varejo stake sale suspended'|'SAO PAULO, March 27 GPA SA, Brazil''s largest diversified retailer, denied on Monday reports that it had suspended the sale of a controlling stake in its appliance unit Via Varejo SA, according to a securities filing.Preferred shares in GPA fell as much as 5.5 percent on Friday on reports that France''s Casino Guichard Perrachon SA , its controlling shareholder, had decided to delay the sale after a key shareholder expressed interest in acquiring Casino''s stake. (Reporting by Bruno Federowski)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/via-varejo-ma-idINE6N1G601J'|'2017-03-27T10:14:00.000+03:00'
'99579d1976471dbd0d51ad6a3961870d1b643d19'|'Honda faces long haul to recoup jet costs'|'Mon Mar 27, 2017 - 5:08am BST Honda faces long haul to recoup jet costs left right FILE PHOTO : Honda Motor''s HondaJet business airplane is seen at Honda Aircraft Company in Greensboro, North Carolina, U.S., November 11, 2016. REUTERS/Maki Shiraki/File Photo 1/2 left right FILE PHOTO : Honda Aircraft Company CEO Michimasa Fujino poses next to Honda Motor''s HondaJet business airplane at Honda Aircraft Company in Greensboro, North Carolina, U.S., November 11, 2016. REUTERS/Maki Shiraki/File Photo 2/2 By Naomi Tajitsu and Maki Shiraki - TOKYO TOKYO After three decades building an airplane from scratch, Michimasa Fujino, 56, chief engineer of the Hondajet, might have to reach a ripe old age to see Honda Motor Co''s ( 7267.T ) pet aviation project recoup its development costs. Honda has declined to reveal the costs, but the automaker has been researching aircraft development since 1986, and Richard Aboulafia, vice president of analysis at aerospace consulting firm Teal Group, thinks it has likely spent roughly $1 billion on the jet program since the early 2000s - more than double the $400 million typical for similar jets. A five-year delivery delay and developing its own engine bumped up the bill. The company that gave the world the Honda Civic, which revolutionized compact cars in the United States in the 1970s, is betting its $4.5 million dollar, six-seater light business jet, the first aircraft developed by an automaker since World War Two, will expand the fuel-efficient private jet market. The jet began deliveries in late 2015 and is priced slightly higher than competitors in the conservative light businessjet segment. "The biggest mistake people make when getting into the aircraft business is (thinking) that the cash hemorrhaging ends once you start delivering aircraft," said Aboulafia. "But very often, it increases," he said, citing marketing and production ramp-up costs. Fujino, CEO of Honda Aircraft Company, has said he expects it will take at least five years to start generating profits, and Aboulafia thinks it could take much longer to recoup sunk costs. "If they, miraculously, can generate $1 million in profit on each aircraft, then they need to sell 1,000 planes, after they build the (first 100 or so) aircraft that are unprofitable," he said. The project has depended on Honda''s deep pockets. The automaker''s net profit for the 2016 financial year was around $3 billion, more than triple that of Textron ( TXT.N ), maker of the rival Cessna Citation M2 jet. Honda hopes the project will have intangible benefits - varnishing its brand image to claw back automobile market share in North America, which has slipped below 10 percent in the past few years, and leveraging jet-engineering skills to raise the efficiency and performance of future car models. NO TRACK RECORD Fujino acknowledges that customers, particularly first-time buyers, may need convincing. "We want to show customers that even though we don''t have a history of selling aircraft, we''re in the market because we have something new to offer," he told Reuters in an interview. "For us that''s more important than having a track record." Businessjet operators have shown interest, as it would offer an upscale alternative to turbo prop jets, often used for small charter services. "The Hondajet would provide a new product for that segment, which is now mostly rattling around on old turbo props," said Richard Hodkinson, vice president of aircraft sales and acquisitions at aircraft services operator Clay Lacy Aviation in Van Nuys, California. "It wouldn''t be bigger than a turboprop in terms of the cabin, but it would be new, it would be quiet, it would be more efficient, and you''d be in a jet." To sell the jet, Honda, which is targeting wealthy individuals and business owners, has taken a page from the auto industry playbook, establishing a dealership network across the Americas and Europe, though it plans to sell directly to fleet operators. "The car dealership model works for achieving high-volume, localized sales. The model may not be perfect, but Honda U.S. car sales have expanded by leveraging the strengths of the dealer system," said Fujino. Some think that could be a mistake. Established makers often sell directly to customers and offer maintenance and parts services through their own sales outlets, which takes time and resources to establish, but enables them to control quality and consistency of service. "You can''t transfer the dealership model from the auto industry to aircraft," said Aboulafia. "You''re sending a message that you''re not going to be a big player ... If they want to develop a family of products and really get out there and be a force in the market, then it''s a missed opportunity." LABOR OF LOVE Unlike the cheap-and-cheerful Civic, the Hondajet is marketed like an expensive sports car, presented on a slowly rotating platform in the company''s delivery room, a pristine, high-ceilinged hangar at its headquarters in Greensboro, N.C. "The Hondajet is meant to evoke the image of being the sports car of business jets. We wanted it to have the ''wow'' factor of a beautiful car," Fujino said late last year. The jet has been a labor of love for Fujino, who confounded industry colleagues with the craft''s engineering masterstroke: engines mounted on the wings, not the fuselage, which reduces cabin noise and makes space for a full-sized washroom, a first in its segment. He also says he found an aerodynamic sweet spot for the engine placement, helping the jet use an average of roughly 15 percent less fuel than rivals, which include the Phenom 100, made by Brazil''s Embraer SA ( EMBR3.SA ), and the Citation M2, its biggest competitor. In the delivery room, Fujino obsesses over every detail of presentation, angling the lighting to highlight the contours of the aircraft''s softly pinched nose, inspired by a Ferragamo stiletto. He often personally hands over the keys to new owners and says he intends to keep that up even as annual production rises from around 25 now to perhaps 80 in the coming years, nearly double the Citation M2, according to Teal estimates. "I know the faces of all of our current customers," he said. (Reporting by Naomi Tajitsu and Maki Shiraki; Editing by Will Waterman) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-honda-jet-idUKKBN16Y0CD'|'2017-03-27T12:05:00.000+03:00'
'19fed20dd6450d1050c782b4b9dd4c1c8f5762cb'|'South Africa''s Gordhan to arrive back home on Tuesday morning - Treasury'|'Company News  31am EDT South Africa''s Gordhan to arrive back home on Tuesday morning - Treasury JOHANNESBURG, March 27 South Africa''s Finance Minister Pravin Gordhan will arrive in the country on Tuesday morning after President Jacob Zuma asked him to return home immediately from an investor roadshow abroad, the Treasury said on Monday. Zuma''s office gave no reason for the decision. Gordhan is currently in London on the first leg of a no-deal investor roadshow. (Reporting by Olivia Kumwenda-Mtambo; Editing by James Macharia) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/safrica-gordhan-treasury-idUSJ8N1GE02R'|'2017-03-27T22:31:00.000+03:00'
'1f852d5e06b8158f138c1a72d424780caf2a2c02'|'Qatar wealth fund CEO says sees post-Brexit investment opportunities'|'LONDON There will still be opportunities for the Qatar Investment Authority, the Gulf Arab state''s acquisitive sovereign wealth fund, to invest in Britain after it leaves the European Union, its chief executive said on Monday.Qatar is one of the most high-profile investors in London, owning landmarks such as the Shard skyscraper, Harrods department store and Olympic Village, as well as luxury hotels.It has also sought to diversify its UK investments beyond real estate, including buying stakes in retailer J Sainsbury Plc and London Heathrow airport."I am still looking, even after Brexit there will be opportunities QIA can really hunt for," Sheikh Abdullah bin Mohammed bin Saud al-Thani told an investment conference in London.Asked what sectors in Britain he was particular looking at, he said: "Our aim now in the future is really to focus on infrastructure, and we will be focusing also on healthcare and IT."(Reporting by Kylie MacLellan and Tom Finn; editing by William James)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/britain-qatar-qia-brexit-idINKBN16Y12G'|'2017-03-27T08:21:00.000+03:00'
'390f3144ffda66b2d2e7f738fbb026da4e4c9693'|'UBS names leaders in U.S., European wealth management product units'|'Mon Mar 27, 2017 - 9:34pm BST UBS names leaders in U.S., European wealth management product units The logo of Swiss bank UBS is seen at a branch office in Zurich, Switzerland January 27, 2017. REUTERS/Arnd Wiegmann ZURICH UBS ( UBSG.S ) named new leaders of its European and U.S. divisions responsible for wealth management products, the world''s biggest private bank said on Monday, as the bank looks to increase collaboration among its global wealth business. UBS has made Christian Wiesendanger and Jason Chandler global co-heads of Wealth Management Investment Platforms and Solutions and Wealth Management Americas Investment Platforms and Solutions. The pair will report jointly to Juerg Zeltner, Wealth Management head in Europe, and Tom Naratil, head of UBS Wealth Management Americas in New York. The changes are effective April 3. Under Naratil, the Swiss bank''s former finance chief who took over as head of the wealth business in New York in January 2016, UBS has looked for structural ways to improve "alignment" across its business. Chandler replaces Paul Hatch, who will take on the job of northeast divisional director and chairman for the private bank. Wiesendanger takes over from the interim leader Jakob Stott, who will return full time to his role as Europe''s wealth management divisional vice chairman. (Reporting by Joshua Franklin; Editing by David Clarke and Leslie Adler) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-ubs-group-ag-wealth-idUKKBN16Y2HB'|'2017-03-28T04:21:00.000+03:00'
'ca08ee4b20f542b13627b2fc617c78cf2db3349a'|'Corporate America’s top shareholder referee gets tougher on activists'|' 13pm IST Corporate America’s top shareholder referee gets tougher on activists By Michael Flaherty - NEW YORK NEW YORK Institutional Shareholder Services Inc, the world''s top proxy advisory firm, is making activist investors work harder than ever to earn its backing in corporate control battles in a shift being led by the new man in charge of its recommendations. Since Cristiano Guerra formally took over in January as the head of ISS''s special situations research team, the firm''s support for activists in proxy fights has fallen to 50 percent of the cases, compared with 60 percent last year, according to data from FactSet and Proxy Insight. (Graphic: tmsnrt.rs/2nhYXei )Guerra became acting head on Sept. 1 of last year. While it is still early in his tenure, Guerra has indicated a greater willingness to challenge activist funds pushing for changes in corporate boards and strategies, according interviews with advisors, investors, and current and former colleagues. "I think (Guerra) is fair and has no obvious sympathy for one side or the other," said Bruce Goldfarb, CEO of proxy solicitation firm Okapi Partners. "There will be a more significant burden, more so than in the past, for activists to explain why ISS should support them." Bought by private equity firm Vestar Capital Partners in 2014, ISS has a staff of 900 covering each year 40,000 meetings of publicly traded companies worldwide, offering recommendations on everything from CEO pay to a board''s bylaws. Guerra''s team - which also issues recommendations on mergers and acquisitions - wields significant influence over the outcome of proxy fights and contested transactions. Signs that ISS''s stance is evolving from one perceived as more sympathetic towards activist shareholders comes at a time when activist targets are thinning out and smaller in size after a six-year surge in campaigns against corporate boards. Guerra''s most telling decision so far came on March 16, when ISS recommended shareholders for Cypress Semiconductor Corp, which was facing a proxy fight, vote for management''s proposal to eliminate cumulative voting. The structure favors minority shareholders because it gives them more power when deciding the fate of individual board members. ISS had rarely recommended to eliminate such a shareholder right in the face of a contested election. Guerra played a key role in ISS adopting the position that by eliminating the cumulative voting bylaw, and adopting other measures, it would the playing field for all shareholders, according to people familiar with the matter. "I don''t think ISS would have made that kind of decision five years ago," said one of Guerra''s former colleagues, who offered to be interviewed only on condition of anonymity. Guerra, 44, was an executive at an aviation security company before he joined ISS in 2009. Quiet and deliberate, sources say, he has kept a low profile since his appointment and declined to be interviewed. ISS spokesman Subodh Mishra also declined to comment on the company''s behalf for the story. One of the biggest challenges facing ISS and Guerra''s team is defending its position as the go to source for shareholder recommendations. Big asset managers, such as BlackRock Inc and Vanguard Group Inc, are building up their in-house proxy voting arms. Advisory firms such as Camberview Partners LLC and Sard Verbinnen & Co are hiring former ISS staffers and corporate governance experts to expand into proxy advisory work. The Maryland-based company is under constant pressure to demonstrate its impartiality given it gets paid by institutional funds for its research and recommendations. ISS has increased its reach to companies as well in recent years, which use its consulting arm for corporate governance advisory services. The U.S. Chamber of Commerce has criticized ISS for siding with shareholders at the expense of CEOs and company directors, and has called for more regulatory oversight, which resulted in a Congressional bill last year that never made it to a vote. ISS''s special situations research team has yet to be tested by a major, high-profile proxy contest under Guerra''s leadership. That will come later in this year''s proxy season, when it rules on activist hedge fund Elliott Management LP''s attempt to overthrow board directors and the CEO of Arconic Inc, the $10 billion specialty metals company. (Reporting by Michael Flaherty; Editing by Greg Roumeliotis and Tomasz Janowski) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/iss-activists-idINKBN1710MO'|'2017-03-30T14:43:00.000+03:00'
'0e3388e2f9d2809ae24b4f177c3ce127005b8a2f'|'Exclusive: Brazil conglomerate Odebrecht mulls IPO after overhaul'|'SAO PAULO Odebrecht SA, the family-controlled engineering conglomerate ensnared in Brazil''s worst corruption scandal ever, is considering going public once it finalizes a thorough overhaul of corporate governance practices, a senior executive told Reuters on Thursday.An initial public offering remains one of several options the group and the namesake family that controls it are analyzing as part of a process to implement stricter ethical and operational procedures, said board member Sergio Foguel, who also presides over Odebrecht''s compliance council.While declining to discuss alternatives aside from the IPO, Foguel said tougher compliance standards have prepared several of Odebrecht''s business divisions to weather a potential dearth of state contracts, which might translate into slower growth."This year we''ll be more focused on re-examining and reinforcing our corporate values, which were not strong enough before," Foguel said in an interview at Odebrecht''s São Paulo headquarters.Odebrecht is the largest of Brazilian building groups accused of colluding to overcharge Petróleo Brasileiro SA ( PETR4.SA ) and other state-controlled firms for contracts, then using part of that to channel donations and bribes into Brazil''s former ruling Workers Party and domestic and international allies.Rapidly resolving legal obligations related to the scandal, as well as paving the way for the partial exit of the Odebrecht family from the business will be key for Odebrecht to win new projects, raise cash and cut the group''s 76 billion reais ($24 billion) in net debt. The conglomerate is restructuring and reworking more than 40 billion reais in bank loans.A 6.7 billion-real leniency deal that was signed off late last year stipulated that Odebrecht admitted guilt and offered information on bribes paid. Seventy-seven executives, including family patriarch and Chairman Emilio Odebrecht and his jailed son and the group''s former chief executive, Marcelo Odebrecht, agreed to make plea deals.The group, which was founded in the mid-1940s by German-Brazilian engineer Norberto Odebrecht, is also negotiating graft-related fines with several Latin American countries.Such negotiations, which the group wants to conclude by June, would help Odebrecht prevent upcoming elections across the region from slowing planned asset sales, Reuters reported on Feb. 22.To weather fallout from the scandal and the impact of a three-year economic slowdown throughout Latin America, Odebrecht has also cut costs and refinanced obligations at some cash-strapped subsidiaries.Talks with creditors to restructure oil drilling firm Odebrecht Óleo & Gás SA''s obligations could be concluded as early as April, sources told Reuters this week.The group is also selling assets and projects including Perú''s Chaglla power dam, Colombia''s Ruta del Sol highway project, several subway and toll road licenses as well as a stake in Rio de Janeiro''s international Galeão airport.(Editing by Guillermo Parra-Bernal and Richard Chang)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-odebrecht-ipo-idUSKBN1712TN'|'2017-03-30T22:33:00.000+03:00'
'ef9223597e86b7316176f82174e1f53ff70e649d'|'Workers to end strike at Peru''s top copper mine Cerro Verde'|' 29pm EDT Workers to end strike at Peru''s top copper mine Cerro Verde LIMA, March 30 Workers at Peru''s biggest copper mine, Freeport-McMoRan Inc''s Cerro Verde, will resume work on Friday after voting to end a nearly three-week strike, the union said on Thursday. The union reached an agreement for better benefits with the company late on Wednesday, union leader Jesus Revilla said. (Reporting by Marco Aquino; Editing by Lisa Von Ahn)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/peru-copper-strike-idUSP3N1EP00J'|'2017-03-31T01:29:00.000+03:00'
'6134ee1cd28e1dea5ad42b2c447387b62b8882a9'|'CEE MARKETS-Czech bonds firm as CNB meets, crown cap seen staying for now'|'Company News - Thu Mar 30, 2017 - 5:14am EDT CEE MARKETS-Czech bonds firm as CNB meets, crown cap seen staying for now * Czech central bank not expected to remove crown cap * Czech 2-year bonds trade at 2-week low yields * Good auction seen in Hungary on loose central bank policy * Croatian stocks tumble on concerns over food group Agrokor By Sandor Peto and Jason Hovet BUDAPEST/PRAGUE, March 30 Czech short-term government debt firmed on Thursday as the country''s central bank (CNB) holds its last meeting before the end of its "hard commitment" to keep its cap on the crown''s value. The bank has pledged to maintain the cap, which has been keeping the crown weaker than 27 to the euro since late 2013, at least until the end of the first quarter. It is not expected to change its record low interest rates or to abandon the cap at the meeting. It is due to publish its decisions at 1200 GMT. The CNB has tripled its forex reserves since 2013 to defend the cap and speculative buying of the crown and Czech government debt, mainly short-term papers, has surged this year. The yield on 2-year Czech bonds was bid at a 2-week low -0.58 percent on Thursday, down 9 basis points. "I am expecting a confirmation of the end of the (central bank''s) firm commitment but a continuation of interventions for the time being and (a message of) the possibility to stop when the CNB sees appropriate," one Prague-based fixed income trader said. Fundamentals should strengthen the crown, but accumulated crown buying positions worth tens of billions of euros make it uncertain how Czech markets will behave after the cap is removed, probably in April or May, analysts have said. "We would not regard the exit of the FX regime as the start of a one-way CZK (crown) appreciation streak, but would rather expect significant volatility possibly well into Q3 2017," said Raiffeisen analyst Wofgang Ernst in a note. The crown''s implied euro exchange rate was near multi-month highs in forwards contracts. Elsewhere in Central Europe, Zagreb''s stock index fell as much as 4.5 percent in early trade due to a plunge of the units of unlisted Agrokor, the biggest food producer and retailer in the Balkans. The decline followed news that the Croatian government may propose a law on shielding the economy from troubles involving big firms and about a possible repayment freeze deal with Agrokor creditors. In Hungary, government bond yields dropped further by a few basis points, with 3-year bonds trading at 1.18 percent, at 2-month lows, as Thursday''s bond auction in Budapest is expected to draw strong demand. "The Hungarian central bank''s dovish stance (after its meeting on Tuesday) surprised many foreign investors, so this will be a good auction," one trader said. The stock of Hungarian oil group MOL fell as much as 2.5 percent after Czech electricity company CEZ conditionally sold its 7.5 percent stake in MOL. CEE SNAPS AT 1052 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 27.02 27.02 +0.0 -0.05 00 15 1% % Hungary 310.0 309.8 -0.04 -0.38 forint 000 750 % % Polish 4.228 4.221 -0.15 4.16% zloty 0 8 % Romanian 4.542 4.554 +0.2 -0.17 leu 8 7 6% % Croatian 7.453 7.434 -0.25 1.37% kuna 0 2 % Serbian 123.8 123.8 +0.0 -0.36 dinar 000 900 7% % Note: daily calculate previ close 1800 change d from ous at CET STOCK S Lates Previ Daily Chang t ous e close chang in e 2017 Prague 982.6 982.7 -0.01 +6.6 5 1 % 2% Budapest 31923 32232 -0.96 -0.25 .74 .95 % % Warsaw 2210. 2214. -0.16 +13. 82 45 % 50% Bucharest 7975. 7942. +0.4 +12. 91 76 2% 57% Ljubljana 767.3 777.5 -1.31 +6.9 8 8 % 4% Zagreb 1952. 2015. -3.12 -2.14 23 12 % % Belgrade <.BELEX15 734.6 737.4 -0.38 +2.4 > 4 7 % 1% Sofia 634.5 633.3 +0.1 +8.2 0 4 8% 0% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.57 -0.08 +016 -9bps > 7 6 bps 5-year <CZ5YT=RR 0.138 -0.00 +052 +1bp > 6 bps s 10-year <CZ10YT=R 0.97 -0.01 +064 -1bps R> 8 bps Poland 2-year <PL2YT=RR 2.042 0.008 +278 +1bp > bps s 5-year <PL5YT=RR 2.937 -0.02 +331 -1bps > 3 bps 10-year <PL10YT=R 3.525 -0.01 +319 +0bp R> bps s FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep < 0.28 0.32 0.38 0 PRIBOR=> Hungary < 0.21 0.27 0.37 0.2 BUBOR=> Poland < 1.755 1.777 1.819 1.73 WIBOR=> Note: FRA are for quotes ask prices'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/easteurope-markets-idUSL5N1H71ZW'|'2017-03-30T17:14:00.000+03:00'
'd064e56d5c382c672ad18a469ca43d097b5beb08'|'Brazil''s GPA denies reports Via Varejo stake sale suspended'|'Company News  14am EDT Brazil''s GPA denies reports Via Varejo stake sale suspended SAO PAULO, March 27 GPA SA, Brazil''s largest diversified retailer, denied on Monday reports that it had suspended the sale of a controlling stake in its appliance unit Via Varejo SA, according to a securities filing. Preferred shares in GPA fell as much as 5.5 percent on Friday on reports that France''s Casino Guichard Perrachon SA , its controlling shareholder, had decided to delay the sale after a key shareholder expressed interest in acquiring Casino''s stake. (Reporting by Bruno Federowski) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/via-varejo-ma-idUSE6N1G601J'|'2017-03-27T20:14:00.000+03:00'
'40364e46cfe60ca514fd80d72aed8dc9b6754be9'|'UPDATE 1-Colombia municipality, home of AngloGold project, votes to ban mining'|'Company  02pm EDT UPDATE 1-Colombia municipality, home of AngloGold project, votes to ban mining (Adds quote from mining industry group) BOGOTA, March 27 Voters in Colombia''s Tolima province have backed a proposal to ban mining projects in their municipality, a result that raises questions about the future of an AngloGold Ashanti gold exploration in the area. South Africa''s AngloGold may not be permitted to extract gold at its flagship La Colosa mine - a $2 billion potential investment that could yield 28 million ounces of gold - after 98.8 percent voted against allowing mining in Sunday''s referendum. AngloGold has been exploring at the site in central Colombia for more than a decade. About 6,165 citizens backed the proposal, while 76 voted against it, according to the electoral authority. Residents had previously expressed fears that extraction could damage ground water, but the company says the project will not affect the water supply. "We regret that because of a badly laid-out debate about mining in Colombia, the country and the region are now at risk of not receiving the benefits of well-done and responsible mining," AngloGold said in a statement on its website. "We will analyzed the consequences and the impact on the project." Commodity producers in Colombia have expressed worries about recent court decisions banning exploration on land already awarded in concessions and giving local authorities greater power to reject mining projects. AngloGold has invested some $900 million in Colombia since 2006. La Colosa is its largest of three projects in the country. Officials in Cajamarca were not immediately available for comment. AngloGold said it would comment further later on Monday. "This generates uncertainty; all the mining investors are very attentive to what will happen and are worried by what is coming from here on out," Santiago Angel, president of the country''s mining association, told Reuters. Mining and Energy Minister German Arce told local radio Caracol that the authorities should respect the voters'' decision, but that it is not retroactive. "You cannot put legal security at risk because these decisions cannot be made retroactive," Arce said. (Reporting by Nelson Bocanegra, Julia Symmes Cobb and Luis Jaime Acosta; Editing by Dan Grebler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/colombia-mining-idUSL2N1H40VI'|'2017-03-28T02:02:00.000+03:00'
'b6443179729403818fc65339310398a3fa841182'|'Japanese manufacturers brace for possible U.S. import tax - Reuters poll'|'Business News - Mon Mar 27, 2017 - 3:26am BST Japanese manufacturers brace for possible U.S. import tax - Reuters poll left Shipping containers are seen at a port in Tokyo, Japan, March 22, 2017. REUTERS/Issei Kato 1/2 left right A worker walks between shipping containers at a port in Tokyo, Japan, March 22, 2017. REUTERS/Issei Kato 2/2 By Chris Gallagher - TOKYO TOKYO Japanese manufacturers are wary of a possible U.S. border tax, with just over half expecting profits to take a hit if the United States slaps a 20 percent levy on imports, a Reuters poll showed on Monday. In response, they are thinking of cutting costs, increasing production and procurement in the United States and raising U.S. product prices, but those steps would offset only some of the impact, the monthly Reuters Corporate Survey found. The United States is the top destination for Japanese shipments. The House Republicans'' proposal to tax imports at 20 percent could hurt Japan''s vital automobile, electronics and other exporters. "We''d have to consider setting up production facilities in the United States," wrote a manager at a rubber company. "But in the longer term, it could lead to a shift away from the U.S. for the manufacturing industry as a whole." In the monthly survey, conducted March 7-21 for Reuters by Nikkei Research, 51 percent of the 129 manufacturers that responded said earnings would be affected. The ratio was highest among automotive-related firms, at 77 percent. The figure is lower for Japanese companies overall, at 36 percent of the 246 that participated in the survey, which includes service-sector and other non-manufacturing firms that focus more on the domestic economy. The plan for a border adjustment tax, backed by House Speaker Paul Ryan, is intended to encourage investment and manufacturing in the United States and pay for corporate tax cuts. ''AMERICA FIRST'' President Donald Trump, under his "America First" campaign, has called Japan''s auto trade "unfair" and is pressuring carmakers including Toyota Motor Corp ( 7203.T ) to build more plants and create jobs in the United States. Should such a tax be implemented, 28 percent of the manufacturers who expect profits to be affected would consider raising output and procurement within the United States. Among automotive businesses, that figure climbs to 80 percent, the poll showed. Critics of the border tax say it could be passed on to American consumers through higher prices, and the survey flagged potential hikes among some companies. Seventeen percent of manufacturers would try to offset the impact on earnings through price increases, including 40 percent of electrical machinery firms, though just 10 percent of automotive companies would do so. Meanwhile, 38 percent would deal with a tax through cost-cutting, the most popular choice. Overall, 72 percent of manufacturers would take some kind of steps to cushion the earnings blow. Taro Saito, director of economic research at NLI Research Institute, said the percentage of companies anticipating an earnings hit was smaller than he had expected. He questioned whether some were taking the tax plan seriously given that cost-cutting was the top choice. "As the border tax plan becomes more of a reality, more businesses will shift to boost local production and procurement," said Saito, who reviewed the survey results. "It''s such a big change in policy that companies will find it hard to come up with any countermeasures. It''s simply impossible for companies to cope with a border tax rate of 20 percent," he said. Indeed, the survey showed that no Japanese company would be able to offset a 20 percent border tax. Just 4 percent would be able to cope with a tax rate of up to 10 percent and the remainder could offset up to just 5 percent. "''America First'' is not good," wrote a manager at a distribution company. For a graphic on ''Japanese manufacturers brace for possible U.S. border tax'', click - here (Reporting by Chris Gallagher and Tetsushi Kajimoto; Additional reporting by Izumi Nakagawa; Editing by Sam Holmes) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-companies-trade-idUKKBN16Y05J'|'2017-03-27T10:25:00.000+03:00'
'65f15d45f72d7e0ba22c5b3605df8b77e10b83c2'|'Instagram Killed the Retail Store'|'One Sunday in November 2015, Alexandre Daillance (known by his nickname, Millinsky, which he made up), woke up slightly hung over in his Wesleyan University dorm room. Then 18 years old, the Paris-born upstart fashion designer did what any teenager would do first thing in the morning: He grabbed his phone. He had dozens of notifications from Instagram, all showing he’d been tagged in a photograph of Rihanna. Still bleary-eyed, he realized she was wearing one of his hats—a simple baseball cap fronting his slogan “I Came to Break Hearts.” Within days he’d sold more than 500 of them. “So many were ordered so quickly that we had to shut down the web store,” Millinsky says. Soon celebrities such as rapper Wiz Khalifa and millennial icon Zendaya were wearing his designs. He was overwhelmed.Rihanna.Source: Nasaseasons He also wasn’t alone: Millinsky is among a growing horde of superyoung designers using Instagram as their home base. For members of Generation Z—kids who got phones at birth, to whom social media is as important as oxygen—the photo-sharing site is the core of an instinctive methodology for building a brand, garnering a following, and generating sales.Millinsky designed his first hat in 2015 and began flaunting it on Instagram. In Los Angeles, another teenager, George Khabbaz, liked what he saw and direct-messaged him. Khabbaz had frequented streetwear boutiques since childhood and had become friendly with several of their proprietors. He offered to work his connections and hook up Millinsky with manufacturing (in Seattle) and embroidery (in L.A.). Rather than cut Khabbaz in on part of the business—he was under 18 at the time, too young to sign the legally required paperwork—Millinsky brought him on as a contractor. With €1,000 ($1,085) that he’d earned organizing underground hip-hop parties in Paris, Millinsky’s label, Nasaseasons, was born. “I didn’t really know how fashion worked,” he says, “but I knew social media. And as a teenage fashion designer, that’s all I needed.”Wiz Khalifa.Source: Nasaseasons In the year and a half since his big break, his brand has blown up. It’s carried by more than a dozen retailers worldwide, including high-end streetwear stores Colette in Paris and FourTwoFour on Fairfax in L.A., plus Barneys in New York and Harvey Nichols in London, where the hats cost $50 to $70 depending on their design. Millinsky’s strategy is to use retail stores to create exclusivity—thus elevating the brand—rather than rely on them for financial stability. “We make sure that our products are sold out quickly through retailers,” he says. “We create rarity, and then—boom!—we have waves of clientele coming to our website directly, no middleman necessary.”Millinsky.Source: Nasaseasons This low-budget, social-media-fueled approach has yielded other success stories. Twin brothers Chet and Betts DeHart started their line, Lucid FC, six years ago, when they were 14. Like Millinsky’s, their designs have been spotted on Rihanna, which helped goose their sales. Shane Gonzales’s Midnight Studios started on Instagram in 2014 when he was 19, and now the label has almost 92,000 followers. “These people need to see that a certain piece looks amazing on someone like them or built like them to gain trust in the product to purchase it online,” he says. The social media success has attracted collaborators including designer Virgil Abloh, whose label Off-White is a favorite of Kim Kardashian and rappers Kanye West and A$AP Rocky.Instagram continues to be the cornerstone of Millinsky’s business. Shortly after the Rihanna sighting in 2015 (she’s since been photographed in his hats a handful of times), Urban Outfitters Inc. made an offer: It wanted almost 10,000 hats—more than 10 times the volume Millinsky was dealing with at the time. He brushed off the company. “It would have killed the underground aspect of the brand,” he says. In September, Urban repeated its offer. Was he interested? “I told them my definitive answer,” he says. “It was simple: No.”'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'http://www.bloomberg.com/news/articles/2017-03-28/instagram-killed-the-retail-store'|'2017-03-28T19:30:00.000+03:00'
'59e1aa166bf423251d26d818f55ec2ae87b4bc98'|'EU set to block HeidelbergCement, Schwenk''s Cemex Croatia deal - sources'|'Company   11:17am EDT EU set to block HeidelbergCement, Schwenk''s Cemex Croatia deal - sources BRUSSELS, March 28 EU antitrust regulators are set to block German cement producers HeidelbergCement and Schwenk''s joint bid for Mexican peer Cemex''s Croatian unit barring a last minute change of mind, two people familiar with the matter said on Tuesday. The European Commission, which opened an investigation into the deal in October last year, has not been convinced so far by the companies'' offer to lease a terminal on the Dalmatian coast to a rival to address its concerns, the sources said. The EU competition authority has said the deal may eliminate a significant player in a concentrated regional market, boost Cemex Croatia''s market power in southern Croatia and lead to price hikes in grey cement. HeidelbergCement and Schwenk want to buy Cemex Croatia through their Hungarian joint venture Duna Drava Cement (DDC) in a deal worth about 250 million euros. DDC is the largest importer in the area while Cemex Croatia is the biggest producer. (Reporting by Foo Yun Chee) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cemex-ma-heidelbgcement-eu-idUSL5N1H557P'|'2017-03-28T23:17:00.000+03:00'
'acb02292cd58a2372a3529c6bb1f472ffc4b3457'|'PRESS DIGEST- New York Times business news - March 28'|'March 28 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.- President Trump on Monday named Makan Delrahim, a former government antitrust enforcer and corporate lobbyist, to lead the Justice Department''s review of mergers and acquisitions. nyti.ms/2nuIg2G- Carl Icahn, a billionaire investor and an unpaid adviser to President Trump, has been pulled into a high-profile insider trading trial taking place in federal court in Manhattan. nyti.ms/2nuIvuC- Saudi Arabia announced a sharp tax cut for its state oil company Saudi Arabian Oil Co IPO-ARMO.SE on Monday, part of an effort to make it more appealing to international investors in preparation for its promised initial public offering. nyti.ms/2nGAKCA- American Airlines is set to become the second big carrier in the United States to buy its way into capturing more of the big and growing business of flying to China. China Southern, the biggest airline in China, said on Tuesday morning in Hong Kong that it had reached a deal to sell a $200 million minority stake to American as the airlines move forward with a strategic cooperation. nyti.ms/2nGw27A(Compiled by Parikshit Mishra in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-nyt-idINL3N1H520L'|'2017-03-28T02:38:00.000+03:00'
'a3add3d1b1c555c4613d75697bfb210ae5888907'|'Bank of England''s McCafferty - rising inflation might slow economy'|'Business News - Tue Mar 28, 2017 - 5:06pm BST Bank of England''s McCafferty - rising inflation might slow economy FILE PHOTO: Ian McCafferty speaks during a Reuters interview at the Bank of England in London February 24, 2014. REUTERS/Suzanne Plunkett LONDON Britain''s economy is strengthening slightly but might suffer from rising inflation, one of the Bank of England''s monetary policymakers, Ian McCafferty, said on Tuesday. "We will be raising interest rates and eventually reversing QE as soon as the economy looks strong enough to bear it," McCafferty said on LBC radio. "I think the economy is strengthening slightly over the course of last year and into the early part of this year. Whether it stays as strong is still very much an open question because we are seeing inflation starting to pick up." (Reporting by David Milliken; Writing by William Schomberg) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-boe-mccafferty-idUKKBN16Z28Y'|'2017-03-29T00:06:00.000+03:00'
'759e572ebd598ae72dca90deafacff92667a77c9'|'Chevron starts production at Gorgon Train Three LNG project'|'Company News - Mon Mar 27, 2017 - 11:47pm EDT Chevron starts production at Gorgon Train Three LNG project SINGAPORE, March 28 Chevron has started production of liquefied natural gas (LNG) from the third of three production units at the Gorgon LNG project in Australia, the company said on Tuesday. Chevron is the operator of the $54 billion project that has a total of three production trains with a combined capacity of 15.6 million tonnes per annum of production capacity. First production of the supercooled fuel from Gorgon began in March last year. (Reporting by Mark Tay; Editing by Richard Pullin) Next In Company News Morning News Call - India, March 28 To access the newsletter, click on the link: http://share.thomsonreuters.com/assets/newsletters/Indiamorning/MNC_IN_03282017.pdf If you would like to receive this newsletter via email, please register at: https://forms.thomsonreuters.com/india-morning/ FACTORS TO WATCH 10:00 am: Ministry of Earth Sciences Secretary M. Rajeevan and IMD Official K.J. Ramesh at a workshop in New Delhi. 11:00 am: Budget session of parliament continues New Delhi. 01:15 pm: Electr * Presidential frontrunner Moon vows to empower investors at family-owned chaebols MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/lng-chevron-startup-idUSL3N1H51UJ'|'2017-03-28T11:47:00.000+03:00'
'73629a7db34a4d0957a05420943afc214550b7ab'|'Exclusive - HSBC to boost China staff by up to 1,000 in 2017, mostly in Pearl River Delta'|'Business News - Fri Mar 24, 2017 - 11:02am GMT Exclusive - HSBC to boost China staff by up to 1,000 in 2017, mostly in Pearl River Delta left right FILE PHOTO: Logos of HSBC are displayed at a major branch at the financial Central district in Hong Kong, China February 21, 2017. REUTERS/Bobby Yip/File Photo 1/2 left right FILE PHOTO: People walk past a major branch of HSBC at the financial Central district in Hong Kong, China February 21, 2017. REUTERS/Bobby Yip/File Photo 2/2 By Sumeet Chatterjee - HONG KONG HONG KONG HSBC ( HSBA.L ) plans to add as many as 1,000 new employees to its Chinese retail banking and wealth management arm this year, the business''s regional head said, most of them in the Pearl River Delta, the heart of the bank''s growth strategy in China. If that target is hit, the new additions will mean HSBC will have hired twice as many people as it did last year for this part of the business. They will join an existing team for this unit of 2,400 employees in the world''s second-largest economy. HSBC has made the southern Pearl River Delta region - home to 11 industrial cities that are set to fuse into one megalopolis - its focus in China, betting on its growth and its own Hong Kong heritage. This region already has an economy larger than Indonesia''s and is shifting from a manufacturing base to a tech powerhouse. But since the strategy to reinvigorate profit growth after years of restructuring was announced in 2015, China''s economic growth has slowed, delaying the bank''s plans. HSBC makes more than half of its profit in Asia, the bulk of it in Hong Kong and China. "As of this point, we are very pleased with the progress in the Pearl River Delta. We certainly aren''t taking any backward steps," Kevin Martin, HSBC''s Asia Pacific head of retail banking and wealth management, told Reuters. HSBC''s latest numbers for China retail and wealth management business suggest growth remained strong, with its customer base as well as mortgage volume expanding by 51 percent in the Pearl River Delta last year. It issued over 100,000 credit cards since launching it in December across all cities in the Pearl River Delta and 30 other cities in the country, Martin said. "We have done a lot of things in the Pearl River Delta ... It remains one of the key opportunities for us." Of the total 2,400 staff for retail and wealth management in China, about 800 are in the Pearl River Delta, the bank said, adding 60 percent of the hiring last year was for the southern region that counts Shenzhen and Guangzhou among its biggest cities. HSBC Group Finance Director Iain Mackay said last month the bank''s operating profit in China in 2016 was about $200 million lower than the previous year. That was mainly due to investments to grow the Pearl River Delta business and in financial-crime risk-management standards in China, he said. CHINA CALLING The bank''s outgoing top management campaigned heavily to promote the region and its role in HSBC''s China strategy. Chief Executive Stuart Gulliver, took analysts and investors on a tour of its operations there a year ago, promoting the region''s role as a gateway to tech businesses like Alibaba Group Holding Ltd ( BABA.N ) and Tencent Holdings Ltd ( 0700.HK ) as well as new start-ups. Although investors have supported the plan, there has been increasing concern over the last few months about risks the lender faces in its Asia "pivot" strategy, due to the sluggish pace of China''s economic recovery and the patchy pace of development in the Pearl River Delta. Some sectors have struggled in the face of falling exports and tighter credit conditions. Gulliver said in February 2016 that the bank, which is facing downward pressure on its revenue in 2017 due to regulatory costs and lower rates in Britain, planned to hire 4,000 new staff in the region over five years instead of its initial three-year target. But Martin brushed aside concerns that HSBC''s investment could be scaled back as China''s economic growth slows, saying the bank remained committed to the region. HSBC''s newly appointed chairman, Mark Tucker, has also had an intense focus on Asia, most recently as head of insurer AIA Group Ltd ( 1299.HK ). "We will see and we have seen it already even at 6.5 percent growth rate, (there is) massive underlying growth for China," Martin said. "Clearly there''s real upside on that for us." (Reporting by Sumeet Chatterjee; Editing by Randy Fabi) Next In Business News Schaeuble - Trying to keep disadvantages for Britain as small as possible in Brexit BERLIN German Finance Minister Wolfgang Schaeuble said on Friday that the European Union was trying to limit the negative effects of Brexit for Britain but stressed that countries wanting to get the benefits related to the bloc had to make commitments, too. Britain''s Co-operative Bank , up for sale after struggling to meet UK regulatory capital requirements, said it had received multiple expressions of interest. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hsbc-china-exclsusive-idUKKBN16V0V1'|'2017-03-24T19:02:00.000+03:00'
'b372cabf832a9fdb67c6edee4a902831710fc70d'|'Chinese court rules in favour of Apple in local design patent disputes'|'Technology News - Sat Mar 25, 2017 - 10:47am EDT Chinese court rules in favor of Apple in local design patent disputes A man uses his phone to take pictures outside an Apple store in Beijing, China July 28, 2016. REUTERS/Thomas Peter BEIJING A Chinese court has ruled in favor of Apple in design patent disputes between the Cupertino, California company and a domestic phone-maker, overturning a ban on selling iPhone 6 and iPhone 6 Plus phones in China, Xinhua news agency reported. Last May, a Beijing patent regulator ordered Apple''s Chinese subsidiary and a local retailer Zoomflight to stop selling the iPhones after Shenzhen Baili Marketing Services lodged a complaint, claiming that the patent for the design of its mobile phone 100c was being infringed by the iPhone sales. Apple and Zoomflight took the Beijing Intellectual Property Office''s ban to court. The Beijing Intellectual Property Court on Friday revoked the ban, saying Apple and Zoomflight did not violate Shenzhen Baili''s design patent for 100c phones. The court ruled that the regulator did not follow due procedures in ordering the ban while there was no sufficient proof to claim the designs constituted a violation of intellectual property rights. Representatives of Beijing Intellectual Property Office and Shenzhen Baili said they would take time to decide whether to appeal the ruling, according to Xinhua. In a related ruling, the same court denied a request by Apple to demand stripping Shenzhen Baili of its design patent for 100c phones. Apple first filed the request to the Patent Reexamination Board of State Intellectual Property Office. The board rejected the request, but Apple lodged a lawsuit against the rejection. The Beijing Intellectual Property Court on Friday ruled to maintain the board''s decision. It is unclear if Apple will appeal. (Reporting by Ryan Woo, editing by David Evans) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-apple-china-idUSKBN16W0KT'|'2017-03-25T22:44:00.000+03:00'
'4b6972941caee1892c78a8b86fcab91fda5e615f'|'AC Milan deal closing pushed to April 14 after further payment - source'|'Business News - Fri Mar 24, 2017 - 4:29pm GMT AC Milan deal closing pushed to April 14 after further payment - source Italy''s former Prime Minister Silvio Berlusconi attends television talk show ''''Porta a Porta'''' (Door to Door) in Rome, Italy, November 30, 2016. REUTERS/Remo Casilli MILAN Former Prime Minister Silvio Berlusconi, owner of Italian storied soccer club AC Milan, has agreed to postpone the closing of the deal by an extra six weeks after being granted a further 100 million euros (87 million pounds) in cash and securities, a source told Reuters. The accord - originally inked in August and expected to be signed off first in December and then in March - is now due to be finalised on April 14, two sources said. The Chinese consortium which has committed to buying AC Milan has, in exchange for the delay, paid 50 million euros in cash to Berlusconi''s family investment vehicle Fininvest this week, the first source said. A further 50 million euros have been guaranteed through securities, the source added. The investors have already paid 200 million euros and are now due to pay a final 220 million euro instalment. They have also committed to inject a further 100 million euros into the team. The full composition of the Chinese group is still unknown and is due to be revealed at the closing. The agreement values the club at 740 million euros ($780 million) including 220 million euros of debt. (Reporting by Elvira Pollina, writing by Giulia Segreti, editing by Paola Arosio and Valentina Za) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-acmilan-m-a-closing-idUKKBN16V279'|'2017-03-25T00:29:00.000+03:00'
'a686e06d66b479a5e4b6966068d0040c621f19ee'|'Trump''s auto review may only slow march to better fuel efficiency'|'  9:44pm GMT Trump''s auto review may only slow march to better fuel efficiency FILE PHOTO: U.S. President Donald Trump and Transportation Secretary Elaine Chao (3rd L) sit down to talk with auto industry leaders, including General Motors CEO Mary Barra (C), United Auto Workers (UAW) President Dennis Williams (2nd R) and Ford CEO Mark Fields (R), at the... REUTERS/Jonathan Ernst/File Photo By Nick Carey and Paul Lienert - DETROIT DETROIT When U.S. President Donald Trump announced a review last week of tough Obama-era vehicle emissions and fuel-efficiency standards, he proclaimed that the "assault on the American auto industry is over." But rules set by the Environmental Protection Agency may take a backseat to consumers demanding vehicles that guzzle less gas and automakers having to meet tougher standards if they want to export cars overseas, according to auto industry analysts. In the end, U.S. carmakers may just gain a few more years to meet the more stringent targets that former President Barack Obama''s administration negotiated with the companies in 2012, analysts said. If Europe and China continue to toughen their emissions standards, "the U.S. might become an outlier," American Axle ( AXL.N ) President Mike Simonte told Reuters on Thursday. Trump''s move was widely seen leading to a rollback or loosening of more stringent targets, which would slash vehicle exhaust emissions while effectively doubling average fuel economy to 54.5 miles per gallon by 2025. Automakers have argued the rules for 2022-2025 are too expensive and could cost American jobs, so the Trump administration’s review was seen as a win for them. On a conference call Thursday with investors, Bob Shanks, Ford Motor Co''s ( F.N ) chief financial officer, said, “We are not seeking a rollback in any way. We just want to have a conversation around the levels we want to achieve.” Despite what the EPA may want, California and nine other states in the Zero Emission Vehicle programme — eight in the northeast, plus Oregon — are expected to move ahead on Friday with the previously established targets. Those states account for nearly 30 percent of U.S. auto sales. The potential divide with the rest of the country could create a “two-tiered environment with two sets of regulations,” said Mark Wakefield, managing director of AlixPartners’ automotive practice. This “could drive costs higher if automakers have to build two versions of the same vehicle to meet the two different standards.” The Alliance of Automobile Manufacturers, a trade group that sued to overturn the Obama-era rules on behalf of several big automakers, wrote the White House on Thursday urging talks to begin quickly with California to ensure that national standards remain in place. “Automakers seek certainty, predictability and rationality – over time – from the regulatory process,” the group''s CEO Mitch Bainwol wrote. “EPA A DISTANT THIRD” Kristin Dziczek, director of the Center for Automotive Research’s labour and industry group, said U.S. automakers could find it hard to export cars to markets such as China and Europe with tougher regulatory regimes if the U.S. targets were rescinded. “I don''t think we’re going to see a rollback,” she said. “At most, I think we may see a slowing of the timetable” for implementing the tougher standards. AlixPartners’ Wakefield said if China, the world’s largest market, continues pushing electric vehicles while America backpedals, it could lead to “some movement of investment from the U.S. to China, especially as the latter market continues to grow.” General Motors Co ( GM.N ) and Fiat Chrysler Automobiles NV ( FCHA.MI ) referred Reuters to public comments made by the industry’s lobbying group, the Alliance of Automobile Manufacturers. EPA Administrator Scott Pruitt, a climate change sceptic, said the Obama administration estimated it would cost $200 billion over 13 years to comply with stricter standards, which he believes will lead to higher prices for consumers and jobs leaving the country. Morgan Stanley analyst Adam Jonas said the auto industry expected to miss the 2022-2025 targets regardless of who occupied the White House, but he believes the EPA’s recent move may carry relatively little weight. “Of all the things that are likely to drive fuel economy, I would rank the EPA a distant third on the list, behind consumer preferences and the direction of technology,” he said. United Auto Workers union President Dennis Williams said while around 60 percent of U.S. auto sales are currently trucks and SUVs, consumers value fuel-economy improvements for those vehicles. “The automakers shouldn’t make the mistake of sliding backward,” Williams said. “We’re here to protect our (union) members, but we understand that in doing so we also have to look at the future.” (Reporting by Nick Carey and Paul Lienert in Detroit; Additional reporting by David Shepardson in Washington; Editing by Lisa Shumaker)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-trump-autos-idUKKBN16U311'|'2017-03-24T05:44:00.000+03:00'
'2d1bc02b16e6b0ee1e15b0ebbe54e7b8c8860cab'|'Chipotle says shareholders drop bid to split CEO, chairman roles'|'Business News - Thu Mar 30, 2017 - 4:28pm EDT Chipotle says shareholders drop bid to split CEO, chairman roles A Chipotle Mexican Grill is seen in Los Angeles, California, U.S. on April 25, 2016. REUTERS/Lucy Nicholson/File Photo The burrito chain Chipotle Mexican Grill Inc ( CMG.N ) said on Thursday its shareholders agreed to withdraw a proposal to split the chief executive and chairman roles. Two union-affiliated shareholders of the company, Amalgamated Bank and CtW Investment Group, filed a proposal in November to strip board leadership from Steve Ells, who is also the founder and chief executive, by instituting an independent chair. Chipotle said in a filing that it was not only "appropriate but also important" for Ells to serve as both the chairman and CEO. ( bit.ly/2oe9hZn ) (Reporting by Aishwarya Venugopal in Bengaluru and Lisa Baertlein in Los Angeles; Editing by Shounak Dasgupta) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-chipotle-board-idUSKBN17131F'|'2017-03-31T04:28:00.000+03:00'
'1bd97b8fb1f209ad9da5ffa4438d6297d9e1b921'|'ZF CEO says expects further megamergers in auto supply industry'|'FRIEDRICHSHAFEN, Germany, March 30 The auto supplier industry will see further megamergers in the wake of ZF''s acquisition of TRW and Intel''s acquisition of Mobileye, ZF Chief Executive Stefan Sommer said on Thursday.The complexity of self-driving cars is forcing high tech software and semiconductor companies to team up with auto suppliers and manufacturers, a dynamic that is likely to spur more takeovers and acquisitions going forward, ZF''s CEO said."If you look at all of these megamergers, they have a clear deal rationale. As this is the case, and we still have companies that collaborate, and could still collaborate, I am expecting more megamergers," Sommer told journalists gathered at the company''s annual results press conference in Friedrichshafen, Germany on Thursday. (Reporting by Edward Taylor; Editing by Harro ten Wolde)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/zf-results-consolidation-idINL5N1H723M'|'2017-03-30T07:23:00.000+03:00'
'd545126bead221808df4c2f4a6a9222c17609d5b'|'Sugar code of conduct to end three-year battle over selling agreements - Business - The Guardian'|'The Turnbull government has promised to introduce a mandatory code of conduct for Australia’s sugar growers, millers and marketers.The code will be introduced by regulation next week, ending a bruising three-year fight over sugar-selling agreements between Wilmar and Queensland Sugar Limited.The treasurer, Scott Morrison , and the deputy prime minister, Barnaby Joyce, made the announcement on Wednesday evening in Canberra.Scott Morrison attacks One Nation''s vote boycott threat over sugar dispute Read more Morrison said the code would provide a “safety net” for sugar growers and marketers to prevent future agreements between the parties breaking down completely. “It’s a compulsory arbitration process,” he said.“In the event that negotiations or an agreement breaks down, then I have the power under the act though this regulation to appoint an independent arbiter … who goes in and listens to the various positions of the parties and comes to a conclusion which is binding on the parties.”The battle between sugar growers, millers and marketers had become toxic, affecting Queensland and federal politics. The issue concerned marketing agreements that meant growers could lose the power of choice over who sold their sugar.Wilmar, which operates monopoly sugar mills in some cane-growing districts, and the not-for-profit industry pool Queensland Sugar Ltd, had failed to come to agreement over supply.As a result growers could not sign up to milling and sales contracts unless they handed over all control to Wilmar, something many were not prepared to do because it offered a lower price than QSL – a difference that growers say was around $100 a tonne last year.The lack of resolution had left about 1,500 growers in the cane districts of Herbert, Burdekin, Plane Creek and Proserpine unable to forward sell their sugar and opens the possibility that their crops will not be harvested.Pauline Hanson warned on Monday that her One Nation senators would abstain from voting on government legislation – including the Coalition’s $48bn tax package – until the dispute between QSL and Wilmar was resolved.Morrison said on Wednesday it was now a matter for One Nation to decide how it wanted to vote on company tax cuts.Business leaders pressure senators to pass Turnbull''s corporate tax cuts in full Read more “Parliament sits again tomorrow, the Senate sits tomorrow, and all of those questions will be answered by the time the Senate rises, I have no doubt,” he said.The government has less than 24 hours to convince the Senate to pass its tax package before parliament rises for a five-week break. When parliament resumes on 9 May, the government delivers its budget.Morrison said the code of conduct has three components:It provides for compulsory pre-contract arbitration for agreements between sugar suppliers and millers It has a mandatory pre-contract arbitration provision for agreements between marketers and millers It ensures that growers have a right to choose who markets their cane The federal member for Dawson, George Christensen , has welcomed the code, saying it has come almost three years to the day after the battle began.“This is a win for the little guy against a multinational behemoth,” he said. “Farmers were beholden to monopoly foreign miller Wilmar in Sarina, Proserpine, Burdekin, Ingham and elsewhere. That will be no more.”'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/mar/30/sugar-code-of-conduct-to-end-three-year-battle-over-selling-agreements'|'2017-03-30T03:00:00.000+03:00'
'693c64c508945d925ca748ee65ddb68de5c2efa3'|'Wells Fargo to pay $110 million to settle lawsuit over account abuses'|'Business News - Tue Mar 28, 2017 - 10:58pm BST Wells Fargo to pay $110 million to settle lawsuit over account abuses A Wells Fargo branch is seen in the Chicago suburb of Evanston, Illinois, U.S. on February 10, 2015. REUTERS/Jim Young/File Photo Wells Fargo & Co ( WFC.N ) said it agreed in principle to pay $110 million (88.38 million pounds) to settle a lawsuit by customers challenging its opening of accounts without their permission, a practice that led to a scandal that cost the bank''s chief executive his job. The bank said on Tuesday it expects the settlement to resolve claims in 11 other pending class actions. The lawsuit resolves claims that Wells Fargo''s high-pressure culture drove branch workers needing to meet sales quotas to open unauthorized accounts, including with forged signatures. Customers said this saddled them with accounts they did not need or want, and fees they knew nothing about. The lawsuit dates from May 2015, sixteen months before Wells Fargo agreed to pay $185 million in penalties to settle regulatory charges over the sham accounts, estimated to number as many as 2 million. That settlement with the U.S. Consumer Financial Protection Bureau and Los Angeles City Attorney Mike Feuer prompted national outrage, leading to the departure in October of the bank''s longtime chief executive, John Stumpf. The named plaintiffs in the lawsuit are Shahriar Jabbari, a Californian, and Kaylee Heffelfinger, from Arizona. They believed they each had two accounts at Wells Fargo, but said the bank opened a respective nine and seven accounts for them, according to court papers. Wells Fargo has abandoned sales quotas. Its new chief executive, Tim Sloan, in January told analysts that the bank still has "a lot of work to do" to rebuild trust with customers, employees and other stakeholders. The case is Jabbari et al v. Wells Fargo & Co et al, U.S. District Court, Northern District of California, No. 15-02159. (Reporting by Jonathan Stempel in New York and Nikhil Subba in Bengaluru; Editing by Shounak Dasgupta) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-wells-fargo-fine-idUKKBN16Z2YL'|'2017-03-29T05:58:00.000+03:00'
'5b6294ab73a137f9ad4b605368148774f9ba0d57'|'SK Hynix in talks with Japanese investors for joint Toshiba chip bid: Korea Economic Daily'|'SEOUL South Korean chipmaker SK Hynix Inc ( 000660.KS ) is in talks with Japanese financial investors about forming a consortium and jointly bidding for Toshiba''s memory chip business, Korea Economic Daily reported on Wednesday citing unnamed sources.The paper said SK Hynix, the world''s No. 2 memory chip maker behind Samsung Electronics Co Ltd ( 005930.KS ), plans to submit a preliminary bid for the Toshiba chip business on Wednesday. The Japanese firm put up the business for sale in response to a $6.3 billion writedown expected from exposure to its U.S. nuclear unit Westinghouse.An SK Hynix spokesman declined to comment on the report.(Reporting by Se Young Lee; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-toshiba-m-a-sk-hynix-idINKBN170011'|'2017-03-28T22:15:00.000+03:00'
'feb687039cabc8387f3c5c27f9191984fbb74dc1'|'Global stocks, dollar recover as markets try to move past Trump''s policy stumble'|'By Nichola Saminather - SINGAPORE SINGAPORE Asian stocks pulled ahead on Tuesday after Wall Street steadied and the dollar bounced from a four-month-low, as concern over Donald Trump''s setback on his healthcare reform bill gave away to tentative hopes for the U.S. President''s planned stimulus policies.MSCI''s broadest index of Asia-Pacific shares outside Japan added 0.3 percent in early trade.Japan''s Nikkei jumped 1.1 percent, its biggest one-day gain in more than two weeks, while Australian stocks advanced 0.9 percent.South Korean stocks climbed 0.4 percent after data showed the domestic economy grew at a slightly faster pace than initially thought in the fourth quarter of 2016, supported by strong construction activity.Overnight, the S&P 500 and the Dow Jones Industrial Average closed lower but had narrowed their losses from earlier in the session, when both hit near-six-week lows. The Nasdaq ended higher.Risk appetite had evaporated after Trump''s failure to garner enough support last week to pass a bill repealing the Affordable Care Act, former President Barack Obama''s signature health care bill, even with a Republican-controlled Congress.That blow for Trump spooked global risk assets on concerns about the president''s ability to enact stimulus policies. The MSCI World index, which had stumbled last week, managed to recover, as confidence returned that the Trump administration will corral Congressional support for other pro-growth policies."Markets appear reluctant to take the Trump disappointment too much further at this stage," Ric Spooner, chief market analyst at CMC Markets in Sydney, wrote in a note."With U.S. economic growth showing signs of improvement and the (Federal Reserve) clearly embarked on a monetary tightening cycle, the significant correction that has already occurred in bonds and the U.S. dollar may already reflect an adequate wind-back of the market’s Trump exuberance."The U.S. 10-year bond yield, which hit a one-month low on Monday, recovered to trade higher at 2.3782 on Tuesday.The dollar added 0.1 percent to 110.75 yen after touching its lowest level since November on Monday.The dollar index inched up to 99.233 after slumping to a 4-1/2-month low on Monday.The euro was steady at $1.08655 on Tuesday, after touching its highest level since November on Monday.In commodities, the return of risk appetite helped lift oil from a level close to the 3-1/2-month low seen last week, despite lingering concerns about whether producers will extend an OPEC-led output cut beyond the end of June to ease a global glut.U.S. crude gained 0.5 percent to $47.96 a barrel, after dropping as much as 1.9 percent on Monday.Gold was little changed at 1,253.06 early on Tuesday, after pulling back from the one-month-high hit earlier on Monday.(Reporting by Nichola Saminather; Editing by Shri Navaratnam)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/global-markets-idINKBN16Z071'|'2017-03-28T00:23:00.000+03:00'
'40a1c9a70da6f010f3d5cd1115c86a2dc842bed9'|'CFTC fines ex-Citi traders for spoofing in U.S. Treasury futures'|'Business News   12:27pm EDT CFTC fines ex-Citi traders for spoofing in Treasury futures WASHINGTON The U.S. Commodity Futures Trading Commission (CFTC) said on Thursday it had settled charges against two former traders for Citigroup Global Markets Inc, a unit of Citigroup Inc ( C.N ), for spoofing in U.S. Treasury futures markets. Under separate orders, Stephen Gola agreed to pay a $350,000 civil penalty and Jonathan Brims a $200,000 penalty, and both were banned from trading for six months for spoofing — bidding or offering with the intent to cancel the bid or offer before execution, the CFTC said in a statement. ( bit.ly/2nDZRp1 ) (Reporting by Tim Ahmann; Writing by Eric walsh) Next In Business News Trump administration seeks mainly modest changes to NAFTA: WSJ WASHINGTON The Trump administration is seeking mainly limited changes to the North American Free Trade Agreement with Mexico and Canada, the Wall Street Journal reported on Thursday, citing an administrative draft proposal circulated in Congress by the Office of the U.S. Trade Representative. U.S. debt to reach 150 percent of GDP in 30 years: CBO WASHINGTON U.S. debt held by the public will balloon to 150 percent of economic output by 2047 unless tax and spending laws are changed, the Congressional Budget Office said on Thursday, far exceeding the record level just after World War II. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-cftc-citigroup-spoofing-idUSKBN1712IJ'|'2017-03-31T00:17:00.000+03:00'
'70be0bfa366a69fac1d25ab2a7172d07591f4ca9'|'Trump''s Nominee for Air Force Secretary backs stealth of F-35 jets'|'March 30 President Trump''s U.S. Air Force Secretary nominee Dr. Heather Wilson, a former congressional representative from New Mexico, told senators on Thursday that other jets did not have the stealth capability of Lockheed Martin Corp''s F-35 fighter jet.During a U.S. Senate Armed Services Committee hearing on her nomination Wilson said she believed that F-15, F-16 and F-18 fighter jets could not retroactively be given the stealth capabilities of Lockheed Martin Corp''s F-35 fighter jet. (Reporting by Mike Stone)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-defense-airforce-idINL2N1H7101'|'2017-03-30T13:26:00.000+03:00'
'ec5db00bcfe05018613735c7f24f1c05d8b6b8ed'|'Peso and Poland lead emerging markets'' Q1 charge'|'Company  01pm EDT Peso and Poland lead emerging markets'' Q1 charge * Global Assets in 2017 reut.rs/2ne9sjH * World FX rates in 2017 tmsnrt.rs/2egbfVh * EM stocks in 2017 tmsnrt.rs/2hn5N02 * EM currencies in 2017 tmsnrt.rs/2hniYya * EM bonds tmsnrt.rs/2ih2QQ9 By Marc Jones LONDON, March 30 Emerging markets have had a stellar start to the year, with equities delivering world-beating returns in the first 2017 quarter and the Mexican peso topping currency gains with a 10 percent bounce against the dollar. There have been the odd laggard - Turkey has seen the lira slump and some Latin American commodity plays have retreated as oil prices have toppled back again - but for the most part it has been a bumper few months. "We have been in an unloved asset class for a long time and because we had good year last year a lot of people are now coming back in," said Aberdeen Asset Management EM portfolio manager Viktor Szabo. As this Reuters checklist shows tmsnrt.rs/2egbfVh Mexico''s peso has recouped almost all of ground it lost after Donald Trump''s U.S. election. Other strong emerging currency performers so far this year include the rouble and the zloty. The FX tailwinds have helped MSCI''s emerging equity index rise a tidy 13 percent, outperforming developed peers. The strongest performers have been Polish stocks, having risen 20 percent in dollar terms after years of underperformance, helped by a 6-percent jump in the zloty . Chilean, Mexican, Indian, Chinese, Brazilian and Turkish stocks have taken off, climbing somewhere between 18 and 10 percent in dollar terms. tmsnrt.rs/2hn5N02 Bonds denominated in emerging currencies have also had a blinder returning 7 percent as major economies like Brazil have chopped down interest rates, the global growth outlook has improved and investors'' worries have stayed largely dormant. That compares to a paltry 0.8 percent for U.S. Treasuries and just 1.4 percent for German Bunds reut.rs/2ne9sjH "Some of the concerns around the policies of the new Trump administration, on trade and on China, have not been put to rest necessarily but they have been mitigated some what," said PIMCO emerging market portfolio manager Yacov Arnopolin. "A stabilisation of China''s economy and the renminbi has also been a positive," he added, saying it had created something of a "virtuous cycle". Emerging sovereign dollar bonds have returned 4 percent, led by an 8 percent gain by Egypt after it secured an IMF deal late last year. Even South Africa has rallied strongly despite worries about the future of its finance minister and investment grade sovereign credit rating. NEXT QUARTER BACK? The coming few months have plenty in store, starting with a meeting between U.S. and Chinese presidents Donald Trump and Xi Jinping next week that will set the tone on issues from trade protectionism and currency manipulation to North Korea. Czech central bankers hope to avoid Swiss franc-style chaos as they remove their 27-per-euro cap on the crown, Indonesia could be lifted to investment grade by S&P not to mention Turkey voting on U.S.-like presidential powers for Tayyip Erodogan. PIMCO''s Arnopolin says EM is looking "in pretty decent shape on a cyclical horizon" and is likely to be less volatile than some of world''s developed markets, but others sense the recent pace of the rally may require a breather. Brazilian oil and mining giant''s Petrobras and Vale have already seen near 20 percent corrections from their peaks of the year. The IMF is expected to downgrade growth forecasts for large parts of Latin America and Reuters data shows there are currently twice as many puts - or bearish bets - on the iShares MSCI Emerging Markets exchange-traded fund, as bullish ones. here What''s more, asset correlations have started to break down, most notably in the dollar''s inverse relationship with commodities. Normally, a rising dollar means lower commodity prices, and vice versa. But both have fallen in recent weeks. "We are at a crucial stage of this EM rally now, said Rabobank''s Matys. "What is really vital though is that the Trump administration provide some concrete details on its big fiscal plans. Promises and pledges are not enough any more." (Reporting by Marc Jones; Editing by Andrew Heavens) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-q-idUSL5N1H64IL'|'2017-03-31T01:01:00.000+03:00'
'34228a15f3798caafb2c29d5d80fc0be1dfe5266'|'Kushner, Anbang end talks to redevelop Manhattan office tower'|'U.S.  38am EDT Kushner, Anbang end talks to redevelop Manhattan office tower left right The headquarters building of Anbang Insurance Group are pictured in Beijing, China, August 25, 2016. REUTERS/Jason Lee 1/3 left right FILE PHOTO: Passers-by walk near the office building at 666 Fifth Avenue in New York December 7, 2006. REUTERS/Keith Bedford 2/3 left right White House aides including Chief of Staff Reince Priebus (L), senior advisors Jared Kushner (C) and Kellyanne Conway arrive with Vice President Mike Pence (R) prior to a joint news conference between Canadian Prime Minister Justin Trudeau and U.S. President Donald Trump at the White House in Washington, U.S., February 13, 2017. REUTERS/Carlos Barria 3/3 NEW YORK Kushner Companies, the real estate firm formerly headed by President Donald Trump''s son-in-law, said it has dropped out of talks to redevelop its flagship New York office tower with China''s Anbang Insurance Group [ANBANG.UL]. The two companies, which had been in advanced talks according to media reports, both agreed to end the discussions about redeveloping a 60-year-old office tower that is steps away from St. Patrick''s Cathedral and Rockefeller Center. "Kushner Companies is no longer in discussions with Anbang about 666 Fifth Avenue''s potential redevelopment, and our firms have mutually agreed to end talks regarding the property," a spokesman for Kushner said. Plans are still ongoing with other investors to redevelop the 39-story aluminum-clad building that fronts Fifth Avenue between 52nd and 53rd Streets in Midtown Manhattan, the spokesman said. "Kushner Companies remains in active, advanced negotiations around 666 Fifth Avenue with a number of potential investors," he said. Kushner Cos was headed by Jared Kushner, Trump''s son-in-law, until earlier this year when his interest in the company was sold to a family trust. Concerns had been raised about a conflict of interest given Kushner''s role as an adviser to Trump. Plans call for stripping the building down to its steel columns and adding about 40 floors in a project that was designed by Zaha Hadid, a Pritzker Prize award winner for architecture, before she died last year, the Wall Street Journal reported last week. News of Kushner and Anbang ending talks was first reported by the New York Post. (Reporting by Herbert Lash, additional reporting by Joy Wiltermuth of IFR; Editing by Phil Berlowitz) Next In U.S.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-property-kushner-anbang-group-idUSKBN170224'|'2017-03-29T22:31:00.000+03:00'
'e2508c921cbcb45155b54d0f6d52be5f974400f9'|'Exclusive: PPD''s private equity owners in talks to sell stakes - sources'|'By Carl O''Donnell and Greg Roumeliotis The two buyout firms that own Pharmaceutical Product Development LLC (PPD) are in advanced talks to sell some of their stakes in the U.S. clinical trials firm at a price that would value the entire company at more than $9 billion, including debt, people familiar with the matter said.The deal would see PPD''s owners, Carlyle Group LP ( CG.O ) and Hellman & Friedman LLC, continue to control the company jointly, the people said. Carlyle currently owns 60 percent of PPD and Hellman & Friedman owns 40 percent, with the two sharing governance rights.Carlyle and Hellman & Friedman are in talks to sell minority stakes in PPD to investors that include Singapore''s sovereign wealth fund GIC and Abu Dhabi Investment Authority, the people said on Tuesday.Carlyle and Hellman & Friedman would continue to collectively own more than half the company, the people added.The exact deal structure is still being hammered out, and negotiations are expected to continue for much of April, with no certainty that a deal will be reached, the people added.An alternative deal is still possible. Carlyle and Hellman & Friedman considered an offer for the entirety of PPD earlier this month from private equity firm Pamplona Capital Management LP, which had financial backing from investment firm LetterOne Holdings SA, the people said.However, Pamplona''s offer did not value PPD as highly as the minority equity investors, according to the sources.The sources asked not to be identified because the negotiations are confidential. Carlyle and Hellman & Friedman declined to comment, while PPD, GIC, Abu Dhabi Investment Authority, Pamplona and LetterOne did not immediately respond to requests for comment.A deal for PPD would underscore how the contract research organization industry has benefited in recent years from the pharmaceutical companies'' drive to cut costs, reduce clinical trial times and expand their research and development presence around the world.The transaction would also highlight the value of PPD''s significant scale in what is otherwise a fragmented industry.Based in Wilmington, North Carolina, PPD offers its services to biotech, pharmaceutical and medical device companies that wish to outsource research services. It focuses its research on a wide range of therapeutic areas, ranging from cardiovascular to urology.Carlyle and Hellman & Friedman took PPD private in 2011 for $3.9 billion. Under their ownership, PPD''s 12-month earnings before interest, taxes, depreciation and amortization of $340 million have more than doubled.Laboratory Corporation of America Holdings ( LH.N ) explored an acquisition of PPD earlier this year, Reuters reported in February.(Reporting by Carl O'' Donnell and Greg Roumeliotis in New York; Editing by Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ppd-m-a-hellman-friedman-idINKBN16Z2YB'|'2017-03-28T19:51:00.000+03:00'
'480bc87aa12bfafc4a39afbff4d84fa2083e2b31'|'Credit Suisse CEO says to decide on capital raising ''as soon as possible'''|'Business News - Tue Mar 28, 2017 - 3:12am BST Credit Suisse CEO says to decide on capital raising ''as soon as possible'' left right Credit Suisse logo is pictured on their office in Warsaw Poland, March 15, 2017. REUTERS/Kacper Pempel 1/2 left right Tidjane Thiam, CEO of the Credit Suisse bank attends the World Economic Forum (WEF) annual meeting of the Forum in Davos, Switzerland January 17, 2017. REUTERS/Ruben Sprich 2/2 HONG KONG Credit Suisse ( CSGN.S ) will make a decision on its capital raising plans "as soon as possible," its chief executive said on Tuesday, without giving specific details on the timing or the type of fund-raising. Thiam, who joined Credit Suisse from British insurer Prudential in mid 2015, gave the comments at a news conference in Hong Kong, where he was present for an investment conference. Last week, Switzerland''s second-biggest bank upped its net loss for last year to 2.71 billion Swiss francs ($2.75 billion) from 2.44 billion. This cut the bank''s common equity tier 1 ratio, a closely watched measure of balance sheet strength, heightening its need to raise capital Credit Suisse has said previously that its current plan is to raise up to 4 billion francs via an IPO of a minority stake in its Swiss banking division. However, it is also considering a quick-fire share sale at group level and its board of directors is set to decide in April how to proceed, Reuters has reported, citing sources. (Reporting by Sumeet Chatterjee; Writing by Anshuman Daga; Editing by Stephen Coates) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-credit-suisse-gp-asia-idUKKBN16Z06X'|'2017-03-28T10:03:00.000+03:00'
'03b1fb24630f57faf1fb93dc07a39c0c338982d6'|'Fed''s Kaplan says if progress continues, will support more rate hikes'|'Business News - Tue Mar 28, 2017 - 12:41am BST Fed''s Kaplan says if progress continues, will support more rate hikes COLLEGE STATION, Texas Dallas Federal Reserve Bank President Robert Kaplan said on Monday that he will support further interest rate hikes if the U.S. economy continues to make progress towards its goals of full employment and 2-percent inflation. "As long as I continue to see us make progress, I will continue to support" further rate hikes, Kaplan said at an event at Texas A&M University. (Reporting by Brad S. Morse; writing by Ann Saphir; editing by Diane Craft) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-fed-kaplan-idUKKBN16Y2R9'|'2017-03-28T07:41:00.000+03:00'
'3370e291ed9da032894b569c2f42617b791fbda0'|'Payday loan industry using former Labor shadow minister as lobbyist - Money'|'The payday loan industry is using Labor’s former shadow financial services minister to lobby against stronger protections for vulnerable and low-income borrowers.Consumer advocates have put pressure on the government to act on a promise to tighten regulation of the controversial sector, following repeated accusations that unscrupulous lenders are giving high-fee loans to borrowers who are unable to repay. Cash Converters, one of the most well-known short-term lenders, was forced late last year to refund 118,000 small credit contracts worth $10.8m and pay $1.35m in fines for irresponsible lending practices.Consumer advocates call for crackdown on irresponsible payday lending Read more This week, the organisation representing short-term lenders, the National Credit Providers Association, is in Canberra meeting with government and opposition MPs to voice its concerns on one aspect of the planned reforms.It engaged Labor’s former shadow financial affairs minister Bernie Ripoll to lobby on its behalf last year and has taken him to Canberra for the meetings.An email from the association, obtained by Guardian Australia, tells federal politicians that it holds “serious concern” about one particular measure under consideration, which would reduce the amount payday lenders can claw back in repayments. A cap currently limits repayments from 20% of gross income but an independent review last year recommended that be tightened to 10% of net income.The reform is designed to ensure borrowers are only given loans they can afford and prevent the so-called “debt spiral”, where individuals take out a second or third loan just to meet repayments from the first. The NCPA chairman, Rob Bryant, described that recommendation as “of serious concern” in his email. He said it could cause “an almost $500m credit problem for the community and the government”, cause financial exclusion for the average Australian and allow illegal and unregulated lenders to enter the market.“NCPA chairman Rob Bryant and advisor the Hon Bernie Ripoll from Fresh Advisory are seeking a meeting with you in Canberra to discuss the small loan market and will be available during the parliamentary sitting week of Monday 27 March to Wednesday 29 March,” Bryant wrote in the email. The email attaches a document seeking to dispel myths about the short-term credit industry, which says lenders do not prey on vulnerable Australians or allow borrowers to become trapped in debt spirals. As staff, we were told that payday loans were a helping hand. I didn’t buy it - Anonymous Read more Bryant later told Guardian Australia that the measure would undoubtedly destroy the short-term lending industry and restrict choice for consumers. He said payday loans were the most regulated product in the financial sector. Without such loans, he said, consumers would be forced to seek out illegal and unregulated lenders for small amounts of credit. “It will challenge the viability of the [small amount credit contract] product, and the 10% across the board will knock the SACC product out,” Bryant said. “Lenders will have no choice but to close their doors or go somewhere else.”Asked why Ripoll had been engaged, Bryant said his intimate knowledge of the industry and close relationships in parliament meant he was ideally placed to lobby on the issue.“Whoever you have to lobby for you [their job] is introducing you to politicians and Bernie has a grasp of the industry,” Bryant said. “I want a good outcome for consumers here. If there’s a thing I’m really passionate about, it’s that no reality fits an ideology.”He said the NCPA was meeting with “a lot of interested politicians” but would not disclose whether he had met with the small business minister, Michael McCormack. Meanwhile, an alliance of consumer advocates are also in Canberra , including Choice, the Consumer Action Law Centre, Financial Rights Legal Centre and Financial Counselling Australia.The alliance is urging the federal government to act urgently on a promise made in November to implement reforms to the sector. Topics Payday loans Labor party Australian politics news  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/mar/27/payday-loan-industry-using-former-labor-shadow-minister-as-lobbyist'|'2017-03-27T12:41:00.000+03:00'
'89e6f3524dd1945cb5ca9434464f0050a2e773e5'|'France to hold U.S. roadshows to attract business to Paris post-Brexit'|' 32am BST France to hold U.S. roadshows to attract business to Paris post-Brexit A general view shows the buildings of the financial district of La Defense near Paris, France, November 8, 2016. REUTERS/Christian Hartmann PARIS Top French financiers will travel to the United States in May to try to attract U.S business to Paris following Britain''s decision to quit the European Union. Paris Europlace - an organisation representing French business and finance - said in its March newsletter published on Thursday that it would hold roadshows in Boston and New York on May 22 and 23 aimed at persuading U.S. finance companies to choose Paris as their European base. The organisation said it had already held about 100 meetings with executives of large international banks as well as asset management, investment, insurance and fintech companies in London, New York, Shanghai and Tokyo and these had shown a "clear interest" in Paris. Both France and Germany have stepped up efforts to try to replace London''s traditional role as Europe''s main centre of business, following Britain''s vote for Brexit. Prime Minister Theresa May formally began Britain''s divorce from the EU on Wednesday, declaring there was no turning back and opening a tortuous exit process that will test the bloc''s cohesion and pitch her country into the unknown. French officials have already held events in London this year to try to lure financial jobs over to Paris, in the wake of the Brexit vote. HSBC ( HSBA.L ), Europe''s biggest bank, has said it could move a part of its operations to Paris, while the French capital''s standing in the technology sector was also boosted by Facebook''s ( FB.O ) decision this year to open its first ever start-up incubator in the city. Paris'' status as a major world city and capital of fashion and culture work in its favour, although analysts say France''s strict labour laws could put off employers. (Reporting by Sudip Kar-Gupta; Editing by Adrian Croft)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-france-usa-idUKKBN17111S'|'2017-03-30T17:32:00.000+03:00'
'7d8d15e11f2c6c525b08b8f2cb0111326107dfb1'|'Sears stock is up 50% in a week. What the heck is going on? - Mar. 30, 2017'|'5 stunning stats about Sears Sears continues to lose lots of money. Sales are plunging. Shoppers have abandoned its stores and they aren''t going to Sears-owned Kmart either. The company even recently warned that it may go out of business. And yet, Sears stock is up nearly 50% in the past six days, or 25% this year. What the heck is going on? Earlier this year, the stock hit an all-time low . Two of the company''s biggest fans have been busy buying shares in the past week -- and that has boosted investors'' hopes that the company won''t go under after all. CEO Eddie Lampert has scooped up some stock to prop it up. So has the influential investment firm Fairholme Capital, which is run by Bruce Berkowitz -- a Sears board member. Lampert, through his personal stake and the holdings owned by his investment firm ESL, and Fairholme collectively own more than 75% of Sears. So any moves by Lampert and Fairholme to prop up Sears go a long way toward easing some of the insolvency and bankruptcy worries. Related: Sears changed America This is not to suggest that Sears is all of a sudden a healthy company again. Nobody''s going to mistake Sears for Amazon, Walmart or Home Depot. But Lampert does have a plan. It''s not a plan that will allow Sears to return to its former glory. But it could keep the company afloat. Earlier this year, Sears announced plans to close 150 Sears and Kmart stores. That will save Sears nearly $1 billion in operating costs and may help it trim its massive debt load. Sears also sold its Craftsman brand of tools to Stanley Black & Decker ( SWJ ) to raise cash. And it is looking to sell its Kenmore appliances and its Diehard auto parts businesses too. The company has also spun off pieces of its Sears Hometown and Outlet Stores ( SHOS ) division, Lands'' End ( LE ) and Sears Canada ( SRSC ) . Sears also set up a separate public company for some of its real estate assets -- Seritage Growth Properties ( SRG ) . And one of the owners of that is none other than investing guru Warren Buffett. The Oracle of Omaha has personally invested in that company. It''s not a holding of Buffett''s Berkshire Hathaway ( BRKB ) though. Make no mistake. Investors should probably stay far away from Sears stock unless they are a billionaire like Buffett who has the financial wherewithal to stomach a big loss. Related; Sears raises doubt about its future And the line in a recent Sears regulatory filing about there being "substantial doubt" regarding its "ability to continue as a going concern" is undoubtedly alarming. But you need to read the next sentence in that filing too. Sears added that all the moves it has in the works to raise cash are "probable of occurring" and that they should mitigate "the substantial doubt raised by our historical operating results" and also satisfy our "estimated liquidity needs." In other words, fears of the imminent demise of Sears -- which have now been circulating for several years -- may be overblown. So opportunistic shoppers looking for a going out of business sale may not get the chance. Sears and Kmart may close their doors for good after all. CNNMoney (New York) First published March 30, 2017: 1:05 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_companies.rss'|'http://money.cnn.com/2017/03/30/investing/sears-stock/index.html'|'2017-03-30T21:05:00.000+03:00'
'93f6c3b82186d7b00f2d4b29645762f44753afc1'|'German, Spanish inflation ebbs, easing pressure on ECB'|' 31pm BST German, Spanish inflation ebbs, easing pressure on ECB People walk past a placard with a price and words reading ''''We are the cheapest'''' outside a shop in the Andalusian capital of Seville December 12, 2014. REUTERS/Marcelo del Pozo/File Photo By Michael Nienaber and Paul Day - BERLIN/MADRID BERLIN/MADRID German and Spanish consumer inflation slowed more sharply than expected in March as oil prices slumped, data showed on Thursday, offering some respite to the European Central Bank as it faces pressure to wind down its monetary stimulus. The ECB has slashed interest rates into negative territory and adopted a bond-buying programme worth 2.3 trillion euros ($2.5 trillion) to counter the threat of deflation and revive growth in the 19-member currency bloc. Euro zone inflation surged to a four-year high in February, zooming past the ECB''s price stability target of just under 2 percent. But the central bank has said it first needs to see if inflation rises at the start of the year are sustainable in the medium term before considering changing policies. German annual inflation, harmonised to compare with other European countries (HICP), slowed to 1.5 percent in March after reaching a 4-1/2 year high of 2.2 percent in February, preliminary data from the Federal Statistics Office showed. The March reading marked the first slowdown in nearly a year and came in weaker than a Reuters consensus forecast of 1.9 percent. It pushed down Germany''s 10-year government bond yield to a three-week low of 0.32 percent. ING bank economist Carsten Brzeski said the drop should help the ECB in taming "rate hike fantasies", adding that falling oil prices and limited domestic inflationary pressures should lead to a gradual slowing of headline inflation in the second half of the year. "Speculation about changes to the ECB''s monetary policy stance are the result of a strengthening macro outlook and higher headline inflation," he noted. "Nevertheless, the ECB, in our view, is not likely to quickly change policies - clearly not before the French presidential elections (in April and May)," Brzeski added. Several ECB policymakers argued on Thursday that the bank needed to stick to its already laid out policy path, though a top conservative urged them to leave the door open to a more rapid reduction in stimulus. After the French elections, the ECB could give its first hints at a 2018 tapering of the bond-buying programme, Brzeski said. Spanish consumer price inflation also eased sharply in March as fuel and power prices fell. The EU-harmonised inflation rate there slowed to 2.1 percent, flash data from the National Statistics Institute (INE) showed. This compared with a Reuters poll of 2.7 percent and with a reading of 3.0 percent in February. "This is much lower than we''d expected and is principally due to the effect of oil prices," said Estefania Ponte, analyst at BNP Paribas Personal Investors in Madrid. In Germany, Europe''s biggest economy, energy prices and food costs rose less sharply than in February although both again were the main drivers behind the overall increase, a breakdown of the non-harmonized data showed. Economists partly put down the drop in German headline inflation also to calendar effects, since last year''s Easter holidays came in March rather than, as this year, in April. This means some items such package holiday costs rose less sharply this March. The inflation rate for the entire euro zone, due on Friday, is expected to have fallen to 1.8 percent in March from 2.0 percent in February, economists polled by Reuters said. (Reporting by Michael Nienaber in Berlin and Paul Day in Madrid; Editing by Madeline Chambers and John Stonestreet)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-inflation-idUKKBN1711VD'|'2017-03-30T21:31:00.000+03:00'
'6786d0358583b18c93e05c7203317ad9caf8821c'|'Mester sees more Fed hikes as economy rebounds from first quarter'|'Business News - Thu Mar 30, 2017 - 9:48am EDT Mester sees more Fed hikes as economy rebounds from first quarter Cleveland Fed President Loretta Mester takes part in a panel convened to speak about the health of the U.S. economy in New York November 18, 2015. REUTERS/Lucas Jackson A Federal Reserve policymaker on Thursday repeated her call for further rate hikes and a trimming of the central bank''s balance sheet later this year, as the U.S. economy is expected to rebound from what looks like a weak first quarter. "If economic conditions evolve as anticipated, I believe further removal of accommodation via increases in the fed funds rate will be needed," said Cleveland Fed President Loretta Mester, a hawkish policymaker who regains a vote on interest rates next year. "I would (also) be comfortable changing our reinvestment policy this year." The Fed raised rates in mid-March, its second policy tightening in three months. The central bank has also been topping up a $4.5 trillion portfolio of bonds amassed in the wake of the financial crisis, but plans to eventually begin shrinking it by letting the assets mature. While the economy has been expanding at a 2-percent rate over the last few years, the Atlanta Fed''s GDPNow forecast predicts it dipped to 1 percent in the first three months of the year. Yet the "underlying fundamentals supporting the economic expansion are sound," Mester added in prepared remarks to a financial risk conference in Chicago. "While growth in the first quarter may come in on the weak side, I think this largely reflects transitory factors and residual seasonality in the data." (Reporting by Jonathan Spicer; Editing by Chizu Nomiyama) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-fed-mester-idUSKBN1711XZ'|'2017-03-30T21:48:00.000+03:00'
'eaa3f4621e1c3f80321f98e18405984803c9574e'|'Boston Scientific to acquire Symetis for $435 million'|'Boston Scientific Corp ( BSX.N ) said on Thursday it would buy privately-held Swiss medical device maker Symetis SA for $435 million to expand its business of making minimally invasive heart devices.Boston Scientific said it expects the deal to be immaterial to 2017 results, on an adjusted basis, slightly boost results in 2018, and be increasingly accretive thereafter.(Reporting by Divya Grover in Bengaluru; Editing by Savio D''Souza)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-symetis-m-a-boston-scient-idINKBN171159'|'2017-03-30T08:17:00.000+03:00'
'512657dd0a4dd06be774ef8a77baccfd0fa5b033'|'Westinghouse set to win UK reactor approval'|'Thu Mar 30, 2017 - 12:32pm BST Westinghouse set to win UK reactor approval The logo of the American company Westinghouse is pictured at the World Nuclear Exhibition 2014, the trade fair event for the global nuclear energy sector, in Le Bourget, near Paris October 14, 2014. REUTERS/Benoit Tessier By Susanna Twidale - LONDON LONDON Toshiba''s ( 6502.T ) Westinghouse, which filed for bankruptcy on Wednesday, is on track to win approval for its AP1000 reactor design by the end of March, Britain''s nuclear regulator said. The approval is necessary before the reactor can be used at NuGen''s Moorside new nuclear project in north west England, which could generate around 7 percent of Britain''s electricity. Westinghouse''s bankruptcy filing has raised questions over whether it will be able to complete capital intensive projects, although it does not affect Westinghouse''s operations in Asia, Europe, the Middle East and Africa, according to a company statement. "We are still expecting to close out the AP1000 GDA (Generic Design Assessment) by the end of the month, according to the long-standing timeline," a spokeswoman for Britain''s Office for Nuclear Regulation (ONR) said in an email on Thursday. All new nuclear plants in Britain need ONR approval through its GDA process, which typically takes around four years. Westinghouse''s AP1000 approval however, has taken much longer since assessment first began in 2007. It was paused by the ONR at the end of December 2011 while it asked for some design modifications, but was resumed in 2014. Britain needs to invest in new infrastructure to replace aging coal and nuclear plants set to close in the next decade, but has struggled to get large projects built, especially nuclear, due to the costs involved. EDF''s ( EDF.PA ) 18 billion pound ($22.5 billion) Hinkley Point C nuclear project in southwest England got the final go-ahead in 2016 after several years of delay, but only after securing backing from the French government. NuGen, a joint venture between Toshiba and French utility Engie ( ENGIE.PA ) has also come under doubt since Japan''s Toshiba said last month it planned to pull out of the construction work at the British plant after posting a $6.3 billion writedown on Westinghouse, which has been hit by billions of dollars in cost overruns at new nuclear plants. A spokesman for NuGen said it could not comment on specific financial issues relating directly to Toshiba or Westinghouse and that it will continue "business as usual" to gain the necessary permits and licenses to build the project. Britain''s GMB trade union has called on the government to offer reassurances that the project, which it says could provide thousands of jobs, will still go ahead. "The UK Government is committed to new nuclear," a spokeswoman for the Department for Business, Energy and Industrial Strategy said. "The UK is one of the most attractive countries to invest in new nuclear and we engage regularly with the developers of proposed new nuclear projects," she said. (Additional reporting by Nina Chestney; editing by Alexander Smith) Up Next Corporate America’s top shareholder referee gets tougher on activists NEW YORK Institutional Shareholder Services Inc, the world''s top proxy advisory firm, is making activist investors work harder than ever to earn its backing in corporate control battles in a shift being led by the new man in charge of its recommendations. TOKYO Toyota Motor Corp on Thursday said it was recalling a total of about 2.9 million vehicles in Japan, China, Oceania and other regions including its Corolla Axio sedan and RAV4 SUV crossover due to potentially faulty airbag inflators. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-toshiba-westinghouse-britain-idUKKBN1711E6'|'2017-03-30T19:30:00.000+03:00'
'ed54123b2eef19184f50e524244c4b75705f18b3'|'Japan govt aware Toshiba''s Westinghouse to file for Chapter 11'|'TOKYO The Japanese government is aware that Toshiba Corp''s U.S. nuclear unit Westinghouse plans to file for Chapter 11 bankruptcy protection, Chief Cabinet Secretary Yoshihide Suga said on Wednesday.Suga, the government''s chief spokesman, told a regular news conference he wants the Japanese and U.S. governments to continue to exchange information about Westinghouse.(Reporting by Hitoshi Ishida; Writing by Chris Gallagher; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/toshiba-accounting-suga-idINKBN17009A'|'2017-03-29T00:58:00.000+03:00'
'b03a253a46ab2b870b91ceacd9127e3b38eac3aa'|'Volkswagen files complaint at Munich court against dieselgate firm searches'|'Environment - Wed Mar 29, 2017 - 12:58pm BST VW files complaint at Munich court against dieselgate firm searches A Volkswagen logo is pictured at the newly opened Volkswagen factory in Wrzesnia, Poland, September 9, 2016. REUTERS/Kacper Pempel/File Photo BERLIN Volkswagen ( VOWG_p.DE ) has filed a legal complaint with a Munich court against the searches carried out by German prosecutors against the law firm it hired to investigate its emissions scandal, a spokesman said. Europe''s biggest carmaker had condemned the search of offices of U.S. law firm Jones Day on March 15 and said it would use every legal step to defend itself. The VW spokesman declined comment on Wednesday when the complaint was lodged with the Munich local court and gave no further details. (Reporting by Andreas Cremer; Editing by Christoph Steitz) Next In Environment'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-volkswagen-emissions-court-idUKKBN1701IB'|'2017-03-29T20:00:00.000+03:00'
'df53c83f880a29cb630509996eca368b93f98031'|'KKR prepares bid for Australia''s Quintis: source'|'By Jamie Freed - SYDNEY SYDNEY U.S. private equity firm KKR & Co LP ( KKR.N ) is preparing a potential consortium bid for Australia''s Quintis Ltd ( QIN.AX ) backed by the sandalwood plantation group''s managing director, a source said.The source, who was not authorised to speak publicly, told Reuters that a consortium was being formed with the aim of presenting a formal proposal to the Quintis board within weeks."Several parties are stepping forward," the source said.Quintis, formerly known as TFS Corp, has Indian sandalwood plantations; oil from the trees is sold to India and China for fragrances, cosmetics and medicinal uses.Quintis Managing Director Frank Wilson, who owns about 13 percent of the company, on Tuesday said he would resign to consider making a takeover offer alongside an unnamed group.KKR has a controlling stake in Santanol Group, which owns and operates Indian sandalwood plantations in the same part of Western Australia as Quintis. Combining the operations could result in cost savings, the source said.Quintis, which had a market value of A$487 million ($372.07 million) at Tuesday''s close, is one of the last remaining publicly-listed managed investment schemes in Australia.The collapses of Timbercorp Ltd and several other large forestry investment schemes, starting in 2009, drew widespread criticism of an investment model which frequently involved small investors borrowing money for high-risk operations.Quintis lost 24 percent of its value last week after the publication of a highly negative report by short-seller Glaucus Research Group.A spokesman for KKR declined to comment. A Quintis spokesman said the company had no immediate comment.(Reporting by Jamie Freed; Editing by Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-quintis-m-a-kkr-idINKBN16Z324'|'2017-03-28T20:55:00.000+03:00'
'15f7e769373e118f41e4ddc2bf0a4f82f0a29e96'|'Bull market not dead as tax reform takes spotlight'|'NEW YORK The death of the Republican healthcare reform may not prove to be the knife to the heart of the bull market some had feared, but to keep the Trump Trade alive investors should temper expectations for the breadth of expected tax cuts.Anxiety over prospects for the healthcare bill gave stocks their largest weekly drop since the November presidential election. But its failure to pass could also force the Trump administration to come up with a palatable tax reform that could deliver this year some of the stimulus Wall Street has rallied on.The S&P 500 rose as much as 12 percent since the surprise Nov. 8 election win President Donald Trump, mostly on bets that lower taxes, deregulation and fiscal stimulus would boost economic growth and corporate earnings.As he acknowledged defeat for the healthcare bill, Trump said Republicans would likely pivot to tax reform. Bets on that shift in focus were seen in stocks late on Friday, as the market cut its day losses when news of the health bill being pulled emerged."The market believes it raises the probability of a tax cut later this year since Trump is showing more strategic behavior. (It) puts the market a little more at ease," said Paul Zemsky, chief investment officer of multi-asset strategies and solutions at Voya Investment Management in New York.On the campaign trail Trump promised to lower the corporate tax to 15 percent. In order to make the tax reform revenue-neutral, and agreeable to the most money-sensitive wing of his party, his administration counted on savings from the health bill that will no longer materialize."If we want to get something passed by the August break, it’s going to look a lot like tax reform light,” said Art Hogan, chief market strategist at Wunderlich Securities in New York."If we settle somewhere between the 25-30 percent corporate tax rate, that is far from the 15 percent offered in the campaign trail and the 20 percent currently in the House plan, (and) I think that’s where we end up."Softer cuts in corporate taxes leave stocks vulnerable after a rally on hopes for more, he said."It’s not a negative, it’s just not the positive the market had priced in."Aside from Trump''s pro-growth agenda some investors have pointed to an improving global economy and expectations for double-digit growth in corporate earnings as support for the lofty valuations in stocks."The evidence suggests to me that there is some Trump fairy dust sprinkled on this rally. That said, the underlying fundamentals do look better," said Alan Gayle, director of asset allocation at RidgeWorth Investments in Atlanta, Georgia.A survey on Friday showed Germany''s private sector grew at the fastest pace in nearly six years in March, suggesting an acceleration in growth for Europe''s largest economy in the first quarter.Stocks could also turn to earnings to justify their price. First quarter earnings are expected to grow by more than 10 percent, according to Thomson Reuters data. In another sign of investor bullishness, February''s reading on consumer confidence touched its highest level since July 2001.If earnings fail to deliver double-digit growth, stocks could again be seen as too expensive. At $18 per dollar of expected earnings over the next 12 months, investors are paying near the most since 2004 for the S&P 500."The advance we’ve had and the large spike in confidence, the expectations on the economy and earnings expectations - we continue to believe it is too high," said Julian Emanuel, executive director of U.S. equity and derivatives strategy at UBS Securities in New York.(Additional reporting by Lewis Krauskopf; Editing by Cynthia Osterman)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-stocks-weekahead-idUSKBN16V2Z1'|'2017-03-25T03:25:00.000+03:00'
'a76476affaffc73575658e4fef7b2cad76913738'|'ECB''s Villeroy warns against Le Pen''s euro exit plans'|'  10:18am GMT ECB''s Villeroy warns against Le Pen''s euro exit plans Governor of the Bank of France Francois Villeroy de Galhau in Berlin, Germany, September 23, 2016. REUTERS/Axel Schmidt PARIS Ditching the euro to return to the franc would harm the purchasing power of the French and increase government borrowing costs, European Central Bank policymaker Francois Villeroy de Galhau said in an interview on Saturday. In a veiled warning against far-right party leader Marine Le Pen''s euro-exit plans, Villeroy said the euro had brought low borrowing costs and protection against inflation. Villeroy, who is also the head of France''s central bank, did not mention Le Pen by name. "Exiting the euro and devaluating our currency by 20 percent would mean that the cost of imported goods would increase by the same amount," he told the Ouest France newspaper in an interview published on the 60th anniversary of the European Union''s founding treaty. Euro membership has allowed France to benefit from lower borrowing costs, leading to savings of 30-60 billion euros per year, Villeroy said, adding that ditching the currency would mean giving up those savings. Some 72 percent of French voters oppose a return to the franc, an Ifop poll published in Le Figaro daily showed. But there is a sharp difference between people who plan to vote for Le Pen in the April 23 first round of the presidential election and others. Some 67 percent of Le Pen voters back ditching the euro, the survey showed. Le Pen has said she would seek to renegotiate France''s EU membership with the aim of returning to the franc and cutting back the bloc to a loose cooperative of nations. She would put the outcome of the talks to a referendum. Opinion polls see her qualifying for the May 7 presidential election run-off but losing it to the centrist, pro-EU Emmanuel Macron. But there are many undecided voters. (Reporting by Ingrid Melander; Editing by Mark Potter)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-france-election-villeroy-euro-idUKKBN16W0CI'|'2017-03-25T18:18:00.000+03:00'
'1313f1b8409f863c72501cd6d7a5c932bfbb36b7'|'Exclusive - Philippines allows suspended miners to ship out nickel ore after clampdown'|'Money News - Fri Mar 24, 2017 - 11:45am IST Exclusive - Philippines allows suspended miners to ship out nickel ore after clampdown A truck loads rocks and soil containing nickel-ore minerals into a barge in the mining town of Sta Cruz Zambales in northern Philippines February 8, 2017. Picture taken February 8, 2017. REUTERS/Erik De Castro/File Photo By Manolo Serapio Jr - MANILA MANILA The Philippines'' environment ministry has allowed eight suspended nickel ore miners to ship out stockpiles of mined ore, sources told Reuters, temporarily boosting supply from the world''s top exporter of the raw metal after a major crackdown. More than half of all mines in the Philippines have been ordered to permanently shut to protect watersheds in an eight-month campaign led by Environment and Natural Resources Secretary Regina Lopez. Allowing the halted mines to sell their stocked nickel ore is aimed at limiting the potential build up of silt in nearby waters, an official with knowledge of the order said, rather than the government toning down its campaign. The volume of nickel ore stocks from the mines may well exceed 1 million tonnes, or about a month''s worth of consumption by top buyer China, said the official, who declined to be named because he is not authorised to discuss the matter publicly. The total would likely be less than 5 million tonnes, he added. Daniel Hynes, commodity strategist at ANZ Bank, said he did not expect the temporary boost in Philippine supply to be a big drag on nickel prices. "It certainly doesn''t remove the long-term issues around security of supply and the closures of other operations," Hynes said. Still, three-month nickel on the London Metal Exchange fell 1 percent to $9,935 a tonne by 0600 GMT, the biggest decliner among base metals on Friday. Nickel has lost more than 9 percent this month, following a 10 percent spike in February when Lopez ordered the mine closures. ENVIRONMENTAL HAZARD In a memorandum issued on March 6, a copy of which was reviewed by Reuters, Lopez allowed the eight suspended nickel miners to remove their stockpiles from all mining areas. The order also required the mines to put 2 million pesos ($39,730) per hectare of disturbed land into a trust fund "to further mitigate the adverse impacts of the mining operations to the environment and to the affected communities." Environment Undersecretary Philip Camara confirmed the memorandum is valid, a spokeswoman for the ministry said. The eight miners, including Hinatuan Mining Corp - a unit of top nickel ore producer Nickel Asia Corp - were among 10 suspended for environmental breaches during a July-August audit of the nation''s 41 mines. Lopez last month ordered 23 mines closed for good, including six of the eight suspended nickel producers. Many of these mines have appealed to President Rodrigo Duterte and continue to operate while waiting for Duterte''s final ruling. The suspended miners had asked Lopez''s permission to remove the mined ore and were granted it, the first official said. "It''s an issue of environmental hazard. If we don''t allow it then it will just be a hazard so it needs to be removed," the official said. Another official with the environment ministry confirmed the mines can ship out the ore. Two of the suspended mines are owned by construction-to-power firm DMCI Holdings Inc, which was planning to restart the mines this month while it awaits the outcome of an appeal, in a test of rules around the crackdown. Hendrik Martin, manager at DMCI''s nickel mine in Zambales province, said the company had received the order from the environment agency and would likely sell its 200,000-tonne stockpile to China. DMCI Mining Corp President Cesar Simbulan separately said stockpiles at its Berong Nickel Corp in Palawan province stand at around 1 million tonnes. Hauling of the stocks from the Zambales and Palawan mines to the ports had yet to start, he added. Nearly all of the Philippines'' nickel ore is sold to China where it is used to produce stainless steel. Philippine shipments reached 30.5 million tonnes last year, or 95 percent of China''s total imports of the raw material. ($1 = 50.3400 Philippine pesos) (Reporting by Manolo Serapio Jr.; Editing by Lincoln Feast) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/philippines-mining-idINKBN16V0LF'|'2017-03-24T14:15:00.000+03:00'
'a683a3198c187aa99d40e7afea8b087e85257b29'|'Samsung Electronics says will further improve transparency to shareholders'|'SEOUL Samsung Electronics Co Ltd ( 005930.KS ) will take further steps to improve transparency in its decision-making process, Chief Executive Kwon Oh-hyun said on Friday.Kwon said during the annual shareholders'' meeting the board of directors would take a greater role in decision-making as part of a broader effort to improve governance.(Reporting by Se Young Lee; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-samsung-elec-agm-management-idINKBN16V06K'|'2017-03-23T22:24:00.000+02:00'
'5dee1abb28e425d8a43318f67c1a18937a03390d'|'Morning News Call - India, March 30'|'Company News - Wed Mar 29, 2017 - 11:14pm EDT Morning News Call - India, March 30 To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 09:30 am: Telecom Minister Manoj Sinha at an event in New Delhi. 10:00 am: Railways Minister Suresh Prabhu at an event New Delhi. 11:00 am: Budget session of parliament continues New Delhi. 11:45 am: Tata Motors launch event in Kolkata. 12:30 pm: Aviation Minister Ashok Gajapathi Raju to brief media on regional connectivity scheme New Delhi. 01:00 pm: NPCI MD A.P. Hota to launch cashless payments initiative in Mumbai. 03:00 pm: Rural Electrification Corp CMD P.V. Ramesh to brief media New Delhi. LIVE CHAT - FED FOCUS Most FedSpeak points to two more rate hikes in 2017, with few hints on the U.S. central bank''s plan to normalise its balance sheet. Jennifer Kusuma, senior Asia rates strategist at ANZ, will discuss the possible impact on Asian markets, capital flows and local debts as bond yields get pushed up, at 9.30 am. To join the conversation, click on the link: here INDIA TOP NEWS • India''s lower house of parliament passes key tax reform bills India''s lower house of parliament on Wednesday passed key legislations, putting Asia''s third-largest economy on course to launch a nationwide goods and services tax from July. • India''s top court bans sale of older-technology vehicles from April India''s top court on Wednesday banned the sale of vehicles running on older Euro III fuel technology from April 1, a decision that led to a sharp fall in shares of major automakers sitting on unsold inventories. • Indian regulator says Agrium-Potash merger likely to hurt competition India''s competition regulator said the proposed merger of fertilizer producers Agrium Inc and Potash Corp of Saskatchewan Inc is likely to hurt competition, but the comments were not expected to prevent the merger. • Vedanta''s Agarwal says no plans to buy Anglo American assets in South Africa The chairman of Indian miner Vedanta Resources said on Wednesday he had no plans to buy assets in South Africa from Anglo American or push for a board seat after announcing plans to buy a 13 percent stake in the mining giant. GLOBAL TOP NEWS • ''No turning back'': PM May triggers ''historic'' Brexit Prime Minister Theresa May formally began Britain''s divorce from the European Union on Wednesday, declaring there was no turning back and ushering in a tortuous exit process that will test the bloc''s cohesion and pitch her country into the unknown. • Huge nuclear cost overruns push Toshiba''s Westinghouse into bankruptcy Westinghouse Electric Co, a unit of Japanese conglomerate Toshiba Corp, filed for bankruptcy on Wednesday, hit by billions of dollars of cost overruns at four nuclear reactors under construction in the U.S. Southeast. • U.S. State Dept employee charged in making contacts with Chinese agents A U.S. State Department employee with access to sensitive information was accused of failing to report contacts with Chinese foreign intelligence agents who provided her with gifts in exchange for diplomatic and economic information, federal prosecutors said on Wednesday. LOCAL MARKETS OUTLOOK (As reported by NewsRise) The SGX Nifty Futures were trading at 9,156.00, trading up 0.13% from its previous close. The Indian rupee will likely open higher against the dollar, as foreign investors continue to pump money into the nation’s markets ahead of the end of the financial year. However, broad strength in the greenback amid expectations of more rate increases from the Federal Reserve and weakness in the euro, is expected to limit gains - NewsRise. Indian government bonds will likely edge higher in early trade amid expectations strong foreign fund inflows seen over the past few sessions will persist, and as the U.S. yields fell slightly, keeping local debt attractive. The yield on the benchmark 6.97 pct bond maturing in 2026 is likely to trade in a 6.72 pct-6.77 pct band today. The bond had closed at 101.52 rupees, yielding 6.75 pct, yesterday. GLOBAL MARKETS • The benchmark S&P 500 eked out a gain on Wednesday as strength in the energy and consumer sectors offset declines in financial shares and investors began looking ahead to first-quarter earnings season. • Asian shares edged up to near their highest in two years , while the dollar benefited from waning expectations that the European Central Bank was poised to end its easy policy. • The dollar hovered near a one-week high against a basket of currencies , buoyed by a weaker euro which sagged as prospects of the European Central Bank stepping away from monetary easing faded. • U.S. Treasury debt yields slid on Wednesday in generally light trading, pressured by lingering uncertainty surrounding the Trump administration''s economic policy. • Oil prices dipped ending two days of increases as record U.S. crude inventories outweighed a fall in gasoline stocks and disruptions in Libyan supplies. • Gold prices held steady, supported by uncertainties on the impact of Britain''s departure from the European Union, U.S. policy under President Donald Trump and French elections, but at the same time capped by a stronger dollar. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 65.91/65.94 March 29 $71.10 mln $385.82 bln 10-yr bond yield 7.09 Month-to-date $4.51 bln $3.99 bln Year-to-date $6.07 bln $5.31 bln For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 64.8400 Indian rupees) (Reporting by Pradip Kakoti in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/india-morningcall-idUSL3N1H71AM'|'2017-03-30T11:14:00.000+03:00'
'676f9bc8f1c8e4d674d72886688bf21c46a646db'|'Heathrow Airport says shareholders to invest 650 million more pounds in hub'|' 22am BST Heathrow Airport says shareholders to invest 650 million more pounds in hub An aircraft comes in to land at Heathrow Airport in London, Britain, February 23, 2017. REUTERS/Andrew Boyers LONDON Shareholders in Britain''s biggest airport Heathrow will invest a further 650 million pounds ($807 million) in the hub, the airport said on Thursday. The airport said in a statement Heathrow''s shareholders had progressed plans to invest the money over the course of 2019. Heathrow CEO John Holland-Kaye said that the announcement was "great news for Heathrow passengers and for Britain." Heathrow delivered a record number of passengers in 2016, and Britain in February outlined plans for a third runway, which will enhance its status as Britain''s main airport. Qatar is a major shareholder in Heathrow, holding 20 percent of the unlisted airport. Earlier in the week it pledged $6 billion of investments in Britain, ahead of Britain''s formal notice of its withdrawal from the European Union on Wednesday. "Our investment in Heathrow is much more than just an investment in one of the world''s great airports – it''s an investment in Britain''s connections to the world," Sheikh Abdulla Bin Mohammed Bin Saud Al-Thani, Chief Executive Officer of Qatar Investment Authority, said in a statement. (Reporting by Alistair Smout, editing by David Evans)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-heathrow-airport-investment-idUKKBN17110K'|'2017-03-30T17:22:00.000+03:00'
'55b38389a13489612f73b22d1877db12b5e44874'|'UPDATE 1-Israel''s Hapoalim profit hit by U.S. tax probe, Leumi resumes dividend'|'Thu Mar 30, 2017 - 5:13am EDT Israel''s Hapoalim profit hit by U.S. tax probe, Leumi resumes dividend The logo of Bank Hapoalim, Israel''s biggest bank, is seen at their main branch in Tel Aviv, Israel July 18, 2016. REUTERS/Amir Cohen/File Photo By Tova Cohen - TEL AVIV TEL AVIV Bank Hapoalim ( POLI.TA ), Israel''s largest lender, reported lower quarterly net profit because of one-off items including provisions for a U.S. tax evasion investigation, as well as sharply higher expenses for credit losses. Its main domestic rival Leumi ( LUMI.TA ) reported slightly higher profit despite one-time tax expenses affecting the banking sector. Leumi said it would resume dividends in 2017, six years after stopping payouts due to the financial crisis. Hapoalim, which issued a profit warning last week, said on Thursday it earned 138 million shekels ($38 million) in the fourth quarter, down from 586 million a year earlier. Excluding one-time items, net profit was 937 million shekels. Hapoalim said last week it would take provisions of $68.5 million regarding an investigation by U.S. authorities into suspected tax evasion by the bank''s U.S. clients. This would be in addition to $120 million Hapoalim has already set aside for this matter. "We are making great efforts to progress" in the U.S. investigations, Chief Executive Arik Pinto told reporters. "We hope by the end of this year we will finish with this." Leumi ( LUMI.TA ) underwent a similar investigation and paid $400 million in fines in late 2014. Hapoalim''s profit was also hit by credit loss expenses of 469 million shekels, compared with 147 million a year ago. It attributed the large expense in part to one middle market client in New York and three corporate clients in Israel. Hapoalim has in recent years reduced its exposure to large corporate clients as it focuses on the retail sector and small and medium size businesses. "For the first time we are not exposed to any company by more than 15 percent of the bank’s capital," Chief Financial Officer Yadin Antebi said. Barclays analyst Tavy Rosner said the main influence on Hapoalim''s share price would be settling the U.S. investigation. "In our view this would pave the way to a dividend payout increase from the current 30 percent to 50 percent," he said. Hapoalim declared a dividend of 41 million shekels, or 30 percent of net profit, for the quarter. Leumi''s board set a payout ratio of 20 percent of quarterly profit starting in the first quarter of 2017. Both banks have reduced headcount, with Hapoalim cutting over 300 workers in 2016 to 11,628. Leumi''s workforce decreased by more than 1,000 employees in 2016, with most leaving towards the end of the year, so a further reduction in salary expenses will be reflected in 2017. Leumi''s quarterly net profit rose to 443 million shekels from 431 million a year ago but below a forecast of 468 million shekels in a Reuters poll of analysts. It had credit loss expenses of 46 million shekels versus 33 million a year ago. (Additional reporting by Steven Scheer; Editing by Edmund Blair) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-bank-hapoalim-results-idUSKBN1710FZ'|'2017-03-30T17:08:00.000+03:00'
'8d1244f734ce08cce6d755d0573ff9a4038288d0'|'Saudi Aramco formally appoints banks to advise on share sale'|'By Ron Bousso , David French and Davide Barbuscia - LONDON LONDON Saudi Aramco IPO-ARMO.SE has formally appointed JPMorgan Chase & Co ( JPM.N ), Morgan Stanley ( MS.N ) and HSBC ( HSBA.L ) as international financial advisers for its initial public offering, sources familiar with the matter told Reuters.The trio join Moelis & Co ( MC.N ) and Evercore ( EVR.N ), which have been appointed independent financial advisers, one source said of what is expected to be the world''s biggest share sale.The Saudi authorities aim to sell up to 5 percent of Aramco, listing the shares in Riyadh and at least one foreign exchange to raise cash for investment in new industries in a bid to diversify away from oil exports in an era of cheap crude.Aramco has appointed Saudi Arabia''s NCB Capital 1180.SE and Samba Capital 1090.SE as local advisers, the sources said.Reuters previously reported that JPMorgan, Morgan Stanley, Moelis and Evercore had been asked to work on the global listing, while HSBC was a leading contender to join them. Samba Capital was earlier named as one of two local advisers.One source said all the banks had now been "onboarded", a term indicating they had been fully briefed on the IPO process, and had been tasked with work that includes helping ensure systems on the Saudi stock exchange, the Tadawul, can be integrated with a foreign exchange.Saudi Aramco has yet to pick a foreign site to list.When asked for comment, Saudi Aramco said it did not respond to rumor or speculation. Officials at NCB Capital were not immediately available and other banks have previously declined to comment on their role.(Reporting by Ron Bousso in London,; David French in New York, Davide Barbuscia in Dubai, with additional reporting by Reem Shamseddine in Khobar, Saudi Arabia; Writing by Tom Arnold; Editing by Edmund Blair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-saudi-aramco-ipo-idINKBN1710RS'|'2017-03-30T08:39:00.000+03:00'
'5df849356e17dd0d8da8b18bb176eaa96de24dbe'|'Spanish March inflation drops, feeds into ECB policy debate'|'Business News - Thu Mar 30, 2017 - 9:54am BST Spanish March inflation drops, feeds into ECB policy debate Shoppers carry Primark bags in a commercial district in downtown Madrid, Spain, May 11, 2016. REUTERS/Susana Vera MADRID Spanish consumer inflation eased sharply in March as fuel and power prices fell, data showed on Thursday, feeding into a debate about the euro zone''s monetary policy outlook before equivalent data from its dominant economy Germany. European Union-harmonised inflation was 2.1 percent year-on-year, the flash data from the National Statistics Institute (INE) showed, compared with a Reuters poll of 2.7 percent and with a reading of 3.0 percent in February. INE data also showed Spain''s national consumer price index rose by 2.3 percent in March, down from 3.0 percent in February. On a month-on-month basis, Spanish national consumer prices were flat, the lowest monthly variation since March 1998. "This is much lower than we''d expected and is principally due to the effect of oil prices," said Estefania Ponte, analyst at BNP Paribas Personal Investors in Madrid. Spanish inflation was seen ending the year at between 2-2.5 percent, Ponte said, within touching distance of the European Central Bank''s inflation target of near to, but below, 2 percent. The Bank of Spain said on Thursday it expected consumer price rises seen at the beginning of the year to ease through the rest of 2017 and to be below 1.5 percent in 2018. Thursday''s sharp fall contributed to a drop in German and French government bond yields as traders expected similar softer figures across the euro zone, reducing pressure on the ECB to rein back its stimulus measures. In Germany, regional inflation data pointed to a similar fall from February in the national reading, which is due later on Thursday. The ECB has said it needed to see if gains in inflation rises at the start of the year were sustainable in the medium term before considering changing policy which pumps billions of euros into the euro zone economy through asset purchases. (Reporting by Paul Day; editing by John Stonestreet) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-spain-economy-idUKKBN1710XP'|'2017-03-30T16:54:00.000+03:00'
'0b68f1424dfe71d56ccd3172615f84c2050a263d'|'Ford says it will spend $295 million on two new recalls'|'Business News  29am EDT Ford says it will spend $295 million on two new recalls A Ford logo is seen during preparations for the 2014 LA Auto Show in Los Angeles, California November 18, 2014. REUTERS/Lucy Nicholson By David Shepardson - WASHINGTON WASHINGTON Ford Motor Co ( F.N ), the second largest U.S. automaker, on Wednesday announced two new recalls affecting 440,000 vehicles and expects to spend about $295 million to fix the issues. The recalls include 211,000 vehicles in North America to replace potentially faulty side door latches and 230,000 vehicles for under-hood fire risks. Ford said it has reports of 29 fires but no injuries. Ford said the cost of the recalls were included in its updated earnings guidance issued last week. Last week, Ford warned it expects lower earnings per share in the first quarter and lower pretax profit in 2017 due to higher spending on commodities, warranties and investments and a drop in sales volumes especially fleet sales. The Dearborn automaker had previously recalled nearly 4 million vehicles for door latch issues in six separate recalls since 2014, including 2.4 million vehicles recalled in late 2016. In September, Ford said it was taking a $640 million charge for its expanded side-door latch recalls. The new door latch recall includes 211,000 2014 model year Ford Fiesta, 2013-14 Ford Fusion and 2013-14 Lincoln MKZ vehicles. Ford said it not aware of any crashes or injuries associated with this issue. The U.S. National Highway Traffic Safety Administration (NHTSA) said in 2015 it had 1,102 reports related to the problem and Ford said it had 10,883 warranty claims related to door latch failures. Some owners told NHTSA they used ropes or tape or seatbelts to restrain doors. The under-hood fire recall covers 230,000 2013-15 Ford Escape, Ford Fiesta ST, Ford Fusion and Ford Transit Connect vehicles equipped with 1.6-liter GTDI engines in North America. Ford said a lack of coolant circulation could cause an engine to overheat, resulting in a crack in the cylinder head, which could result in a pressurized oil leak and raise the risk of a fire. In October, NHTSA opened a preliminary investigation into 440,000 Ford 2011-2013 Edge SUVs over door latch warning light issues. The agency said Wednesday it is closing its investigation without seeking a recall. (Reporting by David Shepardson; Editing by Bernard Orr) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ford-motor-recall-idUSKBN17021I'|'2017-03-29T22:18:00.000+03:00'
'b62fee988863f91240a7f8370b97e4b3f24a7d4c'|'BRIEF-Centrus Energy Q4 revenue fell 14 pct to $136.5 mln'|' 12pm EDT BRIEF-Centrus Energy Q4 revenue fell 14 pct to $136.5 mln March 28 Centrus Energy Corp - * Reports financial results for the fourth quarter and full year 2016 * Q4 loss per share $0.90 * Q4 revenue fell 14 percent to $136.5 million * Centrus anticipates swu and uranium revenue in 2017 in a range of $175 million to $200 million * Says expects to end 2017 with a cash and cash equivalents balance in a range of $150 million to $175 million * Sees fy total revenue in a range of $200 million to $225 million * Plans to disclose in its 10-k as of and for year ended December 31, 2016, that company identified a material weakness * Material weakness over financial reporting related to calculation of decontamination,decommissioning obligation at year end Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-centrus-energy-q4-revenue-fell-idUSASB0B7E4'|'2017-03-29T06:12:00.000+03:00'
'0d5c385abfb6ffa8e7f5feff9d7b08536e366d30'|'BRIEF-Antero Midstream GP LP files for IPO of up to $100 Mln'|'Company   11:13am EDT BRIEF-Antero Midstream GP LP files for IPO of up to $100 Mln March 28 Antero Midstream GP LP * Antero Midstream GP LP files for IPO of up to $100 million of common shares representing LP interests; applied to list on NYSE under symbol "AMGP" * Antero Midstream GP LP says Morgan Stanley, Barclays and J.P. Morgan are underwriting the ipo - sec filing * Antero Midstream GP LP - proposed ipo price is an estimate solely for purpose of calculating sec registration fee Source text : bit.ly/2nwx9pZ Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-antero-midstream-gp-lp-files-for-i-idUSFWN1H50L7'|'2017-03-28T23:13:00.000+03:00'
'11a57b2239be9e101e3d31995a5185af40fb7ee5'|'The DNA of oil wells - U.S. shale enlists genetics to boost output'|'Commodities  08am EDT The DNA of oil wells: U.S. shale enlists genetics to boost output A pump jack and pipes are seen on an oil field near Bakersfield on a foggy day, California January 18, 2015. REUTERS/Lucy Nicholson By Ernest Scheyder - HOUSTON HOUSTON A small group of U.S. oil producers has been trying to exploit advances in DNA science to wring more crude from shale rock, as the domestic energy industry keeps pushing relentlessly to cut costs and compete with the world''s top exporters. Shale producers have slashed production costs as much as 50 percent over two years, waging a price war with the Organization of the Petroleum Exporting Countries (OPEC). Now, U.S. shale producers can compete in a $50-per-barrel oil market, and about a dozen shale companies are seeking to cut costs further by analyzing DNA samples extracted from oil wells to identify promising spots to drill. The technique involves testing DNA extracts from microbes found in rock samples and comparing them to DNA extracted from oil. Similarities or differences can pinpoint areas with the biggest potential. The process can help cut the time needed to begin pumping, shaving production costs as much as 10 percent, said Ajay Kshatriya, chief executive and co-founder of Biota Technology, the company that developed this application of DNA science for use in oilfields. The information can help drillers avoid missteps that prevent maximum production, such as applying insufficient pressure to reach oil trapped in rocks, or drilling wells too closely together, Kshatriya said. "This is a whole new way of measuring these wells and, by extension, sucking out more oil for less," he said. Biota''s customers include Statoil ASA, EP Energy Corp and more than a dozen other oil producers. Kshatriya would not detail Biota''s cost, but said it amounts to less than 1 percent of the total cost to bring a well online. A shale well can cost between $4 million and $8 million, depending on geology and other factors. Independent petroleum engineers and chemists said Biota''s process holds promise if the company can collect enough DNA samples along the length of a well so results are not skewed. "I don''t doubt that with enough information (Biota) could find a signature, a DNA fingerprint, of microbial genomes that can substantially improve the accuracy and speed of a number of diagnostic applications in the oil industry," said Preethi Gunaratne, a professor of biology and chemistry at the University of Houston. Biota has applied its technology to about 80 wells across U.S. shale basins, including North Dakota''s Bakken, and the Permian and Eagle Ford in Texas, Kshatriya said. That is a tiny slice of the more than 300,000 shale wells across the nation. EP Energy, one of Biota''s first customers, insisted on a blind test last year to gauge the technique''s effectiveness, asking Biota to determine the origin of an oil sample from among dozens of wells in a 1,000-square foot zone. Biota was able to find the wells from which the oil was taken and to recommend improvements for wells drilled in the same region, said Peter Lascelles, an EP Energy geologist. "If you''ve been in the oilfield long enough, you''ve seen a lot of snake oil," said Lascelles, using slang for products or services that do not perform as advertised. Lascelles said DNA testing helps EP Energy understand well performance better than existing oil field surveys such as seismic and chemical analysis. The testing gives insight into what happens underground when rock is fractured with high pressure mixtures of sand and water to release trapped oil. Biota''s process is just the latest technology pioneered to coax more oil from rock. Other techniques include microseismic studies, which examine how liquid moves in a reservoir, and tracers, which use some DNA elements to study fluid movement. Venture capitalist George Coyle said his fund Energy Innovation Capital had invested in Biota because it expected the technique to yield big improvements in drilling efficiency. He declined to say how much the fund had invested. "The correlations they''re going to be able to find to improve a well, we think, are going to be big," he said. -For graphic on ''DNA sequencing in the oil industry'' click: tinyurl.com/ma8ypwd (Reporting by Ernest Scheyder; Editing by Gary McWilliams, Simon Webb and David Gregorio) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-oil-dna-idUSKBN16Z0EZ'|'2017-03-28T13:00:00.000+03:00'
'497758cfc8ef80db34c2ef9737906c84c35915a2'|'Judge says Reuters story would breach Brevan Howard''s right to confidentiality'|'Business  36am EDT Judge says Reuters story would breach Brevan Howard''s right to confidentiality LONDON A story by Reuters about Brevan Howard Asset Management would breach the British hedge fund manager''s right to confidentiality and is not of sufficient public interest to justify it being published, a British court has ruled. Brevan Howard was granted an injunction last week to stop Reuters publishing a story that it said was based on confidential and "highly sensitive" information that had been sent out to 36 potential investors. The full judgment released on Tuesday found that while the story might have undermined Brevan Howard''s reputation, it lacked "weightier public interest" such as exposing hypocrisy or incompetence. "Publication would not be for the purposes of demonstrating any behavior which is even arguably behavior deserving of moral censure," judge Andrew Popplewell said in a redacted copy of his ruling. The judge said there was a public interest to protect sensitive commercial material that is given to potential investors. "If a financial institution could not provide such information with adequate protection of its confidentiality, it would be forced to be less candid with investors who would be less well informed in making their investments," he wrote. Reuters argued that hedge fund managers, such as Brevan Howard, invested on behalf of institutional investors including public pension funds, which affect the finances of millions of people globally. A Reuters spokeswoman said: "Our objective is to publish news and information which is in the public interest, which we believe outweighs the confidentiality concerns put forward in this matter. "We are therefore deeply disappointed by this ruling and are reviewing the court''s decision". A spokesman for Brevan Howard, one of Europe''s biggest hedge fund managers, said that the firm "welcomes the decision of the court that supports the importance of its ability to communicate with its investors in a candid and responsible manner". Reuters news agency is part of the Thomson Reuters media and information group. (Reporting by Rachel Armstrong; Editing by Pravin Char) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-brevan-howard-injunction-idUSKBN16Z1Y5'|'2017-03-28T22:29:00.000+03:00'
'135fda7b4c9c93f9ce356cb3eeda51ffa253f211'|'Russia''s Alrosa not interested in buying Dominion Diamond'|'Deals - Tue Mar 28, 2017 - 6:56am EDT Russia''s Alrosa not interested in buying Dominion Diamond The Moscow office of Russian diamond miner Alrosa is reflected in the company''s name plate in central Moscow October 2, 2013. REUTERS/Tatyana Makeyeva MOSCOW Russian diamond miner Alrosa ( ALRS.MM ) is not interested in buying Canada''s Dominion Diamond Corp ( DDC.TO ) ( DDC.N ), Alrosa''s Chief Executive Sergey Ivanov said on Tuesday. Dominion Diamond Corp, the target of an unsolicited $1.1 billion bid by U.S. billionaire Dennis Washington, said on Monday it would launch a formal sale process for the company. "We are not interested at this stage," Ivanov said in an emailed response to Reuters'' questions. Dominion Diamond''s shares rose on Monday on market speculation that global miners including Rio Tinto ( RIO.L ) ( RIO.AX ) and Anglo American''s ( AAL.L ) De Beers unit may now enter the fray and make a bid for the company, the world''s third-largest diamond producer by value. Analysts also speculated that Alrosa, the world''s largest producer of rough diamonds, and private equity players could be interested in Dominion, which owns the Ekati diamond mine in Canada''s Northwest Territories. Ivanov, Alrosa''s newly appointed chief executive, has already said he would remain committed to Alrosa''s strategy, which has focused on mining, selling non-core assets and growing its own production. (Reporting by Polina Devitt; Editing by Kevin O''Flynn and Mark Potter) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-dominion-diamond-m-a-strategic-option-idUSKBN16Z18S'|'2017-03-28T18:54:00.000+03:00'
'a7df1796232dd53389d228213a997776e8b47e0c'|'Cemex Latam to limit capacity after Colombia denies output request'|' 27pm EDT Cemex Latam to limit capacity after Colombia denies output request BOGOTA, March 30 Cemex Latam Holdings, a unit of Mexican cement company Cemex, said on Thursday it would use only a portion of capacity at a new cement plant after Colombian environmental authorities denied the company permission for bigger output. Cemex had asked the regional environmental authority of Antioquia, in north western Colombia, for a license to build a plant with production capacity of 950,000 tonnes, but the request was denied. Still, Cemex said in a statement that it would continue construction of the $340-million plant, near Maceo in Antioquia province, but keep output at only 250,000 tonnes a year. "I will continue our project to finish the plant with the capacity to produce 250,000 tonnes of cement, but in the future we will request authorization again through a new delimitation of the current mining title," a company source told Reuters. (Reporting by Luis Jaime Acosta; Writing by Helen Murphy; editing by Diane Craft)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/colombia-cemex-idUSL2N1H718I'|'2017-03-31T01:27:00.000+03:00'
'385065208240e6eb01dff6d8f6ffb522372626bb'|'U.S. 30-year mortgage rate falls to four-week low - Freddie Mac'|'NEW YORK, March 30 U.S. 30-year mortgage rates declined to their lowest in four weeks in step with Treasury yields, which fell on concerns about the ability of U.S. President Donald Trump and the Republican-controlled Congress to enact tax reforms, according to mortgage finance agency Freddie Mac on Thursday.The borrowing cost on 30-year mortgages, the most widely held type of U.S. home loan, averaged 4.14 percent in the week ended March 30, which was the lowest since 4.10 percent in the March 2 week. This compared with the prior week''s 4.23 percent, it said. (Reporting by Richard Leong; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-mortgages-freddiemac-idINW1N1GZ2A3'|'2017-03-30T12:20:00.000+03:00'
'a33a8f8604f7fc3b0246e5b396841ea51c7a6718'|'IEA says oil prices will not jump sharply, despite OPEC supply cuts'|'Global Energy  26pm BST IEA says oil prices will not jump sharply, despite OPEC supply cuts Fatih Birol, Executive Director of the International Energy Agency attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 19, 2017. REUTERS/Ruben Sprich By Nidhi Verma and Neha Dasgupta - NEW DELHI NEW DELHI The International Energy Agency (IEA) does not expect a major increase in global oil prices despite efforts by OPEC and non- OPEC members to reduce output, its executive director Fatih Birol told Reuters. OPEC and 11 other producers including Russia agreed in December to cut their combined output by almost 1.8 million barrels per day (bpd) in the first half of the year in an effort to eradicate a stubborn supply glut and boost prices. That agreement, which provided an initial boost to crude prices, could be extended for six months, but Birol does not believe that prices would receive a significant boost. "There is a tremendous amount of stock in the markets and to expect a major increase in the price is not very realistic," he said, adding that downward price pressure will come from other producers. "If we see the prices go up as a result of any push from the producers ... we will see more oil coming to the market, not just from the U.S.; we will also see Brazilian and Canadian oil coming to the market." U.S. shale oil production using fracking technology has turned the world''s largest oil consumer into an exporter of crude and products, while Canada is developing its vast oil sands deposits and Brazil is working on huge offshore fields. The IEA estimates that global oil demand will grow by 1.4 million bpd this year. Birol was in Delhi to announce ''Association'' status for India with the IEA, which through its 29 members controls about 70 percent of world energy consumption. The IEA sees India as the most important driver of global energy demand growth in the years to come, with its oil consumption expected to rise to about 10 million bpd by 2040. (Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-oil-iea-idUKKBN1712I8'|'2017-03-31T00:26:00.000+03:00'
'4f7a580c738e7f4f942f32f80ffb2e4b7fcf32a3'|'General Motors reaches deal with Argentine port operator to import cars'|'Deals - Tue Mar 28, 2017 - 8:06pm EDT General Motors reaches deal with Argentine port operator to import cars The GM logo is seen in Warren, Michigan, U.S. on October 26, 2015. REUTERS/Rebecca Cook/File Photo BUENOS AIRES A unit of General Motors Co ( GM.N ) has reached a deal with port operator Terminal Puerto Rosario to import cars to Argentina, moving the U.S. automaker a step closer to exporting from its nearby plant, the company said in a statement on Tuesday. General Motors Mercosur, which includes GM''s Argentina and Brazil units, said the first automobiles, manufactured in South Korea, arrived this week. The company has a production plant near the Rosario port complex and said its long-term goal would be to export cars produced there through the port. Argentina''s automobile production fell nearly 30 percent in February, according to the most recent data from the country''s Automobile Manufacturers Association, due to lower demand in top export destination Brazil. (Reporting by Maximiliano Rizzi; Writing by Luc Cohen; editing by Diane Craft) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-argentina-autos-genera-idUSKBN17000A'|'2017-03-29T08:06:00.000+03:00'
'915425c5271e42c345b36d7b3a7a5b917fc29f88'|'HIGHLIGHTS-Top trading houses at commodities conference'|'Company News   5:06am EDT HIGHLIGHTS-Top trading houses at commodities conference (Adds quotes) LAUSANNE, March 29 Top executives from the world''s largest commodity trading houses discuss trends in trading at the FT Commodities Global Summit in Lausanne, Switzerland, this week. For highlights from the first day: The following are highlights: ALAN HAYWOOD, CEO OF SUPPLY AND TRADING BP "The context for our strategy is laid out in fundamentals until 2035. We see energy demand increasing by about 30 percent, half from nuclear, hydro power and renewables ... half will be going to the power sector." "But we see 75 percent of energy demand still coming from oil, gas and coal. Gas demand will grow at approximately twice the rate of oil ... on the renewable side we will focus on our commitment to wind and Brazilian biofuels." MARCO ALVERA, CEO, SNAM Alvera sees emerging markets moving towards gas away from coal due to the cleaner advantage of gas. "A one percent switch from coal to gas, gives same benefit on carbon dioxide, as a ten percent shift to renewables." "In Europe, demand for gas has stabilised but production is declining. Faced with stable demand, imports need to grow ... we can only look east or southeast like the southern corridor. "Europe has huge opportunities for LNG storage due to huge depleted reserves. LNG will become hugely seasonal ... and very distressed in the summer. Italy is a unique position because has largest gas storage reserves so can be a hub for imports and exports." "In the United States, coal will be back, which potentially in the short term will benefit gas in Europe, and the price of coal will go up." "There''s a huge potential for biomethane in transport ... the beauty is that you can use existing infrastructure." MARK CRANDALL, CHAIRMAN, POSTSCRIPTUM "The switch from coal to gas is a bigger thing than any switch to renewables." "Batteries are about to happen. The first large scale delivery will start in July ... Whether they will live up to the hype is another thing. They still are not cheap enough." "You can see the grim reaper for fossil fuels in the rear view mirror. In Chile and Argentina ... in non-subsidised tenders, renewables win. That''s extraordinary compared to 5 years ago. Eventually it will catch up in the northern hemisphere." SAMUEL LEUPOLD, EXECUTIVE VP, DONG ENERGY "Coal needs to go, lignite needs to go but it needs to be politically led ... Batteries in my view are completely overhyped." "The influence of Washington D.C. is limited ... in terms of subsidies, it''s more about the state than D.C.," he said, when asked about U.S. President Donald Trump''s executive order undoing Obama-era climate change regulation. ALISTAIR CROSS, GLOBAL HEAD OF OPERATIONS, MERCURIA Cross sees blockchain technology as a way to reduce high-level fraud and cut back office costs. "Our industry is very paper based and we have the technology now that can solve the complete settlement cycle ... Back office costs are a focus for all the companies and an area where we can make significant savings." "A lot of instances of fraud -- it''s high tech. The information on the document looks real and recognizable by counterparts. With blockchain, you can have a verifiable, authenticated (document) and only a person with a secure login can send that document." (Reporting by Julia Payne and Gus Trompiz, editing by Louise Heavens) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/commodities-summit-idUSL5N1H623F'|'2017-03-29T17:06:00.000+03:00'
'4f2866ec274fec2647fcc6e3668cb0766b8588a1'|'PE firm Shore Capital says founder to relinquish CEO role'|'March 29 Private equity firm Shore Capital Group Ltd said its founder Howard Shore would step down as group chief executive.The company named Simon Fine and David Kaye as joint CEOs.Howard Shore will remain executive chairman of the group and will focus on its international investment strategy, the investment firm said in a statement.The company said separately it posted a 21 percent rise in revenue for the year ended Dec. 31. (Reporting by Rahul B in Bengaluru; Editing by Gopakumar Warrier)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/shore-capital-gp-ceo-idINL3N1H62NW'|'2017-03-29T05:17:00.000+03:00'
'b29b8784a2332420b4bff7f6e70dcd67eaed0de5'|'UPDATE 1-Indonesia in tentative deal for Airbus A400M military planes'|'Company News  21am EDT UPDATE 1-Indonesia in tentative deal for Airbus A400M military planes (Adds Airbus comments) PARIS, March 29 Indonesia has signed a letter of intent to buy Airbus A400M military aircraft, French President Francois Hollande''s office said on Wednesday. The provisional agreement was signed during a visit to Indonesia by Hollande and covers an unspecified number of aircraft, according to a list of deals issued by his office. If completed, it would provide the troubled European military programme with a second export customer after Malaysia. A previous deal to export A400M airplanes to South Africa was cancelled in 2009. Chile was also at one time seen as an export partner for the aircraft, which has run into billions of euros of cost overruns and years of development delays. Hinting at industrial work as part of any deal, the head of Airbus Military Aircraft, Fernando Alonso, said the aircraft would form the basis of further industrial co-operation and could eventually boost the Indonesian Air Force''s Mobility Arm - a type of unit which typically handles troop transport. At present Indonesia operates Lockheed Martin C-130 transporter planes and Spanish CASA planes built under licence. Airbus said the letter of intent was signed by Pelita Air, representing a consortium consisting of state-owned companies. "Future discussions will address, among other things, the number of aircraft to be encompassed in an eventual contract and possible industrial cooperation arrangements," Airbus added. (Reporting by Cyril Altmeyer, Tim Hepher; editing by Alexander Smith) Next In Company News UPDATE 11-''No turning back'': PM May triggers ''historic'' Brexit LONDON, March 29 Prime Minister Theresa May formally began Britain''s divorce from the European Union on Wednesday, declaring there was no turning back and ushering in a tortuous exit process that will test the bloc''s cohesion and pitch her country into the unknown. EMERGING MARKETS-Mexico peso strengthens on oil, rate hike bets SAO PAULO, March 29 The Mexican peso strengthened on Wednesday, supported by rising oil prices and bets that the central bank will increase interest rates this week. The peso firmed 1 percent after losing 1.4 percent in the previous two days. Traders expect Mexico''s central bank to raise its benchmark interest rate this week for the fifth meeting in a row but at a slower pace following the peso''s recent rally. Bets that U.S. President Donald Trump will not impose big MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/airbus-indonesia-a400m-idUSL5N1H65IF'|'2017-03-29T23:21:00.000+03:00'
'2e08b431140d19df7360ffcb146cf556dcda7446'|'Volkswagen files complaint at Munich court against dieselgate firm searches'|'Business News - Wed Mar 29, 2017 - 1:00pm BST Volkswagen files complaint at Munich court against dieselgate firm searches VW Golfs are loaded in a delivery tower at the plant of German carmaker Volkswagen in Wolfsburg, Germany, March 14, 2017. REUTERS/Fabian Bimmer TPX IMAGES OF THE DAY BERLIN Volkswagen ( VOWG_p.DE ) has filed a legal complaint with a Munich court against the searches carried out by German prosecutors against the law firm it hired to investigate its emissions scandal, a spokesman said. Europe''s biggest carmaker had condemned the search of offices of U.S. law firm Jones Day on March 15 and said it would use every legal step to defend itself. The VW spokesman declined comment on Wednesday when the complaint was lodged with the Munich local court and gave no further details. (Reporting by Andreas Cremer; Editing by Christoph Steitz) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-volkswagen-emissions-court-idUKKBN1701II'|'2017-03-29T20:00:00.000+03:00'
'89d7162a7a6f620def2c4098a204f646aab3c039'|'China loses most of WTO poultry challenge, scores small win over EU'|'Business News - Wed Mar 29, 2017 - 2:29am BST China loses most of WTO poultry challenge, scores small win over EU FILE PHOTO - Chickens are seen at a poultry farm on the outskirt of Hefei, Anhui province, China November 20, 2015. REUTERS/Stringer/File Photo GENEVA China lost the bulk of a legal challenge against European Union poultry tariff quotas on Tuesday, when a World Trade Organization dispute panel upheld only two small parts of its complaint, both regarding food containing processed duck. China went to the WTO in 2015 to contest the EU''s decision to change its poultry import quotas in 2006 and 2009. In both cases it did not consult China, regarding it as too small a supplier to the EU market, and allocated most of the quotas to Brazil and Thailand. The WTO panel said China''s exports of the duck products had been artificially reduced by health concerns until July 2008, which the EU should have taken into account. But it rejected 13 other Chinese arguments. In a statement posted on the website of China''s Ministry of Commerce late on Tuesday, the ministry welcomed the decision on its duck products but said it regretted the panel''s rejection on tariff quotas regarding China''s exports of chicken meat. "China urges the European Union to respect WTO''s ruling and rectify the wrong practices on duck products quotas as soon as possible," the statement said, adding that China has in recent years invested 2.8 billion yuan (£328 million) on poultry farm equipment to supply the European market. Either side can appeal the ruling. (Reporting by Tom Miles; Additional reporting by Chen Aizhu in Beijing; Editing by Richard Pullin) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-eu-wto-idUKKBN17005D'|'2017-03-29T09:29:00.000+03:00'
'd7da8ba592cf199154456408190604180a3607da'|'China urges U.S. to conduct fair probe into aluminium foil imports'|'Business News - Wed Mar 29, 2017 - 4:14am BST China urges U.S. to conduct fair probe into aluminium foil imports Workers ride on an motor rickshaw through an aluminium ingots depot in Wuxi, Jiangsu province in this September 26, 2012 file picture. REUTERS/Aly Song/File Photo BEIJING China on Wednesday urged the U.S. to conduct a fair investigation into aluminium foil imports from China and follow guidelines set by the World Trade Organization (WTO), the country''s commerce ministry said on Wednesday. "Inappropriate use of trade remedy measures will not only harm the export interests of Chinese aluminium foil firms, but also will weaken the competitiveness of the U.S. downstream industries," according to the statement posted on the commerce ministry''s website. The U.S. Department of Commerce on Tuesday announced that it will launch new anti-dumping duty and countervailing duty investigations of aluminium foil from China. ( t.cn/R6omrab ) (Reporting by Beijing Monitoring Desk; Editing by Christian Schmollinger) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-aluminium-idUKKBN17009X'|'2017-03-29T11:14:00.000+03:00'
'1d18f20dc22843bd9cd0df970d1c56e32fe511bf'|'Deutsche Boerse, LSE merger plans rejected by EU regulators'|'Deals - Wed Mar 29, 2017 - 5:17am EDT Deutsche Boerse, LSE merger plans rejected by EU regulators European Competition Commissioner Margrethe Vestager holds a news conference at the EU Commission''s headquarters in Brussels, Belgium March 13, 2017. REUTERS/Francois Lenoir By Foo Yun Chee - BRUSSELS BRUSSELS EU antitrust regulators vetoed the proposed 29-billion-euro ($31.3 billion) merger of Deutsche Boerse ( DB1Gn.DE ) and the London Stock Exchange ( LSE.L ) on Thursday, derailing the companies'' latest attempt to create Europe''s biggest stock exchange. The European Commission said the fifth attempt, three public and two informal, by the companies to merge would have created a de facto monopoly in the markets for clearing fixed income instruments. The EU antitrust enforcer said the exchanges did not offer sufficient concessions to allay its concerns. "As the parties failed to offer the remedies required to address our competition concerns, the Commission has decided to prohibit the merger," European Competition Commissioner Margrethe Vestager said in a statement. The Commission said it could not determine whether LSE''s offer to sell the Paris arm of its clearing house LCH.Clearnet to rival Euronext ( ENX.PA ) would have created a viable competitor in fixed income clearing. However selling LSE'' MTS Italian trading platform would have removed its concerns. LSE, however, declined to do so. The EU rejection comes on the day the British government kicks off the process for exiting the European Union. The deal''s failure also comes as U.S. and Asian rivals flex their muscles and expand their market presence. The planned deal has been plagued by problems since Britain voted to leave the EU last June, among them a demand from German financial regulators that the head office of the merged entity be based in Frankfurt rather than London. (Reporting by Foo Yun Chee; editing by Robert-Jan Bartunek/Philip Blenkinsop) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-lse-m-a-deutsche-boerse-eu-idUSKBN1700XG'|'2017-03-29T17:17:00.000+03:00'
'2d34e2580e8d5d715bef58ae2f8a9f1bc88ee7e5'|'PRECIOUS-Gold prices slip on solid U.S. data, firmer dollar'|'Company News   9:45pm EDT PRECIOUS-Gold prices slip on solid U.S. data, firmer dollar March 29 Gold prices fell on Wednesday as positive economic data from the United States backed expectations of further interest rate hikes by the Federal Reserve this year, prompting the dollar to bounce back from multi-month lows. FUNDAMENTALS * Spot gold was down 0.2 percent at $1,248.60 per ounce, as of 0119 GMT. U.S. gold futures slipped 0.6 percent to $1,248.2. * The dollar pulled away from 4-1/2-month lows against a currency basket on Wednesday as solid data backed expectations for more U.S. interest rate hikes this year. * Reinforcing rate hike expectations, U.S. consumer confidence index hit 125.6 in March, surpassing expectations for a reading of 114 and much higher than 116.1 in February. The March level marked the highest since December 2000. * U.S. Federal Reserve Vice Chairman Stanley Fischer also gave the dollar a lift as he said in a television interview that two more increases to U.S. overnight interest rates this year seemed "about right." * President Donald Trump told a group of senators on Tuesday that he expects lawmakers to be able to reach a deal on healthcare. * Since Trump''s election, Fed officials have debated how his campaign promises may change an economy many policymakers feel is on a sturdy course. * The collapse of the healthcare overhaul effort on Friday has, if anything, made the U.S. central bank''s job harder as it tries to tease out what set of policies may make it through Congress. * The faltering campaign of French presidential candidate Francois Fillon suffered another setback on Tuesday when magistrates placed his wife under formal investigation over allegations that he paid her for a fake parliamentary job. * Prime Minister Theresa May will file formal Brexit divorce papers on Wednesday, pitching the United Kingdom into the unknown and triggering years of uncertain negotiations that will test the endurance of the European Union. * More partnership deals are likely in the gold industry as miners start investing in new projects again but are keen to lower the risk, analysts said after Goldcorp Inc and Barrick Gold Corp''s announced a 50-50 joint venture in Chile. * Gold bullion investment will rise for the fourth straight year in 2017 as global political and economic factors are forecast to maintain buying interest, CPM Group said on Tuesday. * Holdings of SPDR Gold Trust , the world''s largest gold-backed exchange-traded fund, fell 0.21 percent to 833.51 tonnes on Tuesday. DATA AHEAD (GMT) 0600 Germany Import prices Feb 0645 France Consumer confidence Mar 1400 U.S. Pending homes sales Feb (Reporting by Arpan Varghese in Bengaluru; Editing by Sherry Jacob-Phillips) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-precious-idUSL3N1H612J'|'2017-03-29T09:45:00.000+03:00'
'172a9d2395a6e4b1407021ec06b252cbb33917ae'|'METALS-London copper bides time near 8-day top, demand hopes underpin'|'Company News   9:42pm EDT METALS-London copper bides time near 8-day top, demand hopes underpin MELBOURNE, March 29 London copper held steady near its highest in more than a week on Wednesday, underpinned by expectations of seasonally improving second-quarter demand. FUNDAMENTALS * LME COPPER: Three-month copper on the London Metal Exchange was flat at $5,873 a tonne by 0127 GMT, holding 2 percent gains from the previous session when prices struck the highest since March 20 at $5,903 a tonne. Prices have found a support at the 100-day moving average (DMA) around $5,767 and resistance around the 30 DMA at $5,881. * SHFE COPPER: Shanghai Futures Exchange copper was up 2.4 percent at 47,460 yuan a tonne. * CHINA SMELTERS: China''s top copper smelters have agreed to an 11 percent cut in second-quarter treatment and refining fees, after disruptions at the world''s two biggest copper mines curbed the global supply of raw material, three sources said on Tuesday. * U.S. ECONOMY: U.S. consumer confidence surged to a more than 16-year high in March amid growing labor market optimism while the goods trade deficit narrowed sharply in February, indicating the economy was regaining momentum after faltering at the start of the year. * CHINA MANUFACTURING: China said on Tuesday it would expand the scope for insurance companies to provide more low-cost and long-term funds for the manufacturing sector as part of a broader effort to ramp up financial support for struggling manufacturers to upgrade. * LME NEWS: Regulatory delays to a proposal to slash initial clearing margins by the London Metal Exchange has dealt another blow to the exchange''s ability to fend off competition from U.S. rival CME Group, whose margins are sharply lower. * For the top stories in metals and other news, click or MARKETS NEWS * Wall Street followed gains in stocks globally on Tuesday after U.S. consumer confidence soared to a more than 16-year high, while the U.S. dollar bounced from a four-month low to post its best day in nearly a month. DATA AHEAD (GMT) 0600 Germany Import prices Feb 0645 France Consumer confidence Mar 1400 U.S. Pending homes sales Feb PRICES'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL5N1H6052'|'2017-03-29T09:42:00.000+03:00'
'7db884b977c7a8373282e77f1205e18ccf901918'|'SSE says 2017/18 dividend cover to be at lower end of guidance'|'  7:36am BST SSE says 2017/18 dividend cover to be at lower end of guidance LONDON British energy supplier SSE ( SSE.L ) expects dividend cover for its 2017/18 financial year to be at the lower range of its target due to the low capacity market clearing price and lower earnings in some of its networks businesses, it said on Thursday. "SSE expects that its dividend cover for 2017/18 will be within, but towards the bottom of, the expected range of around 1.2 times to around 1.4 times," SSE said in a statement. It also said capital expenditure for its current financial year, which ends on Friday, will be around 1.7 billion pounds ($2.11 billion) and that all of its three business segments, wholesale, networks and retail, have been profitable. ($1 = 0.8044 pounds)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-sse-results-idUKKBN1710LY'|'2017-03-30T14:36:00.000+03:00'
'7aef59eba6d31d60d61983004baf0ca17aed233b'|'Biotest says had more requests for deals beyond Creat'|'FRANKFURT Biotest ( BIOG_p.DE ) Chief Executive Bernhard Ehmer told a press conference on Thursday that China''s Creat Group has not been the only suitor approaching Biotest about a deal but it chose to talk to Creat because the proposal was "thought through".Creat is seeking to buy the German blood plasma products maker for about 1.2 billion euros ($1.3 billion) including debt following its purchase last year of British peer Bio Products Laboratory.(Reporting by Patricia Weiss; Writing by Ludwig Burger)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-biotest-m-a-creat-suitors-idINKBN1711DP'|'2017-03-30T09:26:00.000+03:00'
'df706c83c18343b063dfc80d14c48bc5d8ae9d9f'|'PRESS DIGEST - Wall Street Journal - March 30'|'March 30 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- The Trump administration is signaling to Congress it would seek mostly modest changes to the North American Free Trade Agreement in upcoming negotiations with Mexico and Canada, a deal President Donald Trump called a "disaster" during the campaign. on.wsj.com/2nBRZ7E- Westinghouse Electric Co filed for Chapter 11 bankruptcy protection Wednesday, setting off a showdown between the nuclear power company''s Japanese parent and a major U.S. utility, and threatening to drive a wedge between governments of two countries over the fate of industries each considers vital. on.wsj.com/2ni79fx- British Prime Minister Theresa May on Wednesday began the UK''s path out of the European Union, highlighting her country''s security expertise as she started the clock on negotiations that will challenge ties between Britain and some of its closest allies. on.wsj.com/2ofj1j9- Negotiations between New York real-estate developer Kushner Cos and a large Chinese company over a planned $7.5 billion tower in Manhattan collapsed amid an outcry over possible conflicts of interest involving the Trump administration. on.wsj.com/2nAiVED- Federal regulators plan to reverse an Obama-era rule that prevented major television-station owners from buying stations or readily selling themselves, a move that could touch off a wave of deals among media companies. on.wsj.com/2nikcgj- Two black women have filed a lawsuit against Fox News Channel, its parent company 21st Century Fox and a former senior executive at the cable network alleging racial discrimination. on.wsj.com/2oi0fIa (Compiled by Rama Venkat Raman in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-wsj-idINL3N1H71XM'|'2017-03-30T02:14:00.000+03:00'
'074d5d0aa4ea3600f5d75882940ee3b66da83e6b'|'Monsanto loses legal battle with Indian seed producer'|' 58pm EDT Monsanto loses legal battle with Indian seed producer Monsanto logo is displayed on a screen where the stock is traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S. on May 9, 2016. REUTERS/Brendan McDermid/File Photo NEW DELHI Monsanto ( MON.N ) lost a legal battle with one of India''s biggest seed producers over a contract dispute on Tuesday, and was ordered to restore a licensing agreement and cut royalty charges. The U.S. company''s joint venture Mahyco Monsanto Biotech (MMB) took Hyderabad-based Nuziveedu Seeds Ltd to court in 2015, claiming patent infringements and accusing the Indian company of continuing to use Monsanto''s technology after MMB had canceled its licensing contract. The Delhi High Court ruled on Tuesday that MMB should not have canceled the contract in the first place, and said it must be restored. It also said royalty payments agreed under the original contract must be reduced in accordance with a change in Indian government policy last year. "The parties shall remain bound by their respective obligations under the terms and conditions of the 2015 sub-license agreements," R. K. Gauba, the judge, said in the ruling seen by Reuters. Under the contract, Nuziveedu Seeds made genetically modified cotton seeds using Monsanto technology. Their dispute has drawn in the Indian and U.S. governments. The Indian government last year cut the royalties paid by local firms for Monsanto''s Bt, or Bacillus thuringiensis, seeds by about 70 percent, a decision which MMB must now adhere to with Nuziveedu. (Reporting by Mayank Bhardwaj; Editing by Susan Fenton)      '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-india-monsanto-court-idUSKBN16Z2ET'|'2017-03-29T00:58:00.000+03:00'
'd62439f1cd707840be4856a5cf07c2b8f7bef6ba'|'Nigeria''s crude oil exports to rise in May - loading plans'|'Company News   11:56am EDT Nigeria''s crude oil exports to rise in May - loading plans LONDON, March 28 Nigeria''s crude oil exports are set to rise to 1.66 million barrels per day (bpd) in May, according to a loading programme compiled by Reuters on Tuesday. The programme for the month is up from April''s revised loadings and also puts Nigeria just above Angola''s planned exports of 1.61 million bpd in May. While Nigeria had consistently been Africa''s largest oil exporter, its loadings have fallen below those of Angola several times over the past year as it dealt with militant attacks on oil infrastructure in the Niger Delta. The increase to 54 May cargoes from 52 in April, or 1.61 million bpd, came in part from rising exports of Bonga and Antan, both of which were hit earlier in the year by scheduled maintenance. Exports of Qua Iboe were expected to be either flat or lower. April''s export plans for Qua Iboe were uncertain, with some traders showing a programme with nine cargoes and others with eight. Field operator ExxonMobil has re-issued the Qua programme several times as it grappled with loading delays of as much as two weeks. Traders said the problem stemmed from pumping issues and metering issues on the export pipeline. Exxon has declined to comment. Grade May Barrels revised Barrels cargoes per day April per day cargoes Abo 1 23,000 1 23,000 Agbami 8 252,000 7 228,000 Amenam 4 123,000 2 63,000 Antan 2 42,000 0*** 0*** Bonga 6 184,000 4*** 127,000*** Bonny Light 6 189,000 8 232,000 Brass River 5 112,000 4 108,000 EA 1 31,000 1 32,000 Ebok 1 21,000 0 0 Erha 4 129,000 4 133,000 Escravos 5 153,000 6 190,000 Forcados** 0 0 0 0 Okono 1 29,000 Okwori 0 0 1 22,000 Oyo* Pennington* Qua Iboe 8 245,000 9 285,000 Usan 3 97,000 4 133,000 Yoho 1 31,000 1 32,000 Total 56 1.66 mln 52 1.61 mln *Not yet available **Grade under force majeure ***Field maintenance (Reporting by Libby George; editing by David Clarke) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/nigeria-oil-idUSL5N1H55DQ'|'2017-03-28T23:56:00.000+03:00'
'520f9982a4247a1eafa6ce3b8b8ada2e2d45b653'|'Asian stocks, dollar recover as markets try to move past Trump''s policy stumble'|'  7:47am BST Stocks, dollar recover as markets try to move past Trump''s policy stumble People walk past an electronic board showing stock prices outside a brokerage at a business district in Tokyo, Japan, January 23, 2017. REUTERS/Kim Kyung-Hoon By Nichola Saminather - SINGAPORE SINGAPORE Asian stocks advanced on Tuesday after Wall Street stabilized and the dollar was steady, as anxiety over Donald Trump''s setback on healthcare reform gave way to tentative hopes for the U.S. president''s planned stimulus policies. European markets were also set for a stronger start, with financial spreadbetters expecting Britain''s FTSE 100 .FTSE and France''s CAC 40 .FCHI both to open 0.3 percent higher and Germany''s DAX .GDAXI to start the day up 0.4 percent. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS added 0.5 percent. Japan''s Nikkei .N225 closed up 1.1 percent, its biggest one-day gain in more than two weeks, while Australian stocks ended the day 1.3 percent higher, their strongest performance since Nov. 23. South Korean stocks .KS11 climbed 0.4 percent after data showed the domestic economy grew at a slightly faster pace than initially thought in the fourth quarter of 2016, supported by strong construction activity. Hong Kong''s main Hang Seng .HSI added 0.5 percent. China''s market was one of the region''s underperformers amid concerns about tightening liquidity conditions after the central bank refrained from injecting short-terms funds into the banking system for the third session in a row. The CSI 300 .CSI300 index was about 0.2 percent lower and the Shanghai Composite .SSEC was down 0.4 percent Overnight, the S&P 500 .SPX and the Dow Jones Industrial Average .DJI closed lower but narrowed their losses from earlier in the session, when both hit near-six-week lows. The Nasdaq .IXIC ended higher. Stock markets, which went on a tear after Trump''s November election win, got an added lift from the Federal Reserve''s less-hawkish-than-expected stance in mid-March. But doubts about Trump''s ability to keep his promises of fiscal stimulus, including tax reform, halted the rally. Trump''s failure late last week to garner enough support for a plan to repeal the Affordable Care Act, former President Barack Obama''s signature health care bill, even with a Congress controlled by the leader''s Republican party, further dented sentiment. While that blow stoked concerns about the president''s ability to enact stimulus policies, these began to recede overnight as investors looked with renewed, albeit tentative, optimism to the U.S. government''s next policy steps. "Markets appear reluctant to take the Trump disappointment too much further at this stage," Ric Spooner, chief market analyst at CMC Markets in Sydney, wrote. "With U.S. economic growth showing signs of improvement and the (Fed) clearly embarked on a monetary tightening cycle, the significant correction that has already occurred in bonds and the U.S. dollar may already reflect an adequate wind-back of the market’s Trump exuberance." Tim Condon, economist at ING Financial Markets, said in the Reuters Global Market Forum chatroom that he "would not anticipate any more Democrat support for Republicans'' tax reform than for ObamaCare reform." But "the good news for investors is that the global economy is picking up," Condon said. "I view the current selling as a buying opportunity." The U.S. 10-year bond yield US10YT=RR, which hit a one-month low on Monday, rose to 2.3836 percent on Tuesday. The dollar was little changed at 110.63 yen JPY=D4 after recovering from its lowest level since November on Monday. The dollar index .DXY inched up to 99.226 after slumping to a 4-1/2-month low on Monday. The euro EUR=EBS was steady at $1.0861 on Tuesday, after touching its highest point since November on Monday. Sterling GBP=D3 was flat at $1.2554, with Prime Minister Theresa May due to formally notify the European Union of Britain''s intention to leave the club on Wednesday. It hit a seven-week high on Monday. In commodities, the return of risk appetite and the dollar''s relative weakness helped lift oil from a level close to the 3-1/2-month low seen last week, but gains were capped by lingering concerns about whether OPEC-led output cuts can offset surging U.S. production. U.S. crude CLc1 gained 0.5 percent to $47.98 a barrel, after dropping as much as 1.9 percent on Monday. Global benchmark crude LCOc1 rose 0.5 percent to $50.99. Gold XAU= was flat at $1,253.83 an ounce on Tuesday, after pulling back from the one-month-high touched on Monday. (Reporting by Nichola Saminather; Additional reporting by Billy Chan; Editing by Shri Navaratnam and Richard Borsuk)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-markets-idUKKBN16Z04N'|'2017-03-28T14:38:00.000+03:00'
'420731e946ab05e71513f34cc4fb185320bef815'|'ZTE removed from U.S. trade blacklist'|'Company   3:05pm EDT ZTE removed from U.S. trade blacklist WASHINGTON, March 28 The U.S. Commerce Department will remove Chinese telecom equipment maker ZTE Corp from a trade blacklist after the company admitted to violating sanctions on Iran, the Commerce Department said in a notice made public on Tuesday, At the same time, the Commerce Department said it would impose severe restrictions on former ZTE chief executive, Shi Lirong, who the agency accused of approving efforts to skirt sanctions rules and ship equipment to Iran. (Reporting by Joel Schectman; Editing by Bernard Orr) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-china-zte-idUSL2N1H51KP'|'2017-03-29T03:05:00.000+03:00'
'ffe0150ffb2b042f54b8484b6358764fb716fe02'|'MIDEAST STOCKS - Factors to watch - Mar 28'|'Company News - Mon Mar 27, 2017 - 10:45pm EDT MIDEAST STOCKS - Factors to watch - Mar 28 DUBAI, March 28 Here are some factors that may affect Middle East stock markets on Tuesday. Reuters has not verified the press reports and does not vouch for their accuracy. INTERNATIONAL/REGIONAL * GLOBAL MARKETS-Stocks, dollar recover as markets try to move past Trump''s policy stumble * MIDEAST STOCKS-Region follows global downtrend; Emaar Malls drops on Souq.com bid * Weaker dollar lifts oil futures, but soaring US output weighs * PRECIOUS-Gold steady as dollar edges up; focus on Trump agenda * Middle East Crude-Benchmarks edge down; ESPO hits lowest since Sept 2015 * Lebanon''s cabinet approves first budget in 12 years -NNA * Turks in Germany start voting in referendum to boost Erdogan powers * Iran''s Rouhani seeks deals with new friend Russia * WHO demands access to Syria''s east Ghouta to bring medical aid * Russia says will find grain buyers to replace Turkey in few months - agencies * EMERGING MARKETS-Dollar retreat buoys emerging currencies to multi-month highs * Turkish banking sector loans seen rising by almost half in Q1 * Deutsche Bank reduces cheque clearing in euros in Middle East EGYPT * Egypt''s 5-year bond yield inches up, 10-year down at auction * POLL-Egypt''s central bank seen holding key interest rates on Thursday SAUDI ARABIA * Saudi Arabia sweetens huge Aramco IPO with tax cut * Saudi finance minister says cut in Aramco tax won''t hurt state finances * Moody''s changes Dar Al Arkan''s outlook to stable from negative; affirms B1 rating UNITED ARAB EMIRATES * Dubai''s Arqaam Capital launches global hedge fund in rare move * Emirates Global Aluminium mandates US banks for IPO: sources * Emaar Malls'' $800 mln bid for Souq.com to challenge Amazon QATAR * On the eve of Brexit, Qatar pledges over $6 billion in investment in Britain * Qatar Airways chief says laptop ban not designed to hurt Gulf carriers * Qatar wealth fund to open office in Silicon Valley * QIA chief says he''s "absolutely" confident in Rosneft investment * Qatar February trade surplus jumps 74 pct on year KUWAIT * Indonesia''s Pertamina and Kuwait Petroleum end long-standing diesel term OMAN * National Bank of Oman board elects Rawan Ahmed Al Said as chairman (Reporting by Dubai Newsroom) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-factors-idUSL5N1H46FI'|'2017-03-28T10:45:00.000+03:00'
'3d198bf5b1f7c38c95159ff84b77aa757985fc8f'|'UPDATE 1-Crop shipper AGT sees resolution of India-Canada pulse trade snag'|' 10am EDT UPDATE 1-Crop shipper AGT sees resolution of India-Canada pulse trade snag (Adds details, CEO and Canadian government comments) By Rod Nickel WINNIPEG, Manitoba, March 28 Canada''s AGT Food and Ingredients Inc, one of the world''s biggest exporters of peas and lentils, expects India to extend an exemption for Canada within days from a crop fumigation policy that threatened to jeopardize C$1.1 billion ($823 million) in annual trade of the food staples, Chief Executive Murad Al-Katib said on Tuesday. India''s current exemption for Canada from its requirement that pulse crops be fumigated in the country of origin with methyl bromide, an insect-killing gas, was due to expire on Friday. But Al-Katib told Reuters that multiple sources in India have assured him a three- or six-month extension of the exemption for Canada was imminent, although no official announcement has been made. A delegation from the Canadian government and pulse industry visited India earlier this month, and made a case that Canada''s cold winter weather was enough to eliminate India''s particular pest concerns. "Minus-40 (degrees Celsius/Fahrenheit) is a very effective way to fumigate," Al-Katib said. "It''s a very positive signal that the Indian government is recognising that they need more time to evaluate a science-based approach" to pest control. Oliver Anderson, a spokesman for Canadian Agriculture Minister Lawrence MacAulay, said he had nothing new to report on the situation. An exemption would allow Canada to continue shipping pulse crops to India, where they could be fumigated upon arrival. Canada is the world''s biggest exporter of pulse crops, a popular protein source in India, the world''s largest importer. Methyl bromide, an ozone-depleting substance, is not made in Canada, and is allowed for use only in limited situations. Canadian exporters have said that sales to India dried up in the past month due to uncertainty. AGT shares rose 1 percent to C$30.40 in early trade in Toronto. Earlier on Tuesday, New Delhi imposed a 10 percent import tax on wheat, seeking to curb imports at a time when Indian farmers are starting to harvest crops. ($1 = 1.3367 Canadian dollars) (Reporting by Rod Nickel in Winnipeg, Manitoba; Editing by Chizu Nomiyama and Marguerita Choy)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-india-pulses-idUSL2N1H50M9'|'2017-03-28T22:10:00.000+03:00'
'f6490d111fc976d499fb722396b741114e0508a4'|'Peru prosecutors have not ruled out probing Grana y Montero -source'|'Business  44pm EDT Peru prosecutors have not ruled out probing Grana y Montero: source By Mitra Taj - LIMA LIMA Public prosecutors in Peru have not ruled out investigating the country''s biggest builder, Grana y Montero ( GRA.LM ) ( GRAM.N ), or people linked to the company as part of an investigation into its scandal-plagued Brazilian partner Odebrecht, a source in the attorney general''s office said on Tuesday. The Justice Department said late on Monday that prosecutors in the attorney general''s office had rejected its request to include Grana''s former chairman, among others, in an inquiry that aims to uncover who was involved in $29 million in bribes that Odebrecht has acknowledged distributing in Peru. Grana''s shares were up by more than 10 percent on Tuesday after the announcement, which helped lift expectations that the company might avoid getting ensnared in Latin America''s biggest graft scandal and may even find work helping to rebuild parts of Peru hit hard by recent floods and mudslides. But the source in the attorney general''s office said it was premature to conclude that the Odebrecht inquiry would not be broadened in the future to incorporate other suspects, including potentially Grana executives or former executives, if the evidence and prosecutorial strategy merits doing so. The source was not authorized to comment and spoke on condition of anonymity. Grana could not immediately provide comment. It said in a statement to Peru''s market regulator on Tuesday that it did not expect to see its businesses affected by a recent government decree aimed at barring corrupt companies from public works contracts because none of its executives have been convicted of graft. Grana has partnered with Odebrecht on several major public work projects, including highways, toll roads and a metro line in Lima. Grana saw its shares plummet after Odebrecht admitted in December to distributing hundreds of millions in bribes across Latin America. Last month, the former head of Odebrecht in Peru was quoted in a magazine telling prosecutors that Grana and its other local partners on two highway contracts were aware of a deal to bribe former President Alejandro Toledo and knew they would have to "assume their part." Grana has repeatedly denied knowing about Odebrecht''s kickback schemes in Peru and has vowed to cooperate with any investigation. The company has said it tasked an independent company to conduct an internal probe into its dealings with Odebrecht. Toledo has denied wrongdoing. (Reporting By Mitra Taj; Editing by Bill Trott) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-peru-grana-y-montero-idUSKBN16Z2TX'|'2017-03-29T04:40:00.000+03:00'
'ee4277598112a3227e725743310a8a9d7f58be0a'|'BRIEF-Summit Industrial Income REIT to acquire new class a property in Sherbrooke, Quebec'|' 10pm EDT BRIEF-Summit Industrial Income REIT to acquire new class a property in Sherbrooke, Quebec March 28 Summit Industrial Income REIT * Summit Industrial Income REIT to acquire new class a property in Sherbrooke, Quebec * Summit Industrial Income REIT- Property will be acquired for $14.8 million in cash from REIT''s credit line Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-summit-industrial-income-reit-to-a-idUSFWN1H50OA'|'2017-03-29T06:10:00.000+03:00'
'07766c4c02388c65cc9fb4dcc52df7d63e3072ec'|'Toshiba approves Chapter 11 filing for nuclear unit Westinghouse -Nikkei'|'Deals   10:01pm EDT Toshiba approves Chapter 11 filing for nuclear unit Westinghouse: Nikkei TOKYO The board of Japan''s Toshiba Corp ( 6502.T ) has approved a Chapter 11 filing for its U.S. nuclear unit Westinghouse, the Nikkei business daily reported on Wednesday. A Toshiba spokeswoman said the company cannot comment on issues discussed at its board meetings. (Reporting by Makiko Yamazaki; Editing by Edwina Gibbs) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-toshiba-accounting-board-idUSKBN17006K'|'2017-03-29T09:53:00.000+03:00'
'15b59e67e5e1356f45d6c26836ab4ae6ad8a38e1'|'Oil rises on Libyan supply disruptions, likely OPEC output cut extension'|'  Oil rises on Libyan supply disruptions, likely OPEC output cut extension An employee pumps petrol into a car at a petrol station in Hanoi, Vietnam December 20, 2106. REUTERS/Kham By Henning Gloystein - SINGAPORE   Prices for front-month Brent crude futures, the international benchmark for oil, had risen 14 cents from their last close to $51.47 per barrel by 0127 GMT. In the United States, West Texas Intermediate (WTI) crude futures were up 20 cents at $48.57 a barrel. Both crude benchmarks rose by more than 1 percent the previous day. Oil production from the western Libyan fields of Sharara and Wafa has been blocked by armed protesters, reducing output by 252,000 barrels per day (bpd), a source at the National Oil Corporation (NOC) told Reuters late on Tuesday. "That (Libya), along with the Iranian oil minister saying there is likely to be an extension to the production cut deal helped crude oil rally overnight," said Greg McKenna, chief market strategist at futures brokerage AxiTrader. The Organization of the Petroleum Exporting Countries (OPEC), along with some other producers including Russia, have agreed to cut production by almost 1.8 million bpd during the first half of the year in order to rein in a global fuel supply overhang and prop up prices. But as markets remain bloated halfway into the cuts, there is a broad expectation that the supply cuts will be extended into the second half of the year. Despite the rising consensus of extended cuts, the OPEC-led strategy to re-balance oil markets is not without controversy. As OPEC and especially Saudi Arabia cut their production, other producers not participating in the cuts have been quick to fill the supply gap and gain market share. In the United States in particular, shale oil drillers have seized the opportunity to ramp up output and exports. As a result, China became the third biggest overseas destination for U.S. crude oil in 2016, according to data from the Energy Information Administration (EIA), up from ninth position the previous year. "In 2016, U.S. crude oil exports averaged 520,000 bpd, 12 percent above the 2015 level, despite a year-over-year decline in domestic crude oil production," the EIA said. With U.S. oil production rising sharply again this year, traders expect American exports to surge further in 2017. (Reporting by Henning Gloystein; Editing by Richard Pullin)   TOKYO U.S. nuclear developer Westinghouse Electric Co plans to seek bankruptcy protection from creditors on Tuesday as it struggles to limit losses that have thrown its Japanese parent Toshiba Corp into crisis, people familiar with Toshiba''s thinking said.  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-oil-idUKKBN17006S'|'2017-03-29T10:00:00.000+03:00'
'a9c6736d0540704843f741c9372cd07a9afa59e1'|'Finland''s Amer Sports buys U.S. ski maker Armada'|'Company News - Wed Mar 29, 2017 - 2:28am EDT Finland''s Amer Sports buys U.S. ski maker Armada HELSINKI, March 29 Finland''s Amer Sports , which makes Wilson tennis rackets and Salomon skis, will buy U.S. ski maker Armada for $4.1 million, the company said on Wednesday. Armada, which has annual sales of approximately $10 million, will be combined with Amer''s winter sports business. Amer Sports, whose other brands include Arc''teryx outdoor clothing and Atomic ski gear, said the acquisition had no financial impact on company results this year. (Reporting by Tuomas Forsell, editing by Louise Heavens) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/armada-ma-amer-sports-idUSASN00069I'|'2017-03-29T14:28:00.000+03:00'
'4c040709096a4ea785135572d9cc320acddf7699'|'China''s Fosun CEO and VP step down in surprise reshuffle'|'Wed Mar 29, 2017 - 5:50am BST China''s Fosun CEO and VP step down in surprise reshuffle By Anne Marie Roantree and Julie Zhu - HONG KONG HONG KONG Fosun International Ltd ( 0656.HK ), one of China''s most aggressively acquisitive conglomerates, said its chief executive and vice president stepped down in a surprise reshuffle that has raised concerns over the group''s strategy. The resignation of co-founder and Chief Executive Liang Xinjun and Senior Vice President Ding Guoqi will have some impact on the leisure-to-insurance group, one of China''s largest privately held firms, said chairman and fellow co-founder Guo Guangchang. "The departure of Ding Guoqi and Xinjun, in particular that of Xinjun due to health reasons, will have an impact on Fosun in the short-term," Guo told reporters and analysts in Hong Kong, without elaborating. "But we have to turn bad things into good news. As you all see today, the new management team, Fosun is full of talents." Liang was replaced by fellow co-founder Wang Qunbin, said the company, whose businesses include French leisure group Club Med and entertainment company Cirque du Soleil. Ding, a long-time board member and former chief financial officer, stepped down from the group due to family commitments, the company said in a statement to the Hong Kong exchange late on Tuesday. Unusually for a Chinese company, Liang and Ding will have no honorary position in the company. Several sources close to Fosun said there had been growing tensions between Guo and Liang. On Wednesday, Guo said he had been especially "hard and demanding" on Liang but said he, Liang and Wang - college mates who went on to work together for 25 years - remained as close as ever. "Xinjun, Wang Qunbin and myself have never abandoned each other, we are like brothers. Xinjun has made a great contribution to Fosun''s development today," Guo said. Liang had been instrumental in driving the group''s acquisition strategy, taking on a more prominent role as Guo became embroiled in an investigation on the Chinese mainland in 2015. ( here ) The company''s shares opened up initially but then quickly steadied on Wednesday. Its bonds traded slightly lower on fears the departure of two of the group''s key executives could hurt its acquisition strategy amid a broader Beijing crackdown on overseas dealmaking, said analysts. "With the latest announcement, one more founder together with another key personnel have left. This may raise concerns on the company''s business and financial strategy going forward and that''s why bonds are trading lower," said Annisa Lee, a Nomura credit analyst. RECORD HIGH PROFITS Tuesday''s reshuffle came as the group reported a net profit jump of 28 percent to a record high of over 10 billion yuan ($1.45 billion), but investor worries were growing over the group''s ability to keep up its performance as it becomes tougher to get money out of China. Guo and chief financial officer Robin Wang said the restrictions were a "challenge" for the group but that it continued to have several means of raising capital offshore. Guo emphasized the group''s strategy to contain funding costs while investing heavily in new technologies, including artificial intelligence and automation. Liang, who owns 24 percent of the group and has a personal fortune worth $2.2 billion according to Forbes Real-Time Billionaires List, had been the public face of Fosun, particularly around the battle for Club Med. Calm, hard-working and straight-talking, Liang founded Fosun in 1992 with Wang and Guo aiming to emulate the strategy of U.S. investor Warren Buffet, using insurance cash for more lucrative investments. For Fosun, that has included bets on everything from Portuguese insurance to Britain''s Thomas Cook Group and One Chase Manhattan Plaza, the headquarters of JPMorgan, bought in 2013. (Additional reporting by Elzio Barreto, Umesh Desai, Sijia Jiang, and Michelle Price in Hong Kong; Writing by Michelle Price; Editing by Stephen Coates and Randy Fabi) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-fosun-intl-results-idUKKBN16Z2LU'|'2017-03-29T12:49:00.000+03:00'
'518c6a8567a89b5b5b45bc3399f53cbd0ae99706'|'Bailout candidate Pop Vicenza posts big loss, bleeds deposits'|'Tue Mar 28, 2017 - 9:03pm BST Bailout candidate Pop Vicenza posts big loss, bleeds deposits Banca Popolare di Vicenza logo is seen in Montebello Vicentino, near Vicenza, Italy, April 23, 2016. REUTERS/Stefano Rellandini By Valentina Za - MILAN MILAN Italy''s Banca Popolare di Vicenza posted a 1.9 billion euro ($2 billion) loss for 2016 and said it was bleeding deposits, raising doubts over whether regulators will deem the regional bank viable and approve its request for state aid. Popolare di Vicenza and local peer Veneto Banca this month asked the Italian government for a bailout, following in the steps of Italy''s fourth-largest lender Monte dei Paschi di Siena ( BMPS.MI ). The two Veneto-based banks were rescued from bankruptcy less than a year ago by state-sponsored, privately funded banking industry bailout fund Atlante, which has pumped 3.4 billion euros into the two lenders. They are estimated to need another 5 billion euros to stay afloat but European authorities have yet to declare them solvent and approve their restructuring plans. "State intervention appears as the most realistic option to recapitalise the bank as tapping markets looks hard," Popolare di Vicenza said. Its proposed merger with Veneto Banca - which still has to release its 2016 results - was "indispensable" for its restructuring, it said. Popolare di Vicenza said losses stemming mainly from 1.1 billion euros in writedowns of doubtful loans had pushed its core capital to 8.21 percent in 2016, below a 10.25 percent threshold set by European Central Bank supervisors. It also said a key indicator of its ability to meet short-term cash outflows - the liquidity coverage ratio - fell to 38 percent at the end of last year, well below an ECB threshold of 90 percent, after it lost 3 billion euros in direct funding. The ratio stood at 113 percent in June. The bank said its liquidity position improved in January when it issued 3 billion euros in bonds guaranteed by the state but had worsened again in March as concerns the lender could be wound up prompted customers to withdraw money. Unlike Spain and Ireland, Italy failed to help its banks before strict rules limiting state aid to lenders kicked in last year, which now impose losses on bank''s creditors and large depositors before tapping public money. Rome is trying to prop up its most vulnerable lenders under an exception to those rules as thousands of ordinary Italians hold domestic banks'' shares and bonds. Popolare di Vicenza, which lost 3 billion euros in 2014-2015, said it expected further significant loan losses this year due to new guidelines it received from the ECB after a loan audit last year. (Editing by Louise Ireland)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-italy-banks-popolare-di-vicenza-resul-idUKKBN16Z2RH'|'2017-03-29T03:53:00.000+03:00'
'c2a1f834fca8efdb05e31248a29dd026172befc7'|'Japan govt names six investment banks for Japan Post share sale'|'TOKYO Japan''s government named six investment banks to serve as underwriters for the sale of additional shares in Japan Post Holdings Co ( 6178.T ), which is partly aimed at funding the rebuilding of areas hit by the 2011 earthquake and tsunami.The government plans to eventually raise about 4 trillion yen ($35.98 billion) through additional stake sales in the Japan Post group to fund the reconstruction.Daiwa Securities, Nomura Securities and Goldman Sachs will serve as global coordinators for the sale, Japan''s Finance Ministry said on Wednesday.Mizuho Securities, Mitsubishi UFJ Morgan Stanley Securities, and Merrill Lynch Japan will also underwrite the sale, it said in a statement.The timing of the share sale has not been decided, a Finance Ministry official told reporters.Japan Post, a conglomerate that spans postal delivery, banking and insurance, made an unprecedented three-way initial public offering in November 2015.The government sold about $12 billion worth of shares in Japan Post, Japan Post Bank Co ( 7182.T ), and Japan Post Insurance Co ( 7181.T ) in the IPO, which was the largest privatization of a Japanese state-owned firm since that of Nippon Telegraph and Telephone Corp ( 9432.T ) in 1987.Japan Post Holdings'' shares surged as much as 40 percent over its IPO price of 1,400 yen in the weeks following its stock market debut, but then fell rapidly at the start of last year.Since then, the share price has recovered somewhat and is now fluctuating just above the IPO price.The parent company''s stock ended down 2 percent on Wednesday at 1,420 yen, while the broader Nikkei 225 .N225 share average edged up 0.08 percent.(Reporting by Stanley White; Editing by Biju Dwarakanath)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-japan-post-listing-idINKBN1700TW'|'2017-03-29T06:28:00.000+03:00'
'235f0a735298b2c359013a710378e07182b65660'|'Macau''s Galaxy, Monaco''s SBM team up in race for Japan casino license'|'By Thomas Wilson and Emi Emoto - TOKYO TOKYO Macau casino operator Galaxy Entertainment Group Ltd ( 0027.HK ) on Wednesday said it has partnered Societe des Bains de Mer (SBM) ( BAIN.PA ), hoping the Monaco peer will help it trump rivals to win a license in Japan''s nascent gambling market.Galaxy and SBM will jointly develop and run entertainment businesses including casinos and hotels in Japan and the Asia-Pacific region, the companies said in a statement."We intend to capitalize on the Monte-Carlo brand," President Michael Mecca told Reuters in an interview. "All of the entities of Monaco and the principality ... are very enthusiastic about joining us and doing business in Japan."SBM is majority-owned by the Mediterranean principality, and since 2015, 5 percent owned by Galaxy. The Monaco firm said it hopes the partnership will help it grow in Asia.Still, Galaxy faces strong competition to win rights to run a resort in Japan, which legalized casinos late last year.A host of international operators including U.S.-based Las Vegas Sands Corp ( LVS.N ) and MGM Resorts International ( MGM.N ) also aim to enter the market.The government is drafting a law, due by December, on how to regulate the industry, and people familiar with the matter have told Reuters that Japan will likely pick locations and operators in 2019 and open casino resorts by 2023.Before the selection process begins, resort operators including MGM and Hard Rock Cafe International Inc have been forming consortia with prospective hosts and domestic companies.Galaxy is also wooing national and local governments, as well as real estate, construction and transportation firms, but will not insist on a stake of over 50 percent in any consortium, Mecca said."We are not coming with a preconceived notion or demand to be a majority shareholder," he said.Other operators have taken such positions, with Hard Rock saying it would seek a stake of 40 percent to 60 percent in any consortium.Galaxy declined to detail the size of any investment in Japan, but said its net cash of $2.1 billion would allow it to begin a project without waiting for financing.Sands and MGM have said a casino resort would need an investment of up to $10 billion.Just two casinos in major Japanese cities could generate over $10 billion in annual gaming revenue, rising to $25 billion if 10 further casinos outside metropolitan areas are approved, brokerage CLSA has said.(Reporting by Thomas Wilson and Emi Emoto; Editing by Christopher Cushing)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-japan-casinos-galaxy-ent-idINKBN1700U2'|'2017-03-29T06:31:00.000+03:00'
'73d3e364c7feaac5d68a15622be57612abca16ac'|'PPG to make case for Akzo acquisition to Dutch government officials'|'AMSTERDAM The chief executive of U.S. paint maker PPG ( PPG.N ) meets Dutch government officials on Friday to make the case for its proposed 22.7 billion euro ($24.5 billion) takeover of Dutch peer AkzoNobel ( AKZO.AS ).PPG was also due to meet representatives of the VEB, an organization that represents shareholders in the Netherlands, but there was no indication that it would get a hearing from Akzo executives.Akzo''s management, which has rejected the approach and refused to negotiate, has come under pressure from shareholders to at least sit down with PPG and discuss its sweetened March 20 offer.PPG Chief Executive Michael McGarry, who arrived in Amsterdam on Thursday, said he wanted to meet Akzo "stakeholders" including local media, shareholders, politicians, employee groups and the company''s boards.On Friday, McGarry was to meet Bertholt Leeftink, Director-General Enterprise and Innovation at the Economic Affairs Ministry in The Hague, a ministry spokesman said. He declined to provide details.PPG spokesman Bryan Iams said the company was meeting "various stakeholders" including government officials, but declined further comment, citing privacy reasons.Akzo has said PPG''s offer "not only fails to reflect the current and future value of AkzoNobel, it also neglects to address the significant uncertainties and risks for shareholders and other stakeholders".But many Akzo''s shareholders see it differently and have urged Akzo Chief Executive Ton Buechner to meet PPG''s McGarry.A poll of 50 Akzo Nobel shareholders published by SanfordBernstein found that 80 percent of them wanted Akzo''s management to enter talks with Pittsburgh-based PPG.(Reporting By Anthony Deutsch; Editing by Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-akzonobel-m-a-ppg-idINKBN16V16E'|'2017-03-24T08:24:00.000+03:00'
'4ae8e96647647a8097b7de38dda49ef34422cac5'|'German stocks - Factors to watch on March 24'|'BERLIN/FRANKFURT, March 24 The DAX top-30 index looked set to open 0.1 percent higher on Friday, according to premarket data from brokerage Lang & Schwarz at 0715 GMT.The following are some of the factors that may move German stocks:DEUTSCHE BANKIndicated 0.3 percent lowerGermany''s largest lender has chosen a new office for its London headquarters, signalling a vote of confidence in Britain''s capital despite the country''s decision to leave the European Union.DEUTSCHE BOERSEIndicated 0.3 percent lowerThe company plans strong cost cuts after its failed tie-up with the London Stock Exchange, Sueddeutsche Zeitung reported, citing underperformance in some business areas in the first two months of 2017.MERCKIndicated 2.7 percent higherU.S. health regulators on Thursday approved a drug developed by Merck and Pfizer Inc that helps the immune system to fight a rare form of skin cancer once it has spread to other parts of the body.VONOVIAIndicated unchangedThe property group has won support from more than 90 percent of Conwert shareholders for its takeover offer.SALZGITTERIndicated 0.2 percent higherFull Q4 results due. The group reported preliminary figures on Feb. 28 and said it expects profit to rise in 2017 after years of restructuring.ADLER REAL ESTATEIndicated 0.6 percent higher2016 FFO I improved 69.6 percent to 27.3 million euros.HAPAG-LLOYDNo indicationAnnual report due. The group published preliminary results on Feb. 28, with 2016 operating profit down 66 percent as freight rates fell significantly.ZEAL NETWORKNo indicationAnnual news conference due. The group published preliminary results on March 1 and slashed its guidance on March 9 after a player won a prize of around 15 million euros.BIOTESTIndicated 14 percent lowerImmunogen will not exercise a late stage co-development option for the U.S. market with Biotest''s antibody-drug conjugate, the company said on Friday.AUMANNFlotation on Frankfurt stock exchange due. The machine builder set the IPO price at 42 euros per share.ANALYSTS'' VIEWSALLIANZ - SocGen cuts to ''SELL'' from ''HOLD''WACKER CHEMIE - Macquarie cuts to ''UNDERPERFORM'' FROM ''NEUTRAL''HORNBACH - DZ Bank raises to ''BUY'' from ''HOLD"OVERSEAS STOCK MARKETSDow Jones unchanged, S&P 500 -0.1 pct, Nasdaq -0.1 pct at close.Nikkei +0.9 pct, Shanghai stocks +0.6 pct.Time: 7.17 GMT.GERMAN ECONOMIC DATAGerman March Markit PMI due at 0830 GMT. Manufacturing PMI seen at 56.5 points vs 56.8, services PMI at 54.6 vs 54.4, compositive flash PMI at 56.0 vs 56.1.EUROPEAN FACTORS TO WATCHDIARIESREUTERS TOP NEWS (Reporting by Andreas Cremer and Harro ten Wolde)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/germany-stocks-factors-idINL5N1H02AA'|'2017-03-24T05:18:00.000+03:00'
'0e2a0313590e442a19f7659e6cafc5fad6f3a979'|'Australians sitting on mountains of cash as wealth outpaces debt'|'Business News - Thu Mar 30, 2017 - 3:27am BST Australians sitting on mountains of cash as wealth outpaces debt left A woman walks past a pawn office in central Sydney May 7, 2009. REUTERS/Daniel Munoz 1/2 left right A resident in Sydney''s newly-developed beachside suburb of Green Hills walks her dog, February 2, 2015. REUTERS/Jason Reed 2/2 By Wayne Cole - SYDNEY SYDNEY Australian households saw their wealth balloon to a record A$11.7 trillion (7.21 trillion pounds) last quarter as cash holdings topped a trillion dollars for the first time ever, boding well for spending in the face of tepid wages growth. Thursday''s figures from the Australian Bureau of Statistics showed households'' net worth, after taking into account all their liabilities, rose 3.6 percent to A$9.4 trillion in the three months to December. Most of the gains came from a A$247 billion increase in home and land values, which took them to A$6.4 trillion. The country''s annual economic output (GDP) is worth A$1.7 trillion. This accumulation of wealth is a major reason the Reserve Bank of Australia (RBA) considers household balance sheets to be in good repair overall, even as they fret about debt-fuelled speculation in the property market. "From a wealth standpoint, you would have to say Australian households are sitting pretty right now," said Savanth Sebastian, a senior economist at asset manager CommSec. "Yes, the growth rate of debt is a concern. The longer it continues to outpace income growth, the more vulnerable households become," he added. "But the asset side of the balance sheet is often overlooked and that''s very strong." He noted that the net worth of every man woman and child in the country stood at almost A$387,000, a solid cushion to support spending in the face of sluggish wage growth. While there has been much alarm at rising debt levels in Australia, little is made of the asset side of household balance sheets which makes the picture appear less threatening. Mortgage debt in the country stands at A$1.7 trillion, yet that is equal to just 26.7 percent of the value of homes and land, suggesting home prices would have to fall a long way to put the average owner into the red. The ration of all debt to all assets had also dipped to just under 20 percent, its lowest since early 2008. Australians have also been squirreling away a pile of liquid assets. Cash and deposits alone topped A$1 trillion last quarter for the first time on record, having more than doubled over the preceding decade. The ABS estimates the ratio of household debt to liquid assets, which includes cash, deposits, debt securities and shares, fell 1.1 percentage points to 124.4 percent in the December quarter. That was considerably lower than the often-cited debt to disposable income ratio which is currently at record highs above 180 percent. (Reporting by Wayne Cole; Editing by Simon Cameron-Moore) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-australia-economy-wealth-idUKKBN17107T'|'2017-03-30T10:27:00.000+03:00'
'92fba68b3ecd17f0bd842942617a67fed637d217'|'Nikkei edges down on pause in weak yen trend; mining shares outperform'|'Company News - Wed Mar 29, 2017 - 10:29pm EDT Nikkei edges down on pause in weak yen trend; mining shares outperform * Chip equipment makers surge * Foreign investors net sellers of Japanese shares last week By Ayai Tomisawa TOKYO, March 30 Japan''s Nikkei share average edged down on Thursday morning pressured by a pause in the weak yen trend, while mining shares firmed on gains in oil prices. The Nikkei dropped 0.2 percent to 19,175.10 in midmorning trade. The dollar slumped on Monday and hit Japanese equities after the U.S. House of Representatives pulled a bill to overhaul U.S. healthcare insurance, which knocked the wind out of the dollar-supportive "Trump trade." The U.S. currency was up 0.1 percent at 111.195 yen, but far lower than a level above 115 yen hit a few weeks ago. "Investors have bought Japanese stocks mainly because of the strong dollar-yen trend. Trump''s healthcare defeat threw a wet blanket on the Japan market''s rally since last November," said Takuya Takahashi, a strategist at Daiwa Securities. Japanese stocks have soared more than 10 percent since Trump''s election on hopes his administration will boost U.S. economic growth to 3 percent or even higher. On Thursday, Japanese insurers and banks, which hunt for higher yield products, were weaker after U.S. Treasury debt yields slid on lingering uncertainty surrounding the Trump administration''s economic policies. MS&AD Insurance dropped 0.6 percent, Mitsubishi UFJ Financial Group shed 0.5 percent and Mizuho Financial Group declined 0.8 percent. Analysts said that while investors focus on Trump''s economic stimulus policies, investors may pick up Japanese stocks with strong earnings prospects such as semiconductor equipment makers. On Thursday, Tokyo Electron rose 1.5 percent and Advantest Corp surged 1.9 percent. Also outperforming the market were mining stocks, with Inpex Corp rising 1.3 percent and Japan Petroleum Exploration Co gaining 0.5 percent after oil prices rose more than 2 percent on Wednesday. Meanwhile, capital flows data showed that foreign investors remained net sellers of Japanese stocks for the week ending on March 25. Foreigners sold a net 754.3 billion yen worth of shares in the week through Mar. 25, after selling a net 585.3 billion yen in the week before that. The broader Topix declined 0.4 percent to 1,536.23 and the JPX-Nikkei Index 400 dropped 0.4 percent to 13,731.70. (Reporting by Ayai Tomisawa; Editing by Eric Meijer) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-midday-idUSL3N1H71G6'|'2017-03-30T10:29:00.000+03:00'
'c3363f7ab99a26f871e98a3094944287b6fb5f6d'|'InvestaBank was not used for money laundering - regulator'|'Business News - Wed Mar 29, 2017 - 9:50pm BST InvestaBank was not used for money laundering - regulator By Noe Torres - MEXICO CITY MEXICO CITY Mexico''s banking regulator on Wednesday confirmed that a thorough audit of InvestaBank found no evidence of money laundering by one of its largest shareholders, clearing the path for the lender to buy Deutsche Bank''s Mexican operations. InvestaBank''s chief executive, Enrique Vilatela, had said in an interview last week the regulator had given InvestaBank a clean bill of health, and that the bank would look to resume the acquisition of Deutsche Bank''s ( DBKGn.DE ) banking and securities businesses. "We''re going put our request to the authorities before the end of March," Vilatela said, adding that InvestaBank would pay roughly $150 million for the businesses. InvestaBank halted the deal, announced at the end of October, after Carlos Djemal, a 25 percent stakeholder, was arrested in the United States and accused of laundering more than $100 million. Edgar Bonilla, vice president of legal affairs for the National Banking and Securities Commission (CNBV), said in an interview that during the inspection of the bank, the regulator found smaller violations that resulted in fines of $1.3 million. "I want to be very clear, the bank was not used to launder money for any company connected to Carlos Djemal, nor for Carlos Djemal himself, nor for any other company that has an open account at the bank," Bonilla said. Bonilla added that the CNBV was still keeping a close watch on the bank since its levels of liquidity were still short of the regulatory minimum. "We''ll continue monitoring them until they fix that issue," he said. Vilatela said a group of investors acquired Djemal''s shares and that the institution received 360 million pesos ($19 million) in fresh capital from new and current investors, and expected to have $120 million in capital within the next few months. InvestaBank was created in 2014 when Investa acquired the local operations of Royal Bank of Scotland (RBS). The bank currently has 0.05 percent of the total revenues in the Mexican banking system. (Reporting by Noe Torres in Mexico City; Written by Dan Freed; Editing by Steve Orlofsky) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-mexico-investabank-idUKKBN17031A'|'2017-03-30T04:50:00.000+03:00'
'55a5032131a917ee60558f8ad5115739875f10fb'|'Corporate America’s top shareholder referee gets tougher on activists'|'Business News - Thu Mar 30, 2017 - 1:08am EDT Corporate America’s top shareholder referee gets tougher on activists left right FILE PHOTO: A commuter passes by the New York Stock Exchange (NYSE) in the financial district in New York City, U.S., February 7, 2017. REUTERS/Brendan McDermid/File Photo 1/2 left right FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 17, 2017. REUTERS/Brendan McDermid/File Photo 2/2 By Michael Flaherty - NEW YORK NEW YORK Institutional Shareholder Services Inc, the world''s top proxy advisory firm, is making activist investors work harder than ever to earn its backing in corporate control battles in a shift being led by the new man in charge of its recommendations. Since Cristiano Guerra formally took over in January as the head of ISS''s special situations research team, the firm''s support for activists in proxy fights has fallen to 50 percent of the cases, compared with 60 percent last year, according to data from FactSet and Proxy Insight. (Graphic: tmsnrt.rs/2nhYXei )Guerra became acting head on Sept. 1 of last year. While it is still early in his tenure, Guerra has indicated a greater willingness to challenge activist funds pushing for changes in corporate boards and strategies, according interviews with advisors, investors, and current and former colleagues. "I think (Guerra) is fair and has no obvious sympathy for one side or the other," said Bruce Goldfarb, CEO of proxy solicitation firm Okapi Partners. "There will be a more significant burden, more so than in the past, for activists to explain why ISS should support them." Bought by private equity firm Vestar Capital Partners in 2014, ISS has a staff of 900 covering each year 40,000 meetings of publicly traded companies worldwide, offering recommendations on everything from CEO pay to a board''s bylaws. Guerra''s team - which also issues recommendations on mergers and acquisitions - wields significant influence over the outcome of proxy fights and contested transactions. Signs that ISS''s stance is evolving from one perceived as more sympathetic towards activist shareholders comes at a time when activist targets are thinning out and smaller in size after a six-year surge in campaigns against corporate boards. Guerra''s most telling decision so far came on March 16, when ISS recommended shareholders for Cypress Semiconductor Corp ( CY.O ), which was facing a proxy fight, vote for management''s proposal to eliminate cumulative voting. The structure favors minority shareholders because it gives them more power when deciding the fate of individual board members. ISS had rarely recommended to eliminate such a shareholder right in the face of a contested election. Guerra played a key role in ISS adopting the position that by eliminating the cumulative voting bylaw, and adopting other measures, it would the playing field for all shareholders, according to people familiar with the matter. "I don''t think ISS would have made that kind of decision five years ago," said one of Guerra''s former colleagues, who offered to be interviewed only on condition of anonymity. Guerra, 44, was an executive at an aviation security company before he joined ISS in 2009. Quiet and deliberate, sources say, he has kept a low profile since his appointment and declined to be interviewed. ISS spokesman Subodh Mishra also declined to comment on the company''s behalf for the story. One of the biggest challenges facing ISS and Guerra''s team is defending its position as the go to source for shareholder recommendations. Big asset managers, such as BlackRock Inc ( BLK.N ) and Vanguard Group Inc, are building up their in-house proxy voting arms. Advisory firms such as Camberview Partners LLC and Sard Verbinnen & Co are hiring former ISS staffers and corporate governance experts to expand into proxy advisory work. The Maryland-based company is under constant pressure to demonstrate its impartiality given it gets paid by institutional funds for its research and recommendations. ISS has increased its reach to companies as well in recent years, which use its consulting arm for corporate governance advisory services. The U.S. Chamber of Commerce has criticized ISS for siding with shareholders at the expense of CEOs and company directors, and has called for more regulatory oversight, which resulted in a Congressional bill last year that never made it to a vote. ISS''s special situations research team has yet to be tested by a major, high-profile proxy contest under Guerra''s leadership. That will come later in this year''s proxy season, when it rules on activist hedge fund Elliott Management LP''s attempt to overthrow board directors and the CEO of Arconic Inc ( ARNC.N ), the $10 billion specialty metals company. (Reporting by Michael Flaherty; Editing by Greg Roumeliotis and Tomasz Janowski) Next In Business News Texas judge kicks Exxon climate lawsuit to New York court HOUSTON A federal judge in Texas on Wednesday kicked an Exxon Mobil Corp lawsuit seeking to thwart two states from pursuing a fraud case over climate change to a Manhattan court, saying his court wasn''t the best place to resolve the dispute. BOSTON Billionaire hedge fund manager William Ackman has apologized to clients for betting on Valeant Pharmaceuticals International Inc , telling them he was "deeply and profoundly sorry" for losing so much of their money on the investment. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-iss-activists-idUSKBN1710EH'|'2017-03-30T13:08:00.000+03:00'
'763afaf48035016d642cfc3ec1cdeb12cd81d2d2'|'Toshiba''s nuclear woes a hot ticket for bankruptcy financiers'|'Business News - Thu Mar 30, 2017 - 3:00am BST Toshiba''s nuclear woes a hot ticket for bankruptcy financiers The Vogtle Unit 3 and 4 site, being constructed by primary contactor Westinghouse, a business unit of Toshiba, near Waynesboro, Georgia, U.S. is seen in an aerial photo taken February 2017. Georgia Power/Handout via REUTERS By Jessica DiNapoli - NEW YORK NEW YORK Westinghouse Electric Co''s financial distress sparked a feeding frenzy among Wall Street lenders keen to give the nuclear developer a lifeline while it reorganizes in bankruptcy, according to court papers and people familiar with the matter. Westinghouse, the nuclear arm of Japanese conglomerate Toshiba, filed for Chapter 11 bankruptcy protection on Wednesday after facing billions of dollars in cost overruns at power plants under construction in Georgia and South Carolina. It has a proposal in hand for $800 million in bankruptcy financing from the credit arm of Apollo Global Management, which must be approved by a bankruptcy judge. The private equity firm won the high-profile deal after Westinghouse said it was "inundated" with offers from investment banks, private equity houses and hedge funds for the financing, a so-called "debtor-in-possession" (DIP) loan, Westinghouse''s turnaround adviser said in court papers. "It''s a coveted corner of the market," said David Tawil, president of Maglan Capital, a distressed-focused hedge fund. "People like DIPs a lot; there''s not a lot of opportunity." With lenders starved for yield, there are few opportunities to park nearly $1 billion and earn about 10 percent, the "all-in" interest rate on the loan, according to a person familiar with the matter. Lenders were drawn to Westinghouse to provide the DIP because of the size of its funding needs, and because, unlike most companies facing bankruptcy with too much debt, it had no other loans or bonds already backed by its collateral. "(That''s) extremely rare, when you have no secured debt on a company," Tawil said. Westinghouse also has a profitable nuclear services and maintenance business separate from its troubled power plant construction division that was highly attractive to lenders. The company received 14 proposals for the financing, according to court papers. Investment bank Goldman Sachs Group Inc and affiliates of hedge fund Highbridge Capital Management and private equity firm Silver Point Capital went as far as to file a letter with the bankruptcy court late Wednesday saying they could provide a "much more favourable financing" package than Apollo''s. But then they withdrew it, offering no explanation. Goldman and Apollo declined to comment. Westinghouse did not immediately return a request for comment. The jockeying among the lenders to provide the financing underscores the scarcity of these deals across the restructuring sector. There were 12 DIP loans totalling $7.47 billion in 2016, the highest in quantity and count since the depths of the financial crisis in 2009, according to Thomson Reuters LPC data, an increase likely driven by the oil and gas crash. In 2009, there was 37 such loans totalling $14.6 billion. Pre-existing lenders to companies often also fund the DIP as a way to protect their initial investment, leaving little room for outsiders like Apollo, Silver Point or Highbridge. Last year when U.S. solar company SunEdison Inc filed for bankruptcy, existing lenders provided $300 million in DIP financing. But Westinghouse''s biggest creditors are its parent company Toshiba and the U.S. utilities that own the half-finished nuclear reactors. It has no other debt from third parties, except an undrawn bank credit line, the company''s investment banker said in court papers. (Reporting by Jessica DiNapoli; Editing by Lisa Shumaker) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-toshiba-accounting-financing-idUKKBN17106D'|'2017-03-30T10:00:00.000+03:00'
'e150c4a761308d3b1b77e317a4da6b024702a3a3'|'Volkswagen scandal cut German auto industry''s sway over Brexit terms - ZF CEO'|'  9:18am BST Volkswagen scandal cut German auto industry''s sway over Brexit terms - ZF CEO A Volkswagen logo is seen covered on the Volkswagen stand during the 87th International Motor Show at Palexpo in Geneva, Switzerland, March 7, 2017. REUTERS/Denis Balibouse FRIEDRICHSHAFEN, Germany Volkswagen''s ( VOWG_p.DE ) emissions scandal has reduced the German auto industry''s political clout, hampering its efforts to lobby for continued tariff-free trade between Britain and the European Union, the chief executive of auto supplier ZF said. "The last two years the automotive association in Germany lost a lot of credibility," Stefan Sommer said late on Wednesday, referring to the auto supplier and carmaker lobby group VDA''s lobbying power after VW''s diesel emissions cheating. Sommer''s remarks came as British Prime Minister Theresa May began divorce proceedings from the European Union on Wednesday, amid fears that punitive tariffs could be included in a future trade deal. ZF supplies eight-speed automatic transmissions for Tata Motors'' ( TAMO.NS ) Jaguar and Land Rover, Aston Martin and VW''s Bentley from a factory in Saarbruecken, but how it will respond in the aftermath of Brexit remains unclear, Sommer said. "That depends on what trade terms are negotiated," he said. ZF employs 3,000 staff in the UK, a market which generated 1.9 billion euros worth of revenue for the company in 2016. It has a factory in Peterlee, which makes camera systems used in lane assistance systems for passenger cars, and a plant in Solihull makes chassis technology. ZF also has a servicing site for wind turbines in Nottingham. (Reporting by Edward Taylor; Editing by Alexander Smith)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-autos-idUKKBN1710U0'|'2017-03-30T16:18:00.000+03:00'
'74d990aa590107299ccee75b7515936c03cfbbd6'|'Oil stable on falling Libyan output, but bloated U.S. market still weighs'|' 24am IST Oil stable on falling Libyan output, but bloated U.S. market still weighs A pump jack is seen at sunrise near Bakersfield, California October 14, 2014. REUTERS/Lucy Nicholson/File Photo By Henning Gloystein - SINGAPORE SINGAPORE Oil prices were steady on Thursday, supported by falling crude output in Libya and declining gasoline stocks in the United States, although bloated   are still weighing on markets. Prices for front-month Brent crude futures LCOc1, the international benchmark for oil, were at $52.42 per barrel at 0040 GMT, unchanged from their last close. In the United States, West Texas Intermediate (WTI)   5 cents at $49.57 a barrel. ANZ said on Thursday that prices were supported by Libyan oil output falling to about 500,000 barrels per day (bpd) due to the shutdown of pipelines from its biggest field. And while a rise in   weighed on markets, ANZ said that "the market got excited" about a drawdown in gasoline stockpiles. "The big falls in gasoline inventories, coming near the end of the refinery maintenance season, suggest crude oil inventories are on the cusp of declining," it said.   USOILC=ECI rose 867,000 barrels in the week ending March 24, compared with analyst expectations for an increase of 1.4 million barrels. Total inventories were at a record of nearly 534 million barrels, the Energy Information Administration (EIA) said on Wednesday. Gasoline stocks USOILG=ECI fell 3.7 million barrels, compared with expectations for a 1.9-million barrel drop. Key for the direction of oil prices will be whether an initiative led by the Organization of the Petroleum Exporting Countries (OPEC) to cut oil production during the first half of the year will be extended, and how high compliance with the reduction targets will be. OPEC, along with other producers including Russia, aims to cut output by almost 1.8 million bpd during the first half of the year. OPEC compliance with its targets is expected to be 95 percent this month, up from 94 percent in February, according to Reuters surveys. However, compliance is lower by non-OPEC members like Russia, who have officially agreed to participate in the cuts. "Russia''s 300,000 bpd cut commitment particularly has been called into question," Eurasia Group said this week in a research report. "While it remains possible Russia can scrape together a combination of outages and natural decline at some west Siberian brownfields and spin this as a 300,000-bpd output cut, it is highly unlikely Russia will achieve an absolute 300,000 bpd reduction during the tenure of the current agreement," it added. As markets remain bloated halfway into the cuts, there is a broad expectation that the supply cuts will be extended into the second half of the year. (Reporting by Henning Gloystein; Editing by Joseph Radford)  '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-global-oil-idINKBN17103G'|'2017-03-30T08:51:00.000+03:00'
'b0f5a10e1b6a2f5be43fc135006988166f57829f'|'UK court says Ukraine has no ''justiciable defence'' in $3 billion Russia bond case'|'Business News - Wed Mar 29, 2017 - 12:26pm BST UK court says Ukraine has no ''justiciable defence'' in $3 billion Russia bond case LONDON An UK court ruled on Wednesday that Ukraine did not provide "justiciable defence" in a $3 billion (2.40 billion pounds) Eurobond case brought by Russia against Kiev and that it would not be right for the case to go to full trial. Judge William Blair said in the pre-trial hearing that the court had given the case careful consideration but added: "Ultimately this is a claim for repayment of debt instruments to which the court has held there is no justiciable defence. It would not be right to order the case to go forward to a full trial in these circumstances." Russia had requested a summary judgement - a move often used to speed up procedures - meaning the court after examining Ukraine''s defence arguments would decide if they are likely to stand up in court. Both sides can appeal the judgement. Ukraine''s lawyer asked the court for an interim stay of execution. The case centres around a $3 billion Russia lent in December 2013 to Ukraine under former President Viktor Yanukovich in the form of a Eurobond governed by English law. Moscow wants the bond to be repaid in full but Kiev insists Russia should have participated in a 2015 restructuring of Ukrainian Eurobonds. (Reporting by Karin Strohecker; writing by Sujata Rao) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ukraine-russia-eurobonds-idUKKBN1701DP'|'2017-03-29T19:26:00.000+03:00'
'65c7e3e4b3fb615562c8c50492688fa74efa1436'|'OAS head accuses Venezuela''s Maduro of ''self-coup'''|'CARACAS The head of the 34-member Organisation of American States accused Venezuelan President Nicolas Maduro''s government of carrying out a "self-coup" on Thursday after the country''s Supreme Court took over the functions of the opposition-led Congress."The sentences from the Supreme Court ... are the final blows with which the regime subverts the constitutional order of the country and finishes with democracy," said OAS Secretary-General Luis Almagro in a statement.(Writing by Andrew Cawthorne, editing by G Crosse)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/venezuela-politics-oas-idINKBN1712WC'|'2017-03-30T17:03:00.000+03:00'
'8a2250818e9b37f8d126145a08657f25bbb55267'|'Former German cabinet minister to join Rheinmetall board - Welt'|'Business News - Thu Mar 30, 2017 - 7:08pm BST Former German cabinet minister to join Rheinmetall board - Welt FILE PHOTO: Germany''s former Labour Minister and former Defence Minister Franz Josef Jung arrives for a board of inquiry in Berlin, March 25, 2010. REUTERS/Tobias Schwarz BERLIN Former German defence minister Franz Josef Jung is to join the supervisory board of defence and automotive engineering group Rheinmetall ( RHMG.DE ), newspaper Die Welt said on Thursday, citing a company spokesman. Jung, who was defence minister in Chancellor Angela Merkel''s grand coalition government between 2005 and 2009, is due to be elected at Rheinmetall''s annual general meeting on May 9, the report said. A spokesman for Rheinmetall didn''t return calls seeking comment. It''s not the first time that a former member of Merkel''s cabinet will join the Duesseldorf-based firm. Former German Economic Cooperation and Development Minister Dirk Niebel joined Rheinmetall in 2015 to advise the company on strategy issues and government relations, according to the company''s web site. Separately, Die Welt said the company''s long-time chairman Klaus Greinert will be replaced by Ulrich Grillo, former head of Germany''s BDI industry federation, after the shareholders meeting in May. (Reporting by Andreas Cremer; Editing by Greg Mahlich) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-rheinmetall-idUKKBN1712RO'|'2017-03-31T02:08:00.000+03:00'
'd085bb4dc24256092325f30c236d634b8a0a0b01'|'Quebec minister sees public issue in Bombardier''s executive pay rises'|'Aerospace & Defense - Thu Mar 30, 2017 - 3:28pm EDT Quebec minister sees public issue in Bombardier''s executive pay rises A Bombardier logo is pictured on the company booth during the European Business Aviation Convention & Exhibition (EBACE) at Cointrin airport in Geneva, Switzerland, May 24, 2016. REUTERS/Denis Balibouse By Allison Lampert and Kevin Dougherty - MONTREAL/QUEBEC CITY MONTREAL/QUEBEC CITY Bombardier Inc ( BBDb.TO ) should consider its decision to award top executives pay rises of up to 50 percent in light of a public backlash at a time when the company has laid off thousands of employees, Quebec''s economy minister said on Thursday. Total compensation for the Canadian plane and train maker''s top five executives and board chairman rose to $32.7 million in 2016, up from $21.9 million a year earlier, according to a proxy circular published on Wednesday ahead of Bombardier''s May 11 annual meeting. In 2016, Bombardier announced two rounds of layoffs totaling 14,500 people over two years at sites around the world. The company has said it would still hire for certain programs. "If I was Bombardier, I would reflect on the message they are getting from the public," Economy Minister Dominique Anglade said in provincial parliament, as angry Quebecers took to social media and popular talk shows on Thursday to denounce the raises. Canadian Prime Minister Justin Trudeau, pressed to comment on the issue at a news conference in Brampton, Ontario, said, “We respect the free market and choices companies will make, but we also have a responsibility to ensure the investments we make with taxpayers’ dollars are leading to good jobs and growth.” He did not elaborate. Bombardier''s chief executive officer, Alain Bellemare, who launched a five-year turnaround plan, earned almost $9.5 million last year, up from $6.4 million in 2015. In an email, Bombardier spokesman Simon Letendre said the higher compensation reflects management''s success in hitting the company''s 2016 targets. He said a large proportion of executive remuneration is tied to performance or to share price appreciation. Bombardier, which was forced to consider bankruptcy in 2015 after facing a cash crunch while developing two new jets, slashed 7,500 jobs last October, in a second round of layoffs. The company has received a $1 billion investment from Quebec in its CSeries narrowbody program, in 2015. In February, it got C$372.5 million in loans from Canada''s federal government. "Bellemare did a good job last year,” said Michel Nadeau, executive director of the Institute for Governance of Private and Public Organizations. “But I think they should wait (for raises) until the company is doing better." Nadeau said the 36 percent compensation raise secured by Bombardier''s executive chairman and former CEO, Pierre Beaudoin, to $5.2 million was out of line with Canadian industry norms. Beaudoin is a member of Bombardier’s founding family that controls the company. "I think the shareholders have the right to know why he is being paid $5 million,” Nadeau said. Canada''s second largest pension fund, Caisse de depot et placement Quebec, has invested $1.5 billion for a 30 percent stake in Bombardier''s rail division. Caisse did not immediately respond to requests for comment. (Reporting by Allison Lampert in Montreal and Kevin Dougherty in Quebec City; Additional reporting by David Ljunggren; Editing by Leslie Adler) Next In Aerospace & Defense'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-canada-bombardier-compensation-idUSKBN1712XS'|'2017-03-31T03:28:00.000+03:00'
'5f1397ecff9a69760367a84dce4999b10bcfb36c'|'UPDATE 1-Workers to end strike at Peru''s top copper mine Cerro Verde'|'Company  16pm EDT UPDATE 1-Workers to end strike at Peru''s top copper mine Cerro Verde (Adds union leader comment, background on strikes) LIMA, March 30 Workers at Peru''s biggest copper mine, Freeport-McMoRan Inc''s Cerro Verde, will resume work on Friday after voting to end a nearly three-week strike that had halved output, the union said on Thursday. The union accepted the company''s offer to improve family healthcare benefits and pay workers their portion of the mine''s profits earlier than usual, union leader Jesus Revilla said. The union has said that the strike had disrupted the mine''s output of some 40,000 tonnes of copper per month, though the company said there was no material impact on production. The announcement follows the end to a historic 43-day strike at the world''s biggest copper mine in neighboring Chile last week. It comes amid expectations that Freeport might soon resume exports from its Grasberg copper mine in Indonesia. Freeport owns a 53.56 percent stake in Cerro Verde. Sumitomo Metal Mining Co Ltd has a 21 percent stake in the mine, and Buenaventura 19.58 percent. (Reporting by Marco Aquino; Editing by Lisa Von Ahn and Bill Rigby) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/peru-copper-strike-idUSL2N1H71BO'|'2017-03-31T02:16:00.000+03:00'
'7d6f6d85007e35064057046fa37e0b7544fd2137'|'UPDATE 1-Brazil''s Vale sells stake in Moatize coal mine to Mitsui'|'Commodities - Mon Mar 27, 2017 - 6:49pm EDT Brazil''s Vale sells stake in Moatize coal mine to Mitsui File photo: A view shows the company logo of Brazilian mining company Vale SA at its headquarters in downtown Rio de Janeiro August 20, 2014. REUTERS/Pilar Olivares/File Photo BRASILIA Brazilian miner Vale SA said on Monday it has wrapped up the sale of a stake in Mozambique''s Moatize coal project to Japan''s Mitsui & Co Ltd and received an initial payment of $733 million, the company said in a security filing. The remainder of the $770 million transaction will be paid after the financing for the project is concluded, Vale said. The Japanese company acquired 15 percent of Vale''s 95 percent share in the coal mine. It is also buying 50 percent of Vale''s 70 percent stake in the Nacala logistics corridor, a railway system connecting production at the mine to the Nacala port in Mozambique. Vale said it expects to receive by the end of this month an initial payment of $733 million from Mitsui from the equity sale. The company said it would receive $2.7 billion more after the financing for the project of the mine and the transportation system is concluded. Vale has been in talks with Mitsui over the Moatize mine for almost three years. The firms previously had said any payments or the conclusion of the deal would only take place once financing for the mine and the transportation system was sealed. Mitsui will have an option to transfer back to Vale the stake in the project if financing is not completed by December. (Reporting by Anthony Boadle; Editing by Diane Craft and Bill Trott) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-vale-sa-mitsui-co-idUSKBN16Y2O2'|'2017-03-28T06:47:00.000+03:00'
'cdd41f358d8357b621b9fe2b14d78885885aaa13'|'Deals of the day-Mergers and acquisitions'|' 19am EDT Deals of the day-Mergers and acquisitions March 28 The following bids, mergers, acquisitions and disposals were reported by 1015 GMT on Tuesday: ** Barclays is in exclusive talks to sell its stake in Barclays Bank of Zimbabwe to Malawi''s First Merchant Bank, First Merchant Bank said in a statement on its website. ** Aviva Plc is exploring a sale of its Friends Provident International unit, which offers life assurance and investment products, in a deal that could raise between $500 million and $700 million, a source with direct knowledge of the matter said. ** Bain Capital Private Equity has decided not to proceed with the acquisition of Belgian packaging company Resilux due to an anti-trust ruling in Germany, the investment company said. ** Amazon.com has agreed to buy Middle East online retailer Souq.com, thwarting a last minute bid by Dubai billionaire Mohamed Alabbar''s Emaar Malls. ** Japanese beer maker Asahi Group Holdings Ltd said it will take on 7.4 billion euros ($8 billion) in bank loans to finance its acquisition of European assets from Anheuser-Busch InBev SAC NV. ** China Southern Airlines Co Ltd said it will sell a small stake to American Airlines Group Inc in a $200 million deal that will give the carriers better access to the world''s two largest travel markets. ** British housebuilder Redrow said it did not intend to make an offer for rival Bovis just over two weeks after its approach was rejected as too low, leaving one potential bidder for the ailing firm. ** Tokyo Electric Power Company Holdings (Tepco) and Chubu Electric Power Co said they had signed an agreement to integrate their fossil fuel power plants under their JERA Co joint venture. ** Akzo Nobel, the Dutch paints and coatings maker trying to avoid being taken over by larger U.S. rival PPG Industries, said it would detail its strategy to remain independent on April 19. ** The new head of Spain''s Banco Popular, Emilio Saracho, is in talks to sell the lender''s property portfolio and also a stake to Libra Group, online newspaper El Confidencial reported. ** Schlumberger, the world''s top oil services provider, has bought a stake in upstart rig operator Borr Drilling. ** Strauss Coffee has agreed to buy back a 25.1 percent stake in the company held by buyout firm TPG Capital Management for 257 million euros ($279 million), its parent company Strauss Group said. ** Australian sandalwood plantation group Quintis Ltd said its managing director has resigned and will consider making a takeover offer for the company together with an unnamed international group. ** Brazilian miner Vale SA said on Monday it has wrapped up the sale of a stake in Mozambique''s Moatize coal project to Japan''s Mitsui & Co Ltd and received an initial payment of $733 million, the company said in a security filing. ** Investment management firm Red Mountain Capital Partners LLC said in a letter on Monday that it is pushing apparel and accessories maker Deckers Outdoor Corp''s board to explore a sale of the company. ** Russia''s biggest bank Sberbank is selling its subsidiary in Ukraine to a consortium of investors, which include Norvik Bank (Latvia) and a Belarussian private company, Sberbank said in a statement on Monday. ** Olive Garden owner Darden Restaurants Inc said on Monday it would buy Cheddar''s Scratch Kitchen for $780 million in an all-cash transaction. ** Bank holding company Home BancShares Inc said it would acquire regional lender Stonegate Bank in a cash-and-stock deal valued at about $778.4 million. ($1 = 0.9208 euros) (Compiled by Laharee Chatterjee in Bengaluru)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/deals-day-idUSL3N1H53HE'|'2017-03-28T18:19:00.000+03:00'
'5e58f1263b2e644f151671535138872b99af0571'|'''America First'' is no strategy for growth, jobs - German minister'|'Business News - Wed Mar 29, 2017 - 7:01pm BST ''America First'' is no strategy for growth, jobs - German minister Economy Minister Brigitte Zypries talks to Interior Minister Thomas de Maiziere before a cabinet meeting in Berlin, Germany, March 22, 2017. REUTERS/Fabrizio Bensch BERLIN The "America First" trade policy advocated by U.S. President Donald Trump is no recipe for generating more economic growth and jobs and it is up to Europeans to convince him of that, Germany''s economy minister said on Wednesday. Brigitte Zypries cited a study by the Paris-based Organisation for Economic Cooperation and Development (OECD) as showing that open trade was crucial to economic prosperity. "So it is all the more important that we in Germany, that we as Europeans, convince the USA that ''America First'' is not a strategy for more growth and jobs," she said at a business event hosted by her centre-left Social Democrats (SPD) in Berlin. Trump wants an "America First" trade policy with better-negotiated trade deals and stronger enforcement of U.S. trade laws. Financial leaders of the world''s biggest economies dropped a pledge earlier this month to keep global trade free and open, acquiescing to an increasingly protectionist United States after a two-day meeting failed to yield a compromise. Breaking a decade-long tradition of endorsing open trade, G20 finance ministers and central bankers made only a token reference to trade in their communique at the meeting in Baden Baden, hosted by German Finance Minister Wolfgang Schaeuble. Zypries said the change of U.S. policy under Trump''s administration meant it would be hard for Germany to make progress during its presidency of the G20 this year. "We saw at colleague Schaeuble''s meeting in Baden Baden that things are not particularly easy in the G20 framework at the moment," she said, adding that Trump''s administration had also played a "backwards role" on data protection and climate policy. "The United States has not only loosened environmental standards but also data protection standards," she said. "Not good news for us," she added, and this would make it harder to make a success of a debut meeting of G20 ministers responsible for digitisation in early April. (Reporting by Gernot Heller; writing by Paul Carrel; editing by Mark Heinrich) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-g20-germany-usa-idUKKBN1702OG'|'2017-03-30T02:01:00.000+03:00'
'02cf3226f3a28d6f482ca7ca7134b71879de1388'|'Digital asset exchange ShapeShift raises $10.4 million in funding'|'Switzerland-based ShapeShift, a digital currency exchange, said on Wednesday it has raised $10.4 million in capital from both U.S. and international venture capital investors to fund future expansion.ShapeShift instantly exchanges digital currencies such as bitcoin for other online tokens without using conventional currencies such as dollars or euros. The company has grown an average of 48 percent per month since launching just under three years ago, it said in a statement.The Series A funding was led by Berlin-based Earlybird. Other new investors include Lakestar, Access Venture Partners, Pantera Capital and Blockchain Capital. Previous ShapeShift backers FundersClub and Digital Currency Group also participated. So did the digital asset exchange''s founder and chief executive officer, Erik Voorhees.The funds will be mainly used for further expansion of the company to keep up with its growth and to release two exchange products this year, the company said.ShapeShift''s Series A funding represents the largest capital raised for a financial exchange that is not based on conventional currencies, the company said."When we started ShapeShift, a future world of natively digital assets was very theoretical," Voorhees said in a statement."Yet this world is quickly arriving; one in which millions of forms of digital value, from access keys to tokenized derivative contracts to video game items, will trade between people and machines all over the world, every second of every day."The ShapeShift platform supports more than 40 digital currencies and assets, including bitcoin, ethereum, dash, litecoin, Augur''s REP token, and Monero. Any of these assets may be sold for any other, with more than 1,080 direct trading pairs."ShapeShift''s team built a compelling crypto exchange engine which can be easily integrated into third-party products," said Christian Nagel, partner at Earlybird.(Reporting by Gertrude Chavez-Dreyfuss in New York; Editing by Matthew Lewis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-bitcoin-funding-shapeshift-idINKBN1702FQ'|'2017-03-29T14:38:00.000+03:00'
'fc6acc48601bd55669f20ab53051a0c91d03862a'|'Investment firm Shore Capital Group says founder to relinquish CEO role'|'Independent investment firm Shore Capital Group Ltd ( SGRS.L ) said its founder Howard Shore would step down as group chief executive.The company named Simon Fine and David Kaye as joint CEOs.Howard Shore will remain executive chairman of the group and will focus on its international investment strategy, the investment firm said in a statement.Separately, the company posted a 21 percent rise in revenue for the year ended Dec. 31.(Reporting by Rahul B in Bengaluru; Editing by Gopakumar Warrier)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-shore-capital-gp-ceo-idINKBN17025H'|'2017-03-29T12:54:00.000+03:00'
'33024b4fe90007cca30f6be7c97ac8658eb47c06'|'Vice Media takes its edgy journalism to the Middle East'|'By Alexander Cornwell - DUBAI, March 29 DUBAI, March 29 Vice Media is bringing its edgy style of journalism to the Middle East to tap what it believes is an underserved market of young, digital hungry consumers.Vice announced its arrival with a party on Wednesday at the glitzy Armani Hotel in the world''s tallest tower, the Burj Khalifa, in Dubai, the global trade hub where the New York-based company will set up its regional headquarters.Vice reckons the region''s youthful population coupled with some of the highest smartphone penetration rates in the world in countries such as Saudi Arabia and the United Arab Emirates make it an ideal market to expand into."That''s just a tremendous opportunity and we think that this is the time that we come in and steal a lot of market share," Vice Co-Founder and Chief Executive Shane Smith told Reuters in an interview in Dubai on Wednesday.Vice, which is aiming for 50 staff in Dubai by the end of the year, will launch a website and digital channel this summer and is in active discussions about a 24-hour regional cable channel to be broadcast from the emirate.It will produce news and lifestyle content in multiple languages including Arabic, English, Farsi, Turkish and Urdu.Vice has documented migrant worker abuses in Dubai, won acclaim for a documentary while embedded with Islamic State and garnered widespread attention when it took former National Basketball Association star Dennis Rodman to North Korea."We''re always going to be looking at social justice, we''re always going to be looking at environmental justice, we''re always going to be looking at being on the right side of history, especially with millennials and our audience," Smith said.Vice is likely to run into the same obstacles it has faced elsewhere in the Middle East and North Africa, "where journalists are most subjected to constraints of every kind", according to global media watchdog Reporters Without Borders.Worth $4.2 billion at its last valuation, Vice has transformed in 23 years from a punk magazine in Montreal, Canada, into a global multimedia brand.Its regional partner is Afghan media company Moby Group, whose Dubai offices are a few kilometres (miles) from the Trump International Golf Club which featured in a 2016 VICE episode on U.S. cable channel HBO about migrant worker exploitation.Vice and Moby share a common shareholder in 21st Century Fox and the Afghan company holds a license from the U.S. Treasury''s OFAC allowing it to expand into Iran - a market Vice wants to tap. (Editing by David Clarke)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mideast-vicemedia-expansion-idINL5N1H61KX'|'2017-03-29T15:03:00.000+03:00'
'42ecf95f7459681c5fa35d65816cf493c16437b7'|'Samsung launches Galaxy S8 and dreams of recovery from Note 7'|'Business News   6:21pm BST Samsung launches Galaxy S8 and dreams of recovery from Note 7 left right Justin Denison, Samsung senior vice president of Product Strategy, introduces the Galaxy S8 and S8+ smartphones during the Samsung Unpacked event in New York City, United States March 29, 2017. REUTERS/Brendan McDermid 1/14 left right A Samsung Galaxy S8+ smartphone is pictured at the introduction of the Galaxy S8 and S8+ smartphones during the Samsung Unpacked event in New York City, United States March 29, 2017. REUTERS/Brendan McDermid 2/14 left right Justin Denison, Samsung senior vice president of Product Strategy, introduces the Galaxy S8 and S8+ smartphones during the Samsung Unpacked event in New York City, United States March 29, 2017. REUTERS/Brendan McDermid 3/14 left right Justin Denison, Samsung senior vice president of Product Strategy, introduces the Galaxy S8 and S8+ smartphones during the Samsung Unpacked event in New York City, United States March 29, 2017. REUTERS/Brendan McDermid 4/14 left right DJ Koh, Samsung president of mobile Communications, shows the Galaxy S8 and S8 + smartphones during the Samsung Unpacked event in New York City, U.S., March 29, 2017. REUTERS/Brendan McDermid 5/14 left right DJ Koh, Samsung president of mobile communications, shows the Galaxy S8 and S8+ smartphones during the Samsung Unpacked event in New York City, United States March 29, 2017. REUTERS/Brendan McDermid 6/14 left right DJ Koh, Samsung president of mobile communications, shows the Galaxy S8 and S8+ smartphones during the Samsung Unpacked event in New York City, United States March 29, 2017. REUTERS/Brendan McDermid 7/14 left right DJ Koh, Samsung president of mobile Communications, shows the Galaxy S8 and S8 + smartphones during the Samsung Unpacked event in New York City, U.S., March 29, 2017. REUTERS/Brendan McDermid 8/14 left right DJ Koh, Samsung president of mobile communications, shows the Galaxy S8 and S8+ smartphones during the Samsung Unpacked event in New York City, United States March 29, 2017. REUTERS/Brendan McDermid 9/14 left right Justin Denison, Samsung senior vice president of Product Strategy, introduces the Galaxy S8 and S8+ smartphones during the Samsung Unpacked event in New York City, United States March 29, 2017. REUTERS/Brendan McDermid 10/14 left right DJ Koh, Samsung president of mobile communications, shows the Galaxy S8 and S8+ smartphones during the Samsung Unpacked event in New York City, United States March 29, 2017. REUTERS/Brendan McDermid 11/14 left right DJ Koh, Samsung president of mobile communications, shows the Galaxy S8 and S8+ smartphones during the Samsung Unpacked event in New York City, United States March 29, 2017. REUTERS/Brendan McDermid 12/14 left right Justin Denison, Samsung senior vice president of Product Strategy, introduces the Galaxy S8 and S8+ smartphones during the Samsung Unpacked event in New York City, United States March 29, 2017. REUTERS/Brendan McDermid 13/14 left right FILE PHOTO: The logo of Samsung Electronic is seen at its headquarters in Seoul, South Korea, in this file photo taken on April 4, 2016. REUTERS/Kim Hong-Ji/File Photo 14/14 By Se Young Lee Samsung Electronics Co Ltd ( 005930.KS ) unveiled its Galaxy S8 flagship smartphone as it battles to regain the market leadership it lost to Apple Inc ( AAPL.O ) after the embarrassing withdrawal of the fire-prone Note 7s. Boasting some of the largest wrap-around screens ever made, the long-awaited S8 is the South Korean tech giant''s first new premium phone since the Note 7 debacle in October, which wiped out $5.48 billion of profit and helped Apple overtake Samsung as the world''s top smartphone maker in the fourth quarter. Two versions of the Galaxy S8, code-named Dream internally, were launched at a media event in New York on Wednesday, with 6.2-inch (15.75 cm) and 5.8-inch curved screens - the largest to date for Samsung''s premium smartphones. The phones, which will go on sale on April 21, are slightly longer but comparable in width to their predecessors as Samsung has eliminated nearly all of the bezel borders around the face to maximize the screen surface area. The S8 features Samsung''s new artificial intelligence service, Bixby, with functions including a voice-commanded assistant system similar to Apple''s Siri. There is also a new facial recognition application that lets users unlock their phones by looking at them. Samsung is hoping the design update and the new features - nothing revolutionary but focused on making life easier for consumers - will be enough to revive sales in a year Apple is expected to introduce major changes to its iPhones for their 10th anniversary, including the very curved screens that have become staples of the Galaxy brand. The S8 is also crucial for Samsung''s image as a maker of reliable mobile devices. The self-combusting Galaxy Note 7s had to be scrapped in October just two months after their launch and a failed attempt to recall the Note 7s in September was particularly damaging, investors and analysts say, leading to questions about the firm''s credibility. Samsung responded by implementing new battery safety measures after an internal investigation identified battery problems from two different suppliers as the cause of the Note 7''s problems. Still, some analysts say consumers may be wary of potential safety problems with the S8. "Initial sales of the S8 may appear slow compared to what was typical for previous model releases," said Lux Research analyst Christopher Robinson. "In other words, smaller initial sales spike." Samsung''s early marketing of the S8 has eschewed the safety issue, which brand experts say is an attempt to avoid reminding consumers of the images of burnt Note 7s that spread throughout the world''s media late last year. ($1 = 1,113.8200 won) (Reporting by Se Young Lee in Seoul; editing by Stephen Coates and David Clarke) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-samsung-elec-smartphones-launch-idUKKBN17027M'|'2017-03-30T01:21:00.000+03:00'
'1ebd3a29367f9ac710946febb8c601eb672eab91'|'Goldman Sachs reassures staff over Brexit in voicemail'|'Wed Mar 29, 2017 - 10:14am BST Goldman Sachs reassures staff over Brexit in voicemail FILE PHOTO - A view of the Goldman Sachs stall on the floor of the New York Stock Exchange in New York, U.S. on July 16, 2013. REUTERS/Brendan McDermid/File Photo By Anjuli Davies - LONDON LONDON Goldman Sachs ( GS.N ) sought to reassure London-based staff over potential disruption to its business as Britain prepares to leave the European Union, in a voicemail to staff sent by the Wall Street firm''s Europe CEO. British Prime Minister Theresa May will trigger formal EU divorce proceedings on Wednesday, launching two years of negotiations that will shape the future of Britain and Europe as well as London''s place as a global financial center. The move will also mark the point when investment banks, whose priority will be to ensure they can continue servicing their clients across Europe after March 29, 2019, begin taking concrete steps to prepare for Britain being outside the bloc. Those steps could involve moving London-based staff to outposts on the continent or paying them off and hiring employees locally. Richard Gnodde, CEO of the European arm of Goldman Sachs, said last week it would begin by moving hundreds of people out of London as part of its "contingency plans" for the first phase. In a voicemail sent to all London employees'' phones on Friday, Gnodde sought to reassure staff that despite "intensively" preparing for a range of possible outcomes, no big changes were imminent. "All of this work leads us to conclude that although Brexit may well bring some changes to our footprint, a lot will continue to operate as it does today." Gnodde said that the Wall Street firm would only be able to make long-term decisions on its future footprint once negotiations between Britain and the EU were complete. "We also understand that you will have many questions regarding the implications of Brexit," Gnodde said in the voicemail. "We are sensitive to those concerns, and want you to know that we will share any information on changes that will impact our European footprint as quickly as we can." Banks are treading carefully, enacting two-stage contingency plans, to avoid losing nervous London-based staff as they work out how many jobs will have to move to continental Europe as Britain exits the European Union. This first phase involves relatively small numbers to make sure the requisite licenses, technology and infrastructure are in place, while the next requires longer-term thinking on what their European business will look like in the future, which is when bigger moves might take place. (Reporting By Anjuli Davies; Editing by Susan Fenton) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-eu-banks-idUKKBN1700YA'|'2017-03-29T17:13:00.000+03:00'
'091950156434c3462812cde4d9f29d9cdb048602'|'Greece, EU/IMF lenders reach deal on labour reforms, pension cuts - sources'|' 36am BST Greece, EU/IMF lenders reach deal on labour reforms, pension cuts - sources FILE PHOTO:A farmer waves a Greek national flag in front of the parliament building during a demonstration to demand tax reductions and compensation, in Athens, Greece February 14, 2017. REUTERS/Alkis Konstantinidis/File Photo By Renee Maltezou and Lefteris Papadimas - ATHENS ATHENS Greece has reached an agreement with its lenders on key labour reforms, spending cuts and energy issues, moving closer to clinching a deal before a meeting of euro zone finance ministers on April 7, sources close to the talks said on Wednesday. Negotiations between Athens, the European Union and the International Monetary Fund -- which has yet to decide if it will participate in Greece''s current bailout -- have dragged on for months, rekindling fears of a new crisis in Europe. The main focus of the talks have been pension cuts, energy and labour reforms. Athens agreed last month to adopt measures worth 2 percent of GDP to help convince the IMF to participate in the bailout, as demanded by EU countries including Germany. Greece will cut pensions by up to 1 percent of GDP in 2019, two officials told Reuters on condition of anonymity. Lowering the tax-free threshold to save roughly another 1 percent of GDP has also been agreed, an EU official said. "I believe there will be a staff level agreement by the April 7 Eurogroup," one of officials said. On labour reforms, Greece will not be forced to liberalise mass layoffs further, as initially demanded by the IMF, the official said. Collective bargaining, which was weakened as part of bailout reforms in 2012, is expected to be revived after the country''s current bailout programme expires in 2018. Slashing the market share of state-controlled Public Power Corp through the sale of lignite units, has also been agreed, another official said. The latest progress is expected to allow the return of EU and IMF mission chiefs to Athens in the coming days, to finalise details with Greek finance and labour ministers, ahead of the Eurogroup meeting in Malta. Talks are now held through teleconferences. Greece is likely to start legislating for the reforms once the deal is sealed and as early as next week. Finance Minister Euclid Tsakalotos has said that a deal on the second review of bailout progress will pave the way for crucial talks on debt relief in the medium-term, which will help the country return to debt markets before its bailout expires. (Additional reporting by Angeliki Koutantou; Editing by Catherine Evans)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-greece-negotiations-idUKKBN170172'|'2017-03-29T18:36:00.000+03:00'
'af0ab83a1e5aa31327e3ec7f0ce494b52262976b'|'PRESS DIGEST-Canada - March 29'|' 27am EDT PRESS DIGEST-Canada - March 29 March 29 The following are the top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy. THE GLOBE AND MAIL ** U.S. President Donald Trump signed an order Tuesday aimed at boosting coal-fired electricity and unraveling key elements of his predecessor''s climate-change policies – a move that will increase political pressure on Prime Minister Justin Trudeau''s own climate agenda. tgam.ca/2o6hoY6 ** The Ontario government is taking steps to boost consumer confidence in the industry for newly-built homes in the province. A new standalone regulator will provide better oversight of home builders, Minister of Government and Consumer Services Tracy MacCharles said. tgam.ca/2o6at0U ** Canada is bracing for an intense global technology race as Ottawa, the provinces and corporations pump hundreds of millions of dollars into the burgeoning artificial intelligence sector in a bid to keep the country competitive as it faces technological changes in the year ahead. tgam.ca/2o676aa NATIONAL POST ** Two Canadian gold giants, Barrick Gold Corp and Goldcorp Inc, will form a partnership in Chile''s gold belt in a multi-faceted deal that will see Goldcorp commit nearly $1 billion as miners look for creative solutions to find and fund new sources of growth. bit.ly/2o6aeD3 ** The Federal Court of Canada has ruled that cabinet ministers are not entitled to wait "as many years as they see fit" before responding to valid requests from the public. bit.ly/2o6lE9P ** Boston Pizza is banking on a tech-forward urban restaurant concept as casual dining chains across the country are struggling to hold on to customer traffic. bit.ly/2o6asdn (Compiled by Shalini Nagarajan in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-canada-idUSL3N1H63PK'|'2017-03-29T18:27:00.000+03:00'
'37edd30bc117cfba83d77cec18c62c4fbc5c8507'|'Online freight firm Freightos raises $25 million in funding led by GE'|'TEL AVIV Freightos, an online marketplace for international shipping, said on Wednesday it raised $25 million in funding led by GE Ventures, bringing the company''s total funding to date to $50 million."This capital raise will help to continue Freightos’ rapid expansion," said Zvi Schreiber, founder and chief executive of Freightos, which has headquarters in Jerusalem and an R&D center in Ramallah.Launched in July, the Freightos Marketplace had a doubling in orders in the first quarter of 2017 over the previous quarter. It has over 10,000 registered users.The Freightos Marketplace enables freight companies to sell services online and import/export companies to compare, book, and manage shipments. Freightos digitizes freight operations for companies such as Nippon Express, CEVA Logistics, Hellmann Worldwide Logistics and Sysco Foods.In August, Freightos acquired WebCargoNet, a Barcelona-based provider of air cargo rate management and eBookings.Investors in Freightos include Sadara Ventures, a venture capital fund targeting the Palestinian high-tech sector, as well as Israel''s Aleph VC, Michigan-based Annox Capital and MSR Capital of Malaysia.(Reporting by Tova Cohen)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-tech-freightos-fundraising-idUSKBN17014I'|'2017-03-29T14:44:00.000+03:00'
'01e78c460c5f630aba5fc30a2ade2ff1b24ebfcd'|'Trump''s Nominee for Air Force Secretary backs stealth of F-35 jets'|'Company News  26am EDT Trump''s Nominee for Air Force Secretary backs stealth of F-35 jets March 30 President Trump''s U.S. Air Force Secretary nominee Dr. Heather Wilson, a former congressional representative from New Mexico, told senators on Thursday that other jets did not have the stealth capability of Lockheed Martin Corp''s F-35 fighter jet. During a U.S. Senate Armed Services Committee hearing on her nomination Wilson said she believed that F-15, F-16 and F-18 fighter jets could not retroactively be given the stealth capabilities of Lockheed Martin Corp''s F-35 fighter jet. (Reporting by Mike Stone) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-defense-airforce-idUSL2N1H7101'|'2017-03-30T23:26:00.000+03:00'
'380b01f94ab1635365a80c442351a3fc04665a5c'|'India privately took Amazon to task over insulting flag doormat'|'Technology  25am EDT India privately took Amazon to task over insulting flag doormat FILE PHOTO: Employees of Amazon India are seen behind a glass bearing the company''s logo inside its office in Bengaluru, India, August 14, 2015. REUTERS/Abhishek N. Chinnappa/File Photo By Aditya Kalra - NEW DELHI NEW DELHI India''s reaction to an Amazon.com website selling doormats resembling the country''s flag involved an unprecedented public and private offensive against the U.S. company by Prime Minister Narendra Modi''s government, a document shows. Foreign minister Sushma Swaraj publicly threatened in January to rescind visas of Amazon employees if the doormats were not removed from its Canadian website. But a document seen by Reuters shows the government went even further in private, asking its U.S. and Canadian embassies to raise the matter "strongly" with Amazon''s senior leadership. India also escalated the matter to Amazon CEO Jeff Bezos and prompted a global audit by the company to "ensure that such products are not listed on any of its other" websites around the world, according to the document. Amazon, which removed the products within 24 hours and apologized to the government, declined to comment. Much is at stake for Amazon in India, where it plans to invest more than $5 billion as it takes on home-grown Flipkart and Snapdeal for a bigger share of the internet services market in the world''s fastest growing major economy. Amazon has now made Indian laws that govern the use of the national flag and other emblems "an integral part of the global compliance process," the document said, outlining the steps Amazon and India have taken since the incident. India''s reaction underscores the risks governments run by nationalist leaders are posing for businesses around the world. U.S. President Donald Trump, for example, has also taken an aggressive stance on Twitter against individual companies. Last year, Modi presented a global leadership award to Bezos at a U.S.-India Business Council summit in Washington. Amazon told the government that it had strengthened its in-house compliance units that monitor products sold by third-party vendors on its websites, the document said. "Amazon India has conveyed that it is fully committed to respecting Indian laws and customs," the document said. (Editing by Paritosh Bansal and Alexander Smith) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-amazon-com-india-politics-idUSKBN1711LX'|'2017-03-30T20:16:00.000+03:00'
'481bd366f7f246783618c330e5384031799fdb6f'|'Trump to offer federal coal to industry awash in reserves'|'Commodities - Tue Mar 28, 2017 - 12:32pm EDT Trump to offer federal coal to industry awash in reserves Haul trucks move coal as seen during a tour of Peabody Energy''s North Antelope Rochelle coal mine near Gillette, Wyoming, U.S. June 1, 2016. REUTERS/Kristina Barker By Timothy Gardner and Richard Valdmanis - WASHINGTON WASHINGTON U.S. President Donald Trump''s administration has billed his move to re-open federal lands to new coal leases as a win for miners seeking to expand production. But a review of company filings shows that coal miners with the most to gain already have enough leases in hand to last well over a decade. Trump will sign a decree on Tuesday to reverse former President Barack Obama''s 2016 ban on new federal coal leases, part of a wide-ranging executive order to sweep away green regulations his administration says have hobbled the drilling and mining industries. "When we evaluate energy, let''s look at the social cost of not having a job," Trump’s Interior Secretary Ryan Zinke said in a Twitter post on Tuesday ahead of the executive order. But companies focused on coal deposits below federal lands, such as Peabody Energy( BTUUQ.PK ), Arch Coal( ARCH.N ), and Cloud Peak( CLD.N ), have enough coal in the ground on existing leases to last an average of more than 17 years at 2015 sales levels, earnings reports show. (Grahic: tmsnrt.rs/2lr2p5o ) That suggests miners could already ramp up production levels immediately if the market demanded more coal. Energy experts say that is unlikely on a large scale due to stiff competition from cheap and abundant natural gas. "These initiatives prevent things from getting worse for coal, but they won''t help much," said Charles Dayton, vice president of market analytics at Doyle Trading Consultants in Colorado, which has been tracking reserve levels on public lands. Shares in Cloud Peak were up about 3 percent in early trading on Tuesday, ahead of the executive order, with Peabody up 1.5 percent and Arch down 0.3 percent. The current level of reserves appeared to be within historical norms. A decade ago, under Republican President George W. Bush when there were no bans on federal coal leasing, the industry had about 18 years worth of leases on federal lands, according to a Reuters examination of securities filings. Arch Coal and Peabody confirmed they have substantial reserves on their federal leases already, but nonetheless welcomed Trump’s move. "Peabody has a comfortable amount of reserves in the Powder River Basin, although we recognize the poor public policy represented by the leasing moratorium put into place by the prior administration," Peabody spokesman Vic Svec told Reuters in an email. Arch Coal has "sufficient permitted reserves to sustain our operations on federal lands for a number of years to come," spokeswoman Logan Bonacorsi said. "But as with all producers we will need to add reserves over time, and the ability to obtain those reserves when needed is important." Officials at Peak and Contura did not respond to requests for comment. Trump''s executive order will also seek to undo Obama-era rules limiting carbon emissions. One example is the Clean Power Plan, a regulation that would have increased pressure on states to replace coal-fired power stations with ones using cleaner fuels like natural gas, wind and solar. "SIGNAL TO MARKETS" Obama''s administration imposed the temporary ban on new federal coal leases in January 2016 as part of a broad environmental and economic review to ensure royalties from lease deals provide fair returns to taxpayers. It was not immediately clear whether the royalty review would continue even with the ban on leases lifted. Some analysts said this scenario could trigger a near-term land rush by companies fearing higher royalty rates in the future. Coal accounts for about a third of U.S. electricity production, down from about half a decade ago. About 40 percent of all U.S. coal comes from federal lands, mainly in the Powder River Basin in Wyoming and Montana. Luke Popovich, a spokesman for the National Mining Association industry group, said he expected Trump’s executive order to have symbolic impact, at least. "Lifting the moratorium would strengthen the signal to markets that the federal government is not any longer standing in the way of fossil energy," he said. He added that re-opening federal lands to new leases could also play into a production upswing if demand ultimately increases. The U.S. Energy Information Administration has forecast a 9 percent increase in western coal production to 443.4 million short tons by 2018, driven mainly by higher natural gas prices. Others were less optimistic about the U.S. coal industry''s outlook, saying the best Trump could do is slow the sector’s decline. Since 2012, coal production has plunged more than 25 percent to the lowest levels since 1978 due to falling prices. The industry has been hit with massive layoffs and bankruptcies. (Writing by Richard Valdmanis; Editing by David Gregorio) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-trump-coal-analysis-idUSKBN16Z2AT'|'2017-03-29T00:25:00.000+03:00'
'5d3449a6870186ceccaf130ca5b179313066d470'|'Abu Dhabi fund loses crisis-related arbitration against Citigroup'|'Business News - Tue Mar 28, 2017 - 7:16pm BST Abu Dhabi fund loses crisis-related arbitration against Citigroup A green traffic light is pictured in front of a sign board of a Citibank branch in Hanoi, Vietnam July 8, 2015. REUTERS/Kham By Nate Raymond Citigroup Inc ( C.N ) has prevailed in the latest arbitration pursued by Abu Dhabi Investment Authority over the sovereign wealth fund''s $7.5 billion investment in 2007 to shore up the then-struggling bank during the subprime mortgage meltdown. Documents in the case were unsealed on March 20 in Manhattan federal court, where Citigroup filed a petition earlier in the month to have a federal judge confirm a decision an arbitration panel issued in December. In their December ruling, arbitrators ruled that a contractual clause the investment authority said the bank had breached "does not impose continuing obligations on Citigroup regarding the commercial reasonableness of its decision making." The panel also awarded Citigroup nearly $9.5 million in legal fees and expenses, the documents said. Citigroup said in a statement on Tuesday that Abu Dhabi Investment Authority''s investment "was a testament to the strength of that relationship, and we regret that the investment led to this outcome." The investment authority, headquartered in the United Arab Emirates'' capital, declined to comment. In court papers, it said it disagreed with the ruling but would not challenge it. The arbitration arose from Citigroup''s efforts to shore up its capital base after announcing in November 2007 that it had $55 million in exposure to subprime mortgages. Anticipating $8 billion to $11 billion in losses due to write-downs, Citigroup reached a deal in which the Abu Dhabi fund invested $7.5 billion in exchange for a 4.9 percent stake in the bank. The investment authority also received securities that could be converted to common stock at $31.83 to $37.24 from March 2010 to September 2011. As the U.S. financial crisis deepened, Citigroup had to take two government bailouts. The investment authority filed for arbitration in 2009, accusing Citigroup of fraudulently inducing its investment, in part by issuing preferred shares to other investors that diluted its stake. A panel of the International Center for Dispute Resolution of the American Arbitration Association rejected the claims in 2011, and federal courts in New York upheld that ruling. But in 2013, the investment authority sought a second arbitration, raising two claims, including breach of contract. Citigroup sued to block the case, which the bank said sought more than $2 billion or to rescind the investment. But in 2015, a federal appeals court declined to block the case. The case is Citigroup Inc v. Abu Dhabi Investment Authority, U.S. District Court, Southern District of New York, No. 17-01528. (Reporting by Nate Raymond in Boston; Additional reporting by Tom Arnold in Dubai; Editing by Lisa Von Ahn) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-citigroup-lawsuit-idUKKBN16Z2K6'|'2017-03-29T02:01:00.000+03:00'
'010170c64bc0d0adb3aad38813cda5288e56cf20'|'Activist investor Red Mountain pushes Deckers board to explore sale'|'Investment management firm Red Mountain Capital Partners LLC said in a letter on Monday that it is pushing apparel and accessories maker Deckers Outdoor Corp''s board to explore a sale of the company.Red Mountain, which owns about 3.3 percent of Deckers'' outstanding shares, said in the letter that the apparel maker''s stock had underperformed across all major indices over the past three to five years."This underperformance has been driven largely by management''s consistently poor capital allocation decisions," Red Mountain''s Managing Partner Willem Mesdag said.The letter comes nearly two months after activist hedge fund Marcato Capital Management LP reported a 6 percent stake in Deckers, saying it intends to discuss strategy and options for the struggling maker of UGG boots and apparel.Red Mountain also said the value of a sale to a strategic or financial buyer is substantially higher than the operating plan announced by the Deckers'' management on Feb 2.Sales of Deckers'' sheepskin UGG boots, popular across U.S. cities, college campuses and malls, exploded to $1.52 billion in fiscal 2016 from $37 million in 2003. However, growth has slowed.Deckers shares were up about 3 percent at $58.01 in extended trading on Monday.(Reporting by Gayathree Ganesan in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-deckers-outdoor-red-mountain-idINKBN16Y2HJ'|'2017-03-27T19:13:00.000+03:00'
'135929ca3663a18869081053d2c80240fe319845'|'Trump administration seeks mainly modest changes to NAFTA - WSJ'|'  2:50pm BST Trump administration seeks mainly modest changes to NAFTA - WSJ FILE PHOTO - Trucks wait in a long queue for border customs control to cross into the U.S. at the Otay border crossing in Tijuana, Mexico on February 2, 2017. REUTERS/Jorge Duenes/File Photo WASHINGTON The Trump administration is seeking mainly limited changes to the North American Free Trade Agreement with Mexico and Canada, the Wall Street Journal reported on Thursday, citing an administrative draft proposal circulated in Congress by the Office of the U.S. Trade Representative. Under the changes, proposed after President Donald Trump called the pact a "disaster" during the election campaign, Washington would keep some of NAFTA''s most controversial provisions, including arbitration panels that let investors in the three nations circumvent local courts to resolve civil claims, the Journal said. ( on.wsj.com/2nz3cEl ) Some critics say these entities infringe on national sovereignty. The draft proposal, reviewed by the newspaper, seeks to improve these bodies'' procedures to resolve disputes. One potential major change, however, is a recommendation to allow a NAFTA nation to reinstate tariffs in case a flood of imports causes “serious injury or threat of serious injury” to domestic industries, the Journal reported. Another draft objective says the administration wants “to establish rules that require government procurement to be conducted in a manner that is consistent with U.S. law and the administration’s policy on domestic procurement preferences,” the paper reported. This could allow for Trump’s “Buy American” plan, but also cause U.S. companies to lose business in Mexico and Canada. The document also calls for protections of digital trade and commerce, tougher intellectual property enforcement and requirements that state-owned companies operate in a commercial fashion, the paper reported. The draft proposal is subject to revision, and the administration must give Congress 90 days’ notice under trade law before beginning formal NAFTA renegotiations. Trump has long vilified NAFTA as draining millions of manufacturing jobs to Mexico, and he has vowed to quit the trade pact unless it can be renegotiated to shrink U.S. trade deficits. (Reporting by Eric Walsh Editing by W Simon) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-nafta-idUKKBN1711YE'|'2017-03-30T21:50:00.000+03:00'
'1e6ba24d40a3c9312904b02a1cb3ab71f297fd22'|'France to hold U.S. roadshows to attract business to Paris post-Brexit'|'PARIS, March 30 Top French financiers will travel to the United States in May to try to attract U.S business to Paris following Britain''s decision to quit the European Union.Paris Europlace - an organisation representing French business and finance - said in its March newsletter published on Thursday that it would hold roadshows in Boston and New York on May 22 and 23 aimed at persuading U.S. finance companies to choose Paris as their European base.The organisation said it had already held about 100 meetings with executives of large international banks as well as asset management, investment, insurance and fintech companies in London, New York, Shanghai and Tokyo and these had shown a "clear interest" in Paris.Both France and Germany have stepped up efforts to try to replace London''s traditional role as Europe''s main centre of business, following Britain''s vote for Brexit.Prime Minister Theresa May formally began Britain''s divorce from the EU on Wednesday, declaring there was no turning back and opening a tortuous exit process that will test the bloc''s cohesion and pitch her country into the unknown.French officials have already held events in London this year to try to lure financial jobs over to Paris, in the wake of the Brexit vote.HSBC, Europe''s biggest bank, has said it could move a part of its operations to Paris, while the French capital''s standing in the technology sector was also boosted by Facebook''s decision this year to open its first ever start-up incubator in the city.Paris'' status as a major world city and capital of fashion and culture work in its favour, although analysts say France''s strict labour laws could put off employers. (Reporting by Sudip Kar-Gupta; Editing by Adrian Croft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-eu-france-usa-idINL5N1H71XG'|'2017-03-30T07:25:00.000+03:00'
'0341ab6f850658765103d748f688922e290b8586'|'Toronto-Dominion Bank braced for stormy shareholder meeting'|'Company News   9:00am EDT Toronto-Dominion Bank braced for stormy shareholder meeting * Executives braced for questions over sales practices * Shares down 6 percent since CBC News reports * TD under pressure to respond to allegations By Matt Scuffham TORONTO, March 29 Executives at Toronto-Dominion Bank will on Thursday face shareholders for the first time since media reports suggested branch staff were pressured to meet sales targets, causing its shares to tumble. Chief Executive Bharat Masrani is expected to be grilled by investors about how Canada''s second-biggest lender is responding to the reports and whether the bank plans to scrap or re-shape sales incentives for branch staff, industry sources said. TD''s shares are currently trading around 6 percent below the level they were at before a March 10 report by CBC News, Canada''s public broadcaster, that cited branch staff as saying they moved customers to higher fee accounts and raised their overdraft and credit card limits without their knowledge. CBC News later reported that staff at Canada''s other big banks had admitted to similar behavior. TD and the other banks have defended their practices. But Canada''s financial watchdog has said it will start a review of their business practices in April. "There is tremendous pressure on all bank employees to sell bank products and there has been for quite a period of time. Their evaluation is done on the basis of moving product," said Tom Caldwell, chairman of Caldwell Securities, which holds shares in all of Canada''s major banks. Banks in Britain have stopped sales incentives for branch staff after a number of selling scandals and U.S. bank Wells Fargo & Co ended the practice earlier this year. Some analysts have said similar moves in Canada could ultimately hurt banks'' profits. The issue has exposed Canadian banks to an unusually high degree of public and media scrutiny in recent weeks. The banks came through the 2007-09 financial crisis without any failures and have, until now, managed to avoid the types of sales scandals that affected lenders in the United States and Europe. They have also remained popular with both retail and institutional investors, largely because of the high dividend yields they offer. "Canadians have a love-hate relationship with their banks," said Norman Levine, managing director of Portfolio Management Corp. "They hate doing business with them but they love owning their shares and I don''t see anything out there that is going to change that." TD''s annual meeting will be followed next week by Bank of Nova Scotia and Bank of Montreal on Tuesday and Royal Bank of Canada and Canadian Imperial Bank of Commerce on Thursday. (Additional reporting by Fergal Smith; Editing by Dan Grebler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/tdbank-meeting-preview-idUSL2N1H41EY'|'2017-03-29T21:00:00.000+03:00'
'd9ad6b92a805099969a6a92b468b421c5d3be63d'|'Exclusive - Greece, EU/IMF lenders agree on key labour reforms, pension cuts: sources'|'Business News   4:16pm BST Exclusive - Greece, EU/IMF lenders agree on key labour reforms, pension cuts: sources FILE PHOTO:A farmer waves a Greek national flag in front of the parliament building during a demonstration to demand tax reductions and compensation, in Athens, Greece February 14, 2017. REUTERS/Alkis Konstantinidis/File Photo By Renee Maltezou and Lefteris Papadimas - ATHENS ATHENS Greece has agreed with its lenders on key labour reforms, spending cuts and energy issues, moving closer to clinching a deal before a meeting of euro zone finance ministers on April 7, sources close to the talks said on Wednesday. The European Commission could not immediately confirm the report of a preliminary deal. The report drove Greek government bond yields to multi-week lows. Negotiations between Athens, the European Union and the International Monetary Fund -- which has yet to decide if it will participate in Greece''s current bailout -- have dragged on for months, rekindling fears of a new crisis in Europe. The latest progress is expected to help allow the return of EU and IMF mission chiefs to Athens in the coming days to finalise details with Greek finance and labour ministers before the Eurogroup meeting in Malta. The main focus of the talks has been pension cuts, energy and labour reforms. Athens agreed last month to adopt more measures, worth 2 percent of GDP, to help convince the IMF to participate in the bailout, which is sought by EU countries including Germany. Greece will cut pension spending by up to 1 percent of GDP in 2019, two officials told Reuters on condition of anonymity. Lowering the tax-free threshold would raise roughly another 1 percent of GDP has also been agreed, an EU official said. "I believe there will be a staff level agreement by the April 7 Eurogroup," one of the officials said. COLLECTIVE BARGAINING On labour reforms, Greece will not be forced to ease present restrictions on collective redundancies initially sought by the IMF, another official said. Collective bargaining, which was weakened as part of bailout reforms in 2012, is expected to be revived after the country''s current bailout programme expires in 2018. Greece and lenders are still negotiating other labour issues. Slashing the market share of state-controlled Public Power Corp ( DEHr.AT ) through the sale of coal-fired units, has also been agreed, another official said. However, an energy ministry official said the issue was still under discussion. Any PPC move to sell assets is likely to stir controversy, and labour unions have already warned of industrial action if it goes ahead. Energy Minister George Stathakis was due on Friday to tour northern Greece, where PPC is a big employer. Greece will start legislating for the reforms agreed once the deal is sealed, a government spokesman said, adding that the negotiation was still ongoing. On Tuesday the government submitted to parliament a bill on an out-of-court settlement of non-performing corporate loans. Greece hopes that wrapping up the second review of bailout progress will pave the way for crucial talks on post-bailout debt relief. Finance Minister Euclid Tsakalotos has said debt restructuring would help the country return to markets before its bailout expires. Earlier, a spokesman for the European Stability Mechanism, the euro zone''s bailout fund said that possible additional debt relief for Greece could be decided only at the end of the bailout programme. (Additional reporting by Angeliki Koutantou in Athens, Francesco Guarascio in Brussels and Dhara Ranasinghe in London; Editing by Gareth Jones) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-greece-negotiations-exclusiv-idUKKBN170172'|'2017-03-29T23:16:00.000+03:00'
'18281beeb335ab58639bed237624aad1e2363e02'|'U.S. stocks'' rally may be near peak, but some gains ahead: Reuters poll'|'Business News  59am EDT U.S. stocks'' rally may be near peak, but some gains ahead: Reuters poll Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 27, 2017. REUTERS/Lucas Jackson NEW YORK A U.S. stock rally fueled by optimism President Donald Trump will boost the economy may be near its peak, according to a Reuters poll of strategists who forecast U.S. shares will gain less than 3 percent between now and year-end. The run up since the Nov. 8 U.S. election has left the S&P 500 .SPX at levels many consider overvalued, and some strategists say a lot depends this year on whether the new administration will be able to push through tax reform or other changes. Republican leaders late on Friday pulled their legislation to overhaul the U.S. healthcare system, dealing a setback to Trump in his first legislative initiative. Some investors have seen the failure of the bill as a way to move forward action on tax reform, but last week''s wrangling over the bill caused stocks to stumble. In its post-election rally, the S&P 500 rose as much as 12 percent, hitting an intraday high of 2,400 on March 1. It is now up around 9 percent since the election. Based on the median forecast of over 40 strategists polled by Reuters over the past week, the S&P 500 will hit 2,355 by mid-2017 and finish the year at 2,425, just 2.8 percent above where the index closed on Tuesday but up about 8 percent from 2016. The S&P 500 is already up about 5 percent in 2017. Julian Emanuel, executive director of U.S. equity and derivatives strategy at UBS Securities in New York, said stocks have been pricing in a "strongly" pro-growth agenda. "But it has yet to be fully implemented, and the devil is in the details of implementation," said Emanuel, who sees the S&P 500 ending this year at 2,300 and said he is "cautious" on stocks near term. At the same time, the poll''s median forecast is up from the December poll''s 2,350, and some banks have bumped up targets substantially. Credit Suisse raised its year-end 2017 S&P target to 2,500 from 2,300. Some strategists remain upbeat on some of the biggest beneficiaries of the Trump rally including financials, and many expect stronger economic growth to help earnings more than anything else. The S&P 500 is trading at nearly 18 times expected earnings, well above its long-term average of 15, according to Thomson Reuters data. While analysts expect S&P 500 profit growth of 11 percent this year - a big increase over 2016''s 1.4-percent growth - investors worry whether it will be enough to justify current prices. Of all Trump''s election promises, tax reform could have the biggest impact on earnings, so "if we get corporate tax reform light, that could disappoint," said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia. Interest rates are expected to continue to rise this year, which could be another factor limiting stock gains if the pace of rate hikes is faster than Wall Street is planning. The U.S. Federal Reserve raised rates this month, and Wall Street''s top banks see two additional rate hikes this year, a separate Reuters poll showed. Most respondents in the stocks poll said a 10-percent S&P correction before mid-year is unlikely, while they were roughly split over whether there will be one by year-end. The last 10-percent correction in the S&P 500 was at the start of 2016. The Dow Jones industrial average is projected to end 2017 at 21,250, about 3 percent above Tuesday''s close, the poll showed. (Additional reporting by Chuck Mikolajczak, Noel Randewich, Sinead Carew, Lewis Krauskopf and Rodrigio Campos; Editing by Nick Zieminski) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-stocks-poll-idUSKBN1701UJ'|'2017-03-29T21:59:00.000+03:00'
'0925dd889033c07a7ddce24ddd7ea44ce04f3fce'|'CANADA STOCKS-TSX slips as industrials offset gains in energy'|'Company News  21am EDT CANADA STOCKS-TSX slips as industrials offset gains in energy * TSX down 23.82 points, or 0.15 percent, to 15,574.75 * Six of the TSX''s 10 main groups were lower TORONTO, March 29 Canada''s main stock index declined on Wednesday as weakness in the industrial sector helped offset a rise in energy stocks that was supported by higher oil prices. At 10:01AM EDT (1401 GMT), the Toronto Stock Exchange''s S&P/TSX composite index was down 23.82 points, or 0.15 percent, at 15,574.75. Of the index''s 10 main groups, six were in negative territory. The energy group rose 0.2 percent. Canadian Natural Resources Ltd gained 0.3 percent to C$42.95, and Encana Corp advanced 2.3 percent to C$15.24. U.S. crude prices were up 0.4 percent at $48.54 a barrel, while Brent crude added 0.4 percent to $51.54. The financials group rose 0.1 percent. Bank of Nova Scotia gained 0.3 percent to C$79.27, but Manulife Financial Corp declined 0.5 percent to C$23.56. Industrials fell 0.4 percent. Canadian National Railway Co gave back 0.6 percent to C$98.23, and Canadian Pacific Railway Ltd was down 0.7 percent at C$196.07. The materials group, which includes precious and base metals miners and fertilizer companies, was unchanged. (Reporting by John Tilak; Editing by Lisa Von Ahn) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/markets-stocks-canada-idUSL2N1H60SC'|'2017-03-29T22:21:00.000+03:00'
'040ba300ff48096021e9acf045e44271f474bbb9'|'Brazilian mayor takes issue with Amazon in graffiti debate'|'Company News - Tue Mar 28, 2017 - 5:34pm EDT Brazilian mayor takes issue with Amazon in graffiti debate By Brad Haynes - SAO PAULO, March 28 SAO PAULO, March 28 Amazon.com Inc has dived into a spirited debate about graffiti in Brazil''s biggest city, drawing a pointed response on Tuesday from Sao Paulo''s mayor, who called the company "opportunist" and challenged it to make a public donation. Amazon kicked off the controversy with an online ad pegged to Mayor Joao Doria''s "Pretty City" campaign, which has attracted both strong praise and criticism for painting over the city''s street art and spray-painted tags. "They covered the city with gray?" reads the minute-long commercial, which shows quotes from famous works of literature projected onto major avenues painted over by the mayor. "We covered the gray with stories." The campaign added fuel to the debate over whether Doria was defending public landmarks or silencing artistic expression in a metropolis defined by the flamboyant graffiti that punctuates an otherwise monotonous urban landscape. It also pitted Amazon against a wealthy publisher and former reality TV star whose stunning first-round victory in last year''s mayoral election has fed rumors that he could enter the wide-open 2018 presidential race. "I watched Amazon''s commercial using the image of Sao Paulo to sell its products," Doria wrote in a response on Facebook, challenging the online retailer to donate books to city schools. "There are many ways for Amazon to act as a true citizen rather than an opportunist." Amazon press representatives in Brazil declined to comment. The company has been slower than other tech giants to embrace the Brazilian market, where it arrived in 2012 with its Kindle e-reader, which faces local competition from Livraria Cultura''s Kobo and Livraria Saraiva''s Lev. Amazon began selling physical books in Brazil in 2014 and brought its streaming video service to the country in December. (Reporting by Brad Haynes; Editing by Peter Cooney) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/amazoncom-brazil-idUSL2N1H51WQ'|'2017-03-29T05:34:00.000+03:00'
'db0f8ffbdc31de668b5f6c148a9af41462924f26'|'BRIEF-FDA approves Genentech''s MS drug Ocrevus'|'Company News - Tue Mar 28, 2017 - 9:06pm EDT BRIEF-FDA approves Genentech''s MS drug Ocrevus March 28 Roche Holding Ag * FDA approves Genentech''s Ocrevus (ocrelizumab) for relapsing and primary progressive forms of multiple sclerosis * Ocrevus will be available to people in U.S. within two weeks Source text for Eikon:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-fda-approves-genentechs-ms-drug-oc-idUSASB0B7EO'|'2017-03-29T09:06:00.000+03:00'
'e6ecbc5d56e6bc7a5d0e14ba59718b9acd7b19cb'|'Akzo shareholder Elliott says 25 percent of owners want PPG talks: FD newspaper'|'AMSTERDAM Elliott Advisors, the hedge fund with a 3.25 percent stake in Dutch paint maker Akzo Nobel ( AKZO.AS ), has identified shareholders representing 25 percent of the company''s owners who want it to engage in takeover talks with PPG Industries ( PPG.N ), according to Dutch newspaper FD.Akzo has rebuffed a 24.4 billion euro ($26.4 billion)takeover proposal from PPG and declined "engaging" with the U.S. company, saying it will detail plans to spin off its chemicals division instead.Elliott, which has been a vocal advocate of talks with PPG, commissioned Boudicca Proxy to poll 300 institutional investors representing approximately half of Akzo''s total shareholder base, the FD report said.Half of those investors responded, representing 24.6 percent of Akzo''s outstanding share capital, and virtually all wanted Akzo to engage with PPG, the report said.Elliott and Akzo could not immediately be reached for comment early Wednesday.(Reporting by Toby Sterling; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-akzo-nobel-m-a-ppg-inds-shareholders-idINKBN1700DA'|'2017-03-29T02:51:00.000+03:00'
'1c10bc4e241988a61004915e7546346c903be0ae'|'Solid growth seen for China''s manufacturers in March as construction booms'|'  7:00am BST Solid growth seen for China''s manufacturers in March as construction booms Workers work at a construction site in front of Shanghai''s financial district of Pudong in Shanghai, China March 27, 2017. REUTERS/Aly Song By Yawen Chen and Elias Glenn - BEIJING BEIJING Activity in China''s vast manufacturing sector likely grew for an eighth straight month in March as a surprise rebound in the property market added to a construction boom, boosting sales of building materials from steel to cement, a Reuters poll showed. The official manufacturing Purchasing Managers'' Index (PMI) is expected to stay at 51.6 in March, the same as in February which was the second-highest reading since July 2014, according to a median forecast of 31 economists in a Reuters poll. While that is well above the 50.0 mark which separates expansion from contraction, over a dozen cities have announced fresh property cooling measures in recent weeks to slow home price rises, raising questions over how long the solid pace of growth can be sustained. Home sales rebounded in the first two months of the year with an increase in new starts, defying previous government curbs to contain bubbly prices in big cities such as Beijing. "Many projects started in March as it is usually the peak season," said Shen Jianguang, analyst at Mizuho Securities in Hong Kong. Profits of Chinese industrial firms surged almost 32 percent in the first two months of 2017 -- the fastest pace in nearly 6 years -- as prices of commodities from coal to iron ore raced higher. But iron ore futures prices in China have retreated in the past week, with high inventories adding to fears that supply is threatening to outpace demand.[IRONORE/] Some China watchers think the wave of property tightening measures announced since late last year will eventually slow home sales and prices. "The market will certainly freeze under the new measures. Sales may drop 90 percent," said Yi Xianrong, a former researcher at the Chinese Academy of Social Sciences - a state think tank - and now a professor at Qingdao university. The outlook for China''s manufacturing sector is also clouded by U.S. protectionist rhetoric that could hurt exports to its biggest trading destination, although no major U.S. measures have been announced. Tighter monetary policy may also dent investor confidence in the sector. The central bank has been cautious, bumping up money market and short- and medium-term interest rates several times this year by only modest amounts. But analysts said its tightening bias will eventually pass through to higher borrowing costs for Chinese companies. The official PMI number will be released on March 31, along with the official services PMI. The private Caixin/Markit PMI survey, which focuses more on small and mid-sized firms, will be published on April 1. (Reporting by Yawen Chen and Elias Glenn; Editing by Kim Coghill) Next In Business News BlackRock cuts fees and jobs; stockpicking goes high-tech NEW YORK BlackRock Inc on Tuesday said it would overhaul its actively managed equities business, cutting jobs, dropping fees and relying more on computers to pick stocks in a move that highlights how difficult it has become for humans to beat the market. SINGAPORE Oil prices on Wednesday extended gains from the previous session, lifted by supply disruptions in Libya and expectations that an OPEC-led output reduction will be extended into the second half of the year. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-economy-pmi-idUKKBN1700HL'|'2017-03-29T13:59:00.000+03:00'
'66938aa16dacf050d3a8a7ef537a86eba28d8287'|'Citigroup plans to double South Korea wealth assets by 2020'|'Mon Mar 27, 2017 - 3:49am BST Citigroup plans to double South Korea wealth assets by 2020 A Citibank ATM is seen in Los Angeles, California, March 10, 2015. REUTERS/Lucy Nicholson HONG KONG Citigroup Inc ( C.N ) plans to double its wealth management assets in South Korea, currently at about $3 billion, by 2020, as the U.S. bank invests more in digital technology to expand its customer base in the country. Citi also aims to boost South Korea consumer banking deposits by 30 percent by 2020, up from $10 billion currently, it said in a statement about its expansion plans, as the bank mark its 50th anniversary in the country this year. (Reporting by Sumeet Chatterjee; Editing by Edwina Gibbs) Up Next Equities take a spill on Trump healthcare setback; bonds shine HONG KONG Asian stocks are set to start the week on a cautious note as President Donald Trump''s stunning failure to get healthcare reform passed raised concerns about the prospects for his plans to use fiscal stimulus to boost economic growth. SHANGHAI China Southern Airlines is negotiating a potential strategic tie-up with American Airlines that could involve a share issue and other forms of business cooperation, it said on Sunday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-citigroup-southkorea-wealth-idUKKBN16Y077'|'2017-03-27T10:44:00.000+03:00'
'26b6a6a6395563667977cab98e458975228e4ef1'|'EU nations vote against GM crops, but not enough to block them'|'Environment   12:05pm EDT EU nations vote against GM crops, but not enough to block them BRUSSELS A majority of EU countries voted on Monday against allowing two new genetically modified crops to be grown in Europe, batting the contentious decision on GM cultivation in Europe back to the EU executive, according to two sources. EU governments were asked to vote on the future of two grades of GM maize, Pioneer''s 1507 and Syngenta''s Bt11, which kill insects by producing their own pesticide and are also resistant to a particular herbicide. However, the votes against were not decisive in blocking their introduction because the opposition did not represent a "qualified majority" - also including countries that make up at least 65 percent of the EU population. The governments were also asked to determine whether to extend authorization for Monsanto''s MON810, an insect-resistant maize that is grown mainly in Spain, but banned in a number of other counties. More countries voted against than in favor, but again the vote was not considered decisive. Mute Schimpf, food campaigner for Friends of the Earth Europe, said the decision now rested with European Commission President Jean-Claude Juncker. "He can put himself on the side of the majority of countries, citizens and farmers who do not want genetically modified crops, or he can back the mega-corporations behind the industrialization of our countryside," she said. At the end of last year, 55 GM crops were approved for import as feed and food into Europe. While approved for human consumption, in practice the crops are used as animal feed. Repeated EU scientific assessments have concluded that GMO crops are as safe for humans and the environment as their conventional counterparts, but consumer opposition to the technology in Europe remains strong. MON810 is the only GM crop grown in Europe. A potato developed by BASF was granted approval in 2010, but the German company withdrew it in 2012. (Reporting By Philip Blenkinsop; Editing by Ruth Pitchford) Next In Environment'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-eu-gmo-idUSKBN16Y207'|'2017-03-27T23:55:00.000+03:00'
'ec25212cf01888ac066b9d1b4f66018f10358805'|'New cars far less fuel efficient than manufacturers claim, research finds - Business'|'New cars are using vastly more fuel on the road than in laboratory tests, raising further questions about the veracity of car manufacturers’ claims in the wake of the Volkswagen emissions scandal.The Australian Automobile Association-commissioned research found fuel use was on average 25% higher than claimed on the government-mandated fuel consumption label displayed on all new cars.In some cases, they were 60% above the fuel use claimed on the label.On-road noxious gas emissions from five diesel cars were found to be over the legal limit, in one case by up to eight times. Six Volkswagen executives charged with fraud over emissions cheating Read more Two petrol cars were significantly above the limits for carbon monoxide emissions. The research, conducted by technical consulting firm Abmarc, examined 17 new and commonly available cars in the past 10 months. The AAA did not name and shame individual manufacturers, but said the cars were selected across brands, vehicle types and fuel types. The 2015 Volkswagen scandal raised serious concerns about the truth of car manufacturers’ emissions claims. Volkswagen was caught installing software in cars that allowed it to game emissions tests in the United States. That scandal was uncovered after environmental groups detected discrepancies between real-world emissions and those recorded in tests. The federal government is currently considering tightening emissions and CO2 standards, effectively moving from the “Euro 5” to “Euro 6” standard. That would bring Australia in line with international standards following years of lagging behind the European Union and the US. The AAA is opposed to the government’s standards proposal, saying it will cost motorists without delivering any benefit to the environment.It last week described the plan as an “uncoordinated process” that had no robust cost-benefit analysis. The AAA chief executive, Michael Bradley, said the results of its latest testing showed the assumptions underpinning the government’s proposal were flawed.“These results are bad news for Australian consumers looking for good information on which to base their car-buying decisions,” Bradley said.“They also place a huge question mark over the fuel and cost-savings the government is offering Australians under its proposals to introduce tougher vehicle emissions restrictions. “Our test results are a warning to Australians to take the government’s promises of fuel and cost-savings with a grain of salt, and expect those savings to be significantly less than what’s promised.”The cars tested had all driven at least 2,000km but no more than 85,000km, and were 2014 models or newer. The cars were tested twice, from a cold start and a warm start, and were driven along the same route in Melbourne, which contained urban, extra-urban and freeway driving. Bradley said the AAA supported reducing emissions and strengthening standards, but said policy must “deliver for the environment at the least cost to motorists and the economy”.“The AAA and Australia’s motoring clubs again call on the government to update its modelling, undertake further public consultation and introduce real-world driving testing for new vehicles in Australia,” he said.Topics Automotive industry Business (Australia) Volkswagen (VW) Greenhouse gas emissions Consumer affairs news  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/mar/27/new-cars-far-less-fuel-efficient-than-manufacturers-claim-research-finds'|'2017-03-27T07:31:00.000+03:00'
'2396fd940c95eb1039c2257c4828a6d2bcac87a9'|'UPDATE 1-Eni CEO says Mexico oil find likely bigger than estimates'|'(Recasts lead, adds CEO comments, background)By Stephen JewkesRAVENNA, Italy, March 29 Italy''s Eni said on Wednesday it expected that its recent discovery off the coast of Mexico would hold more than the 800 million barrels of oil it originally estimated."This is an important find and we''ve found new layers of good light oil that make us think there''s more," Chief Executive Claudio Descalzi said at an oil and gas conference.Eni said earlier this month it had found "meaningful" reserves of oil off the coast of Mexico after becoming the first international oil company to drill a well in the country after a 2013 reform opening up the sector to investors.State-controlled Eni, which in recent years has made major gas finds in Mozambique and Egypt, holds one of the best discovery track records in the industry.Its organic reserve replacement ratio -- a measure of its ability to find hydrocarbons -- stood at 193 percent in 2016 compared to a 35 percent peer average."Eni''s Zohr discovery is a game changer," Egypt''s oil minister Tarek El Molla said on Wednesday, referring to Eni''s discovery in Egyptian waters of the biggest gas field ever found in the Mediterranean.Descalzi said Eni would follow the same strategy in Mexico as it had adopted in Egypt, using infrastructure already in place to help speed up time to market.He said the discovery, some 6-7 km from the coast, was close to installations owned by Mexico''s state-owned oil company Pemex. He added he would speak to Pemex in coming months to discuss using some of their infrastructure in the area.Royal Dutch Shell, Chevron and Exxon Mobil have recently signaled the oil industry''s return to Mexico''s deep waters with high bids in a government auction.Since taking over as Eni CEO in 2014, oil veteran Descalzi has streamlined the company, focusing attention on the upstream job of finding oil and gas.Asked about the group''s retail gas and power business which serves 11 million clients, he said a decision would be taken this year on whether or not to sell all or part of it. "There is a lot of interest from industrial players and funds," he said.Descalzi, former head of Eni''s upstream activity, is set to be re-appointed CEO of Eni in April for a second three-year mandate.(Editing by Edmund Blair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eni-mexico-idINL5N1H63NK'|'2017-03-29T12:03:00.000+03:00'
'3e3048ab4b11bd0e6bf9a3b4fb52ce2a48c04218'|'Reuters poll: European shares seen up in 2017 as economy puts politics in shade - Reuters'|'By Danilo Masoni and Kit Rees - MILAN/LONDON MILAN/LONDON European shares are expected to make single-digit gains this year and in early 2018 as a brighter economic outlook and cheap valuations trump political concerns, a Reuters poll found.Wednesday''s poll of brokers, fund managers and analysts taken over the past week predicts a rise of between about 5 percent and 6 percent for the STOXX 600 and Euro STOXX 50 indexes in 2017 with yet more gains next year."The better economic and inflation outlook should make the region strongly appealing," Societe Generale''s head of European equity strategy in Paris, Roland Kaloyan, said."Euro zone equities, meanwhile, are trading at a 47-percent discount to their U.S. counterparts on price to book value, while the euro has also significantly weakened," he said.Uncertainty persists ahead of France''s presidential election in April and May and Germany''s national vote in September with Europe''s political future after the shock Brexit vote last year fuelling fears of a populist wave across the region.But the worst concerns appear to be easing, as signs grow that Europe''s economic recovery is gaining strength.The STOXX 600 and Euro STOXX 50 indexes are seen at 380 and 3,500 points respectively by the end of 2017, an upward revision from estimates collected last quarter when they were expected to reach 366 points and 3,255 points.The indexes are seen rising to 400 and 3,690 points by the middle of 2018, according to estimates collected in this poll."Populist momentum is likely to falter by mid-2017," ETX Capital senior market analyst, Neil Wilson, said.The pan-European benchmark and the euro zone''s index of the top 50 firms have both risen between 4 percent and 5 percent this year, broadly in line with gains seen in the United States.Financial stocks are expected to be a major driver behind the rally in European stocks in the coming months, in what should favour indexes such as Italy''s FTSE MIB and Spain''s IBEX, which are heavily geared towards banks.The banking sector is seen best positioned to reap the benefits of rising interest rates and inflation after years of sluggish growth, exacerbated more recently by the European Central Bank''s ultra-loose monetary policy.Poll medians predict France''s CAC making 3 percent gains this year, Germany''s DAX 4.5 percent and Italy''s FTSE MIB surging 10 percent.Lex van Dam Trading Academy''s global investment strategist, James Helliwell, sees European equities as "the buying opportunity of the decade"."There remains an ''anxiety premium'' to be realised over fears of a euro zone breakup, whilst the global reflation trade and broadening global capital flows will benefit all of the major European indices in 2017," he said.(Other stories from the Reuters global stock markets poll:)(Additional reporting by Elisa Anzolin in Milan, Helen Reid in London, and Vartika Sahu and Hari Kishan in Bengaluru; Editing by Louise Ireland)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/eurozone-stocks-poll-idINKBN17021O'|'2017-03-29T12:31:00.000+03:00'
'918c56221e1a3bd2836f71ee8ae6ff3abada9b38'|'Vedanta says has no plans to buy Anglo American assets in South Africa'|' 48am BST Vedanta says has no plans to buy Anglo American assets in South Africa A bird flies by the Vedanta office building in Mumbai August 16, 2010. REUTERS/Danish Siddiqui LAUSANNE The chairman of Indian miner Vedanta Resources ( VED.L ) has no plans to buy assets in South Africa from Anglo American ( AAL.L ), or to push for a board seat after announcing a plan to acquire a 13 percent stake in the mining giant. "I believe in the management, I believe in the company (Anglo)... and felt that if I have a resource that I should make an investment in it," Vedanta chairman Anil Agarwal told the FT Commodities Summit in Switzerland on Wednesday. He added that he''d be happy to help Anglo American move into India if they wished "at some point in time to expand their business." Earlier this month, Agarwal said he would buy a 2 billion pound stake in Anglo American. (Reporting by Julia Payne and Gus Trompiz, editing by Louise Heavens) Next In Business News Drinks group Pernod says raised prices in Britain in March due to Brexit PARIS Pernod Ricard raised the prices of its spirits in Britain in March to protect margins against a slide in the pound stemming from the country''s vote to leave the European Union, according to company slides released ahead of an analyst call.   MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-vedanta-anglo-american-idUKKBN1700QG'|'2017-03-29T15:48:00.000+03:00'
'f16165ac680e75f3ea9598dd133eefcff7ba83f3'|'Brazil''s Vale sells stake in Moatize coal mine to Mitsui'|'Company News - Mon Mar 27, 2017 - 6:31pm EDT Brazil''s Vale sells stake in Moatize coal mine to Mitsui BRASILIA, March 27 Brazilian mining company Vale SA said on Monday it has concluded the sale of a stake in Mozambique''s Moatize coal project to Japan''s Mitsui & Co Ltd and received an initial payment of $733 million, the company said in a security filing. The remainder of the $770 million transaction will be paid after the financing for the project is concluded, Vale said. (Reporting by Anthony Boadle; editing by Diane Craft) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/vale-sa-mitsui-co-idUSS0N1H000A'|'2017-03-28T06:31:00.000+03:00'
'7d4cee22ffc4603949e758bb07def6c69c87b663'|'Telecom Italia works with Rotschild to find broadband partner - sources'|'Business News   1:55pm BST Telecom Italia works with Rotschild to find broadband partner - sources FILE PHOTO: Telecom Italia logo is seen at the headquarters in Milan, Italy, May 25, 2016. REUTERS/Stefano Rellandini/File Photo By Stephen Jewkes and Agnieszka Flak - MILAN MILAN Telecom Italia ( TLIT.MI ) is working with Rothschild to help it to find a partner to fund part of its broadband business in Italy, three sources close to the matter said on Tuesday. The former Italian phone monopoly said last week that it would set up a special company to develop its ultrafast broadband network to include areas of the country that would not normally be economically viable. The company intends to speed delivery of a fibre broadband network across Italian towns and cities but has said it will not participate in tenders launched by the state to attract investment in underdeveloped areas. Those tenders are being reviewed by European Union antitrust regulators after Telecom Italia asked the watchdog to look into a possible breach of EU state aid rules. Telecom Italia, 24 percent owned by French media giant Vivendi ( VIV.PA ), said last week that it is seeking a financial partner as majority shareholder in its new business in the coming months. Rothschild has no official mandate from Telecom Italia, one of the sources said, but the adviser has begun to test the market. A second source said that initial approaches were made to potential investors last week. Telecom Italia shares were little changed at 0.85 euros at 1230 GMT. Daily newspaper Il Sole 24 Ore reported on Tuesday that Rothschild had identified about 20 interested parties and that a partner for Telecom Italia would be found by the summer. Italian infrastructure fund F2i, which used to control Milan-based broadband company Metroweb, is one of the parties asked to look at the business, a third source said. The development of a broadband network is a top priority for Italy''s government, which is looking to upgrade the country''s phone and Internet infrastructure to support business. Rome has enlisted the help of state-controlled utility Enel ( ENEI.MI ) to use its pipes and pylons to lay fibre-optic cables throughout the country. Enel has said it is open to investment funds and financial partners to help it to bankroll its Open Fiber unit, which is partly owned by state lender Cassa Depositi e Prestiti. (Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-telecomitalia-m-a-broadband-idUKKBN16Z1LC'|'2017-03-28T20:55:00.000+03:00'
'56e640bf708d91ade71e0903bd373eb6f14bdcb8'|'China to punish firms for fake trade data, other foreign trade offences'|'Tue Mar 28, 2017 - 7:26am BST China to punish firms for fake trade data, other foreign trade offences Chinese flag waves in front of the Great Hall of the People in Beijing, China, October 29, 2015. REUTERS/Jason Lee BEIJING China will punish companies if they are found to be reporting fraudulent trade data, the customs administration said on Tuesday, as it published details on enforcement of a credit system for foreign trade firms. Companies considered "discredited" may be subject to more stringent inspections when applying for government tax rebates, or see an impact on their import or export quotas, while company representatives may be restricted from traveling abroad. "Only when discredited firms pay a high economic price can measures create the effect where firms ''dare not to be dishonest and cannot be dishonest''," said a statement from the General Administration of Customs. Measures announced by the customs administration and 33 government departments will punish companies for various infractions including smuggling goods, tax avoidance, fraudulent company registration information and fake trade data, said customs bureau vice minister Li Guo. "In order to combat false trade data, these joint disciplinary measures will be applied to companies that report fake trade data, which leads to statistical distortions," said Li at a news conference. Analysts say Chinese firms have used fake trade invoices as a way to move money offshore and avoid China''s strict capital controls. The government has tightened oversight of cross border capital flows in recent years as accelerating outflows contributed to a weakening yuan, which fell 6.5 percent against the U.S. dollar last year. Li declined to comment on the fake invoicing phenomenon when asked by reporters on Tuesday. (Reporting by Elias Glenn; Editing by Kim Coghill) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-china-economy-trade-idUKKBN16Z0KM'|'2017-03-28T14:18:00.000+03:00'
'9626843145b0390b9007cc2fb4536a76b2cff9a1'|'Furniture retailer Rent-A-Center adopts poison pill'|'Rent-A-Center Inc ( RCII.O ) said on Tuesday it adopted a stockholder rights plan, or a so-called "poison pill", a month after activist investor Engaged Capital LLC stepped up efforts to push the furniture retailer to sell itself.Engaged Capital, which owns a 12.9 percent stake in Rent-A-Center, last month nominated five candidates for election to the retailer''s board of directors.Plano, Texas-based Rent-A-Center said the stockholder rights would become exercisable if group buys 15 percent or more of its outstanding shares.(Reporting by Gayathree Ganesan in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-rent-a-center-poisonpill-idINKBN16Z1L9'|'2017-03-28T10:51:00.000+03:00'
'0462a90d480c907de228dc8344229db8fcb64730'|'On the eve of Brexit, Qatar pledges over $6 billion in investment in Britain'|'  9:59pm BST On the eve of Brexit, Qatar pledges over $6 billion in investment in Britain left right Qatar''s Prime Minister and Minister of Interior Sheikh Abdullah Bin Nasser Al Thani speaks at the Qatar UK Business and Investment Forum in London, Britain March 27, 2017 REUTERS/Neil Hall 1/5 left right Britain''s Secretary of State for International Trade Liam Fox listens to a translation at the Qatar UK Business and Investment Forum in London, Britain March 27, 2017 REUTERS/Neil Hall 2/5 left right Britain''s Secretary of State for International Trade Liam Fox speaks at the Qatar UK Business and Investment Forum in London, Britain March 27, 2017 REUTERS/Neil Hall 3/5 left right CEO of the Qatar Investment Authority Abdullah Bin Mohammed Bin Saud Al Thani speaks at the Qatar UK Business and Investment Forum in London, Britain March 27, 2017 REUTERS/Neil Hall 4/5 left right Qatar''s Minister of Finance Ali Sherif Al Emadi speaks at the Qatar UK Business and Investment Forum in London, Britain March 27, 2017 REUTERS/Neil Hall 5/5 By Tom Finn and Kylie MacLellan - LONDON LONDON Qatar pledged 5 billion pounds ($6.3 billion) of investment in Britain on Monday in a show of support for the world''s fifth-largest economy just two days before Prime Minister Theresa May triggers formal Brexit talks. The wealthy Gulf state has 40 billion pounds of investments in the United Kingdom, including high-profile London landmarks like the Shard skyscraper, Harrods department store, The Savoy hotel and a stake in the Canary Wharf financial district. While the June 23 referendum vote to leave the European Union took many investors and chief executives by surprise, Qatar''s top financial players used an investment conference in London to pledge support for Brexit Britain. The head of the $335 billion Qatar Investment Authority (QIA) sovereign wealth fund said he saw opportunities in Britain, adding that the fund was focused on infrastructure, healthcare and technology. "I am still looking, even after Brexit there will be opportunities QIA can really hunt for," QIA Chief Executive Sheikh Abdullah bin Mohammed bin Saud al-Thani told the conference. "Whenever the (British) government would like the QIA to step in we are ready." Qatar''s prime minister, Sheikh Abdullah bin Nasser bin Khalifa al-Thani, said in a statement that Qatar expected to invest 5 billion pounds ($6.3 billion) in Britain over the next five years. June''s shock Brexit vote triggered the deepest political crisis in Britain since World War Two and the biggest ever one-day fall in sterling against the dollar, though the economy has continued to grow. But Britain''s exit from the EU -- probably in 2019 -- has raised a number of questions about future economic growth and whether London can retain its position as the only financial centre to challenge New York. PM May is due on Wednesday to formally notify the EU of Britain''s intention to leave the club it joined in 1973. ENERGY PROVIDER Qatar, which delivers 90 percent of Britain''s imports of liquefied natural gas and is the world''s biggest producer of the fuel, could play an important role in steeling the UK economy''s against economic fallout during and after Brexit. "The UK will have a new era post-Brexit ... The negotiations will start among Europeans and nobody is extremely clear about where the negotiations will lead to, however we can sense the possibility of the UK''s manufacturing power going higher and with that the need for energy," Qatar''s Energy Minister Mohammed bin Saleh al-Sada told Reuters in an interview on Monday. "The UK''s manufacturing and industrial sector thriving and going up is possible, and for that Qatar will always be there to supply the energy required. Certainly we can contribute to the UK''s need," said Sada. Sada said Qatar supported a free-trade agreement which the six-nation Gulf Cooperation Council, including Qatar and the two biggest Arab economies, Saudi Arabia and the United Arab Emirates are hoping to secure ahead of Brexit to ensure preferential arrangements with Britain. "Qatar is supporting that. That would be excellent. Qatar will do its best to further this agreement," he said. Sovereign and private investors from Qatar, Saudi Arabia, Kuwait and the United Arab Emirates have been prolific buyers of British assets in the past decade, snapping up billions of dollars worth of property, mostly in London. Qatar has also sought to diversify its UK investments beyond real estate, including buying stakes in retailer J Sainsbury Plc ( SBRY.L ) and London Heathrow airport. But Gulf states including Qatar are facing pressures of their own as they try to diversify their economies and boost non-oil trade after more than two years of low global oil prices that have hurt their finances. Qatar, the wealthiest country in the world per capita, issued $9 billion of bonds last year and officials say they want to end the country''s dependence on oil and gas by diversifying the economy as Doha prepares to host the 2022 soccer World Cup. (Writing by Tom Finn and Kate Holton; Editing by Guy Faulconbridge and Catherine Evans)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-qatar-qia-brexit-idUKKBN16Y2IK'|'2017-03-28T04:59:00.000+03:00'
'c3157054124fcea328296df5980ab08a81958676'|'Russia''s Gazprom, Iran''s NIOC sign memorandum on gas cooperation'|' 18am EDT Russia''s Gazprom, Iran''s NIOC sign memorandum on gas cooperation MOSCOW, March 28 Russian top gas producer Gazprom and National Iranian Oil Company (NIOC) signed a memorandum on cooperation in the gas sphere on Tuesday. The memorandum was signed in the Kremlin when Iranian President Hassan Rouhani met his Russian counterpart Vladimir Putin. (Reporting by Denis Pinchuk; writing by Vladimir Soldatkin; Editing by Andrey Ostroukh)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/russia-iran-gas-idUSR4N1H0004'|'2017-03-28T22:18:00.000+03:00'
'0e9f45af38c78f4fedb3ca9d96c7ca3e031748b6'|'Euro stocks could crash 35 pct if Le Pen wins French election -UBS'|' 05am EDT Euro stocks could crash 35 pct if Le Pen wins French election -UBS * Graphic on UBS projection: bit.ly/2nqm0FN LONDON, March 28 Euro zone stocks could crash up to 35 percent and the euro could tumble 10 percent in the unlikely event that far-right National Front candidate Marine Le Pen wins the French presidential election, analysts at UBS said on Tuesday. The elections on April 23 and May 7 represent the main political risk event for the euro zone this year due to the popularity of Le Pen, who is running on a platform pursuing France''s exit from the euro and European Union, they said. The prospect of her winning in May remains low according to opinion polls - centrist Emmanuel Macron would trounce her in the second round 62 percent to 38 percent, an Ipsos survey suggested on Tuesday. But the impact her victory would potentially have on financial markets is "too important to ignore," said the analysts. "The assumption of the Presidential office by a politician whose main objective is France''s exit from the euro zone/EU implies significant and hard to predict redenomination and default risks with potential global spill-over effects," they said in a report on Tuesday. "In addition, the systemic importance of France for the European project is such that the margin for damage limitation may well be a lot thinner than has been the case in Greece in the past or could be the case for Spain or Italy even." Other analysts have flagged up risks connected to a Le Pen win, but UBS is one of the first to attach specific figures to that scenario. UBS analysts outlined two scenarios: one which roils global markets, and one where European Central Bank backstops contain the fallout to Europe. The first would see the most volatility. Euro zone stocks could fall as much as 35 percent, the trade-weighted euro lose 10 percent of its value, and high-yield European bonds fall as much as 17 percent. Euro zone bond spreads over German yields could blow out to around 500 basis points in a worst-case scenario, UBS said. Outside Europe, U.S. Treasury yields could fall as much as 100 basis points, the S&P 500 shed around 10 percent, and emerging market stocks and currencies slide as much as 30 percent and 15 percent, respectively, they said. If the fallout is contained to Europe, the impact on emerging markets would be around half that of the global shock scenario, with EM equities and currencies facing a decline at most of around 17 percent and 8 percent, respectively. But the hurdles to Le Pen winning and then pushing through her more controversial plans are high. Assuming she fails, euro zone assets could enjoy a "substantial" relief rally, with the euro immediately jumping up to 2 percent, UBS said. (Reporting by Jamie McGeever; Editing by Andrew Heavens)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/france-election-markets-idUSL5N1H52JW'|'2017-03-28T19:05:00.000+03:00'
'3f6d54cb2084422708468449d557a915ec0c8d4f'|'BRIEF-Blueprint Medicines announces pricing of public offering of shares of common stock'|' 43pm EDT BRIEF-Blueprint Medicines announces pricing of public offering of shares of common stock March 29 Blueprint Medicines Corp * Blueprint Medicines announces pricing of public offering of shares of common stock * Blueprint Medicines - Announced pricing of an underwritten public offering of 5,000,000 shares of its common stock at a public offering price of $40.00 per share Source  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-blueprint-medicines-announces-pric-idUSASB0B7LU'|'2017-03-30T07:43:00.000+03:00'
'f370c74407463d512e4df4de026e3ec5302b40ab'|'METALS-London copper slips in thin trade on stronger dollar'|'Company News - Thu Mar 30, 2017 - 1:04am EDT METALS-London copper slips in thin trade on stronger dollar (Adds comment, detail, updates prices) MELBOURNE, March 30 London copper slipped on Thursday in low-volume trade as the dollar held gains on brighter economic signals from the United States and traders waited for further U.S. and China economic cues for direction. With the U.S. economy having now "largely attained" a full recovery from recession, the Federal Reserve can raise interest rates three or more times this year, a centrist Fed policymaker said on Wednesday, helping support the dollar. "So far in today''s Asian session, traders seem to have returned to selling but in very thin volumes, which could be no more than profit-taking. So once again people will look to the European day for direction," said Malcolm Freeman of UK-based broker Kingdom Futures in a report. Cues for direction may come as soon as the final U.S. fourth-quarter growth numbers are announced later in the session, or when China''s manufacturing figures are out on Friday, he said. * LME COPPER: London Metal Exchange copper had slipped 0.4 percent to $5,882.50 a tonne by 0441 GMT. That pared a 0.6-percent gain from the previous session, when prices hit their highest since March 20 at $5,927.50. * SHANGHAI COPPER: Shanghai Futures Exchange copper rose 0.4 percent to 47,450 yuan ($6,881) a tonne. * CHINA: China''s economy, the world''s second largest, will likely expand 6.8 percent in the first quarter of 2017, the official Xinhua agency quoted a government think-tank as saying. * CHINA PROPERTY: Moody''s Investors Service warned that the financial risks facing China from a potential property downturn have grown as record lending has made banks more risk-prone while the government is less able to combat those risks. * ESCONDIDA: Chile''s Escondida named a new president to run the BHP Billiton-operated mine on Thursday, days after the company failed to clinch a wage deal with workers after an historically long strike. * ZINC FEES: Korea Zinc Inc, the world''s third-largest zinc smelter, has agreed to take a 15 percent drop in annual processing fees for 2017 as smelters grapple with a dearth of mine supply, Metal Bulletin reported. * LME ALUMINIUM: Metals traders have positioned for further aluminium price strength, Kingdom Futures said, noting large scale options buying around the $2,000 strike. LME aluminium eased 0.3 percent to $1953.50, having hit $1,961 in the previous session, its highest since May 2015. * MARKETS: Asian shares turned lower on Thursday after earlier briefly nudging up to near two-year highs, while the dollar benefited from waning expectations that the European Central Bank was poised to end its easy policy. * COMING UP: 1230 U.S. GDP Final Q4 BASE METALS PRICES 0450 GMT Three month LME copper 5883 Most active ShFE copper 47450 Three month LME aluminium 1954 Most active ShFE 13785 aluminium Three month LME zinc 2850 Most active ShFE zinc 23415 Three month LME lead 2328 Most active ShFE lead 17240 Three month LME nickel 9985 Most active ShFE nickel 82280 Three month LME tin 20040 Most active ShFE tin 143100 BASE METALS ARBITRAGE LME/SHFE COPPER LMESHFCUc3 199.31 LME/SHFE ALUMINIUM LMESHFALc3 -1869.5 LME/SHFE ZINC LMESHFZNc3 169.42 LME/SHFE LEAD LMESHFPBc3 -1949.55 LME/SHFE NICKEL LMESHFNIc3 1360 (Reporting by Melanie Burton; Editing by Joseph Radford and Sherry Jacob-Phillips) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL3N1H71V8'|'2017-03-30T13:04:00.000+03:00'
'5ecd409c095c8d113d5a1479363a7eb6bfb898e3'|'Israel''s Delek Q4 profit jumps as Tamar gas production hits peak'|'JERUSALEM, March 30 Israeli energy conglomerate Delek Group reported a wider quarterly profit, boosted by the sale of two natural gas sites and higher income from its exploration and production operations.Delek said on Thursday it earned 375 million shekels ($104 million) in the fourth quarter, up from 54 million a year earlier.Delek, through its subsidiaries, has major shares in the Tamar and Leviathan gas fields off Israel''s coast. Profit from exploration and production was 119 million shekels in the quarter, compared with 58 million in the same period in 2015.It said it produced a record 9.4 billion cubic metres of natural gas at Tamar in the quarter, reaching peak production after four years.During the quarter, it sold its stakes in the Karish and Tanin gas fields as mandated by the government to sell off some assets in a bid to open the sector to competition. The $148 million sale led to a gain of 253 million shekels, Delek said.It expects production at Leviathan to begin by the end of 2019. The project''s partners have budgeted $3.75 billion for its development.Delek declared a dividend of 200 million shekels, or 16.69 shekels a share, for the quarter.($1 = 3.6176 shekels) (Reporting by Steven Scheer)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/delek-group-results-idINL5N1H71U0'|'2017-03-30T06:30:00.000+03:00'
'9657dda0bf71c9c5ebbe4308e2db1f947d05b6b0'|'White House backs repeal of broadband privacy rules'|'Technology  56pm EDT White House backs repeal of broadband privacy rules An illustration picture shows a network cable next to a pack of smartphones in Berlin, June 7, 2013. REUTERS/Pawel Kopczynski WASHINGTON The White House said on Tuesday that the Trump administration strongly supports a bill to repeal regulations requiring internet service providers to do more to protect customers'' privacy than websites like Alphabet Inc''s Google or Facebook Inc. The U.S. House is due to vote later on Tuesday to repeal rules approved by the Federal Communications Commission in October under then-President Barack Obama. Under the rules, internet providers would need to obtain consumer consent before using precise geolocation, financial information, health information, children''s information and web browsing history for advertising and marketing. Last week, the Senate voted 50-48 to reverse the rules in a win for AT&T Inc, Comcast Corp and Verizon Communications Inc. (Reporting by David Shepardson)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-internet-idUSKBN16Z2JI'|'2017-03-29T01:52:00.000+03:00'
'ff610b9bbb25278b6badd21b0ac0cad7414be6f0'|'The SMEs cashing in on the weak pound Small Network -'|'F or the public, the price of Marmite was probably the most noticeable impact of the pound losing around 15% of its value since June last year. But the flipside of the coin is that many SMEs are reporting a boost in overseas sales caused by the weaker pound as well as improved sales on the high street as tourists are finding their currency goes much further.The phenomenon of new-found overseas success has even got its own name, with SMEs who are fuelling growth in foreign markets now referred to as Brexporters.A case in point is Wrendale Designs in Leicestershire. The five-year-old greetings card, home furnishings and giftware company began exporting to the US two and a half years ago. Co-founder Jack Dale explains the company has always dealt in dollars in the US and so fixed prices to assure a decent return when the exchange rate was around $1.60 to the pound. Now the rate has moved to around $1.20, margins are up considerably.“We’ve kept our prices constant but obviously the dollars we’re earning there convert in to around 15% more pounds,” he says. “That’s great news for us because we source nearly all our materials from inside the UK, which we buy in pounds. The US market is doing really well for us and it’s helping us to stay on track to grow turnover by 30% this year.”Revealed: what small businesses want from Brexit negotiations Read more It will come as little surprise that tourist attractions are similarly claiming business is booming, even ahead of the traditionally busier summer period. Julie Trevisan Hunter, head of marketing at the Scotch Whisky Experience in Edinburgh, reveals the attraction, which shows how whisky is made, has had its busiest year ever. Visitor levels are up 9% on last year and the number who take a tour is up 12%. She puts this down to two related developments.“The weakness of the pound has made the Scotland an attractive holiday destination, particularly for short-haul travellers from Europe,” she says. “At the same time, the value of the pound versus the euro has made staycations much more attractive for people from the rest of the UK as well.”Even when companies are not in a field you would readily associate with tourism, the weak pound can still have a major impact on the bottom line. That is certainly what fashion brand Gandys is finding.Facebook Twitter Pinterest Paul (left) and Rob Forkan, founders of sandal-making firm Gandys which is seeing a boost in sales from overseas visitors. Photograph: Justin Tallis/AFP/Getty Images Co-founder Paul Forkan says that not only are online international sales up 21% in volume, and nearly 13% in the value, but in-store sales in London have seen a 14% boost in order value, largely due to shoppers from overseas.“We’re doing really well with tourists who are spending a lot more money in our flagship Spitalfields store in London because they’ve effectively got a 15% discount,” he says.“It’s far more noticeable than in our other store, in Tunbridge Wells, because of tourism levels. We’re also seeing average basket values shoot up on international orders online for the same reason; when people choose to pay in pounds because their euros or dollars are going a lot further.”This is exactly what Steve Sanger, founder of The Beard and the Wonderful , a male grooming brand that sells online through its own site and an eBay store, has been experiencing. “It took a couple of months for the pound to weaken and for people abroad to realise what was happening but towards the end of last year, internationals sales just rocketed,” he says, “Before then around four-fifths of our business was in the UK but now it’s more like a 50/50 split. On a service like eBay you’d be surprised how even on lower cost items a 15% discount may only bring your cost down by less than a pound but it gets you at the top of search results when people prioritise by price.”London ''cheaper than New York or Tokyo'' after pound''s Brexit plunge Read more This emergence of Brexporters is not news to Michael McGowan, managing director of Bibby Foreign Exchange. He has seen a sharp rise in SMEs exporting and being more comfortable to deal in dollars and euros. His company allows “hedging” dollar and euro purchases, where an SME fixes a price a month or two in advance so they know they will have enough in the bank for an upcoming purchase. Similarly, business is brisk in turning dollars and euros earned abroad back in to pounds.“A few years ago many British SMEs were resistant to selling in another currency but since the drop in the pound, they’re increasingly willing to deal in euros or dollars,” he says.“It makes perfect sense when you’re effectively getting 15% more margin for the same transaction. We’re finding there’s a lot of uncertainty out there so people are hedging rates just a month or two in advance so they’ve got enough in the bank for the short term without overcommitting.” The ideal situation, right now, he believes, is to be a British SME sourcing materials and products in the UK but then charging dollars or euros when they are exported. Even if products are not sourced in the UK, if a company can earn dollars or euros abroad, the currency can be used to pay for imported materials to protect against any further variation in the pound’s value. Article 50 is due to be triggered on 29 March, marking the start of formal proceedings for Britain to leave the EU. Nobody can accurately predict what will happen to the value of the pound as trade negotiations begin. However, McGowan believes the pound will strengthen against an “overvalued” euro at some point this year. As for the US, though, although the dollar generally has a record of maintaining its value, he points out that nobody can predict the impact of interest rate rises and Trump’s “America First” trade mantra.Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/small-business-network/2017/mar/28/the-smes-cashing-in-on-the-weak-pound'|'2017-03-28T03:00:00.000+03:00'
'34a82633a99dadcd20d8c34c131dd7f07b90609a'|'Brazilian retailer GPA plans $384 mln capital spending plan this year'|'Mon Mar 27, 2017 - 6:42pm EDT Brazilian retailer GPA plans $384 million capital spending plan this year SAO PAULO GPA SA, Brazil''s largest diversified retailer, plans to invest as much as 1.2 billion reais ($384 million) this year to bolster growth in supermarket, cash-and-carry and real estate. In a securities filing on Monday, the board of GPA ( PCAR4.SA ) said they would propose shareholders approve this year''s budget for capital spending, which would earmark 539 million reais for multiple retailing formats and 596 million reais for the chain''s Assai cash-and-carry operation. (Reporting by Guillermo Parra-Bernal; editing by Diane Craft) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-p-acucar-cbd-outlook-investment-idUSKBN16Y2NO'|'2017-03-28T06:41:00.000+03:00'
'34d8594daf42f99005e17420d3e9d27ff4168e19'|'EMERGING MARKETS-Rand pulls out of dive, Czechs on alert for FX signals'|' 58am EDT EMERGING   By Marc Jones - LONDON, March 30   The saga over whether South African President Jacob Zuma would sack investor favourite Pravin Gordhan took a fresh twist as the country''s opposition party said it had rejected plans for a cabinet reshuffle that would have removed the finance minister . The rand had already bounced having lost more than four percent since the start of the week and stood almost 1 percent higher on the day before a central bank meeting that is expected to leave interest rates unchanged. "Realistically all of us in the market are waiting to see how things play out with the finance minister," said Yacov Arnopolin, a portfolio manager focusing on emerging markets at PIMCO. "If he is removed that would not be viewed positively by the market." Shares and bonds in Halkbank, Turkey''s fifth largest bank by assets, also steadied having slumped the previous day when U.S. prosecutors charged one of its senior executives with participating in a multi-year scheme to violate sanctions against Iran. The bank had been preparing for a bond sale but that now looks likely to be put on hold. "At the moment it (scandal) seems contained but you never know how these things turn," said Aberdeen Asset Management''s head of EM corporate debt Siddharth Dahiya. Halkbank''s woes did not, however, deter the Turkish Treasury from marketing a sovereign sukuk. In central Europe, the Czech central bank was holding its final meeting before the expiration of its 3-1/2-year old pledge to keep the crown at a level no stronger than 27 per euro. The crown''s implied euro exchange rate was near multi-month highs in forwards contracts. The Czech government sold twice as many bonds as planned at an auction on Wednesday, seeking to benefit from low yields before the cap is scrapped. Most analysts expect the move in April or May with inflation now back at the CNB''s 2 percent target and FX reserves triple what they were before the cap''s introduction in 2013. Away from the various flash points, emerging market stocks drifted away from two-year highs and most emerging currencies edged lower following talk of as many as three more U.S. rate hikes from Federal Reserve officials. Ukraine bonds nudged slightly higher as hopes the IMF will provide another instalment of its aid helped soothe the pain of a loss to Russia in the first round of court battle over $3 billion Moscow lent to Kiev in late 2013 . For GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5 For CENTRAL EUROPE market report, see For TURKISH market report, see For RUSSIAN market report, see) Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chg on year Morgan Stanley Emrg Mkt Indx 969.26 -2.60 -0.27 +12.41 Czech Rep 983.29 +0.58 +0.06 +6.69 Poland 2203.99 -10.46 -0.47 +13.15 Hungary 31979.51 -253.44 -0.79 -0.07 Romania 7982.88 +40.12 +0.51 +12.67 Greece 673.50 +4.95 +0.74 +4.64 Russia 1129.92 +5.01 +0.45 -1.94 South Africa 45234.41 -170.28 -0.38 +3.03 Turkey 89456.09 +186.37 +0.21 +14.48 China 3208.93 -32.39 -1.00 +3.39 India 29617.06 +85.63 +0.29 +11.23 Currencies Latest Prev Local Local close currency currency'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-idUSL5N1H7223'|'2017-03-30T17:58:00.000+03:00'
'615a0557033b8e1e4e2d3a73e02b9c329d70b5b3'|'Exclusive - ECB replaces Brussels head, annuls four hires after rule breach'|'  7:45pm BST Exclusive - ECB replaces Brussels head, annuls four hires after rule breach European Central Bank (ECB) headquarters in Frankfurt, Germany, July 29, 2016. REUTERS/Ralph Orlowski By Francesco Canepa - FRANKFURT FRANKFURT The European Central Bank has replaced the head of its Brussels office and annulled four more appointments after staff complaints about unlawful hirings and promotions, internal documents seen by Reuters show. The documents show repeated violations of the ECB''s own rules by its executive board, chaired by Mario Draghi, and come amid staff complaints of favouritism at one of Europe''s most powerful institutions. The ECB is the bloc''s top bank supervisor, in charge of cleaning up the sector and avoiding a repeat of the 2008 financial crisis. It is responsible for monetary policy in the euro zone and is spending trillions of euros to bring inflation up to its target of close to 2 percent. Under the staff changes, Stephane Rottier, a former counsellor to chief economist Peter Praet, will no longer be the head of the ECB''s Brussels office, responsible for maintaining relations with other European institutions, the ECB told staff last week. Rottier has held the job on a temporary basis since his appointment was annulled in October due to a complaint by a staff representative that he had been handpicked, denying other candidates a chance, and given a pay rise compared to his predecessor. ECB rules say positions need to be advertised if they are moved to a higher ''salary band'', the wage range set for civil servants at the bank. The Brussels vacancy, which comes with a basic salary of between 172,356 euros and 217,260 euros ($187,000 to $235,000) per year, was subsequently advertised. Rottier re-applied but was unsuccessful. "On 21 March, the Executive Board decided to appoint Boris Kisselevsky as Head of the ECB Brussels Office," the ECB said in an internal memo dated March 23. "This appointment is the outcome of a new recruitment campaign, following the annulment of the Executive Board decision to appoint a candidate directly from the reserve list." Kisselevsky, currently in the ECB''s communications department, previously worked for the bank in Moscow and Washington. Rottier did not respond to Reuters'' requests for comments. LEGALITY The ECB''s six-person board, which runs the organisation and makes policy proposals, has also annulled four appointments in its human resources department after finding their legality had been compromised, a staff memo shows. "The ECB re-assessed the legal soundness of the selection procedure, which revealed the existence of procedural mistakes affecting the legality of the four appointment decisions," it said in a memo dated March 20. It said the "pre-selection" of candidates had started before a hiring committee had been formed. And when a committee was formed, its composition was "not in line with staff rules". The four mid-level managers will continue in their roles on nine-month contracts while a new selection process is launched. An ECB spokesperson said: "The decision regarding the human resources positions shows that our internal appeals process works. There was an internal appeal, which revealed the existence of procedural mistakes." Global watchdog Transparency International said on Tuesday the ECB needs to become more transparent and accountable, including by overhauling its "outdated" framework for whistleblowers to denounce conflicts of interest, corruption and other wrongdoing. An ECB staff survey conducted in 2015 showed 65 percent of respondents chose "knowing the ''right people''" as a way of getting ahead at the bank, a higher proportion than chose any other factor. Staff representatives complained last year to the European Parliament, which oversees the ECB, that dissent was discouraged at the bank, potentially hobbling its ability to spot the next financial crisis. ($1 = 0.9229 euros) (Reporting by Francesco Canepa; Editing by Ruth Pitchford)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ecb-workers-ethics-exclusive-idUKKBN16Z2MV'|'2017-03-29T02:45:00.000+03:00'
'daca8207726a146422a9e96381902900fb49d4e4'|'CANADA STOCKS-TSX climbs to 11-day high as oil rallies'|' 37pm EDT CANADA STOCKS-TSX climbs to 11-day high as oil rallies (Updates prices) * TSX rises 53.01 points, or 0.34 percent, to 15,559.23 * Index touches its highest intraday since March 17 at 15,583.52 * Six of the TSX''s 10 main groups gain TORONTO, March 28 Canada''s main stock index rose on Tuesday to an 11-day peak as higher oil prices drove gains in heavyweight energy shares, offsetting losses for gold miners. At 10:49 a.m. ET (1449 GMT), the Toronto Stock Exchange''s S&P/TSX composite index rose 53.01 points, or 0.34 percent, to 15,559.23. It touched its highest intraday level since March 17 at 15,583.52. The index has rebounded more than 2 percent from a three-month low last week at 15,241.55, helped by Canada''s government holding off from increased taxes on investors in its budget. A severe disruption to Libyan oil supplies and comments from officials suggesting the Organization of the Petroleum Exporting Countries could extend its production cuts deal to the end of the year boosted oil prices. U.S. crude prices were up 1.2 percent at $48.28 a barrel, and the energy group gained 0.6 percent, led by a nearly 1 percent rise in the shares of pipeline company Enbridge Inc to C$55.66. Six of the index''s 10 main groups rose. Industrials advanced 0.7 percent as railroad stocks climbed. Royal Bank of Canada rose nearly 1 percent to C$97.70, and the overall financials group gained 0.5 percent as data showed that U.S. consumer confidence rose to its highest since December 2000. That boosted the shares of U.S. banks and helped to stall the recent decline in U.S. Treasury yields. The yield on the Canadian government 10-year benchmark bond was unchanged at 1.606 percent, breaking a downward trend since mid-March. A rise in bond yields would reduce the value of insurance companies'' liabilities and increase net interest margins of banks. Goldcorp''s shares fell 4.4 percent to C$20.52, and Barrick Gold''s stock declined 1.3 percent to C$25.85 as spot gold prices edged lower from a one-month intraday high on Monday. The two companies on Tuesday announced they would team up to work on developing gold mines in northern Chile. The overall materials group, which includes precious and base metals miners and fertilizer companies, lost 0.7 percent. (Reporting by Fergal Smith Editing by W Simon)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL2N1H50WF'|'2017-03-29T00:37:00.000+03:00'
'eb8210a7567895b84e4981208bc22b0ba36e4366'|'Bacardi family spirit: Remember your roots and be frugal'|'Company   6:00am EDT Bacardi family spirit: Remember your roots and be frugal (The author is a Reuters contributor. The opinions expressed are her own.) By Cheryl Lu-Lien Tan NEW YORK, March 28 Facundo L. Bacardi had little interest in joining the family business, which happens to be the largest privately held spirits company in the world, with a portfolio of more than 200 brands, including Bombay Sapphire, Grey Goose and Dewar’s. The great-great grandson of Bacardi company founder Don Facundo Bacardí Massó had other plans. “When I was young, I wanted to be a lawyer,” he said. “When I got to my teens, I started thinking, “Boy, I''d really love to be a baseball player.” As Bacardi got older, his family legacy began calling him. Now 50, he has been chairman of the board of Bermuda-based Bacardi Limited since 2005 and a director since 1993. He spoke with Reuters to share some of the life lessons he has learned from his family - and the family business - over the years. Q: What did growing up watching the family business teach you about finances? A: In 1960, the entire family left Cuba because all of their assets were appropriated by the Cuban government. The family had to come together and rebuild the company. The lessons I learned were of being very frugal and careful with your finances - that you could lose everything you had at any time, that anything you have could be taken away. We were so frugal, in fact, that we were pretty much a single-brand company from 1862 until 1992 (when Bacardi acquired General Beverage, which owns the Martini & Rossi group). Q: What changed to make you want to be a part of your family business? A: It wasn''t really something I thought about until my grandfather passed away (when Facundo Bacardi was 16). I felt that I really needed to step up. I wanted to make sure that my family was well-represented, and I wanted to continue growing the business so future generations could enjoy it. I have four daughters - hopefully they''ll have children, and we''ll all continue to grow the business. Q: What did your first jobs teach you? A: I pumped gas at a gas station - I was 14. Then I was a dishwasher at a restaurant - I was 15. Then I became a busboy at some rundown restaurant. All three of them embedded in me something that I still remember to this day: You''ve got to work hard. And that people who get ahead in life, it isn’t just because they''re smart - it''s also because of opportunities. I worked with good friends, some had good opportunities while others really didn''t have opportunities, and their paths diverged. I saw how quickly somebody can go from having something to having nothing. Q: What money lessons are you passing down to your own four daughters (ages 5 to 15)? A: It''s really about saving - we opened a savings account for my oldest (when she was 13) a couple of years ago. I try to tell them if you earn X dollars, this is what the difference is between gross and net, that if you save well and invest well, you''ll be able to have a more comfortable life than if you''re spending everything and living paycheck to paycheck. Q: How important to you is giving? A: When you''re fortunate, you should give back - everyone should think about how to make the earth a better place as they spend time on it. The Bacardi family has a long history in Cuba and South Florida and wherever our companies are located, we try to give back. For me, there are a few different areas I try to focus on: education, arts, the environment, and I also like historic renovations. In Cuba, once it’s completely open, I’d like to help renovate some of the existing older buildings. (Editing by Beth Pinsker and Dan Grebler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/money-lifelessons-bacardi-idUSL2N1GT13H'|'2017-03-28T18:00:00.000+03:00'
'baf565adc009b65734fbec09420a72814da1eafa'|'The DNA of oil wells - U.S. shale enlists genetics to boost output'|'Global Energy   6:04am BST The DNA of oil wells - U.S. shale enlists genetics to boost output Oil rig pumpjacks, also known as thirsty birds, extract crude from the Wilmington Field oil deposits area where Tidelands Oil Production Company operates near Long Beach, California July 30, 2013. REUTERS/David McNew By Ernest Scheyder - HOUSTON HOUSTON A small group of U.S. oil producers has been trying to exploit advances in DNA science to wring more crude from shale rock, as the domestic energy industry keeps pushing relentlessly to cut costs and compete with the world''s top exporters. Shale producers have slashed production costs as much as 50 percent over two years, waging a price war with the Organization of the Petroleum Exporting Countries (OPEC). Now, U.S. shale producers can compete in a $50-per-barrel oil CLc1 market, and about a dozen shale companies are seeking to cut costs further by analysing DNA samples extracted from oil wells to identify promising spots to drill. The technique involves testing DNA extracts from microbes found in rock samples and comparing them to DNA extracted from oil. Similarities or differences can pinpoint areas with the biggest potential. The process can help cut the time needed to begin pumping, shaving production costs as much as 10 percent, said Ajay Kshatriya, chief executive and co-founder of Biota Technology, the company that developed this application of DNA science for use in oilfields. The information can help drillers avoid missteps that prevent maximum production, such as applying insufficient pressure to reach oil trapped in rocks, or drilling wells too closely together, Kshatriya said. "This is a whole new way of measuring these wells and, by extension, sucking out more oil for less," he said. Biota''s customers include Statoil ASA ( STL.OL ), EP Energy Corp ( EPE.N ) and more than a dozen other oil producers. Kshatriya would not detail Biota''s cost, but said it amounts to less than 1 percent of the total cost to bring a well online. A shale well can cost between $4 million and $8 million, depending on geology and other factors. Independent petroleum engineers and chemists said Biota''s process holds promise if the company can collect enough DNA samples along the length of a well so results are not skewed. "I don''t doubt that with enough information (Biota) could find a signature, a DNA fingerprint, of microbial genomes that can substantially improve the accuracy and speed of a number of diagnostic applications in the oil industry," said Preethi Gunaratne, a professor of biology and chemistry at the University of Houston. Biota has applied its technology to about 80 wells across U.S. shale basins, including North Dakota''s Bakken, and the Permian and Eagle Ford in Texas, Kshatriya said. That is a tiny slice of the more than 300,000 shale wells across the nation. EP Energy, one of Biota''s first customers, insisted on a blind test last year to gauge the technique''s effectiveness, asking Biota to determine the origin of an oil sample from among dozens of wells in a 1,000-square foot zone. Biota was able to find the wells from which the oil was taken and to recommend improvements for wells drilled in the same region, said Peter Lascelles, an EP Energy geologist. "If you''ve been in the oilfield long enough, you''ve seen a lot of snake oil," said Lascelles, using slang for products or services that do not perform as advertised. Lascelles said DNA testing helps EP Energy understand well performance better than existing oil field surveys such as seismic and chemical analysis. The testing gives insight into what happens underground when rock is fractured with high pressure mixtures of sand and water to release trapped oil. Biota''s process is just the latest technology pioneered to coax more oil from rock. Other techniques include microseismic studies, which examine how liquid moves in a reservoir, and tracers, which use some DNA elements to study fluid movement. Venture capitalist George Coyle said his fund Energy Innovation Capital had invested in Biota because it expected the technique to yield big improvements in drilling efficiency. He declined to say how much the fund had invested. "The correlations they''re going to be able to find to improve a well, we think, are going to be big," he said. For a graphic on ''DNA sequencing in the oil industry'', click - here (Reporting by Ernest Scheyder; Editing by Gary McWilliams, Simon Webb and David Gregorio) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-oil-dna-idUKKBN16Z0ET'|'2017-03-28T13:04:00.000+03:00'
'196de275852f683cda67716c979557292b213989'|'Novartis says U.S. regulator grants speedy review of CAR-T cell therapy'|'Health  52am EDT Novartis says U.S. regulator grants speedy review of CAR-T cell therapy FILE PHOTO: The logo of Swiss drugmaker Novartis AG is seen at its headquarters in Basel, Switzerland, January 25, 2017. REUTERS/Arnd Wiegmann/File Photo By John Miller - ZURICH ZURICH Novartis AG on Wednesday said the U.S. Food and Drug Administration (FDA) has agreed to accelerate its review of the Swiss drugmaker''s CTL019 therapy for young patients with B-cell acute lymphoblastic leukemia. The move would keep Novartis on track with the development of its so-called chimeric antigen receptor T cell therapy, or CAR-T, in partnership with University of Pennsylvania researchers. The therapy involves a patient''s own T-cells being altered in the lab to help the immune system find and kill cancer cells before being re-infused into the patient. Basel-based Novartis'' first CAR-T therapy license application with the FDA has put the company in pole position with regulators as it pushes for approval alongside rivals including biotech Kite Pharma Inc that are developing similar therapies. "With CTL019, Novartis is at the forefront of the science and development of immunocellular therapy as a potential new innovative approach to treating certain cancers where there are limited options," Vas Narasimhan, Novartis head of drug development, said in a statement. CTL019 will likely cost hundreds of thousands of dollars per patient if approved, and Novartis counts it among drugs it believes will eventually exceed $1 billion in annual sales. In a Phase II study, Novartis said 82 percent of patients infused with CAR-T cells achieved complete remission or complete remission with incomplete blood count recovery at three months after treatment. In December, Novartis estimated that 60 percent of those responders were relapse-free after six months. The company plans to submit an application for market authorization with the European Medicines Agency (EMA) later this year. (Reporting by John Miller)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-novartis-cancer-filing-idUSKBN1710II'|'2017-03-30T13:36:00.000+03:00'
'6f0f1d80912044d7adf018cd075f59408fed3775'|'Mexico''s governors tap investors in China, elsewhere'|'Business News - Wed Mar 29, 2017 - 8:08pm EDT Mexico''s governors tap investors in China, elsewhere left right Xiang Xingchu, JAC Motors General Manager, shakes hands with Omar Fayad Meneses, Governor of Hidalgo State, during the presentation of an SUV model built in Mexico by the Chinese state-owned automaker, in Mexico City, Mexico March 28, 2017. Picture taken March 28, 2017. REUTERS/Edgard Garrido 1/9 left right JAC Motors Deputy General Manager David Zhang, gestures next to Xiang Xingchu, JAC Motors General Manager and Hidalgo Governor Omar Fayad Meneses, during the presentation of an SUV model built in Mexico by the Chinese state-owned automaker, in Mexico City, Mexico March 28, 2017. Picture taken March 28, 2017. REUTERS/Edgard Garrido 2/9 left right Elias Massri, head of Giant Motors Latin America, speaks with JAC Motors Deputy General Manager David Zhang, during the presentation of an SUV model built in Mexico by the Chinese state-owned automaker, in Mexico City, Mexico March 28, 2017. Picture taken March 28, 2017. REUTERS/Edgard Garrido 3/9 left right Xiang Xingchu, JAC Motors General Manager, delivers a speech during the presentation of an SUV model built in Mexico by the Chinese state-owned automaker, in Mexico City, Mexico March 28, 2017. Picture taken March 28, 2017. REUTERS/Edgard Garrido 4/9 left right A JAC Motors logo is pictured during the presentation of an SUV model built in Mexico by the Chinese state-owned automaker, in Mexico City, Mexico March 28, 2017. Picture taken March 28, 2017. REUTERS/Edgard Garrido 5/9 left right David Zhang, deputy general manager of JAC Motors, speaks with journalists during the presentation of an SUV model built in Mexico by the Chinese state-owned automaker, in Mexico City, Mexico March 28, 2017. Picture taken March 28, 2017. REUTERS/Edgard Garrido 6/9 left right Xiang Xingchu, JAC General Manager, takes part in the presentation of an SUV model built in Mexico by the Chinese state-owned automaker, in Mexico City, Mexico March 28, 2017. Picture taken March 28, 2017. REUTERS/Edgard Garrido 7/9 left right Musicians perform during a presentation for an SUV model built in Mexico by Chinese state-owned automaker JAC Motors, in Mexico City, Mexico March 28, 2017. Picture taken March 28, 2017. REUTERS/Edgard Garrido 8/9 left right A man tests an SUV model built in Mexico for Chinese state-owned automaker JAC Motors during its presentation in Mexico City, Mexico March 28, 2017. Picture taken March 28, 2017. REUTERS/Edgard Garrido 9/9 By Anthony Esposito - MEXICO CITY MEXICO CITY Mexico''s states are turning to Asia and beyond as some U.S. companies put investment plans on hold south of the border following President Donald Trump''s calls to bring jobs back home. A delegation of three Mexican state leaders, headed by the National Confederation of Governors (Conago), traveled to China this week to meet with business leaders and discuss investment opportunities. "Conago is developing an agenda with China''s provinces to build investment projects in our country," Conago tweeted on Wednesday. "China and Conago agree on building bridges for business, not walls." Fears of a hit to foreign investment ran high when Ford Motor Co ( F.N ) canceled a $1.6 billion plant in Mexico''s central state of San Luis Potosi in January. Trump, who had railed against U.S. manufacturers investing in Mexico, hailed the decision as a major victory, but Ford put it down to declining demand for small cars. "We''re not going to sit here with our arms crossed. We''re going to turn to Asia, like we''ve been doing. We want the Chinese to come invest in Hidalgo," state Governor Omar Fayad said in an interview. "We want the Japanese to invest here." Fayad was speaking on the sidelines of an event organized by China''s Anhui Jianghuai Automobile Group Co Ltd (JAC Motors) ( 600418.SS ) and Mexico''s Giant Motors, which presented a new line of passenger vehicles that will be assembled in Mexico. The Hidalgo government is also reaching out to European, Canadian, South American and Middle Eastern companies, and expects to announce several more investments this year, he said. Fayad said the Hidalgo investment plans of some U.S. companies, which he declined to name, had recently been suspended indefinitely. "Obviously other countries are seeing this as an opportunity in Mexico," he said. In February, JAC Motors and Giant Motors, along with distributor Chori Co Ltd ( 8014.T ), said they would invest some $210 million in an existing plant to build SUVs in Hidalgo. [nL1N1FM26F] "Mexico is a strategic market for JAC," David Zhang, head of international markets for JAC, said on the sidelines of the company''s event. "If the products and service are accepted by customers and there is a lot of market demand of course we will increase production capacity." JAC, which aims to produce 10,000 commercial and passenger vehicles in Mexico over the next three years, will initially concentrate on selling in the local market, Zhang said. (Reporting by Anthony Esposito; Editing by Richard Chang) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-mexico-china-autos-idUSKBN171007'|'2017-03-30T08:08:00.000+03:00'
'4f01d43e8f35544e19457ed4371baef060589356'|'EDF Energy says no impact on UK nuclear project from Areva issues'|'Business News - Wed Mar 29, 2017 - 11:48am BST EDF Energy says no impact on UK nuclear project from Areva issues The logo of France''s state-owned electricity company EDF is seen on the company tower at La Defense business and financial district in Courbevoie near Paris, France, March 2, 2016. REUTERS/Jacky Naegelen /File Photo By Nina Chestney EDF Energy''s ( EDF.PA ) nuclear project in Britain will not face any impact from issues related to the discovery of manufacturing irregularities at French nuclear group Areva ( AREVA.PA ), a supplier to the new plant, EDF''s CEO said on Wednesday. French nuclear regulator ASN and other international regulators inspected Areva''s Le Creusot foundry in December after manufacturing irregularities were discovered last year. Following the discovery, two EDF nuclear reactors have been halted for months, utilities worldwide have launched reviews of Areva-made parts and the Paris prosecutor in December opened an investigation into the suspected falsification of documents. Asked about the implications for EDF Energy''s planned new nuclear plant in Britain called Hinkley Point C, chief executive Vincent de Rivaz said there would be "no impact". An internal document by Britain''s Office for Nuclear Regulation seen last week by Reuters brought into question EDF''s oversight of Areva, saying it would have to carry out a regulatory review before the end of the year. De Rivaz said there has hardly ever been a project as heavily scrutinised as Hinkley Point C. "We are ticking all the boxes in terms of being compliant on environment and safety. There is nothing to worry about," he told the Future of Utilities conference. On the sidelines of the conference in London, EDF''s de Rivaz said construction work had started at the site and the reactor would be built by Areva. Asked whether it would be made at Le Creusot, he said: "It will be made at the right place and at the right time. I don''t want to enter into the details." An Areva executive also said on Wednesday irregularities at Le Creusot were no reason to close reactors. De Rivaz also said if other countries in the European Union decided to follow Britain''s lead and introduce a carbon price floor, "it would be good, providing it is at the right level." Britain has a domestic carbon floor price, but there have been calls for an EU-wide one to encourage low-carbon investment, as the actual EU carbon price is too low at around 5 euros ($5) a tonne. (Editing by Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-nuclear-edf-idUKKBN17018A'|'2017-03-29T18:48:00.000+03:00'
'47188ad68c0b4d7d973be91b88a8d4630300ac4b'|'BRIEF-Seacor Holdings says qtrly net loss attributable to co $5.52 per diluted share'|' 14pm EDT BRIEF-Seacor Holdings says qtrly net loss attributable to co $5.52 per diluted share March 28 Seacor Holdings : * Seacor Holdings announces results for its fourth quarter and year ended December 31, 2016 * Seacor Holdings Inc- For quarter ended December 31, 2016 net loss attributable to Seacor Holdings Inc $5.52 per diluted share * Qtrly operating revenues $213.0 million versus $250.6 million last year Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-seacor-holdings-says-qtrly-net-los-idUSL5N1H56X5'|'2017-03-29T06:14:00.000+03:00'
'1e83c5fe05549830ac7a57d6d80a273a8a164704'|'Bank of Japan''s Sato says labour reform must accompany monetary easing'|'Business News - Wed Mar 29, 2017 - 1:01am BST Bank of Japan''s Sato says labour reform must accompany monetary easing People cross an illuminated floor at a banking district in central Tokyo November 27, 2014. REUTERS/Thomas Peter/File Photo TOKYO Bank of Japan board member Takehiro Sato said labour market reform and other measures to boost Japan''s growth potential must accompany monetary easing to raise the country''s low long-term inflation expectations. Prolonged economic stagnation has pushed down long-term inflation expectations to around zero percent, and it is not easy to raise them even through massive monetary stimulus if monetary policy is the "only game in town," Sato said in a speech at Yale University on Tuesday. "Given that monetary policy on its own has limited effects, it is vital to make steady efforts, such as through labour market reform ... to change Japan''s conservative inflation expectations," Sato said in the text of his speech posted on the BOJ''s website on Wednesday. Japanese companies and labour unions have traditionally prioritised job security over pay rises, a practice that has restrained wage increases and worked to push down long-term inflation expectations, Sato said. By changing such practices and increasing job flexibility, Japan can boost labour productivity and potential growth. That would, in turn, increase corporate profits and household income, helping to accelerate inflation and strengthen the effect of monetary easing, he said. "Given that there is an increasing sense of labour shortage caused by Japan''s population decline, now is an ideal time to take a step forward in labour market reform," Sato said. (Reporting by Leika Kihara; Editing by Eric Meijer) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-economy-boj-idUKKBN16Z351'|'2017-03-29T08:01:00.000+03:00'
'8933e9067202d99196e14edf85a86f8600bae7d2'|'U.S. judge throws out many metals price-fixing claims'|'Business News - Wed Mar 29, 2017 - 12:56am BST U.S. judge throws out many metals price-fixing claims By Jonathan Stempel - NEW YORK NEW YORK A U.S. judge on Tuesday significantly narrowed private litigation accusing several big banks and German chemical giant BASF SE ( BASFn.DE ) of conspiring to suppress platinum and palladium prices. U.S. District Judge Gregory Woods in Manhattan dismissed claims against BASF, Switzerland''s UBS Group AG ( UBSG.S ), South Africa''s Standard Bank Group Ltd ( SBKJ.J ) and the London Platinum and Palladium Fixing Co. In a 104-page decision in the proposed class-action case, Woods said dismissal was appropriate because of a lack of proof these defendants conspired to fix prices, had sufficient ties to the United States, or both. The judge also dismissed claims that Goldman Sachs Group Inc ( GS.N ) and HSBC Holdings Plc ( HSBA.L ) violated the U.S. antitrust law known as the Sherman Act, saying the plaintiffs were not "efficient enforcers" of that law. Woods said the plaintiffs may pursue some price manipulation claims against Goldman and HSBC under the Commodities Exchange Act, citing their allegations that the defendants "engaged in conscious misbehaviour or, at least, acted with recklessness." Merrill Davidoff, a lawyer for the plaintiffs, in an email declined immediate comment, citing a need to review the decision. Platinum and palladium are used in catalytic converters to curb vehicle emissions, and are also used in dentistry and jewellery. The U.S. lawsuit is one of many where private plaintiffs have sought to hold banks and other defendants liable for rigging interest rates, commodities and currencies, separate from any punishments that regulators might seek to impose. Purchasers of platinum, palladium and futures contracts for the metals accused the defendants of having from Jan. 1, 2008 to Nov. 30, 2014 conspired to rig the twice-daily platinum and palladium "fixings" and the prices of futures and options based on those fixings. According to the complaint, the alleged misconduct included illegal sharing of customer data, using that data to engage in "front-running" of expected price moves, and manufacturing phantom "spoof" orders. While the London Metal Exchange launched a new electronic fixing process on Dec. 1, 2014, the plaintiffs said this did not excuse the defendants from owing unspecified millions of dollars for their earlier losses. The case is In re: Platinum and Palladium Antitrust Litigation, U.S. District Court, Southern District of New York, No. 14-09391. (Reporting by Jonathan Stempel in New York; Editing by Andrew Hay) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-platinum-palladium-decision-idUKKBN16Z34X'|'2017-03-29T07:56:00.000+03:00'
'a4c4fe8559b452395001cd0aa573581392394408'|'Schlumberger sees Ecuador''s unpaid bills hurting quarterly results'|'Commodities  27pm EDT Schlumberger sees Ecuador''s unpaid bills hurting quarterly results The exterior of the Schlumberger Corporation headquarters building is pictured in the Galleria area of Houston January 16, 2015. REUTERS/Richard Carson By Gary McWilliams and Alexandra Valencia - HOUSTON/QUITO HOUSTON/QUITO OPEC production cuts and economic woes are complicating Schlumberger NV''s ( SLB.N ) efforts to collect $1.1 billion from Ecuador''s state-owned Petroamazonas, casting a cloud over the oil services company''s first-quarter results. "Continuing payment issues" in Ecuador are hurting earnings, Chief Executive Officer Paal Kibsgaard said in a text of a speech delivered at the Scotia Howard Weil energy conference in New Orleans on Monday. Earlier this month, Kibsgaard wrote to Ecuadorean President Rafael Correa seeking to resolve an impasse over unpaid bills that he said was causing Schlumberger "considerable financial stress." Kibsgaard wrote that talks between top Schlumberger executives and Ecuadorean ministry officials since October "have made no real progress," according to a copy of the letter seen by Reuters. "The situation is obviously not sustainable in the long run," he wrote, adding that Schlumberger was forced to expand debt to finance operations in the country. Schlumberger did not respond to requests for comment. Ecuador''s Ministry of Hydrocarbons declined to confirm the talks. The government has acknowledged some problems with payments to oil companies, without specifying which ones. Ecuador''s economy has been hurt by the global oil-price downturn and two major earthquakes that killed more than 660, injured 6,300 and caused damages estimated at up to $3 billion. Ecuador is holding a presidential election on Sunday. A leftist Correa ally is slightly ahead in the polls. Analysts tracked by Thomson Reuters estimate Schlumberger''s first-quarter earnings at 27 cents a share, compared with 40 cents a share a year earlier. The company is expected to report results on April 21. The company has invested $3 billion to date in Ecuador under contracts signed earlier this decade to expand production at two oilfields, out of total investment that was to reach $4.9 billion over 20 years. Schlumberger earlier this year reported accounts receivable as of Dec. 31 rose 7 percent over a year earlier, to $9.39 billion, while 2016 revenue slid 40 percent, to $27.92 billion. Schlumberger earlier stumbled in its efforts to be paid for work in financially hard-hit Venezuela, another member of the Organization of the Petroleum Exporting Countries. Last April, it cut local workers and pulled out of projects with Petroleos de Venezuela due to a lack of payments by the state-owned oil company. Payment under one deal in Ecuador was to come from a tariff on incremental oil production in the Auca oil field, one of the largest in the country. That has been hampered after Ecuador cut output there by about 10,000 barrels a day to meet its quota under a November agreement by OPEC. Since 2014, Halliburton Co ( HAL.N ), another oilfield services provider, also has a contract with Petroamazonas that calls for it to invest $1 billion over five years. A Halliburton spokeswoman on Tuesday declined to comment on its operations in the country. (Reporting by Gary McWilliams in Houston and Alexandra Valencia in Quito; Editing by Leslie Adler) Next In Commodities Trump to offer federal coal to industry awash in reserves WASHINGTON U.S. President Donald Trump''s administration has billed his move to re-open federal lands to new coal leases as a win for miners seeking to expand production. But a review of company filings shows that coal miners with the most to gain already have enough leases in hand to last well over a decade. NEW DELHI Monsanto lost a legal battle with one of India''s biggest seed producers over a contract dispute on Tuesday, and was ordered to restore a licensing agreement and cut royalty charges. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-schlumberger-debt-idUSKBN16Z2LH'|'2017-03-29T02:23:00.000+03:00'
'88602c402d732bb6b2c6d09d299ee4ad6099624d'|'CEE MARKETS-Crown near 3-mth high in forwards, forint steady before rate meeting'|'BUDAPEST/PRAGUE, March 28 The Czech crown was at a three-month-high in future deals on Tuesday as markets readied for an expected removal of an exchange rate floor. Hungary''s forint was stable ahead of Tuesday''s interest rate decision. To fight deflation risks, the Czech central bank introduced a cap in late 2013 to keep the crown weaker than 27 against the euro in the spot market . But with price growth back to normal, most analysts expect an exit from the "weak crown" regime in April or May. Strong interest in crown forwards up to a one-month maturity sent the crown to a three-month-high at 26.93 per euro in early trade, extending gains from Monday according to Reuters data. "On Thursday the board members of the Czech National Bank meet for the last time before the end of the hard commitment," analysts at Raiffeisen Bank said in a note. "The hard commitment to defend the Czech currency at the limit EUR/CZK 27 or above ends this Friday and after this ''anything can happen''," the analysts said. In Hungary, where inflation has also approached the central bank''s policy anchor, the Monetary Council holds a rate-setting meeting later in the day where it is widely expected to keep the base rate at a record-low 0.9 percent. However, central Europe''s most dovish central bank could announce a further reduction in the amount of funds commercial banks can keep in its 3-month deposits as it seeks to loosen monetary conditions with targeted unconventional measures. The forint was nailed to the 309 per euro mark in early trade. "The question is how much further the 3-month stock will be lowered, as well as the new inflation and economic growth forecasts," a Budapest-based currency dealer said. "If there is a bigger change, that could spark some activity, but I expect the usual communication," the trader said. The bank will announce its rate decision at 1200 GMT, followed by new economic forecasts and the size of the three-month deposits at 1300 GMT. The median projection of analysts polled by Reuters sees a 150 billion forint cut in the 3-month deposit limit for the end of June, to 600 billion forints, after an earlier cut to 750 billion forints by the end of this month. CEE MARKETS SNAPSHOT AT 0937 CET CURRENCIES Latest Previous Daily Change bid close change in 2017 Czech crown 27.0200 27.0190 +0.00% -0.05% Hungary 309.1000 309.1000 +0.00% -0.09% forint Polish zloty 4.2520 4.2448 -0.17% 3.57% Romanian leu 4.5520 4.5538 +0.04% -0.37% Croatian 7.4300 7.4385 +0.11% 1.68% kuna Serbian 123.8600 123.9500 +0.07% -0.41% dinar Note: daily calculated previous close at 1800 CET change from STOCKS Latest Previous Daily Change close change in 2017 Prague 984.59 979.45 +0.52% +6.83% Budapest 32123.67 31876.22 +0.78% +0.38% Warsaw 2213.96 2201.88 +0.55% +13.66% Bucharest 7959.27 7961.02 -0.02% +12.34% Ljubljana 782.64 791.11 -1.07% +9.07% Zagreb 2094.72 2096.80 -0.10% +5.01% Belgrade 743.14 744.49 -0.18% +3.59% Sofia 638.50 638.34 +0.03% +8.88% BONDS Yield Yield Spread Daily (bid) change vs Bund change in Czech spread Republic 2-year -0.491 0 +020bps +0bps 5-year 0.211 0.065 +051bps +7bps 10-year 0.979 -0.009 +058bps +0bps Poland 2-year 2.041 -0.008 +273bps -1bps 5-year 2.959 0.022 +326bps +3bps 10-year 3.543 0.006 +314bps +1bps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interbank Czech Rep <PRI 0.29 0.33 0.4 0 BOR=> Hungary <BUB 0.27 0.34 0.46 0.21 OR=> Poland <WIB 1.77 1.785 1.825 1.73 OR=> Note: FRA are for ask Quote: s prices (Writing by Gergely Szakacs; Editing by Jeremy Gaunt)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL5N1H51MV'|'2017-03-28T06:19:00.000+03:00'
'220f05d2b67f7513d5570618f50d77bbc3e09952'|'Vale minority shareholders nominate candidate to board'|'Company News  37pm EDT Vale minority shareholders nominate candidate to board SAO PAULO, March 29 Brazil''s mining company Vale SA on Wednesday said Aberdeen Asset Management PLC, on behalf of minority shareholders, nominated Isabella Saboya to join the company''s board. Vale said in a securities filing that Sandra Guerra was also nominated by the minority shareholders as a substitute board member for Saboya in the election scheduled for April 20. (Reporting by Guillermo Parra-Bernal and Marcelo Teixeira; Editing by Diane Craft) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/vale-sa-board-idUSL2N1H626U'|'2017-03-30T06:37:00.000+03:00'
'3f16302600e3b7ad7e39701d56f8f163f67ba290'|'German, Spanish inflation ebbs, easing pressure on ECB'|'By Michael Nienaber and Paul Day - BERLIN/MADRID BERLIN/MADRID German and Spanish consumer inflation slowed more sharply than expected in March as oil prices slumped, data showed on Thursday, offering some respite to the European Central Bank as it faces pressure to wind down its monetary stimulus.The ECB has slashed interest rates into negative territory and adopted a bond-buying program worth 2.3 trillion euros ($2.5 trillion) to counter the threat of deflation and revive growth in the 19-member currency bloc.Euro zone inflation surged to a four-year high in February, zooming past the ECB''s price stability target of just under 2 percent. But the central bank has said it first needs to see if inflation rises at the start of the year are sustainable in the medium term before considering changing policies.German annual inflation, harmonized to compare with other European countries (HICP), slowed to 1.5 percent in March after reaching a 4-1/2 year high of 2.2 percent in February, preliminary data from the Federal Statistics Office showed.The March reading marked the first slowdown in nearly a year and came in weaker than a Reuters consensus forecast of 1.9 percent. It pushed down Germany''s 10-year government bond yield to a three-week low of 0.32 percent.ING bank economist Carsten Brzeski said the drop should help the ECB in taming "rate hike fantasies", adding that falling oil prices and limited domestic inflationary pressures should lead to a gradual slowing of headline inflation in the second half of the year."Speculation about changes to the ECB''s monetary policy stance are the result of a strengthening macro outlook and higher headline inflation," he noted."Nevertheless, the ECB, in our view, is not likely to quickly change policies - clearly not before the French presidential elections (in April and May)," Brzeski added.Several ECB policymakers argued on Thursday that the bank needed to stick to its already laid out policy path, though a top conservative urged them to leave the door open to a more rapid reduction in stimulus.After the French elections, the ECB could give its first hints at a 2018 tapering of the bond-buying program, Brzeski said.Spanish consumer price inflation also eased sharply in March as fuel and power prices fell.The EU-harmonized inflation rate there slowed to 2.1 percent, flash data from the National Statistics Institute (INE) showed. This compared with a Reuters poll of 2.7 percent and with a reading of 3.0 percent in February."This is much lower than we''d expected and is principally due to the effect of oil prices," said Estefania Ponte, analyst at BNP Paribas Personal Investors in Madrid.In Germany, Europe''s biggest economy, energy prices and food costs rose less sharply than in February although both again were the main drivers behind the overall increase, a breakdown of the non-harmonized data showed.Economists partly put down the drop in German headline inflation also to calendar effects, since last year''s Easter holidays came in March rather than, as this year, in April. This means some items such package holiday costs rose less sharply this March.The inflation rate for the entire euro zone, due on Friday, is expected to have fallen to 1.8 percent in March from 2.0 percent in February, economists polled by Reuters said.(Reporting by Michael Nienaber in Berlin and Paul Day in Madrid; Editing by Madeline Chambers and John Stonestreet)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-eurozone-inflation-idINKBN1711SV'|'2017-03-30T11:09:00.000+03:00'
'2b03960c38cc5f2aef1916845e95df72299ea69a'|'Hyundai''s Czech car workers get big pay rise as labour market tightens'|'Business News - Tue Mar 28, 2017 - 10:09am BST Hyundai''s Czech car workers get big pay rise as labour market tightens The logo of Hyundai is pictured at at the 37th Bangkok International Motor Show in Bangkok, Thailand, March 22, 2016. REUTERS/Chaiwat Subprasom/File Photo PRAGUE Workers at Hyundai Motor Co''s ( 005380.KS ) Czech car factory will get on average a 12 percent pay rise this year, local management said on Tuesday, the latest big increase at a major manufacturer in Europe''s tightest labour market. Unemployment in the Czech Republic is the lowest in the European Union at a rate of 3.4 percent, according to Eurostat, and many companies have complained of a labour shortage which is pushing up pay levels. Wages have also been a key indicator for the central bank as it nears an end to a cap on the crown that has been in place since late 2013 now that inflation is back on target. It forecasts nominal wage growth of 5.2 percent this year and 4.9 percent next year. Hyundai workers will get a 4.56 percent base pay increase this year and 4.66 percent raise next year while bonuses will account for the rest of the pay hike. In the previous collective agreement, wages rose on average by 8 percent including bonuses. The car industry is an important contributor to the export-reliant economy and Hyundai''s plant is one of three in the country of 10.6 million. A joint venture of Toyota ( 7203.T ) and Peugeot ( PEUP.PA ) also operate a plant while the biggest is Skoda Auto, a subsidiary of Volkswagen ( VOWG_p.DE ), the country''s largest exporter. Skoda workers negotiated to get record bonuses of up to 90,000 crowns ($3,614.75) for this year. (Reporting by Jason Hovet; Editing by Greg Mahlich) Next In Business News Thomas Cook says tourists returning to Egypt and Turkey LONDON Foreign holidays remain a top priority for Europeans despite economic and security worries, tour operator Thomas Cook said on Tuesday, reporting a 40 percent jump in bookings to Greece and signs of a recovery in travel to Turkey and Egypt. BERLIN Britain''s departure from the European Union will significantly hurt German firms'' business with the United Kingdom and investment will decline strongly in the long term, the president of Germany''s DIHK Chambers of Commerce said on Tuesday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hyundai-motor-czech-wages-idUKKBN16Z0YG'|'2017-03-28T17:09:00.000+03:00'
'faa93d5e424553256e84a64bc8fb56328996249b'|'European shares recover, boosted by results and deal-making'|'(ADVISORY- Follow European and UK stock markets in real time on the Reuters Live Markets blog on Eikon - see cpurl://apps.cp./cms/?pageId=livemarkets)* STOXX 600 up 0.4 pct* Wolseley hits near 10-yr high on strong H1* EDP gains on plan to buy out renewables subsidiary* Dufry rises on media report HNA seeks stake* Booker dips as Tesco takeover under fireBy Helen ReidLONDON, March 28 European shares rose on Tuesday, boosted by strong results and deal-making across the region, recovering from the previous session''s sentiment-fuelled dip.The pan-European STOXX 600 index was up 0.3 percent, with deals in focus as rumours of stake sales moved individual stocks, while criticism of the Tesco takeover dented wholesaler Booker.Basic resource stocks led gains, up 0.8 percent after suffering their worst daily losses in more than four months on Monday.Wolseley was the top European gainer, up 6.3 percent and hitting almost a decade high, after posting a 25 percent rise in profit for its first half, driven by strong growth in its main market, the United States.Portuguese oil company EDP rose 4.2 percent after it said it would buy the rest of its renewable energy subsidiary EDP Renovaveis.Portugal''s largest company also agreed the sale of its Spanish gas distribution network Naturgas to Nature Investments, a special purpose vehicle owned by a consortium of institutional investors.EDPR jumped 9.4 percent on the news, helping Portugal''s stock index outperform European peers, up 2.2 percent.Dufry, the Swiss airport retailer, gained 3.5 percent after a report said Chinese conglomerate HNA was in talks to buy a stake, a move which would extend Dufry''s reach in China.Banco Popular was up 3 percent, the top gainer among banks, after a Spanish newspaper report said the bank''s new head Emilio Saracho was in talks to sell the lender''s property portfolio and a stake to Libra Group.Neither party said it would comment on market rumours.Credit Agricole, meanwhile, rose 2.8 percent, to the top of France''s blue-chip index after Barclays switched its preference to it from Societe Generale.Among the few fallers in early trading, Recordati was the worst-performing, down 2.4 percent after Goldman Sachs cut its rating on the stock to "sell".The Italian pharmaceuticals company''s premium to peers is excessive, Goldman analysts said, given a slightly more risky research and development profile due to early-stage clinical partnerships, and their belief that mergers and acquisitions could be less pronounced ahead.Recordati plans around 40 percent of sales growth to come from reinvestment in M&A in 2017-2019. But Goldman said the company''s market cap of 6.6 billion euros made it harder for bolt-on acquisitions to move the needle.Wholesaler Booker was also among top fallers, down 1.9 percent after two major Tesco shareholders opposed a $4.7 billion deal by the retailer to take it over, saying it would destroy value.Tesco''s CEO said he was "completely committed" to the deal. (Editing by Ed Osmond)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/europe-stocks-idINL5N1H524Z'|'2017-03-28T07:23:00.000+03:00'
'6cf03b1caf84941d1ab1503dc3da97494d7338e1'|'Puerto Rico bond hits all-time low in light trading'|'By Nick Brown - NEW YORK, March 29 NEW YORK, March 29 Puerto Rico''s benchmark 2035 general obligation bonds traded as low as 60.7 cents in light trading on Wednesday, their lowest price since the $3.5 billion issue was sold in 2014, according to Thomson Reuters data.The bonds, which had not traded since March 22, later recouped some value, trading at 62 cents.The debt has been in default since last year when the U.S. Congress passed a rescue law known as PROMESA that created a debt restructuring process for Puerto Rico. Defaulted debt trades more like an equity and is not typically Quote: d with a yield.The U.S. territory is facing an economic crisis marked by $70 billion in debt, a 45 percent poverty rate and rampant emigration, with creditors expected to take cuts to repayment as part of a looming restructuring.The 2035 bond has plummeted since opening at 73 cents on March 13, the day Puerto Rico''s federally appointed financial oversight board approved a turnaround blueprint for the island that contemplated only $800 million a year to pay debt, a fraction of what Puerto Rico owes.Hector Negroni, whose private equity firm, Fundamental Credit Opportunities, holds Puerto Rican GO debt, downplayed recent price drops."Prices move for lots of reasons, but they don’t reflect the value of my priority or the reality of the fiscal picture," Negroni said in an interview.In Puerto Rico''s case, a sizable portion of the heavily distressed bonds are held by hedge funds, and trade lightly. Prices reflect dwindling confidence among some traders about the island''s ability repay GO debt, which is guaranteed by its constitution.But whether and how much GO debt Puerto Rico can pay may ultimately be decided by courts. Under PROMESA, the territory has until May 1 to negotiate a consensual debt restructuring with creditors without facing lawsuits.After that date, creditors can sue the island, or it could commence a court-supervised restructuring process akin to U.S. bankruptcy protection. (Reporting by Nick Brown; Editing by Daniel Bases and David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/puertorico-debt-bonds-idINL2N1H618Q'|'2017-03-29T14:58:00.000+03:00'
'5d18a2e4c26968355f7bed6782ac3bd15fc0e77a'|'Brazil''s BM&FBovespa proposes name change to ''B3'' after Cetip takeover'|'SAO PAULO, March 30 BM&FBovespa SA shareholders will vote next month on whether to rename the Brazilian bourse to "B3 SA Brasil, Bolsa, Balcão" following its takeover of rival clearinghouse Cetip SA Mercados Organizados .In a securities filing late on Wednesday, BM&FBovespa convened ordinary and extraordinary shareholder meetings for April 28 to decide on the name change as well as the number of members on its board, how they are elected and other matters.BM&FBovespa proposed on Wednesday to expand its board to 14 members from 11.After repeated attempts by BM&FBovespa to buy Cetip, Latin America''s largest securities clearinghouse, the companies agreed to a deal in April.The takeover received regulatory approval last week, granting BM&FBovespa almost full control of Brazil''s market for registration and custody of local fixed-income instruments and over-the-counter derivatives.The transaction has created the largest market structure player in Latin America, with stakes in Mexican, Colombian, Peruvian and Chilean counterparts. (Reporting by Paula Laier and Bruno Federowski; Editing by Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/cetip-ma-bmf-bovespa-idINL2N1H70DB'|'2017-03-30T10:03:00.000+03:00'
'dd2f266c080bed840e5b4f0d636e4105bb10add7'|'Tesco target Booker sees sales growth ease'|'Business News - Thu Mar 30, 2017 - 7:22am BST Tesco target Booker sees sales growth ease LONDON Booker ( BOK.L ), the British wholesaler that in January agreed to be taken over by Tesco ( TSCO.L ) for 3.7 billion pounds, said on Thursday sales growth had eased in its fourth quarter, with tobacco sales dented by a display ban and plain packaging restrictions. The firm, which supplies the Budgens, Londis, Happy Shopper and Premier convenience chains and also operates cash and carry business Makro, said group sales rose 0.5 percent in the 12 weeks to March 24, while like-for-like sales were up 0.7 percent. That compares to like-for-like sales growth of 3.2 percent in the previous quarter. Booker also faced tougher year-on-year comparative numbers in the fourth quarter, while Easter also falls later this year. Prior to the update, analysts'' average forecast was for a pretax profit of 171.3 million pounds ($212.9 million) for the 2016-17 year, up from 150.8 million pounds in 2015-16, according to Reuters data. Booker said it is currently going through the competition process relating to Tesco''s offer, announced on Jan. 27. It said it will not be making forward looking statements for the duration of the offer period. ($1 = 0.8044 pounds) (Reporting by James Davey, editing by David Evans) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-booker-group-m-a-tesco-idUKKBN1710KR'|'2017-03-30T14:22:00.000+03:00'
'e80a7fbc600f87ee24a4011594a120e24c673419'|'Chipotle defeats U.S. class action lawsuit on overtime pay'|'Company News  20pm EDT Chipotle defeats U.S. class action lawsuit on overtime pay By Daniel Wiessner - March 29 March 29 A federal judge on Wednesday granted a bid by Chipotle Mexican Grill Inc to undo a class action lawsuit by manager trainees in six states who say they were unlawfully denied overtime pay. U.S. District Judge Andrew Carter in Manhattan said the former Chipotle "apprentices" from New York, Illinois and four other states had varying duties depending on where they worked and could not show they were all eligible for overtime pay. The plaintiffs in the 2012 lawsuit said that when they worked in the temporary, salaried positions training to manage new restaurants, they often performed basic tasks that could be assigned to hourly workers. That entitled them to overtime pay under state wage laws, the workers said. Carter''s decision blocks the seven workers who filed the lawsuit from representing a class of more than 500 people, which could end the case altogether. The company''s victory on Wednesday came as it faced a larger 2014 lawsuit filed in federal court in Colorado by 10,000 hourly workers who say they were required to work off the clock for no pay. A U.S. appeals court in Colorado on Monday rejected Chipotle''s bid to undo the nationwide class of workers in that case. Denver-based Chipotle, which operates more than 2,000 U.S. restaurants, did not immediately respond to a request for comment on Wednesday''s ruling. Nor did lawyers for the plaintiffs. Unlike most other fast food chains that operate on a franchise model, Chipotle owns its restaurants and is responsible for wages and other employment decisions. Salaried workers like the Chipotle apprentices are automatically eligible for overtime pay under federal law if they earn less than $23,660. Employees who earn more must be paid overtime if they do not have management or administrative duties. Last year, a federal judge blocked a controversial Obama administration rule that would have doubled the salary threshold to about $47,500 and extended overtime pay to more than 4 million workers. The U.S. Department of Labor appealed the judge''s ruling, but it is unclear whether the administration of President Donald Trump will pursue the case. Trump''s nominee for U.S. labor secretary, R. Alexander Acosta, told a U.S. Senate panel last week that he had not made a decision about how to proceed on the rule, but was concerned about its impact on businesses and workers. (Reporting by Daniel Wiessner in Albany, New York; Editng by Andrew Hay) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/chipotle-lawsuit-idUSL2N1H61ZJ'|'2017-03-30T06:20:00.000+03:00'
'326bbffc578cdef2e06b44bd30c6b0aef3a8c6f0'|'IMF says will decide on Ukraine aid tranche on April 3'|'Business News - Thu Mar 30, 2017 - 7:51am BST IMF says will decide on Ukraine aid tranche on April 3 People walk on a street during a sunny frosty day in central Kiev, Ukraine January 26, 2017. REUTERS/Gleb Garanich KIEV The International Monetary Fund executive board will meet on April 3 to decide whether to disburse a $1 billion aid tranche to Ukraine as part of its $17.5 billion bailout program for the country, it said in a statement on Thursday. The IMF had delayed the disbursement from March in order to assess the impact of a blockade that Kiev imposed on separatist-held territory. (Reporting by Natalia Zinets; writing by Matthias Williams; editing by John Stonestreet) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-ukraine-crisis-imf-idUKKBN1710N6'|'2017-03-30T14:48:00.000+03:00'
'2d4baa04e61711ffa24a905b995b2d3bd4804c51'|'U.S. exchanges warned against Deutsche Boerse bid'|'LONDON American stock exchanges should not attempt to buy Deutsche Boerse ( DB1Gn.DE ), the German exchange whose bid to merge with its London counterpart has just collapsed, a senior German politician said on Thursday.Deutsche Boerse is not only a private company but it also has state responsibilities," Thomas Schaefer, finance minister for the German state of Hesse, told reporters."The stock exchange authorities of Germany have to guarantee that if there is a change of owner, it has to guarantee that business has to continue uninterrupted as normal and it doesn''t matter who makes an offer," Schaefer said.Asked what his response would be if a U.S. exchange like ICE ( ICE.N ) stepped in to bid for Deutsche Boerse, Schaefer replied: "I would rather recommend colleagues in America not to attempt to do this."Hesse regulates the financial center in Frankfurt where Deutsche Boerse is based, and also has a veto over any merger involving the exchange.(Reporting by Huw Jones and Anjuli Davies)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-deutsche-boerse-m-a-hesse-idINKBN17117K'|'2017-03-30T08:43:00.000+03:00'
'6f84ee20aa33abfd5977c8835bd9895297370f5d'|'UPDATE 1-Dollarama''s profit beats as customers spend more'|' 45am EDT UPDATE 1-Dollarama''s profit beats as customers spend more (Adds details) March 30 Canadian discount retailer Dollarama Inc reported a higher-than-expected quarterly profit on Thursday as customers spent more in its stores. The Montreal-based company said the rise in sales was aided by a 7.8 percent increase in the average checkout bill. Dollarama also said it opened 26 new stores in the fourth quarter. The retailer has revised its long-term target of 1,400 stores to 1,700 stores, over the next 8-10 years across Canada, after a review of market potential. Dollarama increased its quarterly dividend to 11 Canadian cents per share from 10 Canadian cents. The company''s same-store sales rose 5.8 percent in the quarter ended Jan. 29, compared with a 7.9 percent rise a year earlier. Net income rose to C$146.1 million ($109.6 million), or C$1.24 per share, in the quarter, from C$124.8 million, or C$1 per share, a year earlier. Analysts on average estimated income of C$1.11 per share, according to Thomson Reuters I/B/E/S. Sales jumped 11.5 percent to C$854.5 million, beating analysts'' average estimate of C$846.9 million. ($1 = 1.3325 Canadian dollars) (Reporting by Vishaka George in Bengaluru; Editing by Martina D''Couto)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/dollarama-results-idUSL3N1H7430'|'2017-03-30T19:45:00.000+03:00'
'97173f43456e12719f78b9de2bdf980cac45af5b'|'Aramco tax cut lifts company''s value by $1 trillion, analyst estimates'|' 52pm BST Aramco tax cut lifts company''s value by $1 trillion, analyst estimates left right FILE PHOTO: A view of the Aramco building in Houston, Texas, U.S., February 27, 2017. REUTERS/Daniel Kramer/File Photo 1/2 left right FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed/File Photo 2/2 DUBAI Saudi Arabia''s decision to cut tax paid by national oil giant Saudi Aramco has increased its value by $1 trillion, an analyst estimated on Tuesday ahead of Aramco''s initial public offer of shares, expected to be the world''s largest. The government said on Monday it was cutting the tax rate for Aramco to 50 percent from 85 percent as part of preparations for next year''s IPO, which would sell as much as 5 percent of the company. "By drastically reducing the tax rate, more cash will go to the potential owners of Saudi Aramco compared to the government," said Espen Erlingsen, vice-president for analysis at Rystad Energy, an oil and gas consulting service based in Oslo and New York. "Assuming long-term oil prices averaging $75 per barrel, the valuation of the company increases from $0.4 trillion to $1.4 trillion," he said in a report. That is good news for the Saudi government, which hopes to raise money to cover a $79 billion budget deficit and invest in new industries as it tries to diversify the economy in an era of low oil prices. Deputy Crown Prince Mohammed bin Salman, who leads economic reforms, has said the IPO will value Aramco at a minimum of $2 trillion. A number much smaller than that could jeopardize the offer and damage his own political position. Erlingsen calculated Aramco''s value based on discounted free cash flow for each oil field. Under the new tax rate, much of the company''s payments to the government are expected to be in the form of dividends, not tax. "The total value of Saudi Aramco''s revenue after costs is around $3.4 trillion. With the old tax system, around 88 percent of the value went to the government through taxes and royalties, while with the new system around 60 percent of the profit goes to the government," Erlingsen said. He predicted oil prices would reach $75 by the time of the IPO, which would be near the long-term price needed to justify the share prices of other large global oil companies. Global consultants Sanford C. Bernstein & Co said in a report that since Aramco had not released detailed financial information, it was impossible to make a reliable estimate of its value. But they said the size of Saudi oil reserves, larger than those of other oil companies, suggested Aramco could look cheap even at $2 trillion - although that figure excluded factors such as political risks. Using a different valuation method, enterprise value per flowing barrel, suggests a figure in the range of $1 trillion to $1.5 trillion, though the expected long life of Aramco''s reserves compared with other companies means Aramco could command a premium to those numbers, Bernstein said. Investment bank Tudor, Pickering, Holt & Co estimated a valuation of $1.1 trillion for Aramco, assuming free cash flow of $55 billion a year from its upstream operations. (Reporting by Ron Bousso and Rania El Gamal; Writing by Andrew Torchia; Editing by Louise Heavens) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-saudi-aramco-ipo-valuation-idUKKBN16Z1SH'|'2017-03-28T21:51:00.000+03:00'
'c2d15ad940a64c6371caea2bd9ba27fa2dc8a203'|'RPT-With new phone due, Samsung dials down on safety message'|'Company News   7:00pm EDT RPT-With new phone due, Samsung dials down on safety message (Repeats article first published late on Tuesday. No changes to text.) * Samsung to unveil Galaxy S8 smartphone in New York on Weds * Little made of safety issue so far in S8 media campaign * Co. opting not to remind buyers about Note 7 issue - brand expert By Se Young Lee SEOUL, March 28 After the damaging recall of its fire-prone Note 7 smartphone, you could be forgiven for thinking Samsung Electronics Co Ltd would make a song and dance about battery safety in its new flagship phones, due to be launched in the United States on Wednesday. But in the run-up to the launch, crucial to the South Korean technology giant winning back consumer confidence, it''s marketing effort so far makes little mention of safety. "If you talk about safety, it presupposes a rationale for why, unconsciously, and they know this; and they also know the media will pick up that narrative," said Los Angeles-based Eric Schiffer, a brand strategy expert and chairman of Reputation Management Consultants. "Highlighting the safety issue at this point will cause the other narrative to be recycled, so they have elected to suppress and hope." Samsung declined to comment ahead of the launch. To be sure, Samsung announced a comprehensive safety plan after concluding in January that faulty batteries from two suppliers caused some Note 7s to catch fire. It now has an eight-point safety check protocol that includes x-raying the batteries. And, at the design level, phones have more room to properly house the battery. Such steps have been reflected in the S8''s development, the company says. Executives have said there will be no repeat of the Note 7 debacle, and one person familiar with the matter told Reuters the S8 launch was pushed back to ensure it is safe to use. "The additional measures Samsung has taken should certainly improve battery safety and durability," said Lewis Larsen, president of Chicago-based battery technology consultancy Lattice Energy LLC. "These are most definitely not just cosmetic steps ''for show.''" The company has also this month put a long-time mobile executive in charge of a new product quality improvement office, and affiliate Samsung SDI Co Ltd has invested 150 billion won ($135 million) on improving battery safety. "NEEDLE IN A HAYSTACK" Samsung recalled the Note 7 last September to replace faulty Samsung SDI batteries, but replacement batteries from Amperex Technology Ltd also proved faulty due to different problems - an embarrassment for a company that prides itself on product quality, analysts say. The Note 7 was eventually pulled from the market in October. The company said earlier this week it plans to sell refurbished versions of the Note 7 smartphones, equipped with new batteries that have gone through new safety measures. Downplaying the battery safety issue may also be a sensible marketing option as the new quality measures can''t guarantee there will be no future problems. Any failure rate would likely be very low at first. Samsung said last year it confirmed just 140 faulty batteries in more than 3 million Note 7s it sold - fewer than five in every 100,000. "How confident are they that they can actually find a faulty cell with these additional checks," said Venkat Viswanathan, assistant professor at Carnegie Mellon and a battery technology expert. "It''s sort of finding a needle in a haystack." And safety is still on the minds of potential buyers of the new phone. In one poll asking people what features they were looking forward to most in the S8, one Twitter user quipped: "A non exploding phone." And at last week''s annual shareholder meeting, one young boy stood up and asked Samsung to double down on safety. "In future, even if it takes time, I hope there will be no incidents like the Galaxy Note 7 explosions," he said. Some analysts expect the S8, expected to go on sale next month, to outsell the Galaxy S7, which was Samsung''s best seller in its first year from launch. Others, though, say consumers may prefer to wait a few months before buying, just to be sure the new phones are safe. ($1 = 1,111.5900 won) (Reporting by Se Young Lee, with additional reporting by Joyce Lee and Hyunjoo Jin in SEOUL and Jeremy Wagstaff in SINGAPORE; Editing by Ian Geoghegan) Next In Company News UPDATE 2-BlackRock cuts fees and jobs; stockpicking goes high-tech NEW YORK, March 28 BlackRock Inc on Tuesday said it would overhaul its actively managed equities business, cutting jobs, dropping fees and relying more on computers to pick stocks in a move that highlights how difficult it has become for humans to beat the market. SYDNEY, March 29   is   backed   MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/samsung-elec-smartphones-idUSL3N1H54L3'|'2017-03-29T07:00:00.000+03:00'
'a197405e8d53500042d3a7b8d2550052ebefad3a'|'Bank of Spain sees price rises easing through 2017'|' 28am BST Bank of Spain sees price rises easing through 2017 The facade of the Bank of Spain building is pictured through a window of a car in downtown Malaga, southern Spain, April 1, 2016. REUTERS/Jon Nazca MADRID The Bank of Spain said on Thursday it expected consumer price rises, which hit four-year highs at the beginning of the year, to ease through 2017 as the effect of high oil prices wears off. "The evolution of oil prices through 2016, which affects the energy component of consumer prices, largely explains the rise in annual prices in the first few months of 2017, and so a slow down is expected for the rest of the year," the Bank said. Inflation was expected to hold below 1.5 percent in 2018, the central bank said. (Reporting by Paul Day; Editing by Sonya Dowsett)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-spain-economy-bankofspain-idUKKBN1710V7'|'2017-03-30T16:28:00.000+03:00'
'841f50b3a997e89e5b11f08d5135c1e70e80680c'|'RPT-Vice Media takes its edgy journalism to the Middle East'|'Company News - Thu Mar 30, 2017 - 1:09am EDT RPT-Vice Media takes its edgy journalism to the Middle East (Repeats story published March 29 to additional clients, no change to text) By Alexander Cornwell DUBAI, March 29 Vice Media is bringing its edgy style of journalism to the Middle East to tap what it believes is an underserved market of young, digital hungry consumers. Vice announced its arrival with a party on Wednesday at the glitzy Armani Hotel in the world''s tallest tower, the Burj Khalifa, in Dubai, the global trade hub where the New York-based company will set up its regional headquarters. Vice reckons the region''s youthful population coupled with some of the highest smartphone penetration rates in the world in countries such as Saudi Arabia and the United Arab Emirates make it an ideal market to expand into. "That''s just a tremendous opportunity and we think that this is the time that we come in and steal a lot of market share," Vice Co-Founder and Chief Executive Shane Smith told Reuters in an interview in Dubai on Wednesday. Vice, which is aiming for 50 staff in Dubai by the end of the year, will launch a website and digital channel this summer and is in active discussions about a 24-hour regional cable channel to be broadcast from the emirate. It will produce news and lifestyle content in multiple languages including Arabic, English, Farsi, Turkish and Urdu. Vice has documented migrant worker abuses in Dubai, won acclaim for a documentary while embedded with Islamic State and garnered widespread attention when it took former National Basketball Association star Dennis Rodman to North Korea. "We''re always going to be looking at social justice, we''re always going to be looking at environmental justice, we''re always going to be looking at being on the right side of history, especially with millennials and our audience," Smith said. Vice is likely to run into the same obstacles it has faced elsewhere in the Middle East and North Africa, "where journalists are most subjected to constraints of every kind", according to global media watchdog Reporters Without Borders. Worth $4.2 billion at its last valuation, Vice has transformed in 23 years from a punk magazine in Montreal, Canada, into a global multimedia brand. Its regional partner is Afghan media company Moby Group, whose Dubai offices are a few kilometres (miles) from the Trump International Golf Club which featured in a 2016 VICE episode on U.S. cable channel HBO about migrant worker exploitation. Vice and Moby share a common shareholder in 21st Century Fox and the Afghan company holds a license from the U.S. Treasury''s OFAC allowing it to expand into Iran - a market Vice wants to tap. (Editing by David Clarke) Next In Company News METALS-London copper slips in thin trade on stronger dollar (Adds comment, detail, updates prices) MELBOURNE, March 30 London copper slipped on Thursday in low-volume trade as the dollar held gains on brighter economic signals from the United States and traders waited for further U.S. and China economic cues for direction. With the U.S. economy having now "largely attained" a full recovery from recession, the Federal Reserve can raise interest rates three or more times this year, a centrist Fed policymaker said on Wednesday, helping North Dakota oil output set to rise as controversial pipeline opens HOUSTON, March 30 North Dakota oil production will get a shot in the arm next month as a pipeline comes online despite opposition by environmental groups and Native Americans, allowing the energy industry to save at least $540 million in annual shipping costs. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-vicemedia-expansion-idUSL5N1H70FN'|'2017-03-30T13:09:00.000+03:00'
'e841cdf491a0470a75c70032ede5bd4d9e73b6c1'|'Toshiba''s shareholders approve chip unit split off, paves way for sale'|'Technology News - Thu Mar 30, 2017 - 12:46am EDT Toshiba''s shareholders approve chip unit split off, paves way for sale The logo of Toshiba is seen as a shareholder arrives at Toshiba''s extraordinary shareholders meeting in Chiba, Japan March 30, 2017. REUTERS/Toru Hanai TOKYO Toshiba Corp''s shareholders on Thursday approved a proposal to split off the Japanese company''s NAND flash memory unit, paving the way for the sale of most of its prized business. In the wake of mounting losses at its U.S. nuclear arm Westinghouse, Toshiba plans to sell a majority stake or even all of the chip unit. Toshiba has said it expects the business to be valued at at least $18 billion. (Reporting by Makiko Yamazaki; Writing by Tim Kelly; Editing by Edwina Gibbs) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-toshiba-accounting-idUSKBN1710D3'|'2017-03-30T12:46:00.000+03:00'
'ba65c7fbbd69716747a0fa6442c79f6ac27cbbc8'|'Aramco tax cut lifts company''s value by $1 trillion, analyst estimates'|'DUBAI Saudi Arabia''s decision to cut tax paid by national oil giant Saudi Aramco has increased its value by $1 trillion, an analyst estimated on Tuesday ahead of Aramco''s initial public offer of shares, expected to be the world''s largest.The government said on Monday it was cutting the tax rate for Aramco to 50 percent from 85 percent as part of preparations for next year''s IPO, which would sell as much as 5 percent of the company."By drastically reducing the tax rate, more cash will go to the potential owners of Saudi Aramco compared to the government," said Espen Erlingsen, vice-president for analysis at Rystad Energy, an oil and gas consulting service based in Oslo and New York."Assuming long-term oil prices averaging $75 per barrel, the valuation of the company increases from $0.4 trillion to $1.4 trillion," he said in a report.That is good news for the Saudi government, which hopes to raise money to cover a $79 billion budget deficit and invest in new industries as it tries to diversify the economy in an era of low oil prices.Deputy Crown Prince Mohammed bin Salman, who leads economic reforms, has said the IPO will value Aramco at a minimum of $2 trillion. A number much smaller than that could jeopardize the offer and damage his own political position.Erlingsen calculated Aramco''s value based on discounted free cash flow for each oil field. Under the new tax rate, much of the company''s payments to the government are expected to be in the form of dividends, not tax."The total value of Saudi Aramco''s revenue after costs is around $3.4 trillion. With the old tax system, around 88 percent of the value went to the government through taxes and royalties, while with the new system around 60 percent of the profit goes to the government," Erlingsen said.He predicted oil prices would reach $75 by the time of the IPO, which would be near the long-term price needed to justify the share prices of other large global oil companies.Global consultants Sanford C. Bernstein & Co said in a report that since Aramco had not released detailed financial information, it was impossible to make a reliable estimate of its value.But they said the size of Saudi oil reserves, larger than those of other oil companies, suggested Aramco could look cheap even at $2 trillion - although that figure excluded factors such as political risks.Using a different valuation method, enterprise value per flowing barrel, suggests a figure in the range of $1 trillion to $1.5 trillion, though the expected long life of Aramco''s reserves compared with other companies means Aramco could command a premium to those numbers, Bernstein said.Investment bank Tudor, Pickering, Holt & Co estimated a valuation of $1.1 trillion for Aramco, assuming free cash flow of $55 billion a year from its upstream operations.(Reporting by Ron Bousso and Rania El Gamal; Writing by Andrew Torchia; Editing by Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-saudi-aramco-ipo-valuation-idINKBN16Z1SH'|'2017-03-28T12:00:00.000+03:00'
'6a42d5f782d130e0dc143b15c70e9594df627e0a'|'UPDATE 1-Telecom Italia works with Rotschild to find broadband partner -sources'|'(Adds fund interest, source, shares)By Stephen Jewkes and Agnieszka FlakMILAN, March 28 Telecom Italia is working with Rothschild to help it to find a partner to fund part of its broadband business in Italy, three sources close to the matter said on Tuesday.The former Italian phone monopoly said last week that it would set up a special company to develop its ultrafast broadband network to include areas of the country that would not normally be economically viable.The company intends to speed delivery of a fibre broadband network across Italian towns and cities but has said it will not participate in tenders launched by the state to attract investment in underdeveloped areas.Those tenders are being reviewed by European Union antitrust regulators after Telecom Italia asked the watchdog to look into a possible breach of EU state aid rules.Telecom Italia, 24 percent owned by French media giant Vivendi, said last week that it is seeking a financial partner as majority shareholder in its new business in the coming months.Rothschild has no official mandate from Telecom Italia, one of the sources said, but the adviser has begun to test the market. A second source said that initial approaches were made to potential investors last week.Telecom Italia shares were little changed at 0.85 euros at 1230 GMT.Daily newspaper Il Sole 24 Ore reported on Tuesday that Rothschild had identified about 20 interested parties and that a partner for Telecom Italia would be found by the summer.Italian infrastructure fund F2i, which used to control Milan-based broadband company Metroweb, is one of the parties asked to look at the business, a third source said.The development of a broadband network is a top priority for Italy''s government, which is looking to upgrade the country''s phone and Internet infrastructure to support business.Rome has enlisted the help of state-controlled utility Enel to use its pipes and pylons to lay fibre-optic cables throughout the country.Enel has said it is open to investment funds and financial partners to help it to bankroll its Open Fiber unit, which is partly owned by state lender Cassa Depositi e Prestiti. (Editing by David Goodman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/telecomitalia-ma-broadband-idINL5N1H52K8'|'2017-03-28T10:48:00.000+03:00'
'e16c0c4ae4de0d8360c7c5835cda12f6fd9b03b3'|'PRESS DIGEST - Wall Street Journal - March 28'|'Company News - Tue Mar 28, 2017 - 12:00am EDT PRESS DIGEST - Wall Street Journal - March 28 March 28 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy. - Uber Technologies Inc is putting its autonomous vehicles back on city streets after an accident involving one of them in Tempe, Arizona, on Friday prompted the company to halt its test program. on.wsj.com/2nZdnog - The European Union''s competition watchdog on Monday cleared Dow Chemical Co and DuPont Co''s merger and is expected soon to approve ChemChina''s takeover of Syngenta AG, decisions that will consolidate the agrochemical market just as Bayer AG and Monsanto Co gear up to notify EU regulators on their deal. on.wsj.com/2n9bjp1 - Jim Gianopulos, the long-time head of Twentieth Century Fox, has been tapped to turn around Viacom Inc''s troubled movie studio. Gianopulos will become chairman and chief executive of Paramount Pictures beginning April 3, Viacom said Monday. on.wsj.com/2ntszsw - Amazon.com Inc is facing a setback in its efforts to modernize brick-and-mortar retail as technical glitches delay the opening of its first cashierless convenience store. Amazon Go was due to open to the public by the end of this month, after launching in beta mode to employees in December, according to people familiar with the matter. on.wsj.com/2n9pUBD - The founder and chief executive of Tesla Inc and Space Exploration Technologies Corp has launched another company called Neuralink Corp, according to people familiar with the matter. Neuralink is pursuing what Musk calls "neural lace" technology, implanting tiny brain electrodes that may one day upload and download thoughts. on.wsj.com/2naUATf (Compiled by Rama Venkat Raman in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-wsj-idUSL3N1H51XF'|'2017-03-28T12:00:00.000+03:00'
'f05e2c810b6e3ee3b0486f480b670745be692227'|'UPDATE 1-Citi applies for capital markets licence in Saudi Arabia-sources'|'(Adds detail, Quote: , context)By Reem Shamseddine, Saeed Azhar and Tom ArnoldKHOBAR/DUBAI, March 28 Citigroup has formally applied for a licence to conduct capital markets business in Saudi Arabia, two sources familiar with the matter said, in a move to return to the country after an absence of nearly 13 years.The application has been made with Saudi Arabia''s Capital Market Authority (CMA), whose primary role is to regulate and develop the capital market in the oil-rich kingdom, the sources said.Investment opportunities in the kingdom are opening up as the government diversifies its economy away from oil under its National Transformation Plan. The government is also preparing to list up to 5 percent of oil giant Saudi Aramco in an initial public share offering that could raise as much as $100 billion.Citi declined to comment on its Saudi plans. No one at the CMA was immediately available to comment.Citi is "positive" that it will gain a licence this year, a third source said.If successful, Citi could also pursue with the Saudi central bank permission for a full bank branch licence, potentially joining other banks such as JPMorgan and Deutsche Bank .After operating in the oil-rich kingdom for five decades, Citigroup pulled out of Saudi Arabia in 2004 when it sold its 20-percent stake in Samba Financial Group, saying then it was reallocating capital to core investments.In 2015 it won permission from the Saudi Arabian regulator to invest directly in the local stock market, the first step towards returning to the country.Citi had approached bankers about potential jobs in anticipation of the bank gaining a licence and building a team in the kingdom, one of the sources said.Citi is not the only global bank looking to expand in Saudi Arabia. Credit Suisse is also seeking a banking licence, as it wants to build a fully-fledged onshore private banking business there, the bank told Reuters in an email in late February.Goldman Sachs is also exploring the possibility of gaining a licence from the CMA to conduct share sales and trading in Saudi Arabia, a source briefed on the plan said.The Wall Street bank has held preliminary talks with regulators, the source said. Bloomberg earlier reported Goldman''s plans. Goldman declined to comment on that report. “Saudi Arabia has ambitious plans to establish industries and privatise companies led by the Aramco initial public offering, which attracts a lot of attention of banks," said Reinhold Leichtfuss, senior partner and managing director at The Boston Consulting Group''s Middle East office. "Saudi Arabia is also the biggest market in the Gulf in terms of population and corporates so it makes sense for banks to be there.”There are 13 licensed foreign bank branches in the kingdom, including Deutsche Bank, BNP Paribas, JPMorgan Chase and Industrial and Commercial Bank of China, according to the central bank''s website.Citi chief executive Michael Corbat met with Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman earlier this month on a visit to the kingdom, in addition to Saudi billionaire Prince Alwaleed bin Talal Al Saud, a shareholder in the bank. (Reporting by Reem Shamseddine in Khobar, Saeed Azhar and Tom Arnold in Dubai; Additional reporting by Marwa Rashad in Riyadh; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/citi-saudi-idINL5N1H522W'|'2017-03-28T07:26:00.000+03:00'
'a891224742d4cd7f04348b3a75a5ea15b6b439df'|'Soccer-Europa League could be United''s best route to Champions League - Ferguson'|'Company  21am EDT Soccer-Europa League could be United''s best route to Champions League - Ferguson March 28 The Europa League offers Manchester United a great alternative route into next season''s Champions League as they battle for a top four slot in the Premier League, former manager Alex Ferguson has said. A top four Premier League place is needed for access to the Champions League but United are currently only fifth, four points behind fourth-placed Liverpool albeit with two games in hand. However, United can also guarantee a place in next season''s Champions League by winning the Europa League. United are in the last eight of the Europa League. "They''re in the Europa League and I think they have a great chance there," Ferguson, who won more than 30 trophies during his 26-year spell at Old Trafford, told United States radio channel SiriusXM. "In the Premier League at the moment, there is a real fight for the positions... It''s not going to be easy to get into the top four," Ferguson added. "They could do it. But I look at the Europa League as a great chance." United, who have never won the Europa League, travel to Belgian side Anderlecht for the first leg of their quarter-final tie on April 13. Since Ferguson''s retirement in 2013, United have managed just two major pieces of silverware -- the FA Cup last season and the League Cup in February. They missed out on the Champions League this season and another absence would be costly in terms of lost revenue. Ferguson heaped praise on current United manager Jose Mourinho. "I get on well with Jose and I think he''s doing a really good job," Ferguson said. "He''s been a bit unlucky because they''ve been absolutely brilliant in most of their home games and drawn (seven of) them. If they had got the wins they would be challenging for the league, no doubt about that." United''s run of nine games in April begins on Saturday when they host eighth-placed West Bromwich Albion at Old Trafford. (Reporting by Aditi Prakash in Bengaluru; Editing by Keith Weir) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/soccer-england-mun-ferguson-idUSL3N1H548V'|'2017-03-28T22:21:00.000+03:00'
'bf883606388c50706e0f1f05ee30c6653a7710ae'|'RBS raises settlement offer to last claimants over 2008 cash call'|' 23am BST RBS raises settlement offer to last claimants over 2008 cash call FILE PHOTO: A woman uses an ATM at a Royal Bank of Scotland (RBS) branch in London, Britain, February 25, 2010. REUTERS/Toby Melville/File Photo LONDON Royal Bank of Scotland ( RBS.L ) has nudged up an offer to the final group of claimants seeking damages over an emergency cash call in 2008, a source familiar with the situation said on Tuesday. The Edinburgh-based bank, which is more than 70 percent owned by taxpayers, has offered an additional 2 pence per share to 43.5 pence a share to a group of claimants, which includes former and current RBS employees and institutional investors. The person said the increase would amount to under 10 million pounds. A spokesman for the claimants was not immediately available. (Reporting By Andrew MacAskill. Editing by Kirstin Ridley)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-rbs-lawsuit-settlement-idUKKBN16Z16C'|'2017-03-28T18:23:00.000+03:00'
'dd21ae319092cb36d435d6305403cb0745b11944'|'Parisian chic pays off for owner of Sandro, Maje fashion brands'|'Thu Mar 30, 2017 - 1:12am EDT Parisian chic pays off for owner of Sandro, Maje fashion brands left right The logo of ready-to-wear Sandro brand is seen on a fashion shop storefront in Paris, France, March 29, 2017. REUTERS/Charles Platiau 1/2 left right The logo of ready-to-wear Maje brand is seen on a fashion shop storefront in Paris, France, March 29, 2017. REUTERS/Charles Platiau 2/2 By Pascale Denis - PARIS PARIS SMCP, the group behind French fashion brands Sandro, Maje and Claudie Pierlot, reported higher annual profits and sales, which its chief executive said was partly due to the allure of Parisian chic for Chinese customers. "Our brands embody a Parisian chic, both aspirational and accessible, that seduces Chinese clients," SMCP Chief Executive Daniel Lalonde told Reuters in an interview. The French fashion group, controlled by China''s Shandong Ruyi ( 002193.SZ ), said 2016 earnings before interest, tax, depreciation and amortization (EBITDA) rose 22 percent to 130 million euros ($140 million). Sales rose by 16.4 percent to 787 million euros. SMCP operates in what analysts classify as the accessible luxury segment of the fashion market, and it aims to become a leader in the more affordable space. Accessible luxury is benefiting from buoyant demand among a fast-growing middle class, particularly in countries such as China, where the group already has 70 stores. The Sandro, Maje, and Claudine Pierlot labels sell dresses for between 150-250 euros, and employ supply chain practices borrowed from retailers such as Zara ( ITX.MC ) and H&M ( HMb.ST ). SMCP''s solid 2016 results strike a contrast to rival luxury brand Michael Kors ( KORS.N ), which last month reported profit below market forecasts, raising concerns over Michael Kors'' efforts to reinvigorate its brand. SMCP''s growth in its domestic French market also stood out, compared with the overall French fashion market, where sales have declined by 2.6 percent. International sales, which now account for 54 percent of SMCP''s global turnover, rose by 24 percent. Similar to other major fashion companies, CEO Lalonde is also banking on harnessing the Internet and digital media to spur sales growth. SMCP, which opened 105 new stores in 2016, plans to open 100-125 more shops this year in major cities around the world. ($1 = 0.9271 euros) (Reporting by Pascale Denis; Writing by Dominique Vidalon; Editing by Sudip Kar-Gupta and Louise Heavens) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-smcp-results-idUSKBN1710EV'|'2017-03-30T13:00:00.000+03:00'
'7d36eacd6548efb3b0457f761e91cbc20dcef4ea'|'CORRECTED-BRIEF-Laureate Education board appoints Eilif Serck-Hanssen as chief administrative officer'|' 20pm EDT CORRECTED-BRIEF-Laureate Education board appoints Eilif Serck-Hanssen as chief administrative officer (Corrects headline and text to remove reference to Serck-Hanssen''s appointment as CFO. He has been the company''s CFO for nine years) March 28 Laureate Education Inc: * Laureate Education Inc says board appointed Eilif Serck-Hanssen as president, chief administrative officer - SEC filing Source text ( bit.ly/2ovNgly )  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1H50NR'|'2017-03-29T06:20:00.000+03:00'
'f47876b421443493f3e252af6906ec7d9c9983eb'|'METALS-London copper holds near 8-day top, demand hopes underpin'|'Company  08pm EDT METALS-London copper holds near 8-day top, demand hopes underpin (Adds comment, detail, updates prices) By Melanie Burton MELBOURNE, March 29 London copper held steady near its highest in more than a week on Wednesday, buoyed by brighter data from the United STates, and expectations of seasonally improving second-quarter demand. U.S. consumer confidence surged to a more than 16-year high in March amid growing labor market optimism while the goods trade deficit narrowed sharply in February, indicating the economy was regaining momentum after faltering at the start of the year. "Base metals rebounded strongly as investor sentiment picked up after the strong consumer confidence number in the U.S. saw Trump worries fade," said ANZ in a report. "Sentiment was also boosted by secondary economic data in China that showed March activity was strong. The China Satellite Manufacturing Index rose to 51.8, its strongest level in five years, while a measure of sales manager activity also rose strongly." * LME COPPER: Three-month copper on the London Metal Exchange edged down by 0.1 percent to $5,868 a tonne by 0157 GMT, after 2 percent gains in the previous session when prices struck the highest since March 20 at $5,903 a tonne. Prices have found a support at the 100-day moving average (DMA) around $5,767 and resistance around the 30 DMA at $5,881. * SHFE COPPER: Shanghai Futures Exchange copper was up 2.3 percent at 47,410 yuan ($6,879) a tonne. * CHINA SMELTERS: China''s top copper smelters have agreed to an 11 percent cut in second-quarter treatment and refining fees, after disruptions at the world''s two biggest copper mines curbed the global supply of raw material, three sources said on Tuesday. * CHINA MANUFACTURING: China said on Tuesday it would expand the scope for insurance companies to provide more low-cost and long-term funds for the manufacturing sector as part of a broader effort to ramp up financial support for struggling manufacturers to upgrade. * LME NEWS: Regulatory delays to a proposal to slash initial clearing margins by the London Metal Exchange have dealt another blow to the exchange''s ability to fend off competition from U.S. rival CME Group, whose margins are sharply lower. * NICKEL SPREADS: Cash LME nickel fell to a $67 discount against the three month nickel contract, the steepest discount since Jan 2015, reflecting a market in ample supply. CMNI0-3 * MARKETS: Asian stocks cut early gains as investor caution grew before a news conference by President-elect Donald Trump on Wednesday, where his views on global trade and China will be carefully scrutinised. COMING UP: U.S. Pending homes sales Feb at 1400 gmt BASE METALS PRICES Three month LME copper 5873 Most active ShFE copper 47460 Three month LME aluminium 1944.5 Most active ShFE aluminium 13820 Three month LME zinc 2818 Most active ShFE zinc 23120 Three month LME lead 2321.5 Most active ShFE lead 17510 Three month LME nickel 9965 Most active ShFE nickel 82350 Three month LME tin 20075 Most active ShFE tin 143940 LME/SHFE COPPER LMESHFCUc3 283.11 LME/SHFE ALUMINIUM LMESHFALc3 -1775.93 LME/SHFE ZINC LMESHFZNc3 132.47 LME/SHFE LEAD LMESHFPBc3 -1621.91 LME/SHFE NICKEL LMESHFNIc3 1895 ($1 = 6.8923 Chinese yuan renminbi) (Reporting by Melanie Burton; Editing by Amrutha Gayathri and Richard Pullin) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL3N1H61BO'|'2017-03-29T10:08:00.000+03:00'
'f559c481ba2efc3fbcdcf82b0e63080ce26dd100'|'Walmart invests billions to buy from women-owned businesses – but is it enough? - Guardian Sustainable Business - The Guardian'|'Walmart announced Wednesday it has achieved its goal to buy $20bn worth of goods and services from women-owned businesses in the US over five years. The company also conceded that it’s failed to reach another goal set around the same time: to double the amount of products and services sourced from women-owned companies outside of the country.Why employers'' efforts to support pregnant workers can backfire Read more The mixed success shows the challenges for big companies to narrow the gaping gender gap. While Walmart’s initiative has doubled the amount of money it spends with women-owned suppliers, it’s still only 2% of the retailer’s global purchases. Yet that’s twice the global average retailers spend with women-owned businesses.The retail giant launched the Global Women’s Economic Empowerment Initiative in 2011 to increase the number of its women-owned suppliers. The initiative also provided training and other services to female entrepreneurs.As the world’s largest retailer, Walmart’s decision to take on gender equality or other sustainability work carries a significant weight among its competitors and suppliers.Promoting women-owned business reflects not just the company’s values, its executives said. It’s also good for business, said Kathleen McLaughlin, chief sustainability officer for Walmart and president of the Walmart Foundation, which spearheaded the initiative.“We’ve found that products from women-led companies have better sell-through rates and better margins,” McLaughlin said. She believes women entrepreneurs do well because they tend to get involved in businesses – especially food, apparel and toys – that can make use of their personal experiences.Walmart’s finding corresponds with data compiled by American Express , which shows that the number of women-owned businesses in the US has grown 45% from 2007 to 2016, compared with a 9% increase in businesses owned by men. During that same time period, women-owned businesses saw 35% higher revenue increases than men-owned businesses.The retail giant now buys products and services such as accounting and consulting from more than 1500 women-owned businesses worldwide, McLaughlin said. The company also has given out $134m of grants for training to 1 million women in its global supply chain and outside of it.The initiative taught some good lessons for Walmart.For example, the company underestimated the breadth of the challenges women entrepreneurs face in certain countries, McLaughlin said. It has managed to double the amount of money it spends with women-owned businesses in Mexico, but has otherwise struggled to increase international purchases from women-led companies.“In China, for example, it’s taken us years just to identify the women-led businesses,” McLaughling said, because, she explained, there was no private or government data to help with the research. “In Japan, women haven’t traditionally been encouraged to start businesses, so we had to begin with pitch contests there to inspire women to participate.”The company also has learned that creating a successful work environment for women involves more than just training female executives.“About halfway through the factory program we realized we had to train men, too, to show them that they might need to change how they’re communicating with the women on their staffs,” McLaughlin said.The struggle by large companies to close the gender gap internally or among their partners isn’t surprising, said Barbara Annis, co-author of the forthcoming book, Results at the Top. Initiatives like Walmart’s, although well intended, usually don’t do enough to reduce gender disparity, she said.“Companies tend to say, ‘Let’s create programs for women or networks or training’, and all of that stuff does have an impact on engagement and feeling valued, so in that sense it’s great,” Annis said. “But it has zero correlation to advancement. And that’s where a lot of times these sorts of initiatives end up being window dressing that has very little lasting impact.”McLaughlin said Walmart understands the difficulties of creating a lasting change and seeks to intensify its effort to support women business leaders by asking its large, male-led suppliers to report on the gender makeup of employees on their key, internal teams.“We didn’t set any quotas or requirements, we just asked them to share the information, and just through that we saw the diversity of those teams increase,” she said.Risky business: do companies pay a price for expressing political views? Read more Walmart also announced Wednesday that it will join eight other multinational companies – Coca-Cola, Pepsi, Exxon-Mobil, General Mills, Campbell’s Soup, Procter & Gamble, Johnson & Johnson and Mondoleez – to commit to sourcing more from women-owned companies.These companies plan to report their progress each year to the Women’s Business Enterprise National Council, a nonprofit in Washington DC that validates companies that are owned or operated by women, given that government agencies and the private sector run programs to promote women-owned businesses. The council will use the data to produce an annual report. McLaughlin said she hopes other companies will join the initiative as well.Ariela Balk, founder and CEO of Smart & Sexy, a lingerie company in New York City, mentored women as part of Walmart’s initiative. She noted that the program opened the door, but it wasn’t meant to guarantee success.“No one is asking for any special privileges and advantages,” said Balk, who has been selling her products to Walmart for more than a decade. “Business is tough. The customer votes and the best product wins.”'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/sustainable-business/2017/mar/29/women-gender-gap-walmart-business'|'2017-03-29T03:00:00.000+03:00'
'cabcad0f2a6e1c7774eae44b8aeafa5f13308beb'|'Online competitors take on global banks in securities research shake-up'|'Business News - Tue Mar 28, 2017 - 2:33am EDT Online competitors take on global banks in securities research shake-up HONG KONG A period of severe turmoil is facing the securities research industry as a new regulatory overhaul threatens the way investment research is done. Online portals, in particular, are set to gain market share at the expense of major "bulge bracket" investment banks. "The global investment research market is on the cusp of major disruption," said Benjamin Quinlan, CEO of Quinlan and Associates and author of a report on the challenges facing the research sector. Forcing the change are new rules, known as Markets in Financial Instruments Directive, or MiFID II, due to take effect next January and aiming to make European securities markets more transparent. A key aspect of these rules is that investment banks must charge fund managers an explicit fee for research rather than bundling the cost into trading commissions charged to clients, as at present. Though banks have scrambled to reorganize their research functions by focusing on top-tier clients to minimize costs, rolling out proprietary portals, or adopting a model where clients pay for research depending on what they need, analysts say the sheer volume produced on a daily basis means the research effort has a long way to go before becoming efficient. For example, about 40,000 research reports are produced every week by the world’s top 15 global investment banks, of which less than 1 percent are actually read by investors, according to Quinlan. More than 30 analysts cover HSBC ( HSBA.L ) <0005.HK on a regular basis, though only 11 of them have a rating of three stars or above even though it is a key factor of consideration by many global fund managers. Though the immediate impact of the Mifid II rules will be in Europe, with a recent Greenwich Study predicting a cut of $100 million by European money managers in their research budgets annually. In recent months, global investment banks such as Standard Chartered ( STAN.L ), CLSA, Jefferies and Barclays ( BARC.L ) among others have retrenched staff or completely pulled back from their equity research and sales businesses in some markets. At Credit Suisse''s annual conference on Tuesday, Chief Executive Tidjane Thiam said the bank will continue with restructuring in the Asian equities business which will result in some more reduction in headcount. "The (equities) platform has to be of the size that''s commensurate with the demand today not with the demand in five years or 10 years," Thiam said. Some independent research platforms making their presence felt in Asia has been seen in recent months, such as Smartkarma’s tie up with Societe Generale ( SOGN.PA ) last year, but their business model is still aimed at filling existing gaps rather than snatching market share. "Both managers and brokers will need to think long and hard about how they engage with the new market place," Quinlan said. (Reporting by Saikat Chatterjee; Additional reporting by Sumeet Chatterjee; Editing by Eric Meijer) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-markets-research-idUSKBN16Z0L5'|'2017-03-28T14:19:00.000+03:00'
'82dff4c47201f4311a898cb54c3376f7a48a9c9f'|'Indian regulator says Agrium-Potash merger likely to hurt competition'|'Commodities   9:08am EDT Indian regulator says Agrium-Potash merger likely to hurt competition left right The Cory Potash Corp mine site west of Saskatoon is pictured on November 3, 1010. REUTERS/David Stobbe 1/2 left right President and CEO Chuck Magro of Agrium addresses shareholders during the company''s annual general meeting in Calgary, Alberta, May 6, 2015. REUTERS/Todd Korol 2/2 NEW DELHI India''s competition regulator said the proposed merger between Agrium Inc and Potash Corp of Saskatchewan Inc was likely to hurt competition, a government statement said on Wednesday. Canadian fertilizer producers Potash Corp and Agrium agreed to merge last September to navigate a severe industry slump by boosting efficiency and cutting costs. Neither Agrium nor Potash Corp have physical presence in India, but both of them supply potash to India through their joint venture company -Canpotex. "The commission is of the prima facie opinion that the proposed combination is likely to have an appreciable adverse effect on competition," the Competition Commission of India said. The regulator has sought public opinion on the deal and has directed the two firms to publish details of the proposed merger, the statement said. For more details on India''s statement: ( bit.ly/2oagn1A ) (Reporting by Sudarshan Varadhan; Editing by Malini Menon) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-agrium-m-a-potashcorp-idUSKBN1701R7'|'2017-03-29T21:01:00.000+03:00'
'2a63637baed0aa2b8bfd1b7fc0431ebdcc152386'|'Kotak Mahindra seeks major fundraising amid deal speculation'|'Money News - Thu Mar 30, 2017 - 2:12pm IST Kotak Mahindra seeks major fundraising amid deal speculation REPRESENTATIVE IMAGE: An employee counts rupee notes inside a private money exchange office in New Delhi July 5, 2013. REUTERS/Adnan Abidi/Files MUMBAI Kotak Mahindra Bank Ltd said on Thursday it planned to sell up to 62 million shares worth as much as 53.2 billion rupees ($819.4 million) at current market valuations, to fund potential acquisitions in the sector among other things. India''s fourth-biggest private sector lender by assets said its board had approved the sale through a rights issue, public issue or private placement, including a so-called qualified institutions placement. The sale is subject to shareholders'' approval. The fundraising proposal comes amid strong market speculation that Kotak Mahindra is eyeing a takeover of bigger rival Axis Bank. Axis Bank has called the reports "baseless speculation". Kotak Mahindra said it was seeking to raise the funds to "pursue consolidation opportunities in the Indian banking and financial services space." It also cited other reasons including investment in distressed assets. At an unrelated news briefing on Wednesday, Kotak Mahindra Chief Executive Uday Kotak said the lender had nothing specific to announce regarding acquisitions but the lender was looking "at all options". India''s regulators have long sought more consolidation in the country''s crowded banking sector, especially among unprofitable state-run lenders that are saddled with a large number of stressed assets. Kotak would need the backing of the Indian government to seal any takeover of Axis, which is about 30 percent owned by state-owned insurance companies and a government agency. Kotak Mahindra bought ING Vysya Bank in 2015 in a $2.4 billion stock-swap deal, the biggest ever in India''s banking sector ($1 = 64.9275 rupees) (Reporting by Devidutta Tripathy; Editing by Rafael Nam and Subhranshu Sahu) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/kotak-mah-bk-capital-idINKBN1710WB'|'2017-03-30T16:42:00.000+03:00'
'272da9cae5a7934bf2fe3cdfdd5960058910a20b'|'Exclusive - Shell and Anadarko mull clean break from Permian venture: executive'|'Deals - Mon Mar 27, 2017 - 6:14am BST Exclusive: Shell and Anadarko mull clean break from Permian venture - executive By Ron Bousso and Ernest Scheyder - LONDON/HOUSTON LONDON/HOUSTON Royal Dutch Shell Plc ( RDSa.L ) and Anadarko Petroleum Corp ( APC.N ) may let a 10-year joint venture in the oil-rich Permian Basin of Texas expire and split their properties, hoping to speed up development, according to a senior Shell executive. The divorce and re-parceling of acreage would let each company drill and develop new wells at its own pace in the Permian, which has become the U.S. oil industry''s hottest development area for its low operating costs as crude prices CLc1 hover under $50 per barrel. Shell and Anadarko have been discussing how to proceed after the partnership agreement expires this summer and are not likely to renew it, Greg Guidry, who oversees the Anglo-Dutch group''s shale business, told Reuters. The talks come as Shell hopes to boost its North American shale output by 140,000 barrels of oil equivalent per day in the next three years, a goal that relies largely on the Permian, the largest oilfield in the United States. Talks have involved scenarios where acreage would be divvied up, allowing each company to individually develop the fields, he said. Under one proposal, "we could have ideally two 100 percent owned and operated parcels," Guidry said. "That would be a split that will allow us to manage the flexibilities in terms of capital pace, separate of Anadarko," he said in an interview this month. A Shell spokesman said late last week that negotiations continue between both sides. The agreement was first signed in 2007 between Anadarko and Chesapeake Energy Corp ( CHK.N ). Shell bought Chesapeake''s Permian holdings in 2012 and inherited the joint venture. If the two sides were to do nothing, Anadarko would become the operator of the more than 350,000 acres (142,000 hectares) in the Delaware portion of the Permian, with a roughly 60 percent interest. A breakup would give Shell an opportunity to prove it can grow on its own in the largest American shale oil field. Terms of the joint venture are not outlined in regulatory filings for either company, fuelling confusion among investors about what could come after the deal expires. Anadarko Chief Executive Al Walker said earlier this month that he preferred an arrangement that would give his company majority control over the land once the joint venture expires. "We and Shell, I think, have an extremely attractive position in the (Permian)," he told investors on a conference call. "We think the economics are certainly compelling for us to be operator going forward." An Anadarko spokesman declined to comment beyond Walker''s remarks. The joint venture, where costs and profits are split equally, has benefited Shell more than Anadarko given that the latter has far more experience in horizontal well development so crucial to Permian operations, analysts at Bernstein said last month. A clean split could be logistically challenging with acreage arrayed in a checkerboard pattern, the way drilling properties are organized in West Texas. Moving a rig or other equipment between such parcels would become more laborious in such a scenario. "It would be unusual if either party would view that as an optimal solution because that''s an inefficient way to develop those assets," said Ben Shattuck, an oil industry analyst with consultancy Wood Mackenzie. PERMIAN RED-HOT The Permian has seen a flurry of deals in recent months despite a wobbly recovery in global oil prices as shale producers in the region have been able to increase output and slash production costs, outpacing any other onshore U.S. basin and many deepwater oil fields around the world. The Anglo-Dutch company is accelerating its North American shale output faster than planned to lock in quick returns from what has become one of its most profitable businesses, Guidry said in an interview earlier this month. "The strategic fit of the Permian in the Shell portfolio will be different from a the strategic fit of the Permian in a pure upstream player." Anadarko also has been moving staff to West Texas to develop its holdings. The company sold assets elsewhere in its portfolio and, after deals close, is expected to have more than $6 billion in cash that analysts expect it to primarily use on Permian expansion projects. (Reporting by Ron Bousso and Ernest Scheyder; Editing by Marguerita Choy) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-anadarko-petrol-shell-permian-exclusi-idUKKBN16Y0ED'|'2017-03-27T13:11:00.000+03:00'
'f57de1663dab3e9c3af5eff2ef26eecbad5e9325'|'Nikkei tumbles as safe-haven yen surges on Trump healthcare defeat'|' 17am EDT Nikkei tumbles as safe-haven yen surges on Trump healthcare defeat TOKYO, March 27 Japan''s Nikkei share average skidded 1.4 percent on Monday, wallowing at a six-week low and deepening last week''s 1.3 percent loss, on pressure from a resurgent yen. The dollar fell to its weakest level since November against the safe-haven yen after the defeat of U.S. President Donald Trump''s healthcare package on Friday, which raised concerns that his promised stimulus could face similar political roadblocks. The Nikkei ended at 18,985.59 points, plumbing to its lowest level since Feb. 9 and losing 0.7 percent for the month so far. Shares in brokerage firms dropped in line with the broader market downturn, with the Tokyo Stock Exchange''s securities subindex down 3.2 percent. The broader Topix was down 1.3 percent at 1,524.39 points, while the JPX-Nikkei Index 400 also shed 1.3 percent to 13,628.67 points. (Reporting by Tokyo markets team; Editing by Eric Meijer and Randy Fabi)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-close-idUSL3N1H42EB'|'2017-03-27T14:17:00.000+03:00'
'8487056201f4e93df2681bf318eb6bc2599eaec7'|'US STOCKS-Wall St gains, backed by stronger U.S. economy'|'Company   2:58pm EDT US STOCKS-Wall St gains, backed by stronger U.S. economy * U.S. GDP revised higher, boosted by consumer spending * Financials lead market higher, defensive utilities drop * Lululemon slumps after weak first-quarter outlook * Indexes up: Dow 0.36 pct, S&P 0.34 pct, Nasdaq 0.3 pct (Updates to late afternoon) By Lewis Krauskopf March 30 U.S. stocks gained on Thursday, led by financial shares, after data showed U.S. economic growth was stronger than previously reported last quarter, helped by robust consumer spending. The energy sector rose for a third straight day, supported by stronger oil prices and an 7.6-percent gain for ConocoPhillips, the biggest percentage riser on the S&P 500 after its agreement to sell oil and gas assets. The tech-heavy Nasdaq was set to rise for a fifth session in a row. U.S. economic growth slowed less than previously reported in the fourth quarter as robust consumer spending provided a boost, the Commerce Department said. Gross domestic product increased at a 2.1 percent annualized rate instead of the previously-reported 1.9 percent pace. A record-setting rally for stocks in the wake of President Donald Trump''s November election stalled this month, with some investors pointing to risks to Trump''s agenda, including tax reform, after his fellow Republicans failed to pass a healthcare bill. The GDP report is "basically an affirmation that, hey, at the end of the day, Washington will do and say whatever they are going to do, but the economy is marching forward," said Karyn Cavanaugh, senior market strategist at Voya Investment Management in New York. "It’s not just the U.S. economy, but we do see definitely improvement throughout the world," Cavanaugh said. The Dow Jones Industrial Average rose 73.79 points, or 0.36 percent, to 20,733.11, the S&P 500 gained 8.05 points, or 0.34 percent, to 2,369.18 and the Nasdaq Composite added 17.43 points, or 0.3 percent, to 5,914.98. Financial shares surged 1.5 percent, with Bank of America and JPMorgan propping up the S&P 500. The defensive utilities sector was the worst-performing group, falling 0.8 percent. Investors are also turning their attention to the impending first-quarter earnings season to support lofty valuations for stocks. The S&P 500 is trading at about 18 times earnings estimates for the next 12 months against its long-term average of 15 times. First-quarter earnings for S&P 500 companies are expected to rise 10.1 percent, according to Thomson Reuters I/B/E/S. In corporate news, Lululemon Athletica shares plunged 23 percent after the Canadian yoga and leisure apparel retailer said first-quarter comparable sales were expected to fall. Advancing issues outnumbered declining ones on the NYSE by a 1.55-to-1 ratio; on Nasdaq, a 1.41-to-1 ratio favored advancers. The S&P 500 posted 20 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 87 new highs and 17 new lows. (Additional reporting by Tanya Agrawal in Bengaluru; Editing by Sriraj Kalluvila and Nick Zieminski) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL2N1H71DW'|'2017-03-31T02:58:00.000+03:00'
'7de4cd99404213e5c4fb1d395576be7f3208a311'|'UPDATE 1-U.S. Air Force secretary nominee backs stealth aspect of F-35s'|'(Adds details of F-35 program, Pentagon cost-cutting, other background)By Mike StoneMarch 30 President Donald Trump''s Air Force secretary nominee, Heather Wilson, told U.S. senators on Thursday that other jets lacked the stealth capability of Lockheed Martin Corp''s F-35 fighter jet, in remarks suggesting the Pentagon''s most expensive weapons system would have an important advocate.Wilson, a former U.S. representative from New Mexico, would become the top civilian overseeing the Air Force if confirmed by the Senate. Her purview would include weapons acquisitions like the stealthy F-35 jet.Asked if she felt it would make sense to rely on a spruced-up version of the F-18, she said: "As a general matter, the real thing I don''t think you can do with an F-18 or an F-15 or an F-16 is give it stealth capability retroactively."Her comments are significant because Trump has suggested buying more Boeing Co F/A-18s, which he called "comparable" to the F-35. This is despite the F-35''s status as a stealth aircraft, meaning it is difficult for enemy radar to detect. The 1990s-vintage F/A-18 does not use stealth technology.The U.S. Senate Armed Services Committee hearing on Wilson''s nomination touched on expanding the size of the Air Force, acquisitions of new space and cyber warfare capabilities as well as aircraft like the F-35.In January, U.S. Defense Secretary James Mattis ordered cost-cutting reviews of two major aircraft acquisition programs including the F-35. The ongoing review is examining how to cut costs and also determine whether Boeing''s F/A-18E/F Super Hornet, with improvements, could be an effective, less expensive alternative to the F-35C variant.Wilson did not delve into new acquisition program specifics during the hearing but said "the Air Force is too small for what the nation expects of it."She is the first civilian head of a military branch to testify before the Senate this year. Nominees for the Army and Navy have removed their names from consideration.A graduate of the U.S. Air Force Academy, Wilson has been president of the South Dakota School of Mines & Technology since 2013 and said during her testimony that her nomination was "unexpected."The Senate must hold a vote to confirm Wilson as the secretary of the Air Force. (Reporting by Mike Stone in Arlington, Va.; Editing by Matthew Lewis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-defense-airforce-idINL2N1H715F'|'2017-03-30T16:59:00.000+03:00'
'456ed4e9e143c980e5167c03ef4f0f9824d648e8'|'UK inflation expectations dip in March despite CPI jump - Citi/YouGov'|' 06pm BST UK inflation expectations dip in March despite CPI jump - Citi/YouGov FILE PHOTO - A woman shops at a Sainsbury''s store in London, Britain October 11, 2016. REUTERS/Neil Hall/File Photo GLOBAL BUSINESS WEEK AHEAD PACKAGE - SEARCH BUSINESS WEEK AHEAD 16 JANUARY FOR ALL IMAGES - RTSVNWH LONDON The British public''s expectations for inflation over the coming year fell in March, despite a sharp pick up in the country''s most closely watched measure of price growth, a monthly survey by bank Citi and polling firm YouGov showed. Expectations for inflation in a year''s time eased back to 2.5 percent from 2.6 percent in February. Britain''s consumer price index hit 2.3 percent in the year to February, but Citi said some of the respondents in its poll might not have been aware of the figures which were released while the survey was being conducted. Inflation expectations for five years'' time fell back to 3.0 percent from 3.2 percent in February, which Citi said was the first drop in this measure since July, just after Britain voted to leave the European Union. The survey was based on a sample of 2,034 adults polled between March 20 and 21. (Reporting by William Schomberg, editing by David Milliken)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-inflation-citi-idUKKBN16Z2FZ'|'2017-03-29T01:06:00.000+03:00'
'd6654d3d36682dc65fcfc33c4c758cfdd8a79207'|'Toshiba''s Westinghouse to file for U.S. bankruptcy Tuesday: sources'|'Deals - Tue Mar 28, 2017 - 11:30am EDT Toshiba''s Westinghouse to file for U.S. bankruptcy Tuesday: sources The logo of Toshiba Corp is seen at its headquarters in Tokyo, Japan January 23, 2017. REUTERS/Toru Hanai TOKYO U.S. nuclear developer Westinghouse Electric Co plans to seek bankruptcy protection from creditors on Tuesday as it struggles with losses that have thrown its Japanese parent Toshiba Corp ( 6502.T ) into crisis, people familiar with Toshiba''s thinking said. Pittsburgh-based Westinghouse, crippled by cost overruns at two U.S. projects in Georgia and South Carolina, will file for protection under Chapter 11 of the U.S. Bankruptcy Code, the people told Reuters on Tuesday. One of the sources has direct knowledge of the decision and one has been briefed on the matter. Toshiba media representatives could not immediately be reached for comment outside office hours. (Reporting by Kentaro Hamada and Taro Fuse; Editing by William Mallard) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-toshiba-accounting-westinghouse-idUSKBN16Z258'|'2017-03-28T23:39:00.000+03:00'
'40c7fc77a531d38d9d5a3930c280668b95f59029'|'Inflation, crown and ECB weigh on Sweden''s Riksbank'|' 27pm BST Inflation, crown and ECB weigh on Sweden''s Riksbank FILE PHOTO:Sweden''s Riksbank building is seen in downtown Stockholm December 4, 2008. REUTERS/Bob Strong/File Photo LONDON Sweden''s Riksbank has a problem: rising inflation, a strengthening crown but interest rates pretty much stuck at just below zero. As the following graphic - bit.ly/2nqGZba -shows, the spread between the repo rate and inflation has blown out over the past two years, even if the latter is still below a comfortable 2 percent. The European Central Bank is pretty much to blame. The Riksbank cannot afford to raise rates until the ECB does because the crown would likely become stronger than it is now. The Swedish currency has been much stronger against the euro in the past, but a jump would risk a slide back towards deflation seen two years ago. The central bank is already worried that recent price rises have been driven by temporary factors and wants to see inflation on firmer ground before it acts. Until then it is likely to ignore surging GDP, falling unemployment and an ever hotter housing market, signals that in more normal times would have already triggered tighter policy. (Reporting by Jeremy Gaunt and Simon Johnson; Editing by Susan Fenton)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-sweden-economy-dilemma-idUKKBN16Z24U'|'2017-03-28T23:27:00.000+03:00'
'84e3e7cbcb25e73dc85484fca2215a616d749f43'|'Grupo Mexico to buy Florida East Coast Railway $2.1 billion'|'Deals   12:17pm EDT Grupo Mexico to buy Florida East Coast Railway for $2.1 billion MEXICO CITY Mexican miner Grupo Mexico ( GMEXICOB.MX ) said on Tuesday it had acquired Florida East Coast Railway for $2.1 billion, a rare acquisition that comes as U.S. President Donald Trump has been trying to renegotiate trade ties between the two countries. Trump has threatened to renegotiate the North American Free Trade Agreement, a treaty that has been a boon to the region''s rail freight operators, which seamlessly shuttle car parts, grains and beer back and forth across the region''s borders. Grupo Mexico''s transport unit financed the purchase from Fortress Investment Group with $1.75 billion in debt and $350 million in capital, the company said in a statement to the Mexican stock exchange. The announcement confirmed a Reuters report on Tuesday about the pending acquisition and the company''s ambition to manage foreign assets after dominating the railway freight sector in Mexico for years. Florida East Coast Railway "is a unique and irreplaceable asset with 565 miles of track that offers rail services along Florida''s east coast," the statement said. The purchase is subject to government approval. Grupo Mexico, one of the world''s largest copper producers, together with Kansas City Southern de Mexico and Ferrovalle, control more than 72 percent of the Mexican rail freight market. Grupo Mexico and Kansas City Southern de Mexico together have a 75 percent stake in Ferrovalle. (Reporting by David Alire Garcia; Editing by David Gregorio and Lisa Von Ahn) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-floridaeastcoastrailway-m-a-grupo-mex-idUSKBN16Z2AB'|'2017-03-29T00:13:00.000+03:00'
'935a04add34649e2a963a14b605e9a1fc1b2433d'|'EU top court upholds sanctions against Russia''s Rosneft'|'By Julia Fioretti - LUXEMBOURG LUXEMBOURG Europe''s top court on Tuesday upheld European Union sanctions on Russia over the Ukraine conflict, including on its largest oil group Rosneft, in a ruling that asserts the court''s jurisdiction over the bloc''s foreign policy.The EU slapped sanctions on Russia after it annexed Crimea from Ukraine in 2014 and stepped them up as Moscow went on to support a separatist rebellion in Ukraine''s industrial east.Rosneft''s head, Igor Sechin, is a close ally of Russian President Vladimir Putin.The European Court of Justice (ECJ) said "restrictive measures ... in response to the crisis in Ukraine against certain Russian undertakings, including Rosneft, are valid."With the ruling, the ECJ established its jurisdiction to rule on matters of the EU''s common foreign and security policy, an area of fierce contention between Brussels and national governments seeking to maintain sovereignty.A lawyer for Rosneft told reporters he was disappointed with the outcome."I would also say it is a setback for judicial protection in the EU in the area of sanctions because the court accepts (...) the fact that a company is partially state-owned is sufficient for it to be a target of sanctions," Lode van den Hende said.The court said it believed encroaching on Rosneft''s right to do business was in proportion with the severity of sanctions imposed on Russia over the Ukraine crisis."The Court holds that the importance of the objectives pursued by the contested acts is such as to justify certain operators being adversely affected," it said in its judgment.Rosneft called the decision "illegal, baseless and politicised." "The ruling shows that the rule of law in Europe is being replaced by the rule of political situation," it said in a statement."Rosneft continues to insist that it has not committed any illegal actions in any jurisdictions where it conducts its business, including Ukraine, and has nothing to do with the Ukrainian crisis." Vladimir Soldatkin in Moscow; Writing by Robert-Jan Bartunek; Editing by Alissa de Carbonnel and Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/eu-russia-rosneft-court-idINKBN16Z16V'|'2017-03-28T08:30:00.000+03:00'
'b17ea6aa716a7fdacd2264c02ce9930ee2de101f'|'German government worried a ''hard Brexit'' would cause market turbulence - report'|'  1:59am BST German government worried a ''hard Brexit'' would cause market turbulence - report German, British and European Union flags fly in front of the Reichstag building in Berlin, Germany July 20, 2016. REUTERS/Hannibal Hanschke/File Photo BERLIN The German Finance Ministry is worried there will be turbulence on the financial markets if there is a ''hard Brexit'', a German newspaper reported on Monday - two days before Britain triggers divorce proceedings with the European Union. Handelsblatt daily cited a risk analysis from the Finance Ministry as saying that if Britain and the EU do not strike a deal about Britain''s exit in time, it could threaten the stability of financial markets. The ministry is also worried that the two-year negotiation period between Britain and the EU will not suffice to conclude a free trade deal with Britain and that would mean there are "significant" risks for the financial markets, it said. For that reason, there should be interim solutions, said the analysis, which talked about "phasing out". An abrupt exit could "trigger dislocations", with British banks no longer able to offer their services in the EU and banks in the EU finding they no longer have access to the financial centre in London, the report said. That would result in "grave economic and systemic consequences" for Europe, the newspaper added. It said that Germany had a strong interest in having an "integrated financial market" with Britain but for that London would need to fulfil conditions such as accepting the EU''s basic freedoms as well as strict regulatory standards. The German government is taking a tough line on the EU budget and wants Britain to promise, at the start of negotiations, that it will meet all of its obligations, including after quitting the EU, and Britain should pay to have access to the European Single Market, the newspaper said. (Reporting by Michelle Martin; Editing by Ken Ferris)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-germany-idUKKBN16Y26U'|'2017-03-28T08:59:00.000+03:00'
'aa238cf6fe61ed334cc9ebebcc45777d8d0e019a'|'UPDATE 1-Eni launches French power retail sales, targets 1 mln clients by year-end'|'Company   11:15am EDT UPDATE 1-Eni launches French power retail sales, targets 1 mln clients by year-end * Italy''s Eni targets 2 mln customers by end 2020 * Eni bets that state will allow more competition * EDF still has 86 pct electricity market share (Adds Eni comment on competition, detail on other players) By Benjamin Mallet PARIS, March 28 Italy''s Eni, already France''s second-biggest gas retailer, said on Tuesday it will launch an electricity retail offer and is targeting 1 million French gas and power customers by year-end. The entrance of a major new competitor on the French residential power market will be another blow to former monopoly power vendor EDF, which is seeing its margins slide as new players win customers with sharply priced offers. Eni said in a statement that the French retail power market "offers incredible growth potential" as energy bills are a heavy burden for consumers. Eni in 2012 entered the French gas market - dominated by former monopoly player Engie - with its own brand and by the end of February had won 700,000 customers. It had 2016 sales of 1.2 billion euros ($1.30 billion) in France. In November 2016, Eni also started selling power to companies and now has some 1,500 client sites. By end 2017, it wants to add about 300,000 more customers and by 2020 Eni aims for 2 million clients, half in power, half in gas. Four years ago, as its gas sales in France started taking off, Eni said it had no plans to enter the French electricity market because it was too tightly controlled by EDF. Eni France Gas & Power head Daniel Fava said the power market in France, unlike most other big European countries, was highly political and that the state was putting a brake on free competition. "We are betting that the market will become less politicised," he said. Eni expects that the scrapping of regulated tariffs for residential gas and power customers in France - on which the State Council must rule in the coming months - will facilitate the appearance of new power vendors. Regulated tariffs for business customers were scrapped at the start of 2016. EDF''s competitors say the government is artificially keeping regulated tariffs low, making it hard for them to compete with EDF. Eni will offer several formulas to its customers, competing on price with EDF, which at the end of 2016 had a market share of 85.8 percent of all client sites. Gas utility Engie has an 8 percent market share, followed by independent retailer Direct Energie, which has a 5 percent share. Direct Energie told Reuters in January that by 2020 it aims to nearly double its client base to 4 million and targets a market share of 10 percent. Last year, oil major Total bought Belgian power retailer Lampiris, which is also building up a retail client base in France. ($1 = 0.9206 euros) (Writing by Geert De Clercq; Editing by Sudip Kar-Gupta and Ed Osmond) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/eni-france-power-idUSL5N1H51M7'|'2017-03-28T23:15:00.000+03:00'
'2cbb7f5a2f4cda2920cdd88a457318dfb1eda480'|'Chaebol reform at forefront of South Korea presidential campaign - again'|'Business News - Tue Mar 28, 2017 - 4:40am BST Chaebol reform at forefront of South Korea presidential campaign - again left right The Democratic Party''s candidates for the presidential primary Moon Jae-in (L) and Ahn Hee-jung pose with their elective symbol numbers at an event to declare their fair contest in the party''s presidential primary in Seoul, South Korea, March 14, 2017. REUTERS/Kim Kyung-Hoon 1/6 left right FILE PHOTO: Signage is seen at the Samsung 837 store in the Meatpacking District of Manhattan, New York, U.S., October 10, 2016. REUTERS/Andrew Kelly/File Photo 2/6 left right FILE PHOTO: A worker fixes the Hyundai logo on a vehicle at a plant of Hyundai Motor in Asan, south of Seoul, February 9, 2012. REUTERS/Lee Jae-Won/File Photo 3/6 left right FILE PHOTO: The headquarters of Hyundai Motor and Kia Motors are seen in Seoul, November 16, 2011. REUTERS/Jo Yong-Hak/File Photo 4/6 left right South Korea''s ousted leader Park Geun-hye arrives at a prosecutor''s office in Seoul, South Korea, March 21, 2017. REUTERS/Kim Hong-Ji 5/6 left right Samsung Electronics chairman Lee Kun-Hee''s daughters, president and chief executive of Hotel Shilla Lee Boo-jin (C), vice president at Cheil Industries and Cheil Worldwide Lee Seo-Hyun (L) and his only son Samsung Electronics'' chief operating officer Jay Lee are seen after the Ho-am prize award ceremony in Seoul June 1, 2012. REUTERS/Seo Jae-hoon/Pool 6/6 By Hyunjoo Jin , Se Young Lee and Nichola Saminather - SEOUL SEOUL South Korea’s family-run conglomerates are facing calls for a shakeup in their governance from a leading candidate in May''s presidential election, following the ouster of former President Park Geun-hye in a burgeoning influence-peddling scandal. The conglomerates known as chaebol have come under the reform buzz saw before, only to emerge bigger and stronger than ever. The country’s four biggest chaebol groups account for around half the stock market''s value, according to the Korea Stock Exchange. The question after the May 9 election is how deep will the reform drive go this time? And would a new president tackle what critics say is at the heart of chaebol corporate governance conundrum - the spiderweb of cross-shareholdings among group companies held by their founding families? "...I do think there has been a sea change in attitudes among the Korean population at large so there is an increased chance of chaebol reform succeeding," said Mark Mobius, the executive chairman of Templeton Emerging Markets Group. "But we can’t expect fast results simply because the importance of the chaebols in the economy is still so great," he added in an email interview. PARDONING CORPORATE CHIEFS The ouster of Park Geun-hye as president on March 10, following months of mass demonstrations, once again exposed the cosy ties between politicians and big business. Park herself had come into office promising to reform the conglomerates. Prosecutors said on Monday they are seeking an arrest warrant for Park, who faces charges of taking bribes from chaebol bosses, including Samsung''s Jay Y. Lee, in detention himself while on trial. The front-runner for the May 9 presidential election, Moon Jae-in has promised to end the practise of pardoning convicted corporate criminals, and to break up the nexus between big business and the government in the world''s 11th-largest economy. Moon is targeting the top four groups -- Samsung, Hyundai Motor, SK and LG -- according to his economic advisor, Kim Sang-jo, nicknamed "chaebol sniper" for his shareholder activist campaign in the past two decades. "It will be difficult or almost impossible for chaebol to do things in the ways they used to do," Kim told Reuters. The key to Moon''s chaebol reform policy is to get minority shareholders and board members to drive the pressure for better corporate governance in the family conglomerates, Kim said. FAMILIAR REFRAIN The scandals and calls for reform have a familiar refrain. Twenty years ago, South Korea began sliding into its rendition of the Asian financial crisis, starkly illustrating the pitfalls in the government-business symbiosis that was the basis of South Korea''s remarkable economic takeoff. The government was forced to take a nearly $60 billion bailout from the International Monetary Fund to stave off national bankruptcy. The terms of the bailout required the chaebol to adopt international standards of accounting and corporate governance and to restructure by shedding non-core units. They could no longer go to extreme levels of leverage for loans, the problem that precipitated the crisis. In the ensuing years, chaebol chiefs in prison garb were paraded before TV cameras and presidents left office in disgrace over corruption scandals. Yet the family conglomerates thrived with their pardoned leaders back at the helm. Prosecutors routinely say they have to weigh the economic consequences of indicting chaebol chieftains - they thought about charging the top echelon of Samsung Group''s leaders in the latest scandal, before deciding just to arrest Lee. While the series of reforms following the 1997-98 financial crisis wrought major change to the chaebol''s accounting and corporate governance, it did little to sever the nexus with government, critics say. Nor did it do anything to disentangle the interlocking shares that define a structure of top chaebols like Samsung and Hyundai Motor Group. The Samsung family, for instance, runs the giant conglomerate with just over 1 percent of its total shares while Hyundai Motor Group family owns 3.35 percent of its total stocks, according to data from the Fair Trade Commission. “It’s impossible to break up the chaebol like what MarArthur did in Japan,” said Chang Sea-jin, business professor at Korea Advanced Institute of Science & Technology, referring to Gen. Douglas Macarthur''s dismantling of Japan''s zaibatsu conglomerates following World War Two. “What the next president will do is strengthen the role of the board of directors and the shareholders’ ability to exercise their rights…" MODEST REFORM? One potential model for restructuring would be to create a vertical ownership structure with a holding company at the top, replacing the current spiderweb of interlocking shareholdings. Four out of the top 10 conglomerates including LG and SK have streamlined their corporate structures using holding companies, according to the FTC. Samsung Electronics said on Friday, however, it would be difficult to adopt a holding company structure for now. Moon is proposing a more modest goal: legislation that would give minority shareholders more power to nominate board members. Chaebol leaders are girding for the coming battle. "We are deeply concerned about politicians riding on populism to push for changes without having a close look at the consequences, which would be unbearable," a source at one of the top conglomerates told Reuters. "They are denying the basic principle of a market economy." An official at South Korea''s business lobby group, Korea Chamber of Commerce and Industry, said the move "infringes on the rights of large shareholders for the sake of other shareholders." CHAEBOL''S SELF-REFORMS Samsung Electronics ( 005930.KS ) and Hyundai Motor say they are trying to enhance shareholder value, through dividend payments, share buybacks and governance committees under their boards. Investors say the moves both by the chaebol themselves and from the government could reduce the "Korea discounts" stemming from an opaque governance structure and underwhelming shareholder returns. Last week, shares of Samsung Electronics hit record highs and Hyundai Motor ( 005380.KS ) also gained the most in over five years on expectations for restructuring. "If Korea can get the same kind of political support behind these initiatives, we could see a wave of corporate activity that can unlock tremendous amounts of value buried in inefficient structures or lazy balance sheets...," said Steve Deitch, a portfolio manager at the Duet Group, which has $5 billion assets under management. Knut-Harald Nilsson, portfolio manager at SKAGEN Funds, which hold $1.16 billion worth of Korean stocks, said the changes under way show the chaebols will remain strong "but will to a much larger degree work for the benefit of all shareholders, not just themselves." (Reporting by Hyunjoo Jin, Se Young Lee and Nichola Saminather; Additional reporting by Simon Jessop and Maiya Keidan in LONDON; Editing by Bill Tarrant) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-southkorea-politics-business-idUKKBN16Z0AS'|'2017-03-28T11:40:00.000+03:00'
'ab372a19d08b4048da50c901ed734b3182b0e9ed'|'UPDATE 1-EU top court upholds sanctions against Russia''s Rosneft'|'Company  12am EDT UPDATE 1-EU top court upholds sanctions against Russia''s Rosneft (Adds details from judgment) LUXEMBOURG, March 28 Europe''s top court on Tuesday upheld European Union sanctions on Russia over the Ukraine conflict, including on its largest oil group Rosneft , in a ruling that asserts the court''s jurisdiction over the bloc''s foreign policy. The EU slapped sanctions on Russia after it annexed Crimea from Ukraine in 2014 and stepped them up as Moscow went on to support a separatist rebellion in Ukraine''s industrial east. The European Court of Justice (ECJ) said "restrictive measures ... in response to the crisis in Ukraine against certain Russian undertakings, including Rosneft, are valid." With the ruling, the ECJ established its jurisdiction to rule on matters of the EU''s common foreign and security policy, an area of fierce contention between Brussels and national governments seeking to maintain sovereignty. The court said it believed encroaching on Rosneft''s right to do business was in proportion with the severity of sanctions imposed on Russia over the Ukraine crisis. "The Court holds that the importance of the objectives pursued by the contested acts is such as to justify certain operators being adversely affected," it said in its judgment. (Reporting by Julia Fioretti; Writing by Robert-Jan Bartunek; Editing by Alissa de Carbonnel and Mark Potter) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/eu-russia-rosneft-court-idUSL5N1H51L0'|'2017-03-28T16:12:00.000+03:00'
'1dd5d6841c640b00da1213fc5b6a0263243ab0b6'|'Initial public offerings in Britain hit five-year low ahead of Brexit'|'Deals - Tue Mar 28, 2017 - 11:11am BST Initial public offerings in Britain hit five-year low ahead of Brexit Rain clouds pass over Canary Wharf financial financial district in London, Britain July 1, 2016. REUTERS/Reinhard Krause By Anjuli Davies - LONDON LONDON Initial public offerings (IPOs) by companies based in Britain have raised $1.53 billion so far in 2017, a 28 percent decline on last year and the lowest year-to-date total since 2012 as Britain prepares to leave the EU, Thomson Reuters data shows. With London set to begin the process of leaving the European Union on Wednesday, and elections in France and Germany later this year, the number of suitable windows to launch IPOs in Britain and Europe is expected to be limited. South Africa''s Brait SE ( BATJ.J ) suspended plans to list on the London Stock Exchange on March 24, citing uncertainty over Brexit. The caution in Britain contrasts sharply with the rest of the world where proceeds from IPOs have more than doubled, year-to-date, compared with 2016, to total $29.4 billion, including the floatation of messaging app Snap Inc ( SNAP.N ), which raised $3.4 billion in March. In 2016, equity raising globally fell by more than a quarter, Thomson Reuters data showed, hit by geopolitical shocks and a string of failed IPOs, and bankers said the outlook for 2017 looked shaky. But there have been more fresh stock market listings so far this year globally than any other year-to-date period since 2000, with 302 offerings priced. However, so far this year only eight British companies have gone public, the slowest start since 2013, the data showed. Since Britain voted to leave the European Union in June 2016, the value of IPOs has declined 54 percent and the number of deals has fallen by 30 percent, the data showed. (Editing by Robin Pomeroy) Aviva eyes sale of Friends Provident unit for $500-$700 million: source HONG KONG Aviva Plc is exploring a sale of its Friends Provident International unit, which offers life assurance and investment products, in a deal that could raise between $500 million and $700 million, a source with direct knowledge of the matter said. HONG KONG Acquisitive Chinese conglomerate HNA Group is in talks to buy a controlling stake in the owner of the publisher of Forbes magazine, two sources with knowledge of the matter told Reuters. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-companies-ipo-idUKKBN16Z14S'|'2017-03-28T18:11:00.000+03:00'
'94af872e5709f51b9386bbbc65d66a16b17ce624'|'Weaker dollar lifts oil futures, but soaring US output weighs'|'Business News - Tue Mar 28, 2017 - 2:52am BST Weaker dollar lifts oil futures, but soaring U.S. output weighs A pump jack is seen at sunrise near Bakersfield, California October 14, 2014. REUTERS/Lucy Nicholson/File Photo By Henning Gloystein - SINGAPORE SINGAPORE Oil prices edged up on Tuesday on a weaker dollar, but crude continued to be weighed down by surging U.S. production and uncertainty over whether an OPEC-led supply cut is big enough to rebalance the market. Prices for front-month Brent crude futures LCOc1, the international benchmark for oil, had risen 15 cents from their last close to $50.90 per barrel by 0120 GMT. In the United States, West Texas Intermediate (WTI) crude futures CLc1 were up 19 cents at $47.92 a barrel. Traders said that crude futures were receiving some support from a weak dollar. The greenback has lost 2.9 percent in value against a basket of other leading currencies .DXY since its March peak on doubts over U.S. President Donald Trump''s policy making abilities. When the dollar weakens, many futures traders pull out money from foreign exchange markets and put it into commodities futures like gold or crude futures instead. A weaker dollar also makes oil imports cheaper for countries using other currencies, potentially spurring demand. While there was some support for crude from financial markets, physical fundamentals remained weak, especially due to soaring U.S. output that is undermining efforts lead by Organization of the Petroleum Exporting Countries (OPEC) to cut production in order to rein in a global fuel supply overhang and prop up prices. "We now forecast U.S. crude oil production to reach a multi-decade high by December, within sights of the all-time high reached in 1970," Barclays bank said in a note to clients. U.S. crude oil production has already risen 8.3 percent since mid-2016 to 9.13 million barrels per day (bpd). Output briefly reached 9.7 million bpd in April 2015, it highest since May 1971. Soaring output and brimming inventories have made U.S. WTI crude much cheaper than its international peer, Brent, which is receiving support above $50 per barrel by the OPEC-led production cut. As a result, record amounts of U.S. crude oil have found their way to Asia and other destinations this year, and more is expected to be shipped out as traders take advantage of arbitrage opportunities by sending out excess U.S. crude into regions where it can find buyers. (Reporting by Henning Gloystein; Editing by Joseph Radford) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN16Z05K'|'2017-03-28T09:34:00.000+03:00'
'ad056c3776dc9321aedc0e36635e23d7184742fd'|'HIGHLIGHTS-Top trading houses at commodities conference'|'Company  16am EDT HIGHLIGHTS-Top trading houses at commodities conference LAUSANNE, Switzerland, March 28 Top executives from the world''s largest commodity trading houses discuss trends in trading at the FT Commodities Global Summit in Lausanne, Switzerland, this week. The following are highlights: DAVID MACLENNAN, CHAIRMAN AND CHIEF EXECUTIVE OFFICER OF CARGILL: "Trade policies coupled with foreign aid and sound development policy is critical. Today''s global proliferation of a me-first trade posture threatens to destabilise decades of progress in negotiating." "We all have to make the case for free trade," he said, arguing that "we have to help political leaders speak to their base". MacLennan has yet to be invited to meet U.S. President Donald Trump but would engage in debate with the U.S. administration over trade and immigration. "I don''t want to sit in the bunker for 4 years," he said. Cargill sees the United States as a clear beneficiary of global trade, and in agriculture one-third of farmland is planted for exports, while the NAFTA agreements has helped Canada become the No. 1 market for U.S. agricultural exports and Mexico the No. 3. "Countries can source their agricultural products elsewhere if they''re not getting them from the United States," he said. Training would be important to adapt to the uneven benefits of trade, while "inclusive and responsible" immigration policy would also be vital, he said. Cargill has 1,000 unfilled positions at meat plants in the United States. (Reporting by Julia Payne and Gus Trompiz, editing by Louise Heavens) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/commodities-summit-idUSL5N1H440Z'|'2017-03-28T16:16:00.000+03:00'
'5bba01dc1d8e060bcd035aadbd59e3c4b031d5dd'|'Japan''s Asahi takes on 7.4 billion euro loans to fund AB InBev asset buy'|' 58am BST Japan''s Asahi takes on 7.4 billion euro loans to fund AB InBev asset buy A man walks past the logo of Asahi Group Holdings at the company''s headquarters in Tokyo, Japan, May 17, 2016. REUTERS/Toru Hanai TOKYO Japanese beer maker Asahi Group Holdings Ltd ( 2502.T ) said on Tuesday it will take on 7.4 billion euros (6.36 billion pounds) in bank loans to finance its acquisition of European assets from Anheuser-Busch InBev SAC NV ( ABI.BR ). The brewer, known for Japan''s best-selling "Super Dry" beer, in December agreed to buy a group of eastern European beer brands, including Pilsner Urquell, from AB InBev for 7.3 billion euros. In a statement, Asahi said it will take on short-term loans from Sumitomo Mitsui Banking Corp ( 8316.T ) and Mizuho Bank Ltd ( 8411.T ). Companies typically borrow on a short-term basis as bridging loans before securing permanent financing through, for instance, syndicated loans or bonds. An Asahi spokesman said nothing has been decided about permanent financing. (Reporting by Taiga Uranaka; Editing by Christopher Cushing)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-asahi-group-debt-idUKKBN16Z0WX'|'2017-03-28T16:58:00.000+03:00'
'94d75ab67017ffa186496c2439646b556a9ceb6d'|'UPDATE 1-Brazil''s Caixa says risk management, cost controls to lift profit'|'Company   11:18am EDT UPDATE 1-Brazil''s Caixa says risk management, cost controls to lift profit (Recasts to add comments, background throughout) By Aluísio Alves and Guillermo Parra-Bernal SAO PAULO, March 28 Caixa Econômica Federal expects higher profit and other key improvements this year, as efforts by Brazil''s largest mortgage lender to stem loan delinquencies and curb costs begin to pay off, Chief Executive Officer Gilberto Occhi said on Tuesday. At an event to discuss the state-controlled lender''s fourth-quarter results, Occhi said Caixa''s steps to rein in expenses and bolster efficiency have eliminated the need for a capital injection from the National Treasury. It also has ruled out listing any subsidiaries or selling assets this year. Occhi and other Caixa executives said a voluntary worker retirement plan slated for this year could lead to about 975 million reais ($311 million) in cost savings. Occhi expects about 5,000 of Caixa''s almost 95,000 employees to join the program. "For years we focused on growth, now it''s time to focus on operational efficiency," Occhi said. His remarks came after Brasilia-based Caixa posted a sharp jump in its quarterly recurring profit, reflecting declining loan-loss provisions as delinquencies dropped. Recurring net income, a gauge of profit excluding one-off items, was 2.449 billion reais, up three-fold from the prior three months and the highest level in at least seven years. Since taking over the helm of the lender last year, Occhi has focused on fine-tuning Caixa''s credit risk assessment models to weather surging defaults and bad loans, which are hovering around the highest levels in four years. Caixa had posted a net recurring loss of 322 million reais in the last quarter of 2015. DEFAULTS Like most of its rivals, Caixa has begun to feel the impact of declining domestic borrowing costs, which can weigh down interest income but offer relief to risky or even delinquent borrowers. Local interest rates remained at a decade-high between 2015 and 2016, compounding the effect of Brazil''s harshest recession ever. Loans in arrears for 90 days or more, a benchmark for delinquencies, fell to the equivalent of 2.9 percent of Caixa''s outstanding loans in December, compared with 3.5 percent in the third quarter and 3.6 percent in the fourth quarter of 2015. Until last year, the lender''s delinquencies fluctuated at levels well below the average of Brazil''s banking industry because of the collateralized nature of its loan book. At the end of last year, mortgages accounted for about 60 percent of Caixa''s 709.289 billion reais in loans. Fee income, or revenue from financial services, rose 5.5 percent last quarter, while provisions receded 3 percent in the wake of a 0.6 percentage points in the 90-day default ratio. Provisions, or capital that banks set aside to cover bad loans, came in at 4.937 billion reais last quarter - the lowest level in a year. Interest income fell 1 percent from the third quarter. Non-interest expenses, which are comprised of payroll and administrative expenses, rose to 8.803 billion reais in the quarter. ($1 = 3.1323 reais) (Additional reporting by Bruno Federowski in São Paulo; Editing by Chizu Nomiyama and Paul Simao) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/caixa-ec-federal-results-idUSL2N1H50RQ'|'2017-03-28T23:18:00.000+03:00'
'59762cd322b5aea565715e950d51b5aa4b85001b'|'Asset sales plan secures EU backing for $130 billion Dow, DuPont merger'|'Global Energy   8:20pm BST Asset sales plan secures EU backing for $130 billion Dow, DuPont merger left right European Competition Commissioner Margrethe Vestager holds a news conference after Dow Chemical gained conditional EU antitrust approval on Monday for their $130 billion merger by agreeing to significant asset sales, one of a trio of mega mergers that will redraw the agrochemicals industry, in Brussels, Belgium March 27, 2017. REUTERS/Yves Herman 1/2 left right The Dow logo is seen on a building in downtown Midland, Michigan, in this May 14, 2015 file photograph. REUTERS/Rebecca Cook 2/2 By Foo Yun Chee Dow Chemical ( DOW.N ) and DuPont ( DD.N ) won the blessing of the European Union for their $130 billion (103.45 billion pounds) merger on Monday by agreeing to sell substantial assets including key research and development activities. The European Commission had been concerned that the merger of two of the biggest and oldest U.S. chemical producers would leave few incentives to produce new herbicides and pesticides in the future. The deal is one of a trio of mega mergers that will reshape the industry and consolidate six companies into three. Asset sales would ensure competition in the sector and benefit European farmers and consumers, the Commission said. "We need effective competition in this sector so companies are pushed to develop products that are ever safer for people and better for the environment," European Competition Commissioner Margrethe Vestager said in a statement. "Our decision today ensures that the merger between Dow and DuPont does not reduce price competition for existing pesticides or innovation for safer and better products in the future." The two other big deals in the industry are ChemChina''s [CNNCC.UL] $43 billion bid for Syngenta ( SYNN.S ) and Bayer''s ( BAYGn.DE ) acquisition of Monsanto ( MON.N ). Dow and DuPont said they were still on target for $3 billion in cost synergies and $1 billion in growth benefits. The deal is still to be approved by regulators in the United States, Brazil, China, Australia and Canada, but the companies said they were confident of clearance in all remaining jurisdictions. "This regulatory milestone is a significant step toward closing the merger transaction, with the intention to subsequently spin into three independent publicly traded companies," Dow spokeswoman Rachelle Schikorra said in an email. The EU approval may be a sign that U.S. regulators would follow suit because the agencies have traditionally coordinated on reviews and remedies for large multinational mergers, said Diana Moss, president of the American Antitrust Institute non-profit group. However, any required asset sales would likely reflect antitrust concerns in the local marketplace. "In the U.S., there are very high shares in corn and soybean seeds. We would expect those problems to be significant enough for enforcers in the U.S. to remedy them," Moss said. WEIGHTY DECISION The 1,000-page decision underlined the significance of the merger. In return for the EU green light, DuPont will divest large parts of its global pesticides business, including its global research and development organisation. The unit makes herbicides for cereals, oilseed rape, sunflower, rice and pasture and insecticides for insect control for fruits and vegetables. Dow, in turn, will sell two acid co-polymer manufacturing facilities in Spain and the United States, as well as a contract with a third party through which it buys ionomers. The company has already found a buyer in South Korea''s SK Innovation ( 096770.KS ). "The main surprises here are the inclusion of the pesticides and the exclusion of any kind of seed assets," Bernstein analysts wrote in a note. The analysts also said they had expected EU to be concerned about the concentration of seed sales, and that they would require Dow to divest its corn seeds business. "We see the required divestments here as smaller than we originally expected, due to the exclusion of seed assets". Antitrust experts said the regulator''s demand to sell large swathes of R&D facilities could set the benchmark for future deals. Lobbying group Friends of the Earth Europe criticised the EU decision, saying that the three deals would lead to three companies controlling about 70 percent of the world''s agrichemicals and more than 60 percent of commercial seeds. "This decision to allow Dow Chemicals and DuPont to form the world''s biggest agribusiness company will give giant corporations an even tighter toxic grip on our food and countryside. For the public and nature such mergers are marriages made in hell," said Adrian Bebb from Friends of the Earth Europe. The agriculture company it planned to create with DuPont will be able to serve farmers better, helped by leveraging strong pipeline in its seeds and chemistry business, and competitive prices, Dow''s Schikorra said. "We''re concerned about the signal this sends for U.S. approval. We''re concerned about further consolidation in an already highly concentrated industry," said Barbara Patterson, director of government relations for the National Farmers Union, which represents 200,000 U.S. farmers and ranchers. Sources said last week that ChemChina''s [CNNCC.UL] bid for Syngenta ( SYNN.S ) could be approved this week but the timing could slip. Bayer ( BAYGn.DE ) and Monsanto ( MON.N ) are set to ask for EU approval in the coming months. Shares of both Dow Chemicals and DuPont were marginally up in afternoon trading. (Reporting by Foo Yun Chee, Vishaka George and Karl Plume; editing by Robin Emmott/Keith Weir/Sriraj Kalluvila) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-du-pont-m-a-dow-eu-idUKKBN16Y14V'|'2017-03-28T03:20:00.000+03:00'
'5ba14770e7a32a50295d40cd2693de27e6d20407'|'Tenaris CEO turns more bullish on global oil tubes market'|' 27pm EDT Tenaris CEO turns more bullish on global oil tubes market MILAN, March 28 Tenaris has lifted its estimate for global OCGT tubes demand in 2017 to 12.1 million tonnes from 10.4 million previously, a spokeswoman said confirming remarks made by CEO Paolo Rocca at an industry conference in New Orleans. Shares in Tenaris, the world''s largest maker of seamless-steel pipes for the energy industry, rose 7.7 percent on Tuesday with investors citing the new forecast as a reason behind the move. According to one trader the new guidance could result in a double-digit upgrade to analysts'' earnings estimates for Tenaris. In 2016, global OCGT demand was 8.8 million tonnes. OCGT stands for Oil Country Tubular Goods, which are tubes that are used in oil and gas production. For this year Tenaris expects demand in the United States and Canada to reach 5.2 million tonnes, up from 2.2 million in 2016, while demand from China and Russia should also rise to 3.7 million from 3.5 million. Demand in other areas is seen stable year-on-year. (Reporting by Danilo Masoni; editing by Agnieszka Flak)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/tenaris-ocgt-idUSL5N1H55M9'|'2017-03-29T00:27:00.000+03:00'
'f2a9abc7dc3541ac4e7eebdb37e99341ce224835'|'Deals of the day-Mergers and acquisitions'|' 00am EDT Deals of the day-Mergers and acquisitions March 29 The following bids, mergers, acquisitions and disposals were reported by 1000 GMT on Wednesday: ** Japan''s government named six investment banks to serve as underwriters for the sale of additional shares in Japan Post Holdings Co, which is partly aimed at funding the rebuilding of areas hit by the 2011 earthquake and tsunami. ** EU antitrust regulators vetoed the proposed 29-billion-euro ($31.3 billion) merger of Deutsche Boerse and the London Stock Exchange on Wednesday, derailing the companies'' latest attempt to create Europe''s biggest stock exchange. ** Russia''s Sberbank hopes to complete the sale of its Ukrainian subsidiary in May or June, a source with the bank said. ** The chairman of Indian miner Vedanta Resources has no plans to buy assets in South Africa from Anglo American , or to push for a board seat after announcing a plan to acquire a 13 percent stake in the mining giant. ** Finland''s Amer Sports, which makes Wilson tennis rackets and Salomon skis, will buy U.S. ski maker Armada for $4.1 million, the company said. ** Australian retail group Premier Investments Ltd said it had purchased a 10.8 percent stake in department store owner Myer Holdings Ltd, but added it had no plans to make a takeover offer at this time. ** U.S. private equity group TPG Capital is weighing whether to make a takeover offer for Australia''s Fairfax Media Ltd as the target proceeds with plans to spin off its real estate classified advertising arm, The Australian Financial Review reported. ** Euronet Worldwide Inc ramped up its fight against China''s Ant Financial Services Group in trying to acquire MoneyGram International Inc, urging the U.S. government to closely scrutinize the rival Chinese bid saying it raises "significant national security risks." ** U.S. private equity firm KKR & Co LP is preparing a potential consortium bid for Australia''s Quintis Ltd backed by the sandalwood plantation group''s managing director, a source said. ($1 = 0.9268 euros) (Compiled by Laharee Chatterjee in Bengaluru)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/deals-day-idUSL3N1H63J3'|'2017-03-29T18:00:00.000+03:00'
'04634daffcc4ba8bd9c2d0792977a9d8f2e92977'|'Cobham to raise more than 500 million pounds in rights issue'|' 32am BST Cobham to raise more than 500 million pounds in rights issue Aerospace and defence company Cobham ( COB.L ) said on Tuesday it would raise about 512.4 million pounds ($642.6 million) through its rights issue to pay down debt. The 2 for 5 rights issue of 683.1 million shares was priced at 75 pence per share, a 40.9 percent discount to its Monday close of 126.8 pence. Cobham, which expects the right issue to be completed in the second quarter, also maintained its 2017 expectations. (Reporting by Arathy S Nair in Bengaluru; Editing by Mark Potter)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-cobham-equity-idUKKBN16Z0L1'|'2017-03-28T14:32:00.000+03:00'
'1b35c850e003f277fd907aad544f347965fa4a3f'|'Wolseley to change name to U.S. brand Ferguson, reflecting regional focus'|'Tue Mar 28, 2017 - 7:39am BST Wolseley profit driven by U.S. growth, to change name to Ferguson Heating and plumbing products supplier Wolseley ( WOS.L ) reported a 25 percent rise in first-half profit, as growth in the United States more than made up for tough trading conditions in the UK and the Nordics. The company plans to change its name to Ferguson Plc, subject to shareholder approval, its top brand in its largest market, the United States, where it makes about 84 percent of its profit. Group trading profit rose to 515 million pounds ($646 million) in the six months ended Jan. 31, from 412 million pounds a year ago. Revenue rose 24.5 percent to 8.461 billion pounds, while like-for-like revenue grew 3.2 percent year-on-year, and Wolseley said like-for-like revenue had grown about 4.5 percent since the end of the period. (Reporting by Esha Vaish in Bengaluru, editing by Louise Heavens) Up Next China Evergrande 2016 core profit surges 89 percent amid property boom HONG KONG China Evergrande Group , the nation''s biggest property developer by sales value, on Tuesday reported an 89 percent rise in 2016 core profit due to a booming real estate market that saw a strong increase in sales prices and volumes. BERLIN Otto, Germany''s second-biggest e-commerce company after Amazon , reported comparable sales rose 5 percent in its 2016/17 fiscal year, driven by online furniture and fashion and strong growth at its Hermes logistics arm in Britain. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-wolseley-results-idUKKBN16Z0LV'|'2017-03-28T17:32:00.000+03:00'
'defaa65abb140750b1214cb72819279eee5e9690'|'BRIEF-Albertsons Companies adds liquid eggs to cage-free commitment'|' 12pm EDT BRIEF-Albertsons Companies adds liquid eggs to cage-free commitment March 28 Albertsons Companies Inc * Adding retail liquid eggs to its commitment to exclusively source cage-free eggs by 2025   WASHINGTON, March 28 The U.S. Commerce Department will remove Chinese telecom equipment maker ZTE Corp from a trade blacklist after the company admitted to violating sanctions on Iran, the Commerce Department said in a notice made public on Tuesday, MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-albertsons-companies-adds-liquid-e-idUSFWN1H50PB'|'2017-03-29T03:12:00.000+03:00'
'ebf3a981006897c59e7f8a5c7ed709370f0d81fd'|'Akzo Nobel to detail new strategic plan on April 19'|'AMSTERDAM Akzo Nobel ( AKZO.AS ), the Dutch paints and coatings maker trying to avoid being taken over by larger U.S. rival PPG Industries ( PPG.N ), said on Tuesday it would detail its strategy to remain independent on April 19.The company has said it wants to sell or float its chemicals division, which accounts for about a third of sales and profit, instead of merging with PPG.Akzo Nobel said it would also publish first-quarter results on April 19 instead of April 24. The company''s annual shareholders'' meeting is scheduled for April 25.Akzo has so far declined to engage in talks with PPG over its cash-and-shares takeover proposal, worth about 24.2 billion euros ($26.3 billion) at current prices, despite demands by a large number of its own shareholders that it do so.(Reporting by Toby Sterling; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-akzo-nobel-m-a-ppg-inds-idINKBN16Z0LF'|'2017-03-28T04:38:00.000+03:00'
'e2eb0f425d73347a9d78ca1dd7df2e5ca0e1defb'|'Bookmaker William Hill names Ruth Prior as CFO'|'Business News - Thu Mar 30, 2017 - 7:32am BST Bookmaker William Hill names Ruth Prior as CFO British bookmaker William Hill PLC ( WMH.L ) named Ruth Prior as its new chief financial officer on Thursday. Prior will join the company from Worldpay ( WPG.L ) where she is currently chief operating officer and was previously deputy CFO there. She will take up her appointment later this year. William Hill confirmed earlier this month that it had appointed current CFO Philip Bowcock as its new CEO. (Reporting by Rahul B in Bengaluru; Editing by Susan Fenton) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-william-hill-cfo-idUKKBN1710LJ'|'2017-03-30T14:32:00.000+03:00'
'16b5addab6e93f09dee3521e2b2058203abe03b7'|'Exclusive: Bullying, bonuses and a red flag that BT missed in Italy - sources'|'Technology   8:01am EDT Exclusive: Bullying, bonuses and a red flag that BT missed in Italy - sources The logo for BT is seen outside of offices in the City of London, Britain, January 24, 2017. REUTERS/Toby Melville By Emilio Parodi - MILAN   The source''s disclosure, on condition of anonymity because Italian prosecutors are investigating the matter, raises questions about how promptly BT began investigating an accounting scam that has cost it 530 million pounds ($670 million) and hit its share price. BT, one of Britain''s oldest companies, said last October it had discovered "inappropriate management behavior" and "historical accounting errors" at its Italy unit, taking a 145 million pounds write-down. In January, it said in a statement it had identified improper accounting at BT Italy and expanded the write-down to a total of around 530 million pounds. BT Chief Executive Gavin Patterson told reporters at the time that BT could not have detected the problem sooner because Italian managers kept their London bosses in the dark. BT did not say how it believed managers were involved in this deception. Reuters was unable to verify BT''s allegation. The source told Reuters that he and two BT Italy colleagues had met the head of European sales, Jacinto Cavestany, on the sidelines of a company gathering in Munich in November 2015. The three told the sales chief that they were worried something was wrong with the unit''s financial results, though they did not provide evidence, the source said. They also complained to Cavestany of bullying by local management, especially then BT Italy Chief Executive Gianluca Cimini, and of pressure to meet tough bonus targets, the source said. The source added that the sales chief had replied that the three should help him to steer Cimini "in the right direction". BT said in response to questions by Reuters that it began an internal investigation after receiving allegations in late summer 2016 of "inappropriate behavior" at BT Italy - almost a year after the Munich meeting. It did not specify the allegations or say exactly when the probe began. Contacted by Reuters, Cavestany referred questions to BT. The company said in an email that "Jacinto has no recollection of these issues being raised with him at the conference". Cimini, in an email to Reuters, denied allegations of bullying. In relation to alleged financial irregularities, he said he knew of no illegal behavior and that BT Italy''s accounts were verified by head office during his time as CEO. BT declined to say exactly when it uncovered irregularities. "BT became aware of the financial irregularities after receiving allegations of inappropriate behavior in late summer 2016. This led to us carrying out an initial investigation of the alleged conduct as we announced in October," it told Reuters. As a listed firm, BT is obliged to make timely disclosure of price-sensitive information. BT''s shares fell 20 percent when it made its January disclosure on improper accounting at BT Italy. BT has publicly disclosed that it uncovered a complex set of improper sales, leasing transactions and factoring. Factoring is a way in which firms sell future income to financiers for cash. BT also said in response to Reuters'' questions that it had received complaints of what it called bullying at BT Italy earlier in 2016. It said senior company representatives had visited the Italian business and looked into the issue. According to a person familiar with BT''s internal investigation, the probe - codenamed Project Crane - began as an inquiry into bullying and interviewed about 40 employees. It concluded that Italian management had been responsible for "bullying and inappropriate behavior", according to a one-page summary of the findings reviewed by Reuters. It was not clear from the summary what the "inappropriate behavior" referred to. During or as a result of Project Crane, BT uncovered financial irregularities, current and former employees of BT said. BT then hired auditor KPMG to look at the irregularities. Neither the Project Crane report nor KPMG report has been released. In the United States, several BT shareholders have filed class-action lawsuits alleging the group misled investors and failed to promptly disclose the financial irregularities. In a suit filed by Rosen Law Firm on Jan. 25, a shareholder claims BT had failed to disclose improper accounting that was either known to the company or "recklessly disregarded by them" for four years until their first disclosure in October 2016. Rosen Law Firm spokesman Noel Chandonnet said the lawsuit would show that BT lacked effective internal controls. FAKING SALES The source involved in the Munich meeting, as well as four current employees not involved in that meeting, also laid out for the first time certain details of how they say the deception worked. The five sources said a network of people in the Italy unit had exaggerated revenues from certain BT-installed phone lines, faked contract renewals and invoices and invented bogus supplier transactions in order to meet bonus targets and disguise the unit''s true financial performance. All of these practices had been going on since at least 2013, they added. Two sources familiar with the KPMG report said it had found these same types of irregularities. For example, BT Italy earned income from toll-free hotlines provided to corporate clients. This income varied according to how much traffic a hotline carried: the busier the line, the more money a client paid to BT Italy. According to four of the sources, client-account managers exaggerated hotline traffic by misstating them in internal records. They did this in order to meet aggressive internal targets and collect their bonuses, they added. Clients were unaware of the deception and only paid revenues due on the actual traffic recorded, they said. BT Italy''s purchasing office also colluded to mask the true state of the business, making fake purchase orders to suppliers with no intention of receiving goods, four sources said. Reuters was unable to determine if any of the suppliers was aware of the scheme. No cash changed hands, but BT Italy would suddenly cancel the order and ask the supplier to issue a credit note by way of a refund, these sources said. Some bogus credit notes were then sold to a factoring company for cash, said one of the sources, a current client-account manager at BT. One current employee said multiple internal accounting systems, a legacy of BT acquisitions in Italy, enabled staff to inflate revenues by entering two duplicate invoices for the same client. The genuine invoices were entered into one system and mailed to clients; the duplicates went into another system, according to this source. A source familiar with the prosecutors'' investigation said the accounts of the former and current employees matched the prosecutors'' findings on the practice of faking income. BT annual reports show it examined Italy''s risk controls in 2013 and 2014. It said in its 2014 report that the unit had made significant progress to improve its control environment. BULLYING The deception took place in an atmosphere in which employees were criticized and shouted at by a few top managers in front of colleagues for failing to meet targets, all five BT Italy sources said. They said the pressure to hit targets rose after Cimini became the unit''s chief executive in April 2013. He was formerly its chief financial officer. For example, the current BT Italy client-account manager said his 2016-17 goals, set early last year, require him to more than double overall revenues from his clients. In a staff meeting in Milan, one eyewitness source said, Cimini spoke about the need to meet targets and demonstrated how no employee was indispensable. He dipped a finger into a glass of water and remarked: "What happens if I put my finger inside and take it out? Absolutely nothing - the same if you left the company." Cimini denied this incident took place. "The episodes of mobbing (bullying) that were reported (to Reuters) are absolute fantasy and falsehood, but evidently the sources can invent and speak of stuff they know nothing about when they think they are protected by anonymity," he said. BT suspended Cimini and some other managers late last year after its internal inquiry. It did not disclose the reason for their suspensions. The five BT sources offered no evidence that Cimini knew of the deception. Cimini said in his emailed comments to Reuters that the most recent company survey on BT Italy''s internal environment showed it was one of the best workplaces in Europe. Reuters could not verify this. BT declined to comment on employee surveys across different lines of business. (Additional reporting by Valentina Consiglio in ROME, Paul Sandle, Simon Jessop and Kirstin Ridley in LONDON and Agnieszka Flak in MILAN; Editing by Mark Bendeich and Alessandra Galloni) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-bt-italy-idUSKBN1711J2'|'2017-03-30T20:01:00.000+03:00'
'c044e36d61c70676ee922afd1b134a8dcbd0ee6b'|'France can reap rewards from Brexit, elections - business lobby chief'|'Economy News - Thu Mar 30, 2017 - 1:21pm BST France can reap rewards from Brexit, elections: business lobby chief left right French employers body MEDEF union leader Pierre Gattaz gestures as he attends an interview with Reuters in Paris, France, March 30, 2017. REUTERS/Gonzalo Fuentes 1/2 left right French employers body MEDEF union leader Pierre Gattaz attends an interview with Reuters in Paris, France, March 30, 2017. REUTERS/Gonzalo Fuentes 2/2 By Simon Carraud and Emmanuel Jarry - PARIS PARIS The head of the main French bosses'' group expects an investment boost from the election of either Francois Fillon or Emmanuel Macron as president in May as companies with spending on hold for the result combine with a Brexit-led influx. MEDEF chief Pierre Gattaz said, however, that an unexpected win by Marine Le Pen, the National Front leader, would lead to strategies that are "stupid, absurd and dangerous". "The election of Francois Fillon or Emmanuel Macron would be a motive to come to France, or to stay," he told Reuters in an interview. "The French elections can also bring some extra benefits to potentially attract those disappointed with Brexit," he said, referring to firms considering shifting their base from Britain as it leaves the European Union. Le Pen wants to quit the European Union and the euro and lower the retirement age. She would also tax imports and foreign workers. Opinion polls show that she has little chance of winning, but in light of other electoral shocks in the past year, and given that she is likely to reach the second-round run-off vote on May 7, uncertainty remains. Gattaz, who is chairman of his family''s electronics business, said Fillon''s program was the best for business in his view. The Republicans'' candidate plans to cut public spending by 100 billion euros ($107.42 billion) over the next five years, cut company taxes, raise the retirement age and abolish the 35-hour restriction on the working week. As for Macron, who is about 8 or 9 percentage points ahead of Fillon in the opinion polls, Gattaz said the independent centrist''s program "goes in the right direction," but that parts of it remained unclear. "There are areas of imprecision such as with regard to retirement and unemployment insurance," he said. "We''d like to see how it adds up overall. We are talking about hundreds of millions here and there, even several billion." Macron''s spending cut plans are more modest than Fillon''s at 60 billion euros, and he would also launch 50 billion worth of public spending that Gattaz says would be better used in the hands of private enterprise. Nevertheless, the ex-investment banker, who as economy minister was instrumental in the pro-business reforms of Socialist President Francois Hollande, is part of a "reformist left" which Gattaz said had been a positive development of the Hollande years. Gattaz, who met all three of the main candidates at a business forum earlier this week, said Le Pen''s policies were abhorrent to him and would unleash a "hurricane". "It''s a defeatist strategy," the 57-year-old said. "It''s saying we are too weak. That''s unacceptable to me. The world is waiting for France. If you don''t go there, forget full employment, you are turning in on yourself... It''s a stupid, absurd, dangerous strategy." For a graphic on French election, click here (Additional reporting by Myriam Rivet and Michel Rose; Writing by Andrew Callus; editing by John Irish/Jeremy Gaunt) Next In Economy News Clouds over Trump tax plan may curb appetite for U.S. stocks NEW YORK Wall Street has tempered its expectations for sweeping U.S. tax cuts in the wake of President Donald Trump''s stinging healthcare defeat, a move that could push investors to embrace cheaper global stocks after the heady U.S. rally of recent months. FRANKFURT/MUNICH Linde labor representatives threatened on Thursday to scupper the German industrial gases group''s planned $65 billion merger with U.S. rival Praxair , urging their board members to vote against the deal and enlisting Berlin''s support. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-france-election-employers-idUKKBN1711LM'|'2017-03-30T20:09:00.000+03:00'
'a76279ef8fb09ba0dbd61ebd5e21607a2198cbe1'|'Russia can and will become world''s top LNG producer, Putin says'|'Company News   7:01am EDT Russia can and will become world''s top LNG producer, Putin says SABETTA, Yamal, Russia, March 30 Russia can and will become the world''s largest liquefied natural gas (LNG) producer, President Vladimir Putin told the chief executives of Novatek and Total via video link on Thursday. Russia''s Novatek and France''s Total, along with Chinese partners, are preparing to launch Yamal LNG, which will be Russia''s second LNG plant, this October. Putin said on Thursday that he would continue to support projects such as Yamal LNG. Novatek is currently studying the possibility of building another LNG plant, Arctic LNG-2. (Reporting by Olesya Astakhova; Writing by Katya Golubkova; Editing by Alexander Winning) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/novatek-lng-putin-idUSR4N1G703M'|'2017-03-30T19:01:00.000+03:00'
'01d7f6d6418eb12fcdfb70361d235b96c501ae37'|'French group Suez says Brexit could boost its UK waste business'|'  9:08am BST French group Suez says Brexit could boost its UK waste business By Benjamin Mallet - PARIS PARIS Brexit could have a positive effect on the UK business of French utility Suez ( SEVI.PA ) as it could benefit Suez''s waste management activities in Britain, a leading Suez executive said on Thursday. Jean-Marc Boursier, joint chief executive for Suez''s European recycling and recovery business, said Britain would look to handle more of its waste management within the UK post-Brexit, which could boost Suez''s business in that area. "We are convinced it should lead to more opportunities for Suez in the years to come, which should allow us to continue to increase our footprint in the UK, and we will look to build some fine factories in the coming years," Boursier told Reuters. Prime Minister Theresa May formally began Britain''s divorce from the European Union on Wednesday, declaring there was no turning back and ushering in a tortuous exit process that will test the bloc''s cohesion and pitch her country into the unknown. "Speaking as a citizen who is committed to this continent, I regret their decision, but speaking as a Suez manager, it will no doubt have a positive impact on our business in Great Britain," added Boursier. Earlier this month, Suez sealed a 3.2 billion euro (2.77 billion pounds) acquisition of GE Water from General Electric ( GE.N ), in a deal which the company hopes will help to offset pressure on its margins in Europe. (Reporting by Benjamin Mallet; Writing by Sudip Kar-Gupta; Editing by Adrian Croft)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-suez-idUKKBN1710T8'|'2017-03-30T16:08:00.000+03:00'
'903e485c68badcc4753135379f4cb5215f46ca10'|'UPDATE 1-Grupo Mexico says Florida railroad purchase offers U.S. exposure'|'(Adds Breakingviews link)MEXICO CITY, March 29 Mexican mining, rail and infrastructure firm Grupo Mexico said on Wednesday its planned takeover of Florida East Coast Railway would allow the company to expand its exposure to the U.S. rail freight and dollarized markets.In an analyst call, Grupo Mexico executives said they expected the $2.1 billion deal, which is subject to government approval, to close within 60-90 days.They added that the company was always open to new acquisition opportunities, but had no imminent plans for a long-delayed initial public offering of its rail unit.(Reporting by Gabriel Stargardter and Veroinca Gomez)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/floridaeastcoastrailway-ma-grupo-mexico-idINL2N1H620J'|'2017-03-29T18:57:00.000+03:00'
'e0eb61f36b16e64c2fac6ad4555c377a7072cbb7'|'Italy court acquits S&P and managers in rating downgrades case'|'  3:59pm BST Italy court acquits S&P and managers in rating downgrades case A view shows the Standard & Poor''s building in New York''s financial district February 5, 2013. REUTERS/Brendan McDermid TRANI, Italy An Italian court acquitted credit ratings agency Standard & Poor''s and five of its former and current managers of market manipulation charges relating to past downgrades of the country''s sovereign debt, a judge said on Thursday. Ratings agencies have come under fire in Italy for cutting ratings in 2011 and 2012, piling on further pressure after financial and political jitters sent borrowing costs soaring. Judge Giulia Pavese read the ruling in a courtroom in the city of Trani, in southern Italy, where she also announced the acquittal of an analyst at competitor Fitch in a parallel case. Trani prosecutors alleged that agency reports and ratings moves on Italy and its banking system were mismanaged during the debt crisis, provoking sharp losses on Milan''s stock market. Prosecutor Michele Ruggero had sought jail sentences of between two and three years and fines of up to 500,000 euros ($536,900) for the officials, and a 4.6 million euro fine for the agency. "We did everything we could. Now we will wait to read the court''s reasons for the verdict and decide whether to appeal or not," Ruggero said on Thursday. Italian courts usually explain their reasoning within 90 days after issuing a verdict. S&P, which had maintained that none of the accusations were backed up by proof, welcomed the acquittal, saying it and its employees had "now been granted the justice they deserve". Fitch said it was pleased by the acquittal of former analyst David Riley, which came almost a year after a Milan judge dropped a case against the agency''s Italy unit and its country head. "We have always believed that this case was without merit," Fitch said in an emailed statement. The investigation into S&P, Fitch and fellow agency Moody''s was launched in January 2012, after complaints from consumer associations. The case against Moody''s was dropped later that year. ($1 = 0.9313 euros) (Reporting by Francesca Landini, Sara Rossi and Vincenzo Damiani, writing by Agnieszka Flak and Isla Binnie Editing by Jeremy Gaunt)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-italy-s-p-verdict-idUKKBN171282'|'2017-03-30T22:59:00.000+03:00'
'ae2f6e457b686304a1526853dd622d9bf3e9087b'|'China says Westinghouse bankruptcy won''t have big impact on nuclear plans'|'Company News  13am EDT China says Westinghouse bankruptcy won''t have big impact on nuclear plans SHANGHAI, March 30 China''s State Power Investment Corp said Westinghouse Electric Co''s bankruptcy filing would not have a "substantial impact" on the country''s nuclear plans. In a statement published on Thursday, the state-owned power firm said the two sides would continue to work together to make sure the world''s first Westinghouse-designed AP1000 reactor project, due to go into operation at Sanmen on China''s eastern coast this year, would be completed on schedule. "The two sides were fully aware of the importance of the Chinese AP1000 project and agreed to continue to make the project a common priority and increase investment to ensure that the target of putting the reactor into operation this year is met," the statement said. Westinghouse, owned by Japanese conglomerate Toshiba , filed for bankruptcy on Wednesday as a result of billions of dollars of cost overruns at four reactors under construction in the United States. (Reporting by David Stanway; Editing by Edwina Gibbs) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/china-nuclear-westinghouse-idUSL3N1H71WM'|'2017-03-30T12:13:00.000+03:00'
'0c02e177b3fd3368d0235c8be427bfa1bdc981cb'|'Israel''s Elbit wins $82 mln Asia-Pacific airborne system deal'|'Company  49am EDT Israel''s Elbit wins $82 mln Asia-Pacific airborne system deal JERUSALEM, March 29 (Reuters) - * Israeli defence electronics firm Elbit Systems said on Wednesday it won a deal worth $82 million to supply an unnamed Asia-Pacific country with an airborne system for use in intelligence, surveillance, target acquisition and reconnaissance missions. * The contract, which is a follow-on order from the same customer, will be performed over a four-year period. * It is being performed in cooperation with Israel Aerospace Industries unit Elta Systems. (Reporting by Steven Scheer) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/elbit-systems-contract-asiapac-idUSL5N1H615S'|'2017-03-29T14:49:00.000+03:00'
'a03c5d14a3d61f458512160006d026eb9a4bd1ba'|'FDA silence on generic Advair may be good news for GSK'|'Health News - Wed Mar 29, 2017 - 9:40am BST FDA silence on generic Advair may be good news for GSK left right Signage for GlaxoSmithKline is seen on it''s offices in London, Britain, March 30, 2016. REUTERS/Toby Melville/File Photo 1/2 left right FILE PHOTO - A view shows the U.S. Food and Drug Administration (FDA) headquarters in Silver Spring, Maryland August 14, 2012. REUTERS/Jason Reed/File Photo 2/2 By Ben Hirschler - LONDON LONDON GlaxoSmithKline shares gained on Wednesday as lack of news about U.S. approval of a generic copy of its blockbuster inhaled lung drug Advair buoyed speculation that a threat to profits might be delayed. The U.S. Food and Drug Administration (FDA) had been due to decide by March 28 whether to approve the first substitutable generic copy of the two-part drug for asthma and chronic lung disease, made by generics firm Mylan. In the event, neither the FDA nor Mylan made any statement. "It is possible Mylan might still make an announcement when the U.S. market opens, but I don''t think anybody would be surprised if the review period for their product is extended," said Deutsche Bank analyst Richard Parkes. GSK shares were 0.5 percent higher by 0755 GMT, outperforming a flat European drugs sector. Options trading in Mylan had been busy on Tuesday, although many investors appeared to believe Mylan was unlikely to win a green light this week. Mylan''s version of Advair would be the first complex inhaled combination generic product to be approved by the U.S. agency and a number of analysts believe the likelihood of an on-time approval is therefore quite low. "With such a commercially important decision it was always likely that the approval process wasn''t going to be straightforward," said Trinity Delta analyst Mick Cooper. A second generic version of Advair from Hikma Pharmaceuticals is also awaiting an FDA approval decision by May 10. Hikma shares fell around 1 percent. Dealing with the threat of competition to Advair, which has generated more than $1 billion in annual sales since 2001, is the first big challenge facing GSK''s new chief executive, Emma Walmsley, who takes over at the end of this month. GSK has told the market that core earnings per share, in constant currencies, will be flat to slightly lower in 2017, if substitutable Advair generics arrive in the United States by mid-year. If they don''t launch, EPS should rise between 5 and 7 percent. If generics do arrive by mid-2017, the company has forecast Advair''s U.S. sales will be around 1 billion pounds ($1.24 billion), down from 1.83 billion in 2016. GSK is not alone in worrying about generic Advair. Novartis'' generics unit Sandoz, which is further behind in developing its form of Advair, has also tried to stall generics by taking issue with FDA rules governing such copies. (Editing by Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-gsk-advair-idUKKBN1700V5'|'2017-03-29T16:17:00.000+03:00'
'ab507a550a11c1fe32f66a95f5182807c1799474'|'Praxair-Linde merger opposed by European works council'|'Business News - Wed Mar 29, 2017 - 9:05pm BST Praxair-Linde merger opposed by European works council Linde Group logo is seen at its headquarters in Munich, Germany August 15, 2016. REUTERS/Michaela Rehle/File Photo BERLIN European worker representatives of German industrial gases group Linde ( LING.DE ) are opposed to a merger with U.S. rival Praxair ( PX.N ) and want labour members of the supervisory board to vote against the deal, a letter seen by Reuters shows. The German and U.S. industrial-gases groups are working to finalise terms of a merger that would create a $30 billion (24.03 billion pounds) market leader and target $1 billion in synergies. According to a letter from the European works council to staff, the merger could lead to a big loss of jobs in some European countries, destroying the Linde brand. The letter was first reported on Wednesday by the Handelsblatt newspaper. "As an independent and economically sound company, Linde is in an excellent position. We do not need restructuring ... Linde does not need Praxair!" the letter read. "We call upon the employee representatives inthe supervisory board to stand up for Linde’s independence and to vote against the merger with Praxair." Labour representatives could block the deal if they were to win the support of any other board members. Linde''s CEO said earlier this month he would not push through a deal against the will of Linde''s workers, but he was confident of winning them over. Praxair has provided new assurances to Linde over jobs and corporate governance in Germany after a previous attempt to agree a merger foundered over those issues. (Reporting by Georgina Prodhan; writing by Emma Thomasson; Editing by Alexander Smith) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-linde-m-a-praxair-idUKKBN1702XF'|'2017-03-30T04:05:00.000+03:00'
'19f4d0f06d809b15e2db8111933e237055aae31c'|'Vice Media takes its edgy journalism to the Middle East'|'Big Story 10 - Wed Mar 29, 2017 - 1:07pm EDT Vice Media takes its edgy journalism to the Middle East By Alexander Cornwell - DUBAI DUBAI Vice Media is bringing its edgy style of journalism to the Middle East to tap what it believes is an underserved market of young, digital hungry consumers. Vice announced its arrival with a party on Wednesday at the glitzy Armani Hotel in the world''s tallest tower, the Burj Khalifa, in Dubai, the global trade hub where the New York-based company will set up its regional headquarters. Vice reckons the region''s youthful population coupled with some of the highest smartphone penetration rates in the world in countries such as Saudi Arabia and the United Arab Emirates make it an ideal market to expand into. "That''s just a tremendous opportunity and we think that this is the time that we come in and steal a lot of market share," Vice Co-Founder and Chief Executive Shane Smith told Reuters in an interview in Dubai on Wednesday. Vice, which is aiming for 50 staff in Dubai by the end of the year, will launch a website and digital channel this summer and is in active discussions about a 24-hour regional cable channel to be broadcast from the emirate. It will produce news and lifestyle content in multiple languages including Arabic, English, Farsi, Turkish and Urdu. Vice has documented migrant worker abuses in Dubai, won acclaim for a documentary while embedded with Islamic State and garnered widespread attention when it took former National Basketball Association star Dennis Rodman to North Korea. "We''re always going to be looking at social justice, we''re always going to be looking at environmental justice, we''re always going to be looking at being on the right side of history, especially with millennials and our audience," Smith said. Vice is likely to run into the same obstacles it has faced elsewhere in the Middle East and North Africa, "where journalists are most subjected to constraints of every kind", according to global media watchdog Reporters Without Borders. Worth $4.2 billion at its last valuation, Vice has transformed in 23 years from a punk magazine in Montreal, Canada, into a global multimedia brand. Its regional partner is Afghan media company Moby Group, whose Dubai offices are a few kilometers (miles) from the Trump International Golf Club which featured in a 2016 VICE episode on U.S. cable channel HBO about migrant worker exploitation. Vice and Moby share a common shareholder in 21st Century Fox and the Afghan company holds a license from the U.S. Treasury''s OFAC allowing it to expand into Iran - a market Vice wants to tap. (Editing by David Clarke) 3,000 people a day fleeing in cholera-stricken Somalia as famine looms NAIROBI (Thomson Reuters Foundation) - More than 3,000 people a day are fleeing their homes in search of food and water due to Somalia''s worst drought in 20 years, the Norwegian Refugee Council (NRC) said, warning of impending famine with children already dying of malnutrition. Waiting for grid to arrive, Myanmar villages switch on solar NYAUNG KONE, Myanmar (Thomson Reuters Foundation) - For generations, residents of this farming village in central Myanmar had a set rhythm to their day - waking up with the sunrise and going to sleep after dark. Diesel generators and batteries were for the privileged few, while the candles used by most were a fire hazard for thatch and bamboo houses. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-mideast-vicemedia-expansion-idUSKBN1702JF'|'2017-03-30T01:03:00.000+03:00'
'384d5de6c83aca1c6188c01d82c1bb15f8191cc9'|'Grupo Mexico says Florida railroad purchase offers U.S. exposure'|'MEXICO CITY Mexican mining, rail and infrastructure firm Grupo Mexico said on Wednesday its planned takeover of Florida East Coast Railway would allow the company to expand its exposure to the U.S. rail freight and dollarized markets.In an analyst call, Grupo Mexico executives said they expected the $2.1 billion deal, which is subject to government approval, to close within 60-90 days.They added that the company was always open to new acquisition opportunities, but had no imminent plans for a long-delayed initial public offering of its rail unit.(Reporting by Gabriel Stargardter and Veroinca Gomez)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-floridaeastcoastrailway-m-a-grupo-mex-idINKBN1702Q9'|'2017-03-29T16:20:00.000+03:00'
'a0ae813535082dbee46a7bafe2a345ee74fe615f'|'EMERGING MARKETS-Brazil shares rise after Vale taps veteran executive as CEO'|'Company News   12:10pm EDT EMERGING MARKETS-Brazil shares rise after Vale taps veteran executive as CEO SAO PAULO, March 28 Brazilian shares rose on Tuesday, supported by rising shares of Vale SA after the world''s No. 1 ore producer tapped a commodities industry veteran as its next chief executive officer. Preferred shares in Vale rose 1.7 percent, adding the most points to the benchmark Bovespa stock index, following the appointment of Fabio Schvartsman, who has been CEO of Klabin SA, Brazil''s largest paper and cardboard producer, for the past six years. Klabin units, a blend of common and preferred shares, were the biggest gainers on the index. The company has not yet announced his replacement. Klabin''s "succession plan will have to be expedited, but the issue was already on the radar," Itaú BBA analysts led by Marcos Assumpção wrote in a note to clients. The Brazilian real was nearly flat, in line with other Latin American currencies. After a recent selloff, traders have erred on the sign of caution as the await further clues over whether U.S. President Donald Trump will manage to carry out promised tax cuts and infrastructure stimulus. Doubts over his ability to get those plans off the ground grew following his failure gather support from his own party to a planned overhaul of the U.S. healthcare system. Latin American stock indexes and currencies at 1550 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 970.46 0.49 12 MSCI LatAm 2636.24 0.36 12.23 Brazil Bovespa 64453.77 0.23 7.02 Mexico IPC 49444.71 0.27 8.33 Chile IPSA 4833.14 1.55 16.42 Chile IGPA 24169.07 1.42 16.57 Argentina MerVal 19859.79 0.29 17.39 Colombia IGBC 10093.76 0.21 -0.34 Venezuela IBC 40165.30 1.37 26.68 Currencies daily % YTD % change change Latest Brazil real 3.1283 0.00 3.86 Mexico peso 18.8650 0.15 9.96 Chile peso 665.7 -0.23 0.75 Colombia peso 2909.01 0.41 3.18 Peru sol 3.244 0.25 5.24 Argentina peso (interbank) 15.5100 0.39 2.35 Argentina peso (parallel) 16.02 0.56 4.99 (Reporting by Bruno Federowski; editing by Grant McCool) Next In Company News Grupo Mexico to buy Florida East Coast Railway $2.1 billion MEXICO CITY, March 28 Mexican miner Grupo Mexico said on Tuesday it had acquired Florida East Coast Railway for $2.1 billion, a rare acquisition that comes as U.S. President Donald Trump has been trying to renegotiate trade ties between the two countries. TOKYO, March 29 U.S. nuclear developer Westinghouse Electric Co plans to seek bankruptcy protection from creditors on Tuesday as it struggles with losses that have thrown its Japanese parent Toshiba Corp into crisis, people familiar with Toshiba''s thinking said. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/latam-emergingmarkets-idUSL2N1H513U'|'2017-03-29T00:10:00.000+03:00'
'05a54b2ea86688eab663f075954c47b77f99ca10'|'EU mergers and takeovers (March 28)'|'BRUSSELS, March 28 The following are mergers under review by the European Commission and a brief guide to the EU merger process:APPROVALS AND WITHDRAWALS-- U.S. conglomerate Standard Industries to acquire German roof tile maker Braas Monier (apoproved March 27)-- Investment group Banque Popular Caisse d''Epargne to acquire La Compagnie du Soleil Investissement 4 and La Compagnie du Soleil Center, all based in France (approved March 27)NEW LISTINGS-- Swiss car importer Emil Frey France to acquire French car parts distributor PGA Group SAS from German carmaker Volkswagen Group (notified March 28/deadline May 8/simplified)-- Japan''s Panasonic Corporation to acquire Spanish auto parts maker Ficosa International (notified march 27/deadline May 5)-- Banking services platform Pillarstone to acquire holding company Famar which has activities in the pharmaceutical industry (notified March 27/deadline May 5/simplified)EXTENSIONS AND OTHER CHANGES-- Private equity firm Advent International to acquire biometrics and security business Morpho from French aerospace group Safran (notified Feb. 24/deadline extended to April 19 from March 31 after the companies offered concessions)FIRST-STAGE REVIEWS BY DEADLINEMARCH 29-- Buyout firm Lone Star to acquire German building materials maker Xella from private equity firm PAI Partners and funds managed by Goldman Sachs'' investment arm (notified Feb. 22/deadline March 29)MARCH 31-- German synthetic rubber maker Lanxess AG to acquire U.S. specialty chemical company Chemtura (notified Feb. 24/deadline March 31)APRIL 3-- Deutsche Boerse and the London Stock Exchange to merge (notified Aug. 24/deadline extended to April 3 from March 13 after the companies offered concessions)APRIL 4-- U.S. computer and printer maker Hewlett Packard to acquire South Korean group Samsung Electronics'' printer business (notified Feb. 28/deadline April 4)APRIL 7-- Engie Group French banking group BPCE to acquire a 49.9 percent stake in renewable energy companies LCS 4 and LCS (notified March 3/deadline April 7/simplified)-- Twenty-First Century Fox to acquire the rest of European pay-TV company Sky it does not own (notified March 3/deadline April 7)APRIL 10-- French real estate asset management company Amundi Immobilier, which is part of French bank Credit Agricole , and French social protection services provider Malakoff Mederic to acquire joint control of German property developer TAS Kapstadtring (notified March 6/deadline April 10/simplified)-- UK property developer Segro and Canada''s Public Sector Pension Investment Board to jointly acquire three logistics operations in Italy (notified March 6/deadline April 10/simplified)-- Danish container shipping company Maersk to acquire German peer Hamburg Sud (notified Feb. 20/deadline extended to April 10 from March 27 after commitments submitted)APRIL 11-- Private equity firm Partners Group to acquire European operator of clinical pathology laboratory operator Cerba Healthcare from PAI Partners (notified March 7/deadline April 11/simplified)APRIL 12-- U.S. aircraft component maker Rockwell Collins to acquire aircraft interior maker B/E Aerospace (notified March 8/deadline April 12)-- U.S. car part supplier Lear to acquire Grupo Antolin''s automotive seating business (notified March 8/deadline April 12/simplified)-- Dutch insurer NN Group to acquire Dutch rival Group Delta Lloyd (notified Feb. 22/deadline extended to April 12 from March 29 after the Dutch competition regulator asked to examine the deal)-- Chinese state-owned company China National Chemical Corp (ChemChina) to acquire Swiss pesticides and seeds group Syngenta (notified Sept. 23/deadline extended to April 12)APRIL 18-- Megatrend European Holdings, which is part of property investment company TH Real Estate, and German insurer Allianz to jointly acquire Finnish company NRF which owns Helsinki-based Kamppi Shopping Centre (notified March 9/deadline April 18)-- German cement producers Heidelbergcement and Schwenk to jointly acquire Mexican peer Cemex''s Croatian unit (notified Sept. 5/deadline extended to April 18 from March 23)APRIL 19-- Private equity firm 3i, Dutch asset manager APG and Danish pension fund ATP to acquire a portfolio of European infrastructure companies from EISER (notified March 10/April 19/simplified)-- Britain''s Rolls-Royce to acquire the remaining 53.1 percent stake in Spanish aircraft engine and components maker Industria de Turbo Propulsores (ITP) (notified Feb. 24/deadline extended to April 19 from March 31 after the companies offered concessions)APRIL 21-- French utility Engie to acquire UK property developer Keepmoat Regeneration HOldings (notified March 14/deadline April 21/simplified)APRIL 24-- French media company Bollore to acquire control of French company Vivendi (notified March 15/deadline April 24)-- France''s Group Credit Mutuel and French bank BNP Paribas to set up a joint venture (notified March 15/deadline April 24)-- Bollore Energy, which is part of French group Bollore , and Total Marketing France, which is part of French energy company Total, to set up a joint venture (notified March 15/deadline April 24/simplified)APRIL 25-- Private equity firm CVC to acquire Polish retailer Zabka Polska (notified March 16/deadline April 25/simplified)APRIL 26-- Investment company Ardian to acquire majority of France''s Prosol, an operator of Grand Frais grocery stores (notified March 17/deadline April 26/simplified)-- Singapore-based tech communications company Broadcom AVGO.O to acquire U.S. networking switches and software maker Brocade (notified March 17/ deadline April 26)-- Swiss pharmaceutical supplier Lonza Group to acquire U.S. capsule maker Capsugel from private equity firm KKE & Co LP (notified March 17/deadline April 26)MAY 2-- Italian energy company Duferco Energia to acquire a business unit from Italian electricity company Energhe S.p.A. (notified March 22/deadline May 2/simplified)MAY 4-- Private investment firm KKR & Co. to acquire travel company Travelopia Holdings Ltd and Travelopia USA Inc. (notified March 24/ deadline May 4/simplified)MAY 12-- U.S. chemicals group Riechhold and Black Diamond Capital to acquire Italian polymers maker Polynt which is owned by Italian private equity group Investindustrial (notified March 17/deadline May 12/commitments offered March 17)GUIDE TO EU MERGER PROCESSDEADLINES:The European Commission has 25 working days after a deal is filed for a first-stage review. It may extend that by 10 working days to 35 working days, to consider either a company''s proposed remedies or an EU member state''s request to handle the case.Most mergers win approval but occasionally the Commission opens a detailed second-stage investigation for up to 90 additional working days, which it may extend to 105 working days.SIMPLIFIED:Under the simplified procedure, the Commission announces the clearance of uncontroversial first-stage mergers without giving any reason for its decision. Cases may be reclassified as non-simplified - that is, ordinary first-stage reviews - until they are approved. (Reporting by Waverley Colville)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eu-ma-idINL5N1H53O3'|'2017-03-28T15:38:00.000+03:00'
'53fcee72f75c3cd3927ea37ab0e581ee3233133d'|'Ericsson to take writedowns, provisions, restructuring charges in Q1'|'Deals - Europe   11:47am IST Ericsson to take writedowns, provisions, restructuring charges in the first-quarter A general view of an office of Swedish telecom giant Ericsson is seen in Lund, Sweden, September 18, 2014. REUTERS/Stig-Ake Jonsson/TT News Agency/File Photo STOCKHOLM Swedish telecoms equipment maker Ericsson ( ERICb.ST ) said on Tuesday it would take provisions, writedowns and restructuring charges this year, most of it in the first quarter, and announced a new organizational structure and business focus. Ericsson said in a statement it would write down assets in the first quarter, with an estimated impact on operating income of 3-4 billion crowns ($342-$456 million). It estimated restructuring charges would amount to 6-8 billion crowns in 2017, of which it would book 2 billion in the first quarter. Ericsson said it would also take provisions of an estimated 7-9 billion crowns in the first quarter, related to certain large customer projects. Ericsson said in a separate statement it had appointed Fredrik Jejdling, currently head of the Network Services division, as head of the new Networks division. It appointed Peter Laurin head of Managed Services, and Ulf Ewaldsson head of Digital Services. (Reporting by Anna Ringstrom)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-ericsson-strategy-idINKBN16Z0JJ'|'2017-03-28T14:14:00.000+03:00'
'f35431fd29dd918a62918e4b955facd1213666ed'|'Row over Russia''s new oil tax regime deepens'|' 33pm BST Row over Russia''s new oil tax regime deepens FILE PHOTO: The logo of Russian state oil company Rosneft is pictured behind a pipe at the Samotlor oil field outside the of Nizhnevartovsk, Russia, January 26, 2016. REUTERS/Sergei Karpukhin/File Photo/File Photo MOSCOW Russia''s energy and finance ministries are increasingly at odds over how to apply a planned new tax regime for oil producers, a finance ministry official said on Tuesday. Russia imposes two main taxes on its oil industry - an oil export duty and a mineral extraction tax (MET), linked to the oil price - but plans to gradually replace them with a single profits-based tax. Some oilfields, however, enjoy export duty exemption and MET tax breaks, which the energy ministry says should continue while the finance ministry says they should end. "The positions have not been brought closer together. On the contrary, they are falling further apart," Alexei Sazanov, head of the finance ministry''s tax department, told reporters. "We haven''t agreed," he said. Extending the tax breaks and exemptions could cost the state budget 100 billion roubles ($1.8 bln) a year, Sazanov said. The issue now looked likely to go to President Vladimir Putin to be resolved, he said, which will take time. The government has said it plans to start testing the new regime from Jan. 1 next year on some smaller oilfields with combined annual production of no more than 15 million tonnes (300,000 bpd). The energy ministry has proposed using both tax breaks and a profits-based tax, especially for Rosneft''s ( ROSN.MM ) Samotlor oilfield in Western Siberia, Sazanov said. The mature field is one of the world''s largest and produced over 3 million bpd at its peak in the 1980s. Rosneft is actively drilling at the field to try to stem falling output. ($1 = 56.9443 roubles) (Reporting by Darya Korsunskaya and Oksana Kobzeva; writing by Vladimir Soldatkin; editing by Katya Golubkova and Susan Fenton)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-russia-oil-tax-idUKKBN16Z25C'|'2017-03-28T23:39:00.000+03:00'
'60a2716c0badb6067876ff5ce34a589699d84830'|'Fidelity launches real estate investment vehicle for Saudi''s NCB Capital'|'DUBAI Fund firm Fidelity International said on Tuesday it had partnered with NCB Capital, the investment arm of Saudi Arabia''s largest bank National Commercial Bank 1180.SE, to launch a real estate vehicle with a total investment of $300 million.The pan-European vehicle will target assets across Germany, France, Benelux and Britain. It will provide $150 million of equity which can be increased to invest up to $300 million in total.The mandate is focused on investments of between $20 million and $60 million in the office, logistics and retail sectors and is Shariah compliant, it said in a statement.(Reporting By Tom Arnold, editing by David Evans)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-fidelity-nationl-comml-bk-realestate-idINKBN16Z1JZ'|'2017-03-28T10:42:00.000+03:00'
'30e68289592207c106100c89486bb03a69227c23'|'Judge says Reuters story would breach Brevan Howard''s right to confidentiality'|'Business  36pm BST Judge says Reuters story would breach Brevan Howard''s right to confidentiality LONDON A story by Reuters about Brevan Howard Asset Management would breach the British hedge fund manager''s right to confidentiality and is not of sufficient public interest to justify it being published, a British court has ruled. Brevan Howard was granted an injunction last week to stop Reuters publishing a story that it said was based on confidential and "highly sensitive" information that had been sent out to 36 potential investors. The full judgment released on Tuesday found that while the story might have undermined Brevan Howard''s reputation, it lacked "weightier public interest" such as exposing hypocrisy or incompetence. "Publication would not be for the purposes of demonstrating any behavior which is even arguably behavior deserving of moral censure," judge Andrew Popplewell said in a redacted copy of his ruling. The judge said there was a public interest to protect sensitive commercial material that is given to potential investors. "If a financial institution could not provide such information with adequate protection of its confidentiality, it would be forced to be less candid with investors who would be less well informed in making their investments," he wrote. Reuters argued that hedge fund managers, such as Brevan Howard, invested on behalf of institutional investors including public pension funds, which affect the finances of millions of people globally. A Reuters spokeswoman said: "Our objective is to publish news and information which is in the public interest, which we believe outweighs the confidentiality concerns put forward in this matter. "We are therefore deeply disappointed by this ruling and are reviewing the court''s decision". A spokesman for Brevan Howard, one of Europe''s biggest hedge fund managers, said that the firm "welcomes the decision of the court that supports the importance of its ability to communicate with its investors in a candid and responsible manner". Reuters news agency is part of the Thomson Reuters media and information group. (Reporting by Rachel Armstrong; Editing by Pravin Char) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-brevan-howard-injunction-idUKKBN16Z1Y5'|'2017-03-28T22:34:00.000+03:00'
'55c04cb7cfbbdd63088cd694de53853b149c7b85'|'UPDATE 1-Venezuela court move may facilitate Russian investment, spook other oil majors'|'(Recasts headline, adds context, link)By Alexandra UlmerMarch 31 The sight of Venezuela''s National Assembly president tearing up a Supreme Court ruling and warning foreign firms against making deals with the leftist government will no doubt resonate in international boardrooms.The ruling ripped up by Congress head Julio Borges on Thursday was designed to allow President Nicolas Maduro to create oil ventures without congressional approval, easing investment in the cash-strapped country''s floundering oil industry.And it may well facilitate deals with companies including Russia oil major Rosneft, which Reuters reported earlier this month had been offered a stake in an oil joint venture with Venezuelan state oil company PDVSA as part of a broader deal with Caracas'' key ally.But the ensuing muddy legal framework and international outcry is likely to further raise anxiety levels at foreign oil companies already nervous about buying oil field stakes in Venezuela because of the country''s shaky finances, as well as stricter regulatory scrutiny at home, according to oil executives, lawyers, and other industry sources.Under the Venezuelan constitution, Congress must approve contracts of "national public interest" with foreign companies. But the Supreme Court just ruled Congress does not have a say over joint ventures anymore, while lawmakers retort the top court is illegitimate, creating a legal maze.That bodes poorly for Venezuela''s ravaged economy, which depends on oil shipments for over 90 percent of its export revenue as millions skip meals due to food shortages and roaring inflation."This complicates any investment decision," said a Caracas-based source at a foreign oil company that partners with PDVSA, asking to remain anonymous because the person was not allowed to speak to media.Still, Russia is becoming an increasingly crucial financier for isolated Maduro at a time when many other foreign companies were already reluctant to pour money into Venezuela given the poor business climate and debts.And should Venezuela manage to pull off further sales or loans with Rosneft, that could help Venezuela make some $2.5 billion in bond payments due in April and shoulder other operational costs.But while Venezuela may receive a short term boost from the decision, in the long-term foreign oil companies will likely be stymied from potential further investments in the country with the world''s biggest crude reserves.PDVSA and the oil ministry did not immediately respond to a request for comment. Rosneft declined to comment, as did U.S. major Chevron Corp, which has four joint venture operations with PDVSA.Spain''s Repsol, which last year extended a $1.2 billion credit line to bolster a joint venture it has with PDVSA, also declined to comment.Other foreign oil companies operating in Venezuela, including state-run China National Petroleum Corp, did not immediately respond to a request for comment.SPOOKED INVESTORSBut for the low-profile foreign oil companies which remain in Venezuela despite a wave of nationalizations and company exits, the Supreme Court ruling is another worry amid complex currency controls, a brain drain, and out-of-control crime.Many companies were already concerned about Venezuela''s legal framework after the opposition took control of the National Assembly in January 2016 and warned oil majors that investment deals affecting national interest required their approval.When Rosneft bought a stake in the Petromonagas joint venture early last year, the National Assembly slammed the purchase as "illegal" because it bypassed the legislature. Rosneft responded that the deal was legal.And, bucking international condemnation of what Maduro opponents have called a slide into dictatorship, Moscow on Friday urged the world to leave Venezuela alone."External forces should not add fuel to the fire to the conflict inside Venezuela," the Russian government said.Some companies may also be betting that they would have enough muscle to negotiate with a hypothetical opposition-led government in the future to "legalize" any purchases made without the congressional green light, sources say.But the recent Supreme Court move is unlikely to assuage the fears of foreign partners who have strict internal compliance and legal guidelines, especially as protests and international condemnation grow."This doesn''t solve the problem," said Francisco Monaldi, fellow in Latin American energy policy at the Baker Institute in Houston."It might for the Russians, but I doubt an international company would dare do anything here. This can definitely put a brake on the creation of new joint ventures." (Additional reporting by Corina Pons in Caracas and Vladimir Soldatkin in Moscow; editing by Girish Gupta and Marguerita Choy)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/venezuela-politics-oil-idINL2N1H81EY'|'2017-03-31T15:33:00.000+03:00'
'17f348810c47279258bc1ad48d1d62f878e0b2eb'|'UPDATE 1-Wall Street lowers Q1 GDP view after weak spending data'|'Company News  21pm EDT UPDATE 1-Wall Street lowers Q1 GDP view after weak spending data (Add background, GDP estimates from other banks) NEW YORK, March 31 Some of Wall Street top banks marked down their growth estimates on the U.S. economy in the first quarter as they blamed disappointing data on consumer spending in February on mild weather and slow payout of tax refunds. The banks'' forecasts for gross domestic product expanding in a 1.0 percent-1.5 percent range reinforced the view of another weak start for the world''s biggest economy going back to 2014. Earlier Friday, the Commerce Department said consumer spending, which accounts for more than two-thirds of U.S. economic activity, edged up 0.1 percent. That was the smallest increase since August and was weaker than a 0.2 percent rise in January. J.P. Morgan economist Michael Feroli said in a research note he lowered his view on U.S. gross domestic product in the first quarter to 1.0 percent from 1.5 percent. "Some of that weakness may be transitory: warm weather depressed utility spending in January and February to its weakest two month stretch in over 25 years. The slow payout of tax refunds may have also hindered spending growth in the first two months of the year," Feroli wrote. Barclays economists downgraded their tracking estimate on first-quarter GDP to 1.4 percent from 1.6 percent, while Goldman Sachs analysts reduced their to view 1.5 percent from 1.8 percent. Another sluggish annual start for GDP has been consistent for the past several years, tracing back to the first three months of 2014 when GDP contracted by 2.9 percent because of an unusually chilly winter across the country that damped business activity. A rebound in economic growth has also followed a weak first-quarter. J.P. Morgan''s Feroli upgraded his GDP estimate for the second quarter to 3.0 percent from 2.0 percent in anticipation of rebound in consumer spending. (Reporting by Richard Leong; editing by Chizu Nomiyama and Grant McCool) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-economy-jpmorgan-idUSL2N1H81C5'|'2017-04-01T01:21:00.000+03:00'
'672098d36eac17ccbf9a83cc7d2beb7132e4fb7f'|'Deals of the day-Mergers and acquisitions'|'(Updates John Menzies; Adds Glencore, Renova Energia SA)March 31 The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Friday:** Brazil''s renewable power generation company Renova Energia SA will finalize the sale of wind farm Alto Sertão II to the Brazilian unit of AES Corp for about 700 million reais ($223 million) as early as Monday, two people with direct knowledge of the matter said.** Swiss-based trading and mining giant Glencore has agreed to sell a 51 percent stake in its oil products and logistics business for $775 million to China''s HNA Innovation Finance Group Ltd, the company said.** U.S. private equity firm Silver Lake Partners and U.S. chipmaker Broadcom Ltd have offered Toshiba Corp about 2 trillion yen ($17.9 billion) for its chip unit, the Nikkei business daily reported.** Johnson & Johnson declared its $30 billion tender offer for Swiss biotechnology company Actelion successful, reporting it controlled 77.2 percent of the voting rights after the main offer period.** Canadian Imperial Bank of Commerce said it had raised its takeover offer for PrivateBancorp Inc by 20 percent to about $4.9 billion, after some of the Chicago-based lender''s shareholders opposed an initial bid.** Britain has sold a portfolio of mortgages issued by failed lender Bradford & Bingley for 11.8 billion pounds ($14.67 billion) to insurer Prudential and buyout firm Blackstone in one of the biggest deals of its kind.** Dutch publicly owned utility Eneco said it would buy the Belgian gas and power retail operations of Italian oil and gas company Eni, the Dutch company''s second regional renewable energy related deal this year.** Bahrain-based Investcorp is studying the sale of Spanish ceramic glazes firm Esmalglass in a deal that could be worth close to 600 million euros ($640.68 million), three sources with knowledge of the deal said.** Swiss-based commodities trading and mining giant Glencore is in advanced talks to sell a bundle of its global oil storage stakes, sources familiar with the matter said, following a boom period for storage companies.** The purchase of Indian refiner Essar Oil by a consortium led by Russian oil company Rosneft has been delayed by a few weeks, the two sides said on Friday, because some Indian lenders to Essar have yet to sign off on the deal.** Scottish firm John Menzies said it was in talks to sell its distribution arm in a reverse takeover deal with UK mail delivery firm DX Group, which DX''s top shareholder said was a "bad" proposal.** French food group Danone said it would sell its U.S. organic yoghurt business Stonyfield to facilitate the rapid completion of its $10.4 billion acquisition of U.S. organic food producer WhiteWave foods Co.** Mail delivery firm DX Group Plc said it was talks to buy airport services and logistics group John Menzies'' distribution division in a cash-and-stock deal.** Fubon Financial Holding Co is planning to take a cash offer for its entire stake in Delta Lloyd from NN Group amid concerns about the outlook for the two Dutch insurers'' merger.** Investment company Pine Brook said it would buy Triumph Capital Advisors LLC, a credit investment firm that manages collateralized loan obligations, from Triumph Bancorp.(Compiled by Laharee Chatterjee and Akankshita Mukhopadhyay in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL3N1H8428'|'2017-03-31T18:00:00.000+03:00'
'501062f55980d52f3216ca6e51cb99e822b30946'|'BlackRock''s active gambit ups pressure on rivals'|'Business News   3:21pm EDT BlackRock''s active gambit ups pressure on rivals left right The company logo and trading information for BlackRock is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 30, 2017. REUTERS/Brendan McDermid 1/2 left right FILE PHOTO - The BlackRock logo is seen outside of its offices in New York City, U.S. on October 17, 2016. REUTERS/Brendan McDermid/File Photo 2/2 By Trevor Hunnicutt and Tim McLaughlin - NEW YORK/BOSTON NEW YORK/BOSTON BlackRock Inc''s ( BLK.N ) decision to revamp part of its stock-picking business puts further pressure on active U.S. equity managers to cut fees, change products and merge to stem a relentless, 12-year decline in assets. BlackRock is replacing a handful of portfolio managers and doubling down on an investment in computer models and data science to boost returns and cut fees. The moves affect about 11 percent of its $275 billion active stock fund business but are a drop in the ocean for the company, the world''s largest asset manager. Roughly two-thirds of its $5 trillion in assets under management and half its fee income come from index-tracking funds and exchange-traded funds, products investors are flocking to for superior returns and cheaper management fees. For rivals heavily reliant on active stock pickers, hiring computer geniuses to develop investing models and spending more on data mining may not be a cost-effective way of boosting performance. Axing portfolio managers can also trigger investor withdrawals. "This is a little experiment for BlackRock but bad news for a lot of players in the market," said Kyle Sanders, a stock analyst for Edward Jones. The pain could be concentrated among smaller, active fund managers reliant on fleet-footed retail investors. Mangers of larger funds can put more money into their investment process and tend to have more institutional clients willing to endure a period of underperformance. But even larger companies are at risk. Analysts at Morgan Stanley ( MS.N ) see Franklin Resources Inc ( BEN.N ), home to the Franklin Templeton stable of funds, as one of the most exposed to fee cuts, because its assets are skewed toward the retail brokerage channel. "Over the next three years, we see the management fee rate compressing by 12 percent, leading to revenue degradation of -18 percent," Morgan Stanley analysts said in a recent note. Franklin Templeton, the No. 5 mutual fund company in the United States by assets, did not respond to a request for comment. In its most recent quarter, Franklin Templeton''s assets fell 6 percent from the year prior, while operating revenue fell by 11 percent. For the wider industry, Morgan Stanley analysts'' base case is fee compression of 10 percent to 15 percent and more than 25 percent in its bear case. "We foresee a multi-year adjustment process that will affect the earnings and shares of publicly traded traditional asset managers," Morgan Stanley analyst Michael Cyprys said in a separate, recent research note. He added that fee cuts and product re-engineering could drive some companies to go private "and usher in an era of large-scale consolidation – not without risks." Consolidation is already happening. Janus Capital Group Inc ( JNS.N ) agreed in October to sell itself to UK-based Henderson Group Plc for $2.6 billion. Anglo-South African financial services firm Old Mutual ( OML.L ) this month sold a 25 percent stake in its U.S. fund management arm ( OMAM.N ) to China''s HNA ( 0521.HK ) for $446 million. YEARS OF FEE PRESSURE Actively managed U.S. stock funds have not reported a year of net inflows since 2005, according to Morningstar. Over the past 12 months alone, fund companies including household names such as American Funds, Fidelity Investments, Franklin Templeton and T. Rowe Price Group Inc ( TROW.O ) have endured withdrawals totaling $131.8 billion, the research service said. By comparison, index-fund pioneer Vanguard Group attracted $342 billion in the United States, much of it into its passively managed index funds and exchange-traded funds. A look at industry fees helps explain why. Despite a 15 percent drop in U.S. equity fund fees in the decade ending in 2015, mutual fund managers on average still charge $131 for every $10,000 they manage, according to the Investment Company Institute, a trade group. Vanguard''s U.S. stock funds fees average $18, according to Morningstar. Despite their higher costs, just 14 percent of active broad-market, large-cap stock funds beat their passive counterparts over 10 years through 2016. American Funds defended its strategy. Low-fee shares of its largest fund, the $155 billion Growth Fund of America, beat most of its peers over five years, according to Thomson Reuters'' Lipper unit. "We are and will always be an investment management company first, run by people with deep expertise and phenomenal track records - enabled by some of the world''s leading next-generation technology," an American Funds spokeswoman said in a statement. Fidelity said individual active managers continued to beat the market. "The active/passive debate usually focuses on the industry as a whole and the performance of the average active manager, but as with every industry there are some that are better than others," a Fidelity spokesman said in an email. Will Danoff, one of Fidelity''s best stock pickers, experienced one of his worst years as a portfolio manager in 2016 when his $107 billion Contrafund ( FCNTX.O ) trailed the S&P 500 Index .SPX by nearly 9 percentage points. But so far in 2017, Danoff is working the magic that has been the rule during his nearly 27 years managing investor money. Contrafund''s year-to-date total return of 10.3 percent is easily beating the S&P 500 by nearly 4 percentage points. T. Rowe Price declined to comment. For its part, BlackRock''s actively managed equity business posted $20.2 billion in outflows last year, according to its earnings report. Its move to a quantitative focus underscores the eroding confidence in the ability of humans to pick large-cap stocks that outperform benchmarks such as the S&P 500. Analysts say, however, the industry will have a chance to prove its worth if there is a stock market correction. "When (markets) are all going up at once, and all sectors are firing on all cylinders, you''re fine to be all-passive," said Tom Roseen, senior analyst for Lipper. "But when markets are tanking, if they make the right bets, then we''ll see (some) active mutual funds beating passive, but we won''t see that at all of them." (Reporting by Trevor Hunnicutt in New York and Tim McLaughlin in Boston; Additional reporting by Ross Kerber in Boston; Editing by Carmel Crimmins and Steve Orlofsky) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-funds-active-blackrock-analysis-idUSKBN1722PR'|'2017-04-01T03:21:00.000+03:00'
'a3b283ec96faab219bae136fd274ceac7c65e5ba'|'South Africa''s rand, bonds on back foot on fears of Gordhan exit'|'Company  51am EDT South Africa''s rand, bonds on back foot on fears of Gordhan exit JOHANNESBURG, March 29 South Africa''s rand and government bonds were on the back foot early on Wednesday over speculation of an imminent cabinet shake-up that could see Finance Minister Pravin Gordhan removed. * Gordhan abandoned an investor roadshow and flew home on Tuesday on the orders of President Jacob Zuma, triggering speculation about his future. * Gordhan''s recall rattled investors who see him as a focus of stability and is widely respected in financial markets. * At 0645 GMT, the rand traded at 13.0475 per dollar, 0.48 percent weaker from its New York close on Tuesday. * In fixed income, the yield for the benchmark government bond due in 2026 rose 11.5 basis points to 8.855 percent. * Stocks were set to open higher at 0700 GMT, with the JSE securities exchange''s Top-40 futures index up 0.49 percent. (Reporting by Olivia Kumwenda-Mtambo; Editing by Alison Williams) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/safrica-markets-idUSL5N1H616E'|'2017-03-29T14:51:00.000+03:00'
'419170069deefca2cf1c9dfa577d43722b27b1da'|'UPDATE 1-UK Stocks-Factors to watch on March 29'|'Company  40am EDT UPDATE 1-UK Stocks-Factors to watch on March 29 (Adds company news items, futures) March 29 Britain''s FTSE 100 index is seen opening up 24 points on Wednesday as Britain submits formal notice of its intention to leave the European Union, according to financial bookmakers, with futures up 0.4 percent ahead of the cash market open. * SAGA: British over-50s travel and insurance company Saga Plc reported a 5.6 percent increase in full-year pretax profit as Britain''s vote to leave the European Union did not dent demand for holidays among Britons over 50 years old. * TUI: European travel and tourism company TUI reiterated its target of reaching at least 10 percent growth in underlying full-year operating profit after seeing solid demand for Winter and Summer bookings. * RYANAIR: Irish low-cost airline Ryanair warned that it would not be able to fly between Britain and Europe if the country did not agree a new aviation deal as part of the Brexit negotiations which will be triggered later on Wednesday. * BP: BP plans to sell more refineries without investing in new plants despite growing oil production and will focus on modernising existing operations while expanding its network of filling stations to generate $3 billion in additional cash. * TESCO: Tesco, Britain''s biggest retailer, remains committed to its agreed 3.7 billion pound ($4.7 billion) takeover of wholesaler Booker despite opposition from some big shareholders, its boss said on Tuesday. * ACACIA: Gold miner Acacia Mining Plc on Tuesday denied allegations that it was trying to export gold and copper concentrates in spite of a ban by the Tanzanian government. * BREXIT: Prime Minister Theresa May will file formal Brexit divorce papers on Wednesday, pitching the United Kingdom into the unknown and triggering years of uncertain negotiations that will test the endurance of the European Union. * BRITAIN INFLATION: The British public''s expectations for inflation over the coming year fell in March, despite a sharp pick up in the country''s most closely watched measure of price growth, a monthly survey by bank Citi and polling firm YouGov showed. * BOE: Bank of England interest rate-setter Ian McCafferty said on Tuesday he did not know whether he would vote to increase borrowing costs at the next meeting of the BoE''s policymakers in May. * The UK blue chip index ended up 0.7 percent on Tuesday, underpinned by a recovery in miners and banks as well as a surge in Wolseley''s shares following strong results. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Rahul B in Bengaluru; Editing by Sherry Jacob-Phillips) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1H62FC'|'2017-03-29T14:40:00.000+03:00'
'bd09bd175cb5caadad0be668a1517b349d771554'|'A scramble at Cisco exposes uncomfortable truths about U.S. cyber defense'|'Technology News - Wed Mar 29, 2017 - 6:09am EDT A scramble at Cisco exposes uncomfortable truths about U.S. cyber defense The logo of Cisco is seen at Mobile World Congress in Barcelona, Spain, February 27, 2017. REUTERS/Eric Gaillard By Joseph Menn - SAN FRANCISCO SAN FRANCISCO When WikiLeaks founder Julian Assange disclosed earlier this month that his anti-secrecy group had obtained CIA tools for hacking into technology products made by U.S. companies, security engineers at Cisco Systems swung into action. The Wikileaks documents described how the Central Intelligence Agency had learned more than a year ago how to exploit flaws in Cisco''s widely used Internet switches, which direct electronic traffic, to enable eavesdropping. Senior Cisco managers immediately reassigned staff from other projects to figure out how the CIA hacking tricks worked, so they could help customers patch their systems and prevent criminal hackers or spies from using the same methods, three employees told Reuters on condition of anonymity. The Cisco engineers worked around the clock for days to analyze the means of attack, create fixes, and craft a stopgap warning about a security risk affecting more than 300 different products, said the employees, who had direct knowledge of the effort. That a major U.S. company had to rely on WikiLeaks to learn about security problems well-known to U.S. intelligence agencies underscores concerns expressed by dozens of current and former U.S. intelligence and security officials about the government''s approach to cybersecurity. That policy overwhelmingly emphasizes offensive cyber-security capabilities over defensive measures, these people told Reuters, even as an increasing number of U.S. organizations have been hit by hacks attributed to foreign governments. Larry Pfeiffer, a former senior director of the White House Situation Room in the Obama administration, said now that others were catching up to the United States in their cyber capabilities, "maybe it is time to take a pause and fully consider the ramifications of what we’re doing.” U.S. intelligence agencies blamed Russia for the hack of the Democratic National Committee during the 2016 election. Nation-states are also believed to be behind the 2014 hack of Sony Pictures Entertainment and the 2015 breach of the U.S. Government''s Office of Personnel Management. CIA spokeswoman Heather Fritz Horniak declined to comment on the Cisco case, but said it was the agency''s "job to be innovative, cutting-edge, and the first line of defense in protecting this country from enemies abroad." The Office of the Director of National Intelligence, which oversees the CIA and NSA, referred questions to the White House, which declined to comment. Across the federal government, about 90 percent of all spending on cyber programs is dedicated to offensive efforts, including penetrating the computer systems of adversaries, listening to communications and developing the means to disable or degrade infrastructure, senior intelligence officials told Reuters. President Donald Trump’s budget proposal would put about $1.5 billion into cyber-security defense at the Department of Homeland Security (DHS). Private industry and the military also spend money to protect themselves. But the secret part of the U.S. intelligence budget alone totaled about $50 billion annually as of 2013, documents leaked by NSA contractor Edward Snowden show. Just 8 percent of that figure went toward “enhanced cyber security,” while 72 percent was dedicated to collecting strategic intelligence and fighting violent extremism. Departing NSA Deputy Director Rick Ledgett confirmed in an interview that 90 percent of government cyber spending was on offensive efforts and agreed it was lopsided. "It''s actually something we''re trying to address" with more appropriations in the military budget, Ledgett said. "As the cyber threat rises, the need for more and better cyber defense and information assurance is increasing as well." The long-standing emphasis on offense stems in part from the mission of the NSA, which has the most advanced cyber capabilities of any U.S. agency. It is responsible for the collection of intelligence overseas and also for helping defend government systems. It mainly aids U.S. companies indirectly, by assisting other agencies. “I absolutely think we should be placing significantly more effort on the defense, particularly in light of where we are with exponential growth in threats and capabilities and intentions," said Debora Plunkett, who headed the NSA’s defensive mission from 2010 to 2014. GOVERNMENT ROLE How big a role the government should play in defending the private sector remains a matter of debate. Former military and intelligence leaders such as ex-NSA Director Keith Alexander and former Secretary of Defense Ashton Carter say that U.S. companies and other institutions cannot be solely responsible for defending themselves against the likes of Russia, China, North Korea and Iran. For tech companies, the government''s approach is frustrating, executives and engineers say. Sophisticated hacking campaigns typically rely on flaws in computer products. When the NSA or CIA find such flaws, under current policies they often choose to keep them for offensive attacks, rather than tell the companies. In the case of Cisco, the company said the CIA did not inform the company after the agency learned late last year that information about the hacking tools had been leaked. “Cisco remains steadfast in the position that we should be notified of all vulnerabilities if they are found, so we can fix them and notify customers,” said company spokeswoman Yvonne Malmgren. SIDE BY SIDE A recent reorganization at the NSA, known as NSA21, eliminated the branch that was explicitly responsible for defense, the Information Assurance Directorate (IAD), the largest cyber-defense workforce in the government. Its mission has now been combined with the dominant force in the agency, signals intelligence, in a broad operations division. Top NSA officials, including director Mike Rogers, argue that it is better to have offensive and defensive specialists working side by side. Other NSA and White House veterans contend that perfect defense is impossible and therefore more resources should be poured into penetrating enemy networks - both to head off attacks and to determine their origin. Curtis Dukes, the last head of IAD, said in an interview after retiring last month that he feared defense would get even less attention in a structure where it does not have a leader with a direct line to the NSA director. “It’s incumbent on the NSA to say, ''This is an important mission''," Dukes said. "That has not occurred.” (Reporting by Joseph Menn in San Francisco. Additional reporting by Warren Strobel in Washington.; Editing by Jonathan Weber and Ross Colvin) Next In Technology News BlackRock cuts fees and jobs; stockpicking goes high-tech NEW YORK BlackRock Inc on Tuesday said it would overhaul its actively managed equities business, cutting jobs, dropping fees and relying more on computers to pick stocks in a move that highlights how difficult it has become for humans to beat the market. WASHINGTON The U.S. House voted on Tuesday 215-205 to repeal regulations requiring internet service providers to do more to protect customers'' privacy than websites like Alphabet Inc''s Google or Facebook Inc. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-cyber-defense-idUSKBN17013U'|'2017-03-29T18:09:00.000+03:00'
'a3f4a271b39f7e27a9e8342354e11d4c1b5df534'|'Oil jumps on Libyan disruption, OPEC deal extension hopes'|' 27pm BST Oil jumps on Libyan disruption, OPEC deal extension hopes FILE PHOTO: A worker walks past a pump jack on an oil field owned by Bashneft in Bashkortostan, Russia, January 28, 2015. REUTERS/Sergei Karpukhin/File Photo By Devika Krishna Kumar - NEW YORK NEW YORK Oil prices surged as much as 2 percent on Tuesday after a severe disruption to Libyan oil supplies and as officials suggested OPEC could extend its production cuts deal to the end of the year. Armed factions have blocked production at the western Libyan oilfields of Sharara and Wafa, reducing output by 252,000 barrels per day (bpd), about a third PRODN-LY, said a source at the National Oil Corp (NOC). NOC has declared force majeure on crude loadings from those oilfields. Brent crude futures LCOc1 rose 65 cents, or 1.3 percent to $51.40 per barrel by 1:00 p.m. EDT. West Texas Intermediate (WTI) crude CLc1 rose 78 cents, or 1.6 percent, to $48.51 a barrel. Both benchmarks were up about 2 percent at their session highs. "The closure of two Libyan oil fields ... is supporting the market today with the timing of a potential restart uncertain after militias in western Libya shut key pipelines," Tim Evans, an energy futures specialist at Citi Futures said in a note. "Past outages have ranged from a few days all the way up to two years, although the need for oil revenues will be a strong incentive to negotiate a pipeline restart sooner rather than later." Iranian Oil Minister Bijan Zanganeh said the deal between OPEC and non-OPEC producers to cut output and reduce the global crude glut is likely to be extended beyond June. Russia, a non-OPEC member, is seen as a wild card. However, Russia and Iran signed a joint statement saying they will keep cooperating to reduce output. Non-OPEC member Azerbaijan also said it was ready to join an extension of the deal. Major oil traders gathered in Switzerland this week said they expected OPEC and non-OPEC producers to extend the pact, providing Russia complies. Still, resurgent U.S. oil production and record domestic crude inventories have kept pressuring oil prices. Analysts polled by Reuters predicted that data will show U.S. crude oil stocks rose 1.2 million barrels in the latest week. [EIA/S] Data from the American Petroleum Institute is due at 4:30 p.m. The U.S. Energy Information Administration reports at 10:30 a.m. on Wednesday. Saxo Bank Head of Commodity Strategy Ole Hansen said "an increase of more than 322,000 barrels will see Cushing hit a record". Rising stocks at the Cushing, Oklahoma, storage site and delivery point for WTI tend to depress the price of the U.S. benchmark, widening its discount to Brent CL-LCO1=R. U.S. crude exports are poised to pick up, analysts and traders said, as rising domestic production has pushed WTI''s discount to Brent to its steepest since the United States lifted a ban on exports in late 2015. (Additional reporting by Sabina Zawadzki in London, Henning Gloystein in Singapore; Editing by Marguerita Choy and David Gregorio)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-oil-idUKKBN16Z05G'|'2017-03-29T01:25:00.000+03:00'
'425bc933754c86edc52cb6638ea849ad88e5ff4a'|'Crop shipper AGT sees resolution of India-Canada pulse trade snag'|'Big Story 11  37am EDT Crop shipper AGT sees resolution of India-Canada pulse trade snag By Rod Nickel - WINNIPEG, Manitoba WINNIPEG, Manitoba Canada''s AGT Food and Ingredients Inc, one of the world''s biggest exporters of peas and lentils, expects India to extend an exemption for Canada within days from a crop fumigation policy that threatened to derail trade, Chief Executive Murad Al-Katib said on Tuesday. India''s current exemption for Canada from its requirement that pulse crops be fumigated in the country of origin with methyl bromide, an insect-killing gas, was due to expire on Friday. But Al-Katib told Reuters that multiple sources in India have assured him a three- or six-month extension of the exemption for Canada was imminent, although no official announcement has been made. (Reporting by Rod Nickel in Winnipeg, Manitoba; Editing by Chizu Nomiyama) Next In Big Story 11'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-canada-india-pulses-idUSKBN16Z1QH'|'2017-03-28T21:34:00.000+03:00'
'098f06fc72a19e3067c02840b1ff94f514895fa6'|'UPDATE 1-Latin America to step up bond sales as Trump fears fade'|'  12:02pm EDT UPDATE 1-Latin America to step up bond sales as Trump fears fade (Adds price performance, details on upcoming sales in paragraphs 3-7) By Tatiana Bautzer NEW YORK, March 30 Latin American governments and companies could soon step up bond sales, seizing on increased deal appetite as a regional economic recovery gains steam and concerns about potential aggressive U.S. policy changes ease, bankers and investors said this week. Attractive returns on Latin American debt and demand for less traditional structures have allowed the Brazilian government to sell debt at record low yields. Suzano Papel & Celulose SA subsequently placed a 30-year junk bond, the first of its kind for a Brazilian firm, this month. Arcos Dorados Holdings Inc, the world''s largest McDonald''s restaurant franchisee, and Chile''s Empresas CMPC SA are offering 10-year bond deals on Thursday that could fetch them $765 million in total. Brazilian logistics firm JSL SA could be next in line soon, two people familiar with the plans said. Concerns that U.S. President Donald Trump''s policies would lure capital away from Latin America have subsided, bankers and executives said. Inflows are also being fueled by market stability after the U.S. Federal Reserve''s single rate hike so far this year. Emerging market funds had $6.5 billion in net inflows in the week ended March 22, their most in nearly four years, Institute of International Finance data showed, with about $4.5 billion going to bonds. "We''ll still see a lot of debt refinancing deals, but there are a few first-time issuers tapping the market," said Felipe Wilberg, global head of fixed income for Itaú BBA SA, which is hosting an annual Latin American debt capital markets conference in New York. According to other bankers, who asked for anonymity to speak freely about market trends, cheaper funding for the region''s borrowers largely hinges on the ability of several governments, like Brazil''s, to get congressional approval for key fiscal reforms ahead of a busy Latin America election calendar. Investors initially expected Trump-related turmoil to slam the brakes on access to capital markets in Latin America, which has struggled with the end of a decade-long commodities boom. The premium that investors demand for Latin American bonds over U.S. Treasuries stands at about 7.59 percentage points, compared with about 7.14 points at the start of the year, according to JPMorgan''s EMBI Diversified Latin America bond index. ''DIFFERENT REACTION'' However, the pushback has been minor compared to prior U.S. tightening cycles that triggered violent swings in Latin American issuers'' borrowing costs. Spreads have tightened somewhat across the region, said Baruc Sáez, Itaú BBA''s managing director of international fixed income. "Although conventional wisdom states that U.S. rate hikes lead to pressure on asset prices in emerging markets, we are seeing a different reaction from investors," said Marc Nachmann, head of Latin America for Goldman Sachs Group Inc. Pulpmaker CMPC aims to sell $500 million of so-called Green bonds later Thursday, according to IFR, a Thomson Reuters market intelligence service. Arcos Dorados could pay 6.5 percent interest to place $265 million in bonds, with proceeds going to repay maturing debt, sources said. JSL, the logistics firm, is discussing a potential $300 million global bond deal with banks that will have to be fully hedged against currency fluctuations because the company''s revenues are all denominated in Brazilian reais, a person with direct knowledge of the transaction said. Western Asset Management Co has raised the Latin American share of its emerging markets debt positions to 47 percent from 40 percent over the past year, as prices turned attractive and the outlook improved, said Mark Hughes, who helps oversee $40 billion in bonds for the firm. The ramp-up has been gradual though, Hughes said, noting that bonds from Brazilian exporters now offer a better entry point than those of domestic-oriented companies. Latin American sovereign and corporate borrowers have raised $34 billion from bond sales this year, according to Itaú BBA data. Last year, bond borrowing in the region reached $102 billion. Bankers are raising their estimates for new Latin American bond supply this year to $80 billion from as low as $60 billion in November as the initial negative sentiment on Mexico has recovered. In the case of Brazil, President Michel Temer''s progress in pushing reforms has fueled demand for bonds like Suzano''s. "When the deal hit the road, we sensed that investors were in general more optimistic about fiscal consolidation than they were a year earlier," Marcelo Bacci, Suzano''s chief financial officer, said in an interview. (Additional reporting by Paul Kilby in New York; Editing by Guillermo Parra-Bernal, Christian Plumb and Tom Brown)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/latam-debt-outlook-idUSL2N1H70R6'|'2017-03-31T00:02:00.000+03:00'
'e187986db1b90525062b577aa7f492ed3099db2f'|'German inflation weaker than expected in March, state data suggest'|'Thu Mar 30, 2017 - 10:51am BST German inflation weaker than expected in March, state data suggest A man carries a shopping bag in the colours of the German national flag in downtown Hanover June 26, 2012. REUTERS/Fabian Bimmer BERLIN German consumer inflation probably slowed more than expected in March due to cheaper energy and food prices, falling back below the European Central Bank''s target of just under 2 percent, regional data suggested on Thursday. The surprisingly weak figures from several German states hinted that price pressures in Europe''s biggest economy still remain relatively modest despite its continued upswing, booming labor market and the ECB''s loose monetary policy. The German data follows Spanish price figures that also showed consumer inflation eased sharply in March as fuel and power prices fell, feeding into the debate about the euro zone''s monetary policy outlook. In Germany''s most populous state, North Rhine-Westphalia, annual inflation slowed to 1.7 percent from 2.3 percent in February. It also fell back to 1.7 percent in Hesse and Bavaria. In the eastern state of Brandenburg, it dropped to 1.4 percent while it stood at 1.8 percent in Saxony. The state readings, which are not harmonized to compare with other euro zone countries, will feed into nationwide inflation data due at 1200 GMT (8 a.m. ET). A Reuters poll conducted before the release of the regional data suggested overall consumer price inflation fell to 1.9 percent in March from 2.2 percent in February, which was the highest rate since August 2012. Capital Economics analyst Jennifer McKeown said the state readings suggested that German inflation fell more sharply than expected in March to some 1.7 percent. She added that underlying price pressures would remain subdued. "The labor market is in good health, but it has been for a long time and there are still few signs of strong upward pressure on wage growth," McKeown said. Since core price pressures are much weaker elsewhere in the euro zone, the ECB is likely to maintain its view that the economic recovery has not put inflation on course to meet its medium-term goal, she added. "We see it implementing its asset purchases as planned and keeping interest rates on hold for a long time to come." The inflation rate for the entire euro zone, due on Friday, is expected to have fallen to 1.8 percent in March from 2.0 percent in February, economists polled by Reuters said. The ECB has slashed interest rates and adopted a bond-buying program worth 2.3 trillion euros ($2.47 trillion) to pump money into the region''s economy. The central bank has said it needs to see if inflation rises at the start of the year are sustainable in the medium term before considering changing policies which pump billions of euros into the euro zone economy through asset purchases. (Reporting by Michael Nienaber; Editing by Catherine Evans) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-germany-economy-inflation-idUKKBN171136'|'2017-03-30T17:44:00.000+03:00'
'649ea55cdae3090dc2d23d7494abfaf82b37a03f'|'GSK''s new CEO gets short-term win from generic Advair delay'|'Company News  44am EDT GSK''s new CEO gets short-term win from generic Advair delay * Delay to boost GlaxoSmithKline cash-flow in near term * Good news for new CEO Walmsley, who takes over April 1 By Ben Hirschler LONDON, March 30 GlaxoSmithKline''s new CEO Emma Walmsley, who takes over on April 1, has won a short-term reprieve from the threat of generic Advair with a delay in U.S. approval for Mylan''s copy of the blockbuster lung inhaler. Shares in the British drugmaker gained 0.7 percent in early London trading on Thursday on the news. It is unclear how long Mylan will have to wait to get its version of the asthma and chronic lung disease medicine on the market, after receiving a so-called complete response letter (CRL) from the U.S. Food and Drug Administration (FDA). If the delay is down to a minor issue, Mylan could refile within two months and get an FDA response as early as July 2017. But more fundamental issues and deeper FDA concerns about generic Advair copies might push back approval by as much as two years, according to Peel Hunt analysts. That is a worry for other firms hoping to sell substitutable generic Advair in the big U.S. market. Shares in Hikma, which hopes to hear back from the FDA by May 10 on its generic application, fell 1 percent and those in its partner Vectura dropped 2 percent by 0735 GMT. Nonetheless, analysts are convinced that generic Advair is coming. "It is still likely that U.S. Advair will ultimately be genericised in the near future. In this context, any delay is likely to be simply viewed as a short-term cash-flow benefit to GlaxoSmithKline," Jefferies analysts said in a note to investors. GSK said it had noted Mylan''s CRL announcement late on Wednesday, adding that the possible introduction of generic Advair in the United States this year was "an event we have anticipated and planned for". The company said in February that core earnings per share, in constant currencies, would be flat to slightly lower in 2017, if substitutable Advair generics arrive in the United States by mid-year. If they don''t launch, EPS should rise between 5 and 7 percent. If generics do arrive by mid-2017, GSK has forecast Advair''s U.S. sales will be around 1 billion pounds ($1.24 billion), down from 1.83 billion in 2016. GSK has a raft of newer respiratory medicines to help fill the gap left by declining sales of Advair and Britain''s biggest drugmaker believes it can maintain its leadership position in treatments for lung disorders. (Editing by David Evans) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mylan-fda-gsk-idUSL5N1H717G'|'2017-03-30T15:44:00.000+03:00'
'9e14bc452a25afe3438e78c71f58f058a47d69ab'|'GRAPHIC-Q1 follows Trumpflation script for markets, but it may be unravelling'|' 20am EDT GRAPHIC-Q1 follows Trumpflation script for markets, but it may be unravelling * Global Assets in 2017 reut.rs/2ne9sjH * World FX rates in 2017 tmsnrt.rs/2egbfVh * EM stocks in 2017 tmsnrt.rs/2hn5N02 * EM currencies in 2017 tmsnrt.rs/2hniYya By Jamie McGeever LONDON, March 29 On the face of it, the first quarter of the year followed the ''risk on'' script. U.S. stocks surged to new highs, the Federal Reserve raised interest rates, high yield debt rallied yet again and Wall Street volatility slumped to its lowest in a decade. But that masks a palpable deterioration in sentiment and sharp market turnaround in recent weeks, so much so that the best two performing asset classes in the quarter, according to a Reuters checklist, were at the opposing ends of the risk spectrum - emerging market equities and gold. The first half of Q1 continued from where Q4 last year left off. Investors piled into riskier, high-yielding assets at the expense of safe-haven bonds on the view that Donald Trump''s election victory would propel U.S. growth and markets higher. But that optimism has evaporated. The dollar slid from a 14-year high in January to a four-month low on Monday, safe-haven gold had its best quarter in a year and oil fell 12 percent, its worst quarter since the end of 2015. The turnaround is encapsulated in the performance of U.S. financial stocks. They soared 30 percent in Q4, much of that following the U.S. election on Nov. 8 in the hope that new president Donald Trump would slash taxes and bank regulation. The steepening yield curve - a widening gap between longer term and shorter term yields - helped boost them too. But the curve has since flattened on growing doubts about the Federal Reserve''s ability to embark on a sustained path of rate hikes. U.S. financials are ending the quarter flat. GRAPHICS: Global Assets in 2017 reut.rs/2ne9sjH World FX rates in 2017 tmsnrt.rs/2egbfVh EM stocks in 2017 tmsnrt.rs/2hn5N02 EM currencies in 2017 tmsnrt.rs/2hniYya What''s more, asset correlations have started to break down, most notably in the dollar''s inverse relationship with commodities. Normally, a rising dollar means lower commodity prices, and vice versa. But both have fallen in recent weeks. Analysts are now wondering if the "Trumpflation" trade has come to a premature end. U.S. stocks are the most overvalued in 17 years, according to Bank of America Merrill Lynch fund manager survey. Or is this just a pause before the next leg higher? "Perceived delays to U.S. tax reform and fiscal stimulus have led to underperformance of ''Trump'' trades and have generated a short-term top in yields and equity prices," Citi strategists and economists said in a note to clients on Monday. "We can see this extending .. (but) we doubt this is an end of cycle moment, since monetary policy remains supportive. Hence we would be inclined to buy a dip in risk assets and sell a further rally in fixed income if this transpires," they added. Mirroring what appears to be the broad consensus, Citi remains overweight in equities and cash, underweight in government bonds and neutral in credit and commodities. (Reporting by Jamie McGeever; Graphics by Vikram Subhedar and London markets team; Editing by Tom Heneghan) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-markets-q-idUSL5N1H44UH'|'2017-03-29T18:20:00.000+03:00'
'12aa42a1c3877727fd4e2edf61f4c8b4e661de21'|'Nikkei edges down in choppy trade as ex-dividend adjustment weighs'|' 47pm EDT Nikkei edges down in choppy trade as ex-dividend adjustment weighs * Ex-dividend adjustments seen about 130 points * Kansai Electric jumps after court rules in favor of co By Ayai Tomisawa TOKYO, March 29 Japan''s Nikkei share average edged down in choppy trade on Wednesday morning as ex-dividend share price adjustments pressured the market and offset positive sentiment from gains in Wall Street overnight. The Nikkei dropped 0.2 percent to 19,165.66 in midmorning trade after opening a tad higher. About 130 points are cut from the Nikkei by the ex-dividend price adjustment, according to market participants. Stocks which were bought ex-dividend on Tuesday by investors hunting for higher yields languished, with Takeda Pharmaceutical stumbling 2.3 percent and Japan Tobacco Inc falling 0.7 percent. Exporters and banking stocks lost ground, with Toyota Motor Corp falling 1.4 percent, Nissan Motor Co shedding 2.2 percent and Sumitomo Mitsui Financial Group declining 1.3 percent. U.S. stocks ended sharply higher overnight helped by data showing U.S. consumer confidence had soared to a more than 16-year high. "The market takes heart from strong U.S. economic data, and sentiment in the overall market is not bad," said Yutaka Miura, a senior technical analyst at Mizuho Securities, adding that without the ex-dividend price adjustments, the Nikkei would have been solid. Other market participants said that with the uncertainty over U.S. President Donald Trump''s ability to push through his planned tax cuts and stimulus policies, investors remain cautious about taking large positions in the near term. The utility sector outperformed, rising 2.3 percent and being the best sectoral performer on the board after Kansai Electric Power jumped 9 percent after a Japanese high court on Tuesday overturned a lower court''s order to shut two reactors operated by the company. The broader Topix shed 0.1 percent to 1,543.73 and the JPX-Nikkei Index 400 declined 0.1 percent to 13,805.71. (Reporting by Ayai Tomisawa; Editing by Eric Meijer)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-midday-idUSL3N1H61IG'|'2017-03-29T10:47:00.000+03:00'
'7c97c645feb373808dd4ac612ebe9d9dea86033b'|'Toshiba CEO says chips stake sale will likely avert negative shareholder equity'|'TOKYO Toshiba Corp''s ( 6502.T ) CEO said on Wednesday that offers received so far for a stake in its NAND flash memory business are high enough for the Japanese company to avoid falling into negative shareholder equity."We expect the chip unit valuation will be at least 2 trillion yen ($18 billion), Satoshi Tsunakawa said at a news briefing in Tokyo after the company''s U.S. Westinghouse nuclear unit filed for Chapter 11 protection from creditors.Tsunakawa will seek approval for the sale of more than half the business at a gathering of shareholders in Tokyo on Thursday.(Reporting by Makiko Yamazaki; Writing by Tim Kelly; Editing by Edwina Gibbs)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-toshiba-accounting-chips-sale-idUSKBN17013N'|'2017-03-29T14:05:00.000+03:00'
'11a1f7b479511b29dbaa8b2d1e5986e01ef1a8ec'|'Asia shares creep up to near two-year peak, dollar firms'|'Business   2:01am BST Asia shares creep up to near two-year peak, dollar firms left right People walk in front of an electronic board showing Japan''s Nikkei average outside a brokerage in Tokyo, Japan, April 13, 2016. REUTERS/Toru Hanai 1/2 left right Britain''s permanent representative to the European Union Tim Barrow delivers British Prime Minister Theresa May''s Brexit letter giving notice of the UK''s intention to leave the bloc under Article 50 of the EU''s Lisbon Treaty to EU Council President Donald Tusk in Brussels, Belgium March 29, 2017. REUTERS/Yves Herman 2/2 TOKYO Asian shares edged up to near their highest in two years on Thursday, while the dollar benefited from waning expectations that the European Central Bank was poised to end its easy policy. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was 0.2 percent higher in early trade, pushing against its loftiest levels since June 2015. Japan''s Nikkei stock index .N225 was down 0.2 percent, while Australian shares firmed, helped by gains in oil prices. Strong energy shares had helped the U.S. S&P 500 .SPX end higher overnight. The dollar index, which tracks the U.S. currency against a basket of six major rivals, was steady on the day at 100.030 .DXY. It was lifted to a one-week high overnight as the euro slipped on concerns about the impact of Brexit as well as news that European Central Bank policymakers are keen to reassure investors that their easy-money policy is far from ending. The euro was down 0.1 percent at $1.0752 EUR= , after Reuters reported ECB policymakers were wary of changing their policy message after tweaks this month upset investors and raised chances of a surge in borrowing costs. Prime Minister Theresa May formally began Britain''s exit from the European Union on Wednesday, launching a two-year negotiation process before the divorce comes into effect in late March 2019. Sterling edged up slightly on the day to $1.2439 GBP= after skidding to a one-week low of $1.2377 overnight. "Brexit, to some extent, has been covered in the market already. People went short, covered, and went short again," said Kaneo Ogino, director at foreign exchange research firm Global-info Co in Tokyo. "As for the dollar, demand is still steady from pure commercial orders, but the Japanese fiscal year ends this week and Tokyo investors don''t want to take new positions," Ogino said. Against the yen, the dollar added 0.2 percent to 111.25 JPY= , well above this week''s low of 110.110, its lowest since Nov. 18, in the wake of last week''s failure to pass a U.S. healthcare reform bill. That had raised fears that President Donald Trump might face challenges in getting his promised stimulus and tax reform policies passed as well, which pressured the greenback. But underpinning the dollar, Chicago Federal Reserve President Charles Evans, a voter on the policy-setting Federal Open Market Committee, said on Wednesday he supports further interest rate hikes this year given progress on the Fed''s goals of full employment and stable inflation. Comments from Boston Fed President Eric Rosengren and San Francisco Fed President John Williams also backed multiple rate hikes, though those officials are non-FOMC voters. U.S. crude futures CLc1 were up 0.1 percent at $49.56 a barrel in early Asian trading, while Brent crude futures LCOc1 were steady at $52.42 after adding 2.1 percent on Wednesday. Oil prices surged on Wednesday as U.S. crude inventories grew less than expected, supply disruptions continued in Libya and the OPEC-led output cut looked likely to be extended. [O/R] (Reporting by Tokyo markets team; Editing by Eric Meijer) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-markets-idUKKBN17103W'|'2017-03-30T09:07:00.000+03:00'
'0ec32b6e3f303f97ecd9df11d38a916f19fa59bf'|'Asia shares creep up to near two-year peak, dollar firms'|'Business News - Wed Mar 29, 2017 - 9:00pm EDT Asia shares creep up to near two-year peak, dollar firms A woman walks past electronic board showing stock prices and Japanese Yen''s exchange rate outside a brokerage at a business district in Tokyo, Japan, January 23, 2017. REUTERS/Kim Kyung-Hoon TOKYO Asian shares edged up to near their highest in two years on Thursday, while the dollar benefited from waning expectations that the European Central Bank was poised to end its easy policy. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was 0.2 percent higher in early trade, pushing against its loftiest levels since June 2015. Japan''s Nikkei stock index .N225 was down 0.2 percent, while Australian shares firmed, helped by gains in oil prices. Strong energy shares had helped the U.S. S&P 500 .SPX end higher overnight. The dollar index, which tracks the U.S. currency against a basket of six major rivals, was steady on the day at 100.030 .DXY. It was lifted to a one-week high overnight as the euro slipped on concerns about the impact of Brexit as well as news that European Central Bank policymakers are keen to reassure investors that their easy-money policy is far from ending. The euro was down 0.1 percent at $1.0752 EUR= , after Reuters reported ECB policymakers were wary of changing their policy message after tweaks this month upset investors and raised chances of a surge in borrowing costs. Prime Minister Theresa May formally began Britain''s exit from the European Union on Wednesday, launching a two-year negotiation process before the divorce comes into effect in late March 2019. Sterling edged up slightly on the day to $1.2439 GBP= after skidding to a one-week low of $1.2377 overnight. "Brexit, to some extent, has been covered in the market already. People went short, covered, and went short again," said Kaneo Ogino, director at foreign exchange research firm Global-info Co in Tokyo. "As for the dollar, demand is still steady from pure commercial orders, but the Japanese fiscal year ends this week and Tokyo investors don''t want to take new positions," Ogino said. Against the yen, the dollar added 0.2 percent to 111.25 JPY= , well above this week''s low of 110.110, its lowest since Nov. 18, in the wake of last week''s failure to pass a U.S. healthcare reform bill. That had raised fears that President Donald Trump might face challenges in getting his promised stimulus and tax reform policies passed as well, which pressured the greenback. But underpinning the dollar, Chicago Federal Reserve President Charles Evans, a voter on the policy-setting Federal Open Market Committee, said on Wednesday he supports further interest rate hikes this year given progress on the Fed''s goals of full employment and stable inflation. Comments from Boston Fed President Eric Rosengren and San Francisco Fed President John Williams also backed multiple rate hikes, though those officials are non-FOMC voters. U.S. crude futures CLc1 were up 0.1 percent at $49.56 a barrel in early Asian trading, while Brent crude futures LCOc1 were steady at $52.42 after adding 2.1 percent on Wednesday. Oil prices surged on Wednesday as U.S. crude inventories grew less than expected, supply disruptions continued in Libya and the OPEC-led output cut looked likely to be extended. [O/R] (Reporting by Tokyo markets team; Editing by Eric Meijer) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-global-markets-idUSKBN17103R'|'2017-03-30T09:00:00.000+03:00'
'737f408c44debd1eba1adb9dbce570a529157019'|'UPDATE 1-China''s Creat makes 1.2 bln euro bid for German blood plasma firm'|'Company News - Thu Mar 30, 2017 - 5:16am EDT UPDATE 1-China''s Creat makes 1.2 bln euro bid for German blood plasma firm * Biotest welcomes talks with suitor * Biotest in drive to double output capacity * No premium offered for non-voting shares (Adds proposed deal value, premiums, shares) FRANKFURT, March 30 Chinese investor Creat Group Corp has offered to buy German blood plasma products maker Biotest for about 1.2 billion euros ($1.3 billion) including debt following its purchase last year of British peer Bio Products Laboratory. "The Board of Management and Supervisory Board welcome the discussions," Biotest said, adding the suitor would back an ongoing investment drive to more than double output capacity by 2022. Biotest said Creat had proposed a purchase price of 28.50 euros per ordinary share, a 43 percent premium over Wednesday''s closing price. However owners of preference shares without voting rights would be offered only 19 euros apiece, a slight discount to Wednesday''s 19.02 euro close. The preference shares slipped 0.4 percent to 18.94 euros at 0828 GMT, while the ordinary shares jumped 17.6 percent to 23.50 euros. Biotest, whose products are used to treat blood coagulation disorders, auto-immune diseases and immune deficiencies, said the potential deal was still subject to final negotiations and an agreement with Biotest AG''s majority shareholder, OGEL GmbH. Germany and China have been involved in an increasingly public dispute about access to each others'' markets, with China complaining about unfair scrutiny of its acquisition targets in Germany, and Germany wanting a more level playing-field for its firms in the world''s second-largest economy. Due to the talks, Biotest said it postponed its annual shareholder meeting, initially planned for May 10, to a later date, which was yet to be announced. OGEL, the investment vehicle of late company founder Hans Schleussner''s family, holds slightly more than half of Biotest''s ordinary shares with voting rights. Biotest''s share capital is split evenly between ordinary and preference shares, with latter share class being completely in free-float ownership. Creat agreed in May last year to acquire British biotech firm Bio Products Laboratories (BPL) from Bain Capital for 820 million pounds ($1.02 billion). Biotest, which is being advised by Credit Suisse, suffered a setback last week when its partner Immunogen decided to cease work with Biotest on bringing an experimental blood cancer treatment to the U.S. market. ($1 = 0.9313 euros) (Reporting by Ludwig Burger and Patricia Weiss; Editing by Keith Weir) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/biotest-ma-creat-idUSL5N1H71JT'|'2017-03-30T17:16:00.000+03:00'
'40d6b2962ad44c4919e355f982c9a50112a1e262'|'Brussels hopes to reap further Brexit rewards after luring Lloyd''s'|'Big Story 10 - Thu Mar 30, 2017 - 5:11am EDT Brussels hopes to reap further Brexit rewards after luring Lloyd''s By Robert-Jan Bartunek - BRUSSELS BRUSSELS Brussels expects to lure other financial players after convincing Lloyd''s of London, the world''s largest specialty insurance market, to make the city its post-Brexit European hub. While Lloyd''s choice on Thursday surprised some, lower rental prices and its proximity to Britain could help other financial firms choose the multilingual home of the European Union over Dublin, Frankfurt, Paris and Luxembourg. [L5N1H71H8] Lloyd''s is expected to move fewer than 100 people, but other insurers needing an EU subsidiary to keep access to the single market after Britain leaves the bloc may follow. Lloyd''s has long been a magnet for insurance underwriters, most of which are clustered around its landmark building in the City of London. "From our contacts with consultancy firms we have learned that several companies are interested in Belgium," a spokeswoman for Belgium''s financial sector federation Febelfin said, without specifying which companies or sectors had expressed an interest. Brussels suffered as a banking center during the financial crisis in which its three largest banks required state-led bailouts from which only one has really recovered and employment in Belgium''s financial sector has been in steady decline, shrinking some 20 percent since 2007. Fortis, once one of Europe''s largest banks, now only exists as a pared-down insurer, Ageas, after its banking operations were sold to France''s BNP Paribas. Dexia, once the world''s largest lender to municipalities, is being wound down, with Belgium, France and Luxembourg guaranteeing 71 billion euros ($77 billion) of the group''s borrowings. Nevertheless, Belgium still hosts the headquarters of payment messaging provider Swift and clearing house Euroclear and some 82 banks have an office in the country. Being in the vicinity of European institutions also allows for easy access to high-level decision makers. For employees cosmopolitan Brussels offers rents which are about a third of those in London, high-speed rail services reaching the UK capital in less than two hours and good food. "What people really like here is the international community that definitely is the number one reason to come here," Edgar Hutte of the Brussels Expat Club, which helps new arrivals settle in, said. The negatives include hefty income taxes, among the highest in the OECD group of developed countries, bureaucratic red tape and world record traffic jams. ($1 = 0.9264 euros) (Editing by Philip Blenkinsop and Alexander Smith) Next In Big Story 10'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-britain-eu-lloydsoflondon-brussels-idUSKBN1710ZA'|'2017-03-30T17:06:00.000+03:00'
'a59859dd248dd0ecd994632488ce7ca44d884e46'|'Pending home sales surge to 10-month high'|'Business News - Wed Mar 29, 2017 - 10:03am EDT Pending home sales surge to 10-month high A home for sale sign hangs in front of a house in Oakton in Virginia March 27, 2014. REUTERS/Larry Downing WASHINGTON Contracts to buy previously owned U.S. homes jumped to a 10-month high in February, pointing to robust demand for housing ahead of the spring selling season despite higher prices and mortgage rates. The National Association of Realtors said on Wednesday its Pending Home Sales Index, based on contracts signed last month, surged 5.5 percent to 112.3, the highest reading since April. It was also the second best reading since May 2006. Contract signing last month was likely boosted by unseasonably warm temperatures. The gains reversed January''s 2.8 percent drop. Pending home contracts become sales after a month or two, and last month''s surge implied a pickup in home resales after they tumbled 3.7 percent in February. Economists had forecast pending home sales rising 2.4 percent last month. Pending home sales increased 2.6 percent from a year ago. Demand for housing is being driven by the labor market, which is generating wage increases, as it nears full employment. Sales activity, however, remains constrained by tight inventories, which are driving up home prices. Given labor market strength, economists expect only a modest impact from higher mortgage rates. The 30-year fixed mortgage rate is currently at 4.23 percent, below a more than 2-1/2-year high of 4.32 percent hit in December. Contracts increased 3.4 percent in the Northeast and jumped 3.1 percent in the West. They surged 11.4 percent in the Midwest and rose 4.3 percent in the South. (Reporting By Lucia Mutikani; Editing by Andrea Ricci) Next In Business News U.S. stocks'' rally may be near peak, but some gains ahead: Reuters poll NEW YORK A U.S. stock rally fueled by optimism President Donald Trump will boost the economy may be near its peak, according to a Reuters poll of strategists who forecast U.S. shares will gain less than 3 percent between now and year-end. BRUSSELS An attempted merger between the German and British stock exchanges was struck down by European regulators on Wednesday, formally ending a deal that unraveled in the wake of Britain''s vote to leave the European Union. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-economy-idUSKBN1701XS'|'2017-03-29T22:03:00.000+03:00'
'9786289c22175207ba5ccf691ca1efb504af6db7'|'VW files complaint at Munich court against dieselgate firm searches'|'Business News - Wed Mar 29, 2017 - 7:58am EDT VW files complaint at Munich court against dieselgate firm searches A Volkswagen logo is pictured at the newly opened Volkswagen factory in Wrzesnia, Poland, September 9, 2016. REUTERS/Kacper Pempel/File Photo BERLIN Volkswagen ( VOWG_p.DE ) has filed a legal complaint with a Munich court against the searches carried out by German prosecutors against the law firm it hired to investigate its emissions scandal, a spokesman said. Europe''s biggest carmaker had condemned the search of offices of U.S. law firm Jones Day on March 15 and said it would use every legal step to defend itself. The VW spokesman declined comment on Wednesday when the complaint was lodged with the Munich local court and gave no further details. (Reporting by Andreas Cremer; Editing by Christoph Steitz) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-volkswagen-emissions-court-idUSKBN1701IB'|'2017-03-29T19:58:00.000+03:00'
'282a27770046bc541a7f93c88150e0140f05aa68'|'Facebook adds camera features, moving closer to Snapchat'|'Technology News - Tue Mar 28, 2017 - 8:05am EDT Facebook adds camera features, moving closer to Snapchat Facebook logo is seen on a wall at a start-up companies gathering at Paris'' Station F in Paris, France, January 17, 2017. REUTERS/Philippe Wojazer By David Ingram - SAN FRANCISCO SAN FRANCISCO Facebook Inc ( FB.O ) is giving the camera a central place on its smartphone app for the first time, encouraging users to take more pictures and edit them with digital stickers that show the influence of camera-friendly rival Snapchat. With an update scheduled to take effect on Tuesday, Facebook will allow users to get to the app''s camera with one swipe of their finger and then add visual details like a rainbow or a beard of glitter. Users will be able to share a picture privately with a friend, rather than to the user''s entire list of friends, and add a picture to a gallery known as a "story," similar to a feature on the Snapchat app. Snapchat, owned by Snap Inc ( SNAP.N ), popularized the sharing of digitally decorated photographs on social media, especially among teenagers, and exposed a weakness of Facebook as the companies battle for eyeballs and leisure time. Snap, which went public this month, has recently emphasized its ambitions to build gadgets and has called itself a camera company rather than a social media firm. Facebook, the world''s largest social network with some 1.86 billion users, denies it took its camera ideas from Snapchat and says it got them from Facebook users. "Our goal here is to give people more to do on Facebook and that''s really been the main inspiration," Connor Hayes, a Facebook product manager, said in a briefing with reporters. In a glimpse of how the features could tie in with other businesses, one of the first camera effects will be the ability to morph someone in a photograph into a yellow, cartoon "Minion." The latest Minion movie, "Despicable Me 3," is due out in a few months from Comcast Corp''s ( CMCSA.O ) NBC Universal. Facebook has deals to license content from six film studios, as well as from two artists, said Kristen Spilman, design director at Facebook. Another visual effect that can be added to pictures allows someone in a picture to "become a laser cat with super powers," Spilman said. The effects will vary by location. Spilman said that when Facebook tested the ability to add the phrase "LOL" - the acronym for "laugh out loud" - to a picture, users in Ireland were confused by what it meant. (Reporting by David Ingram; Editing by Bill Trott) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-facebook-camera-idUSKBN16Z1GT'|'2017-03-28T20:05:00.000+03:00'
'045db30f76452cd9a755cdcfe02bca7850599736'|'Saudi Arabia sweetens huge Aramco IPO with tax cut'|'Business   5:49am BST Saudi Arabia sweetens huge Aramco IPO with tax cut left right Saudi minister of finance Mohammed Al-Jadaan gestures during the 2017 budget news conference in Riyadh, Saudi Arabia December 22, 2016. REUTERS/Faisal Al Nasser 1/2 left right Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed 2/2 By Reem Shamseddine and Marwa Rashad - JEDDAH, Saudi Arabia/RIYADH JEDDAH, Saudi Arabia/RIYADH Saudi Arabia''s government has cut the income tax paid by national oil giant Saudi Aramco to smooth the company''s initial public offer of shares next year, which is expected to be the world''s largest equity sale. A royal decree on Monday, retroactive to Jan. 1, set a tax rate of 50 percent for the firm. Previously, Aramco had paid 85 percent tax, plus a 20 percent royalty levied at a different stage; the decree did not mention the royalty. The step appeared likely to reduce Aramco''s tax burden by as much as tens of billions of dollars, which could make the firm much more attractive to private investors. Saudi authorities had been considering such a change for months, sources told Reuters. "The royal order is a milestone in setting the stage for the world''s biggest IPO. I am sure there will be more such moves to follow in coming weeks and months," an oil industry executive said. "It shows the Saudi government is serious about the IPO of Saudi Aramco, and this is a very strong message to those who doubted that the government will follow through on taking Aramco public." The government aims to sell up to 5 percent of Aramco, listing the shares in Riyadh and at least one foreign exchange, to raise cash for investment in new industries, as the kingdom seeks to diversify its economy beyond oil exports in an era of cheap crude. Saudi officials have predicted the IPO will value the company at $2 trillion (1.59 trillion pounds) or more. Many private analysts have been sceptical, making estimates below $1 trillion, but a 50 percent tax rate could bring the offer closer to $2 trillion. "This move carries strategic benefits for Saudi Arabia, its citizens and future generations," Finance Minister Mohammed al-Jadaan said in a statement about the tax cut. As the biggest crude supplier to China, Saudi is also trying to rope in China''s oil companies as IPO investors. Sinopec Corp ( 600028.SS ) said Aramco president had visited the firm and both sides would have talks on the IPO. "They (Aramco) believe China is a huge market. China attracts them as a main driver for oil and gas demand growth. They are hoping to involve us in the talk of the IPO," Wang Yupu, chairman of Sinopec Corp, said during an earnings briefing in Hong Kong late on Monday. "For the next step, we will deepen our communication and cooperation." The Saudi government, which is struggling to close a budget deficit due to cheap oil that totalled $79 billion last year, obtains over 60 percent of its income from oil, so the tax change could affect its finances. However, analysts said the measure might not have a big impact since tax revenue was expected to be replaced by dividend payments from Aramco. The firm has not revealed its post-IPO dividend policy. "Any tax revenue reductions applicable to hydrocarbon producers operating in the kingdom are replaced by stable dividend payments by government-owned companies, and other sources of revenue including profits resulting from investments," Jadaan said. He said in a later statement to Reuters that the 2017 state budget had been prepared with the tax change in mind, so government revenues and public services would not be affected. Industry executives have said the IPO will help Aramco, one of the country''s most efficient state enterprises, expand its business in line with market principles and form partnerships with private-sector companies around the world. Aramco Chief Executive Amin Nasser said in a statement that the tax cut would help Aramco develop by bringing the company in line with international benchmarks. (Writing by Andrew Torchia, Editing by Dale Hudson and Himani Sarkar) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-saudi-oil-tax-idUKKBN16Z0E3'|'2017-03-28T12:49:00.000+03:00'
'a6805efe054b3352f358af74e15a11fe92f93caf'|'United Utilities sees lower FY revenue on accounting impact of JV'|'Business News - Tue Mar 28, 2017 - 8:03am BST United Utilities sees lower FY revenue on accounting impact of JV Water utility company United Utilities Group Plc ( UU.L ) said it expected full-year revenue to be slightly lower due to the accounting impact of its Water Plus joint venture. The company, the largest of Britain''s three publicly-listed water suppliers by market value, said underlying operating profit was expected to be moderately higher in 2016-2017. United Utilities said its infrastructure renewals expenditure (IRE) increased slightly in the second half of the year. However, the company maintained its full-year IRE estimate of about 800 million pounds, moderately lower than last year, mainly due to a slightly different mix of capital investment. United Utilities also said it expects an impact from higher retail price index inflation and sees underlying net finance expense for 2016-2017 at around 240 million pounds. The company, which supplies water across Cheshire, Lancashire and Cumbria, said it expects a small increase in group net debt at March 31 2017, compared with its position at Sept. 30. Shares in United Utilities had risen after Britain''s historic vote to leave the European Union drove investors to defensive stocks such as utility companies, which are seen as "bond-proxies" due to their regular and high returns. While the company would not see any direct impact from Brexit, the company faces a risk of interest rates going up on borrowing from future potential regulatory changes that could hurt to its dividend policy. (Reporting by Arathy S Nair and Sanjeeban Sarkar in Bengaluru; Editing by Sunil Nair) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-unitedutilities-outlook-idUKKBN16Z0O3'|'2017-03-28T15:03:00.000+03:00'
'62dd6b364a5580287eb6f9cdc68a580fbdc2de9a'|'London Metal Exchange hit by regulatory delay to plan to cut margins'|'* LME Clear hoped to introduce cuts to initial margins last autumn* Average Jan copper volumes down 12 pct on LME, up 22 pct on CME* Cuts in margins could make LME more competitive with U.S. rivalBy Eric OnstadLONDON, March 28 Regulatory delays to a proposal to slash initial clearing margins by the London Metal Exchange has dealt another blow to the exchange''s ability to fend off competition from U.S. rival CME Group, whose margins are sharply lower.The LME, fighting declining volumes and complaints from its members about higher trading fees, has seen steep losses to the CME in the copper market early this year.In January alone the average daily volume (ADV) for CME copper futures contracts surged by 22 percent while the ADV for LME copper lots slid by 12 percent.The LME is the world''s oldest market for industrial metals and still hosts the majority of trading but has seen its dominance eroded in recent years.There are a host of reasons why speculators have gravitated to the CME in copper, including a more complex futures market structure at the LME, but initial margins is a major one, brokers and industry sources said.Customers trading on financial exchanges have to put down an initial margin, in cash as a guarantee that they will fulfil their contract obligations."Everyone is fixated on costs these days, so that (a cut in margins) would be a material change to the market," said the head of metals at a top LME broker, who declined to be named."For the LME, when you are competing with CME in copper that could be significant."It was unclear for the reason for delays in regulators approving the LME''s plans to cut margins, which the exchange had hoped to introduce last autumn.Both the Bank of England and the European Securities and Markets Authority (ESMA), which regulate the exchange''s clearing house, LME Clear, declined to comment.But two industry sources said progress on the proposal had stalled with European Union regulators. "With the current uncertainty about Brexit, the UK doesn''t seem to be at the top of their shopping list," one source said, referring to European regulators.SIGNIFICANT CUTSThe LME said last August it had hoped to make "significant", cuts to initial margins, without giving exact figures.Those costs could be lowered by between 20 and 30 percent, industry sources said, which would be most important for top metals copper and aluminium."It''s frustrating to us on this side of the fence," said Michael Overlander, chief executive at broker Sucden Financial, one of nine top-tier LME members allowed to trade in the open outcry ring.Initial margins for one lot of copper at the LME are $12,800 while for an equivalent amount of copper on the CME they are $6,834, according to the exchanges.A key reason why LME margins are high is it has to make calculations based on a two-day liquidation period while for the CME it is only one-day. But LME brokers have a partial advantage in that they can offset short and long positions when figuring how much cash they have to provide the clearing house.The LME, owned by Hong Kong Exchanges and Clearing Ltd. , said in a statement that the changes were still subject to "final regulatory approval" but did not give details.The LME announced its plans to reduce initial margins at the same time last August when it said it would cut fees for short-dated trades, which market sources said was an attempt to halt a slide in trading volumes.Volumes on the 140-year-old LME have come under pressure since trading fees jumped an average of 31 percent in January 2015.LME trading volumes dropped an overall 7.7 percent in 2016 to 156.5 million lots while they are up 0.2 percent in the first two months of 2017. (Reporting by Eric Onstad; Editing by Veronica Brown, Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/lme-margins-idUSL5N1GZ5AJ'|'2017-03-28T17:03:00.000+03:00'
'9a3d795b2e89eeedc191e8b5d914fc7d191c58d1'|'Russia''s Alrosa not interested in buying Dominion Diamond'|'MOSCOW Russian diamond miner Alrosa ( ALRS.MM ) is not interested in buying Canada''s Dominion Diamond Corp ( DDC.TO ) ( DDC.N ), Alrosa''s Chief Executive Sergey Ivanov said on Tuesday.Dominion Diamond Corp, the target of an unsolicited $1.1 billion bid by U.S. billionaire Dennis Washington, said on Monday it would launch a formal sale process for the company."We are not interested at this stage," Ivanov said in an emailed response to Reuters'' questions.Dominion Diamond''s shares rose on Monday on market speculation that global miners including Rio Tinto ( RIO.L ) ( RIO.AX ) and Anglo American''s ( AAL.L ) De Beers unit may now enter the fray and make a bid for the company, the world''s third-largest diamond producer by value.Analysts also speculated that Alrosa, the world''s largest producer of rough diamonds, and private equity players could be interested in Dominion, which owns the Ekati diamond mine in Canada''s Northwest Territories.Ivanov, Alrosa''s newly appointed chief executive, has already said he would remain committed to Alrosa''s strategy, which has focused on mining, selling non-core assets and growing its own production.(Reporting by Polina Devitt; Editing by Kevin O''Flynn and Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-dominion-diamond-m-a-strategic-option-idINKBN16Z18S'|'2017-03-28T08:56:00.000+03:00'
'ddd83e4b7c5b912447cdbc52e9913df554423f91'|'Oil stable on falling Libyan output, but bloated US market still weighs'|'Global Energy   1:56am BST Oil stable on falling Libyan output, but bloated US market still weighs Rigging equipment is pictured in a field outside of Sweetwater, Texas June 4, 2015. REUTERS/Cooper Neill By Henning Gloystein - SINGAPORE SINGAPORE Oil prices were steady on Thursday, supported by falling crude output in Libya and declining gasoline stocks in the United States, although bloated U.S. crude inventories are still weighing on markets. Prices for front-month Brent crude futures LCOc1, the international benchmark for oil, were at $52.42 per barrel at 0040 GMT, unchanged from their last close. In the United States, West Texas Intermediate (WTI) crude futures CLc1 were up 5 cents at $49.57 a barrel. ANZ said on Thursday that prices were supported by Libyan oil output falling to about 500,000 barrels per day (bpd) due to the shutdown of pipelines from its biggest field. And while a rise in U.S. crude inventories weighed on markets, ANZ said that "the market got excited" about a drawdown in gasoline stockpiles. "The big falls in gasoline inventories, coming near the end of the refinery maintenance season, suggest crude oil inventories are on the cusp of declining," it said. U.S. crude inventories USOILC=ECI rose 867,000 barrels in the week ending March 24, compared with analyst expectations for an increase of 1.4 million barrels. Total inventories were at a record of nearly 534 million barrels, the Energy Information Administration (EIA) said on Wednesday. Gasoline stocks USOILG=ECI fell 3.7 million barrels, compared with expectations for a 1.9-million barrel drop. Key for the direction of oil prices will be whether an initiative led by the Organization of the Petroleum Exporting Countries (OPEC) to cut oil production during the first half of the year will be extended, and how high compliance with the reduction targets will be. OPEC, along with other producers including Russia, aims to cut output by almost 1.8 million bpd during the first half of the year. OPEC compliance with its targets is expected to be 95 percent this month, up from 94 percent in February, according to Reuters surveys. However, compliance is lower by non-OPEC members like Russia, who have officially agreed to participate in the cuts. "Russia''s 300,000 bpd cut commitment particularly has been called into question," Eurasia Group said this week in a research report. "While it remains possible Russia can scrape together a combination of outages and natural decline at some west Siberian brownfields and spin this as a 300,000-bpd output cut, it is highly unlikely Russia will achieve an absolute 300,000 bpd reduction during the tenure of the current agreement," it added. As markets remain bloated halfway into the cuts, there is a broad expectation that the supply cuts will be extended into the second half of the year. (Reporting by Henning Gloystein; Editing by Joseph Radford) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN17103I'|'2017-03-30T08:56:00.000+03:00'
'9362965ba8d096b5b7f281053397f10129673fbb'|'Clouds over Trump tax plan may curb appetite for U.S. stocks'|'Business News - Thu Mar 30, 2017 - 2:14am IST Clouds over Trump tax plan may curb appetite for U.S. stocks A trader wearing a Trump hat works at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., January 20, 2017. REUTERS/Stephen Yang By Megan Davies and David Randall - NEW YORK NEW YORK Wall Street has tempered its expectations for sweeping U.S. tax cuts in the wake of President Donald Trump''s stinging healthcare defeat, a move that could push investors to embrace cheaper global stocks after the heady U.S. rally of recent months. The White House turned its attention to an overhaul of the tax code after Republicans were forced on Friday to pull legislation that would have begun dismantling the Obama administration''s 2010 healthcare law. Trump made tax cuts, including a lowering of the rates paid by corporations, a pillar of his 2016 presidential campaign. His Nov. 8 victory whetted the appetite of business and investors who saw passage of a tax bill as a virtual slam dunk. But the Republican infighting that doomed the healthcare bill in the House of Representatives and the evaporation of the savings that it was seen generating have made the endeavor more problematic. "Now it appears some of the initiatives in the tax bill will have to be scaled back or even eliminated," said Robert Willens, an independent tax analyst. "It clearly has to be less ambitious." Others are even less optimistic. "Getting corporate tax relief done in 2017 has gone from a decent chance to remote," said Michael Purves, chief global strategist at Weeden & Co. "That''s a huge contributor to potential earnings." Economists at investment bank Goldman Sachs see "some downside risk" to their original expectation for a tax cut of around $1.75 trillion over 10 years, though they still see a deal passing. Trump has said he wants to cut corporate taxes to a range of 15 percent to 20 percent, from 35 percent. A watered-down version of his tax goals could rattle the concern among money managers that U.S. equities'' valuations are stretched. Analysts expect S&P 500 profit growth of 11 percent this year according to Thomson Reuters data - with many analysts not yet baking a tax cut into that estimate - a big increase over 1.4 percent growth in 2016. "What (the healthcare bill failure) does in my mind is further emphasize the case for international and emerging market equities," said Jack Ablin, chief investment officer at BMO Private Bank. ''SUBSTANTIALLY OVERVALUED'' On a forward price-to-earnings basis, the U.S. market is around the most expensive it has been in years compared with the United Kingdom, Europe and emerging markets. Against Japan, it is at its most expensive in at least six months. Investors in U.S. stocks are paying almost $18 for every dollar expected in earnings over the next 12 months, compared with just above $14 for stocks on the London, Tokyo and European exchanges, and near $12 for those on emerging market exchanges. More upside is seen in European markets this year. Reuters polls on Wednesday predicted a gain of under 3 percent in U.S. stocks between now and the end of the year versus a rise of between about 5 percent and 6 percent for the STOXX 600. and Euro STOXX 50 .STOXX50E . "Making an argument for Europe over the U.S. is very easy at this point," said Matt Burdett, a portfolio manager at Thornburg Investment Management, which has $49 billion in assets under management. Dave Wright, a co-portfolio manager of the Sierra Strategic Income fund, which manages $2.3 billion in assets, said the U.S. market looks "substantially overvalued." Reflecting the growing appetite U.S. investors have for overseas assets, U.S.-based European stock funds attracted $636 million over the latest week ended March 22, the largest inflows since December 2015, according to Lipper data. The four-week moving average of inflows for these funds totaled $328 million in the latest week, the highest amount since January 2016. For the same period, U.S.-based equity funds posted net cash withdrawals of more than $1 billion, Lipper data showed. Still, investors are unlikely to bail out of U.S. equities based on the fate of the Trump tax plan alone. Jason Ware, chief investment officer at Albion Financial Group, said "whether or not they hit 20 percent corporate tax rate or 25 percent is immaterial when you look at the big picture." (Additional reporting by Jennifer Ablan and Rodrigo Campos, Chuck Mikolajczak and Caroline Valetkevich; Editing by Paul Simao) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-usa-tax-stocks-analysis-idINKBN170306'|'2017-03-30T04:33:00.000+03:00'
'db475f8154a3587e072539d4b4a397f0be7ff210'|'Sensex, Nifty edge up on GST hopes; financials extend rally'|'Money News - Thu Mar 30, 2017 - 11:56am IST Sensex, Nifty edge up on GST hopes; financials extend rally A man looks at a screen across a road displaying the Sensex on the facade of the Bombay Stock Exchange (BSE) building in Mumbai, India, June 29, 2015. REUTERS/Danish Siddiqui/Files By Aby Jose Koilparambil Indian shares rose in thin trade on Thursday after the country moved a step closer to implementing a nationwide goods and services tax (GST) from July. Four bills related to GST, passed by the lower house of parliament, would next be presented before the upper house. The new sales tax regime will subsume a slew of central and state levies, transforming a nation of more than 1.2 billion population into a single market. [nL3N1H63LX] Broader gains in the market were capped due to caution ahead of the expiration of March futures & options later in the day. "Right now, I don''t see a scenario in the market where a fall that would frighten you would happen. All the macro factors are conducive for the country," said Dharmesh Kant, head, retail research at Motilal Oswal Securities Ltd. The Nifty was up 0.18 percent at 9,159.95 by 0555 GMT, while the benchmark Sensex was 0.28 percent higher at 29,614.09. Logistics shares were trading higher after the passage of the GST bills. Allcargo Logistics Ltd rose as much as 4.4 percent while VRL Logistics Ltd shot up as much as 4.3 percent and GATI Ltd gained as much as 2.5 percent. Financial shares extended a recent rally with the Nifty Finance and Nifty Bank indexes gaining for the fifth session in six. Banking behemoth State Bank of India rose as much as 1.8 percent to its highest in a little over 22 months and was among the top percentage gainers on the NSE. Kotak Mahindra Bank rose as much as 1.7 percent after the private lender said it would focus on building stressed assets business and double its customer base. Meanwhile, auto stocks including Hero MotoCorp Ltd and Ashok Leyland Ltd recovered from steep losses after the country''s top court banned sale of new vehicles with older Euro III fuel technology from April 1. Two-wheeler manufacturer Hero MotoCorp rose as much as 1.4 percent while Ashok Leyland rose as much as 1.2 percent. (Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Gopakumar Warrier) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-stocks-sensex-nifty-gst-idINKBN1710L7'|'2017-03-30T14:26:00.000+03:00'
'd4f2743bef58ed1084e5743ff017c80852e3347c'|'Asia stocks gains with dollar, sterling hit by Brexit woes'|'Business News - Wed Mar 29, 2017 - 1:48am BST Asia stocks gains with dollar, sterling hit by Brexit woes FILE PHOTO - Passersby are reflected on a stock quotation board at a brokerage in Tokyo, Japan, September 29, 2015. REUTERS/Issei Kato By Wayne Cole - SYDNEY SYDNEY Asian shares inched ahead on Wednesday while the dollar and commodities rallied as investors shook off disappointment about U.S. President Donald Trump''s failed healthcare bill and focussed on an improving outlook for global growth. The cheerful mood did not extend to the pound which was on the skids as the British government sent a letter to Brussels formally starting the country''s exit from the European Union. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS edged up 0.2 percent and back toward recent 21-month peaks. Australia''s main index climbed 0.6 percent to its highest since mid-2015. Japan''s Nikkei .N225 added 0.1 percent, having climbed over 1 percent the previous day. The Dow snapped an eight-day losing streak, its longest run of losses since 2011, in part as a survey showed consumer confidence surged to a more than 16-year high. "Economic fundamentals still remain exceedingly sound here in 2017 and you do not need Trump’s pro-growth fiscal agenda for this to be one of the best years for growth since the recovery started," argued Tom Porcelli, chief U.S. economist at RBC Capital Markets. "We still think tax reform happens, but you are better off thinking about the timing as an end of year event at best." The Dow .DJI ended Tuesday up 0.73 percent, while the S&P 500 .SPX gained 0.73 percent and the Nasdaq .IXIC 0.6 percent. The dollar bounced from 4-month lows as a top Federal Reserve official talked of more rate hikes to come while political uncertainties surrounding Britain''s exit from the EU pressured European currencies. Fed Vice Chairman Stanley Fischer, one of the more influential policy makers with markets, said two more rate increases this year seemed "about right". The pound shed a further 0.5 percent to $1.2389 GBP= after British Prime Minister Theresa May signed a letter notifying the EU of Britain''s intention to leave the bloc. The letter is due to be delivered to Brussels later on Wednesday, triggering years of uncertain negotiations that will test the endurance of the European Union. That came a day after the Scottish Parliament voted in favour of a second independence referendum that would break up the UK. The euro pulled back to $1.0814 EUR= , while the dollar bounced to 111.21 yen JPY= . Against a basket of currencies, the dollar was a fraction firmer at 99.759 .DXY. The biggest loser overnight was the South African rand which has lost almost five percent in two sessions on speculation well-respected Finance Minister Pravin Gordhan might lose his job. In commodity markets, base metal prices bounced on more upbeat economic news from China with copper CMCU3 gaining 2 percent overnight. Oil prices gained after a severe disruption to Libyan oil supplies and as officials suggested the Organization of the Petroleum Exporting Countries and other producers could extend output cuts to the end of the year. [O/R] U.S. crude CLc1 added 15 cents to $48.52 a barrel, while Brent LCOc1 rose 10 cents to $51.43. Spot gold XAU= was a shade softer at $1,249.60 an ounce. (Editing by Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-markets-idUKKBN170034'|'2017-03-29T08:48:00.000+03:00'
'25c624e9b4cc5aa9e6bfd68a4d478c6f3d4b9511'|'MoneyGram bidder Euronet ramps up fight to stop Chinese rival''s bid'|'Deals - Tue Mar 28, 2017 - 4:15pm EDT MoneyGram bidder Euronet ramps up fight to stop Chinese rival''s bid left right FILE PHOTO - A Moneygram logo is seen outside a bank in Vienna, Austria, June 28, 2016. REUTERS/Heinz-Peter Bader/File Photo 1/2 left right FILE PHOTO - A logo of Ant Financial is displayed at the Ant Financial event in Hong Kong, China November 1, 2016. REUTERS/Bobby Yip/File Photo 2/2 By Diane Bartz - WASHINGTON WASHINGTON Euronet Worldwide Inc ( EEFT.O ) ramped up its fight against China''s Ant Financial Services Group in trying to acquire MoneyGram International Inc ( MGI.O ), urging the U.S. government to closely scrutinize the rival Chinese bid saying it raises "significant national security risks." In a March 27 letter to Treasury Secretary Steven Mnuchin, Euronet Chief Executive Officer Michael Brown said MoneyGram''s new owner would be asked to help law enforcement efforts aimed at combating "terrorist financing" and money laundering by complying with data requests that are often highly confidential. "A money transfer company''s ownership and leadership at the top are critical in ensuring that all of these responsibilities are carried out fully and effectively," Brown said in the letter, which was also sent to more than a dozen congressional offices and reviewed by Reuters. "We feel... there are significant national security risks that merit careful evaluation for any foreign buyer of a company in this industry," he said. Euronet offered $1 billion for MoneyGram in mid-March, arguing that an all-American deal would face less regulatory scrutiny than the $880 million offered by Ant Financial, an affiliate of Alibaba Group Holding Ltd ( BABA.N ). MoneyGram said Euronet''s offer was potentially superior to its existing agreement with Ant Financial, but has not yet endorsed it. The bidding war comes at a time of rising tensions between China and the United States, with U.S. President Donald Trump accusing China of unfair trade policies and criticizing its increasingly assertive stance in the South China Sea. Mnuchin''s Treasury Department chairs the inter-agency Committee on Foreign Investment in the United States (CFIUS), which also includes the departments of Defense, Justice and Homeland Security, among others. It assesses potential mergers to ensure that they do not jeopardize national security. The CFIUS has been a stumbling block for several Chinese deals in the United States and was considered a big hurdle for Ant Financial. Euronet declined to comment on the company''s letter, said spokesman Pat Tucker. The Treasury Department declined comment. A representative for Ant Financial could not be immediately reached for comment. Brown said Ant Financial''s bid merited a "close" CFIUS evaluation because money transfer companies obtain substantial personal and financial information on customers, including U.S. government employees. This information includes a customer''s name, address, social security and other identification numbers. A new owner also would need to assist U.S. efforts to combat terrorism financing or money laundering, by reporting suspicious activity, complying with subpoenas and requests to locate accounts and transactions, Brown said. Euronet has "consistently embraced and prioritized compliance," he said in the letter.In recent years, U.S. authorities have increasingly held money transfer companies responsible when criminals process transactions. In January, Western Union Co ( WU.N ) agreed to pay $586 million to settle allegations that it failed to prevent criminals from using its service for money laundering and fraud. MoneyGram has had issues in the past. A U.S. criminal investigation revealed in 2012 that MoneyGram had processed thousands of transactions for fraudsters who were scamming the elderly. MoneyGram admitted to money laundering and wire fraud violations and agreed to pay $100 million. MoneyGram, along with Western Union, has long dominated the global money transfer industry with its large network of retail locations. It has about 350,000 outlets in retail shops, post offices and banks in nearly 200 countries and territories. Euronet has four money transfer businesses, including Ria, IME, HiFX and XE. Euronet''s Ria is in 146 countries, according to its website. Euronet focuses more on independent agents, while MoneyGram targets large retailers and national post offices. (Reporting by Diane Bartz, Additional reporting by Joel Schectman, Editing by Soyoung Kim and Lisa Shumaker) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-moneygram-m-a-ant-financial-euronet-idUSKBN16Z2SA'|'2017-03-29T04:15:00.000+03:00'
'3e4a8a1e9978b3adabfa7fb5e57712df38d28243'|'Schlumberger says bought stake in rig firm Borr Drilling'|'OSLO Schlumberger ( SLB.N ), the world''s top oil services provider, has bought a stake in upstart rig operator Borr Drilling BORR.NFF.The investment was made through a newly created venture fund, which has the ultimate goal of securing more activity for Schlumberger, Chief Executive Paal Kibsgaard said in a statement.He did not disclose the size of the investment and the company was not immediately available for comment.Norwegian financial daily Finansavisen reported on Tuesday that Schlumberger had taken a 20 percent stake in Borr through a $220 million investment.(Reporting by Terje Solsvik, editing by Gwladys Fouche)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-schlumberger-borr-drilling-idUSKBN16Z0IV'|'2017-03-28T10:15:00.000+03:00'
'3aee52f0e2efe201fdbda3b76b340d737e02d3ce'|'Failed German two-year bond auction first since November - debt agency'|'LONDON, March 28 A sale of two-year German government bonds on Tuesday was the first technically failed auction of its maturity since last November, Germany''s debt management agency said.Just over 3 billion euros of bids were received for Germany''s two-year auction earlier on Tuesday, below the 4 billion euro target.That makes it the first technical failure at an auction of two-year bonds since November, a spokeswoman for Germany''s debt management office told Reuters.She said the last failed auction for a German bond of any maturity was a five-year bond sale earlier this month. (Reporting by Dhara Ranasinghe)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/germany-schatz-auction-idINL5N1H53F3'|'2017-03-28T10:01:00.000+03:00'
'85e15987b49aaa19876c39ff92d1f44ce8fe9133'|'UPDATE 1-Brazil police raid brokerage for allegedly laundering ''Car Wash'' bribe cash'|' 28pm EDT UPDATE 1-Brazil police raid brokerage for allegedly laundering ''Car Wash'' bribe cash (Adds details, name of former Petrobras executive arrested) By Sergio Spagnolo CURITIBA, Brazil, March 28 Brazil''s federal police on Tuesday raided a brokerage in Rio de Janeiro which they allege helped launder money for corrupt former executives of state-run oil firm Petrobras, as part of their sprawling "Car Wash" anti-graft probe. Police said they searched the offices of the Advalor Distribuidora de Titulos e Valores brokerage firm in Rio, which they allege facilitated the movement of bribes from big construction firms to the then-Petrobras executives, often to their overseas bank accounts. A person who answered the phone at Advalor''s Rio de Janeiro office did not respond to requests for comment. Former Petrobras executive Roberto Goncalves was arrested in Tuesday''s operation on the order of federal judge Sergio Moro, who oversees Operation Car Wash. Police allege Goncalves received at least $5 million in bribes paid into overseas bank accounts. The arrest warrant issued by Moro states that Goncalves had at least five Swiss bank accounts. In just one of those, he received $3 million in bribes from construction giant Odebrecht, according to police. Goncalves allegedly took bribes in connection with several projects, one of the largest being a contract awarded to a consortium composed of Odebrecht and UTC Engenharia for work on the Comperj refinery outside Rio de Janeiro. He does not yet face any formal charges. Under Brazilian law, only prosecutors can level charges. The prosecutor''s office did not respond to request for comment about Goncalves'' case. A lawyer for Goncalves could not immediately be reached. (Reporting by Sergio Spagnolo; Writing by Brad Brooks; Editing by Daniel Flynn and Phil Berlowitz)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-corruption-idUSL2N1H50S8'|'2017-03-29T00:28:00.000+03:00'
'd58fdb8a105751ec6a7988e5c8648fb3e3b80200'|'EU mergers and takeovers (March 28)'|'BRUSSELS, March 28 The following are mergers under review by the European Commission and a brief guide to the EU merger process:APPROVALS AND WITHDRAWALS-- U.S. conglomerate Standard Industries to acquire German roof tile maker Braas Monier (apoproved March 27)-- Investment group Banque Popular Caisse d''Epargne to acquire La Compagnie du Soleil Investissement 4 and La Compagnie du Soleil Center, all based in France (approved March 27)NEW LISTINGS-- Swiss car importer Emil Frey France to acquire French car parts distributor PGA Group SAS from German carmaker Volkswagen Group (notified March 28/deadline May 8/simplified)-- Japan''s Panasonic Corporation to acquire Spanish auto parts maker Ficosa International (notified march 27/deadline May 5)-- Banking services platform Pillarstone to acquire holding company Famar which has activities in the pharmaceutical industry (notified March 27/deadline May 5/simplified)EXTENSIONS AND OTHER CHANGES-- Private equity firm Advent International to acquire biometrics and security business Morpho from French aerospace group Safran (notified Feb. 24/deadline extended to April 19 from March 31 after the companies offered concessions)FIRST-STAGE REVIEWS BY DEADLINEMARCH 29-- Buyout firm Lone Star to acquire German building materials maker Xella from private equity firm PAI Partners and funds managed by Goldman Sachs'' investment arm (notified Feb. 22/deadline March 29)MARCH 31-- German synthetic rubber maker Lanxess AG to acquire U.S. specialty chemical company Chemtura (notified Feb. 24/deadline March 31)APRIL 3-- Deutsche Boerse and the London Stock Exchange to merge (notified Aug. 24/deadline extended to April 3 from March 13 after the companies offered concessions)APRIL 4-- U.S. computer and printer maker Hewlett Packard to acquire South Korean group Samsung Electronics'' printer business (notified Feb. 28/deadline April 4)APRIL 7-- Engie Group French banking group BPCE to acquire a 49.9 percent stake in renewable energy companies LCS 4 and LCS (notified March 3/deadline April 7/simplified)-- Twenty-First Century Fox to acquire the rest of European pay-TV company Sky it does not own (notified March 3/deadline April 7)APRIL 10-- French real estate asset management company Amundi Immobilier, which is part of French bank Credit Agricole , and French social protection services provider Malakoff Mederic to acquire joint control of German property developer TAS Kapstadtring (notified March 6/deadline April 10/simplified)-- UK property developer Segro and Canada''s Public Sector Pension Investment Board to jointly acquire three logistics operations in Italy (notified March 6/deadline April 10/simplified)-- Danish container shipping company Maersk to acquire German peer Hamburg Sud (notified Feb. 20/deadline extended to April 10 from March 27 after commitments submitted)APRIL 11-- Private equity firm Partners Group to acquire European operator of clinical pathology laboratory operator Cerba Healthcare from PAI Partners (notified March 7/deadline April 11/simplified)APRIL 12-- U.S. aircraft component maker Rockwell Collins to acquire aircraft interior maker B/E Aerospace (notified March 8/deadline April 12)-- U.S. car part supplier Lear to acquire Grupo Antolin''s automotive seating business (notified March 8/deadline April 12/simplified)-- Dutch insurer NN Group to acquire Dutch rival Group Delta Lloyd (notified Feb. 22/deadline extended to April 12 from March 29 after the Dutch competition regulator asked to examine the deal)-- Chinese state-owned company China National Chemical Corp (ChemChina) to acquire Swiss pesticides and seeds group Syngenta (notified Sept. 23/deadline extended to April 12)APRIL 18-- Megatrend European Holdings, which is part of property investment company TH Real Estate, and German insurer Allianz to jointly acquire Finnish company NRF which owns Helsinki-based Kamppi Shopping Centre (notified March 9/deadline April 18)-- German cement producers Heidelbergcement and Schwenk to jointly acquire Mexican peer Cemex''s Croatian unit (notified Sept. 5/deadline extended to April 18 from March 23)APRIL 19-- Private equity firm 3i, Dutch asset manager APG and Danish pension fund ATP to acquire a portfolio of European infrastructure companies from EISER (notified March 10/April 19/simplified)-- Britain''s Rolls-Royce to acquire the remaining 53.1 percent stake in Spanish aircraft engine and components maker Industria de Turbo Propulsores (ITP) (notified Feb. 24/deadline extended to April 19 from March 31 after the companies offered concessions)APRIL 21-- French utility Engie to acquire UK property developer Keepmoat Regeneration HOldings (notified March 14/deadline April 21/simplified)APRIL 24-- French media company Bollore to acquire control of French company Vivendi (notified March 15/deadline April 24)-- France''s Group Credit Mutuel and French bank BNP Paribas to set up a joint venture (notified March 15/deadline April 24)-- Bollore Energy, which is part of French group Bollore , and Total Marketing France, which is part of French energy company Total, to set up a joint venture (notified March 15/deadline April 24/simplified)APRIL 25-- Private equity firm CVC to acquire Polish retailer Zabka Polska (notified March 16/deadline April 25/simplified)APRIL 26-- Investment company Ardian to acquire majority of France''s Prosol, an operator of Grand Frais grocery stores (notified March 17/deadline April 26/simplified)-- Singapore-based tech communications company Broadcom AVGO.O to acquire U.S. networking switches and software maker Brocade (notified March 17/ deadline April 26)-- Swiss pharmaceutical supplier Lonza Group to acquire U.S. capsule maker Capsugel from private equity firm KKE & Co LP (notified March 17/deadline April 26)MAY 2-- Italian energy company Duferco Energia to acquire a business unit from Italian electricity company Energhe S.p.A. (notified March 22/deadline May 2/simplified)MAY 4-- Private investment firm KKR & Co. to acquire travel company Travelopia Holdings Ltd and Travelopia USA Inc. (notified March 24/ deadline May 4/simplified)MAY 12-- U.S. chemicals group Riechhold and Black Diamond Capital to acquire Italian polymers maker Polynt which is owned by Italian private equity group Investindustrial (notified March 17/deadline May 12/commitments offered March 17)GUIDE TO EU MERGER PROCESSDEADLINES:The European Commission has 25 working days after a deal is filed for a first-stage review. It may extend that by 10 working days to 35 working days, to consider either a company''s proposed remedies or an EU member state''s request to handle the case.Most mergers win approval but occasionally the Commission opens a detailed second-stage investigation for up to 90 additional working days, which it may extend to 105 working days.SIMPLIFIED:Under the simplified procedure, the Commission announces the clearance of uncontroversial first-stage mergers without giving any reason for its decision. Cases may be reclassified as non-simplified - that is, ordinary first-stage reviews - until they are approved. (Reporting by Waverley Colville)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/eu-ma-idUSL5N1H53O3'|'2017-03-28T21:38:00.000+03:00'
'b6432f88495ca6d5a3c60b4d16030e12bf4efcc5'|'Ladbrokes Coral 2016 operating profit rises 22 percent'|'Business News - Tue Mar 28, 2017 - 7:39am BST Ladbrokes Coral 2016 operating profit rises 22 percent A taxi passes a branch of Ladbrokes in central London, Britain, May 17, 2016. REUTERS/Toby Melville British bookmaker Ladbrokes Coral Group ( LCL.L ) said on Tuesday 2016 operating profit rose about 22 percent despite paying out heavily on a number of gambler-friendly sports results towards the end of the year. The company, created when Ladbrokes joined forces with Coral in a $3.4 billion merger last year, said operating profit rose to 264.3 million pounds ($331.5 million), helped by growth in its digital and European retail businesses. Revenue rose 11 percent to 2.3 billion pounds. The company upgraded its cost synergy guidance for the merger to 100 million pounds from 65 million. (Reporting by Rahul B in Bengaluru; Editing by Mark Potter) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ladbrokes-coral-results-idUKKBN16Z0LT'|'2017-03-28T14:39:00.000+03:00'
'6324e04220e47b5676c601c9bcb40f68334c76ce'|'Milestone Apartments REIT unitholders approve takeover by Starwood'|'Milestone Apartments Real Estate Investment Trust ( MST_u.TO ) said on Tuesday that its unitholders approved the company''s takeover by U.S. private investment firm Starwood Capital Group for about $1.3 billion.Starwood agreed last week to a sweetened offer of $16.25 per Milestone unit.Over 71 percent of Milestone unitholders who voted were in favor of the transaction, the company said on Tuesday.The transaction needed the approval of two-thirds of Milestone unitholders.The deal is expected to close on or about April 28, the company said.Milestone had initially, in January, agreed to be bought out by Starwood in an all-cash transaction.(Reporting by John Benny in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-milestone-starwood-m-a-idINKBN16Z2G9'|'2017-03-28T15:06:00.000+03:00'
'639c85fed5827496e233d8faa49e7d79451e1475'|'British bonds buoyed by Brexit risks, but prone to inflation burn'|'Business News - Tue Mar 28, 2017 - 7:21am EDT British bonds buoyed by Brexit risks, but prone to inflation burn FILE PHOTO: City workers walk past the Bank of England in the City of London, Britain, March 29, 2016. REUTERS/Toby Melville/File Photo By Dhara Ranasinghe and Andy Bruce - LONDON LONDON Fast-rising inflation and growing talk of tighter monetary policy from the Bank of England may spell the end of a winning streak for British gilts, among the best performers in major government bond markets this year. Yields on 20- GB20YT=RR and 30-year gilts GB30YT=RR neared five-month lows on Monday, contrasting with short-dated yields which last week notched up their biggest one-week rise since early January as inflation sailed past the BoE''s 2 percent target. Such low yields -- resulting from bond price rises -- for long-dated paper in part reflect doubt about how Britain''s economy will perform after the country leaves the European Union and therefore the ultimate outlook for inflation and interest rates. Only Japan, still struggling to generate sustained inflation, has a flatter yield curve than Britain''s among major economies. Britain''s yield curve is at its flattest since October, with the gap between two- and 30-year gilt yields standing at around just 157 basis points. But many strategists think the inflation burn is being underestimated and that yields will rise. Real or inflation adjusted long-term yields, assuming the BoE meets its 2 percent target over that time, are negative out to 50 years. The latest Reuters poll of economists predicts consumer price inflation will near 3 percent late this year -- but previous bouts of high inflation in 2008 and 2011 suggest this may be a conservative estimate. "The gilts market is the biggest (yield) steepening trade we could bet on right now," Kevin Gaynor, head of international research at Nomura, told a fixed income roundtable earlier this month. "The inflation picture is going to be much worse than expected." Rising inflation is usually bad news for bonds, which fall in value as interest rates rise. A Reuters poll published last week suggested the 10-year gilt yield GB10YT=RR will rise to around 1.67 percent in a year''s time from 1.175 percent now. But some strategists thought 2.0 percent or higher is likely. [US/INT] One Bank of England policymaker, Kristin Forbes, voted to raise rates this month because of growing inflationary pressures and others said they were close to joining her -- although the majority view was to tolerate above-target inflation for now. Britain isn''t the only advanced economy where economic data and inflation numbers are prompting investors to reassess the monetary policy outlook. The European Central Bank has said its sense of urgency to prop up euro zone growth is over and money markets have started to factor in a rate rise in the bloc by year-end. The U.S. Federal Reserve hiked rates on March 15 after a string of hawkish comments from officials that triggered a rapid turnaround in expectations for a move this month. But the inflation outlook for Britain looks particularly acute, with a rise in energy prices compounded by the pound''s near-20 percent fall against the dollar since June''s Brexit vote. Last month consumer prices rose 2.3 percent year-on-year, faster than expected. VULNERABLE Gilts are one of the only major bond markets globally to deliver positive returns this year. Ten-year yields GB10YT=RR are down 7 basis points this year. That compares with a rise of almost 20 bps in German and Swiss yields, while U.S. and Japanese yields are little changed from where they ended 2016. For some bond fund managers, Brexit risks and the uncertainty hanging over the economy remain a reason to hold onto gilts. Bonds often benefit from an environment where investors view economic growth prospects as weak. "I do think they offer a good hedge to Brexit risks," said David Zahn, a portfolio manager who runs Franklin Templeton''s European fixed income strategies, which total around 2 billion euros ($2.2 billion). But some temporary factors that have supported gilt prices recently are likely to fade. The BoE has completed its gilt purchases as part of its "sledgehammer" stimulus plan designed to counter the shock of June''s Brexit vote. Overseas central banks and sovereign wealth funds devoured gilts late last year to top up sterling portfolios battered in dollar terms by the pound''s post-Brexit vote plunge, but BoE data for January hinted at a reversal of this trend. Pension funds have also been big buyers of gilts recently. Official data show gilt holdings by insurers and pension funds stood at about 28 percent of the total in the third quarter of 2016 - the highest proportion since the final quarter of 2011. But such funds, which need a fixed income stream to match payouts, typically make extra purchases of gilts to invest unallocated funds ahead of the end of the British financial year in April. "The BoE has finished buying and we''re coming out of Q1 - which potentially means (pension fund) buying is set to tail off," said Societe Generale rates strategist Jason Simpson. "This, to me, leaves long-dated gilts looking vulnerable". (Graphics by Nigel Stephenson and Alasdair Pal; Editing by Jeremy Gaunt) Next In Business News Exclusive: Citigroup to seek bids for Asia general insurance distribution deal - source SINGAPORE Citigroup Inc will seek bids from global insurers keen to sell general insurance products across the U.S. bank''s Asia-Pacific markets, in a deal that could be worth at least $500 million, a source with knowledge of the matter told Reuters. DUBAI Amazon.com has agreed to buy Middle East online retailer Souq.com, thwarting a last-minute bid by Dubai billionaire Mohamed Alabbar''s Emaar Malls . MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-britain-bonds-analysis-idUSKBN16Z1C0'|'2017-03-28T19:21:00.000+03:00'
'ffd524dd73b14b083fd5694cb153dce964b0e167'|'Payments company Square launches in the UK'|'Business News - Tue Mar 28, 2017 - 11:04am BST Payments company Square launches in the UK Jack Dorsey, CEO of Square and CEO of Twitter, speaks during an interview November 19, 2015. REUTERS/Lucas Jackson/Files By Anna Irrera and Heather Somerville - SAN FRANCISCO SAN FRANCISCO Square Inc ( SQ.N ), the payments company led by Twitter Inc ( TWTR.N ) Chief Executive Jack Dorsey, has launched in the United Kingdom in its first European foray. The San Francisco-based company said on Tuesday that small-and medium-sized businesses in the U.K. would be able to use Square''s credit card reader to accept payments on mobile devices. The feature helps small merchants and self-employed professionals complete credit card transactions without a cash register or expensive software. Square estimated that, while more shoppers were choosing plastic over cash, about half of the U.K.''s 5.4 million small businesses do not yet take card payments. Reuters reported in July that Square had incorporated a business called Squareup Europe Ltd in Britain and the company had been testing its payment system in London. Square last year added Paul Deighton to its board of directors, an effort to establish its footing in the U.K. Deighton is a member of the House of Lords and previously served as Britain''s commercial secretary to the treasury. Square, which went public in 2015, also operates in the Canada, Japan and Australia, as well as the United States. While the company has largely focussed on growing in the United States, startups around the world have launched similar services. In Europe, it would be competing with well-established companies such as the U.K.''s SumUp, which is backed by Groupon Inc ( GRPN.O ), and Sweden’s iZettle. The United States'' PayPal Holdings ( PYPL.O ) has been in Britain for years. As it exports its flagship payments globally, Square has also been expanding into new businesses, including financial software and business loans. The company''s lending division, called Square Capital, analyzes data from its merchants payment flows and offers those that qualify short-term loans at a fixed rate. Square is also looking to attract larger companies, which process more sales and could generate more revenue for Square. It processed $50 billion in payments last year. Square''s U.K. launch comes as Britain''s burgeoning financial technology sector faces some uncertainty in light of the country''s decision to leave the European Union. (Reporting by Anna Irrera in New York and Heather Somerville in San Francisco; Editing by Leslie Adler) Next In Business News Initial public offerings in Britain hit five-year low ahead of Brexit LONDON Initial public offerings (IPOs) by companies based in Britain have raised $1.53 billion (1.21 billion pounds) so far in 2017, a 28 percent decline on last year and the lowest year-to-date total since 2012 as Britain prepares to leave the EU, Thomson Reuters data shows. BRUSSELS EU antitrust chief Margrethe Vestager will hold a news conference on Wednesday, where she is expected to announce that she is blocking the proposed merger of Deutsche Boerse and the London Stock Exchange . MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-square-idUKKBN16Z13I'|'2017-03-28T18:04:00.000+03:00'
'106269d523b7219b8f607b72d1d0954ecc8d32ff'|'AI to become main way banks interact with customers within three years: Accenture'|'Technology News - Tue Mar 28, 2017 - 7:06am EDT AI to become main way banks interact with customers within three years: Accenture Visitors look at devices at Accenture stand at the Mobile World Congress in Barcelona, February 26, 2013. REUTERS/Albert Gea/File Photo By Jemima Kelly - LONDON LONDON Artificial intelligence (AI) will become the primary way banks interact with their customers within the next three years, according to three quarters of bankers surveyed by consultancy Accenture ( ACN.N ) in a new report. Four in five bankers believe AI will "revolutionise" the way in which banks gather information as well as how they interact with their clients, said the Accenture Banking Technology Vision 2017 report, which surveyed more than 600 top bankers and also consulted tech industry experts and academics. Artificial intelligence -- the technology behind driverless cars, drones and voice-recognition software -- is seen by the financial world as a key technology which, along with other "fintech" innovations such as blockchain, will change the face of banking in the coming years. More than three quarters of respondents to the survey believed that AI would enable more simple user interfaces, which would help banks create a more human-like customer experience. "The big paradox here is that people think technology will lead to banking becoming more and more automated and less and less personalized, but what we''ve seen coming through here is the view that technology will actually help banking become a lot more personalized," said Alan McIntyre, head of the Accenture''s banking practice and co-author of the report. "(It) will give people the impression that the bank knows them a lot better, and in many ways it will take banking back to the feeling that people had when there were more human interactions." PRIVACY CONCERNS The top reason for using AI for user interfaces, cited by 60 percent of the bankers surveyed, was "to gain data analysis and insights". But worries over the privacy of data were cited as the top challenge, with one in three also saying that the fact users often prefer human interactions could also be a problem. The report also found that, while the number of human interactions in bank branches or over the phone was falling and would continue to do so, the quality and importance of human contact would increase. "What you''re going to get on the bankers'' side is access to far better information, and that''s going to allow them to understand what your needs are and what the advice is that they need to give you," said McIntyre. Banks'' advisory arms are an area considered one of the ripest for technological innovation. "The advisory business of banking is a very costly model, and artificial intelligence can help to manage the data and to scale the advisory model in a way that was unforeseeable before," said Roberto Mancone, Deutsche Bank''s global head of disruptive technologies and solutions. (Reporting by Jemima Kelly; Additional reporting by Axel Threlfall; Editing by Gareth Jones) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-banks-ai-accenture-idUSKBN16Z1AH'|'2017-03-28T19:06:00.000+03:00'
'04bf95749ca5d0e7124b78faccfeda769b8589fd'|'Chinese tech giant Tencent takes 5 percent stake in Tesla'|'Internet News - Tue Mar 28, 2017 - 12:59pm BST Chinese tech giant Tencent takes 5 percent stake in Tesla left right FILE PHOTO: A Tesla logo hangs on a building outside of a Tesla dealership in New York, U.S., April 29, 2016. REUTERS/Lucas Jackson/File Photo 1/2 left right Logo of Tencent is displayed at a news conference in Hong Kong, China March 22, 2017. REUTERS/Tyrone Siu 2/2 Tesla Inc ( TSLA.O ) said on Monday that Chinese tech giant Tencent Holdings Ltd ( 0700.HK ) has invested $1.78 billion in the electric carmaker for a 5 percent passive stake. Tencent, best known for its WeChat mobile app, has been investing in a number of sectors, including gaming, entertainment, cloud computing and online financing. Tencent now owns more than 8 million shares in the company as of March 24, Tesla said in a regulatory filing. (Reporting by Rishika Sadam in Bengaluru; Editing by Anil D''Silva) Next In Internet News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-tesla-stake-tencent-holdings-idUKKBN16Z1FJ'|'2017-03-28T19:54:00.000+03:00'
'670ac5f9e62f283efc5c4f768fc4471f4fae225d'|'Synovus to buy Cabela''s financial unit: source'|'Synovus Financial Corp ( SNV.N ) will buy the financial unit of outdoor goods retailer Cabela''s Inc ( CAB.N ), a source familiar with the matter told Reuters on Wednesday.Synovus will keep the deposits held by the unit and resell its credit-card portfolio to Capital One Financial Corp ( COF.N ), the source said.The unit, called World''s Foremost Bank, was supposed to be bought by Capital One last year, but the deal wasn''t able to get timely regulatory approval.Cabela''s in October last year agreed to be bought by rival Bass Pro Shops in a deal valued at $5.5 billion, uniting two of the country''s largest hunting and fishing retailers.Cabela''s later said it would not be able to close its sale to Bass Pro in the first half of this year, as originally expected, because of approval delays.The Federal Trade Commission had also sought more information from the companies about the deal.Cabela''s stock, meanwhile has declined more than 20 percent since the end of last year amid questions about its ability to close a deal with Bass Pro, along with a softening in its business.(Reporting by Nikhil Subba in Bengaluru and Lauren Hirsch in New York; Editing by Maju Samuel and Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cabela-s-m-a-synovusfinancial-idINKBN17032B'|'2017-03-29T19:28:00.000+03:00'
'5e9011fbdf33b6fd8bf9e5b474e3cdb998ac6363'|'GRAPHIC-Peso and Poland lead emerging markets'' Q1 charge'|'Company  15pm EDT GRAPHIC-Peso and Poland lead emerging markets'' Q1 charge (Repeats with final end of quarter numbers) * Global Assets in 2017 reut.rs/2ne9sjH * World FX rates in 2017 tmsnrt.rs/2egbfVh * EM stocks in 2017 tmsnrt.rs/2hn5N02 * EM currencies in 2017 tmsnrt.rs/2hniYya * EM bonds tmsnrt.rs/2ih2QQ9 By Marc Jones LONDON, March 31 Emerging markets have had a stellar start to the year, with equities delivering world-beating returns in the first 2017 quarter and the Mexican peso topping currency gains with a 10 percent bounce against the dollar. There have been the odd laggard - Turkey has seen the lira slump and some Latin American commodity plays have retreated as oil prices have toppled back again - but for the most part it has been a bumper few months. "We have been in an unloved asset class for a long time and because we had good year last year a lot of people are now coming back in," said Aberdeen Asset Management EM portfolio manager Viktor Szabo. As this Reuters checklist shows tmsnrt.rs/2egbfVh Mexico''s peso has recouped almost all of ground it lost after Donald Trump''s U.S. election. Other strong emerging currency performers so far this year include the rouble and the zloty. The FX tailwinds have helped MSCI''s emerging equity index rise a tidy 12.5 percent, outperforming developed peers. The strongest performers have been Polish stocks, having risen 20 percent in dollar terms after years of underperformance, helped by a 6-percent jump in the zloty . Chilean, Mexican, Indian, Chinese, Brazilian and Turkish stocks have taken off, climbing somewhere between 18 and 10 percent in dollar terms. tmsnrt.rs/2hn5N02 Bonds denominated in emerging currencies have also had a blinder returning 7 percent as major economies like Brazil have chopped down interest rates, the global growth outlook has improved and investors'' worries have stayed largely dormant. That compares to a paltry 0.8 percent for U.S. Treasuries and just 1.4 percent for German Bunds reut.rs/2ne9sjH "Some of the concerns around the policies of the new Trump administration, on trade and on China, have not been put to rest necessarily but they have been mitigated some what," said PIMCO emerging market portfolio manager Yacov Arnopolin. "A stabilisation of China''s economy and the renminbi has also been a positive," he added, saying it had created something of a "virtuous cycle". Emerging sovereign dollar bonds have returned 4 percent, led by an 8 percent gain by Egypt after it secured an IMF deal late last year. Even South Africa has rallied strongly despite worries about the future of its finance minister and investment grade sovereign credit rating. NEXT QUARTER BACK? The coming few months have plenty in store, starting with a meeting between U.S. and Chinese presidents Donald Trump and Xi Jinping next week that will set the tone on issues from trade protectionism and currency manipulation to North Korea. Czech central bankers hope to avoid Swiss franc-style chaos as they remove their 27-per-euro cap on the crown, Indonesia could be lifted to investment grade by S&P not to mention Turkey voting on U.S.-like presidential powers for Tayyip Erodogan. PIMCO''s Arnopolin says EM is looking "in pretty decent shape on a cyclical horizon" and is likely to be less volatile than some of world''s developed markets, but others sense the recent pace of the rally may require a breather. Brazilian oil and mining giant''s Petrobras and Vale have already seen near 20 percent corrections from their peaks of the year. The IMF is expected to downgrade growth forecasts for large parts of Latin America and Reuters data shows there are currently twice as many puts - or bearish bets - on the iShares MSCI Emerging Markets exchange-traded fund, as bullish ones. here What''s more, asset correlations have started to break down, most notably in the dollar''s inverse relationship with commodities. Normally, a rising dollar means lower commodity prices, and vice versa. But both have fallen in recent weeks. "We are at a crucial stage of this EM rally now, said Rabobank''s Matys. "What is really vital though is that the Trump administration provide some concrete details on its big fiscal plans. Promises and pledges are not enough any more." (Reporting by Marc Jones; Editing by Andrew Heavens) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-q-idUSL5N1H85HH'|'2017-04-01T00:15:00.000+03:00'
'685bdac4accbe45f86b8a2ff7027918f4f4a6f00'|'Exclusive: Ferromex''s owner nears deal to acquire Florida East Coast Railway - sources'|'By Greg Roumeliotis The owner of Ferrocarril Mexicano (Ferromex), Mexico''s largest railroad operator, is nearing a deal to acquire Florida East Coast Railway for more than $2 billion, including debt, people familiar with the matter said on Monday.The potential deal shows that Ferromex''s parent, Mexican mining conglomerate Grupo Mexico ( GMEXICOB.MX ), is now seeking to apply its railroad operating expertise to foreign assets after dominating the railway freight sector.The acquisition would come at a sensitive time for relations between the United States and Mexico, following a pledge by U.S. President Donald Trump to renegotiate the North American Free Trade Agreement and tighten immigration controls.Grupo Mexico has prevailed in an auction for Florida East Coast Railway and is now negotiating final terms with the U.S. regional railroad''s owner, Fortress Investment Group LLC ( FIG.N ), two people said.If the negotiations are completed successfully, a deal could be announced as early as this week, the people added, asking not to be identified because the sale process is confidential.Fortress declined to comment. Ferromex, Grupo Mexico and Florida East Coast Railway did not immediately respond to requests for comment.Based in Jacksonville, Florida East Coast Railway operates a 351-mile (565-km) freight rail system located along the east coast of Florida.Fortress took Florida East Coast Railway private in 2007 for $3.5 billion. Fortress, an investment firm with $69.6 billion in assets under management as of the end of December, agreed last month to sell itself to Japan''s SoftBank Group Corp ( 9984.T ) for $3.3 billion.Grupo Mexico, one of the world''s largest copper producers, together with Kansas City Southern de Mexico and Ferrovalle, control more than 72 percent of the Mexican rail freight market. Grupo Mexico and Kansas City Southern de Mexico together have a 75 percent stake in Ferrovale.Earlier this month, Mexico''s antitrust watchdog criticized Grupo Mexico and Kansas City Southern de Mexico for using their rail freight market share to fix prices, restrict supply and impede access to their networks.(Reporting by Greg Roumeliotis in New York; Additional reporting by Gabriel Stargardter in Mexico City; Editing by David Gregorio and Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-floridaeastcoastrailway-m-a-ferromex-idINKBN16Y297'|'2017-03-27T17:16:00.000+03:00'
'33ca3eb00c37157cfeaa832cb083483d674e1700'|'Asia shares retreat from nearly 2-year peak, dollar firms'|'By Lisa Twaronite - TOKYO TOKYO Asian shares turned lower on Thursday after earlier briefly nudging up to near two-year highs, while the dollar benefited from waning expectations that the European Central Bank was poised to end its easy policy.MSCI''s broadest index of Asia-Pacific shares outside Japan was down 0.3 percent, stepping back from morning trade when it nudged close its loftiest levels since June 2015.Australian shares firmed 0.3 percent, helped by an overnight gain in oil prices. Strong energy shares had helped the U.S. S&P 500 end higher overnight.The Federal Reserve''s monetary outlook and policymaking under U.S. President Donald Trump have held sway in financial markets over the past few months. While investors have more or less come to terms with rising rates in the United States, concerns remain around the Trump administration''s ability to set U.S. growth on a higher gear.Last week''s failure of Trump''s U.S. healthcare reform bill reinforced those doubts.The dollar index, which tracks the U.S. currency against a basket of six major rivals, was up 0.1 percent on the day at 100.060. It was lifted to a one-week high overnight as the euro slipped on concerns about the impact of Brexit as well as news that ECB policymakers are keen to reassure investors that their easy-money policy is far from ending.The euro was down 0.1 percent at $1.0750, after Reuters reported ECB policymakers were wary of changing their policy message after tweaks this month upset investors and raised chances of a surge in borrowing costs.Prime Minister Theresa May formally began Britain''s exit from the European Union on Wednesday, launching a two-year negotiation process before the divorce comes into effect in late March 2019.Sterling edged up slightly on the day to $1.2445 after skidding to a one-week low of $1.2377 overnight."Brexit, to some extent, has been covered in the market already. People went short, covered, and went short again," said Kaneo Ogino, director at foreign exchange research firm Global-info Co in Tokyo."As for the dollar, demand is still steady from pure commercial orders, but the Japanese fiscal year ends this week and Tokyo investors don''t want to take new positions," Ogino said.Against the yen, the dollar added 0.2 percent to 111.27, well above this week''s low of 110.110, its lowest since Nov. 18, following Trump''s healthcare reform blow.Despite the dollar''s gains on the day, it was far lower than levels above 115 yen hit a few weeks ago, and Japan''s Nikkei stock index slipped 0.3 percent."Investors have bought Japanese stocks mainly because of the strong dollar-yen trend. Trump''s healthcare defeat threw a wet blanket on the Japan market''s rally since last November," said Takuya Takahashi, a strategist at Daiwa Securities.Japanese stocks soared more than 10 percent since Trump''s election on hopes his administration would boost U.S. economic growth to 3 percent or even higher.The healthcare setback raised fears that Trump might face challenges in getting his promised stimulus and tax reform policies passed as well, which pressured the greenback and U.S. Treasury yields.But underpinning the dollar, Chicago Federal Reserve President Charles Evans, a voter on the policy-setting Federal Open Market Committee, said on Wednesday he supports further interest rate hikes this year given progress on the Fed''s goals of full employment and stable inflation.Comments from Boston Fed President Eric Rosengren and San Francisco Fed President John Williams also backed multiple rate hikes, though those officials are non-FOMC voters."There''s a huge political fog around the world, in Asia, in the U.S., but underneath it, there''s actually quite a decent economic recovery. And that''s what''s driving markets more than the worries about politics," said Sean Taylor, Asia Pacific chief investment officer at Deutsche Asset Management."The U.S. is continuing to do well. Europe isn’t doing as badly as it was and because of the commodity pickup last year, emerging markets are doing okay," he said.U.S. crude futures edged down 0.1 percent to $49.48 a barrel in Asian trading, while Brent crude futures eased 0.1 percent to $52.35.Oil prices had surged more than 2 percent on Wednesday as U.S. crude inventories grew less than expected, supply disruptions continued in Libya and the OPEC-led output cut looked likely to be extended.(Additional reporting by Nicole Saminather in Singapore and Ayai Tomisawa in Tokyo.; Editing by Eric Meijer & Shri Navaratnam)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/global-markets-idINKBN17103Y'|'2017-03-30T02:50:00.000+03:00'
'8d3691da7795f26d90280fa5c9a35c11a903c4a9'|'Luxembourg says has legal right to host relocating EU banking body'|'  2:08pm BST Luxembourg says has legal right to host relocating EU banking body Buildings of the Kirchberg are seen behind people standing in roman ruins in the city of Luxembourg, Luxembourg, March 25, 2017. Reuters/Eric Vidal   The European Banking Authority (EBA) and its 159 London employees are expected to move quickly from the Canary Wharf financial district after Britain voted to quit the bloc, but the new seat for the agency that coordinates EU banking rules is still uncertain. The European Commission has suggested last week that one option could be to move the body to Frankfurt and merge it with the EU agency that oversees insurers and pension funds, the European Insurance and Occupational Pensions Authority (EIOPA), which is already based in the German financial capital [nL5N1GY4KC]. The suggestion has stirred criticism in Paris, which is also keen to host the agency, and in other EU cities which long for the jobs and prestige associated with hosting the EBA. Luxembourg, which has long been seen as a potential host, has now raised its stakes by claiming that it has a legal right to be the EBA''s seat. The Grand Duchy''s Prime Minister Xavier Bettel sent a letter on Wednesday night to EU leaders to formally advance Luxembourg''s candidacy. The city is a prominent financial centre, relatively close to the EU''s Brussels headquarters, and already hosts other EU banking institutions, including the euro zone''s bailout fund and the European Investment Bank, Bettel said in the letter, of which some excerpts were circulated to the media. A spokeswoman for the Grand Duchy added that the letter is more than a simple candidacy, as the country "has a legal claim to host the EBA." This claim is rooted in a decision taken by European leaders in 1965 in which they said they were "willing" to locate in Luxembourg EU bodies "concerned with finance". The spokeswoman said that the decisions to establish the European Central Bank in Frankfurt and the EBA in London were taken in agreement with Luxembourg and as an exception to its role, formalised in 1965, as one of the EU''s seats. "This time, we want the 1965 decision to be respected and therefore claim that the EBA''s new host should be Luxembourg," the spokeswoman said. The European Parliament has urged to decide quickly on the EBA''s new seat and the Commission said it will make a proposal during the two-year Brexit talks, officially launched on Wednesday. The final decision will be made by EU states. (Reporting by Francesco Guarascio Editing by Jeremy Gaunt)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-eba-luxembourg-idUKKBN1711SP'|'2017-03-30T21:08:00.000+03:00'
'0e09bc6b7565bed55e74be1b59ed91776c406850'|'UK accounting watchdog launches review on tougher sanctions'|'  8:14am BST UK accounting watchdog launches review on tougher sanctions LONDON Britain''s accounting watchdog has commissioned an independent review to see if it needs more teeth to deter wrongdoing. The Financial Reporting Council polices auditing of companies, actuaries, and corporate governance codes applied by directors. "The review will consider matters such as whether the reasons for imposing sanctions set out in its guidance and policies remain appropriate ... and whether the financial penalty sanctions, in particular, are adequate to safeguard the public interest and deter wrongdoing," the FRC said in a statement. "The independent panel will in due course issue a call for evidence and seek evidence from a range of relevant organisations and individuals. Further announcements will follow as the review progresses." The review follows calls from the FRC last month for more powers to punish company directors caught up in financial reporting breaches. The FRC''s existing powers mean it can only ban or fine company executives who are trained accountants or actuaries belonging to professional bodies. It would be up to the government to bolster the watchdog''s powers. The review will be conducted by an independent panel chaired by former Court of Appeal Judge, Christopher Clarke. (Reporting by Huw Jones, editing by David Evans)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-accounts-regulator-idUKKBN1710OW'|'2017-03-30T15:14:00.000+03:00'
'83019ba4ee6c060cca126466931e9b6cf7d73672'|'UPDATE 1-Ackman apologizes for Valeant losses, calls bet a mistake'|'(Adds details from letter, fund performance)By Svea Herbst-BaylissBOSTON, March 29 Billionaire hedge fund manager William Ackman has apologized to clients for betting on Valeant Pharmaceuticals International Inc, telling them he was "deeply and profoundly sorry" for losing so much of their money on the investment.Ackman decided to sell his entire Valeant position earlier this month, suffering a roughly $4 billion loss since having bought the stake in early 2015.. He called the investment a "huge mistake.""My approach to mistakes is that I personally assume 100 percent of the responsibility on behalf of the firm," he wrote in the firm''s annual letter released to clients on Tuesday evening and seen by Reuters on Wednesday.The 50-year-old manager acknowledged the toll the bad bet has taken on his image and said he misjudged the management team in place when he bought the stock."We deeply regret this mistake, which has cost all of us a tremendous amount," he wrote.Thanks largely to Valeant''s tumble, Ackman''s hedge fund Pershing Square Capital Management suffered back-to-back losses in 2015 and 2016 as his reputation as one of the hedge fund industry''s most talented investors dimmed.Since launching the firm in 2004, Ackman has delivered a compound annual net return of 14.8 percent. He tends to take concentrated bets and often pushes management to perform better by urging spin-offs or other measures.Nonetheless the board of Pershing Square Holdings, Ackman''s publicly traded investment vehicle, decided after a review of his performance that he should continue to manage the investments, Anne Farlow, the chair, wrote in a separate letter.She welcomed Ackman''s openness in analyzing what led to the Valeant failure.In his letter, Ackman laid some blame at the feet of Valeant''s former management team, which he had thought was building the next Berkshire Hathaway, once of the most profitable companies in the country.Ackman met former Valeant Chief Executive Michael Pearson in 2014, when Pearson enlisted Ackman''s help to try and buy Allergan and Pershing Square bought up Allergan shares to try and push that company''s management into selling to Valeant.Allergan ended up selling to a Actavis, netting Ackman his best-ever returns with his Pershing Square LP fund gaining 36.9 percent in 2014.Ackman fired Pearson in 2016, however, after he got a seat on Valeant''s board."Prior management substantially overpaid for the company''s largest acquisition - its acquisition of Salix - which occurred contemporaneously with the substantial majority of our investment in the company," Ackman wrote.Pershing Square Holdings has swung to losses of 2.5 percent after starting the year with gains, but Ackman promised a quick recovery in the letter to clients.(Reporting by Svea Herbst-Bayliss; Editing by Lisa Shumaker and Tom Brown)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/valeant-ackman-idINL2N1H627P'|'2017-03-29T22:11:00.000+03:00'
'dd521db84f3efba27f4f59cccb529c329069b823'|'U.S. House panel calls for quick debt deal at Puerto Rico''s PREPA'|'A congressional subcommittee on Tuesday urged Puerto Rico Governor Ricardo Rossello to finalize an $8.9 billion debt restructuring at the island''s power utility, PREPA, before the deal expires on Friday.In a letter to Rossello, California Republican Doug LaMalfa, who chairs the U.S. House Subcommittee on Indian, Insular and Alaska Native Affairs, said expiration of the pending agreement would "rattle the municipal bond market on the mainland." While expiration of the deal could expose PREPA to lawsuits from creditors, Rossello has said he wants to renegotiate terms of the deal to extract more concessions from PREPA''s creditors.(Reporting by Nick Brown; Editing by David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-puertorico-debt-prepa-idINKBN16Z2WW'|'2017-03-28T19:38:00.000+03:00'
'd315de7fae59b77612fb088276487ebe51d3e637'|'Blue Apron hires bankers for IPO: sources'|'By Liana B. Baker - SAN FRANCISCO SAN FRANCISCO Blue Apron, the biggest U.S. meal kit company, has hired investment bankers to lead its 2017 initial public offering, according to people familiar with the matter.Blue Apron''s IPO is coming as competition heats up in the meal kit industry, with companies delivering fresh ingredients and recipes to subscribers. At least one of its rivals is preparing its own IPO this year.New York City-based Blue Apron has selected Goldman Sachs ( GS.N ), Morgan Stanley ( MS.N ) and Citigroup Inc ( C.N ) to lead the offering that could come as soon as this fall, the sources said.Blue Apron was valued as high as $2 billion in a June 2015 funding round. The company, which is not profitable, generated about $750 million in revenues last year, according to one source.The sources asked not to be named because the matter is confidential. Blue Apron, Goldman Sachs, Morgan Stanley and Citi could not be reached immediately for comment.Blue Apron, which is named after the uniform that apprentice chefs wear in France, delivers its prepackaged ingredients and recipes to subscribers'' doorsteps for them to prepare at home, a new business model attempting to disrupt traditional grocery shopping.Rivals are quickly springing up, with Plated in the U.S. market, HelloFresh in Europe and Chefs Plate in Canada.Reuters reported last week that Blue Apron competitor, Sun Basket, which focuses on organic ingredients, has hired banks for an IPO that could come in the second half of the year.The IPO market for technology companies has gotten off to a strong start this year after a listless 2016. Snapchat''s owner, Snap Inc ( SNAP.N ) raised $3.4 billion in an IPO earlier this month, while software firms MuleSoft Inc ( MULE.N ) and Alteryx Inc ALYX.N have had strong IPO pricings in the past few weeks.Blue Apron was founded in 2012 in New York City by three friends. Bessemer Venture Partners, Stripes Group and Fidelity are among its investors.(Additional reporting by Lauren Hirsch in New Orleans; Editing by Jeffrey Benkoe)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-blueapron-ipo-idINKBN17020S'|'2017-03-29T12:20:00.000+03:00'
'04977f357f6af376c4696f922489aaacc3dc8495'|'Ukraine dollar bonds fall after court ruling in $3bln Russia debt case'|'LONDON, March 29 Ukraine''s sovereign dollar bond prices fell across the curve on Wednesday after a UK court ruled against Kiev in a pre-trial hearing over its $3 billion dispute with Russia.The bond maturing 2027 lost 0.6 cent while 2025 and 2020 issues slipped 0.5 cent and 0.3 cent respectively .The UK court said Ukraine did not provide "justifiable defence" in the case brought by Russia and that it would not be right for the case to go to full trial. Ukraine is planning to appeal the ruling. (Reporting by Sujata Rao, editing by Karin Strohecker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/ukraine-eurobonds-court-idINL9N14V014'|'2017-03-29T09:03:00.000+03:00'
'e16d0fa7b38c2dd9dcc8ae95b30b14c790aa7664'|'Akzo shareholder Elliott says 25 percent of owners want talks: FD newspaper'|'Deals - Wed Mar 29, 2017 - 12:44am EDT Akzo shareholder Elliott says 25 percent of owners want talks: FD newspaper FILE PHOTO: AkzoNobel''s logo is seen in Amsterdam, Netherlands, February 16, 2012. REUTERS/Robin van Lonkhuijsen/United Photos/File Photo AMSTERDAM Elliott Advisors, the hedge fund with a 3.25 percent stake in Dutch paintmaker Akzo Nobel ( AKZO.AS ), has identified shareholders representing 25 percent of the company''s owners who want it to engage in takeover talks with PPG Industries ( PPG.N ), according to Dutch newspaper FD. Akzo has rebuffed a 24.4 billion euro ($26.4 billion)takeover proposal from PPG and declined "engaging" with the U.S. company, saying it will detail plans to spin off its chemicals division instead. (Reporting by Toby Sterling; Editing by Stephen Coates) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-akzo-nobel-m-a-ppg-inds-shareholders-idUSKBN1700DA'|'2017-03-29T12:44:00.000+03:00'
'132c13d0f6a0e9a68925ef4e8f3854b647780ab0'|'Russia''s Sberbank set to extend economic reach after record year'|' 30am EDT Russia''s Sberbank set to extend economic reach after record year * Sberbank became largest Russian company this month * Bank posted record profits despite economic crisis * Sberbank part owned by central bank, close ties to Kremlin * Other banks complain it is stifling competition By Alexander Winning MOSCOW, March 28 Russian banking giant Sberbank has become so powerful that when it cuts interest rates on loans, other banks feel forced to follow. Now it wants to extend its reach into other areas of the economy. This month the former Soviet savings bank, which is still half-owned by the central bank and is headed by an ally of President Vladimir Putin, overtook oil company Rosneft to become the biggest company in Russia by market value. With over a third of Russia''s banking deposits, Sberbank has a market grip unseen in most Western economies. It has thrived despite an economic crisis and Western sanctions on Russia, winning market share from domestic rivals and making a record $9.5 billion profit in 2016. Sberbank now wants to use its huge reach to sell customers across Russia''s 11 time zones everyday services such as education and healthcare, earning fees even if it will not be the one providing those services. It also wants to expand its investment products and will be one of only two banks authorised to sell government bonds to the general public from next month. This will deepen its influence over major sectors of the economy, and the bank hopes it will help reduce its reliance on interest income. "We have to invent a way to increase our fees and commissions," the bank''s Chief Financial Officer Alexander Morozov told Reuters. "We have to think about the future low interest rate environment." Sberbank has not given detailed information on which non-banking services it will offer as the plans for its "financial ecosystem" are in their infancy. Domestic projects have become more of a priority for Sberbank since its ambitions for international expansion were thwarted by Western sanctions, which made some clients wary of dealing with the bank for compliance reasons. Sberbank also aims to strengthen its financial position by closing more branches – it shut around 1,300 last year – and move more customers online. Chief Executive German Gref has said by 2025 it could have only half its current 330,000 staff. The bank wants to achieve return on equity (ROE) – a measure of profitability closely watched by investors – of between 16 and 19 percent this year, having hit almost 21 percent in 2016. Not one of the 50 largest banks in Europe''s STOXX index achieved ROE of over 20 percent last year. BANKING OLIGOPOLY Sberbank has hoovered up clients as hundreds of smaller banks have been shut down as part of a crackdown on financial crime by the central bank. Bankers at some of Russia''s other 560 banks say it has accumulated such a large market share it is hard to compete. "Russia''s banking sector is an oligopoly," a senior executive at a large private Russian bank said, asking for anonymity to speak freely. "Sberbank cuts interest rates and we all have to follow." On Dec. 1 last year, for example, Sberbank reduced its rates on some mortgages by 0.5 percentage points. Rival VTB also lowered interest rates on some mortgages by 0.5 percentage points five days later and on Dec. 7 Raiffeisenbank, the Russian unit of Austria''s RBI, also cut mortgage rates. Sberbank''s Morozov acknowledged the competition. "In mortgages the most aggressive competitors always match any of our moves, some of them continuously keep their offering lower," he said. Sberbank''s dominant position does not appear to be causing any concern among Russian policymakers, some of whom see it as an important sign of economic and banking system strength. The bank''s management has close ties to Putin. Gref was Russia''s economy minister from 2000 to 2007, during Putin''s first two terms as president, before taking over at Sberbank. He oversaw a plan to reform the economy after a period of crisis in the 1990s. While he is not in Putin''s inner circle he has a reputation as an effective manager and is close to the governor of the central bank, Elvira Nabiullina. Analysts say having Gref and Nabiullina in charge of Sberbank and the central bank helps Putin guarantee economic stability. "In order to have the foundations for economic growth and a stable currency you have to have a well-functioning savings bank and an effective central bank," said Tom Adshead, head of research at Moscow-based Macro Advisory. "Putin understands this. He trusts Gref and Nabiullina and has them at the centre of his economic plans." Nabiullina said last year that the confidence in Sberbank among Russia''s depositors was due to it being a state-controlled institution. Asked about the bank''s dominance in the Russian economy, Nabiullina said the regulator monitored competition but that it took time for the long-standing structure of the banking sector to change. "Our task is to create conditions, most of all in regulation, so that there are equal conditions for competition," Nabiullina told a news conference on Friday. "One can''t say we have monopolistic effects." (Editing by Rachel Armstrong and Anna Willard)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/russia-sberbank-idUSL5N1H0291'|'2017-03-28T13:30:00.000+03:00'
'e006cd19130b9aad232798d32f80575e77df8e42'|'AA full-year core profit steady, new business up'|' 37am BST AA full-year core profit steady, new business up LONDON Motoring group AA ( AAAA.L ) posted a full-year core profit of 403 million pounds ($505.5 million) on Tuesday, steady from the previous year and in line with expectations, supported by growth in new business. AA, which offers roadside recovery and motor insurance services, saw a 14 percent growth in new business volume for the year ending Jan 31, 2017, it said in a trading statement. Trading earnings before interest, tax, depreciation and amortisation was up 0.2 percent from a year earlier and in line with 403 million pounds forecast on Thomson Reuters I/B/E/S. The group''s trading revenue rose 1.6 percent to 940 million pounds, below 953 million forecast. Operating profit fell 4.4 percent, however, to 284 million pounds. The firm said it had seen a positive start to the 2018 financial year. AA said it would pay a final dividend of 9.3 pence per share, up 3.3 percent from a year earlier. (Reporting by Carolyn Cohn, editing by Dasha Afanasieva)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-aa-pl-results-idUKKBN16Z0LN'|'2017-03-28T14:37:00.000+03:00'
'b0ccdba6d1f46c03f410afffe36d4fdb5b8b5bc7'|'Initial public offerings in Britain hit five-year low ahead of Brexit'|'By Anjuli Davies - LONDON LONDON Initial public offerings (IPOs) by companies based in Britain have raised $1.53 billion so far in 2017, a 28 percent decline on last year and the lowest year-to-date total since 2012 as Britain prepares to leave the EU, Thomson Reuters data shows.With London set to begin the process of leaving the European Union on Wednesday, and elections in France and Germany later this year, the number of suitable windows to launch IPOs in Britain and Europe is expected to be limited.South Africa''s Brait SE ( BATJ.J ) suspended plans to list on the London Stock Exchange on March 24, citing uncertainty over Brexit.The caution in Britain contrasts sharply with the rest of the world where proceeds from IPOs have more than doubled, year-to-date, compared with 2016, to total $29.4 billion, including the floatation of messaging app Snap Inc ( SNAP.N ), which raised $3.4 billion in March.In 2016, equity raising globally fell by more than a quarter, Thomson Reuters data showed, hit by geopolitical shocks and a string of failed IPOs, and bankers said the outlook for 2017 looked shaky.But there have been more fresh stock market listings so far this year globally than any other year-to-date period since 2000, with 302 offerings priced.However, so far this year only eight British companies have gone public, the slowest start since 2013, the data showed.Since Britain voted to leave the European Union in June 2016, the value of IPOs has declined 54 percent and the number of deals has fallen by 30 percent, the data showed.(Editing by Robin Pomeroy)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-britain-companies-ipo-idINKBN16Z14S'|'2017-03-28T08:11:00.000+03:00'
'97219be0defac8ec6423712753914129ccac28a5'|'EU''s Vestager to hold news conference on Wednesday, likely focus on exchanges deal'|' 18am BST EU''s Vestager to hold news conference on Wednesday, likely focus on exchanges deal left right A woman walks past the London Stock Exchange building in the City of London, Britain, January 16 , 2017. REUTERS/Toby Melville 1/3 left right The plaque of the Deutsche Boerse AG is pictured at the entrance of the Frankfurt stock exchange February 1, 2012. REUTERS/Alex Domanski/File Photo 2/3 left right European Competition Commissioner Margrethe Vestager holds a news conference at the EU Commission''s headquarters in Brussels, Belgium March 13, 2017. REUTERS/Francois Lenoir 3/3 BRUSSELS EU antitrust chief Margrethe Vestager will hold a news conference on Wednesday, where she is expected to announce that she is blocking the proposed merger of Deutsche Boerse ( DB1Gn.DE ) and the London Stock Exchange ( LSE.L ). Vestager''s news conference will start at 11 a.m CET (0900 GMT), the EU executive said in a statement on Tuesday, without providing further details. Last week, sources told Reuters that Vestager would on Wednesday lay out the case for stopping the fifth attempt by the two companies to create Europe''s biggest exchange. The British government is also due to start launch its procedure for leaving the European Union on Wednesday. Last month, LSE set the stage for a negative decision by the EU competition enforcer when it rejected a demand to sell its MTS Italian trading platform. (Reporting by Foo Yun Chee; editing by Philip Blenkinsop) Next In Business News  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lse-m-a-deutsche-boerse-eu-idUKKBN16Z0ZH'|'2017-03-28T17:18:00.000+03:00'
'50d14728f72d3f3c828329a2243c3827c804f48f'|'Brazil''s Caixa sees profit rising, no asset sales this year'|' 18am EDT Brazil''s Caixa sees profit rising, no asset sales this year SAO PAULO, March 28 Profit at Caixa Econômica Federal will rise this year as cost controls and stricter credit risk assessment allow Brazil''s largest mortgage lender to scale down loan-loss provisions, Chief Executive Officer Gilberto Occhi said on Tuesday. The state-controlled lender has no plans to sell assets or list any subsidiaries at this point, Occhi said at an event to discuss fourth-quarter results. (Reporting by Aluísio Alves; Writing by Guillermo Parra-Bernal; Editing by Paul Simao)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/caixa-ec-federal-results-outlook-idUSE6N1G601T'|'2017-03-28T22:18:00.000+03:00'
'3c545f2640951da753088d3fe25a74eb87720cb9'|'Schlumberger says bought stake in rig firm Borr Drilling'|'OSLO Schlumberger ( SLB.N ), the world''s top oil services provider, has bought a stake in upstart rig operator Borr Drilling BORR.NFF.The investment was made through a newly created venture fund, which has the ultimate goal of securing more activity for Schlumberger, Chief Executive Paal Kibsgaard said in a statement.He did not disclose the size of the investment and the company was not immediately available for comment.Norwegian financial daily Finansavisen reported on Tuesday that Schlumberger had taken a 20 percent stake in Borr through a $220 million investment.(Reporting by Terje Solsvik, editing by Gwladys Fouche)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-schlumberger-borr-drilling-idINKBN16Z0IV'|'2017-03-28T04:15:00.000+03:00'
'6b836406cdc9d6a325afed8b553aef3614b9bb17'|'Einhorn''s GM plan poses conflict challenge for board'|'Business News - Thu Mar 30, 2017 - 11:33am EDT Einhorn''s GM plan poses conflict challenge for board David Einhorn, president of Greenlight Capital speaks at the Sohn Investment Conference in New York City, U.S. May 4, 2016. REUTERS/Brendan McDermid By Michael Flaherty and David Randall - NEW YORK NEW YORK Hedge fund manager David Einhorn''s unusual plan to divide General Motors Co''s ( GM.N ) shares into two classes poses a potential corporate governance minefield for GM board members. The shareholder proposal, quickly rejected by the company this week, is aimed at boosting a lagging stock price, but did not appear to catch fire with other existing or prospective shareholders, who see it as an odd mix of hybrid security schemes. The plan would create one class of stock for investors keen to capture GM''s juicy dividend, and a second for those eager to bet on its growth potential. Einhorn, who runs New York-based Greenlight Capital, has pledged to fight for it at the company''s annual meeting and plans to nominate a slate of directors ready to advance his idea. One obstacle cited by legal and financial advisers is the probable conflict it presents for GM''s directors, who under Delaware law are required to be loyal to all shareholders. That could get tricky under Einhorn''s plan as directors would oversee two classes of stock that each have voting powers but competing ambitions for use of company capital. For instance, directors would have to square voting to raise quarterly payouts, which would exclusively benefit the dividend stock holders, versus allocating more toward capital expenditures or stock repurchases, which would benefit the growth stock camp. "It puts the board in an odd position," said Charles Elson, a University of Delaware corporate governance professor who also sits on the board of restaurant chain Bob Evans Farms Inc ( BOBE.O ). "Do you plow money back into the business, or buy back the stock? You end up penalizing at least one of the stock holders. It gets messy." Dividend holders would get one-tenth of a vote under the Einhorn plan, while the so called "capital appreciation" owners would have a full share. While all public company boards encounter tension when evaluating short- and long-term goals, "separating out dividend-paying shares makes those tensions explicit, pitting actually different stockholders against each other," Delaware Law School professor Larry Hamermesh said. Hamermesh added that such a structure could become more troublesome in terms of conflicts if the board''s stock holdings were concentrated more in one class of stock. DIVIDENDS VS. GROWTH Investors - even some GM holders frustrated by its persistent underperformance since its shares returned to public markets in 2010 after a wrenching reorganization in bankruptcy - were not immediately lining up in support of Einhorn''s idea. "I agree completely that the stock is undervalued, but I''m not sure that splitting it into two classes is going to drive it any higher," said Scott Moore, co-portfolio manager of the Buffalo Dividend Focus fund, who owns shares of GM. Moore said he doesn''t want to have to choose between dividend income and stock price appreciation. He wants both. So far, GM shares have not seen a big response to the Einhorn proposal. The stock gained about 2.5 percent on Tuesday after it was made public but ended little changed on Wednesday. Mark Freeman, chief investment officer of Westwood Holdings Group, who does not own GM, said he would not buy a dividend-focused share class that was not a preferred stock. Preferreds stand between common shares and debt in a company capital structure and offer a greater likelihood that investors will have a claim on assets in the event of a bankruptcy. Einhorn''s plan has flavors of several existing hybrid equity security types, such as tracking stocks, perpetual preferred shares and master limited partnerships, but does not exactly replicate any of them. To some degree, it harkens back to independent share trusts called "primes" and "scores," equity derivative securities that were popular in the late 1980s and early 1990s. As under the Einhorn plan, investors interested in the stability provided by dividends could own a company''s prime trusts, while those willing to take on more risk and bet on its growth could buy the scores. The key difference, however, was that the trusts were established by shareholders, not the companies issuing the underlying stock. Companies themselves had no involvement at all, and their shares were not formally divided into two classes as Einhorn''s proposal provides. The trusts phased out in the early 90s following a disadvantageous change in tax rules. GM itself has had multiple share structures in the past. In the mid-1980s, the automaker made two splashy diversification moves, acquiring Electronic Data Systems Corp, a pioneering computer services company founded by future presidential candidate H. Ross Perot, and later Hughes Aircraft, the defense and satellite company founded by billionaire Howard Hughes. GM then set up tracking stocks for each of the units. GM Class E shares, for EDS, and GM Class H shares, for Hughes, gave holders a dividend based on the profits of each operation, but no ownership stake. (Reporting by Michael Flaherty and David Randall; Editing by Dan Burns and Nick Zieminski) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-gm-greenlight-conflict-analysis-idUSKBN1712C9'|'2017-03-30T23:33:00.000+03:00'
'7d8561108696d4ea60940f29a3f08ae5ba4e8107'|'A Fed official backs sticking with crisis-era policy method'|'Business News - Wed Mar 29, 2017 - 8:02pm BST A Fed official backs sticking with crisis-era policy method San Francisco Federal Reserve President John Williams speaks to Reuters in San Francisco, California, U.S. September 27, 2016. REUTERS/Stephen Lam NEW YORK The Federal Reserve''s current use of two relatively new tools to lift interest rates - its reverse repurchase facility and its rate on excess bank reserves - has proven to work well, suggesting the Fed may not revert to a more traditional policy model, a top U.S. central banker said on Wednesday. The current so-called floor system "works effectively," San Francisco Fed President John Williams told reporters when asked whether he favours eventually reverting to the traditional "corridor" model in which banks would hold far less excess reserves. Now that the financial crisis is well in the rear view mirror, Fed staffers and policymakers are quietly working on a longer-term plan for how the central bank will control its key policy rate. (Reporting by Jonathan Spicer; Editing by Chizu Nomiyama) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-fed-williams-rates-idUKKBN1702TK'|'2017-03-30T03:02:00.000+03:00'
'bd3fcd431ae6e22edd26b14b3493e985fa289d32'|'EU official urges independent controls over Brazil meat industry'|'Business News - Wed Mar 29, 2017 - 7:26pm BST EU official urges independent controls over Brazil meat industry left right FILE PHOTO: A member of the Public Health Surveillance Agency inspects beef at a supermarket after the Chilean government suspended all meat and poultry imports from Brazil, in Santiago, Chile March 23, 2017. REUTERS/Ivan Alvarado/File Photo 1/3 left right EU Commissioner for Health and Food Safety Vytenis Andriukaitis gestures after a news conference in Brasilia, Brazil March 29, 2017. REUTERS/Ueslei Marcelino 2/3 left right FILE PHOTO: Workers guide cattle up a ramp leading into a cargo ship for export, at Vila do Conde port in Barcarena, Para state, near the mouth of the Amazon river, October 9, 2013. REUTERS/Paulo Santos/File Photo 3/3 By Anthony Boadle - BRASILIA BRASILIA Brazil needs independent controls over its meat industry, a top EU health official said on Wednesday, as he wrapped up a visit to the country rocked by an anticorruption investigation centering on bribery of its food-sanitation inspectors. Brazil''s Federal Police say in court documents the bribes were paid to cover up serious health violations by some companies in the meat industry, including the sale of rotten and salmonella-contaminated products. The police probe, dubbed "Operation Weak Flesh," has caused some of Brazil''s biggest export markets to ban its meats. The European Union is among the markets that have curbed imports from Brazil, which is the world''s largest beef and poultry exporter. European Union Commissioner for Health and Food Safety Vytenis Andriukaitis signaled resistance to easing the restrictions anytime soon. "This scandal shows how important it is to restore the trust, reliability and predictability of control systems," Andriukaitis told a news conference. "We need to have an independent official control system. We need to have transparency," he said. Brazil''s federal food inspectors report to the agriculture ministry and the system has come under fire for having politically appointed supervisors. Andriukaitis told reporters the EU, which suspended imports from the 21 meat processing plants that are under investigation last week, could take additional measures next Tuesday. He declined to be more specific, but said the bloc will be dispatching a team of auditors to Brazil to visit several meatpacking plants. The team will report back to EU officials in Brussels after Easter, he added. Police have accused more than 100 people, mostly inspectors, of taking bribes in exchange for allowing the sale of rancid meat products, falsifying export documents or failing to inspect meatpacking plants at all. Prosecutors have yet to present charges and the police allegations have not been proven. Government officials have sought to downplay the impact of the probe. But an industry group said on Tuesday that beef exports alone fell over 40 percent in terms of both volume and revenue in March 20-26 from the prior week, as a number of countries imposed temporary bans. The long-running investigation into irregularities in Brazil''s meat industry, one of the few robust sectors in an economy locked in its worst recession on record, was made public on March 17. Hong Kong on Tuesday removed one of the last blanket bans on Brazilian meat imports after it said it was satisfied by explanations from Brazilian officials. That followed China''s removal of its restrictions last weekend. Together, the two Asian nations bought about one-third of Brazil''s $14 billion in meat exports last year. The EU, which suspended imports from the 21 meat processing plants that are under investigation last week, ranks as the No. 2 importer of Brazilian meats, just behind Hong Kong and before China. (Reporting by Anthony Boadle)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-brazil-corruption-food-idUKKBN1702QE'|'2017-03-30T02:24:00.000+03:00'
'68bfe67c6f3402849666c279f33027a5447066e1'|'John Lewis eyes "flight to quality" in UK consumer downturn'|'  5:13pm BST John Lewis eyes "flight to quality" in UK consumer downturn FILE PHOTO: Pedestrians walk past a John Lewis store on Oxford Street, London, Britain, December 15, 2013. REUTERS/Neil Hall/File Photo LONDON John Lewis, Britain''s largest department store operator, is hopeful any downturn in consumer spending will see history repeat itself with a "flight to quality" rather than consumers opting to trade down, its new boss said on Thursday. Managing Director Paula Nickolds said that in Britain''s last recession at the time of the financial crisis in 2008 its shoppers did not necessarily trade down to cheaper alternatives but sought fewer, better quality products, helping the retailer gain market share. John Lewis, as with all British retailers, is having to deal with rising costs due to the pound''s depreciation in the wake of last year''s vote to leave the European Union, intense competition and the continuing shift of trade from shops to online. There have also been some signs recently that shoppers are now feeling the impact of rising inflation eroding earnings growth. "What we saw in 2008 was quite an interesting shift for our customers - it was more a flight to quality than it was a trading down," Nickolds told reporters on Thursday, noting the firm had won market share every year since 2008. "It remains to be seen what will happen this time round but my suspicion is people will be much more thoughtful about buying once and buying well and retailers will have to work harder to entice people to spend," she said. "In many respects ... that’s a good thing. It forces retailers to really up their game." Nickolds, a 23-year John Lewis veteran and the first woman to run the 152-year old, employee-owned, chain, succeeded Andy Street as managing director in January. Street, MD for a decade, quit the post to contest the election of the mayor of the West Midlands, a region of central England, for the ruling Conservative Party. For the eight weeks to March 25 John Lewis'' sales were up 0.6 percent, which analysts estimate equates to a like-for-like sales fall of 1.5 percent, partly reflecting the earlier fall of Mothers Day and Easter this year compared to last year. "I don''t think it will be until the early and middle of May before we''re really able to tell what''s happening at an underlying level," said Nickolds. She said higher input costs should not be taken to mean automatically higher prices for shoppers, due to the competitive nature of the market. She also noted that John Lewis'' ''Never Knowingly Undersold'' price-matching pledge meant it would be "the last to move on pricing." Detailing her plans for the chain she set a target of 50 percent of what John Lewis sells being exclusive to the retailer or own brand, up from "high 30s" currently. By 2020 the retailer expects half of its sales to be made online. Nickolds also warned there would be more job losses at John Lewis but declined to provide any numbers. (Reporting by James Davey; Editing by Greg Mahlich)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-john-lewis-outlook-md-idUKKBN1712FF'|'2017-03-31T00:00:00.000+03:00'
'641db299575b8de29da05994da3f033b63686b73'|'Some Pakistani power firms stuck in slow lane on China''s Silk Road'|'Business News - Thu Mar 30, 2017 - 1:08am BST Some Pakistani power firms stuck in slow lane on China''s Silk Road left right A worker monitors automatic copper wire unit at the Fast Cables plant in Lahore, Pakistan, March 24, 2017. Picture taken March 24, 2017. REUTERS/Mohsin Raza 1/2 left right A worker monitors automatic copper wire unit at Pakistan Cables in Karachi, Pakistan March 22, 2017. Picture taken March 22, 2017. REUTERS/Akhtar Soomro 2/2 By Drazen Jorgic - KARACHI/LAHORE, Pakistan KARACHI/LAHORE, Pakistan Kamal Amjad Mian thought China''s decision to invest $36 billion (28.84 billion pounds) in the Pakistani power sector would benefit his electricity cable business, and, anticipating increased demand, his family spent nearly $30 million on a second plant to double output. But Mian''s Fast Cables and some other Pakistani manufacturers have yet to reap rewards from Beijing''s huge "One Belt, One Road" (OBOR) project, a modern-day "Silk Road" network of trade routes across land and sea. Power stations built as part of the China-Pakistan Economic Corridor (CPEC), a $57 billion project involving energy, road and rail infrastructure, are being kitted out with Chinese cables exempt from import duty and sales tax. Such exemptions, more generous for CPEC projects than others, threaten to undermine local industry, according to Mian, one of a growing number of executives now questioning an initiative long portrayed as the key to Pakistan''s prosperity. "The government, instead of giving us a level playing field, gave them an advantage," Mian said in the eastern city of Lahore. A Water and Power Ministry official, who declined to be named because he was not authorised to speak to the media, said "there were question marks about whether the local cable industry could fulfil the demands under CPEC and we worried it would slow down projects." Beijing''s CPEC splurge and a drop in Islamist militant violence have reinvigorated Pakistan''s sluggish economy, driving growth to about 5 percent for the first time since 2008. The public and political parties broadly support Chinese investment, while cement and steel companies who bagged early CPEC contracts are embarking on aggressive expansion. Executives also say Chinese investors are poised for an acquisitions spree in Pakistan. TROJAN HORSE OR SAVIOUR? But not everyone is happy. Critics say CPEC projects are opaque and expensive, and question Pakistan''s ability to repay the costs over time. Some firms fear they will struggle to compete with Chinese companies with deeper pockets, economies of scale and vastly cheaper credit lines. "We have to make sure (CPEC) doesn''t become a Trojan Horse and start hurting existing industry," said Ehsan Malik, chief executive of the Pakistan Business Council. There is plenty still up for grabs for local players. The next phase of CPEC involves the creation of Special Economic Zones where Chinese state-run enterprises would open factories and help develop Pakistan''s industrial base. But Fast Cables'' Mian said that, while domestic producers have been benefiting from broad economic growth, he fears his business will end up "dying a slow and painful death" if Chinese rivals setting up in Pakistan receive preferential tax breaks. Mian and other cables makers are reviving a defunct industry association in order to lobby Islamabad, amid concerns Beijing will use its leverage over Pakistan to obtain those sweeteners. "Very soon, if we are not nimble enough to recognise the issues, we could be in trouble," said Fahd Chinoy, whose family runs Pakistan Cables ( PKCB.KA ). China, for which CPEC is a key part of its Silk Road ambitions, sought to assuage such fears. "The dividend, the well-being delivered by the corridor will benefit the people of both China and Pakistan, as well as of the region," Foreign Ministry spokeswoman Hua Chunying told a regular briefing, when asked about concerns in Pakistan. The government in Islamabad was also keen to reassure domestic producers. "We are not (so foolish) as to not protect our local industry," said Miftah Ismail, a state minister charged with setting up CPEC Special Economic Zones. "I want to assure people we will never give greater protection to our Chinese investing friends," Ismail added. "It will never be an uneven playing field." The Pakistani government, citing local worries about being crowded out, said in January it would prioritise domestic companies over Chinese ones in the forthcoming sell-off of state-run companies. WINNERS AND LOSERS? Pakistan''s struggling textiles sector, which account for 60 percent of the country''s exports, is watching nervously. China is offering vast incentives and ploughing billions of dollars into the Western region of Xinjiang to build a textile industry, which will rely on CPEC road and rail links to export goods via Pakistan''s Arabian sea port of Gwadar. The Karachi Chamber of Commerce & Industry and other organisations worry that Pakistan will become a dumping ground for Chinese goods once the Xinjiang-Gwadar transit route becomes operational and traffic volumes soar. "If those products end up on the domestic market without duties, it will devastate the local industry," said Aamir Fayyaz, chairman of the All Pakistan Textile Mills Association (APTMA). Wang Zihai, president of the Pakistan-China Joint Chamber of Commerce and Industry, compared Pakistan to China three decades ago, when its nascent industries faced competition from more advanced Japanese and American companies. "Chinese companies did not die," Wang said. "Chinese are not here to take over everything, they want partners. They need a local party to work together." And for early CPEC winners, optimism abounds. Hussain Agha''s family-run steel business has bagged several CPEC contracts and is planning an initial public offering (IPO) to raise cash to expand. "Those who are geared for the economic renaissance of Pakistan will thrive, and those who are not will miss the bus," said Agha, an executive director at Agha Steel Industries. "We are getting ready for the ''Roaring 20s''." (Additional reporting by Mubasher Bukhari; Writing by Drazen Jorgic; Editing by Mike Collett-White) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-silkroad-pakistan-idUKKBN17100B'|'2017-03-30T08:08:00.000+03:00'
'93c9e71aa5ae553c9fa2ad03cd8d771aa3f891eb'|'Volkswagen says U.S. approves sale of modified diesel vehicles'|'Business News - Thu Mar 30, 2017 - 1:40am BST Volkswagen says U.S. approves sale of modified diesel vehicles The logo of Volkswagen is seen during the 87th International Motor Show at Palexpo in Geneva, Switzerland March 8, 2017. REUTERS/Arnd Wiegmann Volkswagen AG ( VOWG_p.DE ) said the U.S. Environmental Protection Agency has approved its request to sell up to 67,000 diesel vehicles from the 2015 model year, including about 12,000 currently in dealer inventory with approved emissions modifications. The vehicles in inventory were held when the company issued a stop sale in September 2015, Volkswagen spokeswoman Jeannine Ginivan told Reuters. Ginivan said the company was finalising details of the programme. The EPA approved a fix for about 70,000 Volkswagen diesel vehicles in January. The EPA did not immediately to a request for comment. (Reporting by David Shepardson in Washington and Bhanu Pratap in Bengaluru; Editing by Leslie Adler) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-emissions-idUKKBN17102M'|'2017-03-30T08:40:00.000+03:00'
'092ed10df843bc81dd69185eae323b1e9705efce'|'CEE MARKETS-Zloty retreats from 11-month highs, Czechs hold bond auction'|'* Zloty retreats, optimism over economy can lift it further * Hungarian central bank says depo cut maintains loose conditions * Czech crown sets 4-month high in 1-month forwards deals By Sandor Peto and Bartosz Chmielewski BUDAPEST/WARSAW, March 29 Central European currencies eased on Wednesday after Hungary''s central bank continued to squeeze funds from its 3-month deposits, while Poland''s zloty retreated from 11-month highs. In Prague, the crown set a new 4-month high in one-month forwards contracts at 26.9 against the euro ahead of an auction of government bonds. A moderate rise in the region''s biggest stock markets, led by a 0.4 percent gain in Budapest and Warsaw indicated some recovery in risk appetite, after a setback in global markets early this week. The forint and the zloty eased 0.1 percent against the euro. The zloty traded at 4.2372. On Tuesday the zloty surged to an 11-month high, after Deputy Prime Minister Mateusz Morawiecki said Polish economic growth could exceed the 3.6 percent official forecast this year. The zloty and Warsaw stocks are strong regional outperformers, with respective gains of 3.9 and 14.7 percent this year, after a hit from a shift to less business-friendly policies since late 2015 under the conservative cabinet. U.S. and Asian investors, the biggest buyers, focus on improved Polish economic data and assessments from rating agencies, one Warsaw-based trader said. "Zloty also passed through all recent technical resistance levels, including 200-week average and technically a trend reversal seems unlikely," the trader said, adding that the next resistance was at 4.21-4.22. Analysts expect the zloty to firm further and retreat into the 4.23-4.25 range after finding a resistance. The forint traded near the 310 psychological line, but did not weaken through it. The Hungarian central bank announced a bigger than expected cut in its 3-month deposits on Tuesday. Analysts mostly interpreted that as a dovish measure. The bank explained in a 20-page study, confirmed in comments from its Deputy Governor Marton Nagy, that considering other market factors, its measure maintained the earlier level of interbank liquidity rather than boosting it. "The truth could be in between the two," one fixed income trader said, adding that Hungarian debt yields dropped anyway, mainly in short maturities, with 3-month yields trading at 1.23 percent, down 7 basis points from Tuesday''s fixing. The Czech Republic auctions two bonds. The government added this auction to its March sales early this week to benefit from low yields. The Czech central bank will hold its last regular meeting on Thursday before the expiry of its hard commitment to retain its cap on the crown currency at 27 against the euro until the end of the first quarter. It is uncertain how Czech markets will move in the short term after the cap is removed. CEE SNAPS AT 1048 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 27.02 27.02 -0.01 -0.06 20 05 % % Hungary 309.9 309.6 -0.10 -0.35 forint 000 050 % % Polish 4.237 4.234 -0.07 3.93% zloty 2 3 % Romanian 4.555 4.556 +0.0 -0.45 leu 5 3 2% % Croatian 7.440 7.436 -0.05 1.55% kuna 0 5 % Serbian 123.7 123.9 +0.1 -0.36 dinar 900 100 0% % Note: daily calculate previ close 1800 change d from ous at CET STOCK S Lates Previ Daily Chang t ous e close chang in e 2017 Prague 985.6 983.2 +0.2 +6.9 9 2 5% 5% Budapest 32411 32294 +0.3 +1.2 .84 .03 6% 8% Warsaw 2234. 2225. +0.4 +14. 43 41 1% 71% Bucharest 7965. 7953. +0.1 +12. 14 88 4% 42% Ljubljana 783.4 787.3 -0.48 +9.1 9 0 % 8% Zagreb 2024. 2077. -2.53 +1.4 54 12 % 9% Belgrade <.BELEX15 738.5 739.4 -0.12 +2.9 > 6 4 % 5% Sofia 635.6 636.2 -0.10 +8.3 3 9 % 9% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.49 0 +022 +1bp > 1 bps s 5-year <CZ5YT=RR 0.205 0.051 +053 +7bp > bps s 10-year <CZ10YT=R 0.966 0 +058 -1bps R> bps Poland 2-year <PL2YT=RR 2.044 0.003 +275 +1bp > bps s 5-year <PL5YT=RR 2.96 0.014 +329 +3bp > bps s 10-year <PL10YT=R 3.552 0.048 +317 +4bp R> bps s FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep < 0.29 0.32 0.4 0 PRIBOR=> Hungary < 0.24 0.27 0.36 0.21 BUBOR=> Poland < 1.77 1.79 1.83 1.73 WIBOR=> Note: FRA are for Quote: s ask prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL5N1H62AC'|'2017-03-29T07:38:00.000+03:00'
'9ffff02855396bb65bfbdcaf0384a5f15593c347'|'U.S. Fed''s Powell - In ''wait-and-see'' stance on Trump policies'|'  11:59pm BST U.S. Fed''s Powell - In ''wait-and-see'' stance on Trump policies Federal Reserve Governor Jerome Powell attends the Federal Reserve Bank of Kansas City''s annual Jackson Hole Economic Policy Symposium in Jackson Hole, Wyoming August 28, 2015. REUTERS/Jonathan Crosby MORGANTOWN, W.Va. The impact of the new Trump administration''s effect on the economy remains too uncertain for the U.S. Federal Reserve to react or begin recasting its outlook, Fed Governor Jerome Powell said on Tuesday. Asked about the collapse of the healthcare bill last week, Powell said that uncertainty about "the scope, the timing and the contents" of President Donald Trump''s policies were making it difficult for Fed policymakers to assess what they might mean. "It is difficult to incorporate effects from policy when it is so uncertain what the policy may be. So I don''t incorporate any effects for now," Powell said. "Until things become clearer, it is difficult to assess." Since Trump''s election, Fed officials have debated how his campaign promises may change an economy many policymakers feel is on a sturdy course. Depending on how those policies are designed and when and if they are approved, the programs Trump promised during the campaign - tax cuts, massive infrastructure spending, tough trade rules, tighter limits on immigration - could boost growth, lead to higher inflation, or throw the global economy into a trade war. The collapse of the healthcare overhaul effort on Friday [nL2N1H10CS] has, if anything, made the U.S. central bank''s job harder as it tries to tease out what set of policies may make it through Congress. "We are just going to have to wait and see," Powell said in remarks to reporters after a speech at West Virginia University in Morgantown. Overall, Powell said he felt the economy was on a solid path that warranted continued interest rate increases this year. The Fed raised rates in March, and a majority of the central bank''s policymakers foresee at least two more increases this year. "It is appropriate we stay on this path to gradually raise interest rates," Powell said. "March was a good time. ... There will be scope for more." (Reporting by Howard Schneider; Editing by Leslie Adler and Jonathan Oatis)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-fed-powell-idUKKBN16Z328'|'2017-03-29T06:59:00.000+03:00'
'ade3db2f229e8439438b28262dbe48c19b1f47aa'|'Russia''s Gazprom raises 850 million pounds in Eurobond deal - sources'|'  2:41pm BST Russia''s Gazprom raises 850 million pounds in Eurobond deal - sources FILE PHOTO - A general view shows the headquarters of Gazprom in Moscow, Russia, June 30, 2016. REUTERS/Maxim Shemetov/File Photo MOSCOW Russian gas giant Gazprom ( GAZP.MM ) has raised 850 million pounds ($1.05 billion) in a Eurobond deal, two sources close to the deal told Reuters on Wednesday. Gazprom has set the yield at 4.25 percent for its seven-year GBP benchmark bond, IFR, a Thomson Reuters news and market analysis service, said earlier on Wednesday. ($1 = 0.8059 pounds) (Reporting by Kira Zavyalova and Oksana Kobzeva; writing by Vladimir Soldatkin; editing by Katya Golubkova) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-russia-gazprom-eurobond-volume-idUKKBN1701V2'|'2017-03-29T21:41:00.000+03:00'
'0b943c43030f89cf41d25396766109e18572a6d5'|'BRIEF-Antero Midstream GP LP files for IPO of up to $100 Mln'|'March 28 Antero Midstream GP LP* Antero Midstream GP LP files for IPO of up to $100 million of common shares representing LP interests; applied to list on NYSE under symbol "AMGP"* Antero Midstream GP LP says Morgan Stanley, Barclays and J.P. Morgan are underwriting the ipo - sec filing* Antero Midstream GP LP - proposed ipo price is an estimate solely for purpose of calculating sec registration fee Source text : bit.ly/2nwx9pZ'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-antero-midstream-gp-lp-files-for-i-idINFWN1H50L7'|'2017-03-28T13:13:00.000+03:00'
'db1ffe792fbcce978bbd1746701f13f8d5368266'|'Japan''s Asahi takes on 7.4 billion euro loans to fund AB InBev asset buy'|'TOKYO Japanese beer maker Asahi Group Holdings Ltd ( 2502.T ) said on Tuesday it will take on 7.4 billion euros (6.36 billion pounds) in bank loans to finance its acquisition of European assets from Anheuser-Busch InBev SAC NV ( ABI.BR ).The brewer, known for Japan''s best-selling "Super Dry" beer, in December agreed to buy a group of eastern European beer brands, including Pilsner Urquell, from AB InBev for 7.3 billion euros.In a statement, Asahi said it will take on short-term loans from Sumitomo Mitsui Banking Corp ( 8316.T ) and Mizuho Bank Ltd ( 8411.T ).Companies typically borrow on a short-term basis as bridging loans before securing permanent financing through, for instance, syndicated loans or bonds.An Asahi spokesman said nothing has been decided about permanent financing.(Reporting by Taiga Uranaka; Editing by Christopher Cushing)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-asahi-group-debt-idINKBN16Z0Y6'|'2017-03-28T07:06:00.000+03:00'
'1a917c9206cb05102c42fd7ab9e76d25a002c788'|'Tesla deal boosts Chinese presence in U.S. auto tech'|'  7:27pm BST Tesla deal boosts Chinese presence in U.S. auto tech left right FILE PHOTO -- A Tesla car showroom is seen in west London, Britain, March 21, 2017. REUTERS/Toby Melville/File Photo 1/2 left right FILE PHOTO: A sign of Tencent is seen during the third annual World Internet Conference in Wuzhen town of Jiaxing, Zhejiang province, China November 16, 2016. REUTERS/Aly Song/File Photo 2/2 By Paul Lienert - DETROIT DETROIT China''s Tencent Holdings Ltd ( 0700.HK ) has bought a 5 percent stake in U.S. electric car maker Tesla Inc ( TSLA.O ) for $1.78 billion (1.43 billion pounds), the latest investment by a Chinese internet company in the potentially lucrative market for self-driving vehicles and related services. Tencent''s investment, revealed in a U.S. regulatory filing, provides Tesla with an additional cash cushion as it prepares to launch its mass-market Model 3. Tesla''s shares were up 2.9 percent at $277.03 in midday trading on Tuesday, making it rival Ford Motor Co ( F.N ) as the second-most-valuable U.S. auto company behind General Motors Co ( GM.N ). The deal expands Tencent''s presence in an emerging investment sector that includes self-driving electric cars, which could enable such new modes of transportation as automated ride-sharing and delivery services, as well as ancillary services ranging from infotainment to e-commerce. Those new technologies, and their potential to create new business models and revenue streams in the global transportation sector, have attracted billions in investment from China''s three tech giants - Tencent, Alibaba Group Holding Ltd ( BABA.N ) and Baidu Inc ( BIDU.O ). Tesla Chief Executive Officer Elon Musk on Tuesday tweeted: "Glad to have Tencent as an investor and adviser to Tesla." Musk did not say what he meant by "adviser." In an investor note, Morgan Stanley auto analyst Adam Jonas said on Tuesday that he "would not be surprised" to see Tencent and Tesla collaborate in the development and deployment of some of those technologies. The White House did not immediately respond to a request for comment on the Chinese investment in Tesla, but President Donald Trump has been critical of U.S. automakers and of China trade policies. Musk, in a separate tweet, said Tesla had "very few" Model 3 orders from China, where the car has not been formally introduced. The midsize Model 3 is due to go on sale later this year in the United States. China is the world''s largest auto market. Founded in 1998 by entrepreneur Ma Huateng, Tencent is one of Asia''s largest tech companies, best known for its WeChat mobile messaging app. With a market capitalization of about $275 billion, it is roughly six times the size of 14-year-old Tesla, whose $46 billion market cap on Tuesday matched that of 114-year-old Ford. Tencent was an early investor in NextEV, a Shanghai-based electric vehicle startup that since has rebranded itself as Nio, with U.S. headquarters in San Jose, not far from Tesla''s Palo Alto base. Tencent also has funded at least two other Chinese EV startups, including Future Mobility in Shenzhen. In addition, Tencent has invested in Didi Chuxing, the world''s second-largest ride services company behind Uber, and in Lyft, Uber''s chief U.S. rival. Baidu has invested in Nio, as well as in Uber and Velodyne, a California maker of laser-based lidar sensors for self-driving cars. Alibaba''s mobility investments include Didi and Lyft. As Tesla is doing, many of the start-up companies backed by Tencent, Baidu and Alibaba are developing self-driving systems that eventually could be introduced in commercial ride-sharing fleets in the United States and China after 2020. Tencent maintains a U.S. office in Palo Alto, in the heart of California''s Silicon Valley. Beijing-based Baidu and Hangzhou-based Alibaba also maintain offices in Silicon Valley. Tencent owns about 8.2 million shares in Tesla, the carmaker said. It is the fifth-largest shareholder, behind Musk and investment companies Fidelity, Baillie Gifford and T. Rowe Price. To help fund Model 3 production, Tesla raised about $1.2 billion by selling common shares and convertible debt earlier this month. Tencent said its shares were acquired as part of the early March equity sale and on the open market. Musk had a stake of about 21 percent as of Dec. 31. (Additional reporting by Rishika Sadam in Bengaluru, Sijia Jiang in Hong Kong and David Shepardson in Washington; Editing by Nick Zieminski and Dan Grebler) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-tesla-stake-tencent-holdings-idUKKBN16Z1F9'|'2017-03-29T02:27:00.000+03:00'
'21dabc1981f9703924a7b8f8f05f81e604b9d6f0'|'CVC to start clock on sale of German metering firm Ista - sources'|' 46pm BST CVC to start clock on sale of German metering firm Ista - sources By Arno Schuetze and Alexander Hübner - FRANKFURT FRANKFURT CVC [CVC.UL] is selling German metering and energy management group Ista, which could be worth up to 4 billion euros ($4.3 billion), sources told Reuters on Tuesday. The buyout group, which bought Ista in 2013 at a valuation of 3.1 billion euros, plans to send out preliminary information packs on the company around Easter. This will set in motion what could become the largest sale of a private equity portfolio company in Germany this year, they added. Pension funds, insurers and infrastructure investors are expected to show interest, they said, adding that potential bidders were likely to form consortia given Ista''s size. The company employs about 5,100 people, 1,700 of them in Germany. Canada Pension Plan Investment Board, which already owns a minority stake in Ista, is tying up with Borealis to make a bid, while Allianz ( ALVG.DE ), the Government of Singapore Investment Corp and Ontario Teachers Pension Plan, are also likely to show their interest, the sources added. Ista, which provides energy and water metering, posted earnings before interest, tax, depreciation and amortisation of 364 million euros on sales of 843 million in the 12 months through end-September 2016. Its full-year earnings are due on April 25. The company, which is present in 24 countries including China, Russia and the United Arab Emirates, is expected to fetch a valuation of more 10 times its 2017 expected core earnings, the sources said. CVC and its sell-side adviser Goldman Sachs ( GS.N ) declined to comment. The prospective bidders also declined to comment or were not immediately available for comment. Bankers are working on debt financings totalling around 2.5 billion euros, equating to around 6.75 times Ista''s core earnings, banking sources said. "It is a very financeable deal as it is extremely stable and very well known," a senior leveraged finance banker said. Before they put in their bids, potential buyers are awaiting a sector review on the metering industry by Germany''s competition authority, which is expected at the end of April. However, the report is not expected to challenge Ista''s business model, the sources added, while the cartel office declined to comment. Ista has said in the past that the sector analysis could help investors understand its service and margins. The bidders will also weigh potential bids against the possibility of an investment in Ista peer Techem, which Australian infrastructure investor Macquarie ( MQG.AX ) is expected to put on the market at the end of the year, the sources said. Ista head Thomas Zinnoecker said in January that he is hoping for an investor which would stay invested for 10 to 15 years, which is a typical investment horizon for pension funds, insurers or infrastructure investors, while private equity groups typically sell a company after three to five years. ($1 = 0.9210 euros) (Additional reporting by Claire Ruckin and Matthias Inverardi; editing by Maria Sheahan and Alexander Smith)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-cvc-ista-sale-idUKKBN16Z26A'|'2017-03-28T23:46:00.000+03:00'
'd977b4d1e711631cd8f972a0a4cc4da12acdebb9'|'Abu Dhabi fund loses crisis-related arbitration against Citigroup'|'Company  55pm EDT Abu Dhabi fund loses crisis-related arbitration against Citigroup By Nate Raymond - March 28 March 28 Citigroup Inc has prevailed in the latest arbitration pursued by Abu Dhabi Investment Authority over the sovereign wealth fund''s $7.5 billion investment in 2007 to shore up the then-struggling bank during the subprime mortgage meltdown. Documents in the case were unsealed on March 20 in Manhattan federal court, where Citigroup filed a petition earlier in the month to have a federal judge confirm a decision an arbitration panel issued in December. In their December ruling, arbitrators ruled that a contractual clause the investment authority said the bank had breached "does not impose continuing obligations on Citigroup regarding the commercial reasonableness of its decision making." The panel also awarded Citigroup nearly $9.5 million in legal fees and expenses, the documents said. Citigroup said in a statement on Tuesday that Abu Dhabi Investment Authority''s investment "was a testament to the strength of that relationship, and we regret that the investment led to this outcome." The investment authority, headquartered in the United Arab Emirates'' capital, declined to comment. In court papers, it said it disagreed with the ruling but would not challenge it. The arbitration arose from Citigroup''s efforts to shore up its capital base after announcing in November 2007 that it had $55 million in exposure to subprime mortgages. Anticipating $8 billion to $11 billion in losses due to write-downs, Citigroup reached a deal in which the Abu Dhabi fund invested $7.5 billion in exchange for a 4.9 percent stake in the bank. The investment authority also received securities that could be converted to common stock at $31.83 to $37.24 from March 2010 to September 2011. As the U.S. financial crisis deepened, Citigroup had to take two government bailouts. The investment authority filed for arbitration in 2009, accusing Citigroup of fraudulently inducing its investment, in part by issuing preferred shares to other investors that diluted its stake. A panel of the International Centre for Dispute Resolution of the American Arbitration Association rejected the claims in 2011, and federal courts in New York upheld that ruling. But in 2013, the investment authority sought a second arbitration, raising two claims, including breach of contract. Citigroup sued to block the case, which the bank said sought more than $2 billion or to rescind the investment. But in 2015, a federal appeals court declined to block the case. The case is Citigroup Inc v. Abu Dhabi Investment Authority, U.S. District Court, Southern District of New York, No. 17-01528. (Reporting by Nate Raymond in Boston; Additional reporting by Tom Arnold in Dubai; Editing by Lisa Von Ahn) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/citigroup-lawsuit-idUSL2N1H50VU'|'2017-03-29T01:55:00.000+03:00'
'00bdd35868cd6b20770f339301c9ee902f901bd1'|'ECB not yet confident that inflation rise durable - Praet'|' 33am BST ECB not yet confident that inflation rise durable - Praet European Central Bank (ECB) headquarters in Frankfurt, Germany, July 29, 2016. REUTERS/Ralph Orlowski BERLIN The euro zone economy is picking up strength but the European Central Bank is still not yet convinced that the recent inflation rise will be durable, with prices moving towards its target in a sustained way, chief economist Peter Praet said on Thursday. "The firming of the recovery has not yet translated into a durable strengthening of inflation dynamics. Headline inflation has increased, but for the most part this reflects rising energy and food price inflation," Peter Praet, Praet told a conference in Berlin. "Underlying inflation pressures continue to remain subdued. We are not yet sufficiently confident that inflation will converge to levels consistent with our aim in a durable manner," he added. (Reporting by Andreas Framke)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ecb-policy-praet-idUKKBN17116E'|'2017-03-30T18:33:00.000+03:00'
'800648d31ea3ac7793dbb72b66ab5df0198cd553'|'Fourth-quarter economic growth revised higher, boosted by consumer spending'|'Business  28pm BST Fourth-quarter economic growth revised higher, boosted by consumer spending Commuters wait to ride New York City Subway in New York, December 12, 2013. REUTERS/Eric Thayer By Lucia Mutikani - WASHINGTON WASHINGTON U.S. economic growth slowed less than previously reported in the fourth quarter as robust consumer spending spurred the largest increase in imports in two years. Gross domestic product increased at a 2.1 percent annualised rate instead of the previously reported 1.9 percent pace, the Commerce Department said on Thursday in its third GDP estimate for the period. The economy grew at a 3.5 percent rate in the third quarter. The government also said that corporate profits after tax with inventory valuation and capital consumption adjustments increased at an annual rate of 2.3 percent in the fourth quarter after rising at a 6.7 percent pace in the previous three months. Profits were held back by a $4.95 billion settlement between the U.S. subsidiary of Volkswagen AG ( VOWG_p.DE ) and the U.S. federal and state governments for violation of environmental regulations. Data on trade as well as consumer and construction spending suggest that economic growth moderated further at the start of 2017. The Atlanta Federal Reserve is forecasting GDP rising at a rate of 1.0 percent in the first quarter. With the labour market near full employment, the data likely understate the health of the economy. GDP tends to be weaker in the first quarter because of calculation issues the government has acknowledged and is trying to resolve. A separate report from the Labour Department on Thursday showed initial claims for state unemployment benefits fell 3,000 to a seasonally adjusted 258,000 for the week ended March 25. Claims have now been below 300,000, a threshold associated with a healthy labour market for 108 straight weeks. That is the longest stretch since 1970 when the labour market was smaller. The economy grew 1.6 percent for all of 2016, its worst performance since 2011, after expanding 2.6 percent in 2015. Prices of U.S. government debt fell after the data. U.S. stock index futures pared losses, as did the U.S. dollar .DXY against a basket of currencies. STRONG IMPORT GROWTH The moderate economic expansion poses a challenge to President Donald Trump, who has vowed to boost annual growth to 4 percent by slashing taxes, increasing infrastructure spending and cutting regulations. The Trump administration has offered few details on its economic policies. Economists polled by Reuters had expected fourth-quarter GDP would be revised up to a 2.0 percent rate. Growth in consumer spending, which accounts for more than two-thirds of U.S. economic activity, was revised up to a 3.5 percent rate in the fourth quarter. It was previously reported to have risen at a 3.0 percent rate. Some of the increase in demand was satiated with imports, which increased at a 9.0 percent rate. That was the biggest rise since the fourth quarter of 2014 and was an upward revision from the 8.5 percent pace reported last month. Exports declined more than previously estimated, leaving a trade deficit that subtracted 1.82 percentage point from GDP growth instead of the previously reported 1.70 percentage points. There was an upward revision to inventory investment. Businesses accumulated inventories at a rate of $49.6 billion in the last quarter, instead of the previously reported $46.2 billion. Inventory investment added 1.01 percentage point to GDP growth, up from the 0.94 percentage point estimated last month. Business investment was revised lower to reflect a more modest pace of spending on intellectual property, which increased at a 1.3 percent rate instead of the previously estimated 4.5 percent rate. There were no revisions to spending on equipment. Investment in nonresidential structures was revised to show it falling at a less steep 1.9 percent pace in the fourth quarter. It was previously reported to have declined at a 4.5 percent rate. (Reporting by Lucia Mutikani; Editing by Paul Simao) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-economy-gdp-idUKKBN1711V9'|'2017-03-30T21:28:00.000+03:00'
'c77b932e0a26d915079d0d2463b25934583ea491'|'BRIEF-Energy Fuels says Stephen Antony will remain as CEO - SEC Filing'|' 15pm EDT BRIEF-Energy Fuels says Stephen Antony will remain as CEO - SEC Filing March 28 Energy Fuels Inc * Energy Fuels-In connection with appointment of Mark S. Chalmers, Stephen P. Antony,President,CEO, will resign as president effective July 1, 2017 * Energy Fuels Inc - Stephen P. Antony will remain as chief executive officer and as a director - SEC Filing Source text: [ bit.ly/2nJIiED ]  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-energy-fuels-says-stephen-antony-w-idUSFWN1H50OB'|'2017-03-29T06:15:00.000+03:00'
'7930a98a226c02c2363bff0ef540f1e50331e47c'|'Other Akzo shareholders also want talks with PPG - Elliott Advisors'|'Deals   6:20pm BST Other Akzo shareholders also want talks with PPG: Elliott Advisors FILE PHOTO: AkzoNobel''s logo is seen in Amsterdam, Netherlands, February 16, 2012. REUTERS/Robin van Lonkhuijsen/United Photos/File Photo By Toby Sterling - AMSTERDAM AMSTERDAM Elliott Advisors, the activist investor with a 3.25 percent stake in Akzo Nobel ( AKZO.AS ), said on Wednesday other shareholders owning almost a quarter of the Dutch paints and chemicals group want it to enter into talks with spurned U.S. suitor PPG Industries ( PPG.N ). Akzo has rejected a 24.4 billion-euro ($26.4 billion) takeover offer by PPG and declined to talk to the U.S. company to see if there was scope for a deal, saying it would press ahead with a new proposal to spin off its chemicals division instead. But Elliott said it commissioned London-based shareholders'' advisory firm Boudicca Proxy to poll 300 institutional investors, around half of Akzo''s total shareholder base, on whether they thought Akzo should talk with PPG. Half of those investors responded - accounting for about 24.6 percent of Akzo''s outstanding share capital - and virtually all wanted Akzo to open talks, Elliott said in a statement. Akzo Nobel spokesman Andrew Wood said the company''s decision not to engage with PPG was based on taking into consideration the interests of all the company''s "stakeholders", including not only shareholders but also employees and customers, as required by Dutch law. "We have a plan for creating long-term value and we''re looking forward to sharing that with investors" on April 19, he said, referring to when management are due to announce the plan. Research and brokerage firm Bernstein published a note on Wednesday calling on Akzo CEO Ton Buechner to agree to talks with PPG. "Despite your successful performance improvement ... I fear the stand-alone value of Akzo Nobel falls short of PPG’s offer," Jeremy Redenius said in the note, written as an open letter to Buechner. "Moreover, I struggle to see viable options for you to meaningfully improve performance beyond what the market already expects," Redenius said. He said Buechner should view a deal with PPG at above 90 euros per share as a "huge success from your tenure at Akzo Nobel." Elliott said in its statement on Wednesday that Akzo should hold talks with PPG ahead of the strategy presentation so that "an honest and objective consideration of the two alternatives can be made." Akzo''s shares closed at 76.91 euros, well below the implied value of PPG''s share and cash offer of 89.82 euros. (Reporting by Toby Sterling; Editing by Greg Mahlich and Jane Merriman) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-akzo-nobel-m-a-ppg-inds-shareholders-idUKKBN1700DA'|'2017-03-30T01:17:00.000+03:00'
'cd3360560144f11feb61f3a2d9b4e0ba97352bc3'|'Siemens CEO says has no plans to sell down Healthineers stake'|'FRANKFURT, March 29 ** Siemens has no plans to gradually to sell down its stake in healthcare unit Healthineers after an IPO or spin-off, its chief executive tells Swiss newspaper Finanz und Wirtschaft in an interview** "We will keep the majority. It is one of our most attractive businesses and will be the third pillar alongside renewable energy and the industrial Siemens," says Joe Kaeser** Kaeser says he will have to think twice about whether he wants to list Healthineers in the United States under President Donald Trump - Frankfurt and Hong Kong are also options** He says no further listings of parts of the company are currently on the agenda** Kaeser says he uses five criteria to decide whether a business belongs in the Siemens portfolio: Is it in a growth field; is it profitable enough; is it doing better than the competition; are there synergies with other Siemens businesses; and are big changes in the value chain on the horizon?** He says he believes global economic growth will be better this year than currently expected, thanks to Europe and China** Asked whether he wants to sell Siemens'' 17.5 percent stake in Osram, Kaeser answers: "There is no inherent reason any more to remain invested. There is also the possibility to enable a strategic combination that would strengthen Osram."** Asked whether he is interested in buying Toshiba''s smart grid and metering business Landis & Gyr, he says: "We have an adequate offering in smart meters and so we are not interested in buying Landis & Gyr"(Reporting by Georgina Prodhan; Editing by Jon Boyle)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/siemens-healthcare-idINL5N1H6137'|'2017-03-29T04:47:00.000+03:00'
'6911c46fe2d71cc2e5f0fdf002ee641cc384fa0e'|'Popolare di Vicenza senior debt falls on bailout jitters'|'  9:04am BST Popolare di Vicenza senior debt falls on bailout jitters A person walks in front of Banca Popolare di Vicenza headquater is seen in Vicenza, Italy, March 5, 2016. REUTERS/Stefano Rellandini MILAN Senior bonds issued by Banca Popolare di Vicenza fell sharply on Wednesday, hit by concerns that the Italian regional bank and local rival Veneto Banca may not qualify for a state bailout they need to stay afloat. Popolare di Vicenza reported on Tuesday a 1.9 billion euro (1.65 billion pounds) loss for 2016 hit by writedowns of doubtful loans and other assets. It also said a key indicator of its ability to meet short-term cash outflows - the liquidity coverage ratio - fell to 38 percent at the end of last year, well below an ECB threshold of 90 percent, after it lost 3 billion euros in direct funding. The ratio stood at 113 percent in June. The bank warned it had suffered significant deposit outflows this month as customers withdrew their money due to worries about its future and possible losses under European "bail-in" rules aimed at shielding taxpayers from bank rescues. Both Popolare di Vicenza and Veneto Banca have requested state aid but they must be deemed solvent by European regulators to be allowed to receive public support. By 0745 GMT an Oct. 2018 Popolare di Vicenza bond IT098532650= yielded 24.19 percent, up from 20.71 percent at Tuesday''s close. The yield on a March 2020 bond IT120564404= was up to 14.59 percent from 13.15 percent. Traders said some selling also hit bonds issued by Veneto Banca, which is yet to publish its full-year earnings. (Reporting by Valentina Za, editing by Silvia aloisi)   Drinks group Pernod says raised prices in Britain in March due to Brexit PARIS Pernod Ricard raised the prices of its spirits in Britain in March to protect margins against a slide in the pound stemming from the country''s vote to leave the European Union, according to company slides released ahead of an analyst call. LONDON European shares rose on Wednesday, following Wall Street''s late surge, while sterling was the biggest loser on major currency markets ahead of the formal triggering of Britain''s exit process from the European Union later in the day.  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-italy-veneto-banks-bonds-idUKKBN1700RQ'|'2017-03-29T16:04:00.000+03:00'
'218cad4d9df7fc1c86536e169983c922c997aeea'|'UK debt charity says demand for help hits record high'|'Business News - Tue Mar 28, 2017 - 12:09am BST UK debt charity says demand for help hits record high LONDON The number of people seeking help from a leading British debt advice service hit a record high last year, reflecting a surge in borrowing by consumers and the financial strains on younger workers, the charity said on Tuesday. Last year 600,000 people sought advice from StepChange for debt problems, up 9 percent from 2015. StepChange also said the average amount of debt owed by its clients rose for the first time since the global financial crisis. The average unsecured debt owed by people using the charity increased to 14,251 pounds last year from 13,900 pounds in 2015, the first rise in eight years. British households have borrowed more while wage growth remains weaker than before the financial crisis. Borrowing by consumers is growing at an annual pace of around 10 percent, something the Bank of England says it is watching closely. StepChange said younger people were increasingly struggling. Many found their rent was rising by more than their pay from often insecure jobs. The rise in debt levels was sharpest among clients aged under 25 who saw their average debt level increase by 13 percent to 5,812 pounds. Clients aged under 40 represented 60 percent of the charity''s clients, up from 52 percent five years ago. StepChange called on the government to introduce a "breathing space" scheme for struggling borrowers in England and Wales whose interest and charges would be frozen for up to 12 months, mirroring a scheme already in place in Scotland. (Reporting by William Schomberg, editing by David Milliken) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-debt-idUKKBN16Y2PE'|'2017-03-28T07:09:00.000+03:00'
'28538877bb62e0e555908d2b9dac37e8e09114e0'|'HIGHLIGHTS-The Trump presidency on March 28 at 4:25 p.m. EDT/2025 GMT'|'March 28 Highlights of the day for U.S. President Donald Trump''s administration on Tuesday:RUSSIAThe top Republican in Congress stands by Devin Nunes, a Trump ally who heads the House of Representatives Intelligence Committee and is under fire for his handling of an investigation into possible Russian ties to the president''s election campaign.CLIMATE CHANGETrump signs an executive order to undo a slew of Obama-era climate change regulations that his administration says is hobbling oil drillers and coal miners, a move environmental groups have vowed to challenge in court.G20 SUMMITTrump will attend a G20 summit in Hamburg, Germany, on July 7 and 8, the White House says after Trump spoke by phone to German Chancellor Angela Merkel.SUPREME COURTU.S. Senate Majority Leader Mitch McConnell says the Senate will have a final vote on April 7 on Trump''s nominee for the Supreme Court, Neil Gorsuch, even as more Democrats oppose his confirmation.NATOSecretary of State Rex Tillerson will press this week for NATO allies to demonstrate a "clear path" to increase defense spending, a State Department official tells reporters, speaking on condition of anonymity.BROADBAND PRIVACY RULESThe White House says the Trump administration strongly supports a bill to repeal regulations requiring internet service providers to do more to protect customers'' privacy than websites like Alphabet Inc''s Google or Facebook IncWORLD LEADERSTrump will meet with Egyptian President Abdel Fattah al-Sisi at the White House next Monday, the White House says.Trump will meet April 6-7 with Chinese President Xi Jinping at the president''s Mar-a-Lago retreat in Florida, a source familiar with the meeting says.Trump speaks by phone to Indian Prime Minister Narendra Modi and says he looks forward to playing host to a visit by Modi to Washington later this year.SANCTUARY CITIESOfficials from so-called sanctuary cities meet in New York to discuss their response to Trump administration threats to cut off some funding to cities and states that fail to assist federal authorities in arresting illegal immigrants.FORDFord Motor Co says it will invest $1.2 billion in three Michigan facilities and create 130 jobs in projects largely in line with a previous agreement with the United Auto Workers union, hours after Trump touted a "major investment" by the automaker on Twitter. (Compiled by Jonathan Oatis; Editing by Leslie Adler and Peter Cooney)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-trump-highlights-idINL2N1H40QZ'|'2017-03-28T18:25:00.000+03:00'
'2babfeda1215f24e8de652faf0486a0a53edc2c4'|'Ex-divs to take 4.8 points off FTSE 100 on Mar.30'|'Company News  22am EDT Ex-divs to take 4.8 points off FTSE 100 on Mar.30 LONDON, March 27 The following FTSE 100 companies will go ex-dividend on Thursday, after which investors will no longer qualify for the latest dividend payout. According to Reuters calculations at current market prices, the effect of the resulting adjustment to prices by market-makers would take 4.79 points off the index. COMPANY (RIC) DIVIDEND STOCK OPTION IMPACT (pence) British Land Company 5.84 0.24 Old Mutual 3.39 0.65 Prudential 30.57 3.11 Schroders 64 0.28 Smith & Nephew 18.5 (U.S. cents) 0.51 Among FTSE 250 companies going ex-dividend are: COMPANY (RIC) DIVIDEND (pence) Foreign & Colonial Investment Trust 2.7 Ferrexpo 3.3 (U.S. cents) Go-Ahead Group 30.17 GVC Holdings 15.1 (EU cents) Jardine Lloyd Thompson Group 20.6 Kier Group 22.5 OneSavings Bank 7.6 Phoenix Group 0.239 Softcat 2.9 (Reporting by Kit Rees) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-exdiv-idUSL5N1H429W'|'2017-03-27T18:22:00.000+03:00'
'939fea954b031fe7535f6b6aa78ed1c3646ade24'|'Women make up less than a quarter of UK boardrooms - Guardian Sustainable Business'|'D espite the fears of Tesco chair John Allan that men are becoming an “ endangered species ” in boardrooms, the majority of UK company directors are still male and pale.And while women’s presence in the boardroom has grown over the past four years, according to our research at the Directory of Social Change , their positions tend to be non-executive and it’s still a rare company that has a female chair or CEO. By looking at company CSR policies and annual reports we were able to determine the ratio between women and men for 399 corporate boards. Analysis of the data shows that the overall percentage of women on boards was around 22%. The good news is that this is higher than the figure produced by a similar research exercise in 2013, when the overall percentage of women on boards was just 13%. White men ''endangered species'' in UK boardrooms, says Tesco chairman Read more The bad news, however, is that 16% of companies in the 2017 research sample had no female board members at all. Although this marks progress since 2013, when the figure was 33%, it is astonishing that so many boards continue to exclude women entirely. Companies with equal numbers of female and male directors, or with female-led boards, were rare at not quite 4%, not much higher than the 2% found in 2013.The six companies that were female-led included a co-operative, a pharmaceutical group, a manufacturing company, an electronics company, an engineering firm and an information technology service provider. This list undermines the lazy claim from so many businesses that recruiting women to boards or senior management is too difficult in certain sectors, especially IT, science and engineering. One of those six companies, Renishaw plc, for example, an engineering company with 70% women on its board, runs an engagement programme with schools, universities and the government to overcome the stereotypes and discrimination preventing more women from working in Stem sectors. Gender pay gap: ''being a guy got me a promotion'' – your experiences Read more “What our industry needs is a cultural shift to help shatter outmoded stereotypes,” the company’s chair, David Roberts McMurtry, wrote in an open letter. “Engineering does not equal manual labour … Engineering is not only for men; it welcomes people from both genders, all ethnic backgrounds, and any walk of life.”It has been encouraging to see some companies voluntarily meet the targets (pdf) recommended by the government six years ago, which included asking FTSE 100 boards to aim for a minimum of 25% female representation by 2015. Almost 44% of the 399 companies researched had achieved this figure by the time of our study.However, less than a third (29%) had three or more women on their boards. This is significant because research (pdf) indicates this is the point at which women start being able to make a significant difference to corporate governance structure and decision-making.There will always be a risk of tokenism if there is only one woman on a board whereas when there are three or more they have a normalising effect, and are seen as individuals rather than through a gendered lens. This negates any attempt to dismiss a solitary woman’s opinion as “a woman’s perspective”. Although quite what is wrong with a woman’s perspective when women account for around half of all people, and often a higher percentage of a company’s customer base, is never made clear.If you’d like to see how individual companies have fared in their representation of women at board level, the new edition of The Guide to UK Company Giving 2017/18 is available now. Sign up to be a Guardian Sustainable Business member and get more stories like this direct to your inbox every week. You can also f ollow us on Twitter .Topics Guardian sustainable business The gender gap Women in the boardroom blogposts Share  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/sustainable-business/2017/mar/27/women-make-up-less-than-a-quarter-of-uk-boardrooms'|'2017-03-27T13:00:00.000+03:00'
'82803dfdbe31d2003b603d6bcba9fc0e2f883d7b'|'German Ifo business morale brightens unexpectedly in March'|'Business News - Mon Mar 27, 2017 - 9:13am BST German Ifo business morale brightens unexpectedly in March FILE PHOTO: A busy office building is photographed from a tourist platform on early evening in Frankfurt, Germany, January 31, 2017. REUTERS/Kai Pfaffenbach/File Photo BERLIN German business morale brightened unexpectedly in March, a survey showed on Monday, suggesting company executives in Europe''s largest economy are brushing off concerns about the threat of rising protectionism. The Munich-based Ifo economic institute said its business climate index, based on a monthly survey of some 7,000 firms, rose to 112.3 from an upwardly revised reading of 111.1 in February. This was the highest reading since July 2011 and it came in stronger than a Reuters consensus forecast for 111.0. "The upswing in the German economy is gaining impetus," Ifo chief Clemens Fuest said in a statement, adding that the upwards trend in assessments of the current business situation continued unabated and the business outlook also improved. The rise in the headline figure was driven by improved sentiment in the manufacturing, construction and retailing sectors, while the business climate in wholesaling deteriorated. (Reporting by Michael Nienaber; Editing by Paul Carrel) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-germany-economy-ifo-idUKKBN16X0NP'|'2017-03-27T16:13:00.000+03:00'
'b6b568d3a81aa986d6d5f4ee0758fa8acfb756c5'|'Parisian chic pays off for owner of Sandro, Maje fashion brands'|' 12am BST Parisian chic pays off for owner of Sandro, Maje fashion brands left right The logo of ready-to-wear Sandro brand is seen on a fashion shop storefront in Paris, France, March 29, 2017. REUTERS/Charles Platiau 1/2 left right The logo of ready-to-wear Maje brand is seen on a fashion shop storefront in Paris, France, March 29, 2017. REUTERS/Charles Platiau 2/2 By Pascale Denis - PARIS PARIS SMCP, the group behind French fashion brands Sandro, Maje and Claudie Pierlot, reported higher annual profits and sales, which its chief executive said was partly due to the allure of Parisian chic for Chinese customers. "Our brands embody a Parisian chic, both aspirational and accessible, that seduces Chinese clients," SMCP Chief Executive Daniel Lalonde told Reuters in an interview. The French fashion group, controlled by China''s Shandong Ruyi ( 002193.SZ ), said 2016 earnings before interest, tax, depreciation and amortization (EBITDA) rose 22 percent to 130 million euros ($140 million). Sales rose by 16.4 percent to 787 million euros. SMCP operates in what analysts classify as the accessible luxury segment of the fashion market, and it aims to become a leader in the more affordable space. Accessible luxury is benefiting from buoyant demand among a fast-growing middle class, particularly in countries such as China, where the group already has 70 stores. The Sandro, Maje, and Claudine Pierlot labels sell dresses for between 150-250 euros, and employ supply chain practices borrowed from retailers such as Zara ( ITX.MC ) and H&M ( HMb.ST ). SMCP''s solid 2016 results strike a contrast to rival luxury brand Michael Kors ( KORS.N ), which last month reported profit below market forecasts, raising concerns over Michael Kors'' efforts to reinvigorate its brand. SMCP''s growth in its domestic French market also stood out, compared with the overall French fashion market, where sales have declined by 2.6 percent. International sales, which now account for 54 percent of SMCP''s global turnover, rose by 24 percent. Similar to other major fashion companies, CEO Lalonde is also banking on harnessing the Internet and digital media to spur sales growth. SMCP, which opened 105 new stores in 2016, plans to open 100-125 more shops this year in major cities around the world. ($1 = 0.9271 euros) (Reporting by Pascale Denis; Writing by Dominique Vidalon; Editing by Sudip Kar-Gupta and Louise Heavens) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-smcp-results-idUKKBN1710EV'|'2017-03-30T13:02:00.000+03:00'
'ccfe3aab099835aec6415ddbf6a36eabe10d2e1d'|'Euro zone March sentiment stable, inflation expectations surge'|' 14am BST Euro zone March sentiment stable, inflation expectations surge An employee works on the assembly line of the Nissan Micra at the Renault SA car factory in Flins, near Paris, France, February 23, 2017. REUTERS/Benoit Tessier BRUSSELS Euro zone economic sentiment was virtually unchanged in March against forecasts of a rise, dipping slightly as confidence in industry and services fell, while inflation expectations surged, EU data showed on Thursday. The European Commission''s monthly sentiment survey showed the overall index for the 19-country currency bloc dropping to 107.9 points in March from 108.0 in February, remaining however well above the long-term average of 100.0. Economists polled by Reuters had expected a slight rise to 108.3 points in March, following strong private data in February. A separate business confidence indicator, which points to the phase of the business cycle, was stable at 0.82 points in March on the month, remaining at the highest level since June 2011 but below market expectations for an increase to 0.86. Inflation expectations went up among consumers and manufacturers, in a new sign that price trends in the euro zone are back to a stable growth path and putting pressure on the European Central Bank to end its monetary stimulus. The consumer index of price trends over the next 12 months went up to 15.3 points from 14.5 in February, the highest since October 2013. The indicator for selling price expectations among manufacturers also rose to 9.8 points from 9.0 in February, the highest since July 2011. The slight decrease in overall economic sentiment was mainly caused by less optimism in the services sector, the largest in the euro zone economy, where the index dropped to 12.7 from 13.9 points, and in industry, where it fell to 1.2 points from 1.3 in February. The drop of confidence in the two main economic sectors of the bloc was partially offset by more optimism among consumers, where the reading was at -5.0 points, confirming earlier flash estimates, and below the -6.2 points recorded in February. (Reporting by Francesco Guarascio and Philip Blenkinsop)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-economy-sentiment-idUKKBN1710ZQ'|'2017-03-30T17:14:00.000+03:00'
'169abc7d91131498136250223510a67ddd0bed2a'|'UK financial sector proposes untested system to keep EU access'|'  2:31pm BST UK financial sector proposes untested system to keep EU access FILE PHOTO: The Canary Wharf financial district is seen at dusk in London, Britain November 7, 2014. REUTERS/Toby Melville/File Photo By Huw Jones - LONDON LONDON Britain''s financial sector is drawing up proposals on how it could still serve EU clients after Brexit, even as firms begin establishing new operations on the continent to keep access to the European market. Regulatory and banking experts working for the City of London and lobby group TheCityUK are basing their ideas on a ''mutual recognition'' system. Under this, the European Union and Britain would broadly accept firms in each other''s financial markets because their home regulatory systems apply similar standards. Such a system might limit what is likely to be a flow of business and jobs from the London financial center, by far Europe''s biggest, to countries that remain in the EU. However, skeptics say mutual recognition is largely untested globally and would struggle to win approval within the EU, where there are already calls to make it harder for British financial firms to operate in the bloc, not easier, after Brexit. Undaunted, the experts on the International Regulatory Strategy Group (IRSG) will set out their proposals in a forthcoming paper. This aims to provide ideas for British negotiators after Prime Minister Theresa May formally notified Brussels on Wednesday of her country''s intention to seek a divorce from the remaining 27 EU member states. "You are saying the outcomes from the UK and EU27 regulatory systems are broadly comparable and this is the way to go forward," IRSG Chairman Mark Hoban told Reuters. Some British financial firms - and foreign banks using London as a European base - are already working on plans to move jobs to centers such as Frankfurt, Dublin, Paris and Luxembourg for after Britain loses its blanket "passporting" rights to sell financial services in the EU single market. Germany, however, says they will not be offered any special exemption from regulations. GRAPHIC - Banks'' Brexit dilemma tmsnrt.rs/2mQI774 GRAPHIC - Britain''s banking economy tmsnrt.rs/2nrufUG A BETTER BASIS Firms from outside the EU are already allowed some access to the single market under an ''equivalence'' system, provided the European Commission deems their home rules and supervision to be equivalent in strictness. Britain could therefore technically qualify as a "third country" under this system after Brexit. In practice the system is cumbersome. It operates firm-by-firm, does not cover all activities, has no fixed timetable for approvals and authorizations can be canceled at short notice, bankers say. It took four years for the EU to deem just one set of U.S. derivatives clearing rules to be equivalent as talks got bogged down over technical details. "It''s very clear that the third country model doesn''t work for the UK. There has to be a new basis on which trade is done cross-border between the UK and EU27," said Hoban. "The focus on mutual recognition of regulatory outcomes is a much better basis for continuing to trade cross-border." The hope is that a mutual recognition deal with the EU would be much more comprehensive, encompassing large numbers of firms and business areas rather than the current piecemeal approach. May told parliament on Wednesday she wanted a "bold and ambitious" trade deal covering economic affairs with the bloc within the two-year period of negotiations. PILOT Hoban said mutual recognition would avoid Britain becoming a "rule taker", as equivalence in practice means cutting and pasting EU rules into domestic law without any say in their framing, as Switzerland has to do. It would also be flexible enough to cope with two evolving regulatory systems over time, said Hoban, a former junior finance minister. Past attempts at mutual recognition have achieved little. In 2008 the U.S. Securities and Exchange Commission struck a pilot deal with its Australian counterpart ASIC, but this expired after five years and has not been renewed. The EU opened talks on a similar Mutual Recognition Agreement (MRA) with the United States but these fizzled out without a deal after the global financial crisis. "We started exploring the legal complexities, which were considerable," said David Wright, a senior European Commission official at the time. "Many of the problems back then would be faced by a UK-EU MRA as well." Regulators and lawmakers in the EU say the focus should be on toughening up the equivalence system as this will need to cater for London, which will lie on its doorstep but outside its control, in contrast to smaller centers further afield. "For the EU27, the key question will be how to deal with relevant risks from what will have to be thought of as a very large offshore financial center," said Jakob von Weizsaecker, a German Social Democrat. "Controlling those risks will require a more robust third country equivalence regime," said von Weizsaecker, a member of the European Parliament which will have a veto on any new trade deal with Britain. Gerard Rameix, who chairs French markets regulator AMF, wants a more demanding equivalence system with Britain, given potentially huge volumes of financial transactions. "Thus the third country regime must be carefully re-assessed within the Brexit context," Rameix said. Hoban said there was an appetite in the EU to talk about financial services trading models like mutual recognition. European Commission President Jean-Claude Juncker has promised the Brexit negotiations will be conducted fairly, without seeking punishment of Britain for leaving. Dan Waters, managing director of ICI Global, a funds industry body, was optimistic Britain could get a special deal with the EU. But he said: "The worry is that the review of third country arrangements could be a smokescreen for introducing a more demanding third country regime to punish the UK." Kay Swinburne, a British Conservative member of the European Parliament, said that while there was no appetite in the EU for the terminology of mutual recognition in financial services, there was an interest in how to find a platform that encourages future regulatory convergence. "There is a need for a formal regulatory forum with possibly an arbitration service alongside," Swinburne said. (editing by David Stamp) Fed''s Evans says he supports one or two more rate hikes this year FRANKFURT One of the Federal Reserve''s most consistent supporters of low interest rates on Wednesday said he is with the majority of his colleagues in supporting further rate hikes this year, given progress on the U.S. central bank''s goals of full employment and stable inflation. U.S. stocks'' rally may be near peak, but some gains ahead NEW YORK A U.S. stock rally fueled by optimism President Donald Trump will boost the economy may be near its peak, according to a Reuters poll of strategists who forecast U.S. shares will gain less than 3 percent between now and year-end. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-eu-banks-financial-idUKKBN1701RV'|'2017-03-29T21:06:00.000+03:00'
'7a8d3756a84b3775a4eecbefea8969becfbab9ad'|'Audi''s unions demand electric model for main German plant'|'Internet News -  07pm BST Audi''s unions demand electric model for main German plant The logo of German car manufacturer Audi is seen at a building of a car dealer in Duebendorf, Switzerland November 22, 2016. REUTERS/Arnd Wiegmann BERLIN Labor leaders at Volkswagen''s ( VOWG_p.DE ) luxury Audi brand have asked top management to assign production of an all-electric model to the carmaker''s main plant in Germany, concerned they might lose out as electric cars gain in importance. Audi will next year start building its first mass-produced electric model, the e-tron quattro sport-utility vehicle, at a plant in Brussels, together with batteries that will also be used in other VW group electric vehicles (EVs). Volkswagen''s (VW) main profit contributor plans to launch three all-electric models by 2020 and workers at Audi''s main plant in Ingolstadt don''t want to be left behind in the race for production. "Our core factory must be prepared further for the future," Audi''s top labor representative, Peter Mosch, told a gathering of 7,000 workers on Wednesday at the Ingolstadt plant which employs about 43,000 people. "None of our colleagues must fall off the conveyer belt as we move into the future," deputy works council chief Max Waecker said. Chief Executive Rupert Stadler has previously said Audi''s smaller German plant in Neckarsulm where 16,000 workers assemble the higher-end A6, A7 and A8 models, will start making battery-only vehicles from about 2020. Mosch, who sits on parent VW''s supervisory board, asked top management to provide specific information as to how the growing shift to electric cars and digital services will affect employment at Audi, which has 88,000 workers globally. Audi has previously been reluctant to embrace all-electric drive technology but the success of Tesla and arch rival BMW''s "i" series of electric cars has convinced Audi there is a market for electric luxury vehicles after all. Daimler on Wednesday also said it was accelerating its electric car program. Audi''s e-tron quattro, powered by three electric engines, is expected to run for over 500 km (311 miles) per charge based on a 95 kWh battery pack that can be fully recharged in about 50 minutes. (Reporting by Andreas Cremer; Editing by Victoria Bryan) Next In Internet News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-audi-board-idUKKBN1701YQ'|'2017-03-29T22:06:00.000+03:00'
'f60ee512d5342a8b0f328196b2eeff54acaf5586'|'Oil slips towards $50 on doubts over output-cut extension'|'Business News - Mon Mar 27, 2017 - 9:49am BST Oil slips towards $50 on doubts over output-cut extension Pump jacks are seen in the Lost Hills Oil Field, California April 20, 2015. REUTERS/Lucy Nicholson By Alex Lawler - LONDON LONDON Oil fell further towards $50 a barrel on Monday, pressured by uncertainty over whether an OPEC-led production cut will be extended beyond June in an effort to counter a glut of crude. A committee of ministers from OPEC and outside producers agreed on Sunday to look at prolonging the deal, stopping short of an earlier draft statement that said the committee recommended keeping the measure in place. International benchmark Brent crude was down 34 cents at $50.46 by 0822 GMT, after falling as low as $50.26. U.S. crude was down 44 cents at $47.53. "We would see the relative lack of reaction in the price perhaps as a reflection of some disappointment that nothing more concrete was forthcoming," analysts at JBC Energy said in a report, referring to the conclusion of Sunday''s talks. A number of ministers from the Organization of the Petroleum Exporting Countries and other producers met in Kuwait to review the progress of their supply cut, which initially runs until the end of June. OPEC and 11 other producers including Russia agreed in December to reduce their combined output by almost 1.8 million barrels per day (bpd) in the first half of this year, to support prices and curb oversupply. While many in OPEC have called for prolonging the curbs, Russia has been less definitive. Energy Minister Alexander Novak said on Sunday it was too early to say whether there would be an extension. There is "increasing scepticism" in the market as to whether a rollover of the cuts can be agreed, JBC added. Oil also came under pressure from further evidence that higher prices as a result of the OPEC-led supply cut are helping boost supplies in the United States. U.S. drillers added oil rigs for a 10th week in a row, data from energy services firm Baker Hughes showed on Friday, as energy companies boost spending on new production. Because of higher U.S. output and the cuts by OPEC, the discount of U.S. crude to Brent has grown to around $2.90 per barrel, heading for its widest close since late 2015. Despite ample inventories and rising U.S. output, Goldman Sachs said the market was rebalancing and it may not be necessary to keep output curbed unless supply-and-demand fundamentals worsen. (Additional reporting by Henning Gloystein in Singapore; Editing by Dale Hudson) Next In Business News Dollar hits four-month low as Trump trade deflates LONDON The dollar slid to a four-month low against a basket of currencies on Monday as concerns rose about the prospects of a U.S. public spending boost under President Donald Trump after he failed to push through a healthcare reform bill. LONDON A stronger-than-anticipated economic recovery, the return of inflation and the region''s financial sector in a "sweet spot" has spurred Morgan Stanley to lift its earnings forecasts and targets for European benchmark indexes. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-oil-idUKKBN16Y046'|'2017-03-27T17:03:00.000+03:00'
'97095e86359bb63db6987f9379fd7787b1a0b0a7'|'Russia develops a taste for alcohol-free beer as government fights drinking'|'Business News - Thu Mar 30, 2017 - 7:02pm BST Russia develops a taste for alcohol-free beer as government fights drinking left right President of SUN InBev, the Russian unit of Anheuser-Busch InBev, Dmitry Shpakov poses during an interview with Reuters in Moscow, Russia March 22, 2017. REUTERS/Maxim Shemetov 1/4 left right FILE PHOTO: A man walks past the logo of Anheuser-Busch InBev at the brewer''s headquarters in Leuven, Belgium, February 26, 2014. REUTERS/Francois Lenoir/File photo 2/4 left right President of SUN InBev, the Russian unit of Anheuser-Busch InBev, Dmitry Shpakov speaks during an interview with Reuters in Moscow, Russia March 22, 2017. REUTERS/Maxim Shemetov 3/4 left right President of SUN InBev, the Russian unit of Anheuser-Busch InBev, Dmitry Shpakov speaks during an interview with Reuters in Moscow, Russia March 22, 2017. REUTERS/Maxim Shemetov 4/4 By Maria Kiselyova - MOSCOW MOSCOW Russians are among the biggest drinkers of alcohol in the world, yet are developing a new taste for alcohol-free beer, which could help save a brewing industry that has stalled under government initiatives to discourage drinking. Sales of zero-alcohol beer jumped 12 percent last year even as the broader Russian market shrank by 2 percent, according to research firm Nielsen, extending a 40 percent slide in beer sales since the government tightened regulations in 2008. Anheuser Busch InBev ( ABI.BR ) plans to promote the alcohol-free version of its Bud brand as a sponsor of soccer''s FIFA World Cup when Russia hosts it next year. Carlsberg''s Russian unit Baltika ( CARLb.CO ), which has the largest share of Russia''s alcohol-free beer market, said this month it was making new investments in zero-strength beer. The trend, say people in the industry, is being driven by a move towards healthier lifestyles among Russian consumers, nudged by government measures that include restrictions on alcohol sales and tougher penalties for drunk-driving. "This market is absolutely undeveloped in Russia. We plan to expand our range, we want more," said Dmitry Shpakov, head of AB InBev''s Russian business, which markets alcohol-free versions of its international Bud, Stella Artois and Hoegaarden brands as well of some of its Russian brands. Last year AB InBev saw double-digit growth in Russian sales of its alcohol-free beers, and it expects to achieve a similar pace this year. The segment is growing from a low base. Alcohol-free beer accounts for around 1.2 percent of Russia''s beer market, according to Nielsen. That, said Shpakov, compares to 5 percent of the German beer market and 13 percent in Spain. AB InBev has a global aim for weak and alcohol-free beer to account for 20 percent of its total sales by 2025. "I''m not saying it can''t be 20 percent in Russia. It certainly can. We are thinking about a number of very strong initiatives, which can drive this process," Shpakov told Reuters in an interview. "It''s a very important focus." Philip Gorham, analyst at Morningstar, said the Russian government''s push to curb drinking would help the segment: "Per capita (alcohol) consumption has been declining. If that continues, I do think there is room for non- and low-alcohol alternatives to act as a substitute." Brewers pioneered non-alcoholic beer in the 1980s and 1990s, but with only limited success, partly because consumers did not like the taste. Since then, changes to the production process have made it taste more like regular beer. "I think the stigma attached to drinking non-alcoholic beer is less today than it used to be. Ten years ago, non-alcoholic beer was rare whereas today there is greater consumer acceptance, partly helped by the much-improved taste profile," said Ed Mundy, analyst at Jefferies. "Do I think that the 1 percent beer share of Russian beer can that grow? Yes I think so. As consumers come to accept that the product offering is much improved." CUTTING BACK Alcohol-free beer is a rare bright spot for a Russian brewing industry which Euromonitor estimates was worth an estimated $15 billion in 2016, but which shrank as the government has sought to reduce drinking. The average Russian over the age of 15 consumed the equivalent of 15.1 litres of pure alcohol per year in 2008-2010, according to the most recent figures from the World Health Organisation. That was a litre less than five years earlier, but still among the highest in the world: only the citizens of two other ex-Soviet republics, Belarus and Lithuania, consumed more. While spirits still account for 51 percent of the alcohol consumed in the birthplace of vodka, beer''s share rose rapidly after 2000 as international brewers invested heavily. But beer sales tumbled after 2008 when Russia started to increase the excise tax on it, tightened rules on its advertising and banned its sale in street kiosks. Brewers have since shut 12 plants. AB InBev has closed five plants, and Shpakov said the firm''s remaining five were running at between 40 and 90 percent of capacity last year depending on season and regions they serve. The industry had hoped to halt the slide this year, but a new ban on beer in popular plastic bottles larger than 1.5 litres has again hurt sales. Shpakov said he expects the market to fall a further 5 percent in 2017. None of the new regulations affect beer without alcohol, and increasingly Russians see it as a safer way to enjoy their traditional drinking culture. Alexander Bumagin, a 40-year-old self employed Muscovite, said he has not drunk alcohol for more than 10 years, but likes an alcohol-free beer to wash down prawns, a typical Russian "zakuska", or drinking snack. He drinks it "for the sake of the process," he said. (Additional reporting by Diana Asonova and Polina Nikolskaya; editing by Christian Lowe and Peter Graff) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-russia-ab-inbev-idUKKBN1712QT'|'2017-03-31T02:02:00.000+03:00'
'd66557bd1597b32da3b631e716681855b46fd70b'|'Greenlight''s Einhorn says supportive of GM''s Barra - CNBC'|' 26pm EDT Greenlight''s Einhorn says supportive of GM''s Barra - CNBC NEW YORK, March 28 David Einhorn, head of hedge fund firm Greenlight Capital, told CNBC on Tuesday that he was supportive of General Motors Chief Executive Mary Barra despite the company''s objection to Greenlight''s proposal to split the carmaker''s stock into two classes. "Notwithstanding her objection to our idea, we are supportive of Mary Barra," Einhorn told the cable television network. He also said Greenlight had offered to go to credit rating agencies to confirm that there would not be a negative impact on GM''s credit rating as a result of Greenlight''s plan. (Reporting by Sam Forgione and Michael Flaherty; Editing by Nick Zieminski)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/greenlight-gm-cnbc-idUSL2N1H514X'|'2017-03-29T00:26:00.000+03:00'
'88db8f57ad8e49b83d97e8e0a3046f43306b5763'|'Lloyd''s of London picks Brussels for EU subsidiary - report'|'  8:03am BST Lloyd''s of London picks Brussels for EU subsidiary - report A doorman looks out as workers walk in the rain past the Lloyd''s of London building in the City of London, Britain, January 7, 2016. REUTERS/Toby Melville LONDON Lloyd''s of London [SOLYD.UL], the world''s largest speciality insurance market, has picked Brussels for its planned European Union subsidiary, The Insurance Insider reported late on Tuesday. It will ask its council to ratify the decision when it meets later, the publication said, on the same day British Prime Minister Theresa May triggers Article 50 of the EU''s Lisbon Treaty. The company did not immediately respond to a request for comment. Lloyd''s has been one of London''s financial services firms most vocal about the need for a European Union subsidiary if Britain has no access to the single market after leaving the bloc. On Monday Reuters reported Lloyd''s shortlist of six locations had been reduced to Brussels and Luxembourg. Dublin, Frankfurt, Malta and Paris were dropped. Lloyd''s could move dozens of staff to its subsidiary, rather than the hundreds some banks plan to shift, sources said. The choice by Lloyds could affect other insurers'' plans. (Reporting by Dasha Afanasieva,  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-lloyds-of-london-idUKKBN1700LX'|'2017-03-29T15:03:00.000+03:00'
'9bf320a188bfeba718b6d4c46dc7231487792ce7'|'EU agency says tax evasion case involved millions of euros'|'AMSTERDAM, March 31 The European Union judicial agency Eurojust said on Friday it had helped coordinate cross-border investigations in a major tax evasion investigation involving millions of euros and spanning several European countries and Australia.Earlier on Friday, Dutch prosecutors said they had launched the investigation after receiving a tip about 50,000 suspect Swiss bank accounts. Credit Suisse said local authorities had been to their offices as part of an investigation.Eurojust said the investigation began in 2016 and it had held three meeting with Dutch, British, French, German and Australian authorities."The independent investigations gathered evidence and analysed a huge amount of data," the agency said. "The undeclared assets hidden within offshore accounts and policies are estimated in the millions of euros." (Reporting by Toby Sterling; editing by Ralph Boulton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/netherlands-taxevasion-eurojust-idINA5N1GZ009'|'2017-03-31T12:20:00.000+03:00'
'12a66a5a8083f9636ed6be45950c8c59f43a9f3b'|'India''s Essar says hopes to close sale to Rosneft-led consortium in next few weeks'|' 51am EDT India''s Essar says hopes to close sale to Rosneft-led consortium in next few weeks NEW DELHI/MOSCOW, March 31 The acquisition of Indian refiner Essar Oil by a consortium led by Russian oil company Rosneft is expected to be completed in the next few weeks, Essar said in written comments to Reuters on Friday. "The parties are working towards obtaining the requisite approvals to complete the transaction. We are hopeful that the deal will be completed in the upcoming few weeks," Essar said. All the parties, which include Rosneft and commodities trader Trafigura along with Russian private investment group United Capital Partners, have previously said that the deal was expected to be completed within the first quarter. A Rosneft spokesman confirmed on Friday that the timing of the deal''s completion had moved. UCP declined to comment. (Reporting by Nidhi Verma in New Delhi, Katya Golubkova and Vladimir Soldatkin in Moscow; Editing by Andrew Osborn)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/russia-rosneft-essar-idUSR4N1G703O'|'2017-03-31T16:51:00.000+03:00'
'a7074081c6953add69faeeb9ace04cca55c2bf44'|'Reckitt Benckiser reduces CEO pay -annual report'|'Company  37am EDT Reckitt Benckiser reduces CEO pay -annual report LONDON, March 31 British consumer goods maker Reckitt Benckiser Group will not pay Chief Executive Rakesh Kapoor an annual bonus for 2016, and will reduce the number of performance shares awarded to his long-term incentive plan, it said on Friday. The maker of Durex condoms and Scholl footcare products also said it will strip out any earnings growth attributable to the impending takeover of Mead Johnson from calculations for the plan for 2017. (Reporting by Martinne Geller; Editing by Susan Fenton) Next In Company News CEE MARKETS-Crown hits 18-month low, cap removal impact mulled By Sandor Peto BUDAPEST, March 31 The Czech crown fell to multi-month lows in the spot market and in euro rates implied in forward contracts on Friday as the central bank''s hard commitment to maintain a cap on its value comes to an end. The plunge started on Thursday after the Czech central bank (CNB) confirmed that the commitment would expire at the end of the first quarter, while it gave up its guidance to end the 3 1/2-year-old "weak crown regime" around mid-2017. METALS-Copper eyes second quarterly gain as supplies shrink (Adds detail, updates prices) By Melanie Burton MELBOURNE, March 31 London copper slipped on Friday but was set to finish a second quarter higher lifted by kinks in mine supply, while a ramp-up in China''s factory activity and fresh investor buys are expected to drive prices higher in the April quarter. Activity in China''s manufacturing sector unexpectedly expanded at the fastest pace in nearly five years in March, adding to evidence that the world''s second-largest econo MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/reckitt-benc-grp-compensation-idUSL9N12F02I'|'2017-03-31T16:37:00.000+03:00'
'09d20eddf5769cc7ae63b079e21d568a779d9d21'|'Foxconn fourth-quarter net profit estimated T$68.77 billion, up 30 percent from year ago'|'Money  46pm IST Foxconn fourth-quarter net profit estimated T$68.77 billion, up 30 percent from year ago FILE PHOTO: Foxconn''s computer motherboards are seen during the annual Computex computer exhibition in Taipei, Taiwan June 1, 2016. REUTERS/Tyrone Siu/File Photo TAIPEI Taiwan''s Foxconn, the world''s largest contract electronics maker and a key Apple Inc supplier, on Friday reported 30 percent growth in fourth quarter net profit from a year ago, defying expectations for a decline. The profit was likely to have been boosted by solid bookings for Apple''s bigger-sized iPhone 7 models, which Foxconn, formally known as Hon Hai Precision Industry Co assembles, analysts said. Net profit in the final three months of 2016 ended four quarters of year-on-year declines to reach T$68.77 billion ($2.26 billion), up from T$52.93 billion in the fourth quarter of 2015, according to a Reuters calculation based on Foxconn''s full year 2016 results. It was well ahead of the T$48.78 billion forecast by analysts polled by Reuters and double the T$34.64 billion recorded in the third quarter of 2016. For 2016 as a whole, Foxconn''s net profit totalled T$148.7 billion, up 1.2 percent from 2015, the company said in a filing to the Taiwan Stock Exchange on Friday. Foxconn did not break out its fourth quarter figures and did not elaborate on its results. Analysts see a brighter year for Foxconn in 2017, following a turnaround at its majority-owned Sharp Corp, more orders expected for the bigger-sized iPhone 7 models, and the expected launch of the 10th anniversary iPhone later this year. Foxconn''s quarterly net profits had been expected to grow again year-on-year from the first quarter of this year, analysts said. The outlook comes as Foxconn is looking at Toshiba Corp''s chip business, as potentially its next big purchase after taking a majority stake in Sharp last year. Last month, Japanese display maker Sharp lifted its full-year profit guidance after posting its first quarterly net profit in more than two years . Foxconn''s profit gain came despite revenue falling last year by 2.8 percent, the first decline since the company listed shares on the Taiwan Stock Exchange in 1991, according to company information. ($1 = 30.3830 Taiwan dollars) (Reporting by J.R. Wu; Editing by Randy Fabi) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/foxconn-results-idINKBN1721DL'|'2017-03-31T19:16:00.000+03:00'
'0060371636bdc22574f506be904b839cf5897972'|'UPDATE 1-DuPont in asset-swap deal with FMC, delays close of Dow merger'|'Company   6:56am EDT UPDATE 1-DuPont in asset-swap deal with FMC, delays close of Dow merger (Adds details) March 31 DuPont said on Friday it would swap some assets with FMC Corp to get clearance from the European Commission for its merger with Dow Chemical Co, and pushed back the closing date of its merger again. DuPont said it would sell part of its crop protection business to FMC and buy nearly all of FMC''s health and nutrition unit in a deal that will fetch DuPont about $1.6 billion because of the difference in the value of the assets. DuPont said its $130 billion merger with Dow Chemical Co , which was expected to close in the first half of 2017, is now anticipated to close between Aug. 1 and Sept. 1. This is the third time that Dow and DuPont have had to push back the expected completion. The deal, which also includes DuPont divesting some of its research and development facilities to FMC, includes a cash portion of $1.2 billion and working capital of $425 million. The European Commission had been concerned that the merger of two of the biggest and oldest U.S. chemical producers would leave few incentives to produce new herbicides and pesticides in the future. (Reporting by Vishaka George in Bengaluru; Editing by Martina D''Couto) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/du-pont-ma-dow-fmc-idUSL3N1H849Z'|'2017-03-31T18:56:00.000+03:00'
'244a505c39228c090294d88d19860e268d83b181'|'U.S. 30-year mortgage rate falls to four-week low - Freddie Mac'|'Company News  20am EDT U.S. 30-year mortgage rate falls to four-week low - Freddie Mac NEW YORK, March 30 U.S. 30-year mortgage rates declined to their lowest in four weeks in step with Treasury yields, which fell on concerns about the ability of U.S. President Donald Trump and the Republican-controlled Congress to enact tax reforms, according to mortgage finance agency Freddie Mac on Thursday. The borrowing cost on 30-year mortgages, the most widely held type of U.S. home loan, averaged 4.14 percent in the week ended March 30, which was the lowest since 4.10 percent in the March 2 week. This compared with the prior week''s 4.23 percent, it said. (Reporting by Richard Leong; Editing by Chizu Nomiyama) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-mortgages-freddiemac-idUSW1N1GZ2A3'|'2017-03-30T22:20:00.000+03:00'
'5304e21580555ada149b91437d8d518d168ec43e'|'UPDATE 1-Israel''s Delek targets global energy expansion after profit jump'|'Company News  45am EDT UPDATE 1-Israel''s Delek targets global energy expansion after profit jump * Q4 net profit 375 million vs 54 million * Production at Tamar natural gas field reaches peak (Adds CEO comments, share reaction) By Steven Scheer JERUSALEM, March 30 Israel''s Delek Group said on Thursday its quarterly profit was boosted by the sale of two natural gas sites and higher income from its exploration and production operations as it seeks further international expansion. Delek agreed to buy Ithaca Energy last month in a deal valuing the North Sea oil producer''s equity at $646 million and building on Delek''s expansion in the North Sea ahead of a planned London listing this year. This followed its purchase last year of a 13.18 percent stake in Faroe Petroleum, another North Sea operator, for 43 million pounds. "2017 will be marked by furthering the group''s international presence, by executing on our strategy to focus on the energy sector, with a goal of becoming a key player in global energy markets," Delek CEO Asaf Bartfeld said in a statement. Delek shares were up 1.1 percent at midday in Tel Aviv after it said it earned 375 million shekels ($104 million) in the fourth quarter, up from 54 million shekels a year earlier. Delek, through its subsidiaries, has major shares in the Tamar and Leviathan gas fields off Israel''s coast. Profit from exploration and production was 119 million shekels in the quarter, compared with 58 million in the same period in 2015. It said it had produced a record 9.4 billion cubic metres of natural gas at Tamar in the quarter, reaching peak production after four years. Delek said the $148 million sale of its stakes in the Karish and Tanin gas fields, which was required by the Israeli government in a bid to open up competition, led to a gain of 253 million shekels. It expects production at Leviathan to begin by the end of 2019. The project''s partners have already received bank financing and have budgeted $3.75 billion for its development. Delek declared a dividend of 200 million shekels, or 16.69 shekels a share, for the quarter. ($1 = 3.6176 shekels) (Editing by Alexander Smith) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/delek-group-results-idUSL5N1H7229'|'2017-03-30T17:45:00.000+03:00'
'5907b32730a09864e6e3001239fabd04d69bae13'|'PetroChina 2016 profit sinks 78 percent on lower crude prices'|' 45am BST PetroChina 2016 profit sinks 78 percent on lower crude prices FILE PHOTO: PetroChina''s petrol station is pictured in Beijing, China, March 21, 2016. REUTERS/Kim Kyung-Hoon/File Photo BEIJING China''s largest oil and gas producer, PetroChina ( 601857.SS ), on Thursday reported a drop of 78 percent in 2016 annual net profit, to its lowest since at least 2011, as it was hit by lower prices for crude oil and natural gas. The shrinking profits posted by China''s state oil and gas producers for last year have highlighted their growing challenges from falling output at ageing wells and excess supply in domestic fuel oil markets. PetroChina''s net profit sank to 7.86 billion yuan ($1.14 billion) from 35.7 billion yuan in 2015, while revenue fell 6.3 percent to 1.62 trillion yuan ($235 billion), based on IFRS accounting standards. PetroChina''s crude oil production fell 5.3 percent to 920.7 million barrels in 2016 - still the highest among global oil producers including BP ( BP.L ) and Shell ( RDSa.L ) - but marking the lowest for PetroChina since 2012, according to Reuters data. The state company''s crude oil output peaked in 2015 at 972 million barrels. PetroChina''s total oil and gas output for the year was 1.47 billion barrels of oil equivalent, down 1.8 percent from 2015. PetroChina had 7.44 billion barrels of proven crude oil reserves, down 12.7 percent from 2015, it said. In its annual report, the company said domestic gasoline demand was lower than expected, while diesel consumption fell. "The situation of excessive supply in domestic refined products became severe" last year, it said. "The quantity of imported and processed crude oil, operating capacity, and market shares of local refineries (all) increased significantly, leading to fiercer market competition." PetroChina''s smaller upstream competitor CNOOC ( 0883.HK ) - a specialist in offshore operations - earlier reported its worst result since 2011, but forecast its output to rise this year. Profits at Sinopec ( 600028.SS ) - Asia''s largest refiner - rose 44 percent from a year earlier on the back of strong performances in refining and chemicals. Sinopec''s oil and gas production in 2016, however, fell 8.6 percent to 431.29 million barrels of oil equivalent versus 471.91 million a year earlier. ($1 = 6.8895 Chinese yuan) (Reporting by Josephine Mason and Meng Meng; Editing by Tom Hogue) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-petrochina-results-idUKKBN17117T'|'2017-03-30T18:45:00.000+03:00'
'd1e98c83b7d60b104e48d7adf196451286c765b5'|'Mexico''s governors tap investors in China, elsewhere'|'Business News - Thu Mar 30, 2017 - 1:13am BST Mexico''s governors tap investors in China, elsewhere Xiang Xingchu, JAC Motors General Manager, shakes hands with Omar Fayad Meneses, Governor of Hidalgo State, during the presentation of an SUV model built in Mexico by the Chinese state-owned automaker, in Mexico City, Mexico March 28, 2017. REUTERS/Edgard Garrido By Anthony Esposito - MEXICO CITY MEXICO CITY Mexico''s states are turning to Asia and beyond as some U.S. companies put investment plans on hold south of the border following President Donald Trump''s calls to bring jobs back home. A delegation of three Mexican state leaders, headed by the National Confederation of Governors (Conago), travelled to China this week to meet with business leaders and discuss investment opportunities. "Conago is developing an agenda with China''s provinces to build investment projects in our country," Conago tweeted on Wednesday. "China and Conago agree on building bridges for business, not walls." Fears of a hit to foreign investment ran high when Ford Motor Co ( F.N ) cancelled a $1.6 billion (1.28 billion pounds) plant in Mexico''s central state of San Luis Potosi in January. Trump, who had railed against U.S. manufacturers investing in Mexico, hailed the decision as a major victory, but Ford put it down to declining demand for small cars. "We''re not going to sit here with our arms crossed. We''re going to turn to Asia, like we''ve been doing. We want the Chinese to come invest in Hidalgo," state Governor Omar Fayad said in an interview. "We want the Japanese to invest here." Fayad was speaking on the sidelines of an event organised by China''s Anhui Jianghuai Automobile Group Co Ltd (JAC Motors) ( 600418.SS ) and Mexico''s Giant Motors, which presented a new line of passenger vehicles that will be assembled in Mexico. The Hidalgo government is also reaching out to European, Canadian, South American and Middle Eastern companies, and expects to announce several more investments this year, he said. Fayad said the Hidalgo investment plans of some U.S. companies, which he declined to name, had recently been suspended indefinitely. "Obviously other countries are seeing this as an opportunity in Mexico," he said. In February, JAC Motors and Giant Motors, along with distributor Chori Co Ltd ( 8014.T ), said they would invest some $210 million in an existing plant to build SUVs in Hidalgo. "Mexico is a strategic market for JAC," David Zhang, head of international markets for JAC, said on the sidelines of the company''s event. "If the products and service are accepted by customers and there is a lot of market demand of course we will increase production capacity." JAC, which aims to produce 10,000 commercial and passenger vehicles in Mexico over the next three years, will initially concentrate on selling in the local market, Zhang said. (Reporting by Anthony Esposito; Editing by Richard Chang) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-mexico-china-autos-idUKKBN17100N'|'2017-03-30T08:13:00.000+03:00'
'aa38829acd3e29a73ac557980cf273468b8fb224'|'Gulf airlines Etihad, Qatar work around U.S. cabin laptops ban'|'Company News  25am EDT Gulf airlines Etihad, Qatar work around U.S. cabin laptops ban DUBAI, March 30 Qatar Airways and Etihad Airways are lending some passengers laptop computers and tablets to use on their flights following the new U.S. ban on allowing passengers'' to take their own devices into the cabin on flights to the United States. The security measures introduced on March 25 could deal a blow to the big, fast-growing Gulf airlines, which depend on business-class flyers stopping over in places like Dubai or Doha for far-flung destinations. Qatar Airways said on Thursday complimentary laptops would be available to business class passengers travelling to the United States from next week. Business class passengers will collect the laptops just prior to boarding, where they will also be able to hand over their own devices to be stowed in the hold with checked-in luggage, the Doha-based airline said in a statement. Similarly, Etihad emailed frequent flyer members on Tuesday to announce it would lend out tablets and offer unlimited wifi to busines and first-class passengers travelling on U.S.-bound flights. Reuters has seen a copy of the email. Etihad has previously said passengers could hand over prohibited devices at the gate in order to minimise the disruption. Emirates is also considering loaning devices to passengers travelling to the United States, President Tim Clark was quoted as telling Bloomberg on Monday. The airline was the first to say its passengers could hand over devices immediately prior to boarding. The new regulations apply to direct flights to the United Statesfrom 10 airports in the Middle East, North Africa and Turkey, including Qatar and the United Arab Emirates. The regulations, prompted by reports that militant groups want to smuggle explosive devices in electronic gadgets, state that electronics larger than a mobile phone - including laptops and tablets - must be stowed with checked baggage on U.S.-bound passenger flights. Industry experts argue the ban could weaken passenger demand for the Gulf carriers on U.S. routes, especially among business travellers who use the long flying time to complete work on their laptops. (Reporting by Alexander Cornwell in Dubai, Tom Finn in London and Stanley Carvalho in Abu Dhabi; Editing by Greg Mahlich) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-airlines-electronics-gulf-idUSL5N1H7588'|'2017-03-30T22:25:00.000+03:00'
'901761880d59536e677ad312b1207eaf346c8dba'|'Solid growth seen for China''s manufacturers in March as construction booms'|'  8:04am BST Solid growth seen for China''s manufacturers in March as construction booms A worker works at a construction site in Shanghai, China March 3, 2017. REUTERS/Aly Song By Yawen Chen and Elias Glenn - BEIJING BEIJING Activity in China''s vast manufacturing sector likely grew for an eighth straight month in March as a surprise rebound in the property market added to a construction boom, boosting sales of building materials from steel to cement, a Reuters poll showed. The official manufacturing Purchasing Managers'' Index (PMI) is expected to stay at 51.6 in March, the same as in February which was the second-highest reading since July 2014, according to a median forecast of 31 economists in a Reuters poll. While that is well above the 50.0 mark which separates expansion from contraction, over a dozen cities have announced fresh property cooling measures in recent weeks to slow home price rises, raising questions over how long the solid pace of growth can be sustained. Home sales rebounded in the first two months of the year with an increase in new starts, defying previous government curbs to contain bubbly prices in big cities such as Beijing. "Many projects started in March as it is usually the peak season," said Shen Jianguang, analyst at Mizuho Securities in Hong Kong. Profits of Chinese industrial firms surged almost 32 percent in the first two months of 2017 -- the fastest pace in nearly 6 years -- as prices of commodities from coal to iron ore raced higher. But iron ore futures prices in China have retreated in the past week, with high inventories adding to fears that supply is threatening to outpace demand.[IRONORE/] Some China watchers think the wave of property tightening measures announced since late last year will eventually slow home sales and prices. "The market will certainly freeze under the new measures. Sales may drop 90 percent," said Yi Xianrong, a former researcher at the Chinese Academy of Social Sciences - a state think tank - and now a professor at Qingdao university. The outlook for China''s manufacturing sector is also clouded by U.S. protectionist rhetoric that could hurt exports to its biggest trading destination, although no major U.S. measures have been announced. Tighter monetary policy may also dent investor confidence in the sector. The central bank has been cautious, bumping up money market and short- and medium-term interest rates several times this year by only modest amounts. But analysts said its tightening bias will eventually pass through to higher borrowing costs for Chinese companies. The official PMI number will be released on March 31, along with the official services PMI. The private Caixin/Markit PMI survey, which focuses more on small and mid-sized firms, will be published on April 1. (Reporting by Yawen Chen and Elias Glenn; Editing by Kim Coghill)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-pmi-idUKKBN1710O2'|'2017-03-30T15:04:00.000+03:00'
'24e3d24daf911e6255a285e3d4162837a61dd582'|'Portugal sets up task force to lure post-Brexit investment'|' 20pm BST Portugal sets up task force to lure post-Brexit investment The skyline of the city of Lisbon and the city''s port are seen from the Tagus River December 16, 2008. REUTERS/Nacho Doce (PORTUGAL) LISBON Portugal has set up a task force that will focus on luring investment away from Britain following its decision   a government minister said on Thursday. Many companies are pondering a shift of jobs and investment to continental Europe and some think London risks damaging its status as Europe''s biggest financial centre after Britain formally began its divorce from the European Union on Wednesday. "The cabinet approved the creation of a temporary structure named ''Portugal In'' that is designed to attract investments that want to stay in the EU after the United Kingdom''s exit. It will report directly to the prime minister," government relations minister Maria Leitao Marques told a news conference. The mandate of the task force will run through to the end of 2019, after the British exit comes into effect in late March that year. Portugal, which emerged from an international bailout in 2014 after a debt crisis, is seeking more direct foreign investment to help the economy grow so that the country can leave its debt woes behind. The new body is tasked with "promoting factors that differentiate Portugal, namely in terms of human resources and its geoeconomic position, to dynamise the entrepreneurial capacity and jobs creation," the minister said. Portugal is continental Europe''s westernmost country, which allows for an ease of travel between Britain, Europe, Africa and the Americas. It boasts a warm coastal Atlantic climate, sandy beaches and low rents, and is already home to many British expats, some of them with business interests in the country. (Reporting By Sergio Goncalves and Andrei Khalip; Editing by Toby Davis)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-portugal-idUKKBN1712HK'|'2017-03-31T00:20:00.000+03:00'
'5c5b3aa3dbfbba389e506e406c9f89b22abdc6b8'|'India privately took Amazon to task over insulting flag doormat'|'Money   5:56pm IST India privately took Amazon to task over insulting flag doormat left right Employees of Amazon India are seen behind a glass bearing the company''s logo inside its office in Bengaluru, August 14, 2015. REUTERS/Abhishek N. Chinnappa/Files 1/2 left right Amazon boxes are seen stacked for delivery in the Manhattan borough of New York City, January 29, 2016. REUTERS/Mike Segar/Files 2/2 By Aditya Kalra - NEW DELHI NEW DELHI India''s reaction to an Amazon.com website selling doormats resembling the country''s flag involved an unprecedented public and private offensive against the U.S. company by Prime Minister Narendra Modi''s government, a document shows. Foreign minister Sushma Swaraj publicly threatened in January to rescind visas of Amazon employees if the doormats were not removed from its Canadian website. But a document seen by Reuters shows the government went even further in private, asking its U.S. and Canadian embassies to raise the matter "strongly" with Amazon''s senior leadership. India also escalated the matter to Amazon CEO Jeff Bezos and prompted a global audit by the company to "ensure that such products are not listed on any of its other" websites around the world, according to the document. Amazon, which removed the products within 24 hours and apologised to the government, declined to comment. Much is at stake for Amazon in India, where it plans to invest more than $5 billion as it takes on home-grown Flipkart and Snapdeal for a bigger share of the internet services market in the world''s fastest growing major economy. Amazon has now made Indian laws that govern the use of the national flag and other emblems "an integral part of the global compliance process," the document said, outlining the steps Amazon and India have taken since the incident. India''s reaction underscores the risks governments run by nationalist leaders are posing for businesses around the world. U.S. President Donald Trump, for example, has also taken an aggressive stance on Twitter against individual companies. Last year, Modi presented a global leadership award to Bezos at a U.S.-India Business Council summit in Washington. Amazon told the government that it had strengthened its in-house compliance units that monitor products sold by third-party vendors on its websites, the document said. "Amazon India has conveyed that it is fully committed to respecting Indian laws and customs," the document said. (Editing by Paritosh Bansal and Alexander Smith) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/amazon-com-india-politics-idINKBN1711LI'|'2017-03-30T20:20:00.000+03:00'
'bbf72b7fed15f204cf7d3cf53c67171233fd83dd'|'Batteries included as Hyundai amps up electric car ambitions'|' 11pm IST Batteries included as Hyundai amps up electric car ambitions The logo of Hyundai Motor is seen on the steering wheel of a Sonata sedan car during its unveiling ceremony in Seoul, South Korea, March 8, 2017. REUTERS/Kim Hong-Ji/Files By Hyunjoo Jin - YONGIN, South Korea YONGIN, South Korea South Korea''s Hyundai Motor Co is developing its first dedicated architecture for electric vehicles, an executive told Reuters, seeking to catch up with the likes of Tesla in the growing segment with multiple, long-range models. While the platform will not be completed soon, Hyundai Motor and affiliate Kia Motors Corp plan to roll out small electric sport utility vehicles (SUVs) based on an existing underpinning next year, said Lee Ki-sang, who leads Hyundai-Kia''s green cars operations. The separate platform represents a major push into the battery electric-car segment for a firm which has long trumpeted rival fuel-cell vehicles, reflecting strong investor pressure to compete more vigorously in a market that has been stimulated by U.S.-based Tesla Inc''s longer-range models. Industry executives also say tough fuel-economy and emissions regulations in the United States, Europe and China are compelling automakers to push fuel-efficient cars even though low oil prices have undercut demand. Hyundai''s electric-car platform would allow the automaker to install a battery pack in vehicle floors to accommodate more battery capacity and maximise cabin space, Lee said. "The electric-vehicle platform will require high up-front investments but we are doing this to prepare for the future," he said at Hyundai-Kia''s green car research centre in the city of Yongin, outside Seoul. He did not reveal the cost. Lee, a senior vice-president at Hyundai Motor, was speaking during an interview on the eve of an auto show that kicked off in Seoul on Thursday. Analysts said Hyundai had no choice but to join the likes of Tesla, General Motors Co and Daimler AG unit Mercedes-Benz in building separate electric-vehicle platforms to be relevant in the segment. "The separate platform may incur losses initially, but Hyundai will be left behind the market if they don''t offer long-distance models, like 300 km, 500 km and 600 km," Ko Tae-bong, an analyst at Hi Investment & Securities. CAUTIOUS OUTLOOK Hyundai will launch an electric SUV, followed by a sibling model by Kia Motors next year, Lee said, citing strong demand for SUVs. The subcompact or compact models would have a range of more than 300 km (186 miles) per charge, and would be "more competitive" than rival offerings, Lee said. Hyundai Motor''s IONIQ hybrid sedan fell short of its sales target, while Kia''s Niro hybrid SUV exceeded its forecast last year. Kia Motors was also working on its first fuel cell vehicle, following Hyundai Motor''s lead in the segment, Lee said. Despite Hyundai''s beefed-up plans for the electric car market, Lee was cautious about the outlook given the planned phase-out of government subsidies in China and other markets. Limited charging infrastructure and problems with battery technology, such as lengthy charge times on long-range vehicles, were also holding back demand, he said. Lee expected electric vehicles to account for about 10 percent of total global vehicle sales by 2025, from some 1 percent now, with China leading the way. Fuel-cell cars, by comparison, were unlikely to take off until 2025 but had long-term potential. In China, Hyundai Motor was considering souring batteries from Contemporary Amperex Technology Ltd (CATL) or a couple of other Chinese firms, because of subsidy restrictions on South Korean batteries, he said. As part of efforts to meet Chinese electric car quotas, Hyundai and Kia planned to introduce electric versions of its China-exclusive sedans and SUVs, while readying electrified models under local brands made with Chinese joint venture partners, he said. (Reporting by Hyunjoo Jin; Editing by Stephen Coates) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/hyundai-motor-electric-idINKBN1710ME'|'2017-03-30T14:41:00.000+03:00'
'1dd09ae8e16c2a4cfad1c054bbda096bc7d4e528'|'Depomed names new CEO, directors in deal with activist Starboard'|'Business News - Tue Mar 28, 2017 - 6:00pm EDT Depomed names new CEO, directors in deal with activist Starboard File photo: Arthur Higgins speaks at the Reuters Health Summit in New York, November 19, 2008. REUTERS/Brendan McDermid Depomed Inc ( DEPO.O ) reached a deal with activist investor Starboard Value LP to name a new chief executive officer and two other directors to its board. The drugmaker''s shares fell nearly 6 percent to $13.39 in extended trading after the company also forecast lower-than-expected first quarter sales. Depomed said former Bayer Healthcare chief Arthur Higgins would take over as CEO from James Schoeneck, following his resignation. "We are pleased to have reached an agreement to work with Depomed and believe that Arthur Higgins is an excellent choice to lead Depomed," said Gavin Molinelli, partner of Starboard. Depomed named Higgins, Molinelli and William McKee, a former chief financial officer of Barr Pharmaceuticals LLC, as board directors. Starboard said in September that it wanted to oust the drugmaker''s board. However, Starboard and Depomed struck a truce in October, with the hedge fund getting three seats on the board. The investor had criticized Depomed''s board over alleged governance deficiencies and urged it to explore a sale. The drug company said on Tuesday it expects first-quarter sales of $95 million to $100 million. Analysts on average were expecting sales of $114.6 million, according to Thomson Reuters I/B/E/S. Earlier in the day, U.S. Democratic Senator Claire McCaskill asked the nation''s top opioid drugmakers, including Depomed, for internal estimates of the risk of abuse, addiction and overdose of opioids, as lawmakers step up efforts to tackle the deadly opioid crisis. (Reporting by Akankshita Mukhopadhyay in Bengaluru; Editing by Maju Samuel) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-depomed-starboard-idUSKBN16Z2TL'|'2017-03-29T06:00:00.000+03:00'
'd3ead2241ee65d770816b84273ebad70d6d39ff8'|'RWE has no plans to sell power plants - CEO'|'Business News  56am BST RWE has no plans to sell power plants - CEO RWE logo in Essen, Germany, March 14, 2017. Reuters/Thilo Schmuelgen FRANKFURT RWE ( RWEG.DE ) has no plans to divest any assets in its generation unit, Chief Executive Rolf Martin Schmitz said at the group''s Capital Market Day on Tuesday, adding the group felt comfortable with the current set-up. RWE, Germany''s biggest power producer, owns 41.9 gigawatts (GW) of generation capacity, with lignite and gas-fired power plants accounting for more than half. (Reporting by Christoph Steitz; Editing by Maria Sheahan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-rwe-strategy-m-a-powerstation-idUKKBN16Z12A'|'2017-03-28T17:56:00.000+03:00'
'4d5899369a91480027e0664724771cb504e955c1'|'Ericsson hit by bill of up to $1.7 billion as new CEO sets out overhaul'|'Technology News  59am BST Ericsson hit by bill of up to $1.7 bln as new CEO sets out overhaul left right A general view of an office of Swedish telecom giant Ericsson is seen in Lund, Sweden, September 18, 2014. REUTERS/Stig-Ake Jonsson/TT News Agency/File Photo 1/2 left right Borje Ekholm, President and Chief Executive Officer of Ericsson, delivers his speech at Mobile World Congress in Barcelona, Spain, February 27, 2017. REUTERS/Eric Gaillard 2/2 By Helena Soderpalm and Olof Swahnberg - STOCKHOLM STOCKHOLM Sweden''s Ericsson ( ERICb.ST ) will book up to $1.7 billion in provisions, writedowns and restructuring costs in the first quarter as its new CEO outlined his strategy to lead the telecom equipment maker out of its worst crisis in a decade. The sweeping measures mapped out by Borje Ekholm include exploring options for its loss-making media arm as well as restructuring its business designing, building and managing networks for operators. The Swedish business insider and veteran board member took over as CEO in January and investors have been keen to hear how he plans to deal with shrinking markets and mounting competition from China''s Huawei and Finland''s Nokia ( NOKIA.HE ). "Restoring profitability is key and we will start by focusing the portfolio to fewer areas and securing effectiveness and efficiency in operations," Ericsson said in a statement on Tuesday. The company said it would take provisions of 7-9 billion crowns ($797 million-$1.02 billion) in the first quarter "triggered by recent negative developments related to certain large customer projects." Ekholm declined to name those contracts in a conference call, but said they were few and isolated, and not related to the group''s strategy change. "What has happened in the first quarter that makes them take provisions of 7 to 9 billion? It''s a lot of money. It seems very strange to me," said Inge Heydorn, fund manager at Sentat Asset Management, who has a short position in Ericsson. Ericsson''s shares fell as much as 4.6 percent, but were down a more modest 0.7 percent by 0926 GMT (5:26 a.m. ET). Ericsson shares have fallen 26 percent over the past year. The company said it would write down intangible assets within the Media and IT & Cloud businesses in the first quarter, with an estimated impact on operating income of 3-4 billion crowns, and that it would "explore strategic opportunities" in those businesses. It estimated restructuring charges would amount to 6-8 billion crowns in 2017, up from an earlier estimate of 3 billion crowns, of which it would book 2 billion in the first quarter. The company said it did not see a change of its previous forecast for the mobile infrastructure market to decline by 2 to 6 pct in 2017 and Ekholm said on the call with investors he didn''t foresee any big announcements on job cuts. Ekholm said he expected significant improvements from the actions already in 2018. "Beyond that I am convinced that Ericsson, on a sustainable basis, can at least double the 2016 Group operating margin, excluding restructuring charges," he said. (Writing by Johannes Hellstrom; editing by Niklas Pollard and Louise Heavens) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-ericsson-strategy-idUKKBN16Z0JJ'|'2017-03-28T17:59:00.000+03:00'
'4a3e703b4ebbe956d1d0a69351b3e4c5b0c58b7a'|'Banks try to calm staff nerves with staggered Brexit shift'|'* Banks enact two-step Brexit contingency plans* Priority is to prepare for a cliff edge scenario* First stage is an emergency set-up* Second stage will depend on future footprintBy Anjuli DaviesLONDON, March 28Banks are treading carefully, enacting two-stage contingency plans, to avoid losing nervous London-based staff as they work out how many jobs will have to move to continental Europe as Britain exits the European Union.British Prime Minister Theresa May will trigger formal EU divorce proceedings on Wednesday, launching two years of negotiations that will shape the future of Britain and Europe as well as London''s place as a global financial centre.The move will also mark the point when investment banks, whose priority will be to ensure they can continue servicing their clients across Europe after March 29, 2019, begin taking concrete steps to prepare for Britain being outside the bloc."Everybody is prepared for a cliff edge scenario, which means you need to more or less have, in a very short period of time, people on the ground making sure whatever happens you are set," Hubertus Vaeth, head of Frankfurt Main Finance, a group backed by local government to promote the city, said.This first phase involves relatively small numbers to make sure the requisite licences, technology and infrastructure are in place, while the next requires longer term thinking on what the their European business will look like in the future, which is when bigger moves might take place."We see a very short term dispersal of a small number of people ... in the next couple of months," Vaeth said.ANXIETY IN THE CITYBrexit is making many of Britain''s 2.2 million financial industry workers anxious about whether they risk losing their jobs or will have to consider relocating to Frankfurt, Dublin, Paris, Luxembourg or even Malta."If I ... stand up in front of my staff in London and say ''I''m moving 1,000 of you to Frankfurt'', how many do you think will stick around?" a senior executive at a global bank said.Employers must decide whether to try to move London-based staff or pay them off and hire again where any foreign operation is set up. This means they need to identify which roles will be impacted, which is likely to take some time.Bank executives say moving significant numbers of jobs will likely form part of the final phase of adaptation to Brexit, but will not happen before any final deal is struck."Don''t look for a ''big bang'' the day after Brexit in March 2019," another senior executive at an international bank said."Banks will be looking to use what they have to be able to continue operating and servicing clients in the EU. The jobs that will move, the impact will be known in 2025 and 2030 not 2019," the executive addedIn this so-called initial phase, staff moves are expected to be in the low hundreds, with the majority not taking place until at least 2018, banking sources told Reuters."It''s not staff moving, it''s jobs moving," said one source."There will also be some natural attrition whereby roles will not filled in London. It won''t really be so noticeable and there likely won''t be any big announcement."Stuart Gulliver, chief executive of HSBC, has softened his tone on his bank''s plan to move 1,000 staff to Paris, saying that half are French people who would be returning home and the bank is nowhere near talking to staff about the move."Within one to two years, the City of London will have completely replaced the jobs that will have moved," he said.Banks only need around 30 people to get a subsidiary in Europe up and running, including setting up the infrastructure, legal and technology systems, the Association of Foreign Banks in Germany says.DESTINATION UNKNOWNWhile Europe''s financial centres are fighting for the spoils of Brexit, banks are unlikely to converge on a single city at first and are likely to want to retain some flexibility."There won''t be a single location – country teams will likely be based more in situ," another banking source familiar with contingency plans said.Goldman Sachs International, the European arm of the Wall Street bank, said last week it would begin by moving hundreds of people out of London in what its chief Richard Gnodde called "contingency plans" for the first phase.Meanwhile, U.S. rival Morgan Stanley, which one source told Reuters will ultimately have to move up to 1,000 jobs out of London, but may initially shift just 300 staff, according to reports in February.And although Dublin is Bank of America''s default destination for a new base within the EU because it already has a fully licensed operation there, others are being examined."We are playing through all the scenarios. Nothing has been decided. Dublin is an option, just as Frankfurt or Amsterdam," Nikolaus Naerger, Bank of America’s head of corporate banking in Germany said.(Editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-eu-banks-idINL5N1H03SA'|'2017-03-28T10:10:00.000+03:00'
'aecb9b351bfe1320096b34556fd7cc20fe7ce86d'|'The new 12-sided £1 coin launches – but you may not be able to use it - Business'|'The new 12-sided £1 coin officially went into circulation on Tuesday, but immediately ran into some teething problems as it emerged that not all ticket, vending machines and supermarket trolleys have yet been adapted to accept it.The new £1 coin – in pictures Read more Only a small number of the 12-sided coins were released initially, via banks and post offices, with strict limits on how many could be handed out. The Post Office was allowing just five coins per customer . They were of only limited used for the workers who have been producing the coins at the Royal Mint in Llantrisant, south Wales, because the vending machines at their local pub could not take the new coins and they were no use for the shopping trolleys at the nearby Aldi either. Railway stations and supermarkets have issued little public information about the new coin, and whether it will work in ticket machines and shopping carts.Tesco said last week that it would be unlocking 100,000 of its coin-operated supermarket trolleys because it had failed to convert them in time for the launch of the new £1. But in a branch in Islington visited by the Guardian, the locked trolleys still took only the old £1 coin. Many other major supermarkets have not had to upgrade their trolleys because they have two slots – one for the old £1 coin and one for a euro , which also accepts the new £1. Facebook Twitter Pinterest The new 12-sided £1 coins have extra security features. Photograph: Jack Taylor/Getty Images In a bid to ease the transition, the Royal Mint had issued more than 200,000 trial samples of the new coin to major retailers, to help them recalibrate coin-handling equipment ahead of the £1’s introduction.But there are plenty of machines still out of bounds. The Guardian tried them in phone booths – they fell straight through – and at a launderette, where users would have had to walk away with wet washing because the tumble dryers were no-go zones for the new coinage. The parking meters in Lincoln’s Inn, near the high court, also couldn’t accommodate them. Cabbies, too, were not best pleased. Black-cab driver Ivan Sobell from north London, accepted a new one as payment, only to find it was just too big to fit into his metal coin tube, where he stashes up to 15 coins at a time. “I’ll have to invest in a Smarties tube,” he quipped.Despite the rise of card and contactless payments, coins remain popular and mintage figures are stable. There are currently nearly 29bn coins – of all denominations – in circulation in the UK, with a face value of more than £4bn.An estimated one in 30 of the original round pound coins are fake, so the new £1 has a deliberately complex shape to make it harder to manufacture and counterfeit.The Royal Mint has been making millions of the new coins a day in the run-up to Tuesday’s launch and reckons they are the most secure in the world, with a series of high-tech features, including a hologram and grooved edges.However, the change may bring an unexpected windfall for many families. Dan King, head of current accounts at the Nationwide building society, said the15 October deadline, when the round £1 coins will cease to be legal tender, could bring a financial surprise.“We have until October to clear out those round pounds languishing in piggy banks, change pots and down the back of Britain’s sofas,” he said. “We may be pleasantly surprised to find just how much we have squirrelled away over the years.” Topics Currencies Consumer affairs news  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/mar/28/12-sided-pound-coin-teething-problems-ticket-vending-machines'|'2017-03-29T03:55:00.000+03:00'
'a2415964777d154d73218611021f82d22f3009ba'|'Italian bailout candidate Pop Vicenza posts 1.9 billion euro loss'|' 38pm BST Italian bailout candidate Pop Vicenza posts 1.9 billion euro loss FILE PHOTO: The Banca Popolare di Vicenza headquaters is seen in Vicenza, Italy, March 5, 2016. REUTERS/Stefano Rellandini/File Photo MILAN Italy''s Banca Popolare di Vicenza posted a 1.9 billion euro (1.60 billion pounds) loss for 2016 and said it had suffered severe deposit outflows, raising questions over whether it will be deemed viable by regulators that must approve its request for state aid. The regional bank and local rival Veneto Banca this month asked to be bailed out by the Italian government, following in the steps of Italy''s fourth-largest lender Monte dei Paschi di Siena ( BMPS.MI ). The two Veneto-based banks were rescued from bankruptcy less than a year ago by state-sponsored, privately-funded banking industry bailout fund Atlante, which has pumped 3.5 billion euros in the two lenders. Popolare di Vicenza said losses stemming mainly from 1.1 billion euros in problematic loan writedowns had pushed its core capital to 8.21 percent, well below a 10.25 percent minimum threshold set by European Central Bank supervisors. It said its liquidity coverage ratio had fallen to 37.9 percent compared with a minimum requirement of 90 percent. The bank warned changes to loan loss provisions demanded by the ECB would have a significant impact also in 2017. (Reporting by Valentina Za, editing by Silvia Aloisi)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-italy-banks-popolare-di-vicenza-resul-idUKKBN16Z2IF'|'2017-03-29T01:38:00.000+03:00'
'8863fca72f0531df00dc5d3e87df46db5c2db812'|'China Southern Airlines to sell $200 million shares to American Airlines'|'HONG KONG/SHANGHAI China Southern Airlines Co Ltd ( 1055.HK )( 600029.SS ) said on Tuesday it would issue HK$1.55 billion ($199.6 million) worth of shares to a subsidiary of American Airlines Group Inc ( AAL.O ), giving the U.S. airline a stake in China''s largest carrier.The deal would make American Airlines the second U.S. carrier to own part of a Chinese airline after Delta Air Lines Inc ( DAL.N ) bought 3.55 percent of China Eastern Airlines Corp 6000115.SS ( 0670.HK ) for $450 million in 2015.In a filing to the Hong Kong stock exchange, China Southern said it would issue 270.61 million Hong Kong-listed H-shares, representing 2.68 percent of the enlarged share capital of the airline.The shares would be issued at HK$5.74 apiece, or at a 4.6 percent premium to the previous close.Among other things, the deal would help China Southern improve its governance, strengthen management, boost its competitiveness and help "achieve the strategic goal of building a world-class aviation industry group", the filing said.It said the two airlines may also increase cooperation in code-sharing and other areas, including staffing, sales, passenger loyalty programs and airport facilities sharing.China Southern''s Hong Kong-listed shares jumped as much as 5.3 percent in early morning trading on Monday before closing at HK$5.49, while its mainland-listed shares remained suspended.The airline is China''s biggest in terms of passenger numbers. It is a member of the SkyTeam airline alliance and is based in the southern city of Guangzhou.The tie-up comes as Beijing has vowed to shake up Chinese airlines by implementing mixed-ownership reforms and introducing private capital and strategic investment into its state-owned enterprises in a bid to improve efficiency and competitiveness.Chinese airlines have been aggressively expanding their fleet and increasing the number of their international routes as they seek to capitalize on strong growth in outbound Chinese travel that has far outpaced tourism at home.For American Airlines, the deal could widen access to China, one of the biggest sources of tourists to the United States, and will help it compete with rival Delta, which has invested in foreign carriers in Mexico, Brazil and Britain in recent years.(Reporting by Donny Kwok in HONG KONG and John Ruwitch in SHANGHAI; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-csn-american-airline-sharesale-idINKBN16Z035'|'2017-03-27T23:57:00.000+03:00'
'714ed6d4620a80f5147e28428cae3550e42fb4b6'|'The DNA of oil wells - U.S. shale enlists genetics to boost output'|'By Ernest Scheyder - HOUSTON, March 28 HOUSTON, March 28 A small group of U.S. oil producers has been trying to exploit advances in DNA science to wring more crude from shale rock, as the domestic energy industry keeps pushing relentlessly to cut costs and compete with the world''s top exporters.Shale producers have slashed production costs as much as 50 percent over two years, waging a price war with the Organization of the Petroleum Exporting Countries (OPEC).Now, U.S. shale producers can compete in a $50-per-barrel oil market, and about a dozen shale companies are seeking to cut costs further by analyzing DNA samples extracted from oil wells to identify promising spots to drill.The technique involves testing DNA extracts from microbes found in rock samples and comparing them to DNA extracted from oil. Similarities or differences can pinpoint areas with the biggest potential. The process can help cut the time needed to begin pumping, shaving production costs as much as 10 percent, said Ajay Kshatriya, chief executive and co-founder of Biota Technology, the company that developed this application of DNA science for use in oilfields.The information can help drillers avoid missteps that prevent maximum production, such as applying insufficient pressure to reach oil trapped in rocks, or drilling wells too closely together, Kshatriya said."This is a whole new way of measuring these wells and, by extension, sucking out more oil for less," he said.Biota''s customers include Statoil ASA, EP Energy Corp and more than a dozen other oil producers. Kshatriya would not detail Biota''s cost, but said it amounts to less than 1 percent of the total cost to bring a well online.A shale well can cost between $4 million and $8 million, depending on geology and other factors.Independent petroleum engineers and chemists said Biota''s process holds promise if the company can collect enough DNA samples along the length of a well so results are not skewed."I don''t doubt that with enough information (Biota) could find a signature, a DNA fingerprint, of microbial genomes that can substantially improve the accuracy and speed of a number of diagnostic applications in the oil industry," said Preethi Gunaratne, a professor of biology and chemistry at the University of Houston.Biota has applied its technology to about 80 wells across U.S. shale basins, including North Dakota''s Bakken, and the Permian and Eagle Ford in Texas, Kshatriya said. That is a tiny slice of the more than 300,000 shale wells across the nation.EP Energy, one of Biota''s first customers, insisted on a blind test last year to gauge the technique''s effectiveness, asking Biota to determine the origin of an oil sample from among dozens of wells in a 1,000-square foot zone.Biota was able to find the wells from which the oil was taken and to recommend improvements for wells drilled in the same region, said Peter Lascelles, an EP Energy geologist."If you''ve been in the oilfield long enough, you''ve seen a lot of snake oil," said Lascelles, using slang for products or services that do not perform as advertised.Lascelles said DNA testing helps EP Energy understand well performance better than existing oil field surveys such as seismic and chemical analysis. The testing gives insight into what happens underground when rock is fractured with high pressure mixtures of sand and water to release trapped oil.Biota''s process is just the latest technology pioneered to coax more oil from rock. Other techniques include microseismic studies, which examine how liquid moves in a reservoir, and tracers, which use some DNA elements to study fluid movement.Venture capitalist George Coyle said his fund Energy Innovation Capital had invested in Biota because it expected the technique to yield big improvements in drilling efficiency. He declined to say how much the fund had invested."The correlations they''re going to be able to find to improve a well, we think, are going to be big," he said.(Reporting by Ernest Scheyder; Editing by Gary McWilliams, Simon Webb and David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-oil-dna-idINL2N1GQ0XE'|'2017-03-28T03:00:00.000+03:00'
'7caab5e1c4a2ee22433a6d426425d81fb6a74ecf'|'Russia, Iran to continue cutting oil output together - statement'|'Business News - Tue Mar 28, 2017 - 3:39pm BST Russia, Iran to continue cutting oil output together - statement left right A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Persian Gulf, Iran, July 25, 2005. To match Exclusive OPEC-OIL/ REUTERS/Raheb Homavandi/File Photo 1/2 left right An employee walks at a facility located on the newly launched Pyakyakhinskoye oil field owned by Lukoil company in the Yamal region, Russia October 25, 2016. REUTERS/Olesya Astakhova 2/2 MOSCOW Russia and Iran will continue cooperation in reducing oil output in order to stabilise the global energy market, according to a joint statement signed by both countries on Tuesday. (Reporting by Denis Pinchuk; Writing by Andrey Ostroukh; Editing by Jack Stubbs) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-russia-iran-oil-idUKKBN16Z1Y8'|'2017-03-28T22:39:00.000+03:00'
'649d2a314e22b12a29f19c8df19877b200daf49a'|'Rig contractor Ocean RIG files for bankruptcy protection in U.S.'|'Rig contractor Ocean RIG UDW Inc ( ORIG.O ) filed for Chapter 15 bankruptcy protection in a U.S. court amid a deep and prolonged downturn in the industry.Shares of the company plunged 36.4 percent to 46 cents in early trading on Tuesday.The Cyprus-based company, which had $3.25 billion in debt as of Dec. 31, filed for bankruptcy in the United States Bankruptcy Court for Southern District of New York on Monday. ( bit.ly/2o1GmI2 )Under U.S. bankruptcy laws, Chapter 15 grants a foreign company protection from creditors looking to seize its assets in the country.The company said on Tuesday it entered into an agreement with creditors representing over 72 percent of Ocean RIG''s outstanding consolidated indebtedness for a financial restructuring.Ocean Rig''s chief executive, George Economou, said last year that the company would consider alternatives, including a possible reorganization under US bankruptcy laws.Last year, Hercules Offshore Inc filed for bankruptcy protection, just six months after emerging from its first bankruptcy.(Reporting by John Benny in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ocean-rig-udw-bankruptcy-idINKBN16Z1Q7'|'2017-03-28T11:35:00.000+03:00'
'4390ecc76236df8e0186b0b5337305fc42637df8'|'German car parts maker Bruss put up for sale: sources'|'FRANKFURT German car parts maker Bruss Sealing Systems has been put up for sale by its family owners in a potential 600 million euro ($645 million) deal, several people close to the matter said.Deutsche Bank ( DBKGn.DE ) has been mandated to find a buyer for the company, they added.Bruss and Deutsche Bank declined to comment.The company is expected to post earnings before interest, tax, depreciation and amortization (EBITDA) of roughly 65 million euros this year and could be valued at nine times that, one of the sources said.Its customers include Ford ( F.N ), VW ( VOWG_p.DE ) and Daimler ( DAIGn.DE ).Bruss, which was founded in 1959 and has 2500 staff, specializes in sealing systems, elastomer gaskets and bonded pistons.The company had said in its company filings for 2015 that it expected to post a 2016 EBITDA of 66.5 million on 336 million euros in sales.U.S. automotive supplier Federal Mogul was invested in Bruss for several year, before selling its stake back to the Bruss family in 1998.($1 = 0.9299 euros)(Reporting by Arno Schuetze; Editing by Ludwig Burger)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-bruss-sale-idINKBN1701WL'|'2017-03-29T11:51:00.000+03:00'
'0a1f642338645eede59f79df0da4a3b59a86f97c'|'MoneyGram bidder Euronet ramps up fight to stop Chinese rival''s bid'|'By Diane Bartz - WASHINGTON WASHINGTON Euronet Worldwide Inc ( EEFT.O ) ramped up its fight against China''s Ant Financial Services Group in trying to acquire MoneyGram International Inc ( MGI.O ), urging the U.S. government to closely scrutinize the rival Chinese bid saying it raises "significant national security risks."In a March 27 letter to Treasury Secretary Steven Mnuchin, Euronet Chief Executive Officer Michael Brown said MoneyGram''s new owner would be asked to help law enforcement efforts aimed at combating "terrorist financing" and money laundering by complying with data requests that are often highly confidential."A money transfer company''s ownership and leadership at the top are critical in ensuring that all of these responsibilities are carried out fully and effectively," Brown said in the letter, which was also sent to more than a dozen congressional offices and reviewed by Reuters."We feel... there are significant national security risks that merit careful evaluation for any foreign buyer of a company in this industry," he said.Euronet offered $1 billion for MoneyGram in mid-March, arguing that an all-American deal would face less regulatory scrutiny than the $880 million offered by Ant Financial, an affiliate of Alibaba Group Holding Ltd ( BABA.N ). MoneyGram said Euronet''s offer was potentially superior to its existing agreement with Ant Financial, but has not yet endorsed it.The bidding war comes at a time of rising tensions between China and the United States, with U.S. President Donald Trump accusing China of unfair trade policies and criticizing its increasingly assertive stance in the South China Sea.Mnuchin''s Treasury Department chairs the inter-agency Committee on Foreign Investment in the United States (CFIUS), which also includes the departments of Defense, Justice and Homeland Security, among others. It assesses potential mergers to ensure that they do not jeopardize national security.The CFIUS has been a stumbling block for several Chinese deals in the United States and was considered a big hurdle for Ant Financial.Euronet declined to comment on the company''s letter, said spokesman Pat Tucker. The Treasury Department declined comment. A representative for Ant Financial could not be immediately reached for comment.Brown said Ant Financial''s bid merited a "close" CFIUS evaluation because money transfer companies obtain substantial personal and financial information on customers, including U.S. government employees. This information includes a customer''s name, address, social security and other identification numbers.A new owner also would need to assist U.S. efforts to combat terrorism financing or money laundering, by reporting suspicious activity, complying with subpoenas and requests to locate accounts and transactions, Brown said.Euronet has "consistently embraced and prioritized compliance," he said in the letter.In recent years, U.S. authorities have increasingly held money transfer companies responsible when criminals process transactions.In January, Western Union Co ( WU.N ) agreed to pay $586 million to settle allegations that it failed to prevent criminals from using its service for money laundering and fraud.MoneyGram has had issues in the past. A U.S. criminal investigation revealed in 2012 that MoneyGram had processed thousands of transactions for fraudsters who were scamming the elderly. MoneyGram admitted to money laundering and wire fraud violations and agreed to pay $100 million.MoneyGram, along with Western Union, has long dominated the global money transfer industry with its large network of retail locations. It has about 350,000 outlets in retail shops, post offices and banks in nearly 200 countries and territories.Euronet has four money transfer businesses, including Ria, IME, HiFX and XE. Euronet''s Ria is in 146 countries, according to its website. Euronet focuses more on independent agents, while MoneyGram targets large retailers and national post offices.(Reporting by Diane Bartz, Additional reporting by Joel Schectman, Editing by Soyoung Kim and Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-moneygram-m-a-ant-financial-euronet-idINKBN16Z2SA'|'2017-03-28T18:15:00.000+03:00'
'7a48d9e95df28a4d36c89d199fe44894798b2942'|'Chairman of Brazil''s Eletrobras, two board members to step down'|'Company  53am EDT Chairman of Brazil''s Eletrobras, two board members to step down SAO PAULO, March 27 José Luiz Alqueres is stepping down as chairman of Centrais Elétricas Brasileiras SA, Brazil''s state-controlled power utility, after nine months in charge. Alqueres told Reuters in an email that he and another two members of Eletrobras''s board are quitting. (Reporting by Luciano Costa de Paula; Writing by Guillermo Parra-Bernal) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/eletrobras-chairman-idUSL2N1H40MV'|'2017-03-27T22:53:00.000+03:00'
'70e89ff0d9eb62a896ad2492d84c9ac187153641'|'Engineering firm Cobham says under investigation by UK''s FCA'|'Business News - Mon Mar 27, 2017 - 12:25pm BST Engineering firm Cobham says under investigation by UK''s FCA LONDON British engineer Cobham ( COB.L ) is being investigated by the country''s Financial Conduct Authority in connection with its handling of inside information ahead of a trading update and rights issue announcement in April last year, the company said. The aerospace and defence company launched a 500 million pound emergency rights issue on April 26 to shore up its balance sheet after a costly move to gain more commercial customers led to a profit warning. "The company is cooperating fully with the FCA and will update the market on the outcome in due course," it said in a statement on Monday. It also said a proposed 500 million pounds rights issue it announced on March 2 remained on track. Shares of the company were down 2.6 percent by 1101 GMT on Monday. (Reporting by Justin George Varghese; editing by Susan Thomas) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-cobham-fca-probe-idUKKBN16Y18A'|'2017-03-27T19:25:00.000+03:00'
'0e97c7fb622d3f0a59794716df21166e46cf0f97'|'Vedanta''s Agarwal says happy with his 13 percent of Anglo American'|'Money  00pm IST Vedanta''s Agarwal says happy with his 13 percent of Anglo American NEW DELHI Indian billionaire Anil Agarwal said on Monday he was happy with his personal 13 percent stake in mining company Anglo American and was just planning to keep it as an investment for now. "I got the opportunity to take 13 percent share of that company because I also believe that India and Africa go hand in hand," Agarwal told a business summit. "I have no other intention at the moment, just to be an investor ... I have taken a position. At the moment I am very happy with the 13 percent," he said. Earlier this month, Agarwal said he would buy a 2 billion pound ($2.5 billion) stake in Anglo American and had no intention of taking control of the mining company. ($1 = 0.7954 pounds) (Reporting by Sudarshan Varadhan; editing by David Clarke) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-vedanta-anglo-american-idINKBN16Y1X6'|'2017-03-27T23:30:00.000+03:00'
'f582e820da614f8df0ef77eddfc1c480fdb34e46'|'Morning News Call - India, March 29'|'Company News - Tue Mar 28, 2017 - 11:11pm EDT Morning News Call - India, March 29 To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 10:30 am: Power Minister Piyush Goyal to speak on UDAY scheme in New Delhi. 11:00 am: Budget session of Parliament continues in New Delhi. 11:30 am: Tata Motors launch event in Mumbai. 03:15 pm: Kotak Mahindra Bank Managing Director Uday Kotak to brief media in Mumbai. 06:30 pm: Cabinet likely to meet, agenda not known in New Delhi.. LIVECHAT- ASSETS Discuss the disconnect between equity, fixed income and currency markets with Naeem Aslam, Chief Market Analyst, Think Markets UK, at 3.30 pm. To join the conversation, click on the link: here INDIA TOP NEWS • Monsanto loses legal battle with Indian seed producer Monsanto lost a legal battle with one of India''s biggest seed producers over a contract dispute on Tuesday, and was ordered to restore a licensing agreement and cut royalty charges. • Indian Prime Minister Modi to visit Washington this year -White House U.S. President Donald Trump spoke by phone to Indian Prime Minister Narendra Modi on Tuesday and said he looked forward to playing host to a visit by Modi to Washington later this year. • Crop shipper AGT sees resolution of India-Canada pulse trade snag Canada''s AGT Food and Ingredients Inc, one of the world''s biggest exporters of peas and lentils, expects India to extend an exemption for Canada within days from a crop fumigation policy that threatened to jeopardizeC$1.1 billion inannual tradeof the food staples, Chief Executive Murad Al-Katib said on Tuesday. • Bharti Airtel sells 10 pct stake in tower unit to KKR, Canada Pension India''s Bharti Airtel said it sold a 10.3 percent stake in its telecom tower unit Bharti Infratel to U.S. private equity firm KKR & Co LP and Canada Pension Plan Investment Board for more than 61.9 billion rupees. • India brings back 10 pct tax on wheat imports India on Tuesday imposed a 10 percent import tax on wheat with immediate effect, government sources said, reinstating the tariff after a gap of nearly four months that saw large overseas purchases. GLOBAL TOP NEWS • Trump signs order dismantling Obama-era climate policies President Donald Trump on Tuesday signed an order to undo Obama-era climate change regulations, keeping a campaign promise to support the coal industry and calling into question U.S. support for an international deal to fight global warming. • Profits near flat at two of China''s Big Five banks, pressures persist Two of China''s ''Big Five'' lenders, Bank of Communications and Agricultural Bank of China, reported modest annual profit growth on Tuesday, as they battled operating pressures and the narrowest net interest margins since at least 2011. • Japan''s tepid retail sales raise concerns about consumption, growth Japanese retail sales were effectively flat in February as consumers cut back on food and durable goods after employers offered the lowest spring wage increases in four years. LOCAL MARKETS OUTLOOK (As reported by NewsRise) The SGX Nifty Futures were trading at 9,139.50, trading up 0.29 pct from its previous close. The Indian rupee will likely open lower against the dollar, as upbeat U.S. economic data and hawkish comments from Federal Reserve officials supported expectations of more rate increases this year, propping up the greenback The rupee closed at a 17-month high of 65.04 to the dollar in Mumbai on March 27. Indian government bonds are likely to edge higher in early trade amid expectations foreign investors will continue to pour money into the debt market. The yield on the benchmark 6.97 pct bond maturing in 2026 is likely to trade in a 6.68 pct-6.74 pct band today. The bond had closed at 101.80 rupees, yielding 6.71 pct, on Mar. 27. GLOBAL MARKETS • U.S. stocks ended sharply higher on Tuesday, with financial and energy shares surging as data showed U.S. consumer confidence soaring to a more than 16-year high. • Asian shares inched ahead while the dollar and commodities held gains as investors shook off disappointment about U.S. President Donald Trump''s failed healthcare bill and focussed on an improving outlook for global growth. • The dollar pulled away from 4-1/2-month lows against a currency basket as solid data backed expectations for more U.S. interest rate hikes this year, while sterling was knocked by concern about Britain''s impending exit from the European Union. • U.S. Treasury debt yields rose on Tuesday, in generally below-average volume, tracking a jump in stocks after U.S. consumer confidence surged to a 16-year high. • Oil prices extended gains from the previous session, lifted by supply disruptions in Libya and expectations that an OPEC-led output reduction will be extended into the second half of the year. • Gold prices fell as positive economic data from the United States backed expectations of further interest rate hikes by the Federal Reserve this year, prompting the dollar to bounce back from multi-month lows. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 65.04/65.07 March 28 $986.62 mln - For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 65.0200 Indian rupees) (Reporting by Pradip Kakoti in Bengaluru) )) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/india-morningcall-idUSL3N1H61C0'|'2017-03-29T11:11:00.000+03:00'
'26e5e0ebe836d19b3a0eb6fb9995df395a0450bf'|'METALS-London copper bides time near 8-day top, demand hopes underpin'|'MELBOURNE, March 29 London copper held steady near its highest in more than a week on Wednesday, underpinned by expectations of seasonally improving second-quarter demand.FUNDAMENTALS* LME COPPER: Three-month copper on the London Metal Exchange was flat at $5,873 a tonne by 0127 GMT, holding 2 percent gains from the previous session when prices struck the highest since March 20 at $5,903 a tonne.Prices have found a support at the 100-day moving average (DMA) around $5,767 and resistance around the 30 DMA at $5,881.* SHFE COPPER: Shanghai Futures Exchange copper was up 2.4 percent at 47,460 yuan a tonne.* CHINA SMELTERS: China''s top copper smelters have agreed to an 11 percent cut in second-quarter treatment and refining fees, after disruptions at the world''s two biggest copper mines curbed the global supply of raw material, three sources said on Tuesday.* U.S. ECONOMY: U.S. consumer confidence surged to a more than 16-year high in March amid growing labor market optimism while the goods trade deficit narrowed sharply in February, indicating the economy was regaining momentum after faltering at the start of the year.* CHINA MANUFACTURING: China said on Tuesday it would expand the scope for insurance companies to provide more low-cost and long-term funds for the manufacturing sector as part of a broader effort to ramp up financial support for struggling manufacturers to upgrade.* LME NEWS: Regulatory delays to a proposal to slash initial clearing margins by the London Metal Exchange has dealt another blow to the exchange''s ability to fend off competition from U.S. rival CME Group, whose margins are sharply lower.* For the top stories in metals and other news, click orMARKETS NEWS* Wall Street followed gains in stocks globally on Tuesday after U.S. consumer confidence soared to a more than 16-year high, while the U.S. dollar bounced from a four-month low to post its best day in nearly a month.DATA AHEAD (GMT)0600 Germany Import prices Feb0645 France Consumer confidence Mar1400 U.S. Pending homes sales FebPRICESThree month LME copperMost active ShFE copperThree month LME aluminiumMost active ShFE aluminiumThree month LME zincMost active ShFE zincThree month LME leadMost active ShFE leadThree month LME nickelMost active ShFE nickelThree month LME tinMost active ShFE tinARBS(Reporting by Melanie Burton; Editing by Amrutha Gayathri)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/global-metals-idINL5N1H6052'|'2017-03-28T23:42:00.000+03:00'
'dd3b88256bd9ba1613d4d2f13d092cae15899848'|'BRIEF-California Environmental Protection Agency''s OEHHA says Glyphosate is being added to California''s Proposition 65 list of chemicals known to cause cancer'|'United States  51pm EDT BRIEF-California Environmental Protection Agency''s OEHHA says Glyphosate is being added to California''s Proposition 65 list of chemicals known to cause cancer March 28 (Reuters) - * California Environmental Protection Agency''s OEHHA - Glyphosate is being added to California''s Proposition 65 list of chemicals known to cause cancer (Bengaluru Newsroom)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-california-environmental-protectio-idUSFWN1H600B'|'2017-03-29T10:51:00.000+03:00'
'f615f11e31fa6319ac508acb682499ed83ff4633'|'HIGHLIGHTS-Top trading houses at commodities conference'|' 27am EDT HIGHLIGHTS-Top trading houses at commodities conference LAUSANNE, March 29 Top executives from the world''s largest commodity trading houses discuss trends in trading at the FT Commodities Global Summit in Lausanne, Switzerland, this week. For highlights from the first day: The following are highlights: ALAN HAYWOOD, CEO OF SUPPLY AND TRADING BP "The context for our strategy is laid out in fundamentals until 2035. We see energy demand increasing by about 30 percent, half from nuclear, hydro power and renewables ... half will be going to the power sector." "But we see 75 percent of energy demand still coming from oil, gas and coal. Gas demand will grow at approximately twice the rate of oil ... on the renewable side we will focus on our commitment to wind and Brazilian biofuels." MARCO ALVERA, CEO, SNAM Alvera sees emerging markets moving towards gas away from coal due to the cleaner advantage of gas. "A one percent switch from coal to gas, gives same benefit on carbon dioxide, as a ten percent shift to renewables." "In Europe, demand for gas has stabilised but production is declining. Faced with stable demand, imports need to grow ... we can only look east or southeast like the southern corridor. "Europe has huge opportunities for LNG storage due to huge depleted reserves. LNG will become hugely seasonal ... and very distressed in the summer. Italy is a unique position because has largest gas storage reserves so can be a hub for imports and exports." MARK CRANDALL, CHAIRMAN, POSTSCRIPTUM "The switch from coal to gas is a bigger thing than any switch to renewables." (Reporting by Julia Payne and Gus Trompiz, editing by Louise Heavens)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/commodities-summit-idUSL5N1H61TF'|'2017-03-29T16:27:00.000+03:00'
'1554191420e99dc451de5824cb957b395ba692e7'|'UPDATE 2-Santander to pay $25.9 mln to resolve subprime auto loan probes'|'(Adds further comment from Santander)By Nate RaymondBOSTON, March 29 Santander Consumer USA Holdings Inc has agreed to pay $25.9 million to resolve investigations by the attorneys general in Massachusetts and Delaware into its financing and securitization of sub-prime auto loans.The settlements were announced on Wednesday and resolved allegations Santander facilitated unfair, high-rate auto loans for thousands of car buyers. The loans were then packaged into securities sold to investors.The accords mark the first settlements in connection with U.S. investigations into subprime auto loan securitization, Massachusetts Attorney General Maura Healey said. The U.S. Justice Department has also been investigating the matter.Santander, which is the largest packager of subprime auto loan securities in the United States and an arm of Spanish bank Banco Santander SA that went public in 2014, in a statement said it was pleased to resolve the matter."In the last 18 months, our new management team has taken significant steps to strengthen our business practices and controls," Santander said.It stressed that the settlements, which focused on how auto loans were originated, were not about securitizations, but said any such claims were released under the accords.According to Healey, the investigation revealed that Santander funded auto loans without a reasonable basis to believe borrowers could afford them, predicting many would default.The probe also revealed that Santander knew certain dealerships had high default rates due of inaccurate data on loan applications but kept buying the loans from them anyway, authorities said.Santander even identified a group of dealers it called the "fraud dealers" whose loans it nonetheless continued to fund, Healey''s office said.She said the conduct repeated the pattern seen with banks in the run-up to the subprime mortgage meltdown that contributed to the 2008 financial crisis."These predatory practices are almost identical to what we saw in the mortgage industry," she said.Healey''s office said the settlement was part of an ongoing industry-wide investigation into securitization practices in the subprime auto market.The settlement follows an earlier 2015 accord for $5.5 million between Healey''s office and Santander relating to its funding of loans that included expensive insurance coverage.Under Wednesday''s settlements, Santander will pay $22 million to resolve the Massachusetts case, which includes $16 million in relief to 2,000 consumers.The company will pay also $3.9 million to resolve the Delaware case, including $2.88 million into a trust for the benefit of Delaware consumers, Delaware Attorney General Matt Denn said. (Editing by David Gregorio, Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/banco-santander-settlement-idINL2N1H618M'|'2017-03-29T17:35:00.000+03:00'
'cb159f17849b2b155b1c9f4e49681456456c97c9'|'Brexit effects may reflect in business surveys'|'Fri Mar 31, 2017 - 5:22pm BST Brexit effects may reflect in business surveys A worker shelters from the rain under a Union Flag umbrella as he passes the London Stock Exchange in London, Britain, October 1, 2008. REUTERS/Toby Melville/File Photo By Catherine Evans - LONDON LONDON In the week after Britain formally notified the European Union of its intention to quit the bloc, business surveys will give more idea of what -- if any -- impact Brexit is having on the British economy and how its EU peers compare. Last month''s purchasing managers'' index (PMI) reports suggested unexpectedly strong growth in Britain''s economy since June''s Brexit vote may be starting to flag as inflation picks up, partly as a result of the pound''s post-referendum plunge. Similar surveys have meanwhile suggested activity in the euro zone is picking up pace, with flash PMIs for the bloc as a whole, and its two biggest economies, Germany and France, hitting six-year highs in March. Index provider IHS Markit will release PMI surveys for British manufacturing, construction and services on Monday, Tuesday and Wednesday respectively, with official data for manufacturing and construction output for February due to follow on Friday. Economists polled by Reuters expect the PMI for the dominant services sector to tick up to 53.5 in March from February''s five-month low of 53.3. That reading suggested faltering consumer spending was starting to bite and pointed to first quarter economic growth of around 0.4 percent -- compared with 0.7 percent in late 2016. "UK PMIs for March, especially once combined with the February industrial production, construction and trade data should leave us with a very good feel for 1Q (first quarter) GDP by the end of the week," Morgan Stanley economists wrote. "Overall, we expect the data to point to some slowing in 1Q." Official data on Friday showed the services industry, which accounts for about two-thirds of Britain''s economy, contracted in January for the first time since March last year. Other recent data has also suggested consumers are becoming more cautious. British households'' declining spending power -- real disposable income suffered the steepest quarterly drop in three years in October-December -- led them to run down their savings to a record low in late 2016. Sterling''s fall since the Brexit vote has kept manufacturing activity near 2-1/2 years highs since the turn of the year, but recent surveys have suggested higher input prices are hitting new orders in the construction sector. The pound has lost nearly a fifth of its value against the dollar. Manufacturing accounts for around 10 percent of the British economy, with construction making up another 6 percent. Britain''s economy last year defied forecasts that it would slow sharply after the referendum decision to leave the EU, instead expanding faster than most of its developed world peers. PMIs for France and Germany are forecast to hold steady after last month''s sparkling performance, although economists at Commerzbank saw limited potential for further gains. "The PMIs ... are now at a level seldom surpassed since monetary union was established," they said in a note. "They only rose considerably higher in 2006 and in 1999/2000, during the New Economy boom. However, at that time the euro zone economy also expanded by more than 3 percent, which seems highly unlikely to happen now." How a quickening economy will play into France''s presidential election, the first round of which is on April 23 is unclear. Far-right leader Marine Le Pen champions economic nationalism to counter the forces of globalization, while frontrunner Emmanuel Macron, a pro-EU centrist, promises gradual tax cuts and budget discipline. Conservative Francois Fillon wants to reduce the role of the state in the French economy. Friday''s non-farm payrolls report is the coming week''s standout U.S. data release, with a Reuters poll predicting the U.S. economy will have added 180,000 jobs in March. Thursday will see the release of minutes of the ECB''s March policy meeting and speeches by both ECB President Mario Draghi and Bundesbank chief Jens Weidmann, who called again on Monday for a "less expansive" monetary policy. When overall inflation hit the ECB''s 2 percent target last month, conservative countries like Germany piled pressure on Draghi, calling for an end to the bank''s 2.3 trillion euro asset buying scheme. But a tumble in March to 1.5 percent from February''s four-year high may have vindicated Draghi''s cautious stance, which saw the ECB pledge on March 9 to keep the stimulus policy in place but signal a diminishing urgency for more action. (Editing by Richard Lough) Oil retreats, set to become worst-performing asset in Q1 NEW YORK Oil prices fell on Friday after a three-day rally ran out of steam, as investors waited for U.S. rig count data that could provide further evidence that U.S. production is continuing to grow, contributing to a global oil glut. The dollar''s share of currency reserves reported to the International Monetary Fund rose in the fourth quarter, snapping three straight quarterly declines, as the absolute level of reserves held in greenbacks hit a record, data released Friday showed. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-economy-weekahead-idUKKBN1722B4'|'2017-04-01T00:09:00.000+03:00'
'9dc9a2e5af325d687502949d8ba07263e2309d3c'|'BRIEF-HomeStreet announces departure of Chief Financial Officer'|' 13pm EDT BRIEF-HomeStreet announces departure of Chief Financial Officer March 28 Homestreet Inc * HomeStreet Inc. announces departure of Chief Financial Officer * HomeStreet Inc says company will announce plans to fill Chief Financial Officer on an interim basis in near term * HomeStreet Inc - Melba Bartels, senior executive vice president and chief financial officer, has given notice that she will be leaving company * HomeStreet Inc says will be conducting a search to find a replacement for CFO Bartels Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-homestreet-announces-departure-of-idUSASB0B7E1'|'2017-03-29T06:13:00.000+03:00'
'7a403b0ee7a50534feb788f99a408c769b78ef51'|'Bangladesh Bank heist was ''state-sponsored'': U.S. official'|'Technology News   4:21am EDT Bangladesh Bank heist was ''state-sponsored'': U.S. official Commuters pass by the front of the Bangladesh central bank building in Dhaka March 8, 2016. REUTERS/Ashikur Rahman/File Photo MANILA The heist of $81 million from the Bangladesh central bank''s account at the New York Federal Reserve last year was "state-sponsored," an FBI officer in the Philippines, who has been involved in the investigations, said on Wednesday. Lamont Siller, the legal attache at the U.S. embassy, did not elaborate but his comments in a speech in Manila are a strong signal that authorities in the United States are close to naming who carried out one of the world''s biggest cyber heists. Last week, officials in Washington, speaking on condition of anonymity, blamed North Korea. "We all know the Bangladesh Bank heist, this is just one example of a state-sponsored attack that was done on the banking sector," Siller told a cyber security forum. An official briefed on the probe told Reuters in Washington last week that the FBI believes North Korea was responsible for the heist. The official did not give details. The Wall Street Journal reported U.S. prosecutors were building potential cases that would accuse North Korea of directing the heist, and would charge alleged Chinese middlemen. The FBI has been leading an international investigation into the February 2016 heist, in which hackers breached Bangladesh Bank''s systems and used the SWIFT messaging network to order the transfer of nearly $1 billion from its account at the New York Fed. The U.S. central bank rejected most of the requests but filled some of them, resulting in $81 million being transferred to bank accounts in the Philippines. The money was quickly withdrawn and later disappeared in the huge casino industry in the country. There have been no arrests in the case. A Chinese casino owner in the Philippines told that Senate inquiry he took millions of dollars from two Chinese high-rollers in February. He said the two men were responsible for transferring the stolen money from Dhaka to Manila. Philippine investigators have filed criminal charges against several individuals and a remittance company for money laundering in connection with the heist at the country''s Department of Justice (DOJ). None of these cases have yet been filed in court, however. Siller said the FBI was working closely with the Philippines government "to ensure those responsible for the attack do not go unpunished." "So for us in the FBI, it is never over. We are going to bring these individuals to justice so that we can show others, that you maybe be able to muster such attacks, even state-sponsored, but you will not get away with it in the end." (Reporting by Karen Lema; Editing by Raju Gopalakrishnan) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-cyber-heist-philippines-idUSKBN1700TI'|'2017-03-29T16:21:00.000+03:00'
'b5d1899478868f6622048cfdac1652ff740c3591'|'MIDEAST STOCKS - Factors to watch - Mar 29'|' 51pm EDT MIDEAST STOCKS - Factors to watch - Mar 29 DUBAI, March 29 Here are some factors that may affect Middle East stock markets on Wednesday. Reuters has not verified the press reports and does not vouch for their accuracy. INTERNATIONAL/REGIONAL * GLOBAL MARKETS-Asia stocks up with dollar, sterling suffers on Brexit day * MIDEAST STOCKS-Most markets edge up, Emaar Malls jumps as Amazon seals Souq.com deal * Oil rises on Libyan supply disruptions, likely OPEC output cut extension * PRECIOUS-Gold prices slip on solid U.S. data, firmer dollar * Middle East Crude-Benchmarks slip; ESPO falls to fresh low since Sept 2015 * Amazon clinches deal to buy Middle East online retailer Souq.com * Arab leaders seek common ground at summit on Palestinian state * U.S. charges Turkish banker in Iran sanctions probe * Russia and Iran say will continue efforts to curb oil output * Germany''s SMS signs deal to boost Iran steel firm output - executive * Thomas Cook says tourists returning to Egypt and Turkey EGYPT * Egyptian president to meet Trump at White House on April 3 * Spending in proposed 2017-18 Egyptian budget at $65.9 bln -PM * Telecom Egypt appoints Ahmed El Beheiry as new CEO * Egypt sees value-added tax revenue up by 8 billion pounds in 2017-2018 SAUDI ARABIA * Saudi bank lending growth slows to a crawl in February * TABLE-Saudi money supply increase in February * Fidelity launches real estate investment vehicle for Saudi''s NCB Capital * Saudi sovereign fund expands footprint with Jordan investment firm * Citi applies for capital markets licence in Saudi Arabia-sources * TABLE-Saudi January non-oil exports rise, imports shrink 11.6 pct * Saudi Arabia sweetens huge Aramco IPO with tax cut UNITED ARAB EMIRATES * Abu Dhabi fund loses crisis-related arbitration against Citigroup * ADNOC seeks gasoline in second tender after Jan fire - Trade * Dubai airport passenger traffic climbs 8.8 pct in February QATAR * Santander Brasil slumps as Qatar fund seeks partial exit * UK and Qatar set up joint committee to pave way for post-Brexit trade deal -May * Qatar''s Ezdan sets initial price guidance for five-year dollar sukuk * Qatar sees Brexit as chance to supply UK more gas - minister KUWAIT * Warba Bank says listed $250 million sukuk on Nasdaq Dubai and Irish Stock Exchange * Petrofac wins $1.3 bln contract in Kuwait (Reporting by Dubai Newsroom)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-factors-idUSL5N1H603W'|'2017-03-29T10:51:00.000+03:00'
'd4d1f0c01f56b8f64ae2bdcd6c942c026b62bfa4'|'Australia''s Fairfax Media shares jump on report of potential TPG bid'|'SYDNEY U.S. private equity group TPG Capital is weighing whether to make a takeover offer for Australia''s Fairfax Media Ltd ( FXJ.AX ) as the target proceeds with plans to spin off its real estate classified advertising arm, The Australian Financial Review reported on Wednesday.Shares in Australia''s Fairfax Media, which has a market value of A$2.4 billion ($1.83 billion), rose as much as 7.5 percent to the highest level since 2011 following the newspaper report.The newspaper, which is owned by Fairfax, said TPG was believed to have amassed shares in the company and was weighing whether to make a full bid. It did not say where it received the information.Representatives of Fairfax and TPG declined to comment.Fairfax owns the oldest continuously published newspaper in Australia, The Sydney Morning Herald, as well as other publications and a real estate classified division, Domain Group.On Feb. 22, Fairfax said it planned to demerge Domain, which runs the second-biggest property listing website in Australia and is valued by analysts at about A$2 billion.With soaring property prices fuelling advertising income, investors have long called for Domain to be listed as a separate entity and freed of its more traditional news media stable-mates, which have been losing advertising revenue for years.While unlocking value for shareholders, a demerger would make Fairfax more reliant on newspapers in structural decline, as advertising migrates online and foreign rivals like The New York Times boost their online presence in Australia.(Reporting by Jamie Freed; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-fairfax-media-m-a-tpg-idINKBN16Z336'|'2017-03-28T21:51:00.000+03:00'
'77fd57ffb3becfef2bbe67c2bcc02da8cfed4476'|'Facebook takes aim at GoFundMe, crowdfunding sites with personal fundraising tool 30,'|'Why PolitiFact is helping Facebook flag "fake news" stories and hoaxes Watch out, GoFundMe. You have some big new competition in the fundraising space. Facebook ( FB , Tech30 ) announced Thursday to expand its charitable giving tools to include personal fundraisers. The campaigns will allow people 18 and older to raise money for themselves, a friend -- or someone or something not on Facebook, like a pet. Previously, the company allowed users to raise money only for nonprofits . Personal fundraisers will launch in the United States over the next few weeks. One big question: It''s unclear if Facebook takes a portion of the proceeds raised. It''s also not known whether people can view and support these causes if they don''t have a Facebook account, and whether the money is immediately released to the person raising the funds. The company did not immediately respond to a request for comment on these aspects of the tools. Related: Facebook to start putting warning labels on ''fake news'' Facebook will start with six categories including education (such as tuition and books), medical, pet medical, crisis relief, personal emergencies (like a car accident or theft), and funeral and loss. Initially there will be a 24-hour fundraiser review process before each campaign is posted. Eventually Facebook plans to expand the campaign categories and automate more of the review process. The social network''s foray into personal fundraising is in direct competition with cause-focused sites like GoFundMe and YouCaring, which also did not immediately respond to a request for comment. Related: Why Facebook tracks internet outages around the world Facebook first tested its "fundraisers" feature in 2015 with 37 charities, including Mercy Corps, National Multiple Sclerosis Society and World Wildlife Fund. The top of a nonprofit''s page includes a "donate" button, where users can make a contribution with a credit card or through PayPal ( PYPL , Tech30 ) . CNNMoney (New York)   30, 2017: 12:53 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_technology.rss'|'http://money.cnn.com/2017/03/30/technology/facebook-personal-fundraising/index.html'|'2017-03-30T20:53:00.000+03:00'
'160b98892c6abcb058a48a2585a4a6fcd4fc19f9'|'Exclusive: Brazil conglomerate Odebrecht mulls IPO after overhaul'|'By Aluísio Alves - SAO PAULO SAO PAULO Odebrecht SA, the family-controlled engineering conglomerate ensnared in Brazil''s worst corruption scandal ever, is considering going public once it finalizes a thorough overhaul of corporate governance practices, a senior executive told Reuters on Thursday.An initial public offering remains one of several options the group and the namesake family that controls it are analyzing as part of a process to implement stricter ethical and operational procedures, said board member Sergio Foguel, who also presides over Odebrecht''s compliance council.While declining to discuss alternatives aside from the IPO, Foguel said tougher compliance standards have prepared several of Odebrecht''s business divisions to weather a potential dearth of state contracts, which might translate into slower growth."This year we''ll be more focused on re-examining and reinforcing our corporate values, which were not strong enough before," Foguel said in an interview at Odebrecht''s São Paulo headquarters.Odebrecht is the largest of Brazilian building groups accused of colluding to overcharge Petróleo Brasileiro SA ( PETR4.SA ) and other state-controlled firms for contracts, then using part of that to channel donations and bribes into Brazil''s former ruling Workers Party and domestic and international allies.Rapidly resolving legal obligations related to the scandal, as well as paving the way for the partial exit of the Odebrecht family from the business will be key for Odebrecht to win new projects, raise cash and cut the group''s 76 billion reais ($24 billion) in net debt. The conglomerate is restructuring and reworking more than 40 billion reais in bank loans.A 6.7 billion-real leniency deal that was signed off late last year stipulated that Odebrecht admitted guilt and offered information on bribes paid. Seventy-seven executives, including family patriarch and Chairman Emilio Odebrecht and his jailed son and the group''s former chief executive, Marcelo Odebrecht, agreed to make plea deals.The group, which was founded in the mid-1940s by German-Brazilian engineer Norberto Odebrecht, is also negotiating graft-related fines with several Latin American countries.Such negotiations, which the group wants to conclude by June, would help Odebrecht prevent upcoming elections across the region from slowing planned asset sales, Reuters reported on Feb. 22.To weather fallout from the scandal and the impact of a three-year economic slowdown throughout Latin America, Odebrecht has also cut costs and refinanced obligations at some cash-strapped subsidiaries.Talks with creditors to restructure oil drilling firm Odebrecht Óleo & Gás SA''s obligations could be concluded as early as April, sources told Reuters this week.The group is also selling assets and projects including Perú''s Chaglla power dam, Colombia''s Ruta del Sol highway project, several subway and toll road licenses as well as a stake in Rio de Janeiro''s international Galeão airport.(Editing by Guillermo Parra-Bernal and Richard Chang)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-odebrecht-ipo-idINKBN1712TN'|'2017-03-30T16:33:00.000+03:00'
'f7ff6ed66e69aa6f69d2758c88d1312f622c23ac'|'KKR prepares bid for Australia''s Quintis: source'|'Deals   6:55pm EDT KKR prepares bid for Australia''s Quintis: source By Jamie Freed - SYDNEY SYDNEY   ( KKR.N ) is   ( QIN.AX ) backed   The source, who was not authorised to speak publicly, told Reuters that a consortium was being formed with the aim of presenting a formal proposal to the Quintis board within weeks. "Several parties are stepping forward," the source said. Quintis, formerly known as TFS Corp, has Indian sandalwood plantations; oil from the trees is sold to India and China for fragrances, cosmetics and medicinal uses. Quintis Managing Director Frank Wilson, who owns about 13 percent of the company, on Tuesday said he would resign to consider making a takeover offer alongside an unnamed group. KKR has a controlling stake in Santanol Group, which owns and operates Indian sandalwood plantations in the same part of Western Australia as Quintis. Combining the operations could result in cost savings, the source said. Quintis, which had a market value of A$487 million ($372.07 million) at Tuesday''s close, is one of the last remaining publicly-listed managed investment schemes in Australia. The collapses of Timbercorp Ltd and several other large forestry investment schemes, starting in 2009, drew widespread criticism of an investment model which frequently involved small investors borrowing money for high-risk operations. Quintis lost 24 percent of its value last week after the publication of a highly negative report by short-seller Glaucus Research Group. A spokesman for KKR declined to comment. A Quintis spokesman said the company had no immediate comment. (Reporting by Jamie Freed; Editing by Andrew Hay) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-quintis-m-a-kkr-idUSKBN16Z324'|'2017-03-29T06:53:00.000+03:00'
'2df4ec4c47fa0bdfa40bd954c016c20f5c794afb'|'MOVES- Goldman Sachs, Nomura, Tinley Investment, HSBC'|'Company News  25am EDT MOVES- Goldman Sachs, Nomura, Tinley Investment, HSBC March 29 The following financial services industry appointments were announced on Wednesday. To inform us of other job changes, email moves@thomsonreuters.com. GOLDMAN SACHS GROUP INC The investment bank named managing director Greg Berube head of restructuring in the Americas, and managing director Clinton Ray head of restructuring in Europe, the Middle East and Asia. NOMURA HOLDINGS INC Japan''s biggest brokerage appointed Prabhat Awasthi as its new head of India, replacing Vikas Sharma, who has been promoted to head of Asia ex-Japan. TILNEY INVESTMENT MANAGEMENT LTD The London-based wealth planner appointed Martin Reed as a financial planner to its Bournemouth office. HSBC PRIVATE BANK (SUISSE) SA The private bank said it appointed company veteran Christophe de Backer as a non-executive board director, effective immediately. (Compiled by Laharee Chatterjee in Bengaluru) Next In Company News UPDATE 1-U.S. top court throws out ruling that upheld N.Y. credit card law WASHINGTON, March 29 The U.S. Supreme Court on Wednesday threw out a ruling that upheld a New York law barring retailers from charging more to buy with credit, sending the case back to a lower court to decide as a free speech issue not as pricing regulation. * Glenmark Pharmaceuticals reports positive results from a Phase 3 trial of GSP 301, Mometasone/Olopatadine fixed-dose combination nasal spray, in seasonal allergic rhinitis MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/financial-moves-idUSL3N1H64FZ'|'2017-03-29T22:25:00.000+03:00'
'1cc6124e5e83efab3d773ef0fe8346c22b826501'|'Stada says fourth-quarter adjusted net income slips 4 percent'|'  6:56am BST Stada says fourth-quarter adjusted net income slips 4 percent The logo of the pharmaceutical company Stada Arzneimittel AG is pictured at its headquarters in Bad Vilbel near Frankfurt March 14, 2012. REUTERS/Alex Domanski FRANKFURT German drugmaker Stada ( STAGn.DE ), at the centre of a takeover battle between two private equity consortia, said fourth-quarter adjusted net income slipped 4 percent, revising lower preliminary unaudited results it posted earlier this month after fully taking into account a smaller acquisition. Stada, which also makes branded non-prescription treatments and diagnostic kits, said quarterly adjusted net income declined to 37.4 million euros (32.57 million pounds), down from 38.9 million a year earlier. It had initially reported a figure of 44 million euros. In its statement on Wednesday, Stada did not comment on the takeover bids. It is due to hold a press conference at 0730 GMT. The German company confirmed its targets for 2017 and 2019. (Reporting by Ludwig Burger; Editing by Victoria Bryan) Next In Business News Bank of England''s McCafferty leans against early rate hike LONDON Bank of England interest rate-setter Ian McCafferty highlighted a weak outlook for the economy on Tuesday and said he did not know if he would vote to increase borrowing costs at the next meeting of the BoE''s policymakers in May. LONDONBanks are treading carefully, enacting two-stage contingency plans, to avoid losing nervous London-based staff as they work out how many jobs will have to move to continental Europe as Britain exits the European Union. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-stada-results-idUKKBN1700H3'|'2017-03-29T13:56:00.000+03:00'
'9f7516cd062f25d5443de0a692e2152ae5cf38bf'|'Daimler says expects record sales for Mercedes-Benz cars in first quarter'|'Wed Mar 29, 2017 - 8:12am BST Daimler says expects record sales for Mercedes-Benz cars in first quarter FILE PHOTO: A Mercedes-Benz car is pictured in a production line at the plant of German carmaker Mercedes-Benz in Bremen, Germany January 24, 2017. REUTERS/Fabian Bimmer BERLIN Daimler ( DAIGn.DE ) is expecting record sales volumes for its Mercedes-Benz cars division in the first quarter of the year, the company said on Wednesday. "The positive sales trend continued in March," Daimler said in a statement ahead of its annual shareholder meeting. Daimler said it expected to bring more than 10 new electric cars to the market by 2022. It had previously given the time frame for that goal as 2025. The company also confirmed its full-year group sales and earnings targets. (Reporting by Ilona Wissenbach; Writing by Victoria Bryan; Editing by Christoph Steitz) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-daimler-agm-idUKKBN1700N7'|'2017-03-29T15:10:00.000+03:00'
'ce4a592d6eaf04fdca0a483379277c84de3c1f26'|'Asia stocks up with dollar, sterling suffers on Brexit day - Reuters'|'By Wayne Cole - SYDNEY SYDNEY Asian shares inched ahead on Wednesday while the dollar and commodities held gains as investors shook off disappointment about U.S. President Donald Trump''s failed healthcare bill and focussed on an improving outlook for global growth.The good cheer did not extend to the pound which was on the skids as the British government sent a letter to Brussels formally starting the country''s exit from the European Union.MSCI''s broadest index of Asia-Pacific shares outside Japan edged up 0.2 percent and back toward recent 21-month peaks. Australia''s main index climbed 0.8 percent to its highest since mid-2015.Japan''s Nikkei added 0.1 percent, having climbed over 1 percent the previous day.The Dow snapped an eight-day losing streak, its longest run of losses since 2011, in part as a survey showed consumer confidence surged to a more than 16-year high."Economic fundamentals still remain exceedingly sound here in 2017 and you do not need Trump’s pro-growth fiscal agenda for this to be one of the best years for growth since the recovery started," argued Tom Porcelli, chief U.S. economist at RBC Capital Markets."We still think tax reform happens, but you are better off thinking about the timing as an end of year event at best."The Dow ended Tuesday up 0.73 percent, while the S&P 500 gained 0.73 percent and the Nasdaq 0.6 percent.The dollar bounced from 4-month lows as a top Federal Reserve official talked of more rate hikes to come while political uncertainties surrounding Britain''s exit from the EU pressured European currencies.Fed Vice Chairman Stanley Fischer, one of the more influential policymakers with markets, said two more rate increases this year seemed "about right".B-DAYThe pound shed a further 0.3 percent to $1.2414 after British Prime Minister Theresa May signed a letter notifying the EU of Britain''s intention to leave the bloc.The Brexit letter is due to be delivered to Brussels later on Wednesday, triggering years of uncertain negotiations that will test the endurance of the European Union.That came a day after the Scottish Parliament voted in favour of a second independence referendum that would break up the UK.The euro pulled back to $1.0820, while the dollar bounced to 111.24 yen. Against a basket of currencies, the dollar was steady around 99.685.The biggest loser overnight was the South African rand which has lost almost five percent in two sessions on speculation well-respected Finance Minister Pravin Gordhan might lose his job.In commodity markets, base metal prices bounced on more upbeat economic news from China with copper gaining 2 percent overnight.Oil prices gained after a severe disruption to Libyan oil supplies and as officials suggested the Organization of the Petroleum Exporting Countries and other producers could extend output cuts to the end of the year.U.S. crude added 17 cents to $48.54 a barrel, while Brent rose 12 cents to $51.45.Spot gold was 0.3 percent softer at $1,247.90 an ounce.(Editing by Simon Cameron-Moore)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/global-markets-idINKBN17002U'|'2017-03-29T00:41:00.000+03:00'
'48e4cf1e4b456450fb44ce8876e5d59b6265c4a0'|'BRIEF-Emergent Biosolutions signs $53 mln modification to Barda contract for manufacture of botulism antitoxin'|' 15am EDT BRIEF-Emergent Biosolutions signs $53 mln modification to Barda contract for manufacture of botulism antitoxin March 31 Emergent Biosolutions Inc * Emergent Biosolutions signs $53 million modification to Barda contract for the manufacture of botulism antitoxin * Emergent Biosolutions - modification to contract will enable future filling and deliveries of final drug product to strategic national stockpile Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-emergent-biosolutions-signs-53-mln-idUSFWN1H80K9'|'2017-03-31T19:15:00.000+03:00'
'd02be11ef803be6a2d2b1b3c822339c66e38901a'|'BlackBerry''s profit beats expectations, shares surge'|'BlackBerry Ltd reported better-than-expected adjusted earnings for the sixth straight quarter, as the smartphone pioneer''s shift to the higher-margin software business paid off, sending shares soaring more than 15 percent.The Canadian firm also said on Friday it expects to be profitable on an adjusted basis for the second year in a row, and generate positive free cash flow in the year ending February 2018.Waterloo, Ontario-based BlackBerry has focused on building a robust software business after scrapping production of its once-iconic smartphones, which lost favor with the arrival of sleek and fully-touchscreen handsets.The company outsourced the development of its smartphones last year, signing a deal with Indonesia''s BB Merah Putih to make and distribute new BlackBerry-branded devices. It has also signed similar deals with China''s TCL and India-based Optiemus Infracom Ltd.Adjusted revenue from the software and services unit, which includes mobile device management products and the QNX industrial operating system, rose 12.2 percent to $193 million in the fourth quarter ended Feb. 28, from the preceding quarter.QNX is crucial to BlackBerry''s efforts in the self-driving vehicle industry. The company already has a partnership with Ford Motor Co to develop autonomous driving software, and CEO John Chen hopes to forge such deals with carmakers around the world.Gross margin jumped to 60.1 percent in the quarter from 43.3 percent last year.BlackBerry received more than 3,500 enterprise customer orders in the quarter, an increase of 16 percent from the last quarter."Looking ahead to fiscal 2018, we expect to grow at or above the overall market in our software business," Chen said in a statement.The company''s net loss narrowed to $47 million or 10 cents per share in the fourth quarter, from $238 million or 45 cents per share, a year earlier.The prior-year quarter included a loss of $127 million related to the sale of certain assets.Excluding one-time items, the company earned 4 cents per share. Analysts on average had expected the company to break even, according to Thomson Reuters I/B/E/S.Operating expenses nearly halved to $229 million.Revenue fell about 38 percent to $286 million. On an adjusted basis, revenue was $297 million, beating analysts'' average expectation of $289.3 million.BlackBerry''s shares were up 16 percent at $8.06 on the Nasdaq in morning trading. The company''s Toronto-listed stock was up 15.4 percent at C$10.70.(Reporting by Vishaka George and Narottam Medhora in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://www.reuters.com/finance'|'http://www.reuters.com/article/us-blackberry-results-idUSKBN1721GG'|'2017-03-31T18:27:00.000+03:00'
'a585b61de623875aae099053dfcf179c86a1fb58'|'Brazil''s Renova to finalize wind farm sale to AES unit Monday - sources'|'SAO PAULO, March 31 Brazil''s renewable power generation company Renova Energia SA will finalize the sale of wind farm Alto Sertao II to the Brazilian unit of AES Corp for about 700 million reais ($223 million) as early as Monday, two people with direct knowledge of the matter said.The project sale is a condition for Brookfield Asset Management Inc''s plan to enter Renova''s controlling bloc in a deal valued at about 1 billion reais, said the people, who requested anonymity because the matter remains private.Renova and the AES unit did not have an immediate comment. Brookfield declined to comment.($1 = 3.1342 reais) (Reporting by Guillermo Parra-Bernal; Editing by Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/renova-energia-ma-brookfield-asset-idINL2N1H81BW'|'2017-03-31T15:04:00.000+03:00'
'ac2b6b60afc51bdce4884b84800fcad7ce011941'|'China steel demand to fall in 2017, pressuring iron ore prices - institute'|'  9:13am BST China steel demand to fall in 2017, pressuring iron ore prices - institute FILE PHOTO: Chinese workers unload a roll of tin plate at Baosteel plant on the outskirts of Shanghai November 20, 2003. REUTERS/Claro Cortes/File Photo PERTH China''s steel demand is expected to fall 1.9 percent this year, pressuring iron ore prices as production of the key steel-making ingredient increases, the head of a Chinese think tank said on Thursday. Steel demand in China, the world''s largest consumer and producer, is seen easing to 660 million tonnes, said Li Xinchuang, president of the China Metallurgical Industry Planning and Research Institute. The drop comes as Beijing applies tough reforms to cut surplus production capacity. "We think China''s steel consumption will decrease step by step by step -- maybe increase some years, like last year. That''s our situation," Li, who is also vice chairman of the China Iron and Steel Association, told an industry conference in Perth. He said iron ore import demand in China had inched up 0.7 percent to 1.1 billion tonnes in 2016, with the country''s dependence on imports at 87 percent of total demand. The institute sees seaborne iron ore supply increasing by about 50 million tonnes this year, which is about 10 million tonnes more than forecast by world No. 2 iron ore miner Rio Tinto ( RIO.AX )( RIO.L ). As a result, the institute predicts iron ore prices will range between $55 and $90 a tonne in 2017, averaging around $65. "Unfortunately, with the fast increase of iron ore prices, China iron ore production increased 15 percent in the first two months," Li said. Iron ore MYSTL-RIIOI-IMP is currently trading around $77.60, up nearly 40 percent from a year ago. "What''s the future? We think the oversupply of global iron ore is very serious for the long term," he said, but he added that China would still be heavily dependent on iron ore imports in the long term. (Reporting by Aaron Bunch; Writing by Sonali Paul; Editing by Randy Fabi)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-australia-iron-china-idUKKBN1710TK'|'2017-03-30T16:13:00.000+03:00'
'e2599a6997db11cb42eb395123332c3519a894f0'|'Lululemon shares tumble after disappointing sales forecast'|'Business News   10:23am EDT Lululemon shares tumble after disappointing sales forecast left right A Lululemon store logo is pictured on a shop in Santa Monica, California, United States, April 12, 2016. REUTERS/Lucy Nicholson 1/2 left right People walk past a store of yogawear retailer Lululemon Athletica in downtown Vancouver June 11, 2014. REUTERS/Ben Nelms 2/2 TORONTO Shares of Lululemon Athletica Inc ( LULU.O ) sank to their lowest in more than a year on Thursday, after the Canadian yogawear apparel maker warned that first-quarter sales would fall. Lululemon stock tumbled more than 22.5 percent to $51.31, its lowest level since December 2015, as multiple brokerages cut their price targets and ratings. Holiday sales were stronger than for many other retailers, and investors had been optimistic heading into Wednesday''s after-hours release of the company''s fourth-quarter results, with shares closing 4 percent higher. Analysts and investors were surprised by the "sudden collapse" in Lululemon''s post-holiday sales, as executives said they expected the company''s first same-store sales decline in 28 quarters, or since 2009. "The magnitude of the trend reversal for Lululemon was surprising," wrote Evercore ISIS analyst Omar Saad in a research note. A disappointing product assortment in the first quarter resulted in weaker online sales and fewer shoppers in stores, executives told analysts on a conference call. "While disappointing, we''re comforted that the miss was partly self-inflicted," wrote RBC Capital Markets analyst, Brian Tunick in a note. "Quality of sales continues, inventory is controlled ... and efforts are underway to address product/traffic issues." Some analysts noted that the outlook overshadowed promising new initiatives, including a loyalty program, improved online and mobile capabilities, and its first global marketing campaign. Citi cut its rating to neutral from buy, Susquehanna cut its rating to neutral from positive, and Wells Fargo cut its rating to market perform from outperform. (Reporting by Solarina Ho; Editing by Bernadette Baum) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-lululemon-stocks-idUSKBN17122V'|'2017-03-30T22:23:00.000+03:00'
'cfd2987c516af2a13d2c8921123dba954e9de68a'|'EU offers to negotiate Nord Stream 2 on behalf of members - Politiken'|'Business   11:10pm BST EU offers to negotiate Nord Stream 2 on behalf of members - Politiken A handout by Nord Stream 2 claims to show the first pipes for the Nord Stream 2 pipeline being delivered by rail to the German logistics hub Mukran on the island of Rugen, Germany, in this undated photo provided to Reuters on March 23, 2017. Axel Schmidt/Courtesy of Nord... REUTERS COPENHAGEN The European Union has offered to negotiate with Russia on behalf of its member countries about the Nord Stream 2 gas pipeline, which aims to bring Russian gas to Germany under the Baltic Sea, Danish newspaper Politiken reported on Wednesday. In a letter to the Danish government seen by the newspaper, the European Commission invites member countries to state their opinions about Nord Stream 2 and clarifies that the pipeline can not be operated in a "legal vacuum". The commission will ask member countries for permission to initiate negotiations with Russia in order to reach an agreement that pivotal principles from the union''s legal framework will be imposed on projects like Nord Stream 2, commission spokeswoman Anna-Kaisa Itkonen told the newspaper. The EU is divided between eastern European and Baltic Sea countries that see a new pipeline carrying Russian gas across the Baltic making the EU a hostage to Moscow - and those in northern Europe, most especially the main beneficiary Germany, for whom the economic benefits take priority. (Reporting by Teis Jensen; editing by Grant McCool) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-russia-gazprom-eu-pipeline-idUKKBN17034H'|'2017-03-30T06:10:00.000+03:00'
'1708bd99d4e2dd0fce20872db45644aa569fca55'|'GSK''s new CEO gets short-term win from generic Advair delay'|'Health  57am BST GSK''s new CEO gets short-term win from generic Advair delay The GlaxoSmithKline building is pictured in Hounslow, west London June 18, 2013. REUTERS/Luke MacGregor/File Photo By Ben Hirschler - LONDON LONDON GlaxoSmithKline''s new CEO Emma Walmsley, who takes over on April 1, has won a short-term reprieve from the threat of generic Advair with a delay in U.S. approval for Mylan''s copy of the blockbuster lung inhaler. Shares in the British drugmaker gained 0.7 percent in early London trading on Thursday on the news. It is unclear how long Mylan will have to wait to get its version of the asthma and chronic lung disease medicine on the market, after receiving a so-called complete response letter (CRL) from the U.S. Food and Drug Administration (FDA). If the delay is down to a minor issue, Mylan could refile within two months and get an FDA response as early as July 2017. But more fundamental issues and deeper FDA concerns about generic Advair copies might push back approval by as much as two years, according to Peel Hunt analysts. That is a worry for other firms hoping to sell substitutable generic Advair in the big U.S. market. Shares in Hikma, which hopes to hear back from the FDA by May 10 on its generic application, fell 1 percent and those in its partner Vectura dropped 2 percent by 0735 GMT. Nonetheless, analysts are convinced that generic Advair is coming. "It is still likely that U.S. Advair will ultimately be genericised in the near future. In this context, any delay is likely to be simply viewed as a short-term cash-flow benefit to GlaxoSmithKline," Jefferies analysts said in a note to investors. GSK said it had noted Mylan''s CRL announcement late on Wednesday, adding that the possible introduction of generic Advair in the United States this year was "an event we have anticipated and planned for". The company said in February that core earnings per share, in constant currencies, would be flat to slightly lower in 2017, if substitutable Advair generics arrive in the United States by mid-year. If they don''t launch, EPS should rise between 5 and 7 percent. If generics do arrive by mid-2017, GSK has forecast Advair''s U.S. sales will be around 1 billion pounds ($1.24 billion), down from 1.83 billion in 2016. GSK has a raft of newer respiratory medicines to help fill the gap left by declining sales of Advair and Britain''s biggest drugmaker believes it can maintain its leadership position in treatments for lung disorders. (Editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-mylan-fda-gsk-idUKKBN1710ST'|'2017-03-30T15:53:00.000+03:00'
'e0c85d2b2e0b09521b46d04bd19db0a9a9c4ffb1'|'Amazon moving staff at Quidsi parenting products unit after losses'|'Amazon.com Inc said on Wednesday it was moving staff out of its Quidsi nursery, beauty and pet products subsidiary after the business failed to turn a profit."We have worked extremely hard for the past seven years to get Quidsi to be profitable, and unfortunately we have not been able to do so," an Amazon spokeswoman said in a statement. "Quidsi has great brand expertise and they will continue to offer selection on Amazon.com; the software development team will focus on building technology for AmazonFresh."The news was reported earlier by Bloomberg.(Reporting by Jeffrey Dastin in San Francisco; Editing by Jeffrey Benkoe)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-amazon-com-quidsi-idINKBN1702TJ'|'2017-03-29T16:58:00.000+03:00'
'e326cbdf547972d3400c88d635a1bbc49677b048'|'CEE MARKETS-Czechs double bond sale as expected end of weak crown regime nears'|'* Czechs sell more 3-year bonds than planned at auction * Crown sets 9-month high in 1-month forwards contracts * Zloty retreats after lift from optimism over economy * Hungary central bank - depo cut maintains loose conditions (Recasts with Czech bond auction) By Sandor Peto and Bartosz Chmielewski BUDAPEST/WARSAW, March 29 The Czech government sold twice as many bonds as planned at an auction on Wednesday, seeking to benefit from low yields before the central bank removes its cap on the crown. The central bank (CNB) has a "hard commitment" to maintain the cap, which has kept the crown weaker than 27 against the euro since 2013, at least until the end of the first quarter. Most analysts expect the CNB to abandon the cap in April or May as inflation has risen to its 2 percent target. The CNB has tripled its foreign exchange reserves since 2013 and has had to buy euros heavily in the market this year to defend the cap. However, there is uncertainty over how Czech assets will move after the cap is lifted as huge long positions have built in the crown and government debt, mainly in short maturities. The auction was not originally part of the March debt issuance schedule, but was added by the government early this week. It almost sold the planned 2 billion crown amount of long-term 0.95/30 bonds as well as 9.45 billion crowns worth of 3-year zero-coupon bonds, much more than the 4 billion crowns planned. The bonds were sold at an average yield of -0.055 percent, below -0.022 at an auction a week ago. The crown, meanwhile, set a 9-month high in one-month forwards contracts at 26.881 against the euro. Elsewhere in Central Europe, the zloty had eased by 0.1 percent by 1209 GMT to 4.2384, retreating from the 11-month highs reached on Tuesday after Deputy Prime Minister Mateusz Morawiecki said Polish economic growth could exceed the 3.6 percent official forecast this year. Hungarian government bond yields fell by about 8 basis points from Tuesday''s fixing, with the 10-year paper''s yield fixed at 3.29 percent. The forint traded steady at 309.65, on the firm side of the 310 psychological line. The Hungarian central bank announced a bigger than expected cut in its 3-month deposits on Tuesday. Many analysts interpreted that as further policy loosening. The bank explained in a 20-page study, confirmed in comments from its Deputy Governor Marton Nagy, that considering other market factors, its measure maintained the earlier level of interbank liquidity rather than boosting it. "The truth could be in between the two," one fixed income trader said. CEE SNAPS AT 1409 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 27.02 27.02 +0.0 -0.05 10 05 0% % Hungary 309.6 309.6 -0.01 -0.27 forint 500 050 % % Polish 4.238 4.234 -0.10 3.90% zloty 4 3 % Romanian 4.556 4.556 +0.0 -0.47 leu 5 3 0% % Croatian 7.436 7.436 +0.0 1.60% kuna 0 5 1% Serbian 123.8 123.9 +0.0 -0.38 dinar 200 100 7% % Note: daily calculate previ close 1800 change d from ous at CET STOCK S Lates Previ Daily Chang t ous e close chang in e 2017 Prague 982.4 979.8 -0.08 +6.6 4 1 % 0% Budapest 32400 32357 +0.3 +1.2 .96 .88 3% 4% Warsaw 2224. 2281. -0.06 +14. 07 45 % 18% Bucharest 7950. 7967. -0.04 +12. 55 09 % 22% Ljubljana 776.9 803.8 -1.32 +8.2 0 8 % 7% Zagreb 2010. 2154. -3.23 +0.7 13 34 % 7% Belgrade <.BELEX15 738.4 746.0 -0.13 +2.9 > 5 6 % 4% Sofia 633.8 636.5 -0.38 +8.0 7 9 % 9% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.42 0 +032 +4bp > 7 bps s 5-year <CZ5YT=RR 0.144 -0.01 +051 +5bp > bps s 10-year <CZ10YT=R 0.983 0.017 +064 +5bp R> bps s Poland 2-year <PL2YT=RR 2.044 0.003 +279 +5bp > bps s 5-year <PL5YT=RR 2.958 -0.00 +333 +5bp > 8 bps s 10-year <PL10YT=R 3.557 0.031 +321 +6bp R> bps s FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep < 0.28 0.32 0.39 0 PRIBOR=> Hungary < 0.22 0.26 0.35 0.2 BUBOR=> Poland < 1.753 1.778 1.822 1.73 WIBOR=> Note: FRA are for Quote: s ask prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL5N1H63RV'|'2017-03-29T10:52:00.000+03:00'
'70fec229b5c24b226f8e7ce4e4a23b2249fa3c09'|'About 11 StanChart''s Hong Kong-based private bankers to leave'|' 39am BST About 11 Standard Chartered''s Hong Kong-based private bankers to leave Passersby walk in front of the main branch of Standard Chartered in Hong Kong, in this January 8, 2015 file photo. REUTERS/Bobby Yip HONG KONG About 11 Hong Kong-based bankers from Standard Chartered Plc''s ( STAN.L ) ( 2888.HK ) private banking unit, including one managing director, are leaving the bank, a spokeswoman for the lender said on Tuesday. Teresa Lee, managing director of Standard Chartered private banking in Hong Kong, and about 10 relationship managers on her team were leaving, the spokeswoman said, after Asian Private Banker first reported the development. The spokeswoman for Standard Chartered did not elaborate on the matter. But a source with knowledge of the move said that those who were leaving the bank were part of the bank''s Greater China private banking team. Lee could not immediately be reached for a comment. (Reporting by Sumeet Chatterjee; Editing by Randy Fabi)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-stanchart-asia-wealth-idUKKBN16Z0V7'|'2017-03-28T16:33:00.000+03:00'
'18588a7ddec201890ca807ff159447f8445e0dd8'|'Monsanto loses legal battle with Indian seed producer'|'Business News - Tue Mar 28, 2017 - 6:03pm BST Monsanto loses legal battle with Indian seed producer Monsanto logo is displayed on a screen where the stock is traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S. on May 9, 2016. REUTERS/Brendan McDermid/File Photo NEW DELHI Monsanto ( MON.N ) lost a legal battle with one of India''s biggest seed producers over a contract dispute on Tuesday, and was ordered to restore a licensing agreement and cut royalty charges. The U.S. company''s joint venture Mahyco Monsanto Biotech (MMB) took Hyderabad-based Nuziveedu Seeds Ltd to court in 2015, claiming patent infringements and accusing the Indian company of continuing to use Monsanto''s technology after MMB had cancelled its licensing contract. The Delhi High Court ruled on Tuesday that MMB should not have cancelled the contract in the first place, and said it must be restored. It also said royalty payments agreed under the original contract must be reduced in accordance with a change in Indian government policy last year. "The parties shall remain bound by their respective obligations under the terms and conditions of the 2015 sub-licence agreements," R. K. Gauba, the judge, said in the ruling seen by Reuters. Under the contract, Nuziveedu Seeds made genetically modified cotton seeds using Monsanto technology. Their dispute has drawn in the Indian and U.S. governments. The Indian government last year cut the royalties paid by local firms for Monsanto''s Bt, or Bacillus thuringiensis, seeds by about 70 percent, a decision which MMB must now adhere to with Nuziveedu. (Reporting by Mayank Bhardwaj; Editing by Susan Fenton) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-india-monsanto-court-idUKKBN16Z2ER'|'2017-03-29T01:03:00.000+03:00'
'b0c7613074861107836a61dc28652e5987ea14f1'|'Exclusive: ECB replaces Brussels head, annuls four hires after rule breach'|'Business  37pm EDT Exclusive: ECB replaces Brussels head, annuls four hires after rule breach European Central Bank (ECB) headquarters in Frankfurt, Germany, July 29, 2016. REUTERS/Ralph Orlowski By Francesco Canepa - FRANKFURT FRANKFURT The European Central Bank has replaced the head of its Brussels office and annulled four more appointments after staff complaints about unlawful hirings and promotions, internal documents seen by Reuters show. The documents show repeated violations of the ECB''s own rules by its executive board, chaired by Mario Draghi, and come amid staff complaints of favoritism at one of Europe''s most powerful institutions. The ECB is the bloc''s top bank supervisor, in charge of cleaning up the sector and avoiding a repeat of the 2008 financial crisis. It is responsible for monetary policy in the euro zone and is spending trillions of euros to bring inflation up to its target of close to 2 percent. Under the staff changes, Stephane Rottier, a former counselor to chief economist Peter Praet, will no longer be the head of the ECB''s Brussels office, responsible for maintaining relations with other European institutions, the ECB told staff last week. Rottier has held the job on a temporary basis since his appointment was annulled in October due to a complaint by a staff representative that he had been handpicked, denying other candidates a chance, and given a pay rise compared to his predecessor. ECB rules say positions need to be advertised if they are moved to a higher ''salary band'', the wage range set for civil servants at the bank. The Brussels vacancy, which comes with a basic salary of between 172,356 euros and 217,260 euros ($187,000 to $235,000) per year, was subsequently advertised. Rottier re-applied but was unsuccessful. "On 21 March, the Executive Board decided to appoint Boris Kisselevsky as Head of the ECB Brussels Office," the ECB said in an internal memo dated March 23. "This appointment is the outcome of a new recruitment campaign, following the annulment of the Executive Board decision to appoint a candidate directly from the reserve list." Kisselevsky, currently in the ECB''s communications department, previously worked for the bank in Moscow and Washington. Rottier did not respond to Reuters'' requests for comments. LEGALITY The ECB''s six-person board, which runs the organization and makes policy proposals, has also annulled four appointments in its human resources department after finding their legality had been compromised, a staff memo shows. "The ECB re-assessed the legal soundness of the selection procedure, which revealed the existence of procedural mistakes affecting the legality of the four appointment decisions," it said in a memo dated March 20. It said the "pre-selection" of candidates had started before a hiring committee had been formed. And when a committee was formed, its composition was "not in line with staff rules". The four mid-level managers will continue in their roles on nine-month contracts while a new selection process is launched. An ECB spokesperson said: "The decision regarding the human resources positions shows that our internal appeals process works. There was an internal appeal, which revealed the existence of procedural mistakes." Global watchdog Transparency International said on Tuesday the ECB needs to become more transparent and accountable, including by overhauling its "outdated" framework for whistleblowers to denounce conflicts of interest, corruption and other wrongdoing. An ECB staff survey conducted in 2015 showed 65 percent of respondents chose "knowing the ''right people''" as a way of getting ahead at the bank, a higher proportion than chose any other factor. Staff representatives complained last year to the European Parliament, which oversees the ECB, that dissent was discouraged at the bank, potentially hobbling its ability to spot the next financial crisis. (Reporting by Francesco Canepa; Editing by Ruth Pitchford) Next In Business News Consumer confidence hits 16-year high in boost to economy WASHINGTON U.S. consumer confidence surged to a more than 16-year high in March amid growing labor market optimism while the goods trade deficit narrowed sharply in February, indicating the economy was regaining momentum after faltering at the start of the year. Trump to offer federal coal to industry awash in reserves WASHINGTON U.S. President Donald Trump''s administration has billed his move to re-open federal lands to new coal leases as a win for miners seeking to expand production. But a review of company filings shows that coal miners with the most to gain already have enough leases in hand to last well over a decade. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-ecb-workers-ethics-idUSKBN16Z2MG'|'2017-03-29T02:37:00.000+03:00'
'2b5ce61a8657f7e21e828232a19c35c06eac0be8'|'Uber discloses workforce diversity numbers'|'  7:21pm BST Uber discloses workforce diversity numbers A photo illustration shows the Uber app logo displayed on a mobile telephone, as it is held up for a posed photograph in central London, Britain October 28, 2016. REUTERS/Toby Melville/Illustration Uber Technologies Inc [UBER.UL] disclosed workforce diversity numbers for the first time on Tuesday, as the ride hailing services company looks to repair its tarnished image following a series of embarrassing setbacks. The company said in a blogpost that more than a third of its employees were women. A female former Uber engineer last month published a blog post describing a workplace where sexual harassment was common and went unpunished. The blog post prompted an internal investigation that is being led by former U.S. Attorney General Eric Holder. In February, engineering executive Amit Singhal was asked to resign due to a sexual harassment allegation stemming from his previous job at Alphabet Inc''s ( GOOGL.O ) Google. The company also said on Tuesday it would commit $3 million (£2.41 million) over the next three years to bring more women and underrepresented groups in technical roles. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Shounak Dasgupta) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-uber-diversity-idUKKBN16Z2LB'|'2017-03-29T02:21:00.000+03:00'
'bc5221a6696ee20bcb62885ac8d97d279603b27d'|'Fading oil industry brings economic uncertainty in Gabon'|'Company News - Tue Mar 28, 2017 - 2:30am EDT Fading oil industry brings economic uncertainty in Gabon * Oil sector accounts for 45 percent of gross domestic product * Oil revenues declined as prices fell, companies cut jobs * Opposition tapped into anger about economy By Gerauds Wilfried Obangome and Edward McAllister LIBREVILLE/DAKAR, March 28 Charles Lekabi lived comfortably as a driver for an oil company in Gabon''s industrial town of Port Gentil until he was laid off three years ago. "Today, I struggle to pay my rent," said Lekabi, who worked for French oil company Total for seven years before he was let go for economic reasons. "Since I was laid off, I bought a car to do taxi rides. At least with this car I can continue to feed my family." A steep drop in oil prices in 2014 hit the oil industry worldwide. In OPEC member Gabon, production is in decline, the recovery is slow and may not come at all. The oil sector has accounted for 80 percent of exports, 45 percent of gross domestic product, and 60 percent of budget revenue on average in the past five years, according to World Bank data. With revenues declining and the population feeling the squeeze, President Ali Bongo is facing the strongest opposition in years and some social upheaval including a spate of strikes by oil workers demanding better pay and new contracts. "Depleting oil revenues are pushing Gabon''s economy towards the cliff edge," said Maja Bovcon, senior Africa analyst at global risk firm Verisk Maplecroft. "Gabon is confronted with an unlucky combination of political and economic circumstances." Bongo said that economic growth last year was expected to have reached 3 percent, a slowdown from the average of 6 percent since he first took office in 2009. The budget was cut by over 5 percent in 2017 because of declining oil production and prices. Income per capita rocketed from $3,090 in 2000 to $10,410 in 2014 as oil prices shot higher. But it fell in 2015 for the first time in 15 years, as oil prices slid. Companies including two of the largest producers Total and Royal Dutch Shell have scaled back, costing thousands of jobs. Exploration in deep water off the pristine Atlantic coastline that was supposed to make up for falling onshore output has yielded little. The former French colony is also still reeling from a disputed election last September that turned violent in the beachside capital Libreville, harnessing anger among poor people who say oil revenues never trickle below the moneyed elite. Bongo was initially handed victory, but opposition leader Jean Ping called the election a sham, declared himself president and demanded a recount in the Haut-Ogooue province, a Bongo stronghold where initial results showed the president won 95 percent of the votes on a 99.9 percent turnout. The case went to the Constitutional Court, which ruled in Bongo''s favor. Bongo, whose family has ruled the country of nearly 2 million for 49 years, has said he will diversify the economy beyond oil into mining, forestry and agriculture. He aims to rein in spending and increase social programs, though it is unclear how much progress has been made so far. Bongo said last year Gabon was building a manufacturing industry for wood products instead of only exporting the raw commodity from its forests and was developing mining by producing manganese. He also said the government was distributing land to boost agriculture. The International Monetary Fund said that progress had been made to diversify the economy but recommended "decisive action" to address short-term revenue problems, without elaborating. In a statement in February the IMF said it had begun discussions about a "possible financial arrangement" with Gabon. GETTING QUIETER Oil companies are also looking closely at their operations in Gabon where production has dropped over 40 percent from a 1997 peak of 370,000 barrels per day (bpd), according to the U.S. Energy Information Administration. Last year, output reached just 230,000 bpd, according to consultancy Wood Mackenzie, which expects output to drop to 220,000 bpd in 2017. Accelerated declines are forecast in 2018 and 2019. Citing volatile oil prices, Total in February said it had sold stakes in some of its mature Gabon assets to London-based Perenco. Shell, which has operated in Gabon for over 50 years, last week announced that it has sold its onshore assets in Gabon to Carlyle Group for $587 million. Drilling in offshore prospects, where the hope for new oil is highest, has been at a standstill since August 2016, according to Drillinginfo, which monitors rig activity in the region. There were nine offshore rigs operating in 2014, four in 2015, one in 2016 and none today, its data shows. "In Gabon, it is quiet and getting quieter," said Andrew Hayman, an Africa specialist at Drillinginfo. "There has not been the success that there has been in Congo to the south." Total this month said it had started production from its Moho Nord site off the coast of the Republic of Congo. In Gabon, 3,000 oil workers have been laid off during the downturn, the oil workers union ONEP told Reuters. It said the oil sector and connected activities now account for between 8,000 and 11,000 jobs. Oil worker strikes have flared up and interrupted production this year, fueled by what ONEP described in a statement this month as "flagrant violations of human dignity". At one site run by Maurel et Prom Gabon SA soldiers took over the site in February to ensure operations continued. Former oil workers see their options dwindling. Estelle, 27, a former office worker for Perenco, was laid off two years ago, for economic reasons. She is still unemployed. “Today, I have to start from zero,” she said. ($1 = 612.1700 CFA francs) (Editing by Tim Cocks and Anna Willard) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/gabon-oil-idUSL5N1GZ2ZS'|'2017-03-28T14:30:00.000+03:00'
'4d9327b8234a4ae2e988915756df31054abb6233'|'With new phone due, Samsung dials down on safety message'|'Technology News - Tue Mar 28, 2017 - 10:31am EDT With new phone due, Samsung dials down on safety message left right People are silhouetted as they pose with mobile devices in front of a screen projected with a Samsung logo, in this picture illustration taken in Zenica October 29, 2014. REUTERS/Dado Ruvic/Illustration/File Photo 1/2 left right A customer tries out a Samsung Electronics'' Galaxy Note 7 at the company''s headquarters in Seoul, South Korea, October 10, 2016. REUTERS/Kim Hong-Ji 2/2 By Se Young Lee - SEOUL SEOUL After the damaging recall of its fire-prone Note 7 smartphone, you could be forgiven for thinking Samsung Electronics Co Ltd would make a song and dance about battery safety in its new flagship phones, due to be launched in the United States on Wednesday. But in the run-up to the launch, crucial to the South Korean technology giant winning back consumer confidence, it''s marketing effort so far makes little mention of safety. "If you talk about safety, it presupposes a rationale for why, unconsciously, and they know this; and they also know the media will pick up that narrative," said Los Angeles-based Eric Schiffer, a brand strategy expert and chairman of Reputation Management Consultants. "Highlighting the safety issue at this point will cause the other narrative to be recycled, so they have elected to suppress and hope." Samsung declined to comment ahead of the launch. To be sure, Samsung announced a comprehensive safety plan after concluding in January that faulty batteries from two suppliers caused some Note 7s to catch fire. It now has an eight-point safety check protocol that includes x-raying the batteries. And, at the design level, phones have more room to properly house the battery. Such steps have been reflected in the S8''s development, the company says. Executives have said there will be no repeat of the Note 7 debacle, and one person familiar with the matter told Reuters the S8 launch was pushed back to ensure it is safe to use. "The additional measures Samsung has taken should certainly improve battery safety and durability," said Lewis Larsen, president of Chicago-based battery technology consultancy Lattice Energy LLC. "These are most definitely not just cosmetic steps ''for show.''" The company has also this month put a long-time mobile executive in charge of a new product quality improvement office, and affiliate Samsung SDI Co Ltd has invested 150 billion won ($135 million) on improving battery safety. "NEEDLE IN A HAYSTACK" Samsung recalled the Note 7 last September to replace faulty Samsung SDI batteries, but replacement batteries from Amperex Technology Ltd also proved faulty due to different problems - an embarrassment for a company that prides itself on product quality, analysts say. The Note 7 was eventually pulled from the market in October. The company said earlier this week it plans to sell refurbished versions of the Note 7 smartphones, equipped with new batteries that have gone through new safety measures. Downplaying the battery safety issue may also be a sensible marketing option as the new quality measures can''t guarantee there will be no future problems. Any failure rate would likely be very low at first. Samsung said last year it confirmed just 140 faulty batteries in more than 3 million Note 7s it sold - fewer than five in every 100,000. "How confident are they that they can actually find a faulty cell with these additional checks," said Venkat Viswanathan, assistant professor at Carnegie Mellon and a battery technology expert. "It''s sort of finding a needle in a haystack." And safety is still on the minds of potential buyers of the new phone. In one poll asking people what features they were looking forward to most in the S8, one Twitter user quipped: "A non exploding phone." And at last week''s annual shareholder meeting, one young boy stood up and asked Samsung to double down on safety. "In future, even if it takes time, I hope there will be no incidents like the Galaxy Note 7 explosions," he said. Some analysts expect the S8, expected to go on sale next month, to outsell the Galaxy S7, which was Samsung''s best seller in its first year from launch. Others, though, say consumers may prefer to wait a few months before buying, just to be sure the new phones are safe. (Reporting by Se Young Lee, with additional reporting by Joyce Lee and Hyunjoo Jin in SEOUL and Jeremy Wagstaff in SINGAPORE; Editing by Ian Geoghegan) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-samsung-elec-smartphones-idUSKBN16Z1WH'|'2017-03-28T22:31:00.000+03:00'
'711abb0d76aa9fbc8bf9e283ea4eaddbad65cb5d'|'India imposes 10 percent import duty on wheat - TV - Reuters'|'NEW DELHI India has imposed 10 percent import duty on wheat, CNBC-TV18 news channel reported on Tuesday without citing sources, reinstating the tariff after a gap of nearly four month following big purchases from overseas in recent months.India, the world''s second-biggest wheat producer, lowered the import tax on the grain to 10 percent from 25 percent last September and scrapped the duty on December 8.(Reporting by Nidhi Verma; Editing by Malini Menon)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/india-wheat-import-duty-idINKBN16Z0KX'|'2017-03-28T04:29:00.000+03:00'
'b78c0bde5d2074e928342de71371423d6cc03bb1'|'Bank of England to revamp SONIA benchmark in transparency drive'|'  8:19am BST Bank of England to revamp SONIA benchmark in transparency drive Pedestrians walk past the Bank of England in the City of London May 15, 2014. REUTERS/Luke MacGregor By Huw Jones - LONDON LONDON The Bank of England (BoE) said on Thursday it would make changes to its interest rate benchmark next year as part of efforts to make a key reference point for financial contracts harder to manipulate. The new methodology for calculating the Sterling Overnight Index Average (SONIA) will capture an average daily transaction volume of nearly 40 billion pounds, about four times the amount under the current system. The new SONIA is on average a little more than 1 basis point lower than the current benchmark, the BoE said in a statement on Thursday. The BoE also said it would use a trimmed mean in formulating the benchmark, seen as less sensitive to erroneous or potentially manipulative transactions than the current volume-weighted mean approach. Banks will be given six months'' notice of the changes, which will be introduced in March or April next year and are generally in line with proposals made at public consultations in October and February. Some in the industry has called for a lowering in the minimum SONIA transaction size to 10 million pounds from 25 million, but the BoE said it had "concluded that a reduction in the transaction size threshold is not warranted at this stage". Most of those who responded to the consultations agreed that the ability of the BoE to "evolve the methodology for producing SONIA was an important strand in meeting the requirements of regulatory best practise for benchmarks". SONIA has been considered an alternative for some contracts to the London Interbank Offered Rate (LIBOR), a global benchmark for around $450 trillion of contracts that has been tainted by a market-rigging scandal. The LIBOR, and a separate rigging scandal in foreign exchange benchmarks, led to the first set of European Union laws which mandate that benchmarks must be operated transparently and at arm''s length from those who contribute data to compile them. (Reporting by Huw Jones; editing by John Stonestreet)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-boe-regulations-sonia-idUKKBN1710PB'|'2017-03-30T15:19:00.000+03:00'
'886376af6d530f2e65f3509d771fb84a3d899a48'|'Latin America may step up bond sales as Trump fears fade'|'Business News  12am EDT Latin America may step up bond sales as Trump fears fade Pedestrians walk by the main entrance of the Buenos Aires Stock Exchange, Argentina, April 18, 2016. REUTERS/Marcos Brindicci - RTX2AHAB By Tatiana Bautzer - NEW YORK NEW YORK Latin American governments and companies could soon step up bond sales, seizing on an increased appetite for deals as a regional economic recovery gains steam and concerns about aggressive U.S. policy changes ease, bankers and investors said this week. Returns on Latin American bonds remain attractive and the new openness to deals has already allowed Brazil''s government to raise funds at a record low yield. Argentine''s Santa Fé province also recently returned to the capital market after a long hiatus. Brazil''s Suzano Papel e Celulose SA''s ( SUZB5.SA ) is one example of the warmer reception for Latin American debt. Its recent sale of a 30-year junk global bond - the first of its kind by a Brazilian company - underscored investors'' receptiveness to less traditional structures, bankers said. Brazilian logistics firm JSL SA ( JSLG3.SA ) could be next in line, two people familiar with the plans said. Concerns that U.S. President Donald Trump would lure capital out of Latin America have subsided, according to bankers, who spoke on background on the eve of Brazilian bank Itau BBA''s annual debt capital markets conference in New York. That, coupled with market stability after the U.S. Federal Reserve''s single rate hike so far this year, is fueling inflows, the bankers added. Emerging market funds registered a $6.5 billion net inflow in the week ending March 22, their highest in nearly four years, Institute of International Finance data showed. About $4.5 billion of that total went to bonds. "We''ll still see a lot of debt refinancing deals, but there are a few first-time issuers tapping the market," said Felipe Wilberg, global head of fixed income for Itaú BBA, Brazil''s largest corporate and investment bank. Cheaper funding for the region''s borrowers largely hinges on governments'' ability to push ahead with key reforms ahead of a busy Latin America election calendar, Wilberg said. Investors had initially expected Trump-related turmoil to slam the brakes on access to capital markets in Latin America, which has struggled with the end of a decade-long commodities boom. The premium that investors demand to own Latin American bonds over U.S. Treasuries now stands at about 7.6 percentage points, compared with about 7.1 points at the start of the year, according to JPMorgan''s EMBI Diversified Latin America bond index .JPMEGDLAT. DIFFERENT INVESTOR REACTION However, the pushback has been minor relative to prior U.S. tightening cycles that triggered violent swings in Latin American issuers'' borrowing costs. "Although conventional wisdom states that U.S. rate hikes lead to pressure on asset prices in emerging markets, we are seeing a different reaction from investors," said Marc Nachmann, head of Latin America for Goldman Sachs Group Inc. Western Asset Management Co has raised the Latin America share of its emerging markets debt positions to 47 percent from 40 percent over the past year, as prices turned attractive and the outlook improved, said Mark Hughes, who helps oversee $40 billion in bonds for the firm. The ramp-up has been gradual though, Hughes said, noting that bonds from Brazilian exporters now offer a better entry point than those of domestic-oriented companies. Latin American sovereign and corporate borrowers have raised $34 billion from sales of global debt this year, Itaú BBA data showed. Last year, bond borrowing in the region reached $102 billion. Bankers are raising their estimates for new Latin American bond supply this year to $80 billion from as low as $60 billion in November as initially negative sentiment on Mexico has recovered. In the case of Brazil, President Michel Temer''s progress in pushing reforms is fueling demand for bonds like Suzano''s. "When the deal hit the road, we sensed that investors were in general more optimistic about fiscal consolidation than they were a year earlier," Marcelo Bacci, Suzano''s chief financial officer, said in an interview. (Editing by Guillermo Parra-Bernal, Christian Plumb and Tom Brown) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-latam-debt-outlook-idUSKBN1710BQ'|'2017-03-30T12:01:00.000+03:00'
'584e7fa3539f5e5fd1e56c15f3fd0e7be26e70f1'|'Imperial Brands sticks to full-year guidance'|'  7:37am BST Imperial Brands sticks to full-year guidance Imperial Brands ( IMB.L ), the world''s fourth-biggest tobacco company, stuck by its full-year guidance on Thursday as it said it would match first-half earnings expectations at constant currency and reported rates. The maker of Winston, Gauloises and other cigarette brands said revenue and earnings per share were expected to be up strongly for the six months ending March 31, driven by the benefit of currency translation. It anticipates a currency translation benefit on net revenue and profit of about 13 percent to 14 percent at current exchange rates. However, Imperial Brands said it expected lower revenue and profit at constant currency rates, impacted by the phasing out of an 300 million pound investment plan. First-half revenue at constant currencies was primarily driven down by a deterioration in industry volumes, as previously guided, Imperial Brands said. (Reporting by Esha Vaish in Bengaluru, editing by David Evans) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-imperial-brands-outlook-idUKKBN1710M0'|'2017-03-30T14:37:00.000+03:00'
'0a62c483baa76e4ffa0b618594ca8f18f7e58454'|'China''s Creat makes 1.2 billion euro bid for German blood plasma firm'|'FRANKFURT Chinese investor Creat Group Corp has offered to buy German blood plasma products maker Biotest ( BIOG.DE ) for about 1.2 billion euros ($1.3 billion) including debt following its purchase last year of British peer Bio Products Laboratory."The Board of Management and Supervisory Board welcome the discussions," Biotest said, adding the suitor would back an ongoing investment drive to more than double output capacity by 2022.Biotest said Creat had proposed a purchase price of 28.50 euros per ordinary share ( BIOG.DE ), a 43 percent premium over Wednesday''s closing price.However owners of preference shares without voting rights ( BIOG_p.DE ) would be offered only 19 euros apiece, a slight discount to Wednesday''s 19.02 euro close.The preference shares slipped 0.4 percent to 18.94 euros at 0828 GMT, while the ordinary shares jumped 17.6 percent to 23.50 euros.Biotest, whose products are used to treat blood coagulation disorders, auto-immune diseases and immune deficiencies, said the potential deal was still subject to final negotiations and an agreement with Biotest AG''s majority shareholder, OGEL GmbH.Germany and China have been involved in an increasingly public dispute about access to each others'' markets, with China complaining about unfair scrutiny of its acquisition targets in Germany, and Germany wanting a more level playing-field for its firms in the world''s second-largest economy.Due to the talks, Biotest said it postponed its annual shareholder meeting, initially planned for May 10, to a later date, which was yet to be announced.OGEL, the investment vehicle of late company founder Hans Schleussner''s family, holds slightly more than half of Biotest''s ordinary shares with voting rights.Biotest''s share capital is split evenly between ordinary and preference shares, with latter share class being completely in free-float ownership.Creat agreed in May last year to acquire British biotech firm Bio Products Laboratories (BPL) from Bain Capital for 820 million pounds ($1.02 billion).Biotest, which is being advised by Credit Suisse, suffered a setback last week when its partner Immunogen ( IMGN.O ) decided to cease work with Biotest on bringing an experimental blood cancer treatment to the U.S. market.($1 = 0.9313 euros)(Reporting by Ludwig Burger and Patricia Weiss; Editing by Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-biotest-m-a-creat-idINKBN171104'|'2017-03-30T07:23:00.000+03:00'
'd27b4b3de899ba3d6a0fcd67f10bc7f1068fd58d'|'Deep-red Kansas lawmakers agree to Medicaid expansion - Mar. 28, 2017'|'Kasich vows to defend Medicaid from GOP cuts Republicans in Congress may be trying to kill Obamacare, but that hasn''t deterred Republicans in Kansas from pursuing one of the health reform law''s chief provisions: expanding Medicaid. The Kansas Senate gave the thumbs up to Medicaid expansion in the deep-red state on Tuesday. Lawmakers in the House had approved it earlier this year. The bill now goes to Governor Sam Brownback, a staunch conservative who has long opposed Obamacare. He is not expected to sign it into law. "To expand Obamacare when the program is in a death spiral is not responsible policy," said Melika Willoughby, the governor''s spokeswoman. "Kansas must prioritize the care and service of vulnerable Kansans, addressing their health care needs in a sustainable way, not expanding a failing entitlement program to able-bodied adults." The vote comes just days after House GOP leaders in Washington, D.C., opted to pull their bill to repeal major portions of Obamacare. The bill would have immediately barred new states from expanding Medicaid and ended enhanced federal funding for expansion in 2020. Some 11 million low-income adults have gained coverage in the 31 states that have expanded Medicaid so far. Related: McAuliffe pushes Virginia Medicaid expansion after GOP''s failure to repeal Obamacare Kansas is not the only state looking to expand Medicaid. Democratic governors in North Carolina and Virginia also want to do so, though it''s unlikely to get through their Republican legislatures. In Maine, residents have gathered enough signatures to put expansion on the ballot in November. Kansas Republicans, who control the state legislature, had never been very interested in broadening the program. Previous bills seeking to expand KanCare, as the state''s Medicaid program is known, didn''t go anywhere. But many conservative lawmakers were swept out of office in last year''s election, which served as a referendum on Brownback''s deep tax cuts that have roiled the state budget. They were replaced by a group of moderate members, who are more open to expansion. Related: Trump administration open to making some Medicaid recipients work, pay premiums Legislators also faced heavy lobbying from the state hospital association and other expansion supporters, who used the 2015 closing of a rural Kansas hospital to rally residents'' support. They point out that the state has forfeited nearly $1.8 billion in federal funds since 2014, much of which would go to bolster hospitals, which have to care for the uninsured. Some 264,000 Kansas residents, or about 9.1%, were uninsured in 2015, according to the most recent Census data available. All told, expanding Medicaid would bring 152,000 people onto the Medicaid rolls, including people who had coverage elsewhere but would qualify for the broadened program, according to Robert St. Peter, CEO of Kansas Health Institute, a policy and research group. CNNMoney (New York) First published March 28, 2017: 6:55 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_economy.rss'|'http://money.cnn.com/2017/03/28/news/economy/kansas-medicaid-expansion/index.html'|'2017-03-29T02:55:00.000+03:00'
'0e74ed81d2b831046eb82dffdef3830bec1266d1'|'Hazelwood''s closure shows industry and government must plan ahead for climate change - Nicholas Aberle - Guardian Sustainable Business - The Guardian'|'W hen Hazelwood stops generating electricity this week, it will be the first Australian power station to close, at least in part, because of climate change. Hazelwood’s owner, French energy giant Engie, has said it is “making climate a priority” and has committed to retiring its most outdated coal plants worldwide.Hazelwood’s closure will bring the total to nine coal power stations in Australia that have retired in the last five years – including the Port Augusta power stations in South Australia, the Munmorah and Wallerawang power stations in New South Wales and the smaller Energy Brix and Anglesea power stations in Victoria . It’s a clear indication the global industrial transition from coal to renewable energy across the world has reached our shores.Like all such transitions, this one will involve a big upheaval for the affected workers, but never before has an industrial transition had so much else at stake. Never before has the end of one industry been so essential to the wellbeing of the rest of society. Gloom in the valley as Hazelwood fades to black - Gay Alcorn Read more Burning coal for electricity accounts for a third of Australia’s greenhouse gas pollution. It is the country’s largest single source of carbon dioxide, and it’s likely to be the easiest to reduce – cutting climate pollution from more diffuse sectors such as transport and agriculture will be more challenging.Globally, the International Energy Agency identified phasing out inefficient coal power stations as a key plank in any effective global agreement on climate change. Domestically, the Australian Energy Market Operator has estimated we would need to close the equivalent of another five large coal power stations (a total of about 8700MW of capacity) by 2030 in order to meet even the Turnbull government’s manifestly weak climate targets. Targets more in line with keeping global warming under 2C involve closing one Hazelwood-sized power station each year from now on. While coal generators have been closing, they have not necessarily been closing in a way that serves local communities: the closures at those nine power stations in the past five years have given workers an average of just four months’ notice from announcement to turning off the boilers. For communities where coal is a large part of the regional economy, this is too little notice. But neither have they been closing in the best way for our climate. Economics has driven decisions. Unprofitable generators – the lame animal in the moving pack that is the National Electricity Market – have stumbled and fallen quite suddenly, but these power stations aren’t necessarily the worst or biggest polluters.A Senate inquiry into the retirement of coal-fired power stations, due to report this week, provides an opportunity to move the public debate beyond political blame games and into the realm of responsible policymaking. In recent months, green groups, business groups, unions and even the energy industry itself have called for a greater government role in planning the phaseout of coal-burning power stations.The CommBank contradiction: support for cricket and fossil fuels - David Ritter Read more For communities, knowing when a power station will close gives much-needed impetus to diversify the regional economy. While Hazelwood’s closure came with just five months’ notice, the state and federal governments have pulled together transition plans worth over $300m. Time will tell whether this is sufficient to smoothen the local impacts, but repeating this level of funding for the remaining 20 coal generators could mean finding $6bn in government budgets in coming years.For clean-energy investors, knowing when a power station will close gives confidence about when new renewables projects will be needed. A timeline for the retirement of Australia’s remaining fleet of coal-burning power stations would provide this certainty. There’s a compelling case that to avoid energy market chaos, we need to set closure dates from now until 2030.Even some big power companies are on board. AGL, owner of three large coal power stations, has previously advocated for setting 50-year lifetime limits on each generator. Energy Australia recently argued that companies should be required to provide much earlier notice of when their own generators will close.As of next week, Energy Australia’s Yallourn power station in Victoria’s Latrobe Valley will be the dirtiest coal generator in the country, and one of the oldest. The company’s public position that it will remain open until 2032 seems unlikely at best and deceptive at worst – a deception that has consequences for workers, communities and energy markets. Scepticism is warranted: Hazelwood’s owners gave the same 2032 closure date just months before announcing the power station would bow out in March 2017.Last month the Australian Prudential Regulation Authority warned that companies need to appropriately manage their exposure to climate risks, effectively putting the owners of coal-burning power stations on notice. Telling shareholders an asset might be open for another 15 years when a much shorter life is likely, or even possible, could have serious legal consequences.Impact of job losses in Hazelwood may outweigh health benefits, AMA says Read more We don’t have to choose between coal power and renewables – community attitudes and energy markets have already decided. The choices now are about speed and justice. Will this industrial transition be fast enough to avoid the worst risks to our climate, and fair enough to sustain regional communities? Will it be chaotic and disruptive, or planned and orderly?Hazelwood stops generating this week, but these questions will linger until we finally have a national, long-term plan to phase out Australia’s remaining coal-burning power stations.Topics Guardian sustainable business Innovations in renewables Energy (Australia news) Energy (Environment) Victoria Coal Fossil fuels comment Share on Facebook Share on Twitter Share via Email Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/sustainable-business/2017/mar/29/hazelwoods-closure-shows-companies-and-governments-must-plan-ahead-for-climate-change'|'2017-03-29T08:03:00.000+03:00'
'15e771933ab79c5fd3866942385b6c88dd25a2f9'|'OPEC compliance with oil curbs rises in March as UAE joins cut - survey'|'  6:38pm BST OPEC compliance with oil curbs rises in March as UAE joins cut - survey A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen before a news conference at OPEC''s headquarters in Vienna, Austria December 10, 2016. REUTERS/Heinz-Peter Bader By Alex Lawler and Rania El Gamal - LONDON/DUBAI LONDON/DUBAI OPEC oil output is likely to fall for a third straight month in March, a Reuters survey found on Wednesday, as the United Arab Emirates made progress in trimming supplies while maintenance and unrest cut production in exempt nations Nigeria and Libya. The reduction by the UAE has helped boost OPEC compliance this month with its production-cutting deal to 95 percent, up from an initial February estimate of 94 percent and a record high, according to Reuters surveys. The Organization of the Petroleum Exporting Countries pledged to reduce output by about 1.2 million barrels per day (bpd) from Jan. 1 - the first accord on supply curbs since 2008. Non-OPEC countries pledged to cut about half as much. In comments made to Reuters, OPEC Secretary-General Mohammed Barkindo said the OPEC and non-OPEC agreement "is gradually, but steadily working its way to restore balance to the oil markets". "The rebalancing process is already underway," he added. OPEC wants to end a glut that is keeping oil LCOc1 below $52 a barrel, half the level of mid-2014. But stocks are still high despite strong OPEC compliance, boosting expectations that the group will seek to prolong the agreement. "OPEC is now facing the prospect of falling short of its objective," said Stephen Brennock of oil broker PVM. "Bulging global oil stockpiles will not draw down to the five-year average unless OPEC-led cuts are extended." Compliance of 95 percent is higher than OPEC achieved in its last cut in 2009, Reuters surveys show. Analysts including those at the International Energy Agency have put adherence in 2017 even higher, with the IEA calling it a record. March''s biggest reduction came from the UAE, which was slower than Kuwait and Saudi Arabia to trim supply. Output is lower this month because more cuts have been implemented and due to planned maintenance, industry sources say. After limited reductions earlier in 2017, UAE officials and industry sources have said the country would improve average compliance during the six-month duration of the supply cut. The Reuters survey showed Saudi Arabia''s output rose slightly in March from a large reduction in February. Even with March''s increase, the total curb achieved is 564,000 bpd, well above the target cut of 486,000 bpd. As a result, Saudi Arabia, Kuwait and as of this month, the UAE, compensated for the weaker adherence of other members, including Algeria, Ecuador, Gabon and Venezuela. Iraq has boosted compliance too, the survey found, with exports from northern and southern ports falling. A supertanker collided with a berth at Basra oil terminal in late March, although this did not affect shipments significantly. Iran''s production rose slightly. Tehran was allowed a small increase in output under the OPEC agreement. Lower output in Nigeria and Libya, which are exempt from the curbs, helped bring overall OPEC production down. Nigerian production fell partly because of planned maintenance at the Bonga field. A recovery in Libya ran into a setback after armed protests blocked output from two fields. OPEC announced a production target of 32.5 million bpd at its Nov. 30 meeting, which was based on low figures for Libya and Nigeria and included Indonesia, which has since left the group. The Libyan and Nigerian reductions mean OPEC output in March has averaged 32.01 million bpd, about 260,000 bpd above its supply target adjusted to remove Indonesia. The Reuters survey is based on shipping data provided by external sources, Thomson Reuters flows data, and information provided by sources at oil companies, OPEC and consulting firms. (Editing by Dale Hudson and Alexander Smith)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-opec-oil-idUKKBN1702MP'|'2017-03-30T01:38:00.000+03:00'
'a545ea07c36d6fd456084a86accc114cd9c9a048'|'EMERGING MARKETS-Halkbank in Turkish spotlight; South African assets weaken on political concerns'|' 23am EDT EMERGING MARKETS-Halkbank in Turkish spotlight; South African assets weaken on political concerns By Sujata Rao - LONDON, March 29 LONDON, March 29 The Turkey stock market spotlight was on Halkbank on Wednesday, with its shares set for their biggest one-day fall after the arrest of the company''s deputy CEO, while South African assets weakened further on political concerns. Halkbank deputy CEO Mehmet Hakan Atilla was arrested in New York, accused of conspiring to conduct illegal transactions through U.S. banks on behalf of Iran''s government and other entities Shares in Halkbank dropped 14.3 percent -- the biggest daily fall in percentage terms since it was listed in 2007. The broader Istanbul index lost 1.3 percent and Turkey''s banking index shed 2.8 percent. Halkbank dollar bonds also fell, with issues maturing 2021 and 2020 down by more than 0.7 cent in the dollar, according to Tradeweb data, hitting six-week lows. The 2019 issue slipped by 0.66 cents. Turkish credit default swaps inched to a one-week high of 240 basis points, IHS Markit said. "The arrest is undeniably highly contentious, given that Halkbank is a majority state-owned bank," analysts at MUFG Securities said. South African assets, meanwhile, extended losses as the rand and government bond prices fell for a third straight day. The rand was down 0.7 percent, bringing this week''s losses against the dollar to 5 percent after the sudden recall of Finance Minister Pravin Gordhan from a London investor roadshow. This has reignited fears that his long-running power struggle between Gordhan -- seen by investors as a guarantor of fiscal prudence and South Africa''s investment grade rating -- and President Jacob Zuma is coming to a head. "Fair to say that if Zuma manages to successfully remove Gordhan it would produce a seismic and very negative move in South African markets, ratings et al. It would suggest ... a more aggressive and confiscatory black empowerment agenda," said Tim Ash, sovereign strategist at BlueBay Asset Management. Benchmark government bond yields were just off two-month highs, having shot up 70 basis points this week. Five-year credit default swaps inched to 215 bps, a 2-1/2 month high, according to IHS Markit. Broader emerging equities were flat and currencies mostly weakened after upbeat U.S. data and hawkish policymaker comments boosted the dollar and Treasury yields. Hungarian bond yields slipped further after the central bank struck a dovish note in a Wednesday policy meeting at which it tried to squeeze more cash out of short-term deposits. Three-year yields eased 7 bps to 1.23 percent. For GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5 For CENTRAL EUROPE market report, see For TURKISH market report, see For RUSSIAN market report, see) Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chg on year Morgan Stanley Emrg Mkt Indx 969.22 -1.10 -0.11 +12.40 Czech Rep 984.55 +1.33 +0.14 +6.83 Poland 2234.76 +9.35 +0.42 +14.73 Hungary 32438.63 +144.60 +0.45 +1.36 Romania 7956.14 +2.26 +0.03 +12.29 Greece 665.61 +1.09 +0.16 +3.41 Russia 1122.17 -3.41 -0.30 -2.62 South Africa 45300.13 +84.77 +0.19 +3.18 Turkey 89118.60 -1063.13 -1.18 +14.05 China 3241.31 -11.63 -0.36 +4.44 India 29482.51 +72.99 +0.25 +10.73 Currencies Latest Prev Local Local close currency currency'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-idUSL5N1H623C'|'2017-03-29T18:23:00.000+03:00'
'ba6dd2503f1b81cacdc10d8cc9eb9b2a071653eb'|'Meatpacker JBS announces furlough at 10 Brazilian beef plants'|'Commodities  26am EDT Meatpacker JBS announces furlough at 10 Brazilian beef plants Employees are seen during a technical visit of Brazil''s Agriculture Minister Blairo Maggi (not pictured) at the Brazilian meatpacker JBS SA in the city of Lapa, Parana state, Brazil, March 21, 2017. REUTERS/Ueslei Marcelino SAO PAULO JBS SA, the world''s biggest meatpacker, said on Wednesday it would furlough workers at 10 of its 36 Brazilian beef plants after sales fell sharply due to a police probe into bribery of health inspectors in Brazil''s meat industry. A JBS press representative said the 20-day furlough would begin on Monday. JBS previously said that it would operate under reduced capacity in Brazil this week and do everything it could to maintain employment levels. (Reporting by Paula Laier; Writing by Brad Haynes; Editing by Chizu Nomiyama) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-brazil-corruption-food-jbs-idUSKBN170214'|'2017-03-29T22:14:00.000+03:00'
'205318a69bf20b222a6be8f6e219b1058b68f0dc'|'Goldman Sachs reassures staff over Brexit in voicemail'|' 38am BST Goldman Sachs reassures staff over Brexit in voicemail Pedestrian pass the offices of Goldman Sachs in London April 20, 2010. REUTERS/Toby Melville By Anjuli Davies - LONDON LONDON Goldman Sachs ( GS.N ) sought to reassure London-based staff over potential disruption to its business as Britain prepares to leave the European Union, in a voicemail to staff sent by the Wall Street firm''s Europe CEO. British Prime Minister Theresa May will trigger formal EU divorce proceedings on Wednesday, launching two years of negotiations that will shape the future of Britain and Europe as well as London''s place as a global financial centre. The move will also mark the point when investment banks, whose priority will be to ensure they can continue servicing their clients across Europe after March 29, 2019, begin taking concrete steps to prepare for Britain being outside the bloc. Those steps could involve moving London-based staff to outposts on the continent or paying them off and hiring employees locally. Richard Gnodde, CEO of the European arm of Goldman Sachs, said last week it would begin by moving hundreds of people out of London as part of its "contingency plans" for the first phase. In a voicemail sent to all London employees'' phones on Friday, Gnodde sought to reassure staff that despite "intensively" preparing for a range of possible outcomes, no big changes were imminent. "All of this work leads us to conclude that although Brexit may well bring some changes to our footprint, a lot will continue to operate as it does today." Gnodde said that the Wall Street firm would only be able to make long-term decisions on its future footprint once negotiations between Britain and the EU were complete. "We also understand that you will have many questions regarding the implications of Brexit," Gnodde said in the voicemail. "We are sensitive to those concerns, and want you to know that we will share any information on changes that will impact our European footprint as quickly as we can." Banks are treading carefully, enacting two-stage contingency plans, to avoid losing nervous London-based staff as they work out how many jobs will have to move to continental Europe as Britain exits the European Union. This first phase involves relatively small numbers to make sure the requisite licences, technology and infrastructure are in place, while the next requires longer-term thinking on what their European business will look like in the future, which is when bigger moves might take place. (Reporting By Anjuli Davies; Editing by Susan Fenton)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-banks-idUKKBN1700Y6'|'2017-03-29T17:13:00.000+03:00'
'1ff1e633940504979e6776e47aedc8bd56e111f9'|'Corporate America’s top shareholder referee gets tougher on activists'|' 08am BST Corporate America’s top shareholder referee gets tougher on activists left right FILE PHOTO: A commuter passes by the New York Stock Exchange (NYSE) in the financial district in New York City, U.S., February 7, 2017. REUTERS/Brendan McDermid/File Photo 1/2 left right FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 17, 2017. REUTERS/Brendan McDermid/File Photo 2/2 By Michael Flaherty - NEW YORK NEW YORK Institutional Shareholder Services Inc, the world''s top proxy advisory firm, is making activist investors work harder than ever to earn its backing in corporate control battles in a shift being led by the new man in charge of its recommendations. Since Cristiano Guerra formally took over in January as the head of ISS''s special situations research team, the firm''s support for activists in proxy fights has fallen to 50 percent of the cases, compared with 60 percent last year, according to data from FactSet and Proxy Insight. (Graphic: tmsnrt.rs/2nhYXei )Guerra became acting head on Sept. 1 of last year. While it is still early in his tenure, Guerra has indicated a greater willingness to challenge activist funds pushing for changes in corporate boards and strategies, according interviews with advisors, investors, and current and former colleagues. "I think (Guerra) is fair and has no obvious sympathy for one side or the other," said Bruce Goldfarb, CEO of proxy solicitation firm Okapi Partners. "There will be a more significant burden, more so than in the past, for activists to explain why ISS should support them." Bought by private equity firm Vestar Capital Partners in 2014, ISS has a staff of 900 covering each year 40,000 meetings of publicly traded companies worldwide, offering recommendations on everything from CEO pay to a board''s bylaws. Guerra''s team - which also issues recommendations on mergers and acquisitions - wields significant influence over the outcome of proxy fights and contested transactions. Signs that ISS''s stance is evolving from one perceived as more sympathetic towards activist shareholders comes at a time when activist targets are thinning out and smaller in size after a six-year surge in campaigns against corporate boards. Guerra''s most telling decision so far came on March 16, when ISS recommended shareholders for Cypress Semiconductor Corp ( CY.O ), which was facing a proxy fight, vote for management''s proposal to eliminate cumulative voting. The structure favors minority shareholders because it gives them more power when deciding the fate of individual board members. ISS had rarely recommended to eliminate such a shareholder right in the face of a contested election. Guerra played a key role in ISS adopting the position that by eliminating the cumulative voting bylaw, and adopting other measures, it would the playing field for all shareholders, according to people familiar with the matter. "I don''t think ISS would have made that kind of decision five years ago," said one of Guerra''s former colleagues, who offered to be interviewed only on condition of anonymity. Guerra, 44, was an executive at an aviation security company before he joined ISS in 2009. Quiet and deliberate, sources say, he has kept a low profile since his appointment and declined to be interviewed. ISS spokesman Subodh Mishra also declined to comment on the company''s behalf for the story. One of the biggest challenges facing ISS and Guerra''s team is defending its position as the go to source for shareholder recommendations. Big asset managers, such as BlackRock Inc ( BLK.N ) and Vanguard Group Inc, are building up their in-house proxy voting arms. Advisory firms such as Camberview Partners LLC and Sard Verbinnen & Co are hiring former ISS staffers and corporate governance experts to expand into proxy advisory work. The Maryland-based company is under constant pressure to demonstrate its impartiality given it gets paid by institutional funds for its research and recommendations. ISS has increased its reach to companies as well in recent years, which use its consulting arm for corporate governance advisory services. The U.S. Chamber of Commerce has criticized ISS for siding with shareholders at the expense of CEOs and company directors, and has called for more regulatory oversight, which resulted in a Congressional bill last year that never made it to a vote. ISS''s special situations research team has yet to be tested by a major, high-profile proxy contest under Guerra''s leadership. That will come later in this year''s proxy season, when it rules on activist hedge fund Elliott Management LP''s attempt to overthrow board directors and the CEO of Arconic Inc ( ARNC.N ), the $10 billion specialty metals company. (Reporting by Michael Flaherty; Editing by Greg Roumeliotis and Tomasz Janowski) Up Next Texas judge kicks Exxon climate lawsuit to New York court HOUSTON A federal judge in Texas on Wednesday kicked an Exxon Mobil Corp lawsuit seeking to thwart two states from pursuing a fraud case over climate change to a Manhattan court, saying his court wasn''t the best place to resolve the dispute. BOSTON Billionaire hedge fund manager William Ackman has apologized to clients for betting on Valeant Pharmaceuticals International Inc , telling them he was "deeply and profoundly sorry" for losing so much of their money on the investment. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-iss-activists-idUKKBN1710EH'|'2017-03-30T13:05:00.000+03:00'
'fdf49d261df93cad078bab9df753f4bf0c1bc109'|'GE sole bidder for $2 billion Nigeria rail concession - procurement adviser'|'Business News - Wed Mar 29, 2017 - 11:53pm BST GE sole bidder for $2 billion Nigeria rail concession - procurement adviser The General Electric logo is pictured on the General Electric offshore wind turbine plant in Montoir-de-Bretagne, near Saint-Nazaire, western France, November 21, 2016. REUTERS/Stephane Mahe By Alexis Akwagyiram - ABUJA ABUJA A consortium led by General Electric ( GE.N ) submitted the only bid for a Nigerian railway concession project worth around $2 billion (1.60 billion pounds) for two lines connecting northern cities to others in the south, a procurement process adviser said on Wednesday. Bids had to be submitted by Wednesday. Nigeria has been looking for partners to overhaul its ageing railway system, built mainly by British colonial rulers before independence in 1960. Economic growth in Africa''s most populous nation has been hampered for decades by the dilapidated road and rail network. The concession will cover about 3,500 km (2,200 miles) of existing narrow-gauge lines from the southwestern commercial capital, Lagos, to Kano in the north, and southeastern oil hub Port Harcourt to Maiduguri in the northeast. "We received one bid today," said Fola Fagbule, vice president and co-head of advisory at Africa Finance Corporation (AFC) which ran a procurement process after being appointed lead adviser by the government. The only bid, led by GE, was in partnership with Transnet [CGETR.UL] of South Africa, Dutch-based APM Terminals and China''s Sinohydro Consortium. Nigeria''s upper chamber of parliament, the Senate, said in November it would investigate the railway concession over possible violations by Nigerian officials. (Editing by James Dalgleish)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-generalelectric-nigeria-idUKKBN170375'|'2017-03-30T06:53:00.000+03:00'
'fe7e47717b926eb67ff80e28b8cca8f301c3356e'|'HSBC announces fintech partnership with Tradeshift'|'LONDON HSBC ( HSBA.L ) announced on Thursday a strategic partnership with financial technology company Tradeshift, that will allow the bank''s clients to manage their supply chains and working capital requirements digitally.HSBC said it invested an undisclosed sum last June in Tradeshift, which connects 1.5 million companies over 190 countries.The deal announced on Thursday, the latest in increasingly common partnerships between traditional banks and financial technology firms, will allow HSBC customers to automate the paper-heavy process of ordering and invoicing along supply chains."The upside for us is the ability to finance more clients, earlier in the production cycle," said Vivek Ramachandran, an executive in HSBC''s global trade business.(Reporting By Lawrence White. Editing by Andrew MacAskill)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-hsbc-fintech-idINKBN17114G'|'2017-03-30T08:08:00.000+03:00'
'c06edf0478aed2cb0cda25fe7fc4239d465328a8'|'U.S. judge clears Toshiba''s Westinghouse to tap bankruptcy loan'|'Internet   8:00pm BST U.S. judge clears Toshiba''s Westinghouse to tap bankruptcy loan The logo of Toshiba Corp is seen behind a traffic light at the company''s headquarters in Tokyo, Japan March 29, 2017. REUTERS/Issei Kato By Tom Hals A U.S. bankruptcy judge on Thursday cleared Westinghouse Electric Co, a unit of Japan''s Toshiba Corp ( 6502.T ), to borrow an initial $350 million to support the company''s global operations while it restructures operations. Westinghouse filed for Chapter 11 on Wednesday in the wake of billions of dollars in cost overruns at two U.S. nuclear power plants it is building in the U.S. Southeast. The Pittsburgh-based company said the loan will support its profitable operations, such as nuclear maintenance and fuels businesses, some of which are in Europe and not part of the bankruptcy. U.S. Bankruptcy Judge Michael Wiles in Manhattan approved the loan but demanded changes to protect Westinghouse from being on the hook for repaying money that was supporting non-bankrupt businesses, which are beyond the reach of the company''s creditors. A Westinghouse adviser testified the loan was needed to reassure European customers that the company could carry out its work, which would boost the overall value of Westinghouse and contribute to an eventual reorganization or sale of the company. An affiliate of Apollo Global Management ( APO.N ) has agreed to provide the loan to Westinghouse, which can seek court approval to borrow up to $800 million. The V.C. Summer project in South Carolina and the Vogtle project in Georgia are the first new U.S. nuclear power plants in three decades. Construction on both plants is around one-third complete and billions of dollars over budget. Westinghouse was hired by the utilities in 2008 to design and construct the plants using its new AP1000 reactors, which were originally expected to begin producing power this week. The utilities that own the troubled projects in South Carolina and Georgia said they would assess their viability by April 28. "We’re facing a stark choice: shut down because (Westinghouse) no longer wants to provide support, or step in and take on direct payment of workers and vendors," Greg Gordon, a lawyer for Southern Co''s ( SO.N ) Georgia utility told the court on Thursday. Executives from SCANA Corp ( SCG.N ), which owns the majority of the South Carolina project, said on a conference call on Wednesday they preferred to finish the work. Westinghouse is building AP1000 plants in China, and that country''s State Power Investment Corp said on Thursday it still expected the first of four planned reactors to begin producing electricity this year. Westinghouse also won approval on Thursday from British regulators for its AP1000 reactor design. (Reporting by Tom Hals in Wilmington, Delaware; Editing by Noeleen Walder and Jeffrey Benkoe) Next In Internet News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-toshiba-accounting-westinghouse-idUKKBN1712VY'|'2017-03-31T02:59:00.000+03:00'
'1ccc379e6e508d8e7278ef3409562cc101b8cc1f'|'JPMorgan economist sees Fed shrinking balance sheet starting 2018'|'Business   7:55pm BST JPMorgan economist sees Fed shrinking balance sheet starting 2018 NEW YORK A JPMorgan economist said on Thursday he expected the U.S. Federal Reserve to start paring the size of its $4.5 trillion balance sheet in early 2018 with a focus on ending its reinvestment in mortgage-backed securities. "In our baseline projection, the Fed slowly phases out MBS reinvestments beginning in the spring of next year, never halts reinvestments of Treasuries, never sells MBS, and reaches its new optimal size of the balance sheet in early 2024, with excess reserves in the banking system of $500 billion," JPMorgan economist Michael Feroli wrote in a research note. (Reporting by Richard Leong; Editing by Chizu Nomiyama) Next In Business News Trump to seek tariff ''snap-back'' provision in NAFTA revamp: letter WASHINGTON The Trump administration will seek changes to the North American Free Trade Agreement allowing it to reimpose tariffs if a flood of imports from Canada and Mexico causes "a threat of serious injury" to U.S. industry, according a draft document sent to Congress. U.S. debt to reach 150 percent of GDP in 30 years: CBO WASHINGTON U.S. debt held by the public will balloon to 150 percent of economic output by 2047 unless tax and spending laws are changed, the Congressional Budget Office said on Thursday, far exceeding the record level just after World War II. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-fed-balancesheet-jpmorgan-idUKKBN1712VA'|'2017-03-31T02:54:00.000+03:00'
'aaccb4702bcd62c59f5946b9656271922edeaaf0'|'TUI reiterates profit target on solid holiday demand'|'  7:24am BST TUI reiterates profit target on solid holiday demand The logo of of German travel company TUI AG is seen outside of one of its branch offices in Vienna, Austria, December 27, 2016. REUTERS/Leonhard Foeger LONDON European travel and tourism company TUI ( TUIT.L ) reiterated its target of reaching at least 10 percent growth in underlying full-year operating profit after seeing solid demand for Winter and Summer bookings. The group, which has been reorganising its business to invest in more of its own hotels and cruise ships and has been selling off what it views as non-core operations, said it had seen strong demand for trips to Greece, the Canaries and holidays further afield. Unlike rival Thomas Cook ( TCG.L ), it did not see any recovery in the troubled Turkish market. (Reporting by Kate Holton; Editing by Victoria Bryan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-tui-outlook-idUKKBN1700IP'|'2017-03-29T14:24:00.000+03:00'
'aa7a18f8f65347071b1295bfde2fb0c55d669bee'|'UK consumer credit slows less than expected, but mortgage approvals weak in February'|'Business News - Wed Mar 29, 2017 - 9:37am BST UK consumer credit slows less than expected, but mortgage approvals weak in February left right Shoppers stand with their bags on Oxford Street in London, Britain December 18, 2016. REUTERS/Neil Hall 1/2 left right Visitors admire St.Paul''s Cathedral from the restaurant floor of the Tate Modern gallery in London March 15, 2007. REUTERS/Alessia Pierdomenico/File Photo 2/2 LONDON, British consumer borrowing slowed by less than forecast in February, although weaker-than-expected mortgage approvals added to recent mixed signals from households ahead of Brexit. Consumer credit in February rose by 1.441 billion pounds - compared with an increase of 1.3 billion pounds forecast in a Reuters poll of economists - but down from an increase of 1.609 billion pounds in January. The outlook for consumer spending is critical for Britain''s economy as it begins the process of leaving the EU. Consumers kept up their spending in 2016 after June''s Brexit referendum shock but there have been signs that they are turning more wary. With inflation rising fast - fuelled in part by the pound''s fall after June''s Brexit vote - BoE policymakers are watching closely for signs of a slowdown as rising prices eat into the spending power of consumers. The annual growth rate in borrowing held steady at 10.5 percent after slowing in previous months. The annualised rise in borrowing in the three months to February was the weakest since July 2015, at 8.7 percent. BoE Governor Mark Carney has noted how Britain''s growth has been reliant on consumers although the Bank has said British exporters are benefiting from the fall in the value of the pound, possibly helping offset a slowdown in domestic demand. Wednesday''s figures from the BoE showed that the number of mortgages for house purchase approved by lenders fell to 68,315 in February from 69,114, below the median forecast of 69,900 in the Reuters poll. Last week, the British Bankers'' Association, using less comprehensive figures, said banks approved the fewest mortgages in three months in February and consumer credit growth slowed slightly despite a jump in credit card borrowing. The BoE said net mortgage lending in cash terms, which lags approvals, rose by 3.489 billion pounds in February, roughly in line with forecasts in the Reuters poll. The BoE also said foreign investors were net buyers of British government bonds in February, after offloading large quantities in January and December. Net purchases totalled 0.742 billion pounds in February compared with sales of 7.591 billion pounds in January. (Reporting by Andy Bruce and Alistair Smout) Next In Business News Drinks group Pernod says raised prices in Britain in March due to Brexit PARIS Pernod Ricard raised the prices of its spirits in Britain in March to protect margins against a slide in the pound stemming from the country''s vote to leave the European Union, according to company slides released ahead of an analyst call. LONDON European shares rose on Wednesday, following Wall Street''s late surge, while sterling was the biggest loser on major currency markets ahead of the formal triggering of Britain''s exit process from the European Union later in the day. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-lending-idUKKBN1700UQ'|'2017-03-29T16:37:00.000+03:00'
'fa90be7f74f6fda0734bcb2249e8a30bf6f78a4d'|'MOVES-TransCanada says chief operating officer to retire'|'CALGARY, Alberta, March 28 TransCanada Corp''s Chief Operating Officer Alex Pourbaix is retiring from the company in May, a TransCanada spokesman said on Tuesday."I can confirm Alex has made the personal decision to retire," TransCanada spokesman James Millar said. "He will be (at) the company until the end of May."Pourbaix was previously president of development for TransCanada, responsible for overseeing growth projects including the long-delayed Keystone XL oil pipeline, which finally received a U.S. presidential permit last week. (Reporting by Nia Williams; Editing by Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/moves-transcanada-pourbaix-idINL2N1H528Q'|'2017-03-28T20:47:00.000+03:00'
'58c47f5cfdb7736f74dab7ae8290d7a3f77d4dfa'|'Ryanair calls on Britain to put aviation at top of Brexit agenda'|'  7:31am BST Ryanair calls on Britain to put aviation at top of Brexit agenda A Ryanair aircraft takes off during a foggy day on Riga International Airport in Riga, Latvia December 21, 2016. REUTERS/Ints Kalnins LONDON Irish low-cost airline Ryanair ( RYA.I ) warned that it would not be able to fly between Britain and Europe if the country did not agree a new aviation deal as part of the Brexit negotiations which will be triggered later on Wednesday. Ryanair warned that with Britain set to leave Europe''s "Open Skies" system, the country will need to negotiate a bilateral agreement with the EU to allow flights to and from Europe to continue. "Some nine months on from the Brexit referendum, we are no closer to knowing what effect it will have on aviation," Ryanair''s Kenny Jacobs said. "It''s become worrying that the UK Government seems to have no plan B to maintain Britain''s liberalized air links with Europe, in the absence of remaining in the "Open Skies" regime." (Reporting by Paul Sandle; editing by Kate Holton) Next In Business News BlackRock cuts fees and jobs; stockpicking goes high-tech NEW YORK BlackRock Inc on Tuesday said it would overhaul its actively managed equities business, cutting jobs, dropping fees and relying more on computers to pick stocks in a move that highlights how difficult it has become for humans to beat the market. SINGAPORE Oil prices on Wednesday extended gains from the previous session, lifted by supply disruptions in Libya and expectations that an OPEC-led output reduction will be extended into the second half of the year. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-eu-ryanair-hldgs-idUKKBN1700JA'|'2017-03-29T14:27:00.000+03:00'
'8462eb4a8ce48c462e3549397aa6c80cbc1ec0c1'|'Ford warns Brexit deal must include tariff-free access to customs union'|'Wed Mar 29, 2017 - 10:44am BST Ford warns Brexit deal must include tariff-free access to customs union The logo of Ford is seen during the 87th International Motor Show at Palexpo in Geneva, Switzerland March 8, 2017. REUTERS/Arnd Wiegmann LONDON U.S. carmaker Ford ( F.N ) said on Wednesday that Britain must secure a Brexit deal which includes full tariff-free access to the entire customs union of European countries, not just the 27 other members of the European Union. Ford builds vans in Turkey, which is not part of the EU but is in the EU customs union. "Any deal must include securing tariff-free trade with the wider Customs Union and not just the EU27, whilst retaining access to the best talent and resources," a spokesman said ahead of the formal triggering of divorce talks. (Reporting by Costas Pitas; editing by Stephen Addison) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-eu-ford-idUKKBN17011M'|'2017-03-29T17:39:00.000+03:00'
'f08727c8c3217a10cf1ea67006c080ee4f5ff4c5'|'Flybe cuts capacity and costs due to weak demand, pricing pressure'|'  7:51am BST Flybe cuts capacity and costs due to weak demand, pricing pressure A Flybe aircraft taxis at Manchester Airport in Manchester, Britain June 28, 2016. REUTERS/Andrew Yates Airline Flybe Group Plc ( FLYB.L ) has reduced flying capacity and cut costs as weak demand, pricing pressures and poor weather conditions dented fourth-quarter revenue, it said on Wednesday. The British airline said it expects to report an adjusted loss before tax for the year ended 31 March 2017 due to a charge of 5-10 million pounds ($6.2-$12.4 million) for a systems upgrade. Estimated passenger revenue rose by 9.8 percent in the final quarter, compared with 13.5 percent in third quarter, Flybe said. "The period has been characterised by weak demand in an uncertain consumer environment, together with price competition arising from overcapacity amongst airlines and sharpened price activity from rail operators," Flybe said. Operational cancellations and industrial action mainly by French air traffic controllers also hit revenue, the company said. Flybe estimated slower year-on-year seat capacity growth of 10 percent for the fourth quarter from 12.7 percent in the third quarter. Load factor is estimated to fall by around 1.4 percentage points in the three months to March 31, an improvement on the 1.7 percentage point fall in the previous quarter. (Reporting by Arathy S Nair in Bengaluru,  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-flybe-group-outlook-idUKKBN1700KR'|'2017-03-29T14:51:00.000+03:00'
'8907353971ba2e92da0290e138919047c19073d9'|'Milestone Apartments REIT unitholders approve takeover by Starwood - sources'|'Deals  46pm EDT Milestone Apartments REIT unitholders approve takeover by Starwood: sources TORONTO Unitholders of Milestone Apartments Real Estate Investment Trust ( MST_u.TO ) have approved the takeover of the company by U.S. private investment firm Starwood Capital Group for about $1.3 billion, according to people familiar with the situation. The move comes after Starwood agreed with Milestone last week to a sweetened offer of $16.25 per Milestone unit. Milestone had initially, in January, agreed to be bought out by Starwood in an all-cash transaction. Close to 70 percent of Milestone unitholders who voted were in favor of the transaction, based on early voting figures, the people said, declining to be named as the matter is private. The transaction needed the approval of two-thirds of Milestone unitholders. Dallas-based Milestone declined comment. Milestone, which went public in Toronto in 2013, owns and manages apartment properties targeting blue-collar workers across the U.S. Southeast and Southwest. The news of the shareholder approval was first reported by Bloomberg. (Reporting by John Tilak; Editing by Himani Sarkar) Next In Deals Toshiba wants Westinghouse to file for bankruptcy as early as Tuesday: source TOKYO Toshiba Corp wants its U.S nuclear unit to file for Chapter 11 protection from creditors as early as Tuesday, according to a source with direct knowledge of the matter, seeking a quick ringfencing of losses before the Japanese parent''s financial year ends. BRUSSELS A "small handful" of companies may have given misleading information when they sought approval for their mergers, Europe''s competition commissioner said on Monday, putting the companies at risk of sanctions and fines should regulators find proof of wrongdoing. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-milestone-starwood-m-a-idUSKBN16Z0BK'|'2017-03-28T11:31:00.000+03:00'
'1fef6cdd00ea92dfbc48d888d75e9f4f6ab210ce'|'Total CEO says interested in Novatek''s LNG projects in Russia'|'Company News   7:05am EDT Total CEO says interested in Novatek''s LNG projects in Russia SABETTA, Yamal, Russia, March 30 The chief executive of French energy firm Total, Patrick Pouyanne, said on Thursday that his company was interested in future cooperation with Russia''s Novatek on projects involving liquefied natural gas. (Reporting by Olesya Astakhova; Writing by Maria Tsvetkova; Editing by Alexander Winning) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/novatek-lng-total-idUSR4N1G703N'|'2017-03-30T19:05:00.000+03:00'
'238adde3f96bf8859a335bdde12c6be67cee22eb'|'EU mergers and takeovers (March 30)'|'Company News  30am EDT EU mergers and takeovers (March 30) BRUSSELS, March 30 The following are mergers under review by the European Commission and a brief guide to the EU merger process: APPROVALS AND WITHDRAWALS -- Buyout firm Lone Star to acquire German building materials maker Xella from private equity firm PAI Partners and funds managed by Goldman Sachs'' investment arm (approved March 29) -- UK property developer Segro and Canada''s Public Sector Pension Investment Board to jointly acquire three logistics operations in Italy (approved March 29) -- French real estate asset management company Amundi Immobilier, which is part of French bank Credit Agricole , and French social protection services provider Malakoff Mederic to acquire joint control of German property developer TAS Kapstadtring (approved March 29) NEW LISTINGS -- Toyota Industries Europe to acquire Vive, the parent company of Dutch industrial company Vanderlande Industries Holding B.V (notified March 29/deadline May 10/simplified) EXTENSIONS AND OTHER CHANGES FIRST-STAGE REVIEWS BY DEADLINE MARCH 31 -- German synthetic rubber maker Lanxess AG to acquire U.S. specialty chemical company Chemtura (notified Feb. 24/deadline March 31) APRIL 4 -- U.S. computer and printer maker Hewlett Packard to acquire South Korean group Samsung Electronics'' printer business (notified Feb. 28/deadline April 4) APRIL 7 -- Engie Group French banking group BPCE to acquire a 49.9 percent stake in renewable energy companies LCS 4 and LCS (notified March 3/deadline April 7/simplified) -- Twenty-First Century Fox to acquire the rest of European pay-TV company Sky it does not own (notified March 3/deadline April 7) APRIL 10 -- Danish container shipping company Maersk to acquire German peer Hamburg Sud (notified Feb. 20/deadline extended to April 10 from March 27 after commitments submitted) APRIL 11 -- Private equity firm Partners Group to acquire European operator of clinical pathology laboratory operator Cerba Healthcare from PAI Partners (notified March 7/deadline April 11/simplified) APRIL 12 -- U.S. aircraft component maker Rockwell Collins to acquire aircraft interior maker B/E Aerospace (notified March 8/deadline April 12) -- U.S. car part supplier Lear to acquire Grupo Antolin''s automotive seating business (notified March 8/deadline April 12/simplified) -- Dutch insurer NN Group to acquire Dutch rival Group Delta Lloyd (notified Feb. 22/deadline extended to April 12 from March 29 after the Dutch competition regulator asked to examine the deal) -- Chinese state-owned company China National Chemical Corp (ChemChina) to acquire Swiss pesticides and seeds group Syngenta (notified Sept. 23/deadline extended to April 12) APRIL 18 -- Megatrend European Holdings, which is part of property investment company TH Real Estate, and German insurer Allianz to jointly acquire Finnish company NRF which owns Helsinki-based Kamppi Shopping Centre (notified March 9/deadline April 18) -- German cement producers Heidelbergcement and Schwenk to jointly acquire Mexican peer Cemex''s Croatian unit (notified Sept. 5/deadline extended to April 18 from March 23) APRIL 19 -- Private equity firm Advent International to acquire biometrics and security business Morpho from French aerospace group Safran (notified Feb. 24/deadline extended to April 19 from March 31 after the companies offered concessions) -- Private equity firm 3i, Dutch asset manager APG and Danish pension fund ATP to acquire a portfolio of European infrastructure companies from EISER (notified March 10/April 19/simplified) -- Britain''s Rolls-Royce to acquire the remaining 53.1 percent stake in Spanish aircraft engine and components maker Industria de Turbo Propulsores (ITP) (notified Feb. 24/deadline extended to April 19 from March 31 after the companies offered concessions) APRIL 21 -- French utility Engie to acquire UK property developer Keepmoat Regeneration HOldings (notified March 14/deadline April 21/simplified) APRIL 24 -- French media company Bollore to acquire control of French company Vivendi (notified March 15/deadline April 24) -- France''s Group Credit Mutuel and French bank BNP Paribas to set up a joint venture (notified March 15/deadline April 24) -- Bollore Energy, which is part of French group Bollore , and Total Marketing France, which is part of French energy company Total, to set up a joint venture (notified March 15/deadline April 24/simplified) APRIL 25 -- Private equity firm CVC to acquire Polish retailer Zabka Polska (notified March 16/deadline April 25/simplified) APRIL 26 -- Investment company Ardian to acquire majority of France''s Prosol, an operator of Grand Frais grocery stores (notified March 17/deadline April 26/simplified) -- Singapore-based tech communications company Broadcom AVGO.O to acquire U.S. networking switches and software maker Brocade (notified March 17/ deadline April 26) -- Swiss pharmaceutical supplier Lonza Group to acquire U.S. capsule maker Capsugel from private equity firm KKE & Co LP (notified March 17/deadline April 26) MAY 2 -- Italian energy company Duferco Energia to acquire a business unit from Italian electricity company Energhe S.p.A. (notified March 22/deadline May 2/simplified) MAY 4 -- Private investment firm KKR & Co. to acquire travel company Travelopia Holdings Ltd and Travelopia USA Inc. (notified March 24/ deadline May 4/simplified) MAY 5 -- Japan''s Panasonic Corporation to acquire Spanish auto parts maker Ficosa International (notified march 27/deadline May 5) -- Banking services platform Pillarstone to acquire holding company Famar which has activities in the pharmaceutical industry (notified March 27/deadline May 5/simplified) MAY 8 -- Swiss car importer Emil Frey France to acquire French car parts distributor PGA Group SAS from German carmaker Volkswagen Group (notified March 28/deadline May 8/simplified) MAY 12 -- U.S. chemicals group Riechhold and Black Diamond Capital to acquire Italian polymers maker Polynt which is owned by Italian private equity group Investindustrial (notified March 17/deadline May 12/commitments offered March 17) GUIDE TO EU MERGER PROCESS DEADLINES: The European Commission has 25 working days after a deal is filed for a first-stage review. It may extend that by 10 working days to 35 working days, to consider either a company''s proposed remedies or an EU member state''s request to handle the case. Most mergers win approval but occasionally the Commission opens a detailed second-stage investigation for up to 90 additional working days, which it may extend to 105 working days. SIMPLIFIED: Under the simplified procedure, the Commission announces the clearance of uncontroversial first-stage mergers without giving any reason for its decision. Cases may be reclassified as non-simplified - that is, ordinary first-stage reviews - until they are approved. (Reporting by Foo Yun Chee) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/eu-ma-idUSL5N1H75EA'|'2017-03-30T22:30:00.000+03:00'
'5bca877e9f74dcfa1e3c22fb393d410a0534ba22'|'Westinghouse set to win UK reactor approval'|'Business News   7:32am EDT Westinghouse set to win UK reactor approval The logo of the American company Westinghouse is pictured at the World Nuclear Exhibition 2014, the trade fair event for the global nuclear energy sector, in Le Bourget, near Paris October 14, 2014. REUTERS/Benoit Tessier By Susanna Twidale - LONDON LONDON Toshiba''s ( 6502.T ) Westinghouse, which filed for bankruptcy on Wednesday, is on track to win approval for its AP1000 reactor design by the end of March, Britain''s nuclear regulator said. The approval is necessary before the reactor can be used at NuGen''s Moorside new nuclear project in north west England, which could generate around 7 percent of Britain''s electricity. Westinghouse''s bankruptcy filing has raised questions over whether it will be able to complete capital intensive projects, although it does not affect Westinghouse''s operations in Asia, Europe, the Middle East and Africa, according to a company statement. "We are still expecting to close out the AP1000 GDA (Generic Design Assessment) by the end of the month, according to the long-standing timeline," a spokeswoman for Britain''s Office for Nuclear Regulation (ONR) said in an email on Thursday. All new nuclear plants in Britain need ONR approval through its GDA process, which typically takes around four years. Westinghouse''s AP1000 approval however, has taken much longer since assessment first began in 2007. It was paused by the ONR at the end of December 2011 while it asked for some design modifications, but was resumed in 2014. Britain needs to invest in new infrastructure to replace aging coal and nuclear plants set to close in the next decade, but has struggled to get large projects built, especially nuclear, due to the costs involved. EDF''s ( EDF.PA ) 18 billion pound ($22.5 billion) Hinkley Point C nuclear project in southwest England got the final go-ahead in 2016 after several years of delay, but only after securing backing from the French government. NuGen, a joint venture between Toshiba and French utility Engie ( ENGIE.PA ) has also come under doubt since Japan''s Toshiba said last month it planned to pull out of the construction work at the British plant after posting a $6.3 billion writedown on Westinghouse, which has been hit by billions of dollars in cost overruns at new nuclear plants. A spokesman for NuGen said it could not comment on specific financial issues relating directly to Toshiba or Westinghouse and that it will continue "business as usual" to gain the necessary permits and licenses to build the project. Britain''s GMB trade union has called on the government to offer reassurances that the project, which it says could provide thousands of jobs, will still go ahead. "The UK Government is committed to new nuclear," a spokeswoman for the Department for Business, Energy and Industrial Strategy said. "The UK is one of the most attractive countries to invest in new nuclear and we engage regularly with the developers of proposed new nuclear projects," she said. (Additional reporting by Nina Chestney; editing by Alexander Smith) Next In Business News Corporate America’s top shareholder referee gets tougher on activists NEW YORK Institutional Shareholder Services Inc, the world''s top proxy advisory firm, is making activist investors work harder than ever to earn its backing in corporate control battles in a shift being led by the new man in charge of its recommendations. TOKYO Toyota Motor Corp on Thursday said it was recalling a total of about 2.9 million vehicles in Japan, China, Oceania and other regions including its Corolla Axio sedan and RAV4 SUV crossover due to potentially faulty airbag inflators. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-toshiba-westinghouse-britain-idUSKBN1711E6'|'2017-03-30T19:32:00.000+03:00'
'e5131f4db4c036c845555d7d210ab76ef17d2484'|'Banks ready Brexit changes, but tell staff no panic'|' 50pm EDT Banks ready Brexit changes, but tell staff no panic By Steve Slater LONDON, March 29 (IFR) - Major banks said they won''t be rushing their decisions on footprint changes due to Britain''s exit from the European Union, but said some staff will inevitably have to move and some institutions are looking at buying property in other cities. Britain invoked Article 50 of the Lisbon Treaty on Wednesday, which started the two-year process of the country''s divorce from the EU. The move did not trigger a rush for banks to reveal their plans, but some updated staff on what was happening. "This is a complex process and we will not rush into any decisions," two of JP Morgan''s most senior executives told staff in a memo seen by IFR. "We have spent the last several months reviewing the many variables in this process - client needs, employee considerations, regulatory requirements, operational risks, our inventory of licences, political issues in the region and dozens of other factors," said the memo from Daniel Pinto, head of JP Morgan''s corporate and investment bank, and Mary Erdoes, head of asset and wealth management. JP Morgan warned before the Brexit vote it could move 4,000 of its 16,000 staff, potentially affecting staff in London and Bournemouth in the south of the country. "While our objective in the short term is to limit the number of staff moves, there will inevitably be some staff who will be asked to consider relocation," the US bank said in Wednesday''s memo. The memo said it had options across the EU in terms of where to move operations and legal entity structure even if Britain loses its ability to passport financial services into the EU. It will use its existing legal entity structure in the short term so it can immediately do business when Brexit occurs, and said it will continue to make adjustments as the two-year negotiation period proceeds. Goldman Sachs, another US bank with major European headquarters in London, told staff there would be a "considerable period of time" before the terms of Brexit become clear. "Only when these negotiations are complete will we be able to make long-term decisions with respect to our footprint," Goldman''s European CEO Richard Gnodde told staff ahead of Article 50 being triggered. Gnodde said the bank had been working to prepare for the range of outcomes and will need to take actions in the coming months to keep its options open. "We have a tightly defined team implementing these contingency plans which will involve upgrading various European locations, including acquiring additional real estate, securing access to market infrastructure and applying for additional licences to conduct business," Gnodde said. Gnodde said last week the first phase of those contingency plans was likely to involve "hundreds of people" rather than many more than that. HSBC, Europe''s biggest bank, told staff up to 1,000 London-based jobs that support activity in continental Europe may need to move, repeating previous guidance. It has said most of those will move to Paris, and will still leave the bank with 45,000 staff in the UK. It said it wanted "to ensure our colleagues working outside their home countries have certainty of residency as soon as possible" in the message to staff on Wednesday, seen by IFR. It added: "We are confident that HSBC''s strong position and subsidiary model in Europe will enable us to easily flex to serve our clients'' interests." About two-thirds of major financial firms with operations in Britain are yet to make any public statement about their plans for Brexit, however, according to a study. Consulting and advisory firm EY said 153 out of the biggest 222 firms with operations in Britain had not said anything about the impact Brexit could have on their domicile, operations or staff location. EY said 53 of the 222 firms are actively moving some staff or part of their operations out of the UK, or are reviewing their domicile as a result of Brexit. (Reporting by Steve Slater; Editing by Ian Edmondson)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/banks-ready-brexit-changes-but-tell-staf-idUSL5N1H665B'|'2017-03-30T00:50:00.000+03:00'
'59885b286e5cd9b36009e9012bf759fe82841d7d'|'Decades-old green power law is a fresh nuisance to U.S. utilities'|'Company News - Wed Mar 29, 2017 - 1:00am EDT Decades-old green power law is a fresh nuisance to U.S. utilities By Nichola Groom - March 29 March 29 In the last four years, North Carolina has become the second largest solar market in the United States, behind only California. It has installed more solar energy than Texas, which has nearly three times the population; more than Arizona, which has twice as many sunny days; and more than New York, which has far more aggressive renewable energy targets. North Carolina’s solar boom is rooted in a federal law enacted four decades ago – one that has only recently had much impact. The law is now emerging as a boon for many solar developers in select states, but a nuisance to many power companies, including North Carolina’s top utility, Duke Energy Corp . The federal Public Utility Regulatory Policies Act (PURPA), passed in 1978, requires utilities in many states to buy renewable power from small providers – provided they can sell it at a price comparable to power from fossil fuels, such as coal or natural gas. Because rates and contract terms are set by state utility regulators, that boom is focused on handful of markets - including North Carolina, South Carolina, Montana and Oregon. Sixty percent of the nation''s current PURPA projects are in North Carolina, where state rates and policies favor solar companies. Nationwide, about 28 percent of U.S. solar projects in development will benefit from PURPA mandates that utilities buy their power, according to industry research firm GTM Research. For decades, PURPA was essentially irrelevant to the wind and solar industries because their technologies cost far more than power from fossil fuels. But the last decade has brought sharp declines in the cost of solar and wind power, encouraging a surge of renewable power projects from developers who can count on legally mandated contracts with utilities. “It’s been really important,” said Ben Van de Bunt, Chairman of Cypress Creek Renewables LLC, which has developed more solar projects under PURPA than any other company. UTILITIES LOSE CONTROL, PROFITS Utilities aren’t pleased with the development. They say PURPA is upending their ability to plan, control and profit from new electricity generation being added to their territories. In North Carolina, Duke Energy wants to slow down the breakneck solar expansion. On sunny days, the utility now has more solar power in some places than the grid needs, overwhelming some circuits and threatening reliability, the company said. The state’s terms for PURPA contracts, Duke said, require it to pay far more for solar energy than if contracts were let competitively. Duke reported in a state filing that it is paying between $55 and $85 per megawatt-hour for the solar energy it must buy under PURPA. A typical solar contract in the United States falls between $35 and $50, according to GTM Research. “There is a better way to be proactive in figuring out where to put solar, and better pricing for our customers,” said Rob Caldwell, Duke’s president of renewable energy. REGULATORY BATTLE GROUND Duke is now seeking approval from the North Carolina Utilities Commission for shorter-term contracts with solar providers and lower prices for mandated power purchases under PURPA. Both moves would give solar developers less incentive to build new projects in the state. The NCUC declined to comment, saying it cannot publicly discuss matters pending before the commission. In other states, including Idaho, Oregon, Utah and Montana, utilities such as NorthWestern Corp and Berkshire Hathaway Inc''s Pacificorp have made similar pleas for relief in reaction to an influx of requests from solar and wind companies to connect projects to their grids. Solar advocates argue that slashing contract terms to five years from the current 15 years, as Duke has requested, would eliminate the long-term predictability investors need to finance renewable energy projects. They contend that would undermine clean power development just as PURPA has begun to have the effect its drafters originally intended. "It wasn''t a problem until it worked," said Adam Browning, executive director of the advocacy group Vote Solar, which has lobbied to preserve PURPA contract terms in several states. The battle in North Carolina will be hard fought because the state has led the way nationally for solar development under PURPA. Solar power now accounts for about 3 percent of the state''s electricity, compared with less than 1 percent nationwide. About 95 percent of the North Carolina''s solar projects were developed under PURPA. Duke has sparred with the solar industry before. Two years ago, solar companies objected when Duke requested shorter contract terms and limitations on the size of projects that would qualify for its standard contract. The state utilities commission denied Duke’s request. ONE FIRM’S SOLAR BOOM North Carolina’s boom in PURPA solar projects has been particularly good for one developer - California-based Cypress Creek. The company started doing business in North Carolina in 2014, buying cheap land close to the grid from farmers and then building projects for a captive customer, Duke. The company owns about a quarter of the state’s solar installations, and has another 2.2 GW in the works. In January, Cypress filed a complaint with the state utility commission after Duke slashed its contract term for larger PURPA projects to 5 years. That dispute is unresolved, and Duke is separately seeking regulatory approval to lower the fixed contract price for smaller projects. In a January filing, the NCUC said it would consider whether current economic conditions for utilities justify changes in rates and PURPA implementation. Cypress Creek’s Van de Bunt says the battle in North Carolina is critical. "Duke has an extraordinary amount of power in North Carolina,” he said in an interview. “If they continue down a path to making solar development difficult to finance, we''ll have a smaller path in North Carolina.” In another debate that could roll back gains for solar companies, Duke is also working with state lawmakers to introduce a competitive process for purchasing solar power. Duke says it is committed to solar energy production, but will continue pushing for more control over project locations, power prices and the amount of solar needed overall for the grid. "We''ve been growing and growing," said Rob Caldwell, president of renewable power at Duke. "Let''s declare success, but let''s find a more sustainable, balanced approach going forward." (Reporting by Nichola Groom) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-solar-law-idUSL2N1H51R9'|'2017-03-29T13:00:00.000+03:00'
'616740d922dfae47380126c87b0fb070581beeb2'|'Mitsubishi UFJ optimistic on Saudi project finance, Aramco IPO role'|'Business  56am EDT Mitsubishi UFJ optimistic on Saudi project finance, Aramco IPO role People are reflected in the logo of Mitsubishi UFJ Financial Group''s bank of Tokyo-Mitsubishi UFJ (MUFG) in Tokyo, Japan, May 16, 2016. REUTERS/Thomas Peter By Tom Arnold and Saeed Azhar - DUBAI DUBAI Mitsubishi UFJ Financial Group ( 8306.T ) (MUFG) expects double-digit growth in its project finance business in the Middle East in 2017, driven partly by Saudi Arabia''s efforts to reduce its dependence on oil, the bank''s co-head in the region Elyas Algaseer said. Saudi Arabia''s push to diversify its economy under its National Transformation Plan provides a big opportunity for international banks, as well as the privatization of state-controlled enterprises such as Saudi Aramco''s [IPO-ARMO.SE]planned initial public offering. MUFG, which is ranked as one of the leading project finance lenders globally and in the region, is working with clients in the Middle East including Saudi Aramco, Acwa Power IPO-ACWA.SE and Mubadala Development [MUDEV.UL], Algaseer said. MUFG was expecting around $350 billion in project finance opportunities in Saudi Arabia by 2022 and more across the region in areas such as power, alternative energy, health and education, Algaseer said. "In this part of the world, they do have good liquidity reserves and good underground energy reserves and a good need to shift from relying on oil, so if these come through we should be on a lot of these deals because of our credentials and because of our know how," he said in an interview. Algaseer said there were also a lot more openings from privatizations in the country, estimating that there would be $300 billion in such opportunities by 2022. Saudi Arabia already has plans to list up to 5 percent of oil company Saudi Aramco that could raise as much as $100 billion via a listing in Riyadh and one or more international markets. Japan''s Prime Minister Shinzo Abe this month asked Saudi Arabia''s King Salman to support a listing of Aramco''s shares in Tokyo. Other markets, including New York, London, Hong Kong, Singapore and Toronto, are also vying for a role. "I won''t say it''s [a Tokyo listing] a high possibility but it''s not impossible," Algaseer said. He also said that the large size of the sale meant it would be hard for only two centers to manage it. "If they do go to Japan they will definitely consider to have MUFG to launch it and if they go somewhere else there''s a good possibility to let MUFG and its partner Morgan Stanley ( MS.N ) to launch it." Morgan Stanley and MUFG have several partnerships, stemming from a $9 billion investment MUFG provided the Wall Street bank at the height of the financial crisis. MUFG now owns 23.2 percent of Morgan Stanley, making it the bank''s largest shareholder, according to Thomson Reuters data. MUFG''s banking subsidiary, The Bank of Tokyo-Mitsubishi UFJ, expects to open its first branch in Saudi Arabia in 2018 after becoming the first Japanese bank to receive a license in the kingdom late last year, he said. (Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-mufg-middle-east-growth-idUSKBN17019Q'|'2017-03-29T18:52:00.000+03:00'
'c3a6361b1d66bf7eb5a8dbef5790a9cb47eba097'|'Sensex falls on profit-taking; set for best quarter in nearly three years'|'Top  19pm IST Sensex falls on profit-taking; set for best quarter in nearly three years A man looks at a screen across the road displaying the Sensex on the facade of the Bombay Stock Exchange (BSE) building in Mumbai February 17, 2014. REUTERS/Danish Siddiqui/File Photo By Aby Jose Koilparambil Indian shares fell on Friday as investors booked profits in recent outperformers, but were poised for a third straight gain on month fuelled by a crucial victory for India''s ruling party in a key state election and big foreign inflows into markets. The Nifty was down 0.2 percent at 9,153.35 as of 0618 GMT, while the benchmark Sensex was 0.3 percent lower at 29,562.59. The Nifty has however advanced 3.1 percent this month after hitting a record high of 9,218.40 on March 17, spurred by Prime Minister Narendra Modi''s win in the key state of Uttar Pradesh and net foreign inflows of $4.67 billion into equity markets as of March 30. For the quarter, the Nifty rose 11.9 percent, its best performance since the April-June quarter of 2014 when Modi was elected to power. In the 2016/17 fiscal year so far, the NSE has surged 18.5 percent, rebounding from an 8.9 percent fall in the previous financial year. Analysts say they expect markets to take a breather in the short-term as investors brace for corporate results starting mid-April. "There could me some more profit-booking happening in the market. Next week could see some breather in terms of FII (foreign institutional investor) inflows as well as caution ahead of earnings season and monsoon data," said Siddhartha Khemka, head of research at Centrum Wealth. On Friday, private lender HDFC Bank was trading 1.7 percent lower, sliding for the first time in four sessions and the top percentage loser among financial stocks on the index. The Nifty Bank index, which ended Thursday at a record closing high, and the Nifty Finance index each fell as much as 0.7 percent. Bharti Infratel, which has gained 4.6 percent so far in the week after it sold about 22 percent stake, was down 3.5 percent, the top percentage loser on the index. Education services provider CL Educate slumped on market debut, falling as much as 21 percent from its IPO price of 502 rupees. Indian Oil Corp Ltd, which was included in the Nifty on Friday along with Indiabulls Housing Finance Ltd, was the top percentage gainer, rising as much as 3.70 percent. (Reporting by Aby Jose Koilparambil in Bengal; Editing by Biju Dwarakanathuru) Next In Top News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-stocks-sensex-nifty-idINKBN1720NJ'|'2017-03-31T14:49:00.000+03:00'
'328d7a146190a09f4879e3d9fe314a63ceb5dedd'|'Lux in flux: Luxury-goods companies are belatedly trying to go digital'|'IT TAKES at least a month to wash, comb, spin and otherwise prepare fine mohair to become cloth that is stitched into suits by Ermenegildo Zegna, a 107-year-old Italian brand. In Trivero, an Alpine village west of Milan, 150 artisans in an elegant factory work at carding, dying, weaving and warping. As looms rattle, bespectacled women stretch cloth over illuminated screens and check for imperfections. Others use a rack crammed with dried Spanish thistles to remove excess hair from fabric.Zegna, run by its fourth generation of family owners, is distinctive in many ways. Big corporate successes are rare in Italy, which tends to nurture smaller firms. Sales from Zegna’s 500-odd shops worldwide, plus earnings from selling to other producers, amount to an annual €1.2bn ($1.3bn) or so. It controls its entire supply chain, which is unusual even in an industry that cherishes raw materials. Three years ago it bought a 6,300-acre farm with 10,000 sheep in Australia. A spokeswoman brags that vertical integration at Zegna runs “from sheep to shop”.Latest updates South Africa’s president sacks the finance minister in a cabinet reshuffle Middle East and Africa an hour ago South Korea’s ex-president is arrested on charges of bribery and abuse of power Asia 4 hours ago A   4 hours ago The   6 hours ago Democrats   17   19   The company is also unusual because it has stayed independent of the few swaggering giants that bestride the luxury-goods world, of which the biggest is LVMH, Bernard Arnault’s 30-year-old conglomerate; it incorporates Louis Vuitton, Dior and many other brands. Other groups include Kering, also based in Paris and the owner of Gucci, and Richemont, a Swiss specialist in watches and jewellery. (The luxury sector is also replete with minnows, of course—single brands with revenues of just a few hundred million euros, such as Versace and Missoni.)But in other ways, Zegna is typical of the luxury business. European manufacturers dominate this €250bn industry, accounting for around 70% of production. And Zegna’s past growth and present challenges are shared by firms of all sizes.Luxury firms have prospered in the past by forging into new markets: first Japan, then America, then China, notes Armando Branchini of the European luxury-brands association in Milan. Jean-Christophe Babin, the boss of Bulgari, an Italian jeweller, says it was the spread of high-end, beautiful malls in Asia that did most for growth. In particular, status-hungry Chinese consumers propelled luxury’s recent long expansion. Olivier Abtan of the Boston Consulting Group in Paris describes ever-richer Chinese consumers, with an utter “lack of inhibition” in displaying their wealth, as the best possible boost that the luxury industry could imagine.The boss of one of the conglomerates recalls how difficult it was to balance rapid expansion of his brands against losing a perception of exclusivity. He resolved the dilemma by taking the theory of the “Veblen good”—one for which demand soars as it becomes more expensive—to an extreme, slapping ever-larger price tags on the firm’s posh handbags and other items.This Chinese boom is over. In the past four years Xi Jinping, China’s authoritarian leader, has cracked down on political rivals suspected of corruption, discouraged ostentatious displays of wealth and turned Chinese tourists off shopping abroad by levying heavier duties on those who return with armfuls of Hermès bags.Worse, because it could be a permanent shift, firms report changing tastes among Chinese consumers. They have been shunning big, shiny logos and—like Western shoppers—are now mixing cheap fast-fashion items with fewer luxury pieces. Last year, estimates suggest, China’s huge luxury market shrank (see chart).Solid economic growth in America in the past few years has helped sustain sales: stockmarkets and appetite for luxury goods reliably rise in step. Some retailers do report a recent uptick in Chinese demand over the past six months. Yet no one expects a return to the glory days. Terrorist attacks in Europe, slower growth in air traffic and lower spending in the region’s airports are also hurting luxury sales. The watch business has been particularly hard hit (see article ). In Milan the chairman of a famous Italian fashion brand warns of saturated markets. Adding new shops in China is not viable, he says, when “you already have 200 retailers selling every sort of luxury item”. He expects this year to be much like 2016—flat.Mr Abtan foresees years of modest global growth, perhaps of around 3%. A spokesman at Gucci says that the overall market is growing at “perhaps 1-2%, so the pie is not getting bigger”. The challenge at Gucci, he adds, is to achieve more “sales density” from existing shops.Which kind of firm is best placed to deal with slower growth: giants, minnows or medium-sized firms like Zegna? The advantages of being a conglomerate in luxury include having more muscle to secure brands favoured spots and lower rents inside shopping malls. Luxury groups can also multiply the effect of their marketing and share back-office services.A new argument for independent firms such as Hermès or Prada to join the big groups is the imperative to go digital. Luxury firms were slow to adopt sophisticated digital strategies so long as the going was easy. Only 8% of total personal luxury-goods sales take place online, compared with 16% for the rest of retail (excluding items such as petrol and groceries). But now the industry wants that to change.Michele Norsa, a former boss of Salvatore Ferragamo, an Italian maker of shoes, notes that new online habits are being led by young consumers who account for a growing share of luxury spending. Online markets have appeared for second-hand sales; fancy frocks can be hired for a few nights from websites such as Rent the Runway. The big firms are thinking of how to profit from such new markets—something that small firms might struggle to do.An Italian lawyer who has been involved in several big deals in the luxury sector expects more consolidation, and not only because the industry is slowing. In the online world, firms especially crave fine-grained data about the most attractive customers—for example, on the “super spenders”, the minority of the ultra-wealthy who account for an outsized share of total spending.Until now, brands within groups have jealously guarded customer information from each other. But conglomerates may start sharing. Next month LVMH will launch a common digital platform for its brands that will yield new sorts of data. It will compete with rival luxury sites such as Net-a-Porter, and promote the idea of “omnichannel” shopping (combining online and in-store purchases). A decade ago established brands “didn’t see online platforms as even compatible with luxury products,” says José Neves, the founder of Farfetch, an online seller of luxury goods. Now they see that having their own online presence is essential, he says.Mr Abtan of BCG says the big groups are probably best placed to go down such digital avenues. They can invest and buy expertise to push traffic from websites to shops. Firms of Zegna’s size also need to bring in skills and should be able to afford it. But the minnows may struggle. The next challenge for luxury-goods firms will be about more than controlling supply chains and colonising posh malls. They will have to understand as much as they can about consumers and their digital habits. From “sheep to screen” will soon matter at least as much as “sheep to shop”.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21719839-bonanza-spread-high-end-shopping-malls-across-asia-largely-over-luxury-goods?fsrc=rss'|'2017-04-01T08:00:00.000+03:00'
'c30605d50976c35c565556cf017f2dce5f574016'|'India''s fiscal deficit above 2016/17 target in 11 months to Feb'|'Economic   3:58pm IST India''s fiscal deficit above 2016/17 target in 11 months to Feb FILE PHOTO: A cashier displays the new 2000 Indian rupee banknotes inside a bank in Jammu, November 15, 2016. REUTERS/Mukesh Gupta/File photo NEW DELHI India''s fiscal deficit in the first 11 months to February was 6.06 trillion rupees ($93.40 billion), or 113.4 percent of the budgeted target for the fiscal year ending in March 2017, government data showed on Friday. The fiscal deficit was 107.1 percent of the full-year target during the same period a year ago. Net tax receipts in the first 11 months of the 2016/17 fiscal year were 8.85 trillion rupees, the data showed. The government''s tax receipts usually surge in the last month of the fiscal year, helping it meet the budgeted full-year fiscal deficit target. New Delhi last month reiterated that it would meet the 2016/17 fiscal deficit target of 3.5 percent of gross domestic product. ($1 = 64.8850 Indian rupees) (Reporting by Rajesh Kumar Singh; Editing by Subhranshu Sahu) Next In Economic News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-budget-deficit-idINKBN17219W'|'2017-03-31T18:28:00.000+03:00'
'c6cd643325ca9722b468679a3046dfce5381d99c'|'Asia shares creep up to near 2-year peak, dollar firms'|' 30am IST Asia shares creep up to near two-year peak, dollar firms A woman walks past electronic board showing stock prices and Japanese Yen''s exchange rate outside a brokerage at a business district in Tokyo, Japan, January 23, 2017. REUTERS/Kim Kyung-Hoon TOKYO Asian shares edged up to near their highest in two years on Thursday, while the dollar benefited from waning expectations that the European Central Bank was poised to end its easy policy. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was 0.2 percent higher in early trade, pushing against its loftiest levels since June 2015. Japan''s Nikkei stock index .N225 was down 0.2 percent, while Australian shares firmed, helped by gains in oil prices. Strong energy shares had helped the U.S. S&P 500 .SPX end higher overnight. The dollar index, which tracks the U.S. currency against a basket of six major rivals, was steady on the day at 100.030 .DXY. It was lifted to a one-week high overnight as the euro slipped on concerns about the impact of Brexit as well as news that European Central Bank policymakers are keen to reassure investors that their easy-money policy is far from ending. The euro was down 0.1 percent at $1.0752 EUR= , after Reuters reported ECB policymakers were wary of changing their policy message after tweaks this month upset investors and raised chances of a surge in borrowing costs. Prime Minister Theresa May formally began Britain''s exit from the European Union on Wednesday, launching a two-year negotiation process before the divorce comes into effect in late March 2019. Sterling edged up slightly on the day to $1.2439 GBP= after skidding to a one-week low of $1.2377 overnight. "Brexit, to some extent, has been covered in the market already. People went short, covered, and went short again," said Kaneo Ogino, director at foreign exchange research firm Global-info Co in Tokyo. "As for the dollar, demand is still steady from pure commercial orders, but the Japanese fiscal year ends this week and Tokyo investors don''t want to take new positions," Ogino said. Against the yen, the dollar added 0.2 percent to 111.25 JPY= , well above this week''s low of 110.110, its lowest since Nov. 18, in the wake of last week''s failure to pass a U.S. healthcare reform bill. That had raised fears that President Donald Trump might face challenges in getting his promised stimulus and tax reform policies passed as well, which pressured the greenback. But underpinning the dollar, Chicago Federal Reserve President Charles Evans, a voter on the policy-setting Federal Open Market Committee, said on Wednesday he supports further interest rate hikes this year given progress on the Fed''s goals of full employment and stable inflation. Comments from Boston Fed President Eric Rosengren and San Francisco Fed President John Williams also backed multiple rate hikes, though those officials are non-FOMC voters. U.S.   0.1 percent at $49.56 a barrel in early Asian trading, while Brent crude futures LCOc1 were steady at $52.42 after adding 2.1 percent on Wednesday. Oil prices surged on Wednesday as   grew less than expected, supply disruptions continued in Libya and the OPEC-led output cut looked likely to be extended. [O/R] (Reporting by Tokyo markets team; Editing by Eric Meijer)  '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-global-markets-idINKBN17103R'|'2017-03-30T08:58:00.000+03:00'
'7e6091d81fc7a9f2a35c9550d69c4ee43bb91dd7'|'Italy privatisation drive peters out as 2018 election moves closer'|'Business News - Thu Mar 30, 2017 - 2:03am IST Italy privatization drive peters out as 2018 election moves closer FILE PHOTO: A general view of the lower house of the parliament in Rome, Italy April 22, 2013. REUTERS/Tony Gentile/File Photo By Gavin Jones - ROME ROME Italy''s commitment to selling off public assets is petering out as politicians look ahead to elections early next year, making it harder to cut the country''s huge public debt and leaving it vulnerable to any rise in interest rates. In late 2015, then-Prime Minister Matteo Renzi said the debt would come down the following year for the first time in eight years, thanks partly to privatizations worth 0.5 percent of gross domestic product. In the end, the state managed to sell less than a fifth of its targeted amount and the national debt rose to a new high of almost 133 percent of gross domestic product, the highest ratio in the euro zone after Greece. Renzi confirmed the same privatization target for this year before he resigned in December after Italians rejected his planned constitutional reform in a referendum, but the prospects for selling state assets have continued to dwindle. With the ruling Democratic Party (PD) embroiled in a bruising leadership battle and elections slated for early 2018, senior PD members including Renzi himself have recently voiced doubts about whether privatizations are a good idea after all. "As elections come into sight, privatizations don''t seem to be the government''s focus," said Gianluigi Mandruzzato, head of economic analysis at BSI, part of the EFG investment bank group. The most appetizing items on the government''s slate are the state railway company, which is wholly state owned, and the post office, of which 65 percent remains in public hands after a first tranche was sold in 2015. But it failed to follow up with the sale of a planned second tranche of the post office in 2016, citing unfavorable market conditions. While the market picture has improved, with the Milan bourse up 5.5 percent this year after falling about 10 percent in 2016, the political will seems to have disappeared. Infrastructure Minister Graziano Delrio recently admitted to "problems" in selling the railways and Antonello Giacomelli, a junior industry minister, warned of the "dangers" of letting the post office fall into the hands of "foreign investment banks" which could close branches and cut staff. "Politics has taken precedence over economic concerns and there are no privatizations on the horizon now," said Stefano Micossi, an economics professor and director general of Assonime, the association of Italy''s listed companies. "They are unpopular with the unions and politicians who see state companies as a source of jobs and favours to hand out," he added. "There is enormous resistance from the PD and also inside the government." The Post Office, whose top management was changed by the Treasury this month, declined to comment on whether privatization would go ahead this year. The state railways is supposed to spin off its high speed and long distance train businesses by July with a view to selling them by the end of the year, but has still not named the advisers for the spin-off. The company said the privatization required government legislation, which it was discussing with relevant ministers. RISING BOND YIELDS From a numerical point of view, the targeted privatization revenues can only marginally chip away at the public debt, which the European Commission forecasts will reach a new record high this year. Mandruzzato said the drift in the privatization target was "not good news in terms of commitment and credibility." Italy has the most sluggish growth in the 19-nation euro zone and an unstable political outlook, and it has repeatedly backslid on promised deficit cuts. The result is that markets have become increasingly leery of its government bonds. The spread between Italian benchmark bond yields and their safer German equivalent has risen to almost 2 percentage points from 1 percentage point a year ago, and the rise would have been far steeper without the support of the European Central Bank. Under its "quantitative easing" program the ECB has been buying several billion euros of Italian bonds every month. After it cuts back on these purchases, as it is set to do next month, some analysts say the issue of Italy''s debt sustainability may resurface and its yields could surge as they did in 2011 and 2012 at the height of the euro zone debt crisis. Mandruzzato said the trigger for a sudden market sell-off is often unexpected and in Italy''s case there are "a lot of potential candidates." One could be a ratings downgrade, as it was when Standard & Poors cut Italy''s sovereign rating in September 2011. Both Fitch and Moody''s currently have a negative outlook on Italy, meaning a downgrade could be in the pipeline. (Additional reporting by Giuseppe Fonte, Massimiliano Di Giorgio and Francesca Landini; Editing by Hugh Lawson) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-italy-privatisation-analysis-idINKBN1702Y9'|'2017-03-30T04:11:00.000+03:00'
'e2b55a8d13b5ca6ae752bbc95d64014689b7c40e'|'Deutsche Boerse, LSE merger plans rejected by EU regulators'|'Business News - Wed Mar 29, 2017 - 10:19am BST Deutsche Boerse, LSE merger plans rejected by EU regulators left right European Competition Commissioner Margrethe Vestager holds a news conference at the EU Commission''s headquarters in Brussels, Belgium March 13, 2017. REUTERS/Francois Lenoir 1/3 left right A woman walks past the London Stock Exchange building in the City of London, Britain, January 16 , 2017. REUTERS/Toby Melville 2/3 left right The plaque of the Deutsche Boerse AG is pictured at the entrance of the Frankfurt stock exchange February 1, 2012. REUTERS/Alex Domanski/File Photo 3/3 By Foo Yun Chee - BRUSSELS BRUSSELS EU antitrust regulators vetoed the proposed 29-billion-euro(25.16 billion pounds) merger of Deutsche Boerse and the London Stock Exchange on Thursday, derailing the companies'' latest attempt to create Europe''s biggest stock exchange. The European Commission said the fifth attempt, three public and two informal, by the companies to merge would have created a de facto monopoly in the markets for clearing fixed income instruments. The EU antitrust enforcer said the exchanges did not offer sufficient concessions to allay its concerns. "As the parties failed to offer the remedies required to address our competition concerns, the Commission has decided to prohibit the merger," European Competition Commissioner Margrethe Vestager said in a statement. The Commission said it could not determine whether LSE''s offer to sell the Paris arm of its clearing house LCH.Clearnet to rival Euronext would have created a viable competitor in fixed income clearing. However selling LSE'' MTS Italian trading platform would have removed its concerns. LSE, however, declined to do so. The EU rejection comes on the day the British government kicks off the process for exiting the European Union. The deal''s failure also comes as U.S. and Asian rivals flex their muscles and expand their market presence. The planned deal has been plagued by problems since Britain voted to leave the EU last June, among them a demand from German financial regulators that the head office of the merged entity be based in Frankfurt rather than London. (Reporting by Foo Yun Chee; editing by Robert-Jan Bartunek/Philip Blenkinsop) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-lse-m-a-deutsche-boerse-eu-idUKKBN1700XB'|'2017-03-29T17:19:00.000+03:00'
'44ce123f325b325db734d8bff0eb42e1bcb7b5f3'|'UPDATE 1-BlackRock cuts fees, jobs; stockpicking goes high-tech'|'(Adds context, details)By Trevor HunnicuttNEW YORK, March 28 BlackRock Inc on Tuesday said it would overhaul its actively managed equities business, cutting jobs, dropping fees and relying more on computers to pick stocks in a move that highlights how difficult it has become for humans to beat the market.The world''s biggest money manager has faced active stock fund withdrawals and the revamp is its biggest attempt yet to engineer a turnaround.Last May, BlackRock said it had recruited Mark Wiseman, the head of Canada''s biggest public pension fund, to oversee the stockpicking operations after he revamped that fund''s operations to embrace data-mining and other technological approaches to investing.BlackRock is rebranding or adjusting investment strategies on about 11 percent of its $275 billion active stock fund business, putting a greater emphasis on technology-driven investing approaches in the largest set of sweeping changes for the business since the transformational mergers that allowed it to grow to manage more than $5 trillion in assets.Among the changes, BlackRock is removing some seven traditionalist "Fundamental" portfolio managers from their current assignments, according to a source familiar with the matter. It was not immediately clear how many additional jobs would be affected by the changes.The company will also cut fees on some products that are being rebranded as an "Advantage" series of lower-cost active funds.Planned fee cuts on that group of funds and its "Income" products will slice about $30 million of BlackRock''s revenue, and the company will take a $25 million charge this quarter to reflect severance and other compensation expenses.The company said it will also expand its investments in data-mining techniques that it said can improve investment performance. Other funds are being refocused to take "high-conviction" bets on stocks.Active stock managers in the United States have been smacked with withdrawals in recent years as investors increasingly fled to lower-cost products, including index-tracking exchange-traded funds, some of which charge as little as $3 annually for every $10,000 they manage, while the average charged by U.S. stock mutual fund managers is $131, according to data for 2015 from the Investment Company Institute trade group.An industry bellwether, New York-based BlackRock also owns one of the most prized businesses in asset management, its iShares ETF franchise purchased from Barclays in 2009. Much of the company''s active stock franchise is from its 2006 acquisition of Merrill Lynch Investment Managers.The latest changes mark the latest of several attempts by BlackRock to boost an active fund business that represents a nearly a third of its assets but an outsized near-50 percent of its fees.BlackRock CEO Larry Fink has sometimes expressed disappointment in the performance of the company''s actively managed stock funds, and he has pivoted increasingly to focusing on the company''s data-driven "Scientific" equity teams."It seems like the Vanguard approach to active equity management," said Jason Kephart, senior analyst at Morningstar Inc, referring to the giant BlackRock rival that aggressively cuts fees and has also invested in tech-driven investment styles."The easiest way to make an active strategy more attractive is just to charge less for it."BlackRock''s equity overhaul also invites comparisons to that of another major asset firm rival, Pacific Investment Management Co. In 2015, Pimco''s equity chief left and the Newport Beach, Calif firm liquidated two of its equity strategies after spending years attempting to diversify its investor base to include those buying equity products. (Reporting by Trevor Hunnicutt; Editing by James Dalgleish and Jennifer Ablan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/blackrock-funds-idINL2N1H523B'|'2017-03-28T20:44:00.000+03:00'
'a10965d816755503ac5f6f9641a809cf3323bc48'|'Toshiba approves Chapter 11 filing for nuclear unit Westinghouse - Nikkei'|'  Toshiba approves Chapter 11 filing for nuclear unit Westinghouse: Nikkei left right The Vogtle Unit 3 and 4 site, being constructed by primary contactor Westinghouse, a business unit of Toshiba, near Waynesboro, Georgia, U.S. is seen in an aerial photo taken February 2017. Georgia Power/Handout via REUTERS 1/4 left right The Vogtle Unit 3, being constructed by primary contactor Westinghouse, a business unit of Toshiba, near Waynesboro, Georgia, U.S. is seen in an aerial photo taken March 2017. Georgia Power/Handout via REUTERS 2/4 left right The Voglte Unit 3 nuclear island and turbine building are seen during their construction by primary contactor Westinghouse, a business unit of Toshiba, near Waynesboro, Georgia, U.S. in an undated handout photo. Georgia Power/Handout via REUTERS 3/4 left right The logo of Toshiba Corp is seen at its headquarters in Tokyo, Japan January 23, 2017. REUTERS/Toru Hanai 4/4 TOKYO The board of Japan''s Toshiba Corp ( 6502.T ) has approved a Chapter 11 filing for its U.S. nuclear unit Westinghouse, the Nikkei business daily reported on Wednesday. A Toshiba spokeswoman said the company cannot comment on issues discussed at its board meetings. (Reporting by Makiko Yamazaki; Editing by Edwina Gibbs)      '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-toshiba-accounting-board-idUKKBN17006K'|'2017-03-29T10:03:00.000+03:00'
'ce3393414918d91e8c36fb616e0c76e53aead610'|'CANADA STOCKS-TSX futures down as oil prices slip'|' 46am EDT CANADA STOCKS-TSX futures down as oil prices slip March 30 Stock futures pointed to a lower opening for Canada''s main stock index on Thursday following a dip in oil prices as bloated U.S. inventories limited the impact of supply disruption in Libya. June futures on the S&P TSX index were down 0.17 percent at 7:15 a.m. ET. Canada producer prices, scheduled for release at 8:30 a.m. ET, likely rose 0.3 percent in February, after recording 0.4 percent rise in the prior month. The Toronto Stock Exchange''s S&P/TSX composite index rose modestly on Wednesday as a more than 2 percent increase in oil prices boosted shares of energy and resource companies. Dow Jones Industrial Average e-mini futures were down 0.13 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were down 0.13 percent and Nasdaq 100 e-mini futures were down 0.11 percent. (Morning News Call newsletter here ; The Day Ahead newsletter here ) TOP STORIES ConocoPhillips on Wednesday agreed to sell oil sands and western Canadian natural gas assets to Cenovus Energy Inc for C$17.7 billion ($13.3 billion), making it the latest international oil major to pull back from a region where high costs and low crude prices have made it hard for large companies to make an acceptable return. Billionaire hedge fund manager William Ackman has apologized to clients for betting on Valeant Pharmaceuticals International Inc, telling them he was "deeply and profoundly sorry" for losing so much of their money on the investment. ANALYST RESEARCH HIGHLIGHTS AGF Management Ltd: Desjardins raises target price to C$7; rating "buy" Black Diamond Group Ltd: RBC starts coverage with "sector perform", C$4.25 target price Redknee Solutions Inc: RBC cuts target price to C$1 from C$1.75 COMMODITIES AT 7:15 a.m. ET Gold futures: $1250.2; -0.28 percent US crude: $49.41; -0.2 percent Brent crude: $52.16; -0.5 percent LME 3-month copper: $5876; -0.52 percent U.S. ECONOMIC DATA DUE ON THURSDAY 08:30 Corporate Profits Preliminary for Q4: Prior 6.7 pct 08:30 GDP final for Q4: Expected 2.0 pct; Prior 1.9 pct 08:30 GDP sales final for Q4: Expected 1.0 pct; Prior 0.9 pct 08:30 GDP consumption spending final for Q4: Prior 3.0 pct 08:30 GDP deflator final for Q4: Expected 2.0 pct; Prior 2.0 pct 08:30 Core PCE prices final for Q4: Expected 1.2 pct; Prior 1.2 pct 08:30 PCE prices final for Q4: Expected 2.1 pct; Prior 1.9 pct 08:30 Initial jobless claims: Expected 248,000; Prior 261,000 08:30 Jobless claims 4-week average: Prior 246,500 08:30 Continued jobless claims: Expected 2.020 mln; Prior 1.990 mln FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report Reuters global stocks poll for Canada Canadian markets directory ($1= C$1.33) (Reporting by Nikhil Kumar in Bengaluru; Editing by Saumyadeb Chakrabarty)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL3N1H741U'|'2017-03-30T19:46:00.000+03:00'
'adf60ed71765c72b0afe071838d1a3a2fc8a1459'|'Coty says not against online sales, wants to protect luxury brands'|'Technology News  36am EDT Coty says not against online sales, wants to protect luxury brands By Foo Yun Chee - LUXEMBOURG LUXEMBOURG German beauty products maker Coty rejected claims that its distribution policies imply a blanket ban on online sales, arguing that its main concern was to safeguard the cachet of its luxury brands such as Marc Jacobs, Calvin Klein and Chloe. The comments by the company, part of U.S. group Coty Inc, came in a landmark case which could determine whether luxury goods companies can stop retailers from selling their products via online marketplaces such as Amazon or eBay. Brand owners have for the past decade argued that they should have the right to choose their distributors to protect their image and exclusivity. Online platforms say such curbs are anti-competitive and hurt small businesses. The issue is significant for Europe which accounts for 70 percent of global luxury sales. The company told Europe''s top court that its dispute with German retailer Parfumerie Akzente, which sells its goods on sites including Amazon against its wishes, was not about imposing a ban on such trade. The company''s agreements preventing retailers from selling on third-party online platforms are aimed at preserving the image and quality of its products, its lawyer Andreas Lubberger told the Court of Justice of the European Union (ECJ). "In Germany, we have a saying a picture is worth a thousand words, in this case a name is worth a thousand words," he said. Coty brought the original case in a Frankfurt court which subsequently sought guidance from the ECJ. Parfumerie Akzente''s lawyer Oliver Spieker questioned the validity of Coty''s arguments. "If you are talking about a well-known marketplace which sells products to consumers, then you need proper considerations to ban it," he told judges. "Amazon and eBay already sell well-known brands, do these brands have more to lose than Coty? L''Oreal for example has a platform on Amazon," he said. The German government, a proponent of online trade, said online platforms were key outlets for small- and medium-sized enterprises. "Restrictions must never be abused in order to close off new innovative formats of distribution," its lawyer Thomas Henze said. Luxembourg sees a blanket ban as disproportionate and unjustified, its lawyer Philippe-Emmanuel Partsch said. Amazon''s European headquarters is located in the Grand Duchy. France, home to luxury brands such as Louis Vuitton, Chanel and Christian Dior, sprang to Coty''s defense. Online curbs safeguard the prestige and image of such products in the eyes of consumers, Julie Bousin, lawyer for the French government, said. Italy, Sweden, the Netherlands and Austria also intervened in the case. An ECJ court adviser will issue a non-binding opinion in the coming months. Judges who follow such recommendations in four out of five cases, will rule shortly after that. The case is C-230 Coty Germany. (Editing by Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-luxury-ecommerce-eu-idUSKBN17124W'|'2017-03-30T22:31:00.000+03:00'
'd8c1985cf2f2b667759b15b0c9632b9cec467b8b'|'Brazil''s Vale sells stake in Moatize coal mine to Mitsui'|'BRASILIA, March 27 Brazilian mining company Vale SA said on Monday it has concluded the sale of a stake in Mozambique''s Moatize coal project to Japan''s Mitsui & Co Ltd and received an initial payment of $733 million, the company said in a security filing.The remainder of the $770 million transaction will be paid after the financing for the project is concluded, Vale said.(Reporting by Anthony Boadle; editing by Diane Craft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/vale-sa-mitsui-co-idINS0N1H000A'|'2017-03-27T20:31:00.000+03:00'
'a173a15d8d2342eac451fb7e8aba7309087a9322'|'Government raises £11.8bn with Bradford & Bingley mortgage sale'|'Chancellor Philip Hammond has triggered the sale of an £11.8bn package of Bradford & Bingley loans bought by the taxpayer at the height of the financial crisis.The loan book will be sold to the insurer Prudential and US private equity firm, Blackstone, after what the Treasury described as “a highly competitive sale process”.Hammond said the deal delivered value for money for UK taxpayers. “The sale of these Bradford & Bingley assets for £11.8bn marks another major milestone in our plan to get taxpayers’ money back following the financial crisis.London will remain Europe’s financial capital despite Brexit - Nils Pratley Read more “We are determined to return the financial assets we own to the private sector and today’s sale is further proof of the confidence investors have in the UK economy.”The Treasury said it would be the first in a series of sales that will allow Bradford & Bingley to repay its £15.65bn debt to the Financial Services Compensation Scheme (FSCS) and corresponding loan from the Treasury. It expects the process to be concluded before the end of the 2017-18 fiscal year.“Any further sales will be subject to market conditions and ensuring value for money,” the Treasury said.Bradford & Bingley was effectively nationalised by the then Labour government in 2008 in a series of bailouts as banks and financial institutions were engulfed by the global financial crisis.B&B’s mortgage book and investment portfolios were transferred to government control, while Spanish bank Santander bought its network of branches and deposits.UK Asset Resolution (UKAR), established in 2010, manages Bradford & Bingley’s loan books on the Treasury’s behalf. The latest deal will leave UKAR with a £22bn balance sheet, down from £37bn in September 2016 and £116bn in 2010.The Treasury is also pressing ahead with plans to fully offload its stake in Lloyds Banking Group, which now stands at below 3%. When the bank was bailed out in 2008, the taxpayer owned a 43% stake. More than £19.5bn has been returned to the public purse since the original £20.3bn state rescue.While the government is selling off its stake in Lloyds, it retains a 73% stake in Royal Bank of Scotland which it also bailed out during the financial crisis.Hammond said in October that the time was not right to sell its stake in the Edinburgh-based bank.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/mar/31/bradford-bingley-mortgage-sale-philip-hammond-financial-crisis'|'2017-03-31T03:00:00.000+03:00'
'fcfc59244b528ed7a7b4bbf329c00b33728ca32f'|'Nurofen maker Reckitt Benckiser slashes chief''s pay by 40% – to £14m - Business'|'British consumer goods maker Reckitt Benckiser Group cut chief executive Rakesh Kapoor’s 2016 pay by 39%, as it seeks to shore up investor confidence following a safety scandal in South Korea that hurt its performance.The maker of painkiller Nurofen, Dettol cleaning products, Durex condoms and Scholl footcare products said Kapoor, Britain’s third highest-paid chief executive in 2015, would not receive an annual bonus for 2016, and that the share awards for his long-term incentive plan would be reduced by half.As a result, Kapoor will be paid £14m for 2016, down from £23m in 2015.Boss of British Gas owner gets 40% pay rise as millions live in fuel poverty Read more The company also said it would strip out the impact of earnings growth from the impending takeover of Mead Johnson from calculations for Kapoor’s incentive plan for 2017.Reckitt Benckiser has been grappling with the fallout from a scandal related to a product safety issue that caused dozens of deadly lung injuries in South Korea.The South Korean government said in 2015 that 92 people were believed to have died from causes related to humidifier steriliser products sold by several companies including Reckitt.In January, the former head of Reckitt’s business there was sentenced to seven years in prison.Topics Reckitt Benckiser Executive pay and bonuses Healthcare industry news  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/mar/31/reckitt-benckiser-pay-rakesh-kapoor-bonus-safety-scandal'|'2017-03-31T18:53:00.000+03:00'
'5652cb9255fe533fb70375e778e00765695d12f1'|'Latin America may step up bond sales as Trump fears fade'|'By Tatiana Bautzer - NEW YORK, March 30 NEW YORK, March 30 Latin American governments and companies could soon step up bond sales, seizing on an increased appetite for deals as a regional economic recovery gains steam and concerns about aggressive U.S. policy changes ease, bankers and investors said this week.Returns on Latin American bonds remain attractive and the new openness to deals has already allowed Brazil''s government to raise funds at a record low yield.Argentine''s Santa Fé province also recently returned to the capital market after a long hiatus.Brazil''s Suzano Papel e Celulose SA''s is one example of the warmer reception for Latin American debt.Its recent sale of a 30-year junk global bond - the first of its kind by a Brazilian company - underscored investors'' receptiveness to less traditional structures, bankers said.Brazilian logistics firm JSL SA could be next in line, two people familiar with the plans said.Concerns that U.S. President Donald Trump would lure capital out of Latin America have subsided, according to bankers, who spoke on background on the eve of Brazilian bank Itau BBA''s annual debt capital markets conference in New York.That, coupled with market stability after the U.S. Federal Reserve''s single rate hike so far this year, is fueling inflows, the bankers added.Emerging market funds registered a $6.5 billion net inflow in the week ending March 22, their highest in nearly four years, Institute of International Finance data showed. About $4.5 billion of that total went to bonds."We''ll still see a lot of debt refinancing deals, but there are a few first-time issuers tapping the market," said Felipe Wilberg, global head of fixed income for Itaú BBA, Brazil''s largest corporate and investment bank.Cheaper funding for the region''s borrowers largely hinges on governments'' ability to push ahead with key reforms ahead of a busy Latin America election calendar, Wilberg said.Investors had initially expected Trump-related turmoil to slam the brakes on access to capital markets in Latin America, which has struggled with the end of a decade-long commodities boom.The premium that investors demand to own Latin American bonds over U.S. Treasuries now stands at about 7.6 percentage points, compared with about 7.1 points at the start of the year, according to JPMorgan''s EMBI Diversified Latin America bond index.DIFFERENT INVESTOR REACTIONHowever, the pushback has been minor relative to prior U.S. tightening cycles that triggered violent swings in Latin American issuers'' borrowing costs."Although conventional wisdom states that U.S. rate hikes lead to pressure on asset prices in emerging markets, we are seeing a different reaction from investors," said Marc Nachmann, head of Latin America for Goldman Sachs Group Inc.Western Asset Management Co has raised the Latin America share of its emerging markets debt positions to 47 percent from 40 percent over the past year, as prices turned attractive and the outlook improved, said Mark Hughes, who helps oversee $40 billion in bonds for the firm.The ramp-up has been gradual though, Hughes said, noting that bonds from Brazilian exporters now offer a better entry point than those of domestic-oriented companies.Latin American sovereign and corporate borrowers have raised $34 billion from sales of global debt this year, Itaú BBA data showed. Last year, bond borrowing in the region reached $102 billion.Bankers are raising their estimates for new Latin American bond supply this year to $80 billion from as low as $60 billion in November as initially negative sentiment on Mexico has recovered.In the case of Brazil, President Michel Temer''s progress in pushing reforms is fueling demand for bonds like Suzano''s."When the deal hit the road, we sensed that investors were in general more optimistic about fiscal consolidation than they were a year earlier," Marcelo Bacci, Suzano''s chief financial officer, said in an interview. (Editing by Guillermo Parra-Bernal, Christian Plumb and Tom Brown)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/latam-debt-outlook-idINL2N1H416C'|'2017-03-30T02:01:00.000+03:00'
'2d036b1ffc69c02fa6804846017327042cce065f'|'Troubled California oil refinery puts PBF''s turnaround skills to the test'|'Company News - Wed Mar 29, 2017 - 12:01am EDT Troubled California oil refinery puts PBF''s turnaround skills to the test By Liz Hampton - HOUSTON, March 29 HOUSTON, March 29 An aging California refinery is testing PBF Energy Inc''s reputation as a turnaround whiz, with mounting production woes and costly repairs at the 88-year-old plant throwing a wrench into efforts to quickly revive profits. The refinery, acquired from Exxon Mobil Corp for $537.5 million, has reported frequent breakdowns since the deal closed last July. On April 1, a regional air-quality regulator expects to consider the plant''s frequent breakdowns and emissions, along with a plan to enhance safety with an expensive phase out of a chemical used in gasoline production. PBF is spending $100 million this year to improve operations, and is budgeting another $50 million for upgrading its electric power to prevent outages. Phasing out the use of modified hydrofluoric acid at the plant presents a potentially larger bill that was not on the table when PBF bought the refinery last July. This week, the company lowered its estimate of first-quarter crude throughput at Torrance by 16 percent. It has said the overhaul would allow the Torrance refinery to boost production and hit profitability goals. "These things will be fixed," PBF Chief Executive Tom Nimbley assured analysts on an earnings call last month. The problems are weighing on earnings. Last year, the company missed its earnings goals due at least partly to outages at Torrance and at PBF''s Delaware City, Del., refinery. It posted an operating loss of $61.7 million in the fourth quarter compared with earnings of $168 million a year earlier. "We left $75 million on the table in the fourth quarter and more than $300 million in terms of lost profit opportunities for the year," Nimbley said, discussing fourth quarter results. The push to phase out hydrofluoric acid, widely used in refining and semiconductor industries, came after a tank holding the chemical suffered a "near miss" from a 2015 explosion, according to a federal probe of the blast. Hydrofluoric acid can form a toxic cloud at room temperature and exposure can cause severe health problems and lead to death. An estimated 330,000 people live or work near the refinery. (Graphic - Sulfur Oxide Emissions From Southern California Refineries: tmsnrt.rs/2nxFE4e ) The South Coast Air Quality Management District may push to adopt a rule to phase out use of the acid by December. A study commissioned by the air regulator estimated switching to sulfuric acid would cost around $100 million for each of the refineries in the region that use it. PBF said in a statement that figure was "exceptionally low," and called a switch to sulfuric acid for gasoline output cost-prohibitive. A company executive has said the switch could worsen the plant''s emissions. A refiner in Texas is building a similar unit for $300 million. "I see no way they could avoid doing the upgrade if they wanted to stay in the gasoline business," said Robert Campbell, an analyst at consultancy Energy Aspects. Acquisitions made PBF the fourth largest independent refiner in the United States. It proved its skills by buying a Delaware City refinery, overhauling it and quickly cutting annual expenses by $200 million. But the Torrance deal was troubled from the start. Closing was contingent on the plant running 15 days straight without a breakdown, but PBF went ahead despite an incident 10 days ahead of closing, saying it was not material and Exxon covered repair costs. SULFUR EMISSIONS Local residents are pressuring elected officials and PBF due to noticeable gas-flaring and emissions. Last year, the facility released 487 tons of sulfur oxide, nearly 20 times greater than Valero Energy Corp, Southern California''s second biggest polluter, which released just under 25 tons, according to figures from SCAQMD, which may be subject to revisions. PBF disputes the regulator''s figures. It said 16 tons of the sulfur releases were under its ownership. It expects that figure to decline to less than 4 tons if its requests for revisions are upheld. "They will turn things around eventually," said a person familiar with the plant, adding: "It''s going to take time." Investors are not patient. In the last year, PBF''s share price has slid 35.1 percent to $21.11 per share, more than peers Tesoro, which is down 9 percent, or Valero, which is up 1.6 percent over the same period. (Reporting by Liz Hampton, Jessica Resnick-Ault, Jarrett Renshaw; Editing by Gary McWilliams and David Gregorio)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/pbf-refinery-idUSL2N1GR19E'|'2017-03-29T12:01:00.000+03:00'
'6d5af5c9582655265f773443fd0b71131ca18ed8'|'China''s AgBank in talks for more debt-to-equity deals'|'BEIJING Agricultural Bank of China Ltd (AgBank)( 601288.SS )( 1288.HK ), the country''s third-biggest listed lender by assets, is in discussions to undertake more than 20 debt-to-equity deals, after signing agreements with eight companies.The eight deals were valued at about 70 billion yuan ($10.16 billion), AgBank President Zhao Huan said at a press conference on Wednesday.The bank earlier said it had prepared for the establishment of a specialized institution for debt-to-equity swaps.AgBank on Tuesday reported an 8.7 percent on-year profit growth for the fourth quarter ended December, boosted by higher fee and commission income.But net interest margin dropped to 2.25 percent at end-December, compared with 2.31 percent at end-June, the eighth straight quarter in which margins have been squeezed.The bank''s non-performing loan ratio (NPL), a key indicator for credit quality, eased to 2.37 percent at end-December, from 2.39 percent at end-September.Kang Yi, the bank''s vice president, said the lender was seeing a "turning point" on its loans business, with the pricing of loans rebounding.($1 = 6.8890 Chinese yuan renminbi)(Reporting By Shu Zhang and Matthew Miller; Editing by Himani Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-agbank-results-debt-idINKBN1700YY'|'2017-03-29T07:21:00.000+03:00'
'c49d7ecd77760f9b344f07762084670679482547'|'No Brexit ''Armageddon'' for London''s financial district - policy chief'|'  4:39pm BST No Brexit ''Armageddon'' for London''s financial district - policy chief left right FILE PHOTO: Pedestrians walk near City Hall and Tower Bridge in London, Britain January 24, 2016. REUTERS/Neil Hall/File Photo 1/2 left right FILE PHOTO: A pedestrian walks past a City of London dragon boundary marker in London, Britain, September 23, 2015. REUTERS/Suzanne Plunkett/File Photo 2/2 By Huw Jones and Andrew MacAskill - LONDON LONDON The City of London should emerge largely unscathed from Brexit even though thousands of banking and insurance jobs could move to the continent, the financial district''s policy chief said. The "City" or "Square Mile", home to over 250 foreign banks and the Lloyd''s of London insurance market, faces upheaval as firms decide whether to shift jobs to continental Europe to keep serving customers there after Britain leaves the EU in 2019. Mark Boleat, head of policy at the City of London, the local government that administers Europe''s biggest financial centre, said talk of a massive exodus has been mistaken. "If it was going to be Armageddon, we would have noticed it by now," Boleat told Reuters in an interview in a room off the local government''s seat of power in the medieval Guildhall. "They are never all going to up sticks and leave ... We expect the steady flow of new business coming in." This contrasts with harsher predictions, such as a report from EY consultancy forecasting a loss of 232,000 jobs financial jobs in Britain as result of Brexit, though with many of those from other parts of the country. Boleat steps down in May after five years in the job that included confronting protests against corporate greed and being at the heart of industry efforts to respond to Brexit, which threatens to cut off London from mainland Europe. He predicts even in the worst-case Brexit scenario resulting in tens of thousands of financiers moving from Britain in a decade, the City - where 360,000 people are employed - will end up with the same number of jobs. "Our projection for employment in the City is that in the next 10 years there will be another 50,000 jobs or more," Boleat said, mainly in IT and professional services such as accounting and law. "If with Brexit we lose 50,000 jobs, we end up where we started." He said the commercial property market was a bellwether of the City''s resilience and that it was "holding up pretty well". He pointed to a decision taken since the referendum to go ahead with a 59-storey skyscraper. "What is significant is they are building it. It is a building without a tenant. A building of that size is clearly quite risky," he said. Boleat does not speak for all of London''s financial sector, however. The capital''s other main financial area, Canary Wharf, is home to about 112,000 jobs. CHANGE IN TONE Boleat spoke of a rollercoaster ride of emotions for banks since June 23, when Britain voted to leave the EU. Initially, the sector hoped to keep "passporting" rights to offer services across the bloc from a single base in London. But after a few months it became clear that Britain would give up unfettered access to single market to restrict immigration. He said the low point was at the ruling Conservative Party''s annual conference in October when Prime Minister Theresa May criticised big business and "citizens of nowhere", widely interpreted as an attack on an international-minded elite. "That speech was aimed at the Conservative Party and it was a pity that other people heard it," Boleat said. May''s letter to the EU on Wednesday to kick off formal divorce talks set a more "helpful tone" by singling out financial services and the need for transitional arrangements, he said. He senses the government is becoming more pragmatic ahead of what are likely to be tough negotiations with the EU. "Maybe there is an increasing recognition that ... the other side can be bolshy and we need good relationships to get the right result," Boleat said. "We have found the Treasury very good indeed. No complaints at all ... The issue is whether they can get their voice heard in Number 10 (the PM''s office), where any trade-offs are needed," he added. Attempts to encourage European companies to warn their own governments about the economic impact of loss of access to the London''s financial sector have made little headway, Boleat said. "One thing I have learnt is that we shouldn''t be looking a great deal of help from European corporates. They are as committed to the EU project as their governments." A company like BMW is far more worried about supply chains and tariffs, rather than market fragmentation or more expensive derivatives, he added. (Reporting by Huw Jones and Andrew MacAskill; Editing by Pravin Char)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-city-idUKKBN17227O'|'2017-03-31T23:39:00.000+03:00'
'9145ff6d0e9f02ef4d23db3aceb32c38440ec688'|'Adani chief executive says Queensland project will go ahead this year - Business'|'The head of Indian mining group Adani has said the company is ready to go ahead this year with its mega coal mine in Queensland’s Galilee Basin.The Adani Mining chief executive, Jeyakumar Janakaraj, told a business lunch in Brisbane the company expected to start engineering work on the rail line between the Carmichael mine and the Abbot Point coal terminal by June, and start major construction by September.The $21bn project has been the focus of strong opposition from environmental groups, but Janakaraj said it was vital in reducing India’s carbon footprint, and the higher quality Australian coal would produce less pollution than that mined in India .“The 20,000 megawatts of thermal energy [in India] needs a reliable source of good quality coal to keep the net impact to climate change neutral or lower,” Janakaraj said.“The thing about Carmichael is, it will reduce the carbon footprint of existing plants which are using Indonesian or Indian coal today, by say 30 to 40%.”In the battle for the planet''s climate future, Australia''s Adani mine is the line in the sand - Bill McKibben Read more He said the project would employ 10,000 people in Queensland , and provide economic benefit to the state budget in the form of taxes and royalties.“We know that we are going to impact 10,000 families in regional Queensland and millions in India, and that’s what we’re working for,” the chief executive said. “Anybody who thinks this project is going to stop, then you’re literally trying to stop 10,000 families from living, and millions living in India.”About 200 protesters gathered outside the Hilton Hotel in Brisbane’s CBD to voice their opposition to the mine.In particular they raised concerns about Adani’s environmental impact in some of its Indian operations.Various environmental and Indigenous groups have attempted to halt the mine through the courts, but in spite of continued legal action the project is set to go ahead.The Queensland premier, Annastacia Palaszczuk , led a trade mission of eight regional Queensland mayors to India this month to meet Adani bosses.“My government has worked with Adani to ensure the project went through a rigorous and comprehensive assessment process for the mine, rail and port development,” she said before the trip.Topics Adani Group Queensland Mining Business (Australia) Annastacia Palaszczuk Coal  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/mar/31/adani-chief-executive-says-queensland-project-will-go-ahead-this-year'|'2017-03-31T17:07:00.000+03:00'
'cbbce2b155813fe90dd913ec37f5b41446ca352c'|'CIBC raises offer for PrivateBancorp to about $4.9 billion'|'Canadian Imperial Bank of Commerce ( CM.TO ) raised its offer for PrivateBancorp Inc ( PVTB.O ) ahead of a June deadline.CIBC said it offered about $4.9 billion in cash and stock, up from the earlier $2.9 billion offer.CIBC announced the acquisition in June last year, but the plan has been in doubt since PrivateBancorp postponed a shareholder vote to approve it in December after some investors said they would reject the offer.(Reporting by Sruthi Shankar in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-privatebancorp-m-a-cibc-idINKBN1711XM'|'2017-03-30T11:45:00.000+03:00'
'f5d124414759d450bbc205c0b8dc967361774ca9'|'ZF 2016 profits rise, debt falls on TRW acquisition'|'Company News   4:44am EDT ZF 2016 profits rise, debt falls on TRW acquisition FRIEDRICHSHAFEN, Germany, March 30 German engineering company and auto supplier ZF said it expects to achieve an adjusted operating margin of more than 6 percent and group sales of 36 billion euros ($38.65 billion) this year as it absorbs the acquisition of rival TRW. ZF bought United States based auto supplier rival TRW in 2015, for $13.5 billion, boosting the Friedrichshafen, Germany-based company''s sales and profits. Last year, unlisted ZF''s adjusted earnings before interest and taxes (EBIT) rose 20 percent to 2.2 billion euros and group sales rose 21 percent to 35.2 billion euros, corresponding to an EBIT margin of 6.4 percent. ZF said the company''s performance was mainly due to "better operating performance and synergies leveraged by integrating TRW." ZF was able to reduce its debt load by roughly 1.6 billion euros to 8.26 billion euros, thanks to a strong free cash flow of more than 2 billion euros, and further debt reduction remains a central target for 2017. ZF on Thursday said it had bought a 45 percent stake in radar technology company Astyx. ($1 = 0.9314 euros) (Reporting by Edward Taylor; Editing by Harro ten Wolde) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/zf-results-trw-idUSL5N1H71W4'|'2017-03-30T16:44:00.000+03:00'
'01a427bfd6a70509519820ca32fe7042424141a9'|'U.S. judge clears Toshiba''s Westinghouse to tap bankruptcy loan'|'Business   3:00pm EDT U.S. judge clears Toshiba''s Westinghouse to tap bankruptcy loan The logo of Toshiba Corp is seen behind a traffic light at the company''s headquarters in Tokyo, Japan March 29, 2017. REUTERS/Issei Kato By Tom Hals A U.S. bankruptcy judge on Thursday cleared Westinghouse Electric Co, a unit of Japan''s Toshiba Corp ( 6502.T ), to borrow an initial $350 million to support the company''s global operations while it restructures operations. Westinghouse filed for Chapter 11 on Wednesday in the wake of billions of dollars in cost overruns at two U.S. nuclear power plants it is building in the U.S. Southeast. The Pittsburgh-based company said the loan will support its profitable operations, such as nuclear maintenance and fuels businesses, some of which are in Europe and not part of the bankruptcy. U.S. Bankruptcy Judge Michael Wiles in Manhattan approved the loan but demanded changes to protect Westinghouse from being on the hook for repaying money that was supporting non-bankrupt businesses, which are beyond the reach of the company''s creditors. A Westinghouse adviser testified the loan was needed to reassure European customers that the company could carry out its work, which would boost the overall value of Westinghouse and contribute to an eventual reorganization or sale of the company. An affiliate of Apollo Global Management ( APO.N ) has agreed to provide the loan to Westinghouse, which can seek court approval to borrow up to $800 million. The V.C. Summer project in South Carolina and the Vogtle project in Georgia are the first new U.S. nuclear power plants in three decades. Construction on both plants is around one-third complete and billions of dollars over budget. Westinghouse was hired by the utilities in 2008 to design and construct the plants using its new AP1000 reactors, which were originally expected to begin producing power this week. The utilities that own the troubled projects in South Carolina and Georgia said they would assess their viability by April 28. "We’re facing a stark choice: shut down because (Westinghouse) no longer wants to provide support, or step in and take on direct payment of workers and vendors," Greg Gordon, a lawyer for Southern Co''s ( SO.N ) Georgia utility told the court on Thursday. Executives from SCANA Corp ( SCG.N ), which owns the majority of the South Carolina project, said on a conference call on Wednesday they preferred to finish the work. Westinghouse is building AP1000 plants in China, and that country''s State Power Investment Corp said on Thursday it still expected the first of four planned reactors to begin producing electricity this year. Westinghouse also won approval on Thursday from British regulators for its AP1000 reactor design. (Reporting by Tom Hals in Wilmington, Delaware; Editing by Noeleen Walder and Jeffrey Benkoe) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-toshiba-accounting-westinghouse-idUSKBN1712VY'|'2017-03-31T02:52:00.000+03:00'
'ec3c30abe51e0cb97291f360732d0607769a1af0'|'JPMorgan economist sees Fed shrinking balance sheet starting 2018'|'Business   2:55pm EDT JPMorgan economist sees Fed shrinking balance sheet starting 2018 NEW YORK A JPMorgan economist said on Thursday he expected the U.S. Federal Reserve to start paring the size of its $4.5 trillion balance sheet in early 2018 with a focus on ending its reinvestment in mortgage-backed securities. "In our baseline projection, the Fed slowly phases out MBS reinvestments beginning in the spring of next year, never halts reinvestments of Treasuries, never sells MBS, and reaches its new optimal size of the balance sheet in early 2024, with excess reserves in the banking system of $500 billion," JPMorgan economist Michael Feroli wrote in a research note. (Reporting by Richard Leong; Editing by Chizu Nomiyama) Next In Business News Trump to seek tariff ''snap-back'' provision in NAFTA revamp: letter WASHINGTON The Trump administration will seek changes to the North American Free Trade Agreement allowing it to reimpose tariffs if a flood of imports from Canada and Mexico causes "a threat of serious injury" to U.S. industry, according a draft document sent to Congress. U.S. debt to reach 150 percent of GDP in 30 years: CBO WASHINGTON U.S. debt held by the public will balloon to 150 percent of economic output by 2047 unless tax and spending laws are changed, the Congressional Budget Office said on Thursday, far exceeding the record level just after World War II. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-fed-balancesheet-jpmorgan-idUSKBN1712VA'|'2017-03-31T02:51:00.000+03:00'
'372825a43193f3e05fe23d65e645c0f012d9a841'|'RPT-North Dakota oil output set to rise as controversial pipeline opens'|'Company News   7:00am EDT RPT-North Dakota oil output set to rise as controversial pipeline opens By Ernest Scheyder - HOUSTON, March 30 HOUSTON, March 30 North Dakota oil production will get a shot in the arm next month as a pipeline comes online despite opposition by environmental groups and Native Americans, allowing the energy industry to save at least $540 million in annual shipping costs. The Dakota Access Pipeline gives the state''s producers cheaper access to refineries and other customers on the U.S. Gulf Coast. Market players said they expect this will hasten a revival of output from the Bakken region which fell sharply along with global oil prices during the past two years. "We''re back to growth in the Bakken," Hess Corp Chief Executive Officer John Hess said in a recent interview. The New York-based company has contracts to send roughly half its daily North Dakota output through DAPL. For 2017, Hess has said its Bakken production could grow more than 10 percent. President Donald Trump approved the $3.7 billion pipeline in February, reversing the prior administration which had blocked it last December with a decision by the U.S. Army Corps of Engineers. Energy Transfer Partners LP, which operates the 1,100 mile (1,770 km) long DAPL, has begun filling the line with crude and could reach full operating capacity by late April, based on industry estimates. DAPL "will provide a safer, more environmentally responsible and more cost-effective transportation system to move crude across this country as opposed to truck or rail," said ETP spokeswoman Vicki Granado. The pipeline will carry about 500,000 barrels of oil per day, more than half of North Dakota''s daily output, cutting reliance on riskier rail-cars and reducing transport cost by roughly $3 to $5 per barrel, analysts estimate. That should help level the playing field between Bakken producers and rivals in other U.S. shale plays, many of which are closer to refineries and other customers. "Economics for drilling in the Bakken will look better because of DAPL," Rusty Braziel of RBN Energy consultants in Houston, said in an interview. The state''s drilling rig count has jumped 40 percent since early February, when Trump gave final approval to the pipeline. By the end of the year, analysts expect the rig count to rise another 10 percent or more. DAPL''s opponents say they will continue to oppose the line and oil production across North Dakota, which pumps more crude each day than any state but Texas. "Just because oil flow is pending does not mean that it cannot be stopped by court order, and we have a strong, ongoing case in front of the courts," said David Archambault II, chairman of North Dakota''s Standing Rock Sioux tribe, which lives adjacent to the line. OUTLOOK Transportation savings from DAPL are a key factor oil companies are considering when deciding whether to boost production, executives, analysts and investors said. Hess plans to triple the number of drilling rigs it operates in North Dakota this year. The company will move the 30 percent of its existing Bakken production from rail to pipeline once DAPL opens. Oasis Petroleum Inc, another large Bakken producer, said its 2017 output could rise more than 30 percent. DAPL "is definitely going to give us more options to get our product to market," Oasis Chief Executive Officer Tommy Nusz said in an interview. Whiting Petroleum Corp, the state''s largest oil producer, does not contract for space on DAPL, nor does Continental Resources Inc, the second-largest. But Continental expects DAPL to ease a transport bottleneck out of the state and open room on other pipelines, allowing it to stop using rail. Both Whiting and Continental have projected production to rise more than 20 percent this year. The companies did not respond to requests for comment. North Dakota''s oil production fell 13 percent in the last 12 months for which data are available to about 980,000 barrels per day (bpd) due to low prices. While the expected jump in 2017 output likely won''t return output to its 2015 peak, it could help statewide production again rise above 1 million barrels per day. Another reason for rising production is that higher prices have prompted many companies to hedge, or sell forward, some of their output, which bolsters confidence. Whiting and Oasis, for example, have hedged more than half of 2017 production. But the state''s producers say that DAPL''s opening, after months of uncertainty, gives them confidence they can ship their product to market. "We have to have a more pragmatic approach to infrastructure development in this country," said Hess. (Reporting by Ernest Scheyder; Editing by Gary McWilliams and David Gregorio) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/north-dakota-pipeline-production-idUSL2N1H628M'|'2017-03-30T19:00:00.000+03:00'
'b5a368b552a66ef2be311e43cf0965dd0432a8d4'|'CEE MARKETS-Crown plunges as central bank drops mid-year cap removal guidance'|'* Crown falls in spot market to 18-month low vs euro * Crown 3-month forwards slide to 3-mth low from 3-and-1/2-yr high * Hungary lifts bond offer, yields fall * Croatian stocks tumble on concerns over food group Agrokor (Recasts with central bank meeting, crown slide) By Sandor Peto and Jason Hovet BUDAPEST/PRAGUE, March 30 The crown plunged in the spot market and in forward contracts on Thursday as the Czech central bank (CNB) gave up its guidance to end its 3 1/2-year-old weak crown regime around mid-2017. It confirmed after a meeting that its "hard commitment" to keep the crown weaker than 27 against the euro at least until the end of the first quarter would end soon, and now it could exit the regime at any time. The crown fell 0.7 percent against the euro by 1429 GMT to an 18-month low at 27.21. Its implied rate in 3-month forward contracts EURCZK3MV= fell sharply to 27.01, a 3-month-low, after touching its strongest levels since 2013 in early trade at 26.796. In one-month forwards, it hit a 9-month low at 27.12. The crown''s plunge started after CNB Governor Jiri Rusnok said the probability of a mid-year exit from the cap was lower "because we are certainly closer to the fulfillment of the sustainable inflation criterion than we had been before". It is highly uncertain how the crown will move after its cap is removed. Investors have heavily bought the crown and Czech government debt, mainly shorter maturities, speculating that a growing and stable economy would boost the crown once the cap is gone. But a huge amount of accumulated long crown positions raises the question whether there will be enough buyers to prevent a slide of the currency if its holders unload it. The CNB has tripled its foreign currency reserves in defence of the cap and it bought tens of billions of euros only in the past few months. One Prague-based dealer said London names were selling the crown. "We would not regard the exit of the FX regime as the start of a one-way CZK (crown) appreciation streak, but would rather expect significant volatility possibly well into Q3 2017," Raiffeisen analyst Wofgang Ernst said in a note before the meeting. Elsewhere in Central Europe, Hungary lifted its offer by more than 50 percent at its bond auctions as demand surged, pushing yields below secondary market levels. Zagreb''s stock index fell 2.9 percent and the kuna eased 0.2 percent to 6-week lows against the euro due to worries over Agrokor, the biggest food producer and retailer in the Balkans. The decline followed news that the Croatian government may propose a law on shielding the economy from troubles involving big firms and about a possible repayment freeze deal with Agrokor creditors. CEE SNAPS AT 1529 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 27.21 27.02 -0.69 -0.75 00 15 % % Hungary 309.3 309.8 +0.1 -0.17 forint 500 750 7% % Polish 4.220 4.221 +0.0 4.35% zloty 5 8 3% Romanian 4.544 4.554 +0.2 -0.21 leu 5 7 2% % Croatian 7.450 7.434 -0.21 1.41% kuna 0 2 % Serbian 123.8 123.8 +0.0 -0.40 dinar 500 900 3% % Note: daily calculate previ close 1800 change d from ous at CET STOCK S Lates Previ Daily Chang t ous e close chang in e 2017 Prague 985.8 982.7 +0.3 +6.9 4 1 2% 7% Budapest 31989 32232 -0.75 -0.04 .63 .95 % % Warsaw 2195. 2214. -0.87 +12. 10 45 % 69% Bucharest 8006. 7942. +0.8 +13. 14 76 0% 00% Ljubljana 772.0 777.5 -0.72 +7.5 0 8 % 8% Zagreb 1960. 2015. -2.72 -1.73 38 12 % % Belgrade <.BELEX15 733.5 737.4 -0.53 +2.2 > 5 7 % 6% Sofia 630.6 633.3 -0.42 +7.5 9 4 % 5% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.57 -0.08 +015 -9bps > 7 6 bps 5-year <CZ5YT=RR 0.138 -0.00 +051 +0bp > 6 bps s 10-year <CZ10YT=R 0.97 -0.01 +063 -2bps R> 8 bps Poland 2-year <PL2YT=RR 2.032 0.008 +276 +0bp > bps s 5-year <PL5YT=RR 2.91 -0.05 +328 -4bps > 3 bps 10-year <PL10YT=R 3.519 -0.01 +318 -1bps R> 7 bps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep < 0.28 0.32 0.38 0 PRIBOR=> Hungary < 0.2 0.26 0.36 0.18 BUBOR=> Poland < 1.753 1.775 1.817 1.73 WIBOR=> Note: FRA are for Quote: s ask prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL5N1H74QS'|'2017-03-30T12:21:00.000+03:00'
'f3aecc62e18d61982fa486e04fc9d2cd963facf2'|'Royal London to turn Irish business into subsidiary due to Brexit - CEO'|' 21am BST Royal London to turn Irish business into subsidiary due to Brexit - CEO LONDON Royal London Mutual Insurance Society ROLGPI.UL will turn its Irish business into a regulated subsidiary as a result of Britain''s decision to leave the European Union, chief executive Phil Loney said on Thursday. Financial services firms need a regulated subsidiary in a European Union country to offer their products across the bloc if Britain no longer has access to the single market. Lloyd''s of London said on Thursday it had picked Brussels for its subsidiary. [L5N1H64CD] "We have a business in the Republic of Ireland. We will be domiciling a subsidiary in Ireland so we can continue to operate," Loney told Reuters by phone. Also on Thursday, Royal London reported 2016 operating profit of 282 million pounds, up 16 percent. (Reporting by Carolyn Cohn, editing by Maiya Keidan)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-royal-london-idUKKBN1710UE'|'2017-03-30T16:21:00.000+03:00'
'7cc18b2739909088fb5f4d04432f2a46740a370f'|'VW emissions ‘fix’ left our car undriveable, plus new £1 coin launches - Money'|'Hello and welcome to this week’s Money Talks – a roundup of the week’s biggest stories and some things you may have missed.Money news The new 12-sided £1 coin launches – but you may not be able to use it Facebook Twitter Pinterest New coin faces teething problems, with some ticket and vending machines, as well as shopping trolleys, unable to take it. Photograph: Jack Taylor/Getty Images Council tax bills to rise in nine out of 10 English local authorities Hammond was right to raise tax for self-employed, inquiry to say Crackdown on contactless card security flaw welcomed by MPs Facebook Twitter Pinterest FCA to tackle weakness that allows fraudsters to make ‘tap and go’ payments months after cards are cancelled. Photograph: Barclaycard/PA Feature Up in smoke: the VW emissions ‘fix’ has left our car undriveable In pictures Homes in beauty spots Facebook Twitter Pinterest A four-bedroom mill conversion for sale near Sedbergh, Cumbria. In the spotlight Fancy a three-bed semi with a garden for £152,000? Or rent at less than £500 per month? Sheffield is showing other local authorities how to build again. Julia Kollewe reports .Facebook Twitter Pinterest Shirley Eckhardt, who lives in Cutler’s View (pictured), says of her new house: ‘It’s so modern – all the units are fitted, the cooker, freezer.’ Consumer champions BA has its head in the clouds over buy-on-board food Facebook Twitter Pinterest ‘Its new short-haul food policy just doesn’t work – they did not have the items we wanted, and don’t take cash.’ Photograph: Dan Kitwood/Getty Images Moss Bros could jilt me at the altar over my groomsmen’s get-up Suddenly our Diamond Rail holiday has lost its sparkle All systems are no go when it comes to getting my Allsave childcare vouchers It feels as if I’ve been hung out to dry by John Lewis over discounted machine Money deals Make sure you’re covered with great value annual holiday cover from Guardian Travel Insurance, provided by Voyager .If you need to send money overseas get expert advice, competitive exchange rates and free online transfers from the Guardian Money Transfer Service, provided by moneycorp .'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/2017/mar/30/vw-emissions-fix-left-our-car-undriveable-plus-new-1-coin-launches'|'2017-03-30T03:00:00.000+03:00'
'59ab5806709efad375ba93aae337f277f71f7018'|'Iranian oil minister says global oil cuts deal likely to be extended'|'  8:25am BST Iranian oil minister says global oil cuts deal likely to be extended Iranian Oil Minister Bijan Zanganeh talks to reporters during the 15th International Energy Forum Ministerial (IEF15) in Algiers, Algeria September 27, 2016. REUTERS/Ramzi Boudina MOSCOW Iranian Oil Minister Bijan Zanganeh told reporters on Tuesday that a global oil cuts deal is likely to be extended, but that time is needed to discuss the subject thoroughly first. "It seems that most of the OPEC and non-OPEC (countries) are going to extend the agreement, but time is needed to evaluate the situation and to have face-to-face meetings and discussions with others," Zanganeh, who was visiting Moscow, said. Asked whether Iran would be ready to cut its own output under the possible extension, Zanganeh said: "I think it is necessary that all members comply with their commitments." Iran''s current oil production stands close to 3.8 million barrels per day, he said. Zanganeh is part of a delegation led by Iranian President Hassan Rouhani which is visiting Russia from March 27-28. (Reporting by Vladimir Soldatkin; Writing by Katya Golubkova; Editing by Andrew Osborn)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-iran-russia-opec-deal-idUKKBN16Z0PM'|'2017-03-28T15:23:00.000+03:00'
'718e679d9bb45e840f6116bfa398e1fdbdb53549'|'Sterling holds back FTSE ahead of Brexit trigger; Wolseley soars'|' 29am BST Sterling holds back FTSE ahead of Brexit trigger; Wolseley soars People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photo By Kit Rees - LONDON LONDON Britain''s top share index traded flat on Tuesday, underpinned by a recovery in miners and banks as well as a surge in Wolseley''s ( WOS.L ) shares following strong results, though sterling strength capped gains. The FTSE 100 .FTSE was flat at 7,291.96 points by 0910 GMT, slightly underperforming a positive broader European market. The index hit a one-month low on Monday as equity markets sold off when a failed U.S. healthcare bill cast doubts as to whether President Donald Trump could deliver on his other campaign promises, such as tax reform and infrastructure spending. A stronger pound, however, put pressure on the FTSE, whose dollar-earnings constituents have enjoyed support from sterling weakness since the Brexit vote last June. On Wednesday, Prime Minister Theresa May will trigger Britain''s withdrawal from the European Union. "Most of the (UK) economic downside is largely already priced in, which would suggest that as long as we stay above the recent lows then the risk remains more to the upside than the downside," Michael Hewson, chief market analyst at CMC Markets, said in a note. Shares in Wolseley ( WOS.L ) were the biggest gainers, up 6.4 percent and almost hitting a decade high after reporting a strong set of first-half results. The heating and plumbing products supplier posted a 25 percent rise in first-half profit as growth in the United States more than offset tough trading conditions in Britain and the Nordics. The company said it plans to change its name to Ferguson Plc, its top brand in its largest market, the United States. "We believe the market could view these steps ultimately to attempt to unlock the multiple discrepancy between the U.S. listed peers and Wolseley," analysts at UBS said in a note. Insurer Aviva ( AV.L ) was another top FTSE gainer, rising 1.1 percent after saying it was looking to sell its Friends Provident International unit for up to $750 million, according to a media report. A price target upgrade from Jefferies also helped the stock. "2016FY marked the third reporting day in a row where Aviva’s share price rose by 7 percent, confirming Aviva as the current momentum play within the UK insurance sector," analysts at Jefferies said in a note. "We raise our price target by 14% to 600p reflecting share buyback confirmation and our increased confidence in management’s capital reallocation and earnings growth plans." A rebound in British mining and banking stocks also helped to cap losses, with lender Standard Chartered ( STAN.L ) and miner Rio Tinto ( RIO.L ) among top gainers. British midcaps, however, underperformed, with the FTSE 250 down 0.1 percent. The biggest faller was OneSavings Banks ( OSBO.L ), which dropped 5.8 percent after investor J.C. Flowers sold a 10 percent stake. (Editing by Robin Pomeroy)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN16Z10L'|'2017-03-28T17:29:00.000+03:00'
'418d9a97163ca8b5a616d141d1987a54f0ad8dbe'|'LSE launches 200 million pound share buyback'|'Thu Mar 30, 2017 - 7:22am BST LSE launches 200 million pound share buyback FILE PHOTO: A worker shelters from the rain under a Union Flag umbrella as he passes the London Stock Exchange in London, Britain, October 1, 2008. REUTERS/Toby Melville/File Photo London Stock Exchange ( LSE.L ) said it will buy back 200 million pounds($248.74 million) of its shares, as it tries to placate shareholders following the collapse of its merger with Deutsche Boerse ( DB1Gn.DE ). The British exchange made the announcement late on Wednesday, hours after the European Commission formally blocked the deal with its German rival. The Commission said the deal would have resulted in a monopoly in the processing of bond trades. LSE said in February it would face costs of around 175 million pounds for the deal and it will still have to pay a significant portion of that despite the merger not going ahead. The buyback will happen in two tranches, with the first beginning on Thursday and consisting of up to 100 million pounds of shares. Barclays and RBC will be managing the buyback. (Reporting by Rachel Armstrong, Editing by Lawrence White) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-lse-buyback-idUKKBN1710KN'|'2017-03-30T14:20:00.000+03:00'
'0411528b096dd68d4c45aae000f834bc10359187'|'German inflation weaker than expected in March, state data suggest'|' 44am BST German inflation weaker than expected in March, state data suggest People walk through the Mall of Berlin shopping centre during its opening night in Berlin, September 24, 2014. REUTERS/Thomas Peter/File Photo BERLIN German consumer inflation probably slowed more than expected in March due to cheaper energy and food prices, falling back below the European Central Bank''s target of just under 2 percent, regional data suggested on Thursday. The surprisingly weak figures from several German states hinted that price pressures in Europe''s biggest economy still remain relatively modest despite its continued upswing, booming labour market and the ECB''s loose monetary policy. The German data follows Spanish price figures that also showed consumer inflation eased sharply in March as fuel and power prices fell, feeding into the debate about the euro zone''s monetary policy outlook. In Germany''s most populous state, North Rhine-Westphalia, annual inflation slowed to 1.7 percent from 2.3 percent in February. It also fell back to 1.7 percent in Hesse and Bavaria. In the eastern state of Brandenburg, it dropped to 1.4 percent while it stood at 1.8 percent in Saxony. The state readings, which are not harmonised to compare with other euro zone countries, will feed into nationwide inflation data due at 1200 GMT. A Reuters poll conducted before the release of the regional data suggested overall consumer price inflation fell to 1.9 percent in March from 2.2 percent in February, which was the highest rate since August 2012. Capital Economics analyst Jennifer McKeown said the state readings suggested that German inflation fell more sharply than expected in March to some 1.7 percent. She added that underlying price pressures would remain subdued. "The labour market is in good health, but it has been for a long time and there are still few signs of strong upward pressure on wage growth," McKeown said. Since core price pressures are much weaker elsewhere in the euro zone, the ECB is likely to maintain its view that the economic recovery has not put inflation on course to meet its medium-term goal, she added. "We see it implementing its asset purchases as planned and keeping interest rates on hold for a long time to come." The inflation rate for the entire euro zone, due on Friday, is expected to have fallen to 1.8 percent in March from 2.0 percent in February, economists polled by Reuters said. The ECB has slashed interest rates and adopted a bond-buying programme worth 2.3 trillion euros ($2.47 trillion) to pump money into the region''s economy. The central bank has said it needs to see if inflation rises at the start of the year are sustainable in the medium term before considering changing policies which pump billions of euros into the euro zone economy through asset purchases. ($1 = 0.9316 euros) (Reporting by Michael Nienaber; Editing by Catherine Evans)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-economy-inflation-idUKKBN17112E'|'2017-03-30T18:20:00.000+03:00'
'8ba8cc9c08581b9e280126eaf75af78d9ceb131e'|'CEE MARKETS-Czech bonds firm as CNB meets, crown cap seen staying for now'|'* Czech central bank not expected to remove crown cap * Czech 2-year bonds trade at 2-week low yields * Good auction seen in Hungary on loose central bank policy * Croatian stocks tumble on concerns over food group Agrokor By Sandor Peto and Jason Hovet BUDAPEST/PRAGUE, March 30 Czech short-term government debt firmed on Thursday as the country''s central bank (CNB) holds its last meeting before the end of its "hard commitment" to keep its cap on the crown''s value. The bank has pledged to maintain the cap, which has been keeping the crown weaker than 27 to the euro since late 2013, at least until the end of the first quarter. It is not expected to change its record low interest rates or to abandon the cap at the meeting. It is due to publish its decisions at 1200 GMT. The CNB has tripled its forex reserves since 2013 to defend the cap and speculative buying of the crown and Czech government debt, mainly short-term papers, has surged this year. The yield on 2-year Czech bonds was bid at a 2-week low -0.58 percent on Thursday, down 9 basis points. "I am expecting a confirmation of the end of the (central bank''s) firm commitment but a continuation of interventions for the time being and (a message of) the possibility to stop when the CNB sees appropriate," one Prague-based fixed income trader said. Fundamentals should strengthen the crown, but accumulated crown buying positions worth tens of billions of euros make it uncertain how Czech markets will behave after the cap is removed, probably in April or May, analysts have said. "We would not regard the exit of the FX regime as the start of a one-way CZK (crown) appreciation streak, but would rather expect significant volatility possibly well into Q3 2017," said Raiffeisen analyst Wofgang Ernst in a note. The crown''s implied euro exchange rate was near multi-month highs in forwards contracts. Elsewhere in Central Europe, Zagreb''s stock index fell as much as 4.5 percent in early trade due to a plunge of the units of unlisted Agrokor, the biggest food producer and retailer in the Balkans. The decline followed news that the Croatian government may propose a law on shielding the economy from troubles involving big firms and about a possible repayment freeze deal with Agrokor creditors. In Hungary, government bond yields dropped further by a few basis points, with 3-year bonds trading at 1.18 percent, at 2-month lows, as Thursday''s bond auction in Budapest is expected to draw strong demand. "The Hungarian central bank''s dovish stance (after its meeting on Tuesday) surprised many foreign investors, so this will be a good auction," one trader said. The stock of Hungarian oil group MOL fell as much as 2.5 percent after Czech electricity company CEZ conditionally sold its 7.5 percent stake in MOL. CEE SNAPS AT 1052 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 27.02 27.02 +0.0 -0.05 00 15 1% % Hungary 310.0 309.8 -0.04 -0.38 forint 000 750 % % Polish 4.228 4.221 -0.15 4.16% zloty 0 8 % Romanian 4.542 4.554 +0.2 -0.17 leu 8 7 6% % Croatian 7.453 7.434 -0.25 1.37% kuna 0 2 % Serbian 123.8 123.8 +0.0 -0.36 dinar 000 900 7% % Note: daily calculate previ close 1800 change d from ous at CET STOCK S Lates Previ Daily Chang t ous e close chang in e 2017 Prague 982.6 982.7 -0.01 +6.6 5 1 % 2% Budapest 31923 32232 -0.96 -0.25 .74 .95 % % Warsaw 2210. 2214. -0.16 +13. 82 45 % 50% Bucharest 7975. 7942. +0.4 +12. 91 76 2% 57% Ljubljana 767.3 777.5 -1.31 +6.9 8 8 % 4% Zagreb 1952. 2015. -3.12 -2.14 23 12 % % Belgrade <.BELEX15 734.6 737.4 -0.38 +2.4 > 4 7 % 1% Sofia 634.5 633.3 +0.1 +8.2 0 4 8% 0% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.57 -0.08 +016 -9bps > 7 6 bps 5-year <CZ5YT=RR 0.138 -0.00 +052 +1bp > 6 bps s 10-year <CZ10YT=R 0.97 -0.01 +064 -1bps R> 8 bps Poland 2-year <PL2YT=RR 2.042 0.008 +278 +1bp > bps s 5-year <PL5YT=RR 2.937 -0.02 +331 -1bps > 3 bps 10-year <PL10YT=R 3.525 -0.01 +319 +0bp R> bps s FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep < 0.28 0.32 0.38 0 PRIBOR=> Hungary < 0.21 0.27 0.37 0.2 BUBOR=> Poland < 1.755 1.777 1.819 1.73 WIBOR=> Note: FRA are for Quote: s ask prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL5N1H71ZW'|'2017-03-30T07:14:00.000+03:00'
'afb5a978aae1015c1a2295dd7cd6c7b820533c32'|'Fed signals it could promptly start shedding bonds from portfolio this year'|'Business News - Fri Mar 31, 2017 - 12:38pm EDT Fed signals it could promptly start shedding bonds from portfolio this year The United States Federal Reserve Board building is shown in Washington October 28, 2014. REUTERS/Gary Cameron By Jonathan Spicer - NEW YORK NEW YORK The Federal Reserve could begin shrinking its $4.5-trillion balance sheet as soon as this year, earlier than most economists expect, New York Fed President William Dudley said on Friday in the central bank''s most definitive comments on the question that looms over financial markets. The hawkish-sounding assertion temporarily pushed the dollar lower and raised yields on longer-dated bonds, and added Dudley''s influential voice to at least three other officials at the Fed eyeing a prompt end to a crisis-era policy. "It wouldn''t surprise me if some time later this year or some time in 2018, should the economy perform in line with our expectations, that we will start to gradually let the securities mature rather than reinvesting them," Dudley, a close ally of Fed Chair Janet Yellen, said on Bloomberg TV. A couple hours later James Bullard, president of the St. Louis Fed, repeated his preference for the central bank to begin shedding its mortgage- and Treasury-backed bonds immediately. Economists polled by Reuters and by the Fed itself generally expect the process to start some time next year, a move anticipated to raise market yields as the world''s largest holder of U.S. government debt edges back from the market. The Fed amassed the record amount of assets in the wake of the 2007-2009 financial crisis and recession in three rounds of "quantitative easing" meant to stimulate investment, hiring and economic growth. It is no longer buying additional bonds, but it is topping up the portfolio when assets mature. The Fed''s official plan is to begin letting the bonds naturally roll off - not necessarily sell them - once its interest-rate hikes are "well underway". That is intended to shrink the portfolio to an unspecified lower level, though probably not to the pre-crisis level of around $900 billion. Cleveland Fed President Loretta Mester and John Williams of the San Francisco Fed have also backed shrinking the portfolio this year. But Dudley, a permanent voting member of the Fed''s policy committee, often paves the way for broader policy decisions and his New York Fed manages the balance sheet for the central bank. Dudley said the bond run-off would be "passive" and done "in the background," though he added that it could influence the pace with which the Fed continues to raise rates. "If we start to normalize the balance sheet, that''s a substitute for short-term rate hikes because it would also work in the direction of tightening financial conditions," he said. "If and when we decide to begin to normalize the balance sheet we might actually decide at the same time to take a little pause in terms of raising short-term interest rates." Neel Kashkari, head of the Minneapolis Fed and among the most dovish policymakers, acknowledged at a local banking conference that there is interest among his colleagues to shrink the portfolio "in a gradual and predictable way." A Reuters poll found that economists at primary dealers were split over whether the Fed would announce its plans this year or next, with the actual shedding of bonds some time later. The New York Fed''s most recent poll found Wall Street banks expect no change to the balance sheet until mid-2018. The central bank hiked rates a notch in mid-March, its second tightening in three months, and it plans to move about twice more this year according to its forecasts. Dudley, in the TV interview, said "a couple more hikes this year would seem reasonable," and that the Fed could do a little more or less depending on the economic data. Bullard, another dovish policymaker who was addressing a students'' conference in New York, said he could back perhaps one more hike this year but added "this is not an environment that data is screaming at the Fed that it has to move." (Reporting by Jonathan Spicer; Additional reporting by Ann Saphir in Minneapolis; Editing by Chizu Nomiyama) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-fed-idUSKBN1722C7'|'2017-04-01T00:30:00.000+03:00'
'd8fb5e115f87c2b653b283842eb4cd8e015102a3'|'Mr, Mrs, Mx or Misc? Banking giant HSBC introduces gender neutral titles'|'By Emma Batha LONDON (Thomson Reuters Foundation) - Banking giant HSBC announced on Friday that it is introducing a range of gender neutral titles for transgender customers and others who do not identify as male or female.The process for people wishing to change their gender on their bank account has also been simplified, the bank said in a statement on Transgender Day of Visibility.Instead of using the conventional honorifics Mr, Mrs or Ms, customers can choose from 10 gender neutral titles - Mx, Ind, M, Mre, Msr, Myr, Pr, Sai, Ser and Misc."Gender neutral titles allow people who don''t identify as a particular gender, or who don''t want to be identified by gender, to choose the title that works for them," the bank said in a statement.The titles, available to its high street customers in Britain, will be applied across their account including bank cards and correspondence. Training is to be given to all UK branch and contact centre staff.Customers who are transitioning can now change their gender on their account by taking a passport, driving license or birth certificate that supports the change of gender into a branch.Stuart Barette, trans lead of HSBC''s UK Pride Network, which advised on the new services, recalled how he was "terrified" the day he went into his branch in order to change his name and gender."Coming out to anyone is difficult, as you don''t know how people are going to react," Barette said in a statement."That''s why the changes we''ve been making are so important, so that our trans customers can feel confident that they''re going to have a good experience and be speaking with someone who has been trained to better understand them."The titles are also being introduced for people who do not feel their gender to be that of a woman or man.Ind is an abbreviation of individual, Mre for mystery, Msr is a combination of Miss and Sir, Pr an abbreviation of person.International Transgender Day of Visibility marked on March 31 aims to raise awareness of discrimination faced by transgender people.(Editing by Ros Russell; Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, which covers humanitarian news, women''s rights, trafficking, corruption and climate change. Visit news.trust.org to see more stories.)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/britain-bank-lgbt-idINKBN1721JF'|'2017-03-31T09:58:00.000+03:00'
'ccc91f0f097cc0dfcd1256a4adcf797f81631530'|'Spooked by yield rise, ECB wary of changing message again - sources'|'Business News - Wed Mar 29, 2017 - 12:59pm BST Spooked by yield rise, ECB wary of changing message again - sources FILE PHOTO: The headquarters of the European Central Bank (ECB) are illuminated with a giant euro sign at the start of the ''''Luminale, light and building'''' event in Frankfurt, Germany, March 12, 2016. REUTERS/Kai Pfaffenbach/File Photo By Balazs Koranyi - FRANKFURT FRANKFURT European Central Bank policymakers are wary of making any new change to their policy message in April after small tweaks this month upset investors and raised the spectre of a surge in borrowing costs for the bloc''s indebted periphery. One ECB source said the bank has been overinterpreted by markets at its March 9 meeting. Taken aback when markets started to price in an interest rate hike early next year, policymakers are keen to reassure investors that their easy-money policy is far from ending, suggesting reluctance change message before June, six sources in and close to the Governing Council indicated. While the current level of bond yields remains acceptable, a further increase would be problematic, particularly in places like Italy, Spain and Portugal, where debt payments are a major cost item and rising yields would curb spending and thwart growth. With the euro zone economy on its best run in almost a decade and conservative policymakers# keen to start winding down stimulus, the ECB gave a small nod to improvement with a tweak of its guidance in early March, axing a reference to being ready to act with all available instruments. But that message did not come across as hoped. "We wanted to communicate reduced tail risk but the market took it as a step to the exit," one of the sources said. "The message was way overinterpreted." Indeed, yields surged and investors quickly priced in a rate hike for the first quarter of 2018, even as policymakers tried in vain to play down those expectations. The market move was exacerbated when Austrian central bank chief Ewald Nowotny openly discussed another possible change in bank''s guidance, hinting at a major debate under the surface, a speculation the sources dismissed. ECB chief economist Peter Praet has been in damage control since, arguing that there is "strong logic" backing up the guidance, which stipulates that asset buys would have to end before any interest rate hike. The ECB declined to comment. With inflation below the ECB''s target for four straight years until recently, the bank has cut rates deep into negative territory and plans to buy at least 2.3 trillion euros worth of bonds, all in the hope of cutting borrowing costs enough to revive growth and with it inflation. NIGHTMARE Some have argued that with the economy on more solid footing, the ECB could soon eliminate the punitive interest rate charge, raising the deposit rate to zero, even as asset buys continue. "That would be a communication nightmare," one of the sources said. "If you raise rates, you can''t communicate that it''s a one off, only back to zero, then we stop again." "The market would immediately price in a new rate path, pushing the entire curve sharply higher," the source added With the euro zone government debt at 91.3 percent of GDP, not far below the 94.5 percent peak in 2014, governments can hardly afford big rise in borrowing costs as a yield rise could cap public spending, thwarting investment and growth. The sources also argued that the market may not be accurately pricing risks related to the new U.S. administration, like the possibility of trade wars, protectionism, financial deregulation or President Donald Trump''s difficulty in pushing his agenda through Congress. Banks, the biggest losers from negative rates, have meanwhile benefited from the steepening of the yield curve this year so there is no urgency to give them a hand, the sources added. Inflation having hit 2 percent last month, essentially meeting the ECB''s target, also put some pressure on policymaker as German criticism of loose monetary policy heated up. "Inflation has peaked for now and the oil price is down 10 percent so we are far having to worry about too much inflation," a third source said. While the sources acknowledged unexpected strength in the underlying economy, they said it was difficult to communicate this through its policy statements, especially with underlying inflation showing few signs of moving up. "A small change in the wording can easily be blown out of proportion," one of the sources said. "There is a communication risk and I would argue for stability." (Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-policy-idUKKBN1701I8'|'2017-03-29T19:59:00.000+03:00'
'6ce91c9ee85dcd54fc74a6b2cca2b07c2143f1f5'|'London will remain Europe’s financial capital despite Brexit - Business'|'I f Lloyd’s of London is serious about banning its brokers from enjoying a pint at lunchtime, which was last month’s edict from the top of the Richard Rogers building, Brussels is probably not the best place to open a new base. The beer is excellent.Still, Lloyd’s Belgium-bound contingent will be few in number. The insurance market is moving “a few tens” of jobs from a London office that houses 700. Gags about Lloyd’s of Brussels don’t work, especially as the Belgian subsidiary, on day one, will employ fewer people than the Chinese one.So should we stop worrying about a mass exodus of jobs from the City? No. Lloyd’s is a poor guide to the wider employment picture because its Brexit adjustment was relatively straightforward. To allow business to continue as normal, it just had to set up a separately capitalised subsidiary in the EU with its own management team. Note, too, that the non-UK EU is currently a small part of its business – about 11% of premiums.For many big banks, the calculations on jobs could be very different. For them, the details of the trade agreement between the EU and the UK – assuming there is one – really matter. If vast chunks of EU-only financial activity have to be cleared within the EU, it is conceivable that sizeable trading teams could shift. Consider moves such as JP Morgan’s bid to buy an office in Dublin as sensible contingency planning: the bank won’t necessarily move hundreds of jobs, but it needs to be able to act quickly if necessary.None of which alters the fact that London will remain Europe’s financial capital for the foreseeable future under almost all circumstances. Even if 1,000 HSBC jobs go to Paris, or wherever, London will remain streets ahead of its European competitors. Three decades of post-Big Bang concentration in the UK cannot be reversed overnight.It’s on the global stage, however, that London could suffer more, at least until the new EU-UK financial arrangements are clear. Some of this financial activity can take place almost anywhere in the world. If you’re a US investment bank in New York, it’s currently an easy call to hire your globally-focused staff on the home front. In the banking jobs game, Wall Street looks the most obvious winner from Brexit.The real concern for Lloyd’s Lloyd’s financial figures for 2016 were the secondary story, but should not be ignored. Not for the first time, they told a tale of specialist insurance risk being seriously mis-priced in a world of low interest rates.At a headline level, all looked calm: pre-tax profits were steady at £2.1bn and Lloyd’s return on capital slipped only modestly from 9.1% to 8.1%. Scratch the surface, however, and the picture is different. Higher investment returns, coupled with a handy boost from sterling’s fall, did all the hard work. Profits from underwriting, the day-to-day business, plunged. The combined ratio – how much premium income is paid out in claims and expenses – was 98%, not the comfortable 90% of a year ago.If you’re in the insurance business, you can’t complain when risks materialise – in this case, hurricanes and wildfires. It was the first time since 2012 that claims have been above the long-term average. But you have to wonder what a truly horrendous year like 2011, which brought floods in Thailand and Australia, the New Zealand earthquake and the Japanese tsunami, would do.Lloyd’s and its members could cope because the market remains well capitalised. But the impact would surely be far heftier than the £500m loss seen back then. They were gentler times – competition was less intense and premiums were higher. Note chief executive Inga Beale’s stark warning: “The current situation where (re)insurance demand continues to be dwarfed by overall capacity, and continues to fuel a highly competitive environment, is not sustainable.”She can cut more costs, modernise and appeal for sensible pricing. But, as matters stand, specialist insurance continues to look like a dangerous bubble in the financial system. There is too much hot money chasing returns that look fundamentally fragile.AO World fund raising “This is our first capital raising since our IPO,” says Steve Caunce, chief executive of AO World, the online retailer of electrical goods. Make sure it is also your last. The over-hyped IPO, or flotation, in 2014 was pitched at 285p . Thursday’s £50m fund-raising, to fund expansion in Germany and the Netherlands, was at 132.5p. Long-term fans snapped up the stock happily, but let’s hope they really are the long-term sort. The first sight of profits from the European division is pencilled in for 2021 – and that’s on an “adjusted ebitda run-rate” basis.Topics Financial sector EU referendum and Brexit Lloyd''s Banking JP Morgan Insurance industry comment Share Reuse this content'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/business/2017/mar/30/london-will-remain-europes-financial-capital-despite-brexit'|'2017-03-31T03:38:00.000+03:00'
'9f0c23227faf298cd92696a79135812a62ef4704'|'Drug of choice: The nominee to run drug regulator is a sound choice'|'WHEN the names of potential candidates for the new head of America’s regulatory agency for drugs, the Food and Drug Administration (FDA), were first circulated, you could almost hear the sound of jaws hitting desks throughout the pharmaceuticals industry. One contender was Jim O’Neill, head of Mithril Capital Management, an investment firm, who is such a libertarian that he doesn’t think the FDA should insist that medicines have to work. Another was Balaji Srinivasan, an entrepreneur from Silicon Valley, who thought roughly the same.Removing such a core regulation might seem appealing to business. In fact, the idea of not approving drugs for efficacy is as unwelcome to the industry as it is to doctors and patients. It spends billions of dollars every year on research to deliver better treatments; this would be impossible to justify if drugs had merely to be safe. Patients, meanwhile, would face the awful prospect of having to identify which life-saving medications worked.  33   So, when the name of the FDA nominee was announced in March, there was widespread relief. Scott Gottlieb (pictured) a resident fellow at the American Enterprise Institute, a conservative think-tank, is qualified, experienced and knowledgeable. He is a doctor, has been a policy adviser and has also worked at the FDA before, as the deputy commissioner for medical and scientific affairs.Some reckon that he has too many ties to the drug industry: he is on the boards of five health companies, for example, and does investing and consulting work. Yet his inside knowledge should also give him an edge when dealing with its tricks. His main priority, people in the industry reckon, will be to improve and enhance the FDA, not to dismember it.Mr Gottlieb will certainly wish to find more ways of speeding drug approvals. The agency has done much on this front already. Yet inconsistency continues: some divisions of the FDA respond to routine inquiries from companies in a few weeks; others take three months. Mr Gottlieb has also criticised the agency for having a culture that values “excessive desire for certainty”. Attempts to change this will elicit criticism that patient safety is in jeopardy. Yet in some cases it is clear that the demand for ever-larger clinical trials of new drugs has done little for safety, raised costs and rewarded chiefly the very largest companies that can afford to run them.One path will be to advance the trend for gathering evidence from trials that take place in the real world, not under tightly controlled conditions. GlaxoSmithKline, a British pharmaceutical group, recently completed the world’s first such test for a drug, Relvar, which treats asthma and chronic obstructive pulmonary disease. The four-year trial was conducted by monitoring thousands of patients’ electronic medical records.Generic drugs is another area where Mr Gottlieb has signalled his views. In a commentary for the Wall Street Journal in August, he criticised the policymaking that had kept some generic medicines off the market, raising prices. He may want to tackle the rising cost and complexity of filing applications to market generic drugs—the problem that allowed Martin Shkreli, a controversial entrepreneur, to raise the price of Daraprim, an anti-parasitic drug, by 5,000% in 2015, causing fury.The FDA also needs to run faster to keep abreast of innovation. Sudip Parikh, a policy adviser at the Drug Information Association, another think-tank, says the rate of change means that decades-old rules and regulations may not function well for new treatments. Some rules will be too restrictive, others too permissive. On the one hand, for example, more should be done to allow digital health-care products to escape the grasp of the FDA; on the other, the use of stem cells should face more scrutiny. Many clinics offer unregulated stem-cell treatments because of a loophole in the law. Three people were recently found to have been blinded by such treatments.Mr Gottlieb still has to gain approval from the Senate, which will examine his industry ties and his zeal for deregulation. If confirmed, he may find that the biggest challenge is managerial. The FDA is a complicated agency of 17,000 staff and Mr Gottlieb may have little financial room for manoeuvre: under Donald Trump and a Republican Congress, the hope of more funds is slim. Mr Parikh says that if the FDA is to be more efficient and its regulations less burdensome, it still needs the right number of scientists and inspectors. Mr Gottlieb may have the technical ability to administer the correct medicine to the agency. But whether the government will foot the bill is another matter.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21719841-scott-gottlieb-close-pharma-industry-knows-its-tactics-nominee-run-americas?fsrc=rss'|'2017-04-01T08:00:00.000+03:00'
'8dbe0c4211bc7dcb388d6fafe5800281ef28dab9'|'Germany''s Schaeuble says EU to take tough stance in Brexit talks'|'Money  13pm IST Germany''s Schaeuble says EU to take tough stance in Brexit talks German Finance Minister Wolfgang Schaeuble addresses a news conference at the G20 Finance Ministers and Central Bank Governors Meeting in Baden-Baden, Germany, March 18, 2017. REUTERS/Kai Pfaffenbach BERLIN German Finance Minister Wolfgang Schaeuble told a German newspaper the European Union should take a tough stance in negotiations with Britain over its exit from the bloc after more than 40 years of membership. British Prime Minister Theresa May on Wednesday formally notified Brussels of Britain''s intention to quit the EU, triggering two years of talks to negotiate the terms of the divorce. "We want to keep the Brits close but there are no rights without obligations," Schaeuble told the Friday edition of regional newspaper Osnabruecker Zeitung. Schaeuble said the key task in Brexit talks was to minimise damage to both parties but he added that would be tough due to the many complicated issues involved and the two-year timeframe. Britain will not maintain its current access to the European single market if it does not accept the rules associated with it, he said. Schaeuble said the aim was not to punish Britain and Brexit would hurt Britain and all other countries in Europe anyway. "But it is of course important that we keep the rest of the EU together," he said. Schaeuble said EU member states should be prepared for Britain to try to play them off each other but warned that they needed to be united in talks with the London government. (Reporting by Michelle Martin; Editing by Alison Williams) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-eu-germany-idINKBN1720N5'|'2017-03-31T14:43:00.000+03:00'
'04802c695b92ae97507e3894e7812caecd379f28'|'South Africa''s new ministers, deputy ministers to be sworn in on Friday'|'World  52am EDT South Africa''s new ministers, deputy ministers to be sworn in on Friday FILE PHOTO: Malusi Gigaba, a former African National Congress Youth League (ANCYL) President, speaks near Johannesburg''s Soweto township, South Africa, August 19, 2004. REUTERS/Juda Ngwenya/File Photo JOHANNESBURG South Africa''s new ministers and deputy ministers will be sworn in at 1600 GMT on Friday, President Jacob Zuma''s office said. Zuma announced a cabinet reshuffle late on Thursday, replacing Finance Minister Pravin Gordhan with Malusi Gigaba along with various other ministers and their deputies. (Reporting by Mfuneko Toyana; Writing by TJ Strydom; Editing by Christian Schmollinger) Next In World News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-safrica-politics-oathofoffice-idUSKBN1720I7'|'2017-03-31T13:42:00.000+03:00'
'2af565568c0f0e985f25ce88f056133efba19ff3'|'China steps up Americas oil imports, Unipec backs ''new frontier'''|' 50am BST China steps up Americas oil imports, Unipec backs ''new frontier'' left right FILE PHOTO: Oil tankers Qi Lin Zuo of China and Sti-Matador (L) stand attached to mooring stations near a refinery in Bayonne, New Jersey August 24, 2011. REUTERS/Lucas Jackson/File Photo 1/2 left right FILE PHOTO: Oil tanks are seen at a Sinopec plant in Hefei, Anhui province, May 31, 2009. REUTERS/Jianan Yu/File Photo 2/2 By Florence Tan - SINGAPORE SINGAPORE China''s largest crude oil buyer Sinopec aims to ship more cargoes from Brazil, the United States and Canada, to help ensure stable crude supplies as the Middle East boost refining capacity and Africa suffers disruptions. Shipments from the Americas hit an all-time high in March, boosting the region''s share of the Chinese market by 1.1 percentage points in the first quarter to close to 14 percent, data from Thomson Reuters Oil Research & Forecasts showed. "We''re facing a big challenge on the supply side," said Chen Bo, president at Unipec, which purchases crude for Asia''s largest refiner Sinopec ( 0386.HK )( 600028.SS ). Asia needed to step up crude imports from the "new frontier", the greater U.S. Gulf Coast region made up of the United States, Canada and Latin America, to meet its growing demand, he told a seminar this week. Chen said China, the world''s second largest oil consumer behind the United States, is on track to become the largest crude importer this year ahead of the United States. China will add just under 2 million barrels per day (bpd) of refining capacity between 2016 and 2020, taking its total capacity to nearly 12.5 million bpd by the end of this decade. Also, by end-2018, the total crude import quota for independent refineries will grow to 2 million bpd, about 500,000 bpd more from March 2017 as government approvals flow through, he said. SUPPLY DIVERSITY Asia, which will account for a third of the world''s refining capacity by 2020, will have to look beyond traditional markets Middle East and Africa for crude supplies, Chen said. Security of supply and the optimization of supply were vital for Unipec. "If every consumer goes to the Middle East and Africa we don''t know what will happen to the market. So we have to diversify," he said. China''s crude imports from the Americas, led by Brazil, Venezuela and Colombia, hit 5.61 million tonnes (1.3 million bpd) in March, the highest in Reuters'' data going back to 2006. In the same month, China''s crude oil deficit came in a hefty 15 million tonnes after touching a record 19 million tonnes in December 2016 as domestic production shrank while imports surged, customs data showed. "Record imports are being driven by falling production, higher refinery runs, huge infrastructure and SPR (Strategic Petroleum Reserves) builds," Virendra Chauhan from consultancy Energy Aspects said. The agency expects Asia''s crude imports, led by China, to rise by 900,000 bpd on year in 2017. A preference for low-sulfur oil produced in the Americas by China''s private refineries, the so-called "teapots", helped boost imports from the region, while increasing U.S. shale output and production cuts by the Organization of the Petroleum Exporting Countries have made it economical for traders to send huge volumes of crude from west to east. Brazil overtook Venezuela as the top South American crude supplier to China in the first two months of this year due its favored medium-heavy quality grades, while China became the No. 3 destination for U.S. crude exports in 2016. [O/CHINA1] The Americas has the potential to become a "global trading hub" in the next decade, Chen said. (Reporting by Florence Tan; Additional reporting by Meng Meng and Chen Aizhu in BEIJING; Editing by Richard Pullin)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-china-oil-americas-idUKKBN1720NT'|'2017-03-31T14:47:00.000+03:00'
'27ebf43c1cc303eca8e29dda530bd98d0cff50f0'|'Saudi Aramco formally appoints banks to advise on share sale'|'Business  45am BST Saudi Aramco formally appoints banks to advise on share sale Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed LONDON Saudi Aramco IPO-ARMO.SE has formally appointed JPMorgan Chase & Co ( JPM.N ), Morgan Stanley ( MS.N ) and HSBC ( HSBA.L ) as international financial advisers for its initial public offering, expected to be the world''s largest equity sale, sources familiar with the matter told Reuters. The trio join Moelis & Co ( MC.N ) and Evercore ( EVR.N ), which have been appointed independent financial advisers, one source said. The company has also appointed Saudi Arabia''s NCB Capital 1180.SE and Samba Capital 1090.SE as local advisers, the sources said. Saudi Aramco said it did not comment on rumour or speculation. (Reporting by Ron Bousso in London,; David French in New York, Davide Barbuscia in Dubai and Reem Shamseddine in Khobar,; Writing by Tom Arnold; Editing by Edmund Blair) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-saudi-aramco-ipo-idUKKBN1710RY'|'2017-03-30T15:45:00.000+03:00'
'b38a9b3aaee7d5832de5c035edd21aa4268a0cd7'|'FTSE makes modest gains, energy stocks support'|'Business News - Thu Mar 30, 2017 - 10:30am BST FTSE makes modest gains, energy stocks support A worker shelters from the rain under a Union Flag umbrella as he passes the London Stock Exchange in London, Britain, October 1, 2008. REUTERS/Toby Melville/File Photo By Helen Reid - LONDON LONDON British shares inched up on Thursday with energy stocks leading timid gains, trading without strong direction with ex-divs weighing. The FTSE 100 .FTSE gained 0.1 percent as the market awaited further details of negotiating positions of Britain and the European Union after they formally embarked on complex talks towards Brexit on Wednesday. Britain was to set out its plan for converting EU laws into domestic law in a White Paper later in the day, and EU Council President Donald Tusk was set to send out negotiating guidelines to the 27 member states by Friday. Investors called for a renewed focus on fundamentals ahead of a long divorce process, after markets had a muted reaction to the formal Brexit trigger. "We have got a minimum of two years, and realistically much longer, to figure out how it all falls into place," said Ian Williams, economics and strategy analyst at Peel Hunt. "We are in completely uncharted territory, many things can change. So from an equity standpoint all you can do is take a step back and look at your companies, and at the macro picture." Energy stocks were the biggest contributors to gains on the day, as global crude prices ticked up with supply disruptions in Libya lifting the market. SSE ( SSE.L ), however, was a top faller after the British energy supplier said dividend cover for its 2017/18 financial year would be at the lower end of guidance. The London Stock Exchange ( LSE.L ), fresh from disappointment over a planned merger with Deutsche Boerse scuppered by the EU antitrust regulator, was up 1.4 percent, a top gainer. "While a takeover of LSEG is not central to our positive thesis, we acknowledge that industry consolidation and the takeover potential should provide valuation support and is helpful to our positive thesis," RBC said, resuming coverage of the stock with an ''outperform'' rating. Ashtead ( AHT.L ) was the top FTSE gainer, up 3.6 percent. Liberum initiated coverage of the construction equipment rental company with a ''buy'', saying rental penetration in the U.S. market would drive growth for its North American segment, which contributes 86 percent of revenue. "The upside potential from increased rental penetration in the U.S. market is yet to be fully reflected in Ashtead''s share price, in our view," Liberum analysts said. Old Mutual ( OML.L ) , Schroders ( SDR.L ), Smith & Nephew ( SN.L ), and Prudential ( PRU.L ) all fell 1.4 to 1.7 percent as they went ex-dividend. Among mid-caps, Petra Diamonds ( PDL.L ) was the top gainer, up 6.5 percent after it refinanced its debt. Small-cap Carr''s Group ( CARRC.L ) dropped 17 percent, set for its worst losses in 16 years after the agriculture and engineering firm cut its expectations for full-year performance. (Reporting by Helen Reid; Editing by Tom Heneghan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN17111G'|'2017-03-30T17:30:00.000+03:00'
'f17fcb61eb8890879e112eaabddbb9886a8fe08a'|'''Have faith in what you''re doing'' – Confessions of a Startup - Guardian Small Business Network'|'Photograph: Anna Gordon for the Guardian Subscribe via iTunes Download MP3 Podcast feed URL Supported by About this content   View more sharing options Share   Close Presented by Coco Khan and produced by Rowan Slaney Friday 31 March 2017 07.00 BST Subscribe and review on iTunes , Soundcloud & Mixcloud and join the discussion on Facebook and Twitter . From its humble beginnings with just a £100 wifi kettle prototype, Smarter Applications has come a long way. The kettles are now stocked in the likes of Harrods and John Lewis and the company has also launched a wifi coffee machine and fridge cam in Europe, with plans to export to the US in 2017. But co-founder Isabella Lane admits it hasn’t been easy. The first shipment of kettles, which sold out in a day, had a fault and they all had to be fixed and reassembled in her parents’ living room in 36 hours. There have been times, she says, when there wasn’t enough money in the bank to pay the bills, or the funds to make the most of opportunities. “We’ve watched lots of startups come and go,” she says about operating in the Internet of Things sector. “But we always ensured we had a solid business underneath all the excitement.”Lane says she’s done every job in the company – apart from development – and it’s both exciting and daunting to now have 23 people on the team. To other entrepreneurs facing hard times, she says: “Have faith in what you’re doing. Take things slowly and try to ensure longevity. Not everyone will wake up after a year living in Barbados. [But] what a difference a day makes. It can always turnaround as quickly as it’s gone down.”Topics Guardian Small Business Network Adventures in Business Entrepreneurs Internet of things'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/small-business-network/audio/2017/mar/31/have-faith-confessions-of-a-startup-isabella-lane-smarter-applications'|'2017-03-31T15:00:00.000+03:00'
'0d11aa262e9d1aa087f5d7191578118f3fd9983c'|'UPDATE 1-Portugal sells Novo Banco to Lone Star for 1 bln euro capital injection'|'Company News   1:50pm EDT UPDATE 1-Portugal sells Novo Banco to Lone Star for 1 bln euro capital injection (Updates background, details) LISBON, March 31 Portugal has agreed to sell a 75 percent stake in state-rescued lender Novo Banco to U.S. private equity firm Lone Star in exchange for a capital injection of 1 billion euros into the institution, the Bank of Portugal said on Friday. "The sale is an important step for stability of the banking system," Bank of Portugal Gov. Carlos Costa told reporters. "The agreement allows to meet the deadline set jointly with the European Commission for the sale of Novo Banco." Portugal''s Bank Resolution Fund will retain the remaining 25 percent stake in Novo Banco, which is the bridge bank carved out of Banco Espirito Santo, which collapsed in August 2014. The country injected 4.9 billion euros, mostly via the resolution fund, into the "good bank". Under the terms of the deal, Lone Star will inject 750 million euros when the deal is formally closed and another 250 million within three years. Also, Novo Banco will swap 500 million euros of senior bonds for new bonds as means to reinforce its common equity Tier 1 capital ratio before Lone Star takes over the bank. The Bank of Portugal said a contingent capital mechanism will be set up to meet potential capital needs at the bank worth up to 3.89 billion euros, explaining that the mechanism did not represent any guarantee to cover any losses. The sale is the end of a long process that started with the emergency rescue of BES, which at that time was Portugal''s largest listed bank. BES collapsed under the weight of the debts of its founding family and an investigation is still ongoing. A first attempt to sell Novo Banco failed in 2015 as bids came in far below the rescue amount, stirring investor concerns about the already flagging banking sector''s contributions to the Bank Resolution Fund. In March, the government extended the maturities on state loans to the resolution fund by nearly three decades to 2046 to avoid imposing extra costs on the banking sector. The sale was also complicated by a decision, late in 2015, by the central bank to transfer some bonds from Novo Banco back to "bad bank" BES, thus boosting Novo Banco''s capital. A group of bondholders, including Pimco and BlackRock, have challenged the decision in the court. (Reporting By Sergio Goncalves, writing by Andrei Khalip, editing by Axel Bugge and David Evans) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/portugal-novobanco-idUSL5N1H865Y'|'2017-04-01T01:50:00.000+03:00'
'6d6ea36da274054e96f2f4ddba45c13fb66f1aaf'|'North Dakota oil output set to rise as controversial pipeline opens'|'Commodities - Thu Mar 30, 2017 - 1:16am EDT North Dakota oil output set to rise as controversial pipeline opens By Ernest Scheyder - HOUSTON HOUSTON North Dakota oil production will get a shot in the arm next month as a pipeline comes online despite opposition by environmental groups and Native Americans, allowing the energy industry to save at least $540 million in annual shipping costs. The Dakota Access Pipeline gives the state''s producers cheaper access to refineries and other customers on the U.S. Gulf Coast. Market players said they expect this will hasten a revival of output from the Bakken region which fell sharply along with global oil prices during the past two years. "We''re back to growth in the Bakken," Hess Corp ( HES.N ) Chief Executive Officer John Hess said in a recent interview. The New York-based company has contracts to send roughly half its daily North Dakota output through DAPL. For 2017, Hess has said its Bakken production could grow more than 10 percent. President Donald Trump approved the $3.7 billion pipeline in February, reversing the prior administration which had blocked it last December with a decision by the U.S. Army Corps of Engineers. Energy Transfer Partners LP ( ETP.N ), which operates the 1,100 mile (1,770 km) long DAPL, has begun filling the line with crude and could reach full operating capacity by late April, based on industry estimates. DAPL "will provide a safer, more environmentally responsible and more cost-effective transportation system to move crude across this country as opposed to truck or rail," said ETP spokeswoman Vicki Granado. The pipeline will carry about 500,000 barrels of oil per day, more than half of North Dakota''s daily output, cutting reliance on riskier rail-cars and reducing transport cost by roughly $3 to $5 per barrel, analysts estimate. That should help level the playing field between Bakken producers and rivals in other U.S. shale plays, many of which are closer to refineries and other customers. "Economics for drilling in the Bakken will look better because of DAPL," Rusty Braziel of RBN Energy consultants in Houston, said in an interview. The state''s drilling rig count has jumped 40 percent since early February, when Trump gave final approval to the pipeline. By the end of the year, analysts expect the rig count to rise another 10 percent or more. DAPL''s opponents say they will continue to oppose the line and oil production across North Dakota, which pumps more crude each day than any state but Texas. "Just because oil flow is pending does not mean that it cannot be stopped by court order, and we have a strong, ongoing case in front of the courts," said David Archambault II, chairman of North Dakota''s Standing Rock Sioux tribe, which lives adjacent to the line. OUTLOOK Transportation savings from DAPL are a key factor oil companies are considering when deciding whether to boost production, executives, analysts and investors said. Hess plans to triple the number of drilling rigs it operates in North Dakota this year. The company will move the 30 percent of its existing Bakken production from rail to pipeline once DAPL opens. Oasis Petroleum Inc ( OAS.N ), another large Bakken producer, said its 2017 output could rise more than 30 percent. DAPL "is definitely going to give us more options to get our product to market," Oasis Chief Executive Officer Tommy Nusz said in an interview. Whiting Petroleum Corp ( WLL.N ), the state''s largest oil producer, does not contract for space on DAPL, nor does Continental Resources Inc ( CLR.N ), the second-largest. But Continental expects DAPL to ease a transport bottleneck out of the state and open room on other pipelines, allowing it to stop using rail. Both Whiting and Continental have projected production to rise more than 20 percent this year. The companies did not respond to requests for comment. North Dakota''s oil production fell 13 percent in the last 12 months for which data are available to about 980,000 barrels per day (bpd) due to low prices. While the expected jump in 2017 output likely won''t return output to its 2015 peak, it could help statewide production again rise above 1 million barrels per day. Another reason for rising production is that higher prices have prompted many companies to hedge, or sell forward, some of their output, which bolsters confidence. Whiting and Oasis, for example, have hedged more than half of 2017 production. But the state''s producers say that DAPL''s opening, after months of uncertainty, gives them confidence they can ship their product to market. "We have to have a more pragmatic approach to infrastructure development in this country," said Hess. (Reporting by Ernest Scheyder; Editing by Gary McWilliams and David Gregorio) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-north-dakota-pipeline-production-idUSKBN1710F1'|'2017-03-30T13:01:00.000+03:00'
'6b01ab7e72291b2bda0d58a34c1fa7b68107d083'|'UPDATE 1-China says Westinghouse bankruptcy won''t have big impact on nuclear plans'|'Company News - Thu Mar 30, 2017 - 1:15am EDT UPDATE 1-China says Westinghouse bankruptcy won''t have big impact on nuclear plans * China says no "substantial impact" on nuclear plans * Two sides promise to give priority to joint projects * Completion of world''s first AP1000 reactor still on track (Adds detail, background) By David Stanway SHANGHAI, March 30 China''s State Power Investment Corp said Westinghouse''s bankruptcy filing would not have a "substantial impact" on the country''s nuclear plans and the two sides would ensure a key AP1000 reactor project would be completed on schedule this year. The project is the world''s first Westinghouse-designed AP1000 reactor project, being built at Sanmen on China''s eastern coast, and is one of four reactors planned with State Power. "The two sides were fully aware of the importance of the Chinese AP1000 project and agreed to continue to make the project a common priority and increase investment to ensure that the target of putting the reactor into operation this year is met," it said in a statement on Thursday. The first AP1000 was due to be completed in 2014, but construction was subject to delays as a result of design problems as well as a nationwide review of the nuclear industry following the Fukushima disaster in 2011. Westinghouse hoped the AP1000 would become the centrepiece of China''s ambitious nuclear strategy, and expected to win dozens of new projects. But industry sources said the Pittsburgh-based firm underestimated China''s ability to develop its own home-brand third-generation designs, with China''s own "Hualong 1" reactor selected over the AP1000 for a number of domestic nuclear projects. A senior Chinese nuclear industry official said earlier this month that the reactor was still scheduled to go into full operation in the second half of 2017. “The restructuring application by Westinghouse will not have a substantial impact on third generation reactor work such as the construction of the AP1000, the subsequent construction of a batch of CAP1000 reactors or the CAP1400 demonstration project,” the company said, referring to its homegrown third-generation reactor designs. Westinghouse, owned by Japanese conglomerate Toshiba , filed for bankruptcy on Wednesday as a result of billions of dollars of cost overruns at four reactors under construction in the United States. (Reporting by David Stanway; Editing by Edwina Gibbs) Next In Company News METALS-London copper slips in thin trade on stronger dollar (Adds comment, detail, updates prices) MELBOURNE, March 30 London copper slipped on Thursday in low-volume trade as the dollar held gains on brighter economic signals from the United States and traders waited for further U.S. and China economic cues for direction. With the U.S. economy having now "largely attained" a full recovery from recession, the Federal Reserve can raise interest rates three or more times this year, a centrist Fed policymaker said on Wednesday, helping North Dakota oil output set to rise as controversial pipeline opens HOUSTON, March 30 North Dakota oil production will get a shot in the arm next month as a pipeline comes online despite opposition by environmental groups and Native Americans, allowing the energy industry to save at least $540 million in annual shipping costs. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/china-nuclear-westinghouse-idUSL3N1H71Y8'|'2017-03-30T13:15:00.000+03:00'
'065e37c968c517ad7412787d60b30d8d6dfe0190'|'U.S. puts conditions on Smiths Group acquisition of Safran''s Morpho'|'Company  31pm EDT U.S. puts conditions on Smiths Group acquisition of Safran''s Morpho WASHINGTON, March 30 The U.S. Justice Department said on Thursday it will require Smiths Group Plc to divest Morpho Detection LLC and Morpho Detection International LLC''s global explosive trace detection business for Smiths to proceed with its proposed $710 million acquisition of Morpho from Safran SA. The Justice Department’s Antitrust Division filed a civil antitrust lawsuit Thursday in the U.S. District Court for the District of Columbia to block the proposed transaction, the department said in a statement. The department also filed a proposed settlement that, if approved by the court, would resolve the department’s competitive concerns, the statement said. (Reporting by Eric Beech) Next In Company News UPDATE 1-Chipotle shareholders withdraw proposal to split CEO, chairman roles March 30   said   * Pennymac mortgage investment trust-on march 24, 2017 co through unit, pennymac holdings entered second amended and restated loan and security agreement MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/smiths-group-safran-usa-idUSEMN4ZVFDJ'|'2017-03-31T05:31:00.000+03:00'
'd2e82f409273e8ee5761d6098739b9953ba9ef7f'|'BRIEF-Catalyst Biosciences announces emergence from key patent opposition period supporting marzeptacog alfa'|' 41pm EDT BRIEF-Catalyst Biosciences announces emergence from key patent opposition period supporting marzeptacog alfa March 30 Catalyst Biosciences Inc * Catalyst Biosciences announces emergence from key patent opposition period supporting marzeptacog alfa (activated), catalyst''s lead clinical program * Catalyst Biosciences - Inc Research selected as CRO for Phase 2/3 efficacy clinical trial of Factor VIIA, marzeptacog alfa (activated); trial to commence in Q4 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-catalyst-biosciences-announces-eme-idUSFWN1H70Y5'|'2017-03-31T05:41:00.000+03:00'
'efb6fcd360653d7c77f6d7b5fbd657f40b2d00e8'|'Exclusive: Taiwan wins over $200 million in legal claims against African states - Reuters'|'By Emma Farge and J.R. Wu - DAKAR/TAIPEI DAKAR/TAIPEI A state-run Taiwanese bank has successfully sued two African countries for $212 million in unpaid loans and brought a claim against a third, court documents showed, in a possible warning to allies who switched sides in Taiwan''s spat with China.The three claims brought by the Export-Import Bank of the Republic of China EXIMC.UL before a U.S. district court against Guinea Bissau, Central African Republic and Democratic Republic of Congo amount to a total of at least $261.4 million including loans and interest.The first case is pending and the other two Eximbank won."We see this as a commercial loan case," Johnson C.T. Liao, vice president and spokesman for Eximbank, told Reuters. He said most of Eximbank''s loans are international and are repaid."Usually there is a long period of negotiation. Then when we can''t find a way, we have to go through the legal process to protect the debt claims," Liao said.But analysts say the legal action by Eximbank, which falls under Taiwan''s finance ministry, is likely to be a warning about the costs of forging diplomatic ties with China.Guinea Bissau and Central African Republic have withdrawn support for Taiwan since the loans were disbursed and Congo did not ditch China even after receiving the money.Taiwan''s foreign ministry said it could not comment on the matter because the case involves commercial loans. A Guinea Bissau official said the government was committed to responding to this claim under the rule of law but that its first priority is the welfare of its people and stability of the country.Officials in Congo and Central African Republic did not respond to requests for comment."It is not surprising that Taiwan would seek repayment from nations that switched allegiance," said The Atlantic Council''s Robert Manning, noting new tensions in China-Taiwan relations since the election of Tsai Ing-wen as president last year.Tsai is also the leader of a ruling party that traditionally advocates independence for Taiwan, a red line for Beijing."It is in part about getting their money back, but in no small part, a bit of retribution," Manning said.DEBT RELIEF CONTROVERSYAll the claims filed at a district court New York State and seen by Reuters are for loans dating back to the early 1990s -- a period when Taiwan and China used "dollar diplomacy" to attract allies in Africa after the end of the Cold War.The borrowers each failed to repay any principal and most of the interest on the loans, the filings showed.Taiwan has competed with China for recognition since defeated Nationalists fled there in 1949 at the end of China''s civil war, but the tables turned in Beijing''s favor in the 1970s when the United Nations and United States switched sides.Only 21 mostly small and poor countries recognize Taiwan, and a person familiar with government thinking says maintaining allies is difficult since they can always ask for a better deal or go to China instead.In the last two decades Taiwan, whose economy is 20 times smaller than China, has struggled to compete with Beijing''s billions of dollars in aid and debt annulments. In Africa, only Burkina Faso and Swaziland still recognize Taiwan.As recently as December, Sao Tome and Principe broke ties with Taiwan in favor of China, a decision the west African nation''s prime minister, Patrice Trovoada, explicitly linked to development aid expected from Beijing.All of the Taiwanese bank''s cases have been brought since December 2015, according to the filings which are lodged in a public database whose existence few are aware of.Judges found in favor of the bank in the cases of Congo and Central African Republic for $57.3 million and $154.9 million respectively in two separate rulings in January 2017.It is unclear how the countries will settle the claims. The case brought in June last year against Guinea Bissau adds up to at least $49.2 million, or nearly a fifth of its last budget.Bissau is arguing that the time frame for proceedings has expired, according to a memo submitted this month. The official said he hoped a resolution could be reached by year-end.Claims against some of the poorest, most unstable countries in Africa are controversial as many states have been granted debt relief under an International Monetary Fund and World Bank initiative after extensive campaigns to relieve Third World debt.However, Taiwan has not been admitted as a full member of either body."The coffers are virtually empty and paying the attorneys in New York is a lot for them," said a Western diplomat, referring to the case against Guinea Bissau, which has experienced coups, and a civil war since taking the money and is now in the middle of a political crisis.No defense lawyer details are listed for Central African Republic, where more than three-quarters of the population lives in poverty, or for Democratic Republic of Congo, in a possible sign of a lack of money or expertise.Former Taiwan ally Niger managed to cut a claim by Eximbank to $20 million from $183 million in a 2015 deal.(Additional reporting by Jonathan Stempel in New York, Liang-sa Loh in Taipei, Alberto Dabo in Bissau, Crispin Dembassa-Kette in Bangui and Aaron Ross in Kinshasa; Editing by Tim Cocks and Giles Elgood)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-taiwan-bank-idINKBN1712PT'|'2017-03-30T15:47:00.000+03:00'
'ba6858f84a4bad50c904d2877a4381ff5518326d'|'FCC to vote to restore rule making it easier to buy TV stations'|'Business News - Thu Mar 30, 2017 - 2:47pm EDT FCC to vote to restore rule making it easier to buy TV stations The Federal Communications Commission (FCC) logo is seen before the FCC Net Neutrality hearing in Washington February 26, 2015. REUTERS/Yuri Gripas WASHINGTON The U.S. Federal Communications Commission said Thursday it will vote in April to reverse a 2016 rule adopted by the Obama administration that limits the number of television stations some companies can buy. The FCC rewrote its rules last year that allowed companies to only partially count certain stations against the limit on ownership to stations covering 39 percent of U.S. television household. The new rules did not require any company to sell existing stations but could bar new acquisitions. (Reporting by David Shepardson; Editing by Leslie Adler) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-fcc-regulations-tv-idUSKBN1712UD'|'2017-03-31T02:47:00.000+03:00'
'1ae27a4b5eea0ce1ecbffe26bf13f2ed3addbda7'|'HSH says received more than 10 expressions of interest'|'FRANKFURT, March 30 German shipping finance provider HSH Nordbank has received more than ten expressions of interest from potential buyers in the lender which seeks to be sold within a year.HSH''s owners - the German states of Schleswig-Holstein and Hamburg jointly hold 85 percent - have to privatise the bank under European state-aid rules by the end of February 2018.Chief Executive Stefan Ermisch warned on Thursday when presenting annual results that the road to privatisation will be difficult and ask a lot from all parties involved.According to people close to the matter fellow state-backed regional bank NordLB is planning to bid for HSH as will several private equity companies.HSH, which had total assets of 84 billion euros ($90 billion) as of the end of 2016 and saw its pretax profit decrease 73 percent to 121 million euros last year, sought backing from its owners after risky assets turned sour in 2008.It got hit further by the slump in global trade after the financial crisis and the core bank currently has 7 billion euros in ship loans on its books.The European Commission, HSH and its owners negotiated for years over a plan to restore HSH to health and avoid future state aid. ($1 = 0.9316 euros) (Reporting by Arno Schuetze; Editing by Harro ten Wolde)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/hsh-nordbank-privatisation-idINF9N1GT00N'|'2017-03-30T06:59:00.000+03:00'
'a7f636dba4947c281cc2016fe6eb69fa6df5cee1'|'CORRECTED-Cenovus shares slump after C$17.7 billion ConocoPhillips deal'|'(Changes figure in headline to C$17.7 billion, from C$17.1 billion)CALGARY, Alberta, March 30 Cenovus Energy shares tumbled more than 11 percent on Thursday after the Canadian company agreed to buy oil sands and natural gas assets from ConocoPhillips for C$17.7 billion ($13.32 billion). Cenovus shares were last trading at C$15.44 on the Toronto Stock Exchange, down 11.5 percent on the day. ($1 = 1.3289 Canadian dollars) (Reporting by Nia Williams)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/cenovus-stock-idINL2N1H70WU'|'2017-03-30T14:44:00.000+03:00'
'18b636e8f0478877b4a37c896102ff3ffbbe212d'|'DAX nears record high as European shares march on'|' 27pm EDT DAX nears record high as European shares march on * STOXX 600 up 0.5 pct to nearly 16-month high * Germany''s DAX 1.1 pct away from all-time high * Commodity stocks, industrials provide support * H&M drops after results (Writes through, adds closing prices) By Danilo Masoni and Andrea Lentz MILAN/FRANKFURT, March 30 European shares climbed on Thursday, helped by gains among industrials and commodity stocks, while German blue chips came within striking distance of their all-time highs. The pan-European STOXX 600 rose 0.5 percent to 380.4 points, its highest level in nearly 16 months, while Germany''s DAX added 0.4 percent to 12,256 points, just 1.1 percent below a record high hit almost two years ago. Traders said investors were growing confident about prospects for the region''s stocks as the economy improves, offsetting political jitters ahead of elections in France and Germany and Britain''s divorce from the European Union. "Chances of a new all-time high is attracting investors and luring them into buying more shares," said QC Partners wealth manager Thomas Altmann, referring to the steady gains seen in the German blue chip index. "Risks are completely ignored. At the same time, Brexit negotiations can lead to unpleasant surprises at any time," he cautioned. European shares have risen more than 18 percent since the lows hit in June last year in a rally that has been supported by improving economic data, brighter earnings and expectations of a big fiscal stimulus in the United States. "Several factors have combined to convince us that it would be wise to reinvest in European equities and to do so immediately," Geoffroy Goenen, Head of Fundamental Europe Equity Management at Candriam, said in a note. Goenen said that once the French elections are over he expects global investors to reinvest massively in the region. Europe''s basic resources index was the biggest gainer on Thursday, up 1.6 percent, supported by higher metal prices and gains among heavyweight miners Glencore, Rio Tinto and Anglo American, which rose between 1 percent and 2.3 percent. The oil and gas index also rallied, up 1.2 percent, after crude oil prices jumped after Kuwait gave its backing for an extension of OPEC production cuts in an attempt to reduce global oversupply. The index has been the worst performer in Europe so far but some investors believe the sell-off is overdone. UK oil explorer firm Tullow Oil was the biggest gainer in its sector and on the broader STOXX index, ending up 7.7 percent. Gains among industrial stocks also provided support with Germany''s Siemens up 1.5 percent, France''s Saint Gobain and Schneider Electric up 2.1 and 1.1 percent respectively. Among the fallers was H&M, which fell more than 4 percent, close to 4-years lows, following a strong open. The retailer posted a smaller-than-expected fall in pretax profit for the first quarter but analysts voiced concerns over its rising inventory levels, as well as a revolving credit facility. (Additional reporting by Kit Rees and by Anika Ross; Editing by Gareth Jones)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL5N1H765C'|'2017-03-31T01:27:00.000+03:00'
'9a46910e75ccc0e94e64528ca2c3f370e2064f63'|'European governments to maintain Airbus penalties on A400M - source'|'Business News - Thu Mar 30, 2017 - 7:44pm BST European governments to maintain Airbus penalties on A400M - source An Airbus A400M military transport plane is parked at the Airbus assembly plant in Seville, southern Spain June 23, 2016. REUTERS/Marcelo del Pozo MADRID European governments buying the A400M military transport aircraft have agreed to maintain the penalties incurred by the manufacturer, Airbus ( AIR.PA ), for production delays, a source with knowledge of the talks in Madrid said on Thursday. The defence ministries may, however, give Airbus some flexibility on its most pressing sanctions, the source added, though it is still unclear how this leeway would work. Airbus called in February for talks with European governments to ease "heavy penalties" for delays to the programme, after taking a fresh 1.2 billion-euro ($1.3 billion) charge on Europe''s largest defence project. Problems with engine gearboxes and delays in supplying defensive aids has led to penalties and cash being held back by governments, according to the company. The A400M was ordered in 2003 by seven NATO nations -- Belgium, France, Germany, Luxembourg, Spain, Britain and Turkey -- to give Europe an independent military transport capability. Its costs have since spiralled and Airbus has warned of "risks ahead" for the programme. "(The countries) are close to signing an interim agreement showing an understanding of the problems Airbus is going through," the source said. "This could lead to a small amount of flexibility on the sanctions, although they still stand." Airbus declined to comment. In a joint statement put out by the Spanish defence ministry, the seven European governments said they had held "constructive talks" with Airbus. "Everyone expressed their total confidence in the A400M aircraft ... We agreed on a common line of action to move forward in a way that reflects the interests of the programme, the armed forces and taxpayers," they said. The next meeting between the countries and Airbus is due to take place at the British air base of Brize Norton in June. (Reporting by Sarah White in Madrid and Cyril Altmeyerhenzien in Paris; Editing by Carlos Ruano, Greg Mahlich) Next In Business News U.S. GDP revision, higher oil help lift stocks NEW YORK Equities in key world markets edged higher on Thursday, led by gains on Wall Street after an upward revision to U.S. economic growth data, while U.S. crude rose to trade above $50 per barrel for the first time in three weeks. NEW DELHI The International Energy Agency (IEA) does not expect a major increase in global oil prices despite efforts by OPEC and non- OPEC members to reduce output, its executive director Fatih Birol told Reuters. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-airbus-a400m-idUKKBN1712UA'|'2017-03-31T02:44:00.000+03:00'
'86ea31c03b85c49177e090f1156e8b002248c914'|'Money and makeup: Beauty expert Bobbi Brown''s life tips'|'Company News   7:00am EDT Money and makeup: Beauty expert Bobbi Brown''s life tips (The author is a Reuters contributor. The opinions expressed are her own.) By Cheryl Lu-Lien Tan NEW YORK, March 30 Need a master class on how to succeed as an entrepreneur? Just follow the career of Bobbi Brown, who went from waitress to makeup artist to the founder of a now-ubiquitous cosmetics line. She started Bobbi Brown Essentials in 1991 after working with a chemist to create 10 natural-looking lipstick shades, then sold it to Estée Lauder Cos Inc in 1995. Brown, 59, stepped down in December as chief creative officer of the company. Her ninth book, “Beauty from the Inside Out,” will come out in April. The Montclair, New Jersey, resident recently chatted with Reuters about some of the lessons she has learned along the way: Q: What were some of your first lessons about running a business? A: I grew up watching my grandfather, who immigrated from Russia, work hard on his business, a car dealership that he founded. As a kid, I would help him stuff envelopes with brochures so that he would constantly be top-of-mind to his customers. He never stopped, not even in his 80s. Q: What were some of your early jobs? A: My first job was selling shoes at a local department store, followed by a year of waitressing after I graduated college. My next act wasn''t a job but a career. I worked hard as a freelancer to build my portfolio and make contacts, as I remembered my grandfather doing. I realized that there is no substitute for just doing it, not talking about what you will do but actually getting it done. Q: What inspired you to start your own company? A: As a makeup artist I always had to “fix” any product I bought to make it look better and more natural. There weren’t any foundations that matched skin tones, and there was not a single lipstick that looked like a woman’s lips. I happened to meet a chemist that was able to make a lipstick based on my descriptions of blending beige, blue and red bases to resemble real lip colors. I sold them out of my house until Glamour Magazine wrote about them, then was lucky enough to debut them at Bergdorf Goodman. I love being able to create something that doesn''t exist. Q: As your career took off, what did you learn about handling wealth? A: As someone who got D’s in math in high school, I learned early on to have overdraft protection on my checking account. At the same time, I never liked how much it costs to pay interest. I always tried to spend money on things I could afford and not live off money I did not have. Q: Looking back, is there anything you would have done differently regarding running a business? A: The amount of money I have spent on consultants to “give advice” has always boggled my mind. If I could do it all over again, I’d allocate that money to either an upgrade to the office or an outreach program that helped people in need. Q: Your new book is about beauty from the inside out. Why is that an important message for you? A: The better you take care of yourself, the better you feel and the better your brain functions so you have more clarity and energy for your work. Q: What money lessons do you try to pass down to your three sons (ages 18 to 26)? A: I believe in leading by example. All three of our boys were raised watching my husband and I involve ourselves in several philanthropic endeavors. Giving back has always been a part of my DNA. I was raised to care about all people, especially those in need. We encourage (our sons) to follow their passions, work hard and learn along the way so that they can do anything they set their mind to. (Editing by Beth Pinsker and Lisa Von Ahn) Next In Company News Total CEO says interested in Novatek''s LNG projects in Russia SABETTA, Yamal, Russia, March 30 The chief executive of French energy firm Total, Patrick Pouyanne, said on Thursday that his company was interested in future cooperation with Russia''s Novatek on projects involving liquefied natural gas. (Reporting by Olesya Astakhova; Writing by Maria Tsvetkova; Editing by Alexander Winning) * Quorum Health Corporation announces definitive agreement to Divest Hospital in Augusta, Georgia MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/money-lifelessons-bobbibrown-idUSL2N1H01QG'|'2017-03-30T19:00:00.000+03:00'
'0a144d021ab053ec60b5fdcc292d0a9f5bc99772'|'Nikkei rebounds as strong yen trend pauses; buying before stocks go ex-dividend'|' 42pm EDT Nikkei rebounds as strong yen trend pauses; buying before stocks go ex-dividend * Investors hunt for high-yield shares before ex-dividend day * Market continues to focus on U.S. tax reform, econ stimulus By Ayai Tomisawa TOKYO, March 28 Japan''s Nikkei share average rebounded from more than a six-week low on Tuesday morning due to a pause in the yen''s strong trend, with most sectors rose to positive territory. With the end of the business year-end looming on March 31 for a majority of listed companies, the market was also underpinned by investor purchases of stocks before they go ex-dividend later in the day. The Nikkei rose 1.0 percent to 19,177.10 in midmorning trade, after plumbing to its lowest level since Feb. 9 on the previous day as U.S. President Donald Trump''s setback on his healthcare reform bill raised questions about his ability to push through his planned stimulus policies. "Investors were overly risk off yesterday," said Hikaru Sato, a senior technical analyst at Daiwa Securities. "That said, for the next few weeks, the dollar-yen may still be volatile." He added that the market continues to focus on developments on U.S. tax reform and infrastructure spending as well as political events in Europe such as the French presidential election next month. Oil shares, drugmakers and trading firms outperformed helped by buying from investors hunting for high yields before the ex-dividend day. Showa Shell Sekiyu surged 2.4 percent, Takeda Pharmaceutical rose 1.5 percent, Mitsubishi Corp advanced 1.5 percent and Mitsui & Co soared 1.0 percent. Exporters gained ground after the dollar rose 0.1 percent to 110.800 yen following its slide to a four-month low of 110.110 overnight. Toyota Motor Corp gained 0.9 percent, Nissan Motor Co added 0.8 percent and Panasonic Corp jumped 2.9 percent. The broader Topix gained 1.2 percent to 1,541.96 and the JPX-Nikkei Index 400 advanced 1.2 percent to 13,790.14. (Editing by Simon Cameron-Moore)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-midday-idUSL3N1H51IL'|'2017-03-28T10:42:00.000+03:00'
'2f3bc884d14cc27ab9d5ad49fe7fc66cca94e450'|'Signet Jewelers sued for not disclosing harassment allegations'|'Signet Jewelers Ltd has been hit with a securities fraud class action lawsuit, accusing the retailer of failing to disclose facts regarding sexual harassment allegations against executives at its Sterling Jewelers unit, court documents showed.The lawsuit, filed on Tuesday in Dallas federal court by Irving Firemen''s Relief & Retirement Fund, claimed the fund suffered economic loss as a result of violations of the securities laws by Signet.The lawsuit accused the company of disseminating false or misleading statements to the public about the true nature and severity of the allegations made by former employees.Signet did not immediately respond to an email seeking comment on the lawsuit.The Washington Post reported last month that hundreds of former employees sued the retailer, which owns the Kay and Jared brands, for leading a corporate culture that "fostered rampant sexual harassment and discrimination."Employees accused Sterling of wage violations and argued that the company paid male employees higher salaries than females, who were also often overlooked for promotions, the Washington Post reported. wapo.st/2ow243kSterling said in February it has "thoroughly investigated" the allegations and "concluded they are not substantiated by facts."Earlier this month, Signet said it would review its equal opportunities and other workplace-related policies, as it stepped up efforts to contain the damage from the sexual harassment allegations.Signet also said it would form a board committee that will consist of four female directors and focus on the advancement of its women employees.The case is in the U.S. District Court for the Northern District of Texas, Dallas division, Case No: 3:17-cv-00875-D.(Reporting by Vishal Sridhar in Bengaluru; Editing by Gopakumar Warrier)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-signet-lawsuit-idUSKBN1700A7'|'2017-03-29T07:20:00.000+03:00'
'01dc15424216b0691b37b1ac8775ec374dcfc711'|'UPDATE 1-MOVES-TransCanada says chief operating officer to retire'|' 10pm EDT UPDATE 1-MOVES-TransCanada says chief operating officer to retire (Adds analyst comment) CALGARY, Alberta, March 28 TransCanada Corp''s Chief Operating Officer Alex Pourbaix is retiring from the company after 23 years in May, a TransCanada spokesman said on Tuesday. "I can confirm Alex has made the personal decision to retire," TransCanada spokesman James Millar said. "He will be (at) the company until the end of May." Pourbaix was previously president of development for TransCanada, responsible for overseeing growth projects including the long-delayed Keystone XL oil pipeline, which finally received a U.S. presidential permit last week. TransCanada declined to comment on whether the Keystone XL approval had anything to do with the timing of the announcement from Pourbaix, who was considered by some industry players to be a potential successor to TransCanada''s chief executive officer Russ Girling. "I always thought he was one of the guys that would be in the running, but there are a number of very, very capable people at TransCanada," said AltaCorp Capital analyst Dirk Lever, adding he was surprised by the move. (Reporting by Nia Williams; Editing by Cynthia Osterman and Bill Rigby)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/moves-transcanada-pourbaix-idUSL2N1H529E'|'2017-03-29T07:10:00.000+03:00'
'600605b94e87f6871bb0de4e29ee953df35fecaf'|'UPDATE 2-Wells Fargo to pay $110 mln to settle lawsuit over account abuses'|'(Adds details, shares)March 28 Wells Fargo & Co said it agreed in principle to pay $110 million to settle a lawsuit by customers challenging its opening of accounts without their permission, a practice that led to a scandal that cost the bank''s chief executive his job.The bank said on Tuesday it expects the settlement to resolve claims in 11 other pending class actions.The lawsuit resolves claims that Wells Fargo''s high-pressure culture drove branch workers needing to meet sales quotas to open unauthorized accounts, including with forged signatures.Customers said this saddled them with accounts they did not need or want, and fees they knew nothing about.The lawsuit dates from May 2015, sixteen months before Wells Fargo agreed to pay $185 million in penalties to settle regulatory charges over the sham accounts, estimated to number as many as 2 million.That settlement with the U.S. Consumer Financial Protection Bureau and Los Angeles City Attorney Mike Feuer prompted national outrage, leading to the departure in October of the bank''s longtime chief executive, John Stumpf.The named plaintiffs in the lawsuit are Shahriar Jabbari, a Californian, and Kaylee Heffelfinger, from Arizona.They believed they each had two accounts at Wells Fargo, but said the bank opened a respective nine and seven accounts for them, according to court papers.Wells Fargo has abandoned sales quotas. Its new chief executive, Tim Sloan, in January told analysts that the bank still has "a lot of work to do" to rebuild trust with customers, employees and other stakeholders.The case is Jabbari et al v. Wells Fargo & Co et al, U.S. District Court, Northern District of California, No. 15-02159. (Reporting by Jonathan Stempel in New York and Nikhil Subba in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/idINL3N1H55NL'|'2017-03-28T19:37:00.000+03:00'
'876533f3ce0a2c700c71cf30670513d47cf24ec4'|'Shell plans to double Hazira LNG plant capacity - India head'|'Money News - Fri Mar 31, 2017 - 5:44pm IST Shell plans to double Hazira LNG plant capacity - India head A Shell logo is seen reflected in a car''s side mirror at a petrol station in west London, Britain, January 29, 2015. Picture taken January 29, 2015. REUTERS/Toby Melville/File Photo By Arathy S Nair and Tanvi Mehta Royal Dutch Shell Plc plans to double the capacity of its liquefied natural gas import facility at Hazira on India''s west coast to 10 million tonnes a year, a top company executive said on Friday. Shell Gas B.V, a unit of Royal Dutch Shell Plc, owns a 74 percent stake in Hazira LNG Ltd, while Total Gaz Electricite France, a unit of France''s Total SA, holds the rest. "We''ve done all the work, now it''s sort of taking a look at when is the right timing in terms of demand that''s available," Nitin Prasad, chairman of Shell Companies in India, told Reuters, without giving a timeline for the expansion. A government panel said in a report in April 2015 that Hazira LNG will look to expand the capacity of its LNG terminal in the western state of Gujarat by 50 percent to 7.5 million tonnes per annum in the fiscal year to March 2017. Shell on Friday opened a new technology centre in Bengaluru, the capital of the southern state Karnataka. The technology hub, Shell''s third in the world, is aimed at expanding the company''s research and development activities in Asia. India aims to raise the share of natural gas in its energy mix to 15 percent in the next three years from about 6.5 percent at present, as it attempts to achieve energy security while keeping pollution levels down. India''s gas imports in April 2016-February 2017 rose 16.4 percent to 22.53 billion cubic metres, according to government data. (Reporting by Arathy S Nair and Tanvi Mehta in Bengaluru; Editing by Subhranshu Sahu) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/shell-hazira-capacity-idINKBN1721L9'|'2017-03-31T20:14:00.000+03:00'
'f47029a7bee2a5771ec51d08373b7a7417b8610f'|'Wall Street lowers Q1 GDP view after weak spending data - Reuters'|'NEW YORK Some of Wall Street top banks marked down their growth estimates on the U.S. economy in the first quarter as they blamed disappointing data on consumer spending in February on mild weather and slow payout of tax refunds.The banks'' forecasts for gross domestic product expanding in a 1.0 percent-1.5 percent range reinforced the view of another weak start for the world''s biggest economy going back to 2014.Earlier Friday, the Commerce Department said consumer spending, which accounts for more than two-thirds of U.S. economic activity, edged up 0.1 percent. That was the smallest increase since August and was weaker than a 0.2 percent rise in January.J.P. Morgan economist Michael Feroli said in a research note he lowered his view on U.S. gross domestic product in the first quarter to 1.0 percent from 1.5 percent."Some of that weakness may be transitory: warm weather depressed utility spending in January and February to its weakest two month stretch in over 25 years. The slow payout of tax refunds may have also hindered spending growth in the first two months of the year," Feroli wrote.Barclays economists downgraded their tracking estimate on first-quarter GDP to 1.4 percent from 1.6 percent, while Goldman Sachs analysts reduced their to view 1.5 percent from 1.8 percent.Another sluggish annual start for GDP has been consistent for the past several years, tracing back to the first three months of 2014 when GDP contracted by 2.9 percent because of an unusually chilly winter across the country that damped business activity.A rebound in economic growth has also followed a weak first-quarter.J.P. Morgan''s Feroli upgraded his GDP estimate for the second quarter to 3.0 percent from 2.0 percent in anticipation of rebound in consumer spending.(Reporting by Richard Leong; editing by Chizu Nomiyama and Grant McCool)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/usa-economy-jpmorgan-idINKBN1722I8'|'2017-03-31T15:42:00.000+03:00'
'7c16f6089f5904b07637444a37f209b83f7a57f9'|'Spain''s Cox Energy in advanced talks to bring in South America partner'|'By Gram Slattery - SANTIAGO SANTIAGO Spanish renewable energy firm Cox Energy is in advanced talks to bring in a partner for its South American operations, the company told Reuters on Friday.The Madrid-based firm has assets on four continents and its operations in South America include a large, potentially lucrative contract with the Chilean government that it won in an auction last year."Cox Energy is in negotiations with a strategic partner to give an entry point into the entirety of the South American platform," said a Cox spokesman, after two industry sources said the company had been in conversations with outside firms."Of course, once these negotiations culminate, Cox will stay on said platform as a participating partner," said the spokesman, who asked not to be named, citing company policy.The partner would gain an equity stake in the South American assets should the deal go through, he added.Cox has multiple very early stage solar developments in Chile, which has experienced a solar boom in recent years, and is also looking at expansions in other countries nearby. Last year, it was among a cluster of European renewables companies that scooped up contracts to supply Chile''s public grid from 2021.Under the terms of that contract, known as a power purchase agreement (PPA), Cox will provide 250 megawatts of power on a 24-hour basis. It will inject energy into Chile''s public grid for $52.72 per megawatt-hour, a price that is above the most recent averages in Chile.The investment needed to fulfill the PPA will be around $300 million, the company has said. Its early-stage solar projects in Chile include the 60-MW Valleland solar park near the city of La Serena.The spokesman said Cox had begun discussing possible partnerships shortly after the August public auction, though talks were now exclusive.He declined to name the counterparty. However, one source with knowledge of the process said Cox had previously talked with industrial conglomerates and international investment funds.The biggest investment funds operating in Chilean renewables are British private equity fund Actis and Canada''s Brookfield Asset Management ( BAMa.TO ).While August''s auction was hailed as a massive victory for renewables, speculation has swirled that some of the winners would seek sales or partnerships with companies more experienced in large-scale infrastructure development.Consolidation in Chile''s dispersed renewable energy sector has also been heating up. In March alone, Brookfield and Actis announced major purchases, while Reuters revealed U.S. solar producer SunPower ( SPWR.O ) had put a large solar asset on the block.(Reporting by Gram Slattery; Editing by Marguerita Choy)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-coxenergy-chile-idINKBN1722RK'|'2017-03-31T17:42:00.000+03:00'
'47535abd183de4914ad9e8d64faa8cb9e74fb6d0'|'Snapchat adds more accessible search feature'|'Technology News   2:44pm EDT Snapchat adds more accessible search feature A woman stands in front of the logo of Snap Inc. on the floor of the New York Stock Exchange (NYSE) while waiting for Snap Inc. to post their IPO, in New York City, NY, U.S. March 2, 2017. REUTERS/Lucas Jackson Snap Inc said on Friday its Snapchat messaging app would add an option for users to search through photos and videos that users have posted to the public. The move comes just days after larger rival Facebook Inc stepped up efforts to encourage users to take more photos and edit them with digital stickers that show the influence of Snapchat. Snapchat will enable users to search for photos and videos known as "Snaps" posted to the "Our Story" option on the app, by creating new "Stories" using machine learning technology, the company said in a blog post. ( bit.ly/2oiuqBC ) The "Our Story" option is derived from Snap''s widely-copied "Stories" feature that is a slideshow of user content that disappears after 24 hours. "Our Story" allows users to post their Snaps as part of a larger public collection, which users will be able to search through with the latest update. For instance, users can use the search feature to find "Snaps" related to events such as local basketball games and topics such as puppies. The search feature, which will be rolled out in some cities starting Friday, is an addition to curated "Stories", where public "Snaps" about major events like Wimbledon or the Coachella music festival already appear. Snapchat popularized the sharing of digitally decorated photographs on social media, especially among teenagers, but faces intense competition from larger Facebook and Facebook-owned Instagram. Users will now be able to search for over one million "Stories" on Snapchat, Snap said, making the app more accessible. Snap''s shares were up 1.5 percent in afternoon trading, while Facebook''s stock was down marginally. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Sai Sachin Ravikumar) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-snap-feature-search-idUSKBN1722MM'|'2017-04-01T02:44:00.000+03:00'
'9c6c9410b6786b99022dc51bf941d9bdd1aedaa1'|'Texas regulators nix $18 bln deal for bankrupt power company'|'Deals  59pm EDT Texas regulators nix $18 billion deal for bankrupt power company By Jessica DiNapoli and Tom Hals - NEW YORK/WILMINGTON, Del. NEW YORK/WILMINGTON, Del. Texas regulators on Thursday agreed to scuttle NextEra Energy Inc''s ( NEE.N ) $18 billion purchase of Energy Future Holdings Corp [EFHC.UL] [TXEFHE.UL], finding that the deal was not in the public interest. The three-member Public Utility Commission of Texas found that the deal, a key component of Energy Future''s plan to exit an approximately three-year bankruptcy, placed too much risk on ratepayers, its members said in a public meeting Thursday. Energy Future is the majority owner of Oncor, the state''s largest power network. The commission said it was concerned about the debt of the combined company, the independence of Oncor''s board and payments to the parent company at the expense of Oncor. NextEra and Energy Future Holdings declined to comment. This is the second plan to sell Oncor that has met regulatory resistance. A separate plan to sell Oncor to a group of creditors and investors led by privately held Hunt Consolidated Inc of Texas collapsed in 2016 after it hit obstacles from the commission. The path forward for Energy Future may now involve converting some of its debt to equity, or recapitalizing by selling stock, and emerging as a standalone entity, people familiar with the matter said Thursday. That path calls for drafting a new plan of reorganization for the company. Bankruptcy court approved Energy Future''s reorganization plan that included the planned sale to NextEra in February, after the company reached agreements with some creditors modifying what they were owed. The Texas commission plans to meet and formally vote on the NextEra deal at an April meeting. "In each case I believe that (NextEra''s) deal killers are also mine," wrote Commissioner Kenneth Anderson in a memorandum dated March 30, adding that he thought it would waste time to potentially accept the deal with conditions NextEra could not accept. (Reporting by Jessica DiNapoli in New York and Tom Hals in Wilmington, Delaware; Editing by James Dalgleish) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-energyfutureholdings-nextera-oncor-idUSKBN17132S'|'2017-03-31T04:49:00.000+03:00'
'89157228d3c72cbc7b49d3cec86847fe6af7f735'|'UPDATE 1-Euro zone technocrats recommend EU/IMF mission chiefs return to Greece for bailout talks'|'World News  35am EDT Euro zone technocrats recommend EU/IMF mission chiefs return to Greece for bailout talks Greek Finance Minister Euclid Tsakalotos speaks during a news conference at the Ministry of Finance in Athens, Greece March 30, 2017. REUTERS/Alkis Konstantinidis ATHENS Euro zone deputy finance ministers have recommended Greek bailout review talks continue in Athens, a government official said on Friday, as Athens and its creditors seek a deal on reforms to unlock aid. The recommendation, after a teleconference late on Thursday, is a clear sign of progress in long-drawn out talks between Greece and its international lenders on the country''s fiscal progress and on labor and energy reforms. The delays have rekindled fears of a new crisis in Europe. The technical teams of the lenders, the European Union and the International Monetary Fund, are expected to make a final decision later on Friday on their return to Athens to wrap up talks on a technical agreement ahead of a meeting of euro zone finance ministers in Malta on April 7, the official said. It was not yet clear how much progress had been achieved. Sources told Reuters this week that Greece and its creditors had reached a broad outline of agreement on some key labor issues. Athens had also agreed to cut pension spending and to lower the current tax-free threshold to about 6,000 euros, after its current, 86-billion euro bailout expires in 2018. Slashing the market share of state-controlled Public Power Corp ( DEHr.AT ) through the sale of coal-fired units was also under discussion. These measures were aimed at convincing the IMF to participate financially in the bailout. EU countries, including Germany, want the Washington-based fund on board, to add credibility to a program which has been a difficult test for European governments. (Reporting by Renee Maltezou; Editing by Alison Williams) Next In World News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-eurozone-greece-bailout-idUSKBN1720ZB'|'2017-03-31T17:31:00.000+03:00'
'878c403d7538dad5f8d335b5fcf97d234a707e86'|'INVESTMENT FOCUS-''Frontier'' investing dissolves as equity index rejigged'|'By Karin Strohecker - LONDON, March 31 LONDON, March 31 Frontier equity indexes are about to lose two of their biggest and most liquid markets, Pakistan and Argentina, a change that may deepen disenchantment with an asset class where investment flows have stagnated in recent years.Once-vaunted frontier markets -- encompassing riskier African, Latin American and Asian countries plus some small developed ones such as Slovenia and Lithuania -- have seen share listings, trading volumes and returns all broadly fall short of expectations, according to many investors.About $6.4 billion is currently under management with frontier equity funds, down from over $8 billion in 2014, says fund research firm eVestment. If the main index serving these markets loses Pakistan, Argentina and Nigeria, funds could be left with far fewer investable stocks, in countries like Ivory Coast and Jordan."The index is already a little bit skewed and not very attractive as a basket of stocks to invest in ... The removal of Pakistan, and maybe Argentina will make it more and more irrelevant," said George Birch Reynardson, who runs a frontier fund at Somerset Capital.In its May index review, MSCI will move Pakistan from "frontier" to "emerging" markets, a segment comprising larger, more liquid developing economies such as Brazil or Russia. Pakistan has a nearly 10 percent weighting in the parent frontier index.MSCI is also consulting on whether Argentina, with an around 17 percent weight, should follow suit after it abolished capital controls and opened access to its markets. Nigeria, which comprises another 10th, could be ejected altogether due to capital controls.Once Pakistan goes, the parent MSCI frontier index -- containing around 124 stocks from 30 countries -- will be more than a fifth weighted to Kuwait.Fellow index provider S&P Dow Jones Indices will reclassify Pakistan from frontier to emerging from September.The rejigs will complicate fund strategies.Steven Holden of Copley Fund Research tracks 25 active frontier funds with assets of $5.1 billion. He estimates they have an average weighting of 15.5 percent in Pakistan and 9.5 percent in Argentina, with MSCI''s Frontier Index the dominant benchmark.STALLING PROGRESSThe frontier markets moniker was coined in the 1990s by the World Bank''s International Financing Corp, but index compilers S&P Dow Jones and MSCI launched trackable indices from 2007.MSCI''s index soared 42 percent in 2007, prompting the launch of scores of specialised funds hoping for outsized returns from small but fast-growing economies where rising incomes would spur demand for mobile phones and cars.The expectation was these countries would follow the path trodden by the likes of Brazil and Russia, attaining full-fledged emerging markets status as their markets became bigger, more liquid, and with greater foreign participation.Inflows and assets under management rose steeply from 2012 but peaked in late 2014 and have not recovered, according to Copley Fund Research.A decade after its launch, just $10 billion is benchmarked to MSCI''s frontier index versus almost $2 trillion following the emerging index.That is partly because there are far fewer listed companies. Frontier markets saw 59 initial public offerings raising $8 billion in 2007 compared to 16 listings raising under $800 million last year, according to ThomsonReuters data.One factor could be low commodity prices. But it also mirrors broader emerging equities where funds suffered losses and outflows in 2011-2015 amid faltering growth and reforms."There was a lot of excitement about the size of the GDP that would come to market, but generally it hasn''t in frontier markets, and to some extent in emerging markets," said John-Paul Smith, founder of consultancy Ecstrat, who in 2010 correctly called the underperformance of emerging equities.Index changes will push funds to look beyond the benchmarks, Smith said, describing MSCI''s frontier index as "absurd". But while frontier markets had not delivered, he added, some of the funds have -- "a critical distinction to make."LIQUIDITYMSCI''s response to losing Pakistan has been to lower the market cap a company needs to qualify for some of its frontier indexes, including the Frontier Markets 100 index, containing the largest and most liquid stocks.But smaller companies usually trade less, making it hard for bigger funds to transact.Pakistan and Argentina each have a market capitalisation of $80-$100 billion -- a fraction of India''s $750 billion or Russia''s $525 billion but huge compared to most frontiers.Georgia is mentioned by some investors as a possible contender for MSCI inclusion. Yet Tblisi''s stock exchange has a market cap under $750 million and often turns over just $100 a day.Investors still urge MSCI to expand the index. Robeco frontier fund manager Cornelis Vlooswijk argues once new countries join and existing ones like Kenya get bigger weightings, the asset class will grow."It is a bit of a chicken and egg story -- MSCI is normally pointing to the fact that their liquidity is low - but of course if you are not in an index, than liquidity is lower than most of the index names." (Editing by Catherine Evans)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/emerging-frontier-funds-idINL5N1GL3HM'|'2017-03-31T07:15:00.000+03:00'
'9423c456b5ffc5c78e538bd7e20885318cd035ca'|'RPT-Investors bet on a quiet tech revolution in Europe'|'Company News  00am EDT RPT-Investors bet on a quiet tech revolution in Europe (Repeats story published on Thursday) * GRAPHIC-Tech stocks lead way in Europe: bit.ly/2h3SjpY * Technology firms rally as commodities, financials lose steam * GRAPHIC-U.S. vs European tech sectors: bit.ly/2nOpsMq By Kit Rees LONDON, March 30 It''s not banking or mining shares, but rather technology stocks, that have come up trumps in Europe this year and are poised to end the first quarter as the best-performing sector. European tech companies often pale in comparison to the glamour of peers across the pond such as Facebook, Snap Inc and Amazon, and are dwarfed in terms of market value. The U.S. sector, at $4.3 trillion, is worth more than eight times Europe''s. Investors, however, have been quietly buying into a European industry they see as being at the heart of disruptive digital developments across a slew of sectors. Tech stocks in Europe have risen nearly 12 percent in the first quarter, outstripping the broader market, which is up 4.8 percent, and also their performance in the first three months of last year when they fell 5.4 percent. Driverless cars, iris-scanning technology and augmented reality are just a handful of the themes at play globally in which European companies such as STMicroelectronics, Infineon Technologies and SAP are involved. Many European software firms are involved in corporate back-offices, keeping systems efficient and running - a less headline-grabbing side of the tech sector but one that can be important for companies across all industries looking to cut costs. "Every consumer is exposed to Google, or Facebook, or Twitter ... something like SAP, which actually is in most corporations, is less visible to the end consumer," said Marcus Morris-Eyton, European equities portfolio manager at Allianz Global Investors. Tech now accounts for nearly a quarter of Morris-Eyton''s portfolio, and SAP is his biggest position. AUTOMATION The mining sector was the standout performer in Europe over the course of 2016, gaining 61.9 percent, followed by oil stocks which rose 22.9 percent - far ahead of technology firm shares which were up 3.4 percent. Banking stocks endured a turbulent first half, dragged down by problems in the Italian sector, but after hitting a low in July they rallied almost 47 percent to the end of the year. These trends were expected to continue into 2017, but so far banks are only up 4.6 percent in the first quarter, miners are up 6.2 percent and oil stocks are down more than 3 percent. Like many sectors, the commodities and financial industries have since last week been hit by investor concerns that U.S. President Donald Trump may not be able to deliver on all his tax and infrastructure pledges, after his healthcare plans were blocked. Tech is less exposed to immediate political and economic developments, according to analysts, and are more governed by long-term global trends in technologies such as automation, driverless cars and augmented reality. "(In tech) there''s always this level of innovation that keeps people engaged and keeps people investing for those opportunities almost irrespective of the economic cycle," said Steve Sherman, senior portfolio manager at BNP Paribas. Flows into tech have been strong globally, with tech sector-focused funds seeing the biggest inflows year-to-date since 2009, according to data from Bank of America Merrill Lynch. Likewise Europe-listed robotics and automation exchange-traded fund (ETF) ROBO hit a new record high last week and saw record monthly inflows in February of $80.6 million. ABB and Krones are among its top 10 holdings. TIME OF FLIGHT The move towards digitization across industries has market participants particularly excited. Morgan Stanley analysts highlighted SAP''s S/4 HANA enterprise cloud software which helps integrate data and applications, and also its new product line for the "internet of things" (IOT) - where everyday objects are connected to networks to send and receive data. At Evenlode, one of Britain''s best-performing investment funds last year, portfolio manager Hugh Yarrow holds stocks such as Sage and Relx whose digital analytics are being increasingly used in law, accountancy and finance. In more traditional sectors of tech, chip makers such as Infineon, STMicroelectronics and ASML are closely linked to Apple and the iPhone cycle. Infineon shares have surged to a record high. Stuart Mitchell, manager of the SWMC European Fund at S.W. Mitchell, is betting big on STMicro. The stock, up 33 percent this year, is the fund''s biggest holding. Mitchell said that he became interested in the stock when its share price fell after its loss-making set-top boxes business went belly up last year. He reckons STMicro''s role in the auto industry with its car chip business and time of flight (TOF) technology - which is used in sensors - means it will surprise with its quick growth. Neil Campling, global head of TMT Research at Northern Trust Capital Markets, said he expected opportunities in areas such as semiconductors, automated vehicles, sensors and virtual and augmented reality. "The tech industry in Europe may not be as big in terms of revenue ... as the U.S. is, but it has a critical role to play in basically what is, without doubt, a digital revolution that is global in nature," he said. (Reporting by Kit Rees; Additional reporting and editing by Vikram Subhedar; Editing by Pravin Char) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-tech-markets-idUSL5N1H75UW'|'2017-03-31T14:00:00.000+03:00'
'13c187cd739f2db943c90a9dc0b91b8cf2f87f2b'|'EU top court upholds sanctions against Russia''s Rosneft'|' 35am BST EU top court upholds sanctions against Russia''s Rosneft left right FILE PHOTO: The company logo of Rosneft is seen outside a service station in Moscow, Russia, November 12, 2013. REUTERS/Maxim Shemetov/File Photo 1/2 left right FILE PHOTO: A worker checks a pressure gauge at an oil pumping station owned by Rosneft in the Suzunskoye oil field, near Krasnoyarsk, Russia, March 26, 2015. REUTERS/Sergei Karpukhin/File Photo 2/2 By Julia Fioretti - LUXEMBOURG LUXEMBOURG Europe''s top court on Tuesday upheld European Union sanctions on Russia over the Ukraine conflict, including on its largest oil group Rosneft ( ROSN.MM ), in a ruling that asserts the court''s jurisdiction over the bloc''s foreign policy. The EU slapped sanctions on Russia after it annexed Crimea from Ukraine in 2014 and stepped them up as Moscow went on to support a separatist rebellion in Ukraine''s industrial east. Rosneft''s head, Igor Sechin, is a close ally of Russian President Vladimir Putin. The European Court of Justice (ECJ) said "restrictive measures ... in response to the crisis in Ukraine against certain Russian undertakings, including Rosneft, are valid." With the ruling, the ECJ established its jurisdiction to rule on matters of the EU''s common foreign and security policy, an area of fierce contention between Brussels and national governments seeking to maintain sovereignty. A lawyer for Rosneft told reporters he was disappointed with the outcome. "I would also say it is a setback for judicial protection in the EU in the area of sanctions because the court accepts (...) the fact that a company is partially state-owned is sufficient for it to be a target of sanctions," Lode van den Hende said. The court said it believed encroaching on Rosneft''s right to do business was in proportion with the severity of sanctions imposed on Russia over the Ukraine crisis. "The Court holds that the importance of the objectives pursued by the contested acts is such as to justify certain operators being adversely affected," it said in its judgment. Rosneft called the decision "illegal, baseless and politicised." "The ruling shows that the rule of law in Europe is being replaced by the rule of political situation," it said in a statement. "Rosneft continues to insist that it has not committed any illegal actions in any jurisdictions where it conducts its business, including Ukraine, and has nothing to do with the Ukrainian crisis." (Additional reporting by Vladimir Soldatkin in Moscow; Writing by Robert-Jan Bartunek; Editing by Alissa de Carbonnel and Mark Potter)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-russia-rosneft-court-idUKKBN16Z0RD'|'2017-03-28T18:35:00.000+03:00'
'6036cd8c7fbbabaeb008729b19e122b05107d24b'|'Japan finance minister: No comment on reports Westinghouse to file Chapter 11'|'Business News - Tue Mar 28, 2017 - 1:12am BST Japan finance minister: No comment on reports Westinghouse to file Chapter 11 FILE PHOTO: The logo of Toshiba Corp is seen behind a traffic signal at its headquarters in Tokyo, Japan January 27, 2017. REUTERS/Toru Hanai/File Photo TOKYO Japanese Finance Minister Taro Aso said on Tuesday he did not want to comment on media reports that Toshiba Corp''s ( 6502.T ) U.S nuclear unit, Westinghouse, will file for Chapter 11 bankruptcy protection. Toshiba wants Westinghouse to file for bankruptcy as early as Tuesday, a source with direct knowledge of the matter told Reuters, seeking a quick ringfencing of losses before the Japanese parent''s financial year ends. (Reporting by Stanley White; Editing by Chang-Ran Kim) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-toshiba-accounting-idUKKBN16Z015'|'2017-03-28T08:12:00.000+03:00'
'7a71dff82bde3947f827c36ab82c50810c24a279'|'Berlin airport ground staff agree three-year pay deal to end strikes'|'  9:04am BST Berlin airport ground staff agree three-year pay deal to end strikes left right FILE PHOTO: Members of Germany''s mighty Verdi union march through the main hall of Berlin Tegel airport during a warning strike by ground services, security checks and check-in staff in Berlin, Germany, February 8, 2017.   1/2 left right FILE PHOTO: Members of Germany''s mighty Verdi union march through the main hall of Berlin Tegel airport during a warning strike by ground services, security checks and check-in staff in Berlin, Germany, February 8, 2017.   2/2 BERLIN Germany''s Verdi union has agreed a three-year pay deal for its 2,000 ground staff at Berlin''s airports, the union said on Tuesday, ending the threat of further strikes and flight disruption. The deal, reached through mediation, envisages an average 14 percent rise over three years made in four stages, an increase in the hourly wage and improvements in workers'' contracts, Verdi said in a statement. The deal still has to be approved by union members. "We had to make comprehensive and painful compromises to get a result but the employers also moved in the end," Verdi negotiator Enrico Ruemker said in a statement. Three days of walkouts by ground staff over the dispute earlier this month led to the cancellation of more than 1,800 flights, equivalent to almost all of the flights that should have operated from Berlin''s two airports on those days. Carriers Air Berlin ( AB1.DE ), Lufthansa ( LHAG.DE ), easyJet ( EZJ.L ) and Ryanair ( RYA.I ), operate flights from Berlin''s two airports. Several sectors have already negotiated solid wage rises this year, including civil servants and steel workers. Economists are watching the pay deals closely, with domestic demand seen driving growth in Europe''s largest economy at a time of record-high employment, increased job security, and rock-bottom borrowing costs. As part of a complex set of demands, Verdi had sought an increase in pay for ground staff to 12 euros (10.14 pounds) an hour from about 11 euros as part of a one-year collective agreement. Management first offered about 10 cents more an hour over four years and then improved that offer to an 8 percent increase over three years. The ground staff are responsible for check-in, loading and unloading planes and directing aircraft on the tarmac at Berlin''s airports. The employers, which include WISAG, Aeroground, Ground Solution, AHS and Swissport Berlin, said they had made tough concessions. "We went to the limit of what is economically affordable and a bit further still," a spokesman for the employers said. (Reporting by Madeline Chambers and Klaus Lauer; Editing by Georgina Prodhan and Richard Lough)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-airport-pay-idUKKBN16Z0FN'|'2017-03-28T16:04:00.000+03:00'
'64c6436869e1beee798b1a41b4850fc7a5438a24'|'Oil dips as rising US drilling offsets talk of an OPEC-led cut extension'|'By Henning Gloystein - SINGAPORE SINGAPORE Oil prices dipped on Monday as rising U.S. drilling activity outweighed talks that an OPEC-led production cut initially due to end in mid-2017 may be extended.Prices for front-month Brent crude futures, the international benchmark for oil, eased 7 cents from their last close to $50.73 per barrel by 0145 GMT.In the United States, West Texas Intermediate (WTI) crude futures were down 14 cents at $47.83 a barrel.Traders said that prices received some support from talks over the weekend between the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, aimed at extending a production cut beyond the middle of the year in order to prop up the market."OPEC and non-OPEC decided to get ahead of the game this weekend, announcing they are reviewing whether the output curb deal should be extended," said Jeffrey Halley, senior market analyst at futures brokerage OANDA in Singapore, adding that this had given crude some support.But the OPEC-led cuts were offset by rising drilling activity and oil production in the United States, which traders said contributed to financial traders reducing their long positions in crude futures to the lowest level since early December."The U.S. oil rig count continued its surge ... Since its trough on May 27, 2016, producers have added 336 oil rigs (+106 percent) in the U.S.," Goldman Sachs said in a note to clients.The U.S. bank said that should the rig count stay at the current levels and the impact of a backlog of previously closed rigs returning to production was considered, then U.S. oil production would rise by 235,000 bpd between the fourth quarter of 2016 and the first half of 2017.Since mid-2016, U.S. oil production has risen by 700,000 bpd, or 8.3 percent, to 9.13 million bpd, government data shows.(Reporting by Henning Gloystein; Editing by Richard Pullin)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/global-oil-idINKBN16Y059'|'2017-03-27T00:21:00.000+03:00'
'61d271770a7ffa08119d7be69c695f55fb343535'|'Brazil''s Petrobras will pick assets for sale in up to two weeks'|'Company   7:48am EDT Brazil''s Petrobras will pick assets for sale in up to two weeks SAO PAULO, March 31 Brazil''s Petróleo Brasileiro SA will decide in up to two weeks which assets it will put up for sale as part of a divestment plan, the state-controlled oil company said in a Friday securities filing. Earlier this month, Brazil''s federal audit court forced Petrobras, as the firm is known, to restart most of the program from scratch, imposing additional phases to the sale process. (Reporting by Bruno Federowski and Paula Laier) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/petrobras-divestiture-idUSL2N1H80FU'|'2017-03-31T19:48:00.000+03:00'
'180aa971fc4f1b2504170dc43406dc47e1d1e04f'|'Toshiba offered $17.9 billion for chip unit by Silver Lake and Broadcom - Nikkei'|' 41am BST Toshiba offered $17.9 billion for chip unit by Silver Lake and Broadcom - Nikkei The logo of Toshiba is seen as shareholders arrive at Toshiba''s extraordinary shareholders meeting in Chiba, Japan March 30, 2017. REUTERS/Toru Hanai TOKYO U.S. private equity firm Silver Lake Partners LP [SILAK.UL] and U.S. chipmaker Broadcom Ltd have offered Toshiba Corp about 2 trillion yen (14.34 billion pounds) for its chip unit, the Nikkei business daily reported on Friday. About 10 potential bidders are interested in buying a stake in the NAN flash memory maker, a source with knowledge of the planned sale told Reuters earlier. Suitors include Western Digital Corp which operates a chip plant with Toshiba in Japan, Micron Technology Inc, South Korean chipmaker SK Hynix Inc and financial investors. Toshiba wants to make at least 1 trillion yen from the sale of part or all of the business to cover writedowns at its Westinghouse nuclear unit. It says it expects investors to value its chip operations at about 2 trillion yen. Toshiba is also asking potential bidders whether they intend to resell their stakes and wants to make a decision on the sale before a shareholders meeting in June, the Nikkei said, without saying where it obtained the information. Toshiba shareholders on Thursday agreed to split off its prized chip unit, paving the way for the sale. (Reporting by Kaori Kaneko; Editing by Stephen Coates)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-toshiba-accounting-idUKKBN17201O'|'2017-03-31T08:41:00.000+03:00'
'2c0aed6b2c38b20941d9acaf7b4ff609976f36ae'|'No trade talks with Britain until Brexit contours clear - Germany'|' 02pm BST No trade talks with Britain until Brexit contours clear - Germany German Chancellor Angela Merkel and Britain''s Prime Minister Theresa May arrive for a statement prior to a meeting at the chancellery in Berlin, Germany, November 18, 2016. REUTERS/Michael Sohn/Pool BERLIN Negotiations about a future free trade agreement between Britain and the European Union can take place only after the contours of the Brexit divorce talks are clear, a spokesman for German Chancellor Angela Merkel said on Friday. Steffen Seibert said Merkel had noted the close relationship between Britain and the EU, adding "in the negotiations it must first be clarified how this interconnection is orderly unbundled." He told a regular government news conference that Germany would look carefully at the EU''s draft on how the bloc''s remaining 27 members want to negotiate Brexit. (Reporting by Michelle Martin; Writing by Joseph Nasr; Editing by Paul Carrel)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-germany-idUKKBN1721CR'|'2017-03-31T19:02:00.000+03:00'
'4c719a4e09d6865e9b97acbb9db944d88f00ee1e'|'UPDATE 1-BlackBerry''s profit beats expectations'|'Company   8:03am EDT UPDATE 1-BlackBerry''s profit beats expectations (Adds details, shares) March 31 Canada''s BlackBerry Ltd, reported better-than-expected quarterly earnings on Friday, as operating costs nearly halved, and said it expects to be profitable on an adjusted basis in 2018. The company''s U.S.-listed shares were up nearly 5 percent at $7.29 before the bell. BlackBerry has shifted away from making its once-iconic smartphones to building a software business, which includes mobile device management products and the QNX industrial operating system. The company''s adjusted revenue from software and services rose 12.2 percent to $193 million in the fourth quarter ended Feb. 28, from the preceding quarter. BlackBerry said it received more than 3,500 enterprise customer orders in the quarter. "Looking ahead to fiscal 2018, we expect to grow at or above the overall market in our software business," Blackberry Chief Executive John Chen said in a statement. Chen said BlackBerry expected to be profitable on an adjusted basis and generate positive free cash flow for the year ending February 2018. The Waterloo, Ontario-based company''s net loss narrowed to $47 million or 10 cents per share in the fourth quarter, from $238 million or 45 cents per share, a year earlier. The prior-year quarter included a loss of $127 million related to the sale of certain assets. Excluding one-time items, the company earned 4 cents per share. Analysts on average had expected the company to break even, according to Thomson Reuters I/B/E/S. Operating expenses fell about 49 percent to $229 million. Revenue fell about 38 percent to $286 million. On an adjusted basis, revenue was $297 million, beating analysts'' average expectation of $289.3 million. (Reporting by Vishaka George and Narottam Medhora in Bengaluru; Editing by Sai Sachin Ravikumar) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/blackberry-results-idUSL3N1H84L9'|'2017-03-31T20:03:00.000+03:00'
'315968c1f598e87f6f49820ea3fc590794db48c3'|'Japan''s listed companies were bankruptcy-free in the past year: research firm'|'TOKYO Japan had no bankruptcies among listed companies in the just-ended fiscal year for the first time in 26 years, a research firm said on Friday.Tokyo Shoko Research, which tracks Japanese bankruptcies, credited the weaken yen, for helping boost corporate earnings, and the low interest rate policy that made borrowing cheaper."The environment for listed companies has improved since various measures were taken under Abenomics," said Masashi Seki, the firm''s manager."Overall the environment for fund raising has got better," said Seki.After Prime Minister Shinzo Abe took office in 2012, he introduced strong measures to seek to raise the value of assets and to end deflation.In the year that ended in March 2009, when the economy was hit by the global financial crisis, 45 public firms went bankrupt, the research firm said.The number was only one in the year ended March 2015, and two the following year, it added.According to Tokyo Shoko, overall there were 8,684 bankruptcies in the year ended in March 2016 - mostly of small, privately-owned firms - and that number likely fell in the year that ended on Friday."The decline in the number of bankruptcies among smaller firms was led by strategic incentives such as rescheduling loan-payment deadlines," said Seki.(Reporting by Junko Fujita; Editing by Richard Borsuk)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-japan-bankruptcies-idINKBN1721DY'|'2017-03-31T09:12:00.000+03:00'
'43d2d650f8e5dc4c42ee7d28faf5fa81116c9da2'|'BRIEF-Wecast Network reports FY 2016 basic and diluted loss per share $0.72'|' 18am EDT BRIEF-Wecast Network reports FY 2016 basic and diluted loss per share $0.72 March 31 Wecast Network Inc * Wecast Network announces Q4 and full year 2016 results * Wecast Network Inc - basic and diluted loss per share for 2016 was $0.72 as compared to a $0.34 loss per share in in 2015 * Wecast Network - raising full-year revenue guidance form $280 million to $300 million based on current visibility of, and internal projections for, 2017 * Wecast Network Inc - Q1 2017 revenue will be based on approximately 5 weeks of revenue from our new businesses * Wecast Network Inc - "expect revenues to ramp in Q2, Q3 & Q4" Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-wecast-network-reports-fy-2016-bas-idUSASB0B7W9'|'2017-03-31T19:18:00.000+03:00'
'b4c6e87cc62edcffef60481829bec2405054b898'|'Alitalia to step up talks with unions before April 14 cash call launch'|' 27pm BST Alitalia to step up talks with unions before April 14 cash call launch An Alitalia airplane takes off at the Fiumicino International airport in Rome, Italy February 12, 2016. REUTERS/Tony Gentile ROME Italy''s struggling flagship airline Alitalia will hold non-stop talks with trade unions from April 6-13 over contested plans for job cuts, before launching a capital increase on April 14, government ministers said on Thursday. Industry Minister Carlo Calenda and Transport Minister Graziano Delrio spoke to reporters after a day of negotiations with unions and company officials. Italy''s flag carrier, which has made an annual profit only a few times in its 70-year history, is in a race against time to win union support for its latest plan to unlock financing from shareholders and avoid having to ground planes. (Reporting by Alberto Sisto, writing by Gavin Jones, editing by Valentina Za)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-alitalia-idUKKBN1712SV'|'2017-03-31T02:27:00.000+03:00'
'1a06af4690d9d338ada7ca5307da1f7f5eb0791d'|'UPDATE 1-Mexico cenbank slows pace of hikes after peso surge'|'Company  45pm EDT UPDATE 1-Mexico cenbank slows pace of hikes after peso surge (Adds central bank comments, background) MEXICO CITY, March 30 Mexico''s central bank raised its benchmark interest rate for the fifth time in a row on Thursday, taking borrowing costs to an eight-year high but policymakers slowed the pace of hikes on the back of a rally in the peso. The board of the Banco de Mexico unanimously decided to raise its main rate by a quarter percentage point to 6.50 percent, the bank said in a statement, as expected by 15 of 24 analysts surveyed by Reuters. The central bank said it raised rates to anchor inflation expectations and that it also took into account the U.S. Federal Reserve''s move this month to raise borrowing costs by a quarter-percentage point. Mexico had hiked in 50-basis point moves in its previous four meetings as the peso tumbled to successive historic lows and threatened to fan inflation. But the peso has rallied back on bets that U.S. President Donald Trump will not impose big tariffs on Mexican exports to the United States and as initial talks about trade have taken a more positive tone. The central bank warned in its statement on Thursday that "uncertainty prevails in the external environment" despite the peso''s rally, but it did say that the outlook for inflation had not worsened further since its last meeting in early February Policymakers also said the outlook for growth had improved slightly. The country''s benchmark rate is at levels not seen since early 2009, when the bank was slashing borrowing costs amid a global financial crisis. Mexico''s annual inflation rate rose above 5 percent to a nearly eight-year high in early March, but policymakers said on Thursday that it should trend back toward their 3-percent target by the end of next year. The peso briefly extended gains after the decision to touch its strongest level in nearly five months, when it was hammered by Trump''s surprise election victory. The peso has gained about 10 percent since the central bank''s last decision on Feb. 9. (Reporting by Michael O''Boyle; Editing by Bill Rigby and Alistair Bell) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mexico-economy-idUSL2N1H71NW'|'2017-03-31T03:45:00.000+03:00'
'f6ceb8309ecf2c17d827608e0f46364e9712b398'|'Bedbugs, peacocks add to uptick in U.S. animal insurance claims'|'U.S.  09am EDT Bedbugs, peacocks add to uptick in U.S. animal insurance claims FILE PHOTO - Male and female adult bedbugs in comparison to apple seeds is shown in this handout photo provided by the American Museum of Natural History (AMNH), in Washington, February 2, 2016. REUTERS/L. Sorkin/AMNH/Handout via Reuters By Suzanne Barlyn Bedbugs in hotel rooms and aggressive peacocks are some of the creatures behind an uptick in animal-related insurance claims filed by U.S. businesses, according to a study published on Thursday by insurer Allianz SE. U.S. claims involving bedbugs increased 50 percent between 2014 and 2015, from 66 to 99, according to Allianz. The insurer has already counted 70 bedbug claims through September 2016, heading for a total that could surpass the previous year''s, said Larry Crotser, the chief claims officer for the insurer''s Allianz Global Corporate & Specialty unit. The findings were included in a global report by the Allianz unit, which analyzed more than 100,000 corporate liability claims from roughly 100 countries paid by Allianz and other insurers between 2011 and 2016, totaling $9.3 billion. The claims involved everything from aviation to cyber security. The analysis included nearly 1,880 U.S. animal-related business liability claims, representing about 2 percent of all commercial claims in the study. Animal claims increased 28 percent between 2011 and 2015, from 287 to 365, according to Allianz. The average animal-related liability claim is about $10,400, with all animal claims totaling nearly $20 million. Bedbugs accounted for 21 percent of U.S. business liability claims. Some claims, however, were peculiar, such as a hotel guest whose room was invaded by a flying squirrel and another whose hearing aid and slippers were destroyed by a rodent. Two claims involved people who were attacked by aggressive peacocks, according to the study. Bedbugs, found on every continent except Antarctica, have been biting people for thousands of years. Widespread insecticide use in homes after World War Two eliminated them from many regions, but bedbugs developed pesticide resistance and rebounded, thriving in heated homes and hitching rides in luggage in international travel. Hotel companies typically file insurance claims to cover costs of reimbursing guests who encountered bedbugs during their stays and inadvertently brought the insects home in their suitcases, causing infestations, Crotser said. Those guests then look to the hotel company to pay for fumigating their homes. Commercial bedbug claims averaged $5,660, an Allianz spokeswoman said. Deer incidents, such as collisions with farm vehicles, were the most common involving animals, accounting for 58 percent of U.S. animal-related liability claims insurers received. Other business claims involved damage from dogs, roaming cattle, horses, cats, rodents, snakes and sheep. (Reporting by Suzanne Barlyn; Editing by Leslie Adler) Next In U.S.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-insurance-bedbugs-idUSKBN1710BK'|'2017-03-30T12:01:00.000+03:00'
'0226874f384c8b209feca05948dfd65a895199fb'|'Some Pakistani power firms stuck in slow lane on China''s Silk Road'|'  7:00pm EDT Some Pakistani power firms stuck in slow lane on China''s Silk Road * Pakistani businesses raise concerns over China''s "Silk Road" * Cable sector missing out on spending spree * Some companies complain China receives favourable terms * Pakistan says will not allow local industry to die out By Drazen Jorgic KARACHI/LAHORE, Pakistan, March 30 Kamal Amjad Mian thought China''s decision to invest $36 billion in the Pakistani power sector would benefit his electricity cable business, and, anticipating increased demand, his family spent nearly $30 million on a second plant to double output. But Mian''s Fast Cables and some other Pakistani manufacturers have yet to reap rewards from Beijing''s huge "One Belt, One Road" (OBOR) project, a modern-day "Silk Road" network of trade routes across land and sea. Power stations built as part of the China-Pakistan Economic Corridor (CPEC), a $57 billion project involving energy, road and rail infrastructure, are being kitted out with Chinese cables exempt from import duty and sales tax. Such exemptions, more generous for CPEC projects than others, threaten to undermine local industry, according to Mian, one of a growing number of executives now questioning an initiative long portrayed as the key to Pakistan''s prosperity. "The government, instead of giving us a level playing field, gave them an advantage," Mian said in the eastern city of Lahore. A Water and Power Ministry official, who declined to be named because he was not authorised to speak to the media, said "there were question marks about whether the local cable industry could fulfil the demands under CPEC and we worried it would slow down projects." Beijing''s CPEC splurge and a drop in Islamist militant violence have reinvigorated Pakistan''s sluggish economy, driving growth to about 5 percent for the first time since 2008. The public and political parties broadly support Chinese investment, while cement and steel companies who bagged early CPEC contracts are embarking on aggressive expansion. Executives also say Chinese investors are poised for an acquisitions spree in Pakistan. TROJAN HORSE OR SAVIOUR? But not everyone is happy. Critics say CPEC projects are opaque and expensive, and question Pakistan''s ability to repay the costs over time. Some firms fear they will struggle to compete with Chinese companies with deeper pockets, economies of scale and vastly cheaper credit lines. "We have to make sure (CPEC) doesn''t become a Trojan Horse and start hurting existing industry," said Ehsan Malik, chief executive of the Pakistan Business Council. There is plenty still up for grabs for local players. The next phase of CPEC involves the creation of Special Economic Zones where Chinese state-run enterprises would open factories and help develop Pakistan''s industrial base. But Fast Cables'' Mian said that, while domestic producers have been benefiting from broad economic growth, he fears his business will end up "dying a slow and painful death" if Chinese rivals setting up in Pakistan receive preferential tax breaks. Mian and other cables makers are reviving a defunct industry association in order to lobby Islamabad, amid concerns Beijing will use its leverage over Pakistan to obtain those sweeteners. "Very soon, if we are not nimble enough to recognise the issues, we could be in trouble," said Fahd Chinoy, whose family runs Pakistan Cables. China, for which CPEC is a key part of its Silk Road ambitions, sought to assuage such fears. "The dividend, the well-being delivered by the corridor will benefit the people of both China and Pakistan, as well as of the region," Foreign Ministry spokeswoman Hua Chunying told a regular briefing, when asked about concerns in Pakistan. The government in Islamabad was also keen to reassure domestic producers. "We are not (so foolish) as to not protect our local industry," said Miftah Ismail, a state minister charged with setting up CPEC Special Economic Zones. "I want to assure people we will never give greater protection to our Chinese investing friends," Ismail added. "It will never be an uneven playing field." The Pakistani government, citing local worries about being crowded out, said in January it would prioritise domestic companies over Chinese ones in the forthcoming sell-off of state-run companies. WINNERS AND LOSERS? Pakistan''s struggling textiles sector, which account for 60 percent of the country''s exports, is watching nervously. China is offering vast incentives and ploughing billions of dollars into the Western region of Xinjiang to build a textile industry, which will rely on CPEC road and rail links to export goods via Pakistan''s Arabian sea port of Gwadar. The Karachi Chamber of Commerce & Industry and other organisations worry that Pakistan will become a dumping ground for Chinese goods once the Xinjiang-Gwadar transit route becomes operational and traffic volumes soar. "If those products end up on the domestic market without duties, it will devastate the local industry," said Aamir Fayyaz, chairman of the All Pakistan Textile Mills Association (APTMA). Wang Zihai, president of the Pakistan-China Joint Chamber of Commerce and Industry, compared Pakistan to China three decades ago, when its nascent industries faced competition from more advanced Japanese and American companies. "Chinese companies did not die," Wang said. "Chinese are not here to take over everything, they want partners. They need a local party to work together." And for early CPEC winners, optimism abounds. Hussain Agha''s family-run steel business has bagged several CPEC contracts and is planning an initial public offering (IPO) to raise cash to expand. "Those who are geared for the economic renaissance of Pakistan will thrive, and those who are not will miss the bus," said Agha, an executive director at Agha Steel Industries. "We are getting ready for the ''Roaring 20s''." (Additional reporting by Mubasher Bukhari; Writing by Drazen Jorgic; Editing by Mike Collett-White)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/china-silkroad-pakistan-idUSL5N1GR3JB'|'2017-03-30T07:00:00.000+03:00'
'2c09f5f44510d79f0b04e200758fa8c20c47325d'|'ConocoPhillips sells oil and gas assets to Cenovus for $13.3 billion'|'Global Energy News - Thu Mar 30, 2017 - 1:31am BST ConocoPhillips sells oil and gas assets to Cenovus for $13.3 billion By Nia Williams and Ethan Lou - CALGARY, Alberta CALGARY, Alberta ConocoPhillips ( COP.N ) on Wednesday agreed to sell oil sands and western Canadian natural gas assets to Cenovus Energy Inc ( CVE.TO ) for C$17.7 billion (10.65 billion pounds), making it the latest international oil major to pull back from a region where high costs and low crude prices have made it hard for large companies to make an acceptable return. For Calgary-based Cenovus, among Canada''s largest producers, the deal doubles its production to 588,000 barrels of oil equivalent per day as it takes full ownership of its main oil sands assets in northern Alberta. ConocoPhillips will sell its 50 percent interest in the Foster Creek Christina Lake oil sands partnership, which Cenovus already operates, as well as the majority of its western Canada Deep Basin conventional gas assets. The U.S. oil major will retain its 50 percent interest in the Surmont oil sands project, a joint venture with Total E&P Canada ( TOTF.PA ), and its liquids-rich Blueberry-Montney shale assets. The divestment, the largest in ConocoPhillips''s history, was unexpected on Wall Street but comes as the company has come under pressure to cut its debt. Its shares jumped 6 percent in after-hours trading. Shares of Cenovus listed on the New York Stock Exchange tumbled more than 8 percent after hours. The deal, the fifth-biggest in the Canadian energy sector according to Thomson Reuters data, comes weeks after Royal Dutch Shell ( RDSa.L ) and Marathon Oil Corp ( MRO.N ) sold off billions of dollars in oil sands assets and adds to uncertainty over future development in the patch. Canada''s oil sands hold the world''s third-largest crude reserves but also carry some of the highest operating costs globally, and are struggling to compete with cheaper U.S. shale plays in a $50-a-barrel oil price environment. "Now that you have a prolonged period of low crude prices, the companies are really looking hard on where is the place to invest," Carlos Murillo, economist at the Conference Board of Canada. "Canadian companies ... they''re kind of getting bigger in what they know ... whereas other companies are seeing opportunities elsewhere." ConocoPhillips Chief Executive Ryan Lance said his company will use the cash portion of the deal to pay down debt and increase share repurchases. The company last fall told analysts it would hive off $5 billion to $8 billion in assets this year. The Canadian divestment comes on top of that plan, boosting the planned asset sales for the year to more than $16 billion. Calgary-based Cenovus will pay C$14.1 billion in cash and 208 million Cenovus common shares. It launched a bought-deal financing agreement to sell 187.5 million shares at C$16 each for expected gross proceeds of more than C$3 billion. CEO Brian Ferguson said the company intends to divest a significant portion of legacy conventional assets to help fund the transaction. "In a low oil-price environment, economies of scale are important. This deal about doubles the scale of the company, and this will give us a greater competitive edge," Ferguson said on a public conference call. JPMorgan ( JPM.N ) and Royal Bank of Canada ( RY.TO ) advised Cenovus, the Canadian company said. (Additional reporting by Komal Khettry in Bengaluru and Ernest Scheyder in Houston; Editing by Denny Thomas and Bill Rigby) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-cenovus-energy-conocophillips-asset-p-idUKKBN171024'|'2017-03-30T08:31:00.000+03:00'
'f1307c10186cbecc7123c406c87d68a1e446abc9'|'BRIEF-Conrad Industries announces 2016 results and backlog'|' 41pm EDT BRIEF-Conrad Industries announces 2016 results and backlog March 29 Conrad Industries Inc * Conrad Industries announces 2016 results and backlog * Q4 loss per share $0.15 Source   CALGARY, Alberta, March 29 ConocoPhillips on Wednesday agreed to sell oil sands and western Canadian natural gas assets to Cenovus Energy Inc for C$17.7 billion ($13.3 billion), making it the latest international oil major to pull back from the region. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-conrad-industries-announces-2016-r-idUSASB0B7LS'|'2017-03-30T07:41:00.000+03:00'
'1efd9569b155bcddbaf81924796bd79bbb00e4f7'|'Britain does not expect 50 billion pounds Brexit bill - Davis'|'  7:57am BST Britain does not expect 50 billion pounds Brexit bill - Davis Britain''s Secretary of State for Exiting the European Union David Davis arrives in Downing Street, London March 29, 2017. REUTERS/Hannah McKay LONDON Brexit minister David Davis said he did not expect Britain to have to pay 50 billion pounds to the European Union as part of the Brexit process and said the era of huge sums being paid to Brussels was coming to an end. British media reports have suggested that Britain could have to pay around 50 to 60 billion pounds in order to honour existing budget commitments as it negotiates its departure from the bloc. "We haven''t actually had any sort of submission to us from the Commission. But our view is very simple, we will meet our obligations, we are a law abiding country," Davis told broadcaster ITV on Thursday. "We''ll meet our responsibilities but we''re not expecting anything like that," he said. "The era of huge sums being paid to the European Union is coming to an end, so once we''re out, that''s it." (Reporting by Kate Holton; editing by Guy Faulconbridge) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-davis-idUKKBN1710MH'|'2017-03-30T14:42:00.000+03:00'
'503d738aeceb6da98fc38b72c9252729544d931c'|'The Drug Overdose Epidemic in America’s Suburbs'|'A decade ago the suburbs were the safest place in America when it came to the number of drug overdoses. Now they’re the most dangerous. That’s one finding in a shocking report released Wednesday.“This has been a very dark report,” says Marjory Givens, one of the authors of the 2017 County Health Rankings . She is deputy director of data and science for the project as well as an associate scientist at the University of Wisconsin’s Population Health Institute. “We’re facing a crisis here.”To compare causes of death, the ranking project analyzed how many years of potential life were lost per 100,000 people from various causes of death. It used age 75 as the baseline, so if one person died of an overdose at age 25, it would count as 50 years of potential life lost. Large suburban metros had the lowest ratio of potential life lost of any type of community in 2006 but the highest of any type of community in 2015, which was the last year studied. The suburban increase in potential life lost was about 50 percent.Drug overdoses were the leading cause of death in 2015 for Americans 25 to 44, the study found.Across all ages, the drug overdose epidemic was serious enough to outweigh the big decline in premature loss of life from motor vehicle crashes. The overall rate of premature deaths bottomed out in 2012, rose slightly in 2013 and 2014, and rose at a faster pace in 2015, the report says.The county health-ranking project is a collaboration between the University of Wisconsin Population Health Institute and the Robert Wood Johnson Foundation, a charity devoted to improving health. The annual report contains detailed rankings of the health of every county in every state. It compiles data on health and mortality from a variety of sources, including the Census Bureau and the Centers for Disease Control. The new findings echo those of other research, including a new report on "deaths of despair" among less-educated, middle-age whites.Givens said one ray of hope is that some communities have responded innovatively to the drug overdose crisis. She cited the Safe Station program in Manchester, N.H., which opens fire stations to drug users who need counseling or emergency treatment "without fear of retribution or arrest."'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'http://www.bloomberg.com/news/articles/2017-03-29/there-s-a-drug-overdose-epidemic-in-america-s-suburbs'|'2017-03-30T03:46:00.000+03:00'
'5f82e8befc70925d2f66803c96c13530d3aa38ea'|'Anthem likely to pull back from Obamacare markets in 2018 - Jefferies'|'Business   2:56pm EDT Anthem likely to pull back from Obamacare markets in 2018: Jefferies The office building of health insurer Anthem is seen in Los Angeles, California February 5, 2015. REUTERS/Gus Ruelas Anthem Inc ( ANTM.N ) is likely to exit from a large portion of its Obamacare individual insurance markets next year, Jefferies analysts said, nearly a week after Republican leaders pulled legislation to overhaul the U.S. healthcare system. Anthem is one of the few health insurers that still sells plans under Obamacare. Humana Inc ( HUM.N ), Aetna Inc ( AET.N ) and UnitedHealth Group Inc ( UNH.N ) pulled out after reporting hundreds of millions of dollars of losses. Anthem is leaning toward exiting a "high percentage" of the 144 rating regions in which it currently participates, Jefferies analysts said in a note on Thursday after talking to the health insurer. Obamacare, former Democratic President Barack Obama''s signature legislation created by the Affordable Care Act of 2010, has had a tough beginning. The mix of sick and healthy customers has been worse than expected, and premium rates on the individual insurance market went up 25 percent this year. The Republicans'' failure to repeal Obamacare, at least for now, means it remains federal law. "We continue to actively pursue policy changes that will help with market stabilization and achieve the common goal of making quality health care more affordable and accessible for all," Anthem said in a statement. Shares of the company were up 1.4 percent at $167.29 in late afternoon trading. The company''s management notes that regulatory advocacy needs to progress significantly in a "month or so," said analysts David Windley and David Styblo, raising their price target on the stock to $177 from $172. (Reporting by Ankur Banerjee in Bengaluru; Editing by Maju Samuel) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-anthem-obamacare-idUSKBN1712VG'|'2017-03-31T02:51:00.000+03:00'
'f8e418a4fbdca12ba85b38fec17067198cb77884'|'Volkswagen settles 10 U.S. state diesel claims for $157 million'|'U.S.   10:26am EDT Volkswagen settles 10 U.S. state diesel claims for $157 million A U.S. flag flutters in the wind above a Volkswagen dealership in Carlsbad, California, U.S. May 2, 2016. REUTERS/Mike Blake/File Photo WASHINGTON Volkswagen AG said Thursday it has agreed to settle environmental claims from 10 U.S. states over its excess diesel emissions for $157.45 million as the world''s largest automaker looks to move past the scandal. The German automaker settlement covers states including New York, Connecticut, Massachusetts, Pennsylvania and Washington and also covers some consumer claims. In 2016, VW reached a $603 million agreement with 44 U.S. states, but that settlement didn''t cover claims resolved Thursday. In total, VW has now agreed to spend up to $25 billion in the United States to address claims from owners, environmental regulators, states and dealers and to make buyback offers. (Reporting by David Shepardson) North Carolina lawmakers to vote on repeal of transgender bathroom law WINSTON-SALEM, N.C. North Carolina legislators were set to vote on Thursday on a deal to repeal a law prohibiting transgender people from using restrooms in accordance with their gender identities, a measure that has prompted boycotts by companies and sports leagues. HONOLULU A federal judge in Hawaii indefinitely extended on Wednesday an order blocking enforcement of President Donald Trump''s revised ban on travel to the United States from six predominantly Muslim countries. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-volkswagen-emissions-idUSKBN17123C'|'2017-03-30T22:26:00.000+03:00'
'57a056d5748eff10d663df7736a23703f62e805a'|'Bankers await Intesa’s €5.2billion loan for Rosneft buy'|'  4:50pm BST Bankers await Intesa’s €5.2billion loan for Rosneft buy FILE PHOTO: The company logo of Rosneft is seen outside a service station in Moscow, Russia, November 12, 2013. REUTERS/Maxim Shemetov/File Photo By Sandrine Bradley - LONDON LONDON Syndicated loan bankers are still waiting for details of a €5.2bn (4.43 billion pounds) loan that has been underwritten by Intesa Sanpaolo and finances the purchase of a 19.5% stake in Russian energy giant Rosneft ( ROSN.MM ), banking sources said. To syndicate the loan, Intesa ( ISP.MI ) will have to give banks full details of the facility to allow lenders to get internal credit approvals as Russia is still subject to economic sanctions. Sovereign wealth fund Qatar Investment Authority and oil trading company Glencore ( GLEN.L ) bought the stake for €10.5bn in December in one of the biggest transfers of Russian state assets into private hands since the 1990s. QIA and Glencore provided €2.8bn and Intesa, Italy''s biggest retail bank, provided a loan for the bulk of the purchase price, Reuters reported on January 17. It remains unclear how the balance of €2.2bn was financed. Antonio Fallico, chairman of Banca Intesa Russia, told Reuters in February that it was talking to 14 banks to syndicate the loan with the aim of choosing two to three banks to take up €2.5bn-€3bn. Intesa initially held talks with lenders after the acquisition was announced, but further details have not been forthcoming and bankers are questioning whether the deal will now be syndicated. “Intesa said they would launch the deal when the time is right – when is that?” one banker said. Intesa Sanpaolo declined to comment. The Italian government approved the €5.2bn loan on March 20. The deal was subject to regulatory scrutiny due to the size of the loan and its potential for entanglement in EU sanctions on Russia. Rosneft, its boss Igor Sechin and Russia’s main state banks are all subject to sanctions imposed after Russia’s annexation of Crimea from Ukraine in 2014. Europe''s top court on Tuesday upheld EU sanctions on Russia, including Rosneft. Intesa could chose not to syndicate the loan and keep it on its balance sheet, bankers said, adding that a fully underwritten loan of this size would be challenging for any bank to hold, given the banking industry’s constraints on capital, bankers said. “It’s a huge amount to take and hold – I haven’t seen any fully underwritten loans like this which haven’t then gone out to syndication – banks are encouraged to do this. I thought it would be done and dusted by now,” a third banker said. Bankers contacted Intesa and parent bank IMI for more information after Fallico’s statement in February, but none has been forthcoming and lenders are wondering whether to release resources that have been reserved for the deal. “The longer they leave it, the less appetite there will be - we need to see the nuts and bolts of the deal before the heat goes out of it,” the third banker said. Time may not be pressing for Intesa, which received a 19.5% stake in Rosneft as collateral for the loan on January 3, according to Reuters, and in February Fallico told Reuters that there was ‘no rush’ in closing the syndication. (Additional reporting by Stephen Jewkes in Milan. Editing by Tessa Walsh)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-rosneft-loans-idUKKBN17228F'|'2017-03-31T23:50:00.000+03:00'
'dcaafe6a98b5ed374f3f187903fe0dfd9777559b'|'Dutch alternative derivatives platform TOM to be wound up'|' 49pm EDT Dutch alternative derivatives platform TOM to be wound up AMSTERDAM, March 31 Amsterdam-based equity derivatives trading venue TOM is to be wound up, with all open interest positions to be transferred to the Euronext exchange on closure, after existing shareholders failed to find a strategic partner for the venture. Launched in 2009, The Order Machine aimed to improve competition in equity and options trading between different markets by means of a search engine that allowed traders to compare prices instantaneously. In October, shareholders, currently ABN Amro Clearing Bank , BinckBank, IMC, Nasdaq and Optiver, said they were seeking a new strategic partner to develop the exchange. "(A) strategic partner has not been found," TOM said in a statement on Friday. "Consequently, TOM is working towards a wind down of the company." The transfer of existing open positions will start at the end of May 2017 and take about a month, with moves being carried out in batches before markets open. TOM will waive fees for the transfer, it said. (Reporting By Thomas Escritt, editing by David Evans)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/tom-shutdown-idUSL5N1H85XR'|'2017-04-01T00:49:00.000+03:00'
'e24be0ab4ffae96f50a8f1c6c138d6148e044799'|'Contractors, Read This Before You Design the Wall'|'On March 17 the Trump administration released its invitation for contractors to build the president’s “big, beautiful” border wall. Bidders were instructed to adhere to a few basic if relatively vague requirements (below) and had less than two weeks to submit their ideas. In April finalists will be asked to build full-scale 30-foot-long prototypes of their design, along with smaller mock-ups “to allow the Government to test and evaluate the anti-destruct characteristics of the bidder’s wall design.” Size“The wall design shall be physically imposing in height. The Government’s nominal concept is for a 30-foot-high wall. Offerors should consider this height, but designs with heights of at least 18 feet may be acceptable. Designs with heights of less than 18 feet are not acceptable.”Durability“The wall shall deter for a minimum of 30 minutes the creation [of] a physical breach of the wall (e.g., punching through the wall) larger than 12 inches in diameter or square using sledgehammer, pick axe, chisel, battery operated cutting tools.”Looks“The north side of wall (i.e. U.S. facing side) shall be aesthetically pleasing in color, anti-climb texture, etc., to be consistent with general surrounding environment.” Over ...“It shall not be possible for a human to climb to the top of the wall or access the top of the wall from either side unassisted (e.g. via the use of a ladder, etc.).”... Under“The wall shall prevent digging or tunneling below it for a minimum of 6 feet below the lowest adjacent grade.” Angles“The wall design shall be constructible to slopes of up to 45 percent.”'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'http://www.bloomberg.com/news/articles/2017-03-31/contractors-read-this-before-you-design-the-wall'|'2017-03-31T17:00:00.000+03:00'
'abcb3c59549bd99a724ef9bc039661f0d0587ab1'|'Court to decide in summer whether Metro can continue breakup process'|'DUESSELDORF, Germany A German higher regional court in Duesseldorf said on Friday it would decide within three months whether to allow retailer Metro ( MEOG.DE ) to continue with a planned breakup process pending lawsuits by shareholders against it.Metro shareholders overwhelmingly voted last month to back a plan to split off the group''s wholesale and hypermarket food business from Media-Saturn, Europe''s biggest consumer electronics group.Four lawsuits by shareholders have been brought against it, among others from Erich Kellerhals, the founder of Media-Saturn who still owns a stake of 22 percent in the business.(Reporting by Matthias Inverardi; Writing by Arno Schuetze; Editing by Georgina Prodhan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-metro-split-idINKBN1721PZ'|'2017-03-31T11:03:00.000+03:00'
'9939b4702236e09609240ea1322210b837cb5874'|'After 2016 squeeze, some top China banks set for stronger growth'|'Money  34pm IST After 2016 squeeze, some top China banks set for stronger growth FILE PHOTO: A man and his daughter ride a bicycle past a branch of the Industrial and Commercial Bank of China Ltd (ICBC) in Beijing June 26, 2013. REUTERS/Jason Lee/File Photo By Matthew Miller and Shu Zhang - BEIJING BEIJING Improving asset quality and rising loan demand could see some of China''s biggest listed banks bolster their profit growth this year, bankers signalled this week, even as interest margins remain under pressure and more bad loans are written off. "The trend is promising," Yi Huiman, Chairman of Industrial and Commercial Bank of China Ltd (ICBC), the world''s biggest lender, said on Thursday, citing the impact of broad economic recovery. Pricing for loans is stabilising and may even pick up as the cost of funds rises this year, Yi said. Net profit at four of China''s top five banks grew by less than two percent for last year, and at Bank of China (BoC) , it fell 3.67 percent - its worst performance in more than a decade. The banks'' results showed deteriorating credit quality and high corporate debt leverage continued to be a primary challenge for the industry, as the world''s second-largest economy grew at its slowest pace in a quarter of a century. Difficulties were most evident at BoC where Pan Yuehan, chief risk officer, said on Friday that asset quality "still faced a great challenge" this year. Bad loans written off and transferred out by the top five banks rose by 16 percent last year to 309.6 billion yuan ($44.95 billion). Those banks also include China Construction Bank Corp (CCB), Agricultural Bank of China Ltd (AgBank) and Bank of Communications Co Ltd (BoCom). At the same time, profitability in traditional lending fell as net interest margins (NIMs) - the difference between interest earned from borrowers and paid to depositors - narrowed. At CCB, NIM shrank 43 basis points to 2.20 percent in 2016. At BoC and BoCom, those margins dipped below 1.9 percent. Bank executives and analysts attribute the margin compression to six central bank benchmark interest rate cuts in 2014-15 alongside changes in taxation and government policy, such as eliminating a ceiling on deposit interest rates. However, NIMs are stabilising, and earnings for some of the five lenders are widely expected to improve. Wei Hou, senior equity analyst for China banks at researcher Sanford C. Bernstein, said some banks may see profit increase by 5 percent or more this year. "Bank management has been very cautious, tightening loan underwriting standards and preventing future credit costs," Hou said. Prices of the banks'' Hong Kong-listed shares have risen 6 to 13 percent so far this year as investors bet on recovery. Smaller banks will still face pressure, said Dexter Hsu of Macquarie Capital Securities in Taiwan. Tighter liquidity is likely to drive up funding costs in the interbank market, lowering earnings on wealth management products, he noted. INFRASTRUCTURE BOOST Beijing''s plan to boost investment in infrastructure is creating more long-term loan demand from state-backed borrowers. Such spending is "very important" to stabilize economic growth, CCB President Wang Zuji said on Thursday. Moreover, as the government is also trying to stimulate consumption, CCB will lend more to small companies and retail borrowers. "This year, corporate loan demand is stronger than last year, especially in urban infrastructure construction and transportation," noted ICBC President Gu Shu. Earlier this month, China''s Premier Li Keqiang told banks "to focus on their main business" and "strengthen their ability to serve the real economy." Banks are trying various means of reducing non-performing loans. As well as big write-offs, the banks are swapping questionable debt into equity, saving the amount of money they would have to set aside should such debt turn bad. Debt-to-equity deals are part of a wider government campaign to restructure mainly state-owned enterprise debt. By the end of last year, 12,836 creditor committees had been set up nationwide, examining borrowing of 14.85 trillion yuan, representing 17 percent of all commercial bank loans, banking regulator statistics show. Since October, banks have signed about 500 billion yuan in debt-to-equity swaps in mostly state-owned coal and steel enterprises, according to analysts who expect the amount to double this year. CCB''s Wang said he expected swaps to reach 300 billion yuan by the end of March. AgBank President Zhao Huan on Wednesday said his bank had swap deals with eight firms with 70 billion yuan in total agreements, and was negotiating with over 20 more. "Leading indicators, including the gap between non-performing loans and overdue loans and the overdue loan ratio, generally are showing positive changes," said ICBC''s Yi. ($1 = 6.8875 Chinese yuan renminbi) (Reporting by Matthew Miller and Shu Zhang; Additional reporting by Engen Tham; Editing by Christopher Cushing and Ian Geoghegan) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-banks-idINKBN1721K9'|'2017-03-31T20:04:00.000+03:00'
'fd5d14be7582cafaa9defe4b3ce14c1fbadc3eb1'|'Chicken sacrifice and dream medicine: The rites of South African traditional healers - in pictures - Global Development Professionals Network'|'Chicken sacrifice and dream medicine: The rites of South African traditional healers - in pictures   View more sharing options   Close As a growing number of white people train as sangomas – shamans or traditional health practitioners – Corinna Kern documented details of the lengthy and arduous initiation ceremony All photographs by Corinna KernFriday 31 March 2017 12.12 BST Chris Ntombemhlophe Reid walks through rural areas of Mdakane in Lusikisiki district, South Africa. The whip and itshoba he holds are traditional sticks that indicate the status of the sangomas , practitioners of traditional African medicine in southern Africa. The sticks serve as a means to connect to ancestors, and sangomas carry at least one during journeys as a sign of respect. Photograph: Corinna KernFacebook Twitter Pinterest Assisted by sangoma Camagwini, Chris breathes in the smoke of burning mphepho , a herb with spiritually cleansing properties which is used to connect to ancestors and to protect people. Sangoma is a Zulu term colloquially used to describe all types of southern African traditional healers, and each culture has its own terminology for them, such as amaxwele or amagqirha (Xhosa), n gaka and selaoli (northern and southern Sotho), mungome (Venda) and n’anga or mungoma (Tsonga). Photograph: Corinna KernFacebook Twitter Pinterest Chris puts a medicine named khotha on the hands of his spiritual daughter, Tyatyambo. Khotha consists of animal, mineral and plant matter and is used to leave the past and bad things behind. After as much khotha as possible is licked off the hands, the rest is symbolically thrown over the shoulders. Photograph: Corinna KernFacebook Twitter Pinterest Kankatha – the title for a sangoma ’s assistant which also becomes his name for the duration of his service – prepares a specific tree branch that he crushes in order to make dream medicine. Photograph: Corinna KernFacebook Twitter Pinterest With a kiss, Tyatyambo greets her spiritual sister Vumanithongo who carries two itshobas and a box with three chickens on her head. To help with preparations for a traditional ceremony, Vumanithongo visits the homestead of her spiritual father, Chris. Since 1994, an increasing number of white people have openly trained as sangomas in South Africa. The question of authenticity is still being discussed; some white sangomas claim they have been welcomed by the black community in South Africa, while others say they have been less readily accepted. Photograph: Corinna KernFacebook Twitter Pinterest Chris walks along the river in which he bathes when staying at his spiritual family’s homestead in Umzizwanga. Being less influenced by the west, life in rural areas constitutes a deeper spiritual experience for sangomas and thwasas ( sangoma trainees) than in urban environments. Basic rituals like collecting firewood and fetching water are part of a sangoma ’s path to spirituality, representing the way of life practised by ancestors. There are an estimated 200,000 indigenous traditional healers in South Africa, compared to 25,000 doctors trained in western medicine. Photograph: Corinna KernFacebook Twitter Pinterest A day before her ingenisa , the ceremony that initiates her as a thwasa , Gugulethu Khumalo relaxes at the river while her teacher, Chris, prepares to fetch firewood. This is the last day Gugulethu is allowed to wear sunglasses, shoes and clothes that are not white before she becomes a thwasa . Ukuthwasa , the training to become a sangoma , is a challenging process of self-deprivation and humility which takes up to several years and includes a strict dress code. Photograph: Corinna KernFacebook Twitter Pinterest Chris leads the way into the forest followed by his new thwasa and the members of his spiritual family as part of Gugulethu’s ingenisa . In the forest she will receive a leaf crown and two sticks made from a specific type of wood as a means to connect to ancestors. Photograph: Corinna KernFacebook Twitter Pinterest Gugulethu waits to receive her leaf crown and two wooden sticks that are being collected by the members of her new spiritual family as part of her ingenisa . The wooden sticks are a means to connect to her ancestors, and will be replaced by advanced sticks when she enters the second stage of her training. Photograph: Corinna KernFacebook Twitter Pinterest Gugulethu takes a selfie of herself wearing white beaded strings and kankatha ’s red headdress. The beaded strings were made by Gugulethu as part of her future dress code as a thwasa , symbolising the bones of the ancestors and serving as spiritual protection. Photograph: Corinna KernFacebook Twitter Pinterest During her ingenisa , Gugulethu meditates. She holds two chickens under her arms while a third one sits on her head, accompanied by sangomas singing and dancing in the background. Each chicken has to sit on the thwasa ’s head as an indication that the ancestors accept it as an offering, before it can be sacrificed. Sacrifices are an important part of linking the thwasa ’s ancestors to the ancestors of her new spiritual family. Photograph: Corinna KernFacebook Twitter Pinterest Wearing her new headdress made from their feathers, Gugulethu drinks the contents of the sacrificed chickens’ gallbladders. This is part of the thwasa ’s spiritual cleansing process and her transformation from the ‘old and sick’ person – a sickness received as a calling from her ancestors – towards the new person she becomes. Her headdress must be worn as part of her white dress code until her next ceremony, which leads into the second stage of her training. Photograph: Corinna KernFacebook Twitter Pinterest With her face covered with the sacrificed animals’ blood, Gugulethu experiences a strong emotional energy and is grounded through burning mphepho by her teacher and spiritual father Chris. Sacrifices are an important aspect of initiation and involve wearing the blood of the animals that ‘died in the thwasa ’s place’ on the face, arms and legs. Photograph: Corinna KernFacebook Twitter Pinterest During her weekend-long ingwamba ceremony Nolwandle, 49, takes a break with her fellow thwasa Noentla, 24. The ingwamba marks the beginning of the second stage of ukuthwasa , the training to become a sangoma . The dress code is then changed from white clothing, as a symbol of ancestors’ bones, to red, as a symbol for the blood of life. The thwasa ’s simple wooden sticks are replaced by a spear that is used for sacrifices and a knobkerrie , a traditional fighting stick. Photograph: Corinna KernFacebook Twitter Pinterest Wearing rattles around his ankles, Kankatha dances during the morning hours of a weekend-long ceremony. Physical exhaustion and sleep deprivation are part of the sangomas ’ paths to spirituality and one of the reasons why traditional ceremonies often last for several days. Dancing, drumming and singing result in states of trance and energetic exchanges. Photograph: Corinna KernFacebook Twitter Pinterest Topics Global development professionals network Global focus Africa'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/global-development-professionals-network/gallery/2017/mar/31/meditation-sacrifice-becoming-traditional-healer-south-africa-in-pictures'|'2017-03-31T20:12:00.000+03:00'
'793740979e273db14182554ba798e75ef1e327e8'|'European shares seal strongest quarter in two years'|'Business News - Fri Mar 31, 2017 - 6:58pm BST European shares seal strongest quarter in two years FILE PHOTO: A man walks through the lobby of the London Stock Exchange in London, Britain, August 25, 2015. REUTERS/Suzanne Plunkett/File Photo/File Photo By Danilo Masoni and Helen Reid - LONDON/MILAN LONDON/MILAN European shares sealed their best quarter since 2015 on Friday, with inflows to European equities picking up on strong economic data and corporate earnings, despite a packed political calendar ahead. The pan-European STOXX 600 index was up 0.1 percent, ending the first quarter of 2017 with a gain of 5.5 percent, its third straight quarterly gain. While Britain''s FTSE 100 .FTSE fell 0.6 percent, Germany''s DAX .GDAXI gained 0.5 percent and France''s CAC .FCHI rose 0.7 percent. The rally in European shares has been driven by improving economic data, strong earnings and a series of M&A deals in the region, which have more than offset worries over the political future of the region ahead of elections in France and Germany and Britain''s divorce from the European Union. European equities attracted their largest inflows in 60 weeks, with $1.5 billion this week, the latest data from Bank of America Merrill Lynch showed, as investor concerns over a victory of far-right candidate Marine Le Pen in the upcoming French presidential election subsided. The French election remains the key political risk for investors in the quarter ahead. Germany''s DAX .GDAXI , seen as an alternative for investors wary of French assets, outperformed major European peers this quarter, up 6.8 percent and tantalisingly close to its April 2015 record high. Spain''s IBEX .IBEX was the overall winner, notching up 11.2 percent gains, while Britain''s FTSE 100 .FTSE underperformed peers, gaining 2.5 percent over the quarter. In sectors, tech stocks .SX8P were the top gainers, up 13 percent over the quarter, as investors buy into the industry. Energy stocks performed the worst, down 3 percent. On Friday, South Africa-exposed stocks were the top fallers in heavy volumes after President Jacob Zuma fired his respected finance minister in a late-night cabinet reshuffle. Asset manager Investec ( INVP.L ) was the biggest loser on the STOXX, down 9.9 percent, its biggest fall since the last time Zuma spooked markets by suddenly dismissing then finance minister Nhlanhla Nene in December 2015. Other stocks exposed to the African country were also among the top losers. Insurer Old Mutual ( OML.L ) fell 7.5 percent, healthcare firm Mediclinic ( MDCM.L ) dropped 6.2 percent and paper company Mondi ( MNDI.L ) declined 2.5 percent, while German-listed South African retailer Steinhoff ( SNHG.DE ) fell 3 percent. "Stocks with exposure to South Africa plunged amid deep fears about the state of the country''s government following the sacking of respected finance minister Pravin Gordhan," said ETX Capital analyst Neil Wilson in a note. South Africa''s rand and government bonds recovered ground slightly after an initial sharp fall on the news. Another top loser on the STOXX was Danish biotechnology firm Genmab ( GEN.CO ). Its shares fell after partner Janssen ( JNJ.N ) decided not to start the second stage of a study of a key drug. Among gainers was German utility RWE ( RWEG.DE ) which rose 2.7 percent after Oddo Seydler upgraded the stock to "buy" from "neutral". UK motor insurer Direct Line ( DLGD.L ) rose 3.4 percent, also helped by a broker upgrade. UK mid cap Shawbrook Group ( SHAW.L ) rallied 9.5 percent after the UK lending banks said it had received a buyout offer. (Reporting by Danilo Masoni and Helen Reid; Editing by Vin Shahrestani and Hugh Lawson) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN1722JE'|'2017-04-01T01:58:00.000+03:00'
'1b5686c84c3d47b59041db82e0da1f4ddf9c9067'|'German transport ministry says finds defeat device in Fiat car'|'Business News - Fri Mar 31, 2017 - 5:31pm BST German transport ministry says finds defeat device in Fiat car A Fiat logo is seen during the 87th International Motor Show at Palexpo in Geneva, Switzerland, March 7, 2017. REUTERS/Arnd Wiegmann FRANKFURT Germany''s transport ministry has found a new "defeat device" in a Fiat ( FCHA.MI ) car during emissions tests, it said on Friday, escalating a dispute with the Italian automaker. The ministry declined to give details, but said it would send the results to the European Commission, which has reviewed a previous emissions case involving Fiat. Fiat denied its cars were equipped with an illegal emissions test cheating device. Germany widened vehicle pollution testing in the wake of Volkswagen''s ( VOWG_p.DE ) admission in 2015 that it had used a defeat device to rig U.S. emissions tests on diesel engines. German weekly magazine Der Spiegel said recent tests on Fiat''s 500X passenger car showed an exhaust treatment system switched off filtering after 90 minutes, citing results from a test conducted by Germany''s KBA vehicle authority. Der Spiegel said this amounted to a new defeat device. In a prior test, a Fiat vehicle was found to switch off its exhaust treatment system after 22 minutes, Der Spiegel said. An emissions test cycle in Europe lasts 20 minutes. A spokesperson for Fiat Chrysler Automobiles (FCA) said: "We are not in a position to comment on the validity or accuracy of supposed KBA internal documents or on purported emissions tests that we have never seen." FCA added that the 500X conformed to emissions rules "in all material respects to applicable emissions requirements" adding this has been verified and confirmed by the Italian ministry of transport, the vehicle''s licensing authority. Europe''s attempts to crack down on vehicle emissions have been complicated by a loophole in EU law that allows carmakers to turn off emissions control systems under certain conditions - such as at temperatures where they might damage the engine. (Reporting by Michael Nienhaber and Agnieszka Flak; Writing by Edward Taylor; Editing by Mark Potter) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-fiat-emissions-germany-idUKKBN1722CF'|'2017-04-01T00:31:00.000+03:00'
'4045099ae7adbda963aca80c488436af6269cea2'|'Glencore to sell 51 percent of oil products storage business'|'LONDON Swiss-based trading and mining giant Glencore has agreed to sell a 51 percent stake in its oil products and logistics business for $775 million to China''s HNA Innovation Finance Group Ltd, the company said on Friday.Reuters earlier exclusively reported that Glencore was in talks to sell a bundle of its global oil storage stakes, following similar moves by rivals as a boom period for storage shows signs of nearing to an end.Glencore said the deal was expected to close in the second half of 2017 and that the transaction would result in a new company called HG Storage International Ltd with a presence across Europe, Africa and the Americas.Dutch bank ING was the sell-side adviser to the deal, a spokeswoman for the bank said.(Reporting By Julia Payne, editing by David Evans)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-glencore-assets-oil-idINKBN172251'|'2017-03-31T13:16:00.000+03:00'
'b999ffb61ac96bc7151b217f9a5dea5e03b0878c'|'Lufthansa''s Eurowings pushes Munich expansion in low-cost battle'|'Business News - Fri Mar 31, 2017 - 3:07pm BST Lufthansa''s Eurowings pushes Munich expansion in low-cost battle People line up behind a barrier tape of Lufthansa''s budget airlines Eurowings during a 24-hour strike over pay and working conditions at Cologne-Bonn airport, Germany October 27, 2016. REUTERS/Wolfgang Rattay BERLIN Lufthansa''s ( LHAG.DE ) Eurowings is stepping up expansion at Munich airport in response to strong demand for low-cost flights, with plans to base two more planes there from 2018. Eurowings started flying from Munich, a hub for Lufthansa''s core brand, on Friday and the unit''s CEO said demand had significantly exceeded expectations. The carrier will therefore base six A320 jets there in 2018, up from four this year. "We''re as good as sold out over Easter and anyone wanting to book for the summer should hurry," Karl Ulrich Garnadt said in a statement. Low cost carriers have been slow to gain a foothold in Germany and currently account for about 15 percent of the market, against 50 percent for Europe as a whole. While Eurowings, which also includes the Germanwings brand, is the largest low cost carrier in Germany, Ryanair ( RYA.I ) , easyJet ( EZJ.L ), and Wizz Air ( WIZZ.L ) have been growing strongly in the last couple of years. Ryanair has stepped up the battle by starting flights from Frankfurt, Lufthansa''s main hub, leading the German flagship carrier to demand concessions from airport operator Fraport ( FRAG.DE ). Lufthansa CEO Carsten Spohr said at an event on Thursday he was hopeful that a deal could be reached with Fraport on a reduction in fees, adding there was still no decision on whether to start Eurowings flights from Frankfurt. He also said Eurowings would eventually need more than 7 long-haul planes amid a rush by traditional rivals to also expand budget long-haul routes to compete with newcomers such as Norwegian Air Shuttle ( NWC.OL ). British Airways and Iberia owner IAG ( ICAG.L ) this month unveiled plans for a new low-cost long-haul business called Level that will fly out of Barcelona from June 2017 and Air France also wants to start a new low-cost division on long-haul leisure routes. There are no plans to start long-haul flights from Munich, a spokesman for Eurowings said on Friday. (Reporting by Victoria Bryan; editing by Alexander Smith) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lufthansa-eurowings-idUKKBN1721X7'|'2017-03-31T22:07:00.000+03:00'
'7d5d68738daa46dc8c2e0f594631899802f7ece1'|'Speculators cut net U.S. dollar longs in latest week-CFTC, Reuters data'|'Company News   3:44pm EDT Speculators cut net U.S. dollar longs in latest week-CFTC, Reuters data March 31 Speculators reduced bullish bets on the U.S. dollar for the first time in four weeks, according to Commodity Futures Trading Commission data released on Friday and calculations by Reuters. The value of the dollar''s net long position totaled $15.27 billion in the week ended March 28, down from $18.44 billion the previous week. (Reporting by Gertrude Chavez-Dreyfuss; editing by Diane Craft) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cftc-forex-idUSL2N1H81TX'|'2017-04-01T03:44:00.000+03:00'
'694f41d539085e413633f105910ea3686bb280ca'|'Fannie, Freddie may write down $21 bln due to tax cut -BMO'|'Money   3:14pm EDT Fannie, Freddie may write down $21 billion due to tax cut: BMO File photo: A stands outside Fannie Mae headquarters in Washington February 21, 2014. REUTERS/Kevin Lamarque NEW YORK U.S. mortgage finance giants Fannie Mae ( FNMA.PK ) and Freddie Mac ( FMCC.PK ) may write down $21 billion of tax-related assets if there is a deep cut in the federal corporate tax rate as promised by President Donald Trump, according to an analyst at BMO Capital Markets on Friday. This significant writedown would result in the two agencies, which have been under conservatorship due to heavy losses from the housing market collapse more than eight years ago, to borrow nearly $17 billion from the U.S. Treasury Department, BMO''s head of fixed-income strategy, Margaret Kerins, wrote in a research note. (Reporting by Richard Leong; Editing by Jonathan Oatis) Next In Money'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-fanniemae-tax-idUSKBN1722O6'|'2017-04-01T02:57:00.000+03:00'
'339d4563004ba5290950ee79b397406ef04333c2'|'Oculus cofounder Palmer Luckey is leaving the company - Mar. 30, 2017'|'See Zuckerberg''s dog Beast in VR, future of Oculus in :60 Palmer Luckey is leaving Oculus. The company, which he cofounded, was largely responsible for kickstarting the virtual reality craze and was acquired by Facebook ( FB , Tech30 ) in 2014. This is Luckey''s last week at Oculus, a spokesperson confirmed to CNNTech. "Palmer will be dearly missed. Palmer''s legacy extends far beyond Oculus," Oculus said in a statement. "We''re thankful for everything he did for Oculus and VR, and we wish him all the best." Luckey has been embroiled in a number of recent controversies. In February, Facebook lost a $500 million lawsuit against game development firm ZeniMax. A jury concluded that Luckey violated a non-disclosure agreement, and Oculus and Luckey were found to have misrepresented the origin of the product. Related: Facebook loses $500 million Oculus lawsuit Luckey also came under fire in September after it was revealed that the 24-year-old financially backed a group that promoted anti-Hillary Clinton memes and was linked to anti-Semitic and racist views. Luckey issued an apology, and has been increasingly invisible at Facebook since the fall. Brendan Iribe, Luckey''s cofounder, stepped down as Oculus CEO to lead the company''s PC VR division in December. Oculus Founder: Virtual reality will change journalism as we know it Oculus'' technology has yet to become mainstream, and Facebook recently slashed the price of its hardware by $200, though the system is still expensive, costing around $600 for the headset and Touch controllers. CNNMoney (San Francisco) First published March 30, 2017: 4:51 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_technology.rss'|'http://money.cnn.com/2017/03/30/technology/palmer-luckey-leaving-oculus/index.html'|'2017-03-31T00:51:00.000+03:00'
'9a2c1ec0fe3d8f93585f05f6bc021337a6029e4b'|'RPT-Investors bottom fish municipal bonds tied to Westinghouse bankruptcy'|'Company   7:00am EDT RPT-Investors bottom fish municipal bonds tied to Westinghouse bankruptcy By Daniel Bases - NEW YORK, March 30 NEW YORK, March 30 The sell-off of municipal bonds tied to the bankruptcy filing of Westinghouse Electric Co paused on Thursday as investors reconsidered concerns on the likelihood that construction of four U.S. nuclear power plants hit by billions in cost overruns will be completed. The four reactors are part of two projects known as V.C. Summer in South Carolina, which is majority-owned by SCANA Corp and Vogtle in Georgia, which is owned by a group of utilities led by Southern Co. Westinghouse is a unit of Japanese conglomerate Toshiba Corp 6502.T>. Tax-exempt bonds issued by the Municipal Electric Authority of Georgia (MEAG), which owns 22.7 percent of the Vogtle units, and South Carolina Public Service Authority (Santee Cooper), which owns 45 percent of the V.C. Summer units, reversed a recent slide, albeit in thin trading volumes. "It could be considered a dead-cat bounce in the market as people are starting to get comfortable with their ability to pay their bonds and it doesn''t appear that this is going to lead to a default," said Brett Adlard, municipal strategist at Piper Jaffray in Chicago. Adlard said there could be near-term weakness in the bonds because of headline risks, but there is a slow realization that there are underlying strengths, such as Santee Cooper''s flexibility to raise electricity rates given that the rates are considered low when measured against the rest of the nation. On Wednesday, SCANA executives told analysts that in the case of the V.C. Summer operations, most of the components are already bought and on site, which employs about 5,000 people. "The Trump administration, being so pro-jobs, shutting down these two large nuclear plants would look like a negative from their goal," Adlard said, adding that Westinghouse''s involvement in military operations makes this a national security interest." MEAG''s 6.637 percent bond maturing in 2057 saw improvement with the yield spread over the benchmark MMD yield curve narrowing by 4.5 basis points to 285.7 basis points. However, over the last 10 trading days, spreads are wider by a significant 26.9 basis points, according to Thomson Reuters data.. Santee Cooper''s 5 percent bond maturing in 2028 improved on Thursday with the yield spread narrowing by 16.7 basis points to 95.1 basis points. That is still 35.6 basis points wider over the last 10 trading days. Wider spreads indicate weak performance in a credit. Costs for the projects have soared due to increased safety demands by U.S. regulators and also due to significantly higher-than-anticipated costs for labor, equipment and components. "These are fundamentally strong credits, but that said, they have made a lot of investments in these plants and now there is more uncertainty on how much more it is going to cost or how much longer it will take to complete the plants," said John Ceffalio, municipal credit analyst at AllianceBernstein in New York. "To date, both MEAG and Santee Cooper have had a lot of political support. We question how strong that support will be going forward given additional costs and delays," he said. (Reporting by Daniel Bases; Editing by Leslie Adler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/toshiba-accounting-westinghouse-municipa-idUSL2N1H72EQ'|'2017-03-31T19:00:00.000+03:00'
'2d99cf21ddbc014023eebe7adf6e4bb6e9405e72'|'Third Avenue in $14.25 mln settlement over junk bond fund collapse'|'Deals  59pm EDT Third Avenue in $14.25 million settlement over junk bond fund collapse NEW YORK Third Avenue Management, its founder Martin Whitman and other defendants have reached a $14.25 million settlement of a lawsuit by investors in a junk bond mutual fund they oversaw that collapsed in December 2015. The preliminary accord resolves claims the defendants failed to ensure that the Third Avenue Focused Credit Fund had enough liquidity to avert a demise, and the fund misrepresented its ability to properly value securities it owned. Affiliated Managers Group Inc, which holds a majority stake in Third Avenue, previously set aside money to cover the settlement, which requires court approval. (Reporting by Jonathan Stempel in New York; Editing by Cynthia Osterman) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-thirdavenue-settlement-idUSKBN1722N4'|'2017-04-01T02:46:00.000+03:00'
'682fba0758177c3f73f815253b83a27da8bcd6b6'|'Credit Suisse under fire as clients hunted for tax evasion'|'Fri Mar 31, 2017 - 6:41pm BST Credit Suisse under fire as clients hunted for tax evasion The Credit Suisse logo is seen at their offices at Canary Wharf financial district in London,Britain, March 3, 2016. REUTERS/Reinhard Krause By Toby Sterling and Joshua Franklin - AMSTERDAM/ZURICH AMSTERDAM/ZURICH Swiss bank Credit Suisse ( CSGN.S ) has been dragged into yet more tax evasion and money laundering investigations, after a tip-off to Dutch prosecutors about tens of thousands of suspect accounts triggered raids in five countries. Coordinated raids began on Thursday in the Netherlands, Britain, Germany, France and Australia, the Dutch office for financial crimes prosecution (FIOD) said on Friday, with two arrests confirmed so far. The Dutch are "investigating dozens of people who are suspected of tax fraud and money laundering", the prosecutors said, adding that suspects had deposited money in a Swiss bank without disclosing that to authorities. British tax authorities said they had opened a criminal investigation into suspected tax evasion and money laundering by "a global financial institution" and would be focusing initially on "senior employees", along with an unspecified number of customers. Prosecutors in the German city of Cologne said they were also working with the Dutch. "We have launched an investigation against clients of a bank," a spokesman said. None of the authorities disclosed the name of the bank involved. However, Credit Suisse, Switzerland''s second-biggest bank, said local authorities had visited its offices in Amsterdam, London and Paris "concerning client tax matters" and it was cooperating. The Dutch FIOD seized administrative records as well as the contents of bank accounts, real estate, jewelry, a luxury car, expensive paintings and a gold bar from houses in four Dutch towns and cities. The FIOD tweeted a photo of some of the seized assets. [ tinyurl.com/llkjhrz ] The people arrested, one in The Hague and one in the town of Hoofddorp, were not identified. The actions angered Switzerland''s Office of the Attorney General, which said it was "disconcerted" by the way Dutch authorities had handled the matter and would demand an explanation. Dutch prosecutors responded that Swiss authorities had been left out of the investigation because none of the suspects were Swiss -- they were just linked to secret Swiss bank accounts. "If the Swiss authorities wish to receive information on the investigation, we, the other countries involved and Eurojust, are always willing to discuss (that) with them," the FIOD said in a statement. Eurojust, the European Union agency that coordinates cross-border prosecutions, said the investigation had begun in 2016, and representatives from the countries involved -- Switzerland not among them -- had held three preparatory meetings to share information before Thursday''s raids. Prosecutors "analysed a huge amount of data," Eurojust said, looking for "individuals and groups suspected of tax fraud and money laundering." The investigation uncovered "undeclared assets hidden within offshore accounts and policies...(worth) millions of euros." Credit Suisse shares fell 1.2 percent, underperforming the wider European banking sector index .SX7P which rose 0.1 percent on Friday. OLD WOUNDS For Zurich-based Credit Suisse, the case reopens the thorny issue of tax evasion which has dogged Swiss banks for years as wealthy individuals around the world have used the country''s strict bank secrecy laws to hide cash from the taxman. Credit Suisse has paid more than 2 billion Swiss francs ($2 billion) since 2011 in the United States, Germany and Italy to settle allegations it helped clients dodge taxes. It has pushed clients in Europe, Latin America and Asia to participate in government programs facilitating the declaration of untaxed assets. The bank said in December this process had been completed for Europe. Switzerland is also among the countries that have signed up to a global initiative led by the Organisation for Economic Co-operation and Development. Under the OECD''s Automatic Exchange of Information, banks pass on information to local tax agencies, which then share it with foreign counterparts. Switzerland began collecting data at the start of the year and will exchange information from 2018. The Dutch FIOD said the coordinated raids were prompted by a tip-off about 55,000 suspect accounts, and it had passed information to the other countries about the accounts. Spokeswoman Wietske Vissers said the investigation would "continue for days and weeks" across the various countries. The Netherlands is investing 3,800 Dutch leads. French authorities said they had 25 agents working on the case. Australia''s minister for revenue and financial services, Kelly O''Dwyer, said the country''s financial crime investigator was looking at 340 Australians linked to Swiss bank accounts, which she said were only identified by number. "The fact that these accounts are unnamed," O’Dwyer said, "means that by their very nature they are likely to have been established to hide the identity of the owner." (Additional reporting by Swati Pandey and Michael Holden; Editing by Mark Trevelyan) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-netherlands-taxevasion-international-idUKKBN1720Q2'|'2017-04-01T01:21:00.000+03:00'
'5bad6214446a8f28458b03da35c78afd42b181cd'|'Reuters poll - Oil price seen struggling as U.S. output weighs against OPEC cuts'|' 11pm BST Reuters poll - Oil price seen struggling as U.S. output weighs against OPEC cuts By Swati Verma Oil analysts have grown more unsure that OPEC''s supply cut will be enough to offset the increase in U.S. production and do not believe prices will reach $60 a barrel until early next year, according to a Reuters poll on Friday. Brent crude LCOc1 is expected to average $57.25 per barrel in 2017, slightly lower than last month''s forecast of $57.52, the poll of 32 economists and analysts showed. Forecasts for Brent in 2017 range from a high of $73 by Raymond James to a low of $51 by Commerzbank. Growing U.S. supply is expected to partly offset cuts by the Organization of the Petroleum Exporting Countries and their partners, said Rahul Prithiani, director at CRISIL Research. "If U.S. producers keep on increasing output at the same pace then rebalancing in the oil markets is expected to get delayed beyond 2017," he said. U.S. shale production is expected to rise by 109,000 barrels per day (bpd) to 4.96 million bpd in April, its biggest monthly increase since October, according to a U.S. Energy Information Administration report this month. Analysts said OPEC''s first accord on supply curbs since 2008 could be challenged by poor adherence from participants outside the group, even as OPEC states have been broadly compliant. "Poor commitment from outside the group could threaten the remainder of the agreement as Saudi Arabia is pulling most of the weight, while Russia, which in many cases is a direct competitor, has failed to deliver the promised cuts," said Giorgos Beleris, analyst at Thomson Reuters Oil Research and Forecasts. OPEC oil output is likely to fall for a third straight month in March, a Reuters survey found on Wednesday, as the United Arab Emirates made progress in trimming supplies. Meanwhile, maintenance and unrest have hampered output from Nigeria and Libya, which are both exempt from the supply deal. OPEC, which meets on May 25 in Vienna, pledged last year to reduce output by about 1.2 million bpd for the first half of 2017. Non-OPEC producers agreed to cut about half that amount. Brent crude has fallen about 5 percent so far this month, the biggest percentage decline since July. Record high U.S. stocks have led speculators to cut holdings of U.S. crude oil futures and options to the lowest since December. "The initial liquidation in net long positions is a concern; it reflects weaker market confidence in oil prices, amid rising U.S. shale investment and production," said Cailin Birch, an analyst at the Economist Intelligence Unit. The risk of an even faster sell-off will be seen as a major risk by most oil-producing countries, providing further motivation for the OPEC deal to be extended, Birch added. The Reuters survey forecast U.S. WTI crude futures CLc1 would average $55.29 a barrel in 2017, marginally lower than last month''s forecast of $55.66. (Additional reporting by Vijaykumar Vedala in Bengaluru; Editing by Amanda Cooper and Edmund Blair)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-oil-prices-poll-idUKKBN1721E2'|'2017-03-31T19:11:00.000+03:00'
'27ce11129df892085502d089a717a03d55569ef1'|'Venezuela court move may ease Russian investment, spook other oil majors'|'Big Story 11   12:29pm EDT Venezuela court move may ease Russian investment, spook other oil majors left right Julio Borges (C), President of the National Assembly and deputy of the Venezuelan coalition of opposition parties, tears a copy of a sentence of the Venezuela''s Supreme Court during a news conference in Caracas. REUTERS/Carlos Garcia Rawlins 1/2 left right Julio Borges (C), President of the National Assembly holds a teared copy of a sentence of the Venezuela''s Supreme Court as he speaks during a news conference in Caracas, Venezuela March 30, 2017. REUTERS/Carlos Garcia Rawlins 2/2 By Alexandra Ulmer The sight of Venezuela''s National Assembly president tearing up a Supreme Court ruling and warning foreign firms against making deals with the leftist government will no doubt resonate in international boardrooms. The ruling ripped up by Congress head Julio Borges on Thursday was designed to allow President Nicolas Maduro to create oil ventures without congressional approval, easing investment in the cash-strapped country''s floundering oil industry. And it may well facilitate deals with companies including Russia oil major Rosneft, which Reuters reported earlier this month had been offered a stake in an oil joint venture with Venezuelan state oil company PDVSA [PDVSA.UL] as part of a broader deal with Caracas'' key ally. But the ensuing muddy legal framework and international outcry is likely to further raise anxiety levels at foreign oil companies already nervous about buying oil field stakes in Venezuela because of the country''s shaky finances, as well as stricter regulatory scrutiny at home, according to oil executives, lawyers, and other industry sources. Under the Venezuelan constitution, Congress must approve contracts of "national public interest" with foreign companies. But the Supreme Court just ruled Congress does not have a say over joint ventures anymore, while lawmakers retort the top court is illegitimate, creating a legal maze. That bodes poorly for Venezuela''s ravaged economy, which depends on oil shipments for over 90 percent of its export revenue as millions skip meals due to food shortages and roaring inflation. "This complicates any investment decision," said a Caracas-based source at a foreign oil company that partners with PDVSA, asking to remain anonymous because the person was not allowed to speak to media. Still, Russia is becoming an increasingly crucial financier for isolated Maduro at a time when many other foreign companies were already reluctant to pour money into Venezuela given the poor business climate and debts. And should Venezuela manage to pull off further sales or loans with Rosneft, that could help Venezuela make some $2.5 billion in bond payments due in April and shoulder other operational costs. But while Venezuela may receive a short term boost from the decision, in the long-term foreign oil companies will likely be stymied from potential further investments in the country with the world''s biggest crude reserves. PDVSA and the oil ministry did not immediately respond to a request for comment. Rosneft declined to comment, as did U.S. major Chevron Corp, which has four joint venture operations with PDVSA. Spain''s Repsol, which last year extended a $1.2 billion credit line to bolster a joint venture it has with PDVSA, also declined to comment. Other foreign oil companies operating in Venezuela, including state-run China National Petroleum Corp, did not immediately respond to a request for comment. SPOOKED INVESTORS But for the low-profile foreign oil companies which remain in Venezuela despite a wave of nationalizations and company exits, the Supreme Court ruling is another worry amid complex currency controls, a brain drain, and out-of-control crime. Many companies were already concerned about Venezuela''s legal framework after the opposition took control of the National Assembly in January 2016 and warned oil majors that investment deals affecting national interest required their approval. When Rosneft bought a stake in the Petromonagas joint venture early last year, the National Assembly slammed the purchase as "illegal" because it bypassed the legislature. Rosneft responded that the deal was legal. And, bucking international condemnation of what Maduro opponents have called a slide into dictatorship, Moscow on Friday urged the world to leave Venezuela alone. "External forces should not add fuel to the fire to the conflict inside Venezuela," the Russian government said. Some companies may also be betting that they would have enough muscle to negotiate with a hypothetical opposition-led government in the future to "legalize" any purchases made without the congressional green light, sources say. But the recent Supreme Court move is unlikely to assuage the fears of foreign partners who have strict internal compliance and legal guidelines. "This doesn''t solve the problem," said Francisco Monaldi, fellow in Latin American energy policy at the Baker Institute in Houston. "It might for the Russians, but I doubt an international company would dare do anything here. This can definitely put a brake on the creation of new joint ventures." (Additional reporting by Corina Pons in Caracas and Vladimir Soldatkin in Moscow.; Editing by Girish Gupta and Marguerita Choy) Next In Big Story 11'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-venezuela-politics-oil-idUSKBN1722C1'|'2017-03-31T23:48:00.000+03:00'
'547d4dd71cd000deadebce8dad2a880e896b7cc7'|'H&M first-quarter profit tops forecast, to launch new brand in second half'|'Business News - Thu Mar 30, 2017 - 7:19am BST H&M first-quarter profit tops forecast, to launch new brand in second half FILE PHOTO: People walk past the windows of an H&M store in Barcelona, Spain, December 30, 2016. REUTERS/Regis Duvignau/File Photo STOCKHOLM Swedish fashion retailer H&M ( HMb.ST ) reported on Thursday a smaller than expected fall in pretax profit for its fiscal first quarter and said it would launch a new separate brand in the second half of the year. Pretax profit in the December-February period fell to 3.21 billion crowns (291 million pounds) from a year-earlier 3.33 billion, against a mean forecast 2.87 billion seen in a Reuters poll of analysts. H&M said local-currency sales increased 7 percent year-on-year in the March 1-28 period. ($1 = 8.8786 Swedish crowns) (Reporting by Anna Ringstrom; editing by Niklas Pollard) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-h-m-results-idUKKBN1710K1'|'2017-03-30T14:19:00.000+03:00'
'2df239f6125c0d3a23fbaca0f0a04378a1543cd0'|'Tsinghua Unigroup denies it bid for Toshiba chip business, again'|'By Sijia Jiang - HONG KONG HONG KONG Tsinghua Unigroup Ltd, China''s biggest state-owned semiconductor group, on Thursday said media reports that it bid for Toshiba Corp''s chip business were groundless, reiterating a similar statement made in February."Tsinghua Unigroup never participated in the bid and related matters," it said in a statement on its website.Toshiba on Thursday received shareholder approval to split off its memory chip unit. It is looking to raise at least $9 billion from a sale to cover charges at its U.S. nuclear unit that threaten the Japanese conglomerate''s future.Around a dozen chipmakers and technology companies have been tipped as potential buyers for the unit, though a sale to a Chinese company or one with deep ties to China is widely expected to receive strong resistance from Japan''s government.China''s ambition to develop a domestic chip champion through overseas acquisitions has hit regulatory hurdles from foreign governments. Tsinghua in 2015 tried to acquire U.S. chip group Micron Technology Inc, while a Chinese investment fund''s attempt to buy German semiconductor equipment maker Aixtron SE was blocked in December.Tsinghua this week announced it has clinched deals with a state bank and fund that will give it financing support of up to 150 billion yuan ($21.77 billion) over the next five years.(Reporting by Sijia Jiang; Editing by Christopher Cushing)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-toshiba-accounting-tsinghua-idINKBN17113U'|'2017-03-30T08:00:00.000+03:00'
'ffbb69eade021a781c63dd35f75b5432f4ad8627'|'Volkswagen says U.S. approves sale of modified diesel vehicles'|'Thu Mar 30, 2017 - 2:59am BST Volkswagen says U.S. approves sale of modified diesel vehicles FILE PHOTO - An American flag flies next to a Volkswagen car dealership in San Diego, California, U.S. on September 23, 2015. REUTERS/Mike Blake/File Photo Volkswagen AG ( VOWG_p.DE ) said the U.S. Environmental Protection Agency has approved its request to sell up to 67,000 diesel vehicles from the 2015 model year, including about 12,000 currently in dealer inventory with approved emissions modifications. The vehicles in inventory were held when the company issued a stop sale in September 2015, Volkswagen spokeswoman Jeannine Ginivan told Reuters. Ginivan said the company was finalizing details of the program. The EPA approved a fix for about 70,000 Volkswagen diesel vehicles in January. An EPA spokeswoman declined to comment on the matter. (Reporting by David Shepardson in Washington and Bhanu Pratap in Bengaluru; Editing by Leslie Adler and Gopakumar Warrier) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-volkswagen-emissions-idUKKBN17102C'|'2017-03-30T09:55:00.000+03:00'
'737feeb7e5ddec72e9023331dcb5cc4cab4cc0af'|'Fannie, Freddie may write down $21 bln due to tax cut -BMO'|'NEW YORK, March 31 U.S. mortgage finance giants Fannie Mae and Freddie Mac may write down $21 billion of tax-related assets if there is a deep cut in the federal corporate tax rate as promised by President Donald Trump, according to an analyst at BMO Capital Markets on Friday.This significant writedown would result in the two agencies, which have been under conservatorship due to heavy losses from the housing market collapse more than eight years ago, to borrow nearly $17 billion from the U.S. Treasury Department, BMO''s head of fixed-income strategy, Margaret Kerins, wrote in a research note. (Reporting by Richard Leong; Editing by Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/fanniemae-tax-idINL2N1H81LP'|'2017-03-31T16:57:00.000+03:00'
'776a8f15d079a8b397ef612b9155ee18136ae3e6'|'COLUMN-Judge on unsealing in Uber v. Waymo: Expect bad headlines: Frankel'|'Company News   3:46pm EDT COLUMN-Judge on unsealing in Uber v. Waymo: Expect bad headlines: Frankel (The opinions expressed here are those of the author, a columnist for Reuters.) By Alison Frankel NEW YORK, March 31 The last thing the ride-sharing company Uber wanted, as the company tries to defend itself against Waymo''s accusations that it obtained trade secrets when it hired a former Waymo engineer, was a headline revealing that the engineer plans to assert his Fifth Amendment right against self-incrimination if he’s called to testify in Waymo’s case. At a closed-door hearing Thursday in U.S. District Judge William Alsup of San Francisco’s chambers, Uber lawyer Arturo Gonzalez of Morrison & Foerster told the judge Uber counsel had asked for a secret session “because of the adverse impact that we think it would have on our client if there''s a headline tomorrow.” That turned out to be exactly the wrong thing to say to Judge Alsup, who informed Gonzalez, as well as Waymo lawyers from Quinn Emanuel Urquhart & Sullivan, that he would make the entire transcript of the closed-door hearing public. (My Reuters colleague, Dan Levine, obtained an early version of it.) Alsup also warned Uber and Waymo that he’s not going to put up with requests for secrecy just to save them from headlines they’d rather not see. "PUBLIC HAS A RIGHT TO SEE" “There''s going to be a lot of adverse headlines in this case on both sides,” Judge Alsup said. That’s what happens, he said, when companies go to court. “The public has a right to see what we do. And I feel that so strongly,” Alsup said. “The U.S. District Court is not a wholly owned subsidiary of Quinn Emanuel or Morrison & Foerster or these two big companies. We belong to the public.” The headlines today did indeed reveal what happened at Thursday’s hearing. Reuters reported that Judge Alsup said he may grant Waymo’s motion for a preliminary injunction if the Uber engineer refuses to testify about why, according to Waymo, he took 14,000 confidential files with him when he left Waymo. The New York Times offered the very headline Uber’s lawyers said they feared: “Uber Executive Invokes Fifth Amendment, Seeking to Avoid Potential Charges.” As a result, if you are investor in Uber or in Waymo’s parent, Alphabet, or if you’re a local government official thinking about whether to allow Uber service in your town or if you’re a customer of Uber or Google or even if you’re just someone who’s interested in this case, you now know that Uber is facing a serious strategic problem in its defense against Waymo’s claims. You know Waymo has a decent shot at blocking Uber from using any purportedly stolen technology while the case is being litigated. You know that the engineer accused of bringing Waymo files to Uber, Anthony Levandowski, has hired his own lawyers and may not provide Uber the testimony it wants from him. All of that is important information. And all of it, as Judge Alsup said, deserves to be public. Levandowski’s prospective invocation of his Fifth Amendment rights is not secret technology or proprietary data. It’s just something Uber didn’t want you to know. For too many federal judges, that’s reason enough to deprive you of access. But not for Judge Alsup, a true believer in the public’s right to know what’s happening in the courts their tax dollars pay for. A TOUCHY ISSUE Uber took the brunt of the judge’s criticism Thursday because it had requested the closed hearing. The judge was not at all happy that Uber and Levandowski chose to present a touchy issue - how to produce documents in response to a previous order from Judge Alsup without compromising Levandowski’s Fifth Amendment rights – in a last-minute meeting in chambers, rather than through formal briefing. “Trying to get special pleading because you represent somebody big and get an under-seal hearing so the public can''t hear it - that''s not going to work,” the judge said. “If you want to make a formal motion, you can make it.” But Judge Alsup also called out Waymo, which, according to Uber, demanded broad redactions in an Uber motion to compel arbitration of Waymo’s trade secrets and California unfair business practices claims. Uber has since filed an unredacted version of its arbitration brief, which disclosed that Waymo has been engaged since October in arbitration with Levandowski over the thousands of documents the engineer supposedly stole from Waymo. Judge Alsup said that Waymo should have told him it was arbitrating with Levandowski. He also said the company should not have insisted its employment agreements with Levandowski be kept secret. “If we''re going to be in a public proceeding, 99 percent of (it) - 90 percent anyway - has got to be public,” he said. “This employment agreement by Google, it''s laughable that you want to keep that under wraps. Just laughable.” (Waymo lawyer Charles Verhoeven of Quinn Emanuel told the judge his firm had not asked for redaction of the agreement.) The judge said at the hearing that he expects to decide next month whether to grant Uber’s motion to compel arbitration of Waymo’s trade secrets claims against the company, in advance of a May 4 hearing on Waymo’s preliminary injunction motion. If he agrees with Uber that arbitration provisions in Levandowski’s old employment contracts with Google require arbitration of most of Waymo’s case against Uber, all of Judge Alsup’s exhortations about the public’s right to know will be for naught. As the judge himself said at Thursday’s hearing, arbitration is confidential. I, for one, am hoping Judge Alsup keeps that in mind when he decides where this case should be heard. (Reporting by Alison Frankel. Editing by Alessandra Rafferty.) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/uber-tech-alphabet-lawsuit-idUSL2N1H81UO'|'2017-04-01T03:46:00.000+03:00'
'b1b4badd76b2ec771a441f04dc20ad5f36b7805f'|'ECB guidance valid but order of next steps could change - Coeure'|'Business News -  27am BST ECB guidance valid but order of next steps could change - Coeure Benoit Coeure, executive board member of the European Central Bank (ECB), speaks during a conference in Brussels, Belgium March 28, 2017. REUTERS/Yves Herman BRUSSELS The European Central Bank''s policy guidance, including the expected order of its next steps, remains valid for now but could change if inflation fundamentals warrant, ECB Executive Board member Benoit Coeure said on Friday. "Ultimately, also the choice of sequencing of policy instruments will be the outcome of our regular assessment of the medium-term price stability outlook, reflecting the state-dependent nature of our expectations of the horizon over which our policy instruments are likely to be maintained," Coeure said. Economic data suggest that while growth risks have been reduced, underlying inflation is weak with price growth still dependent of the ECB''s measures, Coeure added. "In line with our forward guidance on the APP, this clearly suggests that current expectations on the intended horizon of our purchases, as encapsulated in our Introductory Statement, and on the sequencing of policy instruments, remain valid today," Coeure said. Some policymakers have argued that the ECB could raise rates before it ends asset buys, a move that would be counter to its current guidance, but many others have dismissed such a discussion, calling the order is logical. (Reporting by Francesco Canepa; Editing by Balazs Koranyi) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-policy-coeure-idUKKBN17213D'|'2017-03-31T17:27:00.000+03:00'
'ef42417e1e89b85283e7d99ba7c5e38930006306'|'UK BMW workers overwhelmingly back strike action over pensions'|'Business News - Fri Mar 31, 2017 - 4:05pm BST UK BMW workers overwhelmingly back strike action over pensions FILE PHOTO: Workers assemble cars at the plant for the Mini range of cars in Cowley, near Oxford, Britain June 20, 2016. REUTERS/Leon Neal/Pool/File Photo LONDON British workers at BMW''s Mini and Rolls-Royce car plants have backed strike action over plans by the German automaker to close the firm''s final salary pensions, Britain''s biggest trade union said on Friday. The firm wants to close its two final salary pension schemes from June and move all staff to a less generous scheme which new starters have been part of since 2014. A total of 93 percent of employees who are members of the Unite union and voted in the ballot backed striking and representatives said they would now discuss possible walkout dates involving up to 3,500 workers at four sites. "BMW needs to reflect on this extraordinary vote in favour of industrial action and the real possibility that its UK workforce will strike for the first time under its ownership in the coming weeks," Unite General Secretary Len McCluskey said. BMW has previously said that like many employers it needs to cut its pension costs in order to protect its long-term viability. In Britain, the firm builds over 210,000 Minis a year at its central England plant in Oxford, nearly 4,000 luxury Rolls-Royce models at Goodwood in the south and around 200,000 engines at Hams Hall near Birmingham. (Reporting by Costas Pitas; editing by Stephen Addison) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bmw-britain-idUKKBN17222I'|'2017-03-31T22:54:00.000+03:00'
'12a585f137c80385dde640babf102342d111daf2'|'Boeing''s newest, largest Dreamliner jet makes first test flight'|'Fri Mar 31, 2017 - 3:09pm BST Boeing''s newest, largest Dreamliner jet makes first test flight A Boeing 787-10 is moved from the tarmac after a ceremony celebrating the rollout of Boeing''s newest Dreamliner at the Boeing South Carolina plant in North Charleston, South Carolina, U.S. February 17, 2017. REUTERS/Randall Hill NORTH CHARLESTON, South Carolina Boeing Co''s ( BA.N ) newest and largest Dreamliner model, the 787-10, took off successfully on its first flight on Friday, kicking off a flight test program for the high-tech jet. The plane, which sells for $312.8 million at list price and rounds out a family of three carbon-fiber composite Dreamliners, is being built exclusively at Boeing''s factory in North Charleston, South Carolina. The facility is Boeing''s only jetliner assembly factory outside of Washington state. (Reporting by Harriet McLeod in North Charleston and Alwyn Scott in New York; Editing by Bernadette Baum) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-boeing-flight-idUKKBN1721XB'|'2017-03-31T22:08:00.000+03:00'
'f3a6e09bacb7eb241568fbb625cba9f97aded874'|'Euro zone more willing to change after Brexit - top official'|'  8:48am BST Euro zone more willing to change after Brexit - top official left right European Commission Vice-President Jyrki Katainen is interviewed by Reuters on the fringe of a European People Party (EPP) summit in St Julian''s, Malta, March 30, 2017. REUTERS/Darrin Zammit Lupi 1/3 left right European Commission Vice-President Jyrki Katainen is interviewed by Reuters on the fringe of a European People Party (EPP) summit in St Julian''s, Malta, March 30, 2017. REUTERS/Darrin Zammit Lupi 2/3 left right European Commission Vice-President Jyrki Katainen is interviewed by Reuters on the fringe of a European People Party (EPP) summit in St Julian''s, Malta, March 30, 2017. REUTERS/Darrin Zammit Lupi 3/3 By Robin Emmott ST JULIAN''S, Malta The next steps in euro zone integration after Brexit could include greater investment in poorer members of the currency area, but only if they reduce the risky links between governments and banks, a top EU official said. Britain''s pending departure from the European Union has reignited the debate on how to reinvigorate the bloc and make the euro zone stronger and more sustainable, despite different views held by France and Germany. European Commission Vice President Jyrki Katainen said his political family, the powerful European People''s Party (EPP) that includes German Chancellor Angela Merkel, was ready to consider funding investment to weak members of the euro zone. That falls well short of long-held French demands, quashed by Germany, to coordinate economic policy across the euro zone and preside over fiscal transfers between its 19 members. But the centre-right EPP, whose lawmakers hold the most seats in the European Parliament, is more open to what Katainen called an "investment capacity", potentially backing projects through the EU''s new infrastructure investment fund via the European Investment Bank. "It''s understandable that in economics there are cycles and in order to keep a currency union as stable as possible, there''s a need to level the peaks and troughs," Katainen told Reuters an interview on Friday after an EPP congress in Malta. "If there are shocks in some members that are cyclical in nature, it makes sense to help," he said. Following the euro zone''s near break-up during the 2010-2012 crisis, many economists argued the currency area could only survive as a proper monetary union like the United States. That would mean a new European economic governance, possibly with a euro finance minister who has the means to make fiscal transfers from richer to poorer euro zone states. The idea has been anathema to Germany''s ruling class, with Merkel''s government having rejected any form of permanent transfers to poorer countries, fearing Berlin would have to foot the bill and would lose control of reckless spenders. But Katainen, a former Finnish prime minister whose country was among those who allied with Germany on the issue during the crisis, said he sensed a change in northern politicians. "I see more willingness to consider what the ideal currency union would look like," said Katainen. "My own thinking has also changed. It doesn''t cost anything to be open minded." While Britain is not a member of the euro zone, its decision to trigger exit proceedings from the EU on Wednesday has left officials looking for ways to keep European integration alive. "NO TRUST" The European Commission, the EU executive, is expected to come forward with a so-called reflection paper on deepening euro zone integration in May, although Katainen is not involved in that work. He said he spoke only for the EPP on the matter. "Because of Brexit, the sentiment of the remaining 27 countries on reforming the EU has strengthened, with a focus on EMU," Katainen said, referring to Economic and Monetary Union. The euro zone, the economic core of the 60-year-old European project, tightened fiscal rules and created its own rescue fund and a common supervisor for banks during the heat of the crisis but is still considered by many as incomplete. However, Katainen cautioned that the biggest obstacle was the lack of trust between members of the euro zone. "We don''t trust each other as much as we should." One step proposed by the EPP is for the euro zone to establish limits on the amount of money governments can borrow from euro zone banks to avoid crises that would wipe out lenders if a country defaulted. Domestic debt in the euro zone averaged almost 120 percent of banks own funds at the end of 2013, according to the EPP. For banks, EU rules that consider sovereign debt as having a zero-risk weighting on balance sheets are a problem, Katainen said because bonds issued by euro zone governments are considered risk-free by their bankers. "This is a viscous circle that must be broken. We must be ready to defend countries but we must also address the root causes of any crisis," he said. (Reporting by Robin Emmott; Editing by Vin Shahrestani)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-integration-idUKKBN1720TF'|'2017-03-31T15:48:00.000+03:00'
'c90cbc4bd339b481e9581ed5cd5989a25f5d4e72'|'South Africa''s Ramaphosa says government remains stable after Gordhan sacking'|' 17am EDT South Africa''s Ramaphosa says government remains stable after Gordhan sacking JOHANNESBURG, March 31 South African Deputy President Cyril Ramaphosa told public broadcaster SABC TV on Friday that the government would remain stable after the sacking of Finance Minister Pravin Gordhan and would tell ratings agencies that its institutions were strong. President Jacob Zuma''s midnight sacking of his finance minister shook South African financial markets and increased the chances of costly downgrades to its investment grade sovereign ratings. (Reporting by Ed Stoddard; Editing by James Macharia)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/safrica-politics-government-idUSJ8N1GY01R'|'2017-03-31T20:17:00.000+03:00'
'21782a677ac751466aec55716d72d94e418c8a9f'|'BRIEF-Vital Energy enters into an agreement with a third party'|' 16am EDT BRIEF-Vital Energy enters into an agreement with a third party March 31 Vital Energy Inc: * Vital Energy - entered into an agreement with a third party whereby the third party has committed to spend up to $10.5 million * Vital Energy says the $10.5 million will be spent among other things, drill, frac, test, complete and equip up to 7 one mile horizontal test wells on one of co''s project areas * Says it will be operator of phase 1 drilling program * Says drilling is expected to commence immediately after spring break up 2017 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-vital-energy-enters-into-an-agreem-idUSFWN1H80IO'|'2017-03-31T19:16:00.000+03:00'
'323c87e278519b4770c9599352e80efae19d2d99'|'Germany urges EU to file WTO complaint against U.S. in steel row'|'BERLIN The European Union should consider filing a complaint at the World Trade Organization (WTO) against the United States over planned duties on imports of steel plate from five EU member states, the German foreign minister said on Friday.Sigmar Gabriel said the U.S. government seemed prepared to give U.S. firms "unfair competitive advantage" over European producers even though this violated international trade law."We Europeans cannot accept this. The EU must now examine whether it also files a complaint at the WTO. I strongly support this," Gabriel said.The U.S. Department of Commerce made a final finding that seven foreign producers dumped certain carbon and alloy steel cut-to-length plate in the U.S. market, allowing it to impose duties ranging from 3.62 percent to 148 percent, Commerce Secretary Wilbur Ross said on Thursday.In Germany, duties were set at 5.38 percent for AG der Dillinger Hüttenwerke, 22.90 percent for the Salzgitter group ( SZGG.DE ) and 21.03 percent for all other exporters and producers.(Reporting by Michael Nienaber)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usa-steel-plate-germany-idINKBN1720VT'|'2017-03-31T06:18:00.000+03:00'
'6ffcc91e2b86d3748fc47f49a6dbd52322c24c10'|'BRIEF-Delta Air Lines files for resale of common stock of up to 15.32 mln shares by the Delta Master Trust - SEC filing'|'United States  35pm EDT BRIEF-Delta Air Lines files for resale of common stock of up to 15.32 mln shares by the Delta Master Trust - SEC filing March 30 Delta Air Lines Inc * Delta Air Lines Inc - files for resale of common stock of up to 15.32 million shares by the Delta Master Trust - SEC filing Source text: ( bit.ly/2nQkoHu )  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-delta-air-lines-files-for-resale-o-idUSFWN1H70Y3'|'2017-03-31T05:35:00.000+03:00'
'718628edc907934e132dd56e8c47be7e8d70c221'|'Euro zone inflation plunge may vindicate cautious Draghi'|'Business News - Fri Mar 31, 2017 - 11:22am BST Euro zone inflation plunge may vindicate cautious Draghi FILE PHOTO - A general view shows the atrium of the Mall of Berlin shopping centre during its opening night in Berlin, Germany, September 24, 2014. REUTERS/Thomas Peter/File Photo BRUSSELS Euro zone inflation plunged this month, likely vindicating European Central Bank President Mario Draghi''s cautious policy stance and proving that the bloc may still be years away from a sustained rise in consumer prices. Inflation in the 19-member currency union fell to 1.5 percent in March from a four-year high of 2.0 percent in February, well below expectations for 1.8 percent as energy, food and services prices rose slower than last month, Eurostat said. Underlying inflation, a measure closely watched by the ECB, meanwhile fell to 0.7 percent from 0.9 percent, all but erasing pressure on Draghi to tighten the ECB''s money taps soon, many months before its currency guidance. When overall inflation hit the ECB''s target last month, conservative countries like Germany piled pressure on Draghi, calling for an end to the bank''s 2.3 trillion euro asset buying scheme. But the ECB repeatedly rejected those calls, arguing that inflation has already peaked this year and will not return back towards its 2 percent target perhaps until 2019, as unemployment remains high, wage growth is anaemic and the economy is still operating with significant slack. Policymakers have also warned that small changes in the bank''s message earlier this month may have been overinterpreted as they pointed to reduced risks and not to the first step to the exit. "Measures of underlying inflation in the euro area remain subdued and our projected path of inflation still remains highly conditional on our policy stance," ECB Executive Board member Benoit Coeure, a key Draghi ally, said on Friday. "This clearly suggests that current expectations on the intended horizon of our purchases... and on the sequencing of policy instruments, remain valid today," Coeure said, referring to the bank''s expectation to keep rates at current or lower levels until well after the asset buys conclude. But markets shrugged off the data with the euro and bonds yields trading broadly unchanged on Friday as investors have already priced in a cautious stance from the bank. "This fall was much steeper than most analysts had forecast and should dampen speculation about an imminent exit of the ECB from its ultra-expansionary monetary policy," Commerzbank economist Christoph Weil said. "We will only see a sustained increase in the inflation rate when wages rise more strongly again. However, we do not expect this to happen before 2018,” he added. The ECB next meets on April 27 and no policy change is expected, especially with the French election just weeks away. The ECB now expects to buy 60 billion euros worth of assets until the end of the year and will decide in the second half of the year whether to continue or wind down the scheme next year. (Reporting by Francesco Guarascio, Francesco Canepa and Balazs Koranyi; Editing by Philip Blenkinsop and Julia Glover) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-economy-inflation-idUKKBN17218M'|'2017-03-31T18:22:00.000+03:00'
'3c6155a78f5392e86a01813ce53e05ccd5dac143'|'UPDATE 1-Poland expects to ink $7.6 bln deal for Patriot systems by end-2017'|'(Adds detail, comment)By Lidia KellyWARSAW, March 31 Poland expects to sign a deal worth up to $7.6 billion with U.S. firm Raytheon to buy eight Patriot missile defence systems by the end of the year, Defence Minister Antoni Macierewicz said on Friday.Warsaw sees the deal as central to a thorough modernisation of its armed forces by 2023, in light of what Macierewicz called "growing aggression and a growing threat from the East."NATO member Poland has sped up efforts to overhaul its military following Russia''s annexation of Ukraine''s Crimea peninsula in 2014 and in response to Moscow''s renewed military and political assertiveness in the region."Those systems allow us to guarantee the security of the Polish state," Macierewicz told a news conference.The contract still requires approval from the U.S. Congress, as it involves a purchase of advanced military technology for which special permission must be obtained."It''s premature to say that it is all done," Bill Schmieder, Raytheon''s head for Europe, told the same briefing. "But we have very high hopes that the process will proceed normally."The Patriot mobile missile defence interceptors are designed to detect, track and engage unmanned aerial vehicles (UAVs), cruise missiles and short-range or tactical ballistic missiles.Poland should receive the first of the Patriot systems within two years of signing the contract, Macierewicz said. All of the units would come with the Army Battle Command System (ABCS), designed to give commanders a better perspective of their operating environment to make better informed decisions.Starting with the delivery of the third system, the Patriots will also be equipped with 360-degree rotating surveillance radars.Poland spends about 2 percent of its gross domestic product on defence, in line with NATO''s target. But some military officials are pressing for more, saying nearly two-thirds of hardware dates from the era when the country was in the Moscow-led Warsaw Pact.($1= 3.9511 zlotys) (Writing by Lidia Kelly and Marcin Goettig; Editing by Mark Trevelyan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/poland-defence-raytheon-patriots-idINL5N1H82FZ'|'2017-03-31T09:48:00.000+03:00'
'a94b9d366022f0cca7303351c44a790aeeb943c6'|'J&J declares Actelion tender offer a success, sees closing in second quarter'|'ZURICH Johnson & Johnson ( JNJ.N ) declared its $30 billion tender offer for Swiss biotechnology company Actelion ( ATLN.S ) successful on Friday, reporting it controlled 77.2 percent of the voting rights after the main offer period.The price of the offer, which J&J announced on Jan. 26, was $280 per share for Actelion. It said it expected the transaction to close in the second quarter.J&J has said it intends to delist Actelion, while a new research and development company being spun out of Actelion, to be called Idorsia and led by Actelion founder Jean-Paul Clozel, will have a separate Swiss listing.(Reporting by Michael Shields; editing by Brenna Hughes Neghaiwi)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-johnson-johnson-m-a-actelion-idINKBN1720G1'|'2017-03-31T03:23:00.000+03:00'
'2dd0a293afd2f064b94f309c84ee36fdb72ac644'|'BRIEF-Pilot Gold reports initial 2017 exploration budget at Goldstrike at $5.98 mln'|' 37am EDT BRIEF-Pilot Gold reports initial 2017 exploration budget at Goldstrike at $5.98 mln March 31 Pilot Gold Inc: * Pilot Gold reports year-end financial and operating results * Pilot Gold Inc - initial 2017 exploration program and budget at Goldstrike is $5.98 million * Pilot Gold Inc - appointment of Dr. Joanna Bailey as chief financial officer and corporate secretary, effective April 4, 2017 * Pilot Gold Inc - Bailey will replace john wenger * Pilot Gold - in Feb 2017, co applied for an additional notice of intent for a further 1.8 acres of disturbance in property''s mineral mountain area * Pilot Gold Inc - company''s share of budgeted expenditures at Kinsley for 2017 program is $0.42 million * Expect to receive approval on a full plan of operations in response to NOI by end of Q2 2017 * Pilot Gold Inc - 2017 budget for Black Pine Property is approximately $0.39 million Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-pilot-gold-reports-initial-2017-ex-idUSASB0B7VQ'|'2017-03-31T18:37:00.000+03:00'
'e80b1f1f001def380b2742a6009277e8180ba1f9'|'S.Africa''s Banking Association concerned for fiscal discipline after finance minister axed'|'Company News  10am EDT S.Africa''s Banking Association concerned for fiscal discipline after finance minister axed JOHANNESBURG, March 31 South Africa''s Banking Association said on Friday that changing the finance minister and deputy finance minister raised "alarming concerns" for fiscal discipline issues. President Jacob Zuma replaced Finance Minister Pravin Gordhan with Malusi Gigaba in a cabinet reshuffle late on Thursday and appointed Sfiso Buthelezi as deputy finance minister, replacing Mcebisi Jonas, along with various other changes of ministers and their deputies. (Reporting by Tanisha Heiberg; Editing by Susan Fenton) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/safrica-politics-bankingassociation-idUSJ8N1GY00X'|'2017-03-31T14:10:00.000+03:00'
'5eaa543b298ced0d39c4e2be310599e0a6c299d9'|'BRIEF-Art''s Way Manufacturing reports Q1 loss per share $0.06 from continuing operations'|' 19am EDT BRIEF-Art''s Way Manufacturing reports Q1 loss per share $0.06 from continuing operations March 31 Art''s Way Manufacturing Co Inc * Art''s Way Manufacturing announces first quarter fiscal 2017 financial results * Q1 loss per share $0.06 from continuing operations * Art''s Way Manufacturing Co Inc - consolidated corporate sales of continuing operations for three month period ended February 28, 2017 was $4.4 million versus $5.7 million Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-arts-way-manufacturing-reports-q-idUSASB0B7WB'|'2017-03-31T19:19:00.000+03:00'
'37d82b21a543d3115ed7f52a2a727660c5bafc07'|'CANADA STOCKS-TSX futures dip as oil slips; GDP data eyed'|' 44am EDT CANADA STOCKS-TSX futures dip as oil slips; GDP data eyed March 31 Canadian stock futures fell on Friday ahead of GDP data for January, which is expected to show that the economy grew at a similar pace compared to a month earlier. Futures were also weighed down by oil prices, which fell after a three-day rally. June futures on the S&P TSX index were down 0.21 percent at 7:15 a.m. ET. Monthly GDP data for January is due at 8:30 a.m. ET Canada''s main stock index pulled back from a one-month high on Thursday as deal-related news pressured shares of Cenovus Energy Inc and Canadian Imperial Bank of Commerce . Dow Jones Industrial Average e-mini futures were down 0.18 percent at 7:15 a.m. ET, S&P 500 e-mini futures were down 0.26 percent and Nasdaq 100 e-mini futures were down 0.17 percent. (Morning News Call newsletter here ; The Day Ahead newsletter here ) TOP STORIES TOP/CAN BlackBerry Ltd reported a smaller quarterly loss as operating costs nearly halved. The company''s net loss narrowed to $47 million, or 10 cents per share, in the fourth quarter ended Feb. 28, from $238 million, or 45 cents per share, a year earlier. ANALYST RESEARCH HIGHLIGHTS Cenovus Energy Inc: Instinet cuts target price to C$18 from C$20 Dollarama Inc: CIBC raises target price to C$125 from C$111 COMMODITIES AT 7:15 a.m. ET Gold futures: $1,241.3; -0.3 pct US crude: $50.09; -0.52 pct Brent crude: $52.58; -0.72 pct LME 3-month copper: $5,860; -1.61 pct U.S. ECONOMIC DATA DUE ON FRIDAY 08:30 Personal consumption real mm for Feb: Prior -0.3 pct 08:30 Personal income mm for Feb: Expected +0.4 pct; Prior +0.4 pct 08:30 Consumption adjusted mm for Feb: Expected +0.2 pct; Prior +0.2 pct 08:30 Core PCE price index mm for Feb: Expected +0.2 pct; Prior +0.3 pct 08:30 Core PCE price index yy for Feb: Prior +1.7 pct 08:30 PCE price index mm for Feb: Prior +0.4 pct 08:30 PCE price index yy for Feb: Prior +1.9 pct 09:00 Dallas Fed PCE for Feb: Prior +2.4 pct 09:45 Chicago PMI for Mar: Expected +56.9; Prior +57.4 10:00 U Mich Sentiment Final for Mar: Expected +97.6; Prior +97.6 10:00 U Mich Conditions Final for Mar: Expected +114.0; Prior +114.5 10:00 U Mich Expectations Final for Mar: Expected +87.0; Prior +86.7 10:00 U Mich 1-year inflation final for Mar: Prior +2.4 pct 10:00 U Mich 5-year inflation final for Mar: Prior +2.2 pct 10:30 ECRI Weekly Index: Prior +144.6 10:30 ECRI weekly annualized: Prior +9.0 pct FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report Reuters global stocks poll for Canada Canadian markets directory ($1= C$1.33) (Reporting by Nandi Kaul in Bengaluru; Editing by Sriraj Kalluvila)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL3N1H84J2'|'2017-03-31T19:44:00.000+03:00'
'24786e831f470892d547681ae39aa7f8760746d8'|'Germany urges EU to file WTO complaint against U.S. in steel row'|'Economy   9:18am BST Germany urges EU to file WTO complaint against U.S. in steel row German Foreign Minister Sigmar Gabriel attends a meeting with Russian President Vladimir Putin in Moscow, Russia, March 9, 2017. REUTERS/Pavel Golovkin/Pool BERLIN The European Union should consider filing a complaint at the World Trade Organization (WTO) against the United States over planned duties on imports of steel plate from five EU member states, the German foreign minister said on Friday. Sigmar Gabriel said the U.S. government seemed prepared to give U.S. firms "unfair competitive advantage" over European producers even though this violated international trade law. "We Europeans cannot accept this. The EU must now examine whether it also files a complaint at the WTO. I strongly support this," Gabriel said. The U.S. Department of Commerce made a final finding that seven foreign producers dumped certain carbon and alloy steel cut-to-length plate in the U.S. market, allowing it to impose duties ranging from 3.62 percent to 148 percent, Commerce Secretary Wilbur Ross said on Thursday. In Germany, duties were set at 5.38 percent for AG der Dillinger Hüttenwerke, 22.90 percent for the Salzgitter group ( SZGG.DE ) and 21.03 percent for all other exporters and producers. (Reporting by Michael Nienaber)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-steel-plate-germany-idUKKBN1720VT'|'2017-03-31T16:14:00.000+03:00'
'9dd9e08c8243fe9e369e20cdebcf63f2d091da5d'|'Shawbrook shares climb on hopes of buyout funds raising offer'|'British bank Shawbrook Group Plc ( SHAW.L ) rejected an 842 million pound ($1.05 billion) buyout bid from a consortium of private equity firms, but its shares climbed on Friday on hopes of a higher offer.The bank had already spurned the 330 pence a share approach from Marlin Bidco, co-owned by buyout funds Pollen Street Capital and BC Partners, earlier in March.However, analysts saw Friday''s formal bid as a means of leaving the door open for a higher offer, pushing shares up 11 percent to 338p, above the offer price and the highest in more than a year."It is our opinion that Marlin Bidco launched an offer for Shawbrook in order to buy time, as it faced a 5pm deadline to make an offer or walk away for at least six months," RBC Capital Markets analyst Peter Lenardos said, referencing UK Takeover Code''s "put up or shut up" rules."We believe that a marginally higher offer is likely, as both parties have nothing to gain and much to lose by the failure to come to a successful agreement."In January, the consortium made an offer of 307 pence per share, which it increased to 330 pence in March.Pollen Street currently owns 38.8 percent of Shawbrook and the joint private equity groups said they have received letters of intent from other shareholders representing 6 percent.In its statement, Shawbrook also noted the change in the deal structure to a takeover offer that is subject to the consortium receiving more than 50 percent of acceptances, from a scheme of arrangement.Under the revised deal structure the company would be delisted if 75 percent of its shareholders accept the offer, with those who do not accept the offer remaining holders of shares in an unlisted company.Shares in the company were floated at a price of 290 pence two years ago.Britain''s smaller challenger banks have been increasingly seen as ripe for takeovers in recent months as a prolonged period of low interest rates has squeezed earnings and the pound''s fall has made them cheaper for foreign buyers.Morgan Stanley is acting as financial advisor for the bidding party. The bank''s board is being advised by Bank of America Merrill Lynch and Goldman Sachs.(Reporting By Justin George Varghese and Rahul B from Bengaluru; Editing by Dasha Afanasieva and Keith Weir)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-shawbrook-buyout-idUSKBN1721Z3'|'2017-03-31T18:20:00.000+03:00'
'636e56b45caa458930e17cc9993b237687c6ab76'|'Morning News Call - India, March 27'|'Company News - Sun Mar 26, 2017 - 11:17pm EDT Morning News Call - India, March 27 To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 11:00 am: Budget session of Parliament continues in New Delhi. 06:00 pm: RBI Deputy Governor S. S. Mundra to speak at an event in Mumbai. 07:45 pm: Prime Minister Narendra Modi to speak at Economic Times event in New Delhi LIVECHAT- INVESTOR BEHAVIOUR We take a look at the psychology of financial planning with Victor Ricciardi, author of "Investor Behaviour" and Assistant Professor of Financial Management at Goucher College at 8.30 pm. To join the conversation, click on the link: here INDIA TOP NEWS • Vedanta to invest $1 billion in Zambian copper mine Indian mining company Vedanta Resources said on Friday it will invest $1 billion in its Zambian mining unit Konkola Copper Mines, creating 7,000 jobs. • Short of track, Indian Railways eyes private suppliers in blow to state steel firm Indian Railways is considering ending state-owned Steel Authority of India Ltd''s virtual monopoly on supplying steel for standard rail tracks, opening up annual purchases worth up to $700 million to the private sector, people close to the matter told Reuters. • State Bank of India says to begin process for life insurance arm IPO State Bank of India, the nation''s top lender by assets, said on Friday it would begin the process for an initial public offering of its life insurance arm, with plans to sell a 10 percent stake. • India''s market regulator accuses Reliance of wrongful share trading India''s market regulator accused Reliance Industries on Friday of having committed a "fraud" in taking a short trading position at the time of selling a stake in a subsidiary in 2007, ordering it to surrender 4.5 billion rupees plus interest in "unlawful gains". • India''s Shankara Building Products up to $53 mln IPO sees strong demand India''s Shankara Building Products Ltd''s initial public offering to raise up to 3.45 billion rupees was subscribed more than 41 times, stock exchange data showed on Friday. • Indian airlines push for no-fly list to ban unruly passengers Several Indian airlines, including the country''s biggest carrier IndiGo, on Friday proposed creating a no-fly list to ban unruly passengers, a day after a lawmaker admitted assaulting an official from state-owned carrier Air India. GLOBAL TOP NEWS • OPEC, non-OPEC to look at extending oil-output cut by six months A joint committee of ministers from OPEC and non-OPEC oil producers has agreed to review whether a global pact to limit supplies should be extended by six months, it said in a statement on Sunday. • White House looks past conservatives on tax reform - to Democrats Fresh off a defeat on U.S. healthcare legislation, the White House warned rebellious conservative lawmakers that they should get behind President Donald Trump''s agenda or he may bypass them on future legislative fights, including tax reform. • Japanese companies plan lower pay hike this year - Reuters poll An overwhelming majority of Japanese companies say they will raise wages at a slower pace than they did last year, a Reuters poll found, stymieing Prime Minister Shinzo Abe''s attempts to boost the sluggish economy through higher wages and consumption. LOCAL MARKETS OUTLOOK (As reported by NewsRise) The SGX Nifty Futures were trading at 9,104.50, trading down 0.08 pct from its previous close. The Indian rupee will likely open higher against the dollar, as the defeat of U.S. President Donald Trump’s healthcare bill fuelled doubts about prospects of his economic plans, hurting demand for the greenback. Indian sovereign bonds are likely to edge lower in early trade ahead of an auction of state government debt. The yield on the benchmark 6.97 pct bond maturing in 2026 is likely to trade in a 6.80 pct-6.86 pct band today, a dealer with a state-run bank said. The bond had closed at 100.97 rupees, yielding 6.83 pct, on Mar. 24. India’s money markets will be shut tomorrow for a local holiday. GLOBAL MARKETS • U.S. equity index futures fell to a six-week low on Sunday in a sign Wall Street would start the week defensively after Republicans pulled legislation to overhaul the U.S. healthcare system in a stunning setback for President Donald Trump. • U.S. stock futures and the dollar fell while Asian markets struggled as President Donald Trump''s failure on healthcare reform raised questions about his ability to push through tax cuts and fiscal spending to boost the economy. • The dollar slid to a near two-month low against a basket of currencies early as concerns mounted about the chances of U.S. fiscal stimulus after the stinging defeat of President Donald Trump''s healthcare package. • U.S. 10-year Treasury note futures prices were higher at the open on Sunday, after President Donald Trump''s stunning political setback on Friday when Republican leaders pulled legislation to overhaul the U.S. healthcare system. • Oil prices dipped as rising U.S. drilling activity outweighed talks that an OPEC-led production cut initially due to end in mid-2017 may be extended. • Gold rose to a near one-month high as the dollar slid after President Donald Trump''s failure to pass healthcare reform raised doubts over his ability to push through his economic agenda. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 65.41/65.44 March 24 $83.03 mln $428.37 mln 10-yr bond yield 7.12 pct Month-to-date $3.21 bln $2.93 bln Year-to-date $4.76 bln $4.25 bln For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 65.4000 Indian rupees) (Reporting by Pradip Kakoti in Bengaluru) )) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/india-morningcall-idUSL3N1H418G'|'2017-03-27T11:17:00.000+03:00'
'cf7d36e16dd6dfea82775b42f06e595a16ed7e37'|'BB Energy buys Morgan Stanley''s diesel terminal in Australia'|'By Julia Payne - LONDON LONDON BB Energy has bought Morgan Stanley''s diesel terminal in Australia as the oil trader expands outside its core European and Middle East markets, the trading company said on Tuesday.The U.S. bank and its peers JPMorgan Chase & Co, Deutsche Bank and Goldman Sachs have been selling their physical commodity interests after the U.S. Federal Reserve and other regulators increased scrutiny of Wall Street''s involvement in the sector in past few years.Morgan Stanley sold its physical oil business and trading team to U.S.-based Castleton Commodities in 2015, but retains stakes in oil tanker operator Heidmar and a marine services firm. Morgan Stanley declined to comment on the BB Energy deal.The Australian terminal in Mackay, Queensland has a 75,000 cubic meter diesel tank farm. Morgan Stanley owned the port, commissioned in December 2014, via Pioneer Energy Holdings PTY."With the ongoing recovery of the mining sector and our diesel sourcing and trading network in the Far East, we believe we can play a role in the Australian market," BB Energy chief executive Mohamed Bassatne said in a statement.The acquisition is BB Energy''s first in Australia. The company plans to open an office in Brisbane by April, expanding its operations from its as a Mediterranean trading firm.Australia was the biggest importer of diesel in the Asia-Pacific region, Bassatne said, adding that the Mackay terminal was being acquired via BB Energy''s subsidiary Wala B Terminal Holding PTY Ltd.BB Energy, founded in 1937 in Lebanon, trades about 17 million tonnes of crude and refined products a year. Its main offices are in Singapore, London, Dubai, and Houston.(Editing by Edmund Blair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-morgan-stanley-oil-bbenergy-idINKBN16Z157'|'2017-03-28T08:17:00.000+03:00'
'36f3856eb778870c5ff83c0be0a95303cabf4859'|'UPDATE 1-HeidelbergCement, Schwenk Cemex Croatia deal faces EU veto -sources'|'(Adds European Commission and HeidelbergCement decline comment, no one responded at Cemex Croatia)By Foo Yun CheeBRUSSELS, March 28 A joint bid by German cement producers HeidelbergCement and Schwenk for Cemex''s Croatian business faces a European Union veto, two sources said on Tuesday.The European Commission, which opened an investigation into the deal in October, has not been convinced so far by their offer to lease a terminal on the Dalmatian coast to a rival to address its concerns, the sources said.There is still a chance that European Competition Commissioner Margrethe Vestager may be convinced by the concession, the people said. She told lawmakers last week that it was important for companies to have access to affordable prices in Croatia.But if the deal is vetoed, it would be third for Vestager after she scuppered CK Hutchison Holdings'' bid to buy Telefonica''s O2 UK last year. She is due to reject on Wednesday the proposed merger of Deutsche Boerse and the London Stock Exchange.The EU competition authority has said the Cemex Croatia deal may eliminate a significant player in a concentrated regional market, boost Cemex Croatia''s market power in southern Croatia and lead to price hikes in grey cement.HeidelbergCement and Schwenk want to buy Cemex Croatia from Mexico''s Cemex through their Hungarian joint venture Duna Drava Cement (DDC) in a deal worth about 250 million euros. DDC is the largest importer in the region and Cemex Croatia its biggest producer.The Commission, which is scheduled to decide on the merger by April 18, and HeidelbergCement declined to comment. Cemex Croatia did not respond to requests for comment.In December HeidelbergCement and Schwenk challenged the Commission''s decision to review the case rather than leaving it to the Croatian competition agency. It will take months before a lower court in Luxembourg hears the cases. (Additional reporting by Georgina Prodhan in Frankfurt and Igor Ilic in Zagreb; editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/cemex-ma-heidelbgcement-eu-idINL5N1H558V'|'2017-03-28T14:17:00.000+03:00'
'ff6715687d3b2e208ebc2907d4fb18bc38e65c55'|'BRIEF-Canadian Food Inspection Agency says Smucker Foods Of Canada recalls Robin Hood Brand All Purpose Flour, Original due to possible E. coli O121 contamination'|'United States  06pm EDT BRIEF-Canadian Food Inspection Agency says Smucker Foods Of Canada recalls Robin Hood Brand All Purpose Flour, Original due to possible E. coli O121 contamination March 28 Canadian Food Inspection Agency : * Canadian Food Inspection Agency - Smucker Foods Of Canada Corp is recalling Robin Hood Brand All Purpose Flour, Original from the marketplace * Canadian Food Inspection Agency - Recall triggered by findings by Canadian Food Inspection Agency during investigation into foodborne illness outbreak * Canadian Food Inspection Agency - Smucker Foods Of Canada recalling Robin Hood Brand All Purpose Flour, Original due to possible E. coli O121 contamination * Canadian Food Inspection Agency - There has been one reported illness associated with the consumption of the product * Canadian Food Inspection Agency - Robin Hood Brand All Purpose Flour, Original has been sold in British Columbia, Alberta, Saskatchewan, and Manitoba  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-canadian-food-inspection-agency-sa-idUSFWN1H50NF'|'2017-03-29T03:06:00.000+03:00'
'965db2b0d0e2a0624e02733bd2286eabd6b0f76f'|'Glencore says agriculture M&A not easy, U.S. deal not a priority'|'LAUSANNE Glencore does not see further consolidation in agricultural commodities as straightforward and views a U.S. acquisition as less crucial than in the past, the group''s agriculture chief said on Tuesday.The diversified trading and mining group had pointed to the possibility of making bolt-on acquisitions after posting improved results for 2016 and there has been regular speculation that it was looking at the U.S. grain sector because of its limited presence there.Glencore, which became a major international grain trader through its 2012 takeover of Canadian-based Viterra, sold 50 percent of its agriculture business last year to two Canadian investment funds."I think the industry needs consolidation but in practice it''s easier said than done," Glencore Agriculture CEO Chris Mahoney told the FT Commodities Global Summit in Lausanne.Mahoney said that deals among the biggest global traders, such as Archer Daniel Midland, Cargill and Bunge, could come up against regulatory constraints on competition grounds while smaller players are less attractive."If you drop down a tier, some of the smaller companies, if you were an acquirer, don''t necessarily have what you would like. They don''t have big assets in the right locations," Mahoney said.Glencore''s preference is for physical assets with an export focus, but a shift in agricultural commodities away from trading toward processing and logistics makes it less critical to buy assets in the United States, he said."I think the U.S. was probably more important for us 10-15 years ago than it is today," he said. "But it is still the world''s biggest exporter. If could find the right thing at the right price, maybe, but that''s already quite a challenge."Agricultural commodity trading firms are emerging from a tough couple of years in which high supply and low volatility have cut margins and prompted some to shrink their trading desks and put some assets up for sale.(Reporting by Gus Trompiz; Editing by David Goodman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-glencore-agriculture-m-a-idINKBN16Z28U'|'2017-03-28T14:01:00.000+03:00'
'2b0b0d1f28f6a74e17b77f5afebbe20ff6cd50a1'|'Volkswagen supervisory board backs Stadler, top managers'|'  8:37pm BST Volkswagen supervisory board backs Stadler, top managers The logo of Volkswagen company is seen on a car on an assembly line at the Volkswagen car factory in Palmela, Portugal, December 9, 2016. REUTERS/Rafael Marchante BERLIN Volkswagen''s ( VOWG_p.DE ) supervisory board gave its backing on Tuesday to Audi''s chief executive and other senior managers, after raids by German prosecutors related to the emissions scandal. The 20-strong supervisory board recommended that shareholders should ratify the actions in 2016 of VW group''s nine top executives, including Audi ( NSUG.DE ) CEO Rupert Stadler, when they hold their annual general meeting on May 10, VW said. The supervisory board has the power to appoint and dismiss executives and take decisions on far-reaching matters such as factory closures. Representation on the supervisory board is shared between major stakeholders and labour representatives. The board "is expressing its confidence in the entire board of management''s ability to successfully push ahead with the extensive realignment of the group," it said. Such shareholder votes are common at German companies, but in the wake of the emissions scandal the recommendation to sign off on Stadler''s decisions was far from certain. The move by VW''s controlling panel to exonerate Stadler and fellow top managers at VW may lessen the pressure on the CEO who will be questioned by Audi''s supervisory board on Wednesday about raids by German prosecutors, a source at Audi told Reuters. VW said its recommendation was based on a comprehensive inquiry by law firm Gleiss Lutz, drawing on the findings of U.S. law firm Jones Day which VW and Audi had commissioned to investigate the emissions cheating after it broke on Sept. 18, 2015. But Europe''s largest automaker made clear that its recommendation to clear top executives from responsibility for their actions does not imply waiving possible damage claims against individuals. The management and supervisory boards also recommended discharging the entire supervisory board from liability for actions taken in 2016. (Reporting by Andreas Cremer; Editing by Michael Nienaber/Ruth Pitchford)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-board-idUKKBN16Z2Q1'|'2017-03-29T03:37:00.000+03:00'
'd9990348079c1023a091025ed514a8c3d6a296d0'|'Glock Defeats Ex-Wife’s $500 Million ‘Shotgun’ Racketeering Suit'|'A legal feud between pistol tycoon Gaston Glock and his ex-wife, Helga, has ended with a resounding victory for the legendary gunmaker. A federal judge in Atlanta dismissed a racketeering lawsuit filed by Helga Glock in which she accused her former husband of siphoning off millions of dollars from the family firearm empire.Before getting into the details of the ruling, here’s some background. The Austrian company Glock GmbH, operating through its U.S. subsidiary, Glock Inc., supplies two-thirds of American law enforcement agencies with durable, large-capacity semiautomatic pistols. Glocks are also popular in the lucrative U.S. civilian gun market.Since they were introduced to America in the mid-1980s, Glock handguns have made their inventor, Gaston Glock, 87, a very rich man—although just how rich isn’t publicly known because the company is closely held and highly secretive.Gaston Glock (center) and current wife Kathrin Glock at a sporting event in Velden am Wörthersee, Austria, on Aug. 2, 2008.Photographer: Blondel/Knipserbande via Zuma Press In 2011, Gaston and Helga Glock divorced acrimoniously, raising the question of how much of the family fortune, including ownership of the gun company, Helga should get. Fierce disagreement on this point led to litigation in Austria and, eventually, in the U.S.. In 2014, Helga sued Gaston in Atlanta (near the headquarters of Glock Inc.) under the Racketeering Influenced and Corrupt Organizations Act (RICO).She sought $500 million, plus unspecified punitive damages and legal fees. Helga Glock, who helped her ex-husband get the company aloft in the early 1980s, accused Gaston of using a variety of illicit strategies to move money from the international corporation into his own pocket. She also alleged he had rearranged ownership of the family company in such a way as to deny her and their three adult children any control over the firm.U.S. District Judge Thomas Thrash Jr. dismissed the RICO suit last week as unsubstantiated and nebulously stated. Thrash criticized the complaint as a “shotgun pleading,” meaning one “replete with conclusory, vague, and immaterial facts not obviously connected to any particular cause of action.”Without concluding that Gaston had committed any wrongdoing, the judge said in his March 20 decision that, if there had been an illegal scheme, it had been directed solely at ripping off the Glock companies—not Helga Glock as an individual.A lawyer for Helga Glock told the Daily Report , an Atlanta legal trade publication, that she intends to appeal.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'http://www.bloomberg.com/news/articles/2017-03-30/glock-defeats-ex-wife-s-500-million-shotgun-racketeering-suit'|'2017-03-31T03:05:00.000+03:00'
'81ec5f03d5e3042f7de00723aa9e84050290dac2'|'Sour Lululemon results may signal squeeze for athletic leisure lines'|'Business News - Thu Mar 30, 2017 - 4:55pm EDT Sour Lululemon results may signal squeeze for athletic leisure lines left right People walk past a store by yogawear retailer Lululemon Athletica in New York City, U.S., March 30, 2017. REUTERS/Brendan McDermid 1/4 left right People walk past a store by yogawear retailer Lululemon Athletica in New York City, U.S., March 30, 2017. REUTERS/Brendan McDermid 2/4 left right Clothes are displayed in a Lululemon Athletica retail store in New York, U.S., March 30, 2017. REUTERS/Brendan McDermid 3/4 left right Clothes are displayed in a Lululemon Athletica retail store in New York, U.S., March 30, 2017. REUTERS/Brendan McDermid 4/4 By Gayathree Ganesan and Sruthi Ramakrishnan The steep drop in Lululemon Athletica''s ( LULU.O ) stock price, following a sales warning that resulted from poor color choices in the company''s spring collection, turns the spotlight on slowing growth in the athleisure category pioneered by the Canadian yogawear retailer. Shares of rivals Nike Inc ( NKE.N ) and Under Armour ( UAA.N ) also were down on Thursday, raising questions of whether athletic leisure wear can maintain its torrid growth amid competition from denim and possible shopper fatigue with the now decade-old fashion category. In the age of fast fashion, when trends change overnight, athletic leisure wear is showing signs of age. Industry-wide sales in North America have grown 39.2 percent to $26.05 billion in the last five years, according to Euromonitor. However, sales in the category are expected to grow at 5.2 percent in 2017, slower than the average 6.9 percent rate at which the category had grown in the last five years. The latest quarterly results have also indicated a slowdown from the marquee manufacturers. The last few years have seen a surge in the number of retailers offering athleisure clothes, ranging from mass-market products sold by retailers such as Gap Inc ( GPS.N ) to $1,000 leggings from designers such as Alexander McQueen. "There is no more the growth that was there before and there are way more competitors for the brand (Lululemon) compared to when they''d started 10 years ago," Jan Rogers Kniffen, chief executive of consulting firm J. Rogers Kniffen WWE, said. A hash of celebrity brand launches, including Beyonce''s Ivy Park line in April last year, has also competed for sales at the traditional retailers. "Nordstrom ( JWN.N ) has got a private label on athleisure, (J.C.) Penney ( JCP.N ) has also got a private label on athleisure, Kohl''s ( KSS.N ) has got a private label on athleisure. Everybody is doing it at every price point," Kniffen said. A comeback in denim, led by 1970s-inspired wider leg denim pants and higher waist jeans from Forever 21 and H&M ( HMb.ST ), is also eating into demand for athleisure wear. "We continue to believe trend shifts away from athleisure to denim will present stiffening headwinds to LULU," Canaccord Genuity analyst Camilo Lyon said. The stock market is giving the industry little room for error. Nike''s shares fell as much as 7.3 percent after the company reported lower-than-expected quarterly revenue last month, while Under Armour''s shares fell 28 percent in January after it forecast 2017 sales well below analysts'' estimates. "Over the past 12-24 months, other athletic wear bellwethers such as NKE and UA have seen meaningful multiple contraction once sales started slowing and margins stopped expanding," said Ike Boruchow, analyst with Wells Fargo, in a research note. The market on Thursday showed little patience for Lululemon''s disappointing results, too. The company''s shares closed down 23.4 percent at $50.76. (Additional reporting by Anya George Tharakan and Jessica Kuruthukulangara in Bengaluru; Editing by David Greising) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-lululemon-stocks-athleisure-idUSKBN17132I'|'2017-03-31T04:55:00.000+03:00'
'9793f0cf3e8d4d168f8d97ba246c96bcd1d8b183'|'French consumer spending drops unexpectedly in February'|'  7:53am BST French consumer spending drops unexpectedly in February A shopper carries a Galeries Lafayette shopping bag in their store in Paris, France, February 26, 2016. REUTERS/Mal Langsdon PARIS French consumer spending fell unexpectedly by 0.8 percent in February from January due to a sharp drop in energy prices after exceptionally warmer weather, data released on Friday by the INSEE statistics agency showed. A Reuters poll of 10 economists had forecast on average that spending would rise 0.1 percent. Estimates ranged from -0.6 percent to 0.4 percent. FRGPC=ECI With last February the warmest since 2007 and coming after the coldest January since 2010, energy prices dropped 10.9 percent in the month due to lower spending on gas and electricity for heating after a spike in the previous month. Spending on manufactured goods, which excludes volatile energy prices, rose 1.3 percent on strong spending for clothes. For full details and data from INSEE: here For consumer spending and morale graphic, click - reut.rs/2j4DCHX (Reporting by Leigh Thomas; Editing by GV De Clercq) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-france-economy-spending-idUKKBN1720O1'|'2017-03-31T14:53:00.000+03:00'
'f63b40972d11a27a74d764a92bcac8eb48a604fd'|'Japan February jobless rate falls to 2.8 percent'|' 00am BST Japan February jobless rate falls to 2.8 percent TOKYO Japan''s jobless rate fell to 2.8 percent in February and the availability of jobs was unchanged from the previous month, data from the Ministry of Internal Affairs and Communications showed on Friday. The seasonally adjusted unemployment rate compared with economists'' median forecast of 3.0 percent. The jobs-to-applicants ratio was 1.43, unchanged from the prior month. For background, please see this PREVIEW A full table can be seen on the website of the Ministry of Internal Affairs and Communications at: (Note: The jobs-to-applicants ratio and new job offers can be seen in Japanese on the labour ministry''s website.) (Reporting by Sumio Ito; Editing by Chang-Ran Kim)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-jobs-idUKKBN1713DA'|'2017-03-31T08:00:00.000+03:00'
'c3f030f1aeab6caeecb0ce9839f8d48284a53466'|'Volkswagen settles 10 U.S. state diesel claims for $157 million'|'  3:31pm BST Volkswagen settles 10 U.S. state diesel claims for $157 million A man walks past the brands of the Volkswagen group during the annual news conference in Wolfsburg, Germany, April 28, 2016. REUTERS/Fabrizio Bensch WASHINGTON Volkswagen AG said Thursday it has agreed to settle environmental claims from 10 U.S. states over its excess diesel emissions for $157.45 million as the world''s largest automaker looks to move past the scandal. The German automaker settlement covers states including New York, Connecticut, Massachusetts, Pennsylvania and Washington and also covers some consumer claims. In 2016, VW reached a $603 million agreement with 44 U.S. states, but that settlement didn''t cover claims resolved Thursday. In total, VW has now agreed to spend up to $25 billion in the United States to address claims from owners, environmental regulators, states and dealers and to make buyback offers. (Reporting by David Shepardson)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-emissions-idUKKBN171234'|'2017-03-30T22:31:00.000+03:00'
'e811527ad6cdf2707cd2409b01e0954d401471ca'|'Argentina provincial gov''t to suspend some Barrick operations-report'|'Commodities  39am EDT Argentina provincial government to suspend some Barrick operations: report Workers walk near Barrick Gold Corp''s Veladero gold mine, on the Argentine side of the border district between Chile''s Huasco province and Argentina''s San Juan province, a few kilometers from the site for the Pascua Lama gold project, some 834 km (518 miles) northeast of... REUTERS/Pav Jordan BUENOS AIRES Argentina''s San Juan province ordered Barrick Gold Corp''s Veladero mine to suspend some activities after a pipe became decoupled, state-run news agency Telam reported on Thursday. Reuters could not immediately reach the provincial government to confirm the report. A spokesman for Barrick said the company was confirming its understanding of the order. Barrick said on Wednesday the decoupling of a pipeline carrying gold and silver solution late on Tuesday posed no threat to the environment. Operations at the mine were temporarily suspended last September after falling ice damaged a pipe and spilled some ore saturated with cyanide solution over a berm, or raised bank. One year earlier, there was a spill of cyanide solution at the mine, due to an equipment failure. (Reporting by Caroline Stauffer; Additional reporting by Susan Taylor; Editing by Jeffrey Benkoe) Next In Commodities U.S. finds dumping of certain steel plate from seven producers, slaps on duties WASHINGTON The Department of Commerce made a final finding that seven foreign producers dumped certain carbon and alloy steel cut-to-length (CTL) plate in the U.S. market, allowing for imposition of duties ranging from 3.6 percent to 148.2 percent, Commerce Secretary Wilbur Ross said on Thursday. BRASILIA Brazil needs independent controls over its meat industry, a top EU health official said on Wednesday, as he wrapped up a visit to the country rocked by an anticorruption investigation centering on bribery of its food-sanitation inspectors. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-barrick-gold-veladero-idUSKBN171259'|'2017-03-30T22:36:00.000+03:00'
'03096dbd432af07e5b6c48c5880799f121ccf67c'|'Toyota recalls 2.9 million vehicles globally over airbags'|'Thu Mar 30, 2017 - 6:37am BST Toyota recalls 2.9 million vehicles globally over airbags The logo of Toyota is pictured at the 38th Bangkok International Motor Show in Bangkok, Thailand March 28, 2017. REUTERS/Athit Perawongmetha TOKYO Toyota Motor Corp ( 7203.T ) on Thursday said it was recalling a total of about 2.9 million vehicles in Japan, China, Europe and other regions including its Corolla Axio sedan and RAV4 SUV crossover due to potentially faulty airbags. The Japanese automaker said that the latest recalls were part of a wider recall of airbags which use inflators made by Takata Corp ( 7312.T ) ordered by global transport authorities last year. The air bag inflators in question use a chemical compound which can explode with excessive force after prolonged exposure to hot conditions. (Reporting by Naomi Tajitsu; Editing by STephen Coates) Up Next Texas judge kicks Exxon climate lawsuit to New York court HOUSTON A federal judge in Texas on Wednesday kicked an Exxon Mobil Corp lawsuit seeking to thwart two states from pursuing a fraud case over climate change to a Manhattan court, saying his court wasn''t the best place to resolve the dispute. Corporate America’s top shareholder referee gets tougher on activists NEW YORK Institutional Shareholder Services Inc, the world''s top proxy advisory firm, is making activist investors work harder than ever to earn its backing in corporate control battles in a shift being led by the new man in charge of its recommendations. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-toyota-recall-idUKKBN1710H1'|'2017-03-30T13:32:00.000+03:00'
'b693e721e587c6143db6fcfb8db257041db0686b'|'Genel deepens annual loss after reserves downgrade'|'Business News - Thu Mar 30, 2017 - 7:31am BST Genel deepens annual loss after reserves downgrade LONDON Genel Energy ( GENL.L ), an Iraqi Kurdistan oil producer chaired by former BP boss Tony Hayward, deepened its annual operating loss last year after it further downgraded reserves at its flagship oilfield. Genel said it wrote off $779 million on its exploration assets following the Taq Taq reserves downgrade announced earlier this week, taking it to an annual operating loss of $1.2 billion, worse than the $1.1 billion operating loss made in 2015. The company also announced a bond buyback programme, aiming to repurchase a minimum of $50 million worth of bonds. Genel''s share price fell to an all-time low on Tuesday following its reserve downgrade announcement. "While acknowledging the recent disappointing share price performance and cumulative impact of impairments, there are now clearer opportunities for value creation than there have been for some time, driven by the significant opportunity afforded by our gas assets," said Genel CEO Murat Ozgul. (Reporting by Karolin Schaps, editing by David Evans) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-genel-energy-results-idUKKBN1710LH'|'2017-03-30T14:31:00.000+03:00'
'e9f43925161a99e8845f339da11f207d9b4fd3e0'|'UPDATE 2-ConocoPhillips sells oil and gas assets to Cenovus for $13.3 bln'|'Commodities  13pm EDT ConocoPhillips sells oil and gas assets to Cenovus for $13.3 billion By Nia Williams and Ethan Lou - CALGARY, Alberta CALGARY, Alberta ConocoPhillips on Wednesday agreed to sell oil sands and western Canadian natural gas assets to Cenovus Energy Inc for C$17.7 billion ($13.3 billion), making it the latest international oil major to pull back from the region. For Calgary-based Cenovus, among Canada''s largest producers, the deal doubles its production to 588,000 barrels of oil equivalent per day as it takes full ownership of its main oil sands assets in northern Alberta. ConocoPhillips will sell its 50 percent interest in the Foster Creek Christina Lake oil sands project, which Cenovus already operates, as well as Western Canada Deep Basin conventional gas assets. The U.S. oil major will retain its 50 percent interest in the Surmont oil sands project, a joint venture with Total E&P Canada, and its liquids-rich Blueberry-Montney shale assets. The divestment, the largest in ConocoPhillips''s history, was unexpected on Wall Street but comes as the company has come under pressure to cut its debt. Its shares jumped more than 6 percent in after-hours trading. Shares of Cenovus tumbled more than 7 percent. The deal comes weeks after Royal Dutch Shell and Marathon Oil Corp sold off billions of dollars in oil sands assets and adds to uncertainty over future development in the patch. Canada''s oil sands hold the world''s third-largest crude reserves but also carry some of the highest operating costs globally, and are struggling to compete with cheaper U.S. shale plays in a $50-a-barrel oil price environment. "Now that you have a prolonged period of low crude prices, the companies are really looking hard on where is the place to invest," Carlos Murillo, economist at the Conference Board of Canada. "Canadian companies ... they''re kind of getting bigger in what they know ... whereas other companies are seeing opportunities elsewhere." ConocoPhillips Chief Executive Ryan Lance said his company will use the cash portion of the deal to pay down debt and increase share repurchases. The company last fall told analysts it would hive off $5 billion to $8 billion in assets this year. The Canadian divestment comes on top of that plan, boosting the planned asset sales for the year to more than $16 billion. Calgary-based Cenovus will pay C$14.1 billion in cash and 208 million Cenovus common shares, and launched a bought-deal offering of common shares for expected gross proceeds of C$3 billion. CEO Brian Ferguson said the company intends to divest a significant portion of legacy conventional assets to help fund the transaction. "In a low oil-price environment, economies of scale are important. This deal about doubles the scale of the company, and this will give us a greater competitive edge," Ferguson said on a public conference call. JPMorgan and Royal Bank of Canada advised Cenovus, the Canadian company said. (Additional reporting by Komal Khettry in Bengaluru and Ernest Scheyder in Houston; Editing by Denny Thomas and Bill Rigby) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-cenovus-energy-conocophillips-asset-p-idUSKBN1702ZR'|'2017-03-30T06:12:00.000+03:00'
'0db700ba7c14af1062239548bdccc4d1d8590ca2'|'Countdown to SpaceX''s first-ever launch of a used rocket - Mar. 30, 2017'|'SpaceX''s used Falcon 9 rocket is vertical on its launch pad in Cape Canaveral. The countdown is on. SpaceX is set to launch a recycled rocket to space for the first time. Liftoff is scheduled for Thursday at 6:27 p.m. ET at NASA''s Kennedy Space Center in Florida. The launch will mark the first time SpaceX -- the private space venture headed by Tesla ( TSLA ) CEO Elon Musk -- will use a first-stage rocket booster that was previously flown to space and returned safely to Earth. The company said on Twitter around noon that the rocket is on the launch pad. Falcon 9 and SES-10 vertical on Kennedy Space Center''s historic Pad 39A. Launch window opens at 6:27pm EDT, 10:27pm UTC. pic.twitter.com/0jdC29Uqxa — SpaceX (@SpaceX) March 30, 2017 There''s a backup launch window on April 1, according to SpaceX, in case the flight needs to be postponed due to bad weather or issues with the rocket. Related: A first for SpaceX: Sending a used rocket into space The launch is a big step for SpaceX. Reusing rockets is essential for companies like SpaceX that want to drive down the cost of space travel. SpaceX''s Falcon 9 rocket costs about $62 million. If it can be used more than once, SpaceX can drastically bring down the price of a single launch. SpaceX confirmed to CNNMoney in August that its client for this trip will get a discount on the Falcon 9 sticker price, but it declined to say by how much. The rocket that SpaceX will use Thursday was previously used in an April 2016 mission to the International Space Station. After launch, it was guided to a landing on a seaborne platform, called a droneship. After its launch Thursday evening, SpaceX will again attempt to guide the first-stage rocket booster onto a droneship. Related: SpaceX to fly two space tourists around the moon in 2018 But recapturing the rocket is a secondary concern for SpaceX. The primary goal is to deliver a communications satellite into geosynchronous orbit -- about 22,000 miles from Earth -- for the company that commissioned this launch, SES. The satellite -- called SES-10 -- is intended to provide TV, radio, telephone and internet coverage for South America. SES says SES-10 will also have "the ability to support off-shore oil and gas exploration." CNNMoney (New York) First published March 30, 2017: 2:17 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_companies.rss'|'http://money.cnn.com/2017/03/30/technology/spacex-launch-ses-10-reused-rocket/index.html'|'2017-03-30T22:17:00.000+03:00'
'48c31890837873bb2b2e4a3ed07e7571a379b5b9'|'UPDATE 1-Brazil''s Fibria mulls sale of local CRA notes'|'(Adds share performance in paragraph 7)By Tatiana BautzerNEW YORK, March 31 Fibria SA, the world''s largest eucalyptus pulp producer, is considering selling up to 1 billion reais ($319 million) worth of notes backed by agricultural receivables in Brazilian domestic debt markets, Chief Executive Officer Guilherme Cavalcanti said.Selling so-called CRA debt, as the notes are commonly known, allows Fibria to raise funds at cheaper borrowing costs than Brazil''s overnight lending rate because of their tax-exempted nature, he said. Fibria can invest the proceeds in investments yielding higher returns, generating a financial gain, he said.The company has yet to decide whether selling CRAs, and has not hired any banks to explore or underwrite a sale, Cavalcanti added. Fibria has about 1 million hectares (2.47 million acres) of land, giving it enough assets that could be used as collateral for future CRA sales, he added.Companies with large swaths of land or receivables from crops already sold use CRAs as a powerful fundraising tool, because of strong demand from wealthy families and other individual investors that want to take advantage of 15 percent tax exemption the securities enjoy.The market for asset-backed debt has offered farming and real estate companies the chance to tap much-needed financing at a time when Brazil undergoes the harshest bank loan retraction in at least two decades.The income-tax exemption for retail bond investors means corporate borrowers can offer paying 4 percentage points to 5 percentage points below the Selic overnight rate, which now runs at 12.25 percent. Economists expect the Selic to end this year below 10 percent.The company''s common shares rose 5.5 percent to 28.82 reais on Friday. The stock has fallen 9.7 percent this year.($1 = 3.1309 reais) (Editing by Guillermo Parra-Bernal and Richard Chang)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/fibria-bonds-idINL2N1H81V4'|'2017-03-31T17:58:00.000+03:00'
'963f7a482a793da1662482527e55bbce2e36236e'|'Pimco hires former Blackstone senior managing director Greg Hall'|'Company News  12am EDT Pimco hires former Blackstone senior managing director Greg Hall NEW YORK, March 30 Pacific Investment Management Co on Thursday said it had hired Gregory Hall as a managing director and head of private strategies. As part of the job, Hall will manage a number of private-equity funds invested in real estate, distressed debt and making other bets in the credit market. He starts May 1. Hall previously worked for Blackstone Group LP for 12 years, most recently as a senior managing director, according to Pimco. Pimco, which managed nearly $1.47 trillion on Dec 31 and is based in Newport Beach, Calif., is a unit of German insurer Allianz SE. (Reporting by Trevor Hunnicutt; Editing by David Gregorio) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/allianz-moves-hall-idUSL2N1H7103'|'2017-03-30T23:12:00.000+03:00'
'803d767338785e70d49c6e3ee8d4bec627532ea2'|'MOVES-Merrill Lynch hires financial adviser Andrew Horowitz'|'Company News  17am EDT MOVES-Merrill Lynch hires financial adviser Andrew Horowitz March 30 Bank of America Corp''s Merrill Lynch Global Wealth Management has appointed financial adviser Andrew Horowitz to its Century City, California office. Horowitz, who joins from Morgan Stanley, has 20 years of industry experience. (Reporting by Laharee Chatterjee in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/merrill-lynch-moves-andrew-horowitz-idUSL3N1H751Q'|'2017-03-30T23:17:00.000+03:00'
'e8912c2bbac5c28eda8cddab53abd3f4b2f400ba'|'Lloyd''s of London to set up EU subsidiary in Brussels'|'Business News - Thu Mar 30, 2017 - 7:26am BST Lloyd''s of London to set up EU subsidiary in Brussels A doorman looks out as workers walk in the rain past the Lloyd''s of London building in the City of London, Britain, January 7, 2016. REUTERS/Toby Melville LONDON Lloyd''s of London [SOLYD.UL], the world''s largest specialty insurance market, has chosen Brussels for its European Union subsidiary because of its strong regulatory framework, it said on Thursday, confirming earlier reports. Lloyd''s has been one of the most vocal financial services firms about the need for an EU subsidiary if Britain has no access to the single market after leaving the bloc. The decision, initially reported by The Insurance Insider, comes the day after British Prime Minister Theresa May triggered Article 50 of the EU''s Lisbon Treaty, the start of a two-year countdown to Brexit. "Brussels met the critical elements of providing a robust regulatory framework in a central European location, and will enable Lloyd''s to continue to provide specialist underwriting expertise to our customers," chief executive Inga Beale said in a statement. The EU subsidiary aims to be ready to write insurance business in time for the Jan 1, 2019 renewal season, Lloyd''s said. Also on Thursday, Lloyd''s of London reported profit of 2.1 billion pounds for 2016, steady from 2015. (Reporting by Carolyn Cohn and Lawrence White; Editing by Rachel Armstrong) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-lloyds-of-london-idUKKBN1710KZ'|'2017-03-30T14:26:00.000+03:00'
'3dab374ada01e74ae8021f5ff5adc1e6239ec5ac'|'Brazil says to launch new benchmark BNDES loan rate in 2018'|'Company   7:51am EDT Brazil says to launch new benchmark BNDES loan rate in 2018 BRASILIA, March 31 Brazil''s government will overhaul in 2018 the benchmark interest rate that state development bank BNDES uses for long-term corporate loans, the Planning Ministry said in a statement on Friday, in a step to reduce costly subsidies. The so-called TJLP lending rate, currently set on a quarterly basis by the National Monetary Council, will be replaced for a new rate based on yields paid by inflation-linked NTN-B bonds, the Planning Ministry said. (Reporting by Silvio Cascione; Editing by Chizu Nomiyama) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-bndes-loans-idUSE4N1CO02D'|'2017-03-31T19:51:00.000+03:00'
'ccd42beb06fd0e98d9fd7704d91a3bdf17a3f9be'|'Morning News Call - India, March 31'|'Company News - Thu Mar 30, 2017 - 11:11pm EDT Morning News Call - India, March 31 To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 11:00 am: Budget session of parliament continues in New Delhi. 05:00 pm: Government to release February infrastructure output data in New Delhi. 05:00 pm: RBI to release weekly foreign exchange data in Mumbai. 05:30 pm: GST Council meets in New Delhi. 06:20 pm: Federal cabinet to meet, agenda not disclosed in New Delhi. LIVECHAT- QUIZ EAST The first of our Friday quizzes focuses on Asia and the week''s top news. Tests your wits and googling speed, at 1100 am. To join the conversation, click on the link: here INDIA TOP NEWS • India seeks ways to revive state steel giant after damning report India has set up an expert panel to help revive its loss-making state steel maker after a government review found the company to be far less efficient than its rivals despite spending more than $10 billion in the past eight years. • India to consider extension of tax benefits to big power projects India will put forward a proposal in its cabinet on Friday to give 25 large power projects extra time to take advantage of tax incentives, two government officials said, as a part of efforts to cut power tariffs and help to reduce stress on banks saddled with bad loans. • India extends Canada exemption from crop fumigation policy India will exempt Canada for three months from its policy that so-called pulse crops such as peas and lentils must be fumigated with methyl bromide to kill insects before leaving the country of origin, the Canadian government said on Thursday. • India privately took Amazon to task over insulting flag doormat India''s reaction to an Amazon.com website selling doormats resembling the country''s flag involved an unprecedented public and private offensive against the U.S. company by Prime Minister Narendra Modi''s government, a document shows. GLOBAL TOP NEWS • Trump says trade gap will make China meeting ''a very difficult one'' U.S. President Donald Trump set the tone for a tense first meeting with Chinese President Xi Jinping next week by tweeting on Thursday that the United States could no longer tolerate massive trade deficits and job losses. • China March factory activity grows fastest in nearly 5 years-official PMI Activity in China''s manufacturing sector unexpectedly expanded at the fastest pace in nearly 5 years in March, adding to evidence that the world''s second-largest economy has gained momentum early this year, an official survey showed. • Toshiba offered $17.9 bln for chip unit by Silver Lake and Broadcom-Nikkei U.S. private equity firm Silver Lake Partners and U.S. chipmaker Broadcom Ltd have offered Toshiba Corp about 2 trillion yen for its chip unit, the Nikkei business daily reported. LOCAL MARKETS OUTLOOK (As reported by NewsRise) The SGX Nifty Futures were trading at 9,184.00, trading down 0.11 pct from its previous close. The Indian rupee will likely open little changed to slightly higher against the dollar, shrugging off strength in the greenback after upbeat U.S. growth data, as investors buy into the nation’s assets ahead of the financial year-end. Most other Asian currencies were lower. Indian government bonds may rise, as state-run lenders are likely to continue purchases to boost fiscal year-end valuations. However, higher U.S. yields and crude oil prices may weigh on appetite, a dealer with a private bank said. The yield on the benchmark 6.97 pct bond maturing in 2026 is likely to trade in a 6.66 pct-6.73 pct band today. The bond had closed at 101.95 rupees, yielding 6.69 pct, yesterday. GLOBAL MARKETS • Wall Street gained on Thursday, led by financial shares, after data showed U.S. economic growth was stronger than previously reported last quarter, helped by robust consumer spending, and the tech-heavy Nasdaq set a record closing high. • Asian shares were mixed and the dollar extended its overnight gains on signs of strong U.S. economic growth, while the euro inched up after sliding overnight on data suggesting slowing growth in Europe. • The dollar edged up in Asian trading, poised for weekly gains after solid U.S. economic data contrasted with figures showing euro zone inflation cooling. • U.S. Treasury debt yields rose on Thursday after the final fourth-quarter U.S. grossdomestic product number was revised higher, reflecting steady but less spectacular growth than in the prior quarter for the world''s largest economy. • Oil prices eased as traders took profits following three days of straight gains on the expectation that an OPEC-led crude supply cut that was initially supposed to only last for the first half of the year would be extended. • Gold prices held firm amid lingering uncertainty over upcoming elections in Europe and Britain''s exit from the European Union, even as the dollar hovered around two-week highs on positive U.S. economic data. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 64.93/64.96 March 30 $10.48 mln $151.26 mln 10-yr bond yield 7.06 Month-to-date $4.62 bln $4.15 bln Year-to-date $6.18 bln $5.46 bln For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 64.8500 Indian rupees) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/india-morningcall-idUSL3N1H81KI'|'2017-03-31T11:11:00.000+03:00'
'031e833987969b5a4214f322850f10c9ab28e63b'|'Warning signs abound for UK economy following strong Q4'|'By Andy Bruce and William Schomberg - LONDON LONDON The British economy''s strong finish to 2016 looks likely to prove a high watermark as Brexit gets underway, according to a range of indicators on Friday which pointed to a growing squeeze on consumers.Households ran down their savings to a record low as their spending power shrank sharply in the last three months of 2016, official data showed.In another indication that the world''s fifth-biggest economy has lost some of its resilience to last June''s shock vote to quit the European Union, the dominant services industry contracted in January for the first time since March last year.Separately on Friday, a survey showed consumers were worried about the outlook for the economy. And there was a surprise fall in house prices.Britain''s economy last year defied forecasts that it would slow sharply after the referendum decision to leave the EU.The Office for National Statistics confirmed gross domestic product grew by a quarterly 0.7 percent in the October-December period, as expected in a Reuters poll of economists.Growth for 2016 as a whole was 1.8 percent, the strongest among all Group of Seven rich nations bar Germany.But a quick rise in inflation, caused in part by the fall in the value of the pound since the Brexit vote, is expected to crimp spending by consumers, the main drivers of the economy, just as Prime Minister Theresa May begins Britain''s EU divorce.Real household disposable income -- a measure of spending power -- shrank by 0.4 percent in the last three months of 2016, the steepest quarter-on-quarter drop in nearly three years.And while consumer spending remained strong, the savings ratio sank to 3.3 percent, its lowest level since records began in 1963, raising questions about how long households can maintain their spending.The ONS said the fall in the savings ratio in part reflected changes in pension fund holdings rather than a big shift in the real incomes of households. But economists said the figures were reason for caution."For consumption to continue to grow at current levels, the UK needs the savings rate to drop further. Yet today''s data show there is not much further to fall," HSBC economist Elizabeth Martins said in a note to clients.COMPANIES WARYSupermarket chain Asda said its gauge of disposable income showed the weakest growth since June 2014 during February, with the poorest households hit particularly hard.Companies are also wary. The ONS said business investment fell by 0.9 percent in quarterly and annual terms in the fourth quarter, roughly in line with a previous estimate.The fall the pound is not all bad news for Britain''s economy and Friday''s data showed it was helping to ease one of its biggest vulnerabilities -- its wide balance of payments deficit with the rest of the world.The ONS said the current account deficit more than halved in the fourth quarter to 12.1 billion pounds -- falling by more than expected in the Reuters poll -- and stood at 2.4 percent of GDP, down sharply from 5.3 percent in the third quarter."Much better, but sterling still is vulnerable if overseas investors lose confidence," said economist Samuel Tombs of consultancy Pantheon Macroeconomics. He said a "hard Brexit" -- big hurdles for trade between Britain and the EU -- could trigger a fire-sale of British assets by foreign investors.The deficit had been expected to improve as the fall in the pound increased the value in sterling of British investments held abroad and helped exporters.Net trade contributed an unusually strong 1.7 percentage points to quarterly economic growth in the fourth quarter.But economists said this should be seen against a 1.4 percentage point drag in the third quarter, with figures for both periods distorted by trade in "erratic" items like aircraft and gold.(Writing by William Schomberg; Editing by Catherine Evans)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/britain-economy-idINKBN1721JN'|'2017-03-31T10:00:00.000+03:00'
'01d9f6fb1e550c85e3fb22658ee9f00813c05fd1'|'UPDATE 2-Nigeria raises $500 mln via 15-year Eurobond with 7.5 pct yield'|'(Adds Quote: , details)By Felix Onuah and Chijioke OhuochaABUJA/LAGOS, March 29 Nigeria raised $500 million by issuing a 15-year Eurobond on Wednesday with a yield of 7.5 percent, the finance ministry said, helping it plug a huge budget deficit in Africa''s largest economy.To revive the economy, which slipped into recession last year for the first time in 25 years, the government plans to increase spending by almost 20 percent this year, leaving it with a budget shortfall of 2.36 trillion naira ($7.7 billion).The money from the new bond, which follows an oversubscribed $1 billion Eurobond issue last month, will help fund infrastructure development work outlined in last year''s budget, Finance Minister Kemi Adeosun said."The proceeds from this additional note issuance will go towards funding capital projects in the 2016 budget," she said.Nigeria has been hit by a slump in global oil prices, which has reduced government revenues and battered its naira currency .The government plans to spend a record 7.3 trillion naira ($24 billion) this year to help get the country out of recession. It planned to spend 6.1 trillion naira last year, but struggled to fund its budget.Nigeria''s February $1 billion Eurobond issue, set to mature in 2032, priced at 7.875 percent and was almost eight times oversubscribed.The slightly lower yield the government will pay on Wednesday''s issue may be an indication of the strength of demand for Nigerian debt overseas.The country has registered a $300 million Diaspora bond programme, targeted at Nigerians abroad, with the U.S. Securities and Exchange Commission and is seeking at least $1 billion in loans from the World Bank and a $1.3 billion loan from China to fund railway projects.The country is also planning a 20 billion naira "green bond" next month after a new savings bond this month targeted at retail investors to broaden its funding base. ($1 = 306.6500 naira) (Writing by Paul Carsten and Alexis Akwagyiram; Editing by Hugh Lawson)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/nigeria-eurobond-idINL5N1H65SR'|'2017-03-29T17:29:00.000+03:00'
'abdb1250f6b1228788902ed17dec144096f15ee0'|'U.S. SEC nominee Clayton to get Senate panel vote April 4'|'By Sarah N. Lynch - WASHINGTON, March 29 WASHINGTON, March 29 The U.S. Senate Banking Committee said on Wednesday it would vote next week on the nomination of Jay Clayton, President Donald Trump''s choice to lead the U.S. Securities and Exchange Commission.After the panel votes on April 4, Clayton would still need to be confirmed by the full U.S. Senate before he could be sworn in as SEC chairman. (Reporting by Sarah N. Lynch)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-sec-clayton-idINL2N1H61G7'|'2017-03-29T16:08:00.000+03:00'
'883afe9ffaebf79573002071ffcc9c1e2892b3a2'|'Boeing''s newest, largest Dreamliner jet makes first test flight'|'Business News - Fri Mar 31, 2017 - 10:09am EDT Boeing''s newest, largest Dreamliner jet makes first test flight A Boeing 787-10 is moved from the tarmac after a ceremony celebrating the rollout of Boeing''s newest Dreamliner at the Boeing South Carolina plant in North Charleston, South Carolina, U.S. February 17, 2017. REUTERS/Randall Hill NORTH CHARLESTON, South Carolina Boeing Co''s ( BA.N ) newest and largest Dreamliner model, the 787-10, took off successfully on its first flight on Friday, kicking off a flight test program for the high-tech jet. The plane, which sells for $312.8 million at list price and rounds out a family of three carbon-fiber composite Dreamliners, is being built exclusively at Boeing''s factory in North Charleston, South Carolina. The facility is Boeing''s only jetliner assembly factory outside of Washington state. (Reporting by Harriet McLeod in North Charleston and Alwyn Scott in New York; Editing by Bernadette Baum) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-boeing-flight-idUSKBN1721XB'|'2017-03-31T22:09:00.000+03:00'
'53d4fe9e3b4f00d311ff85de1747fcd3acc53bc1'|'Puerto Rico board schedules mediation in key creditor dispute'|'Puerto Rico''s federally appointed financial oversight board scheduled mediation in debt restructuring talks between the U.S. territory''s general obligation bondholders and holders of its so-called COFINA debt, which is backed by sales tax revenue, the board said in a letter to the creditors on Thursday.The letter, which was not public but was obtained by Reuters, said former bankruptcy Judge Allan Gropper would serve as mediator in the talks, which will run from April 10-13 in New York.(Reporting by Nick Brown)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-puertorico-debt-mediation-idINKBN172249'|'2017-03-31T13:12:00.000+03:00'
'897ca58212f43a7223f88d31ff66af29cbf309a1'|'Exclusive - Glencore in talks to sell global oil storage stakes - sources'|'Money   4:01pm IST Exclusive - Glencore in talks to sell global oil storage stakes - sources FILE PHOTO: The logo of Glencore is seen in front of the company''s headquarters in Baar, Switzerland, September 7, 2012. REUTERS/Michael Buholzer/File Photo By Julia Payne - LONDON LONDON Swiss-based commodities trading and mining giant Glencore is in advanced talks to sell a bundle of its global oil storage stakes, sources familiar with the matter said, following a boom period for storage companies. If the sale reaches completion, Glencore will likely end up with minority stakes in the assets. The company owns much of its storage terminal interests via joint ventures and is selling half of these stakes, the sources said. A spokesman for Glencore declined to comment. "It''s an exotic combination of assets with a variety of functions, mainly storage. It''s most, if not all, of Glencore''s global liquid storage," one source said. The portfolio includes assets in Argentina, Belgium and Madagascar, the source said. "As a bundle it would appeal to someone looking for an entry point to certain countries," the source added. (Additional reporting by Dmitry Zhdannikov; Editing by Dale Hudson) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/glencore-assets-sales-idINKBN1721AA'|'2017-03-31T18:31:00.000+03:00'
'5ffd3a951794a6d3cfc8850f589a3727c3aff4ed'|'Complimentary computers: Qatar Airways thinks it has found a way around laptop ban'|'THE ban on taking large electronic devices into plane cabins, imposed on March 20th by United States on flights from ten Middle Eastern airports, is a particular headache for the four “superconnector” airlines. Etihad, Emirates, Qatar Airways and Turkish Airlines, like many carriers, depend on premium travellers for their profits. Those in business-class cabins like to get work done on long journeys; that is difficult without a computer. But, as their epithet implies, these airlines are also unusually dependent on on connecting traffic. By one estimate , 60% of Emirates flyers use Dubai as a layover on the way to somewhere else. As of last week, travellers heading, for example, from New York to Mumbai, must now choose between a superconnecter flight on which they will be without their tablets and laptops, or connecting through Europe on a European or United States airline which is not affected by the ban. (Or, perhaps, an Emirates flight connecting in Milan, which would also be exempt.) It is a fair bet that many are choosing to avoid the Middle Eastern hubs.It felt a logical step, therefore, when Qatar Airways announced on March 31st that it is to lend laptops to premium-class flyers travelling to or from America. Business travellers, it says, can download their work onto a USB stick just before boarding, and will receive a complimentary computer when they reach the cabin. That is then handed back at the end of the flight.   36   The other three superconnectors will surely follow suit. In the meantime, they are testing other solutions. Etihad, for example, has so-far stopped short of offering laptops, but has said that from April 2nd, it will give premium-class passengers on their way to the United States free use of an iPad and free access to the plane’s Wi-Fi. Emirates, meanwhile, has introduced a laptop-handling service, allowing passengers to use their devices until just before boarding, when the airline collects them and packs them into the hold. This means that flyers can have their computers returned when they connect onto a flight that does not include America. Whether any of this will be enough to persuade passengers to stick with the carriers remains to be seen. The airlines and their passengers would obviously prefer life without the hassle.As yet, there has been little indication of when the restrictions might be lifted. But patience may be required. As a fellow Gulliver recently noted , when it comes to air safety, flyers should be prepared to give security services the benefit of the doubt. Clearly they have access to intelligence that the rest of us do not. Their primary responsibility is to keep flyers in one piece.That trust, however, must not be abused. To the outsider, it seems odd that British and American security services, presumably acting on the same information, have come to different conclusions about which airports and carriers are at most risk from terrorist attack. There may be sound reasons for that. However, some think it fishy that the superconnectors’ hubs have been included in the United States ban but not the British one: big American carriers have for years demanded the government protect them from what they claim is unfair competition from Etihad, Emirates and the others. If it turns out there were a political motive behind the inclusion of these airlines, then the trust that the security forces command will be eroded. Once travellers start to doubt their authority, it will be harder for them to keep us safe in the future.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/blogs/gulliver/2017/03/complimentary-computers?fsrc=rss'|'2017-03-31T20:22:00.000+03:00'
'727331da5c52ff7bb9f77aac65f7ff2c8b9910fe'|'Shawbrook shares climb on hopes of buyout funds raising offer'|'By Justin George Varghese and Rahul B British bank Shawbrook Group Plc ( SHAW.L ) rejected an 842 million pound ($1.05 billion) buyout bid from a consortium of private equity firms, but its shares climbed on Friday on hopes of a higher offer.The bank had already spurned the 330 pence a share approach from Marlin Bidco, co-owned by buyout funds Pollen Street Capital and BC Partners, earlier in March.However, analysts saw Friday''s formal bid as a means of leaving the door open for a higher offer, pushing shares up 11 percent to 338p, above the offer price and the highest in more than a year."It is our opinion that Marlin Bidco launched an offer for Shawbrook in order to buy time, as it faced a 5pm deadline to make an offer or walk away for at least six months," RBC Capital Markets analyst Peter Lenardos said, referencing UK Takeover Code''s "put up or shut up" rules."We believe that a marginally higher offer is likely, as both parties have nothing to gain and much to lose by the failure to come to a successful agreement."In January, the consortium made an offer of 307 pence per share, which it increased to 330 pence in March.Pollen Street currently owns 38.8 percent of Shawbrook and the joint private equity groups said they have received letters of intent from other shareholders representing 6 percent.In its statement, Shawbrook also noted the change in the deal structure to a takeover offer that is subject to the consortium receiving more than 50 percent of acceptances, from a scheme of arrangement.Under the revised deal structure the company would be delisted if 75 percent of its shareholders accept the offer, with those who do not accept the offer remaining holders of shares in an unlisted company.Shares in the company were floated at a price of 290 pence two years ago.Britain''s smaller challenger banks have been increasingly seen as ripe for takeovers in recent months as a prolonged period of low interest rates has squeezed earnings and the pound''s fall has made them cheaper for foreign buyers.Morgan Stanley is acting as financial advisor for the bidding party. The bank''s board is being advised by Bank of America Merrill Lynch and Goldman Sachs.(Reporting By Justin George Varghese and Rahul B from Bengaluru; Editing by Dasha Afanasieva and Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-shawbrook-buyout-idINKBN1721Z3'|'2017-03-31T12:20:00.000+03:00'
'56561acfbab8360a73274ed0ddbb5e1e45315262'|'UPDATE 1-Toronto firm may pursue lawsuit over Enron bond sales -U.S. judge'|'Company News   4:02pm EDT UPDATE 1-Toronto firm may pursue lawsuit over Enron bond sales -U.S. judge (Adds comment from plaintiff''s lawyer, paragraph 9) By Jonathan Stempel NEW YORK, March 31 A Toronto investment firm that has spent 15 years suing Enron Corp''s banks to recoup losses on bonds it bought shortly before the energy company went bankrupt may pursue a lawsuit seeking damages from three of those banks, a U.S. judge ruled on Friday. Silvercreek Management Inc claimed to suffer heavy losses on more than $100 million of Enron bonds it bought less than two months before Dec. 2, 2001 bankruptcy. It sought to hold Credit Suisse Group AG, Deutsche Bank AG, Bank of America Corp''s Merrill Lynch unit, and former Enron Chief Executive Officer Jeffrey Skilling liable for overseeing many sham and off-balance-sheet transactions that fueled Enron''s demise. In a 43-page decision, U.S. District Judge Paul Oetken in Manhattan said Silvercreek and its affiliates may pursue claims that the banks aided Enron''s fraud and conspired to commit fraud. He cited "specific and wide-ranging" allegations that the banks knew Houston-based Enron was hiding billions of dollars of debt and using sham transactions to bolster its bottom line. Though Silvercreek''s allegations "do not plead a formal, back-room agreement among all defendants and Enron," they are "sufficient to state a conspiracy claim," Oetken wrote. Some claims were dismissed. The judge said Silvercreek may also pursue a fraud claim against Skilling, citing his alleged knowing and direct involvement in Enron''s financial misconduct. Credit Suisse and Skilling''s lawyer Jeffrey Barker declined to comment. Lawyers for Deutsche Bank and Bank of America did not immediately respond to requests for comment. "Given that the banks'' motions to dismiss were largely denied, the clients are pleased with the outcome," Scott Hessell, a lawyer for Silvercreek, said in an email. Silvercreek''s case began in Manhattan, but was moved to a Houston court that handled -- and has completed -- most post-bankruptcy Enron litigation. A panel of federal judges moved it back to Manhattan at Silvercreek''s request last June. Enron once ranked seventh on the Fortune 500 list of large U.S. companies, and its demise was the basis for the 2005 Oscar-nominated documentary "Enron: The Smartest Guys in the Room." Several executives went to prison. Skilling is serving a 14-year prison term for fraud and other offenses, and eligible for release in February 2019, federal prison records show. The case, which originally named Citigroup Inc as a defendant, is Silvercreek Management Inc et al v Citigroup Inc et al, U.S. District Court, Southern District of New York, No. 02-08881. (Reporting by Jonathan Stempel in New York; Editing by Lisa Shumaker) Next In Company News UPDATE 1-Third Avenue in $14.25 mln settlement over junk bond fund collapse NEW YORK, March 31 Third Avenue Management and its founder Martin Whitman have reached a $14.25 million settlement of a lawsuit by investors who accused the well-known value investment firm of mismanaging a junk bond mutual fund that collapsed in December 2015. * Sama Resources Inc - Non-brokered private placement of up to 13.33 million units at a price of CAN$0.15 per unit MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/enron-lawsuit-idUSL2N1H81VT'|'2017-04-01T04:02:00.000+03:00'
'6daf54890320cff96bfe58bbc7f28d041d4e6ebb'|'U.S. drillers add most oil rigs in a quarter since Q2 2011 -Baker Hughes'|'Commodities  25pm EDT U.S. drillers add most oil rigs in a quarter since second quarter of 2011: Baker Hughes A pump jack operates at a well site leased by Devon Energy Production Company near Guthrie, Oklahoma September 15, 2015. Picture taken September 15, 2015. REUTERS/Nick Oxford U.S. drillers added oil rigs for an 11th week in a row in the best quarter for boosting the rig count since the second quarter of 2011, as a ten-month recovery gathers pace with energy companies boosting spending on new production. Drillers added 10 oil rigs in the week to March 31, bringing the total count up to 662, the most since September 2015, energy services firm Baker Hughes Inc said on Friday. During the same week a year ago, there were 362 active oil rigs. The 137 rigs added in the first quarter is the biggest boost in a quarter since the drillers activated a record 152 rigs in the second quarter in 2011, according to Baker Hughes data going back to 1987. This recent rig count increases have come despite a collapse in U.S. crude futures this month to levels seen when the Organization of the Petroleum Exporting Countries (OPEC) agreed to cut production on Nov. 30. U.S. crude futures eased to around $50 a barrel on Friday, putting the contract on track for its worst quarter since 2015, as investors fret that growing U.S. supplies are undermining the OPEC-led cuts. [O/R] Since crude prices first topped $50 a barrel in May after recovering from 13-year lows in February 2016, drillers have added a total of 346 oil rigs in 40 of the past 44 weeks, the biggest recovery in rigs since a global oil glut crushed the market over two years starting in mid 2014. Baker Hughes oil rig count plunged from a record 1,609 in October 2014 to a six-year low of 316 in May 2016 as U.S. crude collapsed from over $107 a barrel in June 2014 to near $26 in February 2016. Analysts projected U.S. energy firms would boost spending on drilling and pump more oil and natural gas from shale fields in coming years with energy prices expected to climb. Futures for the balance of 2017 were trading over $51 a barrel, while calendar 2018 was fetching almost $52 a barrel. Analysts at Simmons & Co, energy specialists at U.S. investment bank Piper Jaffray, this week forecast the total oil and gas rig count would average 843 in 2017, 968 in 2018 and 1,079 in 2019. Most wells produce both oil and gas. That compares with an average of 742 so far in 2017, 509 in 2016 and 978 in 2015, according to Baker Hughes data. Analysts at U.S. financial services firm Cowen & Co said in a note this week that its capital expenditure tracking showed 57 exploration and production (E&P) companies planned to increase spending by an average of 50 percent in 2017 over 2016. That expected spending increase in 2017 followed an estimated 48 percent decline in 2016 and a 34 percent decline in 2015, Cowen said according to the 64 E&P companies it tracks. (Reporting by Scott DiSavino; Editing by Marguerita Choy) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-rigs-baker-hughes-idUSKBN1722GA'|'2017-04-01T01:16:00.000+03:00'
'd3544f4e4d90716c963a60b80558ba3f3705e690'|'Cabinet approves plan to extend tax benefits for big power projects'|'Money News - Fri Mar 31, 2017 - 10:10pm IST Cabinet approves plan to extend tax benefits for big power projects Workers install new power lines on an electric pole on the outskirts of Ajmer, India, February 20, 2017. REUTERS/Himanshu Sharma/File Photo India''s cabinet approved a proposal on Friday to give large power projects extra time to take advantage of tax incentives, as a part of efforts to cut power tariffs and help to reduce stress on banks saddled with bad loans. From the date of import of equipments for power production, large power producers will now have 120 months to furnish details to tax authorities to avail of tax benefits, the government''s spokesman Frank Noronha said in a tweet. Reuters reported on Thursday that a proposal to extend time for power producers to avail tax benefits would be put forward for the cabinet''s approval on Friday. Power producers, who previously had up to 60 months to claim benefits, will now have more time to access up to 100 billion rupees ($1.5 billion) in incentives such as a waiver on import duty, income tax as well as export benefits. The move will benefit power projects with a capacity of over 30 gigawatts (GW) worth about 1.5 trillion rupees ($23 billion), out of which only 11 GW has been commissioned so far, the power ministry said in a statement. Adding 20 GW of new capacity could also help India cut bad loans at banks that have been saddled with $133 billion of stressed loans, mainly from the power sector. (Reporting by Sudarshan Varadhan in New Delhi, editing by David Evans) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-power-idINKBN1722CT'|'2017-04-01T00:40:00.000+03:00'
'3e64d4cef2dbbf7f80d6731303f0764aa1720adb'|'UPDATE 1-Brazil''s Fibria mulls sale of local CRA notes'|'Company News   3:58pm EDT UPDATE 1-Brazil''s Fibria mulls sale of local CRA notes (Adds share performance in paragraph 7) By Tatiana Bautzer NEW YORK, March 31 Fibria SA, the world''s largest eucalyptus pulp producer, is considering selling up to 1 billion reais ($319 million) worth of notes backed by agricultural receivables in Brazilian domestic debt markets, Chief Executive Officer Guilherme Cavalcanti said. Selling so-called CRA debt, as the notes are commonly known, allows Fibria to raise funds at cheaper borrowing costs than Brazil''s overnight lending rate because of their tax-exempted nature, he said. Fibria can invest the proceeds in investments yielding higher returns, generating a financial gain, he said. The company has yet to decide whether selling CRAs, and has not hired any banks to explore or underwrite a sale, Cavalcanti added. Fibria has about 1 million hectares (2.47 million acres) of land, giving it enough assets that could be used as collateral for future CRA sales, he added. Companies with large swaths of land or receivables from crops already sold use CRAs as a powerful fundraising tool, because of strong demand from wealthy families and other individual investors that want to take advantage of 15 percent tax exemption the securities enjoy. The market for asset-backed debt has offered farming and real estate companies the chance to tap much-needed financing at a time when Brazil undergoes the harshest bank loan retraction in at least two decades. The income-tax exemption for retail bond investors means corporate borrowers can offer paying 4 percentage points to 5 percentage points below the Selic overnight rate, which now runs at 12.25 percent. Economists expect the Selic to end this year below 10 percent. The company''s common shares rose 5.5 percent to 28.82 reais on Friday. The stock has fallen 9.7 percent this year. ($1 = 3.1309 reais) (Editing by Guillermo Parra-Bernal and Richard Chang) Next In Company News UPDATE 1-Third Avenue in $14.25 mln settlement over junk bond fund collapse NEW YORK, March 31 Third Avenue Management and its founder Martin Whitman have reached a $14.25 million settlement of a lawsuit by investors who accused the well-known value investment firm of mismanaging a junk bond mutual fund that collapsed in December 2015. * Sama Resources Inc - Non-brokered private placement of up to 13.33 million units at a price of CAN$0.15 per unit MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/fibria-bonds-idUSL2N1H81V4'|'2017-04-01T03:58:00.000+03:00'
'511eabd5502bd6cfaa6f1bcba618e84232a95487'|'Russia''s UCP fund says has sold bulk of Transneft preferred shares'|'MOSCOW, March 31 Russia''s United Capital Partners (UCP) fund said on Friday it had sold a significant number of preferred shares in oil pipeline monopoly Transneft to a group of financial investors.The fund did not reveal any further details. According to Moscow Stock Exchange data from March 27, 1,104,139 of Transneft''s preferred shares were sold on that day in over-the-counter deals for more than 169 billion roubles ($3 billion).Transneft has said that as of Jan. 20 2016, UCP owned more than 1.104 million - or more than 70 percent - of its preferred shares.Transneft stock is widely held by emerging-markets and Russia-dedicated funds. Its preferred shares, issued as part of a privatisation in 1995-1996, account for 22 percent of its equity.($1 = 56.4160 roubles) (Reporting By Vladimir Soldatkin; Editing by Jack Stubbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/russia-transneft-ucp-idINL5N1H84BV'|'2017-03-31T10:50:00.000+03:00'
'e2900946b05c2a0a31734b826c5c0371c977a0d5'|'"Phased approach": How to read EU Brexit guidelines'|'Economic  35pm IST "Phased approach": How to read EU Brexit guidelines EU Council President Donald Tusk holds British Prime Minister Theresa May''s Brexit letter, which was delivered by Britain''s permanent representative to the European Union Tim Barrow (not pictured) that gives notice of the UK''s intention to leave the bloc under Article 50 of... REUTERS/Yves Herman By Alastair Macdonald - BRUSSELS BRUSSELS European Council President Donald Tusk sent draft Brexit negotiating guidelines to leaders of Britain''s 27 EU partners on Friday, hoping to agree them on April 29 so that negotiations on British withdrawal can begin. These are key points of the 8-page draft, seen by Reuters: "PHASED APPROACH" If "sufficient progress" towards agreeing the terms of an "orderly withdrawal" on March 29, 2019, is made in a first phase of talks starting in early June, the EU27 could launch talks on how a long-term future free trade relationship could work, the draft says. That represents a compromise between the position of EU hardliners, who want no trade talks until the full Brexit deal is agreed, and British calls for an immediate start. Tusk told reporters the EU could assess as early as this autumn if progress was "sufficient". But it is unclear how it will arrive at that judgment. If leaders need unanimity, some could block trade talks. Eastern states with many expats in Britain may want more certainty on their rights, while western powers are more keen on talking about trade. "TRANSITIONAL ARRANGEMENTS" Britain could have a few years after March 2019 when it does not have to give up all benefits of membership, to ease the shift for people and businesses. But in that case it would have to accept EU rules, e.g. on free migration, and submit to supervision by the European Court of Justice and other EU authorities. "Any such transitional arrangements must be clearly defined, limited in time, and subject to effective enforcement mechanisms," the draft says. STICKING TOGETHER The EU 27 will stick together against British efforts to divide and conquer and is prepared to play hardball against Prime Minister Theresa May''s threat to walk out without a deal. Brussels thinks Britain needs a deal more than the EU. "The Union will act as one. It will be constructive throughout and will strive to find an agreement. This is in the best interest of both sides. The Union will work hard to achieve that outcome, but it will prepare itself to be able to handle the situation also if the negotiations were to fail." "NO DUMPING" Free trade will be a good outcome but Britain should not expect to get that if it seeks competitive advantages for its companies by state subsidies or by tearing up EU environmental or labour standards or setting itself up as a tax haven. "Any free trade agreement should be balanced, ambitious and wide-ranging. It cannot, however, amount to participation in the Single Market or parts thereof, as this would undermine its integrity and proper functioning. It must ensure a level playing field in terms of competition and state aid, and must encompass safeguards against unfair competitive advantages through, inter alia, fiscal, social and environmental dumping." RIGHTS AND BENEFITS Britain cannot have a better deal outside than inside the EU -- that would be a slippery slope to others leaving the Union. Tusk welcomes May''s acknowledgement she cannot "cherry pick" single market membership without accepting freedom of movement for EU workers but warns against her suggestion that Brussels open technical talks on trade in specific sectors. "Preserving the integrity of the Single Market excludes participation based on a sector-by-sector approach. A non-member of the Union, that does not live up to the same obligations as a member, cannot have the same rights and enjoy the same benefits as a member." "BREXIT BILL" Britain must pay up on its share of potential losses from guarantees given by the EU, among other things. Until it leaves, the actual bill probably can''t be calculated with accuracy. The main thing for the EU is to agree a "methodology" this year. "A single financial settlement should ensure that the Union and the United Kingdom both respect the obligations undertaken before the date of withdrawal. The settlement should cover all legal and budgetary commitments as well as liabilities, including contingent liabilities." "BORDER TROUBLE" The EU doesn''t want to disturb peace in Northern Ireland, where there will be a new EU land border. It is also paying attention to British military bases in Cyprus and is giving Spain a special say on the fate of the British territory of Gibraltar, which is not part of the UK but is in the EU. "In view of the unique circumstances on the island of Ireland, flexible and imaginative solutions will be required, including with the aim of avoiding a hard border, while respecting the integrity of the Union legal order." (Reporting by Alastair Macdonald; @macdonaldrtr; Editing by Mark Trevelyan) Next In Economic News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-eu-guidelines-idINKBN1721D6'|'2017-03-31T19:05:00.000+03:00'
'392338ba3ba6f59c1f280d0dbbf3c26f4dbe0a3c'|'Commerzbank hopes to benefit from growing loan demand - exec'|'  9:15am BST Commerzbank hopes to benefit from growing loan demand - executive A Commerzbank logo is pictured before the bank''s annual news conference in Frankfurt, Germany, February 9, 2017. REUTERS/Ralph Orlowski FRANKFURT Commerzbank ( CBKG.DE ) is launching a 6 billion euro (5.13 billion pounds) loan offering for small- and medium-sized companies as it seeks to benefit from growing loan demand in anticipation of rising interest rates, an executive told Reuters. "Many CFOs believe that a hike in interest rates is nearing and want to fill their coffers ahead of time," said Michael Reuther, who heads the bank''s corporate clients unit, which has recently been merged with Commerzbank''s investment bank. "In recent years demand was low," Reuther said, adding that the lender hoped to compensate part of the dent that low interest rates have left on the unit with the loan initiative. Commerzbank expects group earnings to remain flat this year and in 2016 saw its net profit fall by three quarters to 279 million euros, blaming low interest rates and weak loan demand. The bank is targeting winning 10,000 new customers mainly among companies with sales of 15-100 million euros, a segment where competition mainly from local savings banks is fierce, Reuther said. Despite the pressure from peers, Commerzbank will not sacrifice its margins, he said, adding: "We do not want to be the cheapest supplier on the market." (Reporting by Alexander Hübner; Writing by Arno Schuetze; Editing by Harro ten Wolde)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-commerzbank-sme-idUKKBN1720UR'|'2017-03-31T16:04:00.000+03:00'
'f57cfe2d513b47255917b6ce8648a5b2df96f1d3'|'Russia develops a taste for alcohol-free beer as government fights drinking'|'Company News  00am EDT Russia develops a taste for alcohol-free beer as government fights drinking (Repeats story from Thursday) By Maria Kiselyova MOSCOW, March 30 Russians are among the biggest drinkers of alcohol in the world, yet are developing a new taste for alcohol-free beer, which could help save a brewing industry that has stalled under government initiatives to discourage drinking. Sales of zero-alcohol beer jumped 12 percent last year even as the broader Russian market shrank by 2 percent, according to research firm Nielsen, extending a 40 percent slide in beer sales since the government tightened regulations in 2008. Anheuser Busch InBev plans to promote the alcohol-free version of its Bud brand as a sponsor of soccer''s FIFA World Cup when Russia hosts it next year. Carlsberg''s Russian unit Baltika, which has the largest share of Russia''s alcohol-free beer market, said this month it was making new investments in zero-strength beer. The trend, say people in the industry, is being driven by a move towards healthier lifestyles among Russian consumers, nudged by government measures that include restrictions on alcohol sales and tougher penalties for drunk-driving. "This market is absolutely undeveloped in Russia. We plan to expand our range, we want more," said Dmitry Shpakov, head of AB InBev''s Russian business, which markets alcohol-free versions of its international Bud, Stella Artois and Hoegaarden brands as well of some of its Russian brands. Last year AB InBev saw double-digit growth in Russian sales of its alcohol-free beers, and it expects to achieve a similar pace this year. The segment is growing from a low base. Alcohol-free beer accounts for around 1.2 percent of Russia''s beer market, according to Nielsen. That, said Shpakov, compares to 5 percent of the German beer market and 13 percent in Spain. AB InBev has a global aim for weak and alcohol-free beer to account for 20 percent of its total sales by 2025. "I''m not saying it can''t be 20 percent in Russia. It certainly can. We are thinking about a number of very strong initiatives, which can drive this process," Shpakov told Reuters in an interview. "It''s a very important focus." Philip Gorham, analyst at Morningstar, said the Russian government''s push to curb drinking would help the segment: "Per capita (alcohol) consumption has been declining. If that continues, I do think there is room for non- and low-alcohol alternatives to act as a substitute." Brewers pioneered non-alcoholic beer in the 1980s and 1990s, but with only limited success, partly because consumers did not like the taste. Since then, changes to the production process have made it taste more like regular beer. "I think the stigma attached to drinking non-alcoholic beer is less today than it used to be. Ten years ago, non-alcoholic beer was rare whereas today there is greater consumer acceptance, partly helped by the much-improved taste profile," said Ed Mundy, analyst at Jefferies. "Do I think that the 1 percent beer share of Russian beer can that grow? Yes I think so. As consumers come to accept that the product offering is much improved." CUTTING BACK Alcohol-free beer is a rare bright spot for a Russian brewing industry which Euromonitor estimates was worth an estimated $15 billion in 2016, but which shrank as the government has sought to reduce drinking. The average Russian over the age of 15 consumed the equivalent of 15.1 litres of pure alcohol per year in 2008-2010, according to the most recent figures from the World Health Organisation. That was a litre less than five years earlier, but still among the highest in the world: only the citizens of two other ex-Soviet republics, Belarus and Lithuania, consumed more. While spirits still account for 51 percent of the alcohol consumed in the birthplace of vodka, beer''s share rose rapidly after 2000 as international brewers invested heavily. But beer sales tumbled after 2008 when Russia started to increase the excise tax on it, tightened rules on its advertising and banned its sale in street kiosks. Brewers have since shut 12 plants. AB InBev has closed five plants, and Shpakov said the firm''s remaining five were running at between 40 and 90 percent of capacity last year depending on season and regions they serve. The industry had hoped to halt the slide this year, but a new ban on beer in popular plastic bottles larger than 1.5 litres has again hurt sales. Shpakov said he expects the market to fall a further 5 percent in 2017. None of the new regulations affect beer without alcohol, and increasingly Russians see it as a safer way to enjoy their traditional drinking culture. Alexander Bumagin, a 40-year-old self employed Muscovite, said he has not drunk alcohol for more than 10 years, but likes an alcohol-free beer to wash down prawns, a typical Russian "zakuska", or drinking snack. He drinks it "for the sake of the process," he said. (Additional reporting by Diana Asonova and Polina Nikolskaya; editing by Christian Lowe and Peter Graff) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/russia-ab-inbev-idUSL5N1H76M1'|'2017-03-31T14:00:00.000+03:00'
'5a8eaa4efd79dc50fd0894609cb85ed88d173d75'|'EDF pours concrete as begins work on UK''s Hinkley nuclear plant'|'  8:00am BST EDF pours concrete as begins work on UK''s Hinkley nuclear plant Hinkley Point C nuclear power station site is seen near Bridgwater in Britain, September 14, 2016. REUTERS/Stefan Wermuth/File Photo LONDON EDF Energy ( EDF.PA ) has poured the concrete for some of the first permanent structures at its Hinkley Point C nuclear project site in Britain after getting the go-ahead from the nuclear regulator earlier this week, the company said on Friday. Britain''s first new nuclear plant to be built in decades has been plagued by delays. Critics of the 18 billion pound project have focussed on the guaranteed price for electricity, which they say does not reflect falling energy prices since the deal was drawn up. However, Britain''s Office for Nuclear Regulation (ONR) finally gave consent for work to start at the Hinkley site in southwest England on Monday. Concerns have also arisen about the reactors which will be supplied by Areva ( AREVA.PA ). Last week, an internal document by the ONR said the safety culture at Areva''s Creusot Forge in France fell short of expectations and warned about the implications for Hinkley. EDF Energy said on Friday concrete has been poured for Hinkley''s power station galleries, a network of connected tunnels which will carry cabling and pipes. Construction of the first reactor at the plant is scheduled to start in 2019 when concrete will be poured for the first time to make the reactor platform, it added. "Pouring the concrete for the first permanent structure of HPC is a significant milestone," Hinkley Point C project director Philippe Bordarier said in a statement. "It demonstrates our ability to undertake the serious responsibility of nuclear power plant construction," he added. EDF Energy said 1,600 workers are on the site each day. Other work includes excavating soil and rock to prepare the ground for the power station buildings; constructing tower cranes for building work, accommodation buildings for workers and a temporary jetty. EDF is building the plant with China General Nuclear Power Corporation (CGN), which has a 33.5 percent stake. It is expected to generate 3.2 gigawatts of electricity, enough to meet about 7 percent of Britain''s demand. The plant is due to start producing power in around 2025. (Reporting by Nina Chestney; editing by Alexander Smith) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-nuclear-edf-idUKKBN1720OS'|'2017-03-31T15:00:00.000+03:00'
'4c03dc14a4072c46cb92bb455a0a7d0278d8e0d4'|'Berlin’s Airport Debacle: Five Years Late and Counting'|'You think you have a travel story from hell? Try this one: The inaugural flight from Berlin’s new international airport is almost five years late, and no one can say when it might take off.The airport’s planned launch in June 2012 was scrapped a month before its unveiling because of fire safety issues, and it’s since been pushed back three times. With costs piling up at €13 million ($14 million) a month, the operating company in March saw the departure of its third chief in four years. The black eye for Germany’s exalted engineering prowess threatens to undermine a tourism boom in Berlin, and there’s talk of scrapping a plan to shutter Tegel, one of the city’s existing airports. “This airport should have been a world-class showpiece for Germany,” says Tim Clark, president of Emirates Airline, which has long sought to introduce service to Berlin. “It’s an embarrassment.”Photographer: Krisztian Bocsi/Bloomberg The bill for Berlin Brandenburg Airport Willy Brandt —most people call it BER—has more than doubled, to some €5 billion, since construction began in 2006. And the delayed opening has wounded local restaurants as well as airlines Air Berlin Plc and Deutsche Lufthansa AG, which had expected to expand routes from the capital. Instead, Germany’s biggest city has fewer overseas flights than Düsseldorf (with less than a quarter of Berlin’s population).The list of construction defects reads like a bad joke: Automatic doors lacked electricity, escalators were too short, and a smoke-extraction system was so complex, yet ineffective, it was dubbed “the Monster,” according to daily tabloid Bild . To keep the air flowing and limit mold growth, empty trains run to an empty station in the basement of BER’s glass-clad terminal. Upstairs there’s everything an airport needs—except passengers.Once BER opens, it may already be too small. It was designed to accommodate 27 million passengers annually—ample for the 18 million arrivals in Berlin in 2006. But last year, Tegel and the city’s other functioning airport, Schönefeld, handled 33 million passengers. And BER will have 118 check-in counters, about 80 fewer than the combined number at Tegel and Schönefeld. “Resolving the capacity problem of BER will take another several years,” says Simon Morris, vice president at aviation adviser ICF International.Air traffic in Berlin has almost doubled in the past decade. The airport operator, Flughafen Berlin Brandenburg GmbH, which also runs Tegel and Schönefeld, says the terminal is 89 percent completed and some 150,000 defects have been remedied. The fire safety system is now largely fixed, 6,000 kilometers (3,728 miles) of cables have been relaid, and the northern runway has been resurfaced. With planned expansions, the airport will have enough capacity, the state-owned company said in an email. The aim is to “finish BER as soon as possible.”When the 2012 delay was announced, restaurants had already installed ovens and dishwashers in the terminal, Berlin designer Evelin Brandt had hired four people for a boutique and stocked it with clothing, and a toy retailer had ordered stuffed animals for its shelves. Haru-Reisen GmbH bought three buses to ferry travelers to BER, then had to sell them at a loss. All told, the company has swallowed some €300,000 in unreimbursed costs, says Karsten Schulze, Haru’s managing director. “No one wants to accept responsibility for the damage small companies have endured,” he says. The airport operator says it compensated some vendors with retail space at Tegel and Schönefeld.Air Berlin, which had expected BER to become its main hub, says it has “great concern” over the turmoil. The delay contributed to financial woes at Air Berlin, which in 2014 settled a suit with the airport operator after claiming at least €48 million in damages. Rival Lufthansa hired 200 cabin crew in 2012 for expected new routes and built a maintenance hall the size of a football field. The crews have mostly been transferred to the carrier’s low-cost arm, and part of the repair facility is being rented for servicing private jets. The situation at BER “is pretty embarrassing,” says Carsten Spohr, Lufthansa’s chief executive officer. “As a German engineer, I’m rather annoyed.”The government in 2008 closed Tempelhof—the historic facility where Allied planes landed in the Berlin Airlift—and the plan is to do the same with Tegel once BER begins operating. Designed for a fraction of the 21 million people who pass through annually, Tegel feels like it’s held together with duct tape: A secondary terminal is tacked onto a converted parking garage, and Air Berlin occupies a massive metal shed without any jet bridges. Still, the facility ranks highly with locals, and in its original hexagon-shaped terminal—opened in 1974—the distance from taxi to plane is just a few dozen steps. A citizens’ group has collected 250,000 signatures backing a referendum calling to keep Tegel open.The most important business stories of the day. Get Bloomberg&apos;s daily newsletter. Sign Up Dieter Faulenbach da Costa, a consultant who’s worked on airports in Frankfurt, Moscow, and New York, says not to expect a resolution anytime soon. He says it’s unlikely BER will open in less than four years—and that it might even be mothballed. “The airport company still doesn’t have the situation under control,” he says. “I don’t see them finding a way out of this crisis.”—With Richard Weiss and Andrea RothmanThe bottom line: Delays at Berlin’s new airport have doubled the cost, to $5 billion, and damaged the finances of airlines and local businesses.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'http://www.bloomberg.com/news/articles/2017-03-30/berlin-s-airport-debacle-five-years-late-and-counting'|'2017-03-30T12:01:00.000+03:00'
'0244280d8404ee02a98aefd00f49f17937babe44'|'Chesnara sees more UK acquisition opportunities ahead'|' 37am BST Chesnara sees more UK acquisition opportunities ahead Chesnara Plc ( CSN.L ), an insurance-focused takeover specialist, said on Friday it was "optimistic" that the UK acquisition market would become more active as uncertainty caused by regulatory changes and Solvency II capital rules reduces. The company said it had noted a recent gradual increase in closed book market activity in the UK, with larger finance companies looking to potentially shed capital intensive life and pension businesses and refocus on their core activities. "We have the flexibility to accommodate a wide range of potential target books," said Chesnara, which mainly buys life insurance funds closed to new customers. The company posted a nearly 5 percent fall in 2016 IFRS pretax profit to 40.7 million pounds ($50.74 million), hurt by lower interest rates and the absence of gains from its acquisition of Dutch company Waard Group in 2015. (Reporting by Esha Vaish and Noor Zainab Hussain in Bengaluru; Editing by Sunil Nair)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-chesnara-results-idUKKBN1720MA'|'2017-03-31T14:37:00.000+03:00'
'c48543799fb61d156e9893ca3ce37823d7780d5d'|'China March factory activity grows fastest in nearly five years on building boom'|'Business News   6:30am BST China March factory activity grows fastest in nearly five years on building boom left right Workers build scaffolding at a construction site on a hazy day in Beijing, China, December 31, 2016. REUTERS/Thomas Peter 1/2 left right An employee works on an assembly line producing automobiles at a factory in Qingdao, Shandong Province, China, March 1, 2016. REUTERS/Stringer 2/2 By Yawen Chen and Nicholas Heath - BEIJING BEIJING Activity in China''s manufacturing sector unexpectedly expanded at the fastest pace in nearly 5 years in March, adding to evidence that the world''s second-largest economy has gained momentum early this year as construction booms. But while factory output accelerated and new orders from home and abroad improved, economists are increasingly questioning how long China''s solid growth can be sustained. Over a dozen cities have announced fresh measures in March to cool the overheated property market, while the export outlook is threatened by U.S. President Donald Trump''s protectionist rhetoric. For now, though, China''s factories appear to have shifted into higher gear, encouraged by the strongest profit growth in six years. China''s official Purchasing Managers'' Index (PMI) rose to 51.8 in March from the previous month''s 51.6, data showed on Friday. That was the strongest reading since April 2012 and well above the 50-point mark that separates growth from contraction on a monthly basis. Economists had expected 51.6. Manufacturers also stopped shedding jobs in March for the first time in nearly five years as profitability improved. A prolonged slump in the sector and Beijing''s recent campaign to cut excess capacity in "smokestack" industries such as steel have put millions out of work. In an encouraging sign that China''s economic growth is also becoming more balanced and broad based, activity in the services sector accelerated last month. The official non-manufacturing Purchasing Managers'' Index (PMI) rose to 55.1, the highest since May 2014, a separate survey showed. The March activity readings and a raft of upbeat data for January and February point to solid growth early in 2017. China''s economy likely expanded 6.8 percent in the first quarter from a year earlier, in line with the previous quarter, said Zhang Yiping, an economist at Merchants Securities. Analysts polled by Reuters in January had expected growth would start to cool this quarter, and even the government has set a less aggressive full-year growth target of 6.5 percent. [nL4N1F82IZ] UNSUSTAINABLE GROWTH? China''s better-than-expected performance so far may be largely due to a surprise rebound in home sales and strong government infrastructure investment, which have added fresh impetus to a months-long construction boom that has lifted demand for materials from cement to steel. [nL3N1GR1IG] Factory output accelerated in March, with the sub-index rising to 54.2 from 53.7 in February. Highlighting the strength of the building boom, a measure of the construction industry stood at a robust 60.5, compared to 60.1 in February. Total new orders -- which cover domestic and export demand -- also showed improvement, rising to 53.3 from February''s 53. But economists continue to have worries. Apart from additional government curbs on property purchases, the central bank has embarked on cautious policy tightening to rein in the risks from a rapid build-up in debt. It has raised money market and short- and medium-term interest rates on special loans several times already this year. "Today''s PMI readings suggest that China''s economy continued to perform well in March, though we doubt the current strength will be sustained for much longer," Capital Economics said in a note. "The correction in the property market still has much further to run which, in combination with policy tightening, will drive a slowdown in investment and industrial activity during the coming quarters." The construction rally may already be starting to show signs of fatigue, said Jonas Short, Head of Beijing Office of investment bank NSBO, pointing to a drop in new construction orders to the lowest since August 2016. Inventories of iron ore at China''s ports have swelled to the highest since at least 2004, by some estimates, also suggesting the risk that supply is beginning to outpace demand.[nL2N1H8062] "We are concerned that this build-up in inventories in sectors such as steel is not going to be translated into end-user demand," Short said. Sharp gains in producer prices in recent months may also be losing their oomph, pointing to weaker profit growth ahead for the industrial sector. "The rally in China’s producer prices is reaching the limit...As prices start to ease, buyers will likely halt new orders and hence overall business momentum will slow," analysts at ANZ said in a note. Indeed, China''s iron ore futures prices fell nearly 2 percent on Friday and were set for a monthly drop of 13 percent on worries about surging stockpiles. [IRONORE/] TRUMP FEARS OVERSHADOW STRONG DATA Asian financial markets were largely unfazed by the buoyant China data as investors'' attention turned to the first meeting between Trump and Chinese President Xi Jinping next week. Trump foreshadowed the risk that those talks could be tense, tweeting on Thursday that the United States could no longer tolerate massive trade deficits and job losses.[nL3N1H72SM] The U.S. Commerce Department said earlier that Beijing must change its trade practices and the way its state enterprises operate. Trump''s recent meeting with German leader Angela Merkel "revealed he''s willing to give bad meetings. A bad meeting with President Xi would raise the prospect of a trade war, which would be a global risk-off event," ING''s chief Asia economist Tim Condon said in a note. (Reporting by Yawen Chen and Nicholas Heath; Editing by Kim Coghill) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-pmi-factory-official-idUKKBN17203W'|'2017-03-31T13:30:00.000+03:00'
'745368b8414630c4b625823c3eececb46341653c'|'Danone says to sell Stonyfield unit as part of WhiteWave deal'|'PARIS French food group Danone ( DANO.PA ) said on Friday it had decided to sell its U.S. subsidiary Stonyfield to facilitate the rapid closing of its acquisition of U.S. organic food producer WhiteWave foods Co ( WWAV.N ).Danone said in a statement the decision to sell Stonyfield, which had a 2016 turnover of around $370 million, stemmed from an agreement in principle it had reached with the anti-trust department of the U.S. Department of Justice.The WhiteWave acquisition is expected to close "promptly" Danone said, reiterating all its value-creating targets expected from the WhiteWave acquisition.(Reporting by Dominique Vidalon; Editing by GV De Clercq)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-danone-whitewave-idINKBN1720IV'|'2017-03-31T04:04:00.000+03:00'
'2efffbf99dafddb36be551e3654036969bad06a3'|'UPDATE 1-Brazil says to launch new benchmark BNDES loan rate in 2018'|' 17am EDT UPDATE 1-Brazil says to launch new benchmark BNDES loan rate in 2018 (Adds details) BRASILIA, March 31 Brazil''s government will overhaul in 2018 the benchmark interest rate that state development bank BNDES uses for long-term corporate loans in a bid to reduce costly subsidies, it said in a statement on Friday. The so-called TJLP lending rate, currently set on a quarterly basis by the National Monetary Council, will be replaced by a new rate based on yields paid by inflation-linked NTN-B bonds, according to a joint statement sent by the presidential office, the central bank, ministries and BNDES. BNDES, the largest source of long-term corporate loans in Brazil, uses the TJLP rate as a benchmark for subsidized loans. Under the current system, BNDES charges the TJLP plus a spread for most disbursements of corporate loans. For decades, the TJLP rate has run below the benchmark overnight lending rate, partly because of an effort by politicians to boost growth and create jobs. However, the implicit subsidy in these loans contributed to a sharp increase in public debt, which cost Brazil its investment-grade rating. The TJLP is currently at 7 percent, whereas the central bank''s benchmark interest rate stands at 12.25 percent. The new BNDES rate will be called TLP and will be valid for new loans starting in January 2018. Old loans will continue to be pegged to the TJLP rate, the statement said. (Reporting by Silvio Cascione; Editing by Chizu Nomiyama and Bernadette Baum)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-bndes-loans-idUSL2N1H80GS'|'2017-03-31T20:17:00.000+03:00'
'58bf78ff798bae26b84b01fd11a06b5844332375'|'Lux in flux: Luxury-goods companies are belatedly trying to go digital'|'IT TAKES at least a month to wash, comb, spin and otherwise prepare fine mohair to become cloth that is stitched into suits by Ermenegildo Zegna, a 107-year-old Italian brand. In Trivero, an Alpine village west of Milan, 150 artisans in an elegant factory work at carding, dying, weaving and warping. As looms rattle, bespectacled women stretch cloth over illuminated screens and check for imperfections. Others use a rack crammed with dried Spanish thistles to remove excess hair from fabric.Zegna, run by its fourth generation of family owners, is distinctive in many ways. Big corporate successes are rare in Italy, which tends to nurture smaller firms. Sales from Zegna’s 500-odd shops worldwide, plus earnings from selling to other producers, amount to an annual €1.2bn ($1.3bn) or so. It controls its entire supply chain, which is unusual even in an industry that cherishes raw materials. Three years ago it bought a 6,300-acre farm with 10,000 sheep in Australia. A spokeswoman brags that vertical integration at Zegna runs “from sheep to shop”. 2 hours ago The controversial bit of “Ghost in the Shell” is also its most original Prospero 2 hours ago SpaceX successfully reuses a rocket booster Science and technology 2 hours ago South Africa’s president sacks the finance minister in a cabinet reshuffle Middle East and Africa 4 hours ago South Korea’s ex-president is arrested on charges of bribery and abuse of power Asia 6 hours ago A stalled treaty with China highlights Australia’s geopolitical dilemma Asia 7 hours ago See all updates The company is also unusual because it has stayed independent of the few swaggering giants that bestride the luxury-goods world, of which the biggest is LVMH, Bernard Arnault’s 30-year-old conglomerate; it incorporates Louis Vuitton, Dior and many other brands. Other groups include Kering, also based in Paris and the owner of Gucci, and Richemont, a Swiss specialist in watches and jewellery. (The luxury sector is also replete with minnows, of course—single brands with revenues of just a few hundred million euros, such as Versace and Missoni.)But in other ways, Zegna is typical of the luxury business. European manufacturers dominate this €250bn industry, accounting for around 70% of production. And Zegna’s past growth and present challenges are shared by firms of all sizes.Luxury firms have prospered in the past by forging into new markets: first Japan, then America, then China, notes Armando Branchini of the European luxury-brands association in Milan. Jean-Christophe Babin, the boss of Bulgari, an Italian jeweller, says it was the spread of high-end, beautiful malls in Asia that did most for growth. In particular, status-hungry Chinese consumers propelled luxury’s recent long expansion. Olivier Abtan of the Boston Consulting Group in Paris describes ever-richer Chinese consumers, with an utter “lack of inhibition” in displaying their wealth, as the best possible boost that the luxury industry could imagine.The boss of one of the conglomerates recalls how difficult it was to balance rapid expansion of his brands against losing a perception of exclusivity. He resolved the dilemma by taking the theory of the “Veblen good”—one for which demand soars as it becomes more expensive—to an extreme, slapping ever-larger price tags on the firm’s posh handbags and other items.This Chinese boom is over. In the past four years Xi Jinping, China’s authoritarian leader, has cracked down on political rivals suspected of corruption, discouraged ostentatious displays of wealth and turned Chinese tourists off shopping abroad by levying heavier duties on those who return with armfuls of Hermès bags.Worse, because it could be a permanent shift, firms report changing tastes among Chinese consumers. They have been shunning big, shiny logos and—like Western shoppers—are now mixing cheap fast-fashion items with fewer luxury pieces. Last year, estimates suggest, China’s huge luxury market shrank (see chart).Solid economic growth in America in the past few years has helped sustain sales: stockmarkets and appetite for luxury goods reliably rise in step. Some retailers do report a recent uptick in Chinese demand over the past six months. Yet no one expects a return to the glory days. Terrorist attacks in Europe, slower growth in air traffic and lower spending in the region’s airports are also hurting luxury sales. The watch business has been particularly hard hit (see article ). In Milan the chairman of a famous Italian fashion brand warns of saturated markets. Adding new shops in China is not viable, he says, when “you already have 200 retailers selling every sort of luxury item”. He expects this year to be much like 2016—flat.Mr Abtan foresees years of modest global growth, perhaps of around 3%. A spokesman at Gucci says that the overall market is growing at “perhaps 1-2%, so the pie is not getting bigger”. The challenge at Gucci, he adds, is to achieve more “sales density” from existing shops.Which kind of firm is best placed to deal with slower growth: giants, minnows or medium-sized firms like Zegna? The advantages of being a conglomerate in luxury include having more muscle to secure brands favoured spots and lower rents inside shopping malls. Luxury groups can also multiply the effect of their marketing and share back-office services.A new argument for independent firms such as Hermès or Prada to join the big groups is the imperative to go digital. Luxury firms were slow to adopt sophisticated digital strategies so long as the going was easy. Only 8% of total personal luxury-goods sales take place online, compared with 16% for the rest of retail (excluding items such as petrol and groceries). But now the industry wants that to change.Michele Norsa, a former boss of Salvatore Ferragamo, an Italian maker of shoes, notes that new online habits are being led by young consumers who account for a growing share of luxury spending. Online markets have appeared for second-hand sales; fancy frocks can be hired for a few nights from websites such as Rent the Runway. The big firms are thinking of how to profit from such new markets—something that small firms might struggle to do.An Italian lawyer who has been involved in several big deals in the luxury sector expects more consolidation, and not only because the industry is slowing. In the online world, firms especially crave fine-grained data about the most attractive customers—for example, on the “super spenders”, the minority of the ultra-wealthy who account for an outsized share of total spending.Until now, brands within groups have jealously guarded customer information from each other. But conglomerates may start sharing. Next month LVMH will launch a common digital platform for its brands that will yield new sorts of data. It will compete with rival luxury sites such as Net-a-Porter, and promote the idea of “omnichannel” shopping (combining online and in-store purchases). A decade ago established brands “didn’t see online platforms as even compatible with luxury products,” says José Neves, the founder of Farfetch, an online seller of luxury goods. Now they see that having their own online presence is essential, he says.Mr Abtan of BCG says the big groups are probably best placed to go down such digital avenues. They can invest and buy expertise to push traffic from websites to shops. Firms of Zegna’s size also need to bring in skills and should be able to afford it. But the minnows may struggle. The next challenge for luxury-goods firms will be about more than controlling supply chains and colonising posh malls. They will have to understand as much as they can about consumers and their digital habits. From “sheep to screen” will soon matter at least as much as “sheep to shop”.'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21719839-bonanza-spread-high-end-shopping-malls-across-asia-largely-over-luxury-goods?fsrc=rss%7Cbus'|'2017-04-01T08:00:00.000+03:00'
'bae5d6c1883d1b1a3677f5a0e47905105be95434'|'Lululemon shares plummet after disappointing sales forecast'|' 59am BST Lululemon shares plummet after disappointing sales forecast left right People walk past a store by yogawear retailer Lululemon Athletica in New York City, U.S., March 30, 2017. REUTERS/Brendan McDermid 1/3 left right Clothes are displayed in a Lululemon Athletica retail store in New York, U.S., March 30, 2017. REUTERS/Brendan McDermid 2/3 left right Clothes are displayed in a Lululemon Athletica retail store in New York, U.S., March 30, 2017. REUTERS/Brendan McDermid 3/3 Shares of Lululemon Athletica Inc ( LULU.O ) were set for their biggest one-day percentage loss in more than eight years on Thursday, after the Canadian yogawear apparel maker warned that first-quarter sales would fall. Lululemon shares tumbled more than 23 percent to $51, their lowest level since December 2015, after brokerages slashed their price targets and ratings. The company''s holiday sales were stronger than for many other retailers, and investors had been optimistic heading into Wednesday''s after-hours release of Lululemon''s fourth-quarter results, with shares closing 4 percent higher. But analysts and investors were surprised by the "sudden collapse" in Lululemon''s post-holiday sales, as executives said they expected the company''s first same-store sales decline in 28 quarters, or since 2009. Lululemon executives said on Wednesday its apparel on offer for the current quarter had so far failed to excite shoppers who sought the depth and colour demanded by spring fashion, resulting in weaker sales, both online and at stores. The Vancouver-based retailer, which popularized "athleisure", faces relentless competition from Under Armour ( UAA.N ), Nike ( NKE.N ) and a multitude of other companies selling cheaper gym-wear. "Their fourth-quarter results uncovered several issues that are likely to create an overhang on the stock for the foreseeable future," said Wells Fargo analyst Ike Boruchow, who downgraded the stock to "market perform" from "outperform". "While disappointing, we''re comforted that the miss was partly self-inflicted," RBC Capital Markets analyst Brian Tunick wrote in a note. "Quality of sales continues, inventory is controlled ... and efforts are underway to address product/traffic issues." Some analysts noted that the outlook overshadowed promising new initiatives, including a loyalty programme, improved online and mobile capabilities, and its first global marketing campaign. Citi lowered its recommendation to "neutral" from "buy" and Susquehanna cut its rating to "neutral" from "positive". Lululemon stock was the biggest percentage loser on the Nasdaq on Thursday, putting the shares firmly into negative territory for the year. The company''s shares were also the most actively traded on the Nasdaq with over 31 million shares changing hands. (Reporting by Solarina Ho in Toronto and Anya George Tharakan in Bengaluru; Editing by Bernadette Baum and Sai Sachin Ravikumar)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lululemon-stocks-idUKKBN17202I'|'2017-03-31T08:59:00.000+03:00'
'12bb5a1bf54028a3f051ca8f116f2f2c0ed460f9'|'BRIEF-TRI Pointe Group says Messrs. Barry Sternlicht, Christopher Graham to resign from board - SEC filing'|' 45pm EDT BRIEF-TRI Pointe Group says Messrs. Barry Sternlicht, Christopher Graham to resign from board - SEC filing March 30 TRI Pointe Group Inc * TRI Pointe Group says on March 27, Messrs. Barry Sternlicht and Christopher Graham notified their decision to resign from co''s board - SEC filing * TRI Pointe Group Inc says board has also determined to decrease size of board to six directors Source text: ( bit.ly/2omCIpw )  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-tri-pointe-group-says-messrs-barry-idUSFWN1H70X0'|'2017-03-31T05:45:00.000+03:00'
'56129c4acb72cd904567aea93f1c9849962f8db5'|'China''s Guangzhou rolls out fresh curbs on flipping houses'|'Business News - Fri Mar 31, 2017 - 2:19am BST China''s Guangzhou rolls out fresh curbs on flipping houses The sun sets behind a construction site in Guangzhou, Guangdong province, January 3, 2014. REUTERS/Alex Lee SHANGHAI The southern Chinese city of Guangzhou has put fresh curbs on homeowners selling their homes quickly after purchasing in an attempt to cool the property market, the official Xinhua news agency reported. Homeowners will only be able to resell a property two years after they obtain an ownership certificate, according to the new rules that go into effect on Friday. These apply to both new and second-hand homes, Xinhua said. The new restrictions come two weeks after the city said it would allow unmarried people and non-local residents to buy only one home in the city, and raised the minimum down payment on second homes to 50 percent. China''s red-hot property market has been resisting cooling measures and purchase restrictions - first imposed by big cities but now adopted by smaller cities. Nationwide home sales surged in the first two months of the year despite such government measures, data showed. (Reporting by Brenda Goh; Editing by Edwina Gibbs) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-economy-property-idUKKBN172040'|'2017-03-31T09:19:00.000+03:00'
'efd9cb3502ac830786953c9cf9e8ab94ae81d6f2'|'Fallout: Westinghouse files for bankruptcy'|'THERE are few more storied innovators than Westinghouse. Founded in 1886, it is the company that brought electricity to the masses. When you plug in your toaster or flip your light switch, you have George Westinghouse’s alternating-current system to thank. In the 21st century the firm seemed poised to unleash a new revolution in nuclear energy. Its AP1000 pressurised water reactor was supposed to make nuclear plants simpler and cheaper to build, helping to jump-start projects in America and around the world.But those nuclear ambitions have gone awry. On March 29th the firm filed for Chapter 11 bankruptcy in New York. Its troubles have been a running sore at Toshiba, its Japanese parent, a headache for its creditors, and the latest bad tidings for a nuclear industry beset with problems.Latest updates South Africa’s president sacks the finance minister in a cabinet reshuffle Middle East and Africa an hour ago South Korea’s ex-president is arrested on charges of bribery and abuse of power Asia 4 hours ago A   4 hours ago The   6 hours ago Democrats   17   19   Toshiba was triumphant in 2006 when it paid $5.4bn for Westinghouse after a bidding war, beating out General Electric (founded by George Westinghouse’s archrival, Thomas Edison). Around the same time, Southern and SCANA, two big utilities based in Georgia and South Carolina, respectively, chose the AP1000 design for new nuclear plants.But these American projects soon faced the problems that have long plagued nuclear construction. In Westinghouse’s bankruptcy filing, the company explains a dismal chain reaction. Unexpected new safety and other requirements from American regulators caused delays and additional costs. That sparked a fight between the utilities, Westinghouse and its construction contractor, a subsidiary of Chicago Bridge & Iron (CB&I), about who should bear them. The brawl exacerbated delays.In an attempt to push the projects forward, Westinghouse acquired CB&I’s subsidiary, then became mired in litigation over the terms of the deal. It also signed new contracts with consortia led by Southern and SCANA, agreeing to shoulder unanticipated costs. Those costs mounted. Construction continued swallowing more time and labour than Westinghouse had hoped. In February Toshiba announced a $6.1bn write-down for the two American projects. Stephen Byrd of Morgan Stanley, a bank, anticipates that the total costs of the plants, if completed, would be about twice Westinghouse’s original estimate.The nuclear business has imperilled Toshiba itself. The company’s health had improved in the aftermath of a huge accounting scandal in 2015, but its nuclear unit dragged it back down. Toshiba now appears desperate to shrink as a way to grow. It was eager for Westinghouse to file for bankruptcy before the end of its financial year. It also intends to sell its lucrative chip business. Shrinking might indeed help Toshiba focus on its strengths, as a specialist in the design and production of heavy machines such as turbines, coolers, motors and control systems.But the Westinghouse bankruptcy is unlikely to be neat. Southern and SCANA may go to court to seek payment from Toshiba: the Japanese company has guaranteed ¥650bn ($5.9bn) against the spiralling cost of the projects. Any suggestion that Toshiba is bilking the utilities would anger Donald Trump. The AP1000 projects’ future was recently discussed in a meeting of officials from America and Japan.The degree of diplomatic friction depends on what happens to the projects. Westinghouse expects to continue working on the reactors in Georgia and South Carolina as bankruptcy proceedings go on, but the utilities may abandon the plants or seek another firm to build them. There have been rumours that Korea Electric Power, a state-controlled utility, might take over, but Westinghouse’s steep losses may keep it away. “This has bankrupted Westinghouse,” says Mr Byrd. “Why would another firm step into that situation?”The future for other AP1000 reactors looks bleak. A plant in China is years behind schedule. In America, the troubles in Georgia and South Carolina may bolster support for more modest nuclear projects, says Tyson Smith, a nuclear-energy expert at Winston & Strawn, a law firm. On March 15th the country’s nuclear regulator said it would review an application for America’s first small modular nuclear reactor (SMR), from a company called NuScale, in Oregon. The SMR technology has been touted as a cheaper, easier way to build nuclear capacity. But it will have to compete with inexpensive natural gas, wind farms and solar plants. Those hoping for an American nuclear resurgence may have to wait a long time yet.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21719836-global-nuclear-power-industry-beset-problems-westinghouse-files-bankruptcy?fsrc=rss'|'2017-04-01T08:00:00.000+03:00'
'58c17f83fdfb11fa2b5c5dff781a9a084b3671ba'|'CNOOC ties up with Australia''s FAR to hunt for oil, gas off West Africa'|'Company News   9:02pm EDT CNOOC ties up with Australia''s FAR to hunt for oil, gas off West Africa MELBOURNE, March 31 China''s CNOOC Ltd has agreed to team up with Australian minnow FAR Ltd to look for oil and gas prospects in what is seen as a promising frontier off Senegal and Gambia over the next two years, FAR said on Friday. FAR is already active in Senegal, where it is working with Woodside Petroleum and Cairn Energy to develop a deepwater oil field and this week bought an 80 percent stake in blocks off Gambia, just south of the Senegal acreage, from U.S. firm Erin Energy Corp. "The partnership and AMI (Area of Mutual Interest agreement) with CNOOC UK dramatically enhances FAR''s ability to acquire new assets in our core strategic geographic area of expertise," FAR Managing Director Cath Norman said in a statement. FAR plans to sell part of its 80 percent stake in the Gambian acreage over the next 18 months to help cover the $25 million to $30 million it will need to fund an exploration well there in late 2018, Norman said on the company''s web site. An external spokeswoman for CNOOC was not immediately available to comment. (Reporting by Sonali Paul; Editing by Richard Pullin) Next In Company News UPDATE 4-SpaceX launches first recycled rocket in test of cost-cutting model CAPE CANAVERAL, Fla., March 30 A SpaceX Falcon 9 rocket recovered at sea from its maiden flight last year blasted off again from Florida on Thursday in the first successful launch of a recycled orbital-class booster, which scored a double feat with another return landing on an ocean platform. * Asia ex-Japan set for 13 pct quarterly gain; Nikkei for 0.3 pct MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cnooc-far-westafrica-idUSL3N1H76GA'|'2017-03-31T09:02:00.000+03:00'
'47935143b2ecae40e6e00cc7bc12021314adb56b'|'Rothschild working with Telecom Italia to find broadband partner - sources'|'MILAN, March 28 Rothschild is working with Telecom Italia to find a partner to help fund part of the Italian phone group''s broadband business in Italy, three sources said on Tuesday.Last Thursday Telecom Italia said it would set up a new company to roll out its ultrafast broadband network in non-economically viable areas of Italy. It said it intended to choose a financial partner as majority shareholder in the coming months.Rothschild has no official mandate, one of the sources said.Financial daily Il Sole 24 Ore said on Tuesday adviser Rothschild had identified around 20 players interested in investing in the unit."Teasers were sent out last week," another person familiar with the matter said, adding the aim was to find a partner in coming weeks. (Reporting by Stephen Jewkes and Agnieszka Flak)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/telecomitalia-ma-broadband-idINI6N1H0007'|'2017-03-28T06:02:00.000+03:00'
'7f8f8e61d7ae00692789fc623a3ee84f985617cb'|'Changes: Five ways Brexit will transform the EU'|'By Alastair Macdonald - BRUSSELS BRUSSELS Leaving the European Union, to be triggered by Prime Minister Theresa May on Wednesday, may transform Britain but it will also change the EU. Here''s how:EU BUDGET: WHERE''S THE MONEY GONE?The Union''s budget accounts for only 2 percent of public spending in the bloc. But in the east, transfers from Brussels contribute a much bigger share - some 8 percent of Poland''s budget and nearly a fifth of Bulgaria''s.Without Britain, Brussels will have about a sixth less to give to countries that are net recipients, setting up a fight between east and west over a 7-year spending plan from 2021.In the short term, there will also be a battle with Britain over what it owes on leaving. London may choose to keep paying for access to some key EU budgets, such as for research. But big accounts, like farm subsidies, could be in for radical review.BALANCE OF POWER: FRIENDS LEFT IN LURCHBritain has used its 12-percent share of EU votes to curb Brussels spending and push hard for free trade. Its departure worries smaller northern allies like the Nordics and Dutch.Poorer easterners, whose membership Britain championed, fret that Germany and France may stiffen barriers to their low-wage workforce or beef up EU federal powers the ex-communist states dislike. Aspiring new members, notably in the Balkans, also lose an ally against rich westerners wary of further EU enlargement.The 19 euro countries will lose a key block on their caucus power. They can now outvote non-euro states, but only just. A non-euro bloc led by Poland and Sweden would need major dissent among euro countries to prevent the euro zone setting EU policy.France becomes the EU''s only nuclear-armed, veto-wielding U.N. Security Council member and loses a dogged opponent of its ambitions for more EU defense cooperation outside the U.S.-led NATO alliance; defense is already back on Brussels'' agenda.Germany, ambivalent about being seen as dominating Europe by dint of its economic muscle and being home to nearly one post-Brexit EU citizen in five, is uneasy about how to maintain balance, notably with economically struggling co-founder France.EU IN THE WORLD: A DIMINISHED FORCEThe EU loses a hefty interlocutor with the United States and the wider English-speaking world. A historic diplomatic and military force, Britain''s insight and influence with powers like China and Russia or in the Middle East have been useful to the EU. In Africa, a source of growing concern over migration, British aid budgets and other clout have played a key role.London''s tough line with Moscow has won it friends among the likes of the Baltic states and the Netherlands, which fear that a softer approach from France, Italy and, possibly, Germany will undermine a consensus for pressuring Russia with sanctions over its actions in Ukraine or for cutting dependence on Russian gas.POLITICAL CULTURE: VIVE LE BREXIT?Though under-represented in the staff of EU institutions, British officials over 44 years of membership have established a key role in senior positions as well as in the EU parliament. That will disappear as British citizens are shut out of EU jobs.Many governments, notably from smaller states, value what they see as a British approach to administration that is more pragmatic and laissez-faire than the more centralized, dirigiste tradition embedded in the French foundations of the Union.Britain will leave one legacy likely to survive in the form of English as Brussels'' working language, despite some hopes in Paris of restoring the prominence of French.SURVIVAL GAME: BREAKING THE BREAK-UP TABOOSince the Brexit vote, EU leaders speak of a renewed unity among the remaining 27. Polls suggest popular support for the EU has broadly increased. But unity will be sorely tested by Brexit negotiations, with governments all having differing priorities.The unprecedented use of Article 50 of the EU treaty breaks a taboo and means invocations of an "indivisible Union" now ring hollow. Brussels will have to contend with more threats to quit, coloring decision-making across the board for years to come.(Additional reporting by Waverly Colville; editing by Andrew Roche)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-britain-eu-changes-idINKBN16Z0OC'|'2017-03-28T05:09:00.000+03:00'
'45693c9aa0f9601a4550ec2eb9c0454382427eb4'|'Facebook adds camera features, moving closer to Snapchat'|' 25pm BST Facebook adds camera features, moving closer to Snapchat FILE PHOTO - A Facebook logo is displayed on the side of a tour bus in New York''s financial district July 28, 2015. REUTERS/Brendan McDermid/File Photo C By David Ingram - SAN FRANCISCO SAN FRANCISCO Facebook Inc ( FB.O ) is giving the camera a central place on its smartphone app for the first time, encouraging users to take more pictures and edit them with digital stickers that show the influence of camera-friendly rival Snapchat. With an update scheduled to take effect on Tuesday, Facebook will allow users to get to the app''s camera with one swipe of their finger and then add visual details like a rainbow or a beard of glitter. Users will be able to share a picture privately with a friend, rather than to the user''s entire list of friends, and add a picture to a gallery known as a "story," similar to a feature on the Snapchat app. Snapchat, owned by Snap Inc ( SNAP.N ), popularized the sharing of digitally decorated photographs on social media, especially among teenagers, and exposed a weakness of Facebook as the companies battle for eyeballs and leisure time. Snap, which went public this month, has recently emphasized its ambitions to build gadgets and has called itself a camera company rather than a social media firm. Facebook, the world''s largest social network with some 1.86 billion users, denies it took its camera ideas from Snapchat and says it got them from Facebook users. "Our goal here is to give people more to do on Facebook and that''s really been the main inspiration," Connor Hayes, a Facebook product manager, said in a briefing with reporters. In a glimpse of how the features could tie in with other businesses, one of the first camera effects will be the ability to morph someone in a photograph into a yellow, cartoon "Minion." The latest Minion movie, "Despicable Me 3," is due out in a few months from Comcast Corp''s ( CMCSA.O ) NBC Universal. Facebook has deals to license content from six film studios, as well as from two artists, said Kristen Spilman, design director at Facebook. Another visual effect that can be added to pictures allows someone in a picture to "become a laser cat with super powers," Spilman said. The effects will vary by location. Spilman said that when Facebook tested the ability to add the phrase "LOL" - the acronym for "laugh out loud" - to a picture, users in Ireland were confused by what it meant. (Reporting by David Ingram; Editing by Bill Trott) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-facebook-camera-idUKKBN16Z1GV'|'2017-03-28T20:25:00.000+03:00'
'9b76ecf8375f93deb96597e0db42925625240af8'|'Akzo Nobel to detail new strategic plan on April 19'|'Deals - Tue Mar 28, 2017 - 2:38am EDT Akzo Nobel to detail new strategic plan on April 19 FILE PHOTO: AkzoNobel''s logo is seen in Amsterdam, Netherlands, February 16, 2012. REUTERS/Robin van Lonkhuijsen/United Photos/File Photo AMSTERDAM Akzo Nobel ( AKZO.AS ), the Dutch paints and coatings maker trying to avoid being taken over by larger U.S. rival PPG Industries ( PPG.N ), said on Tuesday it would detail its strategy to remain independent on April 19. The company has said it wants to sell or float its chemicals division, which accounts for about a third of sales and profit, instead of merging with PPG. Akzo Nobel said it would also publish first-quarter results on April 19 instead of April 24. The company''s annual shareholders'' meeting is scheduled for April 25. Akzo has so far declined to engage in talks with PPG over its cash-and-shares takeover proposal, worth about 24.2 billion euros ($26.3 billion) at current prices, despite demands by a large number of its own shareholders that it do so. (Reporting by Toby Sterling; Editing by Mark Potter) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-akzo-nobel-m-a-ppg-inds-idUSKBN16Z0LF'|'2017-03-28T14:38:00.000+03:00'
'3dc2e29dcc0dcb9f2d72e7c7d81121e045e5f736'|'Bain Capital walks away from Resilux deal after German anti-trust ruling'|'Bain Capital Private Equity has decided not to proceed with the acquisition of Belgian packaging company Resilux ( RESI.BR ) due to an anti-trust ruling in Germany, the investment company said on Tuesday.Bain Capital said Germany''s anti-trust authority had informed it the combined acquisition of Resilux and UK peer Petainer Topco had not received a so-called phase I clearance and would need to have a phase II review.The phase I review takes roughly a month. The regulator typically opens a phase II investigation of up to a further three months if it has serious concerns a deal may harm consumers and rivals.This made the transaction difficult to pursue as a result of the timeline for delisting Resilux, Bain Capital said."The decision not to pursue the acquisition does not reflect any change in opinion on the strengths of either Resilux NV or Petainer, nor is it the result of adverse due diligence findings," Bain Capital said in a statement.Resilux shares have risen 15 percent to 187.25 euros since it was announced in early February that Bain Capital was considering a 195 euros per share bid. That valued the company at about 386 million euros ($419 million).Resilux was not immediately available for comment.Shares in the company were suspended on Tuesday morning.($1 = 0.9211 euros)(Reporting by Alan Charlish; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-resilux-m-a-baincapital-idINKBN16Z0R3'|'2017-03-28T05:52:00.000+03:00'
'a642dd6543257796d08619cf1d008e79f82c3eaa'|'Strauss Coffee buys back shares from TPG for 257 million euros'|'TEL AVIV Strauss Coffee has agreed to buy back a 25.1 percent stake in the company held by buyout firm TPG Capital Management for 257 million euros ($279 million), its parent company Strauss Group said on Tuesday.The deal will contribute to earnings per share, said Israel-based Strauss Group, which owns the rest of Strauss Coffee. It did not provide details. Strauss paid TPG 172 million euros on Monday and will pay the remaining 85 million by Aug. 15.Strauss said in December that TPG was looking to sell its 25.1 percent stake in Strauss Coffee.TPG bought its stake in Strauss Coffee in 2008 for $293 million, but relations between the partners soured after TPG tried to keep a former TPG employee from losing his job as chief executive of the coffee firm. It lost that fight in court and the former employee was ousted in 2014.(Reporting by Tova Cohen; Editing by Steven Scheer)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-strauss-group-tpg-capital-coffee-idINKBN16Z0H9'|'2017-03-28T03:49:00.000+03:00'
'5c792858fd919835dbfa4fb012476e68ac633bde'|'China Southern Airlines to sell $200 million shares to American Airlines'|'HONG KONG/SHANGHAI China Southern Airlines Co Ltd said on Tuesday it would issue HK$1.55 billion ($199.6 million) worth of shares to a subsidiary of American Airlines Group Inc, giving the U.S. airline a stake in China''s largest carrier.The deal would make American Airlines the second U.S. carrier to own part of a Chinese airline after Delta Air Lines Inc bought 3.55 percent of China Eastern Airlines Corp for $450 million in 2015.In a filing to the Hong Kong stock exchange, China Southern said it would issue 270.61 million Hong Kong-listed H-shares, representing 2.68 percent of the enlarged share capital of the airline.The shares would be issued at HK$5.74 apiece, or at a 4.6 percent premium to the previous close.Among other things, the deal would help China Southern improve its governance, strengthen management, boost its competitiveness and help "achieve the strategic goal of building a world-class aviation industry group", the filing said.It said the two airlines may also increase cooperation in code-sharing and other areas, including staffing, sales, passenger loyalty programmes and airport facilities sharing.China Southern''s Hong Kong-listed shares jumped as much as 5.3 percent in early morning trading on Monday before closing at HK$5.49, while its mainland-listed shares remained suspended.The airline is China''s biggest in terms of passenger numbers. It is a member of the SkyTeam airline alliance and is based in the southern city of Guangzhou.The tie-up comes as Beijing has vowed to shake up Chinese airlines by implementing mixed-ownership reforms and introducing private capital and strategic investment into its state-owned enterprises in a bid to improve efficiency and competitiveness.Chinese airlines have been aggressively expanding their fleet and increasing the number of their international routes as they seek to capitalise on strong growth in outbound Chinese travel that has far outpaced tourism at home.For American Airlines, the deal could widen access to China, one of the biggest sources of tourists to the United States, and will help it compete with rival Delta, which has invested in foreign carriers in Mexico, Brazil and Britain in recent years. ($1 = 7.7676 Hong Kong dollars)(Reporting by Donny Kwok in HONG KONG and John Ruwitch in SHANGHAI; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/china-southern-american-airline-idINKBN16Z07J'|'2017-03-28T00:33:00.000+03:00'
'9d405612743e03aaa4775786346979728a7cfb66'|'Boeing''s newest, largest Dreamliner completes first flight'|' 58pm BST Boeing''s newest, largest Dreamliner completes first flight left right A pilot waves to the crowd during the first flight ceremony of the new Boeing 787-10 Dreamliner at the Charleston International Airport in North Charleston, South Carolina, United States March 31, 2017. REUTERS/Randall Hill 1/8 left right The new Boeing 787-10 Dreamliner takes off during a first flight ceremony at the Charleston International Airport in North Charleston, South Carolina, United States March 31, 2017. REUTERS/Randall Hill 2/8 left right A photographer takes a photo during the first flight of the new Boeing 787-10 Dreamliner at the Charleston International Airport in North Charleston, South Carolina, United States March 31, 2017. REUTERS/Randall Hill 3/8 left right Employees and guest watch during the first flight ceremony of the new Boeing 787-10 Dreamliner at the Charleston International Airport in North Charleston, South Carolina, United States March 31, 2017. REUTERS/Randall Hill 4/8 left right Employees and guest take photos during the first flight ceremony of the new Boeing 787-10 Dreamliner at the Charleston International Airport in North Charleston, South Carolina, United States March 31, 2017. REUTERS/Randall Hill 5/8 left right Boeing employee Alyssa Monserrate, hands out commemorative flags before the first flight of the new Boeing 787-10 Dreamliner at the Charleston International Airport in North Charleston, South Carolina, United States March 31, 2017. REUTERS/Randall Hill 6/8 left right Guests wave flags introducing the first flight of the new Boeing 787-10 Dreamliner at the Charleston International Airport in North Charleston, South Carolina, United States March 31, 2017. REUTERS/Randall Hill 7/8 left right Employees and guest wait before the first flight ceremony of the new Boeing 787-10 Dreamliner at the Charleston International Airport in North Charleston, South Carolina, United States March 31, 2017. REUTERS/Randall Hill 8/8 NORTH CHARLESTON, S.C. Boeing Co''s ( BA.N ) newest and largest Dreamliner model, the 787-10, successfully made its first flight on Friday, kicking off a test program for the high-tech jet. The plane, which sells for $312.8 million at list price and rounds out a family of three carbon-fiber composite Dreamliners, flew well, the pilots said. "We had a great flight," Captain Tim Berg said at a news conference after the flight. The plane "performed exactly like we thought it would." The flight was one of three initial voyages on Friday, joining the Airbus ( AIR.PA ) A319neo jetliner and the Antonov An-132D, a light turboprop military transport developed with Saudi Arabia. Boeing''s 787-10 is being built at Boeing''s factory in North Charleston, South Carolina, due to its large size. The facility is Boeing''s only jetliner assembly factory outside of Washington state and, in contrast to the others, is not unionized. Last month, the new plane provided a dramatic backdrop for President Donald Trump''s visit to the Boeing factory, where he promised to boost U.S. manufacturing and punish companies for moving jobs overseas. Companies in Japan, China, Italy, Sweden, France and Britain produce many of the 787''s major components, such as wings, fuselage sections and the rudder. Airlines can choose engines from General Electric Co ( GE.N ) of the United States, or Britain''s Rolls-Royce Holdings Plc ( RR.L ). The first 787-10 took off at 9:38 a.m. EDT (1338 GMT) and landed at 2:35 pm EDT. The plane is a second and final "stretch," of the original 787-8, which debuted in 2011. It is 18 feet (5.5 meters) longer than the 787-9 and seats 330 passengers, 40 more than the 787-9 and 88 more than the 787-8. The 787 has been a top seller, with 1,200 firm orders as airlines use it to open new routes between smaller cities that can be profitable with the fuel-efficient 787. Airbus competes against the 787-10 with its A330neo, a remake of its older, aluminium-hulled A330 equipped with fuel-efficient engines. Both jets are optimised for shorter flights compared with other mid-sized, twin-aisle planes. After brisk initial sales, orders for both have slowed, with Airbus selling just over 220 of its A330neo. So far, the 787-10 has booked 149 orders from nine customers, about 12 percent of the total of firm orders. The mid-sized 787-9 has captured just over half the total. After spending 2017 in testing, the 787-10 is expected to enter service with airlines in 2018. (Reporting by Alwyn Scott in New York, Harriet McLeod in North Charleston and Tim Hepher in Paris; Editing by Bernadette Baum and Lisa Shumaker)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-boeing-flight-idUKKBN1721XF'|'2017-04-01T03:58:00.000+03:00'
'824cda6b6eb2ea1261989be2de42ca05dbf49f6d'|'Akzo Nobel''s chairman says PPG''s proposal "just a poor offer" - newspaper interview'|'Business News - Fri Mar 31, 2017 - 7:15pm BST Akzo Nobel''s chairman says PPG''s proposal "just a poor offer" - newspaper interview FILE PHOTO: Akzo Nobel''s logo is seen in Amsterdam, Netherlands, February 16, 2012. REUTERS/Robin van Lonkhuijsen/United Photos/File Photo AMSTERDAM Akzo Nobel ( AKZO.AS ) Chairman Antony Bergmans on Friday again dismissed a takeover proposal from U.S. rival PPG Industries ( PPG.N ) as "a poor offer". Akzo shareholders and analysts have called for the Dutch company to enter discussions with PPG. But Burgmans said in an interview with De Telegraaf newspaper that the proposal was "just a poor offer" that "fundamentally undervalues our company and, what''s more, doesn''t address any of our other concerns." Akzo has said a merger would be bad for its employees and would likely face antitrust concerns. Burgmans also said that the fact PPG''s proposal is partly in shares - the offer is worth 90.16 euros at PPG''s current share price - makes it unattractive. PPG has said that job losses would be minimal and antitrust concerns are manageable. Akzo Nobel shares closed at 77.73 euros on Friday in Amsterdam, suggesting investors have significant doubts about whether PPG''s pursuit of Akzo will ultimately be successful. Akzo has said it prefers to remain independent and has a plan to spin off its chemicals division, representing about a third of sales and profits, which it will detail in a presentation of its independent business plan on April 19. Analysts say it is not realistic that Akzo can achieve a value of 90 euros per share as an independent company for many years, even after a carve-out of the chemicals business. "Just listen to our plan on April 19" Burgmans told the newspaper. (This version of the story corrects spelling of Burgmans'' first name) (Reporting by Toby Sterling; Editing by Greg Mahlich and David Evans) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-akzo-nobel-m-a-ppg-inds-idUKKBN1722KL'|'2017-04-01T02:15:00.000+03:00'
'56dc329d13159c4b2cdd1b5115a6c174e3d63dcb'|'BOJ tankan seen showing manufacturers'' mood strongest since mid-2015'|'Business News -  10am BST BOJ tankan seen showing manufacturers'' mood strongest since mid-2015 Men walk toward the Bank of Japan (BOJ) building in Tokyo, Japan, September 21, 2016. REUTERS/Toru Hanai By Kaori Kaneko - TOKYO TOKYO Japanese manufacturers'' business outlook likely improved for a second straight quarter in March to its strongest since mid-2015, a Reuters poll found on Friday, buoyed by a weak yen and a pickup in exports. The Bank of Japan''s quarterly tankan business sentiment survey will likely show the headline index for big manufacturers'' sentiment improved by four points to plus 14 in March from plus 10 in December, the poll of 19 economists found. It would be the highest reading since the June 2015 survey when the index of big manufacturers'' mood was at plus 15. The poll found the sentiment index for big non-manufacturers would likely rise to plus 20 from plus 18 three months ago, improving for the first time in six quarters and hitting its highest level since March 2016 when it stood at plus 22. But the outlook of both manufacturers'' and non-manufacturers will likely worsen slightly in the short term as uncertainty over the Trump administration''s trade policies and an unstable political situation in Europe invite companies to be cautious. "We expect big manufacturers'' mood improved broadly, helped by export recovery and continued yen weakness," said Tsuyoshi Ueno, senior economist at NLI Research Institute. "But the situation is extremely fluid, such as the prospects for President Trump''s policy management and political risks in Europe." Ueno added that prices were expected to rise in coming months, which would likely raise firms'' worries about negative effects on consumers. The poll found the sentiment of big manufacturers will worsen to plus 13 in the coming three months and that of non-manufacturers will deteriorate to plus 18. Big corporations were seen trimming their capital spending plans by 0.1 percent for the coming fiscal year from April, according to the poll. "We expect firms'' capital spending plan will be upgraded steadily later due to their ample cash flow on favorable profits," said Hideaki Kikuchi, an economist at Japan Research Institute. "In addition, there is solid demand for investment to renew aging facilities and increase efficiency." The BOJ will release the tankan quarterly sentiment survey at 8:50 a.m. on April 3 (2350 GMT on April 2). A separate Reuters'' monthly poll, which tracks the BOJ''s quarterly tankan, showed last week that confidence among Japanese manufacturers rose for a seventh straight month in March to a three-year high, while the service sector''s mood was steady. (Reporting by Kaori Kaneko; Editing by Eric Meijer) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-japan-economy-preview-idUKKBN1720E5'|'2017-03-31T13:01:00.000+03:00'
'1d0fd1dbd1b4d266cb5e9a5c365137f42d77b6eb'|'Bank of Ireland announces 30-to-1 share consolidation'|'  3:41pm BST Bank of Ireland announces 30-to-1 share consolidation DUBLIN Bank of Ireland ( BKIR.I ) on Friday announced a share consolidation and corporate restructuring in moves it said would help it comply with new European banking regulations. The bank, Ireland''s largest lender by assets, said it has applied to establish a new Irish-incorporated group holding company, Bank of Ireland Group plc, that will become the 100 percent owner of the ordinary stock of the bank. At the same time it will consolidate its share structure, with ordinary stockholder receiving one share in the new entity for every 30 units of stock held. Stockholders'' ownership of the group will not change as a result of the move, it said. The bank is 14 percent owned by the Irish state. The move will position the share price "in a range that is more appropriate to the size of the Group" and may assist in reducing share price volatility, the bank said in a statement. The moves were agreed with regulators at the European Union''s Single Resolution Board and the Bank of England, and will allow the bank to comply with new rules on bank bail-ins, it said. (Reporting by Conor Humphries, editing by David  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bank-of-ireland-stocks-idUKKBN17220Z'|'2017-03-31T22:41:00.000+03:00'
'4b306a6e4760733da86d290ae1adf4b7c6e5e6cb'|'Europe back in vogue as Trump bulls pull in horns - BAML'|'Company News  05am EDT Europe back in vogue as Trump bulls pull in horns - BAML By Marc Jones - LONDON, March 31 LONDON, March 31 European stocks have had their best week in over a year as fading faith in the Trump trade has pushed investors across the Atlantic to where the euro and the region''s economy may be heading higher. Figures from Bank of America Merrill Lynch (BAML), which track investment flows up until Wednesday, showed $1.5 billion being pumped into European equities and a second straight week of outflows ($0.8 billion) for U.S. shares. BAML''s analysts said it was a case of "Europe in vogue" amid a growing belief that the right-wing Marine Le Pen will not win the French election, but also after U.S. President Donald Trump''s image took a hit as saw his first major policy change attempt scuppered. "The AHCA (Obamacare) vote led to outflows this week from aggressive fiscal stimulus trades (infrastructure, materials, US value)," BAML said. "It may also have encouraged inflows to bonds (ex. high yield bonds) and further acceleration of flows to non-U.S. equities." Listing the start of the year''s main winners and losers; global equities rose 7 percent outperforming the 2 percent gain in bonds. The biggest "pain trade" meanwhile was the dollar which fell 2 percent and commodities which slumped 5 percent. Bonds, which are seen as a low risk asset to hold, have seen inflows in 13 of the last 14 weeks, though it includes nine straight weeks on inflows in riskier emerging market debt funds and 16 uninterrupted for inflation-linked TIPS funds. As the safer end again, precious metals have gained for seven out of the last nine weeks. Broadly spirits are still high though it seems. A 1-10 "Bull & Bear indicator" BAML compiles remains at 7.0, just shy of a contrarian "sell signal". "We believe investor bullishness is light and reluctant," the bank said. (Reporting by Marc Jones; Editing by Alison Williams) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/markets-flows-baml-idUSL5N1H83R2'|'2017-03-31T20:05:00.000+03:00'
'de4f26c038e94b0252b7537f5e415f5b19b6eab8'|'Taiwan''s Fubon to sell out of Dutch insurer Delta Lloyd'|'By Faith Hung - TAIPEI TAIPEI Fubon Financial Holding Co ( 2881.TW ) is planning to take a cash offer for its entire stake in Delta Lloyd ( DLL.AS ) from NN Group ( NN.AS ) amid concerns about the outlook for the two Dutch insurers'' merger.The move follows Delta Lloyd''s agreement to be taken over by its larger rival NN, after NN nudged up its earlier unsolicited offer by 1.9 percent to 2.5 billion euros ($2.61 billion).Fubon, the parent company of Taiwan''s second-biggest life insurer, said it would accept the offer even though it would result in a loss of about 90 million euros. "The synergies remain unknown as NN Group faces the uncertainty of problems associated with completing the merger," it said in a statement late on Thursday."So we''d like to cash in our stake now to avoid that uncertainty."Fubon is a major stake-holder of Delta Lloyd, although the company declined to say exactly how many shares it owned.Delta Lloyd missed market forecasts in February for its full-year profit and said its solvency had fallen towards the bottom of its target range.Fubon stocks were down 0.6 percent at about 0325 GMT, trailing the broader market''s .TWII 0.1 percent dip.(Reporting by Faith Hung; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-fubon-financial-delta-lloyd-idINKBN1720AK'|'2017-03-31T01:36:00.000+03:00'
'4ccdd20db3e10188e3115433b7561c971e130b74'|'Swiss stocks - Factors to watch on March 31'|'ZURICH, March 31 The following are some of the main factors expected to affect Swiss stocks on Friday:ACTELIONJohnson & Johnson declared its $30 billion tender offer for Swiss biotechnology company Actelion successful on Friday, reporting it controlled 77.2 percent of the voting rights after the main offer period. The price of the offer, which J&J announced on Jan. 26, was $280 per share for Actelion. It said it expected the transaction to close in the second quarter.For more click onCOMPANY STATEMENTS* Zurich Insurance is redeeming $1 billion worth of trust preferred securities early. The securities, issued in 2007 by ZFS Finance (USA) Trust V are expected to be redeemed on May 9, 2017 at par plus accrued interest, Zurich said. The net amount outstanding is $501 million.An Australian court has approved an arrangement under which Zurich Insurance will acquire all shares in travel insurer Cover-More. Cover-More expects to lodge the approval with Australia''s Securities and Investment Commission April 3.* Helvetia has placed a 500 million euros ($536.25 million) subordinated hybrid-bond on the EUR capital market. The bond bears a fixed coupon of 3.375 percent until its first optional call date in September 2027.* Credit Suisse said it plans to suspend further issuance of its exchange-traded notes. The plan does not affect investors'' ability to offer the bank ETNs for repurchase, Credit Suisse said.* VAT Group expects to grow sales at least 20 percent in 2017 in constant currency after net income jumped to 67 million francs in 2016. The group nominated Martin Komischke to succeed Horst Heidsieck as chairman of the board.* Sika appointed six managers to new positions within the firm, which its CEO said would help the group achieve its growth strategy and 2020 targets.ECONOMY(Reporting by Zurich newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/markets-swiss-stocks-idINL5N1H763J'|'2017-03-31T03:22:00.000+03:00'
'27fe076f85a43111cad9e777c1514ef92a7acf21'|'UPDATE 1-UK Stocks-Factors to watch on March 31'|'Company News  42am EDT UPDATE 1-UK Stocks-Factors to watch on March 31 (Adds company news items, futures) March 31 Britain''s FTSE 100 index is seen opening down 19 points at 7,351 points on Friday, according to financial bookmakers, with futures down 0.4 percent ahead of the cash market open. * CHESNARA: Chesnara Plc, an insurance-focused takeover specialist, said on Friday it was "optimistic" that the UK acquisition market would become more active as uncertainty caused by regulatory changes and Solvency II capital rules reduces. * BT: Britain''s telecoms regulator said it planned to promote investment in faster broadband by cutting the price that network operator BT can charge other operators for connections with download speeds of up to 40 Mbit per second. * DIAGEO: Diageo, the world''s largest spirits maker, spotted in 2015 that drinkers in the emerging middle class in Ghana and Cameroon were keen to show off their new status by buying their own bottles of Johnnie Walker rather than shots. * BRITAIN TREASURY: The British government said on Friday it has sold a portfolio of mortgages that were issued by failed lender Bradford & Bingley to insurer Prudential and buyout firm Blackstone, for 11.8 billion pounds ($14.7 billion). * BRITAIN HOUSE PRICES: British house prices fell in March for the first time since mid-2015, mortgage lender Nationwide said on Friday, another sign that households are turning more cautious as the country prepares to leave the European Union. * SMITHS GROUP: The U.S. Justice Department said on Thursday it will require Smiths Group Plc to divest Morpho Detection LLC and Morpho Detection International LLC''s global explosive trace detection business for Smiths to proceed with its proposed $710 million acquisition of Morpho from Safran SA . * JOHN LEWIS: John Lewis, Britain''s largest department store operator, is hopeful any downturn in consumer spending will see history repeat itself with a "flight to quality" rather than consumers opting to trade down, its new boss said on Thursday. * BRITAIN M&A: Mergers and acquisitions (M&A) activity involving British companies remained relatively robust in the first quarter of the year despite expectations of a slowdown ahead of the country''s divorce from the European Union. * BRITAIN ECONOMY: British consumer morale steadied in March but households remain downbeat about the outlook for the economy as the process of leaving the European Union gets underway, a survey showed on Friday. * BREXIT: The European Union will tell Britain on Friday how it aims to negotiate its "orderly withdrawal" from the bloc, limit uncertainties for businesses and pave the way for a close future partnership. * OIL: Oil prices eased on Friday as traders took profits following three days of straight gains on the expectation that an OPEC-led crude supply cut that was initially supposed to only last for the first half of the year would be extended. * The UK blue chip FTSE 100 index closed down 0.06 percent at 7,369.52 on Thursday, with mining stocks providing the most support, while stocks trading without their dividends weighed on the market. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Siju Varghese; Editing by Sunil Nair) Next In Company News Nikkei drops to over 7-wk closing low as investors lock in gains TOKYO, March 31 Japanese stocks dropped to more than seven-week closing lows on Friday in choppy trade as investors locked in gains on the last trading day of the fiscal year, led by selling in futures and bellwether stocks such as exporters. The following factors could affec t Italian markets on Friday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1H82U9'|'2017-03-31T14:42:00.000+03:00'
'873f0b3a1536dd1e2245268cece130cd79aab4c2'|'Authorities visit Credit Suisse''s London, Paris, Amsterdam offices'|'Business News - Fri Mar 31, 2017 - 10:13am BST Authorities visit Credit Suisse''s London, Paris, Amsterdam offices ZURICH Swiss bank Credit Suisse ( CSGN.S ) said on Friday its offices in London, Paris and Amsterdam were contacted by local authorities concerning client tax matters. "We are cooperating with the authorities," the Zurich-based bank said in a statement. Earlier, Dutch prosecutors said they had launched an international hunt for people seeking to hide assets and evade taxes after receiving a tip-off about undisclosed accounts at a Swiss bank. (Reporting by Joshua Franklin; Editing by Michael Shields) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-netherlands-taxevasion-international-idUKKBN17211W'|'2017-03-31T17:13:00.000+03:00'
'795ba023f454bc3f3412ffdde90d7990ebb73958'|'UK sells Bradford & Bingley loans to Prudential, Blackstone for $15 billion'|' 38am BST UK sells Bradford & Bingley loans to Prudential, Blackstone for $15 billion LONDON Britain said on Friday it had sold a portfolio of mortgages issued by failed lender Bradford & Bingley for 11.8 billion pounds ($15 billion) to insurer Prudential ( PRU.L ) and buyout firm Blackstone ( BX.N ). Bradford & Bingley (B&B), a mortgage provider bailed out during the financial crisis, is owned by British government vehicle UK Asset Resolution (UKAR). "The price achieved is at the upper end of expectations, delivers value for the taxpayer and compares favourably with the ‘fair value’ of the B&B loan book disclosed in B&B’s accounts last year," a statement from UKAR said. The sale will reduce UKAR''s balance sheet to 22 billion pounds, having stood at 37 billion pounds in September 2016. UKAR said in 2016 it would sell Bradford & Bingley''s 15.65 billion pound mortgage portfolio, which also includes around 3 billion pounds in non-performing loans, in two or three transactions, as it seeks to recoup taxpayers'' money. It said it expects to launch the next phase of sales later this year. UKAR, which was advised by Credit Suisse, said there would be no changes to the terms and conditions of the buy-to-let loans involved in the transaction. (Reporting by Rachel Armstrong and Dasha Afanasieva; Editing by Susan Fenton and Alexander Smith)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-bradford-bingley-mortgages-idUKKBN1720MK'|'2017-03-31T14:38:00.000+03:00'
'3848794c3a666835fb840a0f0aa2add3e4c003ab'|'Spain''s Cox Energy in advanced talks to bring in South America partner'|' 44pm BST Spain''s Cox Energy in advanced talks to bring in South America partner By Gram Slattery - SANTIAGO SANTIAGO Spanish renewable energy firm Cox Energy is in advanced talks to bring in a partner for its South American operations, the company told Reuters on Friday. The Madrid-based firm has assets on four continents and its operations in South America include a large, potentially lucrative contract with the Chilean government that it won in an auction last year. "Cox Energy is in negotiations with a strategic partner to give an entry point into the entirety of the South American platform," said a Cox spokesman, after two industry sources said the company had been in conversations with outside firms. "Of course, once these negotiations culminate, Cox will stay on said platform as a participating partner," said the spokesman, who asked not to be named, citing company policy. The partner would gain an equity stake in the South American assets should the deal go through, he added. Cox has multiple very early stage solar developments in Chile, which has experienced a solar boom in recent years, and is also looking at expansions in other countries nearby. Last year, it was among a cluster of European renewables companies that scooped up contracts to supply Chile''s public grid from 2021. Under the terms of that contract, known as a power purchase agreement (PPA), Cox will provide 250 megawatts of power on a 24-hour basis. It will inject energy into Chile''s public grid for $52.72 per megawatt-hour, a price that is above the most recent averages in Chile. The investment needed to fulfil the PPA will be around $300 million, the company has said. Its early-stage solar projects in Chile include the 60-MW Valleland solar park near the city of La Serena. The spokesman said Cox had begun discussing possible partnerships shortly after the August public auction, though talks were now exclusive. He declined to name the counterparty. However, one source with knowledge of the process said Cox had previously talked with industrial conglomerates and international investment funds. The biggest investment funds operating in Chilean renewables are British private equity fund Actis and Canada''s Brookfield Asset Management ( BAMa.TO ). While August''s auction was hailed as a massive victory for renewables, speculation has swirled that some of the winners would seek sales or partnerships with companies more experienced in large-scale infrastructure development. Consolidation in Chile''s dispersed renewable energy sector has also been heating up. In March alone, Brookfield and Actis announced major purchases, while Reuters revealed U.S. solar producer SunPower ( SPWR.O ) had put a large solar asset on the block. (Reporting by Gram Slattery; Editing by Marguerita Choy)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-coxenergy-chile-idUKKBN1722RM'|'2017-04-01T03:44:00.000+03:00'
'526eea1d34ef5ec863ea76e26548b4d9f1931e8c'|'Canary in the coal mine: Lacklustre power demand in Asia throws a cloud over coal'|'THE Hazelwood power station in Australia’s state of Victoria started generating electricity 52 years ago. The stark symbol of an era when coal was king, Hazelwood was one of Australia’s dirtiest: its fuel was the Latrobe valley’s brown coal, a bigger polluter than the black sort. The station was due finally to close on March 31st. Days earlier, chimney stacks were demolished at Munmorah, a black-coal station north of Sydney, already closed. Australia has shut ten coal-fired power stations over the past seven years, yet coal still generates about three-quarters of its electricity.This fits a pattern across much of Asia, which accounts for two-thirds of the world’s coal demand. The biggest economies besides Japan, which hopes to replace nuclear with “clean” coal, are either closing down old plants or rethinking plans to build new ones. This is casting a deepening cloud over the coal industry.Latest updates South Africa’s president sacks the finance minister in a cabinet reshuffle Middle East and Africa an hour ago South Korea’s ex-president is arrested on charges of bribery and abuse of power Asia 4 hours ago A   4 hours ago The   6 hours ago Democrats   17   19   Two reasons explain the looming overcapacity in countries ranging from China and India to Australia (South-East Asia remains hooked on coal). Firstly, electricity demand is stagnant, falling or growing less strongly than expected, which has put considerable financial strain on power plants burning coal. Second, countries are seeking alternative sources of power, especially renewables, to reduce pollution and curb carbon emissions. As the cost of renewables becomes more competitive with coal, it further blackens its future.Coal’s first headache, the falling energy intensity of economic growth (ie, less energy is needed to produce the same levels of growth), is a common feature in the rich world, as economies switch from manufacturing towards services, use more LED lighting and make appliances such as refrigerators and air-conditioners more energy-efficient. According to the International Energy Agency, a forecaster, Australia and Japan have among the rich world’s lowest levels of energy intensity.China and India are going the same way. Primary energy demand in China declined in 2015, the first fall in almost 20 years, largely reflecting a shift away from heavy manufacturing, as well as energy-efficiency gains. The same year, China’s coal demand plummeted by about 4%.For similar reasons, India’s growth in electricity demand, at around 5% a year, lags behind that of GDP as a whole, at about 7%. In both India and China, authorities have overestimated the growth in electricity consumption, procuring coal-fired power that is not used by the grid. The result is that coal plants in both countries are operating far below their potential capacity, says Tim Buckley of the Institute for Energy Economics and Financial Analysis, an environmental think-tank (see chart).Such wastage has deterred investment in new coal-fired plants. A report in March produced by, among others, CoalSwarm, an NGO, found that developers in China and India have recently put 68 gigawatts (GW) of planned coal-plant construction on hold, though there is still a construction pipeline of about 145GW and 50GW, respectively. India’s Central Electricity Authority sees no need to build more coal-burning plants during the next decade besides those already in the pipeline, because so many are underused. “Coal-based generation is becoming non-viable,” says E.A.S. Sarma, a former power secretary in the Indian government.That has big costs. About 240m Indians lack access to electricity, and as Arunabha Ghosh, head of the Council on Energy, Environment and Water, an Indian think-tank, points out, Indians’ power consumption is less than a third of the global average. He notes that part of the blame for sluggish demand is the dire financial state of India’s electricity-distribution companies, which lose money on every unit of power they supply, because of transmission losses and customers’ failure to pay.The government of Narendra Modi, the prime minister, is trying to fix the distribution companies’ problems. But in the meantime renewable energy prices are falling fast, making the investment case for coal even bleaker. An auction in February to provide 0.75GW of solar capacity in Madhya Pradesh, a state in central India, saw bids as low as 2.97 rupees (4.6 cents) per kilowatt hour, a third below the previous record in 2016. Developers say new coal-fired power plants would struggle to compete with that. The auction was particularly successful because the “solar park” is on land with a grid connection, and offers a more robust payment structure than in previous auctions. Mr Modi will need dozens more such parks to meet his goal of 100GW of solar capacity by 2022. This in turn will need a huge amount of financing. But there is no shortage of bidders.Meanwhile, the pace of solar installations in China is likely to slow, following a record 34GW last year, because the cost reductions are being matched by a drop in the subsidy in the feed-in-tariff that China pays to solar-power generators. Nonetheless, Bloomberg New Energy Finance, a consultancy, estimates that from 2016 the amount of new renewable-energy capacity in China is likely to have started exceeding new fossil-fuel plants. It expects the same to happen in India from 2018.Adding to competition for coal in Asia is liquefied natural gas (LNG), imports of which surged by 37% into China last year and by 30% into India, according to industry figures released this week. They partly reflect a surge in supply from Australia.Although Australian LNG may be welcome in Asia, and has benefited the Australian economy with investments of A$200bn ($150bn) in a decade, it is causing unexpected problems in electricity markets back home. That is because, after blackouts in South Australia last year, Australian states need more gas as they close coal-fired power stations but find much of it being siphoned off for export.Rod Sims, head of the Australian Competition and Consumer Commission, a regulator, says the boom in liquefying natural gas for export has “upended” the gas market on the east coast, where most people live. EnergyQuest, a consultancy, calculates that until three years ago, volumes of domestic and LNG production ran neck and neck. Last year LNG output rose by 56%, and is now more than twice the size of domestic production. Australia’s domestic gas prices, in turn, have risen to reflect export prices, which has inevitably driven up household energy bills.The shortages are not easy to replace. New South Wales and Victoria, the most populous states, have restricted or banned drilling for coal-seam gas because of environmental worries about hydraulic fracturing, or “fracking”. South Australia, like Queensland, has no such bans. Strike Energy, an Australian firm, is test-drilling for coal-seam gas in the Cooper Basin, an outback gas-reserve region. David Baker, its managing director, says its main target market is Adelaide, the state capital. But another could be Gladstone, a hub for LNG-exporters in Queensland.Until more gas becomes available, some are calling for governments to quarantine certain volumes of export gas for home consumption. Matt Canavan, the resources minister, admits Australia’s gas problems have kept him awake at night. Bucking the market by reserving gas, however, would cause an outcry. So, for that matter, would going back to coal.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/finance-and-economics/21719826-surge-renewable-energy-another-threat-black-stuffs-future-lacklustre?fsrc=rss'|'2017-04-01T08:00:00.000+03:00'
'f81d841ec5e2982efe3d3059d9f43ed3270633aa'|'Changes at Diageo put focus back on Scotch'|'  7:55am BST Changes at Diageo put focus back on Scotch left right FILE PHOTO: Bottles of Johnnie Walker whisky move along on the production line at the Diageo owned Shieldhall bottling plant in Glasgow, Scotland March 24, 2011. REUTERS/David Moir/File Photo 1/3 left right FILE PHOTO: Bottles of Johnnie Walker whisky move along on the production line at the Diageo owned Shieldhall bottling plant in Glasgow, Scotland March 24, 2011. REUTERS/David Moir/File Photo 2/3 left right FILE PHOTO: Copper pot stills are seen at the Diageo Roseisle distillery in Scotland March 20, 2014. REUTERS/Russell Cheyne/File Photo 3/3 By Martinne Geller - LONDON LONDON Diageo ( DGE.L ), the world''s largest spirits maker, spotted in 2015 that drinkers in the emerging middle class in Ghana and Cameroon were keen to show off their new status by buying their own bottles of Johnnie Walker rather than shots. The company increased production of smaller bottles, helping to lift Johnnie Walker sales 12 percent in Africa in the first half of its 2017 fiscal year and contributing to Diageo''s first sales growth in Scotch in over three years. Diageo and spirits peers including Pernod Ricard ( PERP.PA ) and Brown-Forman ( BFb.N ) were hurt by a slowdown starting in 2013 in emerging markets where they had found much of their growth. The world leader particularly suffered, as its wholesalers had large stocks to run down. Chief Executive Ivan Menezes called 2016 a "transition year" to get back on track following changes to make Diageo more responsive, including removing management layers and giving more power to local managers, such as the ones in Africa who noticed the demand for smaller bottles. "What''s happened is that global and local got a lot closer," said Stephen White, Diageo''s general manager for African innovation. "It''s definitely sped things up and it''s a better set-up certainly for a market like Africa where you need a more entrepreneurial space to be able to operate." Diageo''s half-year results in January were the strongest of Menezes'' three-year tenure, and signalled to investors that his turnaround plan was working. He has put a much keener focus in the business on Scotch which is made in Scotland and accounts for more than a quarter of Diageo''s sales, a third of its profits and derives the majority of its sales in emerging markets. Aside from expanding the reach and improving the marketing of premium, global brands like Johnnie Walker, the strategy for emerging markets includes offering more lower-priced whisky brands, including VAT 69, White Horse and Black & White. Black & White recently became the top-selling Scotch in recession-hit Brazil, Diageo said, following sales growth of 58 percent there in the most recent period. WEAK SPOTS Still, Liberum analyst Alicia Forry downgraded the shares to "sell" in January, noting that the improvement was already priced in. While she acknowledged the better performance, particularly in Johnnie Walker, she said people "should not get carried away" since other Diageo brands were struggling. The vodka brand Smirnoff fell 2 percent, hurt by ongoing discounting. A spokeswoman for Diageo acknowledged that it was a tough category and said: "There is more work to do in recruiting and re-recruiting multi-cultural consumers as well as Gen X and baby boomers". Beer, which represents 16 percent of Diageo''s sales, was also lacklustre with flat sales. Guinness, its main beer brand, has faced increased competition, from craft beers in North America and Europe, and cheaper brews like Anheuser-Busch InBev''s ( ABI.BR ) Hero and its own local brand Satsenbrau, in the important market of Nigeria. Following the 2015 divestiture of Diageo''s wine business, analysts have speculated that Diageo could sell the beer division to focus exclusively on spirits. Diageo has repeatedly said beer is key to its strategy in Africa, as it provides a distribution platform for spirits. Another weak spot for Diageo, analysts say, is its relatively small position in bourbon whiskey, a growing market due to a resurgence of classic cocktails in the United States where bourbon is made. Diageo''s Bulleit bourbon grew net sales 29 percent in the first half, but its overall position remains small versus rivals Beam Suntory [BSI.UL] and Brown-Forman. However, its Canadian Crown Royal whiskey brand has gained market share and gives it a large foothold in the wider category of North American whiskey which includes bourbon. SALES CHANGE As part of its efforts to react more quickly to trends, Diageo said in late 2013 it would change its sales focus, to monitor not only what it sells to wholesalers, but also what they sell to retailers. This is seen as a better measure of what people are drinking and is meant to make sales more consistent. That change hit Diageo''s sales in 2014 and 2015 as wholesale customers worked through stocks, but Janus Capital analyst Greg Kuczynski said it should make for a smoother business and a higher stock price. "There''s a lot of investment shops that probably turned away from a company like Diageo because they just don''t want to have exposure to the stocking and destocking cycles which can be so painful," said Kuczynski, whose firm is a top 60 Diageo shareholder, according to Reuters data. The measure also gives real-time data that can speed up forecasting, decision-making and innovation. Johnnie Walker used such sales data from the September launch of its first limited-edition experiment, Red Rye Finish, to better allocate stock for its second one. It has helped cut the time it takes to get new products to market down to an average of 34 weeks. Johnnie Walker Green Label, largely discontinued in 2012, was brought back in 2016 in only 9 weeks, it said. Diageo also says the business has benefited from increased investment made possible by a "zero-based budgeting" system to help it save 500 million pounds over three years. The company may also be on the cusp of more changes, given the arrival in January of a new chairman, Javier Ferran, a drinks industry and private equity veteran. "Companies do not change overnight, however we think Diageo could start to look different," said Jefferies analyst Edward Mundy. He mentioned more cost cutting and the possible sale of the beer business if needed to fund a buyout of Moet Hennessy, of which Diageo owns a stake. (Editing by Anna Willard)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-diageo-africa-idUKKBN1720J1'|'2017-03-31T14:55:00.000+03:00'
'fc79dfe09ea774b86240f3ed811c6adaec668da2'|'Fallout: Westinghouse files for bankruptcy'|'THERE are few more storied innovators than Westinghouse. Founded in 1886, it is the company that brought electricity to the masses. When you plug in your toaster or flip your light switch, you have George Westinghouse’s alternating-current system to thank. In the 21st century the firm seemed poised to unleash a new revolution in nuclear energy. Its AP1000 pressurised water reactor was supposed to make nuclear plants simpler and cheaper to build, helping to jump-start projects in America and around the world.But those nuclear ambitions have gone awry. On March 29th the firm filed for Chapter 11 bankruptcy in New York. Its troubles have been a running sore at Toshiba, its Japanese parent, a headache for its creditors, and the latest bad tidings for a nuclear industry beset with problems. an hour Toshiba was triumphant in 2006 when it paid $5.4bn for Westinghouse after a bidding war, beating out General Electric (founded by George Westinghouse’s archrival, Thomas Edison). Around the same time, Southern and SCANA, two big utilities based in Georgia and South Carolina, respectively, chose the AP1000 design for new nuclear plants.But these American projects soon faced the problems that have long plagued nuclear construction. In Westinghouse’s bankruptcy filing, the company explains a dismal chain reaction. Unexpected new safety and other requirements from American regulators caused delays and additional costs. That sparked a fight between the utilities, Westinghouse and its construction contractor, a subsidiary of Chicago Bridge & Iron (CB&I), about who should bear them. The brawl exacerbated delays.In an attempt to push the projects forward, Westinghouse acquired CB&I’s subsidiary, then became mired in litigation over the terms of the deal. It also signed new contracts with consortia led by Southern and SCANA, agreeing to shoulder unanticipated costs. Those costs mounted. Construction continued swallowing more time and labour than Westinghouse had hoped. In February Toshiba announced a $6.1bn write-down for the two American projects. Stephen Byrd of Morgan Stanley, a bank, anticipates that the total costs of the plants, if completed, would be about twice Westinghouse’s original estimate.The nuclear business has imperilled Toshiba itself. The company’s health had improved in the aftermath of a huge accounting scandal in 2015, but its nuclear unit dragged it back down. Toshiba now appears desperate to shrink as a way to grow. It was eager for Westinghouse to file for bankruptcy before the end of its financial year. It also intends to sell its lucrative chip business. Shrinking might indeed help Toshiba focus on its strengths, as a specialist in the design and production of heavy machines such as turbines, coolers, motors and control systems.But the Westinghouse bankruptcy is unlikely to be neat. Southern and SCANA may go to court to seek payment from Toshiba: the Japanese company has guaranteed ¥650bn ($5.9bn) against the spiralling cost of the projects. Any suggestion that Toshiba is bilking the utilities would anger Donald Trump. The AP1000 projects’ future was recently discussed in a meeting of officials from America and Japan.The degree of diplomatic friction depends on what happens to the projects. Westinghouse expects to continue working on the reactors in Georgia and South Carolina as bankruptcy proceedings go on, but the utilities may abandon the plants or seek another firm to build them. There have been rumours that Korea Electric Power, a state-controlled utility, might take over, but Westinghouse’s steep losses may keep it away. “This has bankrupted Westinghouse,” says Mr Byrd. “Why would another firm step into that situation?”The future for other AP1000 reactors looks bleak. A plant in China is years behind schedule. In America, the troubles in Georgia and South Carolina may bolster support for more modest nuclear projects, says Tyson Smith, a nuclear-energy expert at Winston & Strawn, a law firm. On March 15th the country’s nuclear regulator said it would review an application for America’s first small modular nuclear reactor (SMR), from a company called NuScale, in Oregon. The SMR technology has been touted as a cheaper, easier way to build nuclear capacity. But it will have to compete with inexpensive natural gas, wind farms and solar plants. Those hoping for an American nuclear resurgence may have to wait a long time yet.'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21719836-global-nuclear-power-industry-beset-problems-westinghouse-files-bankruptcy?fsrc=rss%7Cbus'|'2017-04-01T08:00:00.000+03:00'
'a9cfc1d546f35fc689126c56f29f46b5191b39d8'|'J&J declares Actelion tender offer a success, sees closing in second-quarter'|' 23am BST J&J declares Actelion tender offer a success, sees closing in second quarter left right FILE PHOTO:Bottles of Johnson''s baby oil, made by Johnson & Johnson, are seen on a supermarket shelf in Seattle, Washington, U.S., February 10, 2017. REUTERS/Chris Helgren 1/3 left right FILE PHOTO: The company''s logo is seen at the headquarters of Swiss biotech company Actelion in Allschwil, Switzerland January 26, 2017. REUTERS/Arnd Wiegmann 2/3 left right FILE PHOTO: A Johnson & Johnson building is shown in Irvine, California, U.S., January 24, 2017. REUTERS/Mike Blake 3/3 ZURICH Johnson & Johnson ( JNJ.N ) declared its $30 billion tender offer for Swiss biotechnology company Actelion ( ATLN.S ) successful on Friday, reporting it controlled 77.2 percent of the voting rights after the main offer period. The price of the offer, which J&J announced on Jan. 26, was $280 per share for Actelion. It said it expected the transaction to close in the second quarter. J&J has said it intends to delist Actelion, while a new research and development company being spun out of Actelion, to be called Idorsia and led by Actelion founder Jean-Paul Clozel, will have a separate Swiss listing. (Reporting by Michael Shields; editing by Brenna Hughes Neghaiwi) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-johnson-johnson-m-a-actelion-idUKKBN1720G1'|'2017-03-31T13:20:00.000+03:00'
'b66a963f2874f6daaad4e706b8aefce5e39e148b'|'Germany urges EU to file WTO complaint against U.S. in steel row'|'Big Story 11  18am EDT Germany urges EU to file WTO complaint against U.S. in steel row German Foreign Minister Sigmar Gabriel attends a meeting with Russian President Vladimir Putin in Moscow, Russia, March 9, 2017. REUTERS/Pavel Golovkin/Pool BERLIN The European Union should consider filing a complaint at the World Trade Organization (WTO) against the United States over planned duties on imports of steel plate from five EU member states, the German foreign minister said on Friday. Sigmar Gabriel said the U.S. government seemed prepared to give U.S. firms "unfair competitive advantage" over European producers even though this violated international trade law. "We Europeans cannot accept this. The EU must now examine whether it also files a complaint at the WTO. I strongly support this," Gabriel said. The U.S. Department of Commerce made a final finding that seven foreign producers dumped certain carbon and alloy steel cut-to-length plate in the U.S. market, allowing it to impose duties ranging from 3.62 percent to 148 percent, Commerce Secretary Wilbur Ross said on Thursday. In Germany, duties were set at 5.38 percent for AG der Dillinger Hüttenwerke, 22.90 percent for the Salzgitter group ( SZGG.DE ) and 21.03 percent for all other exporters and producers. (Reporting by Michael Nienaber)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-steel-plate-germany-idUSKBN1720VT'|'2017-03-31T16:13:00.000+03:00'
'55802d27505c9298170b8ede2a326f4eeff6832c'|'CEE MARKETS-Crown hits 18-month low, cap removal impact mulled'|'By Sandor Peto BUDAPEST, March 31 The Czech crown fell to multi-month lows in the spot market and in euro rates implied in forward contracts on Friday as the central bank''s hard commitment to maintain a cap on its value comes to an end. The plunge started on Thursday after the Czech central bank (CNB) confirmed that the commitment would expire at the end of the first quarter, while it gave up its guidance to end the 3 1/2-year-old "weak crown regime" around mid-2017. This means that it may remove the cap, which has kept the crown weaker than 27 against the euro, any time after Friday''s session. Earlier, investors speculated that the strong Czech economy could boost the crown once the cap is abandoned. As the exit may be near, they are concerned that a huge amount of accumulated crown buying positions could raise questions on how many further buyers come after the cap is gone. The crown traded at 27.13 against the euro at 0719 GMT, off a new 18-month low set in early trade at 27.252. Its implied forward rates which earlier priced in a crown firming for the next months relative to the 27 level, all showed slightly weaker levels than the cap on Friday, touching multi-month lows. The bid implied in 1-month forward deals touched a 9-month low at 27.147. The implied rate in one-year forwards touched a 7-month low, but at 26.95 it was still firmer than the current cap. "The removal of the soft commitment signals to us that the exchange-rate floor exit may happen much earlier than mid-year," Societe Generale analysts said in a note. "The heightened uncertainty regarding timing of exit may discourage speculative behaviour among market participants," the said. Other Central European currencies were mixed and rangebound, with the forint and the zloty easing and the leu firming slightly. The region''s main stock indices mostly eased, tracking Asian markets, led by 0.7 percent decline in Budapest The Budapest index was pushed down by a 2.3 percent decline in the share price of Hungarian oil group MOL after Czech CEZ announced the results of its offer to buy back convertible bonds linked to MOL shares. CEE SNAPS AT 0919 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 27.13 27.09 -0.13 -0.45 00 40 % % Hungary 308.7 308.6 -0.03 0.03% forint 400 600 % Polish 4.217 4.213 -0.11 4.42% zloty 5 1 % Romanian 4.548 4.553 +0.1 -0.30 leu 5 3 1% % Croatian 7.437 7.445 +0.1 1.59% kuna 0 5 1% Serbian 123.7 123.9 +0.1 -0.33 dinar 600 500 5% % Note: daily calculate previ close 1800 change d from ous at CET STOCK S Lates Previ Daily Chang t ous e close chang in e 2017 Prague 983.6 983.6 -0.01 +6.7 2 7 % 3% Budapest 31925 32144 -0.68 -0.24 .62 .67 % % Warsaw 2198. 2209. -0.49 +12. 28 10 % 85% Bucharest 8062. 8018. +0.5 +13. 74 47 5% 80% Ljubljana 761.0 772.0 -1.42 +6.0 3 0 % 5% Zagreb 1942. 1953. -0.55 -2.61 74 39 % % Belgrade <.BELEX15 0.00 733.5 +0.0 -100. > 5 0% 00% Sofia 633.9 633.0 +0.1 +8.1 1 4 4% 0% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.52 0 +020 -1bps > 9 bps 5-year <CZ5YT=RR 0.15 0.012 +052 +0bp > bps s 10-year <CZ10YT=R 0.971 -0.00 +064 -1bps R> 6 bps Poland 2-year <PL2YT=RR #VALU 0.003 #VALU -1bps > E! E! 5-year <PL5YT=RR #VALU 0 #VALU -2bps > E! E! 10-year <PL10YT=R #VALU 0.011 #VALU +1bp R> E! E! s FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep < 0.22 0.25 0.28 0 PRIBOR=> Hungary < 0.2 0.25 0.36 0.18 BUBOR=> Poland < 1.76 1.79 1.82 1.73 WIBOR=> Note: FRA are for Quote: s ask prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL5N1H81OZ'|'2017-03-31T06:04:00.000+03:00'
'd45cc3db9df008c62db040530c79fa8979801685'|'Drug of choice: The nominee to run America’s drug regulator is a sound choice'|'WHEN the names of potential candidates for the new head of America’s regulatory agency for drugs, the Food and Drug Administration (FDA), were first circulated, you could almost hear the sound of jaws hitting desks throughout the pharmaceuticals industry. One contender was Jim O’Neill, head of Mithril Capital Management, an investment firm, who is such a libertarian that he doesn’t think the FDA should insist that medicines have to work. Another was Balaji Srinivasan, an entrepreneur from Silicon Valley, who thought roughly the same.Removing such a core regulation might seem appealing to business. In fact, the idea of not approving drugs for efficacy is as unwelcome to the industry as it is to doctors and patients. It spends billions of dollars every year on research to deliver better treatments; this would be impossible to justify if drugs had merely to be safe. Patients, meanwhile, would face the awful prospect of having to identify which life-saving medications worked. 2 hours So, when the name of the FDA nominee was announced in March, there was widespread relief. Scott Gottlieb (pictured) a resident fellow at the American Enterprise Institute, a conservative think-tank, is qualified, experienced and knowledgeable. He is a doctor, has been a policy adviser and has also worked at the FDA before, as the deputy commissioner for medical and scientific affairs.Some reckon that he has too many ties to the drug industry: he is on the boards of five health companies, for example, and does investing and consulting work. Yet his inside knowledge should also give him an edge when dealing with its tricks. His main priority, people in the industry reckon, will be to improve and enhance the FDA, not to dismember it.Mr Gottlieb will certainly wish to find more ways of speeding drug approvals. The agency has done much on this front already. Yet inconsistency continues: some divisions of the FDA respond to routine inquiries from companies in a few weeks; others take three months. Mr Gottlieb has also criticised the agency for having a culture that values “excessive desire for certainty”. Attempts to change this will elicit criticism that patient safety is in jeopardy. Yet in some cases it is clear that the demand for ever-larger clinical trials of new drugs has done little for safety, raised costs and rewarded chiefly the very largest companies that can afford to run them.One path will be to advance the trend for gathering evidence from trials that take place in the real world, not under tightly controlled conditions. GlaxoSmithKline, a British pharmaceutical group, recently completed the world’s first such test for a drug, Relvar, which treats asthma and chronic obstructive pulmonary disease. The four-year trial was conducted by monitoring thousands of patients’ electronic medical records.Generic drugs is another area where Mr Gottlieb has signalled his views. In a commentary for the Wall Street Journal in August, he criticised the policymaking that had kept some generic medicines off the market, raising prices. He may want to tackle the rising cost and complexity of filing applications to market generic drugs—the problem that allowed Martin Shkreli, a controversial entrepreneur, to raise the price of Daraprim, an anti-parasitic drug, by 5,000% in 2015, causing fury.The FDA also needs to run faster to keep abreast of innovation. Sudip Parikh, a policy adviser at the Drug Information Association, another think-tank, says the rate of change means that decades-old rules and regulations may not function well for new treatments. Some rules will be too restrictive, others too permissive. On the one hand, for example, more should be done to allow digital health-care products to escape the grasp of the FDA; on the other, the use of stem cells should face more scrutiny. Many clinics offer unregulated stem-cell treatments because of a loophole in the law. Three people were recently found to have been blinded by such treatments.Mr Gottlieb still has to gain approval from the Senate, which will examine his industry ties and his zeal for deregulation. If confirmed, he may find that the biggest challenge is managerial. The FDA is a complicated agency of 17,000 staff and Mr Gottlieb may have little financial room for manoeuvre: under Donald Trump and a Republican Congress, the hope of more funds is slim. Mr Parikh says that if the FDA is to be more efficient and its regulations less burdensome, it still needs the right number of scientists and inspectors. Mr Gottlieb may have the technical ability to administer the correct medicine to the agency. But whether the government will foot the bill is another matter.'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21719841-scott-gottlieb-close-pharma-industry-knows-its-tactics-nominee-run-americas?fsrc=rss%7Cbus'|'2017-04-01T08:00:00.000+03:00'
'a7089364bb8aed5b78228e59e790d78f0888df96'|'BOC Aviation buys two Boeing aircraft for $758 mln'|'Big Story 10   9:15pm EDT BOC Aviation buys two Boeing aircraft for $758 mln HONG KONG BOC Aviation Ltd said on Friday it bought two Boeing 747-8 freighter aircraft for an aggregate list price of $758.2 million, as the aircraft lessor aims to build its balance sheet by investing in modern and in-demand aircraft. BOC Aviation said it bought the aircraft from subsidiaries of Boeing Co and concurrently accepted an assignment of the leases of the aircraft to cargo airline AirBridgeCargo Airlines LLC. The actual purchase price was lower than the list price, and the deal was funded through cash on hand, loans and other borrowings, the Hong Kong-listed firm said in a filing. BOC Aviation earlier this week posted a record full-year net profit, supported by growth in global air travel, and signaled an upbeat outlook. (Reporting by Donny Kwok; Editing by Stephen Coates) Next In Big Story 10'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-boc-aviation-boeing-airlines-idUSKBN17203V'|'2017-03-31T08:56:00.000+03:00'
'b04d3bed85f33ff2e5f71c2bac743b42c4285ea1'|'U.S. puts conditions on Smiths Group acquisition of Safran''s Morpho'|'WASHINGTON The U.S. Justice Department said on Thursday it will require Smiths Group Plc ( SMIN.L ) to divest Morpho Detection LLC and Morpho Detection International LLC''s global explosive trace detection business for Smiths to proceed with its proposed $710 million acquisition of Morpho from Safran SA ( SAF.PA ).The Justice Department’s Antitrust Division filed a civil antitrust lawsuit Thursday in the U.S. District Court for the District of Columbia to block the proposed transaction, the department said in a statement. The department also filed a proposed settlement that, if approved by the court, would resolve the department’s competitive concerns, the statement said.(Reporting by Eric Beech)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-smiths-group-safran-usa-idINKBN17135H'|'2017-03-30T19:41:00.000+03:00'
'dc59be400d09c64f5a924fcee4a1d755e5af447e'|'MOVES-TransCanada says chief operating officer to retire'|'Company News  47pm EDT MOVES-TransCanada says chief operating officer to retire CALGARY, Alberta, March 28 TransCanada Corp''s Chief Operating Officer Alex Pourbaix is retiring from the company in May, a TransCanada spokesman said on Tuesday. "I can confirm Alex has made the personal decision to retire," TransCanada spokesman James Millar said. "He will be (at) the company until the end of May." Pourbaix was previously president of development for TransCanada, responsible for overseeing growth projects including the long-delayed Keystone XL oil pipeline, which finally received a U.S. presidential permit last week. (Reporting by Nia Williams; Editing by Cynthia Osterman) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/moves-transcanada-pourbaix-idUSL2N1H528Q'|'2017-03-29T06:47:00.000+03:00'
'78a70d2149cec1ec3de5c01ae917b7b8c65cc258'|'UK Stocks-Factors to watch on March 29'|'Company News - Wed Mar 29, 2017 - 1:27am EDT UK Stocks-Factors to watch on March 29 March 29 Britain''s FTSE 100 index is seen opening up 24 points on Wednesday as Britain submits formal notice of its intention to leave the European Union, according to financial bookmakers. * TESCO: Tesco, Britain''s biggest retailer, remains committed to its agreed 3.7 billion pound ($4.7 billion) takeover of wholesaler Booker despite opposition from some big shareholders, its boss said on Tuesday. * ACACIA: Gold miner Acacia Mining Plc on Tuesday denied allegations that it was trying to export gold and copper concentrates in spite of a ban by the Tanzanian government. * BREXIT: Prime Minister Theresa May will file formal Brexit divorce papers on Wednesday, pitching the United Kingdom into the unknown and triggering years of uncertain negotiations that will test the endurance of the European Union. * BRITAIN INFLATION: The British public''s expectations for inflation over the coming year fell in March, despite a sharp pick up in the country''s most closely watched measure of price growth, a monthly survey by bank Citi and polling firm YouGov showed. * BOE: Bank of England interest rate-setter Ian McCafferty said on Tuesday he did not know whether he would vote to increase borrowing costs at the next meeting of the BoE''s policymakers in May. * The UK blue chip index ended up 0.7 percent on Tuesday, underpinned by a recovery in miners and banks as well as a surge in Wolseley''s shares following strong results. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Stagecoach Trading Group Plc Update Saga Plc Q4 2016 TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Rahul B in Bengaluru; Editing by Sherry Jacob-Phillips) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1H626W'|'2017-03-29T13:27:00.000+03:00'
'fbc524584d7d80f8e8e36854394fadca91b1a694'|'Ford warns Brexit deal must include tariff-free access to customs union'|'Business  44am EDT Ford warns Brexit deal must include tariff-free access to customs union The logo of Ford is seen during the 87th International Motor Show at Palexpo in Geneva, Switzerland March 8, 2017. REUTERS/Arnd Wiegmann LONDON U.S. carmaker Ford ( F.N ) said on Wednesday that Britain must secure a Brexit deal which includes full tariff-free access to the entire customs union of European countries, not just the 27 other members of the European Union. Ford builds vans in Turkey, which is not part of the EU but is in the EU customs union. "Any deal must include securing tariff-free trade with the wider Customs Union and not just the EU27, whilst retaining access to the best talent and resources," a spokesman said ahead of the formal triggering of divorce talks. (Reporting by Costas Pitas; editing by Stephen Addison) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-britain-eu-ford-idUSKBN17011M'|'2017-03-29T17:32:00.000+03:00'
'66ed248ec14814e65e8fbf023dc8b567904dfc3e'|'British PM May to fire starting gun on Brexit'|'Company News   7:01pm EDT British PM May to fire starting gun on Brexit * May signs formal Brexit divorce papers * Two years of talks loom; exit planned in 2019 * United Kingdom''s future unclear * Banks eye reducing staff in London By Guy Faulconbridge and Elizabeth Piper LONDON, March 29 Prime Minister Theresa May will file formal Brexit divorce papers on Wednesday, pitching the United Kingdom into the unknown and triggering years of uncertain negotiations that will test the endurance of the European Union. Nine months after Britons voted to leave, May will notify EU Council President Donald Tusk in a letter that the UK really is quitting the bloc it joined in 1973. The prime minister, an initial opponent of Brexit who won the top job in the political turmoil that followed the referendum vote, will then have two years to settle the terms of the divorce before it comes into effect in late March 2019. "Now that the decision has been made to leave the EU, it is time to come together," May will tell lawmakers, according to comments supplied by her office. "When I sit around the negotiating table in the months ahead, I will represent every person in the whole United Kingdom – young and old, rich and poor, city, town, country and all the villages and hamlets in between," May will say. On the eve of Brexit, May, 60, has one of the toughest jobs of any recent British prime minister: holding Britain together in the face of renewed Scottish independence demands, while conducting arduous talks with 27 other EU states on finance, trade, security and a host of other complex issues. The outcome of the negotiations will shape the future of Britain''s $2.6 trillion economy, the world''s fifth biggest, and determine whether London can keep its place as one of the top two global financial centres. For the EU, already reeling from successive crises over debt and refugees, the loss of Britain is the biggest blow yet to 60 years of efforts to forge European unity in the wake of two devastating world wars. Its leaders say they do not want to punish Britain. But with nationalist, anti-EU parties on the rise across the bloc, they cannot afford to give London generous terms that might encourage other member states to follow its example and break away. BREXIT DEAL? May''s notice of the UK''s intention to leave the bloc under Article 50 of the EU''s Lisbon Treaty is due to be hand-delivered to Tusk in Brussels by Tim Barrow, Britain''s permanent representative to the EU. May, who on Tuesday signed the Brexit letter and spoke to German Chancellor Angela Merkel about the future talks, will update the British parliament on Wednesday while Tusk is due to give a briefing to reporters. The Brexit letter is expected to seek to set a positive tone for the talks and recap 12 key points which May set out as her goals in a speech on Jan. 17, EU officials said. Within 48 hours of reading the letter, Tusk will send the 27 other states draft negotiating guidelines. He will outline his views in Malta, where from Wednesday he will be attending a congress of centre-right leaders. Ambassadors of the 27 will then meet in Brussels to discuss Tusk''s draft. The course of the Brexit talks is uncertain. May has promised to seek the greatest possible access to European markets but said Britain will aim to establish its own free trade deals with countries beyond Europe, and impose limits on immigration from the continent. She has acknowledged that those measures would require withdrawing from the EU ''single market'' of 500 million people, founded on the principles of free movement of goods, services, capital and people. Her priorities also include leaving the jurisdiction of the European Court of Justice and securing "frictionless" trade with the bloc while ending full membership of the customs union that sets external tariffs for goods imported into the bloc. She wants to negotiate Britain''s divorce and the future trading relationship with the EU within the two-year period, though EU officials say that will be hard. "It was you, the British, who decided to leave, not us who wanted you to go," said one senior EU diplomat. "The trading relationship is going to be the most difficult bit to solve - I don''t see how that will be done in that time frame." A huge number of questions remain, including whether exporters will keep tariff-free access to the single market and whether British-based banks will still be able to serve continental clients, not to mention immigration and the future rights of EU citizens in the UK and Britons living in Europe. Global banks such as Goldman Sachs are considering moving staff out of Britain due to Brexit, and some major companies and banks could use the Article 50 trigger date to update investors on their plans. UNITED KINGDOM? At home, May''s United Kingdom - a nuclear power with a permanent seat on the United Nations Security Council - is divided and faces strains that could lead to its break-up. The results of the Brexit referendum called the country''s future into question because England and Wales voted to leave the EU but Scotland and Northern Ireland voted to stay. Scottish nationalists have demanded an independence referendum that May has refused, saying the time is not right. In Northern Ireland, rival parties have been unable to end a major political crisis for over two months and Sinn Fein nationalists are demanding a vote on leaving the UK and uniting with the Republic of Ireland. "May''s job is just so difficult - keeping the UK together while Brexiting - that I am not sure anyone would want it," said a senior non-EU diplomat who spoke on condition of anonymity. "After Brexit, the future of almost everything is completely unclear and that is extremely worrying for the UK, the EU and the West as a whole." (Writing by Guy Faulconbridge; Editing by Mark Trevelyan and Louise Ireland) Next In Company News UPDATE 2-BlackRock cuts fees and jobs; stockpicking goes high-tech NEW YORK, March 28 BlackRock Inc on Tuesday said it would overhaul its actively managed equities business, cutting jobs, dropping fees and relying more on computers to pick stocks in a move that highlights how difficult it has become for humans to beat the market. SYDNEY, March 29   is   backed   MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-eu-idUSL5N1H56PL'|'2017-03-29T07:01:00.000+03:00'
'2fbd6d5e5318f7c4fc05f9c74d2618227141032f'|'UPDATE 1-Spain''s Isolux starts proceedings to avoid insolvency'|'(Adds details from the company''s statement, background)MADRID, March 31 Spanish engineering company Isolux said on Friday it had activated the formal process aimed at avoiding insolvency, as it battles to secure enough money to remain in business.Under Spanish law, companies can enter into debt restructuring proceedings that give them up to four months to reach an agreement with creditors to avoid a full-blown insolvency process and a potential bankruptcy.Isolux has over 2 billion euros ($2.1 billion) in restructured debt, according to an update on its restructuring process published in December.Spanish engineering companies have been struggling to meet debt obligations and shrink their businesses after more than a decade of debt-fueled expansion projects worldwide.Renewable energy firm Abengoa narrowly avoided filing for Spain''s biggest ever bankruptcy last year after it secured backing from creditors for a restructuring plan to cut its debt of over 9 billion euros.Isolux said on Friday the decision taken by the board would not affect its capacity to carry out operations, in particular any projects started in recent months.Last December, Isolux agreed to a debt restructuring deal with bondholders and banks, such as Banco Santander, Caixabank and Bankia, taking 95 percent of the company in a debt for equity swap.Isolux said on Friday it was trying to sell its concession assets and had begun to look for an investor for the holding company that groups the engineering and construction business.The company, which has over 5,200 workers, carries out infrastructure and energy projects in 35 countries. It has delayed the publication of its results until negotiations are concluded.($1 = 0.9360 euros) (Reporting By Andrés González; Writing by Jesús Aguado; Editing by Angus Berwick and Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/isolux-restructuring-idINL5N1H83J2'|'2017-03-31T10:43:00.000+03:00'
'f64ab0d8c612bcab31e737e0f0cf70b48ea280a0'|'Boeing Co wins $2.2 billion Pentagon contract -statement'|'Company  19pm EDT Boeing Co wins $2.2 billion Pentagon contract -statement WASHINGTON, March 30 Boeing Co is being awarded a $2.2 billion contract for 17 P-8A anti-submarine and maritime patrol aircraft, including 11 for the U.S. Navy and two for foreign sales, the Pentagon said in a statement on Thursday. (Reporting by Washington Newsroom; Editing by Tim Ahmann) Next In Company News U.S. puts conditions on Smiths Group acquisition of Safran''s Morpho WASHINGTON, March 30 The U.S. Justice Department said on Thursday it will require Smiths Group Plc to divest Morpho Detection LLC and Morpho Detection International LLC''s global explosive trace detection business for Smiths to proceed with its proposed $710 million acquisition of Morpho from Safran SA. March 30   said   MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/boeing-pentagon-idUSW1N1CN01P'|'2017-03-31T05:19:00.000+03:00'
'60c182ca5d510d7fb158398ebc395c330b1f0ead'|'Euro zone technocrats recommend EU/IMF mission chiefs return to Greece for bailout talks'|'  2:59pm BST Euro zone technocrats recommend EU/IMF mission chiefs return to Greece for bailout talks FILE PHOTO: Greek flags are displayed for sale for one Euro at a shop in Athens, Greece, July 26, 2015. REUTERS/Yiannis Kourtoglou/File Photo ATHENS Euro zone deputy finance ministers have recommended that Greek bailout review talks continue in Athens, a government official said on Friday, as Athens and its creditors seek a deal on reforms to unlock further aid. The recommendation, after a teleconference late on Thursday, is a sign of progress in the drawn-out talks between Greece and its international lenders on the country''s fiscal progress and on labour and energy reforms. The delays have rekindled fears of a new crisis in Europe. The technical teams of the lenders, the European Union and the International Monetary Fund, are expected to make a final decision later on Friday on their return to Athens to wrap up talks on a technical agreement ahead of a meeting of euro zone finance ministers in Malta on April 7, the official said. It was not yet clear how much progress had been achieved. Sources told Reuters this week that Greece and its creditors had reached a broad outline of agreement on some key labour issues. Athens had also agreed to cut pension spending and to lower the current tax-free threshold to about 6,000 euros, after its current, 86-billion euro bailout expires in 2018. Slashing the market share of state-controlled Public Power Corp (PPC) ( DEHr.AT ) through the sale of coal-fired units was also under discussion. These measures were aimed at convincing the IMF to participate financially in the bailout. EU countries, including Germany, want the Washington-based fund on board, to add credibility to a programme which has been a difficult test for European governments. Greece also said on Friday it was starting the process to hire advisers for the privatisation of seven major companies in an effort to show that it is determined to stick to its bailout commitments and speed up the conclusion of the review. The companies included PPC, in which the privatisation agency holds a 17 percent stake, and the Athens International Airport, which it owns 30 percent of. A 27 percent stake in water utility EYDAP ( EYDr.AT ) and a 74 percent stake in Thessaloniki Water ( TWSr.AT ) were also included in the process. Advisers will be hired also for a 65 percent stake in natural gas company DEPA, a 35.5 percent stake in the country''s biggest oil refiner Hellenic Petroleum ( HEPr.AT ) and a 5 percent share in telecoms operator OTE ( OTEr.AT ). Privatisations have been a key term of the country''s three international bailouts but have reaped poor revenues so far. (Reporting by Renee Maltezou and Angeliki Koutantou; Editing by Alison Williams and Hugh Lawson)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-greece-bailout-idUKKBN17213Y'|'2017-03-31T21:59:00.000+03:00'
'49a88e8164f6daa7bdb7b94034a14c211e52d7bb'|'J&J declares Actelion tender offer a success, sees closing in second quarter'|'Deals  23am EDT J&J declares Actelion tender offer a success, sees closing in second quarter left right FILE PHOTO:Bottles of Johnson''s baby oil, made by Johnson & Johnson, are seen on a supermarket shelf in Seattle, Washington, U.S., February 10, 2017. REUTERS/Chris Helgren 1/3 left right FILE PHOTO: The company''s logo is seen at the headquarters of Swiss biotech company Actelion in Allschwil, Switzerland January 26, 2017. REUTERS/Arnd Wiegmann 2/3 left right FILE PHOTO: A Johnson & Johnson building is shown in Irvine, California, U.S., January 24, 2017. REUTERS/Mike Blake 3/3 ZURICH Johnson & Johnson ( JNJ.N ) declared its $30 billion tender offer for Swiss biotechnology company Actelion ( ATLN.S ) successful on Friday, reporting it controlled 77.2 percent of the voting rights after the main offer period. The price of the offer, which J&J announced on Jan. 26, was $280 per share for Actelion. It said it expected the transaction to close in the second quarter. J&J has said it intends to delist Actelion, while a new research and development company being spun out of Actelion, to be called Idorsia and led by Actelion founder Jean-Paul Clozel, will have a separate Swiss listing. (Reporting by Michael Shields; editing by Brenna Hughes Neghaiwi) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-johnson-johnson-m-a-actelion-idUSKBN1720G1'|'2017-03-31T13:23:00.000+03:00'
'f344a3174c63ddef4b51c6949212936a1d4b814e'|'Boeing Co wins $2.2 billion Pentagon contract - statement'|'Business News - Thu Mar 30, 2017 - 10:26pm BST Boeing Co wins $2.2 billion Pentagon contract - statement WASHINGTON Boeing Co ( BA.N ) is being awarded a $2.2 billion (1.76 billion pounds) contract for 17 P-8A anti-submarine and maritime patrol aircraft, including 11 for the U.S. Navy and two for foreign sales, the Pentagon said in a statement on Thursday. (Reporting by Washington Newsroom; Editing by Tim Ahmann) Next In Business News U.S. GDP revision, higher oil help lift stocks NEW YORK Equities in key world markets edged higher on Thursday, led by gains on Wall Street after an upward revision to U.S. economic growth data, while U.S. crude rose to trade above $50 per barrel for the first time in three weeks. A U.S. bankruptcy judge on Thursday cleared Westinghouse Electric Co, a unit of Japan''s Toshiba Corp , to borrow an initial $350 million (280.40 million pounds) to support the company''s global operations while it restructures operations. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-boeing-pentagon-idUKKBN17134I'|'2017-03-31T05:26:00.000+03:00'
'39c1fbd9b262e6de4789c45ca505dcf0fd4145c4'|'UK sells Bradford & Bingley loans to Prudential, Blackstone for $15 billion'|'Money  08pm IST UK sells Bradford & Bingley loans to Prudential, Blackstone for $15 billion A branch of Bradford & Bingley is seen in Bingley, northern England, September 29, 2008. REUTERS/Phil Noble/File Photo LONDON Britain said on Friday it had sold a portfolio of mortgages issued by failed lender Bradford & Bingley for 11.8 billion pounds ($15 billion) to insurer Prudential and buyout firm Blackstone. Bradford & Bingley (B&B), a mortgage provider bailed out during the financial crisis, is owned by British government vehicle UK Asset Resolution (UKAR). "The price achieved is at the upper end of expectations, delivers value for the taxpayer and compares favourably with the ‘fair value’ of the B&B loan book disclosed in B&B’s accounts last year," a statement from UKAR said. The sale will reduce UKAR''s balance sheet to 22 billion pounds, having stood at 37 billion pounds in September 2016. UKAR said in 2016 it would sell Bradford & Bingley''s 15.65 billion pound mortgage portfolio, which also includes around 3 billion pounds in non-performing loans, in two or three transactions, as it seeks to recoup taxpayers'' money. It said it expects to launch the next phase of sales later this year. UKAR, which was advised by Credit Suisse, said there would be no changes to the terms and conditions of the buy-to-let loans involved in the transaction. ($1 = 0.8015 pounds) (Reporting by Rachel Armstrong and Dasha Afanasieva; Editing by Susan Fenton and Alexander Smith) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-bradford-bingley-mortgages-idINKBN1720MG'|'2017-03-31T14:38:00.000+03:00'
'b65edc0181a0adb8ae408e2927dbccfbfe625376'|'BOJ tankan seen showing manufacturers'' mood strongest since mid-2015'|'Business News - Fri Mar 31, 2017 - 6:01am BST BOJ tankan seen showing manufacturers'' mood strongest since mid-2015 Employees work at the main assembly line of V6 engine at the Nissan Iwaki Plant in Iwaki city, Fukushima prefecture, Japan, April 5, 2016. REUTERS/Yuya Shino By Kaori Kaneko - TOKYO TOKYO Japanese manufacturers'' business outlook likely improved for a second straight quarter in March to its strongest since mid-2015, a Reuters poll found on Friday, buoyed by a weak yen and a pickup in exports. The Bank of Japan''s quarterly tankan business sentiment survey will likely show the headline index for big manufacturers'' sentiment improved by four points to plus 14 in March from plus 10 in December, the poll of 19 economists found. It would be the highest reading since the June 2015 survey when the index of big manufacturers'' mood was at plus 15. The poll found the sentiment index for big non-manufacturers would likely rise to plus 20 from plus 18 three months ago, improving for the first time in six quarters and hitting its highest level since March 2016 when it stood at plus 22. But the outlook of both manufacturers'' and non-manufacturers will likely worsen slightly in the short term as uncertainty over the Trump administration''s trade policies and an unstable political situation in Europe invite companies to be cautious. "We expect big manufacturers'' mood improved broadly, helped by export recovery and continued yen weakness," said Tsuyoshi Ueno, senior economist at NLI Research Institute. "But the situation is extremely fluid, such as the prospects for President Trump''s policy management and political risks in Europe." Ueno added that prices were expected to rise in coming months, which would likely raise firms'' worries about negative effects on consumers. The poll found the sentiment of big manufacturers will worsen to plus 13 in the coming three months and that of non-manufacturers will deteriorate to plus 18. Big corporations were seen trimming their capital spending plans by 0.1 percent for the coming fiscal year from April, according to the poll. "We expect firms'' capital spending plan will be upgraded steadily later due to their ample cash flow on favourable profits," said Hideaki Kikuchi, an economist at Japan Research Institute. "In addition, there is solid demand for investment to renew ageing facilities and increase efficiency." The BOJ will release the tankan quarterly sentiment survey at 8:50 a.m. on April 3 (2350 GMT on April 2). A separate Reuters'' monthly poll, which tracks the BOJ''s quarterly tankan, showed last week that confidence among Japanese manufacturers rose for a seventh straight month in March to a three-year high, while the service sector''s mood was steady. (Reporting by Kaori Kaneko; Editing by Eric Meijer) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-preview-idUKKBN1720E3'|'2017-03-31T13:01:00.000+03:00'
'9612568312ebe520822a80b2bdb83680fb2a6b84'|'Lack of cash clouds Cuba''s green energy outlook'|'Business News -  17am BST Lack of cash clouds Cuba''s green energy outlook left right A tractor shifts land to make way for a biomass power plant adjacent to Ciro Redondo sugar mill in Ciro Redondo, Cuba, February 9, 2017. REUTERS/Alexandre Meneghini 1/11 left right Andy Herrera, 36, checks a train wagon filled with chopped sugar cane at the entrance of Ciro Redondo sugar mill in Ciro Redondo, Cuba, February 9, 2017. REUTERS/Alexandre Meneghini 2/11 left right Cattle walk on a road surrounded by marabou trees in Ciro Redondo, Cuba, February 9, 2017. REUTERS/Alexandre Meneghini 3/11 An oil pump is pictured near Ciro Redondo, Cuba, February 9, 2017. REUTERS/Alexandre Meneghini 4/11 left right Sugarcane bagasse is seen at the Ciro Redondo sugar mill in Ciro Redondo, Cuba, February 9, 2017. REUTERS/Alexandre Meneghini 5/11 left right A family rides on a horse cart in a road surrounded by marabou trees in Ciro Redondo, Cuba, February 9, 2017. REUTERS/Alexandre Meneghini 6/11 left right A tractor shifts sugarcane bagasse at the Ciro Redondo sugar mill in Ciro Redondo, Cuba, February 9, 2017. REUTERS/Alexandre Meneghini 7/11 left right An image of late Cuban revolutionary hero Ernesto ''Che'' Guevara is pictured on a bus used by workers of Ciro Redondo sugar mill in Ciro Redondo, Cuba, February 9, 2017. REUTERS/Alexandre Meneghini 8/11 left right Chopped sugar cane is seen inside a train wagon at the entrance of Ciro Redondo sugar mill in Ciro Redondo, Cuba, February 9, 2017. REUTERS/Alexandre Meneghini 9/11 left right Cuban-British joint venture Biopower President Andrew Macdonald, from Scotland, checks marabou trees in Ciro Redondo, Cuba, February 9, 2017. REUTERS/Alexandre Meneghini 10/11 left right Andy Herrera, 36, checks a train wagon filled with chopped sugar cane (not pictured) at the entrance of Ciro Redondo sugar mill in Ciro Redondo, Cuba, February 9, 2017. REUTERS/Alexandre Meneghini 11/11 By Sarah Marsh - CIRO REDONDO, Cuba CIRO REDONDO, Cuba Cuba, battling a chronic energy deficit, has all the sunshine, wind and sugar to fuel what should be a booming renewables sector - if only it could find the money. The country''s first utility-scale renewable energy project, a biomass plant in Ciro Redondo, is finally under construction thanks to an injection of funds from China, a socialist ally and in recent years, the communist-led island''s merchant bank of last resort. Turning Cuba''s renewables potential into reality has become a state priority over the past year since crisis-stricken ally Venezuela slashed subsidized oil shipments to Cuba that were supposed to help power its traditional plants. Some foreign players in green energy, such as Spain''s Gamesa ( GAM.MC ) and Germany''s Siemens ( SIEGn.DE ), have shown early interest in the country. But the overall paucity of foreign financing means that this project, being carried out by Cuban-British joint venture Biopower, is still the exception rather than the rule. The financing puzzle is a crucial one to solve if cash-strapped Cuba is to hit its target of renewables filling 24 percent of its energy needs by 2030, up from 4 percent today, a strategy that would require billions of dollars in investment. The government announced last July it was rationing energy, raising fears of a return to the crippling blackouts of the "Special Period" after the collapse of the Soviet Union. The energy shortage comes at a time when growing tourism and private business creation are generating greater demand. "The most challenging thing we have had to deal with in the last six years of developing this project has been the financing," said Biopower President Andrew Macdonald, while touring the site of the Ciro Redondo plant. The Scotsman, who has been doing business with Cuba for more than a decade, said the U.S. blockade had "strangled" funding from Europe "and other obvious sources", with banks afraid of sanctions. His start-up Havana Energy joined forces with a subsidiary of domestic sugar monopoly Azcuba to create Biopower in 2012, with a contract to build five plants attached to sugar mills. The plants are projected to use sugar cane byproduct bagasse and fast-growing woody weed marabu as biofuels, costing around $800 million to add some 300 MW to the grid. Biopower was finally able this year to start building the first one, thanks to a decision by China''s Shanghai Electric Group Ltd ( 601727.SS ) to buy an equity stake in Havana Energy. The JV is now looking for external financing for the next four plants. "We have to check whether the funders are open for the Cuban market or not," said Zhengyue Chen, former investment manager at Shanghai Electric and current Biopower chief financial officer. RISKY INVESTMENT Some international companies have shown an interest in gaining a foothold in the slowly opening Cuban market, encouraged by a three-year old investment law that allows full foreign ownership of renewables projects. Cuba last year signed a deal with Spain''s Gamesa for the construction of seven wind-powered plants and with Siemens for the upgrade of the creaking power grid. These are just preliminary agreements, however, which may not become concrete contracts, Western diplomats based in Havana say, given difficulty agreeing on a financing framework and actually securing the funds. On top of the U.S. trade embargo, which frightens banks from offering Cuba loans, Cuba''s payment capacity is questionable. While it has improved its debt servicing record under President Raul Castro, it is falling behind on paying foreign providers. And it has little to offer as payment guarantees in hard currency. Its state electricity utility generates revenue in Cuban pesos, which are not traded internationally, only into convertible Cuban pesos at a state-fixed rate. The government has promised to unify those two currencies, but it is unclear how. "If no currency indexation is provided from the government, significant devaluation poses a great threat to investors’ revenue," said World Bank renewable energy expert Yao Zhao. Moreover Cuba does not belong to multilateral institutions like the Inter-American Development Bank that could provide external guarantees. "In the current conditions, without guarantees or convertibility, it is very difficult to imagine big investment in the renewable energy sector," said one Western diplomat. CHINESE FUNDING That is likely to force further reliance on China, already Cuba''s top creditor in recent years, having offered loans as a way to hike trade with the island. Shanghai Electric is importing and building the Ciro Redondo plant, as well as helping finance it. Project Manager Li Hui, already directing excavators shifting earth on site, said he will stay on after the factory is built as the head of the company''s first branch in Cuba. "We will hand them over a fully-functioning power plant," he said, adding that Shanghai Electric had to bring over new building equipment because the Cuban ones were antiquated and lacked spare parts. But even Chinese largesse may have its limits. Chen said Biopower was now in discussions with overseas funders, mainly from Europe, and hoped to secure commercial funds for the second plant by the end of this year. Macdonald said he hoped his project would be part of the launch of many foreign participations in the energy sector. "But today, we are still pioneers," he said. (Editing by Christian Plumb and Edward Tobin) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-cuba-energy-idUKKBN1720FH'|'2017-03-31T13:17:00.000+03:00'
'88aaf9ebbca2470eab5462ac4a91cf26b0b0bec7'|'A home in a former waterworks – in pictures - Money'|'A home in a former waterworks – in pictures   View more sharing options Share   Close You don’t have to be flush with cash to look around this three-bedroom Staffordshire flat awash with industrial heritage Jill Papworth Friday 31 March 2017 07.00 BST The pump house is part of the Hatton Manor private gated community development, a Grade-II-listed converted Victorian waterworks in a rural location five miles from Stone, a market town just south of Stoke-on-Trent. Facebook Twitter Pinterest Within the former industrial building is a three-bedroom leasehold apartment over two floors, with two arched windows and double doors at ground level. Facebook Twitter Pinterest One set of glazed double doors with arched fan light opens into the entrance hall. Facebook Twitter Pinterest The hall opens into a large living area with a recessed diner and french doors leading to the front garden. Facebook Twitter Pinterest The kitchen is open-plan to the living area. There is also a utility room, separate study and a WC downstairs. Facebook Twitter Pinterest Upstairs there is a galleried landing, three double bedrooms (one of them en suite), and a separate family bathroom. Facebook Twitter Pinterest The bedrooms all have vaulted ceilings. Outside space is just a small front garden and two parking spaces, but there are communal grounds and the development is on the edge of accessible woods. Price: £265,000. Tinsley Garner , 01785 811800. Facebook Twitter Pinterest Topics Property Surreal estate Homes Water'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/gallery/2017/mar/31/a-home-in-a-former-waterworks-in-pictures'|'2017-03-31T15:00:00.000+03:00'
'356e897cc5c1a0d1c642d3d6c97fb716ebe183c5'|'Italy says Europe and U.S. should avoid ''dangerous'' trade clash'|'Business News - Fri Mar 31, 2017 - 1:16pm BST Italy says Europe and U.S. should avoid ''dangerous'' trade clash Italian Industry Minister Carlo Calenda gestures as he talks during an interview with Reuters in his office in Rome, Italy November 25, 2016. REUTERS/Tony Gentile By Antonella Cinelli and Steve Scherer - ROME ROME Trade disputes between the United States and Europe would hurt economic growth and global governance at a time when the West needs to show a unified front against unfair trade practices, Italy''s industry minister said on Friday. "Any trade clash between the United States and Europe would be dangerous not only for our economies, but also for the rules that govern globalisation," Industry Minister Carlo Calenda told reporters in Rome. Calenda said Western countries should refrain from trade disputes "that would symbolically show a division at a moment when the Western world should be unified in protecting its citizens from unfair trade practices". His general comments on trade came after the U.S. Department of Commerce ruled on Thursday that foreign producers, including in Italy and Germany, had dumped certain types of steel on the U.S. market, opening the way for duties to be imposed. Italy has yet to comment specifically, but Germany said the European Union should consider filing a complaint at the World Trade Organization (WTO). Emma Marcegaglia, head of the family-controlled Marcegaglia steel group that was cited by the U.S. Commerce Department, strongly rejected the idea of new border taxes. "A border tax would be a declaration of trade war that should be brought before the WTO, and when you start a war you don''t know where you will end up," she said. A media report on Thursday said the United States was also considering tariffs on several products in response to the EU''s ban on American beef from hormone-treated cattle. Italy is hosting a Group of Seven summit in May in Sicily - the first involving U.S. President Donald Trump, who has pledged to fight trade practices that he says hurt American workers. Italian Prime Minister Paolo Gentiloni has said major powers should reject "the temptation of protectionism" at the meeting, which also includes the leaders of Germany, France, Britain, Japan and Canada. On Friday, Gentiloni told Italian business leaders and industrialists that free trade was "the biggest growth engine in history". "The alliance between the world''s major economies will be decisive in tackling the global challenges of trust and economic freedom," Gentiloni said. (Reporting by Antonella Cinelli, writing by Steve Scherer; Editing by Mark Trevelyan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-italy-usa-trade-idUKKBN1721LP'|'2017-03-31T20:16:00.000+03:00'
'2a712477b6fa7c407eaa8118dbd18ec0bb9e751c'|'robot debate is over: the jobs are gone and they aren''t coming back - Guardian Sustainable Business'|'I n 2013, the Oxford Martin School released a report that looked at the automation of work, assessing the likelihood that robots and other technologies would replace humans. It concluded that of the 702 job categories examined, 47% were susceptible to automation within the next 20 years. The report completely upended our ideas about the future of work.Now, a new report by the National Bureau of Economic Research (NBER) in the United States is set to be an even bigger wake-up call. Written by economists Daron Acemoglu (MIT) and Pascual Restrepo (Boston University), it not only adds support to the Oxford Martin conclusions, it actually suggests the jobs are already lost and unlikely to come back.It contends that in the US between 1990 and 2007, the addition of each robot into manufacturing industries resulted in the loss, on average, of 6.2 human jobs. It also suggests automation depressed wages by between a quarter and a half of one per cent. “Using this approach,” the report says, “we estimate large and robust negative effects of robots on employment and wages across commuting zones.”What is a robot exactly – and how do we make it pay tax? Read moreThere is another important insight: these jobs losses and lower wages are likely to have a lasting and devastating effect. Author Daron Acemoglu told the New York Times that, “even if overall employment and wages recover, there will be losers in the process, and it’s going to take a very long time for these communities to recover. The market economy is not going to create the jobs by itself for these workers who are bearing the brunt of the change.”These are game-changing findings, so let me put them into context of the overall debate.There has been a rather unproductive back-and-forth over whether or not robots are going to take our jobs. This dead end approach was something I warned about in my book Why The Future Is Workless when I wrote, “Let’s not go down the same route we have with climate change and mindlessly divide ourselves into camps of sceptics and advocates. Let’s instead bypass the ultimately futile argument about whether or not robots will take our jobs (they will) and make the imaginative leap, together, into a workless future that can liberate us all.”Much of the argument has rested on the claim that technology ultimately creates as many jobs as it destroys (an approach that author Calum Chace calls the “ reverse Luddite fallacy ”).An automated world is coming but can we make sure no-one is left behind? - Greg Jericho Read moreProbably the most influential proponent of this argument is MIT economist David Autor. His important paper, Why Are There Still So Many Jobs? , although careful to allow for the fact that past behaviour is not always a great predictor of future outcomes, nonetheless notes that “journalists and even expert commentators tend to overstate the extent of machine substitution for human labor and ignore the strong complementarities between automation and labor that increase productivity, raise earnings, and augment demand for labor”.As recently as last week, Australian economic commentator, Ross Gittins, ran a similar line in a strongly worded piece decrying so-called “futurologists” for scaring everyone about job losses. He wrote, “improving the productivity of a nation’s labour increases its real income. When that income is spent, jobs are created somewhere in the economy. Technological advance doesn’t destroy jobs, it ‘displaces’ them from one part of the economy to another.”This claim, of course, was always as much a guess about the future of work as anything offered by dreaded “futurologists”, but the point is, the NBER report makes it even more tenuous than it was. In fact, Acemoglu and Restrepo specifically argue there is little evidence of new jobs being created, saying the results “indicate a very limited set of offsetting employment increases in other industries and occupations”.What lends the NBER report added authority is it doesn’t rely on modelling to predict what robots are likely to do to jobs in the future, but on hard data to look at what robots are already doing to jobs in the present. The results are so startling that even the authors were surprised, having previously taken a much more sceptical line .Robots will destroy our jobs – and we''re not ready for it Read moreSo where does this leave us? Well, we need to keep things in perspective. The future of work is a hugely complex issue, social and political as much as technological, and one new report, however important, hardly settles the matter. Nonetheless, Acemoglu and Restrepo’s findings do give us a new baseline for our discussions.In so doing, they will likely reanimate calls for a universal basic income, because if there really are fewer jobs, we are going to need new ways of distributing wealth.The report also challenges the neoliberal tenet that unregulated markets are a surefire way to full employment, and it can reasonably be taken to imply a large role for governments in managing the change that is coming. Additionally, it undermines the persistent claim that technology will create enough jobs in the future because this is what happened in the past.Most importantly, the results suggest politicians and others who carelessly promise “jobs and growth” need to stop waffling and start taking seriously the fact that the future of work is going to be a very different beast to the past and present of work. We are likely to face not just different sorts of work, but far fewer jobs.How we respond to this reality will be a huge test for our democracies, and this report is an important contribution to the ongoing debate.Topics Guardian sustainable business Fourth industrial revolution Business (Australia) Work & careers Economics comment '|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/sustainable-business/2017/mar/31/the-robot-debate-is-over-the-jobs-are-gone-and-they-arent-coming-back'|'2017-03-31T11:51:00.000+03:00'
'6c2e7df14bf065c57e26f517e7910b98843e1ee3'|'Oil dips after three-day rally, but support seen above $50 per barrel'|'Business News - Fri Mar 31, 2017 - 3:06am BST Oil dips after three-day rally, but support seen above $50 per barrel A pump jack operates at a well site leased by Devon Energy Production Company near Guthrie, Oklahoma September 15, 2015. REUTERS/Nick Oxford By Henning Gloystein - SINGAPORE SINGAPORE Oil prices eased on Friday as traders took profits following three days of straight gains on the expectation that an OPEC-led crude supply cut that was initially supposed to only last for the first half of the year would be extended. Prices for front-month Brent crude futures LCOc1, the international benchmark for oil, were at $52.83 per barrel at 0134 GMT, down 13 cents from their last close. In the United States, West Texas Intermediate (WTI) crude futures CLc1 were down 10 cents at $50.25 a barrel. Despite Friday''s dips, crude prices remain over 4 percent higher than they were at the start of the three-day rally on Tuesday. "Oil looks to have found a range in the low $50s," ANZ Bank said on Friday. Traders said there was a growing sense that the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil production giant Russia would agree to continue their production cut deal seeking to drive prices higher. OPEC and non-OPEC producers including Russia agreed late last year to cut output by almost 1.8 million barrels per day (bpd) during the first half of the year in order to rein in a global supply overhang and prop up prices. But so far, alternative oil supplies, including from the United States where production is soaring C-OUT-T-EIA, and doubts that Russia was complying with its promised cuts, have prevented the market from re-balancing. Still, over the past week, a growing consensus has emerged that the supply cut would be extended into the second half of the year - and that Russia would increasingly comply. "The changed thoughts about Russia''s role in the market reinforce...(the idea) that a deal between OPEC and Russia is in the offing," said Greg McKenna, chief market strategist at futures brokerage AxiTrader. Despite this, there remains doubt that the output cuts will go deep enough for the world''s bloated markets to tighten soon and significantly lift prices, especially as other producers that are not part of the agreement could step in to fill the supply gap. "There is a tremendous amount of stock in the markets and to expect a major increase in the price is not very realistic," the International Energy Agency''s (IEA) executive director Fatih Birol told Reuters on Thursday. "If we see the prices go up as a result of any push from the producer ...we will see more oil coming to the market, not just from the U.S.; we will also see Brazilian and Canadian oil coming to the market," he added. (Reporting by Henning Gloystein; Editing by Kenneth Maxwell) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-oil-idUKKBN17103G'|'2017-03-31T10:05:00.000+03:00'
'4dbaaadb772a6c7d07451ea83a54c42efae00f81'|'Embattled Samsung Group chief paid $1 million by flagship affiliate in 2016-filing'|'  4:40am EDT Embattled Samsung Group chief paid $1 million by flagship affiliate in 2016-filing FILE PHOTO: Samsung Group chief, Jay Y. Lee arrives at the office of the independent counsel team in Seoul, South Korea, February 19, 2017. REUTERS/Kim Hong-Ji/File Photo SEOUL Samsung Electronics Co Ltd ( 005930.KS ) said on Friday it paid Vice Chairman Jay Y. Lee, the third-generation leader of Samsung Group [SAGR.UL], 1.135 billion won ($1.02 million) last year, disclosing his compensation for the first time. Lee is currently on trial for bribery, embezzlement and other charges amid a corruption scandal that has rocked South Korea. Lee''s compensation package includes 476 million won in wages equivalent to three months'' pay as director. South Korean companies are required to disclose compensation for executives who sit on the board and are paid at least 500 million won on an annual basis. (Reporting by Se Young Lee; Editing by Randy Fabi)  '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-samsung-elec-management-idUSKBN1720XX'|'2017-03-31T16:40:00.000+03:00'
'cf83bcbeae8f50b7951e8299ccbc001f6d9ce065'|'Poland expects to sign deal for 8 Patriot missile defence systems by end-2017'|'World  38am EDT Poland expects to sign deal for eight Patriot missile defense systems by end-2017 Poland''s Defence Minister Antoni Macierewicz speaks during a news conference in Tallinn, Estonia, March 14, 2017. REUTERS/Ints Kalnins WARSAW Poland expects that it will sign a deal with U.S. defense firm Raytheon to buy eight Patriot missile defense systems by the end of this year, Polish Defence Minister Antoni Macierewicz said on Friday. "We hope that we will sign the contract by more or less the end of the year," Macierewicz told reporters. Macierewicz also said that the first of the eight systems, which he said would all be equipped with built-in army battle command system (ABCS) radars, will likely arrive in Poland two years after the contract is signed. (Reporting by Lidia Kelly; Writing by Marcin Goettig) Next In World News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-poland-defence-raytheon-patriots-idUSKBN1720X3'|'2017-03-31T16:29:00.000+03:00'
'f4cd812fcee11e99824b1c9341ede4af75afea62'|'BRIEF-Blackberry reports Q4 GAAP loss per share $0.09'|' 15am EDT BRIEF-Blackberry reports Q4 GAAP loss per share $0.09 March 31 Blackberry Ltd: * Blackberry reports Q4 fiscal 2017 results above analyst consensus revenue and EPS estimates * Q4 non-GAAP earnings per share $0.04 * Q4 revenue $297 million versus I/B/E/S view $288.4 million * Blackberry Ltd - expect to be profitable on a non-GAAP basis and to generate positive free cash flow for full year * Q4 GAAP loss per share $0.09 * Q4 earnings per share view $0.00 -- Thomson Reuters I/B/E/S * Blackberry Ltd qtrly non GAAP total revenue $297 million versus $487 million last year * Blackberry - Q4 non-GAAP company total software and services revenues of $193 million; Q4 GAAP company total software and services revenues of $182 million * Qtrly GAAP gross margin of 60pct * Says Q4 non-GAAP gross margin of 65pct * Blackberry Ltd - total cash, cash equivalents, short-term, long-term investments increased by $89 million to approximately $1.7 billion as of Feb 28, 2017 * Blackberry Ltd -"looking ahead to fiscal 2018, we expect to grow at or above overall market in our software business" * Says expect to be profitable on a non-GAAP basis and to generate positive free cash flow for full year 2018 * Blackberry Ltd qtrly GAAP total revenue $286 million versus $464 million last year * FY2018 earnings per share view $0.02, revenue view $976.7 million -- Thomson Reuters I/B/E/S * Q4 earnings per share view $0.00, revenue view $288.8 million -- Thomson Reuters I/B/E/S Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-blackberry-reports-q4-gaap-loss-pe-idUSASB0B7W0'|'2017-03-31T19:15:00.000+03:00'
'0c32bff22376c8a8c8429005bfd413cbc8b80260'|'Warning signs abound for UK economy following strong fourth quarter'|'  1:00pm BST Warning signs abound for UK economy following strong fourth quarter Staff work on the Jaguar XJ production line at their Castle Bromwich Assembly Plant in Birmingham November 29, 2011. REUTERS/Eddie Keogh By Andy Bruce and William Schomberg - LONDON LONDON The British economy''s strong finish to 2016 looks likely to prove a high watermark as Brexit gets underway, according to a range of indicators on Friday which pointed to a growing squeeze on consumers. Households ran down their savings to a record low as their spending power shrank sharply in the last three months of 2016, official data showed. In another indication that the world''s fifth-biggest economy has lost some of its resilience to last June''s shock vote to quit the European Union, the dominant services industry contracted in January for the first time since March last year. READ MORE: UK investors cut equity holdings, raise cash to 4-month highs Separately on Friday, a survey showed consumers were worried about the outlook for the economy. And there was a surprise fall in house prices. Britain''s economy last year defied forecasts that it would slow sharply after the referendum decision to leave the EU. The Office for National Statistics confirmed gross domestic product grew by a quarterly 0.7 percent in the October-December period, as expected in a Reuters poll of economists. Growth for 2016 as a whole was 1.8 percent, the strongest among all Group of Seven rich nations bar Germany. Infographic ID: ''2o5MUVS'' But a quick rise in inflation, caused in part by the fall in the value of the pound since the Brexit vote, is expected to crimp spending by consumers, the main drivers of the economy, just as Prime Minister Theresa May begins Britain''s EU divorce. Real household disposable income -- a measure of spending power -- shrank by 0.4 percent in the last three months of 2016, the steepest quarter-on-quarter drop in nearly three years. And while consumer spending remained strong, the savings ratio sank to 3.3 percent, its lowest level since records began in 1963, raising questions about how long households can maintain their spending. The ONS said the fall in the savings ratio in part reflected changes in pension fund holdings rather than a big shift in the real incomes of households. But economists said the figures were reason for caution. "For consumption to continue to grow at current levels, the UK needs the savings rate to drop further. Yet today''s data show there is not much further to fall," HSBC economist Elizabeth Martins said in a note to clients. COMPANIES WARY Supermarket chain Asda said its gauge of disposable income showed the weakest growth since June 2014 during February, with the poorest households hit particularly hard. Companies are also wary. The ONS said business investment fell by 0.9 percent in quarterly and annual terms in the fourth quarter, roughly in line with a previous estimate. The fall the pound is not all bad news for Britain''s economy and Friday''s data showed it was helping to ease one of its biggest vulnerabilities -- its wide balance of payments deficit with the rest of the world. The ONS said the current account deficit more than halved in the fourth quarter to 12.1 billion pounds -- falling by more than expected in the Reuters poll -- and stood at 2.4 percent of GDP, down sharply from 5.3 percent in the third quarter. "Much better, but sterling still is vulnerable if overseas investors lose confidence," said economist Samuel Tombs of consultancy Pantheon Macroeconomics. He said a "hard Brexit" -- big hurdles for trade between Britain and the EU -- could trigger a fire-sale of British assets by foreign investors. The deficit had been expected to improve as the fall in the pound increased the value in sterling of British investments held abroad and helped exporters. Net trade contributed an unusually strong 1.7 percentage points to quarterly economic growth in the fourth quarter. But economists said this should be seen against a 1.4 percentage point drag in the third quarter, with figures for both periods distorted by trade in "erratic" items like aircraft and gold. (Writing by William Schomberg; Editing by Catherine  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-economy-idUKKBN1721JJ'|'2017-03-31T20:00:00.000+03:00'
'835733b6dc503306a29b20a7fbbfdbc9eb96a9c7'|'Global equity listings start to recover after 2016 slump'|'Deals - Fri Mar 31, 2017 - 12:20am BST Global equity listings start to recover after 2016 slump By Dasha Afanasieva - LONDON LONDON Global equity listings rose in the first quarter compared with a year earlier, driven by issuance in Asia and the United States, Thomson Reuters data showed, pointing to a more buoyant year for share sales than 2016. Companies globally issued $189 billion of equity in the first quarter of the year, up 58 percent from the first quarter of 2016, which was the worst since 2008. Upbeat news on the economy helped boost equity capital market activity by U.S. firm by almost 70 percent, delivering proceeds of $59 billion in the first quarter. But global issuance remained below the 2012-2016 first quarter average of $183 billion. "We have had a backdrop of rising markets, low volatility and better macroeconomic data. These combine to produce strong appetite for new issues," Bank of America''s global head of equity capital markets, Craig Coben, said. "The equity calendar is highly seasonal and so Q2 will really be a litmus test for new-issue appetite as it is generally the busiest quarter of the year." London, Europe''s biggest market for initial public offerings, bucked the global trend with equity listings at a five-year low. Russell Holden, corporate partner at international law firm Taylor Wessing, said he expected this to continue as companies waited for more favorable conditions. "With the share price gains over the past six months, combined with some uncertainty over the outcome of the Brexit negotiations, a market correction may be down the road so investors are taking a cautious approach at the moment and do not want to be overpaying for assets." Expected listings of Blackstone''s ( BX.N ) warehousing business Logicor and Telefonica''s ( TEF.MC ) UK telecoms operator O2 may bolster the IPO market in Britain in the coming quarters. In continental Europe, Gestamp is set to become the biggest IPO this year when it lists on April 7 with a valuation of around 3.5 billion euros ($3.75 billion). Goldman Sachs ( GS.N ) overtook JP Morgan ( JPM.N ) as the leading bank for equity capital markets globally in the first quarter, thanks to its mandates for follow-on offerings. JP Morgan kept the top spot for IPOs globally. Representing more than a tenth of global follow-on proceeds, Italian bank UniCredit ( CRDI.MI ) had the biggest equity offering of the year so far, raising 13.8 billion euros and potentially generating hundreds of millions dollars in fees for banks. The listing of Snap Inc ( SNAP.N ), owner of photo sharing app Snapchat, was the biggest IPO of the quarter helping to produce a 17-fold increase in total U.S. IPO proceeds. Ed Sankey, EMEA Co-Head ECM and Global Head of Equity Syndicate at Deutsche Bank ( DBKGn.DE ), said merger and acquisition activity, subsidiary IPOs and privatisations by European governments would drive deal flow. "There was a wave of IPO exits in 2013-15 and this year we don''t expect to see the sheer number we saw in that time frame, especially from private equity in this time zone, but globally we expect a busier year than 2016." (Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-equity-deals-idUKKBN1713BQ'|'2017-03-31T07:16:00.000+03:00'
'18bdc5acad40f6614b8161455901823332e5fb2f'|'Wells Fargo must face litigation on defective mortgages: U.S. judge'|'Money  33pm EDT Wells Fargo must face litigation on defective mortgages: U.S. judge A Wells Fargo branch is seen in the Chicago suburb of Evanston, Illinois, U.S. on February 10, 2015. REUTERS/Jim Young/File Photo By Jonathan Stempel - NEW YORK NEW YORK A federal judge on Thursday said Wells Fargo & Co ( WFC.N ) must face litigation seeking to hold it responsible for billions of dollars of claimed investor losses stemming from its alleged failures as a trustee overseeing risky residential mortgage-backed securities. U.S. District Judge Katherine Polk Failla in Manhattan said the plaintiffs, including a few dozen funds from BlackRock Inc ( BLK.N ), Pacific Investment Management Co ( ALVG.DE ), Prudential Financial Inc ( PRU.N ) and TIAA-CREF, may pursue breach of contract and conflict of interest claims related to 53 trusts. Failla also said the investors may pursue some claims alleging breaches of fiduciary duty and due care, but she dismissed claims alleging general negligence and the violation of a New York law governing mortgage trusts. Failla also denied Wells Fargo''s bid to dismiss claims by Germany''s Commerzbank AG ( CBKG.DE ). Ancel Martinez, a Wells Fargo spokesman, declined to comment. A lawyer for many of the plaintiffs did not immediately respond to requests for comment. Failla''s 80-page decision covers five lawsuits, which comprise one of the largest remaining pieces of U.S. litigation seeking to hold banks liable for risky mortgage securities that were a major cause of the 2008 global financial crisis. Much of this litigation targeted lenders, but some targeted trustees that oversaw the securities'' performance. Investors accused Wells Fargo of having taken "virtually no action" to require lenders to buy back or fix defaulted or poorly underwritten loans that backed their securities, despite knowing of shortfalls. They said the San Francisco-based bank''s resistance stemmed from concern that acting would have exposed its own "misconduct" in other residential mortgage-backed securities trusts, and jeopardized its business dealings with lenders and servicers, court papers show. Failla said the plaintiffs "more than met" the legal standard for letting the breach of contract claims proceed, having pointed to internal Wells Fargo documents to suggest the bank knew about many loan defects but did nothing. "It is plaintiffs'' contention that such allegations go far beyond many other RMBS trustee complaints, which themselves have been found sufficient to state a claim," Failla wrote, without ruling on the merits. "The court agrees." Failla also said the National Credit Union Administration may pursue various claims against Wells Fargo on behalf of five failed credit unions. The NCUA has already recouped roughly $4.3 billion in litigation against many banks over securities that the credit unions bought. A spokesman could not be reached for comment. The cases in the U.S. District Court, Southern District of New York are: BlackRock Allocation Target Shares Series S Portfolio et al v. Wells Fargo Bank NA et al, No. 14-09371; Royal Park Investments SA/NV et al v. Wells Fargo Bank NA et al, No. 14-09764; National Credit Union Administration Board v Wells Fargo Bank NA, No. 14-10067; Phoenix Light SF Ltd et al v. Wells Fargo Bank NA, No. 14-10102; and Commerzbank AG v. Wells Fargo Bank NA, No. 15-10033. (Reporting by Jonathan Stempel in New York; Editing by Leslie Adler) Next In Money'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-wellsfargo-mortgages-idUSKBN172018'|'2017-03-31T08:33:00.000+03:00'
'6b75f4ab2434859d380a063b9bfefeaa4b252432'|'Turkey''s Halkbank says operations, transactions comply with international regulations'|'Fri Mar 31, 2017 - 6:14am BST Turkey''s Halkbank says operations, transactions comply with international regulations Turkey''s Halkbank headquarters are seen in Ankara December 17, 2013. REUTERS/Umit Bektas ISTANBUL Turkish state-run lender Halkbank''s operations and transactions fully comply with national and international regulations, it said in a statement regarding the arrest of its deputy general manager Mehmet Hakan Atilla in the United States. Atilla was charged with participating in a multi-year scheme to violate sanctions against Iran and conspiring with Turkish-Iranian gold trader Reza Zarrab, who is already on trial. In a statement released to the Istanbul stock exchange late on Thursday, Halkbank ( HALKB.IS ) said there was news in some media organs in recent days discrediting the bank and misleading the public and investors regarding his arrest. "Our Bank''s operations and transactions fully comply with national and international regulations all the time. Our Bank takes all measures to protect its shareholders, business partners and depositors'' right," the statement said. (Reporting by Birsen Altayli; Editing by Daren Butler) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-turkey-banker-turkiye-halk-bk-idUKKBN1720FB'|'2017-03-31T13:04:00.000+03:00'
'1a62475c1b948072970aa0c00936b173abd251fe'|'BRIEF-Village Farms announces year end 2016 results'|' 16am EDT BRIEF-Village Farms announces year end 2016 results March 31 Village Farms International Inc * Village Farms announces year end 2016 results * Village Farms International - sales for 3 months ended Dec 31, 2016 increased by $2,187, or 6%, to $37,308 from $35,121 for 3 months ended Dec 31, 2015 * Village Farms International Inc - net income for 3 months ended Dec 31, 2016 decreased by $2,033 to $453 from $2,486 for 3 months ended Dec 31, 2015 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-village-farms-announces-year-end-idUSASB0B7W8'|'2017-03-31T19:16:00.000+03:00'
'4ca68c737934538037351cca36358147b8a3593b'|'Cyclone Debbie just a squall for Australia''s fair weather economy'|'Company  46am EDT Cyclone Debbie just a squall for Australia''s fair weather economy * Q1 GDP to be hit by 0.4 pct worst case scenario-economists * Coal, construction agriculture big losers from Debbie * Tourism seen being hit too after damage to resorts * Repair, rebuilding to boost growth in coming months By Swati Pandey SYDNEY, March 31 A devastating cyclone that pummelled Australia''s northeast this week is likely to have a dampening effect on the country''s economy with coal production, exports and construction activity taking a hit. While a more concrete picture of the damage from Cyclone Debbie will be clearer in coming weeks, economists say Australia''s first quarter gross domestic output could be lower by 0.4 percent, in the worst-case scenario. That makes it more likely that the country''s A$1.7 trillion ($1.3 trillion) economy will slow to under 2 percent in the first quarter from 2.4 percent the previous quarter. Cyclone Debbie hit as a category four storm on Tuesday in the north of tropical Queensland state, which generates almost 20 percent of Australia''s GDP at A$316 billion. It was downgraded to a tropical low depression but on Thursday was driving squalls with torrential rain across a 1,200-km (745-mile) stretch of Australia''s east coast, swelling rivers and causing major flooding. "So Debbie''s economic legacy could be fairly large," said Paul Dales, chief economist at Capital Economics. "The big losers are those construction companies that couldn''t get on site, the miners that shut down operations and the manufacturers whose factories were empty." In the Bowen Basin, the world''s single largest source of coal used to make steel, Glencore said its mines were not damaged by the storm but restarting production depended on railways reopening. BHP, was still assessing the extent of any disruption to shipments. Queensland''s top insurers, Suncorp Group Ltd and RACQ, said it was too early to put a dollar figure on the damage. Severe damage has been inflicted on vegetable and fruit crops in the Bowen and Mackay areas, with potential harm to this year''s sugar crop which was due to be harvested in about six weeks'' time. The wide region impacted by the cyclone contributes over A$1 billion of agricultural production annually, providing about 95 percent of Australia''s winter supply of tomatoes and capsicums, said John Peters, senior economist at Commonwealth Bank. Tourism is another area that has taken a big hit from Debbie, with damage to popular resorts particularly in Whitsundays island which alone accounts for about 10 percent of Australia''s tourism earnings. While a lower GDP will not be welcomed by the Reserve Bank of Australia, it is likely to look through the volatility in the data when setting policy rates. It holds its next policy meeting on April 4. The deleterious impact of the cyclone will likely be short-term with rebuilding and repair activity expected to prop up economic growth in coming months, economists said. "The State, Federal and local governments will rebuild damaged rail, roads, buildings and bridges," Peters said. "The private sector will also rebuild the port facilities, marinas, and tourism areas. So the lift in investment could be a substantial positive influences on the June, September and December GDP calculations." ($1 = 1.3082 Australian dollars) (Reporting by Swati Pandey; Editing by Michael Perry) Next In Company News UK Stocks-Factors to watch on March 31 March 31 Britain''s FTSE 100 index is seen opening down 19 points at 7,351 points on Friday, according to financial bookmakers. * SMITHS GROUP: The U.S. Justice Department said on Thursday it will require Smiths Group Plc to divest Morpho Detection LLC and Morpho Detection International LLC''s global explosive trace detection business for Smiths to proceed with its proposed $710 million acquisition of Morpho from Safran SA . * JOHN LEWIS: John Lewis , ZURICH, March 31 The following are some of the main factors expected to affect Swiss stocks on Friday: MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/australia-cyclone-economy-idUSL3N1H82GN'|'2017-03-31T13:46:00.000+03:00'
'c308a2b9a38940442dfcc88e5d4158b3f750cccf'|'British M&A robust in first quarter but a rocky road ahead'|'Business News - Fri Mar 31, 2017 - 12:20am BST British M&A robust in first quarter but a rocky road ahead A general view of the financial district of London is seen in London, Britain, October 19, 2016. REUTERS/Hannah McKay/Files By Clara Denina - LONDON LONDON Mergers and acquisitions (M&A) activity involving British companies remained relatively robust in the first quarter of the year despite expectations of a slowdown ahead of the country''s divorce from the European Union. Bankers warned, however, that while the pound''s fall since the Brexit vote in June has made British companies cheaper, lingering uncertainty about the impact of the country''s split from Europe may make it trickier to value takeover targets. Overall, the value of deals struck in the first three months was $39.96 billion, (32 billion pounds) according to Thomson Reuters data. That''s a decline of just 2.5 percent from a year earlier, though European M&A climbed 16 percent in the same period to $215.3 billion, the highest for the first quarter since 2008. "UK M&A activity has started strongly in 2017 ... foreign exchange made UK companies cheaper, and there is an overarching desire for growth, which is not easy for companies to deliver organically," said Jan Skarbek, head of UK investment banking at Citi. The pound has fallen more than 15 percent against the dollar since the Brexit vote, hitting a 31-year low in October, and is down 11 percent against the euro. The decline in the currency, however, has started to drive up inflation in Britain and increased the risk of interest rate rises, even though funding costs remain relatively low for now and liquidity is high. With an uncertain economic outlook, the search for growth is likely to remain the main motivation for deals in the coming months, particularly for companies falling on hard times and finding it difficult to restore their performance alone. "In this environment, we are likely to continue to see combinations that make strategic sense and enable companies to take out significant amounts of cost," said Simon Mackenzie-Smith, chairman of UK and Ireland corporate and investment banking at Bank of America-Merrill Lynch. "The UK retail profit pool is likely to be under increasing pressure as we continue to import inflation as a result of the low valuation of sterling," Mackenzie-Smith said. Merger activity between British companies was particularly strong in the first quarter. Britain''s biggest retailer Tesco made a surprise 3.7 billion pound ($4.6 billion) bid for food supplier Booker, fund manager Standard Life agreed to buy Aberdeen Asset Management and oil services firm Wood Group took over rival Amec Foster Wheeler. However, an extended period of economic uncertainty and continued sterling weakness could produce some anomalies in how companies are valued, bankers said. "Although UK economic indicators have remained positive, most boards believe the economic environment in the UK through the Brexit negotiations is unusually hard to predict, may be volatile and could be less favourable than it is now," Citi''s Skarbek said. Not all the transactions involving British companies have come to fruition over the past few months. Anglo-Dutch consumer goods giant Unilever received a surprise $143 billion takeover offer from Kraft Heinz in February, but it encountered stiff resistance and led to the U.S. food company''s rapid retreat. More recently, EU regulators blocked a planned merger between the Frankfurt and London stock exchanges, although the deal was already foundering due to differences over where the main headquarters should be in a post-Brexit world. (Editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-m-a-idUKKBN1713B0'|'2017-03-31T07:20:00.000+03:00'
'eb69008472a60a7c7c625468c65e2847594f447e'|'DuPont to get $1.6 billion in asset swap deal with FMC Corp'|'DuPont ( DD.N ) said it would sell its crop protection business to FMC Corp ( FMC.N ) and buy FMC''s health and nutrition unit in an asset swap deal that will give DuPont about $1.6 billion.DuPont''s $130 billion merger with Dow Chemical Co ( DOW.N ), which was expected to close in the first half of 2017, is now expected to close between Aug. 1 and Sept. 1, Dupont said.The deal with FMC includes a cash portion of $1.2 billion and working capital of $425 million.(Reporting by Vishaka George in Bengaluru; Editing by Martina D''Couto)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-du-pont-m-a-dow-fmc-idINKBN1721AS'|'2017-03-31T08:38:00.000+03:00'
'da94801ddafba869ffa7f37275874cbe41ad82db'|'Trump helps make cross-border M&A great again'|'By Lauren Hirsch and Greg Roumeliotis Cross-border M&A had its strongest start since 2007, driving first-quarter global volumes up 7 percent, as optimism over U.S. President Donald Trump''s economic agenda buoyed the stock market and the dollar, making foreign acquisitions cheaper than some U.S. targets.Many U.S. CEOs are feeling richer and more confident thanks to a rally in their companies'' stock. Yet potential U.S. acquisition targets often feel they are worth a lot too, while uncertainty over Trump''s tax policies makes planning a merger more difficult for the companies involved.To be sure, U.S. M&A was still up 3 percent in the first quarter. Some acquirers brushed off the political uncertainty, and often got around disagreements over the cash value of a company by using their stock as currency to pay for deals. Nonetheless, a few acquirers chose to cast their net overseas.The biggest deal since the start of the year was U.S. healthcare and consumer conglomerate Johnson & Johnson''s ( JNJ.N ) $30 billion agreement in January to acquire Swiss biotechnology firm Actelion Ltd ( ATLN.S ).Other major cross-border deals were attempted unsuccessfully. Anglo-Dutch consumer goods giant Unilever Plc ( ULVR.L ) snubbed a $143 billion acquisition offer from U.S. food conglomerate Kraft Heinz Co ( KHC.O ), while Dutch paint maker Akzo Nobel NV ( AKZO.AS ) rejected a sweetened $24 billion bid from U.S. coatings manufacturer PPG Industries Inc ( PPG.N ).Some cross-border M&A even headed in the other direction. British consumer products company Reckitt Benckiser Group Plc ( RB.L ), for example, agreed in February to acquire baby milk manufacture Mead Johnson Nutrition Company ( MJN.N ) for $17.9 billion."We saw an increase in outbound deals from the United States into Europe, as the outlook on the European economy has improved. Transactions for European targets are also less impacted by uncertainty around potential U.S. tax reform," said Gary Posternack, global head of mergers & acquisitions at Barclays Plc ( BARC.L ).Preliminary Thomson Reuters data show that global M&A totaled $726.5 million in the first quarter, up 7 percent year-on-year. Cross-border M&A totaled $323.1 billion year-to-date, the highest level since 2007, accounting for 45 percent of total M&A activity so far this year.Acquisitions by U.S. companies abroad reached $114.1 billion so far in 2017, a triple-digit percentage increase compared with a year ago, surpassing the year-to-date record set in 2007 of $97.1 billion. Europe inbound cross-border M&A reached $127.1 billion, topping the year-to-date record of $104.5 billion set last year.In the United States, the biggest questions CEOs faced when considering M&A were around mulled policy reforms that would affect deductibility of interest expense, corporate tax rates, overseas cash repatriation, and the potential cross-border adjustment tax."There are a number of people who are saying I want to wait until this fleshes out a bit, until questions around tax or certain healthcare policies get reformed over time, it’s harder to do a deal," said Robin Rankin, co-head of global M&A at Credit Suisse Group AG ( CSGN.S ).Nevertheless, most M&A advisers appear optimistic. About 44 percent of dealmakers expected M&A to increase in 2017, an uptick from just 13 percent a year ago, according to a survey published this week by financial communications firm Brunswick Group.PRICE CONCERNSAfter two years of particularly robust M&A activity - 2016 and 2015 saw the biggest and third biggest M&A volumes on record, respectively - and historically high corporate valuations, the main impediment to deals is price concerns, dealmakers said.With his ruling Republican party divided along ideological fault lines, it was also not clear what impact Trump''s failed bid to reform the U.S. healthcare system earlier this month would have on his ability to implement tax proposals."While the strategic dialogue is as good as it has been in quite some time, many assets are richly valued and uncertainty still exists around tax reform and the regulatory environment," said Jack MacDonald, co-head of Global M&A at Bank of America Corp ( BAC.N ).Recovering oil prices boosted energy M&A, which reached 118.4 billion so far in 2017, up 41 percent year-on-year.Credit markets remained wide open, favoring not just big corporate deals but also leveraged buyouts. Global private equity-backed M&A activity totaled $57.5 billion, the strongest year-to-date period for such deals since 2014, and a 38 percent increase from a year ago.(Reporting by Lauren Hirsch and Greg Roumeliotis; Editing by Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-global-m-a-firstquarter-idINKBN1713AQ'|'2017-03-30T21:11:00.000+03:00'
'c8b56efd89dd897450f51e500922e2eff22ca133'|'REFILE-Australia to bar banks from bargaining collectively with Apple over payments'|'(Refiles to additional subscribers)SYDNEY, March 31 Australia''s competition regulator on Friday said it would bar a group of the country''s largest banks from bargaining collectively for access to Apple Inc''s contactless payment function, potentially setting a global precedent.The decision, the first of its kind, will stop the banks from introducing their own mobile applications on devices like the iPhone and Apple Watch that could be used for contactless payments instead of the Apple Wallet.That would have enabled banks to circumvent transaction fees and get customers to engage more frequently with their own apps, potentially unlocking more of Australia''s contactless payment market. (Reporting by Jamie Freed, editing by G Crosse)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/apple-australia-idINS9N1GE00H'|'2017-03-30T20:50:00.000+03:00'
'28189321a3605485b22fddf8ecf1de78ad0fbc8a'|'Toshiba offered $17.9 billion for chip unit by Silver Lake and Broadcom - Nikkei'|'Money  18am IST Toshiba offered $17.9 billion for chip unit by Silver Lake and Broadcom - Nikkei Toshiba''s used-memory chips are seen at an electronics shop in Tokyo November 9, 2010. REUTERS/Kim Kyung-Hoon/Files TOKYO U.S. private equity firm Silver Lake Partners LP and U.S. chipmaker Broadcom Ltd have offered Toshiba Corp about 2 trillion yen ($17.9 billion) for its chip unit, the Nikkei business daily reported on Friday. About 10 potential bidders are interested in buying a stake in the NAN flash memory maker, a source with knowledge of the planned sale told Reuters earlier. Suitors include Western Digital Corp which operates a chip plant with Toshiba in Japan, Micron Technology Inc, South Korean chipmaker SK Hynix Inc and financial investors. Toshiba wants to make at least 1 trillion yen from the sale of part or all of the business to cover writedowns at its Westinghouse nuclear unit. It says it expects investors to value its chip operations at about 2 trillion yen. Toshiba is also asking potential bidders whether they intend to resell their stakes and wants to make a decision on the sale before a shareholders meeting in June, the Nikkei said, without saying where it obtained the information. Toshiba shareholders on Thursday agreed to split off its prized chip unit, paving the way for the sale. ($1 = 111.7100 yen) (Reporting by Kaori Kaneko; Editing by Stephen Coates) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/toshiba-accounting-idINKBN172085'|'2017-03-31T10:48:00.000+03:00'
'd36e13bfad7fee56eb348f39bbf2cd87e73af4da'|'How a Hillary Superfan Ended Up Inside Trump''s Treasury'|'As a member of Hillary Clinton’s national finance committee, a distinction reserved for those who raised at least $100,000 for her presidential bid, Craig Phillips qualified as a Hillary superfan, or a “Hillblazer” in the words of the campaign. A former BlackRock Inc. executive, Phillips had told friends and colleagues he hoped to get a political appointment at the Treasury Department, parlaying his big donations into a big job in Washington. His plan half-worked. Phillips is indeed working at the Treasury; it’s just that his boss is Donald Trump, and his job is totally different from what it would’ve been under Clinton.Phillips is leading Treasury’s review of how to roll back financial regulations, a policy move opposed by Democrats. He’s also one of a handful of people hired by Treasury Secretary Steven Mnuchin in the first two months of the Trump administration. While Phillips’s views on the rules that were piled on the banking industry after the 2008 financial crisis aren’t clear (he wouldn’t comment for this story), conservatives inside and outside the government are surprised he got the job, given his political leanings. A Treasury spokesman says Mnuchin is confident Phillips supports the administration’s economic policy goals, adding that he “is a key member of our team.”Phillips, who spent his 40-year career in finance, including stints at Credit Suisse First Boston and Morgan Stanley, announced last September he was leaving BlackRock. At the time, few thought Trump had a chance. Yet after the election, as Democrats grappled with their diminished prospects, Phillips saw he still had an opportunity to work in government, thanks to his almost 25-year friendship with Mnuchin. The two had crossed paths because of their work in housing finance, a subsection of Wall Street where major players tend to know one another.Mnuchin fought to bring on Phillips, 62, because of his deep experience in the markets, people familiar with the hiring say. Although some White House and Treasury aides opposed him, they were ultimately overruled. Phillips was among the first people to start working at Treasury as part of the administration’s “beachhead team” of appointees who took the reins as soon as Trump was sworn in.Phillips has been in on most discussions of the major issues confronting the department, including a tax overhaul, the debt limit, and Trump’s executive order in February directing the department to get serious about cutting financial regulations. Phillips is now one of Treasury’s most senior officials, given how slow the White House has been to nominate people for top positions, including undersecretary and assistant secretary for domestic finance.Part of the delay, people involved in the nomination process have said, was because of a desire by the White House to make sure Mnuchin’s preferred candidates hadn’t publicly opposed or criticized Trump. Despite his Clinton connections, Phillips wasn’t subjected to as intense White House scrutiny, since his job as a counselor to Mnuchin doesn’t require Senate confirmation. Even so, his political donations were hardly a secret. Federal Election Commission records show he donated $136,100 to Clinton in October. That same month he gave $33,400 each to the Democrats’ Senate and House campaign committees. One source notes Phillips later gave a big check to Trump’s inaugural committee.Ian Katz, a policy analyst who watches the Treasury for Capital Alpha Partners LLC in Washington, says Phillips’s support for Democrats might not be as strange as it seems. “In finance there’s often not a huge difference between Republicans and Democrats, they’re all for free markets,” says Katz. “The fact that he worked at BlackRock is probably more relevant than his political affiliation.”The Treasury has until early June to report back to Trump on regulations. Many in the banking industry see this effort as the first and perhaps best chance to scrap some of the more onerous requirements imposed by the 2010 Dodd-Frank Act. The bulk of Phillips’s review kicked off in March with a series of group meetings. Big banks such as JPMorgan Chase & Co. and Citigroup Inc. have already been in, as have asset managers such as BlackRock and Fidelity Investments and consumer advocates. Held in Treasury’s ornate Cash Room, the events weren’t open to the public. Phillips plans to hold 16 sessions; among others, he’s also invited community banks and credit unions. People familiar with the meetings said firms were told to bring ideas for changes they want made to financial rules, along with solutions that preferably don’t involve passing legislation.At these get-togethers, the banking industry is looking for any kernel of insight into the White House’s thinking on financial regulations. On the campaign trail, Trump repeatedly blasted big banks, yet he’s filled his administration with Goldman Sachs Group Inc. partners, including Mnuchin.The most important business stories of the day. Get Bloomberg&apos;s daily newsletter. Sign Up First, though, Wall Street must figure out where Phillips stands. Those who see his ties to Clinton as evidence he’ll be a counterweight to the administration’s push to eliminate rules may be disappointed. “Financial regulation is not inherently political,” says Hester Peirce, a senior research fellow at the Mercatus Center at George Mason University. “It’s about trying to get the financial system to work well so the rest of the economy works well.”The bottom line: Despite donating $136,100 to Hillary Clinton’s campaign, Craig Phillips is a top official in Trump’s Treasury Department.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'http://www.bloomberg.com/news/articles/2017-03-30/how-a-hillary-superfan-ended-up-inside-trump-s-treasury'|'2017-03-31T01:09:00.000+03:00'
'9306a78902a6873cc835ae28ba8f638ffa6396af'|'Rig contractor Ocean RIG files for bankruptcy protection in U.S.'|'Deals - Americas  35am EDT Rig contractor Ocean RIG files for bankruptcy protection in U.S. Rig contractor Ocean RIG UDW Inc ( ORIG.O ) filed for Chapter 15 bankruptcy protection in a U.S. court amid a deep and prolonged downturn in the industry. Shares of the company plunged 36.4 percent to 46 cents in early trading on Tuesday. The Cyprus-based company, which had $3.25 billion in debt as of Dec. 31, filed for bankruptcy in the United States Bankruptcy Court for Southern District of New York on Monday. ( bit.ly/2o1GmI2 ) Under U.S. bankruptcy laws, Chapter 15 grants a foreign company protection from creditors looking to seize its assets in the country. The company said on Tuesday it entered into an agreement with creditors representing over 72 percent of Ocean RIG''s outstanding consolidated indebtedness for a financial restructuring. Ocean Rig''s chief executive, George Economou, said last year that the company would consider alternatives, including a possible reorganization under US bankruptcy laws. Last year, Hercules Offshore Inc filed for bankruptcy protection, just six months after emerging from its first bankruptcy. (Reporting by John Benny in Bengaluru; Editing by Anil D''Silva) Next In Deals - Americas'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ocean-rig-udw-bankruptcy-idUSKBN16Z1Q7'|'2017-03-28T21:31:00.000+03:00'
'4f90c425bb04e0c26489d05e7fac5f6223169806'|'LPC-Telenet launches US$1.8bn loan refi to reduce pricing'|'By Claire Ruckin - LONDON, March 28 LONDON, March 28 Liberty Global''s Belgian cable and mobile company Telenet has launched a US$1.8bn-equivalent leveraged loan refinancing to reduce the cost of its debt following a ratings upgrade, banking sources said.Telenet’s corporate family and issue rating was upgraded by Moody’s on March 27 to Ba3 from B1. It also received a ratings upgrade from S&P on February 22 to BB- from B+.Telenet is now looking to shave up to 50bp off of its loans with a new €750m, March 2026 term loan AH, guided to pay 275bp-300bp over Euribor and a US$1bn, June 2025 term loan AI, guided to pay 250bp-275bp over Libor.Both are offered with a 0% floor at 99.75 OID.They will refinance part of an existing €1.6bn term loan AE and US$1.5bn term loan AF, due January 2025, raised in November 2016. That euro loan pays 325bp over Euribor with a 0% floor, while the dollar pays 300bp over Libor, with a 0% floor.The loans are offered with 101 soft-call for six months.The size of the new loans could increase to refinance more of the existing loans, depending on investor demand, the sources said.Lenders have been asked to commit to the financing by March 31, with funding due on May 4 after soft call on the current loans expires on May 3.BNP Paribas is leading the euro tranche, alongside JP Morgan, Deutsche Bank, Rabobank, RBC, NatWest Markets and Societe Generale.JP Morgan is leading the dollar tranche, alongside BNP Paribas, Deutsche Bank, Rabobank, RBC, NatWest Markets and Scotiabank.The upgrade comes on an improved business profile and Ebitda growth prospects following Telenet’s acquisition of Belgian mobile firm BASE in February 2016 and the proposed acquisition of SFR’s businesses in Belgium and Luxembourg, as well as a moderate leverage profile and continued healthy free cash flow generation, according to Moody’s.(Editing by Christopher Mangham)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/telenet-loans-idINL5N1H52HE'|'2017-03-28T08:40:00.000+03:00'
'417a60e59ad6dd7207b84de6c67e6699e4b1a234'|'Volkswagen says U.S. approves sale of modified diesel vehicles'|'Business News - Wed Mar 29, 2017 - 8:34pm EDT Volkswagen says U.S. approves sale of modified diesel vehicles FILE PHOTO - An American flag flies next to a Volkswagen car dealership in San Diego, California, U.S. on September 23, 2015. REUTERS/Mike Blake/File Photo Volkswagen AG ( VOWG_p.DE ) said the U.S. Environmental Protection Agency has approved its request to sell up to 67,000 diesel vehicles from the 2015 model year, including about 12,000 currently in dealer inventory with approved emissions modifications. The vehicles in inventory were held when the company issued a stop sale in September 2015, Volkswagen spokeswoman Jeannine Ginivan told Reuters. Ginivan said the company was finalizing details of the program. The EPA approved a fix for about 70,000 Volkswagen diesel vehicles in January. The EPA did not immediately to a request for comment. (Reporting by David Shepardson in Washington and Bhanu Pratap in Bengaluru; Editing by Leslie Adler) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-volkswagen-emissions-idUSKBN17102C'|'2017-03-30T08:34:00.000+03:00'
'bd76ff8e19dcf37b3d8feaf0a9983bf7143709f1'|'South African CEOs see severe consequences after cabinet reshuffle'|'Company News  39am EDT South African CEOs see severe consequences after cabinet reshuffle JOHANNESBURG, March 31 South African President Jacob Zuma''s decision to dismiss Finance Minister Pravin Gordhan has severe consequences for the economy and is a setback to the work done to avoid a credit ratings downgrade, a group of business leaders said on Friday. "This decision, and the manner in which it was taken, is likely to cause severe damage to an economy that is in dire need of growth and jobs," said the CEO Initiative, an organisation that includes the chief executives of Nedbank, Standard Bank, the JSE and Investec. (Reporting by TJ Strydom; Editing by Alison Williams) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/safrica-politics-ceos-idUSJ8N1GY012'|'2017-03-31T14:39:00.000+03:00'
'6bb6b98d16368a5468fbb3dc5f762dc6a0b08fe6'|'BRIEF-Skypeople Fruit Juice files for non timely 10-K'|' 43am EDT BRIEF-Skypeople Fruit Juice files for non timely 10-K March 31 Skypeople Fruit Juice Inc * Skypeople Fruit Juice Inc - files for non timely 10-k * Skypeople Fruit Juice Inc - Anticipate that will report net revenues decreased from $80.9 million in 2015 to $34.4 million in 2016 - SEC filing * Skypeople Fruit Juice - Decrease in net revenue 2016 primarily due to decrease in sales for all products, except increase in sales in other fruit-related products * Skypeople Fruit Juice - anticipate that will report gross profit decreased from $26.1 million in 2015 to $10.0 million in 2016 mainly due to decrease in revenue * Skypeople Fruit Juice -anticipate will report gross profit decreased from $26.1 million in 2015 to $10.0 million in 2016 mainly due to decrease in revenue * Skypeople Fruit Juice - anticipate will report loss from operations increased to $236,709 for 2016 from income of $3.8 million in 2015 * Skypeople Fruit Juice - anticipate will report loss from discontinued operations was $4.8 million, $906,597 for fiscal years 2016 and 2015, respectively Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-skypeople-fruit-juice-files-for-no-idUSFWN1H80DU'|'2017-03-31T18:43:00.000+03:00'
'06c701742c278841988301fde987cbc3b1b665e1'|'Danone says to sell Stonyfield unit as part of WhiteWave deal'|'Deals  04am EDT Danone says to sell Stonyfield unit as part of WhiteWave deal left right FILE PHOTO: Yoghurt by French foods group Danone are seen at a Casino supermarket in Mouans Sartoux, France, October 27, 2016. REUTERS/Eric Gaillard 1/2 left right FILE PHOTO: Franck Riboud (R), Chairman of French food group Danone, and Gregg Engles, Chairman and Chief Executive Officer of WhiteWave Foods Company, talk before the start of a news conference in Paris, France, July 7, 2016. REUTERS/John Schults 2/2 PARIS French food group Danone ( DANO.PA ) said on Friday it had decided to sell its U.S. subsidiary Stonyfield to facilitate the rapid closing of its acquisition of U.S. organic food producer WhiteWave foods Co ( WWAV.N ). Danone said in a statement the decision to sell Stonyfield, which had a 2016 turnover of around $370 million, stemmed from an agreement in principle it had reached with the anti-trust department of the U.S. Department of Justice. The WhiteWave acquisition is expected to close "promptly" Danone said, reiterating all its value-creating targets expected from the WhiteWave acquisition. (Reporting by Dominique Vidalon; Editing by GV De Clercq) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-danone-whitewave-idUSKBN1720IV'|'2017-03-31T13:58:00.000+03:00'
'b6e1c88c314afc714868c1d35d277e84e2ae93e7'|'Swiss stocks - Factors to watch on March 31'|'Company News - Fri Mar 31, 2017 - 1:22am EDT Swiss stocks - Factors to watch on March 31 ZURICH, March 31 The following are some of the main factors expected to affect Swiss stocks on Friday: ACTELION Johnson & Johnson declared its $30 billion tender offer for Swiss biotechnology company Actelion successful on Friday, reporting it controlled 77.2 percent of the voting rights after the main offer period. The price of the offer, which J&J announced on Jan. 26, was $280 per share for Actelion. It said it expected the transaction to close in the second quarter. For more click on COMPANY STATEMENTS * Zurich Insurance is redeeming $1 billion worth of trust preferred securities early. The securities, issued in 2007 by ZFS Finance (USA) Trust V are expected to be redeemed on May 9, 2017 at par plus accrued interest, Zurich said. The net amount outstanding is $501 million. An Australian court has approved an arrangement under which Zurich Insurance will acquire all shares in travel insurer Cover-More. Cover-More expects to lodge the approval with Australia''s Securities and Investment Commission April 3. * Helvetia has placed a 500 million euros ($536.25 million) subordinated hybrid-bond on the EUR capital market. The bond bears a fixed coupon of 3.375 percent until its first optional call date in September 2027. * Credit Suisse said it plans to suspend further issuance of its exchange-traded notes. The plan does not affect investors'' ability to offer the bank ETNs for repurchase, Credit Suisse said. * VAT Group expects to grow sales at least 20 percent in 2017 in constant currency after net income jumped to 67 million francs in 2016. The group nominated Martin Komischke to succeed Horst Heidsieck as chairman of the board. * Sika appointed six managers to new positions within the firm, which its CEO said would help the group achieve its growth strategy and 2020 targets. ECONOMY (Reporting by Zurich newsroom) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/markets-swiss-stocks-idUSL5N1H763J'|'2017-03-31T13:22:00.000+03:00'
'3cb8cd7c88b16dbc9189d36d8c8466174790037f'|'Taiwan stocks fall; semiconductor, transportation shares down'|'Company News - Thu Mar 30, 2017 - 11:44pm EDT Taiwan stocks fall; semiconductor, transportation shares down TAIPEI, March 31 Taiwan stocks fell on Friday, led by the semiconductor and transportation indexes as the Taiwan dollar continued to weaken further from a near-29-month high posted earlier this week. Asian shares were mixed on Friday, with the dollar extending overnight gains on signs of strong U.S. economic growth. As of 0306 GMT, the main TAIEX index fell 0.16 percent to 9,832.80 points, after closing down 0.1 percent in the previous session. The semiconductor subindex fell 0.85 percent, and the transportation index lost 0.44 percent. Additionally, the financial subindex was down 0.07 percent. Among actively traded shares, Taiwan Semiconductor Manufacturing Co , the world''s largest contract chipmaker and a major Apple Inc supplier, was down 0.52 percent. The Taiwan dollar weakened T$0.051 to stand at T$30.366 to the U.S. dollar, reversing a strengthening trend seen earlier in the week. (Reporting by Jess Macy Yu; Editing by Sunil Nair) Next In Company News Morning News Call - India, March 31 To access the newsletter, click on the link: http://share.thomsonreuters.com/assets/newsletters/Indiamorning/MNC_IN_03312017.pdf If you would like to receive this newsletter via email, please register at: https://forms.thomsonreuters.com/india-morning/ FACTORS TO WATCH 11:00 am: Budget session of parliament continues in New Delhi. 05:00 pm: Government to release February infrastructure output data in New Delhi. 05:00 pm: RBI to release weekly foreign exchang TOKYO, March 31 Japanese stocks rose on Friday as upbeat industrial production data and a weak yen supported sentiment, with exporters and tech shares underpinning the broad market in early trade. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/taiwan-stocks-idUSL3N1H81ZF'|'2017-03-31T11:44:00.000+03:00'
'e849e715239e55f05e684b6a07326c69eb9acca8'|'UK consumer morale steadies in March, households still wary on economic outlook'|'Business News - Fri Mar 31, 2017 - 12:21am BST UK consumer morale steadies in March, households still wary on economic outlook Shoppers cross the road in Oxford Street, in London, Britain August 14, 2016. REUTERS/Peter Nicholls/File Photo LONDON British consumer morale steadied in March but households remain downbeat about the outlook for the economy as the process of leaving the European Union gets underway, a survey showed on Friday. GfK''s monthly consumer sentiment index was unchanged at -6 in March, marginally better than the median forecast of -7 in a Reuters poll of economists. The outlook for consumer spending is critical for Britain''s economy ahead of the divorce with the EU. Consumers kept up their spending in 2016 after June''s Brexit referendum shock but there have been signs that they are turning more wary. "Consumers remain cagey about the state of their personal finances and the general economic picture for the UK, especially as wage growth fails to keep pace with the rising costs of living," Joe Staton, head of market dynamics at GfK, said. The survey''s gauges of economic expectations, personal finances and spending were largely unchanged from February, which may reassure policymakers that signs of a slowdown in consumer spending are not intensifying. Official data last week showed annual pay growth, adjusted for consumer price inflation, fell to 0.7 percent in the three months to January, its lowest since October 2014. Weak pay growth has helped to convince most Bank of England policymakers to keep borrowing costs at their record low, despite the pick-up in headline inflation. But last week one BoE''s policymaker voted to raise record-low borrowing costs because of growing inflation pressures and the economy''s resilient response so far to Britain''s decision last June to leave the European Union. Other policymakers said they could soon follow suit, depending on inflation and growth data. BoE data on Wednesday showed consumer lending in the three months to February rose at the weakest rate since July 2015 as annualised growth slowed sharply. ((Reporting by Andy Bruce; editing by William Schomberg); ((andy.bruce@thomsonreuters.com; +442075423484; Reuters Messaging: andy.bruce.thomsonreuters.com@reuters.net))) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-consumersentiment-idUKKBN1713BM'|'2017-03-31T07:21:00.000+03:00'
'162e49d41e6e2196c5068930d7f3c76c2054b649'|'Big in Japan? Hope at home for Toshiba''s nuclear arm after U.S. debacle'|' 47am EDT Big in Japan? Hope at home for Toshiba''s nuclear arm after U.S. debacle * Toshiba has profitable domestic nuclear service business * Major supplier to nuclear utilities * Westinghouse bankruptcy could prompt mergers in Japan * Three players compete for nuclear business in Japan By Aaron Sheldrick TOKYO, March 31 The bankruptcy of Westinghouse Electric Co may be a blow to Toshiba Corp''s international nuclear ambitions, but the Japanese conglomerate still has a profitable business at home. Toshiba, whose businesses range from memory chips to rail, is at the heart of Japan''s atomic industry. While this has been moribund since the 2011 Fukushima disaster, Japan still has dozens of reactors that need to be maintained and supplied with parts and fuel once operating. Toshiba is also involved in the Fukushima clean-up. The cost of decommissioning the wrecked Fukushima Daiichi facility alone is estimated by the Japanese government at 8 trillion yen ($71 billion). Some experts have predicted the process could take as long as a century. All but three of Japan''s 54 commercial nuclear reactors are currently shut down. Twelve are set for decommissioning, including the six at the Fukushima stations. Even idle, they need constant maintenance and supervision. For Toshiba, the main contractor or a major component supplier to 20 of those reactors, that''s a stable business, and one of its most profitable in terms of return on sales. Fuel and servicing make up the lion''s share of the group''s nuclear revenue. "They can come out of this (Westinghouse bankruptcy) with a very healthy nuclear business in Japan," said George Borovas, global head of nuclear at law firm Shearman & Sterling, noting this would include servicing, maintenance and decommissioning. "Business lines such as nuclear fuel supply and services have a significantly different risk profile to nuclear new build projects," he added. Toshiba was undone by its push into construction through Westinghouse, its U.S. nuclear arm that ran up billions of cost overruns as two key U.S. projects were delayed by years to meet growing safety demands post-Fukushima. Global construction is expected to have lost money in the 2016 financial year, according to provisional forecasts by Toshiba last month, but the Japanese nuclear power business is forecast to see a return on sales of 8 percent for the year. Toshiba aims to increase that to 10 percent by 2019. JAPAN SOLUTION The Westinghouse collapse could also revive consolidation in Japan''s nuclear industry, which, unusually, includes two other main suppliers - Mitsubishi Heavy Industries (MHI) and Hitachi . At a fractious Toshiba shareholders meeting on Thursday, Yoshimitsu Kobayashi, an external director who heads the group''s management nomination committee, said he wanted Toshiba, Hitachi and MHI to eventually form a nuclear holding company. The three firms were in talks last year to merge their nuclear fuel operations, but the process was delayed after the Westinghouse troubles came to light. "It would make sense. There''s no point in having three companies chasing a dying market in Japan," said Tom O''Sullivan, founder of independent energy consultancy Mathyos Japan. Any move to consolidate, though, could come up against a government that wants to keep its nuclear options open in the aftermath of Fukushima, and, analysts note, the three companies employ different technologies. A Hitachi spokesman said there are no discussions on merging the companies'' overall nuclear operations. He noted Hitachi''s nuclear business is profitable. It has forecast sales of 150 billion yen in the year ending Friday. MHI said it had no "specific plans to deepen" its nuclear cooperation with Toshiba, highlighting its use of different reactor technology. The company does not break out its nuclear business and did not say if it makes money. FUKUSHIMA FALLOUT Toshiba was the main contractor for three of the Fukushima Daiichi units and supplied the reactor vessels to two others. It''s also the main contractor and equipment supplier on two units of the nearby Fukushima Daini station, which may never be restarted due to local opposition, and is lead contractor and supplier on three reactors at the Kashiwazaki Kariwa nuclear plant, the world''s biggest. While servicing nuclear stations will continue to be profitable, Toshiba''s Senior Executive Vice President Yasuo Naruke on Thursday offered a lament to angry shareholders. "The changes in the environment for the nuclear business, including the Fukushima disaster, were the remote cause for the Westinghouse writedown," he said. ($1 = 112.1100 yen) (Additional reporting by Makiko Yamazaki, Osamu Tsukimori and Yuka Obayashi; Editing by Clara Ferreira Marques and Ian Geoghegan)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/toshiba-nuclear-idUSL3N1H72VT'|'2017-03-31T16:47:00.000+03:00'
'7a7d2df797581809bb06d6fae2e4b59999b5da64'|'Changes at Diageo put focus back on Scotch'|'* Company more agile after layers of management removed* January results best in three years* Scotch makes up majority of sales in emerging markets* Smirnoff, Guinness are weak spots, analysts say* New chairman may bring more changesBy Martinne GellerLONDON, March 31 Diageo, the world''s largest spirits maker, spotted in 2015 that drinkers in the emerging middle class in Ghana and Cameroon were keen to show off their new status by buying their own bottles of Johnnie Walker rather than shots.The company increased production of smaller bottles, helping to lift Johnnie Walker sales 12 percent in Africa in the first half of its 2017 fiscal year and contributing to Diageo''s first sales growth in Scotch in over three years.Diageo and spirits peers including Pernod Ricard and Brown-Forman were hurt by a slowdown starting in 2013 in emerging markets where they had found much of their growth. The world leader particularly suffered, as its wholesalers had large stocks to run down.Chief Executive Ivan Menezes called 2016 a "transition year" to get back on track following changes to make Diageo more responsive, including removing management layers and giving more power to local managers, such as the ones in Africa who noticed the demand for smaller bottles."What''s happened is that global and local got a lot closer," said Stephen White, Diageo''s general manager for African innovation."It''s definitely sped things up and it''s a better set-up certainly for a market like Africa where you need a more entrepreneurial space to be able to operate."Diageo''s half-year results in January were the strongest of Menezes'' three-year tenure, and signaled to investors that his turnaround plan was working.He has put a much keener focus in the business on Scotch which is made in Scotland and accounts for more than a quarter of Diageo''s sales, a third of its profits and derives the majority of its sales in emerging markets.Aside from expanding the reach and improving the marketing of premium, global brands like Johnnie Walker, the strategy for emerging markets includes offering more lower-priced whisky brands, including VAT 69, White Horse and Black & White.Black & White recently became the top-selling Scotch in recession-hit Brazil, Diageo said, following sales growth of 58 percent there in the most recent period.WEAK SPOTSStill, Liberum analyst Alicia Forry downgraded the shares to "sell" in January, noting that the improvement was already priced in. While she acknowledged the better performance, particularly in Johnnie Walker, she said people "should not get carried away" since other Diageo brands were struggling.The vodka brand Smirnoff fell 2 percent, hurt by ongoing discounting. A spokeswoman for Diageo acknowledged that it was a tough category and said: "There is more work to do in recruiting and re-recruiting multi-cultural consumers as well as Gen X and baby boomers".Beer, which represents 16 percent of Diageo''s sales, was also lacklustre with flat sales. Guinness, its main beer brand, has faced increased competition, from craft beers in North America and Europe, and cheaper brews like Anheuser-Busch InBev''s Hero and its own local brand Satsenbrau, in the important market of Nigeria.Following the 2015 divestiture of Diageo''s wine business, analysts have speculated that Diageo could sell the beer division to focus exclusively on spirits. Diageo has repeatedly said beer is key to its strategy in Africa, as it provides a distribution platform for spirits.Another weak spot for Diageo, analysts say, is its relatively small position in bourbon whiskey, a growing market due to a resurgence of classic cocktails in the United States where bourbon is made.Diageo''s Bulleit bourbon grew net sales 29 percent in the first half, but its overall position remains small versus rivals Beam Suntory and Brown-Forman. However, its Canadian Crown Royal whiskey brand has gained market share and gives it a large foothold in the wider category of North American whiskey which includes bourbon.SALES CHANGEAs part of its efforts to react more quickly to trends, Diageo said in late 2013 it would change its sales focus, to monitor not only what it sells to wholesalers, but also what they sell to retailers. This is seen as a better measure of what people are drinking and is meant to make sales more consistent.That change hit Diageo''s sales in 2014 and 2015 as wholesale customers worked through stocks, but Janus Capital analyst Greg Kuczynski said it should make for a smoother business and a higher stock price."There''s a lot of investment shops that probably turned away from a company like Diageo because they just don''t want to have exposure to the stocking and destocking cycles which can be so painful," said Kuczynski, whose firm is a top 60 Diageo shareholder, according to Reuters data.The measure also gives real-time data that can speed up forecasting, decision-making and innovation. Johnnie Walker used such sales data from the September launch of its first limited-edition experiment, Red Rye Finish, to better allocate stock for its second one.It has helped cut the time it takes to get new products to market down to an average of 34 weeks. Johnnie Walker Green Label, largely discontinued in 2012, was brought back in 2016 in only 9 weeks, it said.Diageo also says the business has benefited from increased investment made possible by a "zero-based budgeting" system to help it save 500 million pounds over three years.The company may also be on the cusp of more changes, given the arrival in January of a new chairman, Javier Ferran, a drinks industry and private equity veteran."Companies do not change overnight, however we think Diageo could start to look different," said Jefferies analyst Edward Mundy. He mentioned more cost cutting and the possible sale of the beer business if needed to fund a buyout of Moet Hennessy, of which Diageo owns a stake.(Editing by Anna Willard)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/diageo-africa-idINL2N1H41AX'|'2017-03-31T04:00:00.000+03:00'
'4f8b731a655ba3d2a82c5c9db390c34fcd60165f'|'Irish consumer sentiment ticks up in March but many still cautious'|'Business News - Fri Mar 31, 2017 - 12:24am BST Irish consumer sentiment ticks up in March but many still cautious DUBLIN Irish consumer sentiment improved in March as concerns about household finances eased, but many remained sceptical the booming economy would significantly improve their living standards, a survey showed on Friday. The KBC Bank Ireland/ESRI Consumer Sentiment Index climbed to 101.9 in March from 100.7 in February. The index has fluctuated sharply in recent months, jumping from a two-year low of 96.2 in December to a seven-month high of 103.1 in January amid uncertainty about the impact of Britain''s exit from the European Union. Ireland''s economy has posted the fastest growth in Europe for the past three years and unemployment has fallen steadily. But consumers remain concerned about rising housing and insurance costs and stagnant wages, the survey''s authors said. The number of consumers reporting a worsening of their personal finances has fallen sharply but the proportion of who feel their households'' financial circumstances have improved increased relatively little, the survey showed. The Irish consumer "is very uncertain about the ability of an improving Irish economy to deliver a significant increase in their living standard," KBC''s chief economist Austin Hughes said. "The recovery is largely a story of an easing in pain rather than consumers signalling a notable increase in prosperity." Meanwhile, many are struggling to gauge the impact Britain''s exit from the European Union is likely to have on their personal finances. "In the absence of major domestic developments in the next couple of months, we think the major influence on Irish consumer sentiment could be the tone of initial Brexit negotiations," Hughes said. (Reporting by Conor Humphries Editing by Jeremy Gaunt) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ireland-economy-consumersentiment-idUKKBN1713BS'|'2017-03-31T07:24:00.000+03:00'
'3a0b54758693dd6e1d3b526dacc68fb610d0f885'|'Thailand to auction petroleum concessions for Erawan, Bongkot fields in Dec - energy minister'|'Commodities   12:54am EDT Thailand to auction petroleum concessions for Erawan, Bongkot fields in Dec: energy minister BANGKOK Thailand will auction petroleum concessions for Erawan and Bongkot gas fields in December, the country''s energy minister said on Friday. "An official announcement is expected within July, and auctions in December," energy minister General Anantaporn Kanjanarat told reporters. The Erawan gas concession, operated by Chevron Corp, and the Bongkot gas concession, operated by state-backed PTTEP Exploration and Production PCL, will expire in 2022 and 2023, respectively. They have a combined production of 2.2 billion cubic feet per day, or 76 percent of output in the Gulf of Thailand. The minister''s comment comes after the country''s military-appointed parliament approved an amendment to a petroleum law on Thursday which will give companies more options for exploration and production operations. Currently, oil and gas companies must get a concession to operate in a Thai field. The approved amendment will add the option of striking production sharing agreements (PSA) or service contracts. (Reporting by Pracha Hariraksapitak; Writing by Patpicha Tanakasempipat; Editing by Subhranshu Sahu) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-thailand-energy-auction-idUSKBN1720DR'|'2017-03-31T12:46:00.000+03:00'
'52bc2ddcf827cc69ec7ed231d54596e7dbf5a861'|'METALS-Copper eyes second quarterly gain as supplies dwindle'|'Company News - Fri Mar 31, 2017 - 12:33am EDT METALS-Copper eyes second quarterly gain as supplies dwindle (Adds detail, comments, updates prices) By Melanie Burton MELBOURNE, March 31 London copper slipped on Friday but was set to finish a second quarter higher lifted by kinks in mine supply, while a ramp-up in China''s factory activity and fresh investor buys are expected to drive prices higher in the April quarter. Activity in China''s manufacturing sector unexpectedly expanded at the fastest pace in nearly 5 years in March, adding to evidence that the world''s second-largest economy has gained momentum early this year, an official survey showed on Friday. "Long-term core numbers like these, especially in China, will underpin the global economy, and in turn could start to trigger the much-talked-about infrastructure projects, and thus, physical metals buying," Kingdom Futures said in a report. LME COPPER: London Metal Exchange copper was down 1.1 percent at $5891 a tonne, as of 0417 GMT, as immediate supply threats eased. But prices were on track for a 6.5-percent gain for the first quarter following a 14-percent rise in the fourth quarter of last year. SHFE COPPER: Shanghai Futures Exchange copper edged up by 0.3 percent to 47640 yuan ($6,905) a tonne. FREEPORT INDONESIA: Freeport McMoRan Inc''s Indonesian unit is close to reaching a deal that would allow the world''s biggest publicly listed copper producer to temporarily resume concentrate exports, Indonesia''s mining minister said on Thursday. WAGE TALKS: The failure of BHP Billiton and workers at its Escondida mine to agree on a wage deal after a long and bitter strike has stoked some concerns over the possible fate of other key contract talks at copper mines in Chile over the next year. FREEPORT PERU: Workers at Peru''s biggest copper mine, Freeport-McMoRan Inc''s Cerro Verde, will resume work on Friday after voting to end a nearly three-week strike that had halved output, the union said on Thursday. NICKEL: LME nickel was on track to fall more than 8 percent for the month, snuffing out year-to-date gains, and the biggest fall since an 11 pct drop in December, on prospects of rising Indonesian supply. INDONESIA: Indonesia''s state-owned miner Aneka Tambang (Antam) has been granted an initial approval to export up to 2.7 million tonnes of nickel ore over the next 12 months, a mining ministry official said on Wednesday. MARKETS: The dollar extended its overnight gains in early Asian trade on Friday on signs of strong U.S. economic growth, while the euro inched up after sliding overnight on data suggesting slowing growth in Europe. POLITICS: China called on the United States to play its part in resolving trade frictions between the two countries, and said Beijing isn''t devaluing its currency to boost exports as tensions simmered ahead of President Xi Jinping''s first meeting with U.S. President Donald Trump. COMING UP: Euro zone Inflation flash Mar AT 0900 GMT PRICES'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL3N1H823S'|'2017-03-31T12:33:00.000+03:00'
'047f247555845a30c1ef9958970806ba18980298'|'Toshiba offered $17.9 billion for chip unit by Silver Lake and Broadcom: Nikkei'|'Technology News  37pm EDT Toshiba offered $17.9 billion for chip unit by Silver Lake and Broadcom: Nikkei The logo of Toshiba Corp is seen behind a traffic light at the company''s headquarters in Tokyo, Japan March 29, 2017. REUTERS/Issei Kato TOKYO U.S. private equity firm Silver Lake Partners LP [SILAK.UL] and U.S. chipmaker Broadcom Ltd have offered Toshiba Corp about 2 trillion yen ($17.9 billion) for its chip unit, the Nikkei business daily reported on Friday. About 10 potential bidders are interested in buying a stake in the NAN flash memory maker, a source with knowledge of the planned sale told Reuters earlier. Suitors include Western Digital Corp which operates a chip plant with Toshiba in Japan, Micron Technology Inc, South Korean chipmaker SK Hynix Inc and financial investors. Toshiba wants to make at least 1 trillion yen from the sale of part or all of the business to cover writedowns at its Westinghouse nuclear unit. It says it expects investors to value its chip operations at about 2 trillion yen. Toshiba is also asking potential bidders whether they intend to resell their stakes and wants to make a decision on the sale before a shareholders meeting in June, the Nikkei said, without saying where it obtained the information. Toshiba shareholders on Thursday agreed to split off its prized chip unit, paving the way for the sale. (Reporting by Kaori Kaneko; Editing by Stephen Coates) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-toshiba-accounting-idUSKBN17201K'|'2017-03-31T08:37:00.000+03:00'
'dcab79c05a1fb2fb2f9d591f0fc4a8c6bfdb3dd7'|'CNOOC ties up with Australia''s FAR to hunt for oil, gas off West Africa'|'MELBOURNE, March 31 China''s CNOOC Ltd has agreed to team up with Australian minnow FAR Ltd to look for oil and gas prospects in what is seen as a promising frontier off Senegal and Gambia over the next two years, FAR said on Friday.FAR is already active in Senegal, where it is working with Woodside Petroleum and Cairn Energy to develop a deepwater oil field and this week bought an 80 percent stake in blocks off Gambia, just south of the Senegal acreage, from U.S. firm Erin Energy Corp."The partnership and AMI (Area of Mutual Interest agreement) with CNOOC UK dramatically enhances FAR''s ability to acquire new assets in our core strategic geographic area of expertise," FAR Managing Director Cath Norman said in a statement.FAR plans to sell part of its 80 percent stake in the Gambian acreage over the next 18 months to help cover the $25 million to $30 million it will need to fund an exploration well there in late 2018, Norman said on the company''s web site.An external spokeswoman for CNOOC was not immediately available to comment.(Reporting by Sonali Paul; Editing by Richard Pullin)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/cnooc-far-westafrica-idINL3N1H76GA'|'2017-03-30T23:02:00.000+03:00'
'b43583655f8fca79be4d4fefff8dcbb076e1af9c'|'Sanofi hires advisors for European generic drugs unit sale -sources'|'Company  57am EDT Sanofi hires advisors for European generic drugs unit sale -sources FRANKFURT/LONDON, March 29 French drug maker Sanofi has hired advisers for the sale of its European generic drug business, several sources familiar with matter told Reuters, ahead of an auction process which is expected to start after the European summer. Rothschild, JP Morgan and Morgan Stanley have been asked to organise the long-awaited deal which could be worth more than 2 billion euros ($2.2 billion), the sources said. Bankers have been vying for a mandate for the past 18 months since Sanofi boss Olivier Brandicourt took charge of the French firm and decided to put the business under review. A spokesman for Sanofi declined to comment. Rothschild, JP Morgan and Morgan Stanley also declined to comment. France''s largest drug maker, which recently worked with Lazard to finalise a $20 billion asset swap deal with German firm Boehringer for Sanofi''s Merial animal health arm, said in January it was expecting to complete the sale of the European generics business by the end of 2018. The company started to disentangle the European generics business from its global operations toward the end of last year, after announcing its plans to sell the unit in October. ($1 = 0.9267 euros) (Reporting by Arno Schuetze, Carl O''Donnell, Pamela Barbaglia; Editing by Christoph Steitz) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/sanofi-ma-generics-idUSL5N1H62PO'|'2017-03-29T18:57:00.000+03:00'
'8a4ff725129018067729c6308374dcc1991f655d'|'UK''s Stagecoach confirms profit target, rail revenue rises'|'Wed Mar 29, 2017 - 8:33am BST UK''s Stagecoach confirms profit target, rail revenue rises British transport company Stagecoach SCG.L confirmed its full-year earnings expectations, with higher revenue in its UK rail divisions helping to offset falls in its domestic bus and North America units. Stagecoach, which runs bus and train services in different parts of Britain, said comparable revenue for its UK bus division, both London and regional operations, fell 0.9 percent and 1.7 percent respectively for the 44 weeks to March 4. The company blamed economic weakness in some parts of the UK and sustained lower fuel prices for the shortfall in the regional bus operation. Like-for-like revenue for its North American business in the 10 months to the end of February declined 2.2 percent as heightened car and air competition hurt the business. But revenue at UK rail and Virgin Rail Group rose 1.6 percent and 5.3 percent respectively in the 44 weeks to March 4. "Our expectation of the Group''s adjusted earnings per share for the year ending 29 April 2017 has not changed from when we announced our interim results in December 2016," Stagecoach said. In December, it said its forecast for earnings per share for the year to the end of April 2017 was broadly unchanged, with analyst consensus then standing at about 25 pence. The EPS figure was 27.7 pence for the previous year. Shares in the company were up 1.6 percent at 0722 GMT, among the top five performers on the FTSE mid-cap index .FTMC on Wednesday. The company recently lost the franchise to run South West trains to a consortium of FirstGroup ( FGP.L ) and Hong Kong’s MTR ( 0066.HK ) (Reporting by Rahul B in Bengaluru; editing by Susan Thomas) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-stagecoach-grp-outlook-idUKKBN1700OW'|'2017-03-29T15:32:00.000+03:00'
'3f8b60d53d9135f1fc12f538d3601f9ebe971b1e'|'Firms stack up Brexit warnings as May triggers divorce talks'|'Wed Mar 29, 2017 - 12:27pm BST Firms stack up Brexit warnings as May triggers divorce talks left A Ryanair aircraft taxis at Fraport airport in Frankfurt, Germany, November 2, 2016. REUTERS/Kai Pfaffenbach 1/2 left right A new car is displayed on the forecourt of a Ford dealership at Portslade near Brighton in southern England January 7, 2014. REUTERS/Luke MacGregor 2/2 By Costas Pitas - LONDON LONDON Ford ( F.N ) and Ryanair ( RYA.I ) warned on Wednesday of the risks of Brexit including disruption to flights and tariffs on cars which could hurt Britain and damage businesses, on the day the prime minister was launching divorce proceedings from the EU. U.S. carmaker Ford, Britain''s biggest automotive engine-maker, low-cost airline Ryanair and German media group Bertlesmann ( BTGGg.F ) issued warnings as Britain began two years of formal EU talks. Ford ( F.N ), a major beneficiary of free trade across the continent where it builds cars in Germany and vans in Turkey, warned that Theresa May must retain unfettered trade. "Any deal must include securing tariff-free trade with the wider Customs Union and not just the EU27, whilst retaining access to the best talent and resources," Ford of Europe president Jim Farley said. "It also is critical that a transitional period is put in place to ensure that customers are not penalized and to maintain free trade." Turkey is not part of the EU but is in the EU customs union. Most international firms which publicly expressed an opinion ahead of last June''s referendum backed Britain remaining in the European Union, fearful of extra costs, trade barriers and unpredictable currency swings. May has said she will take Britain out of the European single market but will seek the best possible access to the European markets and establish better trade ties with other nations. Since the Brexit vote, some firms have announced major investments in Britain with Facebook ( FB.O ) saying it would hire more staff and Google announcing a new flagship building in London. But others are concerned that trading conditions vital to their operations could be lost. Irish airline Ryanair ( RYA.I ) said flights between Britain and the European Union risk being suspended in 2019 if Britain does not prioritize a new aviation deal. Britain will have to renegotiate access to the single aviation market, whereby airlines based in the EU have the right to fly to and from any country in the bloc or even within other member states. German media conglomerate Bertelsmann ( BTGGg.F ) said on Tuesday it may have to reconsider London as the base for its intellectual property operations. "We have made an impact analysis," Chief Executive Thomas Rabe said. "In about a year''s time we will have to come to a decision, when the impact of the Brexit will become more clear." (Additional reporting by Conor Humphries in Dublin and Harro Ten Wolde and Jörn Poltz in Berlin; editing by Stephen Addison) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-eu-companies-idUKKBN1701D7'|'2017-03-29T19:24:00.000+03:00'
'56130fcd66e4bec9114b7d06a6dea76b30dea9ca'|'UK insurer Saga''s full-year pretax profit rises'|'  7:33am BST UK insurer Saga''s full-year pretax profit rises British over-50s travel and insurance company Saga Plc ( SAGAG.L ) reported a 5.6 percent increase in full-year pretax profit as Britain''s vote to leave the European Union did not dent demand for holidays among Britons over 50 years old. The company, which offers ocean and river cruises, singles holidays and escorted tours, said its current reservations were 8 percent ahead of last year and that economic confidence amongst its customers remained strong after the referendum vote. However, Saga said it had begun to see the government''s decision to cut the discount rate used by insurers to settle personal injury claims being reflected in premiums across the market and affecting the net rates. Underlying pretax profit, excluding derivative gains and the impact of the rate change, rose to 187.4 million pounds ($232.2 million) in the year ended Jan. 31, from 177.4 million pounds a year earlier. "We have started the financial year well, and I look ahead with a great deal of optimism for the business," Chief Executive Officer Lance Batchelor said. (Reporting by Esha Vaish and Noor Zainab Hussain in Bengaluru; Editing by Amrutha Gayathri) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-saga-results-idUKKBN1700JG'|'2017-03-29T14:33:00.000+03:00'
'814ed1896db751aaf9955f4d2374070e57a34135'|'REFILE-UPDATE 1-Stada CEO says victim of wiretapping last year'|' 00am EDT REFILE-UPDATE 1-Stada CEO says victim of wiretapping last year (Repeats to additional subscribers) By Ludwig Burger and Patricia Weiss BAD VILBEL, Germany, March 29 The head of German drugmaker Stada, whose company is at the centre of a takeover battle, confirmed he had been the victim of wiretapping last year. "I have no reason to assume that any confidential business information went into the wrong hands," Chief Executive Matthias Wiedenfels told a news conference on Wednesday after the group announced detailed annual financial results. Wiedenfels confirmed media reports that his car was wiretapped last year but said it happened more than nine months ago and was no longer an issue. Germany''s Manager Magazin reported last week that Wiedenfels, who became CEO last summer, found a bugging device in his car. The disclosure comes at a sensitive time as Stada is the subject of a takeover fight between two rival private equity consortia. It was not clear who was responsible for the bugging and no suggestion that it was connected to the takeover battle. Stada postponed the bidding process this month to give the competing suitors a chance to improve their offers. "The bidding process that we have initiated is intact in every respect," Wiedenfels told reporters at the group''s Bad Vilbel headquarters close to Frankfurt. The takeover battle for Stada pits a combination of Advent and Permira against Bain and Cinven. Both have made takeover offers at 58 euros per share, valuing the company at 4.7 billion euros ($5.1 billion) including debt, according to people familiar with the matter. When asked about rumours that non-executive Chairman Carl Ferdinand Oetker had proposed a takeover price of 70 euros per share to the bidders, Wiedenfels said he had not heard Oetker voice such a price. "Neither the supervisory board nor the management board have come forward with a price target," the CEO said. ($1 = 0.9270 euros) (Reporting by Ludwig Burger; Editing by Victoria Bryan/Keith Weir)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/stada-results-idUSL5N1H624O'|'2017-03-29T18:00:00.000+03:00'
'aee839d48c1064791d6698c061b4421105ecaad6'|'No one wants lines of trucks at borders after Brexit - Hammond'|'Business News - Wed Mar 29, 2017 - 8:38am BST No one wants lines of trucks at borders after Brexit - Hammond Britain''s Chancellor of the Exchequer Hammond leaves Downing Street in London, Britain March 22, 2017. REUTERS/Stefan Wermuth LONDON Chancellor Philip Hammond said on Wednesday he was confident the country would negotiate a customs arrangement with the European Union that would allow for borders to be as frictionless as possible after Brexit. "Everybody in the EU and the UK is going to go into this negotiation looking to protect their own interests," Hammond said in an interview on BBC radio, answering a question about customs arrangements after Brexit. "It is not in the interests of anybody on the continent of Europe to have lines of trucks. It is not in the interests of the millions of EU workers who spend their days producing goods to be sold in the UK. "It is not in the interests of French farmers who produce fresh produce coming into the UK every day that there are lines of trucks. So I am very confident that we will not get an outcome that is a worst case outcome for everybody. That would be ridiculous." Hammond was speaking hours before Prime Minister Theresa May officially starts the process of Britain leaving the European Union by triggering Article 50 of the bloc''s Lisbon Treaty. (Reporting by Estelle Shirbon and David Milliken; editing by Kate Holton) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-hammond-idUKKBN1700P3'|'2017-03-29T15:34:00.000+03:00'
'767fe716bcbadc4675dbb79563a2d8e110432401'|'UPDATE 1-Brazil''s Odebrecht O&G to honor bond payment, gets relief'|'Deals  35pm EDT Brazil''s Odebrecht O&G to honor bond payment, gets relief SAO PAULO Odebrecht Óleo & Gás SA, the offshore oil drilling company owned by Brazil''s Odebrecht SA [ODBES.UL], has won a temporary relief from a relevant group of bondholders that will help it pay for operational and capital expenses, signaling progress in talks aimed at restructuring $5 billion in debt. In a Friday statement, the company known as OOG said investors would receive on April 7 an interest payment on the company''s 6.75 percent global note due in October 2022 67576GAA5= that was due on March 1. OOG was making use of a so-called 30-day cure period expiring later on Friday to settle the payment. Reuters reported earlier in the day that OOG had authorized the bond''s trustee to use tap money from an existing credit guarantee to honor the interest payment. While the company did not specify how much in interest it owed to investors, two people with knowledge of the situation told Reuters it was around $34 million. A spokesman for OOG''s parent Odebrecht SA declined to comment. In the statement, OOG also said that holders of the 2021 and 2022 bonds waived their right to demand early repayment of their notes for breaching expenses caps and using revenues from vessels, helping the company use $10 million for expenses and investment. "OOG continues to engage in constructive discussions with an ad hoc committee of bondholders of the 2022 notes and 2021 notes," the statement said. OOG''s pledge to settle signals the commitment of OOG and bondholders to finalizing restructuring talks as early as April, the people said. If talks fail, OOG would seek an out-of-court workout, binding minority creditors to accept restructuring terms agreed with a relevant number of banks, bondholders and suppliers, one of the people said. Reuters reported on Monday the option for an out-of-court reorganization. Prices on the note have gained 6 cents to 36.75 cents on the dollar since Monday, reaching their highest levels in a month. (Reporting by Guillermo Parra-Bernal; Editing by Chizu Nomiyama) Next In Deals Victor Li acquires Canada''s Reliance Home Comfort for C$2.8 billion TORONTO Victor Li, co-chairman of Husky Energy Inc and son of one of Asia''s richest men, has agreed to acquire Reliance Home Comfort, a Canadian provider of heating and cooling systems, from U.S. investment firm Alinda Capital Partners for C$2.8 billion ($2.10 billion), Reliance said on Friday. TOKYO The new head of Japan''s Sumitomo Mitsui Banking Corp (SMBC) said it is "actively studying" an acquisition of a U.S. bank, as part of efforts to seek a reliable dollar funding source for future growth. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-odebrecht-oil-restructuring-bonds-idUSKBN1722CP'|'2017-04-01T00:33:00.000+03:00'
'6894833483ed07112ade31a718bb51a1061b04f2'|'South Africa''s Zuma oversees swearing in of new cabinet ministers'|'Company News  35pm EDT South Africa''s Zuma oversees swearing in of new cabinet ministers JOHANNESBURG, March 31 South Africa''s new cabinet ministers were sworn in on Friday, following a reshuffle that replaced Pravin Gordhan as finance minister with Malusi Gigaba along with various other ministers and their deputies. Zuma''s sacking of his finance minister shook South African markets on Friday, and triggered dissent in the African National Congress that has governed since the end of apartheid in 1994. (Reporting by Tiisetso Motsoeneng; Editing by James Macharia) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/safrica-politics-swearingin-idUSJ8N1GY01V'|'2017-04-01T01:35:00.000+03:00'
'4e6ba0a3a4a1f32edbb4bea149fcbc38d29e0f15'|'Global equity listings start to recover after 2016 slump'|'Deals  20pm EDT Global equity listings start to recover after 2016 slump By Dasha Afanasieva - LONDON LONDON Global equity listings rose in the first quarter compared with a year earlier, driven by issuance in Asia and the United States, Thomson Reuters data showed, pointing to a more buoyant year for share sales than 2016. Companies globally issued $189 billion of equity in the first quarter of the year, up 58 percent from the first quarter of 2016, which was the worst since 2008. Upbeat news on the economy helped boost equity capital market activity by U.S. firm by almost 70 percent, delivering proceeds of $59 billion in the first quarter. But global issuance remained below the 2012-2016 first quarter average of $183 billion. "We have had a backdrop of rising markets, low volatility and better macroeconomic data. These combine to produce strong appetite for new issues," Bank of America''s global head of equity capital markets, Craig Coben, said. "The equity calendar is highly seasonal and so Q2 will really be a litmus test for new-issue appetite as it is generally the busiest quarter of the year." London, Europe''s biggest market for initial public offerings, bucked the global trend with equity listings at a five-year low. Russell Holden, corporate partner at international law firm Taylor Wessing, said he expected this to continue as companies waited for more favorable conditions. "With the share price gains over the past six months, combined with some uncertainty over the outcome of the Brexit negotiations, a market correction may be down the road so investors are taking a cautious approach at the moment and do not want to be overpaying for assets." Expected listings of Blackstone''s ( BX.N ) warehousing business Logicor and Telefonica''s ( TEF.MC ) UK telecoms operator O2 may bolster the IPO market in Britain in the coming quarters. In continental Europe, Gestamp is set to become the biggest IPO this year when it lists on April 7 with a valuation of around 3.5 billion euros ($3.75 billion). Goldman Sachs ( GS.N ) overtook JP Morgan ( JPM.N ) as the leading bank for equity capital markets globally in the first quarter, thanks to its mandates for follow-on offerings. JP Morgan kept the top spot for IPOs globally. Representing more than a tenth of global follow-on proceeds, Italian bank UniCredit ( CRDI.MI ) had the biggest equity offering of the year so far, raising 13.8 billion euros and potentially generating hundreds of millions dollars in fees for banks. The listing of Snap Inc ( SNAP.N ), owner of photo sharing app Snapchat, was the biggest IPO of the quarter helping to produce a 17-fold increase in total U.S. IPO proceeds. Ed Sankey, EMEA Co-Head ECM and Global Head of Equity Syndicate at Deutsche Bank ( DBKGn.DE ), said merger and acquisition activity, subsidiary IPOs and privatisations by European governments would drive deal flow. "There was a wave of IPO exits in 2013-15 and this year we don''t expect to see the sheer number we saw in that time frame, especially from private equity in this time zone, but globally we expect a busier year than 2016." (Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-global-equity-deals-idUSKBN1713BQ'|'2017-03-31T07:01:00.000+03:00'
'8051aa2042b40ad97764c82c244e29c6061d3585'|'Coty says not against online sales, wants to protect luxury brands'|' 16am BST Coty says not against online sales, wants to protect luxury brands By Foo Yun Chee - LUXEMBOURG LUXEMBOURG German beauty products maker Coty rejected claims that its distribution policies imply a blanket ban on online sales, arguing that its main concern was to safeguard the cachet of its luxury brands such as Marc Jacobs, Calvin Klein and Chloe. The comments by the company, part of U.S. group Coty Inc, came in a landmark case which could determine whether luxury goods companies can stop retailers from selling their products via online marketplaces such as Amazon or eBay. Brand owners have for the past decade argued they should have the right to choose their distributors to protect their image and exclusivity. Online platforms say such curbs are anti-competitive and hurt small businesses. The issue is significant for Europe which accounts for 70 percent of global luxury sales. The company told Europe''s top court that its dispute with German retailer Parfumerie Akzente, which sells Coty''s goods on sites including Amazon against its wishes, was not about imposing a ban on such trade. The company''s agreements preventing retailers from selling on third-party online platforms are aimed at preserving the image and quality of its products, its lawyer Andreas Lubberger told the Court of Justice of the European Union (ECJ). Coty brought the original case in a Frankfurt court which subsequently sought guidance from the ECJ. Parfumerie Akzente''s lawyer Oliver Spieker questioned the validity of Coty''s arguments. The company has 26 shops and owns the second biggest online site for perfumes and cosmetics in Germany. The German government, a proponent of online trade, said online platforms were key outlets for small- and medium-sized enterprises. "Restrictions must never be abused in order to close off new innovative formats of distribution," its lawyer Thomas Henze said. eBay said in a statement it was vital to remove restrictions that prevent small and medium-sized businesses from growing and succeeding. "Platform bans allow brands to keep prices artificially high and restrict consumer choice," the company said. Luxembourg sees a blanket ban as disproportionate and unjustified, its lawyer Philippe-Emmanuel Partsch said. Amazon''s European headquarters is located there. France, home to luxury brands such as Louis Vuitton and Chanel, sprang to Coty''s defence. Online curbs safeguard the prestige and image of such products, Julie Bousin, lawyer for the French government, said. Italy, Sweden, the Netherlands and Austria also intervened in the case. An ECJ court adviser will issue a non-binding opinion in coming months. Judges, who follow such recommendations in four out of five cases, will rule shortly after that. The case is C-230 Coty Germany. (Editing by Keith Weir/Alexander Smith and Andrew Hay)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-luxury-ecommerce-eu-idUKKBN17200J'|'2017-03-31T08:16:00.000+03:00'
'a03c67edbeb552943a9c7a9fd6dd03bed84897b2'|'Total Control Is Crippling the GOP'|'Bill Hoagland spent 25 years as a Republican aide in the Senate, a career spanning the presidencies of Ronald Reagan and both George Bushes. He’s old enough to remember when the GOP was capable of tough things, such as comprehensive tax reform. He also remembers when he could count on such creatures as “yellow dog” Democrats, who were conservative enough to be to the right of a handful of liberal Republicans.Fast-forward from Reagan’s 1986 tax reforms. Despite controlling the White House and having one of the largest congressional majorities in its history, Republicans today are tied up in knots. That’s mostly the result of the Tea Party infusing its brand of hard-right sentiment into the GOP. “It’s an element of the party that sees no good in government,” says Hoagland. “Which makes me wonder why they’re even serving in Congress.” The yellow dogs are extinct.House Speaker Paul Ryan faces a deeply divided Republican caucus, with ultraconservatives driving a hard bargain and moderates starting to rebel after years of going along with far-right legislation. In a way, a Republican in the White House deepens the dysfunction, since lawmakers no longer have the luxury of voting for bills they know won’t get signed into law.The divisions forced the GOP into what may be the biggest broken promise in modern political history when it failed to pass its health-care bill . And the animosities aren’t going away. They could vex Ryan’s dream of overhauling the tax code and may even prevent the party from performing basic tasks, such as averting a government shutdown in April or raising the debt limit later this year. That’s not to mention trying to pass the $1 trillion infrastructure bill Donald Trump has promised. “What you’re really seeing with that defeat is the Balkanization of this party,” says Steve Bell, a former longtime Republican budget aide. “We’ve been able to paper it over, but now it’s coming out.”To fully understand the trouble ahead, it’s helpful to remember the recent evolution of House Republicans. In 2010, when the GOP picked up 63 seats and took back the House, the party shifted to the right, empowering the 150-member Republican Study Committee, which was formed in 1973 and for years stood as the House’s hard-right flank. In 2011, Jim Jordan, an Ohioan and former champion wrestler, gained the chairmanship of the RSC. That summer the committee helped engineer the debt ceiling fight. In 2013 it played a role in forcing the government shutdown.But by 2015, Jordan and other archconservatives began to see the RSC as too willing to go along with party leaders and broke off to form the House Freedom Caucus, which Jordan described as a more nimble, action-oriented faction. Within a year they forced out Speaker John Boehner and almost shut down the government again, this time over their demand to defund Planned Parenthood.With about three dozen members, the Freedom Caucus is small, yet it’s big enough to block GOP legislation if its members stick together. And they often do, even at the cost of embarrassing the party and, as in the health-care debate, a Republican president. Caucus members hail mostly from districts that are so Republican that the only political danger they face is from a right-wing challenger. That’s the opposite political dynamic facing their more moderate peers, who worry about Democrats.The health-care fight became even more of a free-for-all when moderate Republicans stood up for themselves after years of being dragged to the right. The Tuesday Group, a faction of about 50 moderates, many of whom represent competitive districts in swing states, showed a newly rebellious side. Its leader, Representative Charlie Dent of Pennsylvania, came out against Trump’s American Health Care Act before the vote, lamenting that it would “lead to the loss of coverage” for too many lower-income Americans. Even though the Tuesday Group favored past efforts to gut Obamacare, they never had to worry about the consequences. Faced with a live bill, they balked.A case in point was the battle over Obamacare’s essential health benefits—10 items insurers must provide in their policies. When GOP leaders kept the provision in the original replacement bill, the Freedom Caucus withheld their votes. After GOP leaders agreed to rip them out, moderates walked. “The moderates in our conference and the Freedom Caucus are truly at opposite ends of the issues,” says Representative Chris Collins, a New York Republican. “And so you get one, you lose one, you get one, you lose one.”In the face of this push-and-pull, Ryan has an almost impossible job of uniting the party. The forces that stymied Boehner remain in place. “This isn’t a matter of Ryan not being capable,” says Bell, the former budget aide. “This is a matter of arithmetic.”The most important business stories of the day. Get Bloomberg&apos;s daily newsletter. Sign Up Ryan’s push to pass a tax-reform bill won’t be any easier. The Freedom Caucus is already angling against a key component: revenue neutrality, where any tax cut is offset by equal revenue increases. Without offsets for tax cuts, an overhaul can’t be permanent without Senate Democratic support; it’ll have to be limited to 10 years. The main offset Ryan has proposed, a border adjustment provision to raise taxes for net importers and cut them for exporters, has divided the Right.While Ryan can afford to lose some 20 Republicans in the House and still pass bills without Democratic support, Senate Majority Leader Mitch McConnell has 52 GOP votes, and most bills require 60 votes. Funding bills and debt limit increases, both of which require 60, are likely to get caught in the crossfire.With the government set to run out of funding on April 28, conservatives in the House, spoiling for a win, want to use both issues to push for steep cuts to programs for the middle class and poor, which won’t sit well with the Tuesday Group. The Freedom Caucus also wants to defund Planned Parenthood, which Democrats won’t support.Altogether, it’s enough to make Republicans wonder if they’re even capable of governing anymore. Hoagland, the former GOP aide, sees only one way out for Ryan: work with Democrats. “It may be difficult for the speaker,” he says, “but it also is the way legislation used to be done around here.”The bottom line: Divisions inside the GOP that scuttled its health-care reform could keep it from preventing a government shutdown.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'http://www.bloomberg.com/news/articles/2017-03-30/total-control-is-crippling-the-gop'|'2017-03-31T01:09:00.000+03:00'
'38b4e64d295277862d7d5742e7ebec89b5428d14'|'German retail sales jump more than expected in February'|'Business News - Fri Mar 31, 2017 - 7:17am BST German retail sales jump more than expected in Feb FILE PHOTO: The shopping mall ''''Gaensemarkt Passage'''' is pictured in downtown Hamburg, Germany, January 21, 2017. REUTERS/Fabian Bimmer BERLIN German retail sales rose more than expected on the month in February but unexpectedly dropped on the year, data showed on Friday, sending mixed signals about the health of this sector of Europe''s largest economy. The volatile indicator, which is often subject to revision, showed retail sales increased by 1.8 percent on the month in real terms, the Federal Statistics Office said. That beat expectations for a 0.7 percent rise and followed a downwardly revised drop of 1.0 percent in January. On the year, shops sold 2.1 percent less in February, confounding forecasts for a 0.3 percent increase in sales. Consumption has become a key growth driver for the German economy, which was traditionally propelled by exports, as Germans revel in record-high employment, increased job security, rising real wages and ultra-low borrowing costs. The data came after a GfK survey showed German consumer sentiment unexpectedly fell to its lowest level in five months going into April, partly due to people''s concerns that rising inflation will erode their purchasing power. A breakdown of the year-on-year data showed sharp drops in sales of food, drinks and tobacco as well as clothing, shoes and other items such as books and jewelry. (Reporting by Michelle Martin; Editing by Paul Carrel) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-germany-economy-retail-idUKKBN1720KR'|'2017-03-31T14:14:00.000+03:00'
'415a411f6b72984721b2f63c73776acf32aee418'|'Show Us Your Tax Reforms'|'The president needs a win, and he’s picked the federal tax code as the issue on which to take a stand. On March 24, still stinging from his failure to repeal and replace Obamacare, Donald Trump told reporters he’d “start going very, very strongly for the big tax cuts and tax reform.” Taxes, he said, “will be next.”Judging from the fiasco over the American Health Care Act, there’s good reason to think Trump is about to get in over his head again. The federal tax code is one of the world’s most complicated machines, and he hasn’t even released the outlines of a plan for how to fix it, unless “phenomenal” counts as a description. What we have heard of the plan is inconsistent: Trump has promised big cuts in top income tax rates, which would benefit the rich, while Treasury Secretary Steven Mnuchin has insisted that there will be no absolute tax cut for the upper class. That circle can’t be squared.Tax reform is hard in the best of circumstances, which these aren’t. “The obstacles to tax reform are at least as great as those that blocked the health-care bill,” Tan Kai Xian, an analyst at consultancy GaveKal Research Ltd., wrote in a note.Just ask Urban Institute fellow Eugene Steuerle. As a Treasury Department staffer, he led the research project that was the basis for Ronald Reagan’s Tax Reform Act of 1986 . The law, which lowered top rates in exchange for eliminating deductions, remains the most important tax reform of the past half-century or more. It took Reagan five years in office to achieve it, Steuerle notes, even though there was widespread agreement that top rates were too high. (The act cut the highest rate from 50 percent to 28 percent; the top rate had been 70 percent before Reagan’s 1981 tax cut. The current top rate is 39.6 percent.)Trump and his advisers are repeating the mistake they made on health care by focusing on campaign-style messaging, says Steuerle: “They have put so much attention on the symbolism that they wanted to achieve rather than the nitty-gritty of working out the balance sheets, the distribution tables of winners and losers, et cetera.”Taxation is a tougher nut now than it was in Reagan’s era because the aging of society boosts the cost of Social Security and Medicare, creating a permanent tendency for spending to rise faster than revenues. “They’ve just got a major budget problem that they came into office with and they haven’t been willing to tackle,” Steuerle says. “Now throw a tax cut into that mix and you’re probably only going to compound the problem.” Layer onto that the opposition Trump faces from an emboldened House Freedom Caucus on the right and a unified Democratic Party on the left, and it’s hard to see how he’ll be able to lead on taxation.The first conflict is that Trump mostly just wants to cut taxes, while House Speaker Paul Ryan wants to rebuild the tax code while raising the same amount of money to keep deficits from growing. Ryan’s A Better Way plan would move the U.S. toward a tax on consumption rather than income. It “would be the most substantial tax reform since the original enactment of the income tax in 1913,” writes University of Chicago Law School professor David Weisbach in a new paper. A key aspect is border adjustment, which would level the playing field for American producers by taxing just what’s sold in the U.S., whether domestic or imported.Border adjustment probably won’t happen, though, at least not the full version Ryan wants. Exporters like it but importers hate it, and history shows that concentrated opposition beats diffuse support every time. Plus, Trump was burned when he pushed Ryan’s complex, unloved health-care plan. He likely won’t want to repeat the experience with another piece of complex, unloved, Ryan-invented legislation.Unfortunately for Trump, dropping the border-adjusted tax means losing the $1 trillion or so it would raise over the next decade. Without that windfall, it will be harder for him to cut other taxes without widening the deficit. Trump’s team was also counting on the repeal of Obamacare to create budgetary room for tax cuts. That’s not happening, either.The budgetary process isn’t Trump’s friend. The next choke point is the April 28 expiration of a continuing resolution that’s essential to maintain funding for federal programs and services. If the resolution is allowed to expire because of stalemate, the government begins to shut down on April 29—which by a twist of fate is the last of Trump’s first 100 days in office.Trump faces another fight this summer over the 2018 budget resolution, a blueprint for spending in the fiscal year beginning on Oct. 1. Given how polarized his party has become, he’ll have trouble getting enough Republican votes to pass the budget resolution, and if he fails, tax legislation is dead for at least the rest of 2017. (The technical reason: A budget resolution is a prerequisite for the reconciliation process, which is what Trump intends to use to get a tax bill passed with a simple majority in the Senate, evading a Democratic filibuster.)One glimmer of hope for Trump is that House Freedom Caucus Chairman Mark Meadows of North Carolina is indicating that the group will be less doctrinaire on taxes than it was on health care. He said on ABC’s This Week With George Stephanopolous on March 26 that he wouldn’t protest if tax cuts aren’t fully offset by new spending cuts or new sources of revenue such as a tax on imports.If Republican leaders do want to keep tax changes revenue-neutral and they don’t pass border adjustment, with its slug of fresh revenue, they may have to settle for a corporate income rate as high as 28 percent, according to top congressional GOP sources. That’s a far cry from Ryan’s goal of 20 percent or Trump’s goal of 15 percent. In fact, it’s the same corporate rate that President Barack Obama sought. (The rate is 35 percent now.) The rates Ryan and Trump wanted “aren’t realistically possible,” says Dean Zerbe, a former Senate Finance Committee staffer who is national managing director at tax consulting firm Alliantgroup LP.The bottom line is that whatever Trump manages to get done on taxation is likely to be small-bore. “The House will call it tax reform, but it’ll essentially be a tax cut that increases the deficit,” says Stan Collender, a federal budget expert at the communications firm Qorvis/MSLGroup. “The question is whether that can pass in the Senate.” In addition to a small cut in corporate taxes, Congress may pass accelerated depreciation, which encourages investment in equipment and software, and end the carried interest rule that hedge fund managers use to reduce their taxes, says Steven Blitz, chief economist at research firm TS Lombard. “On the personal tax side, there will be a cut for his constituents that he will duly sell as being bigger than it is,” he predicts.The most important business stories of the day. Get Bloomberg&apos;s daily newsletter. Sign Up Wall Street seems to be coming around to the idea that the president won’t be able to deliver on all of his promises. Goldman Sachs Group Inc. has been tracking the stock market performance of a basket of companies that pay high taxes. The index shot up after Trump’s surprise election victory, but has receded. Through March 28, its postelection performance was actually worse than that of the Standard & Poor’s 500.Steuerle, the Urban Institute budget expert, says budgeting always comes down to one question: Whose ox are you willing to gore? A weakened president may find that on tax policy, he’s the one being gored.—With Sahil Kapur, Lynnley Browning, and Justina Lee'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'http://www.bloomberg.com/news/articles/2017-03-30/show-us-your-tax-reforms'|'2017-03-31T01:16:00.000+03:00'
'419f20c728a0be0d6d414f6d78d9f65a6845366f'|'Rosneft-led deal to buy India''s Essar delayed, seen closing in April'|'NEW DELHI/MOSCOW The purchase of Indian refiner Essar Oil by a consortium led by Russian oil company Rosneft has been delayed, the two sides said on Friday, because some Indian lenders to Essar have yet to sign off on the deal.The $12.9 billion deal, in which Rosneft is set to take a 49 percent stake in Essar and another 49 percent will be split between commodities trader Trafigura and Russian investor United Capital Partners (UCP), was expected to close this month."The closing was postponed into April because the buyers were dealing with 28 Indian banks that had credit lines with Essar Oil," a source close to the transaction said.The source added that separate debt of holding company Essar Global was also affecting negotiations indirectly as some banks were lenders to both Essar Global and Essar Oil.The deal, the largest foreign acquisition of an Indian company, would give Rosneft a foothold in the growing Indian market. Essar Oil operates a 400,000 barrel-a-day refinery in Vadinar on India''s west coast and sells fuels through its 2,470 filling stations across the country.Russia''s second-biggest bank VTB, which is involved in financing the deal, said this week it hoped to finish the acquisition this week, but that 19 more days would be needed to settle all the payments."The parties are working toward obtaining the requisite approvals to complete the transaction. We are hopeful that the deal will be completed in the upcoming few weeks," Essar said on Friday.Two Russian sources close to the deal, announced during a visit to India by Russian President Vladimir Putin last year, had said the deal was set to complete on March 15.Officially, all the parties had previously said the transaction was expected to close in the first quarter. A Rosneft spokesman confirmed on Friday the timing of the completion had slipped. UCP and Trafigura declined to comment.The Economic Times reported last week that one of Essar''s creditors, India''s LIC, had demanded dues from Essar to give its clearance to the deal.(Reporting by Nidhi Verma in New Delhi, Katya Golubkova and Vladimir Soldatkin in Moscow; Julia Payne in London; Editing by Andrew Osborn and Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-russia-rosneft-essar-idINKBN1721B2'|'2017-03-31T08:44:00.000+03:00'
'342b45d540b280ebfce3aa80ba3c27a3bd1ff952'|'New chief of Japan''s SMBC bank ''actively studying'' acquisition of US bank'|'Business News - Fri Mar 31, 2017 - 11:05am EDT New chief of Japan''s SMBC bank ''actively studying'' acquisition of US bank left right Sumitomo Mitsui Banking Corp. (SMBC) incoming President Makoto Takashima speaks during an interview with Reuters at the bank''s headquarters in Tokyo, Japan, March 15, 2017. Picture taken March 15, 2017. REUTERS/Toru Hanai 1/3 left right Sumitomo Mitsui Banking Corp. (SMBC) incoming President Makoto Takashima speaks during an interview with Reuters at the bank''s headquarters in Tokyo, Japan, March 15, 2017. Picture taken March 15, 2017. REUTERS/Toru Hanai 2/3 left right Sumitomo Mitsui Banking Corp. (SMBC) incoming President Makoto Takashima poses for a photo after an interview with Reuters at the bank''s headquarters in Tokyo, Japan, March 15, 2017. Picture taken March 15, 2017. REUTERS/Toru Hanai 3/3 By Taiga Uranaka and Taro Fuse - TOKYO TOKYO The new head of Japan''s Sumitomo Mitsui Banking Corp (SMBC) said it is "actively studying" an acquisition of a U.S. bank, as part of efforts to seek a reliable dollar funding source for future growth. Securing cheap, stable dollar funding has been a major challenge for Japanese banks, which have been aggressively expanding overseas as they have been hit by ultra-low interest rates and weak loan demand at home for years. "As we expand globally, a diversified and stable source of the world''s largest hard currency is extremely important," Makoto Takashima, who was promoted from senior managing director to president on Saturday, told Reuters in an interview. "Even for our Asia operations, the capability to secure dollar funding is crucial," he said. He said his bank has been shifting to more stable dollar sources such as deposits by corporate clients from short-term market funding like commercial papers. As a result, the bank''s dollar funding is enough to cover loan demands. "But the core funding source is retail deposits. And to be honest, we want that source when we think about our future growth," he said. SMBC is a core banking unit of Sumitomo Mitsui Financial Group (SMFG) ( 8316.T ), which posted a 22 percent drop in net profit in the quarter ending in December due to the low interest rate environment. Japanese banks are among the most aggressive buyers of overseas assets in recent years. SMFG spent a total of $1.5 billion in 2013 and 2014 to buy 40 percent of PT Bank Tabungan Pensiunan Nasional Tbk ( BTPN.JK ) (BTPN) of Indonesia. Unlike cross-town rival Mitsubishi UFJ Financial Group ( 8306.T ), which owns California-based Union Bank, SMFG does not have a retail footprint in the United States. But a recent surge in U.S. financial stocks .SPXBK, up more than 20 percent since early November, has made an acquisition of a U.S. bank too expensive for now, Takashima said. "It would have been feasible right after the collapse of Lehman Brothers (in 2008), when prices were cheap. But an acquisition now would be a very painful burden on our capital," he said. Takashima, 59, is a life-long insider, starting his career at Sumitomo Bank. A rarity among Japanese bank chiefs, he spent most of his career in international operations, including 11 years in the United States. (Reporting by Taiga Uranaka; Editing by Randy Fabi) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-smfg-strategy-idUSKBN17223R'|'2017-03-31T23:05:00.000+03:00'
'0bbbb67cb311b83de6e6377c48ecfcbcc01663f7'|'Exclusive - Glencore in talks to sell global oil storage stakes: sources'|'Fri Mar 31, 2017 - 11:36am BST Exclusive: Glencore in talks to sell global oil storage stakes - sources The logo of commodities trader Glencore is pictured in front of the company''s headquarters in Baar, Switzerland, November 20, 2012. REUTERS/Arnd Wiegmann/File Photo By Julia Payne - LONDON LONDON Swiss-based commodities trading and mining giant Glencore is in advanced talks to sell a bundle of its global oil storage stakes, sources familiar with the matter said, following a boom period for storage companies. If the sale reaches completion, Glencore will likely end up with minority stakes in the assets. The company owns much of its storage terminal interests via joint ventures and is selling half of these stakes, the sources said. A spokesman for Glencore declined to comment. "It''s an exotic combination of assets with a variety of functions, mainly storage. It''s most, if not all, of Glencore''s global liquid storage," one source said. The portfolio includes assets in Argentina, Belgium and Madagascar, the source said. "As a bundle it would appeal to someone looking for an entry point to certain countries," the source added. (Additional reporting by Dmitry Zhdannikov; Editing by Dale Hudson) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-glencore-assets-sales-idUKKBN1721AK'|'2017-03-31T18:35:00.000+03:00'
'acc24304b11f7bc8cf1adcf64a71426abc991b6f'|'Dumping complaint could kill Argentine biodiesel exports, groups says'|'Commodities  37pm EDT Dumping complaint could kill Argentine biodiesel exports, groups says By Maximiliano Rizzi - BUENOS AIRES BUENOS AIRES Argentina''s biodiesel exports could be devastated if the U.S. government imposed anti-dumping duties on the country based on a complaint by the U.S. National Biodiesel Board, the heads of two local industry chambers said. The board last week asked the U.S. government to impose anti-dumping duties on imports of biodiesel from Argentina and Indonesia after two years of tension between U.S. and foreign producers over soaring imports. "If a sanction is applied against Argentina in the U.S. market, our exports will no longer be viable. At this point, there is no alternative market," Claudio Molina, executive director of the Argentine Biofuels Association said on Friday in an interview. The United States is Argentina''s No.1 biodiesel export market and U.S. sanctions would large exporters such as Cargill [CARG.UL], Bunge, Louis Dreyfus [AKIRAU.UL] and COFCO Agri, part of China''s state-run COFCO Group Argentine biodiesel exports to its previous No. 1 client, the European Union, were suspended due to complaints and counter claims pending before the World Trade Organization. Peru, another buyer of Argentine biodiesel, has also placed tariffs on Argentine biodiesel based on dumping complaints. The Argentine market, where biodiesel is mixed with diesel fuel, is not nearly big enough to absorb the excess should exports to the United States be blocked. Of the 1.6 million tonnes of biodiesel that Argentina exported in 2016, 90 percent went to the United States, according to Energy Ministry data. A hearing will be held in the United States next month to evaluate the U.S. board''s request, Molina said Argentina taxes biodiesel at a variable rate, at 6 percent this month. But producers pay significantly less for soy oil, the main ingredient of biodiesel, than international competitors because they do not have to pay a 27 percent tax on exports. Local industry representatives say Argentina has an added advantage because its soy fields and crushing plants are located near the country''s ports. "We have much more access to raw materials and we are more oriented toward exporting than the United States is," said Victor Castro, executive director of the Argentine Biofuels Chamber. "The system (for resolving dumping complaints) is so bureaucratic and it takes so long that it can leave you out of the market for years without a ruling," Castro added. The WTO ruled last year in favor of several claims by Argentina against anti-dumping duties imposed by the European Union but the adjudication continues and the duties remain. (Editing by Maximiliano Rizzi; Writing by Hugh Bronstein; Editing by Andrew Hay) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-biodiesel-argentina-idUSKBN1722HP'|'2017-04-01T01:32:00.000+03:00'
'1219b22a3746529c9ad64b7cfb856e3fc4440da5'|'Carlyle, PAI, Rhone Capital bid for Prisa unit Santillana: sources'|'MADRID Spanish media company Prisa ( PRS.MC ) has received three bids from investment firms Carlyle ( CG.O ), PAI Partners and Rhone Capital for its 75 percent stake in Santillana publishing group, three sources with knowledge of the matter said on Friday.One of the sources and a fourth source however said the preliminary bids, all in the range of 1.2 billion euros to 1.3 billion euros ($1.3-$1.4 billion), were seen as insufficient for Prisa which hopes to raise at least 1.5 billion euros to repay debt and prop up its troubled finances.It was not yet clear whether the three funds could raise their offer when they present a binding bid sometimes in May.A spokeswoman for Prisa said the sale process was advancing but declined to give any further detail.Carlyle and PAI Partners declined to comment while Rhone Capital was not immediately available to comment.(Reporting by Andres Gonzalez, Sophie Sassard and Pamela Barbaglia, additional reporting by Robert Hetz; Editing by Julien Toyer)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-prisa-m-a-santillana-idINKBN1721V9'|'2017-03-31T11:44:00.000+03:00'
'b94d4ef95427c935c4261f8e037f35f66fc354cf'|'Exclusive: Metals recycling group Befesa eyes stock market listing - sources'|'FRANKFURT/MADRID European private equity-owned metals recycling group Befesa is preparing a stock market listing in a deal potentially valuing the group at up to 1.2 billion euros ($1.3 billion), people close to the matter said.Buyout group Triton has asked Goldman Sachs ( GS.N ) and Citi ( C.N ) to organize the listing as so-called global coordinators later this year, the people said, adding that stock including new shares worth about 300 million euros may be sold.Befesa, which is headquartered in Luxembourg, could reach a market capitalization of 1-1.2 billion euros in the initial public offering, they said.Triton and Goldman Sachs declined to comment, while the Citi was not immediately available for comment.Befesa specializes in recycling steel dust from the steel and galvanizing industry and salt slags from the aluminum industry and is a former unit of Abengoa ( ABG.MC ), which sold the company to Triton in 2013 for 850 million in cash, or 1.1 billion euros including debt.(Editing by Georgina Prodhan)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-befesa-ipo-idUSKBN1721YY'|'2017-03-31T18:19:00.000+03:00'
'e582800f620457ca69006a971d650014a0d5318d'|'METALS-Copper eyes second quarterly gain as supplies dwindle'|'MELBOURNE, March 31 London copper slipped on Friday but was set to finish a second quarter higher lifted by kinks in mine supply, while a ramp-up in factory activity and fresh investor buys are expected to drive prices higher in the second quarter.FUNDAMENTALS* London Metal Exchange copper fell by 1 percent to $5897.50 a tonne, as of 0200 GMT, as immediate supply threats eased. But prices were on track for a 6.5-percent gain for the first quarter following a 14-percent rise in the fourth quarter of last year.* Shanghai Futures Exchange copper edged up by 0.3 percent to 47640 yuan ($6,905) a tonne.* Activity in China''s manufacturing sector unexpectedly expanded at the fastest pace in nearly 5 years in March, adding to evidence that the world''s second-largest economy has gained momentum early this year, an official survey showed on Friday.* U.S. President Donald Trump set the tone for a tense first meeting with Chinese President Xi Jinping next week by tweeting on Thursday that the United States could no longer tolerate massive trade deficits and job losses.* South Korea''s industrial output plunged at the fastest pace in more than eight years, government data showed on Friday, erasing gains seen in the previous month and dragged down by semiconductor production.* Workers at Peru''s biggest copper mine, Freeport-McMoRan Inc''s Cerro Verde, will resume work on Friday after voting to end a nearly three-week strike that had halved output, the union said on Thursday.* Freeport McMoRan Inc''s Indonesian unit is close to reaching a deal that would allow the world''s biggest publicly listed copper producer to temporarily resume concentrate exports, Indonesia''s mining minister said on Thursday.* The failure of BHP Billiton and workers at its Escondida mine to agree on a wage deal after a long and bitter strike has stoked some concerns over the possible fate of other key contract talks at copper mines in Chile over the next year.* LME nickel was on track to fall more than 8 percent for the month, snuffing out year to date gains, and the biggest loss since loss since 11 pct drop in December, on prospects of rising Indonesian supply.* Indonesia''s state-owned miner Aneka Tambang (Antam) has been granted an initial approval to export up to 2.7 million tonnes of nickel ore over the next 12 months, a mining ministry official said on Wednesday.* For the top stories in metals and other news, click orMARKETS NEWS* The dollar extended its overnight gains in early Asian trade on Friday on signs of strong U.S. economic growth, while the euro inched up after sliding overnight on data suggesting slowing growth in Europe.DATA/EVENTS0600 Germany Retail sales Feb0645 France Consumer spending Feb0645 France Producer prices Feb0800 Germany Unemployment rate Mar0830 Britain GDP Q40900 Euro zone Inflation flash Mar1230 U.S. Personal income Feb1345 U.S. Chicago PMI MarPRICESThree month LME copperMost active ShFE copperThree month LME aluminiumMost active ShFE aluminiumThree month LME zincMost active ShFE zincThree month LME leadMost active ShFE leadThree month LME nickelMost active ShFE nickelThree month LME tinMost active ShFE tinARBS ($1 = 6.8995 Chinese yuan)(Reporting by Melanie Burton; Editing by Sherry Jacob-Phillips)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/global-metals-idINL3N1H81JN'|'2017-03-31T00:17:00.000+03:00'
'456b4ae64fe135623ff97637535526d0d9dc841f'|'British M&A robust in first quarter but a rocky road ahead'|'By Clara Denina - LONDON LONDON Mergers and acquisitions (M&A) activity involving British companies remained relatively robust in the first quarter of the year despite expectations of a slowdown ahead of the country''s divorce from the European Union.Bankers warned, however, that while the pound''s fall since the Brexit vote in June has made British companies cheaper, lingering uncertainty about the impact of the country''s split from Europe may make it trickier to value takeover targets.Overall, the value of deals struck in the first three months was $39.96 billion, according to Thomson Reuters data. That''s a decline of just 2.5 percent from a year earlier, though European M&A climbed 16 percent in the same period to $215.3 billion, the highest for the first quarter since 2008."UK M&A activity has started strongly in 2017 ... foreign exchange made UK companies cheaper, and there is an overarching desire for growth, which is not easy for companies to deliver organically," said Jan Skarbek, head of UK investment banking at Citi.The pound has fallen more than 15 percent against the dollar GBP= since the Brexit vote, hitting a 31-year low in October, and is down 11 percent against the euro GBPEUR=.The decline in the currency, however, has started to drive up inflation in Britain and increased the risk of interest rate rises, even though funding costs remain relatively low for now and liquidity is high.With an uncertain economic outlook, the search for growth is likely to remain the main motivation for deals in the coming months, particularly for companies falling on hard times and finding it difficult to restore their performance alone."In this environment, we are likely to continue to see combinations that make strategic sense and enable companies to take out significant amounts of cost," said Simon Mackenzie-Smith, chairman of UK and Ireland corporate and investment banking at Bank of America-Merrill Lynch."The UK retail profit pool is likely to be under increasing pressure as we continue to import inflation as a result of the low valuation of sterling," Mackenzie-Smith said.Merger activity between British companies was particularly strong in the first quarter.Britain''s biggest retailer Tesco ( TSCO.L ) made a surprise 3.7 billion pound ($4.6 billion) bid for food supplier Booker ( BOK.L ), fund manager Standard Life ( SL.L ) agreed to buy Aberdeen Asset Management ( ADN.L ) and oil services firm Wood Group ( WG.L ) took over rival Amec Foster Wheeler ( AMFW.L ).However, an extended period of economic uncertainty and continued sterling weakness could produce some anomalies in how companies are valued, bankers said."Although UK economic indicators have remained positive, most boards believe the economic environment in the UK through the Brexit negotiations is unusually hard to predict, may be volatile and could be less favorable than it is now," Citi''s Skarbek said.Not all the transactions involving British companies have come to fruition over the past few months.Anglo-Dutch consumer goods giant Unilever ( ULVR.L ) received a surprise $143 billion takeover offer from Kraft Heinz ( KHC.O ) in February, but it encountered stiff resistance and led to the U.S. food company''s rapid retreat.More recently, EU regulators blocked a planned merger between the Frankfurt and London stock exchanges, although the deal was already foundering due to differences over where the main headquarters should be in a post-Brexit world.(Editing by David Clarke)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-britain-eu-m-a-idINKBN1713AM'|'2017-03-30T21:12:00.000+03:00'
'f36ced2ad71e83a284a9f064e961a1c0bbe8c38f'|'UPDATE 1-Brazil''s Renova to finalize project sale to AES on Monday -sources'|'(Adds details, share performance, comments throughout)SAO PAULO, March 31 Brazil''s renewable power generation company Renova Energia SA will finalize the sale of wind farm Alto Sertão II to the Brazilian unit of AES Corp for about 700 million reais ($223 million) as early as Monday, two people with direct knowledge of the matter said.The project sale is a condition for Brookfield Asset Management Inc''s plan to enter Renova''s controlling bloc in a deal valued at about 1 billion reais, said the people, who asked for anonymity because the matter remains private.Under terms of the deal, which could be announced in coming days, Canada''s Brookfield would purchase the 15.7 percent stake that Light Energia SA has in Renova and then pump fresh cash into the company, said the people. Currently, Light forms part of a controlling bloc that owns about 64 percent of Renova.Units, a blend of Renova''s common and preferred shares, jumped 10 percent on Friday, on top of a 15 percent surge the prior trading day. Shares of Light shed 1.3 percent, their fourth decline in five sessions.Renova and AES Brasil did not have an immediate comment. Light''s press office referred any questions related to Renova to controlling shareholder Cia Energética de Minas Gerais SA .Brookfield declined to comment.Both deals, if successfully concluded, would help Renova overcome a severe cash crunch that has led to investment plan delays and cost cuts. Renova''s woes have worsened since a planned partnership with SunEdison Inc collapsed weeks before the U.S. company filed for Chapter 11 bankruptcy protection.By injecting capital, Brookfield would be giving Light a chance to exit the company while diluting the other two members of Renova''s controlling bloc, Cia Energética de Minas Gerais SA and RR Participações SA.($1 = 3.1342 reais) (Reporting by Guillermo Parra-Bernal; Editing by Cynthia Osterman and Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/renova-energia-ma-brookfield-asset-idINL2N1H81DS'|'2017-03-31T15:59:00.000+03:00'
'156aeb53b917b58f7205c2b5a1505a23f42f0149'|'Akzo Nobel''s chairman says PPG''s proposal ''just a poor offer'': newspaper interview'|'AMSTERDAM Akzo Nobel ( AKZO.AS ) Chairman Antony Bergmans on Friday again dismissed a takeover proposal from U.S. rival PPG Industries ( PPG.N ) as "a poor offer".Akzo shareholders and analysts have called for the Dutch company to enter discussions with PPG.But Burgmans said in an interview with De Telegraaf newspaper that the proposal was "just a poor offer" that "fundamentally undervalues our company and, what''s more, doesn''t address any of our other concerns."Akzo has said a merger would be bad for its employees and would likely face antitrust concerns. Burgmans also said that the fact PPG''s proposal is partly in shares - the offer is worth 90.16 euros at PPG''s current share price - makes it unattractive.PPG has said that job losses would be minimal and antitrust concerns are manageable.Akzo Nobel shares closed at 77.73 euros on Friday in Amsterdam, suggesting investors have significant doubts about whether PPG''s pursuit of Akzo will ultimately be successful.Akzo has said it prefers to remain independent and has a plan to spin off its chemicals division, representing about a third of sales and profits, which it will detail in a presentation of its independent business plan on April 19.Analysts say it is not realistic that Akzo can achieve a value of 90 euros per share as an independent company for many years, even after a carve-out of the chemicals business."Just listen to our plan on April 19" Burgmans told the newspaper.(This version of the story has been refiled to correct spelling of Burgmans'' first name)(Reporting by Toby Sterling; Editing by Greg Mahlich and David Evans)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-akzo-nobel-m-a-ppg-inds-idINKBN1722JS'|'2017-03-31T16:12:00.000+03:00'
'f1f22e635bb6986266e2e384819f84bfd8c86f74'|'South Africa''s Ramaphosa told Zuma he disagreed with Gordhan sacking'|'Company News  26am EDT South Africa''s Ramaphosa told Zuma he disagreed with Gordhan sacking JOHANNESBURG, March 31 South African Deputy President Cyril Ramaphosa said on Friday he told President Jacob Zuma that he disagreed with his decision to sack Finance Minister Pravin Gordhan. "I told the President so, that I would not agree with him on his reasoning to remove the minister of finance," Ramaphosa told reporters. (Reporting by Tanisha Heiberg; Writing by Ed Stoddard; Editing by Joe Brock) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/safrica-politics-deputypresident-idUSJ8N1GY01F'|'2017-03-31T17:26:00.000+03:00'
'4b41bed21e6e2d06dc0f72b166620c8d450f0605'|'Nikkei drops to over 7-wk closing low as investors lock in gains'|'Company News  41am EDT Nikkei drops to over 7-wk closing low as investors lock in gains TOKYO, March 31 Japanese stocks dropped to more than seven-week closing lows on Friday in choppy trade as investors locked in gains on the last trading day of the fiscal year, led by selling in futures and bellwether stocks such as exporters. The Nikkei share average fell 0.8 percent to 18,909.26, the lowest close since Feb. 9. The benchmark index declined 1.8 percent for the week and 1.1 percent for the month. For the quarter, it dropped 1.1 percent. Much of the demand for Japanese stocks has been influenced by the yen''s moves and broad sentiment around U.S. President Donald Trump''s early efforts to change domestic policies. Trump''s failure to push through a healthcare bill triggered sharp selling in Japanese equities on Monday as investors fretted about his ability to push through economic stimulus measures. As the dollar-yen levels have been volatile recently, investors will remain cautious for a while, traders say. All sectors but the utility were in negative territory. Exporters lost ground, with Toyota Motor Corp falling 1.1 percent and Honda Motor Co dropping 1.3 percent. The broader Topix shed 1.0 percent to 1,512.60, with 2.2 billion shares changing hands, the biggest since March 10. The JPX-Nikkei Index 400 dropped 0.9 percent to 13,522.45. (Reporting by Ayai Tomisawa; Editing by Subhranshu Sahu) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-close-idUSL3N1H82TP'|'2017-03-31T14:41:00.000+03:00'
'22998aad72e07a669edf48cfa1232ff6b0c2a9d9'|'EU Commission regrets ''artificially inflated'' U.S. steel duties'|'Business News - Fri Mar 31, 2017 - 11:55am BST EU Commission regrets ''artificially inflated'' U.S. steel duties A red-hot steel plate passes through a press at the ArcelorMittal steel plant in Ghent, Belgium, July 7, 2016. REUTERS/Francois Lenoir/File Photo BRUSSELS The European Commission said on Friday it regretted a U.S. decision to impose anti-dumping measures on steel plate exported from Europe, adding that the duties were "artificially inflated". The U.S. Department of Commerce set duties of up to 148 percent on cut-to-length plate from seven producers from Austria, Belgium, France, Germany, Italy, Japan, South Korea and Taiwan, prompting Germany to urge the EU to file a WTO complaint. The Commission had been active during the procedure supporting the European exporters concerned, a spokesman said. "Unfortunately, our comments and notably those concerning the use by the US of methodologies which artificially inflate the preliminary dumping margins have not been given expected consideration," the spokesman said. The final duties were in many cases higher than the preliminary duties set in November. "We will look now into the detail of the decision taken by the US and consider the appropriate steps," he continued. (Reporting By Philip Blenkinsop; editing by Robert-Jan Bartunek) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-steel-plate-eu-idUKKBN1721BX'|'2017-03-31T18:55:00.000+03:00'
'3fe18c95d35a3d82aaa826852dda5b14c1926ca1'|'Reckitt Benckiser reduces CEO pay - annual report'|'Business News - Fri Mar 31, 2017 - 9:38am BST Reckitt Benckiser reduces CEO pay - annual report Reckitt Benckiser CEO Rakesh Kapoor speaks during the Reuters Global Consumer and Retail Summit in London, Britain September 11, 2013. REUTERS/Benjamin Beavan/File Photo LONDON British consumer goods maker Reckitt Benckiser Group ( RB.L ) will not pay Chief Executive Rakesh Kapoor an annual bonus for 2016, and will reduce the number of performance shares awarded to his long-term incentive plan, it said on Friday. The maker of Durex condoms and Scholl footcare products also said it will strip out any earnings growth attributable to the impending takeover of Mead Johnson ( MJN.N ) from calculations for the plan for 2017. (Reporting by Martinne Geller; Editing by Susan Fenton) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-reckitt-benc-grp-compensation-idUKKBN1720XV'|'2017-03-31T16:38:00.000+03:00'
'7cb5e36ace7cc6f7026bdd3e84d1d23847910c9a'|'Exclusive: Metals recycling group Befesa eyes stock market listing - sources'|'By Arno Schuetze and Andrés González - FRANKFURT/MADRID FRANKFURT/MADRID European private equity-owned metals recycling group Befesa is preparing a stock market listing in a deal potentially valuing the group at up to 1.2 billion euros ($1.3 billion), people close to the matter said.Buyout group Triton has asked Goldman Sachs ( GS.N ) and Citi ( C.N ) to organize the listing as so-called global coordinators later this year, the people said, adding that stock including new shares worth about 300 million euros may be sold.Befesa, which is headquartered in Luxembourg, could reach a market capitalization of 1-1.2 billion euros in the initial public offering, they said.Triton and Goldman Sachs declined to comment, while the Citi was not immediately available for comment.Befesa specializes in recycling steel dust from the steel and galvanizing industry and salt slags from the aluminum industry and is a former unit of Abengoa ( ABG.MC ), which sold the company to Triton in 2013 for 850 million in cash, or 1.1 billion euros including debt.(Editing by Georgina Prodhan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-befesa-ipo-idINKBN1721YY'|'2017-03-31T12:19:00.000+03:00'
'74ef6901394a088d9bf274790e4ce2eaa54c66a6'|'DuPont to get $1.6 bln in asset swap deal with FMC Corp'|'Company  29am EDT DuPont to get $1.6 bln in asset swap deal with FMC Corp March 31 DuPont said it would sell its crop protection business to FMC Corp and buy FMC''s health and nutrition unit in an asset swap deal that will give DuPont about $1.6 billion. DuPont''s $130 billion merger with Dow Chemical Co, which was expected to close in the first half of 2017, is now expected to close between Aug. 1 and Sept. 1, Dupont said. The deal with FMC includes a cash portion of $1.2 billion and working capital of $425 million. (Reporting by Vishaka George in Bengaluru; Editing by Martina D''Couto) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/du-pont-ma-dow-fmc-idUSL3N1H848C'|'2017-03-31T18:23:00.000+03:00'
'f1a4700e8f1e1635104a92eee7b45e96c1fbb579'|'Britain''s Ofcom plans to cut some BT wholesale broadband prices'|'LONDON, March 31 Britain''s telecoms regulator said it planned to promote investment in faster broadband by cutting the price that network operator BT can charge other operators for connections with download speeds of up to 40 Mbit per second.Ofcom said it expected the lower charges to be passed on to residential customers, increasing competition while companies construct their own full-fibre ultrafast networks to compete with BT''s Openreach infrastructure.The regulator said it intended to reduce Openreach''s charges for its 40 Mbit/s broadband package, with the price falling from today''s level of 88.80 pounds per year to 52.77 pounds in 2020/21.(Reporting by Paul Sandle; editing by Kate Holton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-telecoms-broadband-idINL5N1H80ZZ'|'2017-03-31T04:23:00.000+03:00'
'11c535ca41ecd36333dd88c545baed5093e2636c'|'Samsung Group boss earned $1 million at flagship in Q4, shows first disclosure'|'  10:57am BST Samsung Group boss earned $1 million at flagship in Q4, shows first disclosure Lee Jae-yong (C), vice chairman of Samsung Electronics, arrives to be questioned as a suspect in a corruption scandal that led to the impeachment of President Park Geun-Hye, at the office of the independent counsel in Seoul on February 13, 2017. REUTERS/Jung Yeon-Je/Pool SEOUL Samsung Electronics Co Ltd ( 005930.KS ) said on Friday it paid Vice Chairman Jay Y. Lee, the third-generation leader of Samsung Group [SAGR.UL], 1.135 billion won (819,844 pounds) in the fourth quarter of 2016, disclosing his compensation for the first time. Lee is currently on trial for bribery, embezzlement and other charges amid a corruption scandal that led to the ouster and arrest of President Park Geun-hye. He became a board member in October as part of a broader initiative to improve corporate governance for the smartphones-to-biopharmaceuticals business empire, and his salary was published alongside other members. The compensation disclosure, made via a regulatory filing, only applies for payments Lee received following his appointment to the board, and Samsung declined to comment on how much he was paid prior to the appointment - including whether he made more or less in preceding quarters than what was disclosed for the fourth quarter. The 48-year-old executive''s compensation package includes 476 million won in wages equivalent to three months'' pay from October through December. A Samsung spokeswoman told Reuters that Lee chose not to receive any pay from Samsung Electronics following his Feb. 17 arrest. South Korean companies are required to disclose compensation for executives who sit on the board and are paid at least 500 million won on an annual basis. Chief Executive Kwon Oh-hyun was the top earner among the executives who sit on the board with a total compensation of 6.698 billion won. That compared with Apple Inc ( AAPL.O ) counterpart Tim Cook''s 2016 compensation of $8.7 million. The compensation disclosed by Samsung is a very small fraction of Lee''s net worth. According to Forbes, Lee is South Korea''s third-richest person with $6.4 billion in total wealth that is mostly based on his stakes in Samsung affiliates such as Samsung C&T Corp ( 028260.KS ) and Samsung Electronics Co Ltd ( 005930.KS ). Co-Chief Executive Shin Jong-kyun, who overseas the company''s mobile and network businesses, saw his 2016 compensation fall to 3.986 billion won from 4.8 billion won a year earlier. The businesses under his remit oversaw the costly collapse of the fire-prone Galaxy Note 7 smartphones in October. (Reporting by Se Young Lee; Editing by Randy Fabi and Christopher Cushing)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-samsung-elec-management-idUKKBN1720XN'|'2017-03-31T17:57:00.000+03:00'
'9571485988537669ab15592c7365e883b22f752c'|'Thailand to auction petroleum concessions for Erawan, Bongkot fields in Dec - energy minister'|'BANGKOK, March 31 Thailand will auction petroleum concessions for Erawan and Bongkot gas fields in December, the country''s energy minister said on Friday."An official announcement is expected within July, and auctions in December," energy minister General Anantaporn Kanjanarat told reporters.The Erawan gas concession, operated by Chevron Corp, and the Bongkot gas concession, operated by state-backed PTTEP Exploration and Production PCL, will expire in 2022 and 2023, respectively.They have a combined production of 2.2 billion cubic feet per day, or 76 percent of output in the Gulf of Thailand.The minister''s comment comes after the country''s military-appointed parliament approved an amendment to a petroleum law on Thursday which will give companies more options for exploration and production operations.Currently, oil and gas companies must get a concession to operate in a Thai field.The approved amendment will add the option of striking production sharing agreements (PSA) or service contracts. (Reporting by Pracha Hariraksapitak; Writing by Patpicha Tanakasempipat; Editing by Subhranshu Sahu)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/thailand-energy-auction-idINL3N1H828P'|'2017-03-31T02:46:00.000+03:00'
'cb3da585bbfa01eb2f1637f099cc2f571d2a09fa'|'RPT-BlackBerry posts smaller quarterly loss as costs fall'|'Company News  10am EDT RPT-BlackBerry posts smaller quarterly loss as costs fall (Repeats to change story keyword used by media customers to BLACKBERRY-RESULTS/ from BLACKBERRY-RES/) March 31 Canada''s BlackBerry Ltd, reported a smaller quarterly loss on Friday as operating costs nearly halved. The Waterloo, Ontario-based company''s net loss narrowed to $47 million or 10 cents per share in the fourth quarter ended Feb. 28, from $238 million or 45 cents per share, a year earlier. The smartphone maker-turned-software company said operating expenses fell 49.2 percent to $229 million in the quarter. Revenue fell 38.3 percent to $286 million. (Reporting by Vishaka George in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/blackberry-results-idUSL3N1H84JQ'|'2017-03-31T20:10:00.000+03:00'
'846e3f1bd312f88aeeaae28079ca97ccce0b38e7'|'PRESS DIGEST- British Business - March 31'|'March 31 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The Times* Online retailer AO World Plc raised 50 million pounds ($62 million) to underpin its balance sheet by selling new shares at less than half the price the shares floated at about three years ago. bit.ly/2nFwaUt* JPMorgan Chase & Co is in talks to buy a Dublin office building as one of its strategies to cope with Brexit, while Citigroup Inc has warned staff to brace for a "hard" departure. bit.ly/2nFdWCKThe Guardian* Managing Director Paula Nickolds of John Lewis Plc , Britain''s largest department store operator, has warned of more job cuts this year and possible price rises as she said shoppers'' behaviour was changing "profoundly and fast." bit.ly/2nkTYcU* HSBC Holdings Plc is to offer its transgender community a choice of 10 new gender-neutral titles as part of its plan to improve the banking experience for customers. bit.ly/2ofYs9EThe Telegraph* Britain has begun to take back control from Brussels as Brexit minister David Davis announced that the first European Union law to be scrapped after Brexit will be a charter that helps criminals avoid deportation. bit.ly/2oEuXdH* Two days after Prime Minister Theresa May wrote to Brussels announcing UK''s formal withdrawal from the EU, Scottish First Minister Nicola Sturgeon penned a letter demanding May give Scotland a referendum vote. bit.ly/2oECvgISky News* The Bank of England is consulting on the additives used to produce its polymer banknotes after criticism of the use of animal fat in the new five-pound notes. bit.ly/2nnhpmN* Chief Executive Joe Kaeser of Siemens AG has told Sky News that he is "confident and optimistic" that Britain will "find its way" through the turbulence of Brexit. bit.ly/2noTOluThe Independent* Major international technology firms have announced that they will set up a cross-industry forum to tackle online extremist propaganda following a crunch meeting with Home Secretary Amber Rudd. ind.pn/2omkhkX (Compiled by Kanishka Singh in Bengaluru; Editing by Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-business-idINL3N1H76G6'|'2017-03-30T22:03:00.000+03:00'
'6e88cb0c55b649befca8f58f38bac9bbcae43b8e'|'John Menzies in talks to sell distribution unit to DX Group'|'  9:05am BST John Menzies in talks to sell distribution unit to DX Group Scottish firm John Menzies ( MNZS.L ) said it was in talks to sell its distribution business to British mail delivery firm DX Group ( DXDX.L ), responding to calls by top investors to separate the unit from its airport services business. DX Group proposed to pay 60 million pounds in cash and issue of new ordinary shares, which would represent 80 percent of DX''s issued share capital after the deal closes, the companies said in a statement on Friday. John Menzies''s shares rose as much as 11.2 percent to 706 pence on the London Stock Exchange, touching their highest since November 2013. The company has been under pressure to revamp its business as a string of warnings and departures of top executives drew criticism from three investors who advocated separating its aviation services and print media distribution units. Activist investor Shareholder Value Management (SVM) took a 7 percent stake in Menzies last year and urged the company to break up its businesses saying they would be worth more if split. John Menzies has been aiming to expand the aviation support business, which provides cargo and baggage handling and freight forwarding services and brings in most of its profits, as its once core newspaper and magazine distribution business continues its decline. The merger deal will see Greg Michael, the managing director of John Menzies'' distribution unit, take over as the chief executive of DX Group, and Paul McCourt, the unit''s finance director, become DX Group''s chief financial officer. The companies said the deal would constitute a reverse takeover by DX and its ordinary shares are expected to be suspended from trading on London''s Alternative Investment Market, effective Friday. The deal would generate cost synergies of 8 million-12 million pounds each year and complete in the summer, they added. Rothschild is the financial adviser to John Menzies and Zeus Capital is advising DX Group. (Reporting by Rahul B in Bengaluru; Editing by Amrutha Gayathri)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-dx-group-m-a-john-menzies-idUKKBN1720N9'|'2017-03-31T16:05:00.000+03:00'
'8f225d79e4f67370a00f2823773b3830e05be7d0'|'EURO DEBT SUPPLY-Four euro zone states to sell debt in coming week'|'LONDON, March 31 Austria, Germany, France and Spain are the four euro zone sovereigns scheduled to sell debt at auction in the coming week.* Austria will issue 1.32 billion euros in bonds by reopening 2027 and 2023 issues in an auction on Tuesday.* Also on Tuesday, Germany will sell 1 billion euros of an inflation-linked bond maturing in 2026.* Germany returns on Wednesday to sell 4 billion euros of a fixed-rate five-year bond.* On Thursday, France will sell 7-8 billion euros in an auction of 10-year bonds and a bond maturing in 2031. Spain will also sell debt, with details to be announced later on Friday.(Compiled by John Geddie; Editing by Dhara Ranasinghe)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eurozone-bonds-outlook-idINL5N1H82IB'|'2017-03-31T07:39:00.000+03:00'
'5791f0b8a8577fa3ac5de469fa7b90387688e1cf'|'S.Africa''s SACP warns of looting at treasury after Zuma axes finance minister'|'Company  46am EDT S.Africa''s SACP warns of looting at treasury after Zuma axes finance minister JOHANNESBURG, March 31 South Africa''s Communist Party (SACP), an ally of the ruling African National Congress, said on Friday the public should take serious action to prevent corruption at the treasury after President Jacob Zuma axed the finance minister Pravin Gordhan in a late-night cabinet shake-up. "Quite clearly South Africans need to take action against the possibility of the looting of the treasury which comrade Pravin Gordhan has done an excellent job (preventing)," the SACP''s second deputy president Solly Mapaila said in an interview on 702 Talk Radio. Zuma appointed Malusi Gigaba as the country''s new finance minister, replacing Gordhan whom he had rehired to the post in December 2015. (Reporting by Mfuneko Toyana; Editing by Christian Schmollinger) Next In Company News UK Stocks-Factors to watch on March 31 March 31 Britain''s FTSE 100 index is seen opening down 19 points at 7,351 points on Friday, according to financial bookmakers. * SMITHS GROUP: The U.S. Justice Department said on Thursday it will require Smiths Group Plc to divest Morpho Detection LLC and Morpho Detection International LLC''s global explosive trace detection business for Smiths to proceed with its proposed $710 million acquisition of Morpho from Safran SA . * JOHN LEWIS: John Lewis , ZURICH, March 31 The following are some of the main factors expected to affect Swiss stocks on Friday: MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/safrica-politics-sacp-idUSJ8N1GY00V'|'2017-03-31T13:46:00.000+03:00'
'dc1c66d0ae4281f7b0b7079159fa8ea3a6bffa4d'|'Global equity listings start to recover after 2016 slump'|'Money  23am IST Global equity listings start to recover after 2016 slump By Dasha Afanasieva - LONDON LONDON Global equity listings rose in the first quarter compared with a year earlier, driven by issuance in Asia and the United States, Thomson Reuters data showed, pointing to a more buoyant year for share sales than 2016. Companies globally issued $189 billion of equity in the first quarter of the year, up 58 percent from the first quarter of 2016, which was the worst since 2008. Upbeat news on the economy helped boost equity capital market activity by U.S. firm by almost 70 percent, delivering proceeds of $59 billion in the first quarter. But global issuance remained below the 2012-2016 first quarter average of $183 billion. "We have had a backdrop of rising markets, low volatility and better macroeconomic data. These combine to produce strong appetite for new issues," Bank of America''s global head of equity capital markets, Craig Coben, said. "The equity calendar is highly seasonal and so Q2 will really be a litmus test for new-issue appetite as it is generally the busiest quarter of the year." London, Europe''s biggest market for initial public offerings, bucked the global trend with equity listings at a five-year low. Russell Holden, corporate partner at international law firm Taylor Wessing, said he expected this to continue as companies waited for more favourable conditions. "With the share price gains over the past six months, combined with some uncertainty over the outcome of the Brexit negotiations, a market correction may be down the road so investors are taking a cautious approach at the moment and do not want to be overpaying for assets." Expected listings of Blackstone''s warehousing business Logicor and Telefonica''s UK telecoms operator O2 may bolster the IPO market in Britain in the coming quarters. In continental Europe, Gestamp is set to become the biggest IPO this year when it lists on April 7 with a valuation of around 3.5 billion euros ($3.75 billion). Goldman Sachs overtook JP Morgan as the leading bank for equity capital markets globally in the first quarter, thanks to its mandates for follow-on offerings. JP Morgan kept the top spot for IPOs globally. Representing more than a tenth of global follow-on proceeds, Italian bank UniCredit had the biggest equity offering of the year so far, raising 13.8 billion euros and potentially generating hundreds of millions dollars in fees for banks. The listing of Snap Inc, owner of photo sharing app Snapchat, was the biggest IPO of the quarter helping to produce a 17-fold increase in total U.S. IPO proceeds. Ed Sankey, EMEA Co-Head ECM and Global Head of Equity Syndicate at Deutsche Bank, said merger and acquisition activity, subsidiary IPOs and privatisations by European governments would drive deal flow. "There was a wave of IPO exits in 2013-15 and this year we don''t expect to see the sheer number we saw in that time frame, especially from private equity in this time zone, but globally we expect a busier year than 2016." ($1 = 0.9327 euros)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-equity-deals-idINKBN172089'|'2017-03-31T10:53:00.000+03:00'
'dac3e72acf28044a415c42db3a5867a4f64b37c0'|'Mexico boosts 2nd-qtr issuance of 1-year Cetes by 1 bln pesos'|'MEXICO CITY, March 31 Mexico''s finance ministry on Friday said it would increase by 1 billion pesos ($53 million) its debt issuance of 1-year T-bills, or Cetes, to 12.5 billion pesos per monthly auction during the second quarter.The ministry also said its weekly auctions of 28-day and 91-day Cetes would remain unchanged at 4 billion to 11 billion pesos, and 7 billion to 14 billion pesos, respectively.Similarly, weekly auctions of 6-month Cetes will be held steady at 11.5 billion each.Mexico''s central bank said on Wednesday it had transferred 321.7 billion pesos ($17 billion) of its 2016 surplus to the federal government, which will help the country pay down debt this year. ($1 = 18.8327 Mexican pesos) (Reporting by Noe Torres; Editing by Jeffrey Benkoe)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mexico-debt-idINL2N1H812T'|'2017-03-31T13:38:00.000+03:00'
'a78355c03eee7a2679c2ed74eaefba4386caf1ae'|'Fed signals it could promptly start shedding bonds from portfolio this year'|'Economic News - Fri Mar 31, 2017 - 11:24pm IST Fed signals it could promptly start shedding bonds from portfolio this year A police officer keeps watch in front of the U.S. Federal Reserve building in Washington, DC, U.S. on October 12, 2016. REUTERS/Kevin Lamarque//File Photo By Jonathan Spicer - NEW YORK NEW YORK The Federal Reserve could begin shrinking its $4.5-trillion balance sheet as soon as this year, earlier than most economists expect, New York Fed President William Dudley said on Friday in the central bank''s most definitive comments on the question that looms over financial markets. The hawkish-sounding assertion temporarily pushed the dollar lower and raised yields on longer-dated bonds, and added Dudley''s influential voice to at least three other officials at the Fed eyeing a prompt end to a crisis-era policy. "It wouldn''t surprise me if some time later this year or some time in 2018, should the economy perform in line with our expectations, that we will start to gradually let the securities mature rather than reinvesting them," Dudley, a close ally of Fed Chair Janet Yellen, said on Bloomberg TV. A couple hours later James Bullard, president of the St. Louis Fed, repeated his preference for the central bank to begin shedding its mortgage- and Treasury-backed bonds immediately. Economists polled by Reuters and by the Fed itself generally expect the process to start some time next year, a move anticipated to raise market yields as the world''s largest holder of U.S. government debt edges back from the market. The Fed amassed the record amount of assets in the wake of the 2007-2009 financial crisis and recession in three rounds of "quantitative easing" meant to stimulate investment, hiring and economic growth. It is no longer buying additional bonds, but it is topping up the portfolio when assets mature. The Fed''s official plan is to begin letting the bonds naturally roll off - not necessarily sell them - once its interest-rate hikes are "well underway". That is intended to shrink the portfolio to an unspecified lower level, though probably not to the pre-crisis level of around $900 billion. Cleveland Fed President Loretta Mester and John Williams of the San Francisco Fed have also backed shrinking the portfolio this year. But Dudley, a permanent voting member of the Fed''s policy committee, often paves the way for broader policy decisions and his New York Fed manages the balance sheet for the central bank. Dudley said the bond run-off would be "passive" and done "in the background," though he added that it could influence the pace with which the Fed continues to raise rates. "If we start to normalize the balance sheet, that''s a substitute for short-term rate hikes because it would also work in the direction of tightening financial conditions," he said. "If and when we decide to begin to normalize the balance sheet we might actually decide at the same time to take a little pause in terms of raising short-term interest rates." Neel Kashkari, head of the Minneapolis Fed and among the most dovish policymakers, acknowledged at a local banking conference that there is interest among his colleagues to shrink the portfolio "in a gradual and predictable way." A Reuters poll found that economists at primary dealers were split over whether the Fed would announce its plans this year or next, with the actual shedding of bonds some time later. The New York Fed''s most recent poll found Wall Street banks expect no change to the balance sheet until mid-2018. The central bank hiked rates a notch in mid-March, its second tightening in three months, and it plans to move about twice more this year according to its forecasts. Dudley, in the TV interview, said "a couple more hikes this year would seem reasonable," and that the Fed could do a little more or less depending on the economic data. Bullard, another dovish policymaker who was addressing a students'' conference in New York, said he could back perhaps one more hike this year but added "this is not an environment that data is screaming at the Fed that it has to move." (Reporting by Jonathan Spicer; Additional reporting by Ann Saphir in Minneapolis; Editing by Chizu Nomiyama) Next In Economic News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-fed-idINKBN1722JA'|'2017-04-01T01:54:00.000+03:00'
'cd17cfa633767d132c87a3c510a8bfa088868f63'|'UK households'' savings fall to record low in warning sign for economy - Money'|'British households ran down their savings to a record low at the end of 2016 and disposable incomes fell in a warning sign for the economy that a squeeze in living standards is under way.The savings ratio – which estimates the amount of money households have available to save as a percentage of their total disposable income – fell sharply in the fourth quarter to 3.3% from 5.3% in the third.It was the lowest since records began in 1963 according to the Office for National Statistics (ONS), and suggested that people are increasingly dipping into their savings to maintain spending.“Today’s figures should set alarm bells ringing. The last thing our economy needs right now is another consumer debt crisis,” said the TUC general secretary, Frances O’Grady.“People raiding their piggy banks and borrowing more than they can afford is what helped drive the last financial crash.”In a further sign that household finances are coming under increasing strain from rising inflation and falling wage growth, disposable incomes also fell over the quarter.Real household disposable income – which adjusts for the impact of inflation – shrank by 0.4% compared with the previous three months, the steepest drop in nearly three years.UK growth since the financial crisis has been heavily reliant on consumer spending. The ONS confirmed the wider UK economy grew by 0.7% between October and December, but economists said a weaker consumer backdrop could weigh on growth in the coming months. Growth in 2016 was unrevised at 1.8% as the ONS updated its estimates.Martin Beck, a senior economic adviser to the EY Item Club, said the drop in savings and disposable income were “worrying signs” for the health of household finances.“Given that this pre-dates the worst of the inflationary pressures, it provides further evidence that 2017 is likely to be a very tough year for the consumer, with little or no scope to offset the headwinds from higher inflation by borrowing more,” Beck said.Rising food and fuel prices pushed inflation to 2.3% in February , the highest rate for more than three years. Inflation is expected to rise further to about 3% in the coming months as the sharp fall in the value of the pound since the Brexit vote increasingly feeds through to higher shop prices.The savings ratio rose sharply in the aftermath of the financial crisis but has been falling since the second half of 2015. The ONS said the sharp drop in the fourth quarter was partly due to technical reasons including the holding of pension funds.It added there had been a noticeable deterioration in people’s perception of the general economic backdrop and their own financial position.Commenting on the latest estimate of fourth quarter growth, Darren Morgan, head of GDP at the ONS, said: “Growth in the final quarter remained unrevised at 0.7%, with buoyant contributions from the retail and wholesale sectors in the run-up to Christmas.“Services dropped slightly in January with weak performances from hotels and the motor trade. However, the long-term picture is still one of robust growth.”'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/2017/mar/31/uk-households-savings-fall-record-low-warning-sign-economy'|'2017-03-31T03:00:00.000+03:00'
'c2d532a354a9d6d59a48116b3ad5958014625d00'|'Brazil''s Fibria malls local CRA notes sale, CFO says'|'Company News   3:44pm EDT Brazil''s Fibria malls local CRA notes sale, CFO says By Tatiana Bautzer - NEW YORK, March 31 NEW YORK, March 31 Fibria SA, the world''s largest eucalyptus pulp producer, is considering selling up to 1 billion reais ($319 million) worth of notes backed by agricultural receivables in Brazilian domestic debt markets, Chief Executive Officer Guilherme Cavalcanti said. Selling so-called CRA debt, as the notes are commonly known, allows Fibria to raise funds at cheaper borrowing costs than Brazil''s overnight lending rate because of their tax-exempted nature, he said. Fibria can invest the proceeds in investments yielding higher returns, generating a financial gain, he said. The company has yet to decide whether selling CRAs, and has not hired any banks to explore or underwrite a sale, Cavalcanti added. Fibria has about 1 million hectares (2.47 million acres) of land, giving it enough assets that could be used as collateral for future CRA sales, he added. Companies with large swaths of land or receivables from crops already sold use CRAs as a powerful fundraising tool, because of strong demand from wealthy families and other individual investors that want to take advantage of 15 percent tax exemption the securities enjoy. The market for asset-backed debt has offered farming and real estate companies the chance to tap much-needed financing at a time when Brazil undergoes the harshest bank loan retraction in at least two decades. The income-tax exemption for retail bond investors means corporate borrowers can offer paying 4 percentage points to 5 percentage points below the Selic overnight rate, which now runs at 12.25 percent. Economists expect the Selic to end this year below 10 percent. ($1 = 3.1309 reais) (Editing by Guillermo Parra-Bernal and Marguerita Choy) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/fibria-bonds-idUSL2N1H81S3'|'2017-04-01T03:44:00.000+03:00'
'46dc6763e851bc3041da881ef807ca7a95d12bef'|'UK Treasury sells Bradford & Bingley loans to Prudential, Blackstone for 11.8 bln stg'|'LONDON, March 31 The British government said on Friday it has sold a portfolio of mortgages that were issued by failed lender Bradford & Bingley to insurer Prudential and buyout firm Blackstone, for 11.8 billion pounds ($14.7 billion).Bradford & Bingley, a buy-to-let mortgage provider bailed out by the British government during the financial crisis, is now owned by government vehicle UK Asset Resolution (UKAR).The sale will reduce UKAR''s balance sheet to 22 billion pounds, having stood at 37 billion pounds in September 2016. ($1 = 0.8015 pounds) (Reporting by Rachel Armstrong; Editing by Susan Fenton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-bradfordbingley-mortgages-idINL5N1H80ZE'|'2017-03-31T04:17:00.000+03:00'
'7a7128a37043045ebd8671581bec84a885bdaca6'|'Japan February core consumer inflation edges up, hits two-year high'|' 05am BST Japan February core consumer inflation edges up, hits two-year high A woman looks at items outside an outlet store at a shopping district in Tokyo, Japan, February 25, 2016. REUTERS/Yuya Shino By Leika Kihara - TOKYO TOKYO Japan''s core consumer prices rose 0.2 percent in February from a year earlier, government data showed on Friday, marking the fastest annual pace in nearly two years but still distant from the central bank''s ambitious 2 percent target. With the increase driven largely by a rebound in fuel costs, the data underscores the challenges the Bank of Japan faces in generating sustained price rises backed by steady wage growth. The rise in the core consumer price index (CPI), which includes oil products but excludes volatile fresh food costs, matched a median market forecast. It followed a 0.1 percent increase in January and was the biggest rise since April 2015, when the index rose 0.3 percent. Separate data showed Japan''s jobless rate stood at 2.8 percent in February, down 0.2 percentage point from the previous month and hitting the lowest level since June 1994. But household spending fell 3.8 percent in February from a year earlier, a bigger decline than the median market forecast for a 1.7 percent drop, highlighting weakness in private consumption. Japan''s long-stagnant economy has shown signs of life in recent months, with exports and factory output benefiting from a recovery in global demand. Analysts expect consumer inflation to accelerate near 1 percent later this year as the base effect of last year''s oil price falls dissipate. That has led to a dramatic shift in market expectations, with a majority of analysts polled by Reuters predicting the BOJ''s next move would be to start scaling back its stimulus. With inflation far from his 2 percent target, however, BOJ Governor Haruhiko Kuroda has stressed that he sees "no reason" to dial back the bank''s massive stimulus programme anytime soon. BOJ officials have stressed that they would look at various data, not just the core CPI figure, in determining whether underlying trend inflation is accelerating backed by solid economic growth. They argue that wage rises must accompany price gains for inflation to sustainably hit 2 percent. In a sign of the fragile nature of the inflation pick-up, core consumer prices in Tokyo, available before the nationwide data, fell 0.4 percent in March from a year earlier. (Reporting by Leika Kihara; Editing by Eric Meijer)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-prices-idUKKBN172003'|'2017-03-31T08:05:00.000+03:00'
'1f944c1af9a8a2ac8a65b0f2750fc9bd1c52fa89'|'Akzo Nobel''s chairman says PPG''s proposal "just a poor offer" - newspaper interview'|'Deals   1:58pm EDT Akzo Nobel''s chairman says PPG''s proposal ''just a poor offer'': newspaper interview AMSTERDAM Akzo Nobel ( AKZO.AS ) Chairman Anthony Bergmans on Friday again dismissed a takeover proposal from U.S. rival PPG Industries ( PPG.N ) as "a poor offer". Akzo shareholders and analysts have called for the Dutch company to enter discussions with PPG. But Burgmans said in an interview with De Telegraaf newspaper that the proposal was "just a poor offer" that "fundamentally undervalues our company and, what''s more, doesn''t address any of our other concerns." Akzo has said a merger would be bad for its employees and would likely face antitrust concerns. Burgmans also said that the fact PPG''s proposal is partly in shares - the offer is worth 90.16 euros at PPG''s current share price - makes it unattractive. PPG has said that job losses would be minimal and antitrust concerns are manageable. Akzo Nobel shares closed at 77.73 euros on Friday in Amsterdam, suggesting investors have significant doubts about whether PPG''s pursuit of Akzo will ultimately be successful. Akzo has said it prefers to remain independent and has a plan to spin off its chemicals division, representing about a third of sales and profits, which it will detail in a presentation of its independent business plan on April 19. Analysts say it is not realistic that Akzo can achieve a value of 90 euros per share as an independent company for many years, even after a carve-out of the chemicals business. "Just listen to our plan on April 19" Burgmans told the newspaper. (Reporting by Toby Sterling; Editing by Greg Mahlich) Next In Deals Victor Li acquires Canada''s Reliance Home Comfort for C$2.8 billion TORONTO Victor Li, co-chairman of Husky Energy Inc and son of one of Asia''s richest men, has agreed to acquire Reliance Home Comfort, a Canadian provider of heating and cooling systems, from U.S. investment firm Alinda Capital Partners for C$2.8 billion ($2.10 billion), Reliance said on Friday. TOKYO The new head of Japan''s Sumitomo Mitsui Banking Corp (SMBC) said it is "actively studying" an acquisition of a U.S. bank, as part of efforts to seek a reliable dollar funding source for future growth. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-akzo-nobel-m-a-ppg-inds-idUSKBN1722JS'|'2017-04-01T01:52:00.000+03:00'
'f4df590a1ae358eb9fcd478bfa81487c5451e457'|'CEE MARKETS-Crown hits 18-month low, cap removal impact mulled'|'Company News  04am EDT CEE MARKETS-Crown hits 18-month low, cap removal impact mulled By Sandor Peto BUDAPEST, March 31 The Czech crown fell to multi-month lows in the spot market and in euro rates implied in forward contracts on Friday as the central bank''s hard commitment to maintain a cap on its value comes to an end. The plunge started on Thursday after the Czech central bank (CNB) confirmed that the commitment would expire at the end of the first quarter, while it gave up its guidance to end the 3 1/2-year-old "weak crown regime" around mid-2017. This means that it may remove the cap, which has kept the crown weaker than 27 against the euro, any time after Friday''s session. Earlier, investors speculated that the strong Czech economy could boost the crown once the cap is abandoned. As the exit may be near, they are concerned that a huge amount of accumulated crown buying positions could raise questions on how many further buyers come after the cap is gone. The crown traded at 27.13 against the euro at 0719 GMT, off a new 18-month low set in early trade at 27.252. Its implied forward rates which earlier priced in a crown firming for the next months relative to the 27 level, all showed slightly weaker levels than the cap on Friday, touching multi-month lows. The bid implied in 1-month forward deals touched a 9-month low at 27.147. The implied rate in one-year forwards touched a 7-month low, but at 26.95 it was still firmer than the current cap. "The removal of the soft commitment signals to us that the exchange-rate floor exit may happen much earlier than mid-year," Societe Generale analysts said in a note. "The heightened uncertainty regarding timing of exit may discourage speculative behaviour among market participants," the said. Other Central European currencies were mixed and rangebound, with the forint and the zloty easing and the leu firming slightly. The region''s main stock indices mostly eased, tracking Asian markets, led by 0.7 percent decline in Budapest The Budapest index was pushed down by a 2.3 percent decline in the share price of Hungarian oil group MOL after Czech CEZ announced the results of its offer to buy back convertible bonds linked to MOL shares. CEE SNAPS AT 0919 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 27.13 27.09 -0.13 -0.45 00 40 % % Hungary 308.7 308.6 -0.03 0.03% forint 400 600 % Polish 4.217 4.213 -0.11 4.42% zloty 5 1 % Romanian 4.548 4.553 +0.1 -0.30 leu 5 3 1% % Croatian 7.437 7.445 +0.1 1.59% kuna 0 5 1% Serbian 123.7 123.9 +0.1 -0.33 dinar 600 500 5% % Note: daily calculate previ close 1800 change d from ous at CET STOCK S Lates Previ Daily Chang t ous e close chang in e 2017 Prague 983.6 983.6 -0.01 +6.7 2 7 % 3% Budapest 31925 32144 -0.68 -0.24 .62 .67 % % Warsaw 2198. 2209. -0.49 +12. 28 10 % 85% Bucharest 8062. 8018. +0.5 +13. 74 47 5% 80% Ljubljana 761.0 772.0 -1.42 +6.0 3 0 % 5% Zagreb 1942. 1953. -0.55 -2.61 74 39 % % Belgrade <.BELEX15 0.00 733.5 +0.0 -100. > 5 0% 00% Sofia 633.9 633.0 +0.1 +8.1 1 4 4% 0% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.52 0 +020 -1bps > 9 bps 5-year <CZ5YT=RR 0.15 0.012 +052 +0bp > bps s 10-year <CZ10YT=R 0.971 -0.00 +064 -1bps R> 6 bps Poland 2-year <PL2YT=RR #VALU 0.003 #VALU -1bps > E! E! 5-year <PL5YT=RR #VALU 0 #VALU -2bps > E! E! 10-year <PL10YT=R #VALU 0.011 #VALU +1bp R> E! E! s FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep < 0.22 0.25 0.28 0 PRIBOR=> Hungary < 0.2 0.25 0.36 0.18 BUBOR=> Poland < 1.76 1.79 1.82 1.73 WIBOR=> Note: FRA are for quotes ask prices'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/easteurope-markets-idUSL5N1H81OZ'|'2017-03-31T16:04:00.000+03:00'
'e085987ecb928ef255514c8cc1ab8d3f511baa40'|'BRIEF-Impax announces favorable ruling regarding patent validity for Zomig Nasal Spray'|' 37pm EDT BRIEF-Impax announces favorable ruling regarding patent validity for Zomig Nasal Spray March 30 Impax Laboratories Inc * Impax announces favorable ruling regarding patent validity for Zomig (zolmitriptan) Nasal Spray * Impax Laboratories - judge found U.S. patents protecting zomig Nasal Spray not invalid and are infringed by Lannett Holdings Inc and Lannett Co ANDA Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-impax-announces-favorable-ruling-r-idUSFWN1H70X5'|'2017-03-31T05:37:00.000+03:00'
'c6ddf0a08736e5cf61b5ee2a692848b8aaec5427'|'Investors add $5.6 bln to U.S.-based taxable-bond funds -Lipper'|'Money  26pm EDT Investors add $5.6 billion to U.S.-based taxable-bond funds: Lipper NEW YORK Investors poured $5.6 billion into U.S.-based taxable-bond funds during the latest week, data from Lipper showed on Thursday. Stock funds in the United States attracted $1.8 billion over the same week, which ended March 29, the data showed. (Reporting by Trevor Hunnicutt)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-investment-mutualfunds-lipper-idUSKBN17138T'|'2017-03-31T06:19:00.000+03:00'
'e6f9a9bef80a389e38a52b141322da7b6211e02b'|'Britain and U.S. tell NATO allies to "raise their game" on defence spending'|'Company   7:03am EDT Britain and U.S. tell NATO allies to "raise their game" on defence spending LONDON, March 31 Britain and the United States said on Friday that NATO allies needed to commit to increase defence spending every year, calling on countries who do not meet the alliance''s 2 percent spending target to "raise their game". "Secretary Mattis and I have agreed that others must now raise their game, and those failing to meet the 2 percent commitment so far should at least agree to year on year real terms increases," British Defence Secretary Michael Fallon said during a joint news conference with U.S. Defense Secretary Jim Mattis. (Reporting by Kylie MacLellan and Phil Stewart; Writing by William James; editing by Guy Faulconbridge) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-us-nato-idUSL9N1GK03A'|'2017-03-31T19:03:00.000+03:00'
'69223171551f3800a49d25dd36b734b28fd70bcb'|'Spain veers away from austerity in compromise budget'|'  9:54am BST Spain veers away from austerity in compromise budget Spain''s Prime Minister Mariano Rajoy takes part in a European People Party (EPP) summit in St Julian''s, Malta, March 30, 2017. REUTERS/Darrin Zammit Lupi By Sarah White - MADRID MADRID Spain''s minority government is expected to offer public sector pay rises and more social spending in its much-delayed draft budget for 2017 on Friday, steering further away from years of austerity as it tries to get the opposition to back the bill. The budget is a major test of conservative Prime Minister Mariano Rajoy''s chances of seeing out his four year mandate, after he was reinstated for a second term last October with the weakest grip on parliament in modern Spanish history. The draft bill will be passed by Rajoy''s cabinet eight months behind schedule - after two inconclusive elections left a power vacuum in Spain for over 10 months last year - and will then be subject to tweaks in parliament and a vote. A brightening economic outlook over the past two months, which could lead Spanish growth to slow less than many initially expected this year, and improving public finances have helped give Rajoy leeway on the budget. His chances of passing it have increased after securing backing from the fourth biggest party and as he inches closer to a deal with some regional forces. While the government''s overall spending will not increase in 2017 and Rajoy had begun to step away from austerity measures in the run-up to a 2015 election, ministers have already signalled a further move away from those policies in recent days. The government had flagged 4.2 billion euros of infrastructure spending in the Catalonia region for instance and a 1 percent pay rise for civil servants across the country. It has agreed to lower value-added tax on theatre and concert entries, after Rajoy''s tax hikes in the arts sector in 2012 proved deeply unpopular. Budget Minister Cristobal Montoro said this week that, as part of the budget bill, the government would grant some 350,000 permanent contracts to temporary workers in the public sector, including 130,000 in health care. DEFICIT LEEWAY Spain''s public deficit fell within targets agreed with the European Union for the first time since the global financial crisis in 2016. It needs to shrink to 3.1 percent of output in 2017 from 4.54 percent last year, but the government is relying on strong growth this year rather than the spending cuts that characterised Rajoy''s first term to shrink it further. Job creation and export growth was more robust than many economists had expected in January and February, and some believe output may now expand at a higher rate than the 2.5 percent official forecast. Data is still mixed, however, and retail sales fell in January for the first time in almost two and half months as inflation spiked. They were flat in February, data on Friday showed. Rajoy''s chances of getting the budget through look a lot more promising than a few months ago. Two opposition parties, the centre-left Socialists and anti-austerity Podemos ("We Can"), have already said they will vote against it. But the government has clinched a deal with the fourth-largest force in parliament, centrists Ciudadanos ("Citizens"), to back the bill after agreeing to commit 4.1 billion euros ($4.38 billion) on social spending and promising not to raise taxes. Rajoy is also wooing regional parties in the Canary Islands and Basque Country to get him across the line with the majority he needs. His People''s Party (PP) has 137 of parliament''s 350 seats and 176 votes are required to pass the budget into law. ($1 = 0.9359 euros) (Additional reporting by Paul Day;  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-spain-budget-idUKKBN1720ZQ'|'2017-03-31T16:54:00.000+03:00'
'9d7d95fd7f0a1e496f273b1db748d96f10dbca0b'|'UPDATE 1-Reckitt Benckiser cuts CEO''s pay by 39 pct after safety scandal'|'Big Story 10  27am EDT Reckitt Benckiser cuts CEO''s pay by 39 percent after safety scandal Reckitt Benckiser CEO Rakesh Kapoor speaks during the Reuters Global Consumer and Retail Summit in London, Britain September 11, 2013. REUTERS/Benjamin Beavan/File Photo LONDON British consumer goods maker Reckitt Benckiser Group cut Chief Executive Rakesh Kapoor''s 2016 pay by 39 percent, as it seeks to shore up investor confidence following a safety scandal in South Korea that hurt its performance. The maker of Durex condoms and Scholl footcare products said Kapoor, Britain''s third highest-paid CEO in 2015, would not receive an annual bonus for 2016, and that the share awards for his long-term incentive plan would be reduced by half. As a result, Kapoor will be paid 14 million pounds ($17 million) for 2016, down from 23 million pounds in 2015. The company also said it would strip out the impact of earnings growth from the impending takeover of Mead Johnson from calculations for Kapoor''s incentive plan for 2017. Reckitt Benckiser has been grappling with the fallout from a scandal related to a product safety issue that caused dozens of deadly lung injuries in South Korea. The South Korean government said in 2015 that 92 people were believed to have died from causes related to humidifier sterilizer products sold by several companies including Reckitt. In January, the former head of Reckitt''s business there was sentenced to seven years in prison. (Reporting by Martinne Geller; Editing by Susan Fenton) Next In Big Story 10'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-reckitt-benc-grp-compensation-idUSKBN1720YJ'|'2017-03-31T17:12:00.000+03:00'
'12bfab13b092c63d64667dcd7c1e63ae1c659380'|'Trump to order trade abuses study, improve import duty collection'|'Business News - Fri Mar 31, 2017 - 4:05am BST Trump to order trade abuses study, improve import duty collection left right U.S. President Donald Trump speaks between Vice President Mike Pence (L) and EPA Administrator Scott Pruitt prior to signing an executive order on ''Energy Independence,'' eliminating Obama-era climate change regulations, during an event at the Environmental Protection Agency (EPA) headquarters in Washington, U.S., March 28, 2017. REUTERS/Carlos Barria 1/2 left right U.S. Commerce Secretary Wilbur Ross holds a news conference at the Department of Commerce in Washington, D.C., U.S. March 10, 2017. REUTERS/Eric Thayer 2/2 By David Lawder - WASHINGTON WASHINGTON U.S. President Donald Trump will sign executive orders on Friday aimed at identifying abuses that are causing massive U.S. trade deficits and clamping down on non-payment of anti-dumping and anti-subsidy duties on imports, his top trade officials said. The orders, which underscore China''s position as the biggest contributor to the $734 billion U.S. goods trade deficit last year, comes as Trump prepares for his first face-to-face meeting with Chinese President Xi next week in Florida, where trade issues promise to be a major source of tension. The directives allow Trump to focus on meeting his campaign promises to combat the flow of unfairly traded imports into the United States just a week after his pledge to repeal and replace Obamacare imploded in Congress. Commerce Secretary Wilbur Ross told reporters that one of the orders directs his department and the U.S. Trade Representative to conduct a major review of the causes of U.S. trade deficits, from unfair trade "cheating" to "currency misalignment" to "asymmetrical" treatment of tax systems by the World Trade Organization. It also will study effects of trade deals that have failed to produced forecast benefits. Ross said he aims to complete the study and report the findings to Trump in 90 days -- a time frame that coincides with the expected start of negotiations to revamp the U.S.-Canada-Mexico North American Free Trade Agreement. The study''s findings will underpin the Trump administration''s future trade policy decisions, Ross said, and will be the first "systematic analysis" of the trade deficit''s causes, "country-by-country, product-by-product." "It will demonstrate the administration''s intention not to hipshoot, not to do anything casual, not to do anything abruptly," Ross told a White House briefing. Ross has promised tougher enforcement of U.S. trade laws and more anti-dumping and anti-subsidy cases initiated by the Commerce Department, rather than relying on companies to claim injuries from imports. He said the study would focus on those countries that have chronic goods trade surpluses with the United States. China tops the list, with a $347 billion surplus last year, followed by Japan, with a $69 billion surplus, Germany at $65 billion, Mexico at $63 billion, Ireland at $36 billion and Vietnam at $32 billion. The second trade order to be signed by Trump is aimed at halting the non-payment and under-collection of anti-dumping and anti-subsidy duties the United States slaps on many foreign goods. White House National Trade Council Director Peter Navarro said that some $2.8 billion in such duties went uncollected between 2001 and the end of 2016 from companies in some 40 countries. Navarro said the order directs the Commerce and Homeland Security departments to close these gaps by imposing tougher bonding requirements to ensure duty collections and new legal requirements for assessing risks associated with importers. Navarro, a harsh critic of China''s trade practices, insisted that the orders were not aimed at sending a message ahead of Xi''s visit. "Nothing we are saying tonight is about China," he said. "This is a story about trade abuses, this is a story about under-collection of duties, this is a story about 40 countries that basically subsidise their products unfairly and send them into our country or dump their products." (Reporting by David Lawder; Editing by Simon Cameron-Moore) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-trump-trade-idUKKBN17208W'|'2017-03-31T11:05:00.000+03:00'
'5db0bbbf1215a713cc78b572d095da170777dac0'|'Global funds cut U.S., UK equities; eye Trump, Brexit risks'|'Business  35pm IST Global funds cut U.S., UK equities; eye Trump, Brexit risks: Reuters poll By Claire Milhench - LONDON LONDON Global investors cut U.S. equity exposure in March on growing doubts about the "Trumpflation" rally, and slashed UK stock holdings to 5-1/2-year lows over worries about Brexit and a possible break-up of the United Kingdom. A Reuters monthly asset allocation poll of 46 fund managers and chief investment officers in Europe, the United States, Britain and Japan showed investors trimming holdings of U.S. stocks to 40.8 percent of their global equity portfolios, from 41.2 percent in February. This is the lowest level since Donald Trump was elected U.S. president in November on a platform of tax cuts and spending. Investors have been piling into U.S. stocks, betting on a growth surge fueled by the promised fiscal splurge but Trump''s recent failure to get a healthcare reform through Congress has caused the so-called "Trumpflation" rally to stumble. The S&P 500 .SPX has fallen to six-week lows since Trump failed to push through that reform and looks set to end March flat after performing strongly in the previous four months. "It might be that ''Trumponomics'' is beginning to lose its effect as the president has talked the talk but as yet has failed to walk the walk," UK-based wealth manager Investment Quorum''s chief investment officer, Peter Lowman, said. Cash levels rose to 5.6 percent, the highest since November, with some managers expressing concern about asset prices, especially given political risks. Robeco strategist Peter van der Welle said he had not changed his neutral stance on equities: "We feel reluctant at this point to chase the market, especially now cracks in the Trump trade become apparent." Overall equity allocations, however, rose slightly to 45.7 percent of global balanced portfolios, from 45.5 percent, while bond weightings eased to 39.7 percent from 40.3 percent. UK BREAK-UP RISK Asset managers also cut their UK equity exposure by 1.6 percentage points to 9.1 percent of global equity portfolios, the lowest level since September 2011, as Britain formally triggered the process to leave the European Union (EU). The UK economy is likely to be severely tested during the two-year long process, with Scotland renewing its bid for an independence referendum. In the nine months since the Brexit vote, sterling has fallen about 17 percent against the dollar. Although investors said it was too difficult to assess the impact of Brexit, 75 percent of those who answered an extra question on Scottish secession said the break-up of the United Kingdom would make them cut their UK exposure further. "A Scottish referendum and secession would complicate significantly the internal political backdrop in the UK and would weaken the negotiating stance with EU, making it harder to achieve a constructive trade deal," Pioneer Investments'' global head of multi-asset investments, Matteo Germano, said. "Also it would lengthen the time to negotiate a deal and extend uncertainty." Investors remained relatively bullish on euro zone equities, raising their exposure 1.6 percentage points to 18.6 percent of their global equity portfolios, the highest since August 2016. European equities .FTEU3 are up about 2.4 percent for the month and 4.6 percent for the quarter, with Germany''s DAX .GDAXI nearing an all-time high. UBS Asset Management strategist Boris Willems highlighted the European Central Bank''s (ECB) loose monetary policy and a weak euro as supportive for euro zone assets. ECB UNWINDING Some investors have revised their expectations about the timing of the ECB''s unwinding of its ultra-loose monetary policy and, following weak inflation prints in the euro zone, many now see this happening later than previously anticipated. Some 54 percent of poll participants who answered a specific question on ECB policy expect the bank to raise rates after 2018, and the remainder opted for 2018. "We don''t see an interest rate hike any time soon; the inflation projections, even if on the rise, remain mild," Pioneer''s Germano said. "Interest rate hikes could trigger euro appreciation and an unwelcome tightening of financial conditions in the euro zone." Robeco''s van der Welle said that the ECB still faced challenges in a "two-speed euro zone economy confronted with many political roadblocks". Meanwhile, some 62 percent of poll participants expect the U.S. Federal Reserve to raise rates three times in 2017, while about a third opted for two rate increases. Royal London Asset Management''s Head of Multi-Asset, Trevor Greetham, who opted for three hikes, noted the Fed''s 25 basis point rate rise in March followed stronger labor market data, with the economy achieving greater momentum in recent months. But he said, "With Trump''s support in Congress uncertain and the scale, mix and timing of any fiscal stimulus still unclear, we expect the Fed to continue with a cautious approach to tightening." (Additional reporting by Maria Pia Quaglia Regondi in Milan and Hari Kishan in Bengaluru; Editing by Louise Ireland) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-funds-poll-global-idINKBN1721D9'|'2017-03-31T19:03:00.000+03:00'
'f3f13750c0f60a7e90546897dd89fa2641e8c4a7'|'UK Treasury sells Bradford & Bingley loans to Prudential, Blackstone for 11.8 bln stg'|'Company News  17am EDT UK Treasury sells Bradford & Bingley loans to Prudential, Blackstone for 11.8 bln stg LONDON, March 31 The British government said on Friday it has sold a portfolio of mortgages that were issued by failed lender Bradford & Bingley to insurer Prudential and buyout firm Blackstone, for 11.8 billion pounds ($14.7 billion). Bradford & Bingley, a buy-to-let mortgage provider bailed out by the British government during the financial crisis, is now owned by government vehicle UK Asset Resolution (UKAR). The sale will reduce UKAR''s balance sheet to 22 billion pounds, having stood at 37 billion pounds in September 2016. ($1 = 0.8015 pounds) (Reporting by Rachel Armstrong; Editing by Susan Fenton) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-bradfordbingley-mortgages-idUSL5N1H80ZE'|'2017-03-31T14:17:00.000+03:00'
'c52b514183008f54083f5b3e57ee97eda54f90bf'|'Nikkei gains on solid industrial output data, Wall St'|'Company   11:04pm EDT Nikkei gains on solid industrial output data, Wall St * Nikkei poised for 0.5 percent weekly drop * Tech shares gain after strong Nasdaq underpins sentiment * The Morinagas dive after scrapping integration plan By Ayai Tomisawa TOKYO, March 31 Japanese stocks rose on Friday as upbeat industrial production data and a weak yen supported sentiment, with exporters and tech shares underpinning the broad market in early trade. The Nikkei share average gained 0.5 percent to 19,165.47 in midmorning trade, and is poised for a similar weekly decline. Much of the demand for Japanese stocks has been influenced by the yen''s moves and broad sentiment around U.S. President Donald Trump''s early efforts to change domestic policies. Trump''s failure to push through a healthcare bill sent the Nikkei to six-week lows on Monday as investors fretted about his ability to push through economic stimulus measures. U.S. shares gained overnight thanks to robust consumer spending data and revised figures showing fourth quarter U.S. economic growth was stronger than previously reported. Japanese exporters rose after the dollar tacked on 0.2 percent to 112.11 yen, and tech shares tracked a robust Nasdaq market which closed at a record high overnight. Murata Manufacturing advanced 1.4 percent, Nidec Corp soared 2.1 percent and TDK Corp surged 2.1 percent. "Overseas data and domestic economic data are both helping Japanese shares," said Yoshihiro Okumura, general manager at Chibagin Asset Management. But as the dollar-yen levels have been volatile recently, Okumura said investors will remain cautious for a while. On the domestic front, solid data added to the better mood, with official figures showing Japan''s industrial output rose 2.0 percent in February from the previous month for the fastest pace of increase in eight months. The food sector was among the few drags on the broader market, falling 0.2 percent after Morinaga & Co and Morinaga Milk Industry Co said they scrapped the integration plan. Morinaga & Co tumbled 5 percent, while Morinaga Milk nosedived 15 percent. The broader Topix rose 0.7 percent to 1,538.27 and the JPX-Nikkei Index 400 gained 0.8 percent to 13,755.95. (Editing by Shri Navaratnam) METALS-Copper eyes second quarterly gain as supplies dwindle MELBOURNE, March 31 London copper slipped on Friday but was set to finish a second quarter higher lifted by kinks in mine supply, while a ramp-up in factory activity and fresh investor buys are expected to drive prices higher in the second quarter. * Asia ex-Japan set for 13 pct quarterly gain; Nikkei for 0.3 pct MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-midday-idUSL3N1H81OP'|'2017-03-31T11:04:00.000+03:00'
'5d437dec83808496ddb96733b3267ac02dacf236'|'Brazil''s main policy body cuts BNDES key interest rate'|'Company News   9:01pm EDT Brazil''s main policy body cuts BNDES key interest rate SAO PAULO, March 30 Brazil''s National Monetary Council decided on Thursday to reduce the interest rate at which state development bank BNDES pegs its loans. The CMN, Brazil''s highest economic body comprised of the finance and planning ministers and central bank president, said the TJLP rate will fall to 7 percent from 7.50 percent. (Reporting by Marcelo Teixeira; Editing by Sandra Maler) Next In Company News UPDATE 4-SpaceX launches first recycled rocket in test of cost-cutting model CAPE CANAVERAL, Fla., March 30 A SpaceX Falcon 9 rocket recovered at sea from its maiden flight last year blasted off again from Florida on Thursday in the first successful launch of a recycled orbital-class booster, which scored a double feat with another return landing on an ocean platform. * Asia ex-Japan set for 13 pct quarterly gain; Nikkei for 0.3 pct MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-economy-tjlp-idUSL2N1H801Y'|'2017-03-31T09:01:00.000+03:00'
'22ec75873f5331eaef5635ccd49df7cce3f473ce'|'Texas regulators nix $18 billion deal for bankrupt power company'|'By Jessica DiNapoli and Tom Hals - NEW YORK/WILMINGTON, Del. NEW YORK/WILMINGTON, Del. Texas regulators on Thursday agreed to scuttle NextEra Energy Inc''s ( NEE.N ) $18 billion purchase of Energy Future Holdings Corp [EFHC.UL] [TXEFHE.UL], finding that the deal was not in the public interest.The three-member Public Utility Commission of Texas found that the deal, a key component of Energy Future''s plan to exit an approximately three-year bankruptcy, placed too much risk on ratepayers, its members said in a public meeting Thursday.Energy Future is the majority owner of Oncor, the state''s largest power network.The commission said it was concerned about the debt of the combined company, the independence of Oncor''s board and payments to the parent company at the expense of Oncor.NextEra and Energy Future Holdings declined to comment.This is the second plan to sell Oncor that has met regulatory resistance. A separate plan to sell Oncor to a group of creditors and investors led by privately held Hunt Consolidated Inc of Texas collapsed in 2016 after it hit obstacles from the commission.The path forward for Energy Future may now involve converting some of its debt to equity, or recapitalizing by selling stock, and emerging as a standalone entity, people familiar with the matter said Thursday. That path calls for drafting a new plan of reorganization for the company.Bankruptcy court approved Energy Future''s reorganization plan that included the planned sale to NextEra in February, after the company reached agreements with some creditors modifying what they were owed.The Texas commission plans to meet and formally vote on the NextEra deal at an April meeting."In each case I believe that (NextEra''s) deal killers are also mine," wrote Commissioner Kenneth Anderson in a memorandum dated March 30, adding that he thought it would waste time to potentially accept the deal with conditions NextEra could not accept.(Reporting by Jessica DiNapoli in New York and Tom Hals in Wilmington, Delaware; Editing by James Dalgleish)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-energyfutureholdings-nextera-oncor-idINKBN17132S'|'2017-03-30T18:59:00.000+03:00'
'fb53d2b55339c2a4a088ec3a6d224a4ea98ffa3e'|'UPDATE 1-Brazil''s Renova to finalize project sale to AES on Monday -sources'|'Company News   1:59pm EDT UPDATE 1-Brazil''s Renova to finalize project sale to AES on Monday -sources (Adds details, share performance, comments throughout) SAO PAULO, March 31 Brazil''s renewable power generation company Renova Energia SA will finalize the sale of wind farm Alto Sertão II to the Brazilian unit of AES Corp for about 700 million reais ($223 million) as early as Monday, two people with direct knowledge of the matter said. The project sale is a condition for Brookfield Asset Management Inc''s plan to enter Renova''s controlling bloc in a deal valued at about 1 billion reais, said the people, who asked for anonymity because the matter remains private. Under terms of the deal, which could be announced in coming days, Canada''s Brookfield would purchase the 15.7 percent stake that Light Energia SA has in Renova and then pump fresh cash into the company, said the people. Currently, Light forms part of a controlling bloc that owns about 64 percent of Renova. Units, a blend of Renova''s common and preferred shares, jumped 10 percent on Friday, on top of a 15 percent surge the prior trading day. Shares of Light shed 1.3 percent, their fourth decline in five sessions. Renova and AES Brasil did not have an immediate comment. Light''s press office referred any questions related to Renova to controlling shareholder Cia Energética de Minas Gerais SA . Brookfield declined to comment. Both deals, if successfully concluded, would help Renova overcome a severe cash crunch that has led to investment plan delays and cost cuts. Renova''s woes have worsened since a planned partnership with SunEdison Inc collapsed weeks before the U.S. company filed for Chapter 11 bankruptcy protection. By injecting capital, Brookfield would be giving Light a chance to exit the company while diluting the other two members of Renova''s controlling bloc, Cia Energética de Minas Gerais SA and RR Participações SA. ($1 = 3.1342 reais) (Reporting by Guillermo Parra-Bernal; Editing by Cynthia Osterman and Chizu Nomiyama) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/renova-energia-ma-brookfield-asset-idUSL2N1H81DS'|'2017-04-01T01:59:00.000+03:00'
'6ebbc5bf5e8257bc1a25f386b1bf8b603e9bb889'|'Swiss aim for swift trade deal with Britain after Brexit'|'Business News - Fri Mar 31, 2017 - 1:11pm BST Swiss aim for swift trade deal with Britain after Brexit ZURICH Switzerland aims to reach quick agreements on trade and other matters with Britain following its divorce from the European Union, the Swiss government said on Friday after top trade officials met. Economy Minister Johann Schneider-Ammann was in London where he met Liam Fox, Britain''s secretary of state for international trade, to discuss future bilateral economic relations. "The aim is to reach a follow-up arrangement for the time after Brexit as swiftly as possible, particularly on trade," it said. "Liam Fox reiterated that this was also in the U.K.''s interests and that reaching such an arrangement with Switzerland was a priority." Neutral Switzerland is not a member of the European Union, which on Friday offered Britain talks this year on a future free trade pact. (Reporting by John Miller; Editing by Michael Shields) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-swiss-britain-idUKKBN1721KT'|'2017-03-31T20:11:00.000+03:00'
'7e3b65411080fc57b8d803b95ae6e8e0d264bba0'|'UPDATE 1-UK sells Bradford & Bingley loans to Prudential, Blackstone for $15 bln'|'Big Story 10  39am EDT UK sells Bradford & Bingley loans to Prudential, Blackstone for $15 billion FILE PHOTO: A for sale sign is seen in front of a branch of Bradford & Bingley in Bingley, northern England, September 29, 2008. REUTERS/Phil Noble LONDON Britain said on Friday it had sold a portfolio of mortgages issued by failed lender Bradford & Bingley for 11.8 billion pounds ($15 billion) to insurer Prudential and buyout firm Blackstone. Bradford & Bingley (B&B), a mortgage provider bailed out during the financial crisis, is owned by British government vehicle UK Asset Resolution (UKAR). "The price achieved is at the upper end of expectations, delivers value for the taxpayer and compares favorably with the ‘fair value’ of the B&B loan book disclosed in B&B’s accounts last year," a statement from UKAR said. The sale will reduce UKAR''s balance sheet to 22 billion pounds, having stood at 37 billion pounds in September 2016. UKAR said in 2016 it would sell Bradford & Bingley''s 15.65 billion pound mortgage portfolio, which also includes around 3 billion pounds in non-performing loans, in two or three transactions, as it seeks to recoup taxpayers'' money. It said it expects to launch the next phase of sales later this year. UKAR, which was advised by Credit Suisse, said there would be no changes to the terms and conditions of the buy-to-let loans involved in the transaction. ($1 = 0.8015 pounds) (Reporting by Rachel Armstrong and Dasha Afanasieva; Editing by Susan Fenton and Alexander Smith) Next In Big Story 10'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-britain-bradford-bingley-mortgages-idUSKBN1720MI'|'2017-03-31T14:35:00.000+03:00'
'3a21ab4c301e8ced5dcbdf36cf94dc66189da292'|'UK Stocks-Factors to watch on March 31'|'March 31 Britain''s FTSE 100 index is seen opening down 19 points at 7,351 points on Friday, according to financial bookmakers. * SMITHS GROUP: The U.S. Justice Department said on Thursday it will require Smiths Group Plc to divest Morpho Detection LLC and Morpho Detection International LLC''s global explosive trace detection business for Smiths to proceed with its proposed $710 million acquisition of Morpho from Safran SA . * JOHN LEWIS: John Lewis , Britain''s largest department store operator, is hopeful any downturn in consumer spending will see history repeat itself with a "flight to quality" rather than consumers opting to trade down, its new boss said on Thursday. * BRITAIN M&A: Mergers and acquisitions (M&A) activity involving British companies remained relatively robust in the first quarter of the year despite expectations of a slowdown ahead of the country''s divorce from the European Union. * BRITAIN ECONOMY: British consumer morale steadied in March but households remain downbeat about the outlook for the economy as the process of leaving the European Union gets underway, a survey showed on Friday. * BREXIT: The European Union will tell Britain on Friday how it aims to negotiate its "orderly withdrawal" from the bloc, limit uncertainties for businesses and pave the way for a close future partnership. * OIL: Oil prices eased on Friday as traders took profits following three days of straight gains on the expectation that an OPEC-led crude supply cut that was initially supposed to only last for the first half of the year would be extended. * The UK blue chip FTSE 100 index closed down 0.06 percent at 7,369.52 on Thursday, with mining stocks providing the most support, while stocks trading without their dividends weighed on the market. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Chesnara Plc Full Year 2016 Sinclair Pharma Full Year 2016 Pantheon Resources Plc Half Year 2017 TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Siju Varghese; Editing by Sunil Nair)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1H82FQ'|'2017-03-31T09:34:00.000+03:00'
'd0d1058a351afa102e45c25ec8583716196e583a'|'Australia to bar banks from bargaining collectively with Apple over payments'|'Technology  48pm EDT Australia to bar banks from bargaining collectively with Apple over payments An Apple logo is seen in a store in Los Angeles, California, U.S., March 24, 2017. REUTERS/Lucy Nicholson SYDNEY Australia''s competition regulator on Friday said it would bar a group of the country''s largest banks from bargaining collectively for access to Apple Inc''s contactless payment function, potentially setting a global precedent. The decision, the first of its kind, will stop the banks from introducing their own mobile applications on devices like the iPhone and Apple Watch that could be used for contactless payments instead of the Apple Wallet. That would have enabled banks to circumvent transaction fees and get customers to engage more frequently with their own apps, potentially unlocking more of Australia''s contactless payment market. (Reporting by Jamie Freed, editing by G Crosse) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-apple-australia-idUSKBN17139H'|'2017-03-31T06:40:00.000+03:00'
'a6e0a584b82d14aec0876334ffa7652392f5e852'|'BRIEF-Automotive Properties REIT agrees to acquire dealership properties in Calgary, AB, Barrie, on for combined purchase price of $32.5 mln'|'United States  44pm EDT BRIEF-Automotive Properties REIT agrees to acquire dealership properties in Calgary, AB, Barrie, on for combined purchase price of $32.5 mln March 30 Automotive Properties Real Estate Investment Trust: * Automotive Properties REIT agrees to acquire dealership properties in Calgary, AB and Barrie, on for a combined purchase price of $32.5 million * Automotive Properties Real Estate Investment - addition of properties expected to be immediately accretive to REIT''s "AFFO" on a per unit basis * Automotive Properties Real Estate Investment Trust- purchase price for Heritage Honda Property is $23.6 million * Automotive Properties Real Estate Investment Trust - Barrie Volkswagen Property is being acquired from Dilawri Group for $8.9 million * Automotive Properties REIT -to satisfy purchase price through combination of proceeds from offering of units in Feb 2017, existing credit facilities Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-automotive-properties-reit-agrees-idUSASB0B7TR'|'2017-03-31T05:44:00.000+03:00'
'bc86a58c32fb2dc6237b881709949d70db9cf690'|'BRIEF-Africa Energy terminates Farmout agreement to acquire interest in offshore Namibia Block'|' 48pm EDT BRIEF-Africa Energy terminates Farmout agreement to acquire interest in offshore Namibia Block March 30 Africa Energy Corp: * Africa Energy terminates Farmout agreement to acquire interest in offshore Namibia Block * Africa Energy Corp - Africa Energy exercised its right to terminate Farmout agreement as a result of due diligence procedures performed by company * Africa Energy Corp- has terminated Farmout agreement entered into on November 29, 2016 with a subsidiary of Pancontinental Oil & Gas N.L. * Africa Energy - due diligence procedures performed by company identified discrepancies in respect of certain agreed commercial terms of Farmout transaction Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-africa-energy-terminates-farmout-a-idUSASB0B7TY'|'2017-03-31T05:48:00.000+03:00'